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Corporate PresentationNovember, 2016

2

The information contained in this presentation may include statements whichconstitute forward-looking statements, within the meaning of Section 27A of the U.S.Securities Act of 1933, as amended, and Section 21E of the U.S. Securities ExchangeAct of 1934, as amended. Such forward-looking statements involve a certain degree ofrisk and uncertainty with respect to business, financial, trend, strategy and otherforecasts, and are based on assumptions, data or methods that, although consideredreasonable by the company at the time, may turn out to be incorrect or imprecise, ormay not be possible to realize. The company gives no assurance that expectationsdisclosed in this presentation will be confirmed. Prospective investors are cautionedthat any such forward-looking statements are not guarantees of future performanceand involve risks and uncertainties, and that actual results may differ materially fromthose in the forward-looking statements, due to a variety of factors, including, but notlimited to, the risks of international business and other risks referred to in thecompany’s filings with the CVM and SEC. The company does not undertake, andspecifically disclaims any obligation to update any forward-looking statements, whichspeak only for the date on which they are made.

Disclaimer

3

Pulp and Paper Market2Financial and Operational Highlights3

Agenda

Company Overview1

Expansion Project – Horizonte 24Dividends5Cost reduction initiatives and industry statistics 6

4

Company Overview

5

Shareholder Structure and Corporate Governance

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

Votorantim S.A. (1)

29.42%

BNDESParticipações (1)

29.08%

FreeFloat (2)

41.50%

► Only 1 class of shares →100% voting rights

► 100% tag along rights (Brazilian corporate law establishes 80%)

► Board of Directors with minimum 20% independent members

► Financial Statements in International Standards – IFRS

► Adoption of Arbitration Chamber

► SEC Registered ADR Level III program

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

Policies approved by the Board of Directors:

Fiscal

Council

Board of

Directors

20% independent members

Role of CEO andchairman is split

Personnel

and

Remuneratio

n Committee

Statutory

Audit

Committee

Finance

Committee

Sustainability

Committee

Innovation

Committee

30%

independent

members

100%

independent

members

50%

independent

members

45%

independent

members-

General

Meeting

► Indebtedness and Liquidity

► Market Risk Management

► Risk Management

► Corporate Governance

► Related Parties Transactions

► Anti-Corruption

► Information Disclosure

► Securities Trading

► Antitrust

► Genetically Modified Eucalyptus

► Dividend Policy

► Sustainability NEW

6

A Winning Player

Port Terminal Pulp Unit

Três Lagoas Unit and Horizonte 2 Project

Santos

AracruzPortocel

Caravelas

BelmonteVeracel

Jacareí

Superior Asset Combination Main Figures – 3Q16 LTM

Pulp capacity(1) million tons 5.300

Net revenues US$ billion 2.777

Total Forest Base(2) thousand hectares 969

Planted area(2) thousand hectares 568

Net Debt US$ billion 3.272

Net Debt/EBITDA (in Dollars)(3) X 2.64

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, 2015. (3) For covenants purposes, the Net Debt/EBITDA ratio is calculated in Dollars.

7

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

8

Worldwide presence

Strong global customer base

Long-term relationships

Focus on customers with stable business

Customized pulp products and services

Sound forestry and industrial R&D

Focus on less volatile end-use markets such as tissue

Lower dependence on volatile markets such as China

Efficient logistics set up

Low counterparty credit risk

100% certified pulp (FSC and PEFC/Cerflor)

Sales Mix by Region and by End Use - Fibria Highlights

Fibria’s Commercial Strategy

Net Revenues by Region - Fibria

Region – 9M16 End Use - 9M16

39% 41% 43% 39%

28% 24% 24%20%

24% 25% 24%30%

9% 10% 9% 11%

2013 2014 2015 9M16

Europe North America Asia LatAm

52%

29%

19%

Printing & Writing

Specialties

Tissue

Europe39%

N. America

20%

Asia30%

LatAm11%

9

Leadership Position

(1) Fiber Consumption, Recycled Fiber and Pulp: RISI | Market Pulp, Hardwood and Eucalyptus: PPPC Global 100 Report December 2015

Recycled Fiber 242 million t

46% 54%

59%

18% 82%

59% 41%

41%

30% 70%

25%75%

Fiber Consumption412 million t

Pulp 169 million t

Chemical140 million t

Mechanical30 million t

Integrated Mills 83 million t

Market Pulp 57 million t

Hardwood31 million t

Other Eucalyptus Pulp producers:

16 million t

Softwood/Other 26 million t

Acacia/Other 9 million t

Eucalyptus21 million t

Industry Outlook(1)

10

Pulp Supply Agreement: Puma Project

► Pulp volumes:

► Minimum of 900 kt of hardwood for the first 4 years

► 75% of 900 kt for the fifth year (phase out 1)

► 50% of 900 kt for the sixth year (phase out 2)

► Selling price based on the average net price charged by Fibria at the Port of Paranaguá (FOB Paranaguá)

► Sales destination: Globally, except for South America

► Operational startup: Mar/2016

► Agreement benefits:

Puma Project

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

Logistics and commercial structure synergies;

Ensure sales volumes;

Ensure pulp market access with Klabin brand.

Logistics and commercial optimization and synergies;

Support customers’ growth and enhance customers’ needs;

Potential development of new customers.

