Institutional Presentation Disclaimer

The statements in this presentation constitute forward-looking statements. Such statements are subject to known and unknown risks and uncertainties that could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. These risks include changes in customer demand for the Company’s products, changes in raw material costs, seasonal fluctuations in customer orders, pricing actions by competitors, significant changes in the applicable rates of exchange of the Brazilian real against the US dollar, and general changes in the economic environment in Brazil, emerging markets or internationally.

2 Agenda

1. Company Overview 2. Strategy 3. Pulp and Paper Market 4. Financial and Operational Highlights

3 Company Overview Suzano is a forestry-based company which operates in the pulp and paper businesses for more than 90 years

Itaqui Imperatriz Unit- Maranhão State (MA)

Mucuri Unit- Bahia State (BA)

Suzano Unit- São Paulo State (SP)

Limeira Unit – São Paulo State (SP)

Rio Verde Unit – São Paulo State (SP) Mill

Portocel Forest Vitória Market Cap¹ R$ 15.7 billion Port Net Revenue² R$ 9.9 billion Santos Total Forest Base 1.2 million ha

Market Pulp Capacity³ 3.5 million tonnes

Paper Capacity 1.2 million tonnes

Data from 12/31/2016 4 ¹ SUZB5: R$14.20 | 2 LTM ended on 12/31/2016 | 3 Excluding fluff Product Portfolio

Production and sales optimization to maximize assets return

Market Pulp 2nd eucalyptus market pulp producer

63%

Net Revenue Uncoated 66% Exports / 34% Domestic Market R$ 9.9 billion Printing & Writing

Paper Coated

37% Paperboard

Note: Figures of the last twelve months ended on 12/31/2016 5 Forestry Assets

Suzano’s forestry competitiveness allows its operation in different regions with adequate yields States of Maranhão, Pará, Tocantins and Piauí: • Total¹: 708 k ha • Planted²: 212 k ha 1,171 k ha • Structural Average of total area Distance: 188km

States of Bahia, Espírito Santo and Minas Gerais: • Total¹: 272 k ha • Planted²: 190 k ha 543 k ha • Structural Average of planted area Distance: 74km São Paulo State: • Total¹: 191 tsd ha • Planted²: 132 tsd ha • Structural Average Distance: 185 km Data on 12/31/2016 Note: Both own and leased land can suffer variation up to 5% quarter ¹ Own and leased area over quarter. The total amount can differ due to rounding. 6 ² Figures consider own, leased and third-parties areas Check out on http://info.fsc.org/ the certificate area. Industrial Units

Pulp Facility Paper Facility

Imperatriz – Maranhão State Rio Verde – São Paulo State

Market Pulp: 1,500 k tonnes Printing & Writing Paper: 50 k tonnes Tissue: 60 k tonnes (start up in 3Q17)

Pulp and Paper Facilities

Mucuri – Bahia State Limeira – São Paulo State Suzano – São Paulo State

Market Pulp: 1,540 k tonnes Market Pulp: 350 k tonnes Market Pulp: 70 k tonnes Integrated Pulp: 200 k tonnes Integrated Pulp: 300 k tonnes Integrated Pulp: 460 k tonnes Printing & Writing Paper: 250 k tonnes Printing & Writing Paper: 390 k tonnes Printing & Writing Paper: 360 k tonnes* Tissue: 60 k tonnes (start up in 4Q17) Lignin: 20 k tonnes (start up in 2Q17) Paperboard: 200 k tonnes Eucafluff: 100 k tonnes* 7 *Note: Flexibility to produce either Fluff or Printing and Writing paper Commercial Offices

Located in the main pulp and paper markets...

