Fibria Celulose S.A.

Unaudited consolidated interim financial information at June 30, 2012 and review report of independent accountants

G:\ITR\[Link]

Review report of independent accountants

To the Board of Directors and Shareholders Fibria Celulose S.A.

Introduction We have reviewed the accompanying consolidated interim accounting information of Fibria Celulose S.A., for the quarter ended June 30, 2012, comprising the balance sheet as at that date and the statements of income for the six months and three months periods then ended, and the statement of changes in equity and cash flows for the six month period then ended, and a summary of significant accounting policies and other explanatory information. Management is responsible for the preparation of the consolidated interim accounting information in accordance with accounting standard CPC 21 and International Accounting Standard (IAS) 34 - "Interim Financial Reporting" issued by the International Accounting Standards Board (IASB), as well as the presentation of this information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of the Quarterly Information (ITR). Our responsibility is to express a conclusion on this interim accounting information based on our review. Scope of review We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" and ISRE 2410 - "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion on the consolidated interim information Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim accounting information referred to above is not prepared, in all material respects, in accordance with CPC 21 and IAS 34 applicable to the preparation of the Quarterly Information, and presented in accordance with the standards issued by the CVM.

G:\ITR\[Link]

Fibria Celulose S.A. Other matters Statements of value added We have also reviewed the consolidated statements of value added for the six month period ended June 30, 2012. This statement is are the responsibility of the Company's management, and is required to be presented in accordance with standards issued by the CVM applicable to the preparation of Quarterly Information (ITR) and is considered supplementary information under IFRS, which does not require the presentation of the statement of value added. This statement has been submitted to the same review procedures described above and, based on our review, nothing has come to our attention that causes us to believe that it has not been prepared, in all material respects, in a manner consistent with the consolidated interim accounting information taken as a whole. So Paulo, July 25 , 2012

PricewaterhouseCoopers Auditores Independentes CRC 2SP000160/O-5

Carlos Eduardo Guaran Mendona Contador CRC 1SP196994/O-2

3
G:\ITR\[Link]

Fibria Celulose S.A.

Consolidated balance sheet
In thousands of reais

Assets Current Cash and cash equivalents (Note 5) Marketable securities (Note 6) Derivative financial instruments (Note 7) Trade accounts receivable, net (Note 8) Inventories (Note 9) Recoverable taxes (Note 10) Assets held for sale (Note 24) Other assets

June 30, 2012 (Unaudited) 1,459,925 2,249,148 9,433 727,590 1,294,126 362,111 819,392 87,343 7,009,068

December 31, 2011

Liabilities and shareholders' equity Current Loans and financing (Note 16) Derivative instruments (Note 7) Trade payable Payroll, profit sharing and related charges Taxes payable Dividends payable Advance received related to assets held for sale (Note 24) Other payable

June 30, 2012 (Unaudited) 2,187,990 156,343 424,522 107,713 36,737 392 200,000 143,758 3,257,455

December 31, 2011

381,915 1,677,926 31,638 945,362 1,178,707 327,787 644,166 108,062 5,295,563

1,092,108 163,534 373,692 134,024 53,463 1,520

142,367 1,960,708

Non-current Derivative financial instruments (Note 7) Recoverable taxes (Note 10) Deferred income tax assets (Note 11) Related parties receivables (Note 12) Advances to suppliers Judicial deposits Other assets Investments in affiliates Biological assets (Note 14) Property, plant and equipment (Note 13) Intangible assets (Note 15)

35,644 593,520 1,428,938 6,178 760,757 155,096 91,701 3,314,263 11,482,010 4,764,158 22,632,265

43,446 677,232 991,768 5,469 760,611 137,060 95,060 7,506 3,264,210 11,841,247 4,809,448 22,633,057

Non-current Loans and financing (Note 16) Derivative financial instruments (Note 7) Taxes payable Deferred income tax liabilities (Note 11) Provision for contingencies (Note 17) Other payable

9,693,996 177,799 77,390 840,989 81,416 153,857 11,025,447

10,232,309 125,437 76,510 739,878 101,594 152,509 11,428,237

Total liabilities Shareholders' equity Capital (Note 19) Share issuance costs Capital reserve Treasury shares Other reserves Staturory reserves Accumulated losses Equity attributable to shareholders of the Company Equity attributable to non-controlling interests Total shareholder's equity

9,740,777 (11,771) 2,688 (10,346) 1,618,824 4,520,290 (536,969) 15,323,493 34,938 15,358,431 29,641,333

8,379,397 2,688 (10,346) 1,618,824 4,520,290

14,510,853 28,822 14,539,675 27,928,620

Total assets

29,641,333

27,928,620

Total liabilities and shareholders' equity

The accompanying notes are an integral part of this unaudited consolidated interim financial information.

1 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Unaudited consolidated statement of operations
In thousand of reais, except for the earnings per shares

April 1 to June 30, 2012 (three months) Continuing operations Net revenue (Note 19) Cost of sales (Note 21) Gross profit Selling expenses (Note 21) Administrative expenses (Note 21) Equity in losses of affiliates, net Other operating income (expenses, net) (Note 21)

June 30, 2012 (six months)

April 1 to June 30, 2011 (three months)

June 30, 2011 (six months)

1,491,264 (1,248,533) 242,731 (80,052) (68,566) (168) 247,698 98,912

2,764,774 (2,478,233) 286,541 (150,413) (130,484) (187) 234,814 (46,270) 240,271 96,680 (403,355) (111,601) (624,844) (1,043,120) (802,849) (8,464) 277,124 (534,189)

1,458,522 (1,249,504) 209,018 (73,244) (82,449) (254) (15,284) (171,231) 37,787 49,306 (215,109) 114,814 327,587 276,598 314,385 68,852 (168,477) 214,760

3,006,209 (2,476,230) 529,979 (138,065) (157,554) (305) (28,652) (324,576) 205,403 101,620 (474,066) 182,677 477,835 288,066 493,469 72,214 (203,002) 362,681

Operating profit Finance income (Note 20) Finance cost (Note 20) Derivatives gains (losses), net (Note 20) Currency translation differencies (Note 20)

341,643 48,678 (200,861) (218,174) (864,709) (1,235,066)

Profit (loss) before income tax Income tax expense (Note 11) Deferred income tax (Note 11) Profit (loss) from continuing operations Discontinued operations Profit from discontinued operations (Note 23) Profit for the year Profit attributable to Shareholders of the Company - continuing operations Shareholders of the Company - discontinued operations Non-controlling interest

(893,423) (5,296) 374,411 (524,308)

240,655 (524,308) (534,189) 214,760 603,336

(525,821) 1,513 (524,308)

(536,969) 2,780 (534,189)

215,013 (253) 214,760

361,248 240,655 1,433 603,336

Earnings per share from continuing and discontinued operations attributable to the equity holders Basic and diluted earnings per share - continuing operations (in reais) (Note 22) Basic and diluted earnings (loss) per share discontinued operations (in reais) (Note 22)

(0.950)

(1,082)

0.265

0.773

0.515

A separate "Statement of comprehensive income" is not presented as there are no other comprehensive income items.
The accompanying notes are an integral part of this unaudited consolidated interim financial information.

2 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Statement of changes in shareholders' equity
In thousands of reais

Equity attributable to shareholders of the Company Transaction costs to the capital increase Retained earnings (accumulated Legal Investments losses) Statutory reserves 303,800 5,077,971 601,903

Capital As of December 31, 2010 Total income and comprehensive income Net income and comprehensive income Transactions with shareholders Capital increase Lapsed dividends Realization of revaluation reserve, net of tax As of June 30, 2011 Total income and comprehensive income Net income (loss) and other comprehensive income (loss) Transactions with shareholders Realization of revaluation reserve, net of tax Lapsed dividends Investment reserve appropriation Other As of December 31, 2011 Total income and comprehensive income Net (loss) and other comprehensive (loss) Transactions with shareholders Capital Increase (Note 20) Transaction costs (Note 20) As of June 30, 2012 8,379,397

Capital reserve 2,688

Treasury shares (10,346)

Other reserves 1,627,903

Total 15,381,413 601,903

Noncontrolling interest 23,433 1,433 1,983

Total 15,404,846 603,336 1,983 2,006

(481) 8,379,397 2,688 (10,346) 1,627,422 303,800 5,077,971

2,006 481 604,390 (1,474,525)

2,006

15,985,322 (1,474,525)

26,849 3,075

16,012,171 (1,471,450)

(8,598) (861,481)

8,598 56 861,481

56 (1,102)

56 (1,102) 14,539,675 (534,189) 1,364,716 (11,771) 15,358,431

8,379,397

2,688

(10,346)

1,618,824

303,800

4,216,490 (536,969)

14,510,853 (536,969) 1,361,380 (11,771)

28,822 2,780 3,336

1,361,380 (11,771) 9,740,777 (11,771) 2,688 (10,346) 1,618,824 303,800 4,216,490 (536,969)

15,323,493

34,938

The accompanying notes are an integral part of this unaudited consolidated interim financial information.

3 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Unaudited consolidated statement of cash flow Six month periods ended June 30
In thousand of reais

2012 Income (loss) from continuing operations before taxes on income Adjusted by Income before taxes on income from discontinued operations (Note 23) Depreciation, depletion and amortization Effects of exchange rate changes Change in fair value of financial instruments Equity in losses of affiliates, net Accretion of present value - Aracruz acquisition Gain (loss) on disposal of property, plant and equipment, net Gain on disposal of investment, net Interest income Interest paid Change in fair value of biological assets Provisions and others Decrease (increase) in assets Trade accounts receivable Inventories Recoverable taxes Related parties Other receivables/advances to suppliers Decrease (increase) in liabilities Trade payables Taxes payables Payroll, profit sharing and related charges Other payables Cash flows from operating activities Interest received Interest paid Income taxes paid Net cash generated from operating activities Cash flows from investing activities Installments paid for acquisition of Aracruz Acquisition of property, plant and equipment Marketable securities, net Proceeds from sale of an interest in an affiliate (Note 1(c)) Proceeds from sale of property, plant and equipment Advances received from the disposal of assets of Bahia (Note 1(d)(ii)) Cash received (paid) on maturity of derivatives Acquisition of intangible assets and others Net cash used in investing activities Cash flows from financing activities Borrowings Repayments - principal amount Net of capital increase Dividends paid Others Net cash generated from (used in) financing activities Effect of exchange rate changes on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of quarter (802,849)

2011 493,469

906,489 624,844 111,601 187 8,273 (84,500) 351,285 (265,798) 76,028

364,629 895,596 (477,835) (182,677) 305 41,008 (5,046) (357,196) (90,490) 340,028 (5.790) 27,641

265,381 (60,651) (55,068) 4,826

116,278 (182,411) (72,625) 624 17,139

44,628 (17,709) (26,311) (17,221) 1,063,435 76,345 (326,397) (7,448) 805,935

6,851 (3,787) 1,939 (35,075) 892,703 128,490 (276,213) (3,129) 741,851

(525,351) (563,067) 7,158 200,000 (36,422) 444 (917,238)

(855,572) (649,484) (328,257) 1,508,768 36,229 106,701 (1,164) (182,779)

149,519 (364,831) 1,343,546 737 1,128,971 60,342 1,078,010 381,915 1,459,825

2,417,041 (2,737,986) (263,902) 7,266 (577,581) (56,720) (75,229) 431,463 356,234

The accompanying notes are an integral part of this unaudited consolidated interim financial information.

4 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Unaudited consolidated statement of value added Six month periods ended June 30
In thousand of reais

2012 Revenue Gross sales Allowance for doubtful accounts Revenue relating to the construction of own assets and others

2011

2,828,228 675,140 3,503,368

3,240,666 (1,188) 836,705 4,076,183

Inputs acquired from third parties Cost of sales Materials, energy, outsourced services and others

(1,672,806) (192,120) (1,864,926)

(1,679,790) (311,315) (1,991,105) 2,085,078

Gross value added Retentions Depreciation and amortization Net value added generated from operations Value added received through transfer Equity in results of investees Finance income

1,638,442

(906,489) 731,953

(895,596) 1,189,482

(187) 728,372 728,185

(305) 829,773 829,468 2,018,950

Total value added to distribute Distribution of value added Personnel and social charges Direct compensation Benefits to employees Government Severance Indemnity Fund for Employees (FGTS) Taxes and contributions Federal State Municipal Interest and rentals Profit not invested (loss) for the year Non-controlling interest Value added distributed

1,460,138

266,033 203,497 48,080 14,456 (108,038) (163,736) 40,540 15,158 1,836,333 (536,970) 2,780 1,460,138

316,640 242,219 57,867 16,554 481,808 382,191 87,166 12,451 617,166 601,903 1,433 2,018,950

The accompanying notes are an integral part of this unaudited consolidated interim financial information. 5 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

1 (a)

Operations General information We are incorporated under the laws of the Federative Republic of Brazil under the name Fibria Celulose S.A., as a publicly-held company with unlimited duration. We have the legal status of a stock corporation, operating under the Brazilian corporate law. Our headquarter and principal executive office are located in So Paulo, SP, Brazil. Our operations began in 1988 when the Votorantim Group, one of the largest privately held group of companies in Latin America, acquired Celpav Celulose e Papel Ltda., or Celpav, a pulp and paper producer located in So Paulo. We began production in 1991 after expanding and modernizing our facilities. In September 1992, the Votorantim Group purchased Indstrias de Papel Simo S.A., or Papel Simo, which was listed on the BM&FBOVESPA. Celpav and Papel Simo subsequently merged and, Papel Simo was renamed Votorantim Celulose e Papel S.A. On November 5, 2009 we adopted the corporate name Fibria Celulose S.A. and on December 31, 2009, we and Aracruz were merged into Fibria (the surviving entity). On April 19, 2000, we completed a registered offering of 7,920,000 ADSs. Each ADS represented 500 preferred shares, and the ADSs were listed on NYSE, under the symbol "VCP." Following the name changed from in 2009, our ticker symbol changed to "FBR". Our preponderant activities are the production of renewable and sustainable forests, and the industrialization and the commercialization of blenched eucalyptus kraft pulp. After divesting its paper production activities, we operate a single operational segment: producing and selling short fiber pulp. We are the world's largest producer of market short fiber pulp, with an aggregate pulp production capacity of approximately 5.25 million metric tons, representing approximately 30% of the world market pulp production capacity of Bleached Eucalyptus Kraft Pulp (BEKP), as of December 31, 2011, according to Hawkins Wright and PPPC independent consultants. Our cost of production of BEKP is one of the lowest in the world, hence Brazil is the most competitive country in the production of market pulp, according to Hawkins Wright and PPPC independent consultants. Our competitive advantage is attributed to (i) to the high productivity of forests; (ii) short harvest cycle of our trees; (iii) short distances between forests and facilities (iv) state-of-the-art and strategically located production facilities; (v) use of high-end technology in our operations; (vi) strong economies of scale. Our bleached pulp is produced from eucalyptus trees resulting in a variety of high quality hardwood pulp, with short fibers, generally used in the manufacture of toilet paper, uncoated and coated paper for printing and writing and coated cardboard for packaging. We use different energy sources such as thermal and electric energy for our respective operations, including black liquor, biomass derived from wood debarking, bark and scraps. Our business is affected by global pulp prices, which are historically cyclical and subject to significant volatility over short periods. The most common factors that affect global pulp prices are: (i) global demand for products from pulp; (ii) global production capacity and strategies adopted by the main producers; and (iii) availability of substitutes for these products. All these factors are beyond our control.

