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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.




                                                                                   2
Agenda


Corporate Overview   4
     Forestry Business Unit12
           Pulp Business Unit 19


                 Paper Business Unit    26
                         Results   34
                              New Growth Cycle   42
                                                           3
Corporate Overview
Suzano Pulp and Paper

Ownership and Management

Defined controlling        • Second largest eucalyptus pulp
group                          producer in the world and one of
• Reputation
• Long term vision             the top 10 market pulp producers.
                           •   Leader in the regional paper
                               market
                           • Certified plantations and products.
Capital markets
• Management performance   • New growth cycle: from 2.8 to 5.9
  assessment                 million tons per year of paper and
• Transparency
• Funding for growth           pulp.
                           • Pulp production costs: one of the
                               lowest in the world.
                           • Solid business structure abroad.
Professional               • Capital markets presence: free
management
• Capital discipline         float of 45%.
• Rapid decision-making
  process

                                                                   5
Diversified products and markets


                               Balanced and complementary portfolio
                                                        Papers (56% of net revenue)
      Market pulp                  Printing and Writing (42% of net revenue)
    (44% of net rev.)                                                                   Paperboard
                                       Uncoated                 Coated                (14% of net rev.)
                                    (35% of net rev.)        (7% of net rev.)
       2nd largest                   2nd in Brazil            1st in Brazil          1st in Brazil
    eucalyptus pulp
                                  Market share: 27%        Market share: 19%      Market share: 26%
 producer in the world




                                           R$ 4.3 billion in net revenue
                                   57% in exports / 43% in domestic market

Note: Market share figures include paper imports.
Data: Last 12 months until Sep, 2010.                                                                     6
Sustainable growth


  Suzano’s production capacity has increased by 130%
  in the last five years. The Company is prepared for a
  new growth cycle that will increase its capacity to 5.9                             5,850

  million tons per year of pulp and paper.                                            1,500 Piauí Unit


                                                                                      1,500 Maranhão Unit
                                                                      2,750   2,850

                                              1,720         1,920
                                 1,485                                1,650   1,750   1,750
      1,200         1,240                      640           820
       425           456          570
       775           784          915         1,080         1,100     1,100   1,100   1,100

      2003          2004         2005          2006         2007      2008    2009     New
                                                                                      growth
                                                                                       cycle
                                                Paper          Pulp



Note: The effective capacities will depend on the learning curves.

                                                                                                            7
Corporate structure
                                                                         BD committees

                                                                         Management
                                  Board of Directors (BD)              Sustainability and
The Business Units model
provides performance and
                                9 members (4 independent)                  Strategy
returns assessments in each
business                                                                        Audit
                                            CEO




     SP Operations            Forestry BU         Pulp BU          Paper BU

      SP Strategy,                                          BU: Business Unit
  Corporate Dev. and IR

       SP Finance                                                      Objectives:
       SP Human
                                                       • Greater focus on customers
       Resources                                           • Improved accountability
                                                           • Development of leaders
  SP: Service Providers

                                                                                            8
Management model
Operational Excellence                                          Alignment of Interests
      • Six Sigma                                                     • Executives compensation based on
      • Routine management                                                EVA metrics
      • Matrix budgeting                                              •   Higher variable portion in total
                                                                          compensation


Corporate Risk Management                                       Strategic Planning
     • COSO1 methodology                                              • Focused on Value Based
     • Corporate governance structure                                     Management (VBM)
        based on committees – direct report                           •   Innovation and R&D
        to the directors and Board.                                   •   Sustainability

                                         Awards and Certifications




¹Internal control methodology of the Committee of Sponsoring Organizations of the Treadway Commission
                                                                                                             9
Sustainability
                                   Triple Bottom Line – GRI approach

                                                                    Financial and Economic
                                                                    • Growing scale and revenues
                                                                    • Improving margins and returns
                                                                    • Solid cash flow generation




                                                                         Social
Environment                                                              • Focus on education:
• FSC – forest management and custody                                        – Public libraries
    chain management                                                         – Public schools remodeling
•   CCX e WBCSD member                                                       – Educational programs
•   ECOFUTURO (Parque das Neblinas)                                              (with ECOFUTURO)

FSC – Forest Stewardship Council
CCX – Chicago Climate Exchange      WBCSD - World Business Council for Sustainable Development               10
Growth platform




                   Consolidated
                  presence in the       New growth          Consolidated
Competitive          main pulp
                                         cycle with         management
assets with        markets and
                   leader in the        competitive         structure and
global scale
                  regional paper          projects              model
                      market




     Qualified team that combines diversity and focus on execution



                                                                            11
Forestry Business Unit
Forestry competitiveness


                                                  Forest yield (m³/ha/year)
                                           44
Brazil: high productivity,                              30
forestry technology, low                                            20
production costs and
                                                                                 1
available areas for
expansion                               Eucalyptus Acacia        Eucalyptus     Pinus
                                         Suzano                   globulus




                       Forest             Planted      Planted      Planted      Native
                       Harvest cycle
                                              7              8         12            80
                       (years)
                                                       Indonesia,    Spain,      Canada,
                                                        Malaysia    Portugal,    Finland
                       Main producers       Brazil
                                                          and       Chile and      and
                                                        Vietnam     Uruguay      Sweden



                                                                                           13
Evolution with state-of-the-art technology
                                                                    Forest yield evolution (m³/ha/year)

                                Technology innovation               Clones
                                                                              Monoprogeny planting          Biotechnology
                                • More wood/ ha                                Soils and nutrition
                                                                                                     44
                                                                                                              Classic
                                • More pulp/ m3                                                             improvement
                                • Higher quality                              29           31
                                • Less planting areas        21
                                • Lower costs


                                                        1960 1970             1991         1998      2008



                                     Productivity (admt¹/ha/year)

                                                                             Biotechnology
                                                                             Classic improvement
                                                   11
                 5.5
                              100%


               1980                              2008

¹admt: air dried metric ton
                                                                                                                          14
Lands and forests

                                                                                             Own land (tsd ha)
                                                                           State
                                                   Forests                                    Total      Planted
                                                   average
                                                   distance:         SP                        87             47
                                                   75 Km             BA, ES and MG            220             126
                                                                     MA and PI                300             77
                                                                     Conpacel¹ (SP)            56             40
                                                   Forests
                                                   average           Total SPC                663             290
                                                   distance:         Independent farmers        -             94
                                                   246 Km
                                                           Plants

                                                           Ports

                                                           Forests




                                                                                   Total preservation area:
                                                                                       254 tsd ha2

Suzano’s production is based on 100% renewable eucalyptus planted forests. Preserved native
forest area of approximately 40% of own land.

