Bank of America Merril Lynch Pan Latam Conference

March 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 4Q09 Financials Recent Events

The Company

VCP and Aracruz Merged to Create Fibria

Shareholder Structure
Votorantim Industrial S.A.
29.3%

BNDESPar
33.6% (1) 37.1%

Free Float

50.0%

50.0%

Veracel Celulose S.A.

Conpacel

Present value of R$4.5 billion of announced post-merger synergies Up to 2012, 90% of actions to extract synergies are expected to be in place Others Logistics Industrial Tax
6%2% 11% 27%

15%

Commercial
23% 16%

Forestry SG&A

(1)

Position as of Dec 30, 2009. 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 Chairman of the Board

Board Advisory Committees

Auditing
Raul Calfat Wang Wei Chang Indicated by Votorantim Indicated by Votorantim

Personnel and Remuneration

Joo Miranda Alexandre DAmbrosio Indicated by Votorantim Indicated by Votorantim

Finance
Armando Mariante Carvalho Junior Eduardo Rath Fingerl Indicated by BNDES Indicated by BNDES

Sustainability
Jos Armando de Figueiredo Campos Alexandre Gonalves Silva Independent Member Independent Member

Executive Board
Board of Directors

CEO Carlos A. Aguiar

Ind. Ops & Engineering

Comm. & Intl Logistics

Paper, Planning, Procurement, and Forestry Ops. & Tech

Controllershi p & Risk Management

Treasury & IR

Human and Org. Development

Francisco Valrio Each officer with more than 20 years experience in the sector

Joo Felipe Carsalade

Marcelo Castelli

Evandro Coura

Marcos Grodetzky

Miguel Caldas

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 m3/ha/year) High yield in eucalyptus production (avg 45 Short harvest cycle: 6 years vs. 25-70 years in Southern U.S., Canada and Scandinavia and certified forests

Forest to Port Integration Trough Efficient Logistics

Modern Industrial Plants

Data as of Dec 30, 2009. (1)Does not include partnership program which represents 128 thousand ha.

Undisputable Leadership in the Global Market Pulp

Dominant Position in a Growing Market

Market Share (1) Pulp Production Capacity
2009E in ktons

3% 11%
1st
Fi bri a

5,400
Ara uco APRIL CMPC Sodra Botni a Tembec Suza no Weyerha eus er APP Ca nfor

~ Twice the size

Total Pulp: 188 million t

Total Market Pulp: 48.5 million t

22%
Domta r IP

32%
Il i m Georgi a Pa ci fi c ENCE Mercer Wes t Fra s er Ceni bra BSKP Stora Ens o 0 1.000 2.000 3.000 4.000 5.000 6.000 BHKP UKP Mech.

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.

Low Production Cost DNA

Unique Expertise Enabling the Lowest Cash Cost in the Market and High Profitability
Fibrias Margin vs. Macroeconomic Fundamentals (1)
783
Cash Cost (US$/t)

Cash Costs (2)

Wood Others

Average Price BEKP (US$/ton) (1)

641

530

705
497

680
456 443 416 408 454

583
175 254

565
290 269 103 207 303 239 119 135 155 163 2,44 322 305 276 266 249 177 171 151 135 106 2,18
(3)

177

261

259

96

2,00 1,95

Exchange Rate Average (RS/US$)(1)

1,84 1,74
Iberia

Hardwood Cash Cost (US$/t) vs. Capacity (kT)

2.196 39% 37% 1.697

EBITDA Margin US$/ton 600

37% 34% 30%

500

EBITDA (R$ million) Iberia

400

28% 1.115 1.013

300

880
259
200

503
100 0 0 2.000 4.000 6.000 8.000 10.000 12.000

2005
Capacity (kT)
(1) Source:

2006
Companies earnings releases, RISI and Brazilian Central Bank Source: Hawkins Wright Estimate for 4Q09 (3) Fibria's 4Q09 figures
(2)

2007

2008

2009

4Q09

10

State-of-the-Art Production Facilities

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

Modern Plants

Competitive Advantages

Average Plant Capacity

(000 tons)

Capacity 2.3 mt Technical age: 9

Aracruz

Streamlined and efficient operations due to modern plants

LARGEST SINGLE LINE PULP PRODUCTION FACILITY IN THE WORLD

2,500 Capacity 1.3 mt Technical age: 0

Trs Lagoas
2,000

Environmental-friendly production process

1,500 Capacity 1.1 mt Technical age: 5

Jacare
Indonesia Indonesi a Uruguay

1,000 Capacity 1.1 mt Technical age: 3

Veracel
Brazil

BEST YIELD PER HECTARE OF THE WORLD

Reduced emissions and disposition of residues

500
Portugal Canada Russia USA Sweden Japan Chile South Finland Africa France Spain China

40

30

20

10

Efficient use of chemicals

Technical age of the equipment (years)

and Allowing for a Unique Track Record of Quality Products

11

Unique Brownfield Potential Growth

Fibria has the Best Sites Ready to Almost Duplicate Capacity

Historical and Planned Capacity Increase

In million of tones

1988: Acquisition of Celpav

1978: Start-up of mill "A" at Aracruz (Barra do Riacho) unit

Best sites for additional capacity

5.3

10.7 1992: Acquisition of Papel Simo (Jacare unit) 1996: New pulp line at Jacare mill Barra do Riacho IV
1.5

