<SEC-DOCUMENT>0001104659-20-111731.txt : 20201002
<SEC-HEADER>0001104659-20-111731.hdr.sgml : 20201002
<ACCEPTANCE-DATETIME>20201002164029
ACCESSION NUMBER:		0001104659-20-111731
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20201002
FILED AS OF DATE:		20201002
DATE AS OF CHANGE:		20201002

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38755
		FILM NUMBER:		201220671

	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:		551121384588

	MAIL ADDRESS:	
		STREET 1:		AV. BRIGADEIRO FARIA LIMA, 1,355
		STREET 2:		7TH FLOOR
		CITY:			PINHEIROS, SAO PAULO - SP
		STATE:			D5
		ZIP:			01 452-919

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Suzano Papel e Celulose S.A.
		DATE OF NAME CHANGE:	20180322

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMPANHIA SUZANO DE PAPEL E CELULOSE                    /FI
		DATE OF NAME CHANGE:	19930719
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2032273d2_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, DC 20549 </B></P>

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

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K </B></P>

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

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934 </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of October, 2020.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number 001-38755</B></P>

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

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suzano S.A. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified
in its charter)</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Translation of Registrant&rsquo;s Name
into English)</B>&nbsp;</P>

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

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Av. Professor
Magalhaes Neto, 1,752</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>10th Floor,
Rooms 1010 and 1011</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Salvador, Brazil
41&nbsp;810-012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(Address of principal
executive office)&nbsp;</P>

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

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): &nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): &nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

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

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">INCORPORATION
BY REFERENCE</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This report and exhibits shall be deemed
to be incorporated by reference in our registration statements on <A HREF="https://www.sec.gov/Archives/edgar/data/909327/000110465920106558/tm2030901d1_f3.htm" STYLE="-sec-extract: exhibit">Form F-3 filed with the U.S. Securities and Exchange Commission on September 18, 2020 (File No. 333-248909</A>), and shall be deemed to be a part thereof from the date on which this report is furnished
to the SEC, to the extent not superseded by documents or reports subsequently filed or furnished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">SIGNATURE</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: October 2, 2020</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>SUZANO S.A.</B></FONT></TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Marcelo Feriozzi
    Bacci</FONT></TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; width: 5%"><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; width: 42%"><FONT STYLE="font-size: 10pt">Marcelo Feriozzi Bacci</FONT></TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Chief Financial Officer and Investor Relations Director</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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




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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">Exhibit Number</TD>
<TD STYLE="padding-bottom: 1pt; width: 90%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2032273d2_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">99.1</FONT></A></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2032273d2_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Underwriting and Agency Agreement </FONT></A></TD></TR>
</TABLE>

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

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

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2032273d2_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BNDES PARTICIPA&Ccedil;&Otilde;ES S.A.
- BNDESPAR</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BANCO BRADESCO BBI S.A.</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>150,217,425 Common Shares, including
Common Shares represented by American Depositary Shares of</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>October&nbsp;1, 2020</B></P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>TABLE
OF CONTENTS</B></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 9%; text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;1.</FONT></TD>
    <TD STYLE="width: 81%; text-align: left; padding-top: 0in; padding-bottom: 0pt">Representations and Warranties of the Company</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;2.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Representations and Warranties of the Selling Shareholder</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">23</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;3.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Placement, Purchase and Sale</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">31</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;4.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Delivery and Payment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;5.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Offering by Underwriters</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;6.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Covenants of the Company</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">33</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;7.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Covenants of the Selling Shareholder</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">35</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;8.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Conditions to the Obligations of the International Underwriters and International Agents</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">36</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;9.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Expenses; No Gross-Up</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">43</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;10.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Indemnification and Contribution</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;11.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Termination</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">50</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;12.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Representations, Covenants and Indemnities to Survive</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">50</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;13.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Increase in International Underwriters&rsquo; Commitments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">51</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;14.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Notices</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">52</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;15.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Successors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">54</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;16.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Jurisdiction</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">54</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;17.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Governing Law</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">56</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;18.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Currency</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">56</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;19.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Waiver of Immunity</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">56</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;20.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Waiver of Right to Trial by Jury</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">57</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;21.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Counterparts</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">57</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;22.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Entire Agreement</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">57</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;23.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Headings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">57</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;24.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">No Fiduciary, Agency or Advisory Relationship</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">58</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;25.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Recognition of the U.S. Special Resolution Regimes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">59</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Section&nbsp;26.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Compliance with USA Patriot Act</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">59</TD></TR>
</TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">13,180,000 American Depositary Shares (each
representing one Common Share)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">October&nbsp;1, 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNDES Participa&ccedil;&otilde;es S.A. - BNDESPAR<BR>
Av. Rep&uacute;blica do Chile, 100,<BR>
Rio de Janeiro, RJ, 20031-917<BR>
Brazil</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suzano S.A.<BR>
Av. Brigadeiro Faria Lima, 1,355, 7<SUP>th</SUP> floor<BR>
S&atilde;o Paulo, SP, 01452-919<BR>
Brazil</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">BNDES Participa&ccedil;&otilde;es S.A. -
BNDESPAR, a wholly-owned subsidiary of Banco Nacional de Desenvolvimento Econ&ocirc;mico e Social &ndash; BNDES, a Brazilian federal
government-owned company (&ldquo;<U>BNDESPAR</U>&rdquo; or the &ldquo;<U>Selling Shareholder</U>&rdquo;), as shareholder of Suzano
S.A. (&ldquo;<U>Suzano</U>&rdquo; or the &ldquo;<U>Company</U>&rdquo;), a publicly held corporation (<I>sociedade an&ocirc;nima
de capital aberto</I>) organized and existing under the laws of the Federative Republic of Brazil (&ldquo;<U>Brazil</U>&rdquo;),
proposes to sell to the underwriters named in <U>Schedule A</U> annexed hereto (the &ldquo;<U>International Underwriters</U>&rdquo;),
for whom J.P. Morgan Securities LLC, BofA Securities,&nbsp;Inc., Banco Bradesco BBI S.A.,&nbsp;Itau BBA USA Securities,&nbsp;Inc.
and XP Investments US, LLC are acting as representatives (the &ldquo;<U>Representatives</U>&rdquo;), a total of 13,180,000 American
depositary shares (&ldquo;<U>Common ADSs</U>&rdquo;), each representing one common share (&ldquo;<U>Common Shares</U>&rdquo;),
without par value, of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Common ADSs will be issued pursuant
to a Deposit Agreement (the &ldquo;<U>Deposit Agreement</U>&rdquo;) dated as of December&nbsp;10, 2018, among the Company, The
Bank of New York Mellon (the &ldquo;<U>Depositary</U>&rdquo;), and registered holders and beneficial holders from time to time
of the Common ADSs issued thereunder. The Common ADSs may be evidenced by American depositary receipts (the &ldquo;<U>ADRs</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The International Underwriters, severally
and not jointly, will purchase the Common ADSs from the Selling Shareholder, on the basis of the representations, warranties and
agreements set forth in this Underwriting and Agency Agreement (this &ldquo;<U>Agreement</U>&rdquo;) and subject to the conditions
and other provisions herein.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to the Common ADSs sold pursuant
to this Agreement, the Selling Shareholder is selling an aggregate of 87,120,382 Common Shares in Brazil (the &ldquo;<U>Brazilian
Offered Shares</U>&rdquo;) and 49,917,043 Common Shares outside Brazil (the &ldquo;<U>International Offered Shares</U>&rdquo; and,
together with the Common ADSs sold pursuant to this Agreement and the Common Shares underlying such Common ADSs, the &ldquo;<U>International
Offered Securities</U>&rdquo;) pursuant to the <I>Contrato de Coordena&ccedil;&atilde;o, Distribui&ccedil;&atilde;o e Garantia
Firme de Liquida&ccedil;&atilde;o de A&ccedil;&otilde;es Ordin&aacute;rias de Emiss&atilde;o da Suzano S.A. </I>(the &ldquo;<U>Brazilian
Underwriting Agreement</U>&rdquo;, together with this Agreement, the &ldquo;<U>Transaction Documents</U>&rdquo;), dated the date
hereof, among the Selling Shareholder, the Company, Banco J.P. Morgan S.A., Bank of America Merrill Lynch Banco M&uacute;ltiplo
S.A., Banco Bradesco BBI S.A., Banco Ita&uacute; BBA S.A. and XP Corretora de C&acirc;mbio, T&iacute;tulos e Valores Mobili&aacute;rios
S.A. (jointly, the &ldquo;<U>Brazilian Underwriters</U>&rdquo;) and the S&atilde;o Paulo Stock Exchange (B3 S.A. &ndash; Brasil,
Bolsa, Balc&atilde;o) (&ldquo;<U>B3</U>&rdquo;). The International Offered Securities and the Brazilian Offered Shares are referred
to collectively as the &ldquo;<U>Offered Securities</U>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Selling Shareholder understands that
the Brazilian Underwriters have appointed the International Underwriters (acting in such capacity, collectively the &ldquo;<U>International
Agents</U>&rdquo;) as their agents for the facilitation of the placement of the International Offered Shares outside Brazil, including
the United States. The International Agents intend to place the International Offered Shares outside Brazil in the manner contemplated
in this Agreement. International Offered Shares purchased by non-Brazilian investors will be placed outside Brazil by the International
Agents, settled in Brazil and paid for in Brazilian <I>reais</I>. Non-Brazilian investors purchasing International Offered Shares
must be authorized to invest in Brazilian securities under the requirements established by the Brazilian Monetary Council (<I>Conselho
Monet&aacute;rio Nacional</I>), the Brazilian Securities Commission (<I>Comiss&atilde;o de Valores Mobili&aacute;rios</I>, the
 &ldquo;<U>CVM</U>&rdquo;) and the Brazilian Central Bank (<I>Banco Central do Brasil</I>, the &ldquo;<U>Central Bank</U>&rdquo;),
as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Brazilian Offered Shares will be sold
pursuant to a Portuguese-language prospectus, dated the date hereof, incorporating by reference the <I>Formul&aacute;rio de Refer&ecirc;ncia
</I>of the Company dated as of even date, to be distributed in connection with the offer and sale of the Brazilian Offered Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The offering of the International Offered
Securities to persons outside Brazil are referred to collectively herein as the &ldquo;<U>International Offerin</U>g.&rdquo; The
offering of Brazilian Offered Shares is referred to herein as the &ldquo;<U>Brazilian Offerin</U>g.&rdquo; The International Offering
and the Brazilian Offering are referred to collectively herein as the &ldquo;<U>Global Offerin</U>g.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Offers and sales of the Brazilian Offered
Shares pursuant to the Brazilian Offering will be made in reliance on Regulation S under the Securities Act of 1933, as amended,
and together with the rules&nbsp;and regulations thereunder (collectively, the &ldquo;<U>Securities Act</U>&rdquo;).</P>

