Copyright © 2017 Fibria, all rights reserved

Mike Rushton, Fibria Innovations

RBI Meeting – Atlanta - March 7, 2018

Fibria’s Biostrategy – How a Global Leader in Pulp Production is Diversifying into the Bioeconomy

FIBRIA IN A NUTSHELL

FSC & PEFC certification /

Dow Jones

Sustainability Index

1 MM hectares of forest

0.8% of revenue

invested in innovation

+17 thousand people

35% land set aside for

conservation purposes

as natural habitat

7,000+ families participating

in our social projects

90% of final

product exported from

Brazil

World leader in eucalyptus market pulp production from

planted forests

+7.25 MM tons/year of

pulp produced

FIBRIA.COM.BR 4

Fibria Highlights

(1) Controlling group (2) Free Float 41.36% + Treasury 0.14%

Votorantim S.A. (1)

29.42%

BNDESParticipações (1)

29.08%

FreeFloat (2)

41.36%

► 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 B3:

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

FIBRIA.COM.BR 5

A Winning Player

Port Terminal Pulp Unit

Três Lagoas I and II

Santos

AracruzPortocel

Caravelas

BelmonteVeracel

Jacareí

Superior Asset Combination Main Figures – 2017

Pulp capacity(1) million tons 7.250

Net revenues US$ billion 3.677

Total Forest Base(2) thousand hectares 1,056

Planted area(2) thousand hectares 633

Net Debt US$ billion 3.728

Net Debt/EBITDA (in Dollars)(3) X 2.41

Source: Fibria(1) Includes Horizonte 2 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, 2017. (3) For covenants purposes, the Net Debt/EBITDA ratio is calculated in Dollars.

Two Products:

• Bleached Hardwood Kraft Pulp• Electric Power

FIBRIA.COM.BR 6

Fibria´s Industrial Units

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

(1)

Três Lagoas– Mato Grosso do Sul – 3,250 thousand t/year

FIBRIA.COM.BR 7

Sustainable Land Use Model

Neighbours – other uses

Fibria’s preserved native forest

Fibria’s Eucalyptus plantation

Eu

ca

lyp

tus

in

Bra

zil

:

Sh

ort

cycle

s

6 trees

planted per

second

+86 miseedlings

produced

6 – 7

year cycles

FIBRIA.COM.BR 9

Fibria Feedstock – Eucalyptus 6-7 years

FIBRIA.COM.BR 10

Brazilian Land Use

Native vegetation: 554 M ha (65%)

Planted areas: 64 M ha (7,5%) Planted Wood Forests: 7,8 M ha (0,9%)

Urban: 38 M ha (4,5%)

Pasture: 198 M ha (23%)

Huge potential for new wood forests and biomass planted areas

FIBRIA.COM.BR 11

Fibria´s Commercial Activity

Source: Fibria

Worldwide presence

Strong global customer base

Long-term relationships

Focus on customers with stable business

Customized pulp products and services

Sound forestry and industrial R&D

Focus on less volatile end-use markets such as tissue

Lower dependence on volatile markets such as China

Efficient logistics set up

Low counterparty credit risk

100% certified pulp (FSC and PEFC/Cerflor)

Revenues by Region and by End Use - Fibria Highlights

Net Revenues by Region - Fibria

Region – 4Q17 End Use – 4Q17

39% 41% 43%36% 32%

28% 24% 24%

22%20%

24% 25% 24%32% 39%

9% 10% 9% 10% 9%

2013 2014 2015 2016 2017

Europe North America Asia LatAm

51%

33%

16%

TissuePrinting

& Writing

Specialties

28%

20%

43%

9%

Europe

North America

Asia

LatinAmerica

FIBRIA.COM.BR 12

Horizonte II Project (Três Lagoas 2)

Game-changing project for Fibria

FIBRIA.COM.BR 13

Project improved our leadership position even further

(1)The volumes in 2018 will depend on the learning curve of the plants. The agreement with Klabin may be renewed by mutual consent.* Including KlabinSources: RISI, Hawkins Wright, PPPC and Fibria (Nov 2016)

ESTIMATED BHKP CAPACITY RANKING 2017

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

Domtar

Soedra

Klabin

International Paper

Lwarcel

Resolute

Verso

Georgia Pacific

Woodland

Navigator

Metsä

Oji

Nippon

Ilim

Marubeni

Mondi

Altri

Ence

Cenibra

Stora Enso

Arauco

Eldorado

UPM

CMPC

April

Suzano

APP

Fibria H2

(000T)

OKIKlabin 21%*

15%9%

8%

8%

5%

4%4%

4%

3%3%

2%1%

1%

1%

1%

1%1%

1%1%

1%

1%1%

1%

1%1%

0%0%

FIBRIA.COM.BR 14

Actively and preferably pursue consolidation aiming at a healthier industry.

