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2Q09 Consolidated Results

      August 11th, 2009
Highlights 2Q09

            Record sales volume of 861 ktons: 548 ktons of pulp and 314 ktons of paper
            Net revenue of R$ 1,099 million
            Pulp production cash cost of R$ 363/ton
            EBITDA of R$ 232 million with EBITDA margin of 21.1%. Excluding accounting effects of R$ 60.8
            million, EBITDA margin would be 26.6%
            Record net income of R$ 439 million
            Working capital1 reduction in excess of R$ 300 million
            Net debt/EBITDA ratio of 3.5 in June 2009
            Cash and cash equivalents of R$ 2.4 billion on June 30th, with net debt reduction of R$ 843 million
            Final agreements with Vale and Transnordestina for Maranhão and Piauí projects




1Includes   inventories, accounts receivable and accounts payable.                                                2/12
Pulp Business Unit

              Global pulp demand of 10,1 million tons1: +10.9% vs 1Q09 and -0.5% vs 2Q08
              BEKP demand 7% higher than 1Q09 and 13% higher than 2Q081
              Announced downtimes of approximately 2.4 million tons 2 in 2Q09 and 5.2 million in 1H09
              Price increases announced for July and August 09

              Suzano’s record pulp sales: 548 ktons
                   • 30% higher than 1Q09
2Q09




                   • 56% higher than 2Q08
              Main sales destinations: Asia (52.0%), Europe (29.4%) and Brazil (11.9%)
              Average net prices: -1.8% in US Dollars (US$ 400/ton vs US$ 407/ton in 1Q09). In Brazilian
              Reais:
                   • 12% lower than 1Q09
                   • 30% lower than 2Q08
              Net revenue of R$ 454 million: +14.4 vs 1Q09 and +9.1% vs 2Q08
              Cash cost3 of R$ 363/ton (-15.0% vs 1Q09 and -12.6% vs 2Q08)

1PPPC   2Hawkins   Wright   3Does   not include Mucuri downtime costs                                   3/12
Pulp Business Unit
                Pulp sales (ktons)                                   Pulp sales destination 2Q09
                                              968,6
                                                                   South/Central Brazil
                                                                     America     11,9%
                                                      700,3           1,0%
547,6                                                         North America
                                              850,3               5,8%
        421,0
                         352,3                        581,2
482,7                                                                                               Asia
        367,6            294,8                                                                     52,0%

64,9    53,4              57,6                118,3   119,1          Europe
                                                                     29,4%
2Q09    1Q09             2Q08                 1H09    1H08

                 Domestic market    Exports                                      Total 548 ktons

            Pulp sales (R$ million)                                  Pulp sales destination 1Q09
                                              850,7
                                                      823,6         South/Central Brazil
                                                                                  12,7%
                                                                      America
                                                                       0,3%
454,0                                                         North America
        396,7            416,3                741,3   691,2       7,6%
                                                                                                    Asia
                                                                                                   48,1%
399,5   341,9            351,9

                                              109,4   132,4
54,6    54,8             64,3
                                                                       Europe
2Q09    1Q09             2Q08                 1H09    1H08             31,3%

                  Domestic market    Exports                                     Total 421 ktons
                                                                                                           4/12
Paper Business Unit
                 Demand recovery in Brazil during 2Q091:
                    • P&W: +14.1% vs 1Q09 and -3.5% vs 2Q08
                    • Paperboard: +15.6% vs 1Q09 and -9.7% vs 2Q08
                 Brazilian paper exports1: represented 36.6% of the total sales vs 30.9% in 1Q09
                 Signs of recovery of uncoated P&W2 in the USA and Europe:
                    • EUA: +2.4% vs 1Q09 and -14.1% vs 2Q08
                    • Europe: +1.3% vs 1Q09 and -17.0% vs 2Q08
2Q09




                 Suzano’s paper sales totaled 313.7 kton in 2Q09, +34.6% vs 1Q09 and +10.9% vs 2Q08
                    • Domestic sales reached 112 ktons in P&W and 34 ktons in paperboard:
                          − P&W: +21.5% vs 1Q09 and -5.2% vs 2Q08
                          − Paperboard: +10.0% vs 1Q09 and -20.1% vs 2Q08
                    • Exports: 168 ktons, +52.4% vs 1Q09 and +36.7% vs 2Q08
                 Average domestic price -4.3% vs 1Q09 (product mix and sales channels) and +4.2% vs 2Q08
                 Exports average net prices:
                   • In US Dollars: -9% vs 1Q09 and -20% vs 2Q08
                   • In Brazilian Reais: -18% vs 1Q09 and stable vs 2Q08
  1Bracelpa,   includes printing & writing and paperboard segments
  2Uncoated    P&W is the most representative grade for Suzano’s exports                                   5/12
Paper Business Unit
                Paper sales (ktons)                              Paper sales destination 2Q09
                                                                                           Other
                                                                                           17,1%



