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  1. 1. Presentation
  2. 2. DisclaimerCertain statements in this presentation may constitute forward-looking statements. Such statements aresubject to known and unknown risks and uncertainties that could cause the Company’s actual results todiffer materially from those set forth in the forward-looking statements. These risks include changes incustomer demand for the Company’s products, changes in raw material costs, seasonal fluctuations incustomer orders, pricing actions by competitors, significant changes in the applicable rates of exchange ofthe Brazilian real against the US dollar, and general changes in the economic environment in Brazil,emerging markets or internationally.2
  3. 3. Agenda 01 | Corporate Overview and Strategy 02 | Forestry 03 | Paper 04 | Pulp 05 | Maranhão Unit 06 | Biotechnology 07 | Suzano Renewable Energy 08 | Financial Results3
  4. 4. Corporate Overview Suzano is a forestry-based company, publicly traded, controlled by Suzano Holding. Suzano operates in the pulp and paper businesses. 2nd largest eucalyptus pulp producer in the Itaqui Port Transnordestina world “Carajás” Railroad Pecém Port 8th largest market pulp producer in the world Maranhão Pulp production costs: one of the lowest in Piauí “Norte e Sul” the world Railroad Leader in the regional paper market Forests Mucuri Certified plantations and products Miils Limeira Portocel Ports Organic Growth in pulp: +3 MM/ton/year Railroad Embu Suzano Vitória Rio Verde Santos New businesses: biotechnology and wood pellets for energy Market cap: R$3.4 billion on 9/30/11 Capital Structure (9/30/11) Free Float Controlling 43% Group 54%4 Treasury 3%
  5. 5. Organizational Structure The Business Units model provides performance and return assessments in each business independently. Management Board of Directors (BD) Sustainability 9 members (4 independent) and Strategy Audit CEO and Strategy BD Commitees SP Operations Forestry BU Pulp BU Paper BU SP Corporate Dev. BU: Business Units SP Finance and IR SP Human ResourcesSP: Service Providers5
  6. 6. Products and Diversified Markets Suzano’s products portfolio is made of market pulp, paperboard, uncoated paper and coated paper. Net Revenue 55% Exports / 45% Domestic Market R$4.7 billion Market Pulp Paper 2nd eucalyptus market pulp producer 43% 57% Paperboard Printing and Writing 2nd in Brazil with 26% market share 13% 42% Uncoated Coated 2nd in Brazil with 30% market share 1st in Brazil with 19% market share 35% 7% Note: Figures of last 12 months ending on 9/30/2011. Other paper represented 2% of net revenue on the period.6 The market share data includes paper imports.
  7. 7. Timeline Suzano has over 80 years of operation.1924 until 1940 1950 1960 until 1990 2000 2024 Beginning of First investment in Growth and diversification in the Consolidation as one of the Suzano 2024operations in the the pulp sector pulp and paper businesses largest Brazilian Groups paper industry 2008 Acquisition of Ripasa (50%) 2010 Start up of Bahia Sul 2007 New Growth Cycle Acquisition of Suzano mill Beginning of paper Start up of the first exports to Europe paper mill 2004 2005 1982 Pioneerism in 1992 Acquisition of eucalyptus plantation FuturaGene, PLC. 1960Leon Feffer starts 1975 Merger withpaper trading Bahia Sulactivities 1956 Start up of Line 2 Suzano Renewable at Mucuri Energy Launch of Report 1955 Acquisition of Indústrias de Papel Rio Verde’s control Adoption of Bovespa’s Level I 1939 corporate governance Acquisition of 50% standards and Professional Management of Conpacel and1924 KSR. 77
  8. 8. Strategy – Suzano 2024 Forestry competency consolidates the pulp business and enables new business opportunities in Biotechnology and Renewable Energy. Forestry Competency Operational Organic Wood pellets Biotechnology excellence growth in paper in pulp8
  9. 9. Organic Growth in Pulp Suzano’s production capacity has increased by 130% in the last 6 years. The Company is prepared for a new growth cycle that will increase its capacity to 6.2 MM ton/year of pulp and paper by 2016. Piauí Unit Maranhão Unit 6,210 4,710 4,710 4,710 3,210 3,210 4,920 2,750 2,850 2,850 3,420 3,420 3,420 1,720 1,920 1,920 1,920 1,485 1,650 1,750 1,750 1,240 820 570 640 456 915 1,080 1,100 1,100 1,100 1,100 1,290 1,290 1,290 1,290 1,290 1,290 784 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013e 2014e 2015e 2016e Paper Pulp9 Note: Investment decision on Piauí Project expected for 1H14.
