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Manual for Participation in Ordinary and Extraordinary General Meeting

April 25, 2014

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Index

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Message from the management

Dear Shareholder,

Fibria Celulose S.A. (“Fibria” or the “Company”), a Company listed on the Novo Mercado of the Brazilian Stock Exchange BM&FBovespa, in line with its commitment to adopt outstanding Corporate Governance practices, prepared this Manual, whose purpose is to clearly and succinctly present important information and guidance relating to the convocation of Fibria’s Ordinary and Extraodinary General Meetings (“O/EGM” or “General Meeting”) to be held together on April 25, 2014, at 2:00 p.m., at the Company’s headquarters located at Alameda Santos, 1.357 / 6th floor, in the Eucalyptus Room, in the City of São Paulo, State of São Paulo.

Members of Fibria’s Board of Executive Officers, a representative of the Fiscal Council and a representative of the Independent Auditors responsible for auditing the Financial Statements for the year ended December 31, 2013 will be present at the General Meetings and will be able to clarify any matters included in the agenda.

We emphasize that each share issued by Fibria is entitled to one vote in the General Meetings.  As such, your participation is very important to the Company.

We hope we can count on your presence, for which we thank you in anticipation.

Sincerely,

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Ordinary and Extraordinary General Meetings Agenda

At that meeting, the following matters will be submitted for the resolution of the Shareholders. More information, as well as the procedures for participating in the General Meetings, are available in this Manual, its Annexes and on the websites of Fibria and the Brazilian Securities Commission (www.fibria.com.br/ir and www.cvm.gov.br), and may also be obtained from Fibria’s Investor Relations Department.

1. In the Ordinary General Meeting:

(a) Take the accounts of the management, examine, discuss and vote on the Financial Statements, accompanied by the Report of the Independent Auditors for the fiscal year ended December 31, 2013;

(b) Resolve on the proposal of the management regarding the allocation of the results for the fiscal year ended December 31, 2013;

(c) Resolve on the proposed capital budget for 2014;

(d) Elect the members of the Fiscal Council of the Company

(e) Set the aggregate annual remuneration to the management of the Company and the Fiscal Council members, in accordance with the limits set in article 162, § 3rd of  Law 6.404/76.

2. In the Extraordinary General Meeting:

(a) Change the structure of the Board of Directors due to the resignation of 3 members, out of which 1 is a sitting member and 2 are alternate members, in order to elect 1 sitting member of the Board of Directors and 2 alternate members, as replacement of the resigning Directors, to fulfill the remainder of the term of office, i.e., until the Ordinary General Shareholders’ Meeting that resolves on the financial statements relating to the fiscal year ending on December 31, 2014, as well as to reallocate alternate directors.

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Guidance for Participation

Date, Time and Place

Fibria’s Ordinary and Extraordinary General Meetings will be held on April 25, 2013 at 2:00 p.m. at the Company’s headquarters located at Alameda Santos, 1.357 / 6th floor, Eucalyptus Room, in the City of São Paulo, State of São Paulo (see the map below).

We recommend that parties interested in participating in the General Meetings arrive 30 minutes early.

Who may participate in the General Meetings

All shareholders owning common shares issued by Fibria, or their duly appointed legal representatives or procurators, may participate in the General Meetings.

Required documentation

All those attending the General Meeting must present personal ID document with photograph (personal domestic or foreign ID card, driver’s license or cards for duly accredited professional associations); and proof of ownership for shares issued by the Company, duly updated, provided by the depository financial institution and/or the custody agent after April 22, 2014.

In the case of legal representatives of a shareholding entity, besides the respective identification, an authenticated copy or original of the constitutive act of the shareholder (current Bylaws, Charter or equivalent document) must also be presented, as well as the corporate documentation showing their election as a representative.

In the case of Investment Funds, besides the documents mentioned in the preceding paragraphs, an authenticated copy or original of the respective Regulation must be presented.

Documents issued outside Brazil must be notarized, legalized by a local Brazilian diplomatic office, and accompanied by a sworn translation in Portuguese.

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Finally, participants in the Fungible Custody of Registered Shares of the Stock Exchanges (Custódia Fungível de Ações Nominativas das Bolsas de Valores) must present a statement issued by the custodian after April 22, 2014, containing the respective shareholding participation.

Shareholders Represented by a Procurator

Pursuant to article 126 of Law 6.404/76 (the “Brazilian Corporations Law”), shareholders may be represented in General Meetings by a procurator appointed within the last year, who is a shareholder in or administrator of Fibria,  a lawyer, or a financial institution.

Shareholders represented by procurators must deposit the respective instruments of mandate, accompanied by the representation documents mentioned in the previous item in this Manual, at Fibria’s headquarters by April 22, 2014. These documents must be sent to the attention of the Company’s Legal Department at Alameda Santos, n° 1.357, 7th floor, 01419-908, São Paulo - SP.

If the Shareholder has not deposited the power of attorney within the time period established above, its representatives or procurator may participate in the Meetings, as long as they present, by that date of the Meeting, the originals of the documents proving their powers.

Holders of ADRs (American Depositary Receipts)

Citibank N.A, the depositary for the ADRs in the United States, will send the ADR holders the documentation needed to be represented in the General Meetings. The Voting Instructions need to be received by the Depositary or broker/custodian bank prior to 10:00 A.M. (New York City time) on April 22, 2014. If you have any questions about the way in which Voting Instructions may be delivered to the Depositary, please contact Citibank, N.A. - ADR Shareholder Services at (+1) 877-CITI-ADR ((+1) 877-248-4237).

Additional Clarifications

For further information access the call notice (annex 1 of this manual). Additionally, Fibria’s Department of Investor Relations is available for any additional clarification, at 55 11 2138.4565 and at ir@fibria.com.br.