11

Pulp and Paper Market

12

The “better than expected scenario” has become a reality again in 2015…

BHKP CAPACITY CHANGES

EXPECTED SCENARIO FOR 2015 IN DEC’14 REALIZED SCENARIO IN 2015

1,095

-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

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

**Source: PPPC Outlook for Eucalyptus Market Pulp December 2014

1,232

1,450

-400

-315

-190

115

40

40

30

200

500

265

750

400


Net

Unexpected Downtimes

Ence Huelva

April Rizhao

Sappi Cloquet

Ence Navia

Old Town (Expera)

Portucel Cacia

Eldorado

CMPC Guaiba II

Oji Nantong

Montes del Plata

Suzano Maranhão

Indonesia, China,

Uruguay and Brazil

**Source: PPPC Market Pulp World 20

13

… and so has been the price scenario

BHKP Delivered to Europe (USD/t)

735

721

709

738

726

750

781

804802

784

1Q15 2Q15 3Q15 4Q15 Annual 2015

Consultants average at the end previous year Realized PIX/FOEX price

Consultants: Hawkins Wright, RISI and Brian McClay (published in the end 2014 for 2015 prices)

14

3.4

-0.8

2.2

7.7

3.3

-0,3

1.5

7.7

3.4

0.9

2.4

7.3

3.1

1.5

2.4

6.9

3.4

1.4

2.5

6.2

World Euro Area USA China

2013 2014 2015 2016 2017

Better worldwide macroeconomics are the key drivers… But the special focus is on Europe

Real GDP % Annual Growth

Source: International Monetary Fund, World Economic Outlook Database, July 2016

15

But the special focus is on Europe

Hardwood and Eucalyptus Shipments (000 t and % annual growth)

Source: PPPC World 20

-0.3%

-0.8%

3.3%

3.8%

-0.8% -0.6%

6.0%

5.0%

-200

0

200

400

2012 2013 2014 2015

BHKP BEKP

16

Shipments of Eucalyptus Pulp

Global Market BEKP Demand

Paper Capacity increase in China

2014 2015 2016

FORECAST REALIZEDPREVIOUS FORECAST

LATEST FORECAST

LATEST FORECAST

Woodfree 256 256 760 980 1,000

Tissue 1,390 1,278 1,365 965 568

Cartonboard 2,100 1,326 730 900 630

Total 3,746 2,860 2,855 2,845 2,198

Source: Fibria and Independent Consultants

9M16 vs. 9M15(1)

(1) Source: PPPC Global 100 - September/2016

676kt

-114 -171

788kt

173

1,004kt

21 -149

966kt

166

Total North America WesternEurope

China Others

BHKP BEKP

6%

1% -2% -3%

11%

20%

3% 4%

(1) Source: PPPC Global 100 – September/2016

3%

-5%

97%

70%

75%

80%

85%

90%

95%

100%

105%

Jan

-13

Mar

-13

May

-13

Jul-

13

Sep

-13

No

v-1

3

Jan

-14

Mar

-14

May

-14

Jul-

14

Sep

-14

No

v-1

4

Jan

-15

Mar

-15

May

-15

Jul-

15

Sep

-15

No

v-1

5

Jan

-16

Mar

-16

May

-16

Jul-

16

Sep

-16

Min. = 78%

Operating Rate (shipments to capacity) - Hardwood (1)

17

So, what can we expect for 2016?

BHKP CAPACITY CHANGES

EXPECTED SCENARIO FOR 2016 IN NOV’15 FIBRIA’S EXPECTED SCENARIO FOR 2016

930

-120

-55

-90

-40

30

660

800


Net

Possible closures*

APRIL Kerinci

Verso Wickliffe

Woodland

Old Town (Expera)

Altri Celbi

Klabin

CMPC Guaiba II

-400 to -800

385 to 785

1,200

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

**Source: PPPC Outlook for Eucalyptus Market Pulp May 2015 (930kt) and

Fibria’s estimates

1,200

1,090

-130

-120

-90

0

30

600

800


Net

Unexpected Downtime

APRIL Kerinci

Woodland

APP South Sumatra

Altri Celbi

Klabin

CMPC Guaiba II

Positive Supply/Demand Balance!

18

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

Hardwood (BHKP) Producers – Integrated and Market Pulp Mills

Softwood (BSKP) Producers – Integrated and Market Pulp Mills

STRONG

Weighted average

technical age 12.3 years

Weighted average

capacity 1,350,000 t/a

Aracruz

Três Lagoas

Veracel

Jacareí

WEAK

STRONGWeighted average

technical age 21 years

Weighted average

capacity 534,000 t/a

North American Pulp Mills Other Pulp Mills

WEAK

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

PM Capacity, 1000 t/a

0

500

1000

1500

2000

051015202530

Technical age, years

PM Capacity, 1000 t/a

0

100

200

300

400

500

600

700

800

900

1000

051015202530

Technical age, years

Source: Poyry

19

Source: PPPC. RISI and Public information as of November, 1st

Closures of Hardwood Market Pulp Capacity Worldwide(000 ton)

Capacity closures DO happen

-910

-85

-1,260-1,180

-540-500

-105

-1,085

-445

-315

-985

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

(1) Realized closures: as of September 2016 | 2016: -90kt Woodland (USA), -100kt April Kerinci (Indonesia) | 2017: Resolute Calhoun: -40kt, -400kt April Kerinci (Indonesia), -80kt Taiwan P&P | 2017/2018: -275kt Arauco Valdivia (Chile)

Closures do not include temporary movements. Unexpected downtimes this year totaled 130kt (not included in the chart above).

