banco votorantim - meeting with investors

8/10/2019 Banco Votorantim - Meeting with Investors

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Meeting with Investors Banco VotorantimDecember, 2014


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2

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 ExchangeAct of 1934, as amended. Such forward-looking statements involve a certain degree of risk and uncertainty with respect to business, financial, trend, strategy and otherforecasts, and are based on assumptions, data or methods that, although consideredreasonable by the company at the time, may turn out to be incorrect or imprecise, ormay not be possible to realize. The company gives no assurance that expectationsdisclosed in this presentation will be confirmed. Prospective investors are cautionedthat any such forward-looking statements are not guarantees of future performanceand involve risks and uncertainties, and that actual results may differ materially fromthose in the forward-looking statements, due to a variety of factors, including, but notlimited to, the risks of international business and other risks referred to in thecompanys filings with the CVM and SEC. The company does not undertake, andspecifically disclaims any obligation to update any forward-looking statements, whichspeak only for the date on which they are made.

Disclaimer


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3

Company Overview1Pulp and Paper Market2Financial and Operational Highlights3

Agenda

Final Remarks

4


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4

Company Overview


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5

A Winning Player

Port Terminal Pulp Unit

Trs Lagoas

Santos

AracruzPortocel

Caravelas

BelmonteVeracel

Jacare

Superior Asset Combination Main Figures 3Q14 LTM

Pulp capacity million tons 5,300

Net revenues R$ billion 7.0

Total Forest Base (1) thousand hectares 970

Planted area (1) thousand hectares 562

Net Debt R$ billion 7.3

Net Debt/EBITDA (in Dollars) (2) X 2.5

Net Debt/EBITDA (in Reais) X 2.7

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.


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6

Fibrias 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


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7

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)

Sales Mix by End Use - Fibria

Sales Mix by Region - Fibria

Europe39%

N.America

26%

Asia25%

Other10%

Region - 3Q14

Tissue55%

Printing &Writing

27%

Specialty18%

End Use - 3Q14

Highlights

30%20%

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

31% 30%19% 22% 26%

37%46%

46% 41%35% 44%

43% 41% 36% 42%43% 35% 36%

46% 42% 39%

22% 25%14% 20%

31% 28%20% 23% 25% 26%

21% 26% 26% 26% 27% 25%

11% 9% 11% 10% 10% 10% 11% 10% 9% 10% 8% 8% 8% 9% 9% 10%

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

North America Europe Asia Other

Fibrias Commercial Strategy


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

VotorantimIndustrial S.A.

(1)29.42%

BNDESParticipaes (1)

30.38%

FreeFloat (2)

40.20%

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

SEC Registered ADR Level III program

Indebtedness and Liquidity

Market Risk Management

Risk Management

Corporate Governance

Related Parties Transactions

Anti-Corruption

Information Disclosure

Securities Trading

FiscalCouncil

Board ofDirectors

20% independentmembers

Role of CEO andchairman is split

Personnel andRemuneration

Committee

StatutoryAudit

Committee

FinanceCommittee

SustainabilityCommittee

InnovationCommittee

GeneralMeeting

Listed on Novo Mercado , highest CG level at BM&FBovespa: Policies approved by the Board of Directors:

Shareholder Structure and Corporate Governance

30%independent

members

100%independent

members50% independent

members45% independent

members -


9/449Pulp and Paper Market


10/4410

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

SOFTWOOD(1)

25.5 MT

HARDWOOD(1)

31.1 MT

MARKET PULP(1)

56.6 MT+ =

2014-2016 (3):

New capacities: 6.0 mt

Announced Closures: (1.0) mt

Net: 5.0 mt

2014-2016 (2):



Net: 0.3 mt

2014-2016:



Net: 5.3 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 Vr (275kt)| Closures: Birla AV Terrace Bay (350kt)(3) Projects included: Maranho (1.5mt); Montes del Plata (1.3 mt); Oji Nantong (700kt); Eldorado (200kt); CMPC Guaba II (1.3 mt); Klabin Ortigueira (1.0mt) | Closures: April Rizhao

(130kt); Arauco Valdivia (300kt); Old Town (200kt); Ence Huelva (400 kt).


