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               1
Disclaimer



Certain statements in this presentation may constitute forward-looking statements. Such statements are

subject to known and unknown risks and uncertainties that could cause the Company’s actual results to

differ materially from those set forth in the forward-looking statements. These risks include changes in

customer demand for the Company’s products, changes in raw material costs, seasonal fluctuations in

customer orders, pricing actions by competitors, significant changes in the applicable rates of exchange of

the Brazilian real against the US dollar, and general changes in the economic environment in Brazil,

emerging markets or internationally.
Agenda




Corporate Overview and Growth Cycle   04

Forestry Business Unit                15
Pulp Business Unit                    21

Paper Business Unit                   28

Results                               34
Corporate Overview
Suzano
                                                                                 Itaqui Port         Transnordestina

                                                                             “Carajás”
•   2ndlargest eucalyptus pulp producer in the world                         Railroad                         Pecém Port


• 8th largest market pulp producer in the world                                 Maranhão
                                                                                                   Piauí
• Pulp production costs: one of the lowest in the                              “Norte e Sul”
                                                                               Railroad
    world
                                                                                                           Mucuri
• Leader in the regional paper market                   Forests
                                                        Plants
• Certified plantations and products
                                                                                     Limeira
                                                                                                            Portocel
                                                        Ports
                                                                                          Suzano           Vitória
• Organic Growth in pulp:                               Railroad             Embu
                                                                             Rio Verde
                                                                                               Santos
  +3 MM/ton/year
• New businesses: biotechnology and wood pellets
  for energy
• Market cap: R$3.4 billion on 9/30/11                 Capital Structure (9/30/11)




                                                                                               Free Float
                                                           Controlling                             43%
                                                               Group
                                                                   54%


                                                                            Treasury
                                                                                3%
4
Corporate Overview
Organizational Structure


The Business Units model provides performance and return
assessments in each business
                                                                    Management

                                  Board of Directors (BD)         Sustainability and
                                9 members (4 independent)             Strategy

                                                                        Audit
                                    CEO and Strategy
                                                                          BD Commitees




        SP Operations          Forestry BU              Pulp BU          Paper BU

      SP Corporate Dev.                                                   BU: Business Units


      SP Finance and IR

    SP Human Resources


SP: Service Providers


5
Corporate Overview and Management
Products and Diversified Markets


                          Net Revenue
                          55% Exports / 45% Domestic Market

                                               R$4.7 billion



         Market Pulp                                              Paper
         2nd eucalyptus market pulp producer

                                               43%                      57%




                               Paperboard
                                                                              Printing and Writing
                               1st in Brazil with 26%
                               market share
                                                             13%                                            42%



                                               Uncoated                                                Coated
                                               2nd in Brazil with 31%                                  1st in Brazil with 21%
                                               market share                                            market share
                                                                              35%                                                          7%



                                                                          Note: Figures of last 12 months ending on 9/30/2011.
                                                                                Other paper represented 2% of net revenue on the period.
                                                                                The market share data includes paper imports.
6
Corporate Overview
 Timeline
1924 until 1940                          1950                          1960 until 1990                                        2000                                    2024
  Beginning of                   First investment in           Growth and diversification in the                Consolidation as one of the                      Suzano 2024
operations in the                  the pulp sector               pulp and paper businesses                       largest Brazilian Groups
 paper industry
                                                                                                             Acquisition of Ripasa (50%)                  2008
                                                                                                                                                                        2010
                                                                                     Start up of Bahia Sul
                                                                                                                                              2007
                                   Acquisition of
                                   Suzano mill                                                                                                              New Growth Cycle
                                                              Beginning of paper
                                                              exports to Europe
     Start up of the   first
     paper mill
                                                                                                             2004

                                                                                                                         2005
                                                                                             1982

                               Pioneerism in                                                        1992
                               eucalyptus plantation


                                                              1960                                                                                                Acquisition of
                                                                                                                                                                   FuturaGene,
                                                                                                                                                                           PLC.
                                                                       1975                                         Merger with
Leon Feffer starts                                                                                                   Bahia Sul
paper trading
activities
                                                       1956
                                                                                                                                     Start up of Line 2
                                                                                                                                       at Mucuri             Suzano Renewable
                                                                                        Launch of Report
                                     1955                                                                                                                              Energy
                                                               Acquisition of
                                                               Indústrias de Papel
                                                               Rio Verde’s control                           Adoption of Bovespa’s
                 1939                                                                                        Level I corporate
                                                                                                             governance standards                           Acquisition of
                                                                                                             and Professional                               50% of Conpacel
 1924                                                                                                        Management                                     and KSR.
                                                                                                                                                                                   7


 7
Growth Cycle
Suzano’s Strategy


Constant increases in forestry productivity guarantees competitiveness in
the pulp business and enables new business opportunities in Biotechnology
and Renewable Energy




    Forestry
    Competency


                          Operational          Organic        Wood pellets   Biotechnology
                          excellence in        growth
                          paper                in pulp



8
Growth Cycle
Organic Growth in Pulp


    Suzano’s production capacity has increased by 130% in the last 6 years. The Company is
    prepared for a new growth cycle that will increase its capacity to 6.2 MM ton/year of pulp
    and paper by 2016



                                                                                                                                       Piauí
                                                                                                                                       Unit


                                                                                                Maranhão                              6,210
                                                                                                  Unit


                                                                                                 4,710       4,710       4,710


                                                                       3,210         3,210                                            4,920
                                          2,750   2,850      2,850
                                                                                                 3,420       3,420        3,420

                          1,720   1,920                                1,920         1,920
                  1,485                   1,650   1,750      1,750
          1,240                   820
                  570     640
          456
                  915     1,080   1,100   1,100   1,100      1,100     1,290         1,290       1,290       1,290        1,290       1,290
          784

          2004    2005    2006    2007    2008    2009       2010      2011          2012        2013e       2014e       2015e       2016e

                                                         Paper       Pulp



                                                                            Note: Investment decision on Piauí Project expected for 1H14.


9
Investment Plan
Funding is settled for construction of the Maranhão Unit

• Market pulp production capacity:                                                    Maranhão Unit
     1.5 MM ton/year
                                                           Required planted area                           154 tsd ha
• Funding:
                                                           Forestry capex (total estimated)                US$575 million
       • BNDES: R$2.7 billion, 12-year maturity and 3-     Industrial capex (total estimated)1             US$2.3 billion
            year grace period
       •    Mandatory convertible debentures: R$1.2        Start up (estimate)                             2013
            billion                                                                                        68% own land 32%
                                                           Wood supply
       •    Funding for the imported equipment                                                             third parties
            supported by foreign credit agencies (ECA’s   Note: 1 Considers exchange rate of R$ 1.80/US$

            among others)                                  Competitive Advantages
       •    Cash flow generation
                                                           • 100 MW energy surplus for sale
• Agreements for the acquisition of key equipment:         • Logistics guaranteed by long term contracts
     Metso and Siemens                                     • State of the art technology

 (R$ million)     2009    2010    9M11   2011e
 Forestry          193     159     148     249
 Industrial          0       4     547     905
 Total             193     162     696    1,154



10                                                                     Draft of the Maranhão mill
Piauí Unit
Decision to purchase Piauí’s industrial equipment postponed until 1H14


      (R$ million)       2008       2009          2010        2011e
      Forestry                  3       162              91       165
      Industrial                0          0              0           7
      Total                     3       162              91       172


•     Most modern nursery in the world: 30 million seedlings/year
•     35 forest partnership contracts in the region: 6 thousand ha
•     Long term railroad contracts guarantee production transportation (Transnordestina)
•     Start-up: 1H16
•     100 MW of additional energy to be sold




     Nursery                            Nursery                            Plan of Piauí’s nursery
11
Growth Cycle
FuturaGene




•    Acquisition concluded in July/2010
                                                                     Biotechnology is on the right
•    Pioneer in biotechnology research and development
                                                                     side of Sustainability
•    Sustainable technologies
                                                                     Innovation
•    Environmentally oriented to meet growing demand for fiber and
                                                                     • Less land utilization
     biomass
                                                                     • Less water consumption
• Techniques for higher forestry productivity
                                                                     • Less chemical expenditure
• R&D forestry synergies: competitive main factor in the pulp and
                                                                     • Higher carbon sequestration
     paper markets




