BofA Merrill Lynch Brazil Conference

March, 2011

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 forwardlooking statements, which speak only for the date on which they are made.

Agenda

1
The Company

2
Pulp and Paper Market

3
4Q10 Financials

4
Sustainability

5
Fibria's Highlights

6
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%

51.0%

Veracel

Portocel

(1) (2)

Position as of February 28, 2011. 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

Recent Developments
2009 Eliminate refinancing risk...
Asset sale (Guaiba): US$ 1.43 mn Fibria19: US$ 1 bn 9.25% 10NC5 US$ 1.175 bn trade finance loan

2010 ... improve debt profile...

Fibria20: US$ 750 mn 7.5% 10NC5 Exchange of Fibria19 94% adherence for Fibria20 EBITDA recovery post-crisis Up to 10Y trade finance loan

2011 ... optimize capital structure...

Asset sale (Conpacel + KSR): R$ 1.5 billion Fibria21: US$ 750 mn 6.75% 10NC5 Seek leverage neutral finance Seek further divestments Focus on pulp business

2012-2014 ... prepare for growth

Ensure competitive and sustainable wood supply Expansion projects delivering an adequate return to shareholders

30,0

7,8x

7,2x

7,2x 6,5x

30,08,x

8,x

7,x

7,x

EXPANSION PROJECTS Trs Lagoas II Capacity: 1.5 million t Forest base need: 150 thousand ha TLS I surplus: 30 thousand ha Social-environmental licensing process initiated Start up expected for 2014 Veracel II Capacity: 1.5 million t Negotiations with partner in progress

25,0

25,0

6,x

5,6x 4,7x 3,9x

6,x

(R$ billion)
20,0 20,0 5,x

5,x

3,0
15,0

3,0

2,6

15,04,x

3,6x 2,2 9,9

4,x

4,0
3,x 10,0 2,x

2,7

2,4

2,2 10,2

3,x

10,0

15,7
5,0

2,x

13,2

13,1

11,0

5,0

10,9

10,8

1,x

1,x

- ,x

,x

1Q09

2Q09

3Q09

4Q09
Cash

1Q10

2Q10

3Q10

4Q10

Net Debt
(1) (2)

ND/EBITDA

Current company ratings are BB (S&P) and Ba1 (Moodys), both with positive outlook Fibrias 50% stake at Veracel

A Winning Player
Superior Asset Combination Competitive Strengths

Pulp Mill Paper Mill Port Terminal

Leadership in Market Leadership in Market Pulp Pulp Scale and Integrated Scale and Integrated Operations Operations Modern Industrial ModernPlants Industrial Plants Low Production Low Production Cost DNA Cost DNA

Belmonte Veracel Caravelas Portocel Trs Lagoas Piracicaba Jacare Santos Aracruz

Forest to Port Forest to Port Integration Integration Through Through Efficient Logistics Efficient Logistics Unique Forestry Management: Advanced Forestry Techniques and Short Harvest Cycle

Strong Reliable Strong //Reliable Customer Base Customer Base

Pulp production capacity: 5.2 million t/year Paper production capacity: 163 thousand t/year Total area: 0.9 million ha (1) / Eucalyptus plantation: 494 thousand ha (1) 4 pulp plants, 1 paper plant 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 December, 2010. It does not include Conpacel and partnership program which represents 115 thousand ha.

Leadership in the Global Market Pulp Sector

Industry Outlook (1)
('000 t)

Pulp Production Capacity (2)

Paper & Board 392 million t 1st

57% Recycled Fiber 224 million t 43% Pulp 167 million t Fibria Arauco APRIL CMPC 20% Mechanical 33 million t 80% Chemical 134 million t Sodra Botnia Tembec Suzano Weyerhaeuser 66% Integrated Mills 85 million t 46% Softwood/Other 22 million t 34% Market Pulp 46 million t 54% Hardwood 24 million t APP Canfor Domtar IP Ilim Georgia Pacific ENCE 36% Acacia/Other 8 million t 64% Eucalyptus 16 million t Mercer West Fraser Cenibra Stora Enso 69%
Other Eucalyptus Pulp producers: 11 million t

5,200

~ Twice the size

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

31%

1.000

2.000

3.000

4.000

5.000

6.000

(1) (2)

RISI and PPPC: considers 2010 demand PYRY as of FY 2009

Relevant Market Share and Low Operations Cost DNA

Fibria's Market Share (1)
459
3% 11% 212 304 191 122 144 239 124

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

448 454 444 424 Wood 405 381 298 279 Others

262

253

132 322 236 155 263 185 261 257 166

134

152

142

145

110

111

Total Pulp: 188 million t

Total Market Pulp: 48.5 million t

21% 31%

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) (3)