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Global Market Pulp Demand

Demand growth rate

Hardwood (BHKP) vs. Softwood (BSKP) (000 ton)

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

Source: PPPC

Source: PPPC. Excludes Sulphite and UKP market pulp.

NBSK vs. BHKP - Prices(1)

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

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

1 9 9 8

1 9 9 9

2 0 0 0

2 0 0 1

2 0 0 2

2 0 0 3

2 0 0 4

2 0 0 5

2 0 0 6

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

2 0 1 1

2 0 1 2

2 0 1 3

2 0 1 4

2 0 1 5

2 0 1 6

2 0 1 7

2 0 1 8

Hardwood Softwood

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

000 ton 1998 2008 2018Growth1998-2008

Growth2008-2018

Hardwood 15.0 24.5 32.8 63% 34%

Eucalyptus 6.0 14.2 23.4 137% 63%

Softwood 17.6 21.6 24.8 23% 15%

Market Pulp 32.6 46.1 57.1

Paper Production Runnability with BHKP

Source: RISI conference, August 2014.

400

500

600

700

800

900

1000

1100

0

50

100

150

200

250

Spread Average spread BHKP NBSK

Average spread:US$112

Spread Nov/14:US$197


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Supply structural changes puts pressure on the industry

MARKET PULP CAPACITY RANKING 2014(000T) MAIN PROJECTS

Project Country Capacity Timing Fiber Status

CMPC Guaba II Brazil 1.3 Mt 2Q2015 BEKP Confirmed

Klabin Paran Brazil 1.5 Mt 2Q2016 BEKP/BSKP/Fluff

Confirmed

APP South Sumatra Indonesia 2.0 Mt 1Q2017 BHKP Confirmed

Fibria Trs Lagoas II Brazil 1.75 Mt - BEKP Unconfirmed

COST CURVE EVOLUTION

U S D

/ A

d t , 2 0 1 3 c o s t

l e v e

l

Cumulative Capacity Million t/a

Cost positionof marginal

producer

Source: Hawkins Wright , Poyry and Fibria Analysis (as of Aug. 2014).

0 2000 4000 6000

CanforENCE

EldoradoResolute Forest

DomtarMercer

SodraIlim

IPWeyerhaeuser

Metsa GroupPaper Excellence

Stora EnsoUPM-Kymmene

CMPCGeorgia Pacific

SuzanoArauco

APRIL

Fibria

Bleached Softwood Kraft Pulp (BSKP)

Bleached Hardwood Kraft Pulp (BHKP)

Unbleached Kraft Pulp (UKP)

Mechanical Pulp (MP)


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

List Price bottoming at US$650/t in 2011 and US$724/t in 2014

C a p a c i t y

( 0 0 0 t o n

)

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 2016 2017 2018

Valdivia

APPHainan

Veracel Nueva Aldea

Santa F

Mucuri

FrayBentos

KerinciPL3

TrsLagoas

Rizhao

APP Guangxi

ChenmingZhanjiang

Eldorado Montesdel Plata

Maranho

Guaba II

APP SouthSumatra (2)

Klabin

B H K P p r i c e s -

C I F E u r o p e

( U S

$ / t o n

)

(1) Source: Hawkins Wright , Poyry and Fibria Analysis. Pulp price estimates according to Hawkins Wright (Sep/14), Brian McClay(Nov/14) and RISI (Nov/14)(2) Partially integrated production


14/4414

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

STRONGWeighted average

technical age 12.3 years

Weighted averagecapacity 1,277,000 t/a

Aracruz

Trs La go 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 averagetechnical age 21 years