12
Growth Cycle
Suzano Renewable Energy

Suzano Renewable Energy– 1st fase                             Project update:
• 3 units: 1 MM ton/year each                                • Protocol signed with Maranhão government
• Estimated start-up: 2014                                   • Advanced negotiation of final contracts with
                                                               clients
• Pre operational capex: ~US$800 million
     − 2011e capex: ~ R$170 million
                                                             • Engineering with Promon and Stolberg
                                                               (Canadian)
     − Equipment purchase estimated for 1Q12
                                                             • Specific clones selected
• Funding: definition of the capital structure
                                                             • Dedicated plantation (Energy Forests)
• World leader
                                                             • Dedicated team
• Initial focus on the European market
                                                                 •   Dedicated plantation (Energy Forests)
                                                                 •   Higher yield
                                                                 •   Harvest in 2 to 3 years
     Experiments                                                 •   High lignin content – high calorific value
         with                                                    •   Unuseful for pulp production
      “Energetic                  Wood pellets for energy, produced from renewable energy-oriented forests
       Forests”
      since 2008

13
Agenda




Corporate View and Growth Cycle   04
Forestry Business Unit            15
Pulp Business Unit                21

Paper Business Unit               28

Results                           34
Forestry Business Unit
Forestry Assets


The Forestry Business Unit (FBU) guarantees to Suzano
100% eucalyptus wood supply from renewable planted forests
                                                                            FUB in numbers1                        2011*
                                            2011 Areas‟ Chart               Total area (tsd ha)                    771
                                                       MA, PI and TO
                                                       Total: 357 tsd ha    Planted area (tsd ha)                  341
                                                       Planted: 92 tsd ha
                                                                            Preserved Area (tsd ha)                282
                                                                            Data on 6/30/2011
                                                                            1 Area considers own and leased land



                                                                            FUB in numbers                         2010

                                                       BA, ES and MG        Annual planting (tsd ha)                76
                                                       Total: 226 tsd ha
                                                       Planted:
                                                                            Planted seedlings / day (tsd)          438
                                                       131 mil ha
                                                                            Harvested trees / day (tsd)            122
                     Forests
                     average                                                Annual harvest (million m³)
                     distance:
                                                                                                                   10.8
                                            SP
                     75 Km
                                            Total: 188 mil ha               Loaded trucks / year
                                                                                                                   201
         Forests                            Planted: 118 mil ha             (tsd units)
         average
         distance:        Suzano has developed forestry stewardship expertise and a complete genetic base for
         246 Km
                          various scenarios due to its presence in different places with temperature, climate,
                          precipitation, soil, and relief variations.


15
Forestry Business Unit
 Forestry Competitivity in Brazil


 Brazil presents competitive advantages to support continuous increase of its global forestry standing



 Competitive Advantages
                                                                        • Availability of productive land
  Hardwood Productivity (m³/ha/year)
     44
                                                                        • Excellent soil and climate conditions
            41
                                                                        • Short harvesting cycle for planted forests
                    25
                                                                        • Opportunity to recovery degraded areas
                             25
                                     20                                 • Low establishments and maintenance costs
                                             13
                                                                        • Continuously growing consumer market
                                                      6        4

 Suzano’s Brazil   Chile   Australia South Portugal   USA     Finland
Eucalyptus                           Africa

 Source: ABRAF, BRACELPA, Poyry, Adapted by STCP Consulting


                              •    Logistics
 Challenges
                              •    Tax Structure
                              •    Cost of Capital
                              •    Education Level
                              •    Exchange Rate




16
Forestry Business Unit
Suzano’s Forestry Competitivity


 Suzano’s pioneerism and innovation enabled the improvement of stewardship techniques and development
 of genetic base


Competitive Advantages                                                                                             New Businesses
                                                    — Total clones: ~14 thousand
•     Genetic portfolio                             — Field experiments: 800
•     Forestry technology                           — Total experimented area: ~4 thousand ha
•     Management abilities
•     Nutrition and soil research: potential to increase productivity
•     Operational development: precision forestry (↑ efficiency)
•     Forestry innovative concepts: ―Night Planting‖ and ―Energetic Forest‖



Pulp Productivity                                                                               • More wood / hectare
                                                                    Biotechnology
                                      11 admt1/ha/year                                          • More pulp / m³
     5.5 admt1/ha/year
                                                                                                • Superior quality
                              +100%
                                                                                                •   Smaller area
       1980                               2010                                                  • Decreasing costs / m³
     Source: Suzano

     1Admt:   air dried metric ton
17
Forestry Business Unit
Triple Bottom Line


Sustainability Directive Plan considers a refined concept of the Triple Bottom Line
comprising Innovation, Governance and Communication



                                                                 Economic financial
                                                                 • Global competitiveness and scale
     Governance                                                                                       Innovation
                                                                 • Consistent margins and returns
     Application of                                                                                   • Processes, products
     sustainability principles                                   • Capital discipline                   and clean technologies
     in the decision-making                                                                           • Stakeholders’ knowledge
      process                                                                                           valorization


     Environment                                                                                      Social
     • Forest management and                                                                          • 57 public libraries
       certified chain of custody
                                                                                                       • Renovation of 35 public
     • Member of WBCSD1 and                                                                              schools in 3 states
       certified by Carbon Trust
     • ECOFUTURO (Parque das                                                                           • ECOFUTURO: 92 thousand
       Neblinas)                                                 Communication                           benefited students
                                                                 Education for sustainability




18      1   World Business Council for Sustainable Development
Forestry Business Unit
Strategy




     Operational                              Guarantee of         Long-term view
                         Consolidation of
     excellence:                              excellence           research and
                         operations in the
     focus on forestry   Northeast:           in new businesses    development for
     management and      Maranhão and Piauí   linked to forestry   forestry
     wood logistics                           competencies         technologies




19
Agenda




Corporate View and Growth Cycle   04
Forestry Business Unit            15

Pulp Business Unit                21
Paper Business Unit               28

Results                           34
Pulp Business Unit
 Overview

  Pulp and Paper Production Chain – 2010e                                                                              6%                  3

                      2010e Production (MM ton)                 51%                   188                                    Others
                                                                                                72%              131
                                                      369           Recycled
                                        8%
                                                                                                   Integrated
                                     Total fiber                                                      pulp             44%                22
                                    consumption
                                                                 49%                  181
                                                                                                                             BSKP1
                         Minerals                                  Virgin fiber
                                                                                                28%               50
                              8%
                                                      401                                                              50%                25
                                                                                                  Market pulp
                                   Global production
                                     of paper and                                              (13% of total fibers)         BHKP2
                                      paperboard


                      401                                                                                              64%               16
                                                            Market pulp still represents the smaller part of the
                               Printing and Writing         fiber used for paper production.                                 BEKP3
   Millions of tons




                                                            New paper capacities are being installed near to
                               Paperboard
                                                            consumer markets, while cash costs drives                  12%                1.9*
                               Tissue                       implementation of new pulp capacities.

                                                            1 Bleached Softwood Kraft Pulp
                               Corrugated                   2 Bleached Hardwood Kraft Pulp
                               Newsprint                    3 Bleached Eucalyptus Kraft Pulp
                               Others

                                                                                                                        * Capacity considers 100% Limeira Unit

                      2010e
Source: Poyry and Suzano

 21
Pulp Business Unit
Pulp demand growth driven by eucalyptus and by Chinese
and others Asian markets
       Market Pulp Demand per Year (K ton)                                     Market Pulp Demand by Grade (K ton)




                                                        985    56,285                                     1,820   100   (230)      56,285
                                              1,230                                     4,920   (550)
                                      1,160
                           850
               1,835
     50,225                                                                    50,225


     2010      2011e     2012e        2013e   2014e    2015e   Total           2010     BEKP    BHKP     BSKP     UKP   Sulphite   Total
                                                               2015                             Others                             2015

                                               Market Pulp Demand by Region (K ton)



                                                                               135      (15)    (725)
                                                               1,135    635                              56,285
                                                       4,895




                                              50,225



                                               2010    China    Asia / Latin   Europe Oceania North       Total
                                                                Africa America               America      2015

22   Source: PPPC – September/ 2011
Pulp Business Unit
Supply growth driven mostly by eucalyptus and Latin America


      Market Pulp Supply per Year (K ton)                                                      Market Pulp Supply by Grade (K ton)




                                                                      475      63,560                                        2,255     115    (225)     63,560
                                                     2,020
                                                                                                         6,365   (295)
                                          1,955
                               835
                   2,930

      55,345                                                                                   55,345


       2010       2011e      2012e       2013e       2014e       2015e         Total            2010     BEKP    BHKP       BSKP      UKP    Sulphite   Total
                                                                               2015                              Others                                 2015