  10. 10. Agenda 01 | Strategy 02 | Forestry 03 | Paper 04 | Pulp 05 | Maranhão Unit 06 | Biotechnology 07 | Suzano Renewable Energy 08 | Financial Results10
  11. 11. Forestry Assets Suzano’s forestry expertise, developed over years of consistent investments in R&D, allows the Company to expand its forestry assets to a new frontier: the northeast region of Brazil. 2011 Total area (tsd ha) 1 800 MA, PI and TO Total: 385 tsd ha Total planted area (tsd ha) 2 446 Planted: 94 tsd ha Own planted area (tsd ha) 1 343 Forest Partnership Program (tsd ha) MA 103 Own Preserved Area (tsd ha) 1 299 PI Average Distance in Bahia (km) TO 75 BA Average Distance in São Paulo (km) 246 BA, ES and MG Base 9/30/2011 MG Total: 226 tsd ha 1 Own and leased areas ES Planted: 2 Figures consider own, leased and third-parties areas SP 131 tsd ha 2011 Annual planting (tsd ha) 90 SP Total: 188 tsd ha Planted seedlings / day (tsd) 368 Planted: 118 tsd ha Note: Both own and leased land can suffer variation up to 5% quarter over quarter.11 The total amount can differ due to rounding.
  12. 12. Forestry Competitiveness Suzano’s innovation present in its DNA, responsible forest management and operational excellence enabled the leverage of competitiveness. Evolution of Maranhão Forests 80’s 90’s 00’s 10’s Investments in technology guarantee a highly diversified genetic portfolio, which is suitable for different regions + 14 mil thousand clones developed | 800 field trials | 4 thousand hectares Biotechnology Genetic enhancement + Sustainability Forestry management + Productivity Operational excellence12
  13. 13. Forestry Technology Nurseries with high technology standards guarantees production efficiency. Nurseries (85mm total seedling capacity) Suzano’a pioneering and innovation enable the development of extensive genetic base and improvement of Suzano Limeira stewardship techniques Seedling Seedling capacity of capacity of Highly qualified forestry technology 12mm 8mm team(42 researchers: 2 PhDs and 8 Masters Degrees) Mucuri Maranhão Technology Center Seedling Seedling capacity of capacity of 20mm 15mm Piauí Seedling capacity of 30mm Brazil’s most modern nursery Suzano/Futuragene technology center13
  14. 14. Forestry Competitiveness in Brazil Brazil presents competitive advantages to support continuous increase of its global forestry standing.Competitive Advantages Hardwood Productivity (m³/ha/year) 44 41  Availability of productive land  Excellent soil and climate conditions 25 25 20  Short harvesting cycle for planted forests 13  Opportunity to recovery degraded areas 6 4  Low establishments and maintenance costs Suzano’s Brazil Chile Australia South Portugal USA Finland Eucalyptus Africa Source: ABRAF, BRACELPA, Poyry, Adapted by STCP ConsultingPulp Productivity Biotechnology  More wood / hectare 11 admt1/ha/year  More pulp / m³ 5.5 admt1/ha/year  Superior quality +100%  Smaller area 1980 2011  Decreasing costs / m³ Source: Suzano 1Admt: air dried metric ton 14
  15. 15. Agenda 01 | Strategy 02 | Forestry 03 | Paper 04 | Pulp 05 | Maranhão Unit 06 | Biotechnology 07 | Suzano Renewable Energy 08 | Financial Results15
  16. 16. Paper Assets Operational excellence in paper: revenue and products portfolio management, asset optimization, and strengthening of distribution channels. Sales Volume (tsd ton) Sales Destination – LTM1 12% North Am. 1,251 Europe 9% 1,162 1,115 1,156 518 Others 3% 504 524 513 658 643 733 South/Central Am. 17% 59% Brazil 591 2008 2009 2010 UDM Domestic Market Exports Suzano Market Share in the Domestic Market – LTM1 Leadership in printing & writing and white paperboard in South America Paper More than 90% integrated production (pulp + paper) Fx hedge: approximately 65% of paper revenue in local currency Paperboard Printing & Writing 2nd in Brazil 26% Lower price volatility in the domestic market Paper merchants: Uncoated Coated  KSR e SPP NEMO: largest in Latin America 2nd in Brazil 30% 1st in Brazil 19%  Stenfar: top 5 in Argentina16 1 LTM - last 12 months ending on 9/30/2011