Weighted averagecapacity 527,000 t/a

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

WEAK0

500

1.000

1.500

2.000

2.500

3.000

0102030

PM Capacity, 1000 t/a

Technical Age, years


15/4415

Source: PPPC and Fibria

Closures of Hardwood Capacity Worldwide(000 ton)

Capacity closures DO happen

-910

-85

-1,260 -1,180

-540 -500

-105

-1,085

-830

2006 2007 2008 2009 2010 2011 2012 2013 2014-2016 Eas of Oct14


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Lowest Volatility Among Commodities

Change Nov/2014 vs. Nov/2013 (3)

38%

32% 30%26% 25%

21%16%

7%

Sugar Iron Ore WTI CrudeOil

Soy LME Metals Ibovespa Cattle FOEX PIXBHKP

Sugar Iron Ore Crude Oil SoyLME

MetalsIbovespa Cattle Pulp BHKP

Commoditiy Spot Price -7% -49% -21% -21% - - 28% -5%

S&P Sector Index (2) -7% -22% -17% -21% 2% 7% 28% -

FIBR3|FBR - - - - - - - 7%|-3%

Commodities Historical Volatility (US$) (1)

(1) Since 2009 | (2) Except Iron Ore (Average Vale, Rio Tinto and BHP) and LME Metals | (3) November, 26th


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

Source: Hawkins Wright (Outlook for Market Pulp, September 2014) | Fibrias 3Q14 considering a FX of R$/US$2.27.Gray bar includes cash expenses as Interest, CAPEX, SG&A and Taxes (Source: RISI and Fibria).

3Q14 net price:US$ 554/t

Positive WorkingCapital: US$5/t

SG&A

Capex

Interest

Among the industrys lowest cash cost producers

498 508 456 468 420 404 424 424 406342 315 311 297

235 221

71 4669 41 86 121 34 38 41

48 55 38 67111

6654

14224

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

Income Tax1

Interest

Capacity(k tons): 1,775 660 595 570 1,570 1,045 2,415 335 625 340 7,450 = 31,3853,745 1,010 3,950 5,300


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Shipments of Eucalyptus Pulp (1)

(1) Source: PPPC World 20 December/2013

6%12%

-1%

23%

Total North America Western Europe China

+844 kt -37 kt

+674 kt +185 kt

2013 vs. 2012 10M2014 vs. 10M2013

+1,400 kt

+60 kt +255 kt+680 kt

+403 kt

11%

4% 5%

25%

12%

Total NorthAmerica

WesternEurope

China Other

Global Market BEKP Demand

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

Paper Capacity increase in China

(1) Source: PPPC World 20 October/2014


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World Tissue Consumption, 1991-2013 (3)

Per Capita Consumption of Tissue by World Region (3)China's Share of Market Pulp (2)

24

15 15

12

7 6 5

10

5

10

15

20

25

30

N.America

WestEurope

Japan Oceania EastEurope

LatAm China Africa

9 11 1316

26

1721 20

23

79 10

12

22

1620 19

2110

1012

14

21

17

2223 23

0

2.000

4.000

6.000

8.000

10.000

12.000

2005 2006 2007 2008 2009 2010 2011 2012 2013

Eucalyptus Hardwood Total

5.988

2.436

1.482 1.713

184 12747

6.403

3.037

1.593 1.592

141 26 130

1.000

2.000

3.000

4.000

5.0006.000

7.000

BHKP Total LatinAmerica

Indonesia Other* USA Canada WesternEurope

9M2013 9M2014

Latin America is theleading exporter of BHKP

to China, accounting toapproximately 47% ofChina's total imports in9M2014.

(Kg/capita/year)

(million t)(000s t) (kg/person/year)

Between 2005 and 2013,the Chinese market shareof eucalyptus shipmentsincreased by 14 p.p.(total market pulp: + p.p.)

