Empresas Copec's Corporate Magazine No. 110

empresas copec's corporate magazine august - september 2022

No.110 a virtuous circle in value generation exploring the development of green hydrogen

TRIPLE IMPACT

on the road to zero waste forest as a solution to the water crisis stories of mutual learning

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No.110 at empresas copec we are committed to adding value to all our stakeholders, benefiting employees, customers, suppliers, investors and the communities in which we operate. this is achieved through a business strategy that considers sustainability as a key pillar in each of our decisions, and through which we seek to generate a triple impact: economic, social and environmental. august - september 2022 / nO . 110

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build better society

compliance culture: a commitment to a more sustainable future

the value of sport

eduardo navarro, ceo of empresas copec, shares his vision of the relevance of the world of entrepreneurship in the generation of value and well-being for society.

macarena navarrete, senior partner at ey chile, presents her vision regarding the role of compliance in building trust between the company and its stakeholders.

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a virtuous circle in value generation

giant steps

exploring green hydrogen development

customers, suppliers, collaborators, investors and communities create an ecosystem that benefits society as a whole.

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arauco signed an agreement to analyze the feasibility of building a new mill in brazil that would produce 2.5 million tons of pulp per year, starting in 2028.

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copec is part of a strategic alliance that will evaluate the development of a hydrogen ecosystem encompassing santiago airport's ground and air operations.

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an engine of change and new opportunities

the extraordinary beauty of wildlife

on the road to zero waste

arauco protects thousands of hectares of native forest, preserving diverse species in parks and nature reserves.

to achieve this objective and move towards a circular economy, arauco, copec and orizon have set concrete, high-impact goals.

thanks to copec academy, a training and learning space, service station workers and their families develop their skills and talents.

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the forest as a solution to the water crisis

breaking paradigms

history of a memorable journey

abastible's latam women's network program promotes gender equity and encourages the participation of women in executive and management positions.

research by arauco's bioforest indicates that forestry plantations have proven to be an important environmental solution for protecting soils from exposure to erosion, radiation and winds, as well as the effect of precipitation.

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six employees of empresas copec and its subsidiaries discuss in a virtual dialog about the values, challenges and lessons learned from their passion for sports.

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fasa group, which began producing bone meal, was sold to a global giant, valued at more than us$ 500 million. a story that transcends, not only for its economic success, but also for the testimony of effort and achievement by its founder.

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empresas copec's results as of june of this year show a profit of mmusd 1,001 and an ebitda of mmusd 1,986. these figures reflect a good performance in all business lines.

during this period, empresas copec and its subsidiaries achieved important milestones in sustainability, innovation and customer experience.

the tutoring program of the belén educa foundation and empresas copec has become a fundamental tool for young people to continue their higher education.

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editorial

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BUILD BETTER SOCIETY This magazine is published at a historic and relevant moment for the future of Chile, in the midst of a process that, there is no denying, has brought with it great uncertainties and polarization.

Therefore, an enormous task will remain, the task of rebuilding trust and unity. To move from confrontation to collaboration, from a deteriorated coexistence to a constructive dialogue, from what divides to what multiplies. In short, we will need to build a better society.

Chile needs all of us. We are a deeply challenged country.

Individuals and organizations must, above legitimate differences,

_ in the photo: Eduardo Navarro CEO at Empresas Copec.

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put ourselves at the disposal of a collective country project, generating wellbeing for all.

social success story, which has involved improving so many indicators that measure quality of life.

A society that is not afraid of change, that is built from the diversity of opinions and viewpoints, that listens to the voices of experts, that is based on mutual respect.

At Empresas Copec we want to actively collaborate in this process. We want to be relevant actors for an inclusive development that benefits society as a whole, keeping our eyes on the long term, and putting our energy, creativity and capacity for adaptation at the service of Chile and all the countries where we are present.

In the environment in which we are inserted, we will need, more than ever, companies committed to this project, connected with a citizenry that has expressed pain, guided by a transcendent purpose. Companies that have been true protagonists of Chile's

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We need to rebuild our social coexistence, to talk and connect again, to believe and trust. This is the key to strengthening institutions, governance and to have the conditions required for investment and development. Without growth, we will not be able to progress in social rights. Without strengthening our institutions and without a broadly shared social framework, there will be no growth. And this will only happen if we once again believe in our institutions, public and private. This is the thread that we must reconstruct, building on what we have already achieved and striving to reach the new standards we agree upon.

And to achieve this, the modernization of the State is of radical importance, particularly in terms of promoting investment and generating the conditions for increased productivity, guaranteeing the stability of the rules of the game, promoting solid and competitive markets, and focusing its efforts on ensuring that the resources it receives change the lives of the most vulnerable people, enabling them to adequately incorporate into economic life and thus achieve more inclusive social development.

And we have so many challenges as a society, both global and local. On the one hand, technological disruption in the world impacts our community in a crosscutting fashion, demanding decisive and concerted action to accelerate innovation. On the

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other hand, there is the urgency of decentralizing power and decisions, focusing on territorial development.

To address challenges such as these, the world of entrepreneurship has a fundamental role to play. And this is not just a catchphrase, but a statement based on concrete actions and facts. Along these lines, in this edition of the magazine we illustrate some of the

CHILE NEEDS ALL OF US. WE ARE A DEEPLY CHALLENGED COUNTRY. INDIVIDUALS AND ORGANIZATIONS MUST, ABOVE LEGITIMATE DIFFERENCES, PUT OURSELVES AT THE DISPOSAL OF A COLLECTIVE COUNTRY PROJECT, GENERATING WELLBEING FOR ALL.

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initiatives through which Empresas Copec seeks to add value to employees, customers, suppliers, investors and the communities that welcome us. This is done through the so-called triple impact: generating social, environmental and economic benefits.

And companies play an essential role. In the social sphere, we have been committed for decades to promoting quality education among young people from vulnerable sectors; boosting innovation, with the aim of improving people's lives; and taking on the task of moving on in diversity and inclusion, which is essential to achieve the sum of talents that will enable us to fulfill our role well.

Likewise, we act decisively and with the urgency required in environmental matters, defining ambitious and tangible goals, achieving carbon neutrality in some of our subsidiaries, moving steadily towards a circular economy, deepening our presence in electromobility and the energy transition in the countries where we operate.

In the economic dimension, Empresas Copec invests large amounts of resources thinking in decades, aiming to stay in the industries and locations for a long time, to help in their

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THE CHALLENGES ARE GREAT AND DIVERSE. BUT COUNTRIES THAT FEAR FOR THEIR FUTURE RISK STAGNATION AND REGRESSION. TODAY IS THE TIME TO BELIEVE. CHILE HAS TO SET AMBITIOUS GOALS AND TRUST AGAIN IN THE VALUE OF BUILDING SOCIETY, OF ASSOCIATING OUR TALENTS AND OUR DREAMS.

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development and to improve the quality of life. In order to continue with such levels of commitment, it is necessary to have clear and stable rules and thus reduce uncertainty, which are already numerous in this complex business world.

Therefore, we hope that this political process we are going through in Chile will allow us to continue giving adequate space to the business world. Entrepreneurship is essential to contribute to solve people's needs, through growth, social development and welfare generation.

The challenges are great and diverse. But countries that fear for their future risk stagnation and regression. Today is the time to believe. Chile has to set ambitious goals and trust again in the value of building society, of associating our talents and our dreams.

At Empresas Copec we will continue to work, day by day, with a team of more than 38,000 people, aligned in the purpose of making a real contribution to a more sustainable future for all.

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CORPORATE INTEGRITY MUST BE A CULTURAL IMPERATIVE. IT IS ABOUT CREATING A CULTURE THAT SUPPORTS ETHICAL DECISION MAKING.

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general interest opinion:

compliance culture:

A COMMITMENT TO A MORE SUSTA INABLE FUTURE According to the author, “integrity and compliance in business is not satisfied by checking compliance and risk management checkboxes on a to-do list: it is about protecting the organization, its assets and its reputation, all of which drive sustainable value and will determine long-term business success.”

Macarena Navarrete She is a lawyer and Country Managing Partner at EY Chile. She is a member of EY's Americas Inclusivity Council and EY's Latin America South Regional Board. She is also a member of the board of directors of the Chilean-American Chamber of Commerce, the board of SOFOFA, the advisory board of Pro Bono Foundation, Inbest and of Icare's Finance Circle. She has been chosen six times as part of the "100 Women Leaders in Chile", and is a panelist in Radio Infinita and columnist in "El Mercurio".

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Corporate compliance is essential to good governance and a strategic priority for most organizations today. More than ever, boards and C-suite executives must address the increasing pressure and scrutiny from stakeholders to provide tangible evidence that they are effectively addressing their compliance risks. This is an essential requirement to build trust between shareholders and executives, companies and employees, suppliers and partners and, in general, to preserve the legitimacy of the company within the society where it operates.

In a context in which the global economic, regulatory, social and ethical climate -together with the increased expectations of all business stakeholders in relation to effective integrity and compliance management- has pushed corporate compliance to the forefront of corporate priorities, organizations realize the need to establish and incorporate effective compliance management principles and policies into the core of their day-to-day operations, as a basic requirement not only to meet the needs of today's business environment, but also to rise to the challenges that the new

corporate and social scenario demands, to achieve better business performance and to promote the company's success. According to EY's most recent Global Integrity 2022 report, a record 97% of respondents agree that it is important for their organizations to demonstrate corporate integrity.

There will always be a "tactical" temptation to address compliance reactively in response to events such as regulatory actions,

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criminal investigations and litigation, rather than proactively. This approach can result in increased costs, nonacceptance by employees and other stakeholders, and negative legal liability and public exposure. This is especially true in these times, when the challenges of day-today operations are coupled with global challenges and, in particular, a pandemic that has changed so many aspects of life and the way we

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work, in many cases negatively affecting organizations. According to the same EY report, 55% of respondents felt that compliance standards have remained the same or worsened over the past 18 months. Given the emergence of Covid-19, changing regulations and the increased implementation and adoption of new technologies, organizations that want to build and maintain compliance regimes must think about agile structures that are adaptable to the constant changes of the new normal.

Having an agile compliance infrastructure to deal with these scenarios is more necessary than ever to avoid a setback in the progress that has been made in this area. Companies that act with integrity and effectively apply compliance management principles and policies have a business and reputational advantage in their day-to-day operations, as integrity and compliance management help companies manage risk, investigate potential malpractice, measure the financial implications when problems arise, and persuasively convey a genuine commitment to integrity to society and to members of the company itself.

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From a compliance point of view, it is crucial to think about the integration and alignment of compliance regarding all risks relevant to our businesses, and to have key regulations, such as anti-bribery/anti-corruption, data privacy and data protection, antitrust, as well as specific regulations, particular to a certain industry or to the geographical location of the company, which can have a major impact on the compliance strategy and its effectiveness. In general terms, compliance includes both mandatory requirements, such as laws and regulations, as well as voluntary and specific requirements selfimposed by the company, such as policies and procedures, public commitments and contractual obligations.

Evaluating and incorporating a prevention program and a corporate culture based on ethics and integrity is helping organizations to keep up with global compliance, which is increasingly demanding new actions and new objectives.

But not only that. With the challenges experienced in recent years, many companies have chosen to invest more in integrity and compliance initiatives. However, to ensure effective results, these initiatives must come together with appropriate communication to all levels of the organization and with the creation of a culture and conscious of compliance policies. And it is here where the focus on the person becomes imperative -something that we at EY believe in and work on every day with impetus- to ensure genuine transformations towards a

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9 _ _ in the photo: Macarena Navarrete Country Managing Partner at EY Chile.

new paradigm of integrity and compliance. Creating a deep culture of integrity is based on strengthening ties between the oldest layers of the organization and the youngest.

The business environment is becoming more complex: between countries, languages, cultures, national regulations and lines of business, there is always

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a risk that compliance programs will not be up to the challenges imposed by these realities. Having a clearly defined compliance framework will help not only to make investments in infrastructure and training, and people highly productive, but also to take advantage of technology opportunities and improve strategic decision making through independent compliance functions that can always be developed in reference to that overall framework. Organizations can use data and artificial intelligence to identify potential deviations in the day-to-day operations of a business unit, team or department. These can be early warning signs of an inconsistent or eroding corporate culture. Digital enablement and automation are also key components of success, and investing in technology services that include monitoring, analytics and reporting will help improve compliance management and training programs.

Integrity and compliance in business is not satisfied by checking compliance and risk management checkboxes on a to-do list: it is about protecting the organization, its assets and its reputation, all of which drive sustainable value and will determine long-term business success. Corporate integrity must be a cultural imperative. It is about creating a culture that

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COMPLIANCE: Create a culture that supports ethical decision making in the organization by generating:

TRUST

97% "It is important that your organizations demonstrate corporate integrity".

CORRECT DATA MANAGEMENT

55% "Compliance standards remained the same or worsened over the last 18 months".

EY'S GLOBAL INTEGRITY REPORT 2022

CORPORATE PRIDE

ATTRACTION OF NEW TALENT

supports ethical decision making. Integrity builds trust, guides organizations to manage data well, protects against the temptation for short-term gain at the expense of ethical behavior, and produces a healthy "corporate pride" that makes the organization more attractive to bring in new talent.

Good governance and transparency are essential for the trust that the company must communicate to the capital markets, stakeholders and society in general. This is a requirement that we, as companies, must meet in order to contribute to the development of the business, corporate and work environments and the communities we want, based on more transparent, ethical and sustainable processes that build the foundation for a more profitable present and future for all people.

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ey's global integrity report 2022 MORE COMPANIES IMPLEMENT CODES OF CONDUCT AND INVEST IN TRAINING PROGRAMS:

AFTER THE PANDEMIC, CERTAIN RISKS ARE BECOMING INCREASINGLY SIGNIFICANT FOR COMPANIES:

53%

17%

25%

47% 27%

20%

Have a code of conduct for employees on how they should behave in the business environment.

ACCOUNTING ERRORS

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CYBERCRIME

46% 38%

19%

Invest in regular training on issues related to legal, regulatory or professional requirements.

17%

24%

37% 34%

24%

MANAGEMENT INTEGRITY IN THE ACQUIRED ORGANIZATION

HIGH-RISK HIDDEN RELATIONSHIPS

Define a statement of organizational values that inspires people's behavior.

2020

2022 Source: EY Global Integrity Report 2022 and EY Global Integrity Report 2020.

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SIX EMPLOYEES TALKED ABOUT THEIR PASSION FOR SPORTS AND HOW THEY LIVE IT ON A DAILY BASIS.

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empresas copec roundtable:

THE VALUE OF SPORT Perseverance, teamwork, responsibility, tolerance, resilience and self-discipline are some of the values promoted by sport and that, without a doubt, are passed on to all aspects of the lives of those who practice it, including work.

In this regard, and also taking into account its multiple benefits for physical and mental health, Empresas Copec and its subsidiaries encourage their employees to engage in physical activity of any kind.

To address the values, challenges and learning entailed in playing sports, six collaborators who stand out for their passion and sportsmanship participated in this roundtable.

