2Q13 Financial Statements

Fibria Celulose S.A.
Consolidated Interim Financial Information at June 30, 2013 and Review Report of Independent Registered Public Accountant firm
Review Report of Independent Registered Public Accountant firm

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, 2013, comprising the balance sheet at that date and the statements of income, comprehensive income for the quarter and six-month periods then ended, and the statements 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 the accounting standard CPC 21, Interim Financial Reporting, of the Brazilian Accounting Pronouncements Committee (CPC) and International Accounting Standard (IAS) 34 - Interim Financial Reporting issued by the International Accounting Standards Board (IASB). 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 has not been prepared, in all material respects, in accordance with CPC 21 and IAS 34.
Other matters Statement of value added We have also reviewed the consolidated interim statement of value added for the six-month period ended June 30, 2013. This statement is the responsibility of the Company's management, and is required to be presented in accordance with standards issued by the Brazilian Securities Commission (CVM) and is considered supplementary information under IFRS, which do 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 22, 2013
PricewaterhouseCoopers Auditores Independentes CRC 2SP000160/O-5
Carlos Eduardo Guaran Mendona Contador CRC 1SP196994/O-2

Consolidated balance sheet at
In thousands of Reais
Assets Current Cash and cash equivalents (Note 6) Marketable securities (Note 7) Derivative financial instruments (Note 8) Trade accounts receivable, net (Note 9) Inventory (Note 10) Recoverable taxes (Note 11) Assets held for sale Other assets
June 30, 2013
December 31, 2012

(Restated)
January 1 , 2012
(Restated)
st
617,553 1,472,529 26,811 480,342 1,362,467 206,674 589,849 153,686 4,909,911
943,856 2,351,986 18,344 754,768 1,183,142 209,462 589,849 194,526 6,245,933
381,915 1,677,926 31,638 945,362 1,178,707 327,787 644,166 108,062 5,295,563
Non-current Derivative financial instruments (Note 8) Related parties receivables (Note 13) Deferred taxes (Note 12) Recoverable taxes (Note 11) Advances to suppliers Judicial deposits (Note 19) Other assets Investments (Note 14) Biological assets (Note 15) Property, plant and equipment (Note 16) Intangible assets (Note 17)
77,237 6,761 1,195,107 712,382 705,649 167,323 165,659 40,674 3,354,193 10,850,342 4,674,690 21,950,017
26,475 6,245 879,606 657,830 740,310 157,567 172,612 40,674 3,325,604 11,174,561 4,717,163 21,898,647 28,144,580
43,446 5,469 995,368 677,232 760,611 137,060 95,060 7,506 3,264,210 11,841,247 4,809,448 22,636,657 27,932,220
Total assets
26,859,928
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Consolidated balance sheet at
In thousands of Reais (continued)
Liabilities and shareholders' equity Current Loans and financing (Note 18) Trade payables Payroll, profit sharing and related charges Taxes payable Derivative financial instruments (Note 8) Liabilities related to assets held for sale Dividends payable Other payables
June 30, 2013
December 31, 2012

(Restated)
January 1 , 2012
(Restated)
st
794,471 538,271 107,837 44,483 92,641 470,000 1,874 125,226 2,174,803
1,138,005 435,939 128,782 41,368 54,252 470,000 2,076 204,833 2,475,255
1,092,108 373,692 134,024 53,463 163,534 1,520 142,367 1,960,708
Non-current Loans and financing (Note 18) Derivative financial instruments (Note 8) Taxes payable Deferred taxes (Note 12) Provision for contingencies (Note 19) Other payables
9,141,751 418,587 79,137 173,736 83,500 184,644 10,081,355
9,629,950 263,646 77,665 227,923 104,813 194,521 10,498,518 12,973,773
10,232,309 125,437 76,510 739,878 101,594 163,096 11,438,824 13,399,532
Total liabilities Shareholders' equity Capital Capital reserves Treasury shares Statutory reserves Other reserves Accumulated losses Equity attributable to the shareholders of the Company Equity attributable to non-controlling interests Total shareholders' equity Total liabilities and shareholders' equity
12,256,158
9,729,006 2,688 (10,346 ) 3,815,703 1,596,666 (573,878) 14,559,839 43,931 14,603,770 26,859,928
9,729,006 2,688 (10,346 ) 3,815,584 1,596,666
8,379,397 2,688 (10,346) 4,520,290 1,611,837
15,133,598 37,209 15,170,807 28,144,580
14,503,866 28,822 14,532,688 27,932,220
The accompanying notes are an integral part of these unaudited consolidated interim financial information. 5 of 52

Unaudited consolidated statement of income
In thousand of Reais, except for the income (loss) per share
June 30, 2013
June 30, 2012
Net revenue (Note 21) Cost of sales (Note 23) Gross profit Operating expenses Selling expenses (Note 23) General and administrative (Note 23) Equity in losses of associate Other operating expenses, net (Note 23)
3,118,592 (2,529,851) 588,741
2,764,774 (2,478,233) 286,541
(162,086) (138,341) 9,623 (290,804)
(150,413) (130,484) (187) 234,814 (46,270) 240,271 96,680 (403,355) (111,601) (624,844) (1,043,120) (802,849)
Income (loss) before financial income and expenses Financial income (Note 22) Financial expenses (Note 22) Results of derivative financial instruments (Note 22) Foreign exchange gains (Note 22)
297,937 59,636 (629,942) (148,844) (509,226) (1,228,376)
Income before taxes on income Taxes on income Current (Note 12) Deferred (Note 12) Losses for the period Attributable to Shareholders of the Company Non-controlling interests Losses for the period Basic and diluted losses per share - (in Reais) (Note 24)
(930,439)
(12,046) 372,924 (569,561)
(8,464) 277,124 (534,189)
(573,878) 4,317 (569,561) (1.037)
(536,969) 2,780 (534,189) (1.082)
The accompanying notes are an integral part of these unaudited consolidated interim financial information.
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Unaudited consolidated statement of comprehensive income
In thousand of Reais, except for the income (loss) per share
June 30, 2013
June 30, 2012
Losses for the period Other comprehensive losses for the period Total comprehensive losses for the period
(569,561)
(534,189)
(569,561)
(534,189)
Attributable to: Shareholders of the Company Non-controlling interests
(573,878) 4,317
(536,969) 2,780
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Unaudited statement of changes in shareholders' equity
In thousands of Reais, unless otherwise indicated
Capital As of January 1 , 2012 Impacted of the adoption - CPC 33(R1), net of deferred taxes As of January 1 , 2012 - adjusted Total loss Net income (loss) for the period Transactions with shareholders Capital increase Transaction costs As of June 30, 2012 As of January 1 , 2013 Impacted of the adoption - CPC 33(R1), net of deferred taxes As of January 1 , 2013 - adjusted Total income Net income (loss) for the period Reversal of dividends Capital increase of non-controlling interest Portocel As of June 30, 2013 9,740,777
st st st st
Capital Transaction costs of the capital increase
Other reserves Other comprehensive income 1,618,824
Statutory reserves Retained earnings (accumulated losses ) Noncontrolling interest 28,822
Capital reserve 2,688
Treasury shares (10,346 )
Legal 303,800
Investments 4,216,490
Total 14,510,853
Total 14,539,675
8,379,397
(6,987 ) 8,379,397 2,688 (10,346 ) 1,611,837 303,800 4,216,490
(6,987 ) 14,503,866 28,222
(6,987 ) 14,532,688
(536,969 ) 1,361,380 (11,771 ) 9,740,777 9,740,777 (11,771 ) (11,771 ) 2,688 2,688 (10,346 ) (10,346 ) 1,611,837 1,611,837 303,800 303,800 4,216,490 3,511,784 (536,969 )
(536,969 ) 1,361,380 (11,771 ) 15,316,506 15,148,769
2,780 3,336
(534,189 ) 1,364,716 (11,771 ) 15,351,444 15,185,978
34,938 37,209
(15,171 ) 9,740,777 (11,771 ) 2,688 (10,346 ) 1,596,666 303,800 3,511,784
(15,171 ) 15,133,598 37,209
(15,171 ) 15,170,807
(573,878 ) 119
(573,878 ) 119
4,317 2,405
(569,561 ) 119 2,405
(11,771 )
2,688
(10,346 )
1,596,666
303,800
3,511,903
(573,878 )
14,559,839
43,931
14,603,770
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Unaudited consolidated statement of cash flow
In thousand of Reais
June 30, 2013 Losses before taxes on income Adjusted by Depreciation, depletion and amortization Depletion of wood from forestry partnership programs Unrealized foreign exchange (gains) losses, net Change in the fair value of derivative financial instruments Equity in the losses of associate Losses on disposals of property, plant and equipment Interest and gains and losses on marketable securities Interest expenses Change in fair value of biological assets Financial charges on Eurobond partial repurchase transactions Impairment of recoverable ICMS Tax credits Reversal of provision for contingencies Provisions and other Decrease (increase) in assets Trade accounts receivable Inventory Recoverable taxes Other assets/advances to suppliers (Decrease) increase in liabilities Trade payables Taxes payable Payroll, profit sharing and related charges Other payables Cash provided by operating activities Interest received Interest paid Income taxes paid Net cash provided by operating activities Cash flow from investment activities Acquisitions of property, plant and equipment and forests Advances for wood acquisition from forestry partnership program Marketable securities, net Proceeds from sales of property, plant and equipment Advances received from the disposal of assets Derivative transactions settled (Note 8) Other Net cash provided by (used in) investment activities (930,439)
June 30, 2012 (802,849)
834,611 63,396 509,226 148,844 30,875 (47,881) 294,659 (36,100) 287,402 45,536 (10,331 ) (14,250 ) 16,417
857,716 48,773 624,844 111,601 187 8,273 (84,500) 351,285 (265,798) 38,345
37,683
312,585 (137,875) (79,385) (47,585)
265,381 (60,651) (55,068) 4,826
94,033 14,722 (20,946) (44,691) 1,282,823 84,679 (352,661) (15,987 ) 998,854
44,628 (17,709) (26,311) (17,221) 1,063,435 76,345 (326,397) (7,448) 805,935
(569,634) (28,735) 858,694 38,299 (14,741) 4 283,887
(474,971) (50,380) (563,067) 7,158 200,000 (36,422) 444 (917,238)
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Unaudited consolidated statement of cash flows
In thousand of Reais (continued)
Cash flow from financing activities Borrowing Repayments - principal amount Net of capital increase Premiums paid on partial Eurobonds repurchase transaction Other Net cash provided by (used in) financing activities Effects of exchange rate changes on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period
980,824 (2,398,040) (188,206) 3,995 (1,601,427) (7,617) (326,303) 943,856 617,553
149,519 (364,831) 1,343,546 737 1,128,971 60,342 1,078,010 381,915 1,459,925
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Unaudited consolidated statement of value added
In thousand of Reais
June 30, 2013 Revenue Gross sales Provision for trade receivables Revenue relating to the construction of own assets and other
June 30, 2012
3,179,893 325 521,380 3,701,598
2,828,227 675,141 3,503,368
Inputs acquired from third parties Cost of sales Materials, energy, outsourced services and other
(1,817,772) (217,473) (2,035,245)
(1,672,806 ) (192,120 ) (1,864,926 ) 1,638,442
Gross value added Retentions Depreciation and amortization Depletion of wood from forestry partnership programs Net value added generated from operations Value added received through transfer Equity in the results of investees Finance income
1,666,353
(834,611) (63,396) 768,346
(857,716 ) (48,773 ) 731,953
350,071 350,071
(187 ) 728,372 728,185 1,460,138
Total value added for distribution 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, foreign exchange, rentals and leases Losses for the period Non-controlling interests Value added distributed
1,118,417
273,553 209,480 51,518 12,555 (228,169) (281,376) 39,332 13,875 1,642,594 (573,878) 4,317 1,118,417
266,033 203,497 48,080 14,456 (108,038 ) (163,736 ) 40,540 15,158 1,836,332 (536,969 ) 2,780 1,460,138
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Notes to the unaudited consolidated interim financial information at June 30, 2013
1 (a)
Operations and current developments General information Fibria Celulose S.A. is incorporated under the laws of the Federal Republic of Brazil, as a publicly-held company. Fibria Celulose S.A. and its subsidiaries are referred to in these financial statements as the "Company", "Fibria", or "we". We have the legal status of a share corporation, operating under Brazilian corporate law. Our headquarters and principal executive office is located in So Paulo, SP, Brazil. We are listed on the stock exchange of So Paulo (BM&FBOVESPA) and the New York Stock Exchange (NYSE) and we are subject to the reporting requirements of the Brazilian Comisso de Valores Mobilirios (CVM) and the United States Securities and Exchange Commission (SEC). Our activities are focused on the growth of renewable and sustainable forests and the manufacturing and sale of bleached eucalyptus kraft pulp. We operate in a single operational segment, which is the producing and selling of short fiber pulp. Our bleached pulp is produced from eucalyptus trees, resulting in a variety of high quality hardwood pulp with short fibers, which is 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 including thermal and electric, 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 derived from pulp, (ii) global production capacity and the strategies adopted by the main producers, and (iii) availability of substitutes for these products. All of these factors are beyond our control. In 2012, we established a strategic alliance with Ensyn Corporation ("Ensyn"), to leverage our forestry expertise and our competitive position in Brazil to develop alternatives with high value aggregated to complement our global leadership position and excellence in the production of pulp. We believe that the combination of our expertise and Ensyn's technology can generate a relevant business in the biofuel segment in the future.
(b)
Operational facilities and forest base The Company operates the following facilities as at June 30, 2013 to produce bleached eucalyptus kraft pulp with a total annual capacity of approximately 5.3 million tons:
Pulp production facility Aracruz Trs Lagoas Jacare Veracel (*) Annual production capacity - tons 2,340,000 1,300,000 1,100,000 560,000 5,300,000
Location (Brazil) Esprito Santo Mato Grosso do Sul So Paulo Bahia
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(*) Represents 50% of the annual production capacity of Veracel's pulp mill consistently with our portion of the results, representing 50% of the operations of Veracel in our consolidated statement of operations.
Fibria produces hardwood pulp from plantations of eucalyptus trees (referred to as forests), with an average extraction cycle of between six and seven years, which are located in six Brazilian States, consisting of approximately 967 thousand hectares, including reforested and protected areas, as follow (in thousands of hectares): Area of forest State So Paulo Minas Gerais Rio de Janeiro Mato Grosso do Sul Bahia Esprito Santo 78,283 13,289 1,638 228,194 134,794 105,299 561,497 Total area 145,012 27,180 3,367 347,332 264,002 180,281 967,174
The forest base of the Losango project in the State of Rio Grande do Sul is excluded from the above table, as these assets qualify as assets held for sale, and are being presented as such, as detailed in item (d)(i) of Note 35 to the most recent annual financial statements. (c) Logistics The pulp produced for export is delivered to customers by means of sea vessels on the basis of long-term contracts with the owners of these vessels. Fibria has a long-term contract with the South Korean company STX Pan Ocean (STX) valid for a period of 25 years, with a dedicated fleet of 20 sea vessels, having the capacity to transport 54 thousand tons of pulp each. This contract had optimized the companys international logistics and ensures its operational stability and competitiveness. Four of these vessels have been delivered to us and are operating. STX is facing financial difficulties, which may impact the continuity of the contract signed with them. Independently of this possible impact, the exports of pulp and the related logistics costs should not be impacted, since the Company has contracts of affreightment with other logistics companies, which will be able to meet the export demand. The company operates in two 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. The port is operated under a concession from the Federal Government, through the Companhia Docas do Estado de So Paulo (CODESP). The port of Barra do Riacho is a port specializing in the transportation of pulp, and is located about three kilometers from the Aracruz unit, in the State of Esprito Santo, and seeps the pulp produced in the Aracruz and Veracel plants. This port is operated by Portocel - Terminal Especializado Barra do Riacho S.A . ("Portocel") - a company controlled by Fibria (which has a 51% interest in its share capital). Portocel operates with the authorization of the federal government, through a contract signed on November 14, 1995. 13 of 52

