Exhibit 4.2.3

|Message | LIMITED LIABILITY PARTNERSHIPADVOCATEN BELASTINGADVISEURS SOLICITORS
|------- | --------------------------------------------------------------------

EXECUTION VERSION

VCP OVERSEAS HOLDING LTD. BUDAPEST, BAAR BRANCH

as Pledgor

and

ABN AMRO BANK N.V.

as Pledgee

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DISCLOSED PLEDGE OF COLLECTION ACCOUNT

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CONTENTS

|CLAUSE |                                           | PAGE
|------ | ----------------------------------------- | ----
|       |                                           |     
|1.     | DEFINITIONS AND INTERPRETATION            |     
|       |                                           |     
|2.     | UNDERTAKING TO PLEDGE                     |     
|       |                                           |     
|3.     | PLEDGE                                    |     
|       |                                           |     
|4.     | REPRESENTATIONS, WARRANTIES AND COVENANTS |     
|       |                                           |     
|5.     | ENFORCEMENT                               |     
|       |                                           |     
|6.     | MISCELLANEOUS PROVISIONS                  |     
|       |                                           |     
|7.     | POWER TO TRANSFER; REPLEDGE               |     
|       |                                           |     
|8.     | TERMINATION                               |     
|       |                                           |     
|9.     | GOVERNING LAW JURISDICTION                |     

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|THIS DEEDis made by:           
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|2.                             
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|IT IS HEREBY AGREED AS FOLLOWS:
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| |  | Restatement   Agreement means the restatement agreement dated as of the date of   this Deed pursuant to which Votorantim Celulose e Papel S.A., the Pledgor,   ABN AMRO Bank N.V., Banco Santander Central Hispano S.A., London Branch as   arrangers, ABN AMRO Bank N.V. as agent, the Pledgee as trustee and the other   parties named therein as existing lenders agreed to restate the terms and   conditions upon which the Syndicated Loan is outstanding upon the terms and   conditions of the Restated Agreement.                                              
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| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |  | Rights means all present and future   rights (vorderingen)   of the Pledgor vis-à-vis the Account Bank;                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |  | Secured Obligations means all present   and future obligations owed by any Obligor to the Pledgee under or in   connection with the Finance Documents;                                                                                                                                                                                                                                                                                                                                                                                                                  
| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |  | Secured Parties   has the meaning given thereto in the Restated Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |  | Syndicated   Facility Agreement means the $102,000,000 Export Prepayment   Agreement dated as of May 12, 2004 between VCP Exportadora e Participações   Ltda. as Borrower (now Votorantim Celulose e Papel S.A.), Votorantim Celulose   e Papel S.A. as Guarantor, VCP Trading N.V. as Paying Agent, the Lenders   named therein, ABN AMRO Bank N.V. and Banco Santander Central Hispano, London   Branch as Lead Arrangers, ABN AMRO Bank N.V. as Administrative Agent and   Lender and Banco Santander Central Hispano, S.A., London Branch as Collateral   Agent; and
| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |  | Syndicated Loan   means the $102,000,000 principal amount outstanding from the Borrower to ABN   AMRO Bank, N.V., Banco Santander Central Hispano S.A., London Branch and   Banco Bradesco S.A. with respect to the loans made available to the Borrower   under the Syndicated Facility Agreement and originally registered with ROF   number TA290918.                                                                                                                                                                                                                

|1.2 | Interpretation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | Any references   made in this Deed to any Finance Document or to any agreement or document   (under whatever name), shall, where applicable, be deemed to be references to   such Finance Document or such other agreement or documents as the same may   have been, or may at any time be, extended, prolonged, amended, restated,   supplemented, renewed or novated, as persons may accede thereto as a party or   withdraw therefrom as a party in part or in whole or be released thereunder   in part or in whole, and as facilities and financial services are or may at   any time be granted, extended, prolonged, increased, reduced, cancelled,   withdrawn, amended, restated, supplemented, renewed or novated thereunder   including, without limitation, (i) any increase or reduction in any amount   available thereunder or any alteration of or addition to the purpose for   which any such amount, or increased or reduced amount may be used, (ii) any   facility provided in substitution
of or in addition to the facilities   originally made available thereunder, (iii) any rescheduling of the   indebtedness incurred thereunder whether in isolation or in connection with   any of the foregoing, and (iv) any combination of the foregoing.

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|2.  | UNDERTAKING TO PLEDGE AND PARALLEL   DEBT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
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|2.1 | Undertaking to pledge                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | The Pledgor hereby agrees with the Pledgee that the   Pledgor shall grant to the Pledgee a right of pledge over the Rights, as   security for the payment of the Secured Obligations.                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|2.2 | Parallel Debt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | Pursuant to the Parallel Debt the Pledgee has its   own claim in respect of the payment obligations of the Obligors to the   Secured Parties under the Finance Documents. With respect to this claim the   Pledgee acts in its own name and not as representative (vertegenwoordiger) of the Secured   Parties or any of them and consequently the Pledgee becomes the sole pledgee   under this Deed.                                                                                                                                                           
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|3.  | PLEDGE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
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|3.1 | Pledge of Rights                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
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|    | 3.1.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
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|    | 3.1.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
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|    | 3.1.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
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|    | 3.1.4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
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|3.2 | Withdrawal rights                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | Only the Pledgee is entitled to collect and receive   payment of the Rights pledged hereby.    The Pledgee hereby authorises the Pledgor to withdraw and transfer   monies from the Accounts (as envisaged by Article 3:246-4 Dutch Civil Code)   in accordance with clause 20.8 (Payments   from Collection Account on Interest Payment Dates) of the Restated   Agreement. The Pledgee may revoke this authorisation upon the occurrence of a   Default and the authorisation shall automatically cease to exist upon the   occurrence of an Enforcement Event.

