Corporate Presentation

March, 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
4Q10 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

Free Float

29.34%

30.42%(1)

40.24%(2)

50.0%

51.0%

Veracel

Portocel

(1) (2)

Position as of February 28, 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. Free Float 40.17% + Treasury 0.07%

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: 5.2 million t/year Paper production capacity: 163 thousand t/year Total area: 0.9 million ha (1) / Eucalyptus plantation: 585 thousand ha (1) 4 pulp plants, 1 paper plant 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
) Data

as of December, 2010. It does not include Conpacel and partnership program which represents 115 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 68%
Other Eucalyptus Pulp producers: 11 million t

5,200

~ Twice the size

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

32%

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)
459
3% 11% 212 304 191 122 144 239 124

Average Cash Cost of BHKP (2) (US$/t)

448 454 444 424 Wood 405 381 298 279 Others

262

253

132 322 236 155 263 185 261 257 166

134

152

142

145

110

111

Total Pulp: 188 million t

Total Market Pulp: 48.5 million t

21% 31%

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) (2)

Market Share estimated considering 2009 nominal capacity Source: Hawkins Wright Estimate Dec 2010 (3) Fibria 4Q10 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 2010

17%
Tissue

28%

55%

Europe 39%

Switzerland Hungary Asia 22% Beijing

North America 28% Miami Sales Destination(1)

Hong Kong

Brazil 11%

Headquarters

Subsidiaries

Representative offices

NY004GAK_1.wor NY004GAK_1.wor
(1)

Sales destination as of 2010.

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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) Trs Lagoas II 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 Veracel II

Average Plant Capacity (000 t)

2.500

Trs Lagoas
2.000
Capacity: 1.300 Technical age : 0

1.500

Capacity: 1.5 million t Negotiations with partner in progress

Indonesia

Jacare
Uruguay
Capacity: 1.100 Technical age : 5

1.000

1,500 1,500 1,500

Aracruz IV Losango Veracel II Trs Lagoas II

10,650

Brazil 500 Portugal Canada Sweden Japan

Chile
Finland France Spain South Africa China

5,400

750

(1)

Russia

USA

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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4Q10 Financials

13

4Q10 Performance
Key Indicators
4Q10 Pulp Production (000 t) Pulp Sales (000 t) Paper Production (000 t) Paper Sales (000 t) 1,375 1,291 77 101 3Q10 1,334 1,195 79 105 4Q09 1,395 1,460 88 111 4Q10 vs 3Q10 3% 8% -2% -3% 4Q10 vs 4Q09 -1% -12% -12%

Pulp Sales Mix

4Q10 11% 22% 37% 20%

3Q10 12% 41% 32%

4Q09 12% 34%

-9%

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

1,769 665 38% 44 162

1,797 717 40% 249 303

1,698 503 30% (157) 35

-2% -7% -2 p.p. -82% -46%

4% 32% 8 p.p. 369%

30% Europe

27%

22%

North America

Asia

Brazil/Others

Cash Cost (R$/t)

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

40% 38%

499 465 449 418 435 430

30%

717 665 503

2010 R$452/t
(+1.8% vs 2009)

1Q10 Cash Cost

2Q10

3Q10

4Q10

4Q09

3Q10

4Q10

Cash Cost w/o downtimes

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Debt
Debt Indicators (does not include proceeds from Conpacel sale)
Short Term Debt (%)
28% Gross Debt Cash(1) Net Debt
12,060 2,208 9,852 12,339 2,184 10,155 14,985 3,968 11,017 -2% 1% -3% -20% -44% -11%

(R$ million)

4Q10

3Q10

4Q09

4Q10 vs 3Q10

4Q10 vs 4Q09

Net Debt / EBITDA(2) (x)

6.5

19%

17%

3.9

3.6

4Q09
(1) Includes

3Q10

4Q10

4Q09

3Q10
(2) LTM

4Q10
EBITDA

derivatives at fair value

Debt Amortization Schedule (R$ billion)

6.5
Out of R$2.1 billion maturing in 2011, R$0.8 billion was paid in Jan/11 (former Aracruz shareholders)

Debt by currency and instrument (%)

Gross debt by currency Gross debt by type
28% 3.7 26% 12% 4% 4% 37%
Former Aracruz shareholders Bonds Pre-payment Others

4.1

15%

1.9

2.1 1.0 0.6 1.4 0.8

1.7 1.0

1.11.1

74%

2010

2011

2012

2013

2014

2015

2016-2020

Local

Foreign

BNDES NCE

Amortization schedule in Dec/2009 Amortization schedule in Dec/2010

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Synergies
Net Present Value of Synergies (R$ billion)
Other 2% Supply chain 21% Industrial 27%

2010 Status: 117% of the projected curve

Taxes 11%

SG&A 16%

Forest 23%

4.2 3.4 2.7 2.3

4.3

4.5

0.5

2009

2010

2011 Estimated

2012 Actual

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

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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: [email protected] Tel.: +55 (11) 2138-4565

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