1

Corporate Presentation October 2014

2
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.
3
The Company
4
Shareholder Structure
(1) Position as of January 31, 2014. Under the shareholders' agreement between BNDESPar and VotorantimIndustrial, BNDESPar must hold at least 11% of the total capital between Oct/12 and Oct/2014.
Votorantim
Industrial S.A.
29.42%
BNDES
Participaes
30.38%
(1)
Free
Float
40.20%
(2)
29%
71%
NYSE
Average Daily Trading Volume (LTM):
US$ 32 million
BM&FBOVESPA
HIGHLIGHTS
Listed on Novo Mercado, highest level of Corporate
Governance at BM&FBovespa:
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
Policies approved by the Board of Directors
Liability and liquidity management
Market risk Management
Risk Management
Corporate governance
Information disclosure
Stock trading
Listed in the most important sustainability indexes
Level III
(2) Free Float 40.14% + Treasury 0.06%
5
A Winning Player
Pulp capacity million tons
5,300
Net revenues R$ billion
7.1
Total area
(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 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.
Port Terminal Pulp Unit
Trs Lagoas
Santos
Aracruz
Portocel
Caravelas
Belmonte
Veracel
Jacare
Superior Asset Combination
Main Figures 2Q14 LTM
6
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
7
Fibrias Strategy
8
Leadership Position
(1)
Fiber Consumption, Recycled Fiber and Pulp: RISI | Market Pulp, Hardwood and Eucalyptus: PPPC Special Research Note - November 2013
(2)
Hawkins Wright Outlook for Market Pulp, August 2014
Market Pulp Capacity Ranking 2014
(2)
(000t)
- 1.000 2.000 3.000 4.000 5.000 6.000
Canfor
ENCE
Eldorado
Resolute
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
5,300
Recycled Fiber
234 million t
49% 51%
60%
18%
82%
58% 42%
40%
35% 65%
29% 71%
Fiber Consumption
403 million t
Pulp
169 million t
Chemical
139 million t
Mechanical
31 million t
Integrated Mills
84 million t
Market Pulp
55 million t
Hardwood
28 million t
Other Eucalyptus
Pulp producers:
13 million t
Softwood/Other
27 million t
Acacia/Other
10 million t
Eucalyptus
18 million t
Industry Outlook
(1)
9
Fibrias Commercial Strategy
Source: Fibria 2Q14 LTM
Differentiation: Customized pulp products to specific paper grades
Sole supplier to key customers
Long termcontracts
Competitive logistics set up
Miami
Nyon
Lustenal
Hong Kong
So Paulo
Fibrias Sales Distribution
Fibria s Offices
N.America
26%
L.America
9%
Europe
39%
Asia
26%
Fibrias Pulp End Use
Tissue
51%
Printing &
Writing
31%
Speciatilies
19%
Forest
Outbound
Logistics
Pulp mill
Port
Client
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
Integrated logistics solutions
Efficient Logistics Setup
Sea Freight
Door to Door Operations
10
11
Pulp and Paper Market
12
Paper Consumption
(1)
Source: RISI
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: + 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 2016
Developed Markets: - 4.0%
Emerging Markets : + 4.1%
CAGR 1996 2006
Developed Markets: + 2.4%
Emerging Markets : + 6.9%
CAGR 2007 2016
Developed Markets: + 1.4%
Emerging Markets : + 6.7%
26,877
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
13
Million tons 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
Source: PPPC
Global Market Pulp Demand
2013 - 2018 CAGR:
Hardwood: +2.8%
Softwood: +0.7%
Hardwood demand will continue to increase at faster pace than Softwood
Hardwood (BHKP) vs. Softwood (BSKP) (000 ton) Demand growth rate
0
5.000
10.000
15.000
20.000
25.000
30.000
35.000
1
9
9
8
1
9
9
9
2
0
0
0
2
0
0
1
2
0
0
2
2
0
0
3
2
0
0
4
2
0
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
Hardwood Softwood
(1) Source: Hawkins Wright , Poyry and Fibria Analysis
(2) Partially integrated.
B
H
K
P

p
r
i
c
e
s

-
c
i
f
E
u
r
o
p
e

(
U
S
$
/
t
o
n
)

