UBS II Pulp & Paper Day - SP

November, 2017

2

The information contained in this presentation may include statements whichconstitute 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 ExchangeAct of 1934, as amended. Such forward-looking statements involve a certain degree ofrisk and uncertainty with respect to business, financial, trend, strategy and otherforecasts, and are based on assumptions, data or methods that, although consideredreasonable by the company at the time, may turn out to be incorrect or imprecise, ormay not be possible to realize. The company gives no assurance that expectationsdisclosed in this presentation will be confirmed. Prospective investors are cautionedthat any such forward-looking statements are not guarantees of future performanceand involve risks and uncertainties, and that actual results may differ materially fromthose in the forward-looking statements, due to a variety of factors, including, but notlimited to, the risks of international business and other risks referred to in thecompany’s filings with the CVM and SEC. The company does not undertake, andspecifically disclaims any obligation to update any forward-looking statements, whichspeak only for the date on which they are made.

Disclaimer

3

Pulp and Paper Market2Financial and Operational Highlights3

Company Overview1

2017 Outlook – CAPEX and Cash Cost4Expansion Project – Horizonte 2

Back up65

4

Company Overview

5

Shareholder Structure and Corporate Governance

(1) Controlling group (2) Free Float 41.33% + Treasury 0.16%

Votorantim S.A. (1)

29.42%

BNDESParticipações (1)

29.08%

FreeFloat (2)

41.33%

► 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

Listed on Novo Mercado, highest level at BM&FBovespa:

Policies approved by the Board of Directors:

Fiscal Council

Board of Directors

20% independent members

Role of CEO andchairman is split

Personnel and Remuneration

Committee

Statutory Audit

Committee

Finance Committee

Sustainability Committee

Innovation Committee

30% independent

members

100% independent

members

50% independent members

45% independent members -

General Meeting

► 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

6

A Winning Player

Port Terminal Pulp Unit

Três Lagoas I and II

Santos

AracruzPortocel

Caravelas

BelmonteVeracel

Jacareí

Superior Asset Combination Main Figures – 3Q17 LTM

Pulp capacity(1) million tons 7.250

Net revenues US$ billion 3.190

Total Forest Base(2) thousand hectares 1,056

Planted area(2) thousand hectares 633

Net Debt US$ billion 3.863

Net Debt/EBITDA (in Dollars)(3) X 3.28

Source: Fibria(1) Includes Horizonte 2 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.

7

Fibria’s Units Industrial Capacity

(1) Veracel is a joint operation between Fibria (50%) and Stora Enso (50%) and the total capacity is 1,120 thousand ton/year

1

Três Lagoas– Mato Grosso do Sul – 3,250 thousand t/year

8

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

Lower dependence on volatile markets such as China

Efficient logistics set up

Low counterparty credit risk

100% certified pulp (FSC and PEFC/Cerflor)

Sales Mix by Region and by End Use - Fibria Highlights

Fibria’s Commercial Strategy

Net Revenues by Region - Fibria

Region – 3Q17 End Use – 3Q17

39% 41% 43%36% 33%

28% 24% 24%

22%20%

24% 25% 24%32% 37%

9% 10% 9% 10% 10%

2013 2014 2015 2016 3Q17 LTM

Europe North America Asia LatAm

34%

20%

36%

9%

Europe

North America

Asia

LatinAmerica

53%

30%

17%

TissuePrinting

& Writing

Specialties

9

Leadership Position

(1) Fiber Consumption, Recycled Fiber and Pulp: RISI | Market Pulp, Hardwood and Eucalyptus: PPPC SRN May 2017

Recycled Fiber 244 million t

46% 54%

59%

18% 82%

59% 41%

41%

33% 67%

23%77%

Fiber Consumption414 million t

Pulp 170 million t

Chemical142 million t

Mechanical28 million t

Integrated Mills 83 million t

Market Pulp 59 million t

Hardwood32 million t

Other Eucalyptus Pulp producers:

17 million t

Softwood/Other 27 million t

Acacia/Other 9 million t

Eucalyptus23 million t

Industry Outlook(1)

10

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:

Puma Project

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

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.

Klabin’s sales volume (kt)

2Q16 3Q16 4Q16 2016 1Q17 2Q17 3Q17

131 164 183 478 204 202 148

11

Pulp and Paper Market

12

2016 Global growth has “ONLY” been relying on China

2013 2014

2015 2016

5.3%

5.5%

-0.2%

19.0%

-300

0

300

600

900

1200

1500

Global NA WE China

3.3%

5.2% 2.0%5.2%

-300

0

300

600

900

1200

1500

Global NA WE China

3.3%

-3.5%

3.7%6.2%

-300

0

300

600

900

1200

1500

Global NA WE China

4.3%

-4.4% -2.6%

20.2%

-300

0

300

600

900

1200

1500

Global NA WE China

Source: PPPC Global 100

BHKP DEMAND (KT AND % CHANGE, Y-O-Y)

13

SO WHAT CAN WE EXPECT IN 2017 ?

BHKP CAPACITY CHANGES

FIBRIA EXPECTED SCENARIO FOR 2017 AT END OF 2016

1,350

800

-550

-60

-40

-55

-300

-100

100

300

1,000

500

BEKP demand growth¹

Net

Unexpected Closures,…

Navigator Cacia

Resolute Calhoun

Taiwan P&P

APRIL Rizhao

APRIL Kerinci

Metsa

Fibria TLS II

APP OKI

Klabin

1,350

-20

-195

-550

-40

-55

-420

-270

-390

100

300

1,000

500

BEKP demand growth¹

Net

Unexpected Closures,…

CMPC

Resolute Calhoun

Taiwan P&P

APRIL Jiangmen

APRIL Rizhao

APRIL Kerinci

Metsa

Fibria TLS II

APP OKI

Klabin

FIBRIA EXPECTED SCENARIO FOR 2017, TODAY:

APRIL -1,080(2)

OKI’s output in 2017 fully offset by APRIL’s conversions/integrations

Unexpected Closures,Conversions and Downtime

Unexpected Closures,Conversions and Downtime

(1) Fibria’s estimates (2) Kerinci integration to P&W | Rizhao conversion to DP and 20,000 tons of temporary downtime | Jiangmen integration to P&W

(‘000 t)

14

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)

US$ strengthening / loss of competitiveness of local pulp producers (integrated or not)

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

Euro devaluation... US$/Euro parity !?

