Morgan Stanley Latin America Executive Conference

January 5-7, 2011, Miami

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 forwardlooking 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

1
The Company

2
Market Positioning

3
Pulp and Paper Market

4
3Q10 Financials

5
Synergies

6
Sustainability

7
Fibria's 1st Year

8
Corporate Restructuring

The Company

VCP and Aracruz merged to create Fibria

Shareholder Structure

Votorantim Industrial S.A.

BNDESPar

Free Float

29.34%

30.42%(1)

40.24%(2)

NYSE "FBR" 40% BOVESPA "FIBR3" 60%

50.0%

50.0%

51.0%

Veracel

Conpacel

Portocel

(1) (2)

Position as of November 30, 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. Free Float 40.17% + Treasury 0.07%

Improved Corporate Governance

Improved Corporate Governance
Migration to BMF & Bovespa's Novo Mercado listing segment Best IR program in the sector in Latin America by Institutional Investor Magazine 2010 Fiscal Council
100% Independent

Board and Committees

Listed in the most important sustainability indexes: DJSI / ISE

Shareholders Committee

Board of Directors(1)

9 Members: 20% Independent Chairman: Jos Luciano Penido CEO: Carlos Aguiar

Board Advisory Committees(1) Policies approved by the Board: - Corporate Governance - Information Disclosure - Stocks Trading Adoption of international accounting practices (IFRS)
Audit and Risks Personnel and Remuneration Finance Sustainability

Executive Officers

(1) Members performance assessed by independent consulting firm

Market Positioning

A Winning Player
Superior Asset Combination Competitive Strengths

Pulp Mill Paper Mill Port Terminal

Leadership in Market Pulp Scale and Integrated Operations

Modern Industrial Plants

Belmonte Veracel Caravelas Portocel Trs Lagoas Conpacel Piracicaba Jacare Santos Aracruz

Low Production Cost DNA

Forest to Port Integration Through Efficient Logistics 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 ha (1) / Eucalyptus plantation: 585 thousand ha (1) 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
(1) Data

as of September 30, 2010. Does not include partnership program which represents 124 thousand ha.

Leadership in the Global Market Pulp Sector

Industry Outlook (1)
2009 ('000 t)

Pulp Production Capacity (2)

Paper & Board 394 million t 1st

52% Recycled Fiber 206 million t 48% Pulp 188 million t Fibria Arauco APRIL CMPC 19% Mechanical 35 million t 81% Chemical 153 million t Sodra Botnia Tembec Suzano Weyerhaeuser 67% Integrated Mills 103 million t 48% Softwood/Other 24 million t 33% Market Pulp 50 million t 52% Hardwood 26 million t APP Canfor Domtar IP Ilim Georgia Pacific ENCE 38% Acacia/Other 10 million t 62% Eucalyptus 16 million t Mercer West Fraser Cenibra Stora Enso 66%
Other Eucalyptus Pulp producers: 11 million t

5,400

~ Twice the size

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

34%

1.000

2.000

3.000

4.000

5.000

6.000

(1) Market Share estimated considering 2010 estimated demand. (2) PYRY

Relevant Market Share and Low Operations Cost DNA

Fibria's Market Share (1)
475
3% 11% 225 320 199 152 113 238 161

Average Cash Cost of BHKP (2) (US$/t)

468 437 436 423 416

Wood
393 296 266
118 133

Others

255
151

2493
147

243 155

238

284

310 178 232 178 133

104

102

Total Pulp: 188 million t

Total Market Pulp: 48.5 million t

Iberia

22% 32%

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

800 700 Cash cost (US$/t) 600 500 400 300 200 100 0 5000 10000 15000 Capacity ('000s t) 20000 25000 30000 Bleached hardwood kraft

10 million t

Total Hardwood Pulp: 25 million t

Total Eucalyptus Pulp: 17 million t

(1) (2)

Market Share estimated considering 2009 nominal capacity Source: Hawkins Wright Estimate 2Q10 (3) Fibria 3Q10 Cash cost without downtimes

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Long Term Relationship With Key Clients

Global Footprint
Customized pulp products to specific paper grades Sole supplier to key customers focused on eucalyptus pulp to the tissue market The top 10 customers represent, on average, 65% of sales Over 20 years of relationship with many of the main clients Global contracts
P&W Specialty

Uses of Fibrias Pulp 3Q10

18%
Tissue

25%

57%

Europe 41%

Switzerland Hungary Asia 20% Beijing

North America 27% Miami Sales Destination(1)

Hong Kong

Brazil 12%

Headquarters

Subsidiaries

Representative offices

NY004GAK_1.wor NY004GAK_1.wor
(1)

Sales destination as of 3Q10.

