3Q09 Consolidated Results

October 26th, 2009

Highlights 3Q09

• Paper and market pulp production of 660 ktons, 2.1% and 4.9% lower than in 2Q09 and 3Q08

• Sales volume of 661 ktons: 399 ktons of pulp and 262 ktons of paper

• Net revenue of R$ 891 MM

• Pulp production cash cost1 of R$ 373/ton

• EBITDA of R$ 218 MM, with EBITDA margin of 24.4%

• Net income of R$ 213 MM

• Net Debt / EBITDA ratio of 3.5 in Sep/09

• Cash and cash equivalents of R$ 2.4 billion in Sep/09 and net debt reduction of R$ 476 MM in the 3Q09

2/101 Does not include maintenance downtime and the incident at Line 2 in Mucuri.

Pulp Business Unit3Q

09

� Suzano’s pulp sales: 399 ktons

• 27.1% lower than 2Q09

• 37.3% higher than 3Q08

� Main sales destinations: Asia (37.9%), Europe (36.6%) and Brazil (17.3%)

� Average net prices: +16.6% in US$ (US$ 466/ton vs. US$ 400/ton in 2Q09). In R$:

• 5.0% higher than 2Q09

• 25.1% lower than 3Q08

� Net revenue of R$ 347.4 MM: -23.5% vs. 2Q09 and +2.8% vs. 3Q08

� Cash cost3of R$ 373/ton (+2.7% vs. 2Q09 and -17.8% vs. 3Q08)

1PPPC 2List price for Europe 3Does not include maintenance downtime and the incident at Line 2 in Mucuri 3/10

� Growth in global demand:

3Q09 vs. 2Q09 3Q09 vs. 3Q08 9M09 vs. 9M08Market pulp: +1.7% +9.2% -0.1%

BEKP: -0.1% +28.3% +17.4%

� Global inventories: 26 days – below the historical average of 33 days

� Price 2 increases announced for Oct/09 (+US$ 50/t) and Nov/09 (+US$ 50/t)

Pulp Business Unit

68.9 64.9 61.0187.2 180.1

330.1482.7

229.7

1,180.4

810.9399.0

547.6

290.7

1,367.6

991.0

3Q09 2Q09 3Q08 YTD09 YTD08

Domestic market Exports

55.6 54.6 68.1165.0 200.6

291.8 399.5269.8

1,033.1 960.9

347.4454.0

337.9

1,198.1 1,161.5

3Q09 2Q09 3Q08 YTD09 YTD08

Domestic market Exports

Pulp sales (ktons)

Pulp sales (R$ million)

4/10

Pulp sales destinations 3Q09

Pulp sales destinations 2Q09

Total 399 ktons

Total 548 ktons

Asia

52.0%

Europe

29.4%

Brazil

11.9%

North America

5.7%

South/Central

America

1.0%

Asia

37.9%

Europe

36.6%

South/Central

America

1.4%

North America

6.8%

Brazil

17.3%

Paper Business Unit3Q09

1 National program of textbooks2 Bracelpa, includes printing & writing and paperboard segments3 P&W – Printing and Writing

� Seasonal demand and government purchases for PNLD1 boost domestic paper market in 3Q092:

3Q09 vs. 2Q09 3Q09 vs. 3Q08 9M09 vs. 9M08

P&W3: +20.0% +1.5% -3.7%

Paperboard: +19.5% +0.2% -9.2%

� Stronger Real contributes to higher P&W imports (22.6% vs. 16.5% in 2Q09)

� Lower Brazilian exports: 35.8% of total shipments vs. 40.2% in 2Q09

5/10

� Higher paper imports - negative impact on Suzano’s sales volumes in the domestic market:

3Q09 vs. 2Q09 3Q09 vs. 3Q08 9M09 vs. 9M08

P&W: +4.4% -14.4% -11.4%

Paperboard: +12.2% -16.0% -19.0%

Average price (R$): -3.5% -1.0% +3.4%

� Domestic sales back to historical levels: 58.9% of total sales

� Exports average net prices:

