Bradesco's 4th Brazil Investment Forum - So Paulo

April, 2017
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.

2
1 Company Overview
2 Pulp and Paper Market
3 Financial and Operational Highlights
4 2017 Outlook CAPEX and Cash Cost
5 Expansion Project Horizonte 2
6 Back up

3
Company Overview
4
 Shareholder Structure and Corporate Governance

General
Votorantim BNDES Free Meeting
S.A. (1) Participaes (1) Float (2)
Fiscal
29.42% 29.08% 41.50% Council 20% independent
members
Board of Role of CEO and
Directors chairman is split

Statutory Personnel and

Finance Sustainability Innovation
Audit Remuneration
Committee Committee Committee
Committee Committee
30% 100%
50% independent 45% independent
independent independent
members members
-
members members

Listed on Novo Mercado, Policies approved

highest level at BM&FBovespa: by the Board of Directors:
Indebtedness and Liquidity
Only 1 class of shares 100% voting rights Market Risk Management
Risk Management
100% tag along rights (Brazilian corporate law establishes 80%) Corporate Governance
Board of Directors with minimum 20% independent members Related Parties Transactions
Anti-Corruption
Financial Statements in International Standards IFRS Information Disclosure
Securities Trading
Adoption of Arbitration Chamber
Antitrust
SEC Registered ADR Level III program Genetically Modified Eucalyptus
Dividend Policy
Sustainability

(1) Controlling group (2) Free Float 41.44% + Treasury 0.06% 5

 A Winning Player

Superior Asset Combination Main Figures 2016

Pulp capacity(1) million tons 5.300

Net revenues US$ billion 2.758

Total Forest Base(2) thousand hectares 1,056

Planted area(2) thousand hectares 633

Belmonte
Veracel Net Debt US$ billion 3.509
Caravelas
Portocel 3.30
Net Debt/EBITDA (in Dollars)(3) X
Aracruz

Trs Lagoas Unit

and
Jacare
Horizonte 2 Project
Santos

Port Terminal Pulp Unit

Source: Fibria
(1) Volume does not include Horizonte 2 project 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.

6
 Fibrias Units Industrial Capacity

Horizonte 2 Mato Grosso do Sul 1,950 thousand t/year

* Veracel is a joint venture between Fibria (50%) and Stora Enso (50%) and the total capacity is 1,120 thousand ton/year 7
Fibrias Commercial Strategy

Sales Mix by Region and by End Use - Fibria Highlights

Region 2016 End Use 2016

Worldwide presence
N.
America Strong global customer base
22%
Tissue Long-term relationships
Printing &
Asia Writing
Europe Focus on customers with stable business
36% 32% 48% 34%
Customized pulp products and services
Specialties
LatAm
18% Sound forestry and industrial R&D
10%

Focus on less volatile end-use markets such as tissue

Net Revenues by Region - Fibria Lower dependence on volatile markets such as China

9% 10% 9% 10%
Efficient logistics set up

24% 25% 24% Low counterparty credit risk

32%

100% certified pulp (FSC and PEFC/Cerflor)

28% 24% 24%
22%

39% 41% 43%

36%

2013 2014 2015 2016

Europe North America Asia LatAm

8
 Leadership Position

Industry Outlook(1)

Fiber Consumption
414 million t

59% 41%
Recycled Fiber Pulp
244 million t 170 million t

16% 84%

Mechanical Chemical
28 million t 142 million t

58% 42%

Integrated Mills Market Pulp

83 million t 59 million t

48% 52%

Softwood/Other Hardwood
28 million t 31 million t

25% 75%

Acacia/Other Eucalyptus
8 million t 23 million t

77% 23%
Other Eucalyptus
Pulp producers:
18 million t

(1) Fiber Consumption, Recycled Fiber and Pulp: RISI | Market Pulp, Hardwood and Eucalyptus: PPPC Global 100 Report December 2016 9
 Pulp Supply Agreement: Puma Project

Puma Project
Pulp volumes:
Minimum of 900 kt of hardwood for the first 4 years
Klabins sales volume (kt)
75% of 900 kt for the fifth year (phase out 1)
2016 4Q16 3Q16 2Q16
50% of 900 kt for the sixth year (phase out 2)
478 183 164 131
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 Logistics and commercial

structure synergies; 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

10
Pulp and Paper Market
11
 What happened in 2016 ? Compared to our Forecast

BHKP CAPACITY CHANGES

FIBRIAS EXPECTED SCENARIO FOR 2016 YEAR-TO-DATE SCENARIO IN 2016

CMPC Guaiba II 800 CMPC Guaiba II 800

Klabin 660 Klabin 600

Altri Celbi 30
Altri Celbi 30
Old Town (Expera) -40
Ence Navia 20
Woodland -90
Woodland -110
Verso Wickliffe -55
APRIL Kerinci -200
APRIL Kerinci -120
Unexpected Closures, Unexpected Closures, China, Uruguay, Chile, Spain
-200 Conversions and Downtime -360 and Brazil
Conversions and Downtime

Net 985 Net 780

BEKP demand growth 1,500 BEKP demand growth 1,655

(1) Source: Fibrias estimates (2)Source: Total year Fibria estimates and PPPC G100 BEKP demand growth Jan-Dez 2016 12
Actually...
2016 has been even more balanced than previous 2 years !

2012 2013 2014 2015 2016

1,770
1,655
1,450
1,305 1,619
1,088

370 780
Eucalyptus Demand Growth 605
(Kt)
Hardwood Net Capacity
Increase (Kt)
30

Ratio: Demand Growth 12.33 2.16 0.91 0.75 2.12

/ Net Capacity Increase

Source: PPPC - Global 100 Dec 2016 (historical demand).

