<SEC-DOCUMENT>0000903423-19-000108.txt : 20190214
<SEC-HEADER>0000903423-19-000108.hdr.sgml : 20190214
<ACCEPTANCE-DATETIME>20190214134623
ACCESSION NUMBER:		0000903423-19-000108
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20190214
DATE AS OF CHANGE:		20190214

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Suzano Papel e Celulose S.A.
		CENTRAL INDEX KEY:			0000909327
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPER MILLS [2621]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-90910
		FILM NUMBER:		19604224

	BUSINESS ADDRESS:	
		STREET 1:		AV. PROFESSOR MAGALHAES NETO, 1,752
		STREET 2:		10TH FLOOR, ROOMS 1010 AND 1011
		CITY:			SALVADOR - BA
		STATE:			D5
		ZIP:			41 810-012
		BUSINESS PHONE:		551198896708

	MAIL ADDRESS:	
		STREET 1:		AV. BRIGADEIRO FARIA LIMA, 1,355
		STREET 2:		8TH FLOOR
		CITY:			PINHEIROS, SAO PAULO - SP
		STATE:			D5
		ZIP:			01 452-919

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMPANHIA SUZANO DE PAPEL E CELULOSE                    /FI
		DATE OF NAME CHANGE:	19930719

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Suzano Holding S.A.
		CENTRAL INDEX KEY:			0001446113
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		AV. BRIGADEIRO FARIA LIMA, 1,355
		STREET 2:		21ST FLOOR
		CITY:			PINHEIROS, SAO PAULO - SP
		STATE:			D5
		ZIP:			01452-919
		BUSINESS PHONE:		55 11 3503-9069

	MAIL ADDRESS:	
		STREET 1:		AV. BRIGADEIRO FARIA LIMA, 1,355
		STREET 2:		21ST FLOOR
		CITY:			PINHEIROS, SAO PAULO - SP
		STATE:			D5
		ZIP:			01452-919

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Suzano Holding SA
		DATE OF NAME CHANGE:	20080924
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>suzano13g.htm
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Washington,
DC 20549</B></FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 13G</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Under
the Securities Exchange Act of 1934</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No.____)*</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><BR>
<FONT STYLE="font-size: 11pt"><B>Suzano Papel e Celulose S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">(Name of Issuer)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center"><B><BR>
        Common Shares, without par value and</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>American Depositary Shares (as evidenced
        by American Depositary Receipts), each representing two shares of Common Stock</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">(Title of Class of Securities)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>86959K105</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">(CUSIP Number)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>December 31, 2018</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">(Date of Event Which Requires Filing of this Statement)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Check the appropriate box to designate the rule pursuant
        to which this Schedule is filed:</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9744;<FONT STYLE="font-size: 11pt">Rule 13d-1(b)</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9744;<FONT STYLE="font-size: 11pt">Rule 13d-1(c)</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9746; <FONT STYLE="font-size: 11pt">Rule 13d-1(d)</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt"><SUP>*</SUP>The remainder of this cover page shall be filled out for a reporting person&#8217;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">The information required in the remainder of this cover page shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&#8220;<U>Act</U>&#8221;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>1</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Suzano Holding S.A.</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>2</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<FONT STYLE="font-family: Univers, Helvetica, Sans-Serif">&#9;&#9;</FONT></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">(a)&#9;<FONT STYLE="font-family: Wingdings">o</FONT> <FONT STYLE="font-family: Wingdings"></FONT></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">(b)&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT> </FONT></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>3</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SEC USE ONLY</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>4</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Brazil</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><BR>
<FONT STYLE="font-size: 11pt">NUMBER OF</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>5</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SOLE VOTING POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>- 0 - </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">SHARES</FONT><BR>
<FONT STYLE="font-size: 11pt">BENEFICIALLY</FONT><BR>
<FONT STYLE="font-size: 11pt">OWNED BY</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>6</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SHARED VOTING POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>579,295,215 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt">EACH </FONT><BR>
<FONT STYLE="font-size: 11pt">REPORTING</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>7</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SOLE DISPOSITIVE POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>- 0 -</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt">PERSON WITH</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>8</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SHARED DISPOSITIVE POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>579,295,215 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>9</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>579,295,215 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>10</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES </FONT><BR>
<FONT STYLE="font-size: 11pt">CERTAIN SHARES </FONT>&#9744; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>11</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>42.6%*</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>12</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">TYPE OF REPORTING PERSON</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>HC</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 74%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">*<FONT STYLE="font-size: 11pt">Based on 1,361,263,584 Shares outstanding
as of January 8, 2019.</FONT><BR STYLE="clear: both">
</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><BR STYLE="clear: both">
<FONT STYLE="font-size: 11pt"><B>1</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>David Feffer</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>2</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<FONT STYLE="font-family: Univers, Helvetica, Sans-Serif">&#9;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">(a)&#9;<FONT STYLE="font-family: Wingdings">o</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><FONT STYLE="font-family: Wingdings"></FONT>(b)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>3</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SEC USE ONLY</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>4</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Brazil</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><BR>
<FONT STYLE="font-size: 11pt">NUMBER OF</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>5</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SOLE VOTING POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>6,318,404 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">SHARES</FONT><BR>
<FONT STYLE="font-size: 11pt">BENEFICIALLY</FONT><BR>
<FONT STYLE="font-size: 11pt">OWNED BY</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>6</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SHARED VOTING POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>579,295,215 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt">EACH </FONT><BR>
<FONT STYLE="font-size: 11pt">REPORTING</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>7</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SOLE DISPOSITIVE POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>6,318,404 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt">PERSON WITH</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>8</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SHARED DISPOSITIVE POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>579,295,215 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>9</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>585,613,619 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>10</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES </FONT><BR>
<FONT STYLE="font-size: 11pt">CERTAIN SHARES </FONT>&#9744;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>11</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>43.0%*</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>12</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">TYPE OF REPORTING PERSON</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>IN</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 73%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">*<FONT STYLE="font-size: 11pt">Based on 1,361,263,584 Shares outstanding
as of January 8, 2019.</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><BR STYLE="clear: both">
<FONT STYLE="font-size: 11pt"><B>1</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Daniel Feffer</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>2</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<FONT STYLE="font-family: Univers, Helvetica, Sans-Serif">&#9;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">(a)&#9;<FONT STYLE="font-family: Wingdings">o</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><FONT STYLE="font-family: Wingdings"></FONT>(b)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>3</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SEC USE ONLY</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>4</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Brazil</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><BR>
<FONT STYLE="font-size: 11pt">NUMBER OF</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>5</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SOLE VOTING POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>1,653,735 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">SHARES</FONT><BR>
<FONT STYLE="font-size: 11pt">BENEFICIALLY</FONT><BR>
<FONT STYLE="font-size: 11pt">OWNED BY</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>6</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SHARED VOTING POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>579,295,215 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt">EACH </FONT><BR>
<FONT STYLE="font-size: 11pt">REPORTING</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>7</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SOLE DISPOSITIVE POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>1,653,735 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt">PERSON WITH</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>8</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SHARED DISPOSITIVE POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>579,295,215 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>9</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>580,948,950 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>10</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES </FONT><BR>
<FONT STYLE="font-size: 11pt">CERTAIN SHARES </FONT>&#9744;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>11</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>42.7%*</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>12</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">TYPE OF REPORTING PERSON</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>IN</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 73%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">*<FONT STYLE="font-size: 11pt">Based on 1,361,263,584 Shares outstanding
as of January 8, 2019.</FONT></P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><BR STYLE="clear: both">
<FONT STYLE="font-size: 11pt"><B>1</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Jorge Feffer</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>2</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<FONT STYLE="font-family: Univers, Helvetica, Sans-Serif">&#9;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">(a)&#9;<FONT STYLE="font-family: Wingdings">o</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><FONT STYLE="font-family: Wingdings"></FONT>(b)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>3</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SEC USE ONLY</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>4</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Brazil</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><BR>
<FONT STYLE="font-size: 11pt">NUMBER OF</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>5</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SOLE VOTING POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>- 0 - </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">SHARES</FONT><BR>
<FONT STYLE="font-size: 11pt">BENEFICIALLY</FONT><BR>
<FONT STYLE="font-size: 11pt">OWNED BY</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>6</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SHARED VOTING POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>579,295,215 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt">EACH </FONT><BR>
<FONT STYLE="font-size: 11pt">REPORTING</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>7</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SOLE DISPOSITIVE POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>- 0 -</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt">PERSON WITH</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>8</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SHARED DISPOSITIVE POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>579,295,215 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>9</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>579,295,215 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>10</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES </FONT><BR>
<FONT STYLE="font-size: 11pt">CERTAIN SHARES </FONT>&#9744;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>11</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>42.6%*</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>12</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">TYPE OF REPORTING PERSON</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>IN</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 73%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">*<FONT STYLE="font-size: 11pt">Based on 1,361,263,584 Shares outstanding
as of January 8, 2019.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><BR STYLE="clear: both">
<FONT STYLE="font-size: 11pt"><B>1</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Ruben Feffer</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>2</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<FONT STYLE="font-family: Univers, Helvetica, Sans-Serif"></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><FONT STYLE="font-family: Univers, Helvetica, Sans-Serif">&#9;</FONT>(a)&#9;<FONT STYLE="font-family: Wingdings">o</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><FONT STYLE="font-family: Wingdings"></FONT>(b)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>3</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SEC USE ONLY</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>4</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Brazil</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><BR>
