Corporate Presentation

May 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. 29.3% 30.4% (1)

BNDESPar

Free Float

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 Raul Calfat Wang Wei Chang Joo Miranda Alexandre DAmbrosio Armando Mariante Carvalho Junior Eduardo Rath Fingerl Jos Armando de Figueiredo Campos Alexandre Gonalves Silva Chairman of the Board Indicated by Votorantim Indicated by Votorantim Indicated by Votorantim Indicated by Votorantim Indicated by BNDES Indicated by BNDES Independent Member Independent Member

Board Advisory Committees

Auditing

Personnel and Remuneration Finance

Sustainability

Executive Board
Board of Directors CEO Carlos A. Aguiar *

Ind. Ops & Engineering

Comm. & Intl Logistics

Paper Business, Strategy and Supply Chain Forestry

Controllership & Risk Management

Human and Org. Development

Francisco Valrio

Joo Felipe Carsalade

Marcelo Castelli

Evandro Coura

Joo Steinle

Each officer with more than 20 years experience in the sector

*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 High yield in eucalyptus production (avg 45 m3/ha/year) and certified forests

Forest to Port Integration Trough Efficient Logistics

Modern Industrial Plants

Short harvest cycle: 6 years vs. 25-70 years in Southern U.S., Canada and Scandinavia
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
Indonesia 1.000 Uruguay Brazil Portugal Canada Sweden Japan 40 30 Chile South Finland France Africa China Spain 20 10

Jacare
Capacity 1.1 mt Technical age : 5

Trs Lagoas II

500 USA

Russia

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

Technical age of equipment (years)

Capacity 1979 - 2009 CAGR: 3.6%

Expansion

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 Sole supplier to key customers focused on eucalyptus pulp to the tissue market Top 10 main customers represent on average 65% of sales
Tissue Europe 39% North America 27% Miami
Sales Destination (1)

Uses of Fibrias Pulp 1Q10

Specialty

P&W Switzerland Hungary Asia 23% Beijing

Hong Kong

Brazil 11%

Headquarters

Subsidiaries

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%

Positive Commodity Cycle and Demand Recovery

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
Feb-09 Mar-09 Apr-09

Jan-09

88%

92%

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

97%

86%

95%

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

25

92% 93% 95%

90%

Oct-09 Nov-09 Dec-09

86%

World market pulp shipments to capacity

92% 90%

World pulp producers average days of supply

Jan-10 Feb-10
91% 98%

Apr-10

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

95%

Apr-08 May-08 Jun-08

88% 92%

Source: PPPC

89%

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 China: Eucalyptus pulp shipments (000 t)
Average 305 k tons

25% 14% 3% 12% 14%

Average 169 k tons 186181192 146 132134

419

458 368 318 323 307 307 299 256233 247 Average 194 k tons 242 229 152

210 98 65 93

307 238

153

Total

Source: PPPC

4 months 2010 vs. 2009

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

150 140 130 120 110 100 90 80 70

50%

25% Successive announcements of list price increases (as of Jun.10)

FOEX
Source: Bloomberg

BRL/USD

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

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

North America: US$950/t Europe: US$920/t Asia: US$850/t

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1Q10 Financials

15

1Q10 Performance
Key figures
1Q10 Pulp Production ('000 t) Pulp Sales ('000 t) Paper Production ('000 t) Paper Sales ('000 t) Net Revenue (R$ million) EBITDA (R$ million)
(2)

Pulp: sales mix

1Q09 1,032 1,164 94 94 1,429 378 26% (185) 1,267 1Q10 vs. 1Q10 vs. 4Q09 1Q09 -6% -9% -13% -25% -1% 27% 8 p.p. -74% 27% 14% -19% -12%

4Q09 1,395 1,460 88 111 1,698 503 30% (157) 35

1,314 1,322 77 83 1,675 637 38% (341) 9

1Q09
8% 26% 38% 32% 29%

4Q09 12% 22% 23% 34%

1Q10 11% 27%

17% 69% 12 p.p. -99%

39%

EBITDA margin (%) Net Financial Result

(3)

North America

Europe

Asia

Brazil

Net Income (R$ million)

Cash cost (R$/t)

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

38%

473 451

30% -7%
418

26% 637 503 378

1Q09
Source: Fibria

4Q09

1Q10

1Q09

4Q09

1Q10

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Indebtedness
Debt indicators
1Q10 vs 4Q09 -8% -32% 2% -0.7x 1Q10 vs 1Q09 -28% -9% -31% -2.2x

Average maturity* (months)

(R$ million) Gross Debt Cash Position Net Debt Net Debt/EBITDA (x)

1Q10 13.540 2.684 10.856 5.6

4Q09 14.661 3.968 10.693 6.3

1Q09 18.687 2.954 15.773 7.8

60 49

62

1Q09

4Q09

1Q10

* Does not include the debt to former Aracruz shareholders

Debt Amortization Schedule (R$ billion)

Debt by currency and by type

Gross Debt by currency
3.9

Short-term debt:
4.3

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

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

(2)