13
 Yet
Prices performance has been much worse than forecasted!
BHKP DELIVERED TO EUROPE (US$/T)

765 764 756 757 759

758

696 697
671
655

1Q16 2Q16 3Q16 4Q16 Annual 2016

Consultants' average end 2015 for 2016 Realized PIX/FOEX

Consultants: Hawkins Wright, RISI and Brian McClay (published in the end 2015 for 2016 prices) 14
In our view, there is one major reason for this lousy market price
scenario: 2016 Global growth has ONLY been relying on China
BHKP DEMAND (KT AND % CHANGE, Y-O-Y)

2013 2014
5.3% 1500
1500 19.0%
1200 3.3%
1200
900
900
600 600 5.2%
5.5% 300 5.2% 2.0%
300
0 0
-300 -0.2% -300
Global NA WE China Global NA WE China

2015 2016
1500 1500
1200
20.2%
1200 3.3% 4.3%
900 900
6.2%
600 3.7% 600
300 300
0 0
-300 -3.5% -300 -4.4% -2.6%
Global NA WE China Global NA WE China

Source: PPPC Global 100 15

 SO WHAT CAN WE EXPECT IN 2017 ?
(000 t)

BHKP CAPACITY CHANGES

FIBRIA EXPECTED SCENARIO FOR 2017 AT END OF 2016 FIBRIA EXPECTED SCENARIO FOR 2017, TODAY:

Klabin 500 Klabin 500

APP OKI 1,000
APP OKI 1,000
Fibria TLS II 300
Fibria TLS II 300
Metsa 100
Metsa 100
APRIL Kerinci -390
APRIL Kerinci -100
APRIL Rizhao -270 APRIL -1,080(2)
APRIL Rizhao -300
APRIL Jiangmen -420
Taiwan P&P -55 Taiwan P&P -55
Resolute Calhoun -40 Resolute Calhoun -40
Navigator Cacia -60 CMPC -120
Unexpected Closures, Unexpected Closures,
Unexpected Closures,
Conversions and Downtime -550 Unexpected
Conversions Closures,
and Downtime -200
Net 800 Net 405
BEKP demand growth 1,350 BEKP demand growth 1,350

OKIs output in 2017 fully offset by APRILs conversions/integrations

(1) Fibrias estimates (2) Includes 20,000 tons of temporary downtime 16

We dont think so !
Because, 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!

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

of the European papermakers
USA: a recovery of the Euro devaluation... US$/Euro parity !?
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)

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

17
 Global Market BEKP Demand

Shipments of Hardwood and Eucalyptus Pulp

2016 vs. 2015(1) Days of Supply - Hardwood(2)

-7 days
8%
24%
15%
4%
1,655 1,543
kt kt
1,247 1,350 40
kt kt 4% 6%
-5% 2% -3% -3% 325 303
-158 -270 -233 kt kt
kt 42 kt kt kt
Total North Western China Others

Mar-15
Apr-15

Dec-15

Dec-16
May-15

Aug-15

Mar-16
Apr-16
May-16

Aug-16
Jun-15

Oct-15

Jun-16

Oct-16
Jan-15

Nov-15

Jan-16

Nov-16

Jan-17
Feb-15

Jul-15

Sep-15

Feb-16

Jul-16

Sep-16

Feb-17
America Europe
BHKP BEKP

CAGR BEKP 2012-2016(1) Feb.17 vs. Feb.16(2)

12% 9% 12%
328 28%
338
kt 24%
29% kt
238 183 12% 17%
2,073 kt 7% 33% 107 120
kt kt
1,275 kt 30kt 79 kt -4% -4% kt kt
5% 7%
6% -47 kt -44 kt
351 kt 338 kt
109 kt
Total North Western China Others
Total North Western China Others America Europe
America Europe
BHKP BEKP

(1) Source: PPPC Global 100 December/2016 (2) Source: PPPC World 20 February/2017 18
 Technical Age and Scale in the Pulp Industry
Further closures are expected due to lack of adequate investments in the industry

Hardwood (BHKP) Producers Integrated and Market Softwood (BSKP) Producers Integrated and Market
Pulp Mills Pulp Mills

PM Capacity, 1000 t/a PM Capacity, 1000 t/a

1000
STRONG Weighted average STRONG
Aracruz
900 technical age 21 years
Weighted average
2000 technical age 12.3 years
800

700
1500
Veracel 600
Jacare
Weighted average Trs Lagoas 500
capacity 1,350,000 t/a
1000 400

300 Weighted average

capacity 534,000 t/a
500 200

100

0 0
WEAK
30 25 20 15 10 5 0 30 WEAK 25 20 15 10 5 0
Technical age, years Technical age, years

North American Pulp Mills Other Pulp Mills

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

Source: Poyry 19
 Capacity closures DO happen

Closures of Hardwood Market Pulp Capacity Worldwide

(000 ton)

-85 -105

-315
-500 -445
-540
-670

-910
-1,085
-1,180 -1,410
-1,260

Potential
Additional
Conversions
(1) (2)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017-2018

Closures do not include temporary movements.