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

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has prepared and filed, in accordance
with the provisions of the Securities Act, with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) a
registration statement on Form&nbsp;F-3 (File No.&nbsp;333-248909) under the Securities Act, filed on September&nbsp;18, 2020,
relating to the International Offering under the Securities Act and including the related base prospectus in the Form&nbsp;F-3
(the &ldquo;<U>Base Prospectus</U>&rdquo;), which registration statement incorporates by reference documents which the Company
has filed, or will file, in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules&nbsp;and
regulations thereunder (collectively, the &ldquo;<U>Exchan</U>g<U>e Act</U>&rdquo;). Such registration statement has become effective
under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except where the context otherwise requires,
 &ldquo;<U>Registration Statement</U>,&rdquo; as used herein, means the registration statement, as amended at the time of such registration
statement&rsquo;s effectiveness for purposes of Section&nbsp;11 of the Securities Act, as such section applies to the respective
International Underwriters and International Agents (the &ldquo;<U>Effective Time</U>&rdquo;), including (i)&nbsp;all documents
filed as a part thereof or incorporated or deemed incorporated by reference therein, (ii)&nbsp;any information contained or incorporated
by reference in a prospectus filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act, to the extent
such information is deemed, pursuant to Rule&nbsp;430B or Rule&nbsp;430C under the Securities Act, to be part of the Registration
Statement at the Effective Time, and (iii)&nbsp;any registration statement filed to register the International Offering pursuant
to Rule&nbsp;462(b)&nbsp;under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company and the Depositary have on file
with the Commission a registration statement on Form&nbsp;F-6 (File No.&nbsp;333-228609), filed on November&nbsp;30, 2018, and
a related prospectus (the &ldquo;<U>Registration Statement on Form&nbsp;F-6</U>&rdquo;), for the registration under the Securities
Act of the Common Shares and Common ADSs, have filed such amendments thereto and such amended prospectuses as may have been required
to the date hereof, and will file such additional amendments thereto and such amended prospectuses as may hereafter be required.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has furnished to the Representatives,
for use by the International Underwriters and the International Agents and by dealers in connection with the International Offering,
copies of one or more &ldquo;preliminary prospectus supplements&rdquo; relating to the International Offering. Except where the
context otherwise requires, &ldquo;<U>Pre-Pricin</U>g <U>Prospectus</U>,&rdquo; as used herein, means each such preliminary prospectus
supplement, in the form so furnished, including the Base Prospectus, that is first filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under
the Securities Act.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except where the context otherwise requires,
 &ldquo;<U>Prospectus Supplement</U>,&rdquo; as used herein, means the final prospectus supplement relating to the International
Offering, to be filed by the Company with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act on or before
the second Business Day after the date hereof (or such earlier time as may be required under the Securities Act), in the form first
furnished by the Company to the Representatives for use by the International Underwriters and the International Agents and by dealers
in connection with the International Offering.</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except where the context otherwise requires,
(i)&nbsp;&ldquo;<U>Final Offering Document</U>,&rdquo; as used herein, means the Prospectus Supplement together with the Base Prospectus
attached to or used with the Prospectus Supplement, (ii)&nbsp;&ldquo;<U>Permitted Free Writin</U>g <U>Prospectuses</U>,&rdquo;
as used herein, means the documents listed on <U>Schedule B</U> attached hereto, and (iii)&nbsp;&ldquo;<U>Disclosure Package</U>,&rdquo;
as used herein, means, collectively, the pricing information set forth on <U>Schedule B</U> attached hereto under the heading &ldquo;Pricing
Information Provided Orally by Underwriters,&rdquo; the Pre-Pricing Prospectus and all Permitted Free Writing Prospectuses, if
any. &ldquo;<U>Issuer Free Writing Prospectus</U>&rdquo; shall mean an issuer free writing prospectus, as defined in Rule&nbsp;433
under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any reference herein to the Registration
Statement, any Base Prospectus, any Pre-Pricing Prospectus, the Prospectus Supplement, the Final Offering Document or any Permitted
Free Writing Prospectuses shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to
be incorporated by reference, therein prior to 7:30 p.m.&nbsp;(New York City time) on October&nbsp;1, 2020 (the &ldquo;<U>Initial
Sale Time</U>&rdquo;), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such documents.
Any reference herein to the terms &ldquo;<U>amend</U>,&rdquo; &ldquo;<U>amendment</U>&rdquo; or &ldquo;<U>supplement</U>&rdquo;
with respect to the Registration Statement, any Base Prospectus, any Pre-Pricing Prospectus, the Prospectus Supplement, the Final
Offering Document or any Permitted Free Writing Prospectus shall be deemed to refer to and include the filing of any document under
the Exchange Act on or after the initial effective date of the Registration Statement, or the date of such Base Prospectus, such
Pre-Pricing Prospectus, the Prospectus Supplement, the Final Offering Document or such Permitted Free Writing Prospectuses, as
the case may be, and deemed to be incorporated by reference therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the purposes of this Agreement, the
term &ldquo;<U>Business Da</U>y&rdquo; means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking
institutions in the City of New York are authorized or obligated by law, executive order or regulation to close. The terms &ldquo;herein,&rdquo;
 &ldquo;hereof,&rdquo; &ldquo;hereto,&rdquo; &ldquo;hereinafter&rdquo; and similar terms, as used in this Agreement, shall in each
case refer to this Agreement as a whole and not to any particular section, paragraph, sentence or other subdivision of this Agreement.
The term &ldquo;or,&rdquo; as used herein, is not exclusive.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;1.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Representations
and Warranties of the Company</U>. The Company represents and warrants to the International Underwriters and the International
Agents as set forth below:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Shelf
Registration Statement</I>. The Company has prepared and filed with the Commission an automatic shelf registration statement, as
defined in Rule&nbsp;405 under the Securities Act (the file number of which is set forth in the Terms Agreement) on Form&nbsp;F-3,
including a related Base Prospectus, for registration under the Securities Act of the offering and sale of the Securities. Such
Registration Statement, including any amendments thereto filed prior to the Initial Sale Time, became effective upon filing. The
conditions to the use of Form&nbsp;F-3 in connection with the offering and sale of the International Offered Securities as contemplated
hereby have been satisfied. No order suspending the effectiveness of the Registration Statement has been issued by the Commission
and no proceeding for that purpose or pursuant to Section&nbsp;8A of the Securities Act against the Company or related to the offering
has been initiated or threatened by the Commission. The Company may have filed with the Commission, as part of an amendment to
the Registration Statement or pursuant to Rule&nbsp;424(b), one or more Pre-Pricing Prospectus relating to the International Offered
Securities, each of which has previously been furnished to you. The Company will file with the Commission a final prospectus supplement
relating to the Securities in accordance with Rule&nbsp;424(b). As filed, such final prospectus supplement shall contain all information
required by the Securities Act and the rules&nbsp;thereunder and, except to the extent the International Underwriters and the International
Agents shall agree in writing to a modification, shall be in all substantive respects in the form furnished to you prior to the
Initial Sale Time or, to the extent not completed at the Initial Sale Time, shall contain only such specific additional information
and other changes (beyond that contained in the Base Prospectus and any Pre-Pricing Prospectus) as the Company has advised you,
prior to the Initial Sale Time, will be included or made therein. The Registration Statement, at the Initial Sale Time, meets the
requirements set forth in Rule&nbsp;415(a)(1)(x)&nbsp;under the Securities Act. The initial Effective Time of the Registration
Statement was not earlier than the date three years before the Initial Sale Time.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Substance
of Registration Statement</I>. On the applicable Effective Time, the Registration Statement complied, and when the Final Offering
Document is first filed in accordance with Rule&nbsp;424(b)&nbsp;and on the Closing Date, the Final Offering Document (and any
supplement thereto) will comply, in all material respects with the applicable requirements of the Securities Act. On the applicable
Effective Time and at the Initial Sale Time, the Registration Statement did not and will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein
not misleading. Each Pre-Pricing Prospectus complied, at the time it was filed with the Commission, and complies as of the date
hereof, in all material respects with the requirements of the Securities Act. On the date of any filing pursuant to Rule&nbsp;424(b),
each Pre-Pricing Prospectus did not include any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. On the date
of any filing pursuant to Rule&nbsp;424(b)&nbsp;and on the Closing Date, the Final Offering Document (together with any supplement
thereto) will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading. Notwithstanding the foregoing,
the Company makes no representations or warranties as to (i)&nbsp;any Underwriter Information (as defined below), (ii)&nbsp;any
Selling Shareholder Information (as defined below).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Disclosure
Package</I>. At the Initial Sale Time, the Disclosure Package does not contain any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading; <I>provided</I> that the Company makes no representation or warranty with respect to Underwriter Information
(as defined below) or Selling Shareholder Information (as defined below).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Compliance
with Securities Act and Exchange Act</I>. The documents incorporated by reference in the Registration Statement, the Disclosure
Package or the Final Offering Document, when they were filed with the Commission, conformed in all material respects to the requirements
of the Exchange Act, and any further documents deemed to be or, in the case of a Report on Form&nbsp;6-K, designated as being incorporated
by reference in the Registration Statement or the Disclosure Package after the date of the Agreement, when such documents are filed
with or furnished to the Commission, as the case may be, will conform in all material respects to the requirements of the Securities
Act or the Exchange Act, as applicable, and when read together with the other information included or incorporated in the Registration
Statement, the Disclosure Package or the Final Offering Document, will not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Issuer</I>.
The Company meets the requirements for use of Form&nbsp;F-3 under the Securities Act. The Company was (i)&nbsp;at the time of initial
filing of the Registration Statement, (ii)&nbsp;at the time of the most recent amendment thereto for the purposes of complying
with Section&nbsp;10(a)(3)&nbsp;of the Securities Act (whether such amendment was by post-effective amendment, incorporated report
filed pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act or form of prospectus), and (iii)&nbsp;at the time the Company
or any person acting on its behalf (within the meaning, for this clause only, of Rule&nbsp;163(c)) made any offer relating to the
International Offered Securities in reliance on the exemption of Rule&nbsp;163, and is a &ldquo;well-known seasoned issuer&rdquo;
and was not, and is not, an &ldquo;ineligible issuer&rdquo; (in each case as defined in Rule&nbsp;405 under the Securities Act)
at any &ldquo;determination date&rdquo; under Rule&nbsp;164 under the Securities Act or Rule&nbsp;405 under the Securities Act
that is relevant to the offering of the Common ADSs.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Objection</I>. The Company has not received from the Commission any notice pursuant to Rule&nbsp;401(g)(2)&nbsp;objecting to its
use of the automatic shelf registration statement form.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Issuer
Free Writing Prospectus</I>. No Issuer Free Writing Prospectus (defined below) includes any information that conflicts with the
information contained in the Registration Statement, including any document incorporated therein by reference and any prospectus
supplement deemed to be a part thereof that has not been superseded or modified; <I>provided</I> that the Company makes no representation
or warranty with respect to Underwriter Information (as defined below) or Selling Shareholder Information (as defined below). Each
Issuer Free Writing Prospectus, as supplemented by and taken together with the Disclosure Package as of the Initial Sale Time,
did not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; <I>provided, however</I>, that the Company
makes no representation or warranty with respect to Underwriter Information (as defined below) or Selling Shareholder Information
(as defined below).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>XBRL</I>.
The interactive data in the eXtensible Business Reporting Language (&ldquo;<U>XBRL</U>&rdquo;) incorporated by reference in the
Registration Statement fairly presents the information called for in all material respects and has been prepared in accordance
with the SEC&rsquo;s rules&nbsp;and guidelines applicable thereto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Organization
and Good Standing</I>. Each of the Company and its subsidiaries has been duly organized and/or incorporated, is validly existing
and is in good standing (to the extent the concept of good standing is recognized in the respective jurisdiction) as a corporation
(<I>sociedade por a&ccedil;&otilde;es</I>) under the laws of Brazil, in the case of the Company, and under the laws of the jurisdiction
of its incorporation or organization in the case of the Company&rsquo;s subsidiaries. Each of the Company and its subsidiaries
is duly qualified to do business and is in good standing (to the extent the concept of good standing is recognized in the respective
jurisdiction) in each jurisdiction in which its respective ownership or lease of property or the conduct of their respective businesses
requires such qualification, and has all power and authority necessary to own or hold its respective properties and to conduct
the businesses in which it is engaged, except where the failure to be so qualified, in good standing (to the extent the concept
of good standing is recognized in the respective jurisdiction) or have such power or authority would not, individually or in the
aggregate, have a material adverse effect on the business, properties, management, financial position, results of operations or
prospects of the Company and its subsidiaries taken as a whole or on the performance by the Company and its subsidiaries of their
respective obligations under the Transaction Documents (a &ldquo;<U>Material Adverse Effect</U>&rdquo;). For the purpose of this
Agreement, the term &ldquo;subsidiary&rdquo; has the meaning set forth in Rule&nbsp;405 under the Securities Act</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Capitalization</I>.
The Company has the capitalization as set forth in each of the Disclosure Package and the Final Offering Document under the heading
 &ldquo;Capitalization,&rdquo; and all the outstanding shares of capital stock or other equity interests of each significant subsidiary
of the Company have been duly and validly authorized and issued, are fully paid and non-assessable (except, in the case of any
foreign subsidiary, for directors&rsquo; qualifying shares) and are owned directly or indirectly by the Company, free and clear
of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of any third party.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Common
ADSs</I>. Upon issuance by the Depositary of the Common ADSs to be sold hereunder against the deposit of International Offered
Shares in respect thereof in accordance with the provisions of the Deposit Agreement, such Common ADSs will be duly and validly
issued and the persons in whose names the Common ADSs are registered will be entitled to the rights specified therein and in the
Deposit Agreement; and the issuance and sale of the Common ADSs are not subject to any preemptive or similar rights or rights of
first offer, first refusal or similar rights.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Due
Authorization</I>. The Company has full right, power and authority to execute and deliver the Transaction Documents to which it
is a party and to perform its obligations hereunder and thereunder; and all action required to be taken for the due and proper
authorization, execution and delivery of each of the Transaction Documents and the consummation of the transactions contemplated
thereby has been duly and validly taken.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Violation or Default</I>. Neither the Company nor any of its subsidiaries is (i)&nbsp;in violation of their memorandum and articles
of association, charter or by-laws or similar organizational documents; (ii)&nbsp;in default, and no event has occurred that, with
notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or
condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company
or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any property or asset
of the Company or any of its subsidiaries is subject; or (iii)&nbsp;in violation of any law or statute or any judgment, order,
rule&nbsp;or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (ii)&nbsp;and
(iii)&nbsp;above, for any such default or violation that would not, individually or in the aggregate, have a Material Adverse Effect.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Conflicts</I>. The execution, delivery and performance by the Company of each of the Transaction Documents to which it is a party,
the issuance and sale of the International Offered Securities and the use of proceeds thereof, and the consummation of the transactions
contemplated by the Transaction Documents will not (i)&nbsp;conflict with or result in a breach or violation of any of the terms
or provisions of, or constitute a default under, result in the termination, modification or acceleration of, or result in the creation
or imposition of any lien, charge or encumbrance upon any property, right or asset of the Company or any of its subsidiaries pursuant
to any mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries
is a party or by which the Company or any of its subsidiaries is bound or to which any of the property, right or asset of the Company
or any of its subsidiaries is subject, (ii)&nbsp;result in any violation of the provisions of the memorandum and articles of association,
charter or bylaws or similar organizational documents of the Company or any of its subsidiaries or (iii)&nbsp;result in the violation
of any law or statute or any judgment, order, rule&nbsp;or regulation of any court or arbitrator or governmental or regulatory
authority, except, in the case of clauses (i)&nbsp;and (iii)&nbsp;above, for any such conflict, breach, violation, default, lien,
charge or encumbrance that would not, individually or in the aggregate, have a Material Adverse Effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(o)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Consents Required</I>. No consent, approval, authorization, filing, order, registration or qualification of or with any court or
arbitrator or governmental or regulatory authority or agency or body having jurisdiction over the Company or any of its properties
or assets is required for (A)&nbsp;the sale and delivery of the International Offered Securities by the Selling Shareholder, or
(B)&nbsp;the execution, delivery or performance by the Company of any of its obligations under this Agreement in the manner contemplated
in the Registration Statement, the Disclosure Package and the Final Offering Document, except for (i)&nbsp;the filing of the Prospectus
Supplement pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act, (ii)&nbsp;such consents as may be required under state or
foreign securities or blue sky laws, (iii)&nbsp;such as may be required by the securities or similar laws of any foreign jurisdiction
other than Brazil in connection with the purchase, distribution and/or placement of the International Offered Securities by the
International Underwriters and International Agents and the Brazilian Underwriters, (iv)&nbsp;maintenance of the Company&rsquo;s
adherence to the rules&nbsp;of the <I>Novo Mercado </I>segment, (v)&nbsp;the (a)&nbsp;maintenance of the Company&rsquo;s registration
with the CVM as a category &ldquo;A&rdquo; publicly traded company (<I>companhia aberta</I>) (<I>emissor de valores mobili&aacute;rios
 &ndash; categoria &ldquo;A&rdquo; da CVM</I>), (b)&nbsp;registration of the Brazilian Offered Shares as provided for in this Agreement
and in the Brazilian Underwriting Agreement, (vi)&nbsp;approval by the <I>Associa&ccedil;&atilde;o Brasileira das Entidades dos
Mercados Financeiro e de Capitais </I>(&ldquo;ANBIMA&rdquo;) relating to the registration of the offering of the Brazilian Offered
Shares, as provided for in this Agreement and in the Brazilian Underwriting Agreement, (vii)&nbsp;the registration request that
shall be duly filed, as required by the regulations of ANBIMA, within 15 days of the date of the <I>An&uacute;ncio de Encerramento
de Oferta P&uacute;blica de Distribui&ccedil;&atilde;o Secund&aacute;ria de A&ccedil;&otilde;es Ordin&aacute;rias de Emiss&atilde;o
da Suzano S.A., </I>(viii)&nbsp;such filings or consents as may be required by the by-laws and rules&nbsp;of the Financial Industry
Regulatory Authority Inc. (&ldquo;<U>FINRA</U>&rdquo;) in connection with the use of the Base Prospectus and the purchase and distribution
of the Common ADSs by the International Underwriters or the placement of the International Offered Shares by the International
Agents, (ix)&nbsp;the approval by the CVM of the offering of the Brazilian Offered Shares as contemplated by the Brazilian Underwriting
Agreement, which has been obtained and remains in full force and effect or will be obtained prior to the Closing Date, and (x)&nbsp;such
approvals as may be required from the Brazilian Central Bank for any payments outside Brazil pursuant to Section&nbsp;9 of this
Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(p)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Consolidated
Financial Statements</I>. The consolidated financial statements of the Company included in the Base Prospectus, Pre-Pricing Prospectus,
Disclosure Package, Final Offering Document and the Registration Statement present fairly, in all material respects, the consolidated
financial condition of the Company as of the dates indicated and its consolidated financial performance and its cash flows for
the periods specified. The consolidated financial statements of the Company (i)&nbsp;were prepared in accordance with accounting
practices adopted in Brazil, including the pronouncements issued by the Brazilian Accounting Pronouncements Committee, and International
Financial Reporting Standards (&ldquo;<U>IFRS</U>&rdquo;) issued by the International Accounting Standards Board, applied on a
consistent basis throughout the periods covered thereby and (ii)&nbsp;comply as to form with the applicable accounting requirements
of the Securities Act.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(q)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Accounting
Controls</I>. The Company maintains a system of internal controls, including, but not limited to, disclosure controls and procedures,
internal controls over accounting matters and financial reporting, an internal audit function and legal and regulatory compliance
controls (collectively, &ldquo;<U>Internal Controls</U>&rdquo;) that are sufficient to provide reasonable assurances that (i)&nbsp;transactions
are executed in accordance with management&rsquo;s general or specific authorizations; (ii)&nbsp;transactions are recorded as necessary
to permit preparation of financial statements in conformity with IFRS and to maintain accountability for assets, (iii)&nbsp;access
to assets is permitted only in accordance with management&rsquo;s general or specific authorization and (iv)&nbsp;the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect
to any differences. The Company does not reasonably expect to publicly disclose a significant deficiency, material weakness, change
in internal controls or fraud involving management or other employees who have a significant role in internal controls, any violation
of, or failure to comply with, the Securities Laws, or any matter which, if determined adversely, would individually or in the
aggregate have a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(r)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Disclosure
Controls</I>. The Company and its subsidiaries have established and maintain effective disclosure controls and procedures (as such
term is defined in Rules&nbsp;13a-15 and 15d-14 under the Exchange Act) and has carried out evaluations of the effectiveness of
its disclosure controls and procedures as required by Rule&nbsp;13a-15 of the Exchange Act. Such disclosure controls and procedures
are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the
Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the applicable rules&nbsp;and
forms, and that it is accumulated and communicated to the Company&rsquo;s management as appropriate to allow timely decisions regarding
required disclosure.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(s)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Compliance
with ERISA</I>. (i)&nbsp;Each employee benefit plan, within the meaning of Section&nbsp;3(3)&nbsp;of the Employee Retirement Income
Security Act of 1974, as amended (&ldquo;<U>ERISA</U>&rdquo;), for which the Company or any member of its &ldquo;<U>Controlled
Group</U>&rdquo; (defined as any entity, whether or not incorporated, that is under common control with the Company within the
meaning of Section&nbsp;4001(a)(14) of ERISA or any entity that would be regarded as a single employer with the Company under Section&nbsp;414(b),(c),(m)&nbsp;or
(o)&nbsp;of the Internal Revenue Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;)) would have any liability (each, a &ldquo;<U>Plan</U>&rdquo;)
has been maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules&nbsp;and regulations,
including but not limited to ERISA and the Code; (ii)&nbsp;no prohibited transaction, within the meaning of Section&nbsp;406 of
ERISA or Section&nbsp;4975 of the Code, has occurred with respect to any Plan, excluding transactions effected pursuant to a statutory
or administrative exemption; (iii)&nbsp;for each Plan that is subject to the funding rules&nbsp;of Section&nbsp;412 of the Code
or Section&nbsp;302 of ERISA, no Plan has failed (whether or not waived), or is reasonably expected to fail, to satisfy the minimum
funding standards (within the meaning of Section&nbsp;302 of ERISA or Section&nbsp;412 of the Code) applicable to such Plan; (iv)&nbsp;no
Plan is, or is reasonably expected to be, in &ldquo;at risk status&rdquo; (within the meaning of Section&nbsp;303(i)&nbsp;of ERISA),
and no Plan that is a &ldquo;multiemployer plan&rdquo; within the meaning of Section&nbsp;4001(a)(3)&nbsp;of ERISA is in &ldquo;endangered
status&rdquo; or &ldquo;critical status&rdquo; (within the meaning of Sections 304 and 305 of ERISA); (v)&nbsp;the fair market
value of the assets of each Plan exceeds the present value of all benefits accrued under such Plan (determined based on those assumptions
used to fund such Plan); (vi)&nbsp;no &ldquo;reportable event&rdquo; (within the meaning of Section&nbsp;4043(c)&nbsp;of ERISA
and the regulations promulgated thereunder) has occurred or is reasonably expected to occur; (vii)&nbsp;each Plan that is intended
to be qualified under Section&nbsp;401(a)&nbsp;of the Code is so qualified, and nothing has occurred, whether by action or by failure
to act, which would cause the loss of such qualification; (viii)&nbsp;neither the Company nor any member of the Controlled Group
has incurred, nor reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums
to the Pension Benefit Guarantee Corporation, in the ordinary course and without default) in respect of a Plan (including a &ldquo;multiemployer
plan&rdquo; within the meaning of Section&nbsp;4001(a)(3)&nbsp;of ERISA); and (ix)&nbsp;none of the following events has occurred
or is reasonably likely to occur: (A)&nbsp;a material increase in the aggregate amount of contributions required to be made to
all Plans by the Company or its Controlled Group affiliates in the current fiscal year of the Company and its Controlled Group
affiliates compared to the amount of such contributions made in the Company&rsquo;s and its Controlled Group affiliates&rsquo;
most recently completed fiscal year; or (B)&nbsp;a material increase in the Company and its subsidiaries&rsquo; &ldquo;accumulated
post-retirement benefit obligations&rdquo; (within the meaning of Accounting Standards Codification Topic 715-60) compared to the
amount of such obligations in the Company and its subsidiaries&rsquo; most recently completed fiscal year, except in each case
with respect to the events or conditions set forth in (i)&nbsp;through (ix)&nbsp;hereof, as would not, individually or in the aggregate,