Suzano Pulp and Sun Paper Suzano Pulp and Paper America (England) Paper Europe (USA) (Switzerland)

Stenfar (Argentina)

Suzano Pulp and Suzano Pulp and Paper Asia Paper (China) (Headquarter)

...in addition to a strong distribution channel in Brazil Present in 15 Brazilian states • 8 Regional Sales Offices • 4 Regional Distribution Centers • 16 Local Distribution Centers 8 Shareholder Structure

Shareholder base dispersed across the main capital markets in the world

Mondrian BNDES Other Free Float Distribution (%) 7% 7% 28%

Asia: Controlling Treasury Free Float 12.3% Shareholders 2% 42% 56% North America: Europe: 32.8% 20.2%

Latin America*: 0.2% Brazil: 33.4% * Excludes Brazil Oceania: 1.1% Institutional Investors: 94% | Individual Investors: 6%

Note: Shareholder structure on 12/31/2016. Free float distribution on 12/31/2016. 9 Corporate Governance Board of Directors and Committees

Members of the Board are well-known in the Brazilian Corporate landscape and are supported by the committees on the decision making

Board of Directors

Sustainability and Management Strategy Audit Committee Committee Committee

Nine member, five independent Member with mandate until 2018 Annual Shareholders Meeting Company Policies approved by the Board of Directors

10 Stock Performance The Company’s stock is listed on the Level 1 corporate governance segment and is a component of the Bovespa Index (Ibovespa) and the Brazil Index (IBrX-50)

Daily Trade Numbers- SUZB5 Daily Financial Volume - SUZB5 (Trade number) (R$ million)

14.812 90 13.223 70 11.279 8.990 37 44

2013 2014 2015 2016 2013 2014 2015 2016

Stock Performance- SUZB5 (100 basis: Dec/15 – Dec/16)

170 Ibovespa 150 +39%

130 IBrX-50 +37% 110

90 SUZB5 70 -22%

50

30 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16

Source: Bloomberg 11 Agenda

1. Company Overview 2. Strategy 3. Pulp and Paper Market 4. Financial and Operational Highlights

12 Strategy to maximize the return on invested capital...

... and generate more value to shareholders 13 Costs Discipline

Cost per tonne significantly below inflation reflects the structural competitiveness efforts that have been implemented

COGS +1.7% (R$/tonne)

1.368 1.391

2015 2016 INFLATION: +6.3%

14 Project 5.1

Investment in retrofitting and debottlenecking to reach the optimum structural cost

Capacity of 4.9 million tonnes in 2017 Pulp and Paper Capacity (Million tonnes) Industrial investment in Imperatriz and Mucuri mills

Forest base increase and average distance reduction 4,9 4,7 Cash cost reduction: lower inputs consumption and fixed cost dilution

Total estimated Capex: R$ 0.9 billion 2016 2017e

15 Project 5.1

Optimum structural cash cost will generate more shareholder value

R$623/tonne R$570/tonne R$475/tonne In 2016 in 2018 in 2021 - 2022

Note: Nominal numbers in 2016 16 Adjacent Businesses

Investments in high profitability and escalability projects that innovate and break paradigms FuturaGene Fluff

First genetically modified clone First company in the world to use approved by CTNBio for hardwood to produce fluff commercial purposes Up to 70% softwood substitution for Potential to increase productivity feminine hygiene products by nearly 20% Innovation and up to 30% for diapers

Lignin Tissue

Replacement of petrochemicals with Jumbo rolls production for companies in renewable source the tissue segment and/or finished product It is used in several high value- Operational and logistics added applications competitiveness Monetization of ICMS credits

17 Eucafluff

Up to 70% softwood substitution for feminine hygiene products and up to 30% for diapers Adds value to the product portfolio of our clients Rewet quality and reduction of energy costs Capacity: up to 100 k tonnes/year Start up: December/2015 Mill: Suzano Flexibility to produce either fluff or printing and writing paper

First company in the world to produce fluff from hardwood

18 Fluff Global Market

Demand growth driven by hygiene products consumption in the emerging markets

Demand Demand Breakdown (%) (million tonnes) Other Brazil 9% Europe 5% 26% 6,9 Other 5,8 6,0 LatAm 10% North China America 2015 2016e 2020e 16% Other Asia 18% 16% Production breakdown Products Breakdown (%) (%) Other North Europe Femine Hygiene 12% America 5% Products 90% Rest of the 24% World 4% Incontinence Diapers Products 38%

