Investor Presentation

August 2009

2

Disclaimer

♦ Certain statements in this presentation may constitute forward-looking statements. Such statements are subject to known and unknown risks and uncertainties that could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. These risks include changes in customer demand for the Company’s products, changes in raw material costs, seasonal fluctuations in customer orders, pricing actions by competitors, significant changes in the applicable rates of exchange of the Brazilian real against the US dollar, and general changes in the economic environment in Brazil, emerging markets or internationally.

3

• Solid growth strategy

• One of the lowest cost producers in the world

• Market leader in the regional paper industry and one of the top 10 in the global pulp industry

• Strong management team and organizational structure

Key Messages

• Adequate capital structure

Corporate Overview

5

DEFINED CONTROLLING

GROUP

� Reputation

� Long term vision

PROFESSIONAL

MANAGEMENT

� Capital Discipline

� Rapid decision-making

Process

CAPITAL MARKETS

� Assessment of management

performance

� Transparency

� Funding for growth

Ownership and Management: A Powerful Combination

Profitable and sustainable growth

6

46% in free float

Free FloatFree FloatControlling shareholders

(Suzano Holding and Related Persons)Controlling shareholders

(Suzano Holding and Related Persons)

ON 95.0%PNA 28.9%PNB 0.6%TC 51.4%

PNA 70.7%PNB 0.28%TC 46.1%

Note:

ON = Voting SharesPNA = Non voting/Pref. APNB = Non voting/ Pref. BTC = Total Capital

Ownership Structure

Note: In treasury, there are 5,428,955 of ON, 1,009,583 of PNA and 1,527,759 of PNB representing 2.5% of total shares. These shares were not included in free float.

Total Capital (# of shares)

ON 107,821,512

PNA 205,120,105

PNB 1,540,879

Total 314,482,496

7

Suzano

� Second largest eucalyptus pulp producer in the world and one of the top 10 in market pulp.

� Regional leader in the paper market.

� Plantations and products certified by the FSC.

� New growth cycle: from 2.8 to 7.2 million tons per year of paper and pulp.

� Solid business structure abroad: Argentina, England, United States, Switzerland and China.

New growth cycle

8

43% in the domestic market

#1 in Brazilmarket share 28%

#2 in Brazilmarket share 27%

#1 in Brazilmarket share 24%

57% in exports

R$ 4.1 billion in net revenueR$ 4.1 billion in net revenue

Market pulp

(38% of net revenue)

Paper (62% of net revenue)

Printing and writing (49% of net revenue)

Uncoated (41% net rev.) Coated (8% net rev.)

Cartonboard (13% net rev.)

High quality and technology

Diversified products and markets

Note: Market share numbers include paper imports.

Last twelve months until June/09.

9

Owned land (tsd ha)

State Total Planted

São Paulo

BA e ES

Minas Gerais

Maranhão

Conpacel* (SP)

Total SPC**

89

212

58

112

51

522

49

122

22

1

36

230

* Conpacel: corresponds to 50% of Ripasa’s area.

** It does not include new sites announced.

Independent farmers 83

Average distance of forests: 74 Km

Average distance of

forests: 211 Km

Areas of Activity and Flow of Production

Portocel

Vitória Port

Santos Port

Lands and forests

♦ Suzano’s production is based on 100% of renewable eucalyptus planted forests, preserving a native forest area of 39% (19% above Brazilian environmental Legislation requirements).

Preservation: 205 tsd ha.

10

Performance

100%

70% a 100%

1980 2000

� Technologic Innovation

� More wood/ ha

� More pulp/ m3

� Higher quality

� Less Area

� Lower Costs

Evolução do Rendimento em celulose (tsa/ha/ano)

2020 (projection)

1960 1970 1991 1998 2008

29 31

45Biotechnology

Classical improvement

Clones

Monoprogeny plantingSoils and nutrition

Seeds

21

Forest Yield Evolution (m3/ha/year)

Productivity (mtons / ha / year)

Challenging goals and

cutting-edge technology

5.511

Biotechnology

Classical improvement

11

BU: Business Unit

SP: Service Providers

SP Strategy, Corporate

Dev. & IR

SPFinance

SPOperations

SP Human Resources

Paper BUPulp BUForest BU

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

Audit

BD Committees

Sustainability & Strategy

Objectives:

• Greater customer focus

• Improved accountability

• Development of leaders

Organizational Structure

CEO

12

Board of Directors experienced and active

Experience of 35 years in the pulp and paper industry. CEO of Suzano Holding S/A and Chairman of the Board of Directors of Suzano Pulp and Paper S/A. CEO of IPFL Holding. CEO and Vice President of the Board of Directors of Polpar S/A. Vice President of Premesa S/A and Vocal.

