B.o.A. Merril Lynch - Meeting with Investors

37
Merril Lynch - Meeting with Investors April 2014

Transcript of B.o.A. Merril Lynch - Meeting with Investors

Page 1: B.o.A. Merril Lynch - Meeting with Investors

Merril Lynch - Meeting with Investors April 2014

Page 2: B.o.A. Merril Lynch - Meeting with Investors

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 company’s 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.

Disclaimer

2

Page 3: B.o.A. Merril Lynch - Meeting with Investors

Agenda

Financial Highlights 1 Pulp and Paper Market 2 Final Remarks 3

Page 4: B.o.A. Merril Lynch - Meeting with Investors

Financial Highlights

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5

A Winning Player

Pulp capacity million tons 5.300

Net revenues (LTM) R$ billion 7.1

Total area (1) thousand hectares 962

Planted area(1) thousand hectares 557

Net Debt R$ billion 7.0

Net Debt/EBITDA (in Dollars)(2) X 2.4

Net Debt/EBITDA (in Reais) X 2.4

Source: Fibria (1) Including 50% of Veracel, excluding forest partnership areas and excluding the forest base linked to the sale of forest assets in Southern Bahia State and Losango. (2) For covenants purposes, the Net Debt/EBITDA ratio is calculated in Dollars.

Port Terminal Pulp Unit

Três Lagoas

Santos

Aracruz Portocel

Caravelas

Belmonte Veracel

Jacareí

Superior Asset Combination Main Figures – 1Q14

Page 6: B.o.A. Merril Lynch - Meeting with Investors

1,263 1,358 1,277

1,186

1,441

1,188

1Q13 4Q13 1Q14

Production Sales

1Q14 Results

6

EBITDA (R$ million) and EBITDA Margin (%) Cash Production Cost (R$/t)

Pulp Production and Sales (‘000 t) Net Revenue (R$ million)

1,449

1,958

1,642

1Q13 4Q13 1Q14

463 466 524 507

466

549

1Q13 4Q13 1Q14

39% 42% 41%

565

823

679

1Q13 4Q13 1Q14

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1,475

1,484

2,959

1,288

777 773

1,386 1,230

943 650

1,367

26 5

Liquidity 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Pre-payment BNDES NCE ACC/ACE/Other Voto IV Bond

(cash)

(revolving)

Indebtness

7

Net Debt (Million)

3.1 2.8 2.4

3.1 2.6 2.4

9,898 9,773 8,445

4,915 4,172 3,732

Mar/13 Dec/13 Mar/14

R$ US$

Gross Debt (Million)

7,516 7,849 6,970

3,732 3,351 3,080

Mar/13 Dec/13 Mar/14

R$ US$

Net Debt/EBITDA (US$) Net Debt/EBITDA (R$)

- 24%

Debt Amortization Schedule (R$ million) Debt Cost in US$ (%a.a.)

5.2

4.6

4.1

Mar/13 Dec/13 Mar/14

- 11%

Page 8: B.o.A. Merril Lynch - Meeting with Investors

Fibria delivered the most significant leverage reduction in the LTM

Net Debt/EBITDA (x)(1)

7.2

6.3

5.6

4.7

3.9 3.6

2.9

3.2

4.2 4.8

5.2

4.7 4.5

3.4

3.1

3.3 3

2.8 2.4

2.5

2.0

3.3 3.0

4.2

4.8

4.8

5.7

4.7 5.0 5.0 5.1 5.1 5.2

2.2

2.2 2.1 2.0

2.4

2.5

2.3 2.5

2.3 2.4 2.2

2.4 2.4 2.6

1.7

1.1

1.9 1.8 1.9

2.0 2.3 2.5

2.8 2.9 3.3

3.4

2.9 3.0 2.8

1.7

1.4 1.6 1.8

2.7

2.2

2.7

3.4 4.1

4.6 4.3

3.7 3.1

3.8

Sep/09 Dec/09 Mar/10 Jun/10 Sep/10 Dec/10 Mar/11 Jun/11 Sep/11 Dec/11 Mar/12 Jun/12 Sep/12 Dec/12 Mar/13 Jun/13 Sep/13 Dec/13 Mar/14

