Itaú BBA s 10th Annual LatAm CEO Conference May, 2015 FIBRIA APP WITH THIS PRESENTATION IS AVAILABLE FOR DOWNLOAD AT APPLE STORE AND GOOGLE PLAY.

Itaú BBA s 10th Annual LatAm CEO Conference May, 2015 FIBRIA APP WITH THIS PRESENTATION IS AVAILABLE FOR DOWNLOAD AT APPLE STORE AND GOOGLE PLAY.

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 1Q15 LTM Pulp capacity million tons 5,300 Net revenues R$ billion 7.4 Total Forest Base (1) thousand hectares 968 Três Lagoas Belmonte Veracel Caravelas Portocel Aracruz Jacareí Santos Planted area (1) thousand hectares 561 Net Debt R$ billion 9.0 Net Debt/EBITDA (in Dollars) (2) X 2.3 Net Debt/EBITDA (in Reais) X 2.9 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 - 1Q15 End Use - 1Q15 Worldwide presence Europe 46% N. America 17% Asia 26% Tissue 48% Printing & Writing 35% Strong global customer base Long-term relationships Focus on customers with stable business Customized pulp products and services Other 11% Specialties 17% Sound forestry and industrial R&D Focus on less volatile end-use markets such as tissue Sales Mix by Region - Fibria Efficient logistics set up 11% 9% 11% 10% 10% 10% 11% 10% 9% 10% 8% 8% 8% 9% 9% 10% 10% 11% 22% 25% 14% 20% 31% 28% 20% 23% 25% 26% 21% 26% 26% 26% 27% 25% 23% 26% Low dependence on volatile markets such as China Low credit risk 100% certified pulp (FSC and PEFC/Cerflor) 46% 37% 41% 43% 41% 36% 43% 35% 36% 46% 35% 44% 42% 46% 42% 39% 40% 46% 30% 20% 29% 29% 24% 18% 26% 26% 30% 22% 28% 31% 30% 19% 22% 26% 27% 17% 4Q101Q112Q113Q114Q111Q122Q123Q124Q121Q132Q133Q134Q131Q142Q143Q144Q141Q15 North America Europe Asia Other

8 Pulp Supply Agreement: 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) 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

Shareholder Structure and Corporate Governance Votorantim Industrial S.A. (1) BNDES Participações (1) Free Float (2) General Meeting 29.42% 30.38% 40.20% Fiscal Council 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 (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 Antitrust Genetically Modified Eucalyptus 9

Pulp and Paper Market 10

In 2013, we stressed the difference between the expected scenario and the realized one... BHKP CAPACITY CHANGES Expected scenario for 2013 in Nov 2012 Realized scenario in 2013 Eldorado 1,275 Eldorado 1,270 Suzano Maranhão Montes del Plata 320 555 DELAYED UPM Fray Bentos 100 Sappi Cloquet -155 Sappi Cloquet -155 Jari -410 Jari -410 Cellulose du Maroc Sodra Tofte -140-60 Unexpected Closures Net 1,585 Net 605 BEKP demand growth* 1,080 BEKP demand growth* 1,310 *Source: PPPC Outlook for Eucalyptus Market Pulp November 2012 *Source: PPPC Outlook for Eucalyptus Market Pulp September 2014 11

As a result we had better prices than expected BHKP Delivered to Europe (USD/t) 820 814 810 800 790 788 795 784 791 780 770 765 772 767 770 772 760 750 740 1Q13 2Q13 3Q13 4Q13 Annual 2013 Consultants average for 2013 Realized PIX/FOEX price Consultants: Hawkins Wright, RISI and Brian McClay (published in the end 2012 for 2013 prices) 12

