CELULOSA ARGENTINA S.A. Stock Buenos Aires S.E.

Celulosa Argentina SA is an Argentina-based company principally engaged in the forestry industry. The Company divides its operations into five business units: Paper, which produces Borealcel alkaline printing and writing paper; Cellulose pulp, which produces raw material made from eucalyptus wood; Forest, focused on the Eucalyptus Grandis and the Elliotti Pine; Wood, which produces boarded floors, decks, phenolic plywood and others, and Distribution, which manages supplies stores . As of May 31, 2011, the Company owned such subsidiaries as Casa Hutton SAC e I, Tissucel SA, Cartulinas Argentinas SA, Fabrica Nacional de Papel SA, TC Rey SA and Forestadora Tapebicua SA, among others.