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Institutional Presentation

Disclaimer

Certain statements in this presentation may 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.

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01 | Corporate Overview 02 | Strategy 03 | Maranhão Project 04 | Pulp & Paper Industry 05 | Results

Corporate Overview

Suzano is a forestry-based company, publicly traded, controlled by Suzano Holding. Suzano operates in the pulp and paper businesses

• Structural competitive advantages
• Pulp production costs: one of the lowest in the world
• Leader in the regional paper market
• Certified plantations and products
• Organic growth in pulp
• New business: biotechnology
• Market cap: R$10.2 billion on 12/31/13

Controlling Group Treasury 56% 2% Capital Structure (December/13) Free Float 42%

Forests Ports Mills Railroad “Carajás” Railroad Maranhão “Norte e Sul” Railroad Itaqui Port Mucuri Portocel Vitória Santos Piauí Limeira Suzano Embu Rio Verde

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Production Capacity

The start up of Maranhão Unit will increase its capacity to 4.7 MM ton/year of pulp and paper

784 915 1.080 1.100 1.100 1.100 1.100 1.290 1.290 1.290 1.290 1.290 456 570 640 820 1.650 1.750 1.750 1.920 1.920 1.920 3.020 3.420 1.240 1.485 1.720 1.920 2.750 2.850 2.850 3.210 3.210 3.210 4.310 4.710 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014e 2015e

Production Capacity

(‘000 tons)

(‘000 ton) Pulp Paper Unit Integrated Market Pulp Uncoated Coated Paperboard Maranhão*

• 1,500
• Mucuri

200 1,540 250

• Suzano

460 40 270 90 200 Limeira 310 340 280 100

• Rio Verde
• 50
• Embu
• 50

Total 970 3,420 850 190 250

Pulp Paper

Note: *Maranhão Unit is scheduled to start up in December 2013

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Diversified and Complementing Product Portfolio

Suzano’s products portfolio is made of market pulp, paperboard, uncoated paper and coated paper Net Revenues

52% Exports / 48% Domestic Market

R$ 5.7 billion

Market Pulp

2nd eucalyptus market pulp producer

45%

Paper

55%

Printing and Writing

41%

Uncoated

2nd in Brazil with 36% market share

32%

Coated

1st in Brazil with 38% market share

9%

Paperboard

1st in Brazil with 28% market share

12%

Note: Figures of last 12 months ending on 12/31/2013. Other paper represented 2% of net revenue on the period. The market share data includes paper imports.

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Timeline

Suzano has over 80 years of operation.

7

1924 to 1940 1950 1960 to 1990 2000 2013

1939 1955 1956 1960 1975 1982 2005 2004 2010 1992 2007 2008 1924 2012

FINANCIAL SHIELDS

Equity Offering

2013

Start up of Maranhão Unit

Beginning of

• perations in the

paper industry

Start up of the first paper mill Leon Feffer starts paper trading activities

First investment in the pulp sector

Acquisition of Suzano mill Pioneerism in eucalyptus plantation

Growth and diversification in the pulp and paper businesses

Beginning of paper exports to Europe Start up of Bahia Sul Acquisition of Indústrias de Papel Rio Verde’s control Launch of Report paper

Consolidation as one of the largest Brazilian Groups

Acquisition of Ripasa (50%) Merger with Bahia Sul Start up of Line 2 at Mucuri Adoption of Bovespa’s Level I corporate governance standards and Professional Management New Growth Cycle Acquisition of FuturaGene, PLC. Acquisition of 50% of Conpacel and KSR.

Forestry Assets

Suzano’s investment in R&D over many years allows the Company to expand its forestry assets to the northeast region of Brazil

2013 Total area (k ha) 1 881 Total planted area (k ha) 2 455 Own planted area (k ha) 1 367 Forest Partnership Program (k ha) 88 Own Preserved Area (k ha)1 352 Average Distance in Bahia (km)2 73 Average Distance in São Paulo (km)2 220

Base 12/31/2013

1 Own and leased areas 2 Figures consider own, leased and third-parties areas

2013 Annual planting (k ha) 55 Planted seedlings / day (k) 177

Note: Both own and leased land can suffer variation up to 5% quarter over quarter. The total amount can differ due to rounding. SP MG BA ES TO PI MA

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Nursery in Mucuri

Forestry Competitiveness in Brazil

Brazil presents competitive advantages to support continuous increase of its global forestry standing

Competitive Advantages - Brazil

• Availability of productive land
• Excellent soil and climate conditions
• Short harvesting cycle for planted forests
• Opportunity to recover degraded areas
• Low establishments and maintenance costs

Source: ABRAF – 2013.

