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Fibria Day
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DISCLAIMER
The information contained in thispresentation may include statements whichconstitute forward-looking statements, within
the meaning of Section 27A of the USSecurities Act of !"##, as amended, andSection 2!$ of the US Securities $%changeAct of !"#&, as amended Such forward-looking statements in'ol'e a certain degreeof risk and uncertainty with respect to
business, financial, trend, strategy and other forecasts, and are based on assumptions,data or methods that, although consideredreasonable by the company at the time,may turn out to be incorrect or imprecise, or may not be possible to reali(e The company
gi'es no assurance that e%pectations
disclosed in this presentation will beconfirmed )rospecti'e in'estors arecautioned that any such forward-looking
statements are not guarantees of futureperformance and in'ol'e risks anduncertainties, and that actual results maydiffer materially from those in the forward-looking statements, due to a 'ariety offactors, including, but not limited to, the risks
of international business and other risksreferred to in the company*s filings with the+ and S$+ The company does notundertake, and specifically disclaims anyobligation to update any forward-lookingstatements, which speak only for the date on
which they are made
2
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+.)$T/T/$ST1AT$3
arcelo +astelli+hief $%ecuti'e .fficer
1 +.1).1AT$
.$14A4+$ 5F/4A4+/A6 ST1AT$3
uilherme +a'alcanti+hief Financial .fficer
2 2!8 .UT6..9uilherme +a'alcanti+hief Financial .fficer
3 )U6) A4D)A)$1 A19$T:enri )hilippe an 9eer +hief +ommercial .fficer
4
A$4DA
#
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A$4DA
+.1).1AT$.$14A4+$ 5F/4A4+/A6 ST1AT$3
uilherme +a'alcanti+hief Financial .fficer
2 2!8 .UT6..9uilherme +a'alcanti+hief Financial .fficer
3 )U6) A4D)A)$1 A19$T:enri )hilippe an 9eer +hief +ommercial .fficer
4arcelo +astelli+hief $%ecuti'e .fficer
1 +.)$T/T/$ST1AT$3
&
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Results were achieved with continuous improvementoperational e!cellence"
;< $%cludes +onpacel =
2!< 2!! 2!2 2!# 2!& #?!; 6T
;"& 8; ;>& 8&> 8;! 8"2
>7; >&278# > 7;>
2!< 2!! 2!2 2!# 2!& #?!; 6T
2,;28!,"8&
2,2;#2,7"8 2,7"!
&,82
2!< 2!! 2!2 2!# 2!& #?!; 6T
&@
#&@ #8@
&@ #"@
;!@
#4$ %14$
%21$
&roduction 'olume tBCest )ractices and .perating Stability
Cash Cost 1EtonB
S()A 1 millionBStructure and )rocess Simplification
E*I+DA 1 millionB % E*I+DA Mar,in @B
;
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-I+./0+ E/&ARDII( CREDI+ ME+RICS
)
"and now i5ria is a5le to create value6or its shareholders with capital discipline
REE CAS. L/-
ID0S+R7
C/S/LIDA+I/
&0L&- rowth with discipline
- Cest portfolio
of proects
DI'IDEDS- *I/%*usiness
- )ortocel
- 6and and forest
))
8
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i5ria8s strate,9 at a ,lance
7
IMMEDIA+E S./R+ +ERM MEDI0M +ERM L/( +ERMS
&ro6ita5ilit9
.perational
$%cellence
oderni(ation
Financial DisciplineCiotechnology
Solid o'ernance
(rowth
Forest CaseFormation -
Sustainability.rganic rowth
Transparency +onsolidation
:igh )erformance+ulture
Diversi6ication
Cio Strategy
6ogistics
.rgani(ational+limate 1eal $state
.ptions
.2
/perationalE!cellence
inancial Discipline
Solid (overnance
Sustaina5ilit9
+ransparenc9
.i,h &er6ormanceCulture
/r,ani:ationalClimate
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i5ria8s strate,9 at a ,lance
>
IMMEDIA+E S./R+ +ERM MEDI0M +ERM L/( +ERMS
&ro6ita5ilit9
.perational
$%cellence
oderni(ation
Financial DisciplineCiotechnology
Solid o'ernance
(rowth
Forest CaseFormation -
Sustainability.rganic rowth
Transparency +onsolidation
:igh )erformance+ulture
Diversi6ication
Cio Strategy
6ogistics
.rgani(ational+limate 1eal $state
.ptions
.2
/perationalE!cellence
inancial Discipline
Solid (overnance
Sustaina5ilit9
+ransparenc9
.i,h &er6ormanceCulture
/r,ani:ationalClimate
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Structural competitiveness
! Third-party wood reduction
2 Forestry operations producti'ity
# /ndustrial
4)G 1!& billion
4)G 12 billion
4)G 1; million
+otal ; R 5illion
"
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@
2@
&@
8@
>@
!@
2" 2! 2!! 2!2 2!# 2!& 2!; 2!8 2!7 2!> 2!" 22 22! 222 22# 22& 22;
1= +hird%part9 wood reductionWood supply recovering to normal condition
► )eaking in 2!8H
► 1eturning to 2!2*s le'els by the end of 2!7H
►
4) of 1!& billion from peak to normali(ed le'el
Estimated levelfor 2015
+hird%part9 wood decrease will5ene6it ope! and cape!
