InstitutionalPresentation
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.
2
Agenda
1. Company Overview
2. Strategy
3. Pulp and Paper Market
4. Financial and Operational
Highlights
3
Market Cap¹ R$ 14.1 billion
Net Revenue² R$ 10.8 billion
Total Forest Base 1.1 million ha
Market Pulp Capacity³ 3.5 million tonnes
Paper Capacity 1.3 million tonne
Santos
Vitória
Itaqui
Company OverviewSuzano is a forestry-based company which operates in the pulp and paper
businesses for more than 90 years
Mill
Forest
Suzano Unit- São Paulo State (SP)
Limeira Unit – São Paulo State (SP)
Rio Verde Unit – São Paulo State (SP)
Imperatriz Unit- Maranhão State (MA)
Mucuri Unit- Bahia State (BA)
Port
Data from 03/31/2016.
¹ SUZB5: R$12.66 | 2 LTM ended on 03/31/2016 | 3 Excluding fluff
Portocel
4
Product Portfolio
Production and sales optimization to maximize assets return
Note: Figures of the last twelve months ended on 03/31/20165
Net Revenue70% Exports /
30% Domestic Market
Market Pulp
2nd eucalyptus market
pulp producer
Paper
Printing & Writing
Uncoated
Coated
Paperboard
R$ 10.8 billion
65%
35%
Forestry Assets
States of Maranhão, Pará,
Tocantins and Piauí:
• Total¹: 635 k ha
• Planted²: 217 k ha
• Structural Average
Distance: 150km
States of Bahia, Espírito
Santo and Minas Gerais:
• Total¹: 271 k ha
• Planted²: 201 k ha
• Structural Average
Distance: 75km
São Paulo State:
• Total¹: 188 tsd ha
• Planted²: 132 tsd ha
• Structural Average
Distance: 220kmData on 03/31/2016
¹ Own and leased area
² Figures consider own, leased and third-parties areas
Suzano’s forestry competitiveness allows its operation in different regions
with adequate yields
Note: Both own and leased land can suffer variation up to 5% quarter
over quarter. The total amount can differ due to rounding.
Check out on http://info.fsc.org/ the certificate área.
1,094 k ha of total area
550 k ha of planted area
6
Industrial Units
*Note: Flexibility to produce either Fluff or Printing and Writing paper
Suzano – São Paulo State
Rio Verde – São Paulo State
Mucuri – Bahia State Limeira – São Paulo State
Imperatriz – Maranhão State
Printing & Writing Paper: 50 k tonnesMarket Pulp: 1,500 k tonnes
Tissue: 60 k tonnes (start up in 3Q17)
Market Pulp: 350 k tonnes
Integrated Pulp: 300 k tonnes
Printing & Writing Paper: 390 k tonnes
Lignin: 20 k tonnes (start up in 2Q17)
Market Pulp: 1,540 k tonnes
Integrated Pulp: 200 k tonnes
Printing & Writing Paper: 250 k tonnes
Tissue: 60 k tonnes (start up in 4Q17)
Market Pulp: 70 k tonnes
Integrated Pulp: 460 k tonnes
Printing & Writing Paper: 360 k tonnes*
Paperboard: 200 k tonnes
Eucafluff: 100 k tonnes*
Pulp and Paper Facilities
Pulp Facility Paper Facility
7
Commercial Offices
Located in the main pulp and paper markets...
