Witnesses:

23

ANNEX 4.4

TO THE PROTOCOL AND JUSTIFICATION OF MERGER OF SHARES

ISSUED BY FIBRIA INTO EUCALIPTO HOLDING S.A., FOLLOWED BY

MERGER OF EUCALIPTO HOLDING S.A. INTO SUZANO PAPEL E CELULOSE

Suzano Papel e Celulose S.A. Financial Economic Valuationof FibriaCelulose S.A., on the base date of March 31, 2018. July 10, 2018

July 10, 2018 SuzanoPapel e CeluloseS.A. A/C: Daniel Nascimento Av. Brigadeiro Faria Lima, 1355—8 andar São Paulo – SP, Brazil 01452-919 Ernst & Young Assessoria Financial Economic Valuation of Fibria Celulose S.A. July 10, 2018 EmpresarialLtda. Av. PresidenteJuscelino As requested, Ernst & Young Assessoria Empresarial Ltda. (“EY”) presents the economic-financial valuation report of Kubitschek, 1909 Fibria Celulose S.A.(“Fibria“or “Company”) as of March 31, 2018 (“base date”). Torre Norte—10º andar The purpose of this Report is to provide the management and shareholders of Eucalipto Holding SA (“Eucalipto”), a 04543-011 – São Paulo – SP Telefone: +55 11 2573-3000 company controlled by Suzano Papel e Celulose SA (“Suzano”), support for the deliberation of the Eucalipto www.ey.com.br Shareholders General Meeting regarding Suzano’s acquisition of the Company (“Transaction”), in line with the requirementsof article 8 and 226 of Law 6,404 / 76 (“Corporate Law”). Our estimate of value should not be considered as an advice or recommendation for investment or any transaction, a fairness opinion, or used forfunding/ fundraising, as well as any other purpose except as described above. This Report contemplates the objective, scope, procedures and methodologies used, as well as the market and operational premises that involvedthe calculationof Fibria’sestimateof economicvalue. It is important to note that we did not investigate independently, nor performed any audit process applied to the information provided or published by Fibria. It should be noted that the closing of the Transaction depends, among other precedent conditions, on the prior approval by the Brazilian Defense Authorities (CADE) and other specific countries. In this context, until the closing of the Transaction occurs, among other things, any exchange or sharing of sensitive information between Fibria and Suzano is not permitted. Therefore, it should be noted that in preparing this Report, public information disclosed by the Company was taken into account, supplemented by some specific data provided by Fibria’s management (“Administration”), limited to non-competitive information. In addition, we considered public data on Fibria’s business sector, on comparable companies, analysis published by the Company and industry market analysts, as well as discussions with Suzano management and our understanding of the Company’s operations. We appreciate the opportunity to collaborate with Suzano on this occasion and make ourselves available if you have any questions or need additional information. Regards, Andrea Fuga Partner of Valuation Executive Director of Valuation Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 2 of 46

July 10, 2018 Dashboard Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Table of Contents 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information Dashboard Executive Macroeconomic Sector Analysis Summary Analysis 1 2 3 Page 4 Page 5 Page 8 Page 10 The Company Projected Valuation Exhibits and the ... Financial 4 5 6 7 Page 16 Page 22 Page 33 Page 39 Appendix 8 Page 44 Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 3 of 46

July 10, 2018 Dashboard Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Highlights 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information Net Revenue Price of Cellulose Average EBITDA Working Capital / Discount Rate Growth per Ton Margin Net Revenue 5.4% USD 952 54.7% 33.2% 10.2% The Compound Annual Reflects the averagelist Reflects the average Reflects the average The Weighted Average Growth Rate (CAGR) of the price of celulose from the projected EBITDA margin of projected working capital Capital Cost (WACC) Company’s net revenue last projected year. the Company during the over net revenue diuring applied to the free projection. projected period. the projected period. cashflowsof the company. Fibria’s net revenue The weighted average On average, operating The Company’s net The discount rate comes from the sale of by destination of the expenses were 5.1% working capital starts applied was the pulp. Representing an projected FOEX price of net revenue during at R$ 3.7 billion in WACC—weighted amount of R$ 11.7 for pulp varies from the projected period, March 2018 and was average rate between billion in 2017, and USD 914 per ton while costs accounted projected to reach R$ equity and third projected to reach R$ between April to for about40.2% . 7.5 billion in 2028. parties, calculated in 20.9 billion in 2028. December of 2018 to nominal Reais, USD 952 per ton in considering 2028 comparable data and macroeconomic assumptions available on the base date. Details on page 23 Details on page 25 Details on page 27 Details on page 30 Details on page 33 Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 4 of 46

1 Executive Summary Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 5 of 46

July 10, 2018 1 Executive Summary Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Executive Summary 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information Objective Scope of Work General Premises Fibria is a Brazilian company, the world Discussions with executives and employees Value standard: Fair value. Valuation is leader in the production of bleached of Fibriaand Suzano defined by Brazilian (CPC46) and eucalyptus pulp. With a production capacity international (IFRS3) accounting standards, of 7.3 million tons per year, the Company Obtaining Fibria’s accounting, operating and such as “the price that would be received for exportspulp to more than 35 countries. financialhistorical data; the sale of an asset or that would be paid for Analysis of the Company’s performance the transfer of a liability in a non-forced Suzano is the second largest global producer market, based on availablepublic data; transaction between market participants on of eucalyptus pulp and the main producer of the date of measurement “. domestic paper in Latin America. Elaboration of projections of Fibria’s financial statements based on public information Base date: March 31, 2018; In March 2018, Suzano and Fibria announced the combination of their disclosed by the Company, additional data Projection period: 10 (ten) years and 9 (nine) businesses, through which Fibria will become provided by Management, public figures of months, from April 1, 2018 to December 31, a wholly-owned subsidiary of Suzano. comparable companies, analyzes published 2028; by market analysts, as well as discussions The purpose of this work is to provide with Suzano management; Residual value: calculated through the Eucalyptus management and shareholders perpetuity of cash flows after 2028. The with support for deliberation during the Calculation of the discount rate that reflects perpetuity growth rate was 3.9% pa, the General Shareholders’ Meeting about this the risks inherent to the sector and the same rate expected for long-term Brazilian transaction, in line with the requirements of Company; inflation; Article 8 and 264 of the Brazilian Corporate Elaboration of the Fibria Economic-Financial Currency: Reais (BRL) in nominal terms; Law. evaluation through the discounted cash flow methodology(FCD); Discount rate: calculated according to the WACC methodology, in nominal Reais, Comparison of the results obtained with resulting in 10.2% pa .; Fibria’s MarketCap and multiples of valuationsof comparablepublic companies. Adjustments: Non-operating assets and liabilities, including net debt, were not The results presented in this report depend on considered in the cash flow projections. assumptions that were the basis for the When observed, they were treated projections. The DCF methodology does not separately and added / subtracted from the provide for changes in the external or internal present value of cash flows and perpetuity, environments in which Fibria operates, in impactingthe valueof Fibria’scapital. additionto those explainedin this Report. Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 6 of 46

July 10, 2018 1 Executive Summary Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Estimation of Value 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information The results obtained using the DCF methodologies are relevant in the context Base Scenario (R$ millions) 10.0% 10.2% 10.5% of the evaluation,since: Ó | Present value of cashflows 23,165 22,969 22,690 Assumptions of growth and profitability are in line with the Company’s Present value of the perpetuity 29,029 27,559 25,611 historical data and market outlook; The evaluation parameters are consistent with the size and long-term OperationalValue (EV) 52,193 50,528 48,301 expectationof Fibria; Non-operationalassets and liabilites 516 516 516 The values obtained are in line with MarketCap of the base date, Net Debt (12,972) (12,972) (12,972) presenting premiumsof between -0.2% and 10.6%; The DCF method best represents the value of a company based on its future Valueof total capital 39,782 38,116 35,889 profitability(IncomeApproach). Premiumover MarketCap – base date 10.6% 6.0% -0.2% The estimate of value does not consider possible asset or liability contingencies, insufficiencies, or superveniences that are not recorded in the Company’s balance sheet, as of the reference date. Therefore, if they exist, the results presented do not consider their effect. The possibility of non operational asset or liability fair value adjustments in the Company do not impact our conclusion. Conclusion Based on the information analyzed and on the assumptions described in this Report, our valuation resulted in a fair value estimate of between R$ 35.9 billion and R$ 39.8 billion for 100% of Fibria’s shares on the base date of March 31, 2018. Source: EY Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 7 of 46

July 2 10, 2018 Macroeconomic Analysis Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 8 of 46

July 10, 2018 2 Macroeconomic Analysis Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Macroeconomic Analysis 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information IPCA Historic and Projected Macroeconomic analysis provides a gap for the reduction of the level of the basic interest rate, which may allow greater The analysis below refers to the expectations in investments by companies. (Copom meeting of force on the base date, according to information March 21, 2018). For the coming years the Selic is published by the Focus Bulletin of BACEN, Getúlio expected to stabilize at a level of approximately 8% Vargas Foundation (FGV), Oxford Economics and a.a. JP Morgan. Exchange rate BRL / USD Brazilian Economy The exchange rate closed the month of December Economic activity 2017 at 3.31 BRL / USD. Market expectations on the base date indicated an average rate of 3.28 According to the expectations provided by the BRL / USD for 2018 and 3.35 for 2019. However, Bank on March 30, 2018, GDP grew by 1.0% in in May and June 2018, due to the increase in 2017 and is expected to be 2.8% in 2018. Real political instability in the country, the projections long-term GDP growth was expected to be 2.7% were changed to 3.63 BRL / USD in 2018 and 3.45 aa this same date. in 2019. Source: Central Bank of Brazil Inflation Risk-Brazil The official inflation index, IPCA, closed the year of The index shows the daily performance gap of US Exchange Rate Historic and Projected 2017 at 2.9% . According to the market and emerging-market debt securities and is an expectations presented by the Bank at the base indicator of the financial health of the country in date, the IPCA should reach 3.6% in 2018 and question. The index ended March at 239 basis 4.1% in 2019. The expected stabilization in the points, indicating a difference of 2.39pp. between mediumand long term was 3.9% pa the performance of Brazilian securities and US The General Price Index of the Market (IGP-M), securities. The average for the month was 244 calculated by FGV, closed the year of 2017 by—basis points. 0.5% . The expectation of the Focus Bulletin is that this index reach 4.5% in 2018 and 4.3% in 2019. American Economy Interest Rates Inflation The Monetary Policy Committee (Copom) took into The US inflation index grew in 2017 to 2.1%, as consideration the macroeconomic situation, the well as the expectation for 2018 of 2.5% . The long-outlook for Brazilian inflation and the balance of term expectation in force at the base date was risks, and decided to lower the Selic rate from 1.9% pa Source: Central Bank of Brazil 6.8% to 6.5% pa. The Committee understands that the fall in the expectation of inflation in 2017 Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 9 of 46

July 3 10, 2018 Sector Analysis Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 10 of 46

July 10, 2018 3 Sector Analysis Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Global Cellulose and Pulp Market 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information Between 1990 and 2016, global pulp production grew by 11.0% (185.5 million tons) at a CAGR of 0.4% . However, within the period between 2007 and 2009, production was impacted by the international financial crisis, falling 11.3% . Consequently, with the increase of the world’s stocks, the companies reduced their productions. Since these events, the same pre-crisis levelshavenot been recovered. The United States is the largest pulp producer in the world, representing 26.3% of the total market with 48.5 millions of tons produced in 2016. As a comparison, US production is triple that of Brazilian production. However, in recent years, the United States and Canada have fallen in production, due to the low competitiveness in the internationalmarket, compared with other countries that havegained space in this industry. Of the total products derived from pulp, 31.5% are destined for export and the five largest global exporters are Brazil, Canada, Chile, Sweden and the United States, which represent 63.6% of total exports. In 2013, Brazil became the largest exporter, surpassing Canada, mainly to supply the growing Chinese demand, which is the largest importer of pulp in the world. Only China imports 33.0% of the total produced globally, which assists in supplying demand, not only in Brazil, but also in other South American and European countries. Between 2010 and 2016, Brazil tripled the value of its exports, while Chile, which became one of the main players in South America and a major global competitor due to the good adaptability of both eucalyptus and pine pulp production,grew 98.5% during that same period. Another important aspect of the global pulp industry is the low price volatility of eucalyptus pulp in the international market, varying by 8.0% between 2000 and 2017, which is explained by the high flexibility of pulp producers to adjust the production required for pulp production. demand curve, the industry’s slight cost curveand market prices close to producers’ costs. The 10 largest producers of cellulose in 2016 (millions of tons) Productivity of the forests by country (m³/ha/year) Source: EMIS, Bloomberg, Parllaxis Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 11 of 46

July 10, 2018 3 Sector Analysis Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Cellulose in Brazil 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information In Brazil, the two main sources of wood used for pulp production are pine Area of forests planted in Brazil (thousands of hectors) and eucalyptus, accounting for more than 92.5% of the volume produced. The country ranks second in the ranking of pulp producers of all types and first, if only eucalyptuspulp is considered. There are two types of cellulose, with different physical and chemical characteristics. The Fibra Longa cellulose is used in the production of papers that demand more resistance, such as those used in packaging, paper and newspaper. The other type, called Short Fiber, derived mainly from eucalyptus, is used for the production of household papers (printing and writing) and sanitary purposes (toilet paper, paper towels and napkins). About 85.0% of the total Brazilian production corresponds to Fibra Curta pulp. In 2017, Brazil had the 7th largest area of certified planted forests, covering 6.4 million hectares. In July 2017, with the objective of promoting economic activities and guaranteeing supplies to local industries, the Government adopted the Annual Forest Granting Plan (PAOF) for 2018, granting 1.6 million hectares of public forests in the states of Amazonas, Amapá, Pará and Rondônia. Brazil’s competitiveness in this sector is a result of natural factors such as abundance of land and favorable climate and soil for planting eucalyptus trees (which account for 72.3% of the total planted area). The increase in eucalyptus productivity in the country is a consequence of the high investment and development of innovations in the biotechnology, genetics and forest maintenance techniques. The result is a productivity gain of 30m3 per hectare per year since the 1970s. As a comparison, this productivity gain enabled the industry to use half of the eucalyptus plantation area for the supply used in China. The production of 1.5 million tons of pulp requires 140 thousand hectares in Brazil, one fifth of the area needed in Scandinavia. Source: Parallaxis, EMIS, FSC (Forest Stewardship Council) Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 12 of 46

July 10, 2018 3 Sector Analysis Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Cellulose in Brazil 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information The largest state of eucalyptus in Brazil is Minas Gerais, with 24.5% of the total planted area, followed by São Paulo (16.7%), Mato Grosso do Sul (15.5%), Bahia (10.8%), and others (9.2%) . Between 2015 and 2016, São Paulo and Minas Gerais had decreases in eucalyptus production of 3.1% and 0.4%, respectively. In contrast, Mato Grosso do Sul and Tocantins had growths of 323.0% and 439.0% between the years 2007 and 2016, with CAGR of 15.5% and 20.6%, respectively. Pine production in Brazil is concentrated in only two states, Paraná and Santa Catarina, which represent 77.0% of the planted area of this variety in the country. However, there is a downward trend in the production of this variety for long cutting time (15 years against 7 of eucalyptus) and its profitability compared to eucalyptus. Area of eucalyptus (%) Area of pine (%) PA MA 2.4% 2.9% MT BA BA 3.3% 10.8% 0.2% GO MG 0.5% MG MS 24.5% ES MS 2.3% ES 15.5% SP 4.1% 0.4% 0.2% SP PR 16.7% 7.8% PR 5.2% 42.5% Other – 9.2% SC Outros – 0% RS 34.5% RS 5.4% 11.7% Source: EMIS, Parallaxis Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 13 of 46

July 10, 2018 3 Sector Analysis Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Cellulose in Brazil 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information Production of cellulose in Brazil ( thousands of tons) Between 1991 and 2016, pulp production grew 295.0% in Brazil, with a CAGR of 5.7%; which represents the highest annual growth when comparing the 5 largest pulp producers in the world. If we only consider the period between 2007 and 2017, growth was 61.9%, with production jumping from 12.0 million to 19.4 million tons. In 2018, the growth trend continued in the first three months of the year. Between January and March, pulp production in the country was 5.3 million tons, 13.0% higher than the same period last year. The total production value of Brazilian pulp will have a CAGR of 6.1% by the year 2022 due mainly to the increased participationof eucalyptusplantationsin the product mixof the companies. In 2017, the volume of pulp exports grew by 2.8% compared to the previous year, rising from 13.5 million to 13.9 million tons. The value of exports increased significantly, reaching US $ 6.4 billion in 2017, 14.1% higher than in 2016. The factors that supported this growth were the prices practiced in the international market combined with the devaluation of the Real, which positively influenced the competitiveness of the Brazilian Source: Parallaxis products. The growth in Chinese and US demand for Brazilian pulp also Projection ensured the maintenance of Brazilian exports despite the weakening of the of exportation of cellulose (US$ millions) European market. Between 2012 and 2017, the CAGR of the value of exports only to the Chinese market was 15.8%, reaching a total of US $ 2.6 billion and 5.5 million tons. Exports to the United States, in the same period, presented a CAGR of 1.5% to a variationin the volumeof 3.9% . Source: EMIS Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 14 of 46

July 10, 2018 3 Sector Analysis Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Cellulose in Brazil 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information Exports of pulp are projected to increase to a CAGR of 3.4% between Projection of importation of cellulose in Brazil (US$ millions) 2017 and 2022, reaching US $ 7.5 billion by the end of the period. This expansion will be due to the strong demand for eucalyptus pulp in developed and developing countries and the low availability of pulp in the global market due to production inefficiencies and also the start-up of new plants, specificallyin China. Since 2013, Brazilian imports have fallen 51.0%, from 430 thousand to 211 thousand tons. Three factors impacted this change: the devaluation of the Real against the Dollar during the period (increasing exports), the growth of pulp production in the country and the development of resistance and use of short-fiber pulp. However, the trend is that imports of pulp will grow at a CAGR of 6.2% between 2017 and 2022, driven by the growing demand from the national pulp paper industry and the production used for the generation of high valueaggregate goods. Domestic pulp consumption grew by 1.6% in 2017 from 6.2 million to 6.3 million tons, mainly due to the recovery in paper production, which Source: EMIS increased the use of raw materials in the domestic market. Domestic cellulose in Brazil demand corresponds to 33.0% of production, with 94.0% coming from Apparent consumption of (thousands of tons) domestic productionand only 6.0% from other countries. Source: Parallaxis Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 15 of 46

4 The Company and the Transaction Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 16 of 46

July 10, 2018 4 The Company and the Transaction Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Company Overview 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information Suzano Founded 94 years ago by the Ukrainian immigrant Leon Fefer, the Suzano Group is currently composed of 4 companies from different segments: Suzano Papel e Celulose, Alden Desenvolvimento Imobiliário, MDS Global Insurance & Risk Consultants, and HiperStream, a provider of solutions for data processing and transactional communication. Suzano is a forest-based company, the world’s second largest producer of eucalyptus pulp and the largest manufacturer of household paper in Latin America. It has its administrative headquarters in São Paulo (SP) and operates seven industrial units in Brazil, three in the state of São Paulo (Limeira and two in Suzano), one in Bahia (Mucuri), one in Maranhão (Imperatriz),one in Pará ( Belém)and one in Ceará (Fortaleza). The company has 9,000 employees and 11,000 service providers operating in a forest area of 1.3 million hectares, of which 570 thousand hectares are planted forests (concentrated in the states of Bahia, Espírito Santo, São Paulo, Minas Gerais Gerais, Maranhão, Tocantins, Pará and Piauí). Within the forest base, 542 thousand hectares are of preservationareas. Suzano also diversified its operations. Through FuturaGene, the company entered the biotechnology sector, becoming the first company in the world to obtain approval for the commercial use of genetically modified eucalyptus, fluff cellulose (used for the production of diapers and absorbents), lignin (potential substitute for petroleum derivedproducts with high aggregate valueapplications) and tissue (production of paper for sanitary purposes). In São Paulo, the first factory starts operating The first company Suzano diversifies Leon Feffer starts 1941 Inauguration of in the sector to go operation: operations in the commercial offices in public commercial paper USA, Switzerland and Biotechnology, Fluff, industry 1980 China Tissue and Lignin 1921 2006/2007 2015 1924 1964 1992 2014 Registration approved by the 2018 Board of Trade. Suzano makes their first Inauguration of a new plant Industrial Unit in Suzano announces exportation od Cellulose to in Imperatriz, Maranhão Mucuri, Bahia, corporate reorganization Argentina begins operations with Fibria Source: Site Suzano Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 17 of 46

July 10, 2018 4 The Company and the Transaction Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Company Overview 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information Suzano GlobalPresence: Abroad, Suzano Papel e Celulose is present in more than 15 countries. In addition to Brazil, Suzano has a commercial office in China, and subsidiaries in the United States, Switzerland, England, Argentinaand 21 distributioncenters spread across 3 continents(Asia, North Americaand Europe). Administrative Headquarters Industrial Unit Source: Site Suzano Source: Site Suzano Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 18 of 46

July 10, 2018 4 The Company and the Transaction Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Company Overview 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information Fibria Fibria was formed from the acquisition of Aracruz Celulose S.A. by Votorantim Celulose e Papel S.A., where were then consolidated and formalized as one company on September1, 2009. The company is the largest producer of eucalyptus pulp in the world, with a production capacity of 7.3 million tons per year and operating through industrial units located in Aracruz (ES), Jacareí (SP), Três Lagoas (MS) and in Eunápolis (BA), city in which Veracel, joint-operation with Stora Enso, is headquartered. Fibria’s production, which is exported to 35 countries, is generated from 1,056 million hectares of forests, 633,000 hectares of planted forests, 364,000 hectares of preservation areas and 59,000 hectares for other purposes. The pulp manufactured by the company is raw material for different segments of products, among them, education, hygiene, healthand cleaningmaterials. GlobalPresence: Timeline: Fibria was created as a result of the acquisition of Aracruz by 2009 VototantimCelulose e Papel. Start of operations in Horizonte 1 Fibria enters the New Market of 2010 BM&F Bovespa (actual B3) 2012 Fibria affirms their strategy with the Canadian company Ensyn Approval of the expansion project 2015 Horizonte 2, in Três Lagoras—MS Fibria iniciates operations for the 2017 project Horizonte 2 Suzano announces corporate 2018 reorganization with Fibria Source: Site Fibria Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 19 of 46

July 10, 2018 4 The Company and the Transaction Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Description of the Transaction 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information The Transaction On March 16, 2018, Suzano and Fibria announced the conclusion of an agreement between Suzano Holding SA and other controlling shareholders of Suzano, with the controlling shareholders of Fibria (Votorantim SA and BNDES Participações SA), regarding the realization of the combination of the base shareholders’ equity through a corporate reorganization. This reorganization will result in the conversion of Fibria into a wholly owned subsidiary of Suzano and the receipt by all Fibria shareholders of (i) a portion of approximately R $ 29.0 billion, to be adjusted and paid as provided in the Protocol and Justification of the Transaction, and (ii) 255 million new common shares issued by Suzano, to be adjusted as provided for in the same Protocol. The resulting company will have 37,000 employees (direct and third-party), with assets in Brazil and worldwide. In total there will be 11 industrial units, with production reaching 11 million tons of pulp and 1.4 million tons of paper. The annual export volumes will total R $ 18 billion and investment of R $ 6.4 billionprojected for the year 2018. Controlling shareholders of the two companies defined that Fibria’s shareholders will receive R $ 52.50 per share, adjusted by the CDI until the date of consummationof the transaction.In addition, they will receive0.4611 Suzano commonstock, adjusted according to transaction documents. After the conclusion of the operation, which will only happen after the approval during the Shareholders’ Meetings of the two companies and the analysis of the regulatory agencies, the resulting company will become the largest agribusiness company in the country and the fifth largest non-financialcompanyin Brazil New shareholder composition: Suzano Papel e Celulose Other Shareholders BNDESPar (11.1%) Votorantim (5.6%) (46.4%) (36.9%) Suzano Papel e Celulose S.A. (100%) Fibria Celulose S.A Source: Site Suzano e Economia Estadão Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 20 of 46

July 10, 2018 4 The Company and the Transaction Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Historical financial information 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information Summary of historicalfinancialstatements Historical Income Statement (R$ millions) Incomestatement dec-15 dec-16 dec-17 mar-18 Fibria’s operating revenue comes from sales of bleached eucalyptus pulp, both in Brazil and abroad. The Net revenue 10,081 9,615 11,739 3,693 sales in foreign markets represent 89.9% of total revenue. Net revenue presented to CAGR of 20.2% Operational costs (4,013) (5,148) (6,070) (1,597) between 2014 and March 2018 (annualized), with a reduction observed in 2016. The volatility of Gross profit 6,068 4,467 5,669 2,096 Operational expenses (652) (1,056) (1,146) (314) internationalcommodityprices as well as exchangerates directlyaffectthe Company’s revenue. EBITDA 5,416 3,411 4,523 1,782 Depreciation, amortization, In 2016, the drop in net revenue of 4.6% was due to lower average net price in dollars. In 2017, it totaled (1,892) (1,983) (2,205) (620) and exhaustion R $ 12 billion, 22.1% more than in the previous year, due to the higher sales volume, with the start of EBIT 3,524 1,428 2,318 1,162 Horizon 2 Project operations at the end of August 2017, and at a net average price, in dollar , 18.0% Financial result (3,685) 1,616 (783) (270) EBT (161) 3,043 1,535 892 higher than the previousyear. Income taxes 518 (1,380) (442) (277) Net income 357 1,663 1,093 615 The first quarter of 2018 showed a growth of 78.1% in relation to the first quarter of 2017 and a decrease Revenue growth 42.3% -4.6% 22,1% 25,8% of 8.7% compared to the fourth quarter of 2017. According to Management, despite solid demand, the quarter was affected by technical issues, unavailability of wood and freight. Additionally, the quarter had Gross margin 60.2% 46.5% 48,3% 56,8% scheduled shutdowns for maintenanceand inspection. EBITDA margin 53.7% 35.5% 38,5% 48,3% Historical Balance Sheet (R$ millions) The gross margin presented an average of 51.9% and the EBITDA margin of 45.2% between 2014 and Assets dec-15 dec-16 dec-17 mar-18 March 2018. Margins also showed volatility during the period. The operational costs presented in 2017 Cash and equivalents 1,078 2,660 4,052 2,852 increased by 17.9% compared to 2016, due to the higher volume sold, including the pulp volume of the Marketable securities 1,412 2,033 2,619 2,977 Financial instruments 27 257 124 82 Horizon 2 project and the one-year volume of Klabin’s contract, which was partially offset by the Accounts receivable 742 635 1,193 1,281 reduction in the cost of wood at the Aracruz plant and by the impact of the lower number of scheduled Inventory 1,571 1,638 2,080 2,589 plant shutdowns in 2017 compared to 2016. Recoverable taxes 463 144 273 399 Other assets 168 150 189 248 Comparing the first quarter of 2018 with the first quarter of 2017, the reduction of 6.0% in unit was due to Current 5,461 7,517 10,530 10,346 Non current 23,973 26,923 28,163 27,787 the lower cost of wood, reduction of fixed costs and higher result of utilities (energy sales) as a result of Total assets 29,434 34,440 38,693 38,133 the Horizon 2 operation. Liabilities dec-15 dec-16 dec-17 mar-18 Net non-financial working capital over net revenue averaged 32.6% between 2014 and 2017. The Loans and financing 1,073 1,138 1,693 1,118 accounts considered in the Company’s net working capital are: accounts receivable, inventories, other Derivative instruments 303 246 152 132 assets, recoverable taxes, supplier advances, accounts payable, wages and charges, taxes and charges Accounts payable – suppliers 668 1,127 1,718 938 Accounts payable – Klabin—740 1,392 1,527 payable and other payable accounts. Salaries and social fees 171 168 202 113 Recoverable taxes 564 85 246 124 The Company’s gross debt rose during the construction of Horizon 2 and was at the level of R $ 19 Dividends payable 86 397 262 262 billion on the base date, of which approximately 58% is in dollars. The main funding lines are Other accounts payable 90 122 125 207 international bonds and CRAs (Agribusiness Receivables Certificates). Cash and cash equivalents Current 2,955 4,023 5,790 4,420 Non current 13,663 16,600 18,254 18,438 totaledR $ 6 billionon the base date Shareholder’s Equity 12,815 13,818 14,650 15,275 Total liabilities 29,433 34,440 38,693 38,133 Source: Fibria’s Financial Statements Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 21 of 46