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Fibria’s Bylaws - General Meeting

Fibria Bylaws

Chapter V — Shareholders’ Meetings

Article 28 — The Shareholders’ Meeting called and convened pursuant to the law and Fibria’s Bylaws is the supreme body for resolving upon all corporate businesses and for taking the resolutions it sees fit, upon a fifteen (15) day prior notice for the first call and eight (8) for the second call. In the case of a complex matter, the Meeting may be called with a 30-day prior notice under applicable law.

Paragraph 1 - The Shareholders’ Meeting shall convene on an annual basis, in the first four months after the end of the fiscal year, to decide on matters set forth in Article 132 of Law 6404/76.

Paragraph 2 — The Shareholders’ Meeting shall meet on a special basis at any time upon notice of the Board of Directors signed by any of member thereof and also in the events provided for in the law, by notice of shareholders or the Fiscal Council.

Paragraph 3 — The Shareholders’ Meeting shall be presided over by a chairman and the secretary shall be chosen by the shareholders present.

Paragraph 4 — The attorneys-in-fact and shareholders’ representatives may attend the Shareholders’ Meetings upon making available, at the headquarters, no later than three working days before the date scheduled for those plenary meetings, the respective proxies and powers of attorney. Should the shareholder have not provided the powers of attorney and proxies within the time period set forth in Fibria’s Bylaws, then the shareholder may attend the Meeting, provided he attends the Meeting with the originals of the documents supporting the powers granted thereto.

Paragraph 5 — Besides the matters that are within its competence as provided for in law and in Fibria’s Bylaws, it shall also be incumbent on the Shareholders’ Meeting to approve:

a) deregistration as a public company with the CVM;

b) delisting from the Novo Mercado segment of BM&FBOVESPA;

c) the choice of the specialized company responsible for determining the economic value of the Company for purposes of the tender offer provisions of Chapters VII and IX of these Bylaws, among the list of three companies indicated by the Board of Directors;

d) stock option plans for management and employees of the Company and of other companies directly or indirectly controlled by the Company, without preemptive rights of the shareholders.

Paragraph 6 - Resolutions on changes or exclusions to Article 32 of Fibria’s Bylaws shall be taken by the majority of the votes present, while observing the minimum quorum for resolutions equal to or greater than 30% (thirty percent) of the voting stock.

To access Fibria’s Bylaws please click here

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Information on the Matters to be Examined and Discussed

As provided for in the Brazilian Corporations Law, and pursuant to the Call Notice (which is included in this Manual as Annex 1) published in the Diário Oficial do Estado de São Paulo and in Valor Econômico Newspapers and made available on the webpages of Fibria and Brazilian Securities Commission (www.fibria.com.br/ir and www.cvm.gov.br) as of March 25, 2014, the matters to be resolved in the General Meetings are as indicated below.

All the documents mentioned in each of the below items are available on the websites of Fibria and Brazilian Securities Commission (www.fibria.com.br/Investidores and www.cvm.gov.br), and have been published, when required by law, in the Diário Oficial do Estado de São Paulo and in Valor Econômico Newspapers.

In the Ordinary General Meeting:

(a) Take the accounts of the management, examine, discuss and vote on the Financial Statements, accompanied by the Report of the Independent Auditors for the fiscal year ended December 31, 2013;

Fibria’s Financial Statements, accompanied by the Management Report and the Opinions of the Independent Auditors PricewaterhouseCoopers Auditores Independentes and the Fiscal Council were published on January 30, 2014 in the Valor Econômico Newspaper and in the Diário Oficial do Estado de São Paulo and are available at the Company’s website (www.fibria.com.br/ir). Management discussion of the Company’s financial condition, pursuant to item 10 of the Reference Form from CVM Instruction 480/2009, are included as Annex II to the Management Proposal (Annex 2);

(b) Resolve on the proposal of the management regarding the allocation of the results for the fiscal year ended December 31, 2013;

For the fiscal year ended December 31, 2012, the Company recorded a loss in the amount of R$697,580,692.64 (six hundred ninety seven million, five hundred eighty thousand, six hundred ninety two Reais and sixty four cents). Consequently, the Company did not declare or pay up prepaid dividends or interest on capital during the fiscal year of 2013.

As a result of the recorded loss, there will not be a proposal for the distribution of dividends.

(c) Resolve on the proposed capital budget for 2014;

The proposed capital budget prepared by Management is included in this Manual as Annex I to the Management Proposal;

(d) Elect the members of the Fiscal Council of the Company

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The information on the members of the Fiscal Council is included in this Manual as Annex IV to the Management Proposal, and was prepared as suggested in item 12.6 - 12.10 of the Reference Form of CVM Instruction 480/2009;

(e) Set the aggregate annual remuneration to the management of the Company.

The proposal relating to the annual global remuneration of the Administrators for 2014 as well as information relating to the remuneration of the Administrators prepared in accordance with item 13 of the Reference Form of CVM Instruction 480/2009 is also included in this Manual as Annex V to the Management Proposal.

In the Extraordinary General Meeting:

(a) Change the structure of the Board of Directors due to the resignation of 3 members;

The information on the members of the Board of Directors is included in this Manual as Annex III to the Management Proposal, and was prepared as suggested in item 12.6 - 12.10 of the Reference Form of CVM Instruction 480/2009;

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Annex 2 — Management Proposal and its Annexes

MANAGEMENT PROPOSAL

Dear Sirs,

The Management of FIBRIA CELULOSE S.A. (“FIBRIA” or “Company”) is pleased to submit to its shareholders its Proposal about the matters to be discussed at the Ordinary and Extraordinary General Meeting to be held on April 25, 2014, under the terms proposed below (“Proposal”).

