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2017 Latin America Investment Conference - Credit Suisse

February, 2017
Disclaimer

The information contained in this presentation may include statements which


constitute forward-looking statements, within the meaning of Section 27A of the U.S.
Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange
Act of 1934, as amended. Such forward-looking statements involve a certain degree of
risk and uncertainty with respect to business, financial, trend, strategy and other
forecasts, and are based on assumptions, data or methods that, although considered
reasonable by the company at the time, may turn out to be incorrect or imprecise, or
may not be possible to realize. The company gives no assurance that expectations
disclosed in this presentation will be confirmed. Prospective investors are cautioned
that any such forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and that actual results may differ materially from
those in the forward-looking statements, due to a variety of factors, including, but not
limited to, the risks of international business and other risks referred to in the
companys filings with the CVM and SEC. The company does not undertake, and
specifically disclaims any obligation to update any forward-looking statements, which
speak only for the date on which they are made.

2
1 Company Overview
2 Pulp and Paper Market
3 Financial and Operational Highlights
4 2017 Outlook CAPEX and Cash Cost
5 Expansion Project Horizonte 2
6 Back up
Agenda
3
Company Overview
4
Shareholder Structure and Corporate Governance

General
Votorantim BNDES Free
Meeting
S.A. (1) Participaes (1) Float (2)
Fiscal
29.42% 29.08% 41.50% Council 20% independent
members
Board of Role of CEO and
Directors chairman is split

Personnel
Statutory
Finance and Sustainability Innovation
Audit
Committee Remuneratio Committee Committee
Committee
n Committee
30% 100% 50% 45%
independent independent independent independent -
members members members members

Listed on Novo Mercado, Policies approved


highest level at BM&FBovespa: by the Board of Directors:
Indebtedness and Liquidity
Only 1 class of shares 100% voting rights Market Risk Management
Risk Management
100% tag along rights (Brazilian corporate law establishes 80%) Corporate Governance
Board of Directors with minimum 20% independent members Related Parties Transactions
Anti-Corruption
Financial Statements in International Standards IFRS Information Disclosure
Securities Trading
Adoption of Arbitration Chamber
Antitrust
SEC Registered ADR Level III program Genetically Modified Eucalyptus
Dividend Policy
Sustainability

(1) Controlling group (2) Free Float 41.44% + Treasury 0.06%

5
A Winning Player

Superior Asset Combination Main Figures 2016

Pulp capacity(1) million tons 5.300

Net revenues US$ billion 2.758

Total Forest Base(2) thousand hectares 969

Planted area(2) thousand hectares 568


Belmonte
Veracel Net Debt US$ billion 3.509
Caravelas
Portocel 3.30
Net Debt/EBITDA (in Dollars)(3) X
Aracruz

Trs Lagoas Unit


and
Jacare
Horizonte 2 Project
Santos

Port Terminal Pulp Unit

Source: Fibria
(1) Volume does not include Horizonte 2 project pulp capacity
(2) Including 50% of Veracel, excluding forest partnership areas and forest bases linked to the sales of Losango and forest assets in Southern Bahia State; As of December 31, 2016.
(3) For covenants purposes, the Net Debt/EBITDA ratio is calculated in Dollars.

6
Fibrias Units Industrial Capacity

Horizonte 2 Mato Grosso do Sul 1,950 thousand t/year

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

7
Fibrias Commercial Strategy

Sales Mix by Region and by End Use - Fibria Highlights

Region 2016 End Use 2016


Worldwide presence
N.
America Strong global customer base
22%
Tissue Long-term relationships
Printing &
Asia Writing
Europe Focus on customers with stable business
36% 32% 48% 34%
Customized pulp products and services
Specialties
LatAm
18% Sound forestry and industrial R&D
10%

Focus on less volatile end-use markets such as tissue


Net Revenues by Region - Fibria Lower dependence on volatile markets such as China

9% 10% 9% 10%
Efficient logistics set up

24% 25% 24% Low counterparty credit risk


32%

100% certified pulp (FSC and PEFC/Cerflor)


28% 24% 24%
22%

39% 41% 43%


36%

2013 2014 2015 2016

Europe North America Asia LatAm

8
Leadership Position

Industry Outlook(1)

Fiber Consumption
412 million t

59% 41%
Recycled Fiber Pulp
242 million t 169 million t

18% 82%

Mechanical Chemical
30 million t 140 million t

59% 41%

Integrated Mills Market Pulp


83 million t 57 million t

46% 54%

Softwood/Other Hardwood
26 million t 31 million t

30% 70%

Acacia/Other Eucalyptus
9 million t 21 million t

75% 25%
Other Eucalyptus
Pulp producers:
16 million t

(1) Fiber Consumption, Recycled Fiber and Pulp: RISI | Market Pulp, Hardwood and Eucalyptus: PPPC Global 100 Report December 2015

9
Pulp Supply Agreement: Puma Project

Puma Project
Pulp volumes:
Minimum of 900 kt of hardwood for the first 4 years
Klabins sales volume (kt)
75% of 900 kt for the fifth year (phase out 1)
2016 4T16 3T16 2T16
50% of 900 kt for the sixth year (phase out 2)
478 183 164 131
Selling price based on the average net price charged by
Fibria at the Port of Paranagu (FOB Paranagu)
Sales destination: Globally, except for South America
Operational startup: Mar/2016
Agreement benefits:

Logistics and commercial Logistics and commercial


structure synergies; optimization and synergies;

Ensure sales volumes; Support customers growth and


enhance customers needs;
Ensure pulp market access with
Klabin brand. Potential development of new customers.

Mutual value creation, with better servicing for both Companies customers base

10
Pulp and Paper Market
11
What happened in 2016 ? Compared to our Forecast

BHKP CAPACITY CHANGES

FIBRIAS EXPECTED SCENARIO FOR 2016 YEAR-TO-DATE SCENARIO IN 2016

CMPC Guaiba II 800 CMPC Guaiba II 800

Klabin 660 Klabin 600

Altri Celbi 30 Altri Celbi 30

Old Town (Expera) -40 Ence Navia 20

Woodland -90 Old Town (Expera) -40

Verso Wickliffe -55 Woodland -90

APRIL Kerinci -120 APRIL Kerinci -100


Unexpected Closures, Unexpected Closures, China, Uruguay, Chile,
-200 -350
Conversions and Downtime Conversions and Downtime Spain and Brazil

Net 985 Net 870

BEKP demand growth** 1,500 BEKP demand growth** 1,119 1,300

**Source: Fibrias estimates **Source: Total year Fibria estimates and PPPC G100 BEKP demand growth Jan-Nov 2016 12
Actually...
2016 has been even more balanced than previous 2 years !

