ApresentaoCorporativa_Santander

8/4/2019 ApresentaoCorporativa_Santander

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1

Santander Brazil Trip

May 26th, 2010


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The information contained in this presentation may include statements which constituteforward-looking statements, within the meaning of Section 27A of the U.S. Securities

Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of1934, as amended. Such forward-looking statements involve a certain degree of riskand 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, orma not be ossible to realize. The com an ives no assurance that ex ectations

Disclaimer

2

disclosed in this presentation will be confirmed. Prospective investors are cautionedthat any such forward-looking statements are not guarantees of future performanceand involve risks and uncertainties, and that actual results may differ materially from

those in the forward-looking statements, due to a variety of factors, including, but notlimited to, the risks of international business and other risks referred to in the

companys filings with the CVM and SEC. The company does not undertake, andspecifically disclaims any obligation to update any forward-looking statements, whichspeak only for the date on which they are made.


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Agenda

The Company

Market Positioning

Pulp and Paper Market

3

Corporate Restructuring

Appendix


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4

The Company


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VCP and Aracruz Merged to Create Fibria

Shareholder Structure

Votorantim

Industrial S.A.BNDESPar Free Float

29.3% 30.4% (1) 40.3%

5

Veracel

Celulose S.A.

50.0%50.0%

Conpacel

(1) Position as of Apr 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

Auditing

Personnel and Remuneration

Finance

Sustainability

Jos Luciano Penido Chairman of the Board

Raul Calfat Indicated by Votorantim

Wang Wei Chang Indicated by Votorantim

Joo Miranda Indicated by Votorantim

Alexandre DAmbrosio Indicated by Votorantim

Armando Mariante Carvalho Junior Indicated by BNDES

Eduardo Rath Fingerl Indicated by BNDES

Jos Armando de Figueiredo Campos Independent Member

Alexandre Gonalves Silva Independent Member

6

CEO

Board of

Directors

Executive Board

Ind. Ops &

Engineering

Francisco Valrio

Comm. & Intl

Logistics

Joo Felipe Carsalade

Paper

Business, Strate

gy and Supply

Chain Forestry

Marcelo Castelli

Controllership

& Risk

Management

Evandro Coura

Human and

Org.

Development

Joo Steinle

Each officer with more than 20 years experience in the sector

Carlos A. Aguiar *

*TheCompanys Boardof Directors have decided that FIBRIAs CEO, Carlos Augusto Lira Aguiar, will accumulate the position of Treasury and Investor Relations Officer until further decision.


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7

Market Positioning


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Competitive Strengths

Creation of a Winning Player

Pulp MillPaper 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., Canadaand 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 Port

Integration Trough

Efficient Logistics

Strong / ReliableCustomer Base

Modern IndustrialPlants


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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

AracruzCapacity 2.3 mtTechnical age: 9

Average Plant Capacity(000 tons)

2.500

2.000 Trs Lagoas.

9

Veracel II

Trs Lagoas II

Losango I

Brownfield Brownfield Greenfield Brownfield

1.500

1.000

500

40 30 20 10

RussiaJapan

USASweden

CanadaPortugal

FinlandFranceSpain

ChileSouthAfrica China

Brazil

Indonesia

Uruguay

Technical age of equipment (years)

apacity 1. mtTechnical age : 0

JacareCapacity 1.1 mtTechnical age : 5

VeracelCapacity 1.1 mtTechnical age : 3

Capacity 1979 - 2009 CAGR: 3.6% Expansion


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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

~ Twice

The size

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


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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 salesTissue

Specialty

Uses of Fibrias Pulp1Q10

Europe

11

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.

39%

North America

27%Asia

23%

Brazil

11%

Beijing

Switzerland

SalesDestination (1)

Miami Hong Kong

Hungary

Subsidiaries Representative officesHeadquarters


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12

Pulp and Paper Market


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Positive Commodity Cycle and Demand Recovery

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

94%

91%91%

89%

82%

86%

83%

79%

90%

77%

88%

92%

97%

86%

95%

92%93%

95%

90%

92%90%

86%

98%

91%

95%

95%

88%

92%

89%

87%

97%

92%

85%

78%

76%

79% 79%

77%

73%

79% 79%78%

89%

87%86%

81%79%

88%

87%

13

World pulp producers average days of supply European pulp consumers days of supply

Source: PPPC Source: Utipulp

Source: PPPC Source: PPPC

Apr-08

May-08

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

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

Apr-08

May-08

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

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

25

10

20

30

40

5060

Apr-

05

Aug-0

5

Dec-0

5

Apr-

06

Aug-0

6

Dec-0

6

Apr-

07

Aug-0

7

Dec-0

7

Apr-

08

Aug-0

8

Dec-0

8

Apr-

09

Aug-0

9

Dec-0

9

Apr-

10

22

15

20

25

30

35

Ap-0

5

Aug-0

5

Dec-0

5

Ap-0

6

Aug-0

6

Dec-0

6

Ap-0

7

Aug-0

7

Dec-0

7

Ap-0

8

Aug-0

8

Dec-0

8

Ap-0

9

Aug-0

9

Dec-0

9

Ap-1

0


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Pulp Supply x Demand Balance Expected toRemain Tight