The better than expected scenario happened again last year... BHKP CAPACITY CHANGES Expected scenario for 2014 in Dec 13 Realized scenario in 2014 Eldorado 230 Eldorado 230 Suzano Maranhão 1,275 Suzano Maranhão 1,100 Montes del Plata 830 Montes del Plata 550 Oji Nantong* 560 Oji Nantong* 235 UPM 100 Sappi Cloquet -115 Sappi Cloquet -70 Sodra Tofte -120 Sodra Tofte -120 APRIL Rizhao Old Town Ence Huelva -65-85 -105 More unexpected mill closures Net 2,660 Net 1,770 BEKP demand growth** 1,380 BEKP demand growth 1,734 *Partly integrated to existing PM **Source: PPPC Outlook for Eucalyptus Market Pulp November 2013 *Approved license only for 500,000 t/y 13

14 and also better prices than initially projected BHKP Delivered to Europe (USD/t) 800 780 782 760 740 720 768 737 752 729 734 746 733 700 696 718 680 660 640 1Q14 2Q14 3Q14 4Q14 Annual 2014 Consultants average for 2014 Realized PIX/FOEX price Consultants: Hawkins Wright, RISI and Brian McClay (published in the end 2013 for 2014 prices)

Then, what about 2015? BHKP CAPACITY CHANGES Expected scenario for 2015 in Dec 14 Realized scenario in 2015 Suzano Maranhão Montes del Plata Oji Nantong CMPC Guaiba II Eldorado Portucel Cacia Old Town (Expera) Sappi Cloquet April Rizhao Ence Huelva Possible closures* Net BEKP demand growth** 400 750 265 750 200 30 85 115-65 -315-400 to -800 1,415 to 1,815 1005? *Based on annual closures average (400,000 to 800,000 t/yr) **Source: PPPC Outlook for Eucalyptus Market Pulp September 2014 15

Global Market BEKP Demand Shipments of Eucalyptus Pulp 11% 2014 vs. 2013 (1) 3M2015 vs. 3M2014 (2) 1,734 kt 18% Total 5% 92 kt North America 6% 386 kt Western Europe 20% 717 kt China 13% 537 kt Others 680 kt Total 23% 7% 78 kt 114 kt North America Western Europe 32% 23% 264 kt 224 kt China Others (1) Source: PPPC World 20 January/2015 December/2014 (2) Source: PPPC World 20 March/2015 Paper Capacity increase in China 2014 2015 Total FORECAST REALIZED PREVIOUS FORECAST LATEST FORECAST PREVIOUS LATEST Woodfree 256 256 760 760 1,016 1,016 Tissue 1,390 1,278 727 1,365 2,117 2,643 Cartonboard 2,100 1,326 380 730 2,480 2,056 Total 3,746 2,860 1,867 2,855 5,613 5,715 Source: Fibria and Independent Consultants 16

Technical Age and Scale in the Market Pulp Industry Further closures are expected due to lack of adequate investments in the industry 17 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 Old Town Ence Huelva Veracel 1.000 500 Weighted average capacity 527,000 t/a 0 30 WEAK 20 Technical Age, years 10 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 More than 7.7 million tons of capacity above 25 years and with annual capacity below 500,000 t/y.

Capacity closures DO happen Closures of Hardwood Capacity Worldwide (000 ton) -85-105 -540-500 -445-750 -910-1,260-1,180-1,085 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015-2017 E (1) Source: PPPC and Fibria (1) As of April 2015 18

Among the industry s lowest cash cost producers Total Cash Cost of BHKP delivered to Europe (US$/t) Capacity (k tons): 1,925 1,610 1,030 3,785 4,695 2,015 13,930 5,300 = 28,990 1Q15 net price: US$ 560/t 70 87 W/K 105 Interest 453 419 351 44 312 64 286 27 329 72 55 Capex Income Tax SG&A 207 199 China USA Canada Indonesia Chile/Uruguay Iberia Brazil Fibria Cash Cost (US$/t) Delivery (US$/t) Source: Hawkins Wright (Outlook for Market Pulp, April 2015) Fibria s 1Q15 considering a FX of R$/US$2.8737. Brazil 2014 considering FX of R$/US$3.05. Gray bar includes cash expenses as Interest, CAPEX, SG&A and Taxes (Source: RISI and Fibria). 19

