Institutional Presentation

November, 2012
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Disclaimer
The statements contained in this presentation related to the business outlook, operating and financial projections, and growth prospects of Klabin S.A. are merely projections, and as such are based exclusively on the expectations of the Companys management concerning the future of the business. These forward-looking statements depend substantially on the market conditions, the performance of the Brazilian economy, the industry and international markets, and therefore are subject to change without prior notice.

This presentation on Klabins performance includes non-accounting and accounting data, such as operating and financial information,
as well as projections based on Managements expectations. Note that the non-accounting data has not been reviewed by the Companys independent auditors. The Companys management believes EBITDA may provide useful information on the Companys operating performance and allow for comparisons with other companies in the same industry. Note however that EBITDA is not a measure established in accordance with generally accepted accounting principles of the International Financial Reporting Standards IFRS, and may be defined and calculated differently by other companies.

A differentiated company

A differentiated company

Competitive forest Market position Industrial technology Superior cost management Clear growth strategy

Differentiation of forests Brazil

(logistics and volume)

Heart of Paran

Massive forest
Monte Alegre

Distribution of rain Soil quality

State of

Paran

Insolation

Forestry productivity
Cloning

71 62

49

55

58

Forestry 37 productivity
m3/(ha.year)

38 13 14 15

18

MAI
t/(ha.year)

10

Growth Density Factory yield 2010

2012
6

1995

2000

2005

2015

Leader in the Brazilian packaging paper market, where we allocate more than 50% of our capacity

Market position
paper

Coated Boards

Kraftliner

653

50%

40%

thousand

market share
Sole supplier of liquid packaging board in Latin America

415

installed capacity

thousand
tonnes sold in 2011
7

tonnes sold in 2011

Leader in the Brazilian packaging market where we allocate more than 95% of capacity

Market position
conversion

Industrial Bags

Corrugated Boxes

market share

50%
Second players market share is 16%

market share

15%

Second players market share is 9%

Destination of Klabins products

Strongly linked to the consumer market

68%

Food

13% 7%
Others

Other consumer goods

Building

Sales volume destination paper and packaging

Exports

Sustainable export capacity

One of the three largest suppliers for Tetra Pak in the world, with long term relationship of more than 25 years

Export revenues account for approximately US$ 500 million per year
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Constantly investing

Industrial technology

in the latest equipment and production efficiency 2008 2009 2010 2011 2012

Machine 9 of coated boards in Monte Alegre, the best and most modern in Latin America 4 new printers for corrugated boxes

Start up of a new corrugator in Goiana (PE)

Start up of a new corrugator in Jundia DI (SP), the widest and fastest in Brazil and one of the majors of the world
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Matrix control of costs (Falconi)

Focus in 2011: Monte Alegre mill Focus in 2012: Forestry

Superior cost control

-1%
1,621 1,600

Reversion of excessive outsourcing

High return investments
Mechanical Vapor Recompression (Debottlenecking in Monte Alegre)

Biomass boilers in Santa Catarina State

High voltage transmission line Evaporation system

9M11
R$ / tonne

9M12

Nominal cash cost

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teamwork and proper incentives

Superior cost control

Group of executives with extensive experience in the market, merged with the hiring of new executives New compensation metrics: individual and collective goals Aggressive targets Variable compensation linked to results, focus on short-term and long-term Long-term incentives through stock matching
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Adjusted EBITDA LTM

39% growth 31% 29%

28%
25% 26% 1,089

24%
Adjusted EBITDA LTM Margin

1,180

1,286

1,028 922 939

Jun11

Sep11

Dec11

Mar12

Jun12

Sep12

Adjusted EBITDA LTM (R$ million)

LTM Last twelve months

EBITDA LTM (R$ million)

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Growth strategy

15

Clear growth strategy

short-term

Great performance despite unfavorable economic conjuncture, explained by cost management From now on: economic conditions becoming more

favorable

Sack kraft machine and recycled paper machine

16

Recycled machine in Goiana

Klabin (today) Northeast sales:

150 tsd t

100 tsd t

Kraftliner production in Monte Alegre: 100 tsd t Recycled production in Goiana: 50 tsd t

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Recycled machine in Goiana

Klabin (with project) Northeast sales : 50 tsd t

210 tsd t

Kraftliner production in Monte Alegre: 50 tsd t

Recycled production in Goiana: 50 tsd t

New recycled machine: 110 tsd t

South sales:

