20th Annual Santander Latin American Conference

20th Annual Santander Latin American Conference
January, 2016
FIBRIA APP WITH THIS PRESENTATION IS AVAILABLE FOR DOWNLOAD AT APPLE STORE AND GOOGLE PLAY.
Disclaimer
The information contained in this presentation may include statements which

constitute forward-looking statements, within the meaning of Section 27A of the U.S.
Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange
Act of 1934, as amended. Such forward-looking statements involve a certain degree of
risk and uncertainty with respect to business, financial, trend, strategy and other
forecasts, and are based on assumptions, data or methods that, although considered
reasonable by the company at the time, may turn out to be incorrect or imprecise, or
may not be possible to realize. The company gives no assurance that expectations
disclosed in this presentation will be confirmed. Prospective investors are cautioned
that any such forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and that actual results may differ materially from
those in the forward-looking statements, due to a variety of factors, including, but not
limited to, the risks of international business and other risks referred to in the
companys filings with the CVM and SEC. The company does not undertake, and
specifically disclaims any obligation to update any forward-looking statements, which
speak only for the date on which they are made.
1
2 Pulp and Paper Market
3 Financial and Operational Highlights
4
Company Overview
Final Remarks
Agenda
Company Overview
4
A Winning Player
Superior Asset Combination
Belmonte
Veracel
Caravelas
Portocel
Aracruz
Main Figures 3Q15 LTM
Pulp capacity
million tons
5.300
Net revenues
US$ billion
3.000
Total Forest Base(1)
thousand hectares
967
Planted area(1)
thousand hectares
539
US$ billion
2.411
1.58
Net Debt
Net Debt/EBITDA (in Dollars)(2)
Trs Lagoas
Jacare
Santos
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.
Fibrias 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
Fibrias Commercial Strategy

Sales Mix by End Use - Fibria
Highlights
End Use - 3Q15
Region - 3Q15
N.
America
25%
Tissue
50%
Europe
42%
Printing &
Writing
36%
Asia
25%
Specialties
LatAm
8%
14%
Net Revenues by Region - Fibria
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
9%
9%
8%
Low dependence on volatile markets such as China
29%
21%
20% 22% 25%
25% 26% 26% 27% 24% 23% 26% 26% 25%
26%
Low credit risk
26% 26%
100% certified pulp (FSC and PEFC/Cerflor)
18%
10%
9%
10%
30% 22%
8%
9%
29%
8%
31% 31%
10%
9%
10% 10% 10%
9%
19% 23% 27% 27% 17% 24% 25%
47% 42% 42%

46% 42%
44% 44% 42%
43% 43%
39% 40%
37%
35% 36%
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
Europe
North America
Asia
Other
Pulp Supply Agreement: Puma Project

Puma Project
Pulp volumes:
Minimum of 900 kt of hardwood for the first 4 years
75% of 900 kt for the fifth year (phase out 1)
50% of 900 kt for the sixth year (phase out 2)
Selling price based on the average net price charged by

Fibria at the Port of Paranagu (FOB Paranagu)
Sales destination: Globally, except for South America
Operational startup: Mar/2016
Agreement benefits:
Logistics and commercial
structure synergies;
Logistics and commercial

optimization and synergies;
Ensure sales volumes;
Support customers growth and

enhance customers needs;
Ensure pulp market access with

Klabin brand.
Potential development of new customers.
Mutual value creation, with better servicing for both Companies customers base
8
Shareholder Structure and Corporate Governance
Votorantim
Industrial S.A. (1)
BNDES
Participaes (1)
Free
Float (2)
29.42%
29.08%
41.50%
General
Meeting
Fiscal
Council
Board of
Directors
Finance
Committee
Statutory
Audit
Committee
Personnel
and
Remuneratio
n 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%)
Policies approved
by the Board of Directors:
Board of Directors with minimum 20% independent
members
Financial Statements in International Standards IFRS
Adoption of Arbitration Chamber
SEC Registered ADR Level III program
20% independent
members
Role of CEO and
chairman is split
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
NEW
(1) Controlling group (2) Free Float 41.44% + Treasury 0.06%
Approval of Dividend Policy

Commitment to Corporate Governance best practices.
Proposed dividends based on cash generation, taking into consideration

the companys strategic planning and in line with its policies, notably the
Indebtness and Risk Management policies.
Preserving Investment Grade.
Extraordinary dividend if Policy criteria are met.
10
Pulp and Paper Market

11
The better than expected scenario has become a reality again in

2015
BHKP CAPACITY CHANGES
EXPECTED SCENARIO FOR 2015 IN DEC14
Suzano Maranho
750
Portucel Cacia
30
Old Town (Expera)
85
Sappi Cloquet
April Rizhao
Ence Huelva
Possible closures*
Net
BEKP demand growth**
500
200
Eldorado
200
Eldorado
265
CMPC Guaiba II
750
CMPC Guaiba II
750
Montes del Plata

Oji Nantong
265
Oji Nantong
400
Suzano Maranho
400
Montes del Plata
YEAR-TO-DATE SCENARIO IN 2015
Portucel Cacia
30
Old Town (Expera)
40
40
Ence Navia
115
115
Sappi Cloquet
-65
April Rizhao
-315
Ence Huelva
-400 to -800
Unexpected Downtimes
1,415 to 1,815
1095
*Based on annual closures average (400,000 to 800,000 t/yr)

