CMPC's 2003 Annual Report by Empresas CMPC

Cmpc Empresas

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Empresas CMPC S.A. Established in 1920, Empresas CMPC S.A. is a public limited company whose capital is divided up into 200 million shares held by 8,593 shareholders. Its forest assets consist of 709,018 hectares, principally of Radiata Pine and Eucalyptus forests. During 2003 sales amounted to ThCh$ 993,021,600. Profits were ThCh$ 124,603,846, equivalent to CH$ 623.02 per share. This integrated forestry group operates through the following subsidiaries:

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006 Letter to Shareholders 009 Board of Directors, Committee of Directors, and Management 012 CMPC and the Community 017 Business Description and Development 039 Financial Review 046 CMPC Ownership Structure 049 General Information 057 Consolidated Financial Statements 112 Overseas Representatives 114 Bankers 115 General Contact Information

Forestal Mininco S.A. Forestry and Sawmill businesses. CMPC Celulosa S.A. Long and short fibre chemical pulp and fluff pulp business, running the Pacifico (470,000 tons/year), Santa Fe (360,000 tons/year), and Laja (335,000 tons/ year) mills. CMPC Papeles S.A. Produces folding boxboard, printing and writing paper, corrugating materials (testliner and fluting paper), wrapping paper, newsprint, and other papers. Its subsidiaries are: Papeles Cordillera S.A., Cartulinas CMPC S.A., lndustrias Forestales S.A. and the distribution company Edipac S.A. CMPC Tissue S.A. T issue and sanitary products manufactured in Chile, Argentina, Uruguay, Peru and Brazil.

006 Letter to Shareholders

012 CMPC and the Community

CMPC Productos de Papel S.A. Handles CMPC's paper conversion businesses, operating through five subsidiaries: Envases lmpresos S.A., Envases Roble Alto Ltda., Productos Austral S.A., Propa S.A. (with subsidiaries in Argentina and Peru), and Chimolsa S.A.

017 Business Description and Development

The Board of Directors of Empresas CMPC From left to right: Arturo Mackenna I., Manuel Mardones R., Jorge Gabriel LarraĂn B., Eliodoro Matte L., Jorge MarĂn C., Ernesto Ayala O., Patricio Grez M., Bernardo Matte L.

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To our Shareholders:

e are pleased to submit for your consideration our Annual Report, the Company's Balance Sheet and the Income Statement for the last fiscal year.

In early 2003 the outlook for the world economy was bleak as a result of several blows to consumer and investor confidence: financial scandals involving major US and European companies; the Iraq conflict and its impact on energy prices; and the impact of SARS on the Developing Asian economies, especially affecting China, which was the only region showing strong growth. The European Community showed little sign of improving its economic activity due to the structural rigidities of its key economies, and Japan was hamstrung by its weakened financial sector.

Letter to Shareholders Letter to Shareholders

However, as the year wore on more encouraging signs came to the fore, and unlike in 2002 - when growth projections were repeatedly revised downwards - in 2003 results began to exceed expectations. Chile was not an exception, finishing the year with GDP growth of 3.2 percent, well above the 2.1 percent of the previous year. Inflation was held at 1.1 percent while unemployment remained disappointingly high at 8.5 percent on average, despite the efforts of government employment programs.

"Our achievements and the encouraging progress of our new projects are due to the commitment of our workers and executives to the challenges faced by the company."

With interest rates at a 40 year low the financial market provided the ideal environment for planned debt amortization and future capital expenditure, CMPC issued US$ 300 million in 10 year notes at 4.875% per annum, the lowest rate in recent history among Chilean companies for this tenor. CMPC's net debt totaled US$ 529.9 million at the end of 2003 compared to US$ 596.4 at the end of 2002. This has permitted CMPC to exhibit significantly more favorable interest coverage and debt to capital ratios than those required by our creditors, in and consistent with the "A-" rating assigned by Standard & Poor's to our long term dollar denominated debt. Sales totalled US$ 1,672 million in 2003, operational profit before depreciation was US$ 443 million, and net profit amounted to US$ 210 million. This considerable increase on our profits when compared to the previous year is a result of better prices and higher sales volumes for our products. The recent strong fall in the exchange rate and the rise in shipping costs constitute a significant challenge to the competitiveness of our export products and those that face import competition in the Chilean market. This merely reinforces our determination to manage the company as efficiently as possible. Projects completed in recent years, such as the new US$ 95 million corrugating paper mill at Puente Alto, the expansion of capacity at our Pacifico Mill to almost 500,000 tons per annum, the second tissue paper machine in Peru, the acquisition of a corrugated cardboard plant in Til Til, and the scores of productivity enhancing initiatives have all performed beyond our expectations.

Letter to Shareholders

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The agreement signed among CMPC and Chilean and North American environmental groups should also be highlighted. This will allow us to provide appropriate information as to our forest management standards and should put an end to the campaign against Chilean wood in the United States, thus normalizing our exports to the U.S. market. Work has continued on the "Santa Fe 2" project: the installation of a second eucalyptus pulp production line with a capacity of 780,000 tons per annum at an estimated investment cost of US$ 700 million. The Environmental Impact Study was filed to the relevant authorities at the end of September 2003. We hope to conclude the feasibility study and obtain the necessary environmental permits as soon as possible so as to make a final decision on the project in the course of the current year. In 2004 a new tissue paper machine will be installed at our Talagante Plant to allow us to keep up with the pace of growth in this market segment in Chile and to compete in new export markets. We also wish to highlight the dedication to their work shown by our workers and union leaders this year. Our achievements and the encouraging progress of our new projects are due to the commitment of our workers and executives to the challenges faced by the company.

ELIODORO MATTE Chairman Empresas CMPC S.A.

"Profits for 2003 were considerably higher than those of the previous year due to improved sales volumes and prices of our products."

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Board of Directors and Administration

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Management of Empresas CMPC S.A.

Board of Directors and Management of Empresas CMPC S.A. Board of Directors

Committee of Directors

Administration

Chairman ELIODORO MATTE L. Industrial Civil Engineer Rut: 4.436.502-2

ERNESTO AYALA O. PATRICIO GREZ M. JORGE MARÍN C.

Chief Executive Officer ARTURO MACKENNA I. Industrial Civil Engineer Rut: 4.523.287-5

Directors ERNESTO AYALA O. Civil Engineer Rut: 487.554-0

Chief Administration Officer JORGE ARAYA D. Industrial Civil Engineer Rut: 5.474.358-0

PATRICIO GREZ M. Civil Engineer Rut: 1.854.776-7

General Secretary GONZALO GARCÍA B. Lawyer Rut: 5.543.123-K

ARTURO MACKENNA I.

JORGE GABRIEL LARRAÍN B. Economist Rut: 4.102.581-6

JORGE ARAYA D.

GONZALO GARCÍA B.

HERNÁN RODRÍGUEZ W.

JORGE HURTADO G.

Directors of Subsidiaries of Empresas CMPC S.A.

Chief Financial Officer HERNÁN RODRÍGUEZ W. Industrial Civil Engineer Rut: 7.051.490-7

MANUEL MARDONES R. Civil Engineer Rut: 1.468.225-2 JORGE MARÍN C. Business Administrator Rut: 7.639.707-4 BERNARDO MATTE L. Economist Rut: 6.598.728-7

External Auditors PRICEWATERHOUSECOOPERS

ANDRÉS ECHEVERRÍA S.

JUAN CARLOS EYZAGUIRRE E.

EUGENIO HEIREMANS D.

BERNARDO LARRAÍN M.

JOSÉ IGNACIO LETAMENDI A.

JUAN OBACH G.

Board of Directors and Managers of Subsidiaries Forestal Mininco S.A.

CMPC Celulosa S.A.

CMPC Papeles S.A.

CMPC Tissue S.A.

CMPC Productos de Papel S.A.

Chairman ELIODORO MATTE L.

Vice-Chairman ARTURO MACKENNA I.

Directors ERNESTO AYALA O. GONZALO GARCÍA B. JORGE GABRIEL LARRAÍN B. JOSÉ IGNACIO LETAMENDI A. MANUEL MARDONES R.

Directors JORGE ARAYA D. ERNESTO AYALA O. JORGE GABRIEL LARRAÍN B. BERNARDO MATTE L. HERNÁN RODRÍGUEZ W.

Directors JORGE ARAYA D. ANDRÉS ECHEVERRÍA S. BERNARDO MATTE L. JUAN OBACH G. HERNÁN RODRÍGUEZ W.

Directors GONZALO GARCÍA B. JORGE HURTADO G. BERNARDO LARRAÍN M. BERNARDO MATTE L. HERNÁN RODRÍGUEZ W.

Directors JUAN CARLOS EYZAGUIRRE E. GONZALO GARCÍA B. PATRICIO GREZ M. EUGENIO HEIREMANS D. BERNARDO MATTE L.

General Manager PEDRO SCHLACK H.

General Manager SERGIO COLVIN T.

General Manager ANTONIO ALBARRÁN R-C.

General Manager JORGE MOREL B.

General Manager ANDRÉS INFANTE T.

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n 2003 CMPC strengthened and continued a long record of commitment to community support, manifested in the varied program of social assistance in place. Through the years the firm's efforts have become increasingly focused on projects aimed at helping public schools to improve the quality of their education.

Fundación CMPC Education is regarded as a key component of community development by CMPC. The Fundación CMPC aims to provide economically disadvantaged children living in communities adjacent to the company's operations with better opportunities by improving the education they receive in public schools.

CMPC and the Community CMPC and the Community

Through its programs the Foundation provides educational support to over 13,000 children and 300 teachers in 50 schools throughout Chile. In 2003 Mathematics and Spanish teachers in Laja, Talagante, Yerbas Buenas, Mulchén and Nacimiento underwent courses in both content and lesson planning. In total, 231 hours of the training were provided to teachers from 33 schools. In addition, these courses were accompanied by work with the teachers and administrators of all the schools involved in the program. To ensure a more effective transfer of skills from teacher courses to the classroom the Foundation's team visited the schools throughout the year, and held bi-monthly support meetings with teachers. Moreover, class materials were delivered to the 17 participating schools in Tirúa, Quilleco, Santa Bárbara, Los Angeles, Lumaco, Carahue, Los Sauces, Victoria and Collipulli, and this was accompanied by seminars for school head teachers and administrators.

A seminar on "Educational Improvement in Economically Deprived Areas: Experience from the Private Sector" was held by the Fundación CMPC in conjunction with the Mustakis and the Minera Escondida Foundations in which over 600 education and business professionals participated. The seminar's central aim was to share different experiences of educating in economically and socially disadvantaged areas of the country so as to draw lessons as to the effectiveness of different methods.

The Good Neighbourhood Plan Forestal Mininco has strengthened its "Good Neighbourhood Plan" as a result of the difficulties encountered by companies with a large presence in the rural south of Chile in their relations with indigenous Mapuche communities. These problems are caused principally by the acute poverty in which they live and the plan is designed to assist neighbouring farms and communities. The plan is centred on job creation: last season 510 people from the Mapuche community were employed, making up ten percent of our operational forest workforce. Additionally, CMPC distributes a bulletin -called The Good Neighbour- three times per year, in which local communities are informed of the company's activities and of other local news. Other activities undertaken in 2003: 103 school scholarships and 420,000 trees were donated to neighbouring communities; 212 courses for a total of 2,463 local people were run in jam-making, nutrition and medicinal plants, sewing, knitting, livestock handling and sanitation, use of greenhouses, and ecological beekeeping; 20 plant nurseries for schools were developed with a total of 160,000 plants, and 45 greenhouses were set up; 3,000 apple trees were donated to 1,360 families; 6 community forest nurseries were created, benefiting 54 families; and 18

001 CMPC and the Community

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Through the years the firm's efforts have become increasingly focused on projects aimed at helping public schools to improve the quality of their education.

tagasaste (a leguminous fodder plant) nurseries were planted, directly benefiting 108 families. Furthermore, educational talks were given at 593 schools to a total audience of 23,401 children and adults; fire prevention talks focused on high risk areas were heard by 2,400 local people; and the thirteenth version of our renewable natural resources course took place, meaning that over 1,280 teachers from rural areas have now been on this course.

The Jorge Alessandri Educational Park The Park has now been in operation for ten years and has provided educational support to the region by developing activities such as guided walks along the Park's trails and those of the Native Forest, and the cultural and artistic programs of the "Cultural Amphitheatre". New booklets, contents and material were developed for each aspect of the Park's educational work in 2003. This year the company expanded the Park's educational and entertainment activities by creating the Educational Nursery and the Sala de Arbol. Visitors to the Sala de Arbol are able to observe the entire process of the transformation of a tree into final products such as wood pulp and paper thanks to videos, displays, games and other interactive

activities, and are thus made aware of the role forest products play in our lives. In 2003 the Park received a total of 112,000 visitors.

