G R O U P M E E T I N G

Paper Business

Paper market performance in 2015

Brazilian demand for paperboard and P&W paper:

-14% vs 2014

Suzano’s sales in Brasil: -11% vs 2014

Market share increase in coated paper due to

import reduction

Paper sales in export market: +4% vs 2014

Price increase: +7% in Brasil vs 2014 and +30%

on exports

SALES (‘000 TONS)

389 403

934 827

2014 2015

Exports Domestic

1,322 1,230

-7.0%

PRODUCTION (‘000 TONS)

1,301 1,209

-7.0%

2014 2015

2015 Improvements

Consolidation of Suzano+: paper direct sales program

Expressive growth on direct sales

Higher revenue mix: +30 thousand clients

Phone calls: 200 thousand per month

Closer relationship with clients

Improved variable compensation program

Development and capacitation programs for the sales team

Digital Platforms and higher mobility for the sales team

2016 Outlook

No expectations on Brazilian demand growth

Opportunities: Olympics, elections and National Textbook

Program

Paper price increase in Brazil to international level

Coated paper market share increase in Brazil

Increase in exports

Continuity of Suzano+ Program

Improvement on service level: more value to clients

Suzano will seize the improvements implemented in 2015

WHAT’S NEXTC A S H F L O W A L L O C A T I O N

CAPEX PLAN EXECUTION

C A S H F L O W

A L L O C A T I O N

DEBT REDUCITION AND CONTINUITY

OF THE DELEVARAGING PROCESS

Debt ProfileDeleveraging allows strategy execution

Gross Debt: R$14.7 billion

68% in foreign currency¹ and 32% in BRL

Net Debt: R$12.3 billion

75% in foreign currency¹ and 25% in BRL

Maturity: 88% in long term

Note: Debt in BRL as percentage of CDI

Average Cost of Debt (%)

4.2%

4.7%

4.8%

84.4%

91.2%

94.4%

Dec/15

Dec/14

Dec/13

BRL USD

8

4.8x3.7x 3.1x 2.9x 2.3x 2.3x

5.2x 4.1x 3.9x 3.3x 3.0x 2.7x

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

9.2 10.1 11.4 11.0 12.7 12.3

3.9 3.8 3.6 3.5 3.2 3.1

Dec/13 Dec/14 Mar/15 Jun/15 Sep/15 Dec/15

Net Debt R$ Leverage R$ Net Debt US$ Leverage US$

¹Considers adjustment with derivatives

CAPEX PLAN EXECUTION

C A S H F L O W

A L L O C A T I O N

DEBT REDUCITION AND CONTINUITY

OF THE DELEVARAGING PROCESS

Project 5.1

Capacity of 5.1 million tons in 2018

Industrial investment in Imperatriz and Mucuri mills

Forest base increase and average distance reduction

Cash Cost Reduction: lower inputs consumption and

fixed cost dilution

Total Estimated Investment: R$ 1.14 billion; Estimated

IRR of 47%

Pulp and Paper Capacity (MILLION TONS)

Investments in retrofitting and debottlenecking to reach the

optimum structural cost

4.84.9

5.1

2016 2017e 2018e

Project 5.1

Optimum structural cash cost will generate more shareholder value

US$186/ton

in 4Q15 US$150/ton

in 2018US$125/ton

in 2021 - 2022

Note: Exchange rate of R$3.80 used in the analysis

ADJACENT BUSINESS

First genetically modified clone

approved by CTNBio for

commercial purposes

Potential to increase productivity

by nearly 20%

First company in the world to use

hardwood to produce fluff

Capacity to replace up to 70% of fluff

to produce sanitary pads and up to

30% for diapers

Replacement of petrochemicals with

renewable source

Can be used in several high value-

added applications

Jumbo rolls production for

companies in the tissue segment

and/or finished product

Operational and logistics

competitiveness

Monetization of ICMS credits

FuturaGene Fluff

TissueLignin

12

CAPEX PLAN EXECUTION

C A S H F L O W

A L L O C A T I O N

DEBT REDUCITION AND CONTINUITY

OF THE DELEVARAGING PROCESS

Improvement on the return to

shareholders

100122

270300*

2013 2014 2015 2016

Dividends (R$ Million)

*Proposed

Possibility to pay

additional dividends

according to cash

generation

BETTER EVERYDAY

STRONG AND KIND