4Q10 Consolidated ResultsMarch 2nd, 2011

02/10

Pulp

Paper

• Global market pulp production of 10.8 MMt in 4Q10: -1.1% vs. 3Q10 and +3.8% vs. 4Q09

• Global pulp sales volume (million ton):

4Q10 4Q10 x 3Q10 4Q10 x 4Q09

Market Pulp: 10.8 +6.3% +4.2%

Eucalyptus: 3.6 +6.3% -0.4%

• Global inventories at 30 days1 (Dec/10): below the historical average of 33 days

• Price decrease in 4Q10: US$ 849/ton (FOEX, December, CIF Europe)

• Market pulp shipments to China in December/10:

Market pulp: 984 thousand tons (+40.8% vs. Nov/10 and +59.0% vs. Oct/10)

Eucalyptus: 311 thousand tons (+38.8% vs. Nov/10 and +148.8% vs. Oct/10)

1PPPC

Domestic demand2(kton): 4Q10 4Q10 x 3Q10 4Q10 x 4Q09 Printing & Writing 547.3 +2.2% +7.0%Paperboard 150.0 -8.4% -1.8%

• Brazilian exports accounted for 36.9% of total sales in 4Q10 compared to 34.2% in 3Q10

• Increase of P&W paper imports (25.6% vs. 25.4% in 3Q10)

• Demand at the main P&W markets in 4Q101:

Western Europe: +0.4% vs. 3Q10 and -0.8% vs. 4Q09

North America: -4.3% vs. 3Q10 and -2.5% vs. 4Q09

Latin America: +0.8% vs. 3Q10 and +11.0% vs. 4Q09

4Q10 Highlights – Pulp and Paper Markets

2Bracepla

03/10

Pulp Business Unit

• Sales: 411.7 thousand tons in 4Q10:� 5.7% higher than 3Q10� 0.2% lower than 4Q09

• Average net price in 4Q10 (domestic and exports) of US$717.8/ton, -4.1% vs. 3Q10. In R$:

� 6.9% lower than 3Q10� 22.4% higher than 4Q09

• Net revenue of R$501.6 million:� 1.6% lower than 3Q10� 22.1% higher than 4Q09

Pulp Sales (ktons) Pulp Sales Destination

411.7 thousand tons 389.5 thousand tons

4Q10 3Q10

04/10

Paper Business Unit

Paper Sales (ktons) Paper Sales Destination

• Sales volume of 317.0 thousand tons in 4Q10:

4Q10 x 3Q10 4Q10 x 4Q09

� Printing & Writing +15.1% +6.5% � Paperboard -3.2% -8.4% � Average paper price (domestic) +0.1% +8.6%

• Domestic sales: 53.9% of total sales in 4Q10

• Exports average net price:

4Q10 x 3Q10 4Q10 x 4Q09

� In US$ -2.0% +17.3%� In R$ -4.9% +14.5%

317.0 thousand tons 285.4 thousand tons

4Q10 3Q10

05/10

Operational Performance

• EBITDA margin of 31.7%:� 3.5 p.p. lower than 3Q10� Non-recurring items of R$ 14.8 million

• Net income of R$251 million

• Pulp cash cost ¹ 5.9% lower than 3Q10:� Lower wood costs� Higher chemicals’ cost� Lower fixed cost

Pulp cash cost¹ (R$/ton)

Highlights

1 Mucuri Unit

Net revenue breakdown

06/10

Debt and leverage

1All amounts in the table above include the adjustments introduced by the IFRS standards.

Debt Breakdown1 - R$ Million December-10 September-10 December-09

Gross Debt 7,156 7,476 6,644

(-) Cash and Cash Equivalents -3,735 -3,625 -2,533

Net Debt 3,421 3,850 4,111

Net Debt / EBITDA 2.0x 2.2x 3.5x

Amortization (R$ million) Net debt vs. Net debt/ EBITDA

07/10

Pulp

Paper

• Global market pulp production of 41.7 MMt1 in 2010 (+6.4% vs. 2009)

• Global pulp sales volume (MMt):

2010 2010 x 2009

Market Pulp: 41.0 +4.8%

Eucalyptus: 13.8 -2.5%

• Global inventories at 30 days1 (Dec/10) vs. 27 days1 (Dec/09)