Other Contributions CMPC actively supports other social and business organizations such as ICARE, SOFOFA, CEP, Paz Ciudadana, Hogar de Cristo, Fundaci贸n Las Rosas, Fundaci贸n Prohumana, CORMA, among others. The company is an active patron of the arts in Chile, supporting the Artequin Museum, the Municipal Theatre (Chile's principal opera and classical music venue) and the literary competitions of the Mercurio newspaper's book magazine. The company also supports many fire stations throughout the country, helping what is in Chile a partially voluntary organization. T h ro u g h o u r e d u c a t i o n a l w e b s i t e www.papelnet.cl CMPC provides a valuable resource to the students of Chile and others abroad by providing a wide range of information relating to forests, paper and wood pulp.

001 Fundaci贸n CMPC supports over 13,000 students and 300 teachers in 50 schools throughout Chile. 002 The Good Neighbourhood Plan runs knitting and sewing courses for local women, as well as many other activities. 003 La Sala del Arbol was inaugurated in the Jorge Alessandri Educational Park this year.

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Forestry Pulp Paper and Folding Boxboard Tissue Paper Products

Business Development

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BUSINESS DESCRIPTION

BUSINESS DEVELOPMENT

MPC's Forestry area is in charged with the development and management of forest assets to support the industrial development of the group, maximizing the present value of its forests while ensuring sustainability in the long term.

Over the course of the year, 16,042 hectares of new plantations were established in Chile: 11,655 of Pine, 3,472 of Eucalyptus (principally Globulus) and 915 of other species.

The timber produced by the company's forest plantations is principally used in our sawmills for the domestic and export markets and to supply pulpwood for CMPC's pulp and paper mills.

Forestry Forestry

In Corrientes Province, Argentina, our subsidiary Bosques del Plata owns over 60,000 hectares of Taeda and Elliotti pine plantations. Approximately 6,000 hectares are planted annually, in order to achieved 100,000 hectares of plantations, to supply pulpwood for a future pulp mill in that location. In Chile's extreme southern region of Aysén, CMPC has planted 15,511 hectares of Ponderosa pine and Douglas Fir in areas that have suffered heavy soil erosion.

General Manager PEDRO SCHLACK H.

Forestal Mininco S.A. Chairman ELIODORO MATTE L. Vice-Chairman ARTURO MACKENNA I. Directors ERNESTO AYALA O. GONZALO GARCÍA B. JORGE GABRIEL LARRAÍN B. JOSÉ IGNACIO LETAMENDI A. MANUEL MARDONES R.

CMPC Maderas operates three sawmills in Chile's VIIIth region -Bucalemu, Mulchén and Nacimiento- producing sawntimber out of Radiata pine. In addition, the remanufacturing plant in Los Angeles produces mouldings, solid panels and finger joints.

To this end we produced 29 million plants via vegetative propagation, more than tripling our production of Radiata pine plants with superior genetic characteristics. These are significantly more effective than plants produced via seedlings. The total forest area damaged by fires in the 2002-2003 high risk season was 440 hectares. In early 2003 CMPC acquired Forestal y Agrícola Monteáguila S.A. including 32,000 hectares of eucalyptus plantations in Chile's VIII and IX regions, along with 10,000 hectares of to-be-planted land. In November 2003, CMPC acquired Forestal Coihueco S.A. including 8,000 hectares of principally Radiata pine and eucalyptus Nitens plantations. Important progress was achieved in risk prevention this year that, for the first time in the history of Forestal Mininco, the additional risk premium payment has been reduced to zero from 2004. In view of this achievement, the Chilean Safety Association (ACHS) awarded us the "2003 Effort Award". The Environmental Management System implemented by Forestal Mininco at ISO 14,001 standard was audited and approved without observations by SGS. In December SGS also performed the certification audit for sustainable management under the CERTFOR Chile standard.

CMPC's forest assets increased by more than 53,000 planted hectares during 2003.

An historic agreement was signed among the forestry firms CMPC and Arauco, and the environmental groups ForestEthics, Greenpeace, Defensores del Bosque Chileno, Rainforest Action Network, NRDC, American Lands Alliance, Instituto Ecología Política,

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Forestal Mininco certified its Safety and Occupational Health Management System under the OHSAS 18,001 standard.

Bosque Antiguo-Chile and FundaciĂłn Terram. The agreement was the result of the US retail company Home Depot bringing together the Chilean forestry firms and environmental groups at its offices in Atlanta to discuss the grounds for the campaign against Chilean wood in the US. The agreement commits both parties to a defined and constructive process of native forest protection. In the text of the agreement the NGOs publicly recognized CMPC and Arauco's leadership of the Chilean forestry industry and the high standards of plantation management in place.

CMPC Maderas increased production of sawn timber by 10.3% in 2003. At the Nacimiento Plant cutting edge electronic technology was incorporated into the production processes.

001 Major progress was made in risk prevention in 2003.

The financial results from our sawmill operations were weakened by a fall in prices in the US market resulting from excess supply, especially with regard to our highest value added products. Middle East demand remained strong, allowing us to attain record sawntimber export sales.

003 Forestal Mininco successfully recertified its Environmental Management System under the ISO 14,001 standard.

002 CMPC Maderas increased production of sawntimber by 10.3% in 2003.

003

On Sunday the 9th of November a fire totally destroyed the building and sawmill machinery of the MulchĂŠn Plant, which was not in operation that day. No one was hurt, and the machinery for associated processes such as the boiler, drying process, drymill and part of the reprocessing system escaped damage and remain in operation.

This year there were almost no registered crimes against company equipment or personnel, but certain specific rural localities were the site of intense agitation, and significant company effort was required to allow normal business activity. It is important to mention the strong commitment from the government to persecute criminal activity.

Plantation Forest Assets as of December 31st 2003 (Hectares) Company

Pine

Eucalyptus

Other Species

Areas to be planted

Other Uses

Total

Forestal Mininco

223.278

57.858

17.707

16.021

107.090

421.954

Forestal Crecex

66.871

23.415

337

6.183

36.461

133.267

2.202

34.650

259

4.602

17.801

59.514

292.351

115.923

18.303

26.806

161.352

614.735

56.706

3.263

147

7.455

26.712

94.283

349.057

119.186

18.450

34.261

188.064

709.018

Forestal MonteĂĄguila Subtotal Chile Bosques del Plata Total

In addition, Forestal Mininco manages 3,868 hectares belonging to Sociedad Inversora Forestal

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BUSINESS DESCRIPTION

BUSINESS DEVELOPMENT

MPC Celulosa is a major international softwood and hardwood pulp producer. The Laja, Pacifico and Santa Fe mills produce over a million tons of chemical pulp per annum, which is sold to over 200 clients in thirty countries in Europe, the Americas, Asia and Oceania. Approximately 20 percent of consolidated production is consumed in Chile, principally by CMPC subsidiaries.

CMPC Celulosa produced 1.143 million tons of wood pulp in 2003, which compares favorably to the 1.065 million tons produced the previous year.

General Manager SERGIO COLVIN T.

CMPC Celulosa S.A. The wood used in our mills is sourced exclusively from planted forest plantations owned by CMPC or other independent forestry companies that are all managed according to principles of sustainable forest management.

Pulp Pulp

The Laja and Pacifico mills produce softwood pulp made from Radiata pine, the bulk of which is bleached pulp. However unbleached pulp is also produced, as well as fluff pulp which used in the manufacture disposable diapers and sanitary napkins.

Chairman ELIODORO MATTE L. Vice-Chairman ARTURO MACKENNA I. Directors JORGE ARAYA D. ERNESTO AYALA O. JORGE GABRIEL LARRAÍN B. BERNARDO MATTE L. HERNÁN RODRÍGUEZ W.

Furthermore, the Laja mill has two paper machines in operation, producing printing and writing and sackraft paper. The Santa Fe mill produces bleached hardwood eucalyptus pulp. This pulp is mainly used in the production of both printing and writing and tissue paper. Approximately 75 percent of this pulp is sold on international markets.

CMPC Celulosa produced 1.143 million tons of market pulp in 2003.

Our Laja Mill achieved record production levels with an output of saleable pulp of 360,000 tons, while the Pacifico Mill produced 460,000 tons completing, attaining this output level two months ahead of schedule according to the PROPAC improvement project's learning curve. Finally, Santa Fe output at 344,000 tons was slightly above the levels attained in 2002 despite the 18 day shut-down required by the PROSAK project. During 2003 the Preliminary Study for the PROFAL 4 project of improvements at the Laja Mill was completed and the Environmental Impact Declaration was submitted to the relevant environmental authorities (CONAMA) in September 2003. Once authorization is obtained the project will be implemented in two phases. The first, requiring an investment of US$22.8 million, is a series of process modernizations, most notably a secondary effluent treatment stage. The second stage will add oxygen delignification process at a cost of US$ 18.5 million. A series of projects updating control systems in the caustification, bleaching and Paper M a c h i n e 1 2 p ro c e s s e s h a v e b e e n successfully implemented, as well as the white liquor improvement project, which has reduced consumption of chemical products. The annual stoppage at the Santa Fe Mill allowed the final implementation of the improvements associated with the PROSAK project. This project has increased production volumes to 360,000 tons per annum, reduced bleaching costs, improved pulp quality, and enhanced the process' environmental performance.

001 Pulp

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CMPC Celulosa began direct purchasing of pine and eucalyptus timber from third parties.

The Environmental Impact Study (EIS) of our projected second line at the Santa Fe Mill, designed to produce 780,000 tons per annum at an estimated investment cost of US$ 700 million, was submitted to the authorities on September 30th. Official approval of the EIS is expected in the first semester of 2004. Our project connecting the Pacifico and Santa Fe Mills to the power line that supplies the Laja Mill and Inforsa from the CharrĂşa node of the Interconnected Central System (Chile's main power grid) was completed in early December. A 220 kV substation was built at Santa Fe and a 42 km high voltage line was run between Pacifico and Santa Fe, as well as the necessary control and safety devices.

In late August the new turbo-generators began operation at both Pacifico and Laja. A 42 MW turbo-generator was installed at Laja to replace the GE turbo-generator in place, thus considerably increasing the mill's capacity for self-generation of electric power. Pacifico Mill now runs a 38MW turbogenerator that operates on the steam generated by the mill and it may potentially make use of a power boiler currently under consideration. In June CMPC Celulosa began direct purchasing of pine and eucalyptus timber from third parties, a matter of importance at a time of rising timber demand due to the emergence of new plants coming on stream in Chile and higher woodchip demand from Japan. Eighthy percent of the pine and 35 percent of the eucalyptus used in our plants were sourced from third parties.

001 The Environmental Impact Study (EIS) of a projected second line at the Santa Fe Mill was submitted in September. 002 Several projects updating control systems in the caustification, bleaching and MP12 processes have been successfully implemented at the Laja Mill. 003 A turbo-generator was built at our Pacifico Mill which generates electrical power from steam generated by the production process.

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BUSINESS DESCRIPTION

BUSINESS DEVELOPMENT

MPC is active in this business area through five subsidiaries, producing and marketing folding boxboard, corrugating materials (testliner and fluting), newsprint, printing and writing paper, and wrapping paper.

INFORSA

INFORSA's Nacimiento plant produces newsprint that is sold throughout Latin America as well as in North America, the Caribbean, Asia and Europe.

Paper Paper

Cartulinas CMPC operates folding boxboard plants in Maule (VIIth region) and Valdivia (Xth region). This output is brought to market in over 30 countries in Latin America, Asia, Europe and the United States. Papeles Cordillera runs a plant in Puente Alto that is centred on manufacturing different grade of container board corrugated using recycled fibre as its principal raw material. The clients for this product are mainly located in Chile, while additional export markets are in Argentina, Ecuador and Peru.

General Manager ANTONIO ALBARRÁN R-C.

CMPC Papeles S.A. Chairman ELIODORO MATTE L. Vice-Chairman ARTURO MACKENNA I. Directors JORGE ARAYA D. ANDRÉS ECHEVERRÍA S. BERNARDO MATTE L. JUAN OBACH G. HERNÁN RODRÍGUEZ W.

SOREPA focuses on the collection of different types of waste paper and cardboard boxes for recycling in Empresas CMPC's paper mills and has facilities in Chile's major cities. CMPC Papeles also owns EDIPAC, a paper merchant and distribution firm focusing on printing and writing papers, folding box board and others paper products.

