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Fibria Celulose S.A. Unaudited Consolidated Interim Financial Information at September 30, 2015 and Report on Review of Interim Financial Information

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REPORT ON REVIEW OF CONSOLIDATED INTERIM FINANCIAL INFORMATION

To the Board of Directors and Shareholders Fibria Celulose S.A São Paulo – SP Introduction We have reviewed the accompanying consolidated interim accounting information of Fibria Celulose S.A., for the quarter ended September 30, 2015, comprising the balance sheet at that date the statements of income and comprehensive income for the quarter and nine-month periods then ended, the statements of changes in equity and cash flows for the nine-month period then ended, and a summary of significant accounting policies and other explanatory information. Management is responsible for the preparation of the consolidated interim accounting information in accordance with the Deliberation CVM 673/11 (which approved accounting standard CPC 21(R1) - Interim Financial Reporting), and International Accounting Standard (IAS) 34 - Interim Financial Reporting issued by the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on this interim accounting information based on our review. Scope of the review We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 – Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 – Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion on the consolidated interim information Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim accounting information referred to above has not been prepared, in all material respects, in accordance with Deliberation CVM 673/11 and IAS 34. São Paulo, October 22, 2015.

Eduardo Affonso de Vasconcelos Accountant – CRC-1SP166001/O-3 Baker Tilly Brasil Auditores Independentes S/S CRC-2SP016754/O-1

Fibria Celulose S.A.

Unaudited consolidated balance sheet at In thousands of Reais

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Assets September 30,

2015 December 31,

2014

Current Cash and cash equivalents (Note 7) 2,597,126 461,067 Marketable securities (Note 8) 1,280,720 682,819 Derivative financial instruments (Note 9) 26,392 29,573 Trade accounts receivable, net (Note 10) 723,908 538,424 Inventory (Note 11) 1,562,671 1,238,793 Recoverable taxes (Note 12) 177,224 162,863 Other assets 149,862 147,638 6,517,903 3,261,177 Non-current Marketable securities (Note 8) 71,563 51,350 Derivative financial instruments (Note 9) 299,025 161,320 Related parties receivables (Note 14) 11,919 7,969 Recoverable taxes (Note 12) 1,943,459 1,752,101 Advances to suppliers 671,258 695,171 Judicial deposits (Note 20) 192,744 192,028 Deferred taxes (Note 13) 2,283,933 1,190,836 Assets held for sale (Note 1(b)) 598,257 598,257 Other assets 85,527 91,208 Investments (Note 15) 121,004 79,882 Biological assets (Note 16) 3,862,703 3,707,845 Property, plant and equipment (Note 17) 8,951,888 9,252,733 Intangible assets (Note 18) 4,516,434 4,552,103 23,609,714 22,332,803 Total assets 30,127,617 25,593,980


Unaudited consolidated balance sheet at In thousands of Reais (continued)

The accompanying notes are an integral part of these unaudited consolidated interim financial information. 4 of 43

Liabilities and shareholders' equity September 30,

2015 December 31,

2014

Current Loans and financing (Note 19) 1,077,006 965,389 Derivative financial instruments (Note 9) 471,009 185,872 Trade payables 688,223 593,348 Payroll, profit sharing and related charges 147,778 135,039 Taxes payable 161,450 56,158 Dividends payable 152 38,649 Other payables 140,135 124,775

2,685,753 2,099,230

Non-current Loans and financing (Note 19) 11,449,258 7,361,130 Derivative financial instruments (Note 9) 855,461 422,484 Taxes payable 84 124 Deferred taxes (Note 13) 238,224 266,528 Provision for contingencies (Note 20) 168,684 144,582 Liabilities related to the assets held for sale (Note 1(b)) 477,000 477,000 Other payables 271,263 207,197

13,459,974 8,879,045

Total liabilities 16,145,727 10,978,275

Shareholders' equity Share capital 9,729,006 9,729,006 Share capital reserve 11,829 3,920 Treasury shares (10,378 ) (10,346 ) Statutory reserves 1,635,473 3,228,145 Other reserves 3,117,291 1,613,312 Accumulated loss (563,286 )

Equity attributable to shareholders of the Company 13,919,935 14,564,037 Equity attributable to non-controlling interests 61,955 51,668

Total shareholders' equity 13,981,890 14,615,705

Total liabilities and shareholders' equity 30,127,617 25,593,980


Unaudited consolidated statement of profit or loss In thousands of Reais, except for the income per shares

The accompanying notes are an integral part of these unaudited consolidated interim financial information.

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2015 2014

July 1 to September 30,

(three months)

September 30,

(nine months)


(three months)

September 30,

(nine months)

Revenues (Note 21) 2,789,667 7,096,052 1,746,365 5,082,541 Cost of sales (Note 23) (1,533,244 ) (4,246,565 ) (1,460,404 ) (4,159,174 )

Gross profit 1,256,423 2,849,487 285,961 923,367

Operating income (expenses) Selling expenses (Note 23) (110,590 ) (312,558 ) (94,955 ) (262,016 ) General and administrative (Note 23) (65,805 ) (194,807 ) (72,339 ) (193,270 ) Equity in income/losses of associate (6 ) 744 Other operating income (expenses), net (Note 23) (43,935 ) (83,070 ) (32,201 ) 878,458

(220,336 ) (589,691 ) (199,495 ) 423,172

Income before financial income and expenses 1,036,087 2,259,796 86,466 1,346,539

Financial income (Note 22) 51,191 132,182 33,874 103,926 Financial expenses (Note 22) (150,827 ) (397,946 ) (131,392 ) (882,041 ) Result of derivative financial instruments, net (Note 22) (570,507 ) (889,479 ) (142,539 ) 36,012 Foreign exchange losses and monetary adjustment, net (Note 22) (1,687,242 ) (2,627,044 ) (545,033 ) (281,194 )

(2,357,385 ) (3,782,287 ) (785,090 ) (1,023,297 )

Income (loss) before income taxes (1,321,298 ) (1,522,491 ) (698,624 ) 323,242

Income taxes Current (Note 13) (68,501 ) (147,102 ) 65,870 (35,520 ) Deferred (Note 13) 788,373 1,116,594 273,370 3,296

Net income (loss) for the period (601,426 ) (552,999 ) (359,384 ) 291,018

Attributable to Shareholders of the Company (605,674 ) (563,286 ) (361,660 ) 285,101 Non-controlling interest 4,248 10,287 2,276 5,917


Basic earnings (loss) per share - in Reais (Note 25(a)) (1.094 ) (1.018 ) (0,653 ) 0,515 Diluted earnings (loss) per share - in Reais (Note 25(b)) (1.093 ) (1.016 ) (0,653 ) 0,515


Unaudited consolidated statement of comprehensive income In thousands of Reais, except for the income per shares


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2015 2014


(three months)

September 30,

(nine months)


(three months)

September 30,

(nine months)


Other comprehensive income Items that may be subsequently reclassified to profit or loss Foreign exchange effect on available-for-sale financial assets – Ensyn 22,194 33,577 Tax effect thereon (7,546 ) (11,416 )

Total other comprehensive income for the period, net of taxes 14,648 22,161

Total comprehensive income (loss) for the period, net of taxes (586,778 ) (530,838 ) (359,384 ) 291,018

Attributable to Shareholders of the Company (591,026 ) (541,125 ) (361,660 ) 285,101 Non-controlling interest 4,248 10,287 2,276 5,917 (586,778 ) (530,838 ) (359,384 ) 291,018


Unaudited statement of changes in shareholders' equity In thousands of Reais, unless otherwise indicated


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Capital Other reserves Statutory reserves

Capital

Transaction costs of the

capital increase

Capital reserve

Treasury shares

Other comprehensive

income Legal Investments

Retained earnings

(accumulated loss) Total

Non-controlling

interest Total

As at December 31, 2013 9,740,777 (11,771 ) 2,688 (10,346 ) 1,614,270 303,800 2,805,481 14,444,899 46,355 14,491,254 Total income Net income and other comprehensive income for the period 285,101 285,101 5,917 291,018 As at September 30, 2014 9,740,777 (11,771 ) 2,688 (10,346 ) 1,614,270 303,800 2,805,481 285,101 14,730,000 52,272 14,782,272 As at December 31, 2014 9,740,777 (11,771 ) 3,920 (10,346 ) 1,613,312 311,579 2,916,566 14,564,037 51,668 14,615,705 Total income Net income (loss) for the period (563,286 ) (563,286 ) 10,287 (552,999 ) Other comprehensive income for the period 22,161 22,161 22,161 22,161 (563,286 ) (541,125) 10,287 (530,838 ) Transactions with shareholders Repurchase of shares (32 ) (32 ) (32 ) Dividends distributed (110,854 ) (110,854 ) (110,854 ) Stock options program 7,909 7,909 7,909

As at September 30, 2015 9,740,777 (11,771 ) 11,829 (10,378 ) 1,635,473 311,579 2,805,712 (563,286 ) 13,919,935 61,955 13,981,890


Unaudited consolidated statement of cash flows In thousands of Reais

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September 30,

2015 September 30,

2014 Income (loss) before income taxes (1,522,491 ) 323,242

Adjusted by Depreciation, depletion and amortization 1,361,642 1,306,135 Depletion of wood from forestry partnership programs 48,714 68,487 Foreign exchange losses, net 2,627,044 281,194 Change in fair value of derivative financial instruments 889,479 (36,012 ) Equity in losses of jointly-venture (744 ) Loss on disposal of property, plant, equipment and biological assets, net 15,665 23,696 Interest from marketable securities (64,406 ) (65,403 ) Interest expense from loans and financing 329,689 364,097 Change in fair value of biological assets (29,831 ) (87,192 ) Financial charges on bonds upon partial repurchase 463,585 Impairment of recoverable taxes – ICMS 61,084 72,152 Tax credits (849,520 ) Provision for impairment of investments 6,716 Provision (reversal of provision) for contingencies and release of judicial deposits, net (3,037 ) Stock options program 7,909 Provisions and other 4,126 20,082 Decrease (increase) in assets Trade accounts receivable 209,153 (143,427 ) Inventory (220,193 ) 42,815 Recoverable taxes (260,544 ) (118,944) Other assets (49,458 ) 136,177 Increase (decrease) in liabilities Trade payables (43,305 ) 75,156 Taxes payable 8,551 (23,788 ) Payroll, profit sharing and related charges 12,739 (10,829 ) Other payables 34,449 (27,975 )

Cash provided by operating activities 3,419,272 1,817,407 Interest received - marketable securities 59,064 57,660 Interest paid - loans and financing (264,469 ) (329,226 ) Income taxes paid (50,941 ) (8,614 ) Net cash provided by operating activities 3,162,926 1,537,227


Unaudited consolidated statement of cash flows In thousands of Reais (continued)


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September 30,

2015 September 30,

2014 Cash flows from investing activities Proceeds from sale of land and building - Asset Light project 902,584 Acquisition of property, plant and equipment, intangible assets and forests (1,253,489 ) (1,126,384 ) Advances for acquisition of wood from forestry partnership program (22,299 ) (37,689 ) Acquisition of interest in subsidiary (6,716 ) Subsidiary incorporation - Fibria Innovations (Note 15) (11,630 ) Marketable securities, net (602,294 ) 190,897 Proceeds from sale of property, plant and equipment 32,084 (2,550 ) Derivative transactions settled (Note 9(c)) (305,890 ) (28,760 ) Others (8 ) (1,020 )

Net cash used in investing activities (2,163,526 ) (109,638 ) Cash flows from financing activities Borrowings - loans and financing 1,965,416 2,575,847 Repayments - loans and financing - principal amount (1,095,233 ) (4,222,785 ) Premium paid on bond repurchase transaction (325,668 ) Dividends paid (149,350 ) Others (1,190 ) 3,444 Net cash provided by (used in) financing activities 719,643 (1,969,162 )

Effect of exchange rate changes on cash and cash equivalents 417,016 (21,120 )

Net increase (decrease) in cash and cash equivalents 2,136,059 (562,693 ) Cash and cash equivalents at beginning of the period 461,067 1,271,752

Cash and cash equivalents at end of the period 2,597,126 709,059


Notes to the unaudited consolidated interim financial information at September 30, 2015 In thousands of Reais, unless otherwise indicated

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1 Operations and current developments

(a) General information Fibria Celulose S.A. is incorporated under the laws of the Federal Republic of Brazil, as a publicly-held company. Fibria Celulose S.A. and its subsidiaries are referred to in this consolidated interim financial information as the "Company", "Fibria", or "we". We have the legal status of a share corporation, operating under Brazilian corporate law. Our headquarters and principal executive office is located in São Paulo, SP, Brazil.

We are listed on the stock exchange of São Paulo (BM&FBOVESPA) and the New York Stock Exchange (NYSE) and we are subject to the reporting requirements of the Brazilian Comissão de Valores Mobiliários (CVM) and the United States Securities and Exchange Commission (SEC).

Our activities are focused on the growth of renewable and sustainable forests and the manufacture and sale of bleached eucalyptus kraft pulp. Forests in formation are located in the States of São Paulo, Mato Grosso do Sul, Minas Gerais, Rio de Janeiro, Espírito Santo and Bahia. We operate in a single operating segment, which is the producing and selling of short fiber pulp, with our pulp production facilities located in the cities of Aracruz (State of Espírito Santo), Três Lagoas (State of Mato Grosso do Sul), Jacareí (State of São Paulo) and Veracel (State of Bahia) (jointly- controlled entity). The pulp produced for export is delivered to customers by sea vessels on the basis of long-term contracts with the owners of these vessels, through the ports of Santos, located in the State of São Paulo (operated under a concession from Federal Government until 2017 and other upon a not onerous assignment agreement signed with Companhia Brasileira de Alumínio (entity member of the Votorantim Group) until November 2015, which can be extended until the closing of the bidding process and Barra do Riacho, located in the State of Espírito Santo (operated by our subsidiary Portocel - Terminal Especializado Barra do Riacho S.A.).

(b) Non-current assets held for sale Losango project assets On December 28, 2012, the Company and CMPC Celulose Riograndense Ltda. ("CMPC") signed the definitive Purchase and Sale Agreement for the sale of all of the Losango project assets, comprising approximately 100 thousand hectares of land owned by Fibria and approximately 39 thousand hectares of planted eucalyptus and leased land, all located in the State of Rio Grande do Sul, in the amount of R$ 615 million. On this date the first installment of the purchase price, amounting to R$ 470 million, was paid to us. The second installment, amounting to R$ 140 million, was deposited in an escrow account and will be released to us once additional government approvals are obtained. On November 2014, we received an additional R$ 7 million as an advance from CMPC. The final installment of R$ 5 million is payable to us upon the completion of the transfer of the existing land lease contracts for the assets, and the applicable government approvals. The sale and purchase agreement establishes a period of 48 months, renewable at the option of CMPC for an additional 48 months, to obtain the required government approvals. If this approval is ultimately not obtained, we will be required to return to CMPC the amount paid to us, plus interest and the escrow deposits made by CMPC will revert. We have recorded the amount received as a liability under "Advances received in relation to assets held for sale".



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Since the signing of the Purchase and Sale Agreement with CMPC, we have taken action to obtain the approvals needed, such as the fulfillment of all conditions precedent, the partial renewal of the operating license of the areas and obtaining the documentation to be presented to the applicable government agencies. The consistent progress in obtaining these approvals indicates that favorable resolution will be achieved. We have concluded that these assets should remain classified as assets held for sale. However, the completion of the sale is not under our sole control and it depends on various government approvals, which have been slower than expected. Accordingly we have concluded that they should continue to be classified as non-current assets held for sale as at September 30, 2015. The Losango assets did not generate any significant impact in the unaudited consolidated statement of profit or losses for the nine-month period ended September 30, 2015 and 2014.

