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Fibria Celulose S.A.

Unaudited consolidated interim financial


information at March 31, 2017
and Report on Review of Interim
Financial Information
REPORT ON REVIEW OF CONSOLIDATED INTERIM FINANCIAL INFORMATION

To the Board of Directors and Shareholders


Fibria Celulose S.A
So Paulo SP

Introduction

We have reviewed the accompanying consolidated interim accounting information of


Fibria Celulose S.A., for the quarter ended March 31, 2017, comprising the balance
sheet at that date and the statements of income and comprehensive income, the
statements of changes in equity and cash flows for the three-month period then ended,
and a summary of significant accounting policies and other explanatory information.

Management is responsible for the preparation of the consolidated interim accounting


information in accordance with the Deliberation CVM 673/11 (which approved
accounting standard CPC 21(R1) - Interim Financial Reporting), and International
Accounting Standard (IAS) 34 - Interim Financial Reporting issued by the International
Accounting Standards Board (IASB). Our responsibility is to express a conclusion on this
interim accounting information based on our review.

Scope of the review

We conducted our review in accordance with Brazilian and International Standards on


Reviews of Interim Financial Information (Brazilian audit standard NBC TR 2410, wholly
converged to ISRE 2410 Review of Interim Financial Information Performed by the
Independent Auditor of the Entity, respectively). A review of interim information
consists of making inquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with Brazilian and
International Standards on Auditing and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion.

2
Conclusion on the consolidated interim information

Based on our review, nothing has come to our attention that causes us to believe that
the accompanying consolidated interim accounting information referred to above has
not been prepared, in all material respects, in accordance with Deliberation CVM 673/11
and IAS 34.

So Paulo, April 25, 2017.

BDO RCS Auditores Independentes SS


CRC 2SP 013846/O-1

Eduardo Affonso de Vasconcelos


Accountant CRC-1SP166001/O-3

3
Fibria Celulose S.A.
Unaudited consolidated interim balance sheet at
In thousands of Reais

March 31, December 31,


Assets 2017 2016

Current
Cash and cash equivalents (Note 7) 4,055,515 2,660,073
Marketable securities (Note 8) 2,506,964 2,033,159
Derivative financial instruments (Note 9) 319,376 256,723
Trade accounts receivable, net (Note 10) 533,061 634,987
Inventory (Note 11) 1,861,449 1,638,014
Recoverable taxes (Note 12) 222,507 144,182
Other assets 112,744 149,718

9,611,616 7,516,856

Non-current
Marketable securities (Note 8) 157,687 5,688
Derivative financial instruments (Note 9) 305,420 242,323
Related parties receivables (Note 14) 9,505 9,777
Recoverable taxes (Note 12) 1,750,724 1,717,901
Advances to suppliers 656,569 664,381
Judicial deposits 222,784 198,657
Deferred taxes (Note 13) 1,019,294 1,210,541
Assets held for sale (Note 1(b)) 598,257
Other assets 109,751 111,032

Investments (Note 15) 127,247 130,388


Biological assets (Note 16) 4,399,366 4,351,641
Property, plant and equipment (Note 17) 13,896,268 13,107,192
Intangible assets (Note 18) 4,571,676 4,575,694

27,226,291 26,923,472

Total assets 36,837,907 34,440,328

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Fibria Celulose S.A.
Unaudited consolidated interim balance sheet at
In thousands of Reais (continued)

March 31, December 31,


Liabilities and shareholders' equity 2017 2016

Current
Loans and financing (Note 19) 1,459,684 1,138,287
Derivative financial instruments (Note 9) 159,410 245,839
Trade payables (Note 20) 2,329,885 1,866,831
Payroll, profit sharing and related charges 112,701 168,056
Taxes payable 93,782 85,573
Dividends payable 396,784 396,785
Other payables 138,080 121,750

4,690,326 4,023,121

Non-current
Loans and financing (Note 19) 16,868,875 15,014,224
Derivative financial instruments (Note 9) 222,609 234,795
Deferred taxes (Note 13) 429,555 409,266
Provision for legal proceeds (Note 21) 210,730 189,892
Liabilities related to the assets held for sale (Note 1(b)) 477,000
Other payables 271,215 274,350

18,002,984 16,599,527

Total liabilities 22,693,310 20,622,648

Shareholders' equity
Share capital 9,729,006 9,729,006
Share capital reserve 12,184 11,350
Treasury shares (11,209 ) (10,378 )
Other reserves 1,597,557 1,599,640
Statutory reserves 2,421,456 2,421,456
Retained earnings 326,652

Equity attributable to shareholders of the Company 14,075,646 13,751,074

Equity attributable to non-controlling interests 68,951 66,606

Total shareholders' equity 14,144,597 13,817,680

Total liabilities and shareholders' equity 36,837,907 34,440,328

The accompanying notes are an integral part of these unaudited consolidated interim financial information.

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Fibria Celulose S.A.
Unaudited consolidated interim statement of profit or loss
In thousands of Reais, except for the earnings per share

March 31, March 31,


2017 2016

Net revenues (Note 23) 2,074,017 2,394,759


Cost of sales (Note 25) (1,733,438 ) (1,419,828 )

Gross profit 340,579 974,931

Operating income (expenses)


Selling expenses (Note 25) (105,483 ) (109,937 )
General and administrative (Note 25) (58,565 ) (64,375 )
Equity in results of joint-venture (91 ) (506 )
Other operating income and expense, net (Note 25) 53,366 (10,042 )

(110,773 ) (184,860 )

Income before financial income and expenses 229,806 790,071

Financial income (Note 24) 114,983 56,275


Financial expenses (Note 24) (274,781 ) (170,048 )
Result of derivative financial instruments, net (Note 24) 287,133 282,403
Foreign exchange loss and indexation charges, net (Note 24) 203,873 752,937

331,208 921,567

Income before income taxes 561,014 1,711,638

Income taxes
Current (Note 13) (19,588 ) (42,114 )
Deferred (Note 13) (212,429 ) (691,512 )

Net income for the period 328,997 978,012

Attributable to
Shareholders of the Company 326,652 975,266

Non-controlling interest 2,345 2,746

Net income for the period 328,997 978,012

Basic earnings per share (in Reais) (Note 26(a)) 0.59 1.76

Diluted earnings per share (in Reais) (Note 26(b)) 0.59 1.76

The accompanying notes are an integral part of these unaudited consolidated interim financial information.

6 of 42
Fibria Celulose S.A.
Unaudited consolidated interim statement of comprehensive income
In thousands of Reais

March 31, March 31,


2017 2016

Net income for the period 328,997 978,012

Other comprehensive income


Items that may be subsequently reclassified to profit or loss
Foreign exchange effect on available-for-sale financial assets - Ensyn (2,905) (11,080)
Tax effect thereon 988 3,767
Foreign exchange effect on available-for-sale financial assets - CelluForce (251)
Tax effect thereon 85

Total other comprehensive income (loss) for the period, net of taxes (2,083) (7,313)

Total comprehensive income for the period, net of taxes 326,914 970,699

Attributable to
Shareholders of the Company 324,569 967,953

Non-controlling interest 2,345 2,746

326,914 970,699

The accompanying notes are an integral part of these unaudited consolidated interim financial information.

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Fibria Celulose S.A.
Unaudited interim statement of changes in shareholders' equity
In thousands of Reais

Capital Other reserves Statutory reserves

Share Other Additional Non-


issuance Capital Treasury comprehensive dividends Retained controlling
Capital costs reserve shares income Legal Investments proposed earnings Total interest Total

As at December 31, 2015 9,740,777 (11,771) 15,474 (10,378 ) 1,639,901 328,689 830,945 218,731 12,752,368 62,952 12,815,320

Net income 975,266 975,266 2,746 978,012


Other comprehensive loss (7,313) (7,313) (7,313)
(7,313) 975,266 967,953 2,746 970,699
Transactions with shareholders
Stock option program (8,048 ) (8,048) (8,048)
Additional dividends declared -
non-controlling interest -
Portocel (3,032 ) (3,032)

As at March 31, 2016 9,740,777 (11,771) 7,426 (10,378 ) 1,632,588 328,689 830,945 218,731 975,266 13,712,273 62,666 13,774,939

As at December 31, 2016 9,740,777 (11,771) 11,350 (10,378 ) 1,599,640 411,432 2,010,024 13,751,074 66,606 13,817,680

Net income 326,652 326,652 2,345 328,997


Other comprehensive loss (2,083) (2,083) (2,083)
(2,083) 326,652 324,569 2,345 326,914
Transactions with shareholders
Repurchase of shares (Note 22) (831 ) (831) (831)
Stock option program 834 834 834

As at March 31, 2017 9,740,777 (11,771) 12,184 (11,209) 1,597,557 411,432 2,010,024 326,652 14,075,646 68,951 14,144,597

The accompanying notes are an integral part of these unaudited consolidated interim financial information.

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Fibria Celulose S.A.
Unaudited consolidated interim statement of cash flows
In thousands of Reais

March 31, March 31,


2017 2016

Income before income taxes 561,014 1,711,638

Adjusted by
Depreciation, depletion and amortization 424,334 429,091
Depletion of timber resources from forestry partnership programs 11,480 13,910
Foreign exchange (gains) losses, net (203,873) (752,937 )
Change in fair value of derivative financial instruments (287,133 ) (282,403 )
Equity in results of joint-venture 91 506
Loss on disposal of property, plant and equipment and biological assets, net 3,853 5,071
Gain on sale of investment - Losango Project (Note 1(b)) (61,648 )
Interest and gain/losses from marketable securities (82,660 ) (34,864 )
Interest expense 237,823 128,594
Change in fair value of biological assets 12,487
Impairment of recoverable taxes - ICMS, net 23,518 17,300
Stock option program 834 (8,048 )
Amortization of transaction costs and other 8,581 4,120

Decrease (increase) in assets


Trade accounts receivable 84,747 69,247
Inventory (111,782) (87,112)
Recoverable taxes (135,598 ) 382,465
Other assets/advances to suppliers 5,337 43,373

Increase (decrease) in liabilities


Trade payables 480,948 (60,133 )
Taxes payable (114 ) (468,056 )
Payroll, profit sharing and related charges (55,355) (74,668 )
Other payables 13,732 132,235

Cash provided by operating activities 930,616 1,169,329

Interest received 71,901 56,055


Interest paid (105,453 ) (87,421)
Income taxes paid (8,895 ) (4,578 )

Net cash provided by operating activities 888,169 1,133,385

Cash flows from investing activities


Acquisition of property, plant and equipment, intangible assets and forests (1,345,590) (1,403,209)
Advances for acquisition of timber from forestry partnership program (3,727) (33,275)
Proceeds from sale of investment - Losango Project 201,999
Marketable securities, net (615,045) 554,329
Capital increase on joint-venture (2,620)
Proceeds from sale of property, plant and equipment 8,929 1,704
Derivative transactions settled (Note 9(c)) 62,766 (57,161)

Net cash used in investing activities (1,690,668) (940,232)

The accompanying notes are an integral part of these unaudited consolidated interim financial information.

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Fibria Celulose S.A.
Unaudited consolidated interim statement of cash flows
In thousands of Reais (continued)

March 31, March 31,


2017 2016

Cash flows from financing activities


Borrowings 2,394,185 398,816
Repayments of principal (132,282) (843,078 )
Repurchase of shares (Note 22) (831)
Dividends paid (1) (18 )
Others 406 1,108

Net cash provided by financing activities 2,261,477 (443,172)

Effect of exchange rate changes on cash and cash equivalents (63,536 ) (54,860 )

Net increase in cash and cash equivalents 1,395,442 (304,879 )

Cash and cash equivalents at beginning of period 2,660,073 1,077,651

Cash and cash equivalents at end of period 4,055,515 772,772

The accompanying notes are an integral part of these unaudited consolidated interim financial information.

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Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

1 Operations and current developments

(a) General information

Fibria Celulose S.A. is incorporated under the laws of the Federal Republic of Brazil, as a publicly-held
company. Fibria Celulose S.A. and its subsidiaries are referred to in this consolidated interim financial
information as the "Company", "Fibria", or "we". We have the legal status of a share corporation,
operating under Brazilian corporate law. Our headquarter and principal executive officers are located in
So Paulo, SP, Brazil.

We are listed on the stock exchange of So Paulo (BM&FBOVESPA) and the New York Stock Exchange
(NYSE) and we are subject to the reporting requirements of the Brazilian Comisso de Valores
Mobilirios (CVM) and the United States Securities and Exchange Commission (SEC).

Our activities are focused on the growth of renewable and sustainable forests and the manufacture and
sale of bleached eucalyptus kraft pulp. Forests in formation are located in the States of So Paulo, Mato
Grosso do Sul, Minas Gerais, Rio de Janeiro, Esprito Santo, Bahia and Rio Grande do Sul.

We operate in a single operating segment, which is the producing and selling of short fiber pulp, with
our pulp production facilities located in the cities of Aracruz (State of Esprito Santo), Trs Lagoas (State
of Mato Grosso do Sul), Jacare (State of So Paulo) and Eunpolis (State of Bahia) (Veracel Celulose
S.A. (Veracel), a jointly- controlled entity).

The pulp produced for export is delivered to customers by sea vessels on the basis of long-term contracts
with the owners of these vessels, through the ports of Santos, located in the State of So Paulo (operated
under a concession from Federal Government until 2017) and Barra do Riacho, located in the State of
Esprito Santo (operated by our subsidiary Portocel - Terminal Especializado Barra do Riacho S.A.
(Portocel)). As from the second semester of 2017, is expected the startup of the Terminal Macuco
located in the port of Santos, State of So Paulo, as the concession contract signed in 2016.

(b) Losango project

On December 28, 2012, the Company and CMPC Celulose Riograndense Ltda. ("CMPC") signed the
definitive Purchase and Sale Agreement for the sale of all of the Losango project assets, comprising
approximately 100 thousand hectares of land owned by Fibria and approximately 39 thousand hectares
of planted eucalyptus and leased land, all located in the State of Rio Grande do Sul, in the amount of
R$615 million, had been received in advance the amount of R$ 477 million.

On March 31, 2017 the Purchase and Sale Agreement was amended to transfer to CMPC of 100% of
Losango-FBR Florestal Ltda.s quotas (Losango-FBR) (owner of the biological assets) and of 49% of
Losango-RS Administrao e Participaes Ltdas quotas (Losango-RS) (owner of the rural estates -
lands), after the completion of the transfer of the rural estates titles and the approval of the transaction
by the National Defense Counsel (Conselho de Defesa Nacional - CDN).

Then, the Company received, also on March 31, 2017, R$ 201,999, being: (i) R$ 50,000 in cash and (ii)
R$ 151,999 through a credit in an escrow account (Note 8) which is in Fibrias entitlement and that will
be released after the obtainment of the approvals mentioned below. See Note 8 for further details.

11 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

The remaining 51% of the Losango-RS quotas will be transfer to CMPC after the approval by the
National Institute of Colonization and Agrarian Reform (Instituto Nacional de Colonizao e Reforma
Agrria - INCRA) and other agencies, without the receipt of any additional value by the Company.

