Document:

EX-4(a)

 Exhibit 4(a) 

INDENTURE dated as of November 2, 2017 (the “Indenture”), between CELULOSA ARAUCO Y CONSTITUCIÓN S.A., a
corporation (sociedad anónima) organized under the laws of the Republic of Chile (the “Company”), having its principal office at Avenida El Golf 150, 14th Floor, Santiago, Chile, and THE BANK OF NEW YORK MELLON, a
New York banking corporation, as trustee (the “Trustee”), security registrar and paying agent. 
 Recitals of the
Company 
 The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of its debentures,
notes, bonds or other evidences of indebtedness, to be issued in one or more fully registered series. 
 All things necessary to make this
Indenture a valid agreement of the Company, in accordance with its terms, have been done. 
 Agreements of the Parties 

To set forth or to provide for the establishment of the terms and conditions upon which the Securities (as defined below) are and are to be
authenticated, issued and delivered, and in consideration of the premises and the purchase of Securities (as defined below) by the Holders (as defined below) thereof, it is mutually covenanted and agreed as follows, for the equal and proportionate
benefit of all Holders of the Securities or of a series thereof, as the case may be: 
 ARTICLE ONE 

Definitions and Other Provisions of General Application 

SECTION 101. Definitions. For all purposes of this Indenture and of any indenture supplemental hereto, except as otherwise expressly
provided or unless the context otherwise requires: 
 (a) the terms defined in this Article have the meanings assigned to
them in this Article, and include the plural as well as the singular; 
 (b) all other terms used herein that are defined in
the Trust Indenture Act or by Commission rule under the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 

(c) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted
accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are
generally accepted in the Republic of Chile and in accordance with the accounting regulations adopted by the Superintendencia de Valores y Seguros applicable to all companies in the Republic of Chile subject to the oversight of the Superintendencia
de Valores y Seguros at the date of such computation; 
 (d) all references in this instrument to designated
“Articles”, “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this instrument. The words “herein”, “hereof” and “hereunder” and other words of
similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 

(e) “including” and words of similar import shall be deemed to be followed by “without limitation”. 

“Act”, when used with respect to any Securityholder, has the meaning specified in Section 104. 

 “Additional Amounts” has the meaning specified in Section 308. 

“Affiliate” means, with respect to any specified Person, any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person. For purposes of this definition, “control”, when used with respect to any specified Person, means the power to direct the management and policies of such Person, directly
or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Applicable Law” has the meaning specified in Section 706. 

“Attributable Value” means, as to any particular lease under which the Company or any Subsidiary is at any time liable as lessee and
any date as of which the amount thereof is to be determined, the total net obligations of the lessee for rental payments during the remaining term of the lease (including any period for which such lease has been extended or may, at the option of the
lessor, be extended) discounted from the respective due dates thereof to such date at a rate per annum equivalent to the interest rate inherent in such lease (as determined in good faith by the Company in accordance with generally accepted financial
practice). 
 “Authenticating Agent” means any Person authorized by the Trustee to authenticate Securities under Section 614.

 “Bankruptcy Law” has the meaning specified in Section 501. 

“Board of Directors” means either the board of directors of the Company or any duly authorized committee of that board. 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Board of Directors, to
have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day” means each day which is neither a Saturday, Sunday or other day on which banking institutions in the pertinent Place
or Places of Payment are authorized or required by law or executive order to be closed. 
 “Chilean Subsidiary” means a Subsidiary
organized under the laws of the Republic of Chile. 
 “Code” means the United States Internal Revenue Code of 1986, as amended.

 “Commission” means the U.S. Securities and Exchange Commission, as from time to time constituted, created under the Exchange
Act, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 

“Company” means the Person named as the “Company” in the first paragraph of this instrument until a successor Person shall
have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 

“Consent” means a written consent signed in the name of the Company, by any two of the following: its Chairman of the Board, Vice
Chairman of the Board, President or a Vice President, its Treasurer, Assistant Treasurer, its Controller, Assistant Controller, its Secretary or Assistant Secretary, its principal financial officer, its principal accounting officer or any other
officer, employee or agent of the Company, duly authorized by a Board Resolution and delivered to the Trustee. 

  
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 “Consolidated Assets” means the total of all assets appearing on a consolidated
balance sheet of the Company and its Subsidiaries prepared in in accordance with generally accepted accounting principles. 

“Corporate Trust Office” means the principal corporate trust office of the Trustee in New York, New York at which at any particular
time its corporate trust business shall be principally administered, which office at the date hereof is located at 101 Barclay Street, Floor 7E, New York, New York 10286, Attention: International Corporate Trust; and such other offices as the
Trustee may designate from time to time. 
 “Defaulted Interest” has the meaning specified in Section 307. 

“Depositary” means, unless otherwise specified by the Company pursuant to either Section 204 or 301, with respect to Securities
of any series issuable or issued as a Global Security, The Depository Trust Company, New York, New York, or any successor thereto registered as a clearing agency under the Exchange Act or other applicable statute or regulation. 

“Event of Default” has the meaning specified in Section 501. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

“Exchange Securities” has the meaning specified in Appendix A. 

“FATCA” has the meaning specified in Section 308. 

“Global Security” means, with respect to any series of Securities issued hereunder, a Security which is executed by the Company and
authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with this Indenture and an indenture supplemental hereto, if any, or Board Resolution and pursuant to a Company Request,
which shall be registered in the name of the Depositary or its nominee and which shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding Securities of such series or any portion
thereof, in either case having the same terms, including the same original issue date, date or dates on which principal is due, and interest rate or method of determining interest and shall include any Rule 144A Global Security and any
Regulation S Global Security (each as defined in Appendix A). 
 “Holder”, when used with respect to any Security, means a
Securityholder. 
 “Indebtedness” means, with respect to any Person (without duplication), (a) any liability of such Person
(1) for borrowed money or under any non-contingent reimbursement obligation due and payable under a letter of credit (other than letters of credit payable in the ordinary course of business), (2) evidenced by a bond, note, debenture or
similar instrument (including a purchase money obligation) given in connection with the acquisition of any business, properties or assets of any kind (other than accounts payable in the ordinary course of business), (3) for the payment of money
relating to any obligations under any capital lease of real or personal property; and (b) any liability of others described in the preceding clause (a) that the Person has guaranteed to the extent such guarantee appears on the balance
sheet of such Person prepared in accordance with IFRS. For the purpose of determining any particular amount of Indebtedness under this definition, guarantees of (or obligations with respect to letters of credit or financial bonds supporting)
Indebtedness otherwise included in the determination of such amount shall also not be included. 
 “IFRS” means the International
Financial Reporting Standards, which comprise standards and interpretations approved by the International Accounting Standards Board. 

“Indenture” or “this Indenture” means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of each series of Securities established as contemplated by Section 301. 

  
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 “Interest”, when used with respect to an Original Issue Discount Security which by
its terms bears interest only after Maturity, means interest payable after Maturity. 
 “Interest Payment Date”, when used with
respect to any series of Securities, means the Stated Maturity of any installment of interest on those Securities. 
 “Judgment
Currency” has the meaning specified in Section 117. 
 “Lien” means any mortgage, pledge, lien, security interest,
charge or other similar encumbrance (excluding for the avoidance of doubt any title or other interest of any lessor). 
 “Manufacturing
Facility” means any pulp mill, sawmill or wood processing facility owned by the Company or any Subsidiary of the Company. 

“Maturity”, when used with respect to any Securities, means the date on which the principal of any such Security becomes due and
payable as therein or herein provided, whether on a Repayment Date, at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 

“Officers’ Certificate” means a certificate signed by any two of the following: the Chairman of the Board, the Vice Chairman of
the Board, the President or a Vice President, the Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the Secretary or an Assistant Secretary, its principal financial officer, its principal accounting officer or any other
officer, employee or agent of the Company duly authorized by a Board Resolution and delivered to the Trustee. One of the Officers signing an Officers’ Certificate given pursuant to Section 1004 shall be the principal executive, financial
or accounting officer of the Company. Wherever this Indenture requires that an Officers’ Certificate be signed also by an engineer or an accountant or other expert, such engineer, accountant or other expert (except as otherwise expressly
provided in this Indenture or the TIA) may be in the employ of the Company, and shall be acceptable to the Trustee, whose acceptance shall not be unreasonably withheld. 

“Opinion of Counsel” means a written opinion of counsel, who may (except as otherwise expressly provided in this Indenture) be an
employee of or of counsel to the Company. Such counsel and opinion shall be acceptable to the Trustee, whose acceptance shall not be unreasonably withheld. 

“Order” means a written order signed in the name of the Company, by any two of the following: its Chairman of the Board, Vice
Chairman of the Board, President or a Vice President, its Treasurer, Assistant Treasurer, its Controller, Assistant Controller, its Secretary or Assistant Secretary, its principal financial officer, its principal accounting officer or any other
officer, employee or agent of the Company duly authorized by a Board Resolution and delivered to the Trustee. 
 “Original Issue
Discount Security” means (a) any Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof, and (b) any other Security deemed an
Original Issue Discount Security for United States Federal income tax purposes. 
 “Outstanding”, when used with respect to
Securities or Securities of any series, means, as of the date of determination, all such Securities theretofore authenticated and delivered under this Indenture, except: 

(a) such Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 

(b) such Securities for whose payment or redemption money in the necessary amount has been theretofore deposited with the
Trustee or any Paying Agent in trust for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the
Trustee has been made; and 

  
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 (c) such Securities in exchange for or in lieu of which other Securities
have been authenticated and delivered pursuant to this Indenture, or which shall have been paid pursuant to the terms of Section 306 (except with respect to any such Security as to which proof satisfactory to the Trustee is presented that such
Security is held by a Person in whose hands such Security is a legal, valid and binding obligation of the Company). 
 In determining whether the Holders of
the requisite principal amount of such Securities Outstanding have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (i) the principal amount of any Original Issue Discount Security that shall be deemed
to be Outstanding shall be the amount of the principal thereof that would be due and payable as of the date of the taking of such action upon a declaration of acceleration of the Maturity thereof and (ii) Securities owned by the Company or any
other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding. In determining whether the Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which a Responsible Officer of the Trustee actually knows to be owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or such other obligor
shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to act as owner with respect to such Securities
and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or such other obligor. 

“Paying Agent” means any Person authorized by the Company to pay the principal of (and premium, if any) or interest on any
Securities on behalf of the Company, which shall initially be the Trustee. 
 “Person” means any individual, corporation, limited
liability company, partnership, joint venture, association, company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Place of Payment” means, with respect to any series of Securities issued hereunder, the city or political subdivision so designated
with respect to the series of Securities in question in accordance with the provisions of Section 301, which if not so designated shall be The City of New York. 

“Predecessor Securities” of any particular Security means every previous Security evidencing all or a portion of the same debt as
that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the
lost, destroyed or stolen Security. 
 “Redemption Date”, when used with respect to any Security to be redeemed, means the date
fixed for such redemption by or pursuant to this Indenture. 
 “Redemption Price”, when used with respect to any Security to be
redeemed, means the price specified in such Security or pursuant to this Indenture at which it is to be redeemed pursuant to this Indenture or, if not so specified, at 100% of the principal amount thereof. 

“Regular Record Date” for the interest payable on any Security on any Interest Payment Date means the date specified in such
Security or pursuant to this Indenture as the Regular Record Date, irrespective of whether such date is a Business Day. 
 “Repayment
Date”, when used with respect to any Security to be repaid at the option of the Holder, means the date fixed for such repayment in such Security or pursuant to this Indenture. 

“Repayment Price”, when used with respect to any Security to be repaid at the option of the Holder, means the price specified in
such Security or pursuant to this Indenture at which it is to be repaid pursuant to such Security. 

  
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 “Republic of Chile” means the Republic of Chile. 

“Request” means a written request signed in the name of the Company by any two of the following: its Chairman of the Board, Vice
Chairman of the Board, President or a Vice President, its Treasurer, Assistant Treasurer, its Controller, Assistant Controller, its Secretary or Assistant Secretary, its principal financial officer, its principal accounting officer or any other
officer, employee or agent of the Company duly authorized by a Board Resolution and delivered to the Trustee. 
 “Required
Currency” has the meaning specified in Section 117. 
 “Responsible Officer”, when used with respect to the Trustee,
means any officer within the Corporate Trust Office of the Trustee with direct responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is
referred because of his knowledge of and familiarity with the particular subject. 
 “Sale and Leaseback Transaction” means any
transaction or series of related transactions pursuant to which the Company or any Subsidiary sells or transfers any Specified Property to any Person with the intention of taking back a lease of such property pursuant to which the rental payments
are calculated to amortize the purchase price of such property substantially over the useful life thereof and such property is in fact so leased. 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Security” or “Securities” means any note or notes, bond or bonds, debenture or debentures, or any other evidences of
indebtedness, as the case may be, of any series authenticated and delivered from time to time under this Indenture. 
 “Security
Register” shall have the meaning specified in Section 305. 
 “Security Registrar” means the Person who keeps the
Security Register specified in Section 305, which shall initially be the Trustee. 
 “Securityholder” means a Person in whose
name a Security is registered in the Security Register. 
 “Significant Subsidiary” means a Chilean Subsidiary of the Company
which at the time of determination had (a) assets which, as of the date of the Company’s most recent quarterly consolidated balance sheet, constituted at least 15% of the Company’s total assets on a consolidated basis as of such date
and (b) revenues for the 12-month period ending on the date of the Company’s most recent quarterly consolidated statement of income which constituted at least 15% of the Company’s total revenues on a consolidated basis for such
period. 
 “Special Record Date” for the payment of any Defaulted Interest (as defined in Section 307) means a date fixed by
the Trustee pursuant to Section 307. 
 “Specified Property” means the Manufacturing Facilities and Timberlands. 

“Stated Maturity”, when used with respect to any Security or any installment of principal thereof or interest thereon, means the
date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 

“Subsidiary” means any corporation or other business entity of which the Company owns or controls (either directly or through one or
more other Subsidiaries) more than 50% of the issued share capital or other ownership interests, in each case having ordinary voting power to elect or appoint directors, managers or trustees of such corporation or other business entity (whether or
not capital stock or other ownership interests or any other class 

  
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or classes shall or might have voting power upon the occurrence of any contingency). For the avoidance of doubt, a corporation or other business entity will not be deemed to be a
“Subsidiary” because the Company (i) jointly controls (either directly or through one or more other Subsidiaries) with one or more unaffiliated persons such corporation or other business entity or (ii) has (either directly or
through one or more other Subsidiaries) (x) veto rights over the affairs of such corporation or other business entity or (ii) the alternating or shared right with one or more unaffiliated persons to elect or appoint directors, managers or
trustees or to otherwise direct the affairs of such corporation or business entity. 
 “Taxes” has the meaning specified in
Section 308. 
 “Taxing Authority” has the meaning specified in Section 308. 

“Timberlands” means, at any time, real property owned by the Company or any Subsidiary which contains standing timber which is, or
upon completion of a growth cycle then in process is expected to become, of commercial quantity and of merchantable quality; excluding from the term “Timberlands”, however, any property which at the time is held primarily for
development (other than as timberlands) and/or sale, and not primarily for the production of any wood products. 
 “Trust Indenture
Act” or “TIA” means the U.S. Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, as in force at the date as of which this instrument was executed, except as provided in Section 905; provided
that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” or “TIA” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 

“Trustee” means the Person named as the Trustee in the first paragraph of this instrument until a successor Trustee shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean and include each Person who is then a Trustee hereunder. If at any time there is more than one such Person, “Trustee” as
used with respect to the Securities of any series shall mean the Trustee with respect to the Securities of that series. 
 “U.S.
Government Obligations” means securities that are (x) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (y) obligations of a Person controlled or supervised by and
acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case, are not callable or redeemable at
the option of the issuer thereof or any other Person, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any obligation or a specific payment of
principal of or interest on any such obligation held by such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian shall not be authorized to make any deduction from the
amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the obligation or the specific payment of principal of or interest on the obligation evidenced by such depository receipt. 

“Vice President”, when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a
number or a word or words added before or after the title “vice president”, including an assistant vice president. 
 “Voting
Stock”, as applied to the stock of any corporation, means stock of any class or classes (however designated) having by the terms thereof ordinary voting power to elect a majority of the members of the board of directors (or other governing
body) of such corporation other than stock having such power only by reason of the happening of a contingency. 
 SECTION 102. Compliance
Certificates and Opinions. Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an 

  
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Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and, if reasonably requested by
the Trustee, an Opinion of Counsel stating that in the opinion of counsel providing such opinion all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of
such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 

Every certificate or opinion with respect to the compliance by or on behalf of the Company with a condition or covenant provided for in this
Indenture (except for the written statement required by Section 1004) shall include 
 (a) a statement that each
individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion of each such individual, he has
made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

SECTION 103. Form of Documents Delivered to Trustee. In any case where several matters are required to be certified by, or covered by
an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give
an opinion with respect to some matters and one or more other such Persons as to the other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are
erroneous. Any Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to such factual
matters is in the possession of the Company, unless counsel providing such Opinion of Counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 SECTION 104. Acts of
Securityholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Securityholders or Securityholders of any series may be embodied in and evidenced
by one or more instruments of substantially similar tenor signed by such Securityholders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument
or instruments are delivered to the Trustee, and, where it is hereby expressly required, to the Company. If any Securities are denominated in coin or currency other than that of the United States, then for the purposes of determining whether the
Holders of the requisite principal amount of Securities have taken any action as herein described, the principal amount of such Securities shall be deemed to be that amount of United States dollars that could be obtained for such principal amount on
the basis of the spot rate of exchange into United States dollars for the currency in which such 

  
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Securities are denominated (as evidenced to the Trustee by an Officers’ Certificate) as of the date the taking of such action by the Holders of such requisite principal amount is evidenced
to the Trustee as provided in the immediately preceding sentence. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Securityholders signing such
instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee and the
Company, if made in the manner provided in this Section. 
 (b) The fact and date of the execution by any Person of any such instrument or
writing may be proved by the affidavit of a witness to such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds certifying that the individual signing such instrument or writing
acknowledged to him the execution thereof. Where such execution is by an officer of a corporation or a member of a partnership, on behalf of such corporation or partnership, such certificate or affidavit shall also constitute sufficient proof of his
authority. The fact and date of the execution of any such instrument or writing, or the authority of the person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

(c) The ownership of Securities shall be proved by the Security Register. 

(d) If the Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other action, the
Company may, at its option, by Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have no
obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be given before or after the record date, but only the Holders of record at the close of business on the
record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Securities Outstanding have authorized or agreed or consented to such request, demand, authorization, direction, notice,
consent, waiver or other action, and for that purpose the Securities Outstanding shall be computed as of the record date; provided that no such authorization, agreement or consent by the Holders on the record date shall be deemed effective
unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 
 (e) Any
request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Security shall bind the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in
respect of anything done or suffered to be done by the Trustee or the Company in reliance thereon whether or not notation of such action is made upon such Security. 

(f) Without limiting the foregoing, a Holder entitled hereunder to give or take any such action with regard to any particular Security may do
so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any different part of such principal amount. 

SECTION 105. Notices, etc., to Trustee and Company. Any request, demand, authorization, direction, notice, consent, waiver or Act of
Securityholders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 

(a) the Trustee by any Securityholder or by the Company shall be sufficient for every purpose hereunder, upon receipt thereof,
if made, given, furnished or filed in writing to or with a Responsible Officer of the Trustee at its Corporate Trust Office, or 

(b) the Company by the Trustee or by any Securityholder shall be sufficient for every purpose hereunder (except as otherwise
expressly provided herein or, in the case of a request for repayment, as specified in the Security carrying the right to repayment) if in writing and mailed by first class mail, transmitted by facsimile or forwarded by overnight courier to the
Company addressed to it at the address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company. 

  
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 SECTION 106. Notices to Securityholders; Waiver. Where this Indenture or any Security
provides for notice to Securityholders of any event, such notice shall be sufficiently given (unless otherwise herein or in such Security expressly provided) if in writing and mailed, first-class postage prepaid, to each Securityholder affected by
such event, at its address as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Securityholders is given by mail,
neither the inadvertent failure to mail such notice, nor any defect in any notice so mailed, to any particular Securityholder shall affect the sufficiency of such notice with respect to other Securityholders. Where this Indenture or any Security
provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Securityholders
shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or otherwise, it shall be impractical to
mail notice of any event to any Securityholder when such notice is required to be given pursuant to any provision of this Indenture, then any method of notification as shall be satisfactory to the Trustee and the Company shall be deemed to be a
sufficient giving of such notice. 
 SECTION 107. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or
conflicts with the duties imposed by any of Sections 310 to 317, inclusive, of the Trust Indenture Act through the operation of Section 318(c) thereof, such imposed duties shall control. 

SECTION 108. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 SECTION 109. Successors and Assigns. All covenants and agreements
in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 
 SECTION 110. Separability
Clause. In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 111. Benefits of Indenture. Nothing in this Indenture or in any Securities, express or implied, shall give to any Person, other
than the parties hereto and their successors hereunder, any Authenticating Agent, any Paying Agent, the Security Registrar and the Holders of Securities (or such of them as may be affected thereby), any benefit or any legal or equitable right,
remedy or claim under this Indenture. 
 SECTION 112. Governing Law. This Indenture shall be construed in accordance with and
governed by the laws of the State of New York. 
 SECTION 113. Consent to Jurisdiction and Service of Process. (a) The Company
irrevocably consents to the nonexclusive jurisdiction of any court of the State of New York or any United States Federal court sitting, in each case, in the Borough of Manhattan, The City of New York, New York, United States of
America, and any appellate court from any thereof, and waives any immunity from the jurisdiction of such courts over any suit, action or proceeding that may be brought in connection with this Indenture or the Securities. The Company irrevocably
waives, to the fullest extent permitted by law, any objection to any suit, action or proceeding that may be brought in connection with this Indenture or the Securities in such courts whether on the grounds of venue, residence or domicile or on the
ground that any such suit, action or proceeding has been brought in an inconvenient forum. The Company agrees that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Company and may
be enforced in any court to the jurisdiction of which the Company is subject by a suit upon such judgment; provided that service of process is effected upon the Company in the manner provided by this Indenture or as otherwise permitted by
law. Notwithstanding the foregoing, any suit, action or proceeding brought in connection with this Indenture or the Securities against the Company may be instituted in any competent court in the Republic of Chile. 

  
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 (b) The Company agrees that service of all writs, process and summonses in any suit, action
or proceeding brought in connection with this Indenture or the Securities against the Company in any court of the State of New York or any United States Federal court sitting, in each case, in the Borough of Manhattan, The City of New York, may
be made upon Cogency Global Inc. at 10 E. 40th Street, 10th Floor, New York, New York 10016, whom the Company irrevocably appoints as its authorized agent for service of process. The Company represents and warrants that Cogency Global Inc. has
agreed to act as the Company’s agent for service of process. The Company agrees that such appointment shall be irrevocable so long as any of the Securities remain outstanding or until the irrevocable appointment by the Company of a successor in
The City of New York as its authorized agent for such purpose and the acceptance of such appointment by such successor. The Company further agrees to take any and all action, including the filing of any and all documents and instruments, that may be
necessary to continue such appointment in full force and effect as aforesaid. If Cogency Global Inc. shall cease to act as the agent for service of process for the Company, the Company shall appoint without delay another such agent and provide
prompt written notice to the Trustee of such appointment. With respect to any such action in any court of the State of New York or any United States Federal court, in each case, in the Borough of Manhattan, The City of New York, service of
process upon Cogency Global Inc., as the authorized agent of the Company for service of process, and written notice of such service to the Company shall be deemed, in every respect, effective service of process upon the Company. 

(c) Nothing in this Section shall affect the right of any party to serve legal process in any other manner permitted by applicable law or
affect the right of any party to bring any action or proceeding against any other party or its property in the courts of other jurisdictions. 

SECTION 114. Waiver of Immunity. To the extent that the Company or any of its properties, assets or revenues may have or may hereafter
become entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any thereof, from setoff or counterclaim, from the
jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution of judgment, or from execution of judgment, or from other legal process or proceeding for the giving of any relief or
for the enforcement of any judgment, in any jurisdiction in which the proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Indenture or the
Securities, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim any such immunity, and consents to such relief and enforcement. 

SECTION 115. Waiver of Jury Trial. EACH PARTY AND EACH HOLDER OF A SECURITY BY ITS ACCEPTANCE THEREOF HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO A TRIAL BY JURY (BUT NO OTHER JUDICIAL REMEDIES) IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES, OR THE TRANSACTIONS CONTEMPLATED THEREBY. 

SECTION 116. Legal Holidays. In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not
be a Business Day at any Place of Payment, then payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same
force and effect as if made on the Interest Payment Date, Redemption Date or Stated Maturity, and no interest shall accrue on such payment for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may
be. 
 SECTION 117. Judgment Currency. The Company agrees, to the fullest extent that it may effectively do so under applicable law,
that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of, or premium or interest, if any, on the Securities of any series (the “Required Currency”) into a
currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which, in accordance with normal banking procedures, the Trustee could purchase the Required Currency with the Judgment
Currency and (b) its obligations under this Indenture to make 

  
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payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with
subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee in the Place of Payment, of the full amount of the Required Currency expressed
to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the
full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. 

SECTION 118. Counterparts. This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to
be an original, but all such counterparts shall together constitute but one and the same instrument. 
 ARTICLE TWO 

Security Forms 
 SECTION
201. Forms Generally. The Securities shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture or any indenture supplemental hereto and may have such letters, numbers
or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable laws or regulations or with the rules of any securities exchange, or as may, consistently herewith, be determined by the
person or persons executing such Securities, as evidenced by their execution of the Securities. Any portion of the text of any Security may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Security. 

The definitive Securities shall be printed, lithographed or engraved or produced by any combination of these methods on steel engraved borders
or may be produced in any other manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities, subject, with respect to the Securities of any series, to the rules of any securities exchange
on which such Securities are listed. 
 SECTION 202. Forms of Securities. Provisions relating to the Securities, if any, of each
series and the Exchange Securities, if any, are set forth in Appendix A, which is hereby incorporated in and expressly made part of this Indenture. Each Security shall be substantially in the form of Exhibit A-1 or Exhibit A-2 hereto or in
other forms approved from time to time by or pursuant to a Board Resolution or established in one or more indentures supplemental hereto. Prior to the delivery of a Security to the Trustee for authentication in any form approved by or pursuant to a
Board Resolution, the Company shall deliver to the Trustee the Board Resolution by or pursuant to which such form of Security has been approved, which Board Resolution shall have attached thereto a true and correct copy of the form of Security which
has been approved thereby or, if a Board Resolution authorizes a specific Person or Persons to approve a form of Security, a certificate of such Person or Persons approving the form of Security attached thereto. Any form of Security approved by or
pursuant to a Board Resolution must be in compliance with applicable law. 

  
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 SECTION 203. Form of Trustee’s Certificate of Authentication. The form of
Trustee’s Certificate of Authentication for any Security issued pursuant to this Indenture shall be substantially as follows: 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	 THE BANK OF NEW YORK MELLON, as

Trustee,

		
	By:	 	 
		 	Authorized Officer

 SECTION 204. Securities Issuable in the Form of a Global Security. (a) If the Company shall
establish pursuant to Sections 202 and 301 that the Securities of a particular series are to be issued in whole or in part in the form of one or more Global Securities, then the Company shall execute and the Trustee or its agent shall, in
accordance with Section 303 and the Company Request delivered to the Trustee or its agent thereunder, authenticate and deliver such Global Security or Securities which (i) shall represent, and shall be denominated in an amount equal to the
aggregate principal amount of, the Outstanding Securities of such series to be represented by such Global Security or Securities or such portion thereof as the Company shall specify in a Company Request, (ii) shall be registered in the name of
the Depositary for such Global Security or Securities or its nominee, (iii) shall be delivered by the Trustee or its agent to the Depositary or pursuant to the Depositary’s instructions or retained by the Trustee as custodian for and on
behalf of the Depositary and (iv) shall bear a Global Security Legend (as defined in Appendix A). 
 (b) Notwithstanding any other
provisions of this Section 204 or of Section 305, but subject to the provisions of paragraph (c) below and Appendix A, unless the terms of a Global Security expressly permit such Global Security to be exchanged in whole or in
part for individual Securities, a Global Security may be transferred, in whole but not in part and in the manner provided in Section 305, only to a nominee of the Depositary for such Global Security, to the Depositary for such Global Security,
to a successor Depositary for such Global Security selected or approved by the Company or to a nominee of such successor Depositary. 
 (c)
(i) If at any time the Depositary for a Global Security notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time the Depositary for the Securities for such series ceases to be a
clearing agency registered under the Exchange Act or other applicable statute or regulation, the Company shall appoint a successor Depositary with respect to such Global Security. If a successor Depositary for such Global Security is not appointed
by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, the Company will execute, and the Trustee or its agent, upon receipt of a Company Request for the authentication and delivery of
individual Securities of such series in exchange for such Global Security, will authenticate and deliver, individual Securities of such series of like tenor and terms in an aggregate principal amount equal to the principal amount of the Global
Security in exchange for such Global Security. 
 (ii) The Company may at any time and in its sole discretion determine that the Securities
of any series or portion thereof issued or issuable in the form of one or more Global Securities shall no longer be represented by such Global Security or Securities. In such event the Company will execute, and the Trustee, upon receipt of a Company
Request for the authentication and delivery of individual Securities of such series in exchange in whole or in part for such Global Security, will authenticate and deliver at the Company’s sole cost and expense individual Securities of such
series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of such Global Security or Securities representing such series or portion thereof in exchange for such Global Security or Securities.

  
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 (iii) If (a)(i) an Event of Default under the Securities of any series has occurred and is
continuing and all principal of and premium, if any, and accrued interest on such Securities shall have become immediately due and payable as provided by Section 502 or (ii) if the Trustee has received a notice from the Depositary stating
that it is necessary or appropriate for the Trustee or the Securityholders to obtain possession of such Securities and (b) the Trustee has been advised by counsel that in connection with such Event of Default or receipt of such notice it is
necessary or appropriate for the Trustee or the Securityholders to obtain possession of the Securities, the Trustee may, in the reasonable exercise of its discretion, in the case of clause (i) above, and will, in the case of clause
(ii) above, determine that the Securities of such series represented by Global Securities shall no longer be represented by such Global Securities. In such event, the Company agrees to execute and the Trustee will authenticate and deliver at
the Company’s sole cost and expense, in exchange for such Global Securities, individual Securities of such series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of such Global
Securities representing such series or portion thereof. 
 (iv) If specified by the Company pursuant to Sections 202 and 301 with
respect to Securities issued or issuable in the form of a Global Security or as set forth in Appendix A, the Depositary for such Global Security may surrender such Global Security in exchange in whole or in part for individual Securities of
such series of like tenor and terms in definitive form on such terms as are acceptable to the Company and such Depositary. Thereupon the Company shall execute, and the Trustee or its agent shall authenticate and deliver, without service charge,
(1) to each Person specified by such Depositary, a new Security or Securities of the same series of like tenor and terms and of any authorized denomination as requested by such Person in aggregate principal amount equal to and in exchange for
such Person’s beneficial interest in the Global Security; and (2) to such Depositary, a new Global Security of the same series and of like tenor and terms and in an authorized denomination equal to the difference, if any, between the
principal amount of the surrendered Global Security and the aggregate principal amount of Securities delivered to the Holders thereof. 

