Empresas Copec's Corporate Magazine No. 115

rediscovering our purpose transforming itself to transform the future urban planning for future generations

FOR FUTURE GENERATIONS

the educational and recreational side of the forest educating to transform the lives of children and young people

in this edition, we are proud to share our new corporate purpose:

"TO SHAPE THE WORLD FOR FUTURE GENERATIONS"

promoting sustainable investments and a long-term view, to bring hope for the generations to come.

april 2024 / no.115

conscious capitalism: what is the prosperity model of the 21st century?

thomas eckschmidt, co-author of harvard university's conscious capitalism field guide, sets out his vision of the need for a new system with less inequality, more security and more prosperity.

lets go against short-termism, a silent enemy

in line with the company's new purpose, eduardo navarro, ceo of empresas copec, emphasizes the importance of making decisions with a vision of the future and with a focus on the wellbeing of future generations.

read read

rediscovering our purpose

this article narrates the process of building empresas copec's new purpose, "to shape the world for future generations" in the words of its own protagonists: collaborators.

urban planning for future generations

las salinas unveils its project for the 150,000 m2 site located in viña del mar, where it seeks to achieve a city on a human scale, offering a better quality of life and opportunities for its inhabitants.

read read

bringing the community together for a beach cleanup

golden omega concluded the summer season of "zero plastic waves," an initiative that aims to raise awareness about the care of the beaches against plastic pollution in arica.

educating to transform the lives of children and young people

the first roundtable of the year brought together six representatives of foundations and educational organizations, who discussed the challenges they face and the contribution that empresas copec and its subsidiaries make to meeting their objectives.

better food, better future

orizon seafood leads the chilean fishing industry with added value, from innovation and sustainability, with a strategy that seeks to amplify the positive impact of its products.

read read read

an esg strategy that is once again recognized

empresas copec consolidates its environmental, social and governance management, being acknowledged by local and international indexes.

read

mapa, a history that looks into the future

the arauco subsidiary's new pulp mill has been in operation for one year and is moving towards consolidation with a focus on the environmental, occupational and community dimensions.

read

the educational and recreational side of the forest

through open forest, arauco promotes care for the forestry assets through environmental education, in which more than 150,000 people have participated.

read read read read

transforming itself to transform the future

copec, through its subsidiary copec voltex, is accelerating the energy transition to meet the mobility requirements of the coming years in a sustainable manner.

summing it up news

rodrigo huidobro, cfo, analyzes empresas copec's results for 2023, a challenging year in which there was a significant difference with the two previous periods, which had shown historically high results.

the company and its subsidiaries reached important milestones in the areas of education, sustainability, innovation, recognition and business.

LETS GO AGAINST SHORT-TERMISM, A SILENT ENEMY

"He who plants trees knowing that he will never sit in their shade has at least begun to understand the meaning of life." It has been a long time since a phrase made so much sense to me. It is by the Indian poet Rabindranath Tagore - Literature Nobel Prize in 1913and today it resonates strongly in the light of the times we live in.

Times of accelerated and profound change, marked by major geopolitical conflicts, deep social crises and the progress of climate change, with an overwhelming and generalized pessimism that causes concern.

Today, moreover, it is becoming increasingly difficult to unite wills and reach agreements with a majority that, while recognizing genuine differences, can conceive a common horizon, a better future for all.

In particular, Chile is going through a complex political moment. The deterioration of civic coexistence is evident. A political activity that seeks immediate rewards has been sterile in articulating answers to the social pains of the population. This has kept us in an economic stagnation that is mortgaging growth opportunities

and, consequently, delaying life projects and postponing the possibilities of welfare for our society.

This is not only a local phenomenon. The lack of will to promote consensus has allowed the emergence of personalisms that have eroded democratic coexistence. In fact, according to a survey carried out in 2023 in Latin America and collected by The Economist magazine, a significant part of the new generations does not know a system other than the democratic one and, therefore, do not value it. In this context, if there is no change

in the photo: Eduardo Navarro CEO at Empresas Copec.

in the perception of young people, support for democracy will continue to decline as our elders are no longer around.

It is no coincidence that RAE defined "Polarization" as the word of the year in 2023, precisely because of its high presence in the media during that period.

How did we arrive at this hopeless scenario? I believe that one of the determining factors has undoubtedly been short-termism, a silent enemy that has permeated all aspects of our modern society and that stands as one of the great evils of our time. A mentality that prioritizes immediate benefits over long-term repercussions.

In the political sphere, short-termism manifests itself in the pursuit of electoral victories, rather than in the development of policies that address structural challenges and promote lasting well-being for society. It also poses a threat to the environment by driving the unbridled exploitation of natural resources and ecosystem degradation. Thus, the lack of consideration for the long-term consequences of our actions is accelerating climate change, biodiversity loss and pollution. In the business world, shorttermism can also drive decisions based solely on the next quarterly results, instead of investing with a long-term view that promotes sustainable development. Organizations that are blinded by shortterm financial gains run the risk of neglecting the needs of their employees, the environment and the communities with which they interact.

IT IS ESSENTIAL THAT WE CONFRONT THE SHORT-TERM MENTALITY WITH URGENCY AND DETERMINATION, PRIORITIZING A VISION OF THE FUTURE IN ALL OUR ACTIONS AND DECISIONS.

Today, Empresas Copec is a multinational of local origin, with productive assets in 16 countries, globally mobilizing an economy of nearly US$30 billion, comparable to the GDP of a country like Iceland. It is undoubtedly a relevant player in the development and perspectives of many people, communities and countries where it is present, contributing to the task of addressing the great challenges we face as a society.

And this is done through its businesses and activities. It is fundamental for Empresas Copec that the development of the companies in which it participates is carried out under a sustainable management model that considers and ensures care for the environment and the generation of social and economic value for all its stakeholders.

In the midst of this complex panorama, it is important to understand the role that companies should play. In our case, it is essential to ask ourselves why it is important for Empresas Copec to exist and what is the best contribution it can make to society.

We are part of a long business history that over the last nine decades has faced and overcome difficulties of all kinds: natural, political, economic and social. This, thanks to a longterm strategy, always thinking in decades.

Thus, our subsidiary ARAUCO, the first forestry company in the world to be certified as carbon neutral, is a relevant player in the task of fighting climate change, since its forests capture and store enormous amounts of carbon, favoring the reduction of greenhouse gases in the atmosphere. In addition, forest products make it possible to replace the use of less environmentally friendly materials, especially in industries such as construction, textiles and plastics.

Our subsidiary Copec, meanwhile, is seeking to play a relevant role in the energy transition process, focusing on investments that aim towards renewable energy, energy efficiency and sustainable mobility projects. Abastible has joined this same challenge, developing and implementing new energy solutions for industrial,

commercial and public service companies. In addition, we have presence in copper mining, a key area to make this transition more likely to succeed.

Our subsidiaries are thus participating in building the future. A process that is being carried out now, but whose results we will see in the long term. A vocation that is based on a philosophy that has been a permanent part of our way of doing business, applied for decades, during which we have always pursued objectives that go beyond immediate economic success.

In a world increasingly dominated by instant gratification and immediate satisfaction, it is essential, then, to align ourselves with projects that will yield results over a long-time horizon, with effort, perseverance and, of course, optimism. Because, as we have always said, you cannot do business if you are not optimistic.

It is essential, therefore, that we confront the short-term mentality with urgency and determination, prioritizing a vision of the future in all our actions and decisions, taking responsibility for the well-being of future generations. Only in this way will we be able to address global challenges, from climate change to economic inequality.

A long-term approach forces us to consider the impact of our actions on the environment, the economy and society as a whole. This implies making decisions that not only generate immediate benefits, but also ensure sustainability and equity for generations to come.

Likewise, adopting a long-term view encourages investment in innovation and technological development, thus driving sustainable economic growth and improving people's quality of life in the years to come.

It is in this context that we have defined Empresas Copec's Corporate Purpose as To shape the world for future generations. We do this by raising our eyes, with a much broader temporal scope, which is essential to guarantee a prosperous and sustainable future. It is about a way of thinking and acting, prioritizing prevention over reaction, sustainability over exploitation, and long-term well-being over immediate profits. Only by adopting this approach can we successfully meet the challenges of the 21st century and contribute to building a better world for all.

Shaping the world that we will probably never know is the purpose we worked on during most of 2023, together with our collaborators, in a process that invited us to think about the meaning of our business activities. Thus, respecting our history, based on our values and projecting ourselves forward, we have set ourselves to play an active role in the construction of new horizons, planting trees whose shadows will not be for us, but for our children, grandchildren and future generations.

“TO SHAPE THE WORLD FOR FUTURE GENERATIONS” IS EMPRESAS COPEC’S NEW PURPOSE.

REDISCOVERING OUR PURPOSE

After nine months of an extensive, reflective and collaborative work, in which the entire team participated, Empresas Copec defined its new corporate purpose as "To shape the world for future generations."

This, by promoting sustainable investments and a long-term vision, to bring hope to future generations.

empresas copec:

About to celebrate its 90th anniversary, today Empresas Copec, through its subsidiaries, participates in the forestry, energy, fishing and mining sectors; has a team of more than 41,000 employees; US$30 billion in assets; production platforms in 16 countries and a commercial presence in 80 countries.

Throughout its history, the Company has been characterized by a long-term vision, a constant search for new ways of innovation and sustainable management. It has also had to face several local and global challenges, such as economic crises, digital transformation and a pandemic, among many others.

Companies today face a scenario with growing social and environmental demands, which require looking at the world from a new paradigm.

In this line, at the end of 2022 the Company decided to reflect on its role as a Group. Eduardo Navarro, Empresas Copec's Chief Executive Officer, explains: "At that time we were carrying out an exercise to think about and redefine the role of the holding company, to analyze what we do and what we do not do. And there, from a more practical business conversation, a much deeper reflection arose when we asked ourselves why it is important for Empresas Copec to exist. Along these lines, we first defined our sense of transcendence and then, with this guiding principle, we defined what to do and what not to do."

Thus, led by the General Management, the project of rediscovering the corporate purpose began. Francisca Riveros, Chief Communications Officer

of Empresas Copec, comments: "We wanted the whole team to participate, without exception; all areas and all positions. And we wanted to do it like this because we considered that this way, we could build the purpose from different perspectives and, at the same time, the collaborators would feel it as their own, it would make sense to them and they would not consider it as something unknown and imposed from the top management."

Thus, as of March 2023, the consulting firm Pahrresia accompanied us on this path.

in the photo: Eduardo Navarro CEO at Empresas Copec.

learn how empresas copec's new purpose was created.

in the photo: Part of the team at the Reflection Workshop.

Eduardo Navarro explains that "in order to rediscover our purpose, it was essential to go out and listen to different audiences and to society in general." After nine months, during which several workshops were held with the entire team, the executive committee, and interviews with people inside and outside the Company, we ended up defining the new purpose: “To shape the world for future generations.”

an inclusive reflection

About this process, Tomás Dittborn, Parrhesia consultant, says: "This was a backwards process, more to the inside, and not only about the organization, but also about its leaders. And it revolved around the reflection 'what is relevant to you as a person and professional'. Thus, the purpose was built on the basis of what is important for the organization and, at the same time, for society. There was a connection between what the team considers valuable and what society believes is important. We were looking for a purpose that was relevant to society and that had pertinence, that is to say, that Empresas Copec's management would help to fulfill it."

With this in mind, the Company's employees began a stage of rediscovery, with the goal of finding the most relevant and urgent challenges in society to solve. In addition, during the process, interviews were conducted with members of the Company's board of directors, several executives of the Group's subsidiaries and opinion leaders of national relevance. In this regard, Olivia Tafra, project coordinator and senior analyst of Finance and Investor Relations at Empresas Copec, says: "As

CONTRIBUTING WITH DIVERSE VISIONS AND EXPERIENCES, THE ENTIRE EMPRESAS COPEC TEAM PARTICIPATED BUILDING THE CORPORATE PURPOSE.

in the photo: Francisca Riveros Chief Communications Officer at Empresas Copec.

in the photo:

The entire Empresas Copec team on a Working Session.

we moved forward in the reflection process, we found a dilemma within the team, where many saw the purpose aligned with environmental and climate change issues, while others pointed more in the line of solving social urgencies."

Everyone agreed that there was a climate of hopelessness in the world; however, interests soon began to align towards a perspective that, while considering environmental issues, delves into the question of for whom efforts are made. Along these lines, Eduardo Navarro states: "Companies are people doing things

for others. Therefore, the ultimate meaning of the organization is the person. At the same time, they need a good planet to live on, but the ultimate meaning of us as an organization is people. We live for them, we do things for current and future people. So, we conceive our purpose with a humanistic vision, with the person at the center."

connected to history

The team was already aligned that the focus of the purpose should be the person. In the midst of this work, and reviewing the Company's history, a brief but significant video appeared, which gave a boost to what was being sought. It was an interview with the president of Empresas Copec, Roberto Angelini, who recounted an experience that touched his uncle Anacleto, one of the founders of the Business Group. He said that, after his uncle returned to Italy after World War II, when he got off a train, he saw a man with no arms carrying his suitcase hooked to a pole. Seeing that no one was helping him get off, Anacleto helped him, but he was deeply shocked to find a country that had lost part of its solidarity and humanity. This milestone was, in fact, an important stimulus for him to decide to travel to Chile.

