Morgan Stanley Latin America CEO Conference

January 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
The Company Market Positioning Pulp and Paper Market 3Q09 Financials Recent Events

The Company

VCP and Aracruz Merged to Create Fibria

ShareholderStructure
Votorantim IndustrialS.A.
29.3%

BNDESPar
33.6% (1)

FreeFloat
37.1%

50.0%

50.0%

Veracel Celulose S.A.

Conpacel

PresentvalueofR$4.5billionofannouncedpostmergersynergies Upto2012,90%ofactionstoextractsynergiesareexpectedtobeinplace Logistics Tax Others Industrial

6%2% 11% 27% 15% 23% 16%

Commercial

SG&A

Forestry

(1)

PositionasofNov30,2009.BNDESPar has21%linkedtoashareholdersagreementwithVIDduringthefirst3years,and10.9%duringthefollowing2years.

Improved Corporate Governance

BoardofDirectors
Jos Luciano Penido RaulCalfat WangWeiChang JooMiranda AlexandreDAmbrosio ArmandoMariante Carvalho Junior EduardoRath Fingerl Jos ArmandodeFigueiredoCampos AlexandreGonalvesSilva ChairmanoftheBoard VotorantimRepresentative VotorantimRepresentative VotorantimRepresentative VotorantimRepresentative BNDESRepresentative BNDESRepresentative IndependentMember IndependentMember

BoardAdvisoryCommittees

Auditing

PersonnelandRemuneration Finance Sustainability

ExecutiveBoard
Boardof Directors CEO CarlosA.Aguiar

Ind.Ops& Engineering

Comm.&Intl Logistics

Paper,Planning, Procurement, andForestry Ops.&Tech

Controllership &Risk Management Evando Coura

Treasury&IR

HumanandOrg. Development

FranciscoValrio

JooFelipeCarsalade

MarceloCastelli

MarcosGrodetzky

MiguelCaldas

Eachofficerwithmorethan20yearsexperienceinthesector

Market Positioning

Creation of a Winning Player

SuperiorAssetCombination

CompetitiveStrengths

PulpMill PaperMill PortTerminal

Leadershipin MarketPulp
ScaleandIntegrated Operations
Belmonte Veracel Caravelas Portocel Aracruz Piracicaba Jacarei Santos

LowProduction CostDNA

Trs Lagoas Conpacel

UniqueForestry Management:
AdvancedForestry Techniquesand ShortHarvestCycle

Strong/Reliable CustomerBase

Pulpproductioncapacity:5.4MT/year(1) Paperproductioncapacity:358 kT /year(1) Eucalyptusplantation:604thousandha(1) 4plantsandoperationof3portterminals,includingtheonlyspecializedwood pulpterminalinBrazil,ownedbyus Highyieldineucalyptusproduction(4055m3/ha/year)andcertifiedforests Shortharvestcycle:6yearsvs.2570yearsinSouthernU.S.,Canada andScandinavia

ForesttoPort IntegrationTrough EfficientLogistics

ModernIndustrial Plants

(1)

DataasofNov 30,2009. Note:ExcludingGuaba.

Undisputable Leadership in the Global Market Pulp

DominantPositioninaGrowingMarket
PulpProductionCapacity
2009Einktons

MarketShare(1)
3%

1st

Fi bri a Ara uco APRIL CMPC Sodra Botni a Tembec Suza no

5,400

~Twice thesize
22%

Total Pulp: 188millionMT

11%

TotalMarket Pulp: 49millionMT

TotalHardwood Pulp: 25millionMT

34%

Weyerha eus er APP Ca nfor Domta r IP Il i m Georgi a Pa ci fi c ENCE Mercer Wes tFra s er Ceni bra Stora Ens o 0 1.000 2.000 BSKP 3.000 BHKP 4.000 UKP Mech. 6.000
5,1 1995 33,4 9,7 13,8
PulpDemand (inktons)

TotalEucalyptus Pulp: 16millionMT

CAGR9508:9% CAGR9508:3%
43,1 49,5

Growth0708:16%
Growth0708:(1%)

49,1

16,1

5.000

Source:PYRY,2007/Asfor MarketPulp:PulpandPaperProductsCouncil(PPPC)2009andAracruz. Note:Capacityabovementioned doesnot includetheGuaba unit. (1) MarketShareestimatedconsidering2009nominalcapacity.

