EXHIBIT 8.1
The following is a list of all of American Israeli Paper Mills Ltd.‘s significant subsidiaries and associated companies, including the name, country of incorporation or residence, proportion of ownership interest and, if different, proportion of voting power held.
| Name of the Company | Country of Incorporation or Residence | Percentage of Ownership Interest | Percentage of Voting Power (if different from ownership) | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Subsidiaries | |||||||||||
| Amnir Recycling Industries Ltd. | Israel | 100.00 | % | * | |||||||
| Graffiti Office Supplies & Paper Marketing Ltd. | Israel | 100.00 | % | * | |||||||
| Attar Marketing Office Supplies Ltd. | Israel | 100.00 | % | * | |||||||
| American Israeli Paper Mills Paper Industry (1995) Ltd. | Israel | 100.00 | % | * | |||||||
| Associated Companies | |||||||||||
| Hogla-Kimberly Ltd. | Israel | 49.90 | % | * | |||||||
| Kimberly -Clark Tuketim Mallari Sanayi Ve Ticaret A.S. | |||||||||||
| ("KCTR") (held through H-K) | Turkey | 49.90 | % | * | |||||||
| Mondi Paper Hadera Ltd. | Israel | 49.90 | % | * | |||||||
| Barthelemi Holdings Ltd.** | Israel | 35.98 | % | * | |||||||
| T.M.M. Integrated Recycling Industries Ltd.(direct and indirect)** | Israel | 43.08 | % | * | |||||||
| Carmel Containers Systems Ltd. | Israel | 36.21 | % | * | |||||||
| Frenkel- CD Ltd.(direct and indirect through Carmel) | Israel | 37.93 | % | 35.11 | % | ||||||
| Cycle-Tec Recycling Technology Ltd. | Israel | 30.18 | % | * | |||||||
| * Not applicable. |
| ** As of February 2007, the Company no longer has any holding in these entities. |
