Investor Presentation      May 2009
Disclaimer♦ Certain statements in this presentation may constitute forward-  looking statements. Such statements are subje...
Key Messages• Market leader in the regional paper industry and one of the top 10 in the global  pulp industry• One of the ...
Corporate Overview
Ownership and Management:                                                         A Powerful Combination                  ...
Ownership Structure                                                                     46% in free float                 ...
SuzanoNew growth cycle   Second largest eucalyptus pulp                   producer in the world and one of the            ...
Diversified products and markets                                                        High quality and technology       ...
Lands and forests♦ Suzano’s production is based on 100% of renewable eucalyptus planted forests, preserving a  native fore...
Challenging goals and                                                                                  cutting-edge techno...
Organizational Structure                                                                 BD Committees                    ...
Board of Directors                                                                                                  experi...
Distinguished Management Team                          Chief Executive Officer, 2,5 years at Suzano. Board of Directors’ M...
Management modelOperational Excellence:                              Awards and recognitions     Six Sigma / Routine manag...
Sustainability Triple Bottom Line – GRI approach                                                                          ...
Expertise in Projects Management               &       New Growth Cycle
Mucuri: successful implementation♦ World record: recovery boiler operating in 20.5 months♦ Construction concluded in 22 mo...
New growth cycle♦ Based on the new projects, the annual pulp capacity will grow 4.3 million tons and the total installed  ...
New growth cycle♦ Three new pulp lines and Mucuri Unit debottleneck           Investments already started:                ...
New growth cycle♦ Investments in the two new “greenfield” market pulp mills will continue:      Maranhão State Unit: 2013 ...
Pulp Business Unit
Bleached pulp capacity in 2008                   Market Pulp                                         Bleached hardwood pul...
World demand                                                              Forecast                   % p.aMillion tons    ...
Pulp cash cost                                                                                                            ...
Capacity closures and downtimes        Capacity closures and downtimes from 2005 to 2008 reached more than 4 million tons....
Pulp unit                                                       Solid track record of exports♦ More than 120 customers in ...
Paper Business Unit
Global paper demand                                            P&PB demand (million tons / year)                          ...
Drivers for growth in demand       ♦ Historically there is a high correlation between per capita GDP and paper consumption...
Global demand growth by grade ♦ The grades that Suzano produces present higher growth rates.                              ...
Demand growth in Brazil  ♦ Brazilian market represented 56%* of our paper sales.                               Evolution o...
Suzano: focused in the region  ♦ Brazil and South/Central America were 73%* of volume sold.  ♦ About 44%* of Suzanos produ...
Paper prices                                                     Stable prices in the domestic market, in Reais.Average Pr...
Paper business in Suzano1.   Focused & Rational Portfolio          Uncoated papers in the local and international markets ...
Corporate Results
Results 2008                                                                                                       %      ...
Results 1Q09                                                                                                           %  ...
Net revenue and Ebitda                       Net Revenue (R$ million)                                                     ...
Debt and leverage                                                                                                Mucuri Pr...
Amortization schedule♦ Suzano’s debt amortization schedule and liquidity are comfortable.       R$ 2.1 billion in cash (Ma...
Key Messages• Market leader in the regional paper industry and one of the top 10 in the global  pulp industry• One of the ...
