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Apimec 2010
Presentation
São Paulo, December 9, 2010




                              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                14
Pulp Business Unit                    20

Paper Business Unit                   27

Results                               34
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
                                                                1975                                         Merger with                                  Acquisition of
Leon Feffer                                                                                                   Bahia Sul                                    FuturaGene,
starts paper                                                                                                                                                       PLC.
trading activities
                                                1956
                                                                                                                              Start up of Line 2
                                                                                Launch of Report                                at Mucuri
                             1955                       Acquisition of
                                                        Indústrias de Papel
                                                        Rio Verde’s control                           Adoption of Bovespa’s
                 1939                                                                                 Level I corporate
                                                                                                                                                     Suzano Renewable
                                                                                                      governance standards
                                                                                                                                                               Energy
                                                                                                      and Professional
 1924                                                                                                 Management
                                                                                                                                                                           4


 4
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



5
Growth Cycle
Growth Strategy



Suzano reviewed its strategy and presents innovative growth plans supported by its
competencies and forestry know-how




    Organic Growth in Pulp
                              Investimento em
                                                           Biotecnologia
    Investment in Renewable Energy Renovável
                             Energia


    Biotechnology




6
Growth Cycle
Organic Growth in Pulp


Suzano’s production capacity has increased by 130% in the last 5 years. The Company is
prepared for a new growth cycle that will increase its capacity to
5.6 MM ton/year of pulp and paper by 2014
                                                                                                  Piauí Unit


                                                                                       Maranhão
                                                                                         Unit      5,650



                                                                                        4,250



                                            2,750    2,850    2,850   2,850    2,850


                                   1,920
                           1,720
                  1,485
         1,240




Mucuri Unit and new pulp line: analysis of the global economy and pulp market outlook for definition of the
implementation schedule and start up.

7
Growth Cycle
New Units in Maranhão and Piauí


Projects:
                                                                                   Maranhão                Piauí
• Market pulp production capacity:
                                                        Required planted area       154 tsd ha           170 tsd ha
    1.5 MM ton/year per unit
• Estimated industrial capex:                           Forestry capex               US$ 575              US$ 710
                                                        (total estimated)             million              million
    US$ 2.3 billion per unit
                                                        Start up (estimative)         2013                  2014
• Forestry capex already invested:
    US$ 407 million                                                                68% own land       70% own land
                                                        Wood supply                  32% third          30% third
• Funding:                                                                            parties            parties
    ~ 80% debt and remainder cash flow generation
      • BNDES and ECA’s1
      • Competitive costs, long term and grace period

Competitive Advantages:
•   100 MW energy surplus per unit for sale
•   Logistics guaranteed by long term contracts
•   Projects’ updates with better returns
•   Tax incentives                                      Draft of Piauí’s nursery       Draft of the MA / PI mill



    1   Export Credit Agency

8
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




9
Growth Cycle
Suzano Renewable Energy


Suzano Renewable Energy– 1st fase
                                              Wood pellets for energy, produced from
• 3 units: 1 MM ton/year each
                                              renewable energy-oriented forests
• Capex: US$ 800 million
• World leader
• Initial focus on the European market




                                         • Analysis of the clones portfolio: special clone
                                             selection
Experiments
                                         •   Dedicated plantation (more plants per hectare)
    with
                                         •   Higher yield
 “Energetic
  Forests”                               •   Harvest in 2 to 3 years
 since 2008                              •   High lignin content – high calorific value
                                         •   Unuseful for pulp production
                                         •   Experimental “energetic” stewardship in Northeast

10
Growth Cycle
Renewable Energy Business Rationale



Internal View                                                Transfer of Suzano’s pulp
• Competencies linked to the forestry business               competitivity to the renewable
                                                             energy market
• Successful experiments with energetic forest
• Excellence in industrial projects’ management and          Know How
                                                             High productivity based on forestry R&D
     relations with suppliers (i.e: equipments, logistics,
     etc)                                                    Time-to-market
                                                             “Energetic” stewardship - harvest in 2 to 3 years:
                                                             start up in 2013
Market View
                                                             Reliance
• Global focus in energy from renewable sources and          Integrated forests, scale and strong cash generation
     emission reduction
                                                             Environmental and social “Footprint”
• European challenges linked with future supply and          Pellets: 100% from planted forests, with high
     202020 targets                                          environmental management standards

• Need for structured pellets suppliers and long-term        Operations in the Brazilian Northeast, with relevant
     contracts (big utilities)                               contributions to social development




11
Growth Cycle
Project Update




     Concluded Steps                        Ongoing Steps
•    Conceptual engineer                •   Commercial agreements: negotiation
•    Technology definition                  of final contracts with clients
     with suppliers                         - MoUs for 3.1 mm/ton/year
•    Chemical properties                •   Search and negotiation of lands
     aligned with the European market   •   Understandings with State governments
•    Forestry Base: harvesting tests    •   Discussions with ship-owners and
•    Dedicated team                         logistics providers
                                        •   Funding: definition of the capital structure (1Q11)