The ownership of 51% in the Losango-RSs capital is not considered as a business under the accountant
perspective, once it does not meet the definition of business as established by the existing accountant
standards and, for this reason, we do not present any corresponding value in our accounting balances.

As per the result of the transfer of these assets to CMPC, the Company recognized the accounting effects
related to the sale, generating a gain on sale that was recognized under Other operating income and
expense, net in the statement of profit or loss (Note 25), as following:

Proceeds from sale (*) 678,999


(-) Costs of investments derecognized, classified as Assets held for sale (598,257)
(-) Expenses on sales (obtainment of licenses, register of the estates and others) (19,094)

(=) Gain on sale before income tax and social contribution 61,648

(-) Income tax and social contribution expense - 34% (20,960)

(=) Gain on sale, net of income tax and social contribution 40,688

(*) The amount was received as follows: payments in advance of R$ 470,000 and R$ 7,000 in December 2012 and November
2014, respectively and, the transfer of R$ 201,999 in March 2017, as abovementioned.

(c) Expansion plan of the Trs Lagoas Unit

On May 14, 2015, the Board of Directors approved the Horizonte 2 Project for the construction of the
second Trs Lagoas pulp production line.

The construction of Horizonte 2 Project has already started and consists of a new bleached eucalyptus
pulp production line with a capacity of 1.95 million tons per year and an estimated investment of US$2.3
billion (R$ 7.5 billion). The startup of the line is projected for September 2017, and the physical
execution is approximately 87% concluded.

The Project is being financed from the Companys operating cash flows and financing agreements
negotiated with financial institutions.

2 Presentation of consolidated interim financial information


and summary of significant accounting policies

2.1 Consolidated interim financial information - basis of preparation

The consolidated interim financial information have been prepared under the accounting basis of
business continuity and the historical cost convention, as modified by available-for-sale financial assets,
other assets, financial liabilities (including derivative instruments) and biological assets measured at fair
value.

12 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

(a) Accounting policies adopted

The consolidated interim financial information have been prepared and is being presented in accordance
with IAS 34 and Deliberation 673/11 issued by the Brazilian Securities and Exchange Commission
(CVM), which approved the CPC 21(R1) - Interim Financial Reporting as issued by the International
Accounting Standards Board (IASB) and the Accounting Statements Committee Standards (CPC), and
disclose all (and only) the applicable significant information related to the financial statements, which is
consistent with the information utilized by management in the performance of its duties.

The consolidated interim financial information should be read in conjunction with the audited financial
statements for the year ended December 31, 2016, considering that its purpose is to provide an update
on the activities, events and significant circumstances in relation to those presented in the annual
financial statements.

The current accounting practices, which include the measurement principles for the recognition and
valuation of the assets and liabilities, the calculation methods used in the preparation of this
consolidated interim financial information and the estimates used, are the same as those used in the
preparation of the most recent annual financial statements, except for the items related to the adoption
of the new standards, amendments and interpretations issued by IASB and CVM, as detailed in Note 3
below.

(b) Approval of the consolidated


interim financial information

The unaudited consolidated interim financial information were approved by the Board of Directors on
April 25, 2017.

2.2 Critical accounting estimates


and assumptions

Estimates and assumptions are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances. Accounting estimates will, by definition, seldom match the actual results. In the three-
month period ended March 31, 2017, there were no significant changes in the critical estimates and
assumptions which are likely to result in significant adjustments to the carrying amounts of assets and
liabilities during the current period, compared to those disclosed in Note 3 to our most recent annual
financial statements.

13 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

3 New standards, amendments and


interpretations issued by IASB and CVM

The standards below have been issued and are effectives for future periods, as from January 1, 2018. We
have not early adopted these standards.

Effective Main points introduced by the Impacts of the


Standard
date standard adoption
IFRS 9 - Financial January 1, The main change is that, in cases where The Company is currently
Instruments 2018 the fair value option is taken for financial assessing the changes
liabilities, the part of a fair value change introduced by the
which is due to an entitys own credit risk standard and does not
is recorded in Other comprehensive expect significant
income rather than in the Statement of impacts.
profit or loss.
IFRS 15 - Revenue January 1, This accounting standard establishes the The Companys
recognition 2018 accounting principles to determine and evaluation of all the
measure revenue and when the revenue impacts of the new
should be recognized. standard is in progress.
Our preliminary
assessment regarding the
impacts on the
measurement and timing
for the revenue
recognition from our
contracts with customers
indicates no significant
impact. We are still
evaluating other aspects
of the standard
application in order to
conclude our analysis.
IFRS 16 - Leases January 1, This accounting standard replaces the The Company is currently
2019 previous leases standard, IAS 17 Leases, assessing the impacts of
and related interpretations and sets out the adoption.
the principles for the recognition,
measurement, presentation and
disclosure of leases for both parties to a
contract, i.e., the customers (lessees) and
the suppliers (lessor).
Lessees are required to recognize a lease
liability reflecting future lease payments
and a right-of-use asset for virtually all
lease contracts, except for certain short-
term leases and leases of low-value assets.
For lessors, the accounting stays almost
the same and continues to classify its
leases as operating leases or finance
leases, and to account for those two types
of leases differently.

14 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

There are no other IFRSs or IFRIC interpretations that are not yet effective that the Company expects to
have a material impact on the Companys financial position and results of operations.

4 Risk management

The risk management policies and financial risk factors disclosed in the annual financial statements
(Note 4) as at December 31, 2016 did not show any significant changes. The Companys financial
liabilities which present liquidity risk are presented below by maturity (Note 4.1), exchange risk
exposure (Note 4.2), sensitivity analysis (Note 5) and fair value estimates (Note 6), which was
considered relevant by Fibrias management to be accompanied quarterly.

4.1 Liquidity risk

The table below presents the financial liabilities into relevant maturity groupings based on the
remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in
the table are the contractual undiscounted cash flows and as such they differ from the amounts
presented in the consolidated balance sheet.

Between Between
Less than one and two and Over five
one year two years five years years

At March 31, 2017


Loans and financing 2,183,709 6,291,701 7,699,744 5,560,631
Derivative financial instruments 135,243 124,065 102,573
Trade and other payables 2,467,966 51,573 36,429 20,560

4,786,918 6,467,339 7,838,746 5,581,191

At December 31, 2016


Loans and financing 2,056,644 3,670,577 10,186,429 6,914,993
Derivative financial instruments 225,852 161,454 135,723 44,962
Trade and other payables 1,988,581 50,268 37,481 23,606

4,271,077 3,882,299 10,359,633 6,983,561

15 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

4.2 Foreign exchange risk

March 31, December 31,


2017 2016

Assets in foreign currency


Cash and cash equivalents (Note 7) 3,871,870 1,338,037
Trade accounts receivable (Note 10) 424,832 526,404

4,296,702 1,864,441

Liabilities in foreign currency


Loans and financing (Note 19) 10,955,865 9,037,588
Trade payables 1,333,542 1,016,501
Derivative financial instruments (Note 9(a)) 27,707 129,309

12,317,114 10,183,398

Liability exposure 8,020,412 8,318,957

5 Sensitivity analysis

Sensitivity analysis of changes in foreign currency

The probable scenario is the closing exchange rate at the date of these consolidated interim financial
information (R$ x USD = 3.1684). As the amounts have already been recognized in the consolidated
interim financial information, there are no additional effects in the Statement of profit or loss in this
scenario. In the Possible and Remote scenarios, the U.S. Dollar is deemed to appreciate/depreciate
by 25% and 50%, before tax, when compared to the Probable scenario:

Impact of appreciation/depreciation of the Real


against the U.S. Dollar
on the fair value - absolute amounts

Possible (25%) Remote (50%)

Derivative financial instruments 1,075,962 2,447,759


Loans and financing 2,606,094 5,212,188
Cash and cash equivalents 966,871 1,933,742

Sensitivity analysis in changes in interest rate

We adopted as the probable scenario the fair value considering the market yield as at March 31, 2017. As
the amounts have already been recognized in the consolidated interim financial information, there are
no additional effects in the Statement of profit or loss in this scenario. In the Possible and Remote
scenarios, the interest rates are deemed to increase/decrease by 25% and 50%, respectively, before tax,
when compared to the Probable scenario:

16 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

Impact of increase/decrease of the interest rate on


the fair value - absolute amounts

Possible (25%) Remote (50%)

Loans and financing


LIBOR 2,268 4,070
Currency basket 1,805 3,483
TJLP 2,956 5,869
Interbank Deposit Certificate (CDI) 6,997 13,826
IPCA 5 10

Derivative financial instruments


LIBOR 10,020 19,146
TJLP 1,063 1,228
Interbank Deposit Certificate (CDI) 151,026 284,094
IPCA 47,380 93,829

Marketable securities (a)


Interbank Deposit Certificate (CDI) 216 435

(a) Only marketable securities indexed to post-fixed rate were considered in the sensitivity analysis above.

Sensitivity analysis in changes in the


United States Consumer Price Index - US-CPI

To calculate the Probable scenario, we used the US-CPI index at March 31, 2017. The Probable
scenario was stressed considering an additional increase/decrease of 25% and 50% in the US-CPI for the
definition of the scenarios Possible and Remote, respectively.

Impact of appreciation of the


US-CPI at the fair value - absolute amounts

Possible (25%) Remote (50%)

Embedded derivative in forestry partnership and


standing timber supply agreements 122,053 251,910

6 Fair value estimates

In the three-month period ended March 31, 2017, there were no changes in the criteria of classification
of the assets and liabilities in the levels of the fair value hierarchy when compared to the criteria used in
the classification of those instruments disclosed in Note 6 to our most recent annual financial statements
as at December 31, 2016. There were no transfers between levels 1, 2 and 3 during the periods presented.

17 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

March 31, 2017

Level 1 Level 2 Level 3 Total

Recurring fair value measurements


Assets
At fair value through profit and loss
Derivative financial instruments (Note 9) 624,796 624,796
Warrant to acquire Ensyn's shares (Note 15) 9,980 9,980
Marketable securities (Note 8) 860,886 1,792,166 2,653,052

Available for sale financial assets


Other investments Ensyn (Note 15) 101,484 101,484
Other investments CelluForce (Note 15) 12,606 12,606

Biological asset (Note 16) 4,399,366 4,399,366

Total assets 860,886 2,416,962 4,523,436 7,801,284

Liabilities
At fair value through profit and loss
Derivative financial instruments (Note 9) (382,019) (382,019)

Total liabilities (382,019) (382,019)

December 31, 2016

Level 1 Level 2 Level 3 Total

Recurring fair value measurements


Assets
At fair value through profit and loss
Derivative financial instruments (Note 9) 499,046 499,046
Warrant to acquire Ensyn's shares (Note 15) 9,875 9,875
Marketable securities (Note 8) 170,747 1,856,668 2,027,415

Available for sale financial assets


Other investments Ensyn (Note 15) 104,389 104,389
Other investments CelluForce (Note 15) 12,857 12,857

Biological asset (Note 16) 4,351,641 4,351,641

Total assets 170,747 2,355,714 4,478,762 7,005,223

Liabilities
At fair value through profit and loss
Derivative financial instruments (Note 9) (480,634) (480,634)

Total liabilities (480,634) (480,634)

18 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

6.1 Fair value of loans and financing

The fair value of loans and financing, which are measured at amortized cost in the balance sheet, is
estimated as follows: (a) bonds, for which fair value is based on the observed quoted price in the market
(based on an average of closing prices provided by Bloomberg), and (b) for the other financial liabilities
that do not have a secondary market, or for which the secondary market is not active, fair value is
estimated by discounting the future contractual cash flows by current market interest rates, also
considering the Companys credit risk. The fair value of loans and financing are classified as Level 2 on
the fair value hierarchy. The following table presents the fair value of loans and financing:

Yield used March 31, December 31,


to discount (*) 2017 2016

Quoted in the secondary market


In foreign currency
Bonds - VOTO IV 335,695 339,412
Bonds - Fibria Overseas 4,181,496 1,965,237
Estimated based on discounted cash flow
In foreign currency
BNDES Currency basket Brazilian interbank rate (DI 1) 497,060 506,779
Finnvera LIBOR USD 1,095,398 1,107,075
Export credits (Pre-payments) LIBOR USD 4,884,086 5,095,285
In local currency
BNDES TJLP Brazilian interbank rate (DI 1) 1,513,559 1,424,974
BNDES Fixed rate Brazilian interbank rate (DI 1) 101,161 106,128
BNDES Selic Brazilian interbank rate (DI 1) 203,536 164,368
Banco do Nordeste (BNB) Brazilian interbank rate (DI 1) 104,579 105,734
CRA Brazilian interbank rate (DI 1) 3,926,281 3,786,581
FINAME Brazilian interbank rate (DI 1) 1,625 2,130
NCE in Reais Brazilian interbank rate (DI 1) 676,589 672,653
FCO, FDCO and FINEP Brazilian interbank rate (DI 1) 503,566 380.387

18,024,631 15,656,743

(*) Used to calculate the present value of the loans.

6.2 Fair value measurement of derivative


financial instruments (including embedded derivative)

The Company estimates the fair value of its derivative financial instruments and acknowledges that it
may differ from the amounts payable/receivable in the event of early settlement of the instrument. This
difference results from factors such as liquidity, spreads or the intention of early settlement from the
counterparty, among others. The amounts estimated by management are also compared with the Mark-
to-Market (MtM) provided as reference by the banks (counterparties) and with the estimates performed
by an independent financial advisor.

A summary of the methodologies used for purposes of determining fair value by type of instrument is
presented below.

. Swap contracts - the future value of both the asset and liability components are estimated through
the forecasted cash flows using the observed market interest rate for the currency in which the swap

19 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

is denominated, considering both of Fibrias and the counterparts credit risk. For the cross-currency
swaps (BRL x US$) the discount is calculated using the yield of the Dollar coupon and, for the swap
of IPCA in local currency, the discount is calculated using the yield of the Brazilian interest rate
future yield of the CDI. The contract fair value is the difference between the asset and liability. The
only difference is the swap TJLP x US$, where the cash flows of the asset (TJLP x Pre) are forecasted
for a stable yield, accordingly to the value of the current TJLP, during all period of the swap, issued
by the Banco Nacional de Desenvolvimento Econmico e Social (BNDES).

. Options (Zero Cost Collar) - the fair value was calculated based on the Garman-Kohlhagen model,
considering both of Fibrias and counterpart credit risk. Volatility information and interest rates are
observable and obtained from BM&FBOVESPA exchange information to calculate the fair values.

. Swap US-CPI - the cash flow of the liability position is projected using the yield of the US-CPI index,
obtained through the implicit rates in the American titles indexed to the inflation rate (TIPS), issued
by the Bloomberg. The cash flow of the asset position is projected using the fixed rate established in
the embedded derivative instrument. The fair value of the embedded derivative instrument is the
present value of the difference between both positions.

