Fibria Itau Oct2011 v2

8/3/2019 Fibria Itau Oct2011 v2

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Itau BBA Corporate Debt Investor Trip

October, 2011


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Disclaimer

The information contained in this presentation may include statements which constitute forward-

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 of 1934, as amended. Such

forward-looking statements involve a certain degree of risk and uncertainty with respect tobusiness, 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 forward-

looking 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 forward-

looking statements, which speak only for the date on which they are made.

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The Company


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VCP and Aracruz Merged to Create Fibria

Shareholder StructureShareholder Structure

Votorantim Industrial

S.A. BNDESPar Free Float

29.34% 30.42(1) 40.24%(2)

(1) Position as of August 31, 2011. BNDESPar has 21% linked to a Shareholders Agreement with Votorantim Industrial S.A. during the first 3 years and 10.9% during the following 2 years.(2) Free Float 40.17% + Treasury 0.07%

4

Bovespa

60%

NYSE

40%

Average Daily Trading

Volume (LTM):

US$ 45 million


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Improved Corporate Governance

Shareholders

Meeting

Shareholders

Meeting

Executive OfficersExecutive Officers

Board Advisory

Committees(1)Board Advisory

Committees(1)

Fiscal CouncilFiscal CouncilBoard of

Directors

Board of

Directors

9 Members: 20% Independent

Chairman CEO

Audit and Risks

Personnel and Remuneration

Finance

Sustainability

Board and CommitteesBoard and CommitteesImproved Corporate GovernanceImproved Corporate Governance

Listed on Novo Mercado, highest level of Corporate

Governance at BM&F Bovespa

Only 1 class of shares 100% vong 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

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

(1) Members performance assessed by independent consulting firm

5


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A Winning Player

Port Terminal Pulp Unit

Main Figures(1)Main Figures(1)Superior Asset CombinationSuperior Asset Combination

Pulp capacity million tons 5.25

Net revenues R$ billion 6.2

Total area thousand ha 1,062(2)

Planted area thousand ha 599(2)

Net Debt R$ billion 7.9

Net Debt/EBITDA X 3.2

Trs Lagoas

Santos

Aracruz

Portocel

Caravelas

Belmonte

Veracel

Jacare

Source: Fibria(1) Last Twelve Months as of 2Q11.(2) As of June 30, 2011, including 50% of Veracel and excluding forest partnership areas (124 thousand ha).


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Modern Plants Lead to a Competitive Position in the Cost Curve

7

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 Bahia 1.1 million t/year


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Fibrias Strategy


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Clear Leadership Position

Market Pulp Capacity Ranking 2010(2) (000t)Market Pulp Capacity Ranking 2010(2) (000t)Industry Outlook (1)Industry Outlook (1)

0 1000 2000 3000 4000 5000 6000

Cenibra

Canfor

West Fraser

ENCE

IP

Mercer

Ilim

Domtar

UPM-Kymmene

Botnia/M-realSuzano

Weyerhaeuser

Stora Enso

Sodra

CMPC

Georgia Pacific

APP

Arauco

APRIL

Fibria

Bleached Softwood Kraft Pulp (BSKP)

Bleached Hardwood Kraft Pulp (BHKP)

Unbleached Kraft Pulp (UKP)

Mechanical

Recycled Fiber

224 million t

46% 54%

66%

20% 80%

57% 43%

34%

36% 64%

31%69%

Paper & Board

392 million t

Pulp

167 million t

Chemical

134 million t

Mechanical

33 million t

Integrated Mills

85 million t

Market Pulp

46 million t

Hardwood

24 million t

Other Eucalyptus

Pulp producers:

11 million t

Softwood/Other

22 million t

Acacia/Other

8 million t

Eucalyptus

16 million t

(1) RISI and PPPC: considers 2010 capacity(2) Hawkins Wright January 2011 9

5,250


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Relevant Market Share and Competitive Position in the Cost Curve

Average Cash Cost of BHKP delivered to Europe(2) (US$/t)Average Cash Cost of BHKP delivered to Europe(2) (US$/t)Fibrias Market Share (1)Fibrias Market Share (1)

11%

Total Hardwood Market Pulp:

24.9 million t

Total Market Pulp:

49.8 million t

Total Eucalyptus Market Pulp:

15.8 million t

(1) PPPC World Chemical Market Pulp Global 100 Report December 2010 (World Demand by Grade)

(2) Source: Hawkins Wright as July 2011 Report and Fibria 2Q11

21%

33%

10

10 million t

Hardwood Cash Cost (US$/t) vs Capacity ('000 t)

