Fibria Corporate Presentation

April 2010

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 t b i d t i t ith t to business, fi financial, t d strategy and other f i l trend, t t d th forecasts, t 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, d t a variety of f t f d l ki t t t due to i t f factors, i l di including, b t not li it d t th but t 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 ob ga o o upda e a y o a d oo g s a e e s, obligation to update any forward-looking statements, which speak only for the date on c spea o y o e da e o which they are made.

Agenda
The Company Market Positioning Pulp and Paper Market 4Q09 Financials Recent Events

The Company

VCP and Aracruz Merged to Create Fibria

ShareholderStructure
Votorantim IndustrialS.A.
29.3%

BNDESPar
33.6%(1)

FreeFloat
37.1%

50.0%

50.0%

Veracel CeluloseS.A.

Conpacel

PresentvalueofR$4.5billionofannouncedpostmergersynergies Upto2012,90%ofactionstoextractsynergiesareexpectedtobeinplace Logistics Tax Others Industrial

6%2% 11% 27% 15% 23% 16%

Commercial

SG&A

Forestry

(1)

PositionasofDec30,2009.BNDESParhas21%linkedtoashareholdersagreementwithVIDduringthefirst3years,and10.9%duringthefollowing2years.

Improved Corporate Governance

BoardofDirectors
JosLucianoPenido RaulCalfat WangWeiChang JooMiranda AlexandreDAmbrosio ArmandoMarianteCarvalhoJunior EduardoRathFingerl JosArmandodeFigueiredoCampos AlexandreGonalvesSilva ChairmanoftheBoard IndicatedbyVotorantim IndicatedbyVotorantim IndicatedbyVotorantim y IndicatedbyVotorantim IndicatedbyBNDES IndicatedbyBNDES IndependentMember IndependentMember

BoardAdvisoryCommittees

Auditing

PersonnelandRemuneration Finance Sustainability

ExecutiveBoard
Boardof Directors CEO CarlosA.Aguiar*

Ind.Ops& Engineering

Comm.&Intl Logistics

Paper, Planning, Procurement, andForestry Ops.&Tech

Controllership &Risk Management

Humanand Org. Development

FranciscoValrio

JooFelipeCarsalade p

MarceloCastelli

EvandroCoura

MiguelCaldas g

Eachofficerwithmorethan20yearsexperienceinthesector
*The Companys Board of DirectorshavedecidedthatFIBRIAsCEO,CarlosAugustoLiraAguiar,willaccumulatethepositionofTreasuryandInvestorRelationsOfficeruntilfurtherdecision.

Market Positioning

Creation of a Winning Player

SuperiorAssetCombination

CompetitiveStrengths

PulpMill PaperMill PortTerminal

LeadershipinMarket Pulp P l
ScaleandIntegrated Operations
Belmonte Veracel Caravelas Portocel Aracruz Piracicaba Jacarei Santos

LowProduction Low Production CostDNA

TrsLagoas Conpacel

UniqueForestry Management:
AdvancedForestry Techniquesand ShortHarvestCycle

Strong/Reliable CustomerBase

Pulpproductioncapacity:5.4MT/year Pulp production capacity: 5 4 MT / year Paperproductioncapacity:358kT/year Totalarea:1.0millionha(1)|Eucalyptusplantation:585thousandha(1) 4plantsandoperationof3portterminals,includingtheonlyspecializedwood pulpterminalinBrazil,ownedbyus Highyieldineucalyptusproduction(avg45m3/ha/year)andcertifiedforests Shortharvestcycle:6yearsvs.2570yearsinSouthernU.S.,Canada andScandinavia

ForesttoPort Forest to Port IntegrationTrough EfficientLogistics

ModernIndustrial Plants

DataasofDec30,2009. (1)Doesnotincludepartnershipprogramwhichrepresents128thousandha.

Undisputable Leadership in the Global Market Pulp

DominantPositioninaGrowingMarket
PulpProductionCapacity p p y
2009Einktons

MarketShare(1)
3%

1st

Fi bri a Ara uco APRIL CMPC Sodra Botni a Tembec Suza no

5,400

11%

~Twice Twice thesize

Total Pulp: l 188milliont

TotalMarketPulp: Total Market Pulp: 48.5milliont

Weyerha eus er APP Ca nfor Domta r IP Il i m Georgi a Pa ci fi c ENCE Mercer Wes tFra s er Ceni bra Stora Ens o Ens 0 1.000 2.000 BSKP 3.000 BHKP 4.000 UKP Mech. 6.000

22% 32%

TotalHardwoodPulp: 25milliont

TotalEucalyptusPulp: 17milliont

5.000

Source:PYRY,2007/AsforMarketPulp:PulpandPaperProductsCouncil(PPPC)2009andFibria. (1) MarketShareestimatedconsidering2009nominalcapacity.