6 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

(b)

Facilities in operation and forest base We operate "BEKP" facilities in Brazil, with total capacity of approximately 5.25 million tons, as of June 30, 2012: Pulp production facility Aracruz Trs Lagoas Jacare Veracel (*) Annual production capacity (tons) 2,300,000 1,300,000 1,100,000 550,000 5,250,000 (*) Represents 50% of the annual production capacity of Veracel's pulp mill consistant with the proportional consolidation of the results of operations of Veracel in our consolidated statement of operations. We only produce hardwood pulp from planted eucalyptus trees, therefore our eucalyptus trees are referred as forest, which have an average extraction cycle of between six and seven years. All forests are located in Brazil, in different six States, summing approximately 958 thousand hectares as of June 30, 2012, including reforested and protected areas, as follows (in thousand hectares): Forested State So Paulo Minas Gerais Rio de Janeiro Mato Grosso do Sul Bahia Esprito Santo Total area

Location Esprito Santo Mato Grosso do Sul So Paulo Bahia

79,970 13,219 1,696 228,926 129,665 106,300 559,776

147,423 27,213 3,413 347,568 252,931 179,866 958,414

The table above does not include our forest in Rio Grande do Sul and certain forests in the south of Bahia, classified as assets held for sale (Note 22). (c) Logistics Most of the pulp produced for export is transported by sea vessels. We have long-term contracts with vessels companies. We operate in two local ports, Santos and Barra do Riacho. The port of Santos is located on the coast of the State of So Paulo and seeps the pulp produced in the Jacare and Trs Lagoas plants and is operated under a concession from the Government of the State of So Paulo to the Companhia Docas of the State of So Paulo - CODESP. We pay user fees to be allowed to use the terminals auctioned by CODESP. 7 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

The port of Barra do Riacho is a port specialized in cellulose and is fairly close from Aracruz unit, in the State of Esprito Santo and seeps the pulp produced in the Aracruz and Veracel plants. This port is operated by a company controlled by Fibria (which has a 51% interest in the share capital) denominated Portocel - Terminal Especializado Barra do Riacho S.A. Portocel operates under authorization granted by the federal government through a contract signed on November 14, 1995. These port operations do not fall within the scope of ICPC 01/IFRIC 12. In October of 2010 was signed a contract for 25 years with STX Pan Ocean Co. Ltd., a company of South Korea, to optimize the international logistics and ensure operational stability and competitiveness. As of June 30, 2012, there were no obligations regarding this contract since freight services have a expected start date through the end of 2012. (d) Assets held for sale During the year of 2011 and the period ended June 30, 2012, we approved and consummated the sale of certain Cash Generating Units (CGUs) and certain assets. Upon approval, we classified them as assets held for sale and/or discontinued operations and when the sale was consummated. Date when classified for accounting purposes Date when the sale was consummated

CGU/asset CONPACEL CGU KSR CGU Piracicaba CGU Losango project assets Forest assets and lands located in the south of the Bahia state

Reference Note 22(a) Note 22(a) Note 22(b) Note 22(c)

Classification for accounting purposes Assets held for sale and discontinued operations Assets held for sale and discontinued operations Assets held for sale Assets held for sale Assets held for sale

December 2010 January 2011 December 2010 February 2011 June 2011 June 2011 March 2012 September 2011 Not yet sold June 2012*

(*) On June 29, 2012, we received an advance in the amount of R$ 200 million, and the sale will be effectivated after duediligence process be finalized (Note 25). (i) Sale of CONPACEL, KSR and Piracicaba On December 21, 2010, the board of directors approved the disposal of two cash generating units ("CGUs"), Consrcio Paulista de Papel e Celulose - CONPACEL and KSR Distribuidora. The CONPACEL pulp and paper mill consisted of a pulp mill with an annual production capacity of 650 kilotons, a paper mill with an annual production capacity of 390 kilotons, approximately 71 thousand hectares of timberland, 30 thousand hectares of protected forest, a distribution business unit which operates 19 branches throughout Brazil and a distribution warehouse in the State of So Paulo. We sold in January 31, 2011 and February 28, 2011 CONPACEL and KSR, respectively, for an aggregate purchase consideration of R$ 1.5 billion, to Suzano Papel e Celulose S.A. ("Suzano"). The purchase agreement established covenants for the payment by Suzano.

8 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

We sold in September 29, 2011, our CGU Piracicaba, which consists of a plant to produce thermal papers, coated and carbonless, located in Piracicaba, in the State of So Paulo, with an annual capacity over than 160 thousand tons, to Oji Paper CO., LTD. ("Oji") for an aggregated purchase consideration of US$ 313 millions, equivalent to R$ 567,375 million at that date. The disposal of our CGUs is consistent with our strategy of concentrating activities in the pulp business and strengthening our strategic focus in the market pulp. We used the proceeds from sale to reduce our debt levels. Information about the results and cash flows of the discontinued businesses is presented in Note 24. (ii) Losango Project On June 30, 2011, we announced the intention of divesting Losango Project assets in conjunction with our continuous efforts to identify potential buyers. We acknowledge the criteria established by the IFRS5/CPC 31 Non current assets for sale and that our plans to conclude the sale have been postponed due to business circumstances that have not been previously foreseen in the initial plan. Therefore, we prorogued for 12 months the stated period previously foreseen to conclude the sale, considering the criteria established in the IFRS 5/CPC 31 - "Non Current Assets for Sale". The financial details on these assets are presented in Note 25. (iii) Forestry assets and land located in the south of Bahia On March 8, 2012, in line with our strategy to strengthen our capital structure, reported, we announced that we received and accepted a binding offer from Fundo Florestas do Brasil FIP (the "Fund"), through, Corus Agroflorestal S.A., a controlled company, by the Fund, for the purchase of certain forest assets and land located in the South of Bahia, consisting of a total of 16.5 thousand hectares of forestland of eucalyptus for timber and pulp with an average annual production of 555,000 cubic meters of wood, for an aggregate purchase price of R$ 235 million. On June 29, 2012, we signed the sale agreement of the forestry assets and lands located in the South of the Bahia for R$ 235 million, receiving R$ 200 million at that date. Additionally, the purchaser will lead a process of due diligence, which is usually performed in such transactions with expected results by November 2012. The receipt of the remaining balance of R$ 35 million is subject to the due diligence results. As detailed in Note 25, the period ended June 30, 2012, the mentioned assets had not been disposed in the balance sheet in function of the countable evaluation of risks and benefits related to the operation, therefore, the cash received in the disposal are being presented in the current liabilities in proper heading. (e) Companies merged and liquidated During the year ended December 31, 2011 and the period ended June 30, 2012, we undertook certain corporate reorganizations in order to optimize our organizational structure, which included the merger and/or liquidation of direct or indirect subsidiaries, in Brazil and abroad. The following is a summary of events occurring during the year ended December 31, 2011 and the period ended June 30, 2012:

9 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

Company Liquidation VCP North America Riocell Trade Riocell Limited Newark Financial Merger Mucuri Agroflorestal Ltda.

Country

Relationship

Date of merger or beginning of liquidation

Interest on share capital (%)

United States of America Isle of Man, UK Guernsey British Virgin Islands Brazil

Indirect subsidiary Indirect subsidiary Subsidiary Subsidiary Subsidiary

June 2011 September 2011 September 2011 June 2012 July 2011

100 100 100 100 100

The companies that were liquidated did not have any significant assets or liabilities and as a result there was no significant impact on our results. The following discloses our book value of Mucuri Agroflorestal Ltda. immediately before merger, as per their individual standalone balance sheets: Mucuri Agloflorestal S.A. merged with Fibria Celulose S.A.
Assets Current Cash and cash equivalents Non current Other assets Property, plant and equipment Liabilities and shareholder's equity Shareholder's equity Capital Accumulated losses

41

78,300 (2,126) 76,174

5,958 70,175 76,133

Total assets

76,174

Total liabilities and shareholder's equity

76,174

Additionally, during the Aracruz's acquisition, we recognized a fair value adjustment of R$ 478,925 related to land held by Mucuri Agroflorestal (Note 13). (f) Change in the international corporate structure In November 2011, we approved, subject to certain conditions been met, a project for a corporate restructuring of our international activities, including the transfer of our current commercial operational, logistics, administrative and financial operations of Fibria Trading International Kft. to another subsidiary. The international corporate reorganization restructuring is being performed in different stages and completion is expected to be around December 2013. However, the implementation of our restructuring plan depends on different levels of approvals to be granted by authority of each country involved. 10 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

(g)

Public offering of common shares On April 30, 2012, we concluded the primary public offering of common shares, by the Company, with proceeds of R$ 1,361,380 billion (the "Public Offering"). The Public Offering is carried out in accordance with our strategy to strengthen our capital structure and achieve better leverage ratios, as described in Note 4. The details of this operation are described in Note 20.

2 2.1 (a)

Presentation of interim financial information and significant accounting practices Financial statements - basis of preparation Interim financial information The consolidated interim financial information has been prepared and is being presented in accordance with IAS 34 - "Interim Financial Reporting" as issued by the International Accounting Standards Board ("IASB"), The consolidated interim financial information should be read in conjunction with the financial statements for the year ended December 31, 2011 considering its purpose is to provide an update of the activities, events and significant circumstances in relation to the ones presented in those annual financial statements. The accounting practices, which include the measurement principles for recognition and valuation of the assets and liabilities, as well as the calculation methods used in the preparation of this financial statement and the use of the estimates are the same as those used in the preparation of the most recent annual financial statements presented, except to the extent disclosed in Note 4.2.

(b)

Approval of the financial information Issuance of this financial information was approved by the Board of Directors on June 23, 2012.

2.2

Critical accounting estimates and assumptions Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates will seldom equal the related actual results. In the three months ended June 30, 2012, there were no significant changes in the estimates and assumptions which are likely to cause a significant adjustment in the carrying amounts of assets and liabilities during the next financial year, compared to those disclosed in Note 3 to our most recent annual financial statements.

Standards, amendments and interpretations of existing standards that are not yet effective Below is a list of standards and interpretations that have been issued and are effective for future periods. We have not early adopted these standards and interpretations. 11 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

IAS 28 - "Investments in Associates and Joint Ventures", IFRS 11 - "Joint Arrangements" and IFRS 12 "Disclosure of Interests in Other Entities", all issued in May, 2011. The main change introduced by these standards is that proportional consolidation is no longer possible forentities whose control isshared through an agreement between two or more parties, and that are classified as a joint venture. IFRS 11 establishes two types of categories for join agreements: .. "Joint Operations" - a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. .. "Joint Ventures"- a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. IFRS 12 requires an entity to provide qualitative disclosures regarding interests in subsidiaries, joint agreements and in non consolidated entities that include disclosure of the judgments and significant assumptions used in order to determine whether the entity controls, has significant influence or those used in order to classify the joint agreements between "Joint Operations" or "Joint Ventures" as well as other disclosures with respect to the nature and extension of significant restrictions and risks associated with such entities. The standard is effective for annual periods beginning on or after January 1, 2013. Earlier application is permitted. We are assessing the impacts of this standards on the existing joint arrangements.

IFRS 9 - "Financial Instruments", issued in November 2009. IFRS 9 is the first standard issued as part of a larger project to replace IAS 39. IFRS 9 maintains, but simplifies the measurement model and establishes two major measurement categories for financial assets: amortized cost and fair value. The basis for the classification depends on the entity's business model and the contractual characteristics of the cash flow of the financial assets. The guidance included in IAS 39 on impairment of financial assets and hedge accounting continues to be applied. The standard is applicable as from January 1, 2015. It is not expected to have any impact on our consolidated financial information. IFRS 10 - "Consolidated Financial Statements", issued in May 2011. This standard is based on principles related to the identification of the concept of control as the key factor in determining when an entity should be consolidated in the financial statements. The standard establishes an additional guidance to assist in determining control when there are doubts in such evaluation. The standard is applicable as from January 1, 2013. It is not expected to have any impact on our consolidated financial information. IFRS 13 - "Fair Value Measurement", issued in May 2011. The standard's objective is to improve consistency and reduce complexity of the disclosures required by the IFRSs. The requirements do not increase the use of fair value in accounting, but provides guidance as how it should be applied when its use is required or allowed by another standard. The standard is applicable as from January 1, 2013, and there is an exemption for the application of the new disclosure requirements for comparative periods. It is not expected to have any impact on our consolidated financial information.

IAS 19 - "Employee Benefits", issued in June 2011. The change in the standard will affect mainly the recognition and measurement of defined benefit pension plans and disclosure of employee benefits. The standard is applicable as from January 1, 2013. These changes will affect the accounting of the liabilities of the SEPACO plan, as defined in Note 2.20(b) to the annual financial statements, however, we do not expect relevant effects.

12 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

Risk management The polices and financial risk factors disclosed in the annual financial statement (Note 4), did not have any relevant changes. Below is presented an update of the liabilities and financial assets table by maturity, of the indices of financial leverage and of the sensitivity analysis, which are considered relevant for quarterly monitoring.

4.1

Liquidity risk The table below presents our non-derivative financial liabilities and the outstanding derivative financial assets and liabilities grouped by relevant maturity based on the remaining period from the balance sheet date to the contractual maturity date The amounts disclosed in the table are the contractual undiscounted cash flows, and as such they differ from the amounts presented in the consolidated balance sheet for loans and financing, derivative financial instruments, trade and other payables.
Less than one year At June 30, 2012 Loans and financing Derivative financial instruments Trade and other payables 1,773,923 160,075 568,280 2,502,278 At December 31, 2011 Loans and financing Derivative financial instruments Trade and other payables Between one and two years 2,171,853 30,217 46,125 2,248,195 Between two and five years 4,123,239 194,670 14,516 4,332,425 Over five years 7,441,650 53,268 32,662 7,527,580

1,636,635 134,886 516,061 2,287,582

2,723,403 6,321 47,197 2,776,921

3,919,605 104,913 14,516 4,039,034

7,916,925 16,099 35,081 7,968,105

4.2

Capital risk management We monitor indebtedness on the basis of a consolidated indebtedness ratio. This ratio is calculated as net debt divided by EBITDA as defined by us (net income plus income tax, depreciation, depletion and amortization and other items) which must be maintained a ratio of 2.0x to 2.5x, being able to temporarily reach the maximum level of 3.5x. Net debt represents total loans, less cash and cash equivalents and marketable securities and the fair value of derivative financial instruments. The indebtedness ratios were as follows:
Millions of reais June 30, 2012 Loans and financing (Note 18) Less - cash and cash equivalents (Note 6) Less (plus) - derivative instruments (Note 8) Less - marketable securities (Note 7) Net debt Total adjusted index (last 12 months) Indebtedness ratio (in reais) 11,882 1,460 (289) 2,249 8,462 1,794 4.7 December 31, 2011 11,324 382 (214) 1,678 9,478 1,981 4.8

13 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

Adjusted index is reconciled to the carrying amounts as follows: Millions of reais June 30, 2012 Income (loss) before income tax Adjusted by Financial results Total of continuing operations Discontinued operations (Note 24) Depreciation, amortization and depletion Earnings Before Income Taxes, Depreciation, Amortization and others (EBITDA) Gain on disposal of CONPACEL, KSR and Piracicaba Impairment of recoverable ICMS Change in fair value of biological assets Other (*) Adjusted index (2,787) 3,200 413 December 31, 2011 (1,491) 1,869 378 365 1,839

1,876

2,289 (176) 61 (406) 26 1,794

2,582 (533) 59 (146) 19 1,981

(*) Includes non-recurring sale of property, plant and equipment and credits from the sale of investments. Although the relevant reduction in the net debt in relation to December 31, 2011 in the amount of R$ 1,016 million, the indebtedness ratio reduced significantly from 4.8 in December 2011 to 4.7 in June 30, 2012, mainly due to the lower adjusted EBITDA recorded in the last 12 months. An analysis of the average price of pulp is presented in Note 21. Considering this scenario we continue to focus on actions that include reduction of fixed costs and variable costs, selling expenses, capex and improvements in working capital. We also focus on actions that may result in additional liquidity such as public offerings (Note 25), the sale of certain assets in the south of Bahia, the sale of the forests of Losango (Note 22) as well asother non-strategic assets. This reinforces we focus to strength our capital structure, in order to reach better leverage ratios. 4.3 Sensitivity analysis The analysis below presents our sensitivity analysis of the effects from changes in relevant risk variables we are exposed to at the end of the period. We believe that a reasonably possible scenario would include a depreciation of the US dollar, and changes in the pulp price over a three-month period considering current market expectation and historical changes in prices of pulp. Other risk factors were not considered to have significant effect on the result of financial instruments.

14 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

Instruments denominated in foreign currency (US dollars) Loans and financing Cash, cash equivalents and marketable securities Derivative instruments Trade accounts receivable Trade payables

Scenario Depreciation of 0.27% of the US dollar in relation to the Ptax rate at June 30, 2012 from R$ 2.0213 to R$ 2.0159

Impact on income (expense)

25,939 (3,813) 15,631 (1,856) 136 36,037

As demonstrated above, a devaluation of the US dollar, considering the closing rate and the balance of such financial instruments in June 30, 2012, would lead to a reduction in the liabilities recognized in the balance sheet and corresponding a gain in financial income by approximately R$ 36,037. Furthermore, considering this projective scenario compared with the average exchange rate of R$ 1.7896 calculated for the 12 months ended June 30, 2012, net revenue would increase by 12.3%, or R$ 689,000 over a 12-month period. According to the CVM Decision no 550/08, the following information presents the fair value of derivatives, loans and marketable securities, in two adverse scenarios that could generate significant losses to us. The probable scenario was stressed considering an additional 25% and 50% in respect to the probable scenario of R$ 2.0159: Impact of an appreciation of the US dollar against the real on portfolios fair values Probable R$ 2.0159 Derivative instruments Loans and financing Marketable securities Total impact 5 Cash and cash equivalents Average yield - % p.a. Cash and banks Cash equivalents Foreign currency Time deposits Cash and cash equivalents 15 of 44
G:\ITR\[Link]

Possible (25%) R$ 2.5199 (738,848) (2,377,627) 353,050 (2,787,579)

Remote (50%) R$ 3.0239 (1,483,743) (4,755,254) 706,100 (5,581,205)

15,631 25,939 (3,813) 37,757

June 30, 2012 32,898

December 31, 2011 62,989 318,926 381,915

0.36

1,427,027 1,459,925

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

Bank deposits in US dollar are highly liquid, readily convertible into a known amount of cash and subject to an immaterial risk of change in fair value if early redemption is requested. During the period ended June 30, 2012 there has been no relevant changes with respect to the operations presented in the most recent annual financial statement (Note 8). The increase in the cash and cash equivalents balance in the period reflects the accumulated cash kept offshore which will settle a portion of the Eurobond repurchase operation, as mentioned in Note 28. 6 Marketable securities Marketable securities include financial assets classified as held for trading, as follows: June 30, 2012 Government securities including under reverse repurchase agreements LFT LTN Over NTN Over Other Private securities including securities under reverse repurchase agreements Reverse repurchase agreements (Repos) CDB CDB Box Investment securities Marketable securities December 31, 2011