!
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► ost part of the standing wood was already paid
► Despite the higher forest to mill distance, the wood from Losango is less expensive
than the available wood from around Espírito Santo and Bahia States
► )ositi'e impact o'er industrial costs due to better producti'ity
!!
1= +hird%part9 wood reductionLosango
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The distribution costs by classes helps us to apply resources
in order to optimi(e wood production
1?$
2?$
4?$
2?$
1?$1?$
3@$33$
1$
@$
@
;@
!@
!;@
2@
2;@
#@
#;@
&@
&;@
! - Diamond 2 - old # - Sil'er & - Cron(e ; - 6ead
+urrent effecti'e area Future effecti'e area
2= orestr9 operations productivit9
CLASSI7I( +.E /RES+ *ASE *7 CA+E(/RIES
!2
Structural change improving competitiveness
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)ossible 1estrictions
Declivit9G :igher than #;I
!G Ctw 2&Iand #;I
2G Ctw I and 2&I
ConservationAreas
G Jithin +As!B
!G Jithin $)A2Band $CK#B
2G .ut of $)Asand $CK
MunicipalRestrictions
G Total
restrictions!G )artialrestrictions2G 4o restrictions
E&A Altitude
G :igher than!>m
!G 6ower than!>m
0r5an ones
G Urban Kones!G .utside urban
areas
Remnants o6nativeve,etation
G 1emnantsareas!G .utsideremnants areas
)ossible /mpediments
&ossi5le com5inations
B ? 1 and 2 removed
4 e hi,h potential!B +onser'ation Areas
2B $n'ionmental )rotection Areas#B $n'ironmental Cuffer Kones
!#
2= orestr9 operations productivit9Identifying opportunities based on these combinations
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Roads
+ransportation
Silviculture.arvest
!&
2= orestr9 operations productivit9Cost and Capex KPI’s were also included in this geomodel
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Mi!ed .arvest Mechani:ation .ill9 areasFMi!ed .arvest Mechani:ation .ill9 areasF
2= orestr9 operations productivit9
► i%ed cutting operation with highdemand for . and high risk to safetyH
► :ar'est limitations in areas abo'e2& degreesH
► /ncrease annual capacity to har'est inareas up to #; degrees , pre'iously Llocked upL
by har'esting capacity of manual staffH
► 4)G 17! million
► +ape%G 1; million
► .perational since Aug 2!;
&R/EC+ DESCRI&+I/ ACAREG 0I+F
!;
!arvest
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&I
► Freight cost reductionH
► /ncreased load bo% fortimberEwoodchip transport
► Use of lightweight steelH
► .perational risk reduction flippingBH
► /n'estmentG 1## million
► 4)G 1!#" million
► StartupG 2!; E 2!8
&R/EC+ DESCRI&+I/ ARACR0 ACAREG AD +RHS LA(/AS 0I+SF
Timber transportation Joodchip transportation
!8
2= orestr9 operations productivit9"ransportation
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Maritime -ood Shippin, &roectMaritime -ood Shippin, &roect
► +ape% and .pe% reductionH
► /ncrease in cargo handling due to
increase in stack height 'olume
► 1eduction in hea'y truck road traffic
► +ape%G 1#> million
► 4)G 1"; million
► StartupG ManE2!7
&R/EC+ DESCRI&+I/ ARACR0 0I+F
!7
2= orestr9 operations productivit9"ransportation