2003 BEKP

2007 Total Market Pulp

2008

Low Production Cost DNA

Unique Expertise Enabling the Lowest Cash Cost in the Market and High Profitability
Fibrias Marginvs.MacroeconomicFundamentals(1)
CashCost(US$/t)

CashCosts(2)
Wood 456 207 454 443 177 416 239 177 408 103 305 171 290 119 276 322 249 151 266 269 135 135 261 155 106 232 148 84
(3)

Others

48% 45%

50% 47% 43% 42% 41% 36% 28%

530

497 175

254

EBITDAMargin(%)

303

782 707 642 587 492 505 458

3,08 2,92 2,93

Avg.BEKPPulpPrices(US$/ton)
520

Iberia

524

HardwoodCashCost(US$/t)vs.Capacity(kT)

US$/ton 600
500 400

Iberia

2,35

2,44 2,18

300
2,09 1,95 1,84

Avg.FXRate(R$/US$)

200 100 0

232

2001
(1) (2)

2002

2003

2004

2005

2006

2007

2008

9M09

2.000

4.000

6.000

8.000

10.000

12.000

Source:Companies earningsreleases,RISI andBrazilianCentralBank Source:HawkinsWrightEstimatefor4Q09 (3) Fibria's3Q09figures

Capacity(kT)

10

State-of-the-Art Production Facilities

AdvancedTechnologyandProductionProcessLeadtoLowerUsageof RawMaterials,ReducingCosts
ModernPlants CompetitiveAdvantages

AveragePlant Capacity
(000tons) 2,500

Aracruz
Capacity2.3mt Technicalage:9

Streamlinedandefficient operationsduetomodern plants

LARGESTSINGLE LINEPULP PRODUCTION FACILITYINTHE WORLD

Trs Lagoas
2,000 Capacity1.3mt Technicalage:0

1,500
Indonesia Indonesia

Jacare
Capacity1.1mt Technicalage:5

Environmentalfriendly productionprocess

1,000

Uruguay

Veracel
500
Portugal Canada Russia USA Sweden Japan Brazil Chile Finland France Spain

Capacity1.1mt Technicalage:3

BESTYIELDPER HECTARE OFTHE WORLD

Reducedemissionsand dispositionofresidues

South Africa

China

40

30

20

10

Efficientuseofchemicals

Technicalageoftheequipment (years)

andAllowingforaUniqueTrackRecordofQualityProducts
1

Last12 monthsendingJune30,2009.

11

Unique Brownfield Potential Growth

Fibria has the Best Sites Ready to Almost Duplicate Capacity
HistoricalandPlannedCapacityIncrease
Inmillionoftones

1978:Startupofmill"A"atAracruz (Barra doRiacho) unit 1988:AcquisitionofCelpav 1992:AcquisitionofPapel Simo (Jacare unit) 1996:NewpulplineatJacare mill 1991:Startupofmill"B"atBarra doRiacho unit 2003:ExpansionofJacare mill 2003:AcquisitionofRiocell (Guaiba Unit) 2005:StartupofVeracel 2002:Startupofmill"C"atBarra doRiacho unit 2007:AssetswapLuisAntnio forTrs Lagoas 2008:EstablishmentofConpacel consortium 2009:StartupofTrs Lagoas mill 5.4 10.6

Bestsitesforadditionalcapacity
5,2

BarradoRiacho IV

1,5

Losango I

1,5

Trs Lagoas II

1,5

Veracel II

0,7
Brownfield Brownfield Greenfield Brownfield

1979

1982

1985

1988

1991

1994

1997

2000

2003

2006

2009

Expansion

Ara cruz

VCP

Fi bri a

12

Long Term Relationship With Key Clients

Premium Paper Producers Value High Quality Pulp Customized Products
GlobalFootprint
Suppliescustomizedpulpproductstospecificpapergrades Solesuppliertokeycustomersfocusedoneucalyptuspulptothe tissuemarket Top10maincustomersrepresentonaverage65%ofsales

UsesofFibrias Pulp
Specialty
23%

Tissue
52%

Europe 31% NorthAmerica 25% Miami

Sales Destination (1)

25%

Switzerland Hungary Asia 34% Beijing

P&W

Hong Kong

Brazil 9%

Offices

NY004GAK_1.wor NY004GAK_1.wor WhichImpliesinLessVolatilityinSalesVolumeThroughoutEconomicCycles

1

Breakdownofsalesdestinationinthelast12monthsendingSeptember30,2009.