Fibria Arauco¹ CMPC Klabin Suzano

S&P BB+/Positive BBB-/Stable BBB-/Stable BBB-/Stable BB/Negative

Moody’s Ba1/Positive Baa3/Negative Baa3/Negative - Ba2/Stable

Fitch BBB-/Stable BBB/Stable BBB+/Stable BBB-/Stable BB-/Positive

(1) Fibria’s historical data in BRL.

Ratings

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679

19

30 (111) (303)

(412)

(64) (117)

317

Adjusted EBITDA Debt Exchange Variation /

MtM hedge debt

MtM Operational

Hedge

Net Interest 2020 Bond Redemption

Depreciation, amortization and

depletion

IR/CS Other Net Profit (Loss)

Net Results (R$ million) – 1Q14

9

Non-recurring impact

(1) Concluded transaction with 111,3% premium over the face value (US$ 690.2 milhões), without additional broker fees.

(2)

Debt Hedge

Debt Exchange Variation

(1)

(2) Includes : other expenses/non-recurring incomes, other debt exchange variation and other financial incomes/expenses.

Page 10: B.o.A. Merril Lynch - Meeting with Investors

538

244

(248) (-88)

56

(6) (8)

Adjusted EBITDA Capex Net Interest Working Capital

IR/CS Other Free Cash Flow

10

Free Cash Flow per ton

Fibria delivers one of the highest EBITDA/t and FCF/t of the industry

2013 Results (R$/ton)

Page 11: B.o.A. Merril Lynch - Meeting with Investors

2.00 1.76 1.67

1.95 2.16

2.25

562

844 810 751 791

787

FX and Pulp Price explain 80% of Fibria’s EBITDA Margin

11

Average Price FOEX (US$/t)

Exchange Rate Average (R$/US$)

EBITDA Margin

EBITDA (R$ million)

29%

40%

34% 36% 40%

41%

1,522

2,526

1,964 2,253

2,796 2,910

2009 (1) 2010 (1) 2011 (1) 2012 2013 1Q14 LTM

(1) Excludes Conpacel

Page 12: B.o.A. Merril Lynch - Meeting with Investors

Maintenance CAPEX (R$ Million)

1,416

1,078

1,287

1,520

2011 2012 2013 Land Deal:

Rural

Partnership

Non recurring

wood

purchase

Inflation FX Rate Modernization Others 2014E

Approx.

18% increase

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Page 13: B.o.A. Merril Lynch - Meeting with Investors

Cash Production Cost saw an increase of 17% over the past 5 years

Cash Production Cost (1) (R$/ton)

432 448

471 473

505

2009 (2) 2010 (2) 2011 2012 2013

CAGR: + 17%

Inflation in the period : IPCA: +31%

Fibria’s Cash Cost: +17%

2014 Cash Production Cost:

• Wood costs will represent the main impact

• Non recurring increase mainly due to third party wood

• Operating excellence actions focused on keeping cash cost below inflation

• In 2015 the wood impact will be structurally eliminated

(1) Constant Currency (2) Excludes Conpacel

Target to have the cash cost increase below inflation

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Page 14: B.o.A. Merril Lynch - Meeting with Investors

Cash Production Cost – 1Q14

14

507 466

549

1Q13 4Q13 1Q14

Cash Production Cost (R$/t)

463 466

524

1Q13 4Q13 1Q14

Cash Production Cost ex-downtimes

(R$/t)

1Q14 vs. 1Q13:

- Higher transportation costs

- Exchange rate

- Higher fixed costs

- Higher input consumption

- Third party wood (1Q13: 9% I 1Q13: 11%)

Management initiatives seeking to maintain the cash cost increase below the inflation.