Potential Additional

Conversions

20

Competitive Cash Production Cost BHKP (US$/t)

BHKP

capacity

(000’ t)

Source: Hawkins Wright (Price Forecast August 2016) and Fibria’s 3Q16 Earnings Release -FX considered by the consultant at R$/US$ = 3.19. Fibria with Horizonte 2 (H2) cash cost was estimated according to weighted average cost, after mill balance, converted at R$/US$=3.19. Includes energy sales.

453 437351 351

305 299232 206

145

52 54

11031

60 57

5648

57

505 491461

382 365 356

28843

39

7

115

91

20

20

408

359

USA China Canada Iberia Indonesia Chile/Uruguay Brazil Fibria 9M16 Estimated Fibria

w/ H2 - 2021

Cash Cost (US$/t) Delivery CIF Europe

BHKP (US$/t)

Capex

1,130 1,105 2,075 2,290 4,915 3,420 15,275 Total: 30,210BHKP

capacity

(000’ t)

SG&A

Income tax

Interest

WC=($31/t)

21

Gross capacity addition should not be counted as the only factorinfluencing pulp price volatility….(1)

Cap

acit

y A

dd

itio

ns

(00

0 t

on

)

0

0,5

1

1,5

2

2,5

0

200

400

600

800

1000

1200

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

BHKP BSKP

Valdivia

APP Hainan

Veracel Nueva Aldea

Santa Fé

Mucuri

FrayBentos

KerinciPL3

Três Lagoas

Rizhao

APP Guangxi

ChenmingZhanjiang

Eldorado

Montes del Plata

Maranhão

Guaíba II

APP South Sumatra(2)

Klabin

OjiNantong

Horizonte 2

Pu

lp p

rice

s -

CIF

Eu

rop

e (U

S$/t

on

)

(1) Source: Hawkins Wright , Poyry and Fibria Analysis. Pulp price estimates according to Hawkins Wright (Apr/16), Brian McClay (Jun/16) and RISI (Apr/16)(2) Partially integrated production.(3) Source: Bloomberg

Spread @Nov 1st: US$153/t(3)

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

22

► Market price closer to producer’s marginal cost

► The marginal cost producers are based in Europe and North America

► Flattish industry cost curve

► Higher flexibility to adjust supply side during imbalanced market

► Lower dependency on Asian market (~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 – October 25th, 2016

0

40

80

120

160

De

c-9

9A

pr-

00

Au

g-0

0D

ec-

00

Ap

r-0

1A

ug-

01

De

c-0

1A

pr-

02

Au

g-0

2N

ov-

02

Mar

-03

Jul-

03

No

v-0

3M

ar-0

4Ju

l-0

4N

ov-

04

Mar

-05

Jul-

05

No

v-0

5M

ar-0

6Ju

l-0

6N

ov-

06

Mar

-07

Jul-

07

No

v-0

7M

ar-0

8Ju

n-0

8O

ct-0

8Fe

b-0

9Ju

n-0

9O

ct-0

9Fe

b-1

0Ju

n-1

0O

ct-1

0Fe

b-1

1Ju

n-1

1O

ct-1

1Fe

b-1

2Ju

n-1

2O

ct-1

2Fe

b-1

3Ju

n-1

3O

ct-1

3Ja

n-1

4M

ay-1

4Se

p-1

4Ja

n-1

5M

ay-1

5Se

p-1

5Ja

n-1

6M

ay-1

6Se

p-1

6

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

23

Lowest volatility among commodities

Source: Bloomberg – October 28th, 2016

Low volatility of hardwood pulp price, even though

new capacities have come on stream during the period.

20

50

80

110

140

170

200

230

Jan

-12

Feb

-12

Ma

r-1

2

Ap

r-1

2

Ma

y-1

2

Jun

-12

Jul-1

2

Au

g-1

2

Se

p-1

2

Oc

t-1

2

No

v-1

2

De

c-1

2

Jan

-13

Feb

-13

Ma

r-1

3

Ap

r-1

3

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

Oc

t-1

3

No

v-1

3

De

c-1

3

Jan

-14

Feb

-14

Ma

r-1

4

Ap

r-1

4

Ma

y-1

4

Jun

-14

Jul-1

4

Au

g-1

4

Se

p-1

4

Oc

t-1

4

No

v-1

4

De

c-1

4

Jan

-15

Feb

-15

Ma

r-1

5

Ap

r-1

5

Ma

y-1

5

Jun

-15

Jul-1

5

Au

g-1

5

Se

p-1

5

Oc

t-1

5

No

v-1

5

De

c-1

5

Jan

-16

Feb

-16

Ma

r-1

6

Ap

r-1

6

Ma

y-1

6

Jun

-16

Jul-1

6

Au

g-1

6

Se

p-1

6

Oc

t-1

6

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

101

168

84

97

4650

100 = January 1, 2012

37% 35% 34%

27% 26% 25% 24% 23%

17%14%

6%

WTI Crude Oil Sugar Nickel Iron Ore Copper Soy Ibovespa LME Metals Cattle FX BHKP

2Since January 1, 2009 up to October 28th, 2016

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

24

Financial and Operational Highlights

25

Each 5% depreciation of the Real increases EBITDA by aroundR$420m and FCF by R$550m

815

1,488

1,173 1,1531,295 1,185

1,560

1,241

2009 2010 2011 2012 2013 2014 2015 3Q16 LTM 2016 (e)