The concession period of one of the terminals at the port of Santos ends in 2017. However, we are looking for alternative means of shipping the pulp produced, in order to maintain our export capacity in the long term. (d) Current assets held for sale During the year 2012, the Company approved the sale of certain Cash Generating Units (CGUs) and of certain assets, as presented in the following table:
Classification for accounting purposes Assets held for sale Assets held for sale Date when classified for accounting purposes June 2011 March 2012 Date when the sale was consummated Not yet consummated (*) December 2012
CGU/Asset . Losango project assets . Forests and land located in the south of Bahia State
Reference Note 1(d)(i) Note 1(d)(ii)
(*) On December 28, 2012, the Company signed with CMPC Celulose Riograndense S.A. ("CMPC") the final sale and purchase agreement for the sale of these assets with a total sale price of R$ 615 million. The completion of the sale is subject to the granting of government approvals as described in the Note 1(d)(i).
(i)
Losango project assets On June 30, 2011, we decided to classify as held for sale the assets related to the Losango project assets, comprised of approximately 100 thousand hectares of land owned by Fibria and approximately 39 thousand hectares of planted eucalyptus and leased land, all located in the State of Rio Grande do Sul. On December 28, 2012, the Company and CMPC Celulose Riograndense Ltda. ("CMPC") signed the definitive Purchase and Sale Agreement for the sale of all Losango project assets. The transaction was approved by the Conselho Administrativo de Defesa Econmica (CADE), the competition authority, and on such this date the first installment of the purchase price, amounting to R$ 470 million, was paid to us. The second installment, in the amount of R$ 140 million, was deposited in an escrow account and will be released to us once additional government approvals are obtained. The final installment of R$ 5 million is payable to us upon the completion of the transfer of the existing land lease contracts for the assets, and the applicable government approvals. The sale and purchase agreement establishes a period of 48 months, renewable, at the option of CPMC, for an additional 48 months, to obtain the required government approvals. If this approval is ultimately not obtained, we are required to return to CMPC the first installment it paid to us, plus interest, and the escrow deposits made by CMPC will revert. We have recorded the amount of the first installment received as a liability under "Advances received in relation to assets held for sale". Since the completion of the sale is dependent on obtaining government approval, the assets continue to be classified as assets held for sale as at June 30, 2013, until the sale is completed. Upon their classification as assets held for sale, the carrying amounts of the assets held for sale (all of which are non-current) were comparable to its estimated fair value less the cost of sale, and no impairment losses were identified. 14 of 52

Since the completion of the sale is depending on such government approvals, the assets continue to be are still classified as assets held for sale as at June 30, 2013, until the sale is consummated completed. Upon classification as assets held for sale the carrying amount of the assets held for sale (all of which are non-current) was compared to its estimated fair value less cost of sale and no impairment loss was identified. The Losango assets did not generate any significant results in the semesters ended June 30, 2013 and 2012. (ii) Forests and land located in the south of Bahia On March 8, 2012, as part of our strategy to of strengthening our capital structure, we entered into a binding agreement with Fundo Florestas do Brasil (the "Fund"), through its subsidiary Caravelas Florestal S.A., for the sale of certain forests and land located in the south of the State of Bahia, consisting of 16,152 thousand hectares of eucalyptus forests for timber and pulp, with an average annual production of 660 cubic meters of wood. On June 29, 2012, Fibria signed a sale and purchase agreement for these assets, at a total amount of R$ 235 million. A cash payment of R$ 200 million was received as an advance on the same date. On December 7, 2012, the transaction was completed upon the purchaser signing an acceptance notice. As result of the due diligence process conducted by the purchaser, the sale price was adjusted to R$ 210 million. The remaining balance of R$ 10 million will be received by the Company during 2013 and is registered under "Other receivables" in current assets. The amount of R$ 19,551 was recognized in the statement of profit and loss in the last quarter of 2012, of which further details are presented in Note 35 to the most recent annual financial statements. (e) Change in the international corporate structure In November 2011, management approved, subject to certain conditions, a project for the corporate restructuring of our international activities. The transfer of the current commercial operational, logistical, administrative and financial operations of Fibria Trading International KFT to another subsidiary named Fibria International Trading GmbH was performed in July 1st, 2013. This international corporate reorganization and restructuring includes different stages, and its total completion is expected to be completed by around December 2015. However, the implementation of the steps of the planned total restructuring depends on approval from the local authorities of each country involved. 2 2.1 (a) Presentation of consolidated interim financial information and summary of significant accounting policies Consolidated interim financial information - basis of preparation Accounting policies used 15 of 52

The consolidated interim financial information has been prepared and is being presented in accordance with IAS 34 and CPC 21(R1) - Interim Financial Reporting issued by the International Accounting Standards Board (IASB) and the Accounting Statements Committee Standards (CPC), approved by the Brazilian Securities and Exchange Commission (CMV). The consolidated interim financial information should be read in conjunction with the financial statements for the year ended December 31, 2012, considering that its purpose is to provide an update on the activities, events and significant circumstances in relation to those presented in the annual financial statements. From January 1, 2013, the companies Veracel Celulose S.A., Asapir Produo Florestal e Comrcio Ltda. and VOTO Votorantim Overseas Trading Operations IV Limited meet the definition of joint operations under IFRS 11 and CPC 19(R2) - Joint Arrangements, and are classified accordingly, meaning that the balance of the assets, liabilities, revenue and expenses should be accounted for by the entities participating in the joint operation proportionally to their ownership stakes. The changes in the classification of the companies as joint operations did not impact the consolidated balances of the Company. The current accounting practices, which include the measurement principles for the recognition and valuation of the assets and liabilities, the calculation methods used in the preparation of this interim financial information and the estimates used, are the same as those used in the preparation of the most recent annual financial statements, except to the extent disclosed in Note 3. (b) Approval of the interim financial information The consolidated interim financial information was approved by Management on July 22, 2013. 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 semester ended June 30, 2013, there were no significant changes in the estimates and assumptions which are likely to result in significant adjustments to 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. 3 Adoption of new standards, amendments and interpretations issued by IASB and CPC A number of new standards and amendments to standards and interpretations were issued by the IASB and CPC, and are effective for annual periods beginning after January 1, 2013, as follow: IAS 1/CPC 26(R1) - Presentation of financial statements IAS 19/CPC 33(R1) - Employee benefits IAS 28/CPC 18(R2) - Investments in associates IFRS 11/CPC 19(R2) - Joint Arrangements IFRS 12/CPC 45 - Disclosure of interest in other entities 16 of 52