* includes Russia, China, Thailand and New Zealand

05

1015202530

35

1991 1996 2001 2006 2009 2010 2011 2012 2013N.America W.Europe E.Europe L.AmericaMiddle East Japan China Asia FEOceania Africa

LTM Growth

Rate +4.2%

Benefiting From Chinas Growth

Chinas Hardwood Imports of BHKP by Country (1)

(1) PPPC Pulp China

(2) PPPC W20. Coverage for chemical market pulp is 80% of world capacity(3) RISI

(In percentage)


20/4420Financial and Operational Highlights

No exposure eletricity shortage risks in spite of which the company


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No exposure eletricity shortage risks, in spite of which the companyhas benefited from the sale of its surplus energy

Energy sales and operational efficiency have contributed for cash production cost stability.(Utilities: 3Q14: R$ 34/t I 2Q14: R$ 36/t I 3Q13: R$ 12/t)

501 502

4 18 ( 23 ) 2

3Q13 MaintenanceDowntimes

Wood Utilities Other 3Q14

+ 0.2%


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FX and Pulp Price explain 80% of Fibrias EBITDA Margin

(1) Excludes Conpacel | (2) 2014 year end market consensus | (3) According to Focus Report (Brazilian Central Bank Oct/2014) | (4) According to Poyry full cost estimate - includes Manufacturing +Delivered costs to Rotterdam + Depreciation + ROCE of 9%

Each 10% depreciation of the Real increases EBITDA by approx. R$600 million

1,522

2,5261,964 2,253

2,796 2,708

2009 (1) 2010 (1) 2011 2012 2013 LTM 3Q14 2015

2.00 1.761.67

1.952.10

2.29 2.50 (3)

Exchange Rate Average (R$/US$)

EBITDA Margin

EBITDA (R$ million)

29%40% 34% 36% 40% 38%

Marginal producer cost (US$/t) (4)

Fibria net pulp price(US$/t)

MarketConsensus

456

670 639581

610 572 556

660627

676657

680 676912

1,1791,067 1,133

1,2811,310 1,390

Fibria net pulp price(R$/t)


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

Free cash flow generation - 3Q14 LTM (R$ Million)

Free Cash Flow per ton - 3Q14 LTM (R$/ton) (1)

2,708

1,119(1,509)

(370)

317

(20) (7)

Adjusted EBITDA Capex Interest(paid/received) Working Capital Taxes Other Free Cash Flow

507

210(283)

(69)

59(4) (1)

Adjusted EBITDA Capex Interest(paid/received)

Working Capital Taxes Other Free Cash Flow

(1) Does not include: asset sales, expenses on bonds repurchase, expenses related to the REFIS on subsidiaries profits abroadand tax credits from theBEFIEX program.

C i l S Fib i h hi d h l l i


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Net Debt/EBITDA (x) (1)

Fibria Arauco CMPC Klabin Suzano

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

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

Fitch BBB-/Stable BBB/Stable BBB+/Stable BBB-/Negative BB/Stable

(1) Fibrias historical data in BRL. | (2) Market consensus.

Capital Structure: Fibria has achieved the lowest leverage ratio amongits Latin American peers

2.4 2.3

2.72.6

4.8 4.5 4.54.2

1.7 1.72.4

2.72.9 3.13.1

3.73.6 3.7 3.6

14.813.2

11.711.1

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 2014

Fibria Suzano Klabin CMPC Arauco Eldorado

2

C i i f h li bili l l f i


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Continuation of the liability management plan, also focusing onimproving maturities

1,064384 530 750 554 634

2,0201,341

-

410

450 299506

422 128

149

1001,473

834 8291,255

976 762

2,168

1,441

26 4

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Cost of debt: 4.6%

Average maturity: 52 months

December 2013

Local CurrencyForeign Currency

September 2014Cost of debt: 3.7%Average maturity: 55 months

Local CurrencyForeign Currency

Land Deal

Bond buyback: Fibria 2020,2021 and VOTO IV

Fibria 2024 issuance

Bank loans renegotiations

Lower cost of debt

Smoother debt amortizationschedule

Estimated NPV of allinitiatives until the endof 2014: US$300 million

183 173 210335 332 369

178 153

59145

190 133

217 181 56

73 56228

363 343552 513 425

251 208

20 3

591

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

B t th i iti ti h t fi i h d Th t i i


26/4426

But the initiatives have not finished. There are certain ongoingnegotiations that will improve Fibrias debt profile even further

