Empresas Copec's Corporate Magazine No. 112

empresas copec's corporate magazine april 2023

No.112 innovation with purpose

INNOVATION, NATURE AND COMMUNITY

a commitment to nature

taking care of people's health

the customer at the center

supporting energy transition

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No.112 with an innovative and long-term vision, empresas copec and its subsidiaries are an engine to deliver energy and resources in a sustainable manner, to achieve solutions that improve people's quality of life, to promote entrepreneurship, to generate large-scale impacts in the communities where we have presence and to protect nature. april 2023 / nO . 112

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sense vs. sensibility

innovation with purpose and without ideological constraints

eduardo navarro, ceo of empresas copec, emphasizes the role of expert and technical voices in the complex problems and challenges chile faces.

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a commitment to nature

taking care of people's health

the customer at the center

arauco takes concrete actions to preserve biodiversity in its areas of operation, in line with its commitment to become a nature net positive company.

golden omega closes 2022 with very good results, focused on its purpose of providing well-being through a product of excellent quality.

five executives of empresas copec subsidiaries shared progress and challenges in this area, and agree that customer experience is a challenge that requires the participation of the organization as a whole.

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mapa begins operations

supporting colombia's energy transition

copec, bringing progress and well-being 3 to patagonia _

arauco's project is the largest investment in the subsidiary's history, and the horcones complex is expected to produce 2.1 million tons of pulp annually.

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abastible's subsidiary colgas is developing innovative projects that seek to transform the company into a strategic partner for its customers in energy efficiency matters.

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copec's leap into the last mile

when the solutions are at home

the subsidiary acquired blue express, leader in e-commerce shipping, aiming to connect any corner with the rest of the world, making life easier for individuals, smes and large companies.

abastible's i-now challenge celebrates its seventh year of promoting the innovative spirit of its employees and making their proposals for improvement a reality for the subsidiary.

enseña chile: 15 years with the heart in the classroom

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alfredo zolezzi, innovation manager and founder of plasma waters inc., stresses the importance of innovation not only focusing on results, but also on bringing hope to people.

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empresas copec's results as of december of 2022 show a profit of us$ 1.466 billion and an ebitda of us$ 3.630 billion, driven by a good performance in both the forestry and energy sectors.

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

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enseña chile, organization supported by empresas copec, is a seedbed of leaders aligned with the mission that all children in chile receive quality education.

copec inaugurates the first service station in villa cerro castillo, contributing to the connectivity, progress and development of this remote area of the country.

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SENSE VERSUS SENSIBILITY Chile faces enormous challenges in almost all areas relevant to its citizens: education access and quality, health and pensions; the cost of living; levels of violence and crime; drought and climate change; among so many others. These are issues that have fueled a discontent that has been socially expressed for a long time, with some indelible manifestations, still fresh in our memory. All this, in the midst of high levels of distrust, which affects both State institutions and the private sector.

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

In this context, the country has initiated a series of in-depth discussions that, among other objectives, aim at building a new constitutional framework that will allow for a renewed social pact. It has not been an easy process, with a first attempt widely rejected by the citizens. Fortunately, today we are seeing clear intentions to moderate the political discussion and achieve greater consensus, reflecting the desires of a diverse society, but assisted by the voices of experts and experience.

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Because for a long time it has been very worrying to note that, when a crisis occurs, whatever its scope, the discussions that arise frequently lack of adequate, deep and technical diagnoses.

Before there is room for analysis, slogans and simplistic solutions arise, generally loaded with ideologies.

Therefore, the challenge and the need to enlighten the discussions seems clear, in order to leave aside so much

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misinformation, which with incredible ease spreads through the networks, seriously distorting people's perceptions and, with it, public debate.

Today, more than ever, it seems essential to always have adequate diagnoses to guide the development and implementation of the best public policies that are effective and have a real impact on society. Always understanding that the problems we face are enormously complex, and that there are no simple solutions to them. And there are no perfect options; they all have pros and cons, and it is necessary to recognize this in order to have a virtuous discussion about the path to follow.

A similar reflection arose at the beginning of this year, when we witnessed the huge fires that spread between the regions of O'Higgins and Los Lagos, with greater severity between Maule and La Araucanía. The origin of these fires is being investigated by the justice system, although it is public knowledge that they were caused by human action and, to a large extent, intentionally.

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TODAY, MORE THAN EVER, IT SEEMS ESSENTIAL TO ALWAYS HAVE ADEQUATE DIAGNOSES TO GUIDE THE DEVELOPMENT AND IMPLEMENTATION OF THE BEST PUBLIC POLICIES THAT ARE EFFECTIVE AND HAVE A REAL IMPACT ON SOCIETY. It was curious to see the intense and wide-ranging debates that ended up circumscribing these events mainly to the forestry industry, and to a supposed responsibility of its plantations. Because only a third of the affected land corresponds to forestry production forests, which makes it clear that this is an issue that concerns many other players in society. Once again we are witnessing the unfortunate practice of approaching a crisis on the basis of prejudices, premises that are erroneous or, even worse, false.

Even in the midst of the emergency, we saw attempts to carry out modifications to the sector's legislation. A debate often tainted with false information that has given rise to myths, and which took place at the same time that our subsidiary ARAUCO deployed more than 2,000 firefighters, 89 fire trucks, 30 runways and helipads, 11 air tankers, 17 helicopter tankers and for transporting firefighters, 4 heavy helicopters, 3 coordination

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aircrafts, 18 skidders, 2 bulldozers, 130 detection towers with automatic cameras, fire detection satellites, 3 detection centers, in addition to the support of national and international specialist companies, all coordinated with firefighters and the authorities, in a clear example of public-private collaboration.

It is really regrettable the low level of knowledge, misinformation and, perhaps, ignorance about the forestry industry, which is just another victim of the fires, as the authorities in charge of investigating their causes have rightly said.

Therefore, it is worth remembering that in Chile there are more than 17 million hectares of forests, of which 14.4 million correspond to native forests and only 3.1 million to forestry production plantations.

A very large part of the latter were established as an environmental solution in areas degraded by agricultural uses, since forestation, that is, the planting of trees and the creation of forests, helps to reduce soil erosion, acting as a great protector from radiation and winds, and increases the capacity to retain water from rainfall, favoring infiltration into the groundwater reserves. Forests that improve water quality by acting as natural filters, reducing the amount of pollutants in streams and rivers, and also regulating the temperature of the watercourses. Forests that, contrary to public opinion, do not consume groundwater, but are nourished by this resource to a depth that does not exceed the first meter of soil. Nor do they use irrigation, which surprises many, since their only source of water catchment is rainfall.

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On the other hand, and also in environmental matters, forestry is currently considered one of the most effective strategies for fighting climate change, since forests are capable of storing large quantities of carbon, which helps to remove greenhouse gases from the atmosphere. Furthermore, forest products can reduce and replace the use of less environmentally friendly materials, especially in industries such as construction, textiles and plastics.

We are proud to recall here that our subsidiary ARAUCO was the first forestry company in the world to be certified as carbon neutral, meaning that the carbon dioxide it captures exceeds its emissions. Moreover, if we had a few companies in Chile with a carbon performance similar to that of ARAUCO, the country would be carbon neutral.

Forestation began a few decades ago, among other things, to give the central-south zone an economic activity that could replace coal. Forestation has used soils that are not suitable for agriculture, often on slopes or steep lands. Forestation that has coexisted with the native forest, as we must remember that this industry not only does not chop down native species, but also protects and cares for their extensive areas, with which they coexist harmoniously.

Forestry activity is similar to agriculture, since what is sown is harvested, although unlike agriculture, it is harvested after many years. This industry gives timber the status of an infinite resource, given that it can be planted permanently, year after year, thus moving away from the vision of extractivism that we have heard and that is not accurate. Moreover, for every tree that ARAUCO harvests, it plants two or three new ones. Forestry plantations are a renewable and sustainable natural resource.

Aside from the environmental benefits, forestry also generates

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with solid, depersonalized arguments, and without emotional manipulation. significant economic and social values. This industry is characterized for being highly technological, training and demanding sophisticated professionals and technicians, being a very important source of local jobs, and a great engine of development for the regions where its industrial complexes are located.

For these and many other reasons, Chile cannot turn its back on one of its few world-class industries. It is one of the few activities where we compete in the big leagues, and precisely with those developed countries that we like to look at as a reference, often surpassing their operating standards. While the forestry sector in Scandinavian countries is a source of pride, here it is questioned and unjustly held responsible for problems that affect it directly and which causes are not related to its activities.

Let us allow the sector to continue growing, regardless of the improvements that must be permanently incorporated into its practices. Among these, to speak more from the companies, because we know that the spaces that are not filled are taken by other voices. Chile requires many thriving industries, both traditional and new ones, to achieve that desired development for the benefit of society as a whole. And that is our commitment.

Ultimately, acting in good faith in public debate, with accurate information and a real desire to solve problems, is essential for constructive and effective dialogue in any society. When people engage in public debates, it is important that issues are addressed rationally and sensibly, with respect, intellectual honesty and empathy. Everyone should listen and consider the arguments of others, even if they disagree with them. For while it is legitimate to have diverse opinions, it is also important to be willing to debate

Only in this way will we be able to generate adequate diagnoses, a necessary input to address each of the social demands that the country is dragging along, from industry issues such as forestry, to the great constitutional agreement.

Always with accurate information and willingness to dialogue.

Otherwise, we run the risk of straying into wrong decisions, which may even aggravate what we seek to solve.

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IN A CONTEXT OF GREAT CHALLENGES AT THE LOCAL AND GLOBAL LEVEL, INNOVATION WITH PURPOSE ARISES AS A DIFFERENT AND EFFECTIVE SOLUTION TO ADDRESS THEM.

INNOVATION WITH PURPOSE AND WITHOUT IDEOLOGICAL CONSTRAINTS

By Alfredo Zolezzi Innovation Manager and founder of Plasma Waters Inc. Chilean industrial designer, expert in technological innovation, creator of the Innovation with Purpose concept and the Integrated Targets Model that connects science and technology with social and environmental issues; inventor and founder of Plasma Waters.

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"INNOVATION COMES FROM EXPLORING ALTERNATIVE PATHS, FROM BREAKING WITH THE ESTABLISHED AND NOT BEING AFRAID OF CHANGE WHEN IT SEEKS TO IMPROVE."

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I was asked to write in this corporate magazine after participating in the Congress of the Future in January of this year. I spoke at the most important space for scientific dissemination and innovation in our country about what we are doing, that is, transforming contaminated water into non-thermal plasma, which is another state of matter. A huge technological breakthrough, especially at a time when the planet is running out of water and food.

Our technology transforms any water flow into a natural compound that prevents the spread of pests and diseases in crops, also generating a more efficient germination and an increase in production.

This innovation manages to break the water molecule producing "signaling molecules", which facilitate communication between cells, generating the genetic expression that crops need for a better development and to be more resilient, increasing tolerance to heat and lack of water. We are not genetically modifying plants, we are acknowledging them as an intelligent living being capable of detecting temperature, essential minerals, nutrients, humidity, heat, pests and diseases.

The results have been extraordinary. We are applying this technology in California, Texas, Arizona and Florida in the U.S. In addition, we recently signed an agreement with a cooperative that provides

technical and financial assistance to more than six million farmers in India, and has a molecular biology laboratory and seed bank in the same country. _ in the photo: Plasma Farming Lab

by Plasma Waters in collaboration with the University of West Texas A&M, Amarillo, Texas, USA.

The production increases seem miraculous, they are not in single digits, but much larger, and they are achieved without chemicals. We are developing molecular genetics to demonstrate, from science, how we generate that much needed genetic expression without manipulating

8 _ _ in the photo: Alfredo Zolezzi Innovation Manager and founder of Plasma Waters Inc.

nature and in a completely natural way.

