For the purpose of Article 448, number 4 of the Commercial Companies Code and in accordance with Article 8 of CMVM Regulation number 04/2004, the entities holding qualified equity in Portucel, on December 21st 2007, are as follows:

Entity	Attributable	Number of shares	% of capital and voting rights
Semapa - Sociedade de Investimento e Gestão, SGPS, S.A.	Direct	46.705.723	6,09%
Seinpart BV	Company owned	281.152.015	36,63%
Seinpart Participações SGPS	Company owned	230.839.400	30,08%
Credit Suisse International	Shares that Semapa may acquire through an agreement with the shareholder	8.708.500	1,13%
Semapa Inversiones S.L.	Company owned	8.507.018	1,11%
Seminv - Investimentos SGPS, SA	Company owned	590.400	0,08%
Cimentospar - Participações Sociais SGPS, Lda	Company owned	589.400	0,08%
Duarte Nuno d´Orey da Cunha	Governing Body	12.700	0,002%
António Paiva de Andrada Reis	Governing Body	4.400	0,001%
Total:		577.109.556	75,2%

Dividend Policy

According to the Company Bylaws, the profits of the fiscal year, established in accordance with the law, shall be applied:

• five per cent for the constitution, reinforcement and as applicable, the restoration of the legal reserve, up to the legal limit, and
• the remainder will be distributed in accordance with the General Meeting resolution, by simple majority of the votes corresponding to the capital stock.

» Dividends Table