1

Fixed Income

Presentation

3Q17

2

1. Company Overview

2. Investment Highlights

3. Operating and Financial Highlights

Agenda

3

Section 1

Company Overview

4

Suzano Papel e Celulose is a forestry based publicly held

company, controlled by Suzano Holding.

With over 90 years of operations, the Company produces

market pulp (paper grade and fluff) and paper, which portfolio is

composed by coated and uncoated printing & writing paper,

paperboard and tissue.

It is also the second largest eucalyptus pulp producer and the 5th

largest market pulp producer in the world.

Suzano has a leading position in all segments in which it

operates in the Brazilian Paper Industry.

Financial and Operational Highlights

Company Overview

Company Overview

Competitive Advantages

Forestry

Shorter Eucalyptus

cycle: 7 years

Biotechnology:

approved

eucalyptus GMO

with 20% yield

increase

Pulp

Low production

costs

Certified products

Energy self-sufficient

Diversified markets

Paper

Regional leader

Vertically integrated

industrial operations

Own distribution

Stronger relationship

with the end of the

value chain (Suzano

Mais Go to market

program)

Pulp

Production and sales optimization to maximize assets return

Source: Hawkins Wright and Company information

.

¹ Excludes non-recurring and/or non-cash items

Paperboard

Coated Uncoated

Printing &

Writing

68%32%

64%

36%

Exports Domestic Pulp Paper

Net Revenues

R$ 9.9bn

(R$ million), unless otherwise stated 2014 2015 2016 LTM 3Q17

Net Revenues 7,265 10,224 9,882 9,876

Gross Profit 1,909 4,040 3,311 3,501

Gross Margin 26.3% 39.5% 33.5% 35.5%

Adjusted EBITDA1 2,452 4,594 3,906 4,091

Adj. EBITDA Margin 33.8% 44.9% 39.5% 41.4%

Net Debt 10,326 12,469 10,317 9,283

Net Debt/Adj. EBITDA 4.2x 2.7x 2.6x 2.3x

Production Volume (thousand tons) 4,283 4,582 4,655 4,746

Product Portfolio

5

Strategy to maximize the return on invested

capital

• Anticipated return improvement

as result of cost reduction

initiatives coupled with

disciplined investments to

achieve optimal cost

• Investment in retrofitting and

debottlenecking should reduce

cash costs per ton by 19%1 by

2022

• Investments in adjacent

businesses such as FuturaGene

(biotech), Fluff, Lignin and

Tissue, leveraging on

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 operation,

stablished commercial

relationships and consolidation

capacity, among other

opportunities

¹ The pulp cash cost was R$ 588/ton in the last 12 months ended on 09/30/2017.

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Section 2

Investment Highlights

7

Investment Highlights

• Conservative Capital Structure and Strong Cash Generation

• Cost Efficient Operations and Disciplined Investments

to Improve Cash Generation

• Robust Asset Base with Unmatched Long Term

Competitive Advantages

• Best-Practices Governance

• Leading Position in the Industry

8

Conservative Capital Structure and Strong

Cash Generation

Note: ¹ Operational Cash Generation calculated as the difference between Adjusted EBITDA and Sustaining Capex2 Excludes non-recurring and/or non-cash items

Sustaining Capex

Adjusted EBITDA2

0.67

1.78 2.45

1.00 1.11

4.59

1.16

3.91

3.9 3.9 3.2 3.2 2.9

5.2x4.2x

2.7x 2.6x 2.3x

-5

-3

-1

1

3

5

0.0

5.0

10.0

15.0

20.0

25.0

30.0

2013 2014 2015 2016 Sep-17Net Debt (R$) Net Debt (US$) Net Debt/ Adjusted EBITDA (R$)

Continuous

leverage

reduction allows

Suzano to be

prepared for the

future

Operating

improvements

translated into

robust cash flow

generation

Net Debt and Leverage

Operational Cash Generation1

(R$ billion)

(R$ and US$ billion)

1.04

4.09

1.11.5

3.5

2.73.1

2013 2014 2015 2016 LTM 3Q17

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Higher production and sales volume

Increasing utilization of own forest portfolio

Reduced operational costs

Long Term Commitment to Operational

Improvements

Cost Saving Initiatives

COGS

(R$/ton)

Inflation: +19.7%

Cost per tonne significantly below inflation

Ongoing initiatives to lead Suzano towards more profitable operations

Higher production and sales volume increased the

dilution of fixed costs

Decline in the share of third party wood purchases

Shorter distances between the forest and mills

contributed to reduce operational costs

SG&A

(R$/ton)

∆: +3.9%

∆: +10.9%

Industrial investment (modernization) to debottleneck1

Forest base increase and average distance reduction2

Cost reduction initiatives focused on operating efficiency coupled with

disciplined investments to achieve optimal cost in 2021E-2022E

Lower inputs consumption and fixed cost dilution3

Cash Cost (R$/ton)

¹ Nominal value in 2016.