2012 2013 2014 2015 2016


1,770
1,450
1,305 1,619 1,300
1,088

870
Eucalyptus Demand Growth
370
605
(Kt)
Hardwood Net Capacity
Increase (Kt)
30

Ratio: Demand Growth / 12.33 2.16 0.91 0.75 1.50


Net Capacity Increase

Source: PPPC - Global 100 (historical demand), Outlook for Eucalyptus Market Pulp Oct 2016 and Fibrias estimates 13
Yet
Prices performance has been much worse than forecasted!
BHKP DELIVERED TO EUROPE (USD/T)

765 764 757 759


756

758

696 697
671
655

1Q16 2Q16 3Q16 4Q16 Annual 2016

Consultants' average end 2015 for 2016 Realized PIX/FOEX

Consultants: Hawkins Wright, RISI and Brian McClay (published in the end 2015 for 2016 prices) 14
In our view, there is one major reason for this lousy market price
scenario: 2016 Global growth has ONLY been relying on China
BHKP DEMAND (KT AND % CHANGE, Y-O-Y)

2013 2014
5.3% 1500
1500 19.0%
1200 3.3%
1200
900
900
600 600 5.2%
300 5.5% 300 5.2% 2.0%
0 0
-300 -0.2% -300
Global NA WE China Global NA WE China

2015 2016
1500 1500
1200 1200 20,2%
3.3% 4.3%
900 900
6.2%
600 3.7% 600
300 300
0 0
-300 -3.5% -300 -4.4% -2.6%
Global NA WE China Global NA WE China

Source: PPPC Global 100 15


SO WHAT CAN WE EXPECT IN 2017 ? SAME AS 2016 ?
BHKP CAPACITY CHANGES

FIBRIA EXPECTED SCENARIO FOR 2017 IN THE END 2016 SCENARIO IN 2017
Klabin 500 2012 2013 2014 2015 2016 2017
APP OKI 1,000 1,770

Fibria TLS II 300 1,450


1,305 1,300 1,350
1,619
Metsa 100
1,088
APRIL Kerinci -100
APRIL Rizhao -300
Eucalyptus 870
Taiwan P&P -80 Demand Growth 770
370
(Kt) 605
Resolute Calhoun -40
Hardwood Net
Navigator Cacia -60 Capacity Increase
Unexpected Closures, (Kt) 30
Conversions and Downtime -550
Net 770 Ratio: Demand
Growth / Net 12.33 2.16 0.91 0.75 1.50 1.75
BEKP demand growth** 1,350 Capacity
Increase

** Fibrias estimates | Source: PPPC - Global 100 (historical demand), Outlook for Eucalyptus Market Pulp Oct 2016 and Fibrias estimates 16
We dont think so !
Because, we expect a combination of the following factors:
Not only, a good BEKP Demand/Net Capacity increase ratio: 1,75, which is well above the last 3 years
But also, a more WIDESPREAD demand between the regions!

Europe: a recovery of the HW demand due to increasing


competitiveness of the European papermakers
USA: a recovery of the Euro devaluation... U$/Euro parity !?
demand for Eucalyptus
mainly triggered by a
few local HW closures
(temporarily or not)

U$ strengthening / loss
of competitiveness of
local pulp producers
(integrated or not)

China: an on-going increase of the demand for Eucalyptus Pulp


New paper capacities: 2,3 million tons/y of which:
Tissue = 600 kton/y
UWF = 400 Kton/y
On-going substitution of non wood fibers and old pulp mills
17
Global Market BEKP Demand

Shipments of Hardwood and Eucalyptus Pulp


2016 vs. 2015(1)
CAGR 2012-2016(3)
10%
7% 23%
20%
4%
1,113 27%
1,270 kt
974 kt 1100 1,675 kt
kt kt 6%
2% 4% 1.039 kt
8%
-4% -3% -3% 228 297 8% 2%
-146 49 kt -208 -189 kt kt 144 kt 156 kt
337 kt
kt kt kt
Total North Western China Others
Total North Western China Others
America Europe
America Europe
BHKP BEKP
(1) Source: PPPC World 20 December/2016 (3) Source: PPPC World 20 December/2016

Operating Rate (shipments to capacity) - Hardwood (2)


105% 104%
100%
95%
90%
85%
80% 37
75% Min.
70%
Aug-15
Apr-13

Apr-14

Apr-15

Apr-16
Oct-13
Dec-13

Oct-14
Dec-14

Oct-15
Dec-15

Oct-16
Dec-16
Aug-13

Aug-14

Aug-16
Jun-13

Jun-14

Jun-15

Jun-16
Feb-13

Feb-14

Feb-15

Feb-16

(2) Source: PPPC World 20 December/2016

18
Technical Age and Scale in the Pulp Industry
Further closures are expected due to lack of adequate investments in the industry

Hardwood (BHKP) Producers Integrated and Market Softwood (BSKP) Producers Integrated and Market
Pulp Mills Pulp Mills

PM Capacity, 1000 t/a PM Capacity, 1000 t/a


1000
STRONG Weighted average STRONG
Aracruz
900 technical age 21 years
Weighted average
2000 technical age 12.3 years
800

700
1500
Veracel 600
Jacare
Weighted average Trs Lagoas 500
capacity 1,350,000 t/a
1000 400

300 Weighted average


capacity 534,000 t/a
500 200

100

0 0
WEAK
30 25 20 15 10 5 0 30 WEAK 25 20 15 10 5 0
Technical age, years Technical age, years

North American Pulp Mills Other Pulp Mills

More than 6.6 million tons of capacity above 25 years and with annual capacity below 500,000 t/y.

