LatAmCommodities Conference -Ita? BBA

LatAm Commodities Conference - Itaú BBA October 2014

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

Company Overview1Pulp and Paper Market2Financial and Operational Highlights3

Agenda

Final Remarks4

4

Company Overview

5

A Winning Player

Port Terminal Pulp Unit

Três Lagoas

Santos

AracruzPortocel

Caravelas

BelmonteVeracel

Jacareí

Superior Asset Combination Main Figures – 2Q14 LTM

Pulp capacity million tons 5,300

Net revenues R$ billion 7.1

Total Forest Base(1) thousand hectares 962

Planted area(1) thousand hectares 555

Net Debt R$ billion 6.7

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

Net Debt/EBITDA (in Reais) X 2.3

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. (2) For covenants purposes, the Net Debt/EBITDA ratio is calculated in Dollars.

6

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

7

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

Sales Mix by Region - Fibria

Europe42%

N. America

22%

Asia27%

Other9%

Region - 2Q14

Tissue49%

Printing & Writing

33%

Specialty18%

End Use - 2Q14

Highlights

30%20%

29% 29% 24% 18%26% 26% 30%

22% 28% 31% 30%19% 22%

37%46%

46% 41%

35% 44%43% 41% 36%

42%43% 35% 36%

46% 42%

22% 25%14% 20%

31% 28% 20% 23% 25% 26%21% 26% 26% 26% 27%

11% 9% 11% 10% 10% 10% 11% 10% 9% 10% 8% 8% 8% 9% 9%

4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

North America Europe Asia Other

Fibria’s Commercial Strategy

8

(1) Controlling group(2) Free Float 40.14% + Treasury 0.06%

VotorantimIndustrial S.A.

(1)

29.42%

BNDESParticipações

(1)

30.38%

FreeFloat (2)

40.20%

• 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

• Indebtedness and Liquidity

• Market Risk Management

• Risk Management

• Corporate Governance

• Related Parties Transactions

• Anti-Corruption

• Information Disclosure

• Securities Trading

Fiscal Council

Board of Directors

20% independent

members

Role of CEO and

chairman is split

Innovation Committee

Statutory Audit

Committee

Finance Committee

Sustainability Committee

Personnel and Remuneration

Committee

General Meeting

Listed on Novo Mercado, highest CG level at BM&FBovespa: Policies approved by the Board of Directors:

Shareholder Structure and Corporate Governance

9

Pulp and Paper Market

10

Today, according to public information, there will be a 10% increase of the pulp market capacity between 2014 and 2016

SOFTWOOD(1)

25.5 MT

HARDWOOD(1)

31.1 MT

MARKET PULP(1)

56.6 MT+ =

2014-2016(3):

• New capacities: 6.0 mt

• Announced Closures: (1.0) mt

Net: 5.0 mt

2014-2016(2):



Net: 0.3 mt

2014-2016:



Net: 5.3 mt

(1) Source: PPPC Special Research Note May 2014 – does not include Sulphite and UKP(2) Projects included: Paper Excellence (70kt); UPM Kymi (170kt); Klabin (200kt); Sodra Värö (275kt)| Closures: Birla AV Terrace Bay (350kt)(3) Projects included: Maranhão (1.5mt); Montes del Plata (1.3 mt); Oji Nantong (700kt); Eldorado (200kt); CMPC Guaíba II (1.3 mt); Klabin Ortigueira (1.0mt) | Closures: April Rizhao

(130kt); Arauco Valdivia (300kt); Old Town (200kt); Ence Huelva (400 kt).

11

Global Market Pulp Demand

Demand growth rate

Hardwood (BHKP) vs. Softwood (BSKP) (000 ton)

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

Source: PPPC

Source: PPPC. Excludes Sulphite and UKP market pulp.

NBSK vs. BHKP - Prices(1)

(1) Source: FOEX |Average spread in the last 5 years.