(v) In any exchange provided for in any of the preceding four paragraphs or in Appendix A, the Company will execute and the Trustee or its
agent will authenticate and deliver at the Company’s sole cost and expense individual Securities in definitive registered form in authorized denominations. Upon the exchange of the entire principal amount of a Global Security for individual
Securities, such Global Security shall be cancelled by the Trustee or its agent. Except as provided in the preceding paragraph or in Appendix A, Securities issued in exchange for a Global Security pursuant to this Section (1) shall be
registered in such names and in such authorized denominations as the Depositary for such Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee or the Security Registrar and
(2) shall bear any legend set forth on such Global Security (other than a legend relating to such Global Security’s status as a Global Security) or which the Company believes is reasonably necessary to comply with applicable law. The
Trustee or the Security Registrar shall deliver such Securities to the Persons in whose names such Securities are so registered. 
 (d) In
the event the Securities are issued as Global Securities with the Depositary (i) the Trustee may deal with the Depositary as the authorized representative of the Holders, (ii) the rights of the Holders shall be exercised only through the
Depositary and shall be limited to those established by law and agreement between the Holders and the Depositary and/or direct participants of the Depositary, (iii) the Depositary will make book entry transfers among the direct participants of
the Depositary and will receive and transmit distributions of principal and interest on the Securities to such direct participants and (iv) the direct participants of the Depositary shall have no rights under this Indenture under or with
respect to any of the Securities held on their behalf by the Depositary, and the Depositary may be treated by the Trustee and its agents, employees, officers and directors as the absolute owner of the Securities for all purposes whatsoever. 

  
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 ARTICLE THREE 

The Securities 
 SECTION
301. General Title; General Limitations; Issuable in Series; Terms of Particular Series. The aggregate principal amount of Securities which may be authenticated and delivered and Outstanding under this Indenture is not limited. 

The Securities may be issued in one or more series up to an aggregate principal amount of Securities as from time to time may be authorized by
the Board of Directors. All Securities of each series under this Indenture shall in all respects be equally and ratably entitled to the benefits hereof with respect to such series without preference, priority or distinction on account of the actual
time of the authentication and delivery or Stated Maturity of the Securities of such series. 
 Each series of Securities shall be created
either by or pursuant to a Board Resolution or by or pursuant to an indenture supplemental hereto. The Securities of each such series may bear such date or dates, be payable at such place or places, have such Stated Maturity or Maturities, be
issuable at such premium over or discount from their face value, bear interest at such rate or rates (which may be fixed or floating), from such date or dates, payable in such installments and on such dates and at such place or places to the Holders
of Securities registered as such on the related Regular Record Dates, or may bear no interest, and may be redeemable or repayable at such Redemption Price or Prices or Repayment Price or Prices, as the case may be, whether at the option of the
Holder or otherwise, and upon such terms, all as shall be provided for in or pursuant to the Board Resolution or in or pursuant to the supplemental indenture creating that series. The Company may from time to time, without the consent of Holders of
a series of Securities, issue further Securities having terms identical to those of such series of Securities so that any further issue is consolidated and forms a single series with such series of Securities; provided that if any further
Securities are not fungible with such series of Securities for United States Federal income tax purposes, such further Securities shall have separate CUSIP and ISIN numbers. There may also be established in or pursuant to a Board Resolution or in or
pursuant to a supplemental indenture prior to the issuance of Securities of each such series, provision for: 
 (1) the
exchange or conversion of the Securities of that series, at the option of the Holders thereof, for or into new Securities of a different series or other securities or other property, including shares of capital stock of the Company or any subsidiary
of the Company or securities directly or indirectly convertible into or exchangeable for any such shares; 
 (2) a sinking or
purchase fund or other analogous obligation; 
 (3) if other than U.S. dollars, the currency or currencies or units based on
or related to currencies (including Euros) in which the Securities of such series shall be denominated and in which payments of principal of, and any premium and interest on, such Securities shall or may be payable; 

(4) if the principal of (and premium, if any) or interest, if any, on the Securities of such series are to be payable, at the
election of the Company or a Holder thereof, in a currency or currencies or units based on or related to currencies (including Euros) other than that in which the Securities are stated to be payable, the period or periods within which, and the terms
and conditions upon which, such election may be made; 
 (5) if the amount of payments of principal of (and premium, if any)
or interest, if any, on the Securities of such series may be determined with reference to an index based on (i) a currency or currencies or units based on or related to currencies (including Euros) other than that in which the Securities are
stated to be payable, (ii) changes in the price of one or more other securities or groups or indexes of securities or (iii) changes in the prices of one or more commodities or groups or indexes of commodities, or any combination of the
foregoing, the manner in which such amounts shall be determined; 
 (6) if the aggregate principal amount of the Securities
of that series is to be limited, such limitations; 

  
 15 

 (7) the exchange of Securities of that series, at the option of the Holders
thereof, for other Securities of the same series of the same aggregate principal amount of a different authorized kind or different authorized denomination or denominations, or both; 

(8) the appointment by the Trustee of an Authenticating Agent in one or more places other than the location of the office of
the Trustee with power to act on behalf of the Trustee and subject to its direction in the authentication and delivery of the Securities of any one or more series in connection with such transactions as shall be specified in the provisions of this
Indenture or in or pursuant to the Board Resolution or the supplemental indenture creating such series; 
 (9) the portion of
the principal amount of Securities of the series, if other than the total principal amount thereof, which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502 or provable in bankruptcy pursuant to
Section 504; 
 (10) any Event of Default with respect to the Securities of such series, if not set forth herein and any
additions, deletions or other changes to the Events of Default set forth herein that shall be applicable to the Securities of such series (including a provision making any Event of Default set forth herein inapplicable to the Securities of that
series); 
 (11) any covenant solely for the benefit of the Securities of such series and any additions, deletions or other
changes to the provisions of Article Ten or any definitions relating to such Article that shall be applicable to the Securities of such series (including a provision making any Section of such Article inapplicable to the Securities of such
series); 
 (12) the applicability of Article Twelve of this Indenture to the Securities of such series; 

(13) if the Securities of the series shall be issued in whole or in part in the form of a Global Security or Global Securities,
the terms and conditions, if any, upon which such Global Security or Global Securities may be exchanged in whole or in part for other individual Securities; and the Depositary for such Global Security or Global Securities (if other than the
Depositary specified in Section 101 hereof); 
 (14) the subordination of the Securities of such series to any other
indebtedness of the Company, including the Securities of any other series; 
 (15) whether such Securities shall be issued as
part of a new or existing series of Securities and the title of such Securities (which shall distinguish the Securities of the series from Securities of another series); 

(16) if applicable, that such Securities shall not be issued in the form of Securities set forth in Exhibit A-1 that are
subject to Appendix A, but shall be issued in the form of Exchange Securities as set forth in Exhibit A-2; and 

(17) any other terms of the series, which shall not be inconsistent with the provisions of this Indenture, 

all upon such terms as may be determined in or pursuant to a Board Resolution or in or pursuant to a supplemental indenture with respect to such series. All
Securities of the same series shall be substantially identical in tenor and effect, except as to denomination. 
 The form of the Securities
of each series shall be established pursuant to the provisions of this Indenture in or pursuant to the Board Resolution or in or pursuant to the supplemental indenture creating such series. The Securities of each series shall be distinguished from
the Securities of each other series in such manner, reasonably satisfactory to the Trustee, as the Board of Directors may determine. 

Unless otherwise provided with respect to Securities of a particular series, the Securities of any series may only be issuable in registered
form, without coupons. 
 Any terms or provisions in respect of the Securities of any series issued under this Indenture may be determined
pursuant to this Section by providing in a Board Resolution or supplemental indenture for the method by which such terms or provisions shall be determined. 

  
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 SECTION 302. Denominations. The Securities of each series shall be issuable in such
denominations and currency as shall be provided in the provisions of this Indenture or in or pursuant to the Board Resolution or the supplemental indenture creating such series. In the absence of any such provisions with respect to the Securities of
any series, the Securities of that series shall be issuable only in U.S. dollars in fully registered form without coupons with a minimum denomination of U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof. 

SECTION 303. Execution, Authentication and Delivery and Dating. The Securities shall be executed on behalf of the Company by any two of
the following: its Chairman of the Board, its Vice Chairman of the Board, its President, one of its Vice Presidents, its Treasurer, its Secretary or one of its Assistant Secretaries, its principal financial officer, its principal accounting officer
or any other officer, employee or agent of the Company duly authorized by a Board Resolution to execute the Securities. The signature of any of these officers on the Securities may be manual or facsimile. 

Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers, employees or agents of the
Company shall bind the Company notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities executed by the
Company to the Trustee for authentication; and the Trustee shall, upon Company Order, authenticate and deliver such Securities as provided in this Indenture and not otherwise. 

Prior to any such authentication and delivery, the Trustee shall be entitled to receive, in addition to any Officers’ Certificate and
Opinion of Counsel required to be furnished to the Trustee pursuant to Section 102, and the Board Resolution and any certificate relating to the issuance of the series of Securities required to be furnished pursuant to Section 202, an
Opinion of Counsel stating that: 
 (1) all laws and requirements with respect to the execution and delivery by the Company
of such Securities have been complied with, the Company has the corporate power to issue such Securities, and such Securities have been duly authorized and delivered by the Company, and, assuming due authentication and delivery by the Trustee,
constitute legal, valid and binding obligations of the Company enforceable in accordance with their terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or other laws and legal principles affecting creditors’ rights
generally from time to time in effect and to general equitable principles, whether applied in an action at law or in equity) and entitled to the benefits of this Indenture, equally and ratably with all other Securities, if any, of such series
Outstanding; 
 (2) such other matters as the Trustee may reasonably request; 

and, if the authentication and delivery relates to a new series of Securities created by an indenture supplemental hereto, also stating that all laws and
requirements with respect to the form and execution by the Company of the supplemental indenture with respect to that series of Securities have been complied with, the Company has corporate power to execute and deliver any such supplemental
indenture and has taken all necessary corporate action for those purposes and any such supplemental indenture has been executed and delivered and constitutes the legal, valid and binding obligation of the Company enforceable in accordance with its
terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or other laws and legal principles affecting creditors’ rights generally from time to time in effect and to general equitable principles, whether applied in an
action at law or in equity). 
 The Trustee shall not be required to authenticate such Securities if the issue thereof will adversely affect
the Trustee’s own rights, duties, indemnities, or immunities under the Securities and this Indenture. 
 Unless otherwise provided in
the form of Security for any series, all Securities shall be dated the date of their authentication. 

  
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 No Security shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature of an authorized officer, and such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. 
 The Company in
issuing the Securities may use “CUSIP”, “private placement”, “ISIN” or “Common Code” numbers (if then generally in use), and, if so, the Trustee may indicate such numbers of the Securities in notices of
redemption and related materials as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of
redemption and related materials. 
 SECTION 304. Temporary Securities. Pending the preparation of definitive Securities of any
series, the Company may execute, and, upon receipt of the documents required by Section 303, together with a Company Order, the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten,
mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the
officers executing such Securities may determine, as evidenced by their execution of such Securities. 
 If temporary Securities of any
series are issued, the Company will cause definitive Securities of such series to be prepared without unreasonable delay. After the preparation of definitive Securities, the temporary Securities of such series shall be exchangeable for definitive
Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment, without charge to the Holder; and upon surrender for cancellation of any one or more temporary
Securities the Company shall execute and the Trustee shall authenticate and deliver at the Company’s sole expense in exchange therefor a like principal amount of definitive Securities of such series of authorized denominations and of like tenor
and terms. Until so exchanged the temporary Securities of such series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series. 

Upon any exchange of a portion of a temporary Global Security for a definitive Global Security or for the individual Securities represented
thereby pursuant to this Section 304 or Section 305, the temporary Global Security shall be endorsed by the Trustee to reflect the reduction of the principal amount evidenced thereby, whereupon the principal amount of such temporary Global
Security shall be reduced for all purposes by the amount so exchanged and endorsed. 
 SECTION 305. Registration, Transfer and
Exchange. The Company shall keep or cause to be kept a register (herein sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide or cause to
provide for the registration of Securities, or of Securities of a particular series, and for transfers of Securities or of Securities of such series. Any such Security Register shall be in written form or in any other form permitted under applicable
laws and capable of being converted into written form within a reasonable time. At all reasonable times the information contained in such register or registers shall be available for inspection by the Trustee at the office or agency to be maintained
by the Company as provided in Section 1002. 
 Subject to Section 204, upon surrender for registration of transfer of any Security
of any series at the office or agency to be maintained by the Company as provided in Section 1002 in a Place of Payment, the Company shall execute and the Trustee shall authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Securities of the same series of any authorized denominations, of a like aggregate principal amount and Stated Maturity and of like tenor and terms. 

Subject to Section 204, at the option of the Holder, Securities of any series may be exchanged for other Securities of the same series of
any authorized denominations, of a like aggregate principal amount and Stated 

  
 18 

 
Maturity and of like tenor and terms, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company shall execute
and the Trustee, upon written direction from the Company, shall authenticate and deliver, the Securities which the Securityholder making the exchange is entitled to receive. 

All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company evidencing the
same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 

Every Security presented or surrendered for registration of transfer or exchange shall (if so required by the Company or the Trustee) be duly
endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or its attorney duly authorized in writing. 

Unless otherwise provided in the Security to be transferred or exchanged, no service charge shall be made on any Securityholder for any
transfer or exchange of Securities, but the Company may (unless otherwise provided in such Security) require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of
transfer or exchange of Securities, other than exchanges pursuant to Sections 304 or 906 not involving any registration of transfer. 

The Company shall not be required (i) to issue, register the transfer of or exchange any Security of any series during a period beginning
at the opening of business 15 days before the day of the mailing of a notice of redemption of Securities of such series selected for redemption under Section 1103 and ending at the close of business on the date of such mailing,
(ii) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except for the portion of such Security not so selected for redemption or (iii) to transfer or exchange any Security between any
Regular Record Date and the related Interest Payment Date. 
 None of the Company, the Trustee, any agent of the Trustee, any Paying Agent
or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records
relating to such beneficial ownership interests. 
 The Company initially appoints the Trustee to act as Security Registrar and Paying Agent
for the Securities on its behalf. The Company may at any time and from time to time authorize any Person to act as Security Registrar and Paying Agent in place of the Trustee with respect to any series of Securities issued under this Indenture. 

SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities. If (i) any mutilated Security is surrendered to the Trustee, or the
Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Security, and (ii) there is delivered to the Company and the Trustee such security or indemnity as may be required by them to save each of
them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a protected purchaser, the Company shall execute and upon its written request the Trustee shall authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Security, a new Security of like tenor, series, Stated Maturity and principal amount, and bearing a number not contemporaneously Outstanding. 

In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion
may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any new Security under this Section, the Company may
require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

  
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 Every new Security issued pursuant to this Section in lieu or in exchange of any
mutilated, destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of the same series duly issued hereunder. 

The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities. 
 SECTION 307. Payment of Interest; Interest Rights
Preserved. Unless otherwise provided with respect to such Security pursuant to Section 301, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in
whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. 

Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date
(herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered Holder on the relevant Regular Record Date by virtue of its having been such Holder; and, except as hereinafter provided, such Defaulted Interest
may be paid by the Company, at its election in each case, as provided in clause (a) or clause (b) below: 
 (a) The Company may
elect to make payment of any Defaulted Interest to the Persons in whose names any such Securities (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the
Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the
proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted
Interest which shall be not more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify
the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed,
first-class postage prepaid, to the Holder of each such Security at its address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such
Special Record Date and shall no longer be payable pursuant to the following clause (b). 
 (b) The Company may make payment of any
Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company
to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 
 If any
installment of interest, the Stated Maturity of which is on or prior to the Redemption Date for any Security called for redemption pursuant to Article Eleven, is not paid or duly provided for on or prior to the Redemption Date in accordance
with the foregoing provisions of this Section, such interest shall be payable as part of the Redemption Price of such Securities. 
 Subject
to the foregoing provisions of this Section, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue,
which were carried by such other Security. 

  
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 SECTION 308. Taxation. (a) All payments and deliveries of or in respect of
principal, interest and premium, if any, on each Security shall be made free and clear of, and without withholding or deduction for or on account of, any present or future taxes, penalties, fines, duties, assessments or other governmental charges of
whatever nature (or interest on any of the foregoing) (“Taxes”) imposed, levied, collected, withheld or assessed by, within or on behalf of the Republic of Chile or any political subdivision or governmental authority thereof or
therein having power to tax (a “Taxing Authority”), unless such withholding or deduction is required by law or by regulation or governmental policy having the force of law. If the Company is required to make any withholding or
deduction described in the preceding sentence with respect to any payment or delivery made in respect of the Securities, the Company will pay such additional amounts (“Additional Amounts”) as may be necessary to ensure that the net
amounts received by the Holder of such Security (including Additional Amounts) after such withholding or deduction shall equal the respective amounts of principal, interest and premium, if any, that would have been receivable in respect of such
Security in the absence of such withholding or deduction, except that no such Additional Amounts shall be payable in respect of any Security (i) in the case of payments for which presentation of a Security is required, if such Security is
presented for payment more than 30 days after the later of (x) the date on which such payment first became due and (y) if the full amount payable has not been received in the Place of Payment by the Trustee on or prior to such due date,
the date on which, the full amount having been so received and notice to that effect shall have been given to the Securityholder by the Trustee or the Paying Agent, on behalf of the Trustee, except to the extent that the Securityholder would have
been entitled to such Additional Amounts on presenting such Security for payment on the last day of the applicable 30-day period; (ii) for any estate, inheritance, gift, sales, use, value added, transfer, excise, personal property or similar
tax, duty, fine, assessment or other governmental charge; (iii) if held by or on behalf of a Securityholder or beneficial owner who is liable for Taxes in respect of such Security by reason of having some present or former, direct or indirect,
connection with a Taxing Authority (including, without limitation, being a citizen of, being incorporated or engaged in a trade or business in, or having a residence or principal place of business or other presence in a Taxing Authority), other than
the mere holding of such Security or the receipt of principal, interest or premium, if any, in respect thereof; (iv) for any Taxes that would not have been imposed (or would have been reduced) but for the failure of a Securityholder or a
beneficial owner of such Security to comply with any applicable certification, documentation, information or other reporting requirement concerning the nationality, residence, identity or connection with the relevant Taxing Authority, or to make any
other similar claim for exemption to the relevant Taxing Authority, if, after having been requested in writing by the Company to comply with such applicable certification, documentation, information or other reporting requirement, or to make such a
claim, such Securityholder or beneficial owner fails to do so within 30 days; (v) for any Taxes which are payable other than by deduction or withholding from payments of principal, interest and premium, if any, on such Security; (vi) for
any Taxes imposed on or in respect of (x) Sections 1471 through 1474 of the Code as of the date hereof (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) (“FATCA”) and
any current or future regulations or official interpretations thereof, (y) any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the United States and any
other jurisdiction which (in either case) facilitates the implementation of the preceding clause (x), or (z) any agreement entered into pursuant to the implementation of the preceding clauses (x) or (y) with the Internal Revenue
Service, the United States government or any governmental or taxation authority under any other jurisdiction; (vii) for any Tax which would have been avoided by a Securityholder presenting the relevant Security (if presentation is required) or
requesting that such payment be made to another Paying Agent in a member state of the European Union; or (viii) for any combination of (i), (ii), (iii), (iv), (v), (vi) or (vii). In addition, no Additional Amounts shall be paid with
respect to any payment to any Securityholder who is a fiduciary or a partnership or other than the sole beneficial owner of such Securities to the extent that the beneficiary or settlor with respect to such fiduciary, the member of such partnership
or the beneficial owner of such Securities would not have been entitled to Additional Amounts had such beneficiary, settlor, member or beneficial owner held such Securities directly. All references in this Indenture to principal, interest or premium
shall be deemed to include references to any Additional Amounts which may be payable under this Section with respect to such principal, interest or premium. The Company, as applicable, will (i) make any required withholding or deduction for
Taxes imposed with respect to payments on the Securities and (ii) remit the full amount deducted or withheld to the relevant authority in accordance with 

  
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applicable law. If Additional Amounts actually paid with respect to a Security pursuant to this Section are based on rates of deduction or withholding of Taxes imposed by a Taxing Authority in
excess of the appropriate rate applicable to the Securityholder or the beneficial owner, and, as a result thereof, such Securityholder or beneficial owner is entitled under the law of such Taxing Authority to make a claim for a refund or credit of
such Taxes, then such Securityholder or beneficial owner shall, by accepting a Security or an interest therein, be deemed to have assigned and transferred all right, title and interest to any such claim for a refund or credit of such Taxes to the
Company, subject to any right of set-off such Securityholder or beneficial owner may have. However, by making such assignment, the Securityholder or beneficial owner makes no representation or warranty that the Company will be entitled to receive
such claim for refund or credit and incurs no other obligation (including, for the avoidance of doubt, any filing or other action) with respect thereto. 

(b) The Company shall promptly pay when due any present or future stamp, court or documentary taxes or any other excise or property taxes,
charges or similar levies that arise in any jurisdiction from the execution, delivery, or registration of each Security or any other document or instrument relating to the issuance thereof, excluding any such taxes, charges or similar levies imposed
by any jurisdiction outside the Republic of Chile and except as provided in Section 305. The Company shall indemnify and make whole the Holders of Securities for any present or future stamp, court or documentary taxes or any other excise or
property taxes, charges or similar levies payable by the Company as provided in this clause (b) paid by such Holders. 
 (c) At least
10 Business Days prior to the first Interest Payment Date for the Securities of such series, and, if there has been any change with respect to the matters set forth in the below-mentioned certificate, at least 10 Business Days prior to each
subsequent Interest Payment Date for the Securities of such series, the Company shall furnish to the Trustee and any other Paying Agent an Officers’ Certificate instructing the Trustee and any such other Paying Agent as to whether payments of
principal of, premium, if any, or interest on any Securities of such series (including Additional Amounts) due on such date shall be subject to deduction or withholding for or on account of any taxes and the rate of any such deduction or
withholding. The Company covenants to indemnify the Trustee and any other Paying Agents for, and to hold each harmless against, any loss, liability or expense reasonably incurred without negligence, bad faith or willful misconduct on their part,
arising out of or in connection with actions taken or not taken by any of them in reliance on any certificate furnished to them pursuant to this paragraph or the failure to furnish any such certificate. The obligations of the Company under the
preceding sentence shall survive payment of all the Securities of such series, the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee, the Security Registrar or any Paying Agent. Any certificate required by
this Section to be provided to the Trustee and any other Paying Agent shall be deemed to be duly provided if telecopied to the Trustee and such other Paying Agent. Upon request, the Company shall provide the Trustee with documentation evidencing the
payment of Taxes in respect of which the Company has paid any Additional Amounts. Copies of such documentation shall be made available by the Trustee to the Holders or the other Paying Agents, as applicable, upon written request therefor. 

SECTION 309. Persons Deemed Owners. The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name any Security is registered in the Security Register as the owner of such Security for the purpose of receiving payment of principal of (and premium, if any), and (subject to Section 307) interest on, such Security and for all other
purposes whatsoever, whether or not such Security be overdue, and none of the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 

SECTION 310. Cancellation. All Securities surrendered for payment, redemption, transfer, conversion or exchange or credit against a
sinking fund, if any, shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and, if not already cancelled, shall be promptly cancelled by the Trustee. The Company may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly cancelled by the Trustee. No Security shall be authenticated
in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. The Trustee 

  
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shall dispose of all cancelled Securities in accordance with its customary procedures and, upon receipt of a Company order, shall deliver a certificate of such disposition to the Company;
provided that the Trustee shall not be required to destroy such cancelled Securities. 
 SECTION 311. Computation of Interest.
Unless otherwise provided as contemplated in Section 301, interest on the Securities shall be calculated on the basis of a 360-day year of twelve 30-day months. 

SECTION 312. Medium-Term Securities. Notwithstanding any contrary provision herein, if all Securities of a series are not to be
originally issued at one time, it shall not be necessary for the Company to deliver to the Trustee an Officers’ Certificate, Board Resolution, supplemental indenture, Opinion of Counsel or Company Request otherwise required pursuant to Sections
202, 301 and 303 at or prior to the time of authentication of each Security of such series if such documents are delivered to the Trustee or its agent at or prior to the authentication upon original issuance of the first Security of such series to
be issued; provided that any subsequent request by the Company to the Trustee to authenticate Securities of such series upon original issuance shall constitute a representation and warranty by the Company that as of the date of such request,
the statements made in the Officers’ Certificate delivered pursuant to Section 102 shall be true and correct as if made on such date. 

An Officers’ Certificate, supplemental indenture or Board Resolution delivered by the Company to the Trustee in the circumstances set
forth in the preceding paragraph may provide that Securities which are the subject thereof will be authenticated and delivered by the Trustee or its agent on original issue from time to time upon the written order of Persons designated in such
Officers’ Certificate, Board Resolution or supplemental indenture and that such Persons are authorized to determine, consistent with such Officers’ Certificate, supplemental indenture or Board Resolution, such terms and conditions of said
Securities as are specified in such Officers’ Certificate, supplemental indenture or Board Resolution. 
 ARTICLE FOUR 

Satisfaction and Discharge 

SECTION 401. Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to any series of
Securities (except as to any surviving rights of conversion, transfer or exchange of Securities of such series expressly provided for herein or in the form of Security for such series), and the Trustee, on demand of and at the expense of the
Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series, when 

(a) either 

(1) all Securities of that series theretofore authenticated and delivered (other than (i) Securities of such series which
have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306, and (ii) Securities of such series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the
Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee cancelled or for cancellation; or 

(2) all such Securities of that series not theretofore delivered to the Trustee cancelled or for cancellation 

(i) have become due and payable, or 

(ii) will become due and payable at their Stated Maturity within one year, or 

(iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the Company, 

  
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 and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused
to be deposited with the Trustee as trust funds in trust for the purpose an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee cancelled or for cancellation, for principal (and
premium, if any) and interest to the date of such deposit (in the case of Securities which have become due and payable), or to the Stated Maturity or Redemption Date, as the case may be; 

(b) the Company has paid or caused to be paid all other sums payable by the Company with respect to the Securities of such
series hereunder; 
 (c) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to the Securities of such series have been complied with; and 

(d) the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that payment of amounts deposited in
trust with the Trustee as provided in clause (a) hereof will not be subject to future Taxes imposed, levied, collected, withheld or assessed by, within or on behalf of the Republic of Chile or any political subdivision or governmental authority
thereof or therein having power to tax, except to the extent that Additional Amounts in respect thereof shall have been deposited in trust with the Trustee as provided in clause (a) hereof. 

Notwithstanding the satisfaction and discharge of this Indenture with respect to any series of Securities, the obligations of the Company to the Trustee with
respect to that series under Section 607 shall survive and the obligations of the Trustee under Sections 402 and 1003 shall survive. 

SECTION 402. Application of Trust Money. All money and obligations deposited with the Trustee pursuant to Section 401 or Article
Twelve and all money received by the Trustee in respect of such obligations shall be held in trust and applied by it, in accordance with the provisions of the series of Securities in respect of which it was deposited and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such
money and obligations have been deposited with or received by the Trustee; but such money and obligations need not be segregated from other funds except to the extent required by law. 

ARTICLE FIVE 
 Remedies 

SECTION 501. Events of Default. “Event of Default”, wherever used herein, means with respect to any series of Securities any
one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation
of any administrative or governmental body), unless such event is either inapplicable to a particular series (to the extent expressly provided in the form of Security for such series) or it is specifically deleted or modified in the supplemental
indenture creating such series of Securities or in the form of Security for such series: 
 (1) default in the payment of any
principal of the Securities of that series when due and payable, whether at Maturity, upon redemption or otherwise; or 
 (2)
default in the payment of any interest or any Additional Amounts when due and payable on any Security of that series and the continuance of such default for a period of more than 30 days; or 

(3) default in the performance or observance of any other covenant or obligation of the Company in the Securities of such
series or this Indenture, not otherwise expressly defined as an Event of Default in (1) or 

  
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(2) above, and the continuance of such default for more than 60 days after written notice (by internationally recognized overnight courier) specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of Default” has been received by the Company from the Trustee or by the Company and the Trustee from Holders of at least 25% in aggregate principal amount of the
Securities of that series then Outstanding; or 
 (4) the Company shall default in the payment of principal of, or interest
on, any Indebtedness of the Company, whether such Indebtedness now exists or shall hereafter be created, having an aggregate principal amount exceeding U.S.$100,000,000 (or its equivalent in any other currency or currencies), other than the
Securities of that series, when any such Indebtedness shall be due, if such default shall continue for more than the period of grace, if any, applicable thereto, and as a result all such Indebtedness shall have been declared due and payable; or 

(5) a final decree or order for relief shall be entered against the Company or any Significant Subsidiary under any Bankruptcy
Law by a court having jurisdiction in the premises adjudging it bankrupt or insolvent or appointing a trustee, receiver, liquidator or custodian of it or all or substantially all of its assets under any Bankruptcy Law, or ordering the winding up or
liquidation of its affairs, and in each case the continuance of any such decree or order unstayed and in effect for a period of 90 consecutive days; or 

(6) the Company or any Significant Subsidiary shall (i) commence a voluntary case or proceeding seeking liquidation or
relief with respect to itself or its debts under any Bankruptcy Law or seeking the appointment of a trustee, receiver, liquidator or custodian of it or all or substantially all of its assets under any Bankruptcy Law or (ii) consent to any such
relief or to the appointment of any such official in an involuntary case or proceeding commenced against it under any Bankruptcy Law; or 

(7) any other Event of Default provided in the supplemental indenture under which such series of Securities is issued or in the
form of Security for such series. 
 The term “Bankruptcy Law” as used in this Section means the Chilean Law No. 20.720, as
amended, or any other applicable law which amends, supplements or supersedes the foregoing and any applicable bankruptcy, insolvency or other similar law of any applicable jurisdiction. 

SECTION 502. Acceleration of Maturity; Rescission and Annulment. If an Event of Default described in paragraph (1), (2), (3),
(4) or (7) of Section 501 occurs and is continuing with respect to the Securities of any series, then and in each and every such case, unless the principal of all the Securities of such series shall have already become due and
payable, either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding hereunder (each such series acting as a separate class), by notice in writing to the Company (and to the
Trustee if given by Holders), may declare the principal amount (or, if the Securities of such series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified in the terms thereof) of all the
Securities of such series then Outstanding and all accrued interest thereon to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, anything in this Indenture or in the
Securities of such series contained to the contrary notwithstanding. If an Event of Default described in paragraph (5) or (6) of Section 501 occurs and is continuing with respect to the Company, then and in each and every such case,
the principal amount (or, if any Securities are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms thereof) of all the Securities then Outstanding and all accrued interest thereon shall, without
any notice to the Company or any other act on the part of the Trustee or any Holder of the Securities, become and be immediately due and payable, anything in this Indenture or in the Securities contained to the contrary notwithstanding. 

