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Hardwood Softwood 10,9 APP + PE 3,8 CMPC 3,7 459 462 435 442 442 Arauco 3,1 391 April 361 367 2,8 341 Metsa 293 286 2,7 UPM 2,6 225 Stora Enso 2,1 Mercer 2,0

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Hardwood Softwood 10,9 APP + PE 3,8 CMPC 3,7 459 462 435 442 442 Arauco 3,1 391 April 361 367 2,8 341 Metsa 293 286 2,7 UPM 2,6 225 Stora Enso 2,1 Mercer 2,0 This communication contains certain statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Some of these forward-looking statements are identified with words like “believe,” “may,” “could,” “would,” “might,” “possible,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “estimate”, “potential”, “outlook” or “continue,” the negative of these words, other terms of similar meaning or the use of future dates. Forward-looking statements in this communication include, without limitation, statements regarding the implementation of operating and financing strategies and initiatives, including with respect to the integration of Fibria’s operations and expected potential synergies, plans with respect to capital expenditures, and factors or trends affecting financial condition, liquidity or results of operations. Such statements reflect the current views of management and are subject to a number of risks and uncertainties, including changes in prices and customer demand for our products, changes in raw material costs, pricing actions by competitors, changes in the rates of exchange of the Brazilian real against the US dollar, and general changes in the economic environment in Brazil, emerging markets or internationally. Such forward-looking statements are qualified by the inherent risks and uncertainties surrounding future expectations generally, and actual results could differ materially from those currently anticipated due to such risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements information, opinions and forward-looking statements contained in this presentation speak only as at the date of this presentation and should thus be considered in the context of the circumstances prevailing at the time. They are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors, and are subject to change without notice. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. Suzano does not undertake any obligation to update any information, opinion or forward-looking statements as a result of new information, future developments or otherwise, except as expressly required by law. All information, opinions and forward-looking statements in this communication are qualified in their entirety by this cautionary statement. Irreplicable Assets Growing Market Sound Financial Management ESG for more value and less risk Technology, Innovation & Digital The Future The New An first class assets base Our plantations hectares of planted and certified areas Geographically eucalyptus genetic base equivalent to 200x Manhattan areas m³/ha/year structural harvesting and average productivity average radius inbound logistics An first class assets base Our mills MWm average pulp equivalent to supply chain tons of tons of 1.4 mn market pulp paper people town An first class assets base Our logistics mills fully either close to shore export or railway connected pulp served An first class assets base Paper business pulp go-to-market Brazilian clients Brazilian integrated model brands market share¹ ¹ Addressable market. Fully integrated Plantation Mill Railway Port Undisputable in the pulp industry Cash Cost(¹) Top 10(²) Suzano Hardwood Softwood 10,9 APP + PE 3,8 CMPC 3,7 459 462 435 442 442 Arauco 3,1 391 April 361 367 2,8 341 Metsa 293 286 2,7 UPM 2,6 225 Stora Enso 2,1 Mercer 2,0 Ilim 1,8 Chile Brazil China Europe Indonesia Canada/US US/Canada East Europe Other Other World Other Other Europe Chile/Uruguay Other Other Asia/Japan ¹ Source: Hawkins Wright December 2018 (CIF Europe – USD/ton). ² Market pulp capacity production including hardwood and softwood volumes. Consistently cash cost R$/ton¹ 709 690 668 622 2015 2016 2017 2018 ¹ Cash production cost ex-downtimes. Pro forma basis of Suzano Papel e Celulose and Fibria Celulose cash production cost (R$/ton). Figures are adjusted by Brazilian inflation (IPCA) which represents R$ 104/t in 2015, R$ 52/t in 2016 and R$ 57/t in 2017. Structural competitiveness boosted by Capture Profile1 100% 90% Operational Synergies G&A Supply Chain 40% R$800MM R$900MM Forestry per year¹ Industrial ¹ Total Steady State. Dec /2019 Dec /2020 Dec /2021 Structural competitiveness boosted by Selected Logistic / examples Industrial Forestry Commercial Procurement G&A Reduction in Wood supply Routes Contractual Organizational Initiative products (SKUs) optimization Optimization parameters Structure per plant equalization adjustment Lower consumption Wood Operational scale Lower cost in Headcount