IFRS 9/CPC 38 - Financial instruments IFRS 10/CPC 36(R3) - Consolidated financial statements IFRS 13/CPC 46 - Fair value measurement As a result of the new standards, amendments and interpretations issued by the IASB and the CPC mentioned above, are applicable to us: IFRS 11/CPC 19(R2) - Joint Arrangements, with the effect described in Note 2.1 (a); and, IAS 19/CPC 33(R1) - Employee benefits, with the effect described below: IAS 19 / CPC 33(R1) Employee benefits Booking actuarial gains and losses using the corridor method, used to be a Company practice until December 31, 2012, and such actuarial gains and losses were recognized in the income statement if they exceeded the corridor carrying amount, and amortized over the remaining estimated average life of the people which have the benefit, considering that the actuarial gains and losses do not exceed the corridor amount; therefore, the gains and losses measured were not immediately recognized. As its method outcome the carrying amount recognized as liabilities differed from the estimated present carrying amounts of obligations by actuarial gains and losses carrying amounts are not yet recognized. The main impact of the adoption of this standard on the interim financial information for the semester ended June 30, 2013, with retrospective effect on the financial statements for the year ended December 31, 2012, and the respective opening balances as at January 1, 2012, are as follow: (a) to immediately recognize all actuarial gains and losses directly in Other comprehensive income, with the extinction of the corridor method for the recognition of actuarial gains and losses resulting from remeasurement, (b) to replace the interest costs and expected return on plan assets with a net interest amount calculated by applying the discount rate to the net defined benefit liability (asset), which should increase the cost of the plan. However, this situation did not have any impact on the Company, due the fact that we do not have any plan assets. The reconciliation of the adjusted actuarial obligations as at December 31, 2012 and the opening balance as at January 1, 2012, impacted by the adoption, are as follow: December 31, 2012 Present value of actuarial obligations from previous accounting practices Impact of the adoption of CPC 33(R1) Present value of actuarial obligations after adoption (*) 60,362 22,985 93,934 January 1st, 2012 55,715 10,587 66,302
(*) The actuarial obligation is recorded as non-current Other payable, on the interim financial information at June 30, 2013 and in the December 31, 2012 financial statements and the opening balance as of January 1st, 2012.
As a result of the adjustments described above, the accounting balances of Deferred taxes classified as non-current assets, Other payables classified as non-current liabilities and Other reserves in shareholders equity as of December 31, 2012 and January 1st, 2012, regarding the comparative period for this interim financial information, were adjusted as follow:
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December 31, 2012 Original balance Non-current assets Deferred assets Non-current liabilities Other payables Shareholders equity Other reserves 868,192 160,949 1,618,824 Adjustment 11,414 33,572 (22,158) Adjusted balance 879,606 194,521 1,596,666 Original balance 991,768 152,509 1,618,824
January 1st, 2012 Adjustment 3,600 10,587 (6,987) Adjusted balance 995,368 163,096 1,611,837
Risk management The risk management policies and financial risk factors disclosed in the annual financial statements (Note 4) did not have any significant changes. The Companys financial liabilities which present liquidity risk are presented below by maturity (Note 4.1), exchange risk exposure (Note 4.2), capital risk management position, including indexes ratios of financial leverage (Note 4.3) and sensitivity analysis (Note 5).
4.1
Liquidity risk The table below classifies Fibria's financial liabilities into the relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table represent the contracted cash flow amounts, discounted and as such they differ from the amounts presented in the consolidated balance sheet.
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Less than one year At June 30, 2013 Loans and financing Derivative financial instruments Trade and other payables 1,270,315 80,500 662,934 2,013,749 At December 31, 2012 Loans and financing Derivative financial instruments Trade and other payables 1,739,139 44,853 564,172 2,348,164 At January 1st, 2012 Loans and financing Derivative financial instruments Trade and other payables
Between one and two years 2,292,639 96,125 24,420 2,413,184 2,881,125 50,739 54,234 2,986,098
Between two and five years 4,384,964 378,969 20,579 4,784,512 4,163,566 246,710 14,516 4,424,792
Over five years 4,981,533 248,433 39,912 5,269,878 5,878,870 117,785 31,452 6,028,107
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
Foreign exchange risk The following table presents the carrying amounts of the assets and liabilities denominated in foreign currency:
June 30, 2013 Assets in foreign currency Cash and cash equivalents (Note 6) Marketable securities (Note 7) Trade accounts receivable (Note 9) 602,763 49,915 452,363 1,105,041 Liabilities in foreign currency Loans and financing (Note 18) Trade payables Derivative financial instruments (Note 8) 7,390,244 122,745 407,180 7,920,169 Liability exposure (6,815,128) December 31, 2012 891,046 432,706 714,142 2,037,894 8,542,851 105,194 273,079 8,921,124 (6,883,230) January 1st, 2012 318,926 916,391 1,235,317 9,230,592 35,676 213,887 9,480,155 (8,244,838)
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4.3
Capital risk management Management monitors indebtedness on the basis of a consolidated indebtedness ratio. This ratio is calculated as net debt divided by net income before interest, income taxes including social contribution, depreciation and amortization and other items as further described below ("Adjusted EBTIDA"). This is part of our strategy of reducing indebtedness and maintaining an appropriate level of leverage in accordance with our internal policies, as presented in the most recent annual financial statements in Note 4.2. Net debt represents total loans and financing, less cash and cash equivalents and marketable securities and the fair value of derivative financial instruments. The indebtedness ratios at June 30, 2013, December 31, 2012 and January 1st, 2012 were as follows (measured in Reais): June 30, 2013 Loans and financing (Note 18) Less - cash and cash equivalents (Note 6) Plus - derivative financial instruments (Note 8) Less - marketable securities (Note 7) Net debt Adjusted EBITDA (last twelve months) Indebtedness ratio 9,936,222 617,553 (407,180) 1,472,529 8,253,320 2,537,113 3.3 December 31, 2012 10,767,955 943,856 (273,079) 2,351,986 7,745,192 2,253,326 3.4 January 1st, 2012 11,324,417 381,915 (213,887) 1,677,926 9,478,463 1,981,031 4.8
The indebtedness ratio decreased from 3.4 on December 31, 2012 to 3.3 at June 30, 2013, due to increments of EBITDA and the raise of net debt as a consequence of the US Dollar appreciation of 8.4% in the first semester of 2013. From June 2012 debt-related financial covenants including the indebtedness ratio are measured in US Dollars, as further described in Note 23 to the most recent annual financial statements. Since the above ratios used for the periods presented are measured in Reais, there are likely to be differences between the ratios presented above and the ratios measured in compliance with the debt covenant requirements. The Company continues to focus on actions including reductions in fixed and variable costs, selling expenses, capital expenditure and improvements in working capital. We have also focused on actions that may result in additional liquidity of non-strategic assets. These actions are intended to strengthen the capital structure of the Company, resulting in improved Net Debt to Adjusted EBITDA ratios. 5 Sensitivity analysis The analysis below presents the sensitivity analysis of the effects of changes in the relevant risk factors to which the Company is exposed at the end of the semester. Management believes that it is a reasonably likely scenario that the exchange rate between the US Dollar and the Real will reach R$ 2.15, and that changes will be observed in the pulp price over a three-month period in line with current market expectations and historical changes in the prices of pulp. 20 of 52

Instruments denominated in foreign currency - mainly in US Dollars Loans and financing Cash, cash equivalents and marketable securities Derivative financial instruments Accounts receivables Accounts payable Total of estimated impact
Scenario Depreciation of 2,96% of the Real against the US Dollar compared to the Ptax rate as at June 30, 2013 - from R$ 2.15 to R$ 2.2156
Impact on income (expense) in Reais
209,642 (19,325 ) 90,648 (13,482) 3,634 271,117
As shown above, the depreciation of the Real against the US Dollar, considering the closing rate and the balance of financial instruments as at June 30, 2013, would lead to a reduction in the liabilities recognized in the balance sheet and a corresponding gain of approximately R$ 271,117. In this projected scenario, compared to the average exchange rate of R$ 2.15 observed during the period, net revenue would have increased by 5.6%, representing an approximate amount of R$ 173 million given the volume and sales prices for the semester ended June 30, 2013. According to CVM Decision No. 550/08, the following table presents the changes in the fair values of derivative financial instruments, loans and financing and marketable securities, in two adverse scenarios, that could generate significant losses for the Company. The probable scenario was stressed, considering additions of 25% and 50% to the probable scenario of R$ 2.15 per US Dollar:
Impact of appreciation of the Real against the US Dollar on the fair value Probable R$ 2.15 Derivative financial instruments Loans and financing Marketable securities Total impact Possible (25%) R$ 2.6875 Remote (50%) R$ 3.225
90,648 209,642 (19,325) 280,965
(642,659) (1,508,080) 139,014 (2,011,725)
(1,597,154) (3,225,802) 297,352 (4,525,604)
Cash and cash equivalents Average yield - % Cash and banks Foreign currency Fixed-term deposits CDB Cash and cash equivalents June 30, December 31, 2013 2012 617,553 52,810 891,046 617,553 943,856 January 1st, 2012 62,989 318,926 381,915
CDBs are highly liquid, readily convertible into a known amount of cash and subject to an immaterial risk of change of value if early redemption is requested. 21 of 52