BHKP prices - CIF Europe (US$/ton) Capacity (000 ton) 20 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 Rizhao Três Lagoas Maranhão Eldorado 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 Oji Nantong 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 (Dec/14), Brian McClay (Jan/14) and RISI (Dec/14) (2) Partially integrated production

Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 21 Lowest volatility among commodities 180 170 160 150 140 130 120 110 100 90 80 70 60 50 40 30 100 = January 1 st, 2012 Commodities Historical Volatility (US$) (1) 172 116 81 51 48 37 Iron Ore Soy Bean Crude Oil Sugar BHKP (FOEX Europe) Exchange Rate (USD/BRL) Source: Bloomberg Low volatility of hardwood pulp price, even though new capacities have come on stream in the period

Financial and Operational Highlights 22

FX and Pulp Price explain 80% of Fibria s EBITDA Margin Each 10% depreciation of the Real increases EBITDA by approx. R$770 million Exchange Rate Average (R$/US$) Fibria net pulp price (US$/t) Fibria net pulp price (R$/t) Marginal producer cost (US$/t) (4) EBITDA Margin 2.00 1.76 1.67 456 912 660 29% 670 1,179 627 40% 639 676 1.95 581 1,067 1,133 657 34% 36% 3.08 (3) 2.10 2.29 610 572 566 1,719 1,281 1,310 680 676 40% 39% Market Consensus EBITDA (R$ million) 1,522 2,526 1,964 2,253 2,796 2,791 2009 (1) 2010 (1) 2011 2012 2013 2014 2015 (1) Excludes Conpacel (2) 2014 year end market consensus (3) According to Focus Report (Brazilian Central Bank Apr. 30th, 2015) (4) According to Poyry full cost estimate - includes Manufacturing + Delivered costs to Rotterdam + Depreciation + ROCE of 9% 23

No exposure to eletricity shortage risks, in spite of which the company has benefited from the sale of its surplus energy Cash Production Cost (R$/t) 549 19 15 10 ( 11 ) ( 7 ) ( 3 ) 572 1Q14 Wood FX Materials and Services Energy Consumption Utilities Others 1Q15 + 4.2% Management initiatives seeking to maintain the cash cost below inflation. (Utilities: 1Q15: R$25/t I 4Q14: R$37/t I 1Q14: R$18/t) Cash Production Cost Total and Ex-Downtime (R$/t) 524 549 472 472 548 572 1Q14 4Q14 1Q15 Cash Cost ex-downtime Cash Cost 24

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% 432 448 471 473 505 519 Consistently controlling the production cash cost at a level below the inflation pace. 2009 (2) 2010 (2) 2011 2012 2013 2014 (1) Constant Currency (2) Excludes Conpacel 25

26 Net Results (R$ million) 1Q15 1,007 FX Debt MtM hedge (1,685) (123) swap (44) ZCC (85) 179 deffered (22) (566) (448) 643 current Adjusted EBITDA FX Debt / MtM Debt Hedge MtM Operational Hedge Swap/ZCC settlements Net Interest Deprec., amortiz. and depletion Income Taxes Other FX and monetary variations Others (1) Net Income (Loss) (1) Includes non-recurring expenses/non-cash and other financial income/expenses.

27 Free Cash Flow (1) 1Q15 LTM (R$ million) 3,119 (1,645) (322) ( 149 ) (34) 32 1,001 Adjusted EBITDA Capex Interest (paid/received) Working Capital Taxes Others Free Cash Flow FCF/ton: US$76 (1) Does not include non-recurring items.

