Bank of America Merrill Lynch Miami GEMs Conference

June 8-10, 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 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 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.

Agenda
The Company Market Positioning Pulp and Paper Market 1Q10 Financials Corporate Restructuring Appendix

The Company

VCP and Aracruz Merged to Create Fibria

Shareholder Structure

Votorantim Industrial S.A.

BNDESPar

Free Float

30.4% (1) 29.3% 40.3%

50.0% 50.0%

Veracel Celulose S.A.

Conpacel

(1)

Position as of Apr 30, 2010. BNDESPar has 21% linked to a shareholders agreement with VID during the first 3 years, and 10.9% during the following 2 years.

Improved Corporate Governance

Board of Directors
Jos Luciano Penido Chairman of the Board

Board Advisory Committees

Auditing
Raul Calfat Wang Wei Chang Indicated by Votorantim Indicated by Votorantim

Personnel and Remuneration

Joo Miranda Alexandre DAmbrosio Indicated by Votorantim Indicated by Votorantim

Finance
Armando Mariante Carvalho Junior Eduardo Rath Fingerl Indicated by BNDES Indicated by BNDES

Sustainability
Jos Armando de Figueiredo Campos Alexandre Gonalves Silva Independent Member Independent Member

Executive Board
Board of Directors

CEO Carlos A. Aguiar *

Ind. Ops & Engineering

Comm. & Intl Logistics

Paper Business, Strate gy and Supply Chain Forestry

Controllership & Risk Management

Human and Org. Development

Francisco Valrio Each officer with more than 20 years experience in the sector

Joo Felipe Carsalade

Marcelo Castelli

Evandro Coura

Joo Steinle

*The Companys Board of Directors have decided that FIBRIAs CEO, Carlos Augusto Lira Aguiar, will accumulate the position of Treasury and Investor Relations Officer until further decision.

Market Positioning

Creation of a Winning Player

Superior Asset Combination

Competitive Strengths

Pulp Mill Paper Mill Port Terminal

Leadership in Market Pulp

Scale and Integrated Operations
Belmonte Veracel Caravelas Portocel Aracruz Piracicaba Jacarei Santos

Low Production Cost DNA

Trs Lagoas Conpacel

Unique Forestry Management:

Advanced Forestry Techniques and Short Harvest Cycle

Strong / Reliable Customer Base

Pulp production capacity: 5.4 MT / year

Paper production capacity: 358 kT / year Total area: 1.0 million ha(1)|Eucalyptus plantation: 585 thousand ha(1) 4 plants and operation of 3 port terminals, including the only specialized wood pulp terminal in Brazil, owned by us m3/ha/year) High yield in eucalyptus production (avg 45 Short harvest cycle: 6 years vs. 25-70 years in Southern U.S., Canada and Scandinavia and certified forests

Forest to Port Integration Trough Efficient Logistics

Modern Industrial Plants

Data as of March 31, 2010. (1)Does not include partnership program which represents 127 thousand ha.

Unique Brownfield Potential Growth

Fibria has the Best Sites Ready to Almost Duplicate Capacity

Historical and Planned Capacity Increase

Aracruz
Capacity 2.3 mt Technical age: 9

Best sites for additional capacity

Average Plant Capacity (000 tons) 2.500

Aracruz IV
2.000

Trs Lagoas
Capacity 1.3 mt Technical age : 0

1.500

Losango I Jacare
Indonesia 1.000 Uruguay
Capacity 1.1 mt Technical age : 5

Trs Lagoas II
Brazil 500 Portugal Canada USA Russia Sweden Japan Chile South Finland France Africa China Spain

Veracel II Veracel
Brownfield Capacity 1.1 mt Technical age : 3 Brownfield Greenfield Brownfield

40 Technical age of equipment (years)

30

20

10

Expansion Capacity 1979 - 2009 CAGR: 3.6%

Undisputable Leadership in the Global Market Pulp

Dominant Position in a Growing Market

Pulp Production Capacity

2009E in ktons

1o 5,400

~ Twice The size

Source: PYRY, 2007 / As for Market Pulp: Pulp and Paper Products Council (PPPC) 2009 and Fibria. (1) Market Share estimated considering 2009 nominal capacity.