Market Pulp: world demand growth China: Eucalyptus pulp shipments (000 t)

3%14% 12%

25%14%

-30%

Total NorthAmerica

WesternEurope

LatinAmerica

Japan China

4 months 2010 vs. 2009

146186181192

13213498

6593

210

419

238

307

458

368

307318

307323

256233

299247

153

242229

152

Fe

b-0

8

Mar-0

8

Apr-0

8

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-0

9

Apr-0

9

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-1

0

Apr-1

0

Average169 k tons

Average305 k tons

Average194 k tons

14

BHKP List pulp price (FOEX) vs BRL/US$ Global market recovery

Demand

Paper demand recovery; China keeping up the pace.

Low consumers and producers inventories

Market downtimes;

Currency

Appreciation of local currencies against the US$.

Successive announcements of list price increases (as of Jun.10)

North America: US$950/t

Europe: US$920/t

Asia: US$850/t

.

70

80

90100

110120

130140

150

FOEX BRL/USD

50%

25%

Source: PPPC Source: PPPC

Source: Bloomberg


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15

1Q10 Financials


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Key figures Pulp: sales mix

26%

29%

38%

8%

1Q09

22%

34%

32%

12%

4Q09

North America Europe Asia Brazil

1Q10 4Q09 1Q091Q10 vs.

4Q09

1Q10 vs.

1Q09

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

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

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

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

Net Revenue (R$ million) 1,675 1,698 1,429 -1% 17%

EBITDA (R$ million)(2) 637 503 378 27% 69%

EBITDA margin (%) 38% 30% 26% 8 p.p. 12 p.p.

Net Financial Result(3) (341) (157) (185) - -

1Q10 Performance

27%

39%

23%

11%

1Q10

473451

418

1Q09 4Q09 1Q10

Source: Fibria

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

378

503

637

1Q09 4Q09 1Q10

26%

30%

38%

-7%

16

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


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Indebtedness

Debt indicators

(R$ million) 1Q10 4Q09 1Q091Q10 vs

4Q091Q10 vs

1Q09

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 15.773 2% -31%

Net Debt/EBITDA (x) 5.6 6.3 7.8 -0.7x -2.2x

49

60 62

1Q09 4Q09 1Q10

Average maturity* (months)

Debt Amortization Schedule (R$ billion) Debt by currency and by type

0.8

4.3

2.8

1.4 1.51.6

1.2

2.12.3

2.1

1.01.4

1.8

1.2

3.9

2009 2010 2011 2012 2013 2014 2015 2016 - 2020

Sep 09 Mar 10

38%

62%

Gross Debtby currency

Local Forei n

34%

20%17%

13%

7%2%

4%3%

Gross Debtby type

Pre-Payment Aracruz AcquisitionBonds BNDESDerivatives ACC/ACENCE Others

oes no ncu e e e o ormer racruz s are o ers

Short-term debt:

from 30% in Sep/09to 23% in Mar/10

17(1) 2009: 3m | (2) 2010: 9m

(1)

(2)

(1) 2009: 3m | (2) 2010: 9m


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2.3

3.4

4.24.3

4.5

Synergies

Synergy curve NPV (R$ billion)

27%21%2% IndustrialSupply

Chain

Others

Status 1Q10:102% of the

projected curve

Synergies

IndustrialSupplyChain

Others

0.45

Dec-09 1Q10 Dec-10 2011 2012 2013 2014

18

23%16%

11%

Estimated Accumulated

ForestrySG&A

Taxes0.49

Estimated Accumulated

ForestrySG&A

Taxes


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Growth

Liability management Net Debt / EBITDA

Further deleveraging of the

Return to investment grade

Expansion projects to benefit fromgrowth in pulp demand

. . .7.8x

3.1x

6.3x

5.6x

Growth

LTM-Mar 09 LTM-Dec 09 LTM-Mar 10Company

Status of expansion projects

19

Veracel II

1.5 million ton capacity

Negotiations with partner in progress

LTM: Last Twelve MonthsLTM: Last Twelve Months

Trs Lagoas II

1.5 million ton capacity

Required planted area: 145,000 ha

Start of industrial and environmental licensing on 2Q10

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

Startup forecast: 2015 / 2016


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20



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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

21Source: Fibria

,

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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22

Appendix


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Benefiting from China's Growth

China P&B Production and Consumption (2)Chinas Hardwood Imports of BHKP by Country (1)

1.000

2.000

3.000

4.000

5.000

6.000

7.000

Brazil is the leading exporter ofBHKP to China, accounting forapproximately 41% of China's totalimports in 2009

Brazil is the leading exporter ofBHKP to China, accounting forapproximately 41% of China's totalimports in 2009

in million tons

10

20

30

40

50

60

70

20

40

60

80

100

120

in ktons kg/person/yr

23

0

5

10

15

20

25

30

NorthAmerica

WestEurope

Japan Oceania LatAm EastEurope

China Africa

Per Capita Consumption of Tissue by World Region (4)2009 Fibrias Global Footprint (3)

(4) Source: RISI.