¹ Conpacel: corresponds to 50% of former Ripasa’s areas.
                                                                                                                    15
DNA Suzano: pioneering and innovation

Forest yield Maranhão
    (m³/ha/year)        Soil and climate conditions similar to Australia’s
                        facilitated the development of superior clones in
                 40     Brazil (innovation and R&D)
            35
       25

10


1980 1990 2000 2013                                              E.camaldulensis
                                                                 E.pellita
                                                                 E.brassiana




1980                    1990                        2000

                                                                                   16
New forest frontiers

                                     Land use in Brazil
                                                                             North and Northeast: new expansion
                                                                             frontiers in eucalyptus’ plantations in
                                                          Planted Forest     Brazil. Suzano presents technological and
                                         Corn
                                              Soybean Other     1%
 Planted                                  2%    2%                           positioning advantage.
                                                      11%
 forests still
 represent a                          Sugarcane 1%
 small part of
 the available                                                                             Growth cycles
                                                      Cattle
 area in                                              20%         Native
 Brazil.                                                          Forest             Last frontier: Semiarid (2010’s and
                                                                   63%
                                                                                     20’s): North and Northeast region

Source: IBGE,2007
                                                                                                                 1980’s and
                                                                                                                 90’s: ES
                               Planted forests in Brazil (area)                                                  and South
  Planted areas (MM ha)




                          16
                                                                                                                 BA
                                                                  8.9
                          8    5.3             6.1
                          4
                               3.5             4.3                7.0
                          2
                          1
                               1.8             1.8                1.9
                           2005                2008                   2020
                                                                             2000’s: Middle-               1960’s and 70’s:
                                                                             west and farthest             South and
                                       Pinus         Eucalyptus
                                                                             South                         Southeast
                                                                                                           regions

Source: BRACELPA / FAO / FBU
                                                                                                                              17
Forestry Business Unit priorities




 Consolidate      Explore new
                   business            Focus on cost     Long term view
 operations in
                 opportunities       reductions, wood    in research and
the Northeast
                 related to the         logistics and   development and
region: states
                 forestry base           operational          forestry
 of Maranhão
                 and Suzano’s            excellence         technology
  and Piauí
                 competences




                                                                           18
Pulp Business Unit
Overview of the pulp and paper production chain
                                                                                     51%             182
                                         Minerals
                                                                                             8%
                                 388         8%                357                         Recycled
                  Global production of              8%
                       paper and                Total fiber needed                   49%              175
                      paperboard
                                                                                           Virgin fiber



                    388                                               28%               49          72%              126

                    114     Printing and Writing
                                                                          Market pulp                 Integrated pulp

                                                                      (13% of total fibers)
                    44      Paperboard
   Million Tons




                    27      Tissue
                                                                             Production 2008 (MM ton)

                             Corrugated
                    203      Newsprint
                                                    Market pulp still represents the smaller part of the fiber used for
                             Others
                                                    paper production.

                                                    New paper capacities are being installed near to consumer markets,
                                                    while cash cost drives implementation of new pulp capacities.
                   2008
Source: Poyry, 2009
                                                                                                                           20
Pulp demand growth drivers



                Global paper demand growth (2008-15) of 1.8% per year: Chinese and Latin
                American markets, including Brazil, outperform global growth rate.


                                                              Paper demand growth (2008-15)
                  388                                                               5.0%

                  114                                                     1.8%                 1.8%
                         Printing and Writing                    0.4%
 Million Tons




                   44    Paperboard
                                                    -0.4%
                   27    Tissue
                                                    North       Europe    Latin    China       Global
                         Corrugated                America               America              2008-15
                         Newsprint
                   203   Others

                                                       Annual growth per paper segment
                                                            P&W                      0.9%
                  2008
P&W: printing and writing                                   Tissue                   2.6%
Source: Poyry, 2009
                                                                                                        21
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)
  500




                                                                                                                                                                                                                                                     Canada (BC Coast)
                                                                                                                                                             France, Austria and Belgium




                                                                                                                                                                                                                                                                         Canada (East)
                   US$ 300 – 401 / ton




                                                                                                                              South Korea
   400




                                                                                 France and Belgium




                                                                                                                                  Japãn
                                                            Iberia, Norway and




                                                                                                                                                                                                         Sweden
                                                                                                                     Canada




                                                                                                                                                                                             Finland




                                                                                                                                                                                                                  USA
  300

                                                                                       Sweden



                                                                                                               USA
                                                                                                      China
                                                                                         Finland
                                                                  Sweden
                                                Indonesia




                                                                                                                                                    Russia
                                       Chile




                                                                                                                                            Chile
                     Brazil




                              Low Cost                                                      High Cost                                Low Cost                                                                High Cost

MM ton1                         18,3                                                                          7,1                           3,1                                                                   14,7

                                               Hardwood                                                                                                                                    Softwood

1Includesworld total production of market pulp, not only the highlighted countries.
Source: Hawkins Wright, July / 10 - Volumes do not include production of unbleached pulp and high yield pulp.                                                                                                                                                                            22
Pulp Business Unit highlights
               Pulp sales (Kton)                       Pulp sales destinations – 9M10

                             1,780                                18%
                                                           1%
                     1,320                                              33%
                                        1,195              9%
            799               86%
                      80%                                           39%
    615                                 82%
             78%
    81%                                               Asia                Europe
    19%      22%       20%    14%        18%          North Am.           South/Central Am.
                                                      Brazil
    2006    2007      2008   2009       9M10
           Domestic Market    Exports




• Total production capacity of 2.6 million tons per year. Market pulp represents 1.8 million
  tons
• Sales of 1,780 Kton in 2009 and 1,195 Kton in 9M10
• Net revenue of R$ 1,609 million in 2009 and R$ 1.517 million in 9M10
• 82% of total sales destined to exports in 2009: more than 40 countries, China being the
  main destination
• Production cash cost: one of the lowest worldwide
• Organic growth projects increasing capacity by 3.0 million tons per year in the next years

                                                                                               23
Commercial approach
                Sales distribution                        Sales per segment - 2009

                      20%                                                12%

                                                                    19%        41%
                            80%
                                                                         28%



           With contracts      Without contracts         P&W    Tissue     Special         Other




   •   Local presence in international markets: Asia, Europe and North America
   •   Technical support in each international office.
   •   Strong presence in China, with close market relationships and long term contracts
   •   FSC certified pulp
   •   More than 150 active clients

P&W: printing and writing                                                                          24
Pulp Business Unit priorities




 Focus on                        Start up of the
operations:   Local presence       MA and PI
 cost and      in main global    projects – new
  logistics       markets        growth frontier
 efficiency                         in Brazil




                                                         25
Paper Business Unit
Global paper demand

                                    Global paper demand (Million Tons)

                                                                         438
                          388                        401
                                                                         121    Suzano’s
                          114                         116                 52     focus
                           44                          46
                           27                          29                 33

