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Corporate Presentation May 2014

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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 company’s 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.

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The Company

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Shareholder Structure

(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.

Votorantim Industrial S.A.

29.42%

BNDES Participações

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%

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A Winning Player

Pulp capacity million tons 5.3

Net revenues R$ billion 7,1

Total area (1) thousand hectares 962

Planted area(1) thousand hectares 557

Net Debt R$ billion 7.0

Net Debt/EBITDA (in Dollars)(2) X 2.4

Net Debt/EBITDA (in Reais) X 2.4

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

Três Lagoas

Santos

Aracruz Portocel

Caravelas

Belmonte Veracel

Jacareí

Superior Asset Combination Main Figures – 1Q14

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Fibria’s Units Industrial Capacity

Três Lagoas – Mato Grosso do Sul – 1,300 thousand t/year

Jacareí – São Paulo – 1,100 thousand t/year

Aracruz – Espírito 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

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Fibria’s Strategy

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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, December 2013

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

0 1000 2000 3000 4000 5000 6000

Canfor

ENCE

West Fraser

Eldorado

Metsa Fibre

Mercer

IP

Ilim

Domtar

Stora Enso

Weyerhaeuser

Paper Excellence

Suzano

Sodra

UPM-Kymmene

CMPC

Georgia Pacific

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)

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Fibria’s Commercial Strategy

Source: Fibria – 1Q14

• Differentiation: Customized pulp products to specific paper grades

• Sole supplier to key customers

• Long term contracts

• Competitive logistics set up

Miami

Nyon Csomád

Hong Kong

São Paulo

Fibria’s Sales Distribution

Fibria ‘s Offices

N.America

19%

L.America

9%

Europe

46%

Asia

26%

Fibria’s Pulp End Use

Tissue 46%

Printing & Writing

36%

Speciatilies 18%

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

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Pulp and Paper Market

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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

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Million tons 1996 2006 2016 Growth

1996-2006 Growth

2007-2016

Hardwood 14.3 22.4 29.9 56% 27%

Eucalyptus 5.4 11.1 21.4 106% 67%

Softwood 16.4 22.0 24.1 35% 7%

Market Pulp 30.8 44.4 54.0

Source: PPPC

Global Market Pulp Demand

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

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Hardwood Softwood

2011 - 2016 CAGR: Hardwood: +2.3% Softwood: +1.0%

Hardwood demand will continue to increase at faster pace than Softwood

Hardwood (BHKP) vs. Softwood (BSKP) (000 ton) Demand growth rate

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

Source: Hawkins Wright

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BH

KP

pri

ces

- ci

f Eu

rop

e (U

S$/t

on

)

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

Valdivia

APP Hainan

Veracel Nueva Aldea

Santa Fé

Mucuri

Fray Bentos

Kerinci PL3

Três Lagoas

Rizhao

APP Guangxi

Chenming Zhanjiang

Eldorado Montes del

Plata

Maranhão

Guaíba II

Gre

enfi

eld

cap

acit

y (0

00

to

n)

Capacity closures DO happen…

Source: PPPC and Fibria

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-910

-85

-1260

-1180

-540 -500

-105

-1200

-1400

-1200

-1000

-800

-600

-400

-200

0

2006 2007 2008 2009 2010 2011 2012 2013-2015 E

Closures of Hardwood Capacity Worldwide (000 ton)

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

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Total Cash Cost of BHKP

delivered to Europe

(US$/t)

Source: Hawkins Wright (Outlook for Market Pulp, March 2014) | Fibria’s 1Q14 LTM considering a FX of R$/US$2.25.

528 502 493 479

453 426

464 388 406

316 306 304

286 261

229

58 76 55 58 79 97 52 124

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59 59 52 67 89

68

57 8

113

44 11

Cash Cost (US$/t) Delivery (US$/t)

586 530

SG&A

Others

CAPEX

Interest Working Capital

Capacity (k tons): 1,125 660 1,700 570 355 565 690 2,045 2,430 3,625 11,385 = 30,300 365 945 3,755

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Tissue Market

(1) Source: RISI

Kg/capita

Per Capita Consumption of Tissue by Region, 2013(1)

Growth Potential

24.3

14.8 14.6

11.1

6.3 6.1 4.4

2.2

N. A

mer

ica

Wes

t Eu

rop

e

Jap

an

Oce

ania

East

Eu

rop

e

LatA

m

Ch

ina

Afr

ica

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)

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Pulp Projects Backlog

Main Projects

Project Country Capacity Timing Status

Arauco / Stora Uruguay 1.3 Mt 1Q2014 Confirmed

CMPC Guaíba II Brazil 1.3 Mt 2Q2015 Confirmed

Klabin Paraná Brazil 1.5 Mt* 2Q2016 Confirmed

Fibria Três Lagoas II Brazil 1.75 Mt - Unconfirmed

APP South Sumatra Indonesia 1.5 Mt – 2.0 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

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Financial Highlights

39% 42% 41%

1,853

1,841 1,958

1Q13 4Q13 1Q14

565

823 679

1Q13 4Q13 1Q14

1Q14 Results

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1,370 1,347

1,358

1,510 1,301

1,441

1Q13 4Q13 1Q14

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

Production Sales

PRODUCTION AND SALES VOLUME (000 t) NET REVENUES (R$ million)

+13%

463 466

524

507 466

549

1Q13 4Q13 1Q14

cah cost ex-downtimes cash cost

CASH COST (R$/t)

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Debt Amortization Schedule at

Mar/2014

(R$ Million)

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

Debt by Currency

6%

94%

Local Currency

Foreign Currency

Debt Profile

5.2%

4.6%

Mar/13 Mar/14

1,475

1,484

2,959

1,288

777 773

1,386 1,230

943

650

1,367

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Liquidity 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Pre-payment BNDES NCE ACC/ACE/Other Voto IV Bond

(cash)

(revolving)

7,745 8,240

7,849

3,790 3,695 3,351

Mar/13 Dec/13 Mar/14 R$ US$

Debt

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NET DEBT(R$ million)

GROSS DEBT (R$ million)

Net Debt/EBITDA (US$) Net Debt/EBITDA (R$) 3.1 2.8

2.4

3.1 2.6 2.4

10,768 9,487 9,773

5,269 4,254 4,172

Mar/13 Dec/13 Mar/14

R$ US$

- 11% - 24%

679

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30 (111) (303)

(412)

(64) (117)

317

Adjusted EBITDA Debt Exchange Variation /

MtM hedge debt

MtM Operational

Hedge

Net Interest 2020 Bond Redemption

Depreciation, amortization and

depletion

IR/CS Other Net Profit (Loss)

Net Results (R$ million) – 1Q14

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Non-recurring impact

(1) Concluded transaction with 111,3% premium over the face value (US$ 690.2 milhões), without additional broker fees.

(2)

∆

∆

Debt Hedge

Debt Exchange Variation

(1)

(2) Includes : other expenses/non-recurring incomes, other debt exchange variation and other financial incomes/expenses.

Investor Relations

E-mail: ir@fibria.com.br

Phone: +55 11 2138-4565

Website: www.fibria.com.br/ir

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