Pulp & Paper Day Santander SP. May 24, 2017

Pulp & Paper Day Santander SP May 24, 2017

2 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 company s 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.

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

Company Overview 4

(1) Controlling group (2) Free Float 41.44% + Treasury 0.06% 5 Shareholder Structure and Corporate Governance Votorantim S.A. (1) 29.42% BNDES Participações (1) 29.08% Free Float (2) 41.50% Fiscal Council General Meeting Board of Directors 20% independent members Role of CEO and chairman is split Finance Committee Statutory Audit Committee Personnel and Remuneration Committee Sustainability Committee Innovation Committee 30% independent members 100% independent members 50% independent members 45% independent members - Listed on Novo Mercado, highest level at BM&FBovespa: Only 1 class of shares 100% voting rights 100% tag along rights (Brazilian corporate law establishes 80%) Board of Directors with minimum 20% independent members Financial Statements in International Standards IFRS Adoption of Arbitration Chamber SEC Registered ADR Level III program 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

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 Belmonte Veracel Caravelas Portocel Aracruz Planted area (2) thousand hectares 633 Net Debt US$ billion 3.587 Net Debt/EBITDA (in Dollars) (3) X 3.79 Três Lagoas Unit and Horizonte 2 Project Jacareí 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

* Veracel is a joint venture between Fibria (50%) and Stora Enso (50%) and the total capacity is 1,120 thousand ton/year 7 Fibria s Units Industrial Capacity Horizonte 2 Mato Grosso do Sul 1,950 thousand t/year

8 Fibria s Commercial Strategy Sales Mix by Region and by End Use - Fibria Highlights Region 1Q17 North America 14% Europe Asia 34% 42% 10% LatAm End Use 1Q17 Tissue 42% Printing & Writing 36% Specialties 22% Worldwide presence Strong global customer base Long-term relationships Focus on customers with stable business Customized pulp products and services Sound forestry and industrial R&D Net Revenues by Region - Fibria 9% 10% 9% 10% 10% 24% 25% 24% 32% 42% 28% 24% 24% 22% 14% Focus on less volatile end-use markets such as tissue Lower dependence on volatile markets such as China Efficient logistics set up Low counterparty credit risk 100% certified pulp (FSC and PEFC/Cerflor) 39% 41% 43% 36% 34% 2013 2014 2015 2016 1Q17 Europe North America Asia LatAm

Leadership Position Industry Outlook (1) Fiber Consumption 414 million t Recycled Fiber 244 million t 59% 41% Pulp 170 million t 16% 84% Mechanical 28 million t Chemical 142 million t 58% Integrated Mills 83 million t 42% Market Pulp 59 million t 48% 52% Softwood/Other 28 million t Hardwood 31 million t 25% 75% Acacia/Other 8 million t Eucalyptus 23 million t 77% Other Eucalyptus Pulp producers: 18 million t 23% (1) Fiber Consumption, Recycled Fiber and Pulp: RISI Market Pulp, Hardwood and Eucalyptus: PPPC Global 100 Report December 2016 9

10 Pulp Supply Agreement: Puma Project Puma Project Pulp volumes: Minimum of 900 kt of hardwood for the first 4 years 75% of 900 kt for the fifth year (phase out 1) 50% of 900 kt for the sixth year (phase out 2) Selling price based on the average net price charged by Fibria at the Port of Paranaguá (FOB Paranaguá) Klabin s sales volume (kt) 2Q16 3Q16 4Q16 2016 1Q17 131 164 183 478 204 Sales destination: Globally, except for South America Operational startup: Mar/2016 Agreement benefits: Logistics and commercial structure synergies; Ensure sales volumes; Ensure pulp market access with Klabin brand. Logistics and commercial optimization and synergies; Support customers growth and enhance customers needs; Potential development of new customers. Mutual value creation, with better servicing for both Companies customer s base