1991: Start-up of mill "B" at Barra do Riacho unit 2003: Expansion of Jacare mill 2003: Acquisition of Riocell (Guaiba Unit) 2005: Start-up of Veracel

Losango I
1.5

2002: Start-up of mill "C" at Barra do Riacho unit 5.4 2007: Asset swap Luis Antnio for Trs Lagoas 2008: Establishment of Conpacel consortium 2009: Start-up of Trs Lagoas mill
1.5

Trs Lagoas II

0.8

Veracel II
Brownfield Brownfield Greenfield Brownfield

1979

1982

1985

1988

1991

1994

1997

2000

2003

2006

2009

Expansion
Ara cruz VCP Fi bri a

12

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

Uses of Fibrias Pulp

Sole supplier to key customers focused on eucalyptus pulp to the tissue market
Specialty
24%

Top 10 main customers represent on average 65% of sales

Tissue
43%

Europe 31% P&W Switzerland Hungary Beijing North America 23% Miami Hong Kong
Sales Destination (1)

33%

Asia 36%

Brazil 10%

Offices

NY004GAK_1.wor NY004GAK_1.wor Which Implies in Less Volatility in Sales Volume Throughout Economic Cycles
1

Breakdown of sales destination in the last 12 months ending December 31, 2009.

13

Pulp and Paper Market

14

60 50 40 30 20 10
85%

jan/08 feb/08 mar/08

94% 93% 92%

Source: PPPC

Jan-05 May-05
apr/08 may/08 jun/08
89% 91%91%

Positive Commodity Cycle and Demand Recovery

Source: PPPC

Sep-05 Jan-06
jul/08
82%

May-06
86%

aug/08 sep/08
83%

Sep-06
79%

oct/08 nov/08
90%

Jan-07
dec/08
77%

May-07
feb/09 mar/09 apr/09
86%

jan/09

88%

Sep-07 Jan-08
may/09 jun/09 jul/09 aug/09 sep/09

92%

97%

95%

May-08 Sep-08 Jan-09 May-09 Sep-09

30
oct/09 nov/09 dec/09

World market pulp shipments to capacity

93% 92% 90% 95%

World pulp producers average days of supply

92% 90% 86%

jan/10

Jan-10
15 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09
23

Source: PPPC

20

25

30

35

93%

jan/08 feb/08

98%

93%

mar/08 apr/08
88%

95%

Source: Utipulp

may/08 jun/08

92%

89%

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
73%

may/09 jun/09 jul/09 aug/09 sep/09 oct/09 nov/09

World P&W paper shipments to capacity

79%79% 78%

89%

European pulp consumers days of supply

87% 86%

81%

dec/09

15

Jan-10

Pulp Supply / Demand Expected to Rebalance in the Medium Term

Market Pulp: world demand growth

55%
Average 305 k tons 458 368 318 307 307 307 323 299 256 247 238 233

China: Eucalyptus pulp shipments (000 t)

419
Average 163 k tons

10% 2%

146 101
-11% Total North America -11% Europe Latim America -17%

192 186 181 132 134

210 98 65 93

Nov/08

Feb/08

Mar/09 Apr/08

May/08

Aug/08

Sep/08

Dec/08

Feb/09 Mar/09

May/09

Aug/09

Sep/09

Oct/09 Nov/09

Jan/08

Jun/08 Jul/08

Jan/09

Jun/09

Oct/08

Apr/09

Jul/09

Japan

China

2009 vs 2008

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

140 130

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$.

+36%
120 110 100 90 80

-20%
70 60 May/09 Mar/09 Nov/09 Jan/09 Apr/09 Jun/09 Jul/09 Aug/09 Feb/09 Sep/09 Oct/09 Dec/09 Jan/10 Feb/10

Successive announcements of list price increases (as of Mar.10) North America: US$870/t

BRL/USD

FOEX BHKP List Price

Europe: US$840/t Asia: US$800/t

Dec/09

16

China's presence in the market pulp sector

China's Hardwood imports of BHKP by country

Growth in 2009
7.000

China's share of market pulp (%)

Pulp shipments ('000 t) and market share (%)
10.000 9.000 6.000

2008

Total Market Pulp BHKP 21% BEKP

+59%

8.000 7.000 6.000

5.000

4.000

14% 'ooo t
5.000 4.000

'ooo t

12% 22% 10% 26% 10%

3.000

+107%
2.000

3.000 2.000

12% 16% 9% 10% 13% 7% 11% 9%

+2%
1.000 1.000

+51% +12%
0 Uruguay Brazil Chile BHKP Total Indonesia Russia Canada USA Tailndia Others

+117% +38% +151% +142% +2%

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, 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.