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!@
#@
;@
7@
"@
!@
@
2@
&@
8@
>@
!@
2!; 2!8 2!7 2!> 2!" 22
2= Structural chan,e in 6orestr9 operations productivit9
Structural cost reduction of R
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3= Industrial; maintenance downtimes schedule chan,e
► 1egulatory Standard !# Coiler and )ressure essel /nspectionB e%tended the ma%imum
period between reco'ery boiler inspections from !2 to !; months
► Fibria was the first company to use the e%tended period benefit
► 4)G 1#>; million
2?14 2?1 2?1@ 2?1J 2?1
1K14 2K14 3K14 4K14 1K1 2K1 3K1 4K1 1K1@ 2K1@ 3K1@ 4K1@ 1K1J 2K1J 3K1J 4K1J 1K1 2K1 3K1 4K1
Mills
Aracru( A 4o maintenance
downtime
Aracru( C 4o maintenance
downtime
Aracru( +
MacareN 4o maintenance
downtime
TrOs 6agoas 4o maintenance
downtime
eracel 4o maintenance
downtime
!"
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*iolo,ical Slud,e Dr9ness &rocess
3= Industrial; *iolo,ical Slud,e Dr9er
► ariable cost reduction associated
with the disposal of sludge operations
in e%ternal landfill
► +ape%G 1!> million
► 4)G 1! million
► StartupG DecE2!8
&R/EC+ DESCRI&+I/ ACAREG 0I+F
/perational 4low L Conditionin, and 5iolo,ical slud,e 5urn
P77E66luent#Slud,e
Aeration +anM
*iolo,icalSlud,e +anM
P77*iomass &ile
Slud,e Dr9er
*iomass
*oiler
Slud,e dr9in, and 5urn in 5iomass 5oiler
2
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i5ria8s strate,9 at a ,lance
2!
IMMEDIA+E S./R+ +ERM MEDI0M +ERM L/( +ERMS
.perational
$%cellence
&ro6ita5ilit9
.perational
$%cellence
Asset light
Financial DisciplineCiotechnology
Solid o'ernance
(rowth
Forest Case
Formation -
Sustainability.rganic rowth
Transparency +onsolidation
:igh )erformance+ulture
Diversi6ication
Cio industry
6ogistics
.rgani(ational+limate 1eal $state
.ptions
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(rowth % .ori:onte 2 &roectCapacit9 Increase o6 3$ startin, on 4K1J
E!istin, mill
.2 &roectArea
.2 &roectArea
.2 &roectArea
22
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-here the competitiveness comes 6rom
► /ndustrial plant with minimal en'ironmental impact emissions, consumption and wasteB
► :ighly efficient reco'ery boiler, ma%imi(ing electricity generation
► +oncept si(ed for future biorefinery
► ore modern processes for wood use impro'ement
► :igh-yield automated nursery
► /ntegrated management
► Steering +ommittee with 'ast pulp sector e%perience
+imin,; fa'orable market conditions for plant acQuisitionEconstruction
► $conomic recession
► +urrency de'aluation
*rown6ield; synergies with e%isting facilities and operations
Access to wood; certified forest base with "; km forest-to-mill distance
Ener,9G 12? Jh surplus
+EC./L/(7AD
I/'A+I/
MAA(EME+
C/M&E+I+I'EESS
2#
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.eadcount s9ner,959 department
$ngineering
/ndustrial
)rocurement
+ommercial
6ogistics
Forestry
.thers !B
Full synergy Strong synergy 6ittle synergy
*rown6ield; s9ner,ies with e!istin,6acilities and operations
#ixed cost dilution
!B Accounting, 6egal, :1, 15D, $n'ironmental, 1+, /T and +ommunicationdepartments
