Deutsche Presentation Sep10 Final

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1

Deutsche Bank Global Emerging Markets ConferenceSeptember 15-17, 2010 – New York



Disclaimer

The information contained in this presentation may include statements which constituteforward-looking statements, within the meaning of Section 27A of the U.S. Securities Actof 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 anduncertainty with respect to business, financial, trend, strategy and other forecasts, andare based on assumptions, data or methods that, although considered reasonable by thecompany at the time, may turn out to be incorrect or imprecise, or may not be possible torealize. The company gives no assurance that expectations disclosed in this presentation

2

will be confirmed. Prospective investors are cautioned that any such forward-lookingstatements 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 businessand other risks referred to in the company’s filings with the CVM and SEC. The companydoes 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

4

8

15

3

2Q10 Financials

Synergies

Corporate Restructuring

22

26

28



4

The Company



VCP and Aracruz merged to create Fibria

Shareholder Structure

VotorantimIndustrial S.A. BNDESPar Free Float

29.34% 30.42%1 40.17%

Treasury

0.07%

5

Veracel

50.0%50.0%

Conpacel

1 Position as of August 31, 2010. BNDESPar has 21% linked to a Shareholder’s Agreement with Votorantim Industrial S.A. during the first 3 years and 10.9% during the following 2 years.

NYSE"FBR"

42%BOVESPA

"FIBR3"58%

Average Trading Volume (2Q10):

US$68 million / day



Improved Corporate Governance

Migration to BMF&Bovespa's

Novo Mercado Listing Segment:

- 100% tag along rights

- Independent members in the Board

- One class of share: 1 share = 1 vote

Policies approved by the

Board of Directors:- Corporate Governance

- Information Disclosure

- Stocks Trading

Accessibility to Management

by Financial Communities

6

Listed in the Most Important

Sustainability Indexes:

DJSI / ISE

Adoption of International

Accounting Practices

Investor Relations Awards:- Top 5 in Financial Disclosure (Latam)

- Top 5 in Best Corporate Sustainability



Improved Corporate Governance

9 Members: 20% Independent

Chairman: José Luciano Penido

Board and Committees

Board ofDirectors

ShareholderMeeting

Fiscal Council

7

CEO: Carlos Aguiar

Audit and Risks

Personnel and Remuneration

Finance

Sustainability

BoardAdvisory

Committees

ExecutiveOfficers



8

Market Positioning



Creation of a Winning Player

Competitive StrengthsSuperior Asset Combination

Leadership in MarketPulpScale and Integrated

Operations

Low ProductionCost DNA

Caravelas

BelmonteVeracel

Port Terminal

Pulp Mill

Paper Mill

9

• Pulp production capacity: 5.4 million t / year

• Paper production capacity: 358 thousand t / year

• Total area: 1.0 million ha1|Eucalyptus plantation: 585 thousand ha1

• 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 June 30, 2010. Does not include partnership program which represents 125 thousand ha.

Unique Forestry

Management:Advanced Forestry Techniques and

Short Harvest Cycle

Forest to PortIntegration TroughEfficient Logistics

Strong / ReliableCustomer Base

Modern IndustrialPlants

Três Lagoas

Conpacel

SantosJacareíPiracicaba Aracruz

Portocel





Fibria has the best sites ready to duplicate capacity

5,400750

1,500

1,500

1,500 10,650

Veracel IITrês Lagoas II

Losango

Aracruz IV

Capacity expansion ('000 t) Status of expansion projects

Três Lagoas II

Capacity: 1.5 million tonsForest base:

- Need: 150,000 ha-TLS I surplus: 30,000 ha

- Leasing: 45,000 ha in 2010

11

Fibria 2010 Brownfield Brownfield Greenfield Brownfield Fibria 2025

Social-environmental licensing process initiatedFeasibility study to start in 2011Startup slated for 2014

Veracel II

Capacity: 1.5 million tonsNegotiations with partner in progress



TembecBotniaSodraCMPCAPRILArauco

Fibria

Leadership in the Global Market Pulp Sector

Pulp Production Capacity

2009 ('000 t)

1st

~ Twice the size

5,400

Market Share 1

3%11%

12

0 1.000 2.000 3.000 4.000 5.000 6.000

Stora EnsoCenibra

West FraserMercer

ENCEGeorgia Pacific

IlimIP

DomtarCanfor

APPWeyerhaeuser

Bleached Hardwood Kraft Pulp (BHKP)