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

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

Hardwood Softwood

2013 - 2018 CAGR:Hardwood: +2.8%Softwood: +0.7%

000 ton 1998 2008 2018

Growth

1998-

2008

Growth

2008-

2018

Hardwood 15.0 24.5 32.8 63% 34%

Eucalyptus 6.0 14.2 23.4 137% 63%

Softwood 17.6 21.6 24.8 23% 15%

Market Pulp 32.6 46.1 57.1

400

500

600

700

800

900

1000

1100

0

50

100

150

200

250

Spread Avg. Spread BHKP NBSK

Avg. Spread: US$ 104

Spread Sep/14: US$ 206

Paper Production – Runnability with BHKP

Source: RISI conference, August 2014.

12

Supply structural changes puts pressure on the industry

MARKET PULP CAPACITY RANKING 2014 (000T) MAIN PROJECTS

Project Country Capacity Timing Fiber Status

CMPC Guaíba II Brazil 1.3 Mt 2Q2015 BEKP Confirmed

Klabin Paraná Brazil 1.5 Mt 2Q2016BEKP/

BSKP/FluffConfirmed

APP South Sumatra Indonesia 2.0 Mt 1Q2017 BHKP Confirmed

Fibria Três Lagoas II Brazil 1.75 Mt - BEKP 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 (as of Aug. 2014).

0 2000 4000 6000

Canfor

ENCE

Eldorado

Resolute Forest

Domtar

Mercer

Sodra

Ilim

IP

Weyerhaeuser

Metsa Group

Paper Excellence

Stora Enso

UPM-Kymmene

CMPC

Georgia Pacific

Suzano

Arauco

APRIL

Fibria

Bleached Softwood Kraft Pulp (BSKP)

Bleached Hardwood Kraft Pulp (BHKP)

Unbleached Kraft Pulp (UKP)

Mechanical Pulp (MP)

13

(1) Source: Hawkins Wright , Poyry and Fibria Analysis(2) Partially integrated.

BH

KP

pri

ces

-ci

fEu

rop

e (U

S$/t

on

)

Gre

enfi

eld

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

Montes del Plata

Valdivia

APP Hainan

VeracelNuevaAldea

SantaFé

Mucuri

FrayBentos

KerinciPL3

Três Lagoas

Rizhao

APP Guangxi

ChenmingZhanjiang

Eldorado

Maranhão

Guaíba II

OjiNantong

APP South Sumatra (2)

Klabin

Gross capacity addition should not be counted as the only factorinfluencing pulp price volatility….(1)

List Price bottoming at US$650/t in 2011 and US$724/t in 2014

14

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

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

STRONGWeighted average

technical age 12.3 years

Weighted average

capacity 1,277,000 t/a

Aracruz

Três Lagoas

Veracel

Jacareí

0

500

1.000

1.500

2.000

2.500

3.000

051015202530

PM Capacity, 1000 t/a

Technical Age, years

WEAK

STRONGWeighted average

technical age 21 years

Weighted average

capacity 527,000 t/a

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

WEAK0

500

1.000

1.500

2.000

2.500

3.000

0102030

PM Capacity, 1000 t/a

Technical Age, years

15

Source: PPPC and Fibria

Closures of Hardwood Capacity Worldwide(000 ton)

Capacity closures DO happen…

-910

-85

-1,260

-1,180

-540-500

-105

-1,085-1,030

2006 2007 2008 2009 2010 2011 2012 2013 2014-2016E

as of Sep14

16

(1) Since 2009.

Commodities Historical Volatility (US$)(1)

Lowest Volatility Among Commodities

38%

32%30%

26% 25%

21%

26%

7%

Sugar Iron Ore WTI Crude

Oil

Soy LME Metals Ibovespa Cattle FOEX PIX

BHKP

17

Total Cash Cost of BHKP delivered to Europe (US$/t)

Source: Hawkins Wright (Outlook for Market Pulp, July 2014) | Fibria’s 2Q14 considering a FX of R$/US$2.23.Gray bar include cash expenses as Interest, CAPEX, SG&A and Taxes.