At any time after such a declaration of acceleration has been made with respect to the Securities of any series and before a judgment or
decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in aggregate principal amount of the Outstanding 

  
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Securities of such series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: 

(1) the Company has paid or deposited with the Trustee a sum sufficient to pay 

(A) all overdue installments of interest on the Securities of such series, 

(B) the principal of (and premium, if any, on) any Securities of such series which have become due otherwise than by such
declaration of acceleration, and interest thereon at the rate or rates prescribed therefor by the terms of the Securities of such series, to the extent that payment of such interest is lawful, 

(C) interest upon overdue installments of interest at the rate or rates prescribed therefor by the terms of the Securities of
such series, to the extent that payment of such interest is lawful, and 
 (D) all sums paid or advanced by the Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts due the Trustee under Section 607; 

and 
 (2) all Events of Default
with respect to such series of Securities, other than the nonpayment of the principal of the Securities of such series which have become due solely by such acceleration, have been cured or waived as provided in Section 513. 

No such rescission shall affect any subsequent default or impair any right consequent thereon. 

SECTION 503. Collection of Indebtedness and Suits for Enforcement by Trustee. The Company covenants that if 

(a) default is made in the payment of any installment of interest on any Security of any series when such interest becomes due
and payable, or 
 (b) default is made in the payment of the principal of (or premium, if any, on) any Security at the
Maturity thereof, or 
 (c) default is made in the payment of any sinking or purchase fund or analogous obligation when the
same becomes due by the terms of the Securities of any series, 
 and any such default continues for any period of grace provided with respect to the
Securities of such series, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holder of any such Security (or the Holders of any such series in the case of clause (c) above), the whole amount then due and payable on
any such Security (or on the Securities of any such series in the case of clause (c) above) for principal (and premium, if any) and interest, with interest, to the extent that payment of such interest shall be legally enforceable, upon the
overdue principal (and premium, if any) and upon overdue installments of interest, at such rate or rates as may be prescribed therefor by the terms of any such Security (or of Securities of any such series in the case of clause (c) above); and,
in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts
due the Trustee under Section 607. 
 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name
and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other
obligor upon the Securities of such series and collect the money adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 

  
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 If an Event of Default with respect to any series of Securities occurs and is continuing,
the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

SECTION 504. Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective
of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or
interest) shall be entitled and empowered, by intervention in such proceedings or otherwise, 
 (i) to file and prove a claim
for the whole amount of principal (and premium, if any) and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary and advisable in order to have the claims of the Trustee (including any
claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts due the Trustee under Section 607) and of the Securityholders allowed in such judicial proceeding, and 

(ii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;

 and any receiver, assignee, trustee, liquidator, sequestrator (or other similar official, including a “síndico”) in any such
judicial proceeding is hereby authorized by each Securityholder to make such payment to the Trustee and in the event that the Trustee shall consent to the making of such payments directly to the Securityholders, to pay to the Trustee any amount due
to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Securityholder any plan or reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.

 SECTION 505. Trustee May Enforce Claims Without Possession of Securities. All rights of action and claims under this Indenture or
the Securities of any series may be prosecuted and enforced by the Trustee without the possession of any of the Securities of such series or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agent and counsel and all
other amounts due to the Trustee under Section 607 herein, be for the ratable benefit of the Holders of the Securities of the series in respect of which such judgment has been recovered. 

SECTION 506. Application of Money Collected. Any money collected by the Trustee with respect to a series of Securities pursuant to this
Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (or premium, if any) or interest, upon presentation of the Securities of such series
and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment of all
amounts due the Trustee under Section 607. 
 SECOND: To the payment of the amounts then due and unpaid upon the Securities of that
series for principal (and premium, if any) and interest, in respect of which or for the benefit of which such money has been 

  
 27 

 
collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal (and premium, if any) and interest, respectively. 

SECTION 507. Limitation on Suits. No Holder of any Security of any series shall have any right to institute any proceeding, judicial or
otherwise, with respect to this Indenture or the Securities or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 

(a) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to Securities
of such series; 
 (b) the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of such
series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(c) such Holder or Holders have offered to the Trustee indemnity satisfactory to it against the costs, expenses and liabilities
to be incurred in compliance with such request; 
 (d) the Trustee for 60 days after its receipt of such notice, request
and offer of indemnity has failed to institute any such proceeding; and 
 (e) no direction inconsistent with such written
request has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Securities of such series; 

it being understood and intended that no one or more Holders of Securities of such series shall have any right in any manner whatever by virtue of, or by
availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Securities of such series, or to obtain or to seek to obtain priority or preference over any other such Holders or to enforce any right
under this Indenture, except in the manner herein provided and for the equal and proportionate benefit of all the Holders of all Securities of such series. 

SECTION 508. Unconditional Right of Securityholders to Receive Principal, Premium and Interest. Notwithstanding any other provisions in
this Indenture and any provision of the Securities, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of (and premium, if any) and (subject to Section 307) interest on such
Security (including Additional Amounts) on the respective Stated Maturities expressed in such Security (or, in the case of redemption or repayment, on the Redemption Date or Repayment Date, as the case may be) and to institute suit for the
enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. 
 SECTION 509. Restoration of
Rights and Remedies. If the Trustee or any Securityholder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, then and in every such case the
Company, the Trustee and the Securityholders shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the
Securityholders shall continue as though no such proceeding had been instituted. 
 SECTION 510. Rights and Remedies Cumulative.
Except as otherwise provided in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Securityholders is intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION 511. Delay or
Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right or 

  
 28 

 
remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Securityholders may be
exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Securityholders, as the case may be. No waiver of any Event of Default, whether by the Trustee or by the Securityholders, shall extend to or shall affect
any subsequent Event of Default or shall impair any remedy or right consequent thereon. 
 SECTION 512. Control by Securityholders.
The Holders of a majority in aggregate principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any
trust or power conferred on the Trustee with respect to the Securities of such series; provided that 
 (a) the
Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by counsel, determines that the action so directed may not lawfully be taken or would conflict with this Indenture or if the Trustee in good faith
shall, by a Responsible Officer, determine that the proceedings so directed would involve it in personal liability or be unjustly prejudicial to the Holders not taking part in such direction, and 

(b) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 

SECTION 513. Waiver of Defaults. Subject to Section 502, the Holders of not less than a majority in aggregate principal amount of
the Outstanding Securities of any series, may on behalf of the Holders of all the Securities of such series waive any default hereunder with respect to such series and its consequences, except a default not theretofore cured 

(a) in the payment of the principal (or premium, if any) or interest on any Security of such series, or in the payment of any
sinking or purchase fund or analogous obligation with respect to the Securities of such series, or 
 (b) in respect of a
covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series adversely affected thereby. 

Upon any such waiver, such default shall cease to exist and any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

SECTION 514. Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Security by its acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having
due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of
Securityholders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any series to which the suit relates, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of
(or premium, if any) or interest on any Security on or after the respective Stated Maturities expressed in such Security (or, in the case of redemption or repayment, on or after the Redemption Date or Repayment Date). 

SECTION 515. Waiver of Stay or Extension Laws. The Company covenants (to the extent that it may lawfully do so) that it will not at any
time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this
Indenture; and the Company (to the extent that it may 

  
 29 

 
lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE SIX 

The Trustee 
 SECTION 601.
Certain Duties and Responsibilities. (a) Except during the continuance of an Event of Default with respect to any series of Securities, 

(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture with
respect to the Securities of such series, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) in the absence of bad faith on its part, the Trustee may, with respect to Securities of such series, conclusively rely, as
to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions
which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture. 

(b) In case an Event of Default with respect to any series of Securities has occurred and is continuing, the Trustee shall exercise with
respect to the Securities of such series such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his
own affairs. 
 (c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action,
its own negligent failure to act, or its own willful misconduct, except that 
 (1) this subsection shall not be construed to
limit the effect of subsection (a) of this Section; 
 (2) the Trustee shall not be liable for any error of judgment
made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(3) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of a majority in aggregate principal amount of the Outstanding Securities of any series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any
trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; 
 (4) no
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it; 

(5) the Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Company; and 
 (6) in no event shall the Trustee be responsible or liable for special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss or profit), irrespective of whether the Trustee has been advised of the likelihood of such loss or damage regardless of the form of action. 

(d) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section. 

  
 30 

 SECTION 602. Notice of Defaults. Within 30 days after the Trustee becomes aware
of such occurrence of any default within the meaning of Section 603(i) herein hereunder with respect to Securities of any series, the Trustee shall transmit by mail to all Securityholders of such series, as their names and addresses appear in
the Security Register, notice of such default hereunder actually known to a Responsible Officer of the Trustee, unless such default shall have been cured or waived; provided that, except in the case of a default in the payment of the
principal of (or premium, if any) or interest or Additional Amounts on any Security of such series or in the payment of any sinking or purchase fund installment or analogous obligation with respect to Securities of such series, the Trustee shall be
protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the
interests of the Securityholders of such series; and provided further that in the case of any default of the character specified in Section 501(3) with respect to Securities of such series no such notice to Securityholders of such series
shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term “default”, with respect to Securities of any series, means any event which is, or after notice or lapse of time or both
would become, an Event of Default with respect to Securities of such series. 
 SECTION 603. Certain Rights of Trustee. Except as
otherwise provided in Section 601: 
 (a) the Trustee may conclusively rely and shall be fully protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document believed by it to be genuine and to have been signed or presented
by the proper party or parties; 
 (b) any request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

(c) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee shall entitled to receive and (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officers’
Certificate; 
 (d) the Trustee may consult with counsel or professional advisors and the written advice of such counsel or
professional advisors and any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Securityholders pursuant to this Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred
by it in compliance with such request or direction; 
 (f) the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may make such further inquiry
or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent
or attorney; 
 (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(h) the Trustee shall not be under any obligation to take any action that is discretionary under the provisions of this
Indenture; 

  
 31 

 (i) the Trustee shall not be charged with knowledge of any default or Event
of Default unless either (i) a Responsible Officer of the Trustee shall have actual knowledge of such event or (2) a Responsible Officer of the Trustee shall have received written notice thereof from the Company or a Holder; 

(j) no permissive power or authority available to the Trustee shall be construed as a duty; 

(k) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder; 
 (l) the
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without
limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor
disputes; acts of civil or military authority or governmental actions; it being understood that the Trustee shall use its best efforts to resume performance as soon as practicable under the circumstances; and 

(m) the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture. 
 (n) If at any time the Trustee is
served with any judicial or administrative order, judgment, decree, writ or other form of judicial or administrative process which in any way affects any property held by it hereunder (including, but not limited to, orders of attachment or
garnishment or other forms of levies or injunctions or stays relating to the transfer of property) the Trustee is authorized to comply therewith in any manner as is required thereby; provided that the Trustee shall provide written notice
thereof to the Company (when not prohibited by such order, judgment, decree, writ or other form of judicial or administrative process), and if the Trustee complies with the requirements of any such judicial or administrative order, judgment, decree,
writ or other form of judicial or administrative process, the Trustee shall not be liable to any of the parties hereto or to any other person or entity even though such order, judgment, decree, writ or process may be subsequently modified or
vacated. 
 SECTION 604. Not Responsible for Recitals or Issuance of Securities. The recitals contained herein, in any offering
materials and in the Securities, except the certificates of authentication, shall be taken as the statements of the Company and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or
sufficiency of any offering materials, this Indenture or of the Securities, except that the Trustee represents that it has duly authorized, executed and delivered this Indenture, has the power to authenticate the Securities and has the ability to
perform its obligations hereunder. The Trustee shall not be accountable for the use or application by the Company of Securities or the proceeds thereof. 

SECTION 605. May Hold Securities. The Trustee, any Paying Agent, the Security Registrar or any other agent of the Company or the
Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent,
Security Registrar or such other agent. 
 SECTION 606. Money Held in Trust. Money held by the Trustee in trust hereunder need not be
segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company. 

SECTION 607. Compensation, Reimbursement and Indemnification. The Company agrees: 

(a) to pay to the Trustee from time to time such reasonable compensation as the Company and the Trustee from time to time agree
in writing for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

  
 32 

 (b) except as otherwise expressly provided herein, to reimburse the Trustee
upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and expenses and disbursements of its agents and
counsel), except any such expense, disbursement or advance as may be attributable to its negligence or willful misconduct; and 

(c) to indemnify the Trustee and its directors, officers, agents, and employees for, and to hold them harmless against, any and
all loss, liability or expense reasonably incurred without negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this trust, including the costs incurred with enforcing the
Company’s indemnification obligations and expenses of defending itself against or investigating any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. 

As security for the performance of the obligations of the Company under this Section, the Trustee shall have a lien prior to the Securities
upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (and premium, if any) or interest on particular Securities. The obligations of the Company set forth in this Section
shall survive the payment in full of all amounts due and owing hereunder and under the Securities, the termination and discharge of this Indenture or the earlier resignation or removal of the Trustee. 

When the Trustee incurs any expenses or renders any services after the occurrence of an Event of Default specified in Section 501(5) and
(6), such expenses and the compensation for such services are intended to constitute expenses of administration under any bankruptcy law or any similar federal or state law for the relief of debtors. 

SECTION 608. Disqualification; Conflicting Interests. The Trustee for the Securities of any series issued hereunder shall be subject to
the provisions of Section 310(b) of the Trust Indenture Act during the period of time provided for therein. In determining whether the Trustee has a conflicting interest as defined in Section 310(b) of the Trust Indenture Act with respect
to the Securities of any series, there shall be excluded for purposes of the conflicting interest provisions of such Section 310(b) the Securities of every other series issued under this Indenture. 

SECTION 609. Corporate Trustee Required; Eligibility. There shall at all times be a Trustee hereunder with respect to each series
of Securities, which shall be a corporation organized and doing business under the laws of the United States of America or of any State, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least
U.S.$50,000,000, and subject to supervision or examination by United States Federal or State authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time
the Trustee with respect to any series of Securities shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

SECTION 610. Resignation and Removal; Appointment of Successor. (a) No resignation or removal of the Trustee and no appointment of
a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee under Section 611. 

(b) The Trustee may resign with respect to any series of Securities at any time by giving written notice thereof to the Company. If an
instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee. 

  
 33 

 (c) The Trustee may be removed with respect to any series of Securities at any time by Act
of the Holders of a majority in aggregate principal amount of the Outstanding Securities of that series, delivered to the Trustee and to the Company. 

(d) If at any time: 

(1) the Trustee shall fail to comply with Section 310(b) of the Trust Indenture Act pursuant to Section 608 with
respect to any series of Securities after written request therefor by the Company or by any Securityholder who has been a bona fide Holder of a Security of that series for at least six months, or 

(2) the Trustee shall cease to be eligible under Section 609 with respect to any series of Securities and shall fail to
resign after written request therefor by the Company or by any such Securityholder, or 
 (3) the Trustee shall become
incapable of acting with respect to any series of Securities, or 
 (4) the Trustee shall be adjudged a bankrupt or insolvent
or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

then, in any such case, (i) the Company by a Board Resolution may remove the Trustee, with respect to the Securities of that series, or in the case of
clause (4), with respect to all series, or (ii) subject to Section 514, any Securityholder who has been a bona fide Holder of a Security of such series for at least 6 months may, on behalf of itself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to the series, or, in the case of clause (4), with respect to all series. 

(e) If the Trustee shall resign, be removed or become incapable of acting with respect to any series of Securities, or if a vacancy shall
occur in the office of the Trustee with respect to any series of Securities for any cause, the Company, by a Board Resolution, shall promptly appoint a successor Trustee for that series of Securities. If, within 90 days after such resignation,
removal or incapacity, or the occurrence of such vacancy, a successor Trustee with respect to such series of Securities shall be appointed by Act of the Holders of a majority in aggregate principal amount of the Outstanding Securities of such series
delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee with respect to such series and supersede the successor Trustee appointed by
the Company with respect to such series. If no successor Trustee with respect to such series shall have been so appointed by the Company or the Securityholders of such series and accepted appointment in the manner hereinafter provided, any
Securityholder who has been a bona fide Holder of a Security of that series for at least six months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor
Trustee with respect to such series. 
 (f) The Company shall give notice of each resignation and each removal of the Trustee with respect
to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to the Holders of Securities of that series as
their names and addresses appear in the Security Register. Each notice shall include the name of the successor Trustee and the address of its Corporate Trust Office. 

SECTION 611. Acceptance of Appointment by Successor. Every successor Trustee appointed hereunder shall execute, acknowledge and deliver
to the Company and to the predecessor Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the predecessor Trustee shall become effective with respect to any series as to which it is resigning or being
removed as Trustee, and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the predecessor Trustee with respect to any such series; but, on request of the
Company or the successor Trustee, such predecessor Trustee shall, upon payment of its reasonable charges, if any, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the predecessor Trustee,
and shall duly 

  
 34 

 
assign, transfer and deliver to such successor Trustee all property and money held by such predecessor Trustee hereunder with respect to all or any such series, subject nevertheless to its lien,
if any, provided for in Section 607. Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and
trusts. 
 In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series,
the Company, the predecessor Trustee and each successor Trustee with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties of the predecessor Trustee with respect to the Securities of any series as to which the predecessor Trustee is not being succeeded shall continue to be vested in the predecessor
Trustee, and shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such
Trustee. 
 No successor Trustee with respect to any series of Securities shall accept its appointment unless at the time of such acceptance
such successor Trustee shall be qualified and eligible with respect to that series under this Article. 
 SECTION 612. Merger,
Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the
Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee (including this transaction), shall be the successor of the Trustee hereunder; provided such corporation shall
be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee
then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated
such Securities. 
 SECTION 613. Preferential Collection of Claims Against Company. If and when the Trustee shall become a creditor
of the Company (or any other obligor upon the securities of any Series), the Trustee shall be subject to the provisions of the TIA regarding the collection of claims against the Company (or any other obligor). 

SECTION 614. Appointment of Authenticating Agent. At any time when any of the Securities remain Outstanding, the Trustee, with the
approval of the Company, may appoint an Authenticating Agent or Authenticating Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon
exchange, registration of transfer or partial redemption thereof or pursuant to Section 306, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include
authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall
at all times be a Person authorized under such laws to act as an Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and, if other than the Company, subject to supervision or examination by United States Federal
or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall
resign immediately in the manner and with the effect specified in this Section. 

  
 35 

 Any Person into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any Person resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Person succeeding to the corporate agency or corporate trust business of an Authenticating Agent,
shall continue to be an Authenticating Agent; provided such Person shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 

An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and, if other than the Company, to the Company.
The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and, if other than the Company, to the Company. Upon receiving such a notice of resignation or upon such a
termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee, with the approval of the Company, may appoint a successor Authenticating Agent which shall be
acceptable to the Company and shall mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Securities of the series with respect to which such Authenticating Agent will serve, as their names and addresses
appear in the Security Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 
 The
Company agrees to pay to each Authenticating Agent reasonable compensation for its services under this Section. 
 If an appointment with
respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following
form: 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee,

		
	by	 	 
		 	As Authenticating Agent
		
	by	 	 
		 	Authorized Officer

 ARTICLE SEVEN 

Securityholders’ Lists and Reports by Trustee and Company 

SECTION 701. Company to Furnish Trustee Names and Addresses of Securityholders. The Company will furnish or cause to be furnished to
the Trustee 
 (a) semi-annually, not more than 15 days after each Regular Record Date, in each year in such form as the
Trustee may reasonably require, a list of the names and addresses of the Holders of Securities of such series as of such date, and 

(b) at such other times as the Trustee may reasonably request in writing, within 30 days after the receipt by the Company
of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, 
 excluding from any
such list names and addresses received by the Trustee in its capacity as Security Registrar. 

  
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 SECTION 702. Preservation of Information; Communications to Securityholders. The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders of Securities contained in the most recent list furnished to the Trustee as provided in Section 701 and the names and addresses of
Holders of Securities received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 701 upon receipt of a new list so furnished. 

SECTION 703. Reports by Trustee. (a) The Trustee shall transmit to Holders such reports concerning the Trustee and its actions
under the Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. 
 (b)
A copy of each report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange (if any) upon which any Securities are listed, with the Commission and with the Company. The Company will notify the Trustee
when any Securities are listed on any stock exchange. 
 SECTION 704. Reports by Company. If the Company is not required to file
information, documents or reports pursuant to either of Section 13 and Section 15(d) of the Exchange Act, then it will make available, upon request, to the Trustee the information required pursuant to Rule 144A(d)(4) under the Securities
Act. 
 SECTION 705. Delivery of Reports to Trustee. Delivery of any of the above reports, documents and information to the Trustee
is for informational purposes only and the Trustee’s receipt of such reports shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s or any other party’s compliance with any of their covenants in this Indenture (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate). 

SECTION 706. FATCA Compliance by Trustee. In order to comply with applicable tax laws, rules and regulations (inclusive of directives,
guidelines and interpretations promulgated by competent authorities) in effect from time to time (including without limitation, FATCA, “Applicable Law”), the Company agrees (i) to use commercially reasonable efforts to provide to the
Trustee, upon written request, sufficient information about holders or other applicable parties and/or transactions (including any modification to the terms of such transactions) so the Trustee can determine whether it has tax related obligations
under Applicable Law, and (ii) that the Trustee shall be entitled to make any withholding or deduction from payments under this Indenture to the extent necessary to comply with Applicable Law for which the Trustee shall not have any liability.
The terms of this section shall survive the termination of this Indenture. 
 ARTICLE EIGHT 

Consolidation, Merger, Conveyance or Transfer 

SECTION 801. Company May Consolidate, etc., only on Certain Terms. The Company shall not consolidate with or merge into any other
Person or convey or transfer its properties and assets substantially as an entirety to any Person, unless: 
 (1) the
successor Person (if other than the Company) formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer the properties and assets of the Company substantially as an entirety shall be
organized under the laws of the Republic of Chile, the United States of America or any Organisation for Economic Co-operation and Development (OECD) member country and shall expressly assume, by an indenture supplemental hereto, executed and
delivered to the Trustee, in form reasonably satisfactory to the Trustee, the due and punctual payment of the principal of (and premium, if any) and interest on all the outstanding Securities and the performance of every covenant of this Indenture
on the part of the Company to be performed or observed; 
 (2) immediately after giving effect to such transaction, no Event
of Default shall have happened and be continuing; and 

  
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 (3) prior to the consummation of such Transaction, the Company delivers to
the Trustee an Officers’ Certificate stating that such consolidation, merger, conveyance or transfer and such supplemental indenture comply with this Article, and that all conditions precedent herein provided for relating to such transaction
have been complied with. 
 In case of any consolidation, merger, conveyance or transfer in which the successor corporation is a corporation organized under
the laws of a country other than the Republic of Chile, all references to a Taxing Authority under Section 308 and Section 1109 will be deemed, for the avoidance of doubt, to include such country or any political subdivision or
governmental authority thereof or therein having power to tax. 
 SECTION 802. Successor Corporation Substituted. Upon any
consolidation or merger, or any conveyance or transfer of the properties and assets of the Company substantially as an entirety in accordance with Section 801, the successor corporation formed by such consolidation or into which the Company is
merged or the Person to which such conveyance or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named
as the Company herein. In the event of any such conveyance or transfer, the Company as the predecessor corporation may be dissolved, wound up or liquidated at any time thereafter. 

ARTICLE NINE 
 Supplemental
Indentures 
 SECTION 901. Supplemental Indentures Without Consent of Securityholders. Without the consent of the Holders of any
Securities, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

 (1) to evidence the succession of another corporation to the Company, and the assumption by any such successor of the
covenants of the Company herein and in the Securities contained; or 
 (2) to add to the covenants of the Company, or to
surrender any right or power herein conferred upon the Company, for the benefit of the Holders of the Securities of any or all series (and if such covenants or the surrender of such right or power are to be for the benefit of less than all series of
Securities, stating that such covenants are expressly being included or such surrenders are expressly being made solely for the benefit of one or more specified series); or 

(3) to cure any ambiguity or defect, to correct or supplement any provision herein which may be inconsistent with any other
provision herein; or 
 (4) to make any other provisions with respect to matters or questions arising under this Indenture or
the Securities or make any other changes herein or therein as shall not adversely affect the interests of the Holders of the Securities of any series in any material respect; or 

(5) to add to this Indenture such provisions as may be expressly permitted by the TIA, excluding, however, the provisions
referred to in Section 316(a)(2) of the TIA as in effect at the date as of which this instrument was executed or any corresponding provision in any similar federal statute hereafter enacted; or 

(6) to establish any form of Security, as provided in Article Two, to provide for the issuance of any series of Securities
as provided in and subject to the terms of Article Three (including the issuance of further securities having identical terms to the series of any Securities so that the further issue is consolidated and forms a single series with the
Securities), to set forth the terms thereof and/or to add to the rights of the Holders of the Securities of any series; or 

(7) to evidence and provide for the acceptance of appointment by another corporation as a successor Trustee hereunder with
respect to one or more series of Securities and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to
Section 611; or 

  
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 (8) to add any additional Events of Default in respect of the Securities of
any or all series (and if such additional Events of Default are to be in respect of less than all series of Securities, stating that such Events of Default are expressly being included solely for the benefit of one or more specified series); or 

(9) to provide for the issuance of Securities in bearer form, to the extent permitted by law, with coupons as well as fully
registered form. 
 No supplemental indenture for the purposes identified in clauses (2), (3), (4), (6) or (8) above may be
entered into if to do so would adversely affect the interests of the Holders of the Securities in any material respect. 
 SECTION 902.
Supplemental Indentures with Consent of Securityholders. The Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Indenture with respect to any series of Securities or of modifying in any manner the rights of the Holders of the Securities of any such series under this Indenture only with the consent of
the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of such series adversely affected by such supplemental indenture or indentures, by Act of said Holders of Securities of such series delivered to the
Company and the Trustee ; provided that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security of such series adversely affected thereby, 

(1) change the Maturity of the principal of, or the Stated Maturity of any premium on, or any installment of interest on, any
Security of such series, or reduce the principal amount thereof or the rate of interest (or Additional Amounts, if any) payable thereon, or change the method of computing the amount of principal thereof or interest (or Additional Amounts, if any)
payable thereon on any date or change any Place of Payment where, or the coin or currency in which, any Security of such series or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Maturity or the Stated Maturity, as the case may be, thereof (or, in the case of redemption or repayment, on or after the Redemption Date or the Repayment Date, as the case may be); or 

(2) reduce the percentage in aggregate principal amount of the Outstanding Securities of such series, the consent of whose
Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences, provided for in this
Indenture; or 
 (3) modify any of the provisions of this Section or Section 513, except to increase any such percentage
or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security of such series adversely affected thereby. 

Promptly after the execution by the Company and the Trustee of any amendment, supplement or waiver pursuant to the provisions of this
Section 902, the Company shall give notice thereof to the Holders of Securities of such series as provided in Section 106, and to any other entity as required by applicable regulations, setting forth in general terms the substance of such
amendment, supplement or waiver. Any failure of the Company to give such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver. 

A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included
solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series. 
 It shall not be necessary for any Act of Securityholders under this
Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

  
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 SECTION 903. Execution of Supplemental Indentures. In executing or accepting the
additional trusts created by any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, in addition to the documents required by
Section 102, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall
not (except to the extent required in the case of a supplemental indenture entered into under Section 901(4) or 901(6)) be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties, indemnities
or immunities under this Indenture or otherwise. 
 SECTION 904. Effect of Supplemental Indentures. Upon the execution of any
supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby to the extent provided therein. 
 SECTION 905. Intentionally Omitted.

 SECTION 906. Reference in Securities to Supplemental Indentures. Securities authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new
Securities so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any such supplemental indenture may be prepared and executed by the Company and authenticated and such Securities may be delivered by the Trustee in
exchange for Outstanding Securities. 
 ARTICLE TEN 

Covenants 
 SECTION 1001.
Payment of Principal, Premium and Interest. With respect to each series of Securities, the Company will duly and punctually pay the principal of (and premium, if any) and interest on such Securities in accordance with their terms and this
Indenture, and will duly comply with all the other terms, agreements and conditions contained in, or made in the Indenture for the benefit of, the Securities of such series. 

SECTION 1002. Maintenance of Office or Agency. The Company will maintain an office or agency in each Place of Payment where Securities
may be presented or surrendered for payment, where Securities may be surrendered for transfer or exchange and where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The Company will give
prompt written notice to the Trustee of the location, and of any change in the location, of such office or agency. If at any time the Company shall fail to maintain such office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at the principal Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee its agent to receive all such presentations, surrenders, notices and
demands. 
 SECTION 1003. Money for Security Payments To Be Held in Trust. If the Company shall at any time act as its own Paying
Agent for any series of Securities, it will, on or before each due date of the principal of (and premium, if any) or interest on, any of the Securities of such series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum
sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure to so act.

 Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, at least one Business Day prior to each
due date of the principal of (and premium, if any) or interest on, any Securities of 

  
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such series, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such principal (and premium, if any) or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing of its action or failure to so act. The Company will cause the bank through which
payment of funds to the Paying Agent will be made to deliver to the Paying Agent by 11:00 a.m. (New York City time) two Business Days prior to the due date for such payment an irrevocable confirmation (by tested telex or authenticated Swift
MT 100 Message) of its intention to make such payment. 
 The Company will cause each Paying Agent other than the Trustee for any
series of Securities to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 

(1) hold all sums held by it for the payment of principal of (and premium, if any) or interest on Securities of such series in
trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 

(2) give the Trustee notice of any default by the Company (or any other obligor upon the Securities of such series) in the
making of any such payment of principal (and premium, if any) or interest on the Securities of such series; and 
 (3) at any
time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 

The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture with respect to any series of
Securities or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent in respect of each and every series of Securities as to which it seeks to
discharge this Indenture or, if for any other purpose, all sums so held in trust by the Company in respect of all Securities, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and
premium, if any) or interest on any Security of any series and remaining unclaimed for two years after such principal (and premium, if any) or interest has become due and payable shall be paid to the Company upon Request, or (if then held by
the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to
such trust money, and all liability of the Company, as trustee thereof, shall thereupon cease. The Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company mail to the Holders of the
Securities as to which the money to be repaid was held in trust, as their names and addresses appear in the Security Register, a notice that such moneys remain unclaimed and that, after a date specified in the notice, which shall not be less than
30 days from the date on which the notice was first mailed to the Holders of the Securities as to which the money to be repaid was held in trust, any unclaimed balance of such moneys then remaining will be paid to the Company free of the trust
formerly impressed upon it. 
 The Company initially authorizes the Trustee to act as Paying Agent for the Securities on its behalf. The
Company may at any time and from time to time authorize one or more Persons to act as Paying Agent in addition to or in place of the Trustee with respect to any series of Securities issued under this Indenture. 

