Global Emerging Markets Conference - Deutsche Bank September 2014

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.

2

1 2 3 4

Company Overview Pulp and Paper Market Financial and Operational Highlights Final Remarks

Agenda

3

Company Overview 4

A Winning Player Superior Asset Combination

Belmonte Veracel Caravelas Portocel Aracruz Três Lagoas

Main Figures – 2Q14 LTM

Pulp capacity

million tons

5.300

Net revenues

R$ billion

7.1

Total Forest Base(1)

thousand hectares

962

Planted area(1)

thousand hectares

555

R$ billion

6.7

Net Debt/EBITDA (in Dollars)(2)

X

2.4

Net Debt/EBITDA (in Reais)

X

2.3

Net Debt

Jacareí Santos

Port Terminal

Pulp Unit

Source: Fibria (1) Including 50% of Veracel, excluding forest partnership areas and forest bases linked to the sales of Losango and forest assets in Southern Bahia State. (2) For covenants purposes, the Net Debt/EBITDA ratio is calculated in Dollars.

5

Fibria’s Units Industrial Capacity

* Veracel is a joint venture between Fibria (50%) and Stora Enso (50%) and the total capacity is 1,120 thousand ton/year

6

Fibria’s Commercial Strategy Sales Mix by End Use - Fibria

Highlights

End Use - 2Q14

Region - 2Q14 N. America 22%

Tissue 49%

Europe 42% Asia 27%

Printing & Writing 33% Specialty 18%

Other 9%

Sales Mix by Region - Fibria 11%

9%

11% 10% 10% 10% 11% 10%

22% 25%

14% 20%

37%

46% 41%

30%

46%

20%

9%

10%

8%

8%

8%

9%

9%

20% 23% 25% 26% 21% 26% 26% 26% 27% 31% 28%

35% 44%

43% 41% 36%

42%

43% 35% 36%



Worldwide presence



Strong global customer base



Long-term relationships



Focus on customers with stable business



Customized pulp products and services



Sound forestry and industrial R&D



Focus on less volatile end-use markets such as tissue



Efficient logistics set up



Low dependence on volatile markets such as China



Low credit risk



100% certified pulp (FSC and PEFC/Cerflor)

46% 42%

29% 29% 24% 26% 26% 30% 22% 28% 31% 30% 19% 22% 18%

4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 North America

Europe

Asia

Other

7

Shareholder Structure and Corporate Governance

Votorantim Industrial S.A. (1)

29.42%

BNDES Participações (1)

30.38%

Free Float (2)

General Meeting

40.20% Fiscal Council Board of Directors

Finance Committee

Listed on Novo Mercado, highest CG level at BM&FBovespa:

Statutory Audit Committee

Innovation Committee

20% independent members Role of CEO and chairman is split

Sustainability Committee

Personnel and Remuneration Committee

Policies approved by the Board of Directors:

• Only 1 class of shares →100% voting rights

• Indebtedness and Liquidity

• 100% tag along rights (Brazilian corporate law establishes 80%)

• Market Risk Management

• Board of Directors with minimum 20% independent members

• Risk Management

• Financial Statements in International Standards – IFRS

• Corporate Governance

• Adoption of Arbitration Chamber

• Related Parties Transactions

• SEC Registered ADR Level III program

• Anti-Corruption • Information Disclosure

(1) Controlling group (2) Free Float 40.14% + Treasury 0.06%

• Securities Trading

8

Acknowledgments: Governance, Transparency, Profitability & Sustainability Valor 1000

Company of the year, among all industries, according to Valor Econômico.

XVII ANEFAC-FIPECAFI - SERASA EXPERIAN Prize

International Recognition by Corporate Governance Report Fibria is one of the 5 Brazilian companies nominees to the Best Corporate Governance Award from London.

Fibria was elected as 2nd place. The prize highlights the business profitability, share profitability, liquidity, corporate governance and sustainability.

Época Negócios 360º

CDP Brasil 100 – Climate Change 2013 Report

Fibria was elected as 1st place in the pulp & paper sector in the corporate governance and future's vision categories

Fibria was selected as one of the 10 best companies in transparency. The only one in the pulp & paper sector.

Selected to Dow Jones World and Emerging Markets Sustainability Indices for 2013/14 as the industry leader of Forestry Resources and Paper sector.

Fibria was ranked for the fifth consecutive year (2010, 2011, 2012, 2013 and 2014).

The Best Companies to the Shareholders Prize of Capital Aberto Magazine

Fibria is among the most transparent public companies in Brazil, recognized for the quality of its 2012 financial statements.