Indebtdeness Net Debt (Million) Net Debt/EBITDA (R$) Net Debt/EBITDA (US$) Gross Debt and Interest Expenses (Million) Interest (US$) 2.4 2.7 2.9 2.4 2.4 2.3 58 44-40% 35 6,970 7,549 8,991 8,445 8,327 9,352-22% 3,080 2,842 2,803 3,732 3,135 2,915 Mar/14 Dec/14 Mar/15 R$ US$ Debt Amortization Schedule (US$ Million) Mar/14 Dec/14 Mar/15 R$ US$ Average Tenor (months) and Cost of Debt * in US$ (% p.a.) 657 545 (revolver) (cash) 113 241 205 339 438 623 363 84 19 3 600 47 3.7 3.4 55 54 3.5 Liquidity 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Pre-payment BNDES ECN ACC/ACE Voto IV Bond Mar/14 Dec/14 Mar/15 (*) Considering the portion of debt in reais fully adjusted by the market swap curves at the end of each period. 28

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 3.6 3.7 3.6 2.9 3.1 3.1 2.7 2.4 2.3 2.4 1.7 1.7 8.9 7.7 4.1 4.2 3.2 3.9 3.4 3.0 3.6 2.7 2.9 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1T15 Fibria Suzano Klabin CMPC Arauco Eldorado Fibria Arauco CMPC Klabin Suzano S&P BBB-/Stable 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. 29

A consistent and disciplined approach focused on reducing debt and its cost 7.5 Debt (US$ million) x Leverage (US$) Interest (US$ million) x Cost of Debt (US$) 6.3 4.1 4.2 5.9 5.5 8.6 3.3 5.2 2.6 2.4 4.6 2.3 473 6.3 414 408 350 268 2.9 2.8 3.4 3.5* 200 178 2009 2010 2011 2012 2013 2014 Mar/15 2009 2010 2011 2012 2013 2014 LTM Gross Debt Net Debt Interest Reduction Free Cash Flow Increase Cost of Debt Reduction This dynamics creates a virtuous cycle (*) Considering the portion of debt in reais fully adjusted by the market swap curves of Mar. 31, 2015. 30

31 New issuance better priced than Investment Grade issuers Fibria 2024 Principal: US$ 600 million Issuance Date: May/2014 Coupon: 5.25% a.a. Bookbuilding: 11.5x Spread over T10Y: 275.0 bps - SEC registered; - IG Documentation; Highlights - Stretch Debt maturities; - Fibria 2021 early redemption of US$430 million (78% of the total). Rating Maturity Volume T-Spread Coupon Fibria Ba1 / BBB- / BBB- 2024 US$ 600 MM 275 bps 5.25% Braskem Baa3/BBB-/BBB- 2024 US$ 500 MM 340 bps 6.45% Petrobras Ba2/BBB-/BBB- 2024 US$ 2,5 bi 350 bps 6.28% BNDES Baa2/BBB 2024 US$ 500 MM 362 bps 6.32% Klabin BBB-/BBB- 2024 US$ 500 MM 269 bps 5.25% Odebrecht Baa3/BBB/BBB 2029 US$ 500 MM 263 bps 5.25% Data as of Aug 07, 2014:

and performing better than Investment Grade issuers Secondary G-Spread to Maturity (bps) (1) 525 231 262 244 283 300 333 372 381 431 433 428 92 Globopar 22 Embraer 23 Brasil Foods 24 Vale 22 Fibria 24 Votorantim 24 Klabin 24 Gerdau 24 Samarco 24 Braskem 24 Petrobras 24 Odebrecht 25 Eletrobras 21 LatAm Investment Grade Loans Spread over Libor (bps) (1) 225 113 140 140 143 150 160 175 COPEC Ecopetrol Raizen Fibria Colbun Braskem Molymet TGI (O&G) Avg. Term 4 years 5 years 4 years 5 years 6 years 5 years 5 years 5 years (1) As of April 2015 32