12
Agenda




Corporate View and Growth Cycle   04
Forestry Business Unit            14
Pulp Business Unit                20

Paper Business Unit               27

Results                           34
Forestry Business Unit
Forestry Assets


The Forestry Business Unit (FBU) guarantees to Suzano
100% eucalyptus wood supply from renewable planted forests


                                            2010 Areas’ Chart               FBU in Numbers                 2010
                                                       MA, PI and TO
                                                                            Total area (tsd ha)            663
                                                       Total: 300 tsd ha
                                                       Planted: 77 tsd ha
                                                                            Planted area (tsd ha)          290
                                                                            Anual planting (tsd ha)         97
                                                                            Planted saplings / day (tsd)   398

                                                       BA, ES and MG        Harvested trees / day (tsd)    125
                                                       Total: 220 tsd ha
                                                                            Anual harvest (million m³)     11.1
                                                       Planted:
                                                       126 tsd ha           Loaded trucks / year
                     Forests                                                                               201
                                                                            (tsd units)
                     average
                     distance:              SP                              Preserved Area (tsd ha)        254
                     75 Km
                                            Total: 143 tsd ha
         Forests                            Planted: 87 tsd ha
         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.


14
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
Leafy Productivity (m³/ha/year)                                        •   Excellent soil and climate conditions
                                                                       •   Short harvesting cycle for planted forests
                                                                       •   Regenaration potential of degraded areas
     45.0                                                              •   Formation and maintenance low costs
            41.0

                     25.0                                              •   Continuously growing consumer market
                                   20.0
                                              13.0
                                                       6.0     4.0
 Suzano’s Brazil   Australia   South        Portugal   USA   Finland
Eucalyptus                     Africa

Source: ABRAF, BRACELPA, Adapted by STCP Consulting


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




15
Forestry Business Unit
Suzano’s Forestry Competitivity


 Suzano’s pioneerism and innovation enabled the development of stewardship techniques’ improvements and
 formation of a genetic base


Competitive Advantages                                                                                         New Businesses
                                                    — Total clones: 14,729
•     Genetic portfolio                             — Field experiments: 614
•      Forestry technology                          — Total experimented area: 3,913 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
16
Forrestry Business Unit
Sustainability, Innovation and Governance


Sustainability Directive Plan considers a refined concept of theTriple Bottom Line
comprising Innovation and Governance



                                                            Economic financial

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



                    Environment                                                   Social
                   • Forest management and certified                              • 57 public libraries
                     chain of custody
                                                                                  • Renovation of 35 public
                   • Member of CCX1 and WBCSD2                                      schools in 3 states
                   • ECOFUTURO (Parque das                                        • ECOFUTURO: 92 thousand
                      Neblinas)                                                     benefited students



                      1   Chicago Climatic Exchange
                      2   World Business Council for Sustainable Development



17
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




18
Agenda




Corporate View and Growth Cycle   04
Forestry Business Unit            14

Pulp Business Unit                20
Paper Business Unit               27

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
                                                            fiber used for paper production.                                 BEKP3
                               Printing and Writing
                                                            New paper capacities are being installed near to
   Millions of tons




                               Paperboard                   consumer markets, while cash costs drives                  10%            1.6
                               Tissue                       implementation of new pulp capacities.

                                                            1 Bleached Softwood Kraft Pulp
                               Corrugated                   2 Bleached Hardwood Kraft Pulp
                                                            3 Bleached Eucalyptus Kraft Pulp
                               Newsprint
                               Others
                                                                                                                       Suzano’s 2014 estimated
                                                                                                                       production of 4,6 mm ton
                      2010e                                                                                            (26% of global production)
Source: Poyry and Suzano

 20
Pulp Business Unit
Pulp demand growth driven by eucalyptus and by European
and Chinese markets
      Demand: Market Pulp (K ton)                          Demand: Eucalyptus Pulp (K ton)
      CAGR                                                 CAGR
      ’03 -’09:                                            ’03 -’09:
      +2.2%                                                +11.3%




                                                  55,755                                  19,710   20,560
                                        54,555                                   18,580
                             53,215                                     17,405
                                                               15,715
                    51,610
          49,085


          10e
         2010e       11e
                    2011e     12e
                             2012e     13e
                                      2013e        14e
                                                 2014e         10e
                                                              2010e      11e
                                                                        2011e     12e
                                                                                 2012e     13e
                                                                                          2013e     14e
                                                                                                   2014e

      Eucalyptus Pulp – China (K ton)                      Eucalyptus Pulp – Europe (K ton)
      CAGR                                                 CAGR
      ’03 -’09:                                            ’03 -’09:
      +26.9%                                               +7.4%




                                                  5,385                                            8,655
                                        4,950                                             8,485
                             4,355
                    3,930                                                        8,185
           2,945
                                                                        7,785
                                                               7,420