Experience of 34 years in the pulp and paper industry. Vice President FIESP. Member of ABRINQ and EMBRAER’s Board of Directors. Member of BRACELPA’s Advisory Board. Former member of the Association Committee of Foreign Trade of Brazil and Chairperson of the Advisory Committee on Paper and Wood Products of Food and Agriculture UN organization in Rome.

Coordinator of Sustainability and Strategy Committee and member of Audit Committee and member of the Compensation Commission of the Board of Directors; Former president of the board and CEO of Hoechst of Brazil and senior executive of HoechstAG, Frankfurt. Member of RBS Group’s Board of Directors, of Cyrela Brazil Realty, of OGX, of Chemical Group DSM/Holanda, President of Renner Stores’ Board of Directors. ( Independent)

DAVID FEFFER, 52Chairman

DANIEL FEFFER, 49Vice Chairman

BORIS TABACOF, 80Vice Chairman

CLÁUDIO SONDER, 67

ANTONIO MEYER, 62

Experience of 31 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, the IPLF Holding, President of Vocal, Chairman of Lazam-MDS Insurance Brokers and Administrator’s Board of Directors, Chairman of Ecofuturo Institute’s Board of Directors.

Experience of 30 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, a member of Lazam MDS Insurance Brokers and Administrator’s Board of Directors and VP and Director of the Council of Ecofuturo Institute.

Senior partner of Machado, Meyer, and Sendacz Opice Lawyers and Director of OAB, Brazil. 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. Former Justice Secretary for the State of São Paulo.

OSCAR BERNARDES, 62

MARCO BOLOGNA, 54

NILDEMAR SECCHES, 60

JORGE FEFFER, 48

Senior partner of Integra Associates. Member of Gerdau SA’s Board of Directors, Gerdau Metallurgical, Satipel Industrial SA, RBSGroup, Sao Paulo Alpargatas, Locates, Delphi Corporation (USA) and Johnson Electric (Hong Kong); Board Member of Brazil's Bunge, Brazil and Alcoa Veirano Assoc. Oscar was President of Bunge International and managing partner in Booz-Allen & Hamilton. (Independent)

Coordinator of Suzano Pulp and Paper’s Audit Committee. Former General Manager of WTORRE and President of TAM Airlines. Member of TAM and Daycoval Bank Board of Directors. (Independent)

Chairman of Board of Directors of Perdigão. Board member of WEG SA, Ultrapar Participações SA and Iochpe-Maxion SA. Former Director of the National Bank for Economic and Social Development - BNDES, and General Director of Corporate Group Iochpe-Maxion Industrial Holding. ( Independent)

13

Distinguished Management Team

Chief Executive Officer, 2,5 years at Suzano. Board of Directors’ Member of Archer Daniels Midland Company – ADM and of Marfrig.

BRACELPA’s VP. Former Board of Directors’ member of SEBRAE, Gradiente, Crecisa and Amcham. Former chaiman of Ford Brasil

and Ford Latin America, Itamarati Group, Ferronorte and Cecrisa and Executive of Petrobrás and of the Federal Government.

Mechanical Engineer graduated at UFRJ.

Strategy, Corporate Development and Investor Relations Executive Officer, 6 years at Suzano. Former Paper Business Unit

Executive Officer (2005-08). Former Executive of JPMorgan in Brazil and NY (Investment Banking Global and Latin America),

Chase Manhattan and Banco Patrimônio/Salomon Brothers. Graduated in Business Administration at FGV.

Chief Operation Officer, 5 years at Suzano. Has worked as Expansion Project Director of Mucuri Unit. Former executive of Dow

Chemical Company, in Brazil, USA and Europe. Post-Graduated in Business Administration at FIA/USP.

ANTONIO MACIEL NETO, 51

Chief Financial Officer, responsible for Legal, 14 years at Suzano. Has worked at pulp and paper sector for 29 years. Former

Director, Executive Vice-President and member of the Board of Directors of Vale. PhD in Business Administration graduated at

University of California, Berkeley.

Forest Business Unit Executive Officer, 2 years at Suzano. Former executive of Champion Pulp and Paper and International Paperin Brazil and USA. Post graduated in Forest Science and Wood Technology at USP – Piracicaba.

Paper Business Unit Executive Officer, 4 years at Suzano. Former Executive Manager of Suzano’s Pulp Business Unit and Sales

General Manager for Latin America at General Electric, at the Industrial Systems Division. MBA degree at Ibmec São Paulo.

