Empresas Copec's Corporate Magazine Special Edition No. 120

THINK DIFFERENTLY, THINK FUTURE

COPEC: 90 YEARS POWERING CHILE'S ADVANCEMENT

ROUNDTABLE: REFLECTIONS ON THE LONG TERM AND THE FUTURE

ARAUCO: HALF A CENTURY PROMOTING REGIONAL DEVELOPMENT

No.120 SPECIAL EDITION

LONG-TERM CHRONICLES

EMPRESAS COPEC'S CORPORATE MAGAZINE DECEMBER 2025

NO.120 Taking a long-term view is a strategic decision that defines an organization's sustainability and legacy over time. In nine decades of operation, Empresas Copec has promoted businesses that transcend economic cycles and temporary challenges. This, through a vision of the future that has allowed it to anticipate, adapt, and grow with purpose. Empresas Copec embraces the idea that the value of a company lies not only in its ability to endure, evolve, positively impact people's lives, and shape the world for future generations.

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Editorial

General interest: Do humanities matter?

In his editorial “Think differently, think future” Eduardo Navarro, CEO of Empresas Copec, encourages us to pause and confront challenging and uncomfortable questions, with future generations in mind.

Lawyer and academic Carlos Peña reflects on the relevance of the humanities in a world focused on science and technology, highlighting their role in understanding the meanings that shape human life and culture.

Empresas Copec's chairman received one of the highest honors from the Italian Republic, highlighting his career, ethical commitment, and contribution to economic and social development.

Five members of Empresas Copec's Long-Term Committee discussed the importance of thinking beyond immediacy and moving toward decisions that allow building a more prosperous and sustainable future.

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Empresas Copec unveiled a new phase of its “No More Short-Termism” campaign, inviting people to act responsibly and with a long-term vision, thinking about the legacy we will leave to future generations.

Historical leaders of the subsidiary and its current CEO review the milestones that have defined nine decades of service and innovation, reaffirming Copec's role in the country's mobility and development.

Empresas Copec unveiled its strategic vision and the progress of its priority projects at a meeting with investors, reinforcing its focus on natural resources and energy.

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Roundtable: "Reflections on the long term and the future"

Copec: 90 years powering Chile's advancement

Investor Day EC 2025: Creating long-term value

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Roberto Angelini is named as Cavaliere del Lavoro 2025

Thinking of future generations

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Justa Subterránea: The new chapter of a successful mining project

Abastible and Teletón: Chile stands up

With an investment of nearly US$500 million, the expansion of Mina Justa opens a new phase for the operation, incorporating state-ofthe-art technology, increasing its production, and strengthening its contribution to local development.

In its first year as an official sponsor of the initiative, the subsidiary reaffirms its commitment to people, inclusion, and the entrepreneurial spirit, joining a crusade that mobilizes the country to support the rehabilitation of children and young people.

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Copec: Empowering the flight of Los Cóndores towards the World Cup The subsidiary is accompanying the Chilean rugby team on its historic journey to the 2027 World Cup in Australia, in a partnership based on respect, resilience, and commitment to future generations.

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Rodrigo Huidobro, CFO of Empresas Copec, analyzes the Company's results as of September 2025, which recorded EBITDA of US$ 2.131 billion and net income of US$ 635 million.

Empresas Copec and its subsidiaries achieved significant milestones in business, sustainability, innovation, and awards.

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ARAUCO: Half a century promoting regional development ARAUCO's Constitución Mill celebrates 50 years of operation, consolidating its contribution to the Maule Region through industrial innovation, environmental management, and a sustained relationship with the community.

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THINK DIFFERENTLY, THINK FUTURE. _ in the photo:

Eduardo Navarro Empresas Copec CEO.

The new political cycle that is beginning should be a suitable opportunity to recover the strategic and longterm vision that Chile has been losing. In addition to addressing pressing issues, such as security and economic recovery, we cannot continue to postpone the major transformations that are required to make the dreams of a better country a reality. That dream speaks to us of ambitious projects, as well as inevitable sacrifices.

The country needs a shared roadmap capable of addressing both the urgent needs and the structural challenges of the times we live in: climate change and environmental crisis, the irruption of artificial intelligence in all areas, the fragmentation of social cohesion, disinformation, energy transition, population aging, and the absence of freedoms that provide more opportunities for society as a whole, among many other issues. If recent history has shown us anything,

it is that the countries that manage to make lasting progress are not those with the most resources, but those that know how to build consensus around their fundamental priorities.

This is where a conviction that we have strongly held makes sense: no more short-termism. A crusade that we began two years ago and that we continue to pursue with determination today, this time with a

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second call: think differently, think future.

Thinking differently is not a creative slogan; it is an act of courage. It means challenging the obvious, giving up certainties, admitting that our truths may be incomplete. It means accepting that others, sometimes the least expected, can show us broader, more humane, and more fruitful paths. It means stopping when everyone else is running. It means asking questions when everyone else believes in quick answers. It is having the courage to look a little further, even when urgency prevents us from doing so.

It also means pausing to ask ourselves difficult and uncomfortable questions, thinking about future generations.

What conditions are necessary for everyone to develop their projects? How can we prevent technology from deepening inequalities? Are the measures we are taking to address the climate crisis enough? What do we want to preserve of our humanity, and what not?

There are no easy answers. But we do know one thing: the future requires us to think differently.

Human beings are the only living creatures capable of transcending their survival instinct. We are a species that interprets, creates, decides, chooses values, commits to causes, and plans for the future. We can think differently, in the long term, and imagine before we build.

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“If recent history has shown us anything, it is that the countries that manage to make lasting progress are not those with the most resources, but those that know how to build consensus around their fundamental priorities.

This is where a conviction that we have strongly held makes sense: no more short-termism.”

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But sometimes it seems that we have lost that ability.

Urgency consumed us, and immediacy robbed us of our horizon.

A few years ago, we made a decision that was neither obvious nor required for a business holding company: to define a purpose and share it with society. When we set out on that path, we were accompanied by a quote from Nobel laureate Rabindranath Tagore that had a profound impact on us: “The one who plants trees, knowing he will never sit in their shade, has begun to understand the meaning of life.”

These words simply express the depth that inspires us, that guides us, and that drives us to do things every day. They invite us to work not only for the present, but for a future that we may not reach, but that others will inhabit.

That's why we decided to look at things from a different perspective and take on a role that goes beyond simply creating economic value. In a world dominated by immediacy -the click, the algorithm, the instant reward- we are committed to the opposite: thinking long term. Because we

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believe we are responsible for what future generations will inherit. Because we want to try to leave those who come after us a better, fairer, and more united society. That is why, among other things, we launched a communication that does not seek to sell anything. It only seeks to say what we believe. We do not show products; we show principles. We do not invite people to buy; we invite them to think and act differently.

This different way of thinking must permeate the country's major decisions today. Because Chile is not starting from scratch. We have structural advantages that we cannot continue to waste: a clean energy matrix, entrepreneurial talent, political and macroeconomic stability, and strategic natural resources, among others.

And to turn those advantages into development, we need some essential conditions. Among others, a State that is modern and an enabler, which, instead of being an obstacle, promotes the creation of new projects, while also protecting the country's environment and natural heritage. In Chile, investment projects take much longer than in other countries, which inhibits investment decisions and, therefore, job creation, growth, and well-being. The modernization of the public sector is not just a technical issue; it is a political and cultural condition for things to happen. A stable and competitive tax environment is also required to provide

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certainty to the entrepreneurial world. This will always be an important asset for building trust, especially in the case of investment projects that will see returns in the long term. And it is also essential to promote a culture of consensus that allows progress to be made on major agreements in order to resolve the many challenges that remain.

And this is perhaps the most relevant point of all. Because although figures and analyses are important, what defines a society is its ability to imagine the future. That is why it is so encouraging to see that today -after years of skepticism- the country is once again showing signs of optimism. According to the Bicentennial Survey, 59% of Chileans believe that in the next 10 years, the country will have achieved or made significant progress toward development. This is the highest level since 2010.

This optimism should not be underestimated. On the contrary, it is a historic opportunity to align wills, renew leadership, and return to shared projects. Because without them, countries get lost in the trap of the current situation, managing crises without fully resolving them and postponing the future indefinitely. And for that, we have to think big again, think and act differently.

Because the future is not a destination, it is a decision.

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“We want to try to leave those who come after us a better, fairer, and more united society. That is why, among other things, we launched a communication that does not seek to sell anything. It only seeks to say what we believe.

We do not show products; we show principles. We do not invite people to buy; we invite them to think and act differently.”

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Carlos Peña shares his perspective on the importance of the humanities in culture and social life.

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opinion:

DO HUMANITIES MATTER?

By Carlos Peña Lawyer, academic, with postgraduate studies in Sociology and a PhD in Philosophy, he is one of Chile's most influential intellectuals. Since 2007, he has served as Rector of Universidad Diego Portales. A key player in public debate, he is a Sunday columnist for El Mercurio and actively participates in institutions such as CIPER Chile and the Museum of Memory, where he serves on their boards of directors. He is the author of several books and essays, and his work addresses topics related to political philosophy, society, and democratic life, which has consolidated him as one of the most relevant voices of contemporary thought in the country. He recently published "Humanidades", a book in which he reflects on the crucial role that these disciplines play in culture and social life.

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To appreciate the importance of humanities, and realize what we would be missing if we dismissed them, it may be helpful to start by taking a look around.

Look around you. What do you see?

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Carlos Peña Lawyer, academic, and Rector of Universidad Diego Portales.

You probably see a mall or shopping center, a church, a street leading in this or that direction, a school or university. And while you are reading these lines, you are probably in an office, or at home, or in a park, or perhaps you are just glancing at them while filling up your car at a gas station.

But what are the mall, the church, the street, the school, the university, the office, or the gas station that you now see? It is clear that none of these things that you say you see can be reduced to the materiality that constitutes them, to the materials with which they are made or built. They are neither buildings nor simple physical objects. From a material point of view, a church is no different from a shopping mall; both are built of similar materials, and even an observer who saw what happens in them and stopped to describe the external behavior of those who gather there would not notice any differences: both places bring people together, and in both there are people looking closely at things or figures as they walk slowly.

“Literature, philosophy, art, music, and architecture allow us to see or appreciate the world around us, to realize that everything in it is a world of meanings.”

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Therefore, we should conclude that what surrounds us are not facts.

They are meanings, invisible senses. We are, therefore, surrounded by meanings that underlie things.

Our world, in short, is not a sum of facts; it is not composed of mere factualities. What is truly human is to give significance to facts, to attribute meaning to what surrounds us. We know that there was something human wherever there is a sign or a symbol, an effort to represent a meaning. Even the landscape -the surrounding space, the arrangement of treeshas a certain meaning. And even when it comes to raw nature, we say that the wonder of the universe underlies it. It is as if the world was a text full of meanings that we decode

spontaneously and through which we move. Octavio Paz, the great essayist and poet, wrote an essay whose title accurately describes our condition: The Grammatical Monkey, a monkey, yes, without a doubt, but one capable of manipulating and producing signs.

And in another of his essays -Claude Levi-Strauss or Aesop's New Feasthe insists on the same idea. That we are surrounded by texts to be read or deciphered, the entire society and culture as a system of communications.

What is the relationship between this phenomenon that surrounds us, a reality made up of meanings, and the humanities?

To understand this, it is useful to pause briefly and consider science and technology. Science and technology are capable of enormous prodigies, ranging from genome redesign to artificial intelligence, and this is thanks to their handling and mastery of factuality, of facts.

For science, the world around us is a world of facts, of causes intertwined with one another, a

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Thus, literature, philosophy, art, music, and architecture allow us to see or appreciate the world around us, to realize that it is a world of meanings, of things that extend beyond themselves, as if the real reality, the one that matters to us and seduces us, was not the building or the landscape, but the meaning that underlies them and what they point to or indicate.

Humanities are, therefore, an exercise of reading the meaning that underlies what surrounds us.

gigantic chain of causalities that, once we understand it, allows us to manipulate the world to our will. Given that everything is linked to everything else, for science, the death of a child and the extinction of a star are equivalent. In both cases, it is a matter of entropy, of the second law of thermodynamics, even if it is the death of a child from a sudden illness. The fact is that science -not scientists, but science as such- is blind to meaning. For science, meaning is irrelevant because it is not a fact.

Therefore, if we had only science, if, enthusiastic about the wonders it is capable of, we devoted all our efforts to science, technology, and innovation, and neglected the humanities, literature, philosophy, and art, the world around us would eventually disappear or, which is almost the same thing, we would become blind to it and end up moving and sliding around in a world of pure facts.

It is not unusual, then, that philology lies at the origin of what we now call humanities. Philology is even older than philosophy and consists of the delight and wonder produced by the mystery of language, the fact that the signs I am now writing on paper, or the sounds we make when we talk, the strange circumstance that with a handful of signs we can represent a circumstance or even a whole world. The first philologists (today we would say the first people who devoted themselves to the cultivation of the humanities) wondered how it was possible for

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words to have meaning, how it was possible for a handful of drawings or sounds to allow us to have a world in common. All of them, from the time when Homeric poems appeared, around the 6th century BC, and from then until now, were intrigued by the fact that what we call the human world is a world made up of symbols and meanings.

Thus, humanities, unlike science and technology, explore that dimension of reality that we cannot see or touch, but which constitutes us and without which the human condition would cease to be what it is.

To understand this, think about defining yourself. It

“The humanitas that constitutes us (that is the expression used by Cicero) is that condition of being flooded with meanings that guide us, that give significance to who we are and what surrounds us.”