July 5 10, 2018 Projected Financial Information Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 22 of 46

July 10, 2018 5 Projected Financial Information Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Net Revenue 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Net Revenue (R$ billions) Fibria’s operating revenues are derived from sales of eucalyptus pulp, both in Brazil and from the international market. Operating revenue is comprised of sales from Fibria’s own plants, sales of the Klabin plant, and revenues from the Portocel concession, which is a private terminal specializingin pulp shipment located in the municipalityof Barra do Riacho, Espírito Santo. The projected net revenue shows a CAGR of 5.4% over the 10-year period, between 2017 and 2028, starting from a growth of 49.3% in 2018, when the Horizon 2 plant begins its operations and continues throughout the projected period, reaching 3.9% after 2024, when growth reflects only price increases accompanyingprojectedBrazilianinflation Further details of the projectionare illustratedon the nextpage, with the description of the mainprice and volumeassumptions. Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 23 of 46

July 10, 2018 5 Projected Financial Information Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Revenue Premises- Volume 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Volume of Cellulose Sold (millions of tons) The volume of pulp sales in 2017 totaled 6.2 million tons, of which 324 thousand tons came from the start up of Horizonte 2 and 900 thousand tons from the contractwith Klabin Fibria has a long-term take-or-pay agreement with Klabin fro pulp, signed in May 2016, under differentiated conditions in terms of volume, exclusivity, guarantees and payment terms in up to 360 days. prices were practiced under market conditions. The agreement establishes a firm commitment of acquisition by Fibria of the minimum volume of 900 thousand tons per year for 4 years and 2 years of gradual reduction, with the volumes of the fifth year and sixth being equivalent to 75% and 50% of the initial volume. This agreement is established so that Fibria’sEBITDA marginon this volumeis approximatelyzero. In the first quarter of 2018 the volume sold was less than the fourth quarter of 2017 due to scheduled outages in the period. In this quarter, around 190 thousand tons from the Klabinplant were sold The projectionsconsider the operation in full capacity of Horizonte 2 from 2019 and the volumesstated in the contracts with Klabin Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 24 of 46

July 10, 2018 5 Projected Financial Information Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Revenue Premises- Prices 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Sales Price of Cellulose * The historical sales price in R$/ton is illustrative and represents the sales price in U$D/ton converted to R$/ton using the average historical exchange rate. The list price for pulp sales was based on FOEX Europe prices projected by market analysts up to 2022, weighted by Fibria’s regional sales mix. Startingin 2023, the dollar list price was readjusted by the expectationof inflationrate North-American. On the list price, a discount of 21% was considered during the entire projectiveperiod, according to historicallyobserved percentage. For conversion into Reais, the average exchange rate projected by the BACEN was used until 2022. From 2023 it was considered that the exchange rate would accompanythe long-term inflationdifferential. Since the projected exchange rate significantly impacts the Company’s results, we performed a sensitivity analysis for this variable. Please, refert to the SensitivityAnalysis section for more information. Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 25 of 46

July 10, 2018 5 Projected Financial Information Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Operational Costs and Gross Margin 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Operational Costs and Gross Margin (R$ billions) Main premises: Mix of OperationalCosts (%) Fibria’s operating costs are composed of cash costs and freight costs. The operating costs of Fibria and Klabin were analyzed separately. Fibria’s cash cost represents an average of 69.4% of total projected operating costs. The cost compositionis shown in the graph to the right. Freight cost was projected taking into account the average freight price in dollars observed until 2017, adjusted for the US inflation rate. There was a significant increase in these costs in 1Q18, according to the Administration, due to an organizational problem that resulted in a much higher contracting of freight at higher cost. The unit cost was projected based on the costs obtained in 1Q18, which already reflect the reductions referring to the start-up of Horizonte 2, they were also adjusted so that the costs incurred during this period are distributed in the annual cost. Additionally,this cost includesthe Brazilianinflationrate. The gross margin averaged 59.8% during the projection period, from 57.8% in December 2018 to 62.2% in 2028. Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 26 of 46

July 10, 2018 5 Projected Financial Information Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Operational Expenses and EBITDA Margin 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Main premises: Mix of Operational Expenses (%) Fibria’s operating expenses consist of selling expenses; administrative; and other operating expenses. The most representative expense is the sales expense, which represents 55.9% of total projected operating expenses for the period. The breakdown of expenditures is shown in the chart to the side Operating expenses were projected according to their fixed and variable nature: employee benefits were considered as 100% fixed; third-party services and others, 50.0% fixed; selling expenses as 5.0% fixed; operating lease and insurance as 2.0% fixed; and, donations and sponsorships, taxes, fees and contributions, and participation as 100% variable. The fixed portion was readjusted in line with the Brazilian inflation rate, while the variable portion was projected to grow in line with net revenue. EBITDA margin averaged 54.7% during the projection period, from 53.1% in December 2018 to 57.5% in 2028. Operational Expenses and Margin EBITDA (R$ billions) Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 27 of 46

July 10, 2018 5 Projected Financial Information Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Depreciation and CAPEX 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial CAPEX (R$ billions) Main premises: Depreciation of property, plant and equipment and amortization of biological assets were projected based on the balances and useful lives of the existing assets at the base date of the valuation, based on the average rate of 5.1% pa. for fixed assets and 14.3% a.a. for the biological assets. The same average depreciation rate of the existingassets was used for the new investments. CAPEX was projected based on the reinvestment rate of 100.0% of depreciation of property, plant and equipment and amortization of biologicalassets. CAPEX for biological assets refers to the replanting of eucalyptus trees, after cutting, when they reach maturity of 7 years. The amortization rate for biological assets accompanies the expected 7 years for tree maturity. Depreciation (R$ billions) Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 28 of 46

July 10, 2018 5 Projected Financial Information Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Income taxes 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Income taxes (R$ billions) Main premises: The direct taxes were projected according to the current legislation, considering the Real Income approach, presenting the following rates of Corporate IncomeTax (IRPJ) and Social Contributionon Net Income(CSLL): i. IRPJ: calculated according to the current Brazilian legislation (Law No. 9,430 of December 27, 1996), there is a 15.0% incidence on Earnings before Taxesand 10.0% on the portion of the excess income to R$ 240 thousand per year; and ii. CSLL: calculated according to the current Brazilian legislation (Law no. 7,689, dated December 15, 1988), there is a 9.0% incidence on Earnings BeforeTaxes. At the base date, the Company had a balance of tax losses and negative CS base of approximately R$ 500 million, which were fully consumed in 2018. Additionally,the amortizationof the goodwill generated on the purchase of Aracruz, occurs until 2019, reducing the effectiverate in this period. Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 29 of 46

July 10, 2018 5 Projected Financial Information Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Working Capital 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Drivers of Working Capital Main premises: Accounts Drivers dec-16 dec-17 mar-18 Assump. We analyzed the balance sheet accounts and classified the balances between operating and non-operating Accounts receivable days REV 23.8 36.6 30.8 31.2 assets and liabilities; Inventory days COGS 114.5 123.4 145.9 145.9 Other assets % REV 2.7% 2.6% 1.9% 1.9% We calculated the projections of working capital Recoverable taxes % REV 19.4% 18.2% 14.3% 14.4% projections for each item of operational assets and Advanceswith suppliers days REV 24.9 19.8 25.6 25.6 liabilities, and we adopted the indicators for March 2018, Applications according to the nature of each account; Accounts payable – suppliers days COGS 78.8 101.9 52.9 62.3 The increase in working capital in 2023 is the result of Accounts payable – Klabin days COGS 51.8 82.6 86.0 n.a. the closure of the operations with Klabin, which have a Salaries and social fees % REV 1.7% 1.7% 0.8% 0.8% high period in accounts payable; Recoverable taxes % REV 0.9% 2.1% 0.8% 0.8% The Company’s stabilized average working capital Other accounts payables days COGS 27.8 26.3 29.9 29.9 represents approximately33.2% of net revenue. Resources *Rev: Net Revenue ; COGS: Cost of Goods Sold Net Working Capital (R$ billions) Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 30 of 46

July 10, 2018 5 Projected Financial Information Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Cashflow, Perpetuity and Non-Operational Items 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Perpetuity Non-Operational Assets and Liailities and Net Debt (R$ billions) Perpetuity estimates the value of cash flows after the explicit Non operational assets Non operational liability projection period. Given the expectation that the Company will have Financial Instruments 0.4 Dividends payable 0.3 stable cash flows at the end of the explicit period, Gordon’s Related Parts 0.0 methodology is reasonable for calculating perpetuity, based on the Financial Instruments 0.3 Judicial deposits 0.2 Provision for Contingencies 0.1 cash flow of the last explicit period, a long-term growth rate and a Deferred Taxes 0.5 Total 0.7 discount rate. Investments 0.2 Net debt For the calculation of the perpetuity value, the percentage growth (g) Total 1.3 of 3.9% a.a. was considered, based on long-term inflation, calculated Cash and equivalents 2.9 by the Central Bank. In this way real growth was considered zero after2028. Marketable securities 3.1 Loan Financing (18.9) The percentage of 3.9% a.a. (g) was subtracted from the discount Total (12.9) rate of 10.2%, to obtain the capitalizationrate of 6.3%; The values considered for the non operational items refer to the book value The capitalization rate was used to estimate the perpetuity value, registered on the Company’s balance sheet, as of the reference date. based on the constant growth model, as shown below It was not consider any non accounted asset or liability contingencies, insufficiencies, superveniences, or fair value of those items. If the fair value of the non operational items net of tributary effects were considered, the total non operational adjustments would result in a decrease of approximately R$ 780 millions. Present Valueof the Perpetuity Discounted Cash Flow (R$ billions) Discount Factor Terminal Cash Flow Cap. rate in thelast period Cap. rate = Discount Rate – g Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 31 of 46

July 6 10, 2018 Valuation Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 32 of 46

July 10, 2018 6 Valuation Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Discount Rate 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information Relevered Beta 0.98 1 Market risk Premium 6.0% 2 Risk Free Rate (RF USA) CAPM 2.8% 3 CAPM 13.2% 67,3% (Ke) Country Risk – EMBI + 2.5% 4 WACC Specific Risk Premium 10.2% 0.0% 5 Inflation Differential 1.9% 6 Debt after taxes 32.7% Cost of Debt Debt before taxes 4.0% (Kd) %6.0 7 Notes: [1] Source: EY based on research using S&P Capital IQ [2] Source: EY LLP – market risk premium is based on expectations, historical information, and future market risk [3] Source: Based on the 20 year T-bills, from the Federal Reserve [4] Source: JP Morgan, data available via Ipeadata [5] Source: Duff & Phelps – size premium [6] Source: Central Bank of Brazil and Oxford Economics [7] Source: Average cost of debt divulged by Fibria on the base date Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 33 of 46

July 10, 2018 6 Valuation Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Estimation of Value – Base Scenario 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information Compositionof Value- Base Scenario According to the assumptions described, the valuation Base Scenario (R$ millions) 10.0% 10.2% 10.5% results obtained are shown in the table opposite. Ó | Present value of cashflows 23,165 22,969 22,690 For the sensitivity analysis of the discount rate, we calculated the WACC at a value of 10.2%, within the Present value of the perpetuity 29,029 27,559 25,611 range of 10.0% to 10.5% . OperationalValue (EV) 52,193 50,528 48,301 Non-operationalassets and liabilites 516 516 516 Net Debt (12,972) (12,972) (12,972) Valueof total capital 39,782 38,116 35,889 Premiumover MarketCap – base date 10.6% 6.0% -0.2% Source: EY Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 34 of 46

July 10, 2018 6 Valuation Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Estimation of Value – Sensibility Analysis 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information Composition of Value—Sensibility of the projectedExchange rate In order to measure the effect of exchange rate variation Compositionof value(R$ millions) +1% Base -1% on the Company’s value, we calculated the sensibility by varyingthe projected exchangerate by +1% and -1%. Ó | Present value of cashflows 23,589 22,961 22,349 The obtained results are presented on the right, considering a 10.2% WACC discount rate. Present value of perpetuity 28,301 27,566 26,817 OperationalValue(EV) 51,889 50,528 49,166 Non-operationalassets and liabilites 516 516 516 Net debt (12,972) (12,972) (12,972) Total valueof capital 39,478 37,413 36,754 Source: EY Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 35 of 46

July 10, 2018 6 Valuation Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Estimation of Value – Analysis of Prices 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information Composition of Value—Sensibility of the projectedprices of cellulose In order to measure the effect of cellulose price variation Compositionof value(R$ millions) +1% Base -1% on the Company’s value, we calculated the sensibility by varying the projected cellulose price in Reais by +1% and Ó | Present value of cashflows 23,646 22,961 22,276 -1%. The obtained results are presented on the right, Present value of perpetuity 28,381 27,566 26,751 considering a 10.2% WACC discount rate. OperationalValue(EV) 52,028 50,528 49,027 Non-operationalassets and liabilites 516 516 516 Net debt (12,927) (12,927) (12,927) Total valueof capital 39,616 38,116 36,616 Source: EY Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 36 of 46

July 10, 2018 6 Valuation Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Estimation of Value– Market Capitalization 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information The graph above shows the evolution of the market value of the total capital of Fibria (MarketCap) between January 1, 2017 and June 13, 2018. The mainhighlightsare: • Value on the base date: R$ 35.97 billions; • Minimumvalue(1): low quotationin the period: R$ 13.90 billions • Maximumvalue(1): high quotationin the period: R$ 41.49 billion • Minimumvalue(2): low quotationbetween the base date and 6 previousmonths: R$ 23.70 billions • Maximumvalue(2): high quotationbetween the base date and 6 previousmonths: R$ 39.69 billion Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 37 of 46

July 7 10, 2018 Exhibits Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 38 of 46

July 10, 2018 7 Exhibits Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Income Statement 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 39 of 46

July 10, 2018 7 Exhibits Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Discounted Cash flow 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 40 of 46

July 10, 2018 7 Exhibits Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Discount Rate 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 41 of 46

July 10, 2018 7 Exhibits Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Macroeconomic Premises 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 42 of 46

July 8 10, 2018 Appendix Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 43 of 46

July 10, 2018 8 Appendix Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Declaration of General Limitations 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information 1. Our presentation is based on information and dates of administration of the Company. According to the professional practices, an analysis is derived from the applicationof the IncomeApproach using a Discounted Cash Flow methodology. 2. To achieve the work of Economic Evaluation, on March 31, 2018. The performance indicators are appraised and updated as of March 31, 2018.), as well as projectionsof futureevents. 3. The reports were published by professionalsof the EY with informationby the Administration,as well as by externalsources, when indicated. 4. The team of team professionals may have a financial interest in Fibria and Suzano, thus characterizing their independence. The estimated fees for the executionof this work were not based and havenot had any relationwith the results reported here. 5. This work was developed based on information published by the Company, complemented by non-passive information. This information has been stored true since it is not part of the scope of any type of audit procedure. Because there were no audit parameters, EY is no longer able to assume the role according to historical information. 6. The projections are based on the information extracted from the communications offered by the Administration, the public sessions on the sector and the sessions in meetingsand discussions with the Company. 7. It was part of our work to obtain information with Fibria and with Suzano that we believe to be reliable, being the responsibility for its veracity exclusively of the managementof the companies. 8. No investigationshavebeen carried out on Fibria’stitledeeds, nor any verificationof the existence of liens or encumbrances; 9. EY has no responsibilityto update this report for eventsand circumstancesthat occur after the base date. 10. Our work does not contemplate any process of auditing, due diligence and / or tax advice and, therefore, we do not consider in this evaluation any contingenciesthat are not registered by Fibria at the base date. 11. It was not part of our job to providespreadsheets and / or financialmodels that supported our analysis. 12. The value per quota was not calculated, nor was any control premium considered in the evaluation. Therefore, it was considered that Fibria’s fair value estimaterepresents 100% of its shares. 13. We have not had the opportunity to expose Fibria’s business or assets individually or jointly to the market. As a result, we could not conclude whether there are potential buyers who wish to pay a fee for the deal that exceedsour estimate. 14. Fibria’s fair value expectation / estimate contained in this report was calculated based on the methodology of the CDF which does not necessarily reflect its possible trading price. It is worth mentioningthat the methodologyof the CDF has some limitations, as mentionedin this report. Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 44 of 46

July 10, 2018 8 Appendix Dashboard 6 Valuation 1 Executive Summary 7 Exhibits Declaration of General Limitations 2 Macroeconomic Analysis 8 Appendix 3 Sector Analysis 4 The Company and the 5 Projected Financial Information 15. This report has been prepared for the purpose described in our agreement, and should not be used for any other purpose. EY shall not assume any responsibility forany third party nor shall the report be used outside the stated purpose. 16. Some historical financial information used in our valuation was derived from Fibria’s audited financial statements and is the responsibility of Management. The financial statements may include disclosures required by generally accepted accounting principles. We do not perform an independent verification of the accuracy or completenessof the data providedand we do not giveour opinion or any kind of guarantee as to its accuracy or completeness. 17. We do not assume any responsibility for any accounting or fiscal decisions, which are the responsibility of Suzano. We understand that Suzano assumes responsibility forany accountingor tax mattersrelated to the Transaction, and forthe final use of our Report. 18. Any user of this report must be aware of the conditions that guided this work, as well as the market and economic situations of Brazil, at the base date of the evaluation. 19. According to our contract, before the report is issued in final version, Suzano send us a letter of representation signed, confirming to be in agreement with the EY to the principal assumptions used in the analysis of the assessment of Fibria and not have knowledge of any relevant information that could change our conclusions. 20. Our evaluation is based on elements that are reasonably expected, so it does not take into account possible extraordinary and unforeseeable events (new regulationsfor companies,changes in tax legislation,natural disasters, politicaland social events, nationalizations, among others ). 21. Our assessment was based on best available information and estimates. However, since any projection encompasses risks and uncertainties, actual results may differfromprojections. 22. Factors that may result in differences between projected cash flows and actual results include changes in the external environment, changes in the Company’s internal operating environment, and modeling differences. The CDF method does not anticipate changes in the external and internal environments in which the company is inserted, exceptthose pointed out in this report. Suzano Papel e Celulose S.A.: Financial Economic Valuation of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 45 of 46

EY | Audit | Tax| CorporateTransactions | Consulting AboutEY EYis a global leader in Audit, Tax, Corporate Transactions and Consulting services. Our insights and the quality services we provide help build confidence in the capital markets and economies around the world. We develop exceptional leaders who work in teams to fulfill our commitments to all stakeholders. With this, we play a key role in building a better business world for our people, our customers and our communities. EY refers to the global organization and may also refer to one or more member firms of Ernst & Young Global Limited (EYG), each of which is an independent legal entity. Ernst & Young Global Limited, a privately held company incorporated in the United Kingdom and limited by guarantee, does not provide services to customers. For more information about our organization, visit ey.com. © 2018 EYGM Limited. All rights reserved. www.ey.com.br

(A free translation of the original in Portuguese)

(This report is not deemed filed under the Securities Act of 1933)

Eucalipto Holding S.A.

Valuation report on the net book value

based on the accounting books

at March 31, 2018

(A free translation of the original in Portuguese)

(This report is not deemed filed under the Securities Act of 1933)

Valuation report on the net book value

based on the accounting books

To Shareholders and Managers

Eucalipto Holding S.A.

Qualification of the audit firm

Objective of the valuation

Management’s responsibility for the accounting information

PricewaterhouseCoopers, Av. Francisco Matarazzo 1400, Torre Torino, São Paulo, SP, Brasil, 05001-903, Caixa Postal 61005,

T: +55 (11) 3674 2000, www.pwc.com.br

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(A free translation of the original in Portuguese)

(This report is not deemed filed under the Securities Act of 1933)

Scope of the works and responsibility

of the independent auditor

Conclusion

Emphasis of matter

São Paulo, July 10, 2018

/s/ PricewaterhouseCoopers

PricewaterhouseCoopers

Auditores Independentes

CRC 2SP000160/O-5

/s/ Tadeu Cendón Ferreira

Tadeu Cendón Ferreira

This attachment is an integral and inseparable part of the valuation report on the net book value based on the accounting books of Eucalipto Holding S.A., issued by PricewaterhouseCoopers at July 10, 2018.

The balance sheet of March 31, 2018 was prepared for the assessment of the net book value of Eucalipto Holding S.A. (“Company”), in the context of the merger of the Company into Suzano Papel e Celulose S.A. (“Suzano”) on a future date, in accordance with the terms of Voting Commitment and Assumption of Obligations, as described below.

The balance sheet of March 31, 2018 was prepared and is presented in accordance with the accounting practices adopted in Brazil, including the pronouncements issued by the Accounting Pronouncements Committee (CPC).

Voting Commitment and Assumption of Obligations

On March 15, 2018, Suzano Holding S.A., jointly with the other controlling shareholders of Suzano (jointly, the “Controlling Shareholders of Suzano”), entered into with the controlling shareholders of Fibria Celulose S.A. (“Fibria” and, jointly with Suzano, the “Companies”), Votorantim S.A. and BNDES Participações S.A.—BNDESPAR (“BNDESPAR”) (jointly, the “Controlling Shareholders of Fibria”), with Suzano as intervening consenting party, a Voting Commitment and Assumption of Obligations, whereby the Controlling Shareholders of Suzano and the Controlling Shareholders of Fibria agreed to exercise their voting rights to combine the operations and shareholder bases of Suzano and of Fibria, through a corporate restructuring.

A corporate restructuring will be submitted to the shareholders of Suzano and of Fibria, which will result in the following: (a) the ownership, by Suzano, of all shares issued by Fibria; and (b) the receipt by the shareholders of Fibria, for each common share issued by Fibria, of (i) fifty-two reais and fifty centavos (R$ 52.50), adjusted by the variation in the CDI rate as from March 15, 2018 to the effective payment date, to be paid in one single installment on the consummation date of the transaction and (ii) 0.4611 common share issued by Suzano, also to be delivered on the consummation date of the transaction.

Eucalipto Holding S.A., a wholly-owned subsidiary of Suzano, was acquired with the purpose of facilitating the aforementioned business combination, as part of the corporate restructuring, which includes its merger into Suzano Papel e Celulose S.A., as described in Note 2.

The shareholders of Fibria holding American Depositary Receipts (“ADRs”) will be entitled to receive ADRs in Suzano, observing the same exchange ratio. To do so, Suzano will adopt measures to obtain (i) the registry of the transaction (or the exemption thereof, as applicable) with the U.S. Securities and Exchange Commission; and (ii) the listing of the ADRs of Suzano in the same listing segment of the New York Stock Exchange where the ADRs of Fibria currently are listed.

This attachment is an integral and inseparable part of the valuation report on the net book value based on the accounting books of Eucalipto Holding S.A., issued by PricewaterhouseCoopers at July 10, 2018.

Once the transaction is consummated, the shares and the ADRs issued by Fibria will no longer be traded on the B3 S.A. and on the New York Stock Exchange, respectively.

In accordance with the Voting Commitment, in the event that any restrictions imposed by the antitrust authorities of Brazil and/or other countries are excessively burdensome, Suzano may opt not to consummate the transaction, upon payment to Fibria of a break-up fee equivalent to R$ 750 million. The break-up fee may involve certain other conditions of non-consummation of the transaction, as expressly provided for in the Voting Commitment.

The consummation of the transaction requires the applicable corporate approvals and fulfillment of the conditions precedent envisaged in the Voting Commitment and Assumption of Obligations, including approval by the antitrust authorities of Brazil and other countries.

The consummation date of the transaction will correspond to the 45 ^th day as from publication of the corresponding notice to the market indicating that the conditions precedent have been fulfilled.

The main accounting policies applied while preparing the balance sheet are presented below.

Cash and cash equivalents

Cash and cash equivalents encompass balances in cash and banks and financial investments that mature within less than 90 days from the date of the transaction, and which are subject to insignificant risk of having their values changed.

Eucalipto Holding S.A., a wholly-owned subsidiary of Suzano, was acquired with the purpose of facilitating the business combination described on Note 1, especially the corporate restructuring. As such, the merger of the Company by Suzano is expected to take place after certain transactions. The following table describes the pro forma accounting balance sheet, as per the pro forma individual balance sheet of Eucalipto Holding S.A. and corresponding limited assurance report of the independent auditor, issued on July 10, 2018, that would be submitted for the merger into Suzano, considering that the condition precedent of the business combination had been fulfilled on March 31, 2018.