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Long Term Relationship With Key Clients

Premium Paper Producers Value High Quality Pulp Customized Products

Global Footprint

Supplies customized pulp products to specific paper grades

Uses of Fibrias Pulp 1Q10

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

Top 10 main customers represent on average 65% of sales

Tissue

Europe 39% Switzerland Hungary Beijing North America 27% Miami Hong Kong
Sales Destination (1)

P&W

Asia 23%

Brazil 11%

Subsidiaries Headquarters Representative offices

NY004GAK_1.wor NY004GAK_1.wor Which Implies in Less Volatility in Sales Volume Throughout Economic Cycles
1

Breakdown of sales destination in 1Q10.

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Pulp and Paper Market

12

10
94%

20
Apr-08
91%

30

40

50

60

Source: PPPC

Apr-05
May-08
91%

Aug-05
89%

Jun-08 Jul-08
82%

Source: PPPC

Dec-05
Aug-08
86%

Apr-06
83%

Sep-08 Oct-08
79%

Aug-06
Nov-08
90%

Dec-06
Dec-08
77%

Apr-07
88%

Jan-09 Feb-09
92%

Aug-07
Mar-09 Apr-09
86%

97%

Dec-07
May-09 Jun-09 Jul-09 Aug-09 Sep-09

95%

Apr-08 Aug-08 Dec-08 Apr-09

Nov-09 Dec-09 Oct-09

92% 93% 95% 90% 92%

World market pulp shipments to capacity

World pulp producers average days of supply

Aug-09 Dec-09
25

90%

86%

Jan-10 Feb-10

98%

Apr-10

91%

Mar-10 Apr-10

95%

15 Apr-05 Aug-05 Dec-05 Apr-06 Aug-06 Dec-06 Apr-07 Aug-07 Dec-07 Apr-08 Aug-08 Dec-08 Apr-09 Aug-09 Dec-09
22

20

25

30

35
Source: PPPC

95%

Apr-08 May-08 Jun-08

88% 92%

89%

Positive Commodity Cycle and Demand Recovery

Source: Utipulp

Jul-08
87%

Aug-08 Sep-08

97%

92%

Oct-08
85%

Nov-08
78%

Dec-08
76%

Jan-09 Feb-09 Mar-09

79% 79%

77%

Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09

73%

79% 79% 78% 89%

87%

Oct-09 Nov-09 Dec-09 Jan-10

81%

World P&W paper shipments to capacity

86%

European pulp consumers days of supply

79%

88%

Apr-10

Feb-10

13

87%

Mar-10

Pulp Supply x Demand Balance Expected to Remain Tight

Market Pulp: world demand growth
Average 305 k tons 419 458 368 318 323 307 307 299 256233 247 Average 194 k tons 242 229 152

China: Eucalyptus pulp shipments (000 t)

25% 14% 12% 3% 14%

Average 169 k tons 186181192 146 132134 307 238

210 98 65 93

153

Total

4 months 2010 vs. 2009

Source: PPPC

BHKP List pulp price (FOEX) vs BRL/US$

Demand Paper demand recovery; China keeping up the pace. Low consumers and producers inventories Market downtimes; Currency Appreciation of local currencies against the US$.

150 140 130 120 110 100 90 80 70

50%

25% Successive announcements of list price increases (as of Jun.10) North America: US$950/t
FOEX BRL/USD

Source: Bloomberg

Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 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
Source: PPPC

North America

Western Europe

Latin America

Japan

-30% China

Global market recovery

Europe: US$920/t Asia: US$850/t

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1Q10 Financials

15

1Q10 Performance

Key figures
1Q10 vs. 1Q10 vs. 4Q09 1Q09

Pulp: sales mix

1Q10 Pulp Production ('000 t)

4Q09

1Q09

1Q09
-6% 1,314 1,395 1,032 27%

4Q09 26% 12% 22% 23%

1Q10 11% 27%

Pulp Sales ('000 t) -9% 1,322 Paper Production ('000 t) -13% 77 Paper Sales ('000 t) -25% 83 Net Revenue (R$ million) -1% 1,675 EBITDA (R$ million)
(2)

8%
14% 1,460 -19% 88 -12% 111 94 94 1,164

38% 29%

32% 34% 39%

17% 1,698 27% 637 EBITDA margin (%) 8 p.p. 38%

(3)

1,429 69% 503 12 p.p. 30% (341) Net Financial Result Net Income (R$ million) -74% 9 35 1,267 -99% (157) (185) 26% 378