                                             546,7   553,7
                                                                Brazil                               Europe
                                             278,9   247,8      46,3%                                12,3%
313,7                    283,0
        233,0
168,4                    123,2
        110,5                                267,8   305,9
145,3   122,5            159,9
                                                                                                   North America
                                                                                                       11,9%
2Q09    1Q09              2Q08               1H09    1H08
                                                                                    South/Central
                 Domestic market   Exports                                            America
                                                                                       12,4%
                                                                         Total 314 ktons

            Paper sales (R$ million)                             Paper sales destination 1Q09
                                                                                   Other
                                             850,7   823,6                         7,9%
                                                                                              Europe
                                                                                              13,1%

454,0
        396,7            416,3               741,3   691,2
                                                                                                    North America
                                                               Brazil
                                                                                                        12,1%
399,5
                                                               52,6%
        341,9            351,9


                          64,3               109,4   132,4
54,6    54,8
                                                                                       South/Central
2Q09    1Q09              2Q08               1H09    1H08                                America
                                                                                          14,4%
                 Domestic market   Exports                               Total 233 ktons
                                                                                                              6/12
2Q09 Results

                                                                         %               %
Results                                   2Q09     1Q09      2Q08     2Q09/1Q09       2Q09/2Q08
Sales volume (000 tons)                     861       654      635          31,7%           35,6%
Paper volume domestic market (000 tons)     145       122      160          18,7%           -9,1%
Pulp volume exports (000 tons)              483       368      295          31,3%           63,8%
Net revenue - R$ million                  1.099       943    1.004          16,6%            9,5%
Net income - R$ million                     439        90      200        389,2%          119,1%
EBITDA - R$ million                         232       316      370         -26,4%          -37,3%
EBITDA - US$ million                        112       136      224         -17,8%          -49,9%
EBITDA margin                             21,1%     33,5%    36,9%       -12,3 p.p.      -15,8 p.p.
Exchange Rate (R$/US$)                     2,07      2,32     1,66         -10,4%           25,3%
Net debt                                   4.495     5.338    4.236        -15,8%            6,1%
Net debt / EBITDA (LTM)                      3.5       3.7      3.3           n.a.            n.a.

  n.a. – non applicable
  LTM = last twelve months



                                                                                              7/12
1H09 Results

                                                                   %
Results                                   1H09      1H08        1H09/1H08
Sales volume (000 tons)                     1.515     1.254          20,8%
Paper volume domestic market (000 tons)      268        306         -12,5%
Pulp volume exports (000 tons)               850        581          46,3%
Net revenue - R$ million                    2.287     2.246           1,8%
Net income - R$ million                      529        325          62,9%
EBITDA - R$ million                          548        713         -23,2%
EBITDA - US$ million                          256       427         -40,2%
EBITDA margin                               26,8%     36,1%        -9,3 p.p.
Exchange Rate (R$/US$)                       2,14      1,67          28,5%
Net debt                                    4.495      4.236          6,1%
Net debt / EBITDA (LTM)                       3.5        3.3           n.a.


  LTM = last twelve months

                                                                               8/12
New growth cicle
                                              Maranhão

Final agreements with Vale in July 2009:
   Acquisition of forestry assets located in Maranhão state: 84.5 thousands hectares of land (34.5
   thousands hectares already planted) for R$235 MM to be paid over 12 quarters. The first payment will
   occur 90 after the signing of agreement.
   Acquisition of eucalyptus timber from the Vale Florestar Program - 2014 to 2028.
   Technological cooperation agreement: synergies between the forestry research used by Vale in the
   region and the technology for genetic improvement and forestry management developed by Suzano.
   Railroad transportation for the pulp output to the port region of São Luiz until 2043.




                     Start up of Maranhão unit in 2013 on a competitive basis



                                                                                                  9/12
New growth cicle

                                              Piauí

Final agreement with Transnordestina in July 2009:
  • Railroad transportation for the pulp output from Piauí to the port region of São Luiz until 2028
Start up of Piauí unit scheduled for 2014




                                        Other Projects
Analysis of the global economic and pulp market outlook for the decision of Mucuri unit
debottlenecking and new pulp line
Definition of new implementation schedule and start-up dates until the end of 2009




                                                                                                  10/12
Key Messages

Signs of demand recovery in pulp and paper markets:
 • Paper: Brazilian P&W and paperboard demand 14.4% higher than 1Q09
 • Pulp: reduction in global producers inventories and new price increases


