18th Annual Santander Brazil Conference - Corporate Presentation

August, 2017

2

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

Disclaimer

3

Pulp and Paper Market2Financial and Operational Highlights3

Company Overview1

2017 Outlook – CAPEX and Cash Cost4Expansion Project – Horizonte 2

Back up65

4

Company Overview

5

Shareholder Structure and Corporate Governance

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

Votorantim S.A. (1)

29.42%

BNDESParticipações (1)

29.08%

FreeFloat (2)

41.33%

► Only 1 class of shares → 100% voting rights

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

► Board of Directors with minimum 20% independent members

► Financial Statements in International Standards – IFRS

► Adoption of Arbitration Chamber

► SEC Registered ADR Level III program

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

Policies approved by the Board of Directors:

Fiscal Council

Board of Directors

20% independent members

Role of CEO andchairman is split

Personnel and Remuneration

Committee

Statutory Audit

Committee

Finance Committee

Sustainability Committee

Innovation Committee

30% independent

members

100% independent

members

50% independent members

45% independent members -

General Meeting

► Indebtedness and Liquidity

► Market Risk Management

► Risk Management

► Corporate Governance

► Related Parties Transactions

► Anti-Corruption

► Information Disclosure

► Securities Trading

► Antitrust

► Genetically Modified Eucalyptus

► Dividend Policy

► Sustainability

6

A Winning Player

Port Terminal Pulp Unit

Três Lagoas Unit and Horizonte 2 Project

Santos

AracruzPortocel

Caravelas

BelmonteVeracel

Jacareí

Superior Asset Combination Main Figures – 2Q17 LTM

Pulp capacity(1) million tons 5.300

Net revenues US$ billion 3.010

Total Forest Base(2) thousand hectares 1,056

Planted area(2) thousand hectares 633

Net Debt US$ billion 3.810

Net Debt/EBITDA (in Dollars)(3) X 3.75

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.

7

Fibria’s Units Industrial Capacity

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

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

1

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 – 2Q17 End Use – 2Q17

39% 41% 43%36% 34%

28% 24% 24%

22% 20%

24% 25% 24%32% 36%

9% 10% 9% 10% 10%

2013 2014 2015 2016 2Q17

Europe North America Asia LatAm

34%

20%

36%

10%

Europe

North America

Asia

LatinAmerica

49%

32%

19%

Tissue

Printing &

Writing

Specialties

9

Leadership Position

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

Recycled Fiber 244 million t

46% 54%

59%

18% 82%

59% 41%

41%

33% 67%

23%77%

Fiber Consumption414 million t

Pulp 170 million t

Chemical142 million t

Mechanical28 million t

Integrated Mills 83 million t

Market Pulp 59 million t

Hardwood32 million t

Other Eucalyptus Pulp producers:

17 million t

Softwood/Other 27 million t

Acacia/Other 9 million t

Eucalyptus23 million t

Industry Outlook(1)

10

Pulp Supply Agreement: Puma Project

► Pulp volumes:

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

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

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

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

► Sales destination: Globally, except for South America

► Operational startup: Mar/2016

► Agreement benefits:

Puma Project

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

Logistics and commercial structure synergies;

Ensure sales volumes;

Ensure pulp market access with Klabin brand.

Logistics and commercial optimization and synergies;

Support customers’ growth and enhance customers’ needs;

Potential development of new customers.

Klabin’s sales volume (kt)

2Q16 3Q16 4Q16 2016 1Q17 2Q17

131 164 183 478 204 202

11

Pulp and Paper Market

12

2016 Global growth has “ONLY” been relying on China

2013 2014

2015 2016

5.3%

5.5%

-0.2%

19.0%

-300

0

300

600

900

1200

1500

Global NA WE China

3.3%

5.2% 2.0%5.2%

-300

0

300

600

900

1200

1500

Global NA WE China

3.3%

-3.5%

3.7%6.2%

-300

0

300

600

900

1200

1500

Global NA WE China

4.3%

-4.4% -2.6%

20.2%

-300

0

300

600

900

1200

1500

Global NA WE China

Source: PPPC Global 100

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

13

SO WHAT CAN WE EXPECT IN 2017 ?

