Institutional Presentation

July 2012

Forward looking statement

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.

Klabin at a glance

Capacity of 2 million tonnes of paper for packaging Market leader in the Brazilian packaging industry 3rd largest global supplier of liquid packaging board to Tetra Pak Market cap of US$ 4 billion Financial discipline Low cost producer Sustainable growth potential

Business units

Wood logs 7% *

Kraftliner 14% *

Coated boards 34% *

Total net revenue: R$ 3.9 billion in 2011

Corrugated boxes 31% *

Industrial bags 13% *

Notes: * Percentage of 2011 net revenue. In 2011, 1% of sales volume was composed of other products.

A company 100% integrated

Domestic market

wood logs

planted forests: 243 thousand ha

pulp coated boards

Domestic & export markets

industrial bags

pine and eucalyptus

short fiber and long fiber pulp kraftliner

Domestic market
o.c.c. recycled paper corrugated boxes

paper capacity: 1.9 mi tonnes Notes: All figures refer to installed production capacity. OCC Old Corrugated Container

Forestry base June, 2012

95 Km *

95 Km * 51 Km * 51 Km *

So Paulo Paran

73 Km *
Santa Catarina

73 Km *

(thousand ha) Eucaliptus Pine Planted area Native Others Total

87 154 241 213 52 505

Note: All forests used in the paper production are certified by FSC (Forest Stewardship Council). * Average distance excluding Vale do Corisco.

Klabin Vale do Corisco

Klabin today

Sales

Net revenue (R$ million)

Sales volume (thousand tonnes)

3,663 3,097
28%

3,889
22%

1,579
39%

1,716 1,544
32% 36%

1,739
34%

2,960
24%

22%

78% 72% 76%

78% 61% 64%

68%

66%

2008

2009

2010

2011

2008

2009

2010

2011

Cost Reduction - Achievements

Change in compensation metrics; Cost reduction at Monte Alegre mill: INDG; Reversion of excessive outsourcing;

Restructuring of the forestry departments; High return investments R$ 129 million capex:
Cost savings: R$ 14 million py R$ 19 million py R$ 18 million py Start-up: Mar11 Oct11 Nov11

Project: Biomass boiler in Otaclio Costa mill Evaporation improvement in Otaclio Costa mill New transmission line in Monte Alegre

Sustainable cash cost reduction

Nominal cash cost
(R$ / tonne)

-2%

1,626

1,593

Cash cost: Sustainable improvements

6M11

6M12

10

EBITDA
Adj. EBITDA and EBITDA margin (R$ million) 500 27% 400 22% 300 199 200 150 219 242 236 252 249 190 27% 29% 26% 26% 25% 26% 20% 269 231 27% 32% 32% 27% 319

311 281

100

0 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

3Q11: improvements since September; 1Q12 x 1Q11 2Q12 x 2Q11 6M12 x 6M11 EBITDA 25% growth 48% growth 35% growth EBITDA Margin
11

To be implemented

Forestry cost reduction: INDG; Benchmark: improvements in harvesting and timber transportation; Reversion of excessive outsourcing;

Reduction in G&A; High return investments R$ 177 million capex:

Cost savings: R$ 28 million py R$ 12 million py R$ 37 million py Start-up: May12 Jun12 Nov12

Project: Biomass boiler in Correia Pinto mill Mechanization and soil preparation investments Debottlenecking in Monte Alegre mill

12

2Q12 Results

13

2Q12 Market environment

Brazilian Industrial Production
(Inception: 2002 average = 100)

Brazilian Corrugated Shipments

(thousand tonnes)

Kraftliner price
( /tonne and R$/tonne)

-3%
130 126
1.570

2%
1.594

-2%
1,352 1,332

588

529

Jan May / 2011

Jan May / 2012

6M11

6M12

2Q11

2Q12

Kraftliner ( / t)
Source: IBGE, ABPO Brazilian Association of Corrugated Boxes and FOEX

Kraftliner (R$ / t)

14

2Q12 Sales
Sales Volume (excluding wood)
( thousand tonnes)

Net Revenue
(R$ million)

-3%
(mil t) 873 850

5%

1,904

2,000

36%

34%

24%

25%

64%

66%

76%

75%

6M11

6M12
Total

6M11

6M12

Mercado Externo

Domestic Market

Export Market
15

2Q12 EBITDA
EBITDA and EBITDA margin
(R$ million)

35%
30% 593 23% 440

Cash generation: Consistent growth despite weaker market environment

6M11

6M12

16

Business Units

17

Coated boards

Sales volume (thousand tonnes)

1%

Net revenue (R$ million)

11%

714
327
49%

330
47%

644

Monte Alegre (PR)

51%

53%

6M11

6M12

6M11

6M12

Domestic Market

Export Market

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Kraftliner

Sales volume
Goiana (PE)