  
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 SECTION 1004. Statement as to Compliance. The Company will deliver to the Trustee,
within 120 days after the end of each fiscal year, a written statement signed by the principal executive officer, principal financial officer or principal accounting officer of the Company, stating that 

(1) a review of the activities of the Company during such year and of the Company’s performance under this Indenture and
under the terms of the Securities has been made under such officer’s supervision; and 
 (2) to the best of its
knowledge, based on such review, no Event of Default has occurred and is continuing or, if an Event of Default has occurred and is continuing, specifying each such Event of Default known to such officer and the nature and status thereof. 

SECTION 1005. Corporate Existence. Except to the extent otherwise permitted by Article Eight, the Company will do or cause to be done
all things necessary to preserve and keep in full force and effect its corporate existence and will use its best efforts to do or cause to be done all things necessary to preserve and keep in full force and effect its rights (charter and statutory)
and franchises and such rights and franchises of its Subsidiaries, except to the extent the failure to do so would not have a material adverse effect on the financial condition and results of operations of the Company and its Subsidiaries taken as a
whole; provided that nothing in this Section 1005 shall prohibit any transaction not prohibited by Section 801, and the Company shall not be required to preserve any such right or franchise if the Board of Directors shall determine
that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries taken as a whole and that the loss thereof is not disadvantageous in any material respect to the Holders. 

SECTION 1006. Limitation on Liens. (a) The Company will not, nor will it permit any Subsidiary to, incur any Indebtedness, if such
Indebtedness is secured by a Lien upon any Specified Property now owned or hereafter acquired, unless, concurrently with the incurrence of such Indebtedness, the Securities shall be secured equally and ratably with (or prior to) such Indebtedness
for so long as such Indebtedness is so secured; provided that the foregoing restriction shall not apply to: 
 (1) any
Lien on (i) any Specified Property acquired, constructed, developed, extended or improved by the Company or any Subsidiary (singly or together with other Persons) or any property or assets reasonably incidental to the use or operation of such
Specified Property (including any real property on which such Specified Property is located) or (ii) any shares or other ownership interest in, or any Indebtedness of, any Person which holds, owns or is entitled to such property, assets,
products, revenue or profits, in each of cases (i) or (ii), to the extent such Lien is created, incurred or assumed contemporaneously with, or within 360 days after, such acquisition or the completion of such construction, development,
extension or improvement in order to secure or provide for the payment of any part of the purchase price or other consideration of such Specified Property or shares or other ownership interest or the other costs of such acquisition, construction,
development, extension or improvement (including costs such as escalation, interest during construction and financing and refinancing costs); 

(2) any Lien for Taxes not yet due or which are being contested in good faith; provided that reserves with respect
thereto are maintained on the books of the Company to the extent required by IFRS; 
 (3) any Lien existing on any asset, or
on any asset of any Person, at the time such asset or Person is acquired by the Company or a Subsidiary or such Person is merged or consolidated with or into the Company or a Subsidiary, or any Lien on any asset of a Person which existed at the time
such Person becomes a Subsidiary; 
 (4) any Lien which secures Indebtedness owing to the Company or to one or more of the
Company’s Subsidiaries; 
 (5) any Lien existing on the date of the Indenture; and 

(6) any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part, of any Lien
referred to in the foregoing clauses (1) through (5), inclusive; provided that the 

  
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principal amount of Indebtedness secured thereby shall not exceed the principal amount of Indebtedness so secured at the time of such extension, renewal or replacement, and that such extension,
renewal or replacement shall be limited to all or a part of the property which secured the Lien so extended, renewed or replaced (plus any extensions, expansions or improvements of such property). 

(b) Notwithstanding clause (a) of this Section or the provisions of Section 1007, the Company or any Subsidiary may incur
Indebtedness secured by a Lien which would otherwise be prohibited under the provisions of paragraph (a) of this Section or enter into Sale and Leaseback Transactions that would otherwise be prohibited by Section 1007; provided
that the aggregate principal amount of such Indebtedness of the Company and its Subsidiaries together with the aggregate Attributable Value of all such Sale and Leaseback Transactions of the Company and its Subsidiaries shall not exceed 20% of
Consolidated Assets at the time any such Indebtedness is incurred by the Company or any of its Subsidiaries or at the time any such Sale and Leaseback Transaction is entered into. 

SECTION 1007. Limitations on Sale and Leaseback Transactions. Neither the Company nor any Subsidiary may enter into any Sale and
Leaseback Transaction with respect to any Specified Property, unless either (x) the Company or such Subsidiary would be entitled pursuant to Section 1006 to incur Indebtedness secured by a Lien on such Specified Property without equally
and ratably securing the Securities or (y) the Company or such Subsidiary shall apply or cause to be applied, in the case of a sale or transfer for cash, an amount equal to the net proceeds thereof and, in the case of a sale or transfer
otherwise than for cash, an amount equal to the fair market value (as determined in good faith by the Board of Directors) of the Specified Property so leased, to the retirement, within 360 days after the effective date of such Sale and
Leaseback Transaction, of Indebtedness of the Company ranking at least on a parity with the Securities or Indebtedness of any Subsidiary, in each case owing to a Person other than the Company or any Affiliate of the Company or to the acquisition,
purchase, construction, development, extension or improvement of any real or personal property or assets used or to be used by or for the benefit of the Company or any Subsidiary in the ordinary course of business. The restrictions set forth in the
preceding sentence will not apply to (i) transactions providing for a lease for a term, including any renewal thereof, of not more than five years and (ii) transactions between the Company and a Subsidiary or between Subsidiaries. 

SECTION 1008. Maintenance of Properties. The Company will cause all Manufacturing Facilities used or useful in the conduct of its
business or the business of any Subsidiary to be maintained and kept in good condition, repair and working order and supplied with such equipment and will cause to be made such repairs, renewals, replacements, betterments and improvements thereof,
all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided that nothing in this Section 1008 shall prevent the
Company from discontinuing the operation or maintenance of any of such properties if such discontinuance is, in the judgment of the Company, desirable in the conduct of its business or the business of any Subsidiary and not disadvantageous in any
material respect to the Holders. 
 SECTION 1009. Maintenance of Insurance. The Company shall maintain, and shall cause each of its
Subsidiaries to maintain, with insurers the Company believes to be financially sound, insurance on their respective Manufacturing Facilities against such loss or damage as the Company determines in good faith is in accordance with sound business
practice. Such insurance may be subject to co-insurance deductibility or similar clauses which, in effect, result in self-insurance of certain losses. 

SECTION 1010. Maintenance of Books and Records. The Company shall, and shall cause each of its Subsidiaries to, maintain books,
accounts and records adequate to reflect fairly in all material respects the Company’s consolidated financial condition and results of operations in accordance with generally accepted accounting principles as applied in the Republic of Chile.

  
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 ARTICLE ELEVEN 

Redemption of Securities 

SECTION 1101. Applicability of Article. The Company may reserve the right to redeem and pay before Stated Maturity all or any part of
the Securities of any series, either by optional redemption, sinking or purchase fund or analogous obligation or otherwise, by provision therefor in the form of Security for such series established and approved pursuant to Section 202 and on
such terms as are specified in such form or in the Board Resolution or indenture supplemental hereto with respect to Securities of such series as provided in Section 301. Redemption of Securities of any series shall be made in accordance with
the terms of such Securities and, to the extent that this Article does not conflict with such terms, the succeeding Sections of this Article. 

SECTION 1102. Election to Redeem; Notice to Trustee. The election of the Company to redeem any Securities redeemable at the election of
the Company shall be evidenced by, or made pursuant to authority granted by, a Board Resolution. In case of any redemption at the election of the Company of any Securities of any series, the Company shall, at least 60 days prior to the
Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee in writing of such Redemption Date and of the principal amount of Securities of such series to be redeemed. 

In the case of any redemption of Securities (i) prior to the expiration of any restriction on such redemption provided in the terms of
such Securities or elsewhere in this Indenture, or (ii) pursuant to an election of the Company which is subject to a condition specified in the terms of such Securities, the Company shall furnish the Trustee with an Officers’ Certificate
evidencing compliance with such restriction or condition. 
 SECTION 1103. Selection by Trustee of Securities to be Redeemed. If less
than all the Securities of like tenor and terms of any series are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of
such series not previously called for redemption, by lot or such method as the Trustee shall deem fair and appropriate and which may include provision for the selection for redemption of portions of the principal of Securities of such series of a
denomination larger than the minimum authorized denomination for Securities of that series. Unless otherwise provided in the terms of a particular series of Securities, the portions of the principal of Securities so selected for partial redemption
shall be equal to the minimum authorized denomination of the Securities of such series, or an integral multiple thereof, and the principal amount which remains outstanding shall not be less than the minimum authorized denomination for Securities of
such series. If less than all the Securities of unlike tenor and terms of a series are to be redeemed, the particular Securities to be redeemed shall be selected by the Company. 

The Trustee shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Security selected
for partial redemption, the principal amount thereof to be redeemed. 
 For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal of such Security which has been or is to be redeemed. 

SECTION 1104. Notice of Redemption. Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30
nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at its address appearing in the Security Register. 

All notices of redemption shall state: 

(1) the Redemption Date; 

(2) the Redemption Price; 

  
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 (3) if less than all Outstanding Securities of any series are to be
redeemed, the identification (and, in the case of partial redemption, the respective principal amounts) of the Securities to be redeemed, from the Holder to whom the notice is given; 

(4) that on the Redemption Date the Redemption Price will become due and payable upon each such Security, and that interest, if
any, thereon shall cease to accrue from and after said date; 
 (5) the place where such Securities are to be surrendered for
payment of the Redemption Price, which shall be the office or agency of the Company in the Place of Payment; and 
 (6) if
applicable, that the redemption is on account of a sinking or purchase fund, or other analogous obligation. 
 Notice of redemption of
Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s Request, by the Trustee (provided the Trustee receives such notice not less than 40 days prior to the Redemption Date) in the name and
at the expense of the Company. For the avoidance of doubt, any calculation to be made in determining the Redemption Price shall be made by the Company and the Company shall provide to the Trustee written confirmation of such calculation. 

SECTION 1105. Deposit of Redemption Price. At least one Business Day prior to any Redemption Date, the Company shall deposit with the
Paying Agent on behalf of the Trustee (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of all the Securities which are to
be redeemed on that date. The Company will cause the bank through which payment of funds to the Paying Agent will be made to deliver to the Paying Agent by 10:00 a.m. (New York City Time) two Business Days prior to the due date of such payment
an irrevocable confirmation (by tested telex or authenticated Swift MT 100 Message) of its intention to make such payment. 
 SECTION
1106. Securities Payable on Redemption Date. Notice of Redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified and from and
after such date (unless the Company shall default in the payment of the Redemption Price) such Securities shall cease to bear interest. Upon surrender of such Securities for redemption in accordance with the notice, such Securities shall be paid by
the Company at the Redemption Price. Installments of interest the Stated Maturity of which is on or prior to the Redemption Date shall be payable to the Holders of such Securities registered as such on the relevant Regular Record Dates according to
their terms and the provisions of Section 307. 
 If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal shall, until paid, bear interest from the Redemption Date at the rate borne by the Security, or as otherwise provided in such Security. 

SECTION 1107. Securities Redeemed in Part. Any Security which is to be redeemed only in part shall be surrendered at the office or
agency of the Company in the Place of Payment with respect to that series (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by,
the Holder thereof or its attorney duly authorized in writing) and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and
Stated Maturity and of like tenor and terms, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 

SECTION 1108. Provisions with Respect to any Sinking Funds. Unless the form or terms of any series of Securities shall provide
otherwise, in lieu of making all or any part of any mandatory sinking fund payment with respect to such series of Securities in cash, the Company may at its option (1) deliver to the Trustee for cancellation any Securities of such series
theretofore acquired by the Company, or (2) receive credit for any 

  
 45 

 
Securities of such series (not previously so credited) acquired by the Company and theretofore delivered to the Trustee for cancellation or redeemed by the Company other than through the
mandatory sinking fund, and if it does so then (i) Securities so delivered or credited shall be credited at the applicable sinking fund Redemption Price with respect to Securities of such series, and (ii) on or before the 60th day next
preceding each sinking fund Redemption Date with respect to such series of Securities, the Company will deliver to the Trustee (A) an Officers’ Certificate specifying the portions of such sinking fund payment to be satisfied by payment of
cash and by delivery or credit of Securities of such series acquired by the Company or so redeemed, and (B) such Securities so acquired, to the extent not previously surrendered. Such Officers’ Certificate shall also state the basis for
such credit and that the Securities for which the Company elects to receive credit have not been previously so credited and were not redeemed by the Company through operation of the mandatory sinking fund, if any, provided with respect to such
Securities and shall also state that no Event of Default with respect to Securities of such series has occurred and is continuing. All Securities so delivered to the Trustee shall be cancelled by the Trustee and no Securities shall be authenticated
in lieu thereof. 
 If the sinking fund payment or payments (mandatory or optional) with respect to any series of Securities made in cash
plus any unused balance of any preceding sinking fund payments with respect to Securities of such series made in cash shall exceed U.S.$50,000 (or a lesser sum if the Company shall so request), unless otherwise provided by the terms of such series
of Securities, that cash shall be applied by the Trustee on the sinking fund Redemption Date with respect to Securities of such series next following the date of such payment to the redemption of Securities of such series at the applicable sinking
fund Redemption Price with respect to Securities of such series, together with accrued interest, if any, to the date fixed for redemption, with the effect provided in Section 1106. The Trustee shall select, in the manner provided in
Section 1103, for redemption on such sinking fund Redemption Date a sufficient principal amount of Securities of such series to utilize that cash and shall thereupon cause notice of redemption of the Securities of such series for the sinking
fund to be given in the manner provided in Section 1104 (and with the effect provided in Section 1106) for the redemption of Securities in part at the option of the Company. Any sinking fund moneys not so applied or allocated by the
Trustee to the redemption of Securities of such series shall be added to the next cash sinking fund payment with respect to Securities of such series received by the Trustee and, together with such payment, shall be applied in accordance with the
provisions of this Section 1108. Any and all sinking fund moneys with respect to Securities of any series held by the Trustee at the Maturity of Securities of such series, and not held for the payment or redemption of particular Securities of
such series, shall be applied by the Trustee, together with other moneys, if necessary, to be deposited sufficient for the purpose, to the payment of the principal of the Securities of such series at Maturity. 

On or before the Business Day prior to each sinking fund Redemption Date provided with respect to Securities of any series, the Company shall
pay to the Paying Agent on behalf of the Trustee in cash a sum equal to all accrued interest, if any, to the date fixed for redemption on Securities to be redeemed on such sinking fund Redemption Date pursuant to this Section 1108. 

SECTION 1109. Optional Redemption in the Event of Change in Tax Treatment. If as a result of any change in or amendment to the laws or
treaties (or any rules or regulations thereunder) of a Taxing Authority, or any amendment to or change in an official interpretation, administration or application of such laws, treaties, rules, or regulations (including a holding by a court of
competent jurisdiction), which change or amendment becomes effective or, in the case of a change in official position, is announced on or after the issue date of the Securities of any series (or if a successor assumes the obligations under the
Securities, such later date), the Company has or will become obligated to pay any Additional Amounts in excess of the Additional Amounts the Company would be obligated to pay if payments were subject to withholding or deduction at a rate of 4% (the
“Minimum Withholding Level”), the Company may, at its option, redeem all, but not less than all, of the Securities of such series, at the Redemption Price, together with any accrued interest to the Redemption Date, upon publication
of irrevocable notice not less than 30 days nor more than 90 days prior to the Redemption Date. No notice of such redemption may be given earlier than 90 days prior to the earliest date on which the Company would, but for such redemption, be
obligated to pay Additional Amounts above the Minimum Withholding Level, if payment in 

  
 46 

 
respect of the Securities of such series were actually due on such date. Notwithstanding the foregoing, the Company shall not have the right to so redeem the Securities of any series unless it
determines, in its reasonable business judgment, that it cannot avoid the obligation to pay the Additional Amounts above the Minimum Withholding Level by the use of reasonable measures available to it; provided that for the avoidance of doubt
changing the jurisdiction of the Company is not a reasonable measure for the purposes of this Section. In the event that the Company elects to so redeem the Securities of any series, it will deliver to the Trustee: (1) an Officers’
Certificate stating that the Company is entitled to redeem the Securities of such series pursuant to their terms and setting forth a statement of facts showing that the condition or conditions precedent to the right of the Company to so redeem have
occurred or been satisfied; and (2) an Opinion of Counsel to the effect that the Company has or will become obligated to pay Additional Amounts above the Minimum Withholding Level as a result of the change or amendment, and that all
governmental requirements necessary for the Company to effect the redemption have been complied with. 
 ARTICLE TWELVE 

Defeasance and Covenant Defeasance 

SECTION 1201. Company’s Option to Effect Defeasance or Covenant Defeasance. The Company may at its option by Board Resolution, at
any time, elect to have either Section 1202 or Section 1203 applied to the Outstanding Securities of any series upon compliance with the conditions set forth below in this Article Twelve. 

SECTION 1202. Defeasance and Discharge. Upon the Company’s exercise of the option provided in Section 1201 to have this
Section 1202 applied to all the Outstanding Securities of any series, the Company shall be deemed to have been discharged from its obligations with respect to such Outstanding Securities on the date the conditions in Section 1204 are
satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by all the Outstanding Securities of any series and to have
satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same) except for the following,
which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of such Securities to receive, solely from the trust fund described in Section 1204 and as more fully set forth in such Section,
payments in respect of the principal of and premium, if any, Additional Amounts, if any, and interest on such Securities when such payments are due, (b) the Company’s obligations with respect to such Securities under Sections 304,
305, 306, 308, 1002 and 1003, (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (d) this Article Twelve and the Company’s obligations to the Trustee under Section 607. Subject to compliance
with this Article Twelve, the Company may exercise its option under this Section 1202 notwithstanding the prior exercise of its option under Section 1203. 

SECTION 1203. Covenant Defeasance. Upon the Company’s exercise of the option provided in Section 1201 to have this
Section 1203 applied to all the Outstanding Securities of any series, (i) the Company shall be released from its obligations under Sections 1006 and 1007 with respect to such Securities and (ii) the occurrence of an event with
respect to such Securities specified in Sections 501(3) (with respect to any of Sections 1006 and 1007), 501(4) or 501(5) shall not be deemed to be an Event of Default on and after the date the conditions set forth in Section 1204 are
satisfied (hereinafter, “covenant defeasance”). For this purpose, such covenant defeasance means that, with respect to such Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such Section or clause, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or clause or by reason of any reference in any such Section or clause to any other provision
herein or in any other document, but the remainder of this Indenture, with respect to such Securities and Securities of another series as to which the Company has not elected to have either Section 1202 or 1203 applied, shall be unaffected
thereby. 

  
 47 

 SECTION 1204. Conditions to Defeasance or Covenant Defeasance. The following shall be
the conditions to application of either Section 1202 or Section 1203 to the then Outstanding Securities of the applicable series: 

(1) The Company shall irrevocably have deposited or caused to be deposited, as the case may be, with the Paying Agent on behalf
of the Trustee (or another trustee satisfying the requirements of Section 609 who shall agree to comply with the provisions of this Article Twelve applicable to it) in trust for the purpose of making the following payments specifically
pledged as security for, and dedicated solely to, the benefit of the Holders of all Outstanding Securities of the applicable series, (A) money in an amount, or (B) U.S. Government Obligations which through the scheduled payment of
principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (C) a combination thereof, sufficient, in the opinion of an internationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, the
principal of (and premium, if any, and Additional Amounts, if any) and each installment of interest on the applicable series of Securities on the Stated Maturity of such principal of (and premium, if any, and Additional Amounts, if any) or
installment of interest in accordance with the terms of this Indenture and of such series of Securities. 
 (2) In the case
of an election under Section 1202, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (x) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or
(y) since the date of this Indenture there has been a change in the applicable United States Federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of the Outstanding Securities
with respect to such series of Securities will not recognize gain or loss for United States Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to United States Federal income tax on the same amount,
in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred. 

(3) In the case of an election under Section 1203, the Company shall have delivered to the Trustee an Opinion of Counsel
to the effect that the Holders of the Outstanding Securities of the applicable series will not recognize gain or loss for United States Federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to United
States Federal income tax on the same amount, in the same manner and at the same times as would have been the case if such deposit and covenant defeasance had not occurred. 

(4) The Company shall have delivered to the Trustee an Officers’ Certificate to the effect that such series of Securities,
if then listed on any securities exchange, will not be delisted as a result of such deposit. 
 (5) No Event of Default or
event which with notice or lapse of time or both would become an Event of Default shall have occurred and be continuing on the date of such deposit or, insofar as subsections 501(6) and (7) inclusive are concerned, at any time during the
period ending on the 121st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period). 

(6) Such defeasance or covenant defeasance shall not cause the Trustee to have a conflicting interest as defined in
Section 608 and for purposes of the Trust Indenture Act with respect to any securities of the Company. 
 (7) Such
defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Company is a party or by which it is bound. 

(8) The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that payment of amounts deposited in
trust with the Trustee as provided in clause (1) hereof will not be subject to future Taxes imposed, levied, collected, withheld or assessed by, within or on behalf of the Republic of Chile or any political subdivision or governmental authority
thereof or therein having power to tax, except to the extent that Additional Amounts in respect thereof shall have been deposited in trust with the Trustee as provided in clause (1) hereof. 

  
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 (9) The Company shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel each stating that all conditions precedent provided for relating to either the defeasance under Section 1202 or the covenant defeasance under Section 1203, as the case may be, have been complied with.

 (10) Such defeasance or covenant defeasance shall not result in the trust arising from such deposit constituting an
investment company as defined in the Investment Company Act of 1940, as amended. 
 SECTION 1205. Deposited Money and U.S. Government
Obligations to be Held in Trust; Other Miscellaneous Provisions. Subject to the provisions of Section 1003, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Paying Agent on behalf of the Trustee
(or other qualifying trustee, collectively, for purposes of this Section, the “Trustee”) pursuant to Section 1204 in respect of the Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of
such series of Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to
become due thereon in respect of principal (and premium, if any) and interest, but such money need not be segregated from other funds except to the extent required by law. 

The Company shall pay and indemnify the Trustee and the Paying Agent against any tax, fee or other charge imposed on or assessed against the
U.S. Government Obligations deposited pursuant to Section 1204 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the applicable series of
Outstanding Securities. 
 Anything in this Article Twelve to the contrary notwithstanding, the Trustee or Paying Agent, as applicable,
shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Government Obligations held by it as provided in Section 1204 which, in the opinion of an internationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent defeasance or covenant defeasance. 

SECTION 1206. Reinstatement. If the Trustee or the Paying Agent is unable to apply any money in accordance with Section 1202 or
1203 by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations of the Company under this Indenture and the Securities shall be revived and
reinstated as though no deposit had occurred pursuant to this Article Twelve until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 1202 or 1203; provided that if the
Company makes any payment of principal of or interest on or Additional Amounts in respect of any Security following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such series of Securities to
receive such payment from the money held by the Trustee or the Paying Agent. 

  
 49 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed all as
of the day and year first above written. 
  

			
	CELULOSA ARAUCO Y CONSTITUCIÓN S.A.,
		
	By	 	/s/ Gianfranco Truffello
		 	 Name: Gianfranco Truffello

Title: Chief Financial Officer

		
	By	 	/s/ Marcelo Bennett
		 	 Name: Marcelo Bennett

Title: Treasurer

  

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee, Security Registrar and Paying Agent

		
	by	 	/s/ Bret Derman
		 	 Name: Bret S. Derman
 Title: Vice
President

 Indenture Signature Page 

 APPENDIX A 

FOR OFFERINGS TO QUALIFIED INSTITUTIONAL BUYERS PURSUANT TO RULE 144A AND TO CERTAIN PERSONS IN OFFSHORE TRANSACTIONS IN RELIANCE ON
REGULATION S 
 PROVISIONS RELATING TO SECURITIES, 

PRIVATE EXCHANGE SECURITIES AND EXCHANGE SECURITIES 

1. Definitions 

1.1 Definitions 

For the purposes of this Appendix A the following terms shall have the meanings indicated below: 

“Applicable Procedures” means, with respect to any transfer or transaction involving a Regulation S Global Security or
beneficial interest therein, the rules and procedures of the Depositary for such Global Security, of Euroclear and of Clearstream, in each case to the extent applicable to such transaction and as in effect from time to time. 

“Clearstream” means Clearstream Banking, société anonyme, or any successor securities clearing agency. 

“Definitive Security” means a certificated Security (bearing the Restricted Securities Legend if the transfer of such Security is
restricted by applicable law) that does not include the Global Securities Legend. 
 “Euroclear” means the Euroclear Bank,
S.A./N.V., as operator of the Euroclear System, or any successor securities clearing agency. 
 “Exchange Securities” means
Securities to be issued pursuant to this Indenture (i) in connection with a Registered Exchange Offer pursuant to a Registration Rights Agreement in exchange for Securities of the same series with interest payable on such Exchange Securities
accruing from the last date on which interest was paid on the Securities for which they were exchanged or, if no such interest has been paid, from the date of issuance of the Securities, or (ii) as otherwise set forth in or pursuant to a Board
Resolution or indenture supplemental hereto. 
 “Global Securities Legend” means the legend set forth under that caption in
Exhibit A-1 to this Indenture. 
 “Initial Purchasers” means the initial purchasers, underwriters, managers, dealers, agents
or other distributors set forth in the Purchase Agreement relating to a particular series of Securities to be issued under the Indenture. 

“Private Exchange” means an offer by the Company, pursuant to a Registration Rights Agreement, to issue and deliver to certain
purchasers, in exchange for the Securities held by such purchasers as part of their initial distribution, a like aggregate principal amount of Private Exchange Securities. 

“Private Exchange Securities” means the Securities to be issued pursuant to this Indenture in connection with a Private Exchange
pursuant to a Registration Rights Agreement in exchange for Securities of the same series with interest payable on such Private Exchange Securities accruing from the last date on which interest was paid on the Securities for which they were
exchanged or, if no such interest has been paid, from the date of issuance of the Securities pursuant to this Indenture. 
 “Purchase
Agreement” means a purchase, underwriting, subscription or agency agreement among the Company and the Initial Purchasers in respect of the sale and distribution of the Securities of a series. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

 “Registered Exchange Offer” means an offer by the Company, pursuant to
a Registration Rights Agreement, to certain Holders of Securities, to issue and deliver to such Holders, in exchange for their Securities, a like aggregate principal amount of Exchange Securities registered under the Securities Act. 

“Registration Rights Agreement” means an agreement among the Company and the Initial Purchasers relating to an offer by the Company
to Holders of Securities to exchange such Securities for Exchange Securities or Private Exchange Securities. 

“Regulation S” means Regulation S under the Securities Act. 

“Regulation S Securities” means all Securities offered and sold outside the United States in reliance on Regulation S. 

“Restricted Period”, with respect to any Securities, means the period of 40 consecutive days beginning on and including the later of
(i) the day on which such Securities are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S and (ii) the date on which the closing of the offering thereof
occurs. 
 “Restricted Securities Legend” means the legend set forth under that caption in Exhibit A-1 to this Indenture. 

“Rule 501” means Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 

“Rule 144A” means Rule 144A under the Securities Act. 

“Rule 144A Securities” means all Securities offered and sold to QIBs in reliance on Rule 144A. 

“Securities Custodian” means the custodian with respect to a Global Security (as appointed by the Depositary) or any successor
person thereto, which shall initially be the Trustee. 
 “Shelf Registration Statement” means a registration statement filed by
the Company in connection with the offer and sale of Securities pursuant to a Registration Rights Agreement. 
 “Transfer Restricted
Securities” means Definitive Securities and any other Securities that bear or are required to bear the Restricted Securities Legend. 

1.2 Other Definitions 
  

					
	 Term:
	  	Defined in Section:	 
	 “Agent Members”
	  	 	2.1	(b) 
	 “Global Security”
	  	 	2.1	(a) 
	 “Regulation S Global Security”
	  	 	2.1	(a) 
	 “Rule 144A Global Security”
	  	 	2.1	(a) 

 2. The Securities 

2.1 Form and Dating 

Securities sold pursuant to a Purchase Agreement by the Company to Initial Purchasers will be resold, initially only to (A) QIBs in
reliance on Rule 144A and (B) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. Such Securities and any other Securities issued hereunder may thereafter be transferred to any Person, but subject to
the restrictions on transfers set forth therein and herein. 
 (a) Global Securities. Each of the Rule 144A Securities and the
Regulation S Securities shall be issued initially in the form of one or more permanent Global Securities (collectively, with respect to any series, the 

  
 2 

 
“Rule 144A Global Security” and the “Regulation S Global Security”, respectively) in definitive, fully registered form, in each case without interest coupons and bearing the
Global Securities Legend and Restricted Securities Legend, which shall be deposited with the Trustee, at its New York office, as Securities Custodian (or with such other custodian as the Depositary may direct), and registered in the name of the
Depositary or a nominee of the Depositary. The aggregate principal amount of the Global Securities may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee as hereinafter
provided. 
 (b) Book-Entry Provisions. 

Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to any
Global Security held on their behalf by the Depositary or by the Trustee as Securities Custodian or under such Global Security, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute
owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or
other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices of such Depositary governing the exercise of the rights of a holder of a beneficial interest in any
Global Security. 
 (c) Definitive Securities. Except as provided in Section 204, Section 2.3 or this Section 2.1 or
as otherwise provided in the Indenture, owners of beneficial interests in Global Securities will not be entitled to receive physical delivery of certificated Securities. 

2.2 Exchange Securities and Private Exchange Securities. Exchange Securities shall be issued hereunder only in a Registered
Exchange Offer and Private Exchange Securities shall be issued hereunder only in a Private Exchange, in each case, pursuant to a Registration Rights Agreement and for a like principal amount of Securities exchanged pursuant thereto. All Private
Exchange Securities and Exchange Securities shall be deemed to be part of and constitute a single series consisting of such Exchange Securities or Private Exchange Securities and the Securities for which such Exchange Securities or Private Exchange
Securities were exchangeable and, without limiting the generality of the foregoing, such Exchange Securities, Private Exchange Securities and Securities shall vote together as one series of Securities under this Indenture. 