Source: Poyry
19
Capacity closures DO happen

Closures of Hardwood Market Pulp Capacity Worldwide


(000 ton)

-85 -105

-315
-445
-540 -500

-985
-910
Potential
Additional
-1,085 Conversions
-1,180
-1,260

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-2018 (1)

Closures do not include temporary movements.


Unexpected downtimes/closure in 2016 totaled 350kt (not included in the chart above).
Source: PPPC. RISI and Public information as of November, 1st
(1)
Realized closures: as of September 2016 | 2016: -90kt Woodland (USA), -100kt April Kerinci (Indonesia), -40kt Old Town (Expera) | 2017: Resolute Calhoun: -40kt, -400kt April Kerinci and Rizhao (Indonesia), -
80kt Taiwan P&P, -60kt Navigator Cacia | 2017/2018: -275kt Arauco Valdivia (Chile)
20
Competitive Cash Production Cost

BHKP
capacity 1,130 1,105 2,075 2,290 4,915 3,420 15,275 TOTAL: 30,210
(000 t)

BHKP (USD/t)
508
481
52 451 441 WC=($29/t)
54 35
108 369 383
351 336 126
30 35 Interest
56 57 269 6
43
92 Capex
6 Income tax
456 52 49 37 SG&A
427
343 339 58
295 279
217 211
155

USA China Canada Iberia Chile/Uruguay Indonesia Brazil Fibria 2016 Estimated
Fibria w/ H2 -
2021
Cash Cost (US$/t) Delivery CIF Europe

Source: Hawkins Wright (Production Costs December 2016) and Fibrias 4Q16 Earnings Release-FX considered by the consultant at BRL/USD = 3.19.
Fibria with Horizonte 2 (H2) cash cost was estimated according to weighted average cost, after mill balance, converted at BRL/USD=3.19. Includes energy sales.

21
Gross capacity addition should not be counted as the only factor
influencing pulp price volatility.(1)

Spread Europe Price @Jan 31st, 2017: US$151/t(3)


1200 2,5

1000
Horizonte 2 2
Pulp prices - CIF Europe (US$/ton)

Eldorado

Capacity Additions (000 ton)


800 APP South
Rizhao Sumatra(2)
Maranho
Trs 1,5
Lagoas Montes
Guaba II
del Plata
600 APP Fray
Hainan Bentos Klabin
Mucuri
1
VeracelNueva Aldea
Chenming
400 Valdivia
Santa F Kerinci Zhanjiang
PL3
APP Guangxi Oji
Nantong
0,5
200

0 0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

BHKP BSKP

(1) Source: Hawkins Wright , Poyry and Fibria Analysis. Pulp price estimates according to Hawkins Wright (Apr/16), Brian McClay (Jun/16) and RISI (Apr/16)
(2) Partially integrated production.
(3) Source: Bloomberg

22
In the last 15 years, pulp volatility has been just 8%...why?

160 BHKP - FOEX Europe (base 100) CPI (base 100)

120

80

40

Apr-15
Dec-99

Dec-00

Dec-01

Dec-02

Dec-03

Dec-04

Dec-05

Jan-10
Apr-06

Oct-08
Apr-09
Oct-09
Apr-10
Oct-10
Apr-11
Oct-11
Apr-12
Oct-12
Apr-13
Oct-13
Apr-14
Oct-14

Oct-15
Apr-16
Oct-16
Mar-00
Jun-00

Mar-01
Jun-01

Mar-02
Jun-02

Mar-03
Jun-03

Oct-06
Apr-07
Oct-07
Apr-08
Mar-04
Jun-04
Sep-04
Mar-05
Jun-05

Jan-07

Jan-08

Jan-09

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17
Sep-00

Sep-01

Sep-02

Sep-03

Sep-05

Jul-06

Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16
Market price closer to producers marginal cost

The marginal cost producers are based in Europe and North America

Flattish industry cost curve

Higher flexibility to adjust supply side during imbalanced market

Lower dependency on Asian market (~25%) compared to hard commodities (70%+)

Market end users are linked to consumer goods, such as tissue

Incipient pulp price futures market and low liquidity

Source: Bloomberg January 31st, 2017


Lowest volatility among commodities

230
100 = January 1, 2012
200

170 168
140

110 101
87
80 86
60
50 54
20
May-12

Aug-12

Oct-12

May-13

Aug-13

Oct-13

May-14

Aug-14

Oct-14

May-15

Aug-15

Oct-15

May-16

Aug-16

Oct-16
Mar-12
Apr-12

Jul-12

Sep-12

Nov-12

Mar-13
Apr-13

Jul-13

Sep-13

Nov-13

Mar-14
Apr-14

Jul-14

Sep-14

Nov-14

Mar-15
Apr-15

Jul-15

Sep-15

Nov-15

Mar-16
Apr-16

Jul-16

Sep-16

Nov-16
Feb-12

Dec-12

Feb-13

Dec-13

Feb-14

Dec-14

Feb-15

Dec-15

Feb-16

Dec-16
Jan-12

Jun-12

Jan-13

Jun-13

Jan-14

Jun-14

Jan-15

Jun-15

Jan-16

Jun-16

Jan-17
Iron Ore Soy Bean Crude Oil Sugar BHKP - FOEX Europe Exchange Rate (R$/US$)

Historical Volatility of Commodities (US$) 2 Lower than FX

37% 34% 34%


28% 26% 25% 24% 23%
17%
14%
6%

WTI Crude Oil Sugar Nickel Iron Ore Copper Soy Ibovespa LME Metals Cattle FX BHKP

Low volatility of hardwood pulp price, even though


new capacities have come on stream during the period.