The yield curves used to calculate the fair value on March 31, 2017 are as follows:
Interest rate curves

Brazil United States Dollar coupon

Vertex Rate (p.a.) - % Vertex Rate (p.a.) - % Vertex Rate (p.a.) - %


1M 11.61 1M 0.95 1M (0.03)
6M 10.30 6M 1.24 6M 1.63
1Y 9.66 1Y 1.38 1Y 1.97
2Y 9.54 2Y 1.62 2Y 2.46
3Y 9.75 3Y 1.81 3Y 2.98
5Y 10.04 5Y 2.06 5Y 3.86
10Y 10.29 10Y 2.41 10Y 4.44

7 Cash and cash equivalents

Average yield p.a. - % March 31, 2017 December 31, 2016

Cash and banks 1.07 3,088,339 2,019,923


Fixed-term deposits
Local currency 101.11 of CDI 179,353 64,087
Foreign currency (i) 1.36 787,823 576,063

4,055,515 2,660,073

(i) Mainly Time Deposit as at March 31, 2017 and Overnight as at December 31, 2016, both maturing within 90 days.

20 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

8 Marketable securities

Average March 31, December 31,


yield p.a.- % 2017 2016

In local currency
Brazilian Federal provision fund 68 of CDI 1,144 54
Brazilian Federal Government securities
At fair value through profit and loss 100.95 of CDI 859,742 170,693
Held to maturity (i) 6 11,599 11,432
Private securities (repurchase agreements) 101.20 of CDI 1,640,167 1,856,668
Private securities (repurchase agreements) - 102 of CDI
Escrow account (ii) 151,999

Marketable securities 2,664,651 2,038,847

Current 2,506,964 2,033,159

Non-Current 157,687 5,688

(i) The yield of 6% p.a. refers to the agrarian debt bonds.

(ii) The value will be held in the escrow account and shall be released after the obtainment of the remaining
governmental approvals and the fulfilment, by the Company, of other precedent conditions for the conclusion of
the Losango Project.

The increase of R$ 625,804 in the three-month period ended March 31, 2017 refers, mainly, to the funds
raised in the period, as detailed in Note 19.

21 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

9 Derivative financial instruments (including embedded derivative)

(a) Derivative financial instruments by type

Reference value
(notional) - in U.S Dollars Fair value

March December March December


Type of derivative 31, 2017 31, 2016 31, 2017 31, 2016

Instruments contracted of economic hedge strategy


Operational hedge
Cash flow hedges of exports
Zero cost collar 2,405,000 1,760,000 328,751 268,443

Hedges of debts
Hedges of interest rates
Swap LIBOR x Fixed (USD) 570,614 590,257 1,542 (1,832)
Swap IPCA x CDI (notional in Reais) 843,845 843,845 56,526 19,861

Hedges of foreign currency


Swap DI x US$ (USD) 312,615 315,686 (205,360) (259,021)
Swap TJLP x US$ (USD) 23,197 36,240 (34,929) (58,188)
Swap Pre x US$ (USD) 74,590 81,867 (62,297) (78,711)

84,233 (109,448 )

Embedded derivative in forestry partnership and


standing timber supply agreements (*)
Swap of US-CPI 802,015 813,154 158,544 127,860

242,777 18,412

Classified
In current assets 319,376 256,723
In non-current assets 305,420 242,323
In current liabilities (159,410) (245,839)
In non-current liabilities (222,609) (234,795 )

242,777 18,412

(*) The embedded derivative is a swap of the US-CPI variations during the term of the Forestry Partnership and
Standing Timber Supply Agreements.

22 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

(b) Derivative financial instruments of economic


hedge strategy by type and broken down by
nature of the exposure

Reference value (notional) -


in currency of origin Fair value

Type of derivative and March December March December


protected risk Currency 31, 2017 31, 2016 31, 2017 31, 2016

Swap contracts - Hedge of debts


Asset
LIBOR to fixed US$ 570,614 590,257 1,764,845 1,868,111
Real CDI to USD R$ 610,198 616,099 1,036,407 1,027,838
Real TJLP to USD R$ 37,318 59,265 37,992 59,142
Real Pre to USD R$ 163,600 177,633 147,862 155,624
IPCA to CDI R$ 843,845 843,845 932,595 867,675
Liability
LIBOR to fixed US$ 570,614 590,257 (1,763,303) (1,869,943)
Real CDI to USD US$ 312,615 315,686 (1,241,766) (1,286,859)
Real TJLP to USD US$ 23,197 36,240 (72,921) (117,330)
Real Pre to USD US$ 74,590 81,867 (210,159) (234,335)
IPCA to CDI US$ 843,845 843,845 (876,070) (847,814)

Total of swap contracts (244,518) (377,891)

Options - Cash flow hedge


Zero cost collar US$ 2,405,000 1,760,000 328,751 268,443

84,233 (109,448)

(c) Derivative financial instruments by type of


economic hedge strategy contracts

Fair value Value (paid) or received

March December March December


Type of derivative 31, 2017 31, 2016 31, 2017 31, 2016

Operational hedge
Cash flow hedge of exports 328,751 268,443 86,510 38,576
Hedge of debts
Hedge of interest rates 58,068 18,029 (2,342) (17,446)
Hedge of foreign currency (302,586) (395,920) (21,402) (166,576)

84,233 (109,448) 62,766 (145,446)

23 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

(d) Fair value and counterparty by maturity


date of economic hedge strategy contracts

March 31, December 31,


2017 2016

2017 110,312 7,609


2018 549 (58,385)
2019 (31,324) (28,615)
2020 (18,505) (29,514)
2021 9,630 14,237
2022 8,336 (5,451)
2023 5,235 (9,329)

84,233 (109,448)

Fair value does not necessarily represent the cash required to immediately settle each contract, as such
disbursement will only be made on the date of maturity of each transaction, when the final settlement
amount will be determined.

The outstanding contracts at March 31, 2017 are not subject to margin calls or anticipated liquidation
clauses resulting from mark-to-market variations. All operations are over-the-counter and registered at
CETIP (a clearing house).

10 Trade accounts receivable

March 31, December 31,


2017 2016

Domestic customers 114,762 115,266


Export customers 424,832 526,404

539,594 641,670

Allowance for doubtful accounts (6,533) (6,683)

533,061 634,987

In the three-month period ended March 31, 2017, we concluded factoring transactions for certain
customers receivables, in the amount of R$ 1,885,253 (R$ 1,812,105 at December 31, 2016), where
substantially all risks and rewards related to these receivables were transferred to the counterpart, so
that these receivables were derecognized from accounts receivable in the balance sheet.

24 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

11 Inventory

March 31, December 31,


2017 2016

Finished goods at plants/warehouses


Brazil 249,538 216,877
Abroad 877,971 729,973
Work in progress 18,173 20,150
Raw materials 555,220 507,020
Supplies(*) 151,481 158,083
Imports in transit 9,066 5,911

1,861,449 1,638,014

(*) Net of R$ 11,455 as at March 31, 2017 and December 31, 2016 related to the provision for obsolescence of the
inventory for maintenance.

12 Recoverable taxes
March 31, December 31,
2017 2016

Withholding tax and prepaid Income Tax (IRPJ) and Social Contribution (CSLL) 1,038,096 988,113
Value-added Tax on Sales and Services (ICMS and IPI) on purchases of raw
materials and supplies 1,110,611 1,084,578
Credit related to Reintegra Program 111,089 87,434
Social Integration Program (PIS) and Social Contribution on Revenue (COFINS)
Recoverable 798,803 764,253
Provision for the impairment of ICMS credits (1,085,368) (1,062,295)

1,973,231 1,862,083

Current 222,507 144,182

Non-current 1,750,724 1,717,901

During the three-month period ended March 31, 2017, there were no relevant changes to our
expectations regarding the recoverability of the tax credits presented in this note and the Note 14 to the
most recent annual financial statements.

13 Income taxes
The Company and the subsidiaries located in Brazil are taxed based on their taxable income. The
subsidiaries located outside of Brazil use methods established by the respective local jurisdictions.
Income taxes have been calculated and recorded considering the applicable statutory tax rates enacted at
the balance sheet date.

25 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

The Company still believes in the previsions of the International Double Taxation Treaties signed by
Brazil. However, as the decision regarding its applicability is still pending on the Supreme Court
(Supremo Tribunal Federal STF), nowadays the Company taxes the foreign profits according to the
Law 12,973/14.

The Law 12,973/14 revoked the article 74 of Provisional Measure 2,158/01. The law determines that the
adjustment in the value of the investment, in the direct or indirect controlled company, domiciled
abroad, equivalent to its profits before tax, except for the foreign exchange, must be computed in the
taxation basis of the corporate income tax and social contribution over profits of the controller company
domiciled in Brazil, at the end of the fiscal year. The repatriation of these profits in subsequent years will
not be subject to taxation in Brazil. The Company has provisions regarding the Corporate Income Tax of
the subsidiaries on an accrual basis.

(a) Deferred taxes

March December
31, 2017 31, 2016

Tax loss carryforwards (i) 424,833 272,134


Provision for legal proceeds 137,945 138,367
Sundry provisions (impairment, operational and other) 537,190 567,269
Results of derivative contracts - payable on a cash basis for tax purposes (82,545) (6,260)
Exchange losses (net) - payable on a cash basis for tax purposes 1,282,877 1,411,652
Tax amortization of the assets acquired in the business combination - Aracruz 96,997 97,466
Actuarial gains on medical assistance plan (SEPACO) 17,273 17,148
Provision for tax on investments in foreign-domiciled subsidiaries (490,668) (414,336)
Tax accelerated depreciation (27,039) (22,977)
Reforestation costs already deducted for tax purposes (496,989) (474,324)
Fair values of biological assets (61,181) (70,848)
Transaction costs and capitalized financing costs (93,861) (80,341)
Tax benefit of goodwill - goodwill not amortized for accounting purposes (648,575) (626,210)
Other provisions (6,518) (7,465)

Total deferred taxes, net 589,739 801,275

Deferred taxes - asset (net by entity) 1,019,294 1,210,541

Deferred taxes - liability (net by entity) 429,555 409,266

(i) The balance as at March 31, 2017 is presented net of R$ 282,482 (R$ 286,209 as at December 31, 2016) related
to the provision for impairment for foreign tax losses.

26 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

Changes in the net balance of deferred income tax are as follows:

March 31, December 31,


2017 2016

At the beginning of the year 801,275 2,128,217


Tax loss carryforwards 152,699 217,246
Temporary differences from provisions (30,501) (51,464)
Provision for tax on investments in foreign-domiciled subsidiaries (76,332) (76,021)
Derivative financial instruments taxed on a cash basis (76,285) (287,767)
Amortization of goodwill (22,834) (91,188)
Reforestation costs (26,727) (102,409)
Exchange losses (net) taxed on a cash basis (128,775) (984,591)
Fair value of biological assets 9,667 103,602
Actuarial losses on medical assistance plan (SEPACO)(*) 125 13,405
Transaction costs and capitalized financing costs (13,520) (74,994)
Other 947 7,239

At the end of the year 589,739 801,275

(*) Deferred taxes related to the other comprehensive income.

(b) Reconciliation of taxes on income

March 31, March 31,


2017 2016

Income before tax 561,014 1,711,638

Income tax and social contribution benefit (expense)


at statutory nominal rate - 34% (190,745) (581,957)

Reconciliation to effective expense

Equity in results of joint-venture (31) (172)


Credit from Reintegra Program 7,790 507
Benefits to directors (4,395) (7,726)
Foreign exchange effects on foreign subsidiaries (i) (40,516) (138,221)
Other, mainly non-deductible provisions (4,120) (6,057)

Income tax and Social Contribution benefit (expense) for the year (232,017) (733,626)

Effective rate - % 41.4 42.9

(i) Relates to net foreign exchange gains recognized by our foreign subsidiaries that use the Real as the functional currency. As the
Real is not used for tax purposes in the foreign country this net foreign exchange gain is not recognized for tax purposes in the
foreign country nor will it ever be subject to tax in Brazil.

27 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

14 Significant transactions and


balances with related parties

(a) Related parties

The Company is governed by a Shareholders Agreement entered into between Votorantim S.A., which
holds 29.42% of our shares, and BNDES Participaes S.A. ("BNDESPAR"), which holds 29.08% of our
shares (together the "Controlling Shareholders"). The Company's commercial and financial transactions
with its subsidiaries, Votorantim Groups entities and other related parties are carried out at normal
market prices and conditions, based on usual terms and rates applicable to third parties.

In the three-month period ended March 31, 2017, there were no significant changes in the terms of the
contracts, agreements and transactions, and there were no new contracts, agreements or transactions
with distinct nature between the Company and its related parties when compared to the transactions
disclosed in Note 16 to the most recent financial statements as at December 31, 2016.

28 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

(i) Balances recognized in assets and liabilities

Balances receivable (payable)

March December
Nature 31, 2017 31, 2016

Transactions with controlling shareholders


Votorantim S.A. Rendering of services (323) (392)
Votorantim S.A. Land leases (192)
BNDES Financing (2,473,304) (2,458,333)

(2,473,819) (2,458,725)

Transactions with Votorantim Group entities


Votorantim S.A. Financing 9,505 9,777
Votener - Votorantim Comercializadora e Energia Energy supplier 2,155
Banco Votorantim S.A. Investments 35,405 186,720
Banco Votorantim S.A. Financial instruments 1
Votorantim Cimentos S.A. Input supplier (23) (4)
Votorantim Siderurgia S.A. Standing wood supplier (47) (2,140)
Sitrel Siderurgia Trs Lagoas Ltda. Land leases (10) (10)
Pedreira Pedra Negra Input supplier (11)
Votorantim Metais Ltda. Chemical products supplier (380) (885)
Companhia Brasileira de Alumnio (CBA) Land leases (46) (1,122)

46,560 192,325

Net (2,427,259) (2,266,400)

Presented in the following lines


In assets
Marketable securities (Note 8) 35,405 186,720
Derivative financial instruments (Note 9) 1
Related parties - non-current 9,505 9,777
Other assets - current 2,155
In liabilities
Loans and financing (Note 19) (2,473,304) (2,458,333)
Suppliers (1,021) (4,564)

(2,427,259) (2,266,400)

29 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

(ii) Amounts transacted in the period

March March
31, 2017 31, 2016
Nature
Transactions with controlling shareholders
Votorantim S.A. Rendering of services (2,910) (2,650)
Votorantim S.A. Land leases (2,886)
BNDES Financing (34,225) 15,460

(40,021) 12,810

Transactions with Votorantim Groups entities


Votorantim S.A. Financing (272) (1,037)
Votener - Votorantim Comercializadora de Energia Energy supplier (5,073) 3,004
Banco Votorantim S.A. Investments 2,751 951
Banco Votorantim S.A. Financial instruments 1 2,062
Votorantim CTVM Ltda. Rendering of services (168)
Votorantim Cimentos S.A. Energy supplier 2,957 1,923
Votorantim Cimentos S.A. Input supplier (103) (23)
Votorantim Cimentos S.A. Land leases (1,872)
Votorantim Siderurgia S.A. Standing wood supplier (740)
Sitrel Siderurgia Trs Lagoas Energy supplier (1,925) 1,599
Sitrel Siderurgia Trs Lagoas Land leases (29)
Pedreira Pedra Negra Input supplier (57)
Votorantim Metais Ltda. Chemical products supplier (1,121) (3,151)
Votorantim Metais Ltda. Land leases
Companhia Brasileira de Alumnio - CBA Land leases (139) (128)

(5,733) 5,143

(b) Key management compensation

The remuneration expenses of the Fibrias officers and directors, including all benefits, are summarized
as follows:

March 31, March 31,


2017 2016

Benefits to officers and directors (i) (24) 1,234


Benefit program - Phantom Stock Options and Stock
Options plans 523 (10,794)

499 (9,560)

(i) Benefits to officers and directors include fixed compensation, social charges, profit sharing program and the
variable compensation programs. In the three-month period ended March 31, 2017, were reverted the amount of
R$ 7,770 related to the profit sharing program.