Focus on operational performance:
 • Record sales volume and pulp price increases
 • Costs and expenses reduction: pulp cash cost of R$ 363/ton
 • Working capital reduction in excess R$ 300 million


Solid financial position:
 • Adequate debt profile and competitive debt cost
 • Strong cash position: R$ 2.4 bi, with net debt reduction of R$ 843 million


Solid growth strategy:
 • Final agreements with Vale and Transnordestina for the Maranhão and Piauí projects


                                                                                        11/12
Investor Relations
www.suzano.com.br/ri
55 11 3503-9061
ri@suzano.com.br

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2 q09 earnings presentation

  • 1. 2Q09 Consolidated Results August 11th, 2009
  • 2. Highlights 2Q09 Record sales volume of 861 ktons: 548 ktons of pulp and 314 ktons of paper Net revenue of R$ 1,099 million Pulp production cash cost of R$ 363/ton EBITDA of R$ 232 million with EBITDA margin of 21.1%. Excluding accounting effects of R$ 60.8 million, EBITDA margin would be 26.6% Record net income of R$ 439 million Working capital1 reduction in excess of R$ 300 million Net debt/EBITDA ratio of 3.5 in June 2009 Cash and cash equivalents of R$ 2.4 billion on June 30th, with net debt reduction of R$ 843 million Final agreements with Vale and Transnordestina for Maranhão and Piauí projects 1Includes inventories, accounts receivable and accounts payable. 2/12
  • 3. Pulp Business Unit Global pulp demand of 10,1 million tons1: +10.9% vs 1Q09 and -0.5% vs 2Q08 BEKP demand 7% higher than 1Q09 and 13% higher than 2Q081 Announced downtimes of approximately 2.4 million tons 2 in 2Q09 and 5.2 million in 1H09 Price increases announced for July and August 09 Suzano’s record pulp sales: 548 ktons • 30% higher than 1Q09 2Q09 • 56% higher than 2Q08 Main sales destinations: Asia (52.0%), Europe (29.4%) and Brazil (11.9%) Average net prices: -1.8% in US Dollars (US$ 400/ton vs US$ 407/ton in 1Q09). In Brazilian Reais: • 12% lower than 1Q09 • 30% lower than 2Q08 Net revenue of R$ 454 million: +14.4 vs 1Q09 and +9.1% vs 2Q08 Cash cost3 of R$ 363/ton (-15.0% vs 1Q09 and -12.6% vs 2Q08) 1PPPC 2Hawkins Wright 3Does not include Mucuri downtime costs 3/12
  • 4. Pulp Business Unit Pulp sales (ktons) Pulp sales destination 2Q09 968,6 South/Central Brazil America 11,9% 700,3 1,0% 547,6 North America 850,3 5,8% 421,0 352,3 581,2 482,7 Asia 367,6 294,8 52,0% 64,9 53,4 57,6 118,3 119,1 Europe 29,4% 2Q09 1Q09 2Q08 1H09 1H08 Domestic market Exports Total 548 ktons Pulp sales (R$ million) Pulp sales destination 1Q09 850,7 823,6 South/Central Brazil 12,7% America 0,3% 454,0 North America 396,7 416,3 741,3 691,2 7,6% Asia 48,1% 399,5 341,9 351,9 109,4 132,4 54,6 54,8 64,3 Europe 2Q09 1Q09 2Q08 1H09 1H08 31,3% Domestic market Exports Total 421 ktons 4/12
  • 5. Paper Business Unit Demand recovery in Brazil during 2Q091: • P&W: +14.1% vs 1Q09 and -3.5% vs 2Q08 • Paperboard: +15.6% vs 1Q09 and -9.7% vs 2Q08 Brazilian paper exports1: represented 36.6% of the total sales vs 30.9% in 1Q09 Signs of recovery of uncoated P&W2 in the USA and Europe: • EUA: +2.4% vs 1Q09 and -14.1% vs 2Q08 • Europe: +1.3% vs 1Q09 and -17.0% vs 2Q08 2Q09 Suzano’s paper sales totaled 313.7 kton in 2Q09, +34.6% vs 1Q09 and +10.9% vs 2Q08 • Domestic sales reached 112 ktons in P&W and 34 ktons in paperboard: − P&W: +21.5% vs 1Q09 and -5.2% vs 2Q08 − Paperboard: +10.0% vs 1Q09 and -20.1% vs 2Q08 • Exports: 168 ktons, +52.4% vs 1Q09 and +36.7% vs 2Q08 Average domestic price -4.3% vs 1Q09 (product mix and sales channels) and +4.2% vs 2Q08 Exports average net prices: • In US Dollars: -9% vs 1Q09 and -20% vs 2Q08 • In Brazilian Reais: -18% vs 1Q09 and stable vs 2Q08 1Bracelpa, includes printing & writing and paperboard segments 2Uncoated P&W is the most representative grade for Suzano’s exports 5/12
