March 2014

2d Annual LatAm Fixed Income

Disclaimer

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 companys 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.

1 2 3

Financial Highlights Pulp and Paper Market Final Remarks

Agenda

Financial Highlights

A Winning Player
Superior Asset Combination Main Figures 2013

Pulp capacity

million tons

5.300 6.9 962 557 7.8 2.6 2.8

Net revenues
Total area (1) Planted area(1)
Belmonte Veracel Caravelas Portocel Aracruz Trs Lagoas Jacare Santos

R$ billion
thousand hectares thousand hectares R$ billion X X

Net Debt Net Debt/EBITDA (in Dollars)(2) Net Debt/EBITDA (in Reais)

Port Terminal

Pulp Unit

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.

4Q13 Results
Pulp Production and Sales (000 t)
1,510 1,347 1,301

Net Revenue (R$ million)

1,370

1,358

1,441 1,853 1,841

Record

1,958

4Q12

3Q13
Production Sales

4Q13 4Q12 3Q13 4Q13

Production Cash Cost (R$/t) +5%

501 446 466

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

41% 41% Record 753 762 42% 823

4Q12

3Q13

4Q13

4Q12

3Q13

4Q13

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

Gross Debt (Million)

3.4 3.3 7,745

3.0 2.9 8,240

2.8

2.5
2.6 7,849 6,946 2.3 10,768 5,269 9,487 4,254 - 21% 9,773 4,172

- 34%

3,790

3,695

3,351

2,965 Dec/13
(Pro forma)

3,482
After Bond 2020 Repurchase

Dec/12

Sep/13
R$

Dec/13
US$

Dec/12

Sep/13
R$ US$

Dec/13

Debt Amortization Schedule (R$ million) Dec./13 (1)

4,298
Cash

1,924 2,169

Land sale (2)

Revolver

903 1,471

1,474 834 830

1,256

1,441 976 762 26 5

2023

Liquidity
(1) (2)

2014

2015
Pre-Payment

2016
BNDES

2017
ECN

2018

2019

2020
Finnvera

2021
Bond

2022

Trade Finance (ST)

Does not consider the reclassification of the bond 2020 to the short term. Pending payment related to the land sale.

Fibria delivered the most significant leverage reduction in the LTM

Net Debt/EBITDA (x)

5.2
4.8 3.9 4.2 3.6 3.2 2.9 4.5 4.7 4.7

4.7

5.0

5.1

5.1

5.2

3.4 3.1

3.7 3.3
2.9

3.8 3.1 3.0

3.0

2.8 2.8 2.6

4.0 3.5 3.2 2.6 2.4

2.4

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

Dec/14

Ratings
Fibria Arauco CMPC Klabin Suzano

S&P
Moodys Fitch

BB+/Stable
Ba1/Positive BBB-/Stable

BBB-/Stable
Baa3/Negative BBB/Stable

BBB-/Stable
Baa3/Negative BBB+/Stable

BBB-/Stable
BBB-/Stable

BB/Negative
Ba2/Stable BB-/Positive

(1)

2014 projection by Citibank. | Source: Bloomberg | Estimates in BRL for Fibria, Klabin, Suzano and in USD for Arauco and CMPC

Net Results (R$ million) 4Q13

810

Debt Hedge Debt exchange variation

Excluding the non-recurring effects , profit would reached approximately R$ 323 million at 4Q13.

823

(444)

(5)

(118) (506) (713)

Refis

(185) (32)

Adjusted EBITDA

Rev. (Exp.) Debt Exchange non-recurring / Variation / non-cash MtM Hedge Debt

MtM
Operational Hedge

Net Interest

Depreciation, amortization and depletion

IR/CS

Other (1)

Net Profit (Loss)

Non-recurring impacts

(1)

Include non-recurring expenses /non-cash, other exchange and currency variation and other financial incomes and expenditures.

