Corporate Presentation

May, 2017
Disclaimer

The information contained in this presentation may include statements which

constitute forward-looking statements, within the meaning of Section 27A of the U.S.
Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange
Act of 1934, as amended. Such forward-looking statements involve a certain degree of
risk and uncertainty with respect to business, financial, trend, strategy and other
forecasts, and are based on assumptions, data or methods that, although considered
reasonable by the company at the time, may turn out to be incorrect or imprecise, or
may not be possible to realize. The company gives no assurance that expectations
disclosed in this presentation will be confirmed. Prospective investors are cautioned
that any such forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and that actual results may differ materially from
those in the forward-looking statements, due to a variety of factors, including, but not
limited to, the risks of international business and other risks referred to in the
companys filings with the CVM and SEC. The company does not undertake, and
specifically disclaims any obligation to update any forward-looking statements, which
speak only for the date on which they are made.

2
1 Company Overview
2 Pulp and Paper Market
3 Financial and Operational Highlights
4 2017 Outlook CAPEX and Cash Cost
5 Expansion Project Horizonte 2
6 Back up

3
Company Overview
4
 Shareholder Structure and Corporate Governance

General
Votorantim BNDES Free Meeting
S.A. (1) Participaes (1) Float (2)
Fiscal
29.42% 29.08% 41.50% Council 20% independent
members
Board of Role of CEO and
Directors chairman is split

Statutory Personnel and

Finance Sustainability Innovation
Audit Remuneration
Committee Committee Committee
Committee Committee
30% 100%
50% independent 45% independent
independent independent
members members
-
members members

Listed on Novo Mercado, Policies approved

highest level at BM&FBovespa: by the Board of Directors:
Indebtedness and Liquidity
Only 1 class of shares 100% voting rights Market Risk Management
Risk Management
100% tag along rights (Brazilian corporate law establishes 80%) Corporate Governance
Board of Directors with minimum 20% independent members Related Parties Transactions
Anti-Corruption
Financial Statements in International Standards IFRS Information Disclosure
Securities Trading
Adoption of Arbitration Chamber
Antitrust
SEC Registered ADR Level III program Genetically Modified Eucalyptus
Dividend Policy
Sustainability

(1) Controlling group (2) Free Float 41.44% + Treasury 0.06% 5

 A Winning Player

Superior Asset Combination Main Figures 1Q17 LTM

Pulp capacity(1) million tons 5.300

Net revenues US$ billion 2.955

Total Forest Base(2) thousand hectares 1,056

Planted area(2) thousand hectares 633

Belmonte
Veracel Net Debt US$ billion 3.587
Caravelas
Portocel 3.79
Net Debt/EBITDA (in Dollars)(3) X
Aracruz

Trs Lagoas Unit

and
Jacare
Horizonte 2 Project
Santos

Port Terminal Pulp Unit

Source: Fibria
(1) Volume does not include Horizonte 2 project pulp capacity
(2) Including 50% of Veracel, excluding forest partnership areas and forest bases linked to the sales of Losango and forest assets in Southern Bahia State; As of December 31, 2016.
(3) For covenants purposes, the Net Debt/EBITDA ratio is calculated in Dollars.

6
 Fibrias Units Industrial Capacity

Horizonte 2 Mato Grosso do Sul 1,950 thousand t/year

* Veracel is a joint venture between Fibria (50%) and Stora Enso (50%) and the total capacity is 1,120 thousand ton/year 7
Fibrias Commercial Strategy

Sales Mix by Region and by End Use - Fibria Highlights

Region 1Q17 End Use 1Q17

Worldwide presence
North
America Printing Strong global customer base
14% &

Tissue
Writing Long-term relationships
Europe Asia 36%
34% 42% 42% Focus on customers with stable business

10%
Specialties Customized pulp products and services
LatAm 22%
Sound forestry and industrial R&D

Focus on less volatile end-use markets such as tissue

Net Revenues by Region - Fibria Lower dependence on volatile markets such as China

9% 10% 9% 10% 10%

Efficient logistics set up

24% 25% 24% Low counterparty credit risk

32%
42%
100% certified pulp (FSC and PEFC/Cerflor)
28% 24% 24%
22%
14%

39% 41% 43%

36% 34%

2013 2014 2015 2016 1Q17

Europe North America Asia LatAm

8
 Leadership Position

Industry Outlook(1)

Fiber Consumption
414 million t

59% 41%
Recycled Fiber Pulp
244 million t 170 million t

16% 84%

Mechanical Chemical
28 million t 142 million t

58% 42%

Integrated Mills Market Pulp

83 million t 59 million t

48% 52%

Softwood/Other Hardwood
28 million t 31 million t

25% 75%

Acacia/Other Eucalyptus
8 million t 23 million t

77% 23%
Other Eucalyptus
Pulp producers:
18 million t

(1) Fiber Consumption, Recycled Fiber and Pulp: RISI | Market Pulp, Hardwood and Eucalyptus: PPPC Global 100 Report December 2016 9
 Pulp Supply Agreement: Puma Project

Puma Project
Pulp volumes:
Minimum of 900 kt of hardwood for the first 4 years
Klabins sales volume (kt)
75% of 900 kt for the fifth year (phase out 1)
1Q17 2016 4Q16 3Q16 2Q16
50% of 900 kt for the sixth year (phase out 2)
204 478 183 164 131
Selling price based on the average net price charged by
Fibria at the Port of Paranagu (FOB Paranagu)
Sales destination: Globally, except for South America
Operational startup: Mar/2016
Agreement benefits:

Logistics and commercial Logistics and commercial

structure synergies; optimization and synergies;

Ensure sales volumes; Support customers growth and

enhance customers needs;
Ensure pulp market access with
Klabin brand. Potential development of new customers.