Net revenue (R$ million)

-10%

(thousand tonnes)
-12%
URUGUAI

214 189
67% 63%
Guapimirim (RJ) Piracicaba (SP) Angatuba (SP) Monte Alegre (PR) Correa Pinto (SC) Otaclio Costa (SC)

268 240

33%

37% 60%

6M11

6M12

6M11

6M12

Domestic Market
Kraftliner Recycled

Export Market

19

Corrugated boxes

Sales volume
Goiana (PE)

Net revenue (R$ million)

0%

(thousand tonnes)
-2%

Feira de Santana (BA)

249

243

596

594

Betim (MG)

Jundia TP & DI (SP) Piracicaba (SP)

Itaja (SC)

So Leopoldo (RS)

6M11

6M12

6M11

6M12

20

Industrial bags

Sales volume
Goiana (PE)

Net revenue (R$ million)

15%

(thousand tonnes)

5%

67

70

273

236

Lages 1 (SC) Lages 2 (SC)

Pillar

6M11

6M12

6M11

6M12

21

Strategy

22

New pulp line study

23

New pulp line study

Flex mill (long and short fibers); Capital structure to dilute risks; Capacity of 1.5 million tonnes / year (0.5 million tonnes long fiber and 1.0 million tonnes short fiber);

150 MW of electricity in excess; Lowest cash cost producer; High return with conservative assumptions; Total investment of US$ 3.8 billion includes: US$ 1 billion of land and forests; US$ 250 million for energy generation and flexibility; US$ 250 million of infrastructure.

24

Flexibility
6 products / markets

Eucalyptus

Tissue Specialties Less market volatility; Consumer goods; Packaging

Long Fiber

Cash flow stability; Higher value added products; Fluff domestic market opportunity.

Tissue

Fluff

Diapers and absorbent

25

100

150

200

250

300

350

50

Source: Risi

Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12

Softwood x Eucalyptus Fluff x Eucalyptus

26

Spread

(US$/tonne)

High return

170

40

High return
Spread
(US$/tonne)

Eucalyptus pulp price

(US$/tonne)

350 300 250 200 150 100 50 0

Mar-12 Dec-11 Apr-12 May-12 Feb-12 Nov-11 Oct-11 Jan-12 Jun-12

850 800 750 700

785

170

650 600 550

6M12: Hike in Eucalyptus pulp price

40

500 450

Mar-12

Apr-12

May-12

Nov-11

Dec-11

Feb-12

Oct-11

Jan-12

Softwood x Eucalyptus

Fluff x Eucalyptus

Eucalyptus price

Source: Risi

Jun-12

27

Average hauling distance

Average hauling distance Monte Alegre: 50 Km

Average hauling distance new mill: 80 Km

28

Lower cost Outbound logistics

Paranagu Port

Klabin area 40.000 m

17 km 424 km

Pulp mill

Paran Terminal

Paranagu Port

To be constructed

Existing railroad to Paranagu Port

29

Klabin Pulp mill Brazil Russia Chile Indonesia Iberia & Norway Finland Sweden France/Belgium USA China Canada Klabin Pulp mill Russia Chile USA New Zealand Finland Fra/Aus/Ger Sweden Eastern Canada BC Interior & Alberta BC Coast

Source: Klabin and Hawkins Wright, June 2012 FOB

Bleached hardwood (US$ / tonne)

World pulp cash cost (FOB)

Bleached softwood

30

Capital structure

Capex Equity US$ 2 bi US$ 1.8 bi US$ 3.8 bi

Klabin SA
Debt Total 51% to 55% Klabins contribution: mainly forests

Klabin Pulp
45% to 49%

Investors
(estimated value of US$ 1 billion).

31

Latest updates
EIA RIMA In April 26th , Klabin filled the Environmental Impact Report and Environmental Impact Assessment (EIA-RIMA), at the Environmental Institute of Paran (IAP), in Paran State. The document indicates that the new mill will take place in the city of Ortigueira.

32

New paper machine in Correia Pinto

Sack kraft paper production with capacity of 80 thousand tonnes per year;

Consumption of the surplus of the units pulp production;

Substitution of purchased paper cost reduction; Enables growth in industrial bags capacity; R$ 220 million capex (to be disbursed in 2012 and 2013);

Start-up in the fourth quarter of 2013; Klabins production capacity of extensible sack kraft will reach 213 thousand tonnes in 2014.

33

New recycled paper machine in Angatuba study

Recycled paper production line with capacity of 350 thousand tonnes per year;

State of the art machine; Substitution of older lines cost reduction; More flexibility in corrugated products.

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Appendix

35

Shareholder structure 06/30/2012

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 6M12 R$ 23 million Dividends in 2011 R$ 207 million (yield 4%*)

Note:

* over the price of the beginning of 2010.

