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    FIBRIA APP WITH THIS PRESENTATION IS AVAILABLE FOR DOWNLOAD AT APPLE STORE AND GOOGLE PLAY.

    Meeting with investors – BofA Merrill LynchJuly, 2015

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    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 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.

    Disclaimer

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    3

    Company Overview1Pulp and Paper Market2

    Financial and Operational Highlights3

    Agenda

    Final Remarks

    4

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    4

    Company Overview

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    5

    A Winning Player

    Port Terminal Pulp Unit

    Três Lagoas

    Santos

    AracruzPortocel

    Caravelas

    BelmonteVeracel

    Jacareí 

    Superior Asset Combination Main Figures – 2Q15 LTM

    Pulp capacity million tons 5,300

    Net revenues R$ billion 8.0

    Total Forest Base(1) thousand hectares 967

    Planted area(1) thousand hectares 563

    Net Debt R$ billion 8.2

    Net Debt/EBITDA (in Dollars)(2) X 2.0

    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.

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    6

    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

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    7

    Worldwide presence

    Strong global customer base

    Long-term relationships

    Focus on customers with stable business

    Customized pulp products and services

    Sound forestry and industrial R&D

    Focus on less volatile end-use markets such as tissue

    Efficient logistics set up

    Low dependence on volatile markets such as China

    Low credit risk

    100% certified pulp (FSC and PEFC/Cerflor)

    Sales Mix by End Use - Fibria Highlights

    Fibria’s Commercial Strategy

    Net Revenues by Region - Fibria

    Region - 2Q15 End Use - 2Q15

    44% 44% 42% 37%43% 43%

    35% 36%46% 42% 39% 40%

    47% 42%

    18%26%

    26%30% 22%

    29%31% 31%

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

    29%20% 22% 25% 26%

    21%25% 26% 26% 27% 24% 23% 26% 26%

    9% 9% 10% 9% 10% 8% 9% 8% 10% 9% 10% 10% 10% 9%

    1T12 2T12 3T12 4T12 1T13 2T13 3T13 4T13 1T14 2T14 3T14 4T14 1T15 2T15

    Europe North America Asia Other

    49%

    36%

    15%

    Printing &

    Writing

    Specialties

    42%

    24%

    26%

    8%

    Europe

    North

    Asia

    LatAm

    Tissue

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    8

    Pulp Supply Agreement: Puma Project

    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.

    ▶ Agreement benefits:

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

    ▶ 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)

    ▶ Operational startup: Mar/2016

    ▶ Sales destination: Globally, except for South America

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    9

    (1) Controlling group(2) Free Float 40.31% + Treasury 0.06%

    VotorantimIndustrial S.A. (1)

    29.42%

    BNDESParticipações (1)

    30.21%

    FreeFloat (2)

    40.37%

    • 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

    • Indebtedness and Liquidity

    • Market Risk Management

    • Risk Management

    • Corporate Governance

    • Related Parties Transactions

    • Anti-Corruption

    • Information Disclosure

    • Securities Trading

    • Antitrust

    • Genetically Modified Eucalyptus

    Fiscal

    Council

    Board of

    Directors

    20% independentmembers

    Role of CEO andchairman is split

    Personnel andRemuneration

    Committee

    StatutoryAudit

    Committee

    Finance

    Committee

    Sustainability

    Committee

    Innovation

    Committee

    General

    Meeting

    Listed on Novo Mercado, highest level at BM&FBovespa: Policies approved by the Board of Directors:

    Shareholder Structure and Corporate Governance

    30%independent

    members

    100%independent

    members

    50% independent

    members

    45% independent

    members-

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    Expected scenario for 2013 in Nov’2012

    BHKP CAPACITY CHANGES

    Realized scenario in 2013

    1,270

    100

    -155

    -410

    -140

    -60

    605

    1,310

    Eldorado

    UPM Fray Bentos

    Sappi Cloquet

    Jari

    Cellulose du Maroc

    Sodra Tofte

    Net

    BEKP demand growth*

    1,275

    320

    555

    -155

    -410

    1,585

    1,080

    Eldorado

    Suzano Maranhão

    Montes del Plata

    Sappi Cloquet

    Jari

    Net

    BEKP demand growth*

    DELAYED

    Unexpected

    Closures

    In 2013, we stressed the difference between the expected scenario

    and the realized one...