Exchange Rate Average (R$/US$)

EBITDA Margin

EBITDA (US$ million)

Fibria net pulp price(US$/t)

Fibria net pulp price(R$/t)

2.00 1.76 1.67 1.95 2.16 2.35 3.33 3.62 3.43(1)

456

670 639 581 610 572 582

528 506(2)

29%

40%34% 36%

40% 39%

53%48%

912 1,179 1,067 1,133 1,311 1,3441,951 1,911 1,736

(1) According to Focus Report (Brazilian Central Bank – November 4th, 2016) I (2) 2016 market consensus

26

Cash Production Cost (R$/t) – 3Q16

659 662

624

638

3Q15 2Q16 3Q16

- 4%

Operational stability Wood FX

• X

659 638

(55) 27 14 ( 10 ) ( 7 ) 6 4

3Q15 Maintenancedowntimes

Wood Utilities Chemicals andenergy

FX Materials andServices

Others 3Q16

-3.2%

Cash Production Cost (R$/t) – 3Q16 LTM

Ex-downtime

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

Consistently controlling the

cash production

cost

27

Cash Production Cost in dollars saw a decrease over the past 7 years

(1) Constant Currency. (2) Excludes Conpacel

231

264281

242234

220

186 184

2009 (2) 2010 (2) 2011 2012 2013 2014 2015 3Q16

LTM

Net Results (US$ million) – 9M16

28

(1)

827

494493

192(85)

(395)

(394)

(144)

AdjustedEBITDA

FX Debt MtMhedge

NetInterest

Deprec., amortiz. and

depletion

Taxes Others NetIncome

Non-recurring effects

∆∆

deferred

current

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

29

234

124

( 172 ) ( 18 ) 101

( 21 ) ( 0 )

Adjusted EBITDA Capex(ex-H2 project

and pulp logistics)

Net interest Working capital Income tax Others FCF(2)

(1) Does not consider Horizonte 2 Project and pulp logistics projects.(2) Includes other financial results.

KlabinEffect

Free Cash Flow – 3Q16 (1) (US$ million)

30

ROE and ROIC (R$)

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

(1) Adjusted EBITDA – CAPEX – Net Interest – Taxes (2) International accounting standards for biological assets.(3) Adjusted EBITDA – CAPEX – Taxes

AverageFX

(R$/US$)1.95 2.16 2.35 3.33 3.62 1.95 2.16 2.35 3.33 3.62

AverageNet Pulp

Price(US$)

581 610 561 586 531 581 610 561 586 531

AverageFX

(R$/US$)

AverageNet Pulp

Price(US$)

3.4%5.7% 6.2%

25.1%

16.1%

2012 2013 2014 2015 3Q16UDM

6.9%9.2%

8.0%

22.8%

15.6%

2012 2013 2014 2015 3T16UDM

31

Indebtdeness

(1) Considering the portion of debt in reais fully adjusted by the market swap curves at the end of each period.

Gross Debt and Cash Position (R$ million)

473414 408

350

268

200141 158

96143

10878

45 39 39 54

2009 2010 2011 2012 2013 2014 2015 3Q16 LTM

6.3 5.95.5 5.2

4.6

3.4 3.3 3.3

Interest Expense (Gross)Average cost in US$ (% p.a.)

Net Debt (Million) and Leverage

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

12,526 12,70514,192

818 2,983 3,572

Sep/15 Jun/16 Sep/16

Gross debt Cash

9,578 9,722 10,620

2,411 3,029 3,272

Sep/15 Jun/16 Sep/16

R$ US$

2.07

1.822.33

1.58

2.102.64

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

Interest on Financial Investments

6.3 5.95.5

5.24.6

3.4 3.3(1)

Cost of debt

32

1.1

0.5

0.20.3

0.5

0.90.7

0.6

0.1

0.3

0.6

0.0 0.0 0.0

Liquidity 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Pre-Payment BNDES

ECN ACC/ACE

Voto IV Bonds

Finnvera CRA & Other

Cash (1)

Revolver

1.6

Liquidity

Liquidity(1) and Debt Amortization Schedule (US$ billion)

Capex H2 (2):

(1) Not including US$1 million related to MtM of hedging transactions. | (2) Financial execution of US$857 million capex until September 30th, 2016. Considering FX R$/US$ = 3.3326.

0.10.90.4

0.4

1.10.2

0.7

0.1

0.1 0.11.3

Export Pre-Payment CRA BNDES (4) FDCO ECA Working capitalrelease Klabin

Total

3Q153Q15

0,1 - 2017

0.30,2 - 4Q160,5 - 2Q17

0,2 – 4Q16

0,2 - 4Q16

0.3

0.2

2.4

Horizonte 2 Funding (US$ billion)

Funds withdrawn until September 30th, 2016. Contracted funds to be withdraw.

(3) H2 Capex to be executed as of 3Q2016| (4) R$ 423 million disbursed in Oct 18th 2016.

Excess cash of US$ 0.1 bi

Horizonte 2 Project US$ 2.3 bi

33

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-/Negative BBB-/Stable BBB-/Stable BB+/Stable BB+/Stable

Moody’s Ba1/Negative Baa3/Stable Baa3/Stable - Ba2/Stable

Fitch BBB-/Stable BBB/Stable BBB+/Stable BBB-/Negative BB+/Positive

(1) Fibria’s historical data in BRL.

