March 2014

Corporate Presentation

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.

The Company

Shareholder Structure
Votorantim Industrial S.A. BNDES Participaes Free Float

29.42%

30.38%(1)

40.20%(2)

29%

NYSE
Level III

71%

BM&FBOVESPA

Average Daily Trading Volume (LTM): US$ 32 million

HIGHLIGHTS
Listed on Novo Mercado, highest level of Corporate Governance at BM&FBovespa:

Policies approved by the Board of Directors Liability and liquidity management Only 1 class of shares 100% voting rights Market risk Management 100% tag along rights (Brazilian corporate law establishes 80%) Risk Management Board of Directors with minimum 20% independent members Corporate governance Financial Statements in International Standards IFRS Information disclosure Adoption of Arbitration Chamber Stock trading Listed in the most important sustainability indexes

(1) Position as of January 31, 2014. Under the shareholders' agreement between BNDESPar and Votorantim Industrial, BNDESPar must hold at least 11% of the total capital between Oct/12 and Oct/2014. (2) Free Float 40.14% + Treasury 0.06%

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.

Fibrias Units Industrial Capacity

Trs Lagoas Mato Grosso do Sul 1,300 thousand t/year Jacare So Paulo 1,100 thousand t/year

Aracruz Esprito Santo 2,340 thousand t/year

Veracel Bahia 560 thousand t/year *

* Veracel is a joint venture between Fibria (50%) and Stora Enso (50%) and the total capacity is 1,120 thousand ton/year

Fibrias Strategy

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

Market Pulp Capacity Ranking 2013(2) (000t)

Fibria APRIL Arauco

5,300

58% Recycled Fiber 234 million t

42% Pulp 169 million t

Georgia Pacific
CMPC UPM-Kymmene
82% Chemical 139 million t

18% Mechanical 31 million t

Sodra Suzano Paper Excellence Weyerhaeuser Stora Enso Domtar Ilim

51% Hardwood 28 million t

60% Integrated Mills 84 million t 49% Softwood/Other 27 million t

40% Market Pulp 55 million t

IP Mercer Metsa Fibre Eldorado

65%

Bleached Softwood Kraft Pulp (BSKP) Bleached Hardwood Kraft Pulp (BHKP) Unbleached Kraft Pulp (UKP) Mechanical

35%

West Fraser
ENCE Canfor
29%

Acacia/Other 10 million t

Eucalyptus 18 million t

71% Other Eucalyptus Pulp producers: 13 million t

(1) (2)

1000

2000

3000

4000

5000

6000

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

Fibrias Commercial Strategy

Differentiation: Customized pulp products to specific paper grades Sole supplier to key customers Long term contracts Competitive logistics set up
Tissue 54%

Fibrias Pulp End Use

Printing & Writing 30%

Speciatilies 17%

39%
Europe

28%
N.America

Nyon

Csomd

24%
Miami
Asia

Hong Kong

9%
L.America

So Paulo

Fibrias Sales Distribution Fibria s Offices

Source: Fibria 2013

Door to Door Operations

Pulp mill

Outbound Logistics
Forest
Integrated logistics solutions Low forest to mill average distance

Easy access to the most efficient transportation network: rail, barging and road

Portocel: specialized port for the pulp and paper industry Efficient Logistics Setup

Client

Port

Sea Freight

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Pulp and Paper Market

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
(1) Source:

Emerging Markets

RISI

Global Market Pulp Demand

Hardwood demand will continue to increase at faster pace than Softwood

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

2011 - 2016 CAGR: Hardwood: +2.3% Softwood: +1.0%
35,000

Demand growth rate

Million tons

1996

2006

2016

Growth 1996-2006

Growth 2007-2016

30,000
25,000 20,000 15,000 10,000 5,000

Hardwood

14.3

22.4

29.9

56%

27%

Eucalyptus

5.4

11.1

21.4

106%

67%

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

16.4 30.8

22.0 44.4

24.1 54.0

35%

7%

Market Pulp

Hardwood

Softwood

Source: PPPC

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)

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Capacity closures DO happen

Closures of Hardwood Capacity Worldwide (000 ton)

0 -200 -400 -600 -800 -1000 -1200 -1400
2006 2007

-85

-105

-540

-500

-910

-1180 -1260
2008 2009 2010 2011 2012

-1200
2013-2015 E

Source: PPPC and Fibria

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

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.

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Tissue Market
Per Capita Consumption of Tissue by Region, 2012(1)
Kg/capita

World Tissue Consumption, 1991-2012(1)

35 30 25 Average Growth Rate +3.5%a.a.
Million tons

24.3

14.8

14.6 11.1 6.3 6.1

Growth Potential

20 15 10

4.4 2.2 0.8 Asia Far East 0.6 Africa

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

W. Europe

E. Europe

Oceania

Japan

China

(1) Source:

N. America

RISI

L. America

N&M East

Pulp Projects Backlog

Even though there is an extensive pulp projects backlog, there are important question marks regarding new projects
Main Questions About Capacity

Minimum required return for new projects

Closures due to increasing costs worldwide, reduction of maintenance capex (higher technical age of recovery boilers) and exchange rates Fiber substitution: Softwood x Hardwood and Recycled x Virgin Fiber

Main Projects
Project Arauco / Stora CMPC Guaba II Klabin Paran Fibria Trs Lagoas II APP South Sumatra Country Uruguay Brazil Brazil Brazil Indonesia Capacity 1.3 Mt 1.3 Mt 1.5 Mt* 1.75 Mt 1.5 Mt 2.0 Mt Timing 1Q2014 2Q2015 2Q2016 Status Confirmed Confirmed Confirmed Unconfirmed Unconfirmed

* 1.1 million tonnes of hardwood and 400 thousand tonnes of softwood

Financial Highlights

4Q13 Results
PRODUCTION AND SALES VOLUME (000 t) 1,510 1,441 NET REVENUES (R$ million)

+18%
1,958

1,370

1,347

1,301

1,358

1,853

1,841

4Q12 Production

3Q13 Sales

4Q13

4Q12

3Q13

4Q13

CASH COST (R$/t)

EBITDA (R$ million) and EBITDA MARGIN (%) 41% 41% 823

cah cost sem parada

41%

501 466 446

4Q12 3Q13 4Q13 4Q12 3Q13 4Q13

753

762

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Debt Profile
4,298
Caixa

1,924 2,169 903 1,471

Liquidez 2014 2015
Pre-Payment

Debt Amortization Schedule at

Dec/2013(1) (R$ Million)

Venda de Terras (2) Revolver

1,474 834 830

1,256

1,441 976 762 26 5

2023

2016
BNDES

2017
ECN

2018

2019

2020
Finnvera

2021
Bond

2022

Trade Finance (ST)

Cost of Debt Foreign Currency (% p.a.)

Debt by Currency

5%

5.2% 4.6%
95%
Local Currency Foreign Currency

Dec/12

Dec/13

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Debt
NET DEBT(R$ million)

3.4 3.3
7,745

3.0 2.9 8,240

Net Debt/EBITDA (R$)

Net Debt/EBITDA (US$)

2.8 2.6 7,849

2.5 2.3 6,946

3,790

3,695

3,351

2,965 Dec/13
(Pro forma)

Dec/12

Sep/13
R$ US$

Dec/13

GROSS DEBT (R$ million)

- 21% 10,768 5,269 9,487 4,254 9,773 4,172

- 34%

3,482
After Bond 2020 Repurchase

Dec/12

Sep/13
R$ US$

Dec/13

22

Free Cash Flow(1) (R$ million) - LTM

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.

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

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