Capacity(k tons):

660 595 1,775 585 565 355 1,005 2,410 1,960 1,095 7,450 = 31,930330 3,680 4,165

2Q14 net price:

US$ 562/t

Positive WorkingCapital: US$44/t

5,300

SG&A

Capex

Interest

… and when other expenses are plugged, we see no one but Fibria is generating positive free cash flow in the industry

531 493 490 457408 444 420 442 424

340 322 344 315258 251

4870 43 69

122 35 86 40 43

42 55 49 68113

70

50

141

20

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

628614 603

Interest

18

Shipments of Eucalyptus Pulp (1)

(1) Source: PPPC World 20 – December/2013

6%

12%

-1%

23%

Total North America Western Europe China

+844 kt -37 kt

+674 kt

+185 kt

2013 vs. 2012 8M2014 vs. 8M2013

+944 kt

+24 kt +212 kt+524 kt

+185 kt

9%

2%5%

26%

7%

Total NorthAmerica

WesternEurope

China Other

Global Market BEKP Demand

Ktons 2013 2014E 2015E Total

P&W (woodfree) 385 150 576 1,111

Tissue 1,029 1,831 471 3,331

Cartonboard 2,128 1,616 180 3,958

Total 3,542 3,631 1,227 8,400

Paper Capacity increase in China

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

19

World Tissue Consumption, 1991-2013 (3)

Per Capita Consumption of Tissue by World Region (3)China's Share of Market Pulp (2)

24

15 15

12

7 65

1

0

5

10

15

20

25

30

N.America

WestEurope

Japan Oceania EastEurope

LatAm China Africa

9 11 1316

26

1721 20

23

79 10

12

22

1620 19

2110

1012

14

21

17

2223

23

0

2.000

4.000

6.000

8.000

10.000

12.000

2005 2006 2007 2008 2009 2010 2011 2012 2013

Eucalyptus Hardwood Total

4.453

1.7101.335

1.126

148 10529

4.682

2.129

1.206 1.202

112 2014

0500

1.0001.5002.0002.5003.0003.5004.0004.5005.000

BHKP Total LatinAmerica

Other* Indonesia USA Canada WesternEurope

7M2013 7M2014

Latin America is the leading exporter of BHKP to China, accounting to approximately 45% of China's total imports in 7M2014.

(Kg/capita/year)

(million t)(‘000s t) (kg/person/year)

Between 2005 and 2013, the Chinese market share of eucalyptus shipments increased by 14 p.p. (total market pulp: + p.p.)

* includes Russia, China, Thailand and New Zealand

0

5

10

15

20

25

30

35

1991 1996 2001 2006 2009 2010 2011 2012 2013N.America W.Europe E.Europe L.AmericaMiddle East Japan China Asia FEOceania Africa

LTM Growth Rate +4.2%

Benefiting From China’s Growth

China’s Hardwood Imports of BHKP by Country (1)

(1) PPPC – Pulp China(2) PPPC – W20. Coverage for chemical market pulp is 80% of world capacity (3) RISI

(In percentage)

20

Financial and Operational Highlights

21

No exposure eletricity shortage risks, in spite of which the companyhas benefited from the sale of its surplus energy

Utilities results boosted by energy sales.

(2Q14: R$ 36/t I 1Q14: R$ 18/t I 2Q13: R$ 14/t)

546

559

14

13

5 4

(27) 4

2Q13 Maintenancedowntimes

Wood FX Maintenance Utilities Others 2Q14

+ 2.2%

22

2.00 1.76 1.67

1.95 2.16 2.30

562

844 810751 791

777

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

Average PriceFOEX (US$/t)

Exchange Rate Average (R$/US$)

EBITDA Margin

EBITDA (R$ million)

29%

40%

34% 36%40%

40%

1,522

2,526

1,964 2,253

2,796 2,857

2009 (1) 2010 (1) 2011 (1) 2012 2013 2Q14 LTM

(1) Excludes Conpacel

23

2,857

1,125 (1,409)

(386)

111

(20) (28)

Adjusted EBITDA Capex Interest(paid/received)

Working Capital Taxes Others Free Cash Flow

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

¹ Does not include asset sales, expenses on bonds repurchase, expenses related to the REFIS on subsidiaries profits abroad and tax credits from the BEFIEX program.