2.8 2.1 1.4 1.0 1.5 1.4 1.6 1.8 1.2 1.2 2.1

2.3

38% 62%

34% 13%

(1)

0.8

17% 20%
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
Synergies
Synergy curve NPV (R$ billion)

Status 1Q10: 102% of the projected curve

4.2 3.4 2.3

4.3

4.5
Others Others Supply Supply 2% Chain Chain 21% Industrial Industrial

27%

0.49

Taxes Taxes

11% 16% 23%

Forestry Forestry

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

SG&A SG&A

Estimated Estimated

Accumulated Accumulated

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Growth
Growth
Liability management Net Debt / EBITDA

...
7.8x

Expansion projects to benefit from growth in pulp demand

6.3x 5.6x
3.1x

Return to investment grade

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 Veracel II 1.5 million ton capacity Negotiations with partner in progress

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Corporate Restructuring

20

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

Source: Fibria

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Appendix

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Benefiting from China's Growth

Chinas Hardwood Imports of BHKP by Country (1)
in ktons
7.000 6.000 5.000 4.000 3.000 2.000 1.000 0

China P&B Production and Consumption (2)

in million tons kg/person/yr

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

70 60 50 40 30

40 20 0 BHKP Total Growth in 2009 2008 Others 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

20 10 0

Consumption
(2) Source: China Paper Association.

Production

Per Capita

(1) Source: Hawkins Wright.

2009 Fibrias Global Footprint (3)

Destination of Fibrias Pulp
Brazil
10%

Per Capita Consumption of Tissue by World Region (4)

30 25 Kg / capita

Uses of Fibrias Pulp

Asia
36% 23%

Specialty
24%

20
43%

North America

Tissue

15 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 M Real International Paper Others Domtar International Paper Others Stora Enzo Sappi Others Domtar International Paper Region/Date Europe/2009 Europe/2009 Europe/2009 North America/2009 North America/2009 North America/2009 Europe/2010 Europe/2010 Europe/2010 North America/2010 North America/2010 000's tonnes 540 Tralin, Gaotang 250 MCC Yinhe Paper 440
2009 = 1.9 million t

Effective Date Jan 2009 Feb 2009 Jul 2009 Q3 2009 Oct 2009 Oct 2009 2010 Q1 2010 Q2 2010 1H 2010 May 2010 Q1 2011 Q1 2011 Q1 2011 late 2011

000's tonnes 350 150 200

2009 = 1.3 million t

Puyang Longfeng

Guangxi Jindaxing Paper Yeuyang Paper

200 200 200 200 1,200 350 200 400 300 500
2011 = 2.4 million t 2010 = 2.3 million t

265 200 Fujian Nanping Paper 255 Yeuyang Paper 520 APP, Hainan Island 220 Sun Paper/IP 80 200 Jiangsu Oji Paper 340 China Metalurgical Meili Paper 3,300 Shandong Huatai Paper Shandong Chenming Guangxi Huajin Group
2010 = 1.4 million t

Lee&Man

Total P&W capacity withdrawls in Europe and North America

1,250 340 6,040

Total P&W capacity changes in China

Source: TerraChoice Dec 2009.

Pulp Capacity Changes

Major Market Pulp Related Capacity 2009-2014
Company APRIL Eldorado Celulose e Papel Suzano Total Mills Rizhao, China Trs Lagoas, Brazil Maranhao, Brazil Effective Date Q2 2010 2012-2013 2013 000's tonnes 1,300 1,500 1,300 4,100 Company Stora Enso Rottneros Pope & Talbot AV Nackawic Baikal Pulp and Paper Lee & Man Smurfit Stone CC International Paper Catalyst Paper Borregaard UPM Boise Inc. Buchanan Forest Marathon Pulp Botnia M-real CMPC Fraser Papers Oji Paper Source: TerraChoice Dec 2009. SAPPI Total

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

Mills Kemijarvi, Finland Norrsundet, Sweden Utansj, Sweden Miranda, Spain Mackenzie, BC, Canada Nanaimo, BC, Canada Nackawic, NB, Canada Baikal, Russia Samoa, CA, USA Portage-du-Fort, QC, Canada Bastrop, LA, USA Elk Falls, BC, Canada Crofton, BC, Canada Riedholz, Switzerland Tervasaari, Finland St. Helens, OR, USA Terrace Bay, ON, Canada Terrace Bay, ON, Canada Marathon, ON, Canada Kaskinen, Finland Alizay, France Laja, Chile Thurso, QC, Canada Kushiro City, Japan Usutu, Swaziland Effective Date end April 2008 mid Nov. 2008 April/May 2008 January 2009 May 2008 May 7, 2008 August 2008 October 2008 October 2008 October 2008 October 31, 2008 mid Nov. 2008 November 30, 2008 Feb./March 2009 December 2008 December 2008 January 2009 January 12, 2009 February 23, 2009 end Feb. 2009 March 2009 March 2009 March 16, 2009 late May, 2009 late May, 2009 Jan. 31, 2010 000's tonnes 250 300 170 150 200 100 230 100 90 200 230 410 200 200 120 210 275 125 350 200 450 310 90 255 150 190 5,555

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