ApresentaoCorporativaIngls

8/4/2019 ApresentaoCorporativaIngls

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Corporate PresentationJuly 2010


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Disclaimer

The information contained in this presentation may include statements which constituteforward-looking statements, within the meaning of Section 27A of the U.S. Securities Actof 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, asamended. Such forward-looking statements involve a certain degree of risk anduncertainty with respect to business, financial, trend, strategy and other forecasts, andare 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 torealize. The company gives no assurance that expectations disclosed in this presentation

2

will be confirmed. Prospective investors are cautioned that any such forward-lookingstatements are not guarantees of future performance and involve risks anduncertainties, and that actual results may differ materially from those in the forward-looking statements, due to a variety of factors, including, but not limited to, the risks ofinternational 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 toupdate any forward-looking statements, which speak only for the date on which they aremade.


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Agenda

The Company

Market Positioning

Pulp and Paper Market

3

1Q10 Financials

Corporate Restructuring


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4

The Company


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VCP and Aracruz merged to create Fibria

Shareholder Structure

VotorantimIndustrial S.A.

BNDESPar Free Float

29.34% 30.42% (1) 40.17%

Treasury

0.07%

5

Veracel CeluloseS.A.

50.0%50.0%

Conpacel

(1) Position as of June 30, 2010. BNDESPar has 21% linked to a shareholders agreement with VID during the first 3 years, and 10.9% during the following 2 years.


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Improved Corporate Governance

Board Advisory CommitteesBoard of Directors

Audit and Risks

Personnel and Remuneration

Alexandre Gonalves Silva Indicated by Votorantim

Alexandre Silva DAmbrosio Indicated by Votorantim

Armando Mariante Carvalho Junior Indicated by BNDES

Eduardo Rath Fingerl Indicated by BNDES

6

Finance

Sustainability

Joo Miranda Indicated by Votorantim

Jos Armando de Figueiredo Campos Independent Member

Jose Luciano Penido Chairman of the Board

Raul Calfat Indicated by Votorantim

Wang Wei Chang Indicated by Votorantim


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7

Market Positioning


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Creation of a Winning Player

Competitive Strengths

Pulp Mill

Paper Mill

BelmonteVeracelCaravelas

Portocel

Superior Asset Combination

Port Terminal

Leadership in MarketPulp

Scale and IntegratedOperations

Low ProductionCost DNA

8

Pulp production capacity: 5.4 MT / year

Paper production capacity: 358 kT / year

Total area: 1.0 million ha

(1)

|Eucalyptus plantation: 585 thousand ha(1)

4 plants and operation of 3 port terminals, including the only specialized woodpulp terminal in Brazil, owned by us

High yield in eucalyptus production (avg 45 m3/ha/year) and certified forests

Short harvest cycle: 6 years vs. 25-70 years in Southern U.S., Canada

and Scandinavia

AracruzPiracicabaJacareiSantos

Trs LagoasConpacel

Data as of March 31, 2010.

(1)Does not include partnership program which represents 127 thousand ha.

Unique ForestryManagement:

Advanced ForestryTechniques and

Short Harvest Cycle

Forest to PortIntegration TroughEfficient Logistics

Strong / ReliableCustomer Base

Modern IndustrialPlants


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1.5

Unique Brownfield Potential Growth

Fibria has the Best Sites Ready to Almost Duplicate Capacity

Historical and Planned Capacity Increase

Aracruz IV

Best sites for additional capacity (mt)

AracruzCapacity 2.3 mtTechnical age: 9

Average Plant Capacity(000 tons)

2.500

2.000Trs Lagoas

i

5.3

9

Veracel II

Trs Lagoas II

Losango I

Brownfield Brownfield Greenfield Brownfield

Source: Fibria

1.500

1.000

500

40 30 20 10

Russia

Japan

USASweden

CanadaPortugal

FinlandFranceSpain

ChileSouthAfrica

China

Brazil

Indonesia

Uruguay

Technical age of equipment (years)

.Technical age : 0

JacareCapacity 1.1 mt

Technical age : 5

VeracelCapacity 1.1 mt

Technical age : 3

Capacity 1979 - 2009 CAGR: 3.6% Expansion

0.8

1.5

1.5


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Undisputable Leadership in the Global Market Pulp

Pulp Production Capacity

2009E in ktons

5,400

Dominant Position in a Growing Market

1o

~ TwiceThe size

10Source: PYRY, 2007 / As for Market Pulp: Pulp and Paper Products Council (PPPC) 2009 and Fibria.(1) Market Share estimated considering 2009 nominal capacity.