(c) Approval of the expansion plan of the Três Lagoas Unit On May 14, 2015, the Board of Directors approved the expansion plan of the Company for the construction of the second line of pulp production in the unit of Três Lagoas, state of Mato Grosso do Sul, called Horizonte 2 Project. The Horizonte 2 Project, already started, consists in the construction of a new bleached eucalyptus pulp production line with capacity of 1.75 million tons per year and an estimated investment of R$ 7.7 billion. The startup of the new production line is projected for the fourth quarter of 2017, being that up to September 30, 2015, virtually all supply contracts for equipment and services needed for the Horizonte 2 Project have been signed with the suppliers and service providers. The Project will be financed by the free cash flow of the Company and financing, in accordance to the limits established on the Indebtedness Management Policy, which are being negotiated by the Company with the financial institutions.

2 Presentation of consolidated interim financial information and summary of significant accounting policies

2.1 Consolidated interim financial information - basis of preparation

(a) Accounting policies adopted The consolidated interim financial information has been prepared and is being presented in accordance with IAS 34 and Deliberation 673/11 issued by the Brazilian Securities and Exchange Commission (CVM), which approved the CPC 21(R1) - “Interim Financial Reporting” as issued by the International Accounting Standards Board (IASB) and the Accounting Statements Committee Standards (CPC). The consolidated interim financial information should be read in conjunction with the audited financial statements for the year ended December 31, 2014, considering that its purpose is to provide an update on the activities, events and significant circumstances in relation to those presented in the annual financial statements. The current accounting practices, which include the measurement principles for the recognition and valuation of the assets and liabilities, the calculation methods used in the preparation of this interim financial information and the estimates used, are the same as those used in the preparation of the most



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recent annual financial statements, except for the mentioned in Note 23 and to the items related to the adoption of the new standards, amendments and interpretations issued by IASB and CVM, as detailed in Note 3 below.

(b) Approval of the consolidated interim financial information The consolidated unaudited interim financial information was approved by the Board of Directors on October 22, 2015.

2.2 Critical accounting estimates and assumptions Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates will seldom match the actual results. In the nine-month period ended September 30, 2015, except for the item (ii) in the Note 20, there were no significant changes in the estimates and assumptions which are likely to result in significant adjustments to the carrying amounts of assets and liabilities during the current financial year, compared to those disclosed in Note 3 to our most recent annual financial statements.

3 New standards, amendments and interpretations issued by IASB and CVM The standards below have been issued and are effectives for future periods. We have not early adopted these standards.

Standard Effective date

Main points introduced by the standard

Impacts of the adoption

IFRS 9 - Financial Instruments

January 1, 2018

The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change which is due to an entity’s own credit risk is recorded in other comprehensive income rather than the income statement.

The Company is currently assessing the impacts of the adoption.

IFRS 15 - Revenue January 1, 2018

This accounting standard establishes the accounting principles to be followed by entities to determine and measure revenue and when the revenue should be recognized.

The Company is currently assessing the impacts of the adoption.

IAS 41 - Agriculture (equivalent to CPC 29 - Biological Assets and Agricultural Produce)

January 1, 2016

The “bearer plants” should be accounted for as property, plant and equipment (IAS 16/CPC 27), i.e., at cost less depreciation or impairment provision. “Bearer plants” are defined as those used to produce fruit/ regenerate for several years, but the plant itself, once mature, does not suffer relevant changes.

The Company evaluated and concluded that the revision of the standard will not bring any impact on the measurement and presentation of our biological assets since they do not meet the definition of bearer plant.



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There are no other IFRSs or IFRIC interpretations that are not yet effective that the Company expect to have a material impact on the Company’s financial position and results of operations.

4 Risk management The risk management policies and financial risk factors disclosed in the annual financial statements (Note 4) did not show any significant changes. The Company’s financial liabilities which present liquidity risk are presented below by maturity (Note 4.1), exchange risk exposure (Note 4.2), sensitivity analysis (Note 5) and fair value estimates (Note 6), which was considered relevant by Fibria’s management to be accompanied quarterly.

4.1 Liquidity risk The table below presents the financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows and as such they differ from the amounts presented in the consolidated balance sheet.

Less than one year

Between one and

two years

Between two and

five years Over five

years

At September 30, 2015 Loans and financing 1,328,965 2,084,343 7,439,173 4,217,790 Derivative instruments 505,371 568,271 908,999 Trade and other payables 828,358 78,428 45,679 42,991 2,662,694 2,731,042 8,393,851 4,260,781

At December 31, 2014 Loans and financing 1,156,951 2,105,192 4,353,071 2,203,134 Derivative instruments 178,964 142,662 504,133 74,545 Trade and other payables 725,123 36,927 30,546 34,087

2,061,038 2,284,781 4,887,750 2,311,766



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4.2 Foreign exchange risk

September 30,

2015 December 31,

2014 Assets in foreign currency Cash and cash equivalents (Note 7) 2,537,120 279,664 Marketable securities (Note 8) 61,352 Trade accounts receivable (Note 10) 655,020 496,493

3,192,140 837,509 Liabilities in foreign currency Loans and financing (Note 19) 10,687,234 6,280,545 Trade payables 59,043 72,263 Derivative instruments (Note 9(a)) 1,284,391 538,451

12,030,668 6,891,259 Liability exposure (8,838,528 ) (6,053,750 )

5 Sensitivity analysis Sensitivity analysis of changes in foreign currency The Company’s significant risk factor, considering the period of three-month period for the evaluation is its U.S. Dollar exposure. We adopted as the probable scenario the fair value considering the market yield as at September 30, 2015. To calculate the probable scenario the closing exchange rate at the date of these consolidated interim financial information was used (R$ x USD = 3,9729). As the amounts have already been recognized in the consolidated interim financial information, there are no additional effects in the income statement in this scenario. In the “Possible” and “Remote” scenarios, the US Dollar is deemed to appreciate/depreciate by 25% and 50%, respectively, before tax, when compared to the “Probable” scenario:

Impact of an appreciation/depreciation of the real against the U.S. Dollar

on the fair value - absolute amounts Possible (25%) Remote (50%) Derivative instruments Options 457,442 1,015,322 Swap contracts 637,969 1,277,190 Loans and financing 2,476,028 4,952,056 Fixed-term deposits 588,595 1,177,191

Sensitivity analysis in changes in interest rate We adopted as the probable scenario the fair value considering the market yield as at September 30, 2015. As the amounts are already updated in the consolidated interim financial information, there are no additional effects in the income statement in this scenario. In the “Possible” and “Remote” scenarios, the



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interest rates are deemed to increase/decrease by 25% and 50%, respectively, before tax, when compared to the “Probable” scenario:

Impact of an increase/decrease of the interest rate

on the fair value - absolute amounts Possible (25%) Remote (50%) Loans and financing LIBOR 401 899 Currency basket 2,138 4,275 TJLP 1,555 3,084 Interbank Deposit Certificate (CDI) 1,359 2,680 Derivative instruments LIBOR 16,398 31,549 TJLP 3,484 5,726 Interbank Deposit Certificate (CDI) 20,755 41,391 Marketable securities (a) Interbank Deposit Certificate (CDI) 3,001 5,770

(a) Only marketable securities indexed to post-fixed rate were considered in the sensitivity analysis above.

Sensitivity analysis in changes in the United States Consumer Price Index - US-CPI To calculate the “Probable” scenario, we used the US-CPI index at September 30, 2015. The “Probable” scenario was stressed considering an additional increase/decrease of 25% and 50% in the US-CPI.

Impact of an appreciation of the

US-CPI at the fair value - absolute amounts Possible (25%) Remote (50%) Embedded derivative in forestry partnership and standing timber supply agreements 108,613 222,722

6 Fair value estimates In the nine-month period ended September 30, 2015, there were no changes in the criteria of classification of the assets and liabilities in the levels of the fair value hierarchy when compared to the criteria used in the classification of those instruments disclosed in Note 6 to our most recent annual financial statements as at December 31, 2014.



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September 30, 2015

Level 1 Level 2 Level 3 Total

Recurring fair value measurements Assets

At fair value through profit and loss

Derivative instruments (Note 9) 325,417 325,417 Warrant to acquire Ensyn's shares (Note 15) 18,593 18,593 Marketable securities (Note 8) 76,177 1,197,711 1,273,888 Available for sale financial assets Other investments - Ensyn (Note 15) 101,309 101,309 Biological asset (Note 16) (*) 3,862,703 3,862,703

Total assets 76,177 1,523,128 3,982,605 5,581,910

Liabilities At fair value through profit and loss Derivative instruments (Note 9) 1,326,470 1,326,470

Total liabilities 1,326,470 1,326,470

December 31, 2014

Level 1 Level 2 Level 3 Total

Recurring fair value measurements Assets

At fair value through profit and loss

Derivative instruments (Note 9) 190,893 190,893 Warrant to acquire Ensyn's shares (Note 15) 11,791 11,791 Marketable securities (Note 8) 193,131 489,688 682,819 Available for sale financial assets Other investments – Ensyn (Note 15) 67,733 67,733 Biological asset (Note 16) (*) 3,707,845 3,707,845

Total assets 193,131 680,581 3,787,369 4,661,081

Liabilities At fair value through profit and loss Derivative instruments (Note 9) 608,356 608,356

Total liabilities 608,356 608,356

(*) See the changes in the fair value of the biological assets in Note 16.

There were no transfers between levels 1, 2 and 3 during the periods presented.



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6.1 Fair value of loans and financing

The fair value of loans and financing, which are measured at amortized cost in the balance sheet, is estimated as follows: (a) bonds, for which fair value is based on the observed quoted price in the market (based on an average of closing prices provided by Bloomberg), and (b) for the other financial liabilities that do not have a secondary market, or for which the secondary market is not active, fair value is estimated by discounting the future contractual cash flows by current market interest rates, also considering the Company’s credit risk. The fair value of loans and financing are classified as Level 2 on the fair value hierarchy. The following table presents the fair value of loans and financing:

Yield used to discount (*)

September 30, 2015

December 31, 2014

Quoted in the secondary market In foreign currency Bonds - VOTO IV 407,458 292,188 Bonds - Fibria Overseas 2,322,669 1,598,708 Estimative based on discounted cash flow In foreign currency Export credits LIBOR USD 7,085,376 3,824,319 Export credits (ACC/ACE) DDI 175,418 260,345 In local currency BNDES – TJLP Brazilian interbank rate (DI 1) 855,938 1,072,412 BNDES – Fixed rate Brazilian interbank rate (DI 1) 102,466 77,980 Currency basket Brazilian interbank rate (DI 1) 605,206 400,233 FINEP Brazilian interbank rate (DI 1) 2,200 2,675 FINAME Brazilian interbank rate (DI 1) 6,064 9,457 NCE in Reais Brazilian interbank rate (DI 1) 679,515 707,872 Midwest Fund Brazilian interbank rate (DI 1) 23,873 32,304

12,266,183 8,278,493

(*) Used to calculate the present value of the loans.

6.2 Fair value measurement of derivative

financial instruments (including embedded derivative) The Company estimates the fair value of its derivative financial instruments and acknowledges that it may differ from the amounts payable/receivable in the event of early settlement of the instrument. This difference results from factors such as liquidity, spreads or the intention of early settlement from the counterparty, among others. The amounts estimated by management are also compared with the Mark-to-Market (MtM) provided as reference by the banks (counterparties) and with the estimates performed by an independent financial advisor. A summary of the methodologies used for purposes of determining fair value by type of instrument is presented below. . Swap contracts - the present value of both the asset and liability legs are estimated through the

discount of forecasted cash flows using the observed market interest rate for the currency in which the swap is denominated, considering both of Fibria’s and counterpart credit risk. The contract fair value is the difference between the asset and liability. Only exception is the TJLP x US$ swap, where the cash flow of the asset leg (TJLP x fixed) are projected using a stable yield, as current TJLP value,



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during the duration of the swap contract, obtained from BNDES. . Options (Zero Cost Collar) - the fair value was calculated based on the Garman-Kohlhagen model,

considering both of Fibria’s and counterpart credit risk. Volatility information and interest rates are observable and obtained from BM&FBOVESPA exchange information to calculate the fair values.

. Swap US-CPI - the cash flow of the liability position is projected using the yield of the US-CPI index,

obtained through the implicit rates in the American titles indexed to the inflation rate (TIPS), issued by the Bloomberg. The cash flow of the asset position is projected using the fixed rate established in the embedded derivative instrument. The fair value of the embedded derivative instrument is the present value of the difference between both positions.

The yield curves used to calculate the fair value in September 30, 2015 are as follows: Interest rate curves Brazil United States Dollar coupon Vertex Rate (p.a.) - % Vertex Rate (p.a.) - % Vertex Rate (p.a.) - % 1M 14.28 1M 0.20 1M 40.38 6M 15.13 6M 0.39 6M 10.17 1Y 15.57 1Y 0.50 1Y 8.73 2Y 15.82 2Y 0.75 2Y 7.47 3Y 15.86 3Y 1.00 3Y 6.75 5Y 15.62 5Y 1.40 5Y 6.24 10Y 15.59 10Y 2.05 10Y 6.41

7 Cash and cash equivalents Average yield p.a. - % September 30, 2015 December 31,2014 Cash and banks 201,090 122,515 Fixed-term deposits Local currency 60.52 of the CDI 41,655 157,883 Foreign currency (i) 0.23 2,354,381 180,669 2,597,126 461,067

(i) Refers mainly to Time Deposit maturing until 90 days.

The increase of R$ 2,136,059 in the nine-month period ended September 30, 2015 refers, mainly, to the new loans and financing contracted and due to the cash generation of the operations in the period.



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8 Marketable securities

Average

yield p.a.- % September 30,

2015 December 31,

2014 In local currency Brazilian federal provision fund 77 of CDI 202 30 Brazilian federal government securities At fair value 94.8 of CDI 75,975 193,101 Held to maturity (i) 94.8 of CDI and 6 78,395 51,350 Private securities 101.46 of CDI 1,197,711 428,336

In foreign currency Private securities 61,352

Marketable securities 1,352,283 734,169

Current 1,280,720 682,819

Non-Current 71,563 51,350

(i) The yield of 94.8% of CDI refers to the investment fund - Pulp and the yield of 6% p.a. refers to the agrarian debt

bounds.



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9 Derivative financial instruments (including embedded derivative)

(a) Derivative financial instruments by type

Reference value

(notional) - in U.S Dollars Fair value

Type of derivative September

30, 2015 December

31, 2014 September

30, 2015 December

31, 2014 Instruments contracted of economic hedge strategy Operational hedge Cash flow hedges of exports Zero cost collar 570,000 1,465,000 (132,395 ) (19,443 ) Hedges of debts Hedges of interest rates Swap LIBOR x Fixed (US$) 626,732 538,207 (33,480 ) 3,353 Hedges of foreign currency Swap DI x US$ (US$) 362,315 405,269 (635,596 ) (215,654 ) Swap TJLP x US$ (US$) 116,514 180,771 (271,777 ) (196,818 ) Swap Pre x US$ (US$) 130,547 191,800 (211,143 ) (109,889 )

(1,284,391 ) (538,451 ) Embedded derivative in forestry partnership and standing timber supply agreements (*)

Swap changes in US-CPI 868,849 902,267 283,338 120,988 Classified In current assets 26,392 29,573 In non-current assets 299,025 161,320 In current liabilities (471,009 ) (185,872 ) In non-current liabilities (855,461 ) (422,484 )

Total, net (1,001,053 ) (417,463 )

(*) The embedded derivative is a swap of the US-CPI variations during the term of the Forestry Partnership and

Standing Timber Supply Agreements.