This attachment is an integral and inseparable part of the valuation report on the net book value based on the accounting books of Eucalipto Holding S.A., issued by PricewaterhouseCoopers at July 10, 2018.

Balance sheet - pro forma

(R$ thousands) - Unaudited

Description of balances/adjustments:

This attachment is an integral and inseparable part of the valuation report on the net book value based on the accounting books of Eucalipto Holding S.A., issued by PricewaterhouseCoopers at July 10, 2018.

The above final pro forma balance represents the net book value of the Company, to be merged into Suzano, if the condition precedent of the business combination, as described in Note 1, had been fulfilled on March 31, 2018. The actual amounts of the merger, if and when it is concluded, will vary in relation to the pro forma balance described above, especially in relation to: (i) the updated amount of paid-in capital; and (ii) the number and fair value of Suzano shares to be given to Fibria shareholders, both determined on the consummation date of the transaction.

*            *             *

This attachment is an integral and inseparable part of the valuation report on the net book value based on the accounting books of Eucalipto Holding S.A., issued by PricewaterhouseCoopers at July 10, 2018.

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ANNEX 4.7

TO THE PROTOCOL AND JUSTIFICATION OF MERGER OF SHARES

ISSUED BY FIBRIA INTO EUCALIPTO HOLDING S.A., FOLLOWED BY

MERGER OF EUCALIPTO HOLDING S.A. INTO SUZANO PAPEL E CELULOSE

Suzano Papel e Celulose S.A. Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 10 July 2018

Ernst & Young Assessoria Empresarial Ltda. Av. Presidente Juscelino Kubitschek, 1909 Torre Norte—10º andar 04543-011 – São Paulo – SP Telefone: +55 11 2573-3000 www.ey.com.br Suzano Papel e Celulose S.A. A/C: Daniel Nascimento Av. Brigadeiro Faria Lima, 1355—8 andar São Paulo – SP, Brazil July 10, 2018 01452-919 Valuation of Shareholder’s Equity at Market Prices of Suzano Papel e Celulose S.A. As requested, Ernst & Young Assessoria Empresarial Ltda. (“EY”) presents the appraisal report of the Shareholders’ Equity at market prices of Suzano Papel e Celulose SA (“Suzano” or “Company”), as of March 31, 2018 (the “base date”), . We understand that Suzano will use this report only as a basis for calculating the replacement ratio of the shares of Eucalipto Holding SA (“Eucalipto”) for Suzano shares, as provided for in article 264 of Law 6,404 / 76, (“S. As. “), In the context of the transaction (“ Transaction “) of the combination of the operations of Suzano and Fibria Celulose SA (“ Fibria “). Eucalipto is a subsidiary of Suzano, which at the base date had only the cash assets in the amount of R $ 200.00 (two hundred Reais), which will be used in the corporate reorganization to enable the Transaction. As part of the Transaction, Eucalipto will incorporate all of Fibria’s shares and will subsequently be merged into Suzano, with its consequent extinction. In this context, our estimate of value should not be considered as an investment advice or recommendation or any transaction involving the Company’s capital, fairness, or used for financing / raising funds, as well as any other purpose except as described above . This Report contemplates the objective, scope, procedures and methodologies used, as well as the main assumptions that involved calculating the estimate of Shareholders’ Equity at Suzano’s market prices. We emphasize that we did not investigate independently, nor was any audit process applied to the information provided by Suzano, notably the Balance Sheet of the base date. It should be noted that the closing of the Transaction depends, among other precedent conditions, on the prior approval by the Brazilian Defense Authorities (CADE) and other specific countries. In this context, until the close of the Transaction occurs, among other things, any exchange or sharing of competitively sensitive information between Fibria and Suzano is not permitted. In this way, it should be noted that for this exercise, public information, made available on the Suzano website, was taken into account, complemented by some specific data shared by Suzano’s management (“Administration”), limited to non-competitive information. We assume that the management of Suzano consistently analyzed the factors presented herein, and did not omit any relevant information, which could significantly impact the results of our work. Thank you for the opportunity to collaborate with Suzano. If you have any questions or require additional information, please contact Ms. Andrea Fuga or Ms. Roberta Tedesco at +55 (11) 2573 5639. Regards, ________________________ ___ Andrea Fuga Roberta Tedesco Partner of Valuation Executive Director of Valuation pel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 2 of 59

10 July 2018 Dashboard Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Table of Contents 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... Dashboard Executive Macroeconomic Sector Analysis Summary Analysis 1 2 3 Page 4 Page 5 Page 8 Page 10 The Company Valuation of Exhibits Appendix and the ... Shareholder ... 4 5 6 7 Page 16 Page 21 Page 30 Page 39 Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 3 of 59

10 July 2018 Dashboard Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Highlights 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Main Assets and Liabilities at Market Value R$ 12.5 bi R$ 3.8 bi R$ 16.2 bi Equity book value Adjustments Equity at market prices R$ 16.4 bi R$ 6.0 bi R$ 22.4 bi Fixed assets book value Adjustments Fixed assets fair value R$ 12.6 R$ 1.2 bi R$ 13.8 bi Loans and financing Adjustments Loans and financing fair value R$ 3.4 bi—R$ 3.4 bi Cash and financial applications Adjustments Cash and financial applications fair value R$ 4.6 bi—R$ 4.6 bi Biological assets Adjustments Biological assets fair value R$ 3.7 bi R$ 0.3 bi R$ 4.0 bi Accounts receivable and inventory Adjustments Accounts receivable and inventory fair value R$ 1.9 bi (R$ 0.8) bi R$ 1.0 bi Net deferred taxes Adjustments Deferred taxes fair value Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 4 of 59

1 Executive Summary Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 5 of 59

10 July 2018 1 Executive Summary Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Executive Summary 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Objective Scope of Work General Assumptions â–º Suzano is the second largest global â–º Discussions with Suzano executives and â–º The value of Shareholders’ Equity at Market producer of eucalyptus pulp and the largest employees; Prices is defined by CVM Instruction 436 as producer of domestic paper in Latin the amount calculated based on the sale or America. â–º Obtaining Suzano’s historical accounting, settlement of the assets and separately operating and financial data; payable under the following conditions: â–º Fibria is a Brazilian company, the world leader in the production of bleached â–º Analysis of the market in which the a) the market value must correspond to the eucalyptus pulp. With a production Company is inserted; value expressed in cash or equivalent by capacity of 7.3 million tons per year, the â–º Individual valuation of relevant assets which the property (or any other asset or company exports pulp to more than 35 and liabilities, recorded in the Company’s liability) could be exchanged between a countries. equity position on the base date, at prone buyer and a prone seller, with market value, according to the reasonable knowledge of both and no â–º In March 2018, Suzano and Fibria methodologies described in this report. compulsion to buy or sell by one or both; announced the combination of their and business, through which Fibria will become It should be noted that this work does not a wholly-owned subsidiary of Suzano. contemplate changes in the external or b) the value of the assets shall be valued by internal environments in which Suzano reference to market prices under orderly â–º The objective of this work is to evaluate operates, besides those to be explained in settlement conditions or “cash Suzano’s Shareholders’ Equity at the base this report. equivalents”, ie, no account shall be date of March 31, 2018, in order to base taken of the winding-up amount under the calculation of the replacement ratio of forced sales conditions at any cost. “ Fibria’s shares for Suzano shares, as provided for in article 264 of the Brazilian â–º The Balance Sheet used was the Corporate Law Consolidated version, dated March 31, 2018, as published in the ITR (Quarterly Information) of the Company. â–º Base date: March 31, 2018 â–º Currency: Reais (BRL) in nominal terms â–º Relevance: Only items representing more than 1% of total asset value were adjusted. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 6 of 59

10 July 2018 1 Executive Summary Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Estimation of Value 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... Equity Before and After Adjustments (R$ millions) Composition of Adjustments (R$ millions) (=) Equity Book Value 12,458 (+) Credit Adjustment to Equity 6,067 (-) Debit Adjustment to Equity (344) (+/-) IR/CS Adjustments (1,946) (=) Market Value of Equity 16,235 Source: EY Conclusion Based on the information received and the work performed, our valuation resulted in an estimate of Suzano’s Shareholder Equity at market prices of approximately BRL 16,235 million, as of the base date of March 31, 2018. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 7 of 59

10 2 July 2018 Macroeconomic Analysis Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 8 of 59

10 July 2018 2 Macroeconomic Analysis Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Macroeconomic Analysis 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder IPCA Historic and Projected Macroeconomic analysis provides a gap for the reduction of the level of the basic interest rate, which may allow greater The analysis below refers to the expectations in investments by companies. (Copom meeting of force on the base date, according to information March 21, 2018). For the coming years the Selic is published by the Focus Bulletin of BACEN, Getúlio expected to stabilize at a level of approximately 8% Vargas Foundation (FGV), Oxford Economics and a.a. JP Morgan. Exchange rate BRL / USD Brazilian Economy The exchange rate closed the month of December Economic activity 2017 at 3.31 BRL / USD. Market expectations on the base date indicated an average rate of 3.28 According to the expectations provided by the BRL / USD for 2018 and 3.35 for 2019. However, Bank on March 30, 2018, GDP grew by 1.0% in in May and June 2018, due to the increase in 2017 and is expected to be 2.8% in 2018. Real political instability in the country, the projections long-term GDP growth was expected to be 2.7% were changed to 3.63 BRL / USD in 2018 and 3.45 aa this same date. in 2019. Source: Central Bank of Brazil Inflation Risk-Brazil The official inflation index, IPCA, closed the year of The index shows the daily performance gap of US Exchange Rate Historic and Projected 2017 at 2.9%. According to the market and emerging-market debt securities and is an expectations presented by the Bank at the base indicator of the financial health of the country in date, the IPCA should reach 3.6% in 2018 and question. The index ended March at 239 basis 4.1% in 2019. The expected stabilization in the points, indicating a difference of 2.39pp. between medium and long term was 3.9% pa the performance of Brazilian securities and US The General Price Index of the Market (IGP-M), securities. The average for the month was 244 calculated by FGV, closed the year of 2017 by—basis points. 0.5%. The expectation of the Focus Bulletin is that this index reach 4.5% in 2018 and 4.3% in 2019. American Economy Interest Rates Inflation The Monetary Policy Committee (Copom) took into The US inflation index grew in 2017 to 2.1%, as consideration the macroeconomic situation, the well as the expectation for 2018 of 2.5%. The long-outlook for Brazilian inflation and the balance of term expectation in force at the base date was risks, and decided to lower the Selic rate from 1.9% pa 6.8% to 6.5% pa. The Committee understands that Source: Banco Central do Brazil the fall in the expectation of inflation in 2017 Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 9 of 59

3 Sector Analysis Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 10 of 59

10 July 2018 3 Sector Analysis Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Global Cellulose and Pulp Market 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder â–º Between 1990 and 2016, global pulp production grew by 11.0% (185.5 million tons) at a CAGR of 0.4%. However, within the period between 2007 and 2009, production was impacted by the international financial crisis, falling 11.3%. Consequently, with the increase of the world’s stocks, the companies reduced their productions. Since these events, the same pre-crisis levels have not been recovered. â–º The United States is the largest pulp producer in the world, representing 26.3% of the total market with 48.5 millions of tons produced in 2016. As a comparison, US production is triple that of Brazilian production. However, in recent years, the United States and Canada have fallen in production, due to the low competitiveness in the international market, compared with other countries that have gained space in this industry. â–º Of the total products derived from pulp, 31.5% are destined for export and the five largest global exporters are Brazil, Canada, Chile, Sweden and the United States, which represent 63.6% of total exports. In 2013, Brazil became the largest exporter, surpassing Canada, mainly to supply the growing Chinese demand, which is the largest importer of pulp in the world. Only China imports 33.0% of the total produced globally, which assists in supplying demand, not only in Brazil, but also in other South American and European countries. Between 2010 and 2016, Brazil tripled the value of its exports, while Chile, which became one of the main players in South America and a major global competitor due to the good adaptability of both eucalyptus and pine pulp production, grew 98.5% during that same period. â–º Another important aspect of the global pulp industry is the low price volatility of eucalyptus pulp in the international market, varying by 8.0% between 2000 and 2017, which is explained by the high flexibility of pulp producers to adjust the production required for pulp production. demand curve, the industry’s slight cost curve and market prices close to producers’ costs. The 10 largest producers of cellulose in 2016 (millions of tons) Productivity of the forests by country (m³/ha/year) Source: EMIS, Bloomberg, Parllaxis Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 11 of 59

10 July 2018 3 Sector Analysis Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Cellulose in Brazil 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder â–º In Brazil, the two main sources of wood used for pulp production are pine Area of forests planted in Brazil (thousands of hectors) and eucalyptus, accounting for more than 92.5% of the volume produced. The country ranks second in the ranking of pulp producers of all types and first, if only eucalyptus pulp is considered. â–º There are two types of cellulose, with different physical and chemical characteristics. The Fibra Longa cellulose is used in the production of papers that demand more resistance, such as those used in packaging, paper and newspaper. The other type, called Short Fiber, derived mainly from eucalyptus, is used for the production of household papers (printing and writing) and sanitary purposes (toilet paper, paper towels and napkins). About 85.0% of the total Brazilian production corresponds to Fibra Curta pulp. â–º In 2017, Brazil had the 7th largest area of planted forests certified, covering 6.4 million hectares. In order to promote economic activities and guarantee supplies to local industries, in July 2017, the Government adopted the Annual Forest Granting Plan (PAOF) for 2018, offering a concession of 1.6 million hectares of public forests in the states of Amazonas, Amapá, Pará and Rondônia. Brazil’s competitiveness in this sector is explained, among others, by natural factors such as abundance of land and favorable climatic conditions / soil for planting eucalyptus trees (72.3% of the total area planted). â–º The increase in eucalyptus productivity in the country is a consequence of the high investment and development of innovations in the biotechnology, genetics and forest maintenance techniques. The result is a productivity gain of 30m3 per hectare per year since the 1970s. As a comparison, this productivity gain enabled the industry to use half of the eucalyptus plantation area for the supply used in China. The production of 1.5 million tons of pulp requires 140 thousand hectares in Brazil, one fifth of the area needed in Scandinavia. Source: Parallaxis, EMIS, FSC (Forest Stewardship Council) Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 12 of 59

10 July 2018 3 Sector Analysis Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Cellulose in Brazil 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder â–º The largest state of eucalyptus in Brazil is Minas Gerais, with 24.5% of the total planted area, followed by São Paulo (16.7%), Mato Grosso do Sul (15.5%) and Bahia (10.8% %). Between 2015 and 2016, São Paulo and Minas Gerais had decreases in eucalyptus production of 3.1% and 0.4%, respectively. In contrast, Mato Grosso do Sul and Tocantins had growths of 323.0% and 439.0% between the years 2007 and 2016, with CAGR of 15.5% and 20.6%, respectively. â–º Pine production in Brazil is concentrated in only two states, Paraná and Santa Catarina, which represent 77.0% of the planted area of this variety in the country. However, there is a downward trend in the production of this variety for long cutting time (15 years against 7 of eucalyptus) and its profitability compared to eucalyptus. Area of eucalyptus (%) Area of pine (%) PA MA 2.4% 2.9% MT BA BA 3.3% 10.8% 0.2% GO MG 0.5% MG MS 24.5% ES MS 2.3% ES 15.5% SP 4.1% 0.4% 0.2% SP PR 16.7% 7.8% PR 5.2% 42.5% Outros – 9.2% SC Outros – 0% RS 34.5% RS 5.4% 11.7% Source: EMIS, Parallaxis Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 13 of 59

10 July 2018 3 Sector Analysis Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Cellulose in Brazil 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Production of cellulose in Brazil ( thousands of tons) â–º Between 1991 and 2016, pulp production grew 295.0% in Brazil, with a CAGR of 5.7%, the highest annual growth comparing only the 5 largest pulp producers in the world. If we only consider the period between 2007 and 2017, the growth was 61.9%, with output jumping from 12.0 to 19.4 million tons. In 2018, the growth trend continued in the first three months of the year. Between January and March, pulp production in the country was 5.3 million tons, up 13.0% on the same period last year. The total production value of Brazilian pulp will have a CAGR of 6.1% by the year 2022 due mainly to the increased participation of eucalyptus plantation in the product mix of the companies. â–º In 2017, the volume of pulp exports grew by 2.8% compared to the previous year, rising from 13.5 million tons to 13.9 million tons. The value of exports increased even more significantly, reaching US $ 6.4 billion in 2017, 14.1% higher than in 2016. The factors that supported this movement were the prices practiced in the international market combined with the devaluation of Real, which positively influenced the Source: Parallaxis competitiveness of the Brazilian product. The growth in Chinese and US demand for Brazilian pulp also ensured maintenance levels of Brazilian Projection of exportation of cellulose (US$ millions) exports despite the weakening of the European market. Between 2012 and 2017, the CAGR of the value of exports only to the Chinese market was 15.8%, reaching a total of $ 2.6 billion and 5.5 million tons. Exports to the United States, in the same period, presented a CAGR of 1.5% to a variation in the volume of 3.9%. Source: EMIS Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 14 of 59

10 July 2018 3 Sector Analysis Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Cellulose in Brazil 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder â–º Exports of pulp are projected to increase at a CAGR of 3.4% between Projection of importation of cellulose in Brazil (US$ millions) 2017 and 2022, reaching US $ 7.5 billion. This expansion will be due to the strong demand for eucalyptus pulp in developed and developing countries and the low availability of pulp in the global market due to production inefficiencies and the start-up of new plants, especially in China. â–º Since 2013, Brazilian imports have fallen 51.0%, from 430 thousand to 211 thousand tons. Three factors impacted this change: the devaluation of the Real against the Dollar during this period (increasing exports), the growth of pulp production in the country and the development of resistance and use of short-fiber pulp. However, the trend is that imports of pulp will grow at a CAGR of 6.2% between 2017 and 2022, driven by the growing demand from the national pulp paper industry and the production used for the generation of high value products aggregate. â–º Domestic pulp consumption in 2017 grew 1.6% from 6.2 million to 6.3 million tons, mainly due to the recovery in paper production, which increased the use of raw materials in the domestic market. Domestic Source: EMIS demand corresponds to 33.0% of production, with 94.0% coming from Brazil domestic production and only 6.0% from other countries. Apparent consumption of cellulose in (thousands of tons) Source: Parallaxis Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 15 of 59

4 The Company and the Transaction Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 16 of 59

10 July 2018 4 The Company and the Transaction Dashboard 6 Exhibits 1 Executive Summary 7 Appendix General Vision of the Company 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Suzano â–º Founded 94 years ago by a Ukrainian immigrant named Leon Fefer, the Suzano Group is currently composed of 4 companies from different segments: Suzano Papel e Celulose, Alden Desenvolvimento Imobiliário, MDS Global Insurance & Risk Consultants, and HiperStream, a provider of solutions for data processing and transactional communication. â–º Suzano is a forest-based company, the world’s second largest producer of eucalyptus pulp and the largest manufacturer of household paper in Latin America. It has its administrative headquarters in São Paulo (SP) and operates seven industrial units in Brazil, three in the state of São Paulo (Limeira and two in Suzano), one in Bahia (Mucuri), one in Maranhão (Imperatriz), one in Pará ( Belém) and one in Ceará (Fortaleza). â–º The company has 9,000 employees and 11,000 service providers operating in a forest area of 1.3 million hectares, of which 570 thousand hectares are planted forests (concentrated in the states of Bahia, Espírito Santo, São Paulo, Minas Gerais Gerais, Maranhão, Tocantins, Pará and Piauí). Within the forest base, 542 thousand hectares are of preservation areas. â–º Suzano has also diversified its operations. Through FuturaGene, the company entered the biotechnology sector, becoming the first company in the world to obtain approval for the commercial use of genetically modified eucalyptus, fluff cellulose (used for the production of diapers and absorbents), lignin petroleum products in high value-added applications) and tissue (production of paper for sanitary purposes). In São Paulo, the first factory starts operating The first company Suzano diversifies Leon Feffer starts 1941 Inauguration of in the sector to go operation: operations in the commercial offices in public commercial paper USA, Switzerland and Biotechnology, Fluff, industry 1980 China Tissue and Lignin 1921 2006/2007 2015 1924 1964 1992 2014 Registration approved by the Board of Trade. Suzano makes their first Inauguration of a new plant Industrial Unit in exportation od Cellulose to in Imperatriz, Maranhão Mucuri, Bahia, Argentina begins operations Source: Site Suzano Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 17 of 59

10 July 2018 4 The Company and the Transaction Dashboard 6 Exhibits 1 Executive Summary 7 Appendix General Vision of the Company 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... Suzano Global Presence: â–º Abroad, Suzano Papel e Celulose is present in more than 15 countries. In addition to Brazil, Suzano has a commercial office in China, and subsidiaries in the United States, Switzerland, England, Argentina and 21 distribution centers spread across 3 continents (Asia, North America and Europe). Administrative Headquarters Industrial Unit Source: Site Suzano Source: Site Suzano Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 18 of 59

10 July 2018 4 The Company and the Transaction Dashboard 6 Exhibits 1 Executive Summary 7 Appendix General Vision of the Company 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Fibria â–º Fibria was formed from the acquisition of Aracruz Celulose S.A. by Votorantim Celulose e Papel S.A., and was then consolidated and formalized as a company on September 1, 2009. â–º The company is the largest producer of eucalyptus pulp in the world, with a production capacity of 7.3 million tons per year and operating through industrial units located in Aracruz (ES), Jacareí (SP), Três Lagoas (MS) and in Eunápolis (BA), city in which Veracel, joint-operation with Stora Enso, is headquartered. â–º Fibria’s production, which is exported to 35 countries, is generated from 1,056 million hectares of forests, 633,000 hectares of planted forests, 364,000 hectares of preservation areas and 59,000 hectares for other purposes. The pulp manufactured by the company is raw material for different segments of products, among them, education, hygiene, health and cleaning. Global Presence: Timeline: Fibria was created as a result of the acquisition of Aracruz by 2009 Vototantim Celulose e Papel. Start of operations in Horizonte 1 Fibria enters the New Market of 2010 BM&F Bovespa (actual B3) 2012 Fibria affirms their strategy with the Canadian company Ensyn Approval of the expansion project 2015 Horizonte 2, in Três Lagoras—MS Fibria iniciates operations for the 2017 project Horizonte 2 Suzano announces corporate 2018 reorganization with Fibria Source: Site Fibria Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 19 of 59

10 July 2018 4 The Company and the Transaction Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Transaction Description 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder The Transaction â–º On March 16, 2018, Suzano and Fibria announced the conclusion of an agreement between Suzano Holding SA and other controlling shareholders of Suzano, with the controlling shareholders of Fibria (Votorantim SA and BNDES Participações SA), regarding the realization of the combination of the base shareholders’ equity through a corporate reorganization. This reorganization will result in the conversion of Fibria into a wholly owned subsidiary of Suzano and the receipt by all Fibria shareholders of (i) a portion of approximately R $ 29.0 billion, to be adjusted and paid as provided in the Protocol and Justification of the Transaction, and (ii) 255 million of new common shares issued by Suzano, to be adjusted as provided for in the same Protocol. â–º The resulting company will have 37,000 employees (direct and third party), with assets in Brazil and abroad. In total there will be 11 industrial units, reaching 11 million tons of pulp and 1.4 million tons of paper. The annual export volumes will total R $ 18 billion and investment of R $ 6.4 billion projected for the year 2018. â–º Controllers of the two companies defined that Fibria’s shareholders will receive R $ 52.50 per share, adjusted by the CDI until the date of consummation of the transaction. In addition, it will receive 0.4611 Suzano common stock, adjusted according to transaction documents. â–º After the conclusion of the operation, which will only happen after the approval of the Shareholders’ Meetings of the two companies and the analysis of the regulatory agencies, the resulting company will become the largest agribusiness company in the country and the fifth largest non-financial company in Brazil. New shareholder composition: Suzano Papel e Celulose Other Shareholders BNDESPar (11.1%) Votorantim (5.6%) (46.4%) (36.9%) Suzano Papel e Celulose S.A. (100%) Fibria Celulose S.A Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 20 of 59

5 Valuation of Shareholder Equity at Market Prices Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 21 of 59

10 July 2018 5 Valuation of Shareholder Equity at Market Prices Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Assets 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Assets (R$ millions) Main Assumptions: â–º [a] Cash and cash equivalents: cash or cash equivalents, represented by national currencies and includes balances of accounts invested abroad. ï¶ Adjustment criteria: There were no adjustments made to the account. In accordance with IFRS 9, cash and cash equivalents are considered financial instruments and are presented in the balance sheet at their fair value. â–º [b] Financial Investments: consists of investments in Investment Funds that allocate resources in fixed income instruments, diversified between securities of private institutions and public securities. And Bank Deposit Certificates. ï¶ Adjustment criteria: There were no adjustments made to the account. In accordance with IFRS 9, Financial Investments are considered financial instruments and are presented in the balance sheet at their fair value. â–º [c] Accounts receivable: consists of customers in the country, overseas customers, related parties and PDD. ï¶ Adjustment criteria: There were no adjustments made to the account. Due to the adoption of IFRS 9, the Company disclosed the fair value of Accounts Receivable in note, which shows that the value of the amortized cost (accounting) is equal to the estimated fair value. â–º [d] Inventory: consists of finished products, products in preparation, raw materials, warehouse, advance to suppliers. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 22 of 59

10 July 2018 5 Valuation of Shareholder Equity at Market Prices Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Assets 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Assets (R$ millions) Main Assumptions: ï¶ The adjustment to market prices of inventories considered only the adjustment of the finished products, since they represented 47% of the book value, and that the other relevant account, raw materials (31% of book value) is already measured at fair value in the cutting time. ï¶ The fair value of finished products was estimated as the sales value of these products, net of selling expenses to be incurred and a margin reasonably attributed to commercial activity. Inventory turnover was estimated based on the days of the finished product stock in relation to operating costs on the base date. For more details see Annex 2. â–º [e] Recoverable Taxes: are composed of IRPJ and CSLL of prepayments and withholding taxes, PIS / COFINS on acquisition of fixed assets, PIS / COFINS on other operations, ICMS on acquisition of fixed assets, ICMS on other operations, Other taxes and contributions and Provision for ICMS credit discount. ï¶ Adjustment criteria: the expected amount of taxes recoverable for the next 4 years was brought to present value, according to the schedule estimated by the Administration and by the average Selic rate expected for the same period. For more details see Annex 3. â–º [f] Unrealized gains on derivative transactions: instruments contracted with hedge strategy. ï¶ Adjustment criteria: There were no adjustments made to the account. In accordance with IFRS 9, derivative financial instruments are considered financial instruments and are presented in the balance sheet as fair value. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 23 of 59