1,283 1,368 1,391 1,333

2014 2015 2016 LTM 3Q17

166 191 177 184

2014 2015 2016 LTM 3Q17

642 623588 570

475

2015 2016 LTM 3Q17 2018¹ 2021-2022¹

10

Robust Asset Base with Unmatched Long Term

Competitive Advantages

1,197 k ha

of total area

579 k ha

of planted area

Commercial presence in 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.

Highlights

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

Total Area1: 734k ha

Planted Area2: 256k ha

Average Structural Distance: 184 km

States of Maranhão, Pará, Tocantins and Piauí

Market Pulp: 1,650k tonnes

Tissue: 60k tonnes³

Imperatriz (State of Maranhão)

Notes

1. Figures consider own and leased area

2. Figures consider own, leased and third-parties areas

3. Start up in 4Q17 in Imperatriz (MA)

4. Start up in 2018

5. Flexibility to produce either Fluff or Printing and Writing paper

Forest Assets

Port

Distribution Center

Commercial Office

Total Area1: 270k ha

Planted Area2: 190k ha

Average Structural Distance: 74 km

States of Bahia, Espírito Santo and Minas Gerais

Total Area1: 193k ha

Planted Area2: 132k ha

Average Structural Distance: 190 km

State of São Paulo

Printing & Writing Paper: 50k tonnes

Rio Verde (State of São Paulo )

Market Pulp: 1,540k tonnes

Integrated Pulp: 200k tonnes

Printing & Writing Paper: 250k tonnes

Tissue: 60k tonnes

Mucuri (State of Bahia)

Market Pulp: 350k tonnes

Integrated Pulp: 300k tonnes

Printing & WritingPaper: 390k tonnes

Lignin: 20k tonnes4

Limeira (State of São Paulo )

Market Pulp: 70k tonnes

Integrated Pulp: 460k tonnes

Printing & Writing Paper: 360k tonnes5

Paperboard: 200k tonnes

Eucafluff: 100k tonnes5

Suzano (State of São Paulo )

Santos

Vitória

Itaqui

Portocel

1

2

3

4

6

57 8

Production PlantsForest Areas

1

2

3

4

5

6

7

8

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Solid Leading Position in the IndustrySuzano has a leading position in all segments in which it operates

¹ Considers the total installed capacity as reported in the Companies’ public filings and investor relations, including of operations to be initiated.

² Data from September/2017 (PPPC). BEKP: Bleached Eucaliptus Kraft Pulp.

Source: Forestry Industry Association (IBA).

Suzano’s Positioning in the Industry

Brazilian Pulp Production (2) Brazilian Paper Demand

Pulp Production Capacity – Top 20 (1)

Printing & Writing Paperboard

(thousand tons)(thousand tons)

With an installed capacity of 4.8 MM tons per

year(1), and sales volume of 4.7 MM tons of pulp &

paper, Suzano is a leading player in the Brazilian

pulp & paper market

- 2nd largest Eucalyptus Pulp player in the world

in terms of installed capacity

- Supplies 57.9% and 36.5% of the Brazilian

demand for printing & writing paper, and

paperboard, respectively

(million ton)

Brazilian

Companies

1,543 1,484

292 328

1,835 1,812

2016 LTM 3Q17

Domestic Sales Imports

505 508

35 40

540 548

2016 LTM 3Q17

Domestic Sales Imports

20,133 20,817

2016 LTM 3Q17

7.3

3.8 3.7 3.7 3.5 3.32.8 2.7 2.7 2.5 2.5

2.0 1.8 1.8 1.7 1.7 1.5 1.5 1.4 1.3

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Section 3

Operating and Financial Highlights

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Paper Production

Operating ResultsPulp Business: Presence in the main international markets and strategic relationships with clients

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

assets, and strengthening of distribution channels

Pulp Production Pulp Sales Volume Paper Sales Volume

Paper Revenue BreakdownPulp Revenue Breakdown

(LTM 3Q17)

Pulp Sales Volume per

Segment

(3Q17) (LTM 3Q17)

Pulp Business Paper Business

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

(thousand tons) (thousand tons) (thousand tons) (thousand tons)

2,9823,373 3,473 3,592

2014 2015 2016 LTM 3Q17

2,3732,835 3,117 3,238

478

456413 3812,850

3,2913,530 3,619

2014 2015 2016 LTM 3Q17

Export Brazil

Asia

46%

Europe

30%

North America

14%South

America/Central

1%

Brazil

9%

Packaging

7%

Tissue

61%

Specialty

15% Printing &

Writing

13%

Other

2%

North America

8%

Central/South America

16%

Other

5%

Brazil

71%

1,301 1,209 1,182 1,154

2014 2015 2016 LTM 3Q17

389 403 362 368

934 827 834 795

1,322 1,230 1,196 1,163

2014 2015 2016 LTM 3Q17

Export Domestic Market

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Suzano has posted strong operational cash generation