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(b) Derivative financial instruments of economic hedge strategy by type and broken down by nature of the exposure

Reference value (notional) -

in currency of origin Fair value Type of derivative and protected risk

Currency

September 30, 2015

December 31, 2014

September 30, 2015

December 31, 2014

Swap contracts - Hedges of debts

Asset LIBOR to fixed US$ 626,732 538,207 2,232,060 1,352,345 Real CDI to USD R$ 705,684 788,208 1,035,661 1,082,215 Real TJLP to USD R$ 189,387 293,676 181,142 279,328 Real Pre to USD R$ 272,955 395,697 214,387 323,898 Liability LIBOR to fixed US$ 626,732 538,207 (2,265,541 ) (1,348,992 ) Real CDI to USD US$ 362,315 405,269 (1,671,257 ) (1,297,868 ) Real TJLP to USD US$ 116,514 180,771 (452,918 ) (476,146 ) Real Pre to USD US$ 130,547 191,800 (425,530 ) (433,788 )

Total of swap contracts (1,151,996 ) (519,008 )

Options - Cash flow hedge Zero cost collar US$ 570,000 1,465,000 (132,395 ) (19,443 )

(1,284,391 ) (538,451 )

(c) Derivative financial instruments by type of

economic hedge strategy contracts Fair value Amount paid

Type of derivative September 30,

2015 December 31,

2014 September 30,

2015 December 31,

2014 Operational hedges Cash flow hedges of exports (132,395 ) (19,443 ) (92,018 ) (13 ) Hedges of debts Hedges of interest rates (33,480 ) 3,353 (8,358 ) (5.445 ) Hedges of foreign currency (1,118,516 ) (522,361 ) (205,514 ) (47.641 ) (1,284,391 ) (538,451 ) (305,890 ) (53.099 )



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(d) Fair value and counterparty by maturity date of economic hedge strategy contracts

Fair values by maturity:

September 30,

2015 December 31,

2014 2015 (171,857 ) (158,095 ) 2016 (328,434 ) (99,947 ) 2017 (394,887 ) (134,814 ) 2018 (273,813 ) (87,208 ) 2019 (74,006 ) (35,401 ) 2020 (41,394 ) (22,986 ) (1,284,391 ) (538,451 )

Notional and fair value by counterparty: September 30, 2015 December 31, 2014

Notional – in

U.S. Dollars

Fair value Notional – in

U.S. Dollars Fair value

Banco Itaú BBA S.A. 167,404 (186,840 ) 603,906 (67,675 ) Deutsche Bank S.A. 149,625 (28,215 ) 253,450 12 Banco CreditAgricole Brasil S.A. 49,666 (9,771 ) 68,623 (10,085 ) Banco Citibank S.A. 70,597 (56,246 ) 45,671 (48,612 ) Bank of America Merrill Lynch 400,000 (24,516 ) 300,000 (1,385 ) Banco Santander Brasil S.A. 5,411 (8,393 ) 196,987 (95,818 ) Banco Safra S.A. 171,962 (350,077 ) 198,598 (132,726 ) Banco BNP Paribas Brasil S.A. 45,000 (6,481 ) 210,000 (1,741 ) HSBC Bank Brasil S.A. 67,369 (49,993 ) 160,446 (40,675 ) Banco Bradesco S.A. 258,951 (466,622 ) 182,229 (126,785 ) Banco J. P. Morgan S.A. 367,857 (75,665 ) 467,857 (3,446 ) Goldman Sachs do Brasil 30,000 (12,319 ) 65,000 (1,007 ) Banco Votorantim S.A. 22,266 (9,253 ) 13,280 (8,237 ) Morgan Stanley & CO. 15,000 (271 )

1,806,108 (1,284,391 ) 2,781,047 (538,451 )

Fair value does not necessarily represent the cash required to immediately settle each contract, as such disbursement will only be made on the date of maturity of each transaction, when the final settlement amount will be determined. The outstanding contracts at September 30, 2015 are not subject to margin calls or anticipated liquidation clauses resulting from mark-to-market variations. All operations are over-the-counter and registered at CETIP (a clearing house).



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10 Trade accounts receivable

September 30,

2015 December 31,

2014 Domestic customers 76,181 50,729 Export customers 655,020 496,493 731,201 547,222 Allowance for doubtful accounts (7,293 ) (8,798 ) 723,908 538,424

In the nine-month period ended September 30, 2015, we made some credit assignment without recourse for certain customers’ receivables, in the amount of R$1,909,051 (R$ 1,230,143 at December 31, 2014), that were derecognized from accounts receivable in the balance sheet.

11 Inventory

September 30,

2015 December 31,

2014 Finished goods In Brazil 269,263 137,741 Outside Brazil 628,391 515,522 Work in process 15,616 16,942 Raw materials 486,200 402,293 Supplies 158,809 161,758 Imports in transit 4,392 4,537

1,562,671 1,238,793



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12 Recoverable taxes

September 30,

2015 December 31,

2014 Withholding tax and prepaid Income Tax (IRPJ) and Social Contribution (CSLL) 813,219 680,927 Value-added Tax on Sales and Services (ICMS) on purchases of property, plant and equipment 20,735 19,465 Value-added Tax on Sales and Services (ICMS and IPI) on purchases of raw materials and supplies 961,519 896,460 Federal tax credits 390,311 444,906 Credit related to Reintegra Program (a) 78,075 37,027 Social Integration Program (PIS) and Social Contribution on Revenue (COFINS) Recoverable 639,296 570,333 Provision for the impairment of ICMS credits (782,472 ) (734,154 ) 2,120,683 1,914,964

Current 177,224 162,863 Non-current 1,943,459 1,752,101

During the nine-month period ended September 30, 2015, there were no relevant changes to our expectations regarding the recoverability of the tax credits presented in this note and the Note 14 to the most recent annual financial statements.

(a) Reintegra Special Tax Regime Fibria is beneficiary of the Special Tax Refund Regime for Exporting Companies (known as Reintegra), established by Provisional Measure nº 651/2014 (enacted as Law 13.043/2014 on November 13, 2014), With the issuance of the Act nº 8,415, on February 27, 2015, the percentage to be applied over the export revenue for calculation of the tax credit was changed from 3% to 1% between March 1, 2015 and December 31, 2016. In 2017, the percentage to be used will be 2% and in 2018, 3% over the export revenue. In the nine-month period ended September 30, 2015, the Company recognized Reintegra credits of R$54,718, under “Cost of sales” in the Statement of profit and loss.

13 Income taxes

The Company and the subsidiaries located in Brazil are taxed based on their taxable income. The subsidiaries located outside of Brazil use methods established by the respective local jurisdictions. Income taxes have been calculated and recorded considering the applicable statutory tax rates enacted at the date of the interim financial information. The Company pays income taxes on the profits generated by foreign subsidiaries in accordance with the Law 12,973/14, which revoked the Article 74 of Provisional Measure 2,158/01, but kept the determination that the profits earned each year by foreign controlled subsidiaries are subject to the payment of income tax and social contribution in Brazil in the same year, at a rate of 34%, applied to the subsidiaries’ accounting profits before income tax. The repatriation of these profits in subsequent years is not subject to future taxation in Brazil. The Company records a provision for income taxes on foreign subsidiaries on an accruals basis. As from 2014, the Company decided to start paying these taxes primarily to mitigate any risk of future tax assessments on this matter.



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(a) Deferred taxes

September 30,

2015 December 31,

2014 Tax loss carryforwards (i) 172,952 192,647 Provision for contingencies 118,088 111,799 Sundry provisions (impairment, operational and other) 589,693 447,273 Results of derivative contracts - cash basis for tax purposes 340,358 141,938 Exchange losses (net) - cash basis for tax purposes 2,465,320 913,219 Tax amortization of the assets acquired in the business combination - Aracruz 100,210 102,335 Actuarial gains on medical assistance plan (SEPACO) 6,609 6,609 Provision for income tax and social contribution from foreign subsidiaries (710,209 ) (25,977 ) Tax accelerated depreciation (10,993 ) (9,889 ) Reforestation costs already deducted for tax purposes (371,692 ) (348,398 ) Fair values of biological assets (123,826 ) (153,020 ) Effects of business combination - acquisition of Aracruz (1,004 ) (3,165 ) Tax benefit of goodwill - goodwill not amortized for accounting purposes (514,387 ) (447,293 ) Other provisions (15,410 ) (3,770 )

Total deferred taxes asset, net 2,045,709 924,308

Deferred taxes - asset (net by entity) 2,283,933 1,190,836 Deferred taxes - liability (net by entity) 238,224 266,528 (i) The balance as at September 30, 2015 is presented net of Hungarian Forint HUF 25,752 million (equivalent to

R$364,337 as of September 30, 2015 and R$ 263,297 as of December 31, 2014) related to the provision for impairment for foreign tax credits.

Changes in the net balance of deferred income tax are as follows:

September 30,

2015 December 31,

2014

At the beginning of the period 924,308 732,220 Tax loss carryforwards (19,695 ) 20,128 Temporary differences regarding provisions 148,709 23,261 Provision for income tax and social contribution from foreign subsidiaries (684,232 ) (25,977 ) Derivative financial instruments taxed on a cash basis 198,420 (15,933 ) Amortization of goodwill (69,219 ) (98,063 ) Reforestation costs (24,398 ) (36,804 ) Exchange losses (net) taxed on a cash basis 1,552,101 266,933 Fair value of biological assets 29,194 46,841 Actuarial losses on medical assistance plan (SEPACO) 2,478 Other (9,479 ) 9,224 At the end of the period 2,045,709 924,308



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(b) Reconciliation of taxes on income

September 30,

2015 September 30,

2014 Income (loss) before tax (1,522,491 ) 323,242 Income tax and social contribution benefit (expense)

at statutory nominal rate - 34% 517,647 (109,902 ) Reconciliation to effective expense:

Benefits to directors (6,292 ) (3,440 ) Equity in net income of jointly-venture 253 Taxes on earnings of foreign subsidiaries (4,169 ) Difference in tax rates of foreign subsidiaries 15,974 Credit of Reintegra Program 18,604 Benefit - Tax on net income (Imposto sobre o Lucro Líquido - ILL) 32,117 Foreign exchange effects on foreign subsidiaries (i) 452,174 38,659 Other, mainly non-deductible provisions (12,894 ) (1,463 )

Income tax and social contribution benefit (expense) for the period 969,492 (32,224 )

Income tax and social contribution – current (147,102 ) (35,520 ) Income tax and social contribution – deferred 1,116,594 3,296 969,492 (32,224 )

Effective rate - % 63.7 9.9 (i) Relates to net foreign exchange gains recognized by our foreign subsidiaries that use the real as the functional currency. As the

real is not used for tax purposes in the foreign country this net foreign exchange gain is not recognized for tax purposes in the foreign country nor will it ever be subject to tax in Brazil.

14 Significant transactions and balances with related parties

(a) Related parties The Company is governed by a Shareholders Agreement entered into between Votorantim Industrial S.A. ("VID"), which holds 29.42% of our shares, and BNDES Participações S.A. ("BNDESPAR"), which holds 29.08% of our shares (together the "Controlling Shareholders"). The Company's commercial and financial transactions with its subsidiaries, companies of the Votorantim Group and other related parties are carried out at normal market prices and conditions, based on usual terms and rates applicable to third parties. In Abril 2015, the subsidiary Fibria-MS made a marketable security investment with Banco Votorantim, maturing in Abril 2016 and average interest rate of 102.1% of CDI.



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In the nine-month period ended September 30, 2015, except for the transaction mentioned above, there were no significant changes in the terms of the contracts, agreements and transactions, and there were no new contracts, agreements or transactions with distinct nature between the Company and its related parties when compared to the transactions disclosed in Note 16 to the most recent financial statements as at December 31, 2014.

(i) Balances recognized in assets and liabilities Balances receivable (payable)

Nature September 30,

2015 December 31,

2014 Transactions with controlling shareholders Votorantim Industrial S.A. Rendering of services (410 ) (172 ) Banco Nacional de Desenvolvimento Econômico e Social (BNDES) Financing (1,902,706 ) (1,756,133 )

(1,903,116 ) (1,756,305 ) Transactions with Votorantim Group companies Votorantim Participações S.A. Financing 11,919 7,969 Votener - Votorantim Comercializadora e Energia Energy supplier 6,245 20,719 Banco Votorantim S.A. Marketable securities 71,453 Banco Votorantim S.A. Financial instruments (9,253 ) (8,237 ) Banco Votorantim S.A. Energy supplier 650 Votorantim Cimentos S.A. Input supplier (269 )

Votorantim Metais Chemical products supplier (206 )

Votorantim Metais Leasing of land (773 ) Companhia Brasileira de Alumínio (CBA) Leasing of land (695 ) (39 ) 80,113 19,370

Net (1,823,003 ) (1,736,935 )

Presented in the following lines In assets Marketable securities (Note 8) 71,453 Related parties - non-current 11,919 7,969 Other assets - current 6,895 20,719 In liabilities Loans and financing (Note 19) (1,902,706 ) (1,756,133 ) Derivative financial instruments (Note 9) (9,253 ) (8,237 ) Suppliers (1,311 ) (1,253 )

(1,823,003 ) (1,736,935 )



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(ii) Transactions recognized in the Statement of profit and loss Income (expense)

Nature September

30, 2015 September

30, 2014

Transactions with controlling shareholders Votorantim Industrial S.A. Rendering of services (7,592) (9,707 ) Banco Nacional de Desenvolvimento Econômico e Social (BNDES) Financing (352,205) (115,307 )

(359,797) (125,014 )

Transactions with associates Bahia Produtos de Madeira S.A. Sales of wood 7,477

Transactions with Votorantim Group companies Votorantim Participações S.A. Financing 3,950 324 Votener - Votorantim Comercializadora de Energia Energy supplier 67,125 50,108 Banco Votorantim S.A. Marketable securities 1,758 Banco Votorantim S.A. Financial instruments (1,016 ) 2,371 Votorantim Cimentos S.A. Energy supplier 4,907 5,164 Votorantim Cimentos S.A. Input supplier (79 ) (3,013 ) Votorantim Cimentos S.A. Selling of wood 126 Sitrel Siderurgia Três Lagoas Energy supplier 3,361 2,892 Votorantim Metais Ltda. Chemical products supplier (3,155 ) (87 ) Votorantim Metais Ltda. Leasing of lands (2,318 ) (6,755 ) Companhia Brasileira de Alumínio (CBA) Leasing of lands (2,541 ) (340 )

72,118 50,664

(b) Key management compensation

The remuneration effects on the statement of profit or loss, including all benefits, are summarized as follows:

September 30,

2015 September 30,

2014

Benefits to officers and directors 37,347 20,675 Benefit program - Phantom Stock Options and Stock Options plans 12,950 (1,333 ) 50,297 19,342

Benefits include fixed compensation (salaries and fees, vacation pay and 13th month salary), social charges and contributions to the National Institute of Social Security (INSS), the Government Severance Indemnity Fund for Employees (FGTS) and the variable compensation program. Benefits to key management do not include the compensation for the Statutory Audit Committee, Finance, Compensation and Sustainability Committees' members of R$ 713 for the nine-month period



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ended September 30, 2015 (R$ 819 for the nine-month period ended September 30, 2014). The Company does not have any additional post-employment active plan and does not offer any other benefits, such as additional paid leave for time of service. The balances to be paid to the Company’s key management are recorded in the following lines items of the current and non-current liabilities and in the shareholders’ equity:

September 30,

2015 December 31,

2014

Current liability Payroll, profit sharing and related charges 24,680 18,748 Non-current liability Other payables 20,669 13,665 Shareholders’ equity Capital reserve 6,683 918

52,032 33,331

15 Investments

September 30,

2015 December 31,

2014

Investment in associate and joint-venture - equity method (i) 14,731 13,987 Impairment of investments (i) (13,629 ) (13,629 ) Other investments - at fair value (ii) 119,902 79,524

121,004 79,882

(i) On July 31, 2014, the Company acquired 100% of the capital of WOP - Wood Participações Ltda. (former Weyerhaeuser Brasil

Participações Ltda.), for R$ 6,716, which held 66.67% of the capital of our associate Bahia Produtos de Madeira S.A. As from that date, the Company holds, directly and indirectly, 100% of the capital of Bahia Produtos de Madeira S.A. We recognized provision for impairment in these subsidiaries.