    *Source: PPPC Outlook for Eucalyptus Market Pulp November 2012 *Source: PPPC Outlook for Eucalyptus Market Pulp September 2014

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    As a result we had better prices than expected

    Consultants: Hawkins Wright, RISI and Brian McClay (published in the end 2012 for 2013 prices)

    BHKP Delivered to Europe (USD/t)

    765

    772

    767

    784

    772

    788

    814

    795

    770

    791

    740

    750

    760

    770

    780

    790

    800

    810

    820

    1Q13 2Q13 3Q13 4Q13 Annual 2013

    Consultants average for 2013 Realized PIX/FOEX price

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    BHKP CAPACITY CHANGES

    The “better than expected scenario” happened again last year...

    Realized scenario in 2014

    1,770

    -105

    -85

    -65

    -120

    -70

    100

    235

    550

    1,100

    230

    BEKP demand growth

    Net

    Ence Huelva

    Old Town

    APRIL Rizhao

    Sodra Tofte

    Sappi Cloquet

    UPM

    Oji Nantong*

    Montes del Plata

    Suzano Maranhão

    Eldorado

    1,7341,380

    2,660

    -120

    -115

    560

    830

    1,275

    230

    BEKP demand growth**

    Net

    Sodra Tofte

    Sappi Cloquet

    Oji Nantong*

    Montes del Plata

    Suzano Maranhão

    Eldorado

    Expected scenario for 2014 in Dec’13

    More unexpectedmill closures

    *Partly integrated to existing PM**Source: PPPC Outlook for Eucalyptus Market Pulp November 2013

    *Approved license only for 500,000 t/y

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    … and also better prices than initially projected

    BHKP Delivered to Europe (USD/t)

    782

    737

    696

    718

    733

    768752

    729

    734746

    640

    660

    680

    700

    720

    740

    760

    780

    800

    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)

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    Then, what about 2015?

    1005

    -315

    -65

    115

    85

    30

    200

    750

    265

    750

    400

    BEKP demand growth**

    Net

    Possible closures*

    Ence Huelva

    April Rizhao

    Sappi Cloquet

    Old Town (Expera)

    Portucel Cacia

    Eldorado

    CMPC Guaiba II

    Oji Nantong

    Montes del Plata

    Suzano Maranhão

    -400 to -800

    1,415 to 1,815

    Expected scenario for 2015 in Dec’14 Realized scenario in 2015

    ?

    BHKP CAPACITY CHANGES

    *Based on annual closures average (400,000 to 800,000 t/yr)**Source: PPPC Outlook for Eucalyptus Market Pulp September 2014

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    Shipments of Eucalyptus Pulp

    (1) Source: PPPC World 20 – January/2015

    Global Market BEKP Demand

    Paper Capacity increase in China

    2014 2015 Total

    FORECAST REALIZEDPREVIOUS

    FORECAST

    LATEST

    FORECASTPREVIOUS 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

    790 kt

    99 kt 130 kt319 kt 242 kt

    10%

    12% 4%

    17%11%

    Total North

    America

    Western

    Europe

    China Others

    6M2015 vs. 6M2014(2)

    (1) Source: PPPC World 20 – December/2014

    2014 vs. 2013(1)

    1,734 kt

    92 kt

    386 kt717 kt

    537 kt

    11%

    5%

    6%

    20%13%

    Total North

    America

    Western

    Europe

    China Others

    (2) Source: PPPC World 20 – Jun/2015

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    Commodities Differentiation