2.3

2.4

5.1

3.4

8.1

4.2

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

Fibria Suzano Klabin CMPC Arauco Eldorado

34

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

(1) G-spread on October 27th, 2016

Historical G-spread (bps)

BBB-

BBB-

Rating Outlook

Stable

Stable

0

200

400

600

800

1000

1200

1400

2010 2011 2012 2013 2014 2015 2016

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

258 280 294 295 309 314376 386 395 434 472

1,240

BRAZIL BRFOODS GLOPAR VALE FIBRIA EMBRAER BRASKEM KLABIN SUZANO GERDAU PETROBRAS ELDORADO

35

CAPEX 2016

36

2016 Capex Reduction

2.1 2.1

5.4

4.0

0.7

0.1

Reported onJan. 31, 2016

Current

Maintenance

and others

Horizonte 2

Pulp

Logistics 6.2

8.2

2016 Total Capex (R$ billion)

R$2.0 billionreduction

71% of capex reduction on pulp logistics projects

26% of capex reduction on Horizonte 2 project

(0.6)

(1.4)

37

Capex – Timetable

Actual

20152016 2017

2018

onwardsTotal

Pulp logistics

Previous - 0.2 0.4 0.1 0.7

% - 22% 61% 17% 100%

Current - 0.2 0.4 0.1 0.7

% - 22% 61% 17% 100%

Horizonte 2

Project

Previous 0.2 4.2 3.0 0.3 8.7

% 3% 55% 39% 3% 100%

Current 0.2 4.0 3.1 0.2 7.5

% 3% 55% 39% 3% 100%

Total

Previous 0.2 4.4 3.4 0.4 9.4

% 2% 53% 40% 5% 100%

Current 0.2 4.2 3.5 0.3 8.2

% 2% 51% 43% 4% 100%

38

Fibria is able to create value for its shareholders with capital discipline

INDUSTRY

CONSOLIDATION ?

PULP

Growth with discipline

Best portfolio of projects

DIVIDENDS

BIO-ENERGY AND

OTHER OPPORTUNITIES

Complementary to pulp

Portocel

Land and forest

FREE CASH FLOW

WITHOUT JEOPARDIZING CREDIT METRICS

39

BACK UP

40

Expansion Project – Horizonte 2

41

• Follow the growth of strategic customers

• Developing new customers

• Distribution to new geographic markets

• Efficiency and competitiveness gains in logistics

• Higher quality in customer service

• Greater ability to capture new expansion market windows

• Strong M&A position

Competitiveness

Commercial

positioning

Long-term growth

potential

What is the importance of growth for Fibria?

• Wider fixed costs dilution

• Cost curve position improvement

• Greater bargaining power with suppliers

42

Why expand Três Lagoas?

• 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 130 MWh

Start-up: 4Q2017

Capacity: 1.95 million tons

ESTIMATED BHKP CAPACITY RANKING 2017 (000T)

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

0 2000 4000 6000 8000

Others

Klabin

Domtar

Pulp Mill Holding

Lwart

Portucel Soporcel

Georgia-Pacific

Resolute

Verso

Nippon Paper

Mondi

Oji

Mitsubishi

Marubeni

IP

Altri

ENCE

Cenibra

Arauco

Stora Enso

UPM

Eldorado

APP

Suzano

RGE/APRIL

CMPC

Fibria 8,150

Current Capacity

New Capacity

New Capacity – Klabin Agreement

New Capacity – Horizonte II Project

43

Pulp sales destination: Fibria growing where the market grows

(1) Considers 3Q16 last twelve months. | (2) Includes Klabin’s sales volume

37%

36%

40%

27%

19%23%

8%10%

Total sales volume distribution

after H2 start up(2)

Current net revenue distribution(1)

44

Fibria’s production volumes

5,188 5,231 5,184 5,299 5,259 5,274 5,185

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

660

900 900 900 900 900

1,740 1,850 1,950 1,950 1,950

7,940 8,050 8,150 8,150 8,150

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

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

(1)The volumes in 2016, 2017 and 2018 will depend on the learning curve of the plants. The agreement with Klabin may be renewed by mutual consent.

45

Horizonte 2 project – site overview

Capex (R$ billion)(1)

Acc. executionup to 9M16

To be executeduntil 2018

Total

2.9 4.6 7.5

60% physicallycomplete

2015 2016

Startup

2017

38% financial execution

(1) Capex disbursement (cash).

Startup in the beginning of 4Q 2017

Ahead of schedule and below budget

Production capacity increase to 1.95 million t/year

46

Forestry Base

Forestry base required:

H1: 120,000 ha

H2: 187,000 ha

Total: 307,000 ha

Average distance from forest to mill H1 + H2 -> up to 100 km (1st cycle)2nd cycle average distance should decrease due to less need for 3rd party wood

47

Logistics

Mato Grosso

Mato Grosso do

Sul

Goiás

Brasilia

Port Terminal 32

48

CapexFlexibility in the Timetable, without changing the startup date

Total Capex (R$ billion)

Capex timetable (R$ billion) 8.7

7.5

Previous forecast Current forecast

- R$ 1.2 billion

US$ 2.4 bi (1) US$ 2.3 bi (1)

(1) FX = 3.56 R$/US$ on previous forecast. FX = 3.33 R$/US$ on current forecast.