Source: RISI 26% 19 Tissue Project

Competitiveness on Jumbo Rolls production and logistics adds value to pulp

Priority in establishing industrial partnership with our clients Modern and integrated mills in Imperatriz and Mucuri Production capacity of 60k tonnes in each unit Start up: 3Q17 in Mucuri and 4Q17 in Imperatriz

Operational Logistic Integrated production and Production close to the North control of more than 90% of and Notheast markets in Brazil cash cost Competitive Advantages

Market Potencial Tax Strategy Fastest growing segment in Structural solution for Brazil, 5% p.a in 2015 (RISI) monetization of ICMS credits 20 Tissue Demand

90% of the Brazilian demand for tissue is used for sanitary purposes

Global Demand (Million tonnes)

49,2 34,9 36,1

2015 2016e 2025e

Brazilian Demand Products Breakdown in Brazil (Million tonnes) (%)

1,9 Paper Towel 1,2 1,2 9%

Sanitary Napkin Purpose 2% 2015 2016e 2025e 89%

Source: RISI 21 Lignin

Replacement of petroleum-based chemicals from renewable source, with higher profitability than energy sale

Lignin Production Process Main applications: • Cement Additives Lignin • Phenolic Resins Fiber Lignin Energy • Rubber Components

Recovery Boiler Lime Kiln Evaporation Capacity: 20k tonnes per year

Black Liquor Chemicals Capex: R$70 million Digester Start Up: Mid 2017

Wood Chips Wood Bleaching Mill: Limeira Pulp/ Paper Attractive return: 3x higher than energy sales

22 Agenda

1. Company Overview 2. Strategy 3. Pulp and Paper Market 4. Financial and Operational Highlights

23 Pulp Industry

Market pulp is about 35% of virgin fiber consumption and 15% of total fiber consumption

Fiber Consumption Fiber Consumption Breakdown (million tonnes) (%)

Total Fiber 3 BHKP Consumption1 17% 416

62 4 BSKP Virgin Fiber Recycled million 40% 179 237 tonnes

2 BEKP Non-wood, 33% Mechanical Pulp Market Pulp Other 5 and Integrated Pulp 10% 117 62

1 Excludes dissolving pulp and fluff | 2 Bleached Eucalyptus Kraft Pulp | 3 Bleached Hardwood Kraft Pulp | 4 Bleached Softwood Kraft Pulp | 5 Includes Unbleached Kraft Pulp and sulphite 24 Source: Poyry (2015) and Hawkins Wright (Dec/2016) Global Paper Consumption

Pulp Market is driven by paper consumption

Consumption by Region Consumption by Segment (%) (%)

Europe Asia Other 23% 45% 59% Newsprint 7% Latin America Printing & Writing North America Other 7% Tissue 26% 19% 6% 8%

Global Paper Demand (million tonnes)

428 405 401 391

2010 2014 2015e 2020e Source: Poyry (2015) 25 Paper Demand by Segment

Demand for pulp driven by tissue and paperboard consumption

Average growth of 1.0% p.a Estimated demand of 490MM/tonne in 2030

4

3 Tissue Containerboard 2 Paperboard Packaging Uncoated 1 Uncoated Woodfree Mechanical

0 (%p.a.)

