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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
    01 | Corporate Overview and Strategy
    02 | Forestry
    03 | Paper
    04 | Pulp
    05 | Maranhão Unit
    06 | Biotechnology
    07 | Suzano Renewable Energy
    08 | Financial Results




3
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%
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 Resources


SP: Service Providers


5
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.
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 2024
operations 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.
                                                           1960

Leon Feffer starts                                                  1975                                      Merger with
paper trading                                                                                                 Bahia Sul
activities
                                                    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 and
1924                                                                                                                                                              KSR.
                                                                                                                                                                               7

7
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 pulp



8
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           Pulp




9 Note: Investment decision on Piauí Project expected for 1H14.
Agenda
     01 | Strategy
     02 | Forestry
     03 | Paper
     04 | Pulp
     05 | Maranhão Unit
     06 | Biotechnology
     07 | Suzano Renewable Energy
     08 | Financial Results




10
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.
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
                                                                                             excellence




12
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 center
13
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 Consulting



Pulp 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
Agenda
     01 | Strategy
     02 | Forestry
     03 | Paper
     04 | Pulp
     05 | Maranhão Unit
     06 | Biotechnology
     07 | Suzano Renewable Energy
     08 | Financial Results




15
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 Argentina

16   1   LTM - last 12 months ending on 9/30/2011
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-11




17 Note: Prices of domestic market in R$; prices of exports in US$
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                          Global


CAGR 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 board
18 Source: RISI and Poyry (nov/2011)
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 Japan
19    Source: 2010 paper consumption data from Poyry (nov/2011) and 2010 GDP per capita information from World Bank (sep/2011)
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-11
Average
            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
Agenda
     01 | Strategy
     02 | Forestry
     03 | Paper
     04 | Pulp
     05 | Maranhão Unit
     06 | Biotechnology
     07 | Suzano Renewable Energy
     08 | Financial Results




21
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 segments
22   1   Note: LTM - last 12 months ending on 9/30/2011
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 pulp
Minerals
              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      BEKP1
Million 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
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

               300
Million 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 Europe
24 Source: Poyry (nov/2011)
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 segment
25 Source: Poyry (nov/2011)
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 Pulp
26    Source: Suzano and data from Poyry (nov/2011) and PPPC (sep/2011)
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 Cost




27 Source: Hawkins Wright (Oct/ 2011)
Agenda
     01 | Strategy
     02 | Forestry
     03 | Paper
     04 | Pulp
     05 | Maranhão Unit
     06 | Biotechnology
     07 | Suzano Renewable Energy
     08 | Financial Results




28
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 Plant
29 Fonte: Poyry and Suzano
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                                                                                                     4Q13




30
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    Pending
31
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   Drawing
32
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       905



33
Agenda
     01 | Strategy
     02 | Forestry
     03 | Paper
     04 | Pulp
     05 | Maranhão Unit
     06 | Biotechnology
     07 | Suzano Renewable Energy
     08 | Financial Results




34
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




                                                                   Produtividade



Innovation                                                   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
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
Agenda
     01 | Strategy
     02 | Forestry
     03 | Paper
     04 | Pulp
     05 | Maranhão Unit
     06 | Biotechnology
     07 | Suzano Renewable Energy
     08 | Financial Results




37
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 team



38
Agenda
     01 | Strategy
     02 | Forestry
     03 | Paper
     04 | Pulp
     05 | Maranhão Unit
     06 | Biotechnology
     07 | Suzano Renewable Energy
     08 | Financial Results




39
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            LTM

Average                                                                Average
             1.95       1.84        2.00       1.76        1.65                     1.95           1.84            2.00            1.76            1.65
R$/US$                                                                 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 standards
40         LTM - last 12 months ending on 9/30/2011
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 Term


Amortization 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 onwards
41
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 standards
42 * EBITDA of the last 12 months ending on 9/30/2011
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 Energy
Under Study




                Energy pre-sale
Em 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
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          Team



44
Investor Relations




Investor Relations
www.suzano.com.br/ir
ri@suzano.com.br




45
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
Executive Officers
Distinguished 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 and
ANTONIO 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
    BERNARDO
ALEXANDRE 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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Presentation