This subsidiary has suffered from the low price cycle that has afflicted the industry since late 2001. The beginnings of a recovery in US newsprint consumption has allowed a moderate price rise, pushed forward mainly by US and Canadian producers facing difficulties due to the poor financial results of the past two years. It is important to highlight that prices in this cycle have been among the lowest in several decades. INFORSA began exporting paper to new markets such as the United States, Mexico, Central America, England and several Asian countries in 2002, and has consolidated its market presence this year. Taken together, these sales are greater in volume than the amount currently sold in South America.

Cartulinas CMPC This subsidiary performed well over the year due to strong growth in export sales: these were 31 percent higher than in 2002. The challenges implicit in exporting 80 percent of total sales require Cartulinas CMPC to focus on quality and costs. This is the driving force behind the Maule Plant's mechanical pulp modernization project, re-converting it to bleached thermo-mechanical pulp manufacturing. The Valdivia Plant's paper machine also received technological updating, increasing the operating efficiency and production of a machine that exported 45 percent of its saleable production in 2003.

Cartulinas CMPC performed well over the year both financially and operationally.

Total investment in these projects at the Maule and Valdivia plants amounted to US$ 20 million.

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Papeles Cordillera performed strongly in 2003 with the consolidation of the "Minimill" in terms of both sales and output.

Papeles Cordillera

SOREPA

This subsidiary performed strongly in 2003 with the consolidation of the "Minimill's" position in terms of both sales and output. Sales were 38 percent higher in 2003 as a result of the operational stability enjoyed by the machine and of the quality of the paper it manufactures, which is such that it now supplies local corrugated boxes producers, reducing their dependence on imported paper.

SOREPA has continued to increase its operational volume by improving its processes, extending direct service to supermarkets and factories that generate waste paper and making use of its presence in Chile's principal urban centres.

Moreover, Papeles Cordillera has increased its exports of corrugating materials to other box manufacturers in South America to approximately 35,000 tons with world class products.

EDIPAC This subsidiary has maintained its leadership position in the paper, folding boxboard and paper products distribution market in the face of fierce competition.

001 Papeles Cordillera has increased its exports of corrugating materials to other box manufacturers in South America.

002 The Maule plant has initiated a modernization project for its mechanical pulp machinery. 003 In 2003 INFORSA consolidated its export position in new markets.

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BUSINESS DESCRIPTION

BUSINESS DEVELOPMENT

ith mills in Chile, Argentina, Peru and Uruguay, CMPC Tissue produces and markets tissue products in the toilet paper category (Elite, Confort, Higienol, Noble, Orquídea and Preferido), disposable handkerchiefs (Carilina de Elite and Elite), napkins (Elite, Nova and Sussex), and paper towels (Elite, Nova and Sussex).

2003 witnessed a gradual recovery of tissue product sales in Argentina, with sales 20 percent higher than the previous year, almost attaining pre-crisis levels. Similarly, sales in Uruguay rose, although by less than in Argentina.

In addition, the company markets the Babysec brand of disposable diapers and Confidence and Ladysoft sanitary napkins.

Tissue Tissue

In Chile, CMPC Tissue has plants in Puente Alto and Talagante, while in Argentina operations are headed by the Zarate mill (the largest industrial tissue operation in South America) as well as a disposable diaper plant located at Naschel in San Luis province. Our Protisa and Ipusa subsidiaries (in Peru and Uruguay respectively) produce tissue products of various types.

General Manager JORGE MOREL B.

CMPC Tissue S.A. Chairman ELIODORO MATTE L. Vice-Chairman ARTURO MACKENNA I. Directors GONZALO GARCÍA B. JORGE HURTADO G. BERNARDO LARRAÍN M. BERNARDO MATTE L. HERNÁN RODRÍGUEZ W.

Moreover, in these countries the company has set up a dedicated marketing and production structure that focuses on the needs of firms and organizations for specialized non-domestic products. In Chile, Argentina and Uruguay CMPC is the market leader in tissue, while sustained growth in Peru has allowed us to place second in terms of market share. In disposable diapers, CMPC has achieved a significant market position.

Sales growth in Peru continued, following the pattern of the preceding years, with the company further consolidating its position. Sales of disposable diapers rose throughout the region, and especially in Uruguay where we have attained almost 50 percent market share with our Babysec Ultra and Babysec Tradicional brands. Other markets saw a sustained increase in both sales and market share despite strong competition. In the second semester of 2003 CMPC entered the sanitary towel market with the Confidence and Ladysoft brands aimed at the middle and low end of the market. Initially, the products sold under this brand were purchased from third parties, but in 2004 they will be manufactured at the company's plant in Argentina where a machine was installed for this purpose in late 2003. Especially worthy of note was the "Best Supplier" award CMPC Tissue received from Chile's Supermarket Association in 2003. This prize is the result of our sustained effort to provide outstanding service and strengthen our client relationships. In Peru, Protisa's number 2 paper machine successfully completed its first year in operation, attaining over 90 percent of maximum designed production levels. It has replaced the lower capacity number 1 paper machine. Its production has been a major contribution to maintaining increased sales in Peru and reducing imports.

CMPC Tissue received the "Best Supplier 2003" award from Chile's Supermarket Association.

In Chile, modernization projects extending the working life and increasing the efficiency of paper machines 16 and 17 at our Puente Alto Plant were completed.

001 Tissue

032

In the second semester of 2003 CMPC entered the sanitary napkins market with the Confidence and Ladysoft brands.

In Brazil the CMPC office was instrumental in maintaining the market presence in Sao Paulo and Rio de Janeiro of products manufactured at the company's plants in Uruguay and Argentina.

Finally, the company entered the tissue paper market in Ecuador with its Elite brand products and sales of special brands to the country's main supermarket chain, capturing 10 percent of the market. We have also been active in the Bolivian and Paraguayan markets for several years.

001 Regional sales rose in the disposable diaper business, and CMPC entered the regional sanitary napkins market in 2003. 002 In Peru, the paper machine successfully completed its first year in operation. 003 2003 saw the slow recovery of tissue product sales in Argentina.

002

003

035

BUSINESS DESCRIPTION

BUSINESS DEVELOPMENT

his CMPC subsidiary operates through the following companies: Envases Impresos, Envases Roble Alto, Productos Austral, PROPA and Chimolsa in Chile; Fabi Bolsas Industriales in Argentina, and FORSAC in Peru.

Corrugated Boxes

In the corrugated business CMPC owns two subsidiaries: Envases Impresos with a plant in Buin, focused on producing boxes for the fruit and salmon sectors; and Envases Roble Alto, with plants in Til Til and Quilicura producing boxes for the industrial and wine sectors.

Paper Products Paper Products

Productos Austral manufactures notebooks and has successfully consolidated the position of its Austral, Mistral and Equalit brands. Additionally Productos Austral produces flexible packaging and office papers. CMPC's involvement in the multiwall paper sack business is handled by subsidiaries in Chile, Argentina and Peru that supply their respective local markets, principally the cement and chemical industries. These subsidiaries also export to other countries in the region.

Envases Impresos and Envases Roble Alto have performed as expected, increasing their respective market shares.

General Manager ANDRĂ&#x2030;S INFANTE T.

CMPC Productos de Papel S.A. Chairman ELIODORO MATTE L. Vice-Chairman ARTURO MACKENNA I. Directors JUAN CARLOS EYZAGUIRRE E. GONZALO GARCĂ?A B. PATRICIO GREZ M. EUGENIO HEIREMANS D. BERNARDO MATTE L.

Chimolsa manufactures molded pulp trays for apple and avocado exports, as well as trays and cartons for eggs at its plant in Puente Alto.

Taking both firms together, corrugated boxes sales were 5.4 percent higher than in 2002. The first stage of a project to increase corrugated boxes production capacity is currently in progress. Over the course of the year the Til Til Plant was enlarged and a corrugating machine was installed along with other conversion machinery. In addition, the Buin Plant was modernized. In 2004 the Buin II Plant will be built and equipped, as stipulated in the US$ 24 million investment plan for this business area. Finally, the information systems of both subsidiaries were modernized with the introduction of SAP and a production programming system at a cost of US$ 1.6 million.

Productos Austral Productos Austral has had another strong year in the office paper market, seeing its market share rise considerably. The Equalit brand saw sales growth of 23 percent, consolidating it as the market leader. In the 2003 notebook season, Austral increased its market share as a result of a sales strategy focusing on its clients and on market conditions. For a third consecutive year notebooks were exported to Mexico.

CMPC corrugated box sales were 5.4 percent higher than in 2002.

001

002

Paper Products

036

Productos Austral's Equalit brand has had another strong year in the office paper market.

Multiwall Sacks PROPA In Chile, PROPA'S main market remains the cement industry, which grew 4.6 percent as an industry in 2003.

Several programs were established for all our personnel with the aim of improving productivity and our production processes. FORSAC PERU

Multiwall sack exports to third parties performed well over the year, making up 50 percent of total sales.

In the internal market FORSAC PERU sales were very close to 2002 levels despite increasing market share in the cement market. This is attributable to stock reduction policies put in place by certain major clients.

The year saw our first exports to the East Coast of the United States with the aim of diversifying our overseas sales.

On the other hand, export sales to Bolivia and Ecuador showed a 16 percent increase, with respect to 2002.

In mid 2003 our Chillรกn Plant inaugurated a new fully automatic sack production line, which increased the plant's manufacturing capacity. Thanks to this enlargement project, the plant's sack production reached a record level of over 120 million units. FABI Argentina The Argentine economy has shown signs of recovery, which has been evidenced in demand for multiwall sacks: the important cement sector showed a 30 percent increase in demand. This recovery and strong exports have resulted in a major increase in sales: 29 percent up with respect to 2002. Operational profit for FABI increased significantly due to sales growth and new product development which allowed entry into markets with higher margins.

CHIMOLSA In May CMPC bought 12 percent of Chilmolsa's shares from Huhtamaki, thus attaining full ownership of the company. This was another strong year for Chimolsa: sales of moulded pulp trays for apples -the company's main product- grew 13 percent, approximately the same as overall market growth. Sales of trays and cartons for eggs grew 3 percent despite a fall in egg production in Chile. Chimolsa successfully strove through the year to obtain the ISO 9001-2000 certification.

001 In Chile, PROPA'S main market remains the cement industry. 002 In the 2003 notebook season Austral increased its market share once more. 003 The first stage of a project to increase corrugated box production capacity is currently in progress.

003

Cmpc

039

Empresas

S.A.

A n n u a l

R e p o r t

2 0 0 3

Detailed Analysis of CMPCâ&#x20AC;&#x2122;s Individual and Consolidated Financial Statements as of December 31, 2003.

Financial Analysis

040

041

VALUATION OF ASSETS AND LIABILITIES

Assets and liabilities in the individual and consolidated financial statements are valued according to generally accepted accounting principles and standards, and the instructions issued by the Chilean Securities and Insurance Supervisor These principles and standards are described in detail in Note 2 of the consolidated financial statements.

Consolidated Operating Results Consolidated operating profits for the year 2003 were Ch$ 181,101 million, well above operating profits in 2002, which amounted to Ch$ 134,041 million. Wood pulp and folding boxboard exports increased in comparison to the previous year. Pulp prices have evidenced a modest recovery, as have newsprint and folding boxboard export prices.

The following criteria are worthy of note: Time deposits and marketable securities are shown at their investment or acquisition cost, plus adjustments and interests accrued. The book value of these investments does not exceed their respective market values. Trade accounts for sales and notes receivables are shown at their estimated realizable value and include deductions for provisions to cover bad and difficult to collect debts. Inventories of manufactured goods are valued at direct production cost plus the cost of certain indirect inputs. This cost is below market value, as the sales price includes a profit margin. Land, buildings, machinery and equipment are valued at inflation-adjusted cost and have been duly depreciated. Our subsidiaries' fixed assets abroad (Argentina, Uruguay and Peru) are valued at historic cost in US dollars minus the appropriate depreciation charges. Forest plantations are shown at their assessed value at the end of the accounting period. This valuation method aims to reflect in the accounts the higher asset and equity values that result from the natural growth of plantations. Forest plantations due to be harvested within a year are shown in current assets under inventories.

Profits

Investments in related companies are made up of Empresas CMPC S.A.'s and its subsidiaries' share of the respective companies' equity. Empresas CMPC S.A.'s and its subsidiaries' liabilities are shown according to the amounts committed for disbursement both in the short and long term. Assets and liabilities in foreign currencies are shown in Chilean pesos converted at the relevant exchange rate at the close of the year.

67,309

The accounting standards applied are intended to describe the individual and consolidated financial position of Empresas CMPC S.A. and its subsidiaries in an informative manner. Consequently, there should be no significant differences between the financial or market value and the book value of assets as of December 31, 2003.

