1Q17 C o n f e re n c e C a l l

1Q17 C o n f e re n c e C a l l

Disclaimer The statements in this presentation constitute projections or forward-looking statements. Such statements are subject to known and unknown risks and uncertainties that could cause the expectations expressed not to materialize or the current results to differ materially from the expected results. These risks include changes in future demand for the Company s products, changes in factors that affect domestic and international product prices, changes in cost structures, changes in the seasonality of markets, pricing actions by competitors, foreign currency fluctuations and changes in the political and economic environments in Brazil, in emerging markets or internationally.

Consistency and Resilience of Results Financial Discipline Cost Discipline Capital Discipline Supply Discipline Product Portfolio

F inancial Discipline Robust Balance Sheet Gross Debt: R$ 13.8 billion Cash Position: R$ 4.1 billion Net Debt: R$ 9.7 billion Average Cost of Debt: 4.9% p.a. Average Debt Maturity: 62 months Foreign Exchange Exposure Policy: from 40% to 75% Indebtedness Policy Approved Debt (R$) / Adjusted EBITDA (x) 5.6x 4.1x 4.0x 3.6x 3.2x 2.7x 2.6x 2.8x Dec/14 Dec/15 Dec/16 Mar/17 Gross Debt Net Debt Net Financial Expenses LTM¹(R$ million) ¹ Last twelve months 971 941 867 795 744 Mar/16 Jun/16 Sep/16 Dec/16 Mar/17 Amortization Schedule (R$ million) 4,069 3,529 1,041 2,502 2,758 2,187 697 1,055 1,836 600 1,491 1,447 539 922 441 Local Currency Foreign Currency 2,642 2,685 158 31 2,484 2,654 Cash 9M17 2018 2019 2020 2021 2022 onward

Oct-16 F inancial Discipline Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 Fundraising compatible with Investment Grade companies Suzano 2026 vs. Peers Suzano 2047 vs. Peers Braskem 2024 Fibria 2027 Klabin 2024 Suzano 2026 Braskem 2041 Gerdau 2044 Suzano 2047 Votorantim 2041 6.45% 5.5% 5.25% 5.75% Coupon 7.125% 7.25% 7.00% 7.25% 5.049% 5.482% 5.145% 5.505% Yield 03/31/2017 6.624% 7.379% 7.142% 7.086%

Capital Discipline Capex Flexibility New Cut Size Line - Mucuri (Concluded) Crystallizer Mucuri (Concluded) CAPEX (R$ billion) Debottlenecking Imperatriz (3Q17) 1Q17 2017e Wastewater Treatment Station Mucuri (3Q17) Sustaining 0.2 1.1 Tissue Mucuri (3Q17) Tissue Imperatriz (4Q17) Structural Competitiveness e Adjacent Businesses 0.1 0.7 Projects on time and on budget! Total 0.3 1.8

Capital Discipline ROIC positively impacted by Sustaining Capex efficiency Sustaining Capex /Produced Volume LTM¹ (R$/ton) 267 230 221 1Q15 1Q16 1Q17-3.9% Inflation: +14.4% ¹ Last twelve months

Products Por tfolio Lower volatility and higher added value Cash Flow (R$/ton)¹ Tissue Final Product Start Up: 3Q17 (Mucuri) and 4Q17 (Imperatriz) Total Capacity: 120k tones/year Initial conversion capacity: 60k ton/year Pulp Jumbo Roll ¹Current market price and Suzano's cost expectations. Gradual ramp up Total Capex: R$ 540 million Production of jumbo rolls and final products, focuses on the Brazilian North and Northeast markets Tissue Equipment Imperatriz Unit

Cost Discipline Continuous focus on efficiency COGS / Sales Volume LTM¹ (R$/ton) SG&A / Sales Volume LTM¹ (R$/ton) 1,307 1,283 1,368 1,391 1,385 196 191 177 179 166 Dec/13 Dec/14 Dec/15 Dec/16 Mar/17 Dec/13 Dec/14 Dec/15 Dec/16 Mar/17 +6.0% Inflation: +26.4% Costs and Expenses significantly below inflation - 8.7% Inflation: +26.4% ¹ Last twelve months

Cash Cost Downward trend continuous Consolidated Pulp Cash Cost Ex-Maintenance (R$/ton) 642 623 605 585 570 Target Cash Cost 475 2015 2016 LTM1Q17 1Q17 2018¹ 2021 2022¹ Debottleneck of Imperatriz Optimization of Average radius Crystallizer in Mucuri ¹ Nominal value in 2016.

Profitability and resilience of the paper business Paper Production ( 000 tons) Paper Sales ( 000 tons) 1,182 1,160 1,194 1,186 362 358 297 295 274 1Q16 4Q16 1Q17 2016 LTM¹ Paper Adjusted EBITDA (R$/ton) 272 317 264 88 91 84 184 226 180 Paper ROIC (%) 832 828 1Q16² 4Q16 1Q17 2016 LTM¹ Brazil Exports 1,150 796 702 970 869 13.4 15.6 14.5 1Q16 4Q16 1Q17 2016 LTM¹ LTM1Q16 LTM4Q16 LTM1Q17 ¹ Last twelve months end on 03/31/2017 ² Data excludes Embu Unit

Pulp EBITDA in progress and expectation of improvement in the next quarters Pulp Production ( 000 tons) Pulp Sales ( 000 tons) 3,473 3,435 3,530 3,540 912 935 874 906 957 915 1Q16 4Q16 1Q17 2016 LTM¹ 1Q16 4Q16 1Q17 2016 LTM¹ Pulp Adjusted EBITDA (R$/ton) Pulp ROIC (%) 1,053 678 723 778 693 16.1 10.5 9.4 1Q16 4Q16 1Q17 2016 LTM¹ LTM1Q16 LTM4Q16 LTM1Q17 ¹ Last twelve months end on 03/31/2017

Operational performance improvement and product portfolio mitigate the impact of external factors Operating Cash Flow LTM¹ (R$ ton) Adjusted EBITDA LTM¹ (R$/ton) 1,016 771 827 737 555 588 581 522 348 348 Consolidated ROIC¹ (%) Dec/13 Dec/14 Dec/15 Dec/16 Mar/17 5.1 6.4 14.7 11.9 10.6 ¹ Last twelve months

Thank you! Investor Relations www.suzano.com.br/ir ri@suzano.com.br