2
The information contained in this presentation may include statements whichconstitute 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 ExchangeAct of 1934, as amended. Such forward-looking statements involve a certain degree ofrisk and uncertainty with respect to business, financial, trend, strategy and otherforecasts, and are based on assumptions, data or methods that, although consideredreasonable by the company at the time, may turn out to be incorrect or imprecise, ormay not be possible to realize. The company gives no assurance that expectationsdisclosed in this presentation will be confirmed. Prospective investors are cautionedthat any such forward-looking statements are not guarantees of future performanceand involve risks and uncertainties, and that actual results may differ materially fromthose in the forward-looking statements, due to a variety of factors, including, but notlimited to, the risks of international business and other risks referred to in thecompany’s filings with the CVM and SEC. The company does not undertake, andspecifically disclaims any obligation to update any forward-looking statements, whichspeak only for the date on which they are made.
Disclaimer
3
Pulp and Paper Market2Financial and Operational Highlights3
Agenda
Company Overview1
Expansion Project – Horizonte 24Dividends5Cost reduction initiatives and industry statistics 6
5
Shareholder Structure and Corporate Governance
(1) Controlling group (2) Free Float 41.44% + Treasury 0.06%
Votorantim S.A. (1)
29.42%
BNDESParticipações (1)
29.08%
FreeFloat (2)
41.50%
► Only 1 class of shares →100% voting rights
► 100% tag along rights (Brazilian corporate law establishes 80%)
► Board of Directors with minimum 20% independent members
► Financial Statements in International Standards – IFRS
► Adoption of Arbitration Chamber
► SEC Registered ADR Level III program
Listed on Novo Mercado, highest level at BM&FBovespa:
Policies approved by the Board of Directors:
Fiscal
Council
Board of
Directors
20% independent members
Role of CEO andchairman is split
Personnel
and
Remuneratio
n Committee
Statutory
Audit
Committee
Finance
Committee
Sustainability
Committee
Innovation
Committee
30%
independent
members
100%
independent
members
50%
independent
members
45%
independent
members-
General
Meeting
► 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 NEW
6
A Winning Player
Port Terminal Pulp Unit
Três Lagoas
Santos
AracruzPortocel
Caravelas
BelmonteVeracel
Jacareí
Superior Asset Combination Main Figures – 2Q16 LTM
Pulp capacity million tons 5.300
Net revenues US$ billion 2.859
Total Forest Base(1) thousand hectares 969
Planted area(1) thousand hectares 568
Net Debt US$ billion 3.029
Net Debt/EBITDA (in Dollars)(2) X 2.10
Source: Fibria(1) 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, 2015. (2) For covenants purposes, the Net Debt/EBITDA ratio is calculated in Dollars.
7
Fibria’s Units Industrial Capacity
* Veracel is a joint venture between Fibria (50%) and Stora Enso (50%) and the total capacity is 1,120 thousand ton/year
8
Worldwide presence
Strong global customer base
Long-term relationships
Focus on customers with stable business
Customized pulp products and services
Sound forestry and industrial R&D
Focus on less volatile end-use markets such as tissue
Efficient logistics set up
Low dependence on volatile markets such as China
Low credit risk
100% certified pulp (FSC and PEFC/Cerflor)
Sales Mix by End Use - Fibria Highlights
Fibria’s Commercial Strategy
Net Revenues by Region - Fibria
Region - 2Q16 End Use - 2Q16
42% 37%43% 43%
35% 36%46% 42% 39% 40%
47% 42% 42% 42% 46%36%
26%30% 22%
29%31% 31%
19% 23% 27% 27% 17% 24% 25% 29% 17%
21%
22% 25% 26%21%
25% 26% 26% 27% 24% 23% 26% 26% 25% 20%25% 33%
10% 9% 10% 8% 9% 8% 10% 9% 10% 10% 10% 9% 8% 9% 12% 10%
3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Europe North America Asia LatAm
49% 29%
22%
Printing & Writing
Specialties
Tissue
Europe36%
N. America
21%
Asia33%
LatAm10%
9
Leadership Position
(1) Fiber Consumption, Recycled Fiber and Pulp: RISI | Market Pulp, Hardwood and Eucalyptus: PPPC Global 100 Report December 2015
Recycled Fiber 242 million t
46% 54%
59%
18% 82%
59% 41%
41%
30% 70%
25%75%
Fiber Consumption412 million t
Pulp 169 million t
Chemical140 million t
Mechanical30 million t
Integrated Mills 83 million t
Market Pulp 57 million t
Hardwood31 million t
Other Eucalyptus Pulp producers:
16 million t
Softwood/Other 26 million t
Acacia/Other 9 million t
Eucalyptus21 million t
Industry Outlook(1)
10
Pulp Supply Agreement: Puma Project
► Pulp volumes:
► Minimum of 900 kt of hardwood for the first 4 years
► 75% of 900 kt for the fifth year (phase out 1)
► 50% of 900 kt for the sixth year (phase out 2)
► Selling price based on the average net price charged by Fibria at the Port of Paranaguá (FOB Paranaguá)
► Sales destination: Globally, except for South America
► Operational startup: Mar/2016
► Agreement benefits:
Puma Project
Mutual value creation, with better servicing for both Companies customer’s base
Logistics and commercial structure synergies;
Ensure sales volumes;
Ensure pulp market access with Klabin brand.
Logistics and commercial optimization and synergies;
Support customers’ growth and enhance customers’ needs;
Potential development of new customers.
