Citi 5th Annual Brazil Equity Conference

June 2012

Disclaimer

The information contained in this presentation may include statements which constitute forwardlooking statements, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve a certain degree of risk and uncertainty with respect to business, financial, trend, strategy and other forecasts, and are based on assumptions, data or methods that, although considered reasonable by the company at the time, may turn out to be incorrect or imprecise, or may not be possible to realize. The company gives no assurance that expectations disclosed in this presentation will be confirmed. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forwardlooking statements, due to a variety of factors, including, but not limited to, the risks of international business and other risks referred to in the companys filings with the CVM and SEC. The company does not undertake, and specifically disclaims any obligation to update any forwardlooking statements, which speak only for the date on which they are made.

The Company

VCP and Aracruz Merged to Create Fibria

Shareholder Structure before and after the Equity Offering (April 2012)

Votorantim Industrial S.A.

29.42%

BNDESPar 30.42(1)

Free Float 40.16%(2)

Level III

NYSE 48%

Bovespa 52%

EQUITY OFFERING

- 86 million shares issued - Unit price: R$15.83/share or US$8.43/ADR - Settlement: April 30

(1)

Average Daily Trading Volume (LTM): US$ 37 million

Position as of May 31, 2012. BNDESPar has 21% linked to a Shareholders Agreement with Votorantim Industrial S.A. during the first 3 years (until October 2012) and 11% during the following 2 years (from October 2012 to October 2014). (2) Free Float 40.1% + Treasury 0.06%

Improved Corporate Governance

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

Board and Committees

Shareholders Meeting

Fiscal Council

Board of Directors

9 Members: 20% Independent Chairman CEO

Listed in the NYSE

Board Advisory Committees(1)
Audit and Risks Personnel and Remuneration Finance Sustainability Innovation

Listed in the most important sustainability indexes

Policies approved by the Board of Directors

Liability and liquidity management Market risks Corporate governance Information disclosure Stock trading

Executive Officers

(1) Members performance assessed by independent consulting firm

A Winning Player

Superior Asset Combination

Main Figures 1Q12 LTM

Pulp capacity Net revenues Total area Planting area(1)

Belmonte Veracel Caravelas Portocel Aracruz Trs Lagoas Jacare Santos

million tons R$ billion thousand ha thousand ha

5.25 5.6 1,077 609 9.0 5.2 4.3

Net Debt
Net Debt/EBITDA Pro Forma Net Debt/EBITDA(2)

R$ billion
X X

Port Terminal

Pulp Unit

Source: Fibria (1) As of March 30, 2012, including 50% of Veracel and excluding forest partnership areas (114 thousand ha). (2) Considers the proceeds of the Equity Offering and BPM sale in the total amount of R$1.6 billion

Modern Plants Lead to a Competitive Position in the Cost Curve

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

Aracruz Esprito Santo 2.3 million t/year

Veracel(1) Bahia 0.550 million t/year

(1) Veracel

is a jointure venture between Fibria (50%) and StoraEnso (50%) with a total capacity of 1.1 million t/year

Fibrias Strategy

Clear Leadership Position

Industry Outlook(1)
Paper & Board 402 million t

Market Pulp Capacity Ranking 2010(2) (000t)

Fibria APRIL Arauco

5,250

57% Recycled Fiber 228 million t

43% Pulp 174 million t

APP Georgia Pacific CMPC

80% Chemical 140 million t

20% Mechanical 34 million t

Sodra Stora Enso Weyerhaeuser Suzano

37% Market Pulp 53 million t

63% Integrated Mills 87 million t 50% Softwood/Other 26 million t

Botnia/M-real UPM-Kymmene Domtar

50%
Hardwood 27 million t

Ilim
Mercer IP

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

ENCE
37% Acacia/Other 10 million t 63% Eucalyptus 17 million t

West Fraser Canfor Cenibra

30%

70% Other Eucalyptus Pulp producers: 12 million t

(1) (2)

1000

2000

3000

4000

5000

6000

Paper&Board, Recycled Fiber and Pulp: RISI | Market Pulp, Hardwood and Eucalyptus: PPPC Special Research Note Feb 2012 considers 2011 demand Hawkins Wright January 2011

