Jun 2013

Bank of America Merrill Lynch CalGEMS 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

1Q13 Results
Pulp Production and Sales (000 t) Net Revenue (R$ million)
1,853 1,332 1,313 1,370 1,510 1,263 1,186 1,449 1,274

+14%

1Q12

4Q12
Production Sales

1Q13 1Q12 4Q12 1Q13

Cash Cost (R$/t) +4%

444 455 446 446 463 507
- Cash cost exdowntimes: +4% - LTM inflation: +6.6%

EBITDA (R$ million) and EBITDA Margin (%) +9 p.p

41% 30% 377 753 565 39%

1Q12

4Q12

1Q13
Cash cost

1Q12

4Q12

1Q13

Cash cost ex-maintenance downtimes

Debt
Net Debt (R$ million) and Leverage (x)
5.2 4.8 4.2 8,965 8,462 8,557 4.2 3.4 3.3 3.1 7,745 7,516 3.1 4.7 4.5
Net Debt/EBITDA (R$) (x) Net Debt/EBITDA (US$) (x)

1Q12
Closing FX (R$/US$) 1.82

2Q12
2.02

3Q12
2.03

4Q12
2.04

1Q13
2.01

Debt Amortization Schedule (R$ million)

After Cash Tender US$486 mm

Gross Debt (R$ million) -19%

10,768 9,898 1,437
Aprox R$ 2 billion gross debt reduction since 1Q12.

2,871

11,031

1,068 671 725 677

994

807

648

After Cash Tender US$486 mm

2013 2014 2015 2016 2017 2018 2019 2020 2021

Bond Pre-payment BNDES ECN Export Credit/Others

1Q12

4Q12

1Q13
6

Positive Free Cash Flow and High Single Digit Yields

FCF Yield

7% 836

6%

782 FCF (R$ million)

2012

1Q13 LTM

As announced in our quarterly reports, Fibria resumed part of its receivable discount operations in May/13. It will positively impact the 2Q13 results.
7

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

Cash Cost: R$ 473/ton

2012 Results (R$/ton)

1,153

421 (623) (109) (201)

Net COGS/Freight Revenues
(1)

Free Cash Flow per ton

44 (97)
Interest Working Capital

156 (10)
Taxes/Others
(3)

SG&A

EBITDA

CAPEX

(2)

2012

(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(1)

2.00
Exchange Rate Average (R$/US$) (1)

1.95 1.61 1.67

2.01

Average Price FOEX (US$/t)

844

810

751

773

562

EBITDA Margin

40% 34%

36%

38%

28%

EBITDA (R$ million)

2,526 1,964

2,253

2,440

1,697

2009

2010

2011

2012

1Q13 LTM

(1)

R multiple regression of 80%

Pulp vs Other Commodities

Commodities Historical Volatility(1)
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 Pulp Price (US$) Correlation(2)

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

Pulp price has the lowest historical volatility among all commodities (1).
Return (% p.a.)

30% 25% 20% 15% 10% 5% 0% 5%

Efficient Frontier (1) with and without BHKP

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).

10%

15% Volatility (% a.a.)

20%

25%

(1) (2)

Source: Bloomberg and Fibrias estimates | Since 2009 Considering the expected return of a portfolio comprised of: DJ, Ibovespa Index , Oil, Copper, Niquel, Libor 3M in US Dollar and BHKP.

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)
5.6 5.2 4.7 3.9 4.2 3.6 3.2 2.9 3.4 4.8 4.7 4.5 5.7

5.0
4.3

6.0(1) 4.6 (1)(2)

3.4
3.1 2.2

3.4(1) 2.7(1) 1.9(1)

Mar/10

Jun/10

Sep/10

Dec/10

Mar/11

Jun/11

Sep/11

Dec/11

Mar/12

Jun/12

Sep/12

Dec/12

Mar/13

2013E

Ratings
Fibria S&P Moodys Fitch BB+/Stable Ba1/Stable 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(2) (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

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 Feb 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

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 Softwood (BSKP) Market Pulp

North American Pulp Mills

Source: Pory

Other Pulp Pulp Mills

North American Pulp Mills

Other Pulp Pulp Mills

19

Fibria: Competitive Position on the Cost Curve

551
119 432 42 498 86 421 45 459 36 439 36 382 47 328 65 320 52 314 69 271

324
70 254

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

Cash Cost (US$/t)

Delivery (US$/t)

Source: Hawkins Wright (Outlook for Market Pulp, May 2013) | Fibrias 1Q13 cash cost divided by FX considered in the report R$/US$2.0096

20

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 900 1,540 2,000

2013E 1,120 2,500

2014E 460 1,164 1,750

Total 1,360 3,824 6,250

21

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

22

Different from other commodities, China accounts for 26% of hardwood demand compared to 60%-75% 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

Eucaplyptus ('000 t)

Hardwood ('000 t)

(1) Source: PPPC Global 100 Report 2012

23

Fibrias Commercial Strategy

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

Europe
21% 51% 28%

North America
2% 4%

94%

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

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).

24

Inventories
Hardwood Market Pulp Producers Inventories (days of supply)
65 55 45 35 25 15 05 06 07 08 09 10 11 12 13 Apr/13: 38 days Mar/13: 41 days Apr/12: 34 days

Hardwood Market Pulp Producers Inventories (000 tons)

3000 Apr/13 x Mar/13: -2% or -40kt 2500 2000 1500 1000 500 0 05 06 07 08 09 10 11 12 13

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
Source: Utipulp

Hardwood European Pulp Consumers Inventories (000 tons)

600 BHKP': Apr/13 x Mar/13: + 2% or + 8.4kt 500

Apr13: 20 days

400 300 200 100 0

06

07

08

09

10

11

12

13

05
Source: Utipulp

06

07

08

09

10

11

12

13

25

Inventories(1)

Closing Stocks (k tons)

Total Shipments (k tons)

3-month daily average (k tons)

Inventories (days) -402)

2297 2290 2229 2189 1488 1998 1993 1596 1827 1713 58 57 56 55 41 35 41 41 38

58

Dec-12 Jan-13 Feb-13 Mar-13 Apr-13

Dec-12 Jan-13 Feb-13 Mar-13 Apr-13

Dec-12 Jan-13 Feb-13 Mar-13 Apr-13

Inventories Calculation =

closing stocks average daily shipments in the last 3 months

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

26

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

30

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

31

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)

32

Rizhao

Maranho

1,6