12
The “better than expected scenario” has become a reality again in 2015…
BHKP CAPACITY CHANGES
EXPECTED SCENARIO FOR 2015 IN DEC’14 REALIZED SCENARIO IN 2015
1,095
-315
-65
115
85
30
200
750
265
750
400
BEKP demand growth**
Net
Possible closures*
Ence Huelva
April Rizhao
Sappi Cloquet
Old Town (Expera)
Portucel Cacia
Eldorado
CMPC Guaiba II
Oji Nantong
Montes del Plata
Suzano Maranhão
-400 to -800
1,415 to 1,815
*Based on annual closures average (400,000 to 800,000 t/yr)
**Source: PPPC Outlook for Eucalyptus Market Pulp December 2014
1,232
1,450
-400
-315
-190
115
40
40
30
200
500
265
750
400
BEKP demand growth**
Net
Unexpected Downtimes
Ence Huelva
April Rizhao
Sappi Cloquet
Ence Navia
Old Town (Expera)
Portucel Cacia
Eldorado
CMPC Guaiba II
Oji Nantong
Montes del Plata
Suzano Maranhão
Indonesia, China,
Uruguay and Brazil
**Source: PPPC Market Pulp World 20
13
… and so has been the price scenario
BHKP Delivered to Europe (USD/t)
735
721
709
738
726
750
781
804802
784
1Q15 2Q15 3Q15 4Q15 Annual 2015
Consultants average at the end previous year Realized PIX/FOEX price
Consultants: Hawkins Wright, RISI and Brian McClay (published in the end 2014 for 2015 prices)
14
Better worldwide macroeconomics are the key drivers… But the special focus is on Europe
Real GDP % Annual Growth
Source: International Monetary Fund, World Economic Outlook Database, January 2016
3.4
-0.8
2.2
7.7
3.3
-0,3
1.5
7.7
3.4
0.9
2.4
7.3
3.1
1.5
2.4
6.9
3.5
1.7
2.4
6.3
World Euro Area USA China
2012 2013 2014 2015 2016
15
But the special focus is on Europe
Hardwood and Eucalyptus Shipments (000 t and % annual growth)
Source: PPPC World 20
-0.3%
-0.8%
3.3%
3.8%
-0.8% -0.6%
6.0%
5.0%
-200
0
200
400
2012 2013 2014 2015
BHKP BEKP
16
So, what can we expect for 2016?
BHKP CAPACITY CHANGES
EXPECTED SCENARIO FOR 2016 IN NOV’15 FIBRIA’S EXPECTED SCENARIO FOR 2016
930
-120
-55
-90
-40
30
660
800
BEKP demand growth**
Net
Possible closures*
APRIL Kerinci
Verso Wickliffe
Woodland
Old Town (Expera)
Altri Celbi
Klabin
CMPC Guaiba II
-400 to -800
385 to 785
1,200
*Based on annual closures average (400,000 to 800,000 t/yr)
**Source: PPPC Outlook for Eucalyptus Market Pulp May 2015 (930kt) and
Fibria’s estimates
1,200
1,090
-130
-120
-90
0
30
600
800
BEKP demand growth**
Net
Unexpected Downtime
APRIL Kerinci
Woodland
APP South Sumatra
Altri Celbi
Klabin
CMPC Guaiba II
Positive Supply/Demand Balance!
17
Shipments of Eucalyptus Pulp
Global Market BEKP Demand
Paper Capacity increase in China
2014 2015 2016
FORECAST REALIZEDPREVIOUS FORECAST
LATEST FORECAST
LATEST FORECAST
Woodfree 256 256 760 980 1,000
Tissue 1,390 1,278 1,365 965 568
Cartonboard 2,100 1,326 730 900 630
Total 3,746 2,860 2,855 2,845 2,198
Source: Fibria and Independent Consultants
7M16 vs. 7MQ15(1)
(1) Source: PPPC Global 100 - July/2016
654kt
-105 -66
723kt
102
922kt
13 -20
836kt
93
Total North America WesternEurope
China Others
BHKP BEKP
8%
1% -1% 0%
14%23%
2% 3%
(1) Source: PPPC Global 100 – February/2016
2M16 vs. 2M15(1)
4%
-6%
128kt
40kt
84kt
-7kt 11kt
216kt
64kt114kt
12kt 26kt
Total NorthAmerica
WesternEurope
China Others
BHKP BEKP
3%
7%
8%26%
6%
10%
-1%1% 1% 4%
6%
18
Technical Age and Scale in the Pulp IndustryFurther closures are expected due to lack of adequate investments in the industry…
Hardwood (BHKP) Producers – Integrated and Market Pulp Mills
Softwood (BSKP) Producers – Integrated and Market Pulp Mills
STRONG
Weighted average
technical age 12.3 years
Weighted average
capacity 1,350,000 t/a
Aracruz
Três Lagoas
Veracel
Jacareí
WEAK
STRONGWeighted average
technical age 21 years
Weighted average
capacity 534,000 t/a
North American Pulp Mills Other Pulp Mills
WEAK
More than 6.6 million tons of capacity above 25 years and with annual capacity below 500,000 t/y.
PM Capacity, 1000 t/a
0
500
1000
1500
2000
051015202530
Technical age, years
PM Capacity, 1000 t/a
0
100
200
300
400
500
600
700
800
900
1000
051015202530
Technical age, years
19
Source: PPPC, RISI and Fibria
Closures of Hardwood Market Pulp Capacity Worldwide(000 ton)
Capacity closures DO happen
-910
-85
-1,260-1,180
-540-500
-105
-1,085
-445
-315
-645
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-2018 E
Potential conversions to DP
(1)
(1) As of September 2016 | 2016: -90kt Woodland (USA), -240 April Kerinci (Indonesia) | 2017: Resolute Calhoun: -40kt | 2017/2018: -275kt Arauco Valdivia (Chile)
Closures do not include temporary movements. Unexpected downtimes this year totaled 130kt (not included in the chart above).
20
Even more competitive cash production cost w/ H2 BHKP (US$/t)
BHKP
capacity
(000’ t)
Source: Hawkins Wright (Price Forecast June 2016) and Fibria’s 2Q16 Earnings Release -FX considered by the consultant at R$/US$ = 3.21. H2 cash cost was estimated according to weighted average cost, after mill balance, converted at R$/US$=3.21. Includes energy sales.
