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4Q10 Results Conference Call

February 16, 2011

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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

ex ectations disclosed in this resentation will be confirmed. Pros ective investors are

Disclaimer

cautioned that any such forward-looking statements are not guarantees of future performanceand 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.

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Agenda

4Q10 Performance

Cash Cost

Debt

4

5

6

Synergies

Focus on 2011: liability management

7

3

8

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37%

30%

22%

11%

4Q10

4Q10 Performance

Key Indicators Pulp Sales Mix

4Q10 3Q10 4Q09 4Q10 vs3Q10

4Q10 vs4Q09

Pulp Production (000 t) 1,375 1,334 1,395 3% -1%

Pulp Sales (000 t) 1,291 1,195 1,460 8% -12%

Paper Production (000 t) 77 79 88 -2% -12%

Paper Sales (000 t) 101 105 111 -3% -9%

Net Revenue (R$ million) 1,769 1,797 1,698 -2% 4%

Adjusted EBITDA (R$ million) 665 717 503 -7% 32%

EBITDA Margin (%) 38% 40% 30% -2 p.p. 8 p.p.

41%

27%

20%

12%

3Q10

Europe North America Asia Brazil/Others

34%

22%

32%

12%

4Q09

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

Financial Income (R$ million) 44 249 (157) -82% -

Net Income (R$ million) 162 303 35 -46% 369%

418

499

465

430

449

435

1Q10 2Q10 3Q10 4Q10

Cash Cost Cash Cost w/o downtimes

503

717

665

4Q09 3Q10 4Q10

30%

40%

38%

4

2010

R$452/t(+1.8% vs 2009)

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Main variations

(a) Wood

(b) Maintenance downtimes

(c) Chemicals and energy

(d) Lower fixed cost

(e) Exchange rate

(f) Improved outcome with utilities

444

452

20

115

(7)

(7)(5)

(4)(5)

+1.8%

Cash Cost

Cash Cost 2010 vs 2009 (R$/t)

5

(g) Trs Lagoas learning curve

(h) Others

2009 (a) (b) (c) (d) (e) (f) (g) (h) 2010

Revitalization of Line A at the Aracruz Unit

Waste disposal project at the Jacare Unit

Optimization of wood transportation by barges

Operational stability at the Trs Lagoas Unit

Actions to increase operational efficiency in 2011

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Debt

Debt Indicators (does not include proceeds from Conpacel sale)

(R$ million) 4Q10 3Q10 4Q094Q10 vs

3Q10

4Q10 vs

4Q09

Gross Debt 12,060 12,339 14,985 -2% -20%

Cash(1) 2,208 2,184 3,968 1% -44%

Net Debt 9,852 10,155 11,017 -3% -11%

28%

19% 17%

4Q09 3Q10 4Q10

Short Term Debt (%) Net Debt / EBITDA(2) (x)

6.5

3.9 3.6

4Q09 3Q10 4Q10

(2) LTM EBITDA(1) Includes derivatives at fair value

Debt Amortization Schedule (R$ billion) Debt by currency and instrument (%)

4.1

1.9

1.01.4

1.7

1.1

3.7

2.1

0.60.8 1.0

1.1

6.5

2010 2011 2012 2013 2014 2015 2016-2020

Amortization schedule in Dec/2009

Amortization schedule in Dec/2010

26%

74%

Gross debt by currency

Local Foreign

12%

28%

15%

37%

4%4%

Gross debt by type

Former Aracruz shareholders Bonds

BNDES Pre-payment

NCE Others

6

Out of R$2.1 billion maturing

in 2011, R$0.8 billion

was paid in Jan/11

(former Aracruz shareholders)

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Synergies

Net Present Value of Synergies (R$ billion)

2010 Status:117% of the

projected curve

Industrial

27%

Forest

23%

SG&A

16%

Taxes

11%

Supply chain

21%

Other

2%

2.3

3.4

4.2 4.3

4.5

0.5

2.7

2009 2010 2011 2012 2013 2014

Estimated Actual 7

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Focus on 2011: liability management

2009 2011: Capital structure optimization 2012 2014: A new growth cycle ahead

Liability

Management

Sale of Guaba Unit: US$1.4 bi EBITDA recovery (+62% vs 2009) focus on

cost efficiency

Sale of Conpacel and KSR: R$1.5 bi Search for new liquidity events Search for debt cost reduction and maturity

extending opportunities

Initiatives to improve working capital

Ensure competitive and sustainable wood supply

Expansion projects which guarantee adequate return to

shareholder

Realized andExpected

Results

Elimination of refinancing risk Extending debt maturities Cost of debt reduction Settlement of 100% of the derivatives debtfrom former Aracruz

Net debt/EBITDA came from 6.5x in4Q09 to 3.6x in 4Q10

Recovery of rating outlook: stable topositive (Dec/2010)

Recovery of investment grade

Status of Trs Lagoas II Project

35,000 ha of planted area

Competitive expansion of average radius

Investments in forests of R$ 400 million in 2011 Beginning of industrial investment planned for 2012

Start up slated for 2014

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Investor Relations Team:

Website: www.fibria.com.br/ir

E-mail: ir@fibria.com.br

Tel.: +55 (11) 2138-4565

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