<FONT STYLE="font-size: 11pt">NUMBER OF</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>5</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SOLE VOTING POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>433,218 Shares </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">SHARES</FONT><BR>
<FONT STYLE="font-size: 11pt">BENEFICIALLY</FONT><BR>
<FONT STYLE="font-size: 11pt">OWNED BY</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>6</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SHARED VOTING POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>579,295,215 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt">EACH </FONT><BR>
<FONT STYLE="font-size: 11pt">REPORTING</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>7</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SOLE DISPOSITIVE POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>433,218 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt">PERSON WITH</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>8</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SHARED DISPOSITIVE POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>579,295,215 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>9</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>579,728,433 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>10</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES </FONT><BR>
<FONT STYLE="font-size: 11pt">CERTAIN SHARES </FONT>&#9744;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>11</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>42.6%*</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>12</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">TYPE OF REPORTING PERSON</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>IN</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 73%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">*<FONT STYLE="font-size: 11pt">Based on 1,361,263,584 Shares outstanding
as of January 8, 2019.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><BR STYLE="clear: both">
<FONT STYLE="font-size: 11pt"><B>1</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Alden Fundo de Investimento em A&ccedil;&otilde;es</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>2</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<FONT STYLE="font-family: Univers, Helvetica, Sans-Serif"></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">(a)&#9;<FONT STYLE="font-family: Wingdings">o</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><FONT STYLE="font-family: Wingdings"></FONT>(b)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>3</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SEC USE ONLY</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>4</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Brazil </B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><BR>
<FONT STYLE="font-size: 11pt">NUMBER OF</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>5</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SOLE VOTING POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>- 0 - </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">SHARES</FONT><BR>
<FONT STYLE="font-size: 11pt">BENEFICIALLY</FONT><BR>
<FONT STYLE="font-size: 11pt">OWNED BY</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>6</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SHARED VOTING POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>579,295,215 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt">EACH </FONT><BR>
<FONT STYLE="font-size: 11pt">REPORTING</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>7</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SOLE DISPOSITIVE POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>25,989,541 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt">PERSON WITH</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>8</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">SHARED DISPOSITIVE POWER</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>- 0 -</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>9</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>579,295,215 Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>10</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES </FONT><BR>
<FONT STYLE="font-size: 11pt">CERTAIN SHARES </FONT>&#9744;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>11</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>42.6%*</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>12</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 11pt">TYPE OF REPORTING PERSON</FONT><BR>
<FONT STYLE="font-size: 11pt"><B>OO</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 73%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">*<FONT STYLE="font-size: 11pt">Based on 1,361,263,584 Shares outstanding
as of January 8, 2019.</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; padding-top: 12pt; padding-bottom: 5pt"><BR STYLE="clear: both">
<FONT STYLE="font-size: 11pt"><B>Item 1(a).</B></FONT></TD>
    <TD STYLE="width: 86%; padding-top: 12pt; padding-bottom: 5pt"><FONT STYLE="font-size: 11pt"><B>Name of Issuer:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt">Suzano Papel e Celulose S.A. (the &#8220;<U>Issuer</U>&#8221;)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>Item 1(b).</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 5pt"><B>Address of Issuer&#8217;s Principal Executive Offices:</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Av. Brigadeiro Faria Lima, 1355, 8th Floor</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">S&atilde;o Paulo/SP, Brazil 01452-919</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-bottom: 5pt"><FONT STYLE="font-size: 11pt"><B>Item 2(a).</B></FONT></TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 5pt"><FONT STYLE="font-size: 11pt"><B>Name of Persons Filing:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Suzano Holding S.A.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">David Feffer</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Daniel Feffer</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Jorge Feffer</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Ruben Feffer</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Alden Fundo de Investimento em A&ccedil;&otilde;es</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>Item 2(b).</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Address of Principal Business Office:</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Suzano Holding S.A.:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Av. Brigadeiro Faria Lima, 1355, 21st Floor</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">S&atilde;o Paulo/SP, Brazil 01452-919</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">David Feffer, Daniel Feffer, Jorge Feffer and Ruben Feffer:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Av. Brigadeiro Faria Lima, 1355, 21st Floor</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">S&atilde;o Paulo/SP, Brazil 01452-919</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Alden Fundo de Investimento em A&ccedil;&otilde;es:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Av. Brigadeiro Faria Lima, 1355, 21st Floor</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">S&atilde;o Paulo/SP, Brazil 01452-919</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>Item 2(c).</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 5pt"><B>Citizenship:</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Suzano Holding S.A. is a corporation (<I>sociedade por a&ccedil;&otilde;es</I>)
        organized under the laws of Brazil.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">David Feffer, Daniel Feffer, Jorge Feffer and Ruben Feffer: Brazilian.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Alden Fundo de Investimento em A&ccedil;&otilde;es is a stock fund
        (<I>fundo de investimento</I>) organized under the laws of Brazil.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>Item 2(d).</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 5pt"><B>Title of Class of Securities:</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Common shares, no par value (the &#8220;<U>Shares</U>&#8221;)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">American Depositary Shares (as evidenced by American Depositary
        Receipts), each representing two shares of Common Stock.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>Item 2(e).</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 5pt"><B>CUSIP Number:</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">86959K105</P></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-bottom: 5pt"><FONT STYLE="font-size: 11pt"><B>Item 3.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 5pt"><B>If this statement is filed pursuant to Rule 13d-1(b),
        or 13d-2(b) or (c), check whether the person filing is a(n):</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 5pt">Not applicable.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-bottom: 5pt"><FONT STYLE="font-size: 11pt"><B>Item 4.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 12pt; padding-bottom: 5pt"><FONT STYLE="font-size: 11pt"><B>Ownership.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">(a)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 5pt">Amount Beneficially Owned:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 5pt"><I>See the cover pages for each of the reporting persons.</I></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Suzano Holding S.A. is controlled by David Feffer, Daniel Feffer,
        Jorge Feffer and Ruben Feffer.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">David Feffer, Daniel Feffer, Jorge Feffer, Ruben Feffer, Suzano
        Holding S.A. and Alden Fundo de Investimento em A&ccedil;&otilde;es are parties to a voting agreement dated September 28, 2017,
        as amended in January 16, 2019 relating to their stakes in the Issuer indicated in such agreement (&#8220;<U>Voting Agreement</U>&#8221;).
        As a result, David Feffer, Daniel Feffer, Jorge Feffer, Ruben Feffer, Suzano Holding S.A. and Alden Fundo de Investimento em A&ccedil;&otilde;es
        are deemed to have shared voting power with respect to 42.6% of the Shares. The Voting Agreement, as amended, is incorporated herein
        by reference as exhibit.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; padding-left: 13.5pt; text-align: right"><FONT STYLE="font-size: 11pt">(b)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 5pt">Percent of Class:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 5pt"><I>See the cover pages for each of the reporting persons</I>.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 5pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">(c)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Number of shares as to which such person has:</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 14%; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">(i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 80%; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Sole power to vote or to direct the vote:</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">(ii)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Shared power to vote or to direct the vote: </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">(iii)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Sole power to dispose or to direct the disposition of: </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">(iv)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Shared power to dispose or direct the disposition of:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-bottom: 5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 12pt; padding-bottom: 5pt"><FONT STYLE="font-size: 11pt"><I>See the cover pages for each of the reporting persons</I>.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-bottom: 5pt"><FONT STYLE="font-size: 11pt"><B>Item 5.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 5pt"><B>Ownership of Five Percent or Less of a Class.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 5pt">Not applicable</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-bottom: 5pt"><FONT STYLE="font-size: 11pt"><B>Item 6.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 5pt"><B>Ownership of More than Five Percent on Behalf of Another
        Person.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 5pt">Not applicable.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-bottom: 5pt"><FONT STYLE="font-size: 11pt"><B>Item 7.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 5pt"><B>Identification and Classification of the Subsidiary
        Which Acquired the Security Being Reported on by the Parent Holding Company.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 5pt">Not applicable.</P></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; padding-top: 12pt; padding-bottom: 5pt"><FONT STYLE="font-size: 11pt"><B>Item 8.</B></FONT></TD>
    <TD STYLE="width: 86%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 5pt"><B>Identification and Classification of Members of the
        Group.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 5pt">Not applicable.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-bottom: 5pt"><FONT STYLE="font-size: 11pt"><B>Item 9.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 5pt"><B>Notice of Dissolution of Group.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 5pt">Not applicable.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-bottom: 5pt"><FONT STYLE="font-size: 11pt"><B>Item 10.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 5pt"><B>Certifications.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 5pt">Not applicable.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 49.5pt">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 49.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">After reasonable inquiry and to the best
of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt 238.5pt; text-indent: 0in">Dated: February 14, 2019</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt 238.5pt; text-indent: 0in"><B>SUZANO HOLDING S.A</B>.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 30%; border-collapse: collapse; margin-left: 238.5pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">By:</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">/s/ Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10.5pt">Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Attorney-in-Fact</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">/s/ Orlando de Souza Dias</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10.5pt">Orlando de Souza Dias</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Executive Vice President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 238.5pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt 238.5pt; text-indent: 0in"><B>DAVID FEFFER</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 30%; border-collapse: collapse; margin-left: 238.5pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">By:</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10.5pt">/s/ Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10.5pt">Attorney-in-Fact</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt 238.5pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt 238.5pt; text-indent: 0in"><B>DANIEL FEFFER</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 30%; border-collapse: collapse; margin-left: 238.5pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">By:</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10.5pt">/s/ Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10.5pt">Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Attorney-in-Fact</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 238.5pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt 238.5pt; text-indent: 0in"><B>JORGE FEFFER</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 30%; border-collapse: collapse; margin-left: 238.5pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">By:</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10.5pt">/s/ Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Attorney-in-Fact</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 238.5pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt 238.5pt; text-indent: 0in"><B>RUBEN FEFFER</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 30%; border-collapse: collapse; margin-left: 238.5pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">By:</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10.5pt">/s/ Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Attorney-in-Fact</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 238.5pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt 238.5pt; text-indent: 0in"><B>ALDEN FUNDO DE INVESTIMENTO