455369
437353
297 301239 205
144
51
8510
45
46 33
5556
62
506
454 447
398
343 334294
45
40
3
113
87
21
20
5
9
449
366
USA Canada China Iberia Chile/Uruguay Indonesia Brazil Fibria 2Q16 LTM Estimated Fibria
w/ H2 - 2021
Cash Cost (US$/t) Delivery CIF Europe
BHKP (US$/t)
Capex
1,130 1,105 2,075 2,290 4,915 3,420 15,275 Total: 30,210BHKP
capacity
(000’ t)
SG&A
Income tax
InterestWK
21
Gross capacity addition should not be counted as the only factorinfluencing pulp price volatility….(1)
Cap
acit
y (0
00
to
n)
0,0
0,2
0,4
0,6
0,8
1,0
1,2
1,4
1,6
1,8
2,0
0
100
200
300
400
500
600
700
800
900
1.000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Valdivia
APP Hainan
Veracel Nueva Aldea
Santa Fé
Mucuri
FrayBentos
KerinciPL3
Três Lagoas
Rizhao
APP Guangxi
ChenmingZhanjiang
Eldorado
Montes del Plata
Maranhão
Guaíba II
APP South Sumatra(2)
Klabin
OjiNantong
Horizonte II
BH
KP
pri
ces
-C
IF E
uro
pe
(U
S$/t
on
)
(1) Source: Hawkins Wright , Poyry and Fibria Analysis. Pulp price estimates according to Hawkins Wright (Abr/16), Brian McClay (Jun/16) and RISI (Abr/16)(2) Partially integrated production.
In the last 15 years, pulp volatility has been just 8%...why?
22
► Market price closer to producer’s marginal cost
► The marginal cost producers are based in Europe and North America
► Flattish industry cost curve
► Higher flexibility to adjust supply side during imbalanced market
► Lower dependency on Asian market (~25%) compared to hard commodities (70%+)
► Market end users are linked to consumer goods, such as tissue
► Incipient pulp price futures market and low liquidity
Source: Bloomberg – August 30th, 2016
0
40
80
120
160
De
c-9
9
Jun
-00
Jan
-01
Jul-
01
Jan
-02
Au
g-0
2
Feb
-03
Sep
-03
Mar
-04
Sep
-04
Ap
r-0
5
Oct
-05
Ap
r-0
6
No
v-0
6
May
-07
De
c-0
7
Jun
-08
De
c-0
8
Jul-
09
Jan
-10
Jul-
10
Feb
-11
Au
g-1
1
Mar
-12
Sep
-12
Mar
-13
Oct
-13
Ap
r-1
4
Oct
-14
May
-15
No
v-1
5
Jun
-16
BHKP - FOEX Europe (base 100) CPI (base 100)
23
Lowest volatility among commodities
Source: Bloomberg – August 31st, 2016
Low volatility of hardwood pulp price, even though
new capacities have come on stream during the period.
2030405060708090
100110120130140150160170180190200210220230
Jan
-12
Feb
-12
Ma
r-1
2
Ap
r-1
2
Ma
y-1
2
Jun
-12
Jul-1
2
Au
g-1
2
Se
p-1
2
Oc
t-1
2
No
v-1
2
De
c-1
2
Jan
-13
Feb
-13
Ma
r-1
3
Ap
r-1
3
Ma
y-1
3
Jun
-13
Jul-1
3
Au
g-1
3
Se
p-1
3
Oc
t-1
3
No
v-1
3
De
c-1
3
Jan
-14
Feb
-14
Ma
r-1
4
Ap
r-1
4
Ma
y-1
4
Jun
-14
Jul-1
4
Au
g-1
4
Se
p-1
4
Oc
t-1
4
No
v-1
4
De
c-1
4
Jan
-15
Feb
-15
Ma
r-1
5
Ap
r-1
5
Ma
y-1
5
Jun
-15
Jul-1
5
Au
g-1
5
Se
p-1
5
Oc
t-1
5
No
v-1
5
De
c-1
5
Jan
-16
Feb
-16
Ma
r-1
6
Ap
r-1
6
Ma
y-1
6
Jun
-16
Jul-1
6
Au
g-1
6
Iron Ore Soy Bean Crude Oil Sugar BHKP - FOEX Europe Exchange Rate (R$/US$)
103
173
8086
4345
100 = January 1, 2012
The only commodity with lower volatility than FX
Historical Volatility of Commodities (US$)
Since January 1, 2009 up to August 31st, 2016
24
37%35% 34%
27% 27% 26%24% 23%
16%14%
6%
WTI Crude
Oil
Sugar Nickel Iron Ore Copper Soy Ibovespa LME
Metals
Cattle FX BHKP
26
Each 5% depreciation of the Real increases EBITDA by aroundR$420m and FCF by R$550m
815
1,488
1,173 1,1531,295 1,185
1,5601,447
2009 2010 2011 2012 2013 2014 2015 2Q16 LTM 2016 (e)
Exchange Rate Average (R$/US$)
EBITDA Margin
EBITDA (US$ million)
Fibria net pulp price(US$/t)
Fibria net pulp price(R$/t)
2.00 1.76 1.67 1.95 2.16 2.35 3.33 3.70 3.44(1)
456
670 639 581 610 572 582
577 511(2)
29%
40%34% 36%
40% 39%
53% 52%
912 1,179 1,067 1,133 1,311 1,3441,951 2,135 1,758
(1) According to Focus Report (Brazilian Central Bank – September 2nd, 2016) I (2) 2016 market consensus
27
Cash Production Cost (R$/t) – 2Q16
583
699 662
639
2Q15 1Q16 2Q16 May-June/16
- 5%
Resumption of operational performance
Non-recurring pressure of third party wood
583 662
11 26 9 45 7 2
2Q15 FX UtilitiesResults
MaintenanceDowntime
Wood SpecificConsumption
Others 2Q16
US$ 190/t US$ 189/t
Cash-cost reduction opportunities related to non-recurring effects of:
Energy prices Third party wood Operational performance
Cash Production Cost (R$/t) – 2Q16 LTM
Fibria Cash Production Cost(1) (US$/ton)
Consistently controlling the
cash production
cost
28
Cash Production Cost in dollars saw a decrease over the past 7 years
231
264281
242234
220
186 181
2009 (2) 2010 (2) 2011 2012 2013 2014 2015 2Q16
LTM
(1) Constant Currency. (2) Excludes Conpacel
29
Net Results (US$ million) – 2Q16
264212276
123
(29)
(135)
(188)
(98)
AdjustedEBITDA
FX Debt MtMhedge
NetInterest
Deprec., amortiz. and
depletion
Taxes Others NetIncome
Non-recurring effects
∆∆
deferred
current
(1)
(1) Includes other Exchange rate/monetary variations, other financial income/expenses and other operating income/expenses.