                          203                        210                 232

                         2008                        2010                2015
                         Other           Tissue             Paperboard    P&W




 • Global paper demand growth (2008-2015) of 1.8% per year:
      – P&W: +0.9% p.y.
      – Paperboard: +2.5 % p.y.
 • Industry is still considered fragmented, but with significant regional concentration
 • Emerging markets lead the supply and demand growth

P&W – Printing and writing / Paperboard includes Liquid paperboard
Source: Poyry – 2009
                                                                                               27
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
   Consumption, kg per capita
   350                                                                                                             Education
                                                                                            USA
   300                                                                                                             Digital printing
   250                                                                             Sweden                          Customized
               Taiwan                                                            Japan
   200                          Korea, Rep.
                                                                                                                    media
   150

   100                                           UK                                                                Smart
             China
                                                                                                                    packaging
    50                          Spain
                     Brazil                                                                                        Electronic
     0
         0       5.000        10.000    15.000        20.000   25.000   30.000     35.000   40.000   45.000
                                                                                                                    media
                                                  GDP per capita, US$                                              Plastics
     India = 7kg                                                                 USA = 300kg


Source: Poyry, 2008
                                                                                                                                       28
Brazil and Latin America: Suzano’s main markets


      P&W and PB¹ demand (MM ton)                                   • Economic growth and increase in the
             Latin America                                              industrial activity
                                                                    •   Education level improvement and
                                                                        access to new technologies
                                                     5.8            •   The P&W and PB demand is
  5.2                               5.1
                   4.8                                                  expected to grow at a rate of 3.9%,
                                                                        from 2010 to 2014: outperforming
  3.0              2.9              3.1              3.7                the capacity increase in the region
                                                                    •   Latin America: net importing region
 2008             2009             2010             2014            •   Competitive advantage: geographic
                 Brazil                   Others                        proximity, lower logistic costs and
                                                                        shorter lead times



¹P&W: printing and writing / PB: paperboard and liquid paperboard
Source: RISI Latin America Forecast – July/10

                                                                                                              29
Paper in Brazil
                                                     Brazilian paper consumption

                                                           5% 6%

                                                           10%        25%
        The markets in which Suzano
        operates correspond to 31%                                      6%
        of total consumption, or                                48%
        2.6 million tons.
                                                Printing & Writing          Paperboard
                                                Wrapping                    Tissue
                                                Other                       Newsprint



  Main seasonal factors in the domestic paper demand:
  •   Government purchases for textbooks
  •   Notebook exports
  •   Back to school season
  •   Year end holidays (packaging)


Paperboard does not include liquid paperboard
Source: Bracelpa – 2009                                                                  30
Paper Business in Suzano
More than 90% integrated production (pulp + paper)


                         • Fx hedge: approximately 60% of paper
                             revenue in local currency
                         •   Hedge against the cyclicality of pulp prices
                         •   Operational synergies: drying / repulping,
                             transport, taxes, environmental
                             infrastructure synergies



                             • Production capacity of 1.1 million ton
                                 per year
                             •   Approximately 400 clients, 300 in Brazil
                             • 5 productive plants
                             • 10 paper machines
                             • Strong brands: Report, Reciclato,
                                 Paperfect and others
                             •   2 paper merchants
                                                                            31
Paper Business Unit highlights

• Net revenue of R$ 2.3 billion in 2009 and R$ 1,802 million in 9M10
• Brazil and Latin America represent approximately 75% of total sales in 9M10
• Profitability and risks define sales distribution in different regions
• Leadership in Printing & Writing and white paperboard in South America
• 2 own paper merchants – SPP NEMO (2nd largest in Brazil) and Stenfar (Argentina)
• Complementary graphic and consumption portfolio

             Paper sales (Kton)                         Paper sales destination – 9M10


1,071    1,098     1,162      1,116                                      4%
                                                                  10%
 37%      41%       43%       53%      839
                                       44%                    11%
 63%      59%       57%       47%      56%                           19% 56%

2006      2007     2008       2009     9M10
           Domestic Market   Exports           Brazil    South/Central Am.   North Am.   Europe   Other




                                                                                                      32
Paper Business Unit priorities




     Portfolio
  management,            Regional          Logistics and   Discipline in
sales and regional   leadership in the      commercial        growth
 mix, focusing on    main white paper        approach      opportunities
operational margin      segments            excellence     assessments
    and return




                                                                           33
Results
Results 9M10

                          Results                                       9M10               9M09       9M10/9M09
 Sales volume (Kton)                                                     2,034             2,176        -6.5%

 Paper sales (Kton)                                                       839               809          3.8%

 Pulp sales (Kton)                                                       1,195             1,368        -12.6%

 Net revenue - R$ Million                                                3,319             2,933        16.2%

 Net income - R$ Million                                                  518               725         - 28.5%

 EBITDA - R$ Million                                                     1,325              766         73.0%

 EBITDA - US$ Million                                                     744               367         102.5%

 EBITDA margin                                                          39.9%              26.1%       13.8 p.p.

 Average exchange rate (R$/US$)                                           1.78             2.08         -14.6%

 Net debt                                                                3,850             4,164        -7.5%

 Net debt / EBITDA (LTM)                                                  2.4               3.6          n.a.


All amounts in the table above include the adjustments introduced by the IFRS standards.
                                                                                                                   35
Results 2009

                          Results                                        2009              2008       2009/2008
 Sales volume (Kton)                                                     2,896             2,482        16.7%

 Paper sales (Kton)                                                      1,116             1,162        - 4.0%

 Pulp sales (Kton)                                                       1,780             1,320        34.8%

 Net revenue - R$ Million                                                3,953             4,064        - 2.7%

 Net income - R$ Million                                                  959              (451)         n.a.

 EBITDA - R$ Million                                                     1,058             1,469       - 28.0%

 EBITDA - US$ Million                                                     529               800        - 33.8%

 EBITDA margin                                                          26.8%              36.2%       - 9.4 p.p.

 Average exchange rate (R$/US$)                                           2.00             1.84          8.9%

 Net debt                                                                4,111             5,459       - 24.7%

 Net debt / EBITDA (LTM)                                                  3.9               3.7          n.a.