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|4.  | REPRESENTATIONS, WARRANTIES AND   COVENANTS                                                                           
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|4.1 | Representations and warranties                                                                                        
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|    | The Pledgor hereby represents and warrants to the   Pledgee that the following is true and correct on the date hereof:

| | (a) | the Pledgor is entitled to pledge the Rights as   envisaged hereby;                                                                                                                                                                                                            
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                
| | (b) | the right of pledge created hereby over the Rights   is a first ranking right of pledge (pandrecht   eerste in rang), the Rights have not been encumbered with limited   rights (beperkte   rechten) or otherwise and no attachment (beslag) on the Rights has   been made; and
| |     |                                                                                                                                                                                                                                                                                
| | (c) | the Rights have not been transferred, encumbered or   attached in advance, nor has the Pledgor agreed to such transfer or   encumbrance in advance.                                                                                                                            

|4.2 | Covenants                                 
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|    |                                           
|    | The Pledgor hereby covenants that it will:

| | (a) | other than as explicitly permitted under the terms   of the other Finance Documents, not release, settle or subordinate any Rights   without the Pledgees prior written consent;                                                                                                                                                                                     
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                       
| | (b) | at the Pledgees first request, promptly submit an   up-to-date overview listing the Rights and the balances of the Account in the   form determined and notified in writing by the Pledgee, which may include a   print-out and/or an electronic data carrier containing the relevant data;                                                                          
| |     |                                                                                                                                                                                                                                                                                                                                                                       
| | (c) | at its own expense execute all documents and do all   such acts as the Pledgee may request for creating, perfecting or protecting   the right of pledge envisaged hereby;                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                       
| | (d) | not pledge, otherwise encumber or transfer any   Rights, whether or not in advance, other than as envisaged hereby or as   explicitly permitted under the terms of the other Finance Documents, or   perform any act that may harm the rights of the Pledgee, or permit to subsist   any kind of encumbrance or attachment over the Rights;                           
| |     |                                                                                                                                                                                                                                                                                                                                                                       
| | (e) | immediately inform the Pledgee of any event or   circumstance which may be of importance to the Pledgee for the preservation   or exercise of the Pledgees rights pursuant hereto and provide the Pledgee,   upon the Pledgees written request, with any other information in relation to   the (pledge of the) Rights as the Pledgee may from time to time request;
| |     |                                                                                                                                                                                                                                                                                                                                                                       
| | (f) | immediately inform in writing persons such as a   liquidator (curator) in   bankruptcy, an administrator (bewindvoerder)   in a (preliminary) suspension of payment or persons making an attachment, of   the existence of the rights of the Pledgee pursuant hereto; and                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                       
| | (g) | to the extent that under rules of private   international law, the creation of a security interest over the Rights is   governed by any law other than Dutch law, perform all such acts as may be   required to create or perfect such security interest, to the extent requested   to do so by the Pledgee.                                                          

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|5.  | ENFORCEMENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
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|5.1 | Any failure by the Pledgor to satisfy the Secured   Obligations when due shall constitute a default (verzuim)in   the performance of the Secured Obligations, without any reminder letter (sommatie) or notice of default (ingebrekestelling) being required.                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|5.2 | Upon the occurrence of an Enforcement Event, the   Pledgee may enforce its right of pledge and take recourse against the   proceeds thereof.                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|5.3 | The Pledgor shall not be entitled to request the   court to determine that the Rights pledged pursuant hereto shall be sold in a   manner deviating from the provisions of Article 3:250 Dutch Civil Code.                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|5.4 | The Pledgee shall not be obliged to give notice to   the Pledgor of any intention to sell the pledged Rights (as provided in   Article 3:249 Dutch Civil Code) or, if applicable, of the fact that it has   sold such Rights (as provide in Article 3:252 Dutch Civil Code).                                                                                                                                                                                                                                                                                         
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|5.5 | All monies received or realised by the Pledgee in   connection with the Rights shall be applied by the Pledgee in accordance with   the relevant provisions of the Finance Documents, subject to the mandatory   provisions of Dutch law on enforcement (uitwinning).                                                                                                                                                                                                                                                                                                
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|6.  | MISCELLANEOUS PROVISIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
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|6.1 | Waiver                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | To the fullest extent allowed by applicable law, the   Pledgor waives any right it may have of first requiring the Pledgee to   proceed against or claim payment from any other Person or enforce any   guarantee or security granted by any other person before exercising its   rights pursuant hereto.                                                                                                                                                                                                                                                            
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|6.2 | Evidence of indebtedness                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | An excerpt from the Pledgees records shall serve as   conclusive evidence (dwingend bewijs)   of the existence and the amounts of the Secured Obligations, subject to proof   to the contrary.                                                                                                                                                                                                                                                                                                                                                                      
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|6.3 | Unenforceability                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | The Pledgor and the Pledgee hereby agree that they   will negotiate in good faith to replace any provision hereof which may be   held unenforceable with a provision which is enforceable and which is as   similar as possible in substance to the unenforceable provision.                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|6.4 | Power of attorney                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | The Pledgor hereby grants an irrevocable power of   attorney to the Pledgee authorising the Pledgee to execute all documents and   to perform all such acts as the Pledgee may deem necessary in order to have   the full benefit of the rights (to be) granted pursuant hereto, including the   exercise of any ancillary rights (nevenrechten)   as well as any other rights of the Pledgor in relation to the Rights, which   authorisation permits the Pledgee to (also) act as the Pledgors counterparty   within the meaning of Article 3:68 Dutch Civil Code.