700,227 291,286 428,199

208,602 149,730 4,666

415,431 413,032 973 2,249,148

1,282,236 31,750 942 1,677,926

Private securities are mainly composed by short-term investments in CDB and repos which have immediate liquidity and carry out interest based on the variation of the Interbank Deposit Certificate (CDI). Government securities are composed by National Treasury Bill and Notes. The average yield of marketable securities in a three month period ended in June 30, 2012 was 101.67% of the CDI (102.47% in 2011). The CDB Box operations are interest-bearing instruments with interest based on the CDI rate, with no exposure to foreign exchange risk. During the period ended June 30, 2012 there has been no relevant changes with respect to the operations presented in the most recent annual financial statement and detailed in Note 10 to such financial statements. The rise of the balance in the period was mainly due to resources received in the common shares offering concluded in the period ended June 30, 2012, and detailed in Note 20. 7 Derivative financial instruments The following tables present the derivatives, segregated by type, presenting both asset and liability position of the swap contracts, by hedge strategy adopted by us, and also the schedule of maturities based on contractual maturities. 16 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

The outstanding contracts at June 30, 2012 are not subject to margin calls or anticipated liquidation clauses resulting from mark-to-market variations. All operations are over-the-counter and registered at CETIP (a clearing house). (a) Derivatives financial instruments by type
Reference value (notional) - in currency of origin Type of derivative NDF (US$) Swap JPY x US$ (JPY) Swap DI x US$ (US$) Swap LIBOR x Fixed (US$) Swap TJLP x US$ (US$) Swap Pre x US$ (US$) Zero cost dollar June 30, 2012 649,900 45,000 227,297 180,026 387,176 38,787 141,000 December 31, 2011 921,900 45,000 233,550 227,891 416,478 42,313 162,000 June 30, 2012 (127,825) 25,876 (25,560) (8,157) (130,500) (12,076) (10,823) (289,065) Classified: on current assets on non-current assets on current liabilities on non-current liabilities 9,433 35,644 (156,343) (177,799) (289,065) Fair value December 31, 2011 (134,206) 27,804 11,373 (10,655) (92,165) (9,084) (6,954) (213,887) 31,638 43,446 (163,534) (125,437) (213,887)

(b)

Derivatives financial instruments by type and nature (assets and liabilities position)
Reference value (notional - in) currency of origin Type of derivative Future contracts Cash flow hedge (US$) Swap contracts Asset JPY fixed rate (JPY to US$) US$ LIBOR (LIBOR to fixed) BRL fixed rate (BRL to US$) BRL TJLP (BRL to US$) BRL Pre (BRL to US$) Liability US$ fixed rate (JPY to US$) US$ fixed rate (LIBOR to fixed) US$ fixed rate (BRL to US$) US$ fixed rate (BRL TJLP to US$) US$ fixed rate (BRL to US$) Total swap contracts Options Zero cost dollar 141,000 162,000 June 30, 2012 649,900 December 31, 2011 921,900 June 30, 2012 (127,825) Fair value December 31, 2011 (134,206)

4,754,615 180,026 388,678 631,005 61,788 45,000 180,026 227,297 387,176 38,787

4,754,615 227,891 399,370 679,784 66,468 45,000 227,891 233,550 416,478 42,313

135,155 364,225 524,933 636,182 61,709 (109,279) (372,382) (550,493) (766,682) (73,785) (150,417) (10,823) (289,065)

136,077 427,843 514,257 611,091 64,391 (108,273) (438,498) (502,884) (703,256) (73,475) (72,727) (6,954) (213,887)

17 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

(c)

Derivatives financial instruments by hedge strategy and settlements

Fair value Type of derivative Exchange rate hedge Cash flow - Exports Debt hedge Interest rate hedge Debt hedge June 30, 2012 (138,649) (142,259) (8,157) (289,065) December 31, 2011 (141.160) (62.072) (10.655) (213.887) Value paid or received June 30, 2012 (45,667) 14,001 (4,756) (36,422) June 30, 2011 101,887 9,837 (5,023) 106,701

(d)

Derivatives financial instruments by date of disbursements/collections The following tables present information about derivative financial instruments grouped by maturity and counterparty. The following table presents the fair values by month of maturity:
June 30, 2012 2012 January February March April May June July August September October November December 2013 (15,366) (11,744) (4,946) (3,854) (1,460) 211 (2,685) (1,548) (267) (1,721) (1,579) (770) (45,729) 2014 26,566 (2,484) (2,656) (2,951) (2,830) (2,856) (3,187) (3,138) (3,246) (3,404) (3,267) (3,547) (7,000) 2015 (3,535) (3,570) (3,900) (3,879) (3,907) (4,011) (3,163) (3,170) (6,445) (3,369) (3,397) (3,484) (45,830) 2016 (3,282) (3,364) (3,810) (3,495) (3,557 ) (3,974) (2,713) (2,743) (5,657) (2,818) (2,875) (3,182) (41,470) 2017 (2,939) (2,989) (3,267) (3,044) (3,093) (3,345) (1,474) (1,489) (8,878) (1,511) (1,522) (1,621) (35,172) 2018 Total 1,444 (24,151) (18,656) (17,223) (14,847) (14,041) (46,485) (43,171) (38,462) (28,373) (16,072) (29,028) (289,065)

(77) (66) (3,972)

(33,263) (31,083) (9,997) (15,550) (3,432) (16,424) (109,749)

(4,115)

December 31, 2011 2012 January February March April May June July August September October November December (23,146) (16,878) (11,919) (17,225) (13,148) (1,991) (18,880) (18,824) (668) (6,905) (420) 1,484 (128,520) 2013 (447) (540) 1,045 (355) (565) 1,414 (1,520) (1,396) (48) (1,519) (1,289) (240) (5,460) 2014 25,680 (2,049) (1,874) (2,756) (2,571) (2,208) (2,796) (2,662) (2,461) (2,908) (2,854) (2,736) (2,195) 2015 (3,000) (2,966) (2,951) (3,228) (3,262) (3,055) (2,658) (2,695) (3,018) (2,897) (2,926) (2,769) (35,425) 2016 (2,820) (2,879) (2,980) (2,933) (2,932) (2,908) (2,548) (2,539) (2,290) (2,499) (2,476) (2,431) (32,235) 2017 (2,483) (2,475) (2,415) (2,764) (2,782) (2,675) (1,289) (1,286) 2,973 (1,281) (1,288) (1,222) (18,987) 2018 Total (6,216) (27,787) (21,008) (29,261) (25,260) (11,319) (29,691) (29,402) 3,233 (18,009) (11,253) (7,914) (213,887)

86 104 8,745

8,935

18 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

Additionally, see below derivative financial instruments, notional and fair value by counterparty: June 30, 2012 Notional in US$ Citibank S.A. Banco Ita BBA S.A. Banco Safra S.A. Banco Santander (Brasil) S.A. Bank of America Merrill Lynch BES Investimento do Brasil S.A. Deutsche Bank S.A. Goldman Sachs do Brasil HSBC Bank Brasil S.A. Morgan Stanley & CO. Banco Standard de Investimentos Standard Chartered Bank Banco Barclays S.A. Banco WestLB do Brasil Banco Credit Agricole Brasil S.A. Banco BNP Paribas Brasil S.A. Rabobank Brasil S.A. (226,279) (268,786) (227,297) (271,652) (60,400) (45,000) (104,550) (83,246) (107,476) (67,000) (12,000) (78,000) (37,500) (35,000) (20,000) (25,000) (1,669,186) Fair value (20,478) (47,205) (25,560) (88,060) (16,896) (10,258) (5,933) (22,719) (6,954) (12,864) (2,400) (14,914) (5,450) (4,322) (2,144) (2,908) (289,065) December 31, 2011 Notional in US$ (240,376) (382,812) (233,550) (255,556) (96,400) (10,000) (37,500) (186,850) (135,046) (229,042) (14,500) (57,500) (124,500) (45,500) Fair value (6,695) (49,975) 11,372 (57,139) (20,041) (1,772) (3,699) (17,507) (22,460) (22,415) (1,791) (8,285) (10,959) (2,521)

(2,049,132)

(213,887)

The fair value does not represent the cash required immediately to settle each contract, as such amounts are only disbursable at the date of contractual measurement or at maturity of each transaction, when the final result will be determined, in accordance with the then prevailing market conditions. The outstanding contracts at June 30, 2012 are not subject to margin calls or anticipated liquidation clauses resulting from mark-to-market variations. All operations are over-the-counter and registered at CETIP. The following is a description of the types of derivatives and the underlying instruments that are being hedged. (i) Non-Deliverable Forwards (NDF) We entered into US dollar forwards in order to hedge part of our future export revenue, which are considered highly probable transactions, for changes in the exchange rate between real and the US dollar. (ii) LIBOR versus fixed rate swap We have plain-vanilla swaps positions of quarterly LIBOR versus fixed rate with the objective of hedging debt subject to LIBOR against any changes in LIBOR. (iii) Japanese yen versus US dollar swap We have plain-vanilla swaps of Japanese yen versus the US dollar with the objective of hedging exposure to currency fluctuations on a bond that was issued in yen. The swaps are matched to the related debt as regards to underlying amounts, maturity dates and cash flows. 19 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

(iv)

DI versus US dollar swap We have plain-vanilla swaps of Interbank Deposit ("DI") versus the US dollar with the objective of swapping the debt in reais with interest based on DI to a fixed-rate in US dollars. The swaps are matched with respect to the related debt as regards to underlying amounts, maturity dates and cash flows.

(v)

TJLP versus US dollar swap We have plain-vanilla swaps of long term interest rate ("TJLP") versus the US dollar with the objective of swapping debt in reais with interest based on TJLP, to a fixed-rate in US dollars. The swaps are matched with respect to the related debt as regards as to underlying amounts, maturity dates and cash flows.

(vi)

Dollar options We entered into purchase option (put) to purchase dollars and dollar sale option (call) to sell dollars with the same notional and maturity and the amounts are do not include any leverage feature. The difference between the strike prices of the put (lower) and of the call (higher) results in a floor and cap of the dollar exchange rate, thereby forming a "Collar".

(vii)

Pre Swap versus US dollar swap We have plain-vanilla swaps of fixed interest rate in reais to fixed interest rates in US dollar with the objective of hedging the debt in reais to a fixed interest-rate in dollar. The swaps are matched with respect to debt as regards as to underlying amounts, maturity dates and cash flows.

(viii)

Fair value measurement of derivative instruments We estimate the fair value of our derivative agreements and recognizes that these may differ from the Mark-to-Market (MtM) amounts in the event of early settlement. This difference result from factors such as liquidity, spreads or the interest of the counterparty in a early settlement, among others. We believe that amounts obtained for those agreements, in accordance with the methods described below, reliably reflect fair values. The amounts estimated by management are also compared with the MtM provided by the banks and with the estimates performed by independent financial advisors. The methods used for measurement are commonly used in the market and are in compliance with widely tested theoretical bases. A summary of the methodologies used for fair value determination purposes by instrument is presented below. The methodology used to calculate the MtM and to record the financial instruments is defined in a manual developed by our risk management area. Non-deliverable forwards - a projection of the future exchange rate is made, using the exchange coupon and the fixed yield curve in reais at each maturity date. The difference between the rate obtained through this method and the contractual rate is determined. This difference is multiplied by the notional value of each contract and discounted to present value using the fixed yields in reais. Swap contracts - the present value of both the asset and liability positions are estimated through the discount of forecasted cash flows using the market interest rate for the currency in which the swap is denominated. The contract fair value is the difference between the asset and liability. 20 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

Options (zero cost dollar) - the fair value was calculated based on the Garman Kohlhagen model. Volatility information and interest rates are obtained from BM&FBOVESPA to calculate the fair values. The yield curves used to calculate the fair value were as follows: Interest curve Brazil Rate (p.a.) - % 8.06 7.63 7.57 8.18 8.77 9.45 10.19 United States Rate (p.a.) - % 0.24 0.46 0.49 0.54 0.62 0.97 1.82 Dollar coupon Rate (p.a.) - % 47.20 9.45 6.22 4.84 4.59 4.74 5.26

Vertex 1M 6M 1A 2A 3A 5A 10A (e)

Vertex 1M 6M 1A 2A 3A 5A 10A

Vertex 1M 6M 1A 2A 3A 5A 10A

Comments on changes in balance The balance of derivative financial instruments which corresponds to the fair value of outstanding instruments decreased by R$ 75.179 compared to December 31, 2011 mainly as a result of the depreciation of the Reais during the period in relation to the US dollar. The notional of derivative financial instrument presented a reduction, which is due, primarily, to the (i) reduction of the leverage ratios, allowing the company a greater exposure to the US dollar, and (ii) structural changes in standards of the Brazilian economy that will allow a apreciated dollar in the next periods.

Trade accounts receivable June 30, 2012 Domestic customers Export customers 100,750 694,718 795,468 Allowance for doubtful accounts (67,878) 727,590 Comments on changes in balance The consolidated balance of trade accounts receivable presented a reduction of 23% or R$ 217,772 thousand. The change is mainly due to credit assignments with no corresponding resources consummated during the first semester of 2012 for approximately R$ 316,196 whose terms resulted in the derecognition of the asset. Additionally the balances were reduced by our efforts to optimize working 21 of 44
G:\ITR\[Link]

December 31, 2011 105,183 916,391 1,021,574 (76,212) 945,362

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

capital, combined to exchange effects as well as the reduction of sales in relation to the last quarter of 2011 it all contributed to a reduction in the trade accounts receivable balance.

Inventories June 30, 2012 Finished goods At plant/warehouses Outside Brazil Work in process Raw materials Supplies Imports in transit Advances to suppliers December 31, 2011

131,736 579,277 32,046 411,219 134,166 4,526 1,156 1,294,126

135,110 518,305 31,141 360,473 129,298 2,140 2,240 1,178,707

The balance increased by 9.8% or R$ 115,419, mainly carried by the high level of inventories of finished products in the semester related to the year ended December 31, 2011, as a result of lower volume of sale in the period. During the period ended June 30, 2012 there has been no relevant changes with respect to the information presented in Note 13 to the annual financial statements.

10

Recoverable taxes June 30, 2012 Withholding tax and prepaid income tax (IRPJ) and social contribution (CSLL) Value-added tax on sales and services (ICMS) on purchases of property, plant and equipment Recoverable ICMS and excise tax (IPI) Social integration program (PIS) and social contribution on revenues (COFINS) recoverable Provision for impairment on ICMS credits December 31, 2011

196,232 17,382 674,538 604,282 (536,803) 955,631

208,993 19,520 614,274 669,805 (507,573) 1,005,019 677,232 327,787

Non-current Current

593,520 362,111

The balance of taxes recoverable reduced 4.91% or R$ 49,388, due substantially to the reimbursement of the Federal Revenue Secretariat of Brazil's referring to portions of accumulated credits of PIS and 22 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

COFINS in the amount of R$ 46,803, received by the subsidiary Fibria MS whose administrative request were done in December 2010. 11 Taxes on income Our headquarter and our subsidiaries based in Brazil are taxed based on its net income/loss for accounting purpose then adjusted for tax purposes. The subsidiaries outside Brazil use methods established by the respective local regulations. Income taxes have been calculated and recorded considering the applicable statutory tax rates enacted at the date of the interim financial information. (a) Deferred income taxes Deferred income tax and social contribution tax assets arise from tax losses and temporary differences related to (i) the effect of foreign exchange gains/losses (tax calculated on a cash basis for loans); (ii) adjustment to fair value of derivative financial instruments; (iii) non-deductible provisions; and (iv) temporary differences arising from the adoption of IFRS. June 30, 2012 Assets Tax losses Provision for contingencies Sundry provisions (impairment, operational and other) Losses on derivative contracts recognized for tax purposes on a cash basis Exchange variation - taxed on a cash basis Tax amortization of goodwill Provision for losses of foreign deferred tax assets December 31, 2011

682,771 54,427 353,949 98,282 356,638 110,052 (227,181) 1,428,938

528,864 58,389 348,447 72,537 73,412 110,830 (200,711) 991,768

Liabilities Tax depreciation Reforestation costs already deducted for tax purposes Fair value of biological assets Effect of business combination - acquisition of Aracruz Tax benefit on goodwill not amortized for tax purposes Other provisions

12,940 302,589 261,004 39,018 223,647 1,791 840,989

14,986 284,020 214,952 45,212 178,917 1,791 739,878

Changes in the net balance of deferred taxes in the six months period ended June 30, 2012 and the year ended December 31, 2011 are as follows:

23 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

June 30, 2012 At January 1 Tax loss and negative basis Provision for impairment of foreign deferred tax assets Temporary differences regarding operational provisions Derivative financial instruments taxed on cash basis Amortization of goodwill Reforestation costs Exchange gains/losses taxed on a cash basis Fair value of biological assets Other At December 31 Deferred tax assets Deferred tax liabilities (b) Reconciliation of income tax and social contribution benefit (expense) June 30, 2012 Income (loss) before income tax and social contribution Income tax and social contribution at statutory nominal rate - 34% Reconciliation to effective expense Non-taxable equity in earnings (losses) Difference in tax rates of foreign subsidiaries Fiscal benefit from REFIS Executive Director's bonus Present value adjustment - Aracruz acquisition Other, mainly non deductible provisions Income tax and social contribution benefit (expense) for the year Effective rate - % (63) 12,877 (5,281) (11,842) 268,660 33.5 (802,849) 272,969 251,890 153,906 (26,470) (36,996) 25,746 (778) (16,523) 283,226 (46,052)

December 31, 2011 109,665 (180,634) (200,711) (66,241) 117,709 (78,114) (89,056) 539,069 82,321 17,882 251,890 991,768 (739,878)

587,949 1,428,938 (840,989)

June 30, 2011 493,469 (167,779)

(104) 44,718 16,969 (3,387) (13,943) (7,262) (130,788) 26.5

During the six months period ended June 30, 2012 the effective rate of taxes on income totalized 33.5% compared to 26.5% in the same period in 2011. The increase in the effective rate is due to taxation of foreign subsidiaries, as of the exchange effect in converting their taxable income.

