Votorantim Celulose e Papel S.A. Announces New Stock Buyback Program SAO PAULO, Brazil, May 13 /PRNewswire-FirstCall/ -- Votorantim Celulose e Papel S.A. (VCP) (NYSE: VCP; BOVESPA: VCPA4), one of the largest pulp and paper producers in Latin America, today announced that its Board of Directors has authorized a buyback 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 1,716,000 1,000-share blocks of preferred shares, representing an amount below the legal limit (10% of the total outstanding shares) when considering shares currently held in Treasury; Criteria for the acquisition Based on the Company's current share price on the Stock Exchanges in which it is listed and the Company's available funds; Buyback term Up to 365 days from May 13, 2004; Total outstanding preferred shares 17,180,629 1,000-share blocks of preferred shares, according to CVM Instruction nr. 10/80; Total treasury shares Currently the company holds 1,580 1,000-share blocks of preferred shares, acquired in previous buyback programs. Intermediary financial institutions Itau Corretora de Valores S.A. and Unibanco Corretora de Valores Mobiliarios S.A. Votorantim Celulose e Papel S.A. - VCP is one of the largest producers of pulp and paper in Brazil in terms of net revenues and total assets, and the leader among Brazilian producers of printing, writing and special papers. VCP is an integrated company that uses appropriate technology for each of its processes, which assures greater efficiency throughout the production cycle. VCP sells its products on both the domestic and overseas markets, exporting to over 55 countries on five continents. DATASOURCE: Votorantim Celulose e Papel S.A. CONTACT: Valdir Roque, CFO and IR Director, or Alfredo Villares, Investor Relations Manager, both of Votorantim Celulose e Papel S.A., Ph: +5511-3269-4168,4287,4261, Fax: +5511-3269-4066, or Web site: http://www.vcp.com.br/

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