2.3 Transfer and Exchange. (a) Transfer and Exchange of Definitive Securities. When Definitive Securities are
presented to the Security Registrar with a request: 
 (x) to register the transfer of such Definitive Securities; or 

(y) to exchange such Definitive Securities for an equal principal amount of Definitive Securities of other authorized
denominations, 
 the Security Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction
are met; provided that the Definitive Securities surrendered for registration of transfer or exchange: 
 (i) shall be
duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Security Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing; and 

(ii) are being transferred or exchanged pursuant to an effective registration statement under the Securities Act, pursuant to
Section 2.3(b) or pursuant to clause (A), (B) or (C) below, and are accompanied by the following additional information and documents, as applicable: 

(A) if such Definitive Securities are being delivered to the Security Registrar by a Holder for registration in the name of
such Holder, without transfer, a certification from such Holder to that effect (in the form set forth on the reverse of the Security); or 

  
 3 

 (B) if such Definitive Securities are being transferred to the Company, a
certification to that effect (in the form set forth on the reverse of the Security); or 
 (C) if such Definitive Securities
are being transferred pursuant to an exemption from registration in accordance with Rule 144 or in reliance on another exemption from the registration requirements of the Securities Act, (i) a certification to that effect (in the form set
forth on the reverse of the Security) and (ii) if the Company or Security Registrar so requests, an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions set forth in the legend set forth
in Section 2.3(e)(i). 
 (b) Restrictions on Transfer of a Definitive Security for a Beneficial Interest in a Global
Security. A Definitive Security may not be exchanged for a beneficial interest in a Global Security except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Security, duly endorsed or accompanied
by appropriate instruments of transfer in form satisfactory to the Trustee, together with: 
 (i) certification (in the
form set forth on the reverse of the Security) that such Definitive Security is being transferred (A) to a QIB in accordance with Rule 144A or (B) outside the United States in an offshore transaction within the meaning of
Regulation S and in compliance with Rule 904 under the Securities Act; and 
 (ii) written instructions directing the
Trustee to make, or to direct the Securities Custodian to make, an adjustment on its books and records with respect to such Global Security to reflect an increase in the aggregate principal amount of the Securities represented by the Global
Security, such instructions to contain information regarding the Depositary account to be credited with such increase, 
 then the Trustee shall cancel such
Definitive Security and cause, or direct the Securities Custodian to cause, in accordance with the standing instructions and procedures existing between the Depositary and the Securities Custodian, the aggregate principal amount of Securities
represented by the Global Security to be increased by the aggregate principal amount of the Definitive Security to be exchanged and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial
interest in the Global Security equal to the principal amount of the Definitive Security so cancelled. If no Global Securities are then outstanding and the Global Security has not been previously exchanged for individual securities pursuant to
Section 204, the Company shall issue and the Trustee shall authenticate, upon Company Order, a new Global Security in the appropriate principal amount. 

(c) Transfer and Exchange of Global Securities. 

(i) The transfer and exchange of Global Securities or beneficial interests therein shall be effected through the
Depositary, in accordance with this Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depositary therefor. A transferor of a beneficial interest in a Global Security shall deliver a written
order given in accordance with the Depositary’s procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in the Global Security and such account shall be credited in
accordance with such order with a beneficial interest in the Global Security and the account of the Person making the transfer shall be debited by an amount equal to the beneficial interest in the Global Security being transferred. Transfers by an
owner of a beneficial interest in the Rule 144A Global Security to a transferee who takes delivery of such interest through the Regulation S Global Security, whether before or after the expiration of the Restricted Period, shall be made only upon
receipt by the Trustee of a certification from the transferor to the effect that such transfer is being made in accordance with Regulation S or (if available) Rule 144 under the Securities Act. 

(ii) If the proposed transfer is a transfer of a beneficial interest in one Global Security to a beneficial interest in
another Global Security, the Security Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Security to which such interest is being transferred in an amount equal to the principal amount of
the interest to be so transferred, and the 

  
 4 

 
Security Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of Global Security from which such interest is being transferred. 

(iii) Notwithstanding any other provisions of this Appendix (other than the provisions set forth in Section 204), a
Global Security may not be transferred as a whole except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary. 
 (iv) In the event that a Global Security is exchanged
for Securities in definitive registered form pursuant to Section 204, prior to the consummation of a Registered Exchange Offer or the sale of a Security pursuant to an effective Shelf Registration Statement with respect to such Securities, such
Securities may be transferred or exchanged only in accordance with such procedures as are substantially consistent with the provisions of this Section 2.3 (including the certification requirements set forth on the reverse of the Securities
intended to ensure that such transfers comply with Rule 144A, Regulation S or such other applicable exemption from registration under the Securities Act, as the case may be) and such other reasonable procedures as may from time to time be adopted by
the Company. 
 (d) Restrictions on Transfer of Regulation S Global Security. (i) During the Restricted Period, beneficial
ownership interests in the Regulation S Global Security may only be sold, pledged or transferred in accordance with the Applicable Procedures and only (A) to the Company, (B) so long as such security is eligible for resale pursuant to
Rule 144A, to a person whom the transferor reasonably believes is a QIB that purchases for its own account or for the account of a QIB to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A,
(C) in an offshore transaction in accordance with Regulation S, (D) pursuant to an exemption from registration under the Securities Act provided by Rule 144 (if applicable) under the Securities Act or (E) pursuant to an
effective registration statement under the Securities Act, in each case in accordance with any applicable securities laws of any state of the United States. Prior to the expiration of the Restricted Period, transfers by an owner of a beneficial
interest in the Regulation S Global Security to a transferee who takes delivery of such interest through the Rule 144A Global Security shall be made only in accordance with Applicable Procedures and upon receipt by the Trustee of a written
certification from the transferor of the beneficial interest in the form provided on the reverse of the Security to the effect that such transfer is being made to a person whom the transferor reasonably believes is a QIB within the meaning of Rule
144A in a transaction meeting the requirements of Rule 144A. Such written certification shall no longer be required after the expiration of the Restricted Period. 

(ii) Upon the expiration of the Restricted Period, beneficial ownership interests in the Regulation S Global Security
shall be transferable in accordance with applicable law and the other terms of this Indenture. 
 (e) Legend.

 (i) Except as permitted by the following paragraphs (ii), (iii), (iv), (vi) or (vii), each Security
certificate evidencing the Global Securities and the Definitive Securities (and all Securities issued in exchange therefor or in substitution thereof) shall bear a Restricted Securities Legend. Each Definitive Security will also bear the following
additional legend: 
 “IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE COMPANY AND THE SECURITY REGISTRAR SUCH
CERTIFICATES AND OTHER INFORMATION AS THE COMPANY AND THE SECURITY REGISTRAR MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 

(ii) Upon any sale or transfer pursuant to Rule 144 of a Transfer Restricted Security that is a Definitive Security,
the Security Registrar shall, at the written direction of the Company, permit the Holder thereof to exchange such Transfer Restricted Security for a Definitive Security that does not 

  
 5 

 
bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Security if the Holder certifies in writing to the Company that its request for such
exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Security). 

(iii) After a transfer of any Securities pursuant to an effective Shelf Registration Statement with respect to such
Securities, all requirements pertaining to the Restricted Securities Legend on such Securities will cease to apply, and a Global Security without the Restricted Securities Legend will be available to the transferee of the beneficial interests in
such Securities. Upon the occurrence of any of the circumstances described in this paragraph, the Company will deliver an Officers’ Certificate to the Trustee instructing the Trustee to issue Securities without legends. 

(iv) Upon the consummation of a Registered Exchange Offer with respect to any Securities pursuant to which certain Holders
of such Securities are offered Exchange Securities (other than Private Exchange Securities) in exchange for their Securities, Exchange Securities (other than Private Exchange Securities) in global form without the Restricted Securities Legend will
be available to Holders that exchange such Securities in such Registered Exchange Offer. Upon the occurrence of any of the circumstances described in this paragraph, the Company will deliver an Officers’ Certificate to the Trustee instructing
the Trustee to issue Securities without the Restricted Securities Legend. 
 (v) Upon the consummation of a Private
Exchange with respect to the Securities pursuant to which Holders of such Securities are offered Private Exchange Securities in exchange for their Securities, Private Exchange Securities in global form with the Restricted Securities Legend shall be
available to Holders that exchange such Securities in such Private Exchange. 
 (vi) Upon a sale or transfer after the
expiration of the Restricted Period of any Security acquired pursuant to Regulation S, all requirements that such Security bear the Restricted Securities Legend shall cease to apply and a Security in global form without the Restricted Securities
Legend may be issued to the transferee of such Security. 
 (vii) Any Securities sold in a registered offering shall not
be required to bear the Restricted Securities Legend. 

  
 6 

 EXHIBIT A-1 

[FORM OF FACE OF INITIAL SECURITY] 

[Global Securities Legend] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 [Restricted Securities Legend] 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS NOTE NOR
ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE
HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED NOTES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE
OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR
(E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) OR (E) TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 

 [Definitive Securities Legend] 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE COMPANY AND THE SECURITY REGISTRAR SUCH CERTIFICATES AND OTHER INFORMATION AS
THE COMPANY AND THE SECURITY REGISTRAR MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
 2 

 CELULOSA ARAUCO Y CONSTITUCION S.A. 

3.875% Notes due 2027 
  

			
		 	U.S.$ [            ]
		
	No. -[            ]	 	CUSIP [            ]

 CELULOSA ARAUCO Y CONSTITUCION S.A., a corporation (“sociedad anónima”) duly organized
and existing under the laws of the Republic of Chile (herein called the “Company”, which term includes any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to 

Cede & Co. 
 or registered assigns, the
principal sum as set forth on the Schedule of Increases or Decreases annexed hereto at the office or agency of the Company in The City of New York, on November 2, 2027 by wire transfer of immediately available funds in such coin or currency of
the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest on said principal sum semiannually on May 2 and November 2 of each year, commencing on
May 2, 2018, at said office or agency, in like coin or currency, at the rate per annum specified in the title hereof, from May 2 or November 2, as the case may be, next preceding the date of this Note to which interest on the Notes
has been paid or duly provided for (unless the date hereof is the date to which interest on the Notes has been paid or duly provided for, in which case from the date of this Note), or, if no interest has been paid on these Notes or duly provided
for, from November 2, 2017 (the “original issue date”), until payment of said principal sum has been made or duly provided for. This Note shall bear interest from such May 2 or November 2, as the case may be; provided
that if the Company shall default in the payment of interest due on such May 2 or November 2, then this Note shall bear interest from the next preceding May 2 or November 2 to which interest on the Notes has been paid or duly
provided for, or, if no interest has been paid on the Notes or duly provided for, from the original issue date. The interest so payable, and punctually paid or duly provided for, on any May 2 or November 2 will, except as provided in the
Indenture referred to on the reverse hereof, be paid by wire transfer of immediately available funds to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the next preceding
April 30 or October 31, as the case may be (herein called the “Regular Record Date”), whether or not a Business Day, or may, at the option of the Company, unless this Note is a Global Security, be paid by wire transfers to the
account specified by the Trustee. Any such interest which is payable, but is not so punctually paid or duly provided for, shall forthwith cease to be payable to the registered Holder on such Regular Record Date and may be paid either to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes
not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed and upon such notice as may be
required by such exchange, if such manner of payment shall be deemed practical by the Trustee, all as more fully provided in said Indenture. Notwithstanding the foregoing, in the case of interest payable at Stated Maturity, such interest shall be
paid to the same Person to whom the principal hereof is payable. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 

Special Interest. The Holder of this Note is entitled to the benefits of the Registration Rights Agreement dated November 2, 2017,
between the Company and the representative of the several Initial Purchasers (the “Registration Agreement”). Capitalized terms used in this paragraph but not defined herein have the meanings assigned to them in the Registration
Agreement. In the event that (i) neither the Exchange Offer Registration Statement nor the Shelf Registration Statement has been filed (or confidentially submitted) with the Commission on or prior to the 180th day following the original issue
date, (ii) neither the Registered Exchange Offer has been consummated nor the Shelf Registration Statement has been declared effective on or prior to the 360th day following the original issue date, or (iii) after either the Exchange Offer
Registration Statement or the Shelf Registration Statement has been declared effective, such Registration Statement thereafter ceases to be effective 

 
or usable in connection with resales of the Securities at any time that the Company is obligated to maintain the effectiveness thereof pursuant to the Registration Agreement (each such event
referred to in clauses (i) through (iii) above being referred to herein as a “Registration Default”), additional interest (the “Special Interest”) shall accrue on the principal amount of Securities affected by such
Registration Default (in addition to stated interest on the Securities) from and including the date on which any such Registration Default shall occur to but excluding the date on which all Registration Defaults have been cured, at a rate equal to
0.25% per annum of the principal amount of the Securities during the 90-day period immediately following the occurrence of such Registration Default and shall increase by 0.25% per annum at the end of each subsequent 90-day period, but in
no event shall such rate exceed 0.75% per annum. The Special Interest will be payable in cash semiannually in arrears each May 2 or November 2 and otherwise on the terms set forth above with respect to payments of other interest owed
under the terms hereof. References to interest in this Note and in the Indenture shall be deemed to include references to Special Interest where applicable. 

All payments and deliveries of or in respect of principal, interest and premium, if any, on or with respect to this Note shall be made free
and clear of, and without withholding or deduction for or on account of, any present or future taxes, penalties, fines, duties, assessments or other governmental charges of whatever nature (or interest on any of the foregoing)
(“Taxes”) imposed, levied, collected, withheld or assessed by, within or on behalf of the Republic of Chile or any political subdivision or governmental authority thereof or therein having power to tax (a “Taxing
Authority”), unless such withholding or deduction is required by law or by regulation or governmental policy having the force of law. If the Company is required to make any withholding or deduction described in the preceding sentence with
respect to any payment or delivery made in respect of this Note, the Company will pay such additional amounts (“Additional Amounts”) as may be necessary to ensure that the net amounts received by the Holder hereof (including
Additional Amounts) after such withholding or deduction shall equal the respective amounts of principal, interest and premium, if any, that would have been receivable in respect of this Note in the absence of such withholding or deduction, except
that no such Additional Amounts shall be payable in respect of this Note (i) in the case of payments for which presentation of this Note is required, if this Note is presented for payment more than 30 days after the later of (x) the date
on which such payment first became due and (y) if the full amount payable has not been received in the Place of Payment by the Trustee on or prior to such due date, the date on which, the full amount having been so received and notice to that
effect shall have been given to the Holders of the Notes by the Trustee or the Paying Agent, on behalf of the Trustee, except to the extent that the Holder would have been entitled to such Additional Amounts on presenting this Note for payment on
the last day of the applicable 30-day period; (ii) for any estate, inheritance, gift, sales, use, value added, transfer, excise, personal property or similar tax, duty, fine, assessment or other governmental charge; (iii) if held by or on
behalf of a Holder or beneficial owner who is liable for Taxes in respect of this Note by reason of having some present or former, direct or indirect, connection with a Taxing Authority (including, without limitation, being a citizen of, being
incorporated or engaged in a trade or business in, or having a residence or principal place of business or other presence in a Taxing Authority), other than the mere holding of this Note or the receipt of principal, interest or premium, if any, in
respect thereof; (iv) for any Taxes that would not have been imposed (or would have been reduced) but for the failure of a Holder or beneficial owner of this Note to comply with any applicable certification, documentation, information or other
reporting requirement concerning the nationality, residence, identity or connection with the relevant Taxing Authority, or to make any other similar claim for exemption to the relevant Taxing Authority, if, after having been requested in writing by
the Company to comply with such applicable certification, documentation, information or other reporting requirement, or to make such a claim, such Holder or beneficial owner fails to do so within 30 days; (v) for any Taxes which are payable
other than by deduction or withholding from payments of principal, interest and premium, if any, on this Note; (vi) for any Taxes imposed on or in respect of (x) Sections 1471 through 1474 of the Code as of the date hereof (or any amended
or successor version that is substantively comparable and not materially more onerous to comply with) (“FATCA”) and any current or future regulations or official interpretations thereof, (y) any treaty, law, regulation or other
official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the United States and any other jurisdiction which (in either case) facilitates the implementation of the preceding clause (x), or
(z) any agreement entered into pursuant to the implementation of the preceding clauses (x) or (y) with the Internal Revenue Service, the United States government or any governmental or taxation

  
 2 

 
authority under any other jurisdiction; (vii) for any Tax which would have been avoided by a Holder presenting this Note (if presentation is required) or requesting that such payment be made
to another Paying Agent in a member state of the European Union; or (viii) for any combination of (i), (ii), (iii), (iv), (v), (vi) or (vii). In addition, no Additional Amounts shall be paid with respect to any payment to any Holder who is
a fiduciary or a partnership or other than the sole beneficial owner of this Note to the extent that the beneficiary or settlor with respect to such fiduciary, the member of such partnership or the beneficial owner of this Note would not have been
entitled to Additional Amounts had such beneficiary, settlor, member or beneficial owner held this Note directly. All references hereunder to principal, interest or premium shall be deemed to include references to any Additional Amounts which may be
payable as set forth herein with respect to such principal, interest or premium. 
 If Additional Amounts actually paid with respect to this
Note pursuant to the preceding paragraph are based on rates of deduction or withholding of Taxes imposed by a Taxing Authority in excess of the appropriate rate applicable to the Holder or the beneficial owner, and, as a result thereof, such Holder
or beneficial owner is entitled under the law of such Taxing Authority to make a claim for a refund or credit of such Taxes, then such Holder or beneficial owner shall, by accepting this Note or an interest therein, be deemed to have assigned and
transferred all right, title and interest to any such claim for a refund or credit of such Taxes to the Company, subject to any right of set-off such Holder or beneficial owner may have. However, by making such assignment, the Holder or beneficial
owner makes no representation or warranty that the Company will be entitled to receive such claim for refund or credit and incurs no other obligation (including, for the avoidance of doubt, any filing or other action) with respect thereto. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been manually executed
by or on behalf of the Trustee under the Indenture, this Note shall not be entitled to any benefits under the Indenture, or be valid or obligatory for any purpose. 

  
 3 

 IN WITNESS WHEREOF, Celulosa Arauco y Constitución S.A. has caused this Note to be
duly executed. 
 Dated: November 2, 2017 
  

			
	CELULOSA ARAUCO Y CONSTITUCIÓN S.A.
		
	 by
	 	 
		 	 Name:
 Title:

		
	 by
	 	 
		 	 Name:
 Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	 THE BANK OF NEW YORK MELLON,
 AS
TRUSTEE,

		
	 by
	 	 
		 	Authorized Signatory

 [FORM OF REVERSE SIDE OF INITIAL SECURITY] 

This Note is one of the duly authorized issue of notes, debentures, bonds or other evidences of indebtedness (hereinafter called the
“Securities”) of the Company, of the series hereinafter specified, all issued or to be issued under and pursuant to the Indenture dated as of November 2, 2017 (herein called the “Indenture”), duly executed and delivered by
the Company and THE BANK OF NEW YORK MELLON, as Trustee (herein called the “Trustee”), Security Registrar and Paying Agent, to which Indenture and any other indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee and any agent of the Trustee, any Paying Agent, any Security Registrar, the Company and the Holders of the Securities and the terms upon which the
Securities are issued and are to be authenticated and delivered. 
 The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), may be subject to different sinking, purchase or
analogous funds (if any), may be subject to different covenants and Events of Default and may otherwise vary as provided or permitted in the Indenture. This Note is one of the series of Securities of the Company issued pursuant to the Indenture and
designated as 3.875% Notes due 2027 (herein called the “Notes”), initially issued in the aggregate principal amount of U.S.$500,000,000. Pursuant to the terms of Section 301 of the Indenture, additional Notes of this series may be
issued from time to time. 
 The Company may redeem the Notes in whole or in part, at the Company’s option, at any time and from time
to time on any date prior to maturity, upon giving notice of such redemption not less than 30 nor more than 60 days prior to the Redemption Date, at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes
to be redeemed and (ii) the sum of the present values of the Remaining Scheduled Payments discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis
points, together with, in each case, accrued and unpaid interest on the principal amount of the Notes to be redeemed to the Redemption Date. 

In connection with such optional redemption the following defined terms shall apply: 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity
or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date, computed
as of the third business day immediately preceding that redemption date; 
 “Comparable Treasury Issue” means, with respect to any
Redemption Date, the United States Treasury security or securities selected by the Independent Investment Banker as having an actual or interpolated maturity comparable to the Par Call Date that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate notes of comparable maturity to the Par Call Date. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company to act as the “Independent
Investment Banker”; 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the bid
and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the third business day preceding that Redemption Date, as set forth in the daily statistical release designated H.15
(519) (or any successor release) published by the Federal Reserve Bank of New York and designated “Composite 3:30 p.m. Quotations for U.S. Government Securities” or (ii) if such release (or any successor release) is not published
or does not contain such prices on such business day, (A) the average of the Reference Treasury Dealer Quotations for that Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the
Independent Investment Banker for the Notes obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations; 

 “Reference Treasury Dealer” means J.P. Morgan Securities LLC and Merrill Lynch,
Pierce, Fenner & Smith Incorporated and their respective successors and three other nationally recognized investment banking firms that are Primary Treasury Dealers specified from time to time by the Company; provided that if any of
the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefore another nationally recognized investment banking firm that is a Primary
Treasury Dealer; 
 “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption
Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment
Banker by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third business day preceding that Redemption Date; and 

“Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the remaining scheduled payments of the principal
thereof and interest thereon that would be due after the related Redemption Date but for such redemption and as if redeemed on the Par Call Date; provided that, if that Redemption Date is not an interest payment date with respect to such
Notes, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to that Redemption Date. 

In addition, and notwithstanding the foregoing, the Company may redeem the Notes in whole or in part, at any time and from time to time,
beginning on the date that is three months prior to the scheduled maturity of the Notes (the “Par Call Date”), at the Company’s option, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus
accrued and unpaid interest on the principal amount of the Notes being redeemed to the date of redemption. 
 If as a result of any change
in or amendment to the laws or treaties (or any rules or regulations thereunder) of a Taxing Authority, or any amendment to or change in an official interpretation, administration or application of such laws, treaties, rules, or regulations
(including a holding by a court of competent jurisdiction), which change or amendment becomes effective or, in the case of a change in official position, is announced on or after the issue date of the Securities of any series (or if a successor
assumes the obligations under the Securities, such later date), the Company has or will become obligated to pay any Additional Amounts in excess of the Additional Amounts the Company would be obligated to pay if payments were subject to withholding
or deduction at a rate of 4% (the “Minimum Withholding Level”), the Company may, at its option, redeem all, but not less than all, of the Securities of such series, at the Redemption Price, together with any accrued interest to the
Redemption Date, in the manner, with the effect and subject to the conditions, provided in the Indenture. 
 Subject to payment by the
Company of a sum sufficient to pay the amount due on redemption, interest on this Note (or portion hereof if this Note is redeemed in part) shall cease to accrue upon the Redemption Date of this Note (or portion hereof if this Note is redeemed in
part). 
 The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee to enter into supplemental
indentures to the Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or modifying in any manner the rights of the Holders of the Securities of each series under the
Indenture, in the manner, with the effect and subject to the conditions, provided in the Indenture. 
 If an Event of Default with respect
to the Notes shall occur and be continuing, the principal of all of the Notes may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and interest on this Note at the place, rate and respective times and in the coin or currency herein and in the Indenture prescribed. 

  
 2 

 The Indenture contains provisions for defeasance at any time of (a) the entire
indebtedness of this Note and (b) certain restrictive covenants, upon compliance by the Company with certain conditions set forth therein. 

The Notes are issuable in fully registered form without coupons with a minimum denomination of $200,000 and in integral multiples of
U.S.$1,000 in excess thereof. Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations at the office or agency of the Company in The City of New York, designated for such purpose and in the manner and
subject to the limitations provided in the Indenture. 
 The Trustee will be the Paying Agent and the Security Registrar with respect to the
Notes. The Company reserves the right at any time to vary or terminate the appointment of any Paying Agent or Security Registrar, to appoint additional or other Paying Agents and other Security Registrars, which may include the Company, and to
approve any change in the office through which any Paying Agent or Security Registrar acts; provided that there will at all times be a Paying Agent in The City of New York and there will be no more than one Security Registrar for the
Notes. 
 Upon due presentment for registration of transfer of this Note at the office or agency of the Company in Place of Payment
designated for such purpose, a new Note or Notes of authorized denominations for a like aggregate principal amount will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture. 

No charge shall be made for any such transfer or exchange, but the Company and the Trustee may, under certain circumstances, require payment
of a sum sufficient to cover any tax or other governmental charge imposed in connection therewith. 
 The Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and none of the Company, the Trustee or any such agent shall be affected by notice to
the contrary. 
 Unless otherwise defined herein, all terms used in this Note that are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 
 In the event of any inconsistency between the terms and conditions of this Note, on the one hand, and
those in the Indenture on the other hand, the terms and conditions in the Indenture shall prevail. 
 This Note shall be governed by and
construed in accordance with the laws of the State of New York. 

  
 3 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 
 I or we assign
and transfer this Security to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably
appoint                                     agent to
transfer this Security on the books of the Company. The agent may substitute another to act for him. 
  

			
	                                    
                                         
                                         
                                         
                              
		
	Date:                                     
                                         
      	  	Your
Signature:                                       
                   
	
	                                    
                                         
                                         
                                         
                              

 Sign exactly as your name appears on the other side of this Security. 

In connection with any transfer of any of the Securities evidenced by this certificate occurring prior to the expiration of the period referred to in Rule 144
under the Securities Act after which the Securities may be transferred without limitation thereunder, the undersigned confirms that such Securities are being transferred in accordance with its terms: 

CHECK ONE BOX BELOW 
  

					
	 (1)
	  	☐	  	to the Company; or
			
	 (2)
	  	☐	  	pursuant to an effective registration statement under the Securities Act of 1933; or
			
	 (3)
	  	☐	  	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer
to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or
			
	 (4)
	  	☐	  	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933; or
			
	 (5)
	  	☐	  	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.

 Unless one of the boxes is checked, the Trustee will refuse to register any of the
Securities evidenced by this certificate in the name of any person other than the registered holder thereof; provided that if box (4) or (5) is checked, the Trustee may require, prior to registering any such transfer of the
Securities, such legal opinions, certifications and other information as the Company has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933. 
  

	
	  

	Your Signature

  

					
	Signature Guarantee:	  	
			
	Date:	  	  
	  	                                      
                                         
                   
	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee	  	Signature of Signature Guarantee

  
 2 

 TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Security for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is
relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

					
	Dated:	 	  
	  	  

 NOTICE:     To be executed by an executive officer 

  
 3 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The initial principal amount of this Global Security is U.S.$[            ]. The
following increases or decreases in this Global Security have been made: 
  

									
	 Date of
 Exchange
	  	Amount of decrease in Principal Amount of this Global Security	  	Amount of increase in Principal Amount of this Global Security	  	Principal amount of this Global Security following such decrease or increase	  	Signature of authorized signatory of Trustee or Securities Custodian

  
 4 

 [FORM OF FACE OF INITIAL SECURITY] 

[Global Securities Legend] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 [Restricted Securities Legend] 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS NOTE NOR
ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE
HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED NOTES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE
OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR
(E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) OR (E) TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 

 [Definitive Securities Legend] 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE COMPANY AND THE SECURITY REGISTRAR SUCH CERTIFICATES AND OTHER INFORMATION AS
THE COMPANY AND THE SECURITY REGISTRAR MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
 2 

 CELULOSA ARAUCO Y CONSTITUCION S.A. 

5.500% Notes due 2047 
  

			
		  	U.S.$[        ]
		
	No. -[        ]	  	CUSIP [        ]

 CELULOSA ARAUCO Y CONSTITUCION S.A., a corporation (“sociedad anónima”) duly organized
and existing under the laws of the Republic of Chile (herein called the “Company”, which term includes any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to 

Cede & Co. 
 or registered assigns, the
principal sum as set forth on the Schedule of Increases or Decreases annexed hereto at the office or agency of the Company in The City of New York, on November 2, 2027 by wire transfer of immediately available funds in such coin or currency of
the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest on said principal sum semiannually on May 2 and November 2 of each year, commencing on
May 2, 2018, at said office or agency, in like coin or currency, at the rate per annum specified in the title hereof, from May 2 or November 2, as the case may be, next preceding the date of this Note to which interest on the Notes
has been paid or duly provided for (unless the date hereof is the date to which interest on the Notes has been paid or duly provided for, in which case from the date of this Note), or, if no interest has been paid on these Notes or duly provided
for, from November 2, 2017 (the “original issue date”), until payment of said principal sum has been made or duly provided for. This Note shall bear interest from such May 2 or November 2, as the case may be; provided
that if the Company shall default in the payment of interest due on such May 2 or November 2, then this Note shall bear interest from the next preceding May 2 or November 2 to which interest on the Notes has been paid or duly
provided for, or, if no interest has been paid on the Notes or duly provided for, from the original issue date. The interest so payable, and punctually paid or duly provided for, on any May 2 or November 2 will, except as provided in the
Indenture referred to on the reverse hereof, be paid by wire transfer of immediately available funds to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the next preceding
April 30 or October 31, as the case may be (herein called the “Regular Record Date”), whether or not a Business Day, or may, at the option of the Company, unless this Note is a Global Security, be paid by wire transfers to the
account specified by the Trustee. Any such interest which is payable, but is not so punctually paid or duly provided for, shall forthwith cease to be payable to the registered Holder on such Regular Record Date and may be paid either to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes
not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required
by such exchange, if such manner of payment shall be deemed practical by the Trustee, all as more fully provided in said Indenture. Notwithstanding the foregoing, in the case of interest payable at Stated Maturity, such interest shall be paid to the
same Person to whom the principal hereof is payable. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 

Special Interest. The Holder of this Note is entitled to the benefits of the Registration Rights Agreement dated November 2, 2017,
between the Company and the representative of the several Initial Purchasers (the “Registration Agreement”). Capitalized terms used in this paragraph but not defined herein have the meanings assigned to them in the Registration
Agreement. In the event that (i) neither the Exchange Offer Registration Statement nor the Shelf Registration Statement has been filed (or confidentially submitted) with the Commission on or prior to the 180th day following the original issue
date, (ii) neither the Registered Exchange Offer has been consummated nor the Shelf Registration Statement has been declared effective on or prior to the 360th day 

  
 3 

 
following the original issue date, or (iii) after either the Exchange Offer Registration Statement or the Shelf Registration Statement has been declared effective, such Registration
Statement thereafter ceases to be effective or usable in connection with resales of the Securities at any time that the Company is obligated to maintain the effectiveness thereof pursuant to the Registration Agreement (each such event referred to in
clauses (i) through (iii) above being referred to herein as a “Registration Default”), additional interest (the “Special Interest”) shall accrue on the principal amount of Securities affected by such Registration
Default (in addition to stated interest on the Securities) from and including the date on which any such Registration Default shall occur to but excluding the date on which all Registration Defaults have been cured, at a rate equal to 0.25% per
annum of the principal amount of the Securities during the 90-day period immediately following the occurrence of such Registration Default and shall increase by 0.25% per annum at the end of each subsequent 90-day period, but in no event shall
such rate exceed 0.75% per annum. The Special Interest will be payable in cash semiannually in arrears each May 2 or November 2 and otherwise on the terms set forth above with respect to payments of other interest owed under the terms
hereof. References to interest in this Note and in the Indenture shall be deemed to include references to Special Interest where applicable. 