North America

Europe

Asia

Brazil

Cash cost (R$/t)

38%
473 451

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

30% 26% -7%

418

637 503 378

1Q09

4Q09

1Q10

1Q09

4Q09

1Q10

16
Source: Fibria

Indebtedness

Debt indicators

Average maturity* (months)

(R$ million) Gross Debt Cash Position Net Debt Net Debt/EBITDA (x) 13.540 2.684 10.856 5.6 14.661 3.968 10.693 6.3 18.687

1Q10

4Q09

1Q09

1Q10 vs 4Q09

1Q10 vs 1Q09

60 49

62

-8% 2.954 -32% 15.773 2% 7.8 -0.7x -2.2x -31% -9%

-28%

1Q09

4Q09

1Q10

* Does not include the debt to former Aracruz shareholders

Debt Amortization Schedule (R$ billion)

Short-term debt:
4.3

Debt by currency and by type

Gross Debt by currency

3.9

Gross Debt by type 4% 2% 3% 7%

from 30% in Sep/09 to 23% in Mar/10

2.8 2.3
(2)

2.1 1.4 1.5 1.4 1.0 1.6 1.8 1.2 1.2

2.1

34% 38% 13% 62% 17% 20%

0.8
(1)

2009

2010

2011

2012

2013

2014

2015

2016 - 2020

Sep 09
(1) 2009: (2) (2) 2010: (1) 2009: 3m |3m |2010: 9m 9m

Mar 10

Local

Foreign

Pre-Payment Bonds Derivatives NCE

Aracruz Acquisition BNDES ACC/ACE Others

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Synergies
Synergy curve NPV (R$ billion)

Synergies

4.5
Status 1Q10: 102% of the projected curve

4.3 4.2
Others Others Supply Supply 2% Chain Chain 21%

3.4

Industrial Industrial

27%

2.3
Taxes Taxes

11% 16% 23%

Forestry Forestry

0.49
SG&A SG&A

0.45 Dec-09 1Q10 Dec-10 2011 2012 2013 2014

Estimated Estimated

Accumulated Accumulated

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Growth
Liability management Net Debt / EBITDA

Growth

...
Expansion projects to benefit from growth in pulp demand

7.8x 6.3x 5.6x

Return to investment grade

3.1x

Further deleveraging of the Company

LTM-Mar 09
LTM: Last Twelve Months LTM: Last Twelve Months

LTM-Dec 09

LTM-Mar 10

Status of expansion projects

Trs Lagoas II 1.5 million ton capacity Required planted area: 145,000 ha Start of industrial and environmental licensing on 2Q10 Purchase and leasing of land started (50% own and 50% leasing) Startup forecast: 2015 / 2016 1.5 million ton capacity Negotiations with partner in progress

Veracel II

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Corporate Restructuring

20

Corporate Restructuring

Event
Acquisition by VCP of additional 28% of Aracruz common shares

Date Jan 20, 2009

VCP Capital Increase

Apr 14, 2009

VCP conversion of prefered into common shares

Jun 12, 2009

Tender Offer for Aracruz common shareholders

Jul 02, 2009

Incorporation proposal for the 0.1347 ratio

Aug 24, 2009

Merger of Aracruz shares into VCP approval

Aug 24, 2009

Shareholderes Agreement - VID and BNDES

Oct 29, 2009

End of withdrawal rights period

Nov 12, 2009

End of Aracruz trading

Nov 17, 2009

Fibria trading start (Bovespa: FIBR3 / NYSE: FBR)

Nov 18, 2009

Approval of the merger of Aracruz into Fibria

Dec 22, 2009

Migration to Novo Mercado listing segment at BM&FBovespa

May 20, 2010

Source: Fibria

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Appendix

22

Benefiting from China's Growth

Chinas Hardwood Imports of BHKP by Country (1)
in ktons

China P&B Production and Consumption (2)

in million tons kg/person/yr

7.000

120
6.000 5.000 4.000

70 Brazil is the leading exporter of BHKP to China, accounting for approximately 41% of China's total imports in 2009 60 100 50 80 40 60
3.000

30 40
2.000

20 20
1.000

10
0

0 BHKP Total Growth in 2009

(1) Source: Hawkins Wright.

0 Others 1999 2008

Consumption
(2) Source: China Paper Association.