5.5 adtm1/ha/year 10.5 adtm1/ha/year Biotechnology 1980 2013

+100%

• More wood / hectare
• More pulp / m³
• Superior quality
• Smaller area
• Decreasing costs / m³

Source: Suzano

1Admt: air dried metric ton

Hardwood Productivity (m3/ha/year) Pulp Productivity

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41 31 25 22 20 19 18 15 12 6 6

Brazil China Indonesia Australia Chile New Zealand South Africa USA Portugal Finland Sweden

01 | Corporate Overview 02 | Strategy 03 | Maranhão Project 04 | Pulp & Paper Industry 05 | Results

2014

Focus on profitability

Maximize return

• n assets

Deleveraging Maranhão Unit start up in December/13

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Assets Profitability Deleveraging Maranhão Project

Short-Term Actions Long-Term Actions

Focus 2014

Price discipline Optimization of region and client mix Increase in direct sales Expansion of client base Reduction of costs and expenses Integrated logistics with synergy gains Investments to increase productivity FuturaGene: biotechnology boosts Suzano’s competitiveness Reduction in average distance Retrofitting of mills Standardization and modernization of harvesting fleet 12

Assets Profitability Deleveraging Maranhão Project

Focus 2014

• EBITDA growth
• Debt management: longer terms and lower cost
• Optimization of working capital: management of inventories, prepayment of receivables and

lengthening of supplier payment terms

• Maranhão Project capex Management
• Maranhão Unit cash generation

Average Cost of Debt (%) Average Debt Maturity (years) Amortization (R$ million)

4.8% 4.7% 5.5% 9.2% 8.6% 8.7% Dec/12 Sep/13 Dec/13 R$ US$ 4.5 4.6 4.6 Dec/13 Sep/13 Dec/12

Debt Profile

Long Term 85% Short Term 15% Long Term 92% Short |Term 8%

December / 2012 December / 2013

13

3.690 1.008 959 2.209 1.941 1.338 2.193 3.229

Cash Position 2014 2015 2016 2017 2018 2019 2020

• nward

01 | Corporate Overview 02 | Strategy 03 | Maranhão Project 04 | Pulp & Paper Industry 05 | Results

Focus 2014

Foresty

• 25 year research history in the region
• Annual production capacity of 15 million of

seedlings

• Competitive cost of land
• ~ 70% of own wood supply in the long term

Industrial

• Start up scheduled for December/13
• 1.5 million ton/year eucalyptus market pulp
• 100MW surplus of energy production
• State-of-the-art technology and top tier equipment

suppliers contracted

• Capacitar Project

Logistics

• Outbound logistics based on railways
• Export through a port located in the region of São Luís
• Strategically located for pulp distribution to the North

American and European markets

Norte Sul Railway Ferro Carajás Railway Maranhão Unit- Imperatriz

Assets Profitability Deleveraging Maranhão Project

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Assets Profitability Deleveraging Maranhão Project

Competitive Advantages of the Maranhão Project The Maranhão Unit start up in December/13, on-schedule Competitive Advantages

Logistics 100% via railways Exports via Itaqui Port Ease of training local labor Tax incentives Reduction of 75% in income tax rate Incentive in the form of accelerated depreciation

Structural advantages Operational Reliability

Two dryers and two lime kilns Senior team on critical positions (internal recruitment) Metso service center On-site technical support from Metso Learning curve guaranteed in contract with Metso from start-up for a period of 18 months 16

Assets Profitability Deleveraging Maranhão Project

Investment in Maranhão Project is on budget

Sources of Funds

• BNDES: R$2.7 billion funding, 12 years to pay and 3-year grace period
• Mandatory convertible debentures: R$1.2 billion
• Foreign funding for imported equipment (ECAs among others)
• Cash flow generation