During the semester ended June 30, 2013 there were no relevant changes in relation to the information presented in the most recent annual financial statements (Note 9). 7 Marketable securities Marketable securities include financial assets classified held for trading as follow: June 30, 2013 Brazilian federal government securities including under reverse repurchase agreements LFT LTN NTN-F Other Private securities including securities under reverse repurchase agreements Reverse repurchase agreements CDB CDB Box RDB - fixed interest rate In foreign currency Private securities including securities under reverse repurchase agreements Time deposits Marketable securities December 31, 2012 January 1st, 2012
242,581 114,032 345,527
268,984 111,907 186,374
208,602 149,730 4,666
336,041 383,463 970
766,281 584,734 1,000
1,282,236 31,750 942
49,915 1,472,529
432,706 2,351,986 1,677,926
Private securities are mainly composed of short-term investments in CDBs and reverse repurchase agreements, and carry interest based on the Interbank Deposit Certificate (CDI) interest rate. Government securities are composed of National Treasury Bills and Notes all issued by the Brazilian federal government. The average yield of marketable securities in the semester ended June 30, 2013 was 101.24% of the CDI (102.66% of the CDI as of December 31, 2012 and 102.47% of the CDI as at January 1, 2012). Securities in foreign currency mainly represent time deposits with maturities longer than 90 days and average remuneration of 0.99% p.a. During the semester ended June 30, 2013 there were no relevant changes to the operations presented in the most recent annual financial statements and detailed in Note 10 to these financial statements. The decrease in the balance during the semester ended June 30, 2013 was mainly related to the payments made by Fibria on loans and financing during the period, as described in Note 18(e) to this report.
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Derivative financial instruments The following tables present the Companys derivative instruments, segregated by type, presenting both the asset and liability positions of the swap contracts, the fair value and paid by hedge strategy adopted, and also the maturity schedule based on their contractual maturities.
(a)
Derivative financial instruments by type

Reference value (notional) in US Dollars 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 collar (*) June 30, December 31, 2013 2012 170,000 300,358 602,161 312,786 294,131 996,000 306,226 564,012 349,860 97,737 410,000 January 1st, 2012 921,900 45,000 233,550 227,891 416,478 41,725 162,000 June 30, December 31, 2013 2012 (26,432) (116,138) 17,415 (211,531) (60,650) (36,276) (407,180) Classified In current assets In non-current assets In current liabilities In non-current liabilities Total, net 26,811 77,237 (92,641) (418,587) (407,180) (78,345) (8,145) (148,123) (13,205) 1,171 (273,079) 18,344 26,475 (54,252) (263,646) (273,079) Fair value January 1st, 2012 (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)
(*) There was a reduction in the notional NDFs which were offset by the increase in the notional zero cost collar. Considering the current scenario for the volatility of the Dollar, these operations have remained more attractive than the NDFs.
23 of 52

(b)
Derivative financial instruments by type and broken down by the nature of the exposure (asset and liability exposure for swaps)
Reference value (notional) in currency of origin Type of derivative Future contracts - NDF Cash flow hedge (US$) Swap contracts Asset JPY fixed rate (JPY to USD) USD LIBOR (LIBOR to fixed) BRL fixed rate (BRL to USD) BRL TJLP (BRL to USD) BRL Pre (BRL to USD) Liability USD fixed rate (JPY to USD) USD fixed rate (LIBOR to fixed) USD fixed rate (BRL to USD) USD fixed rate (BRL TJLP to USD) USD fixed rate (BRL to USD) Total of swap contracts Options Cash flow hedge - zero cost collar 996,000 410,000 162,000 June 30, 2013 December 31, 2012 170,000 January 1st, 2012 921,900 June 30, 2013 December 31, 2012 (26,432) Fair value January 1st, 2012 (134,206)
602,161 541,161 508,817 599,799 602,161 300,358 312,786 294,131
564,012 551,195 569,708 183,427 564,012 306,226 349,861 97,737
4,754,615 227,891 399,370 679,784 66,468 45,000 227,891 233,550 416,478
1,335,571 711,396 487,481 478,783 (1,318,156) (827,534) (699,012) (539,433) (370,904) (36,276) (407,180)
1,153,420 706,349 572,177 170,934 (1,161,565) (784,694) (720,300) (184,139) (247,818) 1,171 (273,079)
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)
41,725
(c)
Derivative financial instruments by type of economic hedge strategy

Fair value Type of derivative Operational hedges Cash flow hedges of exports Hedges of receivables from the sale of investments Hedges of debts Hedges of interest rates Hedges of foreign currency
June 30, 2013 December 31, 2012 January 1st, 2012
Value (paid) or received

June 30, 2013 December 31, 2012
(36,276)
(25,261)
(141,160)
(14,554)
(151,109)
17,415 (388,319) (407,180)
(8,145) (239,673) (273,079)
(10,655) (62,072) (213,887)
(5,297) 5,110 (14,741)
(8,743) 33,484) (126,368)
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(d)
Fair value of derivative financial instruments by maturity date and counterparty 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, 2013 2013 January February March April May June July August September October November December 2014 (7,450) (11,646) (7,897) (7,440) (11,613) (9,023) (4,069) (6,809) (3,509) (4,683) (6,807) (7,402) (88,348) 2015 (5,222) (7,503) (4,929) (6,034) (8,188) (8,533) (5,321) (7,363) (12,523) (5,530) (7,483) (7,832) (86,461) 2016 (4,269) (5,489) (3,253) (3,922) (5,618) (6,671) (2,686) (4,273) (10,718) (2,794) (4,316) (5,378) (59,387) 2017 (3,093) (4,402) (3,169) (3,363) (4,524) (5,775) (422) (1,990) (43,201) (3,020) (1,993) (3,485) (78,437) 2018 (580) 1,817 (1,083) (837) 110 (1,206) (1,116) (13,884) (22,907) (1,232) (50) (1,276) (42,244) 2019 (1,316) 248 (1,381) (1,401) (962) (1,463) (1,495) (15,213) 2020 269 Total (21,930) (26,706) (21,712) (22,997) (30,795) (32,671) (17,749) (69,070) (90,785) (18,574) (25,525) (28,666) (407,180)
(2,640) (3,405) 2,073 (1,315) (4,876) (3,293) (13,456)
(16,133)
(22,983)
(15,864)
December 31, 2012 2013 January February March April May June July August September October November December (11,875) (10,120) (2,092) (3,195) (1,873) 93 (1,058) (1,965) 770 (1,459) (1,813) (1,320) (35,907) 2014 (2,652) (3,188) (1,856) (3,095) (3,590) (3,578) (3,453) (3,993) (2,111) (3,791) (4,189) (4,546) (40,042) 2015 (4,065) (4,586) (2,784) (4,511) (4,915) (5,154) (3,852) (4,176) (7,304) (3,980) (4,228) (4,465) (54,020) 2016 (4,067) (3,882) (2,403) (3,932) (3,952) (4,499) (3,077) (2,969) (6,637) (3,202) (3,051) (3,567) (45,238) 2017 (3,311) (2,976) (2,238) (3,420) (2,987) (3,674) (1,683) (1,231) (27,668) (1,722) (1,288) (1,818) (54,016) 2018 1,651 (80) 15 628 (116) (9,170) (15,716) 500 (22,288) (9,665) (11,903) 2019 1,096 279 (11,040) (12,195) 2020 292 Total (25,970) (21,713) (11,453) (18,138) (16,410) (16,928) (13,123) (46,739) (58,666) (14,154) (14,069) (15,716) (273,079)
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January 1st, 2012 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
Notional and fair value by counterparty:

June 30, 2013 Notional in US Dollars
Banco Ita BBA S.A. Deutsche Bank S.A. Banco Safra S.A. Banco BNP Paribas Brasil S.A. Banco Santander Brasil S.A. Banco CreditAgricole Brasil S.A. HSBC Bank Brasil S.A. Banco Citibank S.A. Goldman Sachs do Brasil Banco Bradesco S.A. Morgan Stanley & CO. Banco Votorantim S.A. Banco ABC Brasil S.A. Rabobank Brasil S.A. Bank of America Merrill Lynch Banco Standard de Investimentos Standard Chartered Bank Banco Barclays S.A. Banco WestLB do Brasil BES Investimento do Brasil S.A. 370,065 261,450 215,358 292,000 233,688 232,378 186,336 204,584 68,950 121,971 35,347 35,309 25,000 25,000 198,000
December 31, 2012 Notional in US Dollars

243,261 143,450 221,226 125,000 248,918 213,950 154,601 138,181 123,250 85,000 58,912 42,086 50,000 35,000 15,000
January 1st, 2012 Notional in US Dollars

382,812 37,500 233,550 255,556 135,046 240,376 186,850 229,042
Fair value
(37,829) (5,807) (83,418) (9,734) (130,237) (2,252) (33,770) (61,372) (1,898) (31,716) (769) (7,637) (1,150) (20) 429
Fair value
(17,865) (2,033) (55,131) 853 (93,734) (3,844) (21,101) (39,734) (3,107) (23,214) (1,747) 200 (2,389) (6,821) (3,412)
Fair value
(49,975) (3,699) 11,372 (57,139) (22,460) (6,695) (17,507) (22,415)
96,400 14,500 57,500 124,500 45,500 10,000 2,049,132
(20,041) (1,791) (8,285) (10,959) (2,521) (1,772) (213,887)
2,505,436
(407,180)
1,897,835
(273,079)
The fair value does not necessarily represent the cash required to immediately settle each contract, as this disbursement will only be made on the date of maturity of each transaction, when the final settlement amount can be determined. The outstanding contracts at June 30, 2013 are not subject to margin calls or anticipated liquidation clauses resulting from mark-to-market variations. All operations are over-the-counter and registered with CETIP (a clearing house). The descriptions of the types of contracts and risks being hedged against are as follow: 26 of 52

(i)
Non-Deliverable Forwards (NDF) The Company did not enter into US Dollar forwards and there are no outstanding balance at June 30, 2013.
(ii)
LIBOR versus fixed rate swap The Company has plain-vanilla swaps of quarterly LIBOR against fixed rates, with the objective of hedging debt carrying interest based on LIBOR against any increase in the LIBOR rate.
(iii)
DI versus US Dollar swap The Company has plain vanilla swaps of the Interbank Deposit (DI) rate against the US Dollar, with the objective of converting our debt exposure in Reais subject to the DI rate into a debt in US Dollars at fixed interest. The swaps are matched to the debts in terms of the underlying amounts, maturity dates and cash flow.
(iv)
TJLP versus US Dollar swap The Company has plain vanilla swaps of the Long-term Interest Rate (TJLP) against the US Dollar with the objective of converting our debt exposure in Reais subject to interest based on the TJLP, to debt in US Dollars at fixed interest. The swaps are matched to the related debts in terms of underlying amounts, maturity dates and cash flow.
(v)
Zero cost collar The Company has a zero cost collar, which is an purchased option (put) to purchase US Dollars and a written option (call) to sell US Dollars, with no leverage. The difference between the strike price of the put (floor) and of the call (ceiling) options gives a floor and cap to the Dollar exchange rate, thereby forming a "Collar".
(vi)
Pre swap versus US Dollar swap The Company has plain vanilla swaps to transform fixed interest debt in Reais into a debt in US Dollars at fixed rates. The swaps are matched to the debts in terms of the underlying amounts, maturity dates and cash flow.
(vii)
Fair value measurement of derivative financial instruments The Company estimates the fair values of its derivative financial instruments, and acknowledges that these may differ from the amounts payable/receivable in the event of the early settlement of the instrument. This difference results from factors such as liquidity, spreads or the intention regarding early settlement by the counterparties, among other factors. The amounts estimated by management are also compared to the Mark-to-Market (MtM) prices provided as a reference by the banks (counterparties), and to estimates performed by an independent financial advisor. Management believes that the fair values estimated for those instruments, using the methods described below, reliably reflect their fair values. The methods used by the Company to measure the fair values of its derivative financial instruments reflect the methodologies commonly used by the market, and are based on widely tested theoretical 27 of 52

