Institutional presentation september 2010

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.

Disclaimer

2

Agenda

Corporate Overview

Forestry Business Unit

Pulp Business Unit

Paper Business Unit

Results

New Growth Cycle

4

12

19

26

34

42

3

Corporate Overview

Suzano Pulp and Paper

Capital markets• Management performance

assessment• Transparency• Funding for growth

• Second largest eucalyptus pulp

producer in the world and one of

the top 10 market pulp producers.

• Leader in the regional paper

market

• Certified plantations and products.

• New growth cycle: from 2.8 to 5.9 million tons per year of paper and

pulp.

• Pulp production costs: one of the

lowest in the world.

• Solid business structure abroad.

• Capital markets presence: free

float of 45%.

Defined controlling group• Reputation• Long term vision

5

Ownership and Management

Professionalmanagement• Capital discipline• Rapid decision-making

process

Balanced and complementary portfolio

Market pulp(43% of net rev.)

Papers (57% of net revenue)

Printing and Writing (43% of net revenue) Paperboard

(14% of net rev.)Uncoated (36% of net rev.)

Coated(7% of net rev.)

2nd largest

eucalyptus pulp producer in the world

2nd in Brazil

Market share: 30%1st in Brazil

Market share: 19%1st in Brazil

Market share: 26%

R$ 4.1 billion in net revenue

57% in exports / 43% in domestic market

Diversified products and markets

Note: Market share figures include paper imports.

Data: Last 12 months until Jun, 2010. 6

Note: The effective capacities will depend on the learning curves.

1,7201,4851,2401,200

1,920

2,750 2,850

5,850

Piauí Unit

Maranhão Unit

Sustainable growth

Suzano’s production capacity has increased by 130%in the last five years. The Company is prepared for a

new growth cycle that will increase its capacity to 5.9 million tons per year of pulp and paper.

7

Corporate structure

BU: Business Unit

SP: Service Providers

Board of Directors (BD)9 members (4 independent)

BD committees

CEO

Objectives:• Greater focus on customers

• Improved accountability• Development of leaders

The Business Units modelprovides performance andreturns assessments in eachbusiness

Management

Sustainability and Strategy

Audit

SP Operations

SP Finance

SP Human Resources

SP Strategy, Corporate Dev. and IR

Forestry BU Paper BUPulp BU

8

Management model

Operational Excellence• Six Sigma

• Routine management

• Matrix budgeting

Awards and Certifications

Corporate Risk Management• COSO1 methodology

• Corporate governance structure

based on committees – direct report

to the directors and Board.

Strategic Planning• Focused on Value Based

Management (VBM)

• Innovation and R&D

• Sustainability

Alignment of Interests• Executives compensation based on

EVA metrics

• Higher variable portion in total

compensation

9¹Internal control methodology of the Committee of Sponsoring Organizations of the Treadway Commission

.

Sustainability

FSC – Forest Stewardship Council

CCX – Chicago Climate Exchange WBCSD - World Business Council for Sustainable Development

Triple Bottom Line – GRI approach

Social• Focus on education:

– Public libraries– Public schools remodeling – Educational programs

(with ECOFUTURO)

Environment• FSC – forest management and custody

chain management• CCX e WBCSD member• ECOFUTURO (Parque das Neblinas)

Financial and Economic• Growing scale and revenues • Improving margins and returns• Solid cash flow generation

10

Growth platform

Competitive assets with global scale

Consolidated presence in the

main pulp markets and leader in the

regional paper market

New growth cycle with

competitive projects

Consolidated management structure and

model

11

Qualified team that combines diversity and focus on execution

Forestry Business Unit

Forestry competitiveness

Brazil: high productivity, forestry technology, low production costs and available areas for expansion

Forest Planted Planted Planted Native

Harvest cycle (years)

7 8 12 80

Main producers Brazil

Indonesia, Malaysia

and Vietnam

Spain, Portugal, Chile and Uruguay

Canada, Finland

and Sweden

13

100%

1980 2008

5.511

Biotechnology

Classic improvement

Evolution with state-of-the-art technology

Technology innovation• More wood/ ha• More pulp/ m3

• Higher quality• Less planting areas• Lower costs

Productivity (admt¹/ha/year)

29 31

44

21

Biotechnology

Classic improvement

ClonesMonoprogeny planting

Soils and nutrition

Forest yield evolution (m³/ha/year)

14

1960 1970 1991 1998 2008

¹admt: air dried metric ton

¹ Conpacel: corresponds to 50% of former Ripasa’s areas.

