J.P. Morgan Brazil Opportunities Conference December, 2014

J.P. Morgan Brazil Opportunities Conference December, 2014

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.

1 Company 2 Pulp 3 Financial 4 Final Overview and Paper Market and Operational Highlights Remarks Agenda 3

Company Overview 4

A Winning Player Superior Asset Combination Main Figures 3Q14 LTM Pulp capacity million tons 5,300 Net revenues R$ billion 7.0 Total Forest Base (1) thousand hectares 970 Três Lagoas Belmonte Veracel Caravelas Portocel Aracruz Jacareí Santos Planted area (1) thousand hectares 562 Net Debt R$ billion 7.3 Net Debt/EBITDA (in Dollars) (2) X 2.5 Net Debt/EBITDA (in Reais) X 2.7 Port Terminal Pulp Unit Source: Fibria (1) Including 50% of Veracel, excluding forest partnership areas and forest bases linked to the sales of Losango and forest assets in Southern Bahia State. (2) For covenants purposes, the Net Debt/EBITDA ratio is calculated in Dollars. 5

Fibria s Units Industrial Capacity * Veracel is a joint venture between Fibria (50%) and Stora Enso (50%) and the total capacity is 1,120 thousand ton/year 6

7 Fibria s Commercial Strategy Sales Mix by End Use - Fibria Highlights Region - 3Q14 Europe 39% N. America 26% Other 10% Asia 25% Tissue 55% Sales Mix by Region - Fibria End Use - 3Q14 Specialty 18% Printing & Writing 27% 11% 9% 11% 10% 10% 10% 11% 10% 9% 10% 8% 8% 8% 9% 9% 10% 22% 25% 14% 20% 31% 28% 20% 23% 25% 26% 21% 26% 26% 26% 27% 25% 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 Focus on less volatile end-use markets such as tissue Efficient logistics set up Low dependence on volatile markets such as China Low credit risk 100% certified pulp (FSC and PEFC/Cerflor) 37% 46% 46% 41% 35% 44% 43% 41% 36% 42% 43% 35% 36% 46% 42% 39% 30% 20% 29% 29% 24% 18% 26% 26% 30% 22% 28% 31% 30% 19% 22% 26% 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 North America Europe Asia Other

Shareholder Structure and Corporate Governance Votorantim Industrial S.A. (1) 29.42% BNDES Participações (1) 30.38% Free Float (2) 40.20% 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 CG 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 (1) Controlling group (2) Free Float 40.14% + Treasury 0.06% 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 8

Pulp and Paper Market 9

10 Today, according to public information, there will be a 10% increase of the pulp market capacity between 2014 and 2016 SOFTWOOD (1) 25.5 MT + HARDWOOD (1) = 31.1 MT MARKET PULP (1) 56.6 MT 2014-2016 (2) : New capacities: 0.7 mt Announced Closures: (0.4) mt Net: 0.3 mt 2014-2016 (3) : New capacities: 6.0 mt Announced Closures: (1.0) mt Net: 5.0 mt 2014-2016: New capacities: 6.7 mt Announced Closures: (1.4) mt Net: 5.3 mt (1) Source: PPPC Special Research Note May 2014 does not include Sulphite and UKP (2) Projects included: Paper Excellence (70kt); UPM Kymi (170kt); Klabin (200kt); Sodra Värö (275kt) Closures: Birla AV Terrace Bay (350kt) (3) Projects included: Maranhão (1.5mt); Montes del Plata (1.3 mt); Oji Nantong (700kt); Eldorado (200kt); CMPC Guaíba II (1.3 mt); Klabin Ortigueira (1.0mt) Closures: April Rizhao (130kt); Arauco Valdivia (300kt); Old Town (200kt); Ence Huelva (400 kt).