           10e
         2010e       11e
                    2011e     12e
                             2012e     13e
                                      2013e       14e
                                                  2014e
                                                              2010e
                                                               10e      2011e
                                                                        11e      2012e
                                                                                  12e     2013e
                                                                                          13e      2014e
                                                                                                   14e
     Source: PPPC
21
Pulp Business Unit
Supply increase driven by eucalyptus
shows Suzano as a relevant player
     Market Pulp Supply (K ton)                               Eucalyptus Pulp Supply (K ton)
     CAGR                                                     CAGR
     ’03 -’09:                                                ’03 -’09:
     +2.7%                                                    +11.3%




                                                                                                  21,170    22,415
                                               61,535                                19,610
                                      60,140                     17,530   18,905
                 57,670      58,330
        55,045



        10e
       2010e      11e
                 2011e        12e
                             2012e     13e
                                      2013e     14e
                                               2014e             10e
                                                                2010e      11e
                                                                          2011e       12e
                                                                                     2012e        13e
                                                                                                  2013e      14e
                                                                                                             2014e

     Eucalyptus’ Supply and Demand Balance (%)                New Eucalyptus Pulp Capacities Forecast
                                                              2010 – 2014 (K ton)



                                                              Global                          6,385                    100%


                                                        Latin America                4,990                       78%
                             95%
                                      93%
                  92%                          92%
                                                               Brazil              4,315                   68%
        90%

                                                             Suzano          3,000              47%
        10e
       2010e      11e
                  2011e      12e
                             2012e    13e
                                      2013e    14e
                                               2014e
      Source: PPPC, Suzano
22
Pulp Business Unit
Brazilian Pulp Cash Cost: Structurally Low


                                                                     US$ / ton (CIF/ North Europe)


                                                                                                                                                                                           US$ 511 - 696 / ton
                                                                                         US$ 441 - 651 / ton
     700

                                                                                                                                         US$ 367-398 / ton
     600




                                                                                                                                                                                                                                        Canada (British Columbia Coast)
     500




                                                                                                                                                                                                            Canada (British Columbia)




                                                                                                                                                                                                                                                                          Canada (East)
                                                                                                                                                  France, Austria and Belgium
     400                           US$ 300 – 401 / ton




                                                                                                                   South Korea
                                                                                        France and Belgium




                                                                                                                       Japan




                                                                                                                                                                                             Sweden
                                                                                                                        Canada




                                                                                                                                                                                                      USA
                                                                                                                                                                                Finland
     300
                                                                       Iberia, Norway


                                                                                              Sweden



                                                                                                             USA
                                                                                              China
                                                                                                Finland
                                                         Indonesia




                                                                                                                                         Russia
                                                                                                                                 Chile
                                                 Chile
                          Brazil




                                                          Hardwood                                                                                                                        Softwood


           Source: Hawkins Wright, jul/ 10 - Volumes do not include production of unbleached pulp and high yield pulp.




23
Pulp Business Unit
Highlights


 Pulp Sales Volume (K ton)                                          Pulp Sales Destinations – 9M10

                              1,780                                    Brazil   18%
                                         1,608
                                                         South/Central Am.  1%                        33%    Asia
                  1,320
                                                 1,195
                                                                 North     9%
                              85%
     799                                  82%
                                                                 America
                   82%                           82%
     80%
                                          18%
     20%           18%        15%                18%               Europe    39%
     2007          2008       2009         LTM   9M10
                 Domestic Market      Exports
 Note: LTM = last 12 months




 • Technical support in each international office:
                                                                    Sales per Segment – 9M10
     China, Switzerland and USA
 • 80% of total sales with long term contracts                          Others 12%

 • More than 150 active clients
                                                                                                     41% Printing and Writing
 • Strategic long-term partnerships with clients:                Special 19%
       • Logistics
       • Technology
       • Pre and post sale technical assistance                         Tissue 28%
 • Strategic focus on high value added segments
24
Pulp Business Unit
Strategy




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




25
Agenda




Corporate View and Growth Cycle   04
Forestry Business Unit            14

Pulp Business Unit                20

Paper Business Unit               27

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                            121
                                                                              116                           Focus
                                                             Paperboard1
                                                                                                      52
                                                                   Tissue     46                      33
                                                                              29


                                                                              210                     232
                                                                   Others

                                                                             2010e                  2015e
                                                                               1                       2
                                                                     1Paperboard + liquid packaging board
                                                                     Source: Poyry – 2009



27
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$)

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

                                 Source: Poyry, 2008

                  28
Paper Business Unit
Brazil and Latin America are the main Markets



                  Brazilian Demand (MM ton)                                              Latin Amercica ex-Brazil Demand (MM ton)

                                                                                                                3.3% p.a.   5,287
                                     4.3% p.a.   3,434
                                                                                                        4,488
                             2,788                                                                              4.1% p.a.   1,875
                                     4.2% p.a.   1,099
                                                                                                        1,533
          Paperboard1        895                                                     Paperboard1

                                     4.3% p.a.                                                                  2.9% p.a.
                                                 2,335                                                                      3,412
     Printing &   Writing2   1,893                                              Printing &   Writing2   2,955