47,725

63,694

124,604

126,414

(millions of Chilean Pesos)

ANALYSIS OF INCOME STATEMENT AND ACTIVITY

2.1. Analysis of Consolidated Income Statement 1999

2000

2001

2002

2003

Net income for the year amounted to Ch$ 124,604 million, significantly higher than the previous year's profits of Ch$ 67,309 million.

Management and sales expenses show a slight increase on the previous year as a result of both increased export costs and the purchase of Forestal y Agrícola Monte Águila S.A. in 2003. Consolidated Non-Operating Results CMPC and its subsidiaries' consolidated non-operating result shows a loss of Ch$ 32,605 million for 2003, lower than the non-operating loss for the previous period which amounted to Ch$ 48,841 million. The higher non-operating loss in 2002 was due to the Ch$ 17,991 million lost as the result of the devaluation of the Argentine and Uruguayan Pesos in 2002. This loss is shown as Exchange Differences in the Consolidated Income Statement. Considering all the above, profits for the business year 2003 amounted to Ch$ 124,604 million after tax (post-tax profits for 2002 were Ch$ 67,309 million). Consolidated Financial Ratios The main Financial Ratios that relate to the Consolidated Income Statement are as follows: •

Asset turnover: indicates the relationship between consolidated total revenue and average total assets. In 2003 this ratio was 0.36, while in 2002 it was 0.34.

•

Profit on consolidated revenue: profit as a proportion of operating revenue. This ratio was 12.5 % in 2003, up from 7.5 % in 2002.

•

Annual return on equity: the ratio of profit for the period to average equity. Annual return amounted to 6.4 % in 2003 and 3.6 % in 2002.

•

Earnings per share: amounted to Ch$ 623.02 per share in 2003 and to Ch$ 336.55 in 2002

•

Return on dividends: the ratio of dividends paid during the year to the market share price at the end of the business year was 1.5 % in 2003 and 1.7% in 2002.

•

Consolidated financial expense cover: profit before tax and interest payments divided by financial expenses. This figure was 5.8 in 2003 and 3.7 in 2002.

•

Total inventory rotation: annual sales cost divided by average stock of goods and inputs. This rose to 4.9 in 2003 from 3.8 in 2002.

•

Inventory duration: indicates for how long (on average) our inventory levels are able to cover sales at our average daily sales rate. This amounted to 72.9 days in 2003 and 94.3 days in 2002.

Financial Analysis

042

043

CMPC Celulosa S.A. and its subsidiary

CMPC Papeles S.A. and its subsidiaries

CMPC Tissue S.A. and its subsidiaries

CMPC Productos de Papel S.A. and its subsidiaries

Operating Revenue

198,784

375,336

295,487

219,852

123,777

Operating Costs

(163,676)

(199,372)

(225,522)

(141,366)

(88,535)

113,921

42,807

19,063

13,669

(In millions of Chilean Pesos)

Operating Results Financial Results

(334)

(4,260)

(176)

(5,806)

(2,525)

Non-operating Result (Loss)

(2,416)

(16,391)

1,100

(5,997)

(2,787)

E.B.I.T.D.A. (*)

9,254

142,503

59,128

36,756

16,883

(461)

80,297

42,335

16,724

10,131

Current Liquidity Ratio: illustrates how many times current assets cover current liabilities. This figure was 3.1 times in 2003 and 2.3 in 2002.

(*) Earnings before taxes, interest payments, depreciation, amortization and other extraordinary items

•

Acid Test Ratio: indicates how many times liquid assets cover current liabilities, with this ratio at 2.1 in 2003 and 1.4 in 2002.

2.2. Analysis of CMPC's Separate Income Statement

•

Industrial, forestry and business activities are carried out by CMPC's subsidiaries, not by Empresas CMPC S.A. itself. Therefore, the appropriate financial statement for analysis is Empresas CMPC S.A. and its subsidiaries' consolidated financial statement.

Debt to Equity Ratio: debt as a proportion of equity. This figure was 0.37 in 2003 and 0.39 in 2002.

3.2. Analysis of CMPC's Separate Assets and Liabilities

The results for the year show a profit of Ch$ 124,604 million (Ch$ 67,309 million in 2002), which is principally composed of related companies' profits (Ch$ 128,314 million in 2003, and Ch$ 74,688 million in 2002).

Consolidated Sales

993,022

896,714

876,511

854,667

(millions of Chilean Pesos)

ANALYSIS OF THE GENERAL BALANCE SHEET

3.1. Analysis of Consolidated Assets and Liabilities The assets and liabilities of CMPC and its subsidiaries have been consolidated to December 31, 2003 and 2002. Total consolidated assets amount to Ch$ 2,809,904 million (Ch$ 2,727,419 million in 2002) of which 22.6% are liquid assets (21.9% in 2002), 75.5% are fixed assets (74.7% in 2002), and 1.9% are other assets (3.4% in 2002).

1999

2000

2001

2002

2003

The net increase in fixed assets amounts to Ch$ 82,277 million in 2003 (Ch$ 59,876 million in 2002). Investment in forest plantations and land amounted to Ch$ 88,913 million in 2003 (Ch$ 23,312 million in 2002), annual plantation growth is valued at Ch$ 58,486 million in 2003 (Ch$ 115,272 million in 2002) and industrial investment

1999

2000

2,008,916

1,911,300

1,803,246 2001

2002

2003

The main financial indicators relating to the Consolidated General Balance Sheet are as follows: •

Net Income

716,822

1,351

Equity increased by Ch$ 97,616 million, mainly due to profits in 2003. Other factors that bear on this figure are the increase in the value of forests owned by our subsidiaries, the subtraction of the dividends paid over the year, and the reduction in the value of harvested forests.

The performance of the Parent Company's assets and liabilities is as follows:

Investment in Fixed Assets (millions of Chilean Pesos)

In comparison to the previous year, current assets have declined by Ch$ 46,588 million in 2003, mainly due to a fall in the number of notes and accounts receivable from related companies amounting to Ch$ 46,851 million.

153,083

Forestal Mininco S.A. and its subsidiaries

In 2003 the company emitted bonds for US $ 300 million in the United States. This capital was used in part to pay off debts, while the remainder will be used for future investments.

Fixed assets fell by Ch$ 506 million, as a result of depreciation charges for the period. Under other assets, investments in related companies increased by Ch$ 152,958 million in 2003, as the result of increased investment in subsidiaries amounting to Ch$ 193,128 million. This is due to the acknowledgement of 2003 profits amounting to Ch$ 128,314 million, a net increase in the Forestry Reserve, a fall of Ch$ 15,902 million owing to harvesting, and the purchase of Forestal y Agrícola Monte Águila S.A. and Forestal Coihueco S.A. (ex-Simpson) which have a total proportional equity value of Ch$ 48,912 million. These items are counterbalanced by the negative item Increased investment value, which rose by Ch$ 27,831 million owing to the difference between the book value and the purchase price of the shares in the two firms acquired, and due to a fall in the Long term notes and accounts receivable from related companies item of Ch$ 12,162 million.

92,479

The Consolidated Income Statements of our subsidiaries (as described in the "Business Development" chapter) are summarized in the following table:

119,204

Summary of our Subsidiaries' Consolidated Income Statements

Consolidated liabilities are at similar levels to consolidated assets, amounting to Ch$ 739,272 million in the year to December 31, 2003 (Ch$ 751,219 million in 2002) of which 27.7 % is made up of short term liabilities (34.5% in 2002) and 72.3% of long term liabilities (65.5% in 2002).

1,658,259

Consolidated operational asset yield: the ratio of operating profit to operational assets. This was 7.3% in 2003, up from 5.6% in 2002. Fixed assets, stocks and accounts and accounts receivable are considered operational assets.

(millions of Chilean Pesos)

95,203

•

Equity

totalled Ch$ 64,171 million in 2003 (69,167 million in 2002). All such amounts are after depreciation of fixed assets for Ch$ 82,181 million in 2003 (Ch$ 86,580 million in 2002), while a deduction of Ch$ 42,584 million in 2003 ($ 52,160 million in 2002) was made to the value of forest plantations due to harvesting.

1,547,417

Consolidated asset yield: profit as a proportion of average total assets was 4.5% in 2003 and 2.5% in 2002.

72,817

•

1999

2000

2001

2002

2003

Financial Analysis

044

045

Consolidated liquid financial investments and cash amount to Ch$ 222,556 million as of December 31, 2003 (Ch$ 143,082 million as of December 31, 2002). Consolidated operating activities generated positive operational cash flows of Ch$ 250,088 million in 2003 (Ch$ 183,876 million in 2002). Consolidated investment activities generated net negative flows (net use of funds) of Ch$ 194,665 million in 2003 (Ch$ 106,270 million in 2002). These flows are due to investment in fixed assets which totalled Ch$ 195,332 million in 2003 (Ch$ 112,113 million in 2002). Investment funds were principally directed towards the purchase of Forestal y Agrícola Monte Águila S.A. and Forestal Coihueco S.A., and towards increasing capacity at our Pacifico chemical pulp Mill. Positive net consolidated financing flows for 2003 represent a net generation of funds to the value of Ch$ 60,020 million (in 2002 this flow was a net use of funds amounting to $ 14,831 million), owing to a US$ 300 million bond emission in the United States, the pre-payment of a debt for US$ 125 million and the relevant amortization for the business year. 4.2. Analysis of CMPC's Individual Cash Flow.

Consolidated Net Flow of Operation

196,306 182,055

198,101

171,402

223,220

(millions of Chilean Pesos)

As mentioned above, forestry, trade, industrial and the main financial operations of the company are carried out through subsidiaries, therefore any informative analysis must focus on the consolidated financial statements. However, individual cash flow for the period to December 31, 2003, and 2002 of Empresas CMPC S.A. is shown below. In the current period Empresas CMPC S.A.'s operating activities generated negative flows worth Ch$ 10,638 million (negative flows of Ch$ 16,764 million in 2002). Parent company investment activities recorded positive flows worth Ch$ 46,163 million in 2003 (Ch$ 40,446 million in 2002), mainly from loan repayment by related companies net of fund use to acquire Forestal y Agrícola Monte Águila S.A. and Forestal Coihueco S.A.

Given that the company must regularly convert US dollars from its export earnings to cover outlays in Chilean pesos, CMPC occasionally sells short term US dollar futures. At the close of the year CMPC's net position in peso-US dollar futures contracts amounts to sales of US$ 5 million.

3.10 2.30

2.07 1.80

1999

2000

2001

2002

2003

Considering CMPC's revenue flows are highly indexed to the US dollar, liabilities have been taken on in this currency. It has been company policy to reduce the accounting mismatch between assets and liabilities expressed in US dollars so as to minimize the extent to which exchange rate fluctuations affect profit for the year. Peso-US dollar forwards are utilized to this end, although at the end of 2003 no forward contracts are currently active. In 2003 exchange rate fluctuations were less severe than in previous years, due both to the greater stability of the Argentinean and Uruguayan pesos and to the marked reduction in the working capital of our subsidiaries there. Empresas CMPC and its subsidiaries' Income Statements in 2001 and 2002 were adversely affected by non-operating losses due to the depreciation of the Argentinean and Uruguayan pesos, which caused a fall in the value of assets in those countries. The Company actively handles the composition of its debt as regards the interest rate through interest rate derivatives in order to minimize the impact of fluctuation in market interest rates and to bring down financial costs. As of December 31, 2003, the composition of the Company's consolidated debt, as regards interest rates is 63% fixed rate and 37% floating rate. This combination ensures an average debt interest rate of 4.7 % in US dollars.

Consolidated Capital Debt Ratio (times)

2001

2002

0.37

4.1. Consolidated Cash flow Analysis

Only in very specific cases are export sales or payment commitments made in foreign currencies other than the US dollar. In order to avoid exchange rate risk in non-US dollar currencies, derivatives are utilized to fix the exchange rates in question. As of December 31, 2003 our main positions were forward sales worth $ 1.3 million euros to hedge machinery imports, and euro put options worth 1.5 million euros to hedge exports to Europe payable in euros.

0.39

CASH FLOW ANALYSIS

(times)

Empresas CMPC S.A. exports approximately 51 % of total sales, principally to markets in Europe, Latin America, Asia and the United States. These sales are made in US dollars. In the case of domestic sales in Chile and by our subsidiaries in Argentina, Peru and Uruguay, sales are made in local currency indexed to the US dollar. Therefore, the proportion of Empresas CMPC S.A.'s revenue flow that is either in, or indexed to, US dollars amounts to over 70 % of total sales. Our expenses, both for raw materials and investments in fixed assets, are also mainly in, or indexed to, US dollars.

