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Institutional

Presentation

3Q17

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.

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

Agenda Agenda

3

• 1. Overview

4

Suzano Suzano

Data from 09/30/2017 ¹ SUZB5: R$18.31 | 2 Excluding Fluff | 3 Last twelve months ended on 09/30/2017

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

Pulp

Market Pulp Eucafluff

Market Cap¹ R$ 20.2 billion Total Forest Base 1.2 million ha Market Pulp Capacity² 3.6 million tonnes Paper Capacity 1.3 million tonnes Adjusted EBITDA³ R$ 4,091 million Net Debt R$ 9,283 million Net Debt/EBITDA 2.3x 68% 32% 64% 36% Exports Domestic Pulp Paper

Net Revenues R$ 9.9bn³

Consumer Goods

Tissue

Paper

Printing & Writing

(Coated and Uncoated)

Paperboard

¹ Flexibility to produce either Fluff or Printing and Writing paper | ² Tissue start up: Imperatriz in 4Q17 | ³Lignin start up in 2018

Productio Production n Capacity Capacity

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

Pulp Paper Integrated Market Pulp Fluff Printing & Writing

Paperboard

Tissue Imperatriz Mucuri Limeira Suzano Rio Verde

• 200

300 460

• 1,650

1,540 350 70

• 100
• 250

390 360 50

• 200
• 60²

60

• Unit Capacity

(‘000 ton) Lignin Adjacent Business

• 20³
• Total

960 3,610 100¹ 1,050¹ 200 120 20 Consumer Goods

Robu Robust Asset B st Asset Base Co ase Competitiveness mpetitiveness

Commercial Presence

Suzano’s forestry competitiveness allows its operation in different regions with adequate yields

T

• tal Area1: 734k ha

Planted Area2: 256k ha Average Structural Distance: 184 km States s of Maranhão,

• , Pará,

, T

• cantins

s and d Piauí

Forest Assets Port Distribution Center Commercial Office

T

• tal Area1: 270k ha

Planted Area2: 190k ha Average Structural Distance: 74 km States s of Bahia, , Espí pírito Santo and d Minas s Gerais T

• tal Area1: 193k ha

Planted Area2: 132k ha Average Structural Distance: 190 km State of São Paulo Forest Areas

¹ Consider own and leased area ² Consider own, leased and third-parties areas

15 states in Brazil:

• 8 Regional Commercial Offices
• 4 Regional Distribution Centers
• 16 Local Distribution Centers

Plus commercial offices in USA, China, UK, Switzerland and Argentina.

Cerflor

Imperatriz (State of Maranhão) Mucuri (State of Bahia) Rio Verde (State of São Paulo) Suzano (State of São Paulo) Limeira (State of São Paulo) 1 2 3 4 5

1,19 197 k h ha

• f tota

tal l area ea 579 k h ha

• f plan

anted ted area ea Productio ction Plan ants

1 2 3 5 4

Corporate Corporate Governa Governance nce

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 Sustainability and Strategy Committee Audit Committee Management Committee

Nine members, five independent

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 Novo Mercado Mercado

Liquidity gains contribute even more to position Suzano as protagonist in the reshaping of the industry in the long term

Materialization of the commitment to cultivate the highest governance standards

Note: Novo Mercado is the highest corporate governance segment of the Brazilian Stock Exchange (B3).

Equal political and economic rights: 1 share = 1 vote and 100% tag along Non-premium migration reinforces the commitment of controlling shareholders to the capital market and

• ther stakeholders

Liquidity gains contribute even more to position Suzano as protagonist in the reshaping of the industry in the long term Creates conditions to continue improving and innovating

Shareholder Shareholder Struc Structure ture and and Stock Performance Stock Performance

BNDES 7% Treasury 1% Controlling Shareholders 57% Free Float 42%

Daily Financial Volume SUZB5 (R$ million) Daily Trade Numbers SUZB5

Source: Bloomberg

As of November, the Company's shares became part of the Novo Mercado, the highest level of corporate governance

• f Brazilian Stock Exchange (B3)

Other 28% Mondrian 7%

Stock Performance- SUZB5

Base 100: (Sep/16 – Sep/17)

Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Ibovespa + 27% IBrX-50 +27% SUZB5 +75%