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

15

Shipments of Hardwood and Eucalyptus Pulp

Global Market BEKP Demand

(1) Source: PPPC G100– Sep/2017 (2) Source: PPPC Global 100 – December/2016

CAGR BEKP 2012-2016(2)

2,073kt

109 kt

351 kt

1,275kt

338 kt

12%

6%5%

29%

7%

Total NorthAmerica

WesternEurope

China Others

BHKP downtimes (‘000 t)(3)

Hardwood inventories – in days(1)

9M17 vs. 9M16(1)

40

33

35

37

39

41

43

45

47

49

Ap

r-1

3Ju

n-1

3A

ug-

13

Oct

-13

De

c-1

3Ja

n-1

4A

pr-

14

Jun

-14

Au

g-1

4O

ct-1

4D

ec-

14

Feb

-15

Ap

r-1

5Ju

n-1

5A

ug-

15

Oct

-15

De

c-1

5Fe

b-1

6A

pr-

16

Jun

-16

Au

g-1

6O

ct-1

6D

ec-

16

Feb

-17

Ap

r-1

7Ju

n-1

7A

ug-

17

Avg=40

0 100 200 300 400 500

1Q17

2Q17

3Q17

4Q17

Unescheduled Scheduled

Total: 1.161 mt

(3) Source: ABTCP, RISI and Fibria

1,027kt

5 kt

914kt

208kt

81 kt

-60 kt

316kt

Total NorthAmerica

WesternEurope

China Other

BHKP BEKP

489kt

152kt

-100 kt

3%

4%

5%0% -1% -1%

12%

3% 3%8%

16

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

Hardwood (BHKP) Producers – Integrated and Market Pulp Mills

Softwood (BSKP) Producers – Integrated and Market Pulp Mills

STRONG

Weighted average

technical age 12.3 years

Weighted average

capacity 1,350,000 t/a

Aracruz

Três Lagoas

Veracel

Jacareí

WEAK

STRONGWeighted average

technical age 21 years

Weighted average

capacity 534,000 t/a

North American Pulp Mills Other Pulp Mills

WEAK

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

PM Capacity, 1000 t/a

0

100

200

300

400

500

600

700

800

900

1000

051015202530

Technical age, years

Source: Poyry

PM Capacity, 1000 t/a

0

500

1000

1500

2000

051015202530

Technical age, years

3000

17Source: Poyry, PPPC, RISI and Public information.

Closures of Hardwood Market Pulp Capacity Worldwide(000 ton)

Capacity closures DO happen

-910

-85

-1,260-1,180

-540-500

-105

-1,085

-445

-315

-670

-1,410

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

(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 (-1,155 kt): -55 kt Taiwan P&P, -40 kt Resolute Calhoum, -250 kt APRIL RIZHAO, -390 kt APRIL Kenrinci, -420 kt APRIL Jiangmen. 2018 (-255 kt): -60 kt

Navigator, -125 kt Mondi, -70 kt APRIL RIZHAO.

(2)

Closures do not include temporary movements.(approx. 850 kt in 2017)

Potential Additional

Conversions

18

452 437

361 358309 302

208 218193 171

5855

116

32

62 56

61 5260

60

4236

36

22

20

121110 95

38

3015

473

432

398

USA China Canada Iberia Chile/Uruguay Indonesia Brazil Fibria 3Q17LTM

Fibria w/ H22019 pro-

forma

Fibria w/ H2Structural pro-

forma

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

More Competitive Cash Cost with H2BHKP (US$/t)

Sources: Hawkins Wright (Production Costs September 2017) and Fibria’s 3Q17 Earnings Release. FX considered at R$/US$ = 3.12 (also assumed by Hawkins Wright). 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. Pro-forma figures are in real terms (considering IPCA inflation up to 2018).

Interest

Capex

Income taxSG&A

WC benefit

=($39/t)

-US$75

BHKP capacity (‘000 t)

1,140 1,875 1,100 2,285 4,795 3,830 16,265 TOTAL: 31,290

Assuming WC release = 0

19

New Capacity Investment PipelineNo major new capacity announced after OKI and H2 projects

Cap

acit

y A

dd

itio

ns

(‘0

00

to

n)(2

)

Pu

lp p

rice

s -

CIF

Eu

rop

e (U

S$/t

on

)(2)

(1) Partially integrated production.(2) Sources: Hawkins Wright, Poyry and Fibria Analysis. Pulp price estimates according to RISI (Oct/17)

813

905

1.010

0

0,5

1

1,5

2

2,5

0

200

400

600

800

1000

1200

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

BHKP BHKP adjusted by CPI

Valdivia

APP Hainan

Veracel

Nueva Aldea Santa

Fé

Mucuri

FrayBentos

KerinciPL3

Três Lagoas

Rizhao

APP Guangxi

ChenmingZhanjiang

Eldorado

Montes del Plata

Maranhão

Guaíba II

APP South Sumatra(1)

Klabin

OjiNantong

Horizonte 2

Metsa

7,400 kt 5,250 kt

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

20

► 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 compared to hard commodities