BHKP CAPACITY CHANGES

FIBRIA EXPECTED SCENARIO FOR 2017 AT END OF 2016

1,350

800

-550

-60

-40

-55

-300

-100

100

300

1,000

500

BEKP demand growth¹

Net

Unexpected Closures,…

Navigator Cacia

Resolute Calhoun

Taiwan P&P

APRIL Rizhao

APRIL Kerinci

Metsa

Fibria TLS II

APP OKI

Klabin

1,350

275

-200

-250

-40

-55

-420

-270

-390

100

300

1,000

500

BEKP demand growth¹

Net

Unexpected Closures,…

CMPC

Resolute Calhoun

Taiwan P&P

APRIL Jiangmen

APRIL Rizhao

APRIL Kerinci

Metsa

Fibria TLS II

APP OKI

Klabin

FIBRIA EXPECTED SCENARIO FOR 2017, TODAY:

APRIL -1,080(2)

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

Unexpected Closures,Conversions and Downtime

Unexpected Closures,Conversions and Downtime

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

(‘000 t)

14

WE EXPECT A COMBINATION OF THE FOLLOWING FACTORS

Not only, a good « BEKP Demand/Net Capacity increase » ratio: ≈ 1.75, which is well above the last 3 years

But also, a more WIDESPREAD demand between the regions!

USA: a recovery of the demand for Eucalyptus mainly triggered by a few local HW closures (temporarily or not)

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

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

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

China: an on-going increase of the demand for Eucalyptus Pulp New paper capacities: 2.3 million tons/y of which:

Tissue = 600 kton/y UWF = 400 Kton/y

On-going substitution of non wood fibers and old pulp mills

15

Shipments of Hardwood and Eucalyptus Pulp

Global Market BEKP Demand

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

CAGR BEKP 2012-2016(2)

2,073kt

109 kt

351 kt

1,275kt

338 kt

12%

6%5%

29%

7%

Total NorthAmerica

WesternEurope

China Others

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

Hardwood inventories – in days(1)

6M17 vs.6M16(1)

772kt

-11 kt

671kt

201kt46 kt

-76 kt

330kt

Total NorthAmerica

West Europe China Others

BHKP BEKP

650kt

260kt

-89 kt

5%

5%

5%-1% -2% -2%

13%

7%4%

13%

99%

70%

75%

80%

85%

90%

95%

100%

105%

Jan

-14

Mar

-14

May

-14

Jun

-14

Au

g-1

4O

ct-1

4D

ec-

14

Feb

-15

Ap

r-1

5Ju

n-1

5A

ug-

15

Oct

-15

De

c-1

5Fe

b-1

6A

pr-

16

Jun

-16

Au

g-1

6O

ct-1

6D

ec-

16

Feb

-17

Ap

r-1

7Ju

n-1

7

37

33

35

37

39

41

43

45

47

49

Feb

-13

Ap

r-1

3Ju

n-1

3A

ug-

13

Oct

-13

De

c-1

3Fe

b-1

4A

pr-

14

Jun

-14

Au

g-1

4O

ct-1

4D

ec-

14

Feb

-15

Ap

r-1

5Ju

n-1

5A

ug-

15

Oct

-15

De

c-1

5Fe

b-1

6A

pr-

16

Jun

-16

Au

g-1

6O

ct-1

6D

ec-

16

Feb

-17

Ap

r-1

7Ju

n-1

7

Avg=40

Avg = 91%

16

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

Hardwood (BHKP) Producers – Integrated and Market Pulp Mills

Softwood (BSKP) Producers – Integrated and Market Pulp Mills

STRONG

Weighted average

technical age 12.3 years

Weighted average

capacity 1,350,000 t/a

Aracruz

Três Lagoas

Veracel

Jacareí

WEAK

STRONGWeighted average

technical age 21 years

Weighted average

capacity 534,000 t/a

North American Pulp Mills Other Pulp Mills

WEAK

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

PM Capacity, 1000 t/a

0

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

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

Closures of Hardwood Market Pulp Capacity Worldwide(000 ton)

Capacity closures DO happen

-910

-85

-1,260-1,180

-540-500

-105

-1,085

-445

-315

-670

-1,410

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

(1) Closures/conversion/integration 2016: -25 kt Guangdong Dingfeng, -30 kt Verso Wickliffe, -200 kt APRIL Kenrinci, -80 kt Taiwan P&P, -110 kt Woodland, -20 kt BILT, -205 kt IP. (2) Closures/conversion/integration 2017 (-1,155 kt): -55 kt Taiwan P&P, -40 kt Resolute Calhoum, -250 kt APRIL RIZHAO, -390 kt APRIL Kenrinci, -420 kt APRIL Jiangmen. 2018 (-255 kt): -60 kt

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

(2)

Closures do not include temporary movements.(approx. 840 kt in 2017)

Potential Additional

Conversions

18

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

454 427

343 337298 289

237 221158

5654

110

3160 55

6352

61

40

37

6

6

134

90

38

38

439

339

USA China Canada Iberia Chile/Uruguay Indonesia Brazil Fibria 2Q17LTM

EstimatedFibria w/ H2 -

2021

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

BHKP capacity (‘000 t)

1,040 1,675 1,100 2,325 4,915 4,060 16,265 TOTAL: 31,380

Interest

CapexIncome taxSG&A

WC=($52/t)

Sources: Hawkins Wright (Production Costs April 2017) and Fibria’s 2Q17 Earnings Release-FX considered at R$/US$ = 3.12 (Brazil and Fibria). Fibria with Horizonte 2 (H2) cash production cost was estimated according to weighted average cost, after mill balance, converted at R$/US$ = 3.12. Includes energy sales.