                                                           Market Pulp Supply by Region (K ton)

                                                                                                       545   (35)         (145)    63,560
                                                                                    1,135    595
                                                                            6,120




                                                          55,345


                                                               2010      Latin      China    North Europe Oceania         Asia /   Total
                                                                        America             America                       Africa   2015

     Source: PPPC – September/2011
23   * Includes ongoing projects and some still not approved
Pulp Business Unit
Brazilian Pulp Cash Cost: Structurally Low


                                                                  US$ / ton (CIF/ Norte Europe)


                                                                                                                                                                               US$ 533/ ton - US$ 700/ ton


                                                                   US$ 443/ ton - US$ 646/ ton                                                                                                                                         Japan
     700


     600                                                                                            France                    US$ 379/ ton - US$ 444/ ton
                                                                                      Sweeden
                           US$ 330/ ton - US$ 417/ ton
                                                                     Finland




                                                                                                                                                                                                                                         British Columbia Coast
     500




                                                                                                                     Japan




                                                                                                                                                                                                                    British Columbia
                                                                                                                                                                                                      East Canada
     400




                                                                                                                                                                                   Sweeden
                                                                                            United States




                                                                                                                                                                                             France
                                                                                                                                                                     Finland
                                                                                                            Canada
                                                                                                            China




                                                                                                                                                     United States
                                                                     Portugal/Spain

     300




                                                                                                                                             Chile
                                                      Indonesia




                                                                                                                             Russia Chile
                                            Chile




                       Brazil




                                                     Hardwood                                                                               Russia                   Softwood



           Source: Hawkins Wright, Oct11 (estimated)- Volumes do not include production of unbleached pulp and high yield pulp.




24
Pulp Business Unit
Highlights


 Pulp Sales Volume (K ton)                                      Pulp Sales Destinations – LTM
                  1,780                       1,712
                                  1,607                                Brazil 20%
      1,321

                  1,519                       1,366          North Am.11%
                                  1,310                                                                  34% Europe
      1,089
                                                      South/Central Am. 1%

       232         261            297         346

      2008        2009            2010        LTM                    Asia 34%
                Domestic Market     Exports


 • Technical support in each international office:
                                                                Sales per Segment – LTM
     China, Switzerland and USA
 • 80% of total sales with long term contracts                                 Others 8%

 • More than 150 active clients
                                                               Special 23%
 • Strategic long-term partnerships with clients:                                                       32% Printing and Writing
         • Logistics
         • Technology
         • Pre and post sale technical assistance
                                                                  Tissue 37%
 • Strategic focus on high value added segments
25                                                                              Note: LTM - last 12 months ending on 9/30/2011
Pulp Business Unit
Strategy




       Focus on      Presence in
                                     Strategic
       sustainable   main
                                     relationship with
       growth        international
                                     clients
       strategy      markets




26
Agenda




Corporate View and Growth Cycle   04
Forestry Business Unit            15

Pulp Business Unit                21

Paper Business Unit               28

Results                           34
Paper Business Unit
Global Paper Demand



Growth Premises

•    Global paper demand growth (2010-2015) of 1.8% p.a.
       • Printing and Writing: +0.9% p.a.
       • Paperboard: +2.5 % p.a.

•    Industry is still considered fragmented,
                                                                         Global Paper Demand (MM ton)
     but with significant regional concentration
                                                                                  CAGR 1.8% p.a.
•    Emerging markets lead supply and demand growth
                                                                                                   438
                                                                                401
                                                                                                             Suzano‟s
                                                      Printing and Writing
                                                                                                             Focus
                                                             Paperboard1
                                                                   Tissue




                                                                   Others


                                                                                2010e            2015e
                                                                     1Paperboard + liquid packaging board)
                                                                     Source: Poyry – 2009



28
Paper Business Unit
                        Demand Growth Drivers


                              Historically there is a high correlation between GDP per capita and paper consumption.
                              In Brazil, the positive economic growth forecasts represent an important driver for the domestic
                              paper demand.

                              Paper Consumption x GDP per Capita



                                                                                             USA     •   Education
                                                                                     Sweden
                                                                                                     •   Digital printing
Consumption (kg per capita)




                                            Taiwan
                                                                                     Japan
                                                           Korea Rep.

                                                                                                     •   Electronic Media
                                                                 UK                                  •   Plastics
                                  China.
                                                        Spain
                                         Brazil



                                 GDP per Capita (US$)

                              India = 7kg              Latin Am. and Brazil = 41kg   USA = 300kg

                                 Source: Poyry, 2008

                 29
Paper Business Unit
Brazil and Latin America are the main Markets



               Brazilian Demand („000 ton)                                               Latin America ex-Brazil Demand („000 ton)

                                      3.3% p.a.                                                               3.0% p.a.    5,632
                                                  3,472
                                                                                                      4,847
                              2,955                                                                           3.6% p.a.
                                                                                                                           1,967
                                      3.1% p.a.   1,085
                                                                                                      1,647
                               931
           Paperboard1                                                               Paperboard1
                                      3.3% p.a.                                                                2.7% p.a.
                                                  2,387                                                                    3,665
                              2,024                                                                   3,200
     Printing & Writting2                                                      Printing & Writting2


                              2010e               2015e                                               2010e                2015e

                   1Paperboard + liquid packaging board; 2 Uncoated + Coated
                   Source: RISI Latin America Forecast – Jun/11


• Economic growth, higher GDP and increased industrial activity
• Education level improvement and access to new technologies
• Latin America (ex-Brazil): net importing market
• Suzano‟s competitive advantage:
        - Geographic proximity and lower logistic costs
        - Brand recognition
        - Portfolio: wide range of products
30
Paper Business Unit
Highlights



     Sales Volume (k ton)                                          Sales Destination – LTM

                                                                                           12%North Am.
                                               1,251                  Europe 9%
      1,162        1,115           1,156

                                                518               Others 3%
      504           524            513


      658           591            643          733                                                         59% Brazil
                                                       South/Central Am. 17%

      2008         2009            2010        LTM

                 Domestic Market     Exports




•    Leadership in printing & writing and white paperboard in South America
•    More than 90% integrated production (pulp + paper)
•    Fx hedge: approximately 65% of paper revenue in local currency
•    Paper merchants – KSR, SPP NEMO (largest in Brazil) and Stenfar (Argentina)
•    Premium pricing in the segments where we act
•    Lower price volatility in the domestic market


31                                                                                Note: LTM - last 12 months ending on 9/30/2011
Paper Business Unit
Strategy




                      Strengthening                    Products
     Revenue                            Asset
                      of Distribution                  Portfolio
     Management                         Optimization
                      Channels                         Management




32
Agenda




Corporate Overview and Growth Cycle   04
Forestry Business Unit                15

Pulp Business Unit                    21

Paper Business Unit                   28

Results                               34
Results
Net Revenue and EBITDA


         Net Revenue (R$ million) and Volume (K ton)                                        EBITDA (R$ million) and EBITDA Margin (%)

                                    2,896                        2,963                                     36.2%                      37.7%
                                                 2,763
                       2,482                                                                  30.3%                      29.4%
          1,924                                                                                                                                   26.9%

                                                 4,514           4,707
                       4,064        3,952                                                                                             1,703
          3,410                                                                                             1,469                                     1,265
                                                 2,599           2,569                                                   1,161
                       2,214        2,295                                                      1,034
          1,596

          1,814        1,850        1,657        1,915           2,138

           2007        2008         2009         2010            LTM                          2007          2008         2009         2010            LTM
R$/US$                                                                           R$/US$
           1.95         1.84        2.00         1.76            1.65                          1.95         1.84         2.00         1.76            1.65
avg.                                                                             avg.