Investor Relationswww.suzano.com.br/ri55 11 3503-9061ri@suzano.com.br                       42
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Instituitional presentation may 2009

  1. 1. Investor Presentation May 2009
  2. 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. 3. Key Messages• Market leader in the regional paper industry and one of the top 10 in the global pulp industry• One of the lowest cost producers in the world• Solid growth strategy• Strong management team and organizational structure• Adequate capital structure 3
  4. 4. Corporate Overview
  5. 5. Ownership and Management: A Powerful Combination Profitable and sustainable growthDEFINED CONTROLLING PROFESSIONAL CAPITAL MARKETSGROUP MANAGEMENT Assessment of management Reputation Capital Discipline performance Long term vision Rapid decision-making Transparency Process Funding for growth 5
  6. 6. Ownership Structure 46% in free float Controlling shareholders Free Float (Suzano Holding and Related Persons) ON 95.0% PNA 70.7% PNA 28.9% PNB 0.28% PNB 0.6% TC 46.1% TC 51.4% Total Capital (# of shares) Note: ON 107,821,512 ON = Voting Shares PNA = Non voting/Pref. A PNA 205,120,105 PNB = Non voting/ Pref. B TC = Total Capital PNB 1,540,879 Total 314,482,496Note: In treasury, there are 5,428,955 of ON, 1,009,583 of PNA and 1,527,759 of PNB representing 2.5% of total shares. These shares were not included in free float. 6
  7. 7. SuzanoNew growth cycle Second largest eucalyptus pulp producer in the world and one of the top 10 in market pulp. Regional leader in the paper market. Plantations and products certified by the FSC. New growth cycle: from 2.8 to 7.2 million tons per year of paper and pulp. Solid business structure abroad: Argentina, England, United States, Switzerland and China. 7
  8. 8. Diversified products and markets High quality and technology Market pulp Paper (62% of net revenue) Printing and writing (49% of net revenue) Cartonboard (38% of net revenue) Uncoated (41% net rev.) Coated (8% net rev.) (13% net rev.) #2 in Brazil #1 in Brazil #1 in Brazil market share 28% market share 24% market share 29% 45% in the domestic market 55% in exports R$ 4.0 billion in net revenueNote: Market share numbers include paper imports. Last twelve months until Mar/09. 8
  9. 9. Lands and forests♦ Suzano’s production is based on 100% of renewable eucalyptus planted forests, preserving a native forest area of 39% (19% above Brazilian environmental Legislation requirements). Owned land (tsd ha) Areas of Activity and Flow of Production State Total Planted Average distance of São Paulo 89 49 forests: 74 Km BA e ES 212 122 Minas Gerais 58 22 Maranhão 112 1 Portocel Conpacel* (SP) 51 36 Vitória Port Total SPC** 522 230 Average distance of forests: 211 Km Independent farmers 83 * Conpacel: corresponds to 50% of Ripasa’s area. ** It does not include new sites announced. Santos Port Preservation: 205 tsd ha. 9
  10. 10. Challenging goals and cutting-edge technology Forest Yield Evolution (m3/ha/year) Monoprogeny planting Biotechnology Soils and nutrition 45 Clones Classical improvement 29 31 21 Seeds Performance 1960 1970 1991 1998 2008 Evolução do Rendimento em celulose/(tsa/ha/ano) Productivity (mtons / ha year)Technologic Innovation Biotechnology More wood/ ha 70% a 100% Classical improvement More pulp/ m3 100% 11 Higher quality 5.5 Less Area Lower Costs 1980 2000 2020 (projection) 10
  11. 11. Organizational Structure BD Committees Board of Directors (BD) 9 members (4 independent) Management Sustainability & Strategy CEO Audit SP Forest BU Pulp BU Paper BU Operations SP BU: Business Unit Strategy, Corporate Dev. & IR SP Objectives: Finance • Greater customer focus SP • Improved accountability Human Resources • Development of leadersSP: Service Providers 11