2000
Production Per Capita

2001

2002

2003

2004

2005

2006

2007

2008

2009

2009 Fibrias Global Footprint (3)

Destination of Fibrias Pulp Uses of Fibrias Pulp

Per Capita Consumption of Tissue by World Region (4)

30 Kg / capita 25

Brazil
10%

Specialty Asia
24%
36% 23%

20 15

North America Tissue

43%

10
31%

33%

5 0 North West America Europe Japan Oceania LatAm East Europe China Africa

Europe

P&W

(3) Breakdown of sales destination in the last 12 months ending December 31, 2009.

(4) Source: RISI.

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P&W Paper Capacity Changes

P&W Paper Capacity Withdrawals 2009-2010

China: P&W Paper Capacity Changes 2009-2011

Company / Mill Company Puyang Longfeng M Real Tralin, Gaotang International Paper MCC Yinhe Paper
2009 = 1.3 million t

Effective Date Region/Date Jan 2009 Europe/2009 Feb 2009 Europe/2009 Jul 2009 Others Guangxi Jindaxing Paper Domtar Yeuyang Paper International Paper Fujian Nanping Paper Others Yeuyang Paper Stora Enzo APP, Hainan Island Sappi
2010 = 2.3 million t 2010 = 1.4 million t

000's tonnes 000's tonnes 350 540 150 250 200 Europe/2009 Q3 2009 North America/2009 Oct 2009 North America/2009 Oct 2009 North America/2009 2010 Europe/2010 Q1 2010 Europe/2010 Sun Paper/IP Q2 2010 350 220 1,200 520 200 255 200 200 200 265 200 440
2009 = 1.9 million t

Others Lee&Man Domtar Jiangsu Oji Paper International Paper China Metalurgical Meili Paper Total P&W capacity withdrawls in Europe and North America 3,300 Shandong Huatai Paper
2011 = 2.4 million t

Europe/2010 1H 2010 North America/2010 May 2010 North America/2010 Q1 2011 300 340 400 200 200

80

Q1 2011

500

Shandong Chenming Guangxi Huajin Group late 2011 340

Q1 2011

1,250

Source: TerraChoice Dec 2009.

Total P&W capacity changes in China

6,040

Pulp Capacity Changes

Major Market Pulp Related Capacity 2009-2014
Company Mills Effective Date 000's tonnes Company APRIL Eldorado Celulose e Papel Suzano Pope & Talbot Total AV Nackawic October 2008 October 2008 October 2008 Smurfit Stone CC International Paper Elk Falls, BC, Canada Crofton, BC, Canada Riedholz, Switzerland UPM Boise Inc. Terrace Bay, ON, Canada Terrace Bay, ON, Canada Marathon, ON, Canada Botnia M-real CMPC Fraser Papers Source: TerraChoice Dec 2009. Oji Paper SAPPI Total 5,555 Usutu, Swaziland Jan. 31, 2010 190 Kushiro City, Japan late May, 2009 150 Thurso, QC, Canada late May, 2009 255 Laja, Chile March 16, 2009 90 Alizay, France March 2009 310 Kaskinen, Finland March 2009 450 January 12, 2009 February 23, 2009 end Feb. 2009 125 350 200 St. Helens, OR, USA January 2009 275 Tervasaari, Finland December 2008 210 November 30, 2008 Feb./March 2009 December 2008 200 200 120 Bastrop, LA, USA mid Nov. 2008 410 Portage-du-Fort, QC, Canada October 31, 2008 230 100 90 200 Nackawic, NB, Canada August 2008 230 4,100 Rizhao, China Q2 2010 1,300 Stora Enso Kemijarvi, Finland Norrsundet, Sweden Utansj, Sweden Miranda, Spain Mackenzie, BC, Canada Nanaimo, BC, Canada end April 2008 mid Nov. 2008 April/May 2008 January 2009 May 2008 May 7, 2008 250 300 170 150 200 100 Mills Effective Date

Major Market Pulp Mill Permanent & Indefinite Closures/Conversions 2008-2010

000's tonnes

Trs Lagoas, Brazil Rottneros

2012-2013

1,500

Maranhao, Brazil

2013

1,300

Baikal Pulp and Paper

Baikal, Russia

Lee & Man

Samoa, CA, USA

Catalyst Paper

Borregaard

Buchanan Forest

Marathon Pulp

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

26