PPPC Global 100: Market Share estimated considering 2010 demand Source: Hawkins Wright Estimate Dec 2010 Fibria 4Q10 Cash cost without downtimes

10

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 2010

17%
Tissue

28%

55%

Europe 39%

Switzerland Hungary Asia 22% Beijing

North America 28% Miami Sales Destination(1)

Hong Kong

Brazil 11%

Headquarters

Subsidiaries

Representative offices

NY004GAK_1.wor NY004GAK_1.wor
(1)

Sales destination as of 2010.

11

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.

12

Applied Technological Innovation

Enhanced Forestry Techniques

current new clone

clone

20 months growth

13

Pulp and Paper Market

14

86%

Sep-08 -08 82%

days
79% Nov-08 -08 91% Dec-08 -08 77% Jan-09 -09 88% Feb-09 -09 92% Mar-09 -09 97% Apr-09 -09 86% May-09 09 95% Jun-09 -09 Jul-09 -09 Aug-09 -09 Sep-09 -09 Oct-09 -09 Nov-09 -09 Dec-09 -09 Jan-10 -10 Feb-10 -10 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% Oct-10 -10 Nov-10 -10 Dec-10 -10 87% Jan-11 -11 92% 86% 10 Jan-06 Jul-06 20 30 40 50

Shipments to Capacity Ratios and Inventories

Source: PPPC World 20 Oct-08 -08 Jan-07 Jul-07 95% 93% 90% 92% Source: PPPC World 20 Total Chemical Market Pulp Jan-08 92% 90% Jul-08 96% Jan-09 89% 95% Jul-09 96% Jan-10 98%

World chemical market pulp shipments to capacity

World pulp producers' average days of supply

Jul-10

102%

Jan-11

33
days
15 Jan-06 20 25 30 35

Jan-09 09 Feb-09 09 Mar-09 09 Apr-09 09 May-09 09 Jun-09 09 Jul-09 09 Aug-09 09 Sep-09 09

79%80%80% 78% 76%

Source: PPPC Global 100 World Printing & Writing Report

Source: Utipulp Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11

83% 82% 81%

89%

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 Sep-10 10 Oct-10 10 Nov-10 10 Dec-10 10 84% 82%

World P&W paper shipments to capacity

88%88% 88% 89% 88% 86% 87% 85% 90%

World pulp consumers' days of supply

91% 91% 88% 88%

20

82%

15

Jan-11 11

Industry Outlook
Market pulp: world demand growth (%)
31%
458 419 368

China: Eucalyptus pulp shipments ('000 t)

Average 305 ktons Average

13% 3% 2%

Average (1) 132 ktons

307 238 210 93

192 134 132 98

323 193 ktons 318 310 311 299 300 256 233 247 242 229 219 224 198 198 202 163 153 152 125 100

-6% -9% Total North America Europe Latin America Japan China
08 May-08

65

Jan11 x Jan10
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 April/2011):

450

350

500 400 300 Jan-08 Feb-08 Apr-08 May-08 Jul-08 Sep-08 Oct-08 Dec-08 Jan-09 Mar-09 May-09 Jun-09 Aug-09 Sep-09 Nov-09 Jan-10 Feb-10 Apr-10 Jun-10 Jul-10 Oct-10 Dec-10

North America: US$930/t Europe: US$880/t Asia: US$780/t

250

CRB

BHKP List Price

Source: Fibria

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

16

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

17

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

18

Industry Outlook
Benefiting From Chinas Growth
Chinas Hardwood Imports of BHKP by Country (1)
(000s t) (million t)

China P&B Production and Consumption (2)

(kg/person/year)

7.000 6.000 5.000 4.000 3.000 2.000 1.000 0

6.298 4.955 3.640 2.305

2009

2010

Latin America is the leading exporter of BHKP to China, accounting to approximately 46% of China's total imports in 2010.

120 100 80 60

70 60 50 40 30 20 10 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Consumption Production Per Capita

1.079 1.228 758 987

40
325 362 258 206 88 15

20 0

BHKP Total

Latin America

Others* Indonesia

USA

Canada

Western Europe

* includes Russia, China, Thailand and New Zealand

China's Share of Market Pulp (3)

Per Capita Consumption of Tissue by World Region (4)

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

10.000 8.000 6.000 4.000 2.000 0

Between 2005 and 2010, the Chinese market share of eucalyptus shipments increased by 8 p.p. (total market pulp: +7 p.p.) 14% 12% 10% 10% 10% 13% 16% 12%

21% 17%

30 25 20

22% 26%

15
16% 17%

10 5 0

9% 7%

11% 9%

2005

2006 Eucaplyptus

2007

2008 Hardwood

2009 Total

2010

North America

West Europe

Japan

Oceania

LatAm

East Europe

China

Africa

(1) (2)

PPPC Pulp China China Paper Association.