Pulp and Paper Market 11

2016 Global growth has ONLY been relying on China BHKP DEMAND (KT AND % CHANGE, Y-O-Y) 2013 2014 1500 1200 900 600 300 0-300 5.3% 19.0% 5.5% -0.2% Global NA WE China 1500 1200 900 600 300 0-300 3.3% 5.2% 5.2% 2.0% Global NA WE China 2015 2016 1500 1200 900 600 300 0-300 3.3% 3.7% 6.2% -3.5% Global NA WE China 1500 1200 900 600 300 0-300 4.3% 20.2% -4.4% -2.6% 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 APP OKI Fibria TLS II Metsa APRIL Kerinci APRIL Rizhao Taiwan P&P Resolute Calhoun -100-300 -55-40 500 300 100 1,000 Klabin APP OKI Fibria TLS II Metsa APRIL Kerinci APRIL Rizhao APRIL Jiangmen Taiwan P&P Resolute Calhoun -390-270 -420-55 -40 500 1,000 300 100 APRIL -1,080 (2) Navigator Cacia Unexpected Closures, Unexpected Closures, Conversions and Downtime -550-60 CMPC Unexpected Closures, Conversions Unexpected and Downtime Closures, -250-200 Net 800 Net 275 BEKP demand growth¹ 1,350 BEKP demand growth¹ 1,350 OKI s output in 2017 fully offset by APRIL s conversions/integrations (1) Fibria s estimates (2) Kerinci integration P&W / Rizhao conversion DP and 20,000 tons of temporary downtime / Jiangmen integration P&W 13

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

Jan-13 Apr-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Global Market BEKP Demand Shipments of Hardwood and Eucalyptus Pulp 1Q17 vs. 1Q16 (1) Days of Supply - Hardwood (1) 8% 573 kt Total 8% 577 21% 411 kt kt 360-5% 1% -4% -5% kt -33 kt 5 kt -100 kt-100 kt North America 129 kt 146 kt West Europe China Others BHKP BEKP 24% Avg=40 6% 12% 37 CAGR BEKP 2012-2016 (2) 2016 vs. 2015 (2) 12% 2,073 kt Total 6% 109 kt North America 5% 351 kt Western Europe 29% 1,275 kt China 7% 338 kt Others 4% 1,655 1,247 kt kt Total 8% -5% 2% -158 kt 42 kt North America -3% -3% -270-233 kt kt Western Europe BHKP BEKP 24% 15% 1,543 1,350 kt kt China 4% 6% 325 kt 303 kt Others (1) Source: PPPC Global 100 March/2017 (2) Source: PPPC Global 100 December/2016 15

Global Market (US$) 20 15 10 5 0-5 -10-15 -20-25 BHKP FOEX China¹ ( US$) BHKP Demand 4Q vs. 1Q China² +14% -11% -7% -15% -5% -0% + 10% 1,508 kt 1,727 kt 2,132 kt 1,897 kt 2,022 kt 1,889 kt 2,272 kt 1,922 kt 2,382 kt 2,254 kt 2,371 kt 2,368 kt 2,688 kt 2,944 kt 4Q10 1Q11 4Q11 1Q12 4Q12 1Q13 4Q13 1Q14 4Q14 1Q15 4Q15 1Q16 4Q16 1Q17 +41% -5% +12% +5% -0% +13% (1) Source: Bloomberg (2) Source: PPPC Global 100 16

Technical Age and Scale in the Pulp Industry Further closures are expected due to lack of adequate investments in the industry Source: Poyry 17 Hardwood (BHKP) Producers Integrated and Market Pulp Mills Softwood (BSKP) Producers Integrated and Market Pulp Mills 2000 PM Capacity, 1000 t/a Aracruz Weighted average technical age 12.3 years STRONG 1000 900 800 PM Capacity, 1000 t/a Weighted average technical age 21 years STRONG 700 1500 Veracel 600 1000 Weighted average capacity 1,350,000 t/a Jacareí Três Lagoas 500 400 500 300 200 100 Weighted average capacity 534,000 t/a 0 30 WEAK 25 20 15 10 Technical age, years 5 0 0 30 WEAK 25 20 15 10 Technical age, years 5 0 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.