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Unique Brownfield Potential Growth

Modern Plants

Planned Capacity Increase

Aracruz
Capacity: 2.300 Technical age: 9

Best sites for additional capacity

('000 t)

Average Plant Capacity (000 t)

2.500

Trs Lagoas II Trs Lagoas Capacity: 1.5 million t Forest base need: 150 thousand ha - TLS I surplus: 30 thousand ha Social-environmental licensing process initiated Startup expected for 2014

2.000

Capacity: 1.300 Technical age : 0

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

1.500

Indonesia 1.000 Uruguay

Jacare
Capacity: 1.100 Technical age : 5

1,500
(1)

10,650

1,500
Aracruz IV Losango

Brazil 500 Portugal Canada Sweden Japan

750 Chile 5,400

South Africa China

1,500
Trs Lagoas II Veracel II

Russia

USA

Finland France Spain

40

30

20

10

Veracel (1)
Capacity: 550 Technical age : 3

Technical age of equipment (years)

Fibria 2010 Brownfield

Brownfield

Greenfield

Brownfield Fibria 2025

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

(1)

Expansion

Fibrias 50% stake at Veracel Source: Fibria

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Forest Competitiveness
Fibria : Forest Competitiveness
45

Genetic and Technological Development at Fibria

14

30 - 40 years

11 10

25

25

25

15

15 - 25 years

7 - 15 years 6 years 7-8 years

10 - 12 years

12 - 15 years

8 5

Brazil (eucalyptus)

Indonesia

S.Africa

Chile

Portugal / Spain

USA / Canada

Finland / Sweden

70's

80's

90's

00's

Next decade (expected)

Harvesting Cycle (avg. years)

Yield (m3/ha/year)

Air Dry Ton / ha / year

Source: ABRAF, STCP, Poyry and Fibria. Note: Pulp trees differ depending on the country: Indonesia acacia, S.Africa tropical and temperate eucalyptus, Chile temperate eucalyptus, Portugal/Spain temperate eucalyptus, USA/Canada aspen, Finland/Sweden betula.

13

Applied Technological Innovation

Enhanced Forestry Techniques

current new clone

clone

20 months growth

14

Pulp and Paper Market

15

82%

Aug-08 -08 86%

days
82% Oct-08 -08 79% Nov-08 -08 91% Dec-08 -08 77% Jan-09 -09 88% Feb-09 -09 92% Mar-09 -09 Apr-09 -09 86% May-09 09 Jun-09 -09 Jul-09 -09 Aug-09 -09 Sep-09 -09 Oct-09 -09 Nov-09 -09 Dec-09 -09 86% Jan-10 -10 Feb-10 -10 89% Mar-10 -10 Apr-10 -10 87% May-10 10 Jun-10 -10 88% Jul-10 -10 83% Aug-10 -10 Sep-10 -10 87% Nov-10 Oct-10 -10 Nov-10 -10 93% 92% 95% 97% 10 Nov-05 May-06 20 30 40 50

Shipments to Capacity Ratios and Inventories

Source: PPPC World 20 Sep-08 -08 Nov-06 Mai-07 95% Source: PPPC World 20 Total Chemical Market Pulp Nov-07 92% 90% 90% May-08 Nov-08 96% May-09 95% Nov-09 96%

World chemical market pulp shipments to capacity

World pulp producers' average days of supply

May-10

98%

33
days
15 20 25 30 35

92%

90%

Jul-08 08 87% Aug-08 08 Sep-08 08

95%

91%

Nov-05

Oct-08 08 85% Nov-08 08 Dec-08 08 Jan-09 09 Feb-09 09 Mar-09 09 Apr-09 09

Source: PPPC Global 100 World Printing & Writing Report

Source: Utipulp May-06 Nov-06 Mai-07 Nov-07 May-08 Nov-08 May-09 Nov-09 May-10 Nov-10

May-09 09 Jun-09 09 Jul-09 09

82% 80% 80% 79% 79% 78% 76%

83%

81%

Aug-09 09 Sep-09 09

89%

88%

Oct-09 09 Nov-09 09 Dec-09 09 Jan-10 10 Feb-10 10 Mar-10 10 Apr-10 10 May-10 10 Jun-10 10 Jul-10 10 Aug-10 10 84% 82%

88% 88% 89%

World P&W paper shipments to capacity

World pulp consumers' days of supply

91% 90% 88% 87% 86% 85%

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16

Sep-10 10

Industry Outlook
Market pulp: world demand growth (%)
9% 6% 12% 9%
419 368
Average (1) 132 ktons

China: Eucalyptus pulp shipments ('000 t)