0.40

Consolidated Current Ratio

0.42

Equity increased by Ch$ 97,616 million chiefly due to profits for 2003, in addition to the acknowledgement of forest revaluation in subsidiaries net of charges reflecting the fall in value due to harvested, and after deduction of dividend payments in the current period.

RISK ANALYSIS AND EXCHANGE POSITION

2.20

Long-term liabilities are liabilities with our subsidiary CMPC Cartulinas S.A. and show almost no change on the previous year.

0.46

In 2003 current liabilities rose by Ch$ 8,179 million with regard to 2002, principally as a result of an increase in the unpaid dividends item.

Parent company financing activities generated negative flows worth Ch$ 35,678 million in 2003, (Ch$ 23,643 million in 2002), chiefly as a result of dividend payments (Ch$ 36,171 million in 2003 and Ch$ 23,346 million in 2002). 1999

2000

2001

2002

2003

Final balance of cash and cash equivalents at the close of the year for Empresas CMPC S.A. amounted to Ch$ 31 million in 2003, and Ch$ 191 million in 2002.

1999

2000

2003

Ownership Structure In Chile

Abroad 100%

99,9%

ENVASES ROBLE ALTO LTDA.

INVERSIONES CMPC CAYMAN LTD.

100%

CMPC INVESTMENTS LTD. (CHANNEL ISLAND)

0,1% 100%

99,9%

PROPA CAYMAN LTD.

99,9%

CMPC PRODUCTOS DE PAPEL S.A.

ENVASES IMPRESOS S.A.

99,9%

FORSAC PERÚ S.A. (PERÚ)

100%

FORESTAL BOSQUES DEL PLATA S.A.

0,1%

0,1% 99,9%

PROPA S.A. 99,9%

99,9%

AUSTRAL S.A.

CHIMOLSA

0,1%

100%

0,1%

100%

0,01%

CMPC EUROPE LTD. (INGLATERRA)

6,44% 93,48%

99,99% 99,99%

FABI BOLSAS INDUSTRIALES S.A. (ARGENTINA)

INVERSIONES CMPC S.A.

99,9%

INVERSIONES PROTISA S.A.

CMPC TISSUE S.A. 99,99%

COMERCIAL HIGIENE INTEGRAL S.A.

0,1%

0,01%

0,08%

17,11%

GESTUM INVERSIONES SL. (ESPAÑA)

0,01%

LA PAPELERA DEL PLATA S.A. (ARGENTINA)

100%

CMPC INVERSIONES DE ARGENTINA S.A.

100%

NASCHEL S.A. (ARGENTINA)

82,88%

50% 50%

99,9%

81,95%

CMPC PAPELES S.A.

SOREPA S.A.

EDIPAC S.A.

0,1%

100%

INFORSA

99,61%

TISSUE CAYMAN LTD.

IPUSA (URUGUAY)

99,999% 0,1%

100%

CRECEX S.A.

0,001% 5 99,6%

EMPRESAS CMPC S.A.

0,01%

99,99%

PAPELES CORDILLERA S.A.

0,01%

PROTISA DO BRASIL LTDA.

0,4%

2,94%

97,06% 99,9%

99,95%

CMPC CELULOSA S.A.

CARTULINAS CMPC S.A.

0,1%

100%

33,33% 33,34%

0,05%

CMPC ASIA LTD. (JAPÓN)

13,774%

FORESTAL MININCO S.A.

86,226%

CMPC MADERAS S.A.

100%

PORTUARIA CMPC S.A. CELULOSAS DEL URUGUAY S.A.

100%

20%

99,99%

PAPELERA DEL RÍMAC S.A. (PERÚ)

COMPAÑÍA PRIMUS DEL URUGUAY S.A.

33,33%

20%

PROTISA (PERÚ)

ABASTECIMIENTOS CMPC S.A.

20% 20%

4 99%

CMPC USA INC.

2,5% 99,75%

99,999%

FORESTAL COIHUECO S.A.

99,99%

INMOBILIARIA PINARES S.A.

38,77%

INVERSIONES EL RAULÍ S.A.

25,0%

8,57%

FORESTAL Y AGRÍCOLA MONTE ÁGUILA S.A.

MELOCOTÓN LTDA.

BICECORP S.A.

97,5%

0,001% 5 18,35%

SEFORE LTDA.

CONTROLADORA DE PLAGAS FORESTALES S.A.

10,66%

Symbology EMPRESAS CMPC S.A.

CMPC Productos de Papel S.A.

INVERSIONES CMPC S.A.

CMPC Tissue S.A.

INMOBILIARIA PINARES S.A.

CMPC Papeles S.A.

CMPC CELULOSA S.A.

CMPC Celulosa S.A.

FORESTAL MININCO S.A.

CMPC Forestal

CMPC TISSUE S.A.

Cmpc

049

Empresas

S.A.

A n n u a l

R e p o r t

2 0 0 3

General Information

050

051

EQUITY

All the shareholders listed above belong to a same corporate group, but do not have a formal joint action agreement.

The Company's equity as of December 31, 2003, after annual restatement as provided by the law, amounts to ThCh$ 96,545,754 divided into 200 million shares. EMPRESAS CMPC S.A.'s net worth as of December 31, 2003 amounts to ThCh$ 2,008,916,448.

Final controllers are the following natural persons: Mr. Eliodoro Matte L., Identity Nº 4,436,502-2, Mrs. Patricia Matte L., Identity Nº 4,333,299-6, and Mr. Bernardo Matte L., Identity Nº 6,598,728-7. Control of the above-mentioned companies is shared equally by the final controllers.

OWNERSHIP OF THE SHARES ISSUED SHARE TRANSACTIONS In compliance with General Rule N° 30 issued by the Securities and Insurance Authority, we list the twelve largest shareholders, displaying the number of shares owned by each as of December 31, 2003.

The Company's share transactions by related shareholders in 2002 were as follows: Majority Shareholders

Name

Forestal Cominco S.A.

39,254,440

Forestal y Constructora del Pacífico Sur S.A.

Forestal Constructora y Comercial del Pacífico Sur S.A.

38,432,339

Inversiones Industriales Colina S.A.

Forestal O'Higgins S.A.

13,976,744

AFP Provida S.A. for Pension Funds

12,752,308

Forestal Bureo S.A.

8,068,615

AFP Habitat S.A. for Pension Funds

6,990,068

AFP Cuprum S.A. for Pension Funds

4,613,859

Inmobiliaria Ñague S.A.

4,145,628

AFP Summa Bansander S.A. for Pension Funds

4,037,757

AFP Santa María S.A. for Pension Funds

3,873,626

Coindustria Ltda.

3,577,021

Constructora Santa Marta Ltda.

3,309,907

The number and ownership of shares in Empresas CMPC S.A. belonging to companies that directly or through some type of relationship between them control 55.44% of the equity with full voting rights, is detailed below.

Number of Shares Purchase/(Sale)

Unit Price Ch$

Amount Th$

274,748 a)

Forestal Cominco S.A.

39,254,440

Forestal Constructora y Comercial del Pacífico Sur S.A.

38,432,339

Forestal O'Higgins S.A.

13,976,744

Forestal Bureo S.A.

8,068,615

Inmobiliaria Ñague S.A.

4,145,628

Coindustria Ltda.

3,577,021

Forestal y Minera Ebro Ltda.

795,534

Forestal y Minera Volga Ltda.

712,069

Inmobiliaria y Forestal Chigualoco S.A.

523,112

Forestal Peumo S.A.

414,930

Forestal Calle Las Agustinas S.A.

311,792

Forestal Choapa S.A.

188,222

Others

480,780

1,701,597

8,424.00

345,670

(5,292)

6,700.00

35,456

Director Manuel Mardones Restat Relatives of a Director: Antonio Berguecio González Carlos José Marín Correa Eliodoro Matte Capdevila Guillermo Marín Correa Jorge Matte Capdevila

190

6,950.00

1,321

(106,000)

11,050.00

1,171,300

(1,500)

6,970.00

10,455

(123,361)

11,050.00

1,363,139

(1,600)

10,901.00

17,442

M. Josefina Marín Correa

(108,547)

11,050.00

1,199,444

M. Loreto Marín Correa

(123,361)

11,050.00

1,363,139

Marta Marín Correa

(136,907)

11,050.00

1,512,822

190

6,950.00

1,321

Macarena Berguecio González Matilde Correa de González Pilar Capdevila Honorato

Name

6,193.30

(41,034)

Vicente Berguecio González

(572)

6,950.00

3,975

(1,100)

8,600.00

9,460

192

6,950.00

1,334

3,000

6,850.00

20,550

Some relationship to a Director: Compañía de Rentas Epulafquen Limitada Inversiones Amolanas Limitada

11,298

6,695.26

75,643

Rentas Las Rocas Limitada

108,547

11,050.00

1,199,444

Rentas Kiev

136,907

11,050.00

1,512,822

Rentas Padua

123,361

11,050.00

1,363,139

Rentas San Ramón

123,361

11,050.00

1,363,139

Sociedad Civil Rentas Santa Blanca

106,000

11,050.00

1,171,300

Notes: a) Shares acquired only as a financial investment b) In 2002 only Mr. Eliodoro Matte Capdevila and Mr. Jorge Matte Capdevila sold 1,500 and 1,400 shares respectively.

General Information

052

053

QUARTERLY STATISTICS OF SHARE TRANSACTIONS Quarter

Units

Amount Ch$

Average Price Ch$

1st Quarter 2001

1,592,005

8,077,256,966

5,073,64

2nd Quarter 2001

3,346,098

16,988,568,032

5,077,13

3rd Quarter 2001

3,208,435

17,284,785,849

5,387,30

4th Quarter 2001

3,411,502

20,097,251,877

5,891,03

1st Quarter 2002

2,756,626

17,203,531,899

6,240,79

2nd Quarter 2002

1,289,668

8,329,916,411

6,458,96

3rd Quarter 2002

3,140,888

20,933,818,200

6,664,94

4th Quarter 2002

3,270,675

20,400,980,033

6,237,54

1st Quarter 2003

2,983,658

19,216,931,903

6,440,73

2nd Quarter 2003

3,956,835

29,585,049,495

7,476,95

3rd Quarter 2003

3,536,218

34,071,376,073

9,634,98

4th Quarter 2003

4,678,243

51,803,839,115

11,073,35

The Committee of Directors established under Law 18,046 complies with the authority and duties established in Article 50 Bis of said Law. The Committee of Directors is made up of Messrs. Ernesto Ayala, Patricio Grez, and Jorge Marin, and the fees paid to the members of said Committee amount to ThCh$ 2,027 each. No other expenses have been recorded during the period. The expenses of the Board of Directors for 2002 only include travel expenses and amount to ThCh$ 5,764 (Th$ 4,142 in 2002). Total gross remuneration received by the Company's Managers amounts to ThCh$ 1,506,683 in 2003 (ThCh$ 1,113,893 in 2002). The executive staff has an incentive plan consisting of an annual bonus whose size depends on profits and on meeting the Company's operational budget. The amount of this variable component of remuneration is included in the above figure. During 2003 staff severance indemnities for years of service to senior executives amounted to Th$ 64,605. No such payments were made in 2002.

Note: Statistics include information from the Santiago Stock Exchange, the Electronic Exchange of Chile and the Brokers' Exchange.

REMUNERATION AND EXPENSES OF THE BOARD AND COMMITTEE OF DIRECTORS, AND MANAGEMENT REMUNERATION Under the provisions of Law 18,046, the Annual General Meeting of Shareholders of Empresas CMPC S.A. held on April 25 2003 agreed, as they did the previous year, that the remuneration of the Board of Directors shall be 1% of the regular dividends paid during the year 2003, duly restated, shared out equally among them, with the Chairman entitled to a double share. As of December 31, 2003, a provision of ThCh$ 362,323 was set up for this purpose, corresponding to 1% of the dividends paid during the period. The Board of Directors' share for the year 2002 amounted to ThCh$ 227,963 (historical), and was paid during the first half of 2003, of which ThCh$ 45,407 were paid to the Chairman, Mr. Eliodoro Matte, and ThCh$ 28,495 to each of the Directors: Messrs. Patricio Grez, Jorge Marín, Jorge G. Larraín, Manuel Mardones and Bernardo Matte. Furthermore, Mr. Eliodoro Matte received ThCh$ 62,290 (ThCh$ 61,194 in 2002) for services unrelated to his work as a Director. On the other hand, remuneration paid by subsidiaries during 2003 to Directors who also sit on the parent company board amounted to ThCh$ 215,793 (Th$ 222,891 in 2002), and were paid to the following directors: Messrs. Ernesto Ayala Th$ 28,459 (Th$ 38,264 in 2002), Eliodoro Matte Th $ 72,328 (Th$ 70,836 in 2002), Bernardo Matte Th$ 58,107 (Th$ 56,918 in 2002), Jorge G. Larraín Th$ 28,459 (Th$ 29,034 in 2002), Manuel Mardones Th$ 14,222 (Th$ 13,919 in 2002) and Patricio Grez Th$ 14,218 (Th$ 13,920 in 2002).

