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United States
Securities and Exchange Commission
Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the
Securities Exchange Act of 1934

For the month of
July 2008

Aracruz Celulose S.A.

Aracruz Cellulose S.A.
(Translation of Registrant’s name into English)

Av. Brigadeiro Faria Lima, 2,277—4th floor
São Paulo, SP 01452-000, Brazil
(Address of principal executive office)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

(Check One) Form 20-F þ  Form 40-F o

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1))

(Check One) Yes o  No þ

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7))

(Check One) Yes o  No þ

(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

(Check One) Yes o  No þ

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82- .)


Aracruz Celulose S.A.
Quarterly Financial Information
(ITR) as of June 30, 2008 and 2007,
and Special Review Report of
Independent Registered Public
Accounting Firm


FEDERAL PUBLIC SERVICE
CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

Corporate Legislation
Period - 06/30/2008


01.01 - IDENTIFICATION        
01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

01.02 - ADDRESS OF HEAD OFFICES                
 01 - COMPLETE ADDRESS                            02 - DISTRICT       03 - ZIP CODE (CEP)
         Caminho Barra do Riacho, s/nº - km 25   Barra do Riacho       29.197-900
 04 - CITY                            05 - STATE        
       Aracruz           Espírito Santo        
 06 - AREA CODE   07 - TELEPHONE   08 - TELEPHONE                  09 - TELEPHONE       10 - TELEX
       027   3270-2442    3270-2540   3270-2844   -   -
 11 - AREA CODE   12 - FAX NO.   13 - FAX NO.                  14 - FAX NO.        
       027   3270-2590   3270-2171   3270-2001        
 15 - E-MAIL                    
         mbl@aracruz.com.br                    

01.03 - DIRECTOR OF MARKET RELATIONS (BUSINESS ADDRESS)        
 01 - NAME                
 Isac Roffé Zagury                
 02 – COMPLETE ADDRESS                            03 - DISTRICT    
 Av. Brigadeiro Faria Lima, 2272 - 3rd and 4th Floor                  Jardim Paulistano    
 04 - ZIP CODE (CEP)       05 - CITY   06 - STATE
       01.452-000       São Paulo   SP    
 07 - AREA CODE   08 - TELEPHONE    09 - TELEPHONE    10 TELEPHONE   11 - TELEX
       011   3301-4160            3301-4139        3301-4228   --
 12 - AREA CODE   13 - FAX NO   14 - FAX NO   15 - FAX NO    
011   3301-4202    3301-4117    3301-4275    
 16 - E-MAILL                
         iz@aracruz.com.br            

01.04 – ACCOUNTANT / REFERENCE                    
CURRENT FISCAL YEAR       CURRENT QUARTER           PREVIOUS QUARTER    
1 - BEGINNING 2 – ENDING   3 – NUMBER   4 - BEGINNING   5 - ENDING   6 – NUMBER   7 - BEGINNING   9 - ENDING
01/01/2008 12/31/2008   2   04/01/2008   06/30/2008   1   01/01/2008   03/31/2008
9 – NAME / ACCOUNTANT CORPORATE NAME           10 - CVM CODE        
   Deloitte Touche Tohmatsu Auditores Independentes       00385-9        
11 – NAME OF THE TECHNICAL RESPONSIBLE           12 – CPF Nº        
 José Carlos Monteiro               443.201.918-20    

01.05 – CURRENT BREAKDOWN OF PAID-IN CAPITAL, NET OF TREASURY STOCK
NUMBER OF SHARES   1 - CURRENT QUARTER   2 – PREVIOUS QUARTER   3 –QUARTER PREVIOUS YEAR
(Thousands)   06/30/2008   03/31/2008   06/30/2007
PAID-IN CAPITAL            
   1 – COMMON   455,391   455,391   455,391
   2 –PREFERRED   577,163   577,163   577,163
   3 – TOTAL   1,032,554   1,032,554   1,032,554
IN TREASURY            
   4 – COMMON   483   483   483
   5 –PREFERRED   1,483   1,483   1,483
   6 – TOTAL   1,966   1,966   1,966

Page: 1


FEDERAL PUBLIC SERVICE
CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

Corporate Legislation
Period - 06/30/2008


01.01 - IDENTIFICATION        
01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

01.06 - SOCIETY CHARACTERISTICS
1 - TYPE OF SOCIETY
     COMMERCIAL, INDUSTRIAL & OTHER TYPES OF BUSINESS
2 – SITUATION
       IN OPERATION
3 – NATURE OF STOCK CONTROL
       PRIVATE NATIONAL
4 – ACTIVITY CODE
     1040 – PAPER AND PULP INDUSTRY
5 – ACTIVITY OF THE SOCIETY
     PRODUCTION OF BLEACHED EUCALYPTUS PULP
6 – TYPE OF CONSOLIDATED
       TOTAL
7 - AUDITORS’REPORT TYPE
   UNQUALIFIED OPINION

01.07 - SUBSIDIARIES EXCLUDED FROM CONSOLIDATED STATEMENTS
 01 - ITEM 02 – TAXPAYER NO.   03 – NAME

01.08 - DIVIDENDS APPROVED/PAID DURING AND AFTER CURRENT QUARTER        
1 – ITEM   2 – EVENT   3 - DATE OF APPROVAL   4 - TYPE   5 - PAYMENT   6 - STOCK TYPE   7 - STOCK OF VALUE
                BEGAIN        
01   RD   03/18/2008   INTEREST ON STOCKHOLDERS’   04/16/2008   ON   0.0643290218
            EQUITY            
02   RD   03/18/2008   INTEREST ON STOCKHOLDERS’   04/16/2008   PNA   0.0707619240
            EQUITY            
03   RD   03/18/2008   INTEREST ON STOCKHOLDERS’   04/16/2008   PNB   0.0707619240
            EQUITY            
04   AGO/E   04/30/2008   DIVIDENDS   05/14/2008   ON   0,1837972052
05   AGO/E   04/30/2008   DIVIDENDS   05/14/2008   PNA   0.2021769257
06   AGO/E   04/30/2008   DIVIDENDS   05/14/2008   PNB   0.2021769257
07   RD   06/20/2008   INTEREST ON STOCKHOLDERS’   07/16/2008   ON   0.0663967404
            EQUITY            
08   RD   06/20/2008   INTEREST ON STOCKHOLDERS’   07/16/2008   PNA   0.0730364144
            EQUITY            
09   RD   06/20/2008   INTEREST ON STOCKHOLDERS’   07/16/2008   PNB   0.0730364144
            EQUITY            

01.09 – SUBSCRIBED CAPITAL AND CHANGES IN ACCOUNTING PERIOD IN COURSE    
1 – ITEM   2 – DATE OF   3 - VALUE OF THE   4 - VALUE OF THE   5 - ORIGIN OF THE   7 – AMOUNT OF   8 – VALUE PER
    CHANGE   SUBSCRIBED CAPITAL   ALTERATION   ALTERATION   OUTSTANDING STOCKS   SHARE ON THE
        (REAL THOUSAND)   (REAL THOUSAND)       (THOUSAND)   ISSUE DATE
                        (REAL)
01   04/24/2007   2,871,781   1,017,275   REVENUE              -        -
                RESERVES        

01.10 - DIRECTOR OF INVESTOR RELATIONS    
01   - DATE   02 – SIGNATURE
    06/07/2008   /s/ Isac Roffé Zagury

Page: 2


FEDERAL PUBLIC SERVICE
CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

Corporate Legislation
Period - 06/30/2008


01.01 - IDENTIFICATION        
01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

02.01 – BALANCE SHEET – ASSETS – THOUSAND OF R$            
1 – CODE   2 – DESCRIPTION   3 – DATE – 06/30/2008   4 – DATE – 03/31/2008
1   TOTAL ASSETS   10,927,989     10,765,655  
1.1   CURRENT ASSETS   1,506,373     1,467,208  
1.1.1   CASH AND CASH EQUIVALENTS   1,791     340  
1.1.2   CREDITS   483,213     475,919  
1.1.2.1   ACCOUNTS RECEIVABLE FROM CUSTOMERS   252,559     258,957  
1.1.2.1.1   ACCOUNTS RECEIVABLE FROM CUSTOMERS - PULP   207,175     218,817  
1.1.2.1.2   ACCOUNTS RECEIVABLE FROM CUSTOMERS - PAPER   23,234     18,886  
1.1.2.1.3   ACCOUNTS RECEIVABLE FROM CUSTOMERS - OTHERS   22,150     21,254  
1.1.2.2   CREDITS OTHERS   230,654     216,962  
1.1.2.2.1   EMPLOYEES   5,239     4,999  
1.1.2.2.2   SUPPLIERS   4,326     3,331  
1.1.2.2.3   SUBSIDIARIES   0     0  
1.1.2.2.4   TAXES   220,695     208,289  
1.1.2.2.5   OTHERS   394     343  
1.1.3   INVENTORIES   268,241     225,146  
1.1.3.1   SUPPLIES   107,433     101,179  
1.1.3.2   RAW MATERIALS   78,091     75,256  
1.1.3.3   FINISHED GOODS   82,717     48,711  
1.1.3.4   OTHERS   0     0  
1.1.4   OTHERS   753,128     765,803  
1.1.4.1   SHORT TERM INVESTMENTS   707,862     739,829  
1.1.4.2   PREPAID EXPENSES   30,177     25,974  
1.1.4.3   DERIVATIVE   15,089     0  
1.1.4.4   OTHERS   0     0  
1.2   CURRENT NOT ASSETS   9,421,616     9,298,447  
1.2.1   LONG-TERM ASSETS   525,853     485,972  
1.2.1.1   OTHERS CREDITS   413,210     404,079  
1.2.1.1.1   ACCOUNTS RECEIVABLE FROM CUSTOMERS   41,394     43,406  
1.2.1.1.2   SUPPLIERS   254,936     250,420  
1.2.1.1.3   TAXES   116,880     110,253  
1.2.1.2   ACCOUNTS RECEIVABLE – RELATED PARTIES   427     362  
1.2.1.2.1   FROM AFFILIATES   0     0  
1.2.1.2.2   FROM SUBSIDIARIES   427     362  
1.2.1.2.3   OTHERS   0     0  

Page: 3


FEDERAL PUBLIC SERVICE
CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

Corporate Legislation
Period - 06/30/2008


01.01 - IDENTIFICATION        
01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

02.01 – BALANCE SHEET – ASSETS – THOUSAND OF R$            
1 – CODE   2 – DESCRIPTION   3 – DATE – 06/30/2008   4 – DATE – 03/31/2008
1.2.1.3   OTHERS   112,216     81,531  
1.2.1.3.1   DEBT SECURITIES   6,139     6,091  
1.2.1.3.2   DERIVATIVE   93,971     63,381  
1.2.1.3.3   ESCROW DEPOSITS   12,106     12,059  
1.2.1.3.4   OTHERS   0     0  
1.2.2   FIXED ASSETS   8,895,763     8,812,475  
1.2.2.1   INVESTMENTS   3,464,790     3,501,532  
1.2.2.1.1   IN AFFILIATES   17,489     17,836  
1.2.2.1.2   IN AFFILIATES - GOODWILL   0     0  
1.2.2.1.3   IN SUBSIDIARIES   3,434,337     3,470,732  
1.2.2.1.4   IN SUBSIDIARIES - GOODWILL   9,742     9,742  
1.2.2.1.5   OTHER COMPANIES   3,222     3,222  
1.2.2.2   PROPERTY, PLANT AND EQUIPMENT   5,317,458     5,169,217  
1 2.2.2.1   LAND   1,132,967     1,034,436  
1.2.2.2.2   BUILDINGS   474,209     470,599  
1.2.2.2.3   MACHINERY AND EQUIPMENT   2,256,601     2,264,365  
1.2.2.2.4   FORESTS   1,137,949     1,070,840  
1.2.2.2.5   PROGRESS FOR SUPPLIER   10,991     9,560  
1.2.2.2.6   CONSTRUCTION IN PROGRESS   220,933     230,986  
1.2.2.2.7   OTHER S   83,808     88,431  
1.2.2.3   INTANGIBLE   112,576     140,721  
1.2.2.4   DEFERRED CHARGES   939     1,005  
1.2.2.4.1   INDUSTRIAL   939     1,005  
1.2.2.4.2   GOODWILL ARISING ON INCORPORATION OF ENTITY         0  

Page: 4


FEDERAL PUBLIC SERVICE
CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

Corporate Legislation
Period - 06/30/2008


01.01 - IDENTIFICATION        
01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

02.02 – BALANCE SHEET – LIABILITIES – THOUSAND OF R$            
1 – CODE   2 – DESCRIPTION   3 – DATE – 06/30/2008   4 – DATE – 03/31/2008
2   TOTAL LIABILITIES   10,927,989     10,765,655  
2.1   CURRENT LIABILITIES   600,353     729,193  
2.1.1   LOANS AND FINANCING   160,622     168,443  
2.1.2   DEBENTURES   0     0  
2.1.3   SUPPLIERS   203,010     173,041  
2.1.4   TAXES   53,043     25,965  
2.1.5   DIVIDENDS PAYABLE   87,155     71,769  
2.1.6   PROVISIONS   42,929     36,201  
2.1.6.1   VACATION AND 13th SALARY   27,692     22,614  
2.1.6.2   PROFIT SHARING   15,237     13,587  
2.1.7   LOANS FROM RELATED PARTIES   47,235     40,608  
2.1.7.1   ADVANCES FROM SUBSIDIAIES   47,235     40,608  
2.1.7.2   OTHER DEBTS TO SUBSIDIARIES   0     0  
2.1.8   OTHERS   6,359     213,166  
2.1.8.1   OTHERS   6,359     13,166  
2.1.8.2   PROPOSED DIVIDENDS   0     200,000  
2.2   NOT CURRENT LIABILITIES   4,651,354     4,525,933  
2.2.1   LOANS AND FINANCING   4,651,354     4,525,933  
2.2.1.1   LONG-TERM LIABILITIES   2,321,598     2,187,556  
2.2.1.2   DEBENTURES   0     0  
2.2.1.3   PROVISION   840,111     783,176  
2.2.1.3.1   LABOR CONTINGENCIES   14,727     14,139  
2.2.1.3.2   TAX CONTINGENCIES   416,689     474,769  
2.2.1.3.3   DEFERRED INCOME TAXES   408,695     294,268  
2.2.1.4   LOANS FROM RELATED PARTIES   1,409,686     1,478,692  
2.2.1.4.1   ADVANCES FROM SUBSIDIARIES   1,409,686     1,478,692  
2.2.1.6   OTHERS   79,959     76,509  
2.2.1.6.1   SUPPLIERS   0     0  
2.2.1.6.2   OTHERS   79,959     76,509  

Page: 5


FEDERAL PUBLIC SERVICE
CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

Corporate Legislation
Period - 06/30/2008


01.01 - IDENTIFICATION        
01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

02.02 – BALANCE SHEET – LIABILITIES – THOUSAND OF R$            
1 – CODE   2 – DESCRIPTION   3 – DATE – 06/30/2008   4 – DATE – 03/31/2008
2.4   STOCKHOLDER’S EQUITY   5,676,282     5,510,529  
2.41   PAID-IN CAPITAL   2,871,781     2,871,781  
2.4.1.1   COMMON STOCK   1,266,551     1,266,551  
2.4.1.2   PREFERRED STOCK   1,605,230     1,605,230  
2.4.2   CAPITAL RESERVES   162,209     162,209  
2.4.3   REVALUATION RESERVE   0     0  
2.4.3.1   OWN ASSETS   0     0  
2.4.3.2   SUBSIDIARIES / AFFILIATES   0     0  
2.4.4   REVENUE RESERVES   2,369,253     2,369,253  
2.4.4.1   LEGAL   389,485     389,485  
2.4.4.2   STATUTORY   0     0  
2.4.4.3   FOR CONTINGENCIES   0     0  
2.4.4.4   UNREALIZED INCOME   0     0  
2.4.4.5   FOR INVESTMENTS   1,988,754     1,988,754  
2.4.4.6   SPECIAL FOR NON-DISTRIBUTED DIVIDENDS   0     0  
2.4.4.7   OTHER UNREALIZED INCOME   (8,986 )   (8,986 )
2.4.4.7.1   TREASURY STOCK   (8,986 )   (8,986 )
2.4.5   RETAINED EARNINGS   273,039     107,286  
2.4.6   ADVANCE FOR FUTURE CAPITAL INCREASE   0     0  