G
r
e
e
n
f
i
e
l
d

c
a
p
a
c
i
t
y

(
0
0
0

t
o
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
Veracel
Nueva
Aldea
Santa
F
Mucuri
Fray
Bentos
Kerinci
PL3
Trs
Lagoas
Rizhao
APP Guangxi
Chenming
Zhanjiang
Eldorado
Maranho
Guaba II
Oji
Nantong
APP South
Sumatra
(2)
Klabin
Gross capacity addition should not be counted as the only factor
influencing pulp price volatility.
(1)
List Price bottoming at US$650/t in 2011 and US$724/t in 2014
14
Capacity closures DO happen
Source: PPPC and Fibria
15
-910
-85
-1,260
-1,180
-540
-500
-105
-1,085
-1,030
-1400
-1200
-1000
-800
-600
-400
-200
0
2006 2007 2008 2009 2010 2011 2012 2013 2014-2015 E
as of Sep14
Closures of Hardwood Capacity Worldwide
(000 ton)
Total Cash Cost of BHKP delivered to Europe (US$/t)
Source: Hawkins Wright (Outlook for Market Pulp, July 2014) | Fibrias 2Q14 considering a FX of R$/US$2.23.
Gray bar include cash expenses as Interest, CAPEX, SG&A and Taxes.
Capacity
(k tons):
660 595 1,775 585 565 355 1,005 2,410 1,960 1,095 7,450 = 31,930 330 3,680 4,165
2Q14 net price:
US$ 562/t
Positive Working
Capital: US$44/t
5,300
SG&A
Capex
Interest
531
493 490
457
408
444
420
442
424
340
322
344
315
258 251
48
70
43
69
122
35 86 40
43
42
55
49
68
113
70
50
141
20
Cash Cost (US$/t) Delivery (US$/t)
628
614
603
Interest
Total delivered cash cost will also have an influence on bottom prices
16
17
Tissue Market
(1)
Source: RISI
Kg/capita
Per Capita Consumption of Tissue by Region, 2013
(1)
Growth
Potential
0
5
10
15
20
25
30
35
1991 1996 2001 2006 2009 2010 2011 2012 2013
N.America W.Europe E.Europe L.America Middle East
Japan China Asia FE Oceania Africa
LTM Growth of
+4.2%
Million tons
World Tissue Consumption, 1991-2013
(1)
24
15
15
12
7
6
5
1
0
5
10
15
20
25
30
N.
America
West
Europe
Japan Oceania East
Europe
LatAm China Africa
18
Pulp Projects Backlog
Main Projects
Project Country Capacity Timing Status
CMPC Guaba II Brazil 1.3 Mt 2Q2015 Confirmed
Klabin Paran Brazil 1.5 Mt* 2Q2016 Confirmed
APP South Sumatra Indonesia 1.5 Mt 2.0 Mt 4Q2016 Confirmed
Fibria Trs Lagoas II Brazil 1.75 Mt - Unconfirmed
Minimum required return for new projects
Closures due to increasing costs worldwide, reduction of maintenance capex (higher technical age of recovery boilers) and
exchange rates
Fiber substitution: Softwood x Hardwood and Recycled x Virgin Fiber
Main Questions About Capacity
Even though there is an extensive pulp projects backlog, there are important question marks regarding
new projects
* 1.1 million tonnes of hardwood and 400 thousand tonnes of softwood
19
Financial Highlights
39%
41%
35%
647
679
594
2Q13 1Q14 2Q14
2Q14 Results
Cash Production Cost (R$/t)
1,669
1,642
1,694
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 (%)
20
21
Debt
Amortization
Schedule at
Jun/2014
(R$ Million)
Debt Profile
Liquidity 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Others ACC/ACE ECN BNDES Bond Pre-payment
Cash
R$1 billion
Revolver
Average Term
From: 52 months | to: 54 months
Average Cost
From: 3.8% | to: 3.7%
Cost of Debt
Foreign Currency (% p.a.)
Debt by Currency
5%
95%
Local Currency
Foreign Currency
4.7%
3.8%
Jun/13 Jun/14
Gross Debt (million) x Leverage
14,985
8,457 8,606
3,840
6.3
3.6
4.8
3.4
2.8
2.3
Debt (R$) Debt (US$) Leverage (x)
Interest (million) x Cost of Debt
946
528
473
230
6.3
5.9
5.5
5.2
4.6
3.8
Interest (R$) Interest (US$) Cost of Debt (%)
Free Cash Flow
Increase
Interest
Reduction
Cost of Debt
Reduction
This dynamics
creates a virtuous
cycle
2009 2010 2011 2012 2013 Jun/14 2009 2010 2011 2012 2013 2Q14LTM
Indebtedness
22
23
Net Result (R$ million) 2Q14
Bonds repurchase will provide annual savings of US$ 63 million in interest payments.
(1)
Includes other exchange rate and monetary variations.
(1)
594
1.494
631
900
223 (154)
(86)
(487)
(308)
(51)
Adjusted
EBITDA
BEFIEX / Other
opex
Ebitda FX Debt /
MtM hedge
Bonds
repurchase
Net interest Deprec.,
amortiz.and
depletion
Taxes Others Net Income

BEFIEX
BEFIEX
FX
Debt
MtM
hedge

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