have a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(t)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Underwriting
and Agency Agreement</I>. This Agreement has been duly authorized, executed and delivered by the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(u)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Deposit
Agreement</I>. The Deposit Agreement has been duly authorized, executed and delivered by the Company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Absence
of Taxes in Brazil</I>. Except as described in or expressly contemplated by each of the Registration Statement, the Disclosure
Package and the Final Offering Document, under the current laws and regulations and interpretations of Brazil or any political
subdivision thereof (each, a &ldquo;<B>Relevant Taxing Jurisdiction</B>&rdquo;), there are no taxes (including stamp tax), duties,
levies, imposts, deductions, charges or withholdings imposed or, to the knowledge of the Company, pending or proposed, by any Relevant
Taxing Jurisdiction either (i)&nbsp;on or by virtue of the execution of, delivery or performance by the Company of, or the enforcement
of, the Transaction Documents or of any other document to be furnished hereunder or thereunder or (ii)&nbsp;on any payment to be
made under or pursuant to this Agreement or the Deposit Agreement, the sale of the Common ADSs and the Common Shares to the International
Underwriters, or the resale of such Common ADSs and Common Shares by the International Underwriters to investors, the sale of the
Offered Securities to the Brazilian Underwriters, the placement of the Offered Securities by the International Underwriters, the
deposit of the Common Shares under the Deposit Agreement, or relating to the issuance, creation, delivery, transfer, placement
or sale of Offered Securities, in the context of the Global Offering, in each case except for (A)&nbsp;any tax, levy, impost, deduction,
charge or withholding imposed on the International Underwriters,&nbsp;International Agents and other institutions that participate
in the International Offering due to any reimbursement or remuneration of the International Underwriters or International Agents
received from the Company, (B)&nbsp;a registration fee (<I>taxa de fiscaliza&ccedil;&atilde;o</I>) payable to the CVM, (C)&nbsp;a
fee payable to the B3, (D)&nbsp;a fee payable to the Brazilian financial institutions association (<I>ANBIMA &ndash; Associa&ccedil;&atilde;o
Brasileira das Entidades dos Mercados Financeiro e de Capitais</I>), (E)&nbsp;registration fees payable to the commercial registry
(<I>JUCERJ &ndash; Junta Comercial do Estado do Rio de Janeiro or JUCEBA &ndash; Junta Comercial do Estado da Bahia</I>) related
to the registration of any corporate acts with reference to the Global Offering, and (F)&nbsp;the Income Tax (<I>Imposto de Renda
das Pessoas Jur&iacute;dicas IRPJ</I>), the Withholding Income Tax (<I>Imposto de Renda Retido na Fonte IRRF</I>), the Social Contribution
on Profits (<I>Contribui&ccedil;&atilde;o Social sobre Lucro L&iacute;quido CSLL</I>), the Social Contribution on Gross Revenues
or on Import of Services (<I>Programa de Integra&ccedil;&atilde;o Social PIS and Contribui&ccedil;&atilde;o para Financiamento
da Seguridade Social COFINS</I>), the Tax on Services (<I>Imposto sobre Servi&ccedil;os de Qualquer Natureza ISS</I>), the Tax
on Foreign Exchange Financial Transactions (<I>Imposto sobre Opera&ccedil;&otilde;es de Cr&eacute;dito, C&acirc;mbio e Seguros
ou relativos a T&iacute;tulos e Valores Mobili&aacute;rios IOF</I>) and the Contribution on Economic Intervention (<I>Contribui&ccedil;&atilde;o
de Interven&ccedil;&atilde;o no Dom&iacute;nio Econ&ocirc;mico CIDE</I>), as applicable.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(w)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Independent
Accountant (PwC)</I>. PricewaterhouseCoopers Auditores Independentes (&ldquo;<U>PwC</U>&rdquo;), which has (i)&nbsp;reviewed the
unaudited condensed consolidated interim financial information of Suzano for the three and six month periods ended June&nbsp;30,
2020 and 2019 as included in the Registration Statement; (ii)&nbsp;audited the consolidated financial statements of Suzano S.A.
as of December&nbsp;31, 2019 and 2018 and for each of the three years in the period ended December&nbsp;31, 2019 and management&rsquo;s
assessment of the effectiveness of internal control over financial reporting (which is included in Management&rsquo;s Report on
Internal Control over Financial Reporting) as of December&nbsp;31, 2019 of Suzano incorporated by reference to Suzano&rsquo;s 2019
Form&nbsp;20-F for the year ended December&nbsp;31, 2019 and (iii)&nbsp;audited the consolidated financial statements of Fibria
Celulose S.A. as of December&nbsp;31, 2018 and 2017 and for each of the three years in the period ended December&nbsp;31, 2018
incorporated by reference in the Registration Statement, is an independent registered public accounting firm with respect to the
Company within the meaning of the Securities Act and the applicable rules&nbsp;and regulations thereunder adopted by the Commission
and the Public Company Accounting Oversight Board (United States) (the &quot;<U>PCAOB</U>&quot;) and as of February&nbsp;21, 2019
and during the period covered by the financial statements on which PwC reported, PwC was an independent registered public accounting
firm with respect to Fibria Celulose S.A. within the meaning of the Securities Act and the applicable rules&nbsp;and regulations
thereunder adopted by the Commission and the PCAOB.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(x)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Material Adverse Change</I>. Since the respective dates as of which information is given in the Registration Statement, the Disclosure
Package and the Final Offering Document, (a)&nbsp;there has not been (1)&nbsp;any change in the capital stock or long-term debt
of the Company or any of its subsidiaries, or any dividend or distribution of any kind declared, set aside for payment, paid or
made by the Company or any of its subsidiaries on any class of capital stock, or (2)&nbsp;any material adverse change, or any development
involving a prospective material adverse change, in or affecting the business, properties, management, financial position, results
of operations or prospects of the Company or any of its subsidiaries, taken as a whole; (b)&nbsp;neither the Company nor any of
its subsidiaries has entered into any transaction or agreement that is material to the Company or any of its subsidiaries, taken
as a whole, or incurred any liability or obligation, direct or contingent, that is material to the Company or any of its subsidiaries,
taken as a whole, except for, in case of the Company, the issue of the International Offered Securities as provided for in this
Agreement; and (c)&nbsp;neither the Company nor any of its subsidiaries has sustained any material loss or interference with its
business (1)&nbsp;from fire, explosion, flood or other calamity, whether or not covered by insurance or (2)&nbsp;from any labor
disturbance or dispute or any action, order or decree of any court or arbitrator or governmental or regulatory authority material
to the Company and its subsidiaries taken as a whole, except in each case as otherwise disclosed in the Registration Statement,
the Disclosure Package and the Final Offering Document.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(y)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Labor Disputes</I>. Other than as set forth or contemplated in the Disclosure Package and the Final Offering Document under &ldquo;Item
5. Operating and Financial Review and Prospects&mdash;F. Tabular Disclosure of Contractual Obligations&rdquo;, &ldquo;8. Financial
Information&mdash;A. Consolidated Statements and Other Financial Information&rdquo; and the notes to our financial statements,
there are no labor disturbances by or disputes with employees of the Company or any of its subsidiaries exists or, to the best
knowledge of the Company, is contemplated or threatened, and the Company is not aware of any existing or imminent labor disturbance
by, or dispute with, the employees of any of the principal suppliers, contractors or customers of the Company or any of its subsidiaries,
except as would not reasonably be expected to have a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(z)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Licenses
and Permits</I>. Except as described in the Disclosure Package and the Final Offering Document under &ldquo;Item 8. Financial Information&mdash;A.
Consolidated Statements and Other Financial Information&mdash;Legal Proceedings&mdash;Civil and Environmental Proceedings&mdash;Environmental
Matters&rdquo;, the Company and its subsidiaries possess all licenses, sub-licenses, certificates, permits and other authorizations
issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory
authorities that are necessary for the ownership or lease of their respective properties or the conduct of their respective businesses
as described in the Disclosure Package and the Final Offering Document, except where the failure to possess or make the same would
not, individually or in the aggregate, have a Material Adverse Effect; and except as described in the Disclosure Package and the
Final Offering Document under &ldquo;Item 8. Financial Information&mdash;A. Consolidated Statements and Other Financial Information&mdash;Legal
Proceedings&mdash;Civil and Environmental Proceedings&mdash;Environmental Matters&rdquo;, neither the Company nor any of its subsidiaries
has received notice of any revocation or modification of any such license, certificate, permit or authorization or has any reason
to believe that any such license, sub-license, certificate, permit or authorization will not be renewed in the ordinary course,
which such revocations, modifications or non-renewals would reasonably be expected to have a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(aa)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Taxes</I>.
The Company and each of its subsidiaries have paid, or have caused to be paid on their behalf, all federal, state, local and foreign
taxes and filed, or have caused to be filed on their behalf, all tax returns required to be paid or filed through the date hereof;
and except as otherwise disclosed in each of the Disclosure Package and the Final Offering Document under the headings &ldquo;Item
8. Financial Information&mdash;A. Consolidated Statements and Other Financial Information&mdash;Tax Proceedings&rdquo; there is
no tax deficiency that has been, or could reasonably be expected to be, asserted against the Company or any of its subsidiaries
or any of their respective properties or assets, except, in each case (i)&nbsp;for such taxes that are not yet delinquent or that
are being contested in good faith and through proper proceedings, and against which adequate reserves are being maintained in accordance
with generally accepted accounting principles or (ii)&nbsp;as would not reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(bb)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Title
to Real and Personal Property</I>. The Company and each of its subsidiaries have good and marketable title in fee simple, or have
valid rights to lease or otherwise use, all items of real and personal property that are material to the respective businesses
of the Company and each of its subsidiaries, in each case free and clear of all liens, encumbrances, claims and defects and imperfections
of title except those that (a)&nbsp;do not materially interfere with the use made and proposed to be made of such property by the
Company or any of its subsidiaries or (b)&nbsp;could not reasonably be expected, individually or in the aggregate, to have a Material
Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(cc)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Insurance</I>.
Except as otherwise disclosed in the Disclosure Package and the Final Offering Document, the Company and its significant subsidiaries
have insurance covering their respective material properties, operations, personnel and businesses, including business interruption
insurance, which insurance is in amounts and insures against such losses and risks as are, in the reasonable judgment of the Company,
adequate to protect the Company and each of its subsidiaries and their respective businesses; and neither the Company nor any of
its significant subsidiaries have (i)&nbsp;received written notice from any insurer or agent of such insurer that capital improvements
or other expenditures are required or necessary to be made in order to continue such insurance or (ii)&nbsp;any reason to believe
that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage
at reasonable cost from similar insurers as may be necessary to continue its business.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(dd)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Intellectual
Property</I>. (i)&nbsp;The Company and each of its subsidiaries own or have the right to use all patents, patent applications,
trademarks, service marks, trade names, trademark registrations, service mark registrations, domain names and other source indicators,
copyrights and copyrightable works, know-how, trade secrets, systems, procedures, proprietary or confidential information and all
other worldwide intellectual property, industrial property and proprietary rights (collectively, &ldquo;<U>Intellectual Property</U>&rdquo;)
used in the conduct of their respective businesses, except for failures that could not reasonably be expected to have a Material
Adverse Effect; (ii)&nbsp;to the best knowledge of the Company, the Company and each of its subsidiaries&rsquo; conduct of their
respective businesses does not infringe, misappropriate or otherwise violate any Intellectual Property of any person; (iii)&nbsp;the
Company and each of its subsidiaries have not received any notice of any claim of infringement of or conflict with any such rights
of others, which infringement would be expected to have a Material Adverse Effect relating to Intellectual Property; and (iv)&nbsp;to
the best knowledge of the Company, the Intellectual Property of the Company and each of its subsidiaries is not being infringed,
misappropriated or otherwise violated by any person.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ee)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Certain
Environmental Matters</I>. Except as described in the Disclosure Package and the Final Offering Document under &ldquo;Item 8. Financial
Information&mdash;A. Consolidated Statements and Other Financial Information&mdash;Legal Proceedings&mdash;Civil and Environmental
Proceedings&mdash;Environmental Matters&rdquo;, (i)&nbsp;the Company and each of its subsidiaries (a)&nbsp;are, and at all prior
times were, in compliance with all, and have not violated any, applicable federal, state, local and foreign laws (including common
law), rules, regulations, requirements, decisions, judgments, decrees, orders and other legally enforceable requirements relating
to pollution or the protection of human health or safety, the environment, natural resources, hazardous or toxic substances or
wastes, pollutants or contaminants (collectively, &ldquo;<U>Environmental Laws</U>&rdquo;); (b)&nbsp;have received and are in compliance
with all, and have not violated any permits, licenses, certificates or other authorizations or approvals required of them under
applicable Environmental Laws to conduct their respective businesses; and (c)&nbsp;have not received notice of any actual or potential
liability or obligation under or relating to, or any actual or potential violation of, any Environmental Laws, including for the
investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants,
and have no knowledge of any event or condition that would reasonably be expected to result in any such notice; and (ii)&nbsp;there
are no costs or liabilities associated with Environmental Laws of or relating to the Company or any of its subsidiaries, except
in the case of each of (i)&nbsp;and (ii)&nbsp;above, for any such matter as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect; and (iii)&nbsp;to the best knowledge of the Company (x)&nbsp;there is no proceeding
that is pending, or that is known to be contemplated, against the Company or any of its subsidiaries under any Environmental Laws
in which a governmental entity is also a party, other than such proceedings regarding which it is reasonably believed no monetary
sanctions of U.S.$10,000,000 or more will be imposed, (y)&nbsp;neither the Company nor any of its subsidiaries are aware of any
facts or issues regarding compliance with Environmental Laws, or liabilities or other obligations under Environmental Laws or concerning
hazardous or toxic substances or wastes, pollutants or contaminants, that could reasonably be expected to have a Material Adverse
Effect on the capital expenditures, earnings or competitive position of the Company or any of its subsidiaries, and (z)&nbsp;none
of the Company or any of its subsidiaries anticipates material capital expenditures relating to any Environmental Laws.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ff)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Sarbanes-Oxley
Act</I>. There is and has been no material failure on the part of the Company or any of the Company&rsquo;s directors or officers,
in their capacities as such, to comply with any applicable provision of the Sarbanes-Oxley Act of 2002 and the rules&nbsp;and regulations
promulgated in connection therewith, including Section&nbsp;402 related to loans and Sections 302 and 906 related to certifications.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(gg)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Unlawful Payments</I>. Neither the Company nor any of its subsidiaries, nor any director or officer of the Company or any of its
subsidiaries nor, to the best knowledge of the Company, any employee, agent, affiliate or other person associated with or acting
on behalf of the Company or its subsidiaries has (i)&nbsp;used any corporate funds for any unlawful contribution, gift, entertainment
or other unlawful expense relating to political activity; (ii)&nbsp;made or taken an act in furtherance of an offer, promise or
authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government or regulatory official
or employee, including of any government-owned or controlled entity or of a public international organization, or any person acting
in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political
office; (iii)&nbsp;violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any
applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International
Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom, or any other applicable anti-bribery
or anti-corruption laws (including, without limitation, the Brazilian Penal Code, the Brazilian Law No.&nbsp;12,846/2013 and the
Brazilian Decree No.&nbsp;8,420/2015), each as amended from time to time; or (iv)&nbsp;made, offered, agreed, requested or taken
an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence
payment, kickback or other unlawful or improper payment or benefit. The Company has instituted, maintains and enforces, and will
continue to maintain and enforce, policies and procedures designed to promote and ensure compliance with all applicable anti-bribery
and anti-corruption laws, and these policies and procedures are also applicable to the Company and its subsidiaries.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(hh)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Compliance
with Anti-Money Laundering Laws</I>. The operations of the Company and its subsidiaries are and have been conducted at all times
in compliance with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, the applicable anti-money laundering statutes of all jurisdictions where the Company or any
of its subsidiaries conducts business, the rules&nbsp;and regulations thereunder and any related or similar rules, regulations
or guidelines, issued, administered or enforced by any governmental or regulatory agency (collectively, the &ldquo;<U>Money Laundering
Laws</U>&rdquo;), and, to the best knowledge of the Company, no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering
Laws is pending or threatened.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Conflicts with Sanctions Laws</I>. Neither the Company nor any of its subsidiaries, directors or officers, nor, to the best knowledge
of the Company, any employee or other person acting on behalf of the Company or any of its subsidiaries is currently designated
on any sanctions lists maintained by the U.S. government, (including, without limitation, the Office of Foreign Assets Control
of the U.S. Department of the Treasury or the U.S. Department of State and including, without limitation, the designation as a
 &ldquo;specially designated national&rdquo; or &ldquo;blocked person&rdquo;), the United Nations Security Council, the European
Union, or Her Majesty&rsquo;s Treasury (collectively, &ldquo;<U>Sanctions</U>&rdquo;), nor is the Company or any of its subsidiaries
located, organized or resident in a country, region or territory that is subject to comprehensive Sanctions (currently Crimea,
Cuba,&nbsp;Iran, North Korea and Syria (each, a &ldquo;<U>Sanctioned Country</U>&rdquo;)).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(jj)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Forward-Looking
Statements</I>. No forward-looking statement (within the meaning of Section&nbsp;27A of the Securities Act and Section&nbsp;21E
of the Exchange Act) included or incorporated by reference in any of the Disclosure Package or the Final Offering Document has
been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(kk)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Statistical
and Market Data</I>. Nothing has come to the attention of the Company that has caused the Company to believe that the statistical
and market-related data included or incorporated by reference in each of the Disclosure Package and the Final Offering Document
is not based on or derived from sources that are reliable and accurate in all material respects.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ll)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Absence
of Immunity</I>. Neither the Company nor any of its significant subsidiaries nor any of their assets or revenues has any immunity
from the jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment,
attachment in aid of execution or otherwise) under the laws of Brazil or the United States and, to the extent that the Company,
any of its significant subsidiaries or any of their respective assets or revenues may have or may hereafter become entitled to
any such right of immunity in any such court in which proceedings arising out of, or relating to the transactions contemplated
by the Transaction Documents, may at any time be commenced, the Company has waived, and will waive, or will cause its significant
subsidiaries to waive, such right to the extent permitted by law.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(mm)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Validity
of Certain Provisions</I>. To the best knowledge of the Company, the indemnification and contribution provisions set forth in Section&nbsp;10
hereof do not contravene Brazilian law or public policy.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(nn)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Consent
to Jurisdiction; Appointment of Agent for Service of Process</I>. The choice of laws of the State of New York as the governing
law of this Agreement is a valid choice of law under the laws of Brazil and will be honored by the courts of Brazil. The Company
(A)&nbsp;has the power to submit, and pursuant to this Agreement and the other Transaction Documents have legally, validly, effectively
and irrevocably submitted, to the nonexclusive jurisdiction of the Federal and state courts, in the Borough of Manhattan in the
City of New York, and (B)&nbsp;has the power to designate, appoint and empower, and pursuant to this Agreement, have legally, validly,
effectively and irrevocably designated, appointed and empowered, an agent for service of process in any suit or proceeding arising
out of or related to the Transaction Documents and the transactions contemplated hereby, as provided in Section&nbsp;16 of this
Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(oo)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Enforceability
of New York Judgment</I>. Any final judgment for a sum of money obtained against the Company in the New York or United States Federal
courts located in the borough of Manhattan in The City of New York in respect of any sum payable by them under the International
Offered Securities would be recognized and enforced against the Company by the courts of Brazil without reexamination or re-litigation
of the matters adjudicated upon; <I>provided</I> that such judgment has been previously recognized by the Superior Court of Justice
of Brazil. In order to be recognized by the Superior Court of Justice of Brazil, a foreign judgment must meet the following conditions,
under Brazilian Civil Code of Procedure, articles 963 and 964: (i)&nbsp;it must comply with all formalities necessary for its enforcement
under the laws of the place where it was issued; (ii)&nbsp;it must have been issued by a competent court after proper service of
process on the parties, which service must be in accordance with Brazilian law if made in Brazil, or after sufficient evidence
of the parties&rsquo; absence (<I>revelia</I>) has been given, in accordance with applicable law; (iii)&nbsp;it must be effective
under the laws of the country where the foreign judgment is granted; (iv)&nbsp;it must not be contrary to Brazilian national sovereignty,
public policy or good morals or violate human dignity; (v)&nbsp;it must not violate a final and unappealable decision issued by
a Brazilian court; (vi)&nbsp;it must not offend the exclusive jurisdiction of Brazilian courts, under Brazilian Civil Code of Procedure,
article 23; (vii)&nbsp;it must be duly apostilled in the place where the judgment was obtained or, if the place of signing is not
a contracting state to the Convention Abolishing the Requirement of Legalization for Foreign Public Documents dated October&nbsp;5,
1961, it must be duly authenticated by a Brazilian consulate and, in either case, be accompanied by a sworn translation thereof
into Portuguese, unless an exemption is provided by an international treaty to which Brazil is a signatory; and the Company is
not aware of any reason why the enforcement in Brazil of such a judgment in respect of the Transaction Documents would be contrary
to public policy in Brazil or any political subdivision thereof; and (viii)&nbsp;does not conflict with a previous final and unappealable
decision issued by a Brazilian court on the same matter and involving the same parties (<I>res judicata</I>).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(pp)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Absence
of Residence</I>. No holder of International Offered Securities or the International Underwriters or International Agents will
be deemed resident, domiciled, carrying on business or subject to taxation in Brazil on a net income basis solely by virtue of
the execution or delivery of this Agreement or the Deposit Agreement or the issuance or sale of the International Offered Securities
or by virtue of the ownership of an International Offered Security or the receipt of payment thereon. It is not required under
the laws of Brazil or any political subdivision thereof or any authority or agency therein in order to enable (i)&nbsp;a holder
of International Offered Securities or an owner of any interest therein to enforce its respective rights under the International
Offered Securities or (ii)&nbsp;an International Underwriter or International Agent to enforce its respective rights under any
of the Transaction Documents, that it should, solely by reason of its holding of International Offered Securities or the issuance,
acceptance, execution, delivery, performance or enforcement of the Transaction Documents, as applicable, to be licensed, qualified
or otherwise entitled to carry on business in Brazil or any political subdivision thereof or authority or agency therein.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(qq)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Cyber
Security; Data Protection</I>. The Company and each of its subsidiaries&rsquo; information technology assets and equipment, computers,
systems, networks, hardware, software, websites, applications, and databases (collectively, &ldquo;<U>IT Systems</U>&rdquo;) are
adequate for, and operate and perform in all material respects as required in connection with the operation of the business of
the Company and each of its subsidiaries as currently conducted, free and clear of all material bugs, errors, defects, Trojan horses,
time bombs, malware and other corruptants, except in each case as would not, singly or in the aggregate, result in a Material Adverse
Effect. The Company and each of its subsidiaries have implemented and maintained commercially reasonable controls, policies, procedures,
and safeguards to maintain and protect their material confidential information and the integrity, continuous operation, redundancy
and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential or regulated
data (&ldquo;<U>Personal Data</U>&rdquo;)) used in connection with their businesses, and there have been no breaches, violations,
outages or unauthorized uses of or accesses to same, except for those that have been remedied without material cost or liability
or the duty to notify any other person, nor any incidents under internal review or investigations relating to the same. The Company
and each of its subsidiaries are presently in compliance in all material respects with all applicable laws or statutes and all
judgments, orders, rules&nbsp;and regulations of any court or arbitrator or governmental or regulatory authority, internal policies
and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection of such
IT Systems and Personal Data from unauthorized use, access, misappropriation or modification.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(rr)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Solvency</I>.
On and immediately after the Closing Date, the Company and each of its subsidiaries (after giving effect to the issuance and sale