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Global Market Pulp Demand Hardwood demand will continue to increase at a faster pace than Softwood Hardwood (BHKP) vs. Softwood (BSKP) (000 ton) Paper Production Runnability with BHKP 35.000 30.000 25.000 20.000 15.000 10.000 5.000 0 2013-2018 CAGR: Hardwood: +2.8% Softwood: +0.7% Source: PPPC Hardwood Demand growth rate Softwood Source: RISI conference, August 2014. NBSK vs. BHKP - Prices (1) 000 ton 1998 2008 2018 Growth 1998-2008 Growth 2008-2018 Hardwood 15.0 24.5 32.8 63% 34% Eucalyptus 6.0 14.2 23.4 137% 63% Softwood 17.6 21.6 24.8 23% 15% 250 200 150 100 50 0 Spread Nov/14: US$197 Average spread: US$112 1100 1000 900 800 700 600 500 400 Market Pulp 32.6 46.1 57.1 Spread Average spread BHKP NBSK Source: PPPC. Excludes Sulphite and UKP market pulp. (1) Source: FOEX Average spread in the last 5 years. 11

USD/Adt, 2013 cost level Supply structural changes puts pressure on the industry MARKET PULP CAPACITY RANKING 2014 (000T) MAIN PROJECTS Fibria APRIL Arauco Suzano Georgia Pacific CMPC UPM-Kymmene Stora Enso Paper Excellence Metsa Group Weyerhaeuser IP Ilim Sodra Mercer Domtar Resolute Forest Eldorado ENCE Canfor 0 2000 4000 6000 Project Country Capacity Timing Fiber Status CMPC Guaíba II Brazil 1.3 Mt 2Q2015 BEKP Confirmed Klabin Paraná Brazil 1.5 Mt 2Q2016 BEKP/ BSKP/Fluff Confirmed APP South Sumatra Indonesia 2.0 Mt 1Q2017 BHKP Confirmed Fibria Três Lagoas II Brazil 1.75 Mt - BEKP Unconfirmed COST CURVE EVOLUTION Cost position of marginal producer Bleached Softwood Kraft Pulp (BSKP) Bleached Hardwood Kraft Pulp (BHKP) Unbleached Kraft Pulp (UKP) Mechanical Pulp (MP) Cumulative Capacity Million t/a Source: Hawkins Wright, Poyry and Fibria Analysis (as of Aug. 2014). 12

BHKP prices - CIF Europe (US$/ton) Capacity (000 ton) 13 Gross capacity addition should not be counted as the only factor influencing pulp price volatility. (1) List Price bottoming at US$650/t in 2011 and US$724/t in 2014 1.000 900 APP South Sumatra (2) 2,0 1,8 800 700 600 500 APP Hainan Fray Bentos Mucuri Veracel Nueva Aldea Três Lagoas Rizhao Eldorado Maranhão Montes del Plata Guaíba II Klabin 1,6 1,4 1,2 1,0 400 300 Valdivia Santa Fé Kerinci PL3 APP Guangxi Chenming Zhanjiang 0,8 0,6 200 0,4 100 0,2 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 0,0 (1) Source: Hawkins Wright, Poyry and Fibria Analysis. Pulp price estimates according to Hawkins Wright (Sep/14), Brian McClay (Nov/14) and RISI (Nov/14) (2) Partially integrated production

Technical Age and Scale in the Market Pulp Industry Further closures are expected due to lack of adequate investments in the industry 14 Hardwood (BHKP) Market Pulp Softwood (BSKP) Market Pulp 3.000 PM Capacity, 1000 t/a Weighted average technical age 12.3 years STRONG 3.000 PM Capacity, 1000 t/a Weighted average technical age 21 years STRONG 2.500 2.000 Aracruz 2.500 2.000 1.500 Weighted average capacity 1,277,000 t/a Jacareí Três Lagoas 1.500 1.000 500 Veracel 1.000 500 Weighted average capacity 527,000 t/a 0 30 WEAK 20 10 Technical Age, years 0 0 30 WEAK 25 20 15 10 Technical Age, years 5 0 North American Pulp Mills Other Pulp Mills Closures Grade Switch On & Off

15 Capacity closures DO happen Closures of Hardwood Capacity Worldwide (000 ton) -85-105 -540-500 -910-830 -1,260-1,180-1,085 2006 2007 2008 2009 2010 2011 2012 2013 2014-2016 E as of Oct14 Source: PPPC and Fibria

Lowest Volatility Among Commodities Commodities Historical Volatility (US$) (1) 36% 33% 28% 26% 24% 23% 15% 7% Sugar Iron Ore WTI Crude Oil Soy LME Metals Ibovespa Cattle FOEX PIX BHKP Change Nov/2014 vs. Nov/2013 (3) Sugar Iron Ore Crude Oil Soy LME Metals Ibovespa Cattle Pulp BHKP Commoditiy Spot Price -7% -49% -21% -21% - - 28% -5% S&P Sector Index (2) -7% -22% -17% -21% 2% 7% 28% - FIBR3 FBR - - - - - - - 7% -3% (1) From 2009 to Dec 1,2014 (2) Except Iron Ore (Average Vale, Rio Tinto and BHP) and LME Metals (3) November, 26th 16