All payments and deliveries of or in respect of principal, interest and premium, if any, on or with respect to this Note shall be made free
and clear of, and without withholding or deduction for or on account of, any present or future taxes, penalties, fines, duties, assessments or other governmental charges of whatever nature (or interest on any of the foregoing)
(“Taxes”) imposed, levied, collected, withheld or assessed by, within or on behalf of the Republic of Chile or any political subdivision or governmental authority thereof or therein having power to tax (a “Taxing
Authority”), unless such withholding or deduction is required by law or by regulation or governmental policy having the force of law. If the Company is required to make any withholding or deduction described in the preceding sentence with
respect to any payment or delivery made in respect of this Note, the Company will pay such additional amounts (“Additional Amounts”) as may be necessary to ensure that the net amounts received by the Holder hereof (including
Additional Amounts) after such withholding or deduction shall equal the respective amounts of principal, interest and premium, if any, that would have been receivable in respect of this Note in the absence of such withholding or deduction, except
that no such Additional Amounts shall be payable in respect of this Note (i) in the case of payments for which presentation of this Note is required, if this Note is presented for payment more than 30 days after the later of (x) the date
on which such payment first became due and (y) if the full amount payable has not been received in the Place of Payment by the Trustee on or prior to such due date, the date on which, the full amount having been so received and notice to that
effect shall have been given to the Holders of the Notes by the Trustee or the Paying Agent, on behalf of the Trustee, except to the extent that the Holder would have been entitled to such Additional Amounts on presenting this Note for payment on
the last day of the applicable 30-day period; (ii) for any estate, inheritance, gift, sales, use, value added, transfer, excise, personal property or similar tax, duty, fine, assessment or other governmental charge; (iii) if held by or on
behalf of a Holder or beneficial owner who is liable for Taxes in respect of this Note by reason of having some present or former, direct or indirect, connection with a Taxing Authority (including, without limitation, being a citizen of, being
incorporated or engaged in a trade or business in, or having a residence or principal place of business or other presence in a Taxing Authority), other than the mere holding of this Note or the receipt of principal, interest or premium, if any, in
respect thereof; (iv) for any Taxes that would not have been imposed (or would have been reduced) but for the failure of a Holder or beneficial owner of this Note to comply with any applicable certification, documentation, information or other
reporting requirement concerning the nationality, residence, identity or connection with the relevant Taxing Authority, or to make any other similar claim for exemption to the relevant Taxing Authority, if, after having been requested in writing by
the Company to comply with such applicable certification, documentation, information or other reporting requirement, or to make such a claim, such Holder or beneficial owner fails to do so within 30 days; (v) for any Taxes which are payable
other than by deduction or withholding from payments of principal, interest and premium, if any, on this Note; (vi) for any Taxes imposed on or in respect of (x) Sections 1471 through 1474 of the Code as of the date hereof (or any amended
or successor version that is substantively comparable and not materially more onerous to comply with) (“FATCA”) and any current or future regulations or official interpretations thereof, (y) any treaty, law, regulation or other
official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the United States and any other jurisdiction which (in either case) facilitates the implementation of the

  
 4 

 
preceding clause (x), or (z) any agreement entered into pursuant to the implementation of the preceding clauses (x) or (y) with the Internal Revenue Service, the United States
government or any governmental or taxation authority under any other jurisdiction; (vii) for any Tax which would have been avoided by a Holder presenting this Note (if presentation is required) or requesting that such payment be made to another
Paying Agent in a member state of the European Union; or (viii) for any combination of (i), (ii), (iii), (iv), (v), (vi) or (vii). In addition, no Additional Amounts shall be paid with respect to any payment to any Holder who is a
fiduciary or a partnership or other than the sole beneficial owner of this Note to the extent that the beneficiary or settlor with respect to such fiduciary, the member of such partnership or the beneficial owner of this Note would not have been
entitled to Additional Amounts had such beneficiary, settlor, member or beneficial owner held this Note directly. All references hereunder to principal, interest or premium shall be deemed to include references to any Additional Amounts which may be
payable as set forth herein with respect to such principal, interest or premium. 
 If Additional Amounts actually paid with respect to this
Note pursuant to the preceding paragraph are based on rates of deduction or withholding of Taxes imposed by a Taxing Authority in excess of the appropriate rate applicable to the Holder or the beneficial owner, and, as a result thereof, such Holder
or beneficial owner is entitled under the law of such Taxing Authority to make a claim for a refund or credit of such Taxes, then such Holder or beneficial owner shall, by accepting this Note or an interest therein, be deemed to have assigned and
transferred all right, title and interest to any such claim for a refund or credit of such Taxes to the Company, subject to any right of set-off such Holder or beneficial owner may have. However, by making such assignment, the Holder or beneficial
owner makes no representation or warranty that the Company will be entitled to receive such claim for refund or credit and incurs no other obligation (including, for the avoidance of doubt, any filing or other action) with respect thereto. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been manually executed
by or on behalf of the Trustee under the Indenture, this Note shall not be entitled to any benefits under the Indenture, or be valid or obligatory for any purpose. 

  
 5 

 IN WITNESS WHEREOF, Celulosa Arauco y Constitución S.A. has caused this Note to be
duly executed. 
 Dated: November 2, 2017 
  

			
	CELULOSA ARAUCO Y CONSTITUCIÓN S.A.
		
	        by	 	 
		 	Name:
		 	Title:
		
	        by	 	 
		 	Name:
		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	THE BANK OF NEW YORK MELLON, AS TRUSTEE,
		
	      by	 	 
		 	Authorized Signatory

 [FORM OF REVERSE SIDE OF INITIAL SECURITY] 

This Note is one of the duly authorized issue of notes, debentures, bonds or other evidences of indebtedness (hereinafter called the
“Securities”) of the Company, of the series hereinafter specified, all issued or to be issued under and pursuant to the Indenture dated as of November 2, 2017 (herein called the “Indenture”), duly executed and delivered by
the Company and THE BANK OF NEW YORK MELLON, as Trustee (herein called the “Trustee”), Security Registrar and Paying Agent, to which Indenture and any other indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee and any agent of the Trustee, any Paying Agent, any Security Registrar, the Company and the Holders of the Securities and the terms upon which the
Securities are issued and are to be authenticated and delivered. 
 The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), may be subject to different sinking, purchase or
analogous funds (if any), may be subject to different covenants and Events of Default and may otherwise vary as provided or permitted in the Indenture. This Note is one of the series of Securities of the Company issued pursuant to the Indenture and
designated as 5.500% Notes due 2047 (herein called the “Notes”), initially issued in the aggregate principal amount of U.S.$400,000,000. Pursuant to the terms of Section 301 of the Indenture, additional Notes of this series may be
issued from time to time. 
 The Company may redeem the Notes in whole or in part, at the Company’s option, at any time and from time
to time on any date prior to maturity, upon giving notice of such redemption not less than 30 nor more than 60 days prior to the Redemption Date, at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes
to be redeemed and (ii) the sum of the present values of the Remaining Scheduled Payments discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 40 basis
points, together with, in each case, accrued and unpaid interest on the principal amount of the Notes to be redeemed to the Redemption Date. 

In connection with such optional redemption the following defined terms shall apply: 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity
or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date, computed
as of the third day immediately preceding that redemption date; 
 “Comparable Treasury Issue” means, with respect to any
Redemption Date, the United States Treasury security or securities selected by the Independent Investment Banker as having an actual or interpolated maturity comparable to the Par Call Date that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate notes of comparable maturity to the Par Call Date. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company to act as the “Independent
Investment Banker”; 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the bid
and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the third business day preceding that Redemption Date, as set forth in the daily statistical release designated H.15
(519) (or any successor release) published by the Federal Reserve Bank of New York and designated “Composite 3:30 p.m. Quotations for U.S. Government Securities” or (ii) if such release (or any successor release) is not published
or does not contain such prices on such business day, (A) the average of the Reference Treasury Dealer Quotations for that Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the
Independent Investment Banker for the Notes obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations; 

 “Reference Treasury Dealer” means J.P. Morgan Securities LLC and Merrill Lynch,
Pierce, Fenner & Smith Incorporated and their respective successors and three other nationally recognized investment banking firms that are Primary Treasury Dealers specified from time to time by the Company; provided that if any of
the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefore another nationally recognized investment banking firm that is a Primary
Treasury Dealer; 
 “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption
Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment
Banker by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third business day preceding that Redemption Date; and 

“Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the remaining scheduled payments of the principal
thereof and interest thereon that would be due after the related Redemption Date but for such redemption and as if redeemed on the Par Call Date; provided that, if that Redemption Date is not an interest payment date with respect to such
Notes, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to that Redemption Date. 

In addition, and notwithstanding the foregoing, the Company may redeem the Notes in whole or in part, at any time and from time to time,
beginning on the date that is six months prior to the scheduled maturity of the Notes (the “Par Call Date”), at the Company’s option, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus
accrued and unpaid interest on the principal amount of the Notes being redeemed to the date of redemption. 
 If as a result of any change
in or amendment to the laws or treaties (or any rules or regulations thereunder) of a Taxing Authority, or any amendment to or change in an official interpretation, administration or application of such laws, treaties, rules, or regulations
(including a holding by a court of competent jurisdiction), which change or amendment becomes effective or, in the case of a change in official position, is announced on or after the issue date of the Securities of any series (or if a successor
assumes the obligations under the Securities, such later date), the Company has or will become obligated to pay any Additional Amounts in excess of the Additional Amounts the Company would be obligated to pay if payments were subject to withholding
or deduction at a rate of 4% (the “Minimum Withholding Level”), the Company may, at its option, redeem all, but not less than all, of the Securities of such series, at the Redemption Price, together with any accrued interest to the
Redemption Date, in the manner, with the effect and subject to the conditions, provided in the Indenture. 
 Subject to payment by the
Company of a sum sufficient to pay the amount due on redemption, interest on this Note (or portion hereof if this Note is redeemed in part) shall cease to accrue upon the Redemption Date of this Note (or portion hereof if this Note is redeemed in
part). 
 The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee to enter into supplemental
indentures to the Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or modifying in any manner the rights of the Holders of the Securities of each series under the
Indenture, in the manner, with the effect and subject to the conditions, provided in the Indenture. 
 If an Event of Default with respect
to the Notes shall occur and be continuing, the principal of all of the Notes may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and interest on this 

  
 2 

 Note at the place, rate and respective times and in the coin or currency herein and in the
Indenture prescribed. 
 The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of this Note and
(b) certain restrictive covenants, upon compliance by the Company with certain conditions set forth therein. 
 The Notes are issuable
in fully registered form without coupons with a minimum denomination of $200,000 and in integral multiples of U.S.$1,000 in excess thereof. Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations at
the office or agency of the Company in The City of New York, designated for such purpose and in the manner and subject to the limitations provided in the Indenture. 

The Trustee will be the Paying Agent and the Security Registrar with respect to the Notes. The Company reserves the right at any time to vary
or terminate the appointment of any Paying Agent or Security Registrar, to appoint additional or other Paying Agents and other Security Registrars, which may include the Company, and to approve any change in the office through which any Paying Agent
or Security Registrar acts; provided that there will at all times be a Paying Agent in The City of New York and there will be no more than one Security Registrar for the Notes. 

Upon due presentment for registration of transfer of this Note at the office or agency of the Company in Place of Payment designated for such
purpose, a new Note or Notes of authorized denominations for a like aggregate principal amount will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture. 

No charge shall be made for any such transfer or exchange, but the Company and the Trustee may, under certain circumstances, require payment
of a sum sufficient to cover any tax or other governmental charge imposed in connection therewith. 
 The Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and none of the Company, the Trustee or any such agent shall be affected by notice to
the contrary. 
 Unless otherwise defined herein, all terms used in this Note that are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 
 In the event of any inconsistency between the terms and conditions of this Note, on the one hand, and
those in the Indenture on the other hand, the terms and conditions in the Indenture shall prevail. 
 This Note shall be governed by and
construed in accordance with the laws of the State of New York. 

  
 3 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 
 I or we
assign and transfer this Security to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint                  agent to transfer this
Security on the books of the Company. The agent may substitute another to act for him. 
  

							
	  

	 Date:
	 	  
	 	Your Signature:	 	  

	
	  

 Sign exactly as your name appears on the other side of this Security. 

In connection with any transfer of any of the Securities evidenced by this certificate occurring prior to the expiration of the period referred to in Rule 144
under the Securities Act after which the Securities may be transferred without limitation thereunder, the undersigned confirms that such Securities are being transferred in accordance with its terms: 

CHECK ONE BOX BELOW 
  

					
	 (1)
	  	☐	  	to the Company; or
			
	 (2)
	  	☐	  	pursuant to an effective registration statement under the Securities Act of 1933; or
			
	 (3)
	  	☐	  	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer
to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or
			
	 (4)
	  	☐	  	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933; or
			
	 (5)
	  	☐	  	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.

 Unless one of the boxes is checked, the Trustee will refuse to register any of the
Securities evidenced by this certificate in the name of any person other than the registered holder thereof; provided that if box (4) or (5) is checked, the Trustee may require, prior to registering any such transfer of the
Securities, such legal opinions, certifications and other information as the Company has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933. 
  

			
	  

	 Your Signature

 

					
	Signature Guarantee:	  	
			
	Date:	  	  
	  	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee	  	Signature of Signature Guarantee

  
 2 

 TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Security for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is
relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

					
	Dated:	 	  
	  	  

 NOTICE: To be executed by an executive officer 

  
 3 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The initial principal amount of this Global Security is U.S.$[        ]. The following increases or
decreases in this Global Security have been made: 
  

									
	 Date of
 Exchange
	  	 Amount of decrease in Principal
 Amount of this
Global Security
	  	 Amount of
 increase in Principal

Amount of this Global Security
	  	 Principal
 amount of this Global Security
following such decrease or increase
	  	Signature of authorized signatory of Trustee or Securities Custodian

  
 4 

 EXHIBIT A-2 

[FORM OF FACE OF EXCHANGE SECURITY] 

[Global Securities Legend] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 [Restricted Securities Legend] 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS NOTE NOR
ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE
HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED NOTES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE
OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR
(E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) OR (E) TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 

  
 5 

 [Definitive Securities Legend] 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE COMPANY AND THE SECURITY REGISTRAR SUCH CERTIFICATES AND OTHER INFORMATION AS
THE COMPANY AND THE SECURITY REGISTRAR MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
 6 

 CELULOSA ARAUCO Y CONSTITUCION S.A. 

3.875% Notes due 2027 
  

			
		  	U.S.$[        ]
		
	No. -[        ]	  	CUSIP [        ]

 CELULOSA ARAUCO Y CONSTITUCION S.A., a corporation (“sociedad anónima”) duly organized
and existing under the laws of the Republic of Chile (herein called the “Company”, which term includes any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to 

Cede & Co. 
 or registered assigns, the
principal sum as set forth on the Schedule of Increases or Decreases annexed hereto at the office or agency of the Company in The City of New York, on November 2, 2027 by wire transfer of immediately available funds in such coin or currency of
the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest on said principal sum semiannually on May 2 and November 2 of each year, commencing on
May 2, 2018, at said office or agency, in like coin or currency, at the rate per annum specified in the title hereof, from May 2 or November 2, as the case may be, next preceding the date of this Note to which interest on the Notes
has been paid or duly provided for (unless the date hereof is the date to which interest on the Notes has been paid or duly provided for, in which case from the date of this Note), or, if no interest has been paid on these Notes or duly provided
for, from November 2, 2017 (the “original issue date”), until payment of said principal sum has been made or duly provided for. This Note shall bear interest from such May 2 or November 2, as the case may be; provided
that if the Company shall default in the payment of interest due on such May 2 or November 2, then this Note shall bear interest from the next preceding May 2 or November 2 to which interest on the Notes has been paid or duly
provided for, or, if no interest has been paid on the Notes or duly provided for, from the original issue date. The interest so payable, and punctually paid or duly provided for, on any May 2 or November 2 will, except as provided in the
Indenture referred to on the reverse hereof, be paid by wire transfer of immediately available funds to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the next preceding
April 30 or October 31, as the case may be (herein called the “Regular Record Date”), whether or not a Business Day, or may, at the option of the Company, unless this Note is a Global Security, be paid by wire transfers to the
account specified by the Trustee. Any such interest which is payable, but is not so punctually paid or duly provided for, shall forthwith cease to be payable to the registered Holder on such Regular Record Date and may be paid either to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes
not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required
by such exchange, if such manner of payment shall be deemed practical by the Trustee, all as more fully provided in said Indenture. Notwithstanding the foregoing, in the case of interest payable at Stated Maturity, such interest shall be paid to the
same Person to whom the principal hereof is payable. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 

All payments and deliveries of or in respect of principal, interest and premium, if any, on or with respect to this Note shall be made free
and clear of, and without withholding or deduction for or on account of, any present or future taxes, penalties, fines, duties, assessments or other governmental charges of whatever nature (or interest on any of the foregoing)
(“Taxes”) imposed, levied, collected, withheld or assessed by, within or on behalf of the Republic of Chile or any political subdivision or governmental authority thereof or therein having power to tax (a “Taxing
Authority”), unless such withholding or deduction is required by law or by regulation or governmental policy having the force of law. If the Company is required to make any withholding or deduction described in the preceding sentence with
respect to any payment or delivery made in respect of this Note, the Company will pay such additional amounts (“Additional Amounts”) as may be necessary to ensure that the net amounts received by the Holder hereof (including
Additional Amounts) after such withholding or deduction shall equal the respective 

 
amounts of principal, interest and premium, if any, that would have been receivable in respect of this Note in the absence of such withholding or deduction, except that no such Additional Amounts
shall be payable in respect of this Note (i) in the case of payments for which presentation of this Note is required, if this Note is presented for payment more than 30 days after the later of (x) the date on which such payment first
became due and (y) if the full amount payable has not been received in the Place of Payment by the Trustee on or prior to such due date, the date on which, the full amount having been so received and notice to that effect shall have been given
to the Holders of the Notes by the Trustee or the Paying Agent, on behalf of the Trustee, except to the extent that the Holder would have been entitled to such Additional Amounts on presenting this Note for payment on the last day of the applicable
30-day period; (ii) for any estate, inheritance, gift, sales, use, value added, transfer, excise, personal property or similar tax, duty, fine, assessment or other governmental charge; (iii) if held by or on behalf of a Holder or
beneficial owner who is liable for Taxes in respect of this Note by reason of having some present or former, direct or indirect, connection with a Taxing Authority (including, without limitation, being a citizen of, being incorporated or engaged in
a trade or business in, or having a residence or principal place of business or other presence in a Taxing Authority), other than the mere holding of this Note or the receipt of principal, interest or premium, if any, in respect thereof;
(iv) for any Taxes that would not have been imposed (or would have been reduced) but for the failure of a Holder or beneficial owner of this Note to comply with any applicable certification, documentation, information or other reporting
requirement concerning the nationality, residence, identity or connection with the relevant Taxing Authority, or to make any other similar claim for exemption to the relevant Taxing Authority, if, after having been requested in writing by the
Company to comply with such applicable certification, documentation, information or other reporting requirement, or to make such a claim, such Holder or beneficial owner fails to do so within 30 days; (v) for any Taxes which are payable other
than by deduction or withholding from payments of principal, interest and premium, if any, on this Note; (vi) for any Taxes imposed on or in respect of (x) Sections 1471 through 1474 of the Code as of the date hereof (or any amended or
successor version that is substantively comparable and not materially more onerous to comply with) (“FATCA”) and any current or future regulations or official interpretations thereof, (y) any treaty, law, regulation or other
official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the United States and any other jurisdiction which (in either case) facilitates the implementation of the preceding clause (x), or
(z) any agreement entered into pursuant to the implementation of the preceding clauses (x) or (y) with the Internal Revenue Service, the United States government or any governmental or taxation authority under any other jurisdiction;
(vii) for any Tax which would have been avoided by a Holder presenting this Note (if presentation is required) or requesting that such payment be made to another Paying Agent in a member state of the European Union; or (viii) for any
combination of (i), (ii), (iii), (iv), (v), (vi) or (vii). In addition, no Additional Amounts shall be paid with respect to any payment to any Holder who is a fiduciary or a partnership or other than the sole beneficial owner of this Note to
the extent that the beneficiary or settlor with respect to such fiduciary, the member of such partnership or the beneficial owner of this Note would not have been entitled to Additional Amounts had such beneficiary, settlor, member or beneficial
owner held this Note directly. All references hereunder to principal, interest or premium shall be deemed to include references to any Additional Amounts which may be payable as set forth herein with respect to such principal, interest or premium.

 If Additional Amounts actually paid with respect to this Note pursuant to the preceding paragraph are based on rates of deduction or
withholding of Taxes imposed by a Taxing Authority in excess of the appropriate rate applicable to the Holder or the beneficial owner, and, as a result thereof, such Holder or beneficial owner is entitled under the law of such Taxing Authority to
make a claim for a refund or credit of such Taxes, then such Holder or beneficial owner shall, by accepting this Note or an interest therein, be deemed to have assigned and transferred all right, title and interest to any such claim for a refund or
credit of such Taxes to the Company, subject to any right of set-off such Holder or beneficial owner may have. However, by making such assignment, the Holder or beneficial owner makes no representation or warranty that the Company will be entitled
to receive such claim for refund or credit and incurs no other obligation (including, for the avoidance of doubt, any filing or other action) with respect thereto. 

There shall also be payable in respect of this Note all Special Interest that may have accrued on the Note for which this Note was exchanged
(as defined in such Note) pursuant to the Registered Exchange Offer or otherwise 

  
 2 

 
pursuant to a registration of such Note, such Special Interest to be payable in accordance with the terms of such Note. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been manually executed
by or on behalf of the Trustee under the Indenture, this Note shall not be entitled to any benefits under the Indenture, or be valid or obligatory for any purpose. 

  
 3 

 IN WITNESS WHEREOF, Celulosa Arauco y Constitución S.A. has caused this Note to be
duly executed. 
 Dated: November 2, 2017 
  

			
	CELULOSA ARAUCO Y CONSTITUCIÓN S.A.
		
	         by
	 	 
		 	Name:
		 	Title:
		
	        by	 	 
		 	Name:
		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	THE BANK OF NEW YORK MELLON, AS TRUSTEE,
		
	        by	 	 
		 	Authorized Signatory

  
 2 

 [FORM OF REVERSE SIDE OF EXCHANGE SECURITY] 

This Note is one of the duly authorized issue of notes, debentures, bonds or other evidences of indebtedness (hereinafter called the
“Securities”) of the Company, of the series hereinafter specified, all issued or to be issued under and pursuant to the Indenture dated as of November 2, 2017 (herein called the “Indenture”), duly executed and delivered by
the Company and THE BANK OF NEW YORK MELLON, as Trustee (herein called the “Trustee”), Security Registrar and Paying Agent, to which Indenture and any other indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee and any agent of the Trustee, any Paying Agent, any Security Registrar, the Company and the Holders of the Securities and the terms upon which the
Securities are issued and are to be authenticated and delivered. 
 The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), may be subject to different sinking, purchase or
analogous funds (if any), may be subject to different covenants and Events of Default and may otherwise vary as provided or permitted in the Indenture. This Note is one of the series of Securities of the Company issued pursuant to the Indenture and
designated as 3.875% Notes due 2027 (herein called the “Notes”), initially issued in the aggregate principal amount of U.S.$500,000,000. Pursuant to the terms of Section 301 of the Indenture, additional Notes of this series may be
issued from time to time. 
 The Company may redeem the Notes in whole or in part, at the Company’s option, at any time and from time
to time on any date prior to maturity, upon giving notice of such redemption not less than 30 nor more than 60 days prior to the Redemption Date, at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes
to be redeemed and (ii) the sum of the present values of the Remaining Scheduled Payments discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis
points, together with, in each case, accrued and unpaid interest on the principal amount of the Notes to be redeemed to the Redemption Date. In connection with such optional redemption the following defined terms shall apply: 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity
or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date, computed
as of the third day immediately preceding that redemption date; 
 “Comparable Treasury Issue” means, with respect to any
Redemption Date, the United States Treasury security or securities selected by the Independent Investment Banker as having an actual or interpolated maturity comparable to the Par Call Date that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate notes of comparable maturity to the Par Call Date. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company to act as the “Independent
Investment Banker”; 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the bid
and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the third business day preceding that Redemption Date, as set forth in the daily statistical release designated H.15
(519) (or any successor release) published by the Federal Reserve Bank of New York and designated “Composite 3:30 p.m. Quotations for U.S. Government Securities” or (ii) if such release (or any successor release) is not published
or does not contain such prices on such business day, (A) the average of the Reference Treasury Dealer Quotations for that Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the
Independent Investment Banker for the Notes obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations; 

 “Reference Treasury Dealer” means J.P. Morgan Securities LLC and Merrill Lynch,
Pierce, Fenner & Smith Incorporated and their respective successors and three other nationally recognized investment banking firms that are Primary Treasury Dealers specified from time to time by the Company; provided that if any of
the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefore another nationally recognized investment banking firm that is a Primary
Treasury Dealer; 
 “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption
Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment
Banker by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third business day preceding that Redemption Date; and 

“Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the remaining scheduled payments of the principal
thereof and interest thereon that would be due after the related Redemption Date but for such redemption and as if redeemed on the Par Call Date; provided that, if that Redemption Date is not an interest payment date with respect to such
Notes, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to that Redemption Date. 

In addition, and notwithstanding the foregoing, the Company may redeem the Notes in whole or in part, at any time and from time to time,
beginning on the date that is three months prior to the scheduled maturity of the Notes (the “Par Call Date”), at the Company’s option, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed,
plus accrued and unpaid interest on the principal amount of the Notes being redeemed to the date of redemption. 
 If as a result of any
change in or amendment to the laws or treaties (or any rules or regulations thereunder) of a Taxing Authority, or any amendment to or change in an official interpretation, administration or application of such laws, treaties, rules, or regulations
(including a holding by a court of competent jurisdiction), which change or amendment becomes effective or, in the case of a change in official position, is announced on or after the issue date of the Securities of any series (or if a successor
assumes the obligations under the Securities, such later date), the Company has or will become obligated to pay any Additional Amounts in excess of the Additional Amounts the Company would be obligated to pay if payments were subject to withholding
or deduction at a rate of 4% (the “Minimum Withholding Level”), the Company may, at its option, redeem all, but not less than all, of the Securities of such series, at the Redemption Price, together with any accrued interest to the
Redemption Date, in the manner, with the effect and subject to the conditions, provided in the Indenture. 
 Subject to payment by the
Company of a sum sufficient to pay the amount due on redemption, interest on this Note (or portion hereof if this Note is redeemed in part) shall cease to accrue upon the Redemption Date of this Note (or portion hereof if this Note is redeemed in
part). 
 The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee to enter into supplemental
indentures to the Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or modifying in any manner the rights of the Holders of the Securities of each series under the
Indenture, in each case in the manner, with the effect and subject to the conditions provided in the Indenture. 
 If an Event of Default
with respect to the Notes shall occur and be continuing, the principal of all of the Notes may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and interest on this Note at the place, rate and respective times and in the coin or currency herein and in the Indenture prescribed. 

  
 2 

 The Indenture contains provisions for defeasance at any time of (a) the entire
indebtedness of this Note and (b) certain restrictive covenants, upon compliance by the Company with certain conditions set forth therein. 

The Notes are issuable in fully registered form without coupons with a minimum denomination of $200,000 and in integral multiples of
U.S.$1,000 in excess thereof. Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations at the office or agency of the Company in The City of New York, designated for such purpose and in the manner and
subject to the limitations provided in the Indenture. 
 The Trustee will be the Paying Agent and the Security Registrar with respect to the
Notes. The Company reserves the right at any time to vary or terminate the appointment of any Paying Agent or Security Registrar, to appoint additional or other Paying Agents and other Security Registrars, which may include the Company, and to
approve any change in the office through which any Paying Agent or Security Registrar acts; provided that there will at all times be a Paying Agent in The City of New York and there will be no more than one Security Registrar for the
Notes. 
 Upon due presentment for registration of transfer of this Note at the office or agency of the Company in the Place of Payment
designated for such purpose, a new Note or Notes of authorized denominations for a like aggregate principal amount will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture. 

No charge shall be made for any such transfer or exchange, but the Company and the Trustee may, under certain circumstances, require payment
of a sum sufficient to cover any tax or other governmental charge imposed in connection therewith. 
 The Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and none of the Company, the Trustee or any such agent shall be affected by notice to
the contrary. 
 Unless otherwise defined herein, all terms used in this Note that are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 
 In the event of any inconsistency between the terms and conditions of this Note, on the one hand, and
those in the Indenture on the other hand, the terms and conditions in the Indenture shall prevail. 
 This Note shall be governed by and
construed in accordance with the laws of the State of New York. 

  
 3 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 
 I or we
assign and transfer this Security to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

 

							
	  

	 Date:
	 	  
	 	Your Signature:	 	  

	
	  

 Sign exactly as your name appears on the other side of this Security. 

In connection with any transfer of any of the Securities evidenced by this certificate occurring prior to the expiration of the period referred to in Rule 144
under the Securities Act after which the Securities may be transferred without limitation thereunder, the undersigned confirms that such Securities are being transferred in accordance with its terms: 

CHECK ONE BOX BELOW 
  

					
	 (1)
	  	☐	  	to the Company; or
			
	 (2)
	  	☐	  	pursuant to an effective registration statement under the Securities Act of 1933; or
			
	 (3)
	  	☐	  	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer
to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or
			
	 (4)
	  	☐	  	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933; or
			
	 (5)
	  	☐	  	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.

  
 4 

 Unless one of the boxes is checked, the Trustee will refuse to register any of the
Securities evidenced by this certificate in the name of any person other than the registered holder thereof; provided that if box (4) or (5) is checked, the Trustee may require, prior to registering any such transfer of the
Securities, such legal opinions, certifications and other information as the Company has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933. 
  

			
	  

	 Your Signature

 

					
	Signature Guarantee:	  	
			
	Date:	  	  
	  	  

	 Signature must be guaranteed by a participant in a recognized signature guaranty
medallion program or other signature guarantor acceptable to the Trustee
	  	Signature of Signature Guarantee

  
 5 

 TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Security for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is
relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

					
	Dated:	 	  
	  	  

 NOTICE: To be executed by an executive officer 

  
 6 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The initial principal amount of this Global Security is U.S.$[            ]. The
following increases or decreases in this Global Security have been made: 
  

									
	 Date of
 Exchange
	  	Amount of decrease in Principal Amount of this Global Security	  	 Amount of
 increase in Principal Amount of this
Global Security
	  	 Principal amount of this Global Security

following such decrease or increase
	  	Signature of authorized signatory of Trustee or Securities Custodian

  
 7 

 [FORM OF FACE OF EXCHANGE SECURITY] 

[Global Securities Legend] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 [Restricted Securities Legend] 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS NOTE NOR
ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE
HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED NOTES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE
OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR
(E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) OR (E) TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 

  
 8 

 [Definitive Securities Legend] 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE COMPANY AND THE SECURITY REGISTRAR SUCH CERTIFICATES AND OTHER INFORMATION AS
THE COMPANY AND THE SECURITY REGISTRAR MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
 9 

 CELULOSA ARAUCO Y CONSTITUCION S.A. 