**Source: PPPC Outlook for Eucalyptus Market Pulp December 2014
-190
-315
-385
Indonesia, China,
Uruguay and Brazil
Net
1450
Estimated BEKP demand growth**
1500
**Source: Fibria estimates based on PPPC Market Pulp World 20 (BEKP

9M15: + 1.105 kt )
12
and so has been the price scenario

BHKP Delivered to Europe (USD/t)
804
808*
784*
781
750
738
735
726
721
709
1Q15
2Q15
3Q15
Consultants average at the end previous year
4Q15
Annual 2015
Realized PIX/FOEX price
* Average until 12/21/15

Consultants: Hawkins Wright, RISI and Brian McClay (published in the end 2014 for 2015 prices)
13
But this time, demand has been the good surprise

EXPECTED SCENARIO FOR 2015 IN DEC14
Suzano Maranho
750
Portucel Cacia
30
Old Town (Expera)
85
Sappi Cloquet
April Rizhao
Ence Huelva
Possible closures*
Net
500
200
Eldorado
200
Eldorado
265
CMPC Guaiba II
750
CMPC Guaiba II
750
Montes del Plata

Oji Nantong
265
Oji Nantong
400
Suzano Maranho
400
Montes del Plata
YEAR-TO-DATE SCENARIO IN 2015
Portucel Cacia
30
Old Town (Expera)
40
40
Ence Navia
115
115
Sappi Cloquet
-65
April Rizhao
-315
Ence Huelva
-400 to -800
Unexpected Downtimes
1,415 to 1,815
1,095

**Source: PPPC Outlook for Eucalyptus Market Pulp December 2014
-190
-315
-385
Indonesia, China,
Uruguay and Brazil
Net
1,450
Estimated BEKP demand growth**
1,500
**Source: Fibria estimates based on PPPC Market Pulp World 20 (BEKP

9M15: + 1,105 kt )
14
Better worldwide macroeconomics are the key drivers But the

special focus is on Europe
Real GDP % Annual Growth
7,7 7,7
3,6
3,4 3,3 3,4
3,1
0,9
6,8
6,3
2,8
2,4 2,6
2,2
1,5 1,6
7,3
1,5
-0,3
-0,8
World
Euro Area
2012
USA
2013
2014
2015
China
2016
Source: International Monetary Fund, World Economic Outlook Database, October 2015
15
But the special focus is on Europe

Hardwood and Eucalyptus Shipments (000 t and % annual growth and YTD)
400
6.0%
3.3%
3.7%
5.0%
200
0
-0.3%
-0.8%
-0.8%
-0.6%
-200
2012
2013
2014
BHKP
YTD 2015*
BEKP
*YTD: 9M15 vs. 9M14

Source: PPPC World 20
16
So, what can we expect for 2016?

EXPECTED SCENARIO FOR 2016 IN NOV15
Altri Celbi
Woodland
Altri Celbi
30
Old Town (Expera)
-40
-90
-55
Verso Wickliffe
APRIL Kerinci
-120
APRIL Kerinci
Possible closures*
385 to 785
Net
930
1500

**Source: PPPC Outlook for Eucalyptus Market Pulp May 2015 (930kt) and
Fibrias estimates
-40
-90
-55
-400 to -800
30
Woodland
Verso Wickliffe
Possible closures*
660
Klabin
660
Klabin
800
CMPC Guaiba II
800
CMPC Guaiba II
Old Town (Expera)
FIBRIAS EXPECTED SCENARIO FOR 2016
Net
-120
-200
985
1500
Positive Supply/Demand Balance!

17
Global Market BEKP Demand

Shipments of Eucalyptus Pulp
2014 vs. 2013(1)
9M2015 vs. 9M2014(2)
11%
9%
1,734 kt
20%
6%
5%
717 kt
386 kt
1,106 kt
13%
19%
537 kt
6%
80 kt
92 kt
Total
(1)
North
America
Western
Europe
China
Others
Source: PPPC World 20 December/2014

January/2015
Total
(2)
North
America
5%
593 kt
247 kt
Western
Europe
5%
186 kt
China
Others
Source: PPPC World 20 Sep/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
18
Nominal Chinese GDP vs. Eucalyptus Shipments to China

(Sept-09 = base 100)
250
203
200
150
100
76
50
China GDP
Eucalyptus Shipments
Source: Bloomberg and PPPC.
19
Commodities Differentiation
China GDP breakdown
8%
4%
4%
3%
3%
2%
2%
2%
2%
2%
2%
44%
47%
48%
48%
48%
48%
48%
46%
47%
45%
45%
49%
49%
48%
49%
49%
50%
50%
52%
51%
53%
53%
2008A
2009A
2010A
2011A
2012A
2013A
2014A
2015E
2016E
2017E
2018E
Consumption
Investment
Net Exports
China commodity demand - basis 100