30
Free Cash Flow – 2Q16 (US$ million)
(1) Not considering dividend payment and capex related to the Horizonte 2 project.(2) Impacted by semi-annual interest payments on the bonds and funding related to the Horizonte 2 project.
264
118 ( 131 )
( 45 ) 36
( 5 )
AdjustedEBITDA
Capex(ex-H2 project)
NetInterest
WorkingCapital
Taxes FCF(2)
31
ROE and ROIC (R$)
ROE = Adjusted EBIT(1)/ Equity before IAS 41(2) ROIC = Adjusted EBIT(3)/ Invested Capital before IAS 41(2)
(1) Adjusted EBITDA – CAPEX – Net Interest – Taxes (2) International accounting standards for biological assets.(3) Adjusted EBITDA – CAPEX – Taxes
AverageFX
(R$/US$)1.95 2.16 2.35 3.33 3.70 1.95 2.16 2.35 3.33 3.70
AverageNet Price
(US$)
581 610 561 586 557 581 610 561 586 557
AverageFX
(R$/US$)
AverageNet Price
(US$)
3.4%5.7% 6.2%
25.1%
21.9%
2012 2013 2014 2015 2Q16UDM
6.9%9.2%
8.0%
22.8%21.3%
2012 2013 2014 2015 2T16UDM
32
Indebtdeness
Gross Debt and Cash Position (R$ million)
473414 408
350
268
200141 139
96143
10878
45 39 39 41
2009 2010 2011 2012 2013 2014 2015 2Q16 LTM
6.3 5.95.5 5.2
4.6
3.4 3.3 3.4
Interest Expense (Gross)Average cost in US$ (% p.a.)
Net Debt (Million) and Leverage
Interest Expense/Income (US$ million) and Cost of Debt in US$(1)
9,01511,498
12,705
818 1,189 2,983
Jun/15 Mar/16 Jun/16
Gross debt Cash
8,19710,309 9,722
2,642 2,897 3,029
Jun/15 Mar/16 Jun/16
R$ US$
2.231.85
1.821.95 1.86
2.10
Net Debt/EBITDA (R$) Net Debt/EBITDA (US$)+ R$1.2 bn
+ R$1.8 bn
Interest on Financial Investments
6.3 5.95.5
5.24.6
3.4 3.3(1)
Cost of debt
(1) Considering the portion of debt in reais fully adjusted by the market swap curves at the end of each period.
33
Liquidity
932
545
202304
536
840
631558
55179
627
27
Liquidity 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Export Prepayment BNDES
ECN ACC/ACE
Voto IV Bonds
Finnvera ARC and Others
Cash onhand(1)
Revolver
1,477
Capex H2 (2):
0.4
2.6
0.20.9
0.3
0.20.3
ExportPrepayment
ARC BNDES FDCO ECA Working capitalrelease (2)
Total
3Q153QT15
0.1 - 2S160.1 - 2017
.
0.20.3 - 2S160.6 - 2017
0.1 - 2S160.2 - 2017
0,2 - 2S160,1 - 2017
0.1
(2) Related to contract with Klabin and suppliers.
Horizonte 2 Funding (US$ billion)
(1) Not including US$9 million related to MtM of hedging transactions. | (2) Financial execution of US$608 million capex until June 30th, 2016. Considering FX R$/US$ = 3.30.
Funds withdrawn until June 30th, 2016. Contracted funds to be withdraw.
85911
Liquidity(1) and Debt Amortization Schedule (US$ million)
788
34
Capital Structure: Fibria has achieved the lowest leverage ratio among its Latin American peers
Net Debt/EBITDA (x)(1)
Fibria Arauco CMPC Klabin Suzano
S&P BBB-/Stable BBB-/Stable BBB-/Stable BB+/Estable BB+/Stable
Moody’s Ba1/Negative Baa3/Stable Baa3/Stable - Ba2/Stable
Fitch BBB-/Stable BBB/Stable BBB+/Stable BBB-/Negative BB+/Positive
(1) Fibria’s historical data in BRL.
1.9
2.1
5.9
3.23.4
8,1
3.7
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Fibria Suzano Klabin CMPC Arauco Eldorado
35
One of the best performances among Brazilian corporate issuers(1)
(1) G-spread on August 31st, 2016
261 261 290 327 328 355 362 367 392450
519
1093
BRAZIL BRFOODS GLOPAR EMBRAER FIBRIA BRASKEM KLABIN VALE SUZANO GERDAU PETROBRAS ELDORADO
200
400
600
800
1.000
1.200
1.400
2010 2011 2012 2013 2014 2015
Fibria 2020 Fibria 2021 Fibria 2024
Historical G-spread (bps)
BBB-
BBB-
Rating Outlook
Stable
Stable
37
2016 Capex Reduction
2.1 2.1
5.44.4
0.7
0.2
Reported onJan. 31, 2016
Current
Maintenance
and others
Horizonte 2
Pulp
Logistics 6,7
8.2
2016 Total Capex (R$ billion)
R$1.5 billionreduction
78% of capex reduction on pulp logistics projects
18% of capex reduction on Horizonte 2 project
(0.5)
(1.0)
38
Capex – Timetable
New capex timetable (R$ billion)
Actual
20152016 2017
2018
onwardsTotal
Previous - 0.7 0.7
% - 100% - - 100%
Current - 0.2 0.4 0.1 0.7
% - 22% 61% 17% 100%
Previous 0.2 5.4 2.9 0.3 8.7
% 2% 62% 33% 3% 100%
Current 0.2 4.4 3.0 0.3 7.9
% 3% 56% 38% 4% 100%
Previous 0.2 6.1 2.9 0.3 9.4
% 2% 64% 31% 3% 100%
Current 0.2 4.6 3.4 0.4 8.6
% 2% 53% 40% 5% 100%
Total
Pulp
logistics
Horizonte 2
Project
39
Fibria is able to create value for its shareholders with capital discipline
INDUSTRY
CONSOLIDATION ?
