Deutsche Bank Global Emerging Markets Conference September 15-17, 2010 – New York 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 company’s 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.

2

Agenda

The Company

4

Market Positioning

8

Pulp and Paper Market

15

2Q10 Financials

22

Synergies

26

Corporate Restructuring

28

3

The Company

4

VCP and Aracruz merged to create Fibria

Shareholder Structure

Votorantim Industrial S.A.

BNDESPar

30.42%1

29.34%

Treasury

0.07%

Free Float

40.17%

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

50.0%

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

Veracel

1

Conpacel

Position as of August 31, 2010. BNDESPar has 21% linked to a Shareholder’s Agreement with Votorantim Industrial S.A. during the first 3 years and 10.9% during the following 2 years.

5

Improved Corporate Governance


Migration to BMF&Bovespa's


Policies approved by the

Novo Mercado Listing Segment:

Board of Directors:

- 100% tag along rights

- Corporate Governance

- Independent members in the Board

- Information Disclosure

- One class of share: 1 share = 1 vote

- Stocks Trading


Listed in the Most Important Sustainability Indexes: DJSI / ISE


Adoption of International Accounting Practices


Accessibility to Management by Financial Communities


Investor Relations Awards: - Top 5 in Financial Disclosure (Latam) - Top 5 in Best Corporate Sustainability

6

Improved Corporate Governance Board and Committees

Shareholder Meeting

9 Members: 20% Independent

Fiscal Council

Board of Directors

Chairman: José Luciano Penido CEO: Carlos Aguiar

Board Advisory Committees Audit and Risks

Executive Officers

Personnel and Remuneration Finance Sustainability

7

Market Positioning

8

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

Unique Forestry Management: Advanced Forestry Techniques and Short Harvest Cycle

Strong / Reliable Customer Base

Forest to Port Integration Trough Efficient Logistics

Modern Industrial Plants

Belmonte Veracel Caravelas Portocel Três Lagoas Conpacel

• • • • •

1 Data

Piracicaba Jacareí Santos

Aracruz

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

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

9

Unique Brownfield Potential Growth

Planned Capacity Increase

Modern Plants

Aracruz Capacity: 2.300 Technical age: 9

Best sites for additional capacity ('000 t)

Average Plant Capacity (‘000 t)

Aracruz IV

2.500

5.300

1.500 2.000

Três Lagoas Capacity: 1.300 Technical age : 0

Losango I

1.500

1.500 Jacareí Capacity: 1.100 Technical age : 5

Indonesia 1.000

Três Lagoas II

Uruguay

1.500

Brazil 500

Russia

USA

Portugal Canada Sweden

Japan

40

30

Veracel II(1)

Chile Finland France Spain

20

South Africa

750

China

10

Technical age of equipment (years)

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

Veracel (1) Capacity: 550 Technical age : 3

Brownfield

Brownfield

Greenfield

Brownfield

…Expansion…

(1)

Fibria’s 50% stake at Veracel Source: Fibria

10

Fibria has the best sites ready to duplicate capacity Capacity expansion ('000 t)

Status of expansion projects

Três Lagoas II 1,500

10,650

Capacity: 1.5 million tons

1,500 1,500

-

Losango

750 5,400

Forest base: Aracruz IV

-TLS I surplus: 30,000 ha Need: 150,000 ha

Três Lagoas II

- Leasing: 45,000 ha in 2010

Veracel II

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

11

Leadership in the Global Market Pulp Sector

Market Share1

Pulp Production Capacity 2009 ('000 t)

1st

3%

5,400

Fibria Arauco

11%

~ Twice the size

APRIL CMPC Sodra Botnia Tembec Suzano

Total Pulp: 188 million t

Weyerhaeuser APP

Total Market Pulp: 48.5 million t

Canfor Domtar IP Ilim 22%

Georgia Pacific ENCE

Bleached Hardwood Kraft Pulp (BHKP)

Mercer

Bleached Softwood Kraft Pulp (BSKP)

32%

Unbleached Kraft Pulp (UKP)