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GENERAL CONSIDERATIONS

All information and documents referred to in this Proposal and set forth in articles 9, 10 and 12, of CVM Ruling 481 of December 17, 2009 (“ICVM 481/2009”), are available to the shareholders at the Company’s head office and in its website (www.fibria.com.br), in the website of the Brazilian Securities and Exchange Commission (CVM) (www.cvm.gov.br), as well as in Attachments of this Proposal.

Considering that the Company recorded loss as at December 31, 2013, the Attachment 9-1-II of ICVM 481/2009 — Allocation of Net Income for the Year, will no longer be presented, as, according to the decision of the Board of Brazilian Securities and Exchange Commission (CVM), of September 27, 2011 (Proceeding CVM RJ2010-14687), the Companies that recorded loss in the year are not required to disclose the information set forth in Attachment 9-1-II of CVM Instruction  481/09 (LETTER/CVM/SEP/N° 01/2014, item 2.4.2 a).

Attachment I refers to the Company’s Capital Budget Proposal for 2014, which, due to the loss recorded in the year ended December 31, 2013, does not provide for any earnings retention arising from own generated resources (generated from operating activities in the year) and those obtained with third parties.

Attachment II, prepared as set forth in item 10 of the Company’s Reference Form, under the terms of ICVM nº 480/2009, includes the management’s comments on the Company’s financial position and provides a global analysis of the Company’s businesses to shareholders.

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Attachment III, including information on the candidates for the election of the Board of Directors’ members, was prepared as set forth in items 12.6 to 12.10 of the Company’s Reference Form, under the terms of ICVM 480/2009.

Attachment IV, including information on the candidates for the election of the Fiscal Council’s members, was prepared as set forth in items 12.6 to 12.10 of the Company’s Reference Form, as applicable to the election of the Fiscal Council’s members, under the terms of ICVM 480/2009.

Attachment V, relating to the compensation of the Company’s management, was prepared in accordance with item 13 of the Company’s Reference Form, under the terms of ICVM Instruction 480/2009. The proposed global management compensation for 2014 is referred to in item 6 of this Proposal.

1. MANAGEMENT’S ACCOUNTS, COMPANY’S FINANCIAL STATEMENTS AND MANAGEMENT REPORT FOR THE YEAR ENDED DECEMBER 31, 2013

Fibria’s Financial Statements and Management Report were prepared by the Board of Officers, audited by PricewaterhouseCoopers Auditores Independentes and approved by the Company’s Board of Directors at the meeting of such board, held on January 29, 2014, and such documents were published in “Valor Econômico” newspaper and the Official Gazette of the State of São Paulo on January 30, 2014.

The Fiscal Council issued favorable opinion on January 29, 2014, and the Statutory Audit Committee issued its report on January 27, 2014, both recommending the submission of these documents to be approved at the General Meeting.

2. ALLOCATION OF NET INCOME

In the year ended December 31, 2013, the Company recorded loss in the amount of R$ 697,580,692.64 (six hundred and ninety seven million, five hundred and eighty thousand, six hundred and ninety two reais and sixty four cents). Therefore, the Company did not declare or pay advanced dividends or interest on capital in 2013.

Due to the loss recorded, the Company will not distribute dividends.

3. 2014 CAPITAL BUDGET

2014 Investment Plan, duly approved at the Board of Directors’ meeting, held on December 12, 2013, amounted to R$ 1,520 million, mainly allocated to the maintenance of the Company’s operations, distributed as follows:

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These investments will be mainly carried out with own resources (generated from the operating activities in the year) and third-party resources.

Summary Board of Sources and Uses

The complete Capital Budget Proposal is available at Attachment I.

4. ELECTION OF MEMBERS OF THE BOARD OF DIRECTORS, ALTERNATE MEMBERS AND RELOCATION OF ALTERNATE MEMBERS

Due to the resignations of Messes. José Armando de Figueiredo Campos to the position of Independent Director and Gilberto Lara Nogueira and Mário Antônio Bertoncini to the positions of Alternate Directors, the management clarifies that:

(i) pursuant to the terms of the resignation letter received, Mr. José Armando de Figueiredo Campos shall remain in office as an Independent Director until April 24, 2014, so that his resignation shall be effective as from April 25, 2014;

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The members nominated shall comply with the term of the current members of the Board of Directors elected by the Ordinary and Extraordinary General Meeting held on April 26, 2013, and shall remain in office and comply with their current 2-year term of office until the Ordinary General Shareholders’ Meeting to be held in the fiscal year of 2015.

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Directors’ Supporting Committees from January to December 2014, which includes direct and indirect, fixed and variable compensation (the latter considering the maximum achievable level), as well as benefits of any nature, net of social security taxes and contributions.

Should the Fiscal Council be established for the fiscal year of 2014, the Management proposes the monthly individual remuneration for the members of the sitting members of the Fiscal Council, set to, at least, 10% (ten per cent), and at most, 20% (twenty per cent) of the remuneration that is on average granted to each Company’s Board of Officers, excluding from this calculation any charges, bonuses and the 13th salary, and observing the limit of the global remuneration. The members of the Fiscal Council shall receive 12 monthly salaries, with no benefits, representation fees or participation in the profits.

Additional information on management compensation for 2014 is included in Attachment V.

We remain at your disposal for any further clarifications you may require.

Yours sincerely,

José Luciano Duarte Penido

Chairman of Board of Directors

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ATTACHMENT I - CAPITAL BUDGET PROPOSAL

To the shareholders of

FIBRIA CELULOSE S.A.

Capital Budget Proposal

As prescribed by article 196 of Law 6404/76, with the wording provided by Law 10303, of October 31, 2001, the management of Fibria Celulose S.A. (“Fibria” or “Company”) is pleased to provide this Capital Budget Proposal.

