QUALIFYING HOLDING Under the terms and for the purposes of Article 17 of the Portuguese Securities Market Code (CVM), SEMAPA - Sociedade de Investimento e Gestão SGPS, S.A., a public company with a share capital of 118.332.445 Euros, Corporate Tax no. 502 593 130, registered with the Lisbon Companies’ Registry under the no. 2630, informed PORTUCEL that, under the terms and for the purposes of Article 16 of the Portuguese Securities Market Code (CVM), it holds, direct and indirectly through other companies with whom it has a dominant or group relationship, more than two thirds of the voting rights corresponding to the share capital of PORTUCEL – Empresa Produtora de Pasta e Papel, S.A. SEMAPA also informed that this holding results from the acquisition by SEMAPA – Investments BV, a 100% held subsidiary, through a purchase and sale agreement with Banco Espírito Santo SA and Caixa Geral de Depósitos SA, on the 12th of November 2004, of a total of 51.652.824 shares representative of 6.73% of the share capital and the voting rights of PORTUCEL – Empresa Produtora de Pasta e Papel, S.A., after which SEMAPA – Investments BV became a direct holder of 287.712.433 shares representative of 37.49% of the voting rights corresponding to the share capital of PORTUCEL – Empresa Produtora de Pasta e Papel, S.A. Consequently, SEMAPA - Sociedade de Investimento e Gestão SGPS, S.A. presently holds, directly and indirectly, 514.964.433 shares representative of 67.1% of the voting rights corresponding to the share capital of PORTUCEL – Empresa Produtora de Pasta e Papel, S.A. Setúbal, 15th of November, 2004