Morgan Stanley 13th Annual Latin America Conference

September 13-15, 2010 London 1

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 forwardlooking statements, which speak only for the date on which they are made.

Agenda

The Company Market Positioning Pulp and Paper Market 2Q10 Financials Synergies Corporate Restructuring

4 8 15 22 26 28

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%

NYSE "FBR" 42% BOVESPA "FIBR3" 58%

50.0%

50.0% Average Trading Volume (2Q10): US$68 million / day

Veracel

Conpacel

Position as of August 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

Migration to BMF&Bovespa's Novo Mercado Listing Segment:

- 100% tag along rights - Independent members in the Board - One class of share: 1 share = 1 vote

Policies approved by the Board of Directors:

- Corporate Governance - Information Disclosure - Stocks Trading

Accessibility to Management by Financial Communities

Listed in the Most Important Sustainability Indexes: DJSI / ISE

Adoption of International Accounting Practices

Investor Relations Awards:

- Top 5 in Financial Disclosure (Latam) - Top 5 in Best Corporate Sustainability

Improved Corporate Governance

Board and Committees

Shareholder Meeting

9 Members: 20% Independent

Fiscal Council

Board of Directors

Chairman: Jos Luciano Penido CEO: Carlos Aguiar

Board Advisory Committees

Audit and Risks

Executive Officers

Personnel and Remuneration Finance Sustainability

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

Low Production Cost DNA

Belmonte Veracel Caravelas Portocel Trs Lagoas Conpacel Piracicaba Jacare Santos Aracruz

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 ha1|Eucalyptus plantation: 585 thousand ha1 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

Forest to Port Integration Trough Efficient Logistics

Modern Industrial Plants

1 Data

as of June 30, 2010. Does not include partnership program which represents 125 thousand ha.

Unique Brownfield Potential Growth

Modern Plants

Planned Capacity Increase

Aracruz Capacity: 2.300 Technical age: 9

Best sites for additional capacity ('000 t)

5.300

Average Plant Capacity (000 t)

2.500

Aracruz IV

1.500
2.000
Trs Lagoas Capacity: 1.300 Technical age : 0

Losango I

1.500

1.500
Indonesia 1.000 Uruguay
Jacare Capacity: 1.100 Technical age : 5

Trs Lagoas II

Brazil 500 Portugal Canada Sweden Japan

1.500 Chile

Veracel II(1)
South Africa China

Russia

USA

Finland France Spain

750
Veracel (1) Capacity: 550 Technical age : 3

40

30

20

10

Brownfield

Brownfield

Greenfield

Brownfield

Technical age of equipment (years)

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

(1)

Expansion

Fibrias 50% stake at Veracel Source: Fibria

10

Fibria has the best sites ready to duplicate capacity

Capacity expansion ('000 t) Status of expansion projects

Trs Lagoas II
1,500 1,500 1,500 750 5,400
Veracel II Trs Lagoas II Losango Aracruz IV

10,650

Capacity: 1.5 million tons Forest base:

-TLS I surplus: 30,000 ha

Need: 150,000 ha

- Leasing: 45,000 ha in 2010

Social-environmental licensing process initiated Feasibility study to start in 2011 Startup slated for 2014
Fibria 2010 Brownfield Brownfield Greenfield Brownfield Fibria 2025

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

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Leadership in the Global Market Pulp Sector

Pulp Production Capacity

2009 ('000 t)

Market Share1

1st

Fibria Arauco APRIL CMPC Sodra Botnia Tembec Suzano Weyerhaeuser APP Canfor Domtar IP Ilim Georgia Pacific ENCE Mercer West Fraser Cenibra Stora Enso 0 1.000 2.000 3.000 4.000 5.000

5,400

3% 11%

~ Twice the size

Total Pulp: 188 million t

Total Market Pulp: 48.5 million t

22% Bleached Hardwood Kraft Pulp (BHKP) Bleached Softwood Kraft Pulp (BSKP) Unbleached Kraft Pulp (UKP) Mechanical 32%

6.000

Total Hardwood Pulp: 25 million t

Total Eucalyptus Pulp: 17 million t

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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Low Production Cash Cost DNA

Cash Cost1 US$/t

475

468 437
225

436
152

Hardwood Cash Cost (US$/t) vs Capacity ('000 t) 423

113 238 161

416

393 296 266

118 133

US$/ton 600 255

151

320

199

2502
155

500 400 300

Iberia

243 155

238

284

310 178 232 178 133

250
104 95

200 100 0

Iberia

2.000

4.000

6.000

8.000

10.000

12.000

Wood

Others

Capacity ('000 t)