                  Domestic Market      Exports          Volume

         Paper: Revenue (R$ million) and Volume (K ton)                                    Pulp: Revenue (R$ million) and Volume (K ton)
                                                                  1,251
                         1,162                    1,156
            1,125                    1,116                                                                                1,780        1,607           1,712
                                                                                                             1,320
                       2,524                     2,496           2,701                           799
          2,458                     2,344
                                                                                                                                      2,018           2,006
           837          937                                       950                                                    1,609
                                     918          936                                                       1,539
                                                                                                933                                   1,663           1,619
          1,621        1,587                     1,560           1,751                                      1,277        1,377
                                    1,426                                                       757

           2007        2008         2009         2010            LTM                           2007         2008         2009         2010            LTM

                  Domestic Market      Exports          Volume                                         Domestic Market      Exports          Volume

          Note: LTM - last 12 months ending on 9/30/2011

34       The amounts of 2009, 2010 and LTM include the adjustments introduced by the IFRS standards
         2010 EBITDA includes non-recurrent asset sale
Results
Adequate Debt Amortization Schedule and Liquidity Profile

• Cash: R$3.0 billion on 9/30/2011
• Liquidity horizon of approximately 28 months: low rollover risk even under stress scenarios
• Competitive cost of debt: 9.9% in BRL and 4.6% in USD
• Average term: approximately 4 years
• Debt breakdown on 9/30/2011: 53% in foreign currency and 47% in local currency (R$)
• Moody‟s: Ba2 (global scale) and Aa3.br (national scale); S&P: BB+ (stable)

      Amortization schedule (R$ million)                              Debt - Sep/2011

                                                                        R$ million                  Amount   Leverage

                                                                        BNDES                        2,304     1.8x

                                                                        Nordic Investment Bank        78       0.0x

                                                                        FINIMP                       206       0.2x
                                                           2,616
                                                                        Projetcs Debt                2,588     2.0x

                                                                        Trade Finance                2,304     1.8x
               1,701

                          1,179                                         Debentures                   820       0.6x
                                    1,113
      730                                                               Others                       2,538     2.0x
                                            455    456
                                                                        Gross Debt                   8,250     6.5x
     4Q11      2012       2013      2014    2015   2016    2017
                                                          onwards       Cash and Cash Equivalents    2,959     2.3x

                                                                        Net Debt                     5,291     4.2x



35
Results
Conservative Financial Policy


•    Net Debt/ EBITDA ratios may increase temporarily due to growth projects
•    Amortization in line with the projects’ cash flow
•    Capex discipline
•    Hedging for cash flow, not for accounting results
•    No use of complex, illiquid or exotic derivatives


                            Implementation of                                                            World
                                              Start up of line                                                                            Acquisition
                              Mucuri Project                                                           economic
                                                2 at Mucuri                                                                               of Conpacel
          Acquisition            (line 2)                                                                crisis
           of Ripasa
                                                                                                                                              4.2x
                                      3.8x                   3.7x                   3.7x                  3.5x
               2.7x
                                                                                                                                2.0x
                                                                              5,459                                                       5,291

                                                       4,285                                         4,111
                                3,919
                                                                                                                         3,421

          2,475
                                                                                                                                  1,703
                                                                                       1,469                                                      1,265*
                                         1,040                  1,146                                         1,161
                   913



              2005                   2006                   2007                   2008                  2009                   2010       9/30/2011

                                      Net Debt (R$ MM)                   EBITDA (R$ MM)                 Net Debt / EBITDA (x)

         Note: The amounts of 2009 , 2010 and 2011 include the adjustments introduced by the IFRS standards
         * Last twelve months EBITDA ending on 9/30/2011
36
Estimated 2011 Capex
Net Debt/EBITDA for 2011 estimated at 3.0x to 3.5x


     (R$ billion)                                                                2011e
     Growth                                                                       3.0
      Maranhão Unit                                                               1.1
          Forestry                                                                0.2
          Industrial                                                              0.9
      Piauí Unit                                                                  0.2
      Suzano Renewable Energy                                                     0.2
      Conpacel + KSR                                                              1.5
     Sustain                                                                      0.5
     Total                                                                        3.5
 Note: figures do not include investments in port, branch rail line and others



 Ongoing Actions to maintain leverage no higher than 3.5x net Debt/EBITDA:
 •     Mandatory convertible debenture issuance: R$1.2 billion – concluded on 2Q11
 •     Divestment of Capim Branco (81 MW of installed capacity and 51 MW of assured energy)
 •     Divestment of non-strategic land
 •     Strategic partnership


37
Investiment Plan
Growth projects will be developed with discipline, respecting Company’s
financial solidity

 Capex (R$ billion)                                                      Actions under study to maintain leverage no higher
                                                                         than 3.5x net Debt/EBITDA from 2012 onwards:
          3.5
                                 4.0
                                                                         • Divestment of non-strategic land
                                                        2.2
                                                                         • Energy pre-sale
           3.0
                                 3.5
                                                                         • Possibility of outsourcing activities: port, branch
                                                        1.7
                                                                         rail line, water and effluent treatment
           0.5                   0.5                    0.5
         2011e                 2012e                  2013e
                                                                         • Sale of certain assets in the paper segment
                 Sustain               Growth
                                                                         • Sale of interest in new projects in the pulp segment
Note: figures do not include investments that may be outsourced (port,   • Equity
branch rail line and others)




The continuity of the Company‟s investment plan is tied to project profitability and investment
discipline, supported by:
•    Financial solidity
•    Compatible financing conditions: long term and competitive costs
•    Consistent track record
•    Net Debt/EBITDA no higher than 3.5x (Board‟s recommendation)



38
Results
Why to Invest in Suzano?




                    Defined Controlling
                          Group

                                                                            2024
                                                                            Biotechnology
                                                                            Wood Pellets
                                                                            Organic Growth in Pulp
                                                                            Operational Excellence in Paper
     Professional                         Capital
     Management                           Markets

                                                               2010
                                                    + Revenue
                                                    + EBITDA
                                                    + Earnings
                                                    + Market Appreciation


 1924


39
Investor Relations Team




Alberto Monteiro (CFO and IR Director) +55 (11) 3503-9061 ri@suzano.com.br

Andrea Fernandes (IR Executive Manager) +55 (11) 3503-9062 andreaf@suzano.com.br

Aurea Portugal (Assistant) +55 (11) 3503-9061 aportugal@suzano.com.br

Marcela Kasparian (Analyst) +55 (11) 3503-9066 mkasparian@suzano.com.br

Michelle Corda (Analyst) +55 (11) 3503-9359 mcorda@suzano.com.br

Rafael Ferraris (Intern) +55 (11) 3503-9306 rferraris@suzano.com.br

Rosely Onizuca (Analyst) +55 (11) 3503-9355 ronizuca@suzano.com.br



Investor Relations
www.suzano.com.br/ir




40
Board of Directors
Experienced and active

      DAVID FEFFER    Experience of 36 years in the pulp and paper industry. CEO of Suzano Holding S/A, Chairman of the Board of Directors of Suzano
                      Pulp and Paper S/A and Coordinator of the Management Committee. CEO of IPLF Holding and Nemopar Investimentos Ltda. CEO
        Chairman      and Vice President of the Board of Directors of Polpar S/A. Vice President of Premesa S/A and Vocal.


     DANIEL FEFFER    Experience of 32 years in the pulp and paper industry. Member of Sustainability and Strategy Committee, Chairman of Polpar’s
                      Board of Directors, President of Premesa, Corporate VP of Suzano Holding, IPLF Holding and Nemopar, President of Vocal and
      Vice Chairman   Nemonorte, Chairman of Ecofuturo Institute’s Board of Directors.


     BORIS TABACOF    Experience of 35 years in the pulp and paper industry. Vice President of FIESP. Member of BRACELPA’s and IBEF’s Advisory
      Vice Chairman   Board. Chairman of the Board of Directors for the Brazilian Committee of Britain Brazil Business Forum.


                      Experience of 31 years in the pulp and paper industry. Member of the Board and the Committee of Sustainability and Strategy;
      JORGE FEFFER    Director of Premesa, Corporate VP of Suzano Holding and IPLF Holding, Executive Officer of Nemonorte and Vocal.

                      Executive Vice President of Suzano Holding S/A. Coordinator of Sustainability and Strategy Committee and member of Audit
                      Committee and member of the Compensation Commission of the Board of Directors; Former president of the board and CEO of
     CLÁUDIO SONDER   Hoechst of Brazil. Board of Directors member of Lojas Renner S/A, RBS Group, Cyrela Brazil Realty, OGX and Chemical Group
                      DSM/Holanda.