DJSI World and DJSI Emerging Markets

2014 Institutional Investor Latam Ranking P&P Sector

RobecoSAM - Sustainability Investing Magazine Fibria is the only Latin America company selected by RobecoSAM (responsible for DJSI) as one of the 10 worldwide leaders in SRI magazine’s “The 10 Game Changers – Changing the industry through sustainability”.

9

Pulp and Paper Market 10

Today, according to public information, there will be a 10% increase of the pulp market capacity between 2014 and 2016

SOFTWOOD(1) 25.5 MT

2014-2016(2):

+

HARDWOOD(1) 31.1 MT

2014-2016(3):

=

MARKET PULP(1) 56.6 MT

2014-2016:

• New capacities: 0.7 mt

• New capacities: 6.0 mt

• New capacities: 6.7 mt

• Announced Closures: (0.4) mt

• Announced Closures: (0.6) mt

• Announced Closures: (1.0) mt

Net: 0.4 mt

Net: 5.4 mt

Net: 5.7 mt

(1) Source: PPPC Special Research Note May 2014 – does not include Sulphite and UKP (2) Projects included: Paper Excellence (70kt); UPM Kymi (170kt); Klabin (200kt); Sodra Värö (275kt)| Closures: Birla AV Terrace Bay (350kt) (3) Projects included: Maranhão (1.5mt); Montes del Plata (1.3 mt); Oji Nantong (700kt); Eldorado (200kt); CMPC Guaíba II (1.3 mt); Klabin Ortigueira (1.0mt) | Closures: April Rizhao (130kt); Arauco Valdivia (300kt); Old Town (200kt).

11

Global Market Pulp Demand Hardwood demand will continue to increase at a faster pace than Softwood Paper Production – Runnability with BHKP

Hardwood (BHKP) vs. Softwood (BSKP) (000 ton) 35.000 30.000 25.000 20.000

2013 - 2018 CAGR: Hardwood: +2.8% Softwood: +0.7%

15.000 10.000 5.000

Hardwood

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

0

Source: RISI conference, August 2014.

Softwood

Source: PPPC

NBSK vs. BHKP - Prices(1)

Demand growth rate 000 ton Hardwood

1998 15.0

2008 24.5

2018 32.8

Growth 19982008 63%

Growth 20082018 34%

250

1100

Spread Aug/14: US$ 200

200

1000

900 150

800 700

100

Eucalyptus

6.0

14.2

23.4

Softwood

17.6

21.6

24.8

Market Pulp

32.6

46.1

57.1

137% 23%

63% 15%

Avg. Spread: US$ 103

50

500

0

400

Spread Source: PPPC. Excludes Sulphite and UKP market pulp.

600

(1)

Avg. Spread

BHKP

NBSK

Source: FOEX |Average spread in the last 5 years.

12

Supply structural changes puts pressure on the industry MARKET PULP CAPACITY RANKING 2013 (000T)

MAIN PROJECTS Project

Fibria APRIL Arauco CMPC Georgia Pacific UPM-Kymmene Paper Excellence Metsa Group Suzano Stora Enso Sodra Weyerhaeuser IP Ilim Mercer Domtar Resolute Forest Eldorado ENCE Canfor

Country

Capacity

Timing

Fiber

Status

CMPC Guaíba II

Brazil

1.3 Mt

2Q2015

BEKP

Confirmed

Klabin Paraná

Brazil

1.5 Mt

2Q2016

BEKP/ BSKP/Fluff

Confirmed

APP South Sumatra

Indonesia

2.0 Mt

1Q2017

BHKP

Confirmed

Fibria Três Lagoas II

Brazil

1.75 Mt

-

BEKP

Unconfirmed

USD/Adt, 2013 cost level

COST CURVE EVOLUTION

0

2000

Bleached Softwood Kraft Pulp (BSKP)

4000

6000

Cost position of marginal producer

Cumulative Capacity Million t/a

Bleached Hardwood Kraft Pulp (BHKP) Unbleached Kraft Pulp (UKP) Mechanical Pulp (MP) Source: Hawkins Wright , Poyry and Fibria Analysis

13

Gross capacity addition should not be counted as the only factor influencing pulp price volatility….(1)

2,5

900

785 (2)

800

APP South Sumatra

700

600

Rizhao

Eldorado

400

Veracel

Nueva Aldea

Guaíba II

Mucuri

Klabin

1,0 Santa Fé

Valdivia

300

Montes del Plata

Fray Bentos

APP Hainan

Maranhão

1,5

Três Lagoas

500

2,0

Greenfield capacity (000 ton)

BHKP prices - cif Europe (US$/ton)

List Price bottoming at US$650/t in 2011 and US$726/t in 2014

Kerinci PL3

Chenming Zhanjiang APP Guangxi Oji Nantong

200

0,5

100

0

0,0 2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

(1) Source: Hawkins Wright , Poyry and Fibria Analysis (2) Average forecast according to Hawkins Wright and Brian McClay.