Continue the promotion of growth through expansions and partnerships in a disciplined way.

Maintain active forest formation to be ready for growth opportunities.

Consolidate our position in the 10% lowest cash cost players in the industry by:

• Achieving MAICEL of15,0 tons/ha/year of pulp by 2025 for new planted forests.

• Pursuing a minimum of 10% of differentiated pulp volume priced at a premium.

Diversify its cash flow through focused investments in non pulp businesses, leveraging Fibria´s key assets and competencies.

Achieve a sizable free cash flow from new businesses in comparison with pulp business.

Key Aspirations

PROFITABILITY GROWTH DIVERSIFICATION

FIBRIA.COM.BR 15

Complementaryto our

value chain

Leverage our competencies

Partnering with winning technology providers

Appliedinnovation as ultimate goal

“Stage & Gate”

Process

Creation ofStrategicFlexibility

FOCUSED DIVERSIFICATION

Principles of our Focused Diversification

FIBRIA.COM.BR 16

Biostrategy technology paths prioritized

PYROLISIS

LIGNIN

NANOCELLULOSE

BIOCOMPOSITES

Prioritized Paths

Source: Fibria Bio-Strategy Project

Tech

no

logi

cal M

atu

rity

Economic Attractivness

Priority 1

Priority 2

RelativeMarket Size

Technology A

Technology B

Technology E

Technology F

Technology C

Technology D

FIBRIA.COM.BR 17

How Fibria is preparing for the challenges of diversification in the bioeconomy (1/3)

FIBRIA.COM.BR 18

How Fibria is preparing for the challenges of diversification in the bioeconomy (2/3)

FIBRIA.COM.BR 19

BUSINESS SCOUTING

How Fibria is preparing for the challenges of diversification in the bioeconomy (3/3)

FIBRIA.COM.BR 20

AMBITIOUSLONG TERM VIEW

PRUDENT, FOCUSED AND DISCIPLINED ACTION

PLAN UNDER EXECUTION

Key attributes of Fibria’s Biostrategy

Complementaryto our

value chain

Leverage on ourcompetencies

Partneringwith winnertechnologyproviders

Appliedinnovation as ultimate goal

“Stage & Gate”

Process

Creation ofStrategicFlexibility

FOCUSED DIVERSIFICATION

FIBRIA.COM.BR 21

Development status of several biostrategy technology paths

Roadmap defined in 2012

Updated and executed in a disciplined way

FIBRIA.COM.BR 22

Pyrolysis

FIBRIA.COM.BR 23

Flexibility in the useof raw materials

Commercially proven technology

RenewableProduct

Pyrolysis Business is based on proven Ensyn technology platform

Biomass delivered

to facility

Biomass converted to biocrude

in RTP facility

Biocrude delivered

to customers

RAW MATERIAL RTP PROCESS REPLACEMENT FUEL OIL

Consumer market flexibility

CONSUMER MARKETS

Heating & Cooling

Refinery Co-processing

Food Ingredients &

Renewable Chemicals

Alreadycommercial

FIBRIA.COM.BR 24

Co-processing is one of few compliance options for Refiners to comply with regulatory obligations

Co-processing is the lowest cost compliance solution for refiners, saving them millions of dollars in compliance annually

• Sale of biocrude to refinery – based on its performance relative to crude oil based feedstocks

• Monetization of credits under the RFS2 Program

• Credit prices move inversely with the price of oil

• Monetization of credits generated by Californian refineries under the LCFS Program

• Monetization of credits generated by Californian refineries under the Carbon Cap and Trade program

BIOCRUDE REVENUE RIN REVENUE LCFS REVENUECAP AND TRADE

REVENUE

FIBRIA.COM.BR 25

97% 3%

VGO Biocrude

The U.S. Refinery FCC Market is 5.6 million bpd and untapped

The U.S. refining market presents a significant market demand opportunity

Current U.S. FCC capacity is 5.6M barrels per day

A conservative 3% blend rate would require 170,000 bpd or 2.6B gpy of biocrude

No existing competitors commercially supplying biocrude to the refinery FCC market