FINANCIAL STATEMENTS EMPRESAS CMPC S.A.'s Financial Statements for the year to December 31, 2003 are submitted to shareholders and have been prepared according to the Rules issued by the Securities and Insurance Authority. These require the inclusion of the proportion corresponding to EMPRESAS CMPC S.A. of the assets and profit/loss of related companies at the close of the current period in the assets and profit/loss statement of EMPRESAS CMPC S.A. These Financial Statements show a net profit of ThCh$ 124,603,846 which may be entirely distributed as dividends, and includes amortization for the higher value of investments in related companies for ThCh$ 1,728,382 as per Note N°13 to the Consolidated Financial Statements.

DISTRIBUTION OF PROFITS In accordance with General Rule Nº 30, issued by the Securities and Insurance Authority, the dividends paid per share in the last five years is shown below:

Year 1999

Ch$ 25,00 per share

Year 2000

Ch$ 145,00 per share

Year 2001

Ch$ 196,00 per share

Year 2002

Ch$ 111,00 per share

Year 2003

Ch$ 181,00 per share

As agreed in the Annual General Meeting of Shareholders held on April 25, 2003, the Company paid final dividend N° 227 of Ch$ 56 per share in May 2003, debited to profits for the year 2002.

General Information

054

055

The dividend policy agreed by the Annual General Meeting of Shareholders mentioned above, consisted of the payment of two provisional dividends in September 2003 and January 2004, with the final dividend to be determined by the Meeting of Shareholders and paid in May 2004, such that total dividend payments amount to 40% of 2003 profits. On the 4th of December 2003 the Board decided to pay provisional dividend N° 229 of $80 per share, debited to profits for 2003 and paid on the 8th of January 2004

DENDORSEMENT OF THE ANNUAL REPORT The Directors and the Chief Executive Officer of EMPRESAS CMPC S.A. listed below declare themselves liable regarding the truth of all the information included in this Annual Report, and sign hereafter.

According to the legal provisions in force, the Shareholders' Meeting must determine how the profits for the period are to be distributed and dividends allocated. ELIODORO MATTE LARRAÍN Chairman R.U.T. 4.436.502-2

PERSONNEL As of December 31, 2003, the company's personnel amounted to 8,573 people, divided as follows:

Company

Manager and Main Executives

Professionals and Technicians

Workers

Total

Forestal Mininco S.A.

366

848

1,258

CMPC Celulosa S.A.

343

818

1,219

CMPC Papeles S.A.

477

1,125

1,645

CMPC Tissue S.A.

564

1,902

2,528

CMPC Productos de Papel S.A.

270

1,414

1,728

195

259

2,117

6,197

8,573

Empresas CMPC S.A. Totals

RELEVANT FACTS a. The CMPC Board decided at an extraordinary session on the 27th of February 2003 to buy 80,542,993 Forestal y Agricola Monte Aguila S.A shares from Compañía Shell Forestal Limitada. Of these shares, 64,731,940 belonged to Shell Forestal Ltda. and 15,811,053 to Enex S.A., together making up 99.75% of the share capital of Monte Aguila S.A. and of the debts Monte Aguila S.A. had with regard to Shell Forestal Ltda at the date of the purchase.

ERNESTO AYALA OLIVA Director R.U.T. 487.554-0

PATRICIO GREZ MATTE Director R.U.T. 1.854.776-7

MANUEL MARDONES RESTAT Director R.U.T. 1.468.225-2

JORGE G. LARRAÍN BUNSTER Director R.U.T. 4.102.581-6

JORGE E. MARÍN CORREA Director R.U.T. 7.639.707-4

BERNARDO MATTE LARRAÍN Director R.U.T. 6.598.728-7

The price paid for the aforementioned shares and loans amounted to US$ 100 millon. b. Empresas CMPC S.A. has become guarantor to and co-debtor of its subsidiary "Inversiones CMPC S.A." of the Cayman Islands as a result of the latter's bond emission in the United States of America. The emission was for a total of US$ 300,000,000, payable in 10 years at 4.875 % per annum. The principal is payable at the end of the ten year period, while the interest is payable every semester. This capital was used in part to pay off debts accrued by our subsidiaries, while the remainder will be used for future investments.

ARTURO MACKENNA IÑIGUEZ Chief Executive Officer R.U.T. 4.523.287-5

Cmpc

057

Empresas

S.A.

A n n u a l

R e p o r t

2 0 0 3

Consolidated Financial Statements December 31, 2003 and 2002 (Translation of the original in Spanish)

058 060 061 063 111

Consolidated Balance Sheet Consolidated Statement of Income Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements Report of Independent Accountants

Ch$ ThCh$ US$ ThUS$ UR$ PS$ J짜 SKr DM Ptas. A$ UF

Chilean pesos Thousands of Chilean pesos United States dollars Thousands of United States dollars Uruguayan pesos Peruvian Soles Japanese yens Swedish crowns Deutsche marks Spanish pesetas Argentinean pesos The Unidad de Fomento is a Chilean inflation index-linked, peso-denominated unit, set daily in advance on the basis of the previous month's inflation rate.

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113

Overseas Representatives

CMPC FORESTAL Benelux Koninklijke Eduard Van Leer B.V. Jodenbreestraat 152-154 1011 NS Amsterdam Holland, Belgium, Luxemburg Tel. : (31-20) 622 2324 Fax : (31-20) 624 4500 Tlx. : 11267 LEE Mr. Goderd H. Graafland Mr. Martin S. Den Butter CMPC Asia Limited Toto Bldg. 6F -5-1-4, Toranomon - Minato-ku, Tokyo 105-0001 Japan Tel. : (81-3) 5733 2570 Fax : (81-3) 3432 3005 Mr. Patricio Arenas Japan Sakin Corporation Toto Bldg. 6F-5-1-4, Toranomon - Minato-ku, Tokyo 105-0001 Japan Tel. : (81-3) 5733 2570 Fax : (81-3) 3432 3005 Mr. Kenji Hatogai Sato Mr. Yoichi (Nick) Nishida Korea Dupoong Corporation 287, 11, Yangjae-Dong Socho-Ku Seoul Korea 137-130 Tel. : (822) 575 6761-4 Fax : (822) 577 4963-4 Mr. S.H. Ahn Middle East United Agencies P.O. Box 2212 Dubai United Arab Emirates, Oman, Qatar, Kuwait Tel. : (971-4) 332 2443 Fax : (971-4) 332 2553 Tlx. : 45587 UNAGN EM www.uadubai.com Mr. Vijay Nihalani Mexico Comiexport S.A. de C.V. Chichen Itza Nº 4955 Colonia Mirador del Sol, Zapopan, Jalisco Mexico Tel. : (52-3) 628 9780 Fax : (52-3) 125 0379 Mr. Pedro Arellano North Africa Sherik Exp & Imp 4, Adib Street Alexandria Egypt Tel. : (203) 597 2896 Fax : (203) 597 1463 / 38514650639 Mr. Murat Pasic Spain Ramón Zarandona García Eliz Atea 8 - 2º A 48280 Lekeitio Bizcaia Spain Tel. : (34-94) 684 0007 Fax : (34-94) 684 3189 Mr. Ramon Zarandona Garcia

Taiwan COPC International (Asia) Ltd. 22F-1, 447, Sec 3, Win Hsin Road, Taichung, Taiwan, R.O.C Taiwan Tel. : (886-4) 2296 8736 Fax : (886-4) 2296 8430 / 2297 9620 Mr. Peter Chang United Kingdom Price& Pierce Softwoods Limited Cavendish House, 40 Goldsworth Road, Woking Surrey GU21 1JT England Tel. : (44 1483) 221 800 Fax : (44 1483) 726 203 Mr. Stephen Pitt

CMPC CELULOSA S.A. CMPC Europe Limited 5 Dukes Gate Acton Lane London W4 5DX Tel. : (44-20) 899 69960 Fax : (44-20) 899 69967 Argentina Productos Forestales S.A. PROFORSA Laprida 3278 piso 2, of. 43 1642 San Isidro, Buenos Aires Tel. : (54-11) 4735 2733 Fax : (54-11) 4735 2740 Australia Silvania Resources, Inc. 1820 N. Corporate Lakes Blvd. Suite 307 Weston, Florida 33326 USA Tel. : (1-954) 385 4890 Fax : (1-425) 944 1836 Austria GUSCO Handel - G. Schürfeld & Co. Mönckebergstrasse 31 D-20095 Hamburg Germany Tel. : (49-40) 333 040 Fax : (49-40) 333 04100 Benelux Countries Koninklijke Eduard Van Leer B.V. Jodenbreestraat 152 -154 1011 NS Amsterdam Holland Tel. : (31-20) 622 2324 Fax : (31-20) 622 7558 Euro Fibres S.A. 18 Avenue Lavoisier B-1300 Wavre Belgium Tel. : (32-10) 23 74 50 Fax : (32-10) 23 74 52 Bolivia Hein Ltda. Avda. Arce 2396 La Paz Tel. : (591-2) 244 2786 244 0945 Fax : (591-2) 244 1188

Overseas Representatives

Brazil Claudio Maresca, Representante Rua Itapicuru 369 - piso 10 Conj. 1003, Perdizes 05006 -000 Sao Paulo - SP Tel. : (55-11) 3864 1119 Fax : (55-11) 3675 7519 China China International Tourism & Trade Co., Ltd. (CITTC) 2F International Convention Center N° 8 Beichendonglu Beijing 100101 Tel. : (86-10) 8497 3322 Fax : (86-10) 8497 3339 CellMark AB, Shanghai Office Room 1901, 205 South Mao Ming Road Rui Jin Building Shanghai 200020 Tel. : (86-21) 6473 0266 Fax : (86-21) 6473 0030 Colombia Herzig & Cía. S.A. Carrera 50 N 6-41 Medellín Tel. : (57-4) 255 2122 Fax : (57-4) 285 5805 Eastem Europe W. Heinzel A.G. Wagramer Strasse 28-30 Viena A-1223 Austria Tel. : (43-1) 260-110 Fax : (43-1) 263 6363 Ecuador Alter Cia Ltda. Almagro 1550 y Pradera Edificio P.A. Kingman, piso 4B Quito Tel. : (593-2) 290 5531 Fax : (593-2) 256 4571 France Larsen & Danglade 72, Rue La Boetie 75008 Paris Tel. : (33-1) 565 97799 Fax : (33-1) 422 59725 Germany GUSCO Handel - G. Schürfeld & Co. Mönckebergstrasse 31 D-20095 Hamburg Tel. : (49-40) 333 040 Fax : (49-40) 333 04100 India CellMark India Pvt. Ltd. 3rd Floor, Mustafa Bldg. 7 Sir P.M. Road Mumbai 400 001 Tel. : (91-22) 2266 1912 Fax : (91-22) 2266 1914

Indonesia CellMark Interindo Trade Pt. JI. Raya Jatiwaringin N° 54 Pondok, Gede 17411 Jakarta Tel. : (62-21) 848 0130 Fax : (62-21) 848 0140

Switzerland GUSCO Handel - G. Schürfeld & Co. Mönckebergstrasse 31 D-20095 Hamburg - Germany Tel. : (49-40) 333 040 Fax : (49-40) 333 04100

Italy Gei & Heidenreich S.R.L. Piazza Castello 20 20121 Milan Tel. : (39-02) 801 137 Fax : (39-02) 862 874

Taiwan Beauflex International Corp. 5 FL. No 250 Wen Lin North Road Taipei Tel. : (886-2) 2827 1188 Fax : (886-2) 2827 1177

W. Pauly & C. S.r.l. Via Vittor Pisani 5 20124 Milan Tel. : (39-02) 670 78028 Fax : (39-02) 6697 159

Thailand CellMark (Thailand) Co. Ltd. 2024/139-140 Rimtangrodfai Road Prakanong, Bangkok 10250 Tel. : (66-2) 333 1300 Fax : (66-2) 333 1299

