Conference Call 4Q07

Financial Highlights

R$ million
Net Revenue

4Q07

3Q07

4Q06

2007

2006

4Q07/ 3Q07

669

723

695

2.796

2.713

% Exports

23%

24%

27%

26%

27%

EBITDA

138

200

184

741

709

21%

28%

26%

27%

26%

72

178

111

621

473

283

192

EBITDA Margin

Net Income
Dividends paid

2.007

1.755

702

2.007

702

Net Debt/EBTIDA (annualized)

2,7

2,2

1,0

2,7

1,0

Capex

465

417

331

1.914

836

Net Debt

Production Volume - 1,000 t ( * )

Sales Volume - 1,000 t
% Exports

389

377

403

1.552

1.546

341

360

357

1.437

1.393

37%

37%

40%

38%

40%

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

4Q07/ 4Q06

2007/ 2006

-7,5%

-3,8%

3,1%

-31,0%

-24,8%

4,5%

-59,6%

-35,1%

31,2%
47,1%

14,4%

185,7%

185,7%

11,6%

40,6%

129,0%

3,1%

-3,5%

0,4%

-5,4%

-4,7%

3,1%

Conference Call 4Q07

Financial Highlights

EBITDA and EBITDA Margin

36%
28%
991
755

2004

2005
EBITDA - R$ Million

26%

27%

709

741

2006

2007

EBITDA Margin