Merger of PTR AM in PTV AM

NOTICE N.º 0091/06

Subsequent to the merger operation between PORTUCEL RECICLA - Indústria de Papel Reciclado, S.A. and PORTUCEL VIANA - Empresa Produtora de Papeis Industriais, S.A., by incorporation of the former in the latter, on 27^th January, 2006 the share capital of PORTUCEL VIANA - Empresa Produtora de Papeis Industriais, S.A. was increased, by issue of 2.000.000 new shares, registered under code PTV AM. On the same date, the registry of shares PTR AM of PORTUCEL RECICLA - Indústria de Papel Reciclado, S.A. was cancelled.

INTERBOLSA, 30^th January, 2006