P R O J E T O V A L E F L O R E S TA R V A L E F L O R E S T A R P R O J E C T

P R O J E T O V A L E F L O R E S TA R Global Equity – A Brief History:  1987 – 2002 Operations started in Brazil by Latinvest Asset Management. US$2.5 billion invested in companies with high growth potential. Winner of 14 international awards for excellence in fund management.  2002 Divestment from companies (private equity).  Development of own methodology to operate in local bond market.  Resumption of private equity operations. R$3.3 billion in managed funds, forecast to reach R$5.0 billion in 2010.

P R O J E T O V A L E F L O R E S TA R Net Return (US$): Annualized Accumulated GLOBALVEST 19.58% 1,572% S&P/IFCI LA 14.43% 708% FGV % 1,415% IBOVESPA 15.53% 871% FGV-100 S&P/IFCI LA IBOVESPA  Performance of Latinvest/Globalvest vs. Benchmarks Global Equity – A Brief History:

P R O J E T O V A L E F L O R E S TA R  Long-Term Track Record: Some Examples FORTALEZA Global Equity – A Brief History:

P R O J E T O V A L E F L O R E S TA R  In addition to all of the environmental and social issues involved in this project, we took into consideration the: o international forestry market o Brazilian forestry market o forestry market in southeastern Pará state Why do we believe in the Vale Florestar Project?

P R O J E T O V A L E F L O R E S TA R Vale Florestar Project:  Vale Florestar will operate across a total area of 450,000 hectares: 300,000 ha to protect and restore native forest 150,000 ha to develop commercial eucalyptus plantations  The project will require investments of R$605 million

P R O J E T O V A L E F L O R E S T A R Vale Florestar S.A. Investment Fund R$605 million Participation in the Vale Florestar Project LeasingSale LicensingMonitoring Production of saplingsPlanting

P R O J E T O V A L E F L O R E S T A R V A L E F L O R E S T A R P R O J E C T