Benefits to key management do not include the compensation for the Statutory Audit Committee,
Finance, Compensation and Sustainability Committees' members of R$ 308 for the three-month period

30 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

ended March 31, 2017 (R$ 247 for the three-month period ended March 31, 2016).

The Company does not have any other post-employment plans and does not offer any other benefits,
such as additional paid leave for time of service.

The balances to be paid to the Companys officers and directors are recorded as follows:

March 31, December 31,


2017 2016

Current liability
Payroll, profit sharing and related charges 4,991 17,427

Non-current liability
Other payables 1,934 3,010

Shareholders equity
Capital reserve 5,882 5,359

12,807 25,796

15 Investments

March 31, December 31,


2017 2016

Investment in joint-venture - equity method 3,177 3,267


Other investments - at fair value (i) 124,070 127,121

127,247 130,388

(i) Fair value change in our interest in Ensyn and CelluForce was not significant in the three-month period ended March 31, 2017.
The decrease in the balance refers to the foreign currency effect on these investments.

None of the subsidiaries and jointly-operated entities has publicly traded shares.

The provisions and contingent liabilities related to the entities of the Company are described in Note 21.

Additionally, the Company does not have any significant restriction or commitments with regards to its
joint-venture.

31 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

16 Biological assets

March 31, December 31,


2017 2016

At the beginning of the period 4,351,641 4,114,998

Additions 374,869 1,538,029


Harvests in the year (depletion) (315,013) (1,086,973)
Change in fair value - step up (12,487) (212,248)
Disposals / reversal (provision) for disposals 356 (2,165)

At the end of the period 4,399,366 4,351,641

17 Property, plant and equipment

Machinery, Property, plant


equipment and equipment
Land Buildings and facilities in progress (i) Other (ii) Total

At December 31, 2015 1,636,920 1,291,284 5,980,547 467,018 57,617 9,433,386


Additions 843 12,446 4,415,880 1,770 4,430,939
Disposals (5,629) (6,164) (24,577) (221) (36,591)
Depreciation (117,670) (653,783) (20,162) (791,615)
Transfers and others (iii) 9,745 100,469 292,272 (417,827) 86,414 71,073

At December 31, 2016 1,641,036 1,268,762 5,606,905 4,465,071 125,418 13,107,192


Additions 2,592 960,981 2 963,575
Disposals (124) (4,959) (7,934) (13) (13,030)
Depreciation (28,958) (164,997) (7,516) (201,471)
Transfers and others (iii) 2,400 19,150 88,493 (74,593) 4,552 40,002

At March 31, 2017 1,643,312 1,253,995 5,525,059 5,351,459 122,443 13,896,268

(i) Includes the amount of R$ 5,008,871 regarding the Horizonte 2 Project.

(ii) Includes vehicles, furniture, IT equipment and others.

(iii) Includes transfers between property, plant and equipment, intangible assets and inventory.

32 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

18 Intangible assets

March 31, December 31,


2017 2016

At the beginning of the period 4,575,694 4,505,634


Additions 7,146 118,706
Amortization (17,100) (67,499)
Disposals (293)
Transfers and others (*) 5,936 19,146

At the end of the period 4,571,676 4,575,694

Composed by
Goodwill Aracruz 4,230,450 4,230,450
Systems development and deployment 38,837 35,308
Concession right Macuco Terminal 115,047 115,047
Acquired from business combination
Databases 79,800 91,200
Relationships with suppliers - chemical products 79,922 82,500
Other 27,620 21,189

4,571,676 4,575,694

(*) Includes transfers between property, plant and equipment and intangible assets.

33 of 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

19 Loans and financing

(a) Breakdown of the balance by type of loan


Current Non-current Total

Average
annual
Interest interest March 31, December 31, March 31, December 31, March 31, December 31,
Type/purpose rate rate - % 2017 2016 2017 2016 2017 2016

In foreign currency
BNDES - currency basket UMBNDES 6.7 84,087 82,620 447,402 485,154 531,489 567,774
Bonds - US$ Fixed 5.5 68,427 13,187 4,351,002 2,245,762 4,419,429 2,258,949
Finnvera LIBOR 3.1 6,921 228 1,067,505 1,077,494 1,074,426 1,077,722
Export credits (prepayment) LIBOR 3.1 592,305 419,362 4,337,673 4,713,781 4,929,978 5,133,143
Others (revolving costs) Fixed 0.54 543 543

752,283 515,397 10,203,582 8,522,191 10,955,865 9,037,588

In Reais
BNDES TJLP 10.0 175,890 181,379 1,382,655 1,353,227 1,558,545 1,534,606
BNDES Fixed 5.8 34,396 34,290 72,147 80,680 106,543 114,970
BNDES Selic 6.9 2,629 1,824 274,098 239,159 276,727 240,983
FINAME TJLP/Fixed 2.5 1,673 2,062 167 1,673 2,229
BNB Fixed 11.0 111,617 108,768 111,617 108,768
CRA CDI/IPCA 10.0 168,616 75,887 3,911,708 3,908,957 4,080,324 3,984,844
NCE CDI 10.5 314,661 315,476 374,825 370,408 689,486 685,884
FCO, FDCO and FINEP Fixed 8.0 9,144 11,972 538,243 430,667 547,387 442,639
Others (revolving costs) Fixed 0.40 392 392

707,401 622,890 6,665,293 6,492,033 7,372,694 7,114,923

1,459,684 1,138,287 16,868,875 15,014,224 18,328,559 16,152,511

Interest 378,407 218,585 110,985 91,935 489,392 310,520


Long-term borrowing 1,081,277 919,702 16,757,890 14,922,289 18,839,167 15,841,991

1,459,684 1,138,287 16,868,875 15,014,224 18,328,559 16,152,511

The average rates were calculated based on the forward yield curve of benchmark rates to which the loans are indexed, weighted through the
maturity date for each installment, including the issuing/contracting costs, when applicable.
34 de 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

(b) Breakdown by maturity

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Total

In foreign currency
BNDES - currency basket 47,084 52,721 146,505 155,907 38,685 6,500 447,402
Bonds - US$ 303,541 1,880,653 2,166,808 4,351,002
Finnvera 133,438 133,438 133,438 133,438 133,438 133,438 133,438 133,439 1,067,505
Export credits (prepayment) 881,014 2,391,888 352,210 712,561 4,337,673

10,203,58
1,061,536 2,578,047 935,694 1,001,906 172,123 139,938 2,014,091 133,439 2,166,808 2

In Reais
BNDES - TJLP 105,866 196,800 271,139 286,244 161,808 122,873 105,814 93,256 38,855 1,382,655
BNDES - Fixed rate 24,664 27,093 15,200 4,791 399 72,147
BNDES - Selic 6,452 35,409 35,409 34,260 32,337 45,078 43,756 29,222 12,175 274,098
BNB 111,617 111,617
CRA 1,188,656 662,640 743,982 1,316,430 3,911,708
NCE 288,375 43,225 43,225 374,825
FCO, FDCO and FINEP 497 76,330 57,677 57,677 57,677 57,677 57,677 57,677 57,677 57,677 538,243

425,854 378,857 1,611,306 1,045,612 996,203 1,653,675 207,247 180,155 108,707 57,677 6,665,293

1,487,390 2,956,904 2,547,000 2,047,518 1,168,326 1,793,613 2,221,338 313,594 108,707 2,224,485 16,868,875

35 de 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

(c) Breakdown by currency

March 31, December 31,


2017 2016

Real 7,095,967 6,873,940


U.S. Dollar 10,424,376 8,469,814
Selic 276,727 240,983
Currency basket 531,489 567,774

18,328,559 16,152,511

(d) Roll forward

March 31, December 31,


2017 2016

At the beginning of period 16,152,511 12,743,832


Borrowings 2,448,547 7,904,486
Interest expense 283,436 717,329
Foreign exchange losses (gains) (273,345) (1,716,123)
Repayments - principal amount (132,282) (2,746,808)
Interest paid (105,453) (606,282)
Additional transaction costs (54,362) (162,949)
Other (*) 9,507 19,026

At the end of the period 18,328,559 16,152,511

(*) It includes amortization of transactions costs.

(e) Relevant operations contracted in the period

Green Bond Fibria 2027

On January 11, 2017, the Company, through its subsidiary Fibria Overseas Finance Ltd., concluded the
issuance in the international market of the notes, the Green Bond Fibria 2027, maturing in 2027, with
a fixed interest rate of 5.5% p.a., with semi-annual payments, in the amount of US$ 700 million
(equivalent to R$ 2,247,000). The funds were received on January 17, 2017 and will be used for
investments in projects with environmental benefits that contribute to the achievement of the
Company's long-term sustainability goals. This transaction is fully guaranteed by the Company.

Middle West Development Fund (FDCO)

In January 2017, was released the amount of R$ 98,504 from the total of R$ 831,478 contracted with
Banco do Brasil, through its subsidiary Fibria-MS, with an interest rate of 8.0% p.a., monthly payments
of principal and interest as from June 2019 and final maturity in December 2027. The remaining
balance of R$ 309,353 might be released until the end of 2017.

36 de 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

BNDES

In February 2017, was released the amount of R$ 85,378 from the total credit limit contracted of R$
2,347,524 from BNDES, through its subsidiary Fibria-MS, maturing in 2026 and an interest rate of TJLP
plus 2.26% p.a. and Selic plus 2.66% p.a. The remaining balance will be released according to the
fulfillment of the conditions of releases as per the needs of the Horizonte 2 Project.

(f) Covenants

Some of the financing agreements of the Company contain covenants establishing maximum
indebtedness and leverage levels, as well as minimum coverage of outstanding amounts.

The Companys debt financial covenants are measured based on consolidated information translated
into U.S. Dollars. The covenants specify that indebtedness ratio (Net debt to Adjusted EBITDA, as
defined (Note 4.2.2 to the most recent financial statements for the year ended December 31, 2016))
cannot exceed 4.5 times and the Company shall keep the minimum of 1.00 of coverage the outstanding
amounts.

The company renegotiated the financial covenants resulting in the following changes: (a) the debt service
coverage ratio covenant is suspended from April 1st, 2017 until the end of 2018; (b) the indebtedness Net
Debt to Adjusted EBITDA ratio was increased to a maximum of 7 times from April 1st, 2017 until the end
of 2017; and (c) in 2018, the Indebtedness Net Debt to Adjusted EBITDA ratio will be a maximum of 6
times. As from January 1st, 2019, both debt service coverage ratio and the indebtedness Net Debt to
Adjusted EBITDA ratio will back to the same levels practiced until March 31, 2017. No fees or commissions
were paid in connection with this renegotiation.

The Company is in full compliance with the covenants established in the financial contracts at March 31,
2017.

The loan and financing agreements with debt financial covenants also present the following events of
default:

. Non-payment, within the stipulated period, of the principal or interest.

. Inaccuracy of any declaration, guarantee or certification provided.

. Cross-default and cross-judgment default, subject to an agreed.

. Subject to certain periods for resolution, breach of any obligation under the contract.

. Certain events of bankruptcy or insolvency of the Company, its main subsidiaries or Veracel.

. Expropriation, confiscation or any other action affecting a significant portion of the Company's
assets;

. Addiction, invalidity, ineffectiveness or unenforceability of the contract;

. Extinction or termination the contract for any reason or person;

. Split of the Company without the prior consent of the creditor;

37 de 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

. Any direct or indirect controlling which does not integrate the Votorantim Group, to perform any act
aimed annul, revise, cancel or repudiate by judicial or extrajudicial means the contract;

. Compliance with certain environmental and social conditions on the Horizon Project 2, for Finnvera's
contract.

20 Trade payables

March 31, December 31,


2017 2016

Local currency
Related parties 1,021 5,416
Third parties (i) 995,322 844,914
Foreign currency
Third parties 1,333,542 1,016,501

2,329,885 1,866,831

(i) We have a long-term take or pay supply agreement of hardwood pulp with Klabin S.A. in different conditions in
terms of volume, exclusivity, guarantees and payment terms up to 360 days, whose prices were practiced in
market conditions, as established in the agreement.

As at March 31, 2017, the amount of R$ 995,322 (R$ 740,196 as at December 31, 2016) refers to pulp purchases
of the contract abovementioned.

21 Provision for contingencies

March 31, 2017 December 31, 2016

Judicial Judicial
deposits Provision Net deposits Provision Net

Nature of claims
Tax 109,546 114,677 5,131 107,300 112,616 5,316
Labor 70,141 231,278 161,137 67,343 230,155 162,812
Civil 3,045 47,507 44,462 21,222 42,986 21,764

182,732 393,462 210,730 195,865 385,757 189,892

38 de 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

The change in the provision for contingencies is as follows:

March 31, December 31,


2017 2016

At the beginning of the period 385,757 345,669


Settlement (6,361) (19,027)
Reversal (2,148) (14,645)
New litigation 1,849 22,263
Accrual of financial charges 14,365 51,497

At the end of the period 393,462 385,757

There were no significant changes in the ongoing claims in the three-month period ended March 31,
2017.

22 Repurchase of shares program

In the meeting held on March 16, 2017, the Companys Board of Directors approved the launch of a
program for repurchase up to 548,090 shares issued by the Company, with the maximum term up to 18
months, starting on March 28, 2017 and ending on September 27, 2018. The objective of the repurchase
program is the acquisition of shares to be used in connection with the potential exercise of the call
options by the Company's CEO, statutory and non-statutory Officers and General Managers, under the
Companys stock option plan, without a Companys corporate capital reduction, in compliance with the
1st paragraph of the article 30 of Brazilian Corporations Law and the provisions of CVM Instruction n
567/15.

The acquisitions will be carried out in BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros
(BM&FBOVESPA), at market price, being the Companys Board of Executive Officers responsible for
deciding the moment and the amount of shares to be acquired, either by a single transaction or by a
series of transactions, in compliance with the limits provided for in the applicable rules.

In the three-month period ended March 31, 2017, were acquired 30,200 shares issued by the Company
for the total amount of R$ 831, which represents 5.5% of the total repurchase program.

23 Revenue

(a) Reconciliation

March 31, March 31,


2017 2016

Gross amount 2,615,393 3,141,513


Sales taxes (49,006) (64,171)
Discounts and returns (*) (492,370) (682,583)

Net revenues 2,074,017 2,394,759

(*) Related mainly to trade discounts.


