1Q10 Conference Call

May 17th, 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.
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Agenda

Pulp Market

4 5 6 7 8 9
3

1Q10 Performance

Indebtedness

Synergies

Growth

Subsequent Events

Pulp Market
Global demand for Printing & Writing Paper Market pulp: global demand growth
32%
11.1%

15%
5.8% 4.5% 0.4% Total Uncoated Mechanical Uncoated Woodfree Coated Woodfree Coated Mechanical 6.7%

13%

13%

7%

-24% Total North America Europe Latin America Japan China

1Q10 x 1Q09

1Q10 x 1Q09
Source: PPPC Source: PPPC

Global producers inventories

Pulp price Europe (US$/t)

Two price increases in April and May raised the European list price to US$ 890/t

950

60
Days of Supply

840 790

50 40 30 20 10 26

750

550

Mar-05

Mar-06

Mar-07

Mar-08

Nov-05

Nov-06

Nov-08

Nov-09

Nov-07

Mar-10

Mar-09

Jul-05

Jul-06

Jul-07

Jul-09

Jul-08

350 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Mar/10

BHKP
Source: PPPC Source: FOEX

1Q10 Performance
Key figures Pulp: sales mix

1Q10 Pulp Production ('000 t) Pulp Sales ('000 t) Paper Production ('000 t) Paper Sales ('000 t) Net Revenue (R$ million) EBITDA (R$ million)
(2)

4Q09 1,395 1,460 88 111 1,698 503 30% (157) 35

1Q09 1,032 1,164 94 94 1,429 378 26% (185) 1,267

1Q10 vs. 4Q09 -6% -9% -13% -25% -1% 27% 8 p.p. -74%

1Q10 vs. 1Q09 27% 14% -19% -12% 17% 69% 12 p.p. -99%

1Q09
8% 26% 38% 29% 32%

4Q09 12% 22% 23% 34%

1Q10 11% 27%

1,314 1,322 77 83 1,675 637 38% (341) 9

39%

EBITDA margin (%) Net Financial Result

(3)

North America

Europe

Asia

Brazil

Net Income (R$ million)

Cash cost (R$/t)

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

38%

473 451

30% 26% -7%

418

637 503 378

1Q09
Source: Fibria

4Q09

1Q10

1Q09

4Q09

1Q10

Indebtedness
Debt indicators
1Q10 vs 4Q09 -8% -32% 2% -0.7x 1Q10 vs 1Q09 -28% -9% -31% -2.2x

Average maturity* (months)

(R$ million) Gross Debt Cash Position Net Debt Net Debt/EBITDA (x)

1Q10 13,540 2,684 10,856 5.6

4Q09 14,661 3,968 10,693 6.3

1Q09 18,687 2,954 15,773 7.8

60 49

62

1Q09

4Q09

1Q10

* Does not include the debt to former Aracruz shareholders

Debt Amortization Schedule (R$ billion)

Debt by currency and by type

Gross Debt by currency
3.9

Short-term debt:
4.3

Gross Debt by type

4% 2% 3% 7%

from 30% in Sep/09 to 23% in Mar/10

(2)

2.8 2.1 1.4 1.0 1.5 1.4 1.6 1.8 1.2 1.2 2.1

2.3

38% 62%

34% 13%

(1)

0.8

17% 20%
2009 2010 2011 2012 2013 2014 2015 2016 - 2020

Sep 09
(1) 2009: 3m | (2) 2010: 9m

Mar 10

Local

Foreign

Pre-Payment Bonds Derivatives NCE

Aracruz Acquisition BNDES ACC/ACE Others

Synergies
Synergy curve NPV (R$ billion)

Status 1Q10: 102% of the projected curve

4.2 3.4 2.3

4.3

4.5
Others Supply Chain

2% 21% 27%

Industrial

0.49

Taxes

11% 16% 23%

Forestry

0.45 Dec-09 1Q10 Dec-10 2011 2012 2013 2014

SG&A

Estimated

Accumulated

Growth
Liability management Net Debt / EBITDA

...
7.8x

Expansion projects to benefit from growth in pulp demand 5.6x

6.3x 5.6x
3.1x

Return to investment grade

Further deleveraging of the Company

LTM-Mar 09

LTM-Dec 09

LTM-Mar 10

LTM: Last Twelve Months

Status of expansion projects

Trs Lagoas II 1.5 million ton capacity Required planted area: 145,000 ha Start of industrial and environmental licensing on 2Q10 Purchase and leasing of land started (50% own and 50% leasing) Startup forecast: 2015 / 2016

Veracel II 1.5 million ton capacity Negotiations with partner in progress

Subsequent Events
Liability Management Corporate Governance

Issuance of Bond Fibria II Amount: US$ 750 million Maturity:10 years Coupon: 7.5% p.a. semiannual goals:

Listing on May 20th

Tag along of 100%

Single class of shares : 1 share 1 vote

prepay remaining derivative debt eliminating its covenants; refinance other debt; improve debt profile.

Highest level of corporate governance

Investor Relations Team: Carlos Aguiar IRO Andr Gonalves IR General Manager Fernanda Naveiro Vaz IR Consultant Anna Laura Linkewitsch IR Specialist

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Livia Baptista IR Analyst

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