Tomás Dittborn says that learning about this vision was a turning point: "It made a lot of sense to us and was consistent with the value that this organization places on people. And it quickly marked a line, which is 'I care about others.' Anyone can say that, but here that saying had a decades-long origin. So, —

in the photo: Tomás Dittborn Purpose Project Consultant.

in the photo: Empresas Copec executive team at a workshop.

when looking at how the Company and its different subsidiaries have developed their culture, you can see that Anacleto's vision and that of Roberto's father has always been present."

—

the shadow of the tree

After a few months of work, there was already clarity in several concepts: the generalized perception of hopelessness regarding the future; the awareness that, from its areas of activity, fundamentally related to natural resources and energy, Empresas Copec can contribute to fight this pessimism; the importance of focusing a purpose from the person in a holistic manner, and the existence of a culture with a very human stamp in the Company and with a clear longterm vision, which is rooted in its history. All that was missing was something that brought all these notions together.

One phrase did it: "He who plants trees knowing that he will never sit in their shade, has at least begun to understand the meaning of life." This reflection of the writer and Literature Nobel Prize winner, Rabindranath Tagoré, was presented at a meeting and, upon reading it, Eduardo Navarro said: "This is

it." This is how the CEO of Empresas Copec remembers that moment: "It was inspiring. It speaks of the true meaning of life, which is to serve others, and it helped us to settle the process and understand that we had to focus on future generations. It clicked in all of us and showed us where we should be heading."

This is how the purpose "To shape the world for future generations" took shape. Francisca Riveros adds that this also made a lot of sense to her: "For me, this has always been Empresas Copec's purpose, we just had to rediscover it. Ever since I started working in this company, it has been clear to me that, given its size, the impact we can have on society is huge. As an anecdote, I had to go through this process while I was pregnant, so

discovering that our ultimate goal is to leave a better world for future generations, including my daughter who is now five months old and my two-and-a-half-year-old son, is a tremendous inspiration and motivation to get up every day and try to give the best of myself, both humanly and professionally."

On Friday, January 5, all employees met to close this first stage of the process and to learn the result of so many months of collaborative work. At this event, Empresas Copec's new corporate purpose was introduced. Olivia Tafra says: "The final presentation showed all the reflection work that took place during the nine months to arrive at a single sentence and, most importantly, it was validated by all the employees."

in the photo: Olivia Tafra Analyst of Finance at Empresas Copec and Coordinator of the Purpose Project.

learn about empresas copec's new purpose.

Olivia Tafra adds: "With this purpose, Empresas Copec is committed to investing in businesses that are aligned with certain values and principles that we consider to be part of our essence. But having said that, the phrase itself does not limit any of the subsidiaries. What makes this purpose special is that it belongs to a holding company and, therefore, it is inclusive and not restrictive."

we have to take, which is what we are currently working on, is to generate commitments and concrete actions associated with this purpose."

Eduardo Navarro concludes: "Our purpose rescues the long-term vision that has always characterized us, and which, in these times, where short-termism prevails, becomes even more relevant. Therefore, our commitment is that all the decisions we make today will seek to promote a better tomorrow for future generations."

how is the world shaped from empresas copec?

Empresas Copec is a holding company that manages the investments made by the group's different companies. Eduardo Navarro specifies: "The purpose will guide us and allow us to promote sustainable investments and a long-term vision, to bring hope to future generations. This is a commitment that also implies, for example, divesting from businesses that do not follow this line. At the same time, we want to participate in a social, economic and political discussion along these lines, because people demand that companies communicate more, rather than what they do, what they believe in."

Tomás Dittborn agrees with this vision: "This purpose has several conditions that make it really powerful. One is that it recognizes the culture and the way this company does things. Two, it assumes that the impact it seeks to produce is huge, which is a good requirement for a purpose, because it must be utopian. And this is never ending, that is, you can never say 'well, now I have shaped the world, and I'm going home'."

Francisca Riveros says that the definition of the purpose is only the beginning of what is to come: "The most important thing now is that the purpose is not just a pretty phrase for the website, which is what happens to some companies. The next step

in the photo: Internal launch of the Corporate Purpose.

in the photo:

Eduardo Navarro during the internal launch of the Corporate Purpose.

Months lasted the process.

Workshops with the executive team.

Workshops with all employees of Empresas Copec.

Interviews with opinion leaders, academics and people from the business, social and political world.

Interviews with members of the executive team.

Interviews with directors of Empresas Copec.

eric ramírez,:

general services responsible

"It was a complex process, because it challenged us to break down mental barriers through introspective sessions that sought to teach us the motivation behind what we do. In the end, it was very gratifying because we were able to give more meaning to our reason for being, based on what we contribute with our work at Empresas Copec. I feel that now there is a common goal and, although there may be some fear for what is to come, given that it is something unknown, I am sure it will be a fascinating path."

"I loved that the whole Company was included in the task of updating our purpose: managers, executives and collaborators. Undoubtedly, for me the purpose is very exciting because it reflects the whole journey, from the first workshops where we assessed our expectations, beliefs and ideals; to the last instances of reflection, where the conversation was much more specific. Finally, it is a message thought about a future where we can all leave something to the new generations."

"For me, the most relevant aspect of this process is that the Company has involved the whole team, because in this way, each one of us was able to contribute a little bit to this great project. We had several very interesting meetings, some of them quite extensive, and in each one of them we were getting closer to the purpose. I loved the final result and I identify myself very much on a personal level, since I am a mother and my main motivation in life is that my children have a better future."

"Defining a purpose is very relevant and necessary for the current context in which companies live, especially for a company like Empresas Copec, which participates in different sectors of the economy and has relevant investments. The message we are conveying is very powerful, it is a great commitment and is aligned with the work that is carried out every day in the Group. On a personal level, I identify quite strongly with it, as I want to protect the future that my siblings, cousins and nephews and nieces will live. It makes me proud to know that I am working for that."

francisco robles: strategy and development senior analyst

marcela rojas: head of administration and well-being

claudia herrera: head of sustainability

a new purpose, a new identity

In addition to launching its corporate purpose, Empresas Copec unveiled a renewed image at its last Shareholders' Meeting. Francisca Riveros, Chief Communication Officer, says: "We needed something that would embody the purpose we had established, but that would also facilitate the Company's connection with our stakeholders, especially with future generations. Along these lines, we sought a new image that would transmit concepts such as hope, future, trust, optimism and closeness."

The work was entrusted to Francisco and Macarena Behm, who had the challenge of translating Empresas Copec's new purpose into a renewed brand identity. Francisco Behm says: "The new image speaks to future generations through the optimism of its colors and the simplicity of its

forms. It is the meeting point of the graphic universe and identity that accompanies the brand, which can grow, but maintaining its essence, allowing a progressive evolution. On the other hand, it represents the long-term projection, through a set of geometric, timeless and universal blocks."

The new logo has six colors.

Francisca Riveros concludes: "This palette represents a group of different companies, from different industries, where they all share the same essence and values. It should be noted that the new logo will keep the gray color of the previous one, highlighting what we have done and what we are proud of: our history."

francisco behm designer in charge of empresas copec's new corporate image.

CONSCIOUS CAPITALISM MAY SEEM LIKE A BIG CONTRADICTION. WHAT CONSCIOUSNESS CAN CAPITALISM HAVE?

CONSCIOUS CAPITALISM?

WHAT IS THE PROSPERITY MODEL OF THE 21ST CENTURY?

12 awards for entrepreneurship, sustainability and innovation, and 20 books published. Co-author of Conscious Capitalism Field Guide

Thomas Eckschmidt, father of Gabriela, husband of Ana María and conscious capitalism enthusiast. Former dairy farmer, engineer with corporate and consulting experience. Entrepreneur with four patents filed,

(Harvard).

Conscious capitalism may seem like a big contradiction. What consciousness can capitalism have? Well, this is an invitation to learn about the great change happening in the world.

More than 500 years ago, the predominant economic system was called feudalism. A few people owned all the land and everyone else worked on it, paying taxes.

When some, with great courage, went out into the world and found products of great value, they returned to their villages to sell them to those who had money. At that moment mercantilism began. These were the first entrepreneurs, in the sense that they abandoned the status quo and went out in search of new possibilities.

Then, a new concentration of wealth took place, and the Industrial Revolution generated a new dominant group: the industrialists, who concentrated the means of mass production. These were called "capitalists" by a group that called itself "socialists".

About the same time that these two groups were named, a third group emerged that recognized the strengths and weaknesses of each of the latter two systems and created cooperativism. It states that both systems are excellent and lousy at the same time. Capitalism is excellent at producing wealth but fails at distribution. Socialism is excellent at distributing wealth but fails at producing it. Cooperativism, on the other hand, achieves a good level of production and distribution.

Today, we are living more in a transition to a new system that has not yet been defined.

When reviewing this brief history of economic systems, it is easy to recognize that we still have small "fiefdoms" that hold a high proportion of assets and rent them. We also have the capitalists of the last century, who seek profit at any cost. On the other hand, economic models emerge such as:

in the photo: Thomas Eckschmidt Co-author of Conscious Capitalism Field Guide (Harvard).

TODAY, WE ARE LIVING MORE IN A TRANSITION TO A NEW SYSTEM THAT HAS NOT YET BEEN DEFINED.

• Circular Economy (by Ellen MacArthur Foundation, applicable to the industrial sector).

• Sharing economy (by Marcus Felson and Joe L. Spaeth, applied to sectors with idle assets).

• Inclusive capitalism (by the Rothschild family, which tries to generate solutions to incorporate the most vulnerable).

• Stakeholder capitalism (by the Davos Global Economic Forum, inviting to create value for all stakeholders).

• Creative capitalism (by Bill Gates, who tries to look for value-generating alternatives to promote equitable solutions), etc.

Through high performance business research, we identified four fundamentals of these movements, which are very evident in cooperativism and also in entrepreneurship. These fundamentals are:

1) Evolutionary Purpose: every entrepreneur starts believing that he/ she can do something better, solve a problem, and behind this intention is what we call purpose. This can be lost when leaders forget to adapt it to the new socio-economic situation where they operate, to stay relevant to all (stakeholders) and not get lost in bureaucracy and short-term needs. If it does not create something of better

value, the business does not remain on time, because competition does not allow it.

2) Stakeholder interdependence: when starting a business, the entrepreneur needs the trust of a customer, a supplier, an investor, etc. The success of an organization depends on all the other stakeholders. If this does not happen, the risk of failure of the entire ecosystem is great.

3) Responsible culture: we identify common values that promote collective behaviors in favor of the purpose and to strengthen the interdependence of stakeholders.

4) Leadership based on care: when leaders take care of their team, they also take care of their customers, suppliers and other stakeholders and, consequently, of the results (mainly economic).

How do these fundamentals apply to new economic movements? Let's look at the circular economy:

• The purpose is to create a closed circuit and have less impact on the environment.

• It is necessary for the entire ecosystem to participate in order to avoid gaps in the circulation (interdependence).

• A culture of constant search must be generated to close and improve the circulation.

• This culture starts from the leader of a large and important company within the system.

In cooperativism, collective leadership comes together to create a solution based on a culture of collaboration that generates value for all stakeholders. This is one of the best expressions of a more conscious capitalism.

Something very interesting in this transition process towards the future economic system is that it does not determine the end of the previous ones. There is still an updated "feudalism", we continue with the capitalism challenges from the last century and with the shortcomings of socialism. The new system will be defined after the "revolution" is over. Something evident is that the models that brought us here will not take us much further.

The question is: How can we accelerate the upgrade of leaders and their organizations?

The triple impact model (People, Planet, Profit) had a recent revision, updating People, which was too generic, to "Social"; Planet, to "Environmental"; and the most important update,

FROM THE VISION OF CONSCIOUS CAPITALISM, WE ALL AGREE THAT WE NEED A NEW SYSTEM.

Profit, which is no longer acceptable at any cost, evolved to "Governance". But the image of these models and circles with intersections needs an update to give more strength to the message:

• We only have one planet

• Eight billion of us live on this planet

• Organizations have to serve everyone, generate cross-cutting value

Organizations have evolved in their understanding of these dimensions, from a vision of compliance (laws and rules to avoid costly penalties), to the search for efficiencies and greater economic results around them.

Recently, Paul Polman, former CEO of Unilever,

First upgrade: Upgrading people to "social", planet to "environmental", and profit to "governance".

