March 2013

Corporate Presentation

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 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.

The Company

Shareholder Structure
Votorantim Industrial S.A. BNDES Participaes Free Float

29.42%

30.38%(1)

40.20%(2)

31%

NYSE
Level III

69%

BM&FBOVESPA

Average Daily Trading Volume (LTM): US$ 29 million

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 risks Corporate governance Information disclosure Stock trading

Listed in the most important sustainability indexes

(1) Position as of February 28, 2013. 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. (2) Free Float 40.14% + Treasury 0.06%

A Winning Player
Superior Asset Combination Main Figures 2012

Pulp capacity

million tons

5.250 6.2 970 563 7.7 3.3 3.4

Net revenues
Total area (1) Planted area(1)
Belmonte Veracel Caravelas Portocel Aracruz Trs Lagoas Jacare Santos

R$ billion
thousand hectares thousand hectares R$ billion X X

Net Debt Net Debt/EBITDA (in Dollars)(2) Net Debt/EBITDA (in Reais)

Port Terminal

Pulp Unit

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.

Fibrias Units Industrial Capacity

Trs Lagoas Mato Grosso do Sul 1.3 million t/year Jacare So Paulo 1.1 million t/year

Aracruz Esprito Santo 2.3 million t/year

Veracel Bahia 1.1 million t/year (50% JV)*

* Veracel is a joint venture between Fibria (50%) and Stora Enso (50%)

Fibrias Strategy

Leadership Position
Industry Outlook(1)
Paper & Board 405 million t

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

Fibria APRIL Arauco Georgia Pacific

5,300

58% Recycled Fiber 236 million t

42% Pulp 169 million t

CMPC
UPM-Kymmene Sodra
82% Chemical 138 million t

18% Mechanical 31 million t

Suzano Paper Excellence Weyerhaeuser Stora Enso

39% Market Pulp 54 million t

61% Integrated Mills 84 million t 48% Softwood/Other 26 million t

Domtar Ilim IP
52% Hardwood 28 million t

Mercer Metsa Fibre Eldorado West Fraser

64%

Bleached Softwood Kraft Pulp (BSKP) Bleached Hardwood Kraft Pulp (BHKP) Unbleached Kraft Pulp (UKP) Mechanical

36% Acacia/Other 10 million t

ENCE Canfor Cenibra

31%

Eucalyptus 18 million t

69% Other Eucalyptus Pulp producers: 12 million t

(1) (2)

1000

2000

3000

4000

5000

6000

Paper&Board, Recycled Fiber and Pulp: RISI | Market Pulp, Hardwood and Eucalyptus: PPPC Special Research Note Feb 2013 considers 2012 demand Hawkins Wright Outlook for Market Pulp, January 2013

Fibrias Commercial Strategy

Differentiation: Customized pulp products to specific paper grades Sole supplier to key customers Long term contracts Competitive logistics set up
Tissue 54%

Fibrias Pulp End Use

Printing & Writing 29% Speciatilies 17%

41%
Europe

25%
N.America

Nyon

Csomd

24%
Miami
Asia

Hong Kong

10%
L.America

So Paulo

Fibrias Sales Distribution Fibria s Offices

Source: Fibria 2012

Door to Door Operations

Pulp mill

Outbound Logistics
Forest
Integrated logistics solutions 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 Efficient Logistics Setup

Client

Port

Sea Freight

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Pulp and Paper Market

Paper Consumption
CAGR 1996 2006 Developed Markets: + 1.7% Emerging Markets : + 6.0%
85,291

117,611

CAGR 2007 2016 Developed Markets: - 4,0% Emerging Markets : + 4.1%

114,507

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

26,877 15,548

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

37,250

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
(1) Source:

Emerging Markets

RISI

Global Market Pulp Demand

Hardwood demand will continue to increase at faster pace than Softwood

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

2011 - 2016 CAGR: Hardwood: +2.3% Softwood: +1.0%
35.000

Demand growth rate

Growth 19962006
56%

Million tons

1996

2006

2016

Growth 20072016
27%

30.000
25.000 20.000 15.000 10.000 5.000

Hardwood

14.3

22.4

29.9

Eucalyptus

5.4

11.1

21.4

106%

67%

Softwood
2000 2002 2004 2006 2008 2010 2012 2014 2016
1996 1997 1998 1999 2001 2003 2005 2007 2009 2011 2013 2015

16.4 30.8

22.0 44.4

24.1 54.0

35%

7%

Market Pulp

Hardwood

Softwood

Source: PPPC

Gross capacity addition should not be counted as the only factor influencing pulp price volatility
Price Increase:
1.000 900
Eldorado

(as of Mar/13)

2,0 1,8
Guaba II

Europe: US$ 820/ton

800

BHKP prices - cif Europe (US$/ton)

700 600 500 400 300 200 100 0 2002 2003 2004 2005 2006 2007 2008
APP Hainan Nueva Aldea Santa F Valdivia Kerinci PL3 Fray Bentos Mucuri Veracel

Trs Lagoas

Montes del Plata

1,4 1,2 1,0

Chenming Zhanjiang APP Guangxi

0,8 0,6 0,4 0,2 0,0

2009

2010

2011

2012

2013

2014

2015

Source: Hawkins Wright

Greenfield capacity (000 ton)