10 July 2018 5 Valuation of Shareholder Equity at Market Prices Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Assets 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Assets (R$ millions) Main Assumptions: â–º g] Other accounts receivable: these are composed of other operating assets. ï¶ Adjustment criteria: there were no adjustments made to the account, since 82% of the assets that make up the account are expected to be realized in the short term. â–º [h] Advance to suppliers: it is constituted by the development program, whose objective is to develop the regions where Suzano operates. ï¶ Adjustment criteria: the balance of the account was not updated, due to its low representation (1.0%) against total assets. â–º [i] Non-current Assets Held for Sale: consists of carts and commercial real estate. ï¶ Adjustment criteria: the balance of the account was not updated due to its low representation (0.04%) in relation to total assets. â–º [j] Deferred Taxes: are composed of tax loss; negative basis and social contribution; operating provisions and for miscellaneous losses; exchange rate variation by cash basis; provisions for contingencies; losses with derivatives; and other temporary differences. ï¶ Adjustment criteria: the balance of the account was not updated due to its low representation (0.01%) in relation to total assets; â–º [k] Judicial deposits: Judicial deposits in guarantee of taxes and contributions sub judice. ï¶ Adjustment criteria: the balance of the account was not updated due to its low representation (0.4%) in relation to total assets and due to the fact that, in the majority, these deposits are adjusted by the CDI. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 24 of 59

10 July 2018 5 Valuation of Shareholder Equity at Market Prices Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Assets 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Assets (R$ millions) Main Assumptions: â–º [l] Receivables: are credits arising from the Company’s legal win against the State. ï¶ Adjustment criteria: the balance of the account was not updated, due to its low representation (0.2%) in relation to total assets. â–º [m] Biological assets: these are substantially composed of reforestation eucalyptus forests used to supply wood to pulp and paper mills. ï¶ Adjustment criteria: There were no adjustments made to the account. In accordance with IAS 41, the biological assets presented in the balance sheet are measured at fair value. â–º [n] Investments: consists of subsidiaries and joint operations. ï¶ Adjustment criteria: the account balance was not updated due to its low representation (0.02%) in relation to total assets. â–º [o] Fixed assets: consists of land and farms; buildings; machines and equipment; Construction in progress; and other assets. ï¶ Adjustment criteria: the fair value of these assets was estimated through a specific evaluation. The list of assets evaluated, methodologies and results are presented in Annex 5. â–º [p] Intangible assets: consists of the goodwill Vale Florestar, Paineiras Logísticas and Facepa; brands and patents; softwares; and research and development agreement. ï¶ Criterion: the total amount of goodwill was written off because they did not individually have market value. The other values, because of low relevance, were not adjusted. For more details, see Annex 4. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 25 of 59

10 July 2018 5 Valuation of Shareholder Equity at Market Prices Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Liabilities 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Liabilities (R$ millions) Main Assumptions: â–º [q] Social and labor obligations: consists of accounts payable and provisions for 13th salary, vacation and other items. ï¶ Adjustment criteria: the balance of the account was not updated, due to its low representativeness (0.5%) in relation to total liabilities and the short term of realization of the items. â–º [r] Suppliers: consists of accounts payable in local currency and accounts payable in foreign currency. ï¶ Adjustment criteria: There were no adjustments made to the account. Due to the adoption of IFRS 9, the Company disclosed the fair value of Suppliers in note, where it shows that the value of the amortized cost (accounting) is equal to the estimated fair value. â–º [s] Tax Obligations: consists of taxes payable. ï¶ Adjustment criteria: the account balance was not updated, due to its low representation (0.6%) against total liabilities. â–º [t] Loans and financing: these are composed of loans made in national and foreign currency with BNDES, FNE-BNB, FINEP, and others. ï¶ Adjustment criteria: The fair value adopted was that disclosed by Suzano in the financial statements of the base date. According to the notes to the financial statements, the estimate of the fair value of the financial liabilities related to the loans, whose accounting balances are measured at amortized cost, is calculated through the present value, using the market projection for fixed rates and prevailing contractual data for fixed rate securities, brought to present value at the current market rate. The fair value of loans and financing is classified in Level 2 in the fair value hierarchy Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 26 of 59

10 July 2018 5 Valuation of Shareholder Equity at Market Prices Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Liabilities 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Liabilities (R$ millions) Main Assumptions: â–º [u] Dividends payable: these are dividends already allocated to shareholdersï¶ Adjustment criteria: the account balance was not updated, due to its low representation (0.6%) against total liabilities. â–º [v] Unrealized losses on derivative transactions: instruments contracted with hedging strategy. ï¶ Adjustment criteria: There were no adjustments made to the account. In accordance with IFRS 9, unrealized losses on derivative transactions are considered financial instruments and are presented in the balance sheet at their fair value. â–º [w] Other accounts payable: are composed of a provision for profits; benefits to employees; provision of inputs for forest formation; other bills to pay; and other obligations. ï¶ Adjustment criteria: partial written of the amount paid in PCH Mucuri acquisition not attributed to assets and liabilities and waiting to PPA Report conclusion. For the other account balance here were no adjustments made to the account balance due to the composition and nature of the assets. About 72% of the total value of this liability is represented by accounts that will be realized in the short term. â–º [x] Commitments with acquisition of assets: consists of Certified Real Estate Receivables; acquisition of Vale Florestar Fundo de Investimento em Participações; and Paper Factory of the Amazon.ï¶ Adjustment criteria: the fair value adopted was that disclosed by Suzano in the Notes to the Financial Statements of the base date, as a result of the adoption of IFRS 9. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 27 of 59

10 July 2018 5 Valuation of Shareholder Equity at Market Prices Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Liabilities 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Liabilities (R$ millions) Main Assumptions: â–º [y] Advances from customers: consists of contracts for the future sale of finished products, backed by performance sales transactions, recorded in the short term. ï¶ Adjustment criteria: the balance of the account was not updated due to its low representation (0.3%) against total liabilities. â–º [z] Deferred taxes: Deferred taxes are stated at their net value. The asset balance consists mainly of tax loss carryforwards, negative basis of social contribution and miscellaneous provisions. In liabilities, the main amounts refer to attributed cost and accelerated depreciation adjustments. ï¶ Adjustment criteria—the amount of tax credits was brought to present value, based on the schedule of realizations estimated by the Administration. The amounts of liabilities related to attributed cost and accelerated depreciation were brought to present value based on the estimated remaining useful life of the assets that generated such differences. Adjustments to present value were made through the average Selic rate expected for the same period. For more details see Annex 5. â–º [aa] Deferred Income Tax - Adjustments at Market Prices: Deferred Income Tax. ï¶ Calculated considering the regulatory rate of 34% of IR & CSLL on all adjustments at market price. â–º [ab] Provision for contingencies: it is composed of tax, social security, labor and civil lawsuits. ï¶ Adjustment criteria: it was considered, in addition to the book value, the recognition of 10.0% of the contingencies classified as possible. For more details see Annex 6. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 28 of 59

5 Valuation of Shareholder Equity at Market Prices Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Liabilities 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... Liabilities (R$ millions) Main Assumptions: â–º [ac] Provision for actuarial liabilities: consists of the cost of medical care and 80.0% of life insurance for former employees who retired until 2004 and who did not opt for the complementary pension plan offered by the Company. ï¶ Adjustment criteria: the balance of the account has not been updated, since this liability is already measured at fair value. â–º [ad] Stock-based compensation plan: consists of two programs of stock-based compensation plans: the Phantom Stock Plan and the stock appreciation Plan. Both paid in cash. ï¶ Adjustment criteria: the account balance was not updated due to its low representation (0.2%) against total liabilities. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 29 of 59

6 Exhibits Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 30 of 59

10 July 2018 6 Exhibits Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Exhibit 1 – Balance Sheet 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 31 of 59

10 July 2018 6 Exhibits Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Exhibit 2 – Valuation: Inventory 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Finished Goods Inventory (in BRL millions) The fair value of finished products was estimated as the sales value of these products, net of selling expenses to be incurred and a margin reasonably Book Value (March 31, 2018) 1,321 attributed to commercial activity. For the margin estimate, we used the results made in 2017 to eliminate the effects of seasonality in the first Fair value adjustment 313 quarter of 2018, as quoted in the company’s financial statements. Fair value of finished goods inventory 1,635 Sale price: The value of the inventory based on the selling price was estimated Main assumptions: considering that 2017 the costs of the merchandise sold represented 56.7% We identified that the relevant values in intenvory on the base date refer to of the net revenue for the pulp segment and 70.1% for the paper segment. the stock of raw materials (29%) and inventory of finished products (63%). Selling expenses: Since the main raw material, wood, is treated at fair value at the time of cutting, it was agreed with the Administration that fair value adjustments Expenses that reflect the activities involved for the sale of products, would consider only the finished products. For the adjustment of finished including sales staff, commissions and freight. On the base date, selling products, the inventory of pulp and wood, separately expenses represented 2.4% and 7.4% of net revenue, respectively, for the pulp and paper segments. Margin on sales activity: Book Value of Inventory (BRL millions) Raw materials 413 The segment’s operating margins were 41.8% and 9.1% for pulp and paper, Work in progress 63 which implies mark-ups applicable to costs and expenses of 71.8% and Finished Goods—Cellulose 341 10.0%. We consider this mark-up to be equally applicable to all costs and expenses of the Company. Finished Goods—Paper 264 Finished Goods – Consumer Products 13 Cost of keeping goods in stock: Warehouse 197 Calculated based on the weighted cost of Suzano’s debt, 7.9% a. a., and the Pending imports 30 average permanence of the products in stock. Total 1,321 The inventory turnover was estimated based on the days of the stock of finished products in relation to CMV. The stock turnover of finished products was estimated at 11.5x and 9.6x, or permanence of about 32 and 38 days respectively for pulp and paper. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 32 of 59

10 July 2018 6 Exhibits Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Exhibit 2 – Valuation: Inventory 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... Cellulose Inventory Recommendation of Value As of the reference date and based on the parameters and Sales price 341 ÷ 56.7% = 601 assumptions mentioned above, our recommendation for the fair Commercial expenses 601 × 2.4% × 100.0% = (14) value of the inventory is BRL 1,635 millions, generating an increment of inventory value of BRL 313 millions. Sales margin 14 × 71.8% = (10) Cost to maintain inventory 341 × 7.9% ÷ 11.5x = (2) Fair Value (BRL millions) 574 Step-up 233 Paper Inventory Sales price 264 ÷ 70.1% = 377 Commercial Expenses 377 × 7.4% × 100.0% = (28) Sales margin 28 × 10.0% = (3) Cost to maintain inventory 264 × 7.9% ÷ 9.6X = (2) Fair Value (BRL millions) 344 Step up 80 Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 33 of 59

10 July 2018 6 Exhibits Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Exhibit 3 – Valuation: Recoverable Taxes 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Recoverable taxes (in BRL millions) Recomendation of value As of the base date and based on the parameters and assumptions Book Value (March 31, 2018) 583 mentioned above, our recommendation for the fair value of recoverable Fair value adjustment (39) taxes is BRL 545 millions, generating a reduction of BRL 39 million worth Fair value of taxes to recover 545 Main assumptions: The recoverable tax account is composed of withholding taxes and prepayments of IRPJ and CSLL taxes, ICMS recoverable, credits of the program reimburses, PIS and COFINS to be recovered and Provision for loss on ICMS credits. Suzano’s management estimated the amount to be recovered between 2018 and 2021. For the measurement of the fair value of recoverable taxes, the amount estimated for the next 4 years was brought to present value, by means of the average Selic rate expected for the same period. 2018 2019 2020 2021 Recoverable taxes 323 123 118 20 Discount factor 0,97 0,92 0,86 0,80 Present value of recoverable taxes 315 113 101 16 Fair Value (rounded) 545 Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 34 of 59

10 July 2018 6 Exhibits Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Exhibit 4 – Intangibles 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... Intangibles (in BRL millions) Book Value Fair Value Goodwill 239 0 Assets with indefinite useful lives 1 1 Trademarks and Patents 1 1 Software 61 61 Research and development agreement 73 73 Total 375 136 Main assumptions: The composition of the intangible asset account is presented above. For the goodwill related to the future profitability of Vale Florestar, Paineiras Logística and Facepa, due to the methodology of calculation of Shareholders’ Equity at market prices, which considers the assets individually, and due to the fact that the goodwill for future profitability does not have individually market, this asset has been written off. It should be noted, however, that this goodwill has part of its value reflected in the market price adjustment of the assets of these units, recorded in Suzano’s consolidated balance sheet. The remaining items were not adjusted due to their low relevance to the Company’s total assets. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 35 of 59

10 July 2018 6 Exhibits Dashboard 6 Anexos 1 Sumário Executivo 7 Appendix Exhibit 5 – Valuation: Tangible Assets 2 Macroeconomia 3 Análise do Setor 4 A Empresa e a Transação 5 Avaliação do Patrimônio Footnotes: Class NBV1 Adjusts Market Value [1] The Netbook Value (NBV) was included for illustrative Real Property purposes only and reconciles with the amount reported in the balance sheet and in the Fixed Assets register list Buildings and improvements 1.667.610 923.759 2.591.369 was provided by Suzano, on the valuation date March, Land 42.068 165.262 207.330 31st. Subtotal 1.709.678 1.089.021 2.798.699 [2] The class of Rural Improvements includes all improvements related to the farms owned by Suzano. Agricultural Properties [3] The class of third parties improvements contemplates Land 4.470.817 609.518 5.080.653 the improvements made by Suzano outside farm areas, Rural Improvements2 79.131 (68) 79.063 for example improvements made in nearby cities 3 (college, health center, etc). Third Party Improvements 64.031 (64.031)—[4] Refers to the fixed assets register of Facepa and PCH Subtotal 4.613.979 545.419 5.159.716 Mucuri, companies acquired in 2018. The market value Personal Property of these assets was based on amounts provided by Management as preliminary market values tobe Machinery and Equipment 8.954.762 4.258.224 13.212.986 allocated in the PPA process of these Acquisitions. Tractors 105.934 66.005 171.939 [5] Excluded items refer to intangible assets, items with Installation 63.689 114.105 177.794 costs less than zero, inventory of raw materials and differences related to taxes, and / or accounting Vehicles 46.302 41.563 87.865 reconciliation. Computer Equipment 15.557 3.610 19.167 NBV: Netbook Value Furniture & fixtures 15.179 9.692 24.870 Agricultural Equipment 6.149 6.447 12.596 Subtotal 9.207.571 4.499.646 13.707.217 Other costs Construction in progress 550.747—550.747 Work of art 68—68 Subtotal 550.815—550.815 Facepa and PCH Mucuri4 279.430 (48.559) 230.871 Excluded5 54.076 (54.076)—Total 16.415.548 6.031.451 22.447.317 The information about the classes listed above, assumptions and methodologies used can be found in Appendix B, C, D, E and F of this report. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 36 of 59

10 July 2018 6 Exhibits Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Exhibit 5 – Valuation: Deferred Taxes 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Deferred taxes (in BRL millions) Recomendation of value As of the base date and based on the parameters and assumptions Book Value (March 31, 2018) 1.857 mentioned above, our recommendation for the fair value of deferred taxes is Fair value adjustment (810) BRL 1.047 millions, generating a reduction of BRL 810 million Fair value of deferred taxes 1.047 Main assumptions: The composition of the Deferred Taxes account is shown to the side. The management of Suzano made available the expectation of realization of the credits related to tax losses and the negative basis of social contribution and temporary differences, based on projections of future taxable income, as shown below For the measurement of the fair value of these credits, the estimated amount was brought to present value, by means of the average Selic rate expected for the same period. For deferred liabilities: The tax benefit of unamortized goodwill has been written off in light of the nature of the liability and its non-realization in the context of the assessment; The attributed cost adjustment and the accelerated depreciation incentive were measured at fair value considering the annual realization amount through the average depreciation of the machines and equipment, brought to present value through the average of the expected Selic rate, for the estimated remaining life period of 10.5 years and 12.5 years, respectively. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 37 of 59

10 July 2018 6 Exhibits Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Exhibit 6 – Valuation: Provision for Contingencies 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Possible Contingent Liabilities* (in BRL millions) Fiscal contingencies 1.046 1.046 Civil contingencies 17 17 Contingencies with workers 102 102 % probability of possible actions 10.0% 50.0% Fair value of contingent liabilities (rounded) 116 582 (*) Amounts disclosed in the financial statements as of December 31, 2017. In the statements for Q1 2018, the Management reports that there were no material changes in the lawsuits in progress. Main assumption: As discussed with the Administration, the contingent liabilities were valued at fair value for purposes of the work performed. The Company accounts for the full amount of the lawsuits considered as probable loss by its lawyers. We have maintained this criterion. The Company is a party to the tax liability in cases where the likelihood of loss is considered possible (with a probability of loss estimated by the lawyers between 10% and 49%), in the total amount of R $ 1,165 million, for which there is no provision made. For these causes the criterion of recognition of 10% of the par value of the shares was adopted. Since the contingencies with probability of loss considered remote are not disclosed by the Company, no value was assigned to them. Recommendation of value Our recommendation for the fair value of possible contingent liabilities is BRL 116 million. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 38 of 59

7 Appendix Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 39 of 59

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix a. General Declaration of Limitations 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder 1. Our analysis is based on information provided by the Company’s management. According to the professional practices, the analysis is derived from the application of the Income Approach using the Discounted Cash Flow methodology. 2. In order to achieve the objective of the Valuation of Shareholder’s Equity at Market Price of Suzano, procedures were always applied based on historical, economic and market facts in force on March 31, 2018. 3. The comments presented in this Report were developed by professionals of the EY with information provided by the Administration, as well as external Sources, when indicated. 4. None of the partners or professionals of the EY team who participated in the elaboration of this work have any financial interest in Suzano, characterizing their independence. The estimated fees for the execution of this work were not based and have no relation with the results reported here. 5. This work was developed based on information provided by the Company’s management, which were considered true, since any type of audit procedure is not part of the scope of this project. Because it has not performed audit procedures, EY can not assume responsibility for the historical information used in this Report. 6. It was part of our work to obtain information with Suzano that we believe to be reliable, being the responsibility for its truthfulness exclusively of the Company’s management. 7. No investigations have been carried out on Suzano’s title deeds, nor any verification of the existence of liens or encumbrances; 8. EY has no responsibility to update this Award for events and circumstances occurring after the base date. 9. Our work does not contemplate any process of auditing, due diligence and / or tax advice and, therefore, we do not consider in this Valuation any contingencies that are not registered by Suzano at the base date. 10. It was not part of our job to provide spreadsheets and / or financial models that supported our analysis. 11. The value per quota was not calculated, nor was any control premium considered in Valuation. Therefore, it was considered that Suzano’s estimate of fair value / investment represents 100% of its shares. 12. We have not had the opportunity to expose Suzano’s business or assets individually or jointly to the market. As a result, we could not conclude whether there are potential buyers who wish to pay a fee for the deal that exceeds our estimate. 13. This Award has been prepared for the purpose described in our agreement, and should not be used for any other purpose. EY will not assume any responsibility for any third party nor in case the Award is used outside the stated purpose. 14. Some historical financial information used in our Valuation was derived from audited and / or unaudited financial statements and is the responsibility of Management. The financial statements may include disclosures required by generally accepted accounting principles. We do not perform an independent verification of the accuracy or completeness of the data provided and we do not give our opinion or any kind of guarantee as to its accuracy or completeness. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 40 of 59

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix a. General Declaration of Limitations 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... 15. We do not assume any responsibility for any accounting or fiscal decisions, which are the responsibility of the Administration. We understand that the Management assumes responsibility for any accounting or tax matters related to the assets we analyze, and for the final use of our Report. 16. Any user of this Report must be aware of the conditions that guided this work, as well as the market and economic situations in Brazil, on the Valuation base date. 17. According to our agreement, prior to the issuance of the Final Report, Suzano will send us a signed representation letter, confirming that it agrees with EY regarding the main assumptions adopted in the Valuation analyzes of the Company. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 41 of 59

10 July 2018 7 Appendix Dashboard 6 Anexos 1 Sumário Executivo 7 Appendix b. Personal Property 2 Macroeconomia 3 Análise do Setor 4 A Empresa e a Transação 5 Avaliação do Patrimônio Personal Property The valuation of the personal property was performed following the standards promulgated by ABNT – Brazilian Association of Technical Standards, NBR 14.653 on its parts: 1 – Procedimentos Gerais – General Procedures; 5 – Máquinas, equipamentos, instalações e bens industriais em geral – Machinery, equipment, installation and general industrial assets; Valuation methodology selection and analysis We considered the cost approach and the methods that comprise this approaches. For the valuation of the personal property, the income approach was considered to be inappropriate and was not applied because individual income streams could not be allocated reasonably and effectively to each of the individual assets. Application of the cost approach Using this method we consider the value associated with installation, freight, engineering and nationalization, when applicable. In applying the cost approach, we first determined current replacement or reproduction cost (RCN) estimates for the assets by the direct and indirect methods, respectively. Estimates of RCN, by definition, include both direct and indirect costs associated with each asset including materials or equipment, freight, installation and commissioning labor. Calculation of the RCN under the direct method The initial step in our cost approach analysis was to develop a complete RCN estimate for the pulp production line, included in the scope of our analysis based on the technical data of equipment and production capacity metrics. Specifically for the pulp production lines, we developed a RCN based on contacting suppliers in order to obtain a turn key estimative, including all engineering, foundation and installation costs. This kind of estimative consists in obtain all the costs related to all machineries, installations, civil construction and all assets used to start a pulp production. As for the paper production lines, we obtained a RCN estimative trough external research, our internal databases, information contained in the assets list, data gathered during our site inspection and detailed information supplied in response to our request forms, also considering engineering, foundation, freight and installations costs, when applicable. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 42 of 59

10 July 2018 7 Appendix Dashboard 6 Anexos 1 Sumário Executivo 7 Appendix b. Personal Property 2 Macroeconomia 3 Análise do Setor 4 A Empresa e a Transação 5 Avaliação do Patrimônio Calculation of the reproduction cost new under the indirect method We have applied the indirect method of the cost approach to valuate the assets that were not valuated by the direct method of the cost approach. Under this method, the reproduction cost new (RCN) for each asset or group of assets was estimated by indexing historical costs recorded in the assets list based on asset type and acquisition date. These costs generally included the base cost of the asset, any additional considerations regarding freight, duty, local delivery, installation and commissioning and indirect costs such as engineering, procurement, construction management and borrowing costs as appropriate and applicable. The price adjustment/index factors used in our analysis were derived from inflation and monetary indices published by Getúlio Vargas Foundation for Brazil trends purposes and inflation. Physical deterioration and obsolescence As some of the assets have been in use over varying periods of time, it is reasonable to assume that an asset’s market value is something less than its replacement or reproduction cost new. Therefore, allowances were made to consider physical deterioration as well as functional and economic obsolescence, as they might apply. Physical deterioration Our estimation of physical deterioration was primarily conducted under the age/life concept. Under this concept, the physical loss in value is attributed to the relationship between the estimated useful life of an asset and its remaining useful life at a given point in time. The key definitions in this regard are as follows: â–º Normal useful life (NUL) – The life, usually in terms of years, that an asset will be used before it deteriorates to an unusable condition or is retired from service. â–º Chronological age (CA) – The portion of an asset’s life elapsed since it was originally placed into service. â–º Effective age (EA) – The age of an asset indicated by its actual condition, which may or may be not equal to the CA. â–º Remaining useful life (RUL) – The period over which an asset will remain in use before it is retired from service; The NUL estimations used in the valuation of the personal property were based on discussions with the respective engineering personnel of Suzano, our physical inspections, various published sources, and our experience valuing similar assets. Different physical deterioration profiles are known and widely used in practice that operate under the basic concepts outlined previously. In the cost approach analysis, we utilized the following physical deterioration curves: â–º Straight-line depreciation profile—A linear consumption of utility of an asset over its useful life Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 43 of 59

10 July 2018 7 Appendix Dashboard 6 Anexos 1 Sumário Executivo 7 Appendix b. Personal Property 2 Macroeconomia 3 Análise do Setor 4 A Empresa e a Transação 5 Avaliação do Patrimônio â–º Iowa-type survivor curves – Derived to measure the economic utility of an asset in relation to its economic life and consider allowances to accruing costs of routine maintenance and general upkeep of the assets. The Iowa curve method is based on a study and research conducted by Iowa State University. This method uses an age-life concept which measures the physical loss in value attributed to a reduction in the quality of a given type of asset remaining in service or use over a given period of time. The period of time is measured from the point at which the unit is first put into use until it is removed from service. In addition, as a consequence of wear and tear, an asset is increasingly more costly to operate over time and accruing maintenance costs result in a decrease in the overall utility of a given asset. In relation to the assets valuation, we considered the useful life, depreciation method and residual factor indicated in the following table: Depreciation Class NUL (Years) Hold Factor method Machinery and Equipment 20 Iowa (R2) 10% Agricultural Equipment 14 Iowa (R2) 10% Installations 18 Iowa (R2) 10% Tractors 10 Linear 10% Vehicles 10 Linear 30% Computer Equipment 5 Linear 3% Furniture and Fixtures 10 Linear 5% Functional obsolescence Functional obsolescence can be attributable to excess capital or operating costs associated with an asset or group of assets. Excess capital cost, which is the difference between reproduction and replacement cost, measures the decreased capital investment needed by a replacement asset to produce the same or similar output or product as that of the subject asset. This form of obsolescence is observable in newer technologies and construction costs that are typically less expensive than the current assets. Excess operating costs are based on the assumption that it is less expensive to operate and maintain replacement assets than to utilize the assets currently owned. Economic obsolescence Economic obsolescence is the loss in value caused by adverse conditions external to the assets, such as poor market demand for the product or service, industrial reorientation, unavailability of transportation and governmental regulation. Based on our analysis of historical production installed capacities we have not identified any additional economic obsolescence and as such have not made any further adjustments to the personal property with regard to economic obsolescence. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 44 of 59