11,812 12,296 9,840

3Q16 2Q17 3Q17 52 59 62 3Q16 2Q17 3Q17

• 2. Industry

11

12

Pulp Industry

Pulp Market is driven by paper consumption

Total Fiber Consumption1 Recycled Virgin Fiber

Non-wood, Mechanical Pulp and Integrated Pulp

Market Pulp

421 241 181 119 62

Fiber Consumption

(million tonnes)

Paper Consumption by Region

(%)

North America 19% Europe 23% Asia 45% Latin America 7% Other 6%

Source: Poyry (2015), Hawkins Wright (Apr/2017) and internal analysis

Paper Paper Demand Demand

4 2 1 3

• 3
• 1
• 2

20 40 60 80 100 Share on total fiber consumption in 2014 (%)

Newsprint Uncoated Mechanical Coated Mechanical Uncoated Woodfree Coated Woodfree Tissue Containerboard Paperboard Packaging Other

Estimated demand growth until 2030 (%p.a.)

Average growth of 1.0% p.a. Estimated paper demand: 490MM/ton in 2030

Demand for pulp driven by tissue and paperboard consumption

Source: : Poyry (2015)

• 3. Competitiveness

14

Cash Cost CIF / Europ

• pe

(US$/tonne)

FX of R$3.12/US$ Source: Hawkins Wright (Aug/17)

Pulp Pulp Comp Competitiveness etitiveness

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

Hardwoo

• od

Softwood wood

800 400

East Canada East Europe Other World Coastal BC East Europe Chile Sweden Japan Finland Other Europe Japan US

• Int. West Canada

US Canada Brazil Indonesia SwedenFinland Other Asia Iberia Bel/France Chile/Uruguay China

Pulp Competitiveness Pulp Competitiveness

Fiber volume

(million tonnes)

Source: Hawkins Wright (Aug/17)

The competitiveness of the eucalyptus fiber leads to the growth compared to other fibers

12 13 16 15 16 16 17 19 20 21 22 22 23 24 24 11 11 9 10 11 11 11 10 10 10 10 10 11 11 11 22 21 21 22 23 23 24 24 24 25 26 26 26 26 27 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017e 2018e 2019e 2020e BEKP¹ Other BHKP² BSKP³

CAGR GR

BEKP: +6.5% p.a. | Other BHKP: -1.6% p.a.

CAGR GR

BEKP: +2.6% p.a. | Other BHKP: +2.0% p.a.

Paper Paper Competitiveness Competitiveness

Suzano is an integrated paper producer, which leads to a higher contrib ibuti ution

• n margi

gin n per ton

Leadership position in Printing & Writing Segment in Brazil Leadership position in Paperboard Segment Paper Margin Inputs and Variable Costs Integrated Pulp Margin Pulp Cost Paper Market is less volatile

Federal Federal Taxes Competi Taxes Competitiv tiveness eness

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$2.4 billion Total of federal tax credits to be used: R$212 million

Data accumulated up to 09/30/2017.

• 4. Strategy

19

Strategy to maximize the return

• n invested capital

Structural Competitiveness Adjacent Business Reshaping of the Industry

• Anticipated return

improvement as result of cost reduction initiatives coupled with disciplined investments to achieve

• ptimal cost
• Investment in retrofitting

and debottlenecking should reduce cash costs per ton by 19% by 2022

• Investments in adjacent

businesses such as FuturaGene (biotech), Fluff, Lignin and Tissue, leveraging

• n Company’s current

capabilities, to improve margins by offering high- value added products

• Transformational changes in

the industry should lead to higher returns

• Suzano uniquely positioned

to have an active role with its vertically integrated

• peration, stablished

commercial relationships and consolidation capacity, among other opportunities

Forestry

Average distance reduction and standardization and insourcing harvesting

Industry

Structural efficiency through retrofitting and debottlenecking

Logistics

Integrated logistics with synergy gains

Stru Structu ctural Comp ral Competiti etitiveness veness

Structural Competitiveness

Maximize the return on assets and cash generation

Commercial

Price discipline and expansion of client base (Suzano Mais)

Debottlenecking and Average Forest Distance Reduction

Cash Cost (R$/ton)