2&
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/ut5ound lo,istics
)orts :ighways
1ailroads Jaterways
Data Collection N&reliminar9 Anal9sis 6ogistics +osts
.pe% - 1ates +ape%
?ualitati'e odal conditions
Anal9sis
atorosso
atorossodo Sul
oiRs
Crasilia
2;
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(rowth 6rom consolidation present challen,es5ut 5ene6its are undisputed"
C.ALLE(ES
► Strate,ic motivation
► +imin, o6 the other part9
► Relative valuation► Corporate (overnance
*EEI+S
► .u,e potential s9ner,ies
► Maret and client port6olioconsolidation
► Rationali:ation new proectpipeline
(R/-+. R/M C/S/LIDA+I/ IS A OE7 DRI'ER / 'AL0E CREA+I/
28
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&ulp Suppl9 A,reement;
► )ulp 'olumesG
► inimum of " kt of hardwood for the first & years
► 7;@ of " kt for the fifth year phase out !B
►
;@ of " kt for the si%th year phase out 2B► Selling price based on the a'erage net price charged by
Fibria at the )ort of )aranaguR /* &arana,uPB
► Sales destinationG lobally, e%cept for South America
► .perational startupG arE2!8
► A,reement 5ene6its;
Puma Pro$ect
utual 'alue creation, with better ser'icing for both +ompanies customer*s base
6ogistics and commercialstructure synergiesH
$nsure sales 'olumesH
$nsure pulp market access with9labin brand
6ogistics and commercialoptimi(ation and synergiesH
Support customers* growth andenhance customers* needsH
)otential de'elopment of new customers
27
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CLIMA+E C.A(E % an overview
(lo5al warmin, isan uneuivocal 6act Concentrations o6C/2 haveincreased 4?$
since pre%industrialtimes
+here is a clearhuman impact on
the climate
2"
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-A+ER +A*LE
+REE +RAS&IRA+I/
S/IL ER/SI/ CAR*/ *ALACE
CREEO L/- R0%/F
22 9ears o6 R)D; understandin, the 5asics-atershed studies; water car5on and nutrients c9cles
#
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Ris Miti,ation Actions; +ree Improvement
E!=; CL/AL +ES+ I M/+E0MA M( @? mm o6 rain6all per 9earF
Clone A Clone *
Clone IMAm3Nha=9r
A 43=@
* 4?=3
C 3>=JD 3>=
E 3=1
3J=3
( 3J=1
. 34=
9ears old
#!
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Lon, term ,oals; e!pressive ,ains in 6orest productivit9
#2
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-ater C9cle on Industrial /perations
►Fibria returns about >@ of the water withdrawn from theri'er as treated effluent
►As a result, water consumption 'aries between&> mEadt and 87 mEadt, depending on the mill
►:igh efficiency in the use of water water withdrawn is belowthe CAT of /))+ /ntegrated )ollution )re'ention and +ontrolB,which is in the range of #-; mEadt
&ulpproduction
2?$
-ater 5od9 riversF
returns astreatedeffluent
Evaporation1=$
&ulp 6inal product1=$
Recirculation
5etween 3= and =? timesF
-ater withdrawn24=2 mNadt 33=@mNadt
?$
-ater consumption 4= mNadt @=J mNadt
##
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Corporate (overnance ) inancial Strate,9uilherme +a'alcanti +F.