-1 Coated Other Woodfree -2 Coated -3 Mechanical

Estimated demand growth until 2030 2030 until growth demand Estimated Newsprint 20 40 60 80 100 Share on total fiber consumption in 2014 (%) Source: Poyry (2015) 26 Tissue Consumption

Demand for tissue is impacted by economic growth, urbanization and culture

Per-capita Tissue Consumption (Kg/person/year) Suzano has pulp market share relevance in the regions with the

2025) 100%

– highest growth potential

(2015 80% China

growth 60% Brasil Colombia Uruguay India 40% Argentina Chile Mexico consumption 20% Hong Kong Germany Macau UK Island Austria USA capita Switszerland - 0% Finland Sweden

Per Canada

-20% 0 5 10 15 20 25 Per-capita consumption (Kg/person/year) 27 Source: World Tissue Business Outlook – RISI (2016) Pulp Competitiveness

The competitiveness of the eucalyptus fiber leads to the growth compared to other fibers

Fiber volume (million tonnes) CAGR CAGR BEKP: +7.2% p.a. | Other BHKP: -1.8% p.a. BEKP: +3.7% p.a. | Other BHKP: +0.7% p.a.

26 26 24 25 25 25 23 23 24 24 22 22 21 21 22 24 21 22 23 16 15 16 16 20 20 13 19 12 12 17

11 11 11 11 11 11 9 10 10 10 10 10 10 10 10

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016e 2017e 2018e 2019e 2020e BEKP¹ Outros BHKP² BSKP³

Source: Hawkins Wright (Dec/16) 28 1 Bleached Eucalyptus Kraft Pulp | 2 Bleached Hardwood Kraft Pulp | 3 Bleached Softwood Kraft Pulp Pulp Cash Cost

The new pulp projects are in the low-cost regions, mostly in Brazil

Cash Cost CIF / Europe (US$/tonne) Hardwood Softwood 800

400

0

US US

Chile

Brazil

China

Iberia Japan Japan

Finland Finland

Canada

Sweden

Indonesia

Coastal BC Coastal

East Europe East Europe East

East Canada East

Other World Other

Other Europe Other

Chile/Uruguay

Sweden

Int. West Canada West Int. Other Asia Other

FX of R$3.42/US$

Source: Hawkins Wright (Dec/16) Bel/France 29 Pulp Demand

Demand average annual growth of 1.0 - 1.4 million tonnes

Market Pulp Global Demand (million tonnes) 66 60 61 54 Asia 35 29 31 23 Europe North America 20 19 19 19 Latin America 8 8 8 8 3 4 4 4 2010 2015 2016e 2020e

CAGR Demand 2010 – 2015 2016e – 2020e North America 0.0% +0.0% Europe -0.8% +0.3% Asia/Africa +5.4% +2.9% Latin America +1.8% +2.3% Oceania +1.5% +1.7% Total +2.2% +1.7%

Source: Hawkins Wright (Dec/16) 30 Pulp Supply

Softwood Hardwood Start Company Estimated Estimated Estimated Estimated up Capacity Capacity Production in Production Production in Production Announced Announced 2016 in 2017 2016 in 2017 Klabin 1Q16 400 260 140 1,100 640 460 IP 2S16 360 100 260 - - - Domtar 3Q16 320 100 275 - - - Sodra 4Q16 700 5 220 - - - APP 4Q16 - - - 2,000 5 1,195 Metsa 3T17 - - - 700 - 100 Fibria 4Q17 - - - 1,950 - 175 Total 1,780 465 895 5,950 645 1,930

Supply and Demand should consider:

• Closures of non wood capacities in China that would boost imports of virgin fiber

• High cost producers capacities reduction/shutdown

Source: Internal Analysis 31 Commodities Price

Average pulp price in recent years has been flatter when compared to other commodities

Commodities Price in USD (100 basis: Dec/00 – Dec/2016) Commodity (%) 1600 Iron Ore 541 Rubber 259 1400 Copper 206 1200 Crude Oil 108

1000 Soybean 102 Cotton 21 800 NBSK 14 600 Aluminum 10 BHKP -7 400

200

0 dez-00 dez-04 dez-08 dez-12 dez-16 Aluminium Soybeans Iron Ore Crude Oil Copper

Rubber Cotton NBSK BHKP CRB Source: Bloomberg, Index Mundi, PIX/Foex 32 Paper Commercial Strategy

Direct paper sales in the domestic market is a competitive advantage that improves the profitability of the business