of the International Offered Securities and the other transactions related thereto as described in each of the Disclosure Package
and the Final Offering Document) will be Solvent. As used in this paragraph, the term &ldquo;<U>Solvent</U>&rdquo; means, with
respect to a particular date and entity, that on such date (i)&nbsp;the fair value (and present fair saleable value) of the assets
of such entity is not less than the total amount required to pay the probable liability of such entity on its total existing debts
and liabilities (including contingent liabilities) as they become absolute and matured; (ii)&nbsp;such entity is able to realize
upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they mature and become due in
the normal course of business; (iii)&nbsp;assuming consummation of the issuance and sale of the International Offered Securities
as contemplated by this Agreement, the Disclosure Package and the Final Offering Document, such entity does not have, intend to
incur or believe that it will incur debts or liabilities beyond its ability to pay as such debts and liabilities mature; (iv)&nbsp;such
entity is not engaged in any business or transaction, and does not propose to engage in any business or transaction, for which
its property would constitute unreasonably small capital; and (v)&nbsp;such entity is not a defendant in any civil action that
would result in a judgment that such entity is or would become unable to satisfy.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ss)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Absence
of Filing. </I>This Agreement is in proper legal form under the laws of Brazil and the United States for the enforcement thereof
in Brazil or the United States against the Company; to ensure the legality, validity, enforceability or admissibility into evidence
of this Agreement in Brazil or the United States, it is not necessary that it be submitted to, filed or recorded with any court
or other authority in Brazil or the United States or that any tax, imposition or charge be paid in Brazil or the United States
on or in respect of such document, except that (A)&nbsp;in order to be enforceable and admissible into evidence in the courts of
Brazil (1)&nbsp;the signatures of the parties signing this Agreement outside Brazil shall be notarized by a notary public qualified
as such under the laws of the place of signing and the signature of such notary public must be authenticated by a Brazilian consular
officer at the competent Brazilian consulate (except if the place of signing is a contracting state to the Convention Abolishing
the Requirement of Legalization for Foreign Public Documents dated October&nbsp;5, 1961, in which case an apostille would be required),
(2)&nbsp;this Agreement must be translated into Portuguese by a sworn translator in Brazil, and (3)&nbsp;this Agreement, together
with their respective sworn translations into the Portuguese language, must be registered with the competent Registry of Deeds
and Documents (<I>Cart&oacute;rio de Registro de T&iacute;tulos e Documentos</I>), which registration can be made at any time prior
to judicial enforcement thereof in Brazil; (B)&nbsp;the enforceability of such documents in the courts of Brazil is also subject
to the payment of certain expenses and court fees in connection thereof in the courts of Brazil; and (C)&nbsp;the enforceability
of such agreements in the courts of the United States is also subject to the payment of certain expenses and court fees in connection
therewith in U.S. courts.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(tt)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Legal
Proceedings. </I>Except as described as described in each of the Registration Statement, the Disclosure Package and the Final Offering
Document, there are no legal, governmental or regulatory investigations, actions, demands, suits, arbitrations, or proceedings
(&ldquo;<U>Actions</U>&rdquo;) pending to which the Company or any of its subsidiaries is or may be a party or to which any property
of the Company or any of its subsidiaries is or may be the subject that, individually or in the aggregate, if determined adversely
to the Company or any of its subsidiaries, could reasonably be expected to have a Material Adverse Effect or could materially and
adversely affect the ability of the Company to perform its obligations under the Transaction Documents or the consummation of any
of the transactions contemplated hereby or thereby; and no such Actions are threatened or, to the best knowledge of the Company
contemplated by any governmental or regulatory authority or by others.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(uu)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Passive
Foreign Investment Company</I>. The Company believes that it was not a passive foreign investment company (a &ldquo;<U>PFIC</U>&rdquo;)
within the meaning of Section&nbsp;1297 of the Code with respect to its 2019 taxable year, and the Company does not anticipate
becoming a PFIC for its 2020 taxable year or the foreseeable future.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vv)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Absence
of Stabilization or Manipulation</I>. Neither the Company nor any of its subsidiaries or affiliates, has taken or will take, directly
or indirectly, any action designed to, or which could reasonably be expected to cause or result in, any stabilization or manipulation
of the price of any equity security of the Company to facilitate the initial sale or resale of the International Offered Securities
under the Exchange Act, or otherwise. Neither the Company nor any of its subsidiaries or affiliates has issued or will issue, without
the prior consent of the Representatives, any stabilization announcement referring to the proposed issue of International Offered
Securities.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ww)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Distributions
in Respect of Common Shares</I>. Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Final
Offering Document, no approvals are currently required in Brazil in order for the Company to pay dividends or other distributions
declared by the Company to the holders of Common Shares; and under current laws and regulations of Brazil, any amounts payable
with respect to the Common Shares upon liquidation of the Company or upon redemption thereof and dividends and other distributions
declared and payable on the Common Shares may be paid by the Company in U.S. dollars and freely transferred out of Brazil. Except
as otherwise disclosed in the Registration Statement, the Disclosure Package and the Final Offering Document, no such payments
made to holders of Common Shares who are non-residents of Brazil currently are subject to income, withholding or other taxes under
laws and regulations of Brazil or any political subdivision or taxing authority thereof or therein and such payments will be free
and clear of any other tax, duty, withholding or deduction in Brazil or any political subdivision or taxing authority thereof or
therein and without the necessity of obtaining any governmental authorization in Brazil or any political subdivision or taxing
authority thereof or therein.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xx)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Investment
Company Act</I>. The Company is not an &ldquo;investment company&rdquo; or an entity &ldquo;controlled&rdquo; by an &ldquo;investment
company&rdquo; within the meaning of the Investment Company Act of 1940, as amended, and the rules&nbsp;and regulations of the
Commission thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any certificate signed by any officer of
the Company and delivered to you or counsel for the Underwriters in connection with the offering of the International Offered Securities
shall be deemed a representation and warranty by the Company to each International Underwriter and the International Agents as
to the matters covered thereby as of the date of such certificate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; background-color: White">Section&nbsp;2.
</FONT><FONT STYLE="text-transform: uppercase; background-color: White">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Representations
and Warranties of the Selling Shareholder</U></FONT>. The Selling Shareholder represents and warrants to the International Underwriters
and the International Agents as set forth below:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Information
furnished by the Selling Shareholder</I>. All information furnished by the Selling Shareholder in writing to the Company specifically
for inclusion in the Registration Statement did not, as of the Effective Time, contain an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; at no time
during the period that begins on the earlier of the date of each Pre-Pricing Prospectus and the date such Pre-Pricing Prospectus
was filed with the Commission and ends at the Closing Date did or will any information furnished by the Selling Shareholder in
writing to the Company specifically for inclusion in any Pre-Pricing Prospectus, as amended or supplemented prior to the Initial
Sale Time, or Closing Date, as applicable, include an untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, and at no
time during such period did or will any information furnished by the Selling Shareholder to the Company in writing specifically
for inclusion in any Pre-Pricing Prospectus, as amended or supplemented prior to the Initial Sale Time, or Closing Date, as applicable,
together with any combination of one or more of the then issued Permitted Free Writing Prospectuses, if any, include an untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading; at no time during the period that begins on the earlier of the date
of the Final Offering Document and the date the Final Offering Document is filed with the Commission and ends at the Closing Date
did or will any information furnished by the Selling Shareholder in writing to the Company specifically for inclusion in the Final
Offering Document, as amended or supplemented prior to the Closing Date, include an untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading; at no time during the period that begins on the date hereof and ends at the Closing Date did or will
any information furnished by the Selling Shareholder in writing to the Company specifically for inclusion in the Disclosure Package,
include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading. For the purposes of this Agreement, information furnished
by the Selling Shareholder in writing to the Company specifically for inclusion in the documents listed above shall consist only
of the Selling Shareholder&rsquo;s name and information relating to its holding of Common Shares set forth under the headings &ldquo;Selling
Shareholder&rdquo; in the Base Prospectus, the Pre-Pricing Prospectus, the Prospectus Supplement and the Final Offering Document
or any amendments or supplements thereto (the &ldquo;<U>Selling Shareholder Information</U>&rdquo;); <I>provided</I> the Selling
Shareholder makes no warranty or representation with respect to any information furnished to the Company by any International Agent
nor to any information furnished to any International Agent by the Company.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Offer
or Sale by</I> the <I>Selling Shareholder</I>. The Selling Shareholder has not, prior to the execution of this Agreement, offered
or sold any International Offered Securities, by means of any &ldquo;prospectus&rdquo; (within the meaning of the Securities Act),
or used any &ldquo;prospectus&rdquo; (within the meaning of the Securities Act) in connection with the offer or sale of the International
Offered Securities, in each case other than the then most recent Pre-Pricing Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Violation or Default</I>. The Selling Shareholder is not currently in violation of its charter, by-laws or comparable organizational
documents; neither the sale of the International Offered Securities by the Selling Shareholder, the execution and delivery of this
Agreement nor the consummation of any of the transactions described or contemplated herein, nor the fulfillment of the terms thereof
will conflict with, (i)&nbsp;the charter, by-laws or comparable organizational documents of the Selling Shareholder, (ii)&nbsp;the
terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation,
condition, covenant or instrument to which the Selling Shareholder is a party or is bound or to which any of their property or
assets is subject or (iii)&nbsp;any statute, law, rule, regulation, judgment, order or decree applicable to the Selling Shareholder,
except in the case of clauses (ii)&nbsp;or (iii)&nbsp;such as could not reasonably be expected to have (A)&nbsp;any material adverse
effect on the condition (financial or otherwise), business, properties, earnings or prospects of the Selling Shareholder, together
with its consolidated subsidiaries, or (B)&nbsp;any material adverse effect on the ability of the Selling Shareholder to perform
its obligations under this Agreement (a &ldquo;<U>Selling Shareholder Material Adverse Effect</U>&rdquo;).</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Consents Required</I>. No consent, approval, authorization, filing with or order of any court or governmental agency or other regulatory
authority or body having jurisdiction over the Selling Shareholder or any of its properties or assets is required for (A)&nbsp;the
sale and delivery of the International Offered Securities by the Selling Shareholder, or (B)&nbsp;the execution, delivery or performance
by the Selling Shareholder of any of its obligations under this Agreement in the manner contemplated in the Registration Statement,
the Disclosure Package and the Final Offering Document, except for (i)&nbsp;the filing of the Prospectus Supplement pursuant to
Rule&nbsp;424(b)&nbsp;under the Securities Act, (ii)&nbsp;such consents as may be required under state or foreign securities or
blue sky laws, (iii)&nbsp;such as may be required by the securities or similar laws of any foreign jurisdiction other than Brazil
in connection with the purchase, distribution and/or placement of the International Offered Securities by the International Underwriters
and International Agents and the Brazilian Underwriters, (iv)&nbsp;maintenance of the Company&rsquo;s adherence to the rules&nbsp;of
the <I>Novo Mercado </I>segment, (v)&nbsp;the (a)&nbsp;maintenance of the Company&rsquo;s registration with the CVM as a category
 &ldquo;A&rdquo; publicly traded company (<I>companhia aberta</I>) (<I>emissor de valores mobili&aacute;rios &ndash; categoria &ldquo;A&rdquo;
da CVM</I>), (b)&nbsp;registration of the offering of the Brazilian Offered Shares as provided for in this Agreement and in the
Brazilian Underwriting Agreement, (vi)&nbsp;approval by ANBIMA relating to the registration of the offering of the Brazilian Offered
Shares, as provided for in this Agreement and in the Brazilian Underwriting Agreement, (vii)&nbsp;the registration request that
shall be duly filed, as required by the regulations of ANBIMA, within 15 days of the date of the <I>An&uacute;ncio de Encerramento
de Oferta P&uacute;blica de Distribui&ccedil;&atilde;o Secund&aacute;ria de A&ccedil;&otilde;es Ordin&aacute;rias de Emiss&atilde;o
da Suzano S.A.</I> (viii)&nbsp;such filings or consents as may be required by the by-laws and rules&nbsp;of FINRA in connection
with the use of the Base Prospectus and the purchase and distribution of the Common ADSs by the International Underwriters or the
placement of the International Offered Shares by the International Agents, (ix)&nbsp;the approval by the CVM of the offering of
the Brazilian Offered Shares as contemplated by the Brazilian Underwriting Agreement, which has been obtained and remains in full
force and effect or will be obtained prior to the Closing Date, and (x)&nbsp;such approvals as may be required from the Brazilian
Central Bank for any payments outside Brazil pursuant to Section&nbsp;9 of this Agreement.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Absence
of Stabilization or Manipulation</I>. The Selling Shareholder has not taken any action designed to, or which could reasonably be
expected to cause or result in, any stabilization or manipulation of the price of any equity security of the Company to facilitate
the initial sale or resale of the International Offered Securities under the Exchange Act, or otherwise; <I>provided, however</I>,
that no representation or warranty is given by the Selling Shareholder with respect to any actions of the International Underwriters
or the International Agents. The Selling Shareholder has not issued or will not issue, without the prior consent of the Representatives,
any stabilization announcement referring to the proposed issue of International Offered Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Clear
Title to Securities</I>. The Selling Shareholder now is and, at the time of delivery of the International Offered Securities pursuant
to this Agreement, will be the lawful owner of the International Offered Securities and has and, at the time of delivery of the
International Offered Securities pursuant to this Agreement, will have valid and marketable title to the International Offered
Securities, free and clear of any perfected security interest or any other security interests, claims, liens or encumbrances.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Transfer
of Title to Securities</I>. Upon delivery of and payment for the Common ADSs as provided herein, registration of the Common ADSs
in the name of a nominee as may be designated by the Depository Trust Company (&ldquo;<U>DTC</U>&rdquo;), and crediting such Common
ADSs on the books of DTC to the securities account (as defined in Section&nbsp;8-501(a)&nbsp;of the Uniform Commercial Code) of
the International Underwriters, a good and valid security entitlement to such Common ADSs, free and clear of any perfected security
interest or any other security interests, claims, liens or encumbrances, will pass to the several International Underwriters in
respect of such Common ADSs.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Power
and Authority</I>. The Selling Shareholder has and, at the time of delivery of the International Offered Securities pursuant to
this Agreement will have, full legal right, power and capacity, and all authorizations and approvals required by law (other than
those imposed by the Securities Act and state securities or blue sky laws), to (i)&nbsp;enter into this Agreement, (ii)&nbsp;sell,
assign, transfer and deliver the International Offered Securities pursuant to this Agreement in the manner provided herein and
(iii)&nbsp;make the representations, warranties and agreements made by the Selling Shareholder herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Authorization</I>.
The Selling Shareholder is duly and irrevocably authorized to execute and deliver this Agreement and any other documents necessary
or desirable in connection with the transactions contemplated hereby and to deliver the International Offered Securities to be
sold by the Selling Shareholder pursuant to this Agreement, and receive payment therefor pursuant hereto.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Clean
Hands; No Present Intent to Dispose of Remainder of Capital Stock</I>. The sale of the International Offered Securities to be sold
by the Selling Shareholder pursuant to this Agreement and the Brazilian Underwriting Agreement, is not prompted by any information
concerning the Company or any subsidiary thereof that is not set forth in the Registration Statement, the Disclosure Package or
the Final Offering Document.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Taxes</I>.
On the Closing Date, all stock transfer or other taxes (other than income taxes), if any, that are required to be paid on or prior
to the Closing Date in connection with the issuance, sale and transfer of the Common ADSs to be sold by the Selling Shareholder
to the several International Underwriters hereunder will be fully paid or provided for by the Selling Shareholder, and all laws
imposing such taxes will be fully complied with.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Good
Standing of the Selling Shareholder</I>. The Selling Shareholder has been duly organized and is validly existing as an <I>empresa
estadal subsidi&aacute;ria</I> (a wholly-owned subsidiary of BNDES, an <I>empresa p&uacute;blica</I>, a state-owned company) in
good standing (to the extent that good standing is applicable under applicable law) under the laws of Brazil and the Selling Shareholder
has the full corporate power and authority to enter into and perform its obligations under this Agreement, except where the failure
to be so qualified, in good standing (to the extent the concept of good standing is recognized in the respective jurisdiction)
or have such power or authority would not, individually or in the aggregate, have a material adverse effect on the business, properties,
management, financial position, results of operations or prospects of the Selling Shareholder or on the performance by the Selling
Shareholder of its obligations under this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Absence
of Immunity</I>. The Selling Shareholder is subject to civil and commercial law in respect of its obligations hereunder and the
Selling Shareholder is not, nor are any of its properties, assets or revenues subject to any right of immunity under Brazilian
or New York law, from any legal action, suit or proceeding, from the giving of any relief in any such legal action, suit or proceeding,
from set-off or counterclaim, from the jurisdiction of any Brazilian, New York or U.S. federal court, from service of process,
attachment upon or prior to judgment, or attachment in aid of execution of judgment, or from execution of a judgment, or other
legal process or proceeding for the giving of any relief or for the enforcement of a judgment, in any such court with respect to
its obligations, liabilities or any other matter under or arising out of or in connection herewith; and, to the extent that the
Selling Shareholder or any of its properties, assets or revenues may have or may hereafter become entitled to any such right of
immunity in any such court in which proceedings arising out of, or relating to the transactions contemplated hereby, may at any
time be commenced, the Selling Shareholder has waived or will waive such right to the extent permitted by law and have consented
to such relief and enforcement as provided herein.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Submission
to Jurisdiction</I>. The submission of the Selling Shareholder to the nonexclusive jurisdiction of the state and federal courts
in the Borough of Manhattan, City of New York, New York in Section&nbsp;16 hereof is legal, valid and binding under the laws of
Brazil; the appointment of Corporation Service Company, located, on the date hereof, at 1180 Avenue of the Americas, Suite&nbsp;210,
New York, New York, 10036 as its authorized agent (the &ldquo;<U>Selling Shareholder Authorized Agent</U>&rdquo;) for the purpose
described in Section&nbsp;16 below is legal, valid and binding under the laws of Brazil.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(o)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Enforcement
of Judgments</I>. Any final judgment for any amount payable by the Selling Shareholder rendered by any court of the State of New
York or of the United States located in the State of New York having jurisdiction under its own domestic laws in respect of any
suit, action or proceeding against the Selling Shareholder based upon this Agreement would be declared enforceable against the
Selling Shareholder by the Superior Court of Justice of Brazil, as applicable, without re-examination, review of the merits of
the cause of action in respect of which the original judgment was given or relitigation of the matters adjudicated upon or payment
of any stamp, registration or similar tax or duty, as provided in the provisions for enforcement of foreign judgments set forth
in the Registration Statement, the Disclosure Package and the Final Offering Document, <I>provided that </I>such confirmation will
be granted only if such judgment: (i)&nbsp;complies with all formalities necessary for its enforcement under the laws of the place
where it was issued; (ii)&nbsp;has been issued by a competent court after proper service of process on the parties, which service
must be in accordance with Brazilian law if made in Brazil, or after sufficient evidence of the parties&rsquo; absence (<I>revelia</I>)
has been given, in accordance with applicable law; (iii)&nbsp;is effective under the laws of the country where the foreign judgment
is granted; (iv)&nbsp;is not contrary to Brazilian national sovereignty, public policy or good morals or violate human dignity;
(v)&nbsp;does not violate a final and unappealable decision issued by a Brazilian court; (vi)&nbsp;does not offend the exclusive
jurisdiction of Brazilian courts; and (vii)&nbsp;is duly apostilled in the place where the judgment was obtained or, if the place
of signing is not a contracting state to the Convention Abolishing the Requirement of Legalization for Foreign Public Documents
dated October&nbsp;5, 1961, it must be duly authenticated by a Brazilian consulate and, in either case, be accompanied by a sworn
translation thereof into Portuguese, unless an exemption is provided by an international treaty to which Brazil is a signatory;
and the Selling Shareholder is not aware of any reason why the enforcement in Brazil of such a judgment in respect of the Transaction
Documents would be contrary to public policy in Brazil or any political subdivision thereof.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(p)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Certain
Use of Proceeds</I>. No part of the proceeds of the sale of the Offered Securities will be used for any purpose that violates the
provisions of any of Regulation T, U or X of the Board of Governors of the Federal Reserve System.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(q)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Compliance
With Anti-Corruption Laws</I>. Neither the Selling Shareholder, nor any of its directors, officers nor, to the knowledge of the
Selling Shareholder, any of its employees or agents (when such employees or agents are acting for or on behalf of the Selling Shareholder)
have, in connection with the Company or its subsidiaries, (i)&nbsp;taken any action in violation of any anti-bribery laws or regulation
applicable to the Selling Shareholder, or (ii)&nbsp;otherwise made, offered, solicited, or received any unlawful payment, bribe,
kickback, or other unlawful benefit. No part of the proceeds received by the Selling Shareholder in connection with the offer and
sale of the Selling Shareholder Shares will be used, directly or indirectly, in violation by the Selling Shareholder of any anti-bribery
law or regulation applicable to the Selling Shareholder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(r)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Compliance
with Anti-Money Laundering Laws</I>. The operations of the Selling Shareholder have been conducted in compliance with applicable
financial recordkeeping and reporting requirements, including those of Brazilian Law 9613/98 (as amended), and, to the best of
the Selling Shareholder&rsquo;s knowledge, the applicable anti-money laundering statutes of all jurisdictions in which the Selling
Shareholder is subject to such statutes, the rules&nbsp;and regulations thereunder and any applicable related or similar rules,
regulations or guidelines, issued, administered or enforced by any applicable governmental agency (collectively, the &ldquo;<U>BNDES
Anti-Money Laundering Laws</U>&rdquo;), and no action, suit or proceeding by or before any applicable court or governmental agency,
authority or body or any arbitrator involving the Selling Shareholder with respect to the BNDES Anti-Money Laundering Laws is pending
or, to the best knowledge of the Selling Shareholder, threatened; and the Selling Shareholder will not knowingly directly or indirectly
use the proceeds of the offering of the Offered Securities hereunder, or lend, contribute or otherwise make available such proceeds
to any subsidiary, affiliate, joint venture partner or other person or entity for the purpose of financing or facilitating any
activity that would violate the BNDES Anti-Money Laundering Laws.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(s)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Sanctions</I>.
Neither the Selling Shareholder, nor any director or executive officer of the Selling Shareholder, nor, to the best knowledge of
the Selling Shareholder, any agent or employee of the Selling Shareholder or other person acting on behalf of the Selling Shareholder
is (i)&nbsp;currently a Sanctioned Person or (ii)&nbsp;located, organized or resident in a Sanctioned Country; and the Selling
Shareholder will not directly or indirectly use the proceeds of the offering of the Offered Securities hereunder, or lend, contribute
or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of
financing or facilitating the activities of any person currently subject to any Sanctions or in any other manner, in each case
as will result in a violation of Sanctions by any person or entity participating in this Agreement.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(t)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Finder&rsquo;s Fee. </I>Except for this Agreement and the Brazilian Underwriting Agreement there are no contracts, agreements
or understandings between the Selling Shareholder and any person that would give rise to a valid claim against the Selling Shareholder
or the International Underwriters and International Agents for a brokerage commission, finder&rsquo;s fee or other like payment
in connection with the offering or placement of the International Offered Securities or any of the transactions contemplated herein
and in the Brazilian Underwriting Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(u)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Enforceability
in New York. </I>This Agreement is in proper legal form under the laws of the State of New York for the enforcement thereof in
the State of New York against the Selling Shareholder, and it is not necessary in order to ensure the legality, validity, enforcement
or admissibility into evidence of this Agreement in the State of New York that this Agreement be filed or recorded with any court