Japan Hirom Corporation Toto Bldg. 6th. Fl. 5-1-4 Toranomon Minato-ku Tokyo 105-0001 Tel. : (81-3) 5733 5893 Fax : (81-3) 5733 5894 Korea Heungbo Industrial Co., Ltd. 10th Fl.CCMM Bldg., 12 Yoido-Dong Youngdungpo-Gu Seoul, 150-010 Tel. : (82-2) 783 7400 Fax : (82-2) 783 7401 Mexico Paxell International S.A. de CV. Fuente de Pirámides N° 1-506 Tecamachalco Mex. 53950 Mexico Tel. : (52-55) 293 1403 Fax : (52-55) 293 1377 Peru Inunsa S.A. Av. Mariategui # 218 Lima 11 Tel. : (51-1) 471 8990 Fax : (51-1) 470 6061 Portugal Sanches da Gama & Cía. Lda. Rua Tomas Ribeiro, 50 5th. Floor 1050-231 Lisboa Tel. : (351-21) 313 9260 Fax : (351-21) 357 6572 South Africa Dennis C. Money Esq. c/o Bimac P.O. Box 47186 Parklands 2120 Johannesburg Tel. : (27-11) 788 1910 Fax : (27-11) 788 6001 Spain Northem Pulp Cellulose Sales S.A. Almagro 21 28010 Madrid Tel. : (34-91) 310 1526 Fax : (34-91) 319 1910

United Kingdom F.G. Evans & Co. (Pulp) Ltd. 12 Parade Court, Marlow Road Bourne End Bucks, SL8 5SF Tel. : (44-16285) 30661 Fax : (44-16285) 31237 USA International Forest Products Corp. One Patriot Plase Foxboro, MA 02035 Tel. : (1-508) 698 4600 Fax : (1-508) 698 1500 Uruguay Arturo Nogueira Representaciones 18 de Julio 1044 piso 2, Esc. 204 Montevideo Tel. : (598-2) 902 0630 Fax : (598-2) 902 0630 Venezuela CellMark Pulp & Paper Inc. C/O Rero, C.A. Torre Phelps, piso 19, of. A. Plaza Venezuela Caracas, 1010-A Tel. : (58-212) 781 9501/2476 Fax : (58-212) 781 5932/6976

CARTULINAS CMPC S.A. SALES OFFICE: Argentina Cartulinas CMPC Argentina Intendente Rabanal 3100 1437 Capital Federal Buenos Aires Tel. : (54-11) 4630 0290 Fax : (54-11) 4630 0295 apersico@cmpc.com.ar REPRESENTATIVES: Brazil Knemitz International Ltda. Rua Borba Gato, 331 Bloco G sala 191 CEP 04747-030 Alto da Boa Vista -Sao Paulo-SP Telephone/Fax : (55-11) 5522 1500 knemitz.cmpc@terra.com.br

China Beijing China International Tourism & Trade Co. Ltd. (CITTC) 2 F International Convention Center 8 Beichendonglu Ubeijing 100101 Tel. : (8610) 8497 3322 Fax : (8610) 6493 3339 cittc@mx.cei.gov.cn Hong Kong Great China Papers Co., Ltd. 2105 MassMutual Tower, 38 Gloucester Rd., Wanchai Tel. : (852) 2865 3618 Fax : (852) 2865 3077 gcpsales@netvigator.com

Mexico Federico Escoto Tamuin N° 2 Col. San Jerónimo, Aculco CP 10400 Mexico D.C. Tel. : (52-55) 5595 35 04 Móvil: (52-55) 21 09 09 26 escotocmpc@prodigy.net.mx

Paraguay Trovato CISA Calle Central 1340 Asunción Tel : (595-21) 210 556 Fax : (595-21) 214 994 mtrovato@trovatocisa.com www.trovatocisa.com Ing. Marco Trovato

Peru Inunsa S.A.C. Av. Maritegui 218 Lima 11 Tel. : (51-1) 471 8990 Fax : (51-1) 470 6061 (51-1) 910 0646 inunsasac@millicom.com.pe

Ramirez Diaz de Espada Industrial y Comercial S.A.E.C.A. Raul Diaz de Espada y Curupayty Fernando de la Mora Paraguay Tel. : (595-21) 518 1000 Fax : (595-21) 518 1209 gerencia_general@rdesa.com.py Mr. Juan M. Pozzan

Colombia J.A. Guevara Representaciones Carrera 127 N° 9 - 45, casa #7 Cali Telefono/Fax: (57-2) 555 1696 jagrepresent@telesat.com.co

Southeast Asia Roxcel Handelges. mbH Thurngasse 10 A - 1090 Viena Austria Tel. : (43-1) 40156201 Fax : (43-1) 401567200 cornelis.geest@roxcel.com

Costa Rica, El Salvador and Panama Jorosa 250 metros al Norte del Supersaretto Apartamento #4 San Jose Tel. : (506) 289 7736 Fax : (506) 289 7739 randallr@jorosacr.com

Uruguay A. Nogueira Representaciones Av. 18 de Julio 1044, P-2, of. 204 Montevideo Tel. : (598-2) 901 5066 Fax : (598-2) 902 0630 anrepr@montevideo.com.uy

Ecuador Alter y Cía. Ltda. Almagro 1550 y Pradera Edif. P.A. Kingman, piso 4B Quito Tel. : (593-2) 290 55 31 Fax : (593-2) 254 70 36 alter@access.net.ec J.G.B. Representaciones (PROPAPEL) Córdova 810 y Victor M. Rendón - piso 17, of. 2 Guayaquil Tel. : (593-4) 2300 734 Fax : (593-4) 2313 070 jguzman@srv1.telconet.net England PROFOR (UK) Ltd. 44 Dartford Road Sevenoaks TN13 3TQ Kent Tel. : (44-1732) 456 699 Fax : (44-1732) 743 082 board7oaks@aol.com European Community Gusco Handel G. Schürfeld + Co. Mönckebergstrasse 31 20095 Hamburg Tel. : (49-40) 333040 Fax : (49-40) 33304100 info@gusco.hh.eunet.de Guatemala CellMark Inc. 50 Avda. B 0-46 Zona 11, Molino de Las Flores Ciudad de Guatemala Tel. : (50-2) 431 20 92 Fax : (50-2) 438 04 55 cellmark@guate.net

Venezuela CellMark Inc. Av. Principal del Bosque Edificio Suzet Planta Baja of. 1 y 2 Urbanización El Bosque Caracas Tel. : (58-212) 953 8064 Fax : (58-212) 763 2326 cmmgeo@attglobal.net

CMPC TISSUE S.A. Bolivia Proesa Av.Arce 2847, La Paz Tel. : (591-2) 243 0642 Fax : (591-2) 241 1306 lurquizo@proesabol.com Mr. Luis Roberto Urquizo

CMPC PRODUCTOS DE PAPEL S.A. ENVASES IMPRESOS S.A. CHIMOLSA S.A. Argentina, Brazil and Uruguay Raul Scialabba Soldado de la Independencia 1417 1426 Buenos Aires Tel. : (54-1) 786 3007 Fax : (54-1) 786 3335 rsciala@waelder.com.ar

Brazil Cía. T. Janer Com. E Ind. Av. Henry Ford 811 03109-901 Sao Paulo SP Tel. : (55-11) 6165 8300/ 8331/8395/8398 Fax : (55-11) 6165 8432/ 8433, 6915 7466 baralle@tjaner.com.br www.tjaner.com.br Mr. Luiz Carlos Baralle China, Hong Kong and Vietnam Eurocell International Ltd. 4002 Central Plaza, 18 Harbour Road, Hong Kong Tel. : (852) 2511 2282 Fax : (852) 2507 2053 louis@eurocell.com www.eurocell.com Mr. Louis Chan Colombia Inversanes Limitada Calle 31A N° 128-84 Bodega N°10 Santa Fe de Bogota Tel. : (57-1) 413 3858-413 4065 Fax : (57-1) 413 3836 jsandino@elsitio.net.com Mr. Juan Camilo Sandino

Peru Imexagro S.A.C. Reinaldo Avendaño / Jorge Avendaño Calle Los Jazmines 125 Urb. Valle Hermoso - Surco Lima Tel. : (51-1) 275 5002 Fax : (51-1) 275 4946 javendano@imexagro.com.pe

Dominican Republic and Puerto Rico Jorge Santelli Inc. 3 Westfield Lane White Plains, NY 10605 USA Tel. : (914) 428 8583 Fax : (914) 328 0760 jorgesantelli@attglobal.net Mr. Jorge Santelli

FABI ARGENTINA - CHIMOLSA S.A. Uruguay P.R.I. y Asociados Leyenda Patria 3012, of. 401 C.P. 11300 Montevideo Tel. : (5982) 711 8753 (5989) 442 8848 Fax : (5982) 711 8753 fincerti@adinet.com.uy Mr. Fernando Incerti

Ecuador Quito Alter Cia. Limitada. Almagro 1550 y Pradera, Edificio P.A. Kingman Piso 4 B Tel. : (593-2) 290 5531 Fax : (593-2) 254 7036 alter@acces.net.ec Mr. Esteban Perez

INDUSTRIAS FORESTALES S.A. INFORSA

Ecuador Distribuidor Zona La Costa Maxin S.A. Mapasingue Este, calle 4ta NS 122 y Vía Daule Post Box 09-01-7013 Guayaquil Tel. : (593-4) 235 2000 Fax : (593-4) 235 4411 maxin@interactive.net.ec Mr. Rodrigo Campos

Argentina Wahren Argentina Corrientes 456, piso 12, of. 123 C1043 AAR Buenos Aires Tel. : (54-11) 4322 0772 Fax : (54-11) 4394 9679 gustavo@wahren.com.ar Mr. Gustavo Wahren pedro@wahren.com.ar Mr. Pedro Wahren

Sierra Distribution agent Intermedia C.A. Inmomedia Vía a Llano s/n (Ciudadela Alegría) Post Box: 17-1106153 Tel. : (593-2) 282 0760 Fax : (593-2) 282 0753 jnajas@porta.net Mr. Juan Najas

Bolivia Hein Ltda. Avenida Arce 2396 La Paz Tel. : (591-2) 442 786 - 440 945 Fax : (591-2) 441 188 Post Box de correo 1811, La Paz cfhein@megalink.com Mr. Carlos Hein

Guayaquil JGB Representaciones Córdova 810, Esq. Victor M. Rendón Piso 17, oficina 2 Tel. : (593-4) 300 734 Fax : (593-4) 313 070 jguzman@srv1.telconet.net Mr. Julio Guzman India, Thailand and Korea Eurocell Asia Pte Ltd 10 Anson Road # 15-10 International Plaza Singapore 079903 Tel. : (65) 6837 2275 Fax : (65) 6837 2276 euroasia@singnet.com.sg Mr. Volker Hasemann

Mexico SOMA Comercializadora, S.A. de C.V. Insurgentes Sur 953 104-A Col. Nápoles, C.P. 03810 Mexico D.F. Tel. : (52) 55 5536 6603 Fax : (52) 55 5523 3749 fernandos@somacomer.com Mr. Fernando Sanchez de Ovando Paraguay Pypa S.R.L. Roque Centurión Miranda 1042 con Melvin Jones, Barrio Manora Asunción Telefono/Fax : (595-21) 662 220 rod@conexion.com.py Mr. Rodolfo Serrano Peru Kintos S.A. Jirón Juno102 Urbanización La Campiña Chorrillos Lima 9 Tel. : (51-1) 252 3343 Fax : (51-1) 467 0137 agranda@kintos.com.pe www.kintos.com Mr. Alfredo Granda United Kingdom International Forest Products (UK) Winchombe House Bartholomew Street Newbury, Berkshire RG 14 5BN Tel. : (01635) 581 732 Fax : (01635) 581 735 jonathanh@ifpcorp.com www.ifpcorp.com Mr. Jonathan Heywood USA Anticosti, LLC 668 Wyckoff Avenue Wyckoff, New Jersey 07481 Tel. : (201) 891 5454 Fax : (201) 891 7104 bill.parrilla@anticosti.com Mr. Bill Parilla Uruguay Arturo Nogueira Representaciones Avda. 18 de Julio N° 1044, of. 204 Montevideo Tel. : (598-2) 901 5066 Fax : (598-2) 902 0630 anrepr@montevudeo.com.uy Mss. Selina Nogueira Venezuela Inversiones Catorce SRL Avda. Libertador, Edificio La Linea, Torre A, piso 1, Caracas 1050 Tel. : (58-2) 793 3308 Fax : (58-2) 782 3802 Mr. Adan Celis dromer@cantv.net Mr. Dagoberto Romer