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April 2012 November 2012 September 2013 January 2013

Investment concluded 4,4% above the announced

December 2013

Assets Profitability Deleveraging Maranhão Project

Maranhão Project status

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01 | Corporate Overview 02 | Strategy 03 | Maranhão Project 04 | Pulp & Paper Industry 05 | Results

World Paper Supply and Demand by Region

World paper demand is estimated to grow +1.7% p.a. from 2014 to 2019, driven by emerging economies, while supply is projected to grow +1.6% p.a. during the period

Paper Global Demand

(million tons)

Paper Global Supply

(million tons)

CAGR Demand 2009 - 2013 2014e - 2019e North America

• 1.8%
• 0.7%

Western Europe

• 0.9%
• 0.4%

Eastern Europe +4.1% +2.9% Asia +4.1% +2.9% Latin America +3.0% +2.3% Others* +2.7% +2.7% Total +1.7% +1.7% CAGR Supply 2009 - 2013 2014e - 2019e North America

• 1.4%
• 0.6%

Western Europe

• 0.5%
• 0.2%

Eastern Europe +3.7% +3.5% Asia +4.2% +2.9% Latin America +2.6% +2.7% Others* +2.7% +3.6% Total +1.6% +1.6%

North America Western Europe Eastern Europe Asia Latin America Others*

Note: *Others includes Middle East and Africa Source: Poyry (2013)

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23 24 25 27 29 30 25 27 28 29 31 32 158 180 186 193 211 223 18 21 22 23 25 26 77 74 74 74 74 73 83 77 77 77 75 74 385 404 413 422 445 458 2009 2012 2013 2014e 2017e 2019e 13 13 14 15 17 18 19 21 21 22 24 25 156 178 184 191 208 220 16 18 19 19 22 23 91 89 89 90 89 89 91 86 86 86 84 83 388 406 414 423 445 458 2009 2012 2013 2014e 2017e 2019e

World Paper Supply and Demand by Segment

World paper demand growth is driven by tissue and paperboard segments

CAGR Demand 2009 - 2013 2014e - 2019e Printing & Writing +0.2% +0.4% Tissue +3.5% +3.2% Paperboard +2.7% +2.4% Specialties +0.3% +0.5% Others* +3.3% +2.7% Newsprint

• 1.8%
• 1.2%

Total +1.7% +1.7% CAGR Supply 2009 – 2013 2014e - 2019e Printing & Writing

• 0.1%

+0.3% Tissue +3.5% +3.2% Paperboard +2.3% +2.3% Specialties +1.0% +0.6% Others* +3.4% +2.7% Newsprint

• 1.9%
• 1.2%

Total +1.6% +1.6%

Printing & Writing Tissue Paperboard Specialties Others* Newsprint

Note: *Others Includes corrugated and sackkraft paper, products with little or no virgin fiber consumption Source: Poyry (2013)

Paper Global Demand

(million tons)

Paper Global Supply

(million tons)

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34 32 31 31 30 29 135 149 154 160 174 183 35 35 35 35 36 36 45 49 50 52 56 59 27 30 31 32 36 38 110 110 111 111 113 113 385 404 413 422 445 458 2009 2012 2013 2014e 2017e 2019e 34 32 32 31 30 29 135 149 155 160 174 183 33 34 34 35 36 36 46 49 51 52 56 59 27 30 31 32 36 38 112 111 111 112 113 113 388 406 414 423 445 458 2009 2012 2013 2014e 2017e 2019e

World Printing & Writing Paper Supply and Demand

Demand growth in the P&W segment is driven by emerging economies

Printing & Writing Paper Global Demand

(million tons)

Printing & Writing Paper Global Supply

(million tons)

CAGR Demand 2009 – 2013 2014e - 2019e North America

• 3.8%
• 2.8%

Western Europe

• 3.0%
• 2.3%

Eastern Europe +3.1% +2.0% Asia +3.3% +2.2% Latin America +2.3% +1.1% Others* +2.2% +1.7% Total +0.2% +0.4% CAGR Supply 2009 – 2013 2014e - 2019e North America

