4Q12 Earnings Conference Call

January 31, 2013

Disclaimer

The information contained in this presentation may include statements which constitute forward-looking statements, as defined by 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 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 are valid only for the date on which they are made.

Agenda

2012 Key Messages

4 5 6 7 8

4Q12 Results

Debt

Hedging Strategy

Free cash flow generation and liquidity events

2012 Key Messages

Operating Result

Liability Management

Growth Opportunities

Record annual pulp production and sales. Sales exceeded production Cost control

Liquidity events and free cash flow generation: R$2.9 billion Gross debt reduction Cost of debt reduction Leverage down to 3.4x (Net Debt/EBITDA in R$)

Best portfolio of projects in the industry Ensyn: use of forestry expertise to operate in biobusiness as a driver for value generation

Capex discipline Working capital improvement Free cash flow generation of R$836 million.

4Q12 Results
Pulp Production and Sales (000 t)
5,299 5,184 5,054 4,909 5,141 5,357
Record production and sales.

Net Revenues (R$ million)

1,853 1,556 1,399

2010 (1)

2011
Production Sales

2012

4Q11

3Q12

4Q12

Cash Cost (R$/t) +0.4%

471 473
- Inflation: +5.8% - FX (average): +17%

EBITDA (R$ million) and EBITDA Margin (%) +93%

37% 28% 573 390 41% 753

2011
(1) Excludes production and sales of Conpacel and KSR.

2012

4Q11

3Q12

4Q12 5

Debt
Net Debt/EBITDA (x)

7.1 6.5 3.8 3.6 3.1 2.9 3.4 3.8 3.2 4.2 4.8 4.2 5.2 4.8 4.7 4.2 4.2 4.5 3.4 3.3

2009

2010

Mar/11

Jun/11

Sep/11

Dec/11

Mar/12

Jun/12

Sep/12

Dec/12

Net Debt/EBITDA (R$) (x)

Net Debt/EBITDA (US$) (x)

Debt Amortization Schedule (R$ million)

3,132
Closing FX (R$/US$)

Net Debt (R$ and US$ million)

1.67

+9%
1.88 2.04

9,817 1,560 1,138 1,075 724 677 998 810 654 5,878

9,478 7,745 -25% 5,041 3,790

2013 2014 2015 2016 2017 2018 2019 2020 2021 Bond Pre-Payment BNDES ECN Export Credit/Other

2010

2011 US$ R$

2012 6

Hedging Strategy

Notional Value of Derivatives (1)(US$ million)

1,230 45

1,084 162 923 151 791 141 580 433 112 321 410 170 Dec/12

1,185 922 772 650

Sep/11

Dec/11

Mar/12 NDF

Jun/12 Zero cost collar

44%

Sep/12

Hedged Exposure (%)

56%

53%

54%

18%

29%

- The increase in Zero cost collar operations is linked to the reduced FX volatility. - This operation minimizes negative impacts in the event of a sudden depreciation of the Real.

(1) Includes Non Deliverable Forwards(NDF) and dollar options.

Free Cash Flow (FCF) and liquidity events

(R$ billion)
0.5

2.9

2.3

1.4

0.2

(1.1) (0.5)

0.2 (0.1)
Working Capital Taxes(2)

0.8

EBITDA

CAPEX (1)

Interest

FCF FCF

Equity Offering

Forest Sale(3)

Losango Sale (4)

Total Total

R$2.9 billion in free cash flow generation and liquidity events in 2012
(1) Includes advance for wood purchase (partnership program). (2) IR/CS and other. (3) Forestry assets and land in the south of Bahia State. (4) Considers only the receipt of the first payment of R$470 million.

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