Total preservation area:

254 tsd ha2

Lands and forests

Forests average distance: 246 Km

Forests average distance: 75 Km

StateOwn land (tsd ha)

Total Planted

SP 87 47

BA, ES and MG 220 126

MA and PI 300 77

Conpacel¹ (SP) 56 40

Total SPC 663 290

Independent farmers - 94

Suzano’s production is based on 100% renewable eucalyptus planted forests. Preserved native

forest area of approximately 40% of own land.

15

Plants

Ports

Forests

Soil and climate conditions similar to Australia’s facilitated the development of superior clones in Brazil (innovation and R&D)

DNA Suzano: pioneering and innovation

1980 1990 2000

16

Source: BRACELPA / FAO / FBU

1980’s and 90’s: ES and South BA

Last frontier: Semiarid (2010’s and 20’s): North and Northeast region

2000’s: Middle-west and farthest South

Growth cycles

New forest frontiers

5.3 6.18.9

Pla

nte

d a

reas

(M

M h

a)

1960’s and 70’s: South and Southeast regions

North and Northeast: new expansion frontiers in eucalyptus’ plantations in Brazil. Suzano presents technological and positioning advantage.

Source: IBGE,2007

Planted forests still represent a small part of the available area in Brazil.

17

Land use in Brazil

Forestry Business Unit priorities

Consolidate operations in the Northeast region: states of Maranhão

and Piauí

Explore new business

opportunities related to the forestry base and Suzano’s competences

Focus on cost reductions, wood

logistics and operational

excellence

Long term view in research and

development and forestry

technology

18

Pulp Business Unit

Minerals

388

Production 2008 (MM ton)

51%

49%

72%28%

(13% of total fibers)

Mill

ion T

ons

Printing and Writing

Tissue

Paperboard

CorrugatedNewsprintOthers

Source: Poyry, 2009

Market pulp still represents the smaller part of the fiber used for paper production.

New paper capacities are being installed near to consumer markets, while cash cost drives implementation of new pulp capacities.

Overview of the pulp and paper production chain

Global production of paper and paperboard

8%

Total fiber needed

3578%

Recycled

182

Virgin fiber

175

Market pulp

49

Integrated pulp

126388

20

8%

Global paper demand growth (2008-15) of 1.8% per year: Chinese and Latin American markets, including Brazil, outperform global growth rate.

Pulp demand growth drivers

Annual growth per paper segment

P&W 0.9%

Tissue 2.6%

Mill

ion T

ons

Printing and Writing

Tissue

Paperboard

CorrugatedNewsprintOthers

Source: Poyry, 2009

388

21

P&W: printing and writing

Paper demand growth (2008-15)

22

Ch

ile

Fin

land

Can

ada (E

ast)

Can

ada (B

ritish C

olu

mb

ia)

Ch

ile

Ind

on

esia

Can

ada

Iberia, N

orw

ay and

S

wed

en

Brazil

Sw

eden

US

A300

US$ 300 – 401 / ton

US$ 441 - 651 / ton

US$ 511 - 696 / ton

US

A

Sw

eden

Can

ada (B

C C

oast)

400

500

600

700

Fin

land

Fran

ce, Au

striaan

dB

elgiu

m

Japãn

US$ 367-398 / ton

7,1 14,73,118,3MM ton1

Ch

ina

Fran

ce and

Belg

ium

So

uth

Ko

rea

Ru

ssia

US$ / ton (CIF/ North Europe)

Brazilian pulp cash cost: structurally low

High CostLow Cost Low CostHigh Cost

Hardwood Softwood

1Includes world total production of market pulp, not only the highlighted countries.

Source: Hawkins Wright, July / 10 - Volumes do not include production of unbleached pulp and high yield pulp.

615799

1,320

1,780

81%78%

80%

86%

19% 22% 20% 14%

23

• Total production capacity of 2.6 million tons per year. Market pulp represents 1.8 million

tons

• Sales of 1,780 Kton in 2009 and 806 Kton in 1H10

• Net revenue of R$ 1,609 million in 2009 and R$ 1.007 million in 1H10

• 83% of total sales destined to exports in 2009: more than 40 countries, China being the

main destination

• Production cash cost: one of the lowest worldwide

• Organic growth projects increasing capacity by 4.3 million tons per year in the next years

Pulp Business Unit highlights

83%

806

17%

Pulp sales (Kton) Pulp sales destinations – 1H10

Commercial approach

• Local presence in international markets: Asia, Europe and North America

• Technical support in each international office.