PULP
Growth with discipline
Best portfolio of projects
DIVIDENDS
BIO-ENERGY AND
OTHER OPPORTUNITIES
Complementary to pulp
Portocel
Land and forest
FREE CASH FLOW
WITHOUT JEOPARDIZING CREDIT METRICS
42
• Follow the growth of strategic customers
• Developing new customers
• Distribution to new geographic markets
• Efficiency and competitiveness gains in logistics
• Higher quality in customer service
• Greater ability to capture new expansion market windows
• Strong M&A position
Competitiveness
Commercial
positioning
Long-term growth
potential
What is the importance of growth for Fibria?
• Wider fixed costs dilution
• Cost curve position improvement
• Greater bargaining power with suppliers
43
Why expand Três Lagoas?
• Brownfield Project, synergies with current operations
• Modern plant, prepared for potential expansion
• Availability of wood and low average distance from forest to mill
• Forest based on the optionality concept and prioritizing lease and partnership models
• Additional energy surplus of 130 MWh
Start-up: 4Q2017
Capacity: 1.95 million tons
ESTIMATED BHKP CAPACITY RANKING 2017 (000T)
Source: Poyry and Fibria Analysis (as of May 2015)
0 2000 4000 6000 8000
Others
Klabin
Domtar
Pulp Mill Holding
Lwart
Portucel Soporcel
Georgia-Pacific
Resolute
Verso
Nippon Paper
Mondi
Oji
Mitsubishi
Marubeni
IP
Altri
ENCE
Cenibra
Arauco
Stora Enso
UPM
Eldorado
APP
Suzano
RGE/APRIL
CMPC
Fibria 8,150
Current Capacity
New Capacity
New Capacity – Klabin Agreement
New Capacity – Horizonte II Project
44
Pulp sales destination: Fibria growing where the market grows
(1) Considers 1Q16 last twelve months. | (2) Includes Klabin’s sales volume
37%
36%
43%
24%
19%24%
8%9%
Total sales volume distribution
after H2 start up(2)
Current net revenue distribution(1)
45
Fibria’s production volumes
5,188 5,231 5,184 5,299 5,259 5,274 5,185
5,300 5,300 5,300 5,300 5,300
660
900 900 900 900 900
1,740 1,850 1,950 1,950 1,950
7,940 8,050 8,150 8,150 8,150
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Current Production ('000 t) Klabin's Puma Project('000 t)(1) Horizonte 2 ('000 t)(1)
(1)The volumes in 2016, 2017 and 2018 will depend on the learning curve of the plants. The agreement with Klabin may be renewed by mutual consent.
46
Horizonte 2 project – site overview
Startup in the beginning of 4Q 2017
Capex (R$ billion)
Acc. executionup to 6M16
To be executeduntil 2018
Total
2.0 5.9 7.9
Ahead of schedule and below budget
45% physically complete (as of July, 2016)
2015 2016
Startup
2017
25% financial execution
Production capacity increase to 1.95 million t/year
47
Forestry Base
Forestry base required:
H1: 120,000 ha
H2: 187,000 ha
Total: 307,000 ha
Average distance from forest to mill H1 + H2 -> up to 100 km (1st cycle)2nd cycle average distance should decrease due to less need for 3rd party wood
49
CapexUpdate for the current FX level
1.80 1.84
0.65 0.45
0.050.10
2.52.4
Original Revised
BRL EUR USD and others
72%
26%
2%
77%
19%
4%
CAPEX (US$ billion)(1)
(1) FX: R$ 3.65/US$ | (2) As of June 30th, 2016
There are opportunities for capex postponement, WITHOUT delay in the project startup
Physical progress(2) = 45% Disbursed capex(2) = 25%
50
CapexFlexibility in the Timetable, without changing the startup date
Total Capex (R$ billion)
Capex Timetable (R$ billion) 8.7
7.9
Previous
Forecast
Current
Forecast
- R$800 million
0.2
4.4
3.0
0.3
2015 2016 2017 2018
US$ 2.4 bn (1)
3%
56%
38%
4%
(1) FX = 3,.65 R$/US$ on previous forecast. FX = 3.30 R$/US$ on current forecast.
US$ 2.4 bn (1) US$0.1 bn US$1.3 bn US$0.9 bn US$0.1 bn
51
202
304
574
961
752679
176
300
748
14797 97
84
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
BNDES Bond PPE NCE ACC/ACE CRA Finnvera Outros FDCO Total
FundingCost and maturity
Amortization Schedule (2) – 2Q16 Proforma with TLS II – US$ million
2Q16 2Q16 + H2
Average Cost (US$ p.a)(1)
Average Maturity (years)
3.4%
4.1
3.0%
4.5
H2
2.1%
5.8
(1) Considering swap curves. | (2) FX considering new funding for the TLS II Project: 3.2098
52
FundingSources – US$ million
(1) Working capital to be released in 2016 and 2017 by the commercial agreement with Klabin. Main impacts over accounts payable and receivables.
100% of funding with signed contracts.BNDES, FDCO and ECA (Finnvera) withdrawal according to capex execution
0.4
2.6
0.20.9
0.3
0.2
0.3
ExportPrepayment
ARC BNDES FDCO ECA Working capitalrelease (1)
Total
3Q153QT15
0.1 - 2S160.1 - 2017
.
0.20.3 - 2S160.6 - 2017
0.1 - 2S160.2 - 2017
0,2 - 2S160,1 - 2017
0.1
Funds withdrawn until June 30th, 2016. Contracted funds to be withdraw.
53
Investment Grade reaffirmed with stable outlook, despite the sovereign downgrade
“Its robust performance should provide enough resources to fund the equity portion
of its new pulp mill, Horizonte 2, and would help it to reduce leverage towards the
end of 2017, when the new mill starts operations. We expect leverage metrics to
remain slightly under pressure this year due to the debt load from the investment. But these metrics should gradually decline in 2017 and 2018.”