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is clear that you are not the physical body that constitutes you, which, when you look closely, is made up of the same stuff as any other. What constitutes you and gives you a certain identity is a trajectory that you rebuild by assigning it a certain intentionality, a certain project, in short, a meaning.

Human life is, after all, a project to be realized that is developed by the one who lives it, and that project bathes and floods all of your actions with meaning. And what is said of an individual human life also applies, above all, to collective life and culture.

George Steiner, the great literary critic, notes that human beings have the same brain structure and the same vocal system, and yet thousands of languages are spoken in the world. Why? Simply because each human being tries to cast their own web of meaning over the world.

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exploring aspects of who we are that no other discipline or activity allows. Kafka, for example, explores the trap that the modern world has become (there are moments in history, Kundera notes, when the world resembles Kafka's novels); Flaubert, in Madame Bovary, explores the dilemma of romantic love, the possibility that institutions can be built on the spontaneity of love; Cervantes explores how reality is made up of fiction, one

Humanity, the humanitas that constitutes us (that is the expression used by Cicero) is that condition of being flooded with meanings that guide us, that give significance to who we are and what surrounds us.

Investigating them is the task of the humanities. Better still: investigating this phenomenon is the task of the disciplines that we bring together under the name of humanities.

A good example of this is literature.

We often believe that literature, novels for example, serve to distract us, to lighten our lives by allowing us to imagine lives different from our own, or to console us in the face of setbacks or allow us to escape domestic horror. Literature certainly fulfills this function, but above all, literature is a form of knowledge, a way of looking at our own condition, of 12

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on top of another, to the extent that even reality (as happens to Avellaneda's Quixote in the second part of Don Quixote) can be turned into fiction; Javier Marías, in Corazón tan blanco, explores the weight of the past and secrecy in human life; L. Sterne, in Tristram Shandy, the way in which we can only exist if we are able to escape time; Hernán Díaz, in Fortuna, the way in which money controls us, as everything we long for will end up being fiction. And so on. All literature is a form of inquiry into the condition that makes us human.

“Do humanities matter? Of course they matter. Even more than science and technology.”

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Between approximately the 6th century BC, when philology appeared on the horizon attempting to unravel the mystery of language, and the 19th century, when the humanities separated from the social sciences (starting with the chair of philology established by Humboldt), Wilhelm Dilthey gave the humanities a particular foundation that remains to this day. The humanities, which he calls “sciences of the spirit,” are, he explains, a science of interpretation, a way of unraveling the meanings underlying texts. But not only texts such as the one I am now writing; for Dilthey, the entire culture appeared before human consciousness as a

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text to be interpreted. The humanities will thus show that the entire culture, the history, is the interpretation of an interpretation, without us ever being able to be sure that we have managed to read the original text.

Do humanities matter?

Of course they matter.

Even more than science and technology, if we want human beings to be aware of their condition and lucid in the face of the question that arises again and again in the culture regarding the meaning, or meaninglessness, of existence.

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roberto angelini:

“I SHARE THIS ACHIEVEMENT WITH ALL THE GROUP'S COLLABORATORS” Empresas Copec Chairman Roberto Angelini was recognized as “Cavaliere del Lavoro 2025.”

Empresas Copec's chairman was named “Cavaliere del Lavoro 2025,” one of the highest honors awarded by the Italian Republic to figures in the business world, and which Anacleto Angelini received exactly 20 years ago.

The award was conferred by the President of the Republic of Italy, Sergio Mattarella, to a select group of 25 businesspeople who have distinguished themselves through their achievements, impeccable conduct, and contribution to economic and social development.

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Roberto Angelini highlights the speech given by President Mattarella during the award ceremony. “I was struck by how the Government values the contribution made by businesspeople, the support that exists at the highest level of the country for entrepreneurship, investment, and business initiatives. The fact that this recognition is awarded demonstrates the importance they give to the business world and how they perceive its role in society.”

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The 25 entrepreneurs honored as “Cavaliere del Lavoro 2025” alongside Italian President Sergio Mattarella.

Roberto Angelini traveled to Italy in October with his wife, four children, daughters-in-law, and grandchildren to receive this important recognition. The ceremony took place at the Quirinale Palace, the seat of the Presidency of the Republic, in Rome. Only his wife and four children were able to attend the event, as space was very limited and an exception was made for him because he had traveled from another country. “We were welcomed into this palace, which is very beautiful and elegant. It was an emotional, intimate ceremony, and many thoughts went through my mind. Sitting there, more than 70 years after leaving Italy to emigrate to Chile, and returning to receive an award of this nature from the President of the Republic is an indescribable feeling. So it was very exciting.”

After the ceremony, there was a gala dinner, which Roberto Angelini was able to attend with his family, now including his daughtersin-law and grandchildren. “It was very touching, as many of the award winners are my age, so they had children the same age as mine, and at this dinner they were able to meet and share experiences.”

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Roberto Angelini at the Giorgio Cini Foundation in Venice, during the seminar “The Europe We Want”, attended by 25 award winners, held in June this year.

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Roberto Angelini always emphasizes that his mother played a crucial role in keeping his family's Italian roots alive.

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A tribute to mamma Roberto Angelini already knew the other award-winning entrepreneurs, as they had met in Venice in June of this year. There, he had to give a presentation in Italian, telling them who he was and what his businesses were.

“I was last, after the other 24 award winners had already spoken, so to lighten the mood a little, I told them a story.

It turns out that in Italy, only the father's surname is used, not both as here in Chile. But I was presented with both surnames: Angelini Rossi. And I said, ‘Good afternoon,

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Roberto Angelini with his children Mario, Claudio, Daniela, and Maurizio at the Gala Dinner in Rome.

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yes, I was given both surnames, and I'll tell you why: in Chile, it is mandatory to use the mother's surname.’ And immediately, all the women were applauding. When I finished my speech, they asked me why I speak Italian so well, and I said, ‘Again, thanks to female power, because my mother taught me the language.’ So once again,

I received a lot of applause. It was very nice to be able to pay tribute to my mother, Silvana.”

Roberto Angelini always emphasizes that she was very important in keeping his family's Italian roots alive. With a life built in Chile, the Angelini Rossis never lost their ties to their beloved homeland. They have frequently visited their hometown of Ferrara, where they still have relatives. In addition, they have always enjoyed good Italian food, for which Silvana Rossi made pasta with her own hands. Long conversations between Roberto and his sister Patricia with her in Italian were also very common, keeping the language, traditions, and roots alive.

Roberto Angelini giving his introductory speech in Venice, Italy.

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Italian President Sergio Mattarella during his speech at the Quirinal Palace in Rome.

The only foreigner The Order of Merit for Labor (Ordine al Merito del Lavoro) not only recognizes outstanding achievements in the world of business, development, and job creation, but above all, highlights the strong ethical commitment and social responsibility of those honored. Requirements include at least 20 years of continuous and responsible activity, as well as impeccable civil and social conduct and compliance with all legal and fiscal obligations.

Each year, 25 Italian entrepreneurs are recognized, of whom only one may reside abroad, which was the case with Roberto Angelini.

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In this regard, the Italian ambassador to Chile, Valeria Biagiotti, notes: “His vision, his ethics, and his ability to create value in a sustainable manner represent a rare and valuable example.

This recognition also reflects the deep ties that Roberto Angelini has maintained with Italy, demonstrated by his constant collaboration. His appointment is a source of pride and further strengthens the economic and cultural bridge between Italy, Chile, and the realities in which the Angelini Group operates.”

Other recipients in 2025 include prominent figures in Italian business, such as Francesco Milleri, chairman and CEO of Luxottica Group and EssilorLuxottica Group; Claudio Descalzi, CEO of Eni; Patrizio Bertelli, executive president of the Prada Group; and Alfonso Dolce, chairman of the Dolce&Gabbana Group, among others. With these new appointments, the body of Cavalieri del Lavoro now numbers 615 members.

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Roberto Angelini and his wife Ana María during the Gala Dinner in Rome.

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A shared recognition For the Chairman of Empresas Copec, this award has a very special meaning, as his uncle Anacleto Angelini received it in 2005, at the age of 91. Due to health issues, he was unable to travel to Rome, so a private ceremony was held at his home, where the Italian ambassador to Chile presented him with the award. He was accompanied by his wife, María Noseda; his nephew

Roberto Angelini; members of his immediate family; and executives from the Group.

“Receiving this award, which my uncle Anacleto also received, means a lot to me. I feel that it is a recognition of all the work and effort of the founders of this business group: my father, Gino, and my uncle, Anacleto, who came to Chile to undertake a new venture, seeking a new opportunity for our family after the ravages of war.”

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Finally, the Chairman of Empresas Copec comments: “This award has a profound meaning for me and my family. I receive it with great emotion because it comes from Italy, where my deepest roots lie. Also, because it recognizes the commitment we have maintained for so long to the development of Chile and the countries where we operate. I want to share this achievement with the thousands of collaborators in the Group, with whom we work every day with the conviction of continuing to shape a better world for future generations."

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“Receiving this award, which my uncle Anacleto also received, means a lot to me. I feel that it is a recognition of all the work and effort of the founders of this business group: my father, Gino, and my uncle, Anacleto, who came to Chile to undertake a new venture, seeking a new opportunity for our family after the ravages of war”, said Roberto Angelini.

Anacleto Angelini was honored as a “Cavaliere del Lavoro” in 2005.

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the order of merit for labor Roberto Angelini, Empresas Copec’s Chairman, was named “Cavaliere del Lavoro,” one of the highest honors awarded by the Italian Republic to figures in the business world, and which Anacleto Angelini received exactly 20 years ago.

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Italian entrepreneurs are awarded the prize once a year, of whom only one may reside abroad, which was the case with Roberto Angelini.

The "Ordine al Merito del Lavoro" recognizes outstanding achievements in the business world, development, and job creation, and above all, highlights the strong ethical commitment and social responsibility of those honored.

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Five experts from the academic, political, and business worlds shared their views on the importance of taking a long-term perspective in all these areas.

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empresas copec roundtable:

REFLECTIONS ON THE LONG TERM AND THE FUTURE As part of the initiatives of the crusade against short-termism, Empresas Copec launched a Long-Term Committee. Led by the company's CEO, Eduardo Navarro, its goal is to promote deep and sustained reflection on social, environmental, and economic challenges, raising priority issues for current and future society, and analyzing the possibility of implementing them.

On this occasion, Empresas Copec roundtable brought together five members of this committee to share ideas and experiences on the importance of having a long-term vision and its impact in different areas.

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long term a practice that must be exercised with a certain thoroughness. In this sense, we are much more susceptible to making mistakes, that is, not stopping at the right moment, not reflecting at the right time, not giving it the context you should have because you were rushing.

And it is important to note that doing so is a luxury in a society where, perhaps due to different constraining conditions, people in general are unable to have that space.”

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Empresas Copec roundtable.

This new edition featured Ignacio Briones, president of Horizontal and former Finance Minister; Maite de Cea, Vice-Rector of Research and Innovation at Universidad Diego Portales; Tomás Dittborn, partner at Parrhesia; Aldo Mascareño, senior researcher at CEP and editor of the journal Estudios Públicos; and Carolina Torrealba, Vice-Rector of Research and Doctoral Studies at Universidad Andrés Bello.

The meeting was hosted by Francisca Riveros, Chief Communications Officer at Empresas Copec.

The question “What does it mean for you to think long term?” opened the conversation. For Carolina Torrealba, it is an indispensable habit. “The context of immediacy, where you have many thoughts in your head every day, makes thinking

For his part, Aldo Mascareño states: “I agree that it is a luxury, because it seems to me that the present that each of us faces on a daily basis is confining, it locks you in, it focuses you on one issue, on completing one task, on doing something, often two or three things at the same time. So, having time in the day, in the morning, in the evening, or at some point, to think long-term is something that frees you from that confinement of the present, of completing the task. And it's something that opens up your perspectives, a horizon, that takes you out of that immediacy, out of that confinement. And allows you freedom. That idea of an open future is tremendously liberating from the pressure that each of us has in the present.”

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Maite de Cea Vice-rector of Research and Innovation at Universidad Diego Portales.

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that we have to fight hard against action in order to create the space that gives us the calm to be able to reach that long-term thinking.”

Maite de Cea agrees and states: “I think we can't exempt ourselves from the short term.

In other words, the short term is there and we cannot escape from it. On the other hand, what the long term does is open up thousands of possibilities, and that endless array of possibilities effectively makes us freer. If you take a long-term view, you have time to observe, plan, forecast, anticipate reflectively, and this can be with one purpose or with many possible purposes.”

Tomás Dittborn adds: “Thinking long term requires a certain calmness; it is somehow a counter-intuitive act, because we are living in such dynamic times where it is very difficult to achieve this calmness. However, it is a requirement for being able to pay real attention, to reflect on possible futures, which is also difficult because we constantly have too many distractions in all areas of our lives. I believe, then,

Ignacio Briones comments: “Thinking long term, in a way, means having projects, and they require a certain capacity for abstraction, for imagining a future scenario without necessarily knowing what will happen in between. Therefore, in that imagining, which involves abstracting, reasoning, and thinking, there is an inherent component of risktaking. On the other hand, human beings are set up to have a present bias. In other

The question “What does it mean for you to think long term?” opened the conversation. words, we have our animal side, where the most short-term thing of all is our instincts: living day to day, surviving. Human beings, however, have a crucial difference from any other living being or animal species, and that is their capability to reason. But that requires effort, so thinking long term always involves some kind of sacrifice, and it is hard for us to sacrifice things because we want everything here and now. That is why it requires abstraction, an analytical framework, and also a fundamental virtue, which is prudence, in order to properly balance the short term, which is vital, with the long term, which is also vital.”