Capacity ('000s t)

200

300

400

500

600700

800

100

Cashcost(US$/t)

5000 10000 15000 20000 25000 30000

Bleached hardwood kraft

0

464 500 501 493 423 456 426 359 316 310 288

120 70 39 4185 42 33

5769 51 55

0

200

400

600

800

1000

Mill Cash Delivery SG&AMaintenance Capex

Financial Expenses


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Pulp Price

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

0

100

200

300

400

500

600

700

800

900

1.000

May-98

Mar-99

Jan-00

Nov-00

Sep-01

Jul-02

May-03

Mar-04

Jan-05

Nov-05

Sep-06

Jul-07

May-08

Mar-09

Jan-10

Nov-10

Sep-11

4 months

5 months

3 months

3 months

US$750/t

Oct 10

0

500

1.000

1.500

2.000

2.500

May-98

Mar-99

Jan-00

Nov-00

Sep-01

Jul-02

May-03

Mar-04

Jan-05

Nov-05

Sep-06

Jul-07

May-08

Mar-09

Jan-10

Nov-10

Sep-11

Average:R$1,284/t


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Exchange Rates and Inflation Affect the 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

Real:91%

Canadian Dollar: 53%

Chilean Peso: 40%

Rupia: -2%

Exchange Rate Currencies Evolution versus Dollar (Index: Jan03 = 100)Exchange Rate Currencies Evolution versus Dollar (Index: Jan03 = 100)

Cost StructureCost Structure

50

70

90

110

130

150

170

190

210

230

jan-03

mai-03

set-03

jan-04

mai-04

set-04

jan-05

mai-05

set-05

jan-06

mai-06

set-06

jan-07

mai-07

set-07

jan-08

mai-08

set-08

jan-09

mai-09

set-09

jan-10

mai-10

set-10

jan-11

mai-11

set-11


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Global Presence

Miami

Nyon Csomd

Hong Kong

So Paulo

29%

N.America

11%L.America

46%Europe

14%Asia

Fibria Sales Distribution Fibria OfficesSource: Fibria 2Q11

Fibrias Commercial StrategyFibrias Commercial Strategy

Differentiation: Customized pulp products to specific paper grades

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

The top 10 customers represent, on average, 70% of sales

Over 20 years of relationship with many of the main clients

Global contractsTissue

58%P&W

23%

Speciali

ties

19%

End Use 2Q11 Current List Pulp Price:

North America: US$900/t Europe: US$820/t Asia: US$730/t


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Focus on Premium End-Uses

Source: Fibria 2Q11 Earnings Results, PPPC, RISI and Fibria

Fibria's Pulp

Destination

Fibria's Pulp

Destination

2010-2025

Demand Growth (CAGR)

2010-2025

Demand Growth (CAGR)

14

Market Pulp

Destination

Market Pulp

Destination


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Innovation and Competitiveness


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Enhanced Forestry Techniques

Current Elite Clone

2 years old

New Elite Clone

2 years old


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Forest Competitiveness

45

25 25 25

15

8

5

Brazil

(eucalyptus)

Indonesia S.Africa Chile Portugal /

Spain

USA / Canada Finland /

Sweden

6 years7 - 8

years

7 - 15

years

10 - 12

years

12 - 15

years

15 - 25

years

30 - 40

years

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.

Harvesting Cycle (avg. years) Yield (m3/ha/year)

6

8

10

11

14

70's 80's 90's 00's Next decade

(expected)

Air Dry Ton / ha / year

Genetic and Technological Development at FibriaGenetic and Technological Development at FibriaFibria : Forest CompetitivenessFibria : Forest Competitiveness


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Pulp and Paper Market


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Industry Outlook

World Printing&Writing paper shipments to capacityWorld Printing&Writing paper shipments to capacityWorld chemical market pulp shipments to capacityWorld chemical market pulp shipments to capacity