Corn
Soybeans
Wheat
Crude oil
Iron ore
Sugar
BHKP
248
201
194
172
152
124
115
100
2008A
2009A
2010A
2011A
2012A
2013A
2014A
2015E
2016E
2017E
2018E
Source: Ita Macroeconomic Department and PPPC Oct/15
20
Technical Age and Scale in the Market Pulp Industry

Further closures are expected due to lack of adequate investments in the industry
Hardwood (BHKP) Market Pulp
3.000
Softwood (BSKP) Market Pulp
PM Capacity, 1000 t/a
3.000
Weighted average
technical age 12.3 years
PM Capacity, 1000 t/a

Weighted average
technical age 21 years
STRONG
2.500
STRONG
2.500
Aracruz
2.000
1.500
2.000
Weighted average
capacity 1,277,000 t/a
Trs Lagoas
1.500
Jacare
1.000
Veracel
1.000
Weighted average
capacity 527,000 t/a
Ence
Huelva
500
500
Old
Town
30
WEAK
20
10
0
30
WEAK
25
Technical Age, years

North American Pulp Mills
Other Pulp Mills
Closures
20
15
10
Technical Age, years
Grade Switch
On & Off
More than 7.7 million tons of capacity above 25 years and with annual capacity below 500,000 t/y.
21
Capacity closures DO happen
Closures of Hardwood Capacity Worldwide

(000 ton)
-85
-105
-315
-540
-445
-500
-580
-910
-1,085
-1,180
-1,260
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016-2017 E (1)
Source: PPPC and Fibria

(1)
As of January 2016 | 2016: -40kt Old Town (USA), -90kt Woodland (USA), -55kt Verso Wickliffe (USA), -120 April Kerinci (Indonesia) | 2017: -275kt Arauco Valdivia (Chile)
22
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$724/t in 2014
APP South
Sumatra(2)
1.000
Horizonte II
900
1,6
Rizhao
Maranho
Trs
Lagoas
700
APP
Hainan
600
500
400
Santa F
1,4
Montes
del Plata Guaba II
Eldorado
Fray
Bentos
Mucuri
Veracel Nueva Aldea
Valdivia
1,8
1,2
Klabin
1,0
Chenming
Zhanjiang
Kerinci
PL3
Capacity (000 ton)
BHKP prices - CIF Europe (US$/ton)
800
2,0
0,8
APP Guangxi
300
0,6
Oji
Nantong
200
0,4
100
0,2
0,0
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
(1) Source: Hawkins Wright , Poyry and Fibria Analysis. Pulp price estimates according to Hawkins Wright (July/15), Brian McClay (Sept./15) and RISI (May/15)
(2) Partially integrated production.
23
In the last 15 years, pulp volatility has been just 8%...why?
BHKP - FOEX Europe (base 100)
160
CPI (base 100)
120
80
40
Market price closer to producers marginal cost

The marginal cost producers are based in Europe and North America
Flattish industry cost curve

Higher flexibility to adjust supply side during imbalanced market
Lower dependency on Asian market (~25%) compared to hard commodities (70%+)
Market end users are linked to consumer goods, such as tissue
Incipient pulp price futures market and low liquidity
Source: Bloomberg January 5, 2016
Oct-15
May-15
Dec-14
Jul-14
Feb-14
Sep-13
Apr-13
Nov-12
Jun-12
Jan-12
Aug-11
Mar-11
Oct-10
May-10
Dec-09
Jul-09
Feb-09
Sep-08
Apr-08
Nov-07
Jun-07
Jan-07
Aug-06
Mar-06
Oct-05
May-05
Dec-04
Jul-04
Feb-04
Sep-03
Apr-03
Nov-02
Jun-02
Jan-02
Aug-01
Mar-01
Oct-00
May-00
Dec-99
Lowest volatility among commodities
100 = January 1, 2012

215
120
72
63
Iron Ore
Crude Oil
BHKP - FOEX Europe
Jan-16
Nov-15
Dec-15
Sep-15
Oct-15
Aug-15
Jun-15
Jul-15
Apr-15
May-15
Jan-15
Feb-15
Mar-15
Nov-14
Dec-14
Sep-14
Oct-14
Aug-14
Jun-14
Jul-14
Apr-14
May-14
Jan-14
Sugar
Feb-14
Mar-14
Nov-13
Dec-13
Sep-13
Oct-13
Aug-13
Jun-13
Jul-13
Apr-13
May-13
Jan-13
Soy Bean
Feb-13
Mar-13
Nov-12
Dec-12
Sep-12
Oct-12
Aug-12
Jun-12
Jul-12
Apr-12
May-12
Jan-12
36
31
Feb-12
Mar-12
225
215
205
195
185
175
165
155
145
135
125
115
105
95
85
75
65
55
45
35
25
Exchange Rate (R$/US$)
Low volatility of hardwood pulp price, even though

new capacities have come on stream during the period.
Source: Bloomberg January 5, 2016
25
The only commodity with lower volatility than FX
Historical Volatility of Commodities (US$)

35%
35%
34%
27%
26%
24%
24%
24%
16%
14%
6%
WTI
Crude Oil
Sugar
Nickel
Copper
Soy
Iron Ore
LME
Ibovespa
Metals
Cattle
FX
FOEX PIX
BHKP
Since 2009
26
Financial and Operational Highlights