Suzano Pulp and
Paper America
(USA)
Suzano Pulp and
Paper Europe
(Switzerland)
Suzano Pulp and
Paper Asia
(China)Suzano Pulp and
Paper
(Headquarter)
Present in 15 Brazilian states
• 8 Regional Sales Offices
• 4 Regional Distribution Centers
• 16 Local Distribution Centers
Stenfar
(Argentina)
Sun Paper
(England)
...in addition to a strong distribution channel
in Brazil
8
Shareholder Structure
North America:
17.6%
Latin America*:
0.6% Brazil:
48.5%
Europe:
19.4%
Oceania:
0.4%
Asia:
13.5%
Free Float Distribution (%)
Institutional Investors: 93% | Individual Investors: 7%
Shareholder base dispersed across the main capital markets in the world
BNDES
7%Other
35%
Treasury
2%
Controlling
Shareholders
56%
Free Float
42%
9
* Excludes Brazil
Note: Data on 03/31/2016
Corporate GovernanceBoard of Directors and Committees
Eight member, four independent
Member with mandate until 2018 Annual Shareholders Meeting
Company Policies approved by the Board of Directors
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 CommitteeManagement
Committee
10
Stock Performance
Stock Performance- SUZB5(100 basis: Dec/14 – Mar/16)
Daily Financial Volume - SUZB5(R$ million)
8,990 11,279
14,812 15,114
2013 2014 2015 LTM*
Source: Bloomberg
37 44
90 96
2013 2014 2015 LTM*
Daily Trade Numbers- SUZB5(Trade number)
SUZB5 appreciated significantly above the market, in addition to liquidity increase
11
Note: Last twelve months ended on 03/31/2016
0
50
100
150
200
Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16
SUZB5 IBOV IBX
SUZB5
+14.3%
IBOV
+0.1%
IBX
-0.2%
Agenda
1. Company Overview
2. Strategy
3. Pulp and Paper Market
4. Financial and Operational
Highlights
12
... and generate more value to shareholders
Strategy to maximize the return on invested
capital...
13
Costs Discipline
Cost per tonne significantly below inflation reflects the structural
competitiveness efforts that have been implemented
14
COGs(R$/tonne)
+9%
INFLATION: +13%
1,2831,368 1,393
2014 2015 UDM*
Note: Last twelve months ended on 03/31/2016
Project 5.1
Investment in retrofitting and debottlenecking to reach the
optimum structural cost
4.84.9
5.1
2016 2017e 2018e
Pulp and Paper Capacity(Million tonnes)
15
Capacity of 5.1 million tonnes in 2018
Industrial investment in Imperatriz and Mucuri mills
Forest base increase and average distance reduction
Cash cost reduction: lower inputs consumption and fixed
cost dilution
Total estimated Capex: R$ 1.14 billion; estimated IRR of
47%
Optimum structural cash cost will generate
more shareholder value
US$172/tonne
in 1Q16 US$150/tonne
in 2018US$125/tonne
in 2021 - 2022
16
Project 5.1
Note: Exchange rate of R$3.80/US$ used in the analyzes
Adjacent Businesses
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
Up to 70% softwood substitution for
feminine hygiene and up to 30%
for diapers
Replacement of petrochemicals with
renewable source
It is used in several high value-
added applications
Jumbo rolls production for companies in
the tissue segment and/or finished
productOperational and logistics
competitiveness
Monetization of ICMS credits
Innovation
FuturaGene Fluff
TissueLignin
17
Investiments in high profitability and escalability projects that innovate
and break paradigms
Eucafluff
Up to 70% softwood substitution for feminine hygiene and up
to 30% for diapers
Adds value to the product portfolio of our clients
Rewet quality and reduction of energy costs
Capacity: up to 100 k tonnes/year
Start up: December/2015
Mill: Suzano
Flexibility to produce either fluff or printing and writing paper
First company in the world to produce fluff from
hardwood
18
Fluff Global Market
Demand growth driven by hygiene products consumption in the
emerging markets
Source: RISI
Demand(million tonnes)
Europe
25%
North
America
19%Other Asia
16%
China
16%
Other
LatAm
9%
Brazil
5%
Other
10%
Demand Breakdown(%)
5.4 6.0 6.7
2013 2016e 2019e
19
North
America
90%