17

P&W Paper Capacity Changes

P&W paper capacity withdrawls 2009-2010 (1) China: P&W paper capacity changes 2009-2011(1)

Company M Real Europe/2009

Region/Date

000's tonnes 540

Company / Mill Puyang Longfeng Tralin, Gaotang Feb 2009 150 Jan 2009 350

Effective Date

000's tonnes

International Paper MCC Yinhe Paper Others Europe/2009 440 Jul 2009 200

Europe/2009

250

2009 = 1.9 million t 2009 = 1.3 million t

Guangxi Jindaxing Paper Domtar Yeuyang Paper International Paper Fujian Nanping Paper Others Yeuyang Paper Stora Enzo APP, Hainan Island Sappi Sun Paper/IP Others Europe/2010 80 Q2 2010 350 Europe/2010 220 Q1 2010 1,200 Europe/2010 520 2010 200 North America/2009 255 Oct 2009 200 North America/2009 200 Oct 2009 200 North America/2009 265 Q3 2009 200

2010 = 2.3 million t 2010 = 1.4 million t

Lee&Man Domtar Jiangsu Oji Paper International Paper Total P&W capacity withdrawls in Europe and North America China Metalurgical Meili Paper 3,300 Shandong Huatai Paper Q1 2011 500 Q1 2011 300 North America/2010 340 May 2010 400 North America/2010 200 1H 2010 200

2011 = 2.4 million t

Shandong Chenming Guangxi Huajin Group late 2011 340 Q1 2011 1,250

Total P&W capacity changes in China

6,040

(1)

Source: TerraChoice Dec 2009

18

4Q09 Financials

19

Paper Business
Paper: Sales volume ('000 t)
123

Paper market recovery

Market
110 111

Competition from imports

Demand starting to grow again, but apparent consumption is still below 2008 levels

Fibria Performance

4Q08 3Q09 4Q09

Sales volume and revenue mix: focus on specialty papers Seasonality: positive impact on sales volume

Paper: Sales and Revenue mix

Sales Volume
Specialty/Other Coated
21% 21% 23% 40% 43% 42%

Revenues

27%

30%

28%

Uncoated
19% 19% 20%

52%

49%

49%

41%

38%

38%

4Q08

3Q09

4Q09

4Q08

3Q09

4Q09

20

Financial Performance

Pulp: sales volume ('000 t)

Pulp: sales mix (000 t)

2008
1.460 1.276 1.032
30% 40% 23% 31%

2009

10% 8% 22% 36%

4Q08

3Q09

4Q09

North America

Asia

Brazil

Europe

Net revenue (R$ million)

1.698
509

Pulp Cash Cost (R$/t)

Cash cost w/o stoppages (R$/t)
492
473

1.593

1.402
451 426 433

441

403

4Q08

3Q09

4Q09

4Q08

1Q09

2Q09

3Q09

4Q09

4Q08

3Q09

4Q09

21

Financial Performance

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

546 503 426 34%
1.005

CAPEX (R$ million)

1.609

1.247
116

896

377
216

469

30%
129
32
4Q08 3Q09 4Q09

30%
135 2009 Others Manteinence 235 2010E Expansion

4Q09

Net Income (R$ million)

+22 +165 -79 503 424 +53 -30 -92 -84 -41 -193

-150 -374 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 Other (*) Net income 4Q09

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

22

Debt Profile

Maturity Schedule of Total Debt (R$ million)

3.908
824

Local Currency

Foreign Currency

1.924 1.696
3.084 453

1.741 1.076

1.402 1.028
1.370

910
787 811

1.471

1.130 766 262 272 326

553
508 99 45

289

130

348

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Gross Debt by Index

2% 2% 10% 50%

Gross Debt by type

4% 3% 3% 6%
40% 60%

Gross Debt by currency

34%

12%

36%

15%

25%
Families/OPA ACC/ACE Bonds NCE BNDES Others

Pre Fixed

Libor

TJLP

Currency basket

CDI

Pre Payment Derivatives

Local Currency

Foreign Currency

23

Recent Events

24

Recent Events

Event
Acquisition by VCP of additional 28% of Aracruz common shares

Date Jan 20
VCP Capital Increase

Apr 14
VCP conversion of prefered into common shares

Jun 12
Tender Offer for Aracruz common shareholders

Jul 02
Incorporation proposal for the 0.1347 ratio

Aug 24
Merger of Aracruz shares into VCP approval

Aug 24
Shareholderes Agreement - VID and BNDES

Oct 29
End of withdrawal rights period

Nov 12
End of Aracruz trading

Nov 17
Fibria trading start (Bovespa: FIBR3 / NYSE: FBR)

Nov 18
Approval of the merger of Aracruz into Fibria

Dec 22

Source: Fibria

25

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

26