01Q15 Results Presentation

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Disclaimer

Certain statements in this presentation may constitute

projections or forward-looking statements. Such statements are

subject to known and unknown risks and uncertainties that could

cause the expectations expressed to not materialize or the

actual 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.

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32.9% 32.7% 32.1%33.8%

36.1%

1Q15 Highlights

Adjusted EBITDA LTM (R$ million) and Adjusted EBITDA Margin (%)

1Q15 record-high adjusted EBITDA − R$ 932 million, margin of 43.4%

Increase in pulp sales volume of 84.2% vs 1Q14

Leverage reduction: 3.9x net debt/ adjusted EBITDA vs 4.1x in 4Q14

Consolidated cash cost reduction of 10.8% vs 1Q14

1,9442,057

2,169

2,452

Mar/14 Jun/14 Sep/14 Dec/14

2,895

Mar/15

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Pulp

Production (‘000 tons) Sales (‘000 tons)

1Q15 Production: +32.2% vs 1Q14

1Q15 Sales Volume: +84.2% vs 1Q14

Increase in pulp prices in Dollars implemented over 1Q15 and positive

impact from Real depreciation

Announced list price: US$790/ton in Europe; US$680/ton in Asia and

US$900/ton in North America

2,9823,176

1Q15 20141Q14 LTM1

602796

2,8503,242

1Q15 20141Q14 LTM1

465

857

Note: (1) last twelve months ended on 3/31/2015

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Paper

Production (‘000 tons) Sales (‘000 tons)

Domestic market sales volume reduction : -12.9% vs 1Q14

Paper average net price: +10.6% vs 1Q14

Market performance in 1Q15 below expectations

1,301 1,286

1Q15 20141Q14 LTM1

321 306

1,322 1,292

1Q15 20141Q14 LTM1

289 258

Note: (1) last twelve months ended on 3/31/2015

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Operational efficiency and discipline on costs and expenses

Net Revenues LTM¹ (R$ million) COGS LTM ¹ (R$/ton)

Adm. Expenses / Net Revenue LTM ¹ (%) Sales Expenses / Net Revenue LTM 1 (%)

Operating PerformanceRecord-High Net Revenue LTM of R$ 8.0 billion

Note: (1) last twelve months

Dec/14

5,914

Mar/14

6,289

Jun/14

6,748

Sep/14 Dec/14Mar/14 Jun/14 Sep/14

1,284

7,265

1,327 1,328

1,293

Mar/15 Mar/15

1,265

8,012

2.352.29 2.292.25R$/US$

average

2.48

5.4%

Dec/14

6.4%

Mar/14

6.1%

Jun/14

5.7%

Sep/14 Dec/14Mar/14 Jun/14 Sep/14

4.1%

4.4%4.3%

4.2%

5.1%

Mar/15 Mar/15

4.0%

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Operating Performance

Lower availability of energy for sale due to Imperatriz Unit downtime

Higher wood cost: supply mix and average distance

Cost reduction driven by operation in Maranhão

First maintenance downtime in Imperatriz Unit successfully completed

Note: (1) Ex-maintenance downtime

Cash Cost1 (R$/ton)

484

561

4Q14 1Q15Wood Chemicals FC

3146

0

Cash Cost1 (R$/ton)

629561

1Q14 1Q15Wood Chemicals FC

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(49)(27)

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DebtNet Debt/Adjusted EBITDA* (x)

Net debt of R$11.4 billion, an equivalent amount of US$3.6 billion

(-13.9% in USD vs 1Q14)

Gross debt negatively impacted by mark to market of

foreign-denominated debt

Continuous focus on debt profile improvement (Liability

Management)

Strong focus on deleveraging: higher EBITDA and cash generation

Note: *Excludes non-recurring items

4.8x

4.5x 4.5x

4.1x

Mar/14 Jun/14 Sep/14 Dec/14

3.9x

Mar/15

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1Q15 Capex

2015 estimated capex: R$ 1.52 billion, of which

R$ 1.1 billion is maintenance capex

Sustain Retrofitting 1Q15

Capex

R$223M

R$192MR$423MR$8M

Others

New digester at Suzano Unit is expected to start up in May as the

mill restarts from scheduled maintenance downtime

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Operational Cash Generation

Continuous search for maximizing operational cash generation

2,895

(1,027)

1,718

(150)

Adjusted

EBITDA

Sustain

CapexOperational

Cash

Generation

Working

Capital

Operational Cash Generation LTM¹ (R$ million)

Nota: (1) last twelve months

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Structural Competitiveness

Preference for adjacent business and

consolidation vs organic growth

Maximizing the Asset Base

Value

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