#&
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!B Cefore e%pansion cape%
Oe9 Messa,es % 3K1
► Double digit 1.$G !>@ = Annuali(ing #?!; dataG #2@
► Free +ash FlowG #?!; 6T 12! billion!B = #?!; 1!! billion
► rowthG brownfield capacity increase of #;@
► Di'idendsG 7@ yield
► 1atingG /n'estment rade by all rating agencies
► 4et debt E $CT/DA USBG !;>%
► +orporate o'ernanceG 4o'o ercado C5F Co'espaEAD1 le'el ///B
► :ighest daily 'olume traded among 6atin American )eers
► SustainabilityG listed at the Dow Mones Sustainability $ /nde% and C5Fbo'espa*s+orporate Sustainability /nde% /S$B
#;
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!B +ontrolling group 2B Free Float &!&&@ Treasury 8@
'otorantimIndustrial S=A= !B
29!2"
*DES&articipaTUes!B
290#"
reeloat 2B
!150"
Shareholder Structure and Corporate (overnance
► .nly ! class of shares V!@ 'oting rights
► !@ tag along rights Cra(ilian corporate law
establishes >@B
► Coard of Directors with minimum 2@ independent
members
► Financial Statements in /nternational Standards /F1S
► Adoption of Arbitration +hamber
► S$+ 1egistered AD1 6e'el /// program
Listed on $ovo %er&adohi,hest level at *M)*ovespa;
&olicies approved59 the *oard o6 Directors;
iscalCouncil
*oard o6Directors
2@ independentmembers
1ole of +$. andchairman is split
&ersonneland
Remuneration Committee
Statutor9Audit
Committee
inanceCommittee
Sustaina5ilit9Committee
InnovationCommittee
3?$independent
mem5ers
1??$independent
mem5ers
?$independent
mem5ers
4$independent
mem5ers%
(eneralMeetin,
► /ndebtedness and 6iQuidity
► arket 1isk anagement
► 1isk anagement
►
+orporate o'ernance► 1elated )arties Transactions
► Anti-+orruption
► /nformation Disclosure
► Securities Trading
► Antitrust
► enetically odified $ucalyptus
► Dividend &olic9 E-
#8
.i h t A D il + d d ' l AD+'F
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.i,hest Avera,e Dail9 +raded 'olume AD+'Famon, LA+AM &eers
131
3
>
14 1?
Fibria2B )eer ! )eer 2 )eer # )eer &
!B From 4o'ember !, 2!& to .ctober #, 2!;2B A'erage Daily Traded olume from F/C1# FC1
AD+' R< millionF L+M1F
#7
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L+M 3K1 .i,hli,hts
>@
&&@7!@
;&@
!7>@
#!7@
2!! 2!2 2!# 2!& 6T #?!; Annuali(ed#?!;
1F Adusted E*I+DA CA&EB et Interest +a!es2F International accountin, standards 6or 5iolo,ical assets=3F Adusted E*I+DA CA&EB +a!es
2"@
8>@"!@
78@
!77@
2"&@
2!! 2!2 2!# 2!& 6T #?!; Annuali(ed#?!;
1=@JA'erageFW
1=> 2=1@ 2=3 3=?1 3=4 1=@JA'erageFW
1=> 2=1@ 2=3 3=?1 3=4
R/E V Adusted E*I+1FNEuit9 5e6ore IAS 412F
R/IC V Adusted E*I+3FNInvested Capital 5e6ore IAS 412F
#>
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447 421
338 358280 279
174 171 151
6886
10225
60 47
58 49
515 507
440
383
340 326
232351
83
13342
China 0SA Canada I5eria ChileN0ru,ua9 Indonesia *ra:il i5ria 3K1 i5ria wN .2
Cash Cost (US$/t) Delivery CIF Europe
Even more competitive cash production cost wN .2
%!KP &'S()t*
SourceG :awkins Jright )rice Forecast .ctober 2!;B and Fibria*s #?!; $arnings 1elease - FW considered by theconsultant at 1EUS#>8 :2 cash cost was estimated according to weighted a'erage cost, after mill balance,
con'erted at 1#>8 /ncludes energy sales
/nterest
+ape%
S5A
/ncome Ta%
-orin, capitalrelease; 0S
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2F
!B $%cludes +onpacel = 2B 2!; market consensus = #B According to Focus 1eport Cra(ilian +entral Cank 4o'ember 2, 2!;B
12222@
1>@4223
2J>@ 2J>1
4@2?
11
2??>1F 2?1?1F 2?11 2?12 2?13 2?14 L+M 3K1 3K1
E!chan,e RateAvera,e R$4?$
34$ 3@$4?$ 3>$
1$@$
>1211J> 1?@J 1133
1311 13441J2
1>?
Each $ depreciation o6 the Real increases E*I+DA59 around R
-
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ree Cash low
+( million
E*I+DA Mar,in
3>$
!B Cefore e%pansion cape%
Avera,e B
3?3
%4?