  • 6. Paper Business Unit Paper sales (ktons) Paper sales destination 2Q09 Other 17,1% 546,7 553,7 Brazil Europe 278,9 247,8 46,3% 12,3% 313,7 283,0 233,0 168,4 123,2 110,5 267,8 305,9 145,3 122,5 159,9 North America 11,9% 2Q09 1Q09 2Q08 1H09 1H08 South/Central Domestic market Exports America 12,4% Total 314 ktons Paper sales (R$ million) Paper sales destination 1Q09 Other 850,7 823,6 7,9% Europe 13,1% 454,0 396,7 416,3 741,3 691,2 North America Brazil 12,1% 399,5 52,6% 341,9 351,9 64,3 109,4 132,4 54,6 54,8 South/Central 2Q09 1Q09 2Q08 1H09 1H08 America 14,4% Domestic market Exports Total 233 ktons 6/12
  • 7. 2Q09 Results % % Results 2Q09 1Q09 2Q08 2Q09/1Q09 2Q09/2Q08 Sales volume (000 tons) 861 654 635 31,7% 35,6% Paper volume domestic market (000 tons) 145 122 160 18,7% -9,1% Pulp volume exports (000 tons) 483 368 295 31,3% 63,8% Net revenue - R$ million 1.099 943 1.004 16,6% 9,5% Net income - R$ million 439 90 200 389,2% 119,1% EBITDA - R$ million 232 316 370 -26,4% -37,3% EBITDA - US$ million 112 136 224 -17,8% -49,9% EBITDA margin 21,1% 33,5% 36,9% -12,3 p.p. -15,8 p.p. Exchange Rate (R$/US$) 2,07 2,32 1,66 -10,4% 25,3% Net debt 4.495 5.338 4.236 -15,8% 6,1% Net debt / EBITDA (LTM) 3.5 3.7 3.3 n.a. n.a. n.a. – non applicable LTM = last twelve months 7/12
  • 8. 1H09 Results % Results 1H09 1H08 1H09/1H08 Sales volume (000 tons) 1.515 1.254 20,8% Paper volume domestic market (000 tons) 268 306 -12,5% Pulp volume exports (000 tons) 850 581 46,3% Net revenue - R$ million 2.287 2.246 1,8% Net income - R$ million 529 325 62,9% EBITDA - R$ million 548 713 -23,2% EBITDA - US$ million 256 427 -40,2% EBITDA margin 26,8% 36,1% -9,3 p.p. Exchange Rate (R$/US$) 2,14 1,67 28,5% Net debt 4.495 4.236 6,1% Net debt / EBITDA (LTM) 3.5 3.3 n.a. LTM = last twelve months 8/12
  • 9. New growth cicle Maranhão Final agreements with Vale in July 2009: Acquisition of forestry assets located in Maranhão state: 84.5 thousands hectares of land (34.5 thousands hectares already planted) for R$235 MM to be paid over 12 quarters. The first payment will occur 90 after the signing of agreement. Acquisition of eucalyptus timber from the Vale Florestar Program - 2014 to 2028. Technological cooperation agreement: synergies between the forestry research used by Vale in the region and the technology for genetic improvement and forestry management developed by Suzano. Railroad transportation for the pulp output to the port region of São Luiz until 2043. Start up of Maranhão unit in 2013 on a competitive basis 9/12
  • 10. New growth cicle Piauí Final agreement with Transnordestina in July 2009: • Railroad transportation for the pulp output from Piauí to the port region of São Luiz until 2028 Start up of Piauí unit scheduled for 2014 Other Projects Analysis of the global economic and pulp market outlook for the decision of Mucuri unit debottlenecking and new pulp line Definition of new implementation schedule and start-up dates until the end of 2009 10/12
  • 11. Key Messages Signs of demand recovery in pulp and paper markets: • Paper: Brazilian P&W and paperboard demand 14.4% higher than 1Q09 • Pulp: reduction in global producers inventories and new price increases Focus on operational performance: • Record sales volume and pulp price increases • Costs and expenses reduction: pulp cash cost of R$ 363/ton • Working capital reduction in excess R$ 300 million Solid financial position: • Adequate debt profile and competitive debt cost • Strong cash position: R$ 2.4 bi, with net debt reduction of R$ 843 million Solid growth strategy: • Final agreements with Vale and Transnordestina for the Maranhão and Piauí projects 11/12
  • 12. Investor Relations www.suzano.com.br/ri 55 11 3503-9061 ri@suzano.com.br