14

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

Softwood (BSKP) Market Pulp 2013/IQ

PM Capacity, 1000 t/a

3.000

Weighted average technical age 14.2 years

Weighted average technical age 21.2 years

STRONG

2.500

2013/IQ

PM Capacity, 1000 t/a

STRONG

2.500 Aracruz

2.000

1.500

2.000

Weighted average capacity 1184 000 t/a

1.500

Três Lagoas Jacareí

1.000

Veracel

1.000 Weighted average capacity 503 000 t/a

500

500

0 30

WEAK

20

10

0

0

30

WEAK

25

Technical Age, years North American Pulp Mills

Other Pulp Mills

Closures

Grade Switch

20 15 10 Technical Age, years

5

0

On & Off

15

Capacity closures DO happen

Closures of Hardwood Capacity Worldwide 000 ton -85

-105

-540

-500 -630

-910 -1.085 -1.180 -1.260 2006

2007

2008

2009

2010

2011

2012

2013

2014-2016 E as of Aug14

Source: PPPC and Fibria

16

… and when other expenses are plugged, we see no one but Fibria is generating positive free cash flow in the industry Total Cash Cost of BHKP delivered to Europe (US$/t)

Capacity (k tons):

660

595

1,775 585

565

355

1,005 2,410

1,960

330 1,095

3,680 4,165 7,450

5,300

= 31,930 August FOEX BHKP (CIF Europe): US$ 726/t

Interest

48

Net price: US$ 559/t

71

40

70

47

42

112

36

42 50

528 502 493 453 479 464

388 406 426

Cash Cost (US$/t)

41

45

56

113

20

Interest

141

Capex

50

SG&A

70

Positive Working Capital: US$44/t

316 304 306 286 258 251

Delivery (US$/t)

Source: Hawkins Wright (Outlook for Market Pulp, March2014) | Fibria’s 2Q14 considering a FX of R$/US$2.23. Gray bar include cash expenses as Interest, CAPEX, SG&A and Taxes.

17

Global Market BEKP Demand Shipments of Eucalyptus Pulp (1) 2013 vs. 2012

7M2014 vs. 7M2013

8% 23% 22%

+715 kt 12%

+674 kt

6%

3%

+185 kt

+844 kt

-37 kt -1%

Total (1)

North America

Western Europe

Total China (1)

Source: PPPC World 20 – December/2013

5%

+25 kt

+191 kt

North America

Western Europe

+391 kt

4% +106 kt

China

Other

Source: PPPC World 20 – August/2014

Paper Capacity increase in China Ktons

2013

2014E

2015E

Total

P&W (woodfree)

385

150

576

1,111

Tissue

1,029

1,831

471

3,331

Cartonboard

2,128

1,616

180

3,958

Total

3,542

3,631

1,227

8,400

18

Benefiting From China’s Growth China’s Hardwood Imports of BHKP by Country (1) (‘000s t)

4.500 4.000 3.500 3.000 2.500 2.000 1.500 1.000 500 0

World Tissue Consumption, 1991-2013 (3) (million t)

Latin America is the leading exporter of BHKP to China, accounting to approximately 46% of China's total imports in 6M2014.

4.060 3.816

6M2013

1.852

1.498 1.142

BHKP Total

6M2014

Latin America

1.039 928 1.030

Other*

Indonesia

128 108

92 19

28 12

USA

Canada

Western Europe

(kg/person/year)

35 30 25 20 15 10 5 0

LTM Growth Rate +4.2%

1991 1996 2001 2006 2009 2010 2011 2012 2013 N.America Middle East Oceania

* includes Russia, China, Thailand and New Zealand

China's Share of Market Pulp (2) 12.000 10.000 8.000 6.000

2.000

21

97

11

9

10 13

(Kg/capita/year)

23

23

12

15 16 17

20 21

19 20

21 23

15

10

15 12 7

6

5

0 2005

2006

2007

2008

Eucaplyptus (1) (2) (3)

24

20 22 26

16

30 25

14

10

10

L.America Asia FE

17

12

4.000

22

E.Europe China

Per Capita Consumption of Tissue by World Region (3)

(In percentage)

Between 2005 and 2013, the Chinese market share of eucalyptus shipments increased by 14 p.p. (total market pulp: + p.p.)