27
Each 5% depreciation of the Real increases EBITDA by around

R$403m (11%) and FCF by R$482 m (45%)
2016 E
4.13(1)
Exchange Rate
Average (R$/US$)
2.00
1.76
670
Fibria net pulp price
(US$/t)
1.67
639
456
1.95
581
2.16
2.35
610
572
3.01
573
561 (2)
2,317
Fibria net pulp price

(R$/t)
912
1,179
1,067
1,133
1,311
1,344
1,725
51%
EBITDA Margin
40%
29%
34%
36%
40%
56%
39%
1,540
1,488
1,173
1,153
1,295
1,185
815
438
EBITDA (US$ million)
2009
2010
2011
2012
2013
2014
LTM 3Q15
3Q15
(1) According to Focus Report (Brazilian Central Bank December 29, 2015) I (2) 2016 market consensus
28
Free Cash Flow

US$ million
329
317(1)
194
182
125
29
77
84
111
113
53
103
51
130
112
-7
-77
-256
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
EBITDA Margin
39%
34%
33%
28%
30%
37%
37%
41%
39%
39%
41%
42%
41%
35%
35%
45%
50%
50%
56%
1.63
1.80
1.77
1.96
2.03
2.06
2.00
2.07
2.29
2.27
2.37
2.23
2.27
2.55
2.87
3.07
3.54
Average FX
1.67
1.60
(1) Before expansion capex
29
Free Cash Flow(1) LTM 3Q15

US$ million(4)
1,535
(517)
(115)
Adjusted
EBITDA
(1)
(2)
(3)
(4)
Capex
(ex-H2 project)
Net Interest
(124)
(24)
Working
Capital
Taxes
714
763
(49)
Others(3)
FCF
(ex-H2 project)(2)
Capex H2
FCF
Not considering dividend payment of R$149 million.

Not considering capex related to the Horizonte 2 project.
Includes other financial results.
Converted by LTM average FX R$/US$3.01
30
ROE and ROIC (US$)
ROE = Adjusted EBIT(1)/

Equity before IAS 41(2)
ROIC = Adjusted EBIT(3)/

Invested Capital before IAS 41(2)
31.7%
29.4%
23.5%
23.3%
10.2%
7.7%
7.2%
6.1%
4.7%
3.6%
1.0%
2011
Average
FX
(1)
(2)
(3)
2012
1.67
8.6%
2013
1.95
2014
2.16
LTM 3Q15
2.35
Annualized
3Q15
2011
3.54
Average
FX
3.01
2012
1.67
2013
1.95
2014
2.16
LTM 3Q15
2.35
Annualized
3Q15
3.01
3.54
Adjusted EBITDA CAPEX Net Interest Taxes

International accounting standards for biological assets.
Adjusted EBITDA CAPEX Taxes
31
Cash Production Cost (US$/t) 3Q15
221
14
200
11
3Q14
Inflation
(70)
FX
Lower energy
price
187
170
(13)
(17)
13
Maintenance
downtimes
Non recurring
wood
Non recurring
input
consumption
Non recurring
fixed costs
Total
Management
initiatives
Cash cost
3Q15
Total non
recurring
3Q15 recurring
cash cost
Management initiatives gains mostly offset the inflation impact
32
Cash Production Cost in dollars saw a decrease over the past 6 years
Fibria Cash Production Cost(1) (US$/ton)
264
281
242
231
234
220
190
2009 (2) 2010 (2)
2011
2012
2013
2014
Consistently
controlling the
production
cash cost
LTM 3Q15
(1) Constant Currency (2) Excludes Conpacel
33
Net Results (US$ million) 3Q15
438
ZCC
(622)
145
swap
current
(102)
(59)
(10)
(27)
(170)
deffered
Adjusted
EBITDA
3T15
(1)
Exchange
variation
on debt
Other
exchange
variation
MtM
hedge
Hedge
settlement
Net
Interest
(137)
203
Deprec.,
amortiz. and
depletion
Income
Taxes
Others(1)
Net Income
(Loss)
3T15
Includes non-recurring expenses/non-cash and other financial income/expenses.
34
Capital Structure: Fibria has achieved the lowest leverage ratio among
its Latin American peers
Net Debt/EBITDA (x)(1)
6.2
5.0
3.5
3.0
2.9
2.1
4Q11
1Q12
2Q12
3Q12
4Q12
Fibria
1Q13
Suzano
2Q13
3Q13
Klabin
4Q13
1Q14
2Q14
CMPC
3Q14
4Q14
Arauco
1Q15
2Q15
3Q15
Eldorado
Fibria
Arauco
CMPC
Klabin
Suzano
S&P
BBB-/Stable
BBB-/Stable
BBB-/Stable
BBB-/Negative
BB+/Stable
Moodys
Baa3/Stable
Baa3/Stable
Baa3/Negative
Ba2+/Stable
Fitch
BBB-/Stable
BBB/Stable
BBB+/Stable
BBB-/Stable
BB/Positive
(1)
Fibrias historical data in BRL.
35
One of the best performances among Brazilian corporate issuers(1)
914
795
695
387
393
401
406
Fibria
BRF
Globopar
Embraer
(1) G-spread on December 29, 2015
474
475
492
Klabin
Suzano
Brazil
Braskem
Vale
Gerdau
36
Investment Grade by all rating agencies