Free cash flow generation(1) - 2Q14 LTM (R$ Million)

Free Cash Flow per ton - 2Q14 LTM (R$/ton)

543

214

(268) (73)

21

(4) (5)

Adjusted EBITDA Capex Interest(paid/received)

Working Capital Taxes Others Free Cash Flow

24

Net Debt/EBITDA (x)(1)

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/Stable

(1) Fibria’s historical data in BRL. | (2) Market consensus.

2.4 2.3 2.4

4.8

4.5

4.0

1.7 1.7

2.6

2.9 3.1

3.83.6 3.7

3.2

14.813.2

11.7

4T11 1T12 2T12 3T12 4T12 1T13 2T13 3T13 4T13 1T14 2T14 2014

Fibria Suzano Klabin CMPC Arauco Eldorado

2

Capital Structure: Fibria has achieved the lowest leverage ratio among its Latin American peers

25

Continuation of the liability management plan, also focusing on improving maturities…

1,064

384 530 750 554 634

2,020

1,341

-

410

450 299

506422 128

149

100

1,473

834 829

1,255

976 762

2,168

1,441

264

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Cost of debt: 4.6%

Average maturity: 52 months

December 2013

Local CurrencyForeign Currency

June 2014

Cost of debt: 3.8%

Average maturity: 52 months

Local CurrencyForeign Currency

855

314 451831 778 790

371 31811

1,302

213

459 318

524437

133

174 135

37 6

1,068

773 769

1,3551,215

923

545 453

48 6

1,302

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Land Deal

Bond buyback: Fibria 2020,

2021 and VOTO IV

Fibria 2024 issuance

Bank loans renegotiations

Lower cost of debt

Smoother debt amortization

schedule

NPV of all initiatives:US$270 million

26

… But the initiatives have not finished. There are certain ongoing negotiations thar will improve Fibria’s debt profile even further

Liquidity 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Others ACC/ACE ECN BNDES Bond Pre-payment

Average Term

From: 52 months | to: 54 months

Average Cost

From: 3.8% | to: 3.7%

Liquidity 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Others ACC/ACE ECN BNDES Bond Pre-payment

Cash

R$1 billion

Revolver

27

A consistent and disciplined approach focused on reducing debt and its cost

Gross Debt (million) x Leverage

14,985

8,4578,606

3,840

6.3

3.6

4.8

3.42.8 2.3

Debt (R$) Debt (US$) Leverage (x)

Interest (million) x Cost of Debt

946

528473

230

6.35.9

5.55.2

4.6

3.8

Interest (R$) Interest (US$) Cost of Debt (%)