                      Senior partner of Machado, Meyer, and Sendacz Opice Lawyers and former member of the Board of Directors of OAB Brazil.
     ANTONIO MEYER    President of CESA. Former Legal Adviser and Chairman of the Legislative Committee of the American Chamber of Commerce and
                      Director of ABRASCA’s Legislative Committee. (Independent)


                      Member of Audit Committee. Senior partner of Integra Associates. Member of Gerdau S/A’s Board of Directors, Metalúrgica Gerdau,
 OSCAR BERNARDES      Sao Paulo Alpargatas, Localiza, and Johnson Electric (Hong Kong); Board Member of Bunge Brazil and Alcoa Brazil. Oscar was
                      President of Bunge International and Managing Partner in Booz-Allen & Hamilton. (Independent)


                      Coordinator of Suzano Pulp and Paper’s Audit Committee. Member of the Board of Directors of TAM Airlines and TAM Aviação
     MARCO BOLOGNA    Executiva. Former CEO of TAM Airlines and WTorre. (Independent)


                      Co-Chairman of the Board of Directors of BRF-Brasil Foods. Board member of WEG S/A, Ultrapar Participações S/A and Iochpe-
 NILDEMAR SECCHES     Maxion S/A. Former CEO of Perdigão Group. Former Director of the National Bank for Economic and Social Development - BNDES,
                      and General Director of Corporate Group Iochpe-Maxion Industrial Holding. (Independent)

41
Executive officers
Distinguished management team


                       Chief Executive Officer, also responsible for Strategy Department, 4 years at Suzano. Member of the Board of Director Member
                       of Marfrig Frigoríficos. Vice President of BRACELPA. Former member of the Board of Director of SEBRAE, Gradiente, Cecrisa and
ANTONIO MACIEL NETO    Amcham. Former Chaiman of Ford Brasil and Ford Latin America, Itamarati Group, Ferronorte and Cecrisa and former Executive of
                       Petrobras and the Federal Government. Mechanical Engineer graduated from UFRJ.

                       Chief Financial Officer, also responsible for Investor Relations Department. Has worked as Chief Financial Officer at CSN and
 ALBERTO MONTEIRO      as member of the Board of Director of Congonhas Minérios, NAMISA, Transnordestina S.A., among others. At Banco do Brasil, has
                       worked as Chief Financial Officer of Conglomerado BB S.A., CEO of BB DTVM and President of BESC DTVM. Graduated in
                       Business Administration from FCPE/RJ, MBA degree in Corporate Finance from FGV na Post graduated in Banking from FEA/USP.


ALEXANDRE YAMBANIS     Pulp Business Unit Executive Officer, joined Suzano in 2009. Former CEO of European operations of RGM Group and
    BERNARDO           Commercial Director of Aracruz. Graduated in Business Administration from Fundação Getúlio Vargas (FGV).
    SZPIGEL, 65
                       Chief Executive Officer of Suzano Renewable Energy and Suzano Pulp and Paper Executive Officer, responsible for
       ANDRÉ DORF      Corporate Development Department, 7 years at Suzano. Former Paper Business Unit Executive Officer (2005-2008). Former
                       Executive of JPMorgan in Brazil and NY (Investment Banking Global and Latin America), Chase Manhattan and Banco
                       Patrimônio/Salomon Brothers. Graduated in Business Administration from Fundação Getúlio Vargas (FGV).


     ERNESTO POUSADA   Chief Operation Officer, 5 years at Suzano. Has worked as Expansion Project Director of Mucuri Unit. Former executive of Dow
                       Chemical Company, in Brazil, USA and Europe. Post-Graduated in Business Administration from FIA/USP.


                       Paper Business Unit Executive Officer, 6 years at Suzano. Former Executive Manager of Suzano’s Pulp Business Unit and Sales
      CARLOS ANIBAL    General Manager for Latin America at General Electric in the Industrial Systems Division. MBA degree from Ibmec-SP. Electrical
                       Engineer from UFMG.

                       Human Resources Executive Officer, 2 years at Suzano. Former Human Resources Manager for Aviation Operations in General
      CARLOS GRINER    Electric in Brazil and abroad, Global HR Director for Information Technology in the United States and HR Director for Mexico and
                       Latin America. Former Executive of Carioca Engenharia, CR Almeida, Comlurb and Bureau Veritas. Post Graduated in Business
                       Administration fromCOPPEAD-UFRJ.




42

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Presentation Highlights Growth and Risk Factors