Interest expense, leverage and average cost of debt in US$
Historical G-spread (bps)
7.29
6.3
5.9
5.5
5.2
4.11
1.400
4.6
1.200
4.25
3.4
3.32
3.3(1)
1.000
2.60
2.41
473
414
408
350
268
800
1.58
200
149
600
400
200
2009
5.2
2010
2011
4.6
Leverage
2012
2013
Cost of debt
3.4
2014
2010
LTM
3Q15
Interest Expense
(US$ million)
2011
Fibria 2020
2012
2013
Fibria 2021
2014
2015
Fibria 2024
3.3(1)
BBB-
BBB-
Baa3
Obtaining of Investment Grade from the three rating agencies

37
Horizonte 2 Project
38
What is the importance of growth for Fibria?
Competitiveness
Commercial
positioning
Long-term growth
potential
Wider fixed costs dilution
Cost curve position improvement
Greater bargaining power with suppliers
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
39
Why expand Trs Lagoas?

ESTIMATED BHKP CAPACITY RANKING 2017 (000T)
Brownfield Project, synergies with current

operations
Modern plant, prepared for potential

expansion
Availability of wood and low average

distance from forest to mill
Forest based on the optionality concept and

prioritizing lease and partnership models
Additional energy surplus of 120 MWh
Start-up: 4Q2017
Capacity: 1.75 million tons
7,950
Fibria
CMPC
RGE/APRIL
Suzano
APP
Eldorado
UPM
Stora Enso
Arauco
Cenibra
ENCE
Altri
IP
Marubeni
Mitsubishi
Oji
Mondi
Nippon Paper
Verso
Resolute
Georgia-Pacific
Portucel Soporcel
Lwart
Pulp Mill Holding
Domtar
Klabin
Others
0
2000
4000
6000
8000
Current Capacity
New Capacity Klabin Agreement
New Capacity
New Capacity Horizonte II Project
Source: Poyry and Fibria Analysis (as of May 2015)
40
Pulp sales destination: Fibria growing where the market grows
37%
42%
19%
24%
36%
25%
4%
9%
Total sales volume distribution

after H2 start up(2)
Current net revenue distribution(1)
(1) Considers 3Q15 last twelve months. | (2) Includes Klabins sales volume
41
Schedule
Purchase of the
industrial plants
Beginning of
infrastructure and
purchase of the TGs
Beginning of forest
machinery deliveries
Beginning of
construction
Negotiations with
concession holders and
Port of Santos tendering
Beginning of
harvest
Beginning of
assembly
Definition of outbound
logistics formats
Initial hiring of harvest

workers
Startup
Utilities clearance
and commissioning
L1 interconnections
during maintenance
downtime
Hiring of operational
team
2Q15
3Q15
2015
4Q15
1Q16
2Q16
3Q16
2016
4Q16
1Q17
2Q17
3Q17
4Q17
2017
42
Forestry base
43
H2 Project will have the forest base ready for the start-up
Forestry base required:

H1:
120,000 ha
H2:
174,000 ha
Total:
294,000 ha
44
Logistics
45
Forestry Logistics
Low average distance from forest to mill
FOREST
MILL
95 km
H1 + H2 consolidated
46
Outbound logistics
Fibria has logistical alternatives on a competitive basis
Data Collection / Preliminary

Analysis
Ports
Highways
Railroads
Waterways
Analysis
Logistics Costs
Opex - Rates
Capex
Qualitative
Modal conditions
Mato Grosso
Brasilia
Gois
Mato
Grosso do
Sul
47
Financials
48
Even more competitive cash production cost w/ H2

BHKP (US$/t)
BHKP
capacity
(000 t)
1,825
1,460
1,035
2,200
4,645
3,470
14,045
Total: 28,680
BHKP (US$/t)
515
507
68
86
440
102
447
China
421
USA
338
Canada
383
25
358
Iberia
Working capital
release: US$10/t
340
326
60
47
280
Chile/Uruguay
Cash Cost (US$/t)
342
13
83
Interest
58
35
49
Capex
Income Tax
SG&A
174
171
151
Brazil
Fibria 3Q15
Fibria w/ H2
232
279
Indonesia
Delivery CIF Europe
Source: Hawkins Wright (Price Forecast October 2015) and Fibrias 3Q15 Earnings Release - FX considered by the consultant at R$/US$3.86. H2
cash cost was estimated according to weighted average cost, after mill balance, converted at R$3.86. Includes energy sales.
49
Expansion CAPEX update

From US$2.5 bi to US$2.2 bi
CAPEX (US$ billion)
Timetable
60%
2%
2.5
0.05
26%
0.65
2.2
0.20
9%
0.32
19%
33%
72%
72%
3%
3%
Original
BRL
EUR
Revised
USD and others
2015
2016
2017
2018
1%
2019 and
thereafter
FX and inflation partially offset by the negotiation with suppliers