West Fraser

Mechanical

Cenibra Stora Enso 0

1.000

2.000

3.000

4.000

5.000

6.000

Total Hardwood Pulp: 25 million t

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

Total Eucalyptus Pulp: 17 million t

12

Low Production Cash Cost DNA

Cash Cost1 – US$/t

475

468 437 225

320

199

436 152

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

416

US$/ton 600

393

113 238

161

296 266

255

2502

151

155

118 133 243

238

284

310 178

155

232

500 Iberia

400 300

178

250 133

104

95

200 100 0

Iberia

Wood

1

Source: Hawkins Wright Estimate 2Q10

2

Fibria 2Q10 Cash cost without downtimes

Others

0

2.000

4.000

6.000

8.000

10.000

12.000

Capacity ('000 t)

13

Long Term Relationship With Key Clients

Global Footprint Uses of Fibria’s Pulp – 2Q10

Supplies customized pulp products to specific paper grades Sole supplier to key customers focused on eucalyptus pulp to the tissue market

Specialty

Top 10 main customers represent on average 65% of sales

21% Tissue

26%

53%

P&W

Europe 38% Switzerland Hungary

North America 27%

Asia 24%

Beijing

Miami

Hong Kong Sales Destination1

Brazil 11%

Headquarters

Subsidiaries

Representative offices

NY004GAK_1.wor NY004GAK_1.wor

1

Sales destination as of 2Q10.

14

Pulp and Paper Market

15

Shipments to Capacity Ratios and Inventories

World market pulp shipments to capacity

96% 94% 92%

95% 92% 90%91% 89%89%89%

88% 86%

85%

85%

85% 79%80%80% 78% 76%

Jul-10 10

Jun-10 10

May-10 10

Apr-10 10

Mar-10 10

Feb-10 10

Dec-09 09

Nov-09 09

Oct-09 09

Sep-09 09

Jul-09 09

Jun-09 09

Apr-09 09

May-09 09

Mar-09 09

Jan-09 09

Dec-08 08

Oct-08 08

Nov-08 08

Sep-08 08

Jul-08 08

Aug-08 08

Jul-10 -10

Jun-10 -10

Apr-10 -10

May-10 10

Mar-10 -10

Feb-10 -10

Jan-10 -10

Dec-09 -09

Nov-09 -09

Oct-09 -09

Sep-09 -09

Aug-09 -09

Jul-09 -09

Jun-09 -09

Apr-09 -09

May-09 09

Mar-09 -09

Jan-09 -09

Feb-09 -09

Feb-09 09

79%

79%

Dec-08 -08

Oct-08 -08

84% 82%

82%83% 81%

Nov-08 -08

Sep-08 -08

89% 88% 88% 86% 85%

89% 88%88%

87%

86%

Source: PPPC Global 100 – Chemical Market Pulp

Source: PPPC Global 100 – P&W

World pulp producers' average days of supply

World pulp consumers' days of supply

50

35

40

30

29

30

20

days

days

25

20

20

Source: PPPC Global 100 – Total Chemical Pulp Producers' stock

Source: PPPC Global 100 – Total Chemical Pulp Consumers' stock

Jul-10

Dec-09

May-09

Oct-08

Mar-08

Aug-07

Jan-07

Jun-06

Nov-05

Apr-05

Jul-10

Dec-09

May-09

Oct-08

Mar-08

Aug-07

Jan-07

Jun-06

15 Nov-05

10 Apr-05

Jul-08 -08

91%

82% 78%

Aug-08 -08

92% 90%

Aug-09 09

82%

95%

93%

Jan-10 10

90% 88%

93%

92% 90%

World P&W paper shipments to capacity

16

Industry Outlook China: Eucalyptus pulp shipments ('000 t)

Average 347 ktons

Jul-10 Jul

251 235 203 191

Mar-10 Mar

Jan-10 Jan

Dec-09 Dec

Oct-09 Oct

Nov-09 Nov

Sep-09 Sep

Jul-09 Jul

Aug-09 Aug

Jun-09 Jun

Apr-09 Apr

May-09 May

Mar-09 Mar

Jan-09 Jan

Feb-09 Feb

Dec-08 Dec

Out-08 Out

Nov-08 Nov

Sep-08 Sep

Jul-08 Jul

-27% China

Japan

Aug Aug-08

Latin America

Jun-08 Jun

Europe

May-08 May

North America

276 267

210

196 204 161 151 128

Jun-10 Jun

296

268

264

0%

355 350363 331 340 293 280 266

356

Average 240 ktons

Total

Average 233 ktons

412

10%

Feb-10 Feb

9%

518

495

15%

Apr-10 Apr

18%

May-10 May

Market pulp: world demand growth (%)

