QUALIFYING HOLDING Under the terms and for the purposes of Article 17 of the Portuguese Securities Market Code (CVM), we inform that we received from Caixa Geral de Depósitos SA, a company with a share capital of 2.450.000.000,00 Euros, corporate tax no. 500 960 046, registered with the Lisbon Companies’ Registry under the no. 2900, on November 16th, 2004 at 8.30 p.m., the following communication dated November 15th: “Under the terms and for the purposes of Article 16 of the Portuguese Securities Market Code, Caixa Geral de Depósitos SA (CGD), informs that: a) Subsequent to the exercising of the put options held by Lunimo – Sociedade Imobiliária, SA, Barmins – Serviços e Gestão Imobiliária, SA and Capitais Privados – Sociedade Gestora de Participações Sociais, SA, the Caixa Geral de Depósitos, SA acquired 25.826.412 shares representative of 3.37% of the share capital and voting rights of Portucel - Empresa Produtora de Pasta de Papel, SA, on November 12th, 2004; b) Subsequent to the exercising of the put option it held, the Caixa Geral de Depósitos SA, on the same November 12th, sold to Semapa Investment BV, a subsidiary of Semapa – Sociedade de Investimento e Gestão, SGPS, SA, the referred 25.826.412 shares representative of 3.37% of the share capital and voting rights of Portucel - Empresa Produtora de Pasta de Papel, SA. We also inform that CGD holds 210.249 shares representative of 0.03% of the share capital of Portucel.” Further to this communication, today the Caixa Geral de Depósitos informed Portucel of the following: “... the mentioned transactions were made over the counter (OTC’s).” Setúbal, 18th of November 2004