0 4Q13 Results Presentation

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Disclaimer

Certain statements in this presentation may constitute

projections or forward-looking statements. Such statements are

subject to known and unknown risks and uncertainties that could

cause the expectations expressed to not materialize or the

actual results to differ materially from the expected results.

These risks include changes in future demand for the

Company’s products, changes in factors that affect domestic

and international product prices, changes in cost structures,

changes in the seasonality of markets, pricing actions by

competitors, foreign currency fluctuations and changes in the

political and economic environments in Brazil, in emerging

markets or internationally.

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24.3% 25.3% 27.3% 29.7% 31.3%

2013 Highlights

Adjusted EBITDA LTM (R$ million) and Adjusted EBITDA Margin (%)

1,260 1,349 1,459 1,631 1,781

Record-high Adjusted EBITDA of R$543 million in 4Q13

Maranhão Unit start up on-schedule

Reduction of 3.6% in SG&A expenses compared to 2012

Increase in cash cost below inflation in the period

Dec/12 Mar/13 Jun/13 Sep/13 Dec/13

Significant improvement in profitability

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Pulp

Production (‘000 tons) Sales (‘000 tons)

1,876

1,932

2012 2013

1,847 1,895

2012 2013

Operational efficiency gains supported pulp production growth of 3%

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Paper

Production (‘000 tons) Sales (‘000 tons)

1,311 1,293

2012 2013

Administrative downtimes – lower production volume in 2013

Better paper sales mix – 69% of sales directed to the domestic

market in 2013

Price increases implemented over the year

1,347 1,312

2012 2013

Sales focus in the domestic market, with geographic concentration in Americas

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Results

Net Revenue (R$ million) Cash Cost * (R$/ton)

5,192

5,689

2012 2013

Net revenue growth of 10% compared to 2012

Increased wood costs due to the supply mix and the higher average

supply radius

2014 – higher wood costs at the Mucuri Unit

563 580

2012 2013

Cost increases below inflation in the period, despite the higher wood costs at Mucuri

Wood Chemicals FC

39

(17) (5)

* Ex-maintenance downtime

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Results

Higher margin per ton due to the operational efficiency gains and adoption of matrix

budgeting

COGS LTM (R$/ton) Sales Expenses / Net Revenue LTM (%)

Adm. Expenses / Net Revenue LTM (%) Adjusted EBITDA (R$/ton)

1,261

Dec/12 Dec/13

1,279

Mar/13

1,276

Jun/13

1,278

Sep/13

4.8%

4.4%

Dec/12 Dec/13

4.6%

Mar/13

4.6%

Jun/13

4.6%

Sep/13

1,307

7.8%

6.6%

Dec/12 Dec/13

7.5%

Mar/13

7.3%

Jun/13

7.0%

Sep/13

395

555

Dec/12 Dec/13

424

Mar/13

466

Jun/13

516

Sep/13

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Debt

Net Debt (R$ million) and Net Debt / Adjusted EBITDA (x)

Robust cash position: R$3.7 billion

Liquidity horizon: +60 months

Strong focus on deleveraging – higher EBITDA (additional production from

Maranhão) and cash flow

5.1x 5.0x 5.1x 5.1x 5.2x

6,381 6,794 7,483 8,344

9,187

Dec/12 Mar/13 Jun/13 Sep/13 Dec/13 Note: Excludes nonrecurring items

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Biomass boiler at Mucuri Unit

Wood chipper at Limeira Unit

Harvesting fleet (2Q14)

Connecting Mucuri to the power grid

(2Q14)

Digester at Suzano Unit (2Q15)

Retrofitting Investments

In progress

Concluded

Investments in operational improvements to capture structural gains and cut costs

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2014 Capex

Total estimated: R$1.75 billion

Higher capex in 2014 due to carryover of the investments in Maranhão

Sustain Maranhão Capex 2014e

R$1.00B

R$0.59B R$1.75B R$0.16B

Retrofitting

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Maranhão Unit

Allocation of capacity will prioritize price discipline and profitability

Startup on schedule

Total investment 4.4% above budget

First export shipment made on February 26th

70% of sales already contracted

Estimated production:

2014: ~1.1 million tons

1Q14: 150,000 – 160,000 tons

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Maranhão Unit

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