36

Income statement
(R$ million)
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

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 (129.006) 72.486 (412.139) (468.659) (332.894) 148.988 (183.906) 164.348 (4.850) 6.001 281.276

1Q12
1.165.117 969.241 434.606 (628.038) 775.809 (80.128) (59.565) (4.358) (144.051) 631.758 3.586 (89.152) 68.130 75.146 54.124 689.468 (230.950) 458.518 107.845 (434.606) 6.269 311.266

2Q11
1.145.202 947.447 145.084 (772.704) 319.827 (76.652) (56.715) (9.603) (142.970) 176.857 (123.121) 84.090 102.273 63.242 240.099 (76.956) 163.143 158.630 (145.084) 190.403

2Q12/1Q12 6% 6% -99% 20% -64% 20% 12% -76% 14% -82% 457% 45% 6% N/A N/A N/A N/A N/A 52% -99% -4% -10%

2Q12/2Q11 8% 9% -97% -2% -13% 26% 17% -89% 15% -35% N/A 5% -14% N/A N/A N/A N/A N/A 4% -97% N/A 48%

6M12
2.397.202 1.999.540 439.456 (1.383.405) 1.055.591 (176.627) (126.029) (5.400) (308.056) 747.535 23.574 (218.158) 140.616 (336.993) (414.535) 356.574 (81.962) 274.612 272.193 (439.456) 12.270 592.542

6M11
2.289.632 1.904.452 252.891 (1.484.038) 673.305 (162.402) (112.056) (18.727) (293.185) 380.120 (225.821) 152.843 161.001 88.023 468.143 (164.798) 303.345 312.524 (252.891) 439.753

6M12/6M11 5% 5% 74% -7% 57% 9% 12% -71% 5% 97% N/A -3% -8% N/A N/A -24% -50% -9% -13% 74% N/A 35%

Note: Due to rounding, some figures in tables may not result in a precise sum.

37

Net Debt

Net Debt / EBITDA (R$ million)

2.8 2.2 2.2 2.1 2.0

2.4

2.5

2.3

2.5

2,735 735

2,462

2,106

2,128

2,002

Sep-10

1,893

Dec-10

Sep-11

2,313

Dec-11

Mar-11

Mar-12

Jun-10

Jun-11

2,674 674

Net Debt (R$ million)

Net Debt / EBITDA (LTM)

LTM Last Twelve Months 38

Jun-12

3,014 ,014

Loan maturity schedule

3,312

945 744
551 477 140

904 729 635 507

623 451 572 439

Foreign Currency 4,746

489

483
869

401 257
166 92 311 147 90 82

Gross Debt 6,326

229
267 350 395 106

56

64

44

36

Local Currency 1,580

Cash

3Q12

4Q12

1Q13

9M13

2014

2015

2016

2017

2018

2019

2020 Forward

Local currency: R$ 1.6 billion Average tenor: 30 months

Foreign currency: R$ 4.7 billion Average tenor: 48 months

39

Wood
Forests
thousand ha Paran * Santa Catarina So Paulo Total

Pine Eucalyptus Native Others Total

98 74 144 38 354
Sales volume
(thousand tonnes)

53 8 65 13 139

5 3 1 9

151 87 212 52 502

Net revenue
(R$ million)

3%
1.402 1.451
132

10%
145

6M11

6M12

6M11

6M12

Notes:

Forestry base in June 30th, 2012. * Includes Vale do Corisco acquisition.

40

OCC Price

OCC - Domestic delivered price

(R$ / tonne)

465 355 256 383

518

493 379 367 340 333 313 331

342

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12 jul/12

Quarter average

Monthly price

Quarter average

Monthly price

OCC Old Corrugated Containers.

41

Corrugated boxes shipments

ABPO
(Thousand tonnes)

265 251 232

249

271

268

266

253

270

276

273

255

274

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

Quarter average

Monthly shipm ents

Source: Brazilian Corrugated Boxes Association

42

Imports
Apparent consumption 2011 Jan-Apr 198 170 224 171 489 Share of imports 2011 Jan-Apr 78,9% 6,2% 63,2% 7,2% 0,1%

(thousand tonnes) Newsprint Uncoated printing and writing Coated printing and writing Coated boards FBB Kraftliner

2012 Jan-Apr 188 163 208 186 521

2012 Jan-Apr 75,9% 4,7% 55,9% 9,4% 0,0%

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* 361.494 3.055 3.003 6.874 1.656
2012 / 2011

-2% -6% -29% 1% 3%

* January to May - 2012 Source: Bracelpa (Brazilian Association of Pulp and Paper) SECEX / MDIC - Receita Federal SP. 05/31/2012

43

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

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