Free cash flow generation(1) (R$ million) - 2013

2,796

289 (1,287) (458) (31) (41)

1,268

Adjusted EBITDA

Capex

Net Interest

Working Capital

IR/CS

Other

Free Cash Flow

(1) Does not include: the capital gain on assets sales, Bonds repurchases and the tax payment (REFIS) over profit earnings abroad.

Discipline of Capex, execution according to 2013 guidance.

10

Positive Free Cash Flow (1) (R$ million)

2011: R$ -333 million

2012: R$ 836 million

2013: R$ 1,268 million

746 399 230 221 57 157 167 234 122

-149
-402 1Q11
FX(R$/US$)
Average 1.67 1.59 1.64

-12

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1.80

1.77

1.96

2.03

2.06

2.00

2.07

2.28

2.28

(1) Does not include: the capital gain on assets sales, Bonds repurchases and the tax payment (REFIS) over profit earnings abroad.

11

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

2013 Results (R$/ton) 538

Free Cash Flow per ton

56
(248) (-88)
Adjusted EBITDA Capex Net Interest Working Capital

244 (6)

(8)

IR/CS

Other

Free Cash Flow

12

FX and Pulp Price explain 80% of Fibrias EBITDA Margin

2.00
Exchange Rate Average (R$/US$)

1.95 1.76 1.67

2.16

Average Price FOEX (US$/t)

844

810

751

791

562

EBITDA Margin

40% 34%

36%

40%

29%

EBITDA (R$ million)

2,796 2,526 2,253 1,964

1,522

2009 (1)

2010 (1)

2011 (1)

2012

2013

(1) Excludes Conpacel

13

Maintenance CAPEX (R$ Million)

1,520 1,416 1,287

1,078

Approx. 18% increase

2011

2012

2013

Land Deal: Rural Partnership

Non recurring wood purchase

Inflation

FX Rate

Modernization

Others

2014E

14

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

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

CAGR: + 17%

2014 Cash Production Cost:

Inflation in the period : IPCA: +31% Fibrias Cash Cost: +17%

505 471 448 473

Target to have the cash cost increase below inflation 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

432

2009 (2)

2010 (2)

2011

2012

2013

(1) Constant Currency (2) Excludes Conpacel

15

Fibrias tax structure

Tax benefits (R$)
Fiscal - annual adjustment
Benefit Goodwill (Aracruz acquisition) Amount Annual tax deduction: ~R$85 million Remaining Balance Dec./13: R$1,35 billion (base) 2013s tax deduction related to depletion: R$29 million Maturity

Tax loss carry forward and tax credits

Benefit Tax loss carryforward Amount Balance up to Dec./13: R$507 million (base) Balance Dec./2013: -PIS/COFINS: R$542 million - withholding tax (IR and CSLL): R$226 million

2018

Forestry Capex in Mato Grosso do Sul state

Accumulated tax credits Undefined

Actual tax payment (cash basis)

2009 R$7 million 2010 R$16 million 2011 R$4 million 2012 R$15 million 2013 R$31 million

16

Fibria is seeking value creation for its shareholders with capital discipline

PULP
- Growth with discipline - Best portfolio of projects

INDUSTRY CONSOLIDATION ?

Potential Growth Prospects

BIO-ENERGY
- Complementary to pulp
- Ensyn

OTHER OPPORTUNITIES
-

Portocel
Land and forest

17

Pulp and Paper Market

Today, according to public information, there will be a 9% increase of the market pulp capacity between 2013 and 2015

SOFTWOOD(1)
25.0 MT

HARDWOOD(1) 30.3 MT

MARKET PULP(1) 55.3 MT

2013-2015(2): New capacities: 0.5 mt Announced Closures: (0.7) mt

2013-2015(3): New capacities: 6.4 mt Announced Closures: (1.3) mt

2013-2015: New capacities: 6.9 mt Announced Closures: (2.0) mt

Net: (0.2) mt

Net: 5.1 mt

Net: 4.9 mt

(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); Maranho (1.5mt); Montes del Plata (1.3 mt); Oji Nantong (700kt); Guaba 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)