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

93%

95%

90%92%

90%

86%

96%

89%

95%

87%

96%

88%

83%

98%

87%

92%

102%

87%

92%

101%

88%87%

94%

82%

85%

A

ug-09

S

ep-09

Oct-09

N

ov-09

D

ec-09

Jan-10

F

eb-10

M

ar-10

Apr-10

M

ay-10

Jun-10

Jul-10

A

ug-10

S

ep-10

Oct-10

N

ov-10

D

ec-10

Jan-11

Fev-11

M

ar-11

Apr-11

M

ay-11

Jun-11

Jul-11

A

ug-11

81%

89%88%88%

84%

82%

88%87%

88%

86%

90%

85%

87%

91%91%

88%88%

82%

85%

87%

85% 85%

88%

84%

87%

Aug-09

Sep-09

O

ct-09

Nov-09

D

ec-09

Jan-10

Feb-10

M

ar-10

A

pr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

O

ct-10

Nov-10

D

ec-10

Jan-11

Fev-11

M

ar-11

A

pr-11

May-11

Jun-11

Jul-11

Aug-11

Source: PPPC World 20 Total Chemical Market Pulp Source: PPPC Global 100 World Printing & Writing Report

Source: PPPC World 20 Source: Utipulp

10

20

30

40

50

Aug-06

Fev-07

Aug-07

Feb-08

Aug-08

Fev-09

Aug-09

Fev-10

Aug-10

Feb-11

Aug-11

15

20

25

30

35

Aug-06

Fev-07

Aug-07

Feb-08

Aug-08

Fev-09

Aug-09

Fev-10

Aug-10

Feb-11

Aug-11

days

days

41

21

19


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Industry Outlook

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

Announced List Pulp PriceAnnounced List Pulp PriceEuropean List Price (BHKP) x Commodity Index (CRB)European List Price (BHKP) x Commodity Index (CRB)

5%

-4%-1%

-3%

5%

36%

Total North America Europe Latin America Japan China

8M2011 x 8M2010

Source: Fibria

Source: PPPC World 20 Chemical Market Pulp Source: PPPC World 20

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

238

307

458

368

300

318310323

256233

299

247

153

242 229

152

202 219

163

100

198

125

224

311

198

141

332

152138

222

161

232

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

Average

305 ktons

Average

193 ktons

Average

197 ktons

EuropeanListPrice(US$/

t)BHKP

CommodityPriceIndex(CRB)

US$840/t

US$920/t

300

400

500

600

700

800

900

1.000

250

350

450

550

650

S

ep-08

D

ec-08

M

ar-09

Jun-09

S

ep-09

D

ec-09

M

ar-10

Jun-10

S

ep-10

D

ec-10

M

ar-11

Jun-11

S

ep-11

CRB BHKP List Price

Current List Pulp Price:

North America: US$900/t Europe: US$820/t Asia: US$730/t

20


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Financial Highlights


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46%

20%

25%

9%

1Q11

Europe North America Asia Brazil/Others

2Q11 Performance

Pulp Sales MixPulp Sales MixKey IndicatorsKey Indicators

EBITDA (R$ million) and EBITDA Margin (%)EBITDA (R$ million) and EBITDA Margin (%)Cash Cost without downtimes(R$/t)Cash Cost without downtimes(R$/t)

2Q11 1Q11 2Q10 2Q11 vs1Q112Q11 vs

2Q10

Pulp Production (000 t) 1,271 1,319 1,164 -4% 9%

Pulp Sales (000 t) 1,230 1,259 1,214 -2% 1%

Paper Production (000 t) 31 29 31 9% 2%

Paper Sales (000 t) 31 36 29 -15% 5%

Net Revenue (R$ million) 1,459 1,548 1,628 -6% -10%

Pro Forma EBITDA (R$ million) 490 607 672 -19% -27%

EBITDA Margin (%) 34% 39% 41% -5 p.p. -7 p.p.

Financial Income (R$ million) 277 11 (310) - -

Net Income (R$ million) 215 389 130 -45% 66%

46%

29%

14%

11%

2Q11

38%

27%

24%

11%

2Q10

448 446

462

2Q10 1Q11 2Q11

672

607

490

2Q10 1Q11 2Q11

41% 39%34%

22


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Competitiveness Project

Actions for increased operating efficiencyActions for increased operating efficiency

23

1,164

1,271

2Q10 2Q11

Pulp Production ('000 t)

448

462

2Q10 2Q11

Cash Cost without downtimes (R$/t)

+3% (lower than

Brazilian inflation:

+6.5%)

Production gain:+9%

Action 2011 2012 2013

2011 Capex reduction of R$201 million

New bleaching line of Plant A Aracruz Unit

Higher operating stability

Optimization of wood transportation by barges

Aracruz Unit

Energy Matrix Jacare Unit

Global Sourcing

Rail Extension Trs Lagoas Unit

Long-term international logistics contract (STX)