“Leverage to Temporarily Increase: Fitch projects net leverage to remain below 2.5x
during the construction of the Três Lagoas mill, quickly declining to below 1.5x by the
end of 2018.”
(1) According to rating agency methodology
April, 2016
Feb, 2016
54
(1) Includes chemical leasing and investments in order to increase capacity to 1,950 kt/year ([email protected]).
(2) Estimated sustaining capex in perpetuity (FX @ 3.30).
(3) Estimated weighted average cost, after mill balance. Includes energy sales (FX @3.21-3.30).
(4) Cash cost + freight + SG&A + Sustaining Capex + Interest + taxes (FX @ 3.30)
(5) 2016 market consensus.
UNIT R$ US$
Pulp production/year k tons 1,950 1,950
Expansion capex(1) $ billion 7.9 2.4
Expansion capex(1) $/t 4,052 1,228
Sustaining capex(2) $/t 206 62
Cash production cost(3) $/t 326 99
Energy surplus MWh 130 130
Project approval FX R$/US$ 2.80 -
All in cash cost (estimated range)(4) $/t - 270-320
Net pulp price(5) $/t - 513
Free Cash Flow (estimated) $/t - 193-243
Payback period (estimated) years - 5.1-6.4
Horizonte 2 project assumptions
55
Final Remarks
• Economies of scale
• Synergies with current operations
• Wood availability and low distance from forest to mill
• Fibria’s total energy surplus to be increased by 130 MWh
• Cash cost competitiveness
• Meet customers’ demand growth
• Attractive returns even in adverse scenarios of pulp price and BRL
• Solid financial profile
57
►Indebtedness and Liquidity ►Market Risk Management►Risk Management►Corporate Governance►Related Parties Transactions►Anti-Corruption►Information Disclosure►Securities Trading►Antitrust►Genetically Modified Eucalyptus►Dividend Policy►Sustainability
Policies approved by the Board of Directors
58
Approval of Dividend Policy
►Proposed dividends based on cash generation, taking into considerationthe company’s strategic planning and in line with its policies, notably the
Indebtness and Risk Management policies.
►Preserving Investment Grade.
Commitment to Corporate Governance best practices.
Extraordinary dividend if Policy criteria are met.
59
Dividends
Dividend yield as of Dec, 31, 2015 = 7.5% (R$) | 8.3% (US$)Dividend yield as of Dec, 31, 2014 = 11.6% (R$) | 8.7% (US$)
OGM: Dividenddistribution approval: minimum compulsory + additional
April 28, 2015 May 14, 2015
Dividend Payment ofUS$49 million
EGM: Interim DividendPayment Approval
Nov. 30, 2015 Dec. 9, 2015
Dividend Payment ofUS$532 million
Oct. 22, 2015
Dividend PolicyApproval
April 27, 2016
Dec. 17, 2015
Dividenddistribution proposal of US$78 million(2)
approved by the Board of Directors
OGM approveddividend distributionof US$80 million(1)
(1.1% of dividend yieldas of Dec, 31, 2015).
Mid-May, 2016
Dividend payment ofUS$80 million.
2015
2016
Mid-November, 2016
Extraordinarydividendappraisal
Mid-December, 2016
Extraordinarydividend payment(if approved)
(1) Considering March 7, 2016 FX – R$/US$3.7714
60
Dividends vs. Leverage
148
2,000
304
2.30
1.95
1.58
1.781.86
2.10
0,00
0,50
1,00
1,50
2,00
2,50
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Dividends (R$ million) Leverage (x)
61
Historical Dividend Yield(1)
(1) Source: Bloomberg – Financial Analysis - Multiples
ConsideringMarket Capas ofDecember, 31st, 2015
62
Best dividend yields of 2015 among Brazilian corporate issuers
Source: Economática – the dividend yield calculation considers share price at the beginning of 2015
Dividends per share (R$)
Dividend Yield(%)
Cesp 4.85 20.78
Fibria 3.88 11.60
Santander BR 0.46 9.81
Qualicorp 1.89 7.02
MRV 0.39 5.55
BBSeguridade 1.68 5.53
TelefBrasil 2.73 5.32
Natura 1.48 4.67
Braskem 0.61 4.64
CSN 0.41 4.48
64
Structural Competitiveness
1. Third-party wood reduction
2. Forestry operations productivity
3. Industrial
NPV: US$0.4 billion
NPV: US$0.6 billion
NPV: US$0.1 billion
Total : US$1.1 billion
1. Third-party wood reduction
Wood supply recovering to normal condition
► Peaking in 2016;
► Returning to 2012’s levels by the end of 2017;
► NPV of R$1.4 billion from peak to normalized level.