Mutual value creation, with better servicing for both Companies customers base

10
Pulp and Paper Market
11
2016 Global growth has ONLY been relying on China
BHKP DEMAND (KT AND % CHANGE, Y-O-Y)

2013 2014
5.3% 1500
1500 19.0%
1200 3.3%
1200
900
900
600 600 5.2%
5.5% 300 5.2% 2.0%
300
0 0
-300 -0.2% -300
Global NA WE China Global NA WE China

2015 2016
1500 1500
1200
20.2%
1200 3.3% 4.3%
900 900
6.2%
600 3.7% 600
300 300
0 0
-300 -3.5% -300 -4.4% -2.6%
Global NA WE China Global NA WE China

Source: PPPC Global 100 12

 SO WHAT CAN WE EXPECT IN 2017 ?
(000 t)

BHKP CAPACITY CHANGES

FIBRIA EXPECTED SCENARIO FOR 2017 AT END OF 2016 FIBRIA EXPECTED SCENARIO FOR 2017, TODAY:

Klabin 500 Klabin 500

APP OKI 1,000
APP OKI 1,000
Fibria TLS II 300
Fibria TLS II 300
Metsa 100
Metsa 100
APRIL Kerinci -390
APRIL Kerinci -100
APRIL Rizhao -270 APRIL -1,080(2)
APRIL Rizhao -300
APRIL Jiangmen -420
Taiwan P&P -55 Taiwan P&P -55
Resolute Calhoun -40 Resolute Calhoun -40
Navigator Cacia -60 CMPC -120
Unexpected Closures, Unexpected Closures,
Unexpected Closures,
Conversions and Downtime -550 Unexpected
Conversions Closures,
and Downtime -200
Net 800 Net 405
BEKP demand growth 1,350 BEKP demand growth 1,350

OKIs output in 2017 fully offset by APRILs conversions/integrations

(1) Fibrias estimates (2) Includes 20,000 tons of temporary downtime 13

We dont think so !
Because, we expect a combination of the following factors:
Not only, a good BEKP Demand/Net Capacity increase ratio: 1.75, which is well above the
last 3 years
But also, a more WIDESPREAD demand between the regions!

Europe: a recovery of the HW demand due to increasing competitiveness

of the European papermakers
USA: a recovery of the Euro devaluation... US$/Euro parity !?
demand for Eucalyptus
mainly triggered by a few
local HW closures
(temporarily or not)

US$ strengthening / loss

of competitiveness of local
pulp producers (integrated
or not)

China: an on-going increase of the demand for Eucalyptus Pulp

New paper capacities: 2.3 million tons/y of which:
Tissue = 600 kton/y
UWF = 400 Kton/y
On-going substitution of non wood fibers and old pulp mills

14
 Global Market BEKP Demand

Shipments of Hardwood and Eucalyptus Pulp

1Q17 vs. 1Q16(2) Days of Supply - Hardwood(2)

7% 8% 31%
28%
410
kt 395 433 368
kt kt 8% 11%
kt Avge=42
-5% 0% 123
-5% -6% 13
kt
-108 kt -105 kt
-38 kt 0 kt 38
Total North West Europe China Other
America

Apr-13

Mar-14
May-14

May-15

May-16
Jun-13
Jul-13

Nov-13
Jan-14

Nov-14
Jan-15
Mar-15

Nov-15
Jan-16
Mar-16

Nov-16
Jan-17
Mar-17
Feb-13

Sep-13

Jul-14
Sep-14

Jul-15
Sep-15

Jul-16
Sep-16
BHKP BEKP

CAGR BEKP 2012-2016(1) 2016 vs. 2015(1)

12% 8% 24%
15%
4%
29%
1,655 1,543
2,073 kt
1,247 kt 1,350 kt
1,275 kt kt 4% 6%
5% 7% -5% 2% kt
6% -3% -3% 325 303
351 kt 338 kt -158 -270 -233
109 kt kt kt
kt 42 kt kt kt
Total North Western China Others Total North Western China Others
America Europe America Europe
BHKP BEKP
(1) Source: PPPC Global 100 December/2016 (2) Source: PPPC World 20 March/2017 15
 Global Market

(US$) BHKP FOEX China ( US$)

20,00
17,90
15,00 11,52 11,53
10,00 10,29
5,00
-
(5,00)
(10,00)
(15,00) -13,50
(20,00)
-20,33
(25,00)

BHKP Demand 4Q vs. 1Q China

-2% -26% -15% -25% -9% -3% + 9%
1,845 kt
1,678 kt
1,465 kt
1,345 kt 1,414 kt
1,320 kt
1,228 kt 1,203 kt
1,101 kt
909 kt 1,001 kt 934 kt 926 kt
888 kt

4Q10 1Q11 4Q11 1Q12 4Q12 1Q13 4Q13 1Q14 4Q14 1Q15 4Q15 1Q16 4Q16 1Q17

+48% -18% +11% +7% +11% +14%

(1) Source:Bloomberg (2) Source: PPPC World 20 16

 Technical Age and Scale in the Pulp Industry
Further closures are expected due to lack of adequate investments in the industry

Hardwood (BHKP) Producers Integrated and Market Softwood (BSKP) Producers Integrated and Market
Pulp Mills Pulp Mills

PM Capacity, 1000 t/a PM Capacity, 1000 t/a

1000
STRONG Weighted average STRONG
Aracruz
900 technical age 21 years
Weighted average
2000 technical age 12.3 years
800

700
1500
Veracel 600
Jacare
Weighted average Trs Lagoas 500
capacity 1,350,000 t/a
1000 400

300 Weighted average

capacity 534,000 t/a
500 200

100

0 0
WEAK
30 25 20 15 10 5 0 30 WEAK 25 20 15 10 5 0
Technical age, years Technical age, years

North American Pulp Mills Other Pulp Mills

More than 6.6 million tons of capacity above 25 years and with annual capacity below 500,000 t/y.

Source: Poyry 17
 Capacity closures DO happen

Closures of Hardwood Market Pulp Capacity Worldwide

(000 ton)

-85 -105

-315
-500 -445
-540
-670

-910
-1,085
-1,180 -1,410
-1,260

Potential
Additional
Conversions
(1) (2)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017-2018

Closures do not include temporary movements.