(ii) Fair value change in our interest in Ensyn was not significant in the nine-month period ended September 30, 2015. The

increase in the balance refers to the foreign currency effect on the investment.

None of the subsidiaries and jointly-operated entities has publicly traded shares. The provisions and contingent liabilities related to the entities of the Company are described in Note 20. Additionally, the Company does not have any significant restriction or commitments with regards to its associates and joint-venture.



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Incorporation of subsidiary In January 2015, the Company concluded the process of incorporation of the subsidiary Fibria Innovations LLC., located in Vancouver - Canada, whose purpose is the research and development of bio-products from biomass.

16 Biological assets

September 30,

2015 December 31,

2014

At the beginning of the period Historical cost 3,172,431 2,730,510 Fair value - step up 535,414 692,924 3,707,845 3,423,434 Additions 969,073 1,190,349 Harvests in the period Historical cost (686,217 ) (749,986 ) Fair value (137,222 ) (209,265 ) Change in fair value - step up 29,831 51,755 Reversal of disposals (disposals) (4 ) 1,817 Provision for disposals (7,397 ) Transfer (i) (13,206 ) (259 )

At the end of the period 3,862,703 3,707,845

Historical cost 3,434,680 3,172,431 Fair value - step up 428,023 535,414 (i) Includes transfers between biological assets and property, plant and equipment.

In accordance with our accounting policies, the valuation of the biological assets at the fair value is performed semiannually. On June 30, 2015, the changes in fair value of the biological assets recognized by us was R$ 29,831, as detailed in Note 16 of the interim financial statements for the period ended June 30, 2015. The biological assets are classified within Level 3 of the fair value hierarchical level. There were no transfers between levels during the periods presented.



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17 Property, plant and equipment

Land Buildings

Machinery, equipment

and facilities

Property, plant and equipment in progress (i) Other Total

At December 31, 2013 1,249,332 1,426,592 6,902,717 215,346 30,517 9,824,504 Additions 18 6,325 341,436 1,715 349,494

Disposals (57,202 ) (10,140 ) (44,467 ) (3,726 ) (11,306 ) (126,841 ) Depreciation (128,368) (657,191) (12,081 ) (797,640 )

Transfers and others (ii) 8,382 70,614 250,403 (335,429 ) 9,246 3,216

At December 31, 2014 1,200,512 1,358,716 6,457,787 217,627 18,091 9,252,733 Additions 284 1,730 280,989 1,405 284,408

Disposals (3,485 ) (4,614 ) (7,628 ) (751 ) (16,478 ) Depreciation (84,170 ) (491,371 ) (10,458 ) (585,999 )

Acquisition of assets - Fibria Innovations (Note 15) 4,212 4,212 Transfers and others (ii) 12 35,591 146,757 (215,646 ) 46,298 13,012

At September 30, 2015 1,197,039 1,305,807 6,111,487 282,970 54,585 8,951,888

(i) Includes the amount of R$ 114,255 regarding the Horizonte 2 Project.

(ii) Includes transfers between property, plant and equipment, biological assets, intangible assets and inventory.



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18 Intangible assets

September 30,

2015 December 31,

2014 At the beginning of the period 4,552,103 4,634,265 Additions 8 40 Amortization (58,032 ) (90,854 ) Disposals (67 ) (20 ) Acquisition of assets - Fibria Innovations (Note 15) 7,388 Transfers and others (*) 15,034 8,672 At the end of the period 4,516,434 4,552,103

Composed by Goodwill - Aracruz 4,230,450 4,230,450 Systems development and deployment 25,492 26,703 Acquired from business combination Databases 148,200 182,400 Patents 5,160 Relationships with suppliers Chemical products 95,391 103,125 Other 16,901 4,265 4,516,434 4,552,103

(*) Includes transfers between property, plant and equipment and intangible assets.



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19 Loans and financing

(a) Breakdown of the balance by type of loan Current Non- current Total

Type/purpose Interest

rate

Average annual

interest rate - %

September 30, 2015

December 31, 2014

September 30, 2015

December 31, 2014

September 30, 2015

December 31, 2014

In foreign currency BNDES UMBNDES 6.4 85,347 62,307 697,858 409,594 783,205 471,901 Bonds Fixed 5.6 54,780 11,154 2,731,765 1,825,189 2,786,545 1,836,343 Export credits (prepayment) LIBOR 2.4 421,286 190,707 6,520,882 3,518,474 6,942,168 3,709,181 Export credits (ACC/ACE) Fixed 1.2 175,316 263,120 175,316 263,120

736,729 527,288 9,950,505 5,753,257 10,687,234 6,280,545

In Reais BNDES TJLP 9.8 217,118 320,838 777,779 870,720 994,897 1,191,558 BNDES Fixed 5.1 26,083 16,654 98,521 76,020 124,604 92,674

FINAME TJLP and

Fixed 4.0 3,814 4,978 2,888 5,451 6,702 10,429 NCE CDI 16.2 81,235 83,507 603,826 630,742 685,061 714,249 Midwest Region Fund (FCO and FINEP) Fixed 8.1 12,027 12,124 15,739 24,940 27,766 37,064 340,277 438,101 1,498,753 1,607,873 1,839,030 2,045,974

1,077,006 965,389 11,449,258 7,361,130 12,526,264 8,326,519

Interest 105,197 51,957 95,805 65,710 201,002 117,667 Short-term borrowing 174,789 262,739 174,789 262,739 Long-term borrowing 797,020 650,693 11,353,453 7,295,420 12,150,473 7,946,113 1,077,006 965,389 11,449,258 7,361,130 12,526,264 8,326,519

The average rates were calculated based on the forward yield curve of benchmark rates to which the loans are indexed, weighted through the maturity date for each installment, including the issuing/contracting costs, when applicable.



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(b) Breakdown by maturity 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total

In foreign currency BNDES 16,939 94,302 84,178 66,456 186,635 198,486 45,437 5,425 697,858 Bonds 378,939 2,352,826 2,731,765 Export credits (prepayment) 62,079 712,506 1,411,936 2,999,221 441,641 893,499 6,520,882

79,018 806,808 1,496,114 3,065,677 1,007,215 1,091,985 45,437 5,425 2,352,826 9,950,505

In Reais BNDES - TJLP 38,830 159,417 115,130 84,885 151,428 164,238 52,258 11,593 777,779 BNDES - Fixed 6,779 28,949 28,181 22,075 10,369 2,000 168 98,521 FINAME 662 2,059 167 2,888 NCE 16,478 264,384 236,516 43,225 43,223 603,826 Midwest Region Fund (FCO e FINEP) 2,974 11,893 659 213 15,739

65,723 466,702 380,653 150,398 205,020 166,238 52,426 11,593 1,498,753

144,741 1,273,510 1,876,767 3,216,075 1,212,235 1,258,223 97,863 17,018 2,352,826 11,449,258



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(c) Breakdown by currency

September 30,

2015 December 31,

2014

Real 1,839,030 2,045,974 U.S. Dollar 9,904,029 5,808,644 Currency basket 783,205 471,901

12,526,264 8,326,519

(d) Roll forward

September 30,

2015 December 31,

2014

At the beginning of period 8,326,519 9,773,097 Borrowings 1,977,235 4,382,345 Interest expense 332,127 475,780 Foreign exchange 3,256,223 690,271 Repayments - principal amount (1,095,233 ) (6,636,153 ) Interest paid (264,469 ) (491,173 ) Expense of transaction costs of Bonds early redeemed 133,233 Addition of transaction costs (11,819 ) (36,736 ) Other (*) 5,681 35,855

At the end of the period 12,526,264 8,326,519

(*) It includes amortization of transactions costs.

(e) Relevant operations settled in the period Export credits - ACC and ACE In the nine-month period ended September 30, 2015, the Company paid in the maturity date the amount of US$ 35 million (equivalents then to R$ 91,777) regarding exports credits (ACE) and US$ 77 million (equivalents then to R$ 244,021), through its jointly-operation Veracel, regarding exports credits (ACC), with interest rates between 0.18% and 1.09% p.a., respectively.

(f) Relevant operations contracted in the period Export credits - ACC In the nine-month period ended September 30, 2015, the Company, through its jointly-operation Veracel, entered into export contracts (ACC) in the amount of US$ 54 million (equivalent then to R$ 167,696), with maturities until February 2016 and fixed interest rate between 1.02% and 1.30% p.a. BNDES In the nine-month period ended September 30, 2015, was released from BNDES the amount of R$175,780, with maturities between 2015 and 2023, subject to interest rate between TJLP plus 2.00%



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p.a. and 3.42% p.a., UMBNDES plus 2.40% p.a. and fixed interest rate between 4.00% and 10.00%. The value was used in industrial, forestry and IT projects. Export credits (prepayments) In August 2015, the Company, through its subsidiary Fibria International Trade GMBH, signed an amendment to the export prepayment contract in the amount of US$ 400 million (equivalent then to R$ 1,390,040). The releases were made in three installments, being the first in the amount of US$ 98 million, maturing through 2019 and interest rate of 1.30% p.a. over the quarterly LIBOR, the second in the amount of US$ 144 million, maturing through 2019 and interest rate of 1.40% p.a. over the quarterly LIBOR and the third in the amount of US$ 158 million, maturing through 2021 and interest rate of 1.55% p.a. over the quarterly LIBOR. This line is intended to finance the Horizonte 2 Project.

(g) Covenants Some of the financing agreements of the Company contain covenants establishing maximum indebtedness and leverage levels, as well as minimum coverage of outstanding amounts. The Company’s debt financial covenants are measured based on consolidated information translated into U.S. Dollars. The covenants specify that indebtedness ratio (Net debt to Adjusted EBITDA, as defined (Note 4.2.2 to the most recent financial statements for the year ended December 31, 2014)) cannot exceed 4.5x. The Company is in full compliance with the covenants established in the financial contracts at September 30, 2015. The loan indentures with debt financial covenants also present the following events of default: . Non-payment, within the stipulated period, of the principal or interest. . Inaccuracy of any declaration, guarantee or certification provided. . Cross-default and cross-judgment default, subject to an agreed. . Subject to certain periods for resolution, breach of any obligation under the contract. . Certain events of bankruptcy or insolvency of the Company, its main subsidiaries or Veracel.



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20 Provision for contingencies

September 30, 2015 December 31, 2014

Judicial deposits Provision Net

Judicial deposits Provision Net

Nature of claims Tax 95,135 103,768 8,633 88,858 100,604 11,746 Labor 59,486 211,358 151,872 52,304 174,179 121,875 Civil 17,957 26,136 8,179 16,400 27,361 10,961 172,578 341,262 168,684 157,562 302,144 144,582

The change in the provision for contingencies is as follows:

September 30,

2015 December 31,

2014

At the beginning of the period 302,144 280,512 Disposals (14,705 ) (7,280 ) Reversal (16,642 ) (37,458 ) New litigation 18,529 17,723 Accrual of financial charges 51,936 48,647

At the end of the period 341,262 302,144

In the nine-month period ended September 30, 2015, there were no significant changes in the possible loss contingencies in comparison with the most recent annual financial statements as at December 31, 2014. See below the main update in the period:

(i) Swap of industrial and forestry assets with International Paper On March 4, 2015, the Tax Federal Administrative Court (CARF - Conselho Administrativo de Recursos Fiscais), declared that they partially sustained the position of the tax authorities in regards to the administrative process related to the tax assessment notice issued by the Federal Revenue Service Office regarding the swap of industrial and forestry assets between Fibria and International Paper in 2007 and reduced the applicable fines from 150% to 75%. Following the decision, the updated amount involved was reduced from R$ 1,957 million to R$ 1,592 million, of which R$ 557 million refers to the principal, R$ 417 million to fines and R$ 618 million to interest, as at September 30, 2015. Against the decision, the Company presented the applicable appeals, which is pending of judgement. The National Finance (Fazenda Nacional) also appealed to reduce the qualified fine; however, the appeal was not received, making definitive the decision that reduced the fines from 150% to 75%. In the event of failure at the administrative level, the Company emphasizes that they will discuss the debt at the judicial level. The Company reinforces that the CARF decision does not present any financial impact and maintain its position of not to constitute any provision for contingencies in relation to this matter, based on its understanding and in the internal and external advisors opinion that the probability of gain on the case



38 de 43

is possible.

(ii) Changing in the inflation adjustment index of labor debts In August 2015, the Superior Labor Court (Tribunal Superior do Trabalho - TST) declared unconstitutional the adjustment of labor liabilities by reference interest rate (taxa de juros referencial - TR), changing by the consumer price index (IPCA-E), which might be applied retroactively since June 30, 2009 over the processes in progress. Changing in the adjustment index on Company’s labor processes impacted by approximately R$ 27 million in the balance of the provision for labor contingencies, recognized under the line “foreign exchange losses and monetary adjustment, net”, in the financial results. On October 14, 2015, the Supreme Court (Supremo Tribunal Federal - STF), issued an injunction suspending the effects of the decision issued by the Superior Labor Court. The Company is evaluating the scope of that decision to decide on the rate to be applied.

21 Revenue

(a) Reconciliation

September 30,

2015 September 30,

2014

Gross amount 9,018,281 6,226,045 Sales taxes (143,054 ) (108,254 ) Discounts and returns (*) (1,779,175 ) (1,035,250 )

Net revenues 7,096,052 5,082,541

(*) Related mainly to trade discounts.

(b) Information about markets

September 30,

2015 September 30,

2014

Revenue Domestic market 564,612 418,525 Export market 6,461,801 4,602,910 Services 69,639 61,106

7,096,052 5,082,541



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22 Financial results

September 30, 2015

September 30, 2014

Financial expenses Interest on loans and financing (i) (329,689 ) (364,097 ) Loans commissions (7,344 ) (23,182 ) Financial charges upon partial repurchase of Bond (463,585 ) Others (60,913 ) (31,177 )

(397,946 ) (882,041 ) Financial income Financial investment earnings 65,756 70,847 Others (ii) 66,426 33,079

132,182 103,926 Gains (losses) on derivative financial instruments Gains 480,198 336,863 Losses (1,369,677 ) (300,851 ) (889,479 ) 36,012

Foreign exchange losses and monetary adjustment, net Loans and financing (3,254,485 ) (251,787 ) Other assets and liabilities (iii) 627,441 (29,407 ) (2,627,044 ) (281,194 )

Net (3,782,287 ) (1,023,297 )

(i) Net in the amount of R$ 2,438 as at September 30, 2015, regarding capitalized financing costs. (ii) It includes the interest accrual of the tax credits. (iii) It includes the effect of exchange foreign on cash and cash equivalents, trade accounts receivable, trade payable and

others.