EM A&Ccedil;&Otilde;ES</B>.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 30%; border-collapse: collapse; margin-left: 238.5pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">By:</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">/s/ Marcos Rabinovich</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Marcos Rabinovich</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Officer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10.5pt">/s/ </FONT><FONT STYLE="font-size: 11pt">Isabel Cotta Fernandino de Fran&ccedil;a Leme</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 11pt">Isabel Cotta Fernandino de Fran&ccedil;a Leme</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Officer</FONT></TD></TR></TABLE>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>EXHIBIT INDEX</B></P>

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</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

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    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 11pt"><B>Exhibit </B></FONT></TD>
    <TD STYLE="width: 88%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 11pt"><B>Exhibit Description</B></FONT></TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; padding: 12pt 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 11pt">Exhibit A</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 12pt 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 11pt">Joint Filing Agreement, dated February 14, 2019 by and among Suzano Holding S.A., David Feffer, Daniel Feffer, Jorge Feffer, Ruben Feffer and Alden Fundo de Investimento em A&ccedil;&otilde;es. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 12pt 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 11pt">Exhibit B</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 12pt 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 11pt">Voting Agreement (English translation), dated September 28, 2017 by and among David Feffer, Daniel Feffer, Jorge Feffer, Ruben Feffer, Suzano Holding S.A. and Alden Fundo de Investimento em A&ccedil;&otilde;es, as amended on January 16, 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 12pt 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 11pt">Exhibit C</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 12pt 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 11pt">Power of Attorney (English translation), dated February 1, 2018, by Suzano Holding S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 12pt 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 11pt">Exhibit D</FONT></TD>
    <TD STYLE="padding: 12pt 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 11pt">Power of Attorney (English translation), dated March 16, 2018, by David Feffer, Daniel Feffer, Jorge Feffer and Ruben Feffer.</FONT></TD></TR>
</TABLE>


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<FILENAME>suzano13gexa.htm
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B><U>Exhibit
A</U></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>JOINT FILING AGREEMENT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In accordance with
Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing of a Statement on
Schedule 13G (including amendments thereto) with respect to the shares of Common Stock of Suzano Papel e Celulose S.A. and further
agree that this Joint Filing Agreement shall be included as an exhibit to such joint filings.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Joint Filing
Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original instrument, but all of such
counterparts together shall constitute one agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In evidence thereof,
the undersigned, being duly authorized, hereby execute this Joint Filing Agreement as of February 14, 2019.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt 238.5pt; text-indent: 0in"><B>SUZANO HOLDING S.A</B>.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 30%; border-collapse: collapse; margin-left: 238.5pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">By:</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">/s/ Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10.5pt">Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Attorney-in-Fact</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">/s/ Orlando de Souza Dias</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10.5pt">Orlando de Souza Dias</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Executive Vice President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 238.5pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt 238.5pt; text-indent: 0in"><B>DAVID FEFFER</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 30%; border-collapse: collapse; margin-left: 238.5pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">By:</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10.5pt">/s/ Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10.5pt">Attorney-in-Fact</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt 238.5pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt 238.5pt; text-indent: 0in"><B>DANIEL FEFFER</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 30%; border-collapse: collapse; margin-left: 238.5pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">By:</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10.5pt">/s/ Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10.5pt">Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Attorney-in-Fact</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 238.5pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt 238.5pt; text-indent: 0in"><B>JORGE FEFFER</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 30%; border-collapse: collapse; margin-left: 238.5pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">By:</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10.5pt">/s/ Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Attorney-in-Fact</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 238.5pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt 238.5pt; text-indent: 0in"><B>RUBEN FEFFER</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 30%; border-collapse: collapse; margin-left: 238.5pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">By:</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10.5pt">/s/ Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Attorney-in-Fact</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 238.5pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt 238.5pt; text-indent: 0in"><B>ALDEN FUNDO DE INVESTIMENTO
EM A&Ccedil;&Otilde;ES</B>.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 30%; border-collapse: collapse; margin-left: 238.5pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">By:</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">/s/ Marcos Rabinovich</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Marcos Rabinovich</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Officer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10.5pt">/s/ </FONT><FONT STYLE="font-size: 11pt">Isabel Cotta Fernandino de Fran&ccedil;a Leme</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 11pt">Isabel Cotta Fernandino de Fran&ccedil;a Leme</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Officer</FONT></TD></TR></TABLE>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B><U>Exhibit
B</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>STATEMENT OF ADHERENCE TO THE VOTING AGREEMENT
OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SUZANO PAPEL E CELULOSE S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By this private instrument, the parties:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B>ALDEN FUNDO DE INVESTIMENTO EM A&Ccedil;&Otilde;ES</B>, a stock fund with principal place
of business located in the City of S&atilde;o Paulo, State of Paulo, at Pra&ccedil;a Alfredo Egydio de Souza Aranha, n&ordm;&nbsp;100,
Parque Jabaquara, CEP&nbsp;04344-902, inscribed in the corporate taxpayer registry (CNPJ/MF) under no. 04.679.647/0001-42 (&#8220;<U>Adhering
Shareholder</U>,&#8221; and, jointly with its Permitted Assignees, &#8220;<U>Alden Group</U>&#8221;), herein duly represented by
its manager BIZMA Investimentos Ltda., a limited liability company with principal place of business located in the City of S&atilde;o
Paulo, State of Paulo, at Av. Brigadeiro Faria Lima, n&ordm;&nbsp;1355, 9&ordm; andar, parte, CEP&nbsp;01452-919, inscribed in
the corporate taxpayer registry (CNPJ/MF) under no. 23.964.292/0001-88, herein represented in accordance with its Articles of Organization;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B>DAVID FEFFER</B>, Brazilian, married, entrepreneur, bearer of identity document (RG)&nbsp;no.
4.617.720-6 (SSP/SP), inscribed in the individual taxpayer registry (CPF/MF) under no. 882.739.628-49, resident and domiciled in
the City of S&atilde;o Paulo, State of S&atilde;o Paulo, with commercial office at Avenida Brigadeiro Faria Lima, n&ordm;&nbsp;1.355,
9&ordm; andar, CEP 01452-919, (&#8220;<U>David</U>&#8221; and, jointly with his descendants, Successors and Permitted Assignees
who become holders of Attached Shares, &#8220;<U>David Group</U>&#8221;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B>DANIEL FEFFER</B>, Brazilian, married, lawyer, bearer of identity document (RG) no. 4.617.718-8
(SSP/SP), inscribed in the individual taxpayer registry (CPF/MF) under no. 011.769.138-08, resident and domiciled in the City of
S&atilde;o Paulo, State of S&atilde;o Paulo, with commercial office at Avenida Brigadeiro Faria Lima, n&ordm;&nbsp;1.355, 9&ordm;
andar, CEP 01452-919 (&#8220;<U>Daniel</U>&#8221; and, jointly with his descendants, Successors and Permitted Assignees who become
holders of Attached Shares, &#8220;<U>Daniel Group</U>&#8221;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(d)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B>JORGE FEFFER</B>, Brazilian, divorced, business administrator, bearer of identity document
(RG) no.&nbsp;4.617.719-X (SSP/SP), inscribed in the individual taxpayer registry (CPF/MF) under number 013.965.718-50, resident
and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, with commercial office at Avenida Brigadeiro Faria Lima,
n&ordm;&nbsp;1.355, 9&ordm; andar, CEP 01452-919 (&#8220;<U>Jorge</U>&#8221; and, jointly with his descendants, Successors and
Permitted Assignees who become holders of Attached Shares, &#8220;<U>Jorge Group</U>&#8221;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(e)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B>RUBEN FEFFER</B>, Brazilian, married, business administrator, bearer of identity document
(RG) no.&nbsp;16.988.323-1 (SSP/SP), inscribed in the individual taxpayer registry (CPF/MF) under number 157.423.548-60, resident
and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, with commercial office at Avenida Brigadeiro Faria Lima,
n&ordm;&nbsp;1.355, 9&ordm; andar, CEP 01452-919 (&#8220;<U>Ruben</U>&#8221; and, jointly with his descendants, Successors and
Permitted Assignees who become holders of Attached Shares, &#8220;<U>Ruben Group</U>&#8221;); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(f)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B>SUZANO HOLDING S.A.</B>, a corporation with registered office located in the City of S&atilde;o
Paulo, State of S&atilde;o Paulo, at Avenida Brigadeiro Faria Lima, n&ordm; 1355, 9&ordm; andar, parte, CEP 01452-919, inscribed
in the corporate taxpayer registry (CNPJ/MF) under no. 60.651.809/0001-05, herein represented in accordance with its Bylaws (&#8220;<U>Suzano
Holding</U>&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Adhering Shareholder, David, Daniel, Jorge, Ruben and Suzano Holding,
as well as their descendants, Successors and Permitted Assignees, as applicable, who become holders of Attached Shares, are herein
jointly referred to as &#8220;<U>Shareholders</U>&#8221; or &#8220;<U>Parties</U>&#8221; and, individually, as &#8220;<U>Shareholder</U>&#8221;
or &#8220;<U>Party</U>.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PREAMBLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>WHEREAS</B>, on September&nbsp;28, 2017, David, Daniel, Jorge,
Ruben and Suzano Holding entered into a Voting Agreement of Suzano Papel e Celulose S.A., inscribed in the corporate taxpayer registry
(CNPJ/MF) under no. 16.404.287/0001-55 (&#8220;<U>Company</U>&#8221;), with the purpose of consolidating the Control of the Company
and/or its successors (&#8220;<U>Voting Agreement - SPC</U>&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>WHEREAS</B>, the Shareholders wish to (i)&nbsp;consolidate the
ownership interest held by the Adhering Shareholder in the Control of the Company and/or its successors; and (ii)&nbsp;regulate
certain rights and obligations of the Shareholders, in accordance with this Statement of Adherence;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>NOW, THEREFORE,</B> the Parties mutually agree to enter into
this Statement of Adherence to the Voting Agreement - SPC (hereinafter referred to as &#8220;<U>Statement of Adherence</U>&#8221;),
under the terms and for the purposes of Article&nbsp;118 of the Brazilian Corporation Law, in compliance with the clauses, terms
and conditions envisaged below, which they undertake to faithfully observe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B>DEFINITIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">1.1</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Definitions</U>. All words, expressions and abbreviations starting with upper case letters
not defined in other sections of this Statement of Adherence, in singular or plural form, will have the meaning attributed to them
in the Voting Agreement - SPC, except </FONT>i<FONT STYLE="font-size: 10pt">f expressly indicated otherwise or if the context is
not compatible with any meaning indicated therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B>STATEMENT OF ADHERENCE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">2.1.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Adherence</U>. The Adhering Shareholder herein formalizes its acceptance of and adherence
to, for all purposes and effects of Article&nbsp;118 of Brazilian Corporation Law, the Voting Agreement - SPC, irrevocably, in
the capacity of shareholder, jointly with the other Shareholders, becoming subject to and bound by all of its terms and conditions,
undertaking to fully comply with them, as envisaged in such instrument, which is initialed by the Adhering Shareholder and becomes
a part of this Statement of Adherence as its <U>Appendix 2.1</U>, without any limitations or restrictions, acquiring all rights
and obligations attributed to the other Shareholders and envisaged in the Voting Agreement &#8212; SPC, with any reference to the
Shareholders Group in the Voting Agreement now understood, for all legal purposes, as a reference to David Group, Daniel Group,
Jorge Group, Ruben Group and/or Alden Group, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt">2.1.1.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">As envisaged in <U>Clause 2.1</U>, the definition of &#8220;Shareholders Group&#8221; of the
Voting Agreement&#8212; SPC is hereby amended and, in accordance with <U>Clause 4</U> below, will read as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-indent: 2.8pt"><I>&#8220;<U>Shareholders Group</U>&#8221;