(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: -55 kt Taiwan P&P, -40 Resolute Calhoum, -250 kt APRIL RIZHAO, -390 APRIL Kenrinci, -420 APRIL Jiangmen. 2018: -60 kt Navigator, -125 Mondi, -70
APRIL RIZHAO.
Source: Poyry, PPPC, RISI and Public information. 20
MORE COMPETITIVE CASH COST WITH H2
BHKP (US$/t)

BHKP
capacity 1,130 1,105 2,075 2,290 4,915 3,420 15,275 TOTAL: 30,210
(000 t)

508
481 445 WC=($29/t)
52 451
54 36
108 369 386
351 336 127 Interest
30 36
56 57
292 6 89 Capex
43
57 6 Income tax
456 49 38 SG&A
427
343 60
339
295 279
235 213
157

USA China Canada Iberia Chile/Uruguay Indonesia Brazil Fibria 2016 Estimated
Fibria w/ H2 -
2021

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

Sources: Hawkins Wright (Production Costs December 2016) and Fibrias 4Q16 Earnings Release-FX considered at R$/US$ = 3.15 (Brazil and Fibria).
Fibria with Horizonte 2 (H2) cash production cost was estimated according to weighted average cost, after mill balance, converted at R$/US$ = 3.15. Includes energy sales.

21
 NEW CAPACITY INVESTMENT PIPELINE
No major new capacity announced after OKI and Horizonte 2 projects

1200 2,5
Pulp prices - CIF Europe (US$/ton)(2)

Capacity Additions (000 ton)(2)

1000
Horizonte 2
Eldorado
800 792
Rizhao Maranho APP South
736 1,5
Trs Sumatra(1)
Monte 675
Lagoas Guaba II
600 APP Fray s del
Hainan Bentos Plata Klabin
Mucui
Veracel 1
400 Nueva Chenming
Kerinci
Valdivia Aldea Santa APP Zhanjiang
PL3
F Guangxi Oji
Nantong Metsa
0,5
200

0 0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

7,400 kt 5,250 kt
BHKP BHKP adjusted by CPI

(1) Partially integrated production.

(2) Sources: Hawkins Wright, Poyry and Fibria Analysis. Pulp price estimates according to RISI (Jan/17)

22
 In the last 15 years, pulp volatility has been just 8%...why?

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

120

80

40

0
Dec-04
Jun-05
Dec-99

Dec-00

Dec-01

Dec-02

Dec-03

Dec-05

Oct-10

Jan-16
Apr-06

Apr-09
Oct-09
Apr-10

Apr-11
Oct-11
Apr-12
Oct-12
Apr-13
Oct-13
Apr-14
Oct-14
Apr-15
Oct-15
Apr-16
Oct-16
Mar-00
Jun-00

Mar-01
Jun-01

Mar-02
Jun-02

Mar-03
Jun-03

Oct-06
Apr-07
Oct-07
Apr-08
Oct-08
Mar-04
Jun-04

Mar-05

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jul-16
Jan-17
Sep-00

Sep-01

Sep-02

Sep-03

Sep-04

Sep-05

Jul-06

Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15
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 March 28th, 2017 23

 Lowest volatility among commodities

230
100 = January 1, 2012
200

170 167
140

110 110
81
80 76
59
50 48
20
May-12

Aug-12

Oct-12

May-13

Aug-13

Oct-13

May-14

Aug-14

Oct-14

May-15

Aug-15

Oct-15

May-16

Aug-16

Oct-16
Mar-12
Apr-12

Jul-12

Sep-12

Nov-12

Mar-13
Apr-13

Jul-13

Sep-13

Nov-13

Mar-14
Apr-14

Jul-14

Sep-14

Nov-14

Mar-15
Apr-15

Jul-15

Sep-15

Nov-15

Mar-16
Apr-16

Jul-16

Sep-16

Nov-16

Mar-17
Feb-12

Dec-12

Feb-13

Dec-13

Feb-14

Dec-14

Feb-15

Dec-15

Feb-16

Dec-16

Feb-17
Jan-12

Jun-12

Jan-13

Jun-13

Jan-14

Jun-14

Jan-15

Jun-15

Jan-16

Jun-16

Jan-17
Iron Ore Soy Bean Crude Oil Sugar BHKP - FOEX Europe Exchange Rate (R$/US$)

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

37% 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

Low volatility of hardwood pulp price, even though

new capacities have come on stream during the period.

Source: Bloomberg March 27th, 2017 2Since January 1, 2009 up to March 28nd, 2017 24
Financial and Operational Highlights
25
 Each 5% depreciation of the Real increases EBITDA by around
R$420m and FCF by R$550m

3.33 3.49 3.18(1) 3.35(1)

2.00 1.76 1.95 2.16 2.35
Exchange Rate 1.67
Average (R$/US$)
670 639 610 582
581 572 496 497(2) 476(2)
Fibria net pulp price 456
(US$/t)

1,951 1,731 1,580 1,595

1,179 1,311 1,344
Fibria net pulp price 912 1,067 1,133
(R$/t)

53%
43%
40% 40% 39%
EBITDA Margin 34% 36%
29%
1,488 1,560
1,295
1,173 1,153 1,185
1,073
815

EBITDA (US$ million)

2009 2010 2011 2012 2013 2014 2015 2016 2017 (e) 2018 (e)

(1) According to Focus Report (Brazilian Central Bank March 31th, 2017) I (2) 2017 and 2018 market consensus 26
Cash Production Cost (R$/t) 4Q16

External factors

35 10 4 737 727
42
658 (12) (10)

4Q15 Higher Inflation FX Lower energy Wood Total Management 4Q16

maintenance price gains
downtimes
impact

Cash Production Cost Ex-downtimes (R$/t) Cash Production Cost (R$/t)

+4.5%
680
649
648 618
620 624 581

2015 2016
4Q15 3Q16 4Q16 With downtimes Ex-downtimes

27
 Cash Production Cost in dollars saw a decrease over the last years

Fibrias Cash Production Cost(1) (USD/ton)