Fibria has a low correlation with Brazil 800 G-Spread (bps) (1) Bonds Correlation (1) 700 0.9 0.8 600 0.7 0.6 500 400 0.3 300 200 100 Fibria 2024 Braskem 2024 Klabin 2024 Odebrecht 2023 Petrobras 2024 Gerdau 2024 Samarco 2024 Brazil 2025 FIBRBZ '24 vs. PETBRA '24 FIBRBZ '24 vs. BRAZIL '25 0.0 FIBRBZ '24 vs. CDS Brazil Correlation Since May 2014 Correlation Since January 2015 (1) Source: Bloomberg as of April 2015 33

34 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 35

36 Max Value Project Zero base budgeting Budget developed primarily based on input consumption indicators Only one discussion cycle, initially based on budgetary guidelines Individual discussion for each expenditure package, including Sustaining CAPEX and OPEX Discussion details based on the materiality of the expense within the package Robust basis increasing the visibility of the rationale for the proposed budget amounts Zero Base Budgeting encourages a questioning and challenging attitude of the status quo

Max Value Project Zero base budgeting Value achievement share by category NPV expected curve 23% 100% 80% 70% 65% 75% 43% 60% 50% 50% 33% 40% 30% 20% 15% 30% 10% Forestry Industrial Logistics/Other Total 0% 2015 2016 2017 2018 2019 Approx. R$1.5 billion NPV Note: (1) Technical Limit potential reflecting 2013 conditions; (2) Coverage of expenses with established Technical Limits (e.g. 374/3233=12%). Source: Fibria, ZBB team analysis. 37

Max Value Project A hidden asset value Book Value of own Land as of Sep/14: R$1.2 billion Market Price of own Land as of Dec/14: Sep/14: R$3.9 billion Fibria s Ha Book Value* Market Value Owned Land ( 000) R$/ha R$/ha Total 491 2,439 7,964 Land sold in 2013 The Parkia Deal: - 206k ha; - Up to R$1.65 billion (~R$8k per ha). * As of March 31, 2015. 38

39 Max Value Project Turning areas per hectare into square meter The targeted area represents only 0.6% of the land owned by Fibria; Real estate thinking: minimum value creation of R$500 million NPV.

40 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

41 The maturity of synergies captured since Fibria s creation improved its operating indicators PRODUCTION VOLUME (000 t) BEST PRACTICES AND OPERATING STABILITY +15% CASH COST (R$/ton) -21% 5,054 5,184 5,299 5,271 5,274 656 624 596 549 545 432 448 471 473 505 519 4,600 2009* 2010* 2011 2012 2013 2014 2009* 2010* 2011 2012 2013 2014 Historical Value Inflation Effect** SG&A (R$ million) STRUCTURE AND PROCESS SIMPLIFICATION EBITDA (R$ million) - EBITDA MARGIN (%) -21% 900 826 766 678 699 593 593 605 584 648 651 29% 40% 2,526 34% 36% 1,964 2,253 40% 39% 2,796 2,791 1,522 2009* 2010* 2011 2012 2013 2014 2009* 2010* 2011 2012 2013 2014 Historical Value Inflation Effect** * Excludes Conpacel ** IPCA index considered to calculate the inflation effect.

Back up 42

43 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$89 million (tax) Remaining Balance Mar/15: R$1,031 billion (base) 2015 tax deduction related to depletion: R$ 4 million 2018 Undefined Benefit Tax loss carryforward Accumulated tax credits Amount Balance up to Mar/15: R$ 628 million (base) Balance Mar/2015: - PIS/COFINS: R$571 million - Withholding tax (IR and CSLL): R$ 717 million - Befiex: R$419 million - Reintegra: R$ 57 million Tax payment (cash basis) 2010 2011 2012 2013 2014 R$ 16 million R$ 4 million R$ 15 million R$ 31 million R$ 29 million

Due to productivity gains in its forests, Fibria had the opportunity to explore this new ownership model 44 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

