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
Highlights 04
Maranhão and Piauí Units 07
Suzano Renewable Energy 11
50% Conpacel Acquisition 13
Estimated Capex 15
5. Suzano 2024
Growth strategy consolidation and project scope review
Inflação
• Launch of Suzano 2024:
− Regional leadership in paper: Conpacel + KSR (R$1.5 billion) on 01/31/2011
− Renewable energy: launch of Suzano Renewable Energy on 07/29/2010
− Biotechnology: FuturaGene acquisition (US$84 million) on 07/19/2010
• Scope review of pulp growth projects:
Projects Review 2008 Jun/2011
Capacity 1.3 mm ton/year each 1.5 mm ton/year each
Additional energy capacity
Maranhão Not forecasted 100 MW
Piauí Not forecasted 100 MW
Start-up
Maranhão 4Q13 Nov/2013
Piauí 4Q14 1H16*
Possibility of own port No Yes
Industrial capex US$1.8 billion US$2.3 billion
* Decision to purchase Piauí’s industrial equipment estimated for 1H14
Metallic commodity price inflation (steel, aluminum, cement and etc)
Appreciation of the Real against the Dollar
5
6. Agenda
Highlights 04
Maranhão and Piauí Units 07
Suzano Renewable Energy 11
50% Conpacel Acquisition 13
Estimated Capex 15
7. Maranhão Unit
Funding structured and industrial equipment purchase contracts signed
• 1.5 million tons/year of market pulp
• 100 MW of additional energy to be sold
• Board of Directors approved industrial equipment purchases:
contracts with Metso and Siemens
• Start-up: November/2013, as originally announced
• Possibility of own port
• Partnership with Vale (Vale Florestar and railroad)
• 43 thousand ha of forest already planted Contracts signed with Metso and
Siemens
• Funding:
− BNDES: R$2.7 billion, 12-year maturity and 3-year grace period
− Mandatory convertible debentures: R$1.2 billion
− Funding for the imported equipment supported by foreign credit
agencies (ECA’s among others)
− Cash flow generation
• Total capex up to 03/31/2011: R$396 million
(R$ million) 2009 2010 1Q11 2011e
Forestry 193 159 34 249
Industrial 0 4 7 905
Total 193 162 41 1,154
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8. Maranhão Unit
Over 3 thousand people in operation, infrastructure and training
• About 800 people working in the Maranhão Unit construction (earth-moving work :
~600 people)
• Over 1,600 people working in the forestry base (5% employees; 95% third-parties)
• Technical operational training has started: ~300 people
• Agreement for the training of around 6,000 people on construction work and
services: ~ 400 people already undergoing training
Earth-moving work in Maranhão Cidelândia Nursery Maranhão Unit Office First class in Imperatriz
8
9. Piauí Unit
Decision to purchase Piauí’s industrial equipment postponed until 1H14
• Total capex up to 03/31/2011 : R$353 million
(R$ milllion) 2008 2009 2010 1Q11 2011e
Forestry 3 162 91 97 165
Industrial 0 0 0 0 7
Total 3 162 91 97 172
• 47 thousand ha of forest already planted
• Most modern nursery in the world: 30 million seedlings/year
• 35 forest partnership contracts in the region: 6 thousand ha
• Long term railroad contracts guarantee production transportation (Transnordestina)
• Start-up: 1H16
• 100 MW of additional energy to be sold
Nursery Nursery Plan of Piauí’s nursery
9
10. Agenda
Highlights 04
Maranhão and Piauí Units 07
Suzano Renewable Energy 11
50% Conpacel Acquisition 13
Estimated Capex 15
11. Suzano Renewable Energy
Capital structure about to be defined
• Suzano Renewable Energy launch: July/2010 Project update:
• 3 units to produce wood pellets of 1 MM ton/year each
• Advanced negotiation
by 2014 of final contracts with clients
• Estimated start-up: 2013 • Engineering with Promon and Stolberg
• Pre operational capex: ~US$800 million (Canadian)
− 2011e capex: ~ R$170 million • Specific clones selected
− Equipment purchase estimated for 4Q11 • Dedicated plantation (Energy Forests)
• Ongoing private equity placement • Dedicated team
• World leader
• Initial focus on the European market
Wood pellets for energy, produced from renewable energy-oriented forests
11
12. Agenda
Highlights 04
Maranhão and Piauí Units 07
Suzano Renewable Energy 11
50% Conpacel Acquisition 13
Estimated Capex 15
13. 50% Conpacel Acquisition
Regional leadership in P&W paper and pulp capacity growth
• Additional capacity(50%): 170 thousand tons of market pulp and 190 thousand tons of paper
• Limeira Unity capacity: 340 thousand tons of market pulp and 380 thousand tons of paper
• Among the best paper assets in Latin America
• Conpacel 2010 EBITDA (50% Suzano) : ~R$250 million
• NPV of synergies: R$300 million
• Integration of Limeira Unit concluded in 1Q11
• #1 paper distribution channel in Latin America: KSR/SPP Nemo
Limeira Unit (ex-Conpacel) Pulp Dryer
13
14. Agenda
Highlight 04
Maranhão and Piauí Units 07
Suzano Renewable Energy 11
50% Conpacel Acquisition 13
Estimated Capex 15
15. Maintenance Capex
Estimated maintenance capex schedule
(R$ million) 2010 2011e Normalized*
Forestry 232 345 330
Industrial 98 176 155
Total 330 521 485
* Figures do not include growth projects
Main changes 2010 vs. 2011:
• Conpacel:
− Forestry: + R$46 million
− Industrial: + R$26 million
• Mucuri maintenance capex increase
• Increase the planting program in order to recover the average forest age in Bahia
15
16. Estimated 2011 Capex
Net Debt/EBITDA for 2011 estimated at 3.0x to 3.5x,
in line with investment grade status
(R$ billion) 2011e
Growth 3.0
Maranhão Unit 1.1
Forestry 0.2
Industrial 0.9
Piauí Unit 0.2
Suzano Renewable Energy 0.2
Conpacel + KSR 1.5
Sustain 0.5
Total 3.5
Note: figures do not include investments in port, branch rail line and others
Actions/Options to maintain leverage no higher than 3.5x net Debt/EBITDA:
• Mandatory convertible debenture issuance: R$1.2 billion
• Divestment of Capim Branco (81 MW of installed capacity and 51 MW of assured energy)
• Divestment of non-strategic land
• Strategic partnership
16
17. Investiment Plan
Growth projects will be developed with discipline, respecting Company’s
financial solidity
Capex (R$ billion)
Actions/Options to maintain leverage no higher than
4.0 3.5x net Debt/EBITDA from 2012 onwards:
3.5
• Divestment of non-strategic land
2.2
3.0
3.5 • Energy pre-sale
1.7 • Possibility of outsourcing activities: port, branch
0.5 0.5 0.5 rail line, water and effluent treatment
2011e 2012e 2013e
• Strategic partnership
Sustain Growth
Note: figures do not include investments that may be outsourced (port, • Equity
branch rail line and others)
The continuity of the Company’s investment plan is tied to project profitability and investment
discipline, supported by:
• Financial solidity
• Compatible financing conditions: long term and competitive costs
• Consistent track record
• Investment grade status
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