Source: Bloomberg January 31st, 2017 2Since January 1, 2009 up to January 31st, 2017
24
Financial and Operational Highlights
25
Each 5% depreciation of the Real increases EBITDA by around
R$420m and FCF by R$550m

3.33 3.49 3.40(1)


2.00 1.76 1.95 2.16 2.35
Exchange Rate 1.67
Average (R$/US$)
670,0 639,0 610,0 582
581,0 572,0 496 490(2)
Fibria net pulp price 456,0
(US$/t)

1,951 1,731 1,666


1,179 1,311 1,344
Fibria net pulp price 912 1,067 1,133
(R$/t)

53%
43%
40% 40% 39%
EBITDA Margin 34% 36%
29%
1,488 1,560
1,295
1,173 1,153 1,185
1,073
815,0

EBITDA (US$ million)


2009 2010 2011 2012 2013 2014 2015 2016 2017 (e)

(1) According to Focus Report (Brazilian Central Bank January 31th, 2017) I (2) 2017 market consensus

26
Cash Production Cost (R$/t) 4Q16

External factors

35 10 4 737 727
42
658 (12) (10)

4Q15 Higher Inflation FX Lower energy Wood Total Management 4Q16


maintenance price gains
downtimes
impact

Cash Production Cost Ex-downtimes (R$/t) Cash Production Cost (R$/t)

+4.5%
680
649
648 618
620 624 581

2015 2016
4Q15 3Q16 4Q16 With downtimes Without downtimes

27
Cash Production Cost in dollars saw a decrease over the last years

Fibrias Cash Production Cost(1) (USD/ton)

Consistently
281 controlling the cash
264 production cost
242 234
231
220
But lately, it has been
195
186 influenced
by non-recurring
effects:

Wood
2009(2) 2010(2) 2011 2012 2013 2014 2015 2016 Energy price
Input consumption
Average 1.99 1.76 1.67 1.95 2.16 2.35 3.33 3.49
FX
(BRL/USD)

(1) Excludes Conpacel 28


Net Results (US$ million) 2016

(118)
201

1,073
(569) deferred
488

current
(396) 477

(202)

Adjusted FX Debt MtM Net interest Deprec., Income Taxes Others (1) Net income
EBITDA hedge amortiz. and
depletion

Non-recurring effects
(1) Includes other Exchange rate/monetary variations, other financial income/expense and other operating income/expenses

Minimum proposed dividend of R$393 million(2)


(2) Equivalent to minimum annual dividend of 25% of net income, adjusted by the changes in reserves
29
Free Cash Flow (1) (US$ million)

244

Klabin
H2 funding effect
interest 109
104
(58) (5)
(187)

Adjusted EBITDA 4T16 Capex Net interest Working Capital Income Taxes FCF 4T16
(ex-H2 and logistics
projects)

1.073

216 542
(30) (8)
(583) (126)

Adjusted EBITDA 2016 Capex Net interest Working Capital Income Taxes Others FCF 2016
(ex-H2 and logistics projects)

(1) Does not consider Horizonte 2 Project and pulp logistics projects. (2) Includes other financial results. 30
ROE and ROIC (R$)

ROE = Adjusted EBIT(1)/ Equity before IAS 41(2) ROIC = Adjusted EBIT(3)/ Invested Capital before IAS 41(2)

25.1%
22.8%

8.9% 9.2% 9.0%


8.0%
6.2% 6.9%
5.7%
3.4%

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

Average Average
FX 1.95 2.16 2.35 3.33 3.49 FX 1.95 2.16 2.35 3.33 3.49
(R$/US$) (R$/US$)
Average Average
Net Pulp 581 610 561 586 496 Net Pulp 581 610 561 586 496
Price Price
(US$) (US$)

(1) Adjusted EBITDA CAPEX Net Interest Taxes


(2) International accounting standards for biological assets.
(3) Adjusted EBITDA CAPEX Taxes

31
Indebtdeness
Gross Debt and Cash Position (million) Net Debt (Million) and Leverage
Net debt/EBITDA (R$) Net debt/EBITDA (US$)
Gross debt Cash position 3.30
2.64
2.06 3.06
16,153
2.33
12,744 H2 4,717 1.78
11,015 10,620 11,435

CRA(2)
4,956 1,730
3,264 1,447
443 2,821 3,272 3,509

Dec/15 Dec/16 Dec/15 Dec/16


Dec/15 Sep/16 Dec/16
R$ US$ R$ US$ R$ US$

Interest Expense/Income (US$ million) and Cost of Debt in US$(1)

6.3 5.9
5.5 5.2
473
4.6
414 408
350 3.4 3.3 3.6
268
200 209
143 144
96 108
78 59
45 39 39

2009 2010 2011 2012 2013 2014 2015 2016

4.6 Cost
Averageof
costdebt
in US$ (% p.a.) Interest Expense (Gross) Interest on Financial Investments

3.4 of debt in3.3


(1) Considering the portion
(1)
reais fully adjusted by the market swap curves at the end of each period | (2) Total weighted average cost of 97.8% of the CDI 32
Robust Liquidity USD million
(@December 31, 2016)

2,683 Pr-pagto. BNDES


Bond 2027 on Jan 11th, NCE ACC/ACE
2017: US$700 million | Voto IV Bonds
coupon of 5.5% p.a. Finnvera CRA e Outros

Revolver 541

Cash 919
786 691 714
on hand(1) 1,442 559 629 534
349 356
89
28
Liquidity 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Capex H2 (2): 886 61


(1) Not including US$18 million related to MtM of hedging transactions. | (2) Financial execution of US$1,248 million capex until December, 2016.

Horizonte 2 Funding (US$ billion)

Excess of
0,2 - 2017 2.4 US$0.2 bn
0,1 - 2017 0.2
0.3 Horizonte 2
0,1 2017 0.1 0.8
0,3 - 2017 Project
0.1 0.3
0,1 - 2018 US$2.2 bn
0.1
0.4
3Q15 1.6
0.3
3Q15 0.2
0.4
Export Prepayment CRA BNDES FDCO ECA Working capital Total
release (2)
Funds withdrawn until Dec 31, 2016. Contracted funds to be withdraw

(1) Capex to be executed on Horizonte 2 Project | (2) Related to the agreement with Klabin 33
Initiatives for Leverage Management

Initiatives expected to be implemented Initiatives under analysis


in the short term
Net Net
Amount Debt/EBITDA Amount Debt/EBITDA
reduction reduction

(USD (USD
(x) (x)
million) million)

Working Capital Release 95 0.09x Accounts payable (suppliers) 420 0.37x

Accounts receivable (customers) 40 0.04x Others 110 0.12x

Accounts payable (suppliers) 55 0.05x Total 530 0.49x

Capex 96 0.10x

Forestry 31 0.03x

Capex H2 65 0.07x

Total 191 0.19x

Total: USD 721 million (0.68x)