Third-party wood decrease will benefitopex and capex
62
% w
oo
d f
rom
th
ird
par
ties
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
77%% Planting 68%84% 34% 63% 73% 67% 75% 67%
► 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 Espírito Santo and Bahia States
► Positive impact over industrial costs due to better productivity
1. Third-party wood reduction
Losango
63
The distribution costs by classes help us to apply resources in order to optimize wood production
10%
20%
40%
20%
10%10%
36%33%
15%
6%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
01 - Diamond 02 - Gold 03 - Silver 04 - Bronze 05 - Lead
Current effective area Future effective area
2. Forestry operations productivity
CLASSIFYING THE FOREST BASE BY CATEGORIES
Structural change improving competitiveness
64
Possible Restrictions
Declivity
0: Higher than 35°
1: Btw 24°and 35°
2: Btw 0° and 24°
ConservationAreas
0: Within CAs(1)
1: Within EPA(2) andEBZ(3)
2: Out of EPAs andEBZ
Municipal Restrictions
0: Total restrictions1: Partial restrictions2: No restrictions
EPA Altitude
0: Higher than1800m1: Lower than1800m
Urban Zones
0: Urban Zones1: Outside urbanareas
Remnants ofnativevegetation
0: Remnants areas1: Outside remnantsareas
Possible Impediments
Possible combinations
X 0, 1 and 2, removed;
4 e 8, high potential(1) Conservation Areas(2) Envionmental Protection Areas(3) Environmental Buffer Zones
2. Forestry operations productivity
Identifying opportunities based on these combinations
65
Roads
Transportation
SilvicultureHarvest
2. Forestry operations productivity
Cost and Capex KPIs were also included in this geo-model
66
Mixed Harvest Mechanization (Hilly areas)
2. Forestry operations productivity
► Mixed cutting operation with high demand for MO and high risk to safety;
► Harvest limitations in areas above 24 degrees;
► Increase annual capacity to harvest in areas up to 35 degrees , previously "locked up" by harvesting capacity of manual staff;
► NPV: R$71 million
► Capex: R$5 million
► Operational since Aug 2015
PROJECT DESCRIPTION (JACAREÍ UNIT)
Harvest
67
PIFF
► Freight cost reduction;
► Increased load box for timber/woodchip transport
► Use of lightweight steel;
► Operational risk reduction (flipping);
► Investment: R$33 million
► NPV: R$139 million
► Startup: 2015 / 2016
PROJECT DESCRIPTION (ARACRUZ, JACAREÍ AND TRÊS LAGOAS UNITS)
Timber transportation Woodchip transportation
2. Forestry operations productivity
Transportation
68
Maritime Wood Shipping Project
► Capex and Opex reduction;
► Increase in cargo handling due to increase in
stack height volume
► Reduction in heavy truck road traffic
► Capex: R$38 million
► NPV: R$95 million
► Startup: Jan/2017
PROJECT DESCRIPTION (ARACRUZ UNIT)
2. Forestry operations productivity
Transportation
69
10%
30%
50%
70%
90%
100%
0%
20%
40%
60%
80%
100%
2015 2016 2017 2018 2019 2020
2. Structural change in forestry operations productivity
• Structural cost reduction of R$170 million per year (Capex + Opex) in 2020;
• NPV of approximately R$2 billion
• Seek opportunities for purchase / lease of more attractive areas, divest from unattractive land/forest, as well as the implementation of
technologies that will lead us to the structural cost
NPV Expected Curve
70
3. 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
71
Biological Sludge Dryness Process
3. Industrial: Biological Sludge Dryer
► Variable cost reduction associated
with the disposal of sludge operations
in external landfill
► Capex: R$18 million
► NPV: R$100 million
► Startup: Dec./2016
PROJECT DESCRIPTION (JACAREÍ UNIT)
Operational Flow – Conditioning and biological sludge burn
•00Effluent+Sludge
Aeration Tank
Biological
Sludge Tank
•00Biomass Pile
Sludge Dryer
Biomass
Boiler
Sludge drying and burn in biomass boiler
72
76
Global Market Pulp Demand
Demand growth rateHardwood (BHKP) vs. Softwood (BSKP) (000 ton)
Hardwood demand will continue to increase at a faster pace than Softwood
Source: PPPC report (Sept. 2015) Source: PPPC reports. Excludes Sulphite and UKP market pulp (Sept./15)
0
5.000
10.000
15.000
20.000
25.000
30.000
35.000
40.000
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
Hardwood Softwood
2014 - 2019 CAGR:Hardwood: +2.5%Softwood: +0.8%
000 ton 1999 2009 2019
Growth
1999-
2009
Growth
2009-
2019
Hardwood 16.3 24.8 33.8 52% 36%
Eucalyptus 6.0 15.9 24.1 165% 52%
Softwood 19.0 21.4 24.9 13% 16%
Market Pulp 35.3 46.2 58.7 30% 27%
Paper Production – Runnability with BHKP
Source: RISI conference, August 2014.
77
World Tissue Consumption, 1995-2015(3)
Per Capita Consumption of Tissue by World Region(3)China's Share of Market Pulp(2)
25
16 15
11
6 6 5
1
N.America
WestEurope
Japan Oceania EastEurope
LatAm China Africa
10% 10%12% 14%
21%
17%
22%23% 23% 24%
25%
0
2
4
6
8
10
12
14
0%
5%
10%
15%
20%
25%
30%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Eucalyptus Hardwood Total % Compared to the global Market Pulp
(Kg/capita/year)
(million t) (kg/person/year)
Between 2005 and 2015, the Chinese market share of eucalyptus shipments increased by 20 p.p. (total market pulp: + p.p.)
0
5
10
15
20
25
30
35
40
1995 2000 2005 2010 2011 2012 2013 2014 2015N.America W.Europe E.Europe JapanChina Asia FE Middle East LatAmAfrica Oceania
Annual Growth Rate +3.7%
Benefiting From China’s Growth
(1) PPPC – Pulp China – Flash Report – March 2016(2) PPPC – W20. Coverage for chemical market pulp is 80% of world capacity (3) RISI
(million t)
Latin America is the leading exporter of BHKP to China, accounting to approximately 55% of China's total imports in 1Q16.
(‘000s t)
(1) includes South Africa and New Zealand. | (2) Includes China, Japan, Malaysia, Russia, Thailand and Vietnam.
China’s Hardwood Imports of BHKP by Country(1)
2.215
1.095
503 530
47 40 1
2.368
1.292
453 525
49 43 8
BHKP Total LatinAmerica (1)
Indonesia Others(2) USA Canada WesternEurope
1Q15 1Q16
78
Growth rate Chinese GDP vs. Eucalyptus Shipments to China (Sept-09 = base 100)
Source: Bloomberg and PPPC – W20 report.