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

► Incipient pulp price futures market and low liquidity

Source: Bloomberg – Oct 24st, 2017

0

40

80

120

160

Ap

r-0

0Ju

l-0

0O

ct-0

0Ja

n-0

1A

pr-

01

Jul-

01

Oct

-01

Jan

-02

Ap

r-0

2Ju

l-0

2O

ct-0

2D

ec-

02

Mar

-03

Jun

-03

Sep

-03

De

c-0

3M

ar-0

4Ju

n-0

4Se

p-0

4D

ec-

04

Mar

-05

Jun

-05

Sep

-05

De

c-0

5M

ar-0

6Ju

n-0

6Se

p-0

6D

ec-

06

Mar

-07

Jun

-07

Sep

-07

De

c-0

7M

ar-0

8Ju

n-0

8A

ug-

08

No

v-0

8Fe

b-0

9M

ay-0

9A

ug-

09

No

v-0

9Fe

b-1

0M

ay-1

0A

ug-

10

No

v-1

0Fe

b-1

1M

ay-1

1A

ug-

11

No

v-1

1Fe

b-1

2M

ay-1

2A

ug-

12

No

v-1

2Fe

b-1

3M

ay-1

3A

ug-

13

No

v-1

3Fe

b-1

4M

ay-1

4Ju

l-1

4O

ct-1

4Ja

n-1

5A

pr-

15

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6Ju

l-1

6O

ct-1

6Ja

n-1

7A

pr-

17

Jul-

17

Oct

-17

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

21

Lowest volatility among commodities¹

(1) Bloomberg – up to Oct 25st, 2017

Low volatility of hardwood pulp price, even thoughnew capacities have come on stream during the period.

20

50

80

110

140

170

200

230Ja

n-1

2Fe

b-1

2M

ar-1

2A

pr-

12

May

-12

Jun

-12

Jul-

12

Au

g-1

2Se

p-1

2O

ct-1

2N

ov-

12

Dec

-12

Jan

-13

Feb

-13

Mar

-13

Ap

r-1

3M

ay-1

3Ju

n-1

3Ju

l-1

3A

ug-

13

Sep

-13

Oct

-13

No

v-1

3D

ec-1

3Ja

n-1

4Fe

b-1

4M

ar-1

4A

pr-

14

May

-14

Jun

-14

Jul-

14

Au

g-1

4Se

p-1

4O

ct-1

4N

ov-

14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5M

ay-1

5Ju

n-1

5Ju

l-1

5A

ug-

15

Sep

-15

Oct

-15

No

v-1

5D

ec-1

5Ja

n-1

6Fe

b-1

6M

ar-1

6A

pr-

16

May

-16

Jun

-16

Jul-

16

Au

g-1

6Se

p-1

6O

ct-1

6N

ov-

16

Dec

-16

Jan

-17

Feb

-17

Mar

-17

Ap

r-1

7M

ay-1

7Ju

n-1

7Ju

l-1

7A

ug-

17

Sep

-17

Oct

-17

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

142

174

60

4553

100 = January 1, 2012

36% 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

(2) Since January 1, 2009 up to Oct 25th, 2017

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

82

22

Financial and Operational Highlights

23

Each 5% depreciation of the Real increases EBITDA by around R$490m and FCF by R$600m

815

1,488

1,173 1,1531,295 1,185

1,560

1,073 1,1781.447

1.833

2009 2010 2011 2012 2013 2014 2015 2016 3Q17LTM

2017² 2018²

Exchange Rate

Average¹ (R$/US$)

EBITDA Margin³

EBITDA (US$ million)

Fibria net pulp price²(US$/t)

Fibria net pulp price(R$/t)

2.00 1.76 1.67 1.95 2.16 2.35 3.33 3.49 3.30 3.17 3.24

456

670 639 581 610 572 582

496 496588 573

29%

40%34% 36%

40% 39%

53%

43% 42% 40% 44%

912 1,179 1,067 1,133 1,311 1,3441,951 1,731 1,638

1,864 1,857

(1) 2017 and 2018 according to Focus Report (Brazilian Central Bank – Oct 20, 2017) | (2) 2017 and 2018 according market consensus | (3) Not considering the effect of Klabin sales

24

Cash Production Cost (R$/t) – 3Q17

Cash production cost ex-downtimes (R$/t)Cash Production Cost (R$/t)

3Q17 vs 3Q16 Ex-downtimes

Utilities result:2Q16: R$ 4/t | 1Q17: R$ 9/t | 2Q17: R$ 27/t

-8%

328

Avgdistance

(km):260

638624 610

(14)

13 8

(2)

(38)

5

3Q16 Scheduleddowntime

3T16 w/odowntimes

Inflation Price effectover inflation

(chemicals andenergy)

FX Energy sales Other 3Q17

-2%

624660

610

638660

610

3Q16 2Q17 3Q17

Downtimes impactCash production cost ex-downtimes

-8%660

610(34)

2

(19)

3

2Q17 Wood Inflation/FX Energy sales Other 3Q17

25

Cash Production Cost in dollars

But lately, it has been influencedby non-recurring effects:

Wood Energy price Input consumption

Consistently controlling the cash production cost

Fibria’s Cash Production Cost(1) (USD/ton)

231

264281

242 234220

186 195213

2009 2010 2011 2012 2013 2014 2015 2016 3Q17LTM

1.99 1.76 1.67 1.95 2.16 2.35 3.33 3.49AverageFX

(BRL/USD)

(1) Excludes Conpacel

3.20

26

Net Results (R$ million) – 3Q17

(1)

1,256

743

464

258

(149)

(538)

(394)(156)

