EXHIBIT 8.1

The following table sets forth our ownership interests in our subsidiaries as of December 31, 2016.



|                                                 |  |                         |                 |  |                  |  |         |  
|------------------------------------------------ |  | ----------------------- | --------------- |  | ---------------- |  | ------- | -
|                                                 |  | Country ofincorporation |                 |  | Total stock held | 
|Agenciamiento y Servicios Profesionales S.A.     |  |                         | 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 Florestal Arapoti S.A.                    |  |                         | Brazil          |  |                  |  | 79.9992 |  
|Arauco Forest Brasil S.A.                        |  |                         | Brazil          |  |                  |  | 99.9991 |  
|Arauco Europe Cooperatief U.A.                   |  |                         | Dubai           |  |                  |  | 99.9990 |  
|Arauco Middle East DMCC                          |  |                         | The Netherlands |  |                  |  | 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           |  |                  |  | 57.5404 |  
|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.                             |  |                         | Chile           |  |                  |  | 99.9484 |  
|Forestal Cholguán S.A.                           |  |                         | Chile           |  |                  |  | 98.4744 |  
|Forestal Concepción S.A.                         |  |                         | Panama          |  |                  |  | 99.9990 |  
|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 |  
|Novo Oeste Gestão de Ativos Florestais S.A.      |  |                         | Brazil          |  |                  |  | 99.9990 |  
|Maderas Arauco S.A. (Ex 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 |