September 2013

Deutsche Bank GEMs Conference

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

Questions & Answers

Agenda

Financial Highlights

2Q13 Results
Pulp Production and Sales (000 t) Net Revenue (R$ million)

1,275 1,265

1,263

1,186

1,291 1,269 1,491 1,449

+15%

1,669

2Q12

1Q13
Production Sales

2Q13 2Q12 1Q13 2Q13

Cash Cost (R$/t)

546 488

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

37% 39% 39% 647

455

505

463 507

550

565

2Q12

1Q13

2Q13
Cash cost

2Q12

1Q13

2Q13

Cash cost ex-maintenance downtimes

USD appreciation increased debt and leverage in Reais, but with no cash impact
Net Debt (Million)
Net Debt/EBITDA (R$) Net Debt/EBITDA (US$)
Debt cost in US$ (% p.a)

Gross Debt (Million)

5.4 5.2 9,898 5,878 4,915 4.7 9,936

4.7 4.2 3.1 3.1 8,462 7,516

FX impact R$ 650 million

11,882 3.3 3.0 8,253 Jun/12 3,725 Mar/13

24% reduction in gross debt in US$ in twelve months

4,485

Jun/13

4,186

3,732

R$

US$

Debt Amortization Schedule (R$ million) Jun/13

Jun/12 Mar/13 Jun/13

R$
Closing FX (R$/US$)

US$
1,195 792 504 780

2,212 1,643 1,141 932 724 13 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Bond BNDES Multilateral agencies and other Pre-Payment Trade Finance

2.02

2.01 +10%

2.22

Positive Free Cash Flow and High Single Digit Yields

FCF Yield

7%

7% 956

836 FCF (R$ million)

2012

2Q13 LTM

As previously announced, Fibria resumed part of its receivable discount operations, which positively impacted the free cash flow in the 2Q13.
7

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

LTM 2Q13 Results (R$/ton) 1,247

(648) (109) (5)

485 (220) (102) 36

Free Cash Flow per ton 183 (16)

Working Capital Taxes/Others(3) LTM 2Q2013

Net revenues COGS/Freight (1)

SG&A

Others

EBITDA

CAPEX (2)

Interest

(1) On a cash basis, does not include depreciation, amortization and depletion (2) Includes advance to forest partner program | (3) IR/CS and other

FX and Pulp Price explain 80% of Fibrias EBITDA Margin

2.00
Exchange Rate Average (R$/US$)

1.95 1.61 1.67

2.04

Average Price FOEX (US$/t)

844

810

751

783

562

EBITDA Margin

40% 34%

36%

39%

28%

EBITDA (R$ million)

2,526 1,964

2,253

2,537

1,697

2009

2010

2011

2012

2Q13 LTM

Pulp vs Other Commodities

Commodities Historical Volatility
50% 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Sugar Iron Ore WTI Crude Oil Soy LME Metals Ibovespa Cattle FOEX PIX BHKP 40%

BHKP Correlation (USD)

38% 32% 30% 26% 25% 21% 16% 8%

30% 20%

10%
10% 0%

14% 2% 0% -2% 0% -3%

-10% -20% Ibovespa

-6%

-5%

LME WTI Iron Ore Sugar Metals Crude Oil

Soy

Cattle CPI Brazil CPI US

Efficient Frontier (1) with and w/o BHKP

Expected Return (% p.a.)

Pulp price has the lowest historical volatility(1) among all commodities. Considering pulp price in US$, a low correlation with hard commodities and traditional assets is observed. With a low correlation the inclusion of BHKP in the portfolio expands the efficient frontier of a commodities portfolio(2).

30% 25% 20% 15% 10% 5% 0% 5% 10% 15% Volatilidade (% a.a.) 20% 25%

(1) (2) (3)

Since 2009 Considering the expected return of a portfolio comprised of: DJ, Ibovespa Index , Oil, Copper, Niquel, Libor 3M in US Dollar and BHKP. R multiple regression of 80%

Com Minrio de Ferro Without Pulp

Com BHKP e Minrio de Ferro With pulp and others

10

Fibria delivered the most significant leverage reduction in the LTM

Net Debt/EBITDA (x)
5,7 5.2 4.7 3.9 3.6 4.2 4.8 4.7
4.7

5.0 4.5 3.4

5.0

5.1

5.3

3.7 3.3 3.1 2.9 2.4

3.2 2.9

4.1(2) 3.4 2.7 2.0

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

2013E(1)

Ratings
Fibria S&P Moodys Fitch BB+/Stable Ba1/Positive BB+/Positive Arauco BBB-/Stable Baa3/Negative BBB/Stable CMPC BBB/Negative Baa3/Negative BBB+/Stable Klabin BBB-/Stable BBB-/Stable Suzano BB/Negative Ba2/Stable BB-/Stable

(1) (2)

2013 year end market consensus 2013 projection by Citibank.