24 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

12 (a)

Significant related party transactions and balances Related parties We are governed by a Shareholders Agreement entered into between Votorantim Industrial S.A. ("VID"), which holds 29.42% of our shares, and BNDES Participaes S.A. ("BNDESPAR"), which holds 30.38% of our shares (together the "Controlling shareholders"). Our commercial and financial transactions with our subsidiaries, associates, Votorantim Group companies and other related parties are carried out at normal market prices and conditions, based on usual terms and rates applicable to third parties. Balances are as follows:

(i)

In assets and liabilities Balances receivable (payable) Nature Transactions with controlling shareholders Votorantim Industrial S.A. BNDES Rendering of services Financing June 30, 2012 December 31, 2011 (63) (1,773,842) (1,773,905) (117,768) (388) 176,156 (87) (214) (33) 57,666 (1,716,239)

(1,651,272) (1,651,272)

Votorantim Group companies VOTO III Votoner - Votorantim Comercializadora de Energia Banco Votorantim S.A. Votorantim Cimentos S.A. Votorantim Metais Ltd. Companhia Brasileira de Alumnio (CBA)

Eurobond Energy supplier Financial investments Input supplier Chemical products supplier Leasing of lands

(122,721) (102) 192,249 (24) (193) (33) 69,176

Total net balance Presented in the following lines: Assets Marketable securities Related parties - non current Liabilities Loans and financing Trade account payable

(1,582,098)

186,071 6,178 (1,773,993) (352) (1,582,096)

170,687 5,469 (1,891,610) (785) (1,716,239)

25 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

(ii)

In the statement of income Income (expenses) Nature Transactions with controlling shareholders Votorantim Industrial S.A. Banco Nacional de Desenvolvimento Econmico e Social (BNDES) 2012 2011

Rendering of services Financing

(4,062) (87,912) (91,974)

(4,146) (59,056) (63,202)

Votorantim Group companies VOTO III Votoner - Votorantim Comercializadora de Energia Banco Votorantim S.A. E.N. Servis de Materiais Votorantim Cimentos S.A. Votorantim Metais Ltda. Votorantim Metais Ltda. Companhia Brasileira de Alumnio (CBA)

Eurobond Energy supplier Investments Material and services supplier Material supplier Chemical products supplier Leasing of lands Leasing of lands

7,296 (9,020) 8,832 (121) (153) (2,986) (3,477) (197) 174

3,321 (18,068) 10,680 (358) (2,817) (3,508) (204) (10,954)

Comments on the main transactions and contracts with related parties The following is a summary of the nature and conditions of the transactions with the related parties: . Controlling shareholders We have a contract with VID related to services provided by the Votorantim Shared Service Center, which provides outsourcing of operational services relating to administrative activities, human resources, back office, accounting, taxes and the information technology infrastructure shared by the companies of the Votorantim Group. The contract provides for overall remuneration of R$ 8,414 and has a one-year term, with annual renewal upon formal confirmation by the parties. Additionally, VID provides various services related to technical advisory, trainings, including management improvement programs. These services are also provided for the entire Votorantim Group and we reimburse VID for the charges related to the services used. We have financing contracts with BNDES, the majority shareholder of BNDESPAR, for the purpose of financing investments in infrastructure and the acquisition of equipments and machinery, as well as the expansion and modernization of our plants, as detailed in the most recent annual financial statement (Note 21(e)). There have been no changes in contracts with BNDES in relation to December 31, 2011, which were presented in Note 23. 26 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

During the first semester of 2009, a financing agreement in the amount of R$ 673,294 was approved, bearing interest at the Long-term Interest Rate (TJLP) plus 0% to 4.41% and the BNDES Monetary Unit (UMBNDES) plus 2.21% p.a. At December 31, 2011, 93% of this total amount had been released. UMBNDES is an index based on a basket of currencies, predominantly the US dollar. In the second semester of 2008, a financing agreement with BNDES totaling R$ 540,000 was approved, bearing TJLP plus 1.36% to 1.76% and UMBNDES plus 2.45% p.a., maturing in 2015. In October 2007, a financing agreement was executed with BNDES totaling R$ 21,701, indexed by the TJLP plus 1.8% and UMBNDES plus 1.3% p.a. The principal amount will be repaid between 2011 and 2012. On November 2006, a financial agreement was executed into with BNDES, in the amount of R$ 596 million, bearing interest at the TJLP plus 0% e 2,9% p.a. and UMBNDES plus 1,4% to 2,4% p.a., maturing up to 2016. In 2005, three agreements were entered into with BNDES, in December, August and May. In the contract signed in December, the total funds released were R$ 139,284, repayable from 2007 to 2016, subject to interest ranging between TJLP plus 0% to 4.5% p.a. and UMBNDES plus 2.0% to 3.0% p.a. In the August agreement, the total funds released were R$ 55,222, of which a portion is indexed to the TJLP plus 3.5% to 4.5% and a portion is indexed to UMBNDES plus 3% p.a. The maturity of this agreement is 2015. In the May agreement, the total funds released were R$ 99,109, of which a portion is indexed to TJLP plus 4.5% p.a. and a portion is indexed to UMBNDES plus 4.5% p.a. The maturity of the principal amount is 2015. Considering only the portion proportionally consolidated by us, equivalent to 50% of the loans and financings of Veracel (joint venture with Stora Enso) granted by BNDES, the principal amount of R$ 176,019, repayable from 2012 to 2014, subject to interest ranging from TJLP plus 1.0% to 3.3% p.a. and currency basket plus 3.3% p.a. We have given the pulp plant located in Trs Lagoas and in Jacare as the main collateral for these financings. We believe that these transactions were contracted at terms equivalent to those which prevail in transactions with independent parties, based on technical studies produced when these contracts were entered into. . Subsidiaries and joint ventures We share our administrative structure with our subsidiary Fibria-MS, and allocate these administrative expenses to the subsidiary at cost without any profit margin. These receivables have an average maturity of 90 days. The other operating subsidiaries have their own management and no allocation of expenses is necessary. There was in June 2010 and May 2011, a purchase of intercompany receivables from this subsidiary, in the amount of R$ 239,123 relating to export shipments. In the six months ended June 30, 2012, the Company made partial settlement, heaving a remaining amount of R$ 126,629, which settles December 2012 at 1% p.a. Port services for shipping production of the Aracruz unit are contracted from Portocel - Terminal Especializado Barra do Riacho. This terminal is a joint venture with Cenibra - Celulose NipoBrasileira, which holds 49%. The prices and conditions are identical for both shareholders. We have an accounts receivable balance related to the sale of pulp to Fibria Trading International KFT, which is responsible for the management, sale, operation, logistics, control and accounting of 27 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

products in Europe, Asia and North America. The pulp selling prices and payment terms for this subsidiary follow our strategic and finance plan and observe the transfer price limits under tax regulations. In addition, we contracted intercompany export pre-payments with this subsidiary, at LIBOR 3M plus an average spread of 3.8% p.a., with quarterly payment of principal and interest maturing in 2017. On June 24, 2005, we entered a loan contract with VOTO IV, a jointly-controlled entity, which raised US$ 200,000 thousand, at 8.5% p.a., maturing in 2020. We have payable balances with Asapir, concerning money transfers carried through with the purpose of adequate the capital of the jointly controlled to levels considered necessary for its operational activities. . Votorantim Group companies On January 16, 2004, we executed a loan contract with a wholly-owned subsidiary of VPAR, VOTO III, for US$ 45,000 thousand, at 4.25% p.a., maturing in 2014. We have a contract to purchase energy from Votener - Votorantim Comercializadora de Energia Ltda. to supply our unit in Jacare. The total amount contracted is R$ 15,000, guaranteeing 115,700 megawatt-hours, and maturing in five years through December 31, 2014. Should either party request an early termination of the contract, that party is required to pay 50% of the remaining contract amount. In addition, we entered into a contract to purchase energy from Votener, expiring on December 31, 2012, which may attend Trs Lagoas and Aracruz units. Since these units already generate energy, the contract has the purpose of maximizing the competitiveness of the energy matrix, since the excess may be sold and eventual needs are guaranteed by the market price. The total amount contracted may change according to the needs and excess earned by the units. We maintain investments in CDB and securities purchased under agreement to resell ("repos") issued by Banco Votorantim S.A., with average remuneration of 104.69% of the CDI, maturing on January 2014. Our cash management policy is intended to provide efficiency in investment returns and to maximize liquidity, based on market practices. The shareholders agreement limits the intercompany investments to R$ 200,000. On January 1, 2012, we entered into a contract to purchase sulfuric acid 98% from Votorantim Metais, for R$ 18,500, in exchange for the supply of 36,000 metric tons of acid for two years through December 31, 2013. In the case of contract termination, no penalties are due, other than the settlement of outstanding invoices. On February 2012 we entered into a contract for maintenance services of sanitation material registration with E.N. Servios de Materiais Ltda. until December 2012. This contract does not establish minimum quantities to be supplied. Our agreements for the supply of road construction supplies, such as rock and calcareous rock, in the approximate amount of R$ 7,165 through December 31, 2012. This agreement may be terminated at any time with prior notice of thirty days, without any contractual fines. We have land leasing agreements, for approximately 22,400 hectares, with Votorantim Metais Ltda., which mature in 2019, totaling R$ 76,496. We have land leasing agreements, for approximately 2,062 hectares, with Companhia Brasileira de Alumnio - CBA and Votorantim Cimentos, which mature in 2023, totaling R$ 4,062. 28 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

In the three month period ended March 31, 2012 and 2011, no provision for impairment was recognized on assets involving related parties. (b) Remuneration of officers and directors The total annual amount approved by the Annual General Meeting on April 27, 2011 for the remuneration of Executive Directors, Board of Directors, Fiscal Council, Audit, Risk, Compensation and Sustainability Committees for the fiscal year 2012 is R$ 43,481. The remuneration, including all benefits, are summarized as follows:
2012 Short-term benefits to officers and directors Rescission of contract benefits 16,512 2,839 19,351 2011 11,505 7,613 19,118

Short-term benefits include fixed compensation (salaries and fees, vacation pay and 13th month salary), social charges and contributions to the National Institute of Social Security (INSS), the Government Severance Indemnity Fund for Employees (FGTS) and the variable compensation program. In the third quarter of 2010, we approved a compensation program based on the changes in the value of our shares, as detailed in the most recent annual financial statement. Short-term benefits to officers and directors do not include the compensation for the Audit, Risk, Compensation and Sustainability Committees' members of R$ 550 in 2012 (R$ 166 in June 30, 2011). We do not have any additional post-employment obligation and do not offer any other benefits, such as additional paid leave for time of service. 13 Property, plant and equipment The rollforward of the carrying amounts at the presented period is as follows:
Consolidated Machinery, equipment Advances Construction Land Buildings and facilities to suppliers in progress At December 31, 2010 Additions Disposals Depreciation Tax credit Reclassification to assets held for sale Transfers and others (*) At December 31, 2011 Additions Disposals Depreciation Reclassification to assets held for sale (Bahia) Transfers and others (*) At June 30, 2012 2,119,325 15,066 (17,862) 1,618,144 1,578 (7,902) (122,247) (60,237) 132,784 1,562,120 23 (37) (60,896) (6,600) 21,804 1,516,414 8,516,831 14,272 (28,339) (673,546) (428) (261,124) 408,009 7,975,675 1,777 (6,753) (337,988) 61,991 7,694,702 280,455 (3,075) 391,667 436,302

Other

Total

53,009 12,979,431 3,717 470,935 (847) (58,025) (16,419) (812,212) (428) (5,480) 12,580 (631,164) (107,290)

(283,867) 20,581 1,853,243

(71,597) 205,783 647

(20,456) (609,647) 197,866 105,474

46,560 11,841,247 295 108,216 (353) (7,143) (7,866) (406,750) 3,525 (46,770) (6,790)

(40,170) (10) 1,813,063

64 206,494

(94,164) 209,176

42,161 11,482,010

(*) Refer to advances reclassified to biological assets group and non-current advances.

29 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

As detailed in Notes 22 and 1(d), the company reclassified forest assets and lands located in the south of Bahia state. Other than that there have been no relevant changes with respect to the balances presented in the most recent annual financial statement and detailed in Note 18 to such financial statements. 14 Biological assets The rollforward of the book balances at the presented period is as follows: June 30, 2012 At the beginning of the period Additions Harvests in the period Historical cost Fair value Change in fair value Disposals Reclassification to assets held for sale Bahia Losango Tranfers and others At the end of the period 3,264,210 361,696 (293,199) (158,687) 265,798 (2,512) (223,773) 730 3,314,263 (241,595) 44,044 3,264,210 December 31, 2012 3,550,636 761,502 (569,813) (405,617) 125,053

According to our accounting policies, in the semester ended June 30, 2012, we performed a valuation of the biological assets at fair value. Following are the changes in the premises used in relation to December 31, 2011: June 30, 2012 Actual planted area (hectare) Average annual growth (IMA) - m3/hectare Net average sale price - R$/m3 Remuneration of own contributory assets - % Discount rate (WACC) - % 446,949 41 51.96 5.6 7.7 December 31, 2011 470,982 41 50.70 5.6 7.9

The changes in fair value of the biological assets in June 30, 2012 are presented as follows: 2012 Fair value of new planted areas Growing of actual planted areas (IMA, area and age) Changes in sales price 90,190 108,599 67,009 265,798

30 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

As detailed in Notes 24 and 1(d), we have reclassified the forestry assets located in the south of the Bahia according to material fact disclosed in March 8, 2012. 15 Intangible assets June 30, 2012 At the beginning of the year Amortization of databases, patents and suppliers Software settlement movement Others 4,809,448 (41,562) (3,728) December 31, 2011 4,906,443 (83,123) (13,180) (692) 4,809,448 4,230,450 49,199 319,200 67,365 9,251 133,815 168 4,809,448

4,764,158 Composed by Goodwill - Aracruz Systems development and deployment Acquired from business combination Databases Patents Relationship with suppliers Diesel and ethanol Chemical products Others 4,230,450 45,470 296,400 57,092 5,960 128,618 168 4,764,158

During the periods ended June 30, 2012 there has been no significant changes with respect to the transactions presented in the most recent annual financial statements and detailed in Note 20 to such financial statements.

31 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

16

Loans and financing Current Average annual charges - % Non current Total

Type/purpose In foreign currency BNDES - currency basket Export credits (Finnvera) Eurobonds - US$ Eurobonds - JPY Export credits (prepayment) Export credits (ACC/ACE) EIB Europe Inv. Bank Leasing

June 30, 2012

December 31, 2011

June 30, 2012

December 31, 2011

June 30, 2012

December 31, 2011

5.97 3.56 7.41 7.87 3.25 2.35

57,411 46,086 985,863 2,317 213,781 552,405

48,790 42,731 34,575 2,223 29,051 623,632 784 8,773 790,559

207,921 213,099 4,566,118 120,404 2,882,624 50,532

220,471 217,218 5,103,839 115,544 2,777,003 5,958

265,332 259,185 5,551,981 122,721 3,096,405 602,937

269,261 259,949 5,138,414 117,767 2,806,054 623,632 784 14,731 9,230,592

1,857,863 In reais BNDES - TJLP FINAME Working capital NCE Midwest Region Fund (FCO e FINEP)

8,040,698

8,440,033

9,898,561

5.25 6.25 5.57 1.12

260,126 12,387 45,803 11,811 330,127 2,187,990

242,321 2,336 45,203 11,689 301,549 1,092,108 114,432 98,667 879,009 1,092,108

1,125,814 8,659 466,101 52,724 1,653,298 9,693,996 86,898 9,607,098 9,693,996

1,262,260 7,516 463,987 58,513 1,792,276 10,232,309 65,828 10,166,481 10,232,309

1,385,940 21,046 511,904 64,535 1,983,425 11,881,986 216,469 73,777 11,591,740 11,881,986

1,504,581 9,852 509,190 70,202 2,093,825 11,324,417 180,260 98,667 11,045,499 11,324,417

Interest Short term borrowings Long term borrowings

129,571 73,777 1,984,642 2,187,990

32 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

Non-current portion of the debt at March 31, 2012 by maturity: 2013 In foreign currency BNDES - currency basket Export credits (Finnvera) Eurobonds - US$ Eurobonds - JPY Export credits (prepayment) Export credits (ACC/ACE) 2014 2015 2016 2017 2018 2019 2020 Over 2021 Total

16,884 21,284 86,357 50,532 175,057

39,940 42,567 120,404 455,643

37,613 42,567 318,379

28,105 42,567 426,192

36,666 42,567 621,921

32,812 21,547 489,530

15,901 85,445 393,147 2,965,129 91,455 1,515,544

207,921 213,099 4,566,118 120,404 2,882,624 50,534 8,040,698

658,554

398,559

496,864

701,154

543,889

494,493

4,243,486

1,515,544

In reais BNDES - TJLP FINAME NCE Midwest Region Fund (FCO e FINEP)

105,790 1,477 29,153 5,790 142,210 317,267

321,341 2,954 35,097 11,581 370,973 1,029,527

295,736 2,954 65,891 11,581 376,162 774,521

155,142 1,220 61,915 11,583 229,860 726,724

128,975 54 144,749 11,581 285,359 986,513

76,531 129,296 347 206,174 750,063

42,299

1,125,814 8,659 466,101 52,724 1,653,298 3,056,584 1,515,544 9,693,996

261 42,560 537,053

33 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

Loans and financing are segregated in the following currencies: Currency June 30, 2012 Real Dollar JPY Currency basket 1,983,425 9,510,508 122,721 265,332 11,881,986 Loans and financing are segregated in the following indexes: June 30, 2012 Currency basket 265,332 December 31, 2012 2,093,825 8,843,564 117,767 269,261 11,324,417

CDI Total loans and financing 511,904

TJLP 1,398,295

Libor 3,164,375

Fixed

Total

6,542,080 11,881,986 December 31, 2012

CDI Total loans and financing 509,280

TJLP 1,504,491

Libor 2,929,880

Currency basket 269,261

Fixed 6,111,505

Total 11,324,417

The rollforward of the carrying amounts at the presented period is as follows: June 30, 2012 At the beginning of period Borrowings Interest expense Foreign exchange Repayments - principal amount Interest paid Disposal of CONPACEL Other (*) At the end of the period (*) Includes amortization of transactions costs. 11,324,417 149,519 351,285 711,119 (364,831) (326,397) 36,874 11,881,986 December 31, 2011 10,619,189 2,707,265 660,084 1,036,274 (3,109,589) (582,047) (38,559) 31,800 11,324,417

34 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

(a)

Relevant operations entered into during the period In the period of three months ended March 31, 2012, we, through our jointly controlled entity Veracel, signed Export Credit ("ACC") contracts in the total amount of US$ 43 million (equivalent to R$ 76,939) maturing between August 2012 and September 2013 with a fixed interest rate between 3.35% and 4.75% p.a. On February 2012, through our jointly controlled entity Veracel, we signed a US$ 33 million agreement for export prepayment (equivalent to R$ 56,694) accruing semi-annual interest LIBOR plus 5% p.a., with a single maturity of principal in 2017.