Capacity closures DO happen Closures of Hardwood Market Pulp Capacity Worldwide (000 ton) -85-105 -315-540 -500-445 -670-910 -1,260-1,180-1,085-1,410 (1) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017-2018 Closures do not include temporary movements. Potential Additional Conversions (2) (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 ( 000 t) 1,040 1,675 1,100 2,325 4,915 4,060 16,265 TOTAL: 31,380 56 454 54 427 110 31 343 337 60 55 298 289 424 34 132 6 42 63 50 WC=($62/t) 325 34 90 6 37 61 237 221 159 Interest Capex Income tax SG&A USA China Canada Iberia Chile/Uruguay Indonesia Brazil Fibria 1Q17 LTM Estimated Fibria w/ H2-2021 Cash Production Cost (US$/t) Delivery CIF Europe Sources: Hawkins Wright (Production Costs April 2017) and Fibria s 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 H2 projects 20 1200 2,5 Pulp prices - CIF Europe (US$/ton) (2) 1000 800 600 400 200 Valdivia APP Hainan Mucui Veracel Nueva Aldea Santa Fé Fray Bentos Kerinci PL3 Rizhao Três Lagoas APP Guangxi Chenming Zhanjiang Eldorado Maranhão Monte s del Plata Oji Nantong APP South Sumatra (1) Guaíba II Klabin Horizonte 675 Metsa 792 736 2 1,5 1 0,5 Capacity Additions ( 000 ton) (2) 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 0 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)

Feb-00 May-00 Aug-00 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Source: Bloomberg May 23 th, 2017 21 In the last 15 years, pulp volatility has been just 8%...why? 160 BHKP - FOEX Europe (base 100) CPI (base 100) 120 80 40 0 Market price closer to producer s 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

Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Lowest volatility among commodities 230 200 100 = January 1, 2012 170 140 110 80 50 20 176 121 80 70 45 51 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 May 23 th, 2017 2 Since January 1, 2009 up to May 23 th, 2017 22

Financial and Operational Highlights 23

Each 5% depreciation of the Real increases EBITDA by around R$420m and FCF by R$550m (1) 2017 and 2018 according to Focus Report (Brazilian Central Bank May 19 th, 2017) (2) 2017 and 2018 according market consensus 24 Exchange Rate Average¹ (R$/US$) 2.00 1.76 1.67 1.95 2.16 2.35 3.33 3.49 3.30 3.17 3.31 Fibria net pulp price² (US$/t) 456 670 639 581 610 572 582 496 496 510 486 Fibria net pulp price (R$/t) 912 1,179 1,067 1,133 1,311 1,344 1,951 1,731 1,638 1,617 1,609 EBITDA Margin 29% 815 40% 1,488 34% 36% 1,173 1,153 40% 39% 1,295 1,185 53% 1,560 43% 1,073 38% 949 EBITDA (US$ million) 2009 2010 2011 2012 2013 2014 2015 2016 1Q17LTM 2017(e) 2018(e)

Cash Production Cost (R$/t) 1Q17 1Q17 vs 1Q16 Ex-downtimes +1.8% 26 12 2 668 680 (16) (9) (3) 1Q16 Inflation FX Non recurring wood Chemicals and energy Energy sales Other 1Q17 Transportation mix (higher road contribution) Higher operational efficiency Cash Production Cost Ex-downtimes (R$/t) Cash Production Cost (R$/t) +4.9% 754 27 2 3 680 699 727 74 648 31 79 668 648 680 Average distance 4Q16 Wood Inflation/FX Other 1Q17 286 km 308 km 1Q16 4Q16 1Q17 Maintenance downtimes impact Cash production cost w/o downtimes 25

(1) Excludes Conpacel 26 Cash Production Cost in dollars saw a decrease over the last years Fibria s Cash Production Cost (1) (USD/ton) 264 281 242 234 Consistently controlling the cash production cost 231 220 186 195 210 But lately, it has been influenced by non-recurring effects: Average FX (BRL/USD) 2009 2010 2011 2012 2013 2014 2015 2016 1Q17 LTM 1.99 1.76 1.67 1.95 2.16 2.35 3.33 3.30 Wood Energy price Input consumption