  12. 12. Board of Directors experienced and active Experience of 35 years in the pulp and paper industry. CEO of Suzano Holding S/A and Chairman of the Board of Directors of SuzanoDAVID FEFFER, 52 Pulp and Paper S/A. CEO of IPFL Holding. CEO and Vice President of the Board of Directors of Polpar S/A. Vice President ofChairman Premesa S/A and Vocal. Experience of 31 years in the pulp and paper industry. Member of Sustainability and Strategy Committee, Chairman of Polpar’sDANIEL FEFFER, 49 Board of Directors, President of Premesa, Corporate VP of Suzano Holding, the IPLF Holding, President of Vocal, Chairman ofVice Chairman Lazam-MDS Insurance Brokers and Administrator’s Board of Directors, Chairman of Ecofuturo Institute’s Board of Directors.BORIS TABACOF, 80 Experience of 34 years in the pulp and paper industry. Vice President FIESP. Member of ABRINQ and EMBRAER’s Board of Directors. Member of BRACELPA’s Advisory Board. Former member of the Association Committee of Foreign Trade of Brazil andVice Chairman Chairperson of the Advisory Committee on Paper and Wood Products of Food and Agriculture UN organization in Rome. Experience of 30 years in the pulp and paper industry. Member of the Board and the Committee of Sustainability and Strategy;JORGE FEFFER, 48 Director of Premesa, Corporate VP of Suzano Holding, a member of Lazam MDS Insurance Brokers and Administrator’s Board of Directors and VP and Director of the Council of Ecofuturo Institute. 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 Hoechst of Brazil and senior executive of HoechstCLÁUDIO SONDER, 67 AG, Frankfurt. Member of RBS Group’s Board of Directors, of Cyrela Brazil Realty, of OGX, of Chemical Group DSM/Holanda, President of Renner Stores’ Board of Directors. ( Independent) Senior partner of Machado, Meyer, and Sendacz Opice Lawyers and Director of OAB, Brazil. President of CESA.Former LegalANTONIO MEYER, 62 Adviser and Chairman of the Legislative Committee of the American Chamber of Commerce and Director of ABRASCA’s Legislative Committee. Former Justice Secretary for the State of São Paulo. Senior partner of Integra Associates. Member of Gerdau SA’s Board of Directors, Gerdau Metallurgical, Satipel Industrial SA, RBS Group, Sao Paulo Alpargatas, Locates, Delphi Corporation (USA) and Johnson Electric (Hong Kong); Board Member of BrazilsOSCAR BERNARDES, 62 Bunge, Brazil and Alcoa Veirano Assoc. Oscar was President of Bunge International and managing partner in Booz-Allen & Hamilton. (Independent) Coordinator of Suzano Pulp and Paper’s Audit Committee. Former General Manager of WTORRE and President of TAM Airlines.MARCO BOLOGNA, 54 Member of TAM and Daycoval Bank Board of Directors. (Independent) Chairman of Board of Directors of Perdigão. Board member of WEG SA, Ultrapar Participações SA and Iochpe-Maxion SA. FormerNILDEMAR SECCHES, 60 Director of the National Bank for Economic and Social Development - BNDES, and General Director of Corporate Group Iochpe- Maxion Industrial Holding. ( Independent) 12