-US$ 102

19

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

Cap

acit

y A

dd

itio

ns

(‘0

00

to

n)(2

)

Pu

lp p

rice

s -

CIF

Eu

rop

e (U

S$/t

on

)(2)

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

675

792

736

0

0,5

1

1,5

2

2,5

0

200

400

600

800

1000

1200

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

BHKP BHKP adjusted by CPI

Valdivia

APP Hainan

Veracel

Nueva Aldea Santa

Fé

Mucuri

FrayBentos

KerinciPL3

Três Lagoas

Rizhao

APP Guangxi

ChenmingZhanjiang

Eldorado

Montes delPlata

Maranhão

Guaíba II

APP South Sumatra(1)

Klabin

OjiNantong

Horizonte 2

Metsa

7,400 kt 5,250 kt

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

20

► Market price closer to producer’s marginal cost

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

► Flattish industry cost curve

► Higher flexibility to adjust supply side during imbalanced market

► Lower dependency on Asian market compared to hard commodities

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

► Incipient pulp price futures market and low liquidity

Source: Bloomberg – Aug 14th, 2017

0

40

80

120

160

Mar

-00

Jun

-00

Sep

-00

De

c-0

0M

ar-0

1Ju

n-0

1Se

p-0

1D

ec-

01

Mar

-02

Jun

-02

Sep

-02

No

v-0

2Fe

b-0

3M

ay-0

3A

ug-

03

No

v-0

3Fe

b-0

4M

ay-0

4A

ug-

04

No

v-0

4Fe

b-0

5M

ay-0

5A

ug-

05

No

v-0

5Fe

b-0

6M

ay-0

6A

ug-

06

No

v-0

6Fe

b-0

7M

ay-0

7A

ug-

07

No

v-0

7Fe

b-0

8M

ay-0

8Ju

l-0

8O

ct-0

8Ja

n-0

9A

pr-

09

Jul-

09

Oct

-09

Jan

-10

Ap

r-1

0Ju

l-1

0O

ct-1

0Ja

n-1

1A

pr-

11

Jul-

11

Oct

-11

Jan

-12

Ap

r-1

2Ju

l-1

2O

ct-1

2Ja

n-1

3A

pr-

13

Jul-

13

Oct

-13

Jan

-14

Ap

r-1

4Ju

n-1

4Se

p-1

4D

ec-

14

Mar

-15

Jun

-15

Sep

-15

De

c-1

5M

ar-1

6Ju

n-1

6Se

p-1

6D

ec-

16

Mar

-17

Jun

-17

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

21

Lowest volatility among commodities¹

(1) Bloomberg – up to Aug 14th, 2017

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

20

50

80

110

140

170

200

230Ja

n-1

2Fe

b-1

2M

ar-1

2A

pr-

12

May

-12

Jun

-12

Jul-

12

Au

g-1

2Se

p-1

2O

ct-1

2N

ov-

12

Dec

-12

Jan

-13

Feb

-13

Mar

-13

Ap

r-1

3M

ay-1

3Ju

n-1

3Ju

l-1

3A

ug-

13

Sep

-13

Oct

-13

No

v-1

3D

ec-1

3Ja

n-1

4Fe

b-1

4M

ar-1

4A

pr-

14

May

-14

Jun

-14

Jul-

14

Au

g-1

4Se

p-1

4O

ct-1

4N

ov-

14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5M

ay-1

5Ju

n-1

5Ju

l-1

5A

ug-

15

Sep

-15

Oct

-15

No

v-1

5D

ec-1

5Ja

n-1

6Fe

b-1

6M

ar-1

6A

pr-

16

May

-16

Jun

-16

Jul-

16

Au

g-1

6Se

p-1

6O

ct-1

6N

ov-

16

Dec

-16

Jan

-17

Feb

-17

Mar

-17

Ap

r-1

7M

ay-1

7Ju

n-1

7Ju

l-1

7

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

133

169

605148

100 = January 1, 2012

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

(2) Since January 1, 2009 up to Aug 14th, 2017

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

82

22

Financial and Operational Highlights

23

Each 5% depreciation of the Real increases EBITDA by around R$454m and FCF by R$540m