bases. The methodologies used to estimate the MtM prices and to record the values of financial instruments are defined in the manual developed by the Company's risk and compliance management area. A summary of the methodologies used for the purpose of determining the fair value by type of instrument is presented below. . Non-deliverable forwards - a projection of the future exchange rate is made, using the observable foreign currency coupon and the observed fixed yield curve in Reais at each maturity date. The difference between the forward exchange rate obtained using this method and the contractual forward exchange rate is determined. This difference is multiplied by the notional amount of each contract and discounted to its present value using the observed fixed yields in Reais. Swap contracts - the present value of both the asset and liability positions are estimated by discounting the forecast cash flow using the observed market interest rate for the currency in which the swap is denominated. The contracts fair value is the difference between the asset and liability amounts. The only exemption refers to TJLP versus US Dollar swaps, where the cash flow of the asset position (TJLP versus Pre swap) is projected using a straight yield of 5% during the period of the swap contract, as disclosed by BM&FBOVESPA. Options (Zero Cost Collar) - the fair value was calculated based on the Garman Kohlhagen model. Volatility information and interest rates are observable and were obtained from BM&FBOVESPA exchange information and used to calculate the fair values.
The yield curves used to calculate the fair values of financial instruments at June 30, 2013 are as follow:
Interest rate curves Brazil Vertex 1M 6M 1A 2A 3A 5A 10A Rate (p.a.) - % Vertex 1M 6M 1A 2A 3A 5A 10A United States Rate (p.a.) - % Vertex 1M 6M 1A 2A 3A 5A 10A Dollar coupon Rate (p.a.) - %
8.11% 8.92% 9.40% 10.26% 10.82% 11.23% 11.38%
0.19% 0.30% 0.35% 0.51% 0.82% 1.59% 2.81%
-21.68% -2.41% -0.36% 0.80% 1.41% 2.86% 4.81%
28 of 52

Trade accounts receivable

Domestic customers Intercompany Export customers
83,104 4,349 452,363 539,816
99,601 2,980 714,142 816,723 (61,955) 754,768
102,305 2,878 916,391 1,021,574 (76,212) 945,362
Allowance for doubtful accounts
(59,474) 480,342
During the semester ended June 30, 2013, we made credit assignments without recourse for certain customers, amounting to R$ 810,775 (R$ 686,619 at December 31, 2012 and R$ 306,787 at January 1, 2012) meaning that these amounts were not recognized as trade accounts receivable and are not included in the balance above. The combination of the sales volume, average pulp price and the effect of the exchange currency in the period, contributed to minimizing the decrease in the balance. 10 Inventory
Finished goods At plants/warehouses in Brazil Outside Brazil Work in process Raw materials Supplies Imports in transit Advances to suppliers
154,427 639,547 10,395 412,721 135,412 7,412 2,553 1,362,467
131,806 470,082 13,438 422,288 142,288 2,333 907 1,183,142
135,110 518,305 31,141 360,473 129,298 2,140 2,240 1,178,707
The balance increased by 15% or R$ 179,325, mainly due to carried by the high level of inventory of finished products (increase of 91 kilotons) in the first semester of 2013. 11 Recoverable taxes
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 Revenue (COFINS) Recoverable Provision for impairment of ICMS credits
219,260 17,838 770,689 531,095 (619,826) 919,056
187,941 16,140 715,904 526,410 (579,103) 867,292 657,830 209,462
208,993 19,520 614,274 669,805 (507,573) 1,005,019 677,232 327,787
Non-current Current
712,382 206,674
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During the semester ended June 30, 2013 there were no relevant changes to our expectations regarding the recoverability of the tax credits presented in Note 14 to the most recent annual financial statements. 12 Taxes on income The Company and its subsidiaries based in Brazil are taxed based on their net income/losses for accounting purposes as adjusted for tax purposes. The subsidiaries outside of Brazil use the methods established by the respective local regulations. Income taxes have been calculated and recorded considering the applicable statutory tax rates enacted as at the date of the interim financial information. (a) Deferred 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, mainly on loans and financing (which for tax purposes are taxed/deductible on a cash basis), (ii) adjustments to the fair values of derivative financial instruments, (iii) provisions not currently deductible for tax purposes, (iv) investments in rural activity, and (vi) temporary differences arising from the adoption of CPCs/IFRS.
30 of 52

June 30, 2013 Tax losses Provision for contingencies Sundry provisions (impairment, operational and other) Results of derivative contracts recognized on a cash basis for tax purposes Exchange variation - recognized on a cash basis for tax purposes Tax amortization of goodwill Actuarial gains (losses) on medical assistance plan (SEPACO) Provision for losses on foreign deferred tax assets (*) Tax depreciation Reforestation costs already deducted for tax purposes Fair values of biological assets Effect of business combination - acquisition of Aracruz Tax benefit of goodwill not amortized for tax purposes Other provisions Total deferred taxes, net Deferred taxes - asset (net by entity) Deferred taxes - liability (net by entity) 809,795 62,466 396,847 138,441 634,130 114,272 11,414 (252,267) (10,205) (322,741) (219,859) (26,026) (313,105) (1,791) 1,021,371 1,195,107 173,736
December 31, 2012 587,211 65,578 401,113 92,847 470,825 113,178 11,414 (238,201) (11,391) (299,632) (239,094) (31,998) (268,376) (1,791) 651,683 879,606 227,923
January 1st, 2012 521,693 30,506 383,395 72,537 73,412 110,936 3,600 (200,711) (14,986) (284,020) (214,952) (45,212) (178,917) (1,791) 255,490 995,368 739,878
Changes in the net balances of deferred income tax are as follow:

June 30, 2013 December 31, 2012
At the beginning of the period Tax losses Provision for the impairment of foreign deferred tax assets Temporary differences relating to provisions Derivative financial instruments taxed on a cash basis Amortization of goodwill Reforestation costs Exchange gains/losses taxed on a cash basis Fair value of biological assets Actuarial losses on medical assistance plan (SEPACO) Other At the end of the period
651,683 222,584 (14,066 ) (7,376 ) 45,595 (43,635 ) (21,923 ) 163,304 19,234 5,971 1,021,371
251,890 28,558 (37,490) 52,790 20,310 (87,217) (12,018) 434,373 (24,141) 11,414 13,214 651,683
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(b)
Reconciliation of income tax and social contribution benefit (expense)

June 30, 2013 Income before taxes on income Income tax and social contribution at statutory nominal rate - 34% Reconciliation to effective expense Non-taxable equity in the earnings (losses) of associates Differences in the tax rates of foreign subsidiaries Benefits to directors Other, mainly non deductible provisions Income Tax and Social Contribution benefits (expenses) for the year Effective rate - % (1,612) 54,487 (8,346) 360,878 38.8 (63) (5,281) 12,877 (11,842) 268,660 33.5 (930,439) 316,349 June 30, 2012 (802,849) 272,969
13 (a)
Significant transactions and balances with related parties Related parties The Company is governed by a Shareholders Agreement entered into between Votorantim Industrial S.A. ("VID"), which holds 29.42% of its shares, and BNDES Participaes S.A. ("BNDESPAR"), which holds 30.38% of the shares (together the "Controlling shareholders"). The Company's commercial and financial transactions with its subsidiaries, associates, companies of the Votorantim Group and other related parties are carried out at normal market prices and conditions, based on the usual terms and rates applicable to third parties. The balances and transactions with related parties are as follow:
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(i)
Balances recognized in assets and liabilities

Balances receivable (payable) Nature Transactions with controlling shareholders Votorantim Industrial S.A. BNDES Rendering of services Financing
June 30, December 31, 2013 2012

(299) (1,767,345) (1,767,644) (722) (1,747,272) (1,747,994) 2,980
January 1st, 2012

(63) (1,773,842) (1,773,905) 2,878
Transactions with associates Bahia Produtos de Madeira S.A. Transactions with Votorantim Group companies VOTO III Votener - Votorantim Comercializadora e Energia Banco Votorantim S.A. Votorantim Cimentos S.A. Votorantim Cimentos S.A. Votorantim Metais Votorantim Metais Companhia Brasileira de Alumnio (CBA)
Sales of wood
4,127
Eurobonds Energy supplier Financial investments Input supplier Sale of lands Chemical products supplier Leasing of lands Leasing of lands (1) 69,511 (49) 31,362 (103) (713) (34) 99,973 (388) 197,782 (11) 31,362 (228) (1,476) (33) 227,008 (1,518,006)
(117,767) (388) 176,156 (87) (214) (33) 57,667 (1,713,360)
Net Presented in the following lines In assets Marketable securities (Note 7) Trade accounts receivable (Note 9) Related parties - non-current Other assets - current In liabilities Loans and financing (Note 18) Suppliers
(1,663,544)
69,511 4,349 6,761 31,362 (1,767,345) (8,182) (1,663,544)
191,537 2,980 6,245 31,362 (1,747,272) (2,858) (1,518,006)
170,687 2,878 5,469 (1,891,609) (785) (1,713,360)
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(ii)
Transactions recognized in the statement of operations

Income (expense) June 30, June 30, 2013 2012
(4,909) (79,026) (83,935) (4,062) (87,912) (91,974)
Nature Transactions with controlling shareholders Votorantim Industrial S.A. Banco Nacional de Desenvolvimento Econmico e Social (BNDES) .
Transactions with associates Bahia Produtos de Madeira S.A.
Rendering of services Financing
Sales of wood
5,064
5.556
. Transactions with Votorantim Group companies VOTO III Votener - Votorantim Comercializadora de Energia Banco Votorantim S.A.
E.N. Servios de Materiais
Eurobond Energy supplier Investments

Material and services supplier (19,224) (4,076) (308) (2,254) (4,751) (218) (30,831)
7,296 (9,020) 8,832 (121) (153) (2,986) (3,477) (197) 174
Votorantim Cimentos S.A. Votorantim Metais Ltda. Votorantim Metais Ltda. Companhia Brasileira de Alumnio (CBA)
Leasing of lands Chemical products supplier Leasing of lands Leasing of lands
Comments on the main transactions and contracts with related parties The following is a summary of the nature and conditions of the transactions with related parties: Controlling shareholders The Company has a contract with VID related to services provided by the Votorantim Shared Services Center, which provides outsourcing of operational services relating to administrative activities, the personnel department, back office, accounting, taxes and the information technology infrastructures, which are shared by the companies of the Votorantim Group. The contract provides for the overall remuneration of R$ 9,767 and has a one-year term, to be renewed annually upon formal confirmation by the parties. Additionally, VID provides various services related to technical advice and training, including management improvement programs. These services are provided to the entire Votorantim Group, and the Company reimburses VID at cost for the expenses related to the services used. The Company has financing contracts with BNDES, the majority shareholder of BNDESPAR, for the purpose of financing investments in infrastructure, forestry, the acquisition of equipment and machines and research and development, as well as the expansion and modernization of its plants. There have been no changes in the contracts with BNDES since December 31, 2012, which were presented in Note 23(e) in the most recent annual financial statements. 34 of 52