or other authority in the State of New York or that any tax or fee be paid in the State of New York on or in respect of this Agreement
or any other document, other than court costs, including (without limitation) filing fees.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Transaction
Documents Not Contrary to National Sovereignty or Public Policy</I>. The Selling Shareholder has no reason to believe that any
of the provisions of the Transaction Documents to which it is a party are or would be deemed to be against Brazilian national
sovereignty or public policy or to violate the dignity of the human person.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(w)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Absence
of Residence</I>. No holder of International Offered Securities or the International Underwriters or International Agents will
be deemed resident, domiciled, carrying on business or subject to taxation in Brazil on a net income basis solely by virtue of
the execution or delivery of this Agreement or the Deposit Agreement or the issuance or sale of the International Offered Securities
or by virtue of the ownership of an International Offered Security or the receipt of payment thereon. It is not required under
the laws of Brazil or any political subdivision thereof or any authority or agency therein in order to enable (i)&nbsp;a holder
of International Offered Securities or an owner of any interest therein to enforce its respective rights under the International
Offered Securities or (ii)&nbsp;an International Underwriter or International Agent to enforce its respective rights under any
of the Transaction Documents, that it should, solely by reason of its holding of International Offered Securities or the issuance,
acceptance, execution, delivery, performance or enforcement of the Transaction Documents, as applicable, to be licensed, qualified
or otherwise entitled to carry on business in Brazil or any political subdivision thereof or authority or agency therein.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(x)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Litigation</I></FONT>.
There are no pending actions, suits, claims, arbitrations, investigations or proceedings (including any inquiries or investigations
by any court or governmental agency or body, domestic or foreign) against or affecting the Selling Shareholder, any of their respective
directors or officers, or any of their respective properties or assets that, if determined adversely to the Selling Shareholder,
or any of their respective directors or officers, could individually or in the aggregate have a Selling Shareholder Material Adverse
Effect, and no such actions, suits, claims, arbitrations, investigations or proceedings (including any inquiries or investigations
by any court or governmental agency or body, domestic or foreign) are, to the Selling Shareholder&rsquo;s knowledge, threatened
or contemplated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(y)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Governing
Law.</I> The choice of laws of the State of New York as the governing law of this Agreement and the Lock-up Agreement (under Schedule
C) to which the Selling Shareholder is a party is a valid choice of law under the laws of Brazil and will be honored by the courts
of Brazil.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(z)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Public
Procurement Rules</I>. The engagement of the International Underwriters and of the Brazilian Underwriters, as underwriters in
the Global Offering and in the distribution of Offered Securities, is in compliance with the laws and regulations applicable to
the Selling Shareholder, and the hiring has been performed under the terms Article&nbsp;28, Paragraph 3,&nbsp;I, of Brazilian
Federal Law No.&nbsp;13,303, dated June&nbsp;30, 2016.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(aa)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Rights to Force a Sale; No Preemptive Rights</I></FONT>. (i)&nbsp;No person has the right, contractual or otherwise, to cause
the Selling Shareholder to sell to it any shares of any capital stock or other equity interests of the Company owned by the Selling
Shareholder, including any of the Common Shares owned by the Selling Shareholder, and (ii)&nbsp;no person has any preemptive rights,
resale rights, co-sale or rights of first refusal, options, warrants, or other rights to purchase, or convert or exchange any
securities for any shares of any capital stock or other equity interests of the Company owned by the Selling Shareholder, including
any of the Common Shares, in the case of each of the foregoing clauses (i)&nbsp;and (ii), whether as a result of the sale of the
Common Shares as contemplated pursuant to the Transaction Documents or otherwise. The Selling Shareholder has no options, warrants
or other rights to purchase, or rights to convert any securities for shares of capital stock of or ownership interests in the
Company or any of its subsidiaries, including the Common Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Placement,
Purchase and Sale</U></FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Common
ADSs</I>. On the basis of the representations, warranties and agreements set forth herein and, subject to the conditions set forth
herein, the Selling Shareholder agrees to sell the Common ADSs to the several International Underwriters as provided in this Agreement,
and each International Underwriter agrees, severally and not jointly, to purchase from the Selling Shareholder at a purchase price
of US$8.1273 per Common ADS the number of Common ADSs set forth opposite such International Underwriter&rsquo;s name in <U>Schedule
A</U> hereto.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>International
Agents</I>. On the basis of the representations, warranties and agreements set forth herein and, subject to the conditions set
forth herein, the International Agents will act, severally and not jointly, as agents of the Brazilian Underwriters for the facilitation
of the placement of the International Offered Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Public
Offering</I>. The Selling Shareholder understands that the International Underwriters intend to make a public offering in the
United States of, and the International Agents propose to place, the International Offered Shares as soon after the effectiveness
of this Agreement as in the judgment of the Representatives is advisable, and initially to offer the International Offered Securities
on the terms set forth in the Disclosure Package. The Selling Shareholder acknowledges and agrees that the International Underwriters
may offer, sell or place the International Offered Securities to or through any affiliate of an International Underwriter and
that any such affiliate may offer, sell or place the International Offered Securities purchased or received by it to or through
any International Underwriter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Delivery
and Payment</U></FONT>. Payment of the purchase price for the Common ADSs shall be made to the Selling Shareholder by federal
funds wire transfer against delivery of the Common ADSs to the Representatives through the facilities of DTC for the respective
accounts of the International Underwriters. Such payment and delivery shall be made at 8:00 a.m.&nbsp;(New York City time) on
October&nbsp;6, 2020 (unless another time shall be agreed to by the Representatives, the Company and the Selling Shareholder or
unless postponed in accordance with the provisions of Section&nbsp;14 hereof). The time and date at which such payment and delivery
are to be made is hereinafter sometimes called the &ldquo;Closing Date.&rdquo; Electronic transfer of the Common ADSs shall be
made to the International Underwriters at the time of purchase in such names and in such denominations as the Representatives
shall specify.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;5.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Offering
by Underwriters</U></FONT>. Each International Underwriter represents and warrants to and agrees as to itself with the Company
and the Selling Shareholder that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">It
will not engage in any activity that reasonably can be expected to cause or result, in stabilization or manipulation of the price
of any security, as those terms are used for purposes of the Exchange Act, of Suzano to facilitate the sale or resale of the Common
ADSs or the placement of International Offered Shares.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">It
has not made and will not make any offer or other communication through any means relating to the Offered Securities that would
constitute a &ldquo;free writing prospectus&rdquo; (as defined in Rule&nbsp;405 under the Securities Act) required to be filed
by the Company with the Commission or retained by the Company under Rule&nbsp;433 under the Securities Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company agrees that (x)&nbsp;it has
treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus and (y)&nbsp;the
Company has complied and will comply, as the case may be, with the requirements of Rules&nbsp;164 and 433 applicable to any Permitted
Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record keeping, as applicable
to ineligible issuers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Covenants
of the Company</U></FONT>. The Company agrees with each International Underwriter and the International Agents as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company will furnish to the Representatives and to counsel for the International Underwriters and the International Agents, without
charge, during the period referred to in paragraph (d)&nbsp;below, as many copies of the Registration Statement, the Disclosure
Package and the Final Offering Document and any amendments and supplements thereto (in each case including all exhibits filed
therewith and all documents incorporated therein not previously furnished to the Representatives) as any International Underwriter
or International Agent may reasonably request, including the delivery of copies of the Prospectus Supplement to the International
Underwriters and the International Agents.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company will not amend or supplement, during the period specified in (d)&nbsp;below, the Registration Statement, the Disclosure
Package or the Final Offering Document without the prior written consent of the Representatives, which consent will not be unreasonably
withheld.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company will notify the Representatives in writing immediately (i)&nbsp;of any request by the Commission for any amendment of
or supplement to the Registration Statement, the Disclosure Package or the Final Offering Document or for any additional information,
(ii)&nbsp;of the Company&rsquo;s intention to file or prepare any supplement or amendment to the Registration Statement, the Disclosure
Package or the Final Offering Document, (iii)&nbsp;of the mailing or the delivery to the Commission for filing of any amendment
of or supplement to the Registration Statement, the Disclosure Package or the Final Offering Document, (iv)&nbsp;of the issuance
by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment
thereto or of the initiation, or the threatening, of any proceedings therefor, and (v)&nbsp;of the receipt of any comments from
the Commission. If the Commission shall propose or enter a stop order at any time, the Company will make every reasonable effort
to prevent the issuance of any such stop order and, if issued, to obtain the prompt lifting of such order.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If,
during such period after the commencement of the offering of the International Offered Securities any International Underwriter
or International Agent or any dealer is required by law to deliver a prospectus, any event occurs as a result of which the Disclosure
Package or the Final Offering Document, as then amended or supplemented, would include any untrue statement of a material fact
or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading, or if it should be necessary to amend or supplement the Disclosure Package or the Final Offering Document
to comply with applicable law, the Company promptly (i)&nbsp;will notify the Representatives and the Selling Shareholder of any
such event, (ii)&nbsp;subject to the requirements of paragraph (b)&nbsp;of this Section&nbsp;6, will prepare an amendment or supplement
that will correct such statement or omission or effect such compliance and (iii)&nbsp;will supply any supplemented or amended
Disclosure Package or Final Offering Document to such International Underwriter and International Agent and counsel for such International
Underwriter and International Agent, and the Selling Shareholder, without charge, in such quantities as such International Underwriter
or International Agent may reasonably request.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company will (i)&nbsp;prepare the Prospectus Supplement in a form reasonably satisfactory to the Representatives, (ii)&nbsp;file
the Prospectus Supplement with the Commission pursuant to Rule&nbsp;424(b)&nbsp;within two Business Days of the date hereof and
(iii)&nbsp;advise the Representatives promptly of the filing of the Prospectus Supplement pursuant to Rule&nbsp;424(b).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company will promptly deliver to Simpson Thacher&nbsp;&amp; Bartlett LLP a copy of the Registration Statement, as initially filed
and all amendments thereto, including all consents and exhibits filed therewith, and will maintain in the Company&rsquo;s files
manually signed copies of such documents for at least five years after the date of filing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Prior
to the completion of the distribution of the Common ADSs by the International Underwriters and the International Offered Shares
by the International Agents (as determined by the Representatives), the Company will not, will not permit any of its subsidiaries
to and will request its affiliates not to, acquire any International Offered Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company will cooperate with the International Underwriters and will take all such action as is necessary to permit the Common
ADSs to be eligible for clearance and settlement through DTC.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company will comply with Rule&nbsp;433(d)&nbsp;under the Securities Act (without reliance on Rule&nbsp;164(b)&nbsp;under the Securities
Act) and with Rule&nbsp;433(g)&nbsp;under the Securities Act, in respect of any Permitted Free Writing Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company will not, will not permit any of its subsidiaries to and will request its affiliates not to, offer, sell or solicit offers
to buy or otherwise negotiate in respect of any security (as defined in the Securities Act) the offering of which security could
be integrated with the sale of the International Offered Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Neither
the Company, nor any of its subsidiaries or affiliates, will take, directly or indirectly, any action designed to or that could
reasonably be expected to cause or result in any stabilization or manipulation of the price of the International Offered Securities.
Neither the Company nor any of its subsidiaries or affiliates will issue, without the prior consent of the Representatives, any
stabilization announcement referring to the proposed issue of the International Offered Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Prior
to the Closing Date, neither the Company nor its affiliates will issue any press release or other communications directly or indirectly
or hold any press conference relating to the International Offered Securities, without each Representative&rsquo;s prior consent
(which shall not be unreasonably withheld), unless in the judgment of either of the Company and its counsel, and after notification
to each Representative, such press release or communication is required by law or except as issued or held, as the case may be,
in accordance with the applicable regulations promulgated under the Securities Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company will furnish a copy of each amendment of this Agreement to each Representative.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company will use its reasonable best efforts to maintain the Common ADSs listed on the NYSE after the Closing Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Covenants
of the Selling Shareholder</U></FONT>. The Selling Shareholder agrees with each International Underwriter and the International
Agents as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Selling Shareholder will not, at any time at or after the execution of this Agreement, offer or sell any International Offered
Securities by means of any &ldquo;prospectus&rdquo; (within the meaning of the Securities Act), or use any &ldquo;prospectus&rdquo;
(within the meaning of the Securities Act) in connection with the offer or sale of the International Offered Securities, in each
case other than the most recent Pre-Pricing Prospectus or the Final Offering Document.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Selling Shareholder will not to take, directly or indirectly, any action designed, or which will constitute, or has constituted,
or might reasonably be expected to cause or result in the stabilization or manipulation of the price of any equity security of
the Company to facilitate the sale or resale of the Common ADSs or the placement of the International Offered Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Selling Shareholder will use the net proceeds received by it from the sale of the International Offered Securities in the manner
specified in the Pre-Pricing Prospectus and the Final Offering Document under the caption &ldquo;Use of Proceeds.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
requested, the Selling Shareholder will deliver to the Representatives, on the date of execution of this Agreement, a properly
completed and executed Certification Regarding Beneficial Owners of Legal Entity Customers, together with copies of identifying
documentation, and the Selling Shareholder undertakes to provide such additional supporting documentation as the Representatives
may reasonably request in connection with the verification of the foregoing certification.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
any of the International Underwriters or International Agents within the scope of an inspection conducted by a competent authority
is requested by any governmental body, local authority or judicial, administrative or arbitral body with jurisdiction over its
activities to provide any document or information relating to the contracting of the International Underwriters or International
Agents as underwriters and agents in the International Offering (&ldquo;<U>Corroborating Documents</U>&rdquo;), the Selling Shareholder
shall, upon receipt of written notice from any International Underwriter and/or International Agent, (x)&nbsp;promptly provide
to such International Underwriter and/or International Agent a copy of any Corroborating Documents that are necessary to allow
such International Underwriter and/or International Agent to establish a defense in connection with such inspection, and (y)&nbsp;assist
such International Underwriter and/or International Agent in connection with such inspection.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Selling Shareholder will deliver to the Representatives prior to or at time of delivery of the International Offered Securities
a properly completed and executed United States Treasury Department Form&nbsp;W-8 or W-9, as applicable (or other applicable form
or statement specified by the Treasury Department regulations in lieu thereof), in order to facilitate the International Underwriters&rsquo;
documentation of their compliance with the reporting and withholding provisions of U.S. federal income tax law in respect to the
transactions herein contemplated.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Conditions
to the Obligations of the International Underwriters and International Agents</U></FONT>. The obligations of each International
Underwriter and International Agent to purchase the Common ADSs and place the International Offered Shares, respectively, shall
be subject to the following conditions:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Registration Statement shall be effective and no stop order suspending the effectiveness of the Registration Statement shall be
in effect on the Closing Date and no proceedings for such purpose, pursuant to Section&nbsp;8A under the Securities Act, shall
be pending before, or threatened by, the Commission on the Closing Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company shall have filed the Prospectus Supplement with the Commission pursuant to Rule&nbsp;424(b)&nbsp;within two Business Days
of the date hereof and all documents incorporated therein by reference shall have been filed with the Commission prior to the
date of such filing, and each Issuer Free Writing Prospectus shall have been timely filed with the Commission under the Securities
Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">On
or prior to the Closing Date a copy of the Registration Statement, as initially filed and all amendments thereto, including all
consents and exhibits filed therewith shall have been delivered to the Representatives.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">All
of the applicable taxes, fees and other charges due and owing in connection with the execution and delivery of this Agreement
shall have been paid by the Selling Shareholder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
representations and warranties of the Company and the Selling Shareholder in this Agreement shall be true and correct on the date
hereof, and as of the Closing Date, with the same effect as if made on the Closing Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Representatives shall have received from the Selling Shareholder a lock-up letter substantially in the form of <U>Schedule C</U>
hereto, duly executed by the Selling Shareholder and addressed to the Representatives.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Representatives shall have received from PwC, the independent registered public accountants for the Company, (x)&nbsp;on the date
hereof, a comfort letter dated the date hereof addressed to the International Underwriters and the International Agents, in form
and substance reasonably satisfactory to the Representatives, with respect to the financial statements and certain financial information
of Fibria Celulose S.A., the Company and its subsidiaries contained or incorporated by reference in the Final Offering Document
(including the documents incorporated by reference therein) and (y)&nbsp;on the Closing Date, a &ldquo;bring down&rdquo; comfort
letter, dated the Closing Date, in form and substance reasonably satisfactory to the Representatives.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company shall have furnished to the Representatives:</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">a
certificate of the Company, signed by an authorized officer of the Company acceptable to the Representatives, dated the Closing
Date and in form and substance reasonably satisfactory to the Representatives certifying:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(1)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">that
the conditions set forth in subsections (a)&nbsp;and (b)&nbsp;of this Section&nbsp;8 have been satisfied;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(2)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">that
no stop order suspending the effectiveness of the Registration Statement, the Disclosure Package or the Final Offering Document
or any amendment or supplement thereto has been issued and no proceedings therefor have been initiated or threatened by the Commission;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(3)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">that
the representations and warranties of the Company in this Agreement are true and correct on and as of the Closing Date with the
same effect as if made on the Closing Date, and the Company has complied with all the agreements and satisfied all the conditions
on its part to be performed or satisfied hereunder at or prior to the Closing Date;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(4)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">that
since the date of the most recent financial statements included in the Disclosure Package (exclusive of any amendment or supplement
thereto), there has been no material adverse change in the condition (financial or otherwise), prospects, earnings, business or
properties of the Company, taken as a whole, whether or not arising from transactions in the ordinary course of business, except
as set forth in or contemplated by the Disclosure Package (exclusive of any amendment or supplement thereto);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(5)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">as
to the incumbency of the officers or representatives of the Company signing this Agreement and the other documents delivered hereunder
on behalf of the Company and containing specimen signatures thereof; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(6)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">that
the <I>Estatuto Social </I>of the Company has not been amended and is in full force and effect, copies of which shall be attached
to such certificate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">a
certificate of the Chief Financial Officer of the Company, dated the Closing Date, addressing certain financial information included
and/or incorporated by reference in the Registration Statement, the Disclosure Package and the Final Offering Document as circled
in Exhibit&nbsp;A thereto, in form and substance reasonably satisfactory to the Representatives.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Selling Shareholder shall have furnished to the Representatives a certificate, signed by an authorized officer of the Selling
Shareholder acceptable to the Representatives, dated the Closing Date and in form and substance reasonably satisfactory to the
Representatives, certifying:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">that
the representations and warranties of the Selling Shareholder in this Agreement are true and correct on and as of the Closing
Date with the same effect as if made on the Closing Date, and the Selling Shareholder has complied with all the agreements and
satisfied all the conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">as
to the incumbency of the officers or representatives of the Selling Shareholder signing this Agreement and the other documents
delivered hereunder and thereunder on behalf of the Selling Shareholder and containing specimen signatures thereof; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">that
the <I>Estatuto Social </I>of the Selling Shareholder has not been amended and is in full force and effect, copies of which shall
be attached to such certificate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Subsequent
to the date hereof and on or prior to the Closing Date, there shall not have been any decrease in the rating of any of the Company&rsquo;s
debt securities by any &ldquo;nationally recognized statistical rating organization&rdquo; (as defined for the purposes of Section&nbsp;3(a)(62)
of the Exchange Act) or any notice given of any intended or potential decrease in any such rating or of a possible change in any
such rating that does not indicate the direction of such possible change, or any withdrawal of any such rating.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Subsequent
to the date hereof and on or prior to the closing of the sale and placement of the International Offered Securities, no legislation
shall have been enacted by either house of the United States or Brazilian congress or by any state legislature, no other action
shall have been taken by any Government Authority, whether by order, regulation, rule, ruling or otherwise, and no decision shall
have been rendered by any court of competent jurisdiction in the United States, Brazil, or any other country, which would have
a Material Adverse Effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">On
the Closing Date, none of the events listed below shall have occurred and be continuing:</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">a
default in the performance or observance by the Company or the Selling Shareholder of any covenant or agreement made by it under
this Agreement;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">proceedings
shall have been commenced against the Company or the Selling Shareholder under any Brazilian, United States, or other bankruptcy
act or other foreign, federal or state law relating to bankruptcy or insolvency or laws relating to the relief of debtors, readjustments
of indebtedness, reorganizations, arrangements, compositions or extensions, or appointing a receiver or decreeing or ordering
the winding up or liquidation of the affairs of the Company or the Selling Shareholder or similar proceedings for any relief which
includes or might result in, any material modification of the obligations of the Company or the Selling Shareholder under this
Agreement; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Company or the Selling Shareholder shall have instituted proceedings to be adjudicated insolvent or a bankrupt or shall have consented
to the institution of bankruptcy or insolvency proceedings against it or shall have filed a petition or answer or consent seeking
reorganization or relief under any Brazilian, United States or other bankruptcy act or any other federal or state law relating
to bankruptcy or insolvency or shall have consented to the appointment of a receiver or shall have made an assignment for the
benefit of creditors or shall have admitted in writing its inability to pay its debts.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Subsequent
to the date hereof and on or prior to the Closing Date or, if earlier, the dates as of which information is given in the Disclosure
Package (exclusive of any amendment or supplement thereto), there shall not have been (i)&nbsp;any material change or decrease