All amounts in the table above include the adjustments introduced by the IFRS standards.
                                                                                                                    36
Net revenue and EBITDA


            Net Revenue (R$ million)                                                         EBITDA



                                                                                                                             39.9
                                                                                      33.5     33.6      36.2
                                   4,064       3,953                       32.8
            3,099       3,410                             3,319                                                     25.8
    2,787
            42%         47%         54%         58%
    47%                                                     58%
    53%      58%         53%        46%         42%         42%            913      1,040 1,146 1,469 1,021 1,325
                                                                                                                                    1
    2005     2006       2007        2008        2009       9M10          2005 2006 2007 2008 2009 9M10
               Domestic Market          Exports                                    EBITDA - R$ million          EBITDA Margin - %




All amounts in the table above include the adjustments introduced by the IFRS standards.
1includes non recurring items: sale of forestry asset                                                                                   37
Debt profile

                             Implementation
                            of Mucuri project                                              Start up of line
                                (Line 2)                                                    2 at Mucuri

 Acquisition
  of Ripasa                           3.8                                                         3.9
                                                          3.7                  3.7

                  2.7
                                                                                                                      2.4

                                                                        5,459
                                3,919               4,285                                    4,111            3,850
           2,475
                      913                1.040               1,146               1,469               1,058            1,325

                2005                2006                 2007                2008               2009            9M10

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




All amounts in the table above include the adjustments introduced by the IFRS standards.
                                                                                                                              38
Debt amortization schedule

Adequate debt amortization schedule and liquidity profile:
• Competitive debt costs
• Cash: R$ 3.6 billion on September 30th,2010
• Suzano’s rating: Moody’s: Baa3 (Stable) – Investment Grade; S&P: BB+ (Stable)

                        Amortization schedule (R$ million)
    3,617


                                                                      1,951
                       1,230    1,390
                                          1,006      966
              516                                            417




                                                                                  39
Capital markets



                 Recovery of higher average daily volumes and daily number of trades



40                                                                                                                                                                                                                        3400
                                                                                                                                                                                   2,958 3,070                            3200
35                                                                                                                                                                                                                        3000
                                                                                                                                                                                                                          2800
30                                                                                                                                                                       2,280                                            2600
                                                                                                                                                               2,159                                                      2400
                                                                                                 2,033                                               1,919
25                                                                                                                                                                                                              1,818     2200
                                                                                                           1,644                                                                                                          2000
20                                                                         1,534 1,434                                         1,527                                                                                      1800
                                                       1,319                                                         1,289                                                                                                1600
                                             1,198                                                                                         1,153                                                      1,767               1400
15                                                               1,061
                           820      787                                                                                                                                                                                   1200
        635       676                                                                                                                                                                                                     1000
10                                                                                                                                                                                                                        800
                                                                                                                                                                                                                          600
    5                                                                                                                                                                                                                     400
         6         5        4        7        15        13        12        16        16          18        18        17         16         12        25        34        22        26       23        15        13       200
-                                                                                                                                                                                                                         0
                                                                                      sep/09




                                                                                                            nov/09


                                                                                                                      dec/09




                                                                                                                                                                                                                 sep/10
                  feb/09




                                                                                                                                            feb/10
                                                        jun/09




                                                                                                  oct/09




                                                                                                                                  jan/10
        jan/09




                                                                                                                                                                                    jun/10
                           mar/09




                                                                                                                                                      mar/10
                                              may/09




                                                                                                                                                                          may/10
                                                                                                                                                                apr/10
                                    apr/09




                                                                            aug/09




                                                                                                                                                                                                       aug/10
                                                                  jul/09




                                                                                                                                                                                             jul/10
                                                                           Avg. Da ily V olume                                 Numbe r o f Trade s (Daily)




                                                                                                                                                                                                                             40
Stock performance

       Stock Performance


150%

140%

130%

120%
                                    112.9 (IBOV)
110%                                111.6 (SUZB5)
                                    109.6 (IBrX50)
100%

90%

80%

70%




                                                     41
New Growth Cycle
New growth cycle

    Considering the new projects, pulp annual
    capacity will increase 3.0 million tons and the
    total installed capacity will reach         5.9 million                            Piauí
    tons per year.                                                        Maranhão     Unit
                                                                            Unit


                                                                                       5,650   5,850

                                                                               4,250
              2,850           2,850           2,850             2,850                  4,550   4,750
                                                                               3,150
              1,750           1,750           1,750             1,750
              1,100           1,100           1,100             1,100          1,100   1,100   1,100
              2009            2010            2011              2012           2013    2014     tbd
                                                          Paper         Pulp


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

1   The effective capacity will depend on the learning curves                                             43
Maranhão Unit

Necessary planted area: 154         tsd ha         Final agreements with Vale in July
                                                   2009:
                                                   • Acquisition of Vale’s forestry assets in
             Wood supply                             Maranhão: 84,5 thousand ha of land
             (2013-2028)                             (34,5 thousand ha already planted)
                                                   • Acquisition of eucalyptus timber from the
                                                     Vale Florestar Program, starting in 2014
                                                     until 2028
                      32%
                                                   • Technology cooperation agreement
             68%
                                                   • Railroad transportation for the pulp
                                                     output to the port region of São Luiz until
                                                     2043.
                                                   • Start up in 2013 ensured with Vale’s
Vale Florestar Program and other local producers     forestry assets (planted forest) – on a
Own Land                                             competitive basis

              2009 to 2015                                     2011 to 2014
  Forestry Capex           US$ 575 Million         Industrial Capex         US$ 2.3 Billion

                                                                                                   44
Piauí Unit

                                          • Final agreement with
Necessary planted area: 170     tsd ha     Transnordestina in July 2009:
             Wood supply                      • Railroad transportation for the
                                                 pulp output from Piauí to the
           (2015 onwards)                        port region of São Luiz until
                                                 2028
                                          • Planting already started in MA
       Independent
          farmers                           licensed area
            30%
                Own lands                 • Start up of Piauí unit scheduled for
                  70%
                                            2014, ensured with 5.5 years old
                                            forest




             2009 to 2015                            2012 to 2015
  Forestry Capex        US$ 710 Million   Industrial Capex      US$ 2.3 Billion


                                                                                   45
Maranhão and Piauí units

Maranhão Unit           Piauí Unit




                                           46
Key messages

                    Leading player in the regional paper market and one of the top
   Leadership       10 market pulp producers



Competitiveness One of the lowest cash costs in the world


     Vision        Solid organic growth strategy



                   Consolidated management structure/model and alignment with
 Management        shareholders



     Capital        Disciplined capital structure management
    structure

                                                                                     47
Investor Relations
www.suzano.com.br/ri
+55 (11) 3503-9061
ri@suzano.com.br


                       48
Experienced and active Board of Directors

                       Experience of 36 years in the pulp and paper industry. CEO of Suzano Holding S/A, Chairman of the Board of Directors of Suzano
  DAVID FEFFER, 53     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.


                       Experience of 32 years in the pulp and paper industry. Member of Sustainability and Strategy Committee, Chairman of Polpar’s
  DANIEL FEFFER, 50    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.