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

Source: PÖYRY, 2007 / As for Market Pulp: Pulp and Paper Products Council (PPPC) 2009 and Fibria.1 Market Share estimated considering 2009 nominal capacity

Total Pulp:188 million t

Total Hardwood Pulp:25 million t

Total Market Pulp:48.5 million t

Total Eucalyptus Pulp:17 million t

22%

32%



Low Production Cash Cost DNA

Cash Cost 1 – US$/t

284 310

320225 199

152 113

238 161

118133 151 155

468437

436 423

475

416 393

296266 255 2502

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

300

400

500

600

US$/ton

Iberia

13

155238

178232

178133 104 95

Wood Others

Iberia

1 Source: Hawkins Wright Estimate 2Q102 Fibria 2Q10 Cash cost without downtimes

0

100

200

0 2.000 4.000 6.000 8.000 10.000 12.000

250

Capacity ('000 t)





15

Pulp and Paper Market



Shipments to Capacity Ratios and Inventories

World P&W paper shipments to capacityWorld market pulp shipments to capacity

88%

82%

88%

82%

78%

90%

79%

90%92%

95%

86%

93%90%91%

92%

89%89%89%

86%

94%96%

92%

85%

93%

85%

0 8

0 8

0 8

0 8

0 8

0 8

0 9

0 9

0 9

0 9

0 9

0 9

0 9

0 9

0 9

0 9

0 9

0 9

1 0

1 0

1 0

1 0

1 0

1 0

1 0

92%90%

87%

95%

91%

85%

79%

76%

79%80%80%78%

82%83%81%

89%88%88%

84%82%

88%89%

88%86%

85%

8 8 8 8 8 8 9 9 9 9 9 9 9 9 9 9 9 9 1 0

1 0

1 0

1 0

1 0

1 0

1 0

16

J u

l -

A u g -

S e p -

O c t -

N o v -

D e c -

J a n -

F e

b -

M a r -

A p r -

M a y -

J u n -

J u

l -

A u g -

S e p -

O c t -

N o v -

D e c -

J a n -

F e

b -

M a r -

A p r -

M a y -

J u n -

J u

l -

J u l -

A u g -

S e p -

O c

t -

N o v -

D e c -

J a n -

F e

b -

M a r -

A p r -

M a y -

J u n -

J u l -

A u g -

S e p -

O c

t -

N o v -

D e c -

J a n -

F e

b -

M a r -

A p r -

M a y -

J u n -

J u l -

World pulp consumers' days of supplyWorld pulp producers' average days of supply

Source: PPPC Global 100 – Chemical Market Pulp Source: PPPC Global 100 – P&W

Source: PPPC Global 100 – Total Chemical Pulp Producers' stock

2015

20

25

30

35

A p r - 0

5

N o v - 0

5

J u n - 0

6

J a n - 0

7

A u g - 0

7

M a r - 0

8

O c t - 0

8

M a y - 0

9

D e c - 0

9

J u l - 1

0

29

10

20

30

40

50

A p r - 0

5

N o v - 0

5

J u n - 0

6

J a n - 0

7

A u g - 0

7

M a r - 0

8

O c t - 0

8

M a y - 0

9

D e c - 0

9

J u l - 1

0

d a y s

d a y s

Source: PPPC Global 100 – Total Chemical Pulp Consumers' stock



Industry Outlook

China: Eucalyptus pulp shipments ('000 t)Market pulp: world demand growth (%)

264196204

161128 151

268

495

296356

518

412

340355 350363

293266

331

280210

276267191

235251203

- 0 8

- 0 8

l - 0 8

- 0 8

- 0 8

t - 0 8

- 0 8

- 0 8

- 0 9

- 0 9

r - 0 9

r - 0 9

- 0 9

- 0 9

l - 0 9

- 0 9

- 0 9

t - 0 9

- 0 9

- 0 9

- 1 0

- 1 0

r - 1 0

r - 1 0

- 1 0

- 1 0

l - 1 0

0%

9% 10%

18%15%

-27%Total North America Europe Latin America Japan China

Average240 ktons

Average347 ktons Average

233 ktons

17

M a

J u J u A u

S e O

u N o

D e

J a F e

M a

A p

M a

J u J u A u

S e O

c N o

D e

J a F e

M a

A p

M a

J u J u

Announced list pulp priceEuropean List Price (BHKP) x Commodity Index (CRB)

Source: Fibria

Source: PPPC Global 100 – World Chemical Market Pulp Source: PPPC Global 100

7M2010 x 7M2009

List price (as of September/2010):