50 tsd t
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Recycled machine in Goiana

Benefits
Release and sale of 50 thousand tonnes of kraftliner in the South
Sale of 60 thousand tonnes of recycled in the Northeast Reduction in freight of 50 thousand tonnes from South to Northeast

Numbers
Capex: R$ 300 million IRR: 18% ROE: 28% Start up: August 2014
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Growth strategy
long-term

Growth on the same site

The only company that owns a large pine forest in Brazil

Project driven towards domestic market

20

Softwood imports in Brazil

377 286

Large and growing market in Brazil, currently supplied by softwood imports

2007 2011

thousand tonnes
21

New pulp line project

Same site, high productivity Project based on fluff market and Klabin paper needs Flex mill (long and short fibers) Capital structure to dilute risks

150 MW of electricity in excess Lowest cash cost producer

High return with conservative assumptions

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Inbound logistics
Average hauling distance

75 Km

New mill

Average hauling distance

Monte Alegre

50 Km

Klabin Pulp Klabin SA Vale do Corisco

23

Outbond Logistics

Klabin Area 27.530 m

Paranagu Port

Paran Terminal
Existing railroad to Paranagu Port: 424 km To be constructed: 17 km

Pulp Mill

24

Capital structure
Klabin SA US$ 1 billion 51% Investors US$ 1 billion 49%

Klabin Pulp US$ 3.8 billion

Debt US$ 1.8 billion

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Financial results

26

Sales
1,306
34% 66%

1,290

2,895
32% 68% 22% 78%

3,085
24% 76%

Excluding wood sales

9M11

9M12

9M11
Net revenue
(R$ million)

9M12

Sales volume
(thousand tonnes)

Export Market

Domestic Market
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EBITDA and Net Income

967

709 605

60
9M11
(R$ million)

9M12

9M11
(R$ million)

9M12

Adjusted EBITDA

Net income

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Dvida Lquida (R$ milhes) 2,8 2,2 2,2 2,1 2,0

2,4

2,5

2,3

2,4 Net debt

2,5

6,0

5,5 5,0 4,5

Net Debt/ EBITDA (LTM)

2.2 2.2

2.2 2.2

2.1 2.1

2.0 2.0

2.4 2.4

2.5 2.5

2.3 2.3

2.5 2.5

2.3 2.3

4,0

3,5 3,0 2,5

2,0

2.735

3.014

2.462

2.106

2.128

2.002

2.313

2,106
set-10

2,002
mar-11

1,893
jun-11

1.893

2,128
dez-10

2,313

2.674

2,674

3.090

2,735

3,014

3,090

1,5 1,0 0,5

0,0

-0,5 -1,0

mar-12

set-11

dez-11

jun-10

jun-12

set-12

-1,5 -2,0

Sep-10 Dec-10 Mar-11

Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12

Endividamento Lquido

Net debt Endividamento Liq. / EBITDA

(R$ million)

(UDM)

LTM Last twelve months

29

3,150

Loan maturity schedule

905 836
373 418

R$ million

800
79 721

582
130

559
83 477

610
47 564

502
36 466

436
99 337

463

488

452

310 247
83
207 164 103

234
86 148

219
96 123

Cash

4Q12 1Q13 2Q13 3Q13

4Q13 2014 2015 2016 2017 2018 2019 2020

Foreign currencyR$ 4.6 billion
Average tenor: 44 months

Forward

Local currency R$1.6 billion

Average tenor: 30 months

Gross debt

R$ 6.2 billion
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Capex

R$ million Maintenance and special projects Sack kraft expansion Recycled expansion Total

9M12 342 47 0 389

2012E 477 93 30 600

2013E 361 127 212 700

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Appendix

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Shareholder structure
Common
Monteiro Aranha 20%

Preferred
Treasury 5%

BNDES 13%

Brazilian investors 42% Brazilian investors 20%

Klabin Irm os 60%

Foreign investors 40%

316,827,563 shares
Level 1 of Corporate Governance at BM&FBovespa Tag along rights of 70% for preferred shares

600,855,733 shares
Average daily trading volume in 9M12 R$ 23 million Dividends in 2011 R$ 207 million (yield 4%*)