Page: 6


FEDERAL PUBLIC SERVICE
CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

Corporate Legislation
Period - 06/30/2008


01.01 - IDENTIFICATION        
01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

03.01 – STATEMENT OF OPERATIONS – THOUSAND OF R$                                        
1 – CODE   2 – DESCRIPTION       3 – FROM : 04/01/2008       4 FROM : 01/01/2008         5 – FROM : 04/01/2007       6 – FROM : 01/01/2007
        TO :   06/30/2008     TO :   06/30/2008     TO :   06/30/2007     TO :   06/30/2007  
3.1   GROSS SALES AND SERVICES REVENUE       643,899         1,238,900         653,71         1,244,801  
3.2   SALES TAXES AND OTHER DEDUCTIONS       (10,906 )       (22,211 )       (10,633 )       (21,149 )
3.3   NET SALES REVENUE       632,993         1,216,689         643,077         1,223,652  
3.4   COST OF GOODS SOLD       (464,779 )       (915,249 )       (491,866 )       (904,471 )
3.5   GROSS PROFIT       168,214         301,440         151,211         319,181  
3.6   OPERATING (EXPENSES) INCOME       117,439         88,788         164,185         264,442  
3.6.1   SELLING       (14,665 )       (28,278 )       (17,869 )       (34,043 )
3.6.2   GENERAL AND ADMINISTRATIVE       (27,980 )       (49,587 )       (28,627 )       (48,822 )
3.6.3   FINANCIAL       280,108         221,276         135,908         211,957  
3.6.3.1   FINANCIAL INCOME       98,590         143,111         96,500         188,134  
3.6.3.2   FINANCIAL EXPENSES       181,518         78,165         39,408         23,823  
3.6.4   OTHER OPERATING INCOME       9,327         17,853         10,266         19,530  
3.6.5   OTHER OPERATING EXPENSES       (48,865 )       (102,889 )       9,050         (43,208 )
3.6.6   EQUITY IN THE RESULTS OF SUBSIDIARIES       (80,486 )       30,413         55,457         159,028  
3.7   OPERATING INCOME       285,653         390,228         315,396         583,623  
3.8   NON-OPERATING (EXPENSES) INCOME       2,572         4,375         (1,179 )       (1,275 )
3.8.1   INCOME       2,944         4,748         7         419  
3.8.2   EXPENSES       (372 )       (373 )       (1,186 )       (1,694 )
3.9   INCOME BEFORE INCOME TAXES AND MANAGEMENT REMUNERATION       288,225         394,603         314,217         582,348  
3.10   INCOME TAX AND SOCIAL CONTRIBUTION       (8,045 )       (14,466 )       (5,221 )       (43,917 )
3.11   DEFERRED INCOME TAXES       (114,427 )       (107,098 )       (76,351 )       (95,159 )
3.12   MANAGEMENT REMUNERATION AND STATUORY APPROPRIATIONS       0         0         0         0  
3.12.1   REMUNERATION       0         0         0         0  
3.12.2   APPROPRIATIONS       0         0         0         0  
3.13   REVERSION OF INTERESTS ON STOCKHOLDERS’ CAPITAL       85,000         155,000         77,000         144,000  
3.15   NET INCOME FOR THE PERIOD       250,753         428,039         309,645         587,272  
                                3            
    CAPITAL STOCK-QUANTITY (THOUSANDS)       1,030,588         1,030,588         1,030,588         1,030,588  
    EARNINGS PER SHARE       0,24331         0,41533         0,30045         0,56984  
    LOSS PER SHARE       -         -                      

Page: 7


FEDERAL PUBLIC SERVICE
CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

Corporate Legislation
Period - 06/30/2008


01.01 - IDENTIFICATION        
01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION (Convenience Translation into English of original previously issued in Portuguese)

EXPRESSED IN THOUSANDS OF REAIS (except as indicated otherwise)

1      Business Context
 
  Aracruz Celulose S.A. ("Aracruz", "Company" or "Parent Company") -- based in Aracruz, in the State of Espírito Santo (ES), with plants located in the States of ES, Bahia (BA) and Rio Grande do Sul (RS), was founded in 1967 and is engaged in the production and sale of bleached short-fiber eucalyptus pulp. The pulp is produced from reforested timber tracts, mainly from the Company’s own forests, with annual installed production capacity of 3,210 thousand tons. Of this total, 2,330 thousand tons are turned out from the mill in Barra do Riacho (ES), 430 thousand tons from the RS mill and 450 thousand tons relating to its 50% stake in Veracel Celulose S.A., which runs the mill located in Eunápolis, BA, with total installed production capacity of 900 thousand tons per year.
 
  In September, 2007, work was concluded on the project for modernization of one of the production lines at the Barra do Riacho mill. As a result, the rated production capacity of this unit was increased by 200 thousand tons per year as from October, 2007.
 
  Aracruz owns 50% of the capital stock of Veracel Celulose S.A. (“Veracel”), with the other half being held by the Swedish-Finnish group Stora Enso.
 
  The Company’s operations are integrated with those of its subsidiaries, associated and affiliated concerns, which operate in the following areas: (i) distribution of products on the international market [Aracruz Trading S.A., Aracruz Celulose (USA), Inc., Aracruz Trading International Commercial and Servicing Limited Liability Company (Aracruz Trading International Ltd.) and Riocell Limited],
 
  (ii)      port services (Portocel - Terminal Especializado de Barra do Riacho S.A.), (iii) forestation and
 
  reforestation of eucalyptus trees, under a loan for use agreement (Mucuri Agroflorestal S.A.),
 
  (iv)      manufacture of solid wood products (Aracruz Produtos de Madeira S.A.), (v) consulting services
 
  and international trading activities [Ara Pulp - Comércio de Importação e Exportação, Unipessoal Ltda. (Ara Pulp)] and (vi) pulp production (Veracel).
 
  Due to the increase in the performance of port services to third parties and to the associated company Veracel, the need arose to carry out work to expand, revamp and enhance the Barra do Riacho Private Terminal. The Company’s subsidiary Portocel contracted financing in the total amount equivalent to R$ 50 million, which in Brazilian currency corresponds to R$ 104 million [Note 13(b)], to be invested in the project for expansion of the Terminal, which is scheduled to be concluded in August 2008 and expected to start operations in September of this year.
 
  The project for expansion of the Guaíba Mill has already been approved by the Board of Directors, and purchase agreements have already been signed or tracts committed for sale involving more than half the lands involved.
 

Page: 8


FEDERAL PUBLIC SERVICE
CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

Corporate Legislation
Period - 06/30/2008


01.01 - IDENTIFICATION        
01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

  04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION
 
2      Presentation of financial information and summary of significant accounting practices
 
  The consolidated quarterly financial information has been prepared in conformity with accounting practices adopted in Brazil and procedures determined by the Brazilian Securities Commission – CVM and Institute of Independent Auditors – IBRACON.
 
  There have been no significant changes in either accounting practices or in the criterion for presentation of the quarterly financial information in relation to those presented in the financial statements for the year ended December 31, 2007, except for the matters discussed in Notes 2.1, 2.2 and 2.3.
 
  a)      The consolidated quarterly financial information includes the following companies, all of which have the same base dates for presentation of their financial information and uniform accounting practices:
 
    Stake in Capital (%)
Pulp production:    
 Veracel Celulose S.A.   50
Eucalyptus forests and reforested areas:    
 Mucuri Agroflorestal S.A.   100
Port services:    
 Portocel - Terminal Especializado de Barra do Riacho S.A.   51
International distribution network:    
 Aracruz Trading International Ltd.   100
 Aracruz Celulose (USA), Inc.   100
 Aracruz Trading S.A.   100
 Ara Pulp - Com. de Importação e Exportação, Unipessoal Ltda.   100
 Riocell Limited   100
Manufacture of solid wood products:    
 Aracruz Produtos de Madeira S.A.(*)   33.33
Special Purpose Company - SPC:    
 Arcel Finance Limited (**)   100

(*)      The stake held in Aracruz Produtos de Madeira S.A. is 1/3 of its shares and is recorded under the equity accounting method.
 
(**)      Arcel Finance Limited was wound up on November 27, 2007.
 

The exclusive funds recorded as short-term investments have also been included in the Company’s consolidation process (Note 4).

Page: 9


FEDERAL PUBLIC SERVICE
CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

Corporate Legislation
Period - 06/30/2008


01.01 - IDENTIFICATION        
01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

The consolidation procedures for the balance sheet and the statements of income reflect the sum of the balances of assets, liabilities, income and expenses accounts, together with the following eliminations: (i) stakes in capital, reserves and retained earnings (deficit) against investments, (ii) balances of intercompany current accounts and other assets and/ or liabilities, (iii) effects of significant transactions, (iv) separate reporting of participation of minority shareholders in results and stockholders’ equity of the controlled companies and (v) elimination of unrealized profits among Group Companies.

In accordance with Brazilian Securities Commission (CVM) Instruction 247/96, the Company proportionally consolidated its interest in Veracel Celulose S.A., given that it is jointly controlled (50%) under the terms of the shareholders agreement.

Summary financial statements of Veracel, as proportionally consolidated by Aracruz, are as follows:

    6/30/2008     3/31/2008  
Cash and cash equivalents   2,199     510  
Inventories   61,524     63,907  
Property, plant & equipment/Deferred charges   1,543,171     1,530,433  
Other assets   181,476     194,604  
    1,788,370     1,789,454  
Suppliers   23,872     20,119  
Financings   525,272     564,677  
Other liabilities   15,178     21,634  
Shareholders’ equity   1,224,048     1,183,024  
    1,788,370     1,789,454  
    2nd Quarter 2008     2nd Quarter 2007  
Net sales revenues   92,597     91,340  
Gross profit   13,188     22,088  
Operating profit   882     (5,092 )
Net income   (383 )   (8,273 )

The Statement of Cash Flows was prepared in accordance with Pronouncement NPC-20, of the Brazilian Institute of Independent Auditors - IBRACON, reflecting transactions involving cash and cash equivalents of the Company, other than for securities with maturities above 90 days. This statement is divided into operating, investing and financing activities.

The Statement of Value Added, prepared in accordance with Pronouncement NPC-3.7 of the Federal Accounting Council – CFC, presents the result of operations from the standpoint of generation and distribution of value added, where the four main beneficiaries of the value generated by the Company’s activities are: employees, government, the community and third party and shareholders’ capital.

2.1 – Alterations in Brazilian Corporate Legislation, effective as from January 2008

Page: 10


FEDERAL PUBLIC SERVICE
CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

Corporate Legislation
Period - 06/30/2008


01.01 - IDENTIFICATION        
01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

On December 28, 2007 the Brazilian government enacted Law No. 11.638/07, which alters, revokes and introduces new provisions in the Corporation Law (No. 6.404/76), especially relating to chapter XV, regarding accounting matters, and takes effect as from the year beginning January 1, 2008. The primary objective of this new law is to updated corporate legislation to permit the process of converging the accounting policies adopted in Brazil with those contained in international financial reporting standards (IFRS). It calls for new accounting norms and procedures to be issued by the Brazilian Securities Commission - CVM in conformity with IFRS.

The principal modifications can be summarized as follows:

Page: 11


FEDERAL PUBLIC SERVICE
CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

Corporate Legislation
Period - 06/30/2008


01.01 - IDENTIFICATION        
01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

04.01      – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION
 
 
  • Requirement that investments in financial instruments, including derivatives, be booked: (i) at market value or equivalent in the case of investments in securities intended for trading or available for sale; and (ii) at cost or issue value, updated according to legal or contractual provisions, adjusted to probable realizable amount when this is lower. The Company has already complied with such determinations.
     
     
  • Creation of a new sub-group of accounts, equity appraisal adjustments, under stockholders’ equity, to permit (i) booking of determined appraisals of assets at market price, chiefly financial instruments; (ii) direct booking under stockholders’ equity when so required by an accounting pronouncement; and (iii) adjustments of assets and liabilities to market value due to merger or amalgamation taking place between unrelated parties that are linked to the effective transfer of control.
     
     
  • Introduction of the concept of adjustment to present value for non-current asset and liability operations and for material short-term operations. At present, the Company has no operation that would generate a significant effect of any adjustment to present value.
     
     
  • Elimination of the possibility of booking: (i) a premium received upon issue of debentures; and (ii) donations and subsidies for investment (including tax incentives) directly as capital reserves in a stockholders’ equity account. This means that donations and subsidies for investments will be booked under results for the year or, depending on their characteristics, in a reducing account for assets or unearned income for amortization over the same period as the corresponding assets, when applicable, is depreciated. To prevent distribution as dividends, the amount of the donations and subsidies can be appropriated to a tax incentive reserve after they pass through income. At present, the Company has no such transactions.
     
     
  • Elimination of the revaluation reserve. The balances existing in the revaluation reserve are to be maintained until such time as they are effectively realized or cancelled by the end of the year in which the law takes effect. Neither the Company nor its subsidiaries have revaluation reserves.
     
     
  • Requirement for the assets and liabilities of a company to be merged upstream, resulting from transactions that involve amalgamation, merger or spin-off among independent parties and related to effective transfer of control, to be booked at market value. There has been no transaction during 2008 that would require such adjustment.
     
     
  • Elimination of the materiality parameter for adjustment of investments in subsidiary and associated companies under the equity method and replacement of the parameter of 20% of the capital stock of the investee to 20% of the voting capital if the investee. This matter does not apply to the Company.
     
     
  • Stock-based remuneration: If a company has any type of remuneration based on stock options with expense characteristics, this effect is to be recognized in income for the period. The Company does not have this type of remuneration.
     

    Page: 12


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

    Based on its best understanding and on the accounting pronouncements already existing, as of the date of these financial statements Company Management does not believe that the modifications introduced by Law No. 11.638/07 will have material effects on the Company’s financial statements.

    2.2 - CVM Decision No. 534 of January 29, 2008

    On January 29, 2008, the CVM issued Decision No. 534, which approves Accounting Committee Pronouncement No. CPC-02. This Decision took effect on the date of its publication in the Official Federal Gazette (D.O.U.) and applies to fiscal years ending as from December 2008. As provided by CVM Decision No. 534, this pronouncement does not apply to Quarterly Financial Information.

    The objective of the CPC-02 pronouncement is to determine how to include foreign currency transactions and overseas operations in the financial statements of an entity operating in Brazil and how to convert the financial statements of an overseas entity to the reporting currency of the financial statements in Brazil for purposes of recording equity pick-up, full or proportional consolidation of financial statements, and also how to convert financial statements of an entity operating in Brazil to another currency. CPC 02 further introduces the concept of functional currency, a concept that was previously not observed by accounting practices adopted in Brazil.

    The Company’s shares are traded on the New York Stock Exchange (NYSE) and are thus registered with the U.S. Securities and Exchange Commission (SEC), as a Foreign Private Issuer. Therefore, it is required to present financial statements as well in accordance with accounting principles generally accepted in the United States of America (US GAAP). For US GAAP reporting purposes, the Company has determined that its functional currency is the United States Dollar (US$). Hence, this will be the functional currency upon adoption of the CPC-02. Due to the fact that this accounting pronouncement was only issued recently (January 29, 2008), Company Management is still in the process of evaluating the effects and actual adoption of the pronouncement in its financial position. Preliminary analyses indicate that there may be modifications in the balances of the Company’s non-monetary assets, which will begin to be booked based on their historical formation costs, determined in US$, the corresponding depreciation, amortization and depletion of such assets, as well as results for the period and stockholders’ equity.

    2.3 – CPC 04 – Intangible Assets

    On April 25, 2008, the CVM issued Notice of Public Hearing No. SNC 03/2008 (“Notice”), submitting – together with the Accounting Pronouncements Committee (CPC) – to the Public Hearing (in the manner provided by Article 8, paragraph 3, item I, of Law No. 6.385 of December 7, 1976) the draft of the Decision that ratifies Pronouncement No. CPC 04 issued by the said committee entitled “Intangible Assets”.

    The objective of this Technical Pronouncement is to define the accounting treatment for intangible assets that are not specifically covered in any other pronouncement. The new Pronouncement establishes that an entity is to recognize an intangible asset only if determined criteria specified in such

    Page: 13


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

      04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION
     
      Pronouncement are met. The Pronouncement also specifies how to calculate and measure the book value of the intangible assets and requires specific disclosures regarding such assets.
     
      The Company believes that the main effect on its operations will be the end of amortization of the goodwill paid based on expectations for future profitability, which according to the Notice should occur as from fiscal year 2009.
     