TRIPLE IMPACT MODEL EVOLUTIONARY DIAGRAM:

Second upgrade: Organizations have to serve and generate value to all.

PROFIT PLANET

ENVIROMENTAL

GOVERNANCE

shared in his book the idea of being "Net Positive", which invites organizations to create positive value in all the dimensions that they impact with their presence and activity. But what dimensions of value would these be? Our suggestion is to evaluate organizations in relation to the 17 values established through the United Nations SDGs (Sustainable Development Goals). There is no trade-off. Our impact has to be zero or positive on those 17 dimensions. I cannot compensate for a loss of forests with a recovery of public schools.

Since the last century, many academics have been publishing papers and books with new ideas for capitalism (for lack of a new name). At the beginning of this century, several NGOs emerged to promote these new types of capitalism. Before the pandemic, this movement became mainstream:

• Investor initiatives: with letters from Larry Fink, CEO of BlackRock, to the chairmen of companies listed on the US Stock Exchange (BlackRock is the world's largest investment fund, with US$ 10 billion in assets).

• CEO initiatives: 183 US CEOs (from companies representing 30% of the total stock market value of the country) signed the Business RoundTable Manifesto in favor of a better distribution of value among all stakeholders.

• Global initiatives: The Global Economic Forum launched in 2020, just before the pandemic, the idea of stakeholder capitalism.

These are signs of a change increasingly close to us. To launch ourselves on this path, we need a more important lever: SDG Zero. The consciousness of leaders.

From this perspective also arises a movement of the Inner Development Goals, to support personal development in search of a better system.

From the vision of conscious capitalism (I don't think it will be the final name of this process of change), we all agree that we need a new system. With issues such as artificial intelligence, potential unemployment and other risks, there is a lot of talk about a "Universal Minimum Wage". What is this income for? For people to have money to buy food, pay household expenses and move around in search of better conditions. Perhaps we also need to update this idea towards a "Universal Minimum Infrastructure":

(i) Free public transportation

(ii) Access to public dining rooms with nutritious food

(iii) Shared housing

(iv) Access to training and education to qualify for jobs with salaries that allow for social evolution according to personal efforts.

Under this scheme, those who want to have access to different options, above the minimum guaranteed, must work.

Brazil's "Bolsa Familia" model, an additional economic income for at-risk families, is an easy to implement system, can serve as an electoral tool, and allows the recipient to choose to have a beer or buy food for the family. The money offers choice and, potentially, a distortion. Minimal infrastructure provides common ground.

If today we are reaping inadequate results in our countries, it is because we previously allowed someone to plant something that does not consider the collective. Let us begin today to seed something different so that in 15 to 20 years we will have better harvests: less inequality, more safety and more prosperity. A more conscious capitalism.

from the inside with the people general interest with first and last name index worldwide summing it up news

THE LAS SALINAS IS ON!

PROJECT AIMS TO BUILD A CITY ON A HUMAN SCALE, OFFERING A BETTER QUALITY OF LIFE AND OPPORTUNITIES FOR ITS INHABITANTS.

from the inside

“las salinas is on!”:

URBAN PLANNING FOR FUTURE GENERATIONS

The 16-hectare site, located on the coastline of Viña del Mar, is on the verge of leaving behind the traces of its industrial past.

The recovery of that land is expected to begin by the end of 2024 under the bioremediation technique, which is widely used worldwide.

At the same time, Las Salinas' efforts are focused on building, together with the community, a proposal for the future that will revitalize the sense of a city on a human scale.

Last December, Las Salinas reached a new milestone for the community. In front of more than a hundred neighbors, authorities, representatives of local organizations and trade unions, Las Salinas presented its urban vision for the future of the 160,000 m2 area located on the coastal edge of Viña del Mar.

The proposal, which seeks to give a new life to the land where a hydrocarbon storage center of several companies used to be located, aims to build a city on a human scale, offering a better quality of life and opportunities for its inhabitants.

The urban vision is the result of more than 20 years of work, during which more than 5,500 conversations and 1,000 meetings have been held with different organizations, gathering the main desires of the community.

Thus, the proposal, called Las Salinas IS ON! aims to generate tangible foundations for an agreement on the final destination of the site, based on four pillars: identity and heritage, neighborhood life, nature-based design, and transportation and mobility.

Ricardo Labarca, Development Manager of Las Salinas, who has been involved in the initiative for more than a decade, explains that the company's commitment is to develop, together with the community and the municipality, and based on similar successful experiences around the world, the best proposal for this sector of the Valparaíso Region.

"It is in the stitching of its components where the city is generated. The city is not the building, it is the addition of elements, both public and private, that finally make you live the experience of the place where you are inserted. Here we have the opportunity to address from the major guideline, from the logic of the master plan and the urban vision, all these components to generate the greatest value for Viña del Mar," he says.

One of the main characteristics of the project is that more than 40% of the land will be destined for public use, including a large urban park of approximately two hectares, equivalent in size to the Sausalito

Stadium, together with a system of green areas and infrastructure to connect the coastline with the upper sector of Viña, with access for pedestrian transportation. The proposal includes medium-height buildings that will protect the surrounding views and will house a wide variety of purposes that includes cultural, sports and community facilities, hotels, offices, local commerce and primary housing, among others.

When it comes to delving into the impact that the Las Salinas proposal could have, Ricardo Labarca explains

in the photo: Ricardo Labarca Development Manager at Las Salinas.

learn about the las salinas is on project.

that, although the city has been growing, today it unfortunately shows signs of deterioration. "We see that there is a space of great opportunities here, of being able to integrate all these components in a harmonious way. We are motivated to continue working on the vision we have submitted, which defines certain conditions that we believe are relevant and attractive for Viña del Mar," he says.

For Arturo Natho, general manager of Las Salinas, "the complex moment that the city is facing today, after the February fires, encourages us to continue joining forces to promote proposals that contribute to the recovery of Viña del Mar. We are interested in continuing to move forward in a dialogue and transparent process, which will result in a new sector for the city, aimed at mixed uses, with new opportunities to improve people's quality of life."

footprints of an industrial past

The sector where Las Salinas is located is deeply linked to the industrial activity that, at the beginning of the 20th century, leveraged the development of Viña del Mar and shaped its identity.

As the city grew, driven by the tourist and residential boom, its productive vocation was displaced, leaving the hydrocarbon storage center, where Copec, Shell, Esso and Sonacol operated, as the last expression of the industrial era.

Thus, in 2001, the companies located in the area signed an agreement to begin the relocation and dismantling of their operations. But a major task remained, because reintegrating the land for the city's development

in the photo: Arturo Natho General Manager at Las Salinas.

16

HECTARES

Land that in the past was linked to industrial activity.

20 1.000

required a sanitation process that was unprecedented in the country.

"Here, Copec’s position as a leader with a vision for the future, for opportunities, for a country commitment was evident, leading this process, where there were other big companies that eventually left. Copec decides to stay, and from there, there is a deep commitment by the company to do it right," explains Ricardo Labarca.

40%

Years of urban planning. Meetings with different organizations.

Of the land will be destined to spaces for public use such as:

Arturo Natho emphasizes that "as a group of companies we have a strong commitment to Viña del Mar. We feel part of the history of the city, and we hope to continue to be active players in its future. Our social, environmental and development commitment is reflected in the excellent work we have carried out, both in the remediation process to recover the land, as well as promoting an urban vision that means a real contribution to the city and the people who live there."

Development of medium-rise buildings for mixed uses: cultural, sports and community facilities, hotels, offices, local commerce and primary housing, among others.

Urban park (of about 2 hectares).

Green areas and infrastructure system to connect the coastal edge with the upper sector of Viña, with access for pedestrian transportation.

—

a precedent for soil recovery in chile

Today, after 20 years of work in which progress has been made in recovering the surface of the land, Las Salinas is preparing to carry out the final stage of the sanitation. This, after the Committee of Ministers ratified the project's environmental authorization in September 2022. It will be done through bioremediation, a nature-based technique that takes advantage of the microorganisms living in the land to degrade the contamination.

The bidding process for the remediation of the southern part of the site - a process that attracted the interest of 14 international consortiums, seven of which were invited to participate - is expected

to be awarded next May, and the work itself will be underway at the beginning of the last quarter of the year. Prior to this, a Participatory Monitoring Plan must be activated, allowing people from the community of Viña del Mar to be first-hand witnesses of the project development.

Reaching this point has been a double challenge, as there is no framework policy for soil remediation in Chile, so it was necessary to define standards backed up by the scientific community and to validate international standards with the environmental agencies, while establishing the processes for evaluating and executing projects of this type. "It was decided to use the Italian standard, which is today the most demanding worldwide," says Labarca.

According to the latest update of the Cadaster of Sites with Potential Contaminant Presence prepared by the Ministry of the Environment, there are more than 3,000 contaminated sites throughout Chile, many of which are located in urban areas, representing an opportunity and a challenge for the evaluation and implementation of

ONE OF THE MAIN CHARACTERISTICS OF THE PROJECT IS THAT MORE THAN 40% OF THE LAND WILL BE DESTINED FOR PUBLIC USE, INCLUDING A LARGE URBAN PARK OF APPROXIMATELY

TWO HECTARES, EQUIVALENT IN SIZE TO THE SAUSALITO STADIUM.

remediation projects that allow to reinsert them into the cities.

Along these lines, Natho emphasizes that "the experience with Las Salinas is key not only for Viña del Mar, but also for all of Chile, by setting a possible path to initiate a more robust and specific work to address the urgent need to recover the more than 3,500 lands with different levels of contamination that cannot be used today. As a country we must join efforts and offer a tangible response to this urgent issue that can no longer be postponed."

Once the first part of the site has been cleaned up, a process that is expected to take two and a half years, work will begin on the bidding process for the second half of the site. The idea, as explained by the development manager, is to carry them out simultaneously, so that the two stages will be as consecutive as possible, incorporating the lessons learned and opportunities for improvement from the initial phase. The complete remediation of the 16 hectares of land is expected to be completed by 2030.

contribution to public space

Labarca explains that the environmental world of remediation and the urban world are answers to the same challenge: to recycle industrial land by transforming it into opportunities for the city. "Progress is being made in the bioremediation project, which is by itself a great challenge, and there is also a need to start taking specific definitions, with interesting proposals for the city at the urban level. And then comes the need to start having these conversations about what urban guidelines we are proposing," he says.

As the remediation is carried out and the urban vision is further developed, efforts will be made to move on with a series of projects to improve public spaces in the surroundings of Las Salinas, which will represent a significant benefit for its residents.

The first is Bajada 19 Norte, which seeks to reverse the deterioration and abandonment of the public walkway that is daily used by neighbors as a connector to the coastline.

Developed by the Beals Lyon office, it proposes a pedestrian walkway with universal accessibility, focused on the recovery of the space and the biological restoration of the slopes of the sector. It also provides an escape route in the event of a tsunami.

The second is Plaza Alessandri, which will improve connectivity for the Santa Inés community by establishing a safe, ground-level crosswalk at 21 Norte Street, connecting this neighborhood with the western side of the International Road and the access to Bajada 19 Norte. It will also improve the flow of public transportation, since a safe and ample stop space is planned for public transportation in both directions.

"We are particularly interested in these two projects, which are outside the area of remediation, and which we believe can be implemented in the short term. They will allow us to show this process of improvement that we are proposing for the city of Viña del Mar, with real actions, in this logic of synergy between the public and the private sector," concludes Ricardo Labarca.

bioremediation, a nature-based process

Although bioremediation at industrial level is still emerging in Chile, it is a successful environmental decontamination technology that is widely used in countries such as Germany, France, Italy, Spain, the United States and Canada. In Latin America it is regularly developed in countries such as Brazil, Mexico and Argentina.

It is a nature-based technique that is safe for people and the environment, due to its harmlessness and effectiveness. Through this process, the bacteria that live in the ground feed on hydrocarbons, digest them and transform them into CO2 and water, which are released into the environment, thus eliminating the environmental pollutants found in the land.

To accelerate this process, Las Salinas will use native microorganisms -not imported- that belong

to the land and the region, which have been studied in laboratories. Only harmless species of bacterial gender will be used, which have the capacity to degrade hydrocarbons in a very efficient manner and do not represent any risk for operators or neighbors.

Along the execution of the project, measurements will be taken to verify progress and, once the remediation is completed, a final verification will be carried out to certify that the standards required and committed to with the authority have been complied with.

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four pillars for a city proposal on a human scale

identity and heritage:

Urban development in line with the city's heritage identity and history. It envisions quality public spaces and medium-height buildings, in line with the architectural development that characterized Viña del Mar during the 1960s and 1970s.

A proposal where public space, green areas, mid-height housing, local stores, access to services, culture and sports are harmoniously combined.

transportation and mobility:

Safe environments for pedestrians and cyclists that are well connected to public transportation. By favoring a space where a variety of uses coexist -residential, commercial, cultural, and sports- long-distance trips and dependency on motorized vehicles are also reduced.

nature-based design:

Based on the lessons learned in the Plant Laboratory, the proposal is to incorporate native flora into green areas of public use, including Ladera Park and a large central park open to those who live, work or visit Viña del Mar.