13

Efficient and Reliable Logistics Network

Efficient Supply Chain to the Customers
CompetitiveTransportation(Forest> Mill>Ports)
Aracruz (BarradoRiacho) Jacare
Rail

EfficientandCompetitiveLogistics(1)
Base100=March2006

Road

400

300 200
Road

Conpacel

100

Veracel
90%Barge 10%Road

0
Dec06 Jun07 Sep07 Dec07 Jun08 Sep08 Dec08 Mar06 Sep06 Mar07 Mar08 Mar09 Jun09 Jun06

Trs Lagoas
Rail

BalticDryIndex

Fibria'sinland/oceanfreight,insuranceandother

Averageof145kmfromforeststopulpmills Portocel portterminalintheStateofEsprito Santo,islocatedonly1.5kmfromBarra doRiacho plant Longtermrelationshipwithleadingpapermanufacturersallowsforlowerfreightcost

Bloomberg.

14

Pulp and Paper Market

15

Positive Commodity Cycle and Demand Recovery

Worldmarketpulpshipmentstocapacity

WorldP&Wpapershipmentstocapacity

97% 94% 93% 92% 91% 91%89% 85% 86% 82% 83% 79% 77% 95% 92% 90% 88% 86% 95% 93% 92% 92% 90%
93%

98% 95% 93% 88% 92% 89% 87%

97% 92% 89% 87% 85% 79%79% 76% 77% 73% 79%79%

78%

78%

nov/08

mar/08

mar/09

mai/08

mai/09

nov/09

set/08

set/09

jan/08

jul/08

jan/09

jul/09

out/08

abr/08

abr/09

Worldpulpproducers averagedaysofsupply

Europeanpulpconsumers daysofsupply

60 50 40 30 20 10 Jul-06 Nov-04 Jun-04 Jan-04 May-07 Feb-06 Sep-05 Dec-06 Aug-08 Apr-05 Mar-08 Jan-09 Jun-09 Oct-07

35 30 25

25 Nov-09

20 15

23
Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09

Source:PPPC

Source:Utipulp

16

out/09

jan/08

jan/09

jul/08

jul/09

Pulp Supply / Demand Expected to Rebalance in the Medium Term

MarketPulp:worlddemandgrowth
73% 62%
Average 163 k tons

China:Eucalyptuspulpshipments(000t)
419 458 307 210 98 65 Sep/08 93 238
Average 310 k tons

2%

-1% -12% -23% Western Europe -10%

9%

101
-13% Total -21% North America -23% -18%

186181192 146 132134

368 307318307323 299 256233

May/08

May/09

Mar/09

Mar/09

Jan/08

Nov/08

Jan/09

Jul/08

Jul/09

Latin America

Japan

China

Jan 2008 vs. Jan 2009

Nov 2008 vs. Nov 2009

BHKPList pulpprice(FOEX) vs BRL/US$

130 120 110 100 90 80 70 May/09 60 Mar/09 Apr/09 Jan/09 Feb/09

Globalmarketrecovery
Demand Paperdemandrecovery; Chinakeepingupthepace. Lowconsumersandproducersinventories Marketdowntimes; Currency AppreciationoflocalcurrenciesagainsttheUS$.

+25%

-24%
Successiveannouncementsoflistpriceincreases(asofJan.10)

Nov/09

Aug/09

Jun/09

Jul/09

Sep/09

Oct/09

Dec/09

NorthAmerica: US$760/t Europe: US$730/t Asia: US$690/t

BRL/USD

FOEX BHKP List Price

Sep/09

17

Nov/09

China's presence in the market pulp sector

China'sHardwoodimportsofBHKPbycountry
6.000

China'sshareofmarketpulp(%)
Pulp shipments ('000 t) and market share (%)

Growth in 2009 +59%

5.000

9.000 8.000 7.000

Total Market Pulp BHKP BEKP 21%

2008

4.000

6.000 5.000

14% 12% 10% 10% 23% 26% 12% 16%

'ooo t

'ooo t

3.000

+99%
2.000

4.000 3.000

+9%
1.000

2.000

+39% +10%
0 BHKP Total Brazil Chile Indonesia Russia

+165%

+41% +80% +134% +34%

Canada USA Thailand Others

1.000 0

7% 9%

11%

9%

10% 13%

Uruguay

2005

2006

2007

2008

11M09

BrazilistheleadingexporterofBHKPtoChina, accountingtoapproximately40%ofChina'stotal importsinthe11M09.