• BHKP list price1: US$847/ton in 2010 vs. US$565/ton in 2009 (+49.9%)

• Market pulp shipments to China in 2010:

Market pulp: 7.1 MM tons (-17.9% vs. 2009)

Eucalyptus: 2.3 MM tons (-36.6% vs. 2009)

1PPPC

Domestic demand2(kton): 2010 2010 x 2009Printing & Writing 1,978.9 +10.2% Paperboard 609.7 +13.4%

• Brazilian exports accounted for 48.9% of total sales in 2010 compared to 52.1% in 2009 (P&W

+ Paperboard)

• Increase of P&W paper imports in 2010 (24.5% vs. 18.8% in 2009)

• Demand at the main P&W markets in 20101:

Western Europe: +3.5% vs. 2009

North America: +3.6% vs. 2009

Latin America: +12.4 vs. 20092Bracepla 3FOEX, CIF Europe

2010 Highlights – Pulp and Paper Markets

08/10

• Demand recovery in pulp and paper markets

� Pulp: prices 57.8% higher in 2010

� Paper: average price increased by 2.7% compared to 2009 – highlight for paperboard (+8.1%) andhigher domestic market participation (+2.6%) in the sales mix

• Net revenues record of R$ 4.5 billion (+14.2%)

• Operational margins recovery:

� EBITDA of R$ 1.7 billion, 46.7% higher than 2009

� Net income of R$ 769 million vs. R$ 947 million in 2009 (exchange rate variation and IFRS)

• Solid financial position

� Adequate debt profile and competitive debt cost: duration of 43 months

� Leverage reduction: from 3.5x in Dec/09 to 2.0x in Dec/10

� US$ 650 million in Senior Notes rated Baa3 (Investment Grade, Moody’s) and BB+ (Standard & Poor’s)

• Consistent growth strategy

� Suzano 2024

− FuturaGene and Suzano Renewable Energy

− MA and PI projects’ update

− Conpacel and KSR acquisitions

� Sale of non strategic forestry assets

2010 Highlights

09/10

2010 Highlights

R$ million, except where otherw ise indicated 2010 2009 2010 x 2009

Net Revenue 4,514 3,953 14.2%

Exports 2,599 2,295 13.2%

Domestic Market 1,915 1,657 15.5%

EBITDA 1,703 1,161 46.7%

EBITDA Margin (%) 37.7% 29.4% 8.4 p.p.

Net Financial Earnings (loss) (252) 696 -136.2%

Net Income (loss) 769 947 -18.8%

Earnings (loss) per Share (R$) 2.07 2.86 -55.0%

Net Debt 3,421 4,111 -16.8%

Net Debt / EBITDA 2.0 3.5 -1.5 p.p.

End of Period Exchange Rate (R$/US$) 1.67 1.74 -4.3%

Average Exchange Rate (R$/US$) 1.76 2.00 -11.9%

Operational Data (tsd tons)

Pulp Sales 1,607 1,780 -9.7%

Paper Sales 1,156 1,116 3.6%

Mkt. Pulp Production 1,617 1,590 1.7%

Paper Production 1,128 1,088 3.6%

Update: Suzano 2024

Operational Excellence in Paper Pulp Organic Growth: MA

Suzano Renewable Energy FuturaGene

� Payment of Conpacel on 01/31/2011

� Synergies net present value: R$ 300 million

� Suzano’s 2010 EBITDA from Conpacel: ~R$

250 million

� BNDES financing: R$ 2.7 billion

� Mandatory convertible Debentures: R$ 1.2

billion

� Board of Directors’ approval for:

- MA unit’s construction

- Agreements with Metso

and Siemens

� Definitive contracts: negotiation at final stage

� Land acquisition for the 1st mill: major part

already completed

� Basic engineer in progress

� Capital structure being

defined

� Progress in the setup of a reasearch

center (China), which will be dedicated to

the development of eucalyptus, poplar

and other species’ GMOs

� Foundation of FuturaGene

Brazil, that will concentrate all

of the group’s biotechnologies

activities in Brazil

� Start-up anticipation: 04/30/13

� 41 thousand hectares planted

10/10

� Conclusion of Limeira Unit’s

integration (previous

Conpacel)

� Conclusion of KSR’s

acquisition

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