means David Group, Daniel Group, Jorge Group, Ruben Group and/or Alden Group, as applicable.&#8221;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">2.2.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Representative of Alden Group</U>. For the effects of <U>Clause 3</U> of the Voting Agreement
&#8212; SPC, Alden Group will have one (1)&nbsp;representative, who, on behalf of and for the account of Alden Group, will attend
the Prior Meetings and exercise the votes, in block and uniformly, of the Attached Shares held by Alden Group.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt">2.2.1.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Alden Group (or its Successors and Permitted Assignees, as applicable) will be represented
by its manager, pursuant to its organizational documents, in compliance with applicable law and regulations. In the event of the
replacement of its Representative, Alden Group must file in the Company the instrument of appointment of its new Representative.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">2.3.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Adherence to arbitration</U>. The Adhering Shareholder herein adheres and undertakes to
submit any controversy or litigation arising from the Voting Agreement &#8212; SPC to the Arbitration envisaged in <U>Clause 6.2</U>
of the Voting Agreement &#8212; SPC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>3.</B></FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B>CONSOLIDATION OF THE OWNERSHIP STRUCTURE OF THE COMPANY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">3.1.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Ownership Structure</U>. In compliance with <U>Clause 2</U> above, the Parties mutually
resolve to include in the definition of &#8220;Attached Shares&#8221; the shares issued by the Company held by the Adhering Shareholder,
changing the wording of <U>Appendix II</U> to the Voting Agreement &#8212; SPC, which, in accordance with <U>Clause 4</U> below,
will take effect with the wording of <U>Appendix 3.1</U> to this Statement of Adherence.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B>DURATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">4.1.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Term</U>. The Statement of Adherence will come into force on the date hereof and will remain
in force, valid and binding for as long as the Voting Agreement &#8212; SPC is in force.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>5.</B></FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B>NOTIFICATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">5.1.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Notifications</U>. All Notifications intended for or sent to the Adhering Shareholder,
under <U>Clause 5.6</U> of the Voting Agreement - SPC must be addressed as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt">Avenida Brigadeiro Faria Lima, 1355, 9&ordm;
andar, parte</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt">Pinheiros, S&atilde;o Paulo/SP &#8212; CEP
01452-919</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt">Attn:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bizma
Investmentos Ltda.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt">Email: mrabinovich@suzano.com.br and isabelleme@suzano.com.br</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt">With copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt">Intrag Distribuidora de T&iacute;tulos e Valores
Mobili&aacute;rios Ltda.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt">Avenida Brigadeiro Faria Lima, 3400, 10&ordm;
andar</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 28.35pt">Itaim Bibi, S&atilde;o Paulo/SP &#8212; CEP
04538-132</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt">Attn:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marco
Tulio Peres Lima</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt">Email: marco-peres.lima@itau-unibanco.com.br</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>6.</B></FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B>MISCELLANEOUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">6.1.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">This Statement of Adherence is irrevocable and unconditional and binds the parties to the
Voting Agreement &#8212; SPC, their Successors and Permitted Assignees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">6.2.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">This Statement of Adherence will be filed in the registered office of the Company for the
purposes of Article&nbsp;118 of Brazilian Corporation Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">6.3.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The obligations arising from this Statement of Adherence and from the Voting Agreement &#8212;
SPC are subject to specific performance, under Article&nbsp;118, Paragraph 3, of Brazilian Corporation Law. However, the specific
performance does not preclude the liability of the Breaching party for any losses and damages caused to the other Parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">6.4.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">This Statement of Adherence will be governed by and interpreted in accordance with Brazilian
law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">6.5.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Any divergences arising from this Statement of Adherence, including those related to its existence,
validity, efficiency, compliance, interpretation or termination and its consequences, will be resolved definitively by Arbitration,
under Federal Law 9,307/96, in accordance with the exact terms and conditions of <U>Clause 6.2</U> of the Voting Agreement - SPC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>IN WITNESS WHEREOF,</B> the Parties sign this Statement of Adherence
in six (6)&nbsp;counterparts of identical form and content, in the presence of the two undersigned witnesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">S&atilde;o Paulo, January&nbsp;16, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(signature page&nbsp;follows)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(remainder of page&nbsp;intentionally left
blank)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 15.75pt"><I>(this signature page&nbsp;is
an integral part of the Statement of Adherence to the Voting Agreement of Suzano Papel e Celulose S.A., entered into on January&nbsp;16,
2019)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ALDEN FUNDO DE INVESTIMENTO EM A&Ccedil;&Otilde;ES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Edgard Marques Filho</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Marcos Rabinovich</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>SUZANO HOLDING S.A.</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Claudio Thomaz Lobo Sonder</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Vice Chairman</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Attorney-in-fact</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>DAVID FEFFER</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>DANIEL FEFFER</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">represented by Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">represented by Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>JORGE FEFFER</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>RUBEN FEFFER</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">represented by Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">represented by Maria Cecilia Castro Neves Ipi&ntilde;a</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Witnesses:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 48%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Identity Document (RG):</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Identity Document (RG):</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Appendix 2.1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Voting Agreement - SPC</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>VOTING AGREEMENT OF SUZANO PAPEL E CELULOSE
S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">This Voting Agreement of Suzano Papel e Celulose S.A. (&#8220;<U>Agreement</U>&#8221;)
is entered into by and between:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>(a)</B></FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B>DAVID FEFFER, </B>Brazilian, married, entrepreneur, bearer of identity document (RG) number&nbsp;4.617.720-6
(SSP/SP), inscribed in the roll of individual taxpayers (CPF/MF) under number 882.739.628-49, resident and domiciled in the City
of S&atilde;o Paulo, State of S&atilde;o Paulo, with commercial office at Avenida Brigadeiro Faria Lima, n&ordm;&nbsp;1.355, 9&ordm;
andar, CEP 01452-919, S&atilde;o Paulo &#8212; SP (&#8220;<U>David</U>&#8221; and, jointly with his descendants, Permitted Successors
and Assignees who become holders of Attached Shares, &#8220;<U>David Group</U>&#8221;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>(b)</B></FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B>DANIEL FEFFER</B>, Brazilian, married, lawyer, bearer of identity document (RG) number&nbsp;4.617.718-8
(SSP/S&atilde;o Paulo), inscribed in the roll of individual taxpayers (CPF/MF) under number 011.769.138-08, resident and domiciled
in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, with commercial office at Avenida Brigadeiro Faria Lima, n&ordm;&nbsp;1.355,
9&ordm; andar, CEP 01452-919, S&atilde;o Paulo &#8212; SP (&#8220;<U>Daniel</U>&#8221; and, jointly with his descendants, Permitted
Successors and Assignees who become holders of Attached Shares, &#8220;<U>Daniel Group</U>&#8221;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>(c)</B></FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B>JORGE FEFFER</B>, Brazilian, divorced, business administrator, bearer of identity document
(RG) number&nbsp;4.617.719-X (SSP/SP), inscribed in the roll of individual taxpayers (CPF/MF) under number 013.965.718-50, resident
and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, with commercial office at Avenida Brigadeiro Faria Lima,
n&ordm;&nbsp;1.355, 9&ordm; andar, CEP 01452-919, S&atilde;o Paulo &#8212; SP (&#8220;<U>Jorge</U>&#8221; and, jointly with his
descendants, Permitted Successors and Assignees who become holders of Attached Shares, &#8220;<U>Jorge Group</U>&#8221;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>(d)</B></FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B>RUBEN FEFFER</B>, Brazilian, married, business administrator, bearer of identity document
(RG) number&nbsp;16.988.323-1 (SSP/SP), inscribed in the roll of individual taxpayers (CPF/MF) under number 157.423.548-60, resident
and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, with commercial office at Avenida Brigadeiro Faria Lima,
n&ordm;&nbsp;1.355, 9&ordm; andar, CEP 01452-919, S&atilde;o Paulo &#8212; SP (&#8220;<U>Ruben</U>&#8221; and, jointly with his
descendants, Permitted Successors and Assignees who become holders of Attached Shares, &#8220;<U>Ruben Group</U>&#8221;); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>(e)</B></FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B>SUZANO HOLDING S.A</B>., a corporation with headquarters at Avenida Brigadeiro Faria Lima,
n&ordm; 1355, 9&ordm; andar, parte, CEP 01452-919, in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, inscribed in the
roll of corporate taxpayers (CNPJ/MF) under number 60.651.809/0001-05, represented herein as per its Bylaws (jointly with its Successors
and Permitted Assignees, &#8220;<U>Suzano Holding</U>&#8221;),</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Suzano Holding, David, Daniel, Jorge and Ruben, as well as their
descendants, Successors and Permitted Assignees, as applicable, who become owners of Attached Shares are herein jointly referred
to as &#8220;<U>Shareholders</U>&#8221; and, individually, as &#8220;<U>Shareholder</U>&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>WHEREAS</B>, David, Daniel, Jorge and Ruben entered into, on
the date hereof, the Shareholders Agreement of Suzano Holding, whose purpose, among other matters, includes: (i)&nbsp;consolidating
the Control of Suzano Holding, to be exercised by David, Daniel, Jorge and Ruben, their respective descendants, Successors and
Permitted Assignees, regulating the exercise of their voting rights in Suzano Holding, in accordance with the provisions therein,
and (ii)&nbsp;governing the transfer of shares issued by Suzano Holding held by them (the &#8220;<U>Shareholders Agreement of the
Holding Company</U>&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>WHEREAS</B>, the Shareholders wish to consolidate the Control
of SUZANO PAPEL E CELULOSE S.A., inscribed in the roll of corporate taxpayers (CNPJ/MF) under number 16.404.287/0001-55 and/or
its successors (the &#8220;<U>Company</U>&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">THE PARTIES THEREFORE AGREE to execute this Voting Agreement (&#8220;<U>Agreement</U>&#8221;),
in accordance with and for the purposes of the applicable legislation, especially Article&nbsp;118 of Brazilian Corporation Law
and other applicable legal provisions, which shall be governed by the terms and conditions set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>I.</B></FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B><U>DEFINITIONS.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">1.1.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The terms starting with uppercase letters used in this Agreement and not defined in the text
of this Agreement shall have the meaning attributed to them in <U>Appendix I</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>II.</B></FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B><U>SHARES ATTACHED AND SUBJECT TO THE AGREEMENT.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">2.1.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Each Shareholder shall become, upon the Admission of Company into the Novo Mercado, the owner
of the shares identified in <U>Appendix II </U>of this Agreement (&#8220;<U>Attached Shares</U>&#8221;), issued by the Company,
which are free of Encumbrances, except as described otherwise in <U>Appendix II</U>. For the purposes of this Agreement, Attached
Shares also include: (i)&nbsp;shares resulting from bonuses attributed to Attached Shares, from the splitting or grouping of the
Attached Shares; (ii)&nbsp;preemptive rights arising from the Attached Shares; (iii)&nbsp;shares arising from the exchange, conversion,
merger (including of shares), consolidation, spin-off or other type of corporate reorganization and, in any case, arising from
the Attached Shares; or (iv)&nbsp;new shares subscribed to in the exercise of preemptive rights attributed to the Attached Shares,
as well as warrants, options and other securities attributed to the Attached Shares and convertible into shares issued by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.55pt"><FONT STYLE="font-size: 10pt">2.1.1.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Attached Shares do not include, restrict or encumber shares issued by the Company and/or its
successors that are held or that come to be held by Shareholders and/or Successors who are not on the list in Appendix II and/or
arising therefrom, in accordance with Clause 2.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">2.2.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">This Agreement binds the Attached Shares and, consequently, the Shareholders and their respective
Permitted Assignees and successors, on any account, including, in the case of individuals, their spouses, partners, curators, heirs,
devisees and successors who become, for any reason, holders of the Attached Shares and/or the voting rights inherent to them (including
in the case of an interdict and/or minor Shareholder represented by a curator or board of curators) (jointly referred to as &#8220;<U>Successors</U>&#8221;).
