Institutional Presentation

May 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.

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 March, 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

82 161 243 212 51 506

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

High performance

Culture

Team building; Sense of urgency: bureaucracy versus agility; Compensation linked to results; Alignment and strategy development: stock incentives.

Operational

Cost reduction plans in the mills; Forestry benchmarking; High-return investments; Reverse outsourcing.

High performance
Operational cost (fixed and variable) reduction - Achievements

Cost reduction at Monte Alegre mill: INDG; Reversion of excessive outsourcing.

Restructuring of the forestry departments;

High return projects R$ 129 million investment:

Project: Biomass boiler in Otaclio Costa mill Evaporation improvement in Otaclio Costa mill New transmission line in Monte Alegre Cost savings: R$ 14 million py R$ 19 million py R$ 18 million py Start-up: Mar11 Oct11 Nov11

Sustainable cash cost reduction

Nominal cash cost
(R$ / tonne)

-5% 0% Cash cost:

1,645 1,612 1,561 1,566

Sustainable improvements since September 2011.

2Q11

3Q11

4Q11

1Q12

To be implemented
Operational cost (fixed and variable) reduction to come
Forestry cost reduction: INDG; Benchmark: improvements in harvesting and timber transportation; Reversion of excessive outsourcing.

Reduction in G&A;

High return projects R$ 177 million investment:

Project: Biomass boiler in Correia Pinto mill Mechanization and soil preparation investments Debottlenecking in Monte Alegre mill Cost savings: R$ 28 million py R$ 37 million py Start-up: May12 Sep12

R$ 12 million py Jun12

10

1Q12 Results

11

1Q12 Market environment

Brazilian Industrial Production
(Inception: 2002 average = 100)

Brazilian Corrugated Shipments

(thousand tonnes)

Kraftliner price
( /tonne and R$/tonne)

-3%
130 126

1%
771

-12%

760

1,373 1,202

602

519

1Q11

1Q12

1Q11

1Q12

1Q11

1Q12

Kraftliner ( / t)

Kraftliner (R$ / t)

Source: IBGE, ABPO Brazilian Association of Corrugated Boxes and FOEX

12

1Q12 Sales
Sales Volume (excluding wood)
( thousand tonnes)

Net Revenue
(R$ million)

-4%

1%

438

420 35%
26%

957 24%

969

39%

61%

65%

74%

76%

1Q11

1Q12

1Q11

1Q12

Domestic Market

Export Market
13

1Q12 Result
EBITDA and EBITDA margin
(R$ million)

25%

32%

Cash generation :
26% 249 311

Consistent growth despite weaker market environment

1Q11

1Q12

14

Coated boards

LPB 4th largest player in the world; Sales to Brazil, Argentina, China, Singapore, Pakistan and Spain.

Sales volume (thousand tonnes)

-2%

Net revenue (R$ million)

5%

168
FBB Brazilian market
(thousand tonnes)

165

332

347

504

508

507

576

519

50%

46%

125
13% 18% 25% 27% 29% 31%

50%

54%

2007

2008

2009

2010

2011

1Q12

1Q11 1Q12
Domestic Market Export Market

1Q11 1Q12

Brazilian market

Klabin's share

Note:

LPB Liquid packaging board FBB Folding box board

15

Kraftliner

Containerboard World Capacity

(million tonnes)

Sales volume (thousand tonnes)

34 104 9 147
-15%

Net revenue (R$ million)

-17%

Virgin fiber kraftliner Recycled Semi-chemical Total

URUGUAI

111 94

141 117

Virgin fiber kraftliner capacity totals 2 million tonnes in Brazil; Non-integrated producers have their cost determined by the price of OCC; World virgin fiber kraftliner capacity: 34 million tones.

71% 66%

29%

34%

1Q11 1Q12
Domestic Market Export Market

1Q11 1Q12

16

Corrugated boxes

Sales volume (thousand tonnes)

-2%

Net revenue (R$ million)

0%

121

118

288

287

Domestic market only; Brazilian demand in 2011 was 3.2 million tonnes *; Klabins market share: 16%; Fragmented market with many players in Brazil.
1Q11 1Q12

1Q11 1Q12

* Source: ABPO Brazilian Association of Corrugated Boxes

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Industrial bags

Sales volume (thousand tonnes)

Net revenue (R$ million)

4%

14%

33

34

132 116

Domestic and export markets; Few producers in Brazil; 80% building industry related.

1Q11 1Q12

1Q11 1Q12

18

EBTIDA
500 27% 22% 300 199 150 10% 100 5% 0 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 0% 219 242 236 252 249 190 27% 29% 26% 26% 25% 26% 20% 269 231 27% 32% 32% 35% 30% 25% 311 20% 15%

400 25%

319

200

180

3Q11: improvements since September; 3Q11 x 3Q10 4Q11 x 4Q10 1Q12 x 1Q11 10% growth 38% growth 25% growth

EBITDA

EBITDA Margin
19

Strategy

20

New pulp line study

21

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.