  • 2. Disclaimer Certain statements in this presentation may constitute forward-looking statements. Such statements are subject to known and unknown risks and uncertainties that could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. These risks include changes in customer demand for the Company’s products, changes in raw material costs, seasonal fluctuations in customer orders, pricing actions by competitors, significant changes in the applicable rates of exchange of the Brazilian real against the US dollar, and general changes in the economic environment in Brazil, emerging markets or internationally.
  • 3. Agenda Corporate Overview and Growth Cycle 04 Forestry Business Unit 15 Pulp Business Unit 21 Paper Business Unit 28 Results 34
  • 4. Corporate Overview Suzano Itaqui Port Transnordestina “Carajás” • 2ndlargest eucalyptus pulp producer in the world Railroad Pecém Port • 8th largest market pulp producer in the world Maranhão Piauí • Pulp production costs: one of the lowest in the “Norte e Sul” Railroad world Mucuri • Leader in the regional paper market Forests Plants • Certified plantations and products Limeira Portocel Ports Suzano Vitória • Organic Growth in pulp: Railroad Embu Rio Verde Santos +3 MM/ton/year • New businesses: biotechnology and wood pellets for energy • Market cap: R$3.4 billion on 9/30/11 Capital Structure (9/30/11) Free Float Controlling 43% Group 54% Treasury 3% 4
  • 5. Corporate Overview Organizational Structure The Business Units model provides performance and return assessments in each business Management Board of Directors (BD) Sustainability and 9 members (4 independent) Strategy Audit CEO and Strategy BD Commitees SP Operations Forestry BU Pulp BU Paper BU SP Corporate Dev. BU: Business Units SP Finance and IR SP Human Resources SP: Service Providers 5
  • 6. Corporate Overview and Management Products and Diversified Markets Net Revenue 55% Exports / 45% Domestic Market R$4.7 billion Market Pulp Paper 2nd eucalyptus market pulp producer 43% 57% Paperboard Printing and Writing 1st in Brazil with 26% market share 13% 42% Uncoated Coated 2nd in Brazil with 31% 1st in Brazil with 21% market share market share 35% 7% Note: Figures of last 12 months ending on 9/30/2011. Other paper represented 2% of net revenue on the period. The market share data includes paper imports. 6
  • 7. Corporate Overview Timeline 1924 until 1940 1950 1960 until 1990 2000 2024 Beginning of First investment in Growth and diversification in the Consolidation as one of the Suzano 2024 operations in the the pulp sector pulp and paper businesses largest Brazilian Groups paper industry Acquisition of Ripasa (50%) 2008 2010 Start up of Bahia Sul 2007 Acquisition of Suzano mill New Growth Cycle Beginning of paper exports to Europe Start up of the first paper mill 2004 2005 1982 Pioneerism in 1992 eucalyptus plantation 1960 Acquisition of FuturaGene, PLC. 1975 Merger with Leon Feffer starts Bahia Sul paper trading activities 1956 Start up of Line 2 at Mucuri Suzano Renewable Launch of Report 1955 Energy Acquisition of Indústrias de Papel Rio Verde’s control Adoption of Bovespa’s 1939 Level I corporate governance standards Acquisition of and Professional 50% of Conpacel 1924 Management and KSR. 7 7
  • 8. Growth Cycle Suzano’s Strategy Constant increases in forestry productivity guarantees competitiveness in the pulp business and enables new business opportunities in Biotechnology and Renewable Energy Forestry Competency Operational Organic Wood pellets Biotechnology excellence in growth paper in pulp 8
  • 9. Growth Cycle Organic Growth in Pulp Suzano’s production capacity has increased by 130% in the last 6 years. The Company is prepared for a new growth cycle that will increase its capacity to 6.2 MM ton/year of pulp and paper by 2016 Piauí Unit Maranhão 6,210 Unit 4,710 4,710 4,710 3,210 3,210 4,920 2,750 2,850 2,850 3,420 3,420 3,420 1,720 1,920 1,920 1,920 1,485 1,650 1,750 1,750 1,240 820 570 640 456 915 1,080 1,100 1,100 1,100 1,100 1,290 1,290 1,290 1,290 1,290 1,290 784 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013e 2014e 2015e 2016e Paper Pulp Note: Investment decision on Piauí Project expected for 1H14. 9
  • 10. Investment Plan Funding is settled for construction of the Maranhão Unit • Market pulp production capacity: Maranhão Unit 1.5 MM ton/year Required planted area 154 tsd ha • Funding: Forestry capex (total estimated) US$575 million • BNDES: R$2.7 billion, 12-year maturity and 3- Industrial capex (total estimated)1 US$2.3 billion year grace period • Mandatory convertible debentures: R$1.2 Start up (estimate) 2013 billion 68% own land 32% Wood supply • Funding for the imported equipment third parties supported by foreign credit agencies (ECA’s Note: 1 Considers exchange rate of R$ 1.80/US$ among others) Competitive Advantages • Cash flow generation • 100 MW energy surplus for sale • Agreements for the acquisition of key equipment: • Logistics guaranteed by long term contracts Metso and Siemens • State of the art technology (R$ million) 2009 2010 9M11 2011e Forestry 193 159 148 249 Industrial 0 4 547 905 Total 193 162 696 1,154 10 Draft of the Maranhão mill
  • 11. Piauí Unit Decision to purchase Piauí’s industrial equipment postponed until 1H14 (R$ million) 2008 2009 2010 2011e Forestry 3 162 91 165 Industrial 0 0 0 7 Total 3 162 91 172 • Most modern nursery in the world: 30 million seedlings/year • 35 forest partnership contracts in the region: 6 thousand ha • Long term railroad contracts guarantee production transportation (Transnordestina) • Start-up: 1H16 • 100 MW of additional energy to be sold Nursery Nursery Plan of Piauí’s nursery 11
  • 12. Growth Cycle FuturaGene • Acquisition concluded in July/2010 Biotechnology is on the right • Pioneer in biotechnology research and development side of Sustainability • Sustainable technologies Innovation • Environmentally oriented to meet growing demand for fiber and • Less land utilization biomass • Less water consumption • Techniques for higher forestry productivity • Less chemical expenditure • R&D forestry synergies: competitive main factor in the pulp and • Higher carbon sequestration paper markets 12
  • 13. Growth Cycle Suzano Renewable Energy Suzano Renewable Energy– 1st fase Project update: • 3 units: 1 MM ton/year each • Protocol signed with Maranhão government • Estimated start-up: 2014 • Advanced negotiation of final contracts with clients • Pre operational capex: ~US$800 million − 2011e capex: ~ R$170 million • Engineering with Promon and Stolberg (Canadian) − Equipment purchase estimated for 1Q12 • Specific clones selected • Funding: definition of the capital structure • Dedicated plantation (Energy Forests) • World leader • Dedicated team • Initial focus on the European market • Dedicated plantation (Energy Forests) • Higher yield • Harvest in 2 to 3 years Experiments • High lignin content – high calorific value with • Unuseful for pulp production “Energetic Wood pellets for energy, produced from renewable energy-oriented forests Forests” since 2008 13
  • 14. Agenda Corporate View and Growth Cycle 04 Forestry Business Unit 15 Pulp Business Unit 21 Paper Business Unit 28 Results 34
  • 15. Forestry Business Unit Forestry Assets The Forestry Business Unit (FBU) guarantees to Suzano 100% eucalyptus wood supply from renewable planted forests FUB in numbers1 2011* 2011 Areas‟ Chart Total area (tsd ha) 771 MA, PI and TO Total: 357 tsd ha Planted area (tsd ha) 341 Planted: 92 tsd ha Preserved Area (tsd ha) 282 Data on 6/30/2011 1 Area considers own and leased land FUB in numbers 2010 BA, ES and MG Annual planting (tsd ha) 76 Total: 226 tsd ha Planted: Planted seedlings / day (tsd) 438 131 mil ha Harvested trees / day (tsd) 122 Forests average Annual harvest (million m³) distance: 10.8 SP 75 Km Total: 188 mil ha Loaded trucks / year 201 Forests Planted: 118 mil ha (tsd units) average distance: Suzano has developed forestry stewardship expertise and a complete genetic base for 246 Km various scenarios due to its presence in different places with temperature, climate, precipitation, soil, and relief variations. 15
  • 16. Forestry Business Unit Forestry Competitivity in Brazil Brazil presents competitive advantages to support continuous increase of its global forestry standing Competitive Advantages • Availability of productive land Hardwood Productivity (m³/ha/year) 44 • Excellent soil and climate conditions 41 • Short harvesting cycle for planted forests 25 • Opportunity to recovery degraded areas 25 20 • Low establishments and maintenance costs 13 • Continuously growing consumer market 6 4 Suzano’s Brazil Chile Australia South Portugal USA Finland Eucalyptus Africa Source: ABRAF, BRACELPA, Poyry, Adapted by STCP Consulting • Logistics Challenges • Tax Structure • Cost of Capital • Education Level • Exchange Rate 16
  • 17. Forestry Business Unit Suzano’s Forestry Competitivity Suzano’s pioneerism and innovation enabled the improvement of stewardship techniques and development of genetic base Competitive Advantages New Businesses — Total clones: ~14 thousand • Genetic portfolio — Field experiments: 800 • Forestry technology — Total experimented area: ~4 thousand ha • Management abilities • Nutrition and soil research: potential to increase productivity • Operational development: precision forestry (↑ efficiency) • Forestry innovative concepts: ―Night Planting‖ and ―Energetic Forest‖ Pulp Productivity • More wood / hectare Biotechnology 11 admt1/ha/year • More pulp / m³ 5.5 admt1/ha/year • Superior quality +100% • Smaller area 1980 2010 • Decreasing costs / m³ Source: Suzano 1Admt: air dried metric ton 17