39 de 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

(b) Information about markets

March 31, March 31,


2017 2016

Revenue
Domestic market 187,958 256,311
Export market 1,863,542 2,115,858
Services 22,517 22,590

2,074,017 2,394,759

24 Financial results

March 31, March 31,


2017 2016

Financial expenses
Interest on loans and financing (i) (237,823) (128,594)
Loans commissions (10,665) (4,224)
Others (26,293) (37,230)

(274,781) (170,048)

Financial income
Financial investment earnings 91,912 35,667
Others (ii) 23,071 20,608

114,983 56,275

Gains (losses) on derivative financial instruments


Gains 318,210 359,690
Losses (31,077) (77,287)

287,133 282,403

Foreign exchange losses and monetary adjustment, net


Loans and financing 273,345 870,231
Other assets and liabilities (iii) (69,472) (117,294)

203,873 752,937

Net 331,208 921,567

(i) Does not include the amount of R$ 45,613 as at March 31, 2017 (R$ 22,672 as at March 31, 2016), related to capitalized
financing costs.

(ii) Includes interest accrual of the tax credits.

(iii) Includes the effect of exchange foreign on cash and cash equivalents, trade accounts receivable, trade payable and others.

40 de 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

25 Expenses by nature

March 31, March 31,


2017 2016

Cost of sales
Depreciation, depletion and amortization (429,809) (436,664)
Freight (209,039) (194,651)
Labor expenses (134,979) (129,196)
Variable costs (raw materials, miscellaneous materials and
inventories for resale) (959,611) (659,317)

(1,733,438) (1,419,828)

Selling expenses
Labor expenses (6,998) (7,721)
Selling expenses (i) (91,343) (91,533)
Operational leasing (485) (586)
Depreciation and amortization charges (2,423) (2,808)
Other expenses (4,234) (7,289)

(105,483) (109,937)

General and administrative


Labor expenses (23,907) (24,248)
Third-party services (21,438) (25,920)
Depreciation and amortization (3,582) (3,529)
Taxes and contributions (1,601) (1,482)
Operating leases and insurance (2,338) (2,629)
Other expenses (5,699) (6,567)

(58,565) (64,375)

Other operating (expenses) income


Reversal / (provision) for programs of variable compensation, net 9,362 1,244
Loss on disposal of property, plant and equipment and biological assets, net (3,853) (5,071)
Gain on sale of investment - Losango Project (Note 1(b)) 61,648
Tax credits 423 2,341
Provision of contingencies (1,864) (8,640)
Changes in fair value of biological assets (12,487)
Others 137 84

53,366 (10,042)

(i) Includes handling expenses, storage and transportation expenses and sales commissions and others.

41 de 42
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at March 31, 2017
In thousands of Reais, unless otherwise indicated

26 Earnings per share

(a) Basic

March 31, 2017 March 31, 2016

Numerator
Net income attributable to the shareholders of the Company 326,652 975,266

Denominator
Weighted average number of common shares outstanding 553,580,537 553,590,604

Basic earnings per share - in Reais 0.59 1.76

The weighted average number of shares in the presented periods is represented by a total number of
shares of 553,934,646 issued and outstanding for the three-month period ended March 31, 2017 and
2016, without considering treasury shares, for total of 374,242 shares in the three-month period ended
March 31, 2017 (344,042 shares for the three-month period ended March 31, 2016). In the three-month
period ended March 31, 2017 and 2016 there were no changes in the number of shares of Company.

(b) Diluted

March 31, 2017 March 31, 2016

Numerator
Net income attributable to the shareholders of the Company 326,652 975,266

Denominator
Weighted average number of common shares outstanding 553,580,537 553,590,604
Dilution effect
Stock options 892,132 687,840
Weighted average number of common shares outstanding adjusted according to
dilution effect 554,472,669 554,278,444

Diluted earnings per share (in Reais) 0.59 1.76

27 Explanatory notes not presented

According to the requirements for disclosure contained in Circular-Letter CVM/SNC/SEP/


No. 003/2011, we presented explanatory notes to the annual financial statements detailing the financial
instruments by category (Note 7), credit quality of financial assets ( Note 8), financial and operational
lease agreements (Note 21), advances to suppliers (Note 22), the tax amnesty and refinancing program
(Note 26), asset retirement obligations (Note 27), long term commitments (Note 28), shareholders
equity (Note 29), benefits to employees (Note 30), compensation program based on shares (Note 31),
insurance (Note 35), non-current assets held for sale (Note 37) and, impairment testing (Note 38), that
we omitted in the September 30, 2016 consolidated interim financial information because the
assumptions, operations and policies have not seen any relevant changes compared to the position
presented in the financial statements as at December 31, 2016.

* * *

42 de 42
1Q17 Results
1Q17 Results
Free Cash Flow increased by 25%, reaching R$ 426 million in 1Q17.
H2 Project was brought forward by one month.
1Q17 vs 1Q17 vs Last 12 months
Key Figures Unit 1Q17 4Q16 1Q16
4Q16 1Q16 (LTM)

Pulp Production 000 t 1,204 1,219 1,203 -1% 0% 5,022


Pulp Sales 000 t 1,307 1,584 1,136 -18% 15% 5,675

Net Revenues R$ million 2,074 2,534 2,395 -18% -13% 9,294


Adjusted EBITDA(1) R$ million 644 804 1,254 -20% -49% 3,132
EBITDA margin pro-forma(2) % 37% 36% 52% 1 p.p. -16 p.p. 38%
Net Financial Result(3) R$ million 331 (197) 922 - - 1,026
Net Income (Loss) R$ million 329 (92) 978 - - 1,015

Free Cash Flow(4) R$ million 426 342 730 25% -42% 1,586
Dividends paid R$ million 0 (2) (0) - - (306)
ROE % 4.6% 8.9% 25.3% -4 p.p. -21 p.p. 4.6%
ROIC % 4.0% 6.9% 14.9% -3 p.p. -11 p.p. 4.0%

Gross Debt (US$) US$ million 5,785 4,956 3,231 17% 79% 5,785
Gross Debt (R$) R$ million 18,329 16,153 11,498 13% 59% 18,329
Cash(5) R$ million 6,963 4,717 1,189 48% 486% 6,963
Net Debt (R$) R$ million 11,366 11,435 10,309 -1% 10% 11,366
Net Debt (US$) US$ million 3,587 3,509 2,897 2% 24% 3,587
Net Debt/EBITDA LTM x 3.63 3.06 1.85 0.6 x 1.8 x 3.63
Net Debt/EBITDA LTM (US$) (6) x 3.79 3.30 1.86 0.5 x 1.9 x 3.79

(1) Adjusted by non-recurring and non-cash items | (2) Calculation excludes pulp sales from agreement with Klabin

(3) Includes interest expenses, revenues from financial investments, mark-to-market of hedging instruments, monetary and exchange variation and others| (4) Before dividend payment, expansion and logistics capex

5) Includes the hedge fair value | (6) For covenants purposes

1Q17 Highlights
Pulp production of 1,204 thousand tons, in line with 1Q16 and 1% less than in 4Q16. LTM production stood at 5,022 thousand tons.
Pulp sales of 1,307 thousand tons, 15% up on 1Q16 and 18% down on 4Q16. LTM sales totaled 5,675 thousand tons.
Net revenue of R$ 2,074 million (1Q16: R$ 2,395 million | 4Q16: R$ 2,534 million). LTM net revenue of R$ 9,294 million.
Cash cost of R$ 754/t, 8% and 4% more than in 1Q16 and 4Q16, respectively, mainly due to increased wood costs. Excluding the impact
of the scheduled downtimes, the cash cost would have come to R$ 680/t.
First-quarter adjusted EBITDA of R$ 644 million, 20% and 49% less than in 4Q16 and 1Q16, respectively. LTM EBITDA amounted to R$
3,132 million. EBITDA margin (ex-Klabin) of 37% in the quarter.
EBITDA/ton, excluding Klabins volume, of R$ 584/t (US$ 186/t), 2% up on 4Q16 and 47% down on 1Q16.
Free cash flow before expansion capex, logistics projects and dividends of R$ 426 million in the quarter, 25% up on 4Q16 and 42% down
on 1Q16. LTM free cash flow totaled R$ 1,586 million. Free cash flow yield of 9.9% in R$ and 9.5% in US$.
Net income of R$ 329 million (4Q16: net loss of R$ 92 million | 1Q16: net income of R$ 978 million). LTM net income of R$1,015 million.
Net debt in dollars of US$ 3,587 million, 2% and 24% more than in 4Q16 and 1Q16, respectively. Liquidity position of R$ 8,457 million or
US$ 2,699 million, which, added to the unused lines related to the financing of the H2 Project, is sufficient to cover this projects remaining
capex and debt amortizations until 2019.
Net Debt/EBITDA ratio of 3.79x in dollars (Dec/16: 3.30x | Mar/16: 1.86x) and 3.63x in reais (Dec/16: 3.06x | Mar/16: 1.85x).
Total cost of debt, including the full swap of real-denominated debt, of 3.8% (4Q16: 3.6% p.a. | 1Q16: 3.4% p.a.).
Average debt maturity of 57 months (4Q16: 51 months | 1Q16: 50 months).
US$700 million green bond issue in the international market, due in 2027, at 5.5% p.a.
Horizonte II Project: the start-up was brought forward by one month (Sept/17), with more than 87% of the project complete and financial
progress at 61%.

Subsequent Events
S&P affirmed our investment-grade rating (BBB-/Negative).

Market cap March 31, 2017: Conference Call: April 26, 2017 Investor Relations
(1)
R$16.0 billion | US$5.1 billion English (simultaneous translation into Portuguese): Guilherme Cavalcanti
FIBR3: R$28.87 12:00 p.m. (Braslia) Camila Nogueira
FBR: US$9.14 Roberto Costa
Participants in Brazil: +55 11 2188-0155
Camila Prieto
Total shares (common shares): Other participants: +1 646 843 6054 Raimundo Guimares
553,934,646 common shares
ir@fibria.com.br | +55 (11) 2138-4565
(1) Market cap in R$ converted by the Ptax Webcast: www.fibria.com.br/ir

The operating and financial information of Fibria Celulose S.A. for the first quarter of 2017 (1Q17) presented in this document is based on consolidated figures and expressed in reais, is unaudited and was prepared
in accordance with Corporate Law. The results of Veracel Celulose S.A. were included in this document based on 50% proportional consolidation, with the elimination of all intercompany transactions.
2
1Q17 Results

Contents

Executive Summary .............................................................................................................4


Pulp Market ..........................................................................................................................5
Production and Sales ...........................................................................................................6
Results Analysis ...................................................................................................................6
Financial Result....................................................................................................................9
Net Result ..........................................................................................................................11
Indebtedness......................................................................................................................12
Capital Expenditure ............................................................................................................14
Free Cash Flow ..................................................................................................................15
ROE and ROIC ..................................................................................................................16
Capital Market ....................................................................................................................16
Subsequent Events ............................................................................................................17
Appendix I Revenue x Volume x Price * ..........................................................................18
Appendix II Income Statement ........................................................................................19
Appendix III Balance Sheet .............................................................................................20
Appendix IV Cash Flow ...................................................................................................21
Appendix V Breakdown of EBITDA and Adjusted EBITDA (CVM Instruction 527/2012) .22
Appendix VI Economic and Operational Data .................................................................23

3
1Q17 Results

Executive Summary

This year began on a more positive note for the pulp market. The increase in demand was confirmed by the decline in
inventories of hardwood to 37 days, according to the PPPCs Global 100 Report, and a year-on-year upturn in eucalyptus
pulp shipments, mainly to Asia. The positive fundamentals allowed Fibria to announce new price increases of US$20/t for
Europe and North America in January; US$30/t for all regions in February; US$30/t for Europe and North America and
US$20/t for Asia in March; and US$40/t for Europe and North America and US$20/t for Asia, valid as of April 1. Thanks to
the favorable moment and the agreement with Klabin Fibrias sales grew 15% over the same period last year.

In 1Q17, pulp production totaled 1,204 thousand tons, 1% lower than in 4Q16, due to fewer production days and scheduled
maintenance downtimes at the Jacare Unit and the Aracruz mill C. In 1Q16, production volume remained flat year-on-
year, the lowest effect of the Aracruz downtime, offset by the Jacare downtimes and one day less production. The technical
scope of the Aracruz and Jacare downtimes in 1Q17 was expanded, representing an effect of 6 equivalent production
days in these units. Sales volume stood at 1,307 thousand tons, 18% lower than in 4Q16, due to seasonality, and 15%
higher than in the same period last year, thanks to a more favorable scenario in the pulp market. Sales volume resulting
from agreement with Klabin totaled 204 thousand tons (4Q16: 183 thousand tons). Pulp inventories closed the quarter at
52 days.

The production cash cost was R$ 754/t, 4% up on 4Q16, primarily due to higher non-recurring wood expenses. Compared
to 1Q16, the production cash cost moved up by 8%, as a result of the impact of the scheduled maintenance downtime at
the Jacare mill, higher non-recurring wood costs, partially offset by the depreciation of the average dollar against the real
(for more details, see page 7). Excluding the downtime effect, the production cash cost stood at R$ 680/t, 2% up on 1Q16,
due to the higher cost with wood.

Adjusted EBITDA totaled R$ 644 million in 1Q17, 20% down on 4Q16, due to lower sales volume and the depreciation of
the dollar against the real. The first-quarter EBITDA margin came to 37%, 1% up on 4Q16. Compared to 1Q16, 49% down,
mainly due to the 19% depreciation of the average dollar against the real, the lower average net price in dollar and the
higher cash COGS. Free cash flow before expansion capex amounted to R$ 426 million in 1Q17, 25% more than in 4Q16,
due to the positive variation in working capital and lower disbursements with interest payments. The 42% year-on-year
decline was due to the reduction in EBITDA and release of working capital.

The 1Q17 financial result was positive by R$ 331 million, versus a negative R$ 197 million in 4Q16 and a positive R$ 922
million in 1Q16. The positive financial result was mainly due to an increase in cash and financial investments following new
funding operations that took place in the period, mainly related to the financing of the Horizonte 2 Project and the Bond
issue (Fibria 2027). Net debt in dollars totaled US$ 3,587 million, 2% and 24% more than in 4Q16 and 1Q16, respectively.
Fibria closed the quarter with a cash position of R$ 6,963 million, including the mark-to-market of derivatives.

As a result of all the above, Fibria reported 1Q17 net income of R$ 329 million, versus a net loss of R$ 92 million in 4Q16
and net income of R$ 978 million in 1Q16.

4
1Q17 Results
Pulp Market

The pulp market improved in beginning of the year, yet another quarter marked by buoyant demand for eucalyptus pulp,
with Fibrias sales totaling 1,307 thousand tons of pulp. Price increases have been fully and rapidly implemented.

The announced increases of US$ 20/t for Europe and North America in January; US$ 30/t for all regions in February; and
US$ 30/t for Europe and North America and US$ 20/t for Asia in March were fully implemented. Nevertheless, the
fundamentals show an unbalanced market, creating a favorable environment for a new price increase announcement, US$
40/t for Europe and North America and US$ 20/t for Asia, valid as of April 1.