%12@%12
221J 1J
3>>
1@J234
122
J4@
>24
11J2@3
3J3 344
11221F
!?!! 2?!! #?!! &?!! !?!2 2?!2 #?!2 &?!2 !?!# 2?!# #?!# &?!# !?!& 2?!& #?!& &?!& !?!; 2?!; #?!;
34$ 33$ 2$ 3?$ 3J$ 3J$ 41$ 3>$ 3>$ 41$ 42$ 41$ 3$ 3$ 4$ ?$ ?$ @$
1=@J 1=@? 1=@3 1=? 1=JJ 1=>@ 2=?3 2=?@ 2=?? 2=?J 2=2> 2=2J 2=3J 2=23 2=2J 2= 2=J 3=?J 3=4
&!
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+he onl9 commodit9 with lower volatilit9 than B
#;@ #;@ #&@
27@ 28@2&@ 2&@ 2&@
!8@!&@
8@
JT/+rude .il
Sugar 4ickel +opper Soy /ron .re 6$etals
/bo'espa +attle FW F.$W )/WC:9)
Since 2"
Updated on 4o', 28th
.IS+/RICAL '/LA+ILI+7 / C/MM/DI+IES 0S
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In the last 1 9earspulp volatilit9 has 5een ust $===wh9Q
► arket price closer to producer*s marginal cost
► The marginal cost producers are based in $urope and 4orth America
► Flattish industry cost cur'e
► :igher fle%ibility to adust supply side during imbalanced market
► 6ower dependency on Asian market X2;@B compared to hard commodities 7@B
► arket end users are linked to consumer goods, such as tissue
► /ncipient pulp price futures market and low liQuidity
SourceG Cloomberg 4o'ember 28, 2!;
0
40
80
120
160
D e ! " "
# a y ! 0 0
$ t ! 0 0
# a r ! 0 1
% u & ! 0 1
' a ( ! 0 2
' u ( ! 0 2
) o v ! 0 2
% p r ! 0 *
S e p ! 0 *
F e + ! 0 4
' u l ! 0 4
D e ! 0 4
# a y ! 0 ,
$ t ! 0 ,
# a r ! 0 6
% u & ! 0 6
' a ( ! 0 -
' u ( ! 0 -
) o v ! 0 -
% p r ! 0 8
S e p ! 0 8
F e + ! 0 "
' u l ! 0 "
D e ! 0 "
# a y ! 1 0
$ t ! 1 0
# a r ! 1 1
% u & ! 1 1
' a ( ! 1 2
' u ( ! 1 2
) o v ! 1 2
% p r ! 1 *
S e p ! 1 *
F e + ! 1 4
' u l ! 1 4
D e ! 1 4
# a y ! 1 ,
$ t ! 1 ,
BHKP - FOEX Europe (base 100) CP (base 100)
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& t .2 6i i l
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&roect .2 6inancials
0I+ R< 0S<
&ulp productionN9ear tons 1? 1?E!pansion cape!1F < 5illion =J 2=2
E!pansion cape!1F
Sustainin, cape!2F 3 4
Cash cost3F
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2!7
2
>J=J
=J
.riginal 1e'ised
C16 $U1 USD and others
p prom 0S 2!" andthereafter
+imeta5le
2= 5n 2=2 5n0SD
&8
undin,
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undin,
&7
Amorti:ation Schedule 3K1 &ro6orma with +LS II 0S< million
!& 2&
#2!
;78
!,!!!
&>!
87#
!#" !!"
7!;
!!; !#&; !#
2!; 2!8 2!7 2!> 2!" 22 22! 222 22# 22& 22; 228 227 22>
C4D$S Cond ))$ 4+$ A++EA+$
3K1 3K1 # .2
A'erage +ost US paB
A'erage aturity yearsB
##@
&#
2>@
;
Cost and maturit9;
!B Debt FW #?!;G #"72" E FW considering new funding for the T6S // )roectG #"2B +ash on handsG US ""& million
.2
2@
8#
re'ol'er
+ash 2B
&"&
7&2
!,2#8
6iQuidity
Cape! .2 @@ 1=32? J2@ @@ 22
/ne o6 the 5est per6ormances amon, *ra:ilian
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p ,corporate issuers1F
32@ 333 343@ 3@3
412
2@ ?