14

Rizhao

Maranho

1,6

Capacity closures DO happen

Closures of Hardwood Capacity Worldwide 000 ton
0
-200 -400 -600 -800 -540 -500

-85

-105

-755

-1000
-1200 -1400

-910

- Jari, Brazil - Sappi Cloquet, USA

-1180 -1260
2006 2007 2008 2009 2010 2011 2012 2013E

Source: PPPC and Fibria

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Fibria: Competitive Position on the Cost Curve

564
72 126 492 43 86 44 450 35 434 36 377 484

435

422

47
330

64

52 318 63 260

289
62 227

314

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

Cash Cost (US$/t)

Delivery (US$/t)

Source: Hawkins Wright (Outlook for Market Pulp, December 2012) | Fibrias 2012 cash cost divided by FX considered in the report R$/US$ 2.08

Tissue Market
Per Capita Consumption of Tissue by Region, 2012(1)
Kg/capita

World Tissue Consumption, 1991-2011(1)

35 30 25
Million tons

24.3

Average Growth Rate +3.8%a.a.

14.8

14.6 11.1 6.3 6.1

Growth Potential

20 15 10

4.4 2.2 0.8 Asia Far East 0.6 Africa

5 0
1991 N.America Japan 1996 2001 2006 E.Europe Asia FE 2009 L.America Oceania 2010 NME Africa 2011 W.Europe China

W. Europe

E. Europe

Oceania

Japan

China

(1) Source:

N. America

RISI

L. America

N&M East

Pulp Projects Backlog

Even though there is an extensive pulp projects backlog, there are important question marks regarding new projects
Main Questions About Capacity

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 Projects
Project Eldorado Arauco / Stora Suzano CMPC Guaba II Fibria Trs Lagoas II Klabin Paran APP South Sumatra Cenibra Belo Oriente II Country Brazil Uruguay Brazil Brazil Brazil Brazil Indonesia Brazil Capacity 1.5 Mt 1.3 Mt 1.5 Mt 1.3 Mt 1.5 Mt 1.2 Mt* 1.5 Mt 2.0 Mt 800 kt Timing 4Q2012 3Q2013 4Q2013 1Q2015 Status Launched Confirmed Confirmed Confirmed Unconfirmed Unconfirmed Unconfirmed Unconfirmed

* Partly Integrated

Financial Highlights

Operating Excellence
Better results achieved by efficiency improvement
PRODUCTION AND SALES VOLUME (000 t) CASH COST (R$/ton)

4,909 5,054 5,184

5,141 5,299

5,357

518

503 471

448
2010*

473
2012 Inflation Effect**

2010* Production

2011 Sales

2012

2011 Historical Value

SG&A (R$ million)

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

40% 686 646 605 584 2,526 1,964

34%

36%

594

2,253

2010* Historical Value

2011

2012 Inflation Effect** 2010* 2011* 2012

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

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Debt Profile
3,132

Debt Amortization Schedule at

Dec/2012 (R$ Million)

1,560 1,138 1,075

724

998 677

810

654

2013 Bond

2014

2015 Pre-Payment

2016

2017 BNDES

2018 ECN*

2019

2020

2021

Export Credit/Other
*ECN Export Credit Note

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

Debt by Currency

5.5% 5.2%

7%

93%
Local Currency Foreign Currency

Dec/11

Dec/12

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Liability Management
Net debt at the lowest level since Fibrias creation and leverage reduced to 3.4x
Net Debt/EBITDA (x) US$*

7.1

6.5
Net Debt/EBITDA (x) R$

3.8 3.6

3.1 2.9

3.4 3.2

4.2 3.8

4.8 4.2

5.2 4.8

4.7
4.2

4.5 4.2

3.4 3.3

Net Debt (R$ Billion)

18% debt reduction (in R$)

25% debt reduction (in US$)

11.0

9.8 8.0

8.0

9.5

9.5

9.0

8.5

8.6

7.7 US$ 3.8

- Dec/12 vs Dec/11: R$1.8 billion net debt reduction, despite the 9% FX impact. - Debt (in US$): > 90% of total

US$ 5.0
2009 2010 Mar/11 Jun/11 Sep/11 Dec/11 Mar/12 Jun/12 Sep/12

Dec/12

FX Rate(R$/US$)
Avg LTM EOP 2.00 1.74 1.76 1.67 1.73 1.63 1.69 1.56 1.65 1.85 1.67 1.88 1.70 1.82 1.96 2.02 2.02 2.03 1.95 2.04

*From June 30, 2012 on, net debt/EBITDA ratio for covenant purposes are calculated in US Dollars and the limit is 4.5x

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Liability Management
R$ 2.9 billion in free cash flow generation and liquidity events in 2012
2013E Capex: R$ 1.250 bn

0.5

2.9

2.3
0.2 (0.5) (0.1)
Working Capital Taxes(2)

1.4

0.2

(1.1)

0.8 FCF

EBITDA

CAPEX(1)

Interest

Equity Offering

Forest (3) Sale

Losango(4) Sale

Total

Liquidity

Cash position as of Dec/12: R$ 3.0 bn + R$ 1.0 bn revolver credit facility

Asset Light

Search opportunities for land monetization

(1) Includes advance to forest partner program | (2) IR/CS and other | (3) Forestry assets and land in the south of Bahia State | (4) Considers only the receipt of the first payment of R$470 million

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

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