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|6.5 | Costs                                                                                                                                                                                                                                                                                                                                                                                                                                                      
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|    | 6.5.1                                                                                                                                                                                                                                                                                                                                                                                                                                                      
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|    | 6.5.2                                                                                                                                                                                                                                                                                                                                                                                                                                                      
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|7.  | POWER TO TRANSFER; REPLEDGE                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|7.1 | The Pledgee is entitled to transfer all or part of   its rights and/or obligations pursuant hereto to any successor Trustee in   accordance with clause 25.19 (Resignation   of Trustee) of the Restated Agreement and the Pledgor hereby in   advance gives its irrevocable consent to and hereby in advance irrevocably   co-operates with any such transfer (within the meaning of Articles 6:156 and   6:159 Dutch Civil Code).                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|7.2 | The Pledgor hereby grants power to the Pledgee to   repledge (herverpanden) any   Rights pledged pursuant hereto, as envisaged by Article 3:242 Dutch Civil   Code in favour of any New Lender in accordance with clause 22 (Changes to the lenders) of the Restated   Agreement (herpandhouder) to   secure the payment of the Secured Obligations.                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|7.3 | The Pledgee is entitled to impart any information   concerning the Pledgor or the Rights to any (proposed) transferee or any   (proposed) repledgee.                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|8.  | TERMINATION                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|8.1 | Unless terminated by operation of law, the Pledgees   right of pledge created pursuant hereto shall be in full force and effect   vis-à-vis the Pledgor until it shall have terminated, in part or in whole, as   described in clause 8.2 below.                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|8.2 | The Pledgee will be entitled to terminate by notice   the right of pledge created pursuant hereto, in part or in whole, in respect   of all or part of the Rights and/or all or part of the Secured Obligations.   If and insofar as the purported effect of any such termination would require   a waiver (afstand   van recht) by the Pledgee, such termination shall be construed   accordingly and the Pledgor hereby in advance agrees to such waiver.
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|9.  | GOVERNING LAW AND JURISDICTION                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|9.1 | Governing law                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | This Deed is governed by and shall be interpreted in   accordance with Dutch law.                                                                                                                                                                                                                                                                                                                                                                          

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|9.2 | Jurisdiction                                                                                                                                                                                                                                                                                                                                                                                                              
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|    |                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | All disputes arising from or in connection with this   Deed (including a dispute regarding the existence, validity or termination of   this Deed or the consequences of its nullity) (a Dispute) shall be   submitted to the competent court (rechtbank)   in Amsterdam, without prejudice to the Pledgees right to submit any Disputes   to any other competent court in The Netherlands or in any other jurisdiction.
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|9.3 | Attorneys                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | If a party to this Deed is represented by (an)   attorney(s) in connection with the execution of this Deed or any agreement or   document pursuant hereto, and the relevant power of attorney is expressed to   be governed by Dutch law, such choice of law is hereby accepted by the other   party, in accordance with Article 14 of the Hague Convention on the Law   Applicable to Agency of 14 March 1978.           

This Deed has been executed on 27 September 2006 by:

VCP OVERSEAS HOLDING LTD. BUDAPEST, BAAR BRANCH, as Pledgor

|                               |  | 
|------------------------------ |  | 
|                               |  | 
|Name:                          |  | 
|Title:                         |  | 
|                               |  | 
|ABN AMRO BANK N.V., as Pledgee |  | 
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|Name:                          |  | 
|Title:                         |  | 
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|                               |  | 
|Name:                          |  | 
|Title:                         |  | 

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|FOR ACKNOWLEDGEMENT AND WAIVER PURSUANT TO CLAUSE 3.1.3:
|--------------------------------------------------------
|                                                        
|ABN AMRO BANK N.V., as Account   Bank                   
|                                                        
|                                                        
|                                                        
|                                                        
|Name:                                                   
|Title:                                                  
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|                                                        
|                                                        
|Name:                                                   
|Title:                                                  

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