Consistently
281 controlling the cash
264 production cost
242
231 234
220 But lately, it has
195 been influenced
186
by non-recurring
effects:

Wood
2009 2010 2011 2012 2013 2014 2015 2016 Energy price
Input
Average
FX
1.99 1.76 1.67 1.95 2.16 2.35 3.33 3.49 consumption
(BRL/USD)

(1) Excludes Conpacel 28

Net Results (US$ million) 2016

(118)
201

1,073
(569) deferred
488

current
(396) 477

(202)

Adjusted FX Debt MtM Net interest Deprec., Income Taxes Others (1) Net income
EBITDA hedge amortiz. and
depletion

Non-recurring effects

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

Proposed minimum dividend of R$393 million(2)

(2) 25% of adjusted net income, according to Brazilian legislation.
29
 Free Cash Flow (1) (US$ million)

4Q16
244

Klabin
H2 funding effect
interest 109
104
(58) (5)
(187)

Adjusted EBITDA 4T16 Capex Net interest Working Capital Income Taxes FCF 4T16
(ex-H2 and logistics
projects)

2016
1,073
Klabin
H2 funding effect
interest
216 542
(30) (8)
(583) (126)

Adjusted EBITDA Capex (ex-H2 and Net interest Working Capital Income Taxes Others FCF 2016
2016 logistics projects)

(1) Does not consider Horizonte 2 Project and pulp logistics projects. 30
 ROE and ROIC (R$)

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

25.1%
22.8%

8.9% 9.2% 9.0%

8.0%
6.2% 6.9%
5.7%
3.4%

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

Average Average
FX 1.95 2.16 2.35 3.33 3.49 FX 1.95 2.16 2.35 3.33 3.49
(R$/US$) (R$/US$)
Average Average
Net Pulp 581 610 561 586 496 Net Pulp 581 610 561 586 496
Price Price
(US$) (US$)

(1) Adjusted EBITDA CAPEX Net Interest Taxes

(2) International accounting standards for biological assets.
(3) Adjusted EBITDA CAPEX Taxes

31
 Indebtdeness
Gross Debt and Cash Position (million) Net Debt (Million) and Leverage
Net debt/EBITDA (R$) Net debt/EBITDA (US$)
Gross debt Cash position
3.30
2.64
16,153 2.06 3.06
2.33
12,744 H2 4,717 1.78
11,015 10,620 11,435

CRA(2)
4,956 1,730
3,264 1,447
443 2,821 3,272 3,509

Dec/15 Dec/16 Dec/15 Dec/16

Dec/15 Sep/16 Dec/16
R$ US$ R$ US$ R$ US$

Interest Expense/Income (US$ million) and Cost of Debt in US$(1)

6.3 5.9 5.5 5.2

4.6
473
414 408 3.4 3.3 3.6
350
268
200 209
143 144
96 108 78
45 39 39 59

2009 2010 2011 2012 2013 2014 2015 2016

.6 Cost of
Average costdebt
in US$ (% p.a.) Interest Expense (Net)/Net Debt Interest Expense (Gross) Interest on Financial Investments

3.3
(1) Considering the portion of(1)
debt in reais fully adjusted by the market swap curves at the end of each period | (2) Total weighted average cost of 97.8% of the CDI 32
 Robust Liquidity USD million
(@December 31, 2016)

2,688 EPP BNDES

Bond 2027 on Jan 11th, NCE ACC/ACE
2017: US$700 million | Voto IV Bonds
coupon of 5.5% p.a. Finnvera CRA and Others

Revolver 541

Cash 919
786 691 714
on hand(1) 1,442 559 629 534
349 356
89
28
Liquidity 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Capex H2 (2): 886 61

(1) Not including US$18 million related to MtM of hedging transactions. | (2) Financial execution of US$1,248 million capex until December, 2016.

Horizonte 2 Funding (US$ billion)

Excess of
0.2 - 2017 2.4 US$0.2 bn
0.1 - 2017 0.2
0.3 Horizonte 2
0.1 2017 0.1 0.8
0.3 - 2017 Project
0.1 0.3
0.1 - 2018 US$2.2 bn
0.1
0.4
3Q15 1.6
0.3
3Q15 0.2
0.4
Export Prepayment CRA BNDES FDCO ECA Working capital Total
release (2)
Funds withdrawn until Dec 31, 2016. Contracted funds to be withdraw

(1) Capex to be executed on Horizonte 2 Project | (2) Related to the agreement with Klabin 33
Initiatives for Leverage Management

Initiatives expected to be Initiatives under analysis

implemented in the short term
Net
Net
Amount Debt/EBITDA
Amount Debt/EBITDA
reduction
reduction
(USD (USD
(x) (x)
million) million)

Accounts payable
Working Capital Release 95 0.09x 420 0.37x
(suppliers)
Accounts receivable (customers) 40 0.04x Others 110 0.12x
Accounts payable (suppliers) 55 0.05x
Total 530 0.49x
Capex 96 0.10x

Forestry 31 0.03x

Capex H2 65 0.07x

Total 191 0.19x

Total: USD 721 million (0.68x)

34
WAIVER ON 4.5X COVENANT WAS FULLY NEGOTIATED
Horizonte 2 start-up in 3Q17 boosts EBITDA and FCF generation

Leverage guidelines: Highlights:

Range of 2.0x to 2.5x net debt/EBITDA Covenants only triggered if Fibria loses the Investment
Grade by 2 of the 3 rating agencies
Maximum 3.5x net debt/EBITDA during expansion
cycles During the most critical periods of expansion, 4.5x
covenant was waived