    China GDP breakdown

    China commodity demand - basis 100

    49% 49% 48% 49% 49% 50% 50% 50% 51% 51% 52%

    44% 47% 48% 48% 48% 48% 48% 48% 47% 47%46%

    8% 4% 4% 3% 3% 2% 2% 2% 2% 2% 2%

    2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015E 2016E 2017E 2018E

    Consumption Investment Net Exports

    2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015E 2016E 2017E 2018E

    Corn Soybeans Wheat Crude oil Iron ore Sugar BHKP

    100

    248

    204190

    166153

    124120

    Source: Itaú Macroeconomic Department and PPPC – May/15

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

    Hardwood (BHKP) Market Pulp Softwood (BSKP) Market Pulp

    STRONGWeighted average

    technical age 12.3 years

    Weighted average

    capacity 1,277,000 t/a

    Aracruz 

    Três Lago as 

    Veracel 

    Jacareí 

    0

    500

    1.000

    1.500

    2.000

    2.500

    3.000

    051015202530

    PM Capacity, 1000 t/a

    Technical Age, years

    WEAK

    STRONGWeighted average

    technical age 21 years

    Weighted average

    capacity 527,000 t/a

    North American Pulp Mills Other Pulp Mills Closures Grade Switch On & Off 

    WEAK0

    500

    1.000

    1.500

    2.000

    2.500

    3.000

    0102030

    PM Capacity, 1000 t/a

    Technical Age, years

    More than 7.7 million tons of capacity above 25 years and with annual capacity below 500,000 t/y.

    Old

    Town

    Ence

    Huelva

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    Source: PPPC and Fibria

    Closures of Hardwood Capacity Worldwide

    (000 ton)

    Capacity closures DO happen

    -910

    -85

    -1,260

    -1,180

    -540-500

    -105

    -1,085

    -445

    -750

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

    (1) As of April 2015

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    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

       C   a   p   a   c   i   t   y    (   0   0   0   t   o   n    )

    0,0

    0,2

    0,4

    0,6

    0,8

    1,0

    1,2

    1,4

    1,6

    1,8

    2,0

    0

    100

    200

    300

    400

    500

    600

    700

    800

    900

    1.000

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

    Valdivia

    APP

    Hainan

    Veracel Nueva Aldea

    Santa Fé

    Mucuri

    Fray

    Bentos

    Kerinci

    PL3

    Três

    Lagoas

    Rizhao

    APP Guangxi

    Chenming

    Zhanjiang

    EldoradoMontes

    del Plata

    Maranhão

    Guaíba II

    APP South

    Sumatra(2)

    Klabin

    Oji

    Nantong

    Horizonte II

       B   H   K   P   p   r   i   c   e   s  -   C   I   F   E   u   r   o   p   e

        (   U   S    $    /   t   o   n    )

    (1) Source: Hawkins Wright , Poyry and Fibria Analysis. Pulp price estimates according to Hawkins Wright (Apr/15), Brian McClay (May/15) and RISI (Dec/14)

    (2) Partially integrated production

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    Lowest volatility among commodities

    30

    40

    50

    60

    70

    80

    90100

    110

    120

    130

    140

    150

    160

    170

    180

       J   a   n  -   1   2

       F   e    b  -   1   2

       M   a   r  -   1   2

       A   p   r  -   1   2

       M   a   y  -   1   2

       J   u   n  -   1   2

       J   u    l  -   1   2

       A   u   g  -   1   2

       S   e   p  -   1   2

       O   c   t  -   1   2

       N   o   v  -   1   2

       D   e   c  -   1   2

       J   a   n  -   1   3

       F   e    b  -   1   3

       M   a   r  -   1   3

       A   p   r  -   1   3

       M   a   y  -   1   3

       J   u   n  -   1   3

       J   u    l  -   1   3

       A   u   g  -   1   3

       S   e   p  -   1   3

       O   c   t  -   1   3

       N   o   v  -   1   3

       D   e   c  -   1   3

       J   a   n  -   1   4

       F   e    b  -   1   4

       M   a   r  -   1   4

       A   p   r  -   1   4

       M   a   y  -   1   4

       J   u   n  -   1   4

       J   u    l  -   1   4

       A   u   g  -   1   4

       S   e   p  -   1   4

       O   c   t  -   1   4

       N   o   v  -   1   4

       D   e   c  -   1   4

       J   a   n  -   1   5

       F   e    b  -   1   5

       M   a   r  -   1   5

       A   p   r  -   1   5

       M   a   y  -   1   5

       J   u   n  -   1   5

    Iron Ore Soy Bean Crude Oil Sugar BHKP - FOEX Europe Exchange Rate (USD/BRL)