Relevant Market Share and Competitive Position in the Cost Curve

Fibrias Market Share (1)

1000
10% 19%

Average Cash Cost of BHKP delivered to Europe(2) (US$/t)

Mill Cash Delivery
SG&A Maintenance Capex Financial Expenses

800 600 400 200 0 510 445 470 70

123

37

85 422

41 457

42 428

33 400

57 341

68 291

50 277

55 257

Total Market Pulp: 52.6 million t

Total Hardwood Market Pulp: 26.7 million t

30%

Hardwood Cash Cost (US$/t) vs Capacity (mt)

700 600 Cash Cost (US$/t) 500 400 Low Cost producers: 15mt 6.0 mt of HW market pulp with total delivered cash cost above US$500/t

Total Eucalyptus Market Pulp: 17.2 million t

300 200
100

(1) (2)

PPPC Special Research Note Feb 2012 considers 2011 demand Source: Mill Cash and Delivery: Hawkins Wright July 2011 Report | SG&A, Maintenance Capex and Financial Expenses: Fibrias estimates | Fibria 1Q12 figures

0 1000 5000 10000 15000 000 tons 20000 25000 30000

10

Pulp Price
Historical Pulp Price FOEX BHKP Europe (US$/t)
2.500

Historical Pulp Price FOEX BHKP Europe (R$/t)

1.000

900 2.000 800

700

1.500

600

US$785/t Jun 19th

1.000

500

3 months
400

5 months
500

Average 2002-2012: R$1,393/t

3 months
300

4 months

200 May-98 Dec-98 Jun-99 Jan-00 Aug-00 Mar-01 Sep-01 Apr-02 Nov-02 Jun-03 Jan-04 Jul-04 Feb-05 Sep-05 Apr-06 Oct-06 May-07 Dec-07 Jul-08 Jan-09 Aug-09 Mar-10 Oct-10 May-11 Nov-11 Jun-12

0 May-98 Dec-98 Jun-99 Jan-00 Aug-00 Mar-01 Sep-01 Apr-02 Nov-02 Jun-03 Jan-04 Jul-04 Feb-05 Sep-05 Apr-06 Oct-06 May-07 Dec-07 Jul-08 Jan-09 Aug-09 Mar-10 Oct-10 May-11 Nov-11 Jun-12

On December 27th, FOEX BHKP Index increased for the first time since June, indicating that Fibrias strategy to increase its pulp price in December was appropriate. 11

Exchange Rates and Inflation Affect the Cost Structure

Exchange Rate Currencies Evolution versus Dollar (Jan03 = 100)
230 210 190 Real: 107%

170
150 130 110 90 70 50 Rupia: 2%

Canadian Dollar: 56% Chilean Peso: 36%

Cost Structure
Global producers have been impacted by: Wood: cost of land and minimum wage growth above inflation Chemicals / energy / water: global demand for commodities add pressure on main raw materials On top of that, Brazilian producers have also been impacted by: Freight: low governmental investment in infra-structure (ports, roads, etc) and higher oil prices Labor: cost in Brazil in dollar terms is higher than in some developed countries

12

Global Presence
Fibrias Commercial Strategy
Differentiation: Customized pulp products to specific paper grades Sole supplier to key customers Long term contracts Competitive logistics set up

25%
N.America

Europe

41%

Nyon Miami

Csomd

24%
Asia

Hong Kong

L.America

10%

So Paulo

Source: Fibria 1Q12 LTM

Fibria Sales Distribution

Fibria Offices

13

Door to Door Operations

and an efficient and integrated logistics guarantee a competitive cost structure
Pulp mill Outbound Logistics Forest
Integrated logistics solutions Low forest to mill average distance

Easy access to the most efficient transportation network: rail, barging and road

Portocel: specialized port for the pulp and paper industry Innovative shipping model

Client

Port

Sea Freight

14

Focus on Premium-End Uses

Fibria's Pulp End Use Europe
22%

54%

24% 24% 22%

North America
5% 2%

54%

93%

Asia
19% 42%
Tissue Specialties Printing & Writing

39%
Source: Fibria 4Q11 Earnings Results, PPPC, RISI and Fibria.