  17. 17. Focus in the Domestic Market Lower price volatility, better margins and important cash flow generator. Average Net Price Paperboard (base 100 in Oct/2008) 140 Domestic Market Exports  Market dominance in high value added segments 120 115 Paperboard  Low level presence of imports 100 Domestic  Growth of the consumer industry Market 80 103 60 Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Average Net Price Printing & Writing (base 100 in Oct/2008) 140 Domestic Market  Imports: high concentration of coated Printing & Writing 120 Exports  Exchange rate’s effects 100 106 Domestic  Fiscal control of Immune paper operations 80 Market 92 60 Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep-1117 Note: Prices of domestic market in R$; prices of exports in US$
  18. 18. Paper Market Growth Economic growth in emerging markets favors paper consumption. 2011e Paper Demand (tsd ton) 2,989 4,994 128,601 972 1,816 1.837 46,948 Paperboard3 Coated Uncoated 652 { { { 812 27,473 Printing & 2,017 3,178 81,653 Writing1 1,365 2,366 2.366 54,180 2.366 54.180 Brazil Latin America2 GlobalCAGR 2011e – 2016e Brazil Latin America2 Global Paperboard3 +3.3% +3.8% +3.0% Printing & Writing1 +3.4% +3.2% +1.0% Coated +3.2% +3.3% +1.0% Uncoated +3.5% +3.2% +1.1% 1 Woodfree Printing & Writing paper I 2 Latin America excluding Brazil I 3 Paperboard + liquid packaging board18 Source: RISI and Poyry (nov/2011)
  19. 19. Paper Demand Growth Drivers Historically there is a high correlation between GDP and paper consumption. Europe North America Western: 185 kg/ha/year 226 kg/ha/year Eastern: 47 kg/ha/year Asia1 19 kg/ha/year EUA 233 kg/ha/year China GDP per capita: US$47 tsd 68 kg/ha/year GDP per capita: US$4 tsd India 9 kg/ha/year GDP per capita: US$1 tsd Latin America 44 kg/ha/year Brazil 47 kg/ha/year GDP per capita: US$11 tsd 1Excluding China and Japan19 Source: 2010 paper consumption data from Poyry (nov/2011) and 2010 GDP per capita information from World Bank (sep/2011)
  20. 20. Coated Paper The share of coated paper imports is high as Brazilian production does not completely meet demand. Coated Paper Production and Demand (tsd ton) 632 Measures adopted by the 525 486 Brazilian authorities to reduce 450 432 deviation use for tax exempt 317 304 294 285 182 paper and BRL depreciation helped decreasing imports market share 2007 2008 2009 2010 9M11 Production Demand Imports share in the Brazilian Market (%) Licenses Fees RECOPI1 72% 70% 69% 66% 57% 60% 56% 55% 56% 53% 44% 47% 40% 2007 2008 2009 2010 jan-11 fev-11 mar-11 abr-11 mai-11 jun-11 jul-11 ago-11 set-11Average 1.95 1.84 2.00 1.76 1.68 1.69 1.66 1.59 1.61 1.59 1.56 1.60 1.74 R$/US$ 1Brazilian Government Program to control tax exempt paper imports 20 Source: Bracelpa
  21. 21. Agenda 01 | Strategy 02 | Forestry 03 | Paper 04 | Pulp 05 | Maranhão Unit 06 | Biotechnology 07 | Suzano Renewable Energy 08 | Financial Results21