Human Resources Area Executive Officer, joined Suzano in 2008. Former Human Resources Manager of Operations in General

Electric in Brazil and abroad, Global HR Director for Information Technology in the United States and HR Director for Mexico and Latin

America. Former Executive of Carioca Engenharia, CR Almeida, and Bureau Veritas. Post Graduated in Business Administration at

COPPEAD.

BERNARDO SZPIGEL, 63

ANDRÉ DORF, 36

ERNESTO POUSADA, 41

JOÃO COMÉRIO, 44

CARLOS ANIBAL, 39

CARLOS GRINER, 45

ALEXANDRE YAMBANIS, 57

Pulp Business Unit Executive Officer, joined Suzano in 2009. Former CEO of European operations of RGM Group and

commercial director of Aracruz. Graduated in Business Administration at Fundação Getúlio Vargas.

14

Management model

� Operational Excellence:

� Six Sigma / Routine management� Revenue management� Matrix budgeting: fixed costs and SG&A

� Customer Oriented:

� New and clearer commercial policies� Improve customer satisfaction

� Alignment of interests:

� Compensation of executives focused on EVA metrics

� Higher variable portion in total compensation

� Strategic Planning:

� Focused on Value-Based Management (EVA)� M&A opportunities� Enterprise risk management� Sustainability� R&D & Innovation

Awards and recognitions

15

Sustainability

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

Triple Bottom Line – GRI approach

Financial and Economic

� Growing scale and revenues

� Improving margins and returns

� Solid cash flow generation

Social

� Public libraries

� Public schools remodeling

� Educational programs (with ECOFUTURO)

Environment

� FSC – forest management and chain of custody certification

� CCX and WBCSD member

� ECOFUTURO (Parque das Neblinas)

Expertise in Projects Management

&

New Growth Cycle

17

Mucuri: successful implementation

US$ Million 2005R 2006R 2007R 2008E Total

CAPEX 55 718 479 58 1,310

♦ World record: recovery boiler operating in 20.5 months

♦ Construction concluded in 22 months

♦ Startup 35 days ahead of schedule

♦ Initial budget maintained despite appreciation of the Brazilian Real

18

760 775 784 915

425 425 456 570640 820

1,080 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100

1,650 1,750 1,750 1,750 1,750

3,050

4,350

6,050

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 TBD

New growth cycle

♦ Based on the new projects, the annual pulp capacity will grow 4.3 million tons and the total installed capacity* will be 7.2 million tons per year of pulp and paper.

1,185 1,200 1,2401,485

1,720 1,920

2,7402,850

7,150

4,150

5,450

Maranhão Unit

PiauíUnit

New Unit anddebottleneck

of Mucuri

2,850

* The effective capacity will depend on the learning curves.

Pulp

Paper

2,850 2,850

19

New growth cycle

♦ Three new pulp lines and Mucuri Unit debottleneck

� Investments already started:

� Maranhão State Unit

� Piauí State Unit

� To be defined until the end of 2009:

� Debottleneck of Mucuri Unit by optimizing the existing Lines 1 and 2

� New line in one of the new units (Maranhão or Piauí States) or a new location

� Capacity of 4.3 MM tons per year

� New forest boundaries (Greenfield projects) - basis for new growth cycles.

2009-2015

2011-2017

US$ 570 million

US$ 3.6 billion

Forestry Base

Industrial New Lines

Schedule of Investments*

* It does not include debottleneck of Mucuri Unit and third line.

20

New growth cicle

Final agreements with Vale in July 2009:

� Acquisition of forestry assets located in Maranhão state: 84.5 thousands hectares of land (34.5thousands hectares already planted) for R$235 MM to be paid over 12 quarters. The first payment willoccur 90 after the signing of agreement.

� Acquisition of eucalyptus timber from the Vale Florestar Program - 2014 to 2028.

� Technological cooperation agreement: synergies between the forestry research used by Vale in theregion and the technology for genetic improvement and forestry management developed by Suzano.

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

Maranhão

Start up of Maranhão unit in 2013 on a competitive basis

21

New growth cicle

� Final agreement with Transnordestina in July 2009:

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

� Start up of Piauí unit scheduled for 2014

Piauí

Other Projects

� Analysis of the global economic and pulp market outlook for the decision of Mucuri unitdebottlenecking and new pulp line

� Definition of new implementation schedule and start-up dates until the end of 2009

Pulp Business Unit

23

Bleached pulp capacity in 2008

Market Pulp Bleached hardwood pulp Eucalyptus pulp

Nordic

Asia/Africa

West Europe

14.020

8.870

8.055

6.305

5.465

4.985

Latin America

United States

Canada

East Europe

Japan

Oceania

2.290

780

445

Market pulp capacity in 2008

Total 26.8 million Total 14.8 millionTotal 51.2 million

Source: Hawkins Wright - December, 2008 Volumes don’t include production of unbleached pulp and high yield pulp.