Management believes that these transactions were contracted at terms equivalent to those which govern in transactions with independent parties, based on technical studies performed when these contracts were executed. Subsidiaries, joint operations and associates Fibria shares its administrative structure with its wholly-owned subsidiary Fibria - MS, and allocates 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 sharing of expenses is necessary. In June 2010 and May 2011, there were purchases of intercompany receivables from this subsidiary amounting to R$ 239,123 relating to export shipments, which were fully settled in 2012. Port services for the shipping of the products of the Aracruz plant are contracted from Portocel Terminal Especializado Barra do Riacho . Portocel is controlled by the Company, and Cenibra Celulose Nipo-Brasileira holds the remaining 49% interest in Portocel. The prices and conditions are identical for both shareholders. The Company has accounts receivable relating to the sale of pulp to its wholly-owned subsidiary Fibria Trading International KFT, which is responsible for the management, sale, operation, logistics, control of and accounting for products in Europe, Asia and North America. The pulp sales prices and payment terms for this subsidiary follow the strategic and finance plan of the Company and observe the transfer price limits under the tax regulations. In addition, the Company contracted intercompany export prepayments with this subsidiary, at the rate of quarterly LIBOR plus an average spread of 4.0% p.a., with quarterly payments of principal and interest and final maturity in 2018. On June 24, 2005, we entered into a loan contract with VOTO IV, which raised US$ 200,000 thousand, bearing interest at 8.5% p.a. and maturing in 2020. The Company has balances receivable from Asapir, corresponding to cash advances made for the purpose of ensuring that Asapir has working capital at levels considered adequate to carry out its operational activities. The Company has a receivables balance of R$ 4,127 from Bahia Produtos de Madeira S.A., corresponding to sales of wood, with a contract value of around R$ 9 million per year, with maturity in 2019, renewable for 15 years. Votorantim Group companies The Company has a contract to purchase energy from Votener - Votorantim Comercializadora de Energia Ltda. to supply power to our unit in Jacare. The total amount contracted is R$ 15,000, guaranteeing 115,700 megawatt-hours over five years, maturing in December 31, 2014. Should either party request the early termination of the contract, that party will be required to pay 50% of the remaining contract amount. In addition, the Company entered into a contract to purchase energy from Votener, expiring on December 31, 2014, to supply the Trs Lagoas and Aracruz units. Since these units already generate their own energy, the contract is intended to maximize the competitiveness of the energy matrix. The total amount contracted may change based on the needs and consumption of energy by those plants. The Company maintains investments in CDBs and securities purchased under resale agreements 35 of 52

("reverse repos") issued by Banco Votorantim S.A., with average remuneration of 103.40% of the CDI rate, daily liquidity from September 2013 and maturing in January 2015. The Company's cash management policy is intended to provide efficiency in investment returns and to maximize liquidity, based on market practices. The Company has also entered into derivative financial instruments with Banco Votorantim. The Shareholders Agreement limits intercompany investments to R$ 200 million for securities and R$ 100 million in notional value for derivative financial instruments. On January, 2012, the Company entered into a contract to purchase 98% sulfuric acid 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 event of contract termination, no penalties are due and the parties should pay any outstanding invoices for goods provided prior to the termination. The Company has an agreement with Votorantim Cimentos for the supply of road construction supplies, such as rock and calcareous rock, with an approximate value of R$ 7,165. This agreement may be terminated at any time with prior notice of 30 days, without any contractual penalties. In December 2012, the Company entered into a contract with Votorantim Cimentos for the sale of land amounting to R$ 31,362 which matures in December 2013. The Company has land leasing agreements, covering approximately 22,400 hectares, with Votorantim Metais Ltda., which mature in 2019, totaling R$ 76,496. The Company has land leasing agreements, covering approximately 2,062 hectares, with Companhia Brasileira de Alumnio - CBA and Votorantim Cimentos, which mature in 2023, totaling R$ 4,062. In the semester ended June 30, 2013 and the other periods presented, no provision for impairment was recognized on assets with related parties. (b) Remuneration of officers and directors The remuneration expenses, including all benefits, are summarized as follow: June 30, 2013 Short-term benefits to officers and directors Rescission of contract benefits Benefit program - Phantom Stock Options 12,605 1,587 2,438 16,630 June 30, 2012 16,512 2,839 19,351
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. The longterm benefits related to the variable compensation program. Short-term benefits to officers and directors do not include the amount of R$ 241 for the semester ended June 30, 2013 (R$ 550 for the semester ended June 30, 2012) regarding the compensation for the Audit, Risk, Compensation and Sustainability Committee members of. 36 of 52

The Company does not have any additional active post-employment plans and does not offer any other benefits, such as additional paid leave for time of service. 14 Investments
Investments in associates - equity method (a) Provision for impairment of investments (a) Other investments - fair value method (b)
6,913 (6,913 ) 40,674 40,674
6,913 (6,913) 40,674 40,674
7,506
7,506
(a)
Investments in associates
Our ownership Associate's information Equity Associate measured using equity ethod Bahia Produtos de Madeira S.A. Provision for impairment Bahia Produtos de Madeira S.A. 20,740 Profit and loss % 33.33 June 30, 2013 6,913 (6,913) December 31, 2012 6,913 (6,913) 7,506 (187 ) On equity January 1st, 2012 7,506 On profit and loss June 30, 2013 June 30, 2012 (187 )
(b)
Other investments We hold 6% ownership of the capital of Ensyn, represented by shares. We performed an assessment of the rights related to these shares and concluded that we did not have significant influence over the management of Ensyn. Therefore, this investment cannot be considered as an investment in an associate. No significant changes in the fair value of our interest in Ensyn occurred between the date of our investment (October 2012) and June 30, 2013 and for that reason the carrying amount as at June 30, 2013 is equal to the cost of the investment.
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15
Biological assets The reconciliation of the book balances at the beginning and at the end of the period presented is as follows: June 30, 2013 At the beginning of the period Additions Depletion during the period Historical cost Fair value Change in fair value Disposal Transfer (i) At the end of the period 3,325,604 411,540 (282,270) (135,736) 36,100 (822) (223) 3,354,193 December 31, 2012 3,264,210 755,531 (502,691) (365,726) 297,686 (129,745) 6,339 3,325,604
(i) Includes transfers between biological assets, property, plant and equipment, and intangible assets, as well the transfer of PIS and COFINS tax credits.
According to our accounting policies, in the semester ended June 30, 2013 we performed a valuation of the biological assets at the fair value. In the following table we present the main inputs considered in estimating the fair value of biological assets:
June 30, 2013 Actual planted area (hectare) Average annual growth (IMA) - m3/hectare Net average sale price - R$/m3 Remuneration of own contributory assets - % Discount rate - % 441,272 40 54.89 5.6 6.5
December 31, 2012 446,168 41 53.86 5.6 6.5
The changes in the fair value of the biological assets in June 30, 2013 are presented as follows: June 30, 2013 Fair value of the forest renovations during the year Growing of plantation (IMA, area and age) Variations in price 25,250 (65,860) 76,710 36,100 The estimate of the fair values of biological assets as of June 30, 2013 was made by management, based on the same premises used in 2012. 38 of 52

16
Property, plant and equipment The rolling forward of the carrying amounts for the presented period is as follows:
Machinery, equipment and facilities 7,975,675 2,886 (14,509) (676,576) 115,201 7,402,677 8,942 (23.679) (336,185) 93,453 7,145,208 Advances to suppliers 205,783 3,061 Construction in progress 197,866 230,475
Land At January 1, 2012 Additions Disposals Depreciation Transfers and other (i) At December 31, 2012 Additions Disposals Depreciation Transfers and other (i) At June 30, 2013 1,853,243 32 (56,768) 19,179 1,815,686 (27,905) 316 1,788,097
Buildings 1,562,120 299 (5,201) (122,268) 54,809 1,489,759 131 (701) (60,463) 43,257 1.471.983
Other 46,560 950 (518) (15,389) 11,568 43,171 919 (12,979) (8,336) 23,252 46,027
Total 11,841,247 237,703 (76,996) (814,233) (13,160) 11,174,561 158,094 (86,981) (404,984) 9,652 10,850,342
63 208,907 11,175 (21,717)
(213,980) 214,361 136,927
(150,626) 198,365 200,662
(i) Includes transfers between the accounts biological assets, property, plant and equipment, intangible assets as well the transfer of PIS and COFINS tax credits.
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During the semester ended June 30, 2013 there have been no significant changes with respect to the information presented in the most recent annual financial statements and detailed in Note 19 to these financial statements. 17 Intangible assets The rolling forward of the carrying amounts for the period presented is as follows:
June 30, 2013 At the beginning of the period Amortization of databases, patents and suppliers Acquisition and disposal of software Other At the end of the period Composed by Goodwill - Aracruz Systems development and deployment Acquired from business combination Databases Patents Relationships with suppliers Diesel and ethanol Chemical products Other 4,717,163 (40,995 ) (5,538 ) 4,060 4,674,690 December 31, 2012 4,809,448 (83,124) (9,192) 31 4,717,163
4,230,450 34,498 250,800 36,491 118,222 4,229 4,674,690
4,230,450 40,004 273,600 46,820 2,668 123,420 201 4,717,163
During the semester ended June 30, 2013 there have been no significant changes to the information presented in the most recent annual financial statements and detailed in Note 20 to these financial statements.
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18 (a)
Loans and financing Breakdown of the balance by type of loan

