1

Corporate PresentationSeptember 2014

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Disclaimer

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 ofrisk 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 thecompany’s 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.

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The Company

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Shareholder Structure

(1) Position as of January 31, 2014. 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.

VotorantimIndustrial S.A.

29.42%

BNDESParticipações

30.38%(1)

FreeFloat

40.20%(2)

29%

71%

NYSE

Average Daily Trading Volume (LTM): US$ 32 million

BM&FBOVESPA

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 risk Management

• Risk Management

• Corporate governance

• Information disclosure

• Stock trading

Listed in the most important sustainability indexes

Level III

(2) Free Float 40.14% + Treasury 0.06%

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A Winning Player

Pulp capacity million tons 5,300

Net revenues R$ billion 7.1

Total area (1) thousand hectares 962

Planted area(1) thousand hectares 555

Net Debt R$ billion 6.7

Net Debt/EBITDA (in Dollars)(2) X 2.4

Net Debt/EBITDA (in Reais) X 2.3

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.

Port Terminal Pulp Unit

Três Lagoas

Santos

AracruzPortocel

Caravelas

BelmonteVeracel

Jacareí

Superior Asset Combination Main Figures – 2Q14 LTM

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Fibria’s Units Industrial Capacity

Três Lagoas – Mato Grosso do Sul – 1,300 thousand t/year Jacareí – São Paulo – 1,100 thousand t/year

Aracruz – Espírito Santo – 2,340 thousand t/year Veracel – Bahia – 560 thousand t/year *

* 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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Fibria’s Strategy

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Leadership Position

(1) Fiber Consumption, Recycled Fiber and Pulp: RISI | Market Pulp, Hardwood and Eucalyptus: PPPC Special Research Note - November 2013(2) Hawkins Wright – Outlook for Market Pulp, August 2014

Market Pulp Capacity Ranking 2014(2) (000t)

- 1.000 2.000 3.000 4.000 5.000 6.000

Canfor

ENCE

Eldorado

Resolute

Domtar

Mercer

Sodra

Ilim

IP

Weyerhaeuser

Metsa Group

Paper Excellence

Stora Enso

UPM-Kymmene

CMPC

Georgia Pacific

Suzano

Arauco

APRIL

Fibria

Bleached Softwood Kraft Pulp (BSKP)

Bleached Hardwood Kraft Pulp (BHKP)

Unbleached Kraft Pulp (UKP)

Mechanical

5,300

Recycled Fiber 234 million t

49% 51%

60%

18% 82%

58% 42%

40%

35% 65%

29%71%

Fiber Consumption403 million t

Pulp 169 million t

Chemical139 million t

Mechanical31 million t

Integrated Mills 84 million t

Market Pulp 55 million t

Hardwood28 million t

Other Eucalyptus Pulp producers:

13 million t

Softwood/Other 27 million t

Acacia/Other 10 million t

Eucalyptus18 million t

Industry Outlook(1)

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Fibria’s Commercial Strategy

Source: Fibria – 2Q14 LTM

• Differentiation: Customized pulp products to specific paper grades

• Sole supplier to key customers

• Long term contracts

• Competitive logistics set up

Miami

Nyon

Hong Kong

São Paulo

Fibria’s Sales Distribution

Fibria ‘s Offices

N.America

26%

L.America

9%

Europe

39%

Asia

26%

Fibria’s Pulp End Use

Tissue51%

Printing & Writing

31%

Speciatilies19%

Lustenau

Forest

OutboundLogistics

Pulp mill

PortClient

Low forest to mill average distance

Easy access to the most efficienttransportation network:

rail, barging and road

Portocel: specialized port for the pulp and paper industry

Integrated logistics solutions

Efficient Logistics Setup

Sea Freight

Door to Door Operations

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Pulp and Paper Market

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Paper Consumption

(1) Source: RISI

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&W Consumption (000 tons)(1)

Tissue Consumption (000 tons)(1)

114,507

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

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

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

26,877

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

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Million tons 1998 2008 2018Growth

1998-2008

Growth

2008-2018

Hardwood 15.0 24.5 32.8 63% 34%

Eucalyptus 6.0 14.2 23.2 137% 63%

Softwood 17.6 21.6 24.8 23% 15%

Market Pulp 32.6 46.1 57.1

Source: PPPC

Global Market Pulp Demand

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

Hardwood demand will continue to increase at faster pace than Softwood

Hardwood (BHKP) vs. Softwood (BSKP) (000 ton) Demand growth rate

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

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Hardwood Softwood

Gross capacity addition should not be counted as the only factor influencing pulp price volatility

Source: Hawkins Wright

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BH

KP

pri

ces

-ci

fEu

rop

e (U

S$/t

on

)