  22. 22. Pulp Assets Sustainable and organic growth: presence in main international markets and strategic relationship with clients. Sales Volume (tsd ton) Pulp Sales Destinations – LTM1 1,780 1,712 1,607 Brazil 20% 1,321 1,519 1,310 1,366 North Am. 11% 1,089 34% Europe South/Central Am. 1% 232 261 297 346 2008 2009 2010 LTM Asia 34% Domestic Market Exports Sales per Segment – LTM1  Technical support in each international office: China, Switzerland and USA Others 8%  80% of total sales with long term contracts  More than 150 active clients Special 23%  Strategic long-term partnerships with clients: 32% Printing & Writing  Logistics  Technology Tissue 37%  Pre and post sale technical assistance  Strategic focus on high value added segments22 1 Note: LTM - last 12 months ending on 9/30/2011
  23. 23. Pulp Organic Growth Fundamentals Market pulp accounts for 13% of total fibers for paper production. Pulp and Paper Production Chain – 2011e Production (MM ton) 51% 185 72% 128 363 Recycled  Market Pulp Demand opportunities: 8% Integrated Total fiber pulp  1% reduction in recycled paper = consumption 49% 178 +1.9 MM ton/year of market pulpMinerals 8% Virgin fiber 28%  1% reduction in integrated capacity = 395 50 Global +1.3 MM ton/year of market pulp production of Market pulp paper  2% growth in paper consumption = +1.0 MM ton/year of market pulp 395 50 Printing & 114 Writing 16 BEKP1Million ton 45 Paperboard 29 Tissue 9 BHKP2 3 Others Corrugated 207 Newsprint 22 BSKP3 Others 2011e 2011e 1Bleached Eucalyptus Kraft Pulp | 2 Bleached Hardwood Kraft Pulp | 3 Bleached Softwood Kraft Pulp 23 Source: Poyry (nov/2011) and Suzano
  24. 24. Pulp Organic Growth Fundamentals Demand for paper and paperboard is forecasted to grow 42 million tonnes (2010-2015e). Paper and paperboard demand forecast until 2015e CAGR: 2.2% p.a. CAGR: 2.1% p.a. Emerging economies: +5.7% p.a. Emerging economies: +4.3% p.a. 450 Others1 400 Latin America1 350 Others Asia1 300Million ton 250 China1 200 Japan Eastern Europe1 150 Western Europe 100 50 North America 0 1995 2000 2005 2010 2015e 1 Emerging economies includes Latin America, Asia (except for Japan), Middle East, Oceania, Africa and Eastern Europe24 Source: Poyry (nov/2011)
  25. 25. Pulp Organic Growth Fundamentals Paper demand forecast is growing for grades that are Eucalyptus fiber users over the next years. Paper demand forecast: CAGR (2011e – 2016e) 2.0% p.a. Main BEKP end-users 4.5 Carton Container board Tissue 3.0 board CAGR 2011e – 2016e Coated Sack 1.5 woodfree (% p.a.) Uncoated Other woodfree Grades1 0.0 News- 20% 40% 60% 80% 100% print Coated mechanical -1.5 Uncoated mechanical -3.0 1 Other grades includes special paper segment25 Source: Poyry (nov/2011)
  26. 26. Pulp Organic Growth Fundamentals Eucalyptus pulp has replaced other short fibers and the actual price spread between hardwood and softwood should continue to favor this replacement. Market Pulp Demand Projections (2011e – 2015e) CAGR CAGR BEKP: +9.7%a.a | Other BHKP: -3.8%a.a. BEKP: +5.5% a.a. | Other BHKP: -1.1%a.a. . 30 60 25 50 24 24 24 24 24 Total Market Volume Volume by fiber type 22 22 23 23 22 22 (million tonnes) (million tonnes) 20 21 40 21 20 19 18 15 17 30 16 16 12 11 14 13 10 20 11 11 10 10 9 9 9 10 9 9 9 9 5 10 43 44 45 47 47 47 48 50 51 52 53 54 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Market BEKP1 Other BHKP 2 BSKP 3 1Bleached Eucalyptus Kraft Pulp | 2 Bleached Hardwood Kraft Pulp | 3 Bleached Softwood Kraft Pulp26 Source: Suzano and data from Poyry (nov/2011) and PPPC (sep/2011)
  27. 27. Brazilian Competitiviness Suzano is in the lowest cash cost region. Cash Cost CIF / Europe (US$/tonne) 700 678 581 646 508 527 484 567 592 601 619 625 577 519 533 417 443 444 368 379 330 Brazil Chile Indonesia Iberia USA France China Russia Chile USA Finland Sweden France Eastern BC BC Japan Finland Sweden Canada Japan Canada Coast Hardwood Softwood 15,8 million tonnes 8,5 million tonnes 2,9 MM ton 15,4 million tonnes Low Cost High Cost Low Cost High Cost27 Source: Hawkins Wright (Oct/ 2011)