_ in the photo:

Ignacio Briones President of Horizontal and former Finance Minister.

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of degrowth, for the sake of preserving our resources untouched for tomorrow while at the same time there are people living in poverty, is immoral. So we have to combine the two and find a way to make the company sustainable.

And, on the other hand, as I said before, any long-term project involves risk, and the stamp of an entrepreneur, unlike a landlord, is to invest in projects that involve risk. And that means that sometimes they can fail, which makes decisionmaking even more difficult. But that is what sets an entrepreneur apart from someone who simply lives off their wealth and the income it generates.”

Long-term vision in an organization How important is it for companies or institutions in general to have a vision for the future? Everyone agrees that it is essential. Ignacio Briones asserts: “One must necessarily consider how my decisions affect the company and society today and tomorrow. The question is how to prudently balance both issues. At one end I can make the short-term ‘move’ and close the company. At the other end one would say I'm going to give up everything, I'm going to live in misery in pursuit of a future reward. You would think that such a person is not prudent.

And that also applies to discussions about our environment, natural resources, and business decisions. However, the extreme view of ‘let's not touch anything,’

Carolina Torrealba adds: “I believe that any institution has to be constantly looking at the long term. A company, a university, the state.

They must build possible scenarios, weighing up freedom, prudence, risk, but also imagination as a fundamentally human act, whatever that business may be, in the broadest sense of the word.”

Meanwhile, Maite de Cea links the long term in a company with its reputation. “I believe that the long-term forces you to think about the impact you have on your environment: on your employees, your customers, communities, society, etc. And ultimately, that helps you build your corporate reputation. You may do badly at a given moment, but if you have a long-term vision, you can develop a seal that protects you as a company and you end up generating economic and social value. I believe, then, that long term allows you to make mistakes in the

_ in the photo:

Tomás Dittborn Partner at Parrhesia.

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short term, that is, to overcome certain uncertainties, because what guides your work is that long-term view.”

Aldo Mascareño adds: “I think a distinction must be made between exploitation and exploration. Exploitation has to do with the company's core business, with doing what it is expected to do and doing it well, thereby eventually earning its reputation or material resources and sustaining itself over time.

But exploration is essential for the future. Because if you get stuck in exploitation, you may have a ‘gold mine’ right next to you and not realize it, precisely because you are trapped in your own operation, doing things as you have always done them, without realizing that next to you there is another way of doing things, another space to explore, which is what will sustain you in the future. I believe that this capacity for exploration is fundamental, it is new, it is innovation, and it is what allows you to remain sustainable over time.”

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Tomás Dittborn says: “I don't like to make generalizations, but there is a very strong temptation to act in the short term in the institutions of our society. Well, to begin with, politics, by definition, as the institution that governs us, is very strong, and so is the world of private businesses. There is a low valuation or esteem for postponing the present for a future benefit, because that future benefit is more shared than personal. When it is personal, it is a sum of the somehow immediate present. When we are able to project ourselves with or together with others, particularly with future generations, that is when we can begin to value and compensate for postponing the present. Although I feel that this view, this belief, is still not very widespread in our society.”

_ in the photo:

Carolina Torrealba Vice-rector of Research and Doctoral Studies at Universidad Andrés Bello.

Ignacio Briones adds: “If you accept that thinking long term involves taking risks, and that risktaking is what defines an entrepreneur, then you should agree on two things. First, that thinking long term is characteristic of all entrepreneurs. Second, that it is essential for companies to encourage their executives to think long term, which also means being tolerant of their failures when they are exploring. In other words, it means lowering the discount rate, the risk premium, for those people in the organization who are exploring a project that may or may not work out. But that is a rule that is institutionalized. That is, you explore, and I perfectly understand that sometimes it will fail, but other times it will work out. And when you fail, don't worry, let's learn from the mistake and move on to the next one. In the end, the long term is about taking risks, and the way you encourage and adequately manage that risk-taking is the key.”

Education and the political system were the most frequently cited examples to illustrate the lack of a long-term vision in Chile.

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permanently postponed because their solutions are for the long term. A clear example is education, where we have already seen that the first four years of life are crucial, with plenty of evidence, reflection, and consensus on the matter, but we continue to do nothing about it.”

_ in the photo:

Aldo Mascareño Senior Researcher at CEP and editor of the journal Estudios Públicos.

Short-termism at its finest According to the participants in the roundtable discussion, there are many tangible examples of a lack of long-term vision in different areas of society.

In this regard, Tomás Dittborn states: “I am struck by the existence of good reflections and determination of important problems, which, however, are just left behind,

Maite de Cea adds: “In addition to education, there are environmental issues and climate change adaptation, such as water scarcity, which are problems that require solutions that are not for the short term. We need to think about strategies for 20 or 30 years. The same is true in politics and in the fragility of democratic coexistence, the loss of trust, and the weakness of dialogue in the public sphere. We continue to think and act according to electoral cycles that can be even shorter than a presidential term, because in between there are other elections, municipal elections, for example, so we have very short cycles that mean

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that in the end a government does not last four years, but less. We are always thinking about the next election and we cannot get out of that mindset and think about something that is sustainable in the long term.”

Carolina Torrealba comments: “In my case, I have to see how far we are from taking responsibility for monitoring progress in science and technology and understanding how relevant this is for society. We are all concerned about the low birth rate, but this is a phenomenon that has been going on for a long time. And it is not the only problem, because it is not just that we are no longer giving birth, it is rather that in 1900 we had a life expectancy of 30 years, whereas today it is more than 70. At that time, there were two billion people in the world; today, there are eight billion. And all of this is because we have made fantastic technological progresses that we embrace, such as vaccines, antibiotics, and a series of things that simply allow us to avoid death. And that obviously

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brings not only social problems, but also environmental impacts. In 25 years, will we live not 70, but 130 years? That is a possible scenario.

And if so, shouldn't we be looking at promoting birth rates while also considering that our species may be changing in that sense, that institutions are slow, and that technological changes are happening faster and faster? Technological revolutions no longer take 100 years, they take 30, but we still have institutions that are slower to adapt to them. So for me, there is a very macro discussion here, which is difficult to address, but which requires a long-term view.”

Ignacio Briones states: “The issue of climate change, which has to do with a time dimension and intergenerational justice, of how the current generation does not pass on all the net costs to the next one, has a coordination problem. That's because one can agree that it is extremely unfair to pass on the costs to the next generation, but in order for that not to happen, we all have to agree and act in a coordinated manner. That does not happen

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spontaneously. It requires impersonal rules that transcend time. Because in the case you mentioned of education, which is so obvious and so rationally obvious, why does politics not make decisions about it? Because the politician who makes the decision today bears all the costs, and the benefits will be seen by others in 20 years' time. But that can be solved with shared rules that address the coordination problem and make politicians break that bias against making beneficial long-term decisions because of the short-term costs it faces. So, it's not enough for one extraordinary person to have a more long-term bias if they're alone against the world; that's powerless.”

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Aldo Mascareño adds: “I believe that the social unrest is a consequence of not having seen the long-term processes, and today we are in a similar situation: accumulating things, accumulating tensions that in a few years will explode in our faces again. And the question is what needs to be done now to escape that critical future. It seems to me that one of the fundamental issues now is reforming our political system. I believe that is key in a democratic system like ours.”

_ in the video:

Watch a summary of the roundtable.

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What legacy do you want to leave for future generations?

ALDO MASCAREÑO

MAITE DE CEA

SENIOR RESEARCHER AT CEP AND EDITOR OF THE JOURNAL ESTUDIOS PÚBLICOS

VICE-RECTOR OF RESEARCH AND INNOVATION AT UNIVERSIDAD DIEGO PORTALES

“I see it from my work, which is academic, research-based. I hope that will be a legacy, what is written, and an interpretation of the era in which one lives. In other words, a reading of what one saw while alive and had the luxury of reading books, studying, reflecting on what happens to oneself and what happens to others as well.

That's what I imagine. And also the idea that there are horizons for the future and that those futures are always open. You can imagine yourself in an ideal future and at the same time think about what you should do today to reach that ideal future. That is a longterm approach that challenges you in the present, because if you imagine an ideal future that you want to leave behind, like a text, a book, I don't know, something like that, a diagnosis, then what are you doing today to achieve that? That is the question that each of us could also ask ourselves.”

“From my role at the university, to try to convey to young people that knowledge, exploration, curiosity, and learning new things are agents of change for the future. Also to reinforce the idea that they can make mistakes, that they can try and make mistakes and try again. To reinforce and promote the importance of thoroughness. Being systematic is better than being talented.

Only some people have talent, but if we teach the thousands of students we have in our universities to be systematic, rigorous, and to work hard, I believe they will have a better future. In short, I would like to convey to them that if they want to leave a significant imprint on what they do, in order to have an impact and contribute to thinking about the future or possible futures, they must be curious, responsible, work collaboratively, and above all, be intellectually generous.”

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TOMÁS DITTBORN IGNACIO BRIONES

PARTNER AT PARRHESIA

“I can't stop thinking about my children. What I want to leave to them. One is individual and social freedom. That is, individual freedom to choose their own path, whatever path they feel makes sense to them. And social freedom to be able to live that path with others. And the other is curiosity to explore, to travel mentally and physically, for knowledge, for creation. Those are the two things I think I would like to leave to those close to me.”

CAROLINA TORREALBA VICE-RECTOR OF RESEARCH AND DOCTORAL STUDIES AT UNIVERSIDAD ANDRÉS BELLO

“I think it has to do with purpose, with working for a purpose. I have worked in institutions that I love, and now I work in an institution that I love, that I admire, a space where I see that the purposes that motivate me have a relevant place. And I think that construction is like a life career. The why, and knowing and dedicating to that life's journey, to building or working, dedicating my main capital, which is my time, my life itself, to something that gives me purpose.”

PRESIDENT OF HORIZONTAL AND FORMER FINANCE MINISTER

“I would love to see a generation, at least in Chile, that has educational opportunities at the level of the deepest development of the imagination. That is, to have life projects that are autonomous, free, diverse, which is what one hopes will be the goal of each person, in their diversity. Some may call it equal opportunity, I would call it the exercise of freedom, which is being able to project oneself and build one's future in the most diverse ways.”

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new campaign by empresas copec:

In an environment defined by immediacy, this new phase of the campaign invites to think differently and take a long-term view.

THINKING OF FUTURE GENERATIONS As part of the “No More Short-Termism” campaign, Empresas Copec recently launched a new communication phase that seeks to deepen this message with a focus on the future and in line with its corporate purpose: “To shape the world for future generations.”

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The scene shows a landscape with a huge tree in the center. When getting closer, different generational groups appear on each of its lower branches, sharing and enjoying life: they talk, play music, and pose for a photograph. At that moment, we hear: “Since the beginning of time, each generation has sought to leave a legacy for the next generation.” As the camera pans up, the upper branches show new images of generations approaching the current one. The voiceover continues: “Since the beginning of time, each generation has sought to enjoy a better life than the previous one.”

Suddenly, the music changes and gives way to a sense of alertness, “until now.” Five children, side by side, are standing on a branch. The camera zooms out and reveals what is really happening: the

_ in the photo:

Eduardo Navarro CEO at Empresas Copec

More than 2.5 million Chileans stopped their daily activities on November 10th to watch the last debate of the first round of the presidential election, according to Kantar Ibope Media. In this debate, the eight candidates at the time, including José Antonio Kast and Jeannette Jara, presented their proposals to the country. It was at this point that Empresas Copec launched a new audiovisual piece that calls for reflection.

“Thinking differently is not a creative slogan, it is an act of courage. It is challenging the obvious, giving up certainties, saying no to short-termism,” says Eduardo Navarro.

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branch is cut, leaving very little space for the protagonists. And it is a very tall tree. The children are at risk. “No more short-termism,” says the voice.

It seemed that this was the end of the message, but the story continues. In the face of despair, a new branch emerges and one of the children reappears, now walking barefoot on a sturdy, firm branch. “For a better future to begin today, #ThinkDifferentThinkFuture,” it concludes.

“We are launching a campaign with a focus on future generations, inviting us to reflect on the legacy we want to leave to those who will come after us,” says Francisca Riveros, Chief Communications Officer at Empresas Copec, about this new phase of the campaign.

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A campaign that does not seek to sell In July 2024, Empresas Copec launched its #NoMoreShort-termism campaign, with an audiovisual piece that sought to shake things up and raise awareness about the risks of short-term thinking, centered on the icon of an hourglass.

Regarding that first stage, Eduardo Navarro, CEO of Empresas Copec, explains: “A few years ago, we made a decision to redefine our corporate purpose. When we started down that path, we were accompanied by a quote from Rabindranath

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Tagore that had a profound impact on us: ‘The one who plants trees, knowing he will never sit in their shade, has at least started to understand the meaning of life.’ These words simply express the depth that inspires us, that guides us, and that drives us to do things better every day. They invite us to work not only for the present, but for a future that we may not reach, but that others will inhabit.”

The importance of taking a long-term view and the relevance of acting now as the focus of the narrative was key: “While we have the ability to choose our future and plan for the long term, we are trapped in short-termism, in the urgent, the immediate,” says Tomás Dittborn, a partner at Parrhesia.

Along these lines, Francisca Riveros adds: “That's why we launched a campaign that doesn't seek to sell anything. It only seeks to share what we believe. We don't show products, we show principles, the value of the long term. We don't invite people to buy a product or hire a service, but to reflect.”

_ the title of the recently released audiovisual piece is: “generations.”