According to the PPPCs Global-100 report, Chinese demand for hardwood pulp continues to grow consistently, moving
up by 21% in the first two months of this year, compared to the same period of the previous year.

Also according to the Global-100 report, hardwood pulp sales grew 9% in the first two months of 2017 compared to the
same period last year, as shown below:

BHKP and BEKP Shipments Feb.17 vs. Feb.16


(change % and 000 ton)
9%
11%
21%
442
kt 365
kt
18%
10% 16%
305 194
8% 35%
-3% -3% kt
kt 139 125
35 kt kt
84 kt -37 kt -38 kt kt

Total North America Western China Others


Europe

BHKP BEKP

Source: PPPC Global 100 Report

Demand for hardwood pulp should continue rising in the second quarter given the prospect of capacity reduction, with no
new capacity start-ups.

5
1Q17 Results

Production and Sales


1Q17 vs 1Q17 vs Last 12
Production ('000 t) 1Q17 4Q16 1Q16
4Q16 1Q16 months

Pulp 1,204 1,219 1,203 -1% 0% 5,022

Sales Volume ('000 t)

Domestic Market Pulp 141 145 125 -3% 13% 567

Export Market Pulp 1,166 1,439 1,011 -19% 15% 5,108

Total sales 1,307 1,584 1,136 -18% 15% 5,675

(1) Inclui volume de Klabin

In 1Q17, pulp production totaled 1,204 thousand tons, 1% down on 4Q16, mainly due to the scheduled maintenance
downtimes at mill C of the Aracruz Unit and the Jacare Mill, and a lower number of production days (1Q17: 90 days |
4Q16: 92 days). In the year-on-year comparison, production volume remained stable, the lowest effect of the Aracruz
downtime, offset by the Jacare downtimes and one day less production (1Q16: 91 days). The technical scope of the
Aracruz and Jacare downtimes in 1Q17 was expanded, representing an effect of 6 equivalent production days in these
units. Pulp inventories closed the quarter at 889 thousand tons (52 days).

The extension in the period of inspection of the boilers and pressure vessels from 12 to 15 months will allow a reduction
in cost and increase of production in the long term. In 2017 there is no planned downtimes for the mills Aracruz A, Aracruz
B and Trs Lagoas. The calendar for scheduled maintenance downtimes in Fibrias mills up to 2018 is shown in the
following chart, in which these changes become clear.

2014 2015 2016 2017 2018


1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18
Mills
Aracruz A No maintenance downtime
Aracruz B No maintenance downtime
Aracruz C
Jacare No maintenance downtime
Trs Lagoas No maintenance downtime
Veracel No maintenance downtime

12 months 15 months

Sales volume totaled 1,307 thousand tons, 18% down on 4Q16, due to the typical first-quarter seasonality of sales.
Compared to 1Q16, volume climbed 15% due to the effect of the Klabin agreement and a more favorable market
environment. Sales volume resulting from the agreement with Klabin totaled 204 thousand tons (4Q16: 183 thousand tons).
In the last 12 months, Fibrias sales totaled 5,675 thousand t. In 1Q17, net revenue from shipments to Asia accounted for
42% of the total, followed by Europe with 34%, North America with 14% and Latin America with 10%. Asia represented
the largest historical concentration in net revenue since Fibrias creation, indicating that we are pursuing better net prices
and Companys commercial strategy flexibility in allocating its global sales.

Results Analysis
1Q17 vs 1Q17 vs Last 12
Net Revenues (R$ million) 1Q17 4Q16 1Q16
4Q16 1Q16 months

Domestic Market Pulp 188 202 256 -7% -27% 837

Export Market Pulp 1,864 2,308 2,116 -19% -12% 8,368

Total Pulp 2,052 2,510 2,372 -18% -14% 9,205

Portocel 23 24 23 -6% 0% 89

Total 2,074 2,534 2,395 -18% -13% 9,294


6
1Q17 Results

Net revenue totaled R$ 2,074 million in 1Q17, 18% less than in 4Q16, due to the reduction in sales volume, as previously
explained. Compared to 1Q16, net revenue fell by 13%, as a result of the 25% drop in the average net price in reais, in
turn caused by the 19% devaluation of the average dollar against the real and a reduction of 7% in the price in dollars,
offsetting the 15% increase in sales volume.

The cost of goods sold (COGS) dropped by 17% over 4Q16 chiefly due to lower sales volume. Compared to 1Q16, the
22% upturn was caused by higher sales volume, including pulp from Klabin, and increased production costs (as detailed
below).

The pulp production cash cost came to R$ 754/t. in 1Q17, 4% more than in 4Q16, primarily due to: (i) higher non-recurring
wood costs, increased logistics costs due to the wider average transportation radius (1Q17: 308 km | 4Q16: 286 km); (ii)
the higher costs of chemicals and energy; and (iii) the lower utilities result (1Q17: R$ 9,07/t | 4Q16: R$ 10,98/t), partially
offset by the lower scheduled maintenance downtime effect. Compared to 1Q16, the 8% increase occurred mainly as a
result of the following factors: (i) impact of the scheduled downtime for maintenance of the Jacare mill; (ii) higher cost of
wood due to a result of a temporary transportation mix change, in which there was a higher road contribution partially
replacing the maritime barges transportation due to the implementation of the Maritime Wood Shipping Project, in Espirito
Santo and Caravelas. The other factors partially offset these effects, as presented in the table below. It is worth noting that
the wood cost variation was expected and that the Company is experiencing higher non-recurring wood costs, as
announced to the market on previous occasions. The pulp production cash cost, excluding the effect of downtimes,
increased by 1.8% in relation to 1Q16, below the inflation rate, IPCA of 4.6%.

Pulp Cash Cost R$/t

4Q16 727

Wood (higher distance from forest to mill) 27

Higher cost of chemicals and energy 8 Cash Cost


(R$/t)
Lower results of utilities 3

Maintenance downtimes (6) 727 754


699
Exchange rate (4)

Lower cost of materials and third party services (2)

Others (1)

1Q17 754
1Q16 4Q16 1Q17

Cash Cost ex-Downtime


Pulp Cash Cost R$/t (R$/t)
1Q16 699
668 680
648
Maintenance downtimes 43

Wood (transportation mix change) 38

Exchange rate (16)

Lower cost of chemicals and energy (9)

Higher results of utilities (3) 1Q16 4Q16 1Q17

Others 2

1Q17 754

7
1Q17 Results
Production Cash Cost Production Cash Cost
1Q16 1Q17

Other Fixed
Other Fixed Personnel
Pessoal 4%
4% 5%
5%
Maintenance
Maintenance 16%
13%
Wood Wood
44% Other Variable 25% 45%
Outras Variveis 22%
2%
3% 75%
78%
Energy
Energy 9%
8%

Chemicals
Chemicals
19%
23%

Variable costs Fixed costs

Selling expenses totaled R$ 105 million in 1Q17, 22% less than in 4Q16 due to the decline in sales volume. Compared to
1Q16, the 4% reduction was primarily due to the depreciation of the dollar against the real, partially offset by higher sales
volume. The selling expenses to net revenue ratio came to 5%. In the analysis of selling expenses per ton, there was a
reduction of 6% and 17% in relation to 4Q16 and 1Q16, respectively, largely explained by the depreciation of the dollar
against the real.

General and administrative expenses totaled R$ 59 million, 21% down on 4Q16, as a result of the reduction in costs with
third-party services and lower expenses with benefits and payroll-related charges. The 9% decline compared to 1Q16 was
caused by lower expenses with third-party services. The general and administrative expenses to net revenue ratio
remained stable at 3%. In the analysis per ton, there was a reduction of 4% and 21% in relation to 4Q16 and 1Q16,
respectively.

Other operating income (expenses) totaled income of R$ 53 million in 1Q17, versus an expense of R$ 145 million in 4Q16
and an expense of R$ 10 million in 1Q16. The positive variation was due to the capital gain from the Losango project
(receipt of part of the second installment of the negotiated price, in the amount of R$ 50 million) and the restatement of a
provision related to the variable compensation program.

EBITDA (R$ million) and


EBITDA Margin (%)
EBITDA/t
(R$/t)

52%

37%
1,254 36%
1,104

804
644 584
508

326 287
244 205 154 186

1Q16 4Q16 1Q17 1Q16 4Q16 1Q17


EBITDA (R$ million) EBITDA (US$ million) EBITDA R$/ton EBITDA US$/ton

(1) Excluding the Klabin effect

8
1Q17 Results
Adjusted EBITDA came to R$ 644 million in 1Q17, with a margin of 37%, excluding the Klabin effect, 20% lower than in
4Q16, due to lower sales volume and the depreciation of the dollar against the real, partially offset by the 4% increase in
the average net price of pulp in dollars. The 49% year-on-year decline was a result of the lower average net price in reais,
due to the 19% depreciation of the average dollar against the real, a reduction in the price in dollars and increase in cash
COGS, mainly due to the greater effect of scheduled downtime for maintenance.

EBITDA/t in 1T17, excluding Klabin's volumes, was R$ 584/t (US$ 186/t), 2% higher than 4Q16, mainly due to the reversal
of part of the provision for the variable remuneration program and 47% lower than 1Q16 due to the lower dollar net price
and the 19% depreciation of the average dollar against the real.

The graph below shows the main variations in the quarter :

EBITDA 1T17 x 4T16


(R$ millions)
804

199 666 644


667
(137) (22)
214 30 16

(446) (14)

EBITDA Non-recurring EBITDA 4Q16 Volume Price and Cogs S&M G&A Other EBITDA 1Q17 Non-recurring EBITDA Adjusted
Adjusted4Q16 effects / non- Exchange operational effects / non- 1Q17
cash / CPC's Variation expenses cash / CPC's

(1) Write-down of property, plant and equipment, provisions for ICMS tax credit losses, equity income and tax credits.

Financial Result
1Q17 vs 1Q17 vs
(R$ million) 1Q17 4Q16 1Q16
4Q16 1Q16
Financial Income (including hedge result) 379 91 318 - -
Interest on financial investments 92 73 36 26% 156%
Hedging(1) 287 18 282 - -
Financial Expenses (238) (182) (129) 31% 84%
Interest - loans and financing (local currency) (182) (141) (67) 29% 172%
Interest - loans and financing (foreign currency) (102) (79) (84) 29% 21%
(2)
Capitalized interest 46 38 22 - -
Monetary and Exchange Variations 204 (91) 753 -324% -73%
Foreign Exchange Variations - Debt 273 (49) 870 -657% -69%
Foreign Exchange Variations - Other (69) (42) (117) 64% -41%
Other Financial Income / Expenses(2) (14) (15) (20) -7% -30%
Net Financial Result 331 (197) 922 -268% -64%
(1) Change in the marked to market (1Q17: R$ 225 million | 4Q16: R$ 22 million | 1Q16: R$ 340 million) added to received and paid adjustments.
(2) Capitalized interest due to property, plant and equipment in progress.

Income from interest on financial investments came to R$ 92 million in 1Q17, 26% and 156% up on 4Q16 and 1Q16,
respectively, thanks to the increase in cash and financial investments arising from the new funding operations that took
place over the period, mainly related to the financing of the Horizonte 2 Project and the Bond issue (Fibria 2027).

9
1Q17 Results
Interest expenses on loans and financing totaled R$ 284 million in 1Q17, 29% up on 4Q16, primarily due to the new funding
operations in the period, and 88% up on 1Q16, as a result of the increase in gross debt and higher interest rates, mainly
LIBOR curve.

Foreign-exchange income on dollar-denominated debt (63% of total gross debt including real/dollar swaps) stood at R$
273 million, versus an expense of R$ 49 million in 4Q16 and income of R$870 million in 1Q16. The quarter-on-quarter
improvement was due to the 3% devaluation of the dollar in 1Q17(1T17: R$ 3.1684 | 4T16: R$ 3.2591), while the year-on-
year decline was a result of the lower depreciation of the dollar in 1Q17 compared with the 9% devaluation in 1Q16 (1T16:
R$ 3.5589 | 4T15: R$ 3.9048).

On March 31, 2017, the mark-to-market of derivative financial instruments was positive by R$ 243 million (a positive R$
329 million from operational hedging, a negative R$ 245 million from debt hedging, and a positive R$ 159 million from
embedded derivatives), versus a positive R$ 18 million on December 31, 2016, giving a positive variation of R$ 225 million.
This positive variation was mainly due to the appreciation of the real against the dollar compared with the fourth quarter
(1Q17: R$ 3.1684 | 4Q16: R$ 3.2591), which had a positive impact on the mark-to-market of operational hedging
comprising zero-cost collar operations and reduced the negative mark-to-market of swap transactions. In addition, the
increase in U.S. interest rates and the prospect of further cuts in the Selic interest rate have led to a positive mark-to-
market of interest rate swaps. Cash inflows from transactions that matured in the period totaled R$ 63 million (a negative
R$ 24 million from debt hedging and a positive R$ 87 million from operational hedging).

The following table shows Fibrias derivative hedging position at the close of March 2017:

Notional (MM) Fair Value


Swaps Maturity
mar/17 dec/16 mar/17 dec/16
Receive
US Dollar Libor (1) dec/19 $ 571 $ 590 R$ 1,765 R$ 1,868
Brazilian Real CDI (2) aug/20 R$ 610 R$ 616 R$ 1,036 R$ 1,028
Brazilian Real TJLP (3) dec/17 R$ 37 R$ 59 R$ 38 R$ 59
Brazilian Fixed (4) jul/19 R$ 164 R$ 178 R$ 148 R$ 155
IPCA CDI (5) aug/23 R$ 844 R$ 844 R$ 932 R$ 868
Receive Total (a) R$ 3,919 R$ 3,978

Pay
US Dollar Fixed (1) dec/19 $ 571 $ 590 R$ (1,763) R$ (1,870)
US Dollar Fixed (2) aug/20 $ 313 $ 316 R$ (1,242) R$ (1,287)
US Dollar Fixed (3) dec/17 $ 23 $ 36 R$ (73) R$ (117)
US Dollar Fixed (4) jul/19 $ 75 $ 82 R$ (210) R$ (234)
Real Fixed (5) aug/23 R$ 844 $ 844 R$ (876) R$ (848)
Pay Total (b) R$ (4,164) R$ (4,356)
Net (a+b) R$ (245) R$ (378)

Option
US Dollar Options up to 21M $ 2,405 $ 1,760 R$ 329 R$ 268

Options Total (c) R$ 329 R$ 268

Embedded Derivatives - Forestry Partnership and Standing Timber Supply


Agreements
Receive
US Dollar Fixed jan/35 $ 802 $ 813 R$ 159 R$ 128

Pay
US Dollar CPI jan/35 $ 802 $ 813 R$ - R$ -
Embedded Derivatives
Total (d) R$ 159 R$ 128

Net (a+b+c+d)
R$ 243 R$ 18
10
1Q17 Results
Zero-cost collar operations remained appropriate in the current exchange scenario, especially due to the volatility of the
dollar, as they lock the exchange rate at levels favorable to the Company while also limiting negative impacts in the event
of a significant depreciation of the real. These instruments allow for the protection of a foreign exchange band favorable to
cash flows, within which Fibria does not pay or receive the amount of the adjustments. In addition to protecting the
Company in these scenarios, this feature also allows it to achieve greater benefits in terms of export revenues should the
dollar move up. Currently, these operations have a maximum term of 21 months, covering 42% of net foreign exchange
exposure, and their sole purpose is to protect cash flow exposure.