Free Cash Flow Increase

Interest Reduction

Cost of Debt Reduction

This dynamics creates a virtuous

cycle

2009 2010 2011 2012 2013 Jun/14 2009 2010 2011 2012 2013 2Q14LTM

28

New issuance better priced than full IG issuers

As of Sep 01, 2014

Rating Maturity Volume T-Spread Coupon

Fibria Ba1 / BBB- / BB+ 2024 US$ 600 MM 275 bps 5.25%

Braskem Baa3/BBB-/BBB- 2024 US$ 500 MM 340 bps 6.45%

Petrobras Baa1/BBB/BBB 2024 US$ 2.5 bi 350 bps 6.28%

BNDES Baa2/BBB-/ 2024 US$ 500 MM 362 bps 6.32%

Klabin BBB-/BBB- 2024 US$ 500 MM 269 bps 5.25%

Odebrecht Baa3/BBB/BBB 2029 US$ 500 MM 263 bps 5.25%

Secondary Market

Rating Maturity Volume T-Spread Yield

Fibria Ba1 / BBB- / BB+ 2024 US$ 600 MM 277 bps 5.158%

Braskem Baa3/BBB-/BBB- 2024 US$ 500 MM 300 bps 5.353%

Klabin BBB-/BBB- 2024 US$ 500 MM 287 bps 5.289%

Odebrecht Baa3/BBB-/BBB 2029 US$ 500 MM 251 bps 5.103%

Petrobras Baa1/BBB/BBB 2024 US$ 2.5 bi 254 bps 4.908%

Gerdau Baa3/BBB-/BBB- 2023 US$ 750 MM 260 bps 4.873%

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

432 448 471 473 505554

2009 2010 2011 2012 2013 2014 YTD

CAGR: + 4%

Consistently controlling the

production cash cost at a level

below the inflation pace

29

Cash Production Cost saw a compounded average growth rate of 4% since 2009

(1) Excludes Conpacel.

30

Maintenance CAPEX (R$ Million)

1,416

1,078

1,287

1,520

2011 2012 2013 Land Deal:

Forestry

Partnership

Non recurring

wood

purchase

Inflation FX Rate Modernization Others 2014E

Approx.

18% increase

31

Fibria has the simplest and most transparent call in the industry

Negative Neutral Positive

Pulp supply ✔

Closures/conversions ✔

Inefficient capacities in China ✔

Demand ✔

Mature markets ✔

China ✔

Pulp price ✔

Brazil GDP ✔

Energy crisis ✔

FX ✔

Capex inflation ✔

Cost inflation ✔

Rating ✔

Corporate Governance ✔

32

Final Remarks

33

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

Fibria is seeking value creation for its shareholders with capital discipline

34

593 593 605 584648 645

900826

766678 699

2009* 2010* 2011 2012 2013 2Q14 LTM

4,600

5,0545,184

5,299 5,271 5.253

2009* 2010* 2011 2012 2013 2Q14 LTM

The maturity of synergies captured since Fibria’s creation improved its operating indicators…

+14%

PRODUCTION VOLUME (000 t)BEST PRACTICES AND OPERATING STABILITY

Historical Value Inflation Effect**

-21%

CASH COST (R$/ton)

Historical Value Inflation Effect**

-28%

SG&A (R$ million)STRUCTURE AND PROCESS SIMPLIFICATION

1,522

2,526

1,964 2,253

2,796 2.857

2009* 2010* 2011 2012 2013 2Q14 LTM

29%

40%34% 36%

40% 40%

EBITDA (R$ million) - EBITDA MARGIN (%)

* Excludes Conpacel | ** IPCA index considered to calculate the inflation effect

432 448 471 473 505 519

656 624 596549 545

2009* 2010* 2011 2012 2013 2Q14 LTM

35

Key Highlights

Sound credit profile, with decreasing leverage ratios

Market leader with a highly profitable operation and cash cost below industry average

Highly experienced and qualified management team

Highly recognized and awarded by industry specialists

36

Back up

37

39% 41%

35%

647679

594

2Q13 1Q14 2Q14

2Q14 Results

Cash Production Cost (R$/t)

1,669 1,6421,694

2Q13 1Q14 2Q14

1,291 1,277 1,271 1,269 1,188 1,334

2Q13 1Q14 2Q14

Production Sales

488 524

486 546 549 559

2Q13 1Q14 2Q14

Cash cost ex-maintenance downtimes Cash Cost

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

EBITDA (R$ million) and EBITDA Margin (%)

38

Indebtedness

Net Debt (Million)

3.3

2.4

2.3

3.02.4

2.4

9.9368.445 8.457

4.485 3.732 3.840

Jun/13 Mar/14 Jun/14

R$ US$

Total Debt and Interest Expenses (Million)

8.2536.970 6.681

3.725 3.080 3.033


R$ US$

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

Debt Amortization Schedule (R$ million) Average Tenor (months) and Cost of US$ Debt (%p.a.)