Canadá;

16%

Asia/Africa

; 11%

Nordic;

12%West

Europe;

10%

East

Europe;

4%

Brazil;

17%

Oceania;

1%

Japan;

2%

Latin

America -

Others;

11%

USA;

17%

Canada;

8%Nordic;

8%

West

Europe;

11%

East

Europe;

3%

Brazil;

32%

Japan;

2%

Asia/Africa

; 20%

Latin

America -

Others;

11%

USA; 6%Nordic;

1%

Latin

America;

21%

Brazil;

58%

Africa; 4% West

Europe;

16%

24

World demand

Source: Hawkins Wright – March, 2009.

Total bleached softwood 21.3 19.9 19.8 20.1 20.1 20.1 -6.6%-1.1%

Birch 1.3 0.9 0.8 0.8 0.8 0.8 -26.4%-9.7%

Eucalyptus 13.2 12.9 13.7 14.4 15.1 15.9 -2.1%3.7%

Asian hardwood 3.3 3.4 3.5 3.5 3.7 3.8 2.3%2.6%

Northern mixed hardwood 4.0 3.6 3.6 3.5 3.4 3.2 -10.7%-4,3%

Southern mixed hardwood 1.8 1.6 1.5 1.5 1.5 1.4 -10.2%-5.4%

Total bleached hardwood 23.6 22.5 23.1 23.6 24.4 25.0 -4.9%1.1%

Sulphite 0.8 0.6 0.6 0.5 0.5 0.5 -17.3%-7.6%

Total white pulp 45.7 43.0 43.5 44.3 45.0 45.7 0.0% -5.9%

Million tons% p.a %

2008 2009 2010 2011 2013 2008-13 2009/08

Forecast

2012

25

US$ / t (CIF/ North Europe)

Pulp cash costBrazil: structurally low

Source: Hawkins Wright, December 2008 - Volumes don’t include production of unbleached pulp and high yield pulp.

USA

Hardwood Softwood

Chile

Europe

Finland

East Canada

Sweden

BC

Interior

High Cost

23.4 MM ton

Chile

Indonesia

Canada

Sweden

France and Belgium

Iberia e Norw

ay

Brazil

16.8 MM ton

Low Cost High Cost

10.0 MM tonFinland

USA

750

350

US$ 260 – 310 / t

US$ 410 - 550 / t

US$ 500 - 610 / t

BC

Coast

SUZ

26

Capacity closures and downtimes

� Capacity closures and downtimes from 2005 to 2008 reached more than 4 million tons. Additional capacity reductions are expected in 2009.

North America Europe Total

2005 (70) (390)

2006 (1,270) (1,340)

2008 (1,700) (2,530)

1H09 (2,292) (5,201)

Total (5,582) (2,336) (9,461)

(320)

(70)

(830)

(1,366)

Latin America Asia

(259)

(259) (1.207)

(1.207)

Sources: Hawkins Wright and Terrachoice, June 2009

Others

(77)

(77)

27

Pulp Sales Destination – 1H09Pulp Sales (thousand tons)

Pulp unitSolid track record of exports

♦ More than 120 customers in more than 47 countries

2005 2006 2007 2008 1H09

549615

799

1,320

84%81% 78%

80%

16% 19% 22% 20%

88%

Domestic Market

Exports

969

12%

Asia

50%

Europe

30%

South/Central

America

1%

North America

7%

Brazil

12%

Paper Business Unit

29

400505

2008 2020

� Education in emerging markets � New printing technologies (on demand) � Broad access to home printers in emerging markets� “Packaging substitution”: environment and printability

Global paper demand

P&PB demand (million tons / year)

Notes: P&PB – Paper and paperboard.

CAGR = 2.0%

30

Consumption x GDP per Capita

Drivers for growth in demand

♦ Historically there is a high correlation between per capita GDP and paper consumption. In Brazil, an expected higher growth of economy should stimulate the domestic demand for paper.

