Credit Suisse - 2014 Latin America Investment Conference

8/13/2019 Credit Suisse - 2014 Latin America Investment Conference

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Corporate PresentationFebruary 2014


2/39

The information contained in this presentation may include statements whichconstitute 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.

Disclaimer

2


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Agenda

Financial Highlights1Pulp and Paper Market2

Final Remarks3


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Financial Highlights


5/39

1,370 1,347 1,3581,510

1,301 1,441

4Q12 3Q13 4Q13

Production Sales

4Q13 Results

5

EBITDA (R$ million) and EBITDA Margin (%)Production Cash Cost (R$/t)

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

1,853 1,841

1,958

4Q12 3Q13 4Q13

Record

446

501

466

4Q12 3Q13 4Q13

+5% 41% 41% 42%

753 762823

4Q12 3Q13 4Q13

Record


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Indebtness

Net Debt (Million)

3.4 3.02.8

3.3 2.9 2.6

10,7689,487 9,773

5,2694,254 4,172

Dec/12 Sep/13 Dec/13

R$ US$

Debt Amortization Schedule (R$ million)Dec./13(1)

Gross Debt (Million)

7,7458,240 7,849

6,946

3,790 3,695 3,3512,965

Dec/12 Sep/13 Dec/13

R$ US$

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

Dec/13(Pro forma)

2.5

2.3

After

Bond 2020

Repurchase

3,482

- 21%- 34%

1,471

903

1,924

4,298

1,474

834 8301,256

976762

2,169

1,441

26 5

Liquidity 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Pre-Payment BNDES ECN Trade Finance (ST) Finnvera Bond

Revolver

Land

sale (2)

Cash

(1) Does not consider the reclassification of the bond 2020 to the short term.(2) Pending payment related to the land sale.


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Fibria delivered the most significant leverage reduction in the LTM

Net Debt/EBITDA (x)

3.93.6

2.9

3.2

4.2

4.85.2

4.7

4.53.4

3.1

3.33.0 2.8

4.74.7 5.0 5.1 5.1 5.2

2.4 2.3

2.9 3.0

3.3

3.7

3.1

4.1(1)

Sep/10 Dec/10 Mar/11 Jun/11 Sep/11 Dec/11 Mar/12 Jun/12 Sep/12 Dec/12 Mar/13 Jun/13 Sep/13 Dec/13

Fibria Arauco CMPC Klabin Suzano

S&P BB+/Stable BBB-/Stable BBB/Negative BBB-/Stable BB/Negative

Moodys Ba1/Positive Baa3/Negative Baa3/Negative - Ba2/Stable

Fitch BB+/Positive BBB/Stable BBB+/Stable BBB-/Stable BB-/Positive

(1) 2013 projection by Citibank.

Ratings

7


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Net Results (R$ million)4Q13

823 (444)

(185)

810

(5)(118)

(506)

(713) (32)

Adjusted

EBITDA

Rev. (Exp.)

non-recurring /

non-cash

Debt Exchange

Variation /

MtM Hedge

Debt

MtM

Operational

Hedge

Net Interest Depreciation,

amortization

and depletion

IR/CS Other Net Profit (Loss)

Non-recurring impacts

(1)Include non-recurring expenses /non-cash, other exchange and currency variation and other financial incomes and expenditures.

(1)

Refis

Debt Hedge

Debt exchange variation

Excluding the non-recurring

effects , profit would

reached approximately R$

323 million at 4Q13.

8


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9

Free cash flow generation(1) (R$ million) - 2013

Discipline of Capex, execution according to 2013 guidance.

2,796

1,268(1,287)

(458)

289

(31) (41)

Adjusted EBITDA Capex Net Interest Working

Capital

IR/CS Other Free Cash Flow

(1) Does not include: the capital gain on assets sales, Bonds repurchases and the tax payment (REFIS) over profit earnings abroad.


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Positive Free Cash Flow (1)(R$ million)

10

2013: R$ 1,268 million

230

-402

-149-12

221 57 157

399

167234

122

746

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

1.641.59Average 1.80 1.77 2.03 2.06 2.282.071.96 2.00

FX(R$/US$)

2.281.67

2012: R$ 836 million2011: R$ -333 million

(1) Does not include: the capital gain on assets sales, Bonds repurchases and the tax payment (REFIS) over profit earnings abroad.