The following table shows the ZCC instruments exposure up to the contract expiration date and the respective average
strikes per quarter:

Settled in Settled in Maturity in Maturity in Maturity in Maturity in


4Q16 1Q17 2Q17 3Q17 4Q17 2018
Notional (US$ million) 335 391 349 400 390 1,266
Strike put avg. (R$/US$) 3.36 3.37 3.33 3.30 3.39 3.22
Strike call avg. (R$/US$) 5.64 5.29 5.19 5.33 5.70 4.33
Cash impact on settlement (R$ million) 28 87 - - - -

Derivative instruments used to hedge debt (swaps) are designed to transform real-denominated debt into dollar-
denominated debt or protect existing debt against adverse swings in interest rates. Consequently, all of the swap asset
legs are matched with the flows of the respective hedged debt. The fair value of these instruments corresponds to the net
present value of the expected flows until maturity (average of 48 months in 1Q17) and therefore has a limited cash impact.

The forestry partnership and standing timber supply contracts entered into on December 30, 2013 are denominated in U.S.
dollars per cubic meter of standing timber, adjusted in accordance with U.S. inflation measured by the CPI (Consumer
Price Index), which is not related to inflation in the areas where the forests are located, constituting, therefore, an embedded
derivative. This instrument, presented in the table above, is a sale swap of the variations in the U.S. CPI for the period of
the above-mentioned contracts. See note 5 of the 1Q17 financial statements for more details and a sensitivity analysis of
the fair value in the event of a substantial variation in the U.S. CPI.

All financial instruments were entered into in accordance with the guidelines established by the Market Risk Management
Policy, and are conventional instruments without leverage or margin calls, duly registered with the CETIP (Securities
Custody and Financial Settlement Clearinghouse), which only have a cash impact on their respective maturities and
amortizations. The Companys Governance, Risk and Compliance executive area is responsible for the verification and
control of positions involving market risk and reports directly and independently to the CEO and the other areas and bodies
involved in the process, ensuring implementation of the policy. Fibrias Treasury area is responsible for executing and
managing the financial operations.

Net Result

Fibria recorded net income of R$ 329 million in 1Q17, versus a net loss of R$ 92 million in 4Q16 and net income of R$ 978
million in 1Q16. The quarter-on-quarter variation was primarily due to the positive financial result and the capital gain from
the Losango project (receipt of part of the second installment of the negotiated price, in the amount of R$ 50 million),
partially offset by the deferred income tax effect. In relation to 1Q16, the variation was mainly due to the lower financial
result and the downturn in the operating result, offset by the result of the capital gain with the Losango project.

11
1Q17 Results
Analyzing the result in terms of earnings per share, i.e. excluding depreciation, depletion and monetary and exchange
variations (see the reconciliation on page 22), the indicator was 19% lower than in 4Q16, due to lower sales volume and
the depreciation of the average dollar against the real. Earnings per share fell 47% year-on-year as a result of the increase
in cash COGS and the lower average net price in reais, due to the 19% depreciation of the average dollar against the real
and a reduction in the price in dollars.

The chart below shows the main factors impacting the 1Q17 net result, beginning with EBITDA in the same period:

Net Result (R$ million)

287

273
(146)
644

(436) 329

(232)
(61)

Adjusted EBITDA 1Q17 Exchange variation MtM derivateves Net Interest Deprec.,amortiz. And Income tax Other (1) Net Income 1Q17
debt depletion

(1) Includes other foreign exchange and monetary variations, other financial income/expenses and other operating income/expenses.

Indebtedness
Mar/17 vs Mar/17 vs
Unit Mar/17 Dez/16 Mar/16
Dez/16 Mar/16
Gross Debt R$ million 18,329 16,153 11,498 13% 59%
Gross Debt in R$ R$ million 6,854 6,040 1,150 13% 496%
(1)
Gross Debt in US$ R$ million 11,475 10,113 10,348 13% 11%
Average maturity months 57 51 50 6 7
(2)
Cost of debt (foreign currency) % p.a. 4.1% 3.8% 3.7% 0.3 p.p. 0.4 p.p.
(2)
Cost of debt (local currency) % p.a. 9.5% 10.5% 11.4% -1.0 p.p. -1.9 p.p.
Short-term debt % 8% 7% 7% 1 p.p. 1 p.p.
Cash and market securities in R$ R$ million 2,848 3,361 912 -15% 212%
Cash and market securities in US$ R$ million 3,872 1,338 765 189% 406%
Fair value of derivative instruments R$ million 243 18 (488) 1250% -150%

Cash and cash Equivalents (3) R$ million 6,963 4,717 1,189 48% 486%
Net Debt R$ million 11,366 11,435 10,309 -1% 10%
Net Debt/EBITDA (in US$) x 3.63 3.06 1.85 0.6 1.8
(4)
Net Debt/EBITDA (in US$) x 3.79 3.30 1.86 0.5 1.9
(1) Includes BRL to USD swap contracts. The original debt in dollars was R$ 10.956 million (60% of the total debt) and debt in reais was R$ 7.373 million (40% of the debt)
(2 The costs are calculated considering the debt swap
(3) Includes the fair value of derivative instruments
(4) For covenant purposes

On March 31, 2017, gross debt stood at R$ 18,329 million, R$ 2,176 million, or 13%, up on the close of 4Q16, mainly due
to the new Bond issue totaling US$ 700 million (R$ 2,247 million), due in 2027 (Fibria 2027) at 5.5% p.a.

12
1Q17 Results
The chart below shows the changes in gross debt during the quarter:

Gross Debt (R$ million)


18.329
18,329
2.247
2,247 147 238 55

16,153 (132) (105) (273)


16.153
Horizonte 2

Horizonte 2
ARC

ARC

Gross Debt Green Bond Loans H2 Principal Interest Interest Accrual Foreign Others Gross Debt
Dez/2016 2027 Payment Payment Exchange Mar/2017
Variation

The financial leverage ratio in dollars increased to 3.79x on March 31, 2017 (versus 3.30x in 4Q16), the Company is
implementing initiatives to manage leverage such as capex and working capital.

The total average cost(*) of Fibrias dollar debt was 3.8% p.a. (Dec/16: 3.6% p.a. | Mar/16: 3.4% p.a.) comprising the
average cost of local currency bank debt of 9.5% p.a. (Dec/16: 10.5% p.a. | Mar/16: 11.4% p.a.), which fell due to the
decline in the future DI interest rate curve, and the cost in dollars of 4.1% p.a. (Dec/16: 3.8% p.a. | Mar/16: 3.7% p.a.). The
graphs below show Fibrias indebtedness by instrument, indexing unit and currency (including debt swaps):

Gross Debt by Type Gross Debt by Index Gross Debt by Currency

7%
4%
21% 27% 19% 23%
37%
4% 0%
9% 63%
6%
14% 24%
42%

Pre-Payment ACC Libor Pre Fixed


Bond BNDES
TJLP CDI Local currency Foreign currency
Finnvera NCE
ARC Others Others

(*) Total average cost, considering debt in reais adjusted by the market swap curve.

The average maturity of the total debt was 57 months in Mar/17, against 51 months in Dec/16 and 50 months in Mar/16.
The graph below shows the amortization schedule of Fibrias total debt:

Amortization Schedule
(R$ million)
8,457

Revolver
1,737

Cash on 6,720 2,957


hand 2,547
379 2,221 2,225
2,048
1,797 1,794
1,611 207 58
1,150 473 1,046 1,168
2,578 2,167
660 996 1,654 2,014 313
1,324 936 1,002 109
490 172 140
Liquidity 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

(1) Not includ the mark-to-market of hedging instruments. 13


1Q17 Results
Cash and cash equivalents closed March 31, 2017 at R$ 6,963 million, including the mark-to-market of hedging instruments
totaling a positive R$ 243 million. Excluding this impact, 42% of cash was invested in local currency in government bonds
and fixed-income securities, and the remainder in short-term investments abroad.

The Company has four revolving credit facilities totaling R$ 1,737 million available until 2018, three of which in local
currency totaling R$ 850 million at 100% of the CDI plus 1.5% p.a. to 2.1% p.a. when utilized (0.33% p.a. to 0.50% p.a.
when on stand-by) and one in foreign currency totaling US$ 280 million with a cost of 1.55% p.a. to 1.70% p.a. plus the 3-
month Libor when utilized (35% of this spread when on stand-by). These funds, despite not being utilized, help improve
the Companys liquidity. Given the current cash position of R$ 6,720 million, these lines totaling R$ 1,737 million have
resulted in an immediate liquidity position of R$ 8,457 million. As a result, the cash to short-term debt ratio (including these
stand-by credit facilities) closed March 31, 2017 at 5.8x.

The graph below shows the evolution of Fibrias net debt and leverage since March 2016:

Net Debt / EBITDA (x)

3.79
3.30 3.63
3.06
2.64
2.33
2.10
(R$) 1.86 1.82
1.85
(US$)

11,435 11,366
10,309 10,620
9,722

3,272 3,509 3,587


2,897 3,029

Mar/16 Jun/16 Sep/16 Dec/16 Mar/17

Net Debt (R$ million) Net Debt (US$ million)

Capital Expenditure
1Q17 vs 1Q17 vs Last 12
(R$ million) 1Q17 4Q16 1Q16
4Q16 1Q16 months
Industrial Expansion 812 1,075 896 - - 3,806
Forest Expansion 63 56 22 13% 188% 178
Expansion - Others 10 1 3 - - 14
Subtotal Expansion 885 1,132 921 - - 3,998
Safety/Environment 7 12 4 -47% 51% 33
Forestry Renewal 316 408 301 -23% 5% 1,508
Maintenance, IT, R&D, Modernization 138 194 95 -29% 46% 545
Subtotal Maintenance 460 615 400 -25% 15% 2,086
Land purchase 2 - - - - 2
Logistics projects 2 2 115 - - 8
Total Capex 1,349 1,748 1,436 -23% -6% 6,095

14
1Q17 Results
Capex totaled R$ 1,349 million in 1Q17, less than in 4Q16, primarily due to lower investments in the Horizonte 2 Project,
and less than in 1Q16, as a result of the reduction in pulp logistics investments in 1Q16 related to the bid for the T32
terminal in the Port of Santos.

Horizonte 2 Project

The Horizonte 2 Project ended 1Q17 on schedule, more than 87% physically complete, and the start-up of the industrial
plant was brought forward to the beginning of September 2017. Financial progress came to 61% and total investments in
the project remained at R$ 7.5 billion.

In the forestry area, it is worth noting the completion of the land leasing plan, the beginning of timber harvesting, progress
in the forest planting program and the conclusion of the works in the seedling factory.

In the industrial area, there was a partial disposition of the following areas: water treatment, industrial compressed air, cold
water and energy distribution for testing. Fibria also moved forward with the electromechanical assembly of water treatment
stations.

In logistics, the highlights were the progress of work at the port terminal in Santos; the completion of piling and the beginning
of construction of the foundation at the Intermodal Terminal in Aparecida do Taboado; and the contracting of pulp transport
logistics services.

Free Cash Flow


Last 12
(R$ million) 1Q17 4Q16 1Q16
months
Adjusted EBITDA 644 804 1,254 3,132
(-) Total Capex (1,349) (1,748) (1,436) (6,095)
(-) Dividends 0 (2) (0) (306)
(-) Interest (paid)/received (34) (190) (31) (442)
(-) Income tax (9) (16) (5) (111)
(+/-) Working Capital 282 360 (63) 1,098
(+/-) Others 6 (1) (22) 2
Free Cash Flow (461) (793) (303) (2,722)
Project H2 Capex 875 1,130 918 3,984
Dividends (0) 2 0 306
Logistics projects 11 2 115 17
Free Cash Flow ex-Project H2, dividends, logistics
426 342 730 1,586
projects and purchase and sale of land

Free cash flow was positive by R$ 426 million in 1Q17 (excluding the capex effect of the H2 Project, dividends and pulp
logistics), versus a positive R$ 342 million in 4Q16 and a positive R$ 730 million in 1Q16. The quarter-on-quarter increase
was chiefly due to a reduction in maintenance capex and lower disbursements with interest payments, while the year-on-
year decline was caused by the positive variation in working capital and lower maintenance capex. Considering free cash
flow before H2 Project capex, the free cash flow yield stood at 9.9% in R$ and 9.5% in US$.

15
1Q17 Results
ROE and ROIC

In regard to return metrics, it is worth noting certain adjustments in the accounting indicator, given the differences in
accounting treatment under IFRS (CPC 29).

1Q17 vs 1Q17 vs
Return on Equity Unit 1Q17 4Q16 1Q16
4Q16 1Q16
Shareholders' Equity R$ million 14,144 13,818 13,775 2% 3%
IAS 41 adjustments R$ million (104) (123) (320) -15% -67%
Shareholders' Equity (adjusted) R$ million 14,040 13,695 13,455 3% 4%
Shareholders' Equity (adjusted) - average(1) R$ million 13,748 13,083 13,595 5% 1%

Adjusted EBITDA LTM R$ million 3,132 3,742 5,584 -16% -44%


Capex ex-H2 Project LTM(2) R$ million (1,951) (1,918) (1,786) 2% 9%
Net interest LTM R$ million (442) (440) (280) 0% 58%
Income Tax LTM R$ million (111) (106) (73) 4% 52%
Adjusted Income LTM R$ million 628 1,277 3,443 -51% -82%

ROE % 4.6% 9.8% 25.3% -5.2 p.p. -20.8 p.p.


(1) Average of current and same quarter of the previous year.
(2) Calculation excludes H2 expansion Project, modernization and the land purchase occurred in 4Q15.

1Q17 vs 1Q17 vs
Return on Invested Capital Unit 1Q17 4Q16 1Q16
4Q16 1Q16
Total Asset R$ million 32,617 31,937 27,501 2% 19%
Liabilities (ex-debt) R$ million (2,763) (4,173) (1,273) -34% 117%
Property, plant and equipment in progress R$ million (3,012) (2,466) (795) 22% 279%
Invested Capital R$ million 26,843 25,299 25,433 6% 6%
Adjustment CPC 29 R$ million (295) (337) (405) -13% -27%
Adjusted Invested Capital R$ million 26,548 24,961 25,029 6% 6%

Adjusted EBITDA LTM R$ million 3,132 3,742 5,584 -16% -44%


(2)
Capex ex-H2 Project LTM R$ million (1,951) (1,918) (1,786) 2% 9%
Income Tax LTM R$ million (111) (106) (73) 4% 52%
Adjusted Income LTM R$ million 1,070 1,717 3,725 -38% -71%

ROIC R$ million 4.0% 6.9% 14.9% -2.8 p.p. -10.8 p.p.


