Conference Call 1Q14 Results

April 24, 2014

Disclaimer

The information contained in this presentation may include statements which constitute forward-looking statements, as defined by 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 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 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 are valid only for the date on which they are made.

Agenda

Key Highlights

4 5 6 7

Pulp Market

1Q14 Results

Cash Production Cost

Indebtness

8
9

Net Results

Key Highlights
Gross debt reduction of US$ 1.2 billion LTM, equivalent to 24% Total redemption of the 2020 bonds in 1Q14, US$ 690.2 million

Liability Management

Deleverage to 2.4x (Net Debt/EBITDA in US$ and R$) Investment grade rating (BBB-/Stable) by Fitch

Rating outlook revised from BB+/Stable to BB+/Positive by S&P

Pulp sales of 1.2 million t in the quarter, stable y.o.y

Pulp Market

Higher sales to Europe, representing 46% of the total sales volume

4% increase of BEKP global demand y.o.y (2M14 vs. 2M13)

1Q14:

Operational Results

Net Revenues: R$ 1,642 million | EBITDA: 679 million | EBITDA Margin: 41% Last 12 Months: Net Revenues: record of R$ 7,110 million | EBITDA: record of R$ 2,910 million | EBITDA Margin: 41%
4

Pulp Market
Shipments of Eucalyptus Pulp (1)
2M14 vs. 2M13
60 50 40

Producer Inventories Hardwood (1)

Daily production Feb/14: 45 days

12% 5% -3%
+83kt -7kt

4% 0%
+5kt +54kt

30
20

+31kt

10 0 05 06 07 08 09 10 11 12 13 14

Total

North America

Western Europe

China

Other

Jan/14: 44 days | Feb/13: 41 days

(1)

Source: PPPC World 20 Feb/2014

(1)

Source: PPPC World 20 Feb/2014

NBSK vs. BHKP Price (1)

250 200 150 100 50 0 jul/08 jul/09 jul/10 jul/11 jul/12 Average Spread: US$ 88 Spread Mar./14: US$ 157 1100 1000 900 800

Sales Distribution 1Q14 - Fibria

Per region
North America 19% Tissue 46% Asia 26% Other 9% Specialty 18%

Per end-use

700
600 500 400 mar/14 nov/13

Europe 46%

P&W 36%

mar/10

mar/09

mar/11

mar/12

Spread
(1)

Avg. Spread

BHKP

mar/13

nov/08

nov/09

nov/10

nov/11

nov/12

jul/13

NBSK

Source: FOEX | Average Spread over the last 5 years.

1Q14 Results
Pulp Production and Sales (000 t) Net Revenue (R$ million)

1.263 1.186

1.358 1.441

1.958 1.277 1.188 1.642 1.449

1Q13

4Q13
Production Sales

1Q14 1Q13 4Q13 1Q14

Cash Production Cost (R$/t)

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

39%
42% 823 41%

463

507

466 466

524

549

679
565

1Q13

4Q13

1Q14
Cash Cost

1Q13

4Q13

1Q14 6

Cash cost ex-maintenance downtimes

Cash Production Cost 1Q14

Cash Production Cost (R$/t)
549 507 466 463 466

Cash Production Cost ex-downtimes (R$/t)

524

1Q13

4Q13

1Q14

1Q13

4Q13

1Q14

1Q14 vs. 1Q13:

Higher transportation costs Exchange rate Higher fixed costs Higher input consumption Third party wood (1Q13: 9% I 1Q13: 11%)

Management initiatives seeking to maintain the cash cost increase below the inflation.
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Indebtness
Net Debt (Million)
Net Debt/EBITDA (R$) Net Debt/EBITDA (US$)

Gross Debt (Million)

- 24% 2,4 - 11% 9.898 4.915 9.773 4.172 8.445 3.732 2,4

3,1 3,1 7.516 3.732

2,8 2,6 7.849

6.969 3.351 3.080 Mar/14 Mar/13 Dec/13

R$ US$

Mar/13

Dec/13
R$ US$

Mar/14

Debt Amortization Schedule (R$ million)

2,959 1,484
(revolving)

Debt Cost in US$ (%a.a.)

5,2

4,6
1,288 1,386 777 773 1,230 943 650 1,367

1,475
(cash)

4,1
26
5 2023

Liquidity

2014

2015

2016

2017

2018

2019

2020

2021

2022

Mar/13
Pre-payment BNDES NCE ACC/ACE/Other Voto IV Bond

Dec/13

Mar/14

Net Results (R$ million) 1Q14

Debt Exchange Variation

317

Debt Hedge

30

(111)

(303)

679

(412)
(64) (117) 19

Adjusted EBITDA Debt Exchange Variation / MtM hedge debt

MtM
Operational Hedge

Net Interest

2020 Bond Depreciation, Redemption(1) amortization and depletion

IR/CS

Other

(2)

Net Profit (Loss)

Non-recurring impact

(1) (2)

Concluded transaction with 111,3% premium over the face value (US$ 690.2 milhes), without additional broker fees. Includes : other expenses/non-recurring incomes, other debt exchange variation and other financial incomes/expenses.

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

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