Europe
6%
Rest of the
World
4%
Production breakdown(%)
Diapers
39%
Incontinence
Products
25%
Femine Hygiene
25%
Other
11%
Products Breakdown(%)
Competitiveness on Jumbo Rolls production and logistics adds value to pulp
Operational
Integrated production and
control of more than 90% of
cash cost
Logistic
Production close to the North
and Notheast markets in Brazil
Market Potencial
Fastest growing segment in
Brazil, 5% p.a in 2015 (RISI)
Tax Strategy
Structural solution for
monetization of ICMS credits
Competitive
Advantages
Tissue Project
Priority in establishing industrial partnership with our clients
Modern and integrated mills in Imperatriz and Mucuri
Production capacity of 60k tonnes in each unit
Start up: 3Q17 in Imperatriz and 4Q17 in Mucuri
Total Estimated Capex:
R$ 425 million
Projected IRR:
81%
20
Tissue Demand
Source: RISI
32.5 36.0 46.1
2013 2016e 2023e
Global Demand(Million tonnes)
1.1 1.2
1.8
2013 2016e 2023e
Brazilian Demand(Million tonnes)
90% of the Brazilian demand for tissue is used for sanitary purposes
21
Sanitary
Purpose
88%
Paper Towel
9%
Napkin
3%
Products Breakdown in Brazil(%)
Main applications:
• Cement Additives
• Phenolic Resins
• Rubber Components
22
Lignin
Lignin Production Process
Fiber
Lignin
Wood Wood ChipsBleaching
Pulp/
Paper
Digester
Evaporation
Recovery
BoilerLime Kiln
Lignin
Chemicals
Energy
Black Liquor
Replacement of petroleum-based chemicals from renewable source,
with higher profitability than energy sale
Capacity: 20k tonnes per year
Capex: R$70 million
Start Up: 2Q17
Mill: Limeira
Attractive return: 3x higher than energy sales
Agenda
1. Company Overview
2. Strategy
3. Pulp and Paper Market
4. Financial and Operational
Highlights
23
BEKP
33%
BHKP
17%
BSKP
40%
Other
10%
62
million
tonnes
Pulp Industry
Total Fiber
Consumption1
RecycledVirgin Fiber
Non-wood,
Mechanical Pulp
and Integrated Pulp
Market Pulp
416
237179
117 62
Fiber Consumption Breakdown(%)
Market pulp is about 35% of virgin fiber consumption and 15% of total
fiber consumption
3
2
4
5
Fiber Consumption(million tonnes)
24
1 Excludes dissolving pulp and fluff | 2 Bleached Eucalyptus Kraft Pulp | 3 Bleached Hardwood Kraft Pulp | 4 Bleached Softwood Kraft Pulp | 5 Includes Unbleached Kraft
Pulp and sulphite
Source: Poyry (2015) and PPPC (Apr/2016)
391401
405
428
2010 2014 2015e 2020e
Global Paper Consumption
Source: Poyry (2015)
Consumption by Region(%)
Consumption by Segment(%)
Pulp Market is driven by paper consumption
25
Global Paper Demand(million tonnes)
North America
19%
Europe
23%
Asia
45%
Latin
America
7%Other
6%
Printing & Writing
26%Tissue
8%
Other
59% Newsprint
7%
Paper Demand by Segment
Demand for pulp driven by tissue and paperboard consumption
4
0
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
ContainerboardPaperboard
Packaging
Other
Source: Poyry (2015) 26
Est
imate
d d
em
and
gro
wth
until 2
030
(%p
.a.)
Average growth of 1.0% p.a
Estimated demand of 490MM/tonne in 2030
USA
Canada
Macau
Hong Kong
SwitszerlandSweden
Austria
Finland
Germany
UK
IslandChile
Uruguay
Mexico
Argentina
Brasil
Colombia
China
India
-20%
0%
20%
40%
60%
80%
100%
0 5 10 15 20 25
Per-
cap
ita c
on
sum
ptio
ng
row
th(2
013
–2030)
Per-capita consumption (Kg/person/year)
Tissue Consumption
Demand for tissue is impacted by economic growth, urbanizationand culture
Per-capita Tissue Consumption(Kg/person/year)
Source: World Tissue Business Outlook – RISI (2014)
Suzano has pulp market share
relevance in the regions with the highest growth potential
27
1112
1316 15 16 16
1719
2021 21 22 23
24
1211 11
9 1011 11 11 10 10 10 11 11 11 11
22 22 21 21 22 23 23 24 24 24 25 25 25 26 26
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016e 2017e 2018e 2019e 2020e
BEKP¹ Others BHKP² BSKP³
Pulp Competitiveness
The competitiveness of the eucalyptus fiber leads to the
growth compared to other fibers
CAGRBEKP: +7.2% p.a. | Other BHKP: -1.5% p.a.