However, my presentation at the Future Congress was not based on the technological aspects of my work, but rather on how to use scientific advances to provide a prompt response to our concerns, fears and yearnings, when our country needs it most.

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the outskirts of Nairobi, to India and to our own country. We have more than 10,000 children receiving safe water.

This is not the responsibility of the authority in office, but of all of us who make up society. Ideas, visions and proposals have long been analyzed not by their merit, but by who says them and what sector they represent.

_ in the photo: Lasurgao School, a school benefiting from Plasma Waters' social innovation programs in Aurangabad, India.

— from the ground up Innovation comes from exploring alternative paths, from breaking with the established and not being afraid of change when it seeks to improve. What would happen if we proposed a collective innovation project that imagines and works for a better Chile? We would not need more economic resources, nor technology, nor politics, nor ideology, but Effective Collaboration among all of us.

Another of the major problems we wanted to address with our technological solutions are those related to access to safe water. More than five billion people will face a shortage of safe water by 2050 (according to UN figures).

We are talking about the future, and there are still people who confuse the future with a timetable. The future is the children, and those children cannot be dying because they do not have safe water.

What did we do? We built a machine that transforms a continuous flow of contaminated water into non-thermal plasma. By breaking the water molecule we generate certain radicals and a combination of effects that allow us to go from a billion cholera bacteria to zero, using less energy than a hair dryer.

These two technologies invented in Chile by us are inherently very disruptive.

However, what is truly disruptive is that we are taking them to where they are really needed, to children in Mukuru, on

I thank God for having allowed me to create these technologies and to position Innovation with Meaning internationally as a different and effective solution to the great challenges we face today as a society. Challenges that are even more serious and urgent because of climate change. This is not only an incredible possibility to make a global business of difficult-to-dimension proportions, but it is also a great responsibility.

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— innovation with purpose Innovation with Purpose advocates that by bringing our technologies first to those who need them most, we will break the contradiction of having technology and knowledge available as never before in history, but failing to impact the lives of the poorest people, or at least not enough.

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WHAT IS PLASMA?: It is the fourth state of matter. A mixture of unbound positively charged particles and negatively charged particles, which results from adding energy to a gas.

SOLID

LIQUID

GAS

PLASMA

HOW DOES THIS NEW TECHNOLOGY WORK? CONTAMINATED WATER

This not only makes sense from a social justice perspective, but also commercially it is generating exponential demand activation for our products.

We are not going to sell machines, but services with full transparency and traceability, using Blockchain technology and MQTT protocols, which each of our devices has already incorporated for more than five years.

We will make these technologies and services accessible, inclusive and sustainable for all, because that's what we want and the available technology allows it!

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1

2

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TRANSFORMATION OF LIQUID IN A TWO-PHASE FLOW

APPLICATION OF AN ELECTRIC FIELD

TRANSFORMATION INTO PLASMA

CONDENSATION

PLASMA WATER

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Thinking differently can lead to unknown results. If we think big and with a model that puts people first, we can create a transformational effect. An effect that, in collaboration with authorities, specialists and technicians from different disciplines, will allow us to change the acceleration of the fight against poverty. People cannot wait and nations can no longer withstand one more political experiment.

International experts in business valuation maintain that this company may become, in the not too distant future, as big as Apple or Google. It would be wonderful if that were the case, not only because of the economic value, but also because in order to become a company of that magnitude, we would have positively changed the quality of life of millions of people.

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— building a common vision of the future Innovation is future, we cannot innovate on what has already happened. The problems we face are severe and incremental innovation is no longer enough. We need disruption.

To talk about innovation is to look forward, and to do so, all visions are necessary, except for those who promote violence. When we look to the future, our visions converge, since we all want a better future for our country. However, by permanently looking to the past, it is not hard to find what divides us.

What future do we want? I believe that over 90% of Chileans care about our country, but it is important that we recognize that a significant portion of the population is struggling. Some because they didn't have opportunities, education, or healthcare, and others because even though they had opportunities, they simply didn't make an effort. Either way, there are many Chileans who work hard but still struggle. It is with them that we must empathize.

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What could be disruptive and different enough for all of us to be willing to break with our ideological constraints that prevent us from collaborating? Those constraints that, without us realizing it, have stolen our freedom to think, dream and imagine, and have prevented common ideas and visions from emerging through the unique creativity of the Chileans and the legitimate yearning for a better future.

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"TO TALK ABOUT INNOVATION IS TO LOOK FORWARD, AND TO DO SO, ALL VISIONS ARE NECESSARY, EXCEPT FOR THOSE WHO PROMOTE VIOLENCE."

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I strongly believe that our model of Innovation with Purpose has the potential to become an effective and implementable example worldwide, starting from Chile. Innovation allows for dramatic changes. We are living in difficult times as a society, and it is necessary to innovate in order to generate real and positive changes.

— a model from chile to the world

Innovation, when done with purpose, can generate not only important results, but also hope and compassion.

A national innovation project does not require structural or political changes. We only need Chileans to start collaborating.

If we are flexible, generous, and act without the influence of ideological constraints that condition our thinking and actions, big discussions will break down into small discussions and they will gradually be adjusted.

It's about not seeing things as black or white, but of moving forward in common agreement.

12 _ _ in the photo: Watermelon plantation in Yuma Valley, Arizona, USA.

“INNOVATION, WHEN DONE WITH PURPOSE, CAN GENERATE NOT ONLY IMPORTANT RESULTS, BUT ALSO HOPE AND COMPASSION.”

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ARAUCO, THE FIRST FORESTRY COMPANY TO CERTIFY ITS CARBON NEUTRALITY, TAKES A NEW STEP: IT SEEKS TO BECOME A NATURE NET POSITIVE COMPANY.

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arauco:

A COMMITMENT TO NATURE

The threat of extinction that in recent decades has loomed over hundreds of thousands of species around the world has prompted governments and organizations to generate agreements and measures to reverse it.

In this context, ARAUCO carries out concrete actions to preserve biodiversity in its areas of operation. Thus, ARAUCO has established three key axes in its commitment to become a Nature Net Positive company: Water, Biodiversity and Carbon.

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This clearly shocking scenario has prompted governments and organizations around the world to generate agreements and measures aimed at reversing, or at least slowing down, a process that today threatens the total extinction of no less than one million animal and plant species.

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— nature net positive Thanks to its climatic diversity, Chile is home to thousands of endemic species that require protection. Many of them are found in the areas of operation of ARAUCO, a company that from its beginnings has maintained a genuine commitment to the sustainable development of the country and to the conservation of natural resources. With more than 1.6 million hectares in Chile, Argentina, Brazil and Uruguay, the protection of the biodiversity on its land has become a constant concern that is managed with a longterm view.

14 _ Unusual weather phenomena and extreme temperatures are some of the most evident manifestations of climate change. Along with them, desertification and biodiversity loss are adding to the global concern about environmental degradation and the alteration of ecosystems.

While many animal species have simply disappeared, others have changed their life or migration patterns in order to survive. Plants, for their part, are struggling to adapt to unprecedented cold and heat and to a growing water shortage that puts them in serious danger.

And in the ocean, which is warming and acidifying, coral reefs are also dying, which could leave more than 7,000 species without food or shelter. According to United Nations data, more than a third of marine mammals, 40% of amphibian species and 33% of corals are threatened by the impact of human action on nature.

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20 years, contributing to the knowledge of forest nuclei, systematic planning of biodiversity and conservation of endangered species.

Of this area, 30% is native forest and a not insignificant percentage corresponds to areas classified as areas of high conservation value.

In Chile, for example, the company has large forest nuclei of native vegetation, where emblematic species of fauna live, such as the huemul, Darwin's fox and Darwin's frog, among others. For its part, the flora includes native vegetation such as araucarias, queules and pitaos, among many others.

In light of this, “we are committed to working on the persistence of these endangered species, along with the restoration of 50,000 hectares of native forest and an ongoing work to maintain and expand our network of areas of high conservation value,” says Guillermo Olmedo, senior researcher in ecosystems, productivity and climate change at Bioforest, ARAUCO's scientific research center.

Bioforest carries out monitoring programs for these species, with a team of experts focused on these issues. “Our researchers have been key to address this challenge and to be able to have such a positive performance as a company,” says Olmedo, emphasizing that the scientific entity has been conducting research for more than

But that's not all. In 2019, ARAUCO set a goal of carbon neutrality. That is, its CO2 capture should be greater than its emissions, and in this way, the company will make a tangible contribution to mitigating climate change. This was achieved thanks to the efforts of the entire production chain, and today ARAUCO is the first forestry company in the world to be accredited as carbon neutral. Having been certified for the third consecutive year, it continues to add emissions reduction programs in its industrial and forestry operations.

“Now we want to demonstrate that we are a nature-positive company in every sense,” adds Guillermo Olmedo. “This is much more complex, which is why we have taken

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ARAUCO HAS ESTABLISHED THREE KEY AXES IN ITS COMMITMENT TO BECOME A NATURE NET POSITIVE COMPANY: WATER, BIODIVERSITY AND CARBON. 15 _

three key axes in our Nature Net Positive commitment: Water, Biodiversity and Carbon. The goal is to be able to quantify along these three lines how we can make a contribution to fighting the climate and biodiversity crisis.”

This way, ARAUCO seeks to be a leader in a transformational process and to get other companies to join in. This is based on the conviction that, in the face of global crises, solutions must be built by everyone.

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Kunming-Montreal Global Biodiversity Framework (GBF). With 2030 targets such as protecting:

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1,6MILL.

At the global level, an initiative that points in the same direction are the COPs -Conference of the Parties-, organized by the UN. The best known is the one on climate change, from which emerged, for example, the Kyoto Protocol in 1997 and the Paris Agreement in 2015. But there is also a COP on desertification and another one specifically focused on biodiversity, the latter generated from the Convention on Biological Diversity, which dates back to 1992.

DEGRADED ECOSYSTEMS

In December 2022, COP15 was held in Montreal, Canada, chaired by China, and which resulted in an action guide called the Kunming-Montreal Global Biodiversity Framework, known by its acronym GBF. The document includes four goals and 23 concrete targets to be achieved by 2030, with the aim of protecting 30% of the planet, the world's coastal areas and oceans, and 30% of degraded ecosystems. The plan also includes mechanisms to increase funding for developing countries.

30% DARWIN'S FROG Of the protected biodiversity including species such as:

CHILE

ARAUCARIA HUEMUL

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COASTAL AREAS

BRAZIL

ARGENTINA

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30%

Hectares among these four countries.

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COP15 MONTREAL, CANADÁ

ARAUCO:

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In addition to government authorities, experts from universities and NGOs attended from Chile, along with professionals from companies involved in the protection of the planet's biological species and of our country. Among them was Guillermo Olmedo, who explains that, for ARAUCO, “the climate crisis and the biodiversity crisis are closely

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Target 15 of the Global Framework. This is precisely the one that refers to the role that companies should play in the assessment and disclosure of impacts on nature.

“As a company, we believe this is key because it allows us to go beyond voluntary actions,” adds the Bioforest researcher. “And in combating the biodiversity crisis, it is essential to be able to monitor and communicate these risks, dependencies and impacts in a regular and transparent way. We cannot ignore that, according to the Living Planet Index 2022, wildlife populations

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have declined by 69% since 1970. And this is even more critical in Latin America and the Caribbean, where the decline is 94%.”

From the last COP, he highlights the presence of a large group of companies from various industries, all supporting the adoption of the GBF in general and its Target 15 in particular. “From this, different theoretical frameworks are being discussed in order to move forward in this line, addressing Target 15 but in order to be set goals as a company in our role with nature,” he points out.

17 _ _ in the photo: Guillermo Olmedo Senior researcher in ecosystems, productivity and climate change at Bioforest.

connected and, therefore, must be resolved jointly. So, for some years now we have been participating at the COP on climate change, and last year we decided to add biodiversity to our agenda.”

