Goldman Sachs First Annual Global Emerging Markets Conference

December 2009

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 Market 3Q09 Financials Recent Events

The Company

VCP and Aracruz Merged to Create Fibria

ShareholderStructure(1)
Votorantim IndustrialS.A.
29.3%

BNDESPar
34.9%(2)

FreeFloat
35.8%

100.0%

50.0%

50.0%

Veracel Celulose S.A.

Conpacel

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

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

Commercial

SG&A

Forestry

1 2

Aftertheconsummationofthestockswapmerger BNDESPar has21%linkedtoashareholdersagreementwithVIDduringthefirst3years,and10.9%duringthefollowing2years.

Improved Corporate Governance

Board of Directors
Jos Luciano Penido Raul Calfat Wang Wei Chang Joo Miranda Alexandre DAmbrosio Armando Mariante Carvalho Junior Eduardo Rath Fingerl Chairman of the Board Votorantim Representative Votorantim Representative Votorantim Representative Votorantim Representative BNDES Representative BNDES Representative

Board Advisory Committees

Auditing PersonnelandRemuneration Finance Sustainability

Executive Board
Boardof Directors CEO CarlosA.Aguiar

Ind.Ops& Engineering

Comm.&Intl Logistics

Paper,Planning, Procurement, andForestry Ops.&Tech

Controllership &Risk Management Evando Coura

Treasury&IR

HumanandOrg. Development

FranciscoValrio

JooFelipeCarsalade

MarceloCastelli

MarcosGrodetzky

MiguelCaldas

Each officer with more than 20 years experience in the sector

MigrationtoBM&FBovespas NovoMercado levelofCorporateGovernanceatBovespa tooccurstillin2009

Market Positioning

Creation of a Winning Player

SuperiorAssetCombination

CompetitiveStrengths

PulpMill PaperMill PortTerminal

Leadershipin MarketPulp
ScaleandIntegrated Operations
Belmonte Veracel Caravelas Portocel Aracruz Piracicaba Jacarei Santos

LowProduction CostDNA

Trs Lagoas Conpacel

UniqueForestry Management:
AdvancedForestry Techniquesand ShortHarvestCycle

Strong/Reliable CustomerBase

Pulpproductioncapacity:5.4MT/year(1) Paperproductioncapacity:313kT /year(1) Eucalyptusplantation:604thousandha(1) 4plantsandoperationof3portterminals,includingtheonlyspecialized woodpulpterminalinBrazil,ownedbyus Highyieldineucalyptusproduction(4055m3/ha/year)andcertified forests Shortharvestcycle:6yearsvs.2570yearsinSouthernU.S., CanadaandScandinavia

ForesttoPort IntegrationTrough EfficientLogistics

ModernIndustrial Plants

DataasofNov.30,2009. Note:ExcludingGuaba.

Undisputable Leadership in the Global Market Pulp

Dominant Position in a Growing Market
PulpProductionCapacity
2009Einktons

MarketShare(1)
3%

1st

Fibria Arauco APRIL Sodra Botnia CMPC Tembec Suzano

5,400

~Twice thesize
22%

Total Pulp: 188millionMT

11%

TotalMarket Pulp: 49millionMT

TotalHardwood Pulp: 25millionMT

34%

Weyerhaeuser APP Canfor Domtar IP Ilim Georgia Pacific ENCE Mercer West Fraser Cenibra Stora Enso 0 1.000 2.000 BSKP 3.000 BHKP 4.000 UKP 5.000 Mech. 6.000
1995
Source:PYRY,2007/AsfromMarketPulp:PulpandPaperProductsCouncil (PPPC)2009andAracruz. Note:Capacityabovementione doesnot includetheGuaba unit. 1 MarketShareestimatedconsidering2009nominalcapacity.

TotalEucalyptus Pulp: 16millionMT

CAGR9508:9%
PulpDemand (inktons)

Growth0708:16%
Growth0708:(1%)

CAGR9508:3%
43,1 33,4 13,8 49,5 49,1

5,1

9,7

16,1

2003 BEKP

2007 Total Market Pulp

2008

Low Production Cost DNA

Unique Expertise Enabling the Lowest Cash Cost in the Market and High Profitability
Fibrias Marginvs.MacroeconomicFundamentals(1)
CashCost2Q09(US$/t)

CashCosts(2)
Wood 416 239 177 408 103 305 139 407 163 244 405 184 221 255 98 157 245 122 123 234 141 93 206 124 82 Others

48% 45%

50% 47% 43% 42% 41% 36%

486 233

455 159

418

EBITDAMargin(%)

279 253 296

30%
778 711 648 594 479 510 468
3,07 2,93 2,93 2,43 2,18 1,95 2,08 1,84

Avg.BEKPPulpPrices(US$/ton)
531

611

Iberia HardwoodCashCost(US$/t)vs.Capacity(kT)2Q09

US$/ton 600
500 400 300 200 100 0

Iberia

2,35

Avg.FXRate(R$/US$)

206

2001
1 2

2002

2003

2004

2005

2006

2007

2008

LTM 6M09

2.000

4.000

6.000

8.000

10.000

12.000

Source:Companies earningsreleases,HawkinsWrightandBanco CentraldoBrasil. Source:HawkinsWright,July2009. Note:EBITDAMarginconsidersAracruz andVCPcombined.