(1) As stated on the Liquidity and Indebtedness Policy and Shareholders Agreement 35
Capital Structure

Net Debt/EBITDA (x)(1)

8.1

5.2
4.2 3.7
3.7
3.1
2.6

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

Fibria Suzano Klabin CMPC Arauco Eldorado

Fibria Arauco CMPC Klabin Suzano

S&P BBB-/Negative BBB-/Stable BBB-/Stable BB+/Stable BB+/Stable
Moodys Ba1/Stable Baa3/Stable Baa3/Stable - Ba1/Stable
Fitch BBB-/Stable BBB/Stable BBB+/Stable BBB-/Negative BB+/Positive

(1) Fibrias historical data in BRL. 36

One of the best performances among Brazilian corporate issuers(1)
Historical G-spread (bps)
1400
Rating Outlook 1200

1000

BBB- Negative 800

600

BBB- Stable 400

200

0
2010 2011 2012 2013 2014 2015 2016

Fibria 2020 - 7.5% Fibria 2021 - 6.75% Fibria 2024 - 5.25%

Issuance with maturity in 2024 Issuance with maturity in 2027

1,284

468 401
282 289 292 351 351 309 317
216 223 232 259 1,168 258 271
201

(1) G-spread on March 31th, 2017 37

2017 OUTLOOK CAPEX AND CASH COST
38
 Fibria CAPEX 2017 BRL million

3,011 56 5,213

79
2,010 57
Industry 415

Forestry 1,595

2017 CAPEX Logistics Projects Modernization H2 Others (2) 2017 CAPEX Total
Maintenance Guidance

USD632 mn(1) USD1,639 mn(1)

(1) Converted at 2017 average FX - BRL/USD 3.18, according to Focus Report (Brazilian Central Bank Mar 31th, 2017)
(2) Included R&D, IT, Health Safety and Environmental.

39
Cash Cost update (USD/t) @2021
BRL/USD 3.19

206
155
(26) (19) (2) (1) (3)

LTM 3Q16 Horizonte 2 Wood cost Bleaching line B Maritime wood Others 2021
Project reduction shipping project

FX Sensitivity
FX Cash cost (US$/t)
3.00 164
3.10 159
3.19 155
3.30 150
3.50 142

40
Expansion Project Horizonte 2
41
What is the importance of growth for Fibria?

Wider fixed costs dilution

Competitiveness Cost curve position improvement
Greater bargaining power with suppliers

Follow the growth of strategic customers

Developing new customers
Commercial
Distribution to new geographic markets
positioning
Efficiency and competitiveness gains in logistics
Higher quality in customer service

Long-term growth Greater ability to capture new expansion market windows

potential Strong M&A position

42
 HORIZONTE 2 PROJECT

Site Overview

Start-up brought
forward: 1 month
anticipation

Expansion Capex Inside the

Energy Surplus 61%(3)
of US$ 2,280 fence(1) Capex of Over 87% of financial execution
million 130 MWh physically completed(2)
(R$ 4.6 billion)
US$ 979/t
(US$ 1,169/t)
(1) Industrial capex. (2) At March 31, 2017. (3) Approximate cash disbursement up to March 31, 2017. 4343
 Nominal Capacity (000 t) Pulp sales destinations
7,955 8,050 8,150 8,150 8,150

900 900 900 900

900
6,577
900 1,755 1,850 1,950 1,950 1,950
37%
377 19%
22% 36% 36%
32%

8%
5,300 5,300 5,300 5,300 5,300 5,300
10%

2017 2018 2019 2020 2021 2022 Total sales volume distribution after H2 start up(1)
Current net revenue distribution(2)
Klabin's Puma Project ('000 t)(1)
Horizonte 2 ('000 t)
Current Production ('000 t)

(1) Includes Klabins sales volume | (2) Considers 4Q16 last twelve months | (3) 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.
44
 Horizonte 2 Forestry Base
Forestry base secured as planned

Already planted
135,000 ha

To be planted
52,000 ha 42,000 ha to be planted in 2017
10,000 ha to be planted in 2018
Total
187,000 ha

Wood purchased
7.4 million m3

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

45
Logistics
Integrated logistics - outbound and shipping

Mato Grosso

Braslia

Gois

Mato
Grosso
do Sul

Port Terminal 32
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

46
 HORIZONTE 2 CAPEX
Fully funded with low cost lines and disbursement flexibility

CAPEX EXECUTION TIMETABLE (R$ million)

4,027 3,775 Accrual basis
Cash basis
3,011 2,892 Management
Total
initiatives
R$ 7,491 mn
619
292 205
US$ 2,280 mn(1) 161

2015 2016 2017 2018 R$ 2.5 billion(2)

To be withdrawn
US$ 55 mn 1,109 mn 931 mn 185 mn

Funds withdrawn by Mar 31, 2017(2) Excess of

0.2 - 2017 2.4 US$ 0.1 bn
Contracted funds to be withdrawn(2) 0.1 - 2017
0.2
0.1 - 2018 0.1 0.3 0.8 Horizonte
0.2 - 2017
0.2 - 2018 0.1 0.3 2 Project
0.1 US$ 2.3 bn
3Q15 0.4
0.3 1.6
3Q15 0.2
0.4
Export ARC BNDES FDCO ECA Working capital Total
Prepayment release

(1) FX @ 3.30. (2) FX @ 3.17 (March, 31) (3) Related to the agreement with Klabin.
47
 Funding
Cost and maturity