RFO Capacity to Supply 3% U.S. FCC Market

U.S. Refinery FCC Capacity

5.6M bpd

85.8B gpy

170,000 bpd

2.6B gpySources: Oil and Gas Journal, RFA130 RTP units

FIBRIA.COM.BR 26

RTP Project Highlights

COMMERCIAL FLEXIBILITY

Base Scenario: exports to US for co-processing

Alternative Scenario: exports to US for heating

Downside Scenario: internal usage –fossil fuels substitute

FAVORABLE POTENTIAL LOCATIONS

Synergies with the Fibria’s sites‣ Operational integration‣ Use of available forest residues‣ Logistics alternatives identified

STRONGFINANCIALS

TIME-TO-MARKET

Implementation in 24 months from approval date

Solid financials even in unfavorable FX scenarios

Low volatility with negative correlation: oil prices and regulatory benefits

Availability of low cost funding

STATUS

Basic Engineering completed

Offtake contracts in negotiation with US

refineries

Approval required at Fibria and Ensyn Boards

FIBRIA.COM.BR 27

Nanocellulose

FIBRIA.COM.BR 28

Fibria’s positioning in Nanocellulose

FIBRIA.COM.BR 29

Partnership with Spinnova opens new strategic avenue for Fibria

FIBRIA.COM.BR 30

Lignin

FIBRIA.COM.BR 31

Currently lignin is burned as fuel

Potential to apply lignin to other value-added uses

25%-30% TYPICAL LIGNIN CONTENT IN EUCALYPTUS TREES

BURNED FOR ENERGY

VALUE ADDED PRODUCTS

Adding value with Lignin Business Development

LIGNIN

FIBRIA.COM.BR 32

Fully equipped labs

Applications development

Pilot plant for Organosolv processes

20 existing patent families

85 patents

More than 10 years ofresearch data

17 full time personnel

Full integration withTechnology Center in Brazil(Kraft + Organosolv lignins)

Human Resources Patent and Research Portfolio Equipment

Fibria InnovationsBritish Columbia, Canada

Acquisition of Lignol in 2015 will shorten time to market

FIBRIA.COM.BR 33

Petrochemicalsubstitution

Friction

ReinforcingRubber Filler

Insulation

FoundryMoldingCompounds

WoodProducts

Adhesives

CompositeMaterials

Films

CoatingsCarbonFiber

Fibria’s lignin portfolio allows the development of different applications

Development of Potential ApplicationsFibria Innovations + Partners

Kraft Lignin Organosolv Lignin

FIBRIA.COM.BR 34

Industry Lignin Commercialization Status

Lignosulfonates

• Long term businesses, well established products

• Markets in concrete and dispersants

• Dominated by Borregaard, also SAPPI and Rayonier (Tembec)

Kraft lignin

• Long term market presence of MeadWestvaco, now Ingevity, producing mainly sulfonated kraft lignin for dispersants market (~60kT/y).

• Recent entrants:

• Domtar – softwood kraft using LignoBoost process (20 kT/y); “BioChoice™”

• West Fraser – softwood kraft using LignoForce process (15kT/y) – mainly internal use in board products; developing outside sales

• Stora Enso – softwood kraft using LignoBoost process (50kT/y)

• Fibria planning eucalyptus kraft lignin plant for start-up late 2019

FIBRIA.COM.BR 35

Directions in Lignin Development

Many companies, institutes and universities are working on lignin – three main approaches:

Lignin as an ingredient, as-is

Replacing a petrochemical component in a product formulation

Modified lignin as an ingredient or as the product

Physical and/or chemical modification

Lignin as a feedstock or precursor for a non-lignin product

Chemical and/or physical transformation

FIBRIA.COM.BR 36

It’s all about chemistry

• You can make almost anything (organic) from lignin - it’s just a matter of:

– Thermal energy

– Chemical energy

• Cost of the process energy, catalysts and chemicals (and their recovery)

• Cost of down processing (separating, purifying, washing, drying, conditioning)

• Capital cost of the facility; where to locate it

• Yield of the target derivative

• Cost of disposal of the unwanted by-products

• The more work we do, the higher the value, but the higher the cost of manufacture

• Ultimately we have to make a profit!

FIBRIA.COM.BR 37

Lignin Business development

Fibria favours partnership approach

• Build relationships with early adopters of lignin in a diverse range of applications with different levels of maturity

• Joint development activities with customers:

• Information exchange under NDA

• Focus on repeatable lignin quality to meet customer needs

• Specification development

• Jointly solve challenges

• Consider mutual exclusivity for high potential customers

• Deliver large scale samples for trials

• Prepare for commercial relationship

FIBRIA.COM.BR 38

The way ahead – so much more than technology

Diversification into new businesses

Products

Supply chains

Customers

Regulatory

Logistics

Industries

• Sales force• Tech service• Quality assurance• Business

processes• Partnerships

Processes

FIBRIA.COM.BR 39