3Q09 vs. 2Q09 3Q09 vs. 3Q08 9M09 vs. 9M08US Dollars: +6.8% -15.9% -15.5%Brazilian Reais -3.8% -5.9% +4.4%

Paper Business Unit

6/10

Paper sales (ktons)

Paper sales (R$ million)

Paper sales destinations 3Q09

Paper sales destinations 2Q09

Total 262 ktons

Total 314 ktons

Other

8.9%Europe

9.5%

South/Central

America

12.3%

North America

10.4%

Brazil

58.9%154.3 145.3 181.2

422.1 487.1107.7 168.4 124.5

386.6372.3

262.0313.7 305.7

808.7859.5

3Q09 2Q09 3Q08 YTD09 YTD08

Domestic market Exports

366.3 357.3 434.3

1,038.2 1,159.2177.1 287.9 217.5

696.6642.5

543.3645.2 651.8

1,734.71,801.7

3Q09 2Q09 3Q08 YTD09 YTD08

Domestic market Exports

Other

17.1%

Europe

12.3%Brazil

46.3%

North America

11.9%

South/Central

America

12.4%

3Q09 Results

n.a. – non applicable

7/10

LTM = last twelve months

Results 3Q09 2Q09 3Q08

%

3Q09/2Q09

%

3Q09/3Q08

Sales volume (000 tons) 661 861 596 -23.3% 10.8%

Paper volume domestic market (000 tons) 154 145 181 6.2% -14.8%

Pulp volume exports (000 tons) 330 483 230 -31.6% 43.7%

Net revenue - R$ million 891 1,099 990 -19.0% -10.0%

Net income - R$ million 213 439 (282) -51.6% n.a.

EBITDA - R$ million 218 232 374 -6.3% -41.8%

EBITDA - US$ million 117 112 224 4.0% -48.0%

EBITDA margin 24.4% 21.1% 37.8% 3.3 p.p. -13.4 p.p.

Exchange Rate (R$/US$) 1.87 2.07 1.67 -10.0% 11.9%

Net debt 4,019 4,495 4,775 -10.6% -15.8%

Net debt / EBITDA (LTM) 3.5 3.5 3.7 n.a. n.a.

9M09 Results

8/10

LTM = last twelve months

n.a. – non applicable

Results 9M09 9M08

%

YTD09/YTD08

Sales volume (000 tons) 2,176 1,850 17.6%

Paper volume domestic market (000 tons) 422 487 -13.4%

Pulp volume exports (000 tons) 1,180 811 45.6%

Net revenue - R$ million 2,933 2,963 -1.0%

Net income - R$ million 742 43 1615.8%

EBITDA - R$ million 766 1,087 -29.6%

EBITDA - US$ million 367 644 -43.0%

EBITDA margin 26.1% 36.7% -10.6 p.p.

Exchange Rate (R$/US$) 2.09 1.69 23.6%

Net debt 4,019 4,775 -15.8%

Net debt / EBITDA (LTM) 3.5 3.7 n.a.

Key Messages

� Signs of demand recovery in pulp and paper markets:

• Paper: higher demand in Brazilian P&W and paperboard markets

• Pulp: reduction in global producers inventories and new price increases

� Focus on operational performance:

• Average price increase (in Brazilian Reais) vs. 2Q09

• Paper (domestic + exports): +0.8%

• Pulp: +5.0%

• Costs and expenses control: pulp production cash cost of R$373/ton (3Q09) and 24% SG&A reduction (9M09 vs. 9M08)

� Solid financial position:

• Adequate debt profile and competitive debt cost

• Strong cash position of R$ 2.4 billion and net debt reduction of R$ 476 million

� Solid growth strategy: evolution in Maranhão and Piauí greenfield projects.

09/10PS: P&W – Printing and writing

Investor Relationswww.suzano.com.br/ri55 11 3503-9061ri@suzano.com.br