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neighborhood life:

GOLDEN OMEGA, BRINGING THE COMMUNITY TOGETHER FOR A BEACH CLEANUP

With an active participation of the community, the summer activities carried out as part of the environmental initiative "Zero Plastic Waves" ended in Arica, a proposal with which the subsidiary seeks to increase awareness of the need to care for the beaches in the face of plastic pollution in the sea.

During January and February, more than three thousand people visited the information stands at El Laucho beach and participated in different contests. Also, and with the help of student volunteers from local Universidad de Tarapacá, more than 24 thousand cigarette butts were collected.

Additionally, on Saturday, March 23, around 150 volunteers helped in a massive cleanup in the Arenillas Negras sector, where more than 300 kilos of waste were recovered from the coast.

In addition to the activities during the first quarter of the year, three additional operations are planned for 2024, which will be possible thanks to the joint work between Golden Omega, the Museum of the Sea and the Marine Scout Brigade in the area.

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from the inside with the people general interest with first and last name index worldwide summing it up news

ARE WE EXPERIENCING AN EDUCATIONAL CRISIS? WHAT ARE THE CHALLENGES WE MUST FACE TO CLOSE THE GAPS AND IMPROVE ACCESS AND THE QUALITY OF EDUCATION?

with first and last name

EDUCATING TO TRANSFORM THE LIVES OF CHILDREN AND YOUNG PEOPLE

After the deterioration that the pandemic generated in the educational system, where a setback of almost 15 years is recognized in the Chilean educational environment, the results of the Simce 2023 test showed some progress in student learning, but still far from being enough.

Are we experiencing an educational crisis? What are the challenges we must face to close the gaps and improve access to and the quality of education? These were some of the reflections we addressed in our first roundtable of the year, for which we invited six directors and executives from Chile and Colombia, who lead several initiatives related to education and who share the vocation and dream of transforming the lives of children and young people.

shared by Pedro Larraín, executive director of Belén Educa, who affirms that there is a lack of commitment by society to provide a good foundation for the students who need it most. "The agenda is not set there. The Simce report fills the newspapers, but then it is diluted and passes by," he says.

From her experience as principal of Colegio Constitución, Gertrudis Díaz says that a permanent challenge is to adapt practices to students, who are part of a constantly changing context. An example is what has happened with the incorporation of technology, "we intend to continue teaching the way we learned when we went to school and that is not possible, because there has been a digital transformation that we cannot leave aside."

The conversation, hosted by Francisca Riveros, Chief Communications Officer of Empresas Copec, included the participation of Tomás Recart, executive director of Enseña Chile; Isidora Recart, executive director of Fundación Educacional Arauco; Pedro Larraín, executive director of Fundación Belén Educa; Carolina Misle, head of Marketing and coordinator of Copec's Viva Leer program; Gertrudis Díaz, principal of Colegio Constitución, and Marcela Montoya, executive director of Fundación Terpel.

challenges of education

For the executive director of Enseña Chile, Tomás Recart, there is no real awareness of the depth of the educational crisis in the country.

"When we talk about the Simce, we talk about a national average, but if we specifically analyze the low socioeconomic stratum, only 4% of it is at the 'adequate' level, which is equivalent to having a grade above a 4. This is very serious," he says. This percentage, he explains, corresponds to young people from a low socioeconomic level, who do not have the minimum competencies to learn. "I don't see that this has a sense of urgency," says the executive director, an opinion

roundtable summary video.

in the photo: Enseña Chile teacher and students.

On this same point, Marcela Montoya adds: "Sometimes teachers are resistant to this new digital era, and we at the foundation, since the pandemic, have integrated interactive classrooms into our educational programs, where we provide technological tools such as electronic boards, tablets and augmented reality glasses, along with training and support. We decided to integrate them and so we have all the magic of the digital, without losing the richness of the physical book, which we consider to be very valuable," says Marcela.

Where to direct efforts? For Isidora Recart, executive director of Fundación Educacional Arauco, "we must look at the progress and achievements that have been made in recent years and then prioritize the policies that have had an impact, such as the Preferential School Subsidy Law, and focus on the aid and work that is still required or pending, mainly

in municipal education and local services, where the highest levels of vulnerability are concentrated."

At the regional level, in the case of Colombia, results have not been favorable either. In the last PISA test, they ranked 64th out of a total of 81 and, according to Marcela Montoya, executive director of Fundación Terpel, "out of every 10 children, six do not understand what they read, and eight do not know how to solve basic operations. There is

a significant gap between public and private education that is accentuated among young people in the city and rural areas who are affected by different factors: mainly connectivity, high teacher turnover, lack of infrastructure, among others."

in the photo: Fundación Belén Educa students.

in the photo: Enseña Chile students and teachers.

—

the importance of reading comprehension

According to OECD data, in Chile, one out of two people do not understand what they read. In line with these challenges, Carolina Misle, head of Marketing and coordinator of Copec's Viva Leer program, highlights the low national rates in reading comprehension and, therefore, the impact and relevance of the program she leads. "A person who does not understand what they are reading faces obstacles not only in their education, but also,

later on, in their employment and in how they participate in society, resulting in a cycle of disadvantage and social exclusion," she says.

For Marcela Montoya, "promoting reading is not only about having quality books, but also about providing spaces for reading and involving parents in this habit, interest and motivation." An objective that has also been taken on by Fundación Educacional Arauco, through the implementation of libraries and books.

"The initial learning of reading is key. If a child in second grade does not learn to read well, in third grade he or she will begin to struggle in all subjects," explains Isidora Recart, while Tomás Recart adds that "the learning gap is in language, and we have not faced this challenge with sufficient strength."

Likewise, and since the health crisis, the development of socioemotional competencies is also a relevant issue in the educational field that has an important impact on learning. There are contexts where violence, loss of control or emotional dysregulation by students have become increasingly recurrent, as well as the progressive increase of children diagnosed with ASD (Autism Spectrum Disorder) for which, in many cases, teachers are not properly prepared.

in the photo: Fundación Arauco students and teacher.

in the photo: Copec’s Viva Leer Program. from

"One of the great challenges is for the directors to learn to accompany our teachers in the whole work process, with technologies, in the construction of course communities, in the management of emotions. This means being there, sharing, talking with them, and not only setting a performance requirement, but also being part of its application," says the principal of Colegio Constitución.

For Gertrudis Díaz, one factor that has had a positive impact on the academic results obtained by Colegio Constitución in recent years is related to an inside-out approach. "All the members of the management team teach classes and having our feet in the classroom not only helps to connect with the students, but also gives the management team authority over the teachers. Because you are not telling them from an office 'you have to do this, this or this', but you are in the classroom with the students. You have to have classroom hours so you don't lose that bond that made you a teacher and that keeps you connected with your students."

THE DEVELOPMENT OF SOCIOEMOTIONAL COMPETENCIES IS ALSO A RELEVANT ISSUE IN THE EDUCATIONAL FIELD THAT HAS AN IMPORTANT IMPACT ON LEARNING.

—

feet in the classroom

One issue on which these experts agree is the focus and how to work. The priority should be on learning and the work should begin by observing what happens inside the classroom, giving priority to continuous support for teachers and encouraging timely support and containment for students.

Pedro Larraín agrees, and believes that the best place to understand the state of education and what it needs is in the classroom, which is where learning takes place. "This encounter between the teacher, the student and the content to be learned is not always well addressed and it is key to generate consensus. Focus on effective practices with specific methods that guide teachers and managers to generate a change, a turning point. But we are far from that."

in the photo: Fundación Arauco students.

in the photo: Fundación Terpel students.

a long-term commitment

Historically, Empresas Copec and its subsidiaries have made a commitment to education, supporting institutions such as Enseña Chile, Belén Educa, the Viva Leer program, Fundación Terpel, Colegio Constitución and Fundación Educacional Arauco.

In this regard, Pedro Larraín comments: "We feel that we have a partner in the challenge of facing educational problems, especially those of children with the greatest needs. The commitment of Empresas Copec and its subsidiaries is very solid and is reflected in the number of executives who participate in our tutoring program, in the professional internships offered to our graduates, in the scholarships given to outstanding students and other contributions focused on educational recovery."

A contribution that executive director Tomás Recart also highlights as something truly relevant and genuine. "There is a real commitment to Enseña Chile's mission and it is long-term. And that is much appreciated." Isidora Recart agrees, stating that "both ARAUCO as an organization and Empresas Copec as a parent company truly believe

that education transforms lives, and for that reason there is a long-term commitment, which is reflected in the fact that the Foundation has existed for 34 years."

Carolina Misle stresses that Copec has always worked to maintain the Viva Leer program in the long term. "It has never been discussed whether the program will continue or not. The issue is always how do we make it continue to grow, so that it has a greater impact."

Marcela Montoya, for her part, explains that the foundation she leads is financed exclusively with the contribution provided by Terpel. "This shows the company's commitment to the challenge we have as a country

Directors and executives of Empresas Copec

the Anacleto Angelini Fabbri Scholarship

Fundación

to improve the quality of education, and allows us as a team to focus on and take charge of leading the programs that aim to reduce the inequality we have in Colombia and how this translates into new opportunities for so many children and young people."

in the photo: Faculty of Colegio Constitución.

in the photo:

at the award of

to outstanding students of

Belén Educa.

what measures or actions would you take to improve education?

pedro larraín:

"We must look at the classroom, review what we are doing in there and give specific guidelines as to what learning we want to achieve, how we want to achieve it and work on the basis of these data in a consensual manner."

gertrudis díaz:

"I would give more teaching time for pedagogical reflection. To think about what I am going to do, in a collaborative way with my co-workers, how I am going to work on the content or the curriculum, to see if what we applied worked or not."

"I would put the focus on truly relevant learning, on the competencies that are necessary for the world and I would update classroom practice to motivate students to learn."

marcela montoya:

isidora recart:

"I would propose more collaborative learning spaces and, for that, I would reinforce interactions in the classroom and in schools. I would promote peer-topeer support, not only at the teacher level, but also at the level of directors and intermediate leaders. I would also promote learning and collaboration between civil society organizations that seek to transform education."

tomás recart:

"I would promote public policies that are focused on people and purpose, that help to recruit, select, train and accompany. I would also empower, under certain conditions, the management teams, who are the ones who know the reality."

carolina misle:

"I would focus on teachers, that they are well paid, motivated and trained."

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fundación educacional arauco fundación terpel fundación belén educa enseña chile viva leer program colegio constitución

YEARS RANKED IN THE TOP 100 SCHOOLS FOR PAA, PSU, PDT, PAES TESTS

TEACHERS AND PRINCIPALS TRAINED

IN 8

REGIONS IN THE COUNTRY (METROPOLITAN, RIVERS AND LAKES)

BENEFITED

REGIONS BOOKS DELIVERED

ESTABLISHMENTS

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CHILE HAS 66% OF THE WORLD QUOTA OF JACK MACKEREL AND ORIZON SEAFOOD PROCESSES ABOUT 20% OF IT, BEING THE MOST IMPORTANT PLAYER IN CHILE AND THE WORLD.

BETTER FOOD, BETTER FUTURE

an inherent value

that leads the

Cutting-edge ideas applied to processes, brands and products have a clear focus on sustainability and providing value to the consumer.

orizon seafood:

Innovation is

within Orizon Seafood, a subsidiary

frozen and canned seafood market in Chile.

The sea is a source of life. It is also a source of economic activity, industrial development, sustainable nutrition and innovation. Orizon Seafood is well aware of this, and its commitment to the country is born and sustained in the ocean, through a strategy that seeks to amplify the positive impact generated by its waters.

Since its creation in 2010, following the merger between SPK and San José, the company has maintained a continuous path of growth. This effort places it today among the most important fishing companies in the world, not only in food for human consumption, but also in the field of animal nutrition and supplies, both industrial and for nutraceutical products.

With modern plants in Coquimbo and Coronel, the company, that belongs to Nutrisco, manages several brands of products as versatile as food, most of them with jack mackerel as raw material.

Certified quality and traceability are part of a master recipe that makes the most of the availability and good health of the resource, transforming it into innovative solutions that seek to surprise and positively impact the industry, sustainable production, human nutrition and animal feed.

Cristián Larraín, General Manager of Orizon Seafood, explains that, globally, per capita consumption of seafood products has doubled in the last 60 years. "It is a macro trend that is supported by the advantages that seafood has over other proteins, both in terms of health and sustainability. And if we add that 70% of the planet is sea, there are great opportunities for growth in this area," he points out.

Numbers prove it: Chile has 66% of the world quota of jack mackerel and Orizon Seafood processes about 20% of it, being the most important player in Chile and the world, with products that are exported to more than 60 countries. In addition, total catches grew by 31.2% last year and frozen production increased by 8.2%, reaching 57 thousand tons.