The 2014 Investment Plan, duly approved at the Board of Directors’ meeting, held on December 12, 2013, amounts to R$ 1,520 million, distributed as follows:

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These investments will be mainly carried out with own resources (generated from the operating activities in the year) and third-party resources.

Summary of Sources and Uses

We remain at your disposal for any further clarifications you may require.

São Paulo, January 29, 2014.

Board of Officers

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ATTACHMENT II - EXECUTIVE OFFICERS’ COMMENTS (Item 10 of CVM Instruction 480/2009)

10.1 The executive officers must comment on the following:

10.1. a. General financial and equity conditions

The Executive Board’s comments on the Company’s financial and equity position, which include the global market performance overview for the years ended 2013, 2012 and 2011 and related impacts on the Company’s results, as well as the analysis of the Company’s capital management performance and the actions addressed in this management over these years.

Fiscal year of 2013

The pulp segment in 2013 was characterized by the entry of new players, and also by the closings disclosed over the period of approximately 1.1 million tons, which supported the offer balance in the industry (net increase of approximately 515 thousand tons). In relation to the demand, the shipments of eucalyptus pulp accumulated for the year increased, mainly in China and North America. The inventories of the producers of short fiber decreased beginning August, closing the year in 39 days, in line with the historical average. As a result of these events, the price of average pulp in dollar increased by 5% in relation to 2012. Concurrently, the appreciation of the US dollar over the year continued to leverage the pulp price in Brazilian reais, whose increase contributed for the highest increase of the Company’s annual Adjusted EBITDA. Due to the increase in EBITDA and receipt of the first installment relating to the sale of land, as described below, the leverage was reduced to 2.6x in US dollar.

On November 15, 2013, the Company and Fibria-MS Celulose Sul Matogrossense Ltda. entered into the Share Purchase and Sale Agreement and Other Covenants with Parkia Participações S.A. for the disposal, by the Company and Fibria-MS, of approximately 210,000 (two hundred and ten thousand) hectares of land located in the States of São Paulo, Mato Grosso do Sul, Bahia and Espírito Santo in the total amount of R$ 1,650,000,000.00 (one billion, six hundred and fifty million reais).

Such operation was concluded on December 30, 2013, through the execution, by the Company, Fibria-MS and Parkia, of the First Amendment to the Share Purchase and Sale Agreement and Other Covenants, whereby the total area subject to the transaction was adjusted to 205,722 (two hundred and five thousand, seven hundred and twenty-two) hectares of gross land, in the total potential amount of R$ 1,650,098,704.00 (one billion, six hundred and fifty million, ninety-eight thousand and seven hundred and four reais), of which the Company received, on December 30, 2013, the amount of R$ 500,000,000 (five hundred million reais) as advance and initial payment.

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In 2013, the Company’s sales totaled 5.2 million tons (98% of annual production), a decrease of 3% compared to 2012, when the Company recorded the highest sales and inventories below 50 days. In addition, products were less available due to the reduction of volume produced. The inventories closed 2013 in 50 days.

The production cash cost in 2013 amounted to R$ 505/t, an increase of 6.7% compared to 2012, which mainly resulted from the increase in wood cost, exchange changes and increased price of inputs. By excluding the exchange effects and rain in Aracruz Unit, the increase would have been lower than inflation for the year.

Fiscal year of 2012

The Company’s profit for the year was directly impacted by the Company’s good performance in the fourth quarter of the year. The Company recorded highest volumes of production and sales, stable cash cost, generation of free cash flow and reduction of net debt to the lowest level since the Company was established. Over the year, the global macroeconomic scenario, also impacted by uncertainties, represented challenges to the pulp industry. However, the foundations remained stable with the pulp demand in emerging markets, which is the main expansion path, mainly with the new machinery of sanitary papers in China, which maintained the inventory level stable. These factors contributed for the recovery of the price of short fiver pulp, with opening balance of US$ 652/t and closing balance of US$ 776/t in 2012 (PIX/FOEX BHKP rate — Europe), an increase of 19%. The appreciation of the average US dollar in 17% in 2012 also contributed to increase the cash generation, as the Company is mainly involved with exports.

The Company overcame the production record in 2011, totaling 5.3 million tons in 2012, an increase of 2% above the prior-year production. This resulted from the production in the fourth quarter of 2012, which totaled 1.4 million tons, the highest volume produced in the quarter since the Company was established. This performance resulted from the increased operational efficiency in practically all production units, due to the improvement in several actions, including the synergies from the Company’s establishment. The greater stability of the operations, the actions undertaken for control over and reduction of costs and the lack of stoppages for maintenance of operations contributed for stable production cash cost in 2012, which amounted to R$ 473/t, compared to R$ 471/t in 2011, also considering the inflation (IPCA) of 5.8% in 2012 and the average appreciation of US dollar of 17% in cash cost portion due to the exposure to the US dollar. The pulp sales were the highest in 2012, overcoming the production level for the period. Sales totaled 5.4 million tons in 2012, an increase of 4% compared to 2011. Based on these results, inventories closed the year in 46 days.

At the end of 2012, gross debt totaled R$ 10,768 million, a decrease of 5% compared to 2011, partially absorbed by the US closing appreciation of 9% in the year. Considering the receipt of Losango’s first sales installment (R$ 470 million) in the fourth quarter of 2012, the Company’s closing cash position

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amounted to R$ 3,023 million, which reduced, therefore, the net debt to R$ 7,745 million, a decrease of 18% compared to 2011, the lowest level since the Company’s establishment. In 2012, the Company generated approximately R$ 2.9 billion in liquidity events through the (i) sale of non-strategic assets (land and forest assets in Bahia and sale of Losango); (ii) stock offer; and (iii) cash generation from operating activities. These events contributed for the reduction of the Net Debt/EBITDA ratio to 3.4x, compared to 4.8x at the end of 2011, confirming the Company’s best efforts to reduce the leverage and seek for investment level by the risk rating agencies.