Following COP8 on biodiversity, held in 2006, the private sector was encouraged to participate in these conferences to foster the adoption of practices and strategies that contribute to achieving the goals and objectives of the Convention on Biological Diversity. This motivated ARAUCO to participate along with other local organizations, including Acción Empresas, and international organizations, such as Business For Nature, whose purpose was to strongly support the adoption of

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1. biodiversity policy: a guide for action

In line with its vision of being a world leader in the sustainable development of forest products, ARAUCO created a Biodiversity and Eco-systemic Services Policy, which provides a general framework for addressing the challenges in this issue through actions in five areas:

Know and assess the relationship between its forestry operations and biodiversity and the different eco-systemic services in a systematic, transparent and timely manner.

2.

Manage its forestry operations in a manner that respects biodiversity and eco-systemic services, applying mitigation measures suitable to their impacts.

3.

Research and promote scientific knowledge on biodiversity and eco-systemic services, seeking to foster associative research and being proactive in the dissemination of relevant information.

4.

Establish and maintain a permanent dialogue with our stakeholders to identify and manage biodiversity and eco-systemic services values in our heritage, recognizing their views and taking into account local ecological knowledge.

5.

Manage the potential impacts of our operations in relation to biodiversity and eco-systemic services conservation values, considering the different scales in landscapes, ecosystems and watersheds.

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GOLDEN OMEGA CLOSED 2022 WITH VERY GOOD RESULTS, WHICH ARE BASED ON A STRONG COMMERCIAL FOCUS, QUALITY, RESEARCH, DEVELOPMENT AND INNOVATION (R&D&I).

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golden omega:

TAKING CARE OF PEOPLE'S HEALTH 2022 was undoubtedly a good year for Golden Omega, a subsidiary of Empresas Copec created in 2008 and which produces Omega-3 concentrates, with the purpose of providing well-being and health to the people.

Strategically located in Arica, the company has been committed to quality and innovation, factors that, within a decade, have allowed it to build a solid international reputation that recently opened the doors to the distribution market.

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People do not generate Omega-3 fatty acids naturally, so they must ingest them, either through a diet rich in fish and/or through food supplements containing this nutrient. It is in this last field where Golden Omega, a company that produces Omega-3 concentrates from fish oil, is playing an increasingly important role worldwide. The company is today at a very significant moment, since, after being established at the end of 2008 and starting production in 2012, in 2022 it experienced the best year in its history: "Golden Omega's sales increased 46% compared to 2021, a growth that reaches 30% on average over the last five years. In addition to having achieved record sales, in 2022 we recorded the best EBITDA in our history, reaching one year earlier the level we had set ourselves at the beginning of 2019 for the company's medium term," explains Jorge Brahm, the firm's general manager.

_ in the photo: Jorge Brahm General Manager of Golden Omega.

At times, the blue waters of the Pacific Ocean that border the coast of the Southern Cone turn darker. They are not rocks, they are the dense schools of anchovy (Engraulis Ringens), a small fish of no more than 20 centimeters and a short life cycle. This species, which inhabits the coasts of Peru and northern Chile, has a high nutritional value for humans, as it is rich in Omega-3 fatty acids, that are very important for the health of human beings throughout their life cycle, from the womb to adulthood.

These promising results are leveraged on a strong focus on quality, research, development and innovation (R&D&I), and a commercial outlook that has made them stand out in this competitive market.

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GOLDEN OMEGA MARKETS IN 40 COUNTRIES ON FIVE CONTINENTS AND HAS MORE THAN 120 CUSTOMERS. 20 _

_ in the photo: Golden Omega's operations center has cutting-edge facilities, combining state-of-the-art technologies from Europe with others developed in Chile.

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— a discovery and an opportunity Long-chain Omega-3 fatty acids are found in high proportion in the tissues of fish such as anchovy, Jack mackerel, cod or wild salmon, among others. There are seven fatty acids in total, but the most significant for humans are eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), from which the world Omega-3 industry was developed.

According to Jorge Brahm, EPA and DHA are the natural compounds most studied by science after acetylsalicylic acid (aspirin). In fact, to date there are more than 46,000 papers describing their multiple benefits. It is, however, a recent scientific phenomenon. Although there are English records from the 18th century documenting the benefits of cod oil, the researches

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that triggered the subsequent explosive interest in both components took place only in the 1960s and 1970s, when the Norwegian scientist Jörn Dyerberg, intrigued by the good cardiovascular health of the Inuit population of Greenland, began to study them.

Later, in the 1990s, a clinical study was conducted in humans, demonstrating the cardiovascular benefits of EPA and DHA, and in 2004, the U.S. Food and Drug Administration (FDA) highlighted their "qualified health properties" due to their contribution to cardiovascular health. "Starting from these events, the global Omega-3 industry began to grow very significantly. Additionally, the scientific community continued studying and demonstrating the multiple additional advantages of these two fatty acids, which has sustained the growth of this industry over time," says Jorge Brahm. Until a few years ago, the vast majority of people knew about Omega-3 and its multiple benefits for human health, but did not necessarily consume it on a regular basis. "This low rate was primarily due to the poor organoleptic quality smell and taste - of the options available on the market.

This consumption deficit represented a tremendous opportunity for a differentiating product such as ours," adds the executive.

_ in the photo: Golden Omega participating in the "Supply Side West" trade show in Las Vegas, USA.

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— targeting the end customer Golden Omega entered the nutraceutical market -as food supplements are calledwith a different proposal. Its operations center was strategically located in Arica, very close to the best and most abundant source of EPA and DHA in the world, and they decided to use only anchovy oil produced in Peru and northern Chile as the main raw material. This is opposed to all other competitors, which are located in the northern hemisphere, thousands of kilometers away from their fish oil sources, and which use blends of oils from different marine species to prepare their concentrates.

In addition, the company has cuttingedge facilities, combining state-of-the-art technologies from Europe with others developed in Chile. In this context, R&D plays a fundamental role. To date, the subsidiary has eight patents granted in the main global markets. "We seek to protect an important part of the processes we have, which were developed by our human team," says the civil engineer. A fundamental asset to obtain these good results in intellectual property

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has been the construction of a pilot replica of its industrial plant, which has facilitated the optimization of its operations, as well as the generation of new processes and products. "This progress, together with having an R&D&I team, is key to having and continuing to expand all the knowhow required to produce the best Omega-3 concentrates in the world," says Brahm, who also chairs the Global Organization for EPA & DHA (GOED), the industry's main association.

Golden Omega's products have a high quality that is reflected in four fundamental characteristics: they are organoleptically neutral -no odor and no fishy taste-, they have very low oxidation, they are very pure -with contaminant levels below detection limits- and, finally, they are practically transparent. These factors result in high plasticity. "That is why they can be used in many different applications, allowing our customers to offer people innovative alternatives to consume Omega-3, such as liquid formulations, microencapsulated powders, tablets, gummies and chewables, among others."

Golden Omega's customers are "encapsulating" or "formulating" companies that buy the Omega-3 concentrates, apply them in different consumer formats, mainly soft gelatin

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GOLDEN OMEGA:

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It produces Omega-3 concentrates, which have multiple benefits for human health.

Its plant is located near the raw material in the Arica and Parinacota Region.

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They are organoleptically neutral: no fishy odor or taste.

ARICA

They have very low oxidation.

Only anchovy oil is used to produce its concentrates.

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The company has one of the most technologically advanced Omega-3 concentrate plants in the world.

capsules, and sell them to the brands, which are the companies that reach the end consumer. Golden Omega currently markets in 40 countries on five continents and has more than 120 clients.

To complement its value proposition and to respond to the growing demand of users to know in detail what they are buying, Golden Omega became the first company internationally to obtain a certification of origin from the Norwegian company Orivo, which, through nuclear magnetic resonance technology, is able to ensure that the company's products are made exclusively from anchovy oil from the South Pacific. This strategic decision meant that of the more than 280 brands that today prefer Golden Omega, 66 use the company's logo

They are very pure and practically transparent.

and 12 use the aforementioned certification. "This is an on-site commercial work, going to the countries, visiting the brands, talking to them about us, bringing them samples so that they can try what we offer. This effort has been ongoing all these years and has paid off," says Brahm.

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— a clear horizon

GOLDEN OMEGA HAS MORE THAN 140 EMPLOYEES, 75% OF WHOM ARE FROM ARICA.

According to GOED figures, the market in which Golden Omega participates grew an annual average of 5.7% between 2015 and 2021. "In the same period, our share was consistently increasing every year, to finish at 12.2% at the end of 2021," says Jorge Brahm. The goal is to improve that figure. "We see the future as positive and promising because, on the one hand, we still have the potential to produce and sell more and, on the other, we are going to optimize our portfolio." Also, in 2022, the company began to operate in partnership with the French company Polaris, which produces Omega-3 concentrates from microalgae. Thus, Golden Omega became its exclusive distributor in the United States and Canada. The same role will also be played with the Norwegian company Zooca, which manufactures an innovative oil from a small zooplankton called Calanus finmarchicus, which in addition to EPA and DHA has a naturally high content of astaxanthin, a powerful antioxidant, and policosanols, molecules with proven anti-inflammatory benefits, among other properties. "With all that we have achieved and what we still have

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to do, we realize that we are capable of aiming for a medium-term EBITDA that is at least 50% higher than the figure we set ourselves as a target at the beginning of 2019. This new stage of evolution will be very challenging and we look forward to thriving as successfully as possible."

In these achievements, the work and dedication of our employees has been transcendental. The vast majority, a little more than 140 people, work in Arica. Of these, approximately 75% are from the same city and 70% are under 40 years of age. Jorge Brahm highlights the strong enthusiasm of the entire team: "We are in a fascinating company, because from the extreme north of the country and, from a natural resource, we apply technology and innovative processes that did not exist in Chile to create products with high added value that are consumed all over the planet. As a result, we help to improve people's health, all of this backed by vast scientific evidence. This combination is very motivating. Whoever you talk to at Golden Omega will convey that same passion. It's more than a job, it's a very powerful commitment."

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PARTICIPANTS IN THE DISCUSSION PANEL AGREE THAT TODAY IT IS ESSENTIAL THAT THE CUSTOMER EXPERIENCE HAS A STRATEGIC ROLE AND THAT IT IS A CROSS-CUTTING RESPONSIBILITY IN ALL AREAS OF THE ORGANIZATIONS.

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empresas copec roundtable:

THE CUSTOMER AT THE CENTER The first discussion panel of 2023 dealt with the relevance of customers and how the relationship with them is approached from the different businesses of Empresas Copec's subsidiaries.

Thus, five employees in charge of customer experience shared experiences, progress and challenges in this area which, according to all of them, is not the exclusive responsibility of one area, but of the entire organization.

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Nicolasa Balbontín, customer experience deputy manager at Copec; Florencia Barúa, marketing deputy manager at Orizon; Francisco Figueroa, timber commercial area manager at ARAUCO; Alejandra Londoño, marketing vice-president at Terpel; and Catalina Navarro, customer experience deputy manager at Abastible, participated in this meeting. The discussion was moderated by Francisca Riveros, Communications Deputy Manager of Empresas Copec.

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— a shared task According to Deloitte's Customer Experience Management in Chile 2022 Study, one of the most complex issues lies in measuring the impact of Customer Experience on factors such as business profitability, for example. In this regard, 1 out of every 2 Customer professionals in Chile (49%) states that there are still no indicators associated with the impact of the customer experience on business results. 22% say that there are some conclusions, but they are still inconsistent.

In this regard, those participating in the discussion, although they belong to very diverse businesses, agree that today it is essential that the customer experience has a strategic role and that it is a cross-cutting responsibility in all areas of the organizations.