5.500% Notes due 2047 
  

			
		  	 U.S.$[            ]

 

	No. -[            ]	  	CUSIP [            ]

 CELULOSA ARAUCO Y CONSTITUCION S.A., a corporation (“sociedad anónima”) duly organized
and existing under the laws of the Republic of Chile (herein called the “Company”, which term includes any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to 

Cede & Co. 
 or registered assigns, the
principal sum as set forth on the Schedule of Increases or Decreases annexed hereto at the office or agency of the Company in The City of New York, on November 2, 2027 by wire transfer of immediately available funds in such coin or currency of
the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest on said principal sum semiannually on May 2 and November 2 of each year, commencing on
May 2, 2018, at said office or agency, in like coin or currency, at the rate per annum specified in the title hereof, from May 2 or November 2, as the case may be, next preceding the date of this Note to which interest on the Notes
has been paid or duly provided for (unless the date hereof is the date to which interest on the Notes has been paid or duly provided for, in which case from the date of this Note), or, if no interest has been paid on these Notes or duly provided
for, from November 2, 2017 (the “original issue date”), until payment of said principal sum has been made or duly provided for. This Note shall bear interest from such May 2 or November 2, as the case may be; provided
that if the Company shall default in the payment of interest due on such May 2 or November 2, then this Note shall bear interest from the next preceding May 2 or November 2 to which interest on the Notes has been paid or duly
provided for, or, if no interest has been paid on the Notes or duly provided for, from the original issue date. The interest so payable, and punctually paid or duly provided for, on any May 2 or November 2 will, except as provided in the
Indenture referred to on the reverse hereof, be paid by wire transfer of immediately available funds to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the next preceding
April 30 or October 31, as the case may be (herein called the “Regular Record Date”), whether or not a Business Day, or may, at the option of the Company, unless this Note is a Global Security, be paid by wire transfers to the
account specified by the Trustee. Any such interest which is payable, but is not so punctually paid or duly provided for, shall forthwith cease to be payable to the registered Holder on such Regular Record Date and may be paid either to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes
not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required
by such exchange, if such manner of payment shall be deemed practical by the Trustee, all as more fully provided in said Indenture. Notwithstanding the foregoing, in the case of interest payable at Stated Maturity, such interest shall be paid to the
same Person to whom the principal hereof is payable. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 

All payments and deliveries of or in respect of principal, interest and premium, if any, on or with respect to this Note shall be made free
and clear of, and without withholding or deduction for or on account of, any present or future taxes, penalties, fines, duties, assessments or other governmental charges of whatever nature (or interest on any of the foregoing)
(“Taxes”) imposed, levied, collected, withheld or assessed by, within or on behalf of the Republic of Chile or any political subdivision or governmental authority thereof or therein having power to tax (a “Taxing
Authority”), unless such withholding or deduction is required by law or by regulation or governmental policy having the force of law. If the Company is required to make any withholding or deduction described in the preceding sentence with
respect to any payment or delivery made in respect of this Note, the Company will pay such additional amounts (“Additional Amounts”) as may be necessary to ensure that the net amounts received by

 
the Holder hereof (including Additional Amounts) after such withholding or deduction shall equal the respective amounts of principal, interest and premium, if any, that would have been receivable
in respect of this Note in the absence of such withholding or deduction, except that no such Additional Amounts shall be payable in respect of this Note (i) in the case of payments for which presentation of this Note is required, if this Note
is presented for payment more than 30 days after the later of (x) the date on which such payment first became due and (y) if the full amount payable has not been received in the Place of Payment by the Trustee on or prior to such due date,
the date on which, the full amount having been so received and notice to that effect shall have been given to the Holders of the Notes by the Trustee or the Paying Agent, on behalf of the Trustee, except to the extent that the Holder would have been
entitled to such Additional Amounts on presenting this Note for payment on the last day of the applicable 30-day period; (ii) for any estate, inheritance, gift, sales, use, value added, transfer, excise, personal property or similar tax, duty,
fine, assessment or other governmental charge; (iii) if held by or on behalf of a Holder or beneficial owner who is liable for Taxes in respect of this Note by reason of having some present or former, direct or indirect, connection with a
Taxing Authority (including, without limitation, being a citizen of, being incorporated or engaged in a trade or business in, or having a residence or principal place of business or other presence in a Taxing Authority), other than the mere holding
of this Note or the receipt of principal, interest or premium, if any, in respect thereof; (iv) for any Taxes that would not have been imposed (or would have been reduced) but for the failure of a Holder or beneficial owner of this Note to
comply with any applicable certification, documentation, information or other reporting requirement concerning the nationality, residence, identity or connection with the relevant Taxing Authority, or to make any other similar claim for exemption to
the relevant Taxing Authority, if, after having been requested in writing by the Company to comply with such applicable certification, documentation, information or other reporting requirement, or to make such a claim, such Holder or beneficial
owner fails to do so within 30 days; (v) for any Taxes which are payable other than by deduction or withholding from payments of principal, interest and premium, if any, on this Note; (vi) for any Taxes imposed on or in respect of
(x) Sections 1471 through 1474 of the Code as of the date hereof (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) (“FATCA”) and any current or future
regulations or official interpretations thereof, (y) any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the United States and any other jurisdiction
which (in either case) facilitates the implementation of the preceding clause (x), or (z) any agreement entered into pursuant to the implementation of the preceding clauses (x) or (y) with the Internal Revenue Service, the United
States government or any governmental or taxation authority under any other jurisdiction; (vii) for any Tax which would have been avoided by a Holder presenting this Note (if presentation is required) or requesting that such payment be made to
another Paying Agent in a member state of the European Union; or (viii) for any combination of (i), (ii), (iii), (iv), (v), (vi) or (vii). In addition, no Additional Amounts shall be paid with respect to any payment to any Holder who is a
fiduciary or a partnership or other than the sole beneficial owner of this Note to the extent that the beneficiary or settlor with respect to such fiduciary, the member of such partnership or the beneficial owner of this Note would not have been
entitled to Additional Amounts had such beneficiary, settlor, member or beneficial owner held this Note directly. All references hereunder to principal, interest or premium shall be deemed to include references to any Additional Amounts which may be
payable as set forth herein with respect to such principal, interest or premium. 
 If Additional Amounts actually paid with respect to this
Note pursuant to the preceding paragraph are based on rates of deduction or withholding of Taxes imposed by a Taxing Authority in excess of the appropriate rate applicable to the Holder or the beneficial owner, and, as a result thereof, such Holder
or beneficial owner is entitled under the law of such Taxing Authority to make a claim for a refund or credit of such Taxes, then such Holder or beneficial owner shall, by accepting this Note or an interest therein, be deemed to have assigned and
transferred all right, title and interest to any such claim for a refund or credit of such Taxes to the Company, subject to any right of set-off such Holder or beneficial owner may have. However, by making such assignment, the Holder or beneficial
owner makes no representation or warranty that the Company will be entitled to receive such claim for refund or credit and incurs no other obligation (including, for the avoidance of doubt, any filing or other action) with respect thereto. 

  
 2 

 There shall also be payable in respect of this Note all Special Interest that may have
accrued on the Note for which this Note was exchanged (as defined in such Note) pursuant to the Registered Exchange Offer or otherwise pursuant to a registration of such Note, such Special Interest to be payable in accordance with the terms of such
Note. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been manually
executed by or on behalf of the Trustee under the Indenture, this Note shall not be entitled to any benefits under the Indenture, or be valid or obligatory for any purpose. 

  
 3 

 IN WITNESS WHEREOF, Celulosa Arauco y Constitución S.A. has caused this Note to be
duly executed. 
 Dated: November 2, 2017 
  

			
	CELULOSA ARAUCO Y CONSTITUCIÓN S.A.
		
	by	 	 
		 	 Name:
 Title:

		
	by	 	 
		 	 Name:
 Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	THE BANK OF NEW YORK MELLON,
AS TRUSTEE,
		
	by	 	 
		 	Authorized Signatory

  
 2 

 [FORM OF REVERSE SIDE OF EXCHANGE SECURITY] 

This Note is one of the duly authorized issue of notes, debentures, bonds or other evidences of indebtedness (hereinafter called the
“Securities”) of the Company, of the series hereinafter specified, all issued or to be issued under and pursuant to the Indenture dated as of November 2, 2017 (herein called the “Indenture”), duly executed and delivered by
the Company and THE BANK OF NEW YORK MELLON, as Trustee (herein called the “Trustee”), Security Registrar and Paying Agent, to which Indenture and any other indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee and any agent of the Trustee, any Paying Agent, any Security Registrar, the Company and the Holders of the Securities and the terms upon which the
Securities are issued and are to be authenticated and delivered. 
 The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), may be subject to different sinking, purchase or
analogous funds (if any), may be subject to different covenants and Events of Default and may otherwise vary as provided or permitted in the Indenture. This Note is one of the series of Securities of the Company issued pursuant to the Indenture and
designated as 5.500% Notes due 2047 (herein called the “Notes”), initially issued in the aggregate principal amount of U.S.$400,000,000. Pursuant to the terms of Section 301 of the Indenture, additional Notes of this series may be
issued from time to time. 
 The Company may redeem the Notes in whole or in part, at the Company’s option, at any time and from time
to time on any date prior to maturity, upon giving notice of such redemption not less than 30 nor more than 60 days prior to the Redemption Date, at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes
to be redeemed and (ii) the sum of the present values of the Remaining Scheduled Payments discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 40 basis
points, together with, in each case, accrued and unpaid interest on the principal amount of the Notes to be redeemed to the Redemption Date. In connection with such optional redemption the following defined terms shall apply: 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity
or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date, computed
as of the third day immediately preceding that redemption date; 
 “Comparable Treasury Issue” means, with respect to any
Redemption Date, the United States Treasury security or securities selected by the Independent Investment Banker as having an actual or interpolated maturity comparable to the Par Call Date that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate notes of comparable maturity to the Par Call Date. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company to act as the “Independent
Investment Banker”; 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the bid
and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the third business day preceding that Redemption Date, as set forth in the daily statistical release designated H.15
(519) (or any successor release) published by the Federal Reserve Bank of New York and designated “Composite 3:30 p.m. Quotations for U.S. Government Securities” or (ii) if such release (or any successor release) is not published
or does not contain such prices on such business day, (A) the average of the Reference Treasury Dealer Quotations for that Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the
Independent Investment Banker for the Notes obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations; 

 “Reference Treasury Dealer” means J.P. Morgan Securities LLC and Merrill Lynch,
Pierce, Fenner & Smith Incorporated and their respective successors and three other nationally recognized investment banking firms that are Primary Treasury Dealers specified from time to time by the Company; provided that if any of
the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefore another nationally recognized investment banking firm that is a Primary
Treasury Dealer; 
 “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption
Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment
Banker by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third business day preceding that Redemption Date; and 

“Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the remaining scheduled payments of the principal
thereof and interest thereon that would be due after the related Redemption Date but for such redemption and as if redeemed on the Par Call Date; provided that, if that Redemption Date is not an interest payment date with respect to such
Notes, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to that Redemption Date. 

In addition, and notwithstanding the foregoing, the Company may redeem the Notes in whole or in part, at any time and from time to time,
beginning on the date that is six months prior to the scheduled maturity of the Notes (the “Par Call Date”), at the Company’s option, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus
accrued and unpaid interest on the principal amount of the Notes being redeemed to the date of redemption. 
 If as a result of any change
in or amendment to the laws or treaties (or any rules or regulations thereunder) of a Taxing Authority, or any amendment to or change in an official interpretation, administration or application of such laws, treaties, rules, or regulations
(including a holding by a court of competent jurisdiction), which change or amendment becomes effective or, in the case of a change in official position, is announced on or after the issue date of the Securities of any series (or if a successor
assumes the obligations under the Securities, such later date), the Company has or will become obligated to pay any Additional Amounts in excess of the Additional Amounts the Company would be obligated to pay if payments were subject to withholding
or deduction at a rate of 4% (the “Minimum Withholding Level”), the Company may, at its option, redeem all, but not less than all, of the Securities of such series, at the Redemption Price, together with any accrued interest to the
Redemption Date, in the manner, with the effect and subject to the conditions, provided in the Indenture. 
 Subject to payment by the
Company of a sum sufficient to pay the amount due on redemption, interest on this Note (or portion hereof if this Note is redeemed in part) shall cease to accrue upon the Redemption Date of this Note (or portion hereof if this Note is redeemed in
part). 
 The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee to enter into supplemental
indentures to the Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or modifying in any manner the rights of the Holders of the Securities of each series under the
Indenture, in each case in the manner, with the effect and subject to the conditions provided in the Indenture. 
 If an Event of Default
with respect to the Notes shall occur and be continuing, the principal of all of the Notes may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. 

  
 2 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the place, rate and respective times and in the coin or currency herein and in the Indenture prescribed. 

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of this Note and (b) certain restrictive
covenants, upon compliance by the Company with certain conditions set forth therein. 
 The Notes are issuable in fully registered form
without coupons with a minimum denomination of $200,000 and in integral multiples of U.S.$1,000 in excess thereof. Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations at the office or agency of the
Company in The City of New York, designated for such purpose and in the manner and subject to the limitations provided in the Indenture. 

The Trustee will be the Paying Agent and the Security Registrar with respect to the Notes. The Company reserves the right at any time to vary
or terminate the appointment of any Paying Agent or Security Registrar, to appoint additional or other Paying Agents and other Security Registrars, which may include the Company, and to approve any change in the office through which any Paying Agent
or Security Registrar acts; provided that there will at all times be a Paying Agent in The City of New York and there will be no more than one Security Registrar for the Notes. 

Upon due presentment for registration of transfer of this Note at the office or agency of the Company in the Place of Payment designated for
such purpose, a new Note or Notes of authorized denominations for a like aggregate principal amount will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture. 

No charge shall be made for any such transfer or exchange, but the Company and the Trustee may, under certain circumstances, require payment
of a sum sufficient to cover any tax or other governmental charge imposed in connection therewith. 
 The Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and none of the Company, the Trustee or any such agent shall be affected by notice to
the contrary. 
 Unless otherwise defined herein, all terms used in this Note that are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 
 In the event of any inconsistency between the terms and conditions of this Note, on the one hand, and
those in the Indenture on the other hand, the terms and conditions in the Indenture shall prevail. 
 This Note shall be governed by and
construed in accordance with the laws of the State of New York. 

  
 3 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 
 I or we
assign and transfer this Security to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint                  agent to transfer this
Security on the books of the Company. The agent may substitute another to act for him. 
  

							
	  

	 Date:
	 	  
	 	Your Signature:	 	  

	
	  

 Sign exactly as your name appears on the other side of this Security. 

In connection with any transfer of any of the Securities evidenced by this certificate occurring prior to the expiration of the period referred to in Rule 144
under the Securities Act after which the Securities may be transferred without limitation thereunder, the undersigned confirms that such Securities are being transferred in accordance with its terms: 

CHECK ONE BOX BELOW 
  

					
	 (1)
	  	☐	  	to the Company; or
			
	 (2)
	  	☐	  	pursuant to an effective registration statement under the Securities Act of 1933; or
			
	 (3)
	  	☐	  	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer
to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or
			
	 (4)
	  	☐	  	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933; or
			
	 (5)
	  	☐	  	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.

  
 4 

 Unless one of the boxes is checked, the Trustee will refuse to register any of the
Securities evidenced by this certificate in the name of any person other than the registered holder thereof; provided that if box (4) or (5) is checked, the Trustee may require, prior to registering any such transfer of the
Securities, such legal opinions, certifications and other information as the Company has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933. 
  

			
	  

	 Your Signature

 

					
	Signature Guarantee:	  	
			
	Date:	  	  
	  	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee	  	Signature of Signature Guarantee

  
 5 

 TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Security for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is
relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
 Dated:
                                        
                                         
            
 NOTICE: To be executed by an executive officer 

  
 6 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The initial principal amount of this Global Security is U.S.$[            ]. The
following increases or decreases in this Global Security have been made: 
  

									
	Date of
Exchange	  	Amount of decrease in Principal Amount of this Global Security	  	Amount of
increase in Principal Amount of this Global Security	  	Principal amount of this Global Security
following such decrease or increase	  	Signature of authorized signatory of Trustee or Securities Custodian

  
 7EX-4(b)

 Exhibit 4 (b) 

CELULOSA ARAUCO Y CONSTITUCIÓN S.A. 

U.S.$500,000,000 3.875% Notes due 2027 

U.S.$400,000,000 5.500% Notes due 2047 

REGISTRATION RIGHTS AGREEMENT 
 New
York, New York 
 November 2, 2017 

J.P. Morgan Securities LLC 
 383 Madison Avenue 

New York, NY 10179 
 Merrill Lynch, Pierce, Fenner & Smith

                         
Incorporated 
 One Bryant Park 
 New York, New York 10036 

As Representatives of the Several Initial Purchasers 
 Dear
Sirs: 
 Celulosa Arauco y Constitución S.A., a corporation (sociedad anónima) organized under the laws of the Republic
of Chile (the “Company”), proposes to issue and sell to certain purchasers (collectively, the “Initial Purchasers”), upon the terms set forth in a purchase agreement dated October 26, 2017 (the “Purchase
Agreement”), its 3.875% Notes due 2027 (the “2027 Notes”) and its 5.500% Notes due 2047 (the “2047 Notes” and together with the 2027 Notes, the “Securities”) relating to the initial placement of the Securities (the
“Initial Placement”). To induce the Initial Purchasers to enter into the Purchase Agreement and to satisfy a condition of your obligations thereunder, the Company agrees with you for your benefit and the benefit of the holders, from time
to time, of the Securities (including the Initial Purchasers) (each a “Holder” and, together, the “Holders”), as follows: 

1. Definitions. Capitalized terms used herein without definition shall have the respective meanings set forth in the Purchase
Agreement. As used in this Agreement, the following capitalized defined terms shall have the following meanings: 
 “Act” shall
mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 

“Affiliate” of any specified person shall mean any other person that, directly or indirectly, is in control of, is controlled by, or
is under common control with, such specified person. For purposes of this definition, control of a person shall mean the power, direct or indirect, to direct or cause the direction of the management and policies of such person whether by contract or
otherwise; and the terms “controlling” and “controlled” shall have meanings correlative to the foregoing. 

“Broker-Dealer” shall mean any broker or dealer registered as such under the Exchange Act. 

“Business Day” shall mean each day which is neither a Saturday, Sunday or other day on which banking institutions in The City of New
York are authorized or required by law or executive order to be closed. 
 “Commission” shall mean the Securities and Exchange
Commission. 

 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the
rules and regulations of the Commission promulgated thereunder. 
 “Exchange Offer Prospectus” shall mean the prospectus included
in the Exchange Offer Registration Statement, as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the New Securities covered by such Exchange Offer Registration Statement, and all
amendments and supplements thereto and all material incorporated by reference therein. 
 “Exchange Offer Registration Period”
shall mean the 180-day period following the consummation of the Registered Exchange Offer, exclusive of any period during which any stop order shall be in effect suspending the effectiveness of the Exchange Offer Registration Statement. 

“Exchange Offer Registration Statement” shall mean a registration statement of the Company on an appropriate form under the
Securities Act with respect to the Registered Exchange Offer, all amendments and supplements to such registration statement, including post-effective amendments thereto, in each case including the Exchange Offer Prospectus contained therein, all
exhibits thereto and all material incorporated by reference therein. 
 “Exchanging Dealer” shall mean any Holder (which may
include any Initial Purchaser) that is a Broker-Dealer and elects to exchange for New Securities any Securities that it acquired for its own account as a result of market-making activities or other trading activities (but not directly from the
Company or any Affiliate of the Company). 
 “Holder” shall have the meaning set forth in the preamble hereto. 

“Indenture” shall mean the Indenture relating to the Securities, dated as of November 2, 2017, between the Company and The Bank
of New York Mellon, as trustee, as the same may be amended from time to time in accordance with the terms thereof. 
 “Initial
Placement” shall have the meaning set forth in the preamble hereto. 
 “Initial Purchasers” shall have the meaning set forth
in the preamble hereto. 
 “Losses” shall have the meaning set forth in Section 6(d) hereof. 

“Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of the 2027 Notes or the 2047 Notes, as
applicable, registered under a Registration Statement. 
 “Managing Underwriters” shall mean the investment banker or investment
bankers and manager or managers that shall administer an underwritten offering. 
 “New Securities” shall mean debt securities of
the Company identical in all material respects to the 2027 Notes or the 2047 Notes, as applicable, (except that the interest rate step-up provisions and the transfer restrictions shall be modified or eliminated, as appropriate) to be issued under
the Indenture or the New Securities Indenture. 
 “New Securities Indenture” shall mean an indenture between the Company and the
New Securities Trustee, identical in all material respects to the Indenture (except that the interest rate step-up provisions will be modified or eliminated, as appropriate). 

“New Securities Trustee” shall mean a bank or trust company reasonably satisfactory to the Initial Purchasers, as trustee with
respect to the New Securities under the New Securities Indenture. 

  
 2 

 “Prospectus” shall mean the prospectus included in any Registration Statement
(including, without limitation, a prospectus that discloses information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A under the Securities Act), as amended or supplemented
by any prospectus supplement, with respect to the terms of the offering of any portion of a series of Securities or New Securities covered by such Registration Statement, and all amendments and supplements thereto and all material incorporated by
reference therein. 
 “Purchase Agreement” shall have the meaning set forth in the preamble hereto. 

“Registered Exchange Offer” shall mean the proposed offer of the Company to issue and deliver to the Holders of the Securities of
any series that are not prohibited by any law or policy of the Commission from participating in such offer, in exchange for the Securities of such series, a like aggregate principal amount of the New Securities of such series. 

“Registration Statement” shall mean any Exchange Offer Registration Statement or Shelf Registration Statement that covers any of the
Securities or New Securities of any series pursuant to the provisions of this Agreement, any amendments and supplements to such registration statement, including post-effective amendments (in each case including the Prospectus contained therein),
all exhibits thereto and all material incorporated by reference therein. 
 “Securities” shall have the meaning set forth in the
preamble hereto. 
 “Shelf Registration” shall mean a registration effected pursuant to Section 3 hereof. 

“Shelf Registration Period” has the meaning set forth in Section 3(b) hereof. 

“Shelf Registration Statement” shall mean a “shelf” registration statement of the Company pursuant to the provisions of
Section 3 hereof which covers some or all of the Securities or New Securities of any series, as applicable, on an appropriate form under Rule 415 under the Securities Act, or any similar rule that may be adopted by the Commission,
amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by
reference therein. 
 “Trustee” shall mean the trustee with respect to the Securities under the Indenture. 

“underwriter” shall mean any underwriter of any series of Securities in connection with an offering thereof under a Shelf
Registration Statement. 
 2. Registered Exchange Offer. (a) The Company shall prepare and, not later than 180 days
following the date of the original issuance of the Securities, shall file with the Commission the Exchange Offer Registration Statement with respect to the Registered Exchange Offer. The Company shall use its reasonable best efforts to cause the
Exchange Offer Registration Statement to become effective under the Securities Act within 360 days of the date of the original issuance of the Securities. 

(b) Upon the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the Registered Exchange Offer, it
being the objective of such Registered Exchange Offer to enable each Holder electing to exchange Securities of any series for New Securities of such series (assuming that such Holder is not an Affiliate of the Company, acquires such New Securities
in the ordinary course of such Holder’s business, has no arrangements with any person to participate in the distribution of the New Securities and is not prohibited by any law or policy of the Commission from participating in the Registered
Exchange Offer) to trade such New Securities from and after their receipt without any limitations or restrictions under the Securities Act and without material restrictions under the securities laws of a substantial proportion of the several states
of the United States. 

  
 3 

 (c) In connection with the Registered Exchange Offer, the Company shall: 

(i) mail to each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an
appropriate letter of transmittal and related documents; 
 (ii) keep the Registered Exchange Offer open for not less than 20
Business Days and unless separately agreed in writing, not more than 30 Business Days after the date notice thereof is mailed to the Holders (or, in each case, longer if required by applicable law); 

(iii) use its reasonable best efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented
and amended as required, under the Securities Act to ensure that it is available for sales of such series of New Securities by Exchanging Dealers during the Exchange Offer Registration Period; 

(iv) utilize the services of a depositary for the Registered Exchange Offer with an address in the Borough of Manhattan in
New York City, which may be the Trustee, the New Securities Trustee or an Affiliate of either of them; 
 (v) permit
Holders to withdraw tendered Securities at any time prior to the close of business, New York time, on the last Business Day on which the Registered Exchange Offer is open; 

(vi) prior to effectiveness of the Exchange Offer Registration Statement, if requested or required by the Commission,
provide a supplemental letter to the Commission (A) stating that the Company is conducting the Registered Exchange Offer in reliance on the position of the Commission in Exxon Capital Holdings Corporation (pub. avail. May 13, 1988)
and Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991); and (B) including a representation that the Company has not entered into any arrangement or understanding with any person to distribute the New Securities to be received
in the Registered Exchange Offer and that, to the best of the Company’s information and belief, each Holder participating in the Registered Exchange Offer is acquiring such New Securities in the ordinary course of business and has no
arrangement or understanding with any person to participate in the distribution of such New Securities; and 

(vii) comply in all respects with all applicable laws. 

(d) As soon as practicable after the close of the Registered Exchange Offer, the Company shall: 

(i) accept for exchange all Securities tendered and not validly withdrawn pursuant to the Registered Exchange Offer; 

(ii) deliver to the Trustee for cancelation in accordance with Section 4(s) all Securities so accepted for exchange;
and 
 (iii) cause the New Securities Trustee promptly to authenticate and deliver to each Holder of Securities tendered
and not validly withdrawn pursuant to the Registered Exchange Offer a principal amount of New Securities equal to the principal amount of the Securities of such Holder so accepted for exchange. 

(e) Each Holder hereby acknowledges and agrees that any such Holder using the Registered Exchange Offer to participate in a distribution of
the New Securities of any series (x) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission in Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991) and Exxon Capital
Holdings Corporation (pub. avail. May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993 and similar no-action letters; and (y) must comply with the prospectus delivery
requirement of the Securities Act in connection with any secondary resale transaction which must be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of
Regulation S-K under the Securities Act if the resales are of New Securities obtained by such Holder in exchange for Securities of any series acquired by such Holder directly from the Company or one of its Affiliates. Accordingly, each Holder
participating in the Registered 

  
 4 

 
Exchange Offer shall be required to represent to the Company that, at the time of the consummation of the Registered Exchange Offer: 

(i) any New Securities received by such Holder will be acquired in the ordinary course of business; 

(ii) such Holder will have no arrangement or understanding with any person to participate in the distribution of the applicable
series of Securities or New Securities within the meaning of the Securities Act; and 
 (iii) such Holder is not an Affiliate
of the Company or if it is an Affiliate, such Holder will comply with the registration and Prospectus delivery requirements of the Securities Act to the extent applicable. 

(f) If, prior to the consummation of the Registered Exchange Offer, any Initial Purchaser determines that it is not eligible to participate in
the Registered Exchange Offer with respect to the exchange of Securities of any series constituting any portion of an unsold allotment, at the request of such Initial Purchaser, the Company shall issue and deliver to such Initial Purchaser or the
person purchasing New Securities registered under a Shelf Registration Statement as contemplated by Section 3 hereof from such Initial Purchaser, in exchange for such Securities, a like principal amount of New Securities. The Company shall use
its reasonable best efforts to cause the CUSIP Service Bureau to issue the same CUSIP number for such New Securities as for New Securities issued pursuant to the Registered Exchange Offer. 

3. Shelf Registration. (a) If (i) due to any change in law or applicable interpretations thereof by the Commission’s
staff, the Company determines upon advice of its outside counsel that it is not permitted to effect the Registered Exchange Offer as contemplated by Section 2 hereof; (ii) for any other reason the Exchange Offer Registration Statement is
not declared effective within 330 days of the date of original issuance of the Securities or the Registered Exchange Offer is not consummated within 360 days of the date of original issuance of the Securities; (iii) any Initial Purchaser
so requests with respect to Securities of any series that are not eligible to be exchanged for New Securities in the Registered Exchange Offer and that are held by it following consummation of the Registered Exchange Offer; (iv) any Holder
(other than an Initial Purchaser) is not eligible to participate in the Registered Exchange Offer or does not receive freely tradeable New Securities in the Registered Exchange Offer other than by reason of such Holder being an Affiliate of the
Company; or (v) in the case of any Initial Purchaser that participates in the Registered Exchange Offer or acquires New Securities pursuant to Section 2(f) hereof, such Initial Purchaser does not receive freely tradeable New Securities in
exchange for Securities of the applicable series constituting any portion of an unsold allotment (it being understood that (x) the requirement that an Initial Purchaser deliver a Prospectus containing the information required by Item 507
or 508 of Regulation S-K under the Securities Act in connection with sales of New Securities acquired in exchange for such Securities shall result in such New Securities being not “freely
tradeable”; and (y) the requirement that an Exchanging Dealer deliver an Exchange Offer Prospectus in connection with sales of New Securities acquired in the Registered Exchange Offer in exchange for Securities of any series acquired as a
result of market-making activities or other trading activities shall not result in such New Securities being not “freely tradeable”), the Company shall effect a Shelf Registration Statement in accordance with subsection (b) below.

 (b) (i) The Company shall as promptly as practicable (but in no event more than 45-days after so required or requested pursuant to
this Section 3), file with the Commission and thereafter shall use its reasonable best efforts to cause to be declared effective under the Securities Act a Shelf Registration Statement relating to the offer and sale of the Securities or New
Securities of any series, as applicable, by the Holders thereof from time to time in accordance with the methods of distribution elected by such Holders and set forth in such Shelf Registration Statement; provided, however, that no
Holder (other than an Initial Purchaser) shall be entitled to have the Securities of such series held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound by all of the provisions of this Agreement
applicable to such Holder; and provided further, that with respect to New Securities received by an Initial Purchaser in exchange for Securities of any series constituting any portion of an unsold allotment, the Company may, if
permitted by current interpretations by the Commission’s staff, file a post-effective amendment to the Exchange Offer Registration Statement containing the 

  
 5 

 
information required by Item 507 or 508 of Regulation S-K, as applicable, in satisfaction of its obligations under this subsection with respect
thereto, and any such Exchange Offer Registration Statement, as so amended, shall be referred to herein as, and governed by the provisions herein applicable to, a Shelf Registration Statement. 

(ii) The Company shall use its reasonable best efforts to keep the Shelf Registration Statement continuously effective, supplemented and
amended as required by the Securities Act, in order to permit the Prospectus forming part thereof to be usable by Holders for a period of one year from the date the Shelf Registration Statement is declared effective by the Commission or such shorter
period that will terminate when all the Securities or New Securities, as applicable, covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement (in any such case, such period being called the “Shelf
Registration Period”). The Company shall be deemed not to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the requisite period if it voluntarily takes any action that would result in Holders of
Securities covered thereby not being able to offer and sell such Securities during that period, unless (A) such action is required by applicable law; or (B) such action is taken by the Company in good faith and for valid business reasons
(not including avoidance of the Company’s obligations hereunder), including the acquisition or divestiture of assets, so long as the Company promptly thereafter complies with the requirements of Section 4(k) hereof, if applicable. 