@J
J4@
i5ria *R Em5raer (lo5opar *ra:il Ola5in 'ale *rasem (erdau &etro5ras
!B spread on 4o'ember 2;, 2!;
***% ***% *aa3
/5tainin, o6 Investment (rade 6rom the three Ratin, a,encies
&>
E!traordinar9 Dividend o6 R
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E!traordinar9 Dividend o6 R 2?1= 43S$G Dec= 1@ 2?1=
Dividend 9ieldW V J$
< +onsidering di'idend of 1!&" million paid in ay and the proposed payment of 12 bill ion onarket +ap on September #th, 2!;
DRI'ERS
► Strong cash generation
► +ash position abo'eminimum cash
► 6ow le'erage le'el
► 6ow a'erage cost of debt
► Funding status of :ori(onte 2 proect
► +apital discipline
&"
i5ria8s structural 6undamentals driveth l di t t i
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the leadin, return metrics
► 6ess 'olatile commodity in US
► +osts in C16
► The highest forest producti'ityworldwide
► .perational e%cellence
► UniQue customer base with steadysales 'olumes through long-termcontracts
► 6ow cost of debt
► Strong corporate go'ernance
:igh 1.$E1./+ in the long-term
;
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2?1@ /0+L//Ouilherme +a'alcanti +F.
;!
Cape! i5ria e!cept .2 &roect R< million
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1J2? 1J@4
2??3F
2!;uidance
FW Y /nflation +ape%reduction
2!;uidance
Update
Trucks)urchase 2nd
phaseB
:igher non-recurringsustaining
in'estments
:igher in'estments in
other moderni(ation
proects
:igher thirdpart wood
participation
Y FW /nflation 2!8uidance
Mana,ementInitiatives
E!ternal actors
Cape! i5ria e!cept .2 &roect R< million
!B +on'erted by #?!; 6T FW - USDEC16 #!2B +on'erted by #?!; end of period FW - USDEC16 #"7#B Subect to board appro'al
0SDJ1 M1F 0SD4 M1F
0SD1@ M2F
%12$
;2
Cape! i5ria e!cept .2 &roect R< million
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2,050(2)
1,682 1,613
2016 Guidance Modernization IndustrialMaintenance
/ Forestequipment
Losango Higher Spendingon
turbogeneratoroverhaul in 2016
WoodPurchase
Structural Capex EstructuralWood CostReduction
Structural Capex
Cape! i5ria e!cept .2 &roect R< million
0SD1@ M1F
0SD424 M1F0SD4?@ M1F
!B +on'erted by #?!; end of period FW - USDEC16 #"72B Subect to board appro'al
Forestry
operatios
proutivity
irease
;#
Cape! i5ria e!cept .2 &roect R< million
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14?
1@2
1@13
Structural +ape% asshown last yearB
/nflation and Y FW Structural +ape% $structural Jood+ost 1eduction
Structural +ape%
p p <
0SD4?@ M2F0SD42 M1F
!B +on'erted by #?!; 6T FW - USDEC16 #!2B +on'erted by #?!; end of period FW - USDEC16 #"7
%1@$
;&
Forestry .perations)roducti'ity /ncrease
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&0L& MAROE+ 0&DA+E:$41/ ):/6/))$ +.$1+/A6 .FF/+$1
;;
+he X5etter than e!pected scenarioY has 5eena,ain a realit9 in 2?1
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a,ain a realit9 in 2?1"
%!KP C,P,CI"- C!,./0S
EB&EC+ED SCEARI/ /R 2?1 I DEC814 7EAR%+/%DA+E SCEARI/ I 2?1
!";
-#!;
-8;
!!;
>;#
2
7;
28;
7;
&
C$9) demand growth, tEyrB
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%!KP 1elivered to 0urope &'S1)t*
J3
J21
J?>
J3
J2@
J?