in any of the financial line items specified in the letter or letters referred to in paragraphs (e)&nbsp;and (f)&nbsp;of this
Section&nbsp;8 or (ii)&nbsp;any change, or any development involving a prospective change, in or affecting the condition (financial
or otherwise), prospects, earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not
arising from transactions in the ordinary course of business, except as set forth or contemplated in the Disclosure Package (exclusive
of any amendment or supplement thereto) the effect of which, in any case referred to in clause (i)&nbsp;or (ii)&nbsp;above, is,
in the judgment of the Representatives, so material and adverse as to make it impractical or inadvisable to market the International
Offered Securities as contemplated by the Disclosure Package (exclusive of any amendment or supplement thereto).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Representatives shall have received from Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP, special United States counsel to the Company,
a legal opinion (including a disclosure letter covering the Disclosure Package and the Final Offering Document), dated the Closing
Date and addressed to the International Underwriters and International Agents, in form and substance reasonably acceptable to
the Representatives.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(o)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Representatives shall have received from White&nbsp;&amp; Case LLP, special United States counsel to the Selling Shareholder,
a legal opinion, dated the Closing Date and addressed to the International Underwriters and International Agents, in form and
substance reasonably acceptable to the Representatives.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(p)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Representatives shall have received a legal opinion (including a disclosure opinion covering the Disclosure Package and the Final
Offering Document) of Pinheiro Guimar&atilde;es &ndash; Advogados, special Brazilian counsel for the Company, dated the Closing
Date and addressed to the International Underwriters and the International Agents, in form and substance reasonably acceptable
to the Representatives.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(q)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Representatives shall have received a legal opinion of the Superintendent of the Legal Division of the Selling Shareholder, acting
as Brazilian counsel to the Selling Shareholder, dated the Closing Date and addressed to the International Underwriters and the
International Agents, in form and substance reasonably acceptable to the Representatives.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(r)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Representatives shall have received a legal opinion (including a disclosure opinion covering the Disclosure Package and the Final
Offering Document) of Lefosse Advogados, special Brazilian counsel for the International Underwriters and the International Agents,
in form and substance reasonably acceptable to the Representatives, dated the Closing Date and addressed to the International
Underwriters and the International Agents (it being understood that the Company shall have furnished to such counsel such documents
as they request for the purposes of enabling them to pass on such matters).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(s)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Representatives shall have received a legal opinion (including a disclosure opinion covering the Disclosure Package and the Final
Offering Document) from Simpson Thacher&nbsp;&amp; Bartlett LLP, special United States counsel to the International Underwriters
and the International Agents, in form and substance reasonably acceptable to the Representatives, dated the Closing Date and addressed
to the International Underwriters and the International Agents (it being understood that the Company shall have furnished to such
counsel such documents as they request for the purpose of enabling them to pass upon such matters).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(t)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Representatives shall have received a legal opinion from Emmet, Marvin&nbsp;&amp; Martin LLP, special United States counsel to
the Depositary, in form and substance reasonably acceptable to the Representatives, dated the Closing Date and addressed to the
International Underwriters and the International Agents (it being understood that the Company shall have furnished to such counsel
such documents as they request for the purpose of enabling them to pass upon such matters).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(u)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
closing of the purchase of the Brazilian Offered Shares and the International Offered Shares to be sold by the Selling Shareholder
pursuant to the Brazilian Underwriting Agreement shall occur concurrently with the closing of the purchase of the Common ADSs
described herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
listing of the Common ADSs on the NYSE shall be in full force and effect and the listing of the International Offered Shares on
the B3 shall be in full force and effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(w)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Common ADSs shall be eligible for clearance and settlement through the DTC.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(x)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Deposit Agreement shall be in full force and effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(y)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Depositary shall have furnished to the Representatives a certificate, signed by an authorized officer of the Selling Shareholder
acceptable to the Representatives, dated the Closing Date and in form and substance reasonably satisfactory to the Representatives,
with respect to the deposit with the custodian under the Deposit Agreement of the Common Shares underlying the ADSs to be purchased
against issuance of the ADRs evidencing such ADSs and the execution, issuance, countersignature and delivery of the ADRs evidencing
such ADSs pursuant to the Deposit Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(z)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Prior
to the Closing Date, the Company and the Selling Shareholder shall have furnished to the Representatives such further information,
certificates and documents as the Representatives may reasonably request.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(aa)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">None
of the events contemplated in Section&nbsp;11 of this Agreement shall have occurred.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any of the conditions specified in this
Section&nbsp;8 shall not have been fulfilled in all material respects when and as provided in this Agreement, or if any of the
opinions and certificates mentioned above or elsewhere in this Agreement shall not be in all material respects reasonably satisfactory
in form and substance to the Representatives and counsel for the International Underwriters and the International Agents, this
Agreement and all obligations of the International Underwriters and the International Agents hereunder may be canceled at, or
at any time prior to, the Closing Date by the Representatives. Notice of such cancellation shall be given to the Company and the
Selling Shareholder in writing or by telephone or facsimile confirmed in writing.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The documents required to be delivered
by this Section&nbsp;8 will be delivered (via e-mail or otherwise) at the office of Simpson Thacher&nbsp;&amp; Bartlett LLP, at
425 Lexington Avenue, New York, NY 10017, on the Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Expenses;
No Gross-Up</U></FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Expenses
of the International Underwriters and International Agents</I>. Each International Underwriter and International Agent agrees
that the International Underwriters and International Agents will pay or reimburse, as applicable, all costs and expenses relating
to the offering of International Offered Securities, including, without limitation, payment or reimbursement of all fees, expenses
and disbursements arising for coordinating and structuring of the transaction, including (i)&nbsp;all fees and expenses in connection
with preparing, negotiating and entering into all documents required for the transaction, and any filing or registration with
or other required authorizations from, or any other measures before, any regulatory authorities in Brazil and the US, including,
but not limited to, the SEC, the CVM, FINRA, the NYSE, the B3, ANBIMA the Central Bank of Brazil or any other US, Brazilian or
other authority, and any related notarization, consularization and translation of the documents; (ii)&nbsp;all fees and expenses
in connection with any pre-marketing meetings with potential investors in accordance with applicable law; (iii)&nbsp;except as
otherwise agreed with the International Underwriters and International Agents, all roadshow travel and any marketing expenses;
(iv)&nbsp;all expenses in connection with printing and distributing of offering documents and any other printed materials, publications
in newspapers, magazines or any other media, including any such publications required by law as a condition for the transaction
in the US, Brazil or elsewhere; (v)&nbsp;any costs incurred in connection with the (A)&nbsp;furnishing of any required information
to the Comptroller General of Brazil (<I>Tribunal de Contas da Uni&atilde;o</I>), Executive, Legislative and Judiciary branches,
professional associations and any other similar entities and (B)&nbsp;participation in meetings, pre- and post-transaction, with
any such entities in subclause (A)&nbsp;in relation to the advice provided to the Selling Shareholder in respect of the divestment
process; (vi)&nbsp;all expenses incurred in connection with any rules&nbsp;issued by the CVM (including CVM Instruction No.&nbsp;400)
for purposes of the transaction, including any related to distribution to retail investors; (vii)&nbsp;the cost for United States,
Brazilian and any other local or international counsels for the International Underwriters and International Agents; (viii)&nbsp;reimbursement
of all reasonable fees and expenses for United States, Brazilian and any other local or international counsel engaged by the Company;
(ix)&nbsp;reimbursement of any fees and expenses relating to the participation of the Company&rsquo;s auditors, PricewaterhouseCoopers
Auditores Independentes, engaged by the Company to provide customary &ldquo;comfort&rdquo; and diligence responses in connection
with the transaction; (ix)&nbsp;all costs related to the creation and maintenance of an intermediary agent or trust, if any, required
in connection with the transaction; (x)&nbsp;all expenses in connection with meetings with, or other measures before, the Company
for purposes of the transaction; and (xi)&nbsp;any other fees or expenses approved by the Representatives on behalf of the International
Underwriters and International Agents. For the avoidance of doubt, the obligations of the International Underwriters and International
Agents with respect to the foregoing costs and expenses shall be several, in proportion to their participation in the offering
of the Offered Securities, and not joint.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Expenses
of the Selling Shareholder</I>. The Selling Shareholder will pay for its own costs and expenses relating to the offering of International
Offered Securities, including, without limitation, (i)&nbsp;costs and expenses related to travel and accommodation of the Selling
Shareholders&rsquo; personnel in connection with the offering; (ii)&nbsp;costs and expenses of its United States counsel; and
(iii)&nbsp;other expenses incurred directly by the Selling Shareholder, including but not limited to, any required director&rsquo;s
and officer&rsquo;s insurance for officers and directors of the Company in respect of this offering.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Gross-up by the Selling Shareholder</I>. The International Underwriters, the International Agents and the Brazilian Underwriters
shall be solely responsible, to the extent they are considered the taxpayer under the applicable law, for payments of any taxes,
duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf
of any applicable taxing jurisdiction on the payments due by the Selling Shareholder to the International Underwriters, the International
Agents and the Brazilian Underwriters under the Transaction Documents; <I>provided that </I>if the Selling Shareholder incurs
such taxes, duties, assessments or governmental charges (or if the Selling Shareholder is otherwise required to withhold or deduct
under applicable law from amounts otherwise due to the International Underwriters, the International Agents or the Brazilian Underwriters
by the Selling Shareholder), the Selling Shareholder may withhold from any payment due to the International Underwriters, the
International Agents or the Brazilian Underwriters, as the case may be, an amount equivalent to such taxes, duties, assessments
or governmental charges (or such amount the Selling Shareholder is otherwise required to withhold or deduct under applicable law)
and the Selling Shareholder will not pay any additional amount in relation thereto. If the Selling Shareholder (as applicable)
does not so withhold with respect to payments made to the International Underwriters, the International Underwriters, shall promptly
on demand reimburse, severally and not jointly on a <I>pro rata </I>basis based on the number of Common ADSs which such International
Underwriter agreed to purchase hereunder, the Selling Shareholder for any such taxes, duties, assessments or governmental charges.
For the avoidance of doubt, no additional amounts shall be paid by the Selling Shareholder to the International Underwriters in
respect of any Brazilian tax imposed on the fees payable to the International Underwriters, and if the Selling Shareholder is
required to pay such taxes directly, the International Underwriters shall promptly reimburse, severally and not jointly, the Selling
Shareholder for such taxes on a <I>pro rata </I>basis (based on the number of Common ADSs which such International Underwriter
agreed to purchase hereunder).</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;10.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Indemnification
and Contribution</U></FONT>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company agrees to indemnify and hold harmless each International Underwriter, each International Agent, their respective affiliates,
partners, members, directors, officers, employees and agents and each person, if any, who controls any of the International Underwriters
or International Agents within the meaning of the Securities Act or the Exchange Act from and against any and all losses, claims,
damages and liabilities (including, without limitation, reasonable legal fees and other expenses incurred in connection with any
suit, action or proceeding or any claim asserted, as such fees and expenses are incurred) incurred by such person, joint or several,
to which they or any of them may become subject under the Securities Act, the Exchange Act, or other existing Federal or state
statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of, or are based upon (i)&nbsp;any untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement at the effective date thereof and as of the date of any amendment thereof or supplement
thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated
therein or necessary in order to make the statements therein, not misleading, or (ii)&nbsp;any untrue statement or alleged untrue
statement of a material fact contained in (A)&nbsp;the Disclosure Package as of the date thereof, the Closing Date (including,
for this purpose, documents incorporated by reference therein), the date of any amendment thereof or supplement thereto and as
of any date delivery thereof is required under applicable law, (B)&nbsp;the Final Offering Document, or in any amendment thereof
or supplement thereto, in each case as of the date thereof, the Closing Date (including, for this purpose, documents incorporated
by reference therein), the date of any amendment thereof or supplement thereto and as of any date delivery thereof is required
under applicable law or (C)&nbsp;any Issuer Free Writing Prospectus or the omission or alleged omission to state in the documents
described in this Section&nbsp;10(a)(ii)&nbsp;a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading and agrees to reimburse each such indemnified party, as incurred, for any legal or
other documented expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage,
liability or action; <I>provided</I>, <I>however</I>, that the Company will not be liable in any such case to the extent that
any such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with any Underwriter Information (as defined below). This indemnity
agreement is in addition to any liability that the Company may otherwise have.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Selling Shareholder agrees to indemnify and hold harmless each International Underwriter, each International Agent, their respective
affiliates, partners, members, directors, officers, employees and agents and each person, if any, who controls any of the International
Underwriters or International Agents within the meaning of the Securities Act or the Exchange Act from and against any and all
duly documented losses, claims, damages and liabilities (including, without limitation, reasonable legal fees and other expenses
incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred) incurred
by such person, joint or several, to which they or any of them may become subject under the Securities Act, the Exchange Act,
or other existing Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of, or are based upon (i)&nbsp;any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement at the effective date thereof and as of the date of any amendment
thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material
fact required to be stated therein or necessary in order to make the statements therein, not misleading or (ii)&nbsp;any untrue
statement or alleged untrue statement of a material fact contained in (A)&nbsp;the Disclosure Package as of the date thereof,
the Closing Date (including, for this purpose, documents incorporated by reference therein), the date of any amendment thereof
or supplement thereto and as of any date delivery thereof is required under applicable law, (B)&nbsp;the Final Offering Document,
or in any amendment thereof or supplement thereto, in each case as of the date thereof, the Closing Date (including, for this
purpose, documents incorporated by reference therein), the date of any amendment thereof or supplement thereto and as of any date
delivery thereof is required under applicable law or (C)&nbsp;any Issuer Free Writing Prospectus or the omission or alleged omission
to state in the documents described in this Section&nbsp;10(b)(ii)&nbsp;a material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading, and agrees to reimburse each such indemnified party,
as incurred, for any legal or other documented expenses reasonably incurred by them in connection with investigating or defending
any such loss, claim, damage, liability or action; <I>provided, however</I>, that the Selling Shareholder will not be liable in
any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement
or alleged untrue statement or omission or alleged omission made in the Registration Statement, the Disclosure Package, the Final
Offering Document or any Issuer Free Writing Prospectus, or in any amendment thereof or supplement thereto, in reliance upon and
in conformity with any information other than the Selling Shareholder Information and, in any event, the Selling Shareholder shall
not be responsible, pursuant to this Section&nbsp;10(b)&nbsp;and Section&nbsp;17.2.2 of the Brazilian Underwriting Agreement,
for losses, damages, expenses, liabilities or claims for an amount in excess of the net proceeds (after underwriting discounts
but before expenses and taxes) received by the Selling Shareholder from the offering and sale of the Common Shares, including
Common Shares in the form of Common ADSs, pursuant to the Transaction Documents.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
International Underwriter and each International Agent severally and not jointly agrees to indemnify and hold harmless the Company,
the Selling Shareholder, and their respective directors and officers and each person, if any, who controls the Company or the
Selling Shareholder within the meaning of the Securities Act or the Exchange Act from and against any and all duly documented
losses, claims, damages and liabilities (including, without limitation, reasonable legal fees and other expenses incurred in connection
with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred) incurred by such person, joint
or several, to which they or any of them may become subject under the Securities Act, the Exchange Act, or other existing Federal
or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of, or are based upon (i)&nbsp;any untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement at the effective date thereof and as of the date of any amendment thereof or supplement
thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated
therein or necessary in order to make the statements therein, not misleading or (ii)&nbsp;any untrue statement or alleged untrue
statement of a material fact contained in (A)&nbsp;the Disclosure Package as of the date thereof, the Closing Date (including,
for this purpose, documents incorporated by reference therein), the date of any amendment thereof or supplement thereto and as
of any date delivery thereof is required under applicable law, (B)&nbsp;the Final Offering Document, or in any amendment thereof
or supplement thereto, in each case as of the date thereof, the Closing Date (including, for this purpose, documents incorporated
by reference therein), the date of any amendment thereof or supplement thereto and as of any date delivery thereof is required
under applicable law or (C)&nbsp;any Issuer Free Writing Prospectus or the omission or alleged omission to state in the documents
described in this Section&nbsp;10(c)(ii)&nbsp;a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or
other documented expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage,
liability or action; <I>provided</I>, <I>however</I>, that will not be liable in any such case to the extent that any such loss,
claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or
alleged omission made in the Registration Statement, the Disclosure Package, the Final Offering Document or any Issuer Free Writing
Prospectus, or in any amendment thereof or supplement thereto, in reliance upon and in conformity with any information other than
the written information relating to such International Underwriter and each International Agent furnished to the Company by or
on behalf of such International Underwriter and International Agent expressly for inclusion the such documents, it being understood
and agreed that only such information consists of the name of each International Underwriter and International Agent and the information
contained in the eleventh paragraph and, with respect to Banco Bradesco BBI S.A. only, the fifth paragraph, under the caption
 &ldquo;Underwriting&rdquo; in the Disclosure Package and the Final Offering Document (&ldquo;<U>Underwriter Information</U>&rdquo;);
<I>provided further</I> that each International Underwriter&rsquo;s and International Agent&rsquo;s aggregate liability to the
parties set forth above shall in no event exceed the amount of the underwriting discount received by such International Underwriter
or International Agent (net of taxes) pursuant to this Agreement. This indemnity agreement is in addition to any liability that
any International Underwriter or International Agent may otherwise have.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Promptly
after receipt by an indemnified party under this Section&nbsp;10 of notice of the commencement of any action, such indemnified
party will, if a claim in respect thereof is to be made against the indemnifying party under this Section&nbsp;10, notify the
indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i)&nbsp;will not
relieve it from liability under paragraph (a), (b)&nbsp;or (c)&nbsp;above unless and to the extent it did not otherwise learn
of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii)&nbsp;will
not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification
obligation provided in paragraph (a), (b)&nbsp;or (c)&nbsp;above. The indemnifying party shall be entitled to appoint counsel
of the indemnifying party&rsquo;s choice at the indemnifying party&rsquo;s expense to represent the indemnified party in any action
for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and
expenses of any separate counsel retained by the indemnified party or parties except as set forth below); <I>provided, however</I>,
that such counsel shall be satisfactory to the indemnified party. Notwithstanding the indemnifying party&rsquo;s election to appoint
counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel
(including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel
if (i)&nbsp;the indemnifying party and the indemnified party shall have mutually agreed to the contrary; (ii)&nbsp;the indemnifying
party has failed within a reasonable time to retain counsel reasonably satisfactory to the indemnified party; (iii)&nbsp;the indemnified
party shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition
to those available to the indemnifying party; or (iv)&nbsp;the named parties in any such proceeding (including any impleaded parties)
include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be
inappropriate due to actual or potential conflicts of interests between them. It is understood, however, that the indemnifying
party shall, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of only one separate
firm of attorneys (in addition to any local counsel) at any time for all such indemnified parties. The indemnifying party shall
not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if
there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify each indemnified party from and against
any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified
party shall have requested that an indemnifying party reimburse the indemnified party for fees and expenses of counsel as contemplated
by this paragraph, the indemnifying party shall be liable for any settlement of any proceeding effected without its written consent
if (i)&nbsp;such settlement is entered into more than 30 days after receipt by the indemnifying party of such request and (ii)&nbsp;the
indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement.
An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent
to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification
or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim
or action) unless (x)&nbsp;such settlement, compromise or consent (i)&nbsp;includes an unconditional release of such indemnified
party, in form and substance reasonably satisfactory to such indemnified party, from all liability arising out of such claim,
action suit or proceeding and (ii)&nbsp;does not include any statement as to or any admission of fault, culpability or a failure
to act by or on behalf of any indemnified party, and (y)&nbsp;the indemnifying party confirms in writing its indemnification obligations
hereunder with respect to such settlement, compromise or judgment.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
the event that the indemnity provided in paragraph (a),(b)&nbsp;or (c)&nbsp;of this Section&nbsp;10 is unavailable to or insufficient
to hold harmless an indemnified party for any reason, the Company, the Selling Shareholder and the International Underwriters
and International Agents severally agree to contribute to the aggregate losses, claims, damages and liabilities (including legal
or other documented expenses reasonably incurred in connection with investigating or defending the same) (collectively &ldquo;<U>Losses</U>&rdquo;)
to which the Company, the Selling Shareholder and one or more of the International Underwriters and International Agents may be
subject in such proportion as is appropriate to reflect the relative benefits received by the Company or the Selling Shareholder
on the one hand and by the International Underwriters and International Agents on the other from the offering of the Offered Securities;
<I>provided, however</I>, that in no case shall any International Underwriters and International Agents (except as may be provided
in any agreement among underwriters relating to the offering of the International Offered Securities) be required to contribute
any amount in excess of the underwriting discount or commission applicable to the International Offered Securities placed by such
International Underwriters and International Agents hereunder. If the allocation provided by the immediately preceding sentence
is unavailable for any reason, the Company, the Selling Shareholder and each of the International Underwriters and International
Agents severally shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the
relative fault of the Company or the Selling Shareholder on the one hand and of each of the International Underwriters and International
Agents on the other in connection with the statements or omissions which resulted in such Losses as well as any other relevant
equitable considerations. The relative benefits received by the Company and the Selling Shareholder on the one hand and each of
the International Underwriters and International Agents on the other shall be deemed to be equal to the total net proceeds from
the offering (after underwriting discounts and commissions but before deducting taxes and expenses) received by the Company and
the Selling Shareholder from the placement of Offered Securities and the total underwriting discounts and commissions (before
deducting taxes and expenses) received by the International Underwriters and International Agents, respectively, in each case