AdjustedEBITDA

Δ FX debt Δ MtM hedge

Net interest Deprec.,amortiz. and

depletion

Income taxes Others Net income∆

Non-recurring effects

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

27

Free Cash Flow (1) - 3Q17 and LTM (R$ million)

1,256

549(519)

(209)

32

(9)

1

Adjusted EBITDA Capex(ex-H2 e logistics

projects)

Net interest Working capital Income Taxes Other FCL

3Q17

3,775

1,576

(2,100)(706)

648

(43)

2

Adjusted EBITDA Capex(ex-H2 e logistics

projects)

Net interest Workingcapital(2)

Income Taxes Other FCL

UDM 3Q17

(1) Not considering Horizonte 2 capex (3Q17: R$772 mn | LTM: R$3,323 mn), pulp logistics projects (3Q17: R$14 mn) | LTM: R$36 mn) and dividends (LTM: R$397 mn).(2) Mainly related to working capital release from Klabin’s agreement

28

3Q17 Indebtedness

473 414 408350

268200

144209

326

96143

108 78 45 39 39 59107

2009 2010 2011 2012 2013 2014 2015 2016 UDM3Q17

12,604 12,238

3,810 3,863

Jun/17 Sep/17R$ US$

3.33.7 3.5

Interest gross expenseAverage cost in US$ (% p.a.)

Interest expense/revenue (US$ million) and interest coverage

Net debt/EBITDA (R$) Net debt/EBITDA (US$)

Interest on financial investments

6.3 5.95.5

5.24.6

3.4 3.3(1)

Cost of debt

3.85

3.24

3.75 3.2818,788 19,051

5,679 6,014

Jun/17 Sep/17

Gross debt

R$ US$

6,184 6,813

1,869 2,151

Jun/17 Sep/17

Cash position

R$ US$

49

55 54

3Q16 2Q17 3Q17

CRA

H2

CRA

H2H2CRA

H2

CRA

Average maturity (in months)

Cost of debt in US$(1) and debt maturity

2.75.1 4.1 4.3 5.8 7.3 15.4 7.2

5.4

Interest coverage (x)(2)

6.3 5.95.5

5.24.6

3.4 3.3(1)

Cost of debt

CRA CRA

(1) Considering the portion of debt in reais fully adjusted by the market swap curves at the end of each period | (2) LTM EBITDA/LTM net interest

Net debt (million) and leverage Gross debt and cash position (million)

29

Agribusiness Credit Receivable Certificates (CRAs)CRA accounted for 25% of the total debt

The largest CRA issuer in Brazil (R$ 4,915 million; Av. cost 98%)

Av. interest rate of financial investments(1)

(1) Refer to note 7 – cash and cash equivalents in 3Q17 Financial Statements

82%

84%

86%

88%

90%

92%

94%

96%

98%

100%

102%

104%

106%

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)

R$ 675 million

Tenor: 6 yOct, 15

R$ 880 million

Tenor: 7 yJun, 16

R$ 470 million

Tenor: 7 yJun, 16

R$ 374 million

Tenor: 7 yAug, 16

R$ 326 million

Tenor: 4 yAug, 16

R$ 1,250 million

Tenor: 7 yDec, 16

R$ 757million

Tenor: 5 ySep, 17

R$ 184million

Tenor: 6 ySep, 17

%CDI

R$ 941 million

30(3) Capex to be executed (cash) related to Horizonte 2 project. | (4) Related to the agreement with Klabin

Robust Liquidity – USD million(@September 30, 2017)

2,047

596

2,642

138

581

957 827665 628 642 721

114 39

703

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

Pre-payment BNDES NCE

Bonds Finnvera CRA and other

Cash on hand(1)

Revolver

0.41

1.99

0.210.37

0.17

0.470.12

Pre-payment CRA BNDES FDCO ECA Working capital (4) Total

0.1 - 20170.2 - 2018

0.42

0.10

3Q153Q15

2Q17

0.41

2.46

0.1 – 2018

4Q17

Liquidity(1) and debt amortization schedule (US$ million)

H2 Capex(2):

Funding Horizonte 2 (US$ billion)

(1) Not including US$101 million related to MtM of hedging transactions. | (2) Financial execution of US$1,688 million (cash) capex up to Sep/2017. FX (R$/US$) 3.33.

Funds withdrawn until Sep. 30, 2017. Contracted funds to be withdrawn

210 302

0.25

Horizonte 2 Project

US$2.2 bi

0.26 M excess cash

31

WAIVER ON 4.5X COVENANT WAS EARLY NEGOTIATEDHorizonte 2 start-up in 3Q17 boosts EBITDA and FCF generation

Net debt / Ebitda (USD)Initiatives for Leveraging Management

US$854 MM initiatives mapped

US$220 MM implementedduring the expansion cycle.

Working capital release

▐ Range of 2.0x to 2.5x net debt/EBITDA

▐ Maximum 3.5x net debt/EBITDA during expansion cycles

Leverage guidelines

▐ 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

Highlights

1.862.10

2.64

3.303.79 3.75

3.28

4.5

7.0

6.0

4.5

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 2019

Actual (in US$)

Covenant level

3.5x

2.0x – 2.5x

Indebtness limits(1)

Waiver

H2 Start-up

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

32

Net Debt/EBITDA (R$)(1)

Dividends paid during expansion projects:

Fibria R$ 2,840 MM

Suzano R$ 222 MM

Klabin R$ 741 MM

3.2

5.2

2.3

6.3

4.4

8.1

4.4

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

Fibria Suzano Klabin Eldorado

Horizonte 2

Maranhão

Puma

Lowest leverage peak during the largest expansion project in LatAmwith the lowest cash production cost and lowest cost of funding

(1) Fibria’s historical data in BRL. The period in bold represents companies’ expansion capex execution.