"There is no relevant company today that has a firm and transversal position for different brands and segments, as Orizon Seafood has. Although there is competition in specific niches, there is no one in the comprehensive proposal that covers all groups," says Larraín. To achieve this, sustainable management has been key, fully complying with regulations and taking special care to keep the jack mackerel population healthy. Along these lines, alliances with research centers and other institutions, together with constant innovation to achieve the best standards, allow jack mackerel to be 100% renewable today.

48

in the photo: Cristian Larraín General Manager at Orizon Seafood.

ORIZON MARKETS ITS

FROZEN

JACK MACKEREL FILLET IN BIODEGRADABLE PACKAGING.

WHILE PLASTIC CONTAINERS TAKE 400 YEARS TO BIODEGRADE, THIS PACKAGING BIODEGRADES IN THREE TO 20 MONTHS.

innovation: a permanent value

Innovation is a constant in all areas of the company. Gerardo Barrera, Operations and Logistics manager of Orizon Seafood, highlights the improvements applied in processes and the incorporation of state-of-the-art technology to reduce pollution, use fewer chemicals and hazardous materials, use of energy efficiently, reduce odors and untreated wastewater, increase recycling and eliminate dumping, among other goals. "Our production capacities are focused on sustainability, so investment decisions are made based on these criteria and always seeking to provide value to the consumer," he says.

In terms of processes, a significant example is the Coronel plant, which has a gateway based on artificial intelligence for the detection of captured species. This system allows remote classification of the catch, achieving 99% traceability. It also exponentially raises sustainability standards by caring for and securing the marine biomass of the future.

in the photo: Gerardo Barrera Operations and Logistics manager at Orizon Seafood.

For customers, innovation leads to diversification of the product portfolio, always thinking on offering rich and nutritious options for different consumer segments. In this context, the launch of the premium brands Fisherman and PetMarine, the latter for pet food, are specific examples of Orizon Seafood's ability to innovate.

"We have set out to take on the great challenges of society and have a real impact on people's lives, amplifying all the value that

FOR CUSTOMERS, INNOVATION LEADS TO DIVERSIFICATION OF THE PRODUCT PORTFOLIO, ALWAYS THINKING ABOUT OFFERING RICH AND NUTRITIOUS OPTIONS FOR DIFFERENT CONSUMER SEGMENTS.

the ocean gives us to promote positive changes," says Juan Pablo Vaccaro, Commercial Manager of Orizon Seafood. He adds that the Development team is responsible for channeling opportunities and turning them into potential business. "This is also how we reach out to suppliers and communicate the requirements raised by the different areas that aim at making better use of the raw material. This is where ideas, that are turned into products, come from," he explains.

Along these lines, Orizon Seafood is making inroads, through its San José brand, into the world of sports and healthy nutrition. In addition, since last year, the brand has been marketing its frozen jack mackerel fillet in biodegradable packaging. While plastic containers take 400 years to biodegrade, this packaging biodegrades within three to 20 months, depending on the recycling condition.

Meanwhile, the Colorado brand is developing ready-to-eat products, such as jack mackerel and conger eel broth, marine stew and others. In addition, thanks to the start-up of a new production line in early 2023, San José and Fisherman have expanded its offer of premium readyto-eat canned products for both the domestic and export markets.

in the photo: Juan Pablo Vaccaro Commercial Manager at Orizon Seafood.

Gerardo Barrera stresses that, through these and other initiatives, "innovation covers several fronts at once: environmental, processes and market preferences, adding digitalization and new formats to reach more consumers."

feeding the future

The challenges that Orizon Seafood perceives for the near future are focused on generating new sustainable developments in jack mackerel, maintaining a healthy biomass and disseminating its properties, as well as expanding the

portfolio of seafood products, to satisfy the needs of different consumers through multiple sales channels. This set of challenges is coupled with improving the materiality of packaging to make them increasingly environmentally friendly.

Juan Pablo Vaccaro adds the need to strengthen the relationship with small and medium-sized seafood companies to generate new alliances and projects. Cristián Larraín complements this view by pointing out that "we have the option of address the new consumer trends with functional, practical, sustainable and nutritious products, which are increasingly relevant aspects in the markets of the 21st century."

Together with its parent company Nutrisco, Orizon Seafood has the capabilities, raw materials, business vision, innovative spirit and value proposition that will undoubtedly allow it to capitalize on opportunities and continue contributing to the company's purpose: better food, better future.

golden omega: leading change

The expansion of Orizon Seafood's nutritional offer allows it to supply raw material for the development of nutraceutical products based on Omega 3. The company owns 50% of Golden Omega, which has consolidated as one of the main suppliers of this fatty acid for the nutraceutical sector, accounting for 15% of world production. In addition, the company accounts for 20% of exports from the Arica and Parinacota Region, which reinforces its strong commitment to this area of the country.

At Golden Omega, innovation is also an intrinsic value. Thus, in response to the shortage of anchovy -the main source of omega-3 oil- since 2023, it developed a process that allows to produce concentrates from jack mackerel oil, which is supplied by Orizon Seafood. This approach

positions Golden Omega as the only company in the world to offer such an alternative.

"In a world of constant change, we are aware of the importance of quickly adjusting and proposing new options to the market. The implementation of technologies and innovations is key to develop solutions and face the challenges of the future," explains Jorge Brahm, General Manager of Golden Omega.

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new needs, new brands

With a wide presence in all domestic sales channels, as well as in many countries, Orizon Seafood's most traditional brand of canned and frozen products has been expanding its mix of products derived from jack mackerel and other fish and seafood.

colorado:

This recently re-launched brand aims at the traditional market and neighborhood grocery stores, and offers an excellent price-quality ratio in canned fish and seafood. It has a long history in Chile, thanks to its variety of products that combine quality and affordable prices.

Is the new premium brand of fish and seafood, which elevates the proposal of the category with a wide variety of canned and frozen products. Within its portfolio, made of sustainable products and innovative formats, it offers abalones, smoked jack mackerel fillets, jack mackerel loins in olive oil, king crab, cod and salmon portions, among others.

petmarine:

This is a premium line of dry and wet pet food, with marine proteins as the first ingredient.

fish4pets:

Representation in Latin America of this outstanding British Brand, which is positioned in the super premium segment and offers pet food with 100% marine protein.

orizon smart nutrition:

Is the leading brand in fishmeal and products for aquaculture feed and animal nutrition, obtained from jack mackerel, Atlantic mackerel, sardine and anchovy.

COPEC FOCUS IS ON CONTINUING TO INNOVATE IN THE TRADITIONAL BUSINESS AND DEVELOPING THE NEW ENERGY, CONVENIENCE AND MOBILITY PILLARS.

TRANSFORMING ITSELF TO TRANSFORM THE FUTURE

A paradigm shift, with great progress and challenges, is what Copec is pushing through its subsidiary Copec Voltex. With the aim of bringing the benefits of electromobility to all people and corners of Chile, the company seeks to transform itself today to transform the future.

During 2023, the Copec subsidiary consolidated its position as a leader in energy transition, strengthening the country's electric charging infrastructure by deploying the largest network in South America, with 1,800 kilometers between Coquimbo and Puerto Montt. In addition, it benefited seven million public transport users by implementing a total of 11 terminals to power 50% of the electric buses of Red Santiago. This is in addition to the deployment in regions, in the mining and industrial sector, and at homes. From Copec Voltex there is a positive balance and an even more ambitious projection for 2024.

This progress is in line with Copec's goal for the next decade, whose fuels business is expected to decline and cease to be a source of growth. The focus now is on continuing to innovate in the traditional business and developing the new energy, convenience and mobility axes.

making history

In 2012, Copec gave the first sign of an incipient energy transition. Three electric chargers were installed in service stations, setting a milestone in the search for innovative solutions. But it was not until 2018 when the study and research work intensified, through the New Mobility area.

This strategy, says Arturo Natho, Copec's general manager, "responds to the challenges of climate change which, in Copec's case, involves less dependence on fossil fuels and a shift towards new energies and forms of mobility." To this end, the company is investing in Silicon Valley through Copec Wind Ventures, the corporate venture capital.

"We concluded that we had to have first-hand, world-class information for our development going forward and, with that objective in mind, we set up a corporate venture capital in Silicon Valley, where we have the opportunity to review several startups in the three defined axes. There, we are watching, moment by moment, what kind of developments are taking place. We review around 800 startups a year and, so far, we have invested in 23 globally."

Andrea Castro, general manager of Copec Voltex, was part of those first steps. "At that time, we began a transformation process at the company level and, since then, our efforts are aligned with the challenges that climate change and sustainable energy transition demand, so Copec Voltex became a subsidiary that allows us to focus on these

in the photo: Arturo Natho General Manager at Copec.

learn here about the copec of the future.

specific challenges, always hand in hand with a constant work with Copec. The premise is to build a comprehensive proposal, where the customer can create a mix of what they require, and where we have a more coordinating or centralizing role, to offer all kinds of services," she says.

"We are an articulator," says Francis David, commercial manager of Copec Voltex, adding that, in the case of public transport, "we seek to provide a comprehensive solution, which is not only to build an electroterminal, but also to design, build, operate, supply energy and provide load management

support that allows the operator to perform all the work on a daily basis."

All this is achieved thanks to the different subsidiaries that are now part of Copec's energy ecosystem. "We have EMOAC, our 100% renewable energy trader; Flux Solar, a photovoltaic panel company; and, very importantly, DHEMAX, which supports us in maintenance and load and fleet management software, which is another service provided to some of the operators. As a whole, they have allowed us to strengthen our value proposition, making it much more comprehensive and complete, so that we can solve all the problems that a customer has," says Francis David.

Currently, this model is working at a dizzying pace and has reaped great rewards in 2023. In this regard, the general manager of Copec Voltex is clear: "Our goal is to help to spread electromobility. And how are we doing it? By strengthening the country with the necessary charging infrastructure in all segments where the customer needs it."

in the photo: Francis David Commercial Manager at Copec Voltex.

in the photo: Andrea Castro General manager at Copec Voltex.

2023: the tipping point

As Francis David agrees, last year "was very constructive, with a lot of execution. We were able to install close to 1,000 charging points between public and private projects, which allowed us to consolidate our position as the leading brand in electromobility."

This achievement is due to the successful articulation with subsidiaries, energy service providers, investment in startups and innovative solutions, and an arduous management of collaborative work with authorities, together with the establishment of public-private alliances.

"At Copec, we have set ourselves the challenge of accelerating the energy transition to address the mobility requirements of the future in a sustainable manner. And we do so from a social, environmental and technological perspective. Today we cannot think about the development of companies without considering the demands of today's world, which involve taking care of both the business feasibility and that of the planet, people and society as a whole," explains Arturo Natho.

Progress in public transportation:

"For us, public transport is very important, because it allows us to bring the benefits of electromobility to all people," says the commercial manager of Copec Voltex, who also details the results of a comparative study conducted by DICTUC in a mixed diesel terminal and another 100% electric, concluding that the latter reduces by half the sound power and by 42% the generation of fine

particulate matter. "This is positive for the neighbors, sustainability and the environment," concludes Francis David.

During 2023, 10 new electroterminals were implemented in Santiago, allowing to power 1,000 electric buses through an alliance with the Metropolitan Public Transport Board (DPTM), the Ministry of Transport and RED operators.

Together with operator Green Energy Transport, the first charging center outside the Metropolitan Region was also built in Antofagasta, where Copec Voltex was in charge of the design, engineering, construction and maintenance of the space with 10 fast charging units of 150 kW of power, managing to supply 40 electric buses, which in 2.5 hours can have their energy at full capacity.

In this regard, Arturo Natho remarks: "There are few players globally that supply energy to this type of buses. In addition, we have been players in innovation

DURING 2023, 10 NEW ELECTROTERMINALS WERE IMPLEMENTED IN SANTIAGO, BEING ABLE TO ENERGIZE 1,000 ELECTRIC BUSES.

in the photo: Bus Electroterminal, Maipú, Santiago.

Of Red Santiago's electric buses are supplied at Copec Voltex. Public transport users will benefit.

of the usual charges will occur at:

Will be public or fast charges

in this industry, with the support of startups, to avoid, for example, energy losses in battery charging. We are incorporating state-of-the-art technology and this makes us very proud and happy."

My Electric Taxi:

In two consecutive versions, Copec Voltex has been selected as a supplier of the My Electric Taxi program by the Ministry of Energy, implemented by the Energy Sustainability Agency, which encourages the replacement for electric vehicles.

"We participated and were awarded My Electric Taxi 1.0 and 2.0. We already have around 140 residential installations in the homes of the owners of these cabs, and the idea is that by 2024 there will be a new 3.0 contest, so that this will be much more scalable and even exceed 500 chargers," says Andrea Castro, general manager of the subsidiary.