(1) Closures/conversion/integration 2016: -25 kt Guangdong Dingfeng, -30 kt Verso Wickliffe, -200 kt APRIL Kenrinci, -80 kt Taiwan P&P, -110 kt Woodland, -20 kt BILT, -205 kt IP.
(2) Closures/conversion/integration 2017: -55 kt Taiwan P&P, -40 Resolute Calhoum, -250 kt APRIL RIZHAO, -390 APRIL Kenrinci, -420 APRIL Jiangmen. 2018: -60 kt Navigator, -125 Mondi, -70
APRIL RIZHAO.
Source: Poyry, PPPC, RISI and Public information. 18
MORE COMPETITIVE CASH COST WITH H2
BHKP (US$/t)

BHKP
capacity 1,040 1,675 1,100 2,325 4,915 4,060 16,265 TOTAL: 31,380
(000 t)

424 WC=($62/t)
56 34
54
325
110 132
31
34 Interest
60 55
42 90 Capex
63 Income tax
50 37 SG&A
454 427
61
343 337
298 289
237 221
159

USA China Canada Iberia Chile/Uruguay Indonesia Brazil Fibria 1Q17 Estimated
LTM Fibria w/ H2 -
2021

Cash Production Cost (US$/t) Delivery CIF Europe

Sources: Hawkins Wright (Production Costs April 2017) and Fibrias 1Q17 Earnings Release-FX considered at R$/US$ = 3.12 (Brazil and Fibria).
Fibria with Horizonte 2 (H2) cash production cost was estimated according to weighted average cost, after mill balance, converted at R$/US$ = 3.12. Includes energy sales.

19
 NEW CAPACITY INVESTMENT PIPELINE
No major new capacity announced after OKI and Horizonte 2 projects

1200 2,5
Pulp prices - CIF Europe (US$/ton)(2)

Capacity Additions (000 ton)(2)

1000
Horizonte 2
Eldorado
800 792
Rizhao Maranho APP South
736 1,5
Trs Sumatra(1)
Monte 675
Lagoas Guaba II
600 APP Fray s del
Hainan Bentos Plata Klabin
Mucui
Veracel 1
400 Nueva Chenming
Kerinci
Valdivia Aldea Santa APP Zhanjiang
PL3
F Guangxi Oji
Nantong Metsa
0,5
200

0 0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

7,400 kt 5,250 kt
BHKP BHKP adjusted by CPI

(1) Partially integrated production.

(2) Sources: Hawkins Wright, Poyry and Fibria Analysis. Pulp price estimates according to RISI (Jan/17)

20
 In the last 15 years, pulp volatility has been just 8%...why?

160 BHKP - FOEX Europe (base 100) CPI (base 100)

120

80

40

May-14
Oct-01
Apr-00

May-06

May-07

May-08

May-09

May-10

May-11

May-12

May-13

May-15

May-16

Mar-17
Oct-00
Apr-01

Apr-02
Oct-02
Apr-03
Oct-03
Apr-04
Oct-04
Apr-05
Oct-05
Jan-00

Jan-01

Jan-02

Jan-03

Jan-04

Jan-05

Jan-06
Aug-06

Aug-07
Feb-08
Aug-08

Aug-09

Aug-10
Nov-10

Aug-11

Aug-12

Aug-13

Aug-14

Aug-15

Aug-16
Jul-00

Jul-01

Jul-02

Jul-03

Jul-04

Jul-05

Nov-06
Feb-07

Nov-07

Nov-08
Feb-09

Nov-09
Feb-10

Feb-11

Nov-11
Feb-12

Nov-12
Feb-13

Nov-13
Feb-14

Nov-14
Feb-15

Nov-15
Feb-16

Nov-16
Market price closer to producers marginal cost

The marginal cost producers are based in Europe and North America

Flattish industry cost curve

Higher flexibility to adjust supply side during imbalanced market

Lower dependency on Asian market (~25%) compared to hard commodities (70%+)

Market end users are linked to consumer goods, such as tissue

Incipient pulp price futures market and low liquidity

Source: Bloomberg April 25th, 2017 21

 Lowest volatility among commodities

230
100 = January 1, 2012
200

170 171
140

110 115
80 79
69
50
50 50
20
May-12

Aug-12

Oct-12

May-13

Aug-13

Oct-13

May-14

Aug-14

Oct-14

May-15

Aug-15

Oct-15

May-16

Aug-16

Oct-16
Mar-12
Apr-12

Jul-12

Sep-12

Nov-12

Mar-13
Apr-13

Jul-13

Sep-13

Nov-13

Mar-14
Apr-14

Jul-14

Sep-14

Nov-14

Mar-15
Apr-15

Jul-15

Sep-15

Nov-15

Mar-16
Apr-16

Jul-16

Sep-16

Nov-16

Mar-17
Apr-17
Feb-12

Dec-12

Feb-13

Dec-13

Feb-14

Dec-14

Feb-15

Dec-15

Feb-16

Dec-16

Feb-17
Jan-12

Jun-12

Jan-13

Jun-13

Jan-14

Jun-14

Jan-15

Jun-15

Jan-16

Jun-16

Jan-17
Iron Ore Soy Bean Crude Oil Sugar BHKP - FOEX Europe Exchange Rate (R$/US$)

Historical Volatility of Commodities (US$) 2 Lower than FX

37% 34% 34%
28% 26% 25% 24% 23%
17%
14%
6%

WTI Crude Oil Sugar Nickel Iron Ore Copper Soy Ibovespa LME Metals Cattle FX BHKP

Low volatility of hardwood pulp price, even though

new capacities have come on stream during the period.