In 2012, the Company’s pulp production totaled 5,299 thousand tons, which is the highest volume recorded since the Company’s establishment in 2009, an increase of 2% compared to 2011 (5,184 thousand tons). This resulted from the high operational efficiency of the Company’s units. Due to the higher production volume and market demand in China, the Company’s sales totaled 5.4 million tons, the highest volume since the Company’s establishment in 2009, and Europe accounted for 41% of sales volume (42% in 2011).

In 2012, the Company’s net revenue totaled R$ 6,174 million, an increase of 5% compared to 2011, and was mainly impacted by increase in sales volume (4%) and increase in net price of pulp in Brazilian reais of 7%, arising from the US dollar appreciation of 17% in the period. These effects compensated for the lack of revenues in paper business (Piracicaba Unit sold in September 2011) in the amount of R$ 324 million in 2011. Except for this effect, total net revenue in 2012 would have been 12% above 2011.

In 2012, the Company also significantly improved its strategic planning. Due to the alliance with Ensyn Corporation (Ensyn), the Company increase its forest expertise in the development of high added value alternatives that could supplement its global leadership and excellence in pulp production. Ensyn is based in the United States of America and the owner of the technology used for production of renewable liquid fuel.

Fiscal year of 2011

2011 was characterized by high volatility in Europe and by the reduction in global demand for commodities. The market pulp sector faced two different situations. In the six-month period of the year, the global demand for market pulp increased by 7.7% compared to the same period in 2010, mainly resulting from the strong demand in China that reached the highest volume of 6.3 million tons. The price of short fiber pulp - Europe (FOEX) increased and started 2011 with the price of US$ 849/t and reached US$ 874/t in June, above the average of US$ 600/t (period between 1998 and 2011). Beginning July, the European crisis and its global economic developments increased the global pulp demand and the producers’ inventories to 38 days (above average of 33 days), which resulted in successive price reductions — in December, FOEX (Europe) totaled US$ 648/t. Based on this scenario, several producers reduced the production in the fourth quarter in 2011, defining, therefore, the ceiling for price reduction. The profit margins decreased in the year due to this adverse scenario in Europe

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and in the United States, which effects also impacted Asia, as well as the effects from other economies.

In 2011, the Company’s pulp production totaled 5,184 thousand tons in its four production units and 93 thousand tons of paper in its former paper production unit (Piracicaba), sold in September 2011. In relation to 2010, the increase in pulp production was 3% due to productivity gains and more operating stability in the plants. This efficiency resulted in the highest annual production in Aracruz, Três Lagoas and Jacareí Units. The decrease of 19% in the paper production reflects the sale of Piracicaba Unit that concluded the Company’s strategic organization, focusing on the pulp business.

In 2011, pulp sales volume totaled 5,141 thousand tons, 5% above the volume sold in prior year, mainly due to the strong demand in Europe and North America in the first six-month period of the year and the strong market share in Asia, mainly in the second six-month period of 2011. The Company’s sales distribution by final use is mainly concentrated on the high quality sanitation papers (tissue) and special papers, accounting for 78% of total pulp volume sold. These two markets are the most resistant to economic crises and with the highest growth expectations, according to independent advisors PPPC (Pulp and Paper Products Council).

Capital Management

The Company improved its indebtness management in the last years — an effort whose results were partially reduced by the US dollar appreciation against Brazilian real, which is a merely accounting effect that contributed to increase the Company’s leverage from 2012 to 2013. The sales completion of Conpacel, KSR and Piracicaba Unit, in addition to land sales in 2013, was an important event over the last three years: the operations supported the Company’s strategic reorganization in the pulp business and contributed to improve its capital structure. The proceeds from these operations were used to reduce gross debt and reinforce liquidity. The Company, based on its financial policy, maintains good liquidity to comply with its financial operating obligations.

The Company’s management monitors the indebtness based on the consolidated financial leverage ratio (net debt divided by income before interest, sales taxes, including social contribution on net income, depreciation and amortization - “adjusted LAJIDA”). Net debt, in turn, corresponds to total loans, less cash and cash equivalents, marketable securities and fair value of derivative financial instruments.

On May 6, 2011, the Board of Directors approved the Company’s new indebtness and liquidity management policy whose purpose is to establish the guidelines for financial indebtness and liquidity management in order to recover and maintain the investment level, according to the classification of the three main risk rating agencies, S&P, Moodys and Fitch. This classification will allow the Company to diversify its financing sources, have permanent access to debt market, reduce the indebtness cost and also create value to its shareholders. The policy is an integral part of the Company’s internal controls and corporate

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governance and supplements the Management Policy for Market Risks. The Governance, Risks and Compliance area has the discretion to control and report, independently, those indicators described herein.

The policy provides for the Net Debt/Adjusted LAJIDA (EBITDA) ratio between 2.0x and 2.5x, which may, in specific period of the investment cycle, reach temporarily the maximum ratio of 3.5x. The Company’s strategic decisions and management shall not cause this ratio to exceed 3.5x. This relation shall be calculated based on the last day of each quarter as the division of net debt at this date by EBITDA accumulated during the last four quarters. If the policy indicators comply with established limits, due to effects from delayed factors, all efforts shall be undertaken for purposes of reorganization of these factors.