Low Production Cost DNA

Unique Expertise Enabling the Lowest Cash Cost in the Market and High Profitability
FibriasMarginvs.MacroeconomicFundamentals(1)
783
CashCost(US$/t)

CashCosts(2)
Wood 456 207 249 454 443 177 266 416 239 177 408 103 305 171 290 119 276 322 151 269 135 135 261 155 106 259 163 96
( ) (3)

AveragePrice BEKP(US$/ton)(1)
641 583

Others

705 565

680

530 254

497 175

303

2,44 2,18

ExchangeRate Average(RS/US$)(1)

1,95 1,84

2,00 2 00 1,74
Iberia HardwoodCashCost(US$/t)vs.Capacity(kT)

37%
EBITDAMargin EBITDA(R$million)

39%

2.196 1.697 30% 28% 880 503

US$/ton 600
500 400 300 200 100 0

34% 1.115

37%

Iberia

1.013

259

2005
(2) (3)

2006

2007

2008

2009

4Q09

2.000

4.000

6.000

8.000

10.000

12.000

(1)Source:Companiesearningsreleases,RISIandBrazilianCentralBank

Capacity(kT)

Source:HawkinsWrightEstimatefor4Q09 Fibria's4Q09figures

10

State-of-the-Art Production Facilities

AdvancedTechnologyandProductionProcessLeadtoLowerUsageofRawMaterials,ReducingCosts
ModernPlants CompetitiveAdvantages p g

Average Plant Capacity

(000 tons) ( 000 2,500

Aracruz
Capacity 2.3 mt Technical age: 9

Streamlinedandefficient operationsduetomodern operations due to modern plants

LARGESTSINGLE LINEPULP PRODUCTION FACILITYINTHE WORLD

Trs Lagoas
2,000 Capacity 1.3 mt Technical age: 0

1,500
Indonesia Indonesi a Uruguay

Jacare
Capacity 1.1 mt Technical age: 5

Environmentalfriendly productionprocess

1,000

Veracel
500
Portugal Canada Russia USA Sweden Japan Brazil Chile South Finland Africa Af i France Spain

Capacity 1.1 mt Technical age: 3

BESTYIELDPER HECTARE OFTHE WORLD

Reducedemissionsand dispositionofresidues

China

40

30

20

10

Efficientuseofchemicals

Technicalageoftheequipment (years)

andAllowingforaUniqueTrackRecordofQualityProducts
11

Unique Brownfield Potential Growth

Fibria has the Best Sites Ready to Almost Duplicate Capacity
HistoricalandPlannedCapacityIncrease p y
Inmillionoftones

1978:Startupofmill"A"atAracruz(BarradoRiacho) unit 1988:AcquisitionofCelpav 1992:AcquisitionofPapelSimo(Jacareunit) 1996:NewpulplineatJacaremill 1991:Startupofmill"B"atBarradoRiachounit 2003:ExpansionofJacaremill 2003:AcquisitionofRiocell(GuaibaUnit) 2005:StartupofVeracel 2002:Startupofmill"C"atBarradoRiachounit 2007:AssetswapLuisAntnioforTrsLagoas 2008:EstablishmentofConpacelconsortium 2009:StartupofTrsLagoasmill 5.4 10.7

Bestsitesforadditionalcapacity
5.3

BarradoRiachoIV

1.5

LosangoI

1.5

TrsLagoasII

1.5

VeracelII

0.8
Brownfield Brownfield Greenfield Brownfield

1979 9

1982

1985 5

1988 8

1991

1994 4

1997 7

2000 0

2003 3

2006 6

2009 9

Expansion

Ara cruz

VCP

Fi bri a

12

Long Term Relationship With Key Clients

Premium Paper Producers Value High Quality Pulp Customized Products
GlobalFootprint p
Suppliescustomizedpulpproductstospecificpapergrades Solesuppliertokeycustomersfocusedoneucalyptuspulptothetissuemarket Top10maincustomersrepresentonaverage65%ofsales

UsesofFibriasPulp 2009
Specialty
24% 43%

Tissue

Europe 31% % NorthAmerica 23% Miami

Sales Destination
(1)

33%

Switzerland Hungary Asia 36% Beijing

P&W

HongKong Hong Kong

Brazil 10%

Offices

NY004GAK_1.wor NY004GAK_1.wor WhichImpliesinLessVolatilityinSalesVolumeThroughoutEconomicCycles

1

Breakdownofsalesdestinationinthelast12monthsendingDecember31,2009.