Suzano’s Go-To-Market Project in Brazil(1)

Suzano brand strengthening Improves service level Greater negotiation power Tax benefits Dilution of the credit risk

(1) Paper direct sales program 33 Paper Business Competitiveness

The paper business has higher contribution margin per tonne than pulp and it is a more stable market in terms of volumes and pricing

Integrated Paper Paper Margin Business Margin

Inputs and Variables Costs

Integrated Pulp Margin

Pulp Cost

Note: Above representation is not in scale

34 Agenda

1. Company Overview 2. Strategy 3. Pulp and Paper Market 4. Financial and Operational Highlights

35 Operating Results Pulp Business Presence in the main international markets and strategic relationship with clients

Pulp Production Pulp Sales Volume (k tonne) (k tonne) 3.473 3.530 3.373 3.291 2.851 413 2.982 456 1.932 1.895 478 415 3.117 2.373 2.835 Brazil 1.480 Exports 2013 2014 2015 2016 2013 2014 2015 2016

Pulp Revenue Breakdown Pulp Sales Volume per Segment 2016 2016 North Specialties Europe America 18% 32% 14% Printing & South/Central Writing America Tissue 18% 1% 55% Brazil Asia 12% Packaging 41% 9% 36 Operating Results Paper Business Operational excellence in paper: product portfolio and revenue management, optimization of assets, and strengthening of distribution channel

Paper Production Paper Sales Volume (k tonne) (k tonne)

1.322 1.293 1.301 1.209 1.182 1.312 1.230 1.196

904 934 827 834 Domestic Market 408 389 403 362 Exports

2013 2014 2015 2016 2013 2014 2015 2016

Paper Revenue Breakdown 2016 Europe 4% North America 9%

Brazil Other 70% 2% South/Central America 15% 37 Financial Results Cost and expenses performance bellow inflation

Net Revenue Consolidated Pulp Cash Cost* (R$ million) (R$/tonne)

10.224 9.882 Inflation: +25.2%

7.264 3.621 +7.4% 3.324 642 623 5.689 580 536 3.413 3.111 6.603 6.558 2.577 3.851

2013 2014 2015 2016 2013 2014 2015 2016 Average 2.16 2.35 3.33 3.49 R$/US$ *Ex-maintenance downtime Pulp Paper COGS SG&A/Sales Volume (R$/tonne) (R$/tonne) -1.8% +6.5% +1.7% Inflation: +25.2%

-9.7% 196 1.307 1.284 1.368 1.391 191 166 177 16% linked to USD

2013 2014 2015 2016 2013 2014 2015 2016 Inflation +6.4% +10.7% +6.3% 38 Financial Results Continuous focus on increasing operational results

Operational Cash Generation1 Adjusted EBITDA (R$/milion) (R$/tonne)

3.485 2.748 1.016 827

1.453 555 588 1.115

2013 2014 2015 2016 2013 2014 2015 2016 Note: (1) Operational cash generation considers adjusted EBITDA less sustaining capex Adjusted EBITDA Margin Adjusted EBITDA (%) (R$ million) 4.594 3.906 44,9% 39,5% 31,3% 33,8% 2.452 1.781

2013 2014 2015 2016 2013 2014 2015 2016 39 Debt Continuous reduction on leverage allows Suzano to be prepared for the future

Net Debt (R$ and US$ billion) and Leverage (x)

4,1x 3,9x 3,3x 3,0x 2,7x 2,7 2,9 3,7x 2,3x 2,4 3,1x 2,9x 2,6 2,3x 2,3x 2,3x 2,1 2,4

12,7 12,5 11,4 11,0 11,2 10,1 10,2 10,0 10,3

3,8 3,6 3,5 3,2 3,2 3,2 3,2 3,1 3,2

Dec/14 Mar/15 Jun/15 Sep/15 Dec/15 Mar/16 Jun/16 Sep/16 Dec/16

Net Debt (R$) Net Debt (US$) Net Debt/Adjusted EBITDA (R$) Net Debt/Adjusted EBITDA (US$)

