Institutional Presentation 4Q17 1 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. Agenda

1. Overview 2. Industry 3. Competitiveness 4. Strategy 5. Operating and Financial Highlights

3 1. Overview

4 Suzano With over 90 years of operations, the Company produces pulp, paper and tissue

Market Cap¹ R$ 20.7 billion Total Forest Base 1.2 million ha 30% 70% Exports Market Pulp Capacity² 3.6 million tonnes Net 34% Domestic Paper Capacity 1.2 million tonnes Revenues 66% Pulp Adjusted EBITDA³ R$ 4,615 million R$ 10.5bn³ Paper Net Debt R$ 9,484 million Net Debt/EBITDA 2.1x

Pulp Paper Consumer Goods Market Pulp Printing & Writing Tissue Eucafluff (Coated and Uncoated) Paperboard

Data from 12/31/2017 ¹ SUZB3: R$18.69 | 2 Excluding Fluff | 3 Last twelve months ended on 12/31/2017 Production Capacity

Suzano is the second largest eucalyptus pulp producer and the fifth largest market pulp producer in the world. Suzano has also a leading position in the Paperboard and Printing & Writing segments in Brazil.

Consumer Adjacent Pulp Paper Goods Business Unit Capacity (‘000 ton) Market Printing & Integrated Fluff Paperboard Tissue Lignin Pulp Writing

Imperatriz 60 1.590 - - - 60 -

Mucuri 200 1.480 - 250 - 60 -

Limeira 290 400 - 400 - - 20²

Suzano 450 70 100¹ 350¹ 200 - -

Rio Verde - - - 50 - - -

Total 1.000 3.540 100¹ 1.050¹ 200 120 20

¹ Flexibility to produce either Fluff or Printing and Writing paper | ² Lignin start up in 2018 Robust Asset Base Competitiveness Suzano’s forestry competitiveness allows its operation in different regions with adequate yields

Forest Areas

States of Maranhão, Pará, Tocantins and Piauí Total Area1: 730k ha Planted Area2: 258k ha 1 Average Structural Distance: 184 km

States of Bahia, Espírito Santo and Minas Gerais Total Area1: 279k ha 2 2 Planted Area : 196k ha Average Structural Distance: 74 km State of São Paulo Port 1 Distribution Center Total Area : 193k ha Planted Area2: 132k ha Commercial Office 4 3 Forest Assets 5 Average Structural Distance: 190 km 1,203k ha of total area Production Plants Commercial Presence 1 Imperatriz (State of Maranhão) 587k ha 15 states in Brazil: of planted area • 8 Regional Commercial Offices 2 Mucuri (State of Bahia) • 4 Regional Distribution Centers Rio Verde (State of São Paulo) • 16 Local Distribution Centers 3 Plus commercial offices in USA, China, UK, 4 Suzano (State of São Paulo) Switzerland and Argentina. Cerflor 5 Limeira (State of São Paulo) ¹ Consider own and leased area ² Consider own, leased and third-parties areas Corporate Governance 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

Nine members, five Sustainability Management and Strategy Audit Committee independent Committee Committee

David Feffer President Dependent Claudio Thomaz Lobo Sonder Vice President Dependent Daniel Feffer Vice President Dependent Jorge Feffer Board Member Dependent Antonio de Souza Corrêa Meyer Board Member Independent Marco Antonio Bologna Board Member Independent Maria Priscilla Rodini Vanzetti Machado Board Member Independent Nildemar Secches Board Member Independent Rodrigo Kede de Freitas Lima Board Member Independent Novo Mercado Liquidity gains contribute even more to position Suzano as protagonist in the reshaping of the industry in the long term

Equal political and Non-premium economic rights: migration reinforces 1 share = 1 vote the commitment of and 100% tag along controlling shareholders to the capital market and other stakeholders Creates conditions to continue improving and innovating

Liquidity gains contribute even more to Materialization of position Suzano as protagonist in the the commitment to reshaping of the cultivate the highest industry in the long term governance standards Note: Novo Mercado is the highest corporate governance segment of the Brazilian Stock Exchange (B3). Shareholder Structure and Stock Performance As of November, the Company's shares became part of the BNDES Mondrian Other Novo Mercado, the highest level of corporate governance 7% 7% 29% of Brazilian Stock Exchange (B3)