(3) PPPC W20. Coverage for chemical market pulp is 80% of world capacity. (4) RISI.

19

4Q10 Financials

20

4Q10 Performance
Key Indicators
4Q10 Pulp Production (000 t) Pulp Sales (000 t) Paper Production (000 t) Paper Sales (000 t) 1,375 1,291 77 101 3Q10 1,334 1,195 79 105 4Q09 1,395 1,460 88 111 4Q10 vs 3Q10 3% 8% -2% -3% 4Q10 vs 4Q09 -1% -12% -12%

Pulp Sales Mix

4Q10 11% 22% 37% 20%

3Q10 12% 41% 32%

4Q09 12% 34%

-9%

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

1,769 665 38% 44 162

1,797 717 40% 249 303

1,698 503 30% (157) 35

-2% -7% -2 p.p. -82% -46%

4% 32% 8 p.p. 369%

30% Europe

27%

22%

North America

Asia

Brazil/Others

Cash Cost (R$/t)

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

40% 38%

499 465 449 418 435 430

30%

717 665 503

2010 R$452/t
(+1.8% vs 2009)

1Q10 Cash Cost

2Q10

3Q10

4Q10

4Q09

3Q10

4Q10

Cash Cost w/o downtimes

21

Debt
Debt Indicators (does not include proceeds from Conpacel sale)
Short Term Debt (%)
(R$ million) Gross Debt Cash(1) Net Debt
(1) Includes

Net Debt / EBITDA(2) (x)

6.5

4Q10

3Q10

4Q09

4Q10 vs 3Q10 -2% 1% -3%

4Q10 vs 4Q09 -20% -44% -11%

28% 19% 17%

12,060 2,208 9,852

12,339 2,184 10,155

14,985 3,968 11,017

3.9

3.6

4Q09

3Q10

4Q10

4Q09

3Q10
(2) LTM

4Q10

derivatives at fair value

EBITDA

Debt Amortization Schedule (R$ billion)

Debt by currency and instrument (%)

Gross debt by currency Gross debt by type
28%
3,7

Total Debt: YE2009 R$15.0 billion YE2010 R$12.1 billion Cash: YE2010 R$2.2 billion

6,5

26% 12% 4% 4% 37%

Former Aracruz shareholders BNDES NCE

15%

1,9 2,1 1,0 0,6 1,4 0,8

1,7 1,0 1,1 1,1

74%

2011

2012

2013

2014

2015

2016-2020

Local

Foreign

Bonds Pre-payment Others

Amortization Schedule as of Dec-09

Amortization Schedule as of Dec-10

22

Liquidity Event Conpacel Sale

The Deal Rational

The amount: R$1.5 billion for Conpacel + KSR Conpacel: pulp and paper plant with a total 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); The Proposal also included the acquisition of the installations and other assets of the KSR paper distribution operation; The closing of the Conpacel acquisition occurred on January 31, 2011 and KSR on February 28, 2011.

Focus on the pulp business

Support for growth plans

Contributes for liability management plan

Proposal in line with companys expectation

23

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: February 2011 / Rating: BB / Outlook: Positive

Last Report Date: February 2011 / Rating: Ba1 / Outlook: Positive

24

Synergies
Net Present Value of Synergies (R$ billion)
Other 2% Supply chain 21% Industrial 27%

2010 Status: 117% of the projected curve

Taxes 11%

SG&A 16%

Forest 23%

4.2 3.4 2.7 2.3

4.3

4.5

0.5

2009

2010

2011 Estimated

2012 Actual

2013

2014

25

Sustainability

26

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

27

Fibrias Highlights

28

Fibrias Highlights

Operating Excellence

Financial Turnaround

- Achievement of Trs Lagoas Unit

learning curve

- EBITDA margin increased to 39% - One of the lowest cash costs in the industry:
US$253/t

- Synergies: R$2.7 billion (NPV) captured - Personnel, system and process integration

Liquidity event: Guaba and Conpacel sale Access to international and local 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 ISE sustainability indexes

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

29

Corporate Restructuring

30

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

31

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

32