The Company will maintain a minimum balance of cash and cash equivalents and marketable securities, in order to avoid that any cash flow mismatches jeopardizes its ability to pay. The minimum cash balance is defined as the sum of: (i) the minimum cash necessary to support Fibria’s operational cash conversion cycle; (ii) the minimum cash necessary to support short-term debt service. In addition, the Company may seek additional liquidity, through a revolving credit facility, to meet the minimum cash balance according to rating agencies methodology. Fibria’s liquidity will be mainly monitored through its 12-month cash flow. Cash flow projections shall comprise stress tests on exogenous market risk factors such as fluctuations in foreign exchange rates, interest rates and pulp prices, as well as endogenous factors.

The management of financial indebtedness and liquidity will also consider the financial covenants, based on security margin so that such ratios do not exceed.

Management will give priority to loans in the same currency and/or index of its cash generation, aiming at natural hedge for its cash flow. The instruments must be compatible with the estimated debt profile. All loans must be supported by quotations and approved by the levels set forth in the Company’s Bylaws, policies and procedures in effect.

The Company’s Treasury is responsible for preparation of the contingency plan that establishes the necessary actions to resolve any event of this nature. This plan must be submitted to the Finance Committee and duly monitored by levels involved.

As at December 31, 2013, 2012 and 2011, the financial leverage ratios were broken down as follows:

The leverage ratio decreased from 3.4 in 2012 to 2.8 as at December 31, 2013, mainly by virtue of the increase in cash and cash equivalents through sale of

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assets and reduction of gross debt level in the period by virtue of advanced settlements.

Beginning June 2012, for purposes of analysis of the financial covenants, including the financial leverage ratio, the measurement currency was the US dollar, as described in Note 23 to the financial statements for the year ended December 31, 2012. Considering that the ratios above for the year ended December 31, 2013 were measured in Brazilian reais, there is difference between this ratio and the ratio measured for purposes of analysis of covenants and financial leverage according to new assumptions adopted.

Based on this scenario, the Company is focused on several aspects, such as reduction of fixed cost, variable cost, sales expenses, Capex and improvement of working capital, as well as has focused on actions that promote additional liquidity events, such as disposal of assets in the South region of the State of Bahia, sale of Losango’s forest assets and land to Parkia, including other non-strategic assets. Accordingly, the Company’s purpose is to consolidate its capital structure, by reaching proper leverage level. The commitment with the capture of synergies resulting from acquisition of Aracruz supports all Company’s activities. Several actions were mapped in the Commercial, Logistics, Industrial, Forest, Technology, Supply and Finance areas, among others. These actions contribute to consolidate the Company’s capital.

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The third-party capital and total capitalization ratio (third-party capital + own capital) in December 2013 was 0.46:1, compared to the same 0.46:1 in 2012 and 0.48:1 in 2011.

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10.1c. Payment capacity in relation to financial commitments assumed

According to Fibria’s executive officers, the operating cash flow, together with cash and cash equivalents, are sufficient to meet the financial commitments contracted. In relation to the financial commitments in connection with borrowings and financing in 2014, in the amount of R$ 2.972 million as at December 31, 2013, the debt will be mainly paid with the Company’s cash and cash equivalents that, as at December 31, 2013, amounted to R$ 2.340 million, corresponding to cash and cash equivalents plus investments in short-term marketable securities, not considering the fair value of derivatives, as well as refinancing of some debts, which may be settled in advance or replaced by other debts with more attractive terms and costs.

In the years ended December 31, 2011, 2012 and 2013, the Company fully complied with its financial commitments.

In addition, to support the expansion and acquisition projects, the Company may enter into long-term loans. Considering current market scenario, according to the Company’s executive officers, these credit lines will remain available. The positive factor for obtaining these credit lines is the continuous improvement of the Company’s credit quality and debt profile in relation to term and cost, in addition to the positive progress of ratings.

The rating risk agencies, Moody’s, Standard and Poors and Fitch Ratings, attributed the following risk classifications to Fibria:

Indebtedness Management Plan

For further information on the Company’s Indebtedness Management Plan, see item 10.1(f) of this Reference Form.

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10.1. d. Sources of financing for working capital and for investments in noncurrent assets used

The Company finances its working capital, if necessary, through export credit operations under ACCs/ACEs, compror and forfaiting operations, and credit letter discounts, if applicable.

The credit lines to exports under ACCs/ACEs comprise financing provided at very competitive costs for export companies. The compror operations, in turn, meet the demands of the Company’s customers in domestic market for longer terms, and the Company does not need to increase its working capital. The forfaiting operations represent the discounts from customers’ receivables, without right of recourse by the bank.

As at December 31, 2013, the Company recorded payables in the approximate amount of (i) R$ 452 million in ACCs/ACEs (compared to R$ 655 as at December 31, 2012 and R$ 624 million as at December 31, 2011); and (ii) R$ 37 million in compror operations (compared to R$ 67 million as at December 31, 2012 and R$ 84 million as at December 31, 2011).

The most relevant investment in non-current assets comprises the plantation of forests and maintenance of the Company’s production units, which are essential for the Company’s business continuity. Such investment has been funded by own cash flow and BNDES long-term credit lines and other financing through local and foreign financial partners.

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10.1e. Financing sources for working capital and investments in non-current assets to be used to cover insufficient liquidity

According to the Company’s Executive Board, the Company’s internal cash generation, together with the instruments referred to in item 10.1.d, will be sufficient to comply with its commitments. In the event of eventual mismatches of the available funds with the amounts maturing in the short term, the Company may use credit lines (revolver) already contracted or contract new credit lines with financial institutions, both for working capital and maintenance investments, and these credit lines are treated case by case.