26

Repurchase of costly debt

Issuance of a Syndicated EPP (US$400 MM) Joint Bookrunners: BNP Paribas and Natixis (full commitment)

Tranche A: L + 1.30% p.a.| 5 year term loan with the amortization starting at the end of year 4.Cost reduction of 32.5 bps from our last comparable EPP.

Tranche B: L + 1.40% p.a. | 5-year Term Loan with a bullet repayment.Average term increase of 1 year and cost reduction of 22.5 bps from our last comparable EPP.

Tranche C: L + 1.55% p.a. | 6-year Term Loan with the amortization starting on Jan/2020.Average term increase of 1.5 years and cost reduction of 7.5 bps from our last comparable EPP.

514(cash)

627

(revolver)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Other ACC/ACE ECN BNDES Bond EPP

FCF 3Q14 LTM: US$489 mn

Amortization Schedule Pro-forma Dec/14 - US$ mn

A i t t d di i li d h f d d i g d bt


27/4427

A consistent and disciplined approach focused on reducing debtand its cost

Debt (US$ million) x Leverage (US$) Interest (US$ million) x Cost of Debt (US$)

Free Cash FlowIncrease

InterestReduction

Cost of DebtReduction

This dynamicscreates a virtuous

cycle

8.6

3.5

6.3

3.0

2009 2010 2011 2012 2013 Sept/2014

Gross Debt Net Debt

7.5

4.1 4.23.3

2.6 2.5473

414 408350

268217

2009 2010 2011 2012 2013 LTM 3T14

6.3 5.9 5.55.2 4.6 3.7


28/4428

New issuance better priced than Investment Grade issuers

Rating Maturity Volume T-Spread Coupon X Book Fibria Ba1 / BBB- / BB+ 2024 US$600 mn 275 bps 5.25% 11.5x

Braskem Baa3/BBB-/BBB- 2024 US$500 mn 340 bps 6.45% 11.0x

Petrobras Baa1/BBB/BBB 2024 US$2.5 bn 350 bps 6.28% 3.3x

Klabin BBB-/BBB- 2024 US$500 mn 269 bps 5.25% 6.0x

Samarco BBB-/BBB 2024 US$500 mn 288 bps 5.375% 3.6x

Rating Maturity Volume G-Spread YieldFibria Ba1 / BBB- / BB+ 2024 US$600 mn 289 bps 5.047%Braskem Baa3/BBB-/BBB- 2024 US$500 mn 362 bps 5.742%Klabin BBB-/BBB- 2024 US$500 mn 332 bps 5.490%Odebrecht Baa3/BBB-/BBB 2023 US$800 mn (1) 297 bps 5.017%Petrobras Baa1/BBB/BBB 2024 US$2.5 bn 368 bps 5.817%Gerdau Baa3/BBB-/BBB- 2023 US$750 mn 308 bps 5.130%Samarco BBB-/BBB 2024 US$ 500 mn 366 bps 5.848%

(1)Outstanding: US$102 mn

Secondary Market - As of Nov 28, 2014

Issuance

Cash Production Cost saw a annual increase


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

Consistentlycontrolling the

production cashcost at a levelbelow the

inflation pace

29

Cash Production Cost saw a annual increaseof 3.7% over the past 6 years

(1) Excludes Conpacel.