                       Experience of 35 years in the pulp and paper industry. Vice President of FIESP. Member of BRACELPA’s and IBEF’s Advisory
 BORIS TABACOF, 82     Board. Chairman of the Board of Directors for the Brazilian Committee of Britain Brazil Business Forum.
   Vice Chairman

                       Experience of 31 years in the pulp and paper industry. Member of the Board and the Committee of Sustainability and Strategy;
 JORGE FEFFER, 49      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, 68     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, 64     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, Sao Paulo Alpargatas, Localiza, and Johnson Electric (Hong Kong); Board Member of Bunge Brazil and Alcoa Brazil.
OSCAR BERNARDES, 64    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, 55      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, 61   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)
                                                                                                                                                        49
Distinguished management team

                    Chief Executive Officer, also responsible for Investor Relations Department, 4 years at Suzano. Member of the Board of
 ANTONIO MACIEL     Director Member of Marfrig Frigoríficos. Vice President of BRACELPA. Former member of the Board of Director of SEBRAE,
    NETO, 52        Gradiente, Cecrisa and 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 at UFRJ.


                    Pulp Business Unit Executive Officer, joined Suzano in 2009. Former CEO of European operations of RGM Group and
   ALEXANDRE        Commercial Director of Aracruz. Graduated in Business Administration at Fundação Getulio Vargas (FGV).
  YAMBANIS, 58

                    Chief Financial Officer, also responsible for the Legal and Strategy Departments, 15 years at Suzano. He has worked at Vale
   BERNARDO         for 23 years as Director, Executive Vice-President and member of the Board of Directors. PhD in Business Administration
   SZPIGEL, 65      graduated at University of California, Berkeley. Mechanical Engineer graduated at ITA.


                    Chief Executive Officer of Suzano Renewable Energy and Suzano Pulp and Paper Executive Officer, responsible for
                    Corporate Development Department, 7 years at Suzano. Former Paper Business Unit Executive Officer (2005-2008). Former
 ANDRÉ DORF, 37     Executive of JPMorgan in Brazil and NY (Investment Banking Global and Latin America), Chase Manhattan and Banco
                    Patrimônio/Salomon Brothers. Graduated in Business Administration at Fundação Getulio Vargas (FGV).

                    Chief Operation Officer, 5 years at Suzano. Has worked as Expansion Project Director of Mucuri Unit. Former executive of Dow
    ERNESTO         Chemical Company, in Brazil, USA and Europe. Post-Graduated in Business Administration at FIA/USP.
   POUSADA, 43


                    Forest Business Unit Executive Officer, 3 years at Suzano. Former executive of Champion Pulp and Paper and International
JOÃO COMÉRIO, 45    Paper as Global Forestry Strategy Officer in the USA. Post graduated in Forest Science and Wood Technology at USP – Piracicaba.



                    Paper Business Unit Executive Officer, 6 years at Suzano. Former Executive Manager of Suzano’s Pulp Business Unit and Sales
                    General Manager for Latin America at General Electric in the Industrial Systems Division. MBA degree at Ibmec-SP. Electrical
CARLOS ANIBAL, 40
                    Engineer at UFMG.


                    Human Resources Executive Officer, 2 years at Suzano. Former Human Resources Manager for Aviation Operations in General
                    Electric in Brazil and abroad, Global HR Director for Information Technology in the United States and HR Director for Mexico and
CARLOS GRINER, 46   Latin America. Former Executive of Carioca Engenharia, CR Almeida, Comlurb and Bureau Veritas. Post Graduated in Business
                    Administration at COPPEAD-UFRJ.

                                                                                                                                                       50

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Institutional presentation october 2010