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2.001.76 1.67

1.952.16

562

844 810751 791

FX and Pulp Price explain 80% of FibriasEBITDA Margin

11

Average Price

FOEX (US$/t)

Exchange Rate

Average (R$/US$)

EBITDA Margin

EBITDA (R$ million)

29%

40%

34% 36%40%

1,522

2,526

1,9642,253

2,796

2009 (1) 2010 (1) 2011 (1) 2012 2013

(1) Excludes Conpacel


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0%

5%

10%

15%

20%

25%

30%

5% 10% 15% 20% 25%

ExpectedReturn(%

p.a.)

Volatility (% a.a.)

Efficient Frontier (1)with and w/o BHKP

Com Minrio de Ferro Com BHKP e Minrio de Ferro(1) Since 2009(2) Considering the expected return of a portfolio comprised of: DJ, Ibovespa Index , Oil, Copper, Niquel, Libor 3M in US Dollar and BHKP.

Without Pulp With pulp and others

Pulp vs Other Commodities

10%

0% -2%

14%

0%

2%

-3%-6% -5%

-20%

-10%

0%

10%

20%

30%

40%

50%

Ibovespa LMEMetals

WTICrude Oil

Iron Ore Sugar Soy Cattle CPI Brazil CPI US

38%

32%30%

26% 25%

21%

16%

8%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Sugar Iron Ore WTI Crude

Oil

Soy LME

Metals

Ibovespa Cattle FOEX PIX

BHKP

Pulp price has the lowest historical volatility(1)among all

commodities.

Considering pulp price in US$, a low correlation withhard 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).

Commodities Historical Volatility BHKP Correlation (USD)

12


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Maintenance CAPEX (R$ Million)

1,416

1,078

1,287

2011 2012 2013 Land Deal:Rural

Partnership

Non recurringwood

purchase

Inflation FX Rate Modernization Others 2014E

Approx.

18% increase

13


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Following this concept, Fibria signed an agreement for the sale of lands

and the creation of a forestry partnership with a group of investors

FIBRIA PARKIA

FIBRIA

Contract 3: Wood Purchase Agreement

ForestryProduction

FIBRIAPARKIA

~ R$ 1.4 Bi cash

206 kha

~ R$ 0.25 Bi earnout

Contract 1: Purchase and Sale of Land

Contract 2: Forestry Partnership

Fibria has expertise,existing wood

inventory and capitalto invest in future

rotations; no longerowns the land

Partner

~ 60% of wood produced belongsto the forest manager (Fibria)

~ 40% of woodproduced belongs tothe partner (Parkia)

Newcos sell wood

to Fibria (put-call)

Parkia is a wholly-owned subsidiary of a Brazilian joint venture comprised of controlling interests oflocal investors and additional funding from qualified participants through a FIP


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Operational driver creates relevant value even without considering

earnout

Implicit Rate of the Transaction consideringdifferent levels of earnout gains (post-tax)

Fibrias Cost

of CapitalYield with

receipt of

100% of earnout

Land Appreciation

Indicatior of

2,5% per year

Yield with

receipt of

0% of earnout

Land Appreciation

indicatior with

no growth

5.0%4.2% 7.6% 10.2%

Fibrias Cost

of Equity

Note: Cost of Capital and Cost of Equity in real terms in USD. Values take into consideration Fibrias internal references.

Minimum value creation


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Cash Production Cost saw an increase of 17% over the past 5 years

Cash Production Cost (1) (R$/ton)

432448

471 473

505

2009 (2) 2010 (2) 2011 2012 2013

CAGR: + 17%

Inflation in the period :

IPCA: +31%

FibriasCash Cost:

+17%

2014 Cash Production Cost:

Wood costs will represent the main

impact

Non recurring increase mainly due to

third party wood

Operating excellence actions focused

on keeping cash cost below inflation

In 2015 the wood impact will be

structurally eliminated

(1) Constant Currency (2) Excludes Conpacel

Target to have the cash cost increase

below inflation

16


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Fibriastax structure

Tax benefits (R$ million)

Fiscal - annual adjustment

Benefit Amount Maturity

Goodwill(Aracruzacquisition)

Annual tax deduction ~~R$85 million

Remaining Balance Dec/13:R$ 1,35 billion (base)

2018

Forestry Capex inMato Grosso doSul state

2013s tax deduction relatedto depletion: R$29 million

Undefined

Tax loss carry forward and tax credits

Benefit Amount Uses

Tax losscarryforward (1)

Balance up to Dec.12:R$928 million

- Refis: R$ 494 million-Land Deal: R$ 218million- Other R$129 million- Remaining balance:R$ 87 million

Balance from Jan.13 toDec.13: R$ 3 million

- Land Deal: R$ 581million

Accumulatedtax credits

Balance Dec. 2013:Short Term: R$ 171 millionLong Term: R$ 588 million

Mainly:- PIS/COFINS- withholding tax (IR

and CSLL)

Federal taxes

Tax payment (cash basis)

17

2009 2010 2011 2012 2013

R$ 7 million R$ 16 million R$ 4 million R$ 15 million R$ 31 million

(1) The estimate of capital gain of the land deal is R$ 799 million

Remaining balance of

tax credits of R$ 87

million


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PULP

- Growth with discipline

- Best portfolio of projects

BIO-ENERGY

- Complementary to pulp

- Ensyn

INDUSTRY

CONSOLIDATION ?