Among the industry s lowest cash cost producers Total Cash Cost of BHKP delivered to Europe (US$/t) Capacity (k tons): 1,775 660 595 570 1,570 1,045 2,415 335 625 3,745 340 1,010 3,950 7,450 5,300 = 31,385 Interest 3Q14 net price: US$ 554/t 71 46 498 508 69 41 456 468 86 121 34 38 41 420 404 424 424 406 48 55 38 67 342 315 311 297 24 142 1 54 111 66 235 221 Interest Capex Income Tax SG&A Positive Working Capital: US$5/t Cash Cost (US$/t) Delivery (US$/t) Source: Hawkins Wright (Outlook for Market Pulp, September 2014) Fibria s 3Q14 considering a FX of R$/US$2.27. Gray bar includes cash expenses as Interest, CAPEX, SG&A and Taxes (Source: RISI and Fibria). 17

18 Global Market BEKP Demand Shipments of Eucalyptus Pulp (1) 2013 vs. 2012 10M2014 vs. 10M2013 23% 11% 12% +674 kt 6% +185 kt +844 kt -37 kt -1% Total North America Western Europe China +1,400 kt Total 4% 5% +60 kt +255 kt North America Western Europe 25% +680 kt China 12% +403 kt Other (1) Source: PPPC World 20 December/2013 (1) Source: PPPC World 20 October/2014 Paper Capacity increase in China Ktons 2013 2014E 2015E Total P&W (woodfree) 385 150 576 1,111 Tissue 1,029 1,831 471 3,331 Cartonboard 2,128 1,616 180 3,958 Total 3,542 3,631 1,227 8,400

Benefiting From China s Growth 7.000 6.000 5.000 4.000 3.000 2.000 1.000 0 China s Hardwood Imports of BHKP by Country (1) ( 000s t) 5.988 6.403 BHKP Total 3.037 2.436 Latin America 9M2013 9M2014 1.482 1.593 1.592 1.713 * includes Russia, China, Thailand and New Zealand Latin America is the leading exporter of BHKP to China, accounting to approximately 47% of China's total imports in 9M2014. 184 141 127 26 Indonesia Other* USA Canada Western Europe 47 13 (million t) 35 30 25 20 15 10 5 0 World Tissue Consumption, 1991-2013 (3) LTM Growth Rate +4.2% (kg/person/year) 1991 1996 2001 2006 2009 2010 2011 2012 2013 N.America W.Europe E.Europe L.America Middle East Japan China Asia FE Oceania Africa 12.000 10.000 8.000 6.000 4.000 2.000 0 China's Share of Market Pulp (2) Between 2005 and 2013, the Chinese market share of eucalyptus shipments increased by 14 p.p. (total market pulp: + p.p.) 10 10 9 10 9 7 11 13 12 12 16 14 22 26 21 16 17 17 (In percentage) 22 20 19 21 20 23 21 23 2005 2006 2007 2008 2009 2010 2011 2012 2013 Eucalyptus Hardwood Total (1) PPPC Pulp China (2) PPPC W20. Coverage for chemical market pulp is 80% of world capacity (3) RISI 23 Per Capita Consumption of Tissue by World Region (3) (Kg/capita/year) 30 25 20 15 10 5 0 24 15 15 N. West America Europe 12 Japan Oceania 7 East Europe 6 5 LatAm China Africa 1 19

20 China: Internal Consumption and Urbanization China s private consumption vs. exports (CNY trillion and annual % change) (1) Chinese Urbanization Driver of Long-Term Growth (UN Population Projections, Millions) (2) Shift from exports to private consumption; Positive effects on households income and rising standards of living. Sources: (1) The Economist. (2) RISI China Pulp Market Study.