W.Europe Japan Africa

2009

2010

Hardwood

2011 Total

PPPC – Pulp China PPPC – W20. Coverage for chemical market pulp is 80% of world capacity RISI

2012

2013

5 1

0 N. West Japan Oceania East LatAm America Europe Europe

China

Africa

19

Internal Consumption and Urbanization China’s 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. Sources: (1) The Economist. (2) RISI China Pulp Market Study.

20

Financial and Operational Highlights 21

The maturity of synergies captured since Fibria’s creation improved its operating indicators… PRODUCTION VOLUME (000 t)

CASH COST (R$/ton)

BEST PRACTICES AND OPERATING STABILITY +14%

-21% 656

5,054

5,299

5,184

5,271

624

596

432

448

2009*

2010*

549

545

471

473

505

519

2011

2012

2013

2Q14 LTM

5.253

4,600

2009*

2010*

2011

2012

2013

2Q14 LTM

SG&A (R$ million)

593

-28% 826

593

766

605

40% 678 584

29%

699 648

Inflation Effect**

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

STRUCTURE AND PROCESS SIMPLIFICATION 900

Historical Value

34%

2,526

645

1,964

36%

40%

40%

2,796

2.857

2013

2Q14 LTM

2,253

1,522

2009*

2010*

2011

Historical Value

2012

2013

2Q14 LTM

2009*

2010*

2011

2012

Inflation Effect**

* Excludes Conpacel | ** IPCA index considered to calculate the inflation effect

22

2Q14 Results Net Revenue (R$ million)

Pulp Production and Sales (‘000 t)

1,291 1,269

2Q13

1,277

1,188

1Q14 Production

1,271 1,334

546

1,642

2Q13

1Q14

1,694

2Q14 Sales

524 549

2Q14

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

Cash Production Cost (R$/t)

488

1,669

559

39%

41% 35%

486

647

679 594

2Q13

1Q14

Cash cost ex-maintenance downtimes

2Q14 Cash Cost

2Q13

1Q14

2Q14 2

23

Indebtedness Net Debt (Million)

Total Debt and Interest Expenses (Million)

Net Debt/EBITDA (R$)

Net Debt/EBITDA (US$)

Interest (R$)

3.3 2.4

2.4

2.4

2.3

3.0

140

109 9.936

8.253 6.970

137

8.445 4.485

3.725

3.080

Jun/13

3.732

3.840

3.033

Mar/14 R$

8.457

6.681

Jun/13

Jun/14

US$

Mar/14 R$

Jun/14

US$

Average Tenor (months) and Cost of US$ Debt (%p.a.)

Debt Amortization Schedule (R$ million) 3,243

4.7 4.1

1,467

3.8

(revolver)

1,355 1,068 773

1,776

1,302

1,215 923

769

545

(cash)

Liquidity 2014

2015

Pre-payment

2016

57

2017

BNDES

2018

ECN

2019

2020

ACC/ACE

47

52

Mar/14

Jun/14

453

2021

48

6

2022

2023

Voto IV

2024

Bonds

Jun/13

24

Capital Structure: Fibria achieved the lowest leverage ratio among Latin American peers Net Debt/EBITDA (x)(1) 14.8

13.2

11.7

4.8 4.5 3.6

4.0 3.8

3.7

2.9 2.4

2.6 2.4

2.3 1.7

1.7 4T11

1T12

2T12

Fibria

3T12 Suzano

4T12

1T13 Klabin

2T13

3T13

CMPC

4T13

1T14

Arauco

3.2

3.1

2014 2

2T14 Eldorado

Fibria

Arauco¹

CMPC

Klabin

Suzano

S&P

BB+/Positive

BBB-/Stable

BBB-/Stable

BBB-/Stable

BB/Negative

Moody’s

Ba1/Positive

Baa3/Negative

Baa3/Negative

-

Ba2/Stable

Fitch

BBB-/Stable

BBB/Stable

BBB+/Stable

BBB-/Stable

BB-/Positive

(1)

Fibria’s historical data in BRL. | (2) Market consensus.