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10.1f. Indebtedness levels and the characteristics of these debts, describing: (i) significant loan and financing agreements; (ii) other long-term relations with financial institutions; (iii) level of subordination between the debts; and (iv) any restrictions imposed to the Company in regard to indebtedness limits and contracting of new debts, distribution of dividends, sale of shareholding control

Indebtedness levels

As at December 31, 2013

As at December 31, 2013, Fibria’s gross debt balance amounted to R$ 9,773 million, of which R$ 2,972 million related to short-term debts and R$ 6,801 million related to long-term debts. Out of the total gross debt, 95% was indexed to foreign currency considering the swaps.

Fibria’s cash position, considering cash and cash equivalents, marketable securities and mark-to-market of the position of current and non-current derivatives, as at December 31, 2013, amounted to R$ 1,924 million (compared to R$ 3,023 million as at December 31, 2012). As a result, the net debt, as at December 31, 2013, amounted to R$ 7,849 million (R$ 7,745 million as at December 31, 2012).

As at December 31, 2013 the average bank debt cost, in domestic currency, was 7.4% p.a. and, in foreign currency, taking into consideration the Libor forward curve, was 4.6% p.a.

As at December 31, 2012

As at December 31, 2012, Fibria’s gross debt balance amounted to R$ 10,768 million, of which R$ 1,138 million related to short-term debts and R$ 9,630 million related to long-term debts. Out of the total gross debt, 93% was indexed to foreign currency considering the swaps.

Fibria’s cash position, considering cash and cash equivalents, marketable securities and mark-to-market of the position of current and non-current derivatives, as at December 31, 2012, amounted to R$ 3,023 million (compared to R$ 1,846 million as at December 31, 2011). As a result, the net debt, as at December 31, 2012, amounted to R$ 7,745 million (R$ 9,478 million as at December 31, 2011).

As at December 31, 2012, the average bank debt cost, in domestic currency, was 7.5% p.a. and, in foreign currency, taking into consideration the Libor forward curve, was 5.2% p.a.

As at December 31, 2011

As at December 31, 2011, Fibria’s gross debt balance amounted to R$ 11,324 million, of which R$ 1,092 million related to short-term debts and R$ 10,232

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Also in order to ensure cost reduction and improve debt profile, Fibria continues to focus on the indebtness reduction strategy and to seek for leverage alignment according to the limit established in the Indebtedness and Liquidity Management Policy.

Amortization of debt schedule

Material borrowing and financing agreements

The Company’s material borrowing and financing agreement have the following characteristics, as described in Note 23 to the standardized Financial Statements for the years ended 2013, 2012 and 2011.

Bank financing

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R$ 56,694), subject to semiannual interest at the rate of 5% p.a. above LIBOR and repayment of principal in single installment falling due in 2017.

The Company entered into Export Prepayment Agreement with Banco Bradesco, in the amount of US$ 150 million, at the rate of 0.78% above LIBOR, falling due in 2014.

The Company entered into Export Prepayment Agreement with Banco Nordea, in the amount of US$ 50 million, at the rate of 0.80% above LIBOR, falling due in 2013. The agreement was settled on the maturity date.

In June 2011, the Company entered into six Advance Against Exchange Agreements (ACC), in the total amount of US$ 125 million (equivalent to R$ 197.575), falling due in January 2013, subject to fixed interest rate, of which US$ 75 million is subject to the rate of 2.05% p.a. and US$ 50 million is subject to the rate of 2.09% p.a. The agreements were settled on the maturity date.

In May 2011, the Company entered into an Export Prepayment Agreement with 11 foreign banks, in the amount of US$ 300 million (equivalent to R$ 489 million on the respective dates), subject to quarterly interest at the rate of 1.80% p.a. above LIBOR (which may decrease to 1.60% p.a., in the event the Investment Grade is obtained), for eight-year period, and the annual prepayments amount to US$ 15 million in 2012; US$ 30 million in 2015; US$ 15 million in 2016; US$ 90 million in 2018; and US$ 150 million in 2019.

In January 2011, the Company entered into three ACC agreements (Advance Against Exchange), in the amount of US$ 50 million each, totaling US$ 150 million (equivalent to R$ 249 million on the respective dates), falling due in June 2012, subject to fixed interest rate of 2.09% p.a. In March 2012, the Company settled in advance the amount of US$ 50 million, equivalent to R$ 90,675 corresponding to one of the agreements and, in September 2012, the Company settled the other two agreements, in the amount of US$ 100 million, equivalent to R$ 90,675.

In September 2010, the Company entered into an Export Credit Agreement with 11 banks, in the amount of US$ 800 million (equivalent to R$ 1,355 million on such date), falling due in 2018, subject to initial interest rate of 2.755% p.a. above quarterly LIBOR, which may be reduced to up to 2.3%, according to the Company’s leverage reduction and rating. This credit line was used to pay in advance the debts with higher costs and less attractive terms. On March 29, 2011, the Company settled in advance the amount of US$ 600 million (equivalent on such date to approximately R$ 993 million), with proceeds from the sale of Conpacel and Bond Fibria 2021.

In September 2010, the Company entered into a bilateral Export Credit Agreement, in the amount of US$ 250 million (equivalent on such date to R$ 424 million), falling due in 2020, subject to interest rate of 2.55% p.a. above semiannual LIBOR. This credit line was used to pay in advance the debts with higher costs and less attractive terms.

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million (forest project financing), R$ 49.9 million (industrial investment financing), R$ 30.7 million (project financing in technological innovation); and R$ 167.8 million (financing for forest recovery of preservation areas). In relation to these agreements, in 2013, disbursements totaled R$ 267,427, accounting for 36%. As at December 31, 2013, taking into consideration the agreements in effect since 2005, the outstanding balance of Fibria’s loans with BNDES amounted to R$ 1,797 billion, of which R$ 1,440 billion was indexed to the Long-term Interest Rate (TJLP) and R$ 357 million to the Basket of Currency. As at December 31, 2013, TJLP was 5.0% p.a.