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The challenge was to continue into a new phase that would allow to consolidate the message, integrating new concepts such as “thinking differently.” “When we launched the hourglass, short-termism was not yet established as an issue in public conversation, so we needed to stir things up, unsettle people, and put

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Francisca Riveros Chief Communications Officer at Empresas Copec.

it on the table. Now, with that first phase completed, it was no longer necessary to be so abrupt, but rather to go deepen with a view to the future,” says María Luisa Vicuña, a partner at Parrhesia.

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and the urgency of thinking long term. That is why the new campaign graphically illustrates the breakdown of that hope that had been in place for decades. Putting that breakdown on the table is profound and courageous, because it forces us to take responsibility.”

Thus, a team made up of Empresas Copec Chief Executive Office and the Communications Office, and the consultants Parrhesia and SIMPLE, embarked on a creative journey toward a new concept. According to Tony Sarroca, partner and creative director at SIMPLE, this goal would not be easy: “It required time, evolution in form and substance, and this second stage aims precisely to open our eyes to the greater purpose behind the message.”

_ in the photo:

Francisca Riveros continues: “One of the objectives we set ourselves for this stage was to reflect on the progress of generations and its continuity over time, because although the new generations seem to have access to material improvements and opportunities, studies suggest that they feel more hopeless than ever. The campaign seeks to highlight precisely this contradiction.”

The hourglass was the icon of the first phase of the No More Short-Termism campaign.

From the hourglass to the tree of life

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Tony Sarroca Partner and creative director at SIMPLE.

With the hourglass, the Company sought to evoke a sense of urgency and limitation. Now, the purpose was different: to reflect the fragility of the future, but with a call for hope. Thus, the idea of the tree of life emerged as an icon for this renewed message. “It is a collective symbol that represents generations. By linking it to the idea that one of those branches, the future generation, could stop growing because of short-termism, we achieved a living, emotional symbol that people understand immediately,” says Tony Sarroca.

This is how this second stage aims to maintain the “No more shorttermism” message of the first phase, by highlighting the negative effects of prioritizing immediate benefits over long-term well-being, and showing how the foundations of a sustainable and prosperous future for the next generations are compromised if this mindset persists. At the same time, it incorporates a more positive and

María Luisa Vicuña adds: “For the first time in a long time, we see that those who come after us may have a worse life than the previous generation, which highlights the fragility of our progress 33

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This is how this new ad was created, which was launched exclusively during the presidential debate and is also accompanied by a radio spot that focuses on the differences between past generations and the current one. All of this is part of a powerful 360° campaign that aims to install this new message.

optimistic creative approach, focusing the spotlight on the hopeful future that can be achieved if this issue is addressed in time. In this way, the concept behind it also changes: “Think differently.

Think future.” An invitation to leaders and decision-makers to embrace a long-term perspective.

In this regard, Navarro reflects: “In the business world, we often repeat that innovation requires ‘thinking differently’.

However, we rarely delve into what that really means. Thinking differently is not a creative slogan, it is an act of courage.

It is challenging the obvious, giving up certainties, saying no to short-termism, admitting that our truths, however comfortable they may be, may be incomplete.

It is having the courage to look a little further ahead, even when urgency pushes us forward.”

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Although the Company hopes that the communication campaign will have a national reach, in these early stages it has decided to target elites and decisionmakers, so that they become more aware of the issue and prioritize initiatives and public policies that guarantee a better future for new generations.

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María Luisa Vicuña Partner at Parrhesia.

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Tomás Dittborn Partner at Parrhesia.

Decision-makers at the heart of the strategy With this idea in mind, the question arose: “How can we encourage people to think differently and long-term in such an immediate environment?” Tony Sarroca answers: “We thought it would be a good idea to draw an analogy with the natural progress of humanity. To travel back in history and move forward to the present with a message that shows positive progression. Likewise, to suggest that, for the first time in history, future generations may have a lower quality of life if we do not start acting now.”

In this regard, Francisco Cardemil, partner and account director at SIMPLE, refers to what is behind this definition: “Showing this message in debates and programs linked to public discussion is relevant because Empresas Copec can propose a different point of view, with its own surprising tone, and convene without appropriating the message, showing genuine concern for a national issue.”

He adds: “Real change comes from the elites. They are the ones who can change this short-term mindset that dominates our time, while young people feel anxious because it is not in their hands to bring about these changes.”

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Towards alliances and a change in mindset Following the initial campaign, launched in 2024, several institutions have expressed interest in a collaborative work with the Company.

Tomás Dittborn comments: “In the previous stage, many people we did not expect approached us, just to say that they agreed with the message. The response far exceeded our expectations. Now we hope that people will ask, ‘Why is Empresas Copec inviting us to think about this?’. We want leaders to reflect and take a long-term view in the decisions they have to make every day, and not automatically opt for what will produce well-being tomorrow, but rather what is in line with future well-being.”

María Luisa Vicuña adds: “Many people felt it was a relief that someone had said something with such depth, courage, and responsibility. It was bold, and that is precisely why it resonated so strongly.”

To address these issues, the Company created a LongTerm Committee, which is led by Empresas Copec CEO, Eduardo Navarro, and aims to promote deep and sustained reflection on social, environmental, and economic challenges, raising priority issues for current and future society, and analyzing the possibility of implementing them. The members of this committee are Ignacio Briones, president of Horizontal and former presidential candidate; Carolina Torrealba, vice-rector of Research and Development at UNAB;

_ watch the making of the video “generations” here.

Aldo Mascareño, senior researcher at CEP and editor of the journal Estudios Públicos; Maite de Cea, vice-rector of Research and Innovation at UDP; Tomás Dittborn, partner at Parrhesia; Macarena Puigrredón, partner at Comsulting; Rodrigo Huidobro, CFO at Empresas Copec; and Francisca Riveros, CCO at Empresas Copec.

“With this campaign, we want to mobilize decision-makers to take concrete action toward a better future. Because what we want to establish is that a better society is built when we understand that lasting change requires collaboration and a long-term vision. Empresas Copec aims to shape a better world for future generations. That is the main focus of what we are doing, a goal that requires a collective vision and action,” says Francisca Riveros.

_ in the photo:

Francisco Cardemil Partner and account director at SIMPLE.

“Our call is to decision-makers and opinion leaders to think differently, to think about the future, and to think big. In an environment dominated by immediacy, clicks, algorithms, and instant gratification, we want to take a chance on the unpopular: thinking long term. Because we believe we are responsible for what future generations will inherit, and because we want to be able to say, with honesty, that we tried to leave them a better country. Without conformism. Thinking generously toward those who will come after us," concludes Navarro.

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-

the tree of life:

The purpose of the spot is to reflect on the progress of generations and their continuity over time.

It was launched on November 10, during the last debate of the first round of the presidential election.

360

Soon, it will be joined by a comprehensive campaign that aims to establish this new message.

It is a collective symbol that represents generations.

The tree of life emerges as an icon to reflect the fragility of the future, but with a call for hope.

By linking it to the idea that one of those branches, the future generation, could stop growing due to shorttermism, a vivid and emotional symbol is created that people understand immediately.

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of urgency, and they agreed that shorttermism was a real social problem. Finally, many appreciated that a business holding company was making an effort to position a narrative and influence public debate.

In November, this 360° campaign, which included television, digital media, print media, public spaces, and radio, received the “Memorable Communication and Advertising 2025” award from Marcas Ciudadanas (Citizen Brands) by Cadem, Deloitte, and Diario Financiero.

2025: a year of recognition The TV spot, launched in 2024, sparked a range of reactions among viewers, which were reflected in a Cadem study commissioned by the Company, in which opinion leaders were asked about their perceptions after watching the video.

These leaders represented the political, business, academic, media, social, and cultural worlds. The initiative was described with concepts such as “innovative,” “bold,” “interesting,” and “novel.” The vast majority of respondents considered it to be an intense but necessary message because it conveyed a sense

It also won three Eikon awards for excellence in Institutional Communication, organized by Pontificia Universidad Católica de Chile and Ediciones Gaf: first place in the categories “General Institutional Communication Campaign” and “General Institutional Advertising Campaign,” and third place in “Brand Film of the Year.”

Finally, True Brands acknowledged the Company's efforts by awarding it the prize for the business group with the best corporate reputation in the Empresas Humanas 2025 study.

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COPEC:

90 YEARS POWERING CHILE'S ADVANCEMENT In 1935, Copec took its first steps, driven by a conviction that remains intact 90 years later: to be at the service of Chile and its people.

Three historic leaders of Copec -Baltazar Sánchez, Jorge Bunster, Lorenzo Gazmuri- and its current CEO, Arturo Natho, review the milestones, challenges, and lessons learned that have shaped Copec's journey since 1935. Here, they recall their years at the helm of a company that has managed to connect Chile, as well as anticipate and adapt to changing times.

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In August 1935, a small, emerging Chilean company carried out its first fuel shipment in Valparaíso and Viña del Mar. Images from that time show how these sales were made, even in wicker-covered containers loaded onto donkeys, reflecting how progress was beginning to make its way into a country very different from today, and where Copec was taking its first steps, driven by a conviction that remains intact 90 years later: to serve Chile and its people.

The first decades of the 20th century witnessed rapid industrialization. That spirit characterized the 86 entrepreneurs who founded the then Compañía de Petróleos de Chile (Copec), which, nine decades later, stands as one of the most recognized and beloved companies by Chileans.

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At the end of the decade that saw the birth of Copec, the fuel supply network only extended between Coquimbo and Magallanes, but today it covers the entire country, from Arica to Puerto Williams. With more than 690 service stations, 480 convenience stores, and over a million customers daily, the commitment to serve with passion remains one of the constants in this 90-year history.

Throughout its history, the company has been led by different generations of executives who have shared the same vision of service and long-term thinking. In recent years, that role has fallen to Arturo Natho, Copec's CEO since October 2017.

“Reaching 90 years is a source of pride and also a great responsibility,” says Natho, emphasizing that the vision for the future today is focused on the evolution of the energy market.

“Our history has been one of accompanying the country's development, with a forward-looking approach and a deep commitment to service.

Today, it is our responsibility to maintain that essential role, but also to lead the transition to new energy sources,” he reflects.

But to reach this point, there were other key players and contexts.

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During its first decades, the company not only distributed fuel but was also part of the territorial integration process. In 1956, it participated in the creation of Sonacol, the company that made possible the construction and operation of the oil pipelines that supply the central region of the country. A year later, it built the Mobil lubricants plant in Las Salinas, Viña del Mar, a symbol of industrial progress and a technological alliance that allowed the country to refine and produce supplies locally.

1965 saw a milestone that would mark the early installation of a new concept in Chile: Rutacentro, the first public restroom on the highway, was inaugurated, which years later would lead to the introduction of convenience stores with complementary services along the route, transforming the travel experience. Families

The origins: a company for Chile The years following its foundation represented Copec's consolidation in a venture that was more about the country than commercial. In a scenario of economic growth and modernization of national infrastructure, Copec took on an early mission that went beyond energy safety and ultimately translated into supporting Chile's development.

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no longer just filled up with fuel, but also found a clean, well-lit, and friendly service area that made their journey more comfortable.

That spirit of service -combining efficiency, innovation, and closeness- began to forge an identity that, over time, would become part of the brand's DNA. Copec was more than a fuel company; it was a company in people's daily lives.

Amid a complex financial situation, the Angelini Group's entry into Copec in the mid-1980s provided new momentum and a long-term vision.

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“When the Angelini Group arrived, we were able to implement all the strategies we had been planning, thanks to its solid financial position,” recalls Sánchez. “We set out to regain trust, modernize the gas stations, and create a customer service culture that place the customer at the center. We wanted people to feel that Copec was a reliable, clean, well-serviced place, part of their everyday lives,” he adds.

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Sánchez himself sums it up as follows: “The great contribution of that stage was to demonstrate that a Chilean company could compete on equal terms with multinationals, and do it better.

We had the audacity and strategy to be located in the best places, but our hallmark was the excellence of our service,” he says.

“First in Service” is born The 1980s brought major challenges and a turning point in the company's history. Amid a complex financial situation, the Angelini Group's entry into Copec in the mid-1980s provided new momentum and a long-term vision. Baltazar Sánchez, who first arrived as an advisor to the CEO in 1982, took over as CEO after the change in control of the company. He remained in that position until 1990, representing the beginning of a comprehensive modernization process for Copec.

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By the end of that decade, Copec had left the crisis behind and was preparing for a new cycle of growth. With the help of the Angelini Group, the company had regained its financial strength, consolidated its leadership in fuels, and strengthened its identity as one of Chile's most beloved brands.

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Baltazar Sánchez CEO of Copec between 1986 and 1990.

That was when the slogan “First in Service” was born, a promise that transcended advertising to become a work philosophy. The company thus standardized the customer service experience throughout the country, providing training for dealers and service staff, turning each station into a common experience.

The effect was immediate. The brand was strengthened, regained market share -rising from 43% to 50% between 1989 and 1993- and consolidated itself as a benchmark for quality and proximity. Copec became synonymous with service, trust, and modernity, a place where progress met people. The conviction to move Copec forward was based on a simple but powerful idea: it was a strategic decision for Chile's development.

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Consolidation of leadership The following years would be ones of consolidation for Copec's leadership. This process was led by Jorge Bunster, who served as CEO for almost two decades (1990 to 2009). It was a period of expansion characterized -according to his own analysis- by four courses of action that drove value creation and strengthened the company.

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One, perhaps the most crucial, was the incorporation of service stations in strategic locations within the new network of concessioned highways.

“With the highways, many stations were left off the route, so we designed a long-term plan to ensure a presence on those routes,” recalls Bunster. "We negotiated access, selected strategic locations, and planned distances according to traffic flow. When they began operating, Copec already had privileged positions and coverage that was even greater than that of the total market," he adds.