25

Interest expense and cost on foreign currency debt

143 133

137

126

134 123

125

123

122

126

120

120 117 109 94

93

87

85

57

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

6.8 6.3

6.3 6.0

6.0

5.9

5.8

5.5

5.5

5.5

5.4

5.2

5.2

5.2 4.7

4.5

4.6 4.1 3.8

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

Fonte: Fibria e Bloomberg

26

Fibria 2024 – New Bond Issuance Fibria 2024 Principal:

Highlights US$ 600 millon

Issuance Date:

May/2014

Coupon:

5.25% a.a.

Bookbuilding: Spread over T10Y:

- SEC registered; - IG document; - Stretch Debt maturities;

11.5x 275.0 bps

- Fibria 2021 early redemption of US$430 million (78% of the total). Remaining outstanding : US$118 million.

Issuance

- For liability management purposes only; US$ 600 million

- Savings of US$ 5.5 MM in interest per year.

27

Fibria delivers one of the highest EBITDA/t and FCF/t of the industry Free cash flow generation(1) - 2Q14 LTM (R$ Million) 2,857

111 (1,409) (386)

Adjusted EBITDA

Capex

Interest (paid/received)

Working Capital

1,125 (20)

(28)

Taxes

Others

Free Cash Flow

¹ Does not include asset sales, expenses on bonds repurchase, expenses related to the REFIS on subsidiaries profits abroad and tax credits from the BEFIEX program.

Free Cash Flow per ton - 2Q14 LTM (R$/ton)

543

21 (268)

(4)

(73) Adjusted EBITDA

Capex

Interest (paid/received)

214

Working Capital

Taxes

(5) Others

Free Cash Flow

28

FX and Pulp Price explain 80% of Fibria’s EBITDA Margin 2.00

1.95 1.76

Exchange Rate Average (R$/US$)

Average Price FOEX (US$/t)

844

2.16

2.30

1.67

810

751

791 777

562

EBITDA Margin

40% 34%

36%

40% 40%

29%

EBITDA (R$ million)

2,796

2,857

2013

2Q14 LTM

2,526 2,253 1,964 1,522

2009 (1)

2010 (1)

2011 (1)

2012

(1) Excludes Conpacel

29

Cash Production Cost saw a compounded average growth rate of 4% since 2009 Fibria Cash Production Cost (1) (R$/ton) CAGR: + 4%

432

2009

448

2010

471

2011

473

505

554 Consistently controlling the production cash cost at a level below the inflation pace

2012

2013

2014 YTD

(1) Excludes Conpacel.

30

Cash Production Cost (R$/t) – 2Q14

4

5 13

546

559

(27)

4

14

2Q13

Maintenance downtimes

Wood

FX

Maintenance

Utilities

Others

2Q14

+ 2.2%

Utilities results boosted by energy sales. (2Q14: R$ 36/t I 1Q14: R$ 18/t I 2Q13: R$ 14/t) 31

Maintenance CAPEX (R$ Million)

1,520 1,416 1,287

Approx. 18% increase

1,078

2011

2012

2013

Land Deal: Forestry Partnership

Non recurring wood purchase

Inflation

FX Rate

Modernization

Others

2014E

32

Final Remarks 33

Fibria is seeking value creation for its shareholders with capital discipline

PULP

INDUSTRY

- Growth with discipline

CONSOLIDATION ?

- Best portfolio of projects

Potential Growth Prospects BIO-ENERGY

OTHER OPPORTUNITIES

- Complementary to pulp

-

Portocel

- Ensyn

-

Land and forest

34

Key Highlights

Sound credit profile, with decreasing leverage ratios

Market leader with a highly profitable operation and cash cost below industry average

Highly experienced and qualified management team

Highly recognized and awarded by industry specialists

35

Back up 36

Hedge Hedging Strategy • Debt Hedge: - Swap operations (currency and rate)

Governance • Hedging Policy approved by the Board of Directors and available at the Investor Relations website.

- Maturity aligned with original debt

• Periodical follow up of the hedge portfolio by the Finance Committee

- No margin call

• Maximum % of exposed operational flow is defined according to the FX risk management policy.