15

Focus on Premium End-Uses

Fibria's Pulp Destination

Printing&Writing 22%

Market Pulp Destination

43%

2010-2025 Demand Growth (CAGR)

1%

Tissue

54%

24%

4%

Specialities

24%

14%

3%

Newsprint

0%

Containerboard

8%

5%

Others

11%

3%

Source: Fibria 4Q11 Earnings Results, PPPC, RISI and Fibria

16

Innovation and Competitiveness

17

Enhanced Forestry Techniques

Current Elite Clone 2 years old

New Elite Clone 2 years old

18

Forest Competitiveness
Fibria : Forest Competitiveness
45

Genetic and Technological Development at Fibria

14

30 - 40 years

11 10

25

25

25

15

15 - 25 years

7 - 15 years 6 years 7-8 years

10 - 12 years

12 - 15 years

8 5

Brazil (eucalyptus)

Indonesia

S.Africa

Chile

Portugal / Spain

USA / Canada

Finland / Sweden

70's

80's

90's

00's

Next decade (expected)

Harvesting Cycle (avg. years)

Yield (m3/ha/year)

Air Dry Ton / ha / year

Source: ABRAF, STCP, Poyry and Fibria. Note: Pulp trees differ depending on the country: Indonesia acacia, S.Africa tropical and temperate eucalyptus, Chile temperate eucalyptus, Portugal/Spain temperate eucalyptus, USA/Canada aspen, Finland/Sweden betula.

19

State of the Art Facilities

Average mill capacity (000 tons)

2,500 Fibria (Aracruz) 2,000

1,500

Fibria (Trs Lagoas)

Indonesia Fibria (Jacare) Fibria (Veracel 50%)

1,000

500 Russia 40 USA Japan 30

Other Brazilian pulp mills Portugal Finland Canada France/ Spain Sweden 20 Chile South Africa

China

10

Technical age of the equipment (years)

Source: PYRY

20

20

Pulp and Paper Market

21

Industry Outlook
World chemical market pulp shipments to capacity
102% 101% 94% 92% 87% 88% 83% 87% 92% 87% 88%87% 85% 82% 81% 92% 102% 100% 99% 96% 90% 90%90% 90% 88% 86% 87% 91% 91% 88% 88% 90% 87% 88% 84% 87% 86% 87% 84% 82% 86% 87% 98%

World Printing&Writing paper shipments to capacity

96%

85%

85%
82%

85% 85%

85%

Aug-10

Nov-10

Aug-11

Oct-10

Dec-10

Nov-11

Mar-11

Dec-11

Sep-10

Fev-11

Jan-11

Jan-12

May-10

May-11

Mar-12

Apr-11

Sep-11

Oct-11

Feb-12

Abr-12

May-12

Jun-10

Jul-10

Jun-11

Jul-11

Aug-10

Mar-11

Aug-11

Jan-11

Jan-12

Mar-12

Nov-10

Dec-10

Fev-11

Nov-11

Dec-11

Sep-10

Oct-10

Apr-11

Sep-11

Oct-11

Feb-12

May-11

May-10

Apr-10

Source: PPPC World 20 Total Chemical Market Pulp

Source: PPPC Global 100 World Printing & Writing Report

World pulp producers' average days of supply

50 40 30 20 10 Mar-11 Mar-07 Mar-08 Mar-09 Mar-10 Mar-12 Sep-10 Sep-07 Sep-08 Sep-11 Set-09

Producers days of supply x FOEX BHKP Europe (US$)

Announced downtimes (Dec-11): - Sodra (Sweden) - Terrace Bay (Canada) 55 - April (Indonesia)

1000
900 800

50 45 40 35 30 25 20 Oct-08 Oct-09 Oct-10 Oct-11 Jun-08 Jun-09 Jun-10 Jun-11 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Jun-12

days

32

700 600 500 400 300

Abr-12

Jun-11

Jun-10

Jul-10

Jul-11

Source: PPPC World 20

Inventories

FOEX BHKP Europe (US$)