This was accompanied by the creation of the Pronto network, along with the development of a distinctive architecture for its stations; the total integration of the lubricants business; and the beginning of direct fuel imports to respond to the increase in demand driven by the country's growth.

“Copec was, and continues to be, part of the national landscape,” says Bunster, recalling the years he managed the company. “Before I joined

_ in the photo:

Copec, I always looked up to it as a prominent, important company. It was like the ultimate benchmark for Chilean companies,” he notes.

During these two decades, the strategy was clear: “We designed stations that not only worked well, but also contributed to the city and the highway. We wanted them to be welcoming places, with clean bathrooms, good food, and high-quality service. We paid attention to detail because we knew that was what service was all about.”

Jorge Bunster CEO of Copec between 1990 and 2009.

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International expansion The next stage was led by Lorenzo Gazmuri, who opened up new frontiers. In 2010, Copec entered Terpel in Colombia, extending its service model to the entire region.

Years later, with the acquisition of Mapco in the United States, it would consolidate its international presence.

In 2010, Copec entered Terpel in Colombia, extending its service model to the entire region.

“We realized that our competitive advantage was not our assets, but our strategy,” recalls Gazmuri. “And that strategy is based on something very simple: understanding that we serve people. Service, proximity, trust... That cannot be copied. We took it to Colombia and it worked just as well as in Chile. People value good service everywhere.”

During those same years, the company materialized a symbol of that growth: the purchase of its new corporate building, reflecting a

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Lorenzo Gazmuri CEO of Copec between 2009 and 2017.

company that was reaching maturity, consolidating its identity, and projecting its future.

But even then, the foundations were being laid for a transformation that is still underway and that shapes Copec's current path: the creation of Copec Voltex.

Added to this is the creation of the Copec Wind Ventures innovation fund, which now operates in Silicon Valley. “We assumed that electromobility was coming and, therefore, we had to prepare for the mobility of the future,” summarizes Gazmuri.

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The evolution: an ecosystem of services

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And the results speak for themselves. Copec Emoac, the energy marketing company, is already positioned as the second largest company in the area. Copec Voltex,

Today, Copec is undergoing a profound transformation. A strategy supported by three pillars: new mobility, new energies, and new convenience. With this in mind, half of its investments are already being allocated to businesses other than fuel.

Natho considers this decision to be one of the milestones that represent a turning point for the company. “It was a very bold strategic decision, based on a simple but powerful conviction: our main asset is trust and our relationship with customers,” he explains.

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Arturo Natho CEO of Copec.

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a benchmark in electromobility, already has the most extensive electric charging network in South America, with more than 2,200 continuous kilometers and a presence in all regions.

"Electromobility is an irreversible trend, and Copec already holds a leading position. But at the same time, it will continue to play a fundamental role in fuel supply, because the energy transition will be gradual and multiple solutions will coexist. The mobility of the future will be hybrid,

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“At Copec, we exist to empower the mobility of people, companies, and the country,” Natho summarizes. “That combination of passion, consistency, and commitment has been with us for decades,” he emphasizes. combining electricity, biofuels, synthetic fuels, and green hydrogen. Our challenge is to manage that transition and position ourselves for those future scenarios,” says Natho.

“The next stage of convenience goes beyond Pronto, with businesses such as Blue Express, which allows thousands of entrepreneurs to sell their products throughout Chile; Juan Valdez, Streat Burger, Sbarro, and Copec Pay, which offer a modern and seamless experience to our customers," says Natho.

_ in the video:

“At Copec, we exist to empower the mobility of people, companies, and the country,” Natho summarizes. “That combination of passion, consistency, and commitment has been with us for decades,” he emphasizes.

Copec’s 90th anniversary advertising spot.

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copec:

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16

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REGIONS Its coverage spans all of Chile, from Arica to Puerto Williams.

Entrepreneurs founded what was then Compañía de Petróleos de Chile, now Copec, which nine decades later stands as one of the most recognized and beloved companies in Chile.

690 Service stations

90 +1

Convenience stores

MILLION

Years being part of Chile's history

Daily customers

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four moments that reflect

90 years alongside chile

Throughout its history, Copec has been present during the country's most difficult moments. Not only as a company essential to mobility, but also as an organization that understands its social role and responsibility to people. These four stories, told by CEOs from different eras, summarize that stamp.

JORGE BUNSTER CEO OF COPEC BETWEEN BALTAZAR SÁNCHEZ CEO OF COPEC BETWEEN 1986 AND 1990

A DIFFERENT KIND OF FIFTIETH ANNIVERSARY When the 1985 earthquake shook the central region of the country, Copec was preparing to celebrate its 50th anniversary.

“We decided to suspend the celebrations and allocate the resources to support the victims, joining the Chile helps Chile campaign,” recalls Baltazar Sánchez. “We organized an initiative at the service station on Nathaniel Cox and 10 de Julio, from where trucks loaded with roofing materials left to rebuild homes in different affected areas. There was a lot to do, and we felt that at that moment, the important thing was to be with the people,” he adds.

1990 AND 2009

SERVING IN THE FACE OF AN ENERGY CRISIS In the mid-2000s, Chile faced a complex energy situation: restrictions on natural gas supplies from Argentina generated unprecedented excess demand for diesel fuel from power generation companies. “Copec had the experience, infrastructure, and suppliers necessary to respond quickly,” recalls Jorge Bunster. “We made ourselves available to the Ministry of Energy and were part of the plan that allowed us to increase fuel imports and distribution in just a few days. That ability to anticipate and manage contributed to ensuring the continuity of the electricity supply,” he notes.

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ARTURO NATHO CURRENT CEO OF COPEC LORENZO GAZMURI CEO OF COPEC BETWEEN 2009 AND 2017

RESPONDING TO THE COUNTRY'S CALL After the earthquake on February 27, 2010, the President of the Republic, Michelle Bachelet, summoned Copec to La Moneda.

“She wanted to know when supply would be restored in the affected area,” recalls Lorenzo Gazmuri. In the midst of the emergency, the company made a commitment to normalize operations in record time. Despite the difficulties and damage to infrastructure, in just four days, almost the entire national network was restored. “It was very impressive to see how the company mobilized,” he adds. “When your business, which always works, stops working, you realize how essential it is to the country.”

PEOPLE FIRST “The pandemic was a very difficult period, full of uncertainty,” recalls Arturo Natho. “No one knew how long it would last or how it would impact our operations.” Amid this scenario, the board of directors, led by Roberto Angelini, made a key decision: to take care of people. "It was decided that, as a result of the pandemic, no one would leave the company. That determination generated enormous loyalty and a sense of belonging. It was a test that reaffirmed something essential: people are Copec's greatest asset. In difficult times, what makes the difference is not the results, but the way we take care of those who make the service possible," he concludes.

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This recognition reaffirms Copec's role as a relevant brand for the country, supported by the trust and closeness of its citizens, and by a sustained commitment to service, innovation, and energy transition.

90 years building trust: copec is voted chile's no. 1 citizen brand

In the year in which the subsidiary celebrates nine decades of accompanying the country's development, it was ranked first in the Marcas Ciudadanas 2025 study, conducted by Cadem, Deloitte, and Diario Financiero, which analyzed 350 brands considered relevant to society.

In this edition, Copec led the overall ranking, the business leaders segment, and the Service Stations category.

This year also represented a historic milestone, as for the first time, citizens

and business leaders agreed in choosing the subsidiary as Chile's No. 1 Citizen Brand, awarding it two first places simultaneously.

For its part, Pronto Copec was once again voted No. 1 in Convenience Stores, consolidating its leadership and its ability to better accompany people's mobility habits.

It should be noted that, according to the study, people particularly valued the quality of service, consistency over time, responsiveness, and contributions beyond traditional operations.

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mina justa subterránea:

October saw the inaugural milestone of Justa Subterránea, with the first blasting of the access portal to the mine's south ramp.

THE NEW CHAPTER IN A SUCCESSFUL MINING OPERATION With an approximate investment of US$500 million, this project will increase production at Mina Justa, expand its useful lifespan, and also its contribution to local development, promoting mining that combines innovation, efficiency, and commitment to the environment.

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Success that inspires expansion For Erwin Kaufmann, CEO of Alxar, Mina Justa's success can be seen in several areas.

“The most relevant aspect is the shared vision of its partners on how to mine: caring for the environment, strengthening relationships with communities, making a social commitment, with high safety standards for its collaborators and a long-term view,” he says, emphasizing that it is not just about producing copper, but doing so in a sustainable manner.

Since its inception, Mina Justa has been a prime example of modern mining: successful in its execution, responsible toward its environment, efficient in its results and management, and visionary in its outlook. A story that began in 2018 and has demonstrated, over the years, a virtuous community of interests, resulting from the alliance between Minsur -whose main shareholder is one of the most important economic groups in Peru- and Alxar, a subsidiary and mining arm of Empresas Copec.

After four years of operation, Marcobre, the mining company that owns Mina Justa operation, maintains soundness and consistency in its strategy and results, and is now opening a new chapter: Justa Subterránea, an expansion that seeks to extend the lifespan of the deposit, increase production, and strengthen its contribution to local and global development by incorporating new technologies and operational capabilities.

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operation, leaving ample room for further growth. In this scenario, the expansion of Justa Subterránea is a new phase that aims to extract high-grade ore at greater depths, increase fine copper production, and extend the useful life of the operation.

Added to this factor is an exemplary and recognized construction process during its initial development. Mina Justa involved an investment of US$1.7 billion, and work began in March 2020, in the midst of the pandemic. Even in this adverse context, it began production in 2022, two years later, “meeting the original deadlines and budgets, setting a milestone for the global mining industry,” explains Alxar’s CEO. Of the 65,000 hectares of mining concessions they have, only 4,000 are currently in

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Erwin Kaufmann CEO of Alxar.

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“Mina Justa is a strategic project not only for our partners, but also for Peru,” Luis Sánchez points out.

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Luis Sánchez CEO of Marcobre.

A technical and human challenge Justa Subterránea has an estimated investment of US$500 million, and on October 28, its inaugural milestone was celebrated with the first blast of the access portal to the southern ramp of the underground mine, which represents the progress of the project's definition phase.

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The current stage involves the development of the definition engineering, which specifies the infrastructure required to execute the project, including plants for filling caserones, a piping system for accessing water, energy, and communications systems, among others. This is followed by the detailed engineering phase, where the different works and infrastructure are resolved with greater precision.

Once approved by the Board of Directors and the corresponding permits are obtained, construction of the underground mine will begin.

For Luis Sánchez, CEO of Marcobre, this project is much more than a production

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expansion. The biggest challenge is that it is being developed as a brownfield project, that is, within an operation that is already in production, which requires exhaustive coordination so as not to interfere with ongoing operations and production.

It also poses a cultural challenge, says Sánchez, as it requires the incorporation of new skills, different from those required for an open-pit mine. “We must create and strengthen new capabilities within the organization, from design and planning to the development and operation of an underground mine. These are very different skills from those we have today,” he adds.

Sustainability and local development In terms of sustainability, this expansion is driving a significant technological transformation that involves the incorporation of state-of-the-art, highly automated, hybrid equipment capable of reducing fuel consumption and ventilation requirements, thereby lowering the carbon footprint. These innovations enable progress toward cleaner, more efficient, and safer mining, in line with the partners' environmental commitments and their respective sustainability strategies.

Justa Subterránea seeks to extend the lifespan of the deposit, increase production, and strengthen its contribution to local and global development.

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The impact of the project goes beyond production.

Currently in the definition stage, Justa Subterránea already generates more than 400 direct jobs, a figure that will increase considerably as the work moves forward. It should be noted that Mina Justa currently employs 4,500 people, including its own staff and contractors. Added to this is a multiplier effect on the local economy, with the activation of accommodation, food, transportation, and supply services, typical of a project of this magnitude.

Marcobre maintains constant engagement with the surrounding communities, promoting programs in health, education, technical training, and skill development. This social commitment, in place since the beginning of the operation, is reinforced by the underground expansion,

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forecasting new opportunities for regional development.

Justa Subterránea not only extends the lifespan of a mine, but also strengthens and promotes a shared vision: that of mining where it is possible to combine profitability with innovation and a commitment to the environment and communities. Because when success is built with purpose and a long-term vision, there is always a new chapter to be written.

According to Luis Sánchez, the same high standards are being replicated in the underground project “in terms of health, safety, the environment, and communities.”

Meanwhile, Erwin Kaufmann highlights the increased use of desalinated seawater, reinforcing the environmental commitment. “Our group is committed to the energy transition, to giving new generations more opportunities and a better quality of life. In this regard, copper production contributes in a tangible way to mitigating the impact of global warming,” he says.

“Mina Justa is a strategic project not only for our partners, but also for Peru,” Sánchez points out. And with good reason: this initiative plays a key role in generating employment, boosting the local economy, and promoting social welfare, especially in areas with a strong mining tradition, such as the city of Marcona.

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The current stage involves the development of the definition engineering.

This stage specifies the infrastructure required to execute the project, including plants for filling caserones, a piping system for accessing water, energy, and communications systems, among others.

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OCTOBER

Its inaugural milestone was celebrated with the first blast of the access portal to the underground mine.

This is followed by the detailed engineering phase, where the different works and infrastructure are resolved with greater precision.

Once approved by the Board of Directors and the corresponding permits are obtained, construction of the underground mine will begin.

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abastible and teletón:

CHILE STANDS UP In its first year as an official sponsor of the initiative, the subsidiary reaffirms its commitment to people, inclusion, and the entrepreneurial spirit that drives Chile.

