3Q11 Earnings Conference Call

October 26, 2011

Legal Notice

The information contained in this presentation may include statements which constitute forward-looking statements, as defined by 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 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 are valid only for the date on which they are made.

Agenda

3Q11 Performance

Market Context Evolution

5 6

Debt

3Q11 Performance
3Q11 Results
3Q11
Pulp Production (000t) Pulp Sales (000t) 1,296 1,244

Sales Mix
3Q10
1,293 1,160 3Q11 vs 2Q11 2% 1% 3Q11 vs 3Q10 0% 7%

2Q11
1,271 1,230

3Q10 12% 20% 27% 41%

2Q11

3Q11 10% 46% 20% 41%

11%
14%

Net Revenue (R$ million)

Pro Forma EBITDA1 (R$ million) EBITDA Margin (%) Financial Results (R$ million) Net Income (Loss) (R$ million)

1,449
476 33% (2,015) (1,114)

1,459
490 34% 277 215

1,581
648 41% 248 303

-1%
-3% -1 p.p. -

-8%
-27% -8 p.p. -

29%

29%

Europe Asia

North America Others

Cash Cost (R$/t)

w/o downtime with downtime 513 481 459 435 458 446 3Q11 vs 3Q10 (w/o downtime): +2.5% Inflation: +7.3%

Pro Forma EBITDA1 (R$ million) and EBITDA Margin (%)

41% 34% 648 490 476 33%

3Q10

2Q11

3Q11
1

3Q10

2Q11

3Q11

Excludes Conpacel and KSR results in 3Q10

Market Context Evolution

Exchange Rate (R$/US$)

2,00

Sep/2011: Macroeconomic Worsening 3Q11 Dollar Appreciation : 19% FOEX BHKP Europe: US$789/t

1,90

3Q11 FX (R$/US$): Average: R$ 1.6360

1.8544

1,80

May/2011: Indebtedness and Liquidity Management Policy Approval1 FX (R$/US$): R$1.6111 FOEX BHKP Europe: US$876/t

Closing: R$1.8544

Sep Average FX: R$1.7399

1,70

1,60

Jul-Aug Average FX: R$1.5809

1,50

1.5345

1,40

Indebtedness and Liquidity Management Policy: 2.0 and 2.5x Net Debt/EBITDA target, leverage cap: 3.5x during growth cycle. Policy available on: www.fibria.com.br/ir

Debt
Key Indicators
3Q11 vs 2Q11 3Q11 vs 3Q10

Net Debt / EBITDA2 (x)

(R$ million)

3Q11

2Q11

3Q10

Gross Debt Cash1 Net Debt

11,314 1,772 9,542

10,448 2,496 7,952

12,296 2,184 10,112

8% -29% 20%

-8% -19% -6%

5.6 4.7 3.9 3.6 2.9 3.2 4.2

1Q10
1Includes

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

the hedge fair value

2 Last

twelve month Adjusted EBITDA

Debt Amortization Schedule (R$ million)

Debt by Currency and Instrument (%)

Debt by Currency Debt by Instrument 4% 15% 9% 47%

Short term debt: 9% Cash: 1.7x short term debt 7,147 8%

25% 92% 318 4Q11 1,000 599 2013 926 689 2015 635 2016 2017-2021 Local currency Foreign currency Bond BNDES Others Pre payment NCE

2012

2014

Investor Relations: Website: www.fibria.com.br/ir Email: ir@fibria.com.br Phone: +55 11 2138-4565