    3      Marketable Securities
     
      As of June 30 and March 31, 2008, the marketable securities recorded in the consolidated balance sheet chiefly comprise Certificates of Deposit (CD’s) denominated in Reais placed with leading financial institutions through the Company’s subsidiary Aracruz Trading International Ltd., with original maturities of less than 90 days.
     
    4      Short-term Investments
     
      As of June 30 and March 31, 2008, the Company held units of ownership (quotas) in two exclusive private investment funds and investments in certificates of bank deposit (CDB’s) with original maturity of over 90 (ninety) days. The funds are comprised principally of CDB’s and other securities, the yields of which are pegged to the Certificate of Interbank Deposit (CDI) index, maintained with prime Brazilian financial institutions, with final maturities between July, 2008 and March of 2011. The securities included in the portfolio of the private investment funds feature daily liquidity and the Company considers such investments as securities held for trading.
     
      These exclusive funds do not entail significant financial obligations. Any obligations are limited to the service fees paid to the asset management companies employed to execute investment transactions, audit fees and other general and administrative expenses. There are no consolidated assets of the Company that are collateral for these obligations and the creditors of the funds do not have recourse against the general credit of Aracruz Celulose S.A.
     
            Parent Company
    Description   6/30/2008   3/31/2008
    Certificates of Bank Deposit   648,564   678,751
    Federal Government Bonds   5,583   14,590
    Debentures   53,715   46,488
    Total   707,862   739,829

    As of June 30, 2008, the difference between the Company and Consolidated balances, in the amount of R$ 78,739 (R$ 99,134 as of March 31, 2008), refers mainly to CD’s denominated in Reais maintained at leading financial institutions in Brazil and overseas through the subsidiaries Portocel - Terminal Especializado de Barra do Riacho S.A. and Aracruz Trading International LTD.

    5 Accounts Receivable - Trade

    Page: 14


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

        Parent Company         Consolidated  
        6/30/2008     3/31/2008   6/30/2008     3/31/2008  
    Domestic customers   26,643     38,452   27,104     38,866  
    Foreign customers                      
       Subsidiaries   182,310     180,365            
       Other customers (third parties)   59         525,915     505,869  
       Allowance for doubtful accounts   (1,837 )       (7,606 )   (6,339 )
        207,175     218,817   545,413     538,396  

    6   Inventories                
            Parent Company       Consolidated
            6/30/2008   3/31/2008   6/30/2008   3/31/2008
        Pulp – finished products                
           At mills   81,279   46,080   37,654   61,328
        Overseas           276,451   232,289
        Paper – finished products   1,436   2,631   1,436   2,631
        Raw materials   78,091   75,256   92,998   86,845
        Warehouse / maintenance supplies   107,434   101,179   141,799   137,010
        Other inventories   1       1,243   1,238
            268,241   225,146   551,581   521,341

    7 Related Parties

    The transactions between the Company and its subsidiaries, jointly controlled and affiliated companies, such as sales of products, purchases of raw materials and services, are eliminated upon consolidation. The financial transactions, such as current account advances and pre-payment contracts, bear effective

    Page: 15


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION interest rates that vary from 3.37% to 6.14% per annum plus exchange variation, and are likewise eliminated in the consolidation process.

    (a) Subsidiaries / jointly controlled / affiliated companies

                          Parent Company  
                  Portocel                
        Aracruz     Mucuri   Terminal   Aracruz            
        Trading     Agroflorestal   Especializado de   Produtos de            
        International Ltd.     S.A.   Barra do Riacho S.A.   de Madeira S.A.   Total     Total  
                                2008  
    Balance Sheet                     June     March  
    Current assets   182,310         963   1,577   184,850     183,321  
    Long-term liabilities         82   345       421     362  
    Current liabilities   47,235         455       47,690     41,299  
    Long-term liabilities   1,409,686                 1,409,686     1,478,692  
    Transactions for 1st Quarter                     2008     2007  
                          June     June  
    Sales revenues   583,010             2,030   585,040     595,975  
    Payments for port services             4,068       4,068     4,110  
    Financial expenses (revenues(, net   (98,554 )               (98,554 )   (39,020 )

    (b) Stockholders and related company

    Transactions with Company stockholders and a related company, mainly financing transactions and performance of services, are carried out at rates, for amounts and on terms that would normally apply to unrelated parties.

              Stockholders   Related Company         Total
        BNDES - Banco                    
        Nacional de                    
        Desenvolvimento         Cia de          
        Econômico e Social     Banco   Navegação         2008
        Nota 13 (a)     Safra S.A.   Norsul   June     March
    Current assets         110,250   551   97,089     110,809
    Current liabilities   240,022             240,022     243,690
    Long-term liabilities   987,680             987,680     1,037,514
    Transactions for 1st Quarter                 2008     2007
                      June     June
    Net financial revenues         3,509       3,509     7,683
    Net financial expenses   (2,070 )           (2,070 )   0
    Freight expenses             7,567   7,567     5,206

    8 Tax Credits and Expenses on Income Tax and Social Contribution (a) Tax credits

    Page: 16


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

        Parent           Consolidated  
        Company              
        6/30/2008     3/31/2008     6/30/2008     3/31/2008  
    Deferred Income Tax (IRPJ) and                        
    Social Contribution Tax on Net                        
    Income (CSLL)                        
    Tax losses for IRPJ purposes (i)   199     24,624     10,528     34,718  
    Negative results for CSLL purposes (i)   72     45     3,790     3,678  
    Temporary differences (ii)                        
       Exchange variation taxed on cash   (447,505 )   (348,475 )   (447,505 )   (348,475 )
    basis                        
    IRPJ levied on unearned income               20,658     27,305  
    Other tax credits   38,539     29,538     51,542     43,709  
                     Taxes offsettable/recoverable                        
    IRPJ and CSLL on net income - Prepaid                        
     on   43,733     13,001     46,792     14,396  
       estimated basis                        
    IRPJ offsettable   135,906     146,862     135,906     146,862  
    Income tax withheld on investments in                        
       marketable securities   604     17     15,777     14,443  

    Page: 17


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

    Income tax accrued on investments in                        
     marketable securities   27,270     21,972     30,735     27,128  
    Federal PIS and COFINS contributions   53,991     60,861     99,846     111,673  
    State value-added tax on circulation of                        
     goods   302,145     283,992     329,905     310,317  
     and services – ICMS (iii)                        
    Provision for loss of ICMS credits (iii)   (227,966 )   (210,047 )   (253,999 )   (234,412 )
    Other sundry items   1,892     1,884     2,431     2,421  
    Total   (71,120 )   24,274     46,406     153,763  
                     Shown as:                        
                     Current assets   220,695     208,289     262,324     259,034  
                     Noncurrent assets   116,880     110,253     165,727     161,099  
    Noncurrent liabilities   (408,695 )   (294,268 )   (381,645 )   (266,370 )

    (i)      The proportional deferred tax credits arising from accumulated tax losses for IRPJ purposes and negative results for CSLL purposes related to Veracel have been recorded as of June 30, 2008 backed up by economic viability studies approved by management bodies of that jointly-held company. The breakdown of the Veracel balances and their expectations for realization are itemized year to year through 2012, as prescribed by CVM Instruction No. 371/02, and detailed below:
     
        2008   2009   2010   2011 to 2012   Total
    Income Tax   549   982   1,169   7,547   10,247
    Social Contribution   794   1,414   1,683   10,933   14,824
    Total   1,343   2,396   2,852   18,480   25,071

    (ii)      The income tax and social contribution deferred on temporary differences are stated at net value. The principal temporary effect refers to the effect of credit exchange variation calculated for the current year (system for calculating tax and social contribution on a cash basis – exchange effects).
     
    (iii)      Since the promulgation of Federal Complementary Law No. 87 of September 13, 1996, the Company’s Espírito Santo plant has been accumulating ICMS credits, resulting from its predominantly export activity. Based on currently effective state legislation, the Company has managed to partially realize such credits withheld by the State of Espírito Santo through Sales operations. Considering the history of sales over the course of the year 2007, in the amount of approximately R$ 95 million, and further given prospects of satisfactorily concluding other negotiations in progress, the Company ranks as probable realization of part of the ICMS credits booked in its accounting records relating to the unit in
     

    Page: 18


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
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    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION this state. Therefore, as of December 31, 2007, it has reversed approximately R$ 67,096 of the respective provision for loss and now maintains the provision in the amount of R$ 227,966.

    The amount of R$ 7,083 at Aracruz, not covered by the provision for loss, chiefly refers to ICMS credits at the Guaíba Unit (RS), which the Company has been offsetting in the normal course of its operations.

    (b)   Income Tax and Social Contribution reflected in results arise from:        
            Parent Company     Consolidated  
            6/30/2008     6/30/2007     6/30/2008     6/30/2007  
                         Income before Income Tax,                        
                         Social   394,603     582,348     428,267     617,173  
         Contribution and minority interest                        
        Income Tax and Social Contribution at                        
             enacted rate of 34%   (134,165 )   (197,998 )   (145,611 )   (209,839 )
         Equity pickup from subsidiaries with                        
             different rates or income not subject                        
             to taxation   (10,457 )   54,091     8,461     39,841 )
         Depreciation, amortization, depletion                        
             and write-offs – Art.2/Law 8.200/91   1,301     (1,078 )   1,301     (1,078 )
                             Contributions and donations   379     (305 )   379     (305 )
        Technological innovation   (2,316 )   6,471     (2,316 )   6,471 )
         Other effects of permanent differences   (1,508 )   (257 )   (2,115 )   401 )
        Income Tax and Social Contribution   121,564     139,076     151,321     164,509  
           Current portion   (14,466 )   (43,917 )   (41,856 )   (69,251 )
           Deferred portion   (107,098 )   (95,159 )   (109,465 )   (95,258 )

    9 Advances to Suppliers – Forest Producer Program

    The Forest Producer Program is a partnership with rural producers, initiated in 1990 in the State of Espírito Santo and expanded to other states, such as Bahia, Minas Gerais, Rio Grande do Sul and, more recently, Rio de Janeiro. The Program encourages the planting of commercial forests of eucalyptus trees, for which the Company provides technology, technical support, supplies and financial resources, depending on the type of contract, in order to ensure supply of wood for pulp production. As of June 30, 2008 advances of funds amounted to R$ 254,936 (Consolidated R$ 279,288), compared with R$ 250,420 (Consolidated R$ 274,080) as of March 31, 2008, which are recovered against the delivery of the wood by the producers.

    Page: 19


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
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    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

    10   Investments                                                                  
                          Portocel -                                                
                      Mucuri   Terminal         Aracruz     Aracruz                 Aracruz              
            Veracel     Agro   -   Especializado Aracruz     Trading     Celulose                 Produtos           Total  
            Celulose         florestal   de Barra do   Trading     International     (USA),     Ara     Riocell     de Madeira           2008  
            S.A.         S.A.   Riacho S.A.   S.A.     Ltd.     Inc.     Pulp     Limited     S.A.     June     March  
        In subsidiary, jointly-held and                                                                  
         associated companies                                                                  
        Equity stake in voting capital - %   50.00         100.00   51.00   100.00     100.00     100.00     100.00     100.00     33.33              
        Information as of June 30, 2008                                                                  
         Subscribed and paid-in capital   2,505,616         78,300   9,034   97     32     348     25     35     145,655              
         Shareholders' equity   2,448,096         76,175   14,978   146     2,110,791     14,439     18     996     52,466              
         Net income (loss) for quarter   (767 )           1,312      -     74,243     (350 )   (6 )   (185 )   (1,045 )            
        Charges in investments accounts                                                                  
         As of April 1   1,183,024         76,175   5,195   255     2,189,373     15,252     40     1,418     17,837     3,488,569     3,355,383  
         Paying in of capital (i)   41,968             1,775                                       43,743     22,287  
         Equity pick-up (ii)   (944 ) *           669   (23 )   (78,582 )   (813 )   (22 )   (422 )   (348 )   (80,485 )   110,899  
            1,224,048         76,175   7,639   232     2,110,791     14,439     18     996     17,489     3,451,827     3,488,569  
        Goodwill on acquisition of investment (iii)   50,305                                                     50,305     50,305  
        Amortization/allocation of goodwill (iii)   (40,564 )                                                   (40,564 )   (40,564 )
            1,233,789         76,175   7,639   232     2,110,791     14,439     18     996     17,489     3,461,568     3,498,310  
        Others investments                                                         3,222     3,222  
        Total                                                         3,464,790     3,501,532  
         * - The difference between the loss for the quarter and the equity results relates to the tax incentive booked under shareholders’ equity in the amount of R$ (561).        

    (i) Under the capitalization plan of Veracel, during the second quarter of 2008 capital increases were carried out in the amount of R$ 41,968 (R$ 22,287 during the first quarter of 2008).

    (ii) The effect of the exchange exposure of overseas investments is recorded under the heading "Equity pick-up" and the method adopted for translating overseas investments is the current exchange rate.

    (iii) The goodwill paid on the acquisition of Veracel Celulose S. A. , in the total amount of R$ 50,305, was based on the market value of assets and on estimates of future profitability of the business, in the amount of R$ 40,564, which was fully amortized through March 31, 2006. Goodwill attributable to assets is amortized based on the realization (depreciation/write-off) of the market value of such assets, whereas goodwill based on estimates of future profitability is amortized based on the utilization of planted eucalyptus areas. In the latter case, the amortization is appropriated to the cost of forest- growing and is recognized in income in the year in which the trees are felled. The goodwill referring to the lands, in the amount of R$ 9,742, continues pending amortization up to the time when the assets are realized.

    Of the goodwill of R$ 839,305 arising on the acquisition of Riocell S. A. in 2003, R$ 276,422 was allocated principally to fixed assets, while the unallocated portion of R$ 562,883 (future profitability of the business) was transferred to deferred charges (Note 12).

    (b) Consolidated

    The Consolidated balance of stakes in affiliated and jointly controlled companies, in the amount of R$ 17,489 (R$ 17,837 as of March 31, 2008), represents Aracruz’s share in its affiliated company Aracruz Produtos de Madeira S. A. The portion of the goodwill relating to the market value of the assets is allocated to property, plant and equipment in the consolidated financial statements (proportional consolidation of Veracel).

    11 Property, Plant and Equipment

    Page: 20


    FEDERAL PUBLIC SERVICE
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    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

                            2008   2008
                            June   March
            Annual         Accumulated          
            depreciatin         depreciation/          
    (a) Parent Company   rates   - %     Cost   depletion     Net   Net
       Lands             1,132,967   -     1,132,967   1,034,436
       Industrial and foresty equipment       4 a 25   4,786,761   (2,530,160 )   2,256,601   2,264,365
       Forests       (*)     1,345,426   (207,477 )   1,137,949   1,070,840
       Buildings and betterments       4 an d 10   1,058,875   (584,666 )   474,209   470.599
       Administrative and other assets       4, 10 an d 20   270,407   (186,599 )   83,808   88.431
       Advances for projects in process             10,991   -     10,991   9.560
       Construction in progress             220,933   -     220,933   230.986
       Total Parent Company             8,826,360   (3,508,902 )   5,317,458   5,169,217
    (b) Subsidiaries and investment in jointly-controlled                            
       Lands             240,242   -     240,242   227,027
       Industrial and foresty equipment       4 a 20   1,044.040   (193,405 )   850,635   864,779
       Forests       (*)     253,247   (70,694 )   182,553   173,895
       Buildings and betterments       4 an d 10   325,712   (47,434 )   278,278   277,238
       Administrative and other assets       4,10 an d 20   29,820   (12,259 )   17,561   17,815
       Advances for projects in process             1,606   -     1,606   557
       Construction in progress             74,470         74,470.0   67,379
       Total Consolidated             10,795,497   (3,832,694 )   6,962,803   6,797,907
       Depreciation/depletion calculated for the periods 2008 and 2007 has been appropriated as follows:              
                            Company adn Consolidated
                            2 nd Qt. 2008   2 nd Qt. 2007
       Industrial and forestry costs                       113,843   103,931
       Operating expenses                       960   1,192
       Parenty Company                       114,803   105,123
       Industrial and forestry costs                       25,244   23,792
       Operating expenses                       145   76
       Consolidated                       140,192   128,991

    12 Deferred Charges and Intangible Assets

    Page: 21


    FEDERAL PUBLIC SERVICE
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    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

     

    (i) Amortization of the deferred forestry charges occurs according to the depletion of the areas planted with eucalyptus trees

    13 Loans and Financings

    Page: 22


    FEDERAL PUBLIC SERVICE
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    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

                Parent Company           Consolidated  
            % annual                        
            interest rate   6/30/2008     3/31/2008     6/30/2008     3/31/2008  
        Brazilian currency                            
         Loans indexed to Long-Term                            
        Interest Rate   7.0 to 10.50   652,243     660,054     1,036,507     1,047,756  
               (TJLP)                            
         Loans indexed to basket of   7.18 to 10.96   67,439     76,336     191,196     217,977  
        currencies                            
         Export credit note (b)   100% CDI               99,687     107,567  
         Loans indexed to other currencies   6.75   10,571     10,398     13,103     14,207  
        Foreign currency (United States                            
        Dollars)                            
         Advances for exchange contracts /                            
    pre        -   3.05 to 6.34   1,751,967     1,609,211     1,751,963     1,609,211  
               payments (c))                            
         Other loans / financings   3.43 to 6.35               14,720     16,055  
         Total loans and financings       2,482,220     2,355,999     3,107,176     3,012,773  
        Portion falling due short-term                            
        (including       (160,622 )   (168,443 )   (283,889 )   (279,652 )
           interest payable)                            
        Portion falling due long-term                            
        2009       24,577     52,603     85,242     148,591  
        2010       35,841     36,153     152,280     155,137  
        2011       35,841     36,153     160,597     163,449  
        2012 to 2016       2,225,339     2,062,647     2,425,168     2,265,944  
                2,321,598     2,187,556     2,823,287     2,733,121  

    (a)      Loans from BNDES (Stockholder)
     
      In December, 2006, Aracruz signed a financing agreement with its stockholder, the Brazilian Development Bank (BNDES), in the total amount of R$ 595,869, of which R$ 460,270 has already been released. The loan is subject to interest varying between 7.18% and 8.18% p.a. and is to be amortized in the period from 2009 to 2016.
     
