Fibria Celulose : 4Q16 Earnings Release

4Q16 Results

Pulp production of 1,219 thousand t., 7% and 6% less respectively, than in 3Q16 and 4Q15. 2016 production totaled 5,021 thousand t.

Pulp sales, including pulp from Klabin, stood at 1,584 thousand t., 10% and 21% up, respectively, on the 3Q16 and 4Q15. 2016 sales totaled 5,504 thousand t.

Net revenue of R$2.53 billion (3Q16: R$2.30 billion | 4Q15: R$2.99 billion). 2016 net revenue came to R$9.62 billion (including revenue from the sale of pulp from Klabin). Average net price of R$1,604/t in the domestic market and R$1,389/t in the export market.

Cash cost of R$727/t, 14% and 10% higher, respectively, than in the 3Q16 and 4Q15 (for more details, see page 7). Excluding the impact of the scheduled downtimes, the cash cost would have been 4% up on the 4Q15.

Fourth-quarter adjusted EBITDA totaled R$804 million, 6% up on the 3Q16 and 50% down on the 4Q15. 2016 adjusted EBITDA came to R$3.74 billion (margin of 43%). EBITDA margin of 36% in the 4Q16, excluding pulp sales from the agreement with Klabin.

EBITDA/ton, excluding Klabin's volume, of R$574/t (US$174/t) in the quarter, 3% and 54% down, respectively, on the 3Q16 and 4Q15.

Free cash flow in the quarter, before expansion capex, logistics and dividends totaled R$342 million, 15% and 60% lower, respectively, than in the 3Q16 and 4Q15. 2016 free cash flow came to R$1.89 billion, with a free cash flow yield of 10.7% in R$ and 10.0% in US$.

Cash ROE and ROIC of 8.9% and 9.0%, respectively. For more details, see page 16.

Loss of R$92 million in the 4Q16 (3Q16 net income of R$32 million and 4Q15 net income of R$910 million). 2016 net income stood at R$1.66 billion vs.R$357 milion in 2015.

Gross debt in dollars of US$4.96 billion, 13% and 52% more, respectively, than in the 3Q16 and 4Q15. Cash position of R$4.72 billion or US$1.45 billion, 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 the end of 2018.

Net Debt/EBITDA ratio of 3.30x in dollars (3Q16: 2.64x | 4Q15: 1.78x) and 3.06x in reais (3Q16: 2.33x | 4Q15: 2.06x).

Total cost of debt in dollars, including the full swap of real-denominated debt at 3.6% p.a. (3Q16: 3.3% p.a. | 4Q15: 3.3% p.a.). Average debt maturity of 51 months (3Q16: 49 months | 4Q15: 51 months).

Conclusion of funding tied to export credit notes issued by the Company through the public distribution of agribusiness receivables certificates (CRAs), totaling R$1.25 billion.

Fibria was included in the 2017 portfolio of the BM&FBovespa's Corporate Sustainability Index (ISE).

Horizonte 2 Project, 77% physically complete and 57% of financial execution. Capex of US$1.0 billion to be disbursed.

Restoration of investment grade by S&P, on November 6th. (BBB-/Negative).

Issue in the international bond market, on January 11th, due in ten years, for the principal amount of US$700 million, with interest of 5.5% p.a. Restoration of investment grade by Fitch, on January 12th. (BBB-/Stable).

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Fibria receives 2016 Gold Class Sustainability Award from RobecoSAM (NYSE's Dow Jones World Sustainability Index)

Market cap - December 29, 2016:

FIBR3: R$31.89 FBR: US$9.78

Total shares (common shares): 553,934,646 common shares

(1) Market cap in R$ converted by the Ptax

Conference Call: January 31, 2016

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/ri

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 fourth quarter of 2016 (4Q16), presented in this document, is based on the 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 Summary4

Pulp Market5

Production and Sales 5

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

Sustainability 17

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

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Executive Summary

The fourth quarter of 2016 was marked by a recovery in demand, especially in Asia. Fibria's sales volume improved year-on- year. This growth, combined with the scenario of depreciated prices and more balanced than expected short-term prospects for new capacity, has allowed the Company to announce three price increases for China and one for Europe and North America. It is also worth noting the overall physical progress of the Horizonte 2 Project during the quarter, which reached 77% in December, ahead of expectations.

Pulp production totaled 1,219 thousand t. in the 4Q16, 7% and 6% down, respectively, on the 3Q16 and 4Q15, mainly due to the higher impact of the scheduled maintenance downtimes in the 4Q16 (higher number of plants stopping in the quarter and interconnections with the future H2 production). In 2016, pulp production was 3% lower than in 2015, due to the retrofit of the recovery boiler at the Aracruz C mill and the slower stabilization curve following the stoppage, which was in line with the adaptation of the boiler cycle to 15 months - this learning curve was completed in 2016. Sales volume totaled 1,584 thousand t. in the 4Q16, 10% up on the 3Q16, thanks to the strong recovery in demand this quarter in Asia. In the year-on-year comparison, the 21% increase was chiefly due to the effect of the Klabin agreement and increased demand. Sales volume resulting from the agreement with Klabin totaled 183 thousand t. (3Q16: 164 thousand t). Pulp inventories closed the quarter at 47 days.

The production cash cost was R$727/t, 14% more than in the 3Q16, primarily due to the impact of scheduled maintenance stoppages, higher personnel costs and increased spending on chemicals and energy (for more details, see page 7). Excluding the impact of the 4Q16 downtimes, the production cash cost would have increased by 4%. The 10% year-on-year increase was mostly due to the maintenance stoppages, higher wood transportation costs and the lower utilities cost, partially offset by the exchange rate effect. Excluding the impact of the downtimes, the cash cost of the 4Q16 increased by 4.5%, below the 2016 IPCA inflation rate of 6.3%.

Adjusted EBITDA totaled R$804 million in the 4Q16, 6% more than in the 3Q16, thanks to higher sales volume and the appreciation of the dollar against the real, partially offset by the fall in the pulp price, in dollars.The EBITDA margin stood at 36%, excluding the sale of pulp from Klabin and 32% including this effect. In relation to the 4Q15, the 50% decline in adjusted

EBITDA was due to the 30% drop in the average net price in reais (in turn explained by the decline in pulp prices in dollars and the average depreciation of the dollar against the real). Free cash flow in the quarter, before expansion capex, dividends paid and pulp logistics expenses, totaled R$342 million, 15% lower than in the 3Q16, due to higher interest payments in the quarter and increased maintenance capex. In relation to the 4Q15, this figure fell by 60%, as a result of the EBITDA reduction, partially offset by the positive variation in working capital. It is worth noting that the operation with Klabin has no impact on EBITDA.

The 4Q16 financial result was negative by R$197 million, against a negative R$203 million in the 3Q16 and a positive R$97 million in the 4Q15. The variation in relation to the previous quarter was mostly due to the net hedging result, while the year-on- year variation was explained by the exchange rate impact on the debt position and the net hedging result, higher interest rates and, consequently, the increased appropriation of these expenses.

Fibria recorded a loss of R$92 million in the 4Q16, against a net income of R$32 million in the 3Q16 and R$910 million in 4Q15. In the full-year comparison, the Company recorded net income of R$1.66 billion in 2016, against R$ 357 million in 2015.

The gross debt, in dollars, totaled US$4.96 billion, 13% and 52% more, respectively, than in the 3Q16 and 4Q15. Fibria closed the quarter with a cash position of R$4.72 billion (or US$1.45 billion), including the mark-to-market of derivatives, 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 the end of 2018. In January 2017, Fibria issued securities in the international bond market, in order to strengthen its cash position.

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