The largest charging network in South America

During 2023, the charging network was extended from 1,400 to 1,800 kilometers between Coquimbo and Puerto Montt, being able to guarantee coverage during the entire route, with the possibility of energizing a vehicle in 30 to 40 minutes at a service station, while the driver can wait and visit the convenience store.

COQUIMBO

HOME AND WORK

IN SERVICE STATIONS, SHOPPING MALLS, BANKS AND HOSPITALS.

SANTIAGO

PUERTO MONTT

According to the reasoning of the Commercial Manager of Copec Voltex, "the customer experience becomes quite friendly and close, and it is a very important complement so that more people can make the decision to migrate to an electric vehicle with peace of mind, knowing that they will be able to trust Copec to complete their journey."

Also, 100 public charging spaces were added within the Metropolitan Region and several alliances were promoted with car brands to reinforce and provide charging support to those vehicles entering the country. "Sales of electric vehicles are projected to exceed 4,000 units this year. Therefore, we must be prepared, because sales will more than double those in 2023," says Francis David.

Leading electromobility in Colombia

Copec's subsidiary, Terpel, has also taken important steps in this area. It currently has around 40 recharging points through its Terpel Voltex network, and is actively participating in the energy transition, supporting new forms of mobility and promoting different solutions that foster the generation of clean energy.

—

new challenges involve breaking paradigms

Accompanying the migration to electromobility in the household segment also entails a challenging change of habit for Copec.

Andrea Castro warns that barely 20% of users will go to a service station, and identifies two reasons for doing so: to travel outside Santiago or because they forgot to charge their car at home. "The logic of charging an electric vehicle is much more similar to that of a cell phone. That is, when you have time and you are not using it, you charge it. That is why we are focusing on residential and office charging services," she says.

in the photo: Parte del equipo de Wind Garage.

AS FOR THIS YEAR'S GOALS, THE PACE WILL CONTINUE TO BE JUST AS DIZZYING. AT LEAST 1,000 CHARGING POINTS ARE EXPECTED TO BE INSTALLED.

The company estimates that 60% of the usual charges will take place at home and at work, and around 30-40% will be public or fast charges, for example, in service stations, shopping malls, banks and hospitals. For the same reason, Francis David says: "We are entering the customer's home, which, of course, is an important change. We were not used to it, but it was the customer who came into our house, into our service station.

In view of the new needs, the subsidiary is implementing residential chargers through the exclusive representation of Wallbox in Chile, a brand with a worldwide trajectory, specializing in electric charging solutions for different segments. The service, at this stage, is more personalized and requires being present at the different points of the distribution chain.

As for the goals for the new year, the pace will continue to be just as dizzying. At least 1,000 charging points are expected to be installed. "In 2023 there were exactly 938 points, that is, we grew by 180% cumulative. And we obviously expect to exceed those figures in 2024," says the general manager of Copec Voltex.

"We will grow at a significant pace and always allow the electromobility market to grow stronger. Our mission is that infrastructure and charging points are not a barrier that prevents the development of more sustainable transportation," adds Francis David.

Thus, Copec, through its subsidiary Copec Voltex, is massifying electromobility in Chile, opening new opportunities for public transport users, contributing to the connectivity of the most remote corners of the country and accompanying people, companies and organizations to take the step towards energy transition, for the benefit of a more sustainable future for all.

EMPRESAS COPEC HAS BEEN INCLUDED IN NATIONAL AND INTERNATIONAL RANKINGS AND STUDIES THAT ENDORSE THE SOUNDNESS AND SUCCESS OF ITS SUSTAINABLE MANAGEMENT.

AN

ESG

STRATEGY THAT IS ONCE AGAIN RECOGNIZED

For several years, Empresas Copec has been included in national and international rankings and studies that endorse the soundness and success of its sustainable management. At the end of 2023 and the beginning of 2024, the Company stood out for three important recognitions in this area: being included in the Dow Jones Sustainability Index, in the Sustainability Yearbook and in the study "La Voz del Mercado" (The Voice of the Market). These distinctions ratify the rigorous work of the holding company and its subsidiaries, reflecting a long-term ESG (Environmental, Social and Governance) strategy that is undoubtedly producing the expected results.

Empresas Copec has been a recurring figure in the most influential global and local sustainability rankings, such as the Dow Jones Sustainability Index (DJSI), "La Voz del Mercado" and the Sustainability Yearbook. This consistency demonstrates the value that these instruments assign to the Company and, above all, the conviction with which it assumes, at the holding company and subsidiary level, the different environmental, social and corporate governance challenges that stem from its activities demanding an effective and planned response.

Why is it relevant for Empresas Copec to be included in these rankings? For Eduardo Navarro, Chief Executive Officer of Empresas Copec, "a company is only sustainable if ESG issues are at the center of all its decisions and intrinsic to the business. And this is how we have always understood it at Empresas Copec, where we think in decades, with a long-term vision. This is because we are aware that a company is only sustainable over time if it acts in accordance with ethical principles, with transparency and led by good governance; if it adds value to all its stakeholders; if it maintains a strong commitment to environmental protection, and if it makes a real contribution to the development of the communities and countries where it operates.

For Cristián Palacios, Director of Finance and Investor Relations at Empresas Copec, "the world is in constant evolution and transformation, so it is a great challenge for organizations like ours to continue to deepen the integration of ESG issues in the business strategy. This, in turn, allows us to join indexes that the financial market looks at very closely."

As an example, he mentions the case of the DJSI, which was created in 1999 jointly by Standard & Poor's and RobecoSAM. It is a set of different sustainability measures and is made up of organizations with high performance in the economic, social and environmental spheres. Empresas Copec has been included in it since the mid-2010s, which, according to Cristián Palacios, is an asset for potential investors: "They monitor ESG factors before including companies in their investment portfolios. A few years ago it was a plus, today it is a 'must'. That is why it is important to continue incorporating best practices and global trends in ESG and, in this line, we can say that Empresas Copec is going in the right direction. Being eligible for a larger and more diverse number of institutional investors around the world generates greater demand for the Company's shares and, therefore, potentially greater value for all shareholders."

in the photo:

Cristián Palacios Director of Finance and Investor Relations at Empresas Copec.

Marianne Haramoto, Director of Sustainability and Corporate Affairs at Empresas Copec, agrees, adding that being included in the DJSI becomes a reliable indicator for different stakeholders, as it ensures the soundness of the organization and its performance, compared with peers in relevant variables. This also helps to attract and retain investors: "S&P Global has developed an evaluation called Corporate Sustainability Assessment (CSA), which measures the Company on industry-specific ESG criteria that have financial materiality, that is to say, that are relevant to corporate financial performance and are considered as input for investment decisions. It is an endorsement of our reputation and requires us to be vigilant about the accuracy of the information we are publishing."

Regarding the DJSI in particular, the executive adds that the analysis carried out is very deep, similar to a due diligence, since it is a long questionnaire with 600 data points to complete, which are answered with back-ups and references from public information, that are complemented, in addition, with internal documentation and that of its subsidiaries, reports, audits, certifications, etc. "This, in a way, reduces the risk of greenwashing, in which unsustainable actions are hidden or disguised under an ecological cover in order to clean up the activity, because it requires tangible back-ups as evidence," explains Marianne Haramoto. Hence, being included in the DJSI means that, effectively, there is an integration of sustainable management in the organization's decisions and operations, constituting a relevant drive to continue projecting the future. "The evaluation is a management tool that allows to add emerging issues and topics that are complex to measure, generating a benchmark to establish commitments and monitor progress. Empresas Copec has made progress by identifying and prioritizing its critical issues under two approaches: financial impact and impact on the environment. Thus, it has improved the way it addresses these issues in a comprehensive manner," says Haramoto.

in the photo:

Marianne Haramoto Director of Sustainability and Corporate Affairs at Empresas Copec.

“BEING INCLUDED IN THE DJSI MEANS THAT THERE IS INDEED AN INTEGRATION OF SUSTAINABLE MANAGEMENT INTO THE ORGANIZATION'S DECISIONS AND OPERATIONS," SAYS MARIANNE HARAMOTO.

The assessment has also become more demanding over time, and its perspective has evolved towards the anticipation of trends. This way, the approach to climate change, for example, has become more sophisticated, and the questionnaire now aims to clarify the financial opportunities arising from this phenomenon. Similarly, the questions have been linked to global ESG standards and frameworks, allowing the definitions of the indicators to be correctly measured and comparable. In addition, endorsements that are in the public domain are mostly accepted, again to reduce the risk of greenwashing. Similarly, metrics are required to be verified, audited or certified by an independent third party in the case of key indicators.

ourselves in a challenging global context and under increasingly demanding assessment. This achievement demonstrates our longterm vision and commitment to sustainability, embodied in a roadmap and concrete progress," says Marianne Haramoto.

Applying for this and other rankings is a joint effort, as the Director of Sustainability adds: "I would like to highlight the professionalism and management of the respective sustainability teams and thank all the reporting areas and subsidiaries. The scope of the work is very broad, since a report must be prepared on 25 very diverse dimensions, with their respective subtopics, such as innovation, biodiversity, cybersecurity, well-being, tax management, etc. Sustainability is much more than recycling and climate change. It is interesting that the different areas and functions of the subsidiaries understand their role in sustainability and that they contribute to generate a positive impact on the environment and society."

sustainability yearbook: consolidating a joint effort

In February this year, it was announced that Empresas Copec had been included in the 2024 edition of the Standard & Poor's Sustainability Yearbook, an achievement that has been repeated since 2020. Also based on S&P's CSA score, the entities included in this yearbook are those that rank in the top 15% of their sector. The 2024 version considered a universe of more than 9,400 organizations that participated in the CSA 2023, but only 759 were selected globally. Empresas Copec also received the Industry Mover distinction, which means that it obtained the most significant improvement in the industry. In this cycle, only 41 companies received this recognition. "I believe that improving our performance is not trivial, as we find

la voz del mercado: local recognition

Cristián Palacios explains that being part of these initiatives is valuable for all types of stakeholders: community, investors, suppliers, etc. This is a sign that progress is being made in terms of environmental care, transparency and respect for all its shareholders: "Empresas Copec is interested in being included in serious indexes and rankings with robust and transparent methodologies. In this sense, we are pleased to continue to be distinguished once again. The market takes this as a seal of quality; it sees us as a company in which it is possible to invest with the confidence that it does things well. Initially, it was the

in the photo: Part of Empresas Copec's executive team.

EMPRESAS

COPEC HAS BEEN A RECURRING PLAYER IN THE MOST INFLUENTIAL GLOBAL AND LOCAL SUSTAINABILITY RANKINGS, SUCH AS THE DOW JONES SUSTAINABILITY INDEX (DJSI), THE SUSTAINABILITY YEARBOOK AND "LA VOZ DEL MERCADO."

EMPRESAS COPEC:

ORGANIZATIONS

GLOBALLY

STANDARD & POOR’S SUSTAINABILITY YEARBOOK

S&P'S GLOBAL CORPORATE SUSTAINABILITY ASSESSMENT (CSA)

SELECTED

In addition, the distinction of Industry Mover, (the most significant improvement in the industry).

international investors who were most concerned about this, but today the local market is very up-to-date and demands these same standards, as is the case of AFPs or AGFs, which are the most relevant players."

Locally, this year Empresas Copec received for the fifth consecutive time the "La Voz del Mercado" award, jointly granted by EY, the Santiago Stock Exchange and the Chilean Institute of Directors (IdDC). This distinction is based on a measurement that is carried out with the purpose of knowing the perception of directors, investors and brokers on the quality and practices of corporate governance of Chilean entities.

"Unlike other surveys, 'La Voz del Mercado' is a study with seven years of trajectory, with a methodology that tries to correct biases and conflicts of interest in the participants. The survey gathers the perception of an informed public, consisting of 374 people, which is an adequate sample", says Marianne Haramoto, who adds that the 32 most traded institutions on the stock exchange are evaluated under five pillars: business strategy, control environment, transparency, fair and equal treatment, and sustainability management.

What is Empresas Copec doing well in this regard and has led it to obtain the award for the fifth consecutive year? "In its role as parent company, it is important that the development of each business is carried out under a sustainable management model, which takes into account environmental care and the generation of social and economic value for its different stakeholders. This implies fostering a culture of good practices in all dimensions of the activity," concludes the executive.

from the inside with the people general interest with first and last name index worldwide summing it up news

THE LARGEST INVESTMENT PROGRAM IN ARAUCO'S HISTORY IS AN ENGINE OF GROWTH FOR THE COMMUNITY, THE REGION AND THE COUNTRY.

MAPA, A HISTORY THAT LOOKS INTO THE FUTURE

The Arauco Plant Modernization and Expansion project (MAPA, for its acronym in Spanish) has been in operation for one year.