  • 18. Forestry Business Unit Triple Bottom Line Sustainability Directive Plan considers a refined concept of the Triple Bottom Line comprising Innovation, Governance and Communication Economic financial • Global competitiveness and scale Governance Innovation • Consistent margins and returns Application of • Processes, products sustainability principles • Capital discipline and clean technologies in the decision-making • Stakeholders’ knowledge process valorization Environment Social • Forest management and • 57 public libraries certified chain of custody • Renovation of 35 public • Member of WBCSD1 and schools in 3 states certified by Carbon Trust • ECOFUTURO (Parque das • ECOFUTURO: 92 thousand Neblinas) Communication benefited students Education for sustainability 18 1 World Business Council for Sustainable Development
  • 19. Forestry Business Unit Strategy Operational Guarantee of Long-term view Consolidation of excellence: excellence research and operations in the focus on forestry Northeast: in new businesses development for management and Maranhão and Piauí linked to forestry forestry wood logistics competencies technologies 19
  • 20. Agenda Corporate View and Growth Cycle 04 Forestry Business Unit 15 Pulp Business Unit 21 Paper Business Unit 28 Results 34
  • 21. Pulp Business Unit Overview Pulp and Paper Production Chain – 2010e 6% 3 2010e Production (MM ton) 51% 188 Others 72% 131 369 Recycled 8% Integrated Total fiber pulp 44% 22 consumption 49% 181 BSKP1 Minerals Virgin fiber 28% 50 8% 401 50% 25 Market pulp Global production of paper and (13% of total fibers) BHKP2 paperboard 401 64% 16 Market pulp still represents the smaller part of the Printing and Writing fiber used for paper production. BEKP3 Millions of tons New paper capacities are being installed near to Paperboard consumer markets, while cash costs drives 12% 1.9* Tissue implementation of new pulp capacities. 1 Bleached Softwood Kraft Pulp Corrugated 2 Bleached Hardwood Kraft Pulp Newsprint 3 Bleached Eucalyptus Kraft Pulp Others * Capacity considers 100% Limeira Unit 2010e Source: Poyry and Suzano 21
  • 22. Pulp Business Unit Pulp demand growth driven by eucalyptus and by Chinese and others Asian markets Market Pulp Demand per Year (K ton) Market Pulp Demand by Grade (K ton) 985 56,285 1,820 100 (230) 56,285 1,230 4,920 (550) 1,160 850 1,835 50,225 50,225 2010 2011e 2012e 2013e 2014e 2015e Total 2010 BEKP BHKP BSKP UKP Sulphite Total 2015 Others 2015 Market Pulp Demand by Region (K ton) 135 (15) (725) 1,135 635 56,285 4,895 50,225 2010 China Asia / Latin Europe Oceania North Total Africa America America 2015 22 Source: PPPC – September/ 2011
  • 23. Pulp Business Unit Supply growth driven mostly by eucalyptus and Latin America Market Pulp Supply per Year (K ton) Market Pulp Supply by Grade (K ton) 475 63,560 2,255 115 (225) 63,560 2,020 6,365 (295) 1,955 835 2,930 55,345 55,345 2010 2011e 2012e 2013e 2014e 2015e Total 2010 BEKP BHKP BSKP UKP Sulphite Total 2015 Others 2015 Market Pulp Supply by Region (K ton) 545 (35) (145) 63,560 1,135 595 6,120 55,345 2010 Latin China North Europe Oceania Asia / Total America America Africa 2015 Source: PPPC – September/2011 23 * Includes ongoing projects and some still not approved
  • 24. Pulp Business Unit Brazilian Pulp Cash Cost: Structurally Low US$ / ton (CIF/ Norte Europe) US$ 533/ ton - US$ 700/ ton US$ 443/ ton - US$ 646/ ton Japan 700 600 France US$ 379/ ton - US$ 444/ ton Sweeden US$ 330/ ton - US$ 417/ ton Finland British Columbia Coast 500 Japan British Columbia East Canada 400 Sweeden United States France Finland Canada China United States Portugal/Spain 300 Chile Indonesia Russia Chile Chile Brazil Hardwood Russia Softwood Source: Hawkins Wright, Oct11 (estimated)- Volumes do not include production of unbleached pulp and high yield pulp. 24
  • 25. Pulp Business Unit Highlights Pulp Sales Volume (K ton) Pulp Sales Destinations – LTM 1,780 1,712 1,607 Brazil 20% 1,321 1,519 1,366 North Am.11% 1,310 34% Europe 1,089 South/Central Am. 1% 232 261 297 346 2008 2009 2010 LTM Asia 34% Domestic Market Exports • Technical support in each international office: Sales per Segment – LTM China, Switzerland and USA • 80% of total sales with long term contracts Others 8% • More than 150 active clients Special 23% • Strategic long-term partnerships with clients: 32% Printing and Writing • Logistics • Technology • Pre and post sale technical assistance Tissue 37% • Strategic focus on high value added segments 25 Note: LTM - last 12 months ending on 9/30/2011
  • 26. Pulp Business Unit Strategy Focus on Presence in Strategic sustainable main relationship with growth international clients strategy markets 26
  • 27. Agenda Corporate View and Growth Cycle 04 Forestry Business Unit 15 Pulp Business Unit 21 Paper Business Unit 28 Results 34
  • 28. Paper Business Unit Global Paper Demand Growth Premises • Global paper demand growth (2010-2015) of 1.8% p.a. • Printing and Writing: +0.9% p.a. • Paperboard: +2.5 % p.a. • Industry is still considered fragmented, Global Paper Demand (MM ton) but with significant regional concentration CAGR 1.8% p.a. • Emerging markets lead supply and demand growth 438 401 Suzano‟s Printing and Writing Focus Paperboard1 Tissue Others 2010e 2015e 1Paperboard + liquid packaging board) Source: Poyry – 2009 28
  • 29. Paper Business Unit Demand Growth Drivers Historically there is a high correlation between GDP per capita and paper consumption. In Brazil, the positive economic growth forecasts represent an important driver for the domestic paper demand. Paper Consumption x GDP per Capita USA • Education Sweden • Digital printing Consumption (kg per capita) Taiwan Japan Korea Rep. • Electronic Media UK • Plastics China. Spain Brazil GDP per Capita (US$) India = 7kg Latin Am. and Brazil = 41kg USA = 300kg Source: Poyry, 2008 29
  • 30. Paper Business Unit Brazil and Latin America are the main Markets Brazilian Demand („000 ton) Latin America ex-Brazil Demand („000 ton) 3.3% p.a. 3.0% p.a. 5,632 3,472 4,847 2,955 3.6% p.a. 1,967 3.1% p.a. 1,085 1,647 931 Paperboard1 Paperboard1 3.3% p.a. 2.7% p.a. 2,387 3,665 2,024 3,200 Printing & Writting2 Printing & Writting2 2010e 2015e 2010e 2015e 1Paperboard + liquid packaging board; 2 Uncoated + Coated Source: RISI Latin America Forecast – Jun/11 • Economic growth, higher GDP and increased industrial activity • Education level improvement and access to new technologies • Latin America (ex-Brazil): net importing market • Suzano‟s competitive advantage: - Geographic proximity and lower logistic costs - Brand recognition - Portfolio: wide range of products 30
  • 31. Paper Business Unit Highlights Sales Volume (k ton) Sales Destination – LTM 12%North Am. 1,251 Europe 9% 1,162 1,115 1,156 518 Others 3% 504 524 513 658 591 643 733 59% Brazil South/Central Am. 17% 2008 2009 2010 LTM Domestic Market Exports • Leadership in printing & writing and white paperboard in South America • More than 90% integrated production (pulp + paper) • Fx hedge: approximately 65% of paper revenue in local currency • Paper merchants – KSR, SPP NEMO (largest in Brazil) and Stenfar (Argentina) • Premium pricing in the segments where we act • Lower price volatility in the domestic market 31 Note: LTM - last 12 months ending on 9/30/2011
  • 32. Paper Business Unit Strategy Strengthening Products Revenue Asset of Distribution Portfolio Management Optimization Channels Management 32
  • 33. Agenda Corporate Overview and Growth Cycle 04 Forestry Business Unit 15 Pulp Business Unit 21 Paper Business Unit 28 Results 34
  • 34. Results Net Revenue and EBITDA Net Revenue (R$ million) and Volume (K ton) EBITDA (R$ million) and EBITDA Margin (%) 2,896 2,963 36.2% 37.7% 2,763 2,482 30.3% 29.4% 1,924 26.9% 4,514 4,707 4,064 3,952 1,703 3,410 1,469 1,265 2,599 2,569 1,161 2,214 2,295 1,034 1,596 1,814 1,850 1,657 1,915 2,138 2007 2008 2009 2010 LTM 2007 2008 2009 2010 LTM R$/US$ R$/US$ 1.95 1.84 2.00 1.76 1.65 1.95 1.84 2.00 1.76 1.65 avg. avg. Domestic Market Exports Volume Paper: Revenue (R$ million) and Volume (K ton) Pulp: Revenue (R$ million) and Volume (K ton) 1,251 1,162 1,156 1,125 1,116 1,780 1,607 1,712 1,320 2,524 2,496 2,701 799 2,458 2,344 2,018 2,006 837 937 950 1,609 918 936 1,539 933 1,663 1,619 1,621 1,587 1,560 1,751 1,277 1,377 1,426 757 2007 2008 2009 2010 LTM 2007 2008 2009 2010 LTM Domestic Market Exports Volume Domestic Market Exports Volume Note: LTM - last 12 months ending on 9/30/2011 34 The amounts of 2009, 2010 and LTM include the adjustments introduced by the IFRS standards 2010 EBITDA includes non-recurrent asset sale
