Exhibit 21
List of Subsidiaries
| Country of incorporation | Total stock held | |||||
Agenciamiento y Servicios Profesionales S.A. | Mexico | 99.9990 | % | |||
Alto Paraná S.A. | Argentina | 99.9801 | ||||
Arauco Australia Pty Ltd. | Australia | 99.9990 | ||||
Arauco Bioenergía S.A. | Chile | 99.9999 | ||||
Arauco Colombia S.A. | Colombia | 99.9983 | ||||
Arauco Distribución S.A. | Chile | 99.9996 | ||||
Arauco do Brasil S.A.(ex-Placas do Paraná S.A.) | Brazil | 99.9990 | ||||
Arauco Florestal Arapoti S.A. | Brazil | 79,9992 | ||||
Arauco Forest Brasil S.A. | Brazil | 99.9990 | ||||
Arauco Forest Products B.V. | The Netherlands | 99.9990 | ||||
Arauco Holanda Cooperatief U.A. | The Netherlands | 99.9990 | ||||
Arauco Panels USA LLC | U.S.A. | 99.9990 | ||||
Arauco Perú S.A. | Peru | 99.9990 | ||||
Arauco Wood Products, Inc. | U.S.A. | 99.9990 | ||||
Araucomex S.A. de C.V. | Mexico | 99.9990 | ||||
Aserraderos Arauco S.A. | Chile | 99.9995 | ||||
Controladora de Plagas Forestales S.A. | Chile | 57.8802 | ||||
Empreendimentos Florestais Santa Cruz Ltda. | Brazil | 99.9789 | ||||
Flakeboard America Limited | U.S.A. | 99.9990 | ||||
Flakeboard Company Limited | Canada | 99.9990 | ||||
Forestal Arauco S.A. (Ex- Forestal Celco S.A). | Chile | 99.9484 | ||||
Forestal Concepción | Panama | 99.9990 | ||||
Forestal Cholguán S.A. | Chile | 98.1796 | ||||
Forestal Los Lagos S.A. | Chile | 79.9587 | ||||
Forestal Nuestra Señora del Carmen S.A. | Argentina | 99.9805 | ||||
Forestal Talavera S.A. | Argentina | 99.9942 | ||||
Greenagro S.A. | Argentina | 97.9805 | ||||
Inversiones Arauco Internacional Ltda. | Chile | 99.9990 | ||||
Investigaciones Forestales Bioforest S.A. | Chile | 99.9489 | ||||
Leasing Forestal S.A. | Argentina | 99.9801 | ||||
Mahal Empreendimentos e Participacoes S.A. | Brazil | 99.9934 | ||||
Paneles Arauco S.A. | Chile | 99.9995 | ||||
Savitar S.A. | Argentina | 99.9841 | ||||
Servicios Aéreos Forestales Ltda. | Chile | 99.9990 | ||||
Servicios Logísticos Arauco S.A. | Chile | 99.9997 | ||||