Page 15: B.o.A. Merril Lynch - Meeting with Investors

Fibria’s tax structure

Tax benefits (R$)

Fiscal - annual adjustment

Benefit Amount Maturity

Goodwill

(Aracruz

acquisition)

Annual tax deduction:

~R$85 million

Remaining Balance Dec./13:

R$1,35 billion (base)

2018

Forestry Capex in

Mato Grosso do

Sul state

2013’s tax deduction related

to depletion: R$29 million Undefined

Tax loss carry forward and tax credits

Benefit Amount

Tax loss

carryforward Balance up to Dec./13:

R$507 million (base)

Accumulated tax

credits

Balance Dec./2013:

-PIS/COFINS: R$542 million

- withholding tax (IR and

CSLL): R$226 million

Actual tax payment (cash basis)

15

2009 2010 2011 2012 2013

R$7 million R$16 million R$4 million R$15 million R$31 million

Page 16: B.o.A. Merril Lynch - Meeting with Investors

PULP

- Growth with discipline

- Best portfolio of projects

BIO-ENERGY

- Complementary to pulp

- Ensyn

INDUSTRY

CONSOLIDATION ?

OTHER OPPORTUNITIES

- Portocel

- Land and forest

Potential Growth

Prospects

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Fibria is seeking value creation for its shareholders with capital discipline

Page 17: B.o.A. Merril Lynch - Meeting with Investors

Pulp and Paper Market

Page 18: B.o.A. Merril Lynch - Meeting with Investors

Today, according to public information, there will be a 9% increase

of the market pulp capacity between 2013 and 2015

(1) Source: PPPC Special Research Note November 2013 – does not include Sulphite and UKP (2) Projects included: Ilim Group (490kt)| Closures: Resolute Forest (75kt) ; Domtar (125kt) ; Rayonier (280kt); Sodra Tofte (240kt) (3) Projects included: Eldorado (1.5 mt); UPM Fray Bentos (100kt); Maranhão (1.5mt); Montes del Plata (1.3 mt); Oji Nantong (700kt); Guaíba II (1.3 mt) | Closures: Jari (410kt); Cellulose du

Maroc (140kt); Ilim Group (100kt); Double A (85kt); Sappi Cloquet (270kt); Sodra Tofte (180kt); April Rizhao (130kt)

SOFTWOOD(1)

25.0 MT

HARDWOOD(1)

30.3 MT

MARKET PULP(1)

55.3 MT + =

2013-2015(3):

• New capacities: 6.4 mt • Announced Closures: (1.3) mt

Net: 5.1 mt

2013-2015(2): • New capacities: 0.5 mt

• Announced Closures: (0.7) mt

Net: (0.2) mt

2013-2015:

• New capacities: 6.9 mt • Announced Closures: (2.0) mt

Net: 4.9 mt

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Page 19: B.o.A. Merril Lynch - Meeting with Investors

400

500

600

700

800

900

1,000

1,100

0

50

100

150

200

250

jul-

08

no

v-0

8

mar

-09

jul-

09

no

v-0

9

mar

-10

jul-

10

no

v-1

0

mar

-11

jul-

11

no

v-1

1

mar

-12

jul-

12

no

v-1

2

mar

-13

jul-

13

no

v-1

3

mar

-14

Spread Average Spread BHKP NBSK

20

30

40

50

60

05 06 07 08 09 10 11 12 13 14

Pulp Market

Shipments of Eucalyptus Pulp (1)

(1) Source: PPPC World 20 – March/2014

Sales Distribuition 1Q14 - Fibria

Producer Stocks – Hardwood(1)

(1) Source: PPPC World 20 – March/2014

NBSK vs. BHKP - Prices(1)