CAGRBEKP: +4.1% p.a. | Other BHKP: +0.8% p.a.
Source: Hawkins Wright (Apr/16)
28
Fiber volume(million tonnes)
1 Bleached Eucalyptus Kraft Pulp | 2 Bleached Hardwood Kraft Pulp | 3 Bleached Softwood Kraft Pulp
Pulp Cash Cost
Hardwood Softwood
The new pulp projects are in the low-cost regions, mostly in Brazil
29
800
0
400
East
Eu
rop
e
Bel
/Fra
nce
Jap
an
Oth
er A
sia
Iber
icPe
n.
Swed
en
Bra
zil
Fin
lan
d
USA
Ch
ile/U
ruga
uy
Ind
on
esia
Oth
er w
orl
d
East
Eu
rop
e
Wes
t C
anad
a
USA
Oth
er E
uro
pe
Fin
lan
d
Swed
en
Ch
ina
Jap
anEa
st C
anad
a
Ch
ile
Can
ada
CB
Co
ast
*Others includes New Zeland, Argentina, China and South Africa
FX of R$3,54/US$
Source: Hawkins Wright (Apr/16)
Cash Cost CIF / Europe(US$/tonne)
Pulp Demand
Source: Hawkins Wright (Apr/16)
Demand average annual growth of 1.0 - 1.5 million tonnes
Market Pulp Global Demand(million tonnes)
30
3 4 4 48 8 8 8
20 19 19 19
23 30 31 35
5460 62
67
2010 2015 2016e 2020e
CAGR Demanda 2010 – 2015 2016e – 2020e
North America 0.0% +0.2%
Europe -0.8% +0.3%
Asia/Africa +5.5% +3.6%
Latin America +1.9% +2.1%
Oceania +1.5% +4.4%
Total +2.4% +2.1%
Asia
Europe
North America
Latin America
31
CompanyStart
up
Softwood Hardwood
Capacity
Announced
Estimated
Production in
2016
Estimated
Production
in 2017
Capacity
Announced
Estimated
Production in
2016
Estimated
Production
in 2017
Klabin 1Q16 400 250 150 1,100 500 550
IP 2S16 360 100 245 - - -
Domtar 3Q16 315 80 230 - - -
Sodra 4Q16 675 75 230 - - -
APP 4Q16 - - - 2,000 350 1,500
Fibria 4Q17 - - - 1,750 - 50
Total 1,750 505 855 4,850 850 2,100
Supply and Demand should consider:
• Closures of non wood capacities in China that
would boost imports of virgin fiber
• High cost producers capacities reduction/shutdown
Pulp Supply
Source: Internal analysis
Commodities Price
32Source: Bloomberg, Index Mundi, PIX/Foex
Commodity (%)
Iron Ore 346
Cupper 167
Rubber 133
Soybean 76
Crude Oil 48
NBSK 11
BHKP 6
Cotton -1
Aluminium -2
Average pulp price in recent years has been flatter when compared to
other commodities
Commodities Price in USD(100 basis: jan/00 – mar/15)
0
200
400
600
800
1000
1200
1400
1600
dez-00 dez-04 dez-08 dez-12
Aluminium Soybeans Iron Ore Crude Oil Copper
Rubber Cotton NBSK BHKP CRB
mar-16
0.6
1.8
6.3
Paperboard
Printing & Writing
Total
Domestic Sales Imports
Source: Forestry Industry Association (Ibá)
* Last Twelve months ended on 03/31/2016
Brazilian Paper Industry
35%
27%
Suzano
Market
Share
Suzano has leading position in all segments in which it operates
33
86% 14%
85% 15%
92%
Brazilian Paper Demand in LTM*(million tonne)
Paper Commercial Strategy
Suzano’s Go-To-Market Project in Brazil(1)
34
Direct paper sales in the domestic market is a competitive advantage that improves the profitability of the business
Suzano brand strengthening
Improves service level
Greater negotiation power
Tax benefits
Dilution of the credit risk
(1) Paper direct sales program
Paper Business Competitiveness
The paper business has higher contribution margin per tonne