34
Waiver on 4.5x Covenant was Fully Negotiated
Horizonte 2 start up in 4Q17 boosts EBITDA and FCF generation

NET DEBT/EBITDA (USD)

Actual (in US$)


Covenant level
Waiver
4.5 4.5
3.5x
Indebtness and
2.64 Liquidity limits (1)
2.0x 2.5x
1.86 2.10
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2018 2019

Leverage guidelines: Highlights:


Range of 2.0x to 2.5x net debt/EBITDA Covenants only triggered if Fibria loses the
Investment Grade by 2 of the 3 rating agencies
Maximum 3.5x net debt/EBITDA during expansion
cycles During the most critical periods of expansion, 4.5x
covenant was waived

(1) As stated on the Liquidity and Indebtedness Policy and Shareholders Agreement 35
Capital Structure: Fibria has achieved the lowest leverage ratio among
its Latin American peers
Net Debt/EBITDA (x)(1)

8.1

5.1

4.2
3.6
3.4
3.1
2.4

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

Fibria Suzano Klabin CMPC Arauco Eldorado

Fibria Arauco CMPC Klabin Suzano


S&P BBB-/Negative BBB-/Stable BBB-/Stable BB+/Stable BB+/Stable
Moodys Ba1/Negative Baa3/Stable Baa3/Stable - Ba2/Stable
Fitch BBB-/Stable BBB/Stable BBB+/Stable BBB-/Negative BB+/Positive

(1) Fibrias historical data in BRL.

36
One of the best performances among Brazilian corporate issuers(1)
Historical G-spread (bps)
1400
Rating Outlook 1200

1000

BBB- Negative 800

600

BBB- Stable 400

200

0
2010 2011 2012 2013 2014 2015 2016

Fibria 2020 - 7.5% Fibria 2021 - 6.75% Fibria 2024 - 5.25%

Issuance with maturity in 2024 Issuance with maturity in 2027


996

396 444
334 334 353 307,8
246 248 268 271 280 282 297 271 278 280
229

VALE BRAZIL EMBRAER FIBRIA BRFOODS RAZEN GLOPAR BRASKEM SUZANO KLABIN GERDAU PETROBRAS ELDORADO BRAZIL EMBRAER RAZEN FIBRIA PETROBRAS

(1) G-spread on January 27th, 2017 37


2017 OUTLOOK - CAPEX
38
Fibria CAPEX 2017 BRL million

3,011 5,213

2,145 57 USD1,533 mn(1)

USD630 mn(1)

2017 CAPEX Maintenance Logistics Projects H2 2017 CAPEX Total Guidance


Guidance (including
modernization)

(1) Converted at 2017 average FX - BRL/USD 3.40, according to Focus Report (Brazilian Central Bank Jan 31th, 2017)

39
Expansion Project Horizonte 2
40
What is the importance of growth for Fibria?

Wider fixed costs dilution


Competitiveness Cost curve position improvement
Greater bargaining power with suppliers

Follow the growth of strategic customers


Developing new customers
Commercial
Distribution to new geographic markets
positioning
Efficiency and competitiveness gains in logistics
Higher quality in customer service

Long-term growth Greater ability to capture new expansion market windows


potential Strong M&A position

41
Fibrias nominal capacity

ESTIMATED MARKET BHKP CAPACITY RANKING 2017 (000T)


Fibria 8,150
7,940 8,050 8,150 8,150 8,150 APP
Suzano
April
CMPC
1,950 1,950 1,950 UPM
6,500 1,740 1,850 Eldorado
Arauco
300 Stora Enso
Cenibra
900 900 900 900 900 900 Ence
Altri
Mondi
Marubeni
Ilim
Nippon
Oji
Mets
Navigator
5,300 5,300 5,300 5,300 5,300 5,300 Woodland
Georgia Pacific
Verso
Resolute
Lwarcel
International Paper
Klabin
Soedra
Domtar
2017 2018 2019 2020 2021 2022 0 2000 4000 6000 8000

Horizonte 2 ('000 t)(1) Current Capacity New Capacity Klabin Agreement

Klabin's Puma Project ('000 t)(1)


New Capacity New Capacity Horizonte II Project
Current Production ('000 t)
Source: RISI, Hawkins Wright, PPPC and Fibria (Nov 2016)

(1)The volumes in 2017 and 2018 will depend on the learning curve of the plants. The agreement with Klabin may be renewed by mutual consent. 42
Pulp sales destination: Fibria growing where the market grows

37%
36%
19%
22% 36%
32%

8%
10%

Total sales volume distribution


after H2 start up(2)

Current net revenue distribution(1)

(1) Considers 4Q16 last twelve months. | (2) Includes Klabins sales volume

43
Horizonte 2 Project

Site Overview(1)

Expansion Start-up 57%


Capex of Energy Surplus 77% of financial execution
beginning of
USD2,254 M 130 MWh overall completed - cash disbursement
4Q17 (BRL 3.2 billion)
(USD1,156/t)
(1) @Fibria Day 44
Horizonte 2 Forestry Base
Forestry base secured as planned

Already planted since project approval


125,000 ha

To be planted
62,000 ha 7,000 ha to be planted in 2016
55,000 ha to be planted in 2017 and 2018
Total
187,000 ha

Wood purchased
5.0 million m3

Average distance from forest to mill H1 + H2 up to 100 km

45
Logistics

Mato Grosso

Brasilia

Gois

Port Terminal 32
Mato
Grosso do
Sul

46
Capex
Flexibility in the Timetable, without changing the startup date

TOTAL CAPEX (BRL BILLION) CAPEX EXECUTION TIMETABLE (BRL MILLION)


- BRL 1,216 mn

50%
39%

8.745
7.529
3% 4,026 8%
3,011
292 200
Nov. 2015 Current 2015 2016 2017 2018
Forecast Forecast

USD 2.396 bn(1) USD 2.213 bn(1) USD 80 mn USD 1,168 mn USD 886 mn USD 61 mn

FX(2) 3.33 3.49 3.40 3.28

(1) FX = 3.65 BRL/USD on previous forecast. FX = 3.40 BRL/USD on current forecast. (2) Average FX according to capex execution. 47
Historical Horizonte 2 Project Capex (USD billion)

