Holding, but no member of the Board of the company belongs to its top management.

As per the Suzano Papel e Celulose shareholders’ agreement, the Board is composed of
9 members, of whom 5 are elected by the controlling shareholder, 3 are independent
and 1 member is elected by BNDES (National Economic and Social Development
Bank of Brazil). The Board of Directors has three committees:
n The Management Committee is responsible for advising the Board on financ-
ing, budgeting, internal controls, development of human resources and new
leaders, executive compensation policies, legal issues, relationship with the cap-
ital market and new projects and investments. This Committee also monitors
the performance of the company and its executives, as well as the formulation
of corporate policies;
n The Sustainability and Strategy Committee is coordinated by an independent
Board member and responsible for advising the Board on long-term strategy
and planning and the strategic concept of sustainability to achieve worldwide
standards of excellence; and

72 Companies Circle