1 2

Source: Hawkins Wright Estimate 2Q10 Fibria 2Q10 Cash cost without downtimes

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Long Term Relationship With Key Clients

Global Footprint
Supplies customized pulp products to specific paper grades Sole supplier to key customers focused on eucalyptus pulp to the tissue market Top 10 main customers represent on average 65% of sales
Specialty

Uses of Fibrias Pulp 2Q10

21%
Tissue

26%
Europe 38% Switzerland North America 27% Miami Sales Destination1 Hungary Asia 24% Beijing P&W

53%

Hong Kong

Brazil 11%

Headquarters

Subsidiaries

Representative offices

NY004GAK_1.wor NY004GAK_1.wor

Sales destination as of 2Q10.

14

Pulp and Paper Market

15

Shipments to Capacity Ratios and Inventories

World market pulp shipments to capacity

World P&W paper shipments to capacity

95% 90% 88% 88% 86% 82% 82% 78% 79% 92% 90% 93% 92% 90%91% 89%89%89%

96% 94% 92%

93% 92% 90%

95% 91% 87% 89% 88%88% 85% 79% 79%80%80% 78% 76% 82%83% 81% 89% 88% 88% 86% 85%

86%

85%

85%

84% 82%

Jul-08 -08

Oct-08 -08

Apr-09 -09

Jul-09 -09

Oct-09 -09

Apr-10 -10

Aug-08 -08

Sep-08 -08

Nov-08 -08

Dec-08 -08

Jan-09 -09

Feb-09 -09

Mar-09 -09

Jun-09 -09

Aug-09 -09

Sep-09 -09

Nov-09 -09

Dec-09 -09

Jan-10 -10

Feb-10 -10

Mar-10 -10

May-09 09

May-10 10

Jun-10 -10

Jul-10 -10

Jul-08 08

Oct-08 08

Apr-09 09

Jul-09 09

Oct-09 09

Apr-10 10

Aug-08 08

Sep-08 08

Nov-08 08

Dec-08 08

Jan-09 09

Feb-09 09

Mar-09 09

Jun-09 09

Aug-09 09

Sep-09 09

Nov-09 09

Dec-09 09

Jan-10 10

Feb-10 10

Mar-10 10

May-09 09

Source: PPPC Global 100 Chemical Market Pulp

Source: PPPC Global 100 P&W

World pulp producers' average days of supply

50 35

World pulp consumers' days of supply

days

40

30

30

29

days

25

20

20

10 Nov-05 Jun-06 Jan-07 Aug-07 Dec-09 Apr-05 Oct-08 Jul-10 Mar-08 May-09

15 Nov-05 Jun-06 Jan-07 Aug-07 Dec-09 Apr-05 Oct-08 Mar-08 May-09 Jul-10

May-10 10

20

Jun-10 10

Source: PPPC Global 100 Total Chemical Pulp Producers' stock

Source: PPPC Global 100 Total Chemical Pulp Consumers' stock

16

Jul-10 10

Industry Outlook
Market pulp: world demand growth (%) China: Eucalyptus pulp shipments ('000 t)
518 412
Average 240 ktons

18% 15% 9% 10%

495

Average 347 ktons

356 268 296

264

355 350363 331 340 293 280 266

Average 233 ktons

276 267

0%

196 204 161 151 128

210

251 235 203 191

Jul-08 Jul

Aug Aug-08

Sep-08 Sep

Nov-08 Nov

Dec-08 Dec

Apr-09 Apr

Jul-09 Jul

Aug-09 Aug

Sep-09 Sep

Oct-09 Oct

Nov-09 Nov

Dec-09 Dec

Apr-10 Apr

Jun-08 Jun

Out-08 Out

Jan-09 Jan

Feb-09 Feb

Mar-09 Mar

Jun-09 Jun

Jan-10 Jan

Feb Feb-10

Mar-10 Mar

May-08 May

May May-09

Total

North America

Europe

Latin America

Japan

7M2010 x 7M2009
Source: PPPC Global 100 World Chemical Market Pulp Source: PPPC Global 100

European List Price (BHKP) x Commodity Index (CRB)

1.000 900 800 700 600 350 500 400 250 May-08 Sep-08 May-09 Sep-09 May-10 Nov-08 Nov-09 Aug-10 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Mar-08 Mar-09 Mar-10 Jul-10 300
European List Price (US$/t) BHKP

Announced list pulp price

Commodity Price Index (CRB)

US$920/t US$840/t

List price (as of September/2010):

North America: US$900/t Europe: US$870/t Asia: US$800/t

CRB

BHKP List Price

Source: Fibria

May-10 May

Jun-10 Jun

Source: CRB (Commodity Research Bureau) Bloomberg | BHKP: FOEX

17

Jul-10 Jul

-27% China

Pulp Supply x Demand Balance Expected to Remain Tight

Expected Supply x Demand Balance1 Market Pulp BHKP (million t)
30.1 1.4 0.2 USA 1.6 Europe
5% p.a. 2% p.a.