The company's largest investment, around US$3 billion, makes ARAUCO the world's second largest pulp producer, with a total capacity of 5.2 million tons per year.

arauco:

Being a real contribution to the communities where its operations are located is a purpose rooted in ARAUCO's culture since its origins. This is demonstrated in every project and initiative that the company undertakes, in which the well-being of the community, the development of the local economy, the care of the environment, and the opinion of citizens are priorities.

The MAPA project is no exception. The largest investment program in the company's history was conceived not only to improve and increase the productivity of the facilities, but also to become an engine of growth and quality of life for the inhabitants of the surrounding areas.

The idea began in 2011 and the following year it started to become true. The challenge was immense: to stop a complete production line, upgrade another and install a completely new one, as well as a new power transmission line; to incorporate state-of-theart technology into all processes; to properly manage waste; to minimize any environmental impact; and to generate clean energy.

in the photo:

Iván Chamorro Forestry and Pulp Business vice president at ARAUCO.

from mapping to reality

Since everything was nothing more than a piece of paper on the table and a vacant lot near the emblematic Line 1 of the Horcones Complex, the 296 hectares on which the plant is located have seen a peak of more than 8,500 workers, 2,500 mechanical equipment and almost 10 thousand instrumentation equipment, eight thousand containers loaded with machinery, 34,300 tons of reinforcing bars and almost two million linear meters of electric cables.

Iván Chamorro, ARAUCO's Forestry and Pulp Business vice president, emphasizes that "the engineering was

developed in large part by the company's own professionals. In addition, there was significant collaboration with foreign companies in aspects such as machinery and specific details of a very complex operation."

Design, bidding, construction, testing, conditioning, adjustments. Everything was going well, with each step perfectly planned and studied in detail, combining knowledge, experience, innovation and long-term vision. However, no one expected that a pandemic would test the reaction and adaptability capacities of the entire structure.

Difficulties ranged from the transportation of personnel and their disposition at the sites, to international trade and the supply chain. "The coronavirus affected everything. It made us stop for two weeks and generate new ways of working so as not to interrupt the works. In spite of everything, we were able to continue and live with the pandemic, taking care of people's health," recalls Chamorro.

As this global health crisis began to ease, MAPA had a significant milestone in January 2022, when one of the original mill's production lines ceased operation after half a century of running at the pulse of Chile's forestry activity and the flourishing

industrialization of the central-south zone. The following summer, the first bale of pulp produced at the new mill was released to the world and the facility's start-up began.

Today, a year on and with a design capacity of 2.1 million tons for the entire complex, the Forestry and Pulp VP looks back with undisguised satisfaction. "This was a titanic job by many people," he says. "It is gratifying to see the results, to know how problems were solved in a shared effort, which translates into positive results and shows that this team is capable of achieving great things."

protecting the environment

Creating shared value through MAPA is not only about the mechanisms for citizen consultation and participation that were developed throughout the process, or the creation of jobs, or the fulfillment of production targets. From the design stage, environmental care has been a crucial aspect. And it continues to be so, as an essential part of the philosophy of Empresas Copec and all its subsidiaries. Thus, the project comprised the incorporation of the most modern technology for the prevention and mitigation of environmental impacts.

Iván Chamorro highlights the replacement of the old Line 1 with a new state-of-the-art line with optimum environmental performance. "The new facilities have odor and particulate matter control systems, a new effluent treatment plant and an electric cogeneration plant to produce clean

FROM THE DESIGN STAGE, THE PROJECT COMPRISED THE INCORPORATION OF THE MOST MODERN TECHNOLOGY FOR THE PREVENTION AND MITIGATION OF ENVIRONMENTAL IMPACTS.

energy from forest biomass," he explains. Work is also being done on the revaluation of solid waste and the circular economy logic, so that less and less goes to landfills.

Marianne Hermanns, ARAUCO's Environmental Manager, says that "MAPA is a source of environmental pride, with strengths that distinguish it in three areas: first, highefficiency technology and equipment so that processes are carried out with fewer emissions and water consumption per ton produced, and with less waste generation in hermetic and more efficient environments. Second, it has impeccable systems for effluent treatment, abatement and monitoring of emissions and waste management. And third, there is very rigorous and complete environmental monitoring, which gives peace of mind to the authorities and the community."

in the photo: Marianne Hermanns Environmental Manager at ARAUCO.

Regarding the process, Hermanns recalls that it was necessary to involve all members of MAPA's value chain. In this line, a research program was generated to engage the community and make it part of the process, "linking it with academia to ratify that industrial activity is compatible with the conservation of protected areas."

He adds that one of the greatest achievements was not losing sight of environmental issues every time a problem had to be solved in order to reach the operation in regime. "That is a consequence of our culture," he emphasizes. "Culture means doing the job well and that any fixes, improvements, stabilization, etc., should first prioritize people's safety and then evaluate the environmental aspects; that these two areas are always being considered. That whole, that balance, was more than achieved."

a new stage

ARAUCO's largest investment in Chile, US$3 billion, consolidates the company among the largest pulp producers in the world. It also brought with it a virtuous chain of business and job generation around the industry, "in a very synergistic dynamic from the point of view of the productive chain, with great benefits for the community, the region and the country," says Iván Chamorro.

But the challenges do not cease. For the environmental manager, "it is important to ensure that the community perceives the benefits of the project and knows that there are only positive effects on people's quality of life."

The Forestry and Pulp VP shares this vision and adds that efforts should also be aimed at "continuing to consolidate operations and working on three fundamental axes: occupational

safety, so that workers can go home with peace of mind; environmental and social standards, always submitting them to a continuous review and improvement; and operational excellence and productivity of the projects, with impeccable operations."

With these challenges in sight, ARAUCO continues to project its relationship with the community, the region and the country. With MAPA already operating at design capacity, a new stage begins in this history that looks to the future and is written day by day with facts, results and shared experiences.

in the photo: MAPA Control Room.

Times the amount used in the construction of the Malleco viaduct.

DISTANCE BETWEEN CONCEPCIÓN AND CORONEL

DISTANCE BETWEEN SANTIAGO AND TALCA

Times what was used in the construction of the Costanera Center tower.

OLYMPIC

IN 2023 ALONE, NEARLY SIX THOUSAND STUDENTS

FROM NEIGHBORING

SCHOOLS HAD THE OPPORTUNITY TO LEARN IN ARAUCO'S FORESTS.

with the people

THE EDUCATIONAL AND RECREATIONAL SIDE OF THE FOREST

Through its Open Forest program, the company opens its forestry assets to the community and promotes care, conservation and awareness of the environment. To date, more than 150,000 people have participated in around 500 activities of different kinds.

For three months, a group of fourth grade students from the Fray Bernabé de Lucerna School, in the Los Ríos Region, left their classrooms to immerse themselves in a unique learning experience in the forest. They exchanged the blackboard for exploration, and the school hallways for educational trails surrounded by nature.

This project, along with other educational, recreational, tourism, sports and research activities, is part of Open Forest, ARAUCO's corporate program

that seeks to open its forestry assets to the community to promote sustainable environmental care.

"We are convinced that in order to take care you have to know, and for this reason we have decided to open the forests and protected areas to work with the community and promote actions that allow us to raise awareness about their care and increase their sense of belonging and knowledge. In this way, we are all guardians of the forest," says Daniela Saieg, head of the program.

This initiative began in 2021 and, to date, around 500 activities have been carried out with the participation of more than 150 thousand people.

"Today we have 28 spaces, including parks, bicycle paths, recreational and educational trails that are frequently visited by the community between the Maule and Los Lagos regions. In these places, the care and conservation of the

IN THE FIELD OF EDUCATION, THE PROJECTS CARRIED OUT ARE BASED ON THE FOREST SCHOOL LEARNING METHODOLOGY, WHERE THE FOCUS IS ON CHILDREN'S CONTACT WITH NATURE.

in the photo: Daniela Saieg Head of the Open Forest Program.

in the photo: San Fernando Lagoon Educational Trail, located in the municipality of Mariquina in the Los Rios Region. Here children can learn about the flora, fauna and fungus species of the forests.

OPEN FOREST: ARAUCO's corporate program that seeks to open its forestry assets to the community in order to promote sustainable care of the environment.

nature-based teaching methodology

Internationally, this method has had very good results in European countries such as Sweden, Finland, Norway and the United Kingdom, increasing understanding environment and biodiversity is encouraged, which also promotes local sustainable development through shared management with the community," explains Daniela Saieg.

In the field of education, the projects carried out are based on the Forest School (or Outdoor Classroom) learning methodology, where the focus is on children's contact with nature.

Between the Maule Region and the Los Lagos Region.

of the natural surrounding and respect for the environment, improving social skills, teamwork, the development and use of descriptive language, as well as showing physical progress in resistance and balance.

In 2023 alone, nearly six thousand students from neighboring schools had the chance to learn in ARAUCO's forests.

As Daniela Saieg explains, education based on nature not only enriches children and young people, but also makes them citizens who are more aware of and committed to the sustainability of the planet, which is part of ARAUCO's purpose. For this reason, together with organizations such as the Valdivian Forest Club and the ARAUCO Educational Foundation, ARAUCO seeks to motivate schools to include learning projects that use the forest.

For Pedro Mayolafquén, director of the Fray Bernabé de Lucerna School in the municipality of Mariquina, these alliances have opened the frontiers of knowledge, "as the children not only learn in the classroom, but also outdoors." In their case, the students had the opportunity to take advantage of the educational trails to create a Mushroom Observation Handbook, based on the principles of "Knowing, Walking, Learning, Exploring and Sharing". At the end, they conducted outreach activities among their peers, sharing their discoveries, reflections and learning experiences.

Another success story is the project where elementary school students explore the Quivolgo Caves Site Museum, owned by ARAUCO, which comprises a network of four caverns with more than four thousand years of history, house of ancient communities of indigenous peoples in the area we know today as Constitución.

"When they visit this archaeological site, the children are transformed, their curiosity, their desire to learn and understand the processes emerges. They connect with the cultural heritage and, for that reason, I believe that this training methodology is so powerful," concludes Nataly García, in charge of the museum's visit program.

in the photo: Oncol Park.

learn about the san fernando lagoon educational trail.

other initiatives:

Through this initiative, students from the Orlando Delgado Zúñiga High School, in the Los Álamos municipality, have been monitoring for two years the ecosystemic health of the Caramávida River, a crucial water source for the area's biodiversity, using a technique known as benthic macroinvertebrate sampling.

Is aimed at fourth grade children from 26 schools in the area, who immerse themselves in the Oncol Park, located in the heart of the Valdivian rainforest. The objective is for them to understand the richness of these ecosystems, the interactions between living beings, food chains and how human activity can affect them.

from the inside with the people general interest with first and last name index worldwide summing it up news

oncol aula viva program

citizen science program

FISHING SECTOR

EBITDA: US$ 94 million

empresas copec

ENERGY SECTOR

EBITDA: US$ 1.174 billion

FORESTRY SECTOR

EBITDA: US$ 1.053 billion

TOTAL NET INCOME: US$ 349 million

EBITDA: US$ 2.303 billion

OTHER

EBITDA: US$ (18) million

RESULTS AS OF DECEMBER 2023

empresas copec's consolidated ebitda and income as of december 2023 amounted to us$ 2.300 billion and us$ 349 million, respectively.

CFO at Empresas Copec.

The latest results published are for the end of 2023.

It was a challenging year, with a significant difference from the two previous periods, which had shown historically high results.

Indeed, the pulp price started 2023 with a sharp drop, perhaps the steepest in decades, and stayed at low levels for much of the year, in a pattern that is common in periods when there is a strong inflow of capacity, such as the last one. On the other hand, for ARAUCO, the start-up of Mapa meant several months of operation with low production, which increased unit costs.

In timber, the market was stable, although with much lower margin levels than in the previous two years, which were exceptional. In energy, volume growth slowed or even slightly declined in some geographies, and the contributions from industrial margins and inventory revaluation were much less favorable than in previous years. In copper, we did have a good year, with continued low-cost operation of Mina Justa, in a scenario of favorable prices.

All in all, we closed with an Ebitda of US$ 2.303 billion and a profit of US$ 349 million, figures much lower than those of recent periods. The last part of the year, however, showed a reversal of some of these trends, with a significant improvement in pulp prices, a rise that has been sustained in the first months of this year 2024.

The year 2023 was also a year of important milestones, with the start-up of Mapa, the largest investment in Arauco's history, which is now close to producing at its design capacity, with the associated substantial improvements in volumes and costs.

At the same time, during the year we decided to sell some important assets. These are difficult decisions in human terms, but necessary for our goals of financial sustainability, fair return and strategic focus. Among these operations, stood out the sale of MAPCO, a fuels operation in the United States. After several years of management in which enormous performance improvements were achieved, almost doubling EBITDA, the decision to sell was the right one. The future of the operation in the North American country will require much larger scales, to leverage efficiencies in distribution and in the energy transition. The fact that one of the buyers was the main distributor in this market, more than twenty times the size of MAPCO, is proof of it.