Controlling Daily Trade Numbers Daily Financial Volume Treasury Free Float Shareholders 1% 43% SUZB3 SUZB3 (R$ million) 56% 65% Foreign / 35% National

12,034 62 71 11,441 9,840 50

4Q16 3Q17 4Q17 4Q16 3Q17 4Q17

Stock Performance- SUZB3 Base 100: (Dec/16 – Dec/17)

SUZB3 +32% Ibovespa + 27% IBrX-50 +27%

Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Source: Bloomberg 2. Industry

11 Pulp Industry Paper Consumption by Region Pulp Market is driven by paper consumption (%)

Asia Europe 46% 22% Fiber Consumption (million tonnes) Latin America Total Fiber North Other 7% Consumption1 America 6% 427 18%

Virgin Fiber Recycled 182 245

Non-wood, Mechanical Pulp Market Pulp and Integrated Pulp 118 64

1 Excludes Dissolving Pulp and Fluff Source: Poyry (2017), Hawkins Wright (Dec/2017) and internal analysis 12 Paper Demand Demand for pulp driven by tissue and paperboard consumption Estimated paper demand: 4 490MM/ton in Tissue 3 2030 Containerboard Paperboard 2

1 Packaging Uncoated Uncoated Other Mechanical Woodfree

0 (%p.a.) -1 Coated Woodfree Average -2

growth of Coated -3 Mechanical 1.3% p.a. Newsprint Estimated demand growth until 2030until growth demand Estimated 20 40 60 80 100

Share on total fiber consumption in 2016 (%)

Source: Poyry (2017) 3. Competitiveness

14 Pulp Competitiveness

Seven year cycle of the eucalyptus forest in Brazil and higher productivity ensures lower costs

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

400

0

US US

Chile

Brazil

China

Iberia Japan

Finland Finland

Canada

Sweden

Japan

Indonesia

Coastal BC Coastal

East Europe East Europe East

East Canada East Canada East

Other World Other

Other Europe Other

Chile/Uruguay

Sweden

Int. West Canada West Int. Bel/France

FX of R$3.28/US$

Source: Hawkins Wright (Dec/17) Other Asia Other Pulp Competitiveness The competitiveness of the eucalyptus fiber leads to the growth compared to other fibers

Fiber volume (million tonnes) CAGR CAGR BEKP: +6.5% p.a. | Other BHKP: -1.6% p.a. BEKP: +2.3% p.a. | Other BHKP: +2.2% p.a.

27 26 26 26 27 24 25 23 23 24 24 22 21 21 22 24 17 22 22 23 23 16 15 16 16 21 13 19 20 12

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

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

Source: Hawkins Wright (Dec/17) 1 Bleached Eucalyptus Kraft Pulp | 2 Bleached Hardwood Kraft Pulp | 3 Bleached Softwood Kraft Pulp Paper Competitiveness

Suzano is an integrated paper producer, which leads to a higher Paper Market is contribution margin per ton less volatile

Paper Margin

Inputs and Variable Costs Leadership position in Integrated Pulp Paperboard Margin Leadership Segment position in Printing & Pulp Cost Writing Segment in Brazil Federal Taxes Competitiveness Suzano's assets leads to a fiscal situation which 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

Tax Credits Tax loss carry forward: R$2.3 billion Total of federal tax credits to be used: R$190 million

Data accumulated up to 12/31/2017. 4. Strategy

19 Strategy to maximize the return on invested capital

Structural Adjacent Reshaping of Competitiveness Business the Industry

o Anticipated return o Investments in adjacent o Transformational changes in improvement as result of businesses such as the industry should lead to cost reduction initiatives FuturaGene (biotech), Fluff, higher returns coupled with disciplined Lignin and Tissue, leveraging o Suzano uniquely positioned investments to achieve on Company’s current to have an active role with optimal cost capabilities, to improve its vertically integrated o Investment in retrofitting margins by offering high- operation, stablished and debottlenecking should value added products commercial relationships reduce cash costs per ton by and consolidation capacity, 21% by 2022 among other opportunities Structural Competitiveness Structural Competitiveness

Commercial Logistics Industry Forestry Average distance Price discipline Integrated Structural efficiency reduction and and expansion of logistics with through retrofitting standardization client base synergy gains and and insourcing (Suzano Mais) debottlenecking harvesting