10 July 2018 7 Appendix Dashboard 6 Anexos 1 Sumário Executivo 7 Appendix c. Real Property and Agricultural Properties 2 Macroeconomia 3 Análise do Setor 4 A Empresa e a Transação 5 Avaliação do Patrimônio Real Property The methods and procedures used to perform this engagement were based on the principles and guidelines established in the Brazilian standards published by ABNT—Brazilian Association of Technical Standards, NBR 14.653 in its parts: 1 – Procedimentos Gerais – General Procedures; 2 – Imóveis Urbanos – Urban Real Property; and 3 – Imóveis Rurais – Rural Real Property. According to these regulations, real estate properties can be evaluated based on the income approach method, involutive method, cost approach and the market approach methods, and also by the combination of the last two methods linked to a factor of commercialization. While all of these methods can be considered in the assessment, the type of the assets and the availability of data and information will dictate which method -or methods—will be used to estimate the market value of each asset. Market Approach This methodology is used when there is an active market of real estate properties in the region of the evaluated property and also the possibility of obtaining comparatives with characteristics that are similar to that one. Moreover, this method captures the loss of value of the asset from all the forms of depreciation inherent in it. Specifically in the case of real estate properties, an analysis is made in the real estate market of the region on recent sales or current offers of similar properties (comparative) to the real estate included in the present work. The comparatives obtained from the market are provided by a wide variety of sources, such as: property owners, real estate brokers, real estate agents and / or through public consultation sources. These assumptions are considered as “good and valid”. So, this method identifies the market value of an asset trough the technical treatment of attributes of the comparable elements constituents of the sample. In the market approach method by treatment by factors, the homogenization of the comparative sample is performed through factors and criteria for adjusting the differences between the property included in the analysis and the comparative ones, with the subsequent statistical analysis of the homogenized results. The choice of factors to be treated must be made so that they can be identified and analyzed in what way they influence the formation of real estate values. The treatment by factors is applied preferentially in homogeneous samples, that is, with characteristics that are closest possible to the property being evaluated. The adjustment factors were applied in order to consider the difference between the comparatives and the assets analyzed as detailed in the next page: Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 45 of 59

10 July 2018 7 Appendix Dashboard 6 Anexos 1 Sumário Executivo 7 Appendix c. Real Property and Agricultural Properties 2 Macroeconomia 3 Análise do Setor 4 A Empresa e a Transação 5 Avaliação do Patrimônio REAL PROPERTIES / RURAL PROPERTIES (RAW LANDS*) Area Factor Refers to the influence that different dimensions of a land can reflect in the price of a comparable and subject property. It is related to comparable’ s data source (market offer, realized sale or Offer broker’s opinion of value). For comparables which are being offered in the Sale / Offer market, a discount is applied on the price due to the elasticity of negotiation often observed in the market. Brazilian Appraisal standard Sale recommend a discount of 10% applied to the listed price. 3 km from the center 6 km from the center Adjustments based on the property quality of access. Access Factor 8 km from the center 10 km from the center Great Adjustments based on the value range of properties due to its proximity to Good Location Factor the city, industrial centers and proximity to highways. In our research we considered the river. Regular Bad Flat Declivity up to 5% Topography Factor It is based on the topography, when there is a difference between the Declivity from 5 a 10% Real Property subject property and the comparable. Declivity from 10 a 20% Declivity over 20% Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 46 of 59

10 July 2018 7 Appendix Dashboard 6 Anexos 1 Sumário Executivo 7 Appendix c. Real Property and Agricultural Properties 2 Macroeconomia 3 Análise do Setor 4 A Empresa e a Transação 5 Avaliação do Patrimônio ... REAL PROPERTIES / AGRICULTURAL PROPERTIES (LAND*) Real Estate Development Commercial / Mixed Weighting referring to the region and zoning of the city in which the Vocation Factor comparatives and the property evaluating is inserted. Industrial Urban Expansion Typology of the cultivation on the property related Agriculture to the profitability of the agricultural product. In Reforestation Occupation of Soil Factor this factor, the occupation of legal reserve areas determined by law were also Pastures considered. Native Forests or Reservation Very Clay Refers to the granularity and agglomeration Clay Soil Texture Factor of soil constituent particles present in the Average region of analysis. Siltoso Sandy Flat Refers to the valuation or devaluation of the Slightly Wavy Topography Factor terrain with elevation or depression, or Agricultural Property slope. Wavy Very Wavy Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 47 of 59

10 July 2018 7 Appendix Dashboard 6 Anexos 1 Sumário Executivo 7 Appendix c. Real Property and Agricultural Properties 2 Macroeconomia 3 Análise do Setor 4 A Empresa e a Transação 5 Avaliação do Patrimônio ... REAL PROPERTIES / AGRICULTURAL PROPERTIES (LAND*) Paved road with double lane Paved road with single lane Discrepancies regarding the quality of access Access Factor routes and, consequently, logistics are Rural road in good conditions rectified by the application of this Factor Rural road in bad conditions on rainy season Rural road in bad conditions High rainfall index Water Factor Regional rainfall distribution. Average rainfall index Low rainfall index *The analysis were based on the raw land concept. Thus, the farms scope of this valuation werer considered without any structures (as buildings and improvements) and any biological assets. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 48 of 59

10 July 2018 7 Appendix Dashboard 6 Anexos 1 Sumário Executivo 7 Appendix c. Real Property and Agricultural Properties 2 Macroeconomia 3 Análise do Setor 4 A Empresa e a Transação 5 Avaliação do Patrimônio ... Cost Approach In applying the cost method, the estimation of the substitution value or replacement or reproduction cost of the assets (RCN) using the direct or indirect methods is first determined. For the determination of the RCN of the buildings and improvements in the industrial sites the direct method was used and the indirect method for the buildings and improvements in the other localities. Calculation of the RCN under the direct method This method identifies the replacement cost new (RCN) of the buildings and Improvements by synthetic or analytical budgets from the quantities of services and its direct and indirect costs. We used the Cost Approach to estimate the fair value of buildings and improvements. The unitary costs were obtained from public sources such as Sinduscon, construction magazine PINI and SINAPI (Sistema Nacional de Pesquisa de Custos e Índices da Construção Civil). The initial step is to develop an estimate of RCN of each building and improvement through one or more unit costs, according to the procedure: â–º Basic Unit Cost (“Custo Unitário Básico – CUB”) R8N published by Sinduscon: the main indicator of the real estate sector, the Basic Unit Cost is calculated monthly by the Real Estate Industry Unions of each state. â–º PINI Building Cost (“Custo PINI de Edificação – CUPE”) published by PINI Magazine : Study of unit cost of buildings by PINI Magazine. â–º Unit costs published by SINAPI and PINI: where applicable, unit costs of materials and / or labor were used in the estimation of the RCN of improvements such as paving, railways or maritime ports, for example. For unitary costs published by Sinduscon, called CUB (“Custo Unitário Básico”), we performed adjustments according to the building type and construction characteristics, according to studies prepared by IBAPE São Paulo. The unit costs used refer to the valuation date of the work or to the date closest to it (if not disclosed for valuation date). BDI costs (percentage of benefits and indirect costs related to the direct cost of a construction or improvement), when applicable, were also included in the percentage of 25%. After the estimate of the RCN, the fair value is determined by applying a depreciation rate calculated, in general, according to the age and useful life of the asset. We have considered a normal useful life of buildings based on the Useful Life Study conducted by IBAPE. Calculation of the reproduction cost new under the indirect method We used the indirect cost method to evaluate assets that were not covered by the direct cost method. Under the indirect cost method, the new reproduction cost for each asset or group of assets was estimated by updating historical costs recorded in the accounting list of fixed assets, considering the type of asset, date of acquisition and the respective economic indexes . The adjustment factors / price index used in our analysis were obtained through the basic unit cost (CUB) variation for each state. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 49 of 59

10 July 2018 7 Appendix Dashboard 6 Anexos 1 Sumário Executivo 7 Appendix c. Real Property and Agricultural Properties 2 Macroeconomia 3 Análise do Setor 4 A Empresa e a Transação 5 Avaliação do Patrimônio ... Physical deterioration and obsolescence Our estimation of physical deterioration was primarily conducted under the age/life concept. Under this concept, the physical loss in value is attributed to the relation between the estimated useful life of an asset and its remaining useful life at a given point in time. The key definitions in this regard are as follows: â–º Normal useful life (NUL) – The life, usually in terms of years, that an asset will be used before it deteriorates to an unusable condition or is retired from service. â–º Chronological age (CA) – The portion of an asset’s life elapsed since it was originally placed into service. â–º Effective age (EA) – The age of an asset indicated by its actual condition, which may or may be not equal to the CA. â–º Conservation – “situation of the physical characteristics of a property, at a certain moment, as a result of its use and the maintenance to which it was submitted. “ â–º . Remaining useful life (RUL) – The period over which an asset will remain in use before it is retired from service; Different physical deterioration profiles are known and widely used in practice that operate under the basic concepts outlined previously. In the Cost Approach analysis, we normally adopt the following physical deterioration profiles: â–º Straight-line depreciation profile—A linear consumption of utility of an asset over its useful life; â–º Ross-Heidecke—considers the maintenance conditions, the actual age and the useful life of the constructions. The methodology applied to estimate the physical deterioration of the buildings and improvements was the Ross-Heidecke method for the ones that the actual age was determined, and the Straight-line for those that the apparent age was considered. Functional Obsolescence Functional obsolescence can be attributable to excess capital or operating costs associated with an asset or group of assets. Economic obsolescence is the loss in value caused by adverse conditions external to the assets, such as poor market demand for the product or service, industrial reorientation, unavailability of transportation and governmental regulation. The methodology applied to estimate the physical deterioration of the buildings and improvements was the Ross-Heidecke method for the ones that the actual age was determined, and the Straight-line for those that the apparent age was considered. Based on our analysis and site inspections, we have not identified any additional economic and functional obsolescence, therefore, we have not made any further adjustments to the real property about these depreciations. * The details of the analysis such as the homogenization and building and improvements valuation are in an Excel file, integrant part of this report. . Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 50 of 59

10 July 2018 7 Appendix Dashboard 6 Anexos 1 Sumário Executivo 7 Appendix d. Personal Properties Assumptions 2 Macroeconomia 3 Análise do Setor 4 A Empresa e a Transação 5 Avaliação do Patrimônio â–º The valuation of Personal Properties included all the assets presented in the following classes: machinery and equipment, agricultural equipment, furniture and utensils, computer equipment, facilities and tools. â–º The Valuation date is: 03/31/2018 â–º The evaluation was carried out following according to the norms promulgated by NBR 14.653 in its part 5 – Capital Equipament e also by IBAPE (Brazilian Institute of Engineering and Technical Inspection). â–º Valuation Procedures: In order to properly evaluate personal property assets, we have established a work plan that included the following items and procedures : • Sample technical inspection ; • Conference calls, meetings and e-mail exchanges; • Research to estimate replacement cost; • Selection of evaluation methodology and analysis; • Discussion and review of results; • Elaboration and emission of the final report â–º Site Inspection: We conducted site inspection at the Suzano unit from May 21 to 24, 2018, at the Limeira plant on May 24 and 25, 2018 and at the Mucuri unit from June 04 to June 06, 2018. During inspections, we consulted those responsible for the respective units, in order to understand procedures related to the production of pulp as well as technical specifications related to the personal properties, their maintenance policies and possible obsolescence. â–º Conference Calls, meetings and e-mails exchanges We consulted Management and Engineering to gather the necessary information in order to carry out the evaluation of personal properties, including meetings, conference calls and e-mail exchanges with those responsible for the respective areas involved in the construction and acquisition of new equipment in order to understand processes, discuss the replacement costs and request technical data of the sites that were not inspected, among others. â–º Estimative of the Replacement cost In the course of our valuation, we contacted suppliers of equipment as well as our internal databases on personal property. During these conversations, we discussed current market demand for asset types under evaluation, as well as estimates of replacement cost value for new equipment and market value for refurbished or used equipment. We have also researched a number of publicly available sources of information on cost trends, useful lives and technological changes in the industries in which the assets operate. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 51 of 59

10 July 2018 7 Appendix Dashboard 6 Anexos 1 Sumário Executivo 7 Appendix e. Real Estate Properties Assumptions | Urban Properties 2 Macroeconomia 3 Análise do Setor 4 A Empresa e a Transação 5 Avaliação do Patrimônio ... â–º The evaluation of urban real estate included the Suzano’s industrial sites located in the cities of Suzano and Limeira, in São Paulo, Mucuri, in Bahia, and Imperatriz, in Maranhão. â–º The Valuation date is : 03/31/2018. â–º The evaluation was carried out following according to the norms promulgated by NBR 14.653 in its part 2—Urban Real Estate and by IBAPE (Brazilian Institute of Engineering and Technical Inspection). â–º Valuation Procedures: In order to properly evaluate real estate assets, we have established a work plan that included the following items and procedures : • Sample technical inspection ; • Conference calls, meetings and e-mail exchanges; • Research to estimate replacement cost; • Selection of evaluation methodology and analysis; • Discussion and review of results; • Elaboration and emission of the final report â–º Site Inspection: We conducted site inspection at the Suzano unit from May 21 to 24, 2018, at the Limeira plant on May 24 and 25, 2018 and at the Mucuri unit from June 04 to June 06, 2018. During inspections, we consulted those responsible for the respective units, and discussed the perceived changes that could impact on the use of the property in addition to discussing points such as constructive type, age, observed physical condition, current use and future utility. â–º Conference Calls, meetings and e-mails exchanges We consulted Management and Engineering to gather the necessary information in order to carry out the evaluation of real estate, including meetings, conference calls and e-mail exchanges with those responsible for the respective areas involved in the construction and renovation of the units, in order to understand the constructive pattern of assets; request technical data, such as footage of the units, construction projects, etc., and understand the maintenance policies and related reforms of the units. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 52 of 59

10 July 2018 7 Appendix Dashboard 6 Anexos 1 Sumário Executivo 7 Appendix e. Real Estate Properties Assumptions | Urban Properties 2 Macroeconomia 3 Análise do Setor 4 A Empresa e a Transação 5 Avaliação do Patrimônio â–º Selection and analysis of the evaluation methodology In the context of the valuation of urban properties, the market approach combined with the cost approach method was based on the provision that the property value is significantly associated with its physical characteristics, and that it would pay no more for the installation than the cost to build a similar facility on the market current in a similar property. In this approach, the value of the land was estimated using the market approach method. The resulting value of the land is added, when applicable, to the market value of buildings and improvements (calculated by cost approach method) to reach the total market value of the property. Thus, for the market approach method, adjustment factors were applied in order to consider the difference between the comparatives and the assets analyzed. The tables below illustrate the attributes applied: Offer /Sale Factor Topography Factor Transaction 1,00 Flat 1,00 Opinion 1,00 Declivity up to 5% 0,95 Offer 0,80 Declivity from 5 a 10% 0,90 Access Factor Declivity from 10 a 20% 0,80 Declivity over 20% 0,70 3 km from the center 1,00 6 km from the center 0,90 Vocation Factor 8 km from the center 0,80 Real Estate Development 1,10 10 km from the center 0,70 Commercial / Mixed 0,90 Industrial 0,80 Location Factor Great 1,00 Urban Expansion 0,70 Good 0,90 Regular 0,80 Bad 0,70 Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 53 of 59

10 July 2018 7 Appendix Dashboard 6 Anexos 1 Sumário Executivo 7 Appendix e. Real Estate Properties Assumptions | Urban Properties 2 Macroeconomia 3 Análise do Setor 4 A Empresa e a Transação 5 Avaliação do Patrimônio ... Suzano Limeira The city of Suzano is located in the metropolitan region of São Paulo, 50 km The site of Limeira is located 30 km from the urban center of the municipality, far from the capital’s central region. already on the border with the municipality of Americana. Suzano has a population of 262,480 inhabitants (IBGE-2015). The Mario Limeira has a population of 300,911 inhabitants (IBGE-2017) and is located Covas Rodoanel (SP-021) and the SP-066 highway, which connects Poá and 50 km from the city of Campinas and 140 km from the capital. Mogi das Cruzes are the main roads of the municipality. Both the Anhanguera Highway (SP-330) and the Bandeirantes Highway (SP-Seat of the first unit of the plant, the property is located next to the border with 348) touch the municipality, these being the main connecting roads between the municipality of Mogi das Cruzes, in the neighborhood Vila Monte Sion. the interior and the capital. It is a predominantly residential area, without the presence of other industries On the other side of the Piracicaba River is the industrial zone of the in the region or consolidated industrial center. The region is also located in the municipality of Americana, already nearer its urban center. This industrial Várzea area of the Tietê river, which contains the existence of Environmental district has already been consolidated and with the presence of several Protection Areas and with zoning restrictions. industries, besides the existence of industrial lots and areas available for its expansion. Mucuri Imperatriz The city of Mucuri is located in the south region of Bahia, near the border with Imperatriz is a city which has regional influence over the south of Maranhão, Espírito Santo state, and about 90 km far from Teixeira de Freitas city. The the northern region of Tocantins, and also the southeast of the state of Pará. main road of the city is BR-101 Road, which crosses the state of Bahia. The The city has a population of 253,873 inhabitants (IBGE-2016). city has 42,072 inhabitants (IBGE-2017). The Rice Road connects the industrial plant to the center of Imperatriz and The Mucuri site is located in the rural area of the city, next to BR – 101 Road BR – 010 Road, the main highway in the region. access, and 35 km far from the urban center of Mucuri. As in Mucuri, the Suzano unit is located in the rural area of Imperatriz, making The region which has an economy mainly focused on the rural and tourist it the most representative industrial unit in the region since there is no other sector has the plant unit as an isolated industrial center in the region consolidated industrial center. However, this site in combination with other promoting influence in cities of Bahia and also northern Espírito Santo. isolated industrial units near the city of Imperatriz represent the second largest economy in the state. * We highlight that the land located in Mucuri-BA and Imperatriz-MA were considered as rural land and, therefore, the estimate of market value followed the guidelines described in Appendix F—Real Estate Specific Assumptions | Rural (Land).). Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 54 of 59

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix f. Specific Assumptions for Real Estate | Rural (land) 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder â–º The rural properties belonging to Suzano are located in the States of São Paulo, Bahia, Espírito Santo, Minas Gerias, Piauí and Maranhão, Pará and Tocantins. â–º The evaluation was carried out at the cluster level, for the base date 03/31/2018, considering the areas (ha) and the agronomic characteristics of each property, sent by the Administration, and the regional particularities through the market research that we carry out. â–º The clusters were determined following a pattern of maximum distance in kilometers per State. After this first grouping, the resulting groups were subdivided by the distance between the matrices, through the computational methodology “K-means”. In this methodology, a group of N samples is divided into K groups, where each sample is separated so as to maintain the lowest average distance possible in all clusters. Define the number K of groups so that it is the smallest possible value so that the maximum distance of all groups obeys the maximum allowed distance determined based on the State. State Abrev. Radius (Km) Maranhão MA 100 São Paulo SP 30 Espírito Santo ES 50 Minas Gerais MG 50 Bahia BA 100 Piauí PI 100 Tocantins TO 100 Pará PA 100 Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 55 of 59

10 July 2018 7 Appendix Dashboard 6 Anexos 1 Sumário Executivo 7 Appendix f. Real Estate Properties Assumptions | Agricultural Properties 2 Macroeconomia 3 Análise do Setor (Lands) 4 A Empresa e a Transação 5 Avaliação do Patrimônio ... â–º As previously mentioned, adjustment factors were applied in order to consider the difference between the comparatives and the analyzed clusters. The grades attributed to each of the factors are shown below: Offer /Sale Factor Topography Factor Transaction 1,00 Flat 1,00 Opinion 1,00 Slightly Wavy 0,90 Offer 0,80 Wavy 0,80 Very Wavy 0,70 Occupation of Soil Factor [a] Agriculture 1,00 Access Factor Reforestation 0,90 Paved road with double lane 1,00 Pastures 0,80 Paved road with single lane 0,90 Native Forests or Reservation 0,70 Rural road in good conditions 0,80 Rural road in bad conditions on rainy season 0,70 Rural road in bad conditions 0,60 Soil Texture Factor Very Clay 1,00 Clay 0,90 Water Factor Average 0,80 High rainfall index 1,00 Siltoso 0,70 Average rainfall index 0,90 Sandy 0,60 Low rainfall index 0,80 [a] For Maranhão region, the factor considered for Occupation of Soil in Pastures was 0.85, since market research indicated that there were no significant difference between the values of the reforestation areas or the pasture areas in this region. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 56 of 59

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix f. Specific Assumptions for Real Estate | Rural (land) 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... Region: Maranhão Region: São Paulo Topography: the region presents flat topography to slightly undulated in the Topography: the region presents flat topography to slightly undulated in the producing regions, very favorable for agriculture. producing regions, very favorable for agriculture. Climate: The average annual rainfall is 1000 to 1500 mm and the average Climate: The average annual rainfall is 1340 mm and the average annual annual temperature is 26.0 ° C. temperature is 18.5 ° C. Vegetation: Maranhão has three types of vegetation, being Amazonian forest, Vegetation: The state of São Paulo is inserted in the Cerrado and Atlantic fields and cerrado. Forest biomes. Soil Classes: The main soil class in the producing regions of Maranhão are Soil Classes: The main soil class in the producing regions of São Paulo are Yellow Latossolo and Yellow Red Argisol. Red Latosol, Red Yellow Latosol, Red Argisol and Red Yellow Argisol. Clusters: from C SP 1 to C SP 21. Clusters: from C MA 1 to C MA 14. Region: Espírito Santo Region: Minas Gerais Topography: the region presents a slightly wavy to wavy topography in the Topography: the region presents a slightly undulated topography in the producing regions. producing regions. Climate: The average annual rainfall varies from 750 to 1800 mm and the Climate: The average annual rainfall is 620 mm and the average annual average annual temperature is 22.0 ° C. temperature is 22.0 ° C. Vegetation: Minas Gerais has two predominant cerrado vegetation and Vegetation: the Holy Spirit is in its totality in the Atlantic Forest biome. Atlantic forest Soil Classes: The main soil class in the producing regions of Espírito Santo Soil Classes: The main soil class in the producing regions of Minas Gerais are are Yellow Argissolo, Yellow Red Argissolo, Yellow Red Latosol, and Hapless Red Argissol, Red Argissol, Red Latosol, Red Latosol, and Hapoly Cambisol. Cambisol. Clusters: from C MG 1 to C MG 3. Clusters: from C ES 1 to C ES 6. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 57 of 59

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix f. Specific Assumptions for Real Estate | Rural (land) 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... Region: Bahia Region: Piauí Topography: the region presents flat topography to slightly undulated in the Topography: the region presents flat topography to slightly undulated in the producing regions, very favorable for agriculture. producing regions, very favorable for agriculture. Climate: The average annual rainfall is 846 mm and the average annual Climate: The average annual rainfall is 950 mm and the average annual temperature is 27.8 ° C. temperature is 26.0 ° C. Vegetation: Bahia has three types of vegetation, being swamp, rainforest and Vegetation: Piauí has four types of vegetation, being caatinga, forest, forest of closed forest. cocais and cerrado. Soil Classes: The main soil class in the producing regions of Bahia are Yellow Soil classes: the main soil class in the producing regions of Piauí are Yellow Latosol and Yellow Red Latosol. Latosol, Yellow Red Argisol and Quartzarenic Neosol. Clusters: from C BA 1 to C BA 3. Cluster: from C PI 1 to C PI 2. Region: Tocantins Region: Pará Topography: the region presents flat topography to slightly undulated in the Topography: the region presents flat topography to slightly undulating in the producing regions, very favorable for agriculture. producing regions, favorable for agriculture. Climate: The average annual rainfall is 1600 mm and the average annual Climate: The average annual rainfall is 2000 mm and the average annual temperature is 26.0 ° C. temperature is 25.0 ° C. Vegetation: Tocantins has three types of vegetation, being cerrado, field and Vegetation: Pará has four types of vegetation, being mangroves, fields, equatorial forest. cerrado and Amazonian forest. Soil Classes: The main soil class in the producing regions of Tocantins are Soil Classes: The main soil class in the producing regions of Pará are Yellow-red-yellow Argisol, Red Latosol, Yellow Red Latosol, and Quartzarenic red Argissolo, Yellow Latosol and Yellow Red Latosol. Neosol. Cluster: C PA 1. Cluster: from C TO 1 TO C TO 2. Suzano Papel e Celulose S.A.: Valuation of Shareholder’s Equity at Market price of Suzano Papel e Celulose S.A., as of March 31, 2018 | Page 58 of 59

EY | Audit | Tax| Corporate Transactions | Consulting About EY EY is a global leader in Audit, Tax, Corporate Transactions and Consulting services. Our insights and the quality services we provide help build confidence in the capital markets and economies around the world. We develop exceptional leaders who work in teams to fulfill our commitments to all stakeholders. With this, we play a key role in building a better business world for our people, our customers and our communities. EY refers to the global organization and may also refer to one or more member firms of Ernst & Young Global Limited (EYG), each of which is an independent legal entity. Ernst & Young Global Limited, a privately held company incorporated in the United Kingdom and limited by guarantee, does not provide services to customers. For more information about our organization, visit ey.com. © 2018 EYGM Limited. All rights reserved. www.ey.com.br

Suzano Papel e Celulose S.A. Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. 10 July 2018