as set forth on the cover page&nbsp;of the prospectus. The relative fault of the Company or the Selling Shareholder, on the one
hand, and each of the International Underwriters and International Agents, on the other, shall be determined by reference to,
among other things, whether any untrue or any alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information provided by the Company or the Selling Shareholder on the one hand or each of
the International Underwriters and International Agents on the other, the intent of the parties and their relative knowledge,
access to information and opportunity to correct or prevent such untrue statement or omission. The Company, the Selling Shareholder
and each of the International Underwriters and International Agents agree that it would not be just and equitable if contribution
were determined by pro rata allocation (even if each of the International Underwriters and International Agents were treated as
one entity for such purpose) or any other method of allocation which does not take account of the equitable considerations referred
to above. Notwithstanding the provisions of this paragraph (e), no person guilty of fraudulent misrepresentation (within the meaning
of Section&nbsp;11(f)&nbsp;of the Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. For purposes of this Section&nbsp;10, each person who controls an International Underwriter and
International Agent within the meaning of either the Securities Act or the Exchange Act and each director, officer, employee,
affiliate and agent of an International Underwriter and International Agent shall have the same rights to contribution as such
International Underwriter and International Agent, and each person who controls the Company within the meaning of either the Securities
Act or the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director of the
Company shall have the same rights to contribution as the Company, and each person who controls the Selling Shareholder within
the meaning of either the Securities Act or the Exchange Act and each officer and director of the Selling Shareholder shall have
the same rights to contribution as the Selling Shareholder, subject in each case to the applicable terms and conditions of this
paragraph (e). Notwithstanding the provisions of this Section&nbsp;10, no International Underwriter or International Agent shall
be required to contribute any amount in excess of the amount by which such International Underwriter&rsquo;s or International
Agent&rsquo;s total underwriting discount (net of taxes) exceeds the amount of any damage which such International Underwriter
or International Agent has otherwise been required to pay by reason of such untrue statement or alleged untrue statement or omission
or alleged omission. The International Underwriters&rsquo; and International Agents&rsquo; respective obligations to contribute
pursuant to this Section&nbsp;10 are several in proportion to the aggregate principal amount of each of the International Underwriters
and International Agents set forth opposite their respective names in Schedule A hereto and not joint.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Termination</U></FONT>.
This Agreement shall be subject to termination in the absolute discretion of the Representatives, by notice given to the Company
and Selling Shareholder prior to delivery of and payment for the International Offered Securities, if at any time prior to such
time (i)&nbsp;trading in any of the Company&rsquo;s securities shall have been suspended by the B3 or the NYSE or trading in securities
generally on the NYSE, NASDAQ or the B3, shall have been suspended or limited or minimum prices shall have been established on
any such exchanges, or (ii)&nbsp;a banking moratorium shall have been declared either by U.S. Federal or New York State authorities
or by the relevant banking authorities in the United Kingdom or Brazil or if any material disruption in commercial banking or
securities settlement or clearance services shall have occurred, or (iii)&nbsp;any downgrading shall have occurred in the Company&rsquo;s
corporate credit rating or the rating accorded the Company&rsquo;s debt securities by any &ldquo;nationally recognized statistical
rating organization&rdquo; (as defined for purposes of Section&nbsp;3(a)(62) of the Exchange Act) or if any such organization
shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of the
Company&rsquo;s debt securities, or (iv)&nbsp;there shall have occurred any outbreak or escalation of hostilities, declaration
by the United States or Brazil of a national emergency or war or other calamity (including any terrorist act) or any crisis the
effect of which on financial markets is such as to make it, in the sole judgment of the Representatives, impracticable or inadvisable
to proceed with the offering, sale, delivery or placement of the International Offered Securities as contemplated by the Disclosure
Package and the Final Offering Document (exclusive of any amendment or supplement thereto).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Representations,
Covenants and Indemnities to Survive</U></FONT>. The respective agreements, representations, covenants, warranties, indemnities
and other statements of the Company, the Selling Shareholder or their officers and of the International Underwriters or International
Agents set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made
by or on behalf of any International Underwriter or International Agent or the Company or the Selling Shareholder or any of the
officers, directors or controlling persons referred to in Section&nbsp;10 hereof, and will survive delivery of and payment for
the International Offered Securities. The provisions of Sections 9 and 10 hereof shall survive the termination or cancellation
of this agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;13.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Increase
in International Underwriters&rsquo; Commitments</U></FONT>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Subject
to Sections 8 and 11 hereof, if any International Underwriter shall default in its obligation to take up and pay for the Common
ADSs to be purchased by it hereunder (otherwise than for a failure of a condition set forth in Section&nbsp;8 hereof or a reason
sufficient to justify the termination of this Agreement under the provisions of Section&nbsp;11 hereof) and if the number of Common
ADSs which all International Underwriters so defaulting shall have agreed but failed to take up and pay for does not exceed 10%
of the total number of Common ADSs, the non-defaulting International Underwriters (including the International Underwriters, if
any, substituted in the manner set forth below) shall take up and pay for (in addition to the aggregate number of Common ADSs
they are obligated to purchase pursuant to Section&nbsp;3 hereof) the number of Common ADSs agreed to be purchased by all such
defaulting International Underwriters, as hereinafter provided. Such Common ADSs shall be taken up and paid for by such non-defaulting
International Underwriters in such amount or amounts as the Representatives may designate with the consent of each International
Underwriter so designated or, in the event no such designation is made, such Common ADSs shall be taken up and paid for by all
non-defaulting International Underwriters <I>pro rata </I>in proportion to the aggregate number of Common ADSs set forth opposite
the names of such non-defaulting International Underwriters in <U>Schedule&nbsp;A</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Without
relieving any defaulting International Underwriter from its obligations hereunder, the Selling Shareholder agrees with the non-defaulting
International Underwriters that it will not sell any Common ADSs hereunder unless all of the Common ADSs are purchased by the
International Underwriters (or by substituted International Underwriters selected by the Representatives with the approval of
the Selling Shareholder or selected by the Selling Shareholder with the Selling Shareholders&rsquo; approval).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
a new International Underwriter or International Underwriters are substituted by the International Underwriters or by the Selling
Shareholder for a defaulting International Underwriter or International Underwriters in accordance with the foregoing provision,
the Selling Shareholder or the Representatives shall have the right to postpone the time of purchase for a period not exceeding
five Business Days in order that any necessary changes in the Registration Statement and the Final Offering Document and other
documents may be effected.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
term &ldquo;International Underwriter&rdquo; as used in this Agreement shall refer to and include any International Underwriter
substituted under this Section&nbsp;13 with like effect as if such substituted International Underwriter had originally been named
in <U>Schedule A</U> hereto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
the aggregate number of Common ADSs which the defaulting International Underwriter or International Underwriters agreed to purchase
exceeds 10% of the total number of Common ADSs which all International Underwriters agreed to purchase hereunder, and if neither
the non-defaulting International Underwriters nor the Selling Shareholder shall make arrangements within the five Business Day
period stated above for the purchase of all the Common ADSs which the defaulting International Underwriter or International Underwriters
agreed to purchase hereunder, this Agreement shall terminate without further act or deed and without any liability on the part
of the Company or the Selling Shareholder to any International Underwriter and without any liability on the part of any non-defaulting
International Underwriter to the Company or to the Selling Shareholder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nothing in this paragraph, and no action
taken hereunder, shall relieve any defaulting International Underwriter from liability in respect of any default of such International
Underwriter under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;14.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Notices</U></FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All communications hereunder will be in
writing and effective only on receipt, and shall be sent, mailed, delivered or telefaxed as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD><P STYLE="margin-top: 0; margin-bottom: 0"><U>BNDES Participa&ccedil;&otilde;es S.A. - BNDESPAR</U></P>
                                                                   <P STYLE="margin-top: 0; margin-bottom: 0"><U></U>Av. Rep&uacute;blica do Chile, 100</P>
                                                                   <P STYLE="margin-top: 0; margin-bottom: 0">Rio de Janeiro, RJ 20031-917</P>
                                                                   <P STYLE="margin-top: 0; margin-bottom: 0">Brazil</P>
                                                                   <P STYLE="margin-top: 0; margin-bottom: 0">Attention: Superintendent of the Capital Markets Division</P>
                                                                   <P STYLE="margin-top: 0; margin-bottom: 0">Email: pvalente@bndes.gov.br/supamc@bndes.gov.br</P></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">With a copy to (which shall not constitute notice):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">White&nbsp;&amp; Case LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Av. Brig. Faria Lima, 2.277 &ndash; 4<SUP>th</SUP>
Floor|</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">S&atilde;o Paulo, SP 01452-000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Donald Baker</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Email: <U>dbaker@whitecase.com</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD><U>Suzano S.A.</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Av. Brigadeiro Faria Lima, 1,355, 7<SUP>th</SUP> floor<BR>
S&atilde;o Paulo, SP, 01452-919<BR>
Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Marcelo Bacci</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Email: ir@suzano.com.br</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">With a copy to (which shall not constitute notice):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><U>Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP</U>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">One Liberty Plaza</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">New York, New York 10006</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">United States of America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Juan G. Gir&aacute;ldez</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Fax: +1 (212) 225-3999</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD><U>J.P. Morgan Securities LLC</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">383 Madison Avenue</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">New York, New York 10179</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">United States of America</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Equity Syndicate Desk</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Fax: +1 (212) 622 8358</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD><U>BofA Securities,&nbsp;Inc.</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">One Bryant Park</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">New York, New York 10036&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">United States of America</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Syndicate Department</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Fax: +1 (646) 855 3073&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">with a copy to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: ECM Legal</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Fax: +1 (212) 230 8730</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD><U>Banco Bradesco BBI S.A.</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Av. Pres. Juscelino Kubitschek, 1309, 10o andar</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">S&atilde;o Paulo, SP, Brasil &ndash; 04534004</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Isabela Behar</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Fax: +1 (212) 888 9142</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD><U>Itau BBA USA Securities,&nbsp;Inc.</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">540 Madison Avenue, 24th floor</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">New York, New York 10022</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">United States of America</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Chief Compliance Officer</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Fax: + 1 (212) 710 6734</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD><U>XP Investments US, LLC</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">55 West 46 Street, 30 Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">New York, New York 10036</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">United States of America&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Jared Wilson</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Fax: +1 (305) 397 1430</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">With a copy to (which shall not constitute notice):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><U>Simpson Thacher&nbsp;&amp; Bartlett LLP</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">425 Lexington Avenue&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">New York, NY 10017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: S. Todd Crider; Grenfel S. Calheiros</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Email: <U>tcrider@stblaw.com;</U> <U>gcalheiros@stblaw.com</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;15.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Successors</U></FONT>.
This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers
and directors and controlling persons referred to in Section&nbsp;10 hereof, and no other person will have any right or obligation
hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;16.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Jurisdiction</U></FONT>.
Each of the Company, the Selling Shareholder, the International Underwriters and the International Agents agrees that any suit,
action or proceeding against them, arising out of or based upon this Agreement or the transactions contemplated hereby, may be
instituted in any state or federal court in the Borough of Manhattan, City of New York, New York, or in the competent courts of
their own corporate domiciles with respect to actions brought against any of them as a defendant, and waive any objection which
they may now or hereafter have to the laying of venue of any such proceeding and any right to which any of them may be entitled
on account of places of residence or domicile, and irrevocably submit to the jurisdiction of such courts in any suit, action or
proceeding. The Company has appointed Cogency Global Inc., with offices located at 122 East 42<SUP>nd</SUP> Street, 18<SUP>th
</SUP>Floor, New York, New York 10168]as its authorized agent (the &ldquo;<U>Suzano Authorized Agent</U>&rdquo;), and the Selling
Shareholder has appointed the Selling Shareholder Authorized Agent, in each case upon whom process may be served in any suit,
action or proceeding arising out of or based upon this Agreement or the transactions contemplated herein which may be instituted
in any state or federal court in the City of New York, New York, by any International Underwriter or International Agent, the
directors, officers, employees and agents of any International Underwriter or International Agent, or by any person who controls
any International Underwriter or International Agent, and expressly accepts the jurisdiction of any such court in respect of any
such suit, action or proceeding. The Company represents and warrants that the Suzano Authorized Agent has accepted such appointment
and has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the filing
of any and all documents that may be necessary to continue such appointment in full force and effect as aforesaid. The Selling
Shareholder represents and warrants that the Selling Shareholder Authorized Agent has accepted such appointment and has agreed
to act as said agent for service of process, and the Selling Shareholder agrees to take any and all action, including the filing
of any and all documents that may be necessary to continue such appointment in full force and effect as aforesaid. Subject to
applicable law, service of process upon the Suzano Authorized Agent and the Selling Shareholder Authorized Agent shall be deemed,
in every respect, effective service of process upon the Company and the Selling Shareholder, respectively.</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<!-- Field: Split-Segment; Name: 4 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;17.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Governing
Law</U></FONT>. This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed
by and construed in accordance with the laws of the State of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;18.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Currency</U></FONT>.
Each reference in this Agreement to U.S. dollars is of the essence. To the fullest extent permitted by law, the obligation of
the Company and the Selling Shareholder in respect of any amount due under this Agreement will, notwithstanding any payment in
any other currency (whether pursuant to a judgment or otherwise), be discharged only to the extent of the amount in U.S. dollars
that the party entitled to receive such payment may, in accordance with its normal procedures, purchase with the sum paid in such
other currency (after any premium and costs of exchange) on the Business Day immediately following the day on which such party
receives such payment. If the amount in U.S. dollars that may be so purchased for any reason falls short of the amount originally
due, the Company or the Selling Shareholder, as the case may be, will pay such additional amounts, in U.S. dollars as may be necessary
to compensate for the shortfall. Any obligation of the Company or the Selling Shareholder not discharged by such payment will,
to the fullest extent permitted by applicable law, be due as a separate and independent obligation and, until discharged as provided
herein, will continue in full force and effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;19.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Waiver
of Immunity</U></FONT>. This Agreement and any other documents delivered pursuant hereto, and any action taken hereunder constitute
commercial acts by the Company and the Selling Shareholder. Each of the Company and the Selling Shareholder irrevocably and unconditionally
and to the fullest extent permitted by law, waives, and agrees not to plead or claim, any immunity from jurisdiction of any court
or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution
or otherwise) for itself or any of its property, assets or revenues wherever located with respect to its obligations, liabilities
or any other matter under or arising out of or in connection with this Agreement, or any document delivered pursuant hereto, in
each case for the benefit of each assigns, it being intended that the foregoing waiver and agreement will be effective, irrevocable
and not subject to withdrawal in any and all jurisdiction, and, without limiting the generality of the foregoing, agrees that
the waivers set forth in this Section&nbsp;19 shall have the fullest scope permitted under the United States Foreign Sovereign
Immunities Act of 1976 and are intended to be irrevocable for the purposes of such act.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;20.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Waiver
of Right to Trial by Jury</U></FONT>. EACH OF THE PARTIES HEREBY EXPRESSLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AGREEMENT OR IN ANY WAY CONNECTED
WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF ANY OF THE PARTIES WITH RESPECT TO THIS AGREEMENT WHETHER NOW EXISTING OR HEREAFTER
ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH OF THE PARTIES AGREES AND CONSENTS THAT ANY SUCH CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY OF THE PARTIES MAY&nbsp;FILE AN
ORIGINAL COUNTERPART&nbsp;OR A COPY OF THIS SECTION&nbsp;20 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES
HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;21.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Counterparts</U></FONT>.
This Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication),
each of which shall be an original and all of which together shall constitute one and the same instrument. Counterparts may be
delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform
Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other
transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and
effective for all purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;22.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Entire
Agreement</U></FONT>. This Agreement sets forth the entire agreement of the parties hereto with respect to the subject matter
hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;23.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Headings</U></FONT>.
The headings herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning
or interpretation of, this Agreement.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;24.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>No
Fiduciary, Agency or Advisory Relationship</U></FONT>. The Company and the Selling Shareholder hereby acknowledge that the International
Underwriters and the International Agents are acting solely as underwriters and placement agents, as the case may be, in connection
with the purchase, placement and sale of the International Offered Securities. The Company and the Selling Shareholder further
acknowledge that the International Underwriters and the International Agents are acting pursuant to a contractual relationship
created solely by this agreement entered into on an arm&rsquo;s length basis, and in no event do the parties intend that the International
Underwriters and the International Agents act or be responsible as a fiduciary, agent or advisor to the Company or the Selling
Shareholder, their respective management, stockholders or creditors or any other person in connection with any activity that the
International Underwriters and the International Agents may undertake or have undertaken in furtherance of the purchase and sale
of the Company&rsquo;s securities, either before or after the date hereof. The International Underwriters and the International
Agents hereby expressly disclaim any fiduciary, agency, advisory or similar obligations to the Company and the Selling Shareholder,
either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and
the Company and the Selling Shareholder hereby confirm their understanding and agreement to that effect. The Company, the Selling
Shareholder, the International Underwriters and the International Agents agree that they are responsible for making their own
independent judgments with respect to any such transactions and that any opinions or views expressed by the International Underwriters
and the International Agents to the Company and the Selling Shareholder regarding such transactions, including, but not limited
to, any opinions or views with respect to the price or market for the Company&rsquo;s securities, do not constitute advice or
recommendations to the Company or the Selling Shareholder. The Company and the Selling Shareholder hereby waive, to the fullest
extent permitted by law, any claims that they may have against the International Underwriters or the International Agents with
respect to any breach or alleged breach of any fiduciary or similar duty to either of the Company or the Selling Shareholder in
connection with the transactions contemplated by this Agreement or any matters leading up to such transactions. Any review by
the International Underwriters or the International Agents of the Company, the Selling Shareholder and the transactions contemplated
hereby or other matters relating to such transactions will be performed solely for the benefit of the International Underwriters
and the International Agents, as the case may be, and shall not be on behalf of the Company or the Selling Shareholder. Additionally,
neither the International Underwriters or International Agents is advising the Company, the Selling Shareholder or any other person
as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Company and the Selling Shareholder
shall consult with their own advisors concerning such matters and each shall be responsible for making its own independent investigation
and appraisal of the transactions contemplated hereby, and neither the International Underwriters or International Agents shall
have any responsibility or liability to the Company or the Selling Shareholder with respect thereto. Moreover, the Selling Shareholder
acknowledges and agrees that, although the International Underwriters or International Agents may be required or choose to provide
the Selling Shareholder with certain Regulation Best Interest and Form&nbsp;CRS disclosures in connection with the offering, the
International Underwriters or International Agents are not making a recommendation to any Selling Shareholder to participate in
the offering, enter into a &ldquo;lock-up&rdquo; agreement, or sell any International Offered Securities at the price determined
in the offering, and nothing set forth in such disclosures is intended to suggest that the International Underwriters or International
Agents is making such a recommendation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;25.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Recognition
of the U.S. Special Resolution Regimes</U></FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
the event that any International Underwriter or International Agent that is a Covered Entity becomes subject to a proceeding under
a U.S. Special Resolution Regime, the transfer from such International Underwriter or International Agent of this Agreement, and
any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective
under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation in or under this Agreement, were
governed by the laws of the United States or a state of the United States.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
the event that any International Underwriter or International Agent that is a Covered Entity or a BHC Act Affiliate of such International
Underwriter or International Agent becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under
this Agreement that may be exercised against such International Underwriter or International Agent are permitted to be exercised
to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were
governed by the laws of the United States or a state of the United States.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">For
purposes of this Section&nbsp;25, a &ldquo;BHC Act Affiliate&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo;
in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k). &ldquo;Covered Entity&rdquo; means any of the following:
(i)&nbsp;a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b);
(ii)&nbsp;a &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b);
or (iii)&nbsp;a &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).
 &ldquo;Default Right&rdquo; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect;
252.81, 47.2 or 382.1, as applicable. &ldquo;U.S. Special Resolution Regime&rdquo; means each of (i)&nbsp;the Federal Deposit
Insurance Act and the regulations promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act and the regulations promulgated thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;26.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Compliance
with USA Patriot Act.</U>&nbsp;&nbsp;</FONT>In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56
(signed into law October&nbsp;26, 2001)), the International Underwriters are required to obtain, verify and record information
that identifies their respective clients, including the Company and the Selling Stockholder, which information may include the
name and address of their respective clients, as well as other information that will allow the International Underwriters to properly
identify their respective clients.</P>