Europe 46%

North America

19%

Asia 26%

Others 9%

Per region

Tissue 46%

Printing & Writing

29%

Specialty 18%

Daily production

48 days

Feb/14: 45 days | Mar/13: 41 days

Per end use Spread Apr/14: US$ 166

(1) Source: FOEX | (2) Average Spread over the last 5 years

Average² Spread: US$ 88

19

2.10%

-3.60%

2.60%

5.60%

Total North America Western Europe China

+78kt +41kt

+44kt

3M2014 vs. 3M2013

-13kt

Page 20: B.o.A. Merril Lynch - Meeting with Investors

Supply structural changes puts pressure on the industry

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MARKET PULP CAPACITY RANKING 2013 (000T) MAIN PROJECTS

Project Country Capacity Timing Fiber Status

Arauco / Stora Uruguay 1.3Mt 1Q2014 BEKP Confirmed

CMPC Guaíba II Brazil 1.3 Mt 2Q2015 BEKP Confirmed

Klabin Paraná Brazil 1.5 Mt 2Q2016 BEKP/

BSKP/Fluff Confirmed

Fibria Três Lagoas II Brazil 1.75 Mt - BEKP Unconfirmed

APP South Sumatra Indonesia 1.5 Mt -2.0

Mt - BHKP Unconfirmed

COST CURVE EVOLUTION

USD

/Ad

t, 2

01

3 c

ost

leve

l

Cumulative Capacity Million t/a

Cost position of marginal

producer

Source: Hawkins Wright , Poyry and Fibria Analysis

0 2000 4000 6000

Canfor

ENCE

Eldorado

Resolute Forest

Domtar

Mercer

Ilim

IP

Weyerhaeuser

Sodra

Stora Enso

Suzano

Metsa Group

Paper Excellence

UPM-Kymmene

Georgia Pacific

CMPC

Arauco

APRIL

Fibria

Bleached Softwood Kraft Pulp (BSKP)

Bleached Hardwood Kraft Pulp (BHKP)

Unbleached Kraft Pulp (UKP)

Mechanical

Page 21: B.o.A. Merril Lynch - Meeting with Investors

-910

-85

-1260

-1180

-540 -500

-105

-1200

-1400

-1200

-1000

-800

-600

-400

-200

0

2006 2007 2008 2009 2010 2011 2012 2013-2015E

Capacity closures DO happen…

21

Source: PPPC and Fibria

Closures of Hardwood Capacity Worldwide 000 ton

Page 22: B.o.A. Merril Lynch - Meeting with Investors

Gross capacity addition should not be counted as the only factor influencing pulp price volatility

Source: Hawkins Wright

BH

KP

pri

ces

- ci

f Eu

rop

e (U

S$/t

on

)

Gre

enfi

eld

cap

acit

y (0

00

to

n)

22

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

Valdivia

APP Hainan

Veracel Nueva Aldea

Santa Fé

Mucuri

Fray Bentos

Kerinci PL3

Três Lagoas

Rizhao

APP Guangxi

Chenming Zhanjiang

Eldorado Montes del

Plata

Maranhão

Guaíba II

Page 23: B.o.A. Merril Lynch - Meeting with Investors

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

Hardwood (BHKP) Market Pulp Softwood (BSKP) Market Pulp

Source: Poÿry & Fibria

23

0

500

1,000

1,500

2,000

2,500

3,000

0 5 10 15 20 25 30

PM Capacity, 1000 t/a

Technical Age, years

STRONG

2013/IQ

Weighted average

technical age 14.2 years

Weighted average

capacity 1184 000 t/a

Aracruz

Três Lagoas

Veracel

Jacareí

0

500

1,000

1,500

2,000

2,500

3,000

0 5 10 15 20 25 30

PM Capacity, 1000 t/a

Technical Age, years

WEAK

STRONG Weighted average

technical age 21.2 years

Weighted average

capacity 503 000 t/a

2013/IQ

North American Pulp Mills Other Pulp Mills Closures Grade Switch On & Off

Page 24: B.o.A. Merril Lynch - Meeting with Investors

528 502 493 479

453 426

464 388 406

316 306 304

286 261

229

58 76 55 58 79 97 52 124

42

59 59 52 67 89

68

57 8

113

44 11

Cash Cost (US$/t) Delivery (US$/t)

Total delivered cash cost will also have an influence on bottom prices

24

Total Cash Cost of BHKP

delivered to Europe

(US$/t)

Source: Hawkins Wright (Outlook for Market Pulp March 2014) | Fibria’s 1Q14 LTM considering a FX of R$/US$2.25.