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Nicolasa Balbontín states: “Customer experience has to be part of the company's strategy, because if it is not something that moves all the leaders, that is part of the culture of the entire company and that, in some way, is a KPIs that cuts across all areas, it is very difficult to push it. So, it should be part of the value proposition, because many times customer experience goes against short-term profitability. It has more to do with a long-term issue because it generates fidelity, loyalty, trust, etc. In Copec's case, being the 'first in service' is internally well positioned at all levels of the organization.”

Alejandra Lodoño adds: “One of the great things that Copec brought to Terpel was the phrase ‘here we serve people and not cars.’ And I believe that this strategy of putting the customer at the center has been fundamental for Terpel over the years in the sense that it is the basis of our decision making and is at the center of the strategy. And,

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COPEC'S BUSINESS, AS WELL AS TERPEL'S AND ORIZON'S, HAS A PRIMARILY B2C (BUSINESS TO CONSUMER) FOCUS. THE CASE OF ARAUCO IS DIFFERENT, CONSIDERING THAT IT IS A COMPANY WHOSE FOCUS IS ESSENTIALLY B2B (BUSINESS TO BUSINESS). indeed, I believe that we are all responsible, because customer experience is not really the responsibility of one department, but rather happens at all the interactions of the customer with the company: at the island (service station), in the store, when calling the service line, when using the app, etc., which means that, at the end of the day, it is not the task of just one area, but of the entire company.”

Florencia Barúa adds: “I agree with Nicolasa and Alejandra's comments. In the case of Orizon, we have been making progress in a cultural change

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focused on the customer, investing and taking the time to deepen our knowledge: who we are talking to, how we interact with each of them, what is relevant to them, what they want, where their pains are, because indeed, as Alejandra said, the experience is built from the moment you enter a website or talk on the phone, until the product arrives on time and with good quality to the customer's home. So, customer experience is like a puzzle that is put together by all areas.”

Copec's business, as well as Terpel's and Orizon's, has a primarily B2C (Business to Consumer) focus. The case of ARAUCO is different, considering that it is a company whose focus is essentially B2B (Business to Business), since

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it sells to large distributors and retailers, such as Sodimac and Easy, at the local level, and to Home Depot, Lowe's and IKEA, at the international level.

Francisco Figueroa comments: “At ARAUCO we manage many KPIs, to which we have also incorporated some on customer experience. We have even included some of these indicators in the variable portion of some compensation, not only for the commercial area, but also in other areas, in order to reinforce that we are all involved and always looking for opportunities to improve in this customer-related area.”

Catalina Navarro explains that “a fundamental principle of Abastible is to deliver a quality and safe service, always with people at the center of operations, in this case, our customers. Today we deliver, through our distributors, an experience to the end user that is very well evaluated, but we understand that what happens at the end of the service is not the only thing that matters to them and impacts their evaluation, we rather have a 360° view of the entire customer journey, which starts from the need to the aftersales and brand loyalty. And this is not the responsibility of just one area, but of the entire company, which challenges us to work collaboratively, to leave silos behind.”

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— concrete actions ARAUCO, Copec, Terpel, Abastible and Orizon are implementing several initiatives that seek to promote an increasingly memorable customer experience.

In this regard, Alejandra Londoño says that Terpel is taking several actions, of which she highlights three. “The first one is that since last year we have changed the entire methodology for listening to the voice of the customer. We used to have a mystery shopper who visited stations once a month, and out of the 2,000 we were able to cover more or less 950. We changed the methodology through a platform where the customers access through a QR on the island or after having visited it, where they can provide comments on their experience. Thus, today we have 23,000 monthly surveys in 1,300 stations. The second one is to give more and more relevance to the phygital experience (a mix of digital and physical), which is increasingly important today. Here,

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for example, we have implemented a technology in 57 stations where you pay for fuel through a TAG device that you have in your car, which also works for tolls. The idea is to move soon to about 100 stations.

And the third is to consider that the most important worker in this company, who sometimes we do not take into account, is the islero (pumper), because he/she is the one who finally makes our value proposition come true. And one of the projects we have this year is how we praise the work of that promoter, of that islero. Because the work they do is really impressive. So, it is key how we reward them and really put ourselves in their shoes and make their lives easier and simpler.

Why? So that they give a better experience to our customers.”

According to studies conducted by PwC, only 3% of consumers want a fully automated experience. Most consumers prefer a more human interaction where their tastes and preferences are considered. This is very clear to Copec, where, as Nicolasa Balbontín explains, the most notable progress of recent times in this area “has to do with focusing the design processes from the customer, especially in new digital products, through a strategy with a UX (User Experience) focus. We have understood that the digital always coexists with the physical, the customer experience is one and the key moment is still largely played in human interaction, with the attendant, the cashier, the contact center executive. That is why we have been expanding our strategy as department.

From a focus mainly on metrics, today we also focus on the how, from the understanding of the customer, we design the experience. And for that we have been generating capabilities and processes, so that everything is built from the customer and not the other way around.”

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ONE OF THE CHALLENGES FOR SUBSIDIARIES IS TO MANAGE THE PHYGITAL WORLD, THAT IS, THE INTEGRATION BETWEEN THE PHYSICAL AND DIGITAL WORLDS.

Catalina Navarro says that, at Abastible, one of the great advances that has taken place in recent times is the implementation of a continuous measurement system in each of the businesses. "Thus, we can evaluate the day-to-day experience of each customer. For example, through the digital products we have developed, we are able to send a survey to our customers once they receive the service and ask them to evaluate it. As a result, we currently have more than 120,000 monthly surveys on the experience they had and we can receive feedback on the overall satisfaction of the service and the main points of contact, both in the packaging business, as well as in the bulk and metering business. We manage all that information through a platform, where we review the results in real time.

Therefore, I can log in now to see how the experience of the packaged segment is in the South or the bulk segment in a certain city in the North. In addition to these monthly operational surveys, there are other more strategic annual studies that also allow us to incorporate the 'voice of the customer' into the operation and generate action plans to improve their customer experience.”

Florencia Barúa says that the challenge today at Orizon is to reach new customers. “At the moment, one of the focuses of our innovation strategy is to offer value-added products and develop new categories. A clear example is our new PetMarine brand, where we have a differentiated offer in the petfood world, with food with marine protein as the first ingredient. And in human consumption, we are developing a wide range of new products and, to that end, we are also venturing into physical spaces where we had no presence before, communicating from the brand. For example, we have done activations with sports leagues, where nutritional information for better performance in sports is extremely important, and where jack mackerel can be a great ally in nutrition. We are also participating in gourmet trade shows where we offer our products for people to taste. This is much more inviting to purchase than if one simply sees an online communication. All of this is helping us to connect very well with potential customers and to have a more direct link with them.

We have also developed new sales channels, such as those offering gourmet fish and seafood products, where we have an offer and a differential to deliver.”

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In the case of ARAUCO, Francisco Figueroa highlights being part of a Marketplace “not only as a sales tool, but also as a way of having contact with thousands of customers, where you can implement a much more targeted and specialized marketing. There has also been great success with customer web portals, platforms where immobilized stocks are sold and which operate 24 hours a day, 7 days a week, in all the countries of the world. Here, the customer, with a login and password, whether in China or Colombia, can place an order at any time. We also have room simulators, where you put a photo of your kitchen, for example, and from your cell phone you can change the style with ARAUCO products.

The list of initiatives to improve our customers' experience is very long, but the important thing, I think, is that we have to constantly review, update and renew it, to have indicators and to follow up on them.”

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what are the next challenges for the customer area of your company?

"Our main challenge is how we continue to be recognized for the experience we deliver, to be the 'first in service', in an open and phygital environment, where we no longer compete only with the industry, but the client compares us and expects more from us. The challenge is greater, considering that many of the new competing companies were born digital and are more agile." nicolasa balbontín Customer Experience Deputy Manager of Cope.

"At Orizon, we aim to lead sustainable nutrition from the sea. And for that, we are currently in a process of investment and innovation. This requires a cultural change, where, from all areas, we manage to have the customer at the center with clear KPIs. That is our main challenge today.” florencia barúa Marketing Deputy Manager of Orizon.

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"We seek to continue adding value to all our stakeholders, among which are our customers. And therefore, we want to improve the service, the experience, the customer journey.

Because we are far from being perfect, and we know that this is a subject that is being renewed, updated and, therefore, that is the great challenge." francisco figueroa Timber Commercial Area Manager of Arauco.

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ABASTIBLE, ARAUCO, COPEC, ORIZON AND TERPEL HAVE MOVED TOWARDS A MODEL WHERE THE CUSTOMER EXPERIENCE AREA PLAYS A STRATEGIC ROLE.

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"Our greatest challenge is to continue leading the market in a highly competitive environment and with more demanding consumers. To do so, we must guarantee differential experiences throughout our network, through technology and service, which include strengthening the world of new convenience and new energies."

"At Abastible, our great challenge is to increase the loyalty of our customers, and when I say loyalty, I am not only referring to recurring purchases, but to having customers who are promoters of the brand, which ultimately has a multiplier effect. And for that we have to know them deeply and understand which are the interactions that really add value to the relationship, which are those where there are failures and how we can solve them by providing simple, easy and decisive answers." catalina navarro Customer Experience Deputy Manager of Abastible.

alejandra londoño Marketing Vice President of Terpel.

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TOTAL PULP PRODUCTION ESTIMATED FOR THE COMPLEX, ONCE LINE 3 IS IN OPERATIONS, WILL BE 2.1 MILLION TONS PER YEAR.

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MAPA BEGINS OPERATIONS The most important investment in ARAUCO's 52-year history is now a reality. After 11 years of continuous work, the Arauco Mill Modernization and Expansion Project (MAPA, for its initials in Spanish), is producing its first bales of pulp.

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It is 1:43 a.m. on January 20, 2023. While the country lies in the absolute silence of a hot summer night, ARAUCO is about to reach a historic milestone: the Arauco Mill Modernization and Expansion Project, MAPA for its initials in Spanish, produces its first bale of pulp after 11 years of intense work.

MAPA's Line 3 is now a reality. The most important investment in the company's 52-year history -US$2.85 billion- will allow it to produce 1.56 million tons of pulp per year, consolidating ARAUCO as one of the world's largest pulp producers.

MAPA considered the closure of Line 1 of the Arauco mill, which dates back to its origins, in January 2022, in addition to the productive and environmental modernization of Line 2, plus the construction of the new Line 3. The estimated total pulp production of the Horcones Complex, that is, once Line 3 is in operation, will be 2.1 million tons per year.

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MAPA CONSIDERED THE CLOSURE OF LINE 1 OF THE ARAUCO MILL, WHICH DATES BACK TO ITS ORIGINS, IN ADDITION TO THE PRODUCTIVE AND ENVIRONMENTAL MODERNIZATION OF LINE 2, AND THE CONSTRUCTION OF THE NEW LINE 3.

Héctor Araneda, current Operations Manager of the Pulp Business, explains that last December 29 was an extremely important milestone in the process, with the first shipments of chips to the digester, which marked the beginning of a stage in which, finally, “we begin to bring the operating parameters to the design conditions, in order to ensure a stable process in each of the areas that make up the productive development.” After this, the project enters the product quality

adjustment stage, and is ready to start its first exports to the main markets in the world.

MAPA's Line 3 is a great engineering work and operates with state-of-the-art technology in all its areas. Four years passed since the first earth removal, in December 2018, for a construction and equipment that considered the joint work of large companies, both Chilean and international, including Andritz, Valmet, Siemens, Nouryon, Esindus or Veolia.

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NEW MAPA PLANT:

— the covid-19 pandemic

2023

52 Produces its first pulp bale.

US$2.850 Million investment.

Years of history are crowned with this important milestone.

“We were one of the first projects to join the pilot plan - managed by Cámara Chilena de la Construcción (Chile's Chamber of Construction) so that construction could open up on all fronts during the pandemic in Chile,” says Marisol Rabanal, manager of Administration and Costs of the MAPA Project, who has vast experience in ARAUCO projects, such as the Valdivia and Nueva Aldea plants.

