Earnings Conference Cal l

2Q17

The statements in this presentation constitute

projections or forward-looking statements. Such

statements are subject to known and unknown risks and

uncertainties that could cause the expectations

expressed not to materialize or the current results to

differ materially from the expected results. These risks

include changes in future demand for the Company’s

products, changes in factors that affect domestic and

international product prices, changes in cost structures,

changes in the seasonality of markets, pricing actions by

competitors, foreign currency fluctuations and changes

in the political and economic environments in Brazil, in

emerging markets or internationally.

Disclaimer

Results consistency . . .2Q17

HIGHLIGTHS

¹ Adjusted for non-recurring and/or non-cash factors.

² Operating Cash Generation = Adjusted EBITDA less sustaining capex.

³ Net Debt / Adjusted EBITDA.

…with strong

operational

and financial

performance

Pulp cash cost highlight

in the industry: R$ 568/ton -11% vs. 2Q16

-3% vs. 1Q17

Adjusted EBTIDA¹

growth of

:R$ 1,157 MM +20% vs. 2Q16

+37% vs. 1Q17

Leverage³ in

healthy level: 2.7x +0.6x vs. 2Q16

- 0.1x vs. 1Q17

Operating cash

generation² increase of: R$ 910 MM +26% vs. 2Q16

+46% vs. 1Q17

ROIC: 11.3% -4.8 p.p. vs. 2Q16

+0.7 p.p. vs. 1Q17

• Robust demand for pulp and price increase

• Suzano Mais allows higher profitability in the paper business

• Cost and Capital discipline: cost and capex performance below

inflation

• Tissue: on time and on budget

• Financial discipline: reduction in gross debt

Results consistency . . .2Q17

HIGHLIGTHS

…with strong

operational

and financial

performance

History of transformation and evolution

Continuous

search for the

best operation

in the industry

580 536 642 623 589

2013 2014 2015 2016 LTM¹

Cash Cost (R$/ton) COGS (R$/ton)

SG&A (R$/ton) Operational Cash Flow (R$/ton)

¹ LTM: last 12 months ended on 6/30/2017.

1,307 1,283 1,368 1,391 1,354

2013 2014 2015 2016 LTM¹

196 166 191 177 182

2013 2014 2015 2016 LTM¹

348 348

771 581 564

2013 2014 2015 2016 LTM¹

-7.1%

Inflation: +27%

+62%

+3.6%

Inflation: +27%

+1.6%

Inflation: +27%

FX (BRL/USD)

Pulp Price in USD

(Europe average PIX)

R$3.22

697

R$2.16

793

R$2.35

745

R$3.33

784

R$3.49

696

Continuous

balance sheet

strengthening

Crystallizer

installation at

Mucuri Unit

Continuous focus on

reducing costs and

expenses

Reduction in average

distance

Beginning of

tissue production

in Mucuri and

Imperatriz Units

Higher

Eucafluff

volume

Startup of the

new cut size line

in Mucuri

Delivery of

the new ETS¹

in Mucuri

Completion of

debottlenecking in

Imperatriz Unit

2017 of many deliveries . . .

¹Effluent Treatment Station (Mucuri - BA)

Reshaping ofthe Industry

AdjacentBusiness

StructuralCompetitiveness

Proposed migration

to Novo Mercado

We want much more !

#Proud to be

Suzano!

642 623 589 570

475

2015 2016 LTM 2Q17 2018¹ 2021 - 2022¹

Target Cash Cost

¹ Valores nominais de 2016.

Cash Cost

Industrial

• Reduction of raw material consumption

• Greater dilution of fixed costs

Forestry

• Average distance reduction:

• Bahia State: to 60km

• Maranhão State: to 120km

• São Paulo State: to 200 km

• Productivity increase (mean annual

increment - IMA)

(R$/ton)

2017 Operational

Cash Flow

Additional cash

generation

2021 Operational

Cash Flow

Expressive additional cash generation

by reducing production cost

CEO

Walter Schalka

Forestry ExecutiveDepartment

Alexandre Chueri

Pulp ExecutiveDepartment

Carlos Aníbal

Paper ExecutiveDepartment

Leonardo Grimaldi

Consumer GoodsExecutive Department

Fabio Prado

FuturaGeneDepartment

Stanley Hirsch

Financial and IR Executive Department

Marcelo Bacci

People and Management

Executive Dept.

Julia Fernandes

...allows greater autonomy and maximizes profitability

Corporate and Legal Affairs Department

Pablo Machado

Innovation and New Business Executive Dept.

Renato Tyszler

Audit Department

Mariano Zavattiero

Restructuring to business units . . .

• Start Up: 3Q17 (Mucuri) and 4Q17 (Imperatriz)

• 2H17: Production of tissue jumbo rolls

• 2018: Beginning of final product production

• Focus on the Brazilian North and Northeast markets

• New commercial and marketing team with expertise

Tissue Equipment - Mucuri Unit (BA)

Consumer goods operation

close to start up

T ISSUE

Results consistency and continuous transformation…

...prepare

Suzano for the

FUTURE

Cost

Discipline

Capital

Discipline

Financial

Discipline

Supply

Discipline

Product

Portfolio

Reshaping ofthe Industry

AdjacentBusiness

StructuralCompetitiveness

Strategic Pillars

GAJAH ANNUAL REPORT 2015 | 11

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

other stakeholders

Creates conditions to

continue improving

and innovating

Liquidity gains

contribute even more

to position Suzano as

protagonist in the

reshaping of the

industry in the long

term

The proposed migration to Novo Mercadomaterializes the commitment to cultivate the highest standards of governance

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

Investor Relationswww.suzano.com.br/ir

ri@suzano.com.br