0.3 Others
2% p.a.

28.3

1.3 0.6
Rizhao (3Q10/2011) Fibria TLS (2010)

0.3

-0.1
Others2

28.0

24.8 Asia
4.5% p.a.

JBS Eldorado (4Q12)

+3.5 MT Demand
2009 BHKP Demand Demand
2009 BHKP

+2.1 MT Supply
Others
2012 BHKP 2012 BHKP 2012 BHKP 2009 BHKP Demand Supply Demand Demand

Asia

Europe

USA

Asia

Europe

USA

Others

2009 BHKP 2012 BHKP Supply Demand

OR3: 94%

OR3: 89%
1

Source: PPPC / Fibria changes 3 OR: Operating rate

2 Capacity

18

P&W Capacity Changes

P&W paper capacity withdrawals 2009-20101 China: P&W paper capacity changes 2009-20131
Company / Mill Company M Real International Paper Others International Paper Others Stora Enso Sappi Others Domtar International Paper Others Region/Date Europe/2009 Europe/2009 Europe/2009 North America/2009 North America/2009 Europe/2010 Europe/2010 Europe/2010 North America/2010 North America/2010 North America/2010 '000 t 320 250 455 2009 = 1.5 million t 200 230 Fujian Nanping 210 Sun Paper/IP 220 80 415 340 280 3,000 2010 = 1.5 million t Guangxi Yongkai Sugar APP, Hainan Island Lee&Man Jiangsu Oji Paper Shandong Huatai Guangxi Jindaxing Guangxi Yongkai Sugar China Metalurgical Meili Paper Shandong Huatai Paper Shandong Chenming Guangxi Huajin Group Sun Paper Nine Dragons April
1

Effective Date Jan 2009 Feb 2009 Jul 2009 Oct 2009 Oct 2009 2010 March 2010 March 2010 April 2010 May 2010 1H 2010 Q32010 late 2010 December 2010 2011 Q1 2011 Q1 2011 Q1 2011 late 2011 Q1 2011 late 2011 early 2012 early 2013

'000 t 350 150 200 200 200 200 100 350 200 1,200 2010 = 3.1 million t 200 400 150 200 200 300 500 1,250 340 300 450 450 450 8,400 2012-13 = 0.9 million t 2011 = 3.3 million t 2009 = 1.1 million t

Puyang Longfeng Tralin, Gaotang MCC Yinhe Paper Yeuyang Paper Fujian Nanping Paper Yeuyang Paper

Total P&W capacity withdrawals in Europe and North America

Source: TerraChoice July 2010

April Total P&W capacity changes in China

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Chinas Presence in the Market Pulp Sector

China's Hardwood imports of BHKP by country1 China's share of market pulp (%)2

Pulp Shipments (000) and Market Share (%)

7.000 6.000 5.000
000 t 000 t

10.000
+59%

2008

2009 Growth 8.000

Eucaplyptus

Hardwood

Total

21%

4.000 3.000 2.000

+2% +107%

6.000
12% 10%

14% 22% 26% 12%

4.000

10% 16%

1.000 0 Indonesia

+51% +12%

2.000
+117% +38% +151% +142% +2% 9% 7% 11%

9%

10% 13%

Russia

Chile

BHKP Total

Thailand

Uruguay

Canada

Others

Brazil

USA

0 2005 2006 2007 2008 2009

Brazil is the leading exporter of BHKP to China, accounting to approximately 41% of China's total imports in 2009.

Between 2005 and 2009, the Chinese market share of eucalyptus shipments increased by 17 p.p. (total market pulp: +11 p.p.)

Source: Hawkins Wright

Source: PPPC W20. Coverage for chemical market pulp is 80% of world capacity.