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The speakers on this virtual gathering were: surfer Rinaldo Iberico, B2B Business Manager at Solgas; marathon runner Danica Kusanovic, Procurement Deputy Manager at Copec; athlete Óscar Maltez, Electrocontrol technician at ARAUCO’s Horcones Complex; marathon runner Pablo Napolitano, Planning and Supply Chain Manager at Golden Omega; trail runner Benito Rojas, Head of Loyalty and Distribution Companies Development at Abastible, and soccer player Carolina Torres, Tax Analyst at Empresas Copec. The roundtable was moderated by Francisca Riveros, Communications Deputy Manager at Empresas Copec.

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The stories of Pablo Napolitano, Óscar Maltez and Danica Kusanovic are different, they began playing sports at a more adult age. As a child, Pablo was asthmatic, so he couldn't run. He recalls that in Physical Education he would go around the court a couple of laps and he just couldn't go on. When he was young, he practiced swimming, but it was only in 2015, at the age of 40, that he began training, running both on streets and hills. Therefore, having participated in a marathon for him has been a huge achievement. Oscar Maltez, meanwhile, has been practicing pentathlon for five years, a discipline of athletics that consists of five events: 200 meters flat, 1,500 meters flat, long jump and two throws: discus and javelin. He says that in his beginnings in this sport he never thought of competing, but, after a lot of training, last year he won a silver medal in the VI South American Combined Test Master Championship. Danica Kusanovic tells a similar story, she started running after her father died of a heart attack in 2012. This event, she said, shook her and made her aware of how important it is to have a healthy life and strengthen her heart. Although she _ conversation on sports video.

At the beginning of the meeting, the participants spoke about how their love for sports began. Rinaldo Iberico recalls that his contact with the sea began when he was 10 years old, swimming and letting himself be carried away by the waves.

When he turned 12, he asked his parents for his first surfboard.

Almost four decades have passed since that. Benito Rojas also started with sports when he was a child. At school he ran 100 meters flat, which 10 years ago he turned into 100 kilometers, when he started trail running or ultramarathon, a sport that involves hill running for long distances. His greatest achievement was participating in the famous Mont Blanc Ultra Trail, the world trail championship, where he ran 110 kilometers. Carolina Torres also was very sporty since she was a child and started in football at the age of 15. She says that since then every week of his life has included some type of physical activity. Today she mainly plays mixed gender football.

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_ in the photo: Benito Rojas Head of Loyalty and Distribution Companies Development at Abastible and trail runner.

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— without prejudice In 2015, the United Nations General Assembly approved the 2030 Agenda for Sustainable Development, which contains a set of 17 Sustainable Development Goals.

This document recognizes “the growing contribution of sport to the realization of development and peace in its promotion of tolerance and respect.”

_ in the photo: Carolina Torres Tax Analyst at Empresas Copec and soccer player. started running with an old pair of sneakers, today she already counts 10 marathons under her belt. The last one was Santiago 2022, where she won the women's category, an achievement she never dreamed of, and that has motivated and challenged her to continue training to run all “six majors”, which are the six most important marathons in the world, and she has already participated in three.

Although they are all different stories, they have one common denominator: they all have a great passion for sports and consider it a fundamental part of their lives. They dedicate and give a lot of time to physical activity and agree that it is healthy not only for their body, but also for their mind.

Fifteen years earlier, former President of South Africa Nelson Mandela said that “sport has the power to change the world. It has the power to inspire. It has the power to unite people in a way that little else does. Sport can create hope where once there was only despair.

It is more powerful than governments in breaking down racial barriers. It laughs in the face of all types of discrimination.”

ACCORDING TO THE UN: “THE CONTRIBUTION OF THE SPORT TO THE REALIZATION OF DEVELOPMENT AND PEACE IN ITS PROMOTION OF TOLERANCE AND RESPECT IS GROWING.”

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In this regard, Benito Rojas said: “It is undeniable that sport contributes to promoting tolerance, respect, empathy and build awareness, both of people and of what surrounds us.” He added that this happens in both group and individual sports: “For example, I played football for many years, where you have to interact with people of different races, cultures, beliefs, opinions, tastes, etc. It is part of your adaptability, empathy, ability to relate to others, the fact that you can forget all your prejudices and focus on what they are summoned upon: fine-tuning the strategy to win. As there is a common goal, all individual prejudices take a backseat, giving space to true alignment between people. They are like mini-societies that coexist under established conditions, known, understood by all, and that transforms collective sports into significant civic cultural builders. In the case of individual sports, such as trail running, it also generates a degree of empathy with what surrounds us, in this case with nature and with people. In fact, there is a rule of thumb in the mountains, regardless of discipline and worldwide: if you bump into another human being, you look him in the face and greet him. You never know if that will be the last person you interact with or who will save your life. So it's a law.”

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Carolina Torres agreed: “I have been on several football teams and the only important thing is simply to belong. When playing, it doesn't matter what your profession, your job, your marital status is, whether you are Chilean or a foreigner, or your socioeconomic status.

Sport creates a parallel world with its own rules, in which you start from scratch, without prejudice, and where your performance and that of the team is the only thing that matters.

Only when playing soccer I have seen how such different people come together for a common goal. In any other aspect of life, those same people would not have united, or even met.

That's why I like sports so much.”

Meanwhile, Óscar Maltez added that sport has given him his best friends and his life partner, and that it has helped him to grow in an integral way. “I have been inspired by great athletes and people have also told me that I have inspired them. I believe that sport contributes to human growth in all aspects.”

Pablo Napolitano added: “It gives you a series of desired social skills and values, and encourages the participation of all who enjoy its practice, regardless of their differences of any kind. With all this, I think we need more instances to encourage sports and physical activity, as promoters of social progress and economic growth associated with greater wellbeing of the population.”

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— cross-cutting values Teamwork, perseverance, self-discipline, patience, steadiness, resilience and tolerance are some of the characteristics that, according to the participants, they must cultivate as athletes and that are pass on to all aspects of life, including work.

In this regard, Rinaldo Iberico pointed out: “The fundamental thing is discipline, perseverance, self-motivation and tolerance. I think this helps you a lot to get to know yourself and to strengthen your self-esteem.”

Danica Kusanovic agreed: “Discipline, sooner or later, will outperform talent. So if you have both, you're unstoppable. And that also applies to the workplace, as well as not losing focus and promoting teamwork. Regarding this last point, I think that great things are never achieved alone and especially in a Company like ours, which has great objectives and huge challenges, and that can only be achieved by working as a team.”

_ in the photo: Óscar Maltez Electrocontrol technician at ARAUCO’s Horcones Complex and athlete.

Pablo Napolitano agreed: “Contrary to what I used to think, running is far from being an individual sport. In my case, both in training and during the races themselves, support and company from the other team members has been essential. For me today running with others makes much more sense than running alone, even if that may mean going slower, but

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Carolina Torres highlighted other values of sport: commitment, doing things right and managing frustration. “There are days when the body doesn't respond well, and same happens at work. So patience and resilience are required to move forward, to try to make things work well. I learned those values in sports and I also try to apply them in the workplace.”

"SPORT INCREASINGLY CONTRIBUTES TO THE REALIZATION OF DEVELOPMENT AND PEACE BY PROMOTING TOLERANCE AND RESPECT”.

Benito Rojas, meanwhile, mentioned resilience and will. “You can face a tremendous storm, in the race or at work, but if we all have a resilient attitude, plus good teamwork, no storm lasts forever, in the end, there is always sunshine after rain. In terms of will and motivation, you are your own judge in daily life, at work, in sports. Because it depends on you whether to show up or not, whether to go ahead or give up.”

United Nations General Assembly approves the 2030 Agenda for Sustainable Development.

SPORT PROMOTES VALUES FOR PEOPLE'S LIVES.

Pablo Napolitano added: “I would add honesty to the values you have already mentioned.

And I mean honesty with oneself and with teams. In sports this is to be aware that, if one day you're not in your best shape, it is better to stop, rest and solve what you have to solve and, the next day, you continue. Because many times you want to go on no matter what, but that can be worse. So it's a mixture of self-control and honesty with oneself. This also applies to work.”

as we say in the team: 'I can go faster alone, but as a team we will go further'”.

Oscar Maltez added: “For me, teamwork is very important.

If you share an experience with a colleague who may not have lived it, or vice versa, he does and I don't, there is feedback and you learn, that is, the main objective of doing the job well is achieved. There are other things in the process, getting to know your colleague, knowing what his strengths are so that you can learn, seeing what his weaknesses are so that you can also help him grow and, day by day, that's the magic thing. In the end, work, rather than going where you are paid, is learning new things that are not only given by the task itself, but also from sharing with others, and that yields great results, not only in terms of numbers, but also in people's quality of life.”

PERSEVERANCE

TEAMWORK

RESPONSIBILITY

SELF-DISCIPLINE

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— great sacrifices, great rewards When asking participants of the roundtable what are the most relevant sacrifices they have had to make in order to devote time and energy to sports, they all agree that there are many and that it has not been an easy road, but that it is worth the effort.

Rinaldo Iberico trains every morning: he surfs during the week and runs on weekends. To do this, he wakes up very early so he can take his children to school after his sports time and before starting his working day. “I think everything is a matter of organization and, yes, there is undoubtedly a huge sacrifice. For example, although I participate in social gatherings, I can't go out until late, I avoid alcohol and excess food, since on weekends I play sports and take care of myself to be operational and enjoy that space of physical activity. In this context, it is important for the family to understand, because in order to play sports you must take time away from your loved ones, so you have to try to find a schedule that does not affect family dynamics. At the same time, you have

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to try to make your partner and your children understand that sport is part of you and respect, in some way, that space. In my case, I have managed to achieve this and, at times, my son even goes surfing with me".

Benito Rojas is currently training for a 70-kilometer circuit in December around the Osorno volcano. “I do weightlifting one day, road biking three or four days and go up the hill once or twice a week, with a maximum duration of two hours each trip, because otherwise you tend to overtrain and I don't recommend that. Every day I stretch to avoid contractures. This training pace involves a lot of sacrifice and family support. And here _ in the photo: Rinaldo Iberico B2B Business Manager at Solgas and surfer.

Rinaldo hit a key point. My wife met me doing a lot of sports and that facilitates social and family understanding. And of course, alcohol and going to bed late are not compatible with training. You have to sleep the right hours, that's key.”

Danica Kusanovic trains six days a week and rests on Sundays. She runs about 115 kilometers a week, which goes up to 160 when a competition is near and she combines it with yoga and functional training. “I had to sacrifice my schedule. I was a person who went to bed super late in general and I liked to go out at night, but the truth is that now I go to sleep at 10 o'clock, because I have to get up very

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early to run. Obviously, my social agenda has ups and downs. There are periods when I can participate in many things and there are others when I say no to everything, mainly when I get closer to the day of the competition. And my friends, in general, already know this and adapt. Another thing that I sacrificed, and that hurt me a lot, was food. I had to discipline myself in a brutal way and learn to eat food that allows me to improve my performance. In other words, I no longer eat everything I like to eat, but I prioritize what gives me energy.

And the other thing that has been difficult is that I have had to learn to adapt my vacation time to the dates and places of my next marathons”.

Carolina Torres trains five times a week. To do this, she wakes up at 5:30am and goes to the gym before starting her working day. Her routine includes weightlifting, jogging, and endurance and aerobic activities. She said she has always practiced sports in the morning, so her family is already used to it. “The hard part is with friends or with new people that

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PARTICIPANTS AGREE THAT, ALTHOUGH THEY HAVE HAD TO MAKE MANY SACRIFICES IN ORDER TO DEVOTE TIME AND ENERGY TO SPORTS, THE EFFORT IS WELL WORTH IT. 18 _

I meet, because they are surprised when they ask me to go out and I tell them: 'It's 11 o'clock, I'm dead, I want to sleep, tomorrow I want to train.' Sometimes it's hard for them to understand the love and thoroughness one has for sports. Not everyone understands that if I don't sleep enough I'm going to perform badly or that I can even get injured. But over time they get to know you and they learn about the routines you have and they grow to accept them. It's a sacrifice for me, in that sense, because it takes an effort to make them see that you really love sports, that it makes you happy and that you have another lifestyle that sometimes doesn't converge with everyone.”

_ in the photo: Danica Kusanovic Procurement Director at Copec and marathon runner.

When preparing for a championship, Oscar Maltez also has a very demanding physical activity, including training in the morning and afternoon, six days and rests one. “There comes a time when you say: 'Ok, if you're going to dedicate yourself to doing something seriously, you have to stop doing some things'.

In my case, one of my favorite pastimes is eating, so I had to

give up a lot of things, and as Danica rightly said, look for foods that help me improve.

And here's the thing, because there are things that I really dislike, that I can't stand, like seafood, for example, but they have components that help me a lot, so I must eat them. As for my friends, fortunately they're all from the sports world, so instead of going to a party, birthday or any other social situation, we're always going to meet on the track. But, without a doubt, the biggest sacrifice is to give up sharing with my family, since that space is mainly on weekends, but I must train, so I have less time left to spend with my son. Finally, every

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Benito Rojas added: “Sport is the best mental, physical and spiritual medicine. In fact, what happens to me is that if I don't go training, this affects my mood, intelligence, ability to verbalize, I am no longer myself.” In other words, if I don't do sports, I’m not myself, I don't recognize myself”.

Oscar Maltez agreed: “No matter what sports or activity, as long as the body is in motion, it appreciates it and makes us feel much better.”

Pablo Napolitano added: “Any physical activity can lead you to a state of well-being, both physical and mental, that will undoubtedly make you feel better in all aspects of your life.” sacrifice has its reward. When you achieve your goals you look back and say: 'Yes, it's worth it'”.

Pablo Napolitano trains five days a week, alternating weightlifting, strength, power, series and swimming work. In order to reconcile sports with his work and family life, he wakes up at 5:00 in the morning to do his physical training.

“After trying several schedules, the only one that worked for me was very early.

So I can be back to start with the children's preparation for school, drop them off, and then start working. Obviously, it's hard to get up every day at that time, but if you like sports, it's something you do with increasing motivation.”

Participants agree that, while sport requires a lot of sacrifice, it also brings them great satisfaction. Carolina Torres said that physical activity makes her happy. “It's a fundamental part of my life, it's hard for me to imagine a week without doing sports, I have it every day in my routine. That feeling that endorphins give you is very good, and I think it goes beyond training, because you feel happy, you're content, you go to work feeling happy, you get back together with your family feeling happy, so that's very pleasant.”

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Rinaldo Iberico added: “I think the key is to find the right sport for you, because not all sports are for everyone. And once you find it, you get all the benefits and cultivate the values that come with practicing it.”

Finally, Danica Kusanovic pointed out that there is no ideal time to start practicing sports. “I've learned that nothing is impossible, you set your own limits and you have to get that out of your head. I started running kind of late and I won a marathon. So I think I'm a good example that it's never too late to start something new and achieve great results.”

_ in the photo: Pablo Napolitano Planning and Supply Chain Manager at Golden Omega and marathon runner.

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how do companies within the group promote sports among their employees?

“At Abastible, they have contributed a lot. They activated Betterfly with all the nice benefits it has and we are starting to hike once a month here in Santiago. In addition, on the intranet they present different spots and photos from all over the country where they recommend you can go play sports with your family. We also have gym benefits and discounts and lots of physical and emotional wellness talks.” benito rojas Head of Loyalty and Distribution Companies Development at Abastible and trail runner.