50
Funding
Cost and maturity:
H2
3Q15
3Q15 + H2
Average Cost (US$ p.a)
3.3%
2.0%
2.8%
Average Maturity (years)
4.3
6.3
5.0
Amortization Schedule 3Q15 Proforma with TLS II US$ million

1,236
revolver
1,111
494
Cash (2)
742
104
Liquidity
2015
204
2016
66
1.320
481
321
2017
2018
BNDES
Capex H2
715
673
576
726
2019
Bond
66
2020
PPE
2021
139
119
2022
2023
NCE
2024
115
103
45
13
2025
2026
2027
2028
ACC/ACE
22
(1) Debt FX 3Q15: 3.9729 / FX considering new funding for the TLS II Project: 3.90 (2) Cash on hands: US$ 994 million
51
Rating agencies understand that the Project will not jeopardize

Fibrias credit metrics
We expect Fibria to continue benefiting from higher operating cash flows which
would allow it to enlarge its Trs Lagoas industrial complex while keeping its debt at
reasonable levels for a low investment-grade rating
Fitchs base case, which assumes that the company builds a new pulp mill (Trs
Lagoas II) starting in 2015 and uses net pulp prices of between USD575 and USD675
per ton during the construction period, results in net leverage reaching 3.5x(1). Net
leverage would quickly decline to around 2.5x(1) once the mill becomes operational
in the second half of 2017
(1) According to rating agency methodology
52
Project financials at a glance
UNIT
R$
US$
k tons
1,850
1,850
Expansion capex(1)
$ billion
8.7
2.2
Expansion capex(1)
$/t
4,702
1,189
Sustaining capex(2)
$/t
193
48
Cash cost(3)
$/t
341
85
MWh
120
120
Pulp production/year
Energy surplus
(1) Includes chemical leasing and investments in order to increase capacity to 1,850 kt/year.
(2) Estimated sustaining capex in perpetuity considering capacity of 1,850 kt/year.
(3) Estimated weighted average cost, after mill balance. Includes energy sales.
53
We dont think that such competitiveness is easily replicable, since the

scenario is becoming more complex
Land
Public funding constraints
Infrastructure/Logistics
Governance standards
Certified wood availability
Cost of capital
Environmental requirements
Credit rating
Although some potential

brownfields are listed,
there are significant
challenges.
Final Remarks
55
Fibrias structural fundamentals drive the leading return metrics
Less volatile commodity in US$
Unique customer base with steady
sales volumes through long-term

contracts
Costs in BRL
The highest forest productivity
Low cost of debt
worldwide
Strong corporate governance
Operational excellence
High ROE/ROIC in the long-term
56
Extraordinary Dividend of R$2 billion approved
DRIVERS
Strong cash generation
Low average cost of debt
Cash position above

minimum cash
Funding status of Horizonte 2 project
Low leverage level
Capital discipline
TIMELINE:
Record date: Nov 30th
Payment dates:
BM&FBovespa: Dec. 9, 2015.
NYSE: Dec. 16, 2015.
Dividend yield* = 7%
* Considering dividend of R$149 million paid in May and the proposed payment of R$ 2 billion on Market Cap. on September 30th, 2015.
57
Fibria is able to create value for its shareholders with capital discipline
FREE CASH FLOW
BIO-ENERGY AND
PULP
INDUSTRY
CONSOLIDATION ?
Growth with discipline
Best portfolio of projects
OTHER OPPORTUNITIES
DIVIDENDS
Complementary to pulp
Portocel
Land and forest
WITHOUT JEOPARDIZING CREDIT

METRICS
58
Backup
59
Structural Competitiveness
1. Third-party wood reduction
NPV: US$0.4 billion
2. Forestry operations productivity
NPV: US$0.6 billion
3. Industrial
NPV: US$0.1 billion

Total : US$1.1 billion
60

Wood supply recovering to normal condition
Peaking in 2016;
Returning to 2012s levels by the end of 2017;
NPV of R$1.4 billion from peak to normalized level.
100%
Third-party wood decrease will benefit

opex and capex
80%
60%
40%
Estimated level for
2015
20%
0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
10
Losango
Most part of the standing wood was already paid
Despite the higher forest to mill distance, the wood from Losango is less expensive than the
available wood from around Esprito Santo and Bahia States
Positive impact over industrial costs due to better productivity
11

Structural change improving competitiveness
CLASSIFYING THE FOREST BASE BY CATEGORIES

45%
40%
40%
36%
33%
35%
30%
25%
20%
20%
20%
15%
15%
10%
10%
10%
10%
6%
5%
0%
01 - Diamond
02 - Gold
03 - Silver
Current effective area
04 - Bronze
05 - Lead
Future effective area
The distribution costs by classes helps us to apply resources

in order to optimize wood production
12

Identifying opportunities based on these combinations
Possible Restrictions
Declivity
0: Higher than 35
1: Btw 24and 35
2: Btw 0 and 24
Conservation
Areas
CAs(1)
0: Within
1: Within EPA(2) and
EBZ(3)
2: Out of EPAs and
EBZ
Municipal
Restrictions
0: Total restrictions
1: Partial restrictions
2: No restrictions
Possible Impediments
EPA Altitude
Urban Zones
0: Higher than
1800m
1: Lower than
1800m
0: Urban Zones
1: Outside urban
areas
Remnants of
native
vegetation
0: Remnants areas
1: Outside remnants
areas
Possible combinations
X 0, 1 and 2, removed;
(1)
(2)
(3)
Conservation Areas
Envionmental Protection Areas
Environmental Buffer Zones
4 e 8, high potential
13