20

Benefiting From Chinas Growth

Per Capita Consumption of Tissue by World Region2

China Paper&Board Production and Consumption1

in million tons
120 100 80 60

kg/person/yr
70 60 50 40

Kg / capita

30 25 20 15

30 40 20 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
10

20 10 0
5 0 North America West Europe Japan Oceania LatAm East Europe China Africa

Consumption

Production

Per Capita

Chinese consumption of high quality tissue paper has a huge potential upside, as GDP per capita increases.

Source: China Paper Association.

Source: RISI

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2Q10 Financials

22

2Q10 Performance
Key figures Pulp sales mix

2Q10 Pulp Production (1000t) Pulp Sales (1000t) Paper Producton (1000t) Paper sales (1000t) 1,208 1,253 79 87

1Q10 1,314 1,322 77 83

2Q09 1,334 1,349 94 104

2Q10 vs1Q10 -8% -5% 3% 6%

2Q10 vs2Q09 -9% -7% -16% -16%

2Q09

1Q10

2Q10 11% 27% 27% 24%

9%

21% 23%

11%

37% 32% 39% Europe Asia Brazil/Others 38%

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

1,809 730 40% (315) 130

1,675 637 38% (341) 9

1,471 389 26% 1.369 920

8% 15% 2 p.p. 1,341%

23% 87% 14 p.p. -86%

North America

Cash cost (R$/t)

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

38% 40% 730

499 449 440 418 26% 637

389

1Q10
Source: Fibria

2Q10 2Q10 w/o

downtimes

2010E 2Q09 1Q10 2Q10

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Debt
Debt indicators
Average maturity(1) (months)
62 Gross Debt Cash Net Debt 13,209 2,364 10,846 13,540 2,684 10,856 16,145 2,953 13,192 -2% -12% -18% -20% -18% 47 5.6 4.7 70

(R$ million)

2Q10

1Q10

2Q09

2Q10 vs 1Q10

2Q10 vs 2T09

Net Debt / EBITDA(2) (x)

7.2

2Q09
(1)Does

1Q10

2Q10

Jun-09

Mar-10

Jun-10

not include the debt to former Aracruz shareholders

(2)Last

12 months EBITDA

Debt amortization schedule (R$ billion)

5.1 4.6 Short-term debt: from 34% in Jun/09 to16% in Jun/10

Debt by currency and type

Gross debt by currency

Gross debt by type

6% 3% 14%
2.1 1.6 1.1 1.9 1.4 0.9 1.7 1.3 1.7 1.8 1.1 1.2 1.9

37%

71%

29% 13% 27%

2009

2010

2011

2012

2013

2014
2

2015

2016-2020 Foreign Local

Pre-payment Former Aracruz shareholders NCE Bonds BNDES Others

Jun-09
1

Jun-10

Amortization schedule as of Jun/2009 2 Amortization schedule as of Jun/2010

24

Financial Turnaround
Liability Management

Achievements Leverage (Net Debt / EBITDA) Cost of Foreign Debt Average Maturity (months) Collateral Debt (% of total debt) Derivatives debt Net Debt

2Q09 7.2x 7.1% p.a. 47 43% US$ 2.6 bi R$ 13.2 bi

2Q10 4.7x 6.0% p.a. 70 16% R$ 10.8 bi

Access to Capital Markets Eurobond Fibria 2019 @ 9.25% p.a. Eurobond Fibria 2020 @ 7.5% p.a. Pre Export Payment @ 3month Libor + 4.00% p.a.(tranche 1) Pre Export Payment @ 3month Libor + 4.25% p.a. (tranche 2) Pre Export Payment @ 3month Libor + 2.8% p.a.

Amount US$ 1 bi US$ 750 mi US$ 750 mi US$ 425 mi US$ 600 mi

25

Synergies

26

Synergies

Net Present Value of the synergies (R$ billion)

2Q10 status: 108% of the projected curve

4,3 4,2 3,4

Supply Chain
- Reduction of shipping cost

4,5
Others

2% 21% 27%

Industrial
- Cost reduction of chemicals and energy - Production increase

2.0
2,3

- Optimization of logistics

Tax

11% 16% 23%

0.5
0.5

1.4
SG&A

Forestry
- Reduction of forestry costs

dec/09

2Q10

dec/10

2011

2012

2013

2014

- Best practices in R&D

Accumulated

Estimated

27

Corporate Restructuring

28

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

29

Investor Relations Team: Joo Elek IRO Andr Gonalves General Manager Fernanda Naveiro Vaz Anna Laura Linkewitsch Roberto Costa

Phone: +55 11 2138-4565 Email: ir@fibria.com.br

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