3Q09 Conference Call

November 16, 2009

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. 3Q09 Highlights ......................................................................................................page 4 2. Pulp Market..............................................................................................................page 5 3. Paper Market............................................................................................................page 7 4. Financial Performance..............................................................................................page 8 5. Indebtedness..........................................................................................................page 10 6. Recent events.........................................................................................................page 11

3Q09 Highlights

Merge of shares

Pulp production record

Pulp market recovery

EBITDA margin recovery

Capital structure improvement and debt maturity extension

Pulp market (1/2)

World market pulp shipments to capacity
97% 93% 92% 94% 91%91% 89% 86% 82% 83% 79% 77%
79% 79% 78% 77% 76% 79% 79% 78% 98%

World P&W paper shipments to capacity

97% 92% 89% 87% 85% 92% 89%

95%

92% 90% 88% 86%

95% 93% 92%

93%

95% 93%

88%

85%

73%

May-08

May-09

Nov-08

Jan-09

Jan-08

Jul-08

Mar-08

Mar-09

Jul-09

Mar-08

May-08

Mar-09

May-09

Jan-08

Nov-08

Jan-09

Sep-08

World pulp producers average days of supply

60 50 40 30 20 10 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 May-04 May-05 May-06 May-07 May-08 Jan-09 May-09 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09
35 30 25

Sep-09

World pulp consumers days of supply

25 20
May-04 May-05 May-06 May-07 May-08 May-09 15 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Jan-09

Sep-08

Sep-09

Jul-08

Jul-09

23
Sep-09

Source: PPPC

Source: Utipulp

Pulp market (2/2)

Market Pulp: world demand growth
76% 62%

China: Eucalyptus pulp shipments (000 t)

419 307 458 368 323 307318307
Average 320 k tons

5,5% -0,2% -13% Total -21% -14% -23% -15% -10% -23% -21%

Average: 163 k tons

186181192 132134 98 65 93

210

238

256

146 101

Nov/08

Jun/08

May/09

Jun/09

Jul/08

Jul/09

May/08

Aug/08

Dec/08

Aug/09

Jan/08

Jan/09

Oct/08

Jan 2009 vs. Jan 2008

9M09 vs. 9M08

List pulp price (RISI) vs BRL/US$

130 120 110 100 90 80 70 60 Feb.09 Aug.09 May.09 Sep.09 Mar.09 Nov.09 Jan.09 Jun.09 Apr.09 Jul.09 Oct.09 -26% +27%

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$.

Successive announcements of list price increases (as of Nov.09)

Europe List Price

BRL/USD

North America: US$730/t. Europe: US$700/t; Asia: US$660/t;

Sep/08

Sep/09

Feb/09

Mar/09

Feb/08

Mar/09

Apr/08

Apr/09

North America

Western Europe

Latin America

Japan

China

Paper Market
Paper: Sales volume (000 t) Paper market recovery

Paper Sales Volume (000 t)

Market

122

104

110

Imports more attractive with the US$ devaluation; Demand starting to grow again, but apparent consumption is still below 2008 levels. Sales volume and revenue mix: focus on specialty papers; Seasonality: positive impact on sales volume

Fibria Performance

3Q08

4Q08

1Q09

Paper: Sales and Revenue mix

Sales Volume
28% 24% 49% 30% 20% 50% 30%
Specialty/Other

Revenues

41%
Coated Uncoated

43% 19% 38% 2Q09

43% 19% 38% 3Q09

21% 49%

21% 38% 3Q08

3Q08

2Q09

3Q09

Financial Performance
Pulp: sales volume (000 t) Pulp: sales mix (000 t)
3Q09 3Q08
21% 30% 37% 38%

1.349 946

1.276

11%

36%

10%

16% Europe

3Q08

2Q09

3Q09

North America

Asia

Brazil

Net revenue (R$ million)

521 509 473

Pulp Cash Cost (R$/t)

Cash cost w/o stoppages (R$/t) 487

1.407

1.471

1.402
426

433

422 403

3Q08

4Q08

1Q09

3Q08 4Q08 1Q09 2Q09 3Q09

3Q08 2Q09 3Q09

Financial Performance
EBITDA (R$ million) and EBITDA margin (%) CAPEX 9M09: R$1,232 million
576
7% 7% 17%

498 389 35% 26% 30% 426

387
10% 5% 25%

269
14% 13% 31% 41%

69% 59%

3Q08

2Q09

3Q09

1Q09
Expansion

2Q09
Forestry Maintenance Other

3Q09

Net Income (R$ million)

+52 -148 426 -99 327 -188 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 -178 +47 -77 -204 -325 Other (*) Net income 3Q09 181

+875

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

Indebtedness
Before the plan x After the plan
Maturity Schedule 1
Original After plan Cash

4,8 4,2

2,8 1,2 1,4 1.0 1,5 1,4 1,6 1,7 1,1 1,1 1,8 0,9 0,9 0,8 0,6

0,1

0,1

0,4

0,4

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Effects of the Liability Management Plan

3T09 Cash position Average Maturity Average Cost 2 US$/ BRL Subordination structure
20%

R$ 2.6 bi 37 months 7.42% p.a. 62%/38%

R$ 4.8 bi 47 months 7.50% p.a. 62%/38%

No Collateral Receivables With Collateral

43% 56%

1%

1 FX 2

of September 30, 2009 R$ / US$ 1.7781

1%

79%

Does not include Sellers Financing

10

Recent Events
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) Fibria listing at Novo Mercado level of Corporate Governance

Date/estimate Jan 20 Apr 14 June 12 Jul 02 Aug 24 Aug 24 Oct 29 Nov 12 Nov 17 Nov 18 Dec.09*

*Estimate
Source: Fibria

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Investor Relations Team: Marcos Grodetzky IRO Andr Gonalves IR Manager Anna Laura Linkewitsch IR Specialist Livia Baptista IR Analyst

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