432 448471 473

505 518

2009 (2) 2010 (2) 2011 2012 2013 3Q14 LTM

CAGR: + 3.7%


30/44

30

Fibria has the simplest and most transparent call in the industry

Negative Neutral PositivePulp supply

Closures/conversions

Inefficient capacities in China

Demand Fiber and grade substitution

Tissue China

Pulp price

Brazil GDP

Energy crisis

FX

Capex inflation

Cost inflation

Rating

Tax

Corporate Governance


31/44

31Final Remarks


32/44

32

PULP- Growth with discipline- Best portfolio of projects

BIO-ENERGY- Complementary to pulp- Ensyn

INDUSTRY

CONSOLIDATION?

OTHER OPPORTUNITIES- Portocel- Land and forest

PotentialGrowth

Prospects

Fibria is seeking value creation for its shareholders with capital discipline

The maturity of synergies captured since Fibrias creation improved its


33/44

33

593 593 605 584 648 649

900826 766 678 699

2009* 2010* 2011 2012 2013 3Q14 LTM

4,600

5,0545,184

5,299 5,271 5,251

2009* 2010* 2011 2012 2013 3Q14 LTM

The maturity of synergies captured since Fibrias creation improved itsoperating indicators

+14%

PRODUCTION VOLUME(000 t)BEST PRACTICES AND OPERATING STABILITY

Historical Value Inflation Effect**

-21%

CASH COST(R$/ton)

Historical Value Inflation Effect**

-28%

SG&A(R$ million)STRUCTURE AND PROCESS SIMPLIFICATION

1,522

2,5261,964

2,253

2,796 2,708

2009* 2010* 2011 2012 2013 3Q14 LTM

29%

40%34% 36%

40% 38%

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

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

432 448 471 473505 518

656 624 596 549 545

2009* 2010* 2011 2012 2013 3Q14 LTM


34/44

34

Key Highlights

Sound credit profile, with decreasing leverage ratios

Market leader with a highly profitable operation and cash costbelow industry average

Highly experienced and qualified management team

Highly recognized and awarded by industry specialists


35/44

35Back up


36/44

36

3Q14 Results

Cash Production Cost (R$/t)

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

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

1.3471.271

1.3451.301 1.334

1.372

3Q13 2Q14 3Q14

Production Sales

1.8411.694 1.746

3Q13 2Q14 3Q14

482 486 478501559

502

3Q13 2Q14 3Q14

Cash cost ex-scheduled downtimes Cash cost

762

594 613

3Q13 2Q14 3Q14

41%35% 35%


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37

Indebtedness

Net Debt (Million) Total Debt and Interest Expenses (Million)

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

Debt Amortization Schedule (R$ million) Average Tenor (months) and Cost of US$ Debt (%p.a.)

3,02,3 2,7

2,9 2,4 2,5

8.2406.681 7.313

3.6953.033 2.984

Sep/13 Jun/14 Sep/14R$ US$

9.4878.457 8.574

4.254 3.840 3.498

Sep/13 Jun/14 Sep/14R$ US$

6349 50

- 18%

Interest (US$)

1.261

1.536

2.797

560888 842

1.353 1.2581.041

616511

49 6

1.449

Liquidity 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Pre-payment BNDES ECN ACC/ACE Voto IV Bonds

(cash)

(revolver)

Early redemptionbond 2019 4,5

3,8 4,03,8

54 5255 57

Sep/13 Jun/14 Sep/14 Dec/14


38/44

38

Fibrias tax structure

Tax benefits (R$)Fiscal - annual adjustment

Benefit Amount Maturity

Goodwill(Aracruzacquisition)

Annual tax deduction:R$85 million (tax)

Remaining Balance Sep/14:R$1,2 bilion (base)

2018

Forestry Capex inMato Grosso doSul state

LTM 3Q14 tax deductionrelated to depletion: R$31

million

Undefined

Tax loss carry forward and tax credits

Benefit Amount

Tax losscarryforward

Balance up to Sept. 14: R$332million (base)