(b)

Relevant operations settled during the period On February 2012, we, through our jointly controlled Veracel, early repaid five Export Credit ("ACC") in the amount of US$ 14 million (equivalents to R$ 24,314) which were contracted in September and December 2011 with maturity in March 12, 2012. On March 2012, we early repaid, with available resources, the total amount of US$ 50 million (equivalent to R$ 90,675), one of the three ACC contracted in January 2011, whose maturity was June 2012, and had fixed interest rate of 2.09% p.a.

(c)

Covenants On June 6, 2012, we concluded the renegotiation of our debts financial covenants, which will be now measured based on the consolidated information translated into US dollar as well changing the ratio net debt over EBITDA to 4.5x starting June 2012. The measurement of the ratios bases on US dollar information mitigates exchange effects from changes in exchanges rates. June, 2012 Ratio of debt service coverage (i) Indebtedness ratio (ii) 1.00 4.50 September, 2012 1.00 4.50 December, 2012 and after 1.00 4.50

(i) To calculate the ratio of debt service coverage, defined as (a) EBITDA in accordance with the practices adopted in Brazil and adjusted (for the last four social quarters) exchanged to US dollar plus the cash, cash equivalents, marketable securities in the closing days exchanged to US dollar in relation to (b) debt that must overcome during the next four consecutive quarters social plus financial expenses paid during the past four quarters social exchanged to US dollar. (ii) The debt ratio, defined as (a) consolidated net debt exchanged to US dollar at the closing rate in relation to (b) adjusted EBITDA (for the last four quarters exchanged to US dollar). We are in full compliance with the covenants established in the contracts with the banks at June 30, 2012, which ratio totalized 4.2.

35 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

17

Contingencies We are party to labor, civil and tax lawsuits at various court levels. The provisions for contingencies for potential unfavorable outcome of claims in progress are established and updated based on our evaluation, as supported by our external legal counsel. The change in the provision for contingencies is as follows: June 30, 2012 Initial balance Lawsuits write off Settlement Fines reversal and Monetary updating Provision (-) Judicial deposits Net balance Nature of claims Tax Labor Civil 269,806 (25,532) (9,174) 19,863 254,963 173,547 81,416 December 31, 2011 364,097 (123,624) 29,333 269,806 168,212 101,594

30,369 47,692 3,355 81,416

54,251 41,015 6,328 101,594

In the six months period ended June 30, 2012 we paid an amount of R$ 17,340, related to Social Contribution ("CSLL") due over exports revenue, that amount were included in the provision for contingencies at December 31, 2011, that also included a provision for fines (part of the R$ 9,174) which was reverted as the discussion regarding the applicability of taxation of this contribution is almost finalized in the Brazil Supreme Federal Court, which resulted in a reduction of the tax provision. In previous periods, we had been fined for using tax losses, incurred during the program BEFIEX, more than six calendar years after the recognition of the loss. The updated value of the contingency, whose probability of loss on December 31, 2011 was possible, is R$ 168 million. In the six months ended June 30, 2012, this issue was resolved, due to favorable court decision, extinguishing the process. Therefore, this process will be excluded from the list of contingent liabilities related to tax proceedings underway with possible losses, and the amount involved in the discussion does not impact our financial statement. Compared to other processes and discussions detailed in Note 24 to the financial statements for the year ended December 31, 2011, there were no significant changes in the six months ended June 30, 2012. 18 Capital - issuance of shares On April 30, 2012, we completed the issuance of 86,000,000 common shares without par value, subject to public offering of shares. Therefore, the share capital in June 30, 2012, fully subscribed and is 36 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

represented by 553,934,646 common shares without par value. The net amount obtained with such operation is conciliating as follows:
Number of shares American Depositary Shares Nominative common shares offered in Brazil Total shares offered Total amount of transaction costs (*) Income tax benefit Total amount of transaction costs, net Total capital increase (*) The transactions costs are mainly represented by the broker's commissions, lawyers and audit services. 12,319,972 73,680,028 86,000,000 Gross resources 195,025 1,166,355 1,361,380 (17,834) 6,063 (11,771) 1,349,609

19

Net revenue The reconciliation between gross and net revenue for the periods presented is as follows:
2012 Gross revenue Sales taxes Discounts Net revenue Pulp Volumes (ktons) Domestic market Foreign market 3,253,376 (63,453 ) (425,149 ) 2,764,774 2011 3,569,261 (149,448 ) (413,604 ) 3,006,209

262,508 2,315,772 2,578,280

245,372 2,243,578 2,488,950

Pulp net revenue Domestic market Foreign market

226,722 2,506,970 2,733,692

240,904 2,514,654 2,755,558 1,107

Average price (in reais per ton) Net revenue Domestic market Foreign market Paper Services

1,060

226,722 2,506,970 31,082 2,764,774

240,904 2,514,654 220,058 30,593 3,006,209

37 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

Pulp sales totalled 2.578.280 tons in the period of six months ended June 30, 2012, an increase of 3.6% in relation to the same the period in 2011, as a result of higher sales to Asia. Pulp exports have represented 90 % of the sales volume in 2012 and 2011. Sales by destination in the period of three months ended March 31, 2012 had Europe as the region of highest demand, reaching 43% of the total, followed by 24% to Asia, 22% to North America and 11% to Latin America, compared to 46%, 20%, 24% and 10%, respectively in the same period in 2011. Net revenue of Fibria totalled R$ 2,764,774 in the period of six months ended June 30, 2012, a reduction of 8% when compared to the same period in 2011, affected by the decrease in 4% of the average net price of pulp in reais, and by the fact that no paper revenue was recognized in 2012. 20 Financial results The financial results for the periods presented as follows: 2012 Financial expenses Interest on loans and financing Unwinding of interest-acquisition of Aracruz shares Losses on derivative financial instruments Others 2011

(351,285) (36,136) (15,934) (403,355)

(340,028) (41,008) (59,505) (33,525) (474,066)

Financial income Gains on financial investment Others

87,879 8,801 96,680

91,875 9,745 101,620 182,677

Gains on derivative financial instruments Foreign exchange Exchange gains/losses on loans and financing Indexation and exchange variations on other assets and liabilities

(111,601)

(711,119) 86,275 (624,844)

507,802 (29,967) 477,835 288,066

Net financial result

(1,043,120)

21

Expenses by nature Expenses classified as cost of sales, selling expenses, and general and administrative expenses for the six months ended June 30, 2012 and 2011 are as follows:

38 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

2012 Cost of sales Depreciation, depletion and amortization Freight Benefits to employees Variable costs

2011

(888,398) (315,924) (209,830) (1,064,081) (2,478,233)

(942,864) (270,912) (233,347) (1,029,107) (2,476,230)

Selling expenses Benefits to employees Commercial expenses (*) Operational leasing Depreciation and amortization charges Third-party services (consulting, legal and others) Allowance for doubtful accounts Other expenses

(10,527) (127,110) (622) (6,423) (2,444) (3,287) (150,413)

(9,098) (116,574) (442,) (5,621) (1,640) (1,193) (3,497) (138,065)

General and administrative and Directors' fees expenses Benefits to employees Third-party services (consulting, legal and others) Provision for losses Depreciation and amortization charges Donations and sponsorship Other expenses

(53,263) (58,379) (136) (11,697) (2,820) (4,189) (130,484)

(63,246) (70,785) (231) (11,052) (4,466) (7,774) (157,554) (39,746) 5,790 5,304 (28,652)

Other operating incomes and expenses Program of variable compensation to employees Changes in fair value of biological assets Others

(27,197) 265,798 (3,787) 234,814

(*) Includes handling expenses, storage and transportation expenses and sales commissions, among others. 22 (a) Earnings per share Basic The following table presents the detail of the calculation of earnings (losses) per share:

39 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

Continuing operations 2012 Net income(loss) attributable to the shareholders of the Company Weighted-average number of common shares outstanding Basic earnings (loss)per share (in reais) 2011

Discontinuing operations 2012 2011

(536,970)

361,248

240,655

496,258,491 467,591,824 (1.082) 0.773

467,591,824 0.515

The weighted average number of shares in the presented periods increased from 467,591,824 to 553,934,646 as the result of the issuance of shares mentioned in Note 20. Reconciliation of weighted average number of shares is presented and does not include treasury shares in the amount of 342,822 shares: Shares position 2012 January to April May to June Weighted average (b) Diluted The Company has no debt convertible into shares or share purchase options. Consequently, there are no potential common or preferred shares for dilution purposes. 23 Non-current assets held for sale and discontinued operations June 30, 2012 Losango Project Forest and lands located in the south of Bahia 641,361 178,031 819,392 (a) Discontinued operations - Conpacel, KSR and Piracicaba As mentioned in Note 1, the Board of Directors approved the sale of CONPACEL, KSR and Piracicaba, including the industrial facilities, land and forests. The information about the results of operations for the six months ended June 30, 2011 is summarized below and is presented in a single line in the statement of income. 40 of 44
G:\ITR\[Link]

2011 467,591,824 467,591,824 467,591,824

467,591,824 553,591,824 510,591,824

December 31, 2011 644,166

644,166

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

The Piracicaba plant was not considered to meet the definition of discontinued operations since it does not represent a major separate line of business or geographical area considering its relevance with respect to our consolidated activities. (i) Discontinued operations - Conpacel and KSR information on statement of operations
2011 Net revenue Cost of sales Gross profit Selling and administrative expenses Financial result Gain on disposal Others Income before taxes on income Taxes on income Net income from discontinued operations 65,640 (41,648) 23,992 (13.575) (106) 357.196 (2.878) 364,629 (123,974) 240,655

(ii)

Discontinued operations - Conpacel and KSR - information on cash flows

2011 Net cash provided by operating activities Net cash used in investing activities Net cash used in financing activities (*) 36,886 1,558,768 (1,595,654)

(*) Considering that CONPACEL and KSR treasury operations were centralized by the Company, this amount represents the proceeds from the sale transferred to the Company net of investments realized.

(iii)

Gain on disposal We present bellow the computation of the gain recorded in the first quarter of 2011 regarding the disposal of the CGUs CONPACEL and KSR:
Conpacel and KSR Selling price (-) Carrying amount of disposed net assets Fixed assets and biological assets Goodwill Inventories Other assets and liabilities (=) Gross gain recognized (-) Income taxes (=) Net gain (121,447) 235,749 1,508,768 (588,946) (475,413) (84,055) (3,158)

41 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

(b)

Assets held for sale - Losango project In June 30, 2011, we, based on its decision and taking into account the programs in place in order to identify a potential buyer and to conclude the sale of the Losango project assets, had classified these assets as held for sale. The Losango project assets are in suitable condition for immediate sale and management currently expects the sale to be consummated within the twelve month period initially established. The Losango project is substantially represented by lands and forests located in Capo do Leo, in Rio Grande do Sul State, having an approximate forest area of 107 thousand hectares. As at March 31, 2012, the project assets are summarized as below: Assets Non-current Biological assets Property, plant and equipment Advances to suppliers Total assets The Losango project does not generate results from operations. The book value of the net assets was compared with the fair values less costs to sell and no loss for impairment was recorded.

274,978 333,538 32,845 641,361

(c)

Forest assets and lands located in the south of the Bahia As mentioned in Note 1 (d)(iii), Fibria signed in June 29, 2012 a contract of sale of the forest assets and lands located in the South of Bahia of approximately 16.5 thousand hectares of planted area of eucalyptus for sawmill and pulp, with an average annual production of 555 thousand cubic meters of wood, for an aggregate purchase price of R$ 235 million. We performed evaluation of the accounting treatment of this operation based on Brazilian and international accounting standards that establish the necessary parameters for the accounting recognition of write-offs of non-financial assets of this nature and the recognition of the respective revenue and calculation of capital gains. According to IAS 18, paragraph 14, proceeds from sales of assets should be recognized when all of the following conditions are satisfied:

(i) (ii) (iii)

The entity has transferred to the buyer the most significant risks and benefits inherent to the ownership of the assets. The entity is no longer continuously involved in managing the sold assets to a degree normally associated with ownership, nor does it have effective control of said assets. The amount of the revenue can be reliably measured. 42 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

(iv) (v)

It is probable that the economic benefits associated with the transaction will flow to the entity. The expenses incurred or to be incurred in relation to the transaction can be reliably measured. We believe that, at this time, conditions (i) and (ii) above for the recognition of revenue have not been met as it still has managerial involvement and control over forestry management, as well as the main operating risks and benefits, while the investigatory diligence has not been concluded, which is expected to be concluded until November 2012. Therefore, in the financial statements, the amounts received for the sale will be recognized as a under liability named, "advance received from liabilities related to assets held for sale, in the amount of R$ 200,000 until all conditions for revenue recognition are fully met, whose balances in June 30, 2012 were presented as follows. Such assets are available for immediate sale and we expect to conclude the sale in less than twelve months. We present the accounting balance of these assets as at June 30, 2012: Asset Non current Biological assets Property, plant and equipment Interest in associated Bahia Produtos de Madeira Total assets The forest assets and land do not meet the definition of a discontinued operation.

123,774 46,770 7,487 178,031

(d)

Indemnification liabilities In connection with the sale of CGUs described above, we assumed indemnification commitments with respect to losses, if they arise, as agreed in the corresponding sale agreements which have specific limits, period for the indemnification commitments and procedures for the other party to require the indemnification.

24

Explanatory notes not presented According to the requirements for disclosure contained in the Circular-Letter CVM/SNC/SEP/ no 003/2011, our the annual financial statements presented explanatory notes detailing shareholder's equity (Note 27), benefits to employees (Note 28), and insurance (Note 33), whose assumptions, operations and policies have not had relevant changes in June 30, 2012 compared with the position presented in the financial statements of December 31, 2011.

25

Impairment tests As of December 31, 2011, following the accounting policy described in Note 2.11(a) to that financial statements, we performed annual impairment test of the CGUs to which goodwill is allocated as 43 of 44
G:\ITR\[Link]

Fibria Celulose S.A.

Notes to the unaudited consolidated interim financial information at June 30, 2012
In thousands of Brazilian reais, unless otherwise stated

described in Note 37, item (a). The test did not result in any impairment loss, as, the recoverable value of the UGC Aracruz as per the impairment test exceeds its book value by R$ 609 million. As such, as the recoverable amount is approximate to the carrying amount, we performed an update of the impairment test of the UGC Aracruz for June 30, 2012, in which the book value was lower than the recoverable value, therefore no impairment charge was recognized. 26 Subsequent events On June 10, 2012, we announced the conclusion and final results of its previously announced cash tender offer (the "Tender Offer") for up to US$ 510.0 million aggregate principal amount of Senior Notes due 2020 (the "Notes") issued by Fibria Overseas Finance Ltd., our wholly-owned subsidiary. Based on information provided by the Tender Agent, US$ 514,376,000 aggregate principal amount of Notes were validly tendered (and not withdrawn) in the Tender Offer on or prior to the Expiration Date, all of which we intend to accept for purchase without amending or extending the Tender Offer. The "Clearing Price" (as such term is defined in the Offer to Purchase) for the Notes accepted for purchase will be US$ 1,060 per US$ 1,000 principal amount of Notes (the "Total Consideration"), which was determined in accordance with the procedures of a "modified Dutch Auction" as more fully described in the Offer to Purchase. The Tender Offer will reduce our annual interest expense by approximately US$ 39 million as of the third quarter of 2012. The cash used to consummate the Tender Offer was from a portion of the proceeds from our recent public offering of shares, as mentioned in Note 20. Such repurchase agreements will generate an accounting impact on our financial results in the third quarter of 2012 related to the premium paid and the amortization of borrowing costs, the effect of which will total approximately US$ 75 million. On June 30, 2012 the portion relating to the operation was classified as current liabilities.