Cash Cost (R$/ton) Target 599 570 Maximize the return on 475 assets and cash generation 2017 2018¹ 2021-2022¹ Debottlenecking and Average Forest Distance Reduction ¹ 2016 nominal value Adjacent Business Adjacent Businesses

Tissue Fluff Lignin FuturaGene

o Integrated production o First company in the o Replacement of o First genetically world to produce fluff petroleum-based modified clone o Production of jumbo from hardwood chemicals approved by CTNBio rolls and final products o Flexibility to produce for commercial either fluff or printing purposes and writing paper o Potential to increase productivity by nearly 20% Adjacent Business Tissue Competitiveness on production and logistics adds value to pulp

Global Demand Operational Logistic (million tonnes) Integrated Production close production and 49.2 to the North and 34.9 36.1 control of more than Northeast 90% of cash cost markets in Brazil

Market 2015 2016e 2025e Potential Tax Strategy Fastest growing segment in Brazil, Structural solution Brazilian Demand for monetization (million tonnes) 5% p.a. in 2015 (RISI) of ICMS credits

1.9 Modern and integrated mills in Imperatriz and Mucuri 1.2 1.2 Production capacity of 60k tonnes in each unit Start up: Sep/17 in Mucuri and Nov/17 in Imperatriz 2015 2016e 2025e Production of jumbo rolls (2017) and final products (from 2018)

Source: RISI Acquisition of FACEPA Adjacent Business Eucafluff Suzano is the first Company in the world to produce fluff from hardwood

o Up to 70% softwood substitution for feminine hygiene products and up to 30% for diapers o Rewet quality and reduction of energy costs o Capacity: up to 100 k tonnes/year

Demand Products Breakdown (million tonnes) (%) Femine Hygiene Other 6.9 Products 12% 5.8 6.0 24%

Incontinence Diapers 38% 2015 2016e 2020e Products 26%

Source: RISI Adjacent Business Lignin

Replacement of petroleum-based chemicals from renewable source Capacity: 20k tonnes per year Capex: R$100 million Lignin Production Process Lignin Start Up: 2018

Fiber Mill: Limeira

Lignin Energy

Recovery Boiler Lime Kiln Evaporation

Black Liquor Chemicals Digester Main applications: • Cement Additives Wood Wood Bleaching Chips Pulp/ • Phenolic Resins Paper • Rubber Components Adjacent Business FuturaGene First genetically modified clone approved by CTNBio for commercial purposes

Lower Forest Formation Cost

Biotechnology is on the right side of Sustainability Less Land • Less chemical expenditure Utilization • Higher carbon sequestration Reshaping of the Industry Transformation changes in the industry should lead to higher returns

Consolidation

Suzano is strengthening its balance sheet to be an active player in Verticalization the reshaping of the industry

Internationalization 5. Operational and Financial Highlights

28 Pulp Segment

Pulp Production (‘000 tonnes) Pulp Sales (‘000 tonnes)

3,473 3,541 3,530 3,615

935 851 884 957 830 953

4Q16 3Q17 4Q17 2016 2017 4Q16 3Q17 4Q17 2016 2017

Pulp Revenue Breakdown Pulp Sales Volume per Segment 2017 2017 Europe 29% Tissue 62%

North America Asia 14% 47% Specialty Other Central/South 14% 2% America Brazil Packaging Printing & Writing 1% 9% 7% 15% Pulp Segment

Cash Cost (R$/ton)

Cash Cost Target 642 623 599 570

475

2015 2016 2017 2018¹ 2021-2022¹

(R$/ton) Pulp EBITDA Operational Cash Flow (R$/ton) 942 1,222 809 770 1,088 1,017 506 678 778 440

4Q16 3Q17 4Q17 2016 2017 4Q16 3Q17 4Q17 2016 2017

¹ 2016’ nominal value. Paper Segment

Paper Production (‘000 tonnes) Paper Sales (‘000 tonnes)