19

Pulp Market
Shipments of Eucalyptus Pulp (1)
2013 vs. 2012
23%
60 50 40 30

Producer Stocks Hardwood(1)

Daily production 39 days

12% 6%
-37kt +844kt +196kt

20 10 0
+674kt

-1%
Western Europe

05

06

07

08

09

10

11

12

13

Total
(1)

North America

China Nov/13: 40 days | Dec/12: 35 days

(1)

Source: PPPC World 20 December/2013

Source: PPPC World 20 December/2013

NBSK vs. BHKP - Prices(1)

250 200 150 100 50 0 mai-08 mai-09 mai-10 mai-11 mai-12 mai-13 jan-08 jan-09 jan-10 jan-11 jan-12 jan-13 set-08 set-09 set-10 set-11 set-12 set-13

Sales Distribuition 2013 - Fibria

1,100 1,000 900 800 700

Spread Dez/13: US$ 136

Per region
North America 28% Europe 39% Asia 25% Others 9%

Per end use

Average Spread: US$ 88

600 500 400

Tissue 53%

Printing & Writing 29%

Gap NBSK/BHKP
(1)

Average Spread

NBSK

BHKP

Specialty 17%

Source: FOEX

20

Supply structural changes puts pressure on the industry

MARKET PULP CAPACITY RANKING 2013 (000T)
Project Country Uruguay Brazil Brazil Brazil Indonesia

MAIN PROJECTS
Capacity 1.3Mt 1.3 Mt 1.5 Mt 1.75 Mt 1.5 Mt -2.0 Mt Timing 1Q2014 2Q2015 2Q2016 Fiber BEKP BEKP BEKP/ BSKP/Fluff BEKP BHKP Status Confirmed Confirmed Confirmed Unconfirmed Unconfirmed

2000

4000

6000

USD/Adt, 2013 cost level

Fibria APRIL Arauco CMPC Georgia Pacific UPM-Kymmene Paper Excellence Metsa Group Suzano Stora Enso Sodra Weyerhaeuser IP Ilim Mercer Domtar Resolute Forest Eldorado ENCE Canfor

Arauco / Stora CMPC Guaba II Klabin Paran Fibria Trs Lagoas II APP South Sumatra

COST CURVE EVOLUTION

Bleached Softwood Kraft Pulp (BSKP) Bleached Hardwood Kraft Pulp (BHKP) Unbleached Kraft Pulp (UKP) Mechanical
Source: Hawkins Wright , Poyry and Fibria Analysis

Cost position of marginal producer

Cumulative Capacity Million t/a

21

Capacity closures DO happen

Closures of Hardwood Capacity Worldwide 000 ton

0 -200 -400

-85

-105

-600
-800 -1000 -1200 -1400
2006 2007

-540

-500

-910

-1180 -1260
2008 2009 2010 2011 2012

-1200
2013-2015E

Source: PPPC and Fibria

22

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

1,000 900 800 700 600 500 400 300 200 100 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
APP Hainan Nueva Aldea Santa F Valdivia Fray Bentos Mucuri Veracel

2.0 1.8 1.6

Maranho Trs Lagoas Eldorado Montes del Guaba II Plata

BHKP prices - cif Europe (US$/ton)

Rizhao

1.4 1.2 1.0

Kerinci PL3 APP Guangxi

Chenming Zhanjiang

0.8 0.6 0.4 0.2 0.0

Source: Hawkins Wright

Greenfield capacity (000 ton) 23

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
3,000
PM Capacity, 1000 t/a
Weighted average technical age 14.2 years

Softwood (BSKP) Market Pulp

2013/IQ

3,000
STRONG

PM Capacity, 1000 t/a

Weighted average technical age 21.2 years

2013/IQ
STRONG

2,500
Aracruz

2,500

2,000

2,000

1,500

Weighted average capacity 1184 000 t/a

Trs Lagoas Jacare Veracel

1,500

1,000

1,000
Weighted average capacity 503 000 t/a

500

500

0 30 25 20 15 10 5 0 Technical Age, years

North American Pulp Mills Other Pulp Mills

30

WEAK

25

20 15 10 Technical Age, years

On & Off

Closures

Grade Switch

Source: Pory & Fibria

24

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

Capacity (k tons):