815

1,488

1,173 1,1531,295 1,185

1,560

1,073 1,019

2009 2010 2011 2012 2013 2014 2015 2016 2Q17LTM

2017(e) 2018(e)

Exchange Rate

Average¹ (R$/US$)

EBITDA Margin³

EBITDA (US$ million)

Fibria net pulp price²(US$/t)

Fibria net pulp price(R$/t)

2.00 1.76 1.67 1.95 2.16 2.35 3.33 3.49 3.30 3.19 3.34

456

670 639 581 610 572 582

496 496547 516

29%

40%34% 36%

40% 39%

53%

43%41%

912 1,179 1,067 1,133 1,311 1,3441,951 1,731 1,638 1,745 1,723

(1) 2017 and 2018 according to Focus Report (Brazilian Central Bank – Aug 11, 2017) | (2) 2017 and 2018 according market consensus | (3) Not considering the effect of Klabin sales

24

Cash Production Cost (R$/t) – 2Q17

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

2Q17 vs 2Q16 Ex-downtimes

662 66017

(6)

22

(8)(23) (4)

2Q16 Inflation FX Non recurringwood

Lower chemicalsand energy

consumption

Energy sales Others 2Q17

Higher operationalefficiency

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

662680

660

74

662

754

660

2Q16 1Q17 2Q17

Maintenance downtime impactCash production cost ex-downtimes

680

660

4 2

(7)

(21)

2

1Q17 Wood Inflation/FX Operationalefficiency

Energy sales Others 2Q17

-2.9%

308

Avgdistance

(km):328

25

Cash Production Cost in dollars

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

Wood Energy price Input consumption

Consistently controlling the cash production cost

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

231

264281

242 234220

186 195215

2009 2010 2011 2012 2013 2014 2015 2016 2Q17LTM

1.99 1.76 1.67 1.95 2.16 2.35 3.33 3.49AverageFX

(BRL/USD)

(1) Excludes Conpacel

3.23

26

Net Results (US$ million) – 2Q17

1.071

(259)

(495)

(180)(122)

(544)

244

(233)

AdjustedEBITDA

FX debt MtMhedge

Net interest Deprec., amortiz. and

depletion

Income taxes Others Net result∆

Non-recurring effects

∆

(1) Includes other Exchange rate/monetary variations, other financial income/expense and other operating income/expenses. The higher effect in this quarter corresponds to the variation from the reappraisal of biological assets that totaled R$211 million.

(1)

27(1) Not considering capex related to Horizonte 2 project and pulp logistics projects.

Free Cash Flow (1) - 2Q17 and LTM (US$ million)

1.071

259 (510)

(273) (26) (9)

6

Adjusted EBITDA Capex(ex-H2 and logistics

projects)

Net interest Working capital Income taxes Others FCF

2Q17

Includes interest paid from H2, 2024 bond andCRA

3.277

1.428

(2,136)(557)

945

(101)

Adjusted EBITDA Capex(ex-H2 and logistics

projects)

Net interest Working capital Income taxes FCF

LTM 2Q17

28

473414 408

350268

200144

209

304

96143

108 78 45 39 39 59102

2009 2010 2011 2012 2013 2014 2015 2016 LTM 2Q17

11,36612,604

3,587 3,810

Mar/17 Jun/17

R$ US$

2Q17 Indebtedness

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

3.43.8 3.7

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

Net debt (million) and leverage

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

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

Interest on financial investments

6.3 5.95.5

5.24.6

3.4 3.3(1)

Cost of debt

Gross debt and cash position (million)

3.63

3.853.79

3.7518,329 18,788

5,785 5,679

Mar/17 Jun/17

Gross debt

R$ US$

6,963 6,184

2,198 1,869

Mar/17 Jun/17

Cash position

R$ US$

49

57 55

2Q16 1Q17 2Q17

CRA

H2

CRA

H2H2CRA

H2

CRA

Average maturity (in months)

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

2.75.1 4.1 4.3

5.87.3 15.4 7.2

5.0

Interest coverage (x)(2)

6.3 5.95.5

5.24.6

3.4 3.3(1)

Cost of debt

CRA CRACRA CRA

29

Agribusiness Credit Receivable Certificates (CRAs)@June 30, 2017 CRA accounted for 21% of the total debt

The largest CRA issuer in Brazil (R$ 3,975 million; Av. cost 98%)

