1Q17 Results Free Cash Flow increased by 25%, reaching R$ 426 million in 1Q17. H2 Project was brought forward by one month. 4Q16 1Q16 (LTM) Pulp Production 000 t 1,204 1,219 1,203 -1% 0% 5,022 Adjusted EBITDA(1) R$ million 644 804 1,254 -20% -49% 3,132 Net Financial Result(3) R$ million 331 (197) 922 - - 1,026 Dividends paid R$ million 0 (2) (0) - - (306) ROIC % 4.0% 6.9% 14.9% -3 p.p. -11 p.p. 4.0% Gross Debt (R$) R$ million 18,329 16,153 11,498 13% 59% 18,329 Net Debt (R$) R$ million 11,366 11,435 10,309 -1% 10% 11,366 Net Debt/EBITDA LTM x 3.63 3.06 1.85 0.6 x 1.8 x 3.63 (1) Adjusted by non-recurring and non-cash items | (2) Calculation excludes pulp sales from agreement with Klabin (3) Includes interest expenses, revenues from financial investments, mark-to-market of hedging instruments, monetary and exchange variation and others| (4) Before dividend payment, expansion and logistics capex 5) Includes the hedge fair value | (6) For covenants purposes 1Q17 Highlights Pulp production of 1,204 thousand tons, in line with 1Q16 and 1% less than in 4Q16. LTM production stood at 5,022 thousand tons. Pulp sales of 1,307 thousand tons, 15% up on 1Q16 and 18% down on 4Q16. LTM sales totaled 5,675 thousand tons. Net revenue of R$ 2,074 million (1Q16: R$ 2,395 million | 4Q16: R$ 2,534 million). LTM net revenue of R$ 9,294 million. Cash cost of R$ 754/t, 8% and 4% more than in 1Q16 and 4Q16, respectively, mainly due to increased wood costs. Excluding the impact of the scheduled downtimes, the cash cost would have come to R$ 680/t. First-quarter adjusted EBITDA of R$ 644 million, 20% and 49% less than in 4Q16 and 1Q16, respectively. LTM EBITDA amounted to R$ 3,132 million. EBITDA margin (ex-Klabin) of 37% in the quarter. EBITDA/ton, excluding Klabins volume, of R$ 584/t (US$ 186/t), 2% up on 4Q16 and 47% down on 1Q16. Free cash flow before expansion capex, logistics projects and dividends of R$ 426 million in the quarter, 25% up on 4Q16 and 42% down on 1Q16. LTM free cash flow totaled R$ 1,586 million. Free cash flow yield of 9.9% in R$ and 9.5% in US$. Net income of R$ 329 million (4Q16: net loss of R$ 92 million | 1Q16: net income of R$ 978 million). LTM net income of R$1,015 million. Net debt in dollars of US$ 3,587 million, 2% and 24% more than in 4Q16 and 1Q16, respectively. Liquidity position of R$ 8,457 million or US$ 2,699 million, which, added to the unused lines related to the financing of the H2 Project, is sufficient to cover this projects remaining capex and debt amortizations until 2019. Net Debt/EBITDA ratio of 3.79x in dollars (Dec/16: 3.30x | Mar/16: 1.86x) and 3.63x in reais (Dec/16: 3.06x | Mar/16: 1.85x). Total cost of debt, including the full swap of real-denominated debt, of 3.8% (4Q16: 3.6% p.a. | 1Q16: 3.4% p.a.). Average debt maturity of 57 months (4Q16: 51 months | 1Q16: 50 months). US$700 million green bond issue in the international market, due in 2027, at 5.5% p.a. Horizonte II Project: the start-up was brought forward by one month (Sept/17), with more than 87% of the project complete and financial progress at 61%. Subsequent Events S&P affirmed our investment-grade rating (BBB-/Negative). Camila Nogueira Camila Prieto ir@fibria.com.br | +55 (11) 2138-4565 The operating and financial information of Fibria Celulose S.A. for the first quarter of 2017 (1Q17) presented in this document is based on consolidated figures and expressed in reais, is unaudited and was prepared in accordance with Corporate Law. The results of Veracel Celulose S.A. were included in this document based on 50% proportional consolidation, with the elimination of all intercompany transactions. 2 Investor Relations Guilherme Cavalcanti Roberto Costa Raimundo Guimarães Market cap March 31, 2017: R$16.0 billion | US$5.1 billion(1) FIBR3: R$28.87 FBR: US$9.14 Total shares (common shares): 553,934,646 common shares (1) Market cap in R$ converted by the Ptax Conference Call: April 26, 2017 English (simultaneous translation into Portuguese): 12:00 p.m. (Brasília) Participants in Brazil: +55 11 2188-0155 Other participants: +1 646 843 6054 Webcast: www.fibria.com.br/ir Net Debt/EBITDA LTM (US$)(6) x 3.79 3.30 1.86 0.5 x 1.9 x 3.79 Net Debt (US$) US$ million 3,587 3,509 2,897 2% 24% 3,587 Cash(5) R$ million 6,963 4,717 1,189 48% 486% 6,963 Gross Debt (US$) US$ million 5,785 4,956 3,231 17% 79% 5,785 ROE % 4.6% 8.9% 25.3% -4 p.p. -21 p.p. 4.6% Net Income (Loss) R$ million 329 (92) 978 - - 1,015 Free Cash Flow(4) R$ million 426 342 730 25% -42% 1,586 EBITDA margin pro-forma(2) % 37% 36% 52% 1 p.p. -16 p.p. 38% Pulp Sales 000 t 1,307 1,584 1,136 -18% 15% 5,675 Net Revenues R$ million 2,074 2,534 2,395 -18% -13% 9,294 Key Figures Unit 1Q17 4Q16 1Q16 1Q17 vs 1Q17 vs Last 12 months