4T16 H2 4T16 + H2 4T16 + H2 + Bond

Average Cost (US$ p.a)(1) 3.6% 2.9% 3.5% 3.7%

Average Maturity (years) 4.3 6.2 4.5 5.1

Amortization Schedule (2) 4Q16 Proforma with TLS II + Bond 2027 (700 MM) US$ million

2,688
Revolver
541

Cash
on
hand
1,001
2,147 869
712 773 728
569 616
349 438
172
68

Cash
Caixa 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

BNDES Bond EPP ECN ACC/ACE CRA BNB Finnvera Finame Development Agencies (FCO, Finep & FDCO)
FDCO, FCO &Finep

(1) Swap Bloomberg | (2) FX considering new funding for the TLS II Project: 3.2591 48
Horizonte 2 project assumptions

UNIT R$ US$
Pulp production/year k tons 1,950 1,950
Expansion capex(1) $ billion 7.5 2.3
Expansion capex(1) $/t 3,841 1,164
Inside the fence expansion capex $/t 3,260 979
Sustaining capex(2) $/t 195 59
Cash production cost(3) $/t 337 107
Energy surplus MWh 130 130
Project approval FX R$/US$ 2.80 -
All in cash cost (estimated range)(4) $/t - 270-320
Pulp price(5) $/t - 497
Free Cash Flow (estimated) $/t - 177-227
Payback period (estimated) years - 5.1-6.6

(1) Includes chemical leasing (FX @ 3.30).

(2) Estimated sustaining capex in perpetuity (FX @ 3.30).
(3) Estimated weighted average cost, after mill balance. Includes energy sales (FX @ 3.15).
(4) Cash cost + freight + SG&A + Sustaining Capex + Interest + taxes + working capital (FX @ 3.15)
(5) 2017 market consensus.

49
Final Remarks

Economies of scale

Synergies with current operations

Wood availability and low distance from forest to mill

Fibrias 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

50
BACK UP
51
Cost reduction initiatives and industry statistics
52
EVOLUTION OF CURRENCIES
FX devaluation is expected

115%

110%

105%

100%

95%

90%

85%

80%

75%
abr-16 jul-16 out-16 jan-17 abr-17 jul-17 out-17 jan-18 abr-18 jul-18 out-18 jan-19 abr-19 jul-19 out-19

Real** Real Euro** Euro CAD**

CAD Chilean
Peso peso**
Chileno** Peso Chileno
Chilean peso RMB** RMB
Rupia** Rupia Uruguayan peso**
Peso Uruguaio** Uruguayan
Peso peso
Uruguaio

53
** Bloomberg Forecast 53
 THIRD-PARTY WOOD REDUCTION
Non-recurring impacts starting to decrease

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

50% 350

Average distance from forest to mill

45% Average distance from forest to mill
300
40% Third-party wood
Third-party wood (%)

35% 250
30% 200

(km)
25%
311 307 290 150
20%
225 242 239
15% 100
193 788
197 187 181 194 190 173 170
10%
167 166 164
50
5%
0% 0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

35%
283 km

Third party wood increase from previous forecast due to recent rain shortage at Aracruz Unit forest
base and optimization of Trs Lagoas forest base
The average distance will drop sharply generating an Opex reduction

NPV from peak to normalized level(2): Total NPV:

CAPEX: BRL1.5 billion (USD 0.5 million) | OPEX: BRL 1.0 billion (USD 0.3 million) BRL2.5 Bn or USD0.8 Bn
(1) Does not include Veracel but considers H2 Project forest base | (2) FX @ BRL/USD3.30.
54
Third-party wood reduction
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

56
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

57
 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
Growth Growth
000 ton 2000 2010 2020 2000- 2010-
35.000
2010 2020
30.000
25.000 Hardwood 16.2 25.1 35.6 55% 42%
20.000
15.000 2015 - 2020 CAGR: Eucalyptus 6.6 15.9 25.2 140% 58%
10.000 Hardwood: +3.06%
Softwood: +1.16%
5.000
Softwood 18.9 22.2 25.8 17% 16%
0
2013

2016
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012

2014
2015

2017
2018
2019
2020
Market Pulp 35.1 47.3 61.4 35% 30%
Hardwood Softwood
Source: PPPC report (Nov. 2016) Source: PPPC reports. Excludes Sulphite and UKP market pulp (Nov./16)

Paper Production Runnability with BHKP

Source: RISI conference, August 2014. 57

 Benefiting From Chinas Growth

Chinas Hardwood Imports of BHKP by Country(1) World Tissue Consumption, 1995-2016(3)

(000s t) (million t)
40
2015 2016 Latin America is the 35 Annual Growth
leading exporter of BHKP Rate +3.7%
10.616 30
9.266 to China, accounting to
approximately 57% of 25
China's total imports in 20
6.035 2016.
4.925 15
10
2.0411.904 1.909 2.194
5
194 197 189 194 8 92
0
BHKP Total Latin Indonesia Others(2) USA Canada Western
America Europe
1995 2000 2005 2010 2011 2012 2013 2014 2015 2016
(1) N.America W.Europe E.Europe Japan
(1) includes South Africa and New Zealand. | (2) Includes China, Japan, Malaysia, Russia, Thailand and Vietnam. China Asia FE Middle East LatAm
Africa Oceania