13

Pulp and Paper Market

14

60 50 40 30 20 10

Jan-05 5
85%

Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08

82%

Source:PPPC

Positive Commodity Cycle and Demand Recovery

Source:PPPC

May-05 5 Sep-05 5 Jan-06 6 May-06 6

Aug-08
86%

94% 93% 92% 91%91% 89%

Sep-06 6
Sep-08
83%

Jan-07 7
79%

Oct-08 Nov-08 Dec-08

77%

90%

May-07 7 Sep-07 7
Feb-09 Mar-09 Apr-09 Jan-09

88%

92%

Jan-08 8 May-08 8
May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09

97%

86%

95%

Sep-08 8 Jan-09 9 May-09 9 Sep-09 9 Jan-10 0 28

Source:PPPC

Worldmarketpulpshipmentstocapacity

Worldpulpproducersaveragedaysofsupply
95% 93% 92% 92% 90% 90% 86%

Jan-10 Feb-10

98%

35 30 25 20 15 Jan-05 5 May-05 5 Sep-05 5 Jan-06 6 May-06 6 Sep-06 6 Jan-07 7 May-07 7 Sep-07 7 Jan-08 8 May-08 8 Sep-08 8 Jan-09 9 May-09 9 Sep-09 9 Jan-10 0
22

93%

Jan-08 Feb-08 Mar-08 Apr-08

88%

98%

Source:Utipulp

95% 93%

May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08

85%

92% 89% 87% 97% 92%

Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09

73% 79% 79% 8% 78% 77% 76%

May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10

WorldP&Wpapershipmentstocapacity

79% 79% 78% 8%

89% 87% 86%

Europeanpulpconsumersdaysofsupply

81% 79%

88%

15

Pulp Supply / Demand Expected to Rebalance in the Medium Term

MarketPulp:worlddemandgrowth China:Eucalyptuspulpshipments(000t)
Average 305 k tons 458 Average 368 198 k 318307323 307 299 tons 256233 247 242 153 98 65 93

37% 17% 9% Average 169 k tons 186181192 146 132134 132134 -4% Total North America Western Europe Latin America Japan China

419

12%

11%

210

307 238

2 months 2010 vs. 2009 vs

BHKPListpulpprice(FOEX)vs BRL/US$
150 140 130 120 110 100 90 80 70 60 Mar/09 9 Oct/09 9 Aug/09 9 Sep/09 9 Nov/09 9 Dec/09 9 May/09 9 Mar/10 0 Jan/09 9 Feb/09 9 Apr/09 9 Jun/09 9 Jul/09 9 Jan/10 0 Feb/10 0

+41%

-23%
Successiveannouncementsoflistpriceincreases(asofApril.10)

BRL/USD

FOEX BHKP List Price

F Feb-08 M Mar-08 Apr-08 M May-08 Jun-08 Jul-08 A Aug-08 S Sep-08 Oct-08 N Nov-08 D Dec-08 Jan-09 F Feb-09 M Mar-09 Apr-09 M May-09 Jun-09 Jul-09 A Aug-09 S Sep-09 Oct-09 N Nov-09 D Dec-09 Jan-10 F Feb-10

Globalmarketrecovery
Demand Paperdemandrecovery; p y; Chinakeepingupthepace. Lowconsumersandproducersinventories Marketdowntimes; Currency pp g AppreciationoflocalcurrenciesagainsttheUS$.

NorthAmerica: North America: US$870/t Europe: US$840/t Asia: US$800/t

16

China's presence in the market pulp sector

China'sHardwoodimportsofBHKPbycountry
Growth in 2009
7.000 10.000 9.000 6.000

China'sshareofmarketpulp(%)
Pulp shipments ('000 t) and market share (%) Total Market Pulp BHKP BEKP 21%

2008

+59%
8.000 7.000 6.000

5.000

4.000

14% 12% 10% 10% 12% 16% 22% 26%

'o t ooo

3.000

'o t ooo +107%

2.000

5.000 4.000 3.000

+2%
1.000

2.000

9% 9% 7% 11%

10% 13%

+51% +12%

+117% +38% +151% +142% +2%

Urug guay Can nada Tail ndia Ot thers USA

1.000 0

0 BHKP T Total Indon nesia Ru ussia B Brazil C Chile

2005

2006

2007

2008

2009

BrazilistheleadingexporterofBHKPtoChina, accountingtoapproximately41%ofChina'stotal importsin2009. imports in 2009

Between2005and2009,Chinesemarketshare ofeucalyptusshipmentsincreasedby 17p.p.(totalmarketpulp:+11p.p.) 17 p p (total market pulp: +11 p p )

Source:HawkinsWright

Source:PPPC W20.Coverageforchemicalmarketpulpis80%ofworldcapacity.