Target

¹ LTM: Last Twelve Months ending on 09/30/2017 | ² 2016 nominal value

588 570 475 LTM¹ 2018² 2021-2022²

• Integrated production
• Production of jumbo

rolls and final products

• First genetically

modified clone approved by CTNBio for commercial purposes

• Potential to increase

productivity by nearly 20%

• Replacement of

petroleum-based chemicals

Tissue

Adjacent Adjacent Businesses Businesses

Fluff FuturaGene

• First company in the

world to produce fluff from hardwood

• Flexibility to produce

either fluff or printing and writing paper

Adjacent Business

Lignin

Tiss Tissue ue

Modern ern and integ tegra rated ed mills in Impera eratriz riz and Mucur curi Production capacity of 60k tonnes es in each unit Start up: Sep/1 /17 in Mucuri and 4Q17 in Imperatriz Production of jumbo rolls (2017) and final products (from 2018) 34.9 36.1 49.2 2015 2016e 2025e

Global Demand

(million tonnes)

1.2 1.2 1.9 2015 2016e 2025e

Brazilian Demand

(million tonnes)

Competitiveness on production and logistics adds value to pulp

Integrated production and control of more than 90% of cash cost

Operational

Production close to the North and Northeast markets in Brazil

Logistic

Fastest growing segment in Brazil, 5% p.a. in 2015 (RISI)

Market Potential

Structural solution for monetization

• f ICMS credits

Tax Strategy

Adjacent Business

Source: RISI

Demand

(million tonnes)

5.8 6.0 6.9 2015 2016e 2020e Diapers 38% Incontinence Products 26% Femine Hygiene Products 24% Other 12%

Products Breakdown

(%)

Suzano is the first Company in the world to produce fluff from hardwood

Adjacent Business

Eucafluff Eucafluff

Source: RISI

• Up to 70% softwood substitution for feminine

hygiene products and up to 30% for diapers

• Rewet quality and reduction of energy costs
• Capacity: up to 100 k tonnes/year

Replacement of petroleum-based chemicals from renewable source

Main applications:

• Cement Additives
• Phenolic Resins
• Rubber Components

Lignin Lignin

Adjacent Business

Capacity: 20k tonnes per year Capex: R$100 million Start Up: 2018 Mill: Limeira

Lignin Production Process

Fiber Ligni nin

Wood Wood Chips Bleaching Pulp/ Paper Digester Evaporation

Recovery Boiler Lime Kiln Lignin Chemicals

Energy

Black Liquor

Adjacent Business

FuturaGene FuturaGene

First genetically modified clone approved by CTNBio for commercial purposes

Less Land Utilization Lower Forest Formation Cost Biotechnology is on the right side

• f Sustainability
• Less chemical expenditure
• Higher carbon sequestration

Reshaping of the Industry

Transformation changes in the industry should lead to higher returns

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

Consolidation Verticalization

Internationalization

• 5. Operational and Financial Highlights

28

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

Pulp lp Revenue enue Brea eakd kdown wn

3Q17

Pulp lp Sale les Volume lume per Segme ment nt

3Q17

Pulp Pulp Segm Segmen ent

LTM: Last Twelve Months ending on 09/30/2017.

809 931 851 3,473 3,592

3Q16 2Q17 3Q17 2016 LTM

756 917 830 3,530 3,619

3Q16 2Q17 3Q17 2016 LTM

Other 2% Printing & Writing 13% Packaging 7% Specialty 15% Tissue 63% Brazil 10% Asia 42% Europe 32% North America 16% Central/South America 1%

Cash Cost (R$/ton)

Pulp Pulp Segment Segment

¹ 2016’ nominal value. | ²LTM: Last Twelve Months ending on 09/30/2017.

Pulp EBITDA (R$/ton) Operational Cash Flow (R$/ton)

642 623 588 570 475

2015 2016 LTM 3Q17 2018¹ 2021-2022¹

627 1,033 1,088 778 873

3Q16 2Q17 3Q17 2016 LTM²

350 806 809 506 638

3Q16 2Q17 3Q17 2016 LTM² Cash Cost Target

Paper Sales (‘000 tonnes)

Pape Paper r Segm Segmen ent

Paper Production (‘000 tonnes)

LTM: Last Twelve Months ending on 09/30/2017.

Brazil 70% North America 8% Central/South America 15% Other 5%

292 283 301 1,182 1,154

3Q16 2Q17 3Q17 2016 LTM

228 180 208 831 795 81 92 102 362 368

310 272 310 1,193 1,163

3Q16 2Q17 3Q17 2016 LTM

Brazil Export

Paper er Revenue enue Brea eakd kdown wn

3Q17

32

Pape Paper r Segm Segmen ent

Paper EBITDA (R$/ton) Operational Cash Flow (R$/ton)

LTM: Last Twelve Months ending on 09/30/2017.