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At MAPA, she had to deal with complex challenges, especially the COVID 19 pandemic.

It was necessary to coordinate hand in hand with the Health Regional Service and the authorities.

Thus, medical personnel were added to monitor all the people involved in the construction of the plant. “We started testing all workers, with PCR tests every 14 days; we installed five sampling centers, with health professionals inside. We set up an online system to obtain the test results before the buses left for the construction site the next day,” she explains.

2,1 Million tons of pulp per year will be produced at the complex when Line 3 is in operation.

Consolidating ARAUCO as one of the world's largest producers.

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At the same time, the facilities had to be adjusted, enlarging the shared areas due to the distance policies implemented by the authorities.

The dining rooms were expanded to almost double their capacity, along with the changing rooms; the fleet of buses was also increased. “We had to work on a plan to control the pandemic and prevent contagions within the construction site,” she recalls.

This was not the only thing. The entire development of the project involved immense logistical work. More than five thousand containers were transported; for the transfer of the oversized equipment, a police escort was

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required between Coronel and Arauco, as well as support from the electricity, telephone and communications companies, generating around 450 transfers with police escorts. In addition, 137 thousand m³ of loose cargo were transported; six by-passes were built on the route for 55 of the oversized equipment, given that its height exceeded the existing walkways, and coordinated work was carried out to unload equipment at the ports of Coronel, Lirquén, San Vicente, Valparaíso and San Antonio.

“This project was an important labor source for the region and for the country, contributing to the fulfillment of many women and men, according to their different technical skills,” says Rabanal, who proudly emphasizes that there were no serious accidents or fatalities during the entire project.

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OF THE THOUSANDS OF PEOPLE WHO PARTICIPATED IN THE CONSTRUCTION OF MAPA, NEARLY 80% CAME FROM THE BIOBÍO REGION.

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— local focus, an essential purpose A key definition for the MAPA Project was to strengthen employability and enable entrepreneurship spaces for the communities in those areas directly related to the project, such as Arauco, Lota, Los Alamos and Curanilahue.

_ in the photo: Marisol Rabanal MAPA Project Cost and Administration Manager.

Of the thousands of people who participated in the construction of MAPA, nearly 80% came from the Biobío Region. Of these, more than 1,600 were from neighboring municipalities.

LINE 3 IS A MAJOR ENGINEERING PROJECT AND OPERATES WITH STATE-OF-THE-ART TECHNOLOGY IN ALL AREAS.

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MAPA also stood out for the high number of women workers, reaching a peak of more than 700 in jobs as diverse as crane operation, bus driving, scaffolding assembly, reinforcement, or as master craftswomen in structures, piping and civil works.

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In the area of training, MAPA left skills installed in local workers through the implementation of five training programs for more than 1,500 people in different occupations.

The above, with a strong emphasis on the relationship with nearby communities. Since the beginning of the Citizen Participation process in 2012, the community has been a key player, both in early collaboration and in the design of socio-environmental measures, in addition to development programs.

On the other hand, MAPA has also been an important driver of the local economy. At the beginning of 2023,

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purchases of goods and services have been made for nearly $20,000 million, all entirely earmarked for the area.

Once MAPA is fully operational, it is expected to create close to 1,000 new jobs, both in the operation of the new plant and in transportation and associated services.

_ in the photo: Héctor Araneda Former MAPA manager and current Pulp Business Operations Manager.

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an environmentally responsible project young and local talent Six years ago, ARAUCO and Duoc UC created Campus Arauco, a pioneering professional institute in Chile, which has become a benchmark for dual education. In these years, more than 1,400 students have been trained, and more than 250 ARAUCO employees have been part of this process as tutors. Of the graduates, more than 85% are already working in different companies, not only in the Biobío Region, but also in the rest of the country. In the case of ARAUCO, 71 of its professionals were trained at the Campus, 40 of whom are part of the MAPA team in charge of the operation of Line 3.

One of MAPA's main strengths is that it comprises a set of first-rate environmental management initiatives, such as research programs, comprehensive environmental monitoring plans and the implementation of socio-environmental measures.

This way, initiatives such as the Program for Ecosystem Studies of the Gulf of Arauco, PREGA, have been promoted to contribute to the research and environmental knowledge of the area, which considers the association with a consortium of universities, to jointly work in monitoring tasks on land and sea. In addition, together with the Ministry of the Environment, PREGA has developed studies on the ecology and bird fauna of the Carampangue Wetland, as part of its declaration as a Nature Sanctuary. And, in the context of a dialogue instance with fishermen's organizations in the area, PREGA has supported productive innovation initiatives for the development of local artisanal fishing.

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supplying clean energy to sen MAPA will allow to generate clean and renewable energy thanks to its cogeneration system based on forest biomass. In addition to self-supplying the plant with clean energy, it will produce a surplus of approximately 166 MW that will be supplied to the National Electric System (SEN) through an electric transmission line whose construction is already completed.

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INNOVATIONS FOR ENERGY EFFICIENCY, NEW ENERGY OFFERS FOR INDUSTRIAL CUSTOMERS, EXPERT CONSULTANCY AND A COMPREHENSIVE SERVICE ARE PART OF THE PATH THAT COLGAS HAS TAKEN.

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colgas:

SUPPORTING COLOMBIA'S ENERGY TRANSITION Following a firm commitment to the transition to sustainable energy, Abastible's subsidiary Colgas is developing innovative projects that transform the company into an energy provider and consultant, with comprehensive solutions and expert service.

The main player in the liquefied gas industry in Colombia united its brands under a single name, Colgas (formerly Norgas), seeking to strengthen its presence in the residential, commercial, industrial and mobility sectors.

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WITH A 34.3% MARKET SHARE AND COVERAGE OF 932 OF COLOMBIA'S 1,123 MUNICIPALITIES, ABASTIBLE'S SUBSIDIARY IN THAT COUNTRY HAS POSITIONED ITSELF AS A LEADER IN THE SECTOR. With a 34.3% market share and coverage of 932 of Colombia's 1,123 municipalities, Abastible's subsidiary in that country has positioned itself as a leader in the sector. Its energy solutions go far beyond the sale of liquefied gas and have set the trend for the residential, commercial, industrial and mobility sectors.

Under an essentially geographic segmentation criterion, the company operated until recently with four brands: Colgas, Norgas, Gasan and Gases de Antioquia. All of them “spoke”, addressing their target audiences and achieving

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a successful relationship with them in the 32 departments or regions into which the nation is administratively divided.

In recent years, seeking to better meet the specific needs of the users of the different business units, the company began a determined process of evolution to accompany the energy transition throughout Colombia. A first step was to conduct brand studies, which identified Colgas as the strongest of the four brands, with a top of mind of 68% and presence in more than 40% of the territory.

It was then determined that, as of 2022, this brand would act as the parent company for the regional units that are leaders in their areas, specifically in the Residential and Retail units. It would also be the official name for the Industry and Mobility segments.

Colgas' corporate commercial manager, Jorge Borda, explains this change: “We are a company with powerful brands in each of our regional units nationwide, associated with the marketing and distribution of LPG, but we did not have a corporate brand with national impact.”

He adds that the challenge was “to have and position a brand that would be the communication engine, that would act as an umbrella to position us in the market as a company that has energy solutions in four strategic business units and that is a relevant player in the country's energy transition.”

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— from gas supplier to energy consultant Innovations for energy efficiency, new energy offers for industrial customers, expert consultancy and a comprehensive service are part of the path that Colgas has taken. From a company associated with the sale of cylinders and stationary tanks, today it seeks to establish itself as a solid, modern entity, committed to sustainability and dedicated to providing energy solutions in each of its businesses.

“It was important to know that the user is different for each business unit, according to their needs, sector, size, location and possibilities. Therefore, our offer has to be comprehensive and appropriate for each one and that is why we developed differentiated service portfolios,” says Jorge Borda.

“For example, in Residential we no longer talk only about cylinders; we wanted the channel to be more formal and the gas outlets are now solution centers, with other types of products and services, such as cell phone recharging, sale of household appliances, etc." He assures that this model changed the way gas is sold and how the user approaches the brand.

In the industrial segment, Colgas has presence in areas as diverse as livestock, poultry, dairy, agribusiness and energy mining, among others. The corporate commercial manager points out that, under the new approach, “we went from being an LPG supplier to identifying industries in each productive sector and seeing where we can generate value. Based on this, we generate a range of solutions other than LPG.”

_ in the photo: Jorge Borda Corporate Comercial Manager of Colgas.

TODAY, COLGAS IS WORKING HARD IN THE IMPLEMENTATION AND CONSOLIDATION OF INNOVATIVE ENERGY PROJECTS THROUGHOUT THE COUNTRY.

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This involves transversal actions that go beyond the sale of products. Among them, the executive highlights the energy audits, where the processes of a company are reviewed and measures are suggested to make the use of energy more efficient. Then, a solution is offered, which can be with gas, photovoltaic energy or hybrid systems.

Colgas also acts as an enabler, seeking alliances with other actors that can finance solar, thermal or electric energy projects to help industries to produce cleanly and reduce their carbon footprint.

A key element is the sales force. Whoever is facing the customer is no longer a salesperson, but a business developer, responsible for carrying out audits and advising as an expert who understands the business, its trends and needs. "This way, we become energy consultants. This requires us to have a very good knowledge in order to accompany the client throughout the process, from the audit to the generation of a value proposal that seeks to improve their processes and obtain savings," says Borda.

To this end, a macro-sector model was implemented, with an account executive in charge of each area. “For example, the KAM (Key Account Manager) of the poultry sector knows everything about that industry. We belong to the sector, we are invited to presentations, we do webinars and talks on energy efficiency specifically applied to these companies. Thus, by understanding their business, we have an excellent reach, because customers are confident that we are someone who understands them and knows what they want.”

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GASES DE ANTIOQUIA

As of 2022, this brand acts as the parent company for the regional units that are leaders in their areas, specifically in following areas:

1.700 HOUSEHOLD

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In addition, he says there is a growing awareness among companies, which are now considering energy transformation as part of their plans, despite the lower cost of fossil fuels. Fortunately, the Colombian government is involved in supporting renewable energy projects through tax incentives and other benefits.

In this favorable scenario, Colgas' 1,700 direct employees are working together on a corporate strategy for internal transformation, aimed at strengthening the company in order to reach the end user better every day, getting to know them and managing the service channels in the most effective way. “All of this, focused on the customer and on the goal of being an important development factor for

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the communities,” clarifies the corporate commercial manager. “Nothing can be done without that logic, that makes us all be focused on that way and strive to be more efficient and have a team of committed, healthy, happy and capable people.”

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— favorable scenario Today, Colgas is working hard in the implementation and consolidation of innovative energy projects throughout the country. Through Nauti GLP, Montacargas GLP and Auto GLP, it seeks to strengthen its presence in the mobility business, where the latter subsidiary already has three refueling stations and 300 vehicles converted to gas.

Poultry farms with solar energy, biogas in swine farming, photovoltaic and solar projects strengthen a portfolio of innovation that in the coming years will include liquefied and compressed natural gas, bio-LPG, gray hydrogen and later green hydrogen, electromobility, carbon credits and energy commercialization. Jorge Borda is calm, because “the company has the will and the support of Abastible, with whom we work hand in hand.”

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COPEC, BRINGING PROGRESS AND WELL-BEING TO PATAGONIA With the aim of contributing to people's connectivity, supporting sustainable development and expanding the range of services offered to communities and visitors, Copec has not only improved and expanded its infrastructure over the last decade, but has also brought development to remote, sparsely populated areas spread over large territories.

To this end, in early 2023 Copec inaugurated the first service station in Villa Cerro Castillo, reinforcing its presence in Chilean Patagonia.