44 of 44
G:\ITR\[Link]

2Q12 Results

2Q12 Results
Appreciation of the dollar and recovery of hardwood pulp price drove increase in EBITDA margin to 37% in 2Q12
Key Figures Pulp Production Pulp Sales Paper Production Paper Sales Unit 000 t 000 t 000 t 000 t 2Q12 1,275 1,265 1Q12 1,332 1,313 2Q11 1,271 1,230 31 31 2Q12 vs. 1Q11 -4% -4% 2Q12 vs. 2Q11 0% 3% 1H12 2,607 2,578 1H11 2,590 2,489 60 67 1H12 vs. 1H11 1% 4% Last 12 months 5,202 5,230 33 34

Net Revenues Adjusted EBITDA(1) EBITDA margin Net Financial Result(2) Net Income (Loss) Earnings (Loss) per Share Cash Earnings (Loss) per Share(4)

R$ million R$ million % R$ million R$ million R$/share R$/share

1,491 550 37% (1,235) (524) (0.9) 1.0

1,274 377 30% 192 (10) (0.0) 0.8

1,459 490 34% 277 215 0.5 1.0

17% 46% 7 p.p. 24%

2% 12% 3 p.p. -1%

2,765 927 34% (1,043) (534) (1.0) 1.8

3,007 1,115 37% 288 604 1.1 2.2

-8% -17% -4 p.p. -18%

5,613 1,794 32% (3,200) (2,006) (4.0) 3.6

Gross Debt Cash Position(3) Net Debt Net Debt/EBITDA LTM Net Debt/EBITDA LTM (US$)

R$ million R$ million R$ million x x

11,882 3,420 8,462 4.7 4.2

11,031 2,066 8,965 5.2 4.8

10,448 2,496 7,952 3.2 3.4

8% 66% -6% -0.5 -0.6

14% 37% 6% 1.5 0.8

11,882 3,420 8,462 4.7 4.2

10,448 2,496 7,952 3.2 3.4

14% 37% 6% 1.5 0.8

11,882 3,420 8,462 4.7 4.2

(1) Adjusted by non-recurring and non-cash items | (2) Includes results from financial investments, monetary and exchange variation, mark-to-market of hedging and interest. (3) Includes the hedge fair value | (4) More information on page 21.

Highlights of the Quarter

Liquidity events: equity offering and execution of contract for sale of forestry assets in southern Bahia State totaled R$1,596.4 million. Renegotiation of covenants: Net debt/EBITDA indicator measured in U.S. dollars and maximum limit of this indicator changed to 4.5x in dollar as of June 30, 2012, until maturity. Gross debt of R$11,882 million, up 8% and 14% quarter-on-quarter and year-on-year, respectively, in large part due to the dollars appreciation against the real in the period. Net debt of R$8,462 million with Net Debt/EBITDA at 4.7x. For the purposes of the covenants, the indicator in dollars was at 4.2x. Debt profile: short term debt at 18% of the total, up 8 p.p. over 1Q12, exclusively due to the reclassification of the Tender Offer for the 2020 Senior Notes, settled in July. Cash balance of R$3.4 billion, up 66% and 37% quarter-on-quarter and year-on-year, respectively, representing 1.6x short term debt. Pulp production reached 1.3 million tons, down 4% quarter-on-quarter due to scheduled maintenance downtimes at the Aracruz and Trs Lagoas units, the latter of which was concluded in 3Q12. Year-on-year, production remained stable. Cash cost was at R$505/t, up 11% over 1Q12, largely due to the effect of scheduled maintenance downtimes. Year-on-year, cash cost was down 2%. Cash cost excluding the effects of the downtimes was at R$455/t, up 2% over 1Q12 but down 2% (R$7/t) over 2Q11. Pulp sales of 1.3 million tons, down 4% quarter-on-quarter but up 3% year-on-year. EBITDA of R$550 million, up 46% over 1Q12 and 12% over 2Q11, mainly due to the higher average net pulp price in reais. EBITDA Margin of 37%, up 7 p.p. and 3 p.p. quarter-on-quarter and year-on-year, respectively. EBITDA/t of R$435/t (US$222/t), increasing 52% and 12% quarter-on-quarter and year-on-year, respectively. Loss of R$524 million, compared to loss of R$10 million in 1Q12 and net income of R$215 million in 2Q11 page 11. Excluding the effects of foreign exchange variation, depreciation, depletion and other non-cash items, cash earnings per share would have been R$1.0/share, up 24% over 1Q12 and stable over 2Q11. For the reconciliation, see page 21.

Subsequent Events
The 2020 Senior Notes Tender Offer totaled US$514 million in July. The operation was carried out with the proceeds of the equity offering and in line with the Companys strategy of reducing its debt level and the cost of its debt. Pro-forma gross debt, including the 2020 Senior Notes Tender Offer, of R$10,930 million. Pro-forma cost of dollar-denominated debt of 5.2% p.a., including the TJLP reduction to 5.5% p.a. Standard&Poors upgraded Fibrias outlook from BB/Stable to BB/Positive.

Market Value 06/29/2012: R$8.2 billion | US$4.1 billion FIBR3: R$14.88 FBR: US$7.49 Outstanding shares: 553,934,646 common shares

Conference Calls: July 26 Portuguese: 11 A.M. Telephone: +55 (11) 3127-4971 English: 12 P.M. Telephone: +1 (412) 317-6776 Webcast: [Link]/ir

IR Contact: Guilherme Cavalcanti Andr Gonalves Fernanda Naveiro Vaz Roberto Costa Isabela Cerbasi ir@[Link] | +55 (11) 2138-4565

The operating and financial information of Fibria Celulose S.A. for the second quarter of 2012 (2Q12) is presented in this document on a consolidated basis and expressed in Brazilian Reais (R$), unaudited and elaborated in accordance with the requirements of Brazilian Corporate Law. The results of Veracel Celulose S.A. are proportionally consolidated (50%) in this press release, thereby eliminating the effects of all intercompany transactions.

2Q12 Results

Contents
Executive Summary ........................................................................................... 4 Pulp Market ........................................................................................................ 5 Production and Sales Pulp and Paper............................................................. 6 Results Analysis ................................................................................................. 6 Net Income ....................................................................................................... 11 Debt .................................................................................................................. 12 CAPEX ............................................................................................................. 14 Capital Market .................................................................................................. 15 Appendix I Revenues x Volume X Price* ...................................................... 17 Appendix II Income Statement ...................................................................... 18 Appendix III Balance Sheet ........................................................................... 19 Appendix IV Cash Flow ................................................................................. 20 Appendix V Economic and Operating Information ......................................... 21

2Q12 Results
Executive Summary
Despite the increased volatility in global markets with the worsening Eurozone debt crisis, hardwood producers' inventories remained within the historical average, reinforcing the positive fundamentals of the pulp market and reflecting the increased list price in the period. The dollar appreciated 11% against the real, reflecting uncertainties regarding the world economy, while increasing the competitiveness of Brazilian export companies. In this context, Fibrias net operating revenue increased 17% as compared to 1Q12, with EBITDA up 46% in the period. Fibria remained focused on reducing its debt and continued to take measures to maximize its free cash flow to align its leverage to the limit established in the Liability and Liquidity Management Policy. Thus, the equity offering was concluded on May 25, totaling R$1,361.4 million (without placement of a supplementary lot). Using part of the proceeds from the equity offering, on July 10 Fibria announced the result of the public tender offer for part of the 2020 bonds issued by Fibria Overseas Finance Ltda., a wholly owned subsidiary of Fibria, in the total amount of US$514 million with a semiannual coupon of 7.5% p.a. This operation will save the Company approximately US$40 million per year in servicing its debt, beginning in 3Q12. In addition, on July 2, Fibria announced the signing of a sale contract for the land and forest assets in southern Bahia State at the price of R$235 million. The respective Material Fact was published on March 8, 2012. Fibria received R$200 million in advance on June 29 and the remaining R$35 million are scheduled for payment on November 14, contingent upon the conclusion of due diligence and the conclusion of the transaction. On June 11, Fibria announced to the market that it has renegotiated the covenants with its creditors not only to change the maximum leverage limit to 4.5x (in dollar) beginning on June 30 until maturity, but also to change the calculation method of the Net Debt/EBITDA indicator. Now, the indicator is calculated based on total debt, cash and EBITDA in U.S. dollars and no longer in reais. Thus, the Company seeks to minimize the volatility of this indicator due to the mismatch between the average and closing exchange rates of each period. The renegotiation with creditors was concluded satisfactorily in an environment of reciprocity and without a waiver fee. The Company is reviewing its cash flow hedge strategy considering the changing macroeconomic fundamentals behind the exchange rate that, in Fibria's opinion, will allow the dollar to appreciate. In this sense, notional of Non-Deliverable Forward (NDF) operations was reduced by 16%. Pulp production in 2Q12 was impacted by the scheduled maintenance downtimes at the Aracruz and Trs Lagoas units, the latter of which was concluded at the start of 3Q12, which explains the quarter-on-quarter decline in production volume. Year-on-year, production was stable. Comparing the first half of 2012 with that of 2011, the production increased 1%. Pulp sales volume was up 3% year-on-year, with the 4% quarter-on-quarter decline explained by reduced sales to Asia.

The increase in cash cost of pulp production in 2Q12 was impacted by the scheduled maintenance downtimes while, as compared to 2Q11, the reduction was due to the altered maintenance downtime schedule at the Veracel Unit, which this year happened in the first quarter. Despite inflationary pressures, Fibrias focus on cost control and operating excellence brought cash cost, excluding the impacts of the downtimes, down 2% year-on-year.

2Q12 Results
Adjusted EBITDA was up quarter-on-quarter mostly due to the higher average net pulp price in reais as a result of the dollars appreciation against the real and the higher pulp list price in dollars in the period. EBITDA margin reached 37%, up 7 p.p. over 1Q12 and 3 p.p. over 2Q11. EBITDA/t was at R$435/t increasing 52% and 12% quarter-on-quarter and year-on-year, respectively.

The financial result was negative, chiefly due to dollars appreciation against the real for a largely accounting effect in the conversion of dollar-denominated debt into reais and in a lesser extent to the mark-to-market of hedge instruments. In Note 5 of the notes to the financial statements, we have a sensitivity analysis of dollar-denominated instruments considering different foreign exchange rates. In a scenario with average exchange rates at R$2.0159, net revenues would be 12% higher over the scenario of the last 12 months average exchange of R$1.7896, which would represent an additional R$689 million.

The result of the quarter was a loss of R$524 million due to the impact of the dollars appreciation against the real on the financial results. This was mainly an accounting effect, considering that cash flow in the period was positive. The Company free cash flow generation was positive in R$59 million.

Pulp Market
While world demand for Printing & Writing (P&W) papers has weakened in North America and Western Europe, it has been mostly offset by improvements in emerging markets in 2Q12. Demand for woodfree papers remained stable between January and May. World demand for tissue papers should increase 4.2% in 2012, exceeding 31 million tons.

Market pulp demand registered solid results in May, up slightly over April and 2.3% higher than May 2011, despite previous negative demand forecasts at the beginning of the month. In the first five months of the year, market pulp demand reached 4.4 million tons, up 2.5% year-on-year. Chinese demand for market pulp was up a significant 17.4%.

Fibrias 2Q12 sales exceeded those of 2Q11 by 31 thousand tons, with inventories at the close of the period down 3 days over 2Q11. World producers inventories stabilized at 33 days of supply at the end of May, while consumer inventories remained below historical average at 21 days.

The shipment-to-capacity ratio average 92% in the first five months, partially as a result of pulp maintenance downtimes that played a key role in the second quarter, removing approximately 550 thousand tons of hardwood pulp and 650 thousand tons of softwood between April and June. The outages are expected to continue through July and August, removing an additional 300 thousand t from the market, of which 120 thousand tons are hardwood. The graph below shows the expected impact of the downtimes from April 2012 to September 2012:
300000 250000 200000
Tonnes

150000 100000 50000 0 Apr May Jun Sof twood

Source: Hawkins Wright

Jul Hardwood

Aug

Sep

2Q12 Results
Despite macroeconomic uncertainties, the prospects for the second half of the year are positive. The lack of new capacity hitting the market until the end of 2012, combined with the demand growth expected due to seasonal factors, suggest favorable market fundamentals.

Production and Sales Pulp and Paper

Production ('000 t) Pulp Paper Sales Volume ('000 t) Domestic Market Pulp Export Market Pulp Total Pulp Domestic Market Paper Export Market Paper Total Paper Total sales 132 1,133 1,265 1,265 130 1,183 1,313 1,313 129 1,101 1,230 27 4 31 1,261 2% -4% -4% -4% 3% 3% 3% 0% 263 2,316 2,578 2,578 245 2,244 2,489 58 9 67 2,556 7% 3% 4% 1% 525 4,706 5,230 31 3 34 5,264 2Q12 1,275 1Q11 1,332 2Q11 1,271 31 2Q12 vs. 1Q12 -4% 2Q12 vs. 2Q11 0% 1H12 2,607 1H11 2,590 60 1H12 vs. 1H11 1% Last 12 months 5,202 33

Fibrias pulp production reached 1,275 thousand tons in 2Q12, down 4% quarter-on-quarter due to the scheduled maintenance downtimes at the Aracruz and Trs Lagoas units, the latter of which was concluded at the start of 3Q12. Year-on-year, production remained stable. Comparing 1H12 to 1H11, production was up 1%. Pulp inventories totaled 779 thousand t (52 days), stable over 1Q12's 766 thousand t (52 days) but down 5% over the 824 thousand t (55 days) in 2Q11. The calendar below shows the scheduled maintenance downtimes for Fibrias units:
Fibria's Maintenance Downtimes Schedule - 2012 Units Jacare Trs Lagoas Aracruz Veracel 03/05 - 03/15 05/07 - 05/31 06/25 - 07/04 Mar Apr May Jun Jul Aug

07/29 - 08/08

Pulp sales totaled 1,265 thousand tons in 2Q12, down 4% over the 1Q12 volume due to reduced Asian demand, partially offset by the increased sales to North America. Sales were up 3% year-on-year, mainly due to reduced Asian demand. Exports represented 90% of the total pulp sales in the quarter. The 2Q12 sales mix saw highest demand from Europe at 43%, followed by North America at 26%, Asia at 20%, and Latin America at 11%.

Results Analysis
Net Revenues (R$ million) Domestic Market Pulp Export Market Pulp Total Pulp Domestic Market Paper Export Market Paper Total Paper Subtotal Pulp and Paper Portocel Total 2Q12 121 1,354 1,475 1,475 16 1,491 1Q11 106 1,153 1,259 1,259 15 1,274 2Q11 124 1,218 1,342 93 9 102 1,444 15 1,459 2Q12 vs. 1Q12 14% 17% 17% 17% 5% 17% 2Q12 vs. 2Q11 -3% 11% 10% 2% 8% 2% 1H12 227 2,507 2,734 2,734 31 2,765 1H11 241 2,515 2,756 200 20 220 2,976 31 3,007 1H12 vs. 1H11 -6% 0% -1% -8% 1% -8% Last 12 months 472 4,973 5,445 96 8 104 5,549 64 5,613

2Q12 Results
Net revenues from pulp totaled R$1,475 million in 2Q12, up 17% as compared to 1Q12s R$1,259 million due to the higher average net price in reais, for its part explained by the higher list price in dollars and the dollar's 11% appreciation against the real. Total net revenue expanded 2% year-on-year, driven by the 7% increase in the average net price in reais, partially offset by the absence of the paper business. Comparing 1H12 to 1H11, net revenue was down 8%, explained by the reduced average net price in reais and the absence of the paper business.