J1
?4 ?W
J3W
1K1 2K1 3K1 4K1 Annual 2?1
Consultants avera,e at the end previous 9ear Reali:ed &IBN/EB price
< A'erage until !!E2&E!;
+onsultantsG :awkins Jright, 1/S/ and Crian c+lay published in the end 2!& for 2!; pricesB
;7
*ut this time demand has 5een the X,oodsurpriseY
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surprise
%!KP C,P,CI"- C!,./0S
EB&EC+ED SCEARI/ /R 2?1 I DEC814 7EAR%+/%DA+E SCEARI/ I 2?1
!";
-#!;
-8;
!!;
>;#
2
7;
28;
7;
&
C$9) demand growth, tEyrB
A ,ood demand 6rom all maor marets
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!ardwood and 0ucalyptus Shipments &222 t and 3 change 4 months 5267 vs8 5269*
@=$
%2=4$
3=@$
21=J$
=>$
=@$
=$
=?$
1>=2$
@=>$
%2??
?
2??
4??
@??
??
1=???
1=2??
(lo5al A -E China Rest o6 the world
BHKP BEKP
SourceG )))+ Jorld 2
;"
(ood worldwide macroeconomics are thee9 drivers
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e9 drivers
+eal /1P 3 ,nnual /rowth
34
%?
22
JJ
33
%?3
1
JJ
34
?>
24
J3
31
12@
@
3@
1@
2
@3
-orld Euro Area 0SA China
2?12 2?13 2?14 2?1 2?1@
SourceG /nternational onetary Fund, Jorld $conomic .utlook Database, .ctober 2!;
8
*ut the special 6ocus is on Europe
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+eal /1P 3 ,nnual /rowth
34
%?
22
JJ
33
%?3
1
JJ
34
?>
24
J3
31
12@
@
3@
1@
2
@3
-orld Euro Area 0SA China
2?12 2?13 2?14 2?1 2?1@
SourceG /nternational onetary Fund, Jorld $conomic .utlook Database, .ctober 2!;8!
*ut the special 6ocus is on Europe
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!ardwood and 0ucalyptus Shipments &222 t and 3 annual growth and -"1*
%?=3$
%?=$
3=3$3=J$
%?=$ %?=@$
@=?$
=?$
%2??
?
2??
4??
2?12 2?13 2?14 7+D 2?1W
BHKP BEKP
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8#
Is Europe ,ettin,5ac on tracQ
• Since the global financial crisis, theQuestion of whether the $uropeanscenario will get better has periodicallyarisen
• The latest economic data showsimpro'ement and for this reason thesur'eys, markets forecasts and e'en the$+C perception become more optimisticG
- $uro(one )/ stabili(ing abo'e ;2
- Unemployment rates decreasing
Euro:one indicators are improvin,
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42
44
4@
4
?
2
4
@
2?13 2?14 2?1
&MI Manu6acturin, &MI Services
E0R//E &MIS E0R//E 0EM&L/7ME+ RA+E
SourceG CloombergEarkit and $urostat
?
2
4
@
1?
12
14
2 ? ?
4
2 ? ?
A
2 ? ?
@
2 ? ?
J
2 ? ?
D
2 ? ?
>
2 ? 1
?
2 ? 1
1
2 ? 1
2
2 ? 1
3
2 ? 1
4
2 ? 1
A
8&
Despite the slowdown China has postedphenomenal ,rowth in nominal (D&
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Chinese .ominal /1P /rowth &'S( billion: yoy growth*
SourceG /nternational onetary Fund, Jorld $conomic .utlook Database, .ctober 2!;
?
2??
4??
@??
??
1???
12??
2?12 2?13 2?14 2?1
8;
E
China; Recent &lenum meetin,rein6orced plan to increase share o6
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88
rein6orced plan to increase share o6
consumption in (D& ,rowth
• Double 2! D) by 22
• /ncreasing share of consumption in D) growth, with the de'elopment ofG
;Lifestylerelated businesses;< retail: health: travel and sports segments8
Service sectors related to families and the elderly: culture: law:accommodation and catering as well as education and training8
• $nd of the one-child policy and the introduction of a two-child policy
• ore rapid urbani(ation growth
• )o'erty reduction in rural areas
• reen and sustainable de'elopment
• Agriculture moderni(ation
• /ndustrial structure upgrade
&olic9 priorities emphasi:ed 59 the 13th ive 7ear &lan;
'rowth based on sustainable and &onsumption(led development)*ositive impa&t for the pulp + paper industr,
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Investor Relations;JebsiteG wwwfibriacombrEri$-mailG ir[fibriacombr )honeG ;; !! 2!#>-&;8;