“At Empresas Copec they have always supported me. They know that I like sports, so there is 100% understanding and support. This culture of sport being a good thing and that everyone in the organization has internalized it, is great. The company promotes sports in different ways. For example, we did a Burn to Give (today Betterfly) challenge, where we made teams, and the one burning the most calories got half a day off. They also hold nutrition talks and promote the culture of sports within the Company, where they play inter-department football and paddle matches, several collaborators go to the gym thanks to an agreement, etc.” carolina torres Tax Analyst at Empresas Copec and soccer player.

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“At Solgas, I have seen the positive results in terms of teamwork that comes from promoting sporting events. It also helps to strengthen inter-department collaborative ties.

I also find it remarkable that support and help are given to competitive athletes and, for those who are not, to have agreements with clubs and classes.” rinaldo iberico B2B Business Manager at Solgas and surfer.

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“In the case of Golden Omega, they have always given me full support and flexibilities that I have required on certain occasions, whether it is related to training issues or traveling to a competition.”

“Copec promotes sports through several initiatives, in fact, we have extra-curricular activities where I participate a lot, mainly functional training and yoga classes. In addition, in my case, I have always had the support of the team.

When I won the Santiago Marathon, I received a lot of congratulatory messages, including from the CEO and people I didn't know, who wrote to me or came to my desk to congratulate me. It was really nice.” danica kusanovic Procurement Director at Copec and marathon runner.

pablo napolitano Planning and Supply Chain Manager at Golden Omega and marathon runner.

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“ARAUCO has always been connected to sports in every way and has provided the means for all its employees to be able to play sports. For example, where I work we have a concrete multi-sport game court, a soccer court and an area for exercising. In addition, the ARAUCO sports complex is available to all workers. In my case, the company has been incredibly supportive. They have granted me paid leaves to go to competitions and last year they provided me with transportation from my home to Curicó, where the South American championship was held. I think they saw the effort I made throughout the year and they rewarded me with that, and it was a very nice surprise.

ARAUCO also paid for my plane tickets to Arica, where I will soon participate in a tournament. For me, ARAUCO is synonymous with sports.” óscar maltez Electrocontrol technician at ARAUCO’s Horcones Complex and athlete.

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EMPRESAS COPEC AND ITS SUBSIDIARIES ADD VALUE AND BUILD RELATIONSHIPS OF TRUST WITH THEIR EMPLOYEES, CUSTOMERS, SUPPLIERS, SHAREHOLDERS AND THE COMMUNITY.

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the companies and their stakeholders:

A VIRTUOUS CIRCLE IN VALUE GENERATION Just as there are many ways in which organizations bring value to society, there are also various actions that different stakeholders can take to help serve that purpose.

Customers, suppliers, employees, shareholders and communities influence and are influenced by the companies activities. Together, they create an ecosystem of value that ultimately benefits society as a whole.

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ADDING VALUE IS NOT ONLY ABOUT WHAT COMPANIES DO TO FAVOR THE DEVELOPMENT OF THEIR ENVIRONMENT, BUT ALSO ABOUT WHAT THE ENVIRONMENT IS CAPABLE OF DOING SO THAT ORGANIZATIONS CAN BETTER FULFILL THEIR ROLE, RESULTING INTO A POSITIVE DYNAMIC FOR ALL. Today's organizations not only have an impact on wealth creation and material well-being through the goods and services they offer. Their way of engaging with the environment goes far beyond economic value and affects different players in the social fabric in other dimensions.

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In this article we learned about the views of a supplier, a collaborator, a shareholder and a community representative on how they influence and are influenced by the companies’ activities.

— the value of trust For this to happen and to be sustained over time, a key element is to trust who we have in front of us. This is the view of Bruno Pesce Alloisio, Empresas Copec shareholder: "Trust is the main thing, because if each party trusts the other, a virtuous circle can be created, in which everyone works together in harmony," he said.

Trust means believing in the project and in the abilities of others. This is the experience of Gustavo Carvallo, owner of Alto Colchagua Distillery. Abastible has been a strategic partner for this business, for the optimization of processes and the reduction of energy consumption.

"I had the original idea of what I needed, but they complemented it and we did a much bigger project. They were an incredible partner that allowed us to improve the quality of our product by far," said this entrepreneur from the O'Higgins Region. He added that the prestige that his company had already achieved gave confidence to both parties, "that the projects are serious, that there is an intention to continue them over time and that they are thinking long term."

For Ercilia Barra, legal representative of Servicios Carrillo Barra, such a level of trust is achieved with time and commitment. In the case of her company, engaged in loading and unloading of frozen products, palletization and cleaning, "working for more than two decades as a contractor at the fishing companies that led to the creation of Orizon, and also in the latter, has enabled us to build these ties."

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In her opinion, the key is "to feel part of the service, to be committed and extremely careful with the quality and safety standards required when working with products for human consumption. And the other way around, Orizon has entrusted us with the development of different works, to which we respond effectively, being decisive and always complying with current legal regulations."

From a different role and looking at the issue from inside the organization, Angélica Hernández, head of Maritime Operations at Copec and a Copec employee for 20 years, shares this view.

She agreed with Ercilia that trust is built day by day and added that achieving it allows us to get to know each other and be certain of the team's behavior. "It involves looking after and caring about each other, taking on challenges, achievements and mistakes together; it is the basic trust dimension that teams need in order to be effective."

As an example, she cited the good relationship that exists between Copec and the maritime authority of Valparaíso Region, where transparency is key. "They know what we do and how

_ in the photo: gustavo carvallo Owner of Destilería Alto Colchagua and Abastible customer.

important Copec is in meeting the country's energy needs.

That way, together we can get the best out of it. Together we are the best duo in a relationship of absolute honesty and trust', that's how we contribute to society," she pointed out.

As an environmental monitor at ARAUCO's pulp mill in Constitución and a community representative, Carmen Gloria Cabrera knows what it is like to move from distrust and opposition to teamwork and mutual collaboration. She admitted that she was initially detractor of the forestry company, but three years ago she had the opportunity to participate in the environmental program as an odor monitor.

"Once I joined I realized the importance they attach to this issue and to seek solutions to the environmental problem in order to have a good relationship with the community."

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TRUST MEANS BELIEVING IN THE PROJECT AND IN THE ABILITIES OF OTHERS. THIS IS THE EXPERIENCE OF GUSTAVO CARVALLO, OWNER OF ALTO COLCHAGUA 24 DISTILLERY. _ ABASTIBLE HAS BEEN A STRATEGIC PARTNER FOR THIS BUSINESS, FOR THE OPTIMIZATION OF PROCESSES AND THE REDUCTION OF ENERGY CONSUMPTION.

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allow us to develop the work in the most effective way possible, generating instances of support among all."

— new relationships With more than 20 years linked to Empresas Copec, Bruno Pesce Alloisio pointed out that in recent times he has witnessed a huge change in the way organizations relate to their stakeholders. He appreciated "the closeness in communication, the fact that we are always in touch and keep each other informed. The best contribution is that the community is in contact, and cared for."

In Carmen Gloria Cabrera's experience, this has allowed ARAUCO "to have a relationship of trust with the community. Through us, problems have declined and are solved faster and faster, so that people are not affected." How? With training for the monitors, who learn to recognize the odors of certain chemicals "and when we detect it in some part of the city,

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_ in the photo: Ercilia Barra Legal Representative at Servicios Carrillo Barra, provider of Orizon.

And personally, Angélica Hernández believes that a concrete way to add value to teams is for management to believe in them, give them opportunities for growth and support them in their dreams. She feels fortunate, "because they have always allowed me to create and have given me the freedom, support and resources to develop and define my position. I have learned that the positions are not the title as such, but that you create it day by day, with the impetus and desire to contribute, and to do it better every day". She stressed that this way of relating and the atmosphere that derives from it "comes from top down, and it is Copec’s personal stamp, one that is very particular".

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we notify them, we try to identify it to find out which boiler or sector it comes from and so the protocol is initiated in a timely manner."

Ercilia Barra added that at Orizon the communication bridges "have facilitated, for example, the possibility of making inquiries and getting prompt answers, expressing concerns and solving problems encountered in the development of the different works." She values the company's relationship with suppliers and workers, "since having a common objective helps us to plan and coordinate strategies that

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— you help me, i help you Adding value is not only about what companies do to favor the development of their environment, but also about what the environment is capable of doing so that organizations can better fulfill their role, resulting into a positive dynamic for all. These actions include to innovate by challenging the supplier to learn, to "commit" with the organization they work, to be responsible with the service offered, to be informed in order to make objective judgments.

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At Alto Colchagua Distillery, innovative solutions to environmental and quality challenges are constantly being explored. "Perhaps they will soon be starting points for other players that may need these technologies, and we can contribute with our knowledge of the industry and energy needs, so that Abastible can develop pilot projects and transfer them to the industry at large," said Gustavo Carvallo.

Ercilia Barra is certain that her SME can help a large-scale client, such as Orizon, "through commitment and responsibility with our work.

And we are emphatic in our duty to be clear about what our objective is, which translates into fulfilling what is required 100%, aiming for the work to be carried out with excellence, since every task performed within Orizon has repercussions in another area, so the failure of one affects all of them".

And, speaking of objectives, Copec's head of Maritime Operations said that her way of adding value is to add each day to her company's purpose and goals, a task that she finds easier and more motivating in a work context that has given her the space to develop. "I think I do bring value to the company. Yes, absolutely, making a difference, identifying needs and ways of doing many things.

I add value with attitude, with commitment.

Attitude makes the difference and generates the virtuous circle," she said proudly.

_ in the photo: Angélica Hernández Head of Maritime Operations at Copec and a Copec employee for 20 years.

"I THINK I DO BRING VALUE TO THE COMPANY. YES, ABSOLUTELY".

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COMPANY Always in constant communication with:

CUSTOMERS

PARTNERS

SUPPLIERS

In Constitución, there is a clear example of reciprocity in the generation of value. This is explained by the environmental monitor, Carmen Gloria Cabrera: "It's important for the community to know what the company is doing, to realize that they are actually investing in the environment and to see how they care about us." In this regard, he emphasizes the importance of allowing institutions, unions, neighborhood committees and schools to visit the plant and learn about its operation, and then disseminate this information to their groups.

As Bruno Pesce Alloisio said, "companies, whatever their size, are what moves a country, they are its soul". And when it comes to adding social value, interaction with other players in society is essential, because everyone has a role to play, a contribution to make and a reason to do their best for the good of all.

COMMUNITY

SHAREHOLDERS

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Creating a network of stakeholders within an ecosystem of value that benefits society as a whole.

_ in the photo: Carmen Gloria Cabrera Environmental Monitor at ARAUCO's pulp mill in Constitución.

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arauco's sucuriú project:

GIANT STEPS IT IS ESTIMATED THAT, IF THE SUCURIÚ PROJECT IS COMPLETED, THE INVESTMENT WOULD TOTAL US$ 3 BILLION, THE LARGEST IN THE COMPANY'S HISTORY.

ARAUCO recently signed an agreement with the government of Mato Grosso do Sul, Brazil, which will lay the groundwork to continue the feasibility analyses for the construction of a pulp mill. If approved by the Board of Directors, the Sucuriú Project would produce 2.5 million tons of pulp per year, starting in 2028.

Total investment is estimated at US$ 3 billion, the largest in the company's history. "It is part of ARAUCO's vocation to grow with this model, which we believe adds value. There are still many steps to go before the Sucuriú Project becomes a reality, but at least today we are very optimistic about how to do it," said Cristián Infante, the company's Chief Executive Officer, about the initiative.

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In the heart of South America is located the Brazilian state of Mato Grosso do Sul, whose total area of 357,000 square kilometers include a large part of the South American giant's border with Paraguay. With a hot, humid climate - average highs in January around 34°C and 25°C in winter - its savannah-like vegetation - known as "cerrado" - is a highlight of a geographic environment with practically no elevation, which has been, until a few years ago, mainly devoted to cattle raising. This reality, however, has already undergone changes with the arrival of various forestry projects, and will continue to do so with ARAUCO’s Sucuriú Project -as the short-fiber pulp mill is knownwith capacity to produce 2.5 million tons of pulp per year.

The name "Sucuriú" is not whimsical.

This is the name of the river on the eastern bank of which the future industrial complex would be located.

It is a tributary of the Paraná River, with a flow more than sufficient to supply the operation of the facility. The area also has other key

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comparative advantages; perhaps one of the most prominent is that, due to its pluvial regime and soil characteristics, eucalyptus grows quite fast. While in Chile it takes 11 to 13 years to mature, in this part of southwestern Brazil the time is seven years. "The potential of Mato Grosso do Sul is huge, and the government is very clear about that: the fact that they want to be the world’s main pulp producers, as a state, is a policy of the government of Mato Grosso do Sul " said Cristián Infante, CEO at ARAUCO.

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— empowering local development ARAUCO has been present in Brazil since 2000, with four wood panel production plants in the states of Paraná and Rio Grande do Sul. Cristián Infante explained that, thanks to the agreement reached with the state, there are commitments of great importance, such as road improvements, public investments in power lines, railroads, among others. This was embodied in the agreement signed on June 22, covering infrastructure and tax benefits between ARAUCO, the state of Mato Grosso do Sul and the municipality of Inocência.

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ARAUCO HAS BEEN PRESENT IN BRAZIL SINCE 2000, WITH FOUR WOOD PANEL PRODUCTION PLANTS IN THE STATES OF PARANÁ AND RIO GRANDE DO SUL. _ in the photo: ARAUCO's Ponta Grossa panel plant, located in the state of Paraná, Brazil.

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With the necessary permits, sufficient timber supply, attractive market conditions and confirmation by the Board of Directors, the Sucuriú Project would begin construction in 2025 and be commissioned in the first quarter of 2028, increasing the company's total production capacity to 7.7 million tons per year. "We are working today to be able to make a good evaluation, in order to enable the board of directors to make the right decision, with more accurate information, with real quotes from suppliers", said Cristián Infante, adding that expectations are high, as this initiative is very exciting for the organization. This was echoed by Governor Azambuja, who pointed out that he expects "to host in the state one of the world’s largest pulp mills. It will be a modern facility that will generate jobs, opportunities, income and

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social development in a region that is also part of the East Coast Forest, but which did not have this kind of projects”.

From the employment point of view, the benefits for the local community are expected to be significant, as it is estimated that more than 12,000 jobs will be created during the construction phase. Once this stage is completed, 2,350 people will be permanently employed, of which approximately 550 will work at the industrial plant and 1,800 in the forestry area. "The possible implementation of ARAUCO's pulp mill will be the realization of a great

_ in the photo: Signing of the agreement between ARAUCO and the government of Mato Grosso do Sul, Brazil.

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"THERE ARE STILL MANY STEPS TO GO BEFORE THE SUCURIÚ PROJECT BECOMES A REALITY, BUT AT LEAST TODAY WE ARE VERY OPTIMISTIC ABOUT HOW TO DO IT," SAID CRISTIÁN INFANTE. dream of our people, a dream that we have been hoping would materialize for more than 11 years. For us it will be of utmost importance for the economic and social development of our municipality. Expectations are the best possible for income and job generation for our people," said Mayor Garcia dos Santos.