  • 1.
  • 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. 2
  • 3. Agenda Corporate Overview 4 Forestry Business Unit12 Pulp Business Unit 19 Paper Business Unit 26 Results 34 New Growth Cycle 42 3
  • 5. Suzano Pulp and Paper Ownership and Management Defined controlling • Second largest eucalyptus pulp group producer in the world and one of • Reputation • Long term vision the top 10 market pulp producers. • Leader in the regional paper market • Certified plantations and products. Capital markets • Management performance • New growth cycle: from 2.8 to 5.9 assessment million tons per year of paper and • Transparency • Funding for growth pulp. • Pulp production costs: one of the lowest in the world. • Solid business structure abroad. Professional • Capital markets presence: free management • Capital discipline float of 45%. • Rapid decision-making process 5
  • 6. Diversified products and markets Balanced and complementary portfolio Papers (56% of net revenue) Market pulp Printing and Writing (42% of net revenue) (44% of net rev.) Paperboard Uncoated Coated (14% of net rev.) (35% of net rev.) (7% of net rev.) 2nd largest 2nd in Brazil 1st in Brazil 1st in Brazil eucalyptus pulp Market share: 27% Market share: 19% Market share: 26% producer in the world R$ 4.3 billion in net revenue 57% in exports / 43% in domestic market Note: Market share figures include paper imports. Data: Last 12 months until Sep, 2010. 6
  • 7. Sustainable growth Suzano’s production capacity has increased by 130% in the last five years. The Company is prepared for a new growth cycle that will increase its capacity to 5.9 5,850 million tons per year of pulp and paper. 1,500 Piauí Unit 1,500 Maranhão Unit 2,750 2,850 1,720 1,920 1,485 1,650 1,750 1,750 1,200 1,240 640 820 425 456 570 775 784 915 1,080 1,100 1,100 1,100 1,100 2003 2004 2005 2006 2007 2008 2009 New growth cycle Paper Pulp Note: The effective capacities will depend on the learning curves. 7
  • 8. Corporate structure BD committees Management Board of Directors (BD) Sustainability and The Business Units model provides performance and 9 members (4 independent) Strategy returns assessments in each business Audit CEO SP Operations Forestry BU Pulp BU Paper BU SP Strategy, BU: Business Unit Corporate Dev. and IR SP Finance Objectives: SP Human • Greater focus on customers Resources • Improved accountability • Development of leaders SP: Service Providers 8
  • 9. Management model Operational Excellence Alignment of Interests • Six Sigma • Executives compensation based on • Routine management EVA metrics • Matrix budgeting • Higher variable portion in total compensation Corporate Risk Management Strategic Planning • COSO1 methodology • Focused on Value Based • Corporate governance structure Management (VBM) based on committees – direct report • Innovation and R&D to the directors and Board. • Sustainability Awards and Certifications ¹Internal control methodology of the Committee of Sponsoring Organizations of the Treadway Commission 9
  • 10. Sustainability Triple Bottom Line – GRI approach Financial and Economic • Growing scale and revenues • Improving margins and returns • Solid cash flow generation Social Environment • Focus on education: • FSC – forest management and custody – Public libraries chain management – Public schools remodeling • CCX e WBCSD member – Educational programs • ECOFUTURO (Parque das Neblinas) (with ECOFUTURO) FSC – Forest Stewardship Council CCX – Chicago Climate Exchange WBCSD - World Business Council for Sustainable Development 10
  • 11. Growth platform Consolidated presence in the New growth Consolidated Competitive main pulp cycle with management assets with markets and leader in the competitive structure and global scale regional paper projects model market Qualified team that combines diversity and focus on execution 11
  • 13. Forestry competitiveness Forest yield (m³/ha/year) 44 Brazil: high productivity, 30 forestry technology, low 20 production costs and 1 available areas for expansion Eucalyptus Acacia Eucalyptus Pinus Suzano globulus Forest Planted Planted Planted Native Harvest cycle 7 8 12 80 (years) Indonesia, Spain, Canada, Malaysia Portugal, Finland Main producers Brazil and Chile and and Vietnam Uruguay Sweden 13
  • 14. Evolution with state-of-the-art technology Forest yield evolution (m³/ha/year) Technology innovation Clones Monoprogeny planting Biotechnology • More wood/ ha Soils and nutrition 44 Classic • More pulp/ m3 improvement • Higher quality 29 31 • Less planting areas 21 • Lower costs 1960 1970 1991 1998 2008 Productivity (admt¹/ha/year) Biotechnology Classic improvement 11 5.5 100% 1980 2008 ¹admt: air dried metric ton 14
  • 15. Lands and forests Own land (tsd ha) State Forests Total Planted average distance: SP 87 47 75 Km BA, ES and MG 220 126 MA and PI 300 77 Conpacel¹ (SP) 56 40 Forests average Total SPC 663 290 distance: Independent farmers - 94 246 Km Plants Ports Forests Total preservation area: 254 tsd ha2 Suzano’s production is based on 100% renewable eucalyptus planted forests. Preserved native forest area of approximately 40% of own land. ¹ Conpacel: corresponds to 50% of former Ripasa’s areas. 15
  • 16. DNA Suzano: pioneering and innovation Forest yield Maranhão (m³/ha/year) Soil and climate conditions similar to Australia’s facilitated the development of superior clones in 40 Brazil (innovation and R&D) 35 25 10 1980 1990 2000 2013 E.camaldulensis E.pellita E.brassiana 1980 1990 2000 16
  • 17. New forest frontiers Land use in Brazil North and Northeast: new expansion frontiers in eucalyptus’ plantations in Planted Forest Brazil. Suzano presents technological and Corn Soybean Other 1% Planted 2% 2% positioning advantage. 11% forests still represent a Sugarcane 1% small part of the available Growth cycles Cattle area in 20% Native Brazil. Forest Last frontier: Semiarid (2010’s and 63% 20’s): North and Northeast region Source: IBGE,2007 1980’s and 90’s: ES Planted forests in Brazil (area) and South Planted areas (MM ha) 16 BA 8.9 8 5.3 6.1 4 3.5 4.3 7.0 2 1 1.8 1.8 1.9 2005 2008 2020 2000’s: Middle- 1960’s and 70’s: west and farthest South and Pinus Eucalyptus South Southeast regions Source: BRACELPA / FAO / FBU 17
  • 18. Forestry Business Unit priorities Consolidate Explore new business Focus on cost Long term view operations in opportunities reductions, wood in research and the Northeast related to the logistics and development and region: states forestry base operational forestry of Maranhão and Suzano’s excellence technology and Piauí competences 18
  • 20. Overview of the pulp and paper production chain 51% 182 Minerals 8% 388 8% 357 Recycled Global production of 8% paper and Total fiber needed 49% 175 paperboard Virgin fiber 388 28% 49 72% 126 114 Printing and Writing Market pulp Integrated pulp (13% of total fibers) 44 Paperboard Million Tons 27 Tissue Production 2008 (MM ton) Corrugated 203 Newsprint Market pulp still represents the smaller part of the fiber used for Others paper production. New paper capacities are being installed near to consumer markets, while cash cost drives implementation of new pulp capacities. 2008 Source: Poyry, 2009 20
  • 21. Pulp demand growth drivers Global paper demand growth (2008-15) of 1.8% per year: Chinese and Latin American markets, including Brazil, outperform global growth rate. Paper demand growth (2008-15) 388 5.0% 114 1.8% 1.8% Printing and Writing 0.4% Million Tons 44 Paperboard -0.4% 27 Tissue North Europe Latin China Global Corrugated America America 2008-15 Newsprint 203 Others Annual growth per paper segment P&W 0.9% 2008 P&W: printing and writing Tissue 2.6% Source: Poyry, 2009 21