On November 28 and 29, Teletón 2025 took place, the charity campaign that unites the entire country in support of the rehabilitation of children and young people in the foundation's institutes. Once again, millions of people mobilized with the same goal: to show that when Chile comes together for a cause, no goal is impossible.

In its first participation as a sponsor, Abastible became part of the spirit of solidarity that brings Chileans together, with the enthusiasm of its teams in the field and the commitment of thousands of families. Its contribution of $451 million was part of the final total of more than $44 billion, bringing the company's energy and purpose to a cause that mobilizes and inspires the entire country and, once again, exceeded its goal.

Supporting Teletón is directly linked to Abastible's purpose: to empower the entrepreneurial spirit, because both causes share the same conviction: to encourage people to develop their full potential and open up opportunities so that no one is left behind.

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With 50 years of history, the Constitución Mill now supplies its pulp to markets around the world. from the inside

50th anniversary of the arauco constitución mill:

HALF A CENTURY PROMOTING REGIONAL DEVELOPMENT Considered the heart of ARAUCO's pulp business, the Constitución Mill has been an example of contribution to local development and the community, which is evident in cultural, sports, and educational programs that have accompanied the lives of thousands of families in Maule.

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Meanwhile, the Chairman of the Board, Matías Domeyko, adds to this the long-term vision, the ability to adapt, and the skill to integrate the forestry industry with manufacturing and renewable energy, while maintaining a deep connection with the environment. "In this sense, we have been able to combine technology, environmental improvements,

1975 was the year that saw the end of the Vietnam War, the launch of the Viking 1 probe to Mars, and the founding of Microsoft, among other global milestones. In Chile, the escudo was replaced by the peso as the national currency, economist Milton Friedman visited the country, and the Santiago Metro was inaugurated.

Meanwhile, in a quiet coastal town in the Maule Region, the Constitución Mill began operations. This event, which transcended the strictly industrial sphere, was the starting point for the transformation of the local economy and also for the identity of an entire territory.

In half a century of existence, this impressive facility has been an example of how a local mill has been able to modernize, adapt to change, and remain at the forefront in the face of emerging challenges. Always linked to the growth of ARAUCO and the development of the forestry industry, over the years it has become a fundamental cornerstone of the development of the city and the region.

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A global benchmark Today, the Constitución mill is at the heart of ARAUCO's pulp business. It reaches markets around the world with its unbleached softwood pulp -or raw pulp- made from radiata pine wood sourced from responsibly managed local forests.

“Our UKP pulp is internationally renowned and has a direct impact on industries as diverse as packaging in Asia and fiber cement in the Americas. These products, intended for uses where resistance and functionality are essential, such as industrial bag paper, cement bags, packaging, and corrugated cardboard, highlight the work of our people and the quality of our resources," says ARAUCO's CEO, Cristián Infante.

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Matías Domeyko Chairman of the Board of ARAUCO.

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and the generation of local value.

This consistency between growth, innovation, and community commitment has allowed us to consolidate our position as a global benchmark in the sustainable forestry sector," he emphasizes.

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For almost 20 years, Karin Henríquez has witnessed and participated in the company's evolution in this area. She arrived in 2005 as an external consultant for the implementation of the ISO 14000 standard and the following year she joined the team of collaborators, taking charge of the effluent treatment project. Today she is the plant's Environmental Superintendent.

Pioneers in environmental protection In fact, the Constitución mill has continuously innovated in sustainability, placing itself at the forefront of environmental protection. Among its initiatives, the implementation of one of the first national odor control systems in the 1990s stands out. Currently, its environmental management allows it to reuse more than 80% of its waste and generate renewable energy from biomass.

Currently, its environmental management allows it to reuse more than 80% of its waste and generate renewable energy from biomass

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Cristián Infante CEO of ARAUCO. 61

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Good neighbors The commitment to contributing to local development is also evident in cultural, sports, and educational programs that have been part of the lives of thousands of families in Maule for five decades. The river park, cultural center, library, municipal theater, heated swimming pools, waterfront, and other projects are examples of real and tangible contributions. The Constitución School, which since its creation in 1980 has been recognized for its high academic standards and comprehensive education of its students, is perhaps the most emblematic project.

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Constitución Arauco Library, one of the initiatives of the post-earthquake reconstruction plan, in which ARAUCO participated.

“I experienced the transition from a time when there weren’t many environmental regulations to what we have now, but this mill has always been a pioneer. It was never difficult to implement the standards that were enacted, as there was a culture of environmental protection and concern for the well-being of the community,” she says, noting that this approach has led to process optimization, reduced impacts, and a focus on continuous improvement.

In short, the presence of the mill “has boosted local suppliers, social infrastructure, and technical education, contributing to the sustainable development of Maule and Chile’s leadership in exports,” says Matías Domeyko.

Cristián Infante adds that being a stable employer, generating direct and indirect opportunities for thousands of families, “has also helped the mill not to be seen as an external entity, but as part of the life of the city.”

The impact on the community is also reflected in the contracting of transportation, logistics, food, accommodation, and many other essential services for

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Karin Henríquez Superintendent of Environment at the ARAUCO Mill.

the city. “An example of this is our report on purchases of local goods and services, which in 2024 reached more than US$64 million. In other words, we are a relevant player in job creation, attracting suppliers, and promoting a local economy that today has solid productive chains,” emphasizes Infante.

On the more challenging side, the earthquake and tsunami of February 27, 2010, were a

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people who, directly or indirectly, contribute daily with their work and dedication, have been a fundamental cornerstone in the development of the mill and in strengthening its role. Karin Henríquez points out that “every day is different here, everything is very dynamic, and there is a very good working environment, with a lot of teamwork.”

Karin was the first woman in the Operations area and now works in a cross-functional department, which has given her an overview of the processes and how they have been professionalized and refined.

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Arauco Theater, one of the initiatives of the post-earthquake reconstruction plan, in which ARAUCO participated.

difficult milestone for the region and for ARAUCO. “However, it was also a turning point,” reflects the CEO. “The plant was rebuilt thanks to the commitment of its workers and its ties to the community, demonstrating resilience and a sense of purpose. That experience reinforces the idea that our growth must always go hand in hand with the well-being of people and the environment."

The Sustainable Reconstruction Program, implemented by the company after the disaster,

was made possible thanks to the committed participation of the community. This plan resulted in a portfolio of 28 projects and an investment of more than $80 billion.

Undoubtedly, the commitment and performance of the 3,500

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Since its creation in 1980, the Constitución School has been recognized for its high academic standards.

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A new beginning Pride, gratitude, and forward-looking are the feelings with which Cristián Infante defines the current moment: "Pride in having reached 50 years of life for a mill that has been a pioneer in the history of ARAUCO and the region. Gratitude to all the workers who have built this history, to the families who have accompanied us, and to the community of Constitución, which has been part of this journey. And forward-looking, because this anniversary does not represent an end, but a new beginning. We will continue to strengthen the mill, investing in innovation and sustainability, and building, from Maule, a bridge between the forest and people, between innovation and care for the environment, between Constitución and the world."

“We have reached 50 years and hope to continue celebrating many more, always growing alongside Constitución,” says Matías Domeyko.

Looking ahead to the next 50 years, Matías Domeyko assures that the path forward is to reaffirm the company's commitment to Constitución and its people. "The focus is on sustainability, with carbon-neutral operations and a circular economy; innovation, expanding product specialization and process efficiency; and local commitment, strengthening ties with the community, promoting employment and training. We have reached 50 years and hope to continue for many more, always growing alongside Constitución."

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arauco constitución mill

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Implementation of one of the first national odor control systems.

constitución maule region

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The impact on the community is also reflected in the contracting of:

Transportation, logistics, food, accommodation, and many other essential services for the community.

Always linked to the growth of ARAUCO and the development of the forestry industry, over the years it has become a fundamental cornerstone for the development of the city and the region.

The Constitución mill is at the heart of ARAUCO's pulp business.

This is significant in terms of job creation, attracting suppliers, and promoting the local economy.

It reaches markets around the world with its unbleached softwood pulp -or raw pulp- made from radiata pine wood sourced from responsibly managed local forests.

2024

Purchases of local goods and services reached more than:

US$

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empresas copec:

It was a day defined by long-term vision, innovation, and a commitment to creating sustainable value for future generations.

INVESTOR DAY 2025: CREATING LONG-TERM VALUE The event brought together investors, financial analysts, and Group executives to discuss the strategic projects that Empresas Copec is promoting in natural resources and energy.

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“Today, there is a consensus that companies need to communicate, keeping the market informed of their decisions and avoiding surprises. That is why we offer this space where investors and analysts interact not only with the finance departments, but also with those who lead the business lines,” says Rodrigo Huidobro, Chief Financial Officer of Empresas Copec, explaining the purpose of Investor Day. At 9:00 a.m. sharp, in a packed conference center in Santiago's business district, the meeting began with a video presentation. “At Empresas Copec, we are nonconformists,” said the Group's CEOs in the recording, referring to the projects they are working on and their shared conviction to innovate, strive

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A summary of EC Investor Day 2025

for excellence, and always maintain a long-term vision for their businesses.

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Speakers at this year's event: Iván Chamorro, Senior VP of Forestry and Pulp at ARAUCO; Leonardo Ljubetic, Chief Development Officer at Copec; Eduardo Navarro, CEO of Empresas Copec; Luis Sánchez, CEO of Marcobre; and Filipe Henríquez, CEO of Gasib.

After that initial message, Eduardo Navarro, CEO of Empresas Copec, took the floor and unveiled the pillars that guide the Company's roadmap for the coming years. Then it was the turn of the executives from Copec, Marcobre, Abastible, and ARAUCO, who delved into the priority initiatives they will be promoting in their different business areas.

The nearly 200 attendees, including analysts and institutional investors from Chile and abroad, as well as directors and executives from the Group, followed the

presentations and had an in-person and online space to ask questions and delve deeper into the topics presented. Thus, the event moved from a global strategic vision to a more operational perspective, allowing participants to understand both the overall framework and the specific priorities of Empresas Copec and its subsidiaries.

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Based on this, he detailed the criteria that guide the Company's capital allocation, with a focus on natural resources and energy sectors. These included a commitment to projects that generate an adequate return for their level of risk; businesses where it is possible to transfer operational capabilities and generate synergies between subsidiaries; a balanced combination of development and acquisitions according to market cycles; and active portfolio management that considers divestments when such assets can capture greater value in the hands of other operators.

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Finally, when addressing the generation of future value, the CEO said that the priorities that will drive the Group over the next three years are ARAUCO's Sucuriú project, Marcobre's Justa Subterránea, and the initiatives related to the energy transition led by Copec and Abastible.

These lines were developed in subsequent presentations.

In terms of value preservation, Navarro mentioned that Empresas Copec drives its operations through crosscutting innovation processes, the sustainability of its activities, solid governance systems, and a determined focus on creating social and human value.

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Eduardo Navarro, CEO of Empresas Copec, unveiled the pillars that will guide the company's roadmap for the coming years.

Empresas Copec: long-term vision Financial prudence, an emphasis on profitability, and flawless execution will be the focus for moving forward with Empresas Copec's priority businesses in the coming years. This was stated by Eduardo Navarro in the first presentation of Investor Day 2025.

In 20 minutes, the executive answered three key questions: how EC invests for the long term, how it preserves the value created over time, and what new initiatives will generate value for the holding company in the future.

“In everything we do, we seek to maintain the long-term vision that we have held throughout our corporate history and that will drive us forward,” said Eduardo Navarro.

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The meeting was designed as a space to share milestones, explain operational decisions, and showcase the management that characterizes each subsidiary.

Leadership in different sectors This year, unlike last year, Investor Day focused on the evolution of ongoing projects rather than the global strategies of the subsidiaries. “After assessing where the market's main interest lay, we decided to focus on delving deeper into the projects we are currently executing, which are the ones that generate the most questions,” said Cristián Palacios, Director of Finance and Investor Relations at Empresas Copec. The aim was to provide up-to-date information that would allow to assess their impact on the Group's performance.

“The main thing is for investors to see how the projects are moving forward, the good execution behind them, and how they generate value,” added Olivia Tafra, head of the same department, and the host of the event.

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In this vein, the meeting was designed as a space to share milestones, explain operational decisions, and showcase the management that characterizes each subsidiary.

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within budget, with 32.1% of the work completed as of October 2025. This figure represents a favorable deviation of 5.1% from the projection. Operations are expected to begin in late 2027.

Once operational, the mill will enable a significant increase in production scale and greater geographic diversification.

Sucuriú: the power of large scale On time, within budget, and with quality. That was the key message conveyed by Iván Chamorro, Vice President of Forestry and Pulp at ARAUCO, when presenting the progress of the Sucuriú project in Brazil.

This is the largest investment in the history of Empresas Copec, involving the construction of a pulp mill with an annual production capacity of 3.5 million tons. Chamorro reported that the project is on schedule and

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Iván Chamorro, Senior VP of Forestry and Pulp at ARAUCO, presented the progress of the Sucuriú project in Brazil.

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Mina Justa: developing key minerals for the future “I am going to explain why we believe Marcobre is in the right commodity at the right time.”

With these words, Luis Sánchez, CEO of the subsidiary, began his presentation and added: “Our goal is to transform minerals into well-being for humanity, and we are ambitious: we want Mina Justa to be a perpetual copper production machine,” referring to his long-term vision.

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In his presentation, he described the progress of Justa Subterránea in Peru, an initiative that will increase copper reserves at Mina Justa by 30% and its useful lifespan by four to five years, in a favorable scenario for the metal, given its importance in the energy transition and technological development. With an investment of around US$500 million, it will become the secondlargest underground mine in Peru.