74
234
-
50
100
150
200
250
set-
09
dez
-09
mar
-10
jun
-10
set-
10
dez
-10
mar
-11
jun
-11
set-
11
dez
-11
mar
-12
jun
-12
set-
12
dez
-12
mar
-13
jun
-13
set-
13
dez
-13
mar
-14
jun
-14
set-
14
dez
-14
mar
-15
jun
-15
set-
15
dez
-15
mar
-16
jun
-16
China GDP Eucalyptus Shipments
79
Commodities Differentiation
China GDP breakdown
China commodity demand - basis 100
49% 49% 48% 49% 49% 50% 50% 52% 51% 53% 53%
44% 47% 48% 48% 48% 48% 48% 46% 47% 45% 45%
8% 4% 4% 3% 3% 2% 2% 2% 2% 2% 2%
2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015E 2016E 2017E 2018E
Consumption Investment Net Exports
2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015E 2016E 2017E 2018E
Corn Soybeans Wheat Crude oil Iron ore Sugar BHKP
100
248
201194172
152
124115
Source: Itaú Macroeconomic Department and PPPC – Oct/15
80
Global Paper Consumption
CAGR 2000 – 2010Developed Markets: - 2.1%Emerging Markets : + 5.6%
P&W Consumption (000 tons)(1)
Tissue Consumption (000 tons)(1)
CAGR 2010 – 2020Developed Markets: - 3.1%Emerging Markets : + 0.9%
CAGR 2000 – 2010Developed Markets: + 1.5%Emerging Markets : + 6.6%
CAGR 2010 – 2020Developed Markets: + 1.4%Emerging Markets : + 5.9%
Source: RISI
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
E
20
16
E
20
17
E
20
18
E
20
19
E
20
20
E
Developed Markets Emerging Markets
99,977103,286117,611 109,758
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
E
20
16
E
20
17
E
20
18
E
20
19
E
20
20
E
Developed Markets Emerging Markets
20,979
30,357
41,712
81
Shipments of Eucalyptus Pulp
Global Market BEKP Demand
(1) Source: PPPC World 20 – January/2015
(1) Source: PPPC World 20 – December/2015
CAGR 2012-2015
3,787kt
387 kt662 kt
1,980 kt
758 kt
8%
7%
3%
19%
6%
Total North America Western Europe China Others
82
Benefiting From China’s Growth
Ship
men
ts (
00
0 t
on
)
BH
KP
pri
ces
-C
IF C
hin
a (U
S$/t
on
)
(‘000s t)
China: Eucalyptus pulp shipments
2010
average:
250 ktons
2011
Average
379 ktons
2012
Average
370 ktons
2013
Average
439 ktons
2014
Average
504 ktons
2015
Average
538 ktons
2016
Average
602 ktons
Source: PPPC Global 100
0
100
200
300
400
500
600
700
800
900
0
100
200
300
400
500
600
700
800
900
mai
-10
jun
-10
jul-
10
ago
-10
set-
10
ou
t-1
0o
ut-
10
no
v-1
0d
ez-1
0ja
n-1
1fe
v-1
1m
ar-1
1ab
r-1
1m
ai-1
1ju
n-1
1ju
l-1
1ag
o-1
1se
t-1
1o
ut-
11
no
v-1
1d
ez-1
1ja
n-1
2fe
v-1
2m
ar-1
2ab
r-1
2m
ai-1
2ju
n-1
2ju
l-1
2ag
o-1
2se
t-1
2o
ut-
12
no
v-1
2d
ez-1
2ja
n-1
3fe
v-1
3m
ar-1
3ab
r-1
3m
ai-1
3ju
n-1
3ju
l-1
3ag
o-1
3se
t-1
3o
ut-
13
no
v-1
3d
ez-1
3ja
n-1
4fe
v-1
4m
ar-1
4ab
r-1
4m
ai-1
4ju
n-1
4ju
l-1
4ag
o-1
4se
t-1
4o
ut-
14
no
v-1
4d
ez-1
4ja
n-1
5fe
v-1
5m
ar-1
5ab
r-1
5m
ai-1
5ju
n-1
5ju
l-1
5ag
o-1
5se
t-1
5o
ut-
15
no
v-1
5d
ez-1
5ja
n-1
6fe
v-1
6m
ar-1
6ab
r-1
6m
ai-1
6ju
n-1
6ju
l-1
6ju
l-1
6
83
Global BHKP Market Pulp Supply Cost Curve
Source: Pöyry.
COST CURVE EVOLUTION
USD
/Ad
t, 2
01
3 c
ost
leve
l
Cumulative Capacity Million t/a
Cost position of marginal
producer
84
Notional (Total): US$ 1,285 million
Current Zero Cost Collars
*forward curve average in the week of July, 20-26/2016.
3T16 4T16 1T17 2T17 3T17 4T17 1T18 2T18
ZCC (Notional em USD MM) 125 295 216 174 135 190 105 45
Forward* 3,32 3,40 3,49 3,56 3,64 3,71 3,78 3,85
Put 3,31 3,36 3,52 3,57 3,64 3,67 3,62 3,64
Call 6,45 6,62 5,80 6,22 7,17 7,12 5,50 5,73
Free Cash Flow(1)
85(1) Before expansion capex
US$ million
EBITDA Margin
Average FX
-77
-7
125
29
77
194
84113
53
329
4
111
51
103130
112
317
225
158
118
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
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 3.54 3.84
33% 28% 30% 37% 37% 41% 39% 39% 41% 42% 41% 35% 35% 45% 50% 50% 56% 54% 52%
3.90
43%
3.51
86
Fibria’s tax structure
Description and Amount Maturity
(a) Operating income As stated in the income statement
(-)(b) Goodwill (Aracruzacquisition)
- Annual tax deduction: US$ 28 million (tax)
- Remaining Balance June/16: US$ 0.219 billion (base)2018
(-)(c) Forestry Capex in MS state (net)
2016 tax deduction related to depletion: US$ 13.5 million Undefined
(+/-)(d) Exchange variation(cash)
---------- ----------
(+/-)(e) Other ---------- ----------
Tax base beforecompensations
(a) + (b) + (c) + (d) + (e)
(f) (-) Tax loss carryforward- Up to 30% of tax base before compensations
- Balance up to June/16: US$ 184 million (base)Undefined
(g) Tax base Tax base before compensations – tax loss carryforward (f) ----------
(h) Income tax Tax base (g) * 34% ----------
(i) (-) Federal tax credits
Balance June/2016:-PIS/COFINS: US$ 202 million
-Advanced tax payment (IR and CSLL): US$ 281 million- Reintegra: US$ 27 million
Undefined
Cash Tax Income Tax (h) – tax credits (i)
2010 2011 2012 2013 2014 2015 1S16
US$ 9 million US$ 2 million US$ 8 million US$ 14 million US$ 12 million US$ 23 million US$ 7 million
TAX PAYMENT(2) (cash basis)
(1) Considering FX 3.2098 | (2) Considering average FX for the period