458
Average 305 ktons

-1%
192

307 238 210

323 318 310 299 300 256 233 247

Average 182 ktons

242

229

134 132

153 98 65 93

219 202 163 152

198

224

100

125

Total

North America

Europe

Latin America

Japan

-27% China
Aug-10 10 10 Sep-10 10 Oct-10 08 Nov-08 Dec-08 08 09 Oct-09 09 Nov-09 09 Dec-09 10 Jan-10 10 Apr-10 10 May-10 08 Aug-08 08 Sep-08 09 May-09 09 Jun-09 09 Aug-09 Sep-09 09 08 May-08 10 Nov-10 08 Jul-08 09 Mar-09 09 Apr-09 09 Jul-09 09 Jan-09 09 Feb-09 10 Feb-10 10 Mar-10 10 Jun-10 10 Jul-10 08 Jun-08 08 Out-08

10M2010 x 10M2009
Source: PPPC World 20 Chemical Market Pulp

Source: PPPC World 20 |

(1)

Average does not consider December 2008 data

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

550
US$840/t US$920/t

Announced list pulp price

1.000 900 800 700 600

European List Price (US$/t) BHKP

Commodity Price Index (CRB)

List price (as of December/2010):

450

350

500 400 300 Jan-08 May-08 Jul-08 Sep-08 Jan-09 May-09 Jul-09 Sep-09 Jan-10 May-10 Jul-10 Sep-10 Mar-08 Nov-08 Mar-09 Nov-09 Mar-10 Nov-10

North America: US$900/t Europe: US$850/t Asia: US$750/t

250

CRB

BHKP List Price

Source: Fibria

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

17

Pulp Supply x Demand Balance Expected to Remain Tight

Expected Supply x Demand Balance(1) 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 0.3

Rizhao (3Q10/2011) Trs Lagoas (2010) Eldorado (4Q12)

-0.1
Others(2)

28.0

24.8 Asia
4.5% p.a.

+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

OR(3) 94%

OR(3) 89%
(1)

Source: PPPC / Fibria changes (3) OR: Operating rate

(2) Capacity

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P&W Capacity Changes

P&W paper capacity withdrawals 2009-2010(1) China: P&W paper capacity changes 2010-2013(1)
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 Shandong Huatai 210 Guangxi Jindaxing 220 80 415 340 280 3,000 2010 = 1.5 million t Others Guangxi Yongkai Sugar China Metalurgical Meili Paper Shandong Huatai Paper Shandong Chenming Guangxi Huajin Group Sun Paper Nine Dragons Others Guangxi Tianyi Paper Double A Tan Mai Paper April Total P&W capacity changes in China December 2010 2010 2011 Q1 2011 Q1 2011 Q1 2011 late 2011 Q1 2011 late 2011 2011 Mar 2012 Q2 2012 2012-2013 early 2013 200 1,350 200 300 500 1,250 340 350 450 2,170 130 290 200 450 10,700 2012-13 = 1.1 million t 2011 = 5.6 million t late 2010 150 Yeuyang Paper Fujian Nanping Sun Paper/IP Guangxi Yongkai Sugar APP, Hainan Island Lee&Man Effective Date 2010 March 2010 March 2010 April 2010 May 2010 1H 2010 '000 t 200 100 350 200 1,200 200 2010 = 4.0 million t

Total P&W capacity withdrawals in Europe and North America

(1)

Source: TerraChoice Monthly Report October 2010

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Chinas Presence in the Market Pulp Sector

China's Hardwood imports of BHKP by country(1) 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.)

(1)

Source: Hawkins Wright

(2)

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

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Benefiting From Chinas Growth

Per Capita Consumption of Tissue by World Region(2)

China Paper&Board Production and Consumption(1)

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.

(1)

Source: China Paper Association.

(2)

Source: RISI

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3Q10 Financials

22

3Q10 Performance
Key figures
3Q10 Pulp Production (000 t) Pulp Sales (000 t) Paper Production (000 t) Paper Sales (000 t) 1,334 1,195 79 105 2Q10 1,208 1,253 79 87 3Q09 1,428 1,276 93 110 3Q10 vs 2Q10 10% -5% 20% 3Q10 vs 3Q09 -7% -6% -15% -5%

Pulp sales mix

3Q09 11% 30% 24% 37% 2Q10 11% 38% 20% 3Q10 12% 41%

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

1,797 717 40% 249 303

1,809 730 40% (315) 130

1,402 426 30% 568 368

-1% -2% 133%

28% 68% 10 p.p. -56% -18%

22%

27% North America Asia

27%

Europe

Brazil/Others

Cash cost (R$/t)

499 465 449 418 435

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

40% 30% 730 717 40%

426

1Q10
Source: Fibria

2Q10

2Q10 w/ downtimes

3Q09 3Q10 3Q10 w/ downtimes

2Q10

3Q10

23

Debt
Debt indicators
Average maturity(2) (months)
75

(R$ million)