949 709 915 970 786

3Q16 2Q17 3Q17 2016 LTM

782 568 756 803 625

3Q16 2Q17 3Q17 2016 LTM

Operating Cash Flow¹ (R$ million) ROIC (%)

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

Adjusted EBITDA (R$ million)

Avg R$/US$ /US$ Avg Euro rope FOEX EX Avg China hina FOEX EX

Consoli Consolidated dated Results Results

768 1,157 1,186 3,906 4,091

3Q16 2Q17 3Q17 2016 LTM

35.3% 45.7% 45.7% 39.5% 41.4%

3.49 3.16 3.20 3.21 517 517 655 655 590 590 629 629 3.25 498 696 696 873 748 783 671

507 910 906 2,748 3,053

3Q16 2Q17 3Q17 2016 LTM

13.1% 11.3% 13.0%

LTM 3Q16 LTM 2Q17 LTM 3Q17

Net Debt (R$ and US$ billion) and Leverage (x)

Net Debt (R$) Net Debt (US$) Net Debt/Adjusted EBITDA (R$) Net Debt/Adjusted EBITDA (US$)

Debt Debt

Leverage at an adequate level

3.7x 3.1x 2.9x 2.3x 2.3x 2.3x 2.4x 2.7x 2.9x 2.9x 2.7x 2.3x 4.1x 3.9x 3.3x 3.0x 2.7x 2.3x 2.1x 2.4x 2.6x 2.8x 2.7x 2.3x 10.1 11.4 11.0 12.7 12.5 11.2 10.2 10.0 10.3 9.7 10.0 9.3 3.8 3.6 3.5 3.2 3.2 3.2 3.2 3.1 3.2 3.1 3.0 2.9 Dec/14 Mar/15 Jun/15 Sep/15 Dec/15 Mar/16 Jun/16 Sep/16 Dec/16 Mar/17 Jun/17 Sep/17

Debt Profile Debt Profile

Competitive debt profile and cost of debt

Amortization (R$ million) Gross Debt: R$13.1 billion Net Debt / Adjusted EBITDA: 2.3x Average debt maturity of 80 months Average Cost of Debt: 4.4% p.a. (in USD)

(considering market swap curve)

Data from 09/30/2017.

Bond 41% Certificates of Agribusiness Receivables 20% BNDES 5% Import Financing 7% Other 2% Export Financing 24%

Type Exposure

994 1,421 1,146 748 2,078 3,882 2,856 545 910 1,749 149 189 3,850 316 1,966 2,055 2,497 2,227 4,071

Caixa 4Q17 2018 2019 2020 2021 2022 em diante

Foreign Currency Local Currency

Klabin Arauco Fibria CMPC Suzano Standard & Poors BB+ BBB- BBB- BBB- BB+ Moody's

• Baa3

Ba1 Baa3 Ba1 Fitch Ratings BB+ BBB BBB- BBB BB+ Net Debt / Adjusted EBITDA LTM

² Last twelve months ending on 09/30/2017 in US$. ³ Last twelve months ending on 06/30/2017 in US$.

BB+ BB/ BB- BB+/BB BB+/BB+ BBB-/BBB- BBB/BBB BB+/BB+ BB /BB 2010 2012 2015 2017

Sovereign

S&P / Fitch

Suzano´s Ratings Evolution

Suzano is on track to achieve Investment Grade

Rating Rating

4.4x 3.3x 3.2x 3.1x 2.3x

Klabin¹ Arauco³ Fibria¹ CMPC² Suzano¹

1. Capex 2017/2018

Capi Capital tal disci discipli pline ne and capex and capex flexi flexibil bility ity

Capex (R$ billion)

Major Projects in 2017:

Debottlenecking of Imperatriz Tissue production

9M17 2017e

Sustain Structural Competitiveness e Adjacent Businesses 0.5 0,.8

1.3

0.7 1.1

1.8 Total

2018e

0.6 1.2

1.8

1. Perspectivas 2017

Suz Suzano ano in a in a better shape better shape

Cost Discipline

38

Financial Discipline Products Portfolio Industrial Cost Reduction: Retrofitting and Debottlenecking Wood Cost Reduction: Optimization of forest base and average distance reduction Robust Balance Sheet Competitive cost of debt Healthy level of leverage Tax Incentive Portfolio of products allows less volatility High value added products Suzano Mais Capital Discipline Capex Flexibility Projects on time on budget

Investor Relations

2017 www.suzano.com.br/ir ri@suzano.com.br