      As of June 30, 2008, Aracruz had financings in the total amount of R$ 715,206 (R$ 731,806 as of March 31, 2008) from its stockholder BNDES, subject to interest varying between 7.18% and 10.5% p.a., to be amortized in the period between 2008 and 2016.
     
      With the exception of the agreement signed in December of 2006, the financings granted by BNDES are guaranteed by mortgages, in varying degrees, of the industrial unit in the State of Espírito Santo and by Company lands and forests, as well as by a statutory lien on financed machinery and equipment.
     
      In relation to Veracel, as of June 30, 2008 BNDES financings amount to R$ 506,055 (R$ 542,721 as of March 31, 2008), subject to interest varying from 7.0% to 9.50%, to be amortized in the period from July 2008 to February of 2014. These amounts refer to the 50% share held by Aracruz in Veracel.
     

    Page: 23


    FEDERAL PUBLIC SERVICE
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    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

    (b) Export credit note

    In order to expand port facilities, in May 2006 the Company’s Subsidiary Portocel - Terminal Especializado de Barra do Riacho S. A. , contacted an Export Credit Note operation in the amount of R$ 104 million (US$ 50 million), with interest equivalent to 100% of the CDI rate, semi-annual installments and payments of the principal between June 2008 and December 2013. Also linked to this operation was the contracting of a DI x US$ swap transaction, with the same maturity terms and transformation of the interest rate into exchange variation + 5.985% p. a. As of June 30, 2008, the balance of the outstanding principal was R$ 99,237.

    (c) Export prepayment operations

    As of June 30, 2008 Aracruz had export prepayment operations underway with various banks, in the total amount of R$ 1.733,579, with interest varying between 3.05% and 5.65% p. a. , with semi-annual payments and maturity of the principal between December of 2012 and June, 2016.

    14 Financial Instruments (a) Risk management

    Aracruz and its subsidiaries operate internationally and are exposed to market risks from changes in foreign exchange rates and interest rates. The exposure of the Company to liabilities denominated in U. S. Dollars does not represent risk from an economic and financial point of view, given that exchange variances arising from the future settlement in local currency of foreign currency denominated liabilities are offset by exchange variances in the opposite direction arising from operating income, as almost all sales are exported.

    Further in terms of protection of export operations, derivative financial instruments also are used by Company Management to mitigate the exchange risks, the position of which as of June 30, 2008 is represented by future dollar contracts (NDF and Target Forward) with financial institutions, the notional amounts of which as of June 30, 2008 were R$ 573 million, falling due between July and November of 2008. As of June 30, 2008, such operations had a marked-to-market receivable position, net of withholding income tax (IRRF), in the amount of R$ 31,375, recognized as derivatives. Up to June 30, 2008, such operations had a marked-to-market positive result recognized as financial income in the amount of R$ 35,327.

    The Company also used future dollar contracts through the Brazilian Futures Market (BM&F), the position of which was zero as of June 30, 2008 and the amount receivable was R$ 0.7 (as of March 31, 2008 the position was represented by 4,500 BM&F future dollar contracts with an outstanding amount of R$ 2 million to be paid). Through June 30, 2008, such operations had a positive marked-to-market yield recognized as financial income in the amount of R$ 44 178.

    During the second quarter of 2008, exchange derivative financial instruments yielded positive results of R$ 75,194 (compared with R$ 71,081 in the second quarter of 2007).

    Page: 24


    FEDERAL PUBLIC SERVICE
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    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

    With respect to interest rate exposure, TJLP interest vs. US$ swap operations were maintained during 2007, the notional values of which, updated to June 30, 2008, stood at R$ 616,501, falling due April 16, 2010. As of June 30, 2008, such operation had a marked-to-market position receivable, net of withholding income tax, in the amount of R$ 93,972, recognized as derivatives. Through June 30, 2008, such operations had a marked-to-market position, recognized as financial income in the amount of R$ 46,798.

    The Company also used CDI x US$ swap operations, the updated notional amount of which was R$ 99,237 as of June 30, 2008, falling due between December 2008 and December 2013. As of June 30, 2008, such operation had a marked-to-market receivable position, net of withholding income tax, recognized as derivatives in the amount of R$ 18,298 and the result thereof was fully capitalized.

    Moreover, in June 2008 a LIBOR swap operation was also carried out, the notional value of which was R$ 79,595 as of June 30, 2008, falling due between June 2009 and June of 2013. As of June 30, 2008, such operation had a marked-to-market position payable of R$ 5.758, recognized as derivatives. Such amount was also recognized as a financial expense.

    (b) Market value

    The estimated market values were determined using available market information and other appropriate valuation methodologies. Accordingly, the estimates presented herein are not necessarily indicative of amounts that the Company could realize in the market. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated market value amounts.

    The estimated market values of the Company’s financial instruments as of June 30, 2008 can be summarized as follows:

        Parent Company       Consolidated
        Book   Market   Book   Market
                 Assets                
    Cash and cash equivalents   1,791   1,791   27,534   27,534
    Marketable securities           28,685   28,685
    Derivatives   109,060   109,060   143,644   143,644
    Short- and long-term investments   714,001   714,001   792,740   792,740
    Liabilities                
    Short- and long-term financings                
    (including interest)   2,482,220   2,482,220   3,107,176   3,107,176

    The market value of the financial assets and short- and long-term financings, when applicable, has been determined using current rates available for operations on similar terms, conditions and remaining maturities.

    15 Stockholders’ Equity (a) Capital and reserves

    Page: 25


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    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

    As of June 30 and March 31, 2008, the Company’s subscribed and paid-in capital stock is R$ 2,871,781, represented by 1,032,554 thousand register shares, without par value, comprising 455,391 thousand common shares, 27,957 thousand Class A preferred shares and 549,206 thousand Class B preferred shares. The Class A stock may be converted into Class B stock at any time. The conversion rate is 1:1 (one Class A share for one Class B share). Shares of capital stock issued by Aracruz are held in custody at Banco Itaú S.A.

    The market values of the common and Class A and Class B preferred shares, based on the last quotation prior to the closing date for the quarter, were R$ 16.89, R$ 13.91 and R$ 11.72 per share, respectively.

    Under the Company’s Bylaws, preferred shares do not vest voting rights, but have priority on return of capital in the event of liquidation of the Company. The preferred shares are entitled to a dividend that is 10% higher than that attributed to each common share, albeit without priority in terms of receiving same. Without prejudice to such right, the Class A preferred shares are assured priority in receiving a minimum annual dividend of 6% of their share of the capital stock

    The following table shows the rights, privileges and conversion policy with respect to the shares:

        Common   Class A Preferred Shares   Class B Preferred Shares
        Shares        
    Voting Rights   Yes   No, except in the event of non-payment   No, except in the event of non-
            of dividends for three (3) consecutive   payment of dividends for 3 (three)
            years. In this case, the preferred stock-   consecutive years. In this case, the
            holders shall retain such voting rights until   preferred stockholders retain such
            such time as the past-due dividends are   voting rights until such time as the
            paid.   past-due dividends are paid.
    Privileges   None   Priority in reimbursement of capital in   Priority in reimbursement of capital
            the event of liquidation of the Company;   in the event of liquidation of the
                Company;
            Right to receive a dividend that is 10%    
            higher than that paid to each common   Right to receive a dividend that is
            share;   10% higher than that paid to each
                common share.
            Priority in receiving a minimum    
            dividend of 6% p.a., calculated based on    
            the amount of the capital represented by    
            such shares and divided equally among    
            them.    
    Conversion   None   May be converted into Class B preferred   Cannot be converted into either Class A
    Characteristics       shares at any time, at the discretion of the   preferred shares or common shares.
            stockholder, who has to cover the respective    
            costs of this. Conversion rate: 1:1.    

    (b) Dividends and interest on capital invested

    Stockholders are assured by the Company’s Bylaws of a minimum annual dividend equivalent to 25% of the Parent Company’s net income, adjusted by any increases or decreases in the reserves, as defined in applicable corporate legislation.

    Page: 26


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

    As permitted by Law No. 9249 of December 26, 1995, the Company’s Management elected during the first second of 2008 and the year 2007 to pay interest on capital invested to the stockholders. This interest is calculated on the reported stockholders’ equity and is limited to the daily variation in the Long-Term Interest Rate - TJLP, amounting to R$ 155,000 (R$ 298,000 in 2007).

    Based on the Company’s operating cash generating capacity and in addition to the interest on capital invested already declared, the Annual General Meeting (AGM) on April 30, 2008 of Stockholders decided to distribute dividends for the year 2007 in the amount of R$ 200,000, which works out to R$ 202.18 per batch of one thousand Class A and B preferred shares and R$ 183.80 per batch of one thousand common shares.

    .

    (c) Treasury stock

    As of June 30, 2008 the Company held in its treasury 483 thousand shares of common stock and 1,483 thousands shares of class B preferred stock, the market values for which as of that date were R$ 16.89 and R$ 11.72 per share, respectively.

    16 Employee Postretirement Benefit Plan - ARUS

    The Aracruz Employee Pension Fund ARUS (Fundação Aracruz de Seguridade Social) is a private pension fund which operates in the form of a multi-sponsor fund on a non-profit basis. In September 1998, the previously existing pension plan was substituted by a defined contribution system for retirement (Arus Retirement Plan).

    The Company sponsors ARUS and its total contribution in the second quarter of 2008 was R$ 1,795 (R$ 1,535 in first quarter 2007).

    Should the sponsor withdraw from the Retirement Plan, the sponsor’s commitment made under Resolution No. CPC 06/88 (issued by the Brazilian Supplementary Retirement Benefits Council) is totally covered by the assets of the Defined Contribution Plan.

    17 Insurance Coverage

    Given the nature of its activities, the Company has adopted the policy of contracting insurance coverage to meet its requirements, taking into account the classic differences in risks (manufacturing plant, forests and port). Aracruz purchases insurance coverage -- based on a combination of systematic risk analyses together with modern insurance techniques -- in accordance with the maximum possible loss concept, which corresponds to the maximum amount subject to destruction in a single event.

    As of June 30, 2008, the Company’s assets were insured against losses for a total amount of approximately US$ 700,000, corresponding to the maximum limit of indemnity per event.

    18 Provision for Provision for Contingencies and Legal Obligations Being Disputed in Court

    The juridical situation of Aracruz Celulose S.A. and its subsidiaries, jointly controlled and affiliated companies includes labor, civil and tax suits. Based on the representation of external legal counsel, Management believes that the appropriate legal procedures and steps taken in each situation are sufficient to preserve the stockholders’ equity of the Company and all its Subsidiaries, jointly controlled

    Page: 27


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION and affiliated companies, without additional provisions for loss on contingencies besides the amount recorded as of June 30, 2008. The consolidated breakdown of the balance of the provision for contingencies and legal obligations being disputed in court is as follows:

                  June 30, 2008  
    Consolidated   Deposit in court   Amount provided     Total, net  
    Provision for contingencies                
     Labor   25,152   (36,672 )   (11,520 )
     Tax:                
           ICMS credit on exempt paper       (7,700 )   (7,700 )
           FGTS/INSS payroll deductions for rental of                
                 houses for employees   3,593         3,593  
           IRPJ/CSLL - Full offset of accumulated tax                
                 losses and negative results (f)                
           Other tax cases   13,285   (14,764 )   (1,479 )
     Subtotal   42,030   (59,136 )   (17,106 )
    Legal Obligations Being Disputed in Court                
     PIS/COFINS - Law No. 9.718/98 (c)       (170,724 )   (170,724 )
     CSLL – Non-incidence on export revenues (d)       (231,590 )   (231,590 )
     Other obligations in dispute   10,001   (12,730 )   (2,729 )
     Subtotal   10,001   (415,045 )   (405,044 )
     Total   52,031   (474,181 )   (422,149 )

    Page: 28


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

                  March 31, 2008  
    Consolidated   Deposit in court   Amount provided     Total, Net  
    Provision for contingencies                
     Labor   22,921   (36,455 )   (13,534 )
     Tax:                
    ICMS credit on exempt paper       (7,700 )   (7,700 )
             FGTS/INSS payroll deductions for rental                
    of   3,582         3,582  
                   houses for employees                
             IRPJ/CSLL - Full offset of accumulated tax                
                   losses and negative results (f)       (67,674 )   (67,674 )
             Other tax cases   13,231   (14,783 )   (1,552 )
     Subtotal   39,734   (126,612 )   (86,878 )
    Legal Obligations Being Disputed in Court                
     PIS/COFINS – Law No. 9.718/98 (c)       (168,860 )   (168,860 )
     CSLL – Non-incidence on export revenues (d)       (223,936 )   (223,936 )
     Other obligations in dispute   9,973   (17,694 )   (7,721 )
     Subtotal   9,973   (410,491 )   (400,518 )
     Total   49,707   (537,103 )   (487,395 )

    (a) Labor

    The most significant labor claims are in respect of alleged salary losses due to inflation indices and economic plans imposed by past governments, fines of 40% of the accrued severance pay scheme (Guarantee Fund for Length of Service – FGTS) and claims for additional compensation for alleged hazardous/unhealthy working conditions.

    As of June 30, 2008, the Company maintained provisions in the total amount of approximately R$ 30,900 (Consolidated - R$ 36,700), in order to cover any unfavorable decisions in the labor area, as well as deposits in court in the amount of R$ 16,100 (Consolidated - R$ 25,100).

    (b) Brazilian Social Security Institute - INSS

    In March 1997, the Company received assessment notices from the Brazilian Social Security Institute - INSS relating principally to accommodation allowances. The inspectors took the view that the subsidized rentals constituted savings for employees and, hence, indirect salary benefits (remuneration in kind). As a consequence, the INSS inspectors argued, this process results in underpayment of the corresponding social security contributions. The Company filed a suit for declaratory judgment to challenge such assessments, with a view to cancellation of the notices, which amounted to approximately R$ 3,000. The Superior Court of Justice (STJ) has already ruled in favor of the Company’s arguments in a Special Appeal filed in one of the suits.

    As of June 30, 2008, the Company’s deposits in court in relation to this case amounted to approximately R$ 3,600. Based on the advice of its legal counsel, as drawn up in a formal legal opinion, indicating that

    Page: 29


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION the likelihood of loss in this case is remote, no provision has been established for any unfavorable decisions.

    (c) PIS/COFINS

    The Company disagrees with the legitimacy of the claim for these taxes and filed for a court injunction against the changes in the bases for calculation of PIS and COFINS, as well as the increase in the COFINS rate, imposed by Law No. 9718/98. A preliminary injunction was issued in favor of the Company in November of 2001. Due to unfavorable court decisions for other taxpayers in similar lawsuits, on August 29, 2003 the Company decided to withdraw part of claims filed, and chose to adhere to the PAES program – special payment in installments, in the amount of $ 56,241 – created by Law No. 10684/2003, the current balance of which is approximately R$ 55,700, and maintained only the claims regarding exchange differences.