3Q10

2Q10

3Q09

3Q10 vs 2QT10 -7% -8% -7%

3Q10 vs 3Q09 -20%

Net Debt / EBITDA(3) (x)

7,2

Gross Debt Cash(1) Net Debt

12,296 2,184 10,112

13,209 2,364 10,846

15,406 2,594 12,812

70 52

-16% -21% 3Q09 2Q10 3Q10 Sep 09

4,7 3,9

Jun 10
(3) LTM

Sep 10

(1) Includes

derivatives at fair value (R$60 million)

(2) Does

not include debt with former Aracruz shareholders

EBITDA

Debt amortization schedule (R$ billion)

6.4

Debt by currency and type

Gross debt by currency Gross debt by type

Short-term debt: 4.3 from 30% in Sept/09 to 19% in Sept10

5%
2.8 2.0 1.4 0.8 0.4 0.6 1.5 0.8 1.6 1.0 1.1 1.1 2.2

6% 36%

26%

14%

11% 74% 28%

2009

2010

2011

2012

2013
(4)

2014

2015

2016-2020

Sep 09
(4)Amortization

Sep 10

(5)

Local

Foreign

Pre-payment Former Aracruz shareholders NCE

Bonds BNDES Others

schedule as of Sep/2009 (5)Amortization schedule as of Sep/2010

24

Liquidity Event Conpacel Sale

The Deal Rational

The amount: R$1.5 billion for Conpacel + KSR Conpacel: pulp and paper plant with annual production capacity around 390,000 tons of paper and approximately 650,000 tons of pulp and land with an approximate owned area of 76,000 hectares (71,000 hectares of plantation - 53,000 hectares of owned areas and 18,000 hectares of leased areas);

Focus on the pulp business

Support for growth plans

Contributes for liability management plan

Proposal in line with companys expectation The Proposal also contemplates the acquisition of the installations and other assets of the KSR paper distribution operation; The closing of the acquisition of the Conpacel Assets shall occur until January 31, 2011 and until February 28, 2011 for KSR Assets.

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Historical Ratings
S&P
Aracruz VCP (2007-08) / Fibria (2009-10) Aracruz

Moodys
VCP (2007-08) / Fibria (2009-10)

2005

BBB-

N.A.

2005

Baa3

N.A.

2006

BBB-

N.A.

2006

Baa3

N.A.

2007

BBB-

BBB

2007

Baa2

Baa3

2008

BBB

BBB

2008

Baa2

Baa3

2009

BB

BB

2009

Ba2

Ba1

2010

N.A.

BB

2010

N.A.

Ba1

Last Report Date: April 2010 / Rating: BB / Outlook: Positive

Last Report Date: December 2010 / Rating: Ba1 / Outlook: Positive

26

Synergies

27

Synergies
Net Present Value of Synergies (R$ billion)

Other Supply chain

2% 21% 27% Industrial

Taxes

11% 16%
SG&A

23%
Forest

9M10 status: 117% of the projected curve for 2010

4.2 3.4 2.4 2.0 0.5 0.5

Dec/09 9M10 Dec/10 2011
Estimated Actual

4.3

4.5

2.3

2012

2013

2014

28

Sustainability

29

Sustainability

Fibria was chosen for the most important sustainability indexes: Dow Jones Sustainability Index (DJSI) and Bovespa Corporate Sustainability Index (ISE)

The Company is committed to control and report its Carbon and Water Footprint when servicing each customer

Fibria has defined 5 sustainability goals: Improve its relationship with Communities Social Outreach of the Forest Partnership Programs Recover the Biodiversity in Natural Reserves Strengthen the Relationship with Civil Society Obtain the Certification of all Forest Areas

30

Fibrias 1st Year

31

Fibria's 1st Year

Operating Excellence

Financial Turnaround

- Achievement of Trs Lagoas Unit

learning curve

- EBITDA margin increased to 40% - One of the lowest cash costs in the industry:
US$249/t

- Synergies: R$2.4 billion (NPV) captured - Personnel, system and process integration

Liquidity event: Guaba Unit sale Access to capital markets Early settlement of derivatives debt Reduced leverage Extended debt maturities

Corporate Governance

Expansion

Migration to Novo Mercado segment Corporate Governance, Information Disclosure and Securities Trading policies approved by the Board Adoption of international accounting practices (IFRS) Included in the DJSI and ISI sustainability indexes Best IR program in the sector in Latin America by Institutional Investor Magazine 2010

Trs Lagoas II: start up slated for 2014 Veracel II: Negotiations with partner in progress

32

Corporate Restructuring

33

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

34

Investor Relations Team: Website: www.fibria.com.br/ir E-mail: ir@fibria.com.br Tel.: +55 (11) 2138-4565

35