Source: Bloomberg April 28th, 2017 2Since January 1, 2009 up to April 28nd, 2017 22
Financial and Operational Highlights
23
 Each 5% depreciation of the Real increases EBITDA by around
R$420m and FCF by R$550m

3.33 3.49 3.30 3.17 3.33

2.00 1.76 1.95 2.16 2.35
Exchange Rate 1.67
Average (R$/US$)
670 639 582
581 610 572 496 496 5012 476
Fibria net pulp price 456
(US$/t)

1,951 1,731 1,638 1,588 1,585

1,344
Fibria net pulp price 912 1,179 1,067 1,133 1,311
(R$/t)

53%
43%
40% 40% 39% 38%
EBITDA Margin 34% 36%
29%
1,488 1,560
1,295
1,173 1,153 1,185
1,073
949
815

EBITDA (US$ million)

2009 2010 2011 2012 2013 2014 2015 2016 1Q17LTM 2017(e) 2018(e)

(1) According to Focus Report (Brazilian Central Bank April 20th, 2017) I (2) 2017 and 2018 market consensus 24
 Cash Production Cost (R$/t) 1Q17
1Q17 vs 1Q16 Ex-downtimes
+1.8%
26 12 2
668 680
(16) (9) (3)

1Q16 Inflation FX Non recurring Chemicals and Energy Other 1Q17

wood energy sales

Transportation Higher
mix (higher road operational
contribution) efficiency

Cash Production Cost Ex-downtimes (R$/t) Cash Production Cost (R$/t)

+4.9% 754
727
3 680
27 2 699 74

648 31 79

668 680
648

4Q16 Wood Inflation/FX Other 1Q17 1Q16 4Q16 1Q17

Average
286 km 308 km Maintenance downtimes impact
distance
Cash production cost w/o downtimes

25
 Cash Production Cost in dollars saw a decrease over the last years

Fibrias Cash Production Cost(1) (USD/ton)

Consistently
281 controlling the cash
264 production cost
242 234
231
220 But lately, it has
210
195 been influenced
186
by non-recurring
effects:

Wood
2009 2010 2011 2012 2013 2014 2015 2016 1Q17 Energy price
LTM
Input
Average
FX
1.99 1.76 1.67 1.95 2.16 2.35 3.33 3.30 consumption
(BRL/USD)

(1) Excludes Conpacel 26

Net Results (US$ million) 1Q17

Cash receipt

287

273 (146)

Mtm
644 effect

(436) deferred

current 329
(61)

FX Debt MtM
(1)
Adjusted Net interest Deprec., Income Taxes Others Net income
EBITDA hedge amortiz. and
depletion

Non-recurring effects

(1) Includes other Exchange rate/monetary variations, other financial income/expense and other operating income/expenses

27
 Free Cash Flow (1)- 1Q17 (US$ million)

644

Klabin
effect 6 426
282
(9)

(463)
(34)

Adjusted EBITDA Capex Net interest Working Capital Income Taxes Others FCF
(ex-H2 and
logistics projects) H2 interest paid: R$ 20 million

(1) Does not consider Horizonte 2 Project and pulp logistics projects. (2) Includes Klabin volume. 28
 Indebtdeness 1Q17
Gross Debt and Cash Position (million) Net Debt (Million) and Leverage
Net debt/EBITDA (R$) Net debt/EBITDA (US$)
Gross debt Cash position 3.79
3.30
18,329 3.63
16,153 1.86 3.06
H2 1.85
H2 11,435 11,851
10,309
CRA +37%
6,477
CRA 4,717
4,956 5,785
CRA 3,509 3,740
H2
H2
2,044 2,897
CRA
CRA 1,447
CRA

Dec/16 Mar/17 Dez/16 Mar/17 Mar/16 Dec/16 Mar/17

R$ US$ R$ US$ R$ US$

Interest Expense/Income (US$ million), Cost of Debt in US$(1) and Debt maturity
6.3 5.9 Debt Maturity (months)
5.5 5.2
473 4.6 57
414 408
350 3.4 3.6 3.8 51
3.3 50
268 260
200 209
143 144
96 108 78 79
45 39 39 59

2009 2010 2011 2012 2013 2014 2015 2016 LTM 1Q17 1Q16 4Q16 1Q17
Cost of
Average costdebt
in US$ (% p.a.) Interest Expense (Gross) Interest on Financial Investments

3.4
(1) Considering3.3 (1)
the portion of debt in reais fully adjusted by the market swap curves at the end of each period 29
 Robust Liquidity USD million
(@March 31, 2017)

2,669 Pre-payment BNDES

NCE Bonds
Revolver 548
Finnvera CRA and Other

Cash 933
on hand(1) 2,121 804
646 701 702
567 566
363 369
99 34
Liquidity 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Capex H2 (2): 581 298
(1) Not including US$77 million related to MtM of hedging transactions. | (2) Financial execution of US$1,381 million capex up to March 2017. FX (R$/US$) 2017: 3.34| 2018: 3.35.

Amortization Schedule 1Q17 Proforma with TLS II US$ million

1Q17 H2 1Q17 + H2
2,669
Average Cost (US$ p.a)(1) 3.8% 2.9% 3.7%
Revolver
548
Average Maturity (years) 4.8 5.5 4.9

Cash 1.011
2,121 881 778
724 643 713
578 446
363
176 70

Caixa 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

BNDES Bond EPP ECN Outros CRA Finnvera Finame Development Agencies (FCO, Finep & FDCO) BNB Total
(1) Swap Bloomberg | (2) FX 03/31/17: 3.1684 30
Initiatives for Leverage Management

Initiatives expected to be Initiatives under analysis

implemented in the short term
Net
Net
Amount Debt/EBITDA
Amount Debt/EBITDA
reduction
reduction
(USD (USD
(x) (x)
million) million)

Accounts payable
Working Capital Release 95 0.09x 420 0.37x
(suppliers)
Accounts receivable (customers) 40 0.04x Others 110 0.12x
Accounts payable (suppliers) 55 0.05x
Total 530 0.49x
Capex 96 0.10x

Forestry 31 0.03x

Capex H2 65 0.07x

Total 191 0.19x

Total: USD 721 million (0.68x)