    122

    166

    88

    53

    61

    42

    100 = January 1st, 2012

    Source: Bloomberg – June 30th, 2015

    Low volatility of hardwood pulp price, even though new capacities have

    come on stream in the period.

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    Brazilian macroeconomic data evolution

    11 1115 13 10

    -3 -6 -7 -7 -1 -1 3

    13

    25

    34

    45 4640

    25 2520

    30

    19

    2 -4 2

    1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

    Trade Balance - R$ billion

    (1) From Jan/15 to Jun/15.

    -8 -8 -8 -2

    3 08

    2 4

    31

    87

    3

    47 49

    59

    19

    -6

    11

    1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

    Balance of Payments - R$ billion

    (1)

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    23/5423Financial and Operational Highlights

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    FX and Pulp Price explain 80% of Fibria’s EBITDA Margin

    (1) Excludes Conpacel | (2) 2014 year end market consensus | (3) According to Focus Report (Brazilian Central Bank – Jul. 24th, 2015) | (4) According to Poyry – full cost estimate - includesManufacturing + Delivered costs to Rotterdam + Depreciation + ROCE of 9%

    Each 10% depreciation of the Real increases EBITDA by approx. R$770 million

    1,522

    2,526

    1,964 2,253

    2,796 2,791

    2009 (1) 2010 (1) 2011 2012 2013 2014 2015

    Exchange Rate

     Average (R$/US$)

    EBITDA Margin

    EBITDA (R$ million)

    29%40%

    34% 36% 40%39%

    Marginal producer cost 

    (US$/t)(4)

    Fibria net pulp price

    (US$/t)

    Market

    Consensus

    456

    670639

    581610 572 563

    660627

    676657

    680 676

    912

    1,1791,067 1,133

    1,281 1,310

    1,745

    Fibria net pulp price

    (R$/t)

    2.00 1.76 1.67 1.952.10 2.29

    3.10(3)

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    559583

    3527

    12 5( 58 ) 3

    2Q14 Wood FX Utilities Chemicals and

    Energy

    Maintenance

    Downtimes

    Others 2Q15

    + 4%

    Cash Production Cost (R$/t) – 2Q15

    C h P d ti C t l i f 3 7% th t

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    Fibria Cash Production Cost (1) (R$/ton)

    Consistently

    controlling the

    production

    cash cost at alevel below

    the inflation

    pace.

    26

    Cash Production Cost saw a annual increase of 3.7% over the past

    6 years

    432 448

    471 473

    505 519

    2009 (2) 2010 (2) 2011 2012 2013 2014

    CAGR: + 3.7%

    (1) Constant Currency (2) Excludes Conpacel

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    Net Results (R$ million) – 2Q15

    1,157

    614

    248

    146 ( 54 )( 85 )

    ( 478 )

    ( 394 )

    ( 64 )

    Adjusted

    EBITDA

      FX Debt /

    MtM Debt

    Hedge

      MtM

    Operational

    Hedge

    Hedge

    Settlement

    Net Interest Deprec.,

    amortiz. and

    depletion

    Income Taxes Others Net Income

    (Loss)

    FX Debt

    deffered

    MtM

    hedge

    swap

    ZCC

    (1)

    Includes non-recurring expenses/non-cash, other FX variation expenses and other financial income/expenses.

