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Investment Plan
June 8th, 2011




                  1
Disclaimer



Certain statements in this presentation may constitute forward-looking statements. Such statements are

subject to known and unknown risks and uncertainties that could cause the Company’s actual results to

differ materially from those set forth in the forward-looking statements. These risks include changes in

customer demand for the Company’s products, changes in raw material costs, seasonal fluctuations in

customer orders, pricing actions by competitors, significant changes in the applicable rates of exchange of

the Brazilian real against the US dollar, and general changes in the economic environment in Brazil,

emerging markets or internationally.
Agenda




Highlights                 04

Maranhão and Piauí Units   07
Suzano Renewable Energy    11

50% Conpacel Acquisition   13

Estimated Capex            15
Highlights
Suzano’s Investment Plan

•   2011 Capex: R$3.5 billion
•   Maranhão start-up : November/2013
•   Decision to purchase Piauí’s industrial equipment: 1H14
•   Estimated 2011 Net Debt/EBITDA: between 3.0x and 3.5x
•   Pulp and paper growth cycle:
    − CAGR 2004 - 2010: 18% p.a.
    − CAGR 2010 - 2016: 14% p.a.

Installed Capacity (tons, thousands)
                                                                                                       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
    1,240   1,485                   1,650   1,750   1,750
                    640     820
     456    570
     784    915     1,080   1,100   1,100   1,100   1,100   1,290   1,290    1,290     1,290   1,290   1,290

    2004    2005    2006    2007    2008    2009    2010    2011    2012    2013e      2014e   2015e   2016e


                                                                                                               4
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
Agenda




Highlights                 04

Maranhão and Piauí Units   07
Suzano Renewable Energy    11

50% Conpacel Acquisition   13

Estimated Capex            15
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
                                                                                                              7
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
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
Agenda




Highlights                 04

Maranhão and Piauí Units   07
Suzano Renewable Energy    11
50% Conpacel Acquisition   13

Estimated Capex            15
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
Agenda




Highlights                 04

Maranhão and Piauí Units   07
Suzano Renewable Energy    11
50% Conpacel Acquisition   13
Estimated Capex            15
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
Agenda




Highlight                  04

Maranhão and Piauí Units   07
Suzano Renewable Energy    11
50% Conpacel Acquisition   13
Estimated Capex            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
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
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



                                                                                                                            17
Highlights
Suzano’s Investment Plan

•   2011 Capex: R$3.5 billion
•   Maranhão start-up : November/2013
•   Decision to purchase Piauí’s industrial equipment: 1H14
•   Estimated 2011 Net Debt/EBITDA: between 3.0x and 3.5x
•   Pulp and paper growth cycle:
    − CAGR 2004 - 2010: 18% p.a.
    − CAGR 2010 - 2016: 14% p.a.

Installed Capacity (tons, thousands)
                                                                                                       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
    1,240   1,485                   1,650   1,750   1,750
                    640     820
     456    570
     784    915     1,080   1,100   1,100   1,100   1,100   1,290   1,290    1,290     1,290   1,290   1,290

    2004    2005    2006    2007    2008    2009    2010    2011    2012    2013e      2014e   2015e   2016e


                                                                                                               18
Investor Relations Team




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

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

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

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

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

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




Investor Relations
www.suzano.com.br/ir




19

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Investment Plan - June 2011

  • 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
  • 4. Highlights Suzano’s Investment Plan • 2011 Capex: R$3.5 billion • Maranhão start-up : November/2013 • Decision to purchase Piauí’s industrial equipment: 1H14 • Estimated 2011 Net Debt/EBITDA: between 3.0x and 3.5x • Pulp and paper growth cycle: − CAGR 2004 - 2010: 18% p.a. − CAGR 2010 - 2016: 14% p.a. Installed Capacity (tons, thousands) 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 1,240 1,485 1,650 1,750 1,750 640 820 456 570 784 915 1,080 1,100 1,100 1,100 1,100 1,290 1,290 1,290 1,290 1,290 1,290 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013e 2014e 2015e 2016e 4
  • 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 7
  • 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 17
  • 18. Highlights Suzano’s Investment Plan • 2011 Capex: R$3.5 billion • Maranhão start-up : November/2013 • Decision to purchase Piauí’s industrial equipment: 1H14 • Estimated 2011 Net Debt/EBITDA: between 3.0x and 3.5x • Pulp and paper growth cycle: − CAGR 2004 - 2010: 18% p.a. − CAGR 2010 - 2016: 14% p.a. Installed Capacity (tons, thousands) 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 1,240 1,485 1,650 1,750 1,750 640 820 456 570 784 915 1,080 1,100 1,100 1,100 1,100 1,290 1,290 1,290 1,290 1,290 1,290 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013e 2014e 2015e 2016e 18
  • 19. Investor Relations Team Antonio Maciel (CEO and IR Director) +55 (11) 3503-9061 ri@suzano.com.br Andrea Fernandes (IR Executive Manager) +55 (11) 3503-9062 andreaf@suzano.com.br Áurea Portugal (Assistant) +55 (11) 3503-9061 aportugal@suzano.com.br Fernanda Nardy (Analyst) +55 (11) 3503-9066 fnardy@suzano.com.br Michelle Corda (Analyst) +55 (11) 3503-9359 mcorda@suzano.com.br Rosely Onizuca (Analyst) +55 (11) 3503-9355 ronizuca@suzano.com.br Investor Relations www.suzano.com.br/ir 19