31
 WAIVER ON 4.5X COVENANT WAS FULLY NEGOTIATED
Horizonte 2 start-up in 3Q17 boosts EBITDA and FCF generation

Leverage guidelines: Highlights:

Range of 2.0x to 2.5x net debt/EBITDA Covenants only triggered if Fibria loses the Investment
Grade by 2 of the 3 rating agencies
Maximum 3.5x net debt/EBITDA during expansion
cycles During the most critical periods of expansion, 4.5x
covenant was waived

(1) As stated on the Liquidity and Indebtedness Policy and Shareholders Agreement 32
Capital Structure

Net Debt/EBITDA (x)(1)

8.1

5.0 4.9
3.7
3.7 3.6

2.6

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17

Fibria Suzano Klabin CMPC Arauco Eldorado

Fibria Arauco CMPC Klabin Suzano

S&P BBB-/Negative BBB-/Stable BBB-/Stable BB+/Stable BB+/Stable
Moodys Ba1/Stable Baa3/Stable Baa3/Stable - Ba1/Stable
Fitch BBB-/Stable BBB/Stable BBB+/Stable BBB-/Negative BB+/Positive

(1) Fibrias historical data in BRL. 33

One of the best performances among Brazilian corporate issuers(1)
Historical G-spread (bps)
1400
Rating Outlook 1200

1000

BBB- Negative 800

600

BBB- Stable 400

200

0
2010 2011 2012 2013 2014 2015 2016

Fibria 2020 - 7.5% Fibria 2021 - 6.75% Fibria 2024 - 5.25%

Issuance with maturity in 2024 Issuance with maturity in 2027

1,284

464 405
291 310 301 350 354 296 313
211 209 231 241 246 1,168 258 261

(1) G-spread on April 28th, 2017 34

2017 OUTLOOK CAPEX AND CASH COST
35
 Fibria CAPEX 2017 BRL million

3,011 56 5,213

79
2,010 57
Industry 415

Forestry 1,595

2017 CAPEX Logistics Projects Modernization H2 Others (2) 2017 CAPEX Total
Maintenance Guidance

USD632 mn(1) USD1,639 mn(1)

(1) Converted at 2017 average FX - BRL/USD 3.18, according to Focus Report (Brazilian Central Bank Mar 31th, 2017)
(2) Included R&D, IT, Health Safety and Environmental.

36
Cash Cost update (USD/t) @2021
BRL/USD 3.19

206
155
(26) (19) (2) (1) (3)

LTM 3Q16 Horizonte 2 Wood cost Bleaching line B Maritime wood Others 2021
Project reduction shipping project

FX Sensitivity
FX Cash cost (US$/t)
3.00 164
3.10 159
3.19 155
3.30 150
3.50 142

37
Expansion Project Horizonte 2
38
What is the importance of growth for Fibria?

Wider fixed costs dilution

Competitiveness Cost curve position improvement
Greater bargaining power with suppliers

Follow the growth of strategic customers

Developing new customers
Commercial
Distribution to new geographic markets
positioning
Efficiency and competitiveness gains in logistics
Higher quality in customer service

Long-term growth Greater ability to capture new expansion market windows

potential Strong M&A position

39
 HORIZONTE 2 PROJECT

Site Overview

Start-up brought
forward: 1 month
anticipation

Expansion Capex Inside the

Energy Surplus 61%(3)
of US$ 2,280 fence(1) Capex of Over 87% of financial execution
million 130 MWh physically completed(2)
(R$ 4.6 billion)
US$ 979/t
(US$ 1,169/t)
(1) Industrial capex. (2) At March 31, 2017. (3) Approximate cash disbursement up to March 31, 2017. 4040
 Nominal Capacity (000 t) Pulp sales destinations
7,955 8,050 8,150 8,150 8,150

900 900 900 900

900
6,577
900 1,755 1,850 1,950 1,950 1,950
37%
377 19%
22% 36% 36%
32%

8%
5,300 5,300 5,300 5,300 5,300 5,300
10%

2017 2018 2019 2020 2021 2022 Total sales volume distribution after H2 start up(1)
Current net revenue distribution(2)
Klabin's Puma Project ('000 t)(1)
Horizonte 2 ('000 t)
Current Production ('000 t)

(1) Includes Klabins sales volume | (2) Considers 4Q16 last twelve months | (3) The volumes in 2017 and 2018 will depend on the learning curve of the plants. The agreement with Klabin may
be renewed by mutual consent.
41
 Horizonte 2 Forestry Base
Forestry base secured as planned

Already planted
135,000 ha

To be planted
52,000 ha 42,000 ha to be planted in 2017
10,000 ha to be planted in 2018
Total
187,000 ha

Wood purchased
7.4 million m3

Average distance from forest to mill H1 + H2 up to 100 km

42
Logistics
Integrated logistics - outbound and shipping

Mato Grosso

Braslia

Gois

Mato
Grosso
do Sul

Port Terminal 32
Railway export corridor with high reliability and
capacity
Less transit time from mill to the Port of Santos
Higher productivity per train
With T32, Fibria becomes the pulp player with
the highest storage capacity in Port of Santos

43
 HORIZONTE 2 CAPEX
Fully funded with low cost lines and disbursement flexibility

CAPEX EXECUTION TIMETABLE (R$ million)

4,027 3,775 Accrual basis
Cash basis
2,759 2,539
Management
Total
initiatives
R$ 7,514 mn 995
292 205 436
US$ 2,247mn(1)
2015 2016 2017 2018

US$ 61 mn 1,128mn 759 mn 298 mn

8,745
7,514

Executed 4,575

To be
disbursed 2,939

November, 2015 Savings, FX Inflation Others March, 2017

Contingencies
USD 2,214 and indirect costs USD 2,247

BRL/USD 3.95 BRL/USD 3.34

(1) FX @ 3.34 44
Horizonte 2 project assumptions

UNIT R$ US$
Pulp production/year k tons 1,950 1,950
Expansion capex(1) $ billion 7.5 2.3
Expansion capex(1) $/t 3,841 1,164
Inside the fence expansion capex $/t 3,260 979
Sustaining capex(2) $/t 195 59
Cash production cost(3) $/t 337 107
Energy surplus MWh 130 130
Project approval FX R$/US$ 2.80 -
All in cash cost (estimated range)(4) $/t - 270-320
Pulp price(5) $/t - 497
Free Cash Flow (estimated) $/t - 177-227
Payback period (estimated) years - 5.1-6.6

(1) Includes chemical leasing (FX @ 3.30).