    (1)

    current

    2Q15 2Q15

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    Free Cash Flow(1) – 2Q15

    1,157

    466

    317

    ( 430 )

    ( 93 )

    ( 128 )( 38 ) ( 2 )

    ( 149 )

    Adjusted EBITDA Capex Interest(paid/received)

    Working Capital Taxes Others Free Cash Flow Dividends Free Cash Flow(1)

    R$ million

    (2)

    Evolution on return metrics ROE = 9.0% | ROE = 13.4%(3)

    2Q14 2Q15

    ROIC = 10.1% | ROIC = 13.9%

    (1) Does not include non-recurring items. | (2) Not considering dividends payment. | (3) Cash basis. For detailed information,, see 2Q15 Results Earnings Release (page 17).

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    Indebtdeness

    Net Debt (Million)

    2.34

    2.88

    2.232.43 2.30 1.95

    8,4579,352 9,015

    3,8402,915 2,906

    Jun/14 Mar/15 Jun/15R$ US$

    Gross Debt and Interest Expenses (Million)

    6,681

    8,991 8,197

    3,033 2,803 2,642

    Jun/14 Mar/15 Jun/15

    R$ US$

    Net Debt/EBITDA (US$)

    Debt Amortization Schedule (US$ Million) Average Tenor (months) and Cost of Debt* in US$ (% p.a.)

    50 35 33

    Interest (US$)

    - 24%

    Net Debt/EBITDA (R$)

    (*) Considering the portion of debtin reais fully adjusted by the market swap curves at the end

    of each period.

    52 54 52

    Jun/14 Mar/15 Jun/15

    3.5 3.5 3.6

    - 35%

    Cash on hand : US$ 470 million

    264

    554

    818

    186 213

    350447

    626

    369

    9021

    3

    600

    Liquidity 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

    Pre-payment BNDES ECN ACC/ACE Voto IV Bond

    (cash)

    (revolver)

    Capital Structure: Fibria has achieved the lowest leverage ratio among

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    Capital Structure: Fibria has achieved the lowest leverage ratio among

    its Latin American peers

    Net Debt/EBITDA (x)(1)

    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-/Stable BB/Stable

    (1) Fibria’s historical data in BRL.

    2.4 2.3

    2.72.7 2.9

    2,2

    4.84.5 4.5

    4.13.9

    1.7 1.72.4

    3.0

    4.2 4.5

    2.93.1

    3.1 3.4 3.6

    3.6 3.7 3.6 3.2

    14.8

    13.2

    11.7 11.18.9 7.7

    6.4

    4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1T15 2T15

    Fibria Suzano Klabin CMPC Arauco Eldorado

    A consistent and disciplined approach focused on reducing debt

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    A consistent and disciplined approach focused on reducing debt

    and its cost

    Debt (US$ million) x Leverage (US$) Interest (US$ million) x Cost of Debt (US$)

    Free Cash FlowIncrease

    InterestReduction

    Cost of DebtReduction

    This dynamics

    creates a virtuouscycle

    8.6

    2.9

    6.3

    2.6

    2009 2010 2011 2012 2013 2014 Jun/15

    Gross Debt Net Debt

    7.5

    4.1 4.23.3

    2.6 2.4 2.0 473414 408

    350

    268200

    161

    2009 2010 2011 2012 2013 2014 LTM

    6.3 5.95.5

    5.2 4.63.4 3.6*

    (*) Considering the portion of debtin reais fully adjusted by the market swap curves of June. 30, 2015.

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    Principal: US$ 600 million

    Issuance Date: May/2014

    Coupon: 5.25% a.a.

    Bookbuilding: 11.5x

    Spread over T10Y: 275.0 bps

    Highlights

    - SEC registered;

    - IG Documentation;

    - Stretch Debt maturities;

    - Fibria 2021 early redemption of US$430 million (78%

    of the total).