Copec and Abastible: driving the energy of tomorrow Both subsidiaries are expanding their capabilities to move forward with cleaner and more efficient energy solutions. Their presentations showed how each company contributes, from their area of expertise, to the same strategic direction, aimed at setting the standard in the transformation of the energy sector.

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This year, unlike last year, Investor Day focused on the progress of ongoing projects rather than the global strategies of the subsidiaries.

Leonardo Ljubetic, Copec's Chief Development Officer, addressed the subsidiary's vision of leading the energy transition in Latin America and outlined the initiatives they are implementing in electromobility, renewable energies, and new technological models. “We want to create value by taking advantage of opportunities driven by changes in consumer behavior, sustainability priorities, emerging technologies, and evolving market dynamics, expanding into new markets and customer segments. We are exploring development options

Luis Sánchez, CEO of Marcobre, described the progress of Justa Subterránea in Peru.

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For future generations “In everything we do, we seek to maintain the long-term vision that we have held throughout our corporate history and that will drive us forward for generations to come,” said Eduardo Navarro, CEO of Empresas Copec, at the close of the event. His message reaffirmed the importance of making responsible and consistent decisions, especially in a context of constant transformation in the sectors where the Company operates.

After the meeting, Rodrigo Huidobro, CFO, elaborated on the approach they wanted to share with their guests: “We seek to convey our business philosophy

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Leonardo Ljubetic, Chief Development Officer at Copec, discussed the subsidiary's vision of leading the energy transition in Latin America.

to the market: investments that seek to generate long-term value in sectors where we have competitive advantages, supported by constant innovation, prudent financial management, and a significant contribution to our sorroundings.” The executive also highlighted the positive evaluation of the Investor Day: “The reception of the event has been very favorable. Therefore, we aim to continue organizing it in the future, hopefully each time in a better way, as part of our ongoing quest to incorporate global best practices into our interaction with the market.”

In this way, the Company is mapping out a path where transparency, financial discipline, and innovation will continue to be the cornerstones for sustaining responsible, long-term growth that is mindful of the legacy that will be inherited by future generations.

in energy, convenience, and mobility, which are the activities where we have competitive advantages,” said the executive.

“There are multiple opportunities for cross-learning between Latin America and Iberia, from which Gasib and Abastible are already reaping benefits,” said Filipe Henriques, CEO of Gasib, who detailed the opportunities Abastible sees from its investment in Europe. This milestone has allowed the subsidiary to expand its share in the distribution of liquefied gas, a fuel that plays an important role in the energy transition as it is clean, accessible, and affordable, reinforcing the alignment of the business with the long-term vision of Empresas Copec.

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Filipe Henríquez, CEO of Gasib, detailed the opportunities that Abastible sees arising from its investment in Europe.

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Attendees, analysts and institutional investors from Chile and abroad, as well as directors and executives from the Group, followed the presentations inperson and online.

Empresas Copec outlined the key areas that will guide the company's roadmap for the coming years.

Marcobre: Justa Subterránea.

US$

ARAUCO: Sucuriú pulp mill.

Abastible: Opportunities at Gasib, its investment in Europe.

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Tons of annual production.

In investment, it will become the second largest underground mine in Peru.

Copec: Leader in the energy transition in Latin America.

Electromobility, renewable energies, and new technological models.

This milestone has allowed it to expand its share in the distribution of liquefied gas, a fuel that is relevant in the energy transition.

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striving for excellence

They were honored at the Alas20 Awards in the Investor Relations category, an initiative that recognizes organizations in Latin America and Spain that

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In addition, Rodrigo Huidobro was awarded first place in the Best Chief Financial Officer category in the 2025 edition of Marcas Ciudadanas (Citizen Brands), a study conducted by Cadem, Deloitte and Diario Financiero that highlights the companies and leaders best evaluated for their contribution, consistency, and impact on people's lives. This milestone underscores the strength, rigor, and strategic vision with which he has guided the Company's financial performance.

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In 2025, Empresas Copec's Finance and Investor Relations team received several awards that reflect its commitment to best market practices and its ability to consolidate management excellence.

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Finance and Investor Relations Team at Empresas Copec.

stand out for their leadership and transparency in the public disclosure of information on sustainable development practices, investor relations, and responsible investments.

They also received important mentions in Institutional Investor 2025 in the categories of Best CEO, Best CFO, Best IR Program, Best IR Team, and Best IR Event, which demonstrates the high standard of the team and its ability to maintain a solid, timely, and professional relationship with the financial community.

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Rodrigo Huidobro, Chief Administration and Finance Officer at Empresas Copec, receives the 2025 CFO of the Year award.

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empresas copec is recognized for its corporate governance

practices.

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For the seventh consecutive year, Empresas Copec received the La Voz del Mercado (Voice of the Market) award for Best Corporate Governance Practices, a distinction that is particularly significant given its origin: the direct perception of the main market players regarding the most traded companies on the stock exchange.

La Voz del Mercado evaluates IPSA companies according to five pillars of corporate governance: Business Strategy, Control Environment, Transparency, Fair and

Equal Treatment of Shareholders, and Sustainability Management. Its evaluations come from directors, managers, investors, capital market analysts, risk rating agencies, and academics. For this reason, it is considered an award granted by the actual ecosystem in which the companies operate.

This recognition reaffirms Empresas Copec's commitment to international best practices and its dedication to maintaining an open, responsible, and long-term relationship with the market.

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Maurizio Angelini and Karin Jürgensen, board members of Empresas Copec, during the La Voz del Mercado 2025 recognition ceremony.

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The relationship between Copec and Los Cóndores developed organically, motivated by the certainty of supporting a long-term project. with the people

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EMPOWERING THE FLIGHT OF LOS CÓNDORES TOWARDS THE WORLD CUP The Empresas Copec subsidiary reinforces its commitment to sport and future generations by accompanying the Chilean rugby team on its historic journey to the 2027 World Cup in Australia. An alliance based on shared values and a long-term vision.

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In sports, as well as in large projects, progress is the result of discipline, perseverance, and a shared conviction. That is why, when Chile celebrates Los Cóndores' historic second consecutive qualification for a rugby world cup, the achievement transcends the field, reflecting progress, maturity, and the courage to challenge limits.

That spirit is also at the heart of Copec, a company whose purpose of “empowering the development and mobility of people, companies, and the country” has found a natural ally in sports. Over the years, the company has supported several initiatives that promote collective effort and forecast inspiring stories. Rugby joins this path, not only because of its results in recent years, but also because it embodies values deeply connected to Copec's identity, such as respect, resilience, commitment, and long-term training.

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The evolution of Chilean rugby In recent years, the development of this sport in Chile has undergone a significant transformation. The turning point came in 2022, when Chile defeated the United States in Denver and qualified for the World Cup for the first time. Since then, the team has ranked among the top 20 in the world, with a model that combines results, training, and a powerful sense of purpose.

That growth was evident again in September this year, in the playoff against Samoa for the 2027 World Cup in Australia. After a 32-32 draw in the first match, the decisive game in a packed Sausalito Stadium ended 31-12, securing the team's second qualification for the world championship and confirming its competitive momentum, as it now moves forward with steady steps and renewed ambition.

Specifically, this collaboration has translated into financial support, joint activations, commercial campaigns, and greater visibility for the team.

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He adds: “This sponsorship is not based on a specific result, but rather on admiration for a team that embodies the power of collective effort and constant improvement.” This relationship seeks to highlight the silent work behind the growth of Chilean rugby and project its impact onto new generations.

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Copec executives alongside members of the Los Cóndores team at ENADE 2025, where they received a recognition award from the subsidiary.

An ally for progress The link between Copec and Los Cóndores arose organically, motivated by the certainty of supporting a long-term project and a history built long before recent sports milestones. As Diego Peñafiel, Copec's Chief Marketing Officer, explains, this connection stems from “a deep conviction: sport is a source of inspiration, movement, and development, capable of mobilizing people and strengthening the ties that unite us as a country.”

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staff received a commemorative medal and a symbolic totem of the brand. The initiative sought to highlight the effort and discipline that allowed them to qualify for the 2027 World Cup in front of business leaders and authorities. “Being able to publicly highlight this achievement was very special for Copec.

It represents hard work, inspiration, and an example for Chile,” says Peñafiel.

For Los Cóndores captain Clemente Saavedra, this support is felt every day. “The support of the private sector, and especially Copec, is very important and gratifying for our team. We feel it in everything, from the presence in campaigns to every time we put on our jerseys and see the company's logo.”

Specifically, this collaboration has translated into financial support, joint activations, commercial campaigns, and greater visibility for the team. An example of this was the recent tribute during the opening of the 2025 National Business Meeting (Enade), where the selected players and coaching

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Diego Peñafiel Copec's Chief Marketing Officer.

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This recognition is in line with Copec's historical commitment to sports development and the certainty that these stories inspire the entire country. For the subsidiary, the learning experience has been significant: “Sport has a unique power to connect with people, inspire and generate collective pride,” says the executive. This energy has also been reflected within the company, strengthening employees' interest in new disciplines and reaffirming the importance of promoting initiatives that mobilize communities.

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Clemente Saavedra Los Cóndores Captain.

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“The support of Copec is very important and gratifying for our team. We feel it in everything, from the presence in campaigns to every time we put on our jerseys and see the company's logo.”

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Shared purpose and a long-term view For Copec, promoting sport is directly linked to its formative role. As Diego Peñafiel points out, “sport is synonymous with healthy living and movement, but it also promotes values. It teaches that achievements are not immediate, that they are attained through constant work and discipline, and that this requires a long-term perspective.”

In rugby, he adds, “these characteristics are expressed in an exemplary way. Los Cóndores convey respect, commitment, and resilience, becoming role models for 79

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hundreds of children and young people who today train wearing the Chilean national team jersey, dreaming of being part of the team one day. This cultural change reflects how rugby is generating pride, identity, and a sense of belonging. And it is precisely that spirit that we also seek to project at Copec, building a future through energy, excellence, and pride in being Chilean,” the executive emphasizes.

This vision also guides the next steps of the partnership. The focus for the coming years will be to consolidate a comprehensive sports marketing strategy that will accompany the team on its journey to the 2027 World Cup in Australia under the concept “Copec moves Los Cóndores to Australia.” In this regard, Peñafiel adds:

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“Our purpose is to continue strengthening the brand's association with this sport and consolidate a relationship that grows year after year between a 100% Chilean company and a team that represents the best of our country.”

This perspective matches the outlook described by the captain of Los Cóndores: “We have two intense and very fun years ahead of us, with several challenges ahead. We want to continue playing tier 1 matches, prepare ourselves in the best possible way, and reach all of Chile so that rugby continues to grow.”

Along the same lines, reinforcing that the growth of rugby occurs thanks to collective effort on and off the field, Saavedra concludes: “I thank all the fans and all Chileans for their support over these months. It has been a very difficult period, with ups and downs, and the support

we felt after the match against Samoa made it all worthwhile. We hope to continue to have that support as we face what is to come.”

Looking ahead, Copec and Los Cóndores share the same vision, which is that this is only the beginning of a journey that combines values and a real opportunity to inspire future generations.

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Chile celebrates Los Cóndores' historic second consecutive qualification for the Rugby World Cup.

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chilean rugby team

This achievement transcends the field, reflecting progress, maturity, and the courage to challenge limits.

That spirit is also at the heart of Copec, a company whose purpose is to “empower the development and mobility of people, companies, and the country.”

With Chile’s first qualification for the World Cup, the team ranked among the top twenty in the world.

The second qualification for the championship confirmed the team’s competitive momentum, which is now steadily moving toward the 2027 World Cup in Australia.

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ENERGY SECTOR EBITDA: US$ 1,114 million FORESTRY SECTOR EBITDA: US$ 1,016 million

summing it up FISHING SECTOR EBITDA: US$ 16 million

OTHER EBITDA: US$ (15) million TOTAL NET INCOME: US$ 635 million EBITDA: US$ 2,131 million

RESULTS AS OF SEPTEMBER 2025 Empresas Copec's consolidated EBITDA and net income as of September 205 reached US$2.13 billion and US$ 635 million, respectively.

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attractive margins in the industrial segment. Terpel continued to make a significant contribution from lubricants, while Abastible consolidated commercial progress in all its geographies, accompanied by efficiencies in supply and logistics. Gasib, a recently incorporated operation in Europe, has far exceeded initial expectations, consolidating the commitment to selective internationalization. The subsidiaries in the Energy sector have strengthened their competitive positions, supported by robust brands and operational scale.

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Rodrigo Huidobro Alvarado CFO at Empresas Copec.

The third quarter, whose results were reported in early November, showed mixed performances across Empresas Copec's different businesses, in a challenging international context. Consolidated EBITDA decreased compared to the previous quarter and the same period last year, mainly due to the performance of the pulp business, while other divisions showed solid results.

In the forestry sector, ARAUCO continued to face low pulp prices, a situation influenced, among other factors, by the announcement of tariffs by the United States government, which led to caution in demand. This scenario, which has shown some signs of improvement in recent weeks, has impacted the Company's annual EBITDA for this business. In contrast, the Wood division remained stable, with figures in line with historical averages.

The energy sector once again stood out as an engine of growth and consistency. The Copec subsidiary increased its EBITDA compared to 2024, driven by higher volumes in its different channels and

In mining, Marcobre continues to operate efficiently, benefiting from good ore grades and the presence of by-products, which translates into competitive costs, in addition to a positive price scenario. Added to this is the start of construction of the Justa Subterránea project, with an investment of approximately US$500 million. This initiative will allow the company to take advantage resources not accesible via the open pit operation, extending the mine's useful lifespan and strengthening the company's strategic position in copper, a key resource for electromobility, energy transition, and artificial intelligence.