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

� Education

� Digital printing

� Customized media

� Intelligent packaging

� Electronic media

� Plastics

India = 7kg USA = 300kg

31

-1,5

-1,0

-0,5

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

Global demand growth by grade

New

sprin

t

Unc

oate

dm

echa

nica

l

Coa

ted

mec

hani

cal Unc

oate

d w

oodf

ree

*

Coa

ted

woo

dfre

e * Ti

ssue

pa

per

Cor

ruga

ted

bo

ard

Kra

ftPa

per

Car

tonb

oard

*

Oth

ers

0 10020 40 60 80

Demand growth CAGR % / year

Participation in volume, in %

Average: 1.9%/a

♦ The grades that Suzano produces present higher growth rates.

Projected growth (2006 a 2020), by segment

Source: Poyry, 2008 Note: * Grades that Suzano produces.

32

Suzano: focused in the region

♦ Brazil and South/Central America were 69%* of volume sold.

♦ About 46%* of Suzano's production was exported. A statistical risk / return analysis defines the sales breakdown among the regions.

Participation in volume sold

Paper Sales Destination – 1H09

56% 62% 59% 57% 49%

44% 38% 41% 43% 51%

2005 2006 2007 2008 1S09

Sales Volume

Domestic Market

Exports

* Last twelve months until June/09

Brazil

49%

Other

13%

South/Central

America

13%

Europe

13%

North America

12%

33

Paper business in Suzano

1. Focused & Rational Portfolio

� Uncoated papers in the local and international markets

� Coated papers and board mainly in the LA Region

2. Significant Market Position

� World class scale and cost competitiveness in uncoated paper

� Leadership in P&W in South America

� Leadership in the most attractive segments in the local markets

3. High quality assets and infrastructure

� Competitive production cost and flexible finishing structure

� Excellence in logistics and sales approach

4. Paper priorities

� Optimization of products and regions mix

� Redefinition of the commercial approach and relationship with the market

� Growth with profitability

Corporate Results

35

1H09 Results

LTM = last twelve months

Results 1H09 1H08%

1H09/1H08Sales volume (000 tons) 1,515 1,254 20.8%

Paper volume domestic market (000 tons) 268 306 -12.5%

Pulp volume exports (000 tons) 850 581 46.3%

Net revenue - R$ million 2,042 1,974 3.5%

Net income - R$ million 529 325 62.9%

EBITDA - R$ million 548 713 -23.2%

EBITDA - US$ million 256 427 -40.2%

EBITDA margin 26.8% 36.1% -9.3 p.p.

Exchange Rate (R$/US$) 2.14 1.67 28.5%

Net debt 4,495 4,236 6.1%

Net debt / EBITDA (LTM) 3.5 3.3 n.a.

36

EBITDANet Revenue (R$ million)

Net revenue and Ebitda

2004 2005 2006 2007 2008 1H09

2,640 2,7873,099

3,410

4,064

49% 47%42%

47%

54%

51% 53%58% 53% 46%

Domestic Market

Exports

548

1,039913 1,040

1,146

1,469

2004 2005 2006 2007 2008 1H09

39.4%

32.8% 33.5% 33.6%36.2%

1.841.952.182.442.93

Exchange rateEbitda - R$ million Ebitda margin R$/US$

Note: Since 2008, figures include the accounting changes introduced by Laws 11,638/07 and 11,941/09.

2,042

39%

61%

26,8%

2.14

37

1.040

4,495

5,459

4,2853,919

2,475

1,6161,3041,469

1,1469131,039

2,7

3,8 3,7 3,7

3,5

1,6

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

2004 2005 2006 2007 2008 1H09*

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

Net Debt EBITDA Net Debt/EBITDA

Debt and leverage

R$

Mill

ion

Net

Deb

t / E

BIT

DA

Acquisition of RipasaMucuri Project

Startup Line 2 at Mucuri

Note: Since 2008, figures include the accounting changes introduced by Laws 11,638/07 and 11,941/09.

* Net Debt as of 06/30/09 and last twelve months EBITDA until June, 2009

38

Amortization schedule

♦ Adequate debt amortization schedule and liquidity profile.

� R$ 2.4 billion in cash (June/ 2009)

� Competitive debt cost

� Fitch affirms Suzano’s rating:AA- (bra) in May/09

Amortization schedule (R$ million)

2,429

834

1,2971,044

1,231

614884 1,019

Cash 2009 (3Q/4Q) 2010 2011 2012 2013 2014 2015onwards

Short term debt with renewal already agreed (R$ 195 millions).

195

39

Key Messages

Focus on sustainable and profitable growth

• Solid growth strategy

• One of the lowest cost producers in the world

• Market leader in the regional paper industry and one of the top 10 in the global pulp industry

• Strong management team and organizational structure

• Adequate capital structure

40

Investor Relationswww.suzano.com.br/ri+55 (11) 3503-9061ri@suzano.com.br