than pulp and it is a more stable market in terms of volumes and pricing
Pulp Cost
Inputs and
Variables Costs
Paper Margin
Integrated Paper
Business Margin
Integrated Pulp
Margin
35
Note: Above representation is not in scale
Agenda
1. Company Overview
2. Strategy
3. Pulp and Paper Market
4. Financial and Operational
Highlights
36
Domestic Market
Exports
Packaging
8%
Tissue
57%
Specialties
18%Others
2%
Printing &
Writing
15%
1,4802,373 2,835 2,920415
478456 421
1,895
2,8503,291 3,340
2013 2014 2015 LTM*
1,932
2,9823,373
3,489
2013 2014 2015 LTM*
Asia
40%
Europe
33%
North
America
14%South/Central
America
1%
Brazil
12%
37Note: * Last Twelve months ended on 03/31/2016
Operating ResultsPulp Business
Presence in the main international markets and strategic relationship with clients
Pulp Production(k tonne)
Pulp Sales Volume(k tonne)
Pulp Revenue BreakdownLTM*
Pulp Sales Volume per SegmentLTM*
Domestic Market
Exports
1,293 1,301 1,209 1,200
2013 2014 2015 LTM*
408 389 403 406
904 934 827 840
1,312 1,322 1,230 1,246
2013 2014 2015 LTM*
Brazil
64%
Europe
4% North America
10%
Other
4%
South/Central
America
18%
38Note: * Last Twelve months ended on 03/31/2016
Operating ResultsPaper Business
Operational excellence in paper: product portfolio and revenue management, optimization of assets, and strengthening of distribution channel
Paper Production(k tonne)
Paper Sales Volume(k tonne)
Paper Revenue BreakdownLTM*
1,307 1,284 1,368 1,393
2013 2014 2015 LTM*
2,577 3,8516,603 7,0213,111
3,413
3,621 3,7655,689
7,264
10,224 10,785
2013 2014 2015 LTM*
3.332.16 2.35
Pulp Paper
-1.8% +6.5% +1.8%
Inflation +5.9% +6.4% +2.6%
580 536642 664
2013 2014 2015 LTM*
39
Inflation: +19.0%
+14.5%
10%
linked to
USD
3,59
Financial Results
Cost and expenses performance bellow inflation
Net Revenue(R$ million)
COGS(R$/tonne)
Consolidated Pulp Cash Cost*(R$/tonne)
*Ex-maintenance downtime
Note: * Last Twelve months ended on 03/31/2016
Average
R$/US$
196 166
191 193
2013 2014 2015 LTM*
SG&A/Sales Volume(R$/tonne)
Inflation: +19.0%
-1.5%
Financial Results
Continuous focus on increasing operational results
Adjusted EBITDA(R$/tonne)
Adjusted EBITDA(R$ million)
555 588
1,0161,075
2013 2014 2015 LTM*
1,7812,452
4,5944,931
2013 2014 2015 LTM*
40
Operational Cash Generation1
(R$/tonne)
1,1151,453
3,4853,678
2013 2014 2015 LTM*
Adjusted EBITDA Margin(%)
31.3% 33.8%
44.9% 45.7%
2013 2014 2015 LTM*
Note: (1) Operational cash generation considers adjusted EBITDA less
sustaining capex
Note: * Last Twelve months ended on 03/31/2016
Debt
Net Debt (R$ and US$ billion) and Leverage (x)
Net Debt (R$) Net Debt (US$)
Net Debt/Adjusted EBITDA (R$) Net Debt/Adjusted EBITDA (US$)
Continuous reduction on leverage allows Suzano to be prepared for the future
41
3.7x3.1x 2.9x
2.3x 2.3x 2.3x
4.1x 3.9x3.3x 3.0x 2.7x
2.3x
10.1 11.4 11.0
12.7 12.5 11.2
3.8 3.6 3.5 3.2 3.2 3.2
Dec/14 Mar/15 Jun/15 Sep/15 Dec/15 Mar/16
4.1%
4.7%
4.8%
83.5% of CDI
90.8% of CDI
91.8%of CDI
Mar/16
Mar/15
Mar/14
2.82.0
1.3
2.4
3.9
1.2
2.9
0.2
Cash
Position