OTHER OPPORTUNITIES

- Portocel

- Land and forest

PotentialGrowth

Prospects

18

Fibria is seeking value creation for its shareholders with capital

discipline


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Pulp and Paper Market


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Today, according to public information, there will be a 9%

increase of the market pulp capacity between 2013 and 2015

(1) Source: PPPC Special Research Note November 2013does not include Sulphite and UKP

(2) Projects included: Ilim Group (490kt)| Closures: Resolute Forest (75kt) ; Domtar (125kt) ; Rayonier (280kt); Sodra Tofte (240kt)

(3) Projects included: Eldorado (1.5 mt); UPM Fray Bentos (100kt); Maranho (1.5mt); Montes del Plata (1.3 mt); Oji Nantong (700kt); Guaba II (1.3 mt) | Closures: Jari (410kt); Cellulose du

Maroc (140kt); Ilim Group (100kt); Double A (85kt); Sappi Cloquet (270kt); Sodra Tofte (180kt); April Rizhao (130kt)

SOFTWOOD(1)

25.0 MT

HARDWOOD(1)

30.3 MT

MARKET PULP(1)

55.3 MT+ =

2013-2015(3):

New capacities: 6.4 mt

Announced Closures: (1.3) mt

Net: 5.1 mt

2013-2015(2):



Net: (0.2) mt

2013-2015:



Net: 4.9 mt

20


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Pulp Market

Shipments of Eucalyptus Pulp (1)

(1)Source: PPPC World 20December/2013

Sales Distribuition 2013 - Fibria

Producer StocksHardwood(1)

(1)Source: PPPC World 20December/2013

NBSK vs. BHKP - Prices(1)

Europe

39%

North

America

28%

Asia

25%

Others

9%

Per region

Tissue

53% Printing

& Writing

29%

Specialty

17%

Daily production

39 days

Nov/13: 40 days | Dec/12: 35 days

Per end use

6%

12%

-1%

23%

Total North America Western Europe China

+844kt

-37kt

+674kt+196kt

2013 vs. 2012

400

500

600

700

800

900

1,000

1,100

0

50

100

150

200

250

jan-08

mai-08

set-08

jan-09

mai-09

set-09

jan-10

mai-10

set-10

jan-11

mai-11

set-11

jan-12

mai-12

set-12

jan-13

mai-13

set-13

Gap NBSK/BHKP Average Spread NBSK BHKP

Spread Dez/13:

US$ 136

(1)Source: FOEX

Average Spread:

US$ 88

0

10

20

30

40

50

60

05 06 07 08 09 10 11 12 13

21


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Supply structural changes puts pressure on the industry

22

MARKET PULP CAPACITY RANKING 2013(000T) MAIN PROJECTS

0 2000 4000 6000

Canfor

ENCE

West Fraser

Eldorado

Metsa Fibre

Mercer

IP

IlimDomtar

Stora Enso

Weyerhaeuser

Paper Excellence

Suzano

Sodra

UPM-Kymmene

CMPC

Georgia PacificArauco

APRIL

Fibria

Bleached Softwood Kraft Pulp (BSKP)

Bleached Hardwood Kraft Pulp (BHKP)

Unbleached Kraft Pulp (UKP)

Mechanical

Project Country Capacity Timing Fiber Status

Arauco / Stora Uruguay 1.3Mt 1Q2014 BEKP Confirmed

CMPC Guaba II Brazil 1.3 Mt 2Q2015 BEKP Confirmed

Klabin Paran Brazil 1.5 Mt 2Q2016BEKP/

BSKP/FluffConfirmed

Fibria Trs Lagoas II Brazil 1.5 Mt - BEKP Unconfirmed

APP South Sumatra Indonesia1.5 Mt -2.0

Mt- BHKP Unconfirmed

COST CURVE EVOLUTION

USD

/A

dt,2013cost

leve

l

Cumulative Capacity Million t/a

Cost position

of marginal

producer

Source: Hawkins Wright , Poyry and Fibria Analysis


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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 2013-2015E

