Corporate Presentation

January, 2011

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

Agenda

1
The Company

2
Market Positioning

3
3Q10 Financials

4
Fibria's 1st Year

5
Corporate Restructuring

The Company

VCP and Aracruz merged to create Fibria

Shareholder Structure

Votorantim Industrial S.A.

BNDESPar

Treasury

Free Float

29.34%

30.42%1

0.07%

40.17%

50.0%

50.0%

Veracel

Conpacel

Position as of December 31, 2010. 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.

Improved Corporate Governance

Improved Corporate Governance
Migration to BMF & Bovespa's Novo Mercado listing segment Best IR program in the sector in Latin America by Institutional Investor Magazine 2010. Fiscal Council
100% Independent

Board and Committees

Listed in the most important sustainability indexes: DJSI / ISE

Shareholders Committee

Board of Directors

9 Members: 20% Independent Chairman: Jos Luciano Penido CEO: Carlos Aguiar

Board Advisory Committees Policies approved by the Board: - Corporate Governance - Information Disclosure - Stocks Trading Adoption of international accounting practices (IFRS)
Audit and Risks Personnel and Remuneration Finance Sustainability

Executive Officers

Market Positioning

A Winning Player
Superior Asset Combination Competitive Strengths

Pulp Mill Paper Mill Port Terminal

Leadership in Market Pulp Scale and Integrated Operations

Modern Industrial Plants

Belmonte Veracel Caravelas Portocel Trs Lagoas Conpacel Piracicaba Jacare Santos Aracruz

Low Production Cost DNA

Forest to Port Integration Through Efficient Logistics Unique Forestry Management: Advanced Forestry Techniques and Short Harvest Cycle

Strong / Reliable Customer Base

Pulp production capacity: 5.4 million t/year Paper production capacity: 358 thousand t/year Total area: 1.0 million ha (1) / Eucalyptus plantation: 585 thousand ha (1) 4 pulp plants, 2 paper plants and operation of 3 port terminals High yield in eucalyptus production (avg 45 m3/ha/year) and certified forests Short harvest cycle: 6 years vs. 25-70 years in Scandinavia
1 Data

as of September 30, 2010. Does not include partnership program which represents 124 thousand ha.

Leadership in the Global Market Pulp Sector

Industry Outlook (1)
2009 ('000 t)

Pulp Production Capacity (2)

Paper & Board 394 million t 1st

52% Recycled Fiber 206 million t 48% Pulp 188 million t Fibria Arauco APRIL CMPC 19% Mechanical 35 million t 81% Chemical 153 million t Sodra Botnia Tembec Suzano Weyerhaeuser 67% Integrated Mills 103 million t 48% Softwood/Other 24 million t 33% Market Pulp 50 million t 52% Hardwood 26 million t APP Canfor Domtar IP Ilim Georgia Pacific ENCE 38% Acacia/Other 10 million t 62% Eucalyptus 16 million t Mercer West Fraser Cenibra Stora Enso 66%
Other Eucalyptus Pulp producers: 11 million t

5,400

~ Twice the size

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

34%

1.000

2.000

3.000

4.000

5.000

6.000

(1) Market Share estimated considering 2010 estimated demand. (2) PYRY

Relevant Market Share and Low Operations Cost DNA

Fibria's Market Share (1)
475
3% 11% 225 320 199 152 113 238 161

Average Cash Cost of BHKP (2)

468 437 436 423 416

Wood
393 296 266
118 133

Others

255
151

2493
147

243 155

238

284

310 178 232 178 133

104

102

Total Pulp: 188 million t

Total Market Pulp: 48.5 million t

Iberia

22% 32%

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

800 700 Cash cost (US$/t) 600 500 400 300 200 100 0 5000 10000 15000 Capacity ('000s t) 20000 25000 30000 Bleached hardwood kraft

10 million t

Total Hardwood Pulp: 25 million t

Total Eucalyptus Pulp: 17 million t

1 Market Share estimated considering 2009 nominal capacity 2 Source: Hawkins Wright Estimate 2Q10 3 Fibria 3Q10 Cash cost without downtimes

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Long Term Relationship With Key Clients

Global Footprint
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, 65% of sales Over 20 years of relationship with many of the main clients Global contracts
P&W Specialty

Uses of Fibrias Pulp 3Q10

18%
Tissue

25%

57%

Europe 41%

Switzerland Hungary Asia 20% Beijing

North America 27% Miami Sales Destination1

Hong Kong

Brazil 12%

Headquarters

Subsidiaries

Representative offices

NY004GAK_1.wor NY004GAK_1.wor
1

Sales destination as of 3Q10.