4.7

4.13.8

140 137

109

Interest (R$)

1,776

1,467

3,243

1,068773 769

1,3551,215

923

545 453

48 6

1,302

Liquidity 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Pre-payment BNDES ECN ACC/ACE Voto IV Bonds

(cash)

(revolver)

5747 52


39

Fibria’s tax structure

Tax benefits (R$)

Fiscal - annual adjustment

Benefit Amount Maturity

Goodwill

(Aracruz

acquisition)

Annual tax deduction:

~R$89 million (tax)

Remaining Balance Jun/14:

R$1,228 million (base)

2018

Forestry Capex in

Mato Grosso do

Sul state

2014’s tax deduction related

to depletion: R$ 12,4 million

(tax)

Undefined

Tax loss carry forward and tax credits

Benefit Amount

Tax loss

carryforward

Balance up to Jun./14:

R$385 million (base)

Accumulated tax

credits

Balance Jun./2014:

-PIS/COFINS: R$535 million

- withholding tax (IR and CSLL):

R$242 million

- Befiex : R$ 897,6 million

Actual tax payment (cash basis)

2009 2010 2011 2012 2013

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

40

Real Exchange rate hasn’t reflected domestic/foreign inflation

diferential over time (Base 100 = Jan 2002)

+ 2.2%

217

94

0

50

100

150

200

250

jan

/02

jun

/02

no

v/0

2

abr/

03

set/

03

fev/

04

jul/

04

dez

/04

mai

/05

ou

t/0

5

mar

/06

ago

/06

jan

/07

jun

/07

no

v/0

7

abr/

08

set/

08

fev/

09

jul/

09

dez

/09

mai

/10

ou

t/1

0

mar

/11

ago

/11

jan

/12

jun

/12

no

v/1

2

abr/

13

set/

13

fev/

14

jul/

14

IPCA BRL/USD

41

Liquidity Events: delivered as promised

1,361

5,715

1,045

850

836

1,403

1,268

1,851

1,625

EQUITY OFFERING FOREST SALE 2012 (1) FCF 2012 LAND DEAL FCF 2013 TOTAL

4.8 5.2 4.7 4.53.4 3.1 3.3 3.0 2.8 2.4 2.3

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

Net Debt/EBITDA (x) R$

(1) Losango and forestry assets and land in the south of Bahia State

2012 Bond prepayment


Available

Sources (R$ Million) Uses (R$ Million)


REFIS

42

Due to productivity gains in its forests, Fibria had the opportunity to explore this new ownership model

MAI* Pulp: (adt/ha/year)

10.6 10.9

12.1

15.0 15.0 15.0 15.0 15.0

2010 2015 2020 2025 2030 2035 2040 2045

FIBRIA’S GAINS IN IMACEL DUE TO INVESTMENTS IN BIOTECHNOLOGY (TONS OF PULP/HA/YEAR)

2012 field trials = 11.9

Conservative assumption

*MAI: Mean annual increment

Actions: • Genetic improvement• Excellence in forestry management• Superior industrial efficiency

43

Leadership position

(1) Fiber Consumption, Recycled Fiber and Pulp: RISI | Market Pulp, Hardwood and Eucalyptus: PPPC Special Research Note - May 2014

Recycled Fiber 234 million t

49% 51%

60%

18% 82%

58% 42%

40%

35% 65%

29%71%

Fiber Consumption403 million t

Pulp 169 million t

Chemical139 million t

Mechanical31 million t

Integrated Mills 84 million t

Market Pulp 56 million t

Hardwood29 million t

Other Eucalyptus Pulp producers:

13 million t

Softwood/Other 27 million t

Acacia/Other 10 million t

Eucalyptus19 million t

Industry Outlook(1)

44

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 – 2006Developed 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 – 2016Developed Markets: - 4.0%Emerging Markets : + 4.1%



26,877

Source: RISI

45

China: 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)

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.

46

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.

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 fifth

consecutive year (2010, 2011, 2012,

2013 and 2014).

2014 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

ReportÉpoca 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

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 2014/15 of Forestry

Resources and Paper sector.

DJSI World and DJSI Emerging Markets

Acknowledgments: Governance, Transparency, Profitability & Sustainability

LatAmCommodities Conference -Ita? BBA

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