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ARA » Topics » BRAZILIAN SECURITIES COMMISSION - CVM

This excerpt taken from the ARA 6-K filed Nov 19, 2008.

BRAZILIAN SECURITIES COMMISSION - CVM

Company Relations Superintendency Company Oversight Management Area 2 São Paulo - SP

c/o. Mr. Fernando Soares Vieira Mr. Alexandre de Almeida

Ref.: OFÍCIO/CVM/SEP/GEA-2/Nº 284/08, of November 18, 2008

Dear Sirs,

We have received your clarification request regarding the "...article presented on the Exame portal on November 14th under the title: 'Stora Enso prepares an offer for Aracruz’s stake in Veracel', which states, among other things, that 'The vulnerability of Aracruz, wrestling with losses in the billions from unsuccessful foreign exchange derivative operations (...) Stora Enso, is considering making an offer for Aracruz’ 50% stake in Veracel (...) an offer of around 2 billion'".

In regard to the abovementioned article, we are unaware of the intention reported on the "Exame" portal. Indeed, at no time has

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