Future Forestry Project


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Debt

Debt IndicatorsDebt Indicators

(R$

million)2Q11 1Q11 2Q10

2Q11 vs

1Q11

2Q11 vs

2Q10

Gross Debt 10,448 10,256 13,209 2% -21%

Cash(1) 2,496 2,297 2,364 9% 6%

Net Debt 7,952 7,959 10,846 0% -27%

16%

12%14%

2Q10 1Q11 2Q11

Short Term Debt (%) Net Debt/ EBITDA(2)(x)

4.7

2.9

3.2

2Q10 1Q11 2Q11

Debt by currency and instrument (%)Debt by currency and instrument (%)Debt Amortization Schedule (R$ billion)Debt Amortization Schedule (R$ billion)

1.9

0.91.3

1.8

1.2

5.1

1.0 0.80.6

0.8 0.6

6.6

2011 2012 2013 2014 2015 2016-2021

Jun/10 Jun/2011

(2) LTM EBITDA includes the results from Conpacel and KSR

Short term debt:

14% of totaldebt 16%

84%

Debt by Currency

Domestic Foreign

44%

16%

6%

23%4%

7%

Debt by Instrument

Bonds BNDES

Former Aracruz Shareholders Pre-PaymentNCE Others

24

(1) Includes the MTM of the hegding instruments


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Fibria20 Bond: US$ 750MM

7.5% 10NC5

Exchange Bond Fibria19: 94%

to Fibria20

Operational cash generation

Derivatives debt settlement:

US$ 2.6bn

Debt: lower cost longer tenor

Liability Management

15.7

13.2 13.1

11.0 10.9 10.810.2

9.97.9 7.9

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

Promises delivered, now more ahead to goPromises delivered, now more ahead to go

Sale of Guaba: US$ 1.4bn

Fibria19 Bond: US$ 1.0bn

9.25% 10NC5

Export pre-payment facilities:

US$ 1.175bn

Sale of Conpacel/KSR: R$ 1.5bn

Fibria21 Bond Fibria21: US$ 750MM 6.75% 10NC5

US$ 500MM Revolving facility + US$ 300MM EPP

Covenants: 4.0x YE2011

Tight cost and Capex control

2011 Capex reduced by R$ 201 million

Sale of Piracicaba: US$ 313MM

Commitment to investment grade level

NetDebt(R$ bi)

Net Debt/EBITDA (x)

25

7.8

7.2 7.2

6.5

5.6

4.73.9

3.6

2.93.2


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Historical Ratings

Aracruz VCP (2007-08) / Fibria (2009-10)

2005 BBB- N.A.

2006 BBB- N.A.

2007 BBB- BBB

2008 BBB BBB

2009 BB BB

2010 N.A. BB

2011 N.A. BB

Last Report Date: February 2011 / Rating: BB / Outlook: Positive

Aracruz VCP (2007-08) / Fibria (2009-10)

2005 Baa3 N.A.

2006 Baa3 N.A.

2007 Baa2 Baa3

2008 Baa2 Baa3

2009 Ba2 Ba1

2010 N.A. Ba1

2011 N.A. Ba1

Last Report Date: February 2011 / Rating: Ba1 / Outlook: Positive

MoodysMoodysS&PS&P


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Market Perception

Fibria2021 Rating

Moodys Ba1/positive

Fitch

BB+/stableS&P BB/positive

5,2

5,7

6,2

6,7

7,2

7,7

8,2

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Fibria'2021

80bps

Yield (%)Yield (%)

5,2

5,7

6,2

6,7

7,2

7,7

8,2

8,7

9,2

9,7

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

Fibria'2019 Fibria'2020 Fibria'2021


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Investor Relations

E-mail: [email protected]

Phone: +55 (11) 2138-4565

Website: www.fibria.com.br/ir


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Backup


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State of the Art Facilities

30Source: PYRY

40 30 20 10

500

1,000

1,500

2,000

2,500

Technical age of the equipment (years)

Fibria (Veracel 50%)

Fibria (Jacare)

Fibria (Trs Lagoas)

Fibria (Aracruz)

Other Brazilian pulp mills

Indonesia

ChinaSouth Africa

Chile

France/Spain

FinlandPortugal

CanadaSweden

USAJapan

Russia

Average mill capacity (000 tons)Average mill capacity (000 tons)


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Trs Lagoas II and Veracel II

Production capacity: 1.5 million tons

Forestry Base :

- Total area: 230,000 ha

- Planted area: 150,000 ha

Status:

