FIBRIA CELULOSE S.A. Publicly-Held Company CORPORATE TAXPAYERS ID (CNPJ/MF) N. 60.643.228/0001-21 CORPORATE REGISTRY (NIRE) 35.300.022.

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So Paulo, July 10, 2012. To BM&FBovespa S.A. So Paulo Stock, Commodities and Futures Exchange Issuer Monitoring Division So Paulo SP C/O: Mr. Nelson Barroso Ortega CC: CVM Brazilian Securities and Exchange Commission Mr. Fernando Soares Vieira Issuer Relations Superintendent Mr. Waldir de Jesus Nobre Market and Intermediary Relations Superintendent Re: GAE 3253-12, of July 6, 2012

Dear sirs, We received your request for clarification regarding the accounting and business effects to Fibria Celulose S.A. (Fibria or Company) regarding the Minutes of the Board of Directors Meeting of June 28, 2012 authorizing the sale of lands and forests in the amount of R$235 million to Caravelas Florestal S.A. (Caravelas) and the constitution of a first degree mortgage in favor of Caravelas. Fibria announced via a Notice to the Market on July 2, 2012 the execution of a sale contract for the land and forest assets in southern Bahia State, the operation giving rise to the Material Fact published on March 8, 2012, at the price of R$235 million with payment of R$200 million upon signature of the contract. As mentioned in the same Notice to the Market, there is an investigative diligence process, common to acquisition operations and to be carried out by the buyer, that is expected to be concluded on November 14, 2012. The remaining, adjusted balance will be paid at the end of this diligence process. The evaluation of the accounting treatment of this operation was done based on Brazilian and international accounting standards that establish the necessary parameters for the accounting recognition of write-offs of non-financial assets of this nature and the recognition of the respective revenue and calculation of capital gains.

According to IAS 18, paragraph 14, proceeds from asset sales should be recognized when all of the following conditions have been satisfied: (i) (ii) the entity has transferred to the buyer the most significant risks and benefits inherent to the ownership of the assets; the entity is no longer continuously involved in managing the sold assets to a degree normally associated with ownership, nor does it have effective control of said assets; the amount of the revenue can be reliably measured; it is probable that the economic benefits associated with the transaction will flow to the entity; and the expenses incurred or to be incurred in relation to the transaction can be reliably measured.

(iii) (iv) (v)

Fibria believes that, at this time, mostly conditions (i) and (ii) above for the recognition of revenue have not been met as it still has managerial involvement and control over forestry management, as well as the main operating risks and benefits, while the investigatory diligence has not been concluded. Thus, in the financial statements, the amounts received for the sale will be booked under liabilities until all conditions for revenue recognition have been fully met. Furthermore, the sale of these assets has no material impact on Fibrias business.

So Paulo, July 10, 2012. Guilherme Perboyre Cavalcanti

Financial and Investor Relations Officer