  28. 28. Agenda 01 | Strategy 02 | Forestry 03 | Paper 04 | Pulp 05 | Maranhão Unit 06 | Biotechnology 07 | Suzano Renewable Energy 08 | Financial Results28
  29. 29. Maranhão Unit State of the art facility technology and top tier suppliers contracted. 9 3 5 10 2 6 4 7 8 1  Conceptual engineering 1. Wood yard 7. Turbo generators  Basic engineering 2. Cooking and Fiber lines 8. Energy distribution and substation  Detailed engineering: BOP1 and infrastructure 3. Dryer 9. Water treatment  Management of BOP1 4. Evaporation implementation and 5. Boiler 10. Effluent treatment infrastructure 6. Lime kiln 1 Balance of Plant29 Fonte: Poyry and Suzano
  30. 30. Maranhão Unit Schedule Track record of successfully executing projects on schedule, implementing business plans and meeting budgets. Phase I Phase II Phase III BEGINNING PLANNING EXECUTION Concluded Ongoing Ongoing Phase IV Forestry Market study  Purchase of land, licenses, permissions and Preliminary feasibility  Purchases Start up plantations study  Construction and 4Q13 Conceptual engineering Industrial, port, railway assembly General planning  Environmental licenses  Commissioning  Conceptual and basic engineering 2011 2012 2013 Infrastructure Mar-12 Civil work Mar-13 Erection Aug-13 Commissioning Sep - 13 Start up 4Q1330
  31. 31. Maranhão Project Construction Status 70% of suppliers already contracted.  Earth moving complete  Infrastructure work has started  Stacking in evaporation area (100% complete)  Stacking in boiler area (95% complete)  Construction of Water Treatment Facility and provisional Sewage Treatment Facility (90% complete)  Construction of temporary sites (40% complete)  Approximately 1,800 people working on the construction of the Maranhão unit  Approximately 1,400 people working on the forestry base formation  The Secretary of the Environment of Maranhão State has issued:  Pre-Operational License  Planting License, which was renewed in October 2011 Forest formation 154,000 ha (planted area) Industrial Suppliers contracted 0% 20% 40% 60% 80% 100% Completed Pending31
  32. 32. Logistic Solution Railway transportation from the plant to the port and strategic located to export to the main pulp markets.  Capacity: 10 production days 100 Km through  The train will go through the Norte-Sul railway warehouse, allowing for 500 Km through loading from both sides Carajás railway Warehouse Maranhão Unit Model Transit time: around 4 days shorter to main destinations compared to Port in the São Luís1 region ports in the South East of Brazil 1 Drawing32
  33. 33. Capex Long term financing, grace period and competitive cost. Maranhão Unit Maranhão Unit Estimated Forest Capex US$ 575 million 2011 2012 2013 Estimated Industrial Estimated Industrial Capex1 US$ 2,3 billion 20% 60% 20% Capex 1 Considers exchange rate of R$ 1,80/US$  Funding:  BNDES: R$2.7 billion, 12 years to pay and 3-year grace period  Mandatory convertible debentures: R$1.2 billion  Funding for the imported equipment supported by foreign credit agencies (ECA’s among others)  Cash flow generation Capex (R$ million) 2009 2010 9M11 2011e Forest 193 159 148 249 Industrial 0 4 547 90533
  34. 34. Agenda 01 | Strategy 02 | Forestry 03 | Paper 04 | Pulp 05 | Maranhão Unit 06 | Biotechnology 07 | Suzano Renewable Energy 08 | Financial Results34