In the event of the death of any Individual who is or comes to be a Shareholder of the Company, their Successors shall assume all
the rights and obligations of the deceased Individual provided for in this Agreement, as a member of the same Shareholder Group
of the deceased. This assumption shall be automatic in the event of legal or testamentary succession, and the corresponding Successor
shall inherit the Attached Shares in accordance with this Agreement, as well as everything attached thereto (ownerships, encumbrances,
rights and obligations), in accordance with all the terms and conditions agreed upon by the Shareholders. The same rule&nbsp;also
applies to the spouse and/or partner in the event of the division of assets arising from a separation, divorce and/or dissolution
of steady union. In the case of judicial interdiction of the Shareholder or minority (absolutely or relatively incompetent), the
curator or curators (in the case of a board) are equally obligated and bound by the terms and conditions of this Agreement, in
accordance with the legal provisions, personal statements (in public or private written documents) regarding guardianship of the
interdicted person or minor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>III.</B></FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B><U>PRIOR MEETINGS</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">3.1.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Prior Meetings</U>. Prior to the holding of any Shareholders&#8217; Meeting of the Company,
a prior meeting of the Representatives of the Shareholder Groups and of Suzano Holding shall be held to determine the vote to be
cast with regard to all matters submitted for consideration and vote at said Shareholders&#8217; Meeting by all Shareholders, as
a block and uniformly (&#8220;<U>Prior Meeting</U>&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt">3.1.1.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Prior Meetings shall have a chairman, selected by Representatives representing, at minimum,
the Resolution Quorum (the &#8220;<U>Chairman</U>&#8221;). The Representatives, herein and unanimously, appoint David as Chairman
of the Prior Meetings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt">3.1.2.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Unless a Shareholder or Representative, the Chairman of the Prior Meetings shall enter into
an accession to this Agreement, through which they shall consent to and undertake the terms of this Agreement, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">3.2.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Call Notice,&nbsp;Installation and Holding of Prior Meeting.</U> The Chairman shall send
to the Representatives, in accordance with <U>Clause 5.6</U> below, within two (2)&nbsp;Business Days as from its publication,
a copy of the call notice of the Shareholders&#8217; Meeting of the Company, which contains the websites on which the documents
pertinent to the resolutions to be taken are available (&#8220;<U>Call Notice for the Prior Meeting</U>&#8221;). Unless agreed
otherwise by the</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Representatives, the Prior Meetings shall be installed and held
at 4:00 p.m.&nbsp;at the headquarters of the Company: (i)&nbsp;on first call, provided that all Representatives are present, at
least two (2)&nbsp;Business Days prior; and (ii)&nbsp;on second call, provided that at least two (2)&nbsp;Representatives are present,
one of which being, necessarily, the Representative of Suzano Holding, at least one (1)&nbsp;Business Day prior, in both cases
in relation to the date of the Shareholders&#8217; Meeting that gave rise to the respective Call Notice for the Prior Meeting.
The Chairman shall appoint the secretary of the Prior Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt">3.2.1.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Prior Meetings may be held via conference call or videoconferencing. Representatives who
participate remotely in the Prior Meeting shall send to the Chairman of the Prior Meeting via facsimile or electronic mail, upon
the close of the Prior Meeting, a signed copy of the minutes of the Prior Meeting, with the original minutes signed as soon as
possible by the respective Representative.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">3.3.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Resolution Quorum</U>. At the Prior Meetings, the Representatives are entitled to one vote
for each Attached Share in the Company held by the Shareholders Group or Shareholder (as applicable) represented by them. The vote
to be cast by the Shareholders at the Shareholders&#8217; Meetings of the Company, as a block and uniformly, shall be determined
by the Representatives in the Meetings by a vote of Attached Shares representing a majority of the total number of Attached Shares
(&#8220;<U>Resolution Quorum</U>&#8221;)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">3.4.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Binding of Votes</U>. The resolutions taken at the Prior Meetings shall bind the vote of
the Shareholders in the respective Shareholders&#8217; Meetings of the Company. Accordingly, Shareholders undertake to vote as
a block and uniformly in the respective Shareholders&#8217; Meeting of the Company in accordance with resolutions taken in the
Prior Meeting. The absence of any Representative from the Prior Meeting, provided that it was duly installed and reached the Resolution
Quorum, shall not release the absent Representative or Shareholder from their obligation to vote as a block in accordance with
this Clause, as per the determination made in the Prior Meeting, in accordance with <U>Clause 3.5</U> below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">3.5.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Minutes of Prior Meetings</U>. Certified or summarized minutes of each Prior Meeting shall
be drawn up, which, if they contain vote instructions, abstentions or other acts to be practiced by the Shareholders in accordance
with this Agreement, shall be delivered to the chairman of the respective Shareholders&#8217; Meeting for knowledge and observance,
in accordance with and for the purposes of Article&nbsp;118, paragraphs 8 and 9, of Brazilian Corporation Law, considering that
<I>(a)</I>&nbsp;the votes exercised at Shareholders&#8217; Meeting in breach of the voting instructions determined at the Prior
Meeting shall be considered automatically null; and <I>(b)</I>&nbsp;the voting instructions determined at the Prior Meeting shall
serve as a legal mandate and authorize the aggrieved parties to exercise the voting rights of the Attached Shares pertaining to
the other Shareholder at the Shareholders&#8217; Meeting, in the case of the latter being absent, decline or vote at the Shareholders&#8217;
Meeting contrary to what was decided in the Prior Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>IV.</B></FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B><U>SHAREHOLDERS&#8217; REPRESENTATIVES</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">4.1.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Representation at Prior Meetings.</U> To cause the effect of <U>Clause 3</U> of this Agreement,
Suzano Holding and each of the Shareholder Groups shall have one (1)&nbsp;representative, which, on behalf and account of Suzano
Holding and of the Shareholders Group that appoint them, shall participate in the Prior Meetings and exercise the votes in block
and uniformly, of the Attached Shares held by Suzano Holding and by the Shareholders Group represented (&#8220;<U>Group Representative</U>&#8221;
or &#8220;<U>Representative</U>&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt">4.1.1.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Representatives of the David Group, Daniel Group, Jorge Group and Ruben Group, for the
purposes of this Agreement, shall be their respective representatives, appointed and potentially replaced from time to time, in
accordance with the Shareholders&#8217; Agreement of the Holding Company. Each of these Groups shall file at the Company, for the
due purposes, the instrument of appointment of their Representative and potential substitutions, executed in accordance with the
Shareholders&#8217; Agreement of the Holding Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt">4.1.2.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Representative of Suzano Holding (or its Successors and Permitted Assignees, as applicable)
shall be its Chief Executive Officer or its Vice Chief Executive Officer vested with special powers by the Chief Executive Officer,
elected in accordance with its Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>V.</B></FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B><U>OTHER LIABILITIES; MISCELLANEOUS.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">5.1.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Successors and Permitted Assignees.</U> This Agreement binds the Parties, as well as their
Successors and Permitted Assignees that come to hold Attached Shares, which must adhere to the Agreement, unconditionally and irrevocably,
as a condition for the validity of the respective Transfer, as a member of the Shareholders&#8217; Group or of the assignor Shareholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt">5.1.1 For the purposes of Clause 5.1, &#8220;Permitted
Assignee&#8221; is the Affiliate whose capital stock is held, individually or jointly with its Successors, directly or indirectly,
by the assignor Shareholder, who shall jointly and severally guarantee compliance with all obligations of the assignee Affiliate
related to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.6pt">5.7.1 The termination or rescission of this
Agreement shall not affect the liability of any Shareholder for any breach of this Agreement committed before the termination date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 40.9pt">5.7.2 This Agreement may be terminated at any
time, upon prior notice of thirty (30) days, by any of the two&nbsp;(2) Shareholder Groups, jointly, of the following Shareholders:
David, Daniel, Jorge and Ruben.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.6pt">5.7.3 Notwithstanding the provisions of Clause
5.7, this Agreement shall terminate automatically on the date that the Shareholders&#8217; Agreement of the Holding Company is
terminated, even in the case of early termination, for any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.6pt">5.7.4 The termination of this Agreement in
the case of non-renewal, as per Clause 5.7, or even as a result of the provisions of Clauses 5.7.2 and 5.7.3, shall not grant the
right to claims or indemnification, of any kind, by any Party towards the other Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">5.2.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Expenses.</U> Each Shareholder shall bear the costs and expenses, including those for accounting
and legal advisors, related to the negotiation, preparation and execution of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>VI.</B></FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B><U>GOVERNING LAW AND DISPUTE RESOLUTION</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">6.1.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Governing Law.</U> This Agreement is governed by and construed in accordance with the laws
of the Federative Republic of Brazil, and the reader shall consider the &#8220;Definitions,&#8221; which clarify and complete the
text of this Agreement and is part of Appendix I hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">6.2.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Dispute Resolution Procedure.</U> Any dispute or divergence arising from this Agreement
(&#8220;Conflict&#8221;) or in any way related to it shall be mandatorily and definitively resolved through arbitration (&#8220;Arbitration&#8221;),
as provided for by Federal Law 9,307, of 1996.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.55pt"><FONT STYLE="font-size: 10pt">6.2.1.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Shareholders agree that, before starting Arbitration to solve any Conflict, they shall
try to negotiate an amicable agreement to solve the Conflict, through direct negotiations or mediation, within sixty (60) days
as from the receipt of the notice of existence of Conflict (&#8220;Conflict Notice&#8221;) by all Shareholders. The Conflict Notice
shall always be sent by the interested party to the party(ies) involved in the Conflict with a copy to all other Shareholders.