From Hornopirén, in the Los Lagos region, to Puerto Williams, in the Magallanes region, Copec has 27 service stations, including the new one in Villa Cerro Castillo, which has the first Pronto Copec store in Patagonia.

“The new service station is 95 kilometers south of Coyhaique and 120 kilometers north of Puerto Río Tranquilo. The neighbors of Villa Cerro Castillo had to travel those distances to fill up with fuel and risked, in many cases, transporting it in drums. Nor did they have an ATM, services for the reception and delivery of packages or free wifi. So we are once again fulfilling our service promise and our purpose," said Arturo Natho, CEO of Copec.

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THERE IS NO DISTRIBUTION NETWORK IN THE LAST MILE BUSINESS THAT COVERS THE ENTIRE COUNTRY LIKE THE ONE THAT EMERGES THROUGH COPEC AND BLUE EXPRESS.

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COPEC'S LEAP INTO THE LAST MILE The acquisition of Blue Express by the subsidiary seeks to revolutionize e-commerce in Chile, thanks to the network with the largest coverage in the country, which will connect any corner of the country with the rest of the world, making life easier for individuals, SMEs and large companies.

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that this alliance “can revolutionize e-commerce and last mile in Chile.”

There is no distribution network in the last mile business that covers the entire country like the one that emerges through Copec and Blue Express. The 1,500 Blue Express reception and shipping centers, known as PUDOs (pick up-drop off), will be added to the 684 service stations of the subsidiary throughout the national territory, expanding the coverage network with an important offer and quality of service for customers.

What once seemed like a dream is now a reality: buying a product in China and receiving it in Cerro Castillo, in the Aysén Region, is as possible as in any convenience store in the country.

That's the idea behind the recent acquisition of Blue Express, a company with more than 15 years of experience in the last-mile industry and which, under the wing of Copec, will be able to connect any corner of Chile with the rest of the country and the world.

The deal was sealed last December, following the approval by the National Economic Prosecutor's Office of the operation that allowed Copec to acquire ownership of Blue Express.

This, after a sale process that had several national and international players interested, partly due to the company's positive growth history.

“Together with Copec, we want to consolidate our position as the number one in the industry, both in volume and service,” says Olivier Paccot, general manager of Blue Express, who predicts

_ in the photo: Olivier Paccot General Manager of Blue Express.

“This new network of PUDOs is a win-win for everyone,” says Paccot, given that the incorporation of the fuel stations “has a gigantic potential for customers and SMEs, because they are very well located, have parking lots - vital for the user experience - are open 24/7 and, of course, Copec is already a brand that is at the top of people's minds. But it is also good for retailers, as they will be able to offer more sustainable delivery alternatives to their end customers by reducing their emissions.”

On the other hand, in addition to a more robust network, service options are expanding. “People want to choose in terms of price and location, for example, through the out of home delivery, that is, delivery outside your home.

Copec's role is key here, since people will be able to choose between receiving a package at home or picking it up at any time at a service station. Likewise, returns will be much easier, which will be of direct convenience to

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customers, SMEs and retailers,” explains Paccot. This will facilitate the service for users with a wider range of options for shipping and delivery of products.

In this regard, Arturo Natho, General Manager of Copec, states: “The development of e-commerce, the proper delivery process, within the committed deadlines, complete and with real-time traceability, is a highly valued service by customers, and that is where we see a natural fit of smart delivery with our network and proximity to people.”

49 _ _ in the photo: Distribution Hub located in Santiago, Chile.

— blue express' transformation with the rise of e-commerce _ in the photo: Arturo Natho General Manager of Copec.

The origins of Blue Express date back to 1996. The company was born as Lan Courier, a subsidiary of LATAM Airlines, to develop the transportation and delivery business of products from large clients at the local level.

Shortly thereafter, in 1998, it extended its services to logistics operations, with a strong emphasis on distribution, developing a network of offices, warehouses, and trucks throughout the country.

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After 10 years, in 2008, it changed its name to Blue Express. By then, it already had warehousing and inventory management operations, with a distribution center covering an area of 5,500 m². After being acquired in 2011 by Bethia Group, the company installed new infrastructure with a 80,000 m² warehouse center in Pudahuel. In March 2019, Blue Express changed hands again after being acquired by a fund controlled by Kinza Capital and Altis Principal Investments, who began the transformation phase from a B2B to B2C company, amid the e-commerce boom in the midst of the pandemic.

Changes in consumer dynamics in recent years have forced Blue Express to change its focus. The birth of marketplaces, which have decentralized the sale of large stores by incorporating thousands of small vendors, pushed, in part, the transformation that the company underwent. “The first-mile industry became very complex with the birth of marketplaces. We adapted quickly to this phenomenon to work this way and look for the thousands of sellers in all corners of Chile,” says Paccot. This is how the company made an exponential leap, marketing more than 80 million packages in recent years.

Today, Blue Express is the No. 1 e-commerce shipping company, with more than 8,000 monthly active customers. Thanks to a base of 1,500 collaborators, its average delivery time is 1.1 days, one of the most efficient in the industry.

It has alliances with major marketplace players in Chile, such as Mercado Libre, Falabella, Paris, Linio, Ripley and Walmart, as well as with major brands such as Zara, Levis, H&M, Nike, Adidas, Sony, Huawei, among others; platforms such as Envíame, Ecomsur, Shopify and Vtex, as well as some of the world's leading crossborder companies, such as Shein, AliExpress and Shopee.

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Lan Courier is born, a subsidiary of LATAM Airlines, to develop the transportation and delivery business of products for large clients in Chile.

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Extended its services to logistics operations, developing a network of offices, warehouses, and trucks.

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THE ACQUISITION OF BLUE EXPRESS IS AN IMPORTANT STEP FOR COPEC, AS IT WILL ENABLE IT TO EXPAND ITS BUSINESS BEYOND THE ENERGY SECTOR AND ENTER THE ATTRACTIVE LAST-MILE LOGISTICS MARKET. 2023

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IN E-COMMERCE SHIPPINGS

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ACCORDING TO MCKINSEY ESTIMATES, IN 2022 THERE WERE 110 MILLION SHIPMENTS IN CHILE. HOWEVER, IN A FIVE-YEAR HORIZON, THESE FIGURES SHOULD REACH OVER 300 MILLION.

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There is still plenty of room for growth. While in Chile an average person sends 11 packages a year, the global average is 24, and in places like China, the U.S. and the U.K., the figures are 42, 43 and 52, respectively.

Industry projections are positive. According to McKinsey estimates, in 2022 there were 110 million shipments in Chile. However, in a five-year horizon, these figures should reach over 300 million.

After sealing the purchase of Blue Express, Copec already has 16 service stations throughout the country as part of the PUDO network, two of which are located in remote areas in the south, such as Pronto Copec in Cerro Castillo and Punto Express in Puerto Río Tranquilo, both in the Aysén Region; an area in which Copec seeks to provide connectivity, due to the role it has historically played in the Patagonia.

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— a promising future The acquisition of Blue Express is an important step for Copec, as it will enable it to expand its business beyond the energy sector and enter the attractive last-mile logistics market.

As Arturo Natho points out: “We have a valuable asset to make available to people, which is the most convenient network for sending and picking up packages, with the challenge of differentiating ourselves also in reverse logistics or returns, which today is a weakness in the system.”

In the short term, the company's nearly 700 service stations will be part of the Blue Express network, which, together with its investment plan, will seek to capitalize on the future growth of this industry and connect remote corners of the country with any place on the planet.

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SINCE 2017, THE I-NOW CHALLENGE HAS BEEN HELD, AN INITIATIVE IN WHICH ALL ABASTIBLE EMPLOYEES THROUGHOUT CHILE HAVE THE OPPORTUNITY TO PRESENT THEIR IDEAS TO IMPROVE OPERATIONAL, COMMERCIAL AND LABOR ASPECTS, AMONG OTHERS.

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i-now abastible:

WHEN THE SOLUTIONS ARE AT HOME Novelty, viability and value are the attributes present in the winning innovations of this annual contest, organized by Abastible, which involves the company's employees and seeks to find new answers to its challenges.

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Since 2017, the i-NOW Challenge has been held, an initiative in which all Abastible employees throughout Chile have the opportunity to present their ideas to improve operational, commercial and labor aspects, among others. Vincent Horn, Innovation and Culture Deputy Manager, together with Carolina Muñoz, Innovation Coordinator, lead this project, which has had to adapt to different economic moments, both in the business and in the country.

Each year, a different challenge is proposed and the team is invited to propose solutions.

Vincent Horn recalls its beginnings: “The first mission went hand in hand with the People Department management and we asked the question: how do we become the best company to work for in Chile? We had never done anything so open. More than 400 ideas

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came up, and it quickly became very attractive and relevant.”

After an initial filter of initiatives, something very much awaited by the participants took place: “From all over Chile we had candidates who presented their project to a committee formed, among others, by our general manager, Joaquín Cruz, and that was very well received. People felt heard, because the ideas came from them and not from the front line of the organization. Anyone, regardless of their

_ in the photo: Vincent Horn Innovation and Culture Deputy Manager at Abastible. position or seniority, could make their proposal known on an equal basis,” says Horn.

Based on the success of this call, the i-NOW team continued with the dynamics of the contest, changing the challenge year by year, including topics such as process efficiency and digital technologies, among others. In addition to receiving an economic compensation, the winners are invited to participate in the development team that makes their idea a reality, thus generating a tangible contribution to Abastible's development.

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us, we can say that the reception was spectacular.”

The change in the competition over time is something that Vincent Horn highlights as positive: “Innovation at Abastible is not an end in itself, but a means that serves its strategic objectives, so it adapts to its needs.”

The arrival of 2020 brought with it an unprecedented global health crisis that also affected the development of i-NOW: “Spirits were low, budgets were tight in the face of uncertainty. However, we saw a need for people to communicate and narrate their experiences in that adverse moment. This is how we launched 'Creative Legacy', where we invited the team to reflect on what they were going through, telling us their anecdotes, lessons learned and how they were coping with one of the

AFTER THE PANDEMIC, THE CALL TOOK A NEW DIRECTION, DUE TO THE ECONOMIC RECESSION AND THE COMPANY'S NEW NEEDS. THE INSTANCE WAS REFOCUSED ON COST EFFICIENCY.

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strictest quarantine periods of the pandemic.” This work resulted in a collective book with the ideas of all the collaborators who participated.

Once the health and safety measures were loosened, the call took a new direction, due to the economic recession and the company's new needs. Gradually, the initiative was refocused on cost efficiency: “In 2022 we began to look for initiatives aimed at solving any type of company problem at zero cost, and these focused much more on operational issues. In the end, 105 ideas were received, which, considering the mission entrusted to

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small changes or incremental improvements are indeed ways to innovate. We want employees not to innovate as an end in itself, but to innovate in what they do,” concludes Horn.

— constant support from start to finish One of the main gaps that the Innovation and Culture team has faced in these seven years is related to leveling the playing field when it comes to ensuring that the projects presented have a solid foundation and that the participants have the tools to disseminate their ideas. Once the finalist projects are prioritized, individual coaching is fundamental: “In preparation for the closing pitch, they are required to do research work to learn about the pains and the qualitative and quantitative benefits of the solution. We even advise them on technologies and tools. We help finalists transform their idea into a 5-minute story, using data, numbers and a clear message that allows them to present their solution to the management committee with confidence and clarity.”