                             2010
                             2010e               2015
                                                 2015e                                                  2010e
                                                                                                        2010                2015e
                                                                                                                            2015

                    1Paperboard + liquid packaging board; 2 Uncoated + Coated
                    Source: RISI Latin America Forecast –Nov/10


• 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
29
Paper Business Unit
Highlights



      Sales Volume (k ton)                                              Sales Destination – 9M10


                     1,162                                                              3% Others
       1,125                      1,116       1,146                       Europe 11%
                                                      839
       41%            43%         47%         44%
                                                      44%           North   11%                     56% Brazil
                                                                    America
       59%            57%         53%          56%
                                                      56%

       2007          2008         2009         LTM    9M10   South/ Central Am. 19%

                   Domestic Market        Exports

     Note: LTM = last 12 months




•    Leadership in printing & writing and white paperboard in South America
•    More than 90% integrated production (pulp + paper)
•    Fx hedge: approximately 60% of paper revenue in local currency
•    2 own paper merchants – SPP NEMO (2nd largest in Brazil) and Stenfar (Argentina)
•    Premium pricing in the segments where we act
•    Lower price volatility in the domestic market



30
Paper Business Unit
Price Recovery to Pre-Crisis Levels


                                                Average Net Prices
                                                                                         Paperboard
                          140
                                                                                   134
                                                                                         Domestic Market
                          120
                                                                                   113   •   Market dominance in high value added segments
     Paperboard




                          100
                                                                                         •   Low level presence of imports
                          80                                                             •   Growth of the consumer industry

                          60
                                Jan   Jul       Jan       Jul         Jan   Jul   Sep
                                08    08        09        09          10    10     10



                          140


                                                                                         Printing & Writing
     Printing & Writing




                          120
                                                                                   111

                          100                                                      102   Domestic Market
                                                                                         •   Imports: high concentration of coated
                           80
                                                                                         •   Exchange rate’s effects
                           60                                                            •   Fiscal control of Immune paper operations
                                Jan   Jul       Jan       Jul         Jan   Jul   Sep
                                08    08        09        09          10    10     10

                                        Domestic Market         Exports

 Note: Prices of domestic market in R$; prices of exports in US$



31
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                14

Pulp Business Unit                    20

Paper Business Unit                   27

Results                               34




33
Results
  Net Revenue and EBITDA


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


                                                                                                                                                37.3%   39.9%
                                               2,896       2,754                                                           36.2%
                                  2,482                                                               33.5%
                      1,924                                           2,034                                      30.3%
         1,686
                                                           4,338
                                                                                                                                    25.8%
                                                                                                                                            1,617
                                  4,064        3,953                                                                        1,469
                       3,410                                                                                                                            1,325
         3,099                                                       3,319
                                     54%                   57%                                        1,040      1,034              1,021
                       47%                     58%
         42%                                                           58%

          58%          53%           46%       42%         43%         42%


         2006          2007          2008      2009        LTM        9M10                             2006       2007      2008    2009        LTM      9M10
R$/US$                                                                                   R$/US$
         2.18          1.95          1.83      2.00        1.77        1.78                            2.18       1.95      1.83    2.00         1.77    1.78
avg.                                                                                     avg.
                   Domestic Marlet              Exports              Volume



            Paper: Revenue (R$ million) and Volume (K ton)                                           Pulp: Revenue (R$ million) and Volume (K ton)



           1,071         1,125        1,162     1,116      1,146
                                                                                                                                    1,780       1,608
                                                                       839                                                  1,320                       1,195
                                                                                                        615        799
                                                                                                                                                1,928
                                       2,525                                                                                1,539   1,609
            2,336         2,458                 2,344      2,411                                                                                        1,517
                                       37%                            1,801                                        934                          86%
            31%           34%                   39%         37%                                                                     86%                 83%
                                                                      37%                               737                  83%
            69%           66%          63%      61%        63%                                                     81%
                                                                      63%                               80%

            2006          2007         2008     2009        LTM        9M10                             2006       2007     2008    2009        LTM     9M10
                     Domestic Market             Exports            Volume                                     Domestic Market        Exports           Volume

                Note: The amounts of 2010 include the adjustments introduced by the IFRS standards
                      LTM = last 12 months
  34
Results
Adequate Debt Amortization Schedule and Liquidity Profile


•    Cash: R$ 3.6 billion on 09/30/2010
•    Liquidity horizon: low rollover risk even under stress scenarios
•    Competitive cost of debt and duration of 3.7 years
•    Debt breakdown on 09/30/2010: 51% in foreign currency and 49% in local currency (R$)
•    Moody’s: Baa3 (stable) Investment Grade; S&P: BB+ (stable)

      Amortization schedule (R$ million)                                Debt - Sep/ 2010

                                                                         R$ million                  Amount   Leverage
                                                              1,951      BNDES                        2,406     1.5x

