4 Q 1 6 R E S U LT S

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

1.11.5

3.5

2.7

2013 2014 2015 2016

Improvements in operating

performance guarantee robust

operating cash flow

Adjusted

EBITDA 1.78 2.45 4.59 3.91

0.67 1.00 1.11 1.16Sustaining

Capex

Operating Cash Flow¹(R$ billion)

¹ Operating Cash Flow = Adjusted EBITDA – Sustaining Capex

843 809 935

3,373 3,473

4Q15 3Q16 4Q16 2015 2016

Pulp Production (‘000 tons)

740 756957

3,2913,530

4Q15 3Q16 4Q16 2015 2016

Pulp Sales (‘000 tons)

Pulp

Record high production and sales

volume in 2016

Launch of Eucafluff® exportsDebottlenecking of Imperatriz

Unit partially completed, to be

concluded in 2017

Production increase in all facilitiesIncrease of export volume in all

regions

Target Pulp Cash

Cost for 2018 reached in 4Q16

Normalized wood supply at

Mucuri mill

642

623

475

2015 4Q16 2016 2017 2018¹ 2021 – 2022¹

570 570

Consolidated Pulp Cash Cost (R$/ton)

¹Nominal value in 2016

Industrial retrofits allowed

record high production volume

and cost reduction

Target Cash CostEstimated

5.2%

15.7%

11.0%

2014 2015 2016

1,027

350 440

833

506

4T15 3T16 4T16 2015 2016

1,328

678

1,109

778

4Q15 4Q16 2015 2016

Pulp Adjusted EBITDA (R$/ton)

Pulp Operating Cash Flow¹ (R$/ton) Pulp ROIC (%)

5.2%

15.7%

10.5%

2014 2015 2016

1,027

440

834

506

4Q15 4Q16 2015 2016

External factors

impact pulp

profitability

784655 696802

Average R$/US$ 3.333.29 3.493.84

Average Europe FOEX

641506 517623 Average China FOEX

¹ Operating Cash Flow = Adjusted EBITDA – Sustaining Capex

7

273 292 295

1,164 1,182

4Q15 3Q16 4Q16 2015 2016

Paper Production¹ (‘000 tons) Paper Sales¹ (‘000 tons)

Paper

Improvements in tight market

¹Data excludes Embu Unit results

Positive results with the go-to-market

program “Suzano Mais”

Sales volume increase in Brazil,

even with a declining market

215 228 226

786 834 100 81 91

399 360

315 309 317

1,185 1,194

4Q15 3Q16 4Q16 2015 2016

Brazil Exports

8

743 796 768

970

4Q15 4Q16 2015 2016

Paper Adjusted EBITDA (R$/ton)

Paper Operating Cash Flow (R$/ton) Paper ROIC (%)

9.3%

11.8%

15.6%

2014 2015 2016

592 613 604

803

4Q15 4Q16 2015 2016

Relevant

developments in

cash generation and profitability

¹ Operating Cash Flow = Adjusted EBITDA – Sustaining Capex

9

348

771

581

2014 2015 2016

Operating Cash Flow¹ (R$/ton)

SG&A (RS/ton) COGS (R$/ton)

166 191

177

2014 2015 2016

7,265

10,224 9,882

2014 2015 2016

Revenue (R$ million)

1,2831,368 1,391

2014 2015 2016

Continuous focus on cost and

expense discipline

+6.6%

Inflation: +17.6%

+8.4%

Inflation: +17.6%

¹ Operating Cash Flow = Adjusted EBITDA – Sustaining Capex

10

Capital discipline

and flexibility in investments

2016 2017e

Sustaining

Structural Competitiveness

e Adjacent Businesses0.69

1.16

2.64

0.72

1.11

1.83

CAPEX (R$ billion)

Subtotal 1.85 1.83

Acquisition of

Land and Forests0.79 -

Total

Major Projects in 2017:

Debottlenecking of Imperatriz (to be completed)

Tissue production

Lignin production

11

Financial strength seeks Investment

Grade

5.6x

3.2x3.6x

4.1x

2.7x 2.6x

Dec/14 Dec/15 Dec/16

Debt / Adjusted EBITDA (x)

Gross Debt (R$) Net Debt (R$)Dividends based on operating cash

flow

Liability management actions for cost

reduction and/or lengthening of the

average term

Appropriate level of leverage

Financial Discipline:

Capital Discipline:

12

Significant results

in 2016...

Cash Cost: lower wood cost and benefits from industrial retrofitting

Capex discipline: investments lower than initial budget

Eucafluff®: production and export volume increase

Paper: profitability increase and significant progress with the go-to-market project

“Suzano Mais”

Pulp: record high production and sales

Strong operating cash flow and results

Acquisition of forest assets guarantees capacity expansion and cost reduction

in Imperatriz Unit

Financial Discipline: cost of the debt reduction and lengthening the term.

Pioneer in issuing GREEN BONDS in Brazil and the international market (USD)

Cost and expenses discipline: variation below inflation

...and there is more to come in 2017

Continuous focus on cost and expense reduction

Startup of Tissue and Lignin production

Forest: average distance reduction and yield increase

Balance sheet strengthening to pursue

Higher Eucafluff® volumes

Conclusion of Imperatriz Unit debottlenecking

New

digital platforms

www.suzano.com.br/irri@suzano.com.br

Check out the new Investor

Relations website and the new

app "RI Suzano"