• Strong presence in China, with close market relationships and long term contracts

• FSC certified pulp

• More than 150 active clients

24P&W: printing and writing

Pulp Business Unit priorities

Focus on operations: cost and logistics

efficiency

Local presence in main global

markets

Start up of the MA and PI

projects – new growth frontier

in Brazil

25

Paper Business Unit

• Global paper demand growth (2008-2015) of 1.8% per year: – P&W: +0.9% p.y.– Paperboard: +2.5 % p.y.

• Industry is still considered fragmented, but with significant regional concentration

• Emerging markets lead the supply and demand growth

P&W – Printing and writing / Paperboard includes Liquid paperboard

Source: Poyry – 2009

Suzano’sfocus

438401388

Global paper demand

27

Global paper demand (Million Tons)

Paper consumption x GDP per capita

Historically, there is a high correlation between GDP per capita and paper consumption. In Brazil, the positive economic growth forecasts represent an important driver for the domestic paper demand.

� Education

� Digital printing

� Customized

media

� Smart

packaging

� Electronic

media

� Plastics

Source: Poyry, 2008

0

50

100

150

200

250

300

350

0 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 45.000

GDP per capita, US$

Consumption, kg per capita

Japan

China

USA

Sweden

Spain

Korea, Rep.

UK

Taiwan

Brazil

India = 7kg USA = 300kg

28

Demand growth drivers

¹P&W: printing and writing / PB: paperboard and liquid paperboard

Source: RISI Latin America Forecast – July/10

Brazil and Latin America: Suzano’s main markets

• Economic growth and increase in the

industrial activity

• Education level improvement and

access to new technologies

• The P&W and PB demand is

expected to grow at a rate of 3.9%,

from 2010 to 2014: outperforming

the capacity increase in the region

• Latin America: net importing region

• Competitive advantage: geographic

proximity, lower logistic costs and

shorter lead times

29

P&W and PB¹ demand (MM ton)Latin America

The markets in which Suzano

operates correspond to 31%of total consumption, or

2.6 million tons.

Main seasonal factors in the domestic paper demand:

• Government purchases for textbooks• Notebook exports• Back to school season• Year end holidays (packaging)

Paperboard does not include liquid paperboardSource: Bracelpa – 2009

Paper in Brazil

30

More than 90% integrated production (pulp + paper)

Paper Business in Suzano

• Fx hedge: approximately 60% of paper

revenue in local currency

• Hedge against the cyclicality of pulp prices• Operational synergies: drying / repulping,

transport, taxes, environmental

infrastructure synergies

• Production capacity of 1.1 million ton

per year

• Approximately 400 clients, 300 in Brazil

• 5 productive plants

• 10 paper machines

• Strong brands: Report, Reciclato, Paperfect and others

• 2 paper merchants

31

Paper Business Unit highlights

37% 41% 43% 53%

63% 59% 57% 47%

1,071 1,098 1,162 1,116

• Net revenue of R$ 2.3 billion in 2009 and R$ 1,153 million in 1H10

• Brazil and Latin America represent approximately 73% of total sales in 1H10

• Profitability and risks define sales distribution in different regions

• Leadership in Printing & Writing and white paperboard in South America

• 2 own paper merchants – SPP NEMO (2nd largest in Brazil) and Stenfar (Argentina)

• Complementary graphic and consumption portfolio

32

46%

54%

554

Paper sales (Kton) Paper sales destination – 1H10

Paper Business Unit priorities

Portfolio management,

sales and regional mix, focusing on

operational margin and return

Regional leadership in the main white paper

segments

Logistics and commercial approach

excellence

Discipline in growth

opportunities assessments

33

Results

Results 1H10 1H09 1H10/1H09

Sales volume (Kton) 1,360 1,516 -10.3%

Paper sales (Kton) 554 547 1.3%

Pulp sales (Kton) 806 969 -16.8%

Net revenue - R$ Million 2,160 2,042 5.8%

Net income - R$ Million 265 529 - 49.9%

EBITDA - R$ Million 917 548 67.3%

EBITDA - US$ Million 510 250 104.2%

EBITDA margin 42.5% 26.8% 15.6 p.p.

Average exchange rate (R$/US$) 1.80 2.19 -18.1%

Net debt 3,741 4,495 - 16.8%

Net debt / EBITDA (LTM) 2.7 3.5 n.a.

Note: Since 2008, contemplates the adjustments of Law 11.638/07

Results 1H10

35

Results 2009 2008 2009/2008

Sales volume (Kton) 2,896 2,482 16.7%

Paper sales (Kton) 1,116 1,162 - 4.0%

Pulp sales (Kton) 1,780 1,320 34.8%

Net revenue - R$ Million 3,953 4,064 - 2.7%

Net income - R$ Million 878 (451) n.a.