• 4.0%
• 3.2%

Western Europe

• 2.4%
• 1.6%

Eastern Europe +2.0% +3.6% Asia +3.3% +2.2% Latin America +1.1% +1.3% Others*

• 1.4%

+2.0% Total

• 0.1%

+0.3%

Note: *Others includes Middle East and Africa Source: Poyry (2013)

North America Western Europe Eastern Europe Asia Latin America Others*

22

7 7 7 7 8 8 6 6 6 6 7 7 42 47 48 49 52 55 5 5 6 6 6 6 25 23 22 22 20 20 24 21 21 20 19 18 110 110 111 111 113 113 2009 2012 2013 2014e 2017e 2019e 2 2 2 2 2 2 4 4 5 5 5 5 45 50 51 52 56 58 3 3 3 3 4 4 34 31 30 30 28 28 24 21 20 20 18 17 112 111 111 112 113 113 2009 2012 2013 2014e 2017e 2019e

World Paperboard Supply and Demand

Paperboard Global Demand

(million tons)

Paperboard Global Supply

(million tons)

The paperboard segment represents 12% of the world paper market. Market estimates point to growth in demand and production of this paper across all regions

CAGR Demand 2009 - 2013 2014e - 2019e North America

• 0.7%

+0.1% Western Europe +0.1% +0.6% Eastern Europe +4.9% +3.1% Asia +5.1% +3.6% Latin America +3.4% +2.9% Others* +1.1% +2.7% Total +2.7% +2.4% CAGR Supply 2009 – 2013 2014e - 2019e North America

• 0.5%

+0.2% Western Europe

• 0.4%

+0.5% Eastern Europe +3.8% +4.2% Asia +5.0% +3.6% Latin America +3.5% +2.7% Others* +1.3% +3.7% Total +2.3% +2.3%

North America Western Europe Eastern Europe Asia Latin America Others*

Note: *Others includes Middle East and Africa Source: Poyry (2013)

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2 2 2 3 3 3 2 2 2 3 3 3 21 24 25 26 30 32 2 3 3 3 3 3 8 8 9 9 9 9 9 9 9 9 9 9 45 49 50 52 56 59 2009 2012 2013 2014e 2017e 2019e 1 1 1 1 2 2 2 2 2 2 3 3 20 24 24 25 28 30 2 2 2 2 2 2 11 11 11 11 11 11 10 10 10 10 10 10 46 49 51 52 56 59 2009 2012 2013 2014e 2017e 2019e

World Tissue Supply and Demand

Demographic growth drives demand for tissue in developed countries. In emerging countries, the penetration of these papers is very low, providing greater opportunities for demand growth

Tissue Global Demand

(million tons)

Tissue Global Supply

(million tons)

CAGR Demand 2009 – 2013 2014e - 2019e North America +0.6% +0.8% Western Europe +2.2% +1.8% Eastern Europe +4.8% +4.5% Asia +6.1% +5.0% Latin America +4.4% +3.8% Others* +4.8% +4.9% Total +3.5% +3.2% CAGR Supply 2009 – 2013 2014e - 2019e North America +0.5% +0.9% Western Europe +2.2% +1.7% Eastern Europe +4.9% +5.0% Asia +6.1% +4.9% Latin America +4.2% +4.0% Others* +5.3% +5.2% Total +3.5% +3.2%

North America Western Europe Eastern Europe Asia Latin America Others*

Note: *Others includes Middle East and Africa Source: Poyry (2013)

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2 2 2 2 2 3 3 3 3 3 4 4 8 10 10 11 13 14 1 2 2 2 2 2 6 6 7 7 7 7 7 8 8 8 8 8 27 30 31 32 36 38 2009 2012 2013 2014e 2017e 2019e 1 2 2 2 2 2 3 3 3 3 4 4 8 10 11 11 13 14 1 1 1 2 2 2 6 6 7 7 7 7 7 7 8 8 8 8 27 30 31 32 36 38 2009 2012 2013 2014e 2017e 2019e

Per-capita Consumption of Tissue

Demand for tissue is impacted by cultural factors, the economic growth (GDP) and the development of the country (urbanization). The share of this segment in total paper demand should increase driven by higher demand in emerging countries

Per-capita Consumption of Tissue

(Kg/person/year)