8.7
7.5
BRL/
To be 3.2 USD
disbursed 3.39

BRL/
Executed 4.3 USD
3.46

November, 2015 Savings, FX Inflation Others December, 2016


Contingencies
and indirect costs
USD 2,214 USD 2,213

BRL/USD 3.95 BRL/USD 3.40

48
Funding
Cost and maturity

4T16 H2 4T16 + H2 4T16 + H2 + Bond

Average Cost (US$ p.a)(1) 3,6% 2,9% 3,5% 3,7%


Average Maturity (years) 4,3 6,2 4,5 5,1

Amortization Schedule (2) 4Q16 Proforma with TLS II + Bond 2027 (700 MM) US$ million

2,688
Revolver
541

Cash
on
hand
1,001
2,147 869
712 773 728
569 616
349 438
172
68

Caixa 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

BNDES Bond EPP ECN ACC/ACE CRA BNB Finnvera Finame Development Agencies (FCO, Finep & FDCO)
(1) Swap Bloomberg | (2) FX considering new funding for the TLS II Project: 3.2591

49
Horizonte 2 project assumptions

UNIT R$ US$
Pulp production/year k tons 1,950 1,950
Expansion capex(1) $ billion 7,492 2,254
Expansion capex(1) $/t 3,854 1,156
Sustaining capex(2) $/t 208 63
Cash production cost(3) $/t 340 103
Energy surplus MWh 130 130
Project approval FX BRL/USD 2.80 -
All in cash cost (estimated range)(4) $/t - 270-320
Net pulp price(5) $/t - 490
Free Cash Flow (estimated) $/t - 170-220
Payback period (estimated) years - 5.3-6.8

(1) Includes chemical leasing and to increase capacity to 1,950 kt/year (FX BRL/USD @3.32) (4) Cash cost + freight + SG&A + Sustaining Capex + Interest + taxes (FX BRL/USD @3.30)
(2) Estimated sustaining capex in perpetuity (FX BRL/USD @ 3.30) (5) 2017 market consensus.
(3) Estimated weighted average cost, after mill balance. Includes energy sales (FX BRL/USD @3.30)

50
Final Remarks

Economies of scale

Synergies with current operations

Wood availability and low distance from forest to mill

Fibrias total energy surplus to be increased by 130 MWh

Cash cost competitiveness

Meet customers demand growth

Attractive returns even in adverse scenarios of pulp price and BRL

Solid financial profile

51
BACK UP
52
Green Bond 2027
53
Bond Offering Summary

Issuer Fibria Overseas Finance Ltd.

Guarantor Fibria Celulose S.A.

Issue Format SEC Registered

Ratings BBB- (neg) / BBB- (stb)

Ranking Senior Unsecured

Use of Proceeds Eligible Green Projects

Issue Amount US$700 million

Securities Offered 5.5% Senior Notes due 2027

Book US$3.5 billion

Listing New York Stock Exchange (NYSE)

Book US$3.5 billion

54
Sustainable Forest Management

Fibria sustainably manages forested areas to


FSC and PEFC standards, to include:

Productivity index / year


Production and acquisition of eucalyptus
seedlings
Preparation of soil for the plantation of seedlings
including subsoiling and harrowing activity
Plantation of seedlings
Protection and maintenance of planted seedlings
up to harvest

Environmental Benefit With / Impact:


management to these standards, Fibria is contributing
to:
Carbon sequestration;
Water quality and cycle regulation;
Fibrias Forest
Erosion control, soil protection and nutrient
Management
cycling; Neighboring
Natural areas protection areas
Note: Fibria has long-term targets (1) to reduce by one third the
amount of land required for pulp production and (2) double carbon
sequestration from the atmosphere. These projects will help to
contribute to this end.
Source: Information previously disclosed in public Fibria reports
FSC License Codes FSC-C100042, FSC-C100704, FSC-C110130

55
Restoration of Native Trees and Conservation of Biodiversity

Fibria invests in projects to restore natural vegetation


cover in degraded land, to include:
Acquisition of new native Brazilian seedlings
Planting native Brazilian seedlings in degraded land
Creation of ecological corridors and mosaics in
eucalyptus plantations so they can serve as wildlife and
flora habitat conservation
Studies that evaluate and monitor the conservation of
HCV areas
Environmental Benefit / impact: Fibrias effort to restore
native forest areas has increased forest coverage and
biodiversity, led to improvements in ecosystem services,
including:
Carbon sequestration
Availability and quality of water
Erosion control, soil protection and nutrient Before (2012)
cycling
Habitat provision

Note: This category contributes to Fibrias long-term targets to (1) double


carbon sequestration and (2) to promote the environmental restoration of 40
thousand hectares between 2012 and 2025. Since 2012, 13.9 thousand
hectares of environmental restoration has occurred, 35% of the target. 2,402
hectares were restored in 2015 alone. The goal for 2016 will be to restore After (2016)
2,603 hectares.
Source: Information previously disclosed in public Fibria reports

56
Waste Management

Conversion of Production Plant Waste to Soil Acidity


Corrective

At Fibrias Jacarei and Trs Lagoas mills, there is a


system in place to collect byproducts of the industrial
process and convert this material into a soil acidity
corrective, to be used in Fibrias forest areas

The process collects ash, grits, dregs and lime mud from
the production process and the transformed product
replaces the use of calcium carbonate

Environmental Benefit & Impact: Fibrias process to


transform the mill byproducts in soil acidity corrective has
resulted in:
~30% reduction in waste sent to external landfills from
the mill sites

Note: Fibria has a long-term target to increase eco-efficiency, by reducing in 91% the quantity of industrial waste
disposed in own or third-party landfills. This project will contribute to meeting the companys long term goal to reduce
the amount of solid waste sent to landfill to 5kg/adt, by 2025.

