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Management Side
Votorantim Celulose E Papel Launches Share Buyback
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São Paulo, Brazil,02 March 2007 -- Votorantim Celulose e Papel S.A. (VCP) – (NYSE: VCP; BOVESPA: VCPA4), announced today that its board of directors has authorized a buy-back program of shares issued by the company under the following conditions:

Objective of the buyback program

Open market repurchase of VCP preferred shares, to be held in treasury and sold and/or cancelled at a future date.

Volume of shares to be acquired

Up to 9 million preferred shares, including the current shares held in treasury, and representing an amount below the legal limit (10% of the total outstanding shares).

Criteria for the acquisition

Based on the company's current share price on the stock exchanges it is listed and the company's available funds.

Buyback terms

Up to 365 days from 02 March 2007, ending at 29 February 2008.
Total outstanding preferred shares 98,442,378 preferred shares, according to CVM Instruction nr. 10/80.

Total treasury shares

Currently the company holds 28,900 preferred shares, acquired in previous buybacks.
 

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