1,182 1,157 1,196 1,180

362 374

334 295 301 299 317 310 834 806 91 102 97 226 208 238

4Q16 3Q17 4Q17 2016 2017 4Q16 3Q17 4Q17 2016 2017 Brazil Export

Paper Revenue Breakdown 2017

North America Brazil 7% 71% Central/South America 18%

Other 5% Paper Segment

Paper EBITDA (R$/ton) 970 915 796 780 781

4Q16 3Q17 4Q17 2016 2017 Operational Cash Flow (R$/ton)

803 756

613 604 538

4Q16 3Q17 4Q17 2016 2017

32 Consolidated Results Operating Cash Flow¹ (R$ million)

Adjusted EBITDA (R$ million) 3,515 3,515

45.7% 45.4% 43.9% 36.1% 39.5% 4,615 906 1,077 3,906 615

4Q16 3Q17 4Q17 2016 2017 1,186 1,425 902

ROIC (%) 655 837 941 696 819 Avg Europe FOEX 506 655 735 517 647 Avg China FOEX 3.29 3,16 3.25 3,49 3.19 Avg R$/US$ 14.5% 11.9% 13.0%

LTM 4T16 LTM 3Q17 LTM 4T17

¹ Operating Cash Flow = Adjusted EBITDA – Sustaining Capex | LTM: Last Twelve Month Debt

Leverage at an adequate level

Net Debt (R$ and US$ billion) and Leverage (x) 4.1x 2.7x 2.7x 2.9x 2.9x 2.7x 2.3x 2.4x 2.3x 3.7x 2.1x 2.6x 2.8x 2.7x 2.3x 2.3x 2.1x 2.4x 2.3x 2.0x

12.5 11.2 10.3 10.1 10.2 10.0 9.7 10.0 9.3 9.5

3.8 3.2 3.2 3.2 3.1 3.2 3.1 3.0 2.9 2.9

Dec/14 Dec/15 Mar/16 Jun/16 Sep/16 Dec/16 Mar/17 Jun/17 Sep/17 Dec/17 Net Debt (R$) Net Debt (US$) Net Debt/Adjusted EBITDA (R$) Net Debt/Adjusted EBITDA (US$) Debt Profile Gross Debt: R$12.2 billion

Competitive debt profile and Net Debt / Adjusted EBITDA: 2.1x cost of debt Average debt maturity of 84 months

Average Cost of Debt: 4.3% p.a. (in USD) (considering market swap curve)

Type Exposure Amortization (R$ million)

BNDES 4,110 Certificates of 4% Import Financing 108 Agribusiness 7% 2,708 2,599 Receivables Other 2,146 2,115 2,123 21% 1,802 3% 605 920 1,121

127 123 Export 562 1,510 1,203 797 994 81 4,002 Financing 42 Caixa 2018 2019 2020 2021 2022 2023 26% Bond onward 39% Foreign Currency Local Currency

Data from 12/31/2017. Rating Suzano is on track to achieve Investment Grade

Suzano´s Ratings Evolution

2010 2012 2015 2017

BBB/BBB BBB-/BBB- BB+/BB+ BB+/BBB-

BB+ BB+/BB BB/ BB- BB- /BB Sovereign S&P / Fitch

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

4.1x Net Debt / 2.9x 2.5x 3.1x Adjusted 2.1x EBITDA LTM

1 Last twelve months ending on 31/12/2017 in R$. Klabin¹ Arauco² Fibria¹ CMPC² Suzano¹ ² Last twelve months ending on 09/30/2017 in US$. 1. Capex 2017/2018 Capital discipline and capex flexibility

Major Projects in 2017: Capex (R$ bilhões) Debottlenecking of Imperatriz Tissue production 2017 2017e 2018e Sustain 1.1 1.1 1.2

Structural Competitiveness 0.5 0.7 0.6 and Adjacent Businesses

Acquisition of Facepa - - 0.3 Acquisition of land and - - 0.3 forests Total 1.6 1.8 2.4 1. Perspectivas 2017 Suzano in a better shape

Cost Discipline Financial Discipline Industrial Cost Reduction: Retrofitting and Robust Balance Sheet Debottlenecking Competitive cost of debt Wood Cost Reduction: Optimization of Healthy level of leverage forest base and average distance reduction Tax Incentive

Capital Discipline Products Portfolio Capex Flexibility Portfolio of products allows less volatility Projects on time on budget High value added products Suzano Mais

38 Investor Relations www.suzano.com.br/ir [email protected]

2017