  • 22. 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) 500 Canada (BC Coast) France, Austria and Belgium Canada (East) US$ 300 – 401 / ton South Korea 400 France and Belgium Japãn Iberia, Norway and Sweden Canada Finland USA 300 Sweden USA China Finland Sweden Indonesia Russia Chile Chile Brazil Low Cost High Cost Low Cost High Cost MM ton1 18,3 7,1 3,1 14,7 Hardwood Softwood 1Includesworld total production of market pulp, not only the highlighted countries. Source: Hawkins Wright, July / 10 - Volumes do not include production of unbleached pulp and high yield pulp. 22
  • 23. Pulp Business Unit highlights Pulp sales (Kton) Pulp sales destinations – 9M10 1,780 18% 1% 1,320 33% 1,195 9% 799 86% 80% 39% 615 82% 78% 81% Asia Europe 19% 22% 20% 14% 18% North Am. South/Central Am. Brazil 2006 2007 2008 2009 9M10 Domestic Market Exports • Total production capacity of 2.6 million tons per year. Market pulp represents 1.8 million tons • Sales of 1,780 Kton in 2009 and 1,195 Kton in 9M10 • Net revenue of R$ 1,609 million in 2009 and R$ 1.517 million in 9M10 • 82% of total sales destined to exports in 2009: more than 40 countries, China being the main destination • Production cash cost: one of the lowest worldwide • Organic growth projects increasing capacity by 3.0 million tons per year in the next years 23
  • 24. Commercial approach Sales distribution Sales per segment - 2009 20% 12% 19% 41% 80% 28% With contracts Without contracts P&W Tissue Special Other • Local presence in international markets: Asia, Europe and North America • Technical support in each international office. • Strong presence in China, with close market relationships and long term contracts • FSC certified pulp • More than 150 active clients P&W: printing and writing 24
  • 25. Pulp Business Unit priorities Focus on Start up of the operations: Local presence MA and PI cost and in main global projects – new logistics markets growth frontier efficiency in Brazil 25
  • 27. Global paper demand Global paper demand (Million Tons) 438 388 401 121 Suzano’s 114 116 52 focus 44 46 27 29 33 203 210 232 2008 2010 2015 Other Tissue Paperboard P&W • Global paper demand growth (2008-2015) of 1.8% per year: – P&W: +0.9% p.y. – Paperboard: +2.5 % p.y. • Industry is still considered fragmented, but with significant regional concentration • Emerging markets lead the supply and demand growth P&W – Printing and writing / Paperboard includes Liquid paperboard Source: Poyry – 2009 27
  • 28. 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 Consumption, kg per capita 350  Education USA 300  Digital printing 250 Sweden  Customized Taiwan Japan 200 Korea, Rep. media 150 100 UK  Smart China packaging 50 Spain Brazil  Electronic 0 0 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 45.000 media GDP per capita, US$  Plastics India = 7kg USA = 300kg Source: Poyry, 2008 28
  • 29. Brazil and Latin America: Suzano’s main markets P&W and PB¹ demand (MM ton) • Economic growth and increase in the Latin America industrial activity • Education level improvement and access to new technologies 5.8 • The P&W and PB demand is 5.2 5.1 4.8 expected to grow at a rate of 3.9%, from 2010 to 2014: outperforming 3.0 2.9 3.1 3.7 the capacity increase in the region • Latin America: net importing region 2008 2009 2010 2014 • Competitive advantage: geographic Brazil Others proximity, lower logistic costs and shorter lead times ¹P&W: printing and writing / PB: paperboard and liquid paperboard Source: RISI Latin America Forecast – July/10 29
  • 30. Paper in Brazil Brazilian paper consumption 5% 6% 10% 25% The markets in which Suzano operates correspond to 31% 6% of total consumption, or 48% 2.6 million tons. Printing & Writing Paperboard Wrapping Tissue Other Newsprint Main seasonal factors in the domestic paper demand: • Government purchases for textbooks • Notebook exports • Back to school season • Year end holidays (packaging) Paperboard does not include liquid paperboard Source: Bracelpa – 2009 30
  • 31. Paper Business in Suzano More than 90% integrated production (pulp + paper) • Fx hedge: approximately 60% of paper revenue in local currency • Hedge against the cyclicality of pulp prices • Operational synergies: drying / repulping, transport, taxes, environmental infrastructure synergies • Production capacity of 1.1 million ton per year • Approximately 400 clients, 300 in Brazil • 5 productive plants • 10 paper machines • Strong brands: Report, Reciclato, Paperfect and others • 2 paper merchants 31
  • 32. Paper Business Unit highlights • Net revenue of R$ 2.3 billion in 2009 and R$ 1,802 million in 9M10 • Brazil and Latin America represent approximately 75% of total sales in 9M10 • Profitability and risks define sales distribution in different regions • Leadership in Printing & Writing and white paperboard in South America • 2 own paper merchants – SPP NEMO (2nd largest in Brazil) and Stenfar (Argentina) • Complementary graphic and consumption portfolio Paper sales (Kton) Paper sales destination – 9M10 1,071 1,098 1,162 1,116 4% 10% 37% 41% 43% 53% 839 44% 11% 63% 59% 57% 47% 56% 19% 56% 2006 2007 2008 2009 9M10 Domestic Market Exports Brazil South/Central Am. North Am. Europe Other 32
  • 33. Paper Business Unit priorities Portfolio management, Regional Logistics and Discipline in sales and regional leadership in the commercial growth mix, focusing on main white paper approach opportunities operational margin segments excellence assessments and return 33
  • 35. Results 9M10 Results 9M10 9M09 9M10/9M09 Sales volume (Kton) 2,034 2,176 -6.5% Paper sales (Kton) 839 809 3.8% Pulp sales (Kton) 1,195 1,368 -12.6% Net revenue - R$ Million 3,319 2,933 16.2% Net income - R$ Million 518 725 - 28.5% EBITDA - R$ Million 1,325 766 73.0% EBITDA - US$ Million 744 367 102.5% EBITDA margin 39.9% 26.1% 13.8 p.p. Average exchange rate (R$/US$) 1.78 2.08 -14.6% Net debt 3,850 4,164 -7.5% Net debt / EBITDA (LTM) 2.4 3.6 n.a. All amounts in the table above include the adjustments introduced by the IFRS standards. 35
  • 36. Results 2009 Results 2009 2008 2009/2008 Sales volume (Kton) 2,896 2,482 16.7% Paper sales (Kton) 1,116 1,162 - 4.0% Pulp sales (Kton) 1,780 1,320 34.8% Net revenue - R$ Million 3,953 4,064 - 2.7% Net income - R$ Million 959 (451) n.a. EBITDA - R$ Million 1,058 1,469 - 28.0% EBITDA - US$ Million 529 800 - 33.8% EBITDA margin 26.8% 36.2% - 9.4 p.p. Average exchange rate (R$/US$) 2.00 1.84 8.9% Net debt 4,111 5,459 - 24.7% Net debt / EBITDA (LTM) 3.9 3.7 n.a. All amounts in the table above include the adjustments introduced by the IFRS standards. 36
  • 37. Net revenue and EBITDA Net Revenue (R$ million) EBITDA 39.9 33.5 33.6 36.2 4,064 3,953 32.8 3,099 3,410 3,319 25.8 2,787 42% 47% 54% 58% 47% 58% 53% 58% 53% 46% 42% 42% 913 1,040 1,146 1,469 1,021 1,325 1 2005 2006 2007 2008 2009 9M10 2005 2006 2007 2008 2009 9M10 Domestic Market Exports EBITDA - R$ million EBITDA Margin - % All amounts in the table above include the adjustments introduced by the IFRS standards. 1includes non recurring items: sale of forestry asset 37
  • 38. Debt profile Implementation of Mucuri project Start up of line (Line 2) 2 at Mucuri Acquisition of Ripasa 3.8 3.9 3.7 3.7 2.7 2.4 5,459 3,919 4,285 4,111 3,850 2,475 913 1.040 1,146 1,469 1,058 1,325 2005 2006 2007 2008 2009 9M10 Net Debt EBITDA (R$ MM) Net Debt/EBITDA All amounts in the table above include the adjustments introduced by the IFRS standards. 38