    Notwithstanding the petition for waiver, in view of the decision rendered by the Federal Supreme Court (STF), which ruled that the change in the basis for calculation of the PIS and COFINS is unconstitutional, the Parent Company filed for a Restraining Order to ensure its right not to pay over the PAES installments relating to such modification, and the petition was granted. The amount relating to the PAES installments that were not paid as a result of the cited court order, for the months from July 2006 through June of 2008, is roughly R$ 15,400, already updated according to the TJLP interest rate.

    The amount at stake relating to exchange variation for the period from February 1999 to September 2003 is approximately R$ 170,700 as of June 30, 2008 (R$ 168,800 as of March 31, 2008), already adjusted to current price levels based on the SELIC interest rate, which is appropriately reflected in the provision for contingencies and legal obligations being disputed in court.

    In September 2007, based on the opinion of its legal council, Company Management reversed the amount of approximately R$ 73,800 of the provision relating to the levying of such taxes on exchange variation revenues, in view of the provisions contained in Article 150, paragraph 4, of the Brazilian National Tax Code (CTN).

    Given decisions handed down by the STF in similar cases, recognizing the unconstitutionality of the modification in the base for calculation of the PIS and COFINS, which has been repeatedly followed by court and administrative jurisprudence, making the issue virtually a settled matter, Aracruz Management is convinced that the likelihood of loss in this case is remote. Nonetheless, due to the recent pronouncement of IBRACON, as of December 31, 2007, the Company adopted a conservative approach and reconstituted the portion of the provision previously reversed.

    (d) Social Contribution on Net Income – Non-incidence on export revenues

    In September 2003, the Company obtained a restraining order that give it the right not to pay Social Contribution on Net Income (CSLL) generated by export sales, as well as the right to recognize the amounts of tax credits previously offset in this regard, adjusted by the SELIC rate, in the amount of R$ 231,600 as of June 30, 2008, for which it maintains a provision. Aracruz is presently awaiting a decision on the appeal filed by the Federal Government.

    (e) IRPJ – Deductibility of Social Contribution on Net Income (CSLL)

    Page: 30


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

    On June 29, 2005, the Company was assessed relating to deductibility of CSLL from taxable income for IRPJ purposes for fiscal years 2000 and 2001, the existing provision for which was supplemented by the amount of R$ 3.6 million, bringing the total to R$ 38 million.

    In July 2005, in view of the existing case law development, Aracruz decided to pay over the assessed amount, although it recalculated the basis for calculation thereof, arriving at the amount of R$ 24.4 million. The Company filed an administrative challenge to the balance of the amount assessed, and the assessment was upheld at the first administrative level. The Company has appealed this decision and is awaiting judgment. In addition, it has maintained the lawsuit questioning the alleged non-deductibility.

    (f) IRPJ/CSLL – Full offset of accumulated tax losses and negative results

    On June 29, 2005, the Company was assessed regarding full offset of accumulated tax losses (NOL’s) for IRPJ purposes and negative results for CSLL purposes for fiscal years 2000 and 2001, as well as relating to the full offset, in fiscal year 2000, of the tax loss generated during the period it enjoyed the export tax benefit known as the BEFIEX. The Company challenged the assessment at the first administrative level but it was upheld. Aracruz thus appealed this decision and in June 2008 obtained a favorable decision at the Finance Ministry’s Taxpayers Council, which unanimously ruled that the assessments drawn up by the tax authorities were groundless.

    As a consequence of the latter decision, the Company, corroborated by its external legal counsel, deemed that the probability of loss of such provision for contingency is remote. Accordingly, as of June 30, 2008, the provision relating to interest and fine, with positive impacts on the Company’s results, to the tune of R$ 29,928 and R$ 14,416 in the financial expense and other operating expenses, respectively.

    g) ICMS

    On October 20, 2006, the Company received assessment notices from the Espírito Santo State Treasury Secretary in the amount of R$ 75.8 million, dealing basically with failure to comply with accessory obligations and unduly taking credits for the State Value-Added Tax on Circulation of Goods and Services (ICMS) on assets for use in operations, supplies and fixed assets. The Company elected to make payment of part of the amount assessed and challenged the total amount of R$ 75.5 million, of which R$ 11.6 million has already been ruled in the Company’s favor. In March of 2008 the Company was served process in tax foreclosure cases arising from three assessment notices where the courts ruled contrary to Aracruz’s interests, in the amount of R$ 58.5 million, and filed its appeals. Based on the opinion of its external legal counsel, which ranked the probability of loss in court as being somewhere between remote and possible, no provision has been set up to cover any unfavorable decisions.

    (h) Civil Public Suits – Eucalyptus forest tracts in the State of Grande do Sul

    In 2007 a number of Non-Governmental Organizations (NGOs) and the Federal Public Prosecution Office in the State Rio Grande do Sul filed two Civil Public Suits questioning the validity of the procedures adopted by State Environmental Protection Agency - FEPAM in issuing environmental licenses for eucalyptus plantations in that state. A restraining order was initially granted, determining that FEPAM should cease issuing environmental licenses for planting eucalyptus tracts, with jurisdiction thus being passed on to IBAMA (the Brazilian Environmental Institute). The order was suspended by the Federal Court of the 4th Region at the request of the State Government. The

    Page: 31


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

    Company believes that such suspension will be confirmed by the court’s definitive decision on the merits of the case. Based on the opinion of its legal advisors, who evaluate the probability of loss in the courts as no more then possible, no provision has been recognized. The Company cannot precisely estimate the amount involved in these claims.

    (i) Other tax cases

    Based on the opinion of its legal counsel, the Company further maintains a provision for other tax contingencies where the likelihood of loss is ranked as probable in the total amount of R$ 28,700 (R$ 35,100 Consolidated relating to tax and civil cases involving the subsidiaries and jointly controlled company). For these other contingencies, the Company has on deposit in court the amount of approximately R$ 22,900 (Consolidated R$ 23,300).

    19 Tax Incentives - ADENE

    Since Aracruz is located within the geographic area of ADENE (Agency for the Development of the Northeast) and inasmuch as Decree No. 4213 of April 16, 2002 recognized pulp and paper sector as a priority in the development of the region, the Company claimed and was granted the right by the Federal Revenue Service (SRF) in December of 2002 to benefit from reductions in corporate income tax and non-refundable surcharges on adjusted operating profits for plants A and B (period from 2003 to 2013) and plant C (period from 2003 to 2012). This right was granted after ADENE approved the respective reports.

    On January 9, 2004, the Company received Official Letter No. 1406/03 from the Extrajudicial Administrator of the former Northeast Development Agency (SUDENE), informing that “pursuant to re-examination by the Juridical Consultancy of the Ministry for Integration as regards the coverage of the cited incentive granted,” it considered that it was inappropriate for Aracruz to enjoy the benefit previously granted and accrued, which caused revocation thereof.

    During 2004 and 2005, notifications aimed at annulling the related tax benefits were issued by ADENE and repeatedly challenged and/or contested by the Company, although so far no definitive court decision has been issued in relation to the merits of the case.

    Nevertheless, in December 2005 an Assessment Notice was drawn up against the Company by the SRF, in which the latter government agency required payment back to public coffers of the amounts of the tax incentives used so far, plus interest, albeit without imposition of any fines, for a total amount of R$ 211 million. The Company filed a challenge against this assessment, which was upheld at the first administrative level. Aracruz further appealed against the latter decision and is presently awaiting a decision

    Company Management, in conjunction with its legal counsel, believes that the decision to cancel the ADENE tax benefits in December 2005 is incorrect, both with respect to the benefits used and in relation to the remaining period. As regards the benefits used through 2004 (R$ 142,858 as of December 31, 2004, recorded under Capital Reserve), Management believes, based on the opinion of its legal counsel, that the requirement to pay the tax has no substantive basis, given that the Company used the benefits strictly within legal parameters and in conformity with acts carried out by the SRF and Reports issued by the ADENE. With respect to the rest of the benefit periods, which extend through 2012 (mill C) and 2013 (mills A and B), respectively, Management and its legal counsel believe it is

    Page: 32


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION illegal to revoke benefits that were granted on condition of compliance with pre-established conditions (implementation, expansion or modernization of an industrial undertaking), and that such acquired rights to enjoy same are ensured until the end of the periods set forth in the Law and in the administrative acts granting the benefits.

    Despite its firm conviction as to the solid grounds for its rights, in light of the series of events that occurred in the years 2004 and 2005, indicating intent on the part of ADENE and SRF to cancel the tax benefits, the Company decided to adopt a conservative approach and interrupt the recording of the tax benefits as from 2005, until such time as a definitive court decision is reached.

    The probability of loss, both in relation to the tax benefits already taken through 2004 as well as regarding those that have not yet been used as from 2005, is ranked as possible by Management and its legal counsel and, as a result, no provision has been set up in regard to this matter.

    20 Reconciliation of Stockholders’ Equity and Income for Quarter - Company and Consolidated

        June 30, 2008     March 31, 2008  
    Stockholders’ Equity            
    Stockholders’ equity - Parent Company   5,676,282     5,510,529  
    Unearned income   (82,693 )   (105,290 )
    Unrealized shipping expenses   21,935     24,983  
    IRPJ and CSLL on unearned income   20,658     27,305  
    Stockholders’ equity - Consolidated   5,636,182     5,457,527  
    Income for the 2nd Quarter         June 30  
        2008     2007  
    Net income for the quarter - Parent Company   250,753     309,645  
    Unearned income   22,597     21,087  
    Unrealized shipping expenses   (3,048 )   (1,089 )
    IRPJ and CSLL on unearned income   (6,647 )   (6,103 )
    Provision for devaluation of inventories         (2,050 )
    Net income for the quarter - Consolidated   263,655     321,490  

    Page: 33


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

    21 Commitments

    (a) Supply of chemical products

    Linked to the sale of the electro-chemical plant to Canexus Química Brasil Ltda. (Canexus) in 1999, the Company and Canexus signed a long-term contract for the supply of chemical products by Canexus, which was revised in 2002 to include additional volumes. Under the clause of this contract guaranteeing the purchase of minimum volumes, the Company is committed to buying a conservatively projected volume of chemical products. Volumes purchased by the Company in addition to the agreed-upon minimum for a given year may be compensated with lower volumes acquired in subsequent years. For purchases in volumes below those agreed upon, the Company has to pay the utility margin provided by the contract. The Company has these volume commitments until 2008, under the amendment to the contract signed in 2002.

    (b) Supply of wood

    The Company signed a contract with Suzano Papel e Celulose S.A. with a view to a loan of 1,700 thousand m³ of eucalyptus wood, which were received through September of 2005. The remaining balance as of June 30, 2008 is 667m³ (794 m³ as of March 31, 2008) of eucalyptus wood and, based on its present forest formation costs, the Company has booked the amount of R$ 7,065 (R$ 8,420 as of March 31, 2008) under liabilities. The contract calls for return of an equivalent volume on similar operating conditions during the year 2008.

    (c) Indian Communities – Terms of Settlement

    In first half 1998 the Company and the Associations of Indian Communities entered into Terms of Settlement (“TAC’s”) whereby both parties recognized the legitimacy of Administrative Rulings Nos. 193, 194 and 195, all dated March 6, 1998, issued by the Federal Ministry of Justice, which determined the enlargement of the Indian reservation by 2,571 hectares of land belonging to the Company. Aracruz committed itself to a financial aid program to be implemented through social, agricultural, educational, shelter and health projects, up to an amount of approximately R$ 13,500 (historical amount), monetarily restated each month by one of the official inflation indices (General Market Price Index – IGP-M or Consumer Price Index – IPC) or such other index as may replace them in the future, whichever is greater. The amount of this financial assistance was to be disbursed over a 20-year period, conditioned to the accomplishment of certain clauses and terms.

    Despite the TAC’s in force, during the year 2005 members of the Associations of Indian Communities invaded some forestry areas and the Company’s industrial premises. Since the invasion represented breach of the TAC’s by the Indian communities, the Company after having notified the communities themselves, the National Indian Foundation - FUNAI and the Federal Public Prosecutor -- suspended all commitments to the Indian communities under the TAC’s as of May 2005.

    Page: 34


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

    Up to May, 2005, in relation to the time the TAC’s were being complied with, the Company had donated the amount of R$ 9,597 to the Associations of Indian Communities.

    On February 17, 2006, FUNAI published Decisions Nos. 11 and 12 in the Official Federal Gazette (D.O.U.), approving the conclusion of a working group set up by FUNAI Administrative Ruling No. 1299/05, which recommended expansion of the current Indian reserves by about 11,000 hectares, comprised almost entirely of lands owned by Aracruz. The working group identified such lands as being traditionally occupied by the Indian communities. As it was confident of the legitimacy of its rights, the Company filed a challenge to such Decisions on June 19, 2006. At the beginning of 2007, the Federal Minister of Justice, which has the authority to decide the matter, returned the administrative process to FUNAI, determining that more in-depth studies should be conducted “with a view to preparing an appropriate proposal that reconciled the interests of all parties concerned.”

    On August 27, 2007, through Administrative Rulings Nos. 1.463 and 1464, the Ministry of Justice accepted the conclusions of the Working Group set up by FUNAI Administrative Ruling No. 1299/05 and determined expansion of the Indian territories by 11,000 hectares, of which 98% or around 10,700 hectares corresponded to lands owned by Aracruz.

    The dispute for land involving Aracruz Celulose and the Indian communities of Espírito Santo came to a conclusion at the end of 2007. On December 3, the final Term of Settlement (TAC) was signed at the Ministry of Justice covering the rights and obligations of each party (Aracruz, the Indian communities and FUNAI) in the process of transferring approximately 11,000 hectares of lands to the Indian communities and assuring that all the eucalyptus wood planted in the area (amounting to around 6,800 hectares of forests) will be felled and removed by the Company by way of indemnity for the improvements made. Expansion of the Indian reservations further requires ratification by decree to be signed by the President of Brazil and subsequent demarcation of lands, at which time effective transfer of ownership will take place.

    The agreement, which has been followed up on by all the authorities participating in the negotiation process, including the Brazilian Government Attorney and FUNAI (the agency that will be in charge of hiring an independent firm to physically demarcate the lands) calls for both parties to waive from any present or future actions in this regard. This waiver is to be ratified by the Federal Courts in the City of Linhares - ES.

    Prior to signature of the final TAC, the terms thereof were submitted to a vote by the Indian communities and approved at a general meeting held on October 16, being further ratified by them at another meeting held November 28, 2007, as recommended by Convention 169 of the International Work Organization (IWO) on Indian and Tribal Communities, to which Brazil is a signatory.

    Aracruz considers the settlement a sustainable solution that seeks equilibrium among the parties involved, to the extent that it makes it feasible for the Indian communities to expand their lands and provides the Company with the legal security that such lands will not be expanded in the future.

    Page: 35


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

    (d) Guarantees

    As of June 30, 2008, collateral signatures and other such guarantees granted to other companies, subsidiaries and the jointly controlled company, relating to third party loans and legal challenges filed by these companies, are as follows:

    Veracel Celulose S.A.   506,055
    Portocel - Terminal Especializado de Barra do Riacho S.A.   99,237
        605,292

    22 Sales by Geographic Area

    The Company’s sales, as classified by geographic area, are broken down as follows:

                Quarter ended June 30
            Parent Company       Consolidated
        2008   2007   2008   2007
    North America   234,366   290,249   323,259   383,706
    Europe   212,937   149,205   422,487   475,229
    Asia   135,707   152,461   227,329   236,985
    Other continents   627   5,072   627   5,072
    Total   583,637   596,987   973,702   1,100,992

    Geographic areas are determined based on the location of the Company’s customers.

