QUALIFYING HOLDING (CORRECTION) Under the terms and for the purposes of Article 17 of the Portuguese Securities Market Code (CVM), we inform that, at the present date, we received a communication from 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, stating the following: “By mistake, we informed on our letter dated November 15, 2004, that Semapa Investments BV had become a direct holder of 287.712.433 shares of PORTUCEL – Empresa Produtora de Pasta e Papel, S.A., when we meant that Semapa Investments BV had become a direct holder of 284.712.433 (two hundred eighty four million, seven hundred and twelve thousand, four hundred and thirty three) shares of Portucel, representative of 37.10% of the voting rights. All other information included on the referred letter remain unchanged.” Setúbal, 17th of November 2004