If the parties try to resolve the dispute through mediation, any of the parties may start the mediation following the Mediation
Procedure of the Arbitration and Mediation Center of the Brazil-Canada Chamber of Commerce (&#8220;<U>CAM/CCBC</U>&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">6.3.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Rules.</U> After the period established in Clause 6.2.1 above, or in the event of the impossibility
of reaching an amicable solution, the interested party shall submit the dispute to Arbitration, which shall be started and processed
in accordance with the CAM/CCBC Arbitration Rules&nbsp;(&#8220;Rules&#8221;), in effect on the date of institution of the arbitration
request. The CAM/CCBC shall conduct the arbitration procedure. Any controversy related to the start of arbitration process shall
be settled in a definitive and binding manner by the Arbitrators.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">6.4.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Participation of all Shareholders.</U> Regardless of the Conflict to be settled through
Arbitration, all Shareholders shall participate in it either as a party (when the dispute involves them directly as applicant,
respondent or counterclaimant), or as an interested third party. Similarly, the arbitration award shall be definitive and binding
on all Shareholders, regardless of refusal, by any of them, to participate in an arbitration procedure, either as a party or interested
third party. The interested party to start the Arbitration shall notify the other party(ies) involved in the Conflict of their
decision to start the Arbitration (&#8220;Arbitration Notice&#8221;), with copy to the Shareholders who are not</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">involved in the Conflict, if applicable. The Shareholders not involved
in the Conflict shall reply to the Arbitration Notice within five (5)&nbsp;days as from receipt of the Arbitration Notice, indicating
whether they will participate as a party in the Conflict or participate in the Arbitration as an interested third party. If no
reply is sent to the Arbitration Notice, it is assumed that the Shareholder will participate as an interested third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">6.5.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Arbitrators.</U> The arbitration tribunal is formed by three (3)&nbsp;arbitrators (&#8220;Arbitrators&#8221;),
and one is appointed by the applicant(s)&nbsp;and the other by the respondent(s), in accordance with the Rules. In the event of
participation of Shareholders as interested third parties, they shall appoint an Arbitrator jointly with the applicant(s)&nbsp;or
respondent(s), as applicable. The two (2)&nbsp;Arbitrators appointed by the parties shall choose jointly the third Arbitrator,
who shall preside over the arbitration tribunal. Should any of the three (3)&nbsp;Arbitrators not be appointed within the period
established in the Rules, the CAM/CCBC shall appoint them, in accordance with the Rules. Any and all controversy regarding the
appointment of Arbitrators by the parties, as well the selection of the third Arbitrator, shall be settled by the CAM/CCBC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">6.6.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Law; Jurisdiction.</U> The Arbitration shall be decided in accordance with the law, expressly
excluding the possibility of an equitable decision, and with jurisdiction of the City of S&atilde;o Paulo, State of S&atilde;o
Paulo, where the arbitration award shall be rendered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">6.7.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Language and Governing Law.</U> The official language of Arbitration is Portuguese and
the governing law is Brazilian law, with Arbitration subject to absolute confidentiality.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">6.8.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Power of Arbitration Tribunal.</U> Once the Arbitration starts, the Arbitrators shall resolve
all issues arising from or related to the object of the Conflict, including those of incidental nature or which are a remedy for
protection.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">6.9.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Remedy.</U> Notwithstanding the above provisions, each Shareholder has the right to require
the following remedies, without such act being interpreted as a waiver of Arbitration:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.55pt"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">remedies related to controversies with regard to net, exact and mandatory payment obligations
that involve court enforcement proceedings;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.55pt"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">remedies to obtain relief of urgency and decision as a remedy to protect rights prior to the
start of Arbitration or aiming to ensure the useful outcome of the arbitration procedure; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.55pt"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">to execute any arbitration award, including the final report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.55pt"><FONT STYLE="font-size: 10pt">6.9.1.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">For the purposes of Clause <U>6.9</U>, the courts of the City of S&atilde;o Paulo, State of
S&atilde;o Paulo are chosen, with the express waiver of any other court, however preferable it may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.55pt"><FONT STYLE="font-size: 10pt">6.9.2.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Any urgent remedy granted by the Courts shall be immediately notified by the party who required
such remedy to the CAM/CCBC. The Shareholders recognize that any urgent remedy obtained from the Courts shall not, necessarily,
be reviewed by the Arbitrators, who shall decide for the maintenance, review or revocation of the decision.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">6.10.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Binding Effect.</U> The arbitration clauses above bind not only the signatory Shareholders
to this Agreement, but also any future shareholders that, on any account, come to be a part of the Company and adhere to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">6.11.</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Final Decision.</U> The arbitration award attributes to the losing party, or to both parties
in the proportion at which their claims were not upheld, final responsibility for the costs of the process, including costs of
loss of suit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In witness whereof, the Shareholders execute this Agreement in five
(5)&nbsp;counterparts of equal content, in the presence of the witnesses below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">S&atilde;o Paulo, September&nbsp;28, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Shareholders:</U></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>DAVID FEFFER</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>DANIEL FEFFER</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>JORGE FEFFER</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>RUBEN FEFFER</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>SUZANO HOLDING S.A.</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By: Claudio Thomaz Lobo Sonder</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By: Orlando de Souza Dias</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Position: Vice Chief Executive Officer</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Position: Vice Chief Executive Officer</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><U>Witnesses</U>:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 48%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">RG:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">RG:</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">CPF:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">CPF:</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>APPENDIX I</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>DEFINITIONS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Shareholder</U>&#8221; or &#8220;<U>Shareholders</U>&#8221;
have the meaning described in the preamble to this Agreement, and encompasses also, except when expressly stated otherwise, their
respective descendants and respective Successors and Permitted Assignees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Agreement</U>&#8221; refers to this Shareholders&#8217;
Agreement of Suzano Holding S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Attached Shares</U>&#8221; has the meaning described in
<U>Clause 2.2</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Admission of Company to the Novo Mercado</U>&#8221; refers
to the listing of the Company&#8217;s stock for trading on the Novo Mercado special listing segment of B3 S.A. &#8212; Brasil,
Bolsa Balc&atilde;o.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Affiliate</U>&#8221; means, with regard to a certain Person
or Shareholder, (a)&nbsp;if an Individual, any other Person who, at any time, is directly or indirectly Controlled by said Person
or Shareholder; and (b)&nbsp;if a Legal Entity, any other Person who, at any time, is directly or indirectly Controlled by or under
Joint Control with this Person or Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Arbitration</U>&#8221; has the meaning described in <U>Clause
6.2</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Arbitrators</U>&#8221; has the meaning described in <U>Clause
6.5</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>CAM/CCBC</U>&#8221; has the meaning described in <U>Clause
6.2.1</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>CDI</U>&#8221; refers to the annual average rate (considering
a 252-day year) of operations in Interbank Certificates of Deposit (CDI), for a period equal to one (1)&nbsp;Business Day (<I>over</I>),
calculated and disclosed by the CETIP - OTC Clearing House (CETIP), with the rounding of the daily factor to the eighth decimal
place, or, in case of its extinction, an equivalent rate that replaces it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Permitted Assignee</U>&#8221; has the meaning described
in <U>Clause 5.1.1</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Civil Code</U>&#8221; refers to Federal Law 10.406, of
2002, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Code of Civil Procedure</U>&#8221; refers to Federal Law
5.869, of 1973, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Company</U>&#8221; has the meaning described in the preamble
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Conflict</U>&#8221; has the meaning described in <U>Clause
6.2</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Control</U>&#8221; means, when used with regard to any
Person (&#8220;<U>Controlled Person</U>&#8221;), (i)&nbsp;the power to elect, directly or indirectly, most members of management
and to establish and conduct the policies and management of the Controlled Person; or (ii)&nbsp;the direct or indirect ownership
of securities or other interests that represent at least fifty percent (50%) of the total voting power of the Controlled Person.
The terms deriving from Control, such as &#8220;Controlled,&#8221;, &#8220;Controlling&#8221; and &#8220;under joint Control&#8221;
shall have a similar meaning to Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Call Notice for the Prior Meeting</U>&#8221; has the meaning
described in <U>Clause 3.2</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Daniel</U>&#8221; has the meaning described in the preamble
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>David</U>&#8221; has the meaning described in the preamble
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Business Day</U>&#8221; refers to any day, except Saturday
or Sunday, on which banks are not obligated or are authorized to close in the City of S&atilde;o Paulo, State of S&atilde;o Paulo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Bylaws</U>&#8221; refers to the bylaws of the Company
and its Charter.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Daniel Group</U>&#8221; has the meaning described in the
preamble of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>David Group</U>&#8221; has the meaning described in the
preamble of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Shareholders Group</U>&#8221; refers to David Group, Daniel&nbsp;
Group, Jorge&nbsp; Group and/or Ruben&nbsp; Group, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Jorge Group</U>&#8221; has the meaning described in the
preamble of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Ruben Group</U>&#8221; has the meaning described in the
preamble of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Confidential Information</U>&#8221; has the meaning described
in <U>Clause 5.3</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Jorge</U>&#8221; has the meaning described in the preamble
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Brazilian Corporation Law</U>&#8221; refers to Federal
Law 6,404, of 1976, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Arbitration Notice</U>&#8221; has the meaning described
in <U>Clause 6.4</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Conflict Notice</U>&#8221; has the meaning described in
<U>Clause 6.2.1</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Encumbrance</U>&#8221; refers to any security, suretyship,
mortgage, pledge, fiduciary sale, guarantee, easement, burden, charge, restriction, reserve, option, preemptive right, usufruct,
agreement that leads to the sale (including purchase and sale commitment, options, purchase and sale with condition,&nbsp;etc.)
