Analyst coverage

The operations and financial situation of the Company are reviewed by several major financial institutions and other independent analysts through widely disclosed reports. Prospective investors are cautioned that the Company's policy is not to endorse any analysis, reviews, articles or reports made by such analysts. For your convenience you will find below a list of independent analysts and institutions that prepare reviews, analysis, articles and reports of such nature. However, the Company advises that such analysis, reviews, articles and reports are prepared independently by their authors, at their own and exclusive risk, and do not represent the position or opinion of the Company with respect to any of the issues contained therein. The Company does not assume any liability for information, advises or analysis contained in reports prepared by the analysts or institutions listed below, or prepared by any third party. If you need any information regarding Aracruz, please contact the Investor Relations Department at invest@aracruz.com.br or (55 11) 3301-4131, or review its filings with the SEC.

Brokers Analyst
Agora Senior Luiz Otávio Broad
55 21 2529-3390
Ativa Mônica Araújo
55 21 3981 0284
Banif Primus Catarina Pedrosa
55 11 3254 2906
BB Investimentos Anna Lúcia Queiroz
55 21 3808 6013
BES Securities Juliana Chu
55 11 3074 7320
Bradesco Corretora Rafael Biderman / Gina Montone
11 2178-5313 / 11 2178-4272
BMO Nesbitt Burns Research Stephen Atkinson / Joe Licursi
514 2867309 / 514 286-3509
Citigroup Tereza Mello / Juan Tavarez
11 4009-2839 / 212 816-5791
Coinvalores Sandra Peres / Carlos Nunes
11 3094-7873 / 11 3094-7872
CSFB Ivan Fadel / Bruno Savaris
11 3841-6316 / 11 3841 6332
Deutsche Bank Josh Milberg / Felipe Pascowitch
11 2113- 5971 / 11 2113 5976
Fator Doria Atherino Corretora de Valores Rodrigo Fernandes
11 3049-9478
FWAC Research Juan Pablo León Flores
56 2 597 8720
Geração Futuro Wagner Faccini Salavery
55 51 2121-9500
Goldman Sachs Marcelo Aguiar / Pedro Grimaldi
11 3371-0771 / 11 3371 0743
HSBC Fabiano Rodrigues dos Santos
33718194
Independent Research Private Limited Abhay Amlekar
91 22 2852 1069 (ramal 201)
Itaú Corretora de Valores Marcelo Brisac / Patrícia Fernandes
11 5029-4737 / 11 5029-4803
J.P. Morgan Debbie Bobovnikova
212 622-3489
Link Investimentos Leonardo Alves
11 4505 6703
Lopes Filho & Associados Leila Almeida
21 22102152
Merrill Lynch Marcos Assumpção / Thiago Lofiego
11 2188-4226 / 11 2188-4010
Morgan Stanley Carlos de Alba / Bruno Montanari
212 761-4927 / 11 3048-6225
Planner Corretora de Valores Ricardo Tadeu Martins / Rodney Melhados
11 2172-2656 / 11 2172-2656
Raymond James Daryl Swetlishoff / Francisco Schumacher / Clara Fernandez Quiroga
1 604 659-8246 / 54 11 4850-2534 / 54 11 4850-2536
Santander Felipe Reis / Alex Sciacio
11 30125758
UBS/Pactual Edmo Chagas / Carlos Vasques
21 3262-9226 / 21 3262-9670
Unibanco Rogério Zarpão
55 11 3584 1095

Last update on February 17, 2009

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