ULTRA HOLDINGS CORPORATION

None observed in current sources.

• ■
  REFORESTADORA CHAME S.A.

  shareholder of
• ■
  P.L. ASSOCIATES INC.

  shareholder of
• ■
  MOSSGOLF, S.A.

  shareholder of
• ■
  DRAYCOTT PROPERTIES INC.

  shareholder of
• ■
  CHEYNE PROPERTIES INC.

  shareholder of
• ■
  INDIAN CREEK HOLDINGS CORP.

  shareholder of
• ■
  GOLD STAR LTD.

  shareholder of
• ■
  ARCTICANA S. A.

  shareholder of