33

One of the best performances among Brazilian corporate issuers(1)

(1) G-spread on Oct 20st, 2017

Historical G-spread (bps)

BBB-

BBB-

Rating Outlook

Negative

Stable

129 152 173 174 196 196 196 205 221 225 261

360

583

145186 198 222 226 236

328

Issuance with maturity in 2024 Issuance with maturity in 2027

0

200

400

600

800

1000

1200

1400

2010 2011 2012 2013 2014 2015 2016 2017

Fibria 2020 - 7.5% Fibria 2021 - 6.75%

Fibria 2024 - 5.25% Fibria 2027 - 5.50%

34

ROE and ROIC (R$)

ROE = Adjusted EBIT(1)/ Equity before IAS 41(2) and ROIC = Adjusted EBIT(3)/ Invested Capital before IAS 41(2)

3.4%5.7% 6.2%

25.1%

9.8%7.5%

22.7%

30.5%

4.7%6.1% 5.6%

15.6%

6.9% 6.3%

11.0%13.2%

2012 2013 2014 2015 2016 3Q17LTM

Fibria after H22019 (pro-forma)

Fibria after H2Structural (pro-

forma)

ROE ROIC

(6)

(6)

Average FX(R$/US$)

AverageNet Pulp

Price (US$)

1.95 2.16 2.35 3.33

581 610 561 586

3.20

535

3.49

496

3.38(4)

541(5)

3.38(4)

541(5)

(1) Adjusted EBITDA – CAPEX – Net Interest – Taxes (2) International accounting standards for biological assets. (3) Adjusted EBITDA – CAPEX – Taxes (4) FX for H2 cash cost and sustaining capex (5) Actual Fibria’s net realized pulp price – average last 3 years (6) Considers the cost structure presented on slide 36 and balance sheet 2Q17 (invested capital and equity)

35

2017 OUTLOOK – CAPEX AND CASH COST

Fibria CAPEX 2017 – BRL million

36

(1) Converted at 2017 average FX - BRL/USD 3.24, according to Focus Report (Brazilian Central Bank – Jun 16th, 2017) (2) Includes R&D, IT, Health Safety and Environmental expenses

2,010

3,011

415

2017 CAPEXMaintenance

Logistics Projects Modernization H2 Others 2017 CAPEX TotalGuidance

5,213

1,595

5779

56

USD 620 mn(1) USD1,609 mn(1)

Forestry

Industry

(2)

Structural CAPEX – BRL million

37

(1) Converted at 2017 average FX - BRL/USD 3.24 - According to Focus Report (Brazilian Central Bank – Jun 16th, 2016) (2) November/2016 estimate. Includes modernization expenses

2,055

1,662

2,068

2017Guidance

Modernization Non-recurringwood purchase

Forestryequipments

Non-recurringprojects

Turbogeneratoroverhaul

Structuralcapex

H2 sustainingcapex

Structuralcapex with H2

USD632 M(1)

USD489 M(1)

USD608 M(1)

(2)

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

38

206

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

LTM 3Q16 Horizonte 2Project

Wood costreduction

Bleaching line B Maritime woodshipping project

Others 2021

FX Cash cost (US$/t)

3.00 164

3.10 159

3.19 155

3.30 150

3.50 142

FX Sensitivity

39

Expansion Project – Horizonte 2

40

• Follow the growth of strategic customers

• Developing new customers

• Distribution to new geographic markets

• Efficiency and competitiveness gains in logistics

• Higher quality in customer service

• Greater ability to capture new expansion market windows

• Strong M&A position

Competitiveness

Commercial positioning

Long-term growthpotential

What is the importance of growth for Fibria?

• Wider fixed costs dilution

• Cost curve position improvement

• Greater bargaining power with suppliers

41

HORIZONTE 2 PROJECT

41

Site Overview

(1) Industrial capex.

Start-up brought forward: about 2 months ahead of

schedule

Inside the fence(1)

Capex of US$ 947/t

Cash production cost

US$116/t(@R$/US$3.38)

Energy Surplus130 MWh

Expansion Capex of US$2,193

million (US$1,124/t)

42

5,300 5,300 5,300 5,300 5,300 5,300

477

1,755 1,850 1,950 1,950 1,950900

900 900 900 900 900

2017 2018 2019 2020 2021 2022

Klabin's Puma Project ('000 t)(1)¹Horizonte 2 ('000 t)¹Current Production ('000 t)

Nominal Capacity (‘000 t)

6,677

7,955 8,050 8,150 8,150 8,150

(1) 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.

ESTIMATED MARKET BHKP CAPACITY RANKING 2017 (000T)

Source: RISI, Hawkins Wright, PPPC and Fibria (Nov 2016)

0 2000 4000 6000 8000

DomtarSoedraKlabin

International PaperLwarcel

ResoluteVerso

Georgia PacificWoodlandNavigator

MetsäOji

NipponIlim

MarubeniMondi

AltriEnce

CenibraStora Enso

AraucoEldorado

UPMCMPC

AprilSuzano

APPFibria 8,150

Current Capacity

New Capacity

New Capacity – Klabin Agreement

New Capacity – Horizonte II Project

43

Pulp sales destination: Fibria growing where the market grows

(1) Considers 3Q17 last twelve months. | (2) Includes Klabin’s sales volume

34%

40%

33%

37%

18%20%

8%10%

Total sales volume distributionafter H2 start up(2)

Current net revenue distribution(1)

44

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

Horizonte 2 Forestry BaseForestry base secured as planned

TOTAL TRÊS LAGOAS UNIT FOREST BASE:

308,000 ha

HORIZONTE 1 FOREST BASE:

121,000 ha

HORIZONTE 2 FOREST BASE:

187,000 ha

ALREADY PLANTED (87%):

162,000 ha

45

LogisticsIntegrated logistics - outbound and shipping

Mato Grosso

Mato Grosso do Sul

Goiás

Brasília

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

46

LogisticsThe most advanced rolling stock on the most efficient railway

47

HORIZONTE 2 CAPEXDisbursement flexibility and reduction from 2015

7,706

6,705

1,809

58

(478)(453) (184)

56 59 275 306

5,536

7,345

Initial budget(May 2015)

Capacityincrease

Contingencies Savings Indirect costs Change ofscope

Updated(in real terms)

Paymentnegotiation

Inflation FX August 2017Budget

To be disbursed

US$2.8 bn US$2.2 bn

R$/US$=2.80 R$/US$=3.35

Executed

75%

21%

4%

BRL EUR USD

Breakdown by currencyCash Capex (R$ million)(1)

(1) As of September 2017. R$/US$ @ 3.35.

1348 144

888801

9841,100

596 601701

919

87

459

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

To be disbursed Executed

US$million

4 14 43 265 239 294 328 178 179 138 210 276 26

48

Horizonte 2 project assumptions

Unit R$ US$Avg – previous

projects(7)

Expansion capex(1) $ billion 7.3 2.2 2.9

Expansion capex(1) $/t 3,767 1,124

Inside the fence capex $/t 3,172 947

Sustaining capex(2) $/t 253 75

Cash production cost(3) $/t 393 116

All in cash cost (estimated)(4)(6) $/t - 321

Pulp price(5) $/t - 541 -

Free cash flow (estimated)(6) $/t - 220

Payback period (estimated) years - 5.1

(1) Includes chemical leasing (R$/US$ @ 3.35). Previous peers projects multiplied by 1,950,000 tons to make the information comparable. (2) Estimated sustaining capex in after mill balance (R$/US$ @ 3.38). (3) Estimated weighted average cost, after mill balance. Includes energy sales (R$/US$ @ 3.38). Figures are in real terms (considering inflation up to 2018).(4) Cash cost + freight + SG&A + Sustaining Capex + Interest + taxes (R$/US$ @ 3.38) | Assuming working capital = 0. (5) Actual Fibria’s net realized pulp price – average last 3 years.(6) Note: All in cash cost and free cash flow figures assumes working capital = 0, delivered to Europe and is based on the estimations already presented in Fibria’s previous public materials.(7) According to RISI, considering the average of the BHKP projects since 2009 in Latam – the average excludes H2 figures.

49

Free cash flow – H2 Project (US$/t)

FCF/t(2) sensibility to net pulp price and FXFCF/t from net pulp price (US$/t)(1)

(1) FX @ 3.38 and assuming working capital = 0. (2) Size of the bubble = FCL/t in US$

541

331

220

116

94

75

1520

Last 3 yrsFibria's

pulp price

Cash cost Freightdelivery toEurope and

SG&A

EBITDA Sustainingcapex

Interest Income taxafter tax

shield

PerpetuityFCF

170

220

287

369

443

400

450

500

550

600

650

700

750

1,50 2,50 3,50 4,50 5,50

FCF (US$/t)

FX (R$/US$)

Pu

lp p

rice

(U

S$/t

)

50

H2 cash production cost decrease

12%

90%

100%

2017 2018 2019

Accumulated benefit per year (US$/t)

US$116/t cash cost(1)

(1) R$/US$ @ 3.38

▐ Wood competitiveness (distance forest-mill):

– Current Fibria: 328 km | Structural Fibria: ~166 km

– H1+H2: up to 100 km

▐ Energy surplus:

– Current Fibria: ~70 MW | Structural Fibria: 200 MW

– H2: 130 MW

▐ Synergies with Line 1 – fixed cost dilution

▐ Automated nursery

▐ High technology and scale

Why so low?

51

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

52

A winning strategySo far, better than expected

Real 124 th tons

Schedule 81 th tons

Production (tons)

Learning Curve (30 days)

(status: 09/30/2017)

+53 %

Digester feeding

0% 0% 0%14%

25% 22%

5%

30%20%

42%

42%30%

59%63%

57%73% 64%

62%

36%

58%67% 59%

54%

72% 72%83%

85%84%

24%

47%

1º 2º 3º 4º 5º 6º 7º 8º 9º 10º 11º 12º 13º 14º 15º 16º 17º 18º 19º 20º 21º 22º 23º 24º 25º 26º 27º 28º 29º 30º

Prod

Rea

l/N

omin

al

H1 - 03/30/09

H2 - 08/23/17

Start-up

828

15431331

330

18661207

25501858

38723517

44783933

2195

35234079

36234403

5224

1460

2886

3930

48194115

57374984

38574205

54325115

1º

2º

3º

4º

5º

6º

7º

8º

9º

10

º

11

º

12

º

13

º

14

º

15

º

16

º

17

º

18

º

19

º

20

º

21

º

22

º

23

º

24

º

25

º

26

º

27

º

28

º

29

º

30

º

31

º

32

º

33

º

34

º

35

º

36

º

37

º

38

º

39

º

Actual Expected

Aug. 23Sep. 30

53

BACK UP

Maritime Wood Shipping Project

► 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)

► Start-up: Sep/2017

► Saving OPEX: R$ 24 million/year

PROJECT DESCRIPTION (ARACRUZ UNIT)

Forestry operations productivity

Transportation

51

Third-party wood reductionNon-recurring impacts starting to decrease

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

52(1) Does not include Veracel but considers H2 Project forest base | (2) FX @ BRL/USD3.30.

