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    Fibria Celulose S.A. announces the approval of its new Liability and Liquidity Management Policy by its Board of Directors to reinforce its commitment to regaining investment grade ratings. The policy establishes a target net debt to EBITDA ratio range of 2.0x to 2.5x, not to exceed 3.5x, and maintaining sufficient liquidity to meet operational needs and short term obligations. The full policy is available on the company's investor relations website.

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    050911 CM Polticadeendividamento Eng

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    Fibria Celulose S.A. announces the approval of its new Liability and Liquidity Management Policy by its Board of Directors to reinforce its commitment to regaining investment grade ratings. The policy establishes a target net debt to EBITDA ratio range of 2.0x to 2.5x, not to exceed 3.5x, and maintaining sufficient liquidity to meet operational needs and short term obligations. The full policy is available on the company's investor relations website.

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    CM Polticadeendividamento Eng

    Uploaded by

    FibriaRI
    Fibria Celulose S.A. announces the approval of its new Liability and Liquidity Management Policy by its Board of Directors to reinforce its commitment to regaining investment grade ratings. The policy establishes a target net debt to EBITDA ratio range of 2.0x to 2.5x, not to exceed 3.5x, and maintaining sufficient liquidity to meet operational needs and short term obligations. The full policy is available on the company's investor relations website.

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    FIBRIA CELULOSE S.A. Publicly-Held Company CNPJ/MF n. 60.643.228/0001-21 NIRE 35.300.022.

    807

    NOTICE TO THE MARKET

    FIBRIA CELULOSE S.A. (Fibria or Company) (BM&FBOVESPA: FIBR3; NYSE: FBR) announces the approval of its Liability and Liquidity Management Policy by its Board of Directors. The approval of this Policy reinforces Fibrias commitment to regaining investment grade and permanently maintaining this rating, allowing the Company to diversify its investor base and expand its access to competitive sources of funding. The Company establishes as a formal goal a range of 2.0x to 2.5x for the net debt over EBITDA ratio, not to exceed 3.5x even at the peak of its expansion cycles. The Company also establishes the formal goal of maintaining the necessary liquidity to meet its operational cash conversion cycle and short term financial obligations. In addition, the Company may seek to strengthen its cash position, counting on revolving credit facility, to meet the minimum cash requirements established by the ratings agencies. The Liability and Liquidity Management Policy is available on the Companys Investor Relations website at www.fibria.com.br/ri.

    So Paulo, May 09, 2011.

    FIBRIA CELULOSE S.A. Joo Adalberto Elek Junior Investor Relations Officer

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