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23 Expenses by nature

September 30, 2015

September 30, 2014

Cost of sales Depreciation, depletion and amortization (1,390,903 ) (1,355,242 ) Freight (656,709 ) (593,536 ) Labor expenses (358,997 ) (335,818 ) Variable costs (raw materials and miscellaneous materials) (1,839,956 ) (1,874,578 )

(4,246,565 ) (4,159,174 )

Selling expenses Labor expenses (21,526 ) (18,384 ) Selling expenses (i) (266,897 ) (226,702 ) Operational leasing (1,340 ) (1,300 ) Depreciation and amortization charges (7,398 ) (6,110 ) Other expenses (15,397 ) (9,520 ) (312,558 ) (262,016 )

General and administrative Labor expenses (73,849 ) (67,594 ) Third-party services (77,786 ) (77,638 ) Depreciation and amortization (12,055 ) (13,270 ) Taxes and contributions (4,837 ) (5,742 ) Operating leases and insurance (6,552 ) (6,729 ) Other expenses (19,728 ) (22,297 )

(194,807 ) (193,270 )

Other operating (expenses) income (ii) Programs of variable compensation (95,531 ) (62,139 ) Loss on disposal of property, plant and equipment (15,665 ) (23,696 ) Tax credits 2,195 860,764 (Provision)/reversal of contingencies (7,928 ) 9,287 Changes in fair value of biological assets 29,831 87,192 Others 4,028 7,050

(83,070 ) 878,458

(i) Includes handling expenses, storage and transportation expenses and sales commissions and others. (ii) Accordingly to our accounting policies, the variable compensation expenses of the executive directors and

employees are classified under “other operating (expenses) income”.



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24 Shareholders’ equity

(a) Dividends

On April 28, 2015, was approved in the Ordinary and Extraordinary Shareholders Meeting the payments to the shareholders in the amount of R$ 147,805, as dividends related to the net income of the fiscal year ended December 31, 2014, being R$ 36,951 corresponding to 25% of the adjusted net income and, R$110,854 as additional dividend. The payment was made on May 14, 2015.

25 Earnings per share

(a) Basic

The basic earnings per share is calculated by dividing net income attributable to the Company's shareholders by the weighted average of the number of common shares outstanding during the period, excluding the common shares purchased by the Company and maintained as treasury shares.

September 30,

2015 September 30,

2014 Numerator Net income (loss) attributable to the shareholders of the Company (563,286 ) 285,101 Denominator Weighted average number of common shares outstanding 553,591,281 553,591,822 Basic earnings (loss) per share - in Reais (1.018 ) 0.515

The weighted average number of shares in the presented periods is represented by a total number of shares of 553,934,646 issued and outstanding for the nine-month period ended September 30, 2015 and 2014, without considering treasury shares, for total of 344,042 shares in the nine-month period ended September 30, 2015 (342,824 as at September 30, 2014). In the nine-month period ended September 30, 2015 and 2014 there were no changes in the number of shares of Company.

(b) Diluted

Diluted earnings per share are calculated by dividing net income attributable to the Company’s shareholders common shares by the weighted average number of common shares available during the year plus the weighted average number of common shares that would be issued when converting all potentially dilutive common shares into common shares:



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September 30,

2015

Numerator

Loss attributable to the shareholders of the Company (563,286 ) Denominator

Weighted average number of common shares outstanding 553,591,281 Dilution effect

Stock options 687,840 Weighted average number of common shares outstanding adjusted according to dilution effect 554,279,121

Diluted loss per share - in Reais (1.016 )

There was no dilutive effect in the nine-month period ended September 30, 2014.

26 Explanatory notes not presented According to the requirements for disclosure contained in Circular-Letter CVM/SNC/SEP/ No. 003/2011, we presented explanatory notes to the annual financial statements detailing the financial instruments by category (Note 7), credit quality of financial assets ( Note 8), financial and operational lease agreements (Note 21), advances to suppliers (Note 22), the tax amnesty and refinancing program (Note 25), long term commitments (Note 26), benefits to employees (Note 28), compensation program based on shares (Note 29), insurance (Note 34), non-current assets held for sale (Note 36) and impairment testing (Note 37), that we omitted in the September 30, 2015 consolidated interim financial information because the assumptions, operations and policies have not seen any relevant changes compared to the position presented in the financial statements as At December 31, 2014. In addition, the Company no longer has reportable segments to present as at September 30, 2015, therefore the Note regarding segment information was excluded.

27 Subsequent events

(i) Agribusiness Credit Receivable Certificates On September 30, 2015, the Company finished the public distribution of 675 thousand Agribusiness Credit Receivable Certificates to be issued by Eco Securitizadora de Direitos Creditórios do Agronegócio S.A. in the total amount of R$ 675 million for funding of the activities of Fibria-MS related to the agribusiness, especially for the purchase of goods and hiring of services in connection with Horizonte 2 Project, as mentioned in Note 1(c). The Agribusiness Credit Receivable Certificates are backed by agribusiness credit rights assigned by Itaú Unibanco S.A., from the Export Credit Note to be issued by Fibria-MS, guaranteed by the Company.



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(ii) Proposal of dividends payment In a meeting held on October 22, 2015, the Board of Directors approved a dividend policy that will be based on its ability to generate cash flow, respecting its indebtedness and liquidity policies, maintaining its commitment to the investment grade as well as considering its strategic planning. In continuous act of the Board of Directors and based on this new dividend policy, the distribution of intermediate dividends extraordinarily was recommended in the amount of R$ 2 billion, to be paid against reserves for investments. The proposal was driven by the low leverage, low average cost of debt and the fact that the funding for Horizonte 2 Project are already solved, in line with our commitment to maintain the capital discipline. The proposal will be deliberated at the Extraordinary General Meeting to be held on November 30, 2015.

* * *

3Q15 Results

3Q15 Results

2

Quarterly EBITDA record of R$1.55 billion, margin of 56% and Free cash flow of R$1.12 billion(6)

3Q15 Highlights

Pulp production of 1,275 thousand tons, 3% and 5% less than in 2Q15 and 3Q14, respectively. LTM production stood at 5,268 thousand

tons.

Scheduled maintenance downtime in plants A and B at the Aracruz and Três Lagoas Mills successfully concluded.

Pulp sales of 1,298 thousand tons, 1% up on 2Q15 and 5% down on 3Q14. LTM sales totaled 5,220 thousand tons.

Net revenue of R$2,790 million (2Q15: R$2,309 million | 3Q14: R$1,746 million). LTM net revenue came to R$9,097 million, a new 12-month record.

Cash cost of R$659/t, 13% and 31% more than in 2Q15 and 3Q14, respectively. Excluding the impact of the scheduled downtimes, the

cash cost would have come to R$589/t.

EBITDA Margin of 56%, a new quarterly record.

Adjusted EBITDA was a quarterly record of R$1,551 million, 34% and 153% higher than in 2Q15 and 3Q14, respectively. LTM EBITDA

totaled R$4,620 million, also a period record.

EBITDA/ton of R$1,194/t (US$337/t), 32% and 168% more than in 2Q15 and 3Q14, respectively.

Free cash flow before expansion capex reached R$1,122 million, 127% up on 2Q15 and 683% more than in 3Q14. LTM free cash flow

totaled R$2,297 million. Free cash flow yield came to 7.7%.

Cash ROE and ROIC of 17.8% and 17.7%, respectively. For more details, see pages 16 and 17.

Loss of R$601 million (2Q15: net income of R$614 million | 3Q14: loss of R$359 million).

Gross debt in dollars of US$3,153 million, 9% up on 2Q15 and 10% down on 3Q14. Gross debt/EBITDA in dollars of 2.07x.

Net debt in dollars reached its lowest level since Fibria’s creation, falling by 9% over 2Q15.

Net Debt/EBITDA ratio of 1.58x in dollars (Jun/15: 1.95x | Sep/14: 2.52x) and 2.07x in reais (Jun/15: 2.23x | Sep/14: 2.70x).

Fibria was included in the NYSE’s 2015/16 Dow Jones Emerging Markets Sustainability Index.

Horizonte 2 Project advances within schedule (for more details, see page 14).

Subsequent Events

Dividend Policy approval and recommendation of distribution of intermediate dividends extraordinarily of R$ 2.0 billion.

V Annual Meeting with Investors at the NYSE – Fibria Day to take place on December 2, 2015.

The operating and financial information of Fibria Celulose S.A. for the third quarter of 2015 (3Q15) 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.

Key Figures Unit 3Q15 2Q15 3Q14 3Q15 vs

2Q15 3Q15 vs 3Q14 9M15 9M14

9M15 vs

9M14

Last 12 months

(LTM)

Pulp Production 000 t 1,275 1,321 1,345 -3% -5% 3,888 3,893 0% 5,268

Pulp Sales 000 t 1,298 1,282 1,372 1% -5% 3,810 3,895 -2% 5,220

Net Revenues R$ million 2,790 2,309 1,746 21% 60% 7,096 5,083 40% 9,097

Adjusted EBITDA(1) R$ million 1,551 1,157 613 34% 153% 3,714 1,885 97% 4,620

EBITDA margin % 56% 50% 35% 5 p.p. 21 p.p. 52% 37% 15 p.p. 51%

Net Financial Result(2) R$ million (2,357) 321 (785) - - (3,782) (1,023) - (4,394)

Net Income (Loss) R$ million (601) 614 (359) - - (576) 291 - (704)

Free Cash Flow (6) R$ million 1,122 493 143 127% 683% 1,999 485 313% 2,297

Dividends paid R$ million - (149) - - - (149) - - (149)

ROE(5) % 17.8% 11.1% 5.7% 7 p.p. 12 p.p. 17.8% 5.7% 12 p.p. 17.8%

ROIC(5) % 17.7% 12.4% 7.2% 5 p.p. 10 p.p. 17.7% 7.2% 10 p.p. 17.7%

Gross Debt (US$) US$ million 3,153 2,906 3,498 9% -10% 3,153 3,498 -10% 3,153

Gross Debt (R$) R$ million 12,526 9,015 8,574 39% 46% 12,526 8,574 46% 12,526

Cash(3) R$ million 2,948 818 1,261 260% 134% 2,948 1,261 134% 2,948

Net Debt (R$) R$ million 9,578 8,197 7,313 17% 31% 9,578 7,313 31% 9,578

Net Debt (US$) US$ million 2,411 2,642 2,984 -9% -19% 2,411 2,984 -19% 2,411

Net Debt/EBITDA LTM x 2.07 2.23 2.70 -0.2 x -0.6 x 2.07 2.70 -0.63 x 2.07

Net Debt/EBITDA LTM (US$)(4) x 1.58 1.95 2.52 -0.4 x -0.9 x 1.58 2.52 -0.93 x 1.58

(1) Adjusted by non-recurring and non-cash items | (2) Includes results from financial investments, monetary and exchange variation, mark-to-market of hedging and interest

(3) Includes the hedge fair value | (4) For covenants purposes | (5) For more details p. 16 | (6) Before dividend payment and expansion capex

Market Cap – September 30, 2015:

R$29.8 billion | US$7.5 billion

FIBR3: R$53.80

FBR: US$13.56

Shares Issued: 553,934,646 common shares

Conference Call: October 23, 2015

Portuguese: 9 am (Brasília) | Phone: +55 11 3193-1001

English: 10 am (Brasília) | Phone: +1-412-317-6717

Webcast: www.fibria.com.br/ri

Investor Relations

Guilherme Cavalcanti André Gonçalves Camila Nogueira Roberto Costa

Raimundo Guimarães

[email protected] | +55 (11) 2138-4565

3Q15 Results

3

Contents

Executive Summary ..................................................................................................................... 4

Pulp Market .................................................................................................................................. 5

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 .......................................................................................................................... 15

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 – Statement of Cash Flows .................................................................................... 21

Appendix V – Breakdown of EBITDA and Adjusted EBITDA (CVM Instruction 527/2012) ......... 22

Appendix VI – Economic and Operational Data ......................................................................... 23

3Q15 Results

4

Executive Summary

Despite typical July and August seasonality, Fibria recorded sales volume of 1,298 thousand tons, 1% up on 2Q15,

thanks to continuing demand growth, which, together with the temporary scheduled downtimes of the hardwood pulp

producers, allowed the Company to introduce another US$20/t price increase in all regions as of September (Europe:

US$830/t) – the fourth upturn his year. Fibria’s average net price in dollars moved up by 3.3%, while the average

PIX/FOEX BHKP Europe price climbed by 2.9%. In addition, the average dollar appreciation against the real resulted in

record EBITDA and free cash flow, which came to R$1.55 billion and R$1.05 billion, respectively, in the third quarter.

LTM EBITDA amounted to R$4,620 million, 66% more than in 2014.

Pulp production totaled 1,275 thousand tons in 3Q15, 3% and 5% down on 2Q15 and 3Q14, respectively, due to the

higher impact of maintenance downtimes. Sales volume came to 1,298 thousand tons, 1% more than in the previous

quarter due to higher sales to North America and Europe, and 5% down on 3Q14, when we reached record levels for a

third quarter. Pulp inventories closed the quarter at 53 days.

The production cash cost was R$659/t, 13% up on 2Q15, primarily due to the increased impact of maintenance

downtimes, the appreciation of the dollar against the real, the higher cost of wood and the reduced utilities result (energy

sales). The increase over 3Q14 was due to maintenance stoppages, higher logistics costs with wood (wider average

transportation radius), the impact of the exchange variation and the reduced utilities result, among other less important

factors (see page 7 for more details). The cash cost excluding the downtime effect stood at R$589/t, 23% up year-on-

year.

Adjusted 3Q15 EBITDA totaled R$1,551 million, 34% up on 2Q15 and a new quarterly record, thanks to the higher

average net price in reais, partially offset by higher cash COGS (see page 8), while the EBITDA margin stood at 56%. In

relation to 3Q14, the higher average net price in reais offset the upturn in cash COGS. Free cash flow for the quarter

before expansion capex amounted to R$1,122 million, 127% more than in the previous three months due to the increase

in EBITDA and improved working capital. In relation to 3Q14, most of the upturn can also be put down to EBITDA.

The 3Q15 financial result was negative by R$2,357 million, versus a positive R$321 million in 2Q15 and a net expense of

R$785 million in 3Q14. The negative result was chiefly due to the 28% appreciation of the end-of-period dollar against

the real, resulting in expenses mostly from the impact of the exchange variation on debt and hedge instruments. Interest

expenses in dollars fell by 31% year-on-year, despite the upturn in the TJLP long-term interest rate and the CDI

interbank rate, and new funding operations in the period. Gross debt in dollars totaled US$3,153 million, 9% up on 2Q15

and 10% down on 3Q14. Fibria closed the quarter with a cash position of R$2,948 million, including the mark-to-market

of derivatives.

As a result of all the above, Fibria reported a 3Q15 loss of R$601 million, versus net income of R$614 million in 2Q15

and a loss of R$359 million in 3Q14.

3Q15 Results

5

Pulp Market

In 3Q15, eucalyptus pulp sales once again benefited from improved demand in all markets, due to the healthy

performance of the mature markets and new paper capacity, especially in China, which has been continuously

generating additional demand in recent months.

The expected decline in demand in July and August, traditionally weaker months due to the downtimes during the

summer vacation season in the northern hemisphere, was so low that it almost went unnoticed this year. Solid demand

coupled with low inventory levels at the beginning of the quarter permitted the implementation of the entire price increase

announced for June 1 and the fourth US$20/t upturn this year in all markets, effective as of September 1, partially

implemented by Fibria.

On the supply side, hardwood pulp producers’ inventories remained low, given that, in addition to demand, the scheduled

maintenance stoppages in Latin America and Europe removed at least 120 thousand tons of hardwood pulp from the

market between July and September. The temporary three-week stoppage in the APRIL Rizhao plant in China due to

lack of rainfall in the region also contributed to the reduction in period hardwood pulp supply.