  35. 35. FuturaGene Biotechnology is on the right side of Sustainability. Base Case: Suzano Pulp and Paper Less land utilization 907 Lower forest formation tsd ha cost 2015e Planted Area ProdutividadeInnovation Necessidade de terras (ha) Yield Increase Less land utilization utilization Less water consumption 1% 5% 10% 15% 20% 30% 50% Land Less chemical expenditure -9 tsd ha -45 tsd ha -90 tsd ha -136 tsd ha -181 tsd ha -272 tsd ha -454 tsd ha Higher carbon sequestration 35
  36. 36. FuturaGene Biotechnology is on the right side of Sustainability. Upside: new business Global Eucalyptus Forest Map China 2.6 MM ha Tailand 0.5 MM ha India 3.9 MM ha Brazil 3.7 MM ha South Africa 0.6 MM ha FuturaGene is present in 60% of the eucalyptus market Well positioned to be world leader in forest biotechnology 36 Source: GIT Forestry Consulting, http://git-forestry-blog.blogspot.com
  37. 37. Agenda 01 | Strategy 02 | Forestry 03 | Paper 04 | Pulp 05 | Maranhão Unit 06 | Biotechnology 07 | Suzano Renewable Energy 08 | Financial Results37
  38. 38. Suzano Renewable Energy Forestry competency enables new business opportunities. Wood pellets for energy, produced from renewable energy-oriented forests Project update  Protocol signed with Maranhão government  3 units: 1 MM ton/year each  Ongoing activities:  Estimated start-up: 2014  Forest: Specific clones selected, dedicated plantation  Funding: definition of the capital structure (Energy Forests)  World leader  Engineering with Promon and Stolberg (Canadian)  Initial focus on the European market  Commercial: Advanced negotiation of final contracts with clients  Dedicated team38
  39. 39. Agenda 01 | Strategy 02 | Forestry 03 | Paper 04 | Pulp 05 | Maranhão Unit 06 | Biotechnology 07 | Suzano Renewable Energy 08 | Financial Results39
  40. 40. Results Net Revenue and EBITDA Net Revenue (R$ million) and Volume (tsd tonnes) EBITDA (R$ million) and EBITDA Margin (%) 2,896 2,963 36.2% 37.7% 2,763 2,482 30.3% 29.4% 1,924 26.9% 4,514 4,707 4,064 3,952 1,703 3,410 1,469 1,265 2,599 2,569 1,161 2,214 2,295 1,034 1,596 1,814 1,850 1,657 1,915 2,138 2007 2008 2009 2010 LTM 2007 2008 2009 2010 LTMAverage Average 1.95 1.84 2.00 1.76 1.65 1.95 1.84 2.00 1.76 1.65R$/US$ R$/US$ Domestic Market Exports Volume Paper: Revenue (R$ million) and Volume (tsd tonnes) Pulp: Revenue (R$ million) and Volume (tsd tonnes) 1,251 1,162 1,156 1,780 1,712 1,125 1,116 1,607 1,320 2,701 799 2,458 2,524 2,344 2,496 2,018 2,006 837 937 950 1,609 918 936 1,539 933 1,663 1,619 1,621 1,587 1,560 1,751 1,277 1,377 1,426 757 2007 2008 2009 2010 LTM 2007 2008 2009 2010 LTM Domestic Market Exports Volume Domestic Market Exports Volume Note: The amounts of 2009, 2010 and LTM include the adjustments introduced by the IFRS standards40 LTM - last 12 months ending on 9/30/2011
  41. 41. Debt Conservative financial policy.Gross Debt (R$ million) 699 8 8,250 310 34  Debt increased, primarily due to the impact of the 7,199 exchange rate variation, with NO cash effect  Robust cash position: R$3.0 billion (Sep./11) 6,386 5,707  No short-term leverage difficulties: liquidity horizon of approximately 28 months 1,492 1,864  The Company has been working on initiatives to reduce leverage Gross Debt Funding / Interest Foreign Others Gross Debt (Jun/11) Amortizations Exchange (Sep/11) Variation Short Term Long TermAmortization Schedule (R$ million) 3,610  Long-term debt profile  Funding: grace period and lengthier amortization, in 2,616 line with cash flow from the projects  Hedge for cash flow, but not for debt 1,113  No use of complex or exotic derivatives 455 456 2011- 2013 2014 2015 2016 2017 onwards41