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BRAZIL

HUMID AND HOT CLIMATE

GEOGRAPHICAL ENVIRONMENT WITHOUT ELEVATION

300

US$3BN

HECTARES

IN INVESTMENTS

2,5 MILLION TONS OF PRODUCTION

SHORT FIBER PULP MILL

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— moving towards a sustainable future

MATO GROSSO DO SUL

SUCURIÚ PROJECT

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According to Cristián Infante, "when you look at the Brazilian commodities industry and how it has developed in recent years, it is amazing. Brazil is a country with a lot of challenges, but it is clear for them that its development comes from generating value and industrializing the country, and that is why they are concerned about energy, the environment and also adding value to the resources they have, so we fit very well with that". This statement is supported by the governor of Mato Grosso do Sul, who said that "the arrival of this plant is a proof of investor confidence in Mato Grosso do Sul, in our tax incentive policy, in the legal certainty for those who invest and in the logistics structure that we are creating for those who need to sell their production".

On this point there is a coincidence between the State's view and that of ARAUCO. In the words of its CEO, the company has a clear vocation to generate value for its stakeholders in a consistent and responsible manner. "We dare to take this huge step in Brazil because we have been in this country for many years, and also because we have many plants abroad, in the United States, Europe, Argentina, and Uruguay. I believe this is a natural step of the company's growth path that has been taking place

2028 BEGINNING OF OPERATIONS

_ in the photo: Cristian Infante CEO at ARAUCO.

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and that, without a doubt, is something that motivates us, because we believe that there will be a market for lumber by-products, since it is an extremely virtuous industry in many aspects, and that is precisely what we are aiming for," Infante concluded.

over time; in fact, of our 57 plants, 37 are abroad. So this new project is part of the road we have been walking and is part of ARAUCO's vocation to grow with this model that we believe adds value. There are still many steps to go before the Sucuriú Project becomes a reality, but at least today we are very optimistic about how to do it.

The pulp mill's production would be primarily destined for foreign markets, mainly Western Europe and China. In addition, Cristián Infante anticipates that Sucuriú will allow them to explore new opportunities in the United States, where they want to expand their presence. The professional added that the planned production is also in line with the forecasted future growth of the commodity, with a consumption

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growth rate of 2.5% per year. "We feel very reassured in that sense, and there is something additional: we are not new in this business, so we already have our customers, we already have our distribution network, we already have the logistics, we know how to make the product. Given the characteristics of the market and the company, in a project like this, I think the match is super good". In addition to this, there are the multiple uses that have been discovered for cellulose, from its use in the manufacture of textile fiber, an area that the subsidiary is currently developing in Valdivia, to nanocellulose, which makes it possible to create materials as resistant as steel. "The future of the forestry industry and lumber derivatives is very much in line with what the world needs in order to move towards sustainable development

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IN LINE WITH ITS ROLE AS A LEADER IN NEW ENERGIES, COPEC SEEKS TO PARTICIPATE AND CONTRIBUTE TO THE DEVELOPMENT OF GREEN HYDROGEN IN CHILE.

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copec:

EXPLORING GREEN HYDROGEN DEVELOPMENT

Copec is part of a strategic alliance that will evaluate the development of a hydrogen ecosystem encompassing ground and air operations at Santiago airport's international terminal.

By using this sustainable fuel, the Arturo Merino Benítez airport seeks to cut greenhouse gas emissions by 40% by 2030 and achieve carbon neutrality by 2050.

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from renewable energies and therefore without CO2 emissions, stands as a viable energy alternative.

A Memorandum of Understanding signed between Copec, the Nuevo Pudahuel concession holder, a group comprised of Groupe ADP, VINCI Airports and Astaldi Concessioni; Air Liquide, a multinational company specialized in the production and supply of industrial and medical gases and related services; and Colbún, a Chilean power generation and transmission company that also provides energy solutions, is the starting point of an ambitious and promising project. Under the agreement, a series of studies will be conducted in order to evaluate the development of a hydrogen ecosystem encompassing the various operations that take place at the Arturo Merino Benitez Airport. It is no coincidence that the signatories to the agreement are large players in the energy and airport industries worldwide.

Anyone who has visited the Santiago airport in the last few months has witnessed the impressive transformation of its facilities. Its international terminal current capacity is over 38 million passengers a year, and with this ambitious expansion plan, the facility is moving steadily toward its goal of becoming the most modern in South America.

But beyond this milestone, which required an investment of nearly US$ 1 billion, the Nuevo Pudahuel concession holder also aims to make the country's main air terminal a benchmark in terms of decarbonization. For this purpose, green hydrogen, which is produced

The project is conceived at a time when several airlines around the world are considering the incorporation of zero-emission fuels, known as SAF (Sustainable Aviation Fuels) by 2030. The same is true at country level, with several governments announcing they will require minimum PFS quotas for aviation and other sectors. Chile has a national green hydrogen strategy, which sets out the agenda to develop a new industry based on this element.

The initiative considers the fuel production and supply infrastructure to serve ground activities in the first stage, and subsequently, air operations. This planning is due to the fact that land applications, such as cranes, trucks or cabs, are technologically more developed.

The aviation industry, on the other hand, is very sensitive and complex, for example, with testing during operations.

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— a virtuous alliance The members of this alliance cover the entire process. Air Liquide will lead the course of the study and will use its expertise in hydrogen production and distribution to build and operate an electrolyzer, a key element in the production of green hydrogen. In turn, Colbún will provide renewable energy for the project, while ensuring the energy efficiency of the value chain. Airbus will also be present, providing its perspective on the development of hydrogen aircrafts for the Latin American market.

Copec, as the main operator of the fuel market in Chile, will bring its experience in storage systems and supply thereof. In addition, it will be in charge of the

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our customers, mainly with the new uses of hydrogen as mobility.

_ in the photo Leonardo Ljubetic Corporate Development Manager at Copec.

forecasting hydrogen demand of this initiative, considering its current share in the aviation fuel market.

Leonardo Ljubetic, Copec Development and Management Corporate Manager, highlighted the company's contribution in the context of the efforts that have been made for years to support the transition to new energies. "We have presence in electromobility, distributed solar generation, smart storage and energy efficiency," he said.

"Specifically with regard to green hydrogen, three years ago we began to study its potential, analyze the value chain, its current and future uses and a significant number of projects, always thinking about the country and how to add value to

Alexander Worner, Hydrogen and Storage Business Developer, Wind Garage Copec, complemented this view, adding that the company will be the airport's main strategic partner for hydrogen. "We are the only ones with presence inside the airport and we operate there, we know the implications of working there, with its peculiarities, security codes and requirements to enter and remain."

Regarding the specific role of the company, he explained that they "will build a route map of the expected penetration of this fuel and its potential, with a global view embracing consumption by tractors, trucks, boilers, forklifts, buses and cabs, for example".

As for aviation, Worner provided compelling data: "We have a presence in 10 airports across Chile through Copec Aviation. We are also present in 30 other airports through our subsidiary Terpel. As experts, we will propose pilot plants and play a leading role in its implementation," he said.

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2030

GOALS:

SANTIAGO INTERNATIONAL AIRPORT ARTURO MERINO BENÍTEZ

GREENHOUSE GAS EMISSIONS

This condition, he said, allows us to be extremely competitive as a country in the production and export of green hydrogen worldwide. "Chile is moving decisively in this direction and at Copec we are committed to

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participate and contribute to its development. We believe that this model of collaboration between different market players is vital and virtuous”.

2050

Alexander Worner pointed out that the renewable generation potential in our country is 70 to 80 times higher than local power consumption. "So, producing green hydrogen from that capacity allows us to bring that power to other countries, where the renewable potential is lower than consumption." On the other hand, domestically, not all energy consumption can be electric power, which leads to the search for other types of solutions to achieve decarbonization. This is precisely the case of aviation.

CARBON NEUTRALITY

— leading multi-energy For Copec, the strategic importance of this initiative is evident. It is not just a matter of contributing to Santiago International Airport's goal of cutting greenhouse gas emissions by 40% by 2030 and achieving carbon neutrality by 2050. According to Leonardo Ljubetic, green hydrogen "is essential for the decarbonization process of the energy matrix and a huge opportunity for Chile, due to the advantages we have in renewable energy generation".

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NATIONAL GREEN HYDROGEN STRATEGY:

In this scenario, Copec seeks to be a leader in multienergy. "We are in a constant process of transformation,

1

RAW MATERIALS

Hydrogen is produced from seawater by means of electrolysis.

2

RENEWABLE ENERGIES

The electricity obtained from clean energy is used to break down the water molecule.

3

ELECTROLYSIS

The molecular components are separated by the electrolysis process.

4

STORAGE

Hydrogen is later stored in special facilities and containers, such as gas.

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leading electromobility, developing distributed generation, smart storage and exploring the development of green hydrogen with a focus on new uses," said the company's Development and Management Corporate Manager.

Ljubetic also highlighted investments in startups involved in clean technologies through Wind Copec, the innovation platform focused on developing new businesses and bringing new technologies, practices, products and business models to Chile. Voltex in electromobility, Flux Solar and Ampere in solar generation, Stem, in energy storage, among others, are examples of this constant search for energy solutions aimed at different market segments.

Leonardo Ljubetic and Alexander Worner agreed that having a consortium made up of experts in their fields adds value to the initiative at every part of the chain.

Another element adding value is that it involves a wide range of operators present at the airport, which will provide valuable information about their challenges, fears and concerns related to the idea of working with zero emissions.

"Being part of this will allow us to draw conclusions for other potential green hydrogen projects that we undertake in the future," said Ljubetic, emphasizing that "we are always active, researching, analyzing, creating alliances, developing ideas and looking for opportunities that are good for the development of our country and Copec."

— new opportunities Arturo Merino Benítez is Latin America’s first airport involved in a project of this scale, through which it hopes to become a real hydrogen hub and achieve total decarbonization. It should be noted that the Nuevo Pudahuel concession holder is controlled by French companies Vinci and ADP, both leaders in the promotion of this energy worldwide, with developments in France and South Korea.

_ in the photo: Wind Garage Copec Hydrogen and Storage Business Team (from left to right): Alexander Worner, Hydrogen and Storage Business Developer and Florencia Cassinelli, New Energies Project Engineer.

COPEC WILL BE SANTIAGO AIRPORT'S MAIN STRATEGIC PARTNER IN THE FIELD OF GREEN HYDROGEN.

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copec academy:

MORE THAN 12,000 PEOPLE HAVE BEEN TRAINED AT COPEC ACADEMY, GAINING ACCESS TO SCHOOLING, DIGITAL LITERACY, GUIDANCE FOR ACCESS TO HIGHER EDUCATION, TRAINING IN CRAFTS AND ENTREPRENEURSHIP.

AN ENGINE OF CHANGE AND NEW OPPORTUNITIES Through this training and learning space, service station workers and their families develop their skills and talents.

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"Copec Academy is part of Copec's effort to improve the quality of life of those who work in the service station network". This is how Javier Narbona, its director, describes this initiative. With more than 25 years of experience in the company, for the last three years he has been leading the efforts to promote this project, which he himself defines as "a dream come true".

The establishment of internal capabilities in Copec Academy in the areas of educational psychology, training strategies, human development and relationships has been key to building a training project tailored to the business, allowing us to understand the world of the clerk, their needs and context and, in turn, be a support for Copec service

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station concessionaires throughout the country.

According to Javier Narbona, the value proposition of Copec Academy has to do with personal empowerment and strengthening the relationship with Copec's strategic allies: "We want to generate an inclusive development with equal opportunities and, also, to get closer to our dealers, giving them the possibility of offering a new tool that they could not previously provide to the clerk. In addition, we are driven to have a positive impact on better labor practices, forging opportunities for growth and development. Every time you _ copec academy presentation video. arrive at a service station, whether in Arica or Puerto Williams, the person who attends you is constantly being trained at the Copec Academy", he says.

_ in the photo Part of the Copec Academy team (from left to right): Camila Armstrong, head of Development and Employability; Francisca Arellano, Solutions and Experience architect; Javier Narbona, director at Copec Academy; Ángela Nattero, head of Training; and Paulina Napoli, head of Relations and Management.

— developing people to inspire futures The pillars of Copec Academy are continuous training and linkage and transformation. In the words of its director, the first point is associated with updating the skills of service station workers: "It's what we call upskilling, that is, how we help them to play their role, training them to do their job very well," Narbona adds.

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Thus, Copec Academy has programs focused on continuous training for the job and transversal skills, schooling leveling, digital literacy, school support for family members, guidance for access to higher education, training in crafts and entrepreneurship. Many of these programs are possible thanks to the support of Copec volunteers and their families and concessionaires.

The ultimate purpose of the Academy is to be Copec's engine of change for those who work in service stations, their families and communities, connecting the desire to grow with new opportunities, through the development of skills and talents. In addition, to offer a transformation path that accompanies the employee's work cycle, improving their quality of life and showing them different alternatives for a better future.

The process of linking and transformation, meanwhile, promotes opening new horizons and preparing for future challenges, through what is called reskilling. This is done through training programs in entrepreneurship and crafts for them and their families, so that in the future they can, if they so wish, supplement their income with an enterprise, or even become independent from the service station in the medium and long term.

In relation to the above, Javier Narbona explains that this objective is a differentiating element: "At the beginning, the concessionaires were afraid that by participating in the Academy they would lose their personnel. However, the opposite is happening, as we seek to train people and give them a greater sense of purpose in what they do at the service station, this encourages them to stay longer at Copec. And, well, if tomorrow some worker decides to leave

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_ in the photo: Javier Narbona Director at Copec Academy.

the service station, it will be because he or she has a better opportunity outside.”

The executive adds that Copec Academy fosters a sustainable staff turnover over time: "We are creating incentives for them to stay and complete their training, because we are helping to establish dreams and generate, during their time at the service stations, an added value and a culture of learning. This makes it easier for us to have planned and meaningful exit processes.”

_ video of copec academy's training program: techniques in gastronomic preparations 2021.

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BUSINESS TRAINING

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SCHOOL LEVEL

12.900

DIGITAL LITERACY

32

People trained to date.

214

People articipating in the program.

Participants to date since 2021.

VOLUNTEERING

195

People trained in entrepreneurship to date as of 2020.

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— working at service stations: a development opportunity for surrounding communities

Participants to date since 2020.

ENTREPRENEURSHIP

328

People trained to date since 2020.

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145

People who have passed their free exams thanks to the "Termina tu Media" program to date (since 2020).

TRADES

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SCHOOL SUPPORT

274

“ORIENTA FUTURO" PROGRAM

100

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Volunteers as of the first half of 2022.

One of the main challenges the Copec Academy team faces is to propose new ways of relating to the communities near the service stations, based on attracting talent. "[We want them] to know that here they can grow, learn things, finish their high school education and tomorrow have a skill, be entrepreneurs.

I hope that the workers will go out and tell their story, and that this person will be the best witness and representative of what we do", explains Narbona.

Finally, Copec Academy's director states that all this work aims to "generate shared value, focusing on people and promoting Copec's purpose: to promote the development and movement of people, companies and the country.

Being a contribution to this is something that fills me with pride".