Another significant development during the quarter was the progress on the Sucuriú project, the most ambitious in ARAUCO's history. It will represent an increase of nearly 70% in pulp production capacity, with a mill that will be among the most efficient in the world, both in terms of its operation and its construction. As of October, the project is 32.1% complete, exceeding expectations, with more than 6,200 workers on site and the main permits granted. The mechanical assembly and complementary works phases have begun, wood has been secured for the first few years, and logistics and shipping agreements have been signed on competitive terms. Since its conception, Sucuriú incorporates criteria for sustainability, biodiversity monitoring, and job creation: over 14,000 jobs during construction and 6,000 in full operation, driving regional development.

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The magnitude of this investment requires active financial monitoring. Empresas Copec has historically maintained prudent management, with clear debt limits and preventive measures in tight scenarios. This discipline, reflected in the Company's Financial Policy, is highly appreciated by the market, which has recently been reflected in important transactions. These include the successful placement of ARAUCO's sustainable hybrid bond, the largest in the history of the Chilean capital market, and the credit agreement for more than US$2 billion earmarked for the Sucuriú project, under very competitive conditions and with counterparties of the magnitude of Finnish agency Finnvera, the IFC, the World Bank, and the IDB. For Empresas Copec, the coming years will be guided by three strategic priorities: maximizing the profitability of existing businesses in order to generate resources; ensuring flawless execution of projects, meeting deadlines and standards; and maintaining financial discipline to safeguard the strength of the balance sheet in this cycle of heavy investment.

With this roadmap, Empresas Copec is moving forward with determination, prudence, and a vision for the future, consolidating its position in key sectors and projecting sustainable growth that will contribute economic, social, human, and environmental value for future generations.

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Roberto Angelini receives the Emprende tu Mente Spirit Award

Marcas Ciudadanas highlights the leadership of Empresas Copec and its subsidiaries

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ARAUCO issues the largest corporate bond in Chile’s history

Empresas Copec awards Academic Excellence Scholarships to future generations

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Sustainable Fitch validates impact of Empresas Copec’s first green bond

ARAUCO secures loans to finance Sucuriú Project

Belén Educa Foundation recognizes Empresas Copec for its commitment to education

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Copec Wind Ventures is recognized as the best CVC in Latin America read

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ARAUCO and Copec stood out as strategic partners in the 2025 World Rally

Empresas Copec reinforces its commitment to innovation at the Avonni Awards

Empresas Copec executives conduct 2025 Keynote Lectures

Copec announces historic investment to strengthen Blue Express' leadership

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Roberto Angelini receives the Emprende tu Mente Spirit Award the award was granted at etmday 2025 in recognition of his business career and long-term vision.

Empresas Copec’s Chairman was honored with the Emprende tu Mente Spirit Award at EtMday 2025, one of the region’s leading entrepreneurship and innovation events.

In his speech, he shared personal reflections on his business career, shaped by challenges, lessons learned, and the resilience inherited from his family history, recalling his parents' arrival in Chile from Italy and the drive that has accompanied him since childhood.

In addition, he highlighted that the growth of Empresas Copec, operating in 16 countries and with more than 43,000 direct collaborators, has been possible thanks to the effort of a great team: “Entrepreneurship is precisely a collective action, carried out together with other people and for other people,” he said.

His words reinforced the Company's commitment to long-term, sustainable human development, pillars that have guided its purpose in Chile and in the markets where it operates.

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Marcas Ciudadanas highlights the leadership of Empresas Copec and its subsidiaries copec was ranked as the most valued brand in the country in 2025, and group executives were recognized for promoting companies with social impact.

In its 17th edition, Cadem's Marcas Ciudadanas (Citizen Brands) study analyzed more than 350 brands in 49 categories to identify those that build a meaningful relationship with the country, beyond their consumers.

In this measurement, corresponding to the second half of 2025, Empresas Copec was recognized for its memorable communication and advertising. Copec, meanwhile, positioned itself as the most valued brand in Chile, leading the overall ranking, the Service Stations category, and the Business Leaders segment.

Meanwhile, Pronto Copec was once again voted No. 1 in Convenience Stores, consolidating its evolution as a key player in people's mobility habits.

The study also highlighted the leadership of the Group's executives. Eduardo Navarro, CEO of Empresas Copec, was recognized among the top 10 leaders driving socially responsible companies. Meanwhile, Rodrigo Huidobro, Chief Financial Officer of Empresas Copec, was named CFO of 2025. Karin Jürgensen, Francisca Riveros, Arturo Natho, Diego Peñafiel, and Charles Kimber were also acknowledged for their contributions in their respective roles within the Group.

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ARAUCO issues the largest corporate bond in Chile’s history the placement reached 20 million uf, with demand 1.75 times higher than supply.

ARAUCO completed the placement of a bond for UF 20 million (Chile’s inflationindexed unit), becoming the largest corporate operation in Chile’s history. The placement reached a demand of UF 35 million, equivalent to 1.75 times the offer.

The AG Series bond was issued with an annual interest rate of 3.97%, equivalent to a spread of 168 basis points above the reference rate, maturing on January 5, 2058. The bonds are rated A+ by Fitch Chile and Feller Rate.

This issue corresponds to the company’s first sustainable hybrid bond. The proceeds will be used for general corporate purposes, and ARAUCO will allocate an equivalent amount to green and/or social projects, in accordance with its Sustainable Financing Framework. The transaction was advised by Link Capital Partners and Banco Santander Chile.

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Empresas Copec awards Academic Excellence Scholarships to future generations the initiative has benefited 154 young people since the partnership began in 2006, highlighting effort and academic merit.

During a ceremony held at the offices of Empresas Copec, eight students graduating from schools belonging to the Belén Educa Foundation received the Anacleto Angelini Fabbri Scholarship, which provides financial support and academic, vocational, and socio-emotional guidance during their higher education.

During the event, the company's chairman, Roberto Angelini, addressed the scholarship recipients: “You embody the Chile we want: a country that believes in and rewards merit, that opens up opportunities and understands that education is the best investment we can make as a society, because it has the power to transform lives.”

Pedro Larraín, executive director of Belén Educa, said: “The awarding of this scholarship, in the context of our 25 years as a foundation, is a true gift. We are proud to know that Empresas Copec believes in our students and wants to be part of their dreams.”

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Sustainable Fitch validates impact of Empresas Copec’s first green bond the agency specializing in sustainability confirmed that 100% of the funds were allocated to projects eligible under its sustainable financing framework.

Sustainable Fitch published its “Allocation and Impact Report” on the first green bond issued by Empresas Copec, confirming that the resources are aligned with its Sustainable Financing Framework.

The analysis covered the two series of bonds issued in October 2024, for a total amount of 4 million UF (US $163 million), and confirmed that 100% of the funds were allocated to eligible green projects.

The categories financed correspond to renewable energy, energy efficiency, and clean transportation, with impact metrics that include avoided emissions, energy savings, energy storage and generation capacity, and number of charging stations installed.

Sustainable Fitch also noted that the initiatives directly contribute to United Nations Sustainable Development Goals (SDGs) 7, 9, 11, and 13, reinforcing Empresas Copec’s commitment to sustainability and responsible energy transition.

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ARAUCO secures loans to finance Sucuriú Project this corresponds to financing of more than us$2 billion, which will enable the construction and operation of the new pulp mill in brazil.

Empresas Copec’s forestry subsidiary made progress in financing the Sucuriú Project in Brazil by securing two international loans for the construction and operation of the world's largest pulp mill.

The first is a loan with several banks for up to US$970 million, guaranteed by Finnvera Plc, Finland’s export credit agency. The second, for up to US$1.225 billion, will be granted by the International Finance Corporation (IFC), the Inter-American Investment Corporation (IDB Invest), and a group of banks.

The proceeds will finance the Sucuriú Project pulp mill, located in Inocência, in the state of Mato Grosso do Sul, and which will have a production capacity of approximately 3.5 million tons of softwood pulp per year.

Both loans include environmental and social commitments, which consider performance standards defined by the IFC and World Bank Guidelines in areas of health, safety, and the environment applicable to the project, thereby reinforcing ARAUCO's commitment to the responsible development of its operations.

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Belén Educa Foundation recognizes Empresas Copec for its commitment to education the company and its subsidiaries were recognized for their ongoing support of education of children and young people.

As part of its 25th anniversary celebrations, Belén Educa Foundation recognized Empresas Copec and its subsidiaries for their sustained commitment to quality education to children and young people from vulnerable sectors.

For almost two decades, the Company has not only contributed to the Foundation with financial resources and a variety of initiatives, such as the mentoring program and keynote lectures, where Group executives participate as mentors to support the continuity of studies in higher education.

The commitment has also extended to subsidiaries such as Abastible, ARAUCO, Copec, Nutrisco, and Golden Omega, which have promoted corporate volunteering, community-based programs, healthy living initiatives, and internship opportunities, strengthening the comprehensive education of students.

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Copec Wind Ventures is recognized as the best CVC in Latin America the recognition reinforces the subsidiary's long-term vision and its commitment to innovation.

For the second consecutive year, Copec Wind Ventures was awarded as the best corporate venture capital (CVC) in Latin America according to the Innova 360 ranking.

The recognition confirms its leadership in innovation in strategic sectors such as energy, mobility, and convenience, and its role as a bridge between large companies and highimpact startups.

From its headquarters in San Francisco, the subsidiary has evaluated more than 4,000 startups and made investments of more than US$160 million in 25 companies. Its model transcends the delivery of capital, focusing on implementing effective solutions in the Latin American market, accelerating the transformation of key industries and generating value for people and communities.

“Each startup we work with allows us to test innovative solutions that improve energy efficiency, promote sustainable mobility, and have a real impact on people’s quality of life,” said Leonardo Ljubetic, Copec’s Chief Development Officer.

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ARAUCO and Copec stood out as strategic partners in the 2025 World Rally the subsidiaries promoted social and environmental initiatives at chile's most important motor racing championship.

The Biobío region hosted the 2025 World Rally Championship, which brought together thousands of fans and placed Chile among the select group of only 14 countries that host a World Rally Championship (WRC) event. The race included 16 timed stages, 306 kilometers of race, broadcast to more than 105 countries and the participation of Chilean driver Alberto Heller in the category Rally1, alongside Ford’s MSport team.

As strategic partners, ARAUCO and Copec promoted several social activities that strengthened ties with communities such as school visits together with Copec’s Viva Leer Libraries, tours with students and drivers to Copec Flux’s PMGD plant, a green reforestation activity led by ARAUCO, and students visits to the Service Park.

Likewise, the Rally Chile Biobío consolidated its position as the only circuit on the global calendar to neutralize its carbon footprint, by offsetting nearly 8,000 tons of CO₂e.

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Empresas Copec reinforces its commitment to innovation at the Avonni Awards the company presented the innovative career award and launched the copec future challenge.

During the 18th edition of the Avonni National Innovation Award, Empresas Copec granted the Anacleto Angelini Innovative Career Award to Pedro Ibáñez Santa María, in recognition of his vision and contribution to the country’s development through entrepreneurship, sustainability, and philanthropy.

Founder of Explora Hotels and architect of the educational model at Universidad Adolfo Ibáñez, Ibáñez has been crucial in connecting the private sector with social and cultural value creation.

The ceremony also saw the launch of the Copec Avonni Future Challenge, a new initiative promoted by the subsidiary Copec that seeks to inspire and promote innovative solutions from higher education to the country. Its first edition will take place in 2026 and aims to empower young people who are committed to a transformative vision of the future.

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Empresas Copec executives conduct 2025 Keynote Lectures twelve executives shared their experiences with students from cardenal oviedo school.

With the aim of guiding high school students in their personal and professional development, 12 executives from Empresas Copec and its subsidiaries participated in the traditional activity organized by Fundación Belén Educa, which seeks to motivate young people from first to fourth grades of high school to plan their future and discover their vocations.

In this edition, the executives spoke with students from the Colegio Bicentenario Cardenal Carlos Oviedo, who valued the meeting as an opportunity for learning and reflection.

This initiative reaffirms Empresas Copec's commitment to the education and comprehensive training of future generations, promoting spaces that inspire students to explore different paths and fully develop their potential.

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Copec announces historic investment to strengthen Blue Express' leadership the plan aims to double operational capacity and reach one million packages per day by 2030.

Almost three years after acquiring Blue Express, Copec announced a historic investment of US$100 million to scale up and modernize its logistics operations. The goal is to double current daily processing capacity to deliver 500,000 packages per day by the end of 2026, and one million by 2030.

“At Copec, we are committed to leadership in the businesses we are involved in. And in logistics, Blue Express is already number one in terms of parcel delivery, and we want to consolidate that position,” said Arturo Natho, CEO of Copec.

The plan includes expanding the main hub in Santiago by 40,000 m², doubling the number of warehouses nationwide, and incorporating world-class automated sorters.

This modernization seeks to generate economies of scale that translate into greater efficiency, quality service, and competitive prices.

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journalistic magazine published by: empresas copec s.a.

150 el golf avenue, 17th floor, las condes. phone number: 22461 7000 legal representative: eduardo navarro director: rodrigo huidobro editing and writing: m. francisca riveros journalists: natalia labbé constanza serrano isidora riesco daniela araneda francisca zúñiga comsulting team proofreading: norinna carapelle photography: cristián hamed image bank from empresas coepc and subsidiaries image banks design and graphic production: porta4, design studio translation: cristina molina if you have any suggestions and opinions, please send us an email at comunicaciones@empresascopec.cl follow us:

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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.