China's Share of Market Pulp(2) Per Capita Consumption of Tissue by World Region(3)
(Kg/capita/year)
(million t)
30% 16
25% 26%
23% 24% 14 25
25% 23%
21% 22%
12
20% 17%
10
16 15
15% 12% 14% 8
10% 10% 11
6
10%
4 6 6 6
5%
2
1
0% 0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
N. West Japan Oceania East LatAm China Africa
Eucalyptus Hardwood Total % Compared to the global Market Pulp America Europe Europe
(1) PPPC Pulp China Flash Report December 2016
(2) PPPC W20. Coverage for chemical market pulp is 80% of world capacity
(3) RISI

58
Growth rate Chinese GDP vs. Eucalyptus Shipments to China
(Sept-09 = base 100)

300

273
250

200

150

100

75
50

China GDP Eucalyptus Shipments

Source: Bloomberg and PPPC W20 report (dec/2016) 59

 Commodities Differentiation

China GDP breakdown

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

47% 48% 48% 48% 48% 48% 46% 47% 45% 45%
44%

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
100 115
2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015E 2016E 2017E 2018E

Source: Ita Macroeconomic Department and PPPC Oct/15 60

Global Paper Consumption

CAGR 2000 2010 CAGR 2010 2020

Developed Markets: - 2.1% Developed Markets: - 3.1%
Emerging Markets : + 5.6% Emerging Markets : + 0.9%
117,611 109,758
103,286 99,977

P&W
Consumption
(000 tons)(1)

2010

2016E
2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2011

2012

2013

2014

2015E

2017E

2018E

2019E

2020E
Developed Markets Emerging Markets

CAGR 2000 2010 CAGR 2010 2020

Developed Markets: + 1.5% Developed Markets: + 1.4%
Emerging Markets : + 6.6% Emerging Markets : + 5.9%
41,712

30,357

20,979

Tissue
Consumption
2011
2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2012

2013

2014

2015E

2016E

2017E

2018E

2019E

2020E
(000 tons)(1)

Developed Markets Emerging Markets

Source: RISI 61
 BHKP prices - CIF China (US$/ton)

0
100
200
300
400
500
600
700
800
900
(000s t)
mai-10
jun-10
jul-10
ago-10
set-10

2010
out-10

average:
250 ktons
nov-10
dez-10
jan-11
fev-11
mar-11
mai-11
Source: PPPC Global 100 Dec 2016

jun-11
jul-11
ago-11
set-11

2011
out-11

Average
379 ktons
nov-11
dez-11
jan-12
fev-12
mar-12
abr-12
jun-12
jul-12
ago-12
set-12
out-12

2012
Benefiting From Chinas Growth

Average
nov-12

370 ktons
dez-12
jan-13
fev-13
mar-13
abr-13
mai-13
jul-13
ago-13
set-13
out-13
nov-13

2013
Average
dez-13

439 ktons
jan-14
fev-14
mar-14
abr-14
mai-14
jun-14
ago-14
set-14
out-14
nov-14
China: Eucalyptus pulp shipments

dez-14

2014
jan-15

Average
504 ktons
fev-15
mar-15
abr-15
mai-15
jun-15
jul-15
set-15
out-15
nov-15
2015

dez-15
Average
531 ktons

jan-16
fev-16
mar-16
abr-16
mai-16
jun-16
jul-16
ago-16
Shipments
BHKP Price

out-16
2016

nov-16
Average
612 ktons

dez-16
jan-17
fev-17
0
100
200
300
400
500
600
700
800
900

Shipments (000 ton)

62
 Global BHKP Market Pulp Supply Cost Curve

COST CURVE EVOLUTION

USD/Adt, 2013 cost level

Cost position
of marginal
producer

Cumulative Capacity Million t/a

Source: Pyry. 63
 Tightening plantation wood and chip supply could add to the cash
cost of Asian pulp mills

Source: Pyry. 64
 Current Zero Cost Collars

US$ 2.1 billion in zero cost colar

Put option at strike price of 3.35 and call option at 4.93

7,00 1.200

6,00
5,77
5,33 1.000
5,19
5,00 4,66 4,50
4,16 800
4,06
4,00
3,33 3,25 3,30 3,35 3,40 3,45 3,50
600
3,00
400 375
349 322 400
2,00
254 235 210
200
1,00

- -
Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018

Volume (US$M) Put strike price Call strike price

(*) As at March 10th, 2017. 65

FREE CASH FLOW(1)
Positive quarterly FCF in the last 5 years, even during appreciated FX

USD million

329
317

225
194
158
125 113 130 118 124
111 103 112 105
77 84
53 51
29
4

-7

-77
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

EBITDA Margin
33% 28% 30% 37% 37% 41% 39% 39% 41% 42% 41% 35% 35% 45% 50% 50% 56% 54% 52% 43% 43% 36%

Average FX

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 3.45 3.84 3.90 3.51 3.25 3.26

(1) Excluding H2 Project, dividends, pulp logistics and land purchase effects. 66
 Fibrias tax structure
Description and Amount Maturity

(a) Operating income As stated in the income statement

- Annual tax deduction: US$ 27 million (tax)

(-)(b) Goodwill (Aracruz
2018
acquisition)
- Remaining Balance Dec/16: US$ 0.175 billion (base)

(-)(c) Forestry Capex in MS

2016 tax deduction related to depletion: US$ 31 million Undefined
state (net)
(+/-)(d) Exchange variation
---------- ----------
(cash)
(+/-)(e) Other ---------- ----------

Tax base before

(a) + (b) + (c) + (d) + (e)
compensations
- Up to 30% of tax base before compensations
(f) (-) Tax loss carryforward Undefined
- Balance up to Dec/16: US$ 245 million (base)
(g) Tax base Tax base before compensations tax loss carryforward (f) ----------

(h) Income tax Tax base (g) * 34% ----------

Balance Dec/2016:
- PIS/COFINS: US$ 234 million
(i) (-) Federal tax credits Undefined
- Withholding tax (IR and CSLL): US$ 303 million
- Reintegra: US$ 27 million
Cash Tax Income Tax (h) tax credits (i)

TAX PAYMENT(2) (cash basis)

2010 2011 2012 2013 2014 2015 2016

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

(1) Considering FX 3.2591 | (2) Considering average FX for the period 67

Dividends
68
Policies approved by the Board of Directors

Indebtedness and Liquidity

Market Risk Management
Risk Management
Corporate Governance
Related Parties Transactions
Anti-Corruption
Information Disclosure
Securities Trading
Antitrust
Genetically Modified Eucalyptus
Dividend Policy
Sustainability

69
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.

