4Q09 Conference call

March 1st, 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
1. 4Q09 Highlights ......................................................................................................page 4 2. Pulp Market..............................................................................................................page 5 3. 4Q09 Performance...................................................................................................page 7 4. CAPEX 2010 / Working Capital................................................................................page 8 5. Indebtedness............................................................................................................page 9

4Q09 Highlights

Pulp Market

Record pulp sales volume

Liability management plan

Pulp Market
Marketpulp:globaldemandgrowth
55%
Days of Supply 55 50 45 40 600 35 30 25 Nov-08 Nov-09 Jan-08 Jan-09 Jan-10 Jul-08 Jul-09 Mar-09 May-08 May-09 Sep-08 Sep-09 Mar-08 Mar-10 30 500 400 300

BEKPCIFEUvs.WorldProducers Inventories
790 900 800 700 BEKP CIF EU

2% -11% -11%

10%

-17% Latin America Japan China

Total

North America

Western Europe

20

2009 vs 2008

Source: PPPC

Days of Supply

BEKP CIF EU list price

Sources: PPPC and Fibria

Demand:3%p.a. growth until 2023

85000 80000 75000 70000
000 t

Supply:capacityexpansionsannounceduntil2012
Company APP APRIL Domtar Country Indonesia China USA Russia Chile Fiber HW HW SW SW HW Capacity (000t) 500 1,300 280 210 275 Date 2007 2010 2010 4Q10 2012 3Q12

65000 60000 55000 50000 45000 2007 2009 2011 2013 2015 2017 2019 2021 2023

Ilim Group

Demand growth: 3% p.a.

Supply Demand

CMPC

TOTAL

2,565(~855/year)

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Source: PPPC, Nov. 09

Sources: RISI e PPPC

Pulp Market: China

China:market pulp demand (000t) NewP&Wcapacity(UFS/CFS)*
2010:+3.1milliont
12.000 10.000 8.000 6.000 4.000 2.000 0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

2011:+2.9milliont
200 1,200 200 350 Shandong Chenming 450 800 300 340 200 Shandong Chenming 400 SunPaper 240 Guangxi Huajin Group 150 200
(*)Uncoated

Yeuyang Paper APP,Hainan Island Guangxi Yongkai Sugar SunPaper /IP Lee&Man Jiangsu Oji Paper Guangxi Huacheng Paper Shandong Huatai Paper Guangxi Jindaxing Paper

Guangxi Yongkai Sugar ChinaMetalurgical Meili Paper Shandong Huatai Paper

200 300 500

free sheet / Coated free sheet Source: Terrachoice

Source: PPPC

Growthopportunitiesintissue
30

China:BHKPimportspercountry
2009 Growth 2008

25

6.000 5.000 4.000 3.000

+59%

Kg / capita

20

15

000 t

10

+107%

2.000
+1,5%
5

1.000 0 Indonesia Total BHKP

+51% +12%

+117%

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

Thailand

Russia

Chile

Canada

Brazil

USA

Uruguay

Others

N. America

W. Europe

Japan

Oceania

L. America

E. Europe

China

Africa

Source: RISI

Source: Hawkins Wright

Operating Performance
KeyFigures Cash cost (R$/t)

4Q09 Pulp Production ('000 t) Pulp Sales ('000 t) Paper Production ('000 t) Paper Sales ('000 t) Production cash cost (R$/t) Net Revenue (R$ million) (2) Adjusted EBITDA (R$ million) EBITDA margin (%) (3) Net Financial Income / (Loss) Income before minority interest (R$ million) Minority Interest(R$ million) Net Income / (Loss) (R$ million) 1,395 1,460 88 111 451 1,698 503
30%

3Q09 1,428 1,276 93 110 433 1,402 426

30%

4Q08 pro forma 1,027 1,032 98 123 509 1,593 546

34%

2009 5,188 5,248 369 418 444 6,000 1,697 28% 1,770 1,218 (660) 558

2008 pro forma

509 473 426 433 451 487 444

4,370 4,117 376 448 487 5,953 2,196 37% (7,286) (5,014) 3,704 (1,310)

(67) (109) (41) (150)

571 385 (204) 181

(4,511) (3,592) 2,624 (968)

4Q08 1Q09 2Q09 3Q09 4Q09

2008

2009

Pulp:salesmix
4Q09 3Q09 4Q08
510

EBITDA(R$/t)

472

22% 34% 30%

22% 34% 33%

410

310

305 264

307

320

12%

32%

11% 37%

8% 25%

210

110

North America

Asia

Brazil / Others

Western Europe

10

-90

4Q08

1Q09

2Q09

3Q09

4Q09

Source: Fibria

Capex 2010 / Working Capital

CAPEX

CAPEX (R$ million) Industrial Expansion Forest Expansion Subtotal Expansion Safety/Environment Forest Renewal Maintenance, IT, R & D, Modernization Subtotal Maintenance Subsidiaries, Joint Ventures and Others Fibria Total

4Q09

2009 2010 E 53 63 116 98 549 249 896 235 1,247

211 948 5 57 216 1,005 7 25 86 310 36 134 129 469 32 135 377 1,609

2009 figures should not be used as comparison for a benchmark as a required level for maintenance capex Due to the financial crisis, some activities,

particularly silviculture were minimized in 2009

WorkingCapital(R$million)
4Q09 3Q09 Changes in operating assets: Securities Short-term Investment Trade accounts receivable Inventories Taxes on income and other taxes Credits from related parties Advance to suppliers and others Judicial deposits Changes in operating liabilities: Trade Accounts Payable Taxes on income and other taxes Payroll, profit sharing and related charges Others Contingences paid Leasing Assets Drop Down Source: Fibria 9 (279) (106) 50 (110) 18 14 5 (2) (11) (207) 9 (13) 4Q08 pro forma 87 (71) 2 (63) 436 11

Increase of 14% in pulp sales and 12% in net average pulp price Accounting receivable of Guaba second installment Effects of Guaba asset sale Accounting record of operational leasing

16 (99) 12 (9) (5) 26 5 (88) 21 -

48 (27) (454) (47) 73 (4) -

Indebtedness
DebtProfile
Guaba sale conclusion: US$1.4 billion 10-year bond issuance: US$1 billion Two export prepayment transactions US$750 million 5 years / US$425 million 7 years Derivative debt pay off: US$2.1 billion
4Q09 3Q09 4Q08 pro forma 14,808 1,771 13,037 QoQ YoY

Average maturity*(months)

52

60 49 47 46

Gross Debt (R$ million) Cash Position (R$ million) Net Debt (R$ million)

14,715 3,968 10,747

15,678 2,594 13,084

-6% 53% -18%

-1% 124% -18%

4Q08

1Q09

2Q09

3Q09

4Q09

*Does not include the debt with former Aracruz shareholders

Debt Amortization Profile (R$billion)

GrossDebtbycurrencyandbytype
Gross Debt by type
4% 3% 3% 6% 32%
40%

3.908 3.682
0.824

Gross Debt by currency

12%

1.924
3.084 0.453

1.696 1.402 1.028 1.076

1.370 1.130 0.766 0.262 0.272 0.326 0.787 0.289

3.537

60%

15% 25%

1.471

0.144

2010

2011

2012

2013

2014 F oreignC urrenc y

2015

2016 a 2020

Local Currency Foreign Currency

L oc alC urrenc y

Pre-Payment Bonds Derivatives NCE

Families BNDES ACC/ACE Others

Investor Relations Team Marcos Grodetzky IRO Andr Gonalves IR General Manager Fernanda N. Vaz IR Consultant Anna Laura L. Rondon IR Specialist Livia Baptista IR Analyst

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