• Operating Hedge:

• Governance, Risk and Compliance (GRC) Team:

- Net FX exposure protection in US$ in up to 18 months

- Report to CEO

- Current strategy: Zero Cost Collar

- Responsible for monitoring policies compliance

- No leverage

- Independent from Treasury

- No margin call - 06/30/2014 data:

ZeroCostCollar x NDF – Payoff

- Notional: US$ 925 million - 41% of protected net exposure - Maturity: up to 10 months • All Fibria operations are registered at CETIP

37

BRL depreciation is a market consensus that can be confirmed through the broader spread between FX call/put options

Put x Call x Spot 4,00

3,50

3,00

2,50

2,00

1,50 jan-12 mar-12 mai-12 jul-12

set-12 nov-12 jan-13 mar-13 mai-13 jul-13

Put option

Call Option

set-13 nov-13 jan-14 mar-14 mai-14 jul-14

BRL spot

38

jan/02 jun/02 nov/02 abr/03 set/03 fev/04 jul/04 dez/04 mai/05 out/05 mar/06 ago/06 jan/07 jun/07 nov/07 abr/08 set/08 fev/09 jul/09 dez/09 mai/10 out/10 mar/11 ago/11 jan/12 jun/12 nov/12 abr/13 set/13 fev/14 jul/14

Real Exchange rate hasn’t reflected domestic/foreign inflation diferential over time (Base 100 = Jan 2002) 250 217

200

150

100 94

50

0

+ 2.2%

IPCA BRL/USD

39

Fibria’s tax structure Tax benefits (R$) Fiscal - annual adjustment Benefit Goodwill (Aracruz acquisition)

Forestry Capex in Mato Grosso do Sul state

Tax loss carry forward and tax credits

Amount

Maturity

Annual tax deduction: ~R$89 million (tax)

Amount Balance up to Jun./14: R$385 million (base)

Tax loss carryforward

2018

Remaining Balance Jun/14: R$1,228 million (base)

2014’s tax deduction related to depletion: R$ 12,4 million (tax)

Benefit

Accumulated tax credits

Undefined

Balance Jun./2014: -PIS/COFINS: R$535 million - withholding tax (IR and CSLL): R$242 million - Befiex : R$ 897,6 million

Actual tax payment (cash basis) 2009

2010

2011

2012

2013

R$7 million

R$16 million

R$4 million

R$15 million

R$31 million

40

Liquidity Events: delivered as promised Net Debt/EBITDA (x) R$

5.2

4.8

4.7

4.5 3.4

Dec/11

Mar/12

Jun/12

Sep/12

Dec/12

3.1

Mar/13

3.3

3.0

2.8

Jun/13

Sep/13

Dec/13

Sources (R$ Million)

2.4

Mar/14

2.3

Jun/14

Uses (R$ Million) 1,268

Available

5,715

1,403

REFIS

1,625

2014 Bond prepayment

1,851

2013 Bond prepayment

1,045

2012 Bond prepayment

836 850 1,361 EQUITY OFFERING

FOREST SALE 2012 (1)

FCF 2012

(1) Losango and forestry assets and land in the south of Bahia State

LAND DEAL

FCF 2013

TOTAL

41

Due to productivity gains in its forests, Fibria had the opportunity to explore this new ownership model FIBRIA’S GAINS IN IMACEL DUE TO INVESTMENTS IN BIOTECHNOLOGY (TONS OF PULP/HA/YEAR)

MAI* Pulp: (adt/ha/year)

15.0 12.1 10.6

15.0

15.0

15.0

15.0

Conservative assumption

10.9

2012 field trials = 11.9

2010

2015

2020

2025

2030

2035

2040

2045

*MAI: Mean annual increment

Actions: • Genetic improvement • Excellence in forestry management • Superior industrial efficiency

42

Leadership position Industry Outlook(1) Fiber Consumption 403 million t

58%

42%

Recycled Fiber 234 million t

Pulp 169 million t

18%

82%

Mechanical 31 million t

Chemical 139 million t

60%

40%

Integrated Mills 84 million t

Market Pulp 56 million t

51%

49% Softwood/Other 27 million t

Hardwood 29 million t

35%

65%

Acacia/Other 10 million t

Eucalyptus 19 million t

71% Other Eucalyptus Pulp producers: 13 million t

(1)

29%

Fiber Consumption, Recycled Fiber and Pulp: RISI | Market Pulp, Hardwood and Eucalyptus: PPPC Special Research Note - May 2014

43

Global Paper Consumption CAGR 1996 – 2006 Developed Markets: + 1.7% Emerging Markets : + 6.0%

117,611

CAGR 2007 – 2016 Developed Markets: - 4.0% Emerging Markets : + 4.1%

114,507

85,291

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 2007 – 2016 Developed Markets: + 1.4% Emerging Markets : + 6.7%

CAGR 1996 – 2006 Developed Markets: + 2.4% Emerging Markets : + 6.9%

37,474

26,877 15,548

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

44