or any other encumbrance of any nature that restricts the free and full exercise of ownership on a certain asset or right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Person</U>&#8221; refers to any individual, legal entity,
firm, company, foreign foundations (private right), investment fund, corporation, state-controlled company, trust, consortium,
joint venture, co-ownership, universality of rights or entity without corporate veil, joint venture or any other legal entity regardless
of its nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Chairman</U>&#8221; has the meaning described in <U>Clause
3.1.1</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Resolution Quorum</U>&#8221; has the meaning described
in <U>Clause 3.3</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Rules</U>&#8221; has the meaning described in <U>Clause
6.3</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Representative</U>&#8221; has the meaning described in
<U>Clause 4.1</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Prior Meeting</U>&#8221; has the meaning described in
<U>Clause 3.1</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Ruben</U>&#8221; has the meaning described in the preamble
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Successors</U>&#8221; has the meaning described in <U>Clause
2.2</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Suzano Holding</U>&#8221; has the meaning described in
the preamble of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Third Party</U>&#8221; refers to any Person except the
Shareholders and their Successors and Permitted Assignees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;<U>Transfer</U>&#8221; (and its derivatives) refers to any
act that involves, directly or indirectly, voluntarily or involuntarily, the transfer, disposal, sale, trade, giving, free or onerous
assignment (including assignment of preemptive right), exchange, donation, contribution, grant of stock option, or other form of
negotiation, and other form of transfer or loss of property, in any case, directly or indirectly, partial or total, including,
without limitation, through consolidation, merger, spin-off or other corporate reorganizations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Appendix II</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Shareholding Structure</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Shares held by the Shareholders in the
Company and Encumbrance</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As from Admission of the Company to the Novo
Mercado</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>SHAREHOLDERS</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>NUMBER&nbsp;OF ATTACHED SHARES</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>%&nbsp;TOTAL CAPITAL STOCK</B></FONT></TD>
    <TD STYLE="width: 60%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>DESCRIPTION&nbsp;OF&nbsp;ENCUMBRANCE&nbsp;ON&nbsp;ATTACHED</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>SHARES</B></FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">David Feffer</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">46,423,360</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.198%</FONT></TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">187,500 Attached Shares are subject to incommunicability;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">8,117,050
        Attached Shares are subject to incommunicability and impossibility to levy execution, in addition to being encumbered with usufruct;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">(iii)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">5,492,629 Attached Shares are subject to incommunicability and impossibility to levy execution;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">(iv)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">32,626,181 Attached Shares are free of the above encumbrances;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.3in; text-indent: -0.3in; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">(v)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">46,423,360 Attached Shares are subject to the Stock Transfer Agreement entered into between
        David, Daniel, Jorge and Ruben on the date hereof.</FONT></P></TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 10pt">Daniel Feffer</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">46,423,360</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.198%</FONT></TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">187,500 Attached Shares are subject to incommunicability;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">8,117,050
        Attached Shares are subject to incommunicability and impossibility to levy execution, in addition to being encumbered with usufruct;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">(iii)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">5,492,629 Attached Shares are subject to incommunicability and impossibility to levy execution;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">(iv)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">32,626,181 Attached Shares are free of encumbrance;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">(v)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">46,423,360 Attached Shares are subject to the Stock Transfer Agreement entered into between
        David, Daniel, Jorge and Ruben on the date hereof.</FONT></P></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Jorge Feffer</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">46,423,360</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.198%</FONT></TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">187,500 Attached Shares are subject to incommunicability;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">8,117,050
        Attached Shares are subject to incommunicability and impossibility to levy execution, in addition to being encumbered with usufruct;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">(iii)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">5,492,629 Attached Shares are subject to incommunicability and impossibility to levy execution;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">(iv)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">32,626,181 Attached Shares are free of encumbrance; and</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">(v)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">46,423,360 Attached Shares are subject to the Stock Transfer Agreement entered into between
        David, Daniel, Jorge and Ruben on the date hereof.</FONT></P></TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 10pt">Ruben Feffer</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">46,423,360</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.198%</FONT></TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 24.35pt; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">187,500 Attached Shares are subject to incommunicability;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,117,050
        Attached Shares are subject to incommunicability and impossibility to levy execution, in addition to being encumbered with usufruct;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">(iii)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">5,492,629
        Attached Shares are subject to incommunicability and impossibility to levy execution;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">(iv)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">32,626,181
        Attached Shares are free of encumbrance; and</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">(v)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">46,423,360
        Attached Shares are subject to the Stock Transfer Agreement entered into between David, Daniel, Jorge and Ruben on the date hereof.</FONT></P></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Suzano Holding S.A.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">367,612.234</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">33.243%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">367,612,234 Attached Shares are free of encumbrance.</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>553,305,674</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>50.035%</B></FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-align: center; text-indent: -0.3in"><FONT STYLE="font-size: 10pt"><B>&#8212;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;<B><U>Appendix 3.1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Shareholding Structure</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Shares held by the Shareholders in the
Company and Encumbrance</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>SHAREHOLDERS</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NUMBER&nbsp;OF</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ATTACHED</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SHARES</B></P></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>%&nbsp;TOTAL</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CAPITAL</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>STOCK</B></P></TD>
    <TD STYLE="width: 61%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>DESCRIPTION&nbsp;OF&nbsp;ENCUMBRANCE&nbsp;ON&nbsp;ATTACHED</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>SHARES</B></FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">David Feffer</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">46,423,360</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.41%</FONT></TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">187,500 Attached Shares are subject to incommunicability;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">8,117,050
        Attached Shares are subject to incommunicability and impossibility to levy execution, in addition to being encumbered with usufruct;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">(iii)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">5,492,629 Attached Shares are subject to incommunicability and impossibility to levy execution;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">(iv)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">32,626,181 Attached Shares are free of the above encumbrances;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">(v)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">46,423,360 Attached Shares are subject to the Stock Transfer Agreement entered into between
        David, Daniel, Jorge and Ruben on the date hereof.</FONT></P></TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 10pt">Daniel Feffer</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">46,423,360</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.41%</FONT></TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">187,500 Attached Shares are subject to incommunicability;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">8,117,050
        Attached Shares are subject to incommunicability and impossibility to levy execution, in addition to being encumbered with usufruct;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(iii)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">5,492,629 Attached Shares are subject to incommunicability and impossibility to levy execution;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(iv)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">32,626,181 Attached Shares are free of encumbrance;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(v)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">46,423,360 Attached Shares are subject to the Stock Transfer Agreement entered into between
        David, Daniel, Jorge and Ruben on the date hereof.</FONT></P></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;Jorge Feffer</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">46,423,360</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.41%</FONT></TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">187,500 Attached Shares are subject to incommunicability;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">8,117,050
        Attached Shares are subject to incommunicability and impossibility to levy execution, in addition to being encumbered with usufruct;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">(iii)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">5,492,629 Attached Shares are subject to incommunicability and impossibility to levy execution;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">(iv)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">32,626,181 Attached Shares are free of encumbrance; and</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">(v)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">46,423,360 Attached Shares are subject to the Stock Transfer Agreement entered into between
        David, Daniel, Jorge and Ruben on the date hereof.</FONT></P></TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 10pt">Ruben Feffer</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">46,423,360</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.41%</FONT></TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">187,500 Attached Shares are subject to incommunicability;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">8,117,050
        Attached Shares are subject to incommunicability and impossibility to levy execution, in addition to being encumbered with usufruct;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(iii)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">5,492,629 Attached Shares are subject to incommunicability and impossibility to levy execution;
        and 32,626,181 Attached Shares are free of encumbrance; and</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(iv)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">46,423,360 Attached Shares are subject to the Stock Transfer Agreement entered into between
        David, Daniel, Jorge and Ruben on the date hereof.</FONT></P></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Suzano Holding S.A.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">367,612,234</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">27.01%</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">367,612,234 Attached Shares are free of encumbrance.</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Alden Fundo de Investimento em A&ccedil;&otilde;es</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">25,989,541</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">1.91%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font-size: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">25,989,541 Attached Shares are free of encumbrance.</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>579,295,215</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>42.56%</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>&#8212;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B><U>Exhibit
C</U></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><B>GRANTOR</B>:</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><B>Suzano Holding S.A. </B>(CNPJ/MF no. 60.651.809/0001-05), with