As of December 31, 2013, BNDES accounted for approximately 18.4% of the Company’s financial debt, and it will be an important source of financing in the future.

As of December 31, 2013, the Company consolidated proportionally the accounting balances of Veracel Celulose’s loans and financing, represented by agreements entered into with BNDES. The total principal amounts to R$ 82,614, repayable between 2014 and 2021, subject to interest varying between TJLP + 1.8% to 3.3% p.a. and UMBNDES + 1.8% p.a.

In the first semester of 2009, the new financing, in the amount of R$ 673,294, was approved, subject to interest varying between TJLP plus 0% to 4.41% and UMBNDES + 2.21% p.a., falling due in July 2017. Out of this financing, 93% of the amount was disbursed to the Company and the outstanding balance will not be used. UMBNDES is the index that considers the exchange fluctuation of the basket of currencies, mainly US dollar.

In the second semester of 2008, the new financing with BNDES, in the amount of R$ 540,000, was approved, subject to TJLP plus 1.36% to 1.76% and UMBNDES plus 2.45% p.a., falling due in April 2015. Out of this financing, 62% of the amount was disbursed to the Company and the outstanding balance will not be used.

In October 2007, the Company entered into a Credit Agreement with BNDES in the total amount of R$ 21,701, subject to TJLP + 1.8% and UMBNDES + 1.3% p.a. The principal was settled in July 2012.

In November 2006, the Company also entered into a Credit Agreement with BNDES in the amount of R$ 596 million, out of which 99% of the amount was released as at December 31, 2013, subject to TJLP varying between 0% and 2.9% p.a. and UMBNDES plus 1.4% to 2.4% p.a., repayable between 2009 and 2016.

In 2005, the Company entered into three agreements with BNDES in December, August and May. In relation to the agreement entered into in December, the total disbursements amounted to R$ 139,284, repayable between 2007 and 2016, subject to interest varying between TJLP + zero to 4.5% p.a. and UMBNDES + 2.0% to 3.0% p.a. In relation to the agreement entered into in August, the total disbursements amounted to R$ 55,222, a portion subject to TJLP plus 3.5% to 4.5%, and a portion subject to UMBNDES

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plus 3% p.a. This agreement matures in 2015. In relation to the agreement entered into in May, the total disbursements amounted to R$ 99,109, a portion subject to TJLP plus 4.5%p.a., and a portion subject to UMBNDES plus 4.5% p.a. The principal matures in 2015.

Such financing is mainly guaranteed by the pulp plants located in the units of Jacareí — SP, Aracruz - ES and Três Lagoas — MS.

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f.II.         Other long-term relationships with financial institutions

Except for the relationships set forth in the agreements described above, the Company does not have other long-term relationships with financial institutions at significant amounts.

f.III Subordination level between debts

Fibria has guarantees set forth in the Loan Agreements entered into with Constitutional Fund for Financing the Brazilian Mid-West (FCO), Study and Project Financing Agency (FINEP) and portion of the agreements entered into BNDES.

The most relevant assets provided in guarantee to some agreements entered into with BNDES are the Três Lagoas (MS), Jacareí (SP) and Aracruz (ES) plants. The net carrying amount of these assets is R$ 6,966 million (as at December 31, 2012 — R$ 7,954 million), which is sufficient to cover the respective loans. A portion of the agreements entered into BNDES is pledged by bank guarantee letter.

The ACE Agreements and the Export Prepayments are guaranteed by export receivables, in volume corresponding to the next payment of interest and principal.

The Company clarifies, in response to Ofício/CVM/SEP/GEA-2/Nº092/2014, that during the last three fiscal years, there is no subordination between the debts of the Company, provided that certain debts were contracted with collateral and therefore are preferred over the other debts of the Company in case of bankruptcy to the extent of the collateral contracted.

f.iv. Eventual restrictions imposed on the Company, especially, in relation to limits of indebtedness and hiring of new debts, to the distribution of dividends, to the disposal of assets, to the issuance of new securities and to the disposal of corporate control

Some of the Company’s and its subsidiaries’ financing agreements have provisions that determine maximum levels of indebtedness and leverage, as well as minimum levels for compliance with outstanding interest.

Required covenants

On June 6, 2012, Fibria concluded the renegotiation of the financial covenants of its debts, which have been calculated on the basis of the consolidated financial data converted into US dollar and changing the net debt index over adjusted EBITDA to 4.5 times from June 2012. The measurement in US dollar mitigates any exchange rate effects resulting from rate variation.

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10.1g. Limits for the borrowings contracted

In April 2013, the Company obtained a bilateral stand by facility, in the amount of R$ 300 million with availability period of five years and biannual cost of CDI plus 1.50% p.a. when used. In the period of non-use, the Company shall pay quarterly the equivalent to 0.50% p.a. The Company has not used the credits yet.

In May 2011, the Company, through its international subsidiary Fibria Trading International Kft. has obtained a revolving credit facility with 11 foreign banks, in the total amount of US$ 500 million with availability period of four years and cost paid quarterly of LIBOR three months increased by 1.55% p.a. when used. In the period of non-use, the Company shall pay 35% of the agreed margin. This credit facility has not been used yet.

There are still some refunds releases in financing already contracted with BNDES, which are pending performance, physical or financial proof by the Company. The percentages used of these contracted financing are described in the letter “e” of item 10.1.f.l of this form.

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10.1. h. Significant changes in each item of the financial statements

The following tables present the consolidated values of balance sheets and statements of income of the fiscal years ended on December 31, 2013, 2012 and 2011, prepared according to the international accounting standards (IFRS).

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