82%

84%

86%

88%

90%

92%

94%

96%

98%

100%

102%

104%

106%

R$ 675 million- (15/oct) R$ 880 million-1°tranche (16/jun)

R$ 470 million-2°tranche (16/jun)

R$ 374 million-1°tranche (16/aug)

R$ 326 million -2°tranche (16/aug)

R$ 1,250 million-(16/dec)

%CDI

R$ 675 million

Tenor: 6 yOct, 15

R$ 880 million

Tenor: 7 yJun, 16

R$ 470 million

Tenor: 7 yJun, 16

R$ 374 million

Tenor: 7 yAug, 16

R$ 326 million

Tenor: 4 yAug, 16

R$ 1,250 million

Tenor: 7 yDec, 16

Av. interest rate of financial investments(1)

(1) Refer to note 7 – cash and cash equivalents in 2Q17 Financial Statements

30

0,4

1,9

0.20.3

0.2

0.4

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

0.2 - 20170.1 - 2018

0.4

0.1

1Q17

3Q153Q15

2Q17

0.4

2.3

0.1 – 2018

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

Capex H2 (2):

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

1,854

582

2,436

245

583

942798

643369

548708

106 35

702

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

Pre-payment BNDES

NCE Bonds

Finnvera CRA and others

Cash on hand(1)

Revolver

Funding Horizonte 2 Project (US$ billion)

(1) Not including US$15 million related to MtM of hedging transactions. | (2) Financial execution of US$1,530 million (cash) capex up to June 2017. FX (R$/US$) – 2017 e 2018: 3.38.

Funds withdrawn until June 30, 2017 Contracted funds to be withdrawn

401 294

0.3

Horizonte 2 Project

US$2.2 bi

Excess of US$0.1 bi

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

31

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

Leverage guidelines:

Range of 2.0x to 2.5x net debt/EBITDA

Maximum 3.5x net debt/EBITDA during expansion cycles

Highlights:

Covenants only triggered if Fibria loses the Investment Grade by 2 of the 3 rating agencies

During the most critical periods of expansion, 4.5x covenant was waived

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

NET DEBT/EBITDA (USD)

1.86 2.10

2.64

3.30

3.79 3.754.5 4.5

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2018 2019

Actual (in US$)

Covenant level Waiver

3.5x

2.0x – 2.5x

Indebtness andLiquidity limits (1)

32

Capital Structure

Net Debt/EBITDA (x)(1)

Fibria Arauco CMPC Klabin Suzano

S&P BBB-/Negative BBB-/Stable BBB-/Stable BB+/Stable BB+/Positive

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

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

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

3.8

2.7

4.9

3.43.5

8.1

5.0

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

Fibria Suzano Klabin CMPC Arauco Eldorado

Maranhão

Puma

Guaíba IIMontes del Plata

Horizonte 2

33

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

(1) G-spread on Aug 11th, 2017

Historical G-spread (bps)

BBB-

BBB-

Rating Outlook

Negative

Stable

193 198 218 243 245 255 266 269 274 294 316

471

577

210252 261 272 272 298

406

Issuance with maturity in 2024 Issuance with maturity in 2027

0

200

400

600

800

1000

1200

1400

2010 2011 2012 2013 2014 2015 2016

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

34

ROE and ROIC (R$)

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

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

Average FX(R$/US$)

1.95 2.16 2.35 3.33

Average Net Pulp Price

(US$)

581 610 561 586

3.4%5.7% 6.2%

25.1%

9.8%

3.5%

9,4%

4.7%6.1% 5.6%

15.6%

6.9%

4.0%

9,0%

2012 2013 2014 2015 2016 2Q17LTM

2Q17Annualized

ROE ROIC

3.23

511

3.49

496

3.22

557

35

2017 OUTLOOK – CAPEX AND CASH COST

Fibria CAPEX 2017 – BRL million

36

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

2,010

3,011

415

2017 CAPEXMaintenance

Logistics Projects Modernization H2 Others 2017 CAPEX TotalGuidance

5,213

1,595

5779

56

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

Forestry

Industry

(2)

Structural CAPEX – BRL million

37

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

2,055

1,662

2,068

2017Guidance

Modernization Non-recurringwood purchase

Forestryequipments

Non-recurringprojects

Turbogeneratoroverhaul

Structuralcapex

H2 sustainingcapex

Structuralcapex with H2

USD632 M(1)

USD489 M(1)

USD608 M(1)

(2)

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

38

206

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

LTM 3Q16 Horizonte 2Project

Wood costreduction

Bleaching line B Maritime woodshipping project

Others 2021

FX Cash cost (US$/t)

3.00 164

3.10 159

3.19 155

3.30 150

3.50 142

FX Sensitivity

39

Expansion Project – Horizonte 2

40

• Follow the growth of strategic customers

• Developing new customers

• Distribution to new geographic markets

• Efficiency and competitiveness gains in logistics

• Higher quality in customer service

• Greater ability to capture new expansion market windows

• Strong M&A position

Competitiveness

Commercial positioning

Long-term growthpotential

What is the importance of growth for Fibria?