Financial and Operational Highlights 21

22 3Q14 Results Pulp Production and Sales ( 000 t) Net Revenue (R$ million) 1.347 1.301 1.271 1.334 1.345 1.372 1.841 1.694 1.746 3Q13 2Q14 3Q14 Production Sales Cash Production Cost (R$/t) 3Q13 2Q14 3Q14 EBITDA (R$ million) and EBITDA Margin (%) 559 482 501 486 478 502 41% 762 35% 35% 594 613 3Q13 2Q14 3Q14 Cash cost ex-scheduled downtimes Cash cost 3Q13 2Q14 3Q14

No exposure eletricity shortage risks, in spite of which the company has benefited from the sale of its surplus energy 23 501 502 4 18 ( 23 ) 2 3Q13 Maintenance Downtimes Wood Utilities Other 3Q14 + 0.2% Energy sales and operational efficiency have contributed for cash production cost stability. (Utilities: 3Q14: R$ 34/t I 2Q14: R$ 36/t I 3Q13: R$ 12/t)

24 Indebtedness Net Debt (Million) Total Debt and Interest Expenses (Million) 2,9 8.240 3,0 Net Debt/EBITDA (R$) 2,3 2,4 6.681 2,7 2,5 7.313 Net Debt/EBITDA (US$) 63 9.487 Interest (US$) 49 50 8.457 8.574-18% 3.695 3.033 2.984 4.254 3.840 3.498 Sep/13 Jun/14 Sep/14 R$ US$ Debt Amortization Schedule (R$ million) Sep/13 Jun/14 Sep/14 R$ US$ Average Tenor (months) and Cost of US$ Debt (%p.a.) 2.797 1.536 (revolver) 1.261 (cash) 560 888 842 1.353 1.258 Early redemption bond 2019 1.041 616 511 49 6 1.449 4,5 54 52 3,8 4,0 55 57 3,8 Liquidity 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Pre-payment BNDES ECN ACC/ACE Voto IV Bonds Sep/13 Jun/14 Sep/14 Dec/14

Fibria delivers one of the highest EBITDA/t and FCF/t of the industry Free cash flow generation - 3Q14 LTM (R$ Million) 2,708 (1,509) (370) 317 (20) (7) 1,119 Adjusted EBITDA Capex Interest (paid/received) Working Capital Taxes Other Free Cash Flow Free Cash Flow per ton - 3Q14 LTM (R$/ton) (1) 507 (283) (69) 59 (4) (1) 210 Adjusted EBITDA Capex Interest (paid/received) Working Capital Taxes Other Free Cash Flow (1) Does not include: asset sales, expenses on bonds repurchase, expenses related to the REFIS on subsidiaries profits abroad and tax credits from the BEFIEX program. 25

FX and Pulp Price explain 80% of Fibria s EBITDA Margin Each 10% depreciation of the Real increases EBITDA by approx. R$600 million Exchange Rate Average (R$/US$) Fibria net pulp price (US$/t) Fibria net pulp price (R$/t) Marginal producer cost (US$/t) (4) 2.00 456 912 660 1.76 670 1,179 627 1.95 1.67 639 581 1,067 1,133 676 657 2.10 2.29 2.59 (3) 610 572 556 1,281 1,310 1,440 680 676 Market Consensus EBITDA Margin 29% 1,522 40% 2,526 34% 36% 40% 38% 2,796 2,708 1,964 2,253 EBITDA (R$ million) 2009 (1) 2010 (1) 2011 2012 2013 LTM 3Q14 2015 (1) Excludes Conpacel (2) 2014 year end market consensus (3) According to Focus Report (Brazilian Central Bank Nov/2014) (4) According to Poyry full cost estimate - includes Manufacturing + Delivered costs to Rotterdam + Depreciation + ROCE of 9% 26

Capital Structure: Fibria has achieved the lowest leverage ratio among its Latin American peers Net Debt/EBITDA (x) (1) 14.8 13.2 11.7 11.1 4.8 4.5 4.5 4.2 3.6 3.7 3.6 3.7 2.9 3.1 3.1 2.7 2.7 2.6 2.4 2.3 2.4 1.7 1.7 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 2014 Fibria Suzano Klabin CMPC Arauco Eldorado 2 Fibria Arauco CMPC Klabin Suzano S&P BB+/Positive BBB-/Stable BBB+/Negative BBB-/Negative BB/Stable Moody s Ba1/Positive Baa3/Stable Baa3/Negative - Ba2/Stable Fitch BBB-/Stable BBB/Stable BBB+/Stable BBB-/Negative BB/Stable (1) Fibria s historical data in BRL. (2) Market consensus. 27