17

P&W Paper Capacity Changes

P&Wpapercapacitywithdrawls20092010(1)
Company MReal InternationalPaper Others Domtar InternationalPaper Others StoraEnzo Sappi Others Domtar InternationalPaper Region/Date Europe/2009 Europe/2009 Europe/2009 p / NorthAmerica/2009 NorthAmerica/2009 NorthAmerica/2009 Europe/2010 Europe/2010 Europe/2010 NorthAmerica/2010 NorthAmerica/2010 000's 000's tonnes 540 250 440 265 200 255 520 220 80 200 340 3,300

China:P&Wpapercapacitychanges20092011(1)
Company/Mill PuyangLongfeng Tralin,Gaotang EffectiveDate Jan2009 Feb2009 Jul2009 Q32009 Oct2009 Oct2009 2010 Q12010 Q22010 1H2010 May2010 Q12011 Q12011 Q12011 late2011 000'stonnes 350 150 200 200 200 200 200 1,200 350 200 400 300 500 1,250 340 6,040

2009=1.9milliont

MCCYinhePaper p GuangxiJindaxingPaper YeuyangPaper FujianNanpingPaper YeuyangPaper APP,HainanIsland

2009=1.3milliont

2010=1.4milliont

SunPaper/IP Lee&Man JiangsuOjiPaper ChinaMetalurgicalMeili Paper ShandongHuataiPaper ShandongChenming GuangxiHuajinGroup

2010=2.3milliont

TotalP&WcapacitywithdrawlsinEuropeand NorthAmerica

2011=2.4milliont

TotalP&WcapacitychangesinChina

(1)

Source:TerraChoiceDec2009

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4Q09 Financials

19

Paper Business
Paper:Salesvolume('000t)
123 110 111

Papermarketrecovery Market

Competition from imports Demand starting to grow again, but apparent consumption is still below 2008 levels

Fibria Performance

4Q08 3Q09 4Q09

Sales volume and revenue mix: focus on specialty papers Seasonality: positive impact on sales volume

Paper:SalesandRevenuemix
Sales Volume
Specialty/Other Coated
21% 21% 23% 40% 43% 42%

Revenues

27%

30%

28%

Uncoated
19% 19% 20%

52%

49%

49%

41%

38%

38%

4Q08

3Q09

4Q09

4Q08

3Q09

4Q09

20

Financial Performance
Pulp:salesvolume('000t)
2008
1.460 1.276 1.032
30% 0% 40% 23% 31%

Pulp:salesmix(000t)
2009

10% 8% 22% 36%

4Q08

3Q09

4Q09

North America

Asia

Brazil

Europe

Netrevenue(R$million) Net revenue (R$ million)

1.698
509

PulpCashCost(R$/t) Pulp Cash Cost (R$/t)

Cash cost w/o stoppages (R$/t)
492
473

1.593

1.402
451 426 433

441

403

4Q08

3Q09

4Q09

4Q08

1Q09

2Q09

3Q09

4Q09

4Q08

3Q09

4Q09

21

Financial Performance
EBITDA(R$million)andEBITDAmargin(%)
546 503 426 34%
1.005

CAPEX(R$million)
1.609 1.247
116

896

377
469

30%

30%

216 129
32

135 2009 Others Manteinence

235 2010E Expansion

4Q08

3Q09

4Q09

4Q09

NetIncome(R$million) Net Income (R$ million)

503

-79 424 -92

+165

+22 -30 30 -193 +53 53 -84

-41

-374 Adjusted Ebitda Non Nonrecurring effects / noncash Ebitda Income tax expense Exchange Variation on Debt Derivatives Other Exchange Variation Interest on loan Income on financial instruments Other financial income Minority Interest Other ( ) (*)

-150 Net income 4Q09

(*) The amount is the sum of the Depreciation, Amortization and Exhaustion.

22

Debt Profile
MaturityScheduleofTotalDebt(R$million)

3.908
824

Local Currency

Foreign Currency

1.924 1.696
3.084 453

1.741 1.076

1.402 1.028
1.370

910
787 811

1.471

1.130 1 130 766 262 272 326

553
508 99 45

130

348

289

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Gross Debt by Index

2% 2% 10% 50%

Gross Debt by type

4% 3% 3% 6% 34%

Gross Debt by currency

40%

60%

12%

36%

15% TJLP Currency basket CDI

Pre Payment Derivatives Families/OPA ACC/ACE

25%
Bonds NCE BNDES Others

Pre Fixed

Libor

Local Currency

Foreign Currency

23

Recent Events

24

Recent Events
Event
Acquisition by VCP of additional 28% of Aracruz common shares q y 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

Date Jan20 Apr14 Jun12 Jul02 Aug24 Aug24 Aug 24 Oct29 Nov12 Nov17 Nov18 Dec22

Source: Fibria

25

Investor Relations Team: Carlos Aguiar C l A i IRO Andr Gonalves IR General Manager Fernanda Naveiro Vaz IR Consultant Anna Laura Linkewitsch IR Specialist p Livia Baptista IR Analyst

26