Results Conference Call 1Q11

May 2, 2011

Legal Notice

The information contained in this presentation may include statements which constitute forward-looking statements, as defined by 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 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 are valid only for the date on which they are made.

Agenda

1Q11 Performance

4 5 6 7

Debt

Liability Management

Growth

1Q11 Performance
Key Indicators
1Q11 Pulp Production (000 t) Pulp Sales (000 t) Paper Production (000 t) Paper Sales (000 t) 1,319 1,259 29 36 4TQ0 1,330 1,254 26 30 1Q10 1,267 1,281 29 28 1Q11 vs 4Q10 -1% 0% 9% 19% 1Q11 vs 1Q10 4% -2% -1%

Pulp Sales Mix (%)

1Q11
9% 25% 46% 23%

4Q10 9% 38% 24%

1Q10
8% 40%

30%

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

1,548 607 39% 11 389

1,563 606 39% 35 162

1,511 597 39% (337) 9

-1% 0% 0 p.p. -67% 140%

2% 2% 0 p.p. -

20%

30%

28%

Europe

North America

Asia

Brazil/Others

Cash Cost (R$/t)

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

39% 39% 39%

Cash Cost 2010 R$452/t

446 413 425

597

606

607

1Q10

4Q10 Cash Cost

1Q11

1Q10

4Q10

1Q11

Debt
Debt Indicators
Short Term Debt (%) Net Debt/ EBITDA(2) (x)
5.6 Gross Debt Cash(1) Net Debt
10,256 2,297 7,959 12,022 2,205 9,816 13,540 2,684 10,856 -15% 4% -24% -14%

(R$ million)

1Q11

4Q10

1Q10

1Q11 vs 4Q10

1Q11 vs 1Q10

23% 17% 12% 3.6 2.9

-19%

-27%

1Q10
(1) Includes

4Q10

1Q11
(2) LTM

1Q10

4Q10

1Q11

fair value of derivatives

EBITDA includes the results from Conpacel and KSR

Amortization Schedule (R$ billion)

Debt by Currency and Instrument (%)

5.5 Short term debt: 12% of total debt 2.9 2.1 1.2 1.4 1.0 0.8 0.6 1.8 0.9 1.2 0.7 3.9 6.1

Debt by Currency

Debt by Instrument
45% 17%

22%

78%

6% 5% 21%
Bonds Former Aracruz Shareholders NCE

6%
BNDES Pre-Payment Others

Domestic 2011 2012 2013 2014 2015 Mar/2011 2016 2017-2020

Foreign

Mar/2010

Liability Management
Decline of Net Debt/EBITDA(1)
7.8 7.2 7.2 6.5 5.6 15.7 13.2 13.1 11.0 10.9 10.8 10.2 9.9 7.9 Net Debt (R$ billion) 4.7 3.9 3.6 2.9 Net Debt/EBITDA (X)

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

Guaba Sale US$1.4 bi Fibria 19 Bond: US$1 bi (9.25% - 10NC5) EPP Line: US$1.175 bi

Fibria 20 Bond: US$750 mi (7.5% - 10NC5) Fibria 19 Bond Exchange: 94% adherence to Fibria 20 Recovery of operating cash flow Early Settlement Derivatives Debt US$2.6 bi Reduction of average debt cost

Conpacel/KSR Sale R$1.5 bi Fibria 21 Bond: US$750 mi (6.75% - 10NC5) Settlement of 90% of the debt with former Aracruz Shareholders: R$4.8 bi 6

(1)

Considers the LTM EBITDA, including the results of Conpacel and KSR

Growth
Trs Lagoas II Veracel II

Forest Base: Total area : 230,000 ha Planted area: 150,000 ha Leasing: 70,000 ha of effective planting Trs Lagoas I surplus: 30,000 ha Start up: 2014

Forest Base: Total area: 220,000 ha Planted area: 120,000 ha

Negotiations with partner

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