Growth i n 2009 2008

Tissue

Uses of Fibrias Pulp

24%

43%

33%

Destination of Fibrias Pulp

10%

23%

31%

36%

P&W

Specialty

Brazil

North America

Europe

Asia

Kg / capita

BHKPTotal

Others

00

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Consumption Production Per Capita

(1) Source: Hawkins Wright. (2) Source: China Paper Association.

(3) Breakdown of sales destination in the last 12 months ending December 31, 2009.


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P&W Paper Capacity Changes

China: P&W Paper Capacity Changes 2009-2011P&W Paper Capacity Withdrawals 2009-2010

Company / Mill Effective Date 000's tonnes

Puyang Longfeng Jan 2009 350

Tralin, Gaotang Feb 2009 150

MCC Yinhe Paper Jul 2009 200

Guangxi Jindaxing Paper Q3 2009 200

Yeuyang Paper Oct 2009 200

2009 = 1.3 million t

Company Region/Date 000's tonnes

M Real Europe/2009 540

International Paper Europe/2009 250

Others Europe/2009 440

Domtar North America/2009 265

International Paper North America/2009 200


Fujian Nanping Paper Oct 2009 200

Yeuyang Paper 2010 200

APP, Hainan Island Q1 2010 1,200

Sun Paper/IP Q2 2010 350

Lee&Man 1H 2010 200

Jiangsu Oji Paper May 2010 400

China Metalurgical MeiliPaper Q1 2011 300

Shandong Huatai Paper Q1 2011 500

Shandong Chenming Q1 2011 1,250

Guangxi Huajin Group late 2011 340

Total P&W capacity changes in China 6,040



Others North America/2009 255

Stora Enzo Europe/2010 520

Sappi Europe/2010 220

Others Europe/2010 80

Domtar North America/2010 200

International Paper North America/2010 340

Total P&W capacity withdrawls in Europe

and North America3,300


Source: TerraChoice Dec 2009.


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Pulp Capacity Changes

Major Market Pulp Related Capacity

2009-2014

Company Mills Effective Date000'stonnes

Stora Enso Kemijarvi, FinlandNorrsundet, Swedenend April 2008mid Nov. 2008

250300

Rottneros Utansj, SwedenMiranda, SpainApril/May 2008

January 2009170150

Pope & Talbot Mackenzie, BC, CanadaNanaimo, BC, CanadaMay 2008

May 7, 2008200100

AV Nackawic Nackawic, NB, Canada August 2008 230

Baikal Pulp and Paper Baikal, Russia October 2008October 2008 10090

Lee & Man Samoa, CA, USA October 2008 200

Company Mills Effective Date 000'stonnes

APRIL Rizhao, China Q2 2010 1,300

Eldorado Celulose ePapel Trs Lagoas, Brazil 2012-2013 1,500

Suzano Maranhao, Brazil 2013 1,300

Total 4,100

Major Market Pulp Mill Permanent & Indefinite

Closures/Conversions 2008-2010

Smurfit Stone CC Portage-du-Fort, QC, Canada October 31, 2008 230

International Paper Bastrop, LA, USA mid Nov. 2008 410

Catalyst Paper Elk Falls, BC, CanadaCrofton, BC, CanadaNovember 30, 2008

Feb./March 2009200200

Borregaard Riedholz, Switzerland December 2008 120

UPM Tervasaari, Finland December 2008 210

Boise Inc. St. Helens, OR, USA January 2009 275

Buchanan Forest Terrace Bay, ON, CanadaTerrace Bay, ON, CanadaJanuary 12, 2009

February 23, 2009125350

Marathon Pulp Marathon, ON, Canada end Feb. 2009 200

Botnia Kaskinen, Finland March 2009 450

M-real Alizay, France March 2009 310

CMPC Laja, Chile March 16, 2009 90

Fraser Papers Thurso, QC, Canada late May, 2009 255

Oji Paper Kushiro City, Japan late May, 2009 150

SAPPI Usutu, Swaziland Jan. 31, 2010 190

Total 5,555

Source: TerraChoice Dec 2009.


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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

Livia Baptista IR Analyst

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ApresentaoCorporativa_Santander