27 Net Results (US$ million) 1Q17 Cash 287 273 (146) 644 MtM effect (436) deferred current (61) 329 Adjusted EBITDA FX Debt MtM hedge Net interest Deprec., amortiz. and depletion (1) Income Taxes Others Net income Non-recurring effects (1) Includes other Exchange rate/monetary variations, other financial income/expense and other operating income/expenses

(1) Does not consider Horizonte 2 Project and pulp logistics projects. (2) Includes Klabin volume. 28 Free Cash Flow (1) - 1Q17 (US$ million) 644 Klabin effect 282 (9) 6 426 (463) (34) Adjusted EBITDA Capex (ex-h2 and logistics projects) Net interest Working Capital Income Taxes Others FCF H2 interest paid: R$ 20 million

Indebtdeness 1Q17 Gross Debt and Cash Position (million) Net Debt (Million) and Leverage 16,153 H2 CRA 4,956 Dec/16 Gross debt H2 CRA 18,329 H2 CRA R$ US$ Mar/17 5,785 H2 CRA Cash position +37% 4,717 1,447 Dez/16 R$ US$ 6,477 CRA 2,044 CRA Mar/17 Net debt/ebitda (R$) Net debt/ebitda (US$) 3.30 1.86 3.06 3.79 3.63 1.85 10,309 11,435 11,851 2,897 3,509 3,587 Mar/16 Dec/16 Mar/17 R$ US$ Interest Expense/Income (US$ million), Cost of Debt in US$(1) and Debt maturity 6.3 5.9 473 96 5.5 5.2 414 408 350 143 108 78 4.6 3.4 268 200 3.3 209 144 45 39 39 59 3.6 3.8 260 79 Debt Maturity (months) 50 51 57 2009 2010 2011 2012 2013 2014 2015 2016 LTM 1Q17 Average Cost of cost debt in US$ (% p.a.) Interest Expense (Gross) Interest on Financial Investments 1Q16 4Q16 1Q17 (1) 3.4 Considering 3.3 the portion (1) of debt in reais fully adjusted by the market swap curves at the end of each period 29

Agribusiness Credit Receivable Certificates (CRAs) @March 31, 2017 CRA accounted for 22% of the total debt The largest CRA issuer in Brazil (R$ 3,975 million; Av. cost 98%) %CDI 106% 104% 102% Av. interest rate of financial investments (1) 100% 98% 96% 94% 92% R$ 675 million Tenor: 6 y Oct, 15 R$ 880 million Tenor: 7 y Jun, 16 R$ 470 million Tenor: 7 y Jun, 16 R$ 374 million Tenor: 7 y Aug, 16 R$ 326 million Tenor: 4 y Aug, 16 R$ 1,250 million Tenor: 7 y Dec, 16 90% 88% 86% 84% 82% R$ 675 million- (15/oct) R$ 880 million- 1 tranche (16/jun) R$ 470 million- 2 tranche (16/jun) R$ 374 million- 1 tranche (16/aug) R$ 326 million - 2 tranche (16/aug) R$ 1,250 million- (16/dec) (1) Refer to note 7 cash and cash equivalents in 1Q17 Financial Statements 30

Robust Liquidity USD million (@March 31, 2017) (1) FX 3,168 (2) Capex to be executed on Horizonte 2 Project (3) Related to the agreement with Klabin 31 Revolver 2,669 548 Pre-payment NCE Finnvera BNDES Bonds CRA and Other Cash on hand (1) 2,121 363 567 933 804 646 369 566 701 99 34 702 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$) 2017: 3.34 2018: 3.35. Horizonte 2 Funding (US$ billion¹) 3Q15 0.4 3Q15 0.2 0.2-2017 0.1-2018 0.3 0.3 0.1 2018 0.1 0.2 0.1-2017 0.1 0.4 1Q17 0.4 2.4 0.5 1.9 Excess of US$0.1 bi Horizonte 2 Project US$2.3 bi Export Prepayment CRA BNDES FDCO ECA Working capital release 3 Funds withdrawn until Mar 31, 2017. Contracted funds to be withdraw Total