                                                                         Nordic Investment Bank        80       0.0x
                        1,390
              1,230                                                      FINIMP                       311       0.2x
                                  1,006    966
                                                                         Projetcs Debt                2,797     1.7x
      516                                                                Trade Finance
                                                    417                                               2,258     1.4x

                                                                         Debentures                   784       0.5x

     4Q10      2011      2012      2013    2014     2015       2016      Others                       1,310     0.8x
                                                              onwards
                                                                         Gross Debt                   7,476     4.4x
               Local Currency              Foreign Currency
                                                                         Cash and Cash Equivalents    3,617     2.2x

                                                                         Net Debt                     3,850     2.4x


                                                                                                                   35
35
Results
Conservative Financial Policy


•    Benchmark: investment grade status
•    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
                                                     Mucuri Project Start up of line                      economic
                                                        (line 2)      2 at Mucuri                           crisis
                                 Acquisition
                                  of Ripasa

                                                            3.8x                 3.7x           3.7x
                                      2.7x                                                                        3.9x
7,000                                                                                                                       2.4x
6,000            1.6x                                                                         5,459
5,000                                                   3,919                4,285                        3,966           3,850           2.0
4,000                              2,475
3,000         1,616
                      1,039                                   1,040                  1,146        1,469                           1,617
2,000                                      913                                                                    1,021
1,000
    0                                                                                                                                     -3.0
                 2004                 2005                 2006                 2007            2008        2009            LTM
                          Net Debt (R$ MM)                                EBITDA (R$ MM)                  Net Debt/EBITDA (x)


         Note: The amounts of 2010 include the adjustments introduced by the IFRS standards
               LTM = last 12 months
36
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