Capacity closures DO happen

23

Source: PPPC and Fibria

Closures of Hardwood Capacity Worldwide000 ton


24/39

Gross capacity addition should not be counted as the only factor

influencing pulp price volatility

Source: Hawkins Wright

BHKPprices-cifEurope(US$/ton)

Greenfieldcapacity(000ton)

24

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

APPHainan

VeracelNueva Aldea

Santa F

Mucuri

FrayBentos

Kerinci

PL3

Trs

Lagoas

Rizhao

APP Guangxi

Chenming

Zhanjiang

EldoradoMontes del

Plata

Maranho

Guaba II


25/39

Technical Age and Scale in the Market Pulp IndustryFurther closures are expected due to lack of adequate investments in the industry

Hardwood (BHKP) Market Pulp Softwood (BSKP) Market Pulp

Source: Pory & Fibria

25

0

500

1,000

1,500

2,000

2,500

3,000

051015202530

PM Capacity, 1000 t/a

Technical Age, years

STRONG

2013/IQ

Weighted average

technical age 14.2 years

Weighted average

capacity 1184 000 t/a

Aracruz

Trs L ago as

Veracel

Jacare

0

500

1,000

1,500

2,000

2,500

3,000

051015202530

PM Capacity, 1000 t/a

Technical Age, years

WEAK

STRONGWeighted average

technical age 21.2 years

Weighted average

capacity 503 000 t/a

2013/IQ

North American Pulp Mills Other Pulp Mills Closures Grade Switch On & Off


26/39

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

26

Total Cash Costof BHKP

delivered to

Europe

(US$/t)

471 492426

479467

397303 325

270234

12442

8639 46

37

61 45

69 69

556

115

4126

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

Source: Hawkins Wright (Outlook for Market Pulp, September 2013) | Fibrias2013 considering a FX of R$/US$2.16.

595

546

SG&A

Others

CAPEX

Interest

Working Capital


27/3927

China: Paper capacities expansion

continues to go on

China corresponds to 2/3 of global tissue capacity expansion

Ktons 2012 2013 2014E 2015E Total

P&W (woodfree) 720 -25 0 550 1,245

Tissue 1,540 1,184 1,518 903 5,145

Cartonboard 2,210 2,428 1,300 300 6,238

Total 4,470 3,587 2,818 1,753 12,628

Source: Fibria and Independent Consultants
http://www.google.com/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=hUY-Bt4I2F68FM&tbnid=vBo4CDb9nigtxM:&ved=0CAUQjRw&url=http://www.enchantedlearning.com/asia/china/flag.shtml&ei=OqaLUuvwL4LMsQTMnIDAAg&bvm=bv.56643336,d.cWc&psig=AFQjCNEQJHshZtL5VdIWgIeXI5pjmnVPyw&ust=1384970157104043


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Strong internal consumption will drive tissue demand in China

24.3

14.8 14.6

11.1

6.3 6.14.4

2.20.8 0.6

N.America

W

.Europe

Japan

Oceania

E.Europe

L.America

China

N

&MEast

AsiaFarEast

Africa

Kg/capita

Per Capita Consumption of Tissue by Region, 2012(1)

Growth

Potential

0

5

10

15

20

25

30

35

1991 1996 2001 2006 2009 2010 2011 2012

N.America W.Europe E.Europe L.America Middle East

Japan China Asia FE Oceania Africa

Average

Growth Rate

+3.5% p.a.

Million tons

World Tissue Consumption, 1991-2012(1)

28

(1) Source: RISI


29/39

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)

29

Sources: (1) the Economist. (2) RISI China Pulp Market Study.

Shift from exports to private consumption;

Positive effects on households income and rising standards of living.


30/39

Different from other commodities, China accounts for 26% of

hardwood demand compared to around 60% in other basic materials sectors

12%15%

17%

19%

26%

20%

26% 25%

14%15%

16%

18%

25%

21%

26%26%

0

2,000

4,000

6,000

8,000

2005 2006 2007 2008 2009 2010 2011 2012

Eucalyptus ('000 t) Hardwood ('000 t)

Latin America is

the main

supplier of pulp

to China

(1) Source: PPPC Global 100 Report 2012

Chinas Market Share of Market Pulp Shipments (%)(1)

30


31/39

FibriasCommercial Strategy

31

47%

33%

20%

FibriasPulp End Use2013 FibriasHistorical Sales Distribution - % of sales volume

Europe

96%

3%

1%

21%

44%

35%

North America

Asia

SpecialtiesTissue Printing & Writing

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

North America Europe Asia Others

Fibriassales delivered to the least volatile

consumer markets (tissue) which brings stability to

sales volume.