(1) Average of current and same quarter of the previous year.
(2) Calculation excludes H2 expansion Project, modernization and the land purchase occurred in 4Q15.

Capital Market

Equities

Average Daily Trading Volume Average Daily Trading Volume


(US$ million) (million shares)
90

80 Daily average: 12
US$ 29.4 million Daily average:
70 3.2 million shares
10
60
8
50

40 6

30
4
20
2
10

0 0
Jan-17 Feb-17 Mar-17 Jan-17 Feb-17 Mar-17

BM&FBovespa NYSE BM&FBovespa NYSE

16
1Q17 Results

Fibrias average daily traded volume in 1Q17 was approximately 3.2 million shares, 16% down on 4Q16, while daily
financial volume averaged US$ 29.4 million, down by 8% in the same period, US$ 16.3 million of which on the
BM&FBovespa and US$ 13.1 million on the NYSE.
Total Free Float

Shareholders Structure Common Shares %


Local
Votorantim S.A 162,974,335 29.42 25%
BNDESPar 161,082,681 29.08
Treasury 537,742 0.10
Board of Directors, Fiscal Council and Executive Officers 64,489 0.01
Foreign
Free Float 229,275,399 41.39 75%
TOTAL 553,934,646 100.00

On March 31st, 2017, the Company's capital stock was represented by 553,934,646 common shares. The number of
shares outstanding was 229,275,399, traded on the So Paulo Stock Exchange (BM & FBovespa) and on the New York
Stock Exchange (NYSE), of which 537,742 were treasury shares. Fibrias market capitalization stood at R$ 16.0 billion, on
March 31st, 2017. Free float in 1Q17 stood at 41.39% of total shares, 75% foreign and 25% local.

Fixed Income

Mar/17 vs Mar/17 vs
Unit Mar/17 Dec/16 Mar/16
Dec/16 Mar/16
Fibria 2024 - Yield % 4.7 5.2 5.5 -0.4 p.p. -0.8 p.p.

Fibria 2024 - Price USD/k 103.0 100.5 98.4 2% 5%

Fibria 2027 - Yield % 5.5 - - - -

Fibria 2027 - Price USD/k 100.3 - - - -

UST-Treasury 10 y % 2.4 2.4 1.8 -0.1 p.p. 0.6 p.p.

Subsequent Events

On April 4, S&P affirmed our investment-grade rating (BBB-/Negative). The statement is an important acknowledgment of
efforts to manage the company's indebtedness and leverage, and reflects the expectation that Fibria's leverage will remain
within investment grade limits. S&P highlighted the strong liquidity and the expectation of continuity in the reduction of the
leverage in 2017 and 2018.

17
1Q17 Results
Appendix I Revenue x Volume x Price *

1Q17 vs 4Q16 Sales (Tons) Net Revenue (R$ 000) Price (R$/Ton) 1Q17 vs 4Q16 (%)

1Q17 4Q16 1Q17 4Q16 1Q17 4Q16 Tons Revenue Avge Price

Pulp

Domestic Sales 140,809 145,522 187,958 202,131 1,335 1,389 (3.2) (7.0) (3.9)

Foreign Sales 1,166,014 1,438,751 1,863,542 2,307,634 1,598 1,604 (19.0) (19.2) (0.4)

Total 1,306,823 1,584,273 2,051,500 2,509,764 1,570 1,584 (17.5) (18.3) (0.9)

1Q17 vs 1Q16 Sales (Tons) Net Revenue (R$ 000) Price (R$/Ton) vs (%)

1Q17 1Q16 1Q17 1Q16 1Q17 1Q16 Tons Revenue Avge Price

Pulp

Domestic Sales 140,809 124,867 187,958 256,311 1,335 2,053 12.8 (26.7) (35.0)

Foreign Sales 1,166,014 1,010,717 1,863,542 2,115,858 1,598 2,093 15.4 (11.9) (23.7)

Total 1,306,823 1,135,584 2,051,500 2,372,169 1,570 2,089 15.1 (13.5) (24.9)

* Excludes Portocel

18
1Q17 Results
Appendix II Income Statement

INCOME STATEMENT - CONSOLIDATED (R$ million)


1Q17 4Q16 1Q16 1Q17 vs 4Q16 1Q17 vs 1Q16
R$ AV% R$ AV% R$ AV% (%) (%)

Net Revenue 2,074 100% 2,534 100% 2,395 100% -18% -13%
Domestic Sales 210 10% 226 9% 279 12% -7% -25%
Foreign Sales 1,864 90% 2,308 91% 2,116 88% -19% -12%
Cost of sales (1,733) -84% (2,092) -83% (1,420) -59% -17% 22%
Cost related to production (1,524) -73% (1,826) -72% (1,225) -51% -17% 24%
Freight (209) -10% (265) -11% (195) -8% -21% 7%
Operating Profit 341 16% 442 17% 975 41% -23% -65%
Selling and marketing (105) -5% (136) -5% (110) -5% -22% -4%
General and administrative (59) -3% (74) -3% (64) -3% -21% -9%
Financial Result 331 16% (197) -8% 922 38% -268% -64%
Equity (0) 0% 0 0% (1) 0% -1400% -82%
Other operating (expenses) income 53 3% (145) -6% (10) 0% -137% -631%
Operating Income 561 27% (111) -4% 1,712 71% -607% -67%
Current Income taxes expenses (20) -1% (17) -1% (42) -2% 14% -53%
Deffered Income taxes expenses (212) -10% 36 1% (692) -29% -685% -69%
Net Income (Loss) 329 16% (92) -4% 978 41% -459% -66%
Net Income (Loss) attributable to controlling equity interest 327 16% (92) -4% 975 41% -454% -67%
Net Income (Loss) attributable to non-controlling equity interest 2 0% 1 0% 3 0% 218% -15%
Depreciation, amortization and depletion 436 21% 581 23% 443 18% -25% -2%
EBITDA 666 32% 667 26% 1,233 51% 0% -46%
Equity 0 0% (0) 0% 1 0% -1400% -82%
Fair Value of Biological Assets 12 1% 104 4% - 0% 0% -
Fixed Assets disposals (58) -3% 9 0% 5 0% -727% -1240%
Accruals for losses on ICMS credits 24 1% 22 1% 17 1% 8% 36%
Tax Credits/Reversal of provision for contingencies (0) 0% 2 0% (2) 0% -122% -
EBITDA adjusted 644 31% 804 32% 1,254 52% -20% -49%

EBITDA margin pro-forma (*) 644 37% 804 36% 1,254 52% -20% -49%
(*) Calculation excludes pulp sales from agreement hith Klabin

19
1Q17 Results
Appendix III Balance Sheet
BALANCE SHEET (R$ million)
ASSETS Mar/17 Mar/16 Dec/16 LIABILITIES Mar/17 Mar/16 Dec/16
CURRENT 9,612 4,925 7,517 CURRENT 4,690 2,162 4,023
Cash and cash equivalents 4,056 773 2,660 Short-term debt 1,460 778 1,138
Securities 2,507 836 2,033 Derivative Instruments 159 234 246
Derivative instruments 319 70 257 Trade Accounts Payable 2,330 605 1,867
Trade accounts receivable, net 533 630 635 Payroll and related charges 113 96 168
Inventories 1,861 1,698 1,638 Tax Liability 94 131 86
Recoverable taxes 223 807 144 Dividends and Interest attributable to capital payable 397 89 397
Others 113 112 150 Others 138 229 122

NON CURRENT 4,232 4,363 4,759 NON CURRENT 18,003 12,479 16,600
Marketable securities 158 69 6 Long-term debt 16,869 10,721 15,014
Derivative instruments 305 300 242 Accrued liabilities for legal proceedings 211 176 190
Deferred income taxes 1,019 1,685 1,211 Deferred income taxes , net 430 245 409
Recoverable taxes 1,751 768 1,718 Derivative instruments 223 624 235
Fostered advance 657 647 664 Assets avaiable for sale - 477 477
Assets avaiable for sale - 598 598 Others 271 236 274
Others 342 296 319

Investments 127 128 130 Equity attributable to shareholders of the Company 14,076 13,712 13,751
Property, plant & equipment , net 13,896 10,233 13,107 Issued Share Capital 9,729 9,729 9,729
Biological assets 4,399 4,154 4,352 Capital Reserve 12 7 11
Intangible assets 4,572 4,613 4,576 Statutory Reserve 2,748 2,354 2,421
Equity valuation adjustment 1,598 1,633 1,600
Treasury stock (11) (10) (10)
Equity attributable to non-controlling interests 69 63 67
TOTAL SHAREHOLDERS' EQUITY 14,144 13,775 13,818
TOTAL ASSETS 36,838 28,416 34,440 TOTAL LIABILITIES 36,838 28,416 34,440

20
1Q17 Results
Appendix IV Cash Flow
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOW (R$ million)
1Q17 4Q16 1Q16

INCOME (LOSS) BEFORE TAXES ON INCOME 561 (111) 1,712


Adjusted by
(+) Depreciation, depletion and amortization 436 581 443
(+) Foreign exchange losses, net (204) 91 (753)
(+) Change in fair value of derivative financial instruments (287) (18) (282)
(+) Equity in losses of jointly-venture 0 (0) 1
(+) Fair value of biological assets 12 104 -
(+) (Gain)/loss on disposal of property, plant and equipment (58) 9 5
(+) Interest and gain and losses in marketable securities (83) (67) (35)
(+) Interest expense 238 182 129
(+) Impairment of recoverable ICMS 24 22 17
(+) Provisions and other 9 10 4
(+) Program Stock Options 1 1 (8)
Decrease (increase) in assets
Trade accounts receivable 85 (166) 69
Inventories (112) 94 (87)
Recoverable taxes (136) (46) 382
Other assets/advances to suppliers 5 15 43
Increase (decrease) in liabilities
Trade payable 481 508 (60)
Taxes payable (0) (62) (468)
Payroll, profit sharing and related charges (55) 12 (75)
Other payable 14 4 132
Cash provided by operating activities
Interest received 72 57 56
Interest paid (105) (247) (87)
Income taxes paid (9) (16) (5)
NET CASH PROVIDED BY OPERATING ACTIVITIES 888 958 1,133
Cash flows from investing activities
Acquisition of property, plant and equipment and intangible assets and forests (1,346) (1,707) (1,403)
Advances for acquisition of timber from forestry partnership program (4) (41) (33)
Marketable securities, net (615) 414 554
Proceeds from sale of property, plant and equipment 9 4 2
Derivative transactions settled 63 (5) (57)
Acquisition of interest in subsidary - (13) -
Capital Increase - - (3)
Proceeds from sale of investment - Losango Project 202 - -
Others - - -
NET CASH USED IN INVESTING ACTIVITIES (1,691) (1,348) (940)
Cash flows from financing activities
Borrowings 2,394 2,516 399
Repayments - principal amount (132) (571) (843)
Dividendos pagos (0) (2) (0)
Repurchase of shares (0) (2) (0)
Other 0 (0) 1
NET CASH USED IN FINANCING ACTIVITIES 2,261 1,943 (443)
Effect of exchange rate changes on cash and cash equivalents (64) (26) (55)
Net increase (decrease) in cash and cash equivalents 1,395 1,526 (305)
Cash and cash equivalents at beginning of year 2,660 1,134 1,078
Cash and cash equivalents at end of year 4,056 2,660 773

21
1Q17 Results

Appendix V Breakdown of EBITDA and Adjusted EBITDA (CVM Instruction 527/2012)

Adjusted EBITDA (R$ million) 1Q17 4Q16 1Q16

Income (loss) of the period 329 (92) 978

(+/-) Financial results, net (331) 197 (922)

(+) Taxes on income 232 (19) 734

(+) Depreciation, amortization and depletion 436 581 443

EBITDA 666 667 1,233

(+) Equity 0 (0) 1

(-) Fair Value of Biological Assets 12 104 -

(+/-) Loss (gain) on disposal of property, plant and equipment (58) 9 5

(+) Accrual for losses on ICMS credits 24 22 17

(-) Tax credits/reversal of provision for contingencies (0) 2 (2)

EBITDA Adjusted 644 804 1,254

EBITDA is not a standard measure defined by Brazilian or international accounting rules and represents earnings (loss) in
the period before interest, income tax and social contribution, depreciation, amortization and depletion. The Company
presents adjusted EBITDA in accordance with CVM Instruction 527 of October 4, 2012, adding or subtracting from this
amount equity income, provisions for losses on recoverable ICMS, non-recurring write-offs of fixed assets, the fair value
of biological assets and tax credits/recovered contingencies, in order to provide better information on its ability to generate
cash, pay its debt and sustain its investments. Neither measurement should be considered as an alternative to the
Companys operating income and cash flows or an indicator of liquidity for the periods presented.

22
1Q17 Results
Appendix VI Economic and Operational Data
1Q17 vs 1Q17 vs Last 12
Pulp net revenues distribution, by region 1Q17 4Q16 1Q16
4Q16 1Q16 months
Europe 34% 29% 46% 4 p.p. -13 p.p. 43%

North America 14% 25% 17% -11 p.p. -3 p.p. 24%

Asia 42% 37% 25% 5 p.p. 17 p.p. 24%

Brazil / Others 10% 9% 12% 1 p.p. -1 p.p. 9%

Pulp price - FOEX BHKP (US$/t) Mar/17 Feb/17 Jan/17 Dec/16 Nov/16 Oct/16 Sept/16 Aug/16 Jul/16 Jun/16 May/16 Apr/16

Europe 708 674 654 654 655 658 665 672 679 681 692 714

China 594 571 542 522 502 490 486 494 516 519 508 505

Financial Indicators Mar/17 Dec/16 Mar/16

Net Debt / Adjusted EBITDA (LTM*) (R$) 3.63 3.06 1.85

Net Debt / Adjusted EBITDA (LTM*) (US$) 3.79 3.30 1.86

Total Debt / Total Capital (gross debt + net equity) 0.6 0.5 0.5

Cash + EBITDA (LTM*) / Short-term Debt 6.5 7.4 8.7

*LTM: Last twelve months

Reconciliation - net income to cash earnings (R$ million) 1Q17 4Q16 1Q16

Net Income (Loss) before income taxes 561 (111) 1,712

(+) Depreciation, depletion and amortization 436 581 443

(+) Unrealized foreign exchange (gains) losses, net (204) 91 (753)

(+) Change in fair value of derivative financial instruments (287) (18) (282)

(+) Equity 0 (0) 1

(+) Change in fair value of biological assets 12 104 -

(+) Loss (gain) on disposal of Property, Plant and Equipment (57) 9 5

(+) Interest on Securities, net (83) (67) (35)

(+) Interest on loan accrual 238 182 129

(+) Accruals for losses on ICMS credits 24 22 17

(+) Provisions and other 9 10 4

(+) Stock Options program 1 1 (8)

Cash earnings (R$ million) 649 804 1,232

Outstanding shares (million) 554 554 554

Cash earnings per share (R$) 1.2 1.5 2.2

23