Unlike in previous years, maintenance downtimes should continue to play an important role in the final quarter, due to the

new maintenance calendar of certain Brazil plants, which were authorized to extend the interval between such stoppages

to 15 months, removing around 60 thousand tons from the market. In addition, the continuation of healthy demand,

chiefly due to higher end-of-year seasonality, will maintain market fundamentals at favorable levels.

Production and Sales

Pulp production totaled 1,275 thousand tons in 3Q15, 3% down on the previous quarter, due to the increased impact of

the scheduled maintenance downtimes, partially offset by the higher number of production days (3Q15: 92 days| 2Q15:

91 days). In comparison with 3Q14, production fell by 5%, mainly due to the higher number of maintenance stoppages.

Pulp inventories closed the quarter at 786 thousand tons (53 days), 3% down on the 809 thousand tons recorded in

2Q15 (54 days) and 6% more than the 739 thousand tons registered in 3Q14 (50 days).

Regulatory Standard 13 (Boiler and Pressure Vessel Inspection) extended the maximum period between recovery boiler

inspections from 12 to 15 months. Consequently, downtimes that used to take place on an annual basis, almost always

12879 99

59

45

63 33 114

173

142 132

173

1Q15 2Q15 3Q15 4Q15

Scheduled downtimes (000 t)

Brazil Others

Production ('000 t) 3Q15 2Q15 3Q14 3Q15 vs

2Q15

3Q15 vs

3Q14 9M15 9M14

9M15 vs

9M14

Last 12

months

Pulp 1,275 1,321 1,345 -3% -5% 3,888 3,893 0% 5,268

Sales Volume ('000 t)

Domestic Market Pulp 118 126 138 -6% -14% 374 371 1% 520

Export Market Pulp 1,180 1,157 1,234 2% -4% 3,436 3,524 -2% 4,700

Total sales 1,298 1,282 1,372 1% -5% 3,810 3,895 -2% 5,220

3Q15 Results

6

at the same time of year, are undergoing planning changes in accordance with the new regulation. In the long term, this

extension will reduce costs and increase output. The calendar for scheduled maintenance downtimes in Fibria’s mills up

to 2018 is shown in the following chart, in which these changes become clear.

Sales volume totaled 1,298 thousand tons, 1% up on the previous three months due to increased sales to North America

and Europe, and 5% down on 3Q14, when sales reached record levels for a third quarter, mostly fueled by North

America and Asia. In 3Q15, net revenue from Europe accounted for 42% of the total, followed by Asia with 25%, North

America with 25% and Latin America with 8%.

Results Analysis

Net revenue totaled R$2,790 million in 3Q15, 43% higher than in 2Q15, thanks to the higher average net price in reais, in

turn due to the 15% appreciation of the average dollar, higher price in dollars and higher sales volume. The 60%

increase over 3Q14 was also due to the higher average net price in reais, partially offset by lower sales volume. LTM net

revenue came to R$9,097 million, a new 12-month record.

The cost of goods sold (COGS) increased by 6% and 5% over 2Q15 and 3Q14, respectively, mostly due to higher

production costs and the impact of the exchange variation on freight expenses, partially offset by the reduction in

expenses from bunker fuel adjustments due to the decline in oil prices, benefiting maritime and overseas freight costs.

The pulp production cash cost totaled R$659/t in 3Q15, 13% up on the quarter before, primarily due to i) the increased

impact of the scheduled maintenance downtimes (A and B plants at the Aracruz and Três Lagoas Mills); ii) the impact of

the exchange variation (15% appreciation of the average dollar against the real); iii) the reduced utilities result (lower

energy prices); and iv) higher non recurring wood costs, explained by higher third party contribution and wood from

Losango, impacting the average distance from forest to mill. In relation to 3Q14, the upturn came from: i) the scheduled

maintenance downtimes; ii) higher wood costs, as explained above; iii) the appreciation of the average dollar (around

15% of the production cash cost is dollar-pegged – mainly chemicals, energy and materials); and iv) the lower utilities

result (3Q15: R$20/t | 3Q14: R$34/t), as well as other lesser factors, as shown in the table below. It is worth noting that

the wood cost variation was expected and that the Company is experiencing higher non-recurring wood costs, as

announced to the market on previous occasions. Excluding the non recurring additional effects and the exchange rate

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

Mills

Aracruz A

Aracruz B

Aracruz C

Jacareí

Três Lagoas

Veracel

No maintenance downtime





2014 2015 2016 2017 2018

Net Revenues (R$ million) 3Q15 2Q15 3Q14 3Q15 vs

2Q15

3Q15 vs

3Q14 9M15 9M14

9M15 vs

9M14

Last 12

months

Domestic Market Pulp 203 191 153 7% 33% 565 419 35% 737

Export Market Pulp 2,558 2,099 1,574 22% 63% 6,462 4,603 40% 8,271

Total Pulp 2,761 2,290 1,727 21% 60% 7,026 5,021 40% 9,008

Portocel 28 20 19 43% 49% 70 61 14% 89

Total 2,790 2,309 1,746 21% 60% 7,096 5,083 40% 9,097

3Q15 Results

7

impact, the cash cost increase would have been below last twelve months inflation measured by IPCA, which came to

9.5% in the period.

Selling expenses totaled R$111 million in 3Q15, 4% more than in 2Q15 mainly due to the foreign exchange effect and

the increase in sales volume. The 16% increase over 3Q14 was also due to the appreciation of the dollar against the

real, partially offset by the decline in expenses with terminals and lower sales volume. The selling expenses to net

revenue ratio narrowed to 4%.

Administrative expenses came to R$66 million, stable compared to 2Q15. Year-on-year, the reduction of 9% was due to

lower third party services expenses and donations.

502

583

659

3Q14 2Q15 3Q15

Cash Cost(R$/t)

478

568 589

3Q14 2Q15 3Q15

Cash Cost ex-Downtime (R$/t)

Wood43%

Chemicals22%

Energy7%

Other Variable4%

Maintenance16%

Personnel5%

Other Fixed3%

Production Cash Cost3Q15

Wood48%

Chemicals21%

Energy5%

Other Variable4%

Maintenance13%

Personnel5%

Other Fixed4%

Production Cash Cost3Q14

Fixed costsVariable costs

Pulp Cash Cost R$/t

2Q15 583

55

Exchange Rate 13

Lower results with utilities (energy price decrease) 11

Wood - higher third party contribution and Losango effect - higher distance from forest to mill 10

Lower price of chemicals and energy (3)

Lower consumption of chemicals (4)

Volume effect (2)

Others (4)

3Q15 659

Pulp Cash Cost R$/t

3Q14 502

45

41

Exchange Rate 41

16

Higher cost of maintenance and third party services 8

Higher consumption of chemicals and others 6

3Q15 659

Maintenance downtimes

Wood - higher third party contribution and Losango effect - higher distance from forest to mill

Maintenance downtimes

Lower results of utilities (energy price decrease)

3Q15 Results

8

In the case of other operating income (expenses), the Company recorded an expense of R$44 million in 3Q15, versus

expense of R$10 million in 2Q15 and an expense of R$32 million in 3Q14. The quarter-on-quarter variation was chiefly

due to the revaluation of biological assets in 2Q15, while the increase in the annual variation was also mainly due to the

update of future disbursements of all employees that have remuneration plans attached to share price.

Adjusted EBITDA totaled R$1,551 million in 3Q15 with a margin of 56%. In comparison with 2Q15, EBITDA increased by

34%, due to the 19% upturn in the average net price in reais, in turn impacted by the 15% appreciation of the average

dollar, the 3% increase in the net pulp price in dollars and higher sales volume, partially offset by higher cash COGS and

the increase in other operating expenses, as detailed above. The 12-month upturn was due to the 56% appreciation of

the average dollar and the 10% upturn in the average net price in dollars, which offset the increase in cash COGS and

the decline in sales volume. The graph below shows the main variations in the quarter:

(1) Write-down of property, plant and equipment, provisions for ICMS tax credit losses, equity income and tax credits, and recovery of contingencies.

1,157 1,165

1,520 1,551

8 39

441

(86) (4) (1) (34)

30

EBITDAAjustado 2Q15

Non-recurringeffects / non-

cash(1)

EBITDA 2Q15 Volume Price andExchangeVariation

Cogs S&M G&A Otheroperationalexpenses

EBITDA 3Q15 Non-recurringeffects / non-

cash(1)

EBITDAAjustado 3Q15

EBITDA 3Q15 x 2Q15R$ million and margin %

613

1,157

1,551

269376

438

3Q14 2Q15 3Q15

EBITDA (R$ million) and EBITDA Margin (%)

EBITDA (R$ million) EBITDA (US$ million)

35%50%

56%

446

902

1,194

196

294 337

3Q14 2Q15 3Q15

EBITDA/t(R$/t)

EBITDA R$/ton EBITDA US$/ton

3Q15 Results

9

Financial Result

Income from interest on financial investments came to R$27 million in 3Q15, 17% and 23% up on 2Q15 and 3Q14,

respectively, due to the increase in the cash balance and higher financial investments, as a result of new funding

operations in the quarter whose proceeds will be allocated to the Três Lagoas Mill expansion project. Cash and cash

equivalents closed the quarter at R$3,949 million (excluding the mark-to-market of derivative instruments). Hedge

transactions generated a loss of R$571 million, from the negative variation in fair value, especially of debt swaps (for

more details on derivatives, see page 10).

Interest expenses on loans and financing totaled R$122 million in 3Q15, 13% up on the previous quarter, due to new

funding in the period (see page 12 for more details), as well as the increase in the TJLP long-term interest rate and the

CDI interbank rate, which pushed up the appropriation of interest on debt pegged to these indexing units. In comparison

with 3Q14, interest expenses on loans and financing increased by 8%.

The foreign-exchange loss on dollar-denominated debt (95% of total debt), including real/dollar swaps, stood at R$2,202

million, versus income of R$248 million in 2Q15 and a loss of R$643 million in 3Q14. In relation to 2Q15, the negative

effect came from the 28% depreciation of the real against the dollar and the period increase in the dollar-denominated

portion of the debt (3Q15: R$3.9729 | 2Q15: R$3.1026| 3Q14: R$2.451).

On September 30, 2015, the mark-to-market of derivative financial instruments was negative by R$1,001 million (a

negative R$132 million from operational hedges, a negative R$1,152 million from debt hedges, and a positive R$283

million from embedded derivatives), versus a negative R$639 million on June 30, 2015, giving a negative variation of

R$362 million. This result was mainly due to the impact of the period depreciation of the real and the change in market

conditions, impacting outstanding debt swaps. Cash disbursements from transactions that matured in the period totaled

R$209 million (R$86 million of which in operational hedges and R$123 million in debt hedges). As a result, the net impact

on the financial result was a negative R$571 million. The following table shows Fibria’s derivative hedge position at the

close of September 2015:

(R$ million) 3Q15 2Q15 3Q14 9M15 9M14 3Q15 vs

2Q15

3Q15 vs

3Q14

9M15 vs

9M14

Financial Income (including hedge result) (544) 253 (121) (824) 107 - - -

Interest on financial investments 27 23 22 66 71 17% 23% -7%

Hedging(1) (571) 230 (143) (890) 36 - - -

Financial Expenses (122) (108) (113) (331) (359) 13% 8% -8%

Interest - loans and financing (local currency) (48) (47) (54) (140) (158) 2% -11% -11%

Interest - loans and financing (foreign currency) (74) (61) (59) (191) (201) 21% 25% -5%

Monetary and Exchange Variations (1,687) 184 (544) (2,626) (280) - 210% -

Foreign Exchange Variations - Debt (2,202) 248 (643) (3,256) (252) - 242% -

Foreign Exchange Variations - Other 515 (64) 99 630 (28) - 420% -

Other Financial Income / Expenses(2) (4) (8) (7) (1) (491) -50% -43% -

Net Financial Result (2,357) 321 (785) (3,782) (1,023) - 200% -

(1) Change in the marked to market (3Q15: R$(362) million | 2Q15: R$284 million) added to received and paid adjustments.

3Q15 Results

10

Zero cost collar operations have proved to be more appropriate in the current exchange scenario, especially due to the

volatility of the dollar, as they lock the exchange rate at levels favorable to the Company while also limiting negative

impacts in the event of a significant depreciation of the real. These instruments allow for the protection of a foreign

exchange band favorable to cash flows, within which Fibria does not pay or receive the amount of the adjustments. In

addition to protecting the company in these scenarios, this feature also allows it to achieve greater benefits in terms of

export revenues should the dollar move up. Currently, these operations have a maximum term of 12 months, covering

19% of net foreign exchange exposure, and their sole purpose is to protect cash flow exposure. The following table

shows the instrument’s exposure up to the contract expiration date and the respective average strikes per quarter:

Derivative instruments used to hedge debt (swaps) are designed to transform real-denominated debt into dollar-

denominated debt or protect existing debt against adverse swings in interest rates. Consequently, all of the swap asset

legs are matched with the flows of the respective hedged debt. The fair value of these instruments corresponds to the net

present value of the expected flows until maturity (average of 37 months in 3Q15) and therefore has a limited cash

impact.

The forestry partnership and standing timber supply contracts entered into on December 30, 2013 are denominated in

U.S. dollars per cubic meter of standing timber, adjusted in accordance with U.S. inflation measured by the CPI

Settled in

1Q15

Settled in

2Q15

Settled in

3Q15

Maturity

in 4Q15

Maturity

in 1Q16

Maturity

in 2Q16

Notional (US$ milhões) 420 425 350 310 260 -

Average strike put (R$/US$) 2.18 2.22 2.31 2.52 2.68 -

Average strike call (R$/US$) 3.19 3.17 3.24 3.86 4.29 -

Cash impact on settlement (R$ million) (3) (3) (86) - - -

Sept/15 Jun/15 Sept/15 Jun/15

Receive

US Dollar Libor (1) dec/19 627$ 531$ 2,232R$ 1,582R$

Brazilian Real CDI (2) aug/20 706R$ 772R$ 1,036R$ 1,112R$

Brazilian Real TJLP (3) dec/17 189R$ 219R$ 181R$ 210R$

Brazilian Fixed (4) dec/17 273R$ 314R$ 214R$ 256R$

Receive Total (a) 3,663R$ 3,160R$

Pay

US Dollar Fixed (1) dec/19 627$ 531$ (2,266)R$ (1,593)R$

US Dollar Fixed (2) aug/20 362$ 397$ (1,671)R$ (1,511)R$

US Dollar Fixed (3) dec/17 117$ 135$ (453)R$ (418)R$

US Dollar Fixed (4) dec/17 131$ 151$ (426)R$ (402)R$

Pay Total (b) (4,815)R$ (3,924)R$

Net (a+b) (1,152)R$ (764)R$

Option

US Dollar Options up to 5M 570$ 920$ (132)R$ (25)R$

Options Total (d) (132)R$ (25)R$

Receive

US Dollar Fixed dec/34 869$ 880$ 283R$ 150R$

Pay

US Dollar CPI dec/34 869$ 880$ -R$ -R$

Embedded Derivatives

Total (e)283R$ 150R$

Net (a+b+c+d+e) (1,001)R$ (639)R$

Notional (MM) Fair Value

Embedded Derivatives - Forestry Partnership and Standing Timber Supply

Agreements

Swaps Maturity

3Q15 Results

11

(Consumer Price Index), which is not related to inflation in the areas where the forests are located, constituting,

therefore, an embedded derivative. This instrument, presented in the table above, is a sale swap of the variations in the

U.S. CPI for the period of the above-mentioned contracts. See note 5 (e) of the 3Q15 financial statements for more

details and a sensitivity analysis of the fair value in the event of a substantial variation in the U.S. CPI.