The cost of goods sold (COGS) of R$1,249 million was 2% more than in 1Q12, mainly as a result of the increased cash cost due to the scheduled maintenance downtimes. Year-on-year and in the half, COGS remained stable due to the absence of the paper sales volume, offset by the effect of average foreign exchange on this line. The cash cost of pulp production in 2Q12 was R$505/t, up 11% or R$50/t as compared to 1Q12, mainly due to the scheduled maintenance downtimes at the Aracruz and Trs Lagoas units, the latter of which was concluded in 3Q12. Excluding the effects of the downtime, the cash cost was R$455/t, up 2% quarter-on-quarter as a result of the increased cost of wood, in turn explained by the reduced amount of wood on the mill due to scheduled maintenance downtimes. Year-on-year, process optimization and reduced chemical consumption, in part explained by the revitalization of the Aracruz Units A Plant, brought cash cost down by R$7/t or 2%. It should be noted that in the last twelve months, inflation according to the Extended Consumer Price Index (IPCA) was 4.9%. The table below shows the evolution of the cash cost of production and the explanations for the main variations in the quarter and year:

Pulp Cash Cost 1Q12 Maintenance downtimes Wood (lower fixed cost dilution) Exchange rate Lower consumption of raw materials (operational optimization and productivity) Improved outcome with utilities Others 2Q12

R$/t 455 38 8 8 (3) (3) 2 505

2Q11 513

Pulp Cash Cost (R$/t)

505 455

1Q12

2Q12

Pulp Cash Cost 2Q11 Exchange rate Wood (higher fixed cost) Maintenance downtimes Lower maintenance expenses (equipment recovery) Improved outcome with utilities Lower consumption of raw materials (Aracruz Line A revamp, operational optimization) Others 2Q12

R$/t 513 16 10 (5) (5) (8) (15) (1) 505

Pulp Cash Cost ExMaintenance Downtime (R$/t)

462

444

455

2Q11

1Q12

2Q12

2Q12 Results
Pulp Production Cash Cost 2Q11 Pulp Production Cash Cost 2Q12

Personnel 6% Maintenance 19% Other Variable 1% Packaging 1% Fuel 9%

Other Fixed 4%

Other Fixed 4% Personnel 6% Maintenance 16% Other Variable 1% Packaging 1% Fuel 10%

Wood 40%

Wood 41%

Chemicals 20%

Chemicals 21%

Variable Costs

Fixed Costs

Sales expenses totaled R$80 million in 2Q12, up 14% quarter-on-quarter, mainly due to increased port expenses and the dollars appreciation against the real. Year-on-year, sales expenses increased 9% due to the dollars 23% appreciation against the real and the increased sales volume. Administrative expenses totaled R$69 million, up 11% quarter-on-quarter, mainly as a result of increased expenditures with third party services. The year-on-year reduction of 16% is chiefly explained by increased expenses with payroll and indemnifications, communication and sustainability projects in 2Q11. This reduction resulted from the benefits of the organizational restructuring and other processes announced. Other operating revenues (expenses) posted revenue of R$248 million in 2Q12, as compared to an expense of R$13 million in 1Q12 and of R$15 million in 2Q11. This increase was in large part the result of the R$266 million effect of the re-evaluation of biological assets at their market value as per CPC 29 Biological Assets in the quarter. The same effect is observed when comparing 1H12 to 1H11.
EBITDA (R$ million) and EBITDA margin (%)
37%
40% 600 500 400 300 200 100 5% 0% 0

EBITDA /t (R$/t)

850 750 650 550 450 350 250 150 50 -50

39% 30%

35%

550 490 377

30% 25% 20% 15% 10%

435 389 287

2Q11

1Q12

2Q12

2Q11

1Q12

2Q12

Adjusted EBITDA totaled R$550 million in 2Q12, up 46% over 1Q12, mainly the result of the 22% increase in the average net pulp price in reais driven by the dollars 11% average appreciation against the real and the increased list price in dollars. EBITDA margin increased 7 p.p. from 30% to 37% in the period. The 12% year-on-year increase is explained by higher average net pulp price in reais, partially offset by the absence of the Piracicaba Unit, sold in September of 2011. In the first half of the year, EBITDA was down 17% due to the price effect. The graph below shows the key variations in the quarter:

2Q12 Results
EBITDA 2Q12 x 1Q12 (R$ million)
261 267 377 (21) (28) 356 (49) (10) (7) (240) 790 550

Adjusted EBITDA Non-recurring 1Q12 effects / non-cash

EBITDA 1Q12

Volume

Price (R$)

Cogs

Selling and Marketing

G&A

Other operational expenses

EBITDA 2Q12

Non-recurring Adjusted EBITDA effects / non-cash 2Q12

The table below shows the reconciliation of EBITDA:

(R$ million) Net revenues Cogs(1) Freight(2) Sales Expenses G&A Expenses Other operating (expenses) income Fair value of biological assets Other (non-cash/non-recurring) Adjusted EBITDA Margem EBITDA
(1)

2Q12 1,491 (633) (156) (80) (69) 248 (266) 15 550 37%

1Q12 1,274 (603) (161) (70) (62) (13) 12 377 30%

2Q11 1,459 (675) (134) (73) (82) (15) (6) 16 490 34%

2Q12 vs. 1Q12 17% 5% -3% 14% 11% 24% 46% 7 p.p.

2Q12 vs. 2Q11 2% -6% 16% 9% -16% -10% 12% 3 p.p.

Does not include depreciation, depletion, amortization, freight and accruals for losses on ICMS credits Includes internal and ocean freight

(2)

Financial Result
(R$ million) Financial Income (including hedge result) Interest on financial investments Hedging* Financial Expenses Interest - loans and financing (local currency) Interest - loans and financing (foreign currency) Monetary and Exchange Variations Foreign Exchange Variations - Debt Foreign Exchange Variations - Other Other Financial Income / Expenses Net Financial Result 2Q12 (173) 45 (218) (182) (48) (134) (865) (981) 117 (16) (1,235) 1Q12 150 43 107 (170) (50) (120) 238 270 (32) (26) 192 2Q11 160 45 115 (169) (46) (123) 327 328 (1) (41) 277 2Q12 vs. 1Q12 4% 7% -4% 12% -38% 2Q12 vs. 2Q11 1% 8% 4% 9% -61% Last 12 months (394) 177 (571) (694) (192) (502) (2,016) (2,254) 238 (96) (3,200)

*Change in the marked to market (2Q12: -R$289 million ; 1Q12: -R$115 million) added to received and paid adjustments.

Financial revenue from interest on marketable securities was R$45 million, up 4% quarter-on-quarter due to gains on a higher average cash balance of R$3,504 million in 2Q12, compared to R$1,998 million in 1Q12, partially offset by the decline in the CDI (2Q12: CDI 8.4% p.a. | 1Q12: CDI 9.5% p.a. | 2Q11: CDI 11.9% p.a.). Year-on-year, interest revenues remained stable. Hedge operations brought a negative R$218 million, in large part due to mark-to-market variation of derivatives in the period.

2Q12 Results
Financial expenses with interest on loans and financing totaled R$182 million in 2Q12, up R$12 million quarter-onquarter mainly as a result of the dollar's 11% average appreciation against the real in the period. The same factors drove the year-on-year variation. Foreign exchange losses on dollar-denominated debt, which represents 93% of gross debt, were R$981 million, up R$1,251 million as a result of the dollar's 11% appreciation against the real in the period, compared to a 3% appreciation of the real against the dollar in the previous quarter. Year-on-year, the change is explained by the dollars 4% depreciation against the real in that period, for revenue of R$328 million. Other foreign exchange and monetary variations saw a rise of R$149 million, chiefly due to the effects of the dollars appreciation against the real on accounts receivable and cash. Other financial revenue (expense) totaled a R$16 million expense, down R$10 million as compared to 1Q12, primarily due to one-off expenditures in that period, chiefly the provision for Tax on Financial Operations (IOF) owed on hedge operations. The year-on-year decline was chiefly due to the restatement to present value of debt with former Aracruz shareholders carried out in that quarter. On June 30, 2012 the marked-to-market financial derivatives position was negative at R$289 million, as opposed to negative R$115 million on March 31, 2012, for a negative variation of R$174 million. The cash impact of operations that matured in the period was negative R$44 million. Thus, the impact on financial income in the quarter was R$218 million. The table below shows the hedge positions at the end of 2Q12:

Swaps Receive Yen Fixed (1)* US Dollar Libor (2) Brazilian Real CDI (3) Brazilian Real TJLP (4) Brazilian Fixed (5) Receive Total (a) Pay US Dollar Fixed (1)* US Dollar Fixed (2) US Dollar Fixed (3) US Dollar Fixed (4) US Dollar Fixed (5) Pay Total (b) Net (a+b) Forward Contract Short USD Position NDF (Dlar) Forward Total (c) Option US Dollar Option Option Total (d)

Maturity

Notional 2Q12 1Q12 4,755 $ 204 R$ 394 R$ 655 R$ 65 R$ R$ R$ R$ R$ R$ 2Q12

Fair Value 1Q12 135 364 525 636 62 1,722 R$ R$ R$ R$ R$ R$ 120 372 521 588 63 1,664

jan/14 jul/14 sep/18 jun/17 dec/17

4,755 $ 180 R$ 389 R$ 631 R$ 62

jan/14 jul/14 sep/18 jun/17 dec/17

$ $ $ $ $

45 180 227 387 39

$ $ $ $ $

45 204 230 402 41

R$ R$ R$ R$ R$ R$ R$

(109) (372) (550) (767) (74)

R$ R$ R$ R$ R$

(100) (381) (505) (666) (70) (1,722) (58)

(1,873) R$ (150) R$

up to 12M

650

772

R$ R$

(128) R$ (128) R$

(56) (56)

oct/12

141

151

R$ R$ R$

(11) R$ (11) R$ (289) R$

(1) (1) (115)

Net (a+b+c+d) * Parity Brazilian Real / Japanese Yen 2Q12: 0,02533 1Q12: 0,02211

The derivative instruments used by the Company seek to eliminate foreign exchange mismatches between debt and revenue or transform a floating-rate debt into pre-fixed debt. Thus, all receive legs are matched with the flows of the

10

2Q12 Results
respective hedged debts. The financial instruments were contracted in accordance with the parameters in the Market Risk Management Policy and are conventional without leverage or stipulations for margin calls, duly registered with the Securities Clearinghouse (CETIP), and cash adjustments are only recognized upon the contracts maturity and amortizations. Between 1Q12 and 2Q12, there was a reduction of US$122 million in the NDF short position and US$10 million in dollar options. The reduced leverage indices allow the Company to increase exposure of its cash flow to U.S. dollars, thus reducing the required hedge. This decrease in the hedge position is also related to what the Company considers to be changes in the fundamentals of the Brazilian economy that determine the exchange rate and that will allow for a higher dollar. The reduction in the NDF short and option positions is in line with Fibria's strategy and seeks to protect against foreign exchange volatility with lower probability of occurrence.

Net Income
In 2Q12, Fibria posted a loss of R$524 million, over R$10 million in losses and R$215 million of net income in 1Q12 and 2Q11, respectively, mostly due to the negative financial results, in turn due to the impacts of the dollars 11% appreciation against the real in the period on the conversion of dollar-denominated debt to reais. Analyzing income from the perspective of cash earnings, which excludes the effects of depreciation, depletion and monetary and foreign exchange variations, among others (see reconciliation on page 21), there was a quarter-onquarter increase in cash earnings, mainly due to the increase in net revenue as a result of the higher average net pulp price in reais. Year-on-year, the indicator was stable. Thus, cash earnings were R$1.0 per share, up 24% quarter-onquarter and stable year-on-year. The graph below shows the main factors that influenced net income in 2Q12, starting with EBITDA in the period.

Net Income (R$ million)

240

790

550

117 (981) (218) (182) 45 369 (16)

(524)

(448)
Adjusted Ebitda Non-recurring effects/non-cash Ebitda Exchange Variation on Debt Hedge Other Exchange Variation Interest on loan Income on financial instruments Other financial income Depreciation, / expenses Depletion, Amortization Income tax expense Net income 2Q12

11

2Q12 Results
Debt
Unit Total Gross Debt Gross Debt in R$ Gross Debt in US$ Average maturity Short-term portion Total Cash (2) Net Debt Net Debt/EBITDA Net Debt/EBITDA (US$)
(1)

2Q12 11,882 800 11,082 61 18% 3,420 8,462 4.7 4.2

1Q12 11,031 816 10,215 71 10% 2,066 8,965 5.2 4.8

2Q11 10,448 1,703 8,745 77 14% 2,496 7,952 3.2 3.4

2Q12 vs. 1Q12 8% -2% 8% -10 8 p.p. 66% -6% -0.5 -0.6

2Q12 vs. 2Q11 14% -53% 27% -16 4 p.p. 37% 6% 1.5 0.8

R$ million R$ million
(1)

R$ million months % R$ million R$ million x x

Includes BNDES index and other BRL Pre Fixed (BRL to USD) swaps contracts (2) Includes the hedge fair value
(3)

Metric to verify fulfillment of the covenants

Gross debt on June 30, 2012 was R$11,882 million (not including the payment of the 2020 Senior Notes in the total amount of US$514 million), up 8% over 1Q12, mainly due to the dollars 11% appreciation against the real in the period. The same factor explains the 14% year-on-year increase. The graph below shows the debt-related transactions in the quarter:
Gross Debt - Mar/12 x Jun/12 (R$ million)

981

11

11,882

11,031

13 182 (336)

Gross Debt Mar/12

Financing

Principal/Interest payments

Accrual of interest

Foreign Exchange Variation

Others

Gross Debt Jun/12

Of the total gross debt, 93% was dollar-denominated. The average cost of bank debt in domestic currency in 2Q12 was 8.5% p.a. due to the 0.5% cut in the TJLP, and the cost in dollars was 5.4% p.a., stable over 1Q12. Considering the tender offer of part of the 2020 Senior Notes, the cost in reais would be 5.2% p.a. The graphs below show Fibrias debt by instrument, index and currency (not including the payment of the 2020 senior notes in the total amount of US$514 million):

Gross debt by type

Gross debt by index

Gross debt by currency

4% 5% 15%

26%

2%

24% 6%

7%

68% 50%
Pre-Payment BNDES Others Bond NCE Others Libor TJLP Pre Fixed

93%

Local Currency

Foreign Currency

12

2Q12 Results
Short term debt represented 18% of the total in 2Q12, up 8 p.p. quarter-on-quarter solely due to the reclassification of part of the 2020 Senior Notes in the amount of US$514 million to the short term, settled in July as part of the tender offer announced to the market on July 10. Also as a result of this transaction, the average term of total debt fell from 71 months in 1Q12 to 61 months in 2Q12, a decline expected by the Company under its strategy of reducing expenses with servicing the debt. The graph below shows the amortization schedule of Fibrias total debt.
Amortization Schedule (R$ million)
3,291

1,774 1,516 164 986 711 1,610 308 403 2012 2013 615 2014 371 732 376 356 2015 684 285 230 454 2016 658 2017 943 707 206 501 2018 Local Currency 538 43 495 2019 2020 2021 1,516 3,291

Foreign Currency

Fibrias cash position on June 30, 2012 was R$3,420 million, including the negative R$289 million mark-to-market of hedge instruments, 61% of which was applied in public bonds and fixed income assets denominated in domestic currency. The Companys cash position was at 1.6x short term debt, down 1.7x due to the reclassification of part of the 2020 Senior Notes. Net debt on June 30 was at R$8,462 million, up 6% quarter-on-quarter mainly as a result of the effect of the dollars appreciation against the real on dollar-denominated debt.

In June of 2012, Fibria announced to the market that it had renegotiated its covenants with its creditors not only to change the maximum leverage limit to 4.5x (in dollar) beginning on June 30 until maturity, but also to change the calculation method of the Net Debt/EBITDA indicator. Now, the indicator is calculated based on total debt, cash and EBITDA in U.S. dollars, no longer in reais. Thus, the Company seeks to minimize the volatility of this indicator due to the mismatch between the average and closing exchange rates of each period. The renegotiation with creditors was concluded satisfactorily in an environment of reciprocity and without a waiver fee. The chart below shows the evolution of Net Debt/EBITDA (in reais) and the indicator calculated for the purposes of verifying the covenants (in dollars):
Net Debt / EBITDA (x)
5.8 5.2 5.6 4.7 4.1 3.9 3.6 2.9 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 4.2 3.8 3.4 3.1 3.2 3.8 4.2 4.8 4.7 4.2 5.2

Net Debt / EBITDA - Balance Sheet (R$)

Net Debt / EBITDA - Covenant (US$)

13

2Q12 Results
CAPEX
(R$ million) Industrial Expansion Forest Expansion Subtotal Expansion Safety/Environment Forestry Renewal Maintenance, IT, R&D, Modernization Subtotal Maintenance 50% Veracel Total Capex Advance for wood purchase in partnership programs 2Q12 1 13 14 14 177 31 222 18 254 24 1Q12 2 20 22 12 135 38 185 14 221 27 2Q11 9 49 58 14 158 96 268 23 349 33 2Q12 vs. 1Q12 -59% -35% -36% 15% 31% -19% 20% 29% 15% -12% 2Q12 vs. 2Q11 -89% -73% -76% 0% 12% -68% -17% -20% -27% -28% Last 12 months 15 89 104 59 643 213 915 83 1,103 189

Capital expenditures (CAPEX) in the quarter totaled R$254 million. CAPEX increased R$33 million or 15% as compared to 1Q12 due to increased expenses with forest maintenance. The R$95 million or 27% year-on-year reduction is mainly due to expenses with modernization in 2Q11, chiefly the revitalization of the Aracruz Units A Plant bleaching line, as well as reduced expenditures with the expansion of the Trs Lagoas Unit. The reductions are in line with the 2012 budget and will not impact operating activities.

Working Capital
The R$33 million decrease in working capital in 2Q12, as compared to the R$169 million in 1Q12, is mainly due to credit granted and anticipated in the previous quarter, the appreciation of the dollar against the real, partially offset by the sales volume reduction. As compared to the negative variation of R$91 million in 2Q11, the positive variation in the period is primarily due to the decrease in inventories and extended payment terms with suppliers.