586 530

SG&A

Others

CAPEX

Interest Working Capital

Capacity (k tons): 1,125 660 1,700 570 355 565 690 2,045 2,430 3,625 11,385 = 30,300 365 945 3,755

Page 25: B.o.A. Merril Lynch - Meeting with Investors

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China: Paper capacities expansion continues to go on

China corresponds to 2/3 of global tissue capacity expansion

Ktons 2012 2013 2014E 2015E Total

P&W (woodfree) 720 -25 0 550 1,245

Tissue 1,540 1,184 1,518 903 5,145

Cartonboard 2,210 2,428 1,300 300 6,238

Total 4,470 3,587 2,818 1,753 12,628

Source: Fibria and Independent Consultants

Page 26: B.o.A. Merril Lynch - Meeting with Investors

24

15 15

12

7 6

5

1

0

5

10

15

20

25

30

Strong internal consumption will drive tissue demand in China

Kg/capita

Per Capita Consumption of Tissue by Region, 2013(1)

Growth Potential

0

5

10

15

20

25

30

35

1991 1996 2001 2006 2009 2010 2011 2012 2013

N.America W.Europe E.Europe L.America Middle East

Japan China Asia FE Oceania Africa

LTM Growth Rate +4.2%

Million tons

World Tissue Consumption, 1991-2013(1)

26

(1) Source: RISI

Page 27: B.o.A. Merril Lynch - Meeting with Investors

Internal Consumption and Urbanization

China’s private consumption vs. exports (CNY trillion and annual % change) (1)

Chinese Urbanization Driver of Long-Term Growth

(UN Population Projections, Millions)(2)

27

Sources: (1) the Economist. (2) RISI China Pulp Market Study.

Shift from exports to private consumption;

Positive effects on households income and rising standards of living.

Page 28: B.o.A. Merril Lynch - Meeting with Investors

Different from other commodities, China accounts for 29% of hardwood demand compared to around 60% in other basic materials sectors

12% 15%

17%

19%

26%

20%

26% 25%

29%

14% 15%

16%

18%

25%

21%

26% 26%

29%

0

2,000

4,000

6,000

8,000

10,000

2005 2006 2007 2008 2009 2010 2011 2012 2013

Eucalyptus ('000 t) Hardwood ('000 t)

Latin America is the main

supplier of pulp to China

(1) Source: PPPC Global 100 Report December 2013

China’s Market Share of Market Pulp Shipments (%)(1)

28

Page 29: B.o.A. Merril Lynch - Meeting with Investors

Fibria’s Commercial Strategy

29

45%

39%

16%

Fibria’s Pulp End Use – 1Q14 Fibria’s Historical Sales Distribution - % of sales volume

Europe

89%

9%

2%

20%

40%

40%

North America

Asia

Specialties Tissue Printing & Writing

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14

North America Europe Asia Others

Fibria’s sales delivered to the least volatile consumer markets (tissue) which brings stability to sales volume.

Fibria has a low dependence on China (less than 30% of total sales volume).

Page 30: B.o.A. Merril Lynch - Meeting with Investors

Final Remarks

Page 31: B.o.A. Merril Lynch - Meeting with Investors

Fibria was elected as 1st place in

the pulp & paper sector in the

corporate governance and future's vision categories

Fibria is one of the 5 Brazilian

companies nominees to the Best

Corporate Governance

Award from London.

Acknowledgments in Governance, Transparency and Profitability

31

Company of the year,

among all industries,

according to Valor

Econômico.

Valor 1000

XVII ANEFAC-FIPECAFI - SERASA

EXPERIAN Prize

Fibria is among the most

transparent public

companies in Brazil,

recognized for the

quality of its 2012

financial statements.