32 Initiatives for Leverage Management Initiatives expected to be implemented in the short term Initiatives under analysis Amount (USD million) Net Debt/EBITDA reduction (x) Amount (USD million) Net Debt/EBITDA reduction (x) Working Capital Release 95 0.09x Accounts receivable (customers) 40 0.04x Accounts payable (suppliers) 55 0.05x Capex 96 0.10x Accounts payable (suppliers) 420 0.37x Others 110 0.12x Total 530 0.49x Forestry 31 0.03x Capex H2 65 0.07x Total 191 0.19x Total: USD 721 million (0.68x)

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 Maximum 3.5x net debt/ebitda during expansion cycles Covenants only triggered if Fibria loses the Investment Grade by 2 of the 3 rating agencies During the most critical periods of expansion, 4.5x covenant was waived (1) As stated on the Liquidity and Indebtedness Policy and Shareholders Agreement 33

(1) Fibria s historical data in BRL. The period in bold represents the projects capex execution. 34 Capital Structure Net Debt/EBITDA (x) (1) 8.1 Puma Maranhão Montes del Plata Guaíba II 5.0 4.9 3.8 3.6 Horizonte 2 3.5 2.8 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 Moody s Ba1/Stable Baa3/Stable Baa3/Stable - Ba1/Stable Fitch BBB-/Stable BBB/Stable BBB+/Stable BB+/Stable BB+/Positive

(1) G-spread on May 19 th, 2017 35 One of the best performances among Brazilian corporate issuers (1) Historical G-spread (bps) Rating BBB- BBB- Outlook Negative Stable 1400 1200 1000 800 600 400 200 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 1,249 233 247 250 260 265 318 319 337 357 386 391 476 276 282 294 310 313 321 435

2017 OUTLOOK CAPEX AND CASH COST 36

Fibria CAPEX 2017 BRL million 3,011 56 5,213 2,010 57 79 Industry Forestry 415 1,595 2017 CAPEX Maintenance Logistics Projects Modernization H2 (2) Others 2017 CAPEX Total 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. 37

38 Cash Cost update (USD/t) @2021 BRL/USD 3.19 206 (26) (19) (2) (1) (3) 155 LTM 3Q16 Horizonte 2 Project Wood cost reduction Bleaching line B Maritime wood shipping project Others 2021 FX Sensitivity FX Cash cost (US$/t) 3.00 164 3.10 159 3.19 155 3.30 150 3.50 142

Expansion Project Horizonte 2 39

40 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 Commercial positioning Developing new customers Distribution to new geographic markets Efficiency and competitiveness gains in logistics Higher quality in customer service Long-term growth potential Greater ability to capture new expansion market windows Strong M&A position

HORIZONTE 2 PROJECT Site Overview Start-up brought forward: 1 month anticipation Expansion Capex of US$ 2,280 million (US$ 1,169/t) Inside the fence (1) Capex of US$ 979/t Energy Surplus 130 MWh (1) Industrial capex. (2) At March 31, 2017. (3) Approximate cash disbursement up to March 31, 2017. Over 87% physically completed (2) 61% (3) of financial execution (R$ 4.6 billion) 41 41

Nominal Capacity ( 000 t) Pulp sales destinations 7,955 8,050 8,150 8,150 8,150 6,577 900 900 900 900 900 900 377 1,755 1,850 1,950 1,950 1,950 19% 22% 37% 36% 36% 32% 5,300 5,300 5,300 5,300 5,300 5,300 8% 10% 2017 2018 2019 2020 2021 2022 Klabin's Puma Project ('000 t)(1)³ Horizonte 2 ('000 t)³ Current Production ('000 t) Total sales volume distribution after H2 start up (1) Current net revenue distribution (2) (1) Includes Klabin s 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. 42

Horizonte 2 Forestry Base Forestry base secured as planned Already planted To be planted Total Wood purchased 135,000 ha 52,000 ha 187,000 ha 7.4 million m 3 42,000 ha to be planted in 2017 10,000 ha to be planted in 2018 Average distance from forest to mill H1 + H2 up to 100 km 43

Logistics Integrated logistics - outbound and shipping 44 Mato Grosso Goiás Brasília Mato Grosso do Sul 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 Port Terminal 32