Trs Lagoas I surplus: 30,000 ha of effective planting

Leasing: 70,000 ha of effective planting

Change on the forestry base model: leased areasincreased to 70%

Social and environmental license granted on Aug 18th

Possible Start up: from 2014 on

Trs Lagoas II

Production capacity: 1.5 million tons

Forestry Base:

- Total area: 220,000 ha

- Planted area: 120,000 ha

Environmental Licensing in progress

Negotiation between partners in satisfactory progress

Veracel II


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Balanced Market Scenario for the Next 2 years

'000 tons'000 tons

BSK

Supply 23.5 23.8 25.0 25.3 3.2%

Demand 21.4 22.3 23.0 23.3 2.1%

Ratio 91% 93% 92% 92%

BHK

Supply 28.1 28.6 30.0 30.6 2.9%

Demand 24.8 25.0 26.5 27.4 4.7%

Ratio 88% 87% 88% 90%

BEKP

Supply 17.0 17.6 18.8 19.6 5.4%

Demand 15.9 15.9 17.1 18.3 7.4%Ratio 93% 90% 91% 94%

2011 2012 2010/201220102009

% Annual growthForecast

Million tons

Source: PPPC and Fibria 32


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Capex

2011 Capex Reduction2011 Capex Reduction

33

(R$ million) 2011E Current

Industrial Expansion 68

Forest Expansion 243

Subtotal Expansion 311

Safety/Environment 75

Forestry Renewal 602

Maintenance, IT, R&D and Modernization 356

Subtotal Maintenance 1,033

50% Veracel/Conpacel 96

Total Fibria 1,440 R$ 201 million reduction vs

original budget

R$ 201 million reduction vs

original budget


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Fibria in Summary

HIGHER SHAREHOLDERRETURNS

Larger scale

Global and strong

market

positioning

Low coststructure

Solid financial

performanceSustainability

ROI

above WACC

Innovation Growth


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China

China P&W Capacity Changes 2011-2013(2)China P&W Capacity Changes 2011-2013(2)Chinas Hardwood Imports of BHKP by Country (1)Chinas Hardwood Imports of BHKP by Country (1)

Company / Mill Effective Date '000 t

Shandong Huatai Paper Jan 2011 800

Nine Dragons Jul 2011 450

Zhumadian Baiyun Paper Apr 2011 250

China Metalurgical MeiliPaper Mar 2011 300

Sun Paper Ju 2011 350

Shandong Chenming Aug 2011 800

Shandong Chenming Q3 2011 450

April Q4 2011 450

Others 2011 810

Guangxi Tianyi Paper Mar 2012 130

Hengfeng Paper Sep 2012 125

April Q1 2013 450

Chengton Group 2013 600

Total P&W capacity changes in China 6,200

2011 = 4.7 mt

2012/2013 = 1.5mt

5,0

2,3

1,1 1,0

0,4 0,2 0,0

4,1

1,51,3

0,8 0,2 0,2

0,0

1,0

2,0

3,0

4,0

5,0

6,0

BHKP

Total

Latin

America

Others* Indonesia USA Canada Western

Europe

2010 8M 2011

* includes Russia, China, Thailand and New Zealand

China's Share of Market Pulp (1)China's Share of Market Pulp (1)

9% 11%13%

16%

26%

17%

17%7% 9%

10%12%

22%

16%

17%

10%10%

12%14%

21%

17%

20%

0

2.000

4.000

6.000

8.000

10.000

2005 2006 2007 2008 2009 2010 8M 2011

Eucaplyptus Hardwood Total

(1) PPPC (2) Source: TerraChoice Monthly Report Aug 2011

(Million tons)


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Tissue Market

World Tissue Consumption, 1991-2010(1)World Tissue Consumption, 1991-2010(1)Per Capita Consumption of Tissue by Region, 2010(1)Per Capita Consumption of Tissue by Region, 2010(1)

23,5

15,614,6

11,2

5,64,4

3,6 3,0

0,7 0,5

0

5

10

15

20

25

N.America

W.Europe

Japan

Oceania

L.America

E.Europe

China

N&MEast

AsiaFarEast

Africa

(1) RISI

Huge potential

growth

Huge potential

growth

0

5

10

15

20

25

30

35

1991 1996 2001 2006 2009 2010

N.America W.Europe E.Europe L.America NME

Japan China Asia FE Oceania Africa

Average

Growth Rate

+3.8%a.a.

Average

Growth Rate

+3.8%a.a.

Kg/capita Million tons

Date post:	07-Apr-2018
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Fibria Itau Oct2011 v2

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