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

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

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

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left blank</I>]</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the foregoing is in accordance with
your understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this Underwriting and
Agency Agreement and your acceptance shall represent a binding agreement among Suzano, the Selling Shareholder, the International
Underwriters and the International Agents.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">J.P. MORGAN SECURITIES
    LLC,<BR>
 as International Underwriter and International Agent</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%">/s/ Fernando Rodriguez</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Fernando Rodriguez</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Executive Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature Page&nbsp;&ndash;
Underwriting and Agency Agreement]</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">BOFA SECURITIES,&nbsp;INC.,
    <BR>
    as International Underwriter and International Agent</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%">/s/ Hans Lin</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD>Hans Lin</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>Head of IBK Brazil</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature Page&nbsp;&ndash;
Underwriting and Agency Agreement]</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">BANCO BRADESCO BBI S.A.,
    <BR>
    as International Underwriter and International Agent</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%">/s/ Philip Searson</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD>Philip Searson</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>Managing Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page&nbsp;&ndash; Underwriting
and Agency Agreement]</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">ITAU BBA USA SECURITIES,&nbsp;INC.,
    <BR>
    as International Underwriter and International Agent</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%">/s/ Roderick Greenless</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD>Roderick Greenless</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>Managing Director</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%">/s/ Pedro Souza</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD>Pedro Souza</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>Managing Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page&nbsp;&ndash; Underwriting
and Agency Agreement]</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">XP INVESTMENTS US, LLC,
    <BR>
    as International Underwriter and International Agent</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%">/s/ Jared R Wilson</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD>Jared R Wilson</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>CCO</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page&nbsp;&ndash; Underwriting
and Agency Agreement]</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing Underwriting and Agency Agreement
is hereby confirmed and accepted by the Selling Shareholder as of the date first above written.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">BNDES PARTICIPA&Ccedil;&Otilde;ES S.A. - BNDESPAR</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%">/s/ Leonardo Cabral</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>Leonardo Cabral</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>Managing Director</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Bruno Laskowsky</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>Bruno Laskowsky</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>Managing Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt"><U>WITNESSES</U></FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Gustavo Pombel V. de Rezende</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Name: Gustavo Pombel V. de Rezende</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Matricula: AJ/JUINV - Chefe de Departamento</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Thiago Mota Fonseca</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name: Thiago Mota Fonseca</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Matricula: AJ/JUINV - Gerente</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature Page&nbsp;&ndash;
Underwriting and Agency Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing Underwriting and Agency Agreement
is hereby confirmed and accepted by the Company as of the date first above written.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">SUZANO S.A. </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%">/s/ Marcelo Feriozzi Bacci</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>Marcelo Feriozzi Bacci</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>CFO and IR Director</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Aires Galhardo</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>Aires Galhardo</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><U>WITNESSES</U></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Name:&#9;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Matricula: </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Name:&#9;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Matricula: </FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature Page&nbsp;&ndash;
Underwriting and Agency Agreement]</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">International Underwriters</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Number of Common ADSs</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt; text-align: left">J.P. Morgan Securities LLC</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; font-size: 10pt; text-align: right">4,613,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">BofA Securities,&nbsp;Inc.&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,141,750</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Banco Bradesco BBI S.A.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,141,750</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Itau BBA USA Securities,&nbsp;Inc.&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,141,750</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">XP Investments US, LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,141,750</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">13,180,000</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Schedule A - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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




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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Permitted Free Writin</U>g <U>Prospectuses</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Pricing Information Provided Orally by Underwriters</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Price per ADS to the public: U.S.$8.15</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Total number of ADSs offered: 13,180,000</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Total number of Common Shares offered: 137,037,425</P>

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

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Schedule B - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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




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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Form&nbsp;of Selling Shareholder Lock-up
Agreement</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September&nbsp;[&bull;], 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">383 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10179</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States of America</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One Bryant Park</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States of America</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Banco Bradesco BBI S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Av. Pres. Juscelino Kubitschek, 1309, 10o andar</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">S&atilde;o Paulo, SP, Brasil &ndash; 04534004</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Itau BBA USA Securities,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">540 Madison Avenue, 24th floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States of America</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">XP Investments US, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">55 West 46 Street, 30 Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY, 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States of America</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representatives of the several underwriters<BR>
named in the Underwriting Agreement</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As an inducement to the International Underwriters
to execute the Underwriting Agreement (the &ldquo;<B>Underwriting Agreement</B>&rdquo;), pursuant to which an offering will be
made that is intended to result in an orderly market for American depositary shares (&ldquo;<B>Common ADSs</B>&rdquo;), each representing
one common share (&ldquo;<B>Common Shares</B>&rdquo;), without par value, of Suzano S.A., and any successor (by merger or otherwise)
thereto, (the &ldquo;<B>Company</B>&rdquo;), the undersigned hereby agree that during the period specified in the following paragraph
(the &ldquo;<B>Lock-Up Period</B>&rdquo;), the undersigned will not enter into any swap, hedge or other arrangement that transfers,
in whole or in part, any of the economic consequences of ownership of the Common Shares, including in the form of Common ADSs,
whether any such aforementioned transaction is to be settled by delivery of the Common Shares, including in the form of Common
ADSs or such other securities, in cash or otherwise, or publicly disclose the intention to make any such offer, sale, pledge or
disposition, or to enter into any such transaction, swap, hedge or other arrangement, without, in each case, the prior written
consent of J.P. Morgan Securities LLC, BofA Securities,&nbsp;Inc., Banco Bradesco BBI S.A.,&nbsp;Itau BBA USA Securities,&nbsp;Inc.
and XP Investments US, LLC (the &ldquo;<B>Representatives</B>&rdquo;). The undersigned acknowledge and agree that the foregoing
precludes the undersigned from engaging in any hedging or other transactions or arrangements (including, without limitation, any
short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other
derivative transaction or instrument, however described or defined) designed or intended, or which could reasonably be expected
to lead to or result in, a sale or disposition or transfer (whether by the undersigned or any other person) of any economic consequences
of ownership, in whole or in part, directly or indirectly, of any Common Shares, including in the form of Common ADSs, whether
any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of the Common Shares,
including in the form of Common ADSs, in cash or otherwise. In addition, the undersigned agree that, without the prior written
consent of the Representatives, it will not, during the Lock-Up Period, make any demand for or exercise any right with respect
to, the registration of any Common Shares, including in the form of Common ADSs or any security convertible into or exercisable
or exchangeable for the Common Shares, including in the form of Common ADSs.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The initial Lock-Up Period will commence on the date of this
Lock-Up Agreement and continue and include the date 90 days after the public offering date set forth on the final prospectus used
to sell the Common Shares, including in the form of Common ADSs (the &ldquo;<B>Public Offering Date</B>&rdquo;) pursuant to the
Underwriting Agreement, to which you are or expect to become parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any Common Shares, including in the form of Common ADSs acquired
by the undersigned in the open market will not be subject to this Lock-Up Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A transfer of Common Shares, including in the form of Common
ADSs to a trust or any of its affiliates may be made, provided the transferee agrees to be bound in writing by the terms of this
Lock-Up Agreement prior to such transfer, such transfer shall not involve a disposition for value and no filing by any party (donor,
donee, transferor or transferee) under the Securities Exchange Act of 1934 (the &ldquo;<B>Exchange Act</B>&rdquo;) shall be required
or shall be voluntarily made in connection with such transfer (other than a filing on a Form&nbsp;5 made after the expiration
of the Lock-Up Period).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In furtherance of the foregoing, the Company and its transfer
agent and registrar are hereby authorized to decline to make any transfer of Common Shares, including in the form of Common ADSs
if such transfer would constitute a violation or breach of this Lock-Up Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Lock-Up Agreement shall automatically
terminate, and the undersigned will be released from all obligations hereunder, upon the earliest to occur, if any, of (a)&nbsp;termination
of the Underwriting Agreement before the closing of the Global Offering and (b)&nbsp;if the Public Offering Date shall not have
occurred on or before November&nbsp;15, 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any defined terms used in this letter and not defined in this
letter have the meanings given to such terms in the Underwriting Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This agreement shall be governed by, and construed in accordance
with, the laws of the State of New York.</B></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">BNDES Participa&ccedil;<FONT STYLE="font-family: Times New Roman, Times, Serif">&otilde;</FONT>es
    S.A. - BNDESPar</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Name:&#9;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Title:&#9;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Name:&#9;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Title:&#9;</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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