Votorantim 3Q Financial Results

Votorantim (R$ million) Net Revenues 60% 1,746 2,790 3Q14 3Q15 Pulp | Results (1) Adjusted EBITDA 153% 613 1,551 3Q14 3Q15 Margin % 35% 56% Net Debt and Net Debt/EBITDA (2) 2.52x Highlights EBITDA margin of 56%, a new quarterly record. 7,313 9,578 1.58x Net debt/EBITDA in USD reached 1.58x, the lowest level since Fibria's creation. Sep/14 Sep/15 (1) Fibria's figures @ 100% (VID has a 29.4% equity participation in Fibria) Fibria was upgraded by Moody's to Baa3 (Investment Grade). For further information, please visit fibria.com/ir (2) Net Debt/EBITDA in US$ 9

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