10 July 2018 Suzano Papel e Celulose S.A. July 10, 2018 A/C: Daniel Nascimento Av. Brigadeiro Faria Lima, 1355—8 andar São Paulo – SP, Brasil 01452-919 Ernst & Young Assessoria Valuation of Shareholder’s Equity at Market Prices of Fibria Celulose S.A. Empresarial Ltda. As requested by you, Ernst & Young Assessoria Empresarial Ltda. (“EY”) presents the appraisal report of the Av. Presidente Juscelino Kubitschek, 1909 Shareholders’ Equity at market prices of Fibria Celulose S.A. (“Fibria” or “Company”), as of March 31, 2018 (“base Torre Norte—10º andar date”). 04543-011 – São Paulo – SP Telefone: +55 11 2573-3000 We understand that Suzano Papel e Celulose SA (“Suzano”) will use this report only as support for calculating the www.ey.com.br replacement ratio of shares of Eucalipto Holding SA (“Eucalipto”) for Suzano shares, as provided for in article 264 of Law 6404 / 76, (“S.A. Law”), in the context of the combination transaction of the operations of the companies (“Transaction”). Eucalipto is a subsidiary of Suzano, which as of the reference date had only the cash assets in the amount of R $ 200.00 (two hundred reais), which will be used in the corporate reorganization to enable the Transaction. As part of the Transaction, Eucalipto will incorporate all of Fibria’s shares and will subsequently be merged into Suzano, with its consequent extinction. As anticipated in the Transaction, at the time of incorporation of Eucalipto by Suzano, Eucalipto is expected to hold only all the assets and liabilities previously belonging to Fibria. In this way, this Report will be used to subsidize the value of Shareholders’ Equity of the market prices of Eucalipto at the time of the merger. In this context, our estimate of value should not be considered as investment advice or recommendation or any transaction involving the Company’s capital, fairness, or used for financing / raising funds, as well as any other purpose except as described above . This Report contemplates the objective, scope, procedures and methodologies used, as well as the main assumptions involved in calculating Fibria’s estimate of Shareholders’ Equity at market prices. We emphasize that we did not investigate independently, nor was any audit process applied to the information provided by Fibria, notably the Balance Sheet of the base date. It should be noted that the closing of the Transaction depends, among other precedent conditions, on the prior approval by the Brazilian Defense Authorities (CADE) and other specific countries. In this context, until the close of the Transaction occurs, among other things, any exchange or sharing of competitively sensitive information between Fibria and Suzano is not permitted. In this way, it is worth noting that for this exercise, public information was primarily taken into account Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 2 de 65

10 July 2018 Suzano Papel e Celulose S.A. July 10, 2018 A/C: Daniel Nascimento Av. Brigadeiro Faria Lima, 1355—8 andar São Paulo – SP, Brasil 01452-919 Ernst & Young Assessoria Valuation of Shareholder’s Equity at Market Prices of Fibria Celulose S.A. Empresarial Ltda. We assume that both the management of Fibria and the management of Suzano have consistently analyzed the Av. Presidente Juscelino Kubitschek, 1909 factors presented herein and have not omitted any relevant information that could significantly impact the results of Torre Norte—10º andar our work. 04543-011 – São Paulo – SP Thank you for the opportunity to collaborate with Suzano. If you have any questions or require additional information, Telefone: +55 11 2573-3000 please contact Ms. Andrea Fuga or Ms. Roberta Tedesco at +55 (11) 2573 5639. www.ey.com.br Regards, ________________________ Andrea Fuga Partner of Valuation Executive Director of Valuation ulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 3 de 65

10 July 2018 Dashboard Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Table of Contents 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... Dashboard Executive Macroeconomic Sector Analysis Summary Analysis 1 2 3 Page 5 Page 6 Page 9 Page 11 The Company Valuation of Exhibits Appendix and the ... Shareholder ... 4 5 6 7 Page 17 Page 22 Page 30 Page 41 Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 4 de 65

10 July 2018 Dashboard Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Highlights 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Main Assets and Liabilities at Market Value R$ 15.2 bi R$ 1.1 bi R$ 16.3 bi Equity book value Adjustments Equity market value R$ 15.2 bi R$ 6.9 bi R$ 22.0 bi Fixed assets book value Adjustments Fixed assets fair value R$ 18.9 bi R$ 0.4 bi R$ 19.4 Loans and financing Adjustments Loans and financing fair value R$ 7.7 bi R$ 0.01 bi R$ 7.7 bi Cash, Financial Applications, Derivatives, and Accounts Adjustments Cash, Financial Applications, Derivatives, and Accounts Receivable Receivable fair value R$ 4.6 bi R$ (4.3) bi R$ 0.3 bi Intangibles Adjustments Intangibles fair value R$ 2.5 bi R$ (0.003) bi R$ 2.5 bi Accounts payable to suppliers Adjustments Accounts payable to suppliers fair value Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 5 de 65

1 Executive Summary Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 6 de 65

10 July 2018 1 Executive Summary Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Executive Summary 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Objective Scope of Work General Assumptions Fibria is a Brazilian company, the world Discussions with executives and The value of Shareholders’ Equity at leader in the production of bleached employees of Fibria and Suzano Market Prices is defined by CVM eucalyptus pulp. With a production Instruction 436 as “the amount calculated capacity of 7.3 million tons per year, the Obtaining Fibria’s accounting, operating based on the sale or settlement of the company exports pulp to more than 35 and financial historical data; assets and separately payable under the countries. Analysis of the market in which the following conditions: is the second largest global Company is inserted; the market value must correspond to the Suzano a) producer of eucalyptus pulp and the main Individual valuation of relevant assets and value expressed in cash or equivalent to producer of domestic paper in Latin liabilities, recorded in the Company’s equity which the property (or any other asset or America. position on the base date, at market value, liability) could be exchanged between a according to the methodologies described prone buyer and a prone seller, with In March 2018, Fibria and Suzano in this report. reasonable knowledge of both and no announced the combination of their compulsion to buy or sell by one or both; businesses, through which Fibria will It should be noted that this work does not and become a wholly-owned subsidiary of contemplate changes in the external or Suzano. internal environments in which Fibria b) the value of the assets shall be valued by operates, in addition to those eventually reference to market prices under orderly The objective of this study is the Fibria explained here settlement conditions or “cash Market Value of Shareholders’ Equity, as equivalents”, ie, no account shall be taken of March 31, 2018, in order to base the of the winding-up amount under forced calculation of the replacement ratio of sales conditions at any cost. “ Fibria’s shares for Suzano shares, as set forth in the article 264 of the Brazilian The Balance Sheet used was the Corporate Law Consolidated, dated March 31, 2018, as published in the ITR (Quarterly Information) of the Company. Base date: March 31, 2018 Currency: Reais (BRL) in nominal terms. Relevance: Only items greater than 1% of the total asset value were adjusted. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 7 de 65

10 July 2018 1 Executive Summary Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Estimation of Value 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... Equity Before and After Adjustments (R$ millions) Composition of adjustments (R$ millions) (=) Equity Book Value 15,200 (+) Credit Adjustment to Equity 3,058 (-) Debit Adjustment to Equity (1,411) (-) IR/CS Adjustments (560) (=) Market Value of Equity 16,287 Source: EY Conclusion Based on the information received and the work performed, our valuation resulted in an estimate of Fibria’s Shareholder Equity at market prices of approximately BRL 16,287 million, as of March 31, 2018. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 8 de 65

2 Macroeconomic Analysis Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 9 de 65

10 July 2018 2 Macroeconomic Analysis Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Macroeconomic Analysis 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder IPCA Historic and Projected Macroeconomic analysis provides a gap for the reduction of the level of the basic interest rate, which may allow greater The analysis below refers to the expectations in investments by companies. (Copom meeting of force on the base date, according to information March 21, 2018). For the coming years the Selic is published by the Focus Bulletin of BACEN, Getúlio expected to stabilize at a level of approximately 8% Vargas Foundation (FGV), Oxford Economics and a.a. JP Morgan. Exchange rate BRL / USD Brazilian Economy The exchange rate closed the month of December Economic activity 2017 at 3.31 BRL / USD. Market expectations on the base date indicated an average rate of 3.28 According to the expectations provided by the BRL / USD for 2018 and 3.35 for 2019. However, Bank on March 30, 2018, GDP grew by 1.0% in in May and June 2018, due to the increase in 2017 and is expected to be 2.8% in 2018. Real political instability in the country, the projections long-term GDP growth was expected to be 2.7% were changed to 3.63 BRL / USD in 2018 and 3.45 aa this same date. in 2019. Source: Central Bank of Brazil Inflation Risk-Brazil The official inflation index, IPCA, closed the year of The index shows the daily performance gap of US Exchange Rate Historic and Projected 2017 at 2.9%. According to the market and emerging-market debt securities and is an expectations presented by the Bank at the base indicator of the financial health of the country in date, the IPCA should reach 3.6% in 2018 and question. The index ended March at 239 basis 4.1% in 2019. The expected stabilization in the points, indicating a difference of 2.39pp. between medium and long term was 3.9% pa the performance of Brazilian securities and US The General Price Index of the Market (IGP-M), securities. The average for the month was 244 calculated by FGV, closed the year of 2017 by—basis points. 0.5%. The expectation of the Focus Bulletin is that this index reach 4.5% in 2018 and 4.3% in 2019. American Economy Interest Rates Inflation The Monetary Policy Committee (Copom) took into The US inflation index grew in 2017 to 2.1%, as consideration the macroeconomic situation, the well as the expectation for 2018 of 2.5%. The long-outlook for Brazilian inflation and the balance of term expectation in force at the base date was risks, and decided to lower the Selic rate from 1.9% pa Source: Central Bank of Brazil 6.8% to 6.5% pa. The Committee understands that the fall in the expectation of inflation in 2017 Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 10 de 65

3 Sector Analysis Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 11 de 65

10 July 2018 3 Sector Analysis Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Global Cellulose and Pulp Market 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... Between 1990 and 2016, global pulp production grew by 11.0% (185.5 million tons) at a CAGR of 0.4%. However, within the period between 2007 and 2009, production was impacted by the international financial crisis, falling 11.3%. Consequently, with the increase of the world’s stocks, the companies reduced their productions. Since these events, the same pre-crisis levels have not been recovered. The United States is the largest pulp producer in the world, representing 26.3% of the total market with 48.5 millions of tons produced in 2016. As a comparison, US production is triple that of Brazilian production. However, in recent years, the United States and Canada have fallen in production, due to the low competitiveness in the international market, compared with other countries that have gained space in this industry. Of the total products derived from pulp, 31.5% are destined for export and the five largest global exporters are Brazil, Canada, Chile, Sweden and the United States, which represent 63.6% of total exports. In 2013, Brazil became the largest exporter, surpassing Canada, mainly to supply the growing Chinese demand, which is the largest importer of pulp in the world. Only China imports 33.0% of the total produced globally, which assists in supplying demand, not only in Brazil, but also in other South American and European countries. Between 2010 and 2016, Brazil tripled the value of its exports, while Chile, which became one of the main players in South America and a major global competitor due to the good adaptability of both eucalyptus and pine pulp production, grew 98.5% during that same period. Another important aspect of the global pulp industry is the low price volatility of eucalyptus pulp in the international market, varying by 8.0% between 2000 and 2017, which is explained by the high flexibility of pulp producers to adjust the production required for pulp production. demand curve, the industry’s slight cost curve and market prices close to producers’ costs. The 10 largest producers of cellulose in 2016 (millions of tons) Productivity of the forests by country (m³/ha/year) Source: EMIS, Bloomberg, Parllaxis Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 12 de 65

10 July 2018 3 Sector Analysis Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Cellulose in Brazil 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Area of forests planted in In Brazil, the two main sources of wood used for pulp production are pine Brazil (thousands of hectors) and eucalyptus, accounting for more than 92.5% of the volume produced. The country ranks second in the ranking of pulp producers of all types and first, if only eucalyptus pulp is considered. There are two types of cellulose, with different physical and chemical characteristics. The Fibra Longa cellulose is used in the production of papers that demand more resistance, such as those used in packaging, paper and newspaper. The other type, called Short Fiber, derived mainly from eucalyptus, is used for the production of household papers (printing and writing) and sanitary purposes (toilet paper, paper towels and napkins). About 85.0% of the total Brazilian production corresponds to Fibra Curta pulp. In 2017, Brazil had the 7th largest area of planted forests certified, covering 6.4 million hectares. In order to promote economic activities and guarantee supplies to local industries, in July 2017, the Government adopted the Annual Forest Granting Plan (PAOF) for 2018, offering a concession of 1.6 million hectares of public forests in the states of Amazonas, Amapá, Pará and Rondônia. Brazil’s competitiveness in this sector is explained, among others, by natural factors such as abundance of land and favorable climatic conditions / soil for planting eucalyptus trees (72.3% of the total area planted). The increase in eucalyptus productivity in the country is a consequence of the high investment and development of innovations in the biotechnology, genetics and forest maintenance techniques. The result is a productivity gain of 30m3 per hectare per year since the 1970s. As a comparison, this productivity gain enabled the industry to use half of the eucalyptus plantation area for the supply used in China. The production of 1.5 million tons of pulp requires 140 thousand hectares in Brazil, one fifth of the area needed in Scandinavia. Source: Parallaxis, EMIS, FSC (Forest Stewardship Council) Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 13 de 65

10 July 2018 3 Sector Analysis Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Cellulose in Brazil 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder The largest state of eucalyptus in Brazil is Minas Gerais, with 24.5% of the total planted area, followed by São Paulo (16.7%), Mato Grosso do Sul (15.5%) and Bahia (10.8% %). Between 2015 and 2016, São Paulo and Minas Gerais had decreases in eucalyptus production of 3.1% and 0.4%, respectively. In contrast, Mato Grosso do Sul and Tocantins had growths of 323.0% and 439.0% between the years 2007 and 2016, with CAGR of 15.5% and 20.6%, respectively. Pine production in Brazil is concentrated in only two states, Paraná and Santa Catarina, which represent 77.0% of the planted area of this variety in the country. However, there is a downward trend in the production of this variety for long cutting time (15 years against 7 of eucalyptus) and its profitability compared to eucalyptus. Area of eucalyptus (%) Area of pine (%) PA MA 2.4% 2.9% MT BA BA 3.3% 10.8% 0.2% GO MG 0.5% MG MS 24.5% ES MS 2.3% ES 15.5% SP 4.1% 0.4% 0.2% SP PR 16.7% 7.8% PR 5.2% 42.5% Outros – 9.2% SC Outros – 0% RS 34.5% RS 5.4% 11.7% Source: EMIS, Parallaxis Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 14 de 65

10 July 2018 3 Sector Analysis Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Cellulose in Brazil 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Production of cellulose in Brazil ( thousands of tons) Between 1991 and 2016, pulp production grew 295.0% in Brazil, with a CAGR of 5.7%, the highest annual growth comparing only the 5 largest pulp producers in the world. If we only consider the period between 2007 and 2017, the growth was 61.9%, with output jumping from 12.0 to 19.4 million tons. In 2018, the growth trend continued in the first three months of the year. Between January and March, pulp production in the country was 5.3 million tons, up 13.0% on the same period last year. The total production value of Brazilian pulp will have a CAGR of 6.1% by the year 2022 due mainly to the increased participation of eucalyptus plantation in the product mix of the companies. In 2017, the volume of pulp exports grew by 2.8% compared to the previous year, rising from 13.5 million tons to 13.9 million tons. The value of exports increased even more significantly, reaching US $ 6.4 billion in 2017, 14.1% higher than in 2016. The factors that supported this movement were the prices practiced in the international market combined with the devaluation of Real, which positively influenced the Source: Parallaxis competitiveness of the Brazilian product. The growth in Chinese and US demand for Brazilian pulp also ensured maintenance levels of Brazilian Projection of exportation of cellulose (US$ millions) exports despite the weakening of the European market. Between 2012 and 2017, the CAGR of the value of exports only to the Chinese market was 15.8%, reaching a total of $ 2.6 billion and 5.5 million tons. Exports to the United States, in the same period, presented a CAGR of 1.5% to a variation in the volume of 3.9%. Source: EMIS Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 15 de 65

10 July 2018 3 Sector Analysis Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Cellulose in Brazil 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Exports of pulp are projected to increase at a CAGR of 3.4% between Projection of importation of cellulose in Brazil (US$ millions) 2017 and 2022, reaching US $ 7.5 billion. This expansion will be due to the strong demand for eucalyptus pulp in developed and developing countries and the low availability of pulp in the global market due to production inefficiencies and the start-up of new plants, especially in China. Since 2013, Brazilian imports have fallen 51.0%, from 430 thousand to 211 thousand tons. Three factors impacted this change: the devaluation of the Real against the Dollar during this period (increasing exports), the growth of pulp production in the country and the development of resistance and use of short-fiber pulp. However, the trend is that imports of pulp will grow at a CAGR of 6.2% between 2017 and 2022, driven by the growing demand from the national pulp paper industry and the production used for the generation of high value products aggregate. Domestic pulp consumption in 2017 grew 1.6% from 6.2 million to 6.3 million tons, mainly due to the recovery in paper production, which increased the use of raw materials in the domestic market. Domestic Source: EMIS demand corresponds to 33.0% of production, with 94.0% coming from domestic production and only 6.0% from other countries. Apparent consumption of cellulose in Brazil (thousands of tons) Source: Parallaxis Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 16 de 65

4 The Company and the Transaction Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 17 de 65

10 July 2018 4 The Company and the Transaction Dashboard 6 Exhibits 1 Executive Summary 7 Appendix General Vision of the Company 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Fibria Fibria was formed from the acquisition of Aracruz Celulose S.A. by Votorantim Celulose e Papel S.A., and was then consolidated and formalized as a company on September 1, 2009. The company is the largest producer of eucalyptus pulp in the world, with a production capacity of 7.3 million tons per year and operating through industrial units located in Aracruz (ES), Jacareí (SP), Três Lagoas (MS) and in Eunápolis (BA), city in which Veracel, joint-operation with Stora Enso, is headquartered. Fibria’s production, which is exported to 35 countries, is generated from 1,056 million hectares of forests, 633,000 hectares of planted forests, 364,000 hectares of preservation areas and 59,000 hectares for other purposes. The pulp manufactured by the company is raw material for different segments of products, among them, education, hygiene, health and cleaning. Global Presence: Timeline: Fibria was created as a result of the acquisition of Aracruz by 2009 Vototantim Celulose e Papel. Start of operations in Horizonte 1 Fibria enters the New Market of 2010 BM&F Bovespa (actual B3) 2012 Fibria affirms their strategy with the Canadian company Ensyn Approval of the expansion project 2015 Horizonte 2, in Três Lagoras—MS Fibria iniciates operations for the 2017 project Horizonte 2 Suzano announces corporate 2018 reorganization with Fibria Source: Site Fibria Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 18 de 65

10 July 2018 4 The Company and the Transaction Dashboard 6 Exhibits 1 Executive Summary 7 Appendix General Vision of the Company 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Suzano Founded 94 years ago by a Ukrainian immigrant named Leon Fefer, the Suzano Group is currently composed of 4 companies from different segments: Suzano Papel e Celulose, Alden Desenvolvimento Imobiliário, MDS Global Insurance & Risk Consultants, and HiperStream, a provider of solutions for data processing and transactional communication. Suzano is a forest-based company, the world’s second largest producer of eucalyptus pulp and the largest manufacturer of household paper in Latin America. It has its administrative headquarters in São Paulo (SP) and operates seven industrial units in Brazil, three in the state of São Paulo (Limeira and two in Suzano), one in Bahia (Mucuri), one in Maranhão (Imperatriz), one in Pará ( Belém) and one in Ceará (Fortaleza). The company has 9,000 employees and 11,000 service providers operating in a forest area of 1.3 million hectares, of which 570 thousand hectares are planted forests (concentrated in the states of Bahia, Espírito Santo, São Paulo, Minas Gerais Gerais, Maranhão, Tocantins, Pará and Piauí). Within the forest base, 542 thousand hectares are of preservation areas. Suzano has also diversified its operations. Through FuturaGene, the company entered the biotechnology sector, becoming the first company in the world to obtain approval for the commercial use of genetically modified eucalyptus, fluff cellulose (used for the production of diapers and absorbents), lignin petroleum products in high value-added applications) and tissue (production of paper for sanitary purposes). In São Paulo, the first factory starts operating The first company Suzano diversifies Leon Feffer starts 1941 Inauguration of in the sector to go operation: operations in the commercial offices in public commercial paper USA, Switzerland and Biotechnology, Fluff, industry 1980 China Tissue and Lignin 1921 2006/2007 2015 1924 1964 1992 2014 Registration approved by the 2018 Board of Trade. Suzano makes their first Inauguration of a new plant Industrial Unit in Suzano announces exportation od Cellulose to in Imperatriz, Maranhão Mucuri, Bahia, corporate reorganization Argentina begins operations with Fibria Source: Site Suzano Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 19 de 65

10 July 2018 4 The Company and the Transaction Dashboard 6 Exhibits 1 Executive Summary 7 Appendix General Vision of the Company 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... Suzano Global Presence: Abroad, Suzano Papel e Celulose is present in more than 15 countries. In addition to Brazil, Suzano has a commercial office in China, and subsidiaries in the United States, Switzerland, England, Argentina and 21 distribution centers spread across 3 continents (Asia, North America and Europe). Administrative Headquarters Industrial Unit Source: Site Suzano Source: Site Suzano Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 20 de 65

10 July 2018 4 The Company and the Transaction Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Description of the Transaction 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder The Transaction On March 16, 2018, Suzano and Fibria announced the conclusion of an agreement between Suzano Holding SA and other controlling shareholders of Suzano, with the controlling shareholders of Fibria (Votorantim SA and BNDES Participações SA), regarding the realization of the combination of the base shareholders’ equity through a corporate reorganization. This reorganization will result in the conversion of Fibria into a wholly owned subsidiary of Suzano and the receipt by all Fibria shareholders of (i) a portion of approximately R $ 29.0 billion, to be adjusted and paid as provided in the Protocol and Justification of the Transaction, and (ii) 255 million of new common shares issued by Suzano, to be adjusted as provided for in the same Protocol. The resulting company will have 37,000 employees (direct and third party), with assets in Brazil and abroad. In total there will be 11 industrial units, reaching 11 million tons of pulp and 1.4 million tons of paper. The annual export volumes will total R $ 18 billion and investment of R $ 6.4 billion projected for the year 2018. Controllers of the two companies defined that Fibria’s shareholders will receive R $ 52.50 per share, adjusted by the CDI until the date of consummation of the transaction. In addition, it will receive 0.4611 Suzano common stock, adjusted according to transaction documents. After the conclusion of the operation, which will only happen after the approval of the Shareholders’ Meetings of the two companies and the analysis of the regulatory agencies, the resulting company will become the largest agribusiness company in the country and the fifth largest non-financial company in Brazil. New shareholder composition: Suzano Papel e Celulose Other Shareholders BNDESPar (11.1%) Votorantim (5.6%) (46.4%) (36.9%) Suzano Papel e Celulose S.A. (100%) Fibra Celulose S.A Source: Site Suzano and Economia Estadão Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 21 de 65

5 Valuation of Shareholder Equity at Market Prices Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 22 de 65

10 July 2018 5 Valuation of Shareholder Equity at Market Prices Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Consolidated Financial Statements 2 Macroeconomic Analysis 3 Sector Analysis Balance Sheet Assets 4 The Company and the 5 Valuation of Shareholder Assets (R$ millions) Main assumptions: [a] Cash and cash equivalents: cash or cash equivalents, represented by national currencies and includes balances of accounts invested abroad. ï¶ Adjustment criteria: There were no adjustments made to the account. Given the nature of the assets. [b] Securities: it is composed of securities invested in investment funds, public and private securities, over 90 days. ï¶ Adjustment criteria: There were no adjustments made to the account. In accordance with IFRS 9, securities are considered financial instruments and are presented in the balance sheet at their fair value. [c] Derivative financial instruments: instruments contracted with hedging strategy and derivatives embedded in a contract for the purchase of standing timber. ï¶ Adjustment criteria: There were no adjustments made to the account. In accordance with IFRS 9, derivative financial instruments are considered financial instruments and are presented in the balance sheet at their fair value. [d] Accounts receivable: consists of customers in the country and customers abroad. ï¶ Adjustment criteria: for the measurement of the fair value was considered the term of receipt of each account receivable brought to the present value through the Selic rate of the period. For more details see Annex 2. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 23 de 65

10 July 2018 5 Valuation of Shareholder Equity at Market Prices Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Consolidated Financial Statements 2 Macroeconomic Analysis 3 Sector Analysis Balance Sheet Assets 4 The Company and the 5 Valuation of Shareholder Assets (R$ millions) Main assumptions: [e] Inventory: consists of finished products, products in process, raw materials, warehouses, imports in progress. ï¶ The market adjustment for inventories considered only the adjustment of the finished products, since these represented 63% of the book value, and that another account, raw materials (29% of book value) is already measured at fair value at the time of wood cutting. ï¶ The fair value of finished products was determined as the value of the sale of products, net of selling expenses incurred and a reasonably calculated margin for commercial activity. For more details see Annex 3. [f] Recoverable Taxes: are composed of withholding taxes and in advance of taxes; ICMS to be recovered; IPI to recover; reimburses program credits; PIS and COFINS to be recovered; and provision for loss of ICMS credits. ï¶ The expected tax adjustment was recovered for the next 5 years of present value through the average Selic rate expected for the next 5 years. For more details see Annex 4. [g] Other assets: They are composed of operational non-metals. ï¶ Adjustment criteria: not updated or account balance, in relation to its low representation (0.7%) in relation to total assets.compostos por produtos acabados, produtos em processo, matérias-primas, almoxarifado, importações em andamento. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 24 de 65

10 July 2018 5 Valuation of Shareholder Equity at Market Prices Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Consolidated Financial Statements 2 Macroeconomic Analysis 3 Sector Analysis Balance Sheet Assets 4 The Company and the 5 Valuation of Shareholder Assets (R$ millions) Main assumptions: [h] Related parties: refers to a loan to Votorantim S.A., one of the Company’s parent companies. ï¶ Adjustment criteria: the account balance was not updated, due to its low representation (0.03%) in relation to total assets. [i] Advances to suppliers: consists of advances made to suppliers of wood. ï¶ Adjustment criteria: the balance was updated considering the total amount of timber foreseen for the conversion of these advances, and the market price of wood by region at the base date of the analysis. For more details see Annex 5. [j] Judicial deposits: deposits under guarantee, taxes and contributions sub judice. ï¶ Adjustment criteria: the balance of the account was not updated due to its low representation (0.5%) in relation to total assets and the fact that these deposits are mostly adjusted by CDI. [k] Deferred taxes - assets: presents the net balance of deferred tax assets and liabilities. Composed mainly of: tax losses and negative basis; provision for contingencies; exchange rate variations by cash basis, use of goodwill amortized fiscally, reforestation costs already deducted for tax purposes; among others. ï¶ Adjustment criteria: the amount of tax losses and temporary differences was brought to present value, based on the schedule of realizations estimated by Management. The provision for tax amortized goodwill was disregarded and the other amounts were considered without adjustments. For more details see Annex 6 Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 25 de 65