11

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

12

Consolidation is needed, however, challenges are large

Global Market Pulp Capacity(1) (000t) Challenges for Consolidation Dependent upon strategic motivation and timing of parties

Fibria APRIL Arauco Georgia Pacific CMPC UPM-Kymmene Sodra Suzano Paper Excellence Weyerhaeuser Stora Enso Domtar Ilim IP Mercer Metsa Fibre Eldorado West Fraser ENCE Canfor 0 1000 2000 3000 4000 5000 Mechanical

5,300

Relative valuations

Governance issues, level of control, etc

Culture/ management challenges

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

Indebtedness level of industry players

6000

(1)

Hawkins Wright Outlook for Market Pulp, January 2013

13

Fibria has the best portfolio of brownfield projects

Trs Lagoas II:

Decision: 2014 Start-up: 2016 Capacity: 1.5 million tons Forest base: 40k hectares of surplus
Trs Lagoas Belmonte Veracel Caravelas Portocel Aracruz

Veracel II
Jacare Santos

Aracruzs Expansion
Port Terminal Pulp Unit

14

Additional Source of Growth

Portocel I

Portocel II

15

Opportunities to Enhance Returns

New alternatives for biomass residues / lignin

New Forest Model Biofuels and Bioproducts

16

Pulp and Paper Market

Pulp projects, net of closures, will add less than 10% of global capacity between 2013 and 2015, less than in other basic materials sectors

SOFTWOOD(1) 25.0 MT

HARDWOOD(1) 30.1 MT

MARKET PULP(1) 55.1 MT

2013-2015(2): New capacities: 0.5 mt Announced Closures: (0.8) mt

2013-2015(3): New capacities: 5.8 mt Announced Closures: (1.2) mt

2013-2015: New capacities: 6.3 mt Announced Closures: (2.0) mt

Net: (0.3) mt

Net: 4.6 mt

Net: 4.3 mt

(1) Source: PPPC Special Research Note May 2013 does not include Sulphite and UKP (2) Projects included:Ilim Group (490kt) | Closures: Resolute Forest (75kt) ; Domtar (125kt) ; Rayonier (280kt); Birla (350kt) (3) Projects included: Eldorado (1.5 mt); Montes del Plata (1.3 mt); Maranho (1.5 mt); Guaba II (1.5 mt) | Closures: Jari (410kt); Sappi Cloquet (270kt); Double A (85kt); Sodra Tofte (180kt); Ilim Group (100kt); April Rizhao (130kt)

18

Capacity closures DO happen

Closures of Hardwood Capacity Worldwide 000 ton

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

-85

-105

-500 -540

-910

-1180 -1260
2008 2009 2010 2011 2012

-1200
2013-2015E

Source: PPPC and Fibria

19

Gross capacity addition should not be counted as the only factor influencing pulp price volatility
1.000 900
Eldorado

2,0 1,8
Guaba II

800

BHKP prices - cif Europe (US$/ton)

700 600 500 400 300 200 100 0 2002 2003 2004 2005 2006 2007 2008
APP Hainan Nueva Aldea Santa F Valdivia Kerinci PL3 Fray Bentos Mucuri Veracel

Trs Lagoas

Montes del Plata

1,4 1,2 1,0

Chenming Zhanjiang APP Guangxi

0,8 0,6 0,4 0,2 0,0

2009

2010

2011

2012

2013

2014

2015

Source: Hawkins Wright

Greenfield capacity (000 ton)