0.2

4.0

3.1

0.2

2015 2016 2017 2018

3%

53%

41%

3%

49

FundingCost and maturity

Amortization Schedule (2) – 3Q16 Proforma with TLS II – US$ million

3Q16 2Q16 + H2

Average Cost (US$ p.a)(1)

Average Maturity (years)

3.3%

4.1

3.1%

4.5

H2

2.6%

6.1

(1) Considering swap curves. | (2) FX considering new funding for the TLS II Project: 3.2098

228

315

536

868

732

577

76

317

648

4614 14

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Pre-Payment BNDES ECN Voto IV Bonds Finnvera CRA & Other

50

Investment Grade reaffirmed with stable outlook, despite the sovereign downgrade

“Its robust performance should provide enough resources to fund the equity portion

of its new pulp mill, Horizonte 2, and would help it to reduce leverage towards the

end of 2017, when the new mill starts operations. We expect leverage metrics to

remain slightly under pressure this year due to the debt load from the investment. But these metrics should gradually decline in 2017 and 2018.”

“Leverage to Temporarily Increase: Fitch projects net leverage to remain below 2.5x

during the construction of the Três Lagoas mill, quickly declining to below 1.5x by the

end of 2018.”

(1) According to rating agency methodology

April, 2016

Feb, 2016

51

UNIT R$ US$

Pulp production/year k tons 1,950 1,950

Expansion capex(1) $ billion 7.5 2.3

Expansion capex(1) $/t 3,854 1,159

Sustaining capex(2) $/t 206 63

Cash production cost(3) $/t 326 99

Energy surplus MWh 130 130

Project approval FX R$/US$ 2.80 -

All in cash cost (estimated range)(4) $/t - 270-320

Net pulp price(5) $/t - 506

Free Cash Flow (estimated) $/t - 186-236

Payback period (estimated) years - 4.9-6.2

Horizonte 2 project assumptions

(1) Includes chemical leasing and investments in order to increase capacity to 1,950 kt/year ([email protected]).

(2) Estimated sustaining capex in perpetuity (FX @ 3.30).

(3) Estimated weighted average cost, after mill balance. Includes energy sales (FX @3.21-3.30).

(4) Cash cost + freight + SG&A + Sustaining Capex + Interest + taxes (FX @ 3.30)

(5) 2016 market consensus.

52

Final Remarks

• Economies of scale

• Synergies with current operations

• Wood availability and low distance from forest to mill

• Fibria’s total energy surplus to be increased by 130 MWh

• Cash cost competitiveness

• Meet customers’ demand growth

• Attractive returns even in adverse scenarios of pulp price and BRL

• Solid financial profile

53

Dividends

54

►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

Policies approved by the Board of Directors

55

Approval of Dividend Policy

►Proposed dividends based on cash generation, taking into considerationthe company’s strategic planning and in line with its policies, notably the

Indebtness and Risk Management policies.

►Preserving Investment Grade.

Commitment to Corporate Governance best practices.

Extraordinary dividend if Policy criteria are met.

56

Dividends

Dividend yield as of Dec, 31, 2015 = 7.5% (R$) | 8.3% (US$)Dividend yield as of Dec, 31, 2014 = 11.6% (R$) | 8.7% (US$)

OGM: Dividenddistribution approval: minimum compulsory + additional

April 28, 2015 May 14, 2015

Dividend Payment ofUS$49 million

EGM: Interim DividendPayment Approval

Nov. 30, 2015 Dec. 9, 2015

Dividend Payment ofUS$532 million

Oct. 22, 2015

Dividend PolicyApproval

April 27, 2016

Dec. 17, 2015

Dividenddistribution proposal of US$78 million(2)

approved by the Board of Directors

OGM approveddividend distributionof US$80 million(1)

(1.1% of dividend yieldas of Dec, 31, 2015).

Mid-May, 2016

Dividend payment ofUS$80 million.

2015

2016

Mid-November, 2016

Extraordinarydividendappraisal

Mid-December, 2016

Extraordinarydividend payment(if approved)

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

57

Dividends vs. Leverage

148

2,000

304

2.30

1.95

1.58

1.781.86

2.10

2.64

0,00

0,50

1,00

1,50

2,00

2,50

3,00

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

Dividends (R$ million) Leverage (x)

58

Historical Dividend Yield(1)

(1) Source: Bloomberg – Financial Analysis - Multiples

ConsideringMarket Capas ofDecember, 31st, 2015

59

Best dividend yields of 2015 among Brazilian corporate issuers

Source: Economática – the dividend yield calculation considers share price at the beginning of 2015

Dividends per share (R$)

Dividend Yield(%)

Cesp 4.85 20.78

Fibria 3.88 11.60

Santander BR 0.46 9.81

Qualicorp 1.89 7.02

MRV 0.39 5.55

BBSeguridade 1.68 5.53

TelefBrasil 2.73 5.32

Natura 1.48 4.67

Braskem 0.61 4.64

CSN 0.41 4.48

60

Cost reduction initiatives and industry statistics

61

Structural Competitiveness

1. Third-party wood reduction

2. Forestry operations productivity

3. Industrial

NPV: US$0.7 billion

NPV: US$0.6 billion

NPV: US$0.1 billion

Total : US$1.4 billion


63

CHALLENGESBENEFITS

788

Thir

d-p

arty

wo

od

(%)

22

5

19

3

19

7

18

7

18

1

19

4 24

2 31

1 35

0

27

8

23

9

19

0

17

3

17

0

16

7

16

6

16

4

0

50

100

150

200

250

300

350

400

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

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

Average distance from forest to mill Third-party wood

Third party wood increase from previous forecast due to recent rain shortage at Aracruz Unit forest base and optimization of Três Lagoas forest base

The average distance will drop sharply generating an Opex reduction

(1) Does not include Veracel but considers H2 Project forest base | (2) FX @ R$/USD3.33.