NPV from peak to normalized level(2):CAPEX: BRL1.5 billion (USD 0.5 billion) | OPEX: BRL 1.0 billion (USD 0.3 billion)

Total NPV:BRL2.5 Bn or USD0.8 Bn

788Thir

d-p

arty

wo

od

¹ (%

)

225193 197 187 181 194

242

311 307 290239

190 173 170 167 166 164

0

50

100

150

200

250

300

350

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Average distance from forest to mill

Third-party wood

Average d

istance fro

mfo

rest to m

ill ¹ (km

)

68%34% 63% 73% 67% 75% 72%% Planting 84%

Third-party wood reduction

► 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

Losango

53

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

54

1Q16 2Q16 3Q17 4Q17 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

Mills

Aracruz A

Aracruz B

Aracruz C

Jacareí

Três Lagoas 1

Três Lagoas 2

Veracel

12 months 15 months

2016 2017 2018 2019

No maintenance downtime

No maintenance downtime

No maintenance downtime

No maintenance downtime

No maintenance downtime

58

Global Market Pulp Demand

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

Paper Production – Runnability with BHKP

Source: RISI conference, August 2014.

Demand growth rateHardwood (BHKP) vs. Softwood (BSKP) (000 ton)

Source: PPPC reports. Excludes Sulphite and UKP market pulp (Nov./16)

000 ton 2000 2010 2020Growth 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%

Market Pulp 35.1 47.3 61.4 35% 30%

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

40.000

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

20

21

Hardwood Softwood

Source: PPPC report (May 2017)

2016 - 2021 CAGR:Hardwood: +3.04%Softwood: +1.24%

59

China's Share of Market Pulp(2)

10% 10%12% 14%

21%

17%

22%23% 23% 24%

25% 26%

0

2

4

6

8

10

12

14

16

0%

5%

10%

15%

20%

25%

30%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Eucalyptus Hardwood Total % Compared to the global Market Pulp

Benefiting From China’s Growth

(1) PPPC – Pulp China – Flash Report – Jul/2017(2) PPPC – W20. Coverage for chemical market pulp is 80% of world capacity (3) RISI

(million t)

Latin America is the leading exporter of BHKP to China, accounting to approximately 56% of China's total imports in 7M17

(‘000s t)

(1) includes South Africa and New Zealand. | (2) Includes China, Japan, Malaysia, Russia, Thailand and Vietnam.

China’s Hardwood Imports of BHKP by Country(1)

6,019

3,319

1,145 1,304

110122 19

6,773

3,787

1,480

1,121

140160

85

BHKP Total LatinAmerica (1)

Indonesia Others(2) USA Canada WesternEurope

7M16 7M17

World Tissue Consumption, 1995-2016(3)

Per Capita Consumption of Tissue by World Region(3)

(Kg/capita/year)

(million t)

0

5

10

15

20

25

30

35

40

1995 2000 2005 2010 2011 2012 2013 2014 2015 2016N.America W.Europe E.Europe JapanChina Asia FE Middle East LatAmAfrica Oceania

Annual Growth Rate +3.7%

24,9

15,9 15,3

11,2

6,0 6,2 5,6

0,6

N.America

WestEurope

Japan Oceania EastEurope

LatAm China Africa

60

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

Source: Bloomberg and PPPC – W20 report (Aug/2017)

-

50

100

150

200

250

300

China GDP Eucalyptus Shipments

284

76

61

Global Paper Consumption

CAGR 2000 – 2010Developed Markets: - 2.1%Emerging Markets : + 5.6%

P&W Consumption (000 tons)(1)

Tissue Consumption (000 tons)(1)

CAGR 2010 – 2020Developed Markets: - 3.1%Emerging Markets : + 0.9%

CAGR 2000 – 2010Developed Markets: + 1.5%Emerging Markets : + 6.6%

CAGR 2010 – 2020Developed Markets: + 1.4%Emerging Markets : + 5.9%

Source: RISI

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

E

20

18

E

20

19

E

20

20

E

Developed Markets Emerging Markets

99,977103,286117,611 109,758

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

E

20

18

E

20

19

E

20

20

E

Developed Markets Emerging Markets

20,979

30,357

41,712

62

Benefiting From China’s Growth

Ship

men

ts (

00

0 t

on

)

BH

KP

pri

ces

-C

IF C

hin

a (U

S$/t

on

)

(‘000s t)

China: Eucalyptus pulp shipments

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

Source: PPPC Global 100 August 2017

0

100

200

300

400

500

600

700

800

900

0

100

200

300

400

500

600

700

800

900

mai

-10

jun

-10

jul-

10

ago

-10

set-

10

ou

t-1

0n

ov-

10

dez

-10

jan

-11

fev-

11

mar

-11

mai

-11

jun

-11

jul-

11

ago

-11

set-

11

ou

t-1

1n

ov-

11

dez

-11

jan

-12

fev-

12

mar

-12

abr-

12

jun

-12

jul-

12

ago

-12

set-

12

ou

t-1

2n

ov-

12

dez

-12

jan

-13

fev-

13

mar

-13

abr-

13

mai

-13

jul-

13

ago

-13

set-

13

ou

t-1

3n

ov-

13

dez

-13

jan

-14

fev-

14

mar

-14

abr-

14

mai

-14

jun

-14

ago

-14

set-

14

ou

t-1

4n

ov-

14

dez

-14

jan

-15

fev-

15

mar

-15

abr-

15

mai

-15

jun

-15

jul-

15

set-

15

ou

t-1

5n

ov-

15

dez

-15

jan

-16

fev-

16

mar

-16

abr-

16

mai

-16

jun

-16

jul-

16

ago

-16

ou

t-1

6n

ov-

16

dez

-16

jan

-17

fev-

17

mar

-17

abr-

17

mai

-17

jun

-17

jul-

17

ago

-17

set-

17

BHKP Price

Shipments

2017

Average

689 ktons

63

Global BHKP Market Pulp Supply Cost Curve

Source: Pöyry.