Fibria was ranked for the forth

consecutive year (2010, 2011,

2012 and 2013).

In 2013 Fibria was ranked in four

categories: CEO, CFO, IR Team

and IR Professional

2013 Institutional Investor Latam

Ranking - P&P Sector

Fibria was selected as one of

the 10 best companies in

transparency.

The only one in

the pulp & paper

sector.

CDP Brasil 100 – Climate

Change 2013 Report

Época Negócios 360º

International Recognition by

Corporate Governance Report

Fibria was elected as 2nd place.

The prize highlights the

business profitability,

share profitability,

liquidity, corporate

governance and sustainability.

The Best Companies to the Shareholders

Prize of Capital Aberto Magazine

Page 32: B.o.A. Merril Lynch - Meeting with Investors

32

Fibria is the only Latin America company selected by RobecoSAM (responsible for DJSI) as one of the 10 worldwide leaders in SRI magazine’s “The 10

Game Changers – Changing the industry through sustainability”.

RobecoSAM - Sustainability Investing Magazine

Selected to Dow Jones World and Emerging Markets Sustainability Indices for 2013/14 as the industry leader of Forestry Resources and Paper sector.

DJSI World and DJSI Emerging Markets

Acknowledgments in Sustainability

Fibria was selected again to ISE, the corporate sustainability Index of BM&F Bovespa.

ISE – Corporate Sustainability Index (Bovespa)

Page 33: B.o.A. Merril Lynch - Meeting with Investors

THANK YOU

Investor Relations

E-mail: [email protected]

Phone: +55 11 2138-4565

Website: www.fibria.com.br/ir

Page 34: B.o.A. Merril Lynch - Meeting with Investors

Back up

Page 35: B.o.A. Merril Lynch - Meeting with Investors

35

Leadership Position

(1) Fiber Consumption, Recycled Fiber and Pulp: RISI | Market Pulp, Hardwood and Eucalyptus: PPPC Special Research Note - November 2013 (2) Hawkins Wright – Outlook for Market Pulp, December 2013

Recycled Fiber 234 million t

49% 51%

60%

18% 82%

58% 42%

40%

35% 65%

29% 71%

Fiber Consumption 403 million t

Pulp 169 million t

Chemical 139 million t

Mechanical 31 million t

Integrated Mills 84 million t

Market Pulp 55 million t

Hardwood 28 million t

Other Eucalyptus Pulp producers:

13 million t

Softwood/Other 27 million t

Acacia/Other 10 million t

Eucalyptus 18 million t

Industry Outlook(1)

Page 36: B.o.A. Merril Lynch - Meeting with Investors

Global Paper Consumption

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Developed Markets Emerging Markets

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Developed Markets Emerging Markets

CAGR 1996 – 2006 Developed Markets: + 1.7% Emerging Markets : + 6.0%

85,291

117,611

15,548

37,474

P&W Consumption (000 tons)(1)

Tissue Consumption (000 tons)(1)

114,507

CAGR 2007 – 2016 Developed Markets: - 4.0% Emerging Markets : + 4.1%

CAGR 1996 – 2006 Developed Markets: + 2.4% Emerging Markets : + 6.9%

CAGR 2007 – 2016 Developed Markets: + 1.4% Emerging Markets : + 6.7%

26,877

36

Source: RISI

Page 37: B.o.A. Merril Lynch - Meeting with Investors

Global Market Pulp Demand

000 ton 1996 2006 2016

Growth

1996-

2006

Growth

2007-

2016

Hardwood 14.3 22.4 29.9 56% 27%

Eucalyptus 5.4 11.1 21.4 106% 67%

Softwood 16.4 22.0 24.1 35% 7%

Market Pulp 30.8 44.4 54.0

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

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

19

96

19

97

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

Hardwood Softwood

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

2011 - 2016 CAGR: Hardwood: +2.3% Softwood: +1.0%

37

Source: PPPC