22

Industry Outlook
Market pulp: world demand growth (%) China: Eucalyptus pulp shipments ('000 t)
Average 305 ktons Average 193 ktons 539 Average 251 ktons 420 294 247 220 216 191

5M2012 x 5M2011 22%

458 368

307

7% 2% -3%

238

318 332 323 311 300 310 299 283 256 233 247 242229 202 222 232 224 219 198 200 198 152 163 161 141 152 138 153 125 100

Source: PPPC World 20 Chemical Market Pulp

European Price (BHKP) x Commodity Index (CRB)

Commodity Price Index (CRB)
European Price (US$/t) BHKP

650
US$920/t

1.000 900 800 700 600 500 400

550 450 350 250

Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 CRB BHKP List Price

300
Jun-12

Source: CRB (Commodity Research Bureau) Bloomberg | BHKP: FOEX

Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Abr-12 Mai-12 Source: PPPC World 20 Chemical Market Pulp

Total

North America

-8% Europe

Latin America

-6% Japan

China

Announced List Price

Europe: US$ 800/t North America: US$ 860/t Asia: US$ 700/t

Source: RISI

23

Market Outlook for the Next 2 years

Forecast Million tons

Supply
1

% Annual growth

2009
23.5 21.4 91% 28.1 24.8 88% 17.0 15.9 93%

2010
23.8 '000 tons 22.3 93% 28.6 25.0 87% 17.6 15.9 90%

2011
25.2 23.0 91% 29.9 26.7 89% 18.9 17.2 91%

2012
25.5 23.0 90% 30.5 26.4 87% 19.8 17.9 93%

2013
25.6 23.4 91% 32.3 27.5 85% 21.7 18.9 87%

2011/2013
0.8% 0.9%

BSKP

Demand Ratio

Supply

3.9% 4.7%

BHKP

Demand Ratio

Supply

7.2% 4.8%

BEKP

Demand Ratio

BSKP: Bleached Softwood Kraft Pulp | BHKP Bleached Hardwood Kraft Pulp | BEKP: Bleached Eucalyptus Kraft Pulp Source: PPPC and Fibria

24

Pulp Projects Backlog

Even though there is an extensive pulp projects backlog, there are important question marks regarding new projects
Main Questions About Capacity
Minimum required return for new projects Closures due to increasing costs worldwide, reduction of maintenance capex (higher technical age of recovery boilers) and exchange rates Fiber substitution: Softwood x Hardwood and Recycled x Virgin Fiber

Main Projects
Project Eldorado Arauco / Stora Suzano Fibria Trs Lagoas II CMPC Guaba II Klabin Paran APP South Sumatra Suzano Piau Cenibra Belo Oriente II Country Brazil Uruguay Brazil Brazil Brazil Brazil Indonesia Brazil Brazil Capacity 1.5 Mt 1.3 Mt 1.5 Mt 1.5 Mt 1.5 Mt ~1.0 Mt 1.5 Mt 2.0 Mt 1.5 Mt 800 kt Timing 4Q2012 2Q2013 4Q2013 3Q2014 4Q2014 2015 2015/16 2Q2016 2016 Status Confirmed Confirmed Confirmed Unconfirmed Unconfirmed Unconfirmed Unconfirmed Unconfirmed Unconfirmed

25

Financial Highlights

26

Liquidity Events
The equity offering and other liquidity events in 2012 will contribute to reduce leverage, in line with Fibrias strategy to optimize its capital structure

Liquidity Events (R$ million)

Other Initiatives 1,565

225 1,340

- Losango forest base - 2012 Capex: R$ 1.0 bn (2011: R$1.4 bn)

- No dividends in 2012 (2011: R$264 mn)