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Low Production Cash Cost DNA

Cash Costs (2)Fibria's Margin vc Macroeconomic Fundamentals (1)

155

243 238 284 310

178232

178133

320

225199

152 113

238161

118

133151 132

468437 436 423

475

416393

296266 255 232(3)

583

641

705

783

565

769

2,44

2,18

1 95 2,00

Average PriceBHKP (US$/ton) (1)

Exchan e Rate Avera e

11

Iberia

(2) Source: Hawkins Wright Estimate 2T10

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

0

100

200

300

400

500

600

0 2.000 4.000 6.000 8.000 10.000 12.000

US$/ton

Iberia

232

Capacidade (kT)

,1,84 1,80(RS/US$)

(1)

1.013 1.115880

2.196

1.697

637

35%

38%

34%

37%

28%

38%

2005* 2006* 2007* 2008 Pro

Forma

2009 1T10

(1) Average Price - FOEX | Exchange rate: Brazilian Central Bank


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Long Term Relationship With Key Clients

Premium Paper Producers Value High Quality Pulp Customized Products

Global Footprint

Supplies customized pulp products to specific paper grades

Sole supplier to key customers focused on eucalyptus pulp to the tissue market

Top 10 main customers represent on average 65% of sales

Tissue

Specialty

Uses of Fibrias Pulp 1Q10

Europe

12

NY004GAK_1.worNY004GAK_1.worNY004GAK_1.worNY004GAK_1.worNY004GAK_1.worNY004GAK_1.worNY004GAK_1.worNY004GAK_1.wor Which Implies in Less Volatility in Sales Volume Throughout Economic Cycles

1 Breakdown of sales destination in 1Q10.

North America27%

Asia23%

Brazil11%

Beijing

Switzerland

SalesDestination (1)

Miami Hong Kong

Hungary

Subsidiaries Representative officesHeadquarters


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13

Pulp and Paper Market


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Positive Commodity Cycle and Demand Recovery

World P&W paper shipments to capacityWorld market pulp shipments to capacity

91%91%

89%

82%

86%

83%

79%

90%

77%

88%

92%

97%

86%

95%

92%93%

95%

90%92%

90%

86%

98%

91%

95%

87%88%

92%

89%87%

97%

92%

85%

78%76%

79%79%77%

73%

79%79%78%

89%87%

86%

81%79%

88%87%

86%

14

May-0

8

Jun-0

8

Ju

l-08

Aug-0

8

Sep-0

8

Oc

t-08

Nov-0

8

Dec-0

8

Jan-0

9

Fe

b-0

9

Mar-

09

Apr-

09

May-0

9

Jun-0

9

Ju

l-09

Aug-0

9

Sep-0

9

Oc

t-09

Nov-0

9

Dec-0

9

Jan-1

0

Fe

b-1

0

Mar-

10

Apr-

10

May-1

0

May-0

Jun-0

Ju

l-0

Aug-0

Sep-0

Oc

t-0

Nov-0

Dec-0

Jan-0

Fe

b-0

9

Mar-

09

Apr-

0

May-0

Jun-0

Ju

l-0

Aug-0

Sep-0

Oc

t-0

Nov-0

Dec-0

Jan-1

Fe

b-1

0

Mar-

10

Apr-

1

European pulp consumers' days of supplyWorld pulp producers' average days of supply

Source: Utipulp

Source: PPPC Source: PPPC

27

10

20

30

40

50

60

Fe

b-0

5

Sep-0

5

Apr-

06

Nov-0

6

Jun-0

7

Jan-0

8

Aug-0

8

Mar-

09

Oc

t-09

Ma

-10

Source: PPPC

20

15

20

25

30

35

Fev-0

5

Sep-0

5

Apr-

06

Nov-0

6

Jun-0

7

Jan-0

8

Aug-0

8

Mar-

09

Oc

t-09

Ma

-10


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Pulp Supply x Demand Balance Expected to Remain Tight

China: Eucalyptus pulp shipments ('000 t)Market pulp: world demand growth

181192

13213498

6593

210

419

238

307

458

368

307318307323

256233

299

247

153

242229

152

202

1%

14%12%

19%

10%

-29%

Average

169 ktons

Average

305 ktonsAverage

195 ktons

15

Apr-

0

May-0

8

Jun-0

Ju

l-0

Aug-0

Sep-0

Ou

t-0

Nov-0

Dec-0

Jan-0

Fe

b-0

9

Mar-

09

Apr-

0

May-0

9

Jun-0

Ju

l-0

Aug-0

Sep-0

Oc

t-0

Nov-0

Dec-0

Jan-1

Fe

b-1

0

Mar-

10

Apr-

1

May-1

0

Announced list pulp priceEurope list price

Source: Fibria

Source: PPPC Source: PPPC

Source: FOEX

Total North America Europe Latin America Japan China

5M2010 x 5M2009

Successive announcements of list price increases (as ofJune/2010)

