margin growth Cash Cost (R$/ton) SG&A (R$/ton) COGS (R$/ton) 1,391 1,368 1,333 Inflation: 8.2% LTM 3Q LTM 3Q17

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1 Suzano Day 2017

2 Disclaimer This presentation includes forward-looking statements. These statements are subject to known and unknown risks and uncertainties that could cause the expectations expressed to not materialize or differ substantially from the expected results. These risks include, among others, changes in future demand for the Company's products, changes in factors affecting the domestic and international prices of products, in the cost structure, in the seasonality of markets, in competitors prices, in the political and economic scenario of Brazil as well as in emerging and international markets.

3 E f f i c i e n c y g a i n s d r i v e margin growth Cash Cost (R$/ton) COGS (R$/ton) 1,391 1,368 1,333 Inflation: 8.2% SG&A (R$/ton) LTM 3Q LTM 3Q17

4 Pulp Strong results compared to peers Paper EBITDA (R$/ton) EBITDA ( 00) LTM 3Q17 Suzano Competitor LTM 3Q17 Suzano Competitor *Note: comparison of equivalent products with analysis made by the Suzano team

5 Cash conversion is a better metric to our industry Operating Cash Flow from Pulp (R$/ton) LTM 3Q17 Suzano Competitor

6 What is our role? Create and share value sustainably

7 Structural competitiveness Adjacent businesses Reshaping the Industry

8 What are the criteria for deciding on capital allocation? 1 Return on invested capital Scalability Sustainable competitive advantage Difficult to replicate

9 Some of the major avenues mapped while applying the investment criteria 1. Innovation and New Businesses Consumer Goods Paper Pulp

10 Innovation and New Businesses Opportunities to use the forest base in new products that create value: Fluff Lignin Nanocellulose Dissolving Pulp

11 Some of the major avenues mapped while applying the investment criteria 1. Innovation and New Businesses Consumer Goods Paper Pulp

12 Key drivers of tissue consumption Growth above GDP Migration from single ply to two-ply

13 Tissue consumption high growth potential Today Per capita consumption in Brazil lower than Latin America Source: RISI

14 Tissue consumption high growth potential Today Forecast 2025 Per capita Demand consumption +700 thousand N 2,0kg ton NE 2,5kg Toilet paper Source: RISI

15 Tissue market in Brazil Copapa Manikraft IPEL Canoinhas 3% 3% 3% Carta Fabril 4% 4% Ondunorte 4% FACEPA 4% Others 14% 14% Santher Volta Grande 7% Sepac 7% 10% 10% 13% Mili 47% market share Source: RISI CMPC KC

16 Consumer goods Better quality products offer more benefits to consumers. Better quality at lower cost per use. Product Use in Plies Price/Roll Cost per use Single Ply 10 (1.0m) Two-Ply 6 (1.2m) Three-Ply 4 (1.2m) % less for consumers

17 Consumer goods Better quality products offer more benefits to consumers. Better quality at lower cost per use. Share of Single Ply vs. Two-Ply Toilet Paper 50% 50% 50% 50% 52% 52% 48% 48% 53% 47% 55% 45% 56% 44% Higher margin and competitiveness for Suzano JUL/AGO 2016 SET/OUT 2016 NOV/DEZ 2016 JAN/FEV 2017 MAR/ABR 2017 MAI/JUN 2017 JUL/AGO 2017 Single Ply Two-Ply T. DUPLA T. SIMPLES Source: Nielsen

18 Consumer Goods tissue Today s goal: Speed to market and brand investment Next Steps Geographic expansion in Brazil Portfolio expansion

19 Sustainable competitive advantage Difficult to replicate Scalability Return on invested capital Tissue Consumer Goods

20 Some of major avenues mapped while applying the Investment criteria 1. Innovation and New Business Consumer Goods Paper Pulp

21 Flexibility Distributary of Proven Models in the Brazilian Market Structural competitiveness Next steps: International Expansion

22 Small Disintermediation and get closer to Manufacturer Distributor Medium final customer Large Clients

23 Small Disintermediation and get closer to Manufacturer Distributor Medium final customer Large Clients

24 Sustainable competitive advantage Return on invested capital Difficult to replicate Scalability Paper

25 Some of the major avenues mapped while applying the Investment criteria 1. Innovation and New Business Consumer Goods Paper Pulp

26 Pulp ROIC increased due to structural changes ROIC Suzano (%) % % % % T15 2T15 3T15 4T15 1T16 2T16 3T16 4T16 1T17 2T17 3T17 5%

27 How to create value in the pulp 624 industry? Greenfield Capex USD 1,500/t USD/ton Brownfield USD 1,200/t WACC 10.5% Operation Cash Flow Tax Sustaining Capex SG&A Cash Cost Logistics Net Price Net Price Net Price 3Q17

28 How to create value in the pulp industry? Consolidation Brownfield Greenfield

29 Return on invested capital Scalability Sustainable competitive advantage Difficult to replicate Pulp

30 What is our role? Create and share value sustainably

31 Focus on creating shared value Strong& Gentle