114

115

General Information

Bankers

In Chile

Abroad

ABN AMRO

ABN AMRO Bank

Banco BICE

Banca Commerciale Italiana

Banco Crédito e Inversiones

Banca Natzionale del Lavoro

Banco de Chile

Banco Bilbao Vizcaya Argentaria

Banco Santander - Santiago

Banco Central Hispanoamericano

Banco Security

Banco de Crédito del Perú

BancoEstado

Banco de Galicia y Buenos Aires

BankBoston

Banco Santander Central Hispano

BBVA

Bank of America

Citibank

BankBoston

Corpbanca

Barclays Bank

Deutsche Bank Chile

Bayerische Landesbank

Dresdner Bank Lateinamerika

BNP Paribas

HSBC Bank USA

Brown Brothers Harriman

JP Morgan Chase Bank

Caja Madrid

Scotiabank Sud Americano

Citibank Credit Lyonnais DEG Deutsche Investitions und Entwicklungsgesellschaft Deutsche Bank Dresdner Bank Export Development Canada Goldman Sachs HSBC Bank ING Bank JPMorgan Chase Bank Landesbank Schleswig-Holstein International Mizuho Corporate Bank Morgan Stanley Dean Witter N.M. Rothschild & Sons Nordea Bank Rabobank Royal Bank of Canada Sanpaolo IMI Société Générale The Bank of Nova Scotia The Bank of Tokyo-Mitsubishi The Fuji Bank UBS Warburg

EMPRESAS CMPC S.A. Chilean Public Liability Company incorporated by public deed on February 5, 1920. Authorized by Supreme Decree Nº 589 of March 12, 1920. Listed in the Trade Registry for 1920 on page 366 Nº 208. Listed with the Registry of Securities on March 31, 1982 under Nº 0115. OFFICES: General Management Agustinas 1343, P. 9 Tel. : 56 (2) 441 2000 Fax : 56 (2) 671 1957 Telex 240530 PAPEL CL Post Code 6500587 Post Box 297, Correo Central Santiago R.U.T. 90.222.000-3 Share Registry Agustinas 1343, Entrepiso Tel. : 56 (2) 441 2000 Fax : 56 (2) 697 0539 Post Code 6500587 Post Box 297, Correo Central Santiago INVERSIONES CMPC S.A. Agustinas 1343 Tel. : 56 (2) 441 2000 Fax : 56 (2) 671 0621 Telex 240530 PAPEL CL Post Box 297, Correo Central Santiago

SUBSIDIARIES IN CHILE FORESTAL MININCO S.A. General Management Los Canelos 79, San Pedro de la Paz Tel. : 56 (41) 503 300 Fax : 56 (41) 373 431 Post Box 43-C forestalmininco@formin.cmpc.cl Concepción Agustinas 1343, P. 4 Tel. : 56 (2) 441 2000 Fax : 56 (2) 672 9054 Post Box 297, Correo Central Santiago Avenida Alemania 751 Tel. : 56 (43) 405 300 Fax : 56 (43) 312 701 Post Box 399 Los Ángeles Avda. Rudecindo Ortega 02351 Tel. : 56 (45) 730 400 Fax : 56 (45) 408 099 Temuco 9 1/2 Oriente 1482 Tel. : 56 (71) 225 180 Fax : 56 (71) 225 180 Talca

CMPC MADERAS S.A. General Management Agustinas 1343, P. 4 Tel. : 56 (2) 441 2000 Fax : 56 (2) 696 8833 696 5437 Post Box 297, Correo Central cmpcmaderas@cmpc.cl cmpcforestry@cmpc.cl Santiago Head Office Avda. Alemania 751 Tel. : 56 (43) 405 500 Fax : 56 (43) 312 750 Post Box 30 - D Los Ángeles Remanufacturing Mill Panamericana Sur Km. 494 s/n (1 Km. interior cruce La Mona) Tel. : 56 (43) 405 520 321 977 Fax : 56 (43) 323 372 Post Box 30 - D Los Ángeles Mulchén Mill Panamericana Sur Km. 540 s/n Tel. : 56 (43) 405 540 561 371 Fax : 56 (43) 561 225 Post Box 152 Mulchén Bucalemu Mill Panamericana Sur Km. 471 (1,5 Km Camino Laja) Tel. : 56 (43) 405 530 431 156 Fax : 56 (43) 431 156 Cabrero Nacimiento Mill Recinto Industrial s/n Tel. : 56 (43) 405 550 Tel./Fax : 56 (43) 511 460 Fax : 56 (43) 511 374 Post Box 1799 Nacimiento INMOBILIARIA PINARES S.A. Avda. Alemania 751 Tel. : 56 (43) 405 500 Fax : 56 (43) 312 750 Post Box 30 - D Los Ángeles SERVICIOS FORESTALES ESCUADRÓN LTDA. Avda. Alemania 751 Tel. : 56 (43) 405 370 Fax : 56 (43) 349 245 Post Box 24 - D Los Ángeles FORESTAL COIHUECO S.A. Agustinas 1343, P. 4 Tel. : 56 (2) 441 2000 Fax : 56 (2) 672 9054 Post Box 297, Correo Central Santiago

FORESTAL Y AGRÍCOLA MONTE ÁGUILA S.A. General Management Av. Francisco Encina s/n, Paillihue Tel. : 56 (43) 631 000 Fax : 56 (43) 320 497 Post Box 32-D fmontea@famasa.cmpc.cl Los Ángeles Hacienda Rucamanqui Rucamanqui s/n Tel./Fax : 56 (43) 404 709 56 (43) 404 773 Tucapel Coronel Mill Av. Costanera s/n, Schwager Tel. : 56 (41) 711 026 Fax : 56 (43) 711 275 Post Box 136 Coronel

Valdivia Mill Av. Jose Manuel Balmaceda 8500 Tel. : 56 (63) 214 791 Fax : 56 (63) 216 976 Post Box 5 - D Valdivia Maule Mill Ruta L-25, 28500 Yerbas Buenas Tel. : 56 (71) 237 631 56 ( 2) 440 3000 Fax : 56 (71) 237 633 56 ( 2) 440 3004 Post Box 119 - Talca Linares Puente Alto Dispatch Warehouse Eyzaguirre 01098 Tel. : 56 (2) 367 5400 Fax : 56 (2) 850 1118 Post Box 23 Puente Alto, Santiago

CMPC CELULOSA S.A. General Management Agustinas 1343, P. 3 Tel. : 56 (2) 441 2030 Fax : 56 (2) 698 2179 Post Box 297, Correo Central correo@celulosa.cmpc.cl sales@celulosa.cmpc.cl Santiago Pacifico Mill Av. Jorge Alessandri 001 Mininco, Comuna Collipulli Tel. : 56 (45) 293 300 Fax : 56 (45) 293 305 Post Box 11 - D Angol Laja Mill Balmaceda 30 Tel. : 56 (43) 334 000 Fax : 56 (43) 334 015 Post Box 108 Laja Santa Fe Mill Av. Julio Hemmelmann 670 Tel. : 56 (43) 403 800 Fax : 56 (43) 403 830 Post Box 1797 Nacimiento CMPC PAPELES S.A. Agustinas 1343, P. 5 Tel. : 56 (2) 441 2000 Fax : 56 (2) 695 5290 Post Box 297, Correo Central Post Code 6500587 cmpc-papeles@gerencia.cmpc.cl Santiago CARTULINAS CMPC S.A. General Management Agustinas 1343, P. 5 Tel. : 56 (2) 441 2020 Fax : 56 (2) 672 3450 Post Code 6500587 cartulinas-cmpc@gerencia.cmpc.cl Santiago

Talcahuano Dispatch Warehouse Juan Antonio Ríos 185 interior Tel. : 56 (41) 544 524 542 241 Talcahuano San Antonio Dispatch Warehouse Hijuela 1-B Ruta 78 Cruce Cartagena Tel. : 56 (35) 201 541 201 542 San Antonio PAPELES CORDILLERA S.A. Eyzaguirre 01098 Tel. : 56 (2) 367 5700 Fax : 56 (2) 850 1118 Post Box 23 Puente Alto, Santiago INDUSTRIAS FORESTALES S.A. INFORSA General Management Agustinas 1357, P. 9 Tel. : 56 (2) 441 2050 Fax : 56 (2) 441 2890 Post Box 9201, Correo Central gerenciacomercial@inforsa.cmpc.cl Santiago Mill Av. Julio Hemmelmann 330 Tel. : 56 (43) 631 300 Fax : 56 (43) 511 444 Post Box 1791 Nacimiento FORESTAL CRECEX S.A. Agustinas 1357, P. 9 Tel. : 56 (2) 441 2050 Fax : 56 (2) 441 2890 Santiago

EMPRESA DISTRIBUIDORA DE PAPELES Y CARTONES S.A. EDIPAC Jose Ananías 207 Tel. : 56 (2) 375 2400 Fax : 56 (2) 375 2490 ventas@edipac.cmpc.cl Macul, Santiago Copiapó 1039 Tel./Fax : 56 (2) 222 1544 Santiago Limache 4627 Tel. : 56 (32) 676 025 Fax : 56 (32) 676 167 Viña del Mar Paicaví 3025 Tel./Fax : 56 (41) 480 490 Concepción Avda. Rudecindo Ortega 02305 Tel. : 56 (45) 220 473 Fax : 56 (45) 221 267 Temuco SOCIEDAD RECUPERADORA DE PAPEL S.A. SOREPA General Management Venecia 3200 Tel. : 56 (2) 473 7000 Fax : 56 (2) 473 7042 Post Box 1828 dcomercial@sorepa.cmpc.cl San Joaquin, Santiago Pudahuel Mill Camino Renca Lampa, Parcela 3 Parcelación El Bosque Tel. : 56 (2) 601 9340 Fax : 56 (2) 601 9331 Pudahuel, Santiago CMPC TISSUE S.A General Management Agustinas 1343, P. 6 Tel. : 56 (2) 441 2000 Fax : 56 (2) 623 8539 serv.clientes@tissue.cmpc.cl Santiago Tissue Chile Management Puente Alto Mill Eyzaguirre 01098 Tel. : 56 (2) 366 6400 Fax : 56 (2) 364 1713 Puente Alto, Santiago Talagante Mill Camino a Isla de Maipo 0297 Tel. : 56 (2) 815 2020 Fax : 56 (2) 815 4551 Talagante INVERSIONES PROTISA S.A. Agustinas 1343 Tel. : 56 (2) 441 2000 Fax : 56 (2) 623 8539 Santiago

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CMPC PRODUCTOS DE PAPEL S.A. Agustinas 1343, P. 6 Tel. : 56 (2) 441 2000 Fax : 56 (2) 698 1990 Post Box 297 Santiago CHILENA DE MOLDEADOS S.A. CHIMOLSA Jose Luis Coo 01162 Tel. : 56 (2) 360 0401 Fax : 56 (2) 850 3110 Post Code 7710568 Post Box 208, Puente Alto chimolsa@chimolsa.cmpc.cl Santiago PROPA S.A. Management & Sales Huerfanos 1376, P. 9 Tel. : 56 (2) 441 2161 Fax : 56 (2) 698 1990 Post Box 2413, Correo Central propa@propa.cmpc.cl Santiago Mill Longitudinal Norte Km.3 s/n Tel. : 56 (42) 272 405 Fax : 56 (42) 271 958 Chillán PRODUCTOS AUSTRAL S.A. Avda. Zañartu 1049 Tel. : 56 (2) 375 2222 Fax : 56 (2) 375 2100 Post Box 3113, Correo Central austral@austral.cmpc.cl Ñuñoa, Santiago ENVASES IMPRESOS S.A. Management & Mill Camino Alto Jahuel 0360 Tel. : 56 (2) 471 1300 Fax : 56 (2) 821 5988 Buin, Santiago ENVASES ROBLE ALTO LTDA. Management & Sales Lo Echevers 221 Tel. : 56 (2) 444 2400 Fax : 56 (2) 444 2445 contacto@roblealto.cmpc.cl Quilicura, Santiago Quilicura Mill Ojos del Salado 0711 Tel. : 56 (2) 444 2400 Fax : 56 (2) 444 2453 Quilicura, Santiago Til Til Mill Camino Cerro Blanco de Polpaico 100 Tel. : 56 (2) 846 6060 Fax : 56 (2) 846 6120 ABASTECIMIENTOS CMPC S.A. Agustinas 1343 - Entrepiso Tel. : 56 (2) 441 2000 Fax : 56 (2) 672 6403 absa@gerencia.cmpc.cl Santiago

PORTUARIA CMPC S.A. Alcalde René Mendoza 190 Lirquén Tel. : 56 (41) 922 200 Fax : 56 (41) 922 202 Post Box 64 musvi@portuaria.cmpc.cl Penco

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