  • 39. Debt amortization schedule Adequate debt amortization schedule and liquidity profile: • Competitive debt costs • Cash: R$ 3.6 billion on September 30th,2010 • Suzano’s rating: Moody’s: Baa3 (Stable) – Investment Grade; S&P: BB+ (Stable) Amortization schedule (R$ million) 3,617 1,951 1,230 1,390 1,006 966 516 417 39
  • 40. Capital markets Recovery of higher average daily volumes and daily number of trades 40 3400 2,958 3,070 3200 35 3000 2800 30 2,280 2600 2,159 2400 2,033 1,919 25 1,818 2200 1,644 2000 20 1,534 1,434 1,527 1800 1,319 1,289 1600 1,198 1,153 1,767 1400 15 1,061 820 787 1200 635 676 1000 10 800 600 5 400 6 5 4 7 15 13 12 16 16 18 18 17 16 12 25 34 22 26 23 15 13 200 - 0 sep/09 nov/09 dec/09 sep/10 feb/09 feb/10 jun/09 oct/09 jan/10 jan/09 jun/10 mar/09 mar/10 may/09 may/10 apr/10 apr/09 aug/09 aug/10 jul/09 jul/10 Avg. Da ily V olume Numbe r o f Trade s (Daily) 40
  • 41. Stock performance Stock Performance 150% 140% 130% 120% 112.9 (IBOV) 110% 111.6 (SUZB5) 109.6 (IBrX50) 100% 90% 80% 70% 41
  • 43. New growth cycle Considering the new projects, pulp annual capacity will increase 3.0 million tons and the total installed capacity will reach 5.9 million Piauí tons per year. Maranhão Unit Unit 5,650 5,850 4,250 2,850 2,850 2,850 2,850 4,550 4,750 3,150 1,750 1,750 1,750 1,750 1,100 1,100 1,100 1,100 1,100 1,100 1,100 2009 2010 2011 2012 2013 2014 tbd Paper Pulp Mucuri Unit and new pulp line: analysis of the global economy and pulp market outlook for definition of the implementation schedule and start up. 1 The effective capacity will depend on the learning curves 43
  • 44. Maranhão Unit Necessary planted area: 154 tsd ha Final agreements with Vale in July 2009: • Acquisition of Vale’s forestry assets in Wood supply Maranhão: 84,5 thousand ha of land (2013-2028) (34,5 thousand ha already planted) • Acquisition of eucalyptus timber from the Vale Florestar Program, starting in 2014 until 2028 32% • Technology cooperation agreement 68% • Railroad transportation for the pulp output to the port region of São Luiz until 2043. • Start up in 2013 ensured with Vale’s Vale Florestar Program and other local producers forestry assets (planted forest) – on a Own Land competitive basis 2009 to 2015 2011 to 2014 Forestry Capex US$ 575 Million Industrial Capex US$ 2.3 Billion 44
  • 45. Piauí Unit • Final agreement with Necessary planted area: 170 tsd ha Transnordestina in July 2009: Wood supply • Railroad transportation for the pulp output from Piauí to the (2015 onwards) port region of São Luiz until 2028 • Planting already started in MA Independent farmers licensed area 30% Own lands • Start up of Piauí unit scheduled for 70% 2014, ensured with 5.5 years old forest 2009 to 2015 2012 to 2015 Forestry Capex US$ 710 Million Industrial Capex US$ 2.3 Billion 45
  • 46. Maranhão and Piauí units Maranhão Unit Piauí Unit 46
  • 47. Key messages Leading player in the regional paper market and one of the top Leadership 10 market pulp producers Competitiveness One of the lowest cash costs in the world Vision Solid organic growth strategy Consolidated management structure/model and alignment with Management shareholders Capital Disciplined capital structure management structure 47
  • 48. Investor Relations www.suzano.com.br/ri +55 (11) 3503-9061 ri@suzano.com.br 48
  • 49. Experienced and active Board of Directors Experience of 36 years in the pulp and paper industry. CEO of Suzano Holding S/A, Chairman of the Board of Directors of Suzano DAVID FEFFER, 53 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. Experience of 32 years in the pulp and paper industry. Member of Sustainability and Strategy Committee, Chairman of Polpar’s DANIEL FEFFER, 50 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. Experience of 35 years in the pulp and paper industry. Vice President of FIESP. Member of BRACELPA’s and IBEF’s Advisory BORIS TABACOF, 82 Board. Chairman of the Board of Directors for the Brazilian Committee of Britain Brazil Business Forum. Vice Chairman Experience of 31 years in the pulp and paper industry. Member of the Board and the Committee of Sustainability and Strategy; JORGE FEFFER, 49 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, 68 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, 64 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, Sao Paulo Alpargatas, Localiza, and Johnson Electric (Hong Kong); Board Member of Bunge Brazil and Alcoa Brazil. OSCAR BERNARDES, 64 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, 55 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, 61 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) 49
  • 50. Distinguished management team Chief Executive Officer, also responsible for Investor Relations Department, 4 years at Suzano. Member of the Board of ANTONIO MACIEL Director Member of Marfrig Frigoríficos. Vice President of BRACELPA. Former member of the Board of Director of SEBRAE, NETO, 52 Gradiente, Cecrisa and 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 at UFRJ. Pulp Business Unit Executive Officer, joined Suzano in 2009. Former CEO of European operations of RGM Group and ALEXANDRE Commercial Director of Aracruz. Graduated in Business Administration at Fundação Getulio Vargas (FGV). YAMBANIS, 58 Chief Financial Officer, also responsible for the Legal and Strategy Departments, 15 years at Suzano. He has worked at Vale BERNARDO for 23 years as Director, Executive Vice-President and member of the Board of Directors. PhD in Business Administration SZPIGEL, 65 graduated at University of California, Berkeley. Mechanical Engineer graduated at ITA. Chief Executive Officer of Suzano Renewable Energy and Suzano Pulp and Paper Executive Officer, responsible for Corporate Development Department, 7 years at Suzano. Former Paper Business Unit Executive Officer (2005-2008). Former ANDRÉ DORF, 37 Executive of JPMorgan in Brazil and NY (Investment Banking Global and Latin America), Chase Manhattan and Banco Patrimônio/Salomon Brothers. Graduated in Business Administration at Fundação Getulio Vargas (FGV). Chief Operation Officer, 5 years at Suzano. Has worked as Expansion Project Director of Mucuri Unit. Former executive of Dow ERNESTO Chemical Company, in Brazil, USA and Europe. Post-Graduated in Business Administration at FIA/USP. POUSADA, 43 Forest Business Unit Executive Officer, 3 years at Suzano. Former executive of Champion Pulp and Paper and International JOÃO COMÉRIO, 45 Paper as Global Forestry Strategy Officer in the USA. Post graduated in Forest Science and Wood Technology at USP – Piracicaba. Paper Business Unit Executive Officer, 6 years at Suzano. Former Executive Manager of Suzano’s Pulp Business Unit and Sales General Manager for Latin America at General Electric in the Industrial Systems Division. MBA degree at Ibmec-SP. Electrical CARLOS ANIBAL, 40 Engineer at UFMG. Human Resources Executive Officer, 2 years at Suzano. Former Human Resources Manager for Aviation Operations in General Electric in Brazil and abroad, Global HR Director for Information Technology in the United States and HR Director for Mexico and CARLOS GRINER, 46 Latin America. Former Executive of Carioca Engenharia, CR Almeida, Comlurb and Bureau Veritas. Post Graduated in Business Administration at COPPEAD-UFRJ. 50