COST CURVE EVOLUTION

USD

/Ad

t, 2

01

3 c

ost

leve

l

Cumulative Capacity Million t/a

Cost position of marginal

producer

64

Tightening plantation wood and chip supply could add to the cash cost of Asian pulp mills

Source: Pöyry.

Cumulative Capacity Million t/a

USD

/Ad

t, 2

01

3 c

ost

leve

l

65

Growth in Asia is empowered by urbanization and increasing disposable income

Source: Pöyry.

66

The share of non-wood pulp will decline

Source: Pöyry.

67

Current Zero Cost Collars

(1) As of Oct 24, 2017.

3.00

3.50

4.00

4.50

5.00

5.50

6.00

4Q2017 1Q2018 2Q2018 3Q2018 4Q2018

ZCC ¹

Strike Put Strike Call FWD

Nocional Strike Put Strike Call FWD

4Q2017 US$ 360 MM 3.36 5.73 3.95

1Q2018 US$ 502 MM 3.22 4.52 3.60

2Q2018 US$ 544 MM 3.15 4.48 3.59

3Q2018 US$ 460 MM 3.15 4.30 3.51

4Q2018 US$ 415 MM 3.18 4.40 3.56

Total US$ 2,281 MM 3.21 4.64 3.63

68

Hedge

GovernanceHedging Strategy

Debt Hedge:

▶ Maturity aligned with original debt (until 2023)

▶ No margin call

▶ No threshold

▶ Swap operations (currency and rate)

Operating Hedge:

▶ Net FX exposure protection in US$ up to Dec/18

▶ No leverage

▶ No margin call

▶ No threshold

▶ Current strategy:

▶ Zero Cost Collar (protecting a minimum EBITDA

margin)

▶ All Fibria operations are registered at CETIP

▶ Hedging Policy approved by the Board of Directors

and available at the Investor Relations website.

▶ Periodical follow up of the hedge portfolio by the

Finance Committee.

▶ Maximum % of exposed operational cash flow is

defined according to the FX risk management

policy.

▶ Governance, Risk and Compliance (GRC)

Department:

▶ Independent report to CEO and to the Statutory

Auditing Committee

▶ Responsible for monitoring policies compliance

▶ Independent from Treasury Department

69

Initiatives for Leverage Management

Amount

Net

Debt/EBITDA

reduction

(USD

million)(x)

Working Capital Release 95 0.09x

Accounts receivable (customers) 40 0.04x

Accounts payable (suppliers) 55 0.05x

Capex 96 0.10x

Forestry 31 0.03x

Capex H2 65 0.07x

Total 191 0.19x

Initiatives expected to be implemented in the short term

Initiatives under analysis

Amount

Net

Debt/EBITDA

reduction

(USD

million)(x)

Accounts payable

(suppliers)420 0.37x

Others 110 0.12x

Total 530 0.49x

Total: USD 721 million (0.68x)

90%

95%

100%

105%

110%

set-16 dez-16 mar-17 jun-17 set-17 dez-17 mar-18 jun-18 set-18

Real Euro CAD Peso Chileno RMB Rupia Peso Uruguaio

Bloomberg Forecast

EVOLUTION OF CURRENCIESFX devaluation is expected

70

70

** Bloomberg Forecast (Sep 5, 2017)

Sep/16 Dec/16 Mar/17 Jun/17 Sep/17 Dec/17 Mar/18 Jun/18 Sep/18

Chilean peso Uruguayan peso

Free cash flow(1)

Positive quarterly FCF in the last 5 years, even during appreciated FX

71

USD million

EBITDA Margin

Average FX

125

29

77

194

84

113

53

329

4

111

51

103

130112

317

225

158

118 124 135

80

174

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

(1) Excluding H2 Project, dividends, pulp logistics and land purchase effects.

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 3.22 3.16

37% 37% 41% 39% 39% 41% 42% 41% 35% 35% 45% 50% 50% 56% 54% 52% 43% 43% 36% 37% 45% 49%

72

Fibria’s tax structure

(1) Considering FX 3.1680 | (2) Considering average FX for the period

Description and Amount¹ Maturity

(a) Operating income As stated in the income statement

(-)(b) Goodwill (Aracruzacquisition)

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

- Remaining Balance Sep/17: US$ 0.118 billion (base)2018

(-)(c) Forestry Capex in MS state (net)

2017 tax deduction related to depletion: US$ 27.9 million Undefined

(+/-)(d) Exchange variation(cash)

---------- ----------

(+/-)(e) Other ---------- ----------

Tax base beforecompensations

(a) + (b) + (c) + (d) + (e)

(f) (-) Tax loss carryforward- Up to 30% of tax base before compensations

- Balance up to Sep/17: US$ 769 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

Balance Sep/2017:- PIS/COFINS: US$ 236 million

- Withholding tax (IR and CSLL): US$ 391 million- Reintegra: US$ 52 million

Undefined

Cash Tax Income Tax (h) – tax credits (i)

2010 2011 2012 2013 2014 2015 2016 3Q17

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

TAX PAYMENT2 (cash basis)

73

Dividends

2017

April 28, 2017 May 18, 2017 Mid-November, 2017 Mid-December, 2017

GSM to approved dividend distribution (approved R$393 million)

Extraordinarydividendappraisal

Extraordinarydividendpayment(if approved)

► Proposed dividends based on cash generation, taking into consideration the company’s strategicplanning and in line with its policies, notably the Indebtness and Risk Management policies.

► Preserving Investment Grade.

Commitment to Corporate Governance best practices.

Extraordinary dividend if Policy criteria are met.

Dividendpayment of R$ 393 million