• North America: US$900/t• Europe: US$870/t• Asia: US$800/t

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

US$840/tUS$920/t

300400500600700800

9001.000

250

350

450

550

J a n - 0

8

M a r - 0

8

M a y - 0

8

J u

l - 0 8

S e p - 0

8

N o v - 0

8

J a n - 0

9

M a r - 0

9

M a y - 0

9

J u

l - 0 9

S e p - 0

9

N o v - 0

9

J a n - 1

0

M a r - 1

0

M a y - 1

0

J u

l - 1 0

CRB BHKP List Price

E u r o p e a n

L i s t P r i c e

( U S $ / t ) –

B H K P

C o m m o

d i t y P r i c e

I n d e x

( C R B )

A u g - 1

0



24.8

28.3

1.6

1.4 0.2 0.330.1

28.0

1.3

0.6 0.3 -0.1

Asia4.5% p.a.

Europe5% p.a.

USA2% p.a.

Others

2% p.a.

Expected Supply x Demand Balance 1 – Market Pulp BHKP (million t)

Rizhao(3Q10/2011) FibriaTLS (2010) JBS

Eldorado(4Q12)

Others2

Pulp Supply x Demand Balance Expected to Remain Tight

18

2009 BHKPDemand

Asia Europe USA Others 2012 BHKPDemand

2009 BHKPDemand

Asia Europe USA Others 2012 BHKPDemand

2009 BHKPDemand

2009 BHKPSupply

OR 3:94%

OR 3:89%

2012 BHKPDemand

2012 BHKPSupply

1 Source: PPPC / Fibria2 Capacity changes3 OR: Operating rate

+3.5 MT +2.1 MTDemand Supply



P&W Capacity Changes

Company / Mill Effective Date '000 t

Puyang Longfeng Jan 2009 350

Tralin, Gaotang Feb 2009 150

MCC Yinhe Paper Jul 2009 200

Yeuyang Paper Oct 2009 200

Fujian Nanping Paper Oct 2009 200

Yeuyang Paper 2010 200

Fujian Nanping March 2010 100

Sun Paper/IP March 2010 350

2009 = 1.1 million t

Company Region/Date '000 t

M Real Europe/2009 320

International Paper Europe/2009 250

Others Europe/2009 455

International Paper North America/2009 200

Others North America/2009 230

Stora Enso Europe/2010 210


P&W paper capacity withdrawals 2009-2010 1 China: P&W paper capacity changes 2009-2013 1

19

Guangxi Yongkai Sugar April 2010 200

APP, Hainan Island May 2010 1,200

Lee&Man 1H 2010 200

Jiangsu Oji Paper Q32010 400

Shandong Huatai late 2010 150

Guangxi Jindaxing December 2010 200

Guangxi Yongkai Sugar 2011 200

China Metalurgical Meili Paper Q1 2011 300

Shandong Huatai Paper Q1 2011 500

Shandong Chenming Q1 2011 1,250

Guangxi Huajin Group late 2011 340

Sun Paper Q1 2011 300

Nine Dragons late 2011 450

April early 2012 450April early 2013 450

Total P&W capacity changes in China 8,400



Others Europe/2010 80Domtar North America/2010 415

International Paper North America/2010 340

Others North America/2010 280

Total P&W capacity withdrawals in Europeand North America

3,000


1 Source: TerraChoice July 2010

2012-13 = 0.9 million t



China’s Presence in the Market Pulp Sector

+59%

+107%3.000

4.000

5.000

6.000

7.0002008 2009 Growth

China's Hardwood imports of BHKP by country 1 China's share of market pulp (%) 2

26%22%

10%

12%14%

21%

6.000

8.000

10.000Eucaplyptus Hardwood Total

‘ 0 0 0 t

‘ 0 0 0 t

Pulp Shipments (‘000) and Market Share (%)

20

+2%

+51%+12%

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

0

1.000

2.000

B H K P T o

t a l

B r a z i l

I n d o n e s i a

C h i l e

R u s s i a

U r u g u a y

C a n a

d a

U S A

O t h e r s

T h a

i l a n

d

Brazil is the leading exporter of BHKP toChina, accounting to approximately 41% ofChina's total imports in 2009.

Between 2005 and 2009, the Chinese marketshare of eucalyptus shipments increased by17 p.p. (total market pulp: +11 p.p.)

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

9% 11% 13%16%

7% 9%10% 12%

0

2.000

.