  13. 13. Distinguished Management Team Chief Executive Officer, 2,5 years at Suzano. Board of Directors’ Member of Archer Daniels Midland Company – ADM and of Marfrig. BRACELPA’s VP. Former Board of Directors’ member of SEBRAE, Gradiente, Crecisa and Amcham. Former chaiman of Ford BrasilANTONIO MACIEL NETO, 51 and Ford Latin America, Itamarati Group, Ferronorte and Cecrisa and Executive of Petrobrás and of the Federal Government. Mechanical Engineer graduated at UFRJ.ALEXANDRE YAMBANIS, Pulp Business Unit Executive Officer, joined Suzano in 2009. Former CEO of European operations of RGM Group and57 commercial director of Aracruz. Graduated in Business Administration at Fundação Getúlio Vargas. Chief Financial Officer, responsible for Legal, 14 years at Suzano. Has worked at pulp and paper sector for 29 years. FormerBERNARDO SZPIGEL, 63 Director, Executive Vice-President and member of the Board of Directors of Vale. PhD in Business Administration graduated at University of California, Berkeley. Strategy, Corporate Development and Investor Relations Executive Officer, 6 years at Suzano. Former Paper Business UnitANDRÉ DORF, 36 Executive Officer (2005-08). 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 FGV. Chief Operation Officer, 5 years at Suzano. Has worked as Expansion Project Director of Mucuri Unit. Former executive of DowERNESTO POUSADA, 41 Chemical Company, in Brazil, USA and Europe. Post-Graduated in Business Administration at FIA/USP. Forest Business Unit Executive Officer, 2 years at Suzano. Former executive of Champion Pulp and Paper and International PaperJOÃO COMÉRIO, 44 in Brazil and USA. Post graduated in Forest Science and Wood Technology at USP – Piracicaba. Paper Business Unit Executive Officer, 4 years at Suzano. Former Executive Manager of Suzano’s Pulp Business Unit and SalesCARLOS ANIBAL, 39 General Manager for Latin America at General Electric, at the Industrial Systems Division. MBA degree at Ibmec São Paulo. Human Resources Area Executive Officer, joined Suzano in 2008. Former Human Resources Manager of Operations in GeneralCARLOS GRINER, 45 Electric in Brazil and abroad, Global HR Director for Information Technology in the United States and HR Director for Mexico and Latin America. Former Executive of Carioca Engenharia, CR Almeida, and Bureau Veritas. Post Graduated in Business Administration at COPPEAD. 13
  14. 14. Management modelOperational Excellence: Awards and recognitions Six Sigma / Routine management Revenue management Matrix budgeting: fixed costs and SG&ACustomer Oriented: New and clearer commercial policies Improve customer satisfactionAlignment of interests: Compensation of executives focused on EVA metrics Higher variable portion in total compensationStrategic Planning: Focused on Value-Based Management (EVA) M&A opportunities Enterprise risk management Sustainability R&D & Innovation 14
  15. 15. Sustainability Triple Bottom Line – GRI approach Growing scale and revenues Financial and Economic Improving margins and returns Solid cash flow generation Environment Social FSC – forest management and chain Public libraries of custody certification Public schools remodeling CCX and WBCSD member Educational programs (with ECOFUTURO) ECOFUTURO (Parque das Neblinas)Notes: CCX – Chicago Climate Exchange WBCSD - World Business Council for Sustainable Development 15
  16. 16. Expertise in Projects Management & New Growth Cycle
  17. 17. Mucuri: successful implementation♦ World record: recovery boiler operating in 20.5 months♦ Construction concluded in 22 months♦ Startup 35 days ahead of schedule♦ Initial budget maintained despite appreciation of the Brazilian Real US$ Million 2005R 2006R 2007R 2008E Total CAPEX 55 718 479 58 1,310 17
  18. 18. New growth cycle♦ Based on the new projects, the annual pulp capacity will grow 4.3 million tons and the total installed capacity* will be 7.2 million tons per year of pulp and paper. Pulp New Unit and Paper Piauí debottleneck Unit of Mucuri 7,150 Maranhão Unit 5,450 4,150 6,050 2,850 2,850 2,850 2,850 4,350 2,740 3,050 1,720 1,920 1,485 1,650 1,750 1,750 1,750 1,750 1,185 1,200 1,240 640 820 456 570 425 425 760 775 784 915 1,080 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 TBD* The effective capacity will depend on the learning curves. 18