37
Investor Relations Team




Antonio Maciel (CEO and IR Director) +55 (11) 3503-9061 ri@suzano.com.br

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

Fernanda Nardy (Analyst) +55 (11) 3503-9066 fnardy@suzano.com.br

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

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

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

Eduardo Oliveira (Intern) +55 (11) 3503-9306 epoliveira@suzano.com.br


Investor Relations
www.suzano.com.br/ri




38

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  • 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 14 Pulp Business Unit 20 Paper Business Unit 27 Results 34
  • 4. 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 1975 Merger with Acquisition of Leon Feffer Bahia Sul FuturaGene, starts paper PLC. trading activities 1956 Start up of Line 2 Launch of Report at Mucuri 1955 Acquisition of Indústrias de Papel Rio Verde’s control Adoption of Bovespa’s 1939 Level I corporate Suzano Renewable governance standards Energy and Professional 1924 Management 4 4
  • 5. 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 5
  • 6. Growth Cycle Growth Strategy Suzano reviewed its strategy and presents innovative growth plans supported by its competencies and forestry know-how Organic Growth in Pulp Investimento em Biotecnologia Investment in Renewable Energy Renovável Energia Biotechnology 6
  • 7. Growth Cycle Organic Growth in Pulp Suzano’s production capacity has increased by 130% in the last 5 years. The Company is prepared for a new growth cycle that will increase its capacity to 5.6 MM ton/year of pulp and paper by 2014 Piauí Unit Maranhão Unit 5,650 4,250 2,750 2,850 2,850 2,850 2,850 1,920 1,720 1,485 1,240 Mucuri Unit and new pulp line: analysis of the global economy and pulp market outlook for definition of the implementation schedule and start up. 7
  • 8. Growth Cycle New Units in Maranhão and Piauí Projects: Maranhão Piauí • Market pulp production capacity: Required planted area 154 tsd ha 170 tsd ha 1.5 MM ton/year per unit • Estimated industrial capex: Forestry capex US$ 575 US$ 710 (total estimated) million million US$ 2.3 billion per unit Start up (estimative) 2013 2014 • Forestry capex already invested: US$ 407 million 68% own land 70% own land Wood supply 32% third 30% third • Funding: parties parties ~ 80% debt and remainder cash flow generation • BNDES and ECA’s1 • Competitive costs, long term and grace period Competitive Advantages: • 100 MW energy surplus per unit for sale • Logistics guaranteed by long term contracts • Projects’ updates with better returns • Tax incentives Draft of Piauí’s nursery Draft of the MA / PI mill 1 Export Credit Agency 8
  • 9. 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 9
  • 10. Growth Cycle Suzano Renewable Energy Suzano Renewable Energy– 1st fase Wood pellets for energy, produced from • 3 units: 1 MM ton/year each renewable energy-oriented forests • Capex: US$ 800 million • World leader • Initial focus on the European market • Analysis of the clones portfolio: special clone selection Experiments • Dedicated plantation (more plants per hectare) with • Higher yield “Energetic Forests” • Harvest in 2 to 3 years since 2008 • High lignin content – high calorific value • Unuseful for pulp production • Experimental “energetic” stewardship in Northeast 10
  • 11. Growth Cycle Renewable Energy Business Rationale Internal View Transfer of Suzano’s pulp • Competencies linked to the forestry business competitivity to the renewable energy market • Successful experiments with energetic forest • Excellence in industrial projects’ management and Know How High productivity based on forestry R&D relations with suppliers (i.e: equipments, logistics, etc) Time-to-market “Energetic” stewardship - harvest in 2 to 3 years: start up in 2013 Market View Reliance • Global focus in energy from renewable sources and Integrated forests, scale and strong cash generation emission reduction Environmental and social “Footprint” • European challenges linked with future supply and Pellets: 100% from planted forests, with high 202020 targets environmental management standards • Need for structured pellets suppliers and long-term Operations in the Brazilian Northeast, with relevant contracts (big utilities) contributions to social development 11
  • 12. Growth Cycle Project Update Concluded Steps Ongoing Steps • Conceptual engineer • Commercial agreements: negotiation • Technology definition of final contracts with clients with suppliers - MoUs for 3.1 mm/ton/year • Chemical properties • Search and negotiation of lands aligned with the European market • Understandings with State governments • Forestry Base: harvesting tests • Discussions with ship-owners and • Dedicated team logistics providers • Funding: definition of the capital structure (1Q11) 12
  • 13. Agenda Corporate View and Growth Cycle 04 Forestry Business Unit 14 Pulp Business Unit 20 Paper Business Unit 27 Results 34
  • 14. Forestry Business Unit Forestry Assets The Forestry Business Unit (FBU) guarantees to Suzano 100% eucalyptus wood supply from renewable planted forests 2010 Areas’ Chart FBU in Numbers 2010 MA, PI and TO Total area (tsd ha) 663 Total: 300 tsd ha Planted: 77 tsd ha Planted area (tsd ha) 290 Anual planting (tsd ha) 97 Planted saplings / day (tsd) 398 BA, ES and MG Harvested trees / day (tsd) 125 Total: 220 tsd ha Anual harvest (million m³) 11.1 Planted: 126 tsd ha Loaded trucks / year Forests 201 (tsd units) average distance: SP Preserved Area (tsd ha) 254 75 Km Total: 143 tsd ha Forests Planted: 87 tsd ha 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. 14