Cost and Capex KPIs were also included in this geo-model
Silviculture
Harvest
Roads
Transportation
14

Harvest
Mixed Harvest Mechanization (Hilly areas)
PROJECT DESCRIPTION (JACARE UNIT)
Mixed cutting operation with high

demand for MO and high risk to safety;
Harvest limitations in areas above
24 degrees;
Increase annual capacity to harvest in
areas up to 35 degrees , previously "locked up" by
harvesting capacity of manual staff;
NPV: R$71 million

Capex: R$5 million
Operational since Aug 2015
15

Transportation
PIFF
Woodchip transportation
Timber transportation
PROJECT DESCRIPTION (ARACRUZ, JACARE AND TRS LAGOAS UNITS)
Freight cost reduction;

Increased load box for timber/woodchip
transport
Use of lightweight steel;
Operational risk reduction (flipping);

Investment: R$33 million
NPV: R$139 million
Startup: 2015 / 2016
16

Transportation
Maritime Wood Shipping Project
PROJECT DESCRIPTION (ARACRUZ UNIT)

Capex and Opex reduction;
Capex: R$38 million
Increase in cargo handling due to increase in
NPV: R$95 million
stack height volume
Startup: Jan/2017
Reduction in heavy truck road traffic

17
2. Structural change in forestry operations productivity
Structural cost reduction of R$170 million per year (Capex + Opex) in 2020;
NPV of approximately R$2 billion
Seek opportunities for purchase / lease of more attractive areas, divest from unattractive land/forest, as well as the implementation of
technologies that will lead us to the structural cost
NPV Expected Curve

100%
100%
90%
80%
70%
60%
50%
40%
20%
30%
10%
0%
2015
2016
2017
2018
2019
2020
18
3. Industrial: maintenance downtimes schedule change
2014
2015
2016
2017
2018
1Q14 2Q14 3Q14 4Q14
1Q15 2Q15 3Q15 4Q15
1Q16 2Q16 3Q16 4Q16
1Q17 2Q17 3Q17 4Q17
1Q18 2Q18 3Q18 4Q18
Mills
Aracruz A
No maintenance downtime
Aracruz B
Aracruz C
Jacare
Trs Lagoas
Veracel
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
19
3. Industrial: Biological Sludge Dryer

Biological Sludge Dryness Process
Operational Flow Conditioning and biological sludge burn
Sludge drying and burn in biomass boiler
00
Effluent+Sludge
Aeration Tank
Sludge Dryer
Biological
Sludge Tank
00
Biomass
Boiler
Biomass Pile
PROJECT DESCRIPTION (JACARE UNIT)

Variable cost reduction associated
with the disposal of sludge operations
in external landfill
Capex: R$18 million

NPV: R$100 million
Startup: Dec./2016
20
Fibrias tax structure
TAX BENEFITS (R$)

Fiscal - annual adjustment
Benefit
Tax loss carry forward and tax credits

Amount
Goodwill
(Aracruz
acquisition)
Forestry Capex
in Mato Grosso
do Sul state
Maturity
Benefit
Amount
Tax loss
carryforward
Annual tax deduction:

US$30 million (tax)
Remaining Balance Sept/15:
US$ 0.266 billion (base)
2015 tax deduction related

to depletion: US$7.7 million
Balance up to set. 15: US$93

million (base)
2018
Balance set/2015:
- PIS/COFINS: US$161 million
Accumulated tax
credits
Undefined
- Withholding tax (IR and CSLL):

R$205 million
- Befiex: US$98 million
- Reintegra: US$20 million
TAX PAYMENT (cash basis)

2010
2011
2012
2013
2014
2015
US$ 9 million
US$ 2 million
US$ 8 million
US$ 14 million
US$ 12 million
US$ 16 million
72
Capex Fibria, except H2 Project(2) US$ million
604(1)
520
516(1)
Management
Initiatives
2015 Guidance
FX
Inflation
Capex
reduction
(1)
(2)
2015 Guidance Trucks Purchase

Update
(2nd phase)
Higher nonrecurring
sustaining
investments
External Factors
Higher
Higher third part
investments in
wood
other
participation
modernization
projects
FX
Inflation
2016 Guidance
Converted by 3Q15 end of period FX - USD/BRL 3.97

Subject to board approval
73
Capex Fibria, except H2 Project US$ million(1)
516
424
2016 Guidance Modernization
Industrial
Maintenance
/ Forest
equipment
(1)
(2)
Losango
Higher Spending
on
turbogenerator
overhaul in 2016
Wood
Purchase
Structural Capex
406
Estructural
Forestry
Wood Cost
operations
Reduction
productivity
increase
Structural Capex

