| Shareholding | ||||||||||||
| Jurisdiction | at Year End | |||||||||||
| Name of Subsidiary(1) | of Incorporation | Direct | Indirect | |||||||||
| Zellstoff-und Papierfabrik Rosenthal GmbH & Co. KG | Germany | — | 100 | % | ||||||||
| Zellstoff Stendal GmbH | Germany | — | 70.6 | % | ||||||||
| Zellstoff Celgar Limited | Canada | 100 | % | — | ||||||||
| Zellstoff Celgar Limited Partnership | Canada | 100 | % | — | ||||||||
| (1) | All the subsidiaries are conducting business under their own names. |