  19. 19. New growth cycle♦ Three new pulp lines and Mucuri Unit debottleneck Investments already started: Maranhão State Unit Piauí State Unit To be defined until the end of 2009: Debottleneck of Mucuri Unit by optimizing the existing Lines 1 and 2 New line in one of the new units (Maranhão or Piauí States) or a new location Capacity of 4.3 MM tons per year New forest boundaries (Greenfield projects) - basis for new growth cycles. Schedule of Investments* 2009-2015 US$ 570 million Forestry Base 2011-2017 US$ 3,6 billion Industrial New Lines* It does not include debottleneck of Mucuri Unit and third line. 19
  20. 20. New growth cycle♦ Investments in the two new “greenfield” market pulp mills will continue: Maranhão State Unit: 2013 Piauí State Unit: 2014♦ Capex in the forestry base already started and the partnerships, previously announced, are evolving accordingly.♦ Management will analyze the global economic and pulp market outlooks and submit the Mucuri debottleneck and the new pulp line projects to the Board in the 2H09.♦ Definition of the new projects schedule and new start-up dates until the end of 2009. 20
  21. 21. Pulp Business Unit
  22. 22. Bleached pulp capacity in 2008 Market Pulp Bleached hardwood pulp Eucalyptus pulp Japan; Asia/Africa Africa; 4% Nordic; West Canada; Europe; 2% ; 11% 8% USA; 6% 1% Canadá; Nordic; 16% Oceania; 16% Asia/Africa 8% 1% ; 20% USA; Japan; 17% West 2% Europe; Brazil; Latin 11% 17% America; East 21% Latin Europe; Nordic; Latin 3% America - 12% America - Others; West Brazil; Brazil; 11% East Others; Europe; 32% 58% Europe; 11% 10% 4% Total 51.2 million Total 26.8 million Total 14.8 million Market pulp capacity in 2008 Latin America 14.020 Nordic 6.305 East Europe 2.290 United States 8.870 Asia/Africa 5.465 Japan 780 Canada 8.055 West Europe 4.985 Oceania 445Source: Hawkins Wright - December, 2008 Volumes don’t include production of unbleached pulp and high yield pulp. 22
  23. 23. World demand Forecast % p.aMillion tons % 2008 2009 2010 2011 2012 2013 2008-13 2009/08 Total bleached softwood 21.3 19.9 19.8 20.1 20.1 20.1 -1.1% -6.6% Birch 1.3 0.9 0.8 0.8 0.8 0.8 -9.7% -26.4% Eucalyptus 13.2 12.9 13.7 14.4 15.1 15.9 3.7% -2.1% Asian hardwood 3.3 3.4 3.5 3.5 3.7 3.8 2.6% 2.3% Northern mixed hardwood 4.0 3.6 3.6 3.5 3.4 3.2 -4,3% -10.7% Southern mixed hardwood 1.8 1.6 1.5 1.5 1.5 1.4 -5.4% -10.2% Total bleached hardwood 23.6 22.5 23.1 23.6 24.4 25.0 1.1% -4.9% Sulphite 0.8 0.6 0.6 0.5 0.5 0.5 -7.6% -17.3% Total white pulp 45.7 43.0 43.5 44.3 45.0 45.7 0.0% -5.9% Source: Hawkins Wright – March, 2009. 23
  24. 24. Pulp cash cost Brazil: structurally low US$ / t (CIF/ North Europe) 750 US$ 500 - 610 / t US$ 410 - 550 / t List price (Europe): US$586/t* List price (Europe): US$488/t* US$ 260 – 310 / t East Canada France and Belgium BC Coast 350 BC Interior Iberia e Norway Finland Canada Sweden Europe Finland USA USA Sweden SUZ Chile Indonesia Chile Brazil Low Cost High Cost High Cost 16.8 MM ton 10.0 MM ton 23.4 MM ton Hardwood SoftwoodSource: Hawkins Wright, December 2008 - Volumes don’t include production of unbleached pulp and high yield pulp.* FOEX, May 19th, 2009 24