The winning proposals are transferred to Abastible's Innovation Laboratory, which verifies the feasibility and raises the necessary requirements for their possible implementation, together with the winner. In some cases, solutions available in the market can be adapted or experts can collaborate in the development of an in-house solution: “We have a case, for example, in Coyhaique, which won in 2019, whose objective was to improve the cylinder counting system in the plant. Today the counting is manual, which results in losses and inventory oversights. The winner proposed to install a camera with artificial intelligence, which would generate a record to validate the information entered into our systems. These types of solutions are 'tailor-made', so we sought and hired a specialist partner and approached the development through pre-feasibility, PoC (proof of concept) and implementation stages. Today we are measuring the final accuracy of the solution and analyzing potential additional applications of this technology,” explains the Deputy Manager and adds: “Innovation projects are generally long term, in some cases exceeding 4 years of development.”

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On other occasions, the development has been complicated because the technological limitations of the moment do not allow it, it is impossible to gather the required information or there are even legal barriers. In spite of this, the company does not rule out resuming the initiatives when conditions allow it: “Finally, one of the main objectives of the challenge, in addition to capturing and channeling good ideas, is to ground innovation. We want people to understand that innovation is not exclusively the generation of solutions with a wow effect that change the lives of the whole world, it is not an iPhone, but rather that they understand that it is a mindset, a way of thinking and facing their daily lives, and that sometimes

THE WINNING PROPOSALS ARE TRANSFERRED TO ABASTIBLE'S INNOVATION 55_ LABORATORY, WHICH VERIFIES THE FEASIBILITY AND RAISES THE NECESSARY REQUIREMENTS FOR THEIR POSSIBLE IMPLEMENTATION, TOGETHER WITH THE WINNER.

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“ONE OF THE MAIN OBJECTIVES OF THE CHALLENGE, IN ADDITION TO CAPTURING AND CHANNELING GOOD IDEAS, IS TO GROUND INNOVATION,” HORN CONCLUDES.

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a small change with a big impact

How can we optimize cylinder washing and at the same time be more efficient in our energy management system? This was the question asked by Héctor Sánchez, Operations Supervisor at the Lenga Plant, when he realized that the current cleaning method using detergent and hot water was dangerous due to the risk of burns and, consequently, the operation was slower due to the difficulty of the execution involved. In addition, generating steam to heat the water cost the plant $84,000,000 per year. The idea proposed by Héctor Sánchez was to replace

the detergent with an equivalent one for cold water. This would reduce the physical effort and even increase the speed of the process by 30%.

Although it seemed easy to implement, Sánchez says: “The most difficult thing was to break down the ghost of 'it has always been done this way'.

However, this itself awakened the need to innovate, planning a field test with excellent results.” The proposal became the winning idea for 2021 and has not only been implemented in Talcahuano, but also in other plants in the country. “I feel the satisfaction of having demonstrated that, with a continuous improvement approach, with a vision of caring for the environment and protecting people, we can achieve unexpected results, with only small changes,” he concludes.

héctor sánchez Operations Supervisor at Abastible Lenga Plant in Talcahuano.

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a service with no margin for error Héctor Santos, Production Manager and Brigade Captain at the Coyhaique Plant, noticed in his daily work that the manual counting of cylinders entering and leaving the facility took up a lot of time during the day. On the other hand, there were many “human errors” in the process: misplacements were common and sometimes the information did not match. So, it occurred to him that, if there was a camera that counted the cylinders, identifying their format, that would optimize the operation. Although at that time he did not have the tools to describe the solution from a technological viewpoint, his vision héctor santos Production Manager at Abastible Plant in Coyhaique.

was enough to win first place in the 2019 version of the contest. With the support of Abastible's Innovation team, he is working with a consulting firm on the future implementation of this solution.

Regarding this recognition, Santos says: “The fact that this project was managed and implemented at the Coyhaique plant makes me feel that I am making a real and important contribution to the company, in addition to what I do every day in my job. It is very gratifying to be able to contribute to the solution from the idea, as well as in the development and finally in its implementation”.

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DURING THIS YEAR, 220 TEACHERS ARE TEACHING CLASSES TO MAKE ECH’S PURPOSE A REALITY: THAT ALL CHILDREN IN CHILE RECEIVE A QUALITY EDUCATION.

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15 YEARS WITH THE HEART IN THE CLASSROOM Since its inception, this organization, which has the support of Empresas Copec, has become a seedbed of leaders who know, from experience and from inside the classroom, the challenge of education in Chile, becoming a driving force for change.

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professionals to work for two years as teachers in vulnerable environments in the country, so that they can experience and learn about the reality of teaching in the classroom. “Only when you enter a place with many deficiencies and injustices can you realize how many problems need to be solved,” says Recart.

From its foundations, and inspired by Teach for All, where they are members along with 60 other countries, the institution has become a seedbed of leaders. “Today, in every meeting where relevant educational issues are discussed, there is someone from Enseña Chile who has a deep understanding of the problem,” says its founder.

15 years ago, Enseña Chile began the challenge of creating a network of leaders to impact and contribute to the Chilean educational system. The idea was not only to convene school teachers and principals, but also to involve businessmen, politicians and professionals from the most diverse areas, realities and specialties so that they would know, live and understand the challenge, and become part of the solution.

According to Tomás Recart, co-founder and executive director of Enseña Chile (ECh), involving different actors is key to the success of the mission: “As Alejandro Aravena (a prominent Chilean architect) says, there is nothing worse than answering the wrong question well. And the question in education is not what to do, but who is going to do it,” he says.

Based on this idea, to become a bridge between the problem and the future leaders, the organization was created and, through the Collective Leadership program, invites

CURRENTLY, ECH HAS A PRESENCE IN 63 MUNICIPALITIES AND 144 SCHOOLS, IT HAS MORE THAN 900 GRADUATES AND MORE THAN 225 THOUSAND STUDENTS WHO HAVE BENEFITED FROM ITS PROGRAMS.

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According to figures from ECh, 75% of those who have completed the program are still directly or indirectly involved in education. Currently, the organization has a presence in 63 municipalities and 144 schools. It has more than 900 graduates and over 225 thousand students who have benefited from its programs. During this year, 220 teachers are teaching classes to make its mission a reality: that all children in Chile receive a quality education.

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_ in the photo: Tomás Recart Co-founder and executive director of Enseña Chile.

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take charge Max Ortúzar is director and cofounder of the Cree private subsidized school in Cerro Navia, one of the most vulnerable municipalities in the country.

An establishment that was born inspired by the Collective Leadership program of Enseña Chile, where all its founders participated as academics.

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“Just going into the classroom changes the switch and you realize the impact you can have in leveling the playing field and how much you can grow professionally and as a human being,” says Max, who taught for two years in the Colina and Pudahuel municipalities.

But it was after a seminar, organized

by Teach for All in India, and its message: “Take charge”, where the dream of creating a school of excellence arose. “We complain about the educational system, but if we want change, we have to generate it,” was the thought that motivated him.

For two years, Max Ortúzar together with two other alumni of the program, Tomás Rivadeneira and Juan Paulo Sánchez, worked on the educational plan, and in March 2016 they began to operate, concerned about academic training, attracting good teachers, but also the development of socioemotional skills that strengthen the character of young people.

For the first time this year, the school will be able to receive a teacher from Enseña Chile for its students starting high school. Currently, the school has more than 800 students, from pre-kindergarten to first grade of high school, with excellent results in the last national Simce (test that measures the quality of education).

max ortúzar Director and co-founder of Cree private subsidized school in Cerro Navia.

According to Ortúzar, the waiting list of both students and academics who want to work at the school is extensive. “More than 2,500 people apply throughout the year and, although it is a demanding environment, there is a lot of room to do things differently and to innovate.”

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Ten years ago, while she was in third grade of high school at Miguel de Cervantes School in La Cisterna, Jannike Guzmán had the opportunity to meet one of Enseña Chile's educators.

She had only been at this school for a year. She moved after being bullied and harassed for two years. She was looking for confidence and to feel safe and protected. In this context, she met Samuel Delgado, an industrial civil engineer, who was in his second year of the program, teaching mathematics and physics.

Although numbers were not Jannike's thing, it was in that classroom where she discovered what today is her great passion: art.

“There were 18 of us students and he understood how to connect each of us to mathematics. He took the time to get to know us and for us to learn, to the point that we all went on to higher education. No one was left behind,” she recalls. jannike guzmán Member of ECh Leadership Program.

It was Samuel who led her to discover her vocation and to believe in herself. “He saw capabilities in me that I had never noticed before. Have you thought about studying art? he said to me one day, and began to bring me information about universities that offered a degree in Art.” Years later, Jannike not only graduated with a degree in Visual Arts, she also obtained a scholarship to study for six months at the Universidad Nacional Autónoma de México (UNAM), worked in renowned museums in Santiago, exhibited in one of them and has specialized in Heritage and Cultural Mediation.

“I was fortunate to meet people and great professionals who gave everything and more, who encouraged students to seek what they want, who believe more in you than you believe in yourself, and who have the conviction that everyone can learn. This is Enseña Chile,” Guzmán points out.

Since March of this year, Jannike has been part of the Leadership Program at a school in Puerto Natales. “It's time to give back everything I received from the Enseña Chile teachers. I hope I can give them the same tools they gave me. To show them that, if they want to achieve something, it is possible to do it with discipline and love, and that they can be the best; that only one sets the limits and that their future is not restricted to their territory.”

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samuel delgado Director of Social Operations of the Súmate Foundation.

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For Samuel Delgado, everyone joins Enseña Chile for different motivations, with different life stories and experiences, but in the end the important thing is to build community. “When you enter a classroom in an environment of vulnerability, you understand the challenges that the country really faces,” he says.

Samuel comes from a large family in the La Bandera neighborhood of San Ramón. He studied in a subsidized private school and knows the needs of the community. This motivated him to create a social pre-university school in his municipality, while he was in the final year of his degree, with the idea of contributing to the first generation of professionals.

“It was a successful experience and process. We prepared them for all the subjects of the PSU (current PAES) application test, and we also guided them in vocational matters and helped them to apply for scholarships.

I started out alone and then friends joined me, until we ended up with about 60 people. This filled my heart,” says Delgado.

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After this experience he joined Enseña Chile. “I devoted myself to broadening the world to the students. I took them to conferences, to universities. They know when you like them and when you don't. I went with the will and conviction that they should learn, and in the case of Jannike, I feel that I had the opportunity to accompany her so that she could see the potential she had and believe in herself.”

During these two years, Samuel recognizes that the biggest challenge was to create a bond with young people who come from highly vulnerable environments. “Building leadership from relationships is a challenge, imagine how it is with young people who are in the process of learning. It is not a lack of potential, it is the absence of good people around them,” says Samuel. He also emphasizes that the value of this organization is to bring professionals of excellence to places where they are most needed.

Since then, Samuel's career has been linked to teaching. He is currently Director of Social Operations of the Hogar de Cristo's Súmate Foundation, was Provincial Director of the Ministry of Education, and Head of Education in the municipality of San Ramón.

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“Finally, a History teacher was selected, and she had excellent results. The students fought the classes with her and no one was absent. In the short term, it is possible to see how practices begin to change.

Teachers are improving and the changes are felt throughout the community,” she explains.

Thus, in each school she has led, Paulina has taken some of her academics to Enseña Chile. “It is important that it is someone who, in addition to having experience and managing their specialty very well, believes and sustains that they can generate changes within their classroom in an environment of vulnerability.”

For the participants, says the head of DAEM, this initiative has become a renewal of their vows to the teaching profession, an opportunity to regain a passion for their careers that sometimes seems dormant.

renewal of vows A teacher is a servant of learning, must be committed to his or her training and students, and must love what he or she does. These are some of the qualities that, according to Paulina Ulloa, head of the Department of Municipal Education Administration (DAEM) at San Pedro de la Paz, those who work as teachers must have.

Paulina learned about Enseña Chile through an article, but it was its leadership project that caught her attention and made her investigate further. Convinced that it was a contribution to teacher training and to the learning of her students, she nominated a couple of teachers to participate in the program, while she was principal of a school in Lota, Concepción province.

paulina ulloa Head of the Department of Municipal Education Administration (DAEM) at San Pedro de la Paz.