1,125

660

1,700 570

355

565 690

2,045 2,430

365

945 3,625 3,755 11,385

= 30,300

592
134 58 76 55 52 57

546
81 97 41 475 449 426 403 62 359 56 324
26 41 115
Working Capital Interest CAPEX

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

458 532 498 487 484

71 301

59 308

88 262

6 55

Others
SG&A

69 234

Cash Cost (US$/t)

Delivery (US$/t)

Source: Hawkins Wright (Outlook for Market Pulp, December 2013) | Fibrias 2013 considering a FX of R$/US$2.16.

25

China: Paper capacities expansion continues to go on

Ktons P&W (woodfree) Tissue Cartonboard

2012 720 1,540 2,210

2013 -25 1,184 2,428

2014E 0 1,518 1,300

2015E 550 903 300

Total 1,245 5,145 6,238

Total

4,470

3,587

2,818

1,753

12,628

China corresponds to 2/3 of global tissue capacity expansion

Source: Fibria and Independent Consultants

26

Strong internal consumption will drive tissue demand in China

Per Capita Consumption of Tissue by Region, 2012(1)

Kg/capita

World Tissue Consumption, 1991-2012(1)

35
30
Million tons

Average Growth Rate +3.5% p.a.

24.3

25 Growth Potential
11.1 6.3

20
15 10

14.8

14.6

6.1

4.4 2.2 0.8 Asia Far East 0.6 Africa

5
0
1991 1996 2001 2006 E.Europe Asia FE 2009 2010 2011 2012 N.America Japan W.Europe China L.America Oceania Middle East Africa

W. Europe

Oceania

Japan

E. Europe

China

(1) Source: RISI

N. America

L. America

N&M East

27

Internal Consumption and Urbanization

Chinas private consumption vs. exports

(CNY trillion and annual % change) (1)

Chinese Urbanization Driver of Long-Term Growth

(UN Population Projections, Millions)(2)

Shift from exports to private consumption;

Positive effects on households income and rising standards of living.
Sources: (1) the Economist. (2) RISI China Pulp Market Study.

28

Different from other commodities, China accounts for 26% of hardwood demand compared to around 60% in other basic materials sectors
Chinas Market Share of Market Pulp Shipments (%)(1)

8,000 26% 25% 6,000 21% 18% 4,000 14% 2,000 12% 17% 15% 16% 26% 20% 19% 26% 25% 26%

Latin America is the main supplier of pulp to China

15%

2005

2006

2007

2008

2009

2010

2011

2012

Eucalyptus ('000 t)

Hardwood ('000 t)

(1) Source: PPPC Global 100 Report 2012

29

Fibrias Commercial Strategy

Fibrias Pulp End Use 2013 Fibrias Historical Sales Distribution - % of sales volume

Europe
20% 47%

North America
1%

3%

33%

96%

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

Asia
North America
35% 21%

Europe

Asia

Others

44%

Fibrias sales delivered to the least volatile consumer markets (tissue) which brings stability to sales volume. Fibria has a low dependence on China (less than 20% of total sales volume).

Tissue Printing & Writing Specialties

30

Final Remarks

Acknowledgments in Governance, Transparency and Profitability

International Recognition by Corporate Governance Report
Fibria is one of the 5 Brazilian companies nominees to the Best Corporate Governance Award from London. 2013 Institutional Investor Latam Ranking - P&P Sector 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

Valor 1000 Company of the year, among all industries, according to Valor Econmico.

The Best Companies to the Shareholders Prize of Capital Aberto Magazine 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 elected as 2nd place. The prize highlights the business profitability, share profitability, liquidity, corporate governance and sustainability.