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“My biggest motivation for wanting to finish high school were my children”.

I started as a secretary at Copec and Mauricio, my boss (dealer), gave me all the support and confidence I needed to dare to take this step. Later, at the Academy, I met Camila Armstrong, who was my tutor. At first it was hard to find a schedule that worked for us, but in the end we managed. We started very early, around six in the morning, and we were connecting for almost four months.

miriam rodríguez She works as a manager at Service Station 20242 in Constitución. She participated in the "Termina tu Media 2020" program and passed the free level 2 exam for educational purposes. Today she is studying Business Administration at Iplacex.

“MY BIGGEST MOTIVATION FOR WANTING TO FINISH HIGH SCHOOL WERE MY CHILDREN”.

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In addition to the material provided by Copec, Camila always took care of getting me links, videos and additional material that could be useful to me. Her support and teachings were very important to me, especially in math and English.

After I graduated from high school, my boss encouraged me to continue studying. He helped me to review curricula and institutions.

In May of next year, if everything goes well, I will have my degree in Business Administration.

There is a phrase I once heard, which stuck with me and which I always repeat: daring is the best way to earn something in life. If you don't dare, you don't move forward. That's what inspired me to enter the "Termina tu Media 2020" program, to study my career and, in general, for everything I do".

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jimmy reyes Graduated from the "Yo emprendo 3" program. He works as a sales assistant at Service Station 20563, located in Puerto Montt. He was awarded the Seed Capital 2021, and his enterprise "LosReyes.cl" is a Venezuelan Fast Food delivery.

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"When I participated in the program, my entrepreneurship was still in a very early stage. 'Yo Emprendo 3' lasted 46 hours, it was every Tuesday and Thursday, and they taught us things in all areas: digital marketing, Canvas model, statistics, etc. In addition, I had a very good tutor, Ignacio Tagle, who is a concessionaire of a station in Santiago. He was key, a person who was always there when I needed him, advising and counseling me.

"I APPRECIATE THE HARD WORK OF COPEC ACADEMY AND THE FACT THAT THEY HAVE SUCH A CAPABLE AND CLOSE TEAM."

44 _ For me it was a program of personal and structural transformation. Structural, because they teach us to work in a different way. Today we do it more organized, more professionally. The Seed Capital I received allowed me to waterproof the work surfaces of 'LosReyes.cl' and thus guarantee the best hygiene for customers. We are already selling every day and are available at Pedidos Ya and Rappi.

The knowledge I acquired was central to achieve this. I appreciate the hard work of the Copec Academy and the fact that they have such a capable and close team, with people who talk to you as if they have known you all your life, such as Catalina Carreño, Loreto Bórquez and Rocío Mesías.

I would invite all those who have an entrepreneurial venture not to be afraid and try it. And to do it with passion and from the heart, so that everything goes well.”

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"I started collaborating with the Copec Academy about two years ago, during the pandemic. I have always had a very developed social dimension, so when I got the email inviting me to be a tutor, I didn't even think about it, I just answered. I was delighted to be able to help.

During this time, I have worked with 10 people as a mentor. Many of them were able to access the Seed Capital. Carlos Cuevas is an example that is very fresh in my mind. He is from Copec in Lebu, went through the Academy's training and today has a seafood SME, has his own refrigerated truck and, in addition, his

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"I HAVE ALWAYS HAD A VERY DEVELOPED SOCIAL DIMENSION, SO WHEN I GOT THE EMAIL INVITING ME TO BE A TUTOR, I DIDN'T EVEN THINK ABOUT IT, I JUST ANSWERED. I WAS DELIGHTED TO BE ABLE TO HELP.” 45 _ wife was inspired and decided to start her own business as well.

francisca sotomayor Concessionaire at Service Station 60108, located in Providencia, Santiago. She is very familiar with the Copec Academy proposal and has been a volunteer tutor in its programs, especially in the entrepreneurship training programs.

And those who did not obtain the money, continue to move forward with their projects, putting into play everything they have learned. For me, this experience has been extremely gratifying, because I also had an SME, so I know what it feels like, the fears that are faced and, from that position, I feel that I am making a significant contribution.

Something that stands out is the level of organization of the Academy. They give us all the necessary tools to be able to properly guide the students, following up on the projects, always with all the availability and time in the world".

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women's entrepreneurship program: seeking empowerment In August, Academia Copec held the first version of this initiative, jointly organized with the Simón de Cirene Foundation, which is aimed at women who work at service stations and their families. The goal is for those who have an initial business idea to receive support and advice and subsequently apply for a Seed Capital of $ 200,000. In this edition, 25 people participated, 76% of whom were workers and 24% belonged to their close circle. Of these, 19 decided to compete for the economic support, preparing a presentation or pitch of their project. Most of them focused on gastronomy, clothing, hairdressing services, handicrafts and general product sales.

The female entrepreneurs, representing different regions of Chile, were supported by Copec's volunteer collaborators and concessionaires during the program's development. In addition, a women's jury was responsible for choosing the winners of the event, which in this case rewarded all the participants for their excellent performance.

Thus, through this program, Copec Academy encourages women to strengthen their self-confidence and entrepreneurial spirit, also promoting their economic independence.

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THE EXTRAORDINARY BEAUTY OF WILDLIFE The Darwin frog, the jaguar, the tapir, the puma, the little bush monkey and the pudú are some of the species that inhabit the Chilean parks Oncol, Caramávida and Coyanmahuida, and the Argentine reserve San Jorge. All these areas are located within ARAUCO’s forestry assets.

The management of biodiversity and ecosystem services existing in ARAUCO forests is carried out through the identification and protection of High Conservation Value areas, that include areas with values of outstanding or critical importance, for which zones that require a special level of protection and management to ensure its maintenance and improvement over time, are designed.

Currently, 30% of ARAUCO's forestry assets is compound of native forest and there are 167 areas of biological, environmental and cultural High Conservation Value.

In that way, ARAUCO protects thousands of hectares of native forest, together with its flora and fauna, for present and future generations, monitoring changes, protecting priority species and promoting prevention and remediation.

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TO ACHIEVE THE GOAL OF ZERO WASTE, COMPANIES HAVE SET SPECIFIC, HIGH-IMPACT GOALS.

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arauco, copec and orizon:

ON THE ROAD TO ZERO WASTE Twenty million tons of waste were generated in Chile in 2019, according to the State of the Environment Report 2021. The World Bank, meanwhile, states that the country leads the South American ranking in this matter, as each inhabitant would eliminate 1.15 kilos of garbage per day.

In this context, where urgent measures are needed, the subsidiaries ARAUCO, Copec and Orizon are carrying out various actions to address this challenge.

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In the current scenario, waste is part of a linear production and consumption model.

Considering that by 2050 the amount of waste is expected to increase by 70%, according to the World Bank, it is imperative to promote a transition to a circular economy, which allows a sustainable use of natural resources and minimizes waste.

According to the Ellen MacArthur Foundation, waste is a "design flaw," since ideally materials should re-enter the economy at the end of their use. With this approach, the concept of waste would not exist. However, we are still far from that: in Chile, the Ministry of the Environment reports that approximately 79% of non-hazardous waste is disposed of in landfills and dumps, and only 21% is valorized. This means that only 1/5 is fully or partially recovered and prepared for reuse and recycling.

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ARAUCO, Copec and Orizon, subsidiaries of Empresas Copec, seek to be leaders in their respective industries in the implementation of various strategies to meet this challenge, understanding that this work requires collective business action.

Max Constanzo, ARAUCO's Environmental Manager, points out that the subsidiary has taken on this challenge as an opportunity. "It's a global

52 _ trend. Today the amount of waste is exponential and, of course, it has an environmental impact. Landfills in Chile are full and people don't want them near their homes because of the smell and the dirt, among other reasons.

The positive thing about this is that out of a need for change comes an opportunity for the industry, for the community and for the agricultural world. There are a lot of developments because of this requirement to change the way we do things".

_ ARAUCO Licancel Cellulose Mill Waste Recovery Center Aerodome.

At Copec, meanwhile, waste management is part of its environmental strategy. This is explained by Camila Valenzuela, Copec’s Environmental Deputy Manager: "In our history we have always sought to be responsible with all the waste we produce, because of the environmental impact it has, but now this is more demanded than ever, because although we always start

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with a relevant social role. "At Orizon, we are leaders in seafood production and that comes with commitments. The planet can no longer withstand the current level of waste and in Chile more than a third of the landfills and other waste disposal sites have already completed their useful life. Given this reality, it is necessary to reduce these levels and advance in responsible management".

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— specific goals Raising awareness within the companies themselves about the urgency of implementing new methods of resource management was the starting point to begin this transformation. The interviewees state that the fundamental thing was to understand that environmental motives are only one part of a broad list of positive externalities for business and society as a whole.

Max Constanzo recounts how this path was built within ARAUCO: "It was a journey to convince that this could be useful. When we began to propose arguments as to why this was positive, we realized how difficult it is to build landfills, because it is increasingly complex environmentally. And if you look at it in the long term, in the development of the product, you pay less to valorize waste than to build a landfill," he said.

from the base, which is the legal regulations, today we want to promote the maximum use of the available resources, increasing their useful life, giving a second value and seeing the waste as a new product, promoting reduction and reuse".

For Allan Carrasco, Orizon’s Sustainability and Communications Deputy Manager, waste management is about sustainability from a business point of view, looking at companies

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_ Orizon was able to recover 41% of the waste generated on its vessels.

In this regard, Camila Valenzuela states that it is possible to manage waste from both an environmental and operational point of view: “This not only means taking environmental responsibility because someone is demanding it from us and taking responsibility for the negative externalities that this produces, but also seeing it as a whole, because there are

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benefits in costs associated with materials that can be reincorporated or it would even be possible to reuse products and make the operation more efficient. For example, some operational improvements can be capitalized through more efficient waste management, producing new ideas, other by-products. This pushes us to be much more creative and work hard as a team to look at it in a totally holistic approach.”

Another challenge, according to Allan Carrasco, is to emphasize that this route requires collaboration: "We want to extend our commitment to waste management to the community, because our country's goal of moving towards a circular Chile requires the synergy of all the actors and alliances between the public and private sectors and civil society, in order to join forces to achieve greater transformations".

To achieve this goal, the companies have set specific, high-impact targets. In the case of Copec, one of the most significant goals is to have zero waste in its operations associated with its plants, service stations and Copec convenience stores (including Pronto and Punto operations) by 2029. ARAUCO seeks to achieve 100% recovery of its waste by 2030, and Orizon seeks to recycle 90% of its solid waste by 2025.

_ The Bluemax processing plant was the first Copec facility to become zero waste.

COPEC HAS SET ITSELF THE GOAL OF HAVING ZERO WASTE IN ITS OPERATIONS ASSOCIATED WITH ITS PLANTS, SERVICE STATIONS AND COPEC CONVENIENCE STORES BY 2029.

ARAUCO SEEKS TO ACHIEVE 100% OF THE VALORIZATION OF ITS WASTE BY 2030, AND ORIZON SEEKS TO RECYCLE 90% OF ITS SOLID WASTE BY 2025.

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— a circular culture According to Orizon's Deputy Manager of Sustainability and Communications, the most difficult aspect of optimizing waste management today is to create a longterm cultural change, rather than to obtain resources: “Finally, it is to change the way people see waste, it is to conceive that garbage can have a new life. This means that waste must be separated, delivered clean or in the required conditions so that it can continue its recycling process, and for all of this, a real commitment is necessary," he said.

This diagnosis is shared by Copec's Environmental Deputy Manager: “Cultural renewal and collective awareness are key to forging this ecosystem, which starts when you choose a product or design a process.

While there must be a commercial and safety perspective, the waste perspective must also play a leading role and be a variable in decision making, and not only outwardly: multidisciplinary teams must be integrated and new knowledge must be available. All projects have to be contemplated from a sustainable variable.

Because we could inject investment, more technology, more machinery, but that alone is not enough," he said.

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Finally, for ARAUCO's Environmental Manager, what is essential for actions such as these to last over time is to systematize internal processes: “So that when we propose to have zero waste and that everything is valorized, it is something systemic and orderly, and not dependent on individuals in particular and the effort they make or specific teams, because this is changing, people enter and leave the organizations and we have to ensure that these processes remain, and that forces us to think very well how to develop the strategy and implement it,” he concluded.

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RAW MATERIALS

RECYCLING

PRODUCTION

WASTE

20MILL.

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CIRCULAR ECONOMY

TONS

2019 WASTE

1,15 K.

IN CHILE DISPOSAL

DISTRIBUTION

Per day per person

USE / CONSUMPTION

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"in this waste management and circular economy we have to engage the entire value chain."

“Recently, we took an important step by converting our manufacturing plant for Bluemax, an emissionreducing liquid for diesel vehicles, into a zero-waste facility. In addition, last year it succeeded in making its own eco-wood furniture, in partnership with a foundation.

camila valenzuela Copec’s Environmental Deputy Manager.

In the other facilities we are gradually incorporating different revalorization models. By 2022 we have proposed to draw up our complete baseline with all the waste, to draw up the roadmap to see how we are going to progress, in reality, on this path to reach zero by 2029.

At Copec we also have an initiative to recover Bluemax and lubricant bins

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(plastic containers). Since its implementation in February 2021, 12% (578) and 75.4% (12,219), respectively, have been recovered.

On the other hand, we achieved that 61% of the 203,000 oil changes performed in the Lub network were carried out with a bulk sales system. The same was achieved in 14 service stations with respect to the sale of water (bulk distribution) and we developed a pilot program for the recovery of their containers for revaluation, turning them into planters installed in the same service stations and into playground equipment for Pronto stores.

Finally, in order to achieve these goals, it is essential to form alliances with experts who are dedicated to this.

And, beyond that, in this waste management and circular economy we have to engage the entire value chain, we have to be able to consider and support our suppliers, SMEs, entrepreneurs".

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"we are committed to reducing the waste sent to landfills and moving towards sustainable management.” however, this was far exceeded with the collection of more than 40%, for which we received the Blue Seal.

“At Orizon we are committed to reducing the waste sent to landfills and moving towards sustainable waste management. Our goal in this area is to recycle with a focus on solid materials, which requires internal recycling campaigns together with good waste management that favors reuse and recycling.

Along the same lines, this year we signed a Clean Production Agreement with the goal of recovering 10% of the waste that can be assimilated to household waste on the vessels;

In May of this year we installed three clean points in Coronel to increase the city's recycling capacity.

In addition, since 2017 we have a partnership with Bureo, a company dedicated to the recycling of fishing nets, which allows us to turn this waste into new products, such as skates, sunglasses and clothing, among others. Thanks to this partnership, at Orizon we recycled 18 thousand kilos of fishing nets last year."

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allan carrasco Orizon's Deputy Manager of Sustainability and Communications.

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"we have had to create products and develop a new market".

“One initiative of which we are very proud is the valorization of cellulose waste that was destined for landfills.

Some progress we can highlight is that in 2018 we were achieving a 29% recovery rate and last year we reached 55.6%, that is to say, of the 400 thousand tons that we generated, more than half had value.

For this year we want to reach 65%. In the case of wood, in 2021 we achieved 34% valorization and this year we want to reach 44%.

max constanzo ARAUCO's Environmental Manager for Pulp and Wood.