HORIZONTE 2 CAPEX Fully funded with low cost lines and disbursement flexibility (1) FX @ 3.34 45 Total R$ 7,514 mn US$ 2,247mn (1) CAPEX EXECUTION TIMETABLE (R$ million) 4,027 Accrual basis 3,775 Cash basis 2,759 2,539 995 292 205 436 Management initiatives 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 USD 2,214 BRL/USD 3.95 Savings, Contingencies and indirect costs FX Inflation Others March, 2017 USD 2,247 BRL/USD 3.34

Funding Cost and maturity (1) Swap Bloomberg (2) FX 31/3/17: 3.1684 (3) Does not include MtM related to hedging transactions 46 1Q17 H2 1Q17 + H2 Average Cost (US$ p.a) (1) 3.8% 2.9% 3.7% Average Maturity (years) 4.8 5.5 4.9 Amortization Schedule (2) 1Q17 Proforma with TLS II US$ million 2,669 Revolver 548 Cash (3) 2,121 363 578 1,011 881 724 446 643 778 176 70 713 Cash Caixa 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 BNDES Bond EPP ECN Outros Others CRA Finnvera Finame Development Agencies (FCO, Finep & FDCO) BNB Total

47 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 - 270-324 Pulp price (5) $/t - 510 Free Cash Flow (estimated) $/t - 186-240 Payback period (estimated) years - 5.0-6.6 (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 @ 3.12). (4) Cash cost + freight + SG&A + Sustaining Capex + Interest + taxes + working capital (FX @ 3.12) (5) 2017 market consensus.

48 Final Remarks Economies of scale Synergies with current operations Wood availability and low distance from forest to mill Fibria s 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

BACK UP 49

Cost reduction initiatives and industry statistics 50

69 Forestry operations productivity Transportation Maritime Wood Shipping Project PROJECT DESCRIPTION (ARACRUZ UNIT) Capex and Opex reduction; Increase in cargo handling due to increase in stack height volume Reduction in heavy truck road traffic Capex: R$ 54 million (accomplished in 2016) Startup: Set/2017 Saving OPEX: R$ 24 million/year

Third-party wood (%) THIRD-PARTY WOOD REDUCTION Non-recurring impacts starting to decrease % Planting 34% 63% 73% 67% 68% 75% 67% 50% 350 45% 40% 35% 30% 25% 20% 15% 10% 5% 225 193 788 197 187 181 194 242 311 307 290 239 Average distance from forest to mill Third-party wood 190 173 170 167 166 164 300 250 200 150 100 50 Average distance from forest to mill (km) 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 Third party wood increase from previous forecast due to recent rain shortage at Aracruz Unit forest base and optimization of Três Lagoas forest base The average distance will drop sharply generating an Opex reduction NPV from peak to normalized level (2) : CAPEX: BRL1.5 billion (USD 0.5 million) OPEX: BRL 1.0 billion (USD 0.3 million) (1) Does not include Veracel but considers H2 Project forest base (2) FX @ BRL/USD3.30. Total NPV: BRL2.5 Bn or USD0.8 Bn 52

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 Espírito Santo and Bahia States Positive impact over industrial costs due to better productivity 56

57 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

1998 1999 2000 2001 Source: RISI conference, August 2014. 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 55 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 35.000 30.000 25.000 20.000 15.000 10.000 5.000 0 2015-2020 CAGR: Hardwood: +3.06% Softwood: +1.16% 000 ton 2000 2010 2020 Growth 2000-2010 Growth 2010-2020 Hardwood 16.2 25.1 35.6 55% 42% Eucalyptus 6.6 15.9 25.2 140% 58% Softwood 18.9 22.2 25.8 17% 16% Source: PPPC report (Nov. 2016) Hardwood Softwood Market Pulp 35.1 47.3 61.4 35% 30% Source: PPPC reports. Excludes Sulphite and UKP market pulp (Nov./16) Paper Production Runnability with BHKP