4. Additional Registration Procedures. In connection with any Shelf Registration Statement and, to the extent applicable, any
Exchange Offer Registration Statement, the following provisions shall apply. 
 (a) The Company shall: 

(i) furnish to you, not less than two Business Days prior to the filing thereof with the Commission, a copy of any
Exchange Offer Registration Statement and any Shelf Registration Statement, and each amendment thereof and each amendment or supplement, if any, to the Prospectus included therein (including all documents incorporated by reference therein after the
initial filing) and shall use its reasonable best efforts to reflect in each such document, when so filed with the Commission, such comments as you reasonably propose; 

(ii) include the information set forth in Annex A hereto on the facing page of the Exchange Offer Registration Statement, in
Annex B hereto in the forepart of the Exchange Offer Registration Statement in a section setting forth details of the Exchange Offer, in Annex C hereto in the underwriting or plan of distribution section of the Prospectus contained in the
Exchange Offer Registration Statement, and in Annex D hereto in the letter of transmittal delivered pursuant to the Registered Exchange Offer; 

(iii) if requested by an Initial Purchaser, include the information required by Item 507 or 508 of Regulation S-K, as applicable, in the Prospectus contained in the Exchange Offer Registration Statement; and 

(iv) in the case of a Shelf Registration Statement, include the names of the Holders that propose to sell Securities of any
series pursuant to the Shelf Registration Statement as selling security holders. 
 (b) The Company shall ensure that: 

(i) any Registration Statement and any amendment thereto and any Prospectus forming part thereof and any amendment or
supplement thereto complies in all material respects with the Securities Act and the rules and regulations thereunder; 

(ii) any Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that the Company will not be liable for written information furnished to
the Company by or on behalf of any Holder or Initial Purchaser specifically for inclusion therein; and 

  
 6 

 (iii) any Prospectus forming part of any Registration Statement, and
any amendment or supplement to such Prospectus, does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading; provided, however, that the Company will not be liable for written information furnished to the Company by or on behalf of any Holder or Initial Purchaser specifically for inclusion therein. 

(c) The Company shall advise you, the Holders of Securities of any series covered by any Shelf Registration Statement and any Exchanging
Dealer under any Exchange Offer Registration Statement that has provided in writing to the Company a telephone or facsimile number and address for notices, and, if requested by you or any such Holder or Exchanging Dealer, shall confirm such advice
in writing (which notice pursuant to clauses (ii) through (v) hereof shall be accompanied by an instruction to suspend the use of the Prospectus until the Company shall have remedied the basis for such suspension): 

(i) when a Registration Statement and any amendment thereto has been filed with the Commission and when the Registration
Statement or any post-effective amendment thereto has become effective; 

(ii) of any request by the Commission for any amendment or supplement to the Registration Statement or the Prospectus or
for additional information; 
 (iii) of the issuance by the Commission of any stop order suspending the effectiveness of
the Registration Statement or the initiation of any proceedings for that purpose; 
 (iv) of the receipt by the Company
of any notification with respect to the suspension of the qualification of the securities included therein for sale in any jurisdiction or the initiation of any proceeding for such purpose; and 

(v) of the happening of any event that requires any change in the Registration Statement or the Prospectus so that, as of
such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in the light of the circumstances under which
they were made) not misleading. 
 (d) The Company shall use its reasonable best efforts to obtain the withdrawal of any order
suspending the effectiveness of any Registration Statement or the qualification of the securities therein for sale in any jurisdiction at the earliest possible time. 

(e) The Company shall furnish to each Holder of Securities of any series covered by any Shelf Registration Statement, without charge, at
least one copy of such Shelf Registration Statement and any post-effective amendment thereto, including all material incorporated therein by reference, and, if the Holder so requests in writing, all exhibits thereto (including exhibits incorporated
by reference therein). 
 (f) The Company shall, during the Shelf Registration Period, deliver to each Holder of Securities of any
series covered by any Shelf Registration Statement, without charge, as many copies of the Prospectus (including each preliminary Prospectus) included in such Shelf Registration Statement and any amendment or supplement thereto as such Holder may
reasonably request. The Company consents to the use of the Prospectus or any amendment or supplement thereto by each of the selling Holders of Securities of any series in connection with the offering and sale of the Securities of such series covered
by the Prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 
 (g) The Company shall
furnish to each Exchanging Dealer which so requests, without charge, at least one copy of the Exchange Offer Registration Statement and any post-effective amendment thereto, including all material incorporated by reference therein, and, if the
Exchanging Dealer so requests in writing, all exhibits thereto (including exhibits incorporated by reference therein). 
 (h) The
Company shall promptly deliver to each Initial Purchaser, each Exchanging Dealer and each other person required to deliver a Prospectus during the Exchange Offer Registration Period, without charge, as many

  
 7 

 
copies of the Prospectus included in such Exchange Offer Registration Statement and any amendment or supplement thereto as any such person may reasonably request. The Company consents to the use
of the Prospectus or any amendment or supplement thereto by any Initial Purchaser, any Exchanging Dealer and any such other person that may be required to deliver a Prospectus following the Registered Exchange Offer in connection with the offering
and sale of the New Securities covered by the Prospectus, or any amendment or supplement thereto, included in the Exchange Offer Registration Statement. 

(i) Prior to the Registered Exchange Offer or any other offering of Securities of any series pursuant to any Registration Statement, the
Company shall arrange, if necessary, for the qualification of such Securities or the New Securities for sale under the laws of such jurisdictions as any Holder shall reasonably request provided, however, that in no event shall the
Company be obligated (x) to qualify to do business in any jurisdiction where it is not then so qualified or (y) to take any action that would subject it to service of process in suits or to taxation, other than those arising out of the
Initial Placement, the Registered Exchange Offer or any offering pursuant to a Shelf Registration Statement, in any such jurisdiction where it is not then so subject. 

(j) The Company shall cooperate with the Holders of Securities of any series to facilitate the timely preparation and delivery of
certificates representing New Securities or Securities of such series to be issued or sold pursuant to any Registration Statement free of any restrictive legends and in such denominations and registered in such names as Holders may request. 

(k) Upon the occurrence of any event contemplated by subsections (c)(ii) through (v) above, the Company shall promptly prepare
a post-effective amendment to the applicable Registration Statement or an amendment or supplement to the related Prospectus or file any other required document so that, as thereafter delivered to Initial Purchasers of the securities included
therein, the Prospectus will not include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. In such
circumstances, if the Company notifies the Initial Purchasers, the Holders of the Securities of the applicable series and any known participating Broker-Dealer in accordance with paragraphs (c) (i) through (v) of Section (4)
above to suspend the use of the Prospectus until the requisite changes to the Prospectus have been made, then the Initial Purchasers, the Holders of such Securities and any such participating Broker-Dealers shall suspend use of such Prospectus and
the period of effectiveness of the Exchange Offer Registration Statement provided for in Section 2 and the Shelf Registration Statement provided for in Section 3(b) shall each be extended by the number of days from and including the date
of the giving of a notice of suspension pursuant to Section 4(c) to and including the date when the Initial Purchasers, the Holders of such Securities and any known Exchanging Dealer shall have received such amended or supplemented Prospectus
pursuant to this Section. 
 (l) Not later than the effective date of any Registration Statement, the Company shall provide a CUSIP
number for the Securities or New Securities of any series, as the case may be, registered under such Registration Statement and provide the Trustee with printed certificates for such Securities or New Securities, in a form eligible for deposit with
The Depository Trust Company. 
 (m) The Company shall comply with all applicable rules and regulations of the Commission and shall
make generally available to its security holders as soon as practicable after the effective date of the applicable Registration Statement an earnings statement satisfying the provisions of Section 11(a) of the Securities Act. 

(n) The Company shall cause the Indenture or the New Securities Indenture, as the case may be, to be qualified under the Trust Indenture
Act in a timely manner. 
 (o) The Company may require each Holder of Securities of any series to be sold pursuant to any Shelf
Registration Statement to furnish to the Company such information regarding the Holder and the distribution of such Securities as the Company may from time to time reasonably require for inclusion in such Registration Statement. The Company may
exclude from such Shelf Registration Statement the Securities of any series of any Holder that unreasonably fails to furnish such information within a reasonable time after receiving such request. 

  
 8 

 (p) In the case of any Shelf Registration Statement, the Company shall use its reasonable
best efforts to enter into such agreements (including if requested an underwriting agreement in customary form) and take all other necessary actions in order to expedite or facilitate the registration or the disposition of the Securities, and in
connection therewith, if an underwriting agreement is entered into, cause the same to contain indemnification provisions and procedures no less favorable than those set forth in Section 6 (or such other provisions and procedures acceptable to
the Majority Holders and the Managing Underwriters, if any) with respect to all parties to be indemnified pursuant to Section 6. 

(q) In the case of any Shelf Registration Statement, the Company shall: 

(i) make reasonably available for inspection by the Holders of Securities of any series to be registered thereunder, any
underwriter participating in any disposition pursuant to such Registration Statement, and any attorney, accountant or other agent retained by the Holders or any such underwriter all relevant financial and other records, pertinent corporate documents
and properties of the Company and its subsidiaries; provided, however, that any information that is designated in writing by the Company, in good faith, as confidential at the time of delivery of such information shall be kept
confidential by the Holders or any such underwriter, attorney, accountant or agent, unless such disclosure is made in connection with a court proceeding or required by law, or such information becomes available to the public generally or through a
third party without an accompanying obligation of confidentiality; 
 (ii) cause the Company’s officers, directors
and employees to supply all relevant information reasonably requested by the Holders or any such underwriter, attorney, accountant or agent in connection with any such Registration Statement as is customary for similar due diligence examinations;
provided, however, that any information that is designated in writing by the Company, in good faith, as confidential at the time of delivery of such information shall be kept confidential by the Holders or any such underwriter,
attorney, accountant or agent, unless such disclosure is made in connection with a court proceeding or required by law, or such information becomes available to the public generally or through a third party without an accompanying obligation of
confidentiality; 
 (iii) make such representations and warranties to the Holders of Securities of any series registered
thereunder and the underwriters, if any, in form, substance and scope as are customarily made by issuers to underwriters in primary underwritten offerings and covering matters including, but not limited to, those set forth in the Purchase Agreement;

 (iv) obtain opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and
substance) shall be reasonably satisfactory to the Managing Underwriters, if any) addressed to each selling Holder and the underwriters, if any, covering such matters as are customarily covered in opinions requested in underwritten offerings and
such other matters as may be reasonably requested by such Holders and underwriters; 
 (v) obtain “cold
comfort” letters and updates thereof from the independent certified public accountants of the Company (and, if necessary, any other independent certified public accountants of any subsidiary of the Company or of any business acquired by the
Company for which financial statements and financial data are, or are required to be, included in the Registration Statement), addressed to each selling Holder of Securities of any series registered thereunder and the underwriters, if any, in
customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with primary underwritten offerings; and 

(vi) deliver such documents and certificates as may be reasonably requested by the Majority Holders and the Managing
Underwriters, if any, including those to evidence compliance with Section 4(k) and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company. 

The actions set forth in clauses (iii), (iv), (v) and (vi) of this Section shall be performed at (a) the effectiveness of such
Registration Statement and each post-effective amendment thereto; and (b) each closing under any underwriting or similar agreement as and to the extent required thereunder. 

  
 9 

 (r) In the case of any Exchange Offer Registration Statement, the Company shall, to the
extent requested by the Initial Purchasers: 
 (i) make reasonably available for inspection by such Initial Purchaser,
and any attorney, accountant or other agent retained by such Initial Purchaser, all relevant financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries; provided, however, that any
information that is designated in writing by the Company, in good faith, as confidential at the time of delivery of such information shall be kept confidential by the Holders or any such underwriter, attorney, accountant or agent, unless such
disclosure is made in connection with a court proceeding or required by law, or such information becomes available to the public generally or through a third party without an accompanying obligation of confidentiality; 

(ii) cause the Company’s officers, directors and employees to supply all relevant information reasonably requested by
such Initial Purchaser or any such attorney, accountant or agent in connection with any such Registration Statement as is customary for similar due diligence examinations; provided, however, that any information that is designated in
writing by the Company, in good faith, as confidential at the time of delivery of such information shall be kept confidential by such Initial Purchaser or any such attorney, accountant or agent, unless such disclosure is made in connection with a
court proceeding or required by law, or such information becomes available to the public generally or through a third party without an accompanying obligation of confidentiality; 

(iii) make such representations and warranties to such Initial Purchaser, in form, substance and scope as are customarily
made by issuers to underwriters in primary underwritten offerings and covering matters including, but not limited to, those set forth in the Purchase Agreement; 

(iv) obtain opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and
substance) shall be reasonably satisfactory to such Initial Purchaser and its counsel, addressed to such Initial Purchaser, covering such matters as are customarily covered in opinions requested in underwritten offerings and such other matters as
may be reasonably requested by such Initial Purchaser or its counsel; 
 (v) obtain “cold comfort” letters and
updates thereof from the independent certified public accountants of the Company (and, if necessary, any other independent certified public accountants of any subsidiary of the Company or of any business acquired by the Company for which financial
statements and financial data are, or are required to be, included in the Registration Statement), addressed to such Initial Purchaser, in customary form and covering matters of the type customarily covered in “cold comfort” letters in
connection with primary underwritten offerings, or if requested by such Initial Purchaser or its counsel in lieu of a “cold comfort” letter, an agreed-upon procedures letter under Statement on Auditing Standards No. 35, covering
matters requested by such Initial Purchaser or its counsel; and 
 (vi) deliver such documents and certificates as may
be reasonably requested by such Initial Purchaser or its counsel, including those to evidence compliance with Section 4(k) and with conditions customarily contained in underwriting agreements. 

The foregoing actions set forth in clauses (iii), (iv), (v), and (vi) of this Section shall be performed at the close of the Registered Exchange
Offer and the effective date of any post-effective amendment to the Exchange Offer Registration Statement. 
 (s) If a Registered
Exchange Offer is to be consummated, upon delivery of the Securities of a series by Holders to the Company (or to such other person as directed by the Company) in exchange for the New Securities, the Company shall mark, or cause to be marked, on the
Securities of such series so exchanged that such Securities of such series are being canceled in exchange for the New Securities. In no event shall the Securities of such series be marked as paid or otherwise satisfied. 

(t) The Company will use its reasonable best efforts (i) if the Securities of a series have been rated prior to the initial sale of
such Securities of such series, to confirm such ratings will apply to such Securities or the New 

  
 10 

 
Securities, as the case may be, covered by a Registration Statement; or (ii) if the Securities of a series were not previously rated, to cause the Securities of such series covered by a
Registration Statement to be rated with at least one nationally recognized statistical rating agency, if so requested by Majority Holders with respect to the related Registration Statement or by any Managing Underwriters. 

(u) In the event that any Broker-Dealer shall underwrite any Securities of any series or participate as a member of an underwriting
syndicate or selling group or “assist in the distribution” (within the meaning of the Rules of Fair Practice and the By-Laws of the Financial Industry Regulatory Authority, Inc.) thereof, whether as a Holder of such Securities of such
series or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Company shall assist such Broker-Dealer in complying with the requirements of such Rules and By-Laws, including, without limitation,
by: 
 (i) if such Rules or By-Laws shall so require, engaging a “qualified independent underwriter” (as
defined in such Rules) to participate in the preparation of the Registration Statement, to exercise usual standards of due diligence with respect thereto and, if any portion of the offering contemplated by such Registration Statement is an
underwritten offering or is made through a placement or sales agent, to recommend the yield of such Securities of such series; 

(ii) indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters provided
in Section 6 hereof; and 
 (iii) providing such information to such Broker-Dealer as may be required in order for
such Broker-Dealer to comply with the requirements of such Rules. 
 (v) The Company shall use its best efforts to take all other steps
necessary to effect the registration of the Securities or New Securities of any series, as the case may be, covered by a Registration Statement. 

5. Registration Expenses. The Company shall bear all expenses (other than underwriting discounts and commissions) incurred in
connection with the performance of its obligations under Sections 2, 3 and 4 hereof and, in the event of any Shelf Registration Statement, will reimburse the Holders for the reasonable fees and disbursements of one firm or counsel designated by
the Majority Holders to act as counsel for the Holders in connection therewith, and, in the case of any Exchange Offer Registration Statement, will reimburse the Initial Purchasers for the reasonable fees and disbursements of counsel acting in
connection therewith. 
 6. Indemnification and Contribution. (a) The Company agrees to indemnify and hold harmless each
Holder of Securities or New Securities of any series, as the case may be, covered by any Registration Statement (including each Initial Purchaser and, with respect to any Prospectus delivery as contemplated in Section 4(h) hereof, each
Exchanging Dealer), the directors, officers, employees and agents of each such Holder and each person who controls any such Holder within the meaning of Section 15 of the Securities Act or Section 20 of Exchange Act against any and all
losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Securities Act, the Exchange Act or other Federal or state statutory law or regulation, at common law or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out of, or are based upon, (1) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or any omission or alleged
omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading or (2) any untrue statement or alleged untrue statement of a material fact contained in any Prospectus,
taken together with any Free Writing Prospectus or any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act, or any omission or alleged omission to state therein a material fact necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading and agrees to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any case to the extent that any such loss, claim, damage or liability arises out of
or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the 

  
 11 

 
Company by or on behalf of any such Holder or Initial Purchaser specifically for inclusion therein. This indemnity agreement will be in addition to any liability which the Company may otherwise
have. 
 The Company also agrees to indemnify or contribute as provided in Section 6(d) to Losses of each underwriter of Securities or
New Securities of any series, as the case may be, registered under a Shelf Registration Statement, their directors, officers, employees or agents and each person who controls such underwriter on substantially the same basis as that of the
indemnification of the Initial Purchasers and the selling Holders provided in this Section 6(a) and shall, if requested by any Holder, enter into an underwriting agreement reflecting such agreement, as provided in Section 4(p) hereof. 

(b) Each Holder of securities covered by a Registration Statement (including each Initial Purchaser and, with respect to any Prospectus
delivery as contemplated in Section 4(h) hereof, each Exchanging Dealer) agrees, severally and not jointly, to indemnify and hold harmless the Company, each of its directors, each of its officers who signs such Registration Statement and each
person who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, to the same extent as the foregoing indemnity from the Company to each such Holder, but only with reference to
written information relating to such Holder furnished to the Company by or on behalf of such Holder specifically for inclusion in the documents referred to in the foregoing indemnity. This indemnity agreement will be in addition to any liability
which any such Holder may otherwise have. 
 (c) Promptly after receipt by an indemnified party under this Section of notice of the
commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section, notify the indemnifying party in writing of the commencement thereof; but the failure so to
notify the indemnifying party (i) will not relieve it from liability under paragraph (a) or (b) above unless and only to the extent such failure results in the forfeiture by the indemnifying party of substantial rights and defenses;
and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled
to appoint counsel of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be
responsible for the fees and expenses of any separate counsel retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be reasonably satisfactory to the indemnified party.
Notwithstanding the indemnifying party’s election to appoint counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party
shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the
actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other
indemnified parties which are different from or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party
within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not,
without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent (x) includes an unconditional release of each indemnified party
from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 

(d) In the event that the indemnity provided in paragraph (a) or (b) of this Section is unavailable to or insufficient to hold
harmless an indemnified party for any reason, then each applicable indemnifying party shall 

  
 12 

 
have an obligation to contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending
same) (collectively “Losses”) to which such indemnified party may be subject in such proportion as is appropriate to reflect the relative benefits received by such indemnifying party, on the one hand, and such indemnified party, on the
other hand, from the Initial Placement and the Registration Statement which resulted in such Losses; provided, however, that in no case shall any Initial Purchaser or any subsequent Holder of any Security or New Security be
responsible, in the aggregate, for any amount in excess of the purchase discount or commission applicable to such Security, or in the case of a New Security, applicable to the Security that was exchangeable into such New Security, nor shall any
underwriter be responsible for any amount in excess of the underwriting discount or commission applicable to the securities purchased by such underwriter under the Registration Statement which resulted in such Losses. If the allocation provided by
the immediately preceding sentence is unavailable for any reason, the indemnifying party and the indemnified party shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of such
indemnifying party, on the one hand, and such indemnified party, on the other hand, in connection with the statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. Benefits received by the Company
shall be deemed to be equal to the sum of (x) the net proceeds set forth in the Final Memorandum under the caption “Use of Proceeds” and (y) the total amount of additional interest which the Company was not required to pay as a
result of registering the securities covered by the Registration Statement which resulted in such Losses. Benefits received by the Initial Purchasers shall be deemed to be equal to the difference between the issue price of the Securities of the
applicable series as set forth on the cover of the Final Memorandum and the amount paid for the Securities of such series by the Initial Purchasers as set forth in the Purchase Agreement. Benefits received by any underwriter shall be deemed to be
equal to the total underwriting discounts and commissions, as set forth on the cover page of the Prospectus forming a part of the Registration Statement which resulted in such Losses. Relative fault shall be determined by reference to, among other
things, whether any alleged untrue statement or omission relates to information provided by the indemnifying party, on the one hand, or by the indemnified party, on the other hand, the intent of the parties and their relative knowledge, access to
information and opportunity to correct or prevent such untrue statement or omission. The parties agree that it would not be just and equitable if contribution were determined by pro rata allocation (even if the Holders were treated as one entity for
such purpose) or any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section are several and not
joint. For purposes of this Section, each person who controls a Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and each director, officer, employee and agent of such Holder shall have the
same rights to contribution as such Holder, and each person who controls the Company within the meaning of either the Securities Act or the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director
of the Company shall have the same rights to contribution as the Company, subject in each case to the applicable terms and conditions of this paragraph (d). 

(e) The provisions of this Section will remain in full force and effect, regardless of any termination of this Agreement or any
investigation made by or on behalf of any Holder or the Company or any of the directors, officers, employees, agents or controlling persons referred to in this Section hereof, and will survive the sale by a Holder of Securities or New Securities of
a series covered by a Registration Statement. 
 7. Underwritten Registrations. (a) If any of the Securities or New Securities
of any series, as the case may be, covered by any Shelf Registration Statement are to be sold in an underwritten offering, the Managing Underwriters shall be selected by the Majority Holders. 

(b) No person may participate in any underwritten offering pursuant to any Shelf Registration Statement, unless such person (i) agrees to
sell such person’s Securities or New Securities of the applicable series, as the case may be, on the basis reasonably provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements; and
(ii) completes and executes all questionnaires, powers of attorney, 

  
 13 

 
indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 

8. No Inconsistent Agreements. The Company has not, as of the date hereof, entered into, nor shall it, on or after the date hereof,
enter into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the provisions hereof. 

9. Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
qualified, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained the written consent of the Holders of at least a majority of the then outstanding aggregate
principal amount of Securities (or, after the consummation of any Registered Exchange Offer in accordance with Section 2 hereof, of New Securities); provided that, with respect to any matter that directly or indirectly affects the rights
of any Initial Purchaser hereunder, the Company shall obtain the written consent of each such Initial Purchaser against which such amendment, qualification, supplement, waiver or consent is to be effective. Notwithstanding the foregoing (except the
foregoing proviso), (i) a waiver or consent to departure from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of a series of Securities or New Securities whose Securities or New Securities of
such series, as the case may be, are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other Holders may be given by the Majority Holders of such series of Securities or New Securities, as
applicable, determined on the basis of Securities or New Securities of such series, as the case may be, being sold rather than registered under such Registration Statement and (ii) this Agreement may be amended, qualified, modified or
supplemented to cure any ambiguity or defect, to correct or supplement any provision herein which may be inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Agreement
or the Securities of the applicable series or make any other changes herein or therein in a manner which would not adversely affect the interests of the Holders of the Securities. 

10. Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery,
first-class mail, telex, telecopier or air courier guaranteeing overnight delivery: 
 (a) if to a Holder, at the most current address
given by such Holder to the Company in accordance with the provisions of this Section, which address initially is, with respect to each Holder, the address of such Holder maintained by the Registrar under the Indenture, with a copy in like manner to
J.P. Morgan Securities LLC. 
 (b) if to you, initially at the respective address set forth in the Purchase Agreement; and 

(c) if to the Company, initially at its address set forth in the Purchase Agreement. 

All such notices and communications shall be deemed to have been duly given when received. 

The Initial Purchasers or the Company by notice to the other parties may designate additional or different addresses for subsequent notices or
communications. 
 11. Successors. This Agreement shall inure to the benefit of and be binding upon the successors and assigns
of each of the parties, including, without the need for an express assignment or any consent by the Company thereto, Holders of Securities and New Securities of any series. The Company hereby agrees to extend the benefits of this Agreement to any
Holder of Securities and New Securities of any series, and any such Holder may specifically enforce the provisions of this Agreement as if an original party hereto, provided that such Holder shall be conclusively deemed to have agreed to be
bound by and to perform all of the terms and provisions of this Agreement. 
 12. Counterparts. This Agreement may be in signed
counterparts, each of which shall an original and all of which together shall constitute one and the same agreement. 

  
 14 

 13. Headings. The headings used herein are for convenience only and shall not
affect the construction hereof. 
 14. Applicable Law. This Agreement arising under or related to this Agreement, shall be
governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed in the State of New York. 

15. Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any
circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired or
affected thereby, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 

16. Securities Held by the Company and its Affiliates. Whenever the consent or approval of Holders of a specified percentage of
principal amount of Securities or New Securities of any series is required hereunder, Securities or New Securities of such series, as applicable, held by the Company or its Affiliates shall be disregarded and deemed not to be outstanding in
determining whether such consent or approval was given by the Holders of such required percentage. 
 17. Agent for Service;
Submission to Jurisdiction; Waiver of Immunities. By the execution and delivery of this Agreement, the Company (i) acknowledges that it has, by separate written instrument, irrevocably designated and appointed Cogency Global Inc. (and any
successor entity), as its authorized agent upon which process may be served in any suit or proceeding arising out of or relating to this Agreement that may be instituted in any federal or state court in the State of New York or brought under federal
or state securities laws, and acknowledges that Cogency Global Inc., has accepted such designation, (ii) submits to the nonexclusive jurisdiction of any such court in any such suit or proceeding, and (iii) agrees that service of process
upon Cogency Global Inc., at 10 E. 40th Street, 10th Floor, New York, New York 10016 and written notice of said service to the Company shall be deemed in every respect effective service of process upon it in any such suit or proceeding.
The Company further agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of Cogency Global Inc., in full force and
effect so long as any of the Securities of any series shall be outstanding. To the extent that the Company may have or acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior
to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, it hereby irrevocably waives such immunity in respect of this Agreement, to the fullest extent permitted by law. 

[Signature page follows] 

  
 15 

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement among the Company and the several Initial Purchasers. 

 

			
	Very truly yours,
	
	CELULOSA ARAUCO Y CONSTITUCIÓN S.A.,
		
	by	 	/s/ Gianfranco Trufello
		 	Name: Gianfranco Trufello
		 	Title: Chief Financial Officer

  

			
		
	by	 	/s/ Marcelo Bennett
		 	Name: Marcelo Bennett
		 	Title: Treasurer

  
 16 

 The foregoing Agreement is hereby confirmed and 

accepted as of the date first above written. 
  

			
	By:	 	J.P. MORGAN SECURITIES LLC
		
		 	Acting on behalf of itself and the
		 	several Initial Purchasers

  

			
		
	By:	 	            /s/ Ana Silva Klarish           
 
		 	Name: Ana Silva-Klarish
		 	Title: Executive Director

  
 17 

 The foregoing Agreement is hereby confirmed and 

accepted as of the date first above written. 
  

			
		
	By:	 	MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
		
		 	Acting on behalf of itself and the
		 	several Initial Purchasers
		
	By:	 	            /s/ Gonzalo Isaacs            

		 	Name: Gonzalo Isaacs
		 	Title: Managing Director

  
 18 

 ANNEX A 

Each Broker-Dealer that receives New Securities of any series for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such New Securities. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a Broker-Dealer will not be deemed to admit that it is an “underwriter” within the
meaning of the Securities Act. This Prospectus, as it may be amended or supplemented from time to time, may be used by a Broker-Dealer in connection with resales of New Securities received in exchange for Securities of any series where such
Securities were acquired by such Broker-Dealer as a result of market-making activities or other trading activities. The Company has agreed that, starting on the Expiration Date (as defined herein) and ending on the close of business 180 days after
the Expiration Date it will make this Prospectus available upon request to any Broker-Dealer for use in connection with any such resale. See “Plan of Distribution”. 

 ANNEX B 

Each Broker-Dealer that receives New Securities for its own account in exchange for Securities of any series, where such Securities of such series were
acquired by such Broker-Dealer as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such New Securities. See “Plan of Distribution.” 

 ANNEX C 

PLAN OF DISTRIBUTION 
 Each
Broker-Dealer that receives New Securities of any series for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such New Securities. This Prospectus, as it may be
amended or supplemented from time to time, may be used by a Broker-Dealer in connection with resales of New Securities received in exchange for Securities of any series where such Securities of such series were acquired as a result of market-making
activities or other trading activities. The Company has agreed that, starting on the Expiration Date and ending on the close of business one year after the Expiration Date, it will make this Prospectus, as amended or supplemented, available upon
request to any Broker-Dealer for use in connection with any such resale. In addition, until , 20 , [90 days after the effectiveness of the registration statement] all dealers effecting transactions in the New Securities may be required to
deliver a prospectus. 
 The Company will not receive any proceeds from any sale of New Securities by brokers-dealers. New Securities
received by Broker-Dealers for their own account pursuant to the Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the New
Securities or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or concessions from any such Broker-Dealer and/or the purchasers of any such New Securities. Any Broker-Dealer that resells New Securities that were received by it for its
own account pursuant to the Exchange Offer and any broker or dealer that participates in a distribution of such New Securities may be deemed to be an “underwriter” within the meaning of the Securities Act and any profit resulting from any
such resale of New Securities and any commissions or concessions received by any such persons may be deemed to be underwriting compensation under the Securities Act. The Letter of Transmittal states that by acknowledging that it will deliver and by
delivering a prospectus, a Broker-Dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act. 

For a period of 180 days after the Expiration Date, the Company will promptly send additional copies of this Prospectus and any amendment or
supplement to this Prospectus to any Broker-Dealer that requests such documents in the Letter of Transmittal. The Company has agreed to pay all expenses incident to the Exchange Offer (including the expenses of one counsel for the Holders of the
Securities of any series) other than commissions or concessions of any brokers or dealers and will indemnify the holders of the Securities of any series (including any Broker-Dealers) against certain liabilities, including liabilities under the
Securities Act. 
 If applicable, add information required by Regulation S-K Items 507 and/or 508. S-K 502(b) legend must appear on the back
cover. 

 ANNEX D 

Rider A 
  

							
	 /    /
	  	CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.
		  	Name:	 	      
	  	
		  	Address:	 	      
	  	

 Rider B 
 If the
undersigned is not a Broker-Dealer, the undersigned represents that it acquired the New Securities in the ordinary course of its business, it is not engaged in, and does not intend to engage in, a distribution of New Securities and it has no
arrangements or understandings with any person to participate in a distribution of the New Securities. If the undersigned is a Broker-Dealer that will receive New Securities for its own account in exchange for Securities of any series, it represents
that the Securities of such series to be exchanged for New Securities were acquired by it as a result of market-making activities or other trading activities and acknowledges that it will deliver a prospectus in connection with any resale of such
New Securities; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act.

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