of chemicals logistics cost expansion industrial and reduction Benefit reduction forestry inputs Higher OEE¹ Transshipment and fuel costs reduction ¹ Overall equipment effectiveness Adjusted Balance Average² annual deductible Accounting effect: Sheet to fair value¹ R$ 18.4 bn expenses of R$1.2 bn¹ EBT reduction Preliminary Average3 annual fiscal Tax effect: Goodwill¹ R$ 8.1 bn deduction of R$0.8 bn¹ taxable base reduction Total R$ 26.5 bn ¹ Based on preliminary PPA as disclosed on 2018 Financial Statements – Note 32 (ii). ² Estimate considering preliminary 10 years depreciation period. ³ Estimate considering preliminary 10 years fiscal amortization period. Growing on global pulp demand Global Market Pulp Demand By Grade in million tons in million tons Softwood +1.4/y +0.2/y +0.2/y +0.4/y +1.3/y 66,0 27,0 21,8 24,3 24,9 +1.2/y 58,9 55,0 42,8 2005 2015 2018 2023E Hardwood +1.0/y +1.1/y +1.0/y 34,0 39,0 30,8 21,1 2005 2015 2018 2023E 2005 2015 2018 2023E Source: PPPC S&D 2019. Supported by market dynamics Chinese Market Pulp Demand Tissue Consumption per Capita Tissue Machine Closures from in million tons in kgs per year Environmental Restrictions in million tons 25,6 1,4 1,4 1,5 +1.1/y 16,0 15,7 25,3 0,6 +1.1/y 0,5 6,7 6,0 19,8 +1.1/y North West Japan Latin China 2015 2016 2017 2018E 2019E 16,5 America Europe America Chinese Waste Paper Imports Woodchip Supply Restrictions in million tons in million BDMT 25 29 28 23 26 Others 3 Chile 3,1 3,3 2 5,8 17 Australia 6,5 4,5 ? Southeast Asia 12,4 13,3 2005 2015 2018 2023E 2015 2016 2017 2018 2019- 2018 2023E 2023E Source: PPPC S&D 2019, RISI, Hawkins Wright, Suzano BI. Driven by end-uses Global Market Pulp 58.9 Demand Annual Demand by end use million tons Growth until 2030 Paper and paperboard Tissue & Fluff 47% +2.9% demand average growth of Printing & Writing 26% -0.7% Specialty 20% +0.6% until Packaging +2.3% Breakdown 2030 Source: PPPC S&D 2019, Poyry, Hawkins Wright, Suzano BI. Historical Volatility of Commodities (US$)1 Low correlation 33% Lowest volatility 28% 28% 25% 20% 22% 17% 19% 7% BHKP² LME Metals Cattle Copper Soy Iron Ore Nickel Sugar Crude Oil BHKP -1% 2% -2% 1% 1% 3% -3% 1% Correlation2 ¹ Source: Bloomberg, from December 31, 2011 up to January 25, 2019. 2 BHKP China. Sound Financial mostly from international markets Net revenues (US$ billion) 8,7 7,0 6,1 6,1 Americas 5,6 Europe Asia 2014 2015 2016 2017 2018 Note: Pro forma figures of Suzano and Fibria historical data. Average exchange rate of R$ 2.35 in 2014, R$ 3.33 in 2015, R$ 3.49 in 2016, R$ 3.19 in 2017 and R$ 3.65 in 2018. Revenue 88% USD Hedging Policy COGS 20% USD Operating Hedge Debt Hedge Target: up to 75% of the Target: Net debt SG&A 27% USD following 18 months 100% denominated Sustaining in USD 11% USD Current: 63% of Capex net exposure² Sensitivity¹ ~ R$ 700 million EBITDA ~ R$ 600 million ¹ Sensitivity at each R$ 0.10/US$ variation Operational Cash ² Net exposure as of December 2018. Generation debt profile Amortization Schedule (US$ million)¹ 5,056 3,507 RCF average debt maturity 2,157 2,459 1,432 1,531 1,598 Cash on 1,168 hand 961 Trade Related Non Trade Related Liquidity 2019 2020 2021 2022 2023 2024 2025 2026 onwards ¹ The gross debt and cash consider: (i) the accounting position of Suzano and Fibria on Dec 31,2018; (ii) less the transaction’s Cash Installment payment (R$ 27.8 billion); (iii) plus the cash raising and debt of re-tap of the 2029 Bond (US$ 780 million / R$ 2.9 billion); (iv) plus the cash raising and debt of the 7th debenture issuance (R$ 4.0 billion); (v) less the advance payment of Fibria´s CRA (R$ 879 million); (v) plus the cash raising and debt of EPP (R$ 781 million), and PTAX of 3.8748 R$/US$ on Dec 31,2018. 10% Non Trade Finance 33% Related Bank Local Sources Counterpart 67% International 37% 34% 19% International Trade Finance Local Capital and Capital Banks Related Bank Markets Funding sources Funding breakdown considers the adjustments mentioned at amortization schedule slide. Policies Indebtedness Net Debt/EBITDA Ratio (in US$): 1.0x to 3.0x 1.0x to 3.5x Normal Cycle Investment Cycle Dividend The lowest between: 25% of the net income or Net Debt (US$ billion) 10% of the Operational Cash Flow Generation¹ 13.5 10 Fibria 7.2 Transaction Leverage US$ (Net Debt / Adj. EBITDA)² Net 6.3 3.1x Debt 12/31/2018² Long-Term Target ¹ Operational Cash Flow = Adjusted EBITDA – Sustaining Capex | ² Net Debt and Leverage Pro Forma on Dec 31, 2018 and considers the adjustments mentioned on amortization schedule slide. Currently the G-spread in Brazil 372 299 260 239 252 210 219 220 Investment Grade 174 Rating Outlook BBB- Stable BBB- Stable BRAZIL SUZANO BRASKEM GERDAU RAIZEN VALE KLABIN PETROBRAS BRF ¹ Issuances with no maturity in 2026 interpolated for comparative purposes; G-spread on March 19, 2019.
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