24 21 20 20 19 19 18 18 18 18 17 16 16 11 8 8 7 5 5 4 0,1 USA Canada Sweden Norway Macau Switzerland Finland Hong Kong Denmark Austria Germany UK Iceland Chile Mexico Uruguay Argentina Brazil Colombia China India Source: World Tissue Business Outlook – RISI (2013)

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World Market Pulp Supply and Demand

Market Pulp Global Demand

(million tons)

Market Pulp Global Supply

(million tons)

Expectations of a scenario marked by supply and demand in balance. The growth in market pulp demand is driven by pulp consumption in Asia, which has invested in non- integrated paper mills. Supply growth is driven by Latin America, the most competitive region for pulp production

CAGR Demand 2009 – 2013 2014e - 2019e North America

• 3.9%
• 1.7%

Europe

• 0.3%

+0.2% Asia +7.8% +4.4% Latin America +5.2% +3.2% Others* +6.0% +3.3% Total +3.1% +2.4%

North America Europe Latin America Asia Others*

CAGR Supply 2009 – 2013 2014e - 2019e North America +0.4% +0.1% Europe +1.3% +1.0% Asia +4.5% +4.2% Latin America +6.9% +3.9% Others* +1.7% +0.1% Total +2.9% +2.2%

Note: *Others includes Middle East and Africa Source: Poyry (2013)

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2 3 3 3 3 3 19 24 26 27 31 34 3 4 4 4 4 5 18 18 18 18 18 18 7 6 6 6 6 6 50 55 57 59 63 66 2009 2012 2013 2014e 2017e 2019e 1 1 1 1 1 1 7 9 9 9 10 11 13 16 17 18 21 22 14 14 14 14 15 15 16 16 16 16 16 16 52 57 58 59 63 66 2009 2012 2013 2014e 2017e 2019e

Pulp and Paper Production Chain

27

130

226 32 52 112 2014e Corrugated Newsprint Others Printing & Writing Tissue Paperboard 423

433 Total fiber consumption5

BSKP3 Others4 BHKP2 BEKP1

244 Recycled 189 Virgin fiber

Non-wood, Mechanical Pulp and Integrated Pulp

59 Market Pulp 423 Paper Production

56% 44% 58% 42% 69% 66% 25 3 10 21 2014e 59 31% 34% Million ton Million ton

1 Bleached Eucalyptus Kraft Pulp | 2 Bleached Hardwood Kraft Pulp | 3 Bleached Softwood Kraft Pulp | 4 Includes Unbleached Kraft Pulp and sulphite | 5 excludes dissolving pulp

Source: Poyry (2013) and PPPC (Feb/14)

Competitiveness of Eucalyptus Pulp

Eucalyptus fiber is gaining market worldwide due to the competitiveness and lower cost production in comparison to other fibers and is gradually reducing the price spread between hardwood pulp and softwood pulp

1 Market Pulp: Excludes Mechanical Pulp | 2 Bleached Eucalyptus Kraft Pulp | 3 Others Bleached Hardwood Kraft Pulp | 4 Bleached Softwood Kraft Pulp 5 Includes sulphite and unbleached pulp

Source: PPPC (Feb/2014)

CAGR

BEKP: +7.8%p.a | Others BHKP: -1.7%p.a.

CAGR

BEKP: +4.3% p.a. | Others BHKP: +0.7%p.a. 28

49 50 50 50 50 53 55 57 59 60 62 63 64 66 11 13 14 16 16 17 18 19 21 22 23 24 25 26 12 11 10 9 9 10 10 10 10 10 10 10 10 10 23 23 22 22 22 23 24 25 25 26 26 26 27 27 4 3 3 3 3 3 3 2 2 3 3 3 3 3 10 20 30 40 50 60 70 5 10 15 20 25 30 35 2006 2007 2008 2009 2010 2011 2012 2013 2014e 2015e 2016e 2017e 2018e 2019e Total Market Volume (million ton) Volume by Fiber Type (Million ton) Market Pulp BEKP Others BHKP BSKP Others

1 3 4 2 5

Pulp Production Cost

New pulp projects are located in low-cost regions, most of them in South America. Brazil is the main destination for global investments

