Company Cartón de Colombia S.A.

Carton de Colombia SA is a Colombia-based company primarily engaged in the paper industry. The Company's main activities include the production and distribution of pulp from fresh fibers, containerboard from fresh and recycled fiber, semi-extensible sack paper, boxboard and writing and printing papers, and the management, marketing and sale of corrugated and paper sack packaging, among others. In addition, the Company's facilities are located in the Colombian cities of Barranquilla, Bogota, Cali and Medellin, as well as in Venezuela, Costa Rica and Ecuador. The Company is a member of Smurfit Kappa Group, a group which is also involved in the production and distribution of paper. As of December 31, 2011, the Company owned fully consolidated subsidiaries Reforestadora Andina SA and Transbosnal SA.