Subject to board approval
74
Capex Fibria, except H2 Project US$ million
509
424(1)
Structural Capex (as

shown last year)
Inflation and FX
(1)
Structural Capex
406(1)
Estructural Wood
Cost Reduction
Structural Capex
75
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%
41%
Integrated Mills
82 million t
Market Pulp
56 million t
54%
46%
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 December 2014
76
Global Market Pulp Demand

Hardwood demand will continue to increase at a faster pace than Softwood
Hardwood (BHKP) vs. Softwood (BSKP) (000 ton)
Demand growth rate
40.000
35.000
000 ton
1999
2009
2019
Growth
19992009
Growth
20092019
Hardwood
16.3
24.8
33.8
52%
36%
Eucalyptus
6.0
15.9
24.1
165%
52%
Softwood
19.0
21.4
24.9
13%
16%
Market Pulp
35.3
46.2
58.7
30%
27%
30.000
25.000
20.000
15.000
2014 - 2019 CAGR:

Hardwood: +2.5%
Softwood: +0.8%
10.000
5.000
Hardwood
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
Softwood
Source: PPPC report (Sept. 2015)
Source: PPPC reports. Excludes Sulphite and UKP market pulp (Sept./15)
Paper Production Runnability with BHKP
Source: RISI conference, August 2014.
77
Benefiting From Chinas Growth

Chinas Hardwood Imports of BHKP by Country (1)
(000s t)
World Tissue Consumption, 1991-2013 (3)

(million t)
Latin America is the

leading exporter of BHKP
to China, accounting to
approximately 54% of
China's total imports in
9M15.
9M2014
6.876
6.334
9M2015
3.087
3.680
LTM Growth
Rate +4.2%
30
25
20
15
1.5931.558
BHKP Total
(kg/person/year)
35
10
1.486 1.342
129 139
26 151
USA
Canada
Latin
Indonesia Others(2)
America (1)
5
13
Western
Europe
1991 1996 2001 2006 2009 2010 2011 2012 2013

N.America
Middle East
Oceania
(1) includes South Africa and New Zealand. | (2) Includes China, Japan, Malaysia, Russia, Thailand and Vietnam.
China's Share of Market Pulp (2)

25%
20%
Between 2005 and 2014,

the Chinese market share
of eucalyptus shipments
increased by 19 p.p. (total
market pulp: + p.p.)
22%
21%
23%
23%
W.Europe
Japan
Africa
E.Europe
China
L.America
Asia FE
Per Capita Consumption of Tissue by World Region (3)

23%
(million t)
12
10
17%
(Kg/capita/year)
24
8
15%
12%
10%
14%
15
6
10%
10%
4
5%
15
12
7
0%
5
1
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Eucalyptus
Hardwood
Total
% Compared to the global Market Pulp
N.
West Japan Oceania East LatAm
America Europe
Europe
China
Africa
(1) PPPC Pulp China Flash Report September 2015

(2) PPPC W20. Coverage for chemical market pulp is 80% of world capacity
(3) RISI
78
Global Paper Consumption

CAGR 1996 2006
Developed Markets: + 1.7%
Emerging Markets : + 6.0%
117,611
CAGR 2007 2016

Developed Markets: - 4.0%
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 2007 2016

CAGR 1996 2006

37,474
26,877
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
79

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The information contained in this presentation may include statements which

Main Figures 3Q15 LTM

Total Forest Base(1)

Fibrias Units Industrial Capacity

Fibrias Commercial Strategy

End Use - 3Q15

Net Revenues by Region - Fibria

Strong global customer base

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)

10% 10% 10%

19% 23% 27% 27% 17% 24% 25%

47% 42% 42%

Pulp Supply Agreement: Puma Project

Selling price based on the average net price charged by

Logistics and commercial

Ensure sales volumes;

Support customers growth and

Ensure pulp market access with

Potential development of new customers.

Shareholder Structure and Corporate Governance

Listed on Novo Mercado,

Only 1 class of shares 100% voting rights

100% tag along rights (Brazilian corporate law

Board of Directors with minimum 20% independent

Financial Statements in International Standards IFRS

Adoption of Arbitration Chamber

SEC Registered ADR Level III program

Indebtedness and Liquidity

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

Approval of Dividend Policy

Proposed dividends based on cash generation, taking into consideration

Extraordinary dividend if Policy criteria are met.

Pulp and Paper Market

The better than expected scenario has become a reality again in

Old Town (Expera)

Montes del Plata

Montes del Plata

YEAR-TO-DATE SCENARIO IN 2015

Old Town (Expera)

*Based on annual closures average (400,000 to 800,000 t/yr)

Estimated BEKP demand growth**

**Source: Fibria estimates based on PPPC Market Pulp World 20 (BEKP

and so has been the price scenario

Consultants average at the end previous year

Realized PIX/FOEX price

* Average until 12/21/15

But this time, demand has been the good surprise

Old Town (Expera)

Montes del Plata

Montes del Plata

YEAR-TO-DATE SCENARIO IN 2015

Old Town (Expera)

*Based on annual closures average (400,000 to 800,000 t/yr)

Estimated BEKP demand growth**

**Source: Fibria estimates based on PPPC Market Pulp World 20 (BEKP