    Fibria 2024

    Data as of Aug 07, 2014:

    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%

    New issuance better priced than Investment Grade issuers

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    113140 140

    143 150160

    175

    225

    COPEC Ecopetrol Raizen Fibria Colbun Braskem Molymet TGI (O&G)

    LatAm Investment Grade Loans Spread over Libor (bps) (1)

    Avg. Term 4 years 5 years 4 years 5 years 6 years 5 years 5 years 5 years

    (1) As of July 2015

    …and performing better than Investment Grade issuers

    Secondary G-Spread to Maturity (bps) (1)

    245296 298 315 327

    345 360 365379

    419487

    529

    614 617

    724

    0

    100

    200

    300

    400

    500

    600

    700

    800

    Globopar 22 Bras il 25 Embraer 23 Fibria 24 Bras il Foods24

    Suzano 21 Vale 22 Klabin 24 Votorantim24

    Samarco 24 Gerdau 24 Petrobras 24 Eletrobras21

    Braskem 24 Odebrecht25

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    Fibria has the simplest and most transparent call in the industry

    Negative Neutral Positive

    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   ✔

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    35Final Remarks

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    PULP

    - Growth with discipline

    - Best portfolio of projects

    BIO-ENERGY

    - Complementary to pulp

    - Ensyn

    INDUSTRY

    CONSOLIDATION ?

    OTHER OPPORTUNITIES

    - Portocel

    - Land and forest

    PotentialGrowth

    Prospects

    Fibria is seeking value creation for its shareholders with capital discipline

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    37Horizonte 2 Project

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    • 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

    Commercialpositioning

    Long-term growthpotential

    What is the importance of growth for Fibria?

    • Wider fixed costs dilution

    • Cost curve position improvement

    • Greater bargaining power with suppliers

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    Why expand Três Lagoas?

    • Brownfield Project, synergies with currentoperations

    • Modern plant, prepared for potentialexpansion

    • Availability of wood and low average

    distance from forest to mill

    • Forest based on the optionality concept andprioritizing lease and partnership models

    • Additional energy surplus of 120 MWh

    Start-up: 4Q2017

    Capacity: 1.75 million tons

    ESTIMATED BHKP CAPACITY RANKING 2017 (000T)

    Source: Poyry and Fibria Analysis (as of May 2015)

    0 2000 4000 6000 8000

    OthersKlabin

    Domtar Pulp Mill Holding

    LwartPortucel Soporcel

    Georgia-PacificResolute

    VersoNippon Paper 

    MondiOji

    MitsubishiMarubeni

    IPAltri

    ENCECenibraArauco

    Stora EnsoUPM

    EldoradoAPP

    SuzanoRGE/APRILCMPC

    Fibria 7,950

    Current Capacity

    New Capacity

    New Capacity – Klabin Agreement

    New Capacity – Horizonte II Project

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    Pulp sales destination: Fibria growing where the market grows

    (1) Considers 1Q15 last twelve months.

    32%

    45%

    42%

    25%

    19%23%

    4%10%

    H2 sales volume distribution

    Current sales volume distribution(1)

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    Window of opportunity for H2 project in 2017

    Operating Rate not considering any project entering in 2017/2018 (theoretical scenario)

    2015 2016 2017 2018 2019 2020 2021

    New capacities (000 t) 2,208 2,150 2,300 2,300 900 2,100 1,700

    Confirmed 2,208 2,150 2,050 800

    Potential 250 1,500 900 2,100 1,700

    Closures (000 t) (600) (600) (600) (600) (600) (600) (600)

    Operating Rate considering H2

    90.0%88.6%

    90.3%

    93.6%95.3% 94.0% 93.9%

    2015 2016 2017 2018 2019 2020 2021

    90.0% 88.6% 89.7%89.5%

    91.1% 90.0% 90.0%

    2015 2016 2017 2018 2019 2020 2021Source: Fibria assumptions. Confirmed projects considers: Klabin Ortigueira, APP South Sumatra and Metsa Äänekoski

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    Equipmentpurchase

    Investmentapproval

    Beginning of civilwork 

    Start-up

    Schedule

    May/15 Jun/15 4Q15 4Q17

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    43Forestry base

    H2 Project will have the forest base ready for the start up

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    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