- Free cash flow in 2012

Equity Offering*

BPM sale**

Total

* Net amount ** Net amount. Expected closing date: until June 30

27

1Q12 Performance
1Q12 Results
1Q12 Pulp production (000t) Pulp sales (000t) Net revenues (R$ MM) Pro Forma EBITDA1 (R$ MM) EBITDA margin (%) Financial results (R$ MM) Net income (loss) R$ MM) 1,332 1,313 1,274 377 30% 192 (10) 4Q11 1,299 1,408 1,399 390 28% (142) (358) 1Q11 1,319 1,259 1,548 607 39% 11 389 1Q12 vs 4Q11 3% -7% -9% -3% 2 p.p. 1Q12 vs 1Q11 1% 4% -18% -38% -9 p.p. -

Pulp Production and Sales

Production 1Q12 x 1Q11: +1% even with Veracels scheduled downtime

1,408 1,319 1,259 1,299 1,332 1,313

1Q11

4Q11 production sales

1Q12

Cash Cost (R$/t)

1Q12 x 1Q11: R$ 2/t reduction vs Inflation: 5.2%

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

39%

28% 607 446 443 444 390

30%

377

1Q11

4Q11

1Q12

1Q11

4Q11

1Q12

28

Debt
Key Indicators
5.6 (R$ million) Gross Debt Cash(1) Net Debt Pro Forma Cash(1) (2) Pro Forma Net Debt(2) 1Q12 11,031 2,066 8,965 3,631 7,400 4Q11 11,324 1,846 9,478 1.846 9,478 1Q11 10.256 2,297 7,959 2,297 7.959 1Q12 vs 4Q11 -3% 12% -5% 97% -22% 1Q12 vs 1Q11 8% -10% 13% 58% -7%
1.78 1.80
(1) Includes (2) Includes

Net Debt/EBITDA(3) (x)

4.7
3.9 3.6 2.9 3.2 5.2 4.2 4.8 4.3
(4)

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

1.80 1.79

1.69 1.75

1.67 1.70

1.63 1.67

1.56 1.60

1.85 1.63

1.88 1.80

1.82 1.77

closing average

the hedge fair value of R$115 million negative the proceeds from the equity offering and BPM sale which total R$ 1.6bn

(3) Last

(4) Includes

twelve months adjusted EBITDA the proceeds from the equity offering and BPM sale which total R$ 1.6bn

Debt Amortization Schedule (R$ million)

Foreign currency Local currency 7,219

Highlights

- Cash position including the equity offering and BPM

proceeds = R$ 3.6 bi

- Cash position = 3.3x short term debt

1,056 2012 508 2013 919 2014 693 2015 636 2016 2017-2021

- Average debt maturity = 71 months

29

Liability Management

6.5
Net Debt/EBITDA (x)

From June 30 2012 on, the net debt/EBITDA ratio for covenant purposes will be calculated In US Dollars

3.6 2.9 11.0 9.8 8.0

4.2 3.2

4.8

5.2
(1)

4.3

9.5 8.0

9.5 7.4

Net Debt (R$ MM)

2009
Average LTM End of Period
(1)

2010
1.76 1.67

1Q11
1.73 1.63

2Q11
1.69 1.56

3Q11
1.65 1.85

4Q11
1.67 1.88

1Q12
1.70 1.82

2.00 1.74

FX Rate (R$/US$)

including the proceeds from the equity offering and BPM sale in the total amount of R41.6 billion

30

Recent Developments

Event Conpacel and KSR Asset Sale

Amount R$1.5 bn

Conclusion Date Jan-Feb 2011

Status

Fibria2021 Notes Issue

US$750 mn Leverage Target(1) of 2.0 2.5x

Mar 2011

Liquidity and Liability Mgmt Policy

May 2011

Piracicaba Asset Sale

US$313 mn

Sep 2011

Equity Offering

R$1.360 bn

Apr 2012

Additional liquidity events(2)

(1) Net debt/EBITDA ratio (2) BPM and Losango asset sale

2012

31

Investment Highlights

Competitive Position in the Market Pulp Industry

Global Presence and Strong Customer Base

Focus on Premium-End Uses

Unique Forestry Management

Modern Industrial Plants

Forest to Port Integration

6 7

Low Production Cost DNA

32

Backup

33

China
Chinas Hardwood Imports of BHKP by Country(1)
8,0 7,0 6,0 5,0 4,0 3,0 2,0 1,0 0,0