• Wider fixed costs dilution

• Cost curve position improvement

• Greater bargaining power with suppliers

41

HORIZONTE 2 PROJECT

41

Site Overview

69%(3)

of financial execution

(R$ 5.1 billion)

Over 96%physically completed(2)

Energy Surplus130 MWh

Expansion Capex of US$ 2,247

million (US$ 1,152/t)

(1) Industrial capex. (2) At June 30, 2017. (3) Approximate cash disbursement up to June 30, 2017.

Start-up brought

forward: 1 monthanticipation

Inside the fence(1) Capex of

US$ 979/t

42

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

377

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

900 900 900 900 900

2017 2018 2019 2020 2021 2022

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

Nominal Capacity (‘000 t)

6,577

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

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

ESTIMATED MARKET BHKP CAPACITY RANKING 2017 (000T)

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

0 2000 4000 6000 8000

DomtarSoedraKlabin

International PaperLwarcel

ResoluteVerso

Georgia PacificWoodlandNavigator

MetsäOji

NipponIlim

MarubeniMondi

AltriEnce

CenibraStora Enso

AraucoEldorado

UPMCMPC

AprilSuzano

APPFibria 8,150

Current Capacity

New Capacity

New Capacity – Klabin Agreement

New Capacity – Horizonte II Project

43

Pulp sales destination: Fibria growing where the market grows

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

37%

36%

34%

39%

19%17%

8%10%

Total sales volume distributionafter H2 start up(2)

Current net revenue distribution(1)

44

Already planted

135,000 ha

To be planted

52,000 ha

Total

187,000 ha

Wood purchased

7.4 million m3

42,000 ha to be planted in 201710,000 ha to be planted in 2018

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

Horizonte 2 Forestry BaseForestry base secured as planned

45

LogisticsIntegrated logistics - outbound and shipping

Mato Grosso

Mato Grosso do Sul

Goiás

Brasília

Railway export corridor with high reliability and capacity

Less transit time from mill to the Port of Santos

Higher productivity per train

With T32, Fibria becomes the pulp player with the highest storage capacity in Port of Santos

Port Terminal 32

46

HORIZONTE 2 CAPEXDisbursement flexibility and reduction from 2015

CAPEX TIMELINE (R$ million)

R$ 7,526 mn

US$ 2,226 mn(1)

Total

US$ 61 mn 1,116mn 755 mn 294 mn

(1) FX @ 3.38

8,745

2,351

5,175

7,526

November, 2015 Savings,Contingencies

and indirect costs

FX Inflation Others June, 2017

USD 2,214

BRL/USD 3.95

To be disbursed

Executed

USD 2,226

BRL/USD 3.38

1,196

1,357

205

3,774

2,553

994

2015 2016 2017 2018

Capex to be disbursedCapex disbursed

47

FundingCost and maturity

Amortization Schedule(2) – 2Q17 Proforma with TLS II – US$ million

2,436

363578

1,011881

724

446643

778

17670

713

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

BNDES Bond EPP ECN Outros CRA Finnvera Finame Development Agencies (FCO, Finep & FDCO) BNB Total

Cash(3)

Cash

Revolver

(1) Swap Bloomberg | (2) FX @Jun 30, 2017: 3.3082 | (3) Does not include MtM related to hedging transactions

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

Average Maturity (years)

2Q17 2Q17 + H2

3.7%

4.6

3.6%

4.7

H2

3.1%

5.5

Others

1,854

582

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 - 324

Pulp price(5) $/t - 547

Free Cash Flow (estimated) $/t - 223 - 277

Payback period (estimated) years - 4.2 - 5.2

(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 @ 3.12).(4) Cash cost + freight + SG&A + Sustaining Capex + Interest + taxes + working capital (FX @ 3.12)(5) 2017 market consensus.