    23 Financial Revenues (Expenses)

                    Quarter ended June 30  
        Parent Company           Consolidated  
        2008     2007     2008     2007  
    Financial revenues                        
       Revenues from marketable securities   20,360     19,650     22,199     26,724  
       Asset monetary/exchange variations   (16,661 )   (7,651 )   (52,150 )   (36,677 )
       Results of derivative financial operations   91,024     80,510     110,645     80,510  
         Other financial revenues   3,867     3,991     6,477     4,483  
    Subtotal   98,590     96,500     87,171     75,040  
    Financial expenses                        
       Expenses on financial operation   (56,789 )   (52,800 )   (48,263 )   (55,773 )
       Interest on capital invested   (85,000 )   (77,000 )   (85,000 )   (77,000 )
       Liability monetary/exchange variations   307,879     175,785     188,832     131,498  
       Other financial expenses   15,428     (6,577 )   13,042     (7,475 )
    Subtotal   181,518     39,408     68,611     (8,750 )
    Total, net   280,108     135,908     155,782     66,290  

    Page: 36


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

    1 Statement of Cash Flows

              Quarter ended June 30  
        Parent Company     Consolidated  
        2008     2007     2008     2007  
    Operating Activities                        
    Net income for the quarter   250,753     309,645     263,655     321,490  
    Adjustments to reconcile net income to                        
     cash generated by operating activities:                        
     Depreciation, amortization and depletion   143,014     133,912     170,764     160,142  
     Equity income (loss)   80,486     (55,457 )   348     404  
     Deferred income tax and social contribution   114,427     76,351     121,922     76,647  
     Monetary and exchange variations   (290,826 )   (167,475 )   (136,217 )   (93,597 )
     Provision for contingencies, net   9,991     11,386     4,886     11,497  
     Provision for losses on tax credits   17,919     (49,293 )   19,587     (30,551 )
     Residual value of fixed assets written off   (2,571 )   1,182     (2,571 )   4,681  
    Decrease (increase) in assets                        
     Securities   (68,810 )   3,168     (79,946 )   5,440  
     Accounts receivable   (14,446 )   38,110     (60,252 )   (101,678 )
     Inventories   (43,095 )   28,022     (30,240 )   44,013  
     Tax credits   (36,952 )   (19,075 )   (34,452 )   (23,455 )
     Other   (3,989 )   (55 )   (11,231 )   (5,254 )
    Increase (decrease) in liabilities                        
     Supplier   36,167     16,903     39,830     10,982  
     Advances from subsidiaries (including                        
             interest)   77,253     120,972              
     Interest on loans and financings   (4,637 )   (6,209 )   8,173     (11,170 )
     Income Tax and Social Contribution                        
    on Net Income   28,311     545     34,551     14,065  
     Provisions for contingencies   (67,529 )   8,288     (67,584 )   8,288  
     Other   2,119     11,063     3,206     8,112  
    Cash Provided by Operating Activities   227,585     461,983     244,429     400,056  

    Page: 37


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

              Quarter ended June 30  
        Parent Company     Consolidated  
        2008     2007     2008     2007  
    Investing Activities                        
     Short- and long-term investments   55,050     58,963     49,925     202,154  
     Permanent assets:                        
         Investments   (43,743 )   (17,991 )            
         Property, plant and equipment   (265,939 )   (262,289 )   (308,086 )   (301,277 )
         Amounts received from sale of                        
               permanent assets   2,943     2     2,943     696  
    Cash Used in Investing Activities   (251,689 )   (221,315 )   (255,218 )   (98,427 )
    Financing Activities                        
         Loans and financings                        
             Additions   538,849     1,266,786     538,849     1,269,186  
             Payments   (243,746 )   (1,286,984 )   (273,898 )   (1,318,214 )
         Dividends / interest on                        
               capital invested   (269,614 )   (233,682 )   (269,614 )   (233,682 )
    Cash Used in Financing Activities                        
        25,489     (253,880 )   (4,663 )   (282,710 )
    Effects of exchange variation on                        
       cash and cash equivalents   66     633     (6,801 )   (5,851 )
    Net increase (decrease) on cash and                        
       marketable securities   1,451     (12,579 )   (22,253 )   13,068  
    Cash and marketable securities at                        
       beginning of quarter   340     14,716     78,472     175,643  
    Cash and cash equivalents at                        
       end of quarter   1,791     2,137     56,219     188,711  

    Page: 38


        FEDERAL PUBLIC SERVICES                            
        BRAZILIAN SECURITIES COMMISSION – CVM                        
        Quarterly Information                   Corporate Legislation        
        COMERCIAL, INDUSTRIAL AND OTHERS COMPANIES               Period - 06/30/2008        
        01.01 - IDENTIFICATION                            
         01 - CVM Code   02 - Name of Society         03 - Taxpayer Nº        
                 0043-4   Aracruz Celulose S.A.         42.157.511/0001-61        
        04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION              
    2   Statement of Value Added                            
                      Quarter ended June 30        
                            Parent Company  
                2008     %     2007     %  
        Revenues       644,589           652,478        
        Raw materials from third parties   (393,997 )         (382,891 )      
        Gross value added       250,592           269,587        
        Retentions                            
           Depreciation, amortization and depletion   (143,014 )         (133,912 )      
        Net value added generated       107,578           135,675        
        Received in transfers                            
             Financial revenues – including monetary                        
        and exchange variations       98,590           96,500        
             Equity income (loss)       (80,486 )         55,457        
                18,104           151,957        
        Value added for distribution       125,682     100     287,632     100  
        Distribution of value added                            
        Government and community                            
           Taxes and contributions (federal,                        
        state and municipal)       82,372     66     33,158     12  
           Support, sponsorships and donations   3,160     2     408        
                85,532     68     33,566     12  
        Employees       55,906     44     64,032     22  
        Remuneration of capital provided by                        
           third parties/financiers                            
             Financial expenses (revenues)       (266,509 )   (212 )   (119,610 )   (42 )
        Remuneration of capital invested by                        
           stockholders (dividends and interest on                        
           capital invested)       85,000     68     77,000     27  
        Retained earnings for quarter       165,753     132     232,644     81  
        Total distributed and retained       125,682     100     287,632     100  

    Page: 39


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

                    Quarter ended June 30  
                    Consolidated  
        2008     %     2007     %  
    Revenues   935,888           1,025,973        
    Raw materials from third parties   (558,910 )         (558,621 )      
    Gross value added   376,978           467,352        
    Retentions                        
     Depreciation, amortization and depletion   (170,764 )         (160,142 )      
    Net value added generated   206,214           307,210        
    Received in transfers                        
     Financial revenues – including monetary                        
    and exchange variations   87,171           75,040        
         Equity income (loss)   (348 )         (404 )      
        86,823           74,636        
    Value added for distribution   293,037     100     381,846     100  
    Distribution of value added                        
    Government and community                        
     Taxes and contributions (federal,                        
    state and municipal)   99,798     34     53,405     14  
     Support, sponsorships and donations   3,793     1     2,655     1  
        103,591     35     56,060     15  
    Employees   79,553     27     76,372     20  
    Remuneration of capital provided by                        
     third parties/financiers                        
       Financial expenses (revenues)   (153,763 )   (52 )   (72,076 )   (19 )
    Remuneration of capital invested by                        
     stockholders (dividends and interest                        
     on capital invested)   85,000     29     77,000     20  
    Earnings retained for quarter   178,656     61     244,490     64  
    Total distributed and retained   293,037     100     381,846     100  

    Subsequent Event

    Page: 40


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    04.01 – NOTES TO THE CONSOLIDATED QUARERLY FINANCIAL INFORMATION

    On July 1, 2008, the Company acquired Boise Cascade do Brasil Ltda., now named Aracruz Riograndense Ltda., for the amount equivalent to US$ 47 million. The acquired company, whose industrial activities had been discontinued, owned assets encompassing lands containing forests (of which 10.2 thousand hectares are planted with eucalyptus trees), buildings, equipment and an industrial mill.

    The aim of this acquisition is to meet the demand for expansion of the Company’s forest base related to the project for expanding the Guaíba Unit, and the funds are part of the forest investments approved by Aracruz’s Board of Directors.

    Page: 41


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    05.01 – COMMENTS ON THE COMPANY’S PERFORMANCE FOR THE QUARTER

    EXPRESSED IN THOUSANDS OF REAIS

    (except as indicated otherwise)

    Aracruz Celulose S.A. posted consolidated net income of R$ 263,655 for the second quarter of 2008, compared with consolidated net income of R$ 321,490 in the same quarter of 2007. The variation in the results over the second quarter of last year basically reflects the lower exchange variation of assets and liabilities denominated in U.S. Dollars.

    OPERATING ACTIVITIES

    Commercial Performance

    Pulpwood sales for the second quarter reached 615 thousand tons (consolidated – 773 thousand tons), a drop of 7% compared to the same quarter last year, with 98% of this amount being shipped to foreign markets. The average net price in the second quarter of 2008 was US$ 588/t (consolidated - US$ 666/t), which represents a rise of 28% at the parent company level (consolidated rise of 17%) compared with the price of US$ 458/t (consolidated - US$ 571/t) in the same quarter of 2007.

    Operating Performance

    In the second quarter of 2008, the Company’s pulpwood output was 668 thousand tons, a rise of 5% over the second quarter of last year. The unit cost of production in the second quarter of 2008 was R$ 687, almost one tenth (9%) higher than for the same period last year.

    Parent Company

    ANALYSIS OF COSTS (Not reviewed by Independent Auditors)

    R$ / TON   2nd Quarter 2008   2nd Quarter 2007  
    Cost of Sales (*)   723   699  
    Selling Expenses   24   27  
    Administrative Expenses   46   43  
    Other Operating Expenses. (Revenues)(**)   64   (29 )
    Total   857   740  
    Cost of Production ( R$ / Ton )   687   632  
    Tons Sold   614,741   672,862  
    Tons Produced   668,459   637,673  

    (*) Includes average cost of inventories, plus cost of freight and insurance - R$ 78/ton (2007 - R$ 70/ton).

    (**) Does not include Monetary / Exchange Variations and Financial Revenues / Expenses / Equity Pickup.

    Page: 42


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    05.01 – COMMENTS ON THE COMPANY’S PERFORMANCE FOR THE QUARTER

    2. EVOLUTION OF FINANCIAL LIABILITIES (Not reviewed by Independent Audit)

    Parent Company        
     Expressed in thousands of Reais        
     Gross Debt   6/30/2008   3/31/2008
     Local currency   662,814   670,452
     Foreign currency   1,819,406   1,685,547
     Cash and cash equivalents (*)   824,852   809,641
     Net Debt (i)   1,657,368   1,546,358

    Consolidated        
     Expressed in thousands of Reais        
     Gross Debt   6/30/2008   3/31/2008
     Local currency   1,149,297   1,169,530
     Foreign currency   1,957,879   1,843,243
     Cash and cash equivalents (*)   992,603   986,907
     Net Debt (i)   2,114,573   2,025,866

         (*) Includes short- and long-term investments in marketable securities.
     
      (i) Net debt is not an official financial indicator under Brazilian Generally Accepted Accounting Principles (BRGAAP) and does not represent the cash flow for the period indicated. Furthermore, it should not be used to replace cash flow as an indicator of liquidity or measure of cash generation. Calculation of net debt does not have a standard definition and should not be compared with the net debt of other companies. In addition, the Company believes that some investors and financial analysts use net debt as an indicator of liquidity and financial leverage.
     

    Page: 43


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    05.01 – COMMENTS ON THE COMPANY’S PERFORMANCE FOR THE QUARTER

    3. OPERATING INVESTMENTS

    Investment outlays made in the second quarter of 2008 totaled R$ 265.9 million (consolidated - R$ 308.1 million), compared with R$ 262.3 million (consolidated - R$ 301.3 million) in the same period last year. They were mainly allocated to the following areas: industrial (R$ 54.9 million), lands and forests (R$ 110.2 million), Veracel project (R$ 40.3 million), tree farming (R$ 76.6 million), forestry (R$ 21.2 million) and other investments (R$ 4.9 million), in consolidated figures.

    * * * * *

    Page: 44


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    06.01 – CONSOLIDATED BALANCE SHEET – LIABILITIES – THOUSAND OF R$

    1   2 – DESCRIPTION   3 – DATE – 06/30/2008   4 – DATE – 03/31/2008
    CODE                  
    1     TOTAL ASSETS   10,137,433     9,930,991  
    1.1     CURRENT ASSETS   2,371,820     2,338,249  
    1.1.1     CASH AND CASH EQUIVALENTS   27,534     26,882  
    1.1.2     CREDITS   879,315     859,877  
    1.1.2.1     CUSTOMERS   605,054     590,817  
    1.1.2.1.1     ACCOUNTS RECEIVABLE FROM CUSTOMERS - PULP   545,413     538,396  
    1.1.2.1.2     ACCOUNTS RECEIVABLE FROM CUSTOMERS - PAPER   23,234     18,886  
    1.1.2.1.3     ACCOUNTS RECEIVABLE FROM CUSTOMERS - SAWED WOOD   2,610     2,118  
    1.1.2.1.4     ACCOUNTS RECEIVABLE FROM CUSTOMERS – OTHERS   33,797     31,417  
    1.1.2.2     OTHERS CREDITS   274,261     269,060  
    1.1.2.2.1     EMPLOYEES   6,308     5,452  
    1.1.2.2.2     SUPPLIERS   5,142     4,135  
    1.1.2.2.3     TAXES   262,324     259,034  
    1.1.2.2.4     OTHERS   487     439  
    1.1.3     INVENTORIES   551,581     521,341  
    1.1.3.1     SUPPLIES   141,799     137,010  
    1.1.3.2     RAW MATERIALS   92,998     86,845  
    1.1.3.3     FINISHED GOODS   315,541     296,248  
    1.1.3.4     OTHERS   1,243     1,238  
    1.1.4     OTHERS   913,390     930,149  
    1.1.4.1     DEBT SECURITIES   786,601     838,963  
    1.1.4.2 .   FINANCIAL APPLICATION   28,685     51,590  
    1.1.4.2 .   DERIVATIVE   49,673     0  
    1.1.4.4     PREPAID EXPENSES   48,431     39,596  
    1.1.4.5     OTHERS   0     0  

    Page: 45


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    06.01 – CONSOLIDATED BALANCE SHEET – LIABILITIES – THOUSAND OF R$        
    1 – CODE   2 – DESCRIPTION   3 – DATE – 06/30/2008   4 – DATE – 03/31/2008
    1.2   NOT CURRENT ASSETS   7,765,613     7,592,742  
    1.2.1   LONG-TERM ASSETS   627,746     588,851  
    1.2.1.1   CREDITS   507,084     501,422  
    1.2.1.1.1   CUSTOMER   62,069     66,243  
    1.2.1.1.2   SUPPLIERS   279,288     274,080  
    1.2.1.1.3   TAXES   165,727     161,099  
    1.2.1.2   ACCOUNTS RECEIVABLE – RELATED PARTIES   0     0  
    1.2.1.2.1   FROM AFFILIATES   0     0  
    1.2.1.2.2   FROM SUBSIDIARIES   0     0  
    1.2.1.2.3   OTHERS   0     0  
    1.2.1.3   OTHERS   120,662     87,429  
    1.2.1.3.1   DEBT SECURITIES   6,139     6,091  
    1.2.1.3.2   DERIVATIVE   93,971     63,381  
    1.2.1.3.3   ESCROW DEPOSITS   20,552     17,957  
    1.2.2   FIXED ASSETS   7,137,867     7,003,891  
    1.2.2.1   INVESTMENTS   20,711     21,059  
    1.2.2.1.1   IN AFFILIATES   0     0  
    1.2.2.1.2   IN AFFILIATES - GOODWILL   0     0  
    1.2.2.1.3   IN SUBSIDIARIES   17,489     17,837  
    1.2.2.1.4   IN SUBSIDIARIES - GOODWILL   0     0  
    1.2.2.1.5   OTHER COMPANIES   3,222     3,222  
    1.2.2.2   PROPERTY, PLANT AND EQUIPMENT   6,962,803     6,797,907  
    1.2.2.2.1   LAND   1,373,209     1,261,463  
    1.2.2.2.2   BUILDINGS   752,487     747,837  
    1.2.2.2.3   MACHINERY AND EQUIPMENT   3,107,236     3,129,144  
    1.2.2.2.4   FORESTS   1,320,502     1,244,735  
    1.2.2.2.5   PROGRESS TO SUPPLIERS   12,597     10,117  
    1.2.2.2.6   CONSTRUCTION IN PROGRESS   295,403     298,365  
    1.2.2.2.7   OTHERS   101,369     106,246  
    1.2.2.3   INTANGIBLE   112,576     140,721  
    1.2.2.4   DEFERRED CHARGES   41,777     44,204  
    1.2.2.4.1   INDUSTRIAL   16,678     17,312  
    1.2.2.4.2   FORESTS   25,099     26,892  
    1.2.2.4.3   GOODWILL ARISING ON ACQUISITION OF ENTITIES   0     0  