Average

R$/US$

Financial Results

Net Revenue Adjusted EBITDA

(R$ million)

Operational Cash Generation LTM 3Q17 Historic Operational Cash Flow

(R$ million) (R$ billion)

3.492.35 3.33 3.20

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

3,851

6,603 6,558 6,311

3,413

3,621 3,324 3,565 7,264

10,224 9,882 9,876

2014 2015 2016 LTM 3Q17

Pulp Paper

2,452

4,595

3,906 4,091

2014 2015 2016 LTM 3Q17

588

1,016 827 856

Adjusted EBITDA

(R$ million)

Adjusted EBITDA/ton

(R$/ton)

4,091

3,053(1,039)

Adjusted EBITDA Sustain Capex Operational Cash

Flow

1.5

3.5

2.73.1

2014 2015 2016 LTM 3Q17

15

Financial Results by Business

Pulp Business

Paper Business

Revenue diversification translated into lower volatility of results

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

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

1,109

778873

2015 2016 LTM 3Q17

833

506638

2015 2016 LTM 3Q17

768

970

786

2015 2016 LTM 3Q17

604

803

625

2015 2016 LTM 3Q17

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

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Solid Debt Position and Focus on DeleverageSuzano’s Debt Profile

By Type Secured vs. Unsecured

(6.3%)

Net Debt(R$ billion)

Gross Debt(R$ billion)

(10.0%)

2014 2015 2016 3Q17

Indebtedness

Gross Debt (R$ billion) 14.02 14.9 14.0 13.1

Net Debt (R$ billion) 10.32 12.5 10.3 9.3

Short Term Debt 13.0% 12.4% 11.4% 13.6%

Ratios

Net Debt / Adjusted EBITDA (R$) 4.2x 2.7x 2.6x 2.3x

Net Debt / Adjusted EBITDA (US$) 3.7x 2.3x 2.9x 2.3x

Average Cost BRL 91%CDI 84%CDI 87%CDI 98%CDI

Average Cost USD 4.7% 4.2% 4.7% 5.0%

Average Term (months) 47 40 42 80

Interest Coverage 2.3x 3.8x 3.6x 3.8x

Debt Breakdown Debt Maturity Profile

(% of Gross Debt) (By currency in R$ billion)1

Debt Overview Gross Debt and Net Debt

(R$ billion)

1 FX USD/BRL of 3.17 on 09/30/2017.

Bond

41%

Certificates of

Agribusiness

Receivables

20%

BNDES

5% Import Financing

7%

Other

2%

Export

Financing

24%

Secured, 14%

Unsecured, 86%

14.013.1

Dec-16 Sep-17

10.39.3

Dec-16 Sep-17

994 175

1,421 1,146 748 2,078 3,882

2,856

142

545 910 1,749 149

189

3,850

316

1,966 2,055 2,497

2,227

4,071

Cash 4Q17 2018 2019 2020 2021 2022

onward

USD BRL

72% 28%

17

Net Debt /

Adjusted EBITDA

LTM

Klabin Arauco Fibria CMPC Suzano

Standard & Poors BB+ BBB- BBB- BBB- BB+ (Positive)

Fitch Ratings BB+ BBB BBB- BBB BB+ (Positive)

Ratings Overview

¹ Last twelve months ending on 09/30/2017 in R$. | ¹ Last twelve months ending on 09/30/2017 in US$. | ² 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

SovereignS&P / Fitch

Suzano´s Ratings Evolution

4.4x3.3x 3.2x 3.1x

2.3x

Klabin¹ Arauco³ Fibria¹ CMPC² Suzano¹

18

CAPEX

18Note: ¹ Estimated CAPEX

9M17 2018¹

Sustain

Structural Competitiveness

and Adjacent Business

0.8

0.5

1.3 1.8

0.6

1.2

R$ billion

Total

2017¹

1.8

0.7

1.1

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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 09/30/2017

9.3%

11.8%

15.6%

12.7%

5.2%

15.7%

10.5%

12.9%

6.4%

14.7%

11.9%13.0%

2014 2015 2016 LTM 3Q17

Paper Pulp Total

20

Suzano’s Bonds

Bond 2047 Performance

Bond 2026 Performance

0

5,000

10,000

15,000

20,000

25,000

12-Jul-16 12-Aug-16 12-Sep-16 12-Oct-16 12-Nov-16 12-Dec-16 12-Jan-17 12-Feb-17 12-Mar-17 12-Apr-17 12-May-17 12-Jun-17 12-Jul-17 12-Aug-17 12-Sep-17

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

Suzano 2026

Volume (USD MM) Yield (%)

0.00

5,000.00

10,000.00

15,000.00

20,000.00

25,000.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Suzano 2047

Volume (USD MM) Yield (%)

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www.suzano.com.br/ir

ri@suzano.com.br

Investor Relations