2 0 1 5

A P I M E C

P R E S E N TAT I O N

SUZANO2015

POSITIVE

beyond

R E S U L T S

A Y E A R O F

E X T E R N A L F A C T O R S

1.51.9

2.2

3.0

Dec-14 Mar-15 Jun-15 Sep-15

¹Operating cash generation in the last 12 months considers Adjusted EBITDA less sustain CAPEX

²Last 12 months

+100%

LTM² (R$ BILLION)

2.692.35 2.48

745

3.01

768748741Pulp(US$/TON)

Average FX(R$/US$)

1.51.9

2.2

3.0

Dec-14 Mar-15 Jun-15 Sep-15

OPERATING CASH GENERATION¹

+28%

+3%

COGS LTM(R$/TON)

Dec/14Dec/13

1.283

1.307

1.316

Sep/15

+ PRODUCTIVITY

1 Last 12 months

1

+0.7%

Inflation 14.6%

11.0

9.5

8.5

Dec/14Dec/13 Sep/15

SG&A / Net Revenue LTM¹ (%)1 Last 12 months

+ EFFICIENCY

SUZB5 DOES NOT REFLECT OPERATING CASH

GENERATION EVOLUTION

13.7 19.129.3

14.9 19.233.7

23.2 25.639.6

19.4 22.531.7

Operating cash

generation LTM¹(R$ billlion)

Enterprise

Value²(R$ billion)

EV / Operating cash

generation

+172%

+63%

2 EV on 11/12/2015

DEC / 2013 DEC / 2014 SEP / 2015

DEC / 2013 DEC / 2014 NOV / 2015

NOV / 2015

1.5 1.3 1.21.2 1.3 1.51.7 1.4

3.1

1.1 1.53.0

FibriaKlabinCMPC Suzano

1 Last 12 months

24.4x22.7x

12.8x10.4x

5.2x

4.1x

3.0x

4.8x

3.7x

2.3x

LEVERAGE IS REACHING

TARGET LEVEL...

Dec/13 Dec/14 Sep/15

BRL

USD

NET DEBT/ ADJUSTED EBITDA (x)

...IMPROVING RISK

PERCEPTION AND

REDUCING COST OF DEBT

Dec/13

Dec/14

Sep/1

5

94.4

91.2

84.2

4.8

4.7

4.0BRL USDDebt in BRL as a percentage of CDI

COST OF DEBT(%)

WHAT IS

NEXT?

S T R AT E G YM A X I M I Z E T H E R E T U R N T O S H A R E H O L D E R S

5.1 Project

Capacity of 5.1 million ton

in 2018

Industrial capex in Imperatriz and Mucuri mills

Forestry basis expansion

Average distance reduction

Pulp cash cost reduction

Project to be concluded in 4Q17

approved

CAPEX R$1.14 billionleveraged

IIR 47%

4.74.8

4.9

5.1

2015 2016 2017 2018

PULP AND PAPER

PRODUCTION CAPACITY(Million tons)

5.1 Project

Note: Current conditions of chemical costs and FX

Target for pulp

cash cost

USD 150/ton 2018

USD 125/ton end of 1st cycle

5.1 Project

S T R AT E G YM A X I M I Z E T H E R E T U R N T O S H A R E H O L D E R S

TISSUENEW MARKET

Jumbo rolls production for sector

companies and/or finished product

Operational and logistics competitiveness

High market potential

Monetization of ICMS credits

TISSUENEW MARKET

Double-widthmachine in Imperatriz and Mucuri

Production capacity of60k tons in each unit

Start up

• Imperatriz 3Q17

• Mucuri 4Q17

approvedCAPEX

R$ 425 million

leveraged

IIR

81%

ESTIMATED CAPEX FOR 2016

OF R$ 2.4 BILLIONCAPEX (R$ Million) 2016e

STRUCTURAL COMPETITIVENESS 605

5.1 Project 510

Carry Over 45

Other 50

ADJACENT BUSINESS 325

Tissue 275

Lignin 50

EFFLUENT TREATMENT STATION 100

OTHER 110

MARANHÃO CONCLUSION 115

SUSTAIN 1,130

Industrial 250

Forestry 880

TOTAL 2,385

DOING THISH O W A R E W E

P E O P L E

MERITOCRACY

T R A N S F O R M A T I O N

LEADERSHIP DEVELOPMENT

C U L T U R A L

MERITOCRACY

T R A N S F O R M A T I O NC U L T U R A L

LEADERSHIP DEVELOPMENT

MERITOCRACYInterest alignment

100

220

575

680

Part

icip

an

ts

EBITDA Cash Flow ROIC

2013 2014 2015 2016

MERITOCRACY

T R A N S F O R M A T I O NC U L T U R A L

LEADERSHIP DEVELOPMENT

D E V E L O P M E N T

LEADERSHIP

Next

Generation 16%

21%

2014

2015

Po

ten

tial

Performance

26% of leadership

positions

Oxigenation

MERITOCRACY

T R A N S F O R M A T I O NC U L T U R A L

LEADERSHIP DEVELOPMENT

AUTONOMYEmpowermentSimplification Silo’s Breaking

BETTER EVERYDAY

STRONG AND KIND