Between2005and11M09,Chinesemarket shareofeucalyptusshipmentsincreasedby 17bps(totalmarketpulp:+11bps).

Source:HawkinsWright

Source:PPPC W20.Coverageforchemicalmarketpulpis80%ofworldcapacity.

18

P&W Paper Capacity Changes

P&Wpapercapacitywithdrawls20092010(1)
Company MReal InternationalPaper Others Domtar InternationalPaper Others StoraEnzo Sappi Others Domtar InternationalPaper Region/Date Europe/2009 Europe/2009 Europe/2009 NorthAmerica/2009 NorthAmerica/2009 NorthAmerica/2009 Europe/2010 Europe/2010 Europe/2010 NorthAmerica/2010 NorthAmerica/2010 000's tonnes 540 250 440 265 200 255 520 220 80 200 340 3,300

China:P&Wpapercapacitychanges20092011(1)

Company/Mill PuyangLongfeng Tralin,Gaotang

EffectiveDate Jan2009 Feb2009 Jul2009 Q32009 Oct2009 Oct2009 2010 Q12010 Q22010 1H2010 May2010 Q12011 Q12011 Q12011 late2011

000'stonnes 350 150 200 200 200 200 200 1,200 350 200 400 300 500 1,250 340 6,040

2009=1.9milliont

MCCYinhePaper GuangxiJindaxingPaper YeuyangPaper FujianNanpingPaper YeuyangPaper APP,HainanIsland

2009=1.3milliont

2010=1.4milliont

SunPaper/IP Lee&Man JiangsuOjiPaper ChinaMetalurgicalMeili Paper ShandongHuataiPaper ShandongChenming GuangxiHuajinGroup

2010=2.3milliont

TotalP&WcapacitywithdrawlsinEuropeand NorthAmerica

2011=2.4milliont

TotalP&WcapacitychangesinChina

(1)

Source:TerraChoiceDec2009

19

3Q09 Financials

20

Paper Market
Paper:Salesvolume('000t) Market
122

Papermarketrecovery

110 104

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 2Q09 3Q09

Paper:SalesandRevenuemix
Sales Volume
Revenues

28%

30%

30%

Specialty/Other Coated Uncoated

41%

43%

43%

24%

20%

21%

21%

19%

19%

49%

50%

49%

38%

38%

38%

3Q08

2Q09

3Q09

3Q08

2Q09

3Q09

21

Financial Performance
Pulp:salesvolume('000t)
3Q09
1.349 946 1.276
21% 30% 37% 38%

Pulp:salesmix(000t)
3Q 08

11%

36%

10%

16% Europe

3Q08

2Q09

3Q09
North America Asia Brazil

Netrevenue(R$million)
521
1.471

PulpCashCost(R$/t)
509 473 426 433
Cash cost w/o stoppages (R$/t) 487

422 403

1.407

1.402

3Q08

2Q09

3Q09

3Q08 4Q08 1Q09 2Q09 3Q09

3Q08 2Q09 3Q09

22

Financial Performance
EBITDA(R$million)andEBITDAmargin(%)
498 389 426 4 4

CAPEX9M09:R$1,232million
576 7% 7% 17% 387 10% 5% 25% 69% 59% 269 14% 13% 31% 41%

35% 26% 30%

3Q08

2Q09

3Q09

1Q09 Expansion

2Q09 Forestry Maintenance

3Q09 Other

NetIncome(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.

23

Indebtedness
Before the plan x After the plan
MaturitySchedule1(R$billion)
4,8 4,2
Original After plan Cash

2,8 2,1 1,4 0,7 1,5 1,4 1,6 1,5 1,1 1,8 0,9 2,0 0,8 1,0 0,1 0,1 0,9 0,4 0,3

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

EffectsoftheLiabilityManagementPlan
3T09 Cash position Average Maturity Average Cost 2 US$/ BRL Subordination structure
Receivables No Collateral
56% 43%

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

20% 1%

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

With Collateral
1%

1 2

FX of September 30, 2009 R$ / US$ 1.7781 Does not include Sellers Financing

79%

24

Recent Events

25

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) Approval of the merger of Aracruz into Fibria

Date/estimate Jan20 Apr14 June12 Jul02 Aug24 Aug24 Oct29 Nov12 Nov17 Nov18 Dec.22

Source: Fibria

26

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

27