9M16 2017 2018 2019 2020 2021 2022
onward
BRL USD
Gross Debt: R$14.1 billion
64% in foreign currency* and 36% in BRL
Net Debt: R$11.2 billion
75% in foreign currency* and 25% in BRL
Maturity: 84% in long term
Debt Profile
Adequate debt profile and competitive cost of debt
Average Cost of Debt (%) Amortization (R$ billion)
Data on March 31st, 2016
* It considers adjustment for derivatives
6.0x
3.2x 3.0x2.3x 1.9x
Klabin CMPC² Arauco² Suzano Fibria
Klabin CMPC Arauco Suzano Fibria
Standard & Poors BBB- BBB- BBB- BB+ BBB-
Moody's - - Baa3 Ba2 Ba1
Fitch Ratings BBB- BBB+ BBB BB BBB-
43
Rating
Net Debt /
Adjusted EBITDA
LTM1 (US$)
Suzano is on track to achieve Investment Grade
1Last twelve months ending on 03/31/2016.
²Last twelve months ending on 12/31/2015
44
Federal TaxesSuzano's fiscal situation 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
DAI¹ in Maranhão Unit of R$1.2 billion to be used
Tax Credits
Tax loss carry forward: R$2.8 billion
Total of federal tax credits to be used: R$467 million
Data accumulated until 03/31/2016
Note: ¹ Acelerated depreciation
2016 CAPEX
Estimated CAPEX for 2016:
R$ 2.4 billion
Sustaining
R$ 1.1 billion
Effluent Treatment Station
(ETS)
Others
R$ 110 million
R$ 100 million
Maranhão
R$ 115 million
Structural Competitiveness
R$ 605 million
Projetct5.1 1 R$ 510 millionCarryOver R$ 45 million
Others R$ 50 million
Adjacent Business
R$ 325 million
Tissue2 R$ 275 millionLignin R$ 50 million
Total:
Total:
45Nota: 1 Estimated Capex for 2017 and 2018 is R$585 million and R$45 million, respectively
2 Estimated Capex for 2017 and 2018 is R$100 million and R$50 million, respectively
Investments according to the planCAPEX (R$ million) 1Q16 2016e
SUSTAIN 367 1,130
STRUCTURAL COMPETITIVENESS 93 605
ADJACENT BUSINESS 35 325
OTHER 126 325
TOTAL 621 2,385
Projects on time and on budget
Project 5.1
Tissue Project
Lignin Project
4,931
3,678
( 1,253 )
Adjusted EBITDA Sustain Capex Operational Cash
Flow
47
Operatinonal Cash Generation
Maximizing operational
cash generation
Value to
shareholder
Operational Cash Generation in LTM*(R$ millions)
A Suzano has posted the highest operational cash generationin the industry
Note: * Last Twelve months ended on 03/31/2016
6.3%14.4%
15.9%20142015
UDM*
48
ROIC
It is the most appropriate metric to
measure the industry returns, which is
capital intensive
ROIC = (Adjusted EBITDA – Sustaining CAPEX – Tax cash account) /Capital Employed
Note: * Last Twelve months ended on 03/31/2016
2016 value levers
Wood cost reduction
Progressive and gradual reduction in average distance
at Mucuri mill
Decrease in harvesting cost (retrofitting of equipments
concluded in 2015)
Industrial cost reduction
Benefits from the retrofitting investments concluded
Energy exposure management (hedge)
New schedule of maintenance downtimes
Logistics cost reduction
Light-duty trucks
Full vessel
Paper Business
Continuity of Suzano+ Program
Paper price increase
Coated market share increase in Brazil
Bunker
Imperatriz: 100% railway outbound
Increase in exports