20

Rizhao

Maranho

1,6

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

Softwood (BSKP) Market Pulp

2013/Q1
STRONG

3.000 2.500 2.000 1.500 1.000 500 0

Capacity, 1000 t/a

Weighted average technical age 21.2 years

2013/Q1
STRONG

2.500

2.000

1.500

Weighted average capacity 1 184 000 t/a

1.000

500

Weighted average capacity 503 000 t/a

0 30

WEAK

25

20

15

10

30

WEAK

25

20

Technical Age, years North American Pulp Mills

Source: Pory

Technical Age, years

15

10

Other Pulp Mills

North American Pulp Mills

Other Pulp Mills

21

Fibria: Competitive Position on the Cost Curve

Capacity (k tons): 1,130

1,700

370

1,975

570

505

2,430

3,320

3,805

945

11,385

= 29,965

590
123 467 70 41 86 495 480 426 38 45 36 468 456 388 56 63 361 315 45 71 329 276 226

308
82

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

Cash Cost (US$/t)

Delivery (US$/t)

Source: Hawkins Wright (Outlook for Market Pulp, July 2013) | Fibrias LTM 2Q13 cash costs divided by the FX used for HW report R$/US$2.2.

22

Paper Capacity Expansion in China

New capacities in China will generate additional demand for market pulp

Ktons P&W (woodfree) Tissue Cartonboard

Source: Fibria and Independent Consultants

2012 720 1,540 2,210

2013E 1,180 2,528

2014E 460 1,321 1,300

Total 1,180 4,041 6,038

23

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%a.a.

24.3

25 20
14.8 14.6 11.1 6.3 6.1

Growth Potential

15 10

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

N. America

L. America

Oceania

E. Europe

(1) Source: RISI

W. Europe

N&M East

Japan

China

24

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. Improve the lives of Chinese citizens: increasing minimum wages at 13% p.a.
Sources: (1) the Economist. (2) RISI China Pulp Market Study.

25

Chinese consumption has still a lot of space to grow

China is a larger driver of various global indicators
(China as % of global)

Source: Deustche Bank,.

26

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% 17% 2.000 12% 15% 16% 15% 19% 20% 26% 26% 25% 26%

Latin America is the main supplier of pulp to China

0 2005 2006 2007 2008 2009 2010 2011 2012

Eucalyptus ('000 t)

Hardwood ('000 t)

(1) Source: PPPC Global 100 Report 2012

27

Fibrias Commercial Strategy

Fibrias Pulp End Use 2012 Fibrias Historical Sales Distribution - % of sales volume

Europe
21% 51% 28%

North America
2% 4%

94%

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

Asia
North America
32% 22%

Europe

Asia

Others

46%

Fibria is exposed to the least volatile consumer markets (tissue) which brings stability to sales volume.
Specialties

Tissue

Printing & Writing

Fibria has a low dependence on China (less than 20% of total sales volume).

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Questions & Answers

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

THANK YOU

Back up

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

32

Inventories
Hardwood Market Pulp Producers Inventories (days of supply)
65 55 45 35 1000 25 15 05 06 07 08 09 10 11 12 13 500 0 05 06 07 08 09 10 11 12 13 Jun/13: 41 days Jul/12: 43 days Jul/13: 46 days

Hardwood Market Pulp Producers Inventories (000 tons)

3000 Jul/13 x Jun/13: +7,9% or +181kt 2500 2000 1500

Source: PPPC World 20 March 2013

Source: Fibrias estimates based on PPPCs methodology

Hardwood European Pulp Consumers Inventories (days of supply)

30 25 20 15 10 5 0 05 06 07 08 09 BHKP
Source: Utipulp

Hardwood European Pulp Consumers Inventories (000 tons)

600 500 400 BHKP': Jun/13 x May/13: -6.5% or -24kt

Jun13: 19 days

300 200 100 0

10

11

12

13

05

06

07

08

09 BHKP

10

11

12

13

Source: Utipulp

33

Inventories(1)

Closing Stocks (k tons)

Total Shipments (k tons)

3-month daily average (k tons)

Inventories (days)
46 41 41

2475 2288 2284 2214 1593 2294

38

41

41

1821 1711 1652 1680 1617 57 56 57 53 52

2229

59

Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 (2)

Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13

Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13

Inventories Calculation =

closing stocks average daily shipments in the last 3 months

(1) Source: PPPC Global World 20 June Report. (2) Fibrias estimates.

34

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 Growth 19962006

56%

000 ton

1996

2006

2016

Growth 20072016
27%

Hardwood

14.3

22.4

29.9

Eucalyptus

5.4

11.1

21.4

106%

67%

Softwood

16.4

22.0

24.1

35%

7%

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

30.8

44.4

54.0

Hardwood

Softwood

Source: PPPC

35