  • 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 Leafy Productivity (m³/ha/year) • Excellent soil and climate conditions • Short harvesting cycle for planted forests • Regenaration potential of degraded areas 45.0 • Formation and maintenance low costs 41.0 25.0 • Continuously growing consumer market 20.0 13.0 6.0 4.0 Suzano’s Brazil Australia South Portugal USA Finland Eucalyptus Africa Source: ABRAF, BRACELPA, Adapted by STCP Consulting • Logistics Challenges • Tax Structure • Cost of Capital • Education Level • Exchange Rate 15
  • 16. Forestry Business Unit Suzano’s Forestry Competitivity Suzano’s pioneerism and innovation enabled the development of stewardship techniques’ improvements and formation of a genetic base Competitive Advantages New Businesses — Total clones: 14,729 • Genetic portfolio — Field experiments: 614 • Forestry technology — Total experimented area: 3,913 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 16
  • 17. Forrestry Business Unit Sustainability, Innovation and Governance Sustainability Directive Plan considers a refined concept of theTriple Bottom Line comprising Innovation and Governance Economic financial Governance • Global competitiveness and scale Innovation Application of • Consistent margins and returns • Processes, products sustainability principles • Capital discipline and clean technologies in the decision-making • Stakeholders’ knowledge process valorization Environment Social • Forest management and certified • 57 public libraries chain of custody • Renovation of 35 public • Member of CCX1 and WBCSD2 schools in 3 states • ECOFUTURO (Parque das • ECOFUTURO: 92 thousand Neblinas) benefited students 1 Chicago Climatic Exchange 2 World Business Council for Sustainable Development 17
  • 18. 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 18
  • 19. Agenda Corporate View and Growth Cycle 04 Forestry Business Unit 14 Pulp Business Unit 20 Paper Business Unit 27 Results 34
  • 20. 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 fiber used for paper production. BEKP3 Printing and Writing New paper capacities are being installed near to Millions of tons Paperboard consumer markets, while cash costs drives 10% 1.6 Tissue implementation of new pulp capacities. 1 Bleached Softwood Kraft Pulp Corrugated 2 Bleached Hardwood Kraft Pulp 3 Bleached Eucalyptus Kraft Pulp Newsprint Others Suzano’s 2014 estimated production of 4,6 mm ton 2010e (26% of global production) Source: Poyry and Suzano 20
  • 21. Pulp Business Unit Pulp demand growth driven by eucalyptus and by European and Chinese markets Demand: Market Pulp (K ton) Demand: Eucalyptus Pulp (K ton) CAGR CAGR ’03 -’09: ’03 -’09: +2.2% +11.3% 55,755 19,710 20,560 54,555 18,580 53,215 17,405 15,715 51,610 49,085 10e 2010e 11e 2011e 12e 2012e 13e 2013e 14e 2014e 10e 2010e 11e 2011e 12e 2012e 13e 2013e 14e 2014e Eucalyptus Pulp – China (K ton) Eucalyptus Pulp – Europe (K ton) CAGR CAGR ’03 -’09: ’03 -’09: +26.9% +7.4% 5,385 8,655 4,950 8,485 4,355 3,930 8,185 2,945 7,785 7,420 10e 2010e 11e 2011e 12e 2012e 13e 2013e 14e 2014e 2010e 10e 2011e 11e 2012e 12e 2013e 13e 2014e 14e Source: PPPC 21
  • 22. Pulp Business Unit Supply increase driven by eucalyptus shows Suzano as a relevant player Market Pulp Supply (K ton) Eucalyptus Pulp Supply (K ton) CAGR CAGR ’03 -’09: ’03 -’09: +2.7% +11.3% 21,170 22,415 61,535 19,610 60,140 17,530 18,905 57,670 58,330 55,045 10e 2010e 11e 2011e 12e 2012e 13e 2013e 14e 2014e 10e 2010e 11e 2011e 12e 2012e 13e 2013e 14e 2014e Eucalyptus’ Supply and Demand Balance (%) New Eucalyptus Pulp Capacities Forecast 2010 – 2014 (K ton) Global 6,385 100% Latin America 4,990 78% 95% 93% 92% 92% Brazil 4,315 68% 90% Suzano 3,000 47% 10e 2010e 11e 2011e 12e 2012e 13e 2013e 14e 2014e Source: PPPC, Suzano 22
  • 23. Pulp Business Unit Brazilian Pulp Cash Cost: Structurally Low US$ / ton (CIF/ North Europe) US$ 511 - 696 / ton US$ 441 - 651 / ton 700 US$ 367-398 / ton 600 Canada (British Columbia Coast) 500 Canada (British Columbia) Canada (East) France, Austria and Belgium 400 US$ 300 – 401 / ton South Korea France and Belgium Japan Sweden Canada USA Finland 300 Iberia, Norway Sweden USA China Finland Indonesia Russia Chile Chile Brazil Hardwood Softwood Source: Hawkins Wright, jul/ 10 - Volumes do not include production of unbleached pulp and high yield pulp. 23
  • 24. Pulp Business Unit Highlights Pulp Sales Volume (K ton) Pulp Sales Destinations – 9M10 1,780 Brazil 18% 1,608 South/Central Am. 1% 33% Asia 1,320 1,195 North 9% 85% 799 82% America 82% 82% 80% 18% 20% 18% 15% 18% Europe 39% 2007 2008 2009 LTM 9M10 Domestic Market Exports Note: LTM = last 12 months • Technical support in each international office: Sales per Segment – 9M10 China, Switzerland and USA • 80% of total sales with long term contracts Others 12% • More than 150 active clients 41% Printing and Writing • Strategic long-term partnerships with clients: Special 19% • Logistics • Technology • Pre and post sale technical assistance Tissue 28% • Strategic focus on high value added segments 24
  • 25. Pulp Business Unit Strategy Focus on Presence in Strategic sustainable main growth relationship with international strategy clients markets 25