China P&W Capacity Changes 2011-2012(3)

6,9 5,0 2,8 0,7

2010

2011
(Million tons)

2012

Company / Mill Guangxi Yongkai Sugar Sun Paper

Effective Date Aug 2011 Sep 2011 Oct 2011 Oct 2011

'000 t 200 350 650 200

1,9

2,3

1,4

1,9 0,7 1,0 1,3 0,4 0,4 0,3 0,2 0,3

Shandong Chenming Guangxi Jindaxin Paper

Guangxi Tianyi Paper

BHKP Total Latin America Others* Indonesia USA Canada Western Europe Shandong Huatai Paper April

Mar 2012
May 2012 Mid 2012 Q4 2012 Late 2012 2H2012

150
150 450 200 125 600 3,075

* includes Russia, China, Thailand and New Zealand

Guangxi Yongkai Sugar Guangdong Guanhao

China's Share of Market

10.000 8.000 6.000 4.000 2.000 0 2005 2006 2007 2008
10% 10% 10% 13% 12% 16% 14% 12%

Pulp(2)
22% 17%

APP Total P&W capacity changes in China

21%

22% 26%

16% 17%

19% 21%

9%7%

11% 9%

2009 Total

2010

2011
(1) PPPC Chinese Market Pulp Demand (2) PPPC World 20 December 2011 (3) Source: TerraChoice Monthly Report Mar 2012

Eucaplyptus

Hardwood

34

China: a Major Player

P&W Grades Expansion in China (000 tons)

+4.8 million tons until 2015

Increasing Tissue Consumption with Wealth Distribution

+ 3.2 million tons until 2016

14,600

100
(%) of population not poor (McKinsey) (RHS)

31,986

13,600 12,600

30,587 29,.647 28,782

11,600
10,600 9,600 8,600 7,600

27,200
6,600 5,600 4,600 3,600 2,600

50
Production (LHS) Consumption (LHS)

2011

2012

2013

2014

2015

1,600

600 1990 1995 2000 2005 2010 2015 2020

2025

Source: RISI and McKinsey, PPPC Chinese Market Pulp Demand.

35

Tissue Market
Per Capita Consumption of Tissue by Region, 2010(1)
Kg/capita

World Tissue Consumption, 1991-2010(1)

35 30
Million tons

25 20

23,5

Average Growth Rate +3.8%a.a.

15,6

25
14,6 11,2

15 10

Huge potential growth

5,6 4,4

20 15 10

5 0 W. Europe Oceania

3,6

3,0 0,7 0,5

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

E. Europe

N&M East

Asia Far East

N. America

L. America

Africa

Japan

China

(1)

RISI

36

Historical Ratings
S&P
Aracruz VCP (2007-08) / Fibria (2009 on) Aracruz

Moodys
VCP (2007-08) / Fibria (2009 on)

2005 2006

BBBBBB-

N.A. N.A.

2005 2006

Baa3 Baa3

N.A. N.A.

2007

BBB-

BBB

2007

Baa2

Baa3

2008

BBB

BBB

2008

Baa2

Baa3

2009

BB

BB

2009

Ba2

Ba1

2010

N.A.

BB

2010

N.A.

Ba1

2011
2012

N.A.
N.A.

BB
BB

2011
2012

N.A.
N.A.

Ba1
Ba1

Last Report Date: November 2011 / Rating: BB / Outlook: Stable

Last Report Date: December 2011 / Rating: Ba1 / Outlook: Stable

37

Historical Ratings
Hardwood(1)

99% 93% 89% 93% 95% 91% 89% 91% 90% 91% 90% 94% 93% 95% 91% 86% 300 125 55 -45 -290 -265 -500 -240 -255 -400 -45 88% 88% 89%

285

235

195

275

255 115

-75

-1.125

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Net Increase / Closures (000 tons) Abertura / Fechamento de Capacidade (000 tons)

Global Oferta x Demanda (%) RelaoHardwood Operating Rate (%)

Source: Fibria (1) Net Increase / closures refer to Canada, Western Europe and USA.

38

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

39