  25. 25. Capacity closures and downtimes Capacity closures and downtimes from 2005 to 2008 reached more than 4 million tons. Additional capacity reductions are expected in 2009. North America Europe Latin America Asia Total 2005 (320) (70) (390) 2006 (1,270) (70) (1,340) 2008 (1,700) (830) (2,530) 1H09 (1,546) (1,253) (229) (809) (3,837) Total (4,836) (2,223) (229) (809) (8,097)Sources: Hawkins Wright and Terrachoice, April 2009 25
  26. 26. Pulp unit Solid track record of exports♦ More than 120 customers in more than 47 countries Pulp Sales (thousand tons) Pulp Sales Destination – 1Q09 Domestic Market 1,320 Brazil South/Central 12.7% Exports America 0.3% North America 799 7.6% 615 Asia 549 80% 48.1% 421 78% 81% 84% 87% Europe 16% 19% 22% 20% 31.3% 13%2005 2006 2007 2008 1Q09 26
  27. 27. Paper Business Unit
  28. 28. Global paper demand P&PB demand (million tons / year) CAGR = 2.1% 505 400 2008 2020 Education in emerging markets New printing technologies (on demand) Broad access to home printers in emerging markets “Packaging substitution”: environment and printabilityNotes: P&PB – Paper and paperboard. 28
  29. 29. Drivers for growth in demand ♦ Historically there is a high correlation between per capita GDP and paper consumption. In Brazil, an expected higher growth of economy should stimulate the domestic demand for paper. Consumption x GDP per CapitaConsumption, kg per capita350 USA Education300 Digital printing250 Sweden Taiwan Japan Customized media200 Korea, Rep. Intelligent packaging150100 UK Electronic media China 50 Spain Plastics Brazil 0 0 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 45.000 GDP per capita, US$ India = 7kg USA = 300kg Source: Poyry, 2008 29
  30. 30. Global demand growth by grade ♦ The grades that Suzano produces present higher growth rates. Projected growth (2006 a 2020), by segment Demand growth CAGR % / year Corrugated board Tissue paper Average: 1.9%/a Cartonboard * 3,5 woodfree * Coated woodfree * 3,0 Uncoated 2,5 2,0 mechanical Coated mechanical Uncoated 1,5 Newsprint Others Paper Kraft 1,0 0,5 0,0 -0,5 -1,0 Participation in volume, in % -1,5 0 20 40 60 80 100Source: Poyry, 2008 Note: * Grades that Suzano produces. 30
  31. 31. Demand growth in Brazil ♦ Brazilian market represented 56%* of our paper sales. Evolution of the Brazilian Consumption of P&W and Cartonboard 190 CAGR = 12,7% 180 +17% 170 80% 160 150 -1,4% CAGR = 6,9% 20% 19% 140 130 +3,2% CAGR = 4,7% 120 110 100 2003 2004 2005 2006 2007 2008 Uncoated Coated Cartonboard* Last twelve months until Mar/09Source: Bracelpa, including imported papers Note: P&W: Printing and Writing (Uncoated + Coated) 31
  32. 32. Suzano: focused in the region ♦ Brazil and South/Central America were 73%* of volume sold. ♦ About 44%* of Suzanos production was exported. A statistical risk / return analysis defines the sales breakdown among the regions. Participation in volume sold Sales Volume Paper Sales Destination - 1Q09 América do Sul/Central 44% 38% 41% 43% 47% 14.4% América do Norte 56% 62% 59% 57% 53% 12.1% Brasil 52.6% 2005 2006 2007 2008 1Q09 Europa 13.1% Domestic Market Outros Exports 7.8%* Last twelve months until Mar/09 32
  33. 33. Paper prices Stable prices in the domestic market, in Reais.Average Price (R$ / ton) 2500 2300 2100 1900 Prices increasing in the international market, in Dollars. The price decrease was more than compensated by the devaluation of the RealAverage Price (US$ / ton) 1200 3,5 Exchange Rate 1000 3,0 2,5 800 2,0 600 1,5 Average Price Exchange Rate 400 1,0 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 33