Source: Information previously disclosed in public Fibria reports

57
Water Efficiency

Water Recycling and Re-use at Aracruz Mill


Fibria has a range of projects at the Aracruz Mill
that reduce water usage

Reduce the consumption of sealing water of


vacuum pumps of the dryer;
Reuse water in the hydraulic units of the presses
and baling units;
Reuse of the cooling water of furnaces in the
Water Treatment Plant currently released as
effluent;
Connect the cooling tower to the causticizing
tower, so that water expelled from the cooling
tower is then used in the causticizing tower

Environmental Benefit & Impact: The various water efficiency projects are designed to achieve:
310 m3/h reduction in the water withdrawn from the total intake water to the industrial operation.
This reduction is equivalent to 3.9% in industrial water intake at the mill

Source: Information previously disclosed in public Fibria reports

58
Cost reduction initiatives and industry statistics
59
THIRD-PARTY WOOD REDUCTION
Non-recurring impacts starting to decrease

% Planting 34% 63% 73% 67% 68% 75% 67%


50% 350

Average distance from forest to mill (km)


45% Average distance from forest to mill
300
40% Third-party wood
Third-party wood (%)

35% 250
30% 200
25%
311 307 290 150
20%
225 242 239
15% 193 788197 194 100
187 181 190 173 170 167 166
10% 164
50
5%
0% 0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

35%
283 km

Third party wood increase from previous forecast due to recent rain shortage at Aracruz Unit forest
base and optimization of Trs Lagoas forest base
The average distance will drop sharply generating an Opex reduction

NPV from peak to normalized level(2): Total NPV:


CAPEX: BRL1.5 billion (USD 0.5 million) | OPEX: BRL 1.0 billion (USD 0.3 million) BRL2.5 Bn or USD0.8 Bn
(1) Does not include Veracel but considers H2 Project forest base | (2) FX @ BRL/USD3.30. 60
Third-party wood reduction
Losango

Most part of the standing wood was already paid

Despite the higher forest to mill distance, the wood from Losango is less expensive than the
available wood from around Esprito Santo and Bahia States

Positive impact over industrial costs due to better productivity

68
Industrial: maintenance downtimes schedule change

Regulatory Standard 13 (Boiler and Pressure Vessel Inspection) extended the maximum period between
recovery boiler inspections from 12 to 15 months.

Fibria was the first company to use the extended period benefit

NPV: R$385 million

76
Global Market Pulp Demand

Hardwood demand will continue to increase at a faster pace than Softwood

Hardwood (BHKP) vs. Softwood (BSKP) (000 ton) Demand growth rate

40.000 Growth Growth


000 ton 1999 2009 2019 1999- 2009-
35.000
2009 2019
30.000
25.000 Hardwood 16.3 24.8 33.8 52% 36%
20.000
15.000 2014 - 2019 CAGR: Eucalyptus 6.0 15.9 24.1 165% 52%
10.000 Hardwood: +2.5%
Softwood: +0.8%
5.000
Softwood 19.0 21.4 24.9 13% 16%
0
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Market Pulp 35.3 46.2 58.7 30% 27%
Hardwood Softwood
Source: PPPC report (Sept. 2015) Source: PPPC reports. Excludes Sulphite and UKP market pulp (Sept./15)

Paper Production Runnability with BHKP

Source: RISI conference, August 2014.

63
Benefiting From Chinas Growth

Chinas Hardwood Imports of BHKP by Country(1) World Tissue Consumption, 1995-2015(3)


(000s t) (million t) (kg/person/year)
Latin America is the 40
10M15 leading exporter of BHKP Annual Growth
8.465 35
7.651 10M16 to China, accounting to Rate +3.7%
approximately 55% of 30
China's total imports in
25
10M16.
4.647 20
4.058
15
10
1.7401.583 1.522 1.855
5
169 170 156 159 6 51
0
BHKP Total Latin Indonesia Others(2) USA Canada Western
1995 2000 2005 2010 2011 2012 2013 2014 2015
America (1) Europe
N.America W.Europe E.Europe Japan
(1) includes South Africa and New Zealand. | (2) Includes China, Japan, Malaysia, Russia, Thailand and Vietnam. China Asia FE Middle East LatAm
Africa Oceania

China's Share of Market Pulp(2) Per Capita Consumption of Tissue by World Region(3)
(Kg/capita/year)
Between 2005 and 2015, (million t)
30% the Chinese market share 14
of eucalyptus shipments 25% 26%
24% 25
increased by 20 p.p. (total 23% 23% 12
25% 22%
market pulp: + p.p.) 21%
10
20% 17%
8 15 15
15% 12% 14%
10% 10% 6 11
10%
4
6 6
5
5% 2
1
0% 0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Nov.
2016 N. West Japan Oceania East LatAm China Africa
Eucalyptus Hardwood Total % Compared to the global Market Pulp America Europe Europe
(1) PPPC Pulp China Flash Report October 2016
(2) PPPC W20. Coverage for chemical market pulp is 80% of world capacity
(3) RISI

64
Growth rate Chinese GDP vs. Eucalyptus Shipments to China
(Sept-09 = base 100)

300

273
250

200

150

100

75
50

China GDP Eucalyptus Shipments

Source: Bloomberg and PPPC W20 report (dez/2016)

65
Commodities Differentiation

China GDP breakdown


8% 4% 4% 3% 3% 2% 2% 2% 2% 2% 2%

47% 48% 48% 48% 48% 48% 46% 47% 45% 45%
44%

49% 49% 48% 49% 49% 50% 50% 52% 51% 53% 53%

2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015E 2016E 2017E 2018E
Consumption Investment Net Exports

China commodity demand - basis 100


Corn Soybeans Wheat Crude oil Iron ore Sugar BHKP
248

201
194
172
152

124
100 115
2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015E 2016E 2017E 2018E
Source: Ita Macroeconomic Department and PPPC Oct/15
66
Global Paper Consumption

CAGR 2000 2010 CAGR 2010 2020


Developed Markets: - 2.1% Developed Markets: - 3.1%
Emerging Markets : + 5.6% Emerging Markets : + 0.9%
117,611 109,758
103,286 99,977

P&W
Consumption
(000 tons)(1)

2010

2016E
2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2011

2012

2013

2014

2015E

2017E

2018E

2019E

2020E
Developed Markets Emerging Markets

CAGR 2000 2010 CAGR 2010 2020


Developed Markets: + 1.5% Developed Markets: + 1.4%
Emerging Markets : + 6.6% Emerging Markets : + 5.9%
41,712