“I fell in love with the vision of Enseña Chile, that one day all children will receive quality education. It is a concept that today is very overused, but it is a dream that motivates me and is what led me to want to become a teacher and principal. It is the desire for everyone to have the same tools and opportunities to learn. This is the passion I want to transmit.”

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Thus, he proposed the idea of developing a program that would allow him to dedicate one morning a week to teach classes in a vulnerable school in the Metropolitan Region, with the ambition of generating measurable, replicable and scalable results. He began in 2021, teaching mathematics to a 2nd grade of high school and, the following year, he offered to do an intensive workshop for 4th grade students preparing for the PAES in La Pintana.

“There are two key facts that motivate me. During my professional life, I have met brilliant people, very intelligent, but who did not have the same opportunities; and also, in everyone's life there has been someone who at some point inspired you, turned your life around and left a stamp. I added these two things together and I believe that while the public policies that are necessary in education are being discussed, we are losing infinite talent,” commented Lorenzo.

For Gazmuri, the dream is that this program scales up, and that in each of the 7,000 schools in Chile there is at least one volunteer, like

lorenzo gazmuri Copec and ICARE Director.

“I am inspired that people like me can be a contribution and move the needle for some young people,” says Lorenzo Gazmuri.

The former Executive Vice President of Copec, where he is currently a director and where he worked for more than 30 years, and past President and director of ICARE, knows well that time is a scarce commodity for him, but not sufficient reason to stop contributing, from his possibilities and capabilities, to the mission of ECh.

him, willing to dedicate a little of his time, because they want and believe that it is possible to change the trajectory of a young person through education. But it is not only knowledge, it is also love, dedication and above all, trust.

“Education is plagued by initiatives that, if they are not measured, have no way to progress. For us it is very important to have a methodology and technology that allows us to generate results with a one-morning-a-week intervention, and we have a platform that measures the state of progress and weaknesses of the students. Therefore, scalability is subject to our ability to generate quantifiable results,” he explained.

65 _ An important challenge for those entering a classroom for the first time, according to the executive, is to fight against learned despair. For this reason, the message behind every ECh project is that young people should know and believe in their capabilities, and that there are achievements behind those who persevere.

“The invitation is for those of us who have had the privilege of accessing good schools, universities and companies, and have a duty to the country.

Education is marked by origin, by the place where you were born and that is tremendously unfair. We are losing talent because of the lack of education. This experience has been by far the most stimulating for me, but we are just starting,” he concluded, stating that this year they hope to reach 15 schools in the region.

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empresas copec ENERGY SECTOR EBITDA: US$ 1.370 million

RESULTS AS OF DECEMBER 2022

FORESTRY SECTOR EBITDA: US$ 2.231 million

FISHING SECTOR EBITDA: US$ 49 million

empresas copec's consolidated ebitda and profit accumulated as of december 2022 reached us$3.630 billion and us$1.466 billion, respectively.

OTHER EBITDA: US$ (19) million

TOTAL PROFIT: US$ 1.466 million EBITDA: US$ 3.630 million

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_ in the photo: Rodrigo Huidobro Alvarado CFO at Empresas Copec.

A few weeks ago we reported our results for December 2022. It was a historic year in terms of figures, with a profit of USD 1.466 billion and an Ebitda of USD 3.630 billion.

For most of the year, pulp showed very attractive price levels, driven by dynamic demand, logistical difficulties in the market and cost inflation that pushed up break-even prices.

Timber and panel products were in very good condition, as a result of strong demand for construction and remodeling, a trend that originated in large part during the pandemic years.

Fuels, on the other hand, continued their recovery, reaching levels higher than those prior to the health crisis. Mina Justa, meanwhile, completed its first full year of operation, in a scenario of favorable copper prices.

In the last quarter, however, some of these conditions began to reverse. Pulp prices fell, partly as a result of the expected entrance of new capacity. The panel and timber markets

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moderated their trends, dragged down by, among other factors, a decline in real estate activity, due to the sustained increase in global interest rates, and other causes. In addition, there were negative non-recurring accounting effects related to some of ARAUCO's investments in Argentina and the valuation of biological assets. All in all, the quarter recorded a slight loss of USD 9 million, and Ebitda of USD 679 million.

The good results for the year have allowed us to maintain controlled and reasonable debt ratios, which illustrate the Company's good financial position.

But beyond the figures, it was a year of important strategic definitions. The start-up of MAPA marked the end of a major period of expansion. The new mill is the most important investment in the Company's history, and will increase ARAUCO's pulp production capacity by 30%. In the same vein, the Company announced the signing of an agreement with the government of Mato Grosso do Sul, Brazil, to move forward with the evaluation of the Sucuriú project, which for ARAUCO could mean an additional increase of almost 50% in its pulp production capacity. There is an attractive line of future growth there, in a country with excellent competitive advantages in forestry, and in this -by

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definition- sustainable industry, thanks to a plantation base that absorbs carbon and contributes to biodiversity, and with products that replace others that are less environmentally friendly. The panel mills announced by ARAUCO also comply with this philosophy.

In the energy area, the Copec subsidiary ended the year by perfecting the purchase of Blue Express, a company that operates in the field of last-mile logistics. We have thus boosted investment in this sector with two main focuses: the energy transition and the transformation of the business model. This acquisition fits well with the route already initiated by Copec and Abastible, which are leading the move towards a low-carbon economy in South America, with investments in new energies, energy efficiency, electromobility, and other activities that are complementary and synergistic with existing assets.

We are moving forward on a path that will enable us to deliver resources and energy for a sustainable world. We have the will, the experience and the financial strength to do it.

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ec obtains first place in the corporate holding sector in merco ranking read

arauco helped fighting fires in affected areas of southern chile read

copec is one of the three most innovative companies in latin america read

copec-uc foundation holds award ceremony 2022 read

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ec ratified in dow jones sustainability index read

copec joins the issuers of means of payment market

abastible is distinguished for its best practices and business values

orizon receives important award for its digital transformation process

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ec obtains first place in the corporate holding sector in merco ranking the company was recognized among the 100 firms in chile with the best corporate reputation. in addition, it led the corporate holding category.

Overall, Empresas Copec was one of the companies that gained the most places (+25) among all those evaluated, ranking in the 24th position.

On the other hand, Roberto Angelini, president of Empresas Copec, was distinguished among the 10 most responsible leaders in the country, while Eduardo Navarro, CEO, was also highlighted in the list of executives.

This study is the result of the opinion of the most diverse stakeholders in the country and represents an incentive to continue implementing best practices in the company’s activities and at the corporate governance level.

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arauco helped fighting fires in affected areas of southern chile the subsidiary had 1,300 duly trained and equipped forest brigade members, as well as 700 silvicultural brigade members.

In addition, ARAUCO has 89 fire trucks, 30 runways and helipads, 11 air tankers, 17 tankers and brigade transport helicopters, 4 heavy helicopters, 3 coordination planes, 18 skidders, 2 bulldozers, 130 detection towers with automatic cameras, fire detection satellites services, 3 detection centers, in addition to the support of national and international specialized companies. This team has been deployed in coordination with the country’s authorities.

In the area where the fires are located, ARAUCO has approximately 47,000 hectares of productive forest plantations potentially affected. The final level of damage can be determined when conditions allow for a more accurate assessment.

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copec is one of the three most innovative companies in latin america the copec voltex subsidiary is part of the "most innovative companies of 2023" ranking by the us magazine fast company.

Fast Company published its selection of the 10 most innovative firms in Latin America, from among 540 initiatives that are redefining the way business is done in the region, in areas such as artificial intelligence, augmented reality, and energy.

Copec Voltex ranked third for its contributions to the development of electromobility, through the design and implementation of charging solutions and infrastructure for electric vehicles, both for public and private transportation.

"In the midst of a 'mega-drought' in Chile, it is not surprising that Latin America is devising its own solutions to climate change, with Copec Voltex leading the way in

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electromobility. The company plans to make Chile the country with the secondlargest fleet of public electric buses in the world after China," the publication noted.

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copec-uc foundation holds award ceremony 2022 a total of nine projects, five of them led by women, were winners of the latest version of the r&d to innovate and apply your idea 2022.

Both calls aim to support innovative proposals, oriented to solve a relevant challenge, preferably focused on natural resources and energy. While R&D to Innovate is intended for researchers from universities, companies, individuals, startups and foundations, who have good ideas previously validated, Apply your Idea 2022 aims at higher education students, as a way to encourage young people to approach the world of research and entrepreneurship.

During the ceremony, Roberto Angelini, president of CopecUC Foundation, said that “all these projects are evidence that the country has enormous opportunities to consolidate itself as a regional innovation hub, through the generation of a link between entrepreneurs, academia and business.” He also celebrated the large participation of women in the contest.

For her part, the Minister of Science, Technology, Knowledge and Innovation, Aisén Etcheverry, congratulated the researchers and highlighted their “perseverance, even

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stubbornness in some cases, to insist, to try, to make mistakes, and when that bears fruit, the result is almost like a child.”

Awardees will receive financial support and expert advice on technical, commercial, legal and intellectual property management issues.

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ec ratified in dow jones sustainability index this is a recognition of the company's sustainable management and positions it among the world's leading companies in esg matters.

For the seventh consecutive year, the Company was selected to be part of the Dow Jones Sustainability Index Chile (DJSI), being the first index of its kind implemented in the country. Jointly developed by SP Dow Jones Indices and RobecoSAM, it uses the calculation methodology of the Dow Jones Sustainability Indices, incorporating the IPSA as a basis.

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copec joins the issuers of means of payment market with this, copec will expand its current line of business, becoming a relevant player in the ecosystem of available digital payment tools.

Through a Relevant Fact, Empresas Copec announced that the Financial Market Commission approved the inscription of Compañía Emisora de Medios de Pago Digitales S.A., a subsidiary of Copec, in the Single Registry of Payment Card Issuers managed by the entity. In turn, the entity granted the respective authorization for its operation.

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abastible is distinguished for its best practices and business values once again, the generación empresarial foundation recognized the subsidiary for its "commitment to integrity.”

The "Barometer of Organizational Values and Integrity" highlights companies for their best practices, compliance, and experience of organizational values, based on the results of a survey conducted by the institution.

The instrument, developed together with Universidad Católica’s Social Studies Department, measures the definition, experience, and communication of business values, the knowledge of tools to prevent unethical behavior, the presence of ethical conflicts, and the commitment of hierarchies to integrity within institutions.

Additionally, each organization presented the accreditation guidelines that were requested from them.

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This way, Abastible continues to promote integrity and ethics in its business.

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orizon receives important award for its digital transformation process the recognition was awarded by huawei and positioned the subsidiary as national leader in the “food industry” category.

The recognition was awarded as part of the implementation projects of the new WIFI6 technology, which includes a high-speed 5G wireless network with more than 27,000 m2 connected in the VIII Region. The migration of 100% of the systems to the cloud, which implies the complete elimination of servers and communication devices, was also highlighted.

Juan Carlos Macaya, Administration and Finance Manager of Orizon, said that “this is a recognition that allows us to navigate with optimism, safety and confidence in the Digital Transformation plan that we proposed as a company a couple of years ago, and to be a relevant player at a national level in the food industry, allowing us to consistently

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make our purpose of leading sustainable nutrition from the sea a reality.”

Orizon’s Digital Transformation plan aims to digitalize the company’s main processes in order to increase efficiency and reduce costs and time.

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journalistic magazine published by: empresas copec s.a. el golf 150, piso 17. las condes phone number: 2461 7000 legal representative: eduardo navarro director: rodrigo huidobro editing and writing: m. francisca riveros journalists: natalia labbé daniela araneda marisol silva francisca zúñiga proofreading: norinna carapelle photography: nicolás pulido photo bank of empresas copec companies and subsidiaries bioforest image bank image banks 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.