  34. 34. Paper business in Suzano1. Focused & Rational Portfolio Uncoated papers in the local and international markets Coated papers and board mainly in the LA Region 2. Significant Market Position World class scale and cost competitiveness in uncoated paper Leadership in P&W in South America Leadership in the most attractive segments in the local markets3. High quality assets and infrastructure Competitive production cost and flexible finishing structure Excellence in logistics and sales approach 4. Paper priorities Optimization of products and regions mix Redefinition of the commercial approach and relationship with the market Growth with profitability 34
  35. 35. Corporate Results
  36. 36. Results 2008 % Results 2008 2007 2008/2007 Sales volume (000 tons) 2,482 1,925 28.9% Paper volume domestic market (000 tons) 658 668* -1.5% Pulp volume export market (000 tons) 1,089 638 70.7% Net revenue - R$ million 4,064 3,410 19.2% Net income - R$ million (451) 539 n.a. EBITDA - R$ million 1,469 1,146 28.2% EBITDA - US$ million 800 593 34.9% EBITDA margin 36.2% 33.6% 2.6 p.p. Exchange Rate (R$/US$) 1.84 1.95 -5.8% Net debt / EBITDA (LTM) 3.7 3.7 n.a.Notes:i. Since 2008 include the accounting changes introduced by Law 11.638/07ii. n.a. – non applicable* Includes volumes from Limeira mill and Cubatão mill disposed in 4Q07 36
  37. 37. Results 1Q09 % %Results 4Q08 1Q09 1Q08 1Q09/4Q08 1Q09/1Q08Sales volume (000 tons) 632 654 619 3.5% 5.7%Paper volume domestic market (000 tons) 171 123 146 -28.4% -16.2%Pulp volume export market (000 tons) 278 368 286 32.2% 28.4%Net revenue - R$ million 1,100 943 970 -14.3% -2.8%Net income - R$ million (495) 90 124 n.a -27.6%EBITDA - R$ million 382 316 343 -17.3% -7.9%EBITDA - US$ million 167 136 197 -18.7% -30.9%EBITDA margin 34.7% 33.5% 35.3% -1.2 p.p. -1.9 p.p.Exchange Rate (R$/US$) 2.28 2.32 1.74 1.8% 33.3%Net debt 5,459 5,338 4,225 -2.2% 26.3%Net debt / EBITDA (LTM) 3.7 3.7 3.5 n.a n.aNote: Since 2008 include the accounting changes introduced by Law 11.638/07. 37
  38. 38. Net revenue and Ebitda Net Revenue (R$ million) EBITDA 2.93 2.44 2.18 2.32 Domestic Market 1.95 1.84 Export s 4,064 39.4% 36.2% 33.5% 3,410 32.8% 33.5% 33.6% 3,099 1,469 2,787 54% 2,640 47% 42% 1,146 49% 47% 1,039 913 1,040 53% 46% 943 58% 316 51% 53% 61% 39% 2004 2005 2006 2007 2008 1Q09 2004 2005 2006 2007 2008 1Q09 Ebitda - R$ million Ebitda margin Exchange rate R$/US$Note: Since 2008 include the accounting changes introduced by Law 11.638/07 38
  39. 39. Debt and leverage Mucuri Project Acquisition of Ripasa Startup Line 2 3,8 at Mucuri 7.000 3,7 3,7 4,0 3,7 6.000 3,5 5,459 5,338 2,7 3,0 5.000 4,285 Net Debt / EBITDA 2,5 R$ Million 3,919 4.000 2,0 1,6 3.000 2,475 1,5 2.000 1,616 1,469 1,442 1,0 1,039 1.040 1,146 913 1.000 0,5 0 0,0 2004 2005 2006 2007 2008 1Q09 * Net Debt EBITDA Net Debt/EBITDANote: Since 2008 all numbers include the accounting changes introduced by Law 11.638/07* Net Debt as of 03/31/09 and last twelve months EBITDA until March, 2009 39
  40. 40. Amortization schedule♦ Suzano’s debt amortization schedule and liquidity are comfortable. R$ 2.1 billion in cash (March/ 2009) Competitive debt cost Fitch affirms Suzano’s rating:AA- (bra) Amortization schedule (R$ million) 2,139 1,554 1,372 1,064 1,080 463 930 797 680 1,091 Cash 2009 2010 2011 2012 2013 2014 2015 (2Q/3Q/4Q) onwards Short term debt with renewal already agreed (R$ 463 millions). 40
  41. 41. Key Messages• Market leader in the regional paper industry and one of the top 10 in the global pulp industry• One of the lowest cost producers in the world• Solid growth strategy• Strong management team and organizational structure• Adequate capital structure Focus on sustainable and profitable growth 41
  42. 42. Investor Relationswww.suzano.com.br/ri55 11 3503-9061ri@suzano.com.br 42

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