This was possible because we gave these wastes a new life. For example, in applications to improve the pH of agricultural soil and in developments where we use ashes and sands to

make cement. Currently, we recover around 80% of the biomass that was sent to external landfills. We also carry out research and development through Bioforest to develop elements that optimize soil quality, and we are in the process of creating a vegetative layer to seal landfills.

Our plan is steady, we have had to create products and develop a new market, a replacement market.

Ninety-five percent of all the inputs used in agriculture to regenerate soils are imported, so there is a tremendous challenge for us together with our strategic partners, the companies involved in valorization".

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FORESTS AND FOREST PLANTATIONS HAVE PROVEN TO BE AN IMPORTANT ENVIRONMENTAL SOLUTION FOR PROTECTING SOILS FROM EXPOSURE TO EROSION, RADIATION AND WINDS, AS WELL AS THE IMPACT OF RAINFALL.

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arauco bioforest research center:

THE FOREST AS A SOLUTION TO THE WATER CRISIS Ensuring the long-term sustainability of resources is one of the purposes of Bioforest, a research and development company, subsidiary of ARAUCO, which for 14 years has been studying and monitoring the hydrological behavior of forest stands in watersheds in different regions of the country.

Studies conducted by Bioforest show that forests and forest plantations have proven to be an important environmental solution to protect soils not only from exposure to erosion, radiation and winds, but also from the impact of rainfall, favoring infiltration into underground water and water quality.

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approximately 1,200 water intakes, 87% of which are on surface and 13% underground, supplying approximately 590,000 people.

The measurement aims to cover the territory spanning from Constitución to Valdivia, in order to secure a large sample of the variability in rainfall behavior, which ranges from 700 to 2,000 mm annually. “In order to make a

After 13 years of drought, and in a context where rainfall has fallen by 10% to 30% in the last 30 years, finally in July this year the Chilean Meteorological Department announced a positive balance of accumulated rainfall levels compared to 2021 figures.

In this context of uncertainty and concern arising from water shortage, Bioforest began years ago research and monitoring of the effect that native plantations and forests could have on water, analyzing its effect on the quantity and quality of this resource, its influence on underground water and its relationship with climate change, among other topics.

The studies, which began in 2008, include the monitoring of 16 watersheds located in different regions of Chile, especially where ARAUCO has operations. The company's assets include

comparison in the effect on a native forest versus a plantation *of the flows*, very similar basins in size and type of soil are studied and compared, so that the only thing different is the cover (type of vegetation)”, explained Francisco Balocchi, Full Researcher at Bioforest.

Although these are long-term studies, considering that a pine plantation takes about 22 years to grow, this work allows ARAUCO to make decisions based on scientific data.

“Companies generally outsource this type of research, but, in our case, Bioforest operates as a consulting body. We try to ensure that all our projects are supported by universities, that is, that they are validated by academia and, in addition, that this translates into scientific publications,” said Balocchi, a specialist in Hydrology and Water Resources.

All of this becomes a significant contribution, considering the

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country‘s low budget for financing of R&D activities. In fact, Chile allocates only 0.38% of GDP to science and technology, and an even lower amount, barely reaching 0.0025%, when it comes to water studies, according to figures from the Chilean Committee for Unesco's International Hydrological Program.

— sustainable landscapes The aforementioned study concluded that forests and forest plantations have proven to be an important environmental solution for protecting soils from exposure to erosion, radiation and winds, as well as from the impact of rainfall, favoring infiltration into underground aquifers and water quality.

In the book “Background of the forest mass and water availability ratio in Chile”, published by UNESCO and which included the participation of academics from the universities of Talca, Chile, Concepción, Austral de Chile and Arizona (US), it is argued that forest masses provide ecosystem services that would be related to maintaining the quality of water resources. This would be possible, “on the one hand, because through their roots, trees are able to capture surplus nutrients from human

61 _ activities and natural phenomena. On the other hand, because they are an effective barrier to sediment retention in high areas, reducing the incorporation of soil particles into the water and preventing a significant reduction in dissolved oxygen, thus favoring the conservation of fish and other aquatic organisms”, explained the experts.

Likewise, researchers have also studied the impact of plantations and different species on the problem of water shortage, concluding that, in addition to the fact that not major differences between eucalyptus and pine trees were observed, the water problem would be mostly related to a lack

_ in the photo: Francisco Balocchi Full Researcher at Bioforest.

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of rainfall and water resource management problems. The influence of one species -they explained- depends on other relevant factors, such as climate, latitude, age of the tree and type of soil, among others.

The current discussion, argued the Bioforest researcher, is not whether we should replace forest plantations with native forests, but to know where, when and how a certain species or mixed species have the greatest environmental impact. It is a matter of thinking

2008

16

EROSION

RADIATION

WIND

EFFECTS OF PRECIPITATION

Forests protect the soil from multiple factors.

CONSTITUCIÓN

about more sustainable landscapes, where the provision of water, wood and other ecosystem services, such as carbon capturing or the habitat for endangered species, is achieved harmoniously.

The objective is to enhance the role of nature and, specifically, forest masses, in the hydrological cycle, in terms of sustainability of ecosystems and to mitigate the effects of climate change, by capturing carbon from the atmosphere.

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GROUNDWATER

watersheds in Chile located between: VALDIVIA

Start of Bioforest study

THE STUDIES, WHICH BEGAN IN 2008, INCLUDE THE MONITORING OF 16 WATERSHEDS LOCATED IN DIFFERENT REGIONS OF CHILE, ESPECIALLY WHERE ARAUCO HAS OPERATIONS.

WATER QUALITY

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tools including the support from ARAUCO and Bioforest professionals to accelerate the development of projects required by the community.

— creating synergies with social impact It should be noted that in several areas the shortage of water resources is not only due to lack of water, but also to the deficit or poor quality of the supply infrastructure in some communities. In this context, ARAUCO decided to focus its efforts on improving the water availability of some neighboring rural areas that did not have good access, helping to improve their quality of life. “We feel called upon to be part of the solution,” said Francisco Oyarce, head of Water Resources Management at ARAUCO's Assets Management.

This is how the “Water Challenge” program was born, which began to be implemented seven years ago and which makes available for communities the execution of studies and hydraulic works, as part of a set of

“Doing a drinking water project requires understanding and mapping processes, connecting the need of the community with specialists and investment funds. Today, our main capital is to have developed very valuable inhouse knowledge about the management of this type of project, which allows us to identify key pieces we can contribute in each case and, in turn, facilitate or accelerate the raising of public funding or complex procedures, such as registering water rights, among others. We also design works and/or train neighbors so that they can implement their own solutions,” explained Oyarce. _ in the photo: Francisco Oyarce Head of Water Resources Management at ARAUCO's Assets Management.

Currently, the program has been implemented in 40 municipalities, in the areas of Maule, Ñuble, Biobío, La Araucanía and Los Ríos, and has benefited more than 41,000 people, through projects of different sizes and scales. A concrete example of the impact and value of collaborative work, being able to create synergies between authorities, foundations, NGOs and public and private sector entities under a common purpose, which is to improve the quality of life for the people of our country.

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ABASTIBLE IMPLEMENTED THE LATAM WOMEN'S NETWORK PROGRAM, WHICH SEEKS TO PROMOTE GENDER EQUITY AND ENCOURAGE THE PARTICIPATION OF WOMEN IN EXECUTIVE AND MANAGEMENT POSITIONS.

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abastible latam women's network:

BREAKING PARADIGMS In a traditionally male-dominated industry and in order to embrace the contribution that diversity brings into organizations, Abastible took on the goal of adding more female talent into the sector, while creating sharing and dialogue instances among female employees, which allows them to get to know each other, empower themselves and develop their skills.

And this is how Latam Women's Network, was born, a series of online sessions where different topics are addressed, ranging from professional and technical issues to the development of interpersonal skills.

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According to a report published by the Ministry of Women and Gender Equity in 2020, two out of every five people employed in Chile are women, and out of this only 21.2% hold management positions. In the same report, the data show that women's participation at organizations varies by industry, and is traditionally lower in the mining, construction, manufacturing and energy sectors, compared to education, financial activities, and service and support activities.

In the case of Abastible, 25% of the company's workforce is made up of women. Catalina Cerfogli, leader of the company's Talent Center of Excellence added that the energy industry is overwhelmingly male-dominated: "The challenge is to buck the trend, where most women become stagnant and do not continue to grow within companies," she explained.

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Thus, two years ago, Abastible implemented a program that seeks to promote gender equity and encourage the participation of women in executive and management positions. This is the Latam Women's Network, an initiative carried out with the support of Women in Management (WIM), a B Certified corporation, which brings together more than 100 women from different professions and positions.

The invitation was launched in Chile, with the participation of subsidiaries in Colombia, Peru and Ecuador, with the aim of gathering different experiences.

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_ in the photo: Catalina Cerfogli Talent Center of Excellence Leader at Abastible.

66 _ Aline Mascarenhas, WIM's senior key account manager and leading the coordination of this network, stressed the importance of providing sharing and dialogue instances among the female collaborators. Particularly in Abastible, and according to a survey conducted after one year of implementation, the level of connection and bonding among professionals rose from 81% to 97%, which can be translated, in terms of impact for the organization, into a greater sense of belonging, talent retention and innovation capacity.

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_ in the photo: Aline Mascarenhas Senior Key Account Manager at Women in Management.

— agents of change The Latam Women's Network program consists of a cycle of eight sessions per year, which are delivered online and where different topics are addressed, ranging from professional and technical issues to interpersonal skills development.

From Ecuador, Patricia de la Rosa, head of Organizational Development at Duragas, has participated in each of the meetings organized in Chile by the Latam Women's Network.

"This program has allowed me to continue to

67 _ encourage myself to bring forward proposals, and to reflect on the importance of selfknowledge, because it helps me to discover my potential and accept myself in order to build better relationships with others," she said. In addition to the opportunity that this space offers to meet new people and learn about best practices, she also highlighted the solidarity that the company fosters among the professionals, being able to acknowledge and celebrate each other's achievements.

Each meeting opens a space for dialogue with the aim of sharing best practices.

"Personal experience is highly validated, but also the systemic view. We understand that we are not a homogeneous group, that we have different experiences, interests and opinions. We don't want to perpetuate stereotypes, we want women to be the way they are, with their own characteristics," said Aline Mascarenhas.

Some of the topics that have been discussed are gender equity at corporations, the value of women within the company, how to be effective at the workplace, how to use language to make changes, questioning microaggressions, personal image and the professional challenge of women and motherhood, among others.

_ in the photo: Patricia de la Rosa Head of Organizational Development at Duragas.

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Diana Ferreira, Director of People Development at Norgas in Colombia, pointed out that the main merit of these initiatives is that they change paradigms and provide tools to empower women. "For me, key topics have been touched upon, such as sorority, which means solidarity among women, and how to be agents of change, from the smallest things in our daily lives, to the largest and most ambitious projects."

Regarding her expectations, Diana Ferreira recognized the challenge that women face in expanding their fields of action at companies that are more male-dominated, and highlighted that more concern and investment has been observed in the development of world-class practices in diversity and inclusion.

Specifically, Diana expects that professional women can have greater influence in decisionmaking and representation, "not only in leadership issues, but also in the regions and in the operational field, encouraging more incubators and opening up more spaces for growth. And why not, that these actions be extended to the entire value chain, to suppliers and vendors, for equity and the role of women to be promoted". Norgas is also currently working in partnership with the Ministry of Mines and Energy on the "Energy that Transforms" initiative, which is financed by the Inter-American Development Bank and promotes gender equity in the sector.

— breaking down biases

_ in the photo: Diana Ferreira Director of People Development at Norgas.

According to the World Economic Forum (WEF), one of the main barriers to the advancement of women at the professional level is the presence of unconscious biases regarding gender equity and that are sought to be broken down. Some of them relate to the idea that women prioritize family and home care over professional careers, and that men would have better skills to lead or negotiate.

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ACCORDING TO THE WORLD ECONOMIC FORUM, ONE OF THE MAIN BARRIERS TO THE ADVANCEMENT OF WOMEN IN THE PROFESSIONAL LEVEL IS THE PRESENCE OF UNCONSCIOUS BIASES REGARDING GENDER EQUITY AND THAT ARE SOUGHT TO BE BROKEN DOWN.

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However, said the WIM expert, this requires interventions that generate sustainable changes in culture and structures, such as the work being done through these women's networks. "A single workshop does not generate the impact or change that is required. We want talent and skills to be the driving force behind the professionals within their environments".

One worrying figure, published by the WEF in the 2021 Global Gender Gap Report, is that, if no changes are made, it is estimated that it will take 267 years to achieve gender equity in economic empowerment. For this reason, explained Aline Mascarenhas, "we need to work with commitment, a long-term view and implementations that generate cultural and sustainable transformations within organizations".

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ABASTIBLE:

— inclusion with purpose Investing in gender diversity has proven to have a positive impact on companies, reducing turnover rates and increasing levels of employee satisfaction and engagement.

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LATAM WOMEN’S NETWORK:

25%

+100

Of the subsidiary's staff is female.

Professional women from Chile, Colombia and Peru connected.

Cycle of eight online sessions per year where different topics are addressed to promote:

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For Catalina Cerfogli, the new generations are not only looking for a good salary, but also for the companies where they work at to offer a purpose and meaning. "To attract talent, we have to be attractive in terms of the challenges we can offer them, their career development and good working environment.

And, undoubtedly, it is key to be an organization that promotes inclusion and diversity, that gives meaning to work. That helps attract and retain".

GENDER SOLIDARITY

In this regard, one of the focuses of Abastible's people department has been to hire more women and promote parity. "We are working on inclusion at a general level, not only related to gender equity, because we want to have more diverse teams."

In this regard, Latam Women's Network is part of a strategic plan that includes projects for the inclusion of people with disabilities, mentoring programs that include employees over 60 years of age and participation in various initiatives, such as "Energy + Women", a plan led by the Ministry of Energy that seeks to incorporate more female talent into the sector.

PEER ACKNOWLEDGMENT

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ONE OF FASA´S MOST REMARKABLE ASPECTS IS ITS HISTORY OF RESILIENCE, THE IMPACT IT HAD IN THE COMMUNITY

BY CONVERTING CONTAMINATING RESIDUES AND WASTE INTO VALUE-ADDED PRODUCTS, AND HOW IT TRANSFORMED ITSELF INTO A RELEVANT AND SUSTAINABLE BUSINESS FOR THE DEVELOPMENT OF MAJOR BRAZILIAN STATES.

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fasa group:

HISTORY OF A MEMORABLE JOURNEY With over four decades of experience, the Brazilian company FASA Group, which began producing bone meal, was sold to a global giant and valued at more than US$ 500 million. A story that transcends, not only for the economic success it brought to its shareholders, including Corpesca do Brasil, controlled

by Inversiones Caleta Vitor, but also for the testimony of hard work and resilience of its founder.

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Valdir José Federhen, founder and majority shareholder of FASA Group, was only 19 years old when he took his first steps in the rendering industry.

With more effort than experience, the young man set out to the production of bone meal with his family and a few employees. He never imagined that he would end up building a leading company in the production of high-quality protein concentrates used for animal feed, as well as fats and oils for the biodiesel industry.