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Unique Brownfield Potential Growth

Modern Plants

Planned Capacity Increase

Aracruz
Capacity: 2.300 Technical age: 9

Best sites for additional capacity

(million t)

Average Plant Capacity (000 t)

2.500

Trs Lagoas II Trs Lagoas Capacity: 1.5 million t Forest base need: 150 thousand ha - TLS I surplus: 30 thousand ha Social-environmental licensing process initiated Startup expected for 2014

2.000

Capacity: 1.300 Technical age : 0

Veracel II Capacity: 1.5 million t Negotiations with partner in progress

1.500

Indonesia 1.000 Uruguay

Jacare
Capacity: 1.100 Technical age : 5

1,500
(1)

10,650

1,500
Aracruz IV Losango

Brazil 500 Portugal Canada Sweden Japan

750 Chile 5,400

South Africa China

1,500
Trs Lagoas II Veracel II

Russia

USA

Finland France Spain

40

30

20

10

Veracel (1)
Capacity: 550 Technical age : 3

Technical age of equipment (years)

Fibria 2010 Brownfield

Brownfield

Greenfield

Brownfield Fibria 2025

Fibria's Pulp Capacity 1979 - 2009 CAGR: 3.6%

(1)

Expansion

Fibrias 50% stake at Veracel Source: Fibria

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3Q10 Financials

13

3Q10 Performance
Key figures
3Q10 Pulp Production (000 t) Pulp Sales (000 t) Paper Production (000 t) Paper Sales (000 t) 1,334 1,195 79 105 2Q10 1,208 1,253 79 87 3Q09 1,428 1,276 93 110 3Q10 vs 2Q10 10% -5% 20% 3Q10 vs 3Q09 -7% -6% -15% -5%

Pulp sales mix

3Q09 11% 30% 24% 37% 2Q10 11% 38% 20% 3Q10 12% 41%

Net Revenue (R$ million) Adjusted EBITDA (R$ million) EBITDA Margin (%) Financ. Income (R$ million) Net Income (R$ million)

1,797 717 40% 249 303

1,809 730 40% (315) 130

1,402 426 30% 568 368

-1% -2% 133%

28% 68% 10 p.p. -56% -18%

22%

27% North America Asia

27%

Europe

Brazil/Others

Cash cost (R$/t)

499 465 449 418 435

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

40% 30% 730 717 40%

426

1Q10
Source: Fibria

2Q10

2Q10 w/ downtimes

3Q09 3Q10 3Q10 w/ downtimes

2Q10

3Q10

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Debt
Debt indicators
Average maturity(2) (months)
75

(R$ million)

3Q10

2Q10

3Q09

3Q10 vs 2QT10 -7% -8% -7%

3Q10 vs 3Q09 -20%

Net Debt / EBITDA(3) (x)

7,2

Gross Debt Cash(1) Net Debt

12,296 2,184 10,112

13,209 2,364 10,846

15,406 2,594 12,812

70 52

-16% -21% 3Q09 2Q10 3Q10 Sep 09

4,7 3,9

Jun 10
(3) LTM

Sep 10

(1) Includes

derivatives at fair value (R$60 million)

(2) Does

not include debt with former Aracruz shareholders

EBITDA

Debt amortization schedule (R$ billion)

6.4

Debt by currency and type

Gross debt by currency Gross debt by type

Short-term debt: 4.3 from 30% in Sept/09 to 19% in Sept10

5%
2.8 2.0 1.4 0.8 0.4 0.6 1.5 0.8 1.6 1.0 1.1 1.1 2.2

6% 36%

26%

14%

11% 74% 28%

2009

2010

2011

2012

2013
4

2014

2015

2016-2020

Sep 09
(4)Amortization

Sep 10

Local

Foreign

Pre-payment Former Aracruz shareholders NCE

Bonds BNDES Others

schedule in Sept/2009 (5)Amortization schedule in Sept/2010

15

Synergies
Net Present Value of Synergies (R$ billion)

Other Supply chain

2% 21% 27% Industrial

Taxes

11% 16%
SG&A

23%
Forest

9M10 status: 117% of the projected curve for 2010

4.2 3.4 2.4 2.0 0.5 0.5

Dec/09 9M10 Dec/10 2011
Estimated Actual

4.3

4.5

2.3

2012

2013

2014

16

Fibria 1st Year

17

Fibria's 1st Year

Operating Excellence

Financial Turnaround

- Achievement of Trs Lagoas Unit

learning curve

- EBITDA margin increased to 40% - One of the lowest cash costs in the industry:
US$249/t

- Synergies: R$2.4 billion (NPV) captured - Personnel, system and process integration

Liquidity event: Guaba Unit sale Access to capital markets Early settlement of derivatives debt Reduce leverage Extended debt maturities

Corporate Governance

Expansion

Migration to Novo Mercado segment Corporate Governance, Information Disclosure and Securities Trading policies approved by the Board Adoption of international accounting practices (IFRS) Included in the DJSI and ISI sustainability indexes Best IR program in the sector in Latin America by Institutional Investor Magazine 2010

Trs Lagoas II: start up slated for 2014 Veracel II: Negotiations with partner in progress

18

Corporate Restucturing

19

Corporate Restructuring

Event Acquisition by VCP of additional 28% of Aracruz common shares VCP Capital Increase VCP conversion of prefered into common shares Tender Offer for Aracruz common shareholders Incorporation proposal for the 0.1347 ratio Merger of Aracruz shares into VCP approval Shareholderes Agreement - VID and BNDES End of withdrawal rights period End of Aracruz trading Fibria trading start (Bovespa: FIBR3 / NYSE: FBR) Approval of the merger of Aracruz into Fibria Migration to Novo Mercado listing segment at BM&FBovespa

Date Jan 20, 2009 Apr 14, 2009 Jun 12, 2009 Jul 02, 2009 Aug 24, 2009 Aug 24, 2009 Oct 29, 2009 Nov 12, 2009 Nov 17, 2009 Nov 18, 2009 Dec 22, 2009 May 20, 2010

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

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