North America: US$950/t

Europe: US$920/t

Asia: US$850/t

840

920

350

450

550

650

750

850

950

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010Jul/10


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1Q10 Financials


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1Q10 Performance

Pulp sales mixKey figures

1T10 4T09 1T09 1T10vs4T091T10

vs1T09

Pulp production ('000t) 1,314 1,395 1,032 -6% 27%

Pulp sales ('000t) 1,322 1,460 1,164 -9% 14%

Paper production ('000t) 77 88 94 -13% -19%

Paper sales ('000t) 83 111 94 -25% -12%

Net revenues (R$ miliion) 1,675 1,698 1,429 -1% 17%

EBITDA (R$ million) 637 503 378 27% 69%

26%

29%

38%

8%27%

39%

23%

11%22%

34%

32%

12%

1T09 4T09 1T10

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EBITDA (R$ million) and EBITDA Margin (%)Cash cost (R$/t)

EBITDA margin (%) 38% 30% 26% 8 pp 12pp

Financial result (R$ million) (341) (157) (185) - -

Net income (R$ million) 9 35 1,267 -74% -99%

urope razs aor mer ca

473

451

418

1T09 4T09 1T10

-7%

378

503

637

1T09 4T09 1T10

26%30%

38%


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Indebtedness

Average maturity (months)*Debt indicators

(R$ million) 1T10 4T09 1T09 1T10vs4T091T10

vs1T09

Gross debt 13,540 14,661 18,687 -8% -28%

Cash position 2,684 3,968 2,954 -32% -9%

Net debt 10,856 10,693 15,733 2% -31%

Net debt / EBITDA

49

60 62

18

Debt by currency and by typeDebt amortization schedule (R$ billion)

(x) . . . - . x . x

1T09 4T09 1T10

*Does not include the debt from ex Aracruz shareholders

0,8

4,3

2,8

1,4 1,51,6

1,2

2,12,3

2,1

1

1,4

1,8

1,2

3,9

2009 2010 2011 2012 2013 2014 2015 2016-2020

Mar/10Sep/09

62%

38%34%

20%17%

13%

7%2%4%

3%

Pr Pagamento Aquisio da AracruzBonds BNDES

Derivativos ACC/ACENCE OutrosLocal Foreign

By currency By type


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Synergies

3,4

4,24,3

4,5

Status 1Q10:

102% of theprojected curve Others

Synergy curve NPV (R$ billion)

19

0,45

2,3

dec/09 1T10 dec/10 2011 2012 2013 2014

Accumulated Estimated

0,49

27%

23%16%

11%

21%

2% Industrial

Floresry

SG&A

Supply chain

Taxes


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Growth

Expansion projects to benefit fromgrowth in pulp demana

. . .

7.8x

6.3x

5.6x

Net debt / EBITDALiability management

20

LTM-Mar 09 LTM-Dec 09 LTM-Mar 10 Further delevveraging of the

Company

e urn o nves men gra e

Veracel II

1.5 million ton capacity

Negotiation with partner in progress

Trs Lagoas II

1.5 million ton capacity

Required planted area: 145,000 ha

Start of industrial and environmental licensing in 2Q10

Purchase and leasing of land started (50% own and 50%leasing)

Startup forecast: 2015 / 2016

LTM: Last 12 months

Status of the expansion projects


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Event Date

Acquisition by VCP of additional 28% of Aracruz common shares Jan 20, 2009

VCP Capital Increase Apr 14, 2009

VCP conversion of prefered into common shares Jun 12, 2009

Tender Offer for Aracruz common shareholders Jul 02, 2009

Incorporation proposal for the 0.1347 ratio Aug 24, 2009

22

,

Shareholderes Agreement - VID and BNDES Oct 29, 2009

End of withdrawal rights period Nov 12, 2009

End of Aracruz trading Nov 17, 2009

Fibria trading start (Bovespa: FIBR3 / NYSE: FBR) Nov 18, 2009

Approval of the merger of Aracruz into Fibria Dec 22, 2009

Migration to Novo Mercado listing segment at BM&FBovespa May 20, 2010


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Investor Relations Team:

Carlos Aguiar IRO

Andr Gonalves IR General Manager

Fernanda Naveiro Vaz IR Consultant

Anna Laura Linkewitsch IR Specialist

Roberto Costa IR Specialist

Email: [email protected]

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