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In May this year, the Brazilian company was sold for approximately 2.8 billion Brazilian reais, equivalent to more than US$ 500 million, plus other adjustments and an additional eventual payment based on the company's financial results over the next 3 years. Undoubtedly, a successful business for its shareholders, such as Corpesca do Brasil, which in 2016 entered FASA acquiring a 30% stake.

One of FASA´s most remarkable aspects is its history of resilience, the impact it had in the community by converting contaminating residues and waste into value-added products, and how it transformed itself - with very few resources - into a relevant and sustainable business for the development of major Brazilian states.

"It is surprisingly positive to see a family working so humbly and committed, and so close to their collaborators. A simple, direct and participative administration, but one that managed to open up to the world and to new partners," said Felipe Zaldívar, CEO at Inversiones Caleta Vitor.

_ in the photo: The company in its beginnings in the state of Rio Grande do Sul, Brazil.

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_ in the photo: Felipe Zaldívar, CEO at Inversiones Caleta Vitor.

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— good partners FASA Group was sold to a subsidiary of Darling Ingredients, a publicly traded U.S. company that converts animal by-products and waste into sustainable products for the health, nutrition, bioenergy and service markets.

For Valdir, the divestment of the company means the end of a successful journey. "I achieved everything anyone could wish for in a situation like this: family support, friendship of the partners who were part of this story and financial success," said the entrepreneur, highlighting as a key factor in his growth the partners

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618 thousand tons of processed raw material in 2015, to 1.3 million tons in 2021; from eight processing plants, it increased to 14 in operation and two more currently under construction. Likewise, it grew to have more than 600 trucks for waste collection and a biodiesel plant with a capacity of 180 thousand m3 per year.

Zaldívar. These results caught the attention of Darling Ingredients, which, through its acquisition, saw the possibility of positioning itself as a leading company in the Americas in the supply of low-carbon waste fats and oils for the production of renewable diesel.

In 2020 Oleoplan, one of the leading Brazilian companies in the biodiesel production sector joined this meritorious partnership. The entry of Oleoplan meant the dilution of the shareholders in the ownership of FASA, which cut Corpesca do Brasil's stake to 24%.

For Felipe Zaldívar, the transformation of this business into a circular economy model implies additional value. FASA not only

"Between 2016 and 2021, the company's EBITDA in local currency increased fourfold, showing extraordinary value creation," said

72 _ and professionals with whom he worked, starting with his mother, sister, children, nephews and nieces, and his friend Waldir Antonio Zarth.

From the production of bone meal, the company expanded into the fats industry, investing in new technologies. During this transition, the incorporation of Thor Maquinas e Montagens, through Mauro Wagner, as director of the group, was essential to continue expanding, implementing more sophisticated equipment and raising opportunities for the acquisition and construction of new plants in other states.

In 2010, Brazil's FAROS and Italy’s SAPI, both leaders in the animal by-product recycling sector, joined the group. Thanks to this partnership, the company began its consolidation process in the Brazilian fats and proteins market, as well as in the export market.

With the arrival of the Brazilian subsidiary of Inversiones Caleta Vitor in 2016, FASA gained new momentum, doubling its business volume and infrastructure. It moved from

_ in the photo: Federhen family, where everyone works at FASA. From left to right: Valdir, Emilia, Augusto and Monica.

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collects and transforms animal waste, including beef, pork, poultry and fish, but also takes care of used cooking oils to turn it into a useful ingredient for the hygiene, cleaning and biofuel industry.

In addition, the different plants include in their processes the recycling of their liquid waste, which after being treated is used for irrigation and fertilization of eucalyptus plantations which, in turn, are used as fuel for the operation of plants boilers, showing consistency throughout the process.

"I think we have made a good choice of partners and the key is that we have always worked with them before becoming a partner. We have known the Federhen family since 2008 and our relationship with the Rinaldi family, owners of Sapi, dates back to the 1980s, when they undertook the distribution in Italy of fishmeal produced by Corpesca. During the development of these relationships, one can see if there are things in common and value in the proposals. This has to do with pooling skills and each partner contributing their strengths," said Felipe Zaldívar.

— challenges and lessons learned during the journey

_ in the photo: Andrea Muratori and Piero Rinaldi of Sapi, Augusto Federhen, Valdir Federhen, Felipe Zaldivar, Chief Executive Officer Inversiones of Caleta Vitor, Robinson Huyer, business manager of FASA, and Mauro Wagner, operations manager of FASA.

In the early days of the business, Valdir Federhen never imagined the extent it would reach. He had worked as a waiter in a hotel, as a cake seller on the street, delivering and assembling furniture, and in a small chicken breeding and fattening business. For him, this was just another job in which he hoped to grow, but thanks to his perseverance and the support of his family, he thrived and succeeded.

73 _ "We sold the company not for financial reasons, but because we felt that this journey was complete, because it is a totally healthy company, with a qualified team to continue the business," he said.

Challenges were always present in this journey. During the first years of the company, one of the greatest difficulties they had to face - said Valdir - was discrimination from the communities due to the work with bones, which mostly came from animals slaughtered in the

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fields and collected from small slaughterhouses. "These products had a bad smell, because they were not stored correctly, being considered as garbage, and the people who worked on this were frowned upon.” In addition, it was important to have the right equipment for each product and to produce at low cost, reduce the impact on the environment and comply with quality standards and heath regulations for transporting and industrializing this material.

For Valdir, building a solid organization is a long journey, where one must always think in the long term. One tip, he suggested, is to build a solid relationship with suppliers and customers, and to value the people who are part of the team. "Not only by paying their salary, but being supportive for them and their families. The employee must have the feeling that the company is his safe harbor and know that in difficult times he can count on it."

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MEAT OR FISH WASTE

2016 2016 Inversiones Caleta Vitor joins the group, contributing with its expertise in marine, animal and vegetable proteins.

30% OF THE PROPERTY

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WITH THE ARRIVAL OF THE BRAZILIAN SUBSIDIARY OF INVERSIONES CALETA VITOR IN 2016, FASA GAINED NEW MOMENTUM, DOUBLING ITS BUSINESS VOLUME AND 74 INFRASTRUCTURE. _

RENDERING:

COLLECTION

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SUBSTANCES SUITABLE FOR ANIMAL FEED

PROCESS

1,3 MILL.

600

TONS

WASTE COLLECTION TRUCKS

14 FACTORIES IN PROCESS

2022 Sale to Darling Ingredients is completed.

+US$500 MILLION

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belén educa foundation tutoring program:

SINCE ITS INCEPTION IN 2008, THE TUTORING PROGRAM HAS BECOME A FUNDAMENTAL TOOL FOR STUDENTS FROM THE FOUNDATION'S SCHOOLS TO PURSUE THEIR HIGHER EDUCATION.

STORIES OF MUTUAL LEARNING Moved by the conviction that education - the foundation of a more just, prosperous and peaceful society - is everyone's task, a group of 50 executives from Empresas Copec and its subsidiaries are taking part this year in the Belén Educa Foundation Tutoring Program, aimed at encouraging high school students to pursue higher education and develop their life projects.

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Since its inception in 2008, more than 3,000 students have benefited from this personalized mentoring, 350 of whom have been tutored by executives from Empresas Copec and its subsidiaries Abastible, Alxar, ARAUCO, ArcoPrime, Copec, Corpesca, Golden Omega, Las Salinas, Mapco, Orizon and Sonacol.

"During these years we have seen how the Tutoring Program has become a fundamental tool for students in the Foundation's schools to pursue their higher education and, what is more, how the assistance provided has had very significant effects on students and their families, and has become a tremendously rewarding experience for the tutors themselves," says Pamela Harris, Corporate

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86%

Of the students said they had a positive experience.

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91%

Rated their tutors favorably.

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84%

Of tutors said it was a rewarding experience.

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68%

helped their student to strengthen their resolve to pursue higher education

Affairs Assistant Manager and coordinator of the Program which, over the last six years, has significantly increased the percentage of students who pursued higher education.

In 2015, 80% of the tutored students chose higher education, versus 70% of students who were not part of the program. Meanwhile in 2020, despite the significant impact of the pandemic, 66% of the tutored students continued with their studies, versus 57% of those who did not take part in the Program.

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"i feel very fortunate and honored to be part of the tutoring program."

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"this opportunity helped me work on my self-knowledge and integrate my personal life story with what i wanted for my future."

paz navia Graduate of Colegio Polivalente Cardenal Raúl Silva Henríquez (2013). She studied Psychology at the Pontificia Universidad Católica de Chile and is currently pursuing a Master's degree in Health Psychology.

"Taking part in the tutoring program has been a very rewarding and fulfilling experience. It has been fascinating to have the opportunity to meet periodically for several months with a high school student seeking to pursue higher education and to help them figure out their future.

"At the age of 17, most of us find it difficult to make a decision for the future, for which we are undoubtedly unprepared. Lack of knowledge and tools make us feel very uncertain about this process, and that is exactly what happened to me. When I started tutoring I was very confused about what and where to study. I knew I wanted to get into college, but other than that, I felt very lost. This instance was a lot of a joint effort: exploring my liking, my expectations and the options available. In fact, in many of the meetings we focused on thoroughly reviewing universities, curricula, professional profiles and so on.

Not only we had conversations about their professional wishes and expectations, but also about their doubts and fears. And with this exchange of ideas and opinions, not only the student has the possibility to grow, but also you [grow] as a tutor. It is amazing how you learn from every student you have had the opportunity to interact with. I feel very fortunate and honored to be part of the Mentorship Program."

This opportunity helped me work on my self-knowledge and integrate my personal life story with what I wanted for my future. In addition, it helped me to take an analytical and meticulous look at the opportunities and the paths to where they can lead me. All this learning allowed me to make a clearer decision and practice as a psychologist in the present, with a focus on service, ethics and professionalism.”

jorge brahm Managing Director at Golden Omega.

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"the bond developed with each of them is very nice and is something that fills your heart."

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"in my immediate family no one has a college degree, so this experience gave me a different perspective on what it means to go to college."

javiera morales Graduate of Colegio Polivalente Cardenal Raúl Silva Henríquez (2019). She is in her third year of Dentistry at the Pontificia Universidad Católica de Chile. pamela harris Empresas Copec Corporate Affairs Assistant Manager and Program coordinator.

"The Tutoring Program has been a very rewarding experience, since it is not only about supporting a student in one of the most important decisions of his or her life, but it is also an instance in which we can share opinions and experiences. The bond developed with each of them is very nice and is something that fills your heart.

One of the main lessons learned has been to see how important it is for many young people to be listened to and to feel supported in their search for answers, which sometimes they already have, but have not realized because they lack self-belief. In that sense, this program is a huge contribution for students, because they gain selfconfidence to pursue their dreams and do something important and meaningful for their lives.

"I decided to apply for the program because I thought it was a good opportunity to resolve doubts and learn about the labor market from the point of view of university graduate professionals. Personally, in my immediate family no one has a college degree, so this experience gave me a different perspective on what it means to go to college.

Since I was in my second year of high school I knew I wanted to go to the UC and the Program put me in touch with Pamela Harris, who studied Engineering at that university. My experience with her was very enjoyable. She is a very kind, caring and responsible person.

Every time we met, I was very happy to go, despite the distance from home to her office.

As a university student, I recommend final-year senior high school students to apply to the Tutoring Program, since, in my case, although Engineering and Dentistry -which were my options- are not similar careers, Pamela always looked for a way to help me, in addition to permanently encouraging me to go to college.”

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"meeting young people with different interests, personalities and skills has been a privilege.”

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"being part of the program was a life-changing experience, both professionally and personally.”

danae retamal Graduate of Colegio Cardenal Carlos Oviedo Cavada (2021). Student of Business Administration, with a Minor in Human Resources at Duoc UC. gonzalo zegers Vice President International & Business Development at ARAUCO. "It has been a rewarding experience. Meeting young people with different interests, personalities and skills has been a privilege. Being able to support them in a decisive stage of life, with certain orientations that allow them to define their vocation, to support them in their studies, as well as in their concerns and hopes, has been very rewarding for me.

I trust that it has also been useful for them, to be advised from a personal and professional life experience that, in my case, was reinforced by having lived this stage with my eight children. It always gives you joy to know afterwards that several of them have fulfilled their dreams of pursuing the careers they had chosen.”

"For me, taking part in the Tutoring Program was a very significant experience, since my tutor, Gonzalo Zegers, was a person who, in addition from advising me and helping me make decisions, he listened to me and cared about my well-being, providing solutions to any problems I might encounter.

Being part of the Program was a life-changing experience, both professionally and personally, because I did not know what I wanted to study, let alone where... I remember that in almost every meeting with Gonzalo we talked about this topic and his advice helped me decide where I wanted to study. The school, with the technicalprofessional education, provided me with the knowledge to study the career I am currently pursuing. I will always be grateful for the dedication of everyone who participates in the Tutoring Program and I hope that this experience will be useful to many more.”

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"i have always felt that taking part in the program is a great gift and it is a great mission.”

osvaldo acuña Abastible Human Resources Manager.

"For me, the Program is a window of opportunities. In that sense, you are always creating discussions that aim at looking for alternatives, supporting a younger person who has hopes and dreams.

Probably, there is a very rational part in the interaction, which helps to plan, to set goals, deadlines, a method to move forward. But I think the most meaningful part is to develop trusting relationships.

That helps not only the Tutoring Program, but is also an essential value in our society.

To be a mentor is always a joy and makes you be committed. When we have the choice to do faceto-face sessions, I have the opportunity to create conversations between the student and other members of my team or other professionals at the company, and that is very motivating for the student, because he/she can see professionals in action, working in their field of interest and can clarify doubts directly. I am motivated to do this exercise, because young people can see stories of professional and personal development that they can also be part of.

I have always felt that taking part in the Program is a great gift and it is a great mission. With every student there is an opportunity for change, there are new conversations and realities that open up.

And, in that sense, it is an opportunity for growth both for the student and also for the tutor."

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"the experience not only taught me to see the good things of the job and learn to appreciate it, but it also taught me about life itself."

david tobar Graduate of Colegio Cardenal Raúl Silva Henríquez (2021). He is studying second semester of Computer Engineering at INACAP. "The tutoring program helped me identify the great job opportunities that existed in the career I ultimately decided to pursue. The experience not only taught me to see the good things of the job and learn to appreciate it, but it also taught me about life itself, the importance of strength and being a professional in everything I do.

These are the values that my tutor taught me. I never want to forget them, because I think they are the key not only to "success", but also to be a better person.”

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"the tutoring program make us feel part of a group of people, not just companies, who are committed to the future of our country."

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"in the tutoring program you find a person who is looking to inspire you and prepare you for life outside of school."

silvia baeza Legal and Corporate Affairs Manager at Alxar.

"The Tutoring Program has been very meaningful to me, an opportunity of learning and growth. They have allowed me to better understand the way young people look at the world and the reality that surrounds them, to get to know some of their dreams, their goals and their obstacles. It is particularly moving to see the hard work of them and their families to build a better future. These conversations allow us to stop and reflect more deeply on the meaning of our activities and our mission in life. They keep our feet to the ground and remind us of the things worth striving for and the importance of building bridges between people, with the differences and similarities we have, in an atmosphere of trust and respect, which is so lacking these days.

