| (in R$ '000) | 3Q11 | 4Q11 | 1Q12 |  |
| XNet Revenues | 789.775 | 769.544 | 737.785 | |
| XChange in Fair Value of Biological Assets | 37.194 | 53.519 | 32.923 | |
| XCost of Sales | -550.325 | -566.650 | -516.114 | |
| XGross Profit | 276.644 | 256.413 | 254.594 | |
| XSelling Expenses | -89.873 | -88.454 | -84.115 | |
| XGeneral and Administrative Expenses | -27.721 | -28.072 | -24.155 | |
| XManagement Expenses | -3.106 | -3.068 | -3.108 | |
| XOther Operating Income | 22.616 | -5.601 | -7.402 | |
| XOperating Protif Before Financial Result | 178.560 | 131.218 | 135.814 | |
| XFinancial Income | 39.096 | 23.417 | 24.043 | |
| XFinancial Expenses | -68.582 | -54.627 | -52.323 | |
| XIncome Before Income Tax and Social Contribution | 149.074 | 100.008 | 107.534 | |
| XIncome Tax and Social Contribution - Current | -10.527 | 4.552 | -24.522 | |
| XIncome Tax and Social Contribution - Deffered | -20.333 | -25.173 | 3.235 | |
| XNet Income | 118.214 | 79.387 | 86.247 | |
| XEBITDA | 242.094 | 188.781 | 208.832 | |
| XEBITDA Margin | 30,7% | 24,5% | 28,3% | |
2009: pro forma data because of the association between Duratex and Satipel, held on 31.Aug.2009 for the purpose of comparability between periods. |