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

Valdivia

APP Hainan

VeracelNueva Aldea

Santa Fé

Mucuri

FrayBentos

KerinciPL3

Três Lagoas

Rizhao

APP Guangxi

ChenmingZhanjiang

EldoradoMontes del

Plata

Maranhão

Guaíba II

Gre

enfi

eld

cap

acit

y (0

00

to

n)

Capacity closures DO happen…

Source: PPPC and Fibria

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-910

-85

-1260

-1180

-540-500

-105

-1085

-130

-1400

-1200

-1000

-800

-600

-400

-200

0

2006 2007 2008 2009 2010 2011 2012 2013 2014-2015 E

Closures of Hardwood Capacity Worldwide(000 ton)

Total delivered cash cost will also have an influence on bottom prices

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Total Cash Cost of BHKP

delivered to Europe(US$/t)

528 493 502 453 479 464388 406 426

316 304 306 286 261 227

4840

7170 47 42

112 36 42

50 41 45 5667

6854

117

32

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

501

SG&ATax/Others = 4

CAPEX

Interest

Working Capital = +9

Capacity(k tons): 660 595 1,775 585 565 355 1,005 2,410 1,960 1,095 12,750 = 31,930330 3,680 4,165

FOEX

Net price

809

Source: Hawkins Wright (Outlook for Market Pulp, March2014) | Fibria’s 2Q14 LTM considering a FX of R$/US$2.29.

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Tissue Market

(1) Source: RISI

Kg/capita

Per Capita Consumption of Tissue by Region, 2013(1)

Growth Potential

24.3

14.8 14.6

11.1

6.3 6.14.4

2.2

N. A

me

rica

We

st E

uro

pe

Jap

an

Oce

ania

East

Eu

rop

e

LatA

m

Ch

ina

Afr

ica

0

5

10

15

20

25

30

35

1991 1996 2001 2006 2009 2010 2011 2012 2013

N.America W.Europe E.Europe L.America Middle East

Japan China Asia FE Oceania Africa

LTM Growth of +4.2%

Million tons

World Tissue Consumption, 1991-2013(1)

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Pulp Projects Backlog

Main Projects

Project Country Capacity Timing Status

CMPC Guaíba II Brazil 1.3 Mt 2Q2015 Confirmed

Klabin Paraná Brazil 1.5 Mt* 2Q2016 Confirmed

APP South Sumatra Indonesia 1.5 Mt – 2.0 Mt 4Q2016 Confirmed

Fibria Três Lagoas II Brazil 1.75 Mt - Unconfirmed

• 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 Questions About Capacity

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

* 1.1 million tonnes of hardwood and 400 thousand tonnes of softwood

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Financial Highlights

39%41% 35%

1,853

1,841

1,958

2Q13 1Q14 2Q14

647 679

594

2Q13 1Q14 2Q14

2Q14 Results

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1,370 1,347 1,358

1,510

1,301

1,441

2Q13 1Q14 2Q14

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

Production Sales

PRODUCTION AND SALES VOLUME (000 t) NET REVENUES (R$ million)

488

524

486

546 549 559

2Q13 1Q14 2Q14

cah cost ex-downtimes cash cost

CASH COST (R$/t)

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Debt Amortization Schedule at

Jun/2014(R$ Million)

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

Debt by Currency

5%

95%

Local Currency

Foreign Currency

Debt Profile

4.7%

3.8%

Jun/13 Jun/14

1,776

1,467

3,243

1,068773 769

1,3551,215

923

545 453

48 6

1,302

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

Pre-payment BNDES ECN ACC/ACE Voto IV Bonds

(cash)

(revolver)

Debt

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NET DEBT(R$ million)

GROSS DEBT (R$ million)

9.9368.445 8.457

4.485 3.732 3.840

Jun/13 Mar/14 Jun/14

R$ US$

140 137

109

8.2536.970 6.681

3.725 3.080 3.033

Jun/13 Mar/14 Jun/14

R$ US$

3.3

2.4

2.3

3.02.4

2.4

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

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Net Result (R$ million) – 2Q14

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

(1) Includes other exchange rate and monetary variations.

(1)

594

1.494

631

900

223 (154)(86)

(487)

(308)

(51)

AdjustedEBITDA

BEFIEX / Otheropex

Ebitda FX Debt /MtM hedge

Bondsrepurchase

Net interest Deprec.,amortiz.and

depletion

Taxes Others Net Income∆

BEFIEX

BEFIEX

FXDebt

MtMhedge

∆ ∆

Investor Relations

E-mail: ir@fibria.com.br

Phone: +55 11 2138-4565

Website: www.fibria.com.br/ir