A consistent and disciplined approach focused on reducing debt and its cost 28 Debt (US$ million) x Leverage (US$) Interest (US$ million) x Cost of Debt (US$) 7.5 6.3 5.9 5.5 8.6 4.1 4.2 3.3 2.6 473 2.5 6.3 414 408 3.5 3.0 5.2 4.6 3.7 350 268 217 2009 2010 2011 2012 2013 Sept/2014 2009 2010 2011 2012 2013 LTM 3T14 Gross Debt Net Debt Interest Reduction Free Cash Flow Increase Cost of Debt Reduction This dynamics creates a virtuous cycle

Continuation of the liability management plan, also focusing on improving maturities 29 December 2013 Cost of debt: 4.6% Average maturity: 52 months 1,473 410 1,064 834 829 450 299 384 530 1,255 506 750 976 762 422 128 554 634 2,168 149 2,020 1,441 100 1,341 26 4- Land Deal Bond buyback: Fibria 2020, 2021 and VOTO IV Fibria 2024 issuance 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Bank loans renegotiations Foreign Currency Local Currency September 2014 Cost of debt: 3.7% Average maturity: 55 months Lower cost of debt 591 552 513 425 363 343 217 181 56 228 190 133 251 208 591 45 335 332 369 73 56 183 173 210 178 20 153 3 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Foreign Currency Local Currency Smoother debt amortization schedule Estimated NPV of all initiatives until the end of 2014: US$300 million

But the initiatives have not finished. There are certain ongoing negotiations that will improve Fibria s debt profile even further Repurchase of costly debt Issuance of a Syndicated EPP (US$400 MM)- full commitment Tranche A: L + 1.30% p.a 5-y Cost reduction of 32.5 bps from our last EPP. Tranche B: L + 1.40 p.a 5-y bullet Average term increase of 1 year and cost reduction of 22.5 bps from our last EPP. Tranche C: L + 1.55% p.a 6-y Average term increase of 1.5 years and cost reduction of 7.5 bps from our last EPP. Amortization Schedule Pro-forma Dec/14 - US$ mn 627 (revolver) FCF 3Q14 LTM: US$489 million 514 (cash) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Others ACC/ACE ECN BNDES Bond EPP 30 30

31 New issuance better priced than Investment Grade issuers Issuance Rating Maturity Volume T-Spread Coupon X Book Fibria Ba1 / BBB- / BB+ 2024 US$600 mn 275 bps 5.25% 11.5x Braskem Baa3/BBB-/BBB- 2024 US$500 mn 340 bps 6.45% 11.0x Petrobras Baa1/BBB/BBB 2024 US$2.5 bn 350 bps 6.28% 3.3x Klabin BBB-/BBB- 2024 US$500 mn 269 bps 5.25% 6.0x Samarco BBB-/BBB 2024 US$500 mn 288 bps 5.375% 3.6x Secondary Market - As of Nov 28, 2014 Rating Maturity Volume G-Spread Yield Fibria Ba1 / BBB- / BB+ 2024 US$600 mn 289 bps 5.047% Braskem Baa3/BBB-/BBB- 2024 US$500 mn 362 bps 5.742% Klabin BBB-/BBB- 2024 US$500 mn 332 bps 5.490% Odebrecht Baa3/BBB-/BBB 2023 US$800 mn (1) 297 bps 5.017% Petrobras Baa1/BBB/BBB 2024 US$2.5 bn 368 bps 5.817% Gerdau Baa3/BBB-/BBB- 2023 US$750 mn 308 bps 5.130% Samarco BBB-/BBB 2024 US$ 500 mn 366 bps 5.848% (1) Outstanding: US$102 mn

Cash Production Cost saw a annual increase of 3.7% over the past 6 years Fibria Cash Production Cost (1) (R$/ton) CAGR: + 3.7% 432 448 471 473 505 518 Consistently controlling the production cash cost at a level below the inflation pace 2009 (2) 2010 (2) 2011 2012 2013 3Q14 LTM (1) Excludes Conpacel. 32

33 Fibria has the simplest and most transparent call in the industry Pulp supply Closures/conversions Inefficient capacities in China Demand Fiber and grade substitution Tissue China Pulp price Brazil GDP Energy crisis FX Capex inflation Cost inflation Rating Tax Corporate Governance Negative Neutral Positive

