FIBRIA CELULOSE S.A.

CNPJ/MF No. 60.643.228/0001-21

NIRE 35.300.022.807
(a publicly held company)
MINUTES OF THE ORDINARY BOARD OF DIRECTORS MEETING
HELD ON JULY 28, 2016
Date, Time and Place: Held on July 28, 2016, at 8:30 AM, at Rua Fidncio Ramos,
no. 302, 4th floor, Torre B, Edifcio Vila Olmpia Corporate, Vila Olmpia, in the City of
So Paulo, State of So Paulo.
Call notice: The Board of Directors members were duly called pursuant to item 6 of
its Internal Rules.
Attendance: The majority of the sitting members of the Board of Directors in
attendance: Messrs. Joo Carvalho de Miranda (Vice Chairman of the Board of
Directors), Alexandre Gonalves Silva, Carlos Augusto Lira Aguiar, Eduardo Rath
Fingerl, Joo Henrique Batista de Souza Schmidt, Marcos Barbosa Pinto, and Raul
Calfat. The absence of the members Messrs Jos Luciano Duarte Penido and Victor
Guilherme Tito was justified.
Meeting Board:

Mr. Joo Carvalho de Miranda Chairman of Meeting Board

Ms. Claudia Elisete Rockenbach Leal Secretary

Agenda: In accordance with the terms set forth in Article 17 of the Companys Bylaws,
(i) approve the review and ratification of the Internal Rules of the Company; (ii) approve
the review and ratification of the Companys Corporate Policies; and (iii) reelect the
members of Companys Board of Officers.
Resolutions: After discussion and analysis of the matters included on the Agenda, the
Board members in attendance decided to, without reservations and/or qualifications,
by their unanimous vote:

(i) Approve the review of the following Internal Rules, which are available on the
Companys webpage and at the Companys headquarters, pursuant to the Schedule I
to these Minutes:
Board of Directors Internal Rules;
Board of Officers Internal Rules;
Statutory Audit Committees Internal Rules;
Sustainability Committees Internal Rules; and
Innovation Committees Internal Rules.
The Board of Directors also decide to ratify the Personnel and Remuneration
Committees Internal Rules, which is available on the Companys webpage and at the
Companys headquarters.
(ii) Ratify the following Corporate Policies of the Company, which are available on the
Companys website and at the Companys headquarters:

Information Disclosure Policy for the Capital Markets;

Dividend Policy;
Ombudsman Policy; and
Policy on Genetically Modified Eucalyptus.

The Board of Directors also decide to approve the review of the following Corporate
Policies of the Company, which are available on the Companys webpage and at the
Companys headquarters, pursuant to the Schedule II to these Minutes:

Policy of Authorities;
Anti-corruption Policy;
Policy of Transactions with Related Parties;
Corporate Governance Policy;
Risk Management Policy;
Policy For Trading in Securities
Market Risk Management Policy; and
Indebtedness and Liquidity Management Policy.

(iii) Under the terms of sections 17, item II, and 19 of the Companys Bylaws, the
following members of the Board of Officers were reelected for a term of one (1) year,

with effects as of August 22, 2016: Marcelo Strufaldi Castelli, Brazilian Citizen,
married, mechanical engineer, bearer of ID card RG no. 11.778.104-6, issued by
SSP/SP, enrolled with the CPF/MF under no. 057.846.538-81, for the position of Chief
Executive Officer, exercising the duties of executive management of the Company and
of control and risks management and compliance; Aires Galhardo, Brazilian Citizen,
married, businessman, bearer of ID card RG no. 24.854.223-0, issued by SSP/SP,
enrolled with the CPF/MF under no. 249.860.458-81, for the position of Officer without
specific designation, exercising the duties of forest management; Guilherme
Perboyre Cavalcanti, Brazilian Citizen, married, economist, bearer of ID card RG no.
04.834.163-0, issued by IFP/RJ, enrolled with the CPF/MF under no. 010.981.437-10,
for the position of Officer without specific designation, exercising the duties of investor
relations and finance management; Henri Philippe Van Keer, Brazilian Citizen,
married, engineer, bearer of ID card RG no. 21.067.471-9, issued by SSP/RJ, enrolled
with the CPF/MF under no. 228.771.688-24, for the position of Officer without specific
designation, exercising the duties of commercial and international logistics
management; Luiz Fernando Torres Pinto, Brazilian Citizen, married, chemical
engineer, bearer of ID card RG no. M-760.059, issued by SSP/MG, enrolled with
CPF/MF under no. 060.920.087-93, for the position of Officer without specific
designation, exercising the duties of management of human resources development;
and Paulo Ricardo Pereira da Silveira, Brazilian Citizen, married, chemical engineer,
bearer of ID card RG no. 5.014.825.854, issued by SSP/RS, enrolled with the CPF/MF
under no. 347.892.940-72, for the position of Officer without specific designation,
exercising the duties of management of industrial and engineering operations; all of
them resident and domiciled in the City of So Paulo, State of So Paulo, with business
address at Rua Fidncio Ramos, 302, 3rd floor, Torre B, Edifcio Vila Olmpia
Corporate, Vila Olmpia, Zip Code 04551-010.
The Officers elected herein declare, under penalty of law, that they are not involved in
any of the crimes established in law that would prevent them from exercising
commercial activities, and that they comply with all the requirements as provided in art.
1.011 of Law no. 10,406/2002, in art. 147 of Law no. 6,404/76 and in CVM Ruling no.
367/2002 for their investiture as members of the Companys Board of Officers. The
Officers will take office of their respective positions on August 22, 2016, upon signing
the Instrument of Appointment as transcribed in the Companys Book of Minutes of the
Board of Officers Meetings and the declaration referred to in CVM Ruling no.
367/2002. They also have signed the Instrument for Adhesion to the Listing Regulation

of the Novo Mercado segment of the BM&FBOVESPA S.A. Bolsa de Valores,

Mercadorias e Futuros.
Closing: There being nothing else to address, the meeting was closed and these
minutes were transcribed, read, found to be accurate, approved and signed by all the
members of the Board in attendance. Attendance: Joo Carvalho de Miranda (Vice
Chairman of the Board of Directors), Alexandre Gonalves Silva, Carlos Augusto Lira
Aguiar, Eduardo Rath Fingerl, Joo Henrique Batista de Souza Schmidt, Marcos
Barbosa Pinto and Raul Calfat and, also, Ms. Claudia Elisete Rockenbach Leal
Secretary.
So Paulo, July 28, 2016.
We certify that the present minutes are a true copy of the original filed at the Companys
headquarters.
Meeting Board:

Joo Carvalho de Miranda

Chairman of Meeting Board

Claudia Elisete Rockenbach Leal

Secretary