EBITDA - R$ Million 1,021 1,469 - 30.5%

EBITDA - US$ Million 511 800 - 36.2%

EBITDA margin 25.8% 36.2% - 10.3 p.p.

Average exchange rate (R$/US$) 2.00 1.84 8.9%

Net debt 3,966 5,459 - 27.4%

Net debt / EBITDA (LTM) 3.9 3.7 n.a.

Note: Since 2008, contemplates the adjustments of Law 11.638/07

Results 2009

36

2,7873,099

3,4104,064

47%42% 47% 54%

53% 58% 53% 46%

58%

42%

3,953

Note: the adjustments of Law 11.638/07 are contemplated since 2008.1 includes non recurring items: sale of forestry asset

Net revenue and EBITDA

37

2,160

60%

40%

1

Net Revenue (R$ million) EBITDA

Implementation of Mucuri project

(Line 2)

Debt profile

Note: the adjustments of Law 11.638/07 are contemplated since 2008.

Acquisition of Ripasa

Start up of line 2 at Mucuri

38

Adequate debt amortization schedule and liquidity profile:

• R$ 2.5 billion in June 30th,2010

• Competitive debt costs

• Suzano’s rating: Moody’s: Baa3 (Stable) – Investment Grade; S&P: BB+ (Stable)

Debt amortization schedule

39

Amortization schedule (R$ million)

Capital markets

Recovery of higher average daily volumes and daily number of trades

40

Stock performance

41

70%

80%

90%

100%

110%

120%

130%

140%

150%

116.6 (SUZB5)115.3 (IBOV)112.1 (IBrX50)

New Growth Cycle

2,850 2,850 2,850 2,850

4,250

5,650 5,850

PiauíUnitMaranhão

Unit

Mucuri Unit and new pulp line: analysis of the global economy and pulp market outlook for definition of the implementation schedule and start up.

New growth cycle

Considering the new projects, pulp annual

capacity will increase 3.0 million tons and the

total installed capacity will reach 5.9 million

tons per year.

431 The effective capacity will depend on the learning curves

Wood supply

(2013-2028)

• Acquisition of Vale’s forestry assets in Maranhão: 84,5 thousand ha of land (34,5 thousand ha already planted)

• Acquisition of eucalyptus timber from the Vale Florestar Program, starting in 2014 until 2028

• Technology cooperation agreement

• Railroad transportation for the pulp output to the port region of São Luiz until 2043.

• Start up in 2013 ensured with Vale’s forestry assets (planted forest) – on a competitive basis

Necessary planted area: 154 tsd ha

US$ 2.3 Billion

2009 to 2015

Forestry Capex Industrial CapexUS$ 575 Million

2011 to 2014

Maranhão Unit

Final agreements with Vale in July 2009:

44

Wood supply

(2015 onwards)

• Final agreement with Transnordestina in July 2009:

• Railroad transportation for the pulp output from Piauí to the port region of São Luiz until 2028

• Planting already started in MA licensed area

• Start up of Piauí unit scheduled for 2014, ensured with 5.5 years old forest

US$ 2.3 Billion

2009 to 2015

Forestry Capex Industrial CapexUS$ 710 Million

2012 to 2015

Necessary planted area: 170 tsd ha

Piauí Unit

45

Maranhão Unit Piauí Unit

Maranhão and Piauí units

46

Leadership

Competitiveness

Vision

Management

Capital structure

Key messages

Leading player in the regional paper market and one of the top 10 market pulp producers

One of the lowest cash costs in the world

Solid organic growth strategy

Consolidated management structure/model and alignment with shareholders

Disciplined capital structure management

47

Investor Relations

www.suzano.com.br/ri+55 (11) [email protected]

48

Experience of 36 years in the pulp and paper industry. CEO of Suzano Holding S/A, Chairman of the Board of Directors of Suzano 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.

Experience of 35 years in the pulp and paper industry. Vice President of FIESP. Member of BRACELPA’s and IBEF’s AdvisoryBoard. Chairman of the Board of Directors for the Brazilian Committee of Britain Brazil Business Forum.

Executive Vice President of Suzano Holding S/A. Coordinator of Sustainability and Strategy Committee and member of AuditCommittee and member of the Compensation Commission of the Board of Directors; Former president of the board and CEO ofHoechst of Brazil. Board of Directors member of Lojas Renner S/A, RBS Group, Cyrela Brazil Realty, OGX and Chemical GroupDSM/Holanda.