Benefiting From China s Growth 2,369 China s Hardwood Imports of BHKP by Country (1) ( 000s t) 2,944 BHKP Total 1,660 1,292 Latin America (1) 1Q16 603 453 525 1Q17 Latin America is the leading exporter of BHKP to China, accounting to approximately 56% of China's total imports in 1Q17 (1) includes South Africa and New Zealand. (2) Includes China, Japan, Malaysia, Russia, Thailand and Vietnam. 502 48 46 43 84 8 49 Indonesia Others(2) USA Canada Western Europe (million t) 40 35 30 25 20 15 10 5 0 World Tissue Consumption, 1995-2016 (3) Annual Growth Rate +3.7% 1995 2000 2005 2010 2011 2012 2013 2014 2015 2016 N.America W.Europe E.Europe Japan China Asia FE Middle East LatAm Africa Oceania 30% 25% 20% 15% 10% 5% 0% 10% 10% 12% 14% China's Share of Market Pulp (2) 21% 17% 22% 23% 23% 24% 25% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (million t) 16 26% 14 Eucalyptus Hardwood Total % Compared to the global Market Pulp (1) PPPC Pulp China Flash Report March 2017 (2) PPPC W20. Coverage for chemical market pulp is 80% of world capacity (3) RISI 12 10 8 6 4 2 0 Per Capita Consumption of Tissue by World Region (3) (Kg/capita/year) 25 16 15 N. West America Europe 11 Japan Oceania 6 6 6 East Europe LatAm China Africa 1 56

Growth rate Chinese GDP vs. Eucalyptus Shipments to China (Sept-09 = base 100) 300 271 250 200 150 100 76 50 - China GDP Eucalyptus Shipments Source: Bloomberg and PPPC W20 report (Mar/2017) 57

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E 2018E 2019E 2020E 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E 2018E 2019E 2020E Global Paper Consumption CAGR 2000 2010 Developed Markets: - 2.1% Emerging Markets : + 5.6% CAGR 2010 2020 Developed Markets: - 3.1% Emerging Markets : + 0.9% 103,286 117,611 109,758 99,977 P&W Consumption (000 tons) (1) Developed Markets CAGR 2000 2010 Developed Markets: + 1.5% Emerging Markets : + 6.6% Emerging Markets CAGR 2010 2020 Developed Markets: + 1.4% Emerging Markets : + 5.9% 41,712 30,357 20,979 Tissue Consumption (000 tons) (1) Developed Markets Emerging Markets Source: RISI 58

mai-10 jun-10 jul-10 ago-10 set-10 out-10 nov-10 dez-10 jan-11 fev-11 mar-11 mai-11 jun-11 jul-11 ago-11 set-11 out-11 nov-11 dez-11 jan-12 fev-12 mar-12 abr-12 jun-12 jul-12 ago-12 set-12 out-12 nov-12 dez-12 jan-13 fev-13 mar-13 abr-13 mai-13 jul-13 ago-13 set-13 out-13 nov-13 dez-13 jan-14 fev-14 mar-14 abr-14 mai-14 jun-14 ago-14 set-14 out-14 nov-14 dez-14 jan-15 fev-15 mar-15 abr-15 mai-15 jun-15 jul-15 set-15 out-15 nov-15 dez-15 jan-16 fev-16 mar-16 abr-16 mai-16 jun-16 jul-16 ago-16 out-16 nov-16 dez-16 jan-17 fev-17 mar-17 abr-17 BHKP prices - CIF China (US$/ton) Shipments (000 ton) Benefiting From China s Growth Source: PPPC Global 100 mar 2017 ( 000s t) China: Eucalyptus pulp shipments 900 BHKP Price Shipments 900 800 800 700 700 600 600 500 500 400 400 300 300 200 200 100 100 0 0 2010 average: 250 ktons 2011 Average 379 ktons 2012 Average 370 ktons 2013 Average 439 ktons 2014 Average 504 ktons 2015 Average 531 ktons 2016 Average 612 ktons 2017 Average 689 ktons 59

Source: Pöyry. USD/Adt, 2013 cost level 60 Global BHKP Market Pulp Supply Cost Curve COST CURVE EVOLUTION Cost position of marginal producer Cumulative Capacity Million t/a