  • 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 01 | Corporate Overview and Strategy 02 | Forestry 03 | Paper 04 | Pulp 05 | Maranhão Unit 06 | Biotechnology 07 | Suzano Renewable Energy 08 | Financial Results 3
  • 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. 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 Resources SP: Service Providers 5
  • 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. 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 2024 operations 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. 1960 Leon Feffer starts 1975 Merger with paper trading Bahia Sul activities 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 and 1924 KSR. 7 7
  • 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 pulp 8
  • 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 Pulp 9 Note: Investment decision on Piauí Project expected for 1H14.
  • 10. Agenda 01 | Strategy 02 | Forestry 03 | Paper 04 | Pulp 05 | Maranhão Unit 06 | Biotechnology 07 | Suzano Renewable Energy 08 | Financial Results 10
  • 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. 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 excellence 12
  • 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 center 13
  • 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 Consulting Pulp 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. Agenda 01 | Strategy 02 | Forestry 03 | Paper 04 | Pulp 05 | Maranhão Unit 06 | Biotechnology 07 | Suzano Renewable Energy 08 | Financial Results 15
  • 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 Argentina 16 1 LTM - last 12 months ending on 9/30/2011
  • 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-11 17 Note: Prices of domestic market in R$; prices of exports in US$
  • 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 Global CAGR 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 board 18 Source: RISI and Poyry (nov/2011)
  • 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$11 tsd 1Excluding China and Japan 19 Source: 2010 paper consumption data from Poyry (nov/2011) and 2010 GDP per capita information from World Bank (sep/2011)
  • 20. Coated Paper The share of coated paper imports is high as Brazilian production does not completely meet demand. Coated Paper Production and Demand (tsd ton) 632 Measures adopted by the 525 486 Brazilian authorities to reduce 450 432 deviation use for tax exempt 317 304 294 285 182 paper and BRL depreciation helped decreasing imports market share 2007 2008 2009 2010 9M11 Production Demand Imports share in the Brazilian Market (%) Licenses Fees RECOPI1 72% 70% 69% 66% 57% 60% 56% 55% 56% 53% 44% 47% 40% 2007 2008 2009 2010 jan-11 fev-11 mar-11 abr-11 mai-11 jun-11 jul-11 ago-11 set-11 Average 1.95 1.84 2.00 1.76 1.68 1.69 1.66 1.59 1.61 1.59 1.56 1.60 1.74 R$/US$ 1Brazilian Government Program to control tax exempt paper imports 20 Source: Bracelpa
  • 21. Agenda 01 | Strategy 02 | Forestry 03 | Paper 04 | Pulp 05 | Maranhão Unit 06 | Biotechnology 07 | Suzano Renewable Energy 08 | Financial Results 21
  • 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 segments 22 1 Note: LTM - last 12 months ending on 9/30/2011
  • 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 pulp Minerals 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 BEKP1 Million 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. 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 300 Million 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 Europe 24 Source: Poyry (nov/2011)
  • 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 segment 25 Source: Poyry (nov/2011)
  • 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 Pulp 26 Source: Suzano and data from Poyry (nov/2011) and PPPC (sep/2011)
  • 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 Cost 27 Source: Hawkins Wright (Oct/ 2011)
  • 28. Agenda 01 | Strategy 02 | Forestry 03 | Paper 04 | Pulp 05 | Maranhão Unit 06 | Biotechnology 07 | Suzano Renewable Energy 08 | Financial Results 28
  • 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 Plant 29 Fonte: Poyry and Suzano
  • 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 4Q13 30
  • 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 Pending 31
  • 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 Drawing 32
  • 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 4 547 905 33
  • 34. Agenda 01 | Strategy 02 | Forestry 03 | Paper 04 | Pulp 05 | Maranhão Unit 06 | Biotechnology 07 | Suzano Renewable Energy 08 | Financial Results 34
  • 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 Produtividade Innovation 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. 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. Agenda 01 | Strategy 02 | Forestry 03 | Paper 04 | Pulp 05 | Maranhão Unit 06 | Biotechnology 07 | Suzano Renewable Energy 08 | Financial Results 37
  • 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 team 38
  • 39. Agenda 01 | Strategy 02 | Forestry 03 | Paper 04 | Pulp 05 | Maranhão Unit 06 | Biotechnology 07 | Suzano Renewable Energy 08 | Financial Results 39
  • 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 LTM Average Average 1.95 1.84 2.00 1.76 1.65 1.95 1.84 2.00 1.76 1.65 R$/US$ 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 standards 40 LTM - last 12 months ending on 9/30/2011
  • 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$3.0 billion (Sep./11) 6,386 5,707  No short-term leverage difficulties: liquidity horizon of approximately 28 months 1,492 1,864  The Company has been working on initiatives to reduce leverage Gross Debt Funding / Interest Foreign Others Gross Debt (Jun/11) Amortizations Exchange (Sep/11) Variation Short Term Long Term Amortization Schedule (R$ 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 onwards 41
  • 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 standards 42 * EBITDA of the last 12 months ending on 9/30/2011
  • 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 Energy Under Study  Energy pre-sale Em 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. 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 Team 44
  • 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. Executive Officers Distinguished 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 and ANTONIO 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 BERNARDO ALEXANDRE 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