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

Source: PPPC Global 100

1.000

US$920/t

900

US$840/t

800

450

700 600 350

500 400 Jul-10

Aug-10

May-10

Jan-10

Mar-10

Nov-09

Sep-09

Jul-09

May-09

Jan-09

CRB

Mar-09

Nov-08

Jul-08

Sep-08

Mar-08

300 May-08

250

European List Price (US$/t) – BHKP

550

Jan-08

Commodity Price Index (CRB)

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

Announced list pulp price

List price (as of September/2010):

• • •

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

BHKP List Price

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

Source: Fibria

17

Pulp Supply x Demand Balance Expected to Remain Tight Expected Supply x Demand Balance1 – Market Pulp BHKP (million t) 30.1 0.2

1.4

USA 2% p.a.

1.6

0.3

28.3

1.3 0.3

0.6

Others 2% p.a.

Rizhao (3Q10/2011)

Europe

Fibria TLS (2010)

5% p.a.

24.8

JBS Eldorado (4Q12)

-0.1

28.0

Others2

Asia 4.5% p.a.

2009 BHKP

2009 BHKP Demand Demand

Asia

+3.5 MT

+2.1 MT

Demand

Supply

Europe

USA

Others

2012 BHKP 2012 BHKP 2012 BHKP 2009 BHKP Demand Supply Demand Demand

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

Effective Date

'000 t

Puyang Longfeng

Jan 2009

350

Feb 2009

150

Company

Region/Date

'000 t

M Real

Europe/2009

320

Tralin, Gaotang

International Paper

Europe/2009

250

MCC Yinhe Paper

Jul 2009

200

Others

Europe/2009

455

Yeuyang Paper

Oct 2009

200

International Paper

North America/2009

200

Fujian Nanping Paper

Oct 2009

200

Yeuyang Paper

2010

200

Others

North America/2009

230 Fujian Nanping

March 2010

100

Stora Enso

Europe/2010

210 Sun Paper/IP

March 2010

350

Sappi

Europe/2010

220

Guangxi Yongkai Sugar

April 2010

200

Others

Europe/2010

80

APP, Hainan Island

May 2010

1,200

Domtar

North America/2010

415

Lee&Man

1H 2010

200

International Paper

North America/2010

340

Jiangsu Oji Paper

Q32010

400

Others

North America/2010

280

Shandong Huatai

late 2010

150

December 2010

200

2011

200

China Metalurgical Meili Paper

Q1 2011

300

Shandong Huatai Paper

Q1 2011

500

Shandong Chenming

Q1 2011

1,250

Guangxi Huajin Group

late 2011

340

Sun Paper

Q1 2011

300

Nine Dragons

late 2011

450

April

early 2012

450

April

early 2013

450

2009 = 1.5 million t

Total P&W capacity withdrawals in Europe and North America

1

Source: TerraChoice July 2010

3,000

2010 = 1.5 million t

2009 = 1.1 million t

2010 = 3.1 million t

Guangxi Jindaxing Guangxi Yongkai Sugar

Total P&W capacity changes in China

8,400

2011 = 3.3 million t

2012-13 = 0.9 million t

19

China’s 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 (%) 10.000

7.000 6.000

2008

+59%

2009 Growth

Eucaplyptus

Hardwood

Total

21%

8.000 ‘000 t

4.000

6.000

14% 12%

3.000

22% 26%

10%

+107%

4.000

10%

2.000

12%

+2%

1.000

2.000

+51% +12%

+117%

+38%

+151%

9%

+142% +2%

2005

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

1

Source: Hawkins Wright

7%

11%

9%

10% 13%

16%

0

Thailand

Others

USA

Canada

Uruguay

Russia

Chile

Indonesia

Brazil

0 BHKP Total

‘000 t

5.000

2006

2007

2008

2009

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

2

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

20

Benefiting From China’s Growth Per Capita Consumption of Tissue by World Region2

China Paper&Board Production and Consumption1

in million tons

kg/person/yr

Kg / capita

120

70

30

100

60

25

50

80

20

40 15

60 30

10

40

20

20

10

0

0 1999

2000

2001

2002

2003

Consumption

2004

2005

Production

2006

2007

2008

5 0 North America

2009

West Europe

Japan

Oceania

LatAm

East Europe

China

Africa

Per Capita

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

1

Source: China Paper Association.