Cash Cost CIF / Europe

(US$/ton) 23 MM ton

*Others includes New Zeland, Argentina, China and South Africa Source: Hawkins Wright (Dec/13)

18 MM ton

Low Cost High Cost High Cost

8 MM ton 8 MM ton

Low Cost

Hardwood Softwood

29

652

East Canada Russia

380

Chile/Uruguay

372

Indonesia

367

Brazil

351

USA

535

Russia

416

Chile Canada Japan

590

China

574

France BC Coast

654 542

Sweden

536

Finland

532

Other Asia

530

USA

403 523

Iberia

445

Africa

421

France

629

West Canada

628

Japan

590

Sweden

584

Others*

546

Finland

541

01 | Corporate Overview 02 | Strategy 03 | Maranhão Project 04 | Pulp & Paper Industry 05 | Results

1310,0 1445,0 1435,0 1480,0 297,0 363,0 412,0 415,0 1607,0 1808,0 1847,0 1895,0 2010 2011 2012 2013 1.617 1.824 1.876 1.932 2010 2011 2012 2013

Operating Result – Pulp Business

Presence in main international markets and strategic relationship with clients with 80% of total sales through long-term contracts

Pulp Production

(‘000 tons)

Pulp Sales Volume

(‘000 tons)

Pulp Sales Volume per Region

2013

Pulp Sales per Segment

2013

Domestic Market Export

Europe 31% Brazil 22% South / Central America 1% Asia 36% North America 10% Packaging 10% Tissue 51% Special 22% Others 2% P & W 15%

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513 532 452 408 643 803 895 904 1.156 1.335 1.347 1.312 2010 2011 2012 2013 2.745 1.287 1.311 1.293 2010 2011 2012 2013

Operating Result – Paper Business

Operational excellence in paper: management of revenue and product portfolio,

• ptimization of assets, and strengthening of distribution channel

Paper Production

(‘000 tons)

Paper Sales Volume

(‘000 tons)

Paper Sales Volume per Region

2013 Europe 5% Brazil 69% South / Central America 13% Others 1% North America 12%

Suzano’s Strategy

• Consolidation of the leadership position in the domestic market
• Improvement in sales mix between the domestic and export markets
• Unique model of joint operations with the distribution channel in Latin

America

• Estimated share of Latin America in the sales mix in 2017: 95%

Domestic Market Export

33

Financial Result

Continuous focus on increasing operating income

Net Revenue

(R$ million)

COGS per ton

(R$/ton)

SG&A

(R$ million)

Adjusted EBITDA and Adjusted EBITDA Margin

(R$ million) (%) 2,018 2,013 2,188 2,577 2,495 2,835 3,004 3,111 4,513 4,848 5,192 5,689 2010 2011 2012 2013

Average R$/US$ 2.16 1.76 1.67 1.95

Pulp Paper Sales Administratives SG&A / Ton (R$/ton)

Note:

1Cash Cost including downtime

Adjusted EBITDA Adjusted EBITDA Margin 607 595 562 466 700 666 638 674 1,307 1,261 1,200 1,140 2013 2012 2011 2010 +5.3% +5.1% +3.6% +6.3% +5.7% +5.9% Inflation Cash Cost1 Other production costs

34

187 185 204 196 228 248 248 251 288 334 404 377 516 582 652 628 2010 2011 2012 2013 33,7% 23,5% 24,3% 31,3% 1.519 1.141 1.260 1.781 2010 2011 2012 2013

Stock Performance

Stock Performance - SUZB5

(100 basis: Dec/12 - Dec/13)

Liquidity Performance - SUZB5

(R$ million) (Trade number) Daily financial volume (R$ million) Daily trade number

Source: Bloomberg

35

SUZB5 +33% Ibovespa

• 15%

IBrX-50

• 4%

20 40 60 80 100 120 140 160 dez-12 jan-13 fev-13 mar-13 abr-13 mai-13 jun-13 jul-13 ago-13 set-13

• ut-13

nov-13 dez-13 19 13 25 37 2.098 2.894 6.574 8.990 2010 2011 2012 2013

Investor Relations

www.suzano.com.br/ir ri@suzano.com.br

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