Fibria has a low dependence on China (less than

20% of total sales volume).


32/39

Final Remarks


33/39

Fibria was elected as 1st place inthe pulp & paper sector in thecorporate governance andfuture's vision categories

Fibria is one of the 5 Braziliancompanies nominees to the BestCorporate GovernanceAward from London.

Acknowledgments in Governance, Transparency and Profitability

33

Company of the year,among all industries,according to ValorEconmico.

Valor 1000

XVII ANEFAC-FIPECAFI - SERASAEXPERIAN Prize

Fibria is among the mosttransparent publiccompanies in Brazil,recognized for thequality of its 2012financial statements.

Fibria was ranked for the forthconsecutive year (2010, 2011,2012 and 2013).

In 2013 Fibria was ranked in fourcategories: CEO, CFO, IR Teamand IR Professional

2013 Institutional Investor LatamRanking - P&P Sector

Fibria was selected as one ofthe 10 best companies intransparency.The only one in

the pulp & papersector.

CDP Brasil 100 ClimateChange 2013 Report

poca Negcios 360

International Recognition byCorporate Governance Report

Fibria was elected as 2ndplace.The prize highlights thebusiness profitability,share profitability,liquidity, corporategovernance and sustainability.

The Best Companies to the Shareholders

Prize of Capital Aberto Magazine


34/39

34

Fibria is the only Latin America company selected

by RobecoSAM(responsible for DJSI) as one of the10 worldwide leaders in SRI magazines The 10Game Changers Changing the industry throughsustainability.

RobecoSAM - Sustainability Investing Magazine

Selected to Dow Jones World and EmergingMarkets SustainabilityIndices for 2013/14 as theindustry leader of Forestry Resources and Papersector.

DJSI World and DSJI Emerging Markets

Acknowledgments in Sustainability


35/39

THANK YOU

Investor Relations

E-mail: [email protected]

Phone: +55 11 2138-4565

Website: www.fibria.com.br/ir


36/39

Back up


37/39

Global Paper Consumption

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

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 19962006

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 20072016

Developed Markets: - 4.0%


CAGR 19962006



CAGR 20072016



26,877

37

Source: RISI


38/39

Global Market Pulp Demand

000 ton 1996 2006 2016Growth1996-2006

Growth2007-2016

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

Demand growth rateHardwood (BHKP) vs. Softwood (BSKP) (000 ton)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Hardwood Softwood

Hardwood demand will continue to increase at a faster pace than Softwood

2011 - 2016 CAGR:

Hardwood: +2.3%

Softwood: +1.0%

38

Source: PPPC


39/39

Pg. Slide

4 Financial Highlights

5 4Q13 Results6 Indebtness

7 Fibria delivered the most significant leverage reduction in the LTM

8 Net Results (R$ million)4Q13

9 Free cash flow generation(1) (R$ million) - 2013

10 Positive Free Cash Flow (1) (R$ million)

11 FX and Pulp Price explain 80% of FibriasEBITDA Margin

12 Pulp vs Other Commodities

13 Maintenance CAPEX (R$ Million)

14

Following this concept, Fibria signed an agreement for the sale of

lands and the creation of a forestry partnership with a group of

investors

15Operational driver creates relevant value even without

considering earnout

16 Cash Production Cost saw an increase of 17% over the past 5 years

17 Fibriastax structure

18 Fibria is seeking value creation for its shareholders with capital

19 Pulp and Paper Market

20Today, according to public information, there will be a 9% increase

of the market pulp capacity between 2013 and 2015

Pg. Slide

21 Pulp Market

22 Supply structural changes puts pressure on the industry23 Capacity closures DO happen

24Gross capacity addition should not be counted as the only factor

influencing pulp price volatility

25 Technical Age and Scale in the Market Pulp Industry

26Total delivered cash cost will also have an influence on bottom

prices

27 China: Paper capacities expansion continues to go on

28 Strong internal consumption will drive tissue demand in China

29 Internal Consumption and Urbanization

30Different from other commodities, China accounts for 26% of

hardwood demand compared to around 60% in other basic

materials sectors

31 Fibrias Commercial Strategy

32 Final Remarks

33 Acknowledgments in Governance, Transparency and Profitability

35 Acknowledgments in Sustainability

36 Back up37 Global Paper Consumption

38 Global Market Pulp Demand

Documents

Credit Suisse - 2014 Latin America Investment Conference