Capacity(kT)

10

State-of-the-Art Production Facilities

Advanced Technology and Production Process Lead to Lower Usage of Raw Materials, Reducing Costs
ModernPlants CompetitiveAdvantages

AveragePlant Capacity
(000tons) 2,500

Aracruz
Capacity2.3mt Technicalage:9

Streamlinedandefficient operationsduetomodern plants

LARGESTSINGLE LINEPULP PRODUCTION FACILITYINTHE WORLD

Trs Lagoas
2,000 Capacity1.3mt Technicalage:0

1,500
Indonesia Indonesia

Jacare
Capacity1.1mt Technicalage:5

Environmentalfriendly productionprocess

1,000

Uruguay

Veracel
500
Portugal Canada Russia USA Sweden Japan Brazil Chile Finland France Spain

Capacity1.1mt Technicalage:3

BESTYIELDPER HECTARE OFTHE WORLD

Reducedemissionsand dispositionofresidues

South Africa

China

40

30

20

10

Efficientuseofchemicals

Technicalageoftheequipment(years)

andAllowingforaUniqueTrackRecordofQualityProducts
1

LasttwelvemonthsendingJune30,2009.

11

Unique Brownfield Potential Growth

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

1978:Startupofmill"A"atAracruz (Barra doRiacho) unit 1988:AcquisitionofCelpav 1992:AcquisitionofPapel Simo (Jacare unit) 1996:NewpulplineatJacare mill 1991:Startupofmill"B"atBarra doRiacho unit 2003:ExpansionofJacare mill 2003:AcquisitionofRiocell (Guaiba Unit) 2005:StartupofVeracel 2002:Startupofmill"C"atBarra doRiacho unit 2007:AssetswapLuisAntnio forTrs Lagoas 2008:EstablishmentofConpacel consortium 2009:StartupofTrs Lagoas mill 5.4
10.6

Bestsitesforadditionalcapacity
5,2

BarradoRiacho IV

1,5

Losango I

1,5

Trs Lagoas II

1,5

Veracel II
Expected 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

0,7
Brownfield Brownfield Greenfield Brownfield

Expansion

Aracruz

VCP

Fibria

12

Long Term Relationship With Key Clients

Premium Paper Producers Value High Quality Pulp Customized Products
GlobalFootprint
Suppliescustomizedpulpproductstospecificpapergrades Solesuppliertokeycustomersfocusedoneucalyptuspulptothe tissuemarket Top10maincustomersrepresentonaverage65%ofsales

UsesofFibrias Pulp
Specialty
23%

Tissue
52% 25%

Europe 31% NorthAmerica 25% Asia 34%

P&W

Sales Destination (1)

NorthAmerica Offices Miami USA

Brazil 9%

Europe Offices Nyon Switzerland Hungary Csomad

Asia Offices Beijing China HongKong China

WhichImpliesinLessVolatilityinSalesVolumeThroughoutEconomicCycles
1

Breakdownofsalesdestinationinthelast12monthsupto3Q09.

13

Efficient and Reliable Logistics Network

Efficient Supply Chain to the Customers
CompetitiveTransportation(Forest Mill Ports)
Aracruz (BarradoRiacho) Jacare
Rail

EfficientandCompetitiveLogistics(1)
Base100=March2006

Road

400

300

Conpacel
Road

200

100

Veracel
90%Barge 10%Road

0
Mar-06 Mar-07 Mar-08 Dec-06 Dec-07 Dec-08 Mar-09 Jun-06 Jun-07 Jun-08 Sep-06 Sep-07 Sep-08 Jun-09

Trs Lagoas
Rail

Baltic Dry Index Fib ria's inland/ocean freight, insurance and other

Averageof145kmfromforeststopulpmills Portocel portterminalintheStateofEsprito Santo,islocatedonly1.5kmfromBarra doRiacho plant Longtermrelationshipwithleadingpapermanufacturersallowsforlowerfreightcost

Bloomberg.

14

Pulp Market

15

Positive Commodity Cycle and Demand Recovery

Worldmarketpulpshipmentstocapacity
97% 93% 92% 94% 91%91% 89% 86% 82% 83% 79% 77% 92% 90% 88% 86%
98%

WorldP&Wpapershipmentstocapacity
97% 92% 89% 87% 85% 92% 89% 95% 93%

95%

95% 93% 92%

93%

88%

85%

79% 79% 78% 77% 76%

79% 79% 78%

73%

Mar-08

Mar-09

May-09

Jan-09

May-08

Jan-08

Jul-08

Nov-08

Jul-09

May-08

May-09

Mar-08

Jan-08

Mar-09

Jan-09

Nov-08

Sep-08

Worldpulpproducers averagedaysofsupply
60 50 40 30 20 10 May-04 May-05 May-06 May-07 May-08 May-09 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Jan-09
35 30 25

