Suzano reported signs of demand recovery in certain markets in 1Q09, with a solid financial position and consistent operational performance. Key highlights included record pulp sales volume to Asia, a strong cash position of R$2.1 billion and debt reduction of R$158 million, and an EBITDA margin of 33.5%. Suzano also confirmed investments in its solid growth strategy for the new growth cycle.

1. 1Q09 Consolidated Results
May 05, 2009

2. Key Messages
• Signs of demand recovery in certain markets
– Paper: Brazilian demand in March was16.8% higher than in February;
– Pulp: Record sales volume in 1Q09 (main destination: Asia).
• Solid financial position
– Adequate debt profile;
– Competitive debt cost;
– Strong cash position: R$ 2.1 bi, with total debt reduction of R$ 158 million in the quarter;
– Fitch affirms Suzano’s rating:AA- (bra)
• Consistent operational performance
– EBITDA margin in 1Q09: 33.5%.
• Solid growth strategy – investments in the new growth cycle were
confirmed
2/10

3. Highlights 1Q09
• Global hardwood inventories: -6 days in March (47 days vs 53 in February);
• Market pulp and paper production: 647 ktons, 1.1% lower than 4Q08 and 2.1% higher than
1Q08;
• Record sales of 654 ktons: 421 ktons of pulp and 233 ktons of paper;
• Higher average domestic prices for paper (+2.4%);
• Net revenue of R$ 943 million;
• Pulp production’s cash cost of R$ 427 / ton and SG&A expenses 27% lower than 4Q08;
• EBITDA of R$ 316 million and 33.5% EBITDA margin;
• Net income of R$ 90 million;
• Robust cash and cash equivalents: R$ 2.1 billion, with total debt reduction of R$ 158 million;
• Alexandre Yambanis appointed as Pulp Business Unit Executive Officer on January, 2009.
3/10

4. Pulp Business Unit
• Global pulp demand of 9.4 million tons1: -9.1% vs 1Q08 and -1,3% vs 4Q08;
• BEK demand 11.7% higher than 1Q08 and 8,0% higher than 4Q08;
• Announced downtimes of approximately 2.7 million tons 2 in 1Q09.
• Suzano’s record pulp sales: 421 thousand tons:
− 28% higher than 4Q08;
1Q09
− 21% higher than 1Q08.
• Main sales destinations: Asia (48.1%), Europe (31.3%) and Brazil (12.7%).
• Average net prices: -19% vs 4Q08 in US Dollars (US$ 407/ton vs. US$ 503/ton). In Brazilian
Reais:
− 18% lower than 4Q08;
− 20% lower than 1Q08.
• Net sales of R$ 396.7 million, 5.1% higher than 4T08 and 2.6% lower than 1Q08.
• Cash cost of R$ 427 / ton 3, 2.5 % lower than 4T08 and 5.7% lower than 1T08.
1PPPC 2Hawkins Wright 3Does not include Mucuri downtime costs 4/10

5. Pulp Business Unit
Pulp sales (thousand tons) Pulp sales (R$ million)
397 407
421 377
348
329
316 342 339
368
278 286
51 53 62 62 55 68
4Q08 1Q09 1Q08 4Q08 1Q09 1Q08
Domestic market Exports Domestic market Exports
Destination of pulp sales - 1Q09 Destination of pulp sales - 4Q08
Brazil
Brazil
South/Central America 13%
South/Central America 16%
0% 0% Asia
North America North America
Asia 37%
8% 6%
48%
Europe
31% Europe
42%
Total 421 ktons Total 329 ktons
5/10

6. Paper Business Unit
• Signs of demand recovery in Brazil during 1Q091
− Jan-Feb/09: -15% vs Jan-Feb/08;
− Mar/09: -6,4% vs Mar/08 (uncoated +2,4%). Total growth of 17% in comparison to Feb/08;
− Total 1Q09 vs 1Q08: -12% and contraction of 25% when compared to 4T08.
• Imports’ share in the coated domestic market: reduction to 37% from 46% in 1Q08.
1Q09
• Suzano’s domestic sales reached 92 ktons in P&W and 30 ktons in Paperboard:
− P&W: -13% lower than 1Q08 (domestic market: -10%). High growth in Mar/09: 23% vs Feb/09.
− Paperboard: -21% lower than 1Q08 (domestic market: -19%).
• Increase in the average domestic price in 1Q09: +2.4%.
• Paper exports reached 110.5 ktons: -16% vs 4Q08 and -11.3% vs 1Q08.
• Average prices of exports:
• In US Dollars: -8% vs 4Q08 and -9% vs 1Q08
• In Reais: -7% vs 4Q08 and +22% vs 1Q08
1Bracelpa, includes printing & writing and paperboard segments
6/10

7. Paper Business Unit
Paper sales (thousand tons) Paper sales (R$ million)
302 723
271
233 562
546
132 295
125
111 232 215
171 428
122 146 315 348
4Q08 1Q09 1Q08 4Q08 1Q09 1Q08
Domestic market Exports Domestic market Exports
Paper exports - 1Q09 Paper Exports – 4Q08
Others Others Europe
17% Europe 18% 23%
28%
North America
South/Central America
South/Central 21%
30%
North America America
Total 111 ktons 25% 39% Total 132 ktons
7/10

8. Results 1Q09
% %
Results 1T09 4Q08 1Q09 1Q08 1Q09/4Q08 1Q09/1Q08
Sales volume (000 tons) 632 654 619 3,5% 5,7%
Paper volume domestic market (000 tons) 171 123 146 -28,4% -16,2%
Pulp volume export market (000 tons) 278 368 286 32,2% 28,4%
Net revenue - R$ million 1.100 943 970 -14,3% -2,8%
Net income - R$ million (495) 90 124 n.a -27,6%
EBITDA - R$ million 382 316 343 -17,3% -7,9%
EBITDA - US$ million 167 136 197 -18,7% -30,9%
EBITDA margin 34,7% 33,5% 35,3% -1,2 p.p. -1,9 p.p.
Exchange Rate (R$/US$) 2,28 2,32 1,74 1,8% 33,3%
Net debt 5.459 5.338 4.225 -2,2% 26,3%
Net debt / EBITDA (LTM) 3,7 3,7 3,5 n.a n.a
n.a. – non applicable
LTM = last twelve months
8/10

9. Key Messages
• Signs of demand recovery in certain markets
– Paper: Brazilian demand in March was16.8% higher than in February;
– Pulp: Record sales volume in 1Q09 (main destination: Asia).
• Solid financial position
– Adequate debt profile;
– Competitive debt cost;
– Strong cash position: R$ 2.1 bi, with total debt reduction of R$ 158 million in the quarter;
– Fitch affirms Suzano’s rating:AA- (bra)
• Consistent operational performance
– EBITDA margin in 1Q09: 33.5%.
• Solid growth strategy – investments in the new growth cycle were
confirmed
9/10

10. Investor Relations
www.suzano.com.br/ri
55 11 3503-9061
ri@suzano.com.br