Fibria Celulose : 1Q17 Earnings Release

1Q17 Results

(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

1. 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 Klabin's 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 project's 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).

   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

2. Market cap in R$ converted by the Ptax

3. 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

   Investor Relations

   Guilherme Cavalcanti Camila Nogueira Roberto Costa Camila Prieto Raimundo Guimarães 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.

   Contents

   Executive Summary 4

   Pulp Market 5

   Production and Sales 6

   Results Analysis 6

   Financial Result 9

   Net Result 11

   Indebtedness 12

   Capital Expenditure 14

   Free Cash Flow 15

   ROE and ROIC 16

   Capital Market 16

   Subsequent Events 17

   Appendix I - Revenue x Volume x Price * 18

   Appendix II - Income Statement 19

   Appendix III - Balance Sheet 20

   Appendix IV - Cash Flow 21

   Appendix V - Breakdown of EBITDA and Adjusted EBITDA (CVM Instruction 527/2012).22 Appendix VI - Economic and Operational Data 23

   Executive Summary

   This year began on a more positive note for the pulp market. The increase in demand was confirmed by the decline in inventories of hardwood to 37 days, according to the PPPC's Global 100 Report, and a year-on-year upturn in eucalyptus pulp shipments, mainly to Asia. The positive fundamentals allowed Fibria to announce new price increases of US$20/t for Europe and North America in January; US$30/t for all regions in February; US$30/t for Europe and North America and US$20/t for Asia in March; and US$40/t for Europe and North America and US$20/t for Asia, valid as of April 1. Thanks to the favorable moment and the agreement with Klabin Fibria's sales grew 15% over the same period last year.

   In 1Q17, pulp production totaled 1,204 thousand tons, 1% lower than in 4Q16, due to fewer production days and scheduled maintenance downtimes at the Jacareí Unit and the Aracruz mill C. In 1Q16, production volume remained flat year-on- year, the lowest effect of the Aracruz downtime, offset by the Jacareí downtimes and one day less production. The technical scope of the Aracruz and Jacareí downtimes in 1Q17 was expanded, representing an effect of 6 equivalent production days in these units. Sales volume stood at 1,307 thousand tons, 18% lower than in 4Q16, due to seasonality, and 15% higher than in the same period last year, thanks to a more favorable scenario in the pulp market. Sales volume resulting from agreement with Klabin totaled 204 thousand tons (4Q16: 183 thousand tons). Pulp inventories closed the quarter at 52 days.

   The production cash cost was R$ 754/t, 4% up on 4Q16, primarily due to higher non-recurring wood expenses. Compared to 1Q16, the production cash cost moved up by 8%, as a result of the impact of the scheduled maintenance downtime at the Jacareí mill, higher non-recurring wood costs, partially offset by the depreciation of the average dollar against the real (for more details, see page 7). Excluding the downtime effect, the production cash cost stood at R$ 680/t, 2% up on 1Q16, due to the higher cost with wood.

   Adjusted EBITDA totaled R$ 644 million in 1Q17, 20% down on 4Q16, due to lower sales volume and the depreciation of the dollar against the real. The first-quarter EBITDA margin came to 37%, 1% up on 4Q16. Compared to 1Q16, 49% down, mainly due to the 19% depreciation of the average dollar against the real, the lower average net price in dollar and the higher cash COGS. Free cash flow before expansion capex amounted to R$ 426 million in 1Q17, 25% more than in 4Q16, due to the positive variation in working capital and lower disbursements with interest payments. The 42% year-on-year decline was due to the reduction in EBITDA and release of working capital.

   The 1Q17 financial result was positive by R$ 331 million, versus a negative R$ 197 million in 4Q16 and a positive R$ 922 million in 1Q16. The positive financial result was mainly due to an increase in cash and financial investments following new funding operations that took place in the period, mainly related to the financing of the Horizonte 2 Project and the Bond issue (Fibria 2027). Net debt in dollars totaled US$ 3,587 million, 2% and 24% more than in 4Q16 and 1Q16, respectively. Fibria closed the quarter with a cash position of R$ 6,963 million, including the mark-to-market of derivatives.

   As a result of all the above, Fibria reported 1Q17 net income of R$ 329 million, versus a net loss of R$ 92 million in 4Q16 and net income of R$ 978 million in 1Q16.