All financial instruments were entered into in accordance with the guidelines established by the Market Risk Management

Policy, and are conventional instruments without leverage or margin calls, duly registered with the CETIP (Securities

Custody and Financial Settlement Clearinghouse), which only have a cash impact on their respective maturities and

amortizations. The Company’s Governance, Risk and Compliance area is responsible for the verification and control of

positions involving market risk and reports directly and independently to the CEO and the other areas and bodies

involved in the process, ensuring implementation of the policy. Fibria’s Treasury area is responsible for executing and

managing the financial operations.

Net Result

The Company posted a 3Q15 loss of R$601 million, versus net income of R$614 million in 2Q15 and a loss of R$359

million in 3Q14. The quarter-on-quarter variation was due to the negative financial result. Excluding non-recurring effects

(tax credits) and the impact of exchange variation (mainly on debt and hedge instruments), Fibria would have recorded

net income of R$873 million in 3Q15.

Analyzing the result in terms of earnings per share, i.e. excluding depreciation, depletion and monetary and exchange

variations (see the reconciliation on page 23), the indicator was 35% higher than in 2Q15, thanks to the increase in the

average net price in reais and higher sales volume. The 152% year-on-year upturn was due to the 56% appreciation of

the average dollar against the real and the 3% increase in the net average price, offsetting the decline in sales volume.

The chart below shows the main factors impacting the 3Q15 net result, beginning with EBITDA in the same period:

Net income (R$ million)

(1) Includes other exchange variation expenses, non-recurring/ non-cash expenses and other financial income/expenses.

1,551

(601)(2,202) 515 (362) (95)

(484)

(34)(209)

719

AdjustedEBITDA

Exchangevariation

debt / Mtmdebt hedge

Otherexchangevariation

MtMderivativesvariation

Hedgesettlement

Net interest Deprec.,amortiz. and

depletion

Income tax Other(1) Net income

defferred

swap

ZCC

current

3Q153Q15

3Q15 Results

12

Indebtedness

In 3Q15, Fibria executed an amendment to the syndicated export prepayment contract totaling US$400 million, with

amortization of the principal as of the 41st month, maturing in 2021, at the Libor plus average interest of 1.43% p.a. The

proceeds will be used to finance the Horizonte 2 Project.

On September 30, 2015, gross debt stood at R$12,526 million, R$3,511 million, or 39%, up on 2Q15, mainly due to the

28% depreciation of the real against the dollar, generating a negative exchange variation of R$2,202 million, and the

raising of a foreign currency export prepayment loan in the quarter. The chart below shows the changes in gross debt

during the quarter:

The financial leverage ratio in dollars narrowed to 1.58x on September 30, 2015 (versus 1.95x in 2Q15). In R$, net

debt/EBITDA was 2.07x (2Q15: 2.23x). If we annualize 3Q15 EBITDA, leverage would be 1.38x in dollars and 1.54x in

reais.

The average total cost (*) of Fibria’s dollar debt was 3.3% p.a. (Jun/15: 3.6% p.a. | Sep/14: 3.7% p.a.) comprising the

average cost of local currency bank debt of 8.8% p.a. (Jun/15: 8.4% p.a. | Sep/14: 7.2% p.a.), which moved up due to

(*)Average total cost, considering debt in reais adjusted by the market swap curve on September 30, 2015.

9,015

12,526

1,543

(354)

122

2,202

(2)

Gross Debt Jun/15 Loans Principal/InterestPayment

Interest Accrual Foreign ExchangeVariation

Others Gross Debt Set/15

Gross Debt (R$ million)

Unit Sept/15 Jun/15 Sept/14 Sept/15 vs

Jun/15

Sept/15 vs

Sept/14

Gross Debt R$ million 12,526 9,015 8,574 39% 46%

Gross Debt in R$ R$ million 626 604 564 4% 11%

Gross Debt in US$(1) R$ million 11,900 8,411 8,010 41% 49%

Average maturity months 51 52 55 -1 -4

Cost of debt (foreign currency) (2) % p.a. 3.6% 3.9% 4.0% -0.3 p.p. -0.4 p.p.

Cost of debt (local currency) (2) % p.a. 8.8% 8.4% 7.2% 0.4 p.p. 1.6 p.p.

Short-term debt % 9% 10% 15% -1 p.p. -6 p.p.

Cash and market securities in R$ R$ million 1,412 669 884 111% 60%

Cash and market securities in US$ R$ million 2,537 788 777 222% 227%

Fair value of derivative instruments R$ million (1,001) (639) (400) 57% 150%

Cash and cash Equivalents (3) R$ million 2,948 818 1,261 260% 134%

Net Debt R$ million 9,578 8,197 7,313 17% 31%

Net Debt/EBITDA (in US$) x 2.07 2.23 2.70 -0.2 -0.6

Net Debt/EBITDA (in US$)(4) x 1.58 1.95 2.50 -0.4 -0.9

(1) Includes BRL to USD sw ap contracts. The original debt in dollars w as R$10,687 million (85% of the total debt) and debt in reais w as R$ 1,839 million (15% of the debt)

(2 The costs are calculated considering the debt sw ap

(3) Includes the fair value of derivative instruments (hedge)

(4) For covenant purposes

3Q15 Results

13

the impact on the yield curve of another 0.5 p.p. increase in the long-term interest rate as of the fourth quarter of 2015,

and the cost in dollars of 3.6% p.a. (Jun/15: 3.9% p.a. | Sep/14: 4.0% p.a.). This reduction was mainly due to a decline in

the yield curve. The graphs below show Fibria’s indebtedness by instrument, indexing unit and currency (including debt

swaps):

The average maturity of the total debt was 51 months in Sep/15 versus 52 months in Jun/15 and 55 months in Sep/14.

The graph below shows the amortization schedule of Fibria’s total debt:

Cash and cash equivalents closed September 2015 at R$2,948 million, including the mark-to-market of hedge

instruments totaling a negative R$1,001 million. Excluding this impact, 35% of cash was invested in local currency, in

government bonds and fixed-income securities, and the remainder in short-term investments abroad.

The Company has four revolving credit facilities totaling R$1,962 million available for a period of four years (as of the

contract date), three of which in local currency totaling R$850 million (contracted in Mar/13 and Mar/14) at 100% of the

CDI plus 1.5% p.a. to 2.1% p.a. when utilized (0.33% p.a. to 0.35% p.a. when on stand-by) and one in foreign currency

totaling US$280 million (contracted in Mar/14), at the 3-month LIBOR plus 1.55% p.a. when utilized (35% of this spread

when on stand-by). These funds, despite not being utilized, help improve the Company’s liquidity. Given the current cash

position of R$2,948 million, these lines totaling R$1,962 million have resulted in an immediate liquidity position of

R$4,910 million. As a result, the cash to short-term debt ratio (including these stand-by credit facilities) closed 3Q15 at

4.6x.

52%

20%

18%

8%2%

Gross Debt by Type

Pre-Payment Bond

BNDES NCE

Others

33%

54%

8%

6%

Gross Debt by Index

Libor Pre Fixed

TJLP Others

5%

95%

Gross Debt by Currency

Local currency Foreign currency

2,948

313 503807

1,496

3,066

976 1,092

2,384

1,962

98308

467

381

150

205 166

5212

4,910

411

811

1,274

1,877

3,216

1,181 1,258

97 17

2,384

Liquidity 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Amortization Schedule(R$ million)

Foreign Currency Local Currency

3Q15 Results

14

The graph below shows the evolution of Fibria’s net debt and leverage since September 2014:

Capital Expenditure

Capex totaled R$490 million in 3Q15, 14% and 10% up on 2Q15 and 3Q14, respectively, primarily due to expenditure on

the industrial expansion of the H2 Project and forestry equipment acquisitions.

Horizonte 2 Project The new industrial line is scheduled for start-up in 4Q17. Up to the close of 3Q15, virtually all of the equipment and

service contracts needed for the Horizonte 2 Project had been entered into with suppliers and service providers.

Funding operations and the pursuit of financing for the project are also moving ahead. The project will be financed by the

Company’s free cash flow generation and third-party funding, within the limits established in its Debt Management Policy,

which is being negotiated with financial institutions.

(R$ million) 3Q15 2Q15 3Q14 9M15 9M14 3Q15 vs

2Q15

3Q15 vs

3Q14

9M15 vs

9M14

Last 12

months

Industrial Expansion 53 13 12 68 29 308% 348% 130% 76

Forest Expansion 21 14 15 45 48 47% 40% -6% 71

Subtotal Expansion 73 27 27 113 77 171% 176% 46% 147

Safety/Environment 6 4 11 16 16 54% -43% -4% 17

Forestry Renewal 324 335 352 947 852 -3% -8% 11% 1,265

Maintenance, IT, R&D, Modernization 87 64 54 201 218 35% 59% -8% 273

Subtotal Maintenance 416 403 417 1,164 1,087 3% 0% 7% 1,556

Total Capex 490 430 444 1,276 1,164 14% 10% 10% 1,703

2.702.70

2.88

2.232.07

2.52 2.40 2.301.95

1.58

Net Debt / EBITDA (x)

(R$)

(US$)

7,313 7,549

8,9918,197

9,578

2,984 2,842 2,803 2,642 2,411

Sep/14 Dec/14 Mar/15 Jun/15 Sep/15

Net Debt (R$ million) Net Debt (US$ million)

3Q15 Results

15

Free Cash Flow

Free cash flow was positive by R$1,048 million in 3Q15, versus a positive R$466 million in 2Q15 (before dividend

payments) and a positive R$117 million in 3Q14. The improvement over the previous quarter was mainly due to the

increase in EBITDA and the positive working capital variation, in turn explained by the variation in accounts receivable

(higher forfaiting in dollars). The year-on-year upturn was also due to higher EBITDA. LTM free cash flow came to

R$2,148 million after dividend payments and before H2 Project expansion capex. Considering the free cash flow before

dividends and before Horizonte 2 capex, the FCF yield stood at 7.7%. If we annualize the 3Q15 number (prior to

expansion capex), the FCF yield would have reached 15.1%.

ROE and ROIC

In regard to return metrics, it is worth noting certain adjustments in the accounting indicator, given the differences in

accounting treatment under IFRS (CPC 29).

(R$ million) 3Q15 2Q15 3Q14 9M15 9M14 Last 12

months

Adjusted EBITDA 1,551 1,157 613 3,714 1,885 4,620

(-) Capex including advance for wood puchase (490) (430) (444) (1,276) (1,164) (1,703)

(-) Dividends - (149) - (149) - (149)

(-) Interest (paid)/received (63) (93) (76) (205) (272) (345)

(-) Income tax (5) (38) (3) (51) (9) (71)

(+/-) Working Capital 50 (128) 16 (309) (71) (374)

(+/-) Others 5 (2) 10 14 3 23

Free Cash Flow (1) 1,048 317 117 1,737 373 2,001

Project H2 Capex 74 27 27 113 112 147

Free Cash Flow ex-Project H2 1,122 344 143 1,850 485 2,148

Return on Equity Unit 3Q15 2Q15 3Q14 3Q15 vs

2Q15

3Q15 vs

3Q14

US$ - LTM

3Q15

Shareholders' Equity R$ million 13,982 14,563 14,782 -4% -5% 3,519

IAS 41 adjustments R$ million (282) (317) (416) -11% -32% (71)

Shareholders' Equity (adjusted) R$ million 13,699 14,246 14,367 -4% -5% 3,448

Shareholders' Equity (adjusted) - average (1) R$ million 14,033 14,465 14,285 -3% -2% 3,532

Adjusted EBITDA LTM R$ million 4,620 3,682 2,708 25% 71% 1,536

Total Capex LTM R$ million (1,703) (1,657) (1,509) 3% 13% (566)

Net interest LTM R$ million (345) (357) (370) -3% -7% (115)

Income Tax LTM R$ million (71) (70) (20) 2% 263% (24)

Adjusted Income LTM R$ million 2,501 1,599 810 56% 209% 831

ROE % 17.8% 11.1% 5.7% 6.8 p.p. 12.2 p.p. 23.5%

(1) Average of current and same quarter of the previous year.

3Q15 Results

16

Annualizing 3Q15 data, ROE and ROIC in dollars would be 31.7% and 29.4%, respectively.

Capital Market

Equities

Fibria’s average daily traded volume in 3Q15 was approximately 3.5 million shares, 17% up on 2Q15, while daily

financial volume averaged US$48 million, up by 15% in the same period (US$27 million on the BM&FBovespa and

US$21 million on the NYSE).

Fixed Income

0

20

40

60

80

100

120

140

Jul-15 Aug-15 Sep-15

Average Daily Trading Volume(US$ million)

BM&FBovespa NYSE

0

1

2

3

4

5

6

7

8

9

10

Jul-15 Aug-15 Sep-15

Average Daily Trading Volume(million shares)

BM&FBovespa NYSE

Daily average:US$48.4 million Daily average:

3.5 million shares

Unit Sept/15 Jun/15 Sept/14 Sept/15 vs

Jun/15

Sept/15 vs

Sept/14

Fibria 2024 - Yield % 5.6 4.8 5.3 0.8 p.p. 0.3 p.p.

Fibria 2024 - Price USD/k 97.4 103.0 99.4 -5% -2%

Treasury 10 y % 2.0 2.4 2.5 -0.3 p.p. -0.5 p.p.

Return on Invested Capital Unit 3Q15 2Q15 3Q14 3Q15 vs

2Q15

3Q15 vs

3Q14

US$ - LTM

3Q15

Accounts Receivable R$ million 636 572 579 5% 32% 160

Inventories R$ million 1,413 1,389 1,325 7% 24% 356

Current Liabilities (ex-debt) R$ million 1,605 1,361 1,498 35% 0% 404

Biological Assets R$ million 3,773 3,700 3,525 1% 5% 950

Fixed Assets R$ million 9,201 9,303 10,077 -1% -5% 2,316

Invested Capital R$ million 16,628 16,323 17,004 3% 1% 4,185

IAS 41 adjustments R$ million (529) (587) (661) -11% -32% (133)

Adjusted Invested Capital R$ million 16,099 15,736 16,343 4% 2% 4,052

Adjusted EBITDA LTM R$ million 4,620 3,682 2,708 25% 71% 1,536

Total Capex LTM R$ million (1,703) (1,657) (1,509) 3% 13% (566)

Income Tax LTM R$ million (71) (70) (20) 2% - (24)

Adjusted Income LTM R$ million 2,845 1,956 1,179 45% 141% 946

ROIC R$ million 17.7% 12.4% 7.2% 5.2 p.p. 10.5 p.p. 23.3%

3Q15 Results

17

Sustainability Fibria was included in the 2015/16 Dow Jones Emerging Markets Sustainability Index (DJSI Emerging Markets). From

the eight companies in the Forestry and Paper Products industry competing for inclusion in the index, only two were

selected - Fibria and Duratex.

Subsequent Events

Fibria’s 5th Fibria Day will take place on December 2, 2015, at the New York Stock Exchange (NYSE). The Company’s

Board of Executive Officers and members of management will attend the event.

In a meeting held on October 22, 2015, the Board of Directors approved a Dividend Policy that will be based on its ability

to generate cash flow, respecting its indebtedness and liquidity policies, maintaining its commitment to the investment

grade as well as considering its strategic planning.

In continuous act of the Board of Directors and based on this new policy, the distribution of intermediate dividends

extraordinarily was recommended in the amount of R$ 2 billion, to be paid against reserves for investments. The

proposal was driven by the low leverage, low average cost of debt and the fact that the funding for Horizonte 2 Project

are already solved, in line with our commitment to maintain the capital discipline.

The proposal will be deliberated at the Extraordinary General Meeting to be held on November 30, 2015.