  42. 42. Debt Leverage can increase temporally due to the growth projects capex, but amortizations are in line with cash flows from these projects. Implementation Start up of World Conpacel Primary Bahia Sul Ripasa of line 2 at economic Acquisition Offer Incorporation Acquisition Mucuri Project Mucuri crisis 4.2x 3.8x 3.7x 3.7x 3.5x 2.7x 1.6x 2.0x 1.6x 5,459 5,291 4,285 4,111 3,919 3,421 2,475 1,647 1,616 1,469 1,703 1,039 1,040 1,146 1,161 1,265* 1,000 913 2003 2004 2005 2006 2007 2008 2009 2010 sep/11 Net Debt (R$ million) EBITDA (R$ million) Net Debt/EBITDA (x) Note: The amounts of 2009, 2010 and LTM include the adjustments introduced by the IFRS standards42 * EBITDA of the last 12 months ending on 9/30/2011
  43. 43. Investment Plan Growth projects will be developed with discipline, respecting Company’s financial solidity. Estimated Capex (R$ billion) 4.0 3.5 2.2 3.5 3.0 1.7 0.5 0.5 0.5 2011e 2012e 2013e Sustain Growth Note: figures do not include investments that may be outsourced Actions to reduce leverage  Divestment of Capim Branco (81 MW of installed capacity and 51 MW of assured energy)Ongoing  Divestment of non-strategic lands  Strategic partnership for Suzano Renewable EnergyUnder Study  Energy pre-saleEm Estudo  Possibility of outsourcing activities  Sale of certain assets in the paper segment  Sale of interest in new projects in the pulp segment  Equity 43
  44. 44. Why to invest in Suzano? Low production High Level of Own costs Energy Production Extensive know-how and Balanced mix high planted of products forest productivity Strong Experienced operating Management cash flow Team44
  45. 45. Investor RelationsInvestor Relationswww.suzano.com.br/irri@suzano.com.br45
  46. 46. Board of Directors Experienced and active DAVID FEFFER Experience of 36 years in the pulp and paper industry. CEO of Suzano Holding S/A, Chairman of the Board of Directors of Suzano Presidente Pulp and Paper S/A and Coordinator of the Management Committee. CEO of IPLF Holding and Nemopar Investimentos Ltda. CEO and Vice President of the Board of Directors of Polpar S/A. Vice President of Premesa S/A and Vocal. DANIEL FEFFER Experience of 32 years in the pulp and paper industry. Member of Sustainability and Strategy Committee, Chairman of Polpar’s Board of Directors, President of Premesa, Corporate VP of Suzano Holding, IPLF Holding and Nemopar, President of Vocal and V. Presidente Nemonorte, Chairman of Ecofuturo Institute’s Board of Directors. BORIS TABACOF Experience of 35 years in the pulp and paper industry. Vice President of FIESP. Member of BRACELPA’s and IBEF’s Advisory V. Presidente Board. Chairman of the Board of Directors for the Brazilian Committee of Britain Brazil Business Forum. Experience of 31 years in the pulp and paper industry. Member of the Board and the Committee of Sustainability and Strategy; JORGE FEFFER Director of Premesa, Corporate VP of Suzano Holding and IPLF Holding, Executive Officer of Nemonorte and Vocal. Executive Vice President of Suzano Holding S/A. Coordinator of Sustainability and Strategy Committee and member of Audit Committee and member of the Compensation Commission of the Board of Directors; Former president of the board and CEO of CLÁUDIO SONDER Hoechst of Brazil. Board of Directors member of Lojas Renner S/A, RBS Group, Cyrela Brazil Realty, OGX and Chemical Group DSM/Holanda. Senior partner of Machado, Meyer, and Sendacz Opice Lawyers and former member of the Board of Directors of OAB Brazil. ANTONIO MEYER President of CESA. Former Legal Adviser and Chairman of the Legislative Committee of the American Chamber of Commerce and Director of ABRASCA’s Legislative Committee. (Independent) Member of Audit Committee. Senior partner of Integra Associates. Member of Gerdau