Current
Average annual charges % June 30, 2013 December 31, 2012 January 1st, 2012 June 30, 2013 December 31, 2012
Non- current
January 1st, 2012 June 30, 2013 December 31, 2012
Total
January 1st, 2012
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
5.87 3.25 7.29 2.41 2.85
42,730 49,666 54,966 116,271 141,091
49,075 46,319 65,763 218,662 440,604
48,790 42,731 34,575 2,223 29,051 623,632 784 8,773 790,559 242,321 2,336 45,203 11,689 301,549 1,092,108 114,432 98,667 879,009 1,092,108
266,984 187,203 3,629,204 2,664,218 237,911
233,397 193,959 4,577,197 2,503,308 214,567
220,471 217,218 5,103,839 115,544 2,777,003 5,958
309,714 236,869 3,684,170 2,780,489 379,002
282,472 240,278 4,642,960 2,721,970 655,171
269,261 259,949 5,138,414 117,767 2,806,054 623,632 784 14,731 9,230,592 1,504,581 9,852 509,190 70,202 2,093,825 11,324,417 180,260 98,667 11,045,490 11,324,417
404,724
In Reais BNDES - TJLP FINAME Rural credit note NCE Midwest Region Fund (FCO and FINEP)
820,423 248,731 7,483 49,344 12,024 317,582 1,138,005 117,992 111,898 908,115 1,138,005
6,985,520 1,174,507 12,890 927,367 41,467 2,156,231 9,141,751 5,302 9,136,449 9,141,751
7,722,428 1,216,069 7,182 636,982 47,289 1,907,522 9,629,950 105,053 9,524,897 9,629,950
8,440,033 1,262,260 7,516 463,987 58,513 1,792,276 10,232,309 65,828 10,166,481 10,232,309
7,390,244 1,457,631 16,726 35,384 982,795 53,442 2,545,978 9,936,222 92,639 27,641 9,815,942 9,936,222
8,542,851 1,464,800 14,665 686,326 59,313 2,225,104 10,767,955 223,045 111,898 10,433,012 10,767,955
7.73 7.47 5.50 9.75 8.25
283,124 3,836 35,384 55,428 11,975 389,747 794,471
Interest Short-term borrowing Long-term borrowing
87,337 27,641 679,493 794,471
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The average rates were calculated based on the forward yield curve of benchmark rates to which the loans are indexed, weighted through the maturity date for each installment, including the issuing/contracting costs, when applicable. (b) Breakdown by maturity Non-current portion of the debt at June 30, 2013 by maturity:
2014 In foreign currency BNDES - currency basket Export credits (Finnvera) Eurobonds - US$ Export credits (prepayment) Export credits (ACC/ACE) 22,842 23,367 371,824 237,911 655,944 In Reais BNDES - TJLP FINAME NCE Midwest Region Fund (FCO and FINEP) 166,008 2,480 20,029 5,822 194,339 850,283 2015 42,422 46,735 269,980 359,137 309,553 4,959 107,004 11,643 433,159 792,296 2016 32,201 46,735 418,929 497,865 168,960 3,225 98,425 11,643 282,253 780,118 2017 44,183 46,735 615,010 705,928 155,182 2,059 320,446 11,643 489,330 1,195,258 2018 41,830 23,631 454,977 520,438 115,767 167 295,014 409 411,357 931,795 2019 27,035 140,108 432,789 599,932 80,163 43,225 307 123,695 723,627 131,722 2,212,172 79,899 1,642,819 10,477 13,383 2020 28,668 1,951,073 100,709 2,080,450 88,498 43,224 1,562,920 79,899 2,906 10,477 2021 24,897 1,538,023 2022 2,906 Total 266,984 187,203 3,629,204 2,664,218 237,911 6,985,520 1,174,507 12,890 927,367 41,467 2,156,231 9,141,751
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(c)
Breakdown by currency and interest rate Loans and financing are broken down into the following currencies: Currency June 30, December 31, 2013 2012 Real Dollar JPY Currency basket 2,545,978 7,080,530 309,714 9,936,222 Loans and financing broken down by interest rate are as follow: Interest rate June 30, December 31, 2013 2012 CDI TJLP Libor Currency basket Fixed 982,795 1,424,870 3,017,359 309,714 4,201,484 9,936,222 686,326 1,449,587 2,756,150 282,472 5,593,420 10,767,955 January 1st, 2012 509,190 1,504,491 2,929,970 269,261 6,111,505 11,324,417 2,225,104 8,260,379 282,472 10,767,955 January 1st, 2012 2,093,825 8,843,564 117,767 269,261 11,324,417
(d)
Rollforward June 30, 2013 At the beginning of the period Borrowing Interest expenses Foreign exchange Repayments - principal amount Interest paid Expense of transaction costs of Eurobonds redeemed early Other (*) At the end of the period (*) Includes the amortization of transactions costs. 10,767,955 980,824 294,659 524,539 (2,398,040) (352,661) 99,196 19,750 9,936,222 December 31, 2012 11,324,417 864,334 681,840 803,641 (2,410,719) (651,288) 88,759 66,971 10,767,955
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(e)
Relevant operations settled during the period Eurobonds In the first semester ended June 30, 2013, Fibria prepaid a total of US$ 655.6 million (equivalents to R$ 1,309,941) regarding to the Eurobonds Fibria 2020 and Fibria 2021 issued in May 2010 and March 2011, for which the original maturities were May 2020 and March 2021 with a fixed interest rate of 7.5% and 6.75% per year, respectively. As a result of the early redemption, we recognized financial expenses amounting to R$ 287,402, of which R$ 188,206 relating to the premiums paid in the repurchase transaction and R$ 99,196 relating to the proportional amortization of the transaction costs of the Eurobonds. Export credits (ACC) In the first quarter of 2013, Fibria paid a total of US$ 125 million (equivalents to R$ 255,111) in relation to export credits (ACC) with fixed interest rates of between 2.05% p.a. and 2.09% p.a. Over the same period, Veracel (Fibrias joint operation) paid a total of US$ 22.8 million (equivalents to R$ 45,766), of export credits (ACC), with fixed interest rates of between 2.07% p.a. and 4.75% p.a. Export credits (prepayments) In April 2013, the Company early repaid the amount of US$ 100 million (equivalents to R$ 199,390) regarding two export credits prepayments, which were contracted in October and November 2010, with maturity in October 2018 and fixed-interest rate of 5.3% p.a. Export Credit Note (NCE) In June 2013, the Company early repaid the amount of R$ 205,924 of the NCE with Banco Safra (which corresponds to 40% of the total) and signed and amendment for the remaining balance with a reduction on the cost of the contract from 100% of the CDI plus 1.85% p.a. to 100% of the CDI plus 0.85% p.a. and maturity in 2018.
(f)
Relevant operations contracted during the period Unused credit lines In April 2013, the Company obtained a revolving credit facility with Banco Bradesco, in the amount for R$ 300,000 with availability for five years and an interest rate of 100% of the CDI plus 1.5 p.a., when fully used. During the unused period, the Company will pay a commission in Reais of 0.05% p.a. quarterly. The Company did not use the credit yet. Export credits (prepayments) In April 2013, the Company, through Fibria Trading International KFT., entered into an export prepayment contract with three banks in the amount of US$ 100 million (equivalents to R$ 201,540), with maturity until 2018 and an initial interest rate of 1.63% p.a. over the quarterly LIBOR. Export Credit Note (NCE) In June 2013, the Company contracted, an NCE with Banco do Brasil in the amount of R$ 497,745, with final maturity in 2018 and interest at 105.85% of the CDI. 44 de 52

BNDES During the second quarter of 2013, BNDES funds in the amount of R$ 135,099 were released, with maturity dates between 2018 and 2022, subject to interest of TJLP plus 2.42% p.a. to 3.45% p.a. and UMBNDES (currency basket) plus 2.42% p.a. to 3.45% p.a. The resources will be used for projects in the forestry and industrial areas. (g) Covenants Some of the financing agreements of the Company contain covenants establishing maximum indebtedness and leverage levels, as well as minimum coverage of outstanding amounts. Covenants requirements On June 6, 2012, the Company concluded the renegotiation of the debt financial covenants, which resulted in the following changes: (a) covenants are now measured based on the consolidated information translated into US Dollars (as opposed to the consolidated financial information in Reais), and (b) the indebtedness ratio (Net debt to EBITDA) was increased to a maximum of 4.5x. The measurement of the ratios based on information translated into US Dollars reduces the effects of changes in exchanges rates compared to ratios based on information measured in Reais. A substantial portion of the debt of the Company is denominated in US Dollars and as a result the depreciation of the Real against the US Dollar has a significant impact on the ratio when it is measured in Reais. Under the prior computation criteria in the event of a depreciation of the Brazilian Real, the amount of net debt as at the end of the period would increase when measured in Reais. Under the revised criteria by translating the EBITDA from Reais to US Dollars at the average exchange rate for each quarter the impact of the depreciation of the Brazilian Real is mitigated. The following table presents the financial covenant ratios: December, 2012 and after Ratio of debt service coverage (i) - Minimum ratio Indebtedness ratio (ii)- Maximum ratio More than 1.00 Less than 4.50
(i) The ratio of debt service coverage is defined as (a) adjusted EBITDA (for the last four quarters) in accordance with the practices adopted in Brazil and adjusted translated into US Dollars at the average exchange rate for each quarter, plus the balance of cash, cash equivalents and marketable securities at the period-end translated into US Dollars at period-end exchange rates divided by (b) debt service payment requirements for the following four consecutive quarters plus interest paid during the past four quarters translated into US Dollars at the average exchange rate for each quarter. (ii) The indebtedness ratio is defined as (a) consolidated net debt translated into US Dollars at the period-end closing rate divided by (b) Adjusted EBITDA for the last four quarters translated into US Dollars at the average exchange rate for each quarter. The Company is in full compliance with the covenants established in the financial contracts at June 30, 45 de 52