Final Remarks 34

35 Fibria is seeking value creation for its shareholders with capital discipline PULP - Growth with discipline - Best portfolio of projects INDUSTRY CONSOLIDATION? Potential Growth Prospects BIO-ENERGY - Complementary to pulp - Ensyn OTHER OPPORTUNITIES - Portocel - Land and forest

36 The maturity of synergies captured since Fibria s creation improved its operating indicators PRODUCTION VOLUME (000 t) BEST PRACTICES AND OPERATING STABILITY +14% CASH COST (R$/ton) -21% 656 624 596 5,054 5,184 5,299 5,271 5,251 549 545 432 448 471 473 505 518 4,600 2009* 2010* 2011 2012 2013 3Q14 LTM SG&A (R$ million) STRUCTURE AND PROCESS SIMPLIFICATION 2009* 2010* 2011 2012 2013 3Q14 LTM Historical Value Inflation Effect** EBITDA (R$ million) - EBITDA MARGIN (%) -28% 900 826 766 678 699 593 593 605 584 648 649 29% 1,522 40% 2,526 34% 36% 1,964 2,253 40% 38% 2,796 2,708 2009* 2010* 2011 2012 2013 3Q14 LTM Historical Value Inflation Effect** 2009* 2010* 2011 2012 2013 3Q14 LTM * Excludes Conpacel ** IPCA index considered to calculate the inflation effect

37 Key Highlights Sound credit profile, with decreasing leverage ratios Market leader with a highly profitable operation and cash cost below industry average Highly experienced and qualified management team Highly recognized and awarded by industry specialists

Back up 38

39 Fibria s tax structure Fiscal - annual adjustment Tax benefits (R$) Tax loss carry forward and tax credits Benefit Amount Maturity Goodwill (Aracruz acquisition) Forestry Capex in Mato Grosso do Sul state Annual tax deduction: R$85 million (tax) Remaining Balance Sep/14: R$1,2 bilion (base) LTM 3Q14 tax deduction related to depletion: R$31 million 2018 Undefined Benefit Tax loss carryforward Accumulated tax credits Amount Balance up to Sept. 14: R$332 million (base) Balance Sept./2014: -PIS/COFINS: R$556 million -withholding tax (IR and CSLL): R$604 million -Befiex: R$537 million Tax payment (cash basis) 2009 2010 2011 2012 2013 LTM 3Q14 R$ 7 million R$ 16 million R$ 4 million R$ 15 million R$ 31 million R$ 20 million

Due to productivity gains in its forests, Fibria had the opportunity to explore this new ownership model 40 FIBRIA S GAINS IN IMACEL DUE TO INVESTMENTS IN BIOTECHNOLOGY (TONS OF PULP/HA/YEAR) MAI* Pulp: (adt/ha/year) 15.0 15.0 15.0 15.0 15.0 10.6 10.9 12.1 Conservative assumption 2012 field trials = 11.9 2010 2015 2020 2025 2030 2035 2040 2045 *MAI: Mean annual increment Actions: Genetic improvement Excellence in forestry management Superior industrial efficiency

41 Leadership position Industry Outlook (1) Fiber Consumption 403 million t 58% 42% Recycled Fiber 234 million t Pulp 169 million t 18% 82% Mechanical 31 million t Chemical 139 million t 60% Integrated Mills 84 million t 40% Market Pulp 56 million t 49% 51% Softwood/Other 27 million t Hardwood 29 million t 35% 65% Acacia/Other 10 million t Eucalyptus 19 million t 71% Other Eucalyptus Pulp producers: 13 million t 29% (1) Fiber Consumption, Recycled Fiber and Pulp: RISI Market Pulp, Hardwood and Eucalyptus: PPPC Special Research Note - May 2014

Global Paper Consumption CAGR 1996 2006 Developed Markets: + 1.7% Emerging Markets : + 6.0% 117,611 CAGR 2007 2016 Developed Markets: - 4.0% Emerging Markets : + 4.1% 114,507 85,291 P&W Consumption (000 tons) (1) 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Developed Markets Emerging Markets CAGR 1996 2006 Developed Markets: + 2.4% Emerging Markets : + 6.9% 26,877 CAGR 2007 2016 Developed Markets: + 1.4% Emerging Markets : + 6.7% 37,474 15,548 Tissue Consumption (000 tons) (1) 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Developed Markets Emerging Markets Source: RISI 42