49

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

50

BACK UP

Maritime Wood Shipping Project

► Capex and Opex reduction;

► Increase in cargo handling due to increase in

stack height volume

► Reduction in heavy truck road traffic

► Capex: R$ 54 million (accomplished in 2016)

► Start-up: Sep/2017

► Saving OPEX: R$ 24 million/year

PROJECT DESCRIPTION (ARACRUZ UNIT)

Forestry operations productivity

Transportation

54

Third-party wood reductionNon-recurring impacts starting to decrease

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

The average distance will drop sharply generating an Opex reduction

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

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

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

788Thir

d-p

arty

wo

od

¹ (%

)

225193 197 187 181 194

242

311 307 290239

190 173 170 167 166 164

0

50

100

150

200

250

300

350

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

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

Average distance from forest to mill

Third-party wood

Average d

istance fro

mfo

rest to m

ill ¹ (km

)

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

Third-party wood reduction

► Most part of the standing wood was already paid

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

available wood from around Espírito Santo and Bahia States

► Positive impact over industrial costs due to better productivity

Losango

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

55

Global Market Pulp Demand

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

Paper Production – Runnability with BHKP

Source: RISI conference, August 2014.

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

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

000 ton 2000 2010 2020Growth 2000-2010

Growth 2010-2020

Hardwood 16.2 25.1 35.6 55% 42%

Eucalyptus 6.6 15.9 25.2 140% 58%

Softwood 18.9 22.2 25.8 17% 16%

Market Pulp 35.1 47.3 61.4 35% 30%

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

40.000

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

20

21

Hardwood Softwood

Source: PPPC report (May 2017)

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

56

China's Share of Market Pulp(2)

10% 10%12% 14%

21%

17%

22%23% 23% 24%

25% 26%

0

2

4

6

8

10

12

14

16

0%

5%

10%

15%

20%

25%

30%

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

Eucalyptus Hardwood Total % Compared to the global Market Pulp

Benefiting From China’s Growth

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

(million t)

Latin America is the leading exporter of BHKP to China, accounting to approximately 55% of China's total imports in 5M17

(‘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)

4,160

2,274

793 908

79 94 12

4,853

2,679

1,017

865100 125 67

BHKP Total LatinAmerica (1)

Indonesia Others(2) USA Canada WesternEurope

5M16 5M17

World Tissue Consumption, 1995-2016(3)

Per Capita Consumption of Tissue by World Region(3)

(Kg/capita/year)

(million t)

0

5

10

15

20

25

30

35

40

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

Annual Growth Rate +3.7%

24,9

15,9 15,3

11,2

6,0 6,2 5,6

0,6

N.America

WestEurope

Japan Oceania EastEurope

LatAm China Africa

57

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

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

-

50

100

150

200

250

300

China GDP Eucalyptus Shipments

284

76

58

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

59

Benefiting From China’s Growth

Ship

men

ts (

00

0 t

on

)

BH

KP

pri

ces

-C

IF C

hin

a (U

S$/t

on

)

(‘000s t)

China: Eucalyptus pulp shipments

2010

average:

250 ktons

2011

Average

379 ktons

2012

Average

370 ktons

2013

Average

439 ktons

2014

Average

504 ktons

2015

Average

531 ktons

2016

Average

612 ktons

Source: PPPC Global 100 may 2017

0

100

200

300

400

500

600

700

800

900

0

100

200

300

400

500

600

700

800

900

mai

-10

jun

-10

jul-

10

ago

-10

set-

10

ou

t-1

0n

ov-

10

dez

-10

jan

-11

fev-

11

mar

-11

mai

-11

jun

-11

jul-

11

ago

-11

set-

11

ou

t-1

1n

ov-

11

dez

-11

jan

-12

fev-

12

mar

-12

abr-

12

jun

-12

jul-

12

ago

-12

set-

12

ou

t-1

2n

ov-

12

dez

-12

jan

-13

fev-

13

mar

-13

abr-

13

mai

-13

jul-

13

ago

-13

set-

13

ou

t-1

3n

ov-

13

dez

-13

jan

-14

fev-

14

mar

-14

abr-

14

mai

-14

jun

-14

ago

-14

set-

14

ou

t-1

4n

ov-

14

dez

-14

jan

-15

fev-

15

mar

-15

abr-

15

mai

-15

jun

-15

jul-

15

set-

15

ou

t-1

5n

ov-

15

dez

-15

jan

-16

fev-

16

mar

-16

abr-

16

mai

-16

jun

-16

jul-

16

ago

-16

ou

t-1

6n

ov-

16

dez

-16

jan

-17

fev-

17

mar

-17

abr-

17

mai

-17

jun

-17

BHKP Price

Shipments

2017

Average

689 ktons

60

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

61

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

Source: Pöyry.

Cumulative Capacity Million t/a

USD

/Ad

t, 2

01

3 c

ost

leve

l

62

Growth in Asia is empowered by urbanization and increasing disposable income

Source: Pöyry.