10 July 2018 5 Valuation of Shareholder Equity at Market Prices Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Consolidated Financial Statements 2 Macroeconomic Analysis 3 Sector Analysis Balance Sheet Assets 4 The Company and the 5 Valuation of Shareholder Assets (R$ millions) Main assumptions: [l] Investments: consists of joint venture and other investments. ï¶ Adjustment criteria: the balance of the account was not updated due to its low representation (0.4%). [m] Biological assets: composed of the totality of own forests in development, or point of consumption. ï¶ Adjustment criteria: There were no adjustments made to the account. In accordance with IAS 41, the biological assets presented in the balance sheet are measured at fair value. [n] Fixed assets: consists of land; properties; machinery, equipment and facilities; immobilized in progress; vehicles; furniture; and computer equipment. ï¶ Adjustment criteria: the fair value of these assets was estimated through a specific evaluation. The list of assets evaluated, methodologies and results are presented in Annex 7. [o] Intangible assets: consisting mainly of goodwill arising from the acquisition of Aracruz; and some assets related to the implementation of systems; right of exploitation; database; supplier relationship—chemical products; intangible in progress and trademarks and patents. ï¶ Adjustment criteria: goodwill and software development and deployment had their values written off because they did not individually have market value. The remaining values were kept unadjusted due to their low relevance. For more details see Annex 8. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 26 de 65

10 July 2018 5 Valuation of Shareholder Equity at Market Prices Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Consolidated Financial Statements 2 Macroeconomic Analysis 3 Sector Analysis Balance Sheet Liabilities 4 The Company and the 5 Valuation of Shareholder Liabilities (R$ millions) Main assumptions: [p] Loans and financing: consists of loans made in national and foreign currency with BNDES, FINAME, BNB, CRA, FINNVERA and others. ï¶ Adjustment criteria: The fair value adopted was that disclosed by Fibria in the Financial Statements of the base date. According to the notes to these financial statements, the fair value of the financial liabilities related to the loans, whose accounting balances are measured at amortized cost, is calculated in two ways: (i) the fair value of the bonds is obtained by the secondary market. The value used is a closing average calculated by Bloomberg; (ii) for other financial liabilities that do not have a secondary market or for which the secondary market does not have sufficient liquidity, the measurement is based on the present value, using the market projection for post-fixed rates and data contractual provisions for fixed-rate securities, brought to present value at the current market rate, also considering the Company’s credit risk. The fair value of loans and financing is classified in Level 2 in the fair value hierarchy. [q] Derivative financial instruments: instruments contracted with protection strategy and derivatives embedded in a contract for the purchase of standing timber. ï¶ Adjustment criteria: There were no adjustments made to the account. In accordance with IFRS 9, the derivative financial instruments presented in the balance sheet are measured at fair value. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 27 de 65

10 July 2018 5 Valuation of Shareholder Equity at Market Prices Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Consolidated Financial Statements 2 Macroeconomic Analysis 3 Sector Analysis Balance Sheet Liabilities 4 The Company and the 5 Valuation of Shareholder Liabilities (R$ millions) Main assumptions: [r] Accounts payable to suppliers: consists of accounts payable in national currency with related parties and third parties; and accounts payable in foreign currency, generated mainly by the take or pay agreement agreed with Klabin. ï¶ Adjustment criteria: the expected amount of accounts payable for the next 2 years was brought to present value, through the average Selic rate expected for the next 2 years. For more details see Annex 9. [s] Salaries and social charges: consists of social security accounts payable and provisions for 13th salary, holidays and other items. ï¶ Adjustment criteria: the balance of the account was not updated due to its low representation (0.3%) against total liabilities. [t] Taxes and fees payable: consists of income taxes, social contribution, contributions and indirect taxes payable. ï¶ Adjustment criteria: the balance of the account was not updated due to its low representation (0.3%) against total liabilities. [u] Dividends payable: parts of the company’s profit that will be distributed to its shareholders. ï¶ Adjustment criteria: the balance of the account was not updated, due to its low representativeness (0.7%) against total liabilities. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 28 de 65

10 July 2018 5 Valuation of Shareholder Equity at Market Prices Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Consolidated Financial Statements 2 Macroeconomic Analysis 3 Sector Analysis Balance Sheet Liabilities 4 The Company and the 5 Valuation of Shareholder Liabilities (R$ millions) Main assumptions: [v] Other accounts payable: are composed of provision for profits; benefits to employees; provision of inputs for forest formation; other bills to pay; and other obligations. ï¶ Adjustment criteria: there were no adjustments made to the account balance due to the composition and nature of the assets. About 25% of the total value of this asset represents actuarial liabilities with retiree health insurance, item already measured at fair value. [w] Tax benefit adjusted to market prices—Adjustments at Market Prices: Deferred Income Tax. ï¶ Calculated considering the regulatory rate of 34% of IR & CSLL on all adjustments at market price. [x] Contingency provision: it is composed of tax, labor and civil lawsuits. ï¶ Adjustment criteria: for labor contingencies, the Company announces that it accounts for all the shares based on the historical percentage of losses. In this way, we understand that there is no value adjustment in this case. For tax and civil contingencies, the Company accounts for the total amount of cases considered as probable loss by its lawyers. We maintained this criteria for probable contingencies and, for those considered with possible loss (with a probability of loss estimated by the lawyers between 10% and 49%), the recognition criteria was determined as 10% of the adjusted fair value of the shares. Since the contingencies with loss considered remote are not disclosed by the Company, no value has been assigned to them. For more details see Annex 10. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 29 de 65

6 Exhibits Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 30 de 65

10 July 2018 6 Exhibits Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Exhibit 1 – Consolidated Balance Sheet 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... Balance Sheet (R$ millions) Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 31 de 65

10 July 2018 6 Exhibits Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Exhibit 2 – Accounts Receivable 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... Accounts Receivable (in BRL millions) Book Value (31 de março de 2018) 1,281 Fair value adjustment (16) Fair Value of accounts receivables 1,264 Main assumption: The account is comprised of accounts receivable from customers in Brazil and abroad, net of provisioned losses, from April 2018 and January 2019. For the measurement of the fair value of accounts receivable, each account was brought to present value using the Selic rate expected for the same period. BRL millions Book Value Fair Value Clients in Brazil 192 Clients Abroad 1,095 Provision for Impairment (6) Total accounts receivable 1,281 1,264 Value recommendation: As of the base date and based on the parameters and assumptions mentioned above, our recommendation for the fair value of accounts receivable is BRL 1,264 million, generating a reduction of BRL 16 million. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 32 de 65

10 July 2018 6 Exhibits Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Exhibit 3 – Valuation: Inventory 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Finished Goods Inventory (in BRL millions) • Commercial Expenses: Expenses that reflect the activities involved for the sale of products, Book Value (March 31, 2018) 1,637 including sales staff, commissions and freight. On the base date, selling Fair value adjustment 543 expenses represented 4.6% of net revenue Fair value of finished goods inventory 2,180 • Margin on sales activity: The operating margin was 20.6% in 2017, which implies an applicable mark-Main assumptions: up on costs and expenses of 24.6%. We consider this mark-up to be equally applicable to all costs and expenses of the Company. We identified that the relevant values in inventory on the base date refer to the inventory of raw materials (29%) and inventory of finished products • Cost of keeping goods in stock: (63%). Since the main raw material, wood, is treated at fair value at the time Calculated based on the weighted cost of Fibria’s debt, 7.3% a. a., and the of cutting, it was agreed with Management that fair value adjustments would average permanence of the products in stock. consider only the finished products. Book Value of Inventory (BRL millions) Inventory turnover was estimated based on the days of the finished product stock in relation to operating costs on the base date. The stock turnover of Raw Material 746 finished products was estimated at 7.5x per year, or permanence of about Work in Progress 25 48 days. Finished Goods 1.637 Warehouse 177 Sales Price 1,637 ÷ 70.3% =2.330 Pending Imports 4 Commercial Expenses 2,330 4.6% 100.0% (106) × × = Total 2.589 Margin on Sales Activity 106 × 24.6% = (26) The fair value of finished products was estimated as the sales value of these Cost to Maintain Stock 1,637 × 7.3% ÷ 7.5x = (16) products, net of selling expenses to be incurred and a margin reasonably attributed to commercial activity. For the margin estimate, we used the Fair Value (rounded) 2.180 results made in 2017 to eliminate the effects of seasonality in the first quarter of 2018, as quoted in the company’s financial statements. • Value recommendation • Sale price : As of the base date and based on the parameters and assumptions mentioned above, our recommendation for the preliminary fair value of the The value of the inventory based on the selling price was estimated finished products stock is BRL 2,180 millions, generating a stock value considering that on March 31, 2018 the costs of the merchandise sold increase of BRL 543 millions. represented 70.3% of net revenue. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 33 de 65

10 July 2018 6 Exhibits Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Exhibit 4 – Valuation: Recoverable Taxes 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Recoverable Taxes (in BRL millions) Value recommendation: Book Value (March 31, 2018) 2.134 Based on the base date and on the results and assumptions above, our Fair value adjustment (261) recommendation for the fair value of taxes is R $ 1,873 million, generating a reduction of R $ 261 million. Fair value of recoverable taxes 1.873 Main assumptions: Retained Tax and CSLL, ICMS to be recovered, IPI to be recovered, Credits of the reintegration program, PIS and COFINS to be recovered and Provision for loss of ICMS credit. The management of Fibria stimulates the amount recovered between 2018 and 2022. For a measurement of the fair value of recoverable taxes, the estimated value for the next 5 years was brought into present value through the average Selic rate expected for the same period. 2018 2019 2020 2021 2022 Recoverable taxes 272 738 946 18 160 Discount factor 0.97 0.91 0.85 0.79 0.73 Present value of recoverable taxes 264 674 804 14 118 Far Value (rounded) 1.873 Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 34 de 65

10 July 2018 6 Exhibits Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Exhibit 5 – Valuation: Advances to Suppliers 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Advances to Suppliers (in BRL millions) Book Value (March 31, 2018) 664 Value by region (BRL millions) Book Value Fair Value Aracruz – average price 154.66 158.14 Fair value adjustment (18) Aracruz – maximum price 69.35 63.79 Fair value of advances to suppliers 646 Jacareí – average price 10.97 17.22 Jacareí – average price 8.55 7.35 Mato Grosso do Sul – average price 194.28 178.25 Main assumptions: Mato Grosso do Sul – average price 24.15 20.96 The advance to suppliers account is related to the forest producer program. Rio Grande do Sul – average price 56.18 55.22 The program is a partnership with rural producers, started in 1990 in the Veracel—average price 68.55 57.28 State of Espírito Santo and extended to the states of Bahia, Minas Gerais, Subtotal 586.69 558.21 São Paulo, Mato Grosso do Sul, Rio Grande do Sul and Rio de Janeiro, for Provision/loss Aracruz (8.00) the Eucalyptus forests in partner lands. Through the program, Fibria Provision/loss Jacarei (2.65) provides technology, technical assistance, inputs and financial resources, Plus Valia Fomentos CPC 15 87.68 87.68 according to the modality of the contract, thus guaranteeing the supply of Total 663.72 645.89 wood inputs for its pulp production. These advances will be reimbursed for the delivery of timber by the (encouraged) forest producers. Given this context, Fibria’s management provided us with the total amount of wood that would be converted by the account balance on the base date, sorted by region and price ranges (minimum range, average range and range maximum). For the estimation of the price of the wood were considered average ranges of market prices by region. Value recommendation As of the base date and based on the parameters and assumptions mentioned above, our recommendation for the fair value of the advances to suppliers is BRL 646 million, generating a reduction of BRL 18 million. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 35 de 65

10 July 2018 6 Exhibits Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Exhibit 6 – Valuation: Deferred Tax Assets 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... Deferred Taxes (in BRL millions) Value recommendation: Based on the base date and based on the results and assumptions, our Book Value (March 31, 2018) 451 recommendation for the fair value of differential taxes is R $ 680 million, Fair value adjustment 229 generating an increase in the amount of R $ 229 million. Fair value of deferred tax assets 680 Main assumptions: The composition of the deferred tax account is on the side. The management of Fibria provided an expectation of accomplishing the tasks with the fiscal year and a negative base of social contribution and the temporary ones, based on the projections of future taxable profits, as shown next. To obtain a measurement of the credit value, the amount issued was brought to a present value, using the average Selic rate expected for the same period. The tax benefit has not been fully amortized in view of the nature of the liability, and not its realization in the context of the assessment. The other securities were advanced at book value. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 36 de 65

10 July 2018 6 Exhibits Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Exhibit 7 – Valuation: Tangible Assets 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder 1 Notas: Class NBV Adjustments Market Value [1] The Netbook Value (NBV) was included for illustrative purposes only and reconciles with the amount reported in Real Properties the balance sheet and in the Fixed Assets register list Land 8.380 101.080 109.460 was provided by Fibria, on the valuation date March, Buildings and improvements 1.988.827 1.137.944 3.126.772 31st. Subtotal 1.997.207 1.239.024 3.236.232 [2] The class of Rural Improvements includes all Agricultural Properties improvements related to the farms owned by Fibria. [3] The class of third parties improvements contemplates Land 1.642.702 3.047.290 4.689.992 the improvements made by Fibria outside farm areas, for Rural Improvements2 104.716 (21.607) 83.109 example improvements made in nearby cities (college, health center, etc). Third Party Improvements3 6.844 (6.844)—[4] The Offshore account refers to the value of the fixed Subtotal 1.754.262 3.018.839 4.773.101 assets register list of all the offshore companies Personal Property controlled by Fibria, that the management could not provide the asset by asset list. Machinery and Equipment 8.565.157 2.345.449 10.910.606 [5] Excluded items refer to intangible assets, items with Installation 1.681.089 495.189 2.176.279 costs less than zero, inventory of raw materials and Agricultural Equipment 261.294 112.275 373.569 differences related to taxes, and / or accounting 154.686 reconciliation. Vehicles 133.786 20.900 [6] Balance Adjustments refer to an amount addition that Computer Equipment 39.641 256 39.897 could not be found in the fixed assets register list, when Furniture & fixtures 28.522 7.558 36.080 compared to the balance sheet and balance sheet Subtotal 10.709.489 2.981.628 13.691.118 values of the financial statement of March 18, without a justification by management. Others Softwares 58.152 9.452 67.604 Work of Art 3 (0) 3 Subtotal 58.156 9.452 67.608 Construction in Progress 274.751 (368) 274.383 OffShore4 10.093 (10.093) -Excluded5 306.128 (306.128)—Balance Adjustments6 65.605 (65.605)—Total 15.175.691 6.866.750 22.042.441 The information about the classes listed above, assumptions and methodologies used can be found in Appendix B, C, D, E and F of this report. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 37 de 65

10 July 2018 6 Exhibits Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Exhibit 8 – Intangibles 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... Main assumptions: The composition of the intangible asset is presented above. For goodwill related to the future profitability of Aracruz, due to the methodology for calculating Shareholders’ Equity at market prices which considers assets individually, and to the fact that goodwill for future profitability does not individually have market value, this asset has been written off . It should be noted, however, that this goodwill has part of its value reflected in the market price adjustment of the assets of the Aracruz Unit recorded in Fibria’s consolidated balance sheet. As for the costs of developing and deploying the system, these also have no market value, so they have also been eliminated from the balance of intangible assets. The remaining items were not adjusted due to their low relevance to the Company’s total assets. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 38 de 65

10 July 2018 6 Exhibits Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Exhibit 9 – Valuation: Accounts Payable to Suppliers 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Accounts Payable Suppliers (in BRL millions) Value recommendation Book Value (Macrh 31, 2018) 2,464 As of the base date and based on the parameters and assumptions mentioned above, our recommendation for the fair value of the accounts Fair value adjustment (3) payable to suppliers is BRL 2,462 millions, generating a reduction of BRL 3 Fair value adjustment for accounts payable to millions. suppliers 2,462 Main assumptions: The accounts payable to suppliers account consists of accounts payable in national currency with related parties and third parties; and accounts payable in foreign currency, generated mainly by the take or pay agreement agreed with Klabin. The take or pay supply contract provides Fibria with differentiated conditions in terms of volume, exclusivity, guarantees and payment terms in up to 360 days, with prices prevailing under market conditions. For the measurement of the fair value of this liability, the expected amount of accounts payable in local currency was brought to present value, using the average Selic rate expected for the period. For the accounts payable in foreign currency, these were adjusted for the expected exchange variation and brought to present value by the average Selic rate expected for the period Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 39 de 65

10 July 2018 6 Exhibits Dashboard 6 Exhibits 1 Executive Summary 7 Appendix Exhibit 10 – Valuation: Provision for Contingencies 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Possible Contingent Liabilities* (in BRL millions) Fiscal Contingencies 7,496 7,496 Civil Contingencies 2,257 2,257 % probability of possible actions 10.0% 50.0% Fair value of contingent liabilities (rounded) 975 4,876 (*) Amounts disclosed in the financial statements as of December 31, 2017. In the statements for Q1 2018, the Management reports that there were no material changes in the lawsuits in progress. Main assumptions: As discussed with management, the contingent liabilities were valued at fair value for purposes of the work performed. For contingencies of a labor nature, the Company discloses that it accounts for the totality of shares based on the historical percentage of losses. In this way, we understand that there is no value adjustment in this case. For tax and civil contingencies, the Company accounts for the total amount of cases considered as probable loss by its lawyers. We maintained this criteria for probable contingencies and, for those considered with possible loss (with a probability of loss estimated by the lawyers between 10% and 49%), the recognition criterion was determined as 10% of the adjusted fair value of the shares. Since the contingencies with loss considered remote are not disclosed by the Company, no value has been assigned to them. Value recommendation Our recommendation for the preliminary fair value of possible contingent liabilities is BRL 975 millions. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 40 de 65