S/A’s Board of Directors, Metalúrgica Gerdau, OSCAR BERNARDES Sao Paulo Alpargatas, Localiza, and Johnson Electric (Hong Kong); Board Member of Bunge Brazil and Alcoa Brazil. Oscar was President of Bunge International and Managing Partner in Booz-Allen & Hamilton. (Independent) MARCO BOLOGNA Coordinator of Suzano Pulp and Paper’s Audit Committee. Member of the Board of Directors of TAM Airlines and TAM Aviação Executiva. Former CEO of TAM Airlines and WTorre. (Independent) Co-Chairman of the Board of Directors of BRF-Brasil Foods. Board member of WEG S/A, Ultrapar Participações S/A and Iochpe- NILDEMAR SECCHES Maxion S/A. Former CEO of Perdigão Group. Former Director of the National Bank for Economic and Social Development - BNDES, and General Director of Corporate Group Iochpe-Maxion Industrial Holding. (Independent)46
  47. 47. Executive OfficersDistinguished management team Chief Executive Officer, also responsible for Strategy Department, 4 years at Suzano. Member of the Board of Director Member of Marfrig Frigoríficos. Vice President of BRACELPA. Former member of the Board of Director of SEBRAE, Gradiente, Cecrisa andANTONIO MACIEL NETO Amcham. Former Chaiman of Ford Brasil and Ford Latin America, Itamarati Group, Ferronorte and Cecrisa and former Executive of Petrobras and the Federal Government. Mechanical Engineer graduated at UFRJ. Chief Financial Officer, also responsible for Investor Relations Department. Has worked as Chief Financial Officer at CSN and as member of the Board of Director of Congonhas Minérios, NAMISA, Transnordestina S.A., among others. At Banco do Brasil, has ALBERTO MONTEIRO worked as Chief Financial Officer of Conglomerado BB S.A., CEO of BB DTVM and President of BESC DTVM. Graduated in Business Administration from FCPE/RJ, MBA degree in Corporate Finance from FGV na Post graduated in Banking from FEA/USP. Pulp Business Unit Executive Officer, joined Suzano in 2009. Former CEO of European operations of RGM Group and BERNARDOALEXANDRE YAMBANIS Commercial Director of Aracruz. Graduated in Business Administration at Fundação Getulio Vargas (FGV). SZPIGEL, 65 Chief Executive Officer of Suzano Renewable Energy and Suzano Pulp and Paper Executive Officer, responsible for ANDRÉ DORF Corporate Development Department, 7 years at Suzano. Former Paper Business Unit Executive Officer (2005-2008). Former Executive of JPMorgan in Brazil and NY (Investment Banking Global and Latin America), Chase Manhattan and Banco Patrimônio/Salomon Brothers. Graduated in Business Administration at Fundação Getulio Vargas (FGV). ERNESTO POUSADA Chief Operation Officer, 5 years at Suzano. Has worked as Expansion Project Director of Mucuri Unit. Former executive of Dow Chemical Company, in Brazil, USA and Europe. Post-Graduated in Business Administration at FIA/USP. Paper Business Unit Executive Officer, 6 years at Suzano. Former Executive Manager of Suzano’s Pulp Business Unit and Sales CARLOS ANIBAL General Manager for Latin America at General Electric in the Industrial Systems Division. MBA degree from Ibmec-SP. Electrical Engineer from UFMG. Forest Business Unit Executive Officer, 3 years at Suzano. Former executive of Champion Pulp and Paper and International Paper JOÃO COMÉRIO as Global Forestry Strategy Officer in the USA. Post graduated in Forest Science and Wood Technology at USP – Piracicaba. 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 Latin America. Former Executive of Carioca Engenharia, CR Almeida, Comlurb and Bureau Veritas. Post Graduated in Business Administration at COPPEAD-UFRJ.47

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