63

The share of non-wood pulp will decline

Source: Pöyry.

64

Current Zero Cost Collars

(1) As of Aug 1, 2017.

Notional TotalUS$ 2,606 MM

3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

6.00

5.50

5.00

4.50

4.00

3.50

3.00

(1)

Carteira ZCC ¹

Strike Put Strike Call FWD

3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

Notional (US$ million) 265 420 502 544 460 415

Strike put avg. 3.29 3.37 3.22 3.15 3.15 3.18

Strike call avg. 5.65 5.60 4.52 4.48 4.30 4.40

FWD 3.89 3.94 3.60 3.59 3.51 3.56

65

Hedge

GovernanceHedging Strategy

Debt Hedge:

▶ Maturity aligned with original debt (until 2023)

▶ No margin call

▶ No threshold

▶ Swap operations (currency and rate)

Operating Hedge:

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

▶ No leverage

▶ No margin call

▶ No threshold

▶ Current strategy:

▶ Zero Cost Collar (protecting a minimum EBITDA

margin)

▶ All Fibria operations are registered at CETIP

▶ Hedging Policy approved by the Board of Directors

and available at the Investor Relations website.

▶ Periodical follow up of the hedge portfolio by the

Finance Committee.

▶ Maximum % of exposed operational cash flow is

defined according to the FX risk management

policy.

▶ Governance, Risk and Compliance (GRC)

Department:

▶ Independent report to CEO and to the Statutory

Auditing Committee

▶ Responsible for monitoring policies compliance

▶ Independent from Treasury Department

66

Initiatives for Leverage Management

Amount

Net

Debt/EBITDA

reduction

(USD

million)(x)

Working Capital Release 95 0.09x

Accounts receivable (customers) 40 0.04x

Accounts payable (suppliers) 55 0.05x

Capex 96 0.10x

Forestry 31 0.03x

Capex H2 65 0.07x

Total 191 0.19x

Initiatives expected to be implemented in the short term

Initiatives under analysis

Amount

Net

Debt/EBITDA

reduction

(USD

million)(x)

Accounts payable

(suppliers)420 0.37x

Others 110 0.12x

Total 530 0.49x

Total: USD 721 million (0.68x)

EVOLUTION OF CURRENCIESFX devaluation is expected

67

67

** Bloomberg Forecast

75%

80%

85%

90%

95%

100%

105%

110%

115%

mai-16 ago-16 nov-16 fev-17 mai-17 ago-17 nov-17 fev-18 mai-18 ago-18 nov-18 fev-19 mai-19 ago-19 nov-19

Real** Real Euro** Euro CAD**

CAD Peso Chileno** Peso Chileno RMB** RMB

Rupia** Rupia Peso Uruguaio** Peso Uruguaio

Chilean peso** Chilean peso

Uruguayan pesoUruguayan peso**

Aug/16 Nov/16 Feb/17 May/17 Aug/17 Nov/17 Feb/18 May/18 Aug/18 Nov/18 Feb/19 May/19 Aug/19 Nov/19

Free cash flow(1)

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

68

USD million

EBITDA Margin

Average FX

-7

125

29

77

194

84

113

53

329

4

111

51

103130

112

317

225

158

118 124135

80

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

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

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 3.15 3.22

30% 37% 37% 41% 39% 39% 41% 42% 41% 35% 35% 45% 50% 50% 56% 54% 52% 43% 43% 36% 37% 45%

69

Fibria’s tax structure

(1) Considering FX 3.3082 | (2) Considering average FX for the period

Description and Amount¹ Maturity

(a) Operating income As stated in the income statement

(-)(b) Goodwill (Aracruzacquisition)

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

- Remaining Balance Jun/17: US$ 0.133 billion (base)2018

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

2017 tax deduction related to depletion: US$ 12.18 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 Jun/17: US$ 432 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 Jun/2017:- PIS/COFINS: US$ 233 million

- Withholding tax (IR and CSLL): US$ 342 million- Reintegra: US$ 42 million

Undefined

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

2010 2011 2012 2013 2014 2015 2016 2Q17

US$ 9 million US$ 2 million US$ 8 million US$ 14 million US$ 12 million US$ 23 million US$ 36 million US$ 6 million

TAX PAYMENT2 (cash basis)

70

Dividends

2017

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

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

Extraordinarydividendappraisal

Extraordinarydividendpayment(if approved)

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

► Preserving Investment Grade.

Commitment to Corporate Governance best practices.

Extraordinary dividend if Policy criteria are met.

Dividendpayment of R$ 393 million