Ave

rage distan

ce from

forest to

mill (km

)

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

NPV from peak to normalized level(2):CAPEX: R$1.3 billion (USD 0.4 million) | OPEX: R$0.9 billion (USD 0.3 million)

Total NPV:R$2.2 Bi orUSD 0.7 Bi

► Most part of the standing wood was already paid

► Despite the higher forest to mill distance, the wood from Losango is less expensive than the

available wood from around Espírito Santo and Bahia States

► Positive impact over industrial costs due to better productivity


Losango

63

The distribution costs by classes help us to apply resources in order to optimize wood production

10%

20%

40%

20%

10%10%

36%33%

15%

6%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

01 - Diamond 02 - Gold 03 - Silver 04 - Bronze 05 - Lead

Current effective area Future effective area


CLASSIFYING THE FOREST BASE BY CATEGORIES

Structural change improving competitiveness

64

Possible Restrictions

Declivity

0: Higher than 35°

1: Btw 24°and 35°

2: Btw 0° and 24°

ConservationAreas

0: Within CAs(1)

1: Within EPA(2) andEBZ(3)

2: Out of EPAs andEBZ

Municipal Restrictions

0: Total restrictions1: Partial restrictions2: No restrictions

EPA Altitude

0: Higher than1800m1: Lower than1800m

Urban Zones

0: Urban Zones1: Outside urbanareas

Remnants ofnativevegetation

0: Remnants areas1: Outside remnantsareas

Possible Impediments

Possible combinations

X 0, 1 and 2, removed;

4 e 8, high potential(1) Conservation Areas(2) Envionmental Protection Areas(3) Environmental Buffer Zones


Identifying opportunities based on these combinations

65

Roads

Transportation

SilvicultureHarvest


Cost and Capex KPIs were also included in this geo-model

66

Mixed Harvest Mechanization (Hilly areas)


► 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

PROJECT DESCRIPTION (JACAREÍ UNIT)

Harvest

67

PIFF

► Freight cost reduction;

► Increased load box for timber/woodchip transport

► Use of lightweight steel;

► Operational risk reduction (flipping);

► Investment: R$33 million


► Startup: 2015 / 2016

PROJECT DESCRIPTION (ARACRUZ, JACAREÍ AND TRÊS LAGOAS UNITS)

Timber transportation Woodchip transportation


Transportation

68

Maritime Wood Shipping Project

► Capex and Opex reduction;

► Increase in cargo handling due to increase in

stack height volume

► Reduction in heavy truck road traffic



► Startup: Jan/2017

PROJECT DESCRIPTION (ARACRUZ UNIT)


Transportation

69

10%

30%

50%

70%

90%

100%

0%

20%

40%

60%

80%

100%

2015 2016 2017 2018 2019 2020

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

70

3. 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


71

Biological Sludge Dryness Process

3. Industrial: Biological Sludge Dryer

► Variable cost reduction associated

with the disposal of sludge operations

in external landfill



► Startup: Dec./2016

PROJECT DESCRIPTION (JACAREÍ UNIT)

Operational Flow – Conditioning and biological sludge burn

•00Effluent+Sludge

Aeration Tank

Biological

Sludge Tank

•00Biomass Pile

Sludge Dryer

Biomass

Boiler

Sludge drying and burn in biomass boiler

72

73

Global Market Pulp Demand

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

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

Source: PPPC report (Sept. 2015) Source: PPPC reports. Excludes Sulphite and UKP market pulp (Sept./15)

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

40.000

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

Hardwood Softwood

2014 - 2019 CAGR:Hardwood: +2.5%Softwood: +0.8%

000 ton 1999 2009 2019

Growth

1999-

2009

Growth

2009-

2019

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%

Paper Production – Runnability with BHKP

Source: RISI conference, August 2014.

74

World Tissue Consumption, 1995-2015(3)

Per Capita Consumption of Tissue by World Region(3)China's Share of Market Pulp(2)

10% 10%12% 14%

21%

17%

22%23% 23% 24%

25%

0

2

4

6

8

10

12

14

0%

5%

10%

15%

20%

25%

30%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Eucalyptus Hardwood Total % Compared to the global Market Pulp

(Kg/capita/year)

(million t) (kg/person/year)

Between 2005 and 2015, the Chinese market share of eucalyptus shipments increased by 20 p.p. (total market pulp: + p.p.)

0

5

10

15

20

25

30

35

40

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

Annual Growth Rate +3.7%

Benefiting From China’s Growth

(1) PPPC – Pulp China – Flash Report – March 2016(2) PPPC – W20. Coverage for chemical market pulp is 80% of world capacity (3) RISI

(million t)

Latin America is the leading exporter of BHKP to China, accounting to approximately 55% of China's total imports in 9M16.

(‘000s t)

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

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

6.937

3.701

1.558 1.374

147 151 6

7.725

4.266

1.465 1.667

142 145 40

BHKP Total LatinAmerica (1)

Indonesia Others(2) USA Canada WesternEurope

9M15 9M16

25

15 15

11

6 65

1

N.America

WestEurope

Japan Oceania EastEurope

LatAm China Africa

75

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

Source: Bloomberg and PPPC – W20 report.