30,357

20,979

Tissue
Consumption
2011
2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2012

2013

2014

2015E

2016E

2017E

2018E

2019E

2020E
(000 tons)(1)

Developed Markets Emerging Markets


Source: RISI

67
BHKP prices - CIF China (US$/ton)

0
100
200
300
400
500
600
700
900

800
(000s t)
mai-10
jun-10
jul-10
ago-10
set-10
out-10

2010
out-10

average:
250 ktons
nov-10
dez-10
Source: PPPC Global 100

jan-11
fev-11
mar-11
abr-11
mai-11
jun-11
jul-11
ago-11
set-11

2011
out-11

Average
379 ktons
nov-11
dez-11
jan-12
fev-12
mar-12
abr-12
mai-12
jun-12
jul-12
ago-12
set-12
out-12

2012
nov-12
Benefiting From Chinas Growth

Average
370 ktons
dez-12
jan-13
fev-13
mar-13
abr-13
mai-13
jun-13
jul-13
ago-13
set-13
out-13
nov-13

2013
dez-13

Average
439 ktons
jan-14
fev-14
mar-14
abr-14
mai-14
jun-14
jul-14
ago-14
set-14
out-14
nov-14
dez-14
China: Eucalyptus pulp shipments

jan-15

2014
Average
fev-15

504 ktons
mar-15
abr-15
mai-15
jun-15
jul-15
ago-15
set-15
out-15
nov-15
dez-15
2015

jan-16
Average

fev-16
531 ktons

mar-16
abr-16
mai-16
jun-16
jul-16
jul-16
ago-16
set-16
Shipments
BHKP Price

out-16
2016

nov-16
Average
612 ktons

dez-16
jan-17
0
100
200
300
400
500
600
700
900

800

Shipments (000 ton)


68
Global BHKP Market Pulp Supply Cost Curve

COST CURVE EVOLUTION


USD/Adt, 2013 cost level

Cost position
of marginal
producer

Cumulative Capacity Million t/a

Source: Pyry.
69
Tightening plantation wood and chip supply could add to the cash
cost of Asian pulp mills

Source: Pyry.
70
Current Zero Cost Collars

ZCC Position 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 Total
Notional (USD MM) 391 334 395 330 215 55 40 - 1,760 Notional (Total):
Strike mdio put (avg.) 3.29 3.34 3.3 3.46 3.43 3.48 3.49 - 3.36 USD 1,760
Strike mdio call (avg.) 5.04 5.26 5.35 6.03 5.04 5.38 5.35 - 5.36
Million
FWD (BRL/USD)EoP 3.31 3.38 3.46 3.52 3.58 3.64 3.71 3.77 3.55

*forward curve Dec/2016. 71


FREE CASH FLOW(1)
Positive quarterly FCF in the last 5 years, even during appreciated FX

USD million

329 317

225
194
158
125 113 111 103
130
112 118 124 105
77 84
53 51
29 4
-7
-77
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

EBITDA Margin
33% 28% 30% 37% 37% 41% 39% 39% 41% 42% 41% 35% 35% 45% 50% 50% 56% 54% 52% 43% 43% 36%

Average FX

1.63 1.80 1.77 1.96 2.03 2.06 2.00 2.07 2.29 2.27 2.37 2.23 2.27 2.55 2.87 3.07 3.45 3.84 3.90 3.51 3.25 3.26

(1) Excluding H2 Project, dividends, pulp logistics and land purchase effects. 72
Fibrias tax structure
Description and Amount Maturity

(a) Operating income As stated in the income statement

- Annual tax deduction: US$ 27 million (tax)


(-)(b) Goodwill (Aracruz
2018
acquisition)
- Remaining Balance Dec/16: US$ 0.175 billion (base)

(-)(c) Forestry Capex in MS


2016 tax deduction related to depletion: US$ 31 million Undefined
state (net)
(+/-)(d) Exchange variation
---------- ----------
(cash)
(+/-)(e) Other ---------- ----------

Tax base before


(a) + (b) + (c) + (d) + (e)
compensations
- Up to 30% of tax base before compensations
(f) (-) Tax loss carryforward Undefined
- Balance up to Dec/16: US$ 245 million (base)
(g) Tax base Tax base before compensations tax loss carryforward (f) ----------

(h) Income tax Tax base (g) * 34% ----------


Balance Dec/2016:
- PIS/COFINS: US$ 234 million
(i) (-) Federal tax credits Undefined
- Withholding tax (IR and CSLL): US$ 303 million
- Reintegra: US$ 27 million
Cash Tax Income Tax (h) tax credits (i)

TAX PAYMENT(2) (cash basis)


2010 2011 2012 2013 2014 2015 2016

US$ 9 million US$ 2 million US$ 8 million US$ 14 million US$ 12 million US$ 23 million US$ 36 million

(1) Considering FX 3.2591 | (2) Considering average FX for the period 73


Dividends
74
Policies approved by the Board of Directors

Indebtedness and Liquidity


Market Risk Management
Risk Management
Corporate Governance
Related Parties Transactions
Anti-Corruption
Information Disclosure
Securities Trading
Antitrust
Genetically Modified Eucalyptus
Dividend Policy
Sustainability

75
Approval of Dividend Policy

Commitment to Corporate Governance best practices.

Proposed dividends based on cash generation, taking into consideration


the companys strategic planning and in line with its policies, notably the
Indebtness and Risk Management policies.

Preserving Investment Grade.

Extraordinary dividend if Policy criteria are met.

76
Dividends

2016
April 27, 2016 Mid-May, 2016 Mid-November, 2016

GSM approved dividend Dividend payment Extraordinary


distribution of USD80 million of USD 80 million.
(1) dividend
(1.1% of dividend yield as at appraisal
Dec. 31, 2015). (not approved)

2017
April, 2017 Mid-May, 2017 Mid-November, 2017 Mid-December, 2017

OGM to approved Dividend payment Extraordinary Extraordinary


dividend to occur from May dividend dividend
distribution onwards appraisal payment
(if approved)

(1) Considering March 7, 2016 FX R$/US$3.7714 77