2013, for which the debt service ratio totaled 3.2 and the indebtedness ratio totaled 3.0. The debt agreements that have debt financial covenants also include the following events of default: . . . . . Non-payment, within the stipulated period, of the principal or interest. Inaccuracy of any declaration, guarantee or certification provided. Cross-default and cross-judgment default, subject to an agreed minimum of US$ 50 million. Subject to certain allowable periods for resolution, breaches of any obligation under the contract. Certain events of bankruptcy or insolvency of the Company, its main subsidiaries or Veracel Celulose S.A.
19
Contingencies The Company is party to labor, civil and tax lawsuits at various court levels. The provisions for contingencies against probable unfavorable outcomes of claims in progress are established and updated based on management evaluation, as supported by the opinion of external legal counsel. Provisions and the corresponding judicial deposits are as follow:
June 30, 2013 Judicial deposits Nature of claims Tax Labor Civil 125,126 55,412 8,679 189,217 Provision 145,100 114,514 13,103 272,717 Net 19,974 59,102 4,424 83,500 Judicial deposits 123,791 47,703 6,520 178,014 December 31, 2012 Provision 162,222 108,014 12,591 282,827 Net 38,431 60,311 6,071 104,813 Judicial deposits 119,572 47,819 821 168,212 January 1st, 2012 Provision 173,823 88,834 7,149 269,806 Net 54,251 41,015 6,328 101,594
The change in the provision for contingencies is as follows: June 30, 2013 At the beginning of the period Reversal New litigation Accrual of financial charges At the end of the period 282,827 (35,113) 4,929 20,074 272,717 December 31, 2012 269,806 (39,129) 8,923 43,227 282,827
See below the relevant changes in relation to lawsuits and discussions in the semester ended June 30, 2013:
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(i)
Income tax assessment - Normus In March 2013, Fibrias subsidiary Normus Empreendimentos e Participaes Ltda. received an income tax assessment from the Brazilian Federal Revenue Service (Receita Federal do Brasil) amounting to R$ 264,741, being R$ 124,222 of the principal and R$ 140,519 of penalties and interest. Despite the Company maintaining business transactions with countries with which Brazil has signed international double taxation treaties, the Brazilian Federal Revenue Service claimed Income Tax (Imposto de Renda) and Social Contribution (Contribuio Social sobre o Lucro Lquido ) on the earnings of its foreign subsidiary for the year 2008. Based on the position of legal counsel, the assessment of loss was considered reasonably possible, such as the other income tax assessment involving Normus. We presented proceeding contesting, on which judgment is pending.
(ii)
Tax assessment (ICMS - So Paulo) Adherence to Special Program Installment In August 2009, the Company was notified by the State Treasury of the State of So Paulo, in the amount of R$ 21,841, including interest and penalties. The Company made a provision amounting R$ 29,178 for the assessment received in August 2009. This assessment refers to transactions in which we, as appointed by the customer, informed the Distrito Federal as a destination of the products, applying the tax rate of 7%. However, the products were removed and delivered to another branch of the same customer in the State of So Paulo. Thus, as there was not an interstate transaction, the State Treasury of So Paulo applied the internal tax rate for the State of So Paulo, 18% in place of the tax rate of 7% applied prior to the operation. Considering that the loss was classified as probable, in June 2013 the Company adhered to the Special Installment Program for the payment of the debt less penalties and interest, and paid the amount of R $ 14.8 million, on July 8, 2013 in a single installment.
(iii)
Class Action In November 2008, a securities class action lawsuit was filed against the Company and some of its current and former officers and directors on behalf of purchasers of the Company's ADRs between April 7 and October 2, 2008. The complaint alleges violations of the US Securities Exchange Act, asserting that the Company failed to disclose information in connection with, and losses arising from, certain derivatives transactions. During our Board of Directors meeting in December 2012, the Company ratified, the agreement under judicial mediation, where the Company and the other co-defendants agreed to pay the full amount of US$ 37.5 million (equivalent to R$ 76.6 million) to all holders of American Depositary Receipts (ADRs), from April 7 to October 2, 2008. The Company has an active Directors and Officers(D&O) insurance policy, which will cover the full disbursement mentioned above, with no material effect on the company. On March 28, 2013, Fibria paid an amount of US$ 37.5 million (equivalent to R$ 75.4 million) and was reimbursed under the D&O policy, as agreed by the Company and the other co-defendants in 2012.
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20 (a)
Employee benefits Medical assistance provided to retirees The Company entered into an agreement with the So Paulo State Pulp and Paper Industry Workers' Union to provide funding for a lifetime medical assistance plan ( SEPACO) for all of the Company's employees, their dependents (until they come of age), and their spouses (for life). The Company's policy determines that the cost of the benefits should be allocated from the date of hiring to the date on which the employee becomes eligible to receive the medical assistance benefit. Following the adoption of IAS 19/CPC 33(R1) - Employee benefits, the corridor method for recognizing actuarial gains and losses is no longer permitted, and for that reason the Company should recognize immediately in the balance sheet the effects of the actuarial gains or losses in the period in which they occur, within Other comprehensive income. The outstanding balance of actuarial obligations for the semester ended June 30, 2013 was R$ 97,809.
21 (a)
Net revenue Reconciliation

June 30, 2013 Gross amount Sales taxes Discounts and returns (*) Net revenues (*) Mainly related to export customers' performance rebate. 3,680,567 (61,301) (500,674) 3,118,592 June 30, 2012 3,253,376 (63,453) (425,149) 2,764,774
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(b)
Information about products The following table presents the net revenue segregated by type of product, the volume and the respective destinations: June 30, 2013 Pulp Volumes (kilotons) Domestic market Foreign market June 30, 2012
219,813 2,235,843 2,455,656
262,508 2,315,772 2,578,280
Pulp revenue Domestic market Foreign market
231,494 2,851,357 3,082,851
226,722 2,506,970 2,733,692 1,060
Average price (in Reais per ton) Revenue Domestic market Foreign market Services
1,255
231,494 2,851,357 35,741 3,118,592
226,722 2,506,970 31,082 2,764,774
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22
Financial results June 30, 2013 Financial expenses Interest on loans and financing Loans commission Financial charges on the partial repurchase of Eurobonds Other (294,659) (20,476) (287,402) (27,405) (629,942) Financial income Financial investment earnings Other 53,148 6,488 59,636 Gains (losses) on derivative financial instruments Gains Losses 133,065 (281,909) (148,844) Gain (losses) on monetary and foreign exchange Loans and financing Other assets and liabilities (524,539) 15,313 (509,226) Net financial result (1,228,376) June 30, 2012 (351,285) (36,136) (15,934) (403,355) 87,879 8,801 96,680 298,377 (409,978) (111,601) (711,119) 86,275 (624,844) (1,043,120)
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23
Expenses by nature June 30, 2013 Cost of sales Depreciation, depletion and amortization Freight Salaries and benefits to employees Variable costs (883,260) (345,595) (199,493) (1,101,503) (2,529,851) Selling expenses Salaries and benefits to employees Commercial expenses (*) Operational leasing Depreciation and amortization charges Other expenses (8,229) (142,979) (814) (3,445) (6,619) (162,086) General and administrative and directors fee expenses Salaries and benefits to employees Third-party services (consulting, legal and other) Depreciation and amortization charges Donations and sponsorship Other expenses (53,612) (61,176) (11,302) (3,083) (9,168) (138,341) Other operating expenses, net Program of variable compensation to employees Changes in fair value of biological assets Other (27,086) 36,100 609 9,623 June 30, 2012 (888,369) (315,924) (209,830) (1,064,110) (2,478,233) (10,527) (127,110) (622) (6,423) (5,731) (150,413) (53,263) (58,379) (11,697) (2,820) (4,325) (130,484) (27,197) 265,798 (3,787) 234,814
(*) Includes handling expenses, storage and transportation expenses and sales commission, among other items.
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24 (a)
Earnings per share Basic
Continued operations June 30, 2013 Loss attributable to the shareholders of the Company Weighted average number of common shares outstanding Basic loss per share (in Reais) (573,878) June 30, 2012 (536,969)
553,591,822 (1.037)
496,258,491 (1.082)
The weighted average number of shares in the presented periods are represented by the total number of shares which makes up the capital of the Company, a total of 553,934,646 shares for the semester ended June 30, 2013 and 2012, not including treasury shares, of which there were a total of 342,824 in the semester ended June 30, 2013 and 342,822 shares in the semester ended June 30, 2012. (b) Diluted The Company has no debt convertible into shares or share purchase options. Consequently, there are no potential common shares for dilution purposes. 25 Explanatory notes not presented According to the requirements for disclosure contained in Circular-Letter CVM/SNC/SEP/ No. 003/2011, we presented explanatory notes to the annual financial statements detailing estimates of the fair value of financial instruments (N0te 6), financial instruments by category (Note 7) credit quality of financial assets ( Note 8), financial and operational lease agreements (Note 21), advances to suppliers (Note 22), the tax amnesty and refinancing program (Note 25), long term commitments (Note 26), shareholder's equity (Note 27), benefits to employees (Note 28), and insurance (Note 33), impairment tests (Note 36), that we omitted in the June 30, 2013 interim financial information because the assumptions, operations and policies have not seen relevant changes compared to the position presented in the financial statements as at December 31, 2012. In addition, the Company no longer has reportable segments to present as at June 30, 2013, therefore the segment information Note was excluded.
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Fibria Celulose S.A.

Review Report of Independent Registered Public Accountant firm

PricewaterhouseCoopers Auditores Independentes CRC 2SP000160/O-5

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

Fibria Celulose S.A.

June 30, 2013

December 31, 2012

617,553 1,472,529 26,811 480,342 1,362,467 206,674 589,849 153,686 4,909,911

943,856 2,351,986 18,344 754,768 1,183,142 209,462 589,849 194,526 6,245,933

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

Fibria Celulose S.A.

June 30, 2013

December 31, 2012

794,471 538,271 107,837 44,483 92,641 470,000 1,874 125,226 2,174,803

1,138,005 435,939 128,782 41,368 54,252 470,000 2,076 204,833 2,475,255

1,092,108 373,692 134,024 53,463 163,534 1,520 142,367 1,960,708

9,141,751 418,587 79,137 173,736 83,500 184,644 10,081,355

9,629,950 263,646 77,665 227,923 104,813 194,521 10,498,518 12,973,773

10,232,309 125,437 76,510 739,878 101,594 163,096 11,438,824 13,399,532

9,729,006 2,688 (10,346 ) 3,815,584 1,596,666

8,379,397 2,688 (10,346) 4,520,290 1,611,837

15,133,598 37,209 15,170,807 28,144,580

14,503,866 28,822 14,532,688 27,932,220

Fibria Celulose S.A.

June 30, 2013

June 30, 2012

3,118,592 (2,529,851) 588,741

2,764,774 (2,478,233) 286,541

(162,086) (138,341) 9,623 (290,804)

297,937 59,636 (629,942) (148,844) (509,226) (1,228,376)

(12,046) 372,924 (569,561)

(8,464) 277,124 (534,189)

(573,878) 4,317 (569,561) (1.037)

(536,969) 2,780 (534,189) (1.082)

Fibria Celulose S.A.

June 30, 2013

June 30, 2012

Attributable to: Shareholders of the Company Non-controlling interests

Fibria Celulose S.A.

Capital Transaction costs of the capital increase

Other reserves Other comprehensive income 1,618,824

Statutory reserves Retained earnings (accumulated losses ) Noncontrolling interest 28,822

Capital reserve 2,688

Treasury shares (10,346 )

(6,987 ) 8,379,397 2,688 (10,346 ) 1,611,837 303,800 4,216,490

(6,987 ) 14,503,866 28,222

(536,969 ) 1,361,380 (11,771 ) 15,316,506 15,148,769

(534,189 ) 1,364,716 (11,771 ) 15,351,444 15,185,978

(15,171 ) 9,740,777 (11,771 ) 2,688 (10,346 ) 1,596,666 303,800 3,511,784

(15,171 ) 15,133,598 37,209

(569,561 ) 119 2,405

Fibria Celulose S.A.

June 30, 2012 (802,849)

312,585 (137,875) (79,385) (47,585)

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

94,033 14,722 (20,946) (44,691) 1,282,823 84,679 (352,661) (15,987 ) 998,854

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

(569,634) (28,735) 858,694 38,299 (14,741) 4 283,887

(474,971) (50,380) (563,067) 7,158 200,000 (36,422) 444 (917,238)

Fibria Celulose S.A.

980,824 (2,398,040) (188,206) 3,995 (1,601,427) (7,617) (326,303) 943,856 617,553

149,519 (364,831) 1,343,546 737 1,128,971 60,342 1,078,010 381,915 1,459,925

Fibria Celulose S.A.