  • 35. Results Adequate Debt Amortization Schedule and Liquidity Profile • Cash: R$3.0 billion on 9/30/2011 • Liquidity horizon of approximately 28 months: low rollover risk even under stress scenarios • Competitive cost of debt: 9.9% in BRL and 4.6% in USD • Average term: approximately 4 years • Debt breakdown on 9/30/2011: 53% in foreign currency and 47% in local currency (R$) • Moody‟s: Ba2 (global scale) and Aa3.br (national scale); S&P: BB+ (stable) Amortization schedule (R$ million) Debt - Sep/2011 R$ million Amount Leverage BNDES 2,304 1.8x Nordic Investment Bank 78 0.0x FINIMP 206 0.2x 2,616 Projetcs Debt 2,588 2.0x Trade Finance 2,304 1.8x 1,701 1,179 Debentures 820 0.6x 1,113 730 Others 2,538 2.0x 455 456 Gross Debt 8,250 6.5x 4Q11 2012 2013 2014 2015 2016 2017 onwards Cash and Cash Equivalents 2,959 2.3x Net Debt 5,291 4.2x 35
  • 36. Results Conservative Financial Policy • Net Debt/ EBITDA ratios may increase temporarily due to growth projects • Amortization in line with the projects’ cash flow • Capex discipline • Hedging for cash flow, not for accounting results • No use of complex, illiquid or exotic derivatives Implementation of World Start up of line Acquisition Mucuri Project economic 2 at Mucuri of Conpacel Acquisition (line 2) crisis of Ripasa 4.2x 3.8x 3.7x 3.7x 3.5x 2.7x 2.0x 5,459 5,291 4,285 4,111 3,919 3,421 2,475 1,703 1,469 1,265* 1,040 1,146 1,161 913 2005 2006 2007 2008 2009 2010 9/30/2011 Net Debt (R$ MM) EBITDA (R$ MM) Net Debt / EBITDA (x) Note: The amounts of 2009 , 2010 and 2011 include the adjustments introduced by the IFRS standards * Last twelve months EBITDA ending on 9/30/2011 36
  • 37. Estimated 2011 Capex Net Debt/EBITDA for 2011 estimated at 3.0x to 3.5x (R$ billion) 2011e Growth 3.0 Maranhão Unit 1.1 Forestry 0.2 Industrial 0.9 Piauí Unit 0.2 Suzano Renewable Energy 0.2 Conpacel + KSR 1.5 Sustain 0.5 Total 3.5 Note: figures do not include investments in port, branch rail line and others Ongoing Actions to maintain leverage no higher than 3.5x net Debt/EBITDA: • Mandatory convertible debenture issuance: R$1.2 billion – concluded on 2Q11 • Divestment of Capim Branco (81 MW of installed capacity and 51 MW of assured energy) • Divestment of non-strategic land • Strategic partnership 37
  • 38. Investiment Plan Growth projects will be developed with discipline, respecting Company’s financial solidity Capex (R$ billion) Actions under study to maintain leverage no higher than 3.5x net Debt/EBITDA from 2012 onwards: 3.5 4.0 • Divestment of non-strategic land 2.2 • Energy pre-sale 3.0 3.5 • Possibility of outsourcing activities: port, branch 1.7 rail line, water and effluent treatment 0.5 0.5 0.5 2011e 2012e 2013e • Sale of certain assets in the paper segment Sustain Growth • Sale of interest in new projects in the pulp segment Note: figures do not include investments that may be outsourced (port, • Equity branch rail line and others) The continuity of the Company‟s investment plan is tied to project profitability and investment discipline, supported by: • Financial solidity • Compatible financing conditions: long term and competitive costs • Consistent track record • Net Debt/EBITDA no higher than 3.5x (Board‟s recommendation) 38
  • 39. Results Why to Invest in Suzano? Defined Controlling Group 2024 Biotechnology Wood Pellets Organic Growth in Pulp Operational Excellence in Paper Professional Capital Management Markets 2010 + Revenue + EBITDA + Earnings + Market Appreciation 1924 39
  • 40. Investor Relations Team Alberto Monteiro (CFO and IR Director) +55 (11) 3503-9061 ri@suzano.com.br Andrea Fernandes (IR Executive Manager) +55 (11) 3503-9062 andreaf@suzano.com.br Aurea Portugal (Assistant) +55 (11) 3503-9061 aportugal@suzano.com.br Marcela Kasparian (Analyst) +55 (11) 3503-9066 mkasparian@suzano.com.br Michelle Corda (Analyst) +55 (11) 3503-9359 mcorda@suzano.com.br Rafael Ferraris (Intern) +55 (11) 3503-9306 rferraris@suzano.com.br Rosely Onizuca (Analyst) +55 (11) 3503-9355 ronizuca@suzano.com.br Investor Relations www.suzano.com.br/ir 40
  • 41. Board of Directors Experienced and active DAVID FEFFER Experience of 36 years in the pulp and paper industry. CEO of Suzano Holding S/A, Chairman of the Board of Directors of Suzano Pulp and Paper S/A and Coordinator of the Management Committee. CEO of IPLF Holding and Nemopar Investimentos Ltda. CEO Chairman and Vice President of the Board of Directors of Polpar S/A. Vice President of Premesa S/A and Vocal. DANIEL FEFFER Experience of 32 years in the pulp and paper industry. Member of Sustainability and Strategy Committee, Chairman of Polpar’s Board of Directors, President of Premesa, Corporate VP of Suzano Holding, IPLF Holding and Nemopar, President of Vocal and Vice Chairman Nemonorte, Chairman of Ecofuturo Institute’s Board of Directors. BORIS TABACOF Experience of 35 years in the pulp and paper industry. Vice President of FIESP. Member of BRACELPA’s and IBEF’s Advisory Vice Chairman Board. Chairman of the Board of Directors for the Brazilian Committee of Britain Brazil Business Forum. Experience of 31 years in the pulp and paper industry. Member of the Board and the Committee of Sustainability and Strategy; JORGE FEFFER Director of Premesa, Corporate VP of Suzano Holding and IPLF Holding, Executive Officer of Nemonorte and Vocal. Executive Vice President of Suzano Holding S/A. Coordinator of Sustainability and Strategy Committee and member of Audit Committee and member of the Compensation Commission of the Board of Directors; Former president of the board and CEO of CLÁUDIO SONDER Hoechst of Brazil. Board of Directors member of Lojas Renner S/A, RBS Group, Cyrela Brazil Realty, OGX and Chemical Group DSM/Holanda. Senior partner of Machado, Meyer, and Sendacz Opice Lawyers and former member of the Board of Directors of OAB Brazil. ANTONIO MEYER President of CESA. Former Legal Adviser and Chairman of the Legislative Committee of the American Chamber of Commerce and Director of ABRASCA’s Legislative Committee. (Independent) Member of Audit Committee. Senior partner of Integra Associates. Member of Gerdau S/A’s Board of Directors, Metalúrgica Gerdau, OSCAR BERNARDES Sao Paulo Alpargatas, Localiza, and Johnson Electric (Hong Kong); Board Member of Bunge Brazil and Alcoa Brazil. Oscar was President of Bunge International and Managing Partner in Booz-Allen & Hamilton. (Independent) Coordinator of Suzano Pulp and Paper’s Audit Committee. Member of the Board of Directors of TAM Airlines and TAM Aviação MARCO BOLOGNA Executiva. Former CEO of TAM Airlines and WTorre. (Independent) Co-Chairman of the Board of Directors of BRF-Brasil Foods. Board member of WEG S/A, Ultrapar Participações S/A and Iochpe- NILDEMAR SECCHES Maxion S/A. Former CEO of Perdigão Group. Former Director of the National Bank for Economic and Social Development - BNDES, and General Director of Corporate Group Iochpe-Maxion Industrial Holding. (Independent) 41
  • 42. Executive officers Distinguished management team Chief Executive Officer, also responsible for Strategy Department, 4 years at Suzano. Member of the Board of Director Member of Marfrig Frigoríficos. Vice President of BRACELPA. Former member of the Board of Director of SEBRAE, Gradiente, Cecrisa and ANTONIO MACIEL NETO Amcham. Former Chaiman of Ford Brasil and Ford Latin America, Itamarati Group, Ferronorte and Cecrisa and former Executive of Petrobras and the Federal Government. Mechanical Engineer graduated from UFRJ. Chief Financial Officer, also responsible for Investor Relations Department. Has worked as Chief Financial Officer at CSN and ALBERTO MONTEIRO as member of the Board of Director of Congonhas Minérios, NAMISA, Transnordestina S.A., among others. At Banco do Brasil, has worked as Chief Financial Officer of Conglomerado BB S.A., CEO of BB DTVM and President of BESC DTVM. Graduated in Business Administration from FCPE/RJ, MBA degree in Corporate Finance from FGV na Post graduated in Banking from FEA/USP. ALEXANDRE YAMBANIS Pulp Business Unit Executive Officer, joined Suzano in 2009. Former CEO of European operations of RGM Group and BERNARDO Commercial Director of Aracruz. Graduated in Business Administration from Fundação Getúlio Vargas (FGV). SZPIGEL, 65 Chief Executive Officer of Suzano Renewable Energy and Suzano Pulp and Paper Executive Officer, responsible for ANDRÉ DORF Corporate Development Department, 7 years at Suzano. Former Paper Business Unit Executive Officer (2005-2008). Former Executive of JPMorgan in Brazil and NY (Investment Banking Global and Latin America), Chase Manhattan and Banco Patrimônio/Salomon Brothers. Graduated in Business Administration from Fundação Getúlio Vargas (FGV). ERNESTO POUSADA Chief Operation Officer, 5 years at Suzano. Has worked as Expansion Project Director of Mucuri Unit. Former executive of Dow Chemical Company, in Brazil, USA and Europe. Post-Graduated in Business Administration from FIA/USP. Paper Business Unit Executive Officer, 6 years at Suzano. Former Executive Manager of Suzano’s Pulp Business Unit and Sales CARLOS ANIBAL General Manager for Latin America at General Electric in the Industrial Systems Division. MBA degree from Ibmec-SP. Electrical Engineer from UFMG. Human Resources Executive Officer, 2 years at Suzano. Former Human Resources Manager for Aviation Operations in General CARLOS GRINER Electric in Brazil and abroad, Global HR Director for Information Technology in the United States and HR Director for Mexico and Latin America. Former Executive of Carioca Engenharia, CR Almeida, Comlurb and Bureau Veritas. Post Graduated in Business Administration fromCOPPEAD-UFRJ. 42