Tightening plantation wood and chip supply could add to the cash cost of Asian pulp mills Source: Pöyry. USD/Adt, 2013 cost level 61 Cumulative Capacity Million t/a

Growth in Asia is empowered by urbanization and increasing disposable income Source: Pöyry. 62

Source: Pöyry. 63 The share of non-wood pulp will decline

Current Zero Cost Collars 6.00 5.50 5.00 4.50 4.00 3.50 3.00 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 Notional (US$ million) 255 400 390 367 324 305 270 Strike put avg. (R$/US$) 3,29 3,30 3,39 3,28 3,22 3,17 3,21 Strike call avg. (R$/US$) 5,33 5,33 5,70 4,58 4,40 4,08 4,18 FWD 3,84 3,84 3,98 3,69 3,64 3,47 3,52 Notional Total US$ 2,311MM (*) As of May 18, 2017. 64

EVOLUTION OF CURRENCIES FX devaluation is expected 115% 110% 105% 100% 95% 90% 85% 80% 75% May/17 mai-16 Aug/16 ago-16 nov-16 Nov/16 fev-17 Feb/17 mai-17 May/17 ago-17 Aug/17 Nov/17 nov-17 Feb/18 fev-18 mai-18 May/18 ago-18 Aug/18 Nov/18 nov-18 Feb/19 fev-19 mai-19 May/19 ago-19 Aug/19 nov-19 Nov/19 Real** Real Euro** Euro CAD** CAD Chilean Peso Chileno** peso** Chilean Peso Chileno peso RMB** RMB Rupia** Rupia Uruguayan Peso Uruguaio** peso** Peso Uruguayan Uruguaio peso ** Bloomberg Forecast May 17, 2017 65 65

FREE CASH FLOW (1) Positive quarterly FCF in the last 5 years, even during appreciated FX USD million 329 317 125 29 77 194 84 113 53 4 111 51 103 130 112 225 158 118 124 135-7 -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. 66

(1) Considering FX 3.1684 (2) Considering average FX for the period 67 Fibria s tax structure Description and Amount¹ Maturity (a) Operating income As stated in the income statement (-)(b) Goodwill (Aracruz acquisition) - Annual tax deduction: US$ 28 million (tax) - Remaining Balance Mar/17: US$ 0.159 billion (base) 2018 (-)(c) Forestry Capex in MS state (net) (+/-)(d) Exchange variation (cash) 2017 tax deduction related to depletion: US$ 8.4 million Undefined ---------- ---------- (+/-)(e) Other ---------- ---------- Tax base before compensations (f) (-) Tax loss carryforward (a) + (b) + (c) + (d) + (e) - Up to 30% of tax base before compensations - Balance up to Mar/17: US$ 395 million (base) Undefined (g) Tax base Tax base before compensations tax loss carryforward (f) ---------- (h) Income tax Tax base (g) * 34% ---------- (i) (-) Federal tax credits Cash Tax Balance Mar/2017: - PIS/COFINS: US$ 252 million - Withholding tax (IR and CSLL): US$ 328 million - Reintegra: US$ 35 million Income Tax (h) tax credits (i) Undefined TAX PAYMENT 2 (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

Dividends 68

69 Dividends Commitment to Corporate Governance best practices. Proposed dividends based on cash generation, taking into consideration the company s 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. 2017 April 28, 2017 May 18, 2017 Mid-November, 2017 Mid-December, 2017 GSM to approved dividend distribution (approved R$393 million) Dividend payment of R$ 393 million Extraordinary dividend appraisal Extraordinary dividend payment (if approved)

Green Bond 2027 70

71 Bond Offering Summary Issuer Guarantor Issue Format Ratings Ranking Use of Proceeds Issue Amount Fibria Overseas Finance Ltd. Fibria Celulose S.A. SEC Registered BBB- (neg) / BBB- (stb) Senior Unsecured Eligible Green Projects US$700 million Securities Offered 5.5% Senior Notes due 2027 Book Listing Book US$3.5 billion New York Stock Exchange (NYSE) US$3.5 billion