(2) Estimated sustaining capex in perpetuity (FX @ 3.30).
(3) Estimated weighted average cost, after mill balance. Includes energy sales (FX @ 3.15).
(4) Cash cost + freight + SG&A + Sustaining Capex + Interest + taxes + working capital (FX @ 3.15)
(5) 2017 market consensus.

45
Final Remarks

Economies of scale

Synergies with current operations

Wood availability and low distance from forest to mill

Fibrias total energy surplus to be increased by 130 MWh

Cash cost competitiveness

Meet customers demand growth

Attractive returns even in adverse scenarios of pulp price and BRL

Solid financial profile

46
BACK UP
47
Cost reduction initiatives and industry statistics
48
Forestry operations productivity
Transportation

Maritime Wood Shipping Project

PROJECT DESCRIPTION (ARACRUZ UNIT)

Capex and Opex reduction; Capex: R$ 54 million (accomplished in 2016)

Increase in cargo handling due to increase in Startup: Set/2017
stack height volume Saving OPEX: R$ 24 million/year
Reduction in heavy truck road traffic

69
 THIRD-PARTY WOOD REDUCTION
Non-recurring impacts starting to decrease

% Planting 34% 63% 73% 67% 68% 75% 67%

50% 350

Average distance from forest to mill

45% Average distance from forest to mill
300
40% Third-party wood
Third-party wood (%)

35% 250
30% 200

(km)
25%
311 307 290 150
20%
225 242 239
15% 100
193 788
197 187 181 194 190 173 170
10%
167 166 164
50
5%
0% 0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Third party wood increase from previous forecast due to recent rain shortage at Aracruz Unit forest
base and optimization of Trs Lagoas forest base
The average distance will drop sharply generating an Opex reduction

NPV from peak to normalized level(2): Total NPV:

CAPEX: BRL1.5 billion (USD 0.5 million) | OPEX: BRL 1.0 billion (USD 0.3 million) BRL2.5 Bn or USD0.8 Bn
(1) Does not include Veracel but considers H2 Project forest base | (2) FX @ BRL/USD3.30.
50
Third-party wood reduction
Losango

Most part of the standing wood was already paid

Despite the higher forest to mill distance, the wood from Losango is less expensive than the
available wood from around Esprito Santo and Bahia States

Positive impact over industrial costs due to better productivity

56
Industrial: maintenance downtimes schedule change

Regulatory Standard 13 (Boiler and Pressure Vessel Inspection) extended the maximum period between
recovery boiler inspections from 12 to 15 months.

Fibria was the first company to use the extended period benefit

NPV: R$385 million

57
 Global Market Pulp Demand

Hardwood demand will continue to increase at a faster pace than Softwood

Hardwood (BHKP) vs. Softwood (BSKP) (000 ton) Demand growth rate

40.000
Growth Growth
000 ton 2000 2010 2020 2000- 2010-
35.000
2010 2020
30.000
25.000 Hardwood 16.2 25.1 35.6 55% 42%
20.000
15.000 2015 - 2020 CAGR: Eucalyptus 6.6 15.9 25.2 140% 58%
10.000 Hardwood: +3.06%
Softwood: +1.16%
5.000
Softwood 18.9 22.2 25.8 17% 16%
0
2013

2016
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012

2014
2015

2017
2018
2019
2020
Market Pulp 35.1 47.3 61.4 35% 30%
Hardwood Softwood
Source: PPPC report (Nov. 2016) Source: PPPC reports. Excludes Sulphite and UKP market pulp (Nov./16)

Paper Production Runnability with BHKP

Source: RISI conference, August 2014. 53

 Benefiting From Chinas Growth

Chinas Hardwood Imports of BHKP by Country(1) World Tissue Consumption, 1995-2016(3)

(000s t) (million t)

2015 2016 40
Latin America is the 35 Annual Growth
10.616
leading exporter of BHKP Rate +3.7%
9.266 30
to China, accounting to
approximately 57% of 25
6.035 China's total imports in
4.925 20
2016.
15
2.0411.904 1.909 2.194 10
194 197 189 194 8 92
5
BHKP Total Latin Indonesia Others(2) USA Canada Western 0
America Europe
1995 2000 2005 2010 2011 2012 2013 2014 2015 2016
(1)
N.America W.Europe E.Europe Japan
(1) includes South Africa and New Zealand. | (2) Includes China, Japan, Malaysia, Russia, Thailand and Vietnam. China Asia FE Middle East LatAm
Africa Oceania

China's Share of Market Pulp(2) Per Capita Consumption of Tissue by World Region(3)
(Kg/capita/year)
(million t)
30% 16
25% 26%
23% 24% 14 25
25% 23%
21% 22%
12
20% 17%
10
16 15
15% 12% 14% 8
10% 10% 11
6
10%
4 6 6 6
5%
2
1
0% 0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
N. West Japan Oceania East LatAm China Africa
Eucalyptus Hardwood Total % Compared to the global Market Pulp America Europe Europe
(1) PPPC Pulp China Flash Report December 2016
(2) PPPC W20. Coverage for chemical market pulp is 80% of world capacity
(3) RISI

54
Growth rate Chinese GDP vs. Eucalyptus Shipments to China
(Sept-09 = base 100)

300

273
250

200

150

100

75
50

China GDP Eucalyptus Shipments

Source: Bloomberg and PPPC W20 report (dec/2016) 55

 Commodities Differentiation

China GDP breakdown

8% 4% 4% 3% 3% 2% 2% 2% 2% 2% 2%

47% 48% 48% 48% 48% 48% 46% 47% 45% 45%
44%

49% 49% 48% 49% 49% 50% 50% 52% 51% 53% 53%

2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015E 2016E 2017E 2018E
Consumption Investment Net Exports