Sep-09

Europeanpulpconsumers daysofsupply

25 20 Sep-09
15 May-04 May-05 May-06 May-07 May-08 May-09 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Jan-09

Sep-08

Sep-09

Jul-08

Jul-09

23
Sep-09

Source: PPPC

Source: Utipulp

16

Pulp Supply / Demand Expected to Rebalance in the Medium Term

MarketPulp:worlddemandgrowth
76% 62%

China:Eucalyptuspulpshipments(000t)
419 307 458 368 323 307318307
Average 320 k tons

5,5% -0,2% -13% Total -21% -14% -23% -15% -10% -23% -21%

Average: 163 k tons

186181192 132134 98 65 93

210

238

256

146 101

Jun/08

Jul/08

Nov/08

Jun/09

Jan/08

May/08

Jan/09

May/09

Aug/08

Jul/09

Dec/08

Sep/08

Aug/09

Apr/08

Oct/08

Feb/08

Mar/09

Feb/09

Mar/09

Apr/09

Jan 2009 vs. Jan 2008

9M09 vs. 9M08

Listpulpprice(RISI)vs BRL/US$
130 120 110 100 90 80 70 60 Feb.09 Mar.09 May.09 Aug.09 Sep.09 Nov.09 Jan.09 Jun.09 Jul.09 Oct.09 Apr.09 -26% +27%

Globalmarketrecovery
Demand Paperdemandrecovery; Chinakeepingupthepace. Lowconsumersandproducersinventories Marketdowntimes; Currency AppreciationoflocalcurrenciesagainsttheUS$.

Successiveannouncementsoflistpriceincreases(asof Nov.09)

Europe List Price

BRL/USD

NorthAmerica: US$730/t. Europe: US$700/t; Asia: US$660/t;

Sep/09

North America

Western Europe

Latin America

Japan

China

17

3Q09 Financials

18

Paper Market
Paper:Salesvolume(000t) Market
122

Papermarketrecovery

110 104

Imports more attractive with the US$ devaluation; Demand starting to grow again, but apparent consumption is still below 2008 levels. Sales volume and revenue mix: focus on specialty papers; Seasonality: positive impact on sales volume

Fibria Performance

3Q08 2Q09 3Q09

Paper:SalesandRevenuemix
Sales Volume
Revenues

28%

30%

30%

Specialty/Other Coated Uncoated

41%

43%

43%

24%

20%

21%

21%

19%

19%

49%

50%

49%

38%

38%

38%

3Q08

2Q09

3Q09

3Q08

2Q09

3Q09

19

Financial Performance
Pulp:salesvolume(000t)
3Q09
1.349 946 1.276
30% 21% 37% 38%

Pulp:salesmix(000t)
3Q 08

11%

36%

10%

16% Europe

3Q08

2Q09

3Q09
North America Asia Brazil

Netrevenue(R$million)
521
1.471

PulpCashCost(R$/t)
509 473 426 433
Cash cost w/o stoppages (R$/t) 487

422

403

1.407

1.402

3Q08

2Q09

3Q09

3Q08 4Q08 1Q09 2Q09 3Q09

3Q08 2Q09 3Q09

20

Financial Performance
EBITDA(R$million)andEBITDAmargin(%)
498 389 426 4 4

CAPEX9M09:R$1,232million
576 7% 7% 17% 387 10% 5% 25% 69% 59% 269 14% 13% 31% 41%

35% 26% 30%

3Q08

2Q09

3Q09

1Q09 Expansion

2Q09 Forestry Maintenance

3Q09 Other

NetIncome(R$million)
+875 +52 -148 426 -99 327 -188 Adjusted Ebitda 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 +47 -178 -77 -204 -325 Other (*) Net income 3Q09 181

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

21

Indebtedness
Before the plan x After the plan
MaturitySchedule1
4,8 4,2
Original After plan Cash

2,8 1,2 1,4 1.0 1,5 1,4 1,6 1,7 1,1 1,1 1,8 0,9 0,9 0,8 0,6

0,1

0,1

0,4

0,4

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

EffectsoftheLiabilityManagementPlan
3T09 Cash position Average Maturity Average Cost 2 US$/ BRL Subordination structure
Receivables No Collateral
56% 43%

R$ 2.6 bi 37 months 7.42% p.a. 62%/38%

20% 1%

R$ 4.8 bi 47 months 7.50% p.a. 62%/38%

With Collateral
1%

1 FX 2

of September 30, 2009 R$ / US$ 1.7781

79%

Does not include Sellers Financing

22

Recent Events

23

Recent Events
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) Fibria listing at Novo Mercado level of Corporate Governance

Date/estimate Jan20 Apr14 June12 Jul02 Aug24 Aug24 Oct29 Nov12 Nov17 Nov18 Dec.09*

*Estimate
Source: Fibria

24

Investor Relations Team: Marcos Grodetzky IRO Andr Gonalves IR Manager Fernanda Naveiro IR Consultant Anna Laura Linkewitsch IR Specialist Livia Baptista IR Analyst

25