Accumulated taxcredits

Balance Sept./2014:-PIS/COFINS: R$556 million-withholding tax (IR and CSLL):R$604 million

-Befiex: R$537 million

Tax payment (cash basis)2009 2010 2011 2012 2013 LTM 3Q14

R$ 7 million R$ 16 million R$ 4 million R$ 15 million R$ 31 million R$ 20 million


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Liquidity Events: delivered as promised

1,361

5,715

1,045

850

836

1,403

1,268

1,851

1,625

EQUITY OFFERING FOREST SALE 2012 (1) FCF 2012 LAND DEAL FCF 2013 TOTAL

4.8 5.2 4.7 4.53.4 3.1 3.3 3.0 2.8 2.4 2.3 2.7

Dec/11 Mar/12 Jun/12 Sep/12 Dec/12 Mar/13 Jun/13 Sep/13 Dec/13 Mar/14 Jun/14 Set/14

Net Debt/EBITDA (x) R$

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

2012 Bondprepayment

2013 Bondprepayment

Available

Sources (R$ Million) Uses (R$ Million)

2014 Bondprepayment

REFIS

Due to productivity gains in its forests, Fibria had the opportunity to


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p y g , pp yexplore this new ownership model

MAI* Pulp:(adt/ha/year)

10.6 10.912.1

15.0 15.0 15.0 15.0 15.0

2010 2015 2020 2025 2030 2035 2040 2045

FIBRIAS GAINS IN IMACEL DUE TO INVESTMENTS IN BIOTECHNOLOGY(TONS OF PULP/HA/YEAR)

2012 field trials = 11.9

Conservative assumption

*MAI: Mean annual increment

Actions: Genetic improvement Excellence in forestry management Superior industrial efficiency


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Leadership position

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

Recycled Fiber234 million t

49% 51%

60%

18% 82%

58% 42%

40%

35% 65%

29%71%

Fiber Consumption403 million t

Pulp169 million t

Chemical139 million t

Mechanical31 million t

Integrated Mills84 million t

Market Pulp56 million t

Hardwood29 million t

Other EucalyptusPulp producers:

13 million t

Softwood/Other27 million t

Acacia/Other10 million t

Eucalyptus19 million t

Industry Outlook (1)


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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 1996 2006Developed Markets: + 1.7%Emerging Markets : + 6.0%

85,291

117,611

15,548

37,474

P&WConsumption(000 tons) (1)

TissueConsumption(000 tons) (1)

114,507

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



26,877

Source: RISI

Chi l C i d b i i


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China: 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)

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.

A k l d G T P fi bili & S i bili


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Fibria was elected as 1st place in thepulp & paper sector in the corporategovernance and future's vision

categories

Fibria is one of the 5 Brazilian companiesnominees to the Best CorporateGovernanceAward from London.

Company of the year,among all industries,

according to ValorEconmico .

Valor 1000

XVII ANEFAC-FIPECAFI - SERASAEXPERIAN Prize

Fibria is among the mosttransparent public companiesin Brazil, recognized for the

quality of its 2012 financialstatements.

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

2014 Institutional Investor Latam Ranking -P&P Sector

Fibria was selected as one of the 10 bestcompanies in transparency.The only one in the pulp &

paper sector.

CDP Brasil 100 Climate Change 2013Reportpoca Negcios 360

International Recognition by CorporateGovernance Report

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

The Best Companies to the ShareholdersPrize of Capital Aberto Magazine

Fibria is the only Latin America companyselected by RobecoSAM (responsible forDJSI) as one of the 10 worldwide leaders inSRI magazines The 10 Game Changers Changing the industry through

RobecoSAM - Sustainability InvestingMagazine

Selected to Dow Jones World andEmerging Markets SustainabilityIndices for 2014/15 of ForestryResources and Paper sector.

DJSI World and DJSI Emerging Markets

Acknowledgments: Governance, Transparency, Profitability & Sustainability

banco votorantim - meeting with investors

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