Experience of 32 years in the pulp and paper industry. Member of Sustainability and Strategy Committee, Chairman of Polpar’sBoard of Directors, President of Premesa, Corporate VP of Suzano Holding, IPLF Holding and Nemopar, President of Vocal andNemonorte, Chairman of Ecofuturo Institute’s Board of Directors.

Experience of 31 years in the pulp and paper industry. Member of the Board and the Committee of Sustainability and Strategy;Director of Premesa, Corporate VP of Suzano Holding and IPLF Holding, Executive Officer of Nemonorte and Vocal.

Senior partner of Machado, Meyer, and Sendacz Opice Lawyers and former member of the Board of Directors of OAB Brazil.President of CESA. Former Legal Adviser and Chairman of the Legislative Committee of the American Chamber of Commerce andDirector of ABRASCA’s Legislative Committee. (Independent)

Member of Audit Committee. Senior partner of Integra Associates. Member of Gerdau S/A’s Board of Directors, MetalúrgicaGerdau, 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)

Coordinator of Suzano Pulp and Paper’s Audit Committee. Member of the Board of Directors of TAM Airlines and TAM AviaçãoExecutiva. 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-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)

Experienced and active Board of Directors

DAVID FEFFER, 53Chairman

DANIEL FEFFER, 50Vice Chairman

BORIS TABACOF, 82Vice Chairman

CLÁUDIO SONDER, 68

ANTONIO MEYER, 64

OSCAR BERNARDES, 64

MARCO BOLOGNA, 55

NILDEMAR SECCHES, 61

JORGE FEFFER, 49

49

Chief Executive Officer, also responsible for Investor Relations Department, 4 years at Suzano. Member of the Board ofDirector Member of Marfrig Frigoríficos. Vice President of BRACELPA. Former member of the Board of Director of SEBRAE,Gradiente, Cecrisa and Amcham. Former Chaiman of Ford Brasil and Ford Latin America, Itamarati Group, Ferronorte and Cecrisaand former Executive of Petrobras and the Federal Government. Mechanical Engineer graduated at UFRJ.

Chief Executive Officer of Suzano Renewable Energy and Suzano Pulp and Paper Executive Officer, responsible forCorporate Development Department, 7 years at Suzano. Former Paper Business Unit Executive Officer (2005-2008). FormerExecutive of JPMorgan in Brazil and NY (Investment Banking Global and Latin America), Chase Manhattan and BancoPatrimônio/Salomon Brothers. Graduated in Business Administration at Fundação Getulio Vargas (FGV).

Chief Operation Officer, 5 years at Suzano. Has worked as Expansion Project Director of Mucuri Unit. Former executive of DowChemical Company, in Brazil, USA and Europe. Post-Graduated in Business Administration at FIA/USP.

Chief Financial Officer, also responsible for the Legal and Strategy Departments, 15 years at Suzano. He has worked at Valefor 23 years as Director, Executive Vice-President and member of the Board of Directors. PhD in Business Administrationgraduated at University of California, Berkeley. Mechanical Engineer graduated at ITA.

Forest Business Unit Executive Officer, 3 years at Suzano. Former executive of Champion Pulp and Paper and InternationalPaper as Global Forestry Strategy Officer in the USA. Post graduated in Forest Science and Wood Technology at USP – Piracicaba.

Paper Business Unit Executive Officer, 6 years at Suzano. Former Executive Manager of Suzano’s Pulp Business Unit and SalesGeneral Manager for Latin America at General Electric in the Industrial Systems Division. MBA degree at Ibmec-SP. ElectricalEngineer at UFMG.

Human Resources Executive Officer, 2 years at Suzano. Former Human Resources Manager for Aviation Operations in GeneralElectric in Brazil and abroad, Global HR Director for Information Technology in the United States and HR Director for Mexico andLatin America. Former Executive of Carioca Engenharia, CR Almeida, Comlurb and Bureau Veritas. Post Graduated in BusinessAdministration at COPPEAD-UFRJ.

Pulp Business Unit Executive Officer, joined Suzano in 2009. Former CEO of European operations of RGM Group andCommercial Director of Aracruz. Graduated in Business Administration at Fundação Getulio Vargas (FGV).

ANTONIO MACIEL NETO, 52

BERNARDOSZPIGEL, 65

ANDRÉ DORF, 37

ERNESTOPOUSADA, 43

JOÃO COMÉRIO, 45

CARLOS ANIBAL, 40

CARLOS GRINER, 46

ALEXANDRE YAMBANIS, 58

50

Distinguished management team