Exhibit 21

List of Subsidiaries

	Country of incorporation	Total stock held
Agenciamiento y Servicios Profesionales S.A. de C.V.	Mexico		99.9990	%
Arauco Argentina S.A.	Argentina		99.9801
Arauco Australia Pty Ltd.	Australia		99.9990
Arauco Bioenergía S.A.	Chile		99.9999
Arauco Colombia S.A.	Colombia		99.9982
Arauco do Brasil S.A.	Brazil		99.9990
Arauco Europe Cooperatief U.A.	The Netherlands		99.9990
Arauco Florestal Arapoti S.A.	Brazil		79,9992
Arauco Forest Brasil S.A.	Brazil		99.9992
Arauco Indústria de Painéis Ltda.	Brazil		99.9990
Arauco Middle East DMCC	Dubai—UAE		99.9990
Arauco Nutrientes Naturales SpA	Chile		99.9484
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
Consorcio Protección Fitosanitaria Forestal S.A.	Chile		57.5223
Empreendimentos Florestais Santa Cruz Ltda.	Brazil		99.9795
Flakeboard America Limited	U.S.A.		99.9990
Flakeboard Company Limited	Canada		99.9990
Forestal Arauco S.A.	Chile		99.9484
Forestal Cholguán S.A.	Chile		98.4826
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
Maderas Arauco S.A.	Chile		99.9995
Mahal Empreendimentos e Participacoes S.A.	Brazil		99.9961
Novo Oeste Gestão de Ativos Florestais S.A.	Brazil		99.9991
Savitar S.A.	Argentina		99.9841
Servicios Aéreos Forestales Ltda.	Chile		99.9990
Servicios Logísticos Arauco S.A.	Chile		99.9997