2005 2006 2007 2008 2009

1 Source: Hawkins Wright



10

15

20

25

30

China Paper&Board Production and Consumption 1 Per Capita Consumption of Tissue by World Region 2

Kg / capita

20

30

40

50

60

70

40

60

80

100

120

Benefiting From China’s Growth

in million tons kg/person/yr

21

0North

AmericaWest

EuropeJapan Oceania LatAm East

EuropeChina Africa

1 Source: China Paper Association.

0

10

0

20

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Consumption Production Per Capita

Chinese consumption of high quality tissue paper has a huge potential upside, as GDP per capitaincreases.

2 Source: RISI



22

2Q10 Financials



2Q10 Performance

Pulp sales mixKey figures

2Q10 1Q10 2Q09 2Q10 vs1Q10

2Q10 vs2Q09

Pulp Production (1000t) 1,208 1,314 1,334 -8% -9%

Pulp Sales (1000t) 1,253 1,322 1,349 -5% -7%

Paper Producton (1000t) 79 77 94 3% -16%

Paper sales (1000t) 87 83 104 6% -16%

Net Revenue (R$ million) 1,809 1,675 1,471 8% 23%

Adjusted EBITDA (R$ million) 730 637 389 15% 87%

EBITDA Mar in % 40% 38% 26% 2 . . 14 . .

21%

32%

37%

9%

2Q09

27%

39%

23%

11%

1Q10

North America Europe Asia Brazil/Others

27%

38%

24%

11%

2Q10

23

EBITDA (R$ million) and EBITDA Margin (%)Cash cost (R$/t)

389

637

730

2Q09 1Q10 2Q10

. . . .

Financial Income (R$ million) (315) (341) 1.369 - -

Net Income (R$ million) 130 9 920 1,341% -86%

26%

38% 40%

418

499

440

1Q10 2Q10 2010E

449

2Q10 w/odowntimes

Source: Fibria





Financial Turnaround

Liability Management

Achievements 2Q09 2Q10

Leverage (Net Debt / EBITDA) 7.2x 4.7x

Cost of Foreign Debt 7.1% p.a. 6.0% p.a.

Average Maturity (months) 47 70

Collateral Debt (% of total debt) 43% 16%

Access to Capital Markets Amount

Eurobond Fibria 2019 @ 9.25% p.a. US$ 1 bi

Eurobond Fibria 2020 @ 7.5% p.a. US$ 750 mi

Pre Export Payment @ 3month Libor + 4.00% p.a.(tranche 1) US$ 750 mi

Pre Export Payment @ 3month Libor + 4.25% p.a. (tranche 2) US$ 425 mi

25

Derivatives debt US$ 2.6 bi -

Net Debt R$ 13.2 bi R$ 10.8 bi

Pre Export Payment @ 3month Libor + 2.8% p.a. US$ 600 mi



26

Synergies



Synergies

Net Present Value of the synergies (R$ billion)

3,4

4,2 4,3 4,52Q10 status:108% of the

projected curve

27%21%

2% Industrial- Cost reduction ofchemicals and energy

Supply Chain- Reduction of shipping cost

- Optimization of logistics

Others

2.0

27

Accumulated Estimated

0.5

1.4

,

dec/09 2Q10 dec/10 2011 2012 2013 2014

23%16%

11% - Production increase

Forestry- Reduction of forestry costs

- Best practices in R&D

SG&A

Tax

0.5



28





Event Date

Acquisition by VCP of additional 28% of Aracruz common shares Jan 20, 2009

VCP Capital Increase Apr 14, 2009

VCP conversion of prefered into common shares Jun 12, 2009Tender Offer for Aracruz common shareholders Jul 02, 2009

Incorporation proposal for the 0.1347 ratio Aug 24, 2009

29

,

Shareholderes Agreement - VID and BNDES Oct 29, 2009

End of withdrawal rights period Nov 12, 2009

End of Aracruz trading Nov 17, 2009

Fibria trading start (Bovespa: FIBR3 / NYSE: FBR) Nov 18, 2009

Approval of the merger of Aracruz into Fibria Dec 22, 2009

Migration to Novo Mercado listing segment at BM&FBovespa May 20, 2010



3030

Investor Relations Team:

João Elek – IROAndré Gonçalves – General Manager

Fernanda Naveiro VazAnna Laura LinkewitschRoberto Costa

Phone: +55 11 2138-4565

Email: [email protected]

Documents

Deutsche Presentation Sep10 Final