Conference Call 3Q07

Financial Highlights

Net Income Evolution

R$ Milion

550
10

363
62

+79%

540

301

9M06

Net income before non-recurring adjusts

9M07

Non-recurring adjusts

Conference Call 3Q07

Financial Highlights

R$ million

3Q07

2Q07

3Q06

9M07

9M06

3Q07/ 2Q07

Net Revenue

723

715

705

2.128

2.018

% Exports

24%

26%

29%

26%

27%

EBITDA

200

200

170

603

526

EBITDA Margin

28%

28%

24%

28%

26%

Net Income

178

207

102

550

1.755

1.336

529

Net Debt/EBTIDA (annualized)

2,2

1,7

Capex

417

Production Volume - 1,000 t ( * )

Sales Volume - 1,000 t

Net Debt

% Exports

3Q07/ 3Q06

9M07/ 9M06

1,2%

2,5%

5,5%

0,2%

17,7%

14,8%

363

-14,0%

73,6%

51,5%

1.755

529

31,3%

231,7%

231,7%

0,8

2,2

0,8

482

304

1.449

505

-13,6%

37,1%

186,9%

377

406

388

1.164

1.143

-7,2%

-3,0%

1,8%

360

378

356

1.097

1.036

-4,7%

1,2%

5,9%

37%

37%

42%

38%

40%

( * ) Figures related to paper, boards and recycled paper production, do not considered corrugated boxes and industrial bags.

Conference Call 3Q07

PAPER MACHINE #9 START UP

Conference Call 3Q07

PAPER MACHINE #9 START UP