74

199

-

50

100

150

200

250

China GDP Eucalyptus Shipments

76

Commodities Differentiation

China GDP breakdown

China commodity demand - basis 100

49% 49% 48% 49% 49% 50% 50% 52% 51% 53% 53%

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

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

201194172

152

124115

Source: Itaú Macroeconomic Department and PPPC – Oct/15

77

Global Paper Consumption

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

P&W Consumption (000 tons)(1)

Tissue Consumption (000 tons)(1)

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

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

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

Source: RISI

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

E

20

16

E

20

17

E

20

18

E

20

19

E

20

20

E

Developed Markets Emerging Markets

99,977103,286117,611 109,758

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

E

20

16

E

20

17

E

20

18

E

20

19

E

20

20

E

Developed Markets Emerging Markets

20,979

30,357

41,712

78

Shipments of Eucalyptus Pulp

Global Market BEKP Demand

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

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

CAGR 2012-2015

3,787kt

387 kt662 kt

1,980 kt

758 kt

8%

7%

3%

19%

6%

Total North America Western Europe China Others

79

Benefiting From China’s Growth

Ship

men

ts (

00

0 t

on

)

BH

KP

pri

ces

-C

IF C

hin

a (U

S$/t

on

)

(‘000s t)

China: Eucalyptus pulp shipments

2010

average:

250 ktons

2011

Average

379 ktons

2012

Average

370 ktons

2013

Average

439 ktons

2014

Average

504 ktons

2015

Average

538 ktons

2016

Average

619 ktons

Source: PPPC Global 100

0

100

200

300

400

500

600

700

800

900

0

100

200

300

400

500

600

700

800

900

mai

-10

jun

-10

jul-

10

ago

-10

set-

10

ou

t-1

0o

ut-

10

no

v-1

0d

ez-1

0ja

n-1

1fe

v-1

1m

ar-1

1ab

r-1

1m

ai-1

1ju

n-1

1ju

l-1

1ag

o-1

1se

t-1

1o

ut-

11

no

v-1

1d

ez-1

1ja

n-1

2fe

v-1

2m

ar-1

2ab

r-1

2m

ai-1

2ju

n-1

2ju

l-1

2ag

o-1

2se

t-1

2o

ut-

12

no

v-1

2d

ez-1

2ja

n-1

3fe

v-1

3m

ar-1

3ab

r-1

3m

ai-1

3ju

n-1

3ju

l-1

3ag

o-1

3se

t-1

3o

ut-

13

no

v-1

3d

ez-1

3ja

n-1

4fe

v-1

4m

ar-1

4ab

r-1

4m

ai-1

4ju

n-1

4ju

l-1

4ag

o-1

4se

t-1

4o

ut-

14

no

v-1

4d

ez-1

4ja

n-1

5fe

v-1

5m

ar-1

5ab

r-1

5m

ai-1

5ju

n-1

5ju

l-1

5ag

o-1

5se

t-1

5o

ut-

15

no

v-1

5d

ez-1

5ja

n-1

6fe

v-1

6m

ar-1

6ab

r-1

6m

ai-1

6ju

n-1

6ju

l-1

6ju

l-1

6ag

o-1

6se

t-1

6

80

Global BHKP Market Pulp Supply Cost Curve

Source: Pöyry.

COST CURVE EVOLUTION

USD

/Ad

t, 2

01

3 c

ost

leve

l

Cumulative Capacity Million t/a

Cost position of marginal

producer

81

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

Source: Pöyry.

82

Notional (Total): US$ 1,475 million

Current Zero Cost Collars

*forward curve Sept/2016.

4T16 1T17 2T17 3T17 4T17 1T18 2T18 3T18

Notional (USD MM) 295 291 239 255 245 105 30 15

Fwd (BRL/USD) 3,30 3,39 3,47 3,55 3,62 3,69 3,76 3,83

Put 3,36 3,40 3,45 3,40 3,56 3,62 3,62 3,70

Call 6,62 5,38 5,70 5,96 6,60 5,50 5,77 5,67

Free Cash Flow(1)

83(1) Before expansion capex

US$ million

EBITDA Margin

Average FX

-77

-7

125

29

77

194

84113

53

329

4

111

51

103130

112

317

225

158

118 124

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

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 3.84

33% 28% 30% 37% 37% 41% 39% 39% 41% 4'2% 41% 35% 35% 45% 50% 50% 56% 54% 52%

3.90 3.51

43% 43%

3.25

84

Fibria’s tax structure

(1) Considering FX 3.2460 | (2) Considering average FX for the period

Description and Amount Maturity

(a) Operating income As stated in the income statement

(-)(b) Goodwill (Aracruzacquisition)

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

- Remaining Balance Sept/16: US$ 0.196 billion (base)2018

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

2016 tax deduction related to depletion: US$ 21 million Undefined

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

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

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

Tax base beforecompensations

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

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

- Balance up to Sept/16: US$ 382 million (base)Undefined

(g) Tax base Tax base before compensations – tax loss carryforward (f) ----------

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

(i) (-) Federal tax credits

Balance June/2016:-PIS/COFINS: US$ 218 million

-Advanced tax payment (IR and CSLL): US$ 315 million- Reintegra: US$ 26 million

Undefined

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

2010 2011 2012 2013 2014 2015 9M16

US$ 9 million US$ 2 million US$ 8 million US$ 14 million US$ 12 million US$ 23 million US$ 28 million

TAX PAYMENT(2) (cash basis)

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