They have also been a way of keeping in mind that behind each person we work with, as with these young people, there is a story, a family, hopes and challenges that sometimes we tend to forget in our activities and challenges we face every day. The tutoring program makes us feel part of a group of people, not just companies, who are committed to the future of our country, and who find themselves in this instance as a great team, which you feel happy to be a part of.”

constanza jara Graduate of Colegio Cardenal Carlos Oviedo Cavada (2017). She is in the third year of Design at University of Chile.

"For me, the tutoring program was very meaningful. Every time I attended, I was treated very well and they were very attentive, especially my tutor, Silvia, who explained to me a lot about the career of Law, which was the same career she studied and which I would join that year. I attended law school during 2018 and was permanently in contact with her, she would ask me how I was, and how I was doing in college. Unfortunately, for various reasons I had to drop out.

I am currently studying design at the University of Chile, which was my second choice.

Although I was not able to continue studying the career that I most wanted and for which Silvia helped me, I am very happy for everything that has happened, since I have been able to learn a lot from the good and bad things.

In mentorships you find a person who is looking to inspire you and prepare you for life outside of school, which helped me a lot when I was 17 years old, since I had never been out of Maipú, I lived a few minutes’ walk from school and my parents would go with me everywhere. Meeting an adult person, who works across Santiago, who is a professional and who wants you to do well is very rewarding. I am very grateful for the tutoring experience and for my tutor."

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"tutoring is a very relevant instance for young people to feel listened to, find guidance and answers to so many questions they may have."

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"thanks to the guidance from my tutor i was able to focus my future on what i really liked to do and not what i was being forced to do."

eduardo navarro Empresas Copec CEO. "Tutoring is very challenging, because it brings together different worlds and often very distant because of prejudices.

It is a meeting between executives with several years of work experience and students who are trying to understand what their next academic steps will be and who are seeking to figure out their vocation and define their future. Many of them do not have sources or references in their immediate environment with whom to talk about this issue. Therefore, tutoring is a very relevant instance for young people to feel listened to, find guidance and answers to so many questions they may have. Sometimes a single word can be a great inspiration and motivation. You talk about pains, burdens. I always tell my tutored students that we all have cried in life, that we all have had difficulties. The burdens are different, different natures and sizes, but we all carry them.

Therefore, tutoring for us, just by giving us the wonderful opportunity to share and try to be a contribution to so many

83 _ young people, has been a program of great learning and growth, both personally and for the organizations where we work at. We started with 29 and today there are 50 directors and executives from different companies of the Group taking part of the program.

In this context, I try to instill in students a sense of responsibility and I always tell them: 'Apart from the help from a company or the state, what are you going to do for your life'.

Then I look at them and say something that I consider fundamental and that comes from my heart: You build your own life. You are the protagonist of your life'.”

claudio lorca Graduate of the Archbishop Manuel Vicuña School of San Joaquín (2011).

Advanced Technical Degree in Business Administration at INACAP. "Thanks to the guidance from my tutor, Eduardo Navarro, I was able to focus my future on what I really liked to do and not what I was being forced to do. The impact it had on me was very helpful, I was able to mature at an early age and set my future goals before graduating from high school. In addition, I have made progress in my personal projects: I have a wonderful wife and two beautiful children; I managed to make the dream of buying a house and our car come true, all thanks to the sacrifice and hard work that we - as a family - have made every day.

Currently, I am working in an accounting office and, in order to expand my knowledge I started studying Accounting - Audit at the Santiago School of Accountants (ECAS).”

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empresas copec ENERGY SECTOR EBITDA: US$ 756 million

RESULTS AS OF JUNE 2022

FORESTRY SECTOR EBITDA: US$ 1,204 million

FISHING SECTOR EBITDA: US$ 35 million

consolidated ebitda and profit of empresas copec through june 2022 totaled us$ 1,986 million and us$ 1,001 million, respectively.

OTHER EBITDA: US$ (8) million

TOTAL PROFIT: US$ 1,986 million EBITDA: US$ 1,001 million

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upwards. Liquefied gas volumes and margins have been affected by high international propane prices, but the Company's subsidiaries have been developing commercial strategies that have allowed them to improve their competitive positions. _ in the photo: Rodrigo Huidobro Alvarado CFO at Empresas Copec.

Empresas Copec's results for the first half of the year were recently released. Profit reached MMUSD 1,001 and Ebitda, MMUSD 1,986. These figures show a good performance in all business lines.

The pulp market continues to show a tight balance, with stable demand and supply, and cost increases that have affected producers around the world, keeping upward pressure on prices.

Meanwhile, in panels and wood, the ARAUCO subsidiary continues to generate Ebitda levels that are more than three times the historical levels, driven by good prices. The strong demand that sustains them is largely due to robust residential construction and remodeling activity, which could begin to reverse in the future in an environment of lower economic dynamism and higher interest rates.

In energy, fuel volumes continue to show significant growth rates, as a result of reduced mobility restrictions and an increase in the vehicle fleet. In addition, the transitory accounting effects of the revaluation of inventories due to higher oil prices, all of which drives the results

Among associated companies, Marcobre, owner of Mina Justa in Peru, continues to show the results of a growing copper production rate in a good price scenario. However, in Metrogas' results, a provision had to be recorded due to a first instance judgment issued in a lawsuit related to an Argentinean gas transporter originated in the years of the Argentine gas crisis.

All in all, the results are very positive, allowing the company to show attractive financial indicators and a very healthy balance sheet. This will soon allow us to begin a new phase of growth.

In effect, a few weeks ago ARAUCO announced the signing of an agreement with the government of the Brazilian state of Mato Grosso do Sul for the potential development of a new pulp mill. If completed, this project, which has been named Sucuriú, would have a capacity of 2.5 million tons, an increase of almost 50% for ARAUCO, and would involve an

investment of approximately US$3 billion. With this initiative, which follows the evaluation of the construction of a panel plant in Zitácuaro, Mexico, we are moving forward on a path of well-founded projects, based on important competitive advantages, and which at the same time generate significant positive externalities on the environment through the absorption of carbon from the forests or the production of sustainable products.

Also in energy, we have firmly integrated sustainability into our investment decisions. We want to facilitate the transition to a world with cleaner and more efficient sources of energy. Thus, we continue to advance in the promotion of electromobility, having recently won the mining industry's most important operation in this field, and we are also promoting projects in hydrogen, batteries and solar panels.

In this way, we continue to make strong progress along a path that will allow us to continue generating economic, human, environmental and social value.

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empresas copec issues two series of bonds for us$207 million

copec achieves carbon neutrality in all its service stations

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arauco’s “illuminated forest” project will bring digital connectivity to rural areas in chile

copec to implement the largest electromobility project in the mining industry

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fundación belén educa and empresas copec promote access to quality higher education

copec and pronto copec recognized as leading citizen brands

abastible and copec top pxi 2022 customer experience ranking read

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fundación copec-uc launches r&d 2022 competition read

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empresas copec issues two series of bonds for us$207 million the funding will be used entirely for the refinancing of liabilities of the company and its subsidiaries.

The deal included UF 1.5 million in series Y, with a 10-year term bullet structure, and UF 4.0 million in series Z, with a 21-year term structure and a 10-year grace period. Placement rates were UF+3.20% for the Y series and UF+3.50% for the Z series, representing spreads of approximately 120 and 135 basis points over base rates, respectively. At the placement date, these spread levels were among the lowest seen in the local market recently, in a low issuance context, particularly in long maturities.

Demand for the instruments came from a diversified investor base, including AFPs, mutual funds and insurance companies, among others. The bonds are rated “AA” by Fitch Ratings and Feller-Rate. The placement agent was Credicorp Capital.

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This deal ratifies the confidence of the financial markets in Empresas Copec, its financial and competitive position, and the sustainability of its business model.

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copec achieves carbon neutrality in all its service stations the subsidiary achieved a first major step towards reaching total net zero by 2030 and fulfilled one of the commitments made in its climate change declaration.

Copec used a strategy that combined both measurement and certification of its carbon footprint based on ISO 14.064/2018 standards, as well as an active use of non-conventional renewable energies and the purchase of carbon credits.

As a result, 63 stations are currently being supplied by the Cerro Dominador thermosolar power plant. Its network also includes 21 with wind turbines, 10 with photovoltaic panels, another 4 with solar thermal panels and 2 with geothermal energy. The remaining emissions are being offset through carbon credits.

Arturo Natho, Copec’s CEO, said that “climate change is undoubtedly one of the main strategic challenges we face

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globally and companies have the responsibility to use our creativity and capacity for innovation to solve these challenges and push for the necessary changes. At Copec we have updated our vision of the future and we are in a process of transformation with a sustainable and long-term outlook”.

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arauco’s “illuminated forest” project will bring digital connectivity to rural areas in chile this is the first project of its kind in latin america and involves the installation of telecommunications towers to serve more than 700 thousand hectares of land.

A strategic alliance between ARAUCO and Sonda will increase the company’s safety, productivity and sustainability standards, and will benefit local communities in the regions of O’Higgins, Maule, Ñuble, Biobío, La Araucanía and Los Ríos with high-speed Internet connection.

The “Illuminated Forest” project will be fully operational by 2024 and will be implemented with the installation of telecommunications towers, as well as the use of mobile cars to provide coverage at specific locations.

In addition to providing rural connectivity to people, the project will allow to incorporate IoT (Internet of Things) sensing solutions to monitor, in real time, environmental conditions and, in turn, develop analytical and Artificial Intelligence solutions. All of this, with objectives as wide-

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ranging as the generation of productive efficiencies and the early detection of fires.

“This alliance represents what the forests of the future will be like, where artificial intelligence and innovation will strengthen our processes and the safety of our workers. It will also be a tangible contribution to the communities where we have a presence,” said Rodrigo Sobarzo, Manager of Planning and Continuous Improvement at the subsidiary.

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copec to implement the largest electromobility project in the mining industry after winning a new tender from codelco, copec voltex will be the company in charge of providing 94 charging points to power more than 150 electric buses for transporting personnel in three divisions of the state-owned mining company: el teniente, andina and chuquicamata.

Copec Voltex will install 48 fast charging points in El Teniente for buses converted to electric energy. After its implementation, this division of Codelco will have 100% of its fleet of buses for internal staff running on electric energy.

The project also contemplates the installation of another 20 charging points in Rancagua, which will energize the buses that transport workers from the city to El Teniente, thus reinforcing the charging structure in the region.

In the Andina division, Copec Voltex will provide eight charging points for six buses and one van. Meanwhile, in Chuquicamata, the company will place 18 fast charging points of 150 kW for buses, thereby developing a renovation process within the mine, allowing it to reduce its polluting emissions.

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Francisco Larrondo, manager of Copec Voltex, noted that "this milestone marks a before and after in this industry and makes us an ally in the transformation of mining towards clean energy." He also pointed out that "the development of these projects breaks down one of the most important barriers for the expansion of electromobility in Chile: reaching places with geographical diversity, high altitude and extreme temperatures."

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fundación belén educa and empresas copec promote access to quality higher education among the company's annual activities are lectures, the launching of the tutoring program and the awarding of scholarships to students.

Intended to guide high school students on the road to their personal and professional development, executives from Empresas Copec and its subsidiaries carried out the traditional keynote lectures, which are once again held in person.

This initiative comes in addition to the beginning of the 2022 Tutoring Program in May, which on this occasion has 50 employees acting as tutors for a fourth-grade student. Also, the Copec for English program was launched, maintaining the same dynamic of accompaniment, but with conversations in English.

On the other hand, the Company awarded the "Anacleto Angelini Fabbri Excellence Scholarship" to eight outstanding students who entered technical-professional education, providing them with an economic contribution and comprehensive support during the formal extension of their studies.

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Regarding the importance of providing students with better opportunities, Roberto Angelini, Chairman of Empresas Copec , commented: "In Chile, in particular, in a context of high vulnerability indexes, it is even more imperative and necessary that all our young people have access to an education of excellence. That is why it is so important to promote public policies that ensure access to quality education for all children and young people in Chile, without exceptions or conditions".

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copec and pronto copec recognized as leading citizen brands both companies ranked first in the service stations and minimarket categories, respectively, in the tenth edition of the cadem ranking.

The market study recognizes brands that have a positive presence with the public opinion, that are considered as a contribution to society and as relevant for consumers.

The Citizen Brands Survey was conducted from April 18 to May 10, 2022, and included a panel of more than 5 thousand people from Santiago, who evaluated a total of 250 brands.

This recognition is in line with Copec’s purpose: to promote the development and movement of people, companies and the country.

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abastible and copec top pxi 2022 customer experience ranking both companies were awarded first and second place, respectively, in the survey that measures those brands that provide the best service nationwide.

Chilean consumers awarded the subsidiaries, according to the results of the Praxis Xperience Index 2022, which evaluated 132 brands in 31 categories and whose purpose is to promote continuous improvement in the interaction between customers and the country’s main service companies.

Pronto Copec, in addition to leading the Minimarket category, ranked 12th in the overall ranking.

In a context marked by the pandemic in which, according to the results of the analysis itself, excellence in customer experience in general shows a downward trend, Copec and Abastible managed to differentiate themselves within a select group of brands.

Praxis Xperience Index 2022 is based on a model that measures customer experience in three dimensions: functional, i.e., the effectiveness of the interaction;

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operational, its ease; and emotional, how pleasant it is.

This is done through more than 45 thousand telephone surveys, conducted between January and December 2021, to men and women over 18 years of age, in municipalities with more than 130,000 inhabitants or regional capitals from Arica to Punta Arenas.

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fundación copec-uc launches r&d 2022 competition in the 20-year history of the institution, 113 innovative projects have benefited from technical and financial support for their development.

A new version of the "R&D to Innovate" competition opened its 2022 call. The historically award-winning initiatives have received resources totaling $ 8,745 million, have meant the creation of 12 startups, 150 scientific publications, the application for 69 invention patents, as well as the training of advanced human capital for Chile and the world, with more than 60 graduate students.

Opening the ceremony, Roberto Angelini, President of the Foundation, said: "Only by combining the efforts of academia and the public and private sectors, in Chile and around the world, will we be able to achieve the enormous scale of transformations needed to face the great global challenges. This is the kind of synergies that we seek to continue to promote and that are part of our contribution and our legacy".

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The contest is aimed at universities, companies, research centers, foundations, startups, among others, and aims to disseminate scientifictechnological research. The winning initiatives will receive up to UF 4,000 in a first stage of two years, with the option of accessing additional funding.

In addition to launching a new version of the competition, awards were presented to the new outstanding projects for 2021.

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journalistic magazine published by: empresas copec s.a. el golf 150, 17th floor. las condes phone: 2461 7000 legal representative: eduardo navarro beltrán director: rodrigo huidobro alvarado editing and writing: m. francisca riveros novoa journalists: natalia labbé daniela araneda marisol silva francisca zúñiga proofreading: norinna carapelle photography: luis vargas fabián vargas empresas copec and subsidiaries photographic archives image bank design and graphic production: porta4, design studio translation: cristina molina if you have any suggestions and opinions, please write to us at comunicaciones@empresascopec.cl follow us:

www.empresascopec.cl

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