China commodity demand - basis 100

Corn Soybeans Wheat Crude oil Iron ore Sugar BHKP
248

201
194
172
152

124
100 115
2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015E 2016E 2017E 2018E

Source: Ita Macroeconomic Department and PPPC Oct/15 56

Global Paper Consumption

CAGR 2000 2010 CAGR 2010 2020

Developed Markets: - 2.1% Developed Markets: - 3.1%
Emerging Markets : + 5.6% Emerging Markets : + 0.9%
117,611 109,758
103,286 99,977

P&W
Consumption
(000 tons)(1)

2010

2016E
2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2011

2012

2013

2014

2015E

2017E

2018E

2019E

2020E
Developed Markets Emerging Markets

CAGR 2000 2010 CAGR 2010 2020

Developed Markets: + 1.5% Developed Markets: + 1.4%
Emerging Markets : + 6.6% Emerging Markets : + 5.9%
41,712

30,357

20,979

Tissue
Consumption
2011
2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2012

2013

2014

2015E

2016E

2017E

2018E

2019E

2020E
(000 tons)(1)

Developed Markets Emerging Markets

Source: RISI 57
 BHKP prices - CIF China (US$/ton)

0
100
200
300
400
500
600
700
800
900
(000s t)
mai-10
jun-10
jul-10
ago-10
set-10

2010
out-10

average:
250 ktons
nov-10
dez-10
jan-11
fev-11
mar-11
mai-11
Source: PPPC Global 100 Feb 2017

jun-11
jul-11
ago-11
set-11

2011
out-11

Average
379 ktons
nov-11
dez-11
jan-12
fev-12
mar-12
abr-12
jun-12
jul-12
ago-12
set-12
out-12

2012
Benefiting From Chinas Growth

Average
nov-12

370 ktons
dez-12
jan-13
fev-13
mar-13
abr-13
mai-13
jul-13
ago-13
set-13
out-13
nov-13

2013
Average
dez-13

439 ktons
jan-14
fev-14
mar-14
abr-14
mai-14
jun-14
ago-14
set-14
out-14
nov-14
China: Eucalyptus pulp shipments

dez-14

2014
jan-15

Average
504 ktons
fev-15
mar-15
abr-15
mai-15
jun-15
jul-15
set-15
out-15
nov-15
2015

dez-15
Average
531 ktons

jan-16
fev-16
mar-16
abr-16
mai-16
jun-16
jul-16
ago-16
Shipments
BHKP Price

out-16
2016

nov-16
Average
612 ktons

dez-16
jan-17
fev-17
0
100
200
300
400
500
600
700
800
900

Shipments (000 ton)

58
 Global BHKP Market Pulp Supply Cost Curve

COST CURVE EVOLUTION

USD/Adt, 2013 cost level

Cost position
of marginal
producer

Cumulative Capacity Million t/a

Source: Pyry. 59
 Tightening plantation wood and chip supply could add to the cash
cost of Asian pulp mills

Source: Pyry. 60
 Current Zero Cost Collars

2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

Notional (US$ million) 349 400 390 367 324 305 270
Strike put avg. (R$/US$) 3.33 3.30 3.39 3.28 3.22 3.17 3.21
Notional Total
US$ 2,405 MM
Strike call avg. (R$/US$) 5.19 5.33 5.70 4.58 4.40 4.08 4.18
FWD 3.85 3.84 3.98 3.69 3.64 3.47 3.52

(*) At April 10th, 2017. 61

EVOLUTION OF CURRENCIES
FX devaluation is expected

115%

110%

105%

100%

95%

90%

85%

80%

75%
abr-16 jul-16 out-16 jan-17 abr-17 jul-17 out-17 jan-18 abr-18 jul-18 out-18 jan-19 abr-19 jul-19 out-19

Real** Real Euro** Euro CAD**

CAD Chilean
Peso peso**
Chileno** Peso Chileno
Chilean peso RMB** RMB
Rupia** Rupia Uruguayan peso**
Peso Uruguaio** Uruguayan
Peso peso
Uruguaio

62
** Bloomberg Forecast 62
FREE CASH FLOW(1)
Positive quarterly FCF in the last 5 years, even during appreciated FX

USD million

329
317

225
194
158
125 130 118 124 135
113 111 103 112
77 84
53 51
29
4

-7

-77
4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17

EBITDA Margin
28% 30% 37% 37% 41% 39% 39% 41% 42% 41% 35% 35% 45% 50% 50% 56% 54% 52% 43% 43% 36% 37%

Average FX

1.80 1.77 1.96 2.03 2.06 2.00 2.07 2.29 2.27 2.37 2.23 2.27 2.55 2.87 3.07 3.45 3.84 3.90 3.51 3.25 3.26 3.15

(1) Excluding H2 Project, dividends, pulp logistics and land purchase effects. 63
 Fibrias tax structure
Description and Amount Maturity

(a) Operating income As stated in the income statement

- Annual tax deduction: US$ 28 million (tax)

(-)(b) Goodwill (Aracruz
2018
acquisition)
- Remaining Balance Mar/17: US$ 0.159 billion (base)

(-)(c) Forestry Capex in MS

2017 tax deduction related to depletion: US$ 8.4 million Undefined
state (net)
(+/-)(d) Exchange variation
---------- ----------
(cash)
(+/-)(e) Other ---------- ----------

Tax base before

(a) + (b) + (c) + (d) + (e)
compensations
- Up to 30% of tax base before compensations
(f) (-) Tax loss carryforward Undefined
- Balance up to Mar/17: US$ 395 million (base)
(g) Tax base Tax base before compensations tax loss carryforward (f) ----------