7 10 July 2018 Appendix Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 41 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix a. General Declaration of Limitations 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder 1. Our analysis is based on information provided by the Company’s management. According to the professional practices, the analysis is derived from the application of the Income Approach using the Discounted Cash Flow methodology. 2. In order to achieve the objective of the Valuation of Shareholder’s Equity at the market price of Fibria, procedures were always applied based on historical, economic and market facts in force on March 31, 2018. 3. The comments presented in this Report were developed by professionals of the EY with information provided by the Administration, as well as external Sources, when indicated. 4. None of the partners or professionals of the EY team who participated in the elaboration of this work have any financial interest in Fibria as well as in Suzano, characterizing their independence. The estimated fees for the execution of this work were not based and have no relation with the results reported here. 5. This work was developed based on information provided by the Company’s management, which were considered true, since any type of audit procedure is not part of the scope of this project. Because it has not performed audit procedures, EY can not assume responsibility for the historical information used in this Report. 6. It was part of our work to obtain information with Fibria that we believe to be reliable, being the responsibility for its truthfulness exclusively of the Company’s management. 7. No investigations have been carried out on Fibria’s title deeds, nor any verification of the existence of liens or encumbrances; 8. EY has no responsibility to update this Award for events and circumstances occurring after the base date. 9. Our work does not contemplate any process of auditing, due diligence and / or tax advice and, therefore, we do not consider in this Valuation any contingencies that are not registered by Fibria at the base date. 10. It was not part of our job to provide spreadsheets and / or financial models that supported our analysis. 11. The value per quota was not calculated, nor was any control premium considered in Valuation. Therefore, it was considered that Fibria’s estimate of fair value / investment represents 100% of its shares. 12. We have not had the opportunity to expose Fibria’s business or assets individually or jointly to the market. As a result, we could not conclude whether there are potential buyers who wish to pay a fee for the deal that exceeds our estimate. 13. This Award has been prepared for the purpose described in our agreement, and should not be used for any other purpose. EY will not assume any responsibility for any third party nor in case the Award is used outside the stated purpose. 14. Some historical financial information used in our Valuation was derived from audited and / or unaudited financial statements and is the responsibility of Management. The financial statements may include disclosures required by generally accepted accounting principles. We do not perform an independent verification of the accuracy or completeness of the data provided and we do not give our opinion or any kind of guarantee as to its accuracy or completeness. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 42 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix a. General Declaration of Limitations 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder 15. We do not assume any responsibility for any accounting or fiscal decisions, which are the responsibility of the Administration. We understand that the Management assumes responsibility for any accounting or tax matters related to the assets we analyze, and for the final use of our Report. 16. Any user of this Report must be aware of the conditions that guided this work, as well as the market and economic situations in Brazil, on the Valuation base date. 17. According to our agreement, prior to the issuance of the Final Report, Suzano will send us a signed representation letter, confirming that it agrees with EY regarding the main assumptions adopted in the Valuation analyzes of the Company. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 43 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix b. Personal Property 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Personal Property The valuation of the personal property was performed following the standards promulgated by ABNT – Brazilian Association of Technical Standards, NBR 14.653 on its parts: 1 – Procedimentos Gerais – General Procedures; 5 – Máquinas, equipamentos, instalações e bens industriais em geral – Machinery, equipment, installation and general industrial assets; Valuation methodology selection and analysis We considered the cost approach and the methods that comprise this approaches. For the valuation of the personal property, the income Approach was considered to be inappropriate and was not used because individual income streams could not be allocated reasonably and effectively to each of the individual assets. Application of the cost approach Using this method we consider the value associated with installation, freight, engineering and nationalization where applicable. In applying the cost approach, we first determined current replacement or reproduction cost estimates for the applicable assets using the direct and indirect methods, respectively. Estimates of RCN, by definition, include both direct and indirect costs associated with each asset including materials or equipment, freight, installation and commissioning labor. Calculation of the RCN under the direct method The initial step in our cost approach analysis was to develop a complete RCN estimate for the pulp production line, included in the scope of our analysis based on the technical data of equipment and production capacity metrics. For the pulp production lines, we developed a RCN based on contacting suppliers in order to obtain a turn key estimative, including all engineering, foundation and installation costs. This kind of estimative consists in obtain all the costs related to all machineries, installations, civil construction and all assets used to start a pulp production. Calculation of the reproduction cost new under the indirect method We have applied the indirect method of the cost approach to value the assets that were not valued by the direct method of the cost approach. Under this method, the reproduction cost new for each asset or group of assets was estimated by indexing historical costs recorded in the assets list based on asset type and acquisition date. These costs generally included the base cost of the asset, any additional considerations regarding freight, duty, local delivery, installation and commissioning and indirect costs such as engineering, procurement, construction management and borrowing costs as appropriate and applicable. The price adjustment/index factors used in our analysis were derived from inflation and monetary indices published by Getúlio Vargas Foundation for Brazil trends purposes and inflation. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 44 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix b. Personal Property 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Physical deterioration and obsolescence As some of the assets have been in use over varying periods of time, it is reasonable to assume that an asset’s market value is something less than its replacement or reproduction cost new. Therefore, allowances were made for physical deterioration as well as functional and economic obsolescence as they might apply. Physical deterioration Our estimation of physical deterioration was primarily conducted under the age/life concept. Under this concept, the physical loss in value is attributed to the relationship between the estimated useful life of an asset and its remaining useful life at a given point in time. The key definitions in this regard are as follows: Normal useful life (NUL) – The life, usually in terms of years, that an asset will be used before it deteriorates to an unusable condition or is retired from service. Chronological age (CA) – The portion of an asset’s life elapsed since it was originally placed into service. Effective age (EA) – The age of an asset indicated by its actual condition, which may or may be not equal to the CA. Remaining useful life (RUL) – The period over which an asset will remain in use before it is retired from service; The NUL estimations used in the valuation of the personal property were based on discussions with the respective engineering personnel of Fibria, our physical inspections, various published sources, and our experience valuing similar assets. Different physical deterioration profiles are known and widely used in practice that operate under the basic concepts outlined previously. In the cost approach analysis, we utilized the following physical deterioration curves: Straight-line depreciation profile—A linear consumption of utility of an asset over its useful life Iowa-type survivor curves – Derived to measure the economic utility of an asset in relation to its economic life and consider allowances to accruing costs of routine maintenance and general upkeep of the assets. The Iowa curve method is based on a study and research conducted by Iowa State University. This method uses an age-life concept which measures the physical loss in value attributed to a reduction in the quality of a given type of asset remaining in service or use over a given period of time. The period of time is measured from the point at which the unit is first put into use until it is removed from service. In addition, as a consequence of wear and tear, an asset is increasingly more costly to operate over time and accruing maintenance costs result in a decrease in the overall utility of a given asset. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 45 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix b. Personal Property 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder In relation to the assets valuation, we considered the useful life, depreciation method and residual factor indicated in the following table: Depreciation Class UL (Years) Hold Factor Method Machinery and Equipment 20 Iowa (R2) 10% Agricultural Equipment 8 Iowa (R2) 10% Installations 20 Iowa (R2) 10% Vehicles 5 Linear 30% Computer Equipment 5 Linear 3% Tools 5 Linear 5% Furniture and Fixtures 10 Linear 5% Softwares 5 Linear 3% Functional obsolescence Functional obsolescence can be attributable to excess capital or operating costs associated with an asset or group of assets. Excess capital cost, which is the difference between reproduction and replacement cost, measures the decreased capital investment needed by a replacement asset to produce the same or similar output or product as that of the subject asset. This form of obsolescence is observable in newer technologies and construction costs that are typically less expensive than the current assets. Excess operating costs are based on the assumption that it is less expensive to operate and maintain replacement assets than to utilize the assets currently owned. Economic obsolescence Economic obsolescence is the loss in value caused by adverse conditions external to the assets, such as poor market demand for the product or service, industrial reorientation, unavailability of transportation and governmental regulation. Based on our analysis of historical production installed capacities we have not identified any additional economic obsolescence and as such have not made any further adjustments to the personal property with regard to economic obsolescence. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 46 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix c. Real Property and Agricultural Properties 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Real Property The methods and procedures used to perform this engagement were based on the principles and guidelines established in the Brazilian standards published by ABNT—Brazilian Association of Technical Standards, NBR 14.653 in its parts: 1 – Procedimentos Gerais – General Procedures; 2 – Imóveis Urbanos – Urban Real Property; and 3 – Imóveis Rurais – Rural Real Property. According to these regulations, real estate properties can be evaluated based on the income approach method, involutive method, cost approach method and the market approach method, and also by the combination of the last two methods being linked to a factor of commercialization. While all of these methods can be considered in the assessment, the type of the assets and the availability of data and information will dictate which method -or methods—will be used to estimate the market value of each asset. Market Approach This methodology is used when there is an active market of real estate properties in the region of the evaluated property and also the possibility of obtaining comparatives with characteristics that are similar to that one. Moreover, this method captures the loss of value of the asset from all the forms of depreciation inherent in it. Specifically in the case of real estate properties, an analysis is made in the real estate market of the region on recent sales or current offers of similar properties (comparative) to the real estate included in the present work. The comparatives obtained from the market are provided by a wide variety of sources, such as: property owners, real estate brokers, real estate agents and / or through public consultation sources. These assumptions are considered as “good and valid”. This method identifies the market value of an asset by means of the technical treatment of attributes of the comparable elements constituents of the sample. In the market approach method by treatment by factors, the homogenization of the comparative sample is performed through factors and criteria for adjusting the differences between the property included in the analysis and the comparative ones, with the subsequent statistical analysis of the homogenized results. The choice of factors to be treated must be made so that they can be identified and analyzed in what way they influence the formation of real estate values. The treatment by factors is applied preferentially in homogeneous samples, that is, with characteristics that are closest possible to the property being evaluated. The adjustment factors were applied in order to consider the difference between the comparatives and the assets analyzed as detailed in the next page: Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 47 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix c. Real Property and Agricultural Properties 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder REAL PROPERTIES / AGRICULTURAL PROPERTIES (LANDS*) Refers to the influence of different size dimensions over the price of Area Factor comparable and subject property. It is related to comparable’ s data source (market offer, realized sale or Offer broker’s opinion of value). For comparable which are being offered in the Sale / Offer market, a discount is applied on the price due to the elasticity of negotiation often observed in the market. Brazilian Appraisal standard recommend a Sale discount of 10% applied to the listed price. Road Arterial Access Factor Adjustments based on the property quality of access. Collector Secondary Great Adjustments based on the value range of properties due to its proximity to the Good Location Factor city, industrial centers and proximity to highways. In our research we considered the river. Regular Bad Flat Declivity up to 5% Topography Factor It is based on the topography, when there’s a difference between the subject Declivity from 5 a 10% Real Property property and of the comparable. Declivity from 10 a 20% Declivity over 20% Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 48 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix c. Real Property and Agricultural Properties 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder REAL PROPERTIES / AGRICULTURAL PROPERTIES (LAND*) Yes Refers to the availability of urban infrastructure in Infrastructure Factor the property. No Commercial Weighting referring to the region and zoning of the Residential Vocation Factor city in which the comparatives and the property evaluating is inserted. Industrial Port Building standards: Warehouses, office, house Refers to the constructive pattern present and apartment Building Standards Factor between the comparatives and the property evaluated. Range: Maximum, medium and minimum Depreciation Factor Refers to the state of conservation of comparatives and the property assessed. Agriculture Typology of the cultivation on the property related to the profitability of the agricultural product. In Reforestation Occupation of Soil Factor this factor, the occupation of legal reserve areas determined by law were also Pastures considered. Native Forests or Reservation Very Clay soil Clay soil Refers to the granularity and agglomeration Soil Texture Factor of soil constituent particles present in the Average soil region of analysis. Silty soil Sandy soil Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 49 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix c. Real Property and Agricultural Properties 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... REAL PROPERTIES / AGRICULTURAL PROPERTIES (LAND*) Flat Refers to the valuation or devaluation of the Slightly Wavy Topography Factor terrain with elevation or depression, or Agricultural Property Wavy slope. Very Wavy Paved road with double lane Paved road with single lane Discrepancies regarding the quality of access Access Factor routes and, consequently, logistics are Rural road in good conditions rectified by the application of this factor Rural road in bad conditions on rainy season Rural road in bad conditions High rainfall index Water Factor Regional rainfall distribution. Average rainfall index Low rainfall index *The analysis were based on the raw land concept. Thus, the farms scope of this valuation werer considered without any structures (as buildings and improvements) and any biological assets. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 50 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix c. Real Property and Agricultural Properties 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Cost Approach In applying the cost method, the estimation of the substitution value or replacement or reproduction cost of the assets (RCN) using the direct or indirect methods is first determined. For the determination of the RCN of the buildings and improvements in the industrial sites the direct method was used and the indirect method for the buildings and improvements in the other localities. Calculation of the RCN under the direct method This method identifies the replacement cost new (RCN) of the buildings and Improvements by synthetic or analytical budgets from the quantities of services and its direct and indirect costs. We used the Cost Approach to estimate the fair value of buildings and improvements. The unitary costs were obtained from public sources such as Sinduscon, construction magazine PINI and SINAPI (Sistema Nacional de Pesquisa de Custos e Índices da Construção Civil). The initial step is to develop an estimate of RCN of each building and improvement through one or more unit costs, according to the procedure: Basic Unit Cost (“Custo Unitário Básico – CUB”) R8N published by Sinduscon: the main indicator of the real estate sector, the Basic Unit Cost is calculated monthly by the Real Estate Industry Unions of each state. PINI Building Cost (“Custo PINI de Edificação – CUPE”) published by PINI Magazine : Study of unit cost of buildings by PINI Magazine. Unit costs published by SINAPI and PINI: where applicable, unit costs of materials and / or labor were used in the estimation of the RCN of improvements such as paving, railways or maritime ports, for example. For unitary costs published by Sinduscon, called CUB (“Custo Unitário Básico”), we performed adjustments according to the building type and construction characteristics, according to studies prepared by IBAPE São Paulo. The unit costs used refer to the valuation date of the work or to the date closest to it (if not disclosed for valuation date). BDI costs (percentage of benefits and indirect costs related to the direct cost of a construction or improvement), when applicable, were also included in the percentage of 25%. After the estimate of the RCN, the fair value is determined by applying a depreciation rate calculated, in general, according to the age and useful life of the asset. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 51 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix c. Real Property and Agricultural Properties 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Physical deterioration and obsolescence Our estimation of physical deterioration was primarily conducted under the age/life concept. Under this concept, the physical loss in value is attributed to the relation between the estimated useful life of an asset and its remaining useful life at a given point in time. The key definitions in this regard are as follows: Normal useful life (NUL) – The life, usually in terms of years, that an asset will be used before it deteriorates to an unusable condition or is retired from service. Chronological age (CA) – The portion of an asset’s life elapsed since it was originally placed into service. Effective age (EA) – The age of an asset indicated by its actual condition, which may or may be not equal to the CA. Conservation – “situation of the physical characteristics of a property, at a certain moment, as a result of its use and the maintenance to which it was submitted. “ . Remaining useful life (RUL) – The period over which an asset will remain in use before it is retired from service; Different physical deterioration profiles are known and widely used in practice that operate under the basic concepts outlined previously. In the Cost Approach analysis, we normally adopt the following physical deterioration profiles: Straight-line depreciation profile—A linear consumption of utility of an asset over its useful life; Ross-Heidecke—considers the maintenance conditions, the actual age and the useful life of the constructions. The methodology applied to estimate the physical deterioration of the buildings and improvements was the Ross-Heidecke method for the ones that the actual age was determined, and the Straight-line for those that the apparent age was considered. Functional obsolescence can be attributable to excess capital or operating costs associated with an asset or group of assets. Economic obsolescence is the loss in value caused by adverse conditions external to the assets, such as poor market demand for the product or service, industrial reorientation, unavailability of transportation and governmental regulation. The methodology applied to estimate the physical deterioration of the buildings and improvements was the Ross-Heidecke method for the ones that the actual age was determined, and the Straight-line for those that the apparent age was considered. Based on our analysis and site inspections, we have not identified any additional economic and functional obsolescence, therefore, we have not made any further adjustments to the real property about these depreciations. The details of the analysis such as the homogenization and building and improvements valuation are in an Excel file, integrant part of this report. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 52 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix d. Personal Properties Assumptions 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder The valuation of Personal Properties included all the assets included in the following classes: machinery and equipment, agricultural equipment, furniture and fixtures, computer equipment, tools and softwares. The Valuation date is : 03/31/2018 The evaluation was carried out following according to the norms promulgated by NBR 14.653 in its part 5 – Capital Equipament e also by IBAPE (Brazilian Institute of Engineering and Technical Inspection). Valuation Procedures: In order to properly evaluate personal property assets, we have established a work plan that included the following items and procedures : • Sample technical inspection ; • Conference calls, meetings and e-mail exchanges; • Research to estimate replacement cost; • Selection of evaluation methodology and analysis; • Discussion and review of results; • Elaboration and emission of the final report Site Inspection: We conducted site inspection at Três Lagoas and Aracruz units from May 28th to 30th, 2018 and at Jacareí unit from June 04th and 05th, 2018. During inspections, we consulted those responsible for the respective units, in order to understand procedures related to the production of pulp as well as technical specifications related to the personal properties, their maintenance policies and possible obsolescence. Conference Calls, meetings and e-mails exchanges We consulted Management and Engineering to gather the necessary information in order to carry out the evaluation of personal properties, including meetings, conference calls and e-mail exchanges with those responsible for the respective areas involved in the construction and acquisition of new equipment in order to understand processes, discuss the replacement costs and request technical data of the sites that were not inspected, among others. Estimative of the Replacement Cost In the course of our valuation, we contacted suppliers of equipment as well as our internal databases on personal property. During these conversations, we discussed current market demand for asset types under evaluation, as well as estimates of replacement cost value for new equipment and market value for refurbished or used equipment. We have also researched a number of publicly available sources of information on cost trends, useful lives and technological changes in the industries in which the assets operate Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 53 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix e. Real Estate Properties Assumptions | Urban Properties 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder The evaluation of real estate properties from Fibria industrial sites, considered the sites located in the cities of Três Lagoas, Mato Grosso do Sul, Aracruz, Espírito Santo and Jacareí, in São Paulo. In addition, the valuation also included other urban properties from Fibria, located in the cities of Caravelas and Eunápolis, Bahia, Conceição da Barra and Marechal Floriano, in Espírito Santo, Engenho Novo, in Rio de Janeiro, in the cities of São Mateus, Taubaté and Peruíbe, in São Paulo and Aparecida do Taboado, in Mato Grosso do Sul. The Valuation date is : 03/31/2018. The evaluation was carried out following according to the norms promulgated by NBR 14.653 in its part 2—Urban Real Estate and by IBAPE (Brazilian Institute of Engineering and Technical Inspection). Valuation Procedures: In order to properly evaluate real estate assets, we have established a work plan that included the following items and procedures : • Sample technical inspection ; • Conference calls, meetings and e-mail exchanges; • Research to estimate replacement cost; • Selection of evaluation methodology and analysis; • Discussion and review of results; • Elaboration and emission of the final report Site Inspection: We conducted site inspection at Três Lagoas and Aracruz units from May 28th to 30th, 2018 and at Jacareí unit from June 04th and 05th, 2018. During inspections, we consulted those responsible for the respective units, and discussed the perceived changes that could impact on the use of the property in addition to discussing points such as constructive type, age, observed physical condition, current use and future utility. Conference Calls, meetings and e-mails exchanges We consulted Management and Engineering to gather the necessary information in order to carry out the evaluation of real estate, including meetings, conference calls and e-mail exchanges with those responsible for the respective areas involved in the construction and renovation of the units, in order to understand the constructive pattern of assets; request technical data, such as footage of the units, construction projects, etc., and understand the maintenance policies and related reforms of the units. . Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 54 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix e. Real Estate Properties Assumptions | Urban Properties 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Selection and analysis of the evaluation methodology In the context of the valuation of urban properties, the market approach combined with the cost approach method was based on the provision that the property value is significantly associated with its physical characteristics, and that it would pay no more for the installation than the cost to build a similar facility on the market current in a similar property. In this approach, the value of the land was estimated using the market approach method. The resulting value of the land is added, when applicable, to the market value of buildings and improvements (calculated by cost approach method) to reach the total market value of the property. Thus, for the market approach method, adjustment factors were applied in order to consider the difference between the comparatives and the assets analyzed. The tables below illustrate the attributes applied: Offer /Sale Factor Location Factor Transaction 1,00 Great 1,00 Opinion 1,00 Good 0,90 Offer 0,90 Regular 0,80 Bad 0,70 Access Factor Highway 1,00 Topography Factor Arterial route 0,90 Flat 1,00 Collector route 0,80 Declivity up to 5% 0,95 Sideline route 0,70 Declivity from 5 a 10% 0,90 Declivity from 10 a 20% 0,80 Infrastructure Factor Declivity over 20% 0,70 Yes 1,00 No 0,70 Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 55 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix e. Real Estate Properties Assumptions | Urban Properties 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... Vocation Factor I Depreciation Factor Commercial 1,10 A 1,000 Residential 1,00 B 0,997 Industrial 0,95 C 0,975 Rural 0,90 D 0,920 E 0,819 Vocation Factor II F 0,668 Port 1,50 G 0,474 Commercial 1,10 H 0,248 Residential 1,00 Industrial 1 0,80 Industrial 2 0,60 Rural 0,50 Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 56 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix e. Real Estate Properties Assumptions | Urban Properties 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Aparecida do Taboado Aracruz Aparecida do Taboado is a city in the state of Mato Grosso do Sul and is 442 The city of Aracruz is located in the countryside of Espírito Santo, 80 km from km far from Campo Grande. the capital, Vitória. It is the fourth most industrialized city in the state, with growing trade and the The implementation of the factory in the region generated a socioeconomic economy focused on the agricultural sector. The economy strengthened after transformation, where the sectors of industry, commerce and services the inauguration of the Railroad Bridge over the Paraná River, making developed. Due to its locality, the city also started port activity, with the possible the road link with the state of São Paulo. implementation of Portocel, wich is responsible for transporting the pulp produced in the factory. In the district passes the railroad BR 158, with access to the states of São Paulo, Mato Grosso, Goiás and Minas Gerais, in addition to a passenger Currently, Aracruz has an estimated population of 98,393 (IBGE). The city terminal. counts on the railway branch that connects the railroad Vitória-Minas to the Port of Barra do Riacho and to Fibria. The sites are located between the city of Aracruz and Barra do Riacho and have a little urbanized environment. Caravelas Conceição da Barra The city of Caravelas is located in Bahia, 720 km from the state capital, The city of Conceição da Barra is located on the coast of Espírito Santo, near Salvador. the border with Bahia and is 250 km from Vitória, the state capital. Caravelas has an economy focused on the primary sector and has an With an estimated population of 31,574, the city is known for its culture and estimated population of 22,740 inhabitants in 2017. has a strong tourism sector. The city has only 9.8% of urban properties on public roads with adequate The highway ES 010 cuts the city and has recently undergone improvements. urbanization. The site is located in the district of Itaúnas, in an urbanized area, near the The BR-418 highway, the main link between the northeast of Minas Gerais coast. and the south coast of Bahia, is BR-101, already in Bahia, where it ends in Caravelas. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 57 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix e. Real Estate Properties Assumptions | Urban Properties 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Eunápolis Helvécia Eunápolis is a city located to the south of Bahia, distant 650 km of the state Helvécia is a district of the city of Nova Viçosa, in the extreme south of the capital, Salvador. state of Bahia. The region’s economy is fundamentally based on agriculture, livestock and the pulp industry, and tourism has recently developed. The city has an estimated population of 115,290 inhabitants and has a strong appeal to the tourism sector. Both the city of Caravelas and the cityof Texeira de Freitas have an area of influence over the district In the city is located the Veracel, pulp factory in which the Fibria has participation. The factory, located on the banks of the Fazenda Brasilândia Highway, is located in a rural region with little urban infrastructure in its vicinity. Jacareí Marechal Floriano Jacareí is a city of the metropolitan region of the Paraíba Valley and North Marechal Floriano is a city of Espirito Santo and is located on the borders of Coast, in the state of São Paulo, to the east of the capital, distant about 80 of BR-262 road, which connects Vitória to Belo Horizonte. The city is 50 km km. from the capital Vitória. The city counts on several industries installed and the urban growth is mainly With a population estimated at 16,545 inhabitants, the city has as main due to the installation of the textile factories in the first decades of the economic activities the activities of the primary sector, such as poultry coffee twentieth century and the implementation of the highway SP-66. cultivation and olericulture. The site is located in the district of São Silvestre de Jacareí, which has an The site is located in the district of Araguaia that has tourism as its main industrial character activity. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 58 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix e. Real Estate Properties Assumptions | Urban Properties 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the 5 Valuation of Shareholder Peruíbe Rio de Janeiro Peruíbe is located in the south of the state of São Paulo, in the metropolitan The property is located in the neighborhood of Engenho Novo, inserted in the region of Baixada Santista. The area is recognized by beaches and ecological North Zone of the city of Rio de Janeiro. and rural tourism and has an estimated population of 66,572 inhabitants. It is a neighborhood that is economically stagnant because it suffers from the The property, of an urban character, is located in the city of Peruíbe, near lack of investment in the area, which has several structural problems, such as Luciano de Bona Avenue, which connects to BR 101 road. violence and degraded landscape. São Mateus Taubaté São Mateus is a city located on the coast of Espírito Santo and is bordered on The city of Taubaté is located in the interior of the state of São Paulo, in the the north by Conceição da Barra. The state capital is 215 km from the Paraíba Valley region, 130 km from the state capital. municipality. With a population estimated at 308,000 inhabitants, the city was one of the With a population of about 128,500, it is notable for its strong tourist appeal, first to be industrialized in the country with the establishment of one of the both historical and seasonal, such as Carnival. In addition to the tertiary main industries of the weaving industry in the world. In the 70’s the city started sector, the primary sector plays an important role in São Mateus’ economy. to attract several industries, mainly the automobile industry. In addition, the city is the second largest commercial center in the Vale Paraíba region. Most of its territory is in rural areas, however, the sites are located in the city. Taubaté has an exceptional geographical position, being in the axis of circulation between São Paulo, Rio de Janeiro and Minas Gerais, centers of greater productivity and greater population concentration of the country. The site is located in rural area, near the city of Caçapava do Sul. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 59 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix e. Real Estate Properties Assumptions | Urban Properties 2 Macroeconomic Analysis 3 Sector Analysis 4 The Company and the ... 5 Valuation of Shareholder ... Três Lagoas Três Lagoas is a Brazilian city in the Midwest region , located in the state of Mato Grosso do Sul and 326 km from the capital, Campo Grande. The main economic activity of the city is livestock. However, the industrial and tourism sector also stand out. It is in Três Lagoas that the largest and latest Fibria production line, Horizonte 2, is located. Its surroundings are rural and 30 km from the city center. * We emphasize that the lands located in Aparecida do Taboado—MS, Helvécia—BA and some land located in Aracruz—ES and Três Lagoas—MS were considered as rural lands and therefore, the market value estimate followed the guidelines described in Appendix F. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 60 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix f. Real Estate Properties Assumptions | Agricultural Properties 2 Macroeconomic Analysis 3 Sector Analysis (Land) 4 The Company and the 5 Valuation of Shareholder The rural properties belonging to Fibria are located in the states of São Paulo, Bahia, Espírito Santo, Minas Gerais, Mato Grosso do Sul, Rio de Janeiro and Rio Grande do Sul. Valuation was carried out at the cluster level, for the base date 03/31/2018, considering the areas (ha) and the agronomic characteristics of each property, sent by the Administration, and the regional particularities through the market research that we carry out. The clusters were determined following a pattern of maximum distance in kilometers per State. After this first grouping, the resulting groups were subdivided by the distance between the matrices, through the computational methodology “K-means”. In this methodology, a group of N samples is divided into K groups, where each sample is separated to maintain the lowest possible average distance in all groups. Define the number K of groups so that it is the smallest possible value so that the maximum distance of all groups obeys the maximum allowed distance determined based on the State. State Abrev. Radius (Km) São Paulo SP 30 Espírito Santo ES 50 Minas Gerais MG 50 Bahia BA 100 Mato Grosso do Sul MS 30 Rio de Janeiro RJ 50 Rio Grande do Sul RS 100 Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 61 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix f. Real Estate Properties Assumptions | Agricultural Properties 2 Macroeconomic Analysis 3 Sector Analysis (Land) 4 The Company and the ... 5 Valuation of Shareholder ... As previously mentioned, adjustment factors were applied in order to consider the difference between the comparatives and the analyzed clusters. The grades attributed to each of the factors are shown below: Offer /Sale Factor Topography Factor Transaction 1,00 Flat 1,00 Opinion 1,00 Slightly Wavy 0,90 Offer 0,90 Wavy 0,80 Very Wavy 0,70 Occupation of Soil Factor Agriculture 1,00 Access Factor Reforestation 0,90 Paved road with double lane 1,00 Pastures 0,80 Paved road with single lane 0,90 Native Forests or Reservation 0,70 Rural road in good conditions 0,80 Rural road in bad conditions on rainy season 0,70 Rural road in bad conditions 0,60 Soil Texture Factor Very Clay 1,00 Clay 0,90 Water Factor Average 0,80 High rainfall index 1,00 Siltoso 0,70 Average rainfall index 0,90 Sandy 0,60 Low rainfall index 0,80 Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 62 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix f. Real Estate Properties Assumptions | Agricultural Properties 2 Macroeconomic Analysis 3 Sector Analysis (Land) 4 The Company and the 5 Valuation of Shareholder Region: São Paulo Region: Espírito Santo Topography: the region presents flat topography to slightly undulated in the Topography: the region presents a slightly undulated topography in the producing regions, very favorable for agriculture. producing regions. Climate: The average annual rainfall is 1340 mm and the average annual Climate: The average annual rainfall is 620 mm and the average annual temperature is 18.5 ° C. temperature is 22.0 ° C. Vegetation: The state of São Paulo is inserted in the Cerrado and Atlantic Vegetation: the Holy Spirit is in its totality in the Atlantic Forest biome. Forest biomes. Soil Classes: The main soil class in the producing regions of Espírito Santo Soil Classes: The main soil class in the producing regions of São Paulo are are Yellow Argissolo, Yellow Red Argissolo, Yellow Red Latosol, and Hapless Red Latosol, Red Yellow Latosol, Red Argisol and Red Yellow Argisol. Cambisol. Clusters: from C SP 1 to C SP 21. Clusters: from C ES 1 to C ES 6. Region: Minas Gerais Region: Bahia Topography: the region presents flat topography to slightly undulated in the Topography: the region presents a slightly undulated topography in the producing regions, very favorable for agriculture. producing regions. Climate: The average annual rainfall is 846 mm and the average annual Climate: The average annual rainfall varies from 750 to 1800 mm and the temperature is 27.8 ° C. average annual temperature is 22.0 ° C. Vegetation: Bahia has three types of vegetation, being swamp, rainforest and Vegetation: Minas Gerais has two predominant types of vegetion in the closed forest. Cerrado and Atlantic forest Soil Classes: The main soil class in the producing regions of Bahia are Yellow Soil Classes: The main soil class in the producing regions of Minas Gerais are Latosol and Yellow Red Latosol. Red Argissolo, Red Argissolo, Red Latosol, Red Yellow Latosol, and Hapless Cambisol. Clusters: from C BA 1 to C BA 3. Clusters: from C MG 1 to C MG 4. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 63 de 65

10 July 2018 7 Appendix Dashboard 6 Exhibits 1 Executive Summary 7 Appendix f. Real Estate Properties Assumptions | Agricultural Properties 2 Macroeconomic Analysis 3 Sector Analysis (Land) 4 The Company and the 5 Valuation of Shareholder Region: Mato Grosso do Sul Region: Rio de Janeiro Topography: the region presents flat and slightly undulating topography in the Topography: the region presents slightlyundulated topography in the producing regions, very favorable for agriculture. producing regions. Climate: The average annual rainfall is 1241 mm and the average annual Climate: The annual rainfall average is 1488 mm and the average annual temperature is 24.2 ° C. temperature is 21.8 °c. Vegetation: Mato Grosso do Sul has three types of vegetation, Cerrado, Vegetation: The state is in the Atlantic forest. humid tropical forest, and wetland. Soil Classes: The main class of soil in the producing regions of Rio de Janeiro Soil Classes: The main soil class in the producing regions of Mato Grosso do is the red-yellow latosol. Sul is the Red Latosol. Cluster: C RJ 1. Clusters: from C MS 1 to C MS 5. Region: Rio Grande do Sul Topography: The region presents a flat and lightly undulated topography in the producing regions. Climate: The annual rainfall average is 1533 mm and the average annual temperature is 17.4 °c. Vegetation: The Rio Grande do Sul is inserted in the Pampas. Soil classes: The main soil classes in the producing regions of Rio Grande do Sul are red-yellow upper, Planossolo Hidromórfico and Neossolo Litólico. Clusters: C Rs 1 and C Rs 2. Suzano Papel e Celulose S.A.: Valuation of Shareholders’ Equity at the market price of Fibria Celulose S.A., on the base date of March 31, 2018. | Page 64 de 65

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Exhibit 3

SUZANO PAPEL E CELULOSE S.A.

Publicly Held Company

Corporate Taxpayer ID (CNPJ/MF): 16.404.287/0001-55

Company Registry (NIRE): 29.3.0001633-1

S ã o Paulo, July  26, 2018 – The Management of Suzano Papel e Celulose S.A. (“Suzano” or “Company”) (B3 | SUZB3), in compliance with article 157, paragraph 4 of Federal Law 6,404, of December 15, 1976, as amended (“Brazilian Corporations Law”) and Instruction 358 issued by the Securities and Exchange Commission of Brazil (“CVM”) on January 3, 2002, as amended (“ICVM 358”), hereby informs its shareholders and the market that on this date, the Board of Directors of Suzano, among other matters, approved the execution of the Merger Agreement (“Merger Agreement”) between Suzano, Fibria Celulose S.A. (“Fibria”), and Eucalipto Holding S.A. (“Holding”), which establishes the terms and conditions of the corporate restructuring that will enable the combination of the operations and shareholding bases of Suzano and Fibria, which is the object of the Commitment to Vote and Assumption of Obligations signed on March 15, 2018 and announced by the Company through a Material Fact notice on March 16, 2018 (“Operation”). The Operation, whose consummation is still subject to the usual conditions already announced, including approval by antitrust authorities in Brazil and abroad, will be submitted for approval by shareholders of Suzano at an extraordinary shareholders’ meeting to be called and held at an opportune moment.

The Merger Agreement and appendices will be available to shareholders of the Company, as of this date, at the registered office of the Company, the Company’s Investor Relations website (ri.suzano.com.br), as well as the websites of CVM (http://www.cvm.gov.br) and B3 – Brasil, Bolsa, Balcão (www.b3.com.br).

Additional information will be disclosed to the market in a timely manner in accordance with applicable laws.

The Investor Relations team remains available for any further clarifications by telephone at+55 11 3503-9061 or by e-mail ri@suzano.com.br.

São Paulo, July 26, 2018.

Marcelo Feriozzi Bacci

Chief Financial and Investor Relations Officer