Likewise, towards the end of the year, an agreement was signed for a relevant sale of forestry assets in Brazil. This involves more than 80,000 hectares of productive land located in the state of Paraná, in a very good location close to Klabin´s facilities. Just as value can be generated through the purchase of assets or the development of projects, sometimes the value lies in knowing how to timely divest assets that are worth more in the hands of third parties. In this case, the resources to be obtained, if the operation is completed, will be substantial: almost US$ 1.2 billion.

Going forward, we will continue to grow along the paths we have already mapped out. The subsidiary ARAUCO continues to make progress on the information necessary to be able to decide on the execution of the Sucuriú project in Brazil, which would increase pulp production capacity by 50%. To do so, it is necessary to evaluate, quantify and reduce uncertainties in regulatory, technological, economic, financial, logistical and supply aspects, among others. These are complex projects, involving cutting-edge technology and high investment, which must be carefully analyzed. It is, however, a geographical area with unbeatable conditions for forest growth, which implies enormous efficiency in terms of costs, as well as significant environmental benefits for the region and the planet.

In energy, the subsidiary Copec S.A. will continue its energy transition process and transformation of its business model, with investments in new energies, mobility and convenience. And in mining, the expansion of Mina Justa was recently announced, a potential investment of US$ 400 million that would increase the mine's total production by 500 thousand tons during its lifespan.

We are, like few other companies, in sectors where business objectives converge with sustainability goals, and are inseparable from them. In forestry, ARAUCO absorbs carbon, protects biodiversity and replaces less environmentally friendly materials. In mining, Marcobre produces a fundamental material for the energy transition. In energy, Copec and Abastible are pushing this transition with determination.

All of the above, plus the way this group of companies conducts its business - with a long-term vision, always committed to human, social and environmental issues - positions us to contribute in a significant way far beyond our economic return, making a relevant contribution to those around us, shaping the world for future generations.

in the photo: Rodrigo Huidobro Alvarado

read empresas copec and subsidiaries stand out in merco rankings

green loan will allow copec to boost new energy sources

read

read abastible reaches new agreement for the benefit in payments to smes

nutrisco opens business center in miami

read

copec invests in startup to boost sustainable fuels read arauco received the zero waste 2023 award for sustainable management

copec-uc foundation awards winners of 2023 contests

orizon seafood generates 100% of its power supply with renewable energies

read

read

read

copec’s move your dreams

program supports 160 chilean entrepreneurs

arauco commits to reduce 1.5 million tons of co2

read

read

copec and abastible stand out in customer experience ranking read

terpel colombia joins standard & poor's sustainability yearbook 2024 read

empresas copec and subsidiaries stand out in merco rankings

the indicators, which measure corporate reputation, the positioning of its leaders and esg management, recognized the company, subsidiaries, directors and executives.

In the Merco Empresas ranking, the Company and its subsidiaries Copec, Abastible and ARAUCO were acknowledged among the 100 companies with the best corporate reputation in the country. Empresas Copec ranked in 24th place in the overall measure and second in the Holding Company category. Among the subsidiaries, Copec (6), Abastible (28) and Arauco (66) stood out.

Meanwhile, Merco Líderes acknowledged executives and directors from the Group among the 100 most prestigious businessmen in Chile. In this edition, Empresas Copec Chairman, Roberto Angelini, ranked fifth in the study, while Eduardo Navarro, Chief Executive Officer, ranked 28th, 22 places higher than the previous year. Among the subsidiaries, stood out the director of Orizon, Marcela Bravo

(21st), Arturo Natho, general manager of Copec (44th), Lorenzo Gazmuri, director of Copec (13th), and Guillermo Tagle, director of Abastible (93rd).

In addition, Merco ESG distinguished Empresas Copec as the most responsible company in Chile in sustainability matters in the category of Holding Company.

green loan will allow copec to boost new energy sources

the company will allocate us$ 200 million in financing to move forward with new energy and electromobility projects.

With this investment, Copec will be able to strengthen the portfolio of new solutions in the energy transformation process of its subsidiaries Copec Voltex, Flux Solar and Ampere Energy.

In the case of Copec Voltex, the resources will be focused on charging installation projects, which last year reached 11 electroterminals in the Metropolitan Region, managing to energize about half of the electric public transport buses.

The other two companies that Copec is promoting are Flux Solar, specialized in photovoltaic solar energy, and Ampere Energy, which seeks to innovate in the field of secondgeneration smart energy storage. This, through the sale of smart batteries, which optimize the use of energy.

abastible reaches new agreement for the benefit in payments to smes

the subsidiary signed a collaboration agreement with the chilean association of entrepreneurs to promote payment to smes in a maximum of seven days.

This alliance follows the implementation in 2023 of the "Prompt Payment" system, which has benefited hundreds of suppliers through which Abastible distributes and provides its services throughout the country.

The initiative, called "Agreement to support SMEs in Chile", aims to encourage other companies and institutions to follow this practice in support of entrepreneurs, since one of the main difficulties faced by micro, small and medium-sized companies is the long payment times for the services they provide.

"One of their greatest pains of SMEs is financing and the availability of working capital. The initiative has a real

impact and we want to take this message to the society as a whole to convince the public and private sectors that we must all create the conditions for SMEs to be born, grow and develop without limits,” said Abastible’s general manager, Joaquín Cruz.

nutrisco opens business center in miami

through nutrisco north america, the subsidiary seeks to deepen its presence in frozen fruit and seafood products in the united states.

This new business center will be led by Ignacio Astete, general manager of Nutrisco North America, and will allow the subsidiary to be closer to customers in the US to identify needs, trends and opportunities in this market.

At present, Nutrisco holding and its subsidiaries sell annually and directly close to US$ 80 million in products in the U.S., which are present in large retailers such as Trader Joe’s, Walmart, CVS and Costco.

arauco received the zero waste 2023 award for sustainable management

in the fifth version of the contest, the subsidiary won first place in the cultural change category.

The recognition awarded to ARAUCO is part of its strategy to achieve the goal of Zero Waste by 2030, with actions to raise awareness among workers and neighbors about the importance of circular economy and to promote the development of strategic partners and infrastructure to reduce the generation of waste and increase its recovery.

"Climate change is moving forward at an accelerated pace and we can do nothing more than deepen the contributions of our activity, also adding others who contribute with small gestures," said Soledad Vial, Deputy Manager of Sustainability and Impact.

copec invests in startup to boost sustainable fuels

the subsidiary announced its investment in the german company ineratec, whose technology makes it possible to produce fuels using hydrogen and captured co2.

This is an alternative to decarbonize those industries that cannot be electrified, such as aviation and maritime transportation, and which are relevant to achieve Chile's energy transition commitments.

The European company is a leader in the production of synthetic fuels and recently, together with Piva Capital, raised US$ 129 million in a Series B investment round, in which Copec participated through Copec Wind Ventures. Ç

"This milestone of our venture capital implies the possibility of bringing a technology to Chile that will allow us to solve the great problem of sustainable fuel for heavy industry. Our bet is to supply the first e-diesel in the country, considering the challenges posed by the energy transition and climate change," said Leonardo Ljubetic, manager of Copec's Development Division.

copec-uc foundation awards winners of 2023 contests

at the ceremony, the nine projects selected during the last version of the research competitions were awarded.

The winners of the Development and Innovation contests

"I+D para Innovar" and "Aplica tu idea" were received at the UC Anacleto Angelini Innovation Center, where they were awarded for their innovative projects. At the ceremony, the new call for the 2024 version of both contests was officially launched.

“I+D para Innovar” is aimed at universities, companies, research centers, foundations, startups and technology consortiums, among others. The projects, mostly led by academics and researchers, promote sustainable solutions, natural resource savings and technological leaps in the fields of engineering and medicine.

Meanwhile, “Aplica tu idea” targets university students with the goal of bringing them closer to research and entrepreneurship.

At the event, Roberto Angelini, president of the CopecUC Foundation, recalled the contribution made in the

22 years of existence of this alliance between the business world and academia, which is reflected in the technical and financial support to 125 projects, awarding resources that amount to $12.8 billion pesos, the application for 100 patents in 17 countries, of which 29 have already been granted in 7 countries, and the creation of 17 startups, among other developments for the country's scientific and technological world.

orizon seafood generates 100% of its power supply with renewable energies

the subsidiary announced that all the energy that supplies its plants in coronel and coquimbo uses solar energy and, to a lesser extent, wind energy.

"Our purpose is to lead sustainable nutrition from the sea, and from there comes the motivation to implement a supply that generates cleaner energy sources," said Juan Pablo Chavez, Orizon Seafood's People, Sustainability and OHS Manager.

Orizon, the world's leading jack mackerel producer, is developing a series of initiatives to mitigate the environmental impact and CO2 emissions in its operations. Thus, it expects to reduce electricity consumption by 10%, lower the consumption of LPG in boilers by 18% and decrease the use of diesel fleet by 15% by 2026.

copec’s move your dreams program supports 160

chilean entrepreneurs

forty projects were the winners of the program to support micro, small and medium-sized enterprises and smes, led by the subsidiary and executed by uc innovation center.

In its second version, the initiative gathered more than 900 applicants in 4 areas of the country. In total, during the 6-month process, 160 entrepreneurs from Caldera, Quintero, Calbuco and 10 municipalities in the Aysén Region received training in areas such as formalization, marketing, sales and business finance.

The finalists also received mentoring and several incentives to promote their businesses, including amounts ranging from $1,000,000 to $2,000,000 Chilean pesos.

“We are very proud of this process, because Copec exists to promote the development and mobility of people and companies in the country. And, in that sense, this initiative

is in line with our purpose, promoting entrepreneurship to positively impact the development of communities, especially in those where we have large operations,” said Juan Pablo Doñas, Corporate Affairs manager at Copec.

arauco commits to reduce 1.5 million additional tons of co2

by taking on this challenge, the subsidiary received approval from science based targets

ARAUCO’s goal is to achieve this lower amount of greenhouse gas emissions by 2030, which was analyzed and positively validated by this recognized global initiative, whose purpose is to commit different companies around the world to reduce the release of CO2.

The objective of ARAUCO, the first forestry company in the world certified as carbon neutral, is equal to taking 330,000 cars off the road, or the annual emissions of 400,000 inhabitants. “Acting with a sense of urgency and climate ambition is an ethical imperative, and companies must put our transformation capabilities at the service of these objectives,” stressed Soledad Vial, the company’s Deputy Manager of Sustainability and Impact.

Science-Based Targets (SBTI) is a partnership between the Carbon Disclosure Project (CDP), the United Nations Global Compact, the World Resources Institute (WRI) and the World Wildlife Fund (WWF).

Copec and Abastible stand out in customer experience ranking

The subsidiaries were acknowledged by the Praxis Xperience Index 2024 study, that evaluates the experience that consumers have with service companies.

Copec was awarded first place in the Service Stations category, leading its sector at the national level for the good experience it offers to its customers.

In addition, the Copec and Abastible subsidiaries ranked third and fifth, respectively, in the overall ranking of brands that provide the best service to people, qualifying within the A Group of Excellent Experiences, made up of only six companies that obtained a PXI score between 100 and 80 points.

The PXI - Praxis Xperience Index ranking is the national benchmark of reference in evaluating customer experience and considers three dimensions: effectiveness, ease

and pleasantness. Since its inception in 2013, this ranking annually collects the opinions of more than 49 thousand people who interact with the 139 most influential service brands in the country in 32 sectors.

terpel colombia joins standard & poor's sustainability yearbook 2024

for the seventh time, the fuel distributor is chosen as one of the most sustainable companies in the world.

The acknowledgment is a result of its outstanding results in the Corporate Sustainability Assessment (CSA), by Standard & Poor's Global, being the only company in the sector in Colombia to achieve this recognition.

Thanks to its responsible management and practices in environmental, social and corporate governance matters, the subsidiary improved in all the dimensions evaluated during 2023, surpassing the industry average by 44 points and consolidating its position as a leading company in sustainability.

"This is a recognition to the work of a team committed to being a country ally, a good neighbor, a transparent and ethical company that cares for the environment and always places people at the heart of its decisions," said Oscar Bravo, Terpel's president.

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journalistic magazine published by: empresas copec s.a. el golf 150 avenue, 17th floor, las condes. phone number: 22461 7000 -

legal representative: eduardo navarrodirector: rodrigo huidobro -

editing and writing: m. francisca riverosjournalists: natalia labbé constanza serrano daniela araneda marisol silva francisca zúñiga comsulting team -

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design and graphic production: porta4, design studiotranslation: cristina molinaif you have any suggestions and opinions, please send us an email at comunicaciones@empresascopec.cl-

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The opinions expressed by the different authors and contributors in this magazine are the exclusive responsibility of those who express them and do not necessarily represent the opinion of Empresas Copec S.A.