Capacity
Domestic market 2.5 m t
wood logs

243 k ha
eucalyptus and pine forests

700 k t
coated boards

1.7 m t
planted forests: 243 thousand ha short fiber and long fiber pulp

145 k t 960 k t
kraftliner industrial bags

Domestic and export markets

Domestic market 250 k t

old corrugated containers

200 k t
recycled paper

540 k t
corrugated boxes

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Paper business unit

316 286

403
380 57% 43% 9M12 9M11 9M12

Kraftliner

63%
37% 9M11

486

502
47% 53% 9M12

968

1.111

boards
Kraftliner Recycled Kraftliner and coated boards

Coated

46% 54% 9M11

9M11

9M12

Thousand tonnes
Domestic market

R$ million
Export market

35

Conversion business unit

-1% 379 919 371

912

Corrugated

boxes
9M11 9M12 9M11 9M12

Industrial
Corrugated boxes Industrial bags Corrugated boxes and industrial bags

101

105

359

413

bags

9M11

9M12

9M11

9M12

Thousand tonnes

R$ million

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Imports
Exchange rate (R$ / US$) 1,72 1,65 2,03

1,87

jan-10

mar-10

jan-11

mar-11

jan-12

mar-12

mai-10

mai-11

nov-10

nov-11

mai-12

jul-10

jul-11

set-10

set-11

jul-12

Effective imports of goods packed

(monthly average - tonnes) Industrialized food Pharmaceutical Toys Hygiene Footwear

2010 286,043 3,201 3,611 5,761 1,320

2011 369,261 3,239 4,235 6,814 1,602

2012* 339,862 3,264 4,000 6,631 1,633

2012* / 2011 -8% 1% -6% -3% 2%

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* January to August Source: SECEX / MDIC - Receita Federal SP. 09/26/2012

set-12

Jan 10

Jan 11

Jan 12

May 12

Sep 12

Income statement
(R$ thousand)
Gross Revenue Net Revenue Change in fair value - biological assets Cost of Products Sold Gross Profit Selling Expenses General & Administrative Expenses Other Revenues (Expenses) Total Operating Expenses Operating Income (before Fin. Results) Equity pickup Financial Expenses Financial Revenues Net Foreign Exchange Losses Net Financial Revenues Net Income before Taxes Income Tax and Soc. Contrib. Net income Depreciation and amortization Change in fair value of biological assets Vale do Corisco EBITDA

3Q12
1.305.430 1.085.766 333.122 (714.806) 704.082 (81.989) (74.243) 1.236 (154.996) 549.086 1.755 (115.435) 75.953 (15.377) (54.859) 495.982 (165.144) 330.838 151.759 (333.122) 7.033 374.756

2Q12
1.232.089 1.030.299 4.850 (755.367) 279.782 (96.499) (66.464) (1.042) (164.005) 115.777 19.988 (129.005) 72.486 (412.140) (468.659) (332.894) 148.988 (183.906) 164.348 (4.850) 6.001 281.276

3Q11
1.199.418 990.623 19.255 (729.482) 280.396 (76.594) (64.311) 7.359 (133.546) 146.850

3Q12/2Q12 6% 5% 6768% -5% 152% -15% 12% -219% -5% 374% -91%

3Q12/3Q11 9% 10% 1630% -2% 151% 7% 15% -83% 16% 274% N/A 3% -15% -97% -90% N/A N/A N/A 1% 1630% N/A 35%

9M12
3.702.632 3.085.306 772.578 (2.098.211) 1.759.673 (258.616) (200.272) (4.164) (463.052) 1.296.621 25.329 (333.592) 216.569 (352.371) (469.394) 852.556 (247.106) 605.450 423.952 (772.578) 19.403 967.398

9M11
3.489.050 2.895.075 272.146 (2.213.520) 953.701 (238.996) (176.367) (11.368) (426.731) 526.970

9M12/9M11 6% 7% 184% -5% 85% 8% 14% -63% 9% 146% N/A

(112.572) 89.135 (500.955) (524.392) (377.542) 134.487 (243.055) 149.811 (19.255) 277.406

-11% 5% -96% -88% N/A N/A N/A -8% 6768% 17% 33%

(338.393) 241.978 (339.954) (436.369) 90.601 (30.311) 60.290 462.335 (272.146) 717.159

-1% -11% 4% 8% 841% 715% 904% -8% 184% N/A 35%

Investor Relations

Phone: +55 (11) 3046-8401 www.klabin.com.br/ir invest@klabin.com.br

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