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    45Logistics

    Forestry Logistics

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    Low average distance from forest to mill

    FOREST MILL

    95 km

    H1 + H2 consolidated

    Outbound logistics

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    Fibria has logistical alternatives on a competitive basis

    SantosPort

    Mill

    Pulp flow: From Mill to the Port

    International Logistics

    Logistics andcommercial optimization

    • Greater bargainingpower with suppliers

    ALL railroad - meter gauge

    ALL railroad - broadgauge

    MRS railroad - broadgauge

    North-South railroad

    Waterway

    Highway

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    48Financials

    Even more competitive cash production cost

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    Source: Hawkins Wright (Outlook for Market Pulp, April 2015) - FX considered by the consultant of R$/US$3.05.

    H2 cash cost was estimated according to weighted average cost, after mill balance, converted by R$3.05. Includes energy sales.

    BHKP (US$/t)

    453419

    351329

    312 286

    207173 158

    China USA Canada Iberia Indonesia Chile/Uruguay Brazil Fibria 1Q15 LTM Fibria w/ H2

    d i l f i

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    Industrial + forestry expansion capex

    Expansion Breakdown Expansion capex expected curve

    R$ MILLION R$/T(2)

    Industrial andlogistics

    6,695 3,826

    Forestry (includesforestry equipment)

    632 361

    Other(1) 379 217

    Total 7,706 4,4047%

    45%

    37%

    7%4%

    2015 2016 2017 2018 2019onwardsIndustrial capex breakdown by currency:

    BRL - 72%EUR – 26%USD and Swedish Krona – 2%

    (1) Includes chemical plant leasing and investments to increase capacity to 1,850 kt/year.(2) The calculation considers 1,750 kt/year of capacity.

    Funding sources: Company’s cash generation and financing

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    instruments

    Risk mitigation strategies in case ofBRL appreciation:

    - Pre-funding on favorable FXscenarios

    - Cash flow hedging strategy mainlywith Zero Cost Collar

    INSTRUMENTESTIMATED AVERAGE

    MATURITY

    BNDES(2) 6.1 years

    FDCO 8.5 years

    ECAs 6.5 years

    Banks 5 years

    Bond Market 10 years

    Estimated average cost in US$ of3.0% p.a.(1) and average term of

    the new debt of 7.3 years

    Total amount of debt financingand the proportion of each

    instrument will depend on theCompany’s cash generation

    during the construction period

    (1) Adjusted by the Market swap curves as of May 14th, 2015. Source: Bloomberg

    (2) Considering 50% of TJLP, 25% of SELIC + spread and 25% CRA.

    Rating agencies understand that the Project will not jeopardize

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    Fibria’s credit metrics

    “We  expect Fibria to continue benefiting from higher operating cash flows whichwould allow it to enlarge its Três Lagoas industrial complex while keeping its debt at

     reasonable levels for a low investment-grade  rating”

    “Fitch’s  base case, which assumes that the company builds a new pulp mill (TrêsLagoas 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)

    . Netleverage would quickly decline to around 2.5x(1) once the mill becomes operationalin the second half of 2017”

    (1) According to rating agency methodology

    Project financials at a glance

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    Project financials at a glance

    UNIT

    Pulp production/year(1) k tons 1,750

    Expansion capex(2) R$ billion 7.7

    Sustaining capex(3) R$/t 193

    Cash cost(4) R$/t 341

    Energy surplus MWh 120

    (2) Includes chemical leasing and investments in order to increase capacity to 1,850 kt/year.

    (3) Estimated sustaining capex in perpetuity considering capacity of 1,850 kt/year.

    (4) Estimated weighted average cost, after mil l balance. Includes energy sales.

    (1) Creep capacity will increase production to 1,850 kt/year

    Final Remarks

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    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 120 MWh

    • Cash cost competitiveness

    • Meet customers’ demand growth

    • Attractive returns even in scenarios with appreciated BRL

    • Solid financial profile