    Page: 46


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    06.02 – CONSOLIDATED BALANCE SHEET – LIABILITIES – THOUSAND OF R$        
    1 – CODE   2 – DESCRIPTION   3 – DATE – 06/30/2008   4 – DATE – 03/31/2008
    2   TOTAL LIABILITIES   10,137,433     9,930,991  
    2.1   CURRENT LIABILITIES   765,825     886,658  
    2.1.1   LOANS AND FINANCING   283,889     279,652  
    2.1.2   DEBENTURES   0     0  
    2.1.3   SUPPLIERS   254,052     217,684  
    2.1.4   TAXES   69,560     40,642  
    2.1.5   DIVIDENDS PAYABLE   87,155     71,769  
    2.1.6   PROVISIONS   50,216     41,700  
    2.1.6.1   VACATION AND 13th SALARY   32,598     26,712  
    2.1.6.2   PROFIT SHARING   17,618     14,988  
    2.1.7   LOANS FROM RELATED PARTIES   13,155     18,164  
    2.1.8   OTHERS   7,798     217,047  
    2.1.8.1   PROPOSED DIVIDENDS   0     200,000  
    2.1.8.2   OTHERS   7,798     17,047  
    2.2   NOT CURRENT LIABILITIES   3,728,087     3,581,815  
    2.2.1   LONG-TERM LIABILITIES   3,728,087     3,581,815  
    2.2.1.1   LOANS AND FINANCING   2,823,287     2,733,121  
    2.2.1.2   DEBENTURES   0     0  
    2.2.1.3   PROVISIONS   824,346     771,722  
    2.2.1.3.1   LABOR CONTINGENCIES   19,785     19,252  
    2.2.1.3.2   TAX CONTINGENCIES   422,916     486,100  
    2.2.1.3.3   DEFERRED INCOME TAXES   381,645     266,370  
    2.2.1.4   LOANS FROM RELATED PARTIES   0     0  
    2.2.1.6   OTHERS   80,454     76,972  
    2.2.1.6.1   SUPPLIERS   0     0  
    2.2.1.6.2   OTHERS   80,454     76,972  
    2.2.2   DEFERRED INCOME   0     0  
    2.3   MINORITY INTEREST   7,339     4,991  

    Page: 47


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    06.02 – CONSOLIDATED BALANCE SHEET – LIABILITIES – THOUSAND OF R$        
    1 – CODE   2 – DESCRIPTION   3 – DATE – 06/30/2008   4 – DATE – 03/31/2008
    2.4   STOCKHOLDER’S EQUITY   5,636,182     5,457,527  
    2.4.1   PAID-IN CAPITAL   2,871,781     2,871,781  
    2.4.1.1   COMMON STOCK   1,266,551     1,266,551  
    2.4.1.2   PREFERRED STOCK   1,605,230     1,605,230  
    2.4.2   CAPITAL RESERVES   162,209     162,209  
    2.4.3   REVALUATION RESERVE   0     0  
    2.4.3.1   OWN ASSETS   0     0  
    2.4.3.2   SUBSIDIARIES / AFFILIATES   0     0  
    2.4.4   REVENUE RESERVES   2,369,253     2,369,253  
    2.4.4.1   LEGAL   389,485     389,485  
    2.4.4.2   STATUTORY   0     0  
    2.4.4.3   FOR CONTINGENCIES   0     0  
    2.4.4.4   UNREALIZED INCOME   0     0  
    2.4.4.5   FOR INVESTMENTS   1,988,754     1,988,754  
    2.4.4.6   SPECIAL FOR NON-DISTRIBUTED DIVIDENDS   0     0  
    2.4.4.7   OTHER UNREALIZED INCOME   (8,986 )   (8,986 )
    2.4.4.7.1   TREASURY STOCK   (8,986 )   (8,986 )
    2.4.5   RETAINED EARNINGS   232,939     54,284  

    Page: 48


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    07.01 – CONSOLIDATED STATEMENT OF OPERATIONSTHOUSAND OF R$

    1 – CODE   2 – DESCRIPTION   3 – FROM : 04/01/2008   4 FROM : 01/01/2008     5 – FROM : : 04/01/2007   6 – FROM : 01/01/2007
                 TO :   06/30/2008      TO :   06/30/2008          TO :   06/30/2007          TO :   06/30/2007  
    3.1   GROSS SALES AND SERVICES REVENUE       1,044,326         2,054,080         1,166,184         2,182,681  
    3.2   SALES TAXES AND OTHER DEDUCTIONS       (110,343 )       (225,113 )       (138,723 )       (266,118 )
    3.3   NET SALES REVENUE       933,983         1,828,967         1,027,461         1,916,563  
    3.4   COST OF GOODS SOLD       (644,649 )       (1,251,286 )       (664,050 )       (1,201,044 )
    3.5   GROSS PROFIT       289,334         577,681         363,411         715,519  
    3.6   OPERATING (EXPENSES) INCOME       31,156         (150,475 )       (16,594 )       (93,144 )
    3.6.1   SELLING       (44,800 )       (87,333 )       (46,676 )       (86,402 )
    3.6.2   GENERAL AND ADMINISTRATIVE       (34,676 )       (62,419 )       (34,138 )       (59,202 )
    3.6.3   FINANCIAL       155,782         88,278         66,290         98,753  
    3.6.3.1   FINANCIAL INCOME       87,171         129,705         75,040         154,354  
    3.6.3.2   FINANCIAL EXPENSES       68,611         (41,427 )       (8,750 )       (55,601 )
    3.6.4   OTHER OPERATING INCOME       9,320         25,231         11,325         24,448  
    3.6.5   OTHER OPERATING EXPENSES       (54,122 )       (113,380 )       (12,991 )       (70,451 )
    3.6.6   EQUITY IN THE RESULTS OF SUBSIDIARIES       (348 )       (852 )       (404 )       (290 )
    3.7   OPERATING INCOME       320,490         427,206         346,817         622,375  
    3.8   NON-OPERATING (EXPENSES) INCOME       2,555         1,061         (4,676 )       (5,202 )
    3.8.1   INCOME       2,943         4,935         702         1,767  
    3.8.2   EXPENSES       (388 )       (3,874 )       (5,378 )       (6,969 )
    3.9   INCOME BEFORE INCOME TAXES AND MANAGEMENT REMUNERATION       323,045         428,267         342,141         617,173  
    3.10   INCOME TAX AND SOCIAL CONTRIBUTION       (21,825 )       (41,856 )       (19,981 )       (69,251 )
    3.11   DEFERRED INCOME TAXES       (121,922 )       (109,465 )       (76,647 )       (95,258 )
    3.12   MANAGEMENT REMUNERATION AND STATUORY APPROPRIATIONS       0         0         0         0  
    3.12.1   PARTICIPATIONS       0         0         0         0  
    3.12.2   REMUNERATION       0         0         0         0  
    3.13   REVERSION OF INTERESTS ON STOCKHOLDERS’ CAPITAL       85,000         155,000         77,000         144,000  
    3.14   MINORITY INTEREST       (643 )       (1,784 )       (1,023 )       (1,931 )
    3.15   NET INCOME FOR THE PERIOD       263,655         430,162         321,490         594,733  
        CAPITAL STOCK-QUANTITY (THOUSANDS)       1,030,588         1,030,588         1,030,588         1,030,588  
        EARNINGS PER SHARE       0,25583         0,41739         0,31195         0,57708  
        LOSS PER SHARE       -         -         -         -  

    Page: 49


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    08.01 – PERFORMANCE COMMENTS OF CONSOLIDATED IN THE QUARTER

    The consolidated Performance comments for this quarter were disclosed together with Aracruz Celulose S.A.’s (Controlling Company) performance comments, group 05.

    Page: 50


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    15.01 – INVESTMENTS PROJECTS

    (Convenience Translation into English from the original previously issued in Portuguese)

    The comments related to investments were disclosed in note 3 group 05.

    Page: 51


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    16.01 – OTHER INFORMATION THAT THE COMPANY CONSIDERS TO BE RELEVANT (Convenience Translation into English from the original previously issued in Portuguese)

    Stock position of stockholders with more than 5% of voting stocks

    In order to be in compliance with the best practices of Corporate Governance (Level 1), we disclose below, the stock positions as of June 30, 2008:

    Parent Company:

    Aracruz Celulose S.A. CNPJ: 42.157.511/0001 -61

                    Stocks            
                               Stockholders   Common   Preferred A      Preferred B   Total    
        Quantity      %   Quantity   %   Quantity   %   Quantity    %
        Thousand       Thousand       Thousand       Thousand    
                                                 
    Newark Financial Inc.   127,506   28.00   -   -   -       127,506   12.35
    Arainvest Participações S.A.   127,506   28.00   27,737   99.21   -       155,243   15.03
    Arapar S.A.   127,506   28.00   -   -   -       127,506   12.35
    BNDES Participações S.A.   56,881   12.49   -   -   -       56,881   5.51
    (1) Treasure Hold Investments Corp   -   -   -   -   57,876   10.54   57,876   5.61
    (1) Northern Cross Investments Ltd. (2)   -   -   -   -   50,102   9.12   50,102   4.85
    (1) Capital World Investors. (2)                   46,034   8.38   46,034   4.46
    (1) U.S. Trust, Bank of   -   -   -   -   41,600   7.57   41,600   4.03
    America/Columbia Mgmt (2)                                
    (1) Wellington Mgmt Company (2)   -   -   -   -   34,142   6.22   34,142   3.31
    Caixa Previd. Func. Banco do Brasil   -   -   -   -   31,694   5.77   31,694   3.07
    Treasury stock   483   0.10   -   -   1,483   0.27   1,966   0.18
    Others   15,509   3.41   220   0.79   286,275   52.13   302,004   29.25
    Total   455,391   100.00   27,957   100.00   549,206   100.00   1,032,554   100.00

    (1)      Foreign company
     
    (2)      Administrator of investments funds several
     
      Numbers supplied by I.R. Channel JP Morgan in 07/02/08
     

    Page: 52


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    16.01 – OTHER INFORMATION THAT THE COMPANY CONSIDERS TO BE RELEVANT

    Share Capital of majority stockholders (from controlling companies to individual stockholders)

    Position at June 30, 2008

    Parent Company: Newark Financial Inc.

                Stocks            
                               Stockholders              Common            Preferred       Total    
        Quantity   %   Quantity   %   Quantity   %
        Unities       Unities       Unities    
    Votorantim Celulose e Papel S.A.   50,000   100.00   -   -   50,000   100.00
    Total   50,000   100.00   -   -   50,000   100.00

    Parent Company:

    Votorantim Celulose e Papel S.A CNPJ: 60.643.228/0001 -21

                Stocks            
                                       Stockholders   Common       Preferred       Total    
        Quantity   %   Quantity      %   Quantity      %
        Unities       Unities       Unities    
    Votorantim Investºs Industriais S.A.   105,702,450   100.00   677   -   105,703,127   51.78
    BNDES Participações S.A   -   -   6,327,669   6.43   6,327,669   3.10
    Council of Administration , Chief Officers                        
    and Fiscal council   -   -   3,020   0.00   3,020   0.00
    Others   1   -   92,111,689   93.57   92,111,690   45.12
    Treasury stocks   1   -   -   0.00   1   0.00
    Total   105,702,452   100.00   98,443,055   100.00   204,145,507   100.00

    Parent Company:

    Votorantim Investimentos Industriais S.A CNPJ: 03.407.049/0001 -51

                Stocks            
                                       Stockholders   Common       Preferred       Total    
        Quantity   %   Quantity   %   Quantity   %
        Unities       Unities       Unities    
    Votorantim Participações S.A.   11,165,582,998   100.00   -          -   11,165,582,998   100.00
    José Roberto Ermírio de Moraes   1   -   -          -   1   -
    Fábio Ermírio de Moraes   1   -   -          -   1   -
    Total   11,165,583,000   100.00   -          -   11,165,583,000   100.00

    Page: 53


    FEDERAL PUBLIC SERVICE
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    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    16.01 – OTHER INFORMATION THAT THE COMPANY CONSIDERS TO BE RELEVANT

    Parent Company:

    Votorantim Participações S.A. CNPJ: 61.082.582/0001 -97

                Stocks            
                               Stockholders   Common       Preferred       Total    
        Quantity      %   Quantity   %   Quantity    %
           Unities       Unities       Unities    
    Hejoassu Administração Ltda.   5,304,772,481   98.60   -       - 5,304,772,481   98.60
    Neyde Ugolini de Moraes   19,026,623   0.35   -       - 19,026,623   0.35
    Antônio Ermírio de Moraes   19,026,623   0.35   -       - 19,026,623   0.35
    Ermírio Pereira de Moraes   19,026,623   0.35   -       - 19,026,623   0.35
    Maria Helena Moraes Scripilliti   19,026,623   0.35   -       - 19,026,623   0.35
    Total   5,380,878,973   100.00   -       - 5,380,878,973   100.00

    Parent Company:

    Hejoassu Administração Ltda. CNPJ: 61.194.148/0001 -07

                Stocks            
                                 Stockholders   Common   Preferred       Total    
        Quantity      %   Quantity   %   Quantity    %
        Unities       Unities       Unities    
    JEMF Participações S.A.   400,000   25.00   -   -   400,000   25.00
    AEM Participações S.A.   400,000   25.00   -   -   400,000   25.00
    ERMAN Participações S.A.   400,000   25.00   -   -   400,000   25.00
    MRC Participações S.A.   400,000   25.00   -   -   400,000   25.00
    Total   1,600,000   100.00   -   -   1,600,000   100.00

    Parent Company:

    AEM Participações S.A. CNPJ: 05.062.403/0001 -89

                             Stocks            
                                   Stockholders   Common   Preferred   Total    
        Quantity   %   Quantity   %   Quantity   %
         Unities       Unities        Unities    
    Antônio Ermírio de Moraes   684,729,100   100.00   -   -   684,729,100   100.00
    JEMF Participações S.A.   -   -   300   33.33   300   0.00
    ERMAN Participações S.A.   -   -   300   33.33   300   0.00
    MRC Participações S.A.   -   -   300   33.34   300   0.00

    Page: 54


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    16.01 – OTHER INFORMATION THAT THE COMPANY CONSIDERS TO BE RELEVANT

    Total   684,729,100   100.00   900   100.00   684,730,000   100.00

    Parent Company:

    ERMAN Participações S.A. CNPJ: 05.062.376/0001 -44

                Stocks            
                           Stockholders   Common       Preferred   Total    
        Quantity   %   Quantity   %   Quantity   %
        Unities       Unities       Unities    
    Ermírio Pereira de Moraes   684,729,100   100.00   -   -   684,729,100   100.00
    JEMF Participações S.A.   -   -   300   33.33   300   0.00
    AEM Participações S.A.   -   -   300   33.33   300   0.00
    MRC Participações S.A.   -   -   300   33.34   300   0.00
    Total   684,729,100   100.00   900   100.00   684,730,000   100.00

    Parent Company:

    MRC Participações S.A. CNPJ: 05.062.355/0001 -29

                Stocks            
                               Stockholders   Common       Preferred   Total    
        Quantity   %   Quantity    %   Quantity   %
         Unities       Unities       Unities    
    Maria Helena Moraes Scripilliti   684,729,100   100.00   -   -   684,729,100   100.00
    JEMF Participações S.A.   -   -   300   33.33   300   0.00
    AEM Participações S.A.   -   -   300   33.33   300   0.00
    ERMAN Participações S.A.   -   -   300   33.34   300   0.00
    Total   684,729,100   100.00   900   100.00   684,730,000   100.00

    Page: 55


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    16.01 – OTHER INFORMATION THAT THE COMPANY CONSIDERS TO BE RELEVANT

    Parent Company:

    JEMF Participações S.A. CNPJ: 05.062.394/0001 -26

                Stocks            
                                   Stockholders   Common   Preferred   Total    
        Quantity    %   Quantity    %   Quantity      %
        Unities       Unities       Unities    
    José Ermírio de Moraes Neto   228,243,033   33.33   -   -   228,243,033   33.33
    José Roberto Ermírio de Moraes   228,243,033   33.33   -   -   228,243,033   33.33
    Neide Helena de Moraes   228,243,034   33.34   -   -   228,243,034   33.34
    AEM Participações S.A.   -   -   300   33.33   300   0.00
    ERMAN Participações S.A.   -   -   300   33.34   300   0.00
    MRC Participações S.A.   -   -   300   33.33   300   0.00
    Total   684,729,100   100.00   900   100.00   684,730,000   100.00

    Parent Company:

    BNDES Participações S.A. - BNDESPAR CNPJ: 00.383.281/0001 -09

                Stocks            
                                 Stockholders   Common   Preferred       Total    
        Quantity   %   Quantity   %   Quantity   %
        Unities       Unities       Unities    
    Banco Nacional de Desenvolvimento                        
    Econômico e Social - BNDES   1   100.00                        -   -   1   100.00
    Total   1   100.00                        -   -   1   100.00

    Parent Company:

    Banco Nacional de Desenvolvimento Econômico e Social - BNDES CNPJ: 33.657248/0001 -89

                Stocks            
                             Stockholders                Common       Preferred       Total    
        Quantity   %   Quantity       %   Quantity   %
        Unities       Unities           Unities    
    União Federal   6,273,711,452   100.00       -       - 6,273,711,452   100.00

    Page: 56


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    16.01 – OTHER INFORMATION THAT THE COMPANY CONSIDERS TO BE RELEVANT

    Total   6,273,711,452   100.00   - -   6,273,711,452   100.00

    Parent Company:

    ARAINVEST Participações S.A. CNPJ: 06.139.408/0001 -25

                Stocks            
                           Stockholders   Common                  Preferred   Total    
        Quantity   %   Quantity   %   Quantity   %
        Thousand       Thousand       Thousand    
    Joseph Yacoub Safra   85,990   49.99   21,489   49.98   107,479   49.99
    Moise Yacoub Safra   85,990   49.99   21,489   49.98   107,479   49.99
    Others   4   0.02   18   0.04   22   0.02
    Total   171,984   100.00   42,996   100.00   214,980   100.00

    Parent Company:

    ARAPAR S.A. CNPJ: 29.282.803/0001 -68

                Stocks            
    Stockholders                Common   Preferred   Total    
        Quantity   %   Quantity   %      Quantity    %
        Unities        Unities          Unities    
    Lorentzen Empreendimentos S.A.   694,143,246   74.33   30,256,477   3.24   724,399,723   38,78
    São Teófilo Rep. Participações S.A.   227,914,404   24.40   727,273,073   77.87   955,187,477   51,14
    Others   11,844,938   1.27   176,373,038   18.89   188,217,976   10,08
    Total   933,902,588   100.00   933,902,588   100.00   1,867,805,176   100.00

    Parent Company:

    Lorentzen Empreendimentos S.A. CNPJ: 33.107.533/0001 -26

                Stocks            
                         Stockholders                  Common   Preferred       Total    
         Quantity   %   Quantity   %   Quantity   %
           Unities       Unities       Unities    
    Nebra Participações Ltda   60,656,395   45.68   -   -   60,656,395   45.68
    Loxosceles Participações S.A.   27,818,554   20.95   -   -   27,818,554   20.95
    Picumnus Participações S.A.   27,818,554   20.95   -   -   27,818,554   20.95
    Tiba Participações Ltda   16,488,717   12.42   -   -   16,488,717   12.42
    Others   3,239   -   -   -   3,239   -
    Total   132,785,459   100.00   -   -   132,785,459   100.00

    Page: 57


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    16.01 – OTHER INFORMATION THAT THE COMPANY CONSIDERS TO BE RELEVANT

    Parent Company:

    Nebra Participações S.A. CNPJ: 04.418.550/0001 -86

                Stocks            
                             Stockholders   Common       Preferred   Total    
        Quantity   %   Quantity   %   Quantity      %
        Unities       Unities        Unities    
    Haakon Lorentzen   55,346,102   100.00   -   -   55,346,102   52.29
    Erling Sven Lorentzen   -   -   50,498,424   100.00   50,498,424   47.71
    Others   1   0.00   -   -   1   0.00
    Total   55,346,103   100.00   50,498,424   100.00   105,844,527   100.00

    Parent Company:

    Loxosceles Participações S.A. CNPJ: 09.024.367/0001 -10

                Stocks            
                             Stockholders   Common       Preferred   Total    
        Quantity   %   Quantity      %   Quantity      %
        Unities       Unities       Unities    
    Ingeborg Lorentzen Ribeiro   2,145,615   75.48   -   -   2,145,615   37.74
    Erling Sven Lorentzen   -   -   1,478,173   52.00   1,478,173   26.00
    Victoria Regina Lorentzen Ribeiro   697,025   24.52   1,364,467   48.00   2,061,492   36.26
    Total   2,842,640   100.00   2,842,640   100.00   5,685,280   100.00

    Parent Company:

    Picumnus Participações S.A. CNPJ: 09.032.670/0001 -64

                Stocks            
                             Stockholders   Common       Preferred   Total    
        Quantity   %   Quantity   %   Quantity   %
        Unities       Unities       Unities    
    Camocim Administradora S.A.   23,065,314   100.00   -   -   23,065,314   74.00
    Erling Sven Lorentzen   -   -   8,104,030   100.00   8,104,030   26.00
    Others   1   0.00   -   -   1   -

    Page: 58


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    16.01 – OTHER INFORMATION THAT THE COMPANY CONSIDERS TO BE RELEVANT

    Total   23,065,315   100.00   8,104,030   100.00   31,169,345   100.00

    Parent Company:

    Camocim Administradora S.A CNPJ: 42.273.763/0001 -56

                Stocks            
                             Stockholders   Common       Preferred       Total    
        Quantity   %   Quantity   %   Quantity   %
        Unities       Unities       Unities    
    Ragnhild Lorentzen   6,066,515   100.00   -          -   6,066,515   100.00
    Others   2   0.00   -          -   2   0.00
    Total   6,066,517   100.00   -          -   6,066,517   100.00

    Parent Company:

    Tiba Participações Ltda CNPJ: 03.410.452/0001 -30

                Stocks            
                             Stockholders   Common       Preferred       Total    
        Quantity   %   Quantity   %   Quantity   %
        Unities       Unities       Unities    
    Haakon Lorentzen.   25,040,095   100.00   -          -   25,040,095   100.00
    Others   1   -   -          -   1   -
    Total   25,040,096   100.00   -          -   25,040,096   100.00

    Parent Company:

    São Teófilo Repres. Participações Ltda CNPJ: 03.214.652/0001 -17

                Stocks            
                               Stockholders   Common   Preferred   Total    
        Quantity      %   Quantity      %   Quantity      %
        Unities       Unities       Unities    
    Brasil Warant Admin. de Bens e   16,475,914   50.00   3,849,771   11.94   20,325,685   31.17
    Empresas S.a.                        
    Nalbra S LLC   16,475,914   50.00   9,308,089   28.86   25,784,003   39.54
    Brasil Silva I LLC (1)   -   -   11,532,701   35.75   11,532,701   17.69
    Fernando Roberto Moreira Salles   -   -   1,704,503   5.28   1,704,503   2.61
    Others   -   -   5,859,358   18.17   5,859,358   8.99
    Total   32,951,828   100.00   32,254,422   100.00   65,206,250   100.00

    (1) Foreign company

    Parent Company:

    Page: 59


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    16.01 – OTHER INFORMATION THAT THE COMPANY CONSIDERS TO BE RELEVANT Brasil Warrant Admin. Bens e Empresas Ltda CNPJ: 33.744.277/0001 -88

                Stocks            
                                 Stockholders   Common   Preferred   Total    
        Quantity   %   Quantity   %   Quantity      %
        Unities       Unities       Unities    
    Fernando Roberto Moreira Salles   37   25.00   37   25.00   74   25.00
    Walter Moreira Salles Júnior   37   25.00   37   25.00   74   25.00
    Pedro Moreira Salles   37   25.00   37   25.00   74   25.00
    João Moreira Salles   37   25.00   37   25.00   74   25.00
    Total   148   100.00   148   100.00   296   100.00

    Parent Company:

    Nalbra S LLC CNPJ: 06.205.788/0001 -59

    (1) Foreign company

                         Stocks        
        Stockholders            Common        Preferred                          Total    
            Quantity   %   Quantity %          Quantity   %
            Unities       Unities   Unities    
    Nalbra Inc. (1)       30,012,000   100.00   - -          30,012,000   100.00
    Total       30,012,000   100.00                      -   - 30,012,000   100.00

    Parent Company:

    BNDES Participações S.A. - BNDESPAR CNPJ: 00.383.281/0001 -09

                Stocks            
                                 Stockholders   Common   Preferred       Total    
        Quantity   %   Quantity   %   Quantity   %
        Unities       Unities       Unities    
    Banco Nacional de Desenvolvimento                        
    Econômico e Social - BNDES   1   100.00                        -   -   1   100.00
    Total   1   100.00                        -   -   1   100.00

    Parent Company:

    Banco Nacional de Desenvolvimento Econômico e Social - BNDES CNPJ: 33.657.248/0001 -89

                Stocks            
                             Stockholders                  Common              Preferred       Total    
        Quantity   %   Quantity   %   Quantity   %
        Unities       Unities       Unities    
    União Federal   6,273,711,452   100.00   -   -   6,273,711,452   100.00
    Total   6,273,711,452   100.00   -   -   6,273,711,452   100.00

    Page: 60


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    16.01 – OTHER INFORMATION THAT THE COMPANY CONSIDERS TO BE RELEVANT

    Stocks Position of Majority Stockholders, Management, Members of the fiscal Council and outstanding stocks.

                              Position on June 30, 2008    
        Stockholder     Common   %   Preferred   %   Preferred   %   Total   %
              Stocks       Stocks       Stocks            
                      (Class A)       (Class B)            
    Majorities Stockholders     439,400,228   96.50   27,736,642   99.20   57,875,517   10.50   525,012,387   50.85
       Lorentzen     127,506,457   28.00   -   -   -   -   127,506,457   12.35
       Safra   (4 )   127,506,457   28.00   27,736,642   99.20   57,875,517   10.50   213,118,616   20.64
       VCP         127,506,457   28.00   -   -   -   -   127,506,457   12.35
       BNDES         56,880,857   12.50   0   0   -   0   56,880,857   5.51
    Management     1,905   0.00   0   0   44,617   0   46,522   -
       Councilors     1,905   0.00   0   0   27,419   0   29,324   -
       Directors     -   -   -   -   17,198   0   17,198   -
                      -                    
    Tax Council     10   0.00   -   -   -   -   10   -
    Treasury Stocks (1)     483,114   0.10   -   -   1,483,200   0.30   1,966,314   0.19
    Other Stockholders (2)     15,505,442   3.40   221,374   0.80   489,802,071   89.20   505,528,887   48,96
    Total issued stocks (3)     455,390,699   100.0   27,958,016   100.0   549,205,405   100.00   1,032,554,120   100.0
    Outstanding stocks (2)     15,505,442   3.40   221,374   0.80   489,802,071   89.20   505,528,887   48,96

    (1)      Stocks issued and repurchased by the Company.
     
    (2)      Total of stocks issued minus Treasury stocks, members of tax council, board members (including substitutes), directors and majorities stockholders.
     
    (3)      Total number of subscribed stocks and issued by the Company.
     
    (4)      Participation of the group Safra composed for: Arainvest Participações S.A. 127,506,457 Common stock, 27,736,642 PNA stock and Treasure Hold Investments Corp. 57,875,517 PNB .
     

    Page: 61


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    16.01 – OTHER INFORMATION THAT THE COMPANY CONSIDERS TO BE RELEVANT

    Stocks Position of Majority Stockholders, Management, Members of the fiscal Council and outstanding stocks.

                              Position on June 30, 2007    
        Stockholder     Common   %   Preferred   %   Preferred   %   Total   %
              Stocks       Stocks       Stocks            
                      (Class A)       (Class B)            
    Majorities Stockholders     439,400,228   96.50   37,736,642   99.40   71,536,448   13.20   548,673,318   53.10
       Lorentzen     127,506,457   28.00   -   -   -   -   127,506,457   12.35
       Safra   (4 )   127,506,457   28.00   27,736,642   73.10   57,875,517   10.70   213,118,616   20.60
       VCP         127,506,457   28.00   -   -   -   -   127,506,457   12.35
       BNDES         56,880,857   12.50   10,000,000   26.30   13,660,931   2.50   80,541,788   7.80
    Management     1,905   0.00   0   0   49,306   0   51,211   -
       Councilors     1,905   0.00   0   0   32,108   0   34,013   -
       Directors     -   -   -   -   17,198   0   17,198   -
                      -                    
    Tax Council     10   0.00   -   -   -   -   10   -
    Treasury Stocks (1)     483,114   0.10   -   -   1,483,200   0.30   1,966,314   0.20
    Other Stockholders (2)     15,505,442   3.40   225,913   0.60   466,131,912   86.50   481,863,267   46.70
    Total issued stocks (3)     455,390,699   100.0   37,962,555   100.0   539,200,866   100.0   1,032,554,120   100.0
    Outstanding stocks (2)     15,505,442   3.40   225,913   0.60   46,131,912   86.50   481,863,267   46.70

    (5)      Stocks issued and repurchased by the Company, waiting cancellation.
     
    (6)      Total of stocks issued minus Treasury stocks, members of tax council, board members (including substitutes), directors and majorities stockholders.
     
    (7)      Total number of subscribed stocks and issued by the Company.
     
    (8)      Participation of the group Safra composed for: Arainvest Participações S.A. 127,506,457 Common stock, 27,736,642 PNA stock and Treasure Hold Investments Corp. 57,875,517 PNB .
     

    Page: 62


    FEDERAL PUBLIC SERVICE
    CVM - SECURITIES COMMISSION QUARTERLY INFORMATION - ITR
    COMMERCIAL, INDUSTRIAL & OTHERS TYPES OF BUSINESS

    Corporate Legislation
    Period - 06/30/2008


    01.01 - IDENTIFICATION        
    01 - CVM Code   02 - Name of Society   03 - Taxpayer Nº
    00043-4   Aracruz Celulose S.A.   42.157.511/0001-61

    17.01 – SPECIAL REVIEW REPORT - UNQUALIFIED

         (Convenience Translation into English of original previously issued in Portuguese) INDEPENDENT ACCOUNTANTS’ REVIEW REPORT

    To the Directors and Stockholders of Aracruz Celulose S. A.

    Aracruz - ES

    1. We have reviewed the accounting information included in the accompanying interim financial statements of Aracruz Celulose S. A. (Company and Consolidated) for the quarter ended June 30, 2008, consisting of the balance sheets, the related statements of operations, cash flows and value added, the performance report and the related notes, prepared under the responsibility of the Company’s management.

    2. Our review was conducted in accordance with specific standards established by the Brazilian Institute of Independent Auditors (IBRACON), together with the Brazilian Federal Accounting Council (CFC), and consisted, principally, of: (a) inquiries of and discussions with certain officials of the Company and its subsidiaries who have responsibility for accounting, financial and operating matters about the criteria adopted in the preparation of the interim financial statements; and (b) review of the information and subsequent events that have, or might have had, material effects on the financial position and results of operations of the Company and its subsidiaries.

    3. Based on our review, we are not aware of any material modifications that should be made to the accounting information included in the interim financial statements referred to in paragraph 1 for them to be in conformity with standards established by the Brazilian Securities and Exchange Commission (CVM), specifically applicable to the preparation of the interim financial statements, including CVM Instruction No. 469, of May 2, 2008.

    4. As mentioned in note 2.1, on December 28, 2007, Law No. 11,638 was enacted, altering, revoking and adding new provisions to Law No. 6,404/76 (Brazilian Corporate Law). This Law is effective for fiscal years beginning on or after January 1, 2008 and introduced changes in Brazilian accounting practices. Although this Law has already become effective, certain changes introduced by it are subject to regulation by regulatory agencies before being fully applied by companies. Accordingly, during this transition phase, CVM, through the Instruction No. 469/08, has permitted companies not to apply all the provisions of Law No. 11,638/07 in the preparation of the interim financial statements. Thus, the accounting information contained in the interim financial statements for the second quarter ended June 30, 2008 have been prepared in conformity with specific instructions of the CVM and do not include all the changes in accounting practices introduced by Law No. 11,638/07.

    5. The accompanying interim financial statements have been translated into English for the convenience of readers outside Brazil.

          Rio de Janeiro, July 7, 2008 (Portuguese original signed by):

    DELOITTE TOUCHE TOHMATSU José Carlos Monteiro Independent Auditors Acountant

    CRC-SP 011609/O-S-ES CRC 1SP 100.597/0-S “S” ES

    Page: 63


    SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

    Date: July  18, 2008

    ARACRUZ CELULOSE S.A.
    By: /s/ Carlos Augusto Lira Aguiar
    Name: Carlos Augusto Lira Aguiar
    Title: Chief Executive Officer