(h) Income tax Tax base (g) * 34% ----------

Balance Mar/2017:
- PIS/COFINS: US$ 252 million
(i) (-) Federal tax credits Undefined
- Withholding tax (IR and CSLL): US$ 328 million
- Reintegra: US$ 35 million
Cash Tax Income Tax (h) tax credits (i)

TAX PAYMENT2 (cash basis)

2010 2011 2012 2013 2014 2015 2016 2017

US$ 9 million US$ 2 million US$ 8 million US$ 14 million US$ 12 million US$ 23 million US$ 36 million US$ 37 million

(1) Considering FX 3.1684 | (2) Considering average FX for the period 64

Dividends
65
Policies approved by the Board of Directors

Indebtedness and Liquidity

Market Risk Management
Risk Management
Corporate Governance
Related Parties Transactions
Anti-Corruption
Information Disclosure
Securities Trading
Antitrust
Genetically Modified Eucalyptus
Dividend Policy
Sustainability

66
Approval of Dividend Policy

Commitment to Corporate Governance best practices.

Proposed dividends based on cash generation, taking into consideration

the companys strategic planning and in line with its policies, notably the
Indebtness and Risk Management policies.

Preserving Investment Grade.

Extraordinary dividend if Policy criteria are met.

67
Dividends

2016
April 27, 2016 Mid-May, 2016 Mid-November, 2016

GSM approved dividend Dividend Extraordinary

distribution of USD80 payment of USD dividend
million(1) 80 million. appraisal
(1.1% of dividend yield as at (not
Dec. 31, 2015). approved)

2017
April, 2017 Mid-May, 2017 Mid-November, 2017 Mid-December, 2017

GSM to approved Dividend Extraordinary Extraordinary

dividend payment to occur dividend dividend
distribution from May appraisal payment
(approved R$393 onwards (if approved)
million - payment
May 18,2017)

(1) Considering March 7, 2016 FX R$/US$3.7714 68

Green Bond 2027
69
Bond Offering Summary

Issuer Fibria Overseas Finance Ltd.

Guarantor Fibria Celulose S.A.

Issue Format SEC Registered

Ratings BBB- (neg) / BBB- (stb)

Ranking Senior Unsecured

Use of Proceeds Eligible Green Projects

Issue Amount US$700 million

Securities Offered 5.5% Senior Notes due 2027

Book US$3.5 billion

Listing New York Stock Exchange (NYSE)

Book US$3.5 billion

70
 Sustainable Forest Management

Fibria sustainably manages forested areas to

FSC and PEFC standards, to include:

Productivity index / year

Production and acquisition of eucalyptus
seedlings
Preparation of soil for the plantation of seedlings
including subsoiling and harrowing activity
Plantation of seedlings
Protection and maintenance of planted seedlings
up to harvest

Environmental Benefit With / Impact:

management to these standards, Fibria is contributing
to:
Carbon sequestration;
Water quality and cycle regulation;
Fibrias Forest
Erosion control, soil protection and nutrient
Management
cycling; Neighboring
Natural areas protection areas
Note: Fibria has long-term targets (1) to reduce by one third the
amount of land required for pulp production and (2) double carbon
sequestration from the atmosphere. These projects will help to
contribute to this end.
FSC License Codes FSC-C100042, FSC-C100704, FSC-C110130
Source: Information previously disclosed in public Fibria reports 71
 Restoration of Native Trees and Conservation of Biodiversity

Fibria invests in projects to restore natural vegetation

cover in degraded land, to include:
Acquisition of new native Brazilian seedlings
Planting native Brazilian seedlings in degraded land
Creation of ecological corridors and mosaics in
eucalyptus plantations so they can serve as wildlife and
flora habitat conservation
Studies that evaluate and monitor the conservation of
HCV areas
Environmental Benefit / impact: Fibrias effort to restore
native forest areas has increased forest coverage and
biodiversity, led to improvements in ecosystem services,
including:
Carbon sequestration
Availability and quality of water
Erosion control, soil protection and nutrient Before (2012)
cycling
Habitat provision

Note: This category contributes to Fibrias long-term targets to (1) double

carbon sequestration and (2) to promote the environmental restoration of 40
thousand hectares between 2012 and 2025. Since 2012, 13.9 thousand
hectares of environmental restoration has occurred, 35% of the target. 2,402
hectares were restored in 2015 alone. The goal for 2016 will be to restore After (2016)
2,603 hectares.

Source: Information previously disclosed in public Fibria reports 72

 Waste Management

Conversion of Production Plant Waste to Soil Acidity

Corrective

At Fibrias Jacarei and Trs Lagoas mills, there is a

system in place to collect byproducts of the industrial
process and convert this material into a soil acidity
corrective, to be used in Fibrias forest areas

The process collects ash, grits, dregs and lime mud from
the production process and the transformed product
replaces the use of calcium carbonate

Environmental Benefit & Impact: Fibrias process to

transform the mill byproducts in soil acidity corrective has
resulted in:
~30% reduction in waste sent to external landfills from
the mill sites

Note: Fibria has a long-term target to increase eco-efficiency, by reducing in 91% the quantity of industrial waste
disposed in own or third-party landfills. This project will contribute to meeting the companys long term goal to reduce
the amount of solid waste sent to landfill to 5kg/adt, by 2025.

Source: Information previously disclosed in public Fibria reports 73

 Water Efficiency

Water Recycling and Re-use at Aracruz Mill

Fibria has a range of projects at the Aracruz Mill
that reduce water usage

Reduce the consumption of sealing water of

vacuum pumps of the dryer;
Reuse water in the hydraulic units of the presses
and baling units;
Reuse of the cooling water of furnaces in the
Water Treatment Plant currently released as
effluent;
Connect the cooling tower to the causticizing
tower, so that water expelled from the cooling
tower is then used in the causticizing tower

Environmental Benefit & Impact: The various water efficiency projects are designed to achieve:
310 m3/h reduction in the water withdrawn from the total intake water to the industrial operation.
This reduction is equivalent to 3.9% in industrial water intake at the mill

Source: Information previously disclosed in public Fibria reports 74