40 Debt Profile

Adequate debt profile and competitive cost of debt

Average Cost of Gross Debt (%) Amortization (R$ billion) 3,7 2,5 2,6 2,8 2,7 of CDI 1,6 1,8 Dec/13 94,4% 4,8%

91,2% of CDI Dec/14 Cash 2017 2018 2019 2020 2021 2022 4,7% Position onward

Dec/15 84,4% of CDI 4,2% Debt Profile Post Bond

CDI Dec/16 86,6% of Gross Debt: R$14.0 billion 4,7% Net Debt / Adjusted EBITDA: 2.6x BRL USD Average debt maturity of 3.5 years (in line with Sep/16)

42 Rating

Suzano is on track to achieve Investment Grade

Klabin Arauco CMPC Fibria Suzano Standard & Poors BB+ BBB- BBB- BBB- BB+ Moody's - Baa3 Baa3 Ba1 Ba1 Fitch Ratings BBB- BBB BBB+ BBB- BB+

5,2x 3,6x 3,4x 3,3x Net Debt / 2,6x Adjusted EBITDA LTM (US$) Klabin¹ Arauco² CMPC² Fibria¹ Suzano¹

1Last twelve months ending on 12/31/2016 ²Last twelve months ending on 09/30/2016 42 Federal Taxes Suzano's fiscal situation allows low cash disbursement for income and social contribution taxes

Tax Benefits 75% of income tax reduction: • Maranhão unit until 2024 • Bahia unit: Line 1 until 2024 | Line 2 until 2018 DAI¹ in Maranhão Unit of R$14.5 million to be used

Tax Credits Tax loss carry forward: R$2.8 billion Total of federal tax credits to be used: R$282 million

Data accumulated until 12/31/2016 Note: ¹ Accelerated depreciation 43 CAPEX

R$ billion 2016 2017¹

Sustain 1.16 1.11

Structural Competitiveness 0.69 0.72 and Adjacent Business

SubTotal 1.85 1.83

Forest and Land Acquisition 0.79 -

Total 2.64 1.83

Note: ¹ Estimated CAPEX 44 CAPEX

R$ billion 2016¹ 2017¹

Sustain 1.2 1.1

Project 5.1 0.2 0.3

Adjacent Business 0.1 0.2

Other 0.1 0.2

Sub Total 1.8 1.8

Forest and Land Acquisition 0.8 -

Total 2.6 1.8

Note: ¹ Estimated CAPEX 45 Operational Cash Generation

A Suzano has posted the highest operational cash generation in the industry

Maximizing operational Operational Cash Generation in LTM* cash generation (R$ millions)

3.906

2.748 ( 1.158 )

Value to Adjusted EBITDA Sustain Capex Operational Cash shareholder Flow

Note: * Last Twelve months ended on 12/31/2016 46 ROIC

It is the most appropriate metric to measure the industry returns, which is capital intensive

15,7% 14,7% 15,6% 11,8% 11,9% 10,5% 9,3% 6,4% 5,2%

2014 2015 2016 Paper Pulp Total

ROIC = (Adjusted EBITDA – Sustaining CAPEX – Tax cash account) /Capital Employed Note: * Last Twelve months ended on 12/31/2016 47 2016 value levers

 Wood cost reduction  Progressive and gradual reduction in average distance at Mucuri mill  Decrease in harvesting cost (retrofitting of equipment concluded in 2015)  Industrial cost reduction  Benefits from the retrofitting investments concluded  Energy exposure management (hedge)  New schedule of maintenance downtimes  Logistics cost reduction  Light-duty trucks  Bunker  Full vessel  Imperatriz: 100% railway outbound  Paper Business  Continuity of Suzano+ Program  Paper price increase  Coated market share increase in Brazil  Increase in exports Investor Relations

www.suzano.com.br/ir [email protected]

49