registered office in this City of S&atilde;o Paulo, State of S&atilde;o Paulo, at Avenida Brigadeiro Faria Lima, n&ordm; 1355,
9<SUP>th</SUP> floor, part, herein represented by its Vice-President Executive Officers, <B>Claudio Thomaz Lobo Sonder</B> (RG
n&deg; 2.173.952-3-SSP/SP; CPF/MF n&deg; 066.934.078-20), Brazilian, married, engineer, and <B>Orlando de Souza Dias</B> (RG n&deg;
4.125.301-2-SSP/SP; CPF/MF n&deg; 046.293.378-49), Brazilian, married, accountant, both domiciled and residing at Avenida Brigadeiro
Faria Lima, n&ordm; 1355, 9<SUP>th</SUP> and 10<SUP>th</SUP> floor, respectively, appoint and constitute each of the below the
Grantor&rsquo;s true and lawful attorneys-in-fact:</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>Group I ATTORNEYs-IN-FACT:</B></FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1)</TD><TD><B>Maria Cecilia Castro Neves Ipi&ntilde;a</B> (RG n&deg; 53.077.600-5-SSP/SP; CPF/MF n&deg; 938.418.767-49), Brazilian, married,
lawyer; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2)</TD><TD><B>Marcel Paes de Almeida Piccinno</B> (RG n&deg; 18.698.855-2-SSP/SP; CPF/MF n&deg; 282.998.458-74), ), Brazilian, married,
business manager.</TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>Group II ATTORNEYs-IN-FACT:</B></FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1)</TD><TD><B>Edgard Marques Filho</B> (RG n&deg; 3.341.937-1-SSP/SP; CPF/MF n&deg; 065.994.438-34), Brazilian, married, economist;</TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Isabel Cotta Fernandino
de Fran&ccedil;a Leme</B> (RG n&deg; 23.304.589-2-SSP/SP; CPF/MF n&deg;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">153.128.908-80), Brazilian, divorced, business
manager; and</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3)</TD><TD><B>Marcos Rabinovich</B> (RG n&deg; 10.552.091-3-SSP/SP; CPF/MF n&deg; 174.387.738-25), Brazilian, married, business manager.</TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>Group III ATTORNEYs-IN-FACT:</B></FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1)</TD><TD><B>Marcos Hiyoshi Kubo</B> (RG n&deg; 7.783.139-SSP/SP; CPF n&deg; 844.968.008-53), Brazilian, married, lawyer;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2)</TD><TD><B>Paulo Augusto Lopes de Barros</B> (RG n&deg; 58.860.502-5-SSP/SP; CPF n&deg; 900.235.876-87), Brazilian, married, engineer;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3)</TD><TD><B>Ton Takata Normanha</B> (RG n&deg; 24.356.435-1-SSP/SP; CPF/MF n&deg; 273.808.478-80), Brazilian, married, engineer.</TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>Group IV ATTORNEYs-IN-FACT:</B></FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1)</TD><TD><B>Alyson Oliveira Calazans</B> (RG n&deg; 29.119.036-4-SSP/SP; CPF n&deg; 261.317.378-51), Brazilian, married, legal assistant;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2)</TD><TD><B>Luzia de Lourdes Galan Vieira</B> (RG n&deg; 5.727.808-SSP/SP; CPF/MF n&deg; 528.507.818-00),</TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Brazilian, married, realtor.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">all domiciled and residing this City of S&atilde;o Paulo,
State of S&atilde;o Paulo, at Avenida Brigadeiro Faria Lima, n&ordm; 1355, 9<SUP>th</SUP> and 10<SUP>th</SUP> floor.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><B>POWERS (with the purpose of):</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any of the Grantor&rsquo;s
Vice-President Executive Officers acting jointly with any of the Group I or Group II Attorney-in-Fact:</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a)</TD><TD>general power to fulfill company&rsquo;s purpose, manage Grantor&rsquo;s assets, businesses and interests, enter into agreements
of any nature and enter into banking and commercial transactions without amount limitation (including opening, managing and closing
Grantor&rsquo;s checking accounts, issuing bank checks, payment orders and other instruments, and make investments and divestments
in investment accounts), act on behalf of the Grantor in general corporate meeting, enter into labor-related instruments, as well
other acts and things whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein
granted; and</TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;exercise
rights and powers listed in items (ii) and (iii) below.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any of the Group
I Attorneys-in-Fact acting jointly with any of the Group III Attorneys-in-Fact:</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a)</TD><TD>manage Grantor&rsquo;s checking accounts, issuing bank checks, payment orders and other instruments, up to a maximum individual
amount of R$500,000.00 (five hundred thousand Reais);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b)</TD><TD>make investments and divestments in investment accounts, in domestic financial institutions, up to an amount of R$500,000.00
(five hundred thousand Reais) per transaction;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">c)</TD><TD>execute any of the Grantor&rsquo;s contracts, including foreign exchange contracts, up to an individual amount of R$500,000.00
(five hundred thousand Reais), as well as sign customer registration forms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">d)</TD><TD>authorize cash transfers, in any amount, between accounts held by the Grantor;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">e)</TD><TD>sign layouts, memorandums, requests and other documents related to administrative proceedings for the approval of real estate
projects;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">f)</TD><TD>open and close Grantor&rsquo;s checking accounts, in any institution in the country; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">g)</TD><TD>exercise rights and powers listed in item (iii) below.</TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any of the Group
I or Group II Attorneys-in-Fact acting jointly with any of the Group III Attorneys-in-Fact:</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a)</TD><TD>manage Grantor&rsquo;s checking accounts, issuing bank checks, payment orders and other instruments, of individual amount of
up to R$200,000.00 (two hundred thousand Reais);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b)</TD><TD>make investments and divestments in investment accounts, in domestic financial institutions, up to an amount of R$200,000.00
(two hundred thousand Reais) per transaction;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">c)</TD><TD>execute any of the Grantor&rsquo;s contracts, including foreign exchange contracts, up to an individual amount of R$200,000.00
(two hundred thousand Reais), as well as sign customer registration forms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">d)</TD><TD>authorize cash transfers, in any amount, between accounts held by the Grantor;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">e)</TD><TD>sign layouts, memorandums, requests and other documents related to administrative proceedings for the approval of real estate
projects;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">f)</TD><TD>open and close Grantor&rsquo;s checking accounts, in any institution in the country;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">g)</TD><TD>request bank checks and bank account statements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">h)</TD><TD>endorse checks for bank deposit in Grantor&rsquo;s checking account;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">i)</TD><TD>authorize release of payroll;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">j)</TD><TD>sign authorizations to use account in the social security fund of Grantor&rsquo;s employees; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">k)</TD><TD>update registration forms, banking information, requests of statements, banking transactions, update investor profile and answer
FATCA questionnaires.</TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each Attorney-in-Fact
individually:</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a)</TD><TD>act on behalf of the Grantor or appoint employees to act on its behalf before Labor Courts and Unions; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b)</TD><TD>act on behalf of the Grantor, for administrative purposes, before any federal, state or municipal Ministries, Offices, Agencies
and Departments, and before public services companies in general.</TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">This Power of Attorney may not be delegated and is valid until
<B>June 30, 2019</B>.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">Sao Paulo, February 1, 2018.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><B>Suzano Holding S.A.</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 30%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">By:</FONT></TD>
    <TD STYLE="width: 84%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10.5pt">/s/ Claudio Thomaz Lobo Sonder*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Claudio Thomaz Lobo Sonder</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Vice-President Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 30%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">By:</FONT></TD>
    <TD STYLE="width: 84%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10.5pt">/s/ Orlando de Souza Dias*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Orlando de Souza Dias</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10.5pt">Vice-President Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P>*Signed on the original (in Portuguese).</P>


<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B><U>Exhibit
D</U></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>GRANTORS: (1) DAVID FEFFER </B>(CPF/MF no. 882.739.628-49 and
RG no. 4.617.720-6 SSP/SP), Brazilian, married, entrepreneur; <B>(2) DANIEL FEFFER</B> (CPF/MF no. 011.769.138-08 and RG no. 4.617.718-8
SSP/SP) Brazilian, married, lawyer; <B>(3) JORGE FEFFER </B>(CPF/MF no. 013.965.718-50 and RG no. 4.617.719-X SSP/SP), Brazilian,
divorced, business administrator; and <B>(4)</B> &nbsp; <B>RUBEN FEFFER </B>(CPF/MF no. 157.423.548-60 and RG no. 16.988.323-1
SSP/SP), Brazilian, married, business administrator, all resident and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o
Paulo, with commercial office at Avenida Brigadeiro Faria Lima, n&ordm;&nbsp;1,355, 9<SUP>th</SUP> floor, CEP 01452-919.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ATTORNEYS-IN-FACT</B>: <B>(1) <FONT STYLE="text-transform: uppercase">Maria
Cecilia Castro Neves Ipi&ntilde;a</FONT></B> (RG n&deg; 53.077.600-5-SSP/SP; CPF/MF n&deg; 938.418.767-49), Brazilian, married,
lawyer; (2) <FONT STYLE="text-transform: uppercase"><B>Marcos Hiyoshi Kubo</B></FONT> (RG n&deg; 7.783.139-SSP/SP; CPF n&deg; 844.968.008-53),
Brazilian, married, lawyer, both resident and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, with commercial
office at Avenida Brigadeiro Faria Lima, n&ordm;&nbsp;1,355, 10<SUP>th</SUP> floor, (3) <B>PABLO FRANCISCO GIMENEZ MACHADO</B>
(CPF/MF n&deg; 271.385.948-44 and OAB/SP n&deg; 183.451), Brazilian, married, lawyer; <B>(4) WALNER ALVES CUNHA JUNIOR</B> (CPF/MF
n&deg; 314.558.688-25 and OAB/SP n&deg; 251.389), Brazilian, single, lawyer; <B>(5) ROBERTA AMORIM TANNUS</B> (CPF/MF n&deg; 034.108.745-93
and RG n&deg; 0992077613 SSP/BA), Brazilian, married, lawyer; and (<B>6) CARLOS EDUARDO PIVOTO ESTEVES</B> (CPF/MF n&deg; 340.142.898-50
and OAB/SP n&deg; 287.413), Brazilian, married, lawyer, the latter resident and domiciled in the City of S&atilde;o Paulo, State
of S&atilde;o Paulo, with commercial office at Avenida Brigadeiro Faria Lima, n&ordm;&nbsp;1,355, 18<SUP>h</SUP> floor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>POWERS: </B>powers to, acting jointly or individually, act on
behalf each of the Grantors in their capacity as shareholders of <B>Suzano Papel e Celulose S.A</B>., corporation (<I>sociedade
por a&ccedil;&otilde;es</I>) with headquarters at Avenida Professor Magalhaes Neto, 1752, 10<SUP>th</SUP> floor, suites 1009, 1010
and 1011, Pituba, CEP 41810-012, Salvador/BA (CNPJ/MF no. 16.404.287/0001-55), herein referred to as the &ldquo;<U>Company</U>,&rdquo;
including for that purpose: (i) attend, discuss and vote in any matter proposed and discussed in any Ordinary or Extraordinary
General Meeting of the Company, including but not limited to capital increases and reductions, elections of officers and board
members, changes in the by-laws; (ii) appoint and remove members of any corporate bodies created pursuant to the articles of incorporation;
(iii) audit accounts presented by the Company&rsquo;s management, with powers to approve or not, discuss and vote on matters related
to financial statements and auditors reports; (iv) sign minutes of meetings, corporate communications and books, including but
not limited to the shareholders&rsquo; attendance records and stock transfer books; (v) act before any commercial registries and
other public offices for purposes of filing and updating minutes of shareholders&rsquo; meetings, and other corporate documents
of the Company; (vi) sing documents of any nature in each Grantor&rsquo;s capacity as shareholder of the Company, including but
not limited to loan agreements, subscription instruments, documents related to advances of future capital increases, among others;
and (vii) in general, perform any other acts that may be necessary to be done in the exercise of any of the rights and powers herein
granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The delegation of powers under this Power of Attorney is expressly
forbidden. This Power of Attorney is valid until <B>March 15, 2019</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sao Paulo, March 16, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>DAVID FEFFER</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 10%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-indent: 0in"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10pt">/s/ David Feffer*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>DANIEL FEFFER</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 10%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-indent: 0in"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10pt">/s/ Daniel Feffer*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>JORGE FEFFER</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 10%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-indent: 0in"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10pt">/s/ Jorge Feffer*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>RUBEN FEFFER</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 10%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-indent: 0in"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; white-space: nowrap"><FONT STYLE="font-size: 10pt">/s/ Ruben Feffer*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">&nbsp;</P>



<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P>*Signed on the original (in Portuguese).</P>


<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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