2

Source: RISI

21

2Q10 Financials

22

2Q10 Performance Key figures

Pulp sales mix

2Q10

1Q10

2Q09

2Q10 vs1Q10

2Q10 vs2Q09

Pulp Production (1000t)

1,208

1,314

1,334

-8%

-9%

Pulp Sales (1000t)

1,253

1,322

1,349

-5%

-7%

Paper Producton (1000t)

79

77

94

3%

-16%

Paper sales (1000t)

87

83

104

6%

-16%

1,809

1,675

1,471

8%

23%

Adjusted EBITDA (R$ million)

730

637

389

15%

87%

EBITDA Margin (%)

40%

38%

26%

2 p.p.

14 p.p.

Financial Income (R$ million)

(315)

(341)

1.369

-

-

130

9

920

1,341%

-86%

2Q09

9%

Net Income (R$ million)

Cash cost (R$/t)

11%

11%

21%

27%

27% 24%

23% 37% 32%

Net Revenue (R$ million)

2Q10

1Q10

38%

39%

North America

Europe

Asia

Brazil/Others

EBITDA (R$ million) and EBITDA Margin (%) 38%

40%

499 730 26%

449

637

440 418

389

1Q10 Source: Fibria

2Q10 2Q10 w/o downtimes

2010E 2Q09

1Q10

2Q10

23

Debt Debt indicators

(R$ million)

2Q10

1Q10

2Q09

2Q10 vs 1Q10

Average maturity(1) (months)

2Q10 vs 2T09

62 Gross Debt

13,209

13,540

16,145

-2%

-18%

Net Debt / EBITDA(2) (x)

70

7.2

47 5.6

Cash Net Debt

2,364

2,684

2,953

-12%

-20%

10,846

10,856

13,192

-

-18%

4.7

2Q09 (1)Does

1Q10

(2)Last

not include the debt to former Aracruz shareholders

Debt amortization schedule (R$ billion)

Mar-10

Jun-10

12 months EBITDA

Debt by currency and type 5.1

Short-term debt:

4.6

Jun-09

2Q10

Gross debt by currency

Gross debt by type

from 34% in Jun/09 to16% in Jun/10

3%6% 14% 2.1 1.6

1.9 1.4

1.1

1.9

1.7 1.8

1.7 1.3

71% 1.1 1.2

0.9

37%

29% 13% 27%

2009

2010

2011

2012

2013

2014

2015

2016-2020 Foreign

Jun-09

1

Jun-10

2

Local

Pre-payment

Bonds

Former Aracruz shareholders

BNDES

NCE

Others

1

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

24

Financial Turnaround Liability Management

Achievements

2Q09

2Q10

Access to Capital Markets

Amount

Leverage (Net Debt / EBITDA)

7.2x

4.7x

Eurobond Fibria 2019 @ 9.25% p.a.

US$ 1 bi

7.1% p.a.

6.0% p.a.

Eurobond Fibria 2020 @ 7.5% p.a.

US$ 750 mi

47

70

Pre Export Payment @ 3month Libor + 4.00% p.a.(tranche 1)

US$ 750 mi

43%

16%

Pre Export Payment @ 3month Libor + 4.25% p.a. (tranche 2)

US$ 425 mi

Derivatives debt

US$ 2.6 bi

-

Pre Export Payment @ 3month Libor + 2.8% p.a.

US$ 600 mi

Net Debt

R$ 13.2 bi

R$ 10.8 bi

Cost of Foreign Debt Average Maturity (months) Collateral Debt (% of total debt)

25

Synergies

26

Synergies

Net Present Value of the synergies (R$ billion)

4,5

4,3

2Q10 status: 108% of the projected curve

4,2

Others Supply Chain

3,4

2%

- Reduction of shipping cost

2.0 2,3

0.5

21%

- Optimization of logistics

Tax

Industrial

27%

11%

1.4 SG&A

16%

- Cost reduction of chemicals and energy - Production increase

23% Forestry

0.5

dec/09

- Reduction of forestry costs

2Q10

dec/10

2011

Accumulated

2012

2013

2014

- Best practices in R&D

Estimated

27

Corporate Restructuring

28

Corporate Restructuring

Event

Date

Acquisition by VCP of additional 28% of Aracruz common shares

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

29

Investor Relations Team:

Phone: +55 11 2138-4565

João Elek – IRO

Email: [email protected]

André Gonçalves – General Manager Fernanda Naveiro Vaz Anna Laura Linkewitsch Roberto Costa

30

30