70
Dividends

2016
April 27, 2016 Mid-May, 2016 Mid-November, 2016

GSM approved dividend Dividend Extraordinary

distribution of USD80 payment of USD dividend
million(1) 80 million. appraisal
(1.1% of dividend yield as at (not
Dec. 31, 2015). approved)

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

GSM to approved Dividend Extraordinary Extraordinary

dividend payment to occur dividend dividend
distribution from May appraisal payment
(proposed onwards (if approved)
dividend of
R$393 million)

(1) Considering March 7, 2016 FX R$/US$3.7714 71

Green Bond 2027
72
Bond Offering Summary

Issuer Fibria Overseas Finance Ltd.

Guarantor Fibria Celulose S.A.

Issue Format SEC Registered

Ratings BBB- (neg) / BBB- (stb)

Ranking Senior Unsecured

Use of Proceeds Eligible Green Projects

Issue Amount US$700 million

Securities Offered 5.5% Senior Notes due 2027

Book US$3.5 billion

Listing New York Stock Exchange (NYSE)

Book US$3.5 billion

73
 Sustainable Forest Management

Fibria sustainably manages forested areas to

FSC and PEFC standards, to include:

Productivity index / year

Production and acquisition of eucalyptus
seedlings
Preparation of soil for the plantation of seedlings
including subsoiling and harrowing activity
Plantation of seedlings
Protection and maintenance of planted seedlings
up to harvest

Environmental Benefit With / Impact:

management to these standards, Fibria is contributing
to:
Carbon sequestration;
Water quality and cycle regulation;
Fibrias Forest
Erosion control, soil protection and nutrient
Management
cycling; Neighboring
Natural areas protection areas
Note: Fibria has long-term targets (1) to reduce by one third the
amount of land required for pulp production and (2) double carbon
sequestration from the atmosphere. These projects will help to
contribute to this end.
FSC License Codes FSC-C100042, FSC-C100704, FSC-C110130
Source: Information previously disclosed in public Fibria reports 74
 Restoration of Native Trees and Conservation of Biodiversity

Fibria invests in projects to restore natural vegetation

cover in degraded land, to include:
Acquisition of new native Brazilian seedlings
Planting native Brazilian seedlings in degraded land
Creation of ecological corridors and mosaics in
eucalyptus plantations so they can serve as wildlife and
flora habitat conservation
Studies that evaluate and monitor the conservation of
HCV areas
Environmental Benefit / impact: Fibrias effort to restore
native forest areas has increased forest coverage and
biodiversity, led to improvements in ecosystem services,
including:
Carbon sequestration
Availability and quality of water
Erosion control, soil protection and nutrient Before (2012)
cycling
Habitat provision

Note: This category contributes to Fibrias long-term targets to (1) double

carbon sequestration and (2) to promote the environmental restoration of 40
thousand hectares between 2012 and 2025. Since 2012, 13.9 thousand
hectares of environmental restoration has occurred, 35% of the target. 2,402
hectares were restored in 2015 alone. The goal for 2016 will be to restore After (2016)
2,603 hectares.

Source: Information previously disclosed in public Fibria reports 75

 Waste Management

Conversion of Production Plant Waste to Soil Acidity

Corrective

At Fibrias Jacarei and Trs Lagoas mills, there is a

system in place to collect byproducts of the industrial
process and convert this material into a soil acidity
corrective, to be used in Fibrias forest areas

The process collects ash, grits, dregs and lime mud from
the production process and the transformed product
replaces the use of calcium carbonate

Environmental Benefit & Impact: Fibrias process to

transform the mill byproducts in soil acidity corrective has
resulted in:
~30% reduction in waste sent to external landfills from
the mill sites

Note: Fibria has a long-term target to increase eco-efficiency, by reducing in 91% the quantity of industrial waste
disposed in own or third-party landfills. This project will contribute to meeting the companys long term goal to reduce
the amount of solid waste sent to landfill to 5kg/adt, by 2025.

Source: Information previously disclosed in public Fibria reports 76

 Water Efficiency

Water Recycling and Re-use at Aracruz Mill

Fibria has a range of projects at the Aracruz Mill
that reduce water usage

Reduce the consumption of sealing water of

vacuum pumps of the dryer;
Reuse water in the hydraulic units of the presses
and baling units;
Reuse of the cooling water of furnaces in the
Water Treatment Plant currently released as
effluent;
Connect the cooling tower to the causticizing
tower, so that water expelled from the cooling
tower is then used in the causticizing tower

Environmental Benefit & Impact: The various water efficiency projects are designed to achieve:
310 m3/h reduction in the water withdrawn from the total intake water to the industrial operation.
This reduction is equivalent to 3.9% in industrial water intake at the mill

Source: Information previously disclosed in public Fibria reports 77