3Q15 Results

18

Appendix I – Revenue x Volume x Price*

* Excludes Portocel

3Q15 vs 2Q15

3Q15 2Q15 3Q15 2Q15 3Q15 2Q15 Tons Revenue Avge Price

Pulp

Domestic Sales 118,344 125,629 203,190 190,740 1,717 1,518 (5.8) 6.5 13.1

Foreign Sales 1,179,779 1,156,679 2,558,276 2,098,860 2,168 1,815 2.0 21.9 19.5

Total 1,298,123 1,282,308 2,761,466 2,289,601 2,127 1,786 1.2 20.6 19.1

3Q15 vs 3Q14

3Q15 3Q14 3Q15 3Q14 3Q15 3Q14 Tons Revenue Avge Price

Pulp

Domestic Sales 118,344 138,310 203,190 153,091 1,717 1,107 (14.4) 32.7 55.1

Foreign Sales 1,179,779 1,233,904 2,558,276 1,574,295 2,168 1,276 (4.4) 62.5 70.0

Total 1,298,123 1,372,214 2,761,466 1,727,386 2,127 1,259 (5.4) 59.9 69.0

9M15 vs 9M14

9M15 9M14 9M15 9M14 9M15 9M14 Tons Revenue Avge Price

Pulp

Domestic Sales 373,323 370,987 564,612 418,525 1,512 1,128 0.6 34.9 34.1

Foreign sales 3,436,207 3,523,713 6,461,800 4,602,910 1,881 1,306 (2.5) 40.4 44.0

Total 3,809,530 3,894,700 7,026,412 5,021,435 1,844 1,289 (2.2) 39.9 43.1

Net Revenue (R$ 000)

Sales (Tons)

Sales (Tons)

Price (R$/Ton) 3Q15 vs 2Q15 (%)

Sales (Tons) Net Revenue (R$ 000) Price (R$/Ton) 3Q15 vs 3Q14 (%)

Net Revenue (R$ 000)

Price (R$/Ton) 9M15 vs 9M14 (%)

3Q15 Results

19

Appendix II – Income Statement

R$ AV% R$ AV% R$ AV%

Net Revenue 2,790 100% 2,309 100% 1,746 100% 21% 60%

Domestic Sales 231 8% 210 9% 172 10% 10% 35%

Foreign Sales 2,558 92% 2,099 91% 1,574 90% 22% 63%

Cost of sales (1,533) -55% (1,441) -62% (1,461) -84% 6% 5%

Cost related to production (1,290) -46% (1,224) -53% (1,254) -72% 5% 3%

Freight (244) -9% (217) -11% (207) -12% 12% 18%

Operating Profit 1,256 45% 868 38% 286 16% 45% 340%

Selling and marketing (111) -4% (107) -5% (95) -5% 4% 16%

General and administrative (66) -2% (65) -3% (72) -4% 1% -9%

Financial Result (2,357) -85% 321 14% (785) -45% - 200%

Equity (0) 0% (0) 0% - 0% - -

Other operating (expenses) income (44) -2% (10) 0% (32) -2% 345% 38%

Operating Income (1,321) -47% 1,008 44% (699) -40% -231% 89%

Current Income taxes expenses (69) -2% (19) -1% 67 4% 265% -202%

Deffered Income taxes expenses 788 28% (375) -16% 273 16% -310% 189%

Net Income (Loss) (601) -22% 614 27% (359) -21% -198% 68%

Net Income (Loss) attributable to controlling equity interest (606) -22% 612 26% (362) -21% -199% 67%

Net Income (Loss) attributable to non-controlling equity interest 4 0% 3 0% 2 0% 59% 112%

Depreciation, amortization and depletion 484 17% 478 21% 475 27% 1% 2%

EBITDA 1,520 55% 1,165 50% 562 32% 31% 171%

Equity - 0% 0 0% - 0% -100% -

Fair Value of Biological Assets - 0% (30) -1% - 0% 0% -

Fixed Assets disposals 13 0% (1) 0% 27 2% - -52%

Accruals for losses on ICMS credits 18 1% 23 1% 25 1% -20% -26%

Tax Credits/Reversal of provision for contingencies (1) 0% (0) 0% (1) 0% 280% -

EBITDA adjusted (*) 1,551 56% 1,157 50% 613 35% 34% 153%

R$ AV% R$ AV%

Net Revenue 7,096 100% 5,083 100% 40%

Domestic Sales 634 9% 480 9% 32%

Foreign Sales 6,462 91% 4,603 91% 40%

Cost of sales (4,247) -60% (4,160) -82% 2%

Cost related to production (3,590) -51% (3,566) -70% 1%

Freight (657) -9% (594) -12% 11%

Operating Profit 2,849 40% 923 18% 209%

Selling and marketing (313) -4% (262) -5% 19%

General and administrative (195) -3% (193) -4% 1%

Financial Result (3,782) -53% (1,023) -20% 270%

Equity 1 0% - 0% 0%

Other operating (expenses) income (83) -1% 878 17% -109%

LAIR (1,522) -21% 323 6% -571%

Current Income taxes expenses (147) -2% (36) -1% 314%

Deffered Income taxes expenses 1,117 16% 3 0% 32741%

Net Income (Loss) (553) -8% 291 6% -290%

Net Income (Loss) attributable to controlling equity interest (563) -8% 285 6% -297%

Net Income (Loss) attributable to non-controlling equity interest 10 0% 6 0% 61%

Depreciation, amortization and depletion 1,410 20% 1,374 27% 3%

EBITDA 3,670 52% 2,721 54% 35%

Equity (1) 0% - 0% 0%

Fair Value of Biological Assets (30) 0% (87) -2% -66%

Property, Plant and Equipment disposal 16 0% 30 1% -48%

Accruals for losses on ICMS credits 61 1% 72 1% -15%

Tax Incentive (2) 0% (851) -17% 0%

EBITDA adjusted 3,714 52% 1,885 37% 97%

INCOME STATEMENT - CONSOLIDATED (R$ million)

3Q15 2Q15 3Q14 3Q15 vs 2Q15

(%)

3Q15 vs 3Q14

(%)

Income Statement - Consolidated (R$ million)

2014 2013 2014 vs 2013

(%)

3Q15 Results

20

Appendix III – Balance Sheet

ASSETS Sep/15 Jun/15 Dec/14 LIABILITIES Sep/15 Jun/15 Dec/14

CURRENT 6,518 3,862 3,261 CURRENT 2,686 2,086 2,099

Cash and cash equivalents 2,597 685 461 Short-term debt 1,077 894 965

Securities 1,281 701 683 Derivative Instruments 471 248 186

Derivative instruments 26 26 30 Trade Accounts Payable 688 637 593

Trade accounts receivable, net 724 691 538 Payroll and related charges 148 111 135

Inventories 1,563 1,455 1,239 Tax Liability 161 98 56

Recoverable taxes 177 183 163 Dividends and Interest attributable to capital payable 0 0 39

Others 150 120 148 Others 140 99 125

NON CURRENT 6,158 5,205 4,740 NON CURRENT 13,460 9,851 8,879

Marketable securities 72 72 51 Long-term debt 11,449 8,121 7,361

Derivative instruments 299 175 161 Accrued liabilities for legal proceedings 169 146 145

Deferred income taxes 2,284 1,511 1,191 Deferred income taxes , net 238 257 267

Recoverable taxes 1,943 1,858 1,752 Tax Liability 0 0 0

Fostered advance 671 701 695 Derivative instruments 855 593 422

Assets avaiable for sale 598 598 598 Assets avaiable for sale 477 477 477

Others 290 290 291 Others 271 257 207

Investments 121 95 80 SHAREHOLDERS' EQUITY - Controlling interest 13,920 14,506 14,564

Property, plant & equipment , net 8,952 9,007 9,253 Issued Share Capital 9,729 9,729 9,729

Biological assets 3,863 3,810 3,708 Capital Reserve 12 6 4

Intangible assets 4,516 4,521 4,552 Statutory Reserve 2,554 3,160 3,228

Equity valuation adjustment 1,635 1,621 1,613

Treasury stock (10) (10) (10)

Minority interest 62 58 52

TOTAL SHAREHOLDERS' EQUITY 13,982 14,563 14,616

TOTAL ASSETS 30,128 26,500 25,594 TOTAL LIABILITIES 30,128 26,500 25,594

BALANCE SHEET (R$ million)

3Q15 Results

21

Appendix IV – Statement of Cash Flows

3Q15 2Q15 3Q14 2015 2014

INCOME (LOSS) BEFORE TAXES ON INCOME (1.321) 1.008 (699) (1.522) 323

Adjusted by

(+) Depreciation, depletion and amortization 484 478 475 1.410 1.375

(+) Foreign exchange losses, net 1.687 (183) 545 2.627 281

(+) Change in fair value of derivative financial instruments 571 (230) 143 889 (36)

(+) Equity in losses of jointly-venture 0 0 - (1) -

(+) Fair value of biological assets - (30) - (30) (87)

(+) (Gain)/loss on disposal of property, plant and equipment 13 (1) 20 16 24

(+) Interest and gain and losses in marketable securities (26) (24) (20) (64) (65)

(+) Interest expense 122 109 118 330 364

(+) Financial charges of Eurobons "Fibria 2020" partial repurchase transaction - - 7 - 464

(+) Impairment of recoverable ICMS 18 23 25 61 72

(+) Provisions and other 3 3 2 4 17

(+) Tax Credits - - - - (850)

(+) Program Stock Options 5 2 - 8 -

(+) Provisions and investment - - 7 - 7

Decrease (increase) in assets

Trade accounts receivable 227 (57) (28) 209 (143)

Inventories (69) (36) 70 (220) 43

Recoverable taxes (95) (111) (49) (261) (119)

Other assets/advances to suppliers (42) (33) (16) (49) 136

Increase (decrease) in liabilities

Trade payable (34) 52 33 (43) 75

Taxes payable 1 24 (0) 9 (24)

Payroll, profit sharing and related charges 37 34 24 13 (11)

Other payable 26 (1) (17) 34 (28)

Cash provided by operating activities

Interest received 22 20 15 59 58

Interest paid (86) (113) (90) (264) (329)

Income taxes paid (5) (38) (3) (51) (9)

NET CASH PROVIDED BY OPERATING ACTIVITIES 1.538 896 560 3.163 1.537

Cash flows from investing activities

Acquisition of property, plant and equipment and forest (502) (412) (423) (1.253) (1.126)

Advance for wood acquisition from forestry partnership program 12 (18) (21) (22) (38)

Marketable securities, net (576) (52) 54 (602) 191

Cash from sale of investments - Asset Light project - - - - 903

Proceeds from sale of property, plant and equipment 2 26 5 32 (3)

Derivative transactions settled (209) (54) (8) (306) (29)

Subsidiary incorporation - Fibria Innovations - - - (12) -

Others - - (0) (0) (1)

NET CASH USED IN INVESTING ACTIVITIES (1.272) (510) (400) (2.164) (110)

Cash flows from financing activities

Borrowings 1.543 283 148 1.965 2.576

Repayments - principal amount (268) (371) (710) (1.095) (4.223)

Eurobonds - - - - (326)

Dividendos pagos - (149) - (149) -

Other (6) 1 (3) (1) 3

NET CASH USED IN FINANCING ACTIVITIES 1.269 (236) (564) 720 (1.969)

Effect of exchange rate changes on cash and cash equivalents 379 (32) 55 417 (21)

Net increase (decrease) in cash and cash equivalents 1.913 118 (348) 2.136 (563)

Cash and cash equivalents at beginning of year 685 567 1.057 461 1.272

Cash and cash equivalents at end of year 2.597 685 709 2.597 709

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOW (R$ million)

3Q15 Results

22

Appendix V – Breakdown of EBITDA and Adjusted EBITDA (CVM Instruction 527/2012)

EBITDA is not a standard measure defined by Brazilian or international accounting rules and represents earnings (loss)

in the period before interest, income tax and social contribution, depreciation, amortization and depletion. The Company

presents adjusted EBITDA according to CVM Instruction 527 of October 4, 2012, adding or subtracting from the amount

the equity accounting, the provisions for losses on recoverable ICMS, non-recurring write-offs of fixed assets, the fair

value of biological assets and tax credits/recovered contingencies to provide better information on its ability to generate

cash, pay its debt and sustain its investments. Neither measurement should be considered as an alternative to the

Company’s operating income and cash flows or an indicator of liquidity for the periods presented.

Adjusted EBITDA (R$ million) 3Q15 2Q15 3Q14

Income (loss) of the period (601) 614 (359)

(+/-) Financial results, net 2,357 (321) 785

(+) Taxes on income (720) 393 (339)

(+) Depreciation, amortization and depletion 484 478 475

EBITDA 1,520 1,165 562

(+) Equity - 0 -

(-) Fair Value of Biological Assets - (30) -

(+/-) Loss (gain) on disposal of property, plant and equipment 13 (1) 27

(+) Accrual for losses on ICMS credits 18 23 25

(-) Tax credits/reversal of provision for contingencies (1) (0) (1)

EBITDA Adjusted 1,551 1,157 613

3Q15 Results

23

Appendix VI – Economic and Operational Data

Exchange Rate (R$/US$) 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 3Q15 vs

2Q15

3Q15 vs

3Q14

2Q15 vs

1Q15

4Q14 vs

3Q14

3Q14 vs

2Q14

Closing 3.9729 3.1026 3.2080 2.6562 2.4510 2.2025 28.1% 62.1% -3.3% 8.4% 11.3%

Average 3.5430 3.0731 2.8737 2.5437 2.2745 2.2295 15.3% 55.8% 6.9% 11.8% 2.0%

Pulp net revenues distribution, by region 3Q15 2Q15 3Q14 3Q15 vs

2Q15

3Q15 vs

3Q14

Last 12

months

Europe 42% 42% 39% 0 p.p. 3 p.p. 42%

North America 25% 24% 27% 2 p.p. -1 p.p. 24%

Asia 25% 26% 24% -1 p.p. 1 p.p. 25%

Brazil / Others 8% 8% 10% 0 p.p. -2 p.p. 9%

Pulp price - FOEX BHKP (US$/t) Sept/15 Aug/15 Jul/15 Jun/15 May/15 Apr/15 Mar/15 Feb/15 Jan/15 Dec/14 Nov/14 Oct/14

Europe 808 803 801 793 782 767 755 748 743 741 734 735

Financial Indicators Jun/15 Mar/14 Jun/14

Net Debt / Adjusted EBITDA (LTM*) (R$) 2.07 2.23 2.70

Net Debt / Adjusted EBITDA (LTM*) (US$) 1.58 1.95 2.50

Total Debt / Total Capital (gross debt + net equity) 0.5 0.4 0.4

Cash + EBITDA (LTM*) / Short-term Debt 7.0 5.0 3.1

*LTM: Last tw elve months

Reconciliation - net income to cash earnings (R$ million) 3Q15 2Q15 3Q14

Net Income (Loss) before income taxes (1,321) 1,008 (699)

(+) Depreciation, depletion and amortization 484 478 475

(+) Unrealized foreign exchange (gains) losses, net 1,687 (183) 545

(+) Change in fair value of derivative financial instruments 571 (230) 143

(+) Equity 0 0 -

(+) Change in fair value of biological assets - (30) -

(+) Loss (gain) on disposal of Property, Plant and Equipment 13 (1) 20

(+) Interest on Securities, net (26) (24) (20)

(+) Interest on loan accrual 122 109 118

(+) Financial charges on BONDS redemption - - 7

(+) Accruals for losses on ICMS credits 18 23 25

(+) Provisions and other 3 3 2

(+) Tax Credits - - -

(+) Stock Options program 5 2 -

Cash earnings (R$ million) 1,556 1,155 616

Outstanding shares (million) 554 554 554

Cash earnings per share (R$) 2.8 2.1 1.1

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