45 Leadership position Industry Outlook (1) Fiber Consumption 406 million t 59% 41% Recycled Fiber 238 million t Pulp 168 million t 18% 82% Mechanical 30 million t Chemical 138 million t 59% Integrated Mills 82 million t 41% Market Pulp 56 million t 46% 54% Softwood/Other 26 million t Hardwood 30 million t 33% 67% Acacia/Other 10 million t Eucalyptus 20 million t 74% Other Eucalyptus Pulp producers: 15 million t 26% (1) Fiber Consumption, Recycled Fiber and Pulp: RISI Market Pulp, Hardwood and Eucalyptus: PPPC Global 100 Report March 2015

USD/Adt, 2013 cost level 46 Supply structural changes puts pressure on the industry MARKET PULP CAPACITY RANKING 2014 (000T) MAIN PROJECTS Fibria APRIL Arauco Suzano CMPC UPM-Kymmene Georgia Pacific Paper Excellence Metsa Group Stora Enso Weyerhaeuser Ilim Eldorado Mercer Domtar IP Sodra Resolute Forest Canfor ENCE 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) Source: Hawkins Wright, Poyry and Fibria Analysis (as of December 2014). Cumulative Capacity Million t/a

Jan/10 Mar/10 May/10 Jul/11 Sep/11 Nov/11 Jan/11 Mar/11 May/11 Jul/11 Sep/11 Nov/11 Jan/12 Mar/12 May/12 Jul/12 Sep/12 Nov/12 Jan/13 Mar/13 May/13 Jul/13 Sep/13 Nov/13 Jan/14 Mar/14 May/14 Jul/14 Sep/14 Nov/14 Jan/15 Mar/15 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 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 40.000 35.000 30.000 25.000 20.000 15.000 10.000 5.000 0 2014-2019 CAGR: Hardwood: +2.5% Softwood: +0.8% Source: PPPC Hardwood Demand growth rate Softwood Source: RISI conference, August 2014. NBSK vs. BHKP - Prices (1) 000 ton 1999 2009 2019 Growth 1999-2009 Growth 2009-2019 Hardwood 16.3 24.8 33.6 52% 35% Eucalyptus 6.0 15.9 23.9 165% 50% Softwood 19.0 21.4 24.8 13% 16% 200 150 100 50 0 Spread Apr./15: US$99 Average spread: US$ 111 1100 1000 900 800 700 600 500 400 Market Pulp 35.3 62.1 58.5 Spread Average spread BHKP NBSK Source: PPPC. Excludes Sulphite and UKP market pulp (Mar/15) (1) Source: FOEX Average spread in the last 5 years. 47

Benefiting From China s Growth 25% 20% 15% 10% 5% 0% China s Hardwood Imports of BHKP by Country (1) ( 000s t) 1.856 2.254 BHKP Total 10% 10% 805 1.062 Latin America Between 2005 and 2014, the Chinese market share of eucalyptus shipments increased by 19 p.p. (total market pulp: + p.p.) China's Share of Market Pulp (2) 12% 14% 1Q2014 1Q2015 525 503 599 460 * includes Russia, China, Thailand and New Zealand. 21% 17% 22% (million t) 23% 23% 23% 12 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Eucalyptus Hardwood Total % Compared to the global Market Pulp (1) PPPC Pulp China Flash Report March 2015 (2) PPPC W20. Coverage for chemical market pulp is 80% of world capacity (3) RISI Latin America is the leading exporter of BHKP to China, accounting to approximately 47% of China's total imports in 1Q15. 47 49 10 40 9 1 Indonesia Others* USA Canada Western Europe 10 8 6 4 2 0 (million t) 35 30 25 20 15 10 5 0 World Tissue Consumption, 1991-2013 (3) Per Capita Consumption of Tissue by World Region (3) (Kg/capita/year) 24 LTM Growth Rate +4.2% 15 15 N. West America Europe 12 Japan Oceania 7 East Europe 6 5 (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 LatAm China Africa 1 48

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 49