Fibria Celulose : 2Q14 Earnings Presentation

Conference Call - 2Q14 Results

July 23, 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 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 are valid only for the date on which they are made.

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Agenda

Key Highlights - 2Q14 4

Pulp Market 5

S2Q14 Results 6

SCash Production Cost 7

SIndebtedness8

Net Result - 2Q14 9

Free Cash Flow 10

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Key Highlights

Liability

Management

• Net debt/Ebitda ratio stable at 2,4x in US$ and down to 2,3x in BRL;

• Reduction in cost of dollar-denominated debt from 4.7% p.a. (June/13) to 3.8% p.a. (June/14);

• Repurchase of 78% of Bond 2021, equivalent to US$ 430 million;

• Issuance of US$ 600 million in bonds due 2024 with a 5.25% coupon.

• Sales volume of 1.334 million tons in the quarter, 5% higher year-on-year;

Pulp Market

• Pulp sales reached 5.265 million tons LTM, over 100% the production volume in the same period;

• 3% increase of BEKP global demand y-o-y (5M14 vs. 5M13).

Operational

Results

• 2Q14:

Net Revenues: R$ 1,694 million | EBITDA: R$ 594 million | EBITDA Margin: 35%

• LTM:

Net Revenues: record of R$ 7,135 million | EBITDA: R$ 2,857 million | EBITDA Margin: 40%

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Pulp Market

Shipments of Eucalyptus Pulp (1)

5M14 vs. 5M13

BHKP Scheduled Maintenance Downtimes - Brazil (000 t)(2)

1Q14 2Q14 3Q14 4Q14

7%

3% 4%

2%

-5%

(9)

+ 185 kt

- 34 kt

+ 99 kt + 94 kt

+ 26 kt

(117)

(104)

Total North

America

Western

Europe

China Others

(143)

(1)Source: PPPC World 20 - May2014

NBSK vs. BHKP - Price (3)

250

1100

(2)Source: ABTCP and Fibria

Sales Distribution 2Q14 - Fibria

200

150

100

Spread June/14:

US$ 184

1000

900

800

700

By region

North

America

By end-use

Average spread:

50US$ 101

0

600

400

Europe

42%

Asia

Tissue

49%

Printing &

Writing

33%

Spread Average spread BHKP NBSK

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

LatAm.

9%

27%

Specialties

18%

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Resultados - 2T14

PulpProductionandSales(000 t) Net Revenue (R$ million)

1,291

1,269

1,277

1,188

1,271

1,334

1,669 1,642 1,694

2Q13 1Q14 2Q14

Production Sales

2Q13 1Q14 2Q14

Cash Production Cost (R$/t)

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

546 549 559

488 486

39% 41%

35%

647 679

594

2Q13 1Q14 2Q14

Cash cost ex-scheduled downtimes Cash cost

2Q13 1Q14 2Q14

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Cash Production Cost (R$/t) - 2Q14

5

546 13

14

4

( 27 ) 4

559

2Q13 Maintenance downtimes

Wood FX Maintenance Utilities Others 2Q14

+ 2.2%

energy

(2Q14: R$ 36/t I 1Q14: R$ 18/t I 2Q13: R$ 14/t)

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Indebtdeness

Net Debt (Million)

Total Debt and Interest Expenses (Million)

Net Debt/EBITDA (R$)

Net Debt/EBITDA (US$)

Interest (R$)

3.3

3.0

2.4

2.4

2.4

2.3

140 137

9.936

109

8.253

3.725

6.970 6.681

3.080 3.033

8.445 8.457

4.485 3.732 3.840

Jun/13 Mar/14 Jun/14

Jun/13 Mar/14 Jun/14

R$ US$

R$ US$

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

3,243

1,467

(revolver)

1,776

(cash)

1,068

773 769

1,355

1,215

923

545 453

48 6

1,302

4.7

57

4.1

47 52

3.8

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

Pre-payment BNDES ECN ACC/ACE Voto IV Bonds

Jun/13 Mar/14 Jun/14

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Net Result (R$ million) - 2Q14

BEFIEX

900

1.494

∆ FX

223 (154)

∆ MtM

(86)

(487)

594

Debt

hedge

BEFIEX

(308)

(51)

631

Adjusted

EBITDA

BEFIEX / Other opex

Ebitda

∆FX Debt / MtM hedge

Bonds repurchase

Net interest Deprec., amortiz.and depletion

Taxes Others (1)

Net Income

(1)Includes other exchange rate and monetary variations.

Bonds repurchase will provide annual savings of US$ 63 million in interest payments.

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Free Cash Flow (1)(R$ million) - LTM

2.857

( 1.409 )

( 386 )

111

( 20 ) ( 28 )

1.125

Adjusted EBITDA Capex Interest

(paid/received)

Working Capital Taxes Others Free Cash Flow

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.

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Investor Relations:

Website: www.fibria.com.br/ir

E-mail:[e-mail]

Tel: [phone]

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