  • 26. Agenda Corporate View and Growth Cycle 04 Forestry Business Unit 14 Pulp Business Unit 20 Paper Business Unit 27 Results 34
  • 27. 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 121 116 Focus Paperboard1 52 Tissue 46 33 29 210 232 Others 2010e 2015e 1 2 1Paperboard + liquid packaging board Source: Poyry – 2009 27
  • 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$) Latin Am. and Brazil = 41kg USA = 300kg Source: Poyry, 2008 28
  • 29. Paper Business Unit Brazil and Latin America are the main Markets Brazilian Demand (MM ton) Latin Amercica ex-Brazil Demand (MM ton) 3.3% p.a. 5,287 4.3% p.a. 3,434 4,488 2,788 4.1% p.a. 1,875 4.2% p.a. 1,099 1,533 Paperboard1 895 Paperboard1 4.3% p.a. 2.9% p.a. 2,335 3,412 Printing & Writing2 1,893 Printing & Writing2 2,955 2010 2010e 2015 2015e 2010e 2010 2015e 2015 1Paperboard + liquid packaging board; 2 Uncoated + Coated Source: RISI Latin America Forecast –Nov/10 • 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 29
  • 30. Paper Business Unit Highlights Sales Volume (k ton) Sales Destination – 9M10 1,162 3% Others 1,125 1,116 1,146 Europe 11% 839 41% 43% 47% 44% 44% North 11% 56% Brazil America 59% 57% 53% 56% 56% 2007 2008 2009 LTM 9M10 South/ Central Am. 19% Domestic Market Exports Note: LTM = last 12 months • Leadership in printing & writing and white paperboard in South America • More than 90% integrated production (pulp + paper) • Fx hedge: approximately 60% of paper revenue in local currency • 2 own paper merchants – SPP NEMO (2nd largest in Brazil) and Stenfar (Argentina) • Premium pricing in the segments where we act • Lower price volatility in the domestic market 30
  • 31. Paper Business Unit Price Recovery to Pre-Crisis Levels Average Net Prices Paperboard 140 134 Domestic Market 120 113 • Market dominance in high value added segments Paperboard 100 • Low level presence of imports 80 • Growth of the consumer industry 60 Jan Jul Jan Jul Jan Jul Sep 08 08 09 09 10 10 10 140 Printing & Writing Printing & Writing 120 111 100 102 Domestic Market • Imports: high concentration of coated 80 • Exchange rate’s effects 60 • Fiscal control of Immune paper operations Jan Jul Jan Jul Jan Jul Sep 08 08 09 09 10 10 10 Domestic Market Exports Note: Prices of domestic market in R$; prices of exports in US$ 31
  • 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 14 Pulp Business Unit 20 Paper Business Unit 27 Results 34 33
  • 34. Results Net Revenue and EBITDA Net Revenue (R$ million) and Volume (K ton) EBITDA (R$ million) and EBITDA Margin (%) 37.3% 39.9% 2,896 2,754 36.2% 2,482 33.5% 1,924 2,034 30.3% 1,686 4,338 25.8% 1,617 4,064 3,953 1,469 3,410 1,325 3,099 3,319 54% 57% 1,040 1,034 1,021 47% 58% 42% 58% 58% 53% 46% 42% 43% 42% 2006 2007 2008 2009 LTM 9M10 2006 2007 2008 2009 LTM 9M10 R$/US$ R$/US$ 2.18 1.95 1.83 2.00 1.77 1.78 2.18 1.95 1.83 2.00 1.77 1.78 avg. avg. Domestic Marlet Exports Volume Paper: Revenue (R$ million) and Volume (K ton) Pulp: Revenue (R$ million) and Volume (K ton) 1,071 1,125 1,162 1,116 1,146 1,780 1,608 839 1,320 1,195 615 799 1,928 2,525 1,539 1,609 2,336 2,458 2,344 2,411 1,517 37% 1,801 934 86% 31% 34% 39% 37% 86% 83% 37% 737 83% 69% 66% 63% 61% 63% 81% 63% 80% 2006 2007 2008 2009 LTM 9M10 2006 2007 2008 2009 LTM 9M10 Domestic Market Exports Volume Domestic Market Exports Volume Note: The amounts of 2010 include the adjustments introduced by the IFRS standards LTM = last 12 months 34
  • 35. Results Adequate Debt Amortization Schedule and Liquidity Profile • Cash: R$ 3.6 billion on 09/30/2010 • Liquidity horizon: low rollover risk even under stress scenarios • Competitive cost of debt and duration of 3.7 years • Debt breakdown on 09/30/2010: 51% in foreign currency and 49% in local currency (R$) • Moody’s: Baa3 (stable) Investment Grade; S&P: BB+ (stable) Amortization schedule (R$ million) Debt - Sep/ 2010 R$ million Amount Leverage 1,951 BNDES 2,406 1.5x Nordic Investment Bank 80 0.0x 1,390 1,230 FINIMP 311 0.2x 1,006 966 Projetcs Debt 2,797 1.7x 516 Trade Finance 417 2,258 1.4x Debentures 784 0.5x 4Q10 2011 2012 2013 2014 2015 2016 Others 1,310 0.8x onwards Gross Debt 7,476 4.4x Local Currency Foreign Currency Cash and Cash Equivalents 3,617 2.2x Net Debt 3,850 2.4x 35 35
  • 36. Results Conservative Financial Policy • Benchmark: investment grade status • 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 Mucuri Project Start up of line economic (line 2) 2 at Mucuri crisis Acquisition of Ripasa 3.8x 3.7x 3.7x 2.7x 3.9x 7,000 2.4x 6,000 1.6x 5,459 5,000 3,919 4,285 3,966 3,850 2.0 4,000 2,475 3,000 1,616 1,039 1,040 1,146 1,469 1,617 2,000 913 1,021 1,000 0 -3.0 2004 2005 2006 2007 2008 2009 LTM Net Debt (R$ MM) EBITDA (R$ MM) Net Debt/EBITDA (x) Note: The amounts of 2010 include the adjustments introduced by the IFRS standards LTM = last 12 months 36
  • 37. 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 37
  • 38. Investor Relations Team Antonio Maciel (CEO and IR Director) +55 (11) 3503-9061 ri@suzano.com.br Andrea Fernandes (IR Executive Manager) +55 (11) 3503-9062 afernandes@suzano.com.br Fernanda Nardy (Analyst) +55 (11) 3503-9066 fnardy@suzano.com.br Michelle Corda (Analyst) +55 (11) 3503-9359 mcorda@suzano.com.br Rosely Onizuca (Analyst) +55 (11) 3503-9355 ronizuca@suzano.com.br Áurea Portugal (Assistant) +55 (11) 3503-9061 aportugal@suzano.com.br Eduardo Oliveira (Intern) +55 (11) 3503-9306 epoliveira@suzano.com.br Investor Relations www.suzano.com.br/ri 38