CDP Brasil 100 Climate Change 2013 Report Fibria was selected as one of the 10 best companies in transparency. The only one in the pulp & paper sector.

poca Negcios 360 Fibria was elected as 1st place in the pulp & paper sector in the corporate governance and future's vision categories

32

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

RobecoSAM - Sustainability Investing Magazine

Fibria is the only Latin America company selected by RobecoSAM (responsible for DJSI) as one of the 10 worldwide leaders in SRI magazines The 10 Game Changers Changing the industry through sustainability.

ISE Corporate Sustainability Index (Bovespa)

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

33

Investor Relations
E-mail: ir@fibria.com.br Phone: +55 11 2138-4565 Website: www.fibria.com.br/ir

THANK YOU

Back up

Leadership Position
Industry Outlook(1)
Fiber Consumption 403 million t

58% Recycled Fiber 234 million t

42% Pulp 169 million t

18% Mechanical 31 million t

82% Chemical 139 million t

60%
Integrated Mills 84 million t

40%
Market Pulp 55 million t

49% Softwood/Other 27 million t

51% Hardwood 28 million t

35% Acacia/Other 10 million t

65% Eucalyptus 18 million t

71% Other Eucalyptus Pulp producers: 13 million t

(1) (2)

29%

Fiber Consumption, Recycled Fiber and Pulp: RISI | Market Pulp, Hardwood and Eucalyptus: PPPC Special Research Note - November 2013 Hawkins Wright Outlook for Market Pulp, January 2013

36

Global Paper Consumption

CAGR 1996 2006 Developed Markets: + 1.7% Emerging Markets : + 6.0%
85,291

117,611

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

114,507

P&W Consumption (000 tons)(1)

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: + 2.4% Emerging Markets : + 6.9%

26,877 15,548

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

37,474

Tissue Consumption (000 tons)(1)

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

Source: RISI

37

Global Market Pulp Demand

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

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

2011 - 2016 CAGR: Hardwood: +2.3% Softwood: +1.0%
35,000 30,000 25,000 20,000 15,000 10,000 5,000 0

Demand growth rate 000 ton 1996 2006 2016 Growth 19962006
56% 106% 35%

Growth 20072016
27% 67% 7%

Hardwood Eucalyptus Softwood Market Pulp

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

14.3 5.4 16.4 30.8

22.4 11.1 22.0 44.4

29.9 21.4 24.1 54.0

Hardwood

Softwood

Source: PPPC

38

Pg.

Slide

Pg.
21 22 23 24 25 26 27 28 29 30 31 32 33 35 36 37 38

Slide
Supply structural changes puts pressure on the industry Capacity closures DO happen Gross capacity addition should not be counted as the only factor influencing pulp price volatility Technical Age and Scale in the Market Pulp Industry Total delivered cash cost will also have an influence on bottom prices China: Paper capacities expansion continues to go on Strong internal consumption will drive tissue demand in China Internal Consumption and Urbanization Different from other commodities, China accounts for 26% of hardwood demand compared to around 60% in other basic materials sectors Fibrias Commercial Strategy Final Remarks Acknowledgments in Governance, Transparency and Profitability Acknowledgments in Sustainability Back up Leadership Position Global Paper Consumption Global Market Pulp Demand

4 Financial Highlights 5 A winning player 6 4Q13 Results 7 Indebtness 8 Fibria delivered the most significant leverage reduction in the LTM 9 Net Results (R$ million) 4Q13 10 Free cash flow generation(1) (R$ million) - 2013 11 Positive Free Cash Flow (1) (R$ million) Fibria delivers one of the highest EBITDA/t and FCF/t of the 12 industry 13 FX and Pulp Price explain 80% of Fibrias EBITDA Margin 14 Maintenance CAPEX (R$ Million) 15 Cash Production Cost saw an increase of 17% over the past 5 years 16 Fibrias tax structure 17 Fibria is seeking value creation for its shareholders with capital 18 Pulp and Paper Market Today, according to public information, there will be a 9% increase 19 of the market pulp capacity between 2013 and 2015 20 Pulp Market

39