Free cash flow

(R$ million) EBITDA (-) Capex including advance for wood puchase (-) Dividends (-) Interest (paid)/received (-) Income tax (+/-) Working Capital Free Cash Flow 2Q12 550 (278) (175) (5) (33) 59 1Q12 377 (248) (76) (2) 169 221 2Q11 490 (381) (264) (159) (3) (91) (408) Last 12 months 1,794 (1,292) (486) (8) 117 125

Fibrias free cash flow in 2Q12 totaled R$59 million, compared to R$221 million in 1Q12. The negative variation was mainly due to the variation in working capital, as described above, and a greater amount of interest payable in this quarter, partially offset with the increase in EBITDA. Year-on-year, the positive variation is in large part explained by the increased EBITDA, reduced CAPEX and payment of dividends in that quarter.

14

2Q12 Results
Capital Market
Equity:
Average Daily Traded Volume (US$ million)

200

25 20

Average Daily Traded Volume (million shares)

150 Daily average: US$32 million 100 10 50 5 0 mai-12 BM&FBovespa jun-12 NYSE Apr-12 May-12 BM&FBovespa Jun-12 NYSE 15 Daily average: 4.3 million shares

0 abr-12

The average daily trading volume of Fibrias shares was approximately 4.3 million, up 23% quarter-on-quarter. The average daily financial volume in 2Q12 was up 7% quarter-on-quarter to US$32 million, with US16 million traded on the NYSE and US$16 million on the Bovespa. Fixed Income:

Yield Fibria 2020 Fibria 2021 Treasury 10 Years

Unit % % %

2Q12 6.4 6.6 1.6

1Q12 6.5 6.4 2.2

2Q11 6.1 6.0 3.2

2Q12 vs. 1Q12 -3% 4% -26%

2Q12 vs. 2Q11 4% 10% -48%

Price Fibria 2020 Fibria 2021

Unit USD/k USD/k

2Q12 104.3 100.8

1Q12 105.9 102.6

2Q11 109.4 105.1

2Q12 vs. 1Q12 -2% -2%

2Q12 vs. 2Q11 -5% -4%

BNDES Carbon Fund BNDES Participaes (BNDESPar) held a public offering of units of the Carbon Efficient Index (ICO2) Brasil ICO2 Index Fund, in the total amount of R$1.5 billion. Fibria is the only industry company listed in the fund, which joins the stocks of companies included on the ICO2 Index.

15

2Q12 Results
Subsequent Events
2020 Senior Notes Tender Offer
Using part of the proceeds from the equity offering, on July 10 Fibria announced the result of the public tender offer for part of the 2020 Senior Notes issued by Fibria Overseas Finance Ltda., a wholly owned subsidiary of Fibria, in the total amount of US$514 million with a semiannual coupon of 7.5% p.a. This operation will save the Company approximately US$40 million per year in servicing its debt, beginning in 3Q12. Fibria will remain focused on reducing its debt and generating its free cash flow to align its leverage with the Companys targets established in the Liability and Liquidity Management Policy, available on its Investor Relations website.

Standard & Poors outlook upgrade

Standard & Poors upgraded Fibrias outlook from BB/stable to BB/positive assuming that the Company maintains its focus on reducing debt in the short term, maintaining liquidity and coherence with the investment program and cash flow.

16

2Q12 Results
Appendix I Revenues x Volume X Price*
2Q12 x 1Q12 2Q12 Pulp Domestic Sales Foreign Sales Total 132,413 1,132,737 1,265,150 130,095 1,183,035 1,313,130 120,857 1,354,226 1,475,083 105,865 1,152,744 1,258,609 913 1,196 1,166 814 974 958 1.8 (4.3) (3.7) 14.2 17.5 17.2 12.2 22.7 21.6 Tons 1Q12 Net Revenue - R$ 000 2Q12 1Q12 Price - R$/Ton 2Q12 1Q12 Tons QoQ % Revenue Average Price

2Q12 x 2Q11 2Q12 Paper Domestic Sales Uncoated Coated Special/Other Total Foreign sales Uncoated Special/Other Total Total Paper Pulp Domestic Sales Foreign sales Total Total Domestic sales Total Foreign sales Total -

Tons 2Q11

Net Revenue - R$ 000 2Q12 2Q11

Price - R$/Ton 2Q12 2Q11 Tons

QoQ % Revenue Average Price

2,653 9,636 14,840 27,129

4,046 18,860 70,173 93,079

1,525 1,957 4,729 3,431

779 2,674 3,453 30,582 129,152 1,100,580 1,229,732 156,281 1,104,033 1,260,314

120,857 1,354,226 1,475,083 120,857 1,354,226 1,475,083

2,231 6,638 8,869 101,949 123,472 1,218,323 1,341,795 216,551 1,227,192 1,443,743

913 1,196 1,166 913 1,196 1,166 Price - R$/Ton ACC 12

2,864 2,482 2,569 3,334 956 1,107 1,091 1,386 1,112 1,146

2.5 2.9 2.9 (15.3) 2.6 0.4

(2.1) 11.2 9.9 (44.2) 10.4 2.2 1H12 x 1H11 %

(4.5) 8.0 6.9 (34.1) 7.6 1.8

132,413 1,132,737 1,265,150 132,413 1,132,737 1,265,150 Tons ACC 12

1H12 x 1H11

Net Revenue - R$ 000 ACC 11 ACC 12 ACC 11

ACC 11

Tons

Revenue

Average Price

Paper Domestic Sales Uncoated Coated Special/Other Total Foreign sales Uncoated Special/Other Total Total Paper Pulp Domestic Sales Foreign sales Total Total Domestic sales Total Foreign sales Total 262,508 2,315,772 2,578,280 262,508 2,315,772 2,578,280 245,372 2,243,578 2,488,950 302,942 2,252,464 2,555,406 226,722 2,506,970 2,733,692 226,722 2,506,970 2,733,692 240,904 2,514,654 2,755,557 441,169 2,534,447 2,975,615 864 1,083 1,060 864 1,083 1,060 982 1,121 1,107 1,456 1,125 1,164 7.0 3.2 3.6 (13.3) 2.8 0.9 (5.9) (0.3) (0.8) (48.6) (1.1) (8.1) (12.0) (3.4) (4.2) (40.7) (3.8) (8.9) 3,984 4,902 8,886 66,456 7,598 12,195 19,793 220,058 1,907 2,488 2,227 3,311 8,585 18,719 30,266 57,570 17,081 41,144 142,040 200,265 1,990 2,198 4,693 3,479 -

*Does not include Portocel

17

2Q12 Results
Appendix II Income Statement
Income Statement - Quarter results 2Q12 R$ Millions Net Revenue Domestic Sales Foreign Sales Custo Produtos Vendidos Custos relacionados produo Provises para perdas sobre crditos de ICMS Operating Profit Selling and marketing General and administrative Financial Result Equity Other operating (expenses) income Operating Income Current Income taxes expenses Deffered Income taxes expenses Net Income (Loss) Net Income (Loss) attributable to controlling equity interest Net Income (Loss) attributable to non-controlling equity interest Depreciation, amortization and depletion EBITDA Fair Value of Biological Assets Fixed Assets disposals Accruals for losses on ICMS credits Settlement of Pension Plan - ARUS EBITDA adjusted (*) 550 R$ 1,491 138 1,353 (1,249) (1,228) (20) 243 (80) (69) (1,235) (0) 248 (893) (5) 374 (524) (526) 2 448 790 (266) 5 20 AV% 100% 9% 91% -84% -82% -1% 16% -5% -5% -83% 0% 17% -60% 0% 25% -35% -35% 0% 30% 53% -18% 0% 1% 0% 37% 377 R$ 1,274 121 1,153 (1,230) (1,212) (18) 44 (70) (62) 192 (0) (13) 90 (3) (97) (10) (11) 1 458 356 3 18 0% 1% 0% 30% 1Q12 AV% 100% 10% 90% -97% -95% -1% 3% -6% -5% 15% 0% -1% 7% 0% -8% -1% -1% 0% 36% 28% R$ 1,459 231 1,227 (1,250) (1,234) (16) 209 (73) (82) 277 (0) (15) 314 69 (168) 215 215 (0) 434 472 (6) (1) 16 9 490 0% 0% 1% 1% 39% 46% 59% 12% -617% 26% -100% 12% 2Q11 AV% 100% 16% 84% -86% -85% -1% 14% -5% -6% 19% 0% -1% 22% 5% -12% 15% 15% 0% 30% 5250% 4861% 89% -2% 122% -344% -345% -857% 3% 67% QoQ % 2Q12/1Q12 17% 14% 17% 2% 1% 12% 453% 14% 11% -743% 0% -2020% -1087% 71% 2Q12/2Q12 2% -40% 10% 0% 0% 26% 16% 9% -16% -547% -58% -1708% -384% -108%

R$ Million Net Revenue Domestic Sales Foreign Sales Cost of sales Cost related to production Accruals for losses on ICMS credits Operating Profit Selling and marketing General and administrative Financial Result Equity Other operating (expenses) income LAIR Current Income taxes expenses Deffered Income taxes expenses Discontinued operations

Income Statement - Accumulated results Jan-Jun 2012 R$ AV% 2,765 100% 259 2,506 (2,478) (2,440) (38) 287 (150) (130) (1,043) 235 (803) (8) 277 9% 91% -90% -88% -1% 10% -5% -5% -38% 0% 8% -29% 0% 10%

Jan-Jun 2011 R$ AV% 3,006 100% 469 2,537 (2,476) (2,439) (37) 530 (138) (158) 288 (0) (29) 493 72 (203) 365 (124) 16% 84% -82% -81% -1% 18% -5% -5% 10% 0% -1% 16% 2% -7%

Net income (loss) from discontinued operations Financial Result Income tax/Social contribution Net Income (Loss) Net Income (Loss) attributable to controlling equity interest Net Income (Loss) attributable to non-controlling equity interest Depreciation, amortization and depletion EBITDA Fair Value of Biological Assets Fixed Assets disposals Accruals for losses on ICMS credits Assets disposal results Settlement of Pension Plan - ARUS EBITDA adjusted (*) Profit from discontinued operations EBITDA Pro forma 927 34% (*) EBITDA margin calculated based on quarter revenue with Conpacel and KSR (R$3,072 milhes) 927 34% (534) (537) 3 906 1,146 (266) 8 38 -19% -19% 0% 33% 41% -10% 0% 1% 0%

604 602 1 869 1,440 (6) (8) 37 (357) 9 1,115 (17) 1,098

20% 20% 0% 29% 48% 0% 0% 1% -12% 1% 36% 37%

18

2Q12 Results
Appendix III Balance Sheet
BALANCE SHEET (R$ millions) ASSETS CURRENT Cash and cash equivalents Securities Derivative instruments Trade accounts receivable, net Inventories Recoverable taxes Assets avaiable for sale Others NON CURRENT Derivative instruments Deferred income taxes Recoverable taxes Fostered advance Others JUN/12 7,009 1,460 2,249 9 728 1,294 362 819 87 3,072 36 1,429 594 761 253 MAR/12 5,294 622 1,559 17 609 1,217 361 825 84 2,610 38 910 644 767 250 DEZ/11 5,296 382 1,678 32 945 1,179 328 644 108 2,711 43 992 677 761 238 LIABILITIES CURRENT Short-term debt Derivative Instruments Trade Accounts Payable Payroll and related charges Tax Liability Dividends and Interest attributable to capital payable Advance received related to assets held for sale Others NON CURRENT Long-term debt Accrued liabilities for legal proceedings Deferred income taxes , net Tax Liability Derivative instruments Others Investments Property, plant & equipment, net Biological assets Intangible assets 11,482 3,314 4,764 11,641 3,085 4,788 8 11,841 3,264 4,809 SHAREHOLDERS' EQUITY - Controlling interest Issued Share Capital Capital Reserve Revaluation Reserve Statutory Reserve Equity valuation adjustment Treasury stock Non controlling interest TOTAL SHAREHOLDERS' EQUITY TOTAL ASSETS 29,641 27,418 27,929 TOTAL LIABILITIES 3,983 1,619 (10) 35 15,358 29,641 JUN/12 3,257 2,188 156 425 108 37 0 200 144 11,025 9,694 81 841 77 178 154 15,323 9,741 (9) MAR/12 1,768 1,057 90 349 93 33 2 145 11,120 9,975 79 753 77 81 155 14,500 8,379 3 4,509 1,619 (10) 30 14,530 27,418 DEZ/11 1,961 1,092 164 374 134 53 2 142 11,428 10,232 102 740 77 125 153 14,511 8,379 3 4,520 1,619 (10) 29 14,540 27,929

19

2Q12 Results
Appendix IV Cash Flow
CASH FLOW STATEMENT (R$ MILLION) 2Q12 NET INCOME (LOSS) BEFORE INCOME TAXES Adjustments to reconcile net income to cash provided by operating activities : (+) Depreciation, depletion and amortization (+) Foreign exchange and unrealized (gains) losses, net (+) Fair value of financial instruments (+) Fair value of biological assets (+) Gain (loss) on disposal of Property, Plant and Equipment (+) Accrued liabilities for legal proceedings and others (+) Interest on loan accrual (+) Interest on Securities (+) Debt present value adjustment - shares acquisition Changes in operating assets: Trade accounts receivable Inventories Recoverable taxes Advance to suppliers and others Changes in operating liabilities: Trade Accounts Payable Taxes on income and other taxes Payroll, profit sharing and related charges Others Net cash provided by operating activities Interest received from securities Interest paid on loans Taxes on income and other taxes paid CASH FLOW FROM OPERATING ACTIVITIES Investment activities Property, Plant and Equipment Acquisition Advance for wood acquisition from forested operations Securities Revenues on Property, Plant and Equipment Sales Settlement of financial instruments Advance received related to assets held for sale Others CASH FLOW FROM INVESTING ACTIVITIES Financing activities Loans Borrowings Borrowings payment - Principal Settled Dividends Issuance of shares Others CASH FLOW FROM FINANCING ACTIVITIES Exchange variation effect on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalent at beginning of period Cash and cash equivalent at end of period 1,344 -3 1,232 71 838 622 1,460 13 (122) 136 (243) 3 (104) (11) 240 382 622 255 (31) (394) 750 356 781 (267) (264) 5 (254) (24) (687) 3 (44) 200 3 (802) (221) (27) 123 4 8 (3) (115) (349) (33) (521) 14 58 1 (829) 39 (214) (5) 336 37 (113) (2) 468 30 (189) (3) 212 70 4 14 (21) (26) (22) (41) 4 14 (7) 43 (63) (44) (28) (15) (13) 309 (33) (40) 18 45 (75) (29) (17) 448 865 218 (266) 5 33 182 (43) 458 (240) (107) 3 42 169 (41) 444 (328) (115) (6) (6) 15 169 (45) 21 (893) 1Q12 91 2Q12 314

20

2Q12 Results
Appendix V Economic and Operating Information
Exchange Rate (R$/US$) Closing Average 2Q12 2.0213 1.9618 1Q12 1.8221 1.7672 4Q11 1.8758 1.7980 3Q11 1.8544 1.6339 2Q11 1.5611 1.5954 1Q11 1.5799 1.6674 2Q12 vs. 1Q12 10.9% 11.0% 2Q12 vs. 2Q11 29.5% 23.0% 1Q12 vs. 4Q11 -2.9% -1.7% 4Q11 vs. 3Q11 1.2% 10.0% 3Q11 vs. 2Q11 18.8% 2.4%

Pulp sales distribution, by region Europe North America Asia Brazil / Others

2Q12 43% 26% 20% 11%

1Q12 44% 18% 28% 10%

2Q11 46% 29% 14% 11%

2Q12 vs. 1Q12 -1 p.p. 8 p.p. -8 p.p. 1 p.p.

2Q12 vs. 2Q11 -3 p.p. -3 p.p. 6 p.p. 0 p.p.

Last 12 months 41% 24% 25% 10%

Pulp list price per region (US$/t) North America Europe Asia

Jun-12 860 800 700

May-12 860 800 700

Apr-12 820 760 670

Mar-12 820 760 640

Feb-12 770 730 605

Jan-12 770 730 595

Dec-11 750 730 580

Nov-11 750 720 600

Oct-11 760 730 600

Sep-11 900 820 730

Aug-11 900 820 730

Jul-11 900 850 730

Financial Indicators Net Debt / Adjusted EBITDA (LTM*) Total Debt / Total Capital (gross debt + net equity) Cash + EBITDA (LTM*) / Short-term Debt
*LTM: Last twelve months

2Q12 4.7 0.4 4.2

1Q12 5.2 0.4 3.6

4Q11 4.8 0.4 3.6

2Q11 3.2 0.4 3.4

1Q11 2.9 0.4 4.0

4Q10 3.6 0.4 2.4

Reconciliation - net income to cash earnings (R$ million) Net Income (Loss) before income taxes (+) Depreciation, depletion and amortization (+) Foreign exchange and unrealized (gains) losses, net (+) Fair value of financial instruments (+) Fair value of biological assets (+) Gain (loss) on disposal of Investment (+) Debt present value adjustment - shares acquisition (+) Accrued liabilities for legal proceedings and others (+) Interest on loan accrual (+) Interest on SecuritiesNet Cash earnings (R$ million) Outstanding shares (million) Cash earnings per share (R$)

1Q12 (893) 448 865 218 (266) 5 20 182 (30) 550 554 1.0

4Q11 91 458 (240) (107) 3 42 169 (41) 375 468 0.8

1Q11 314 444 (328) (115) (6) (6) 21 16 169 (45) 464 468 1.0

21