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Flexibility
6 products / markets versus eucalyptus (1 product and market).

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

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100

150

200

250

300

350

50

Source: Risi

Feb/07 Apr/07 Jun/07 Aug/07 Oct/07 Dec/07 Feb/08 Apr/08 Jun/08 Aug/08 Oct/08 Dec/08 Feb/09 Apr/09 Jun/09 Aug/09 Oct/09 Dec/09 Feb/10 Apr/10 Jun/10 Aug/10 Oct/10 Dec/10 Feb/11 Apr/11 Jun/11 Aug/11 Oct/11 Dec/11 Feb/12 Apr/12

Softwood x Eucalyptus Fluff x Eucalyptus

24

Spread

(US$/tonne)

High return

152

47

High return
Spread
(US$/tonne)
350

Eucalyptus pulp price

(US$/tonne)
800

300

750

760

250

700

200

650

150

152

600

1Q12: Hike in Eucalyptus pulp price

100

550

50

47

500

450
Dec/11 Feb/12 Mar/12 Nov/11 Apr/12 Oct/11 Jan/12
Dec/11 Oct/11 Nov/11 Feb/12 Mar/12 Apr/12 Jan/12

Softwood x Eucalyptus

Fluff x Eucalyptus

Eucalyptus price

Source: Risi

25

Average hauling distance

Average hauling distance Monte Alegre: 50 Km

Average hauling distance new mill: 80 Km

26

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

27

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

Source: Klabin and Hawkins Wright, February 2012 FOB

Bleached hardwood (US$ / tonne)

World pulp cash cost (FOB)

Bleached softwood

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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).

29

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.

30

New paper machine in Correia Pinto

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

Supplied by already available long fiber pulp; Substitution of purchased paper cost reduction; Enables growth in industrial bags capacity; R$ 150 - 200 million capex; Start-up in Jan14.

31

New recycled paper machine in Angatuba

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

33

Shareholder structure 03/31/2012

Treasury 5% BNDES 15% 14%

Monteiro Aranha 20%

Brazilian investors 43% Brazilian investors 20%

Klabin Irmos 60%

Foreign investors 37% 38%

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 2011 R$ 15 million Dividends in 2011 R$ 207 million (yield 4%*)

Note:

* over the price of the beginning of 2010.

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Income statement
1Q12
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 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) 6.369 311.366

4Q11
1.197.225 994.076 (1.569) (613.922) 378.585 (82.059) (73.038) 46.676 (108.421) 270.164 (429) (96.303) 74.333 (42.229) (64.199) 205.536 (83.105) 122.431 85.433 1.569 2.295 359.461

1Q11
1.144.430 957.005 107.807 (711.334) 353.478 (85.750) (55.341) (9.124) (150.215) 203.263

(102.700) 68.753 58.728 24.781 228.044 (87.842) 140.202 153.894 (107.807)

249.350

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

35

LTM Last Twelve Months

3.1

Mar -10

2,528

2.8

Jun-10

2,462

2.2

Sep-10

2, ,106

2.2

Net Debt (R$ million)

Dec-10

2, ,128

2.1

Mar -11

2,002 002

2.0

Jun-11

1,893 893

2.4

Sep-11

2,313

2.5

Net Debt / EBITDA (LTM)

Dec-11

2,735

2.3

Mar -12

2,674

Net Debt

36

Loan maturity schedule

R$ Million
1,359

737
471

808

796

1.241

Foreign Currency 4,008 Gross Debt 5,606 Local Currency 1,598

416

374 229
121 108 2Q12 111 85 3Q12 90 4Q12

478

496 397
302 95 452 45 2016 2017 118 2018 Forward

196

284

215
133 82 1Q13 9M13 2014 2015 259 337 381

Local currency: R$ 1.6 billion Average tenor: 32 months

Foreign currency: R$ 4.0 billion Average tenor: 50 months

37

Wood
Forests (thousand hectares)
thousand ha Paran * Santa Catarina So Paulo Total

Pine Eucalyptus Native Others Total

106 70 144 37 357

55 7 65 13 140

5 3 1 9

161 82 212 51 506

Sales volume
(thousand tonnes)

Net revenue
(R$ million)

737

719

663

719

68

71 64

71

60%

1Q11 1Q12 4Q11 1Q12

Notes: Forestry base in December 31st, 2011. Includes Vale do Corisco acquisition.

1Q11 1Q12 4Q11 1Q12

38

OCC Price

OCC - Domestic delivered price

(R$ / tonne)

518 465 355 240 256 216 383

493 379 367

340

333

313

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

Quarter average

Monthly price

OCC Old Corrugated Containers.

39

Corrugated boxes shipments

ABPO
(Thousand tonnes)
271 265 251 232 212 249 268 266 253 276 273 258

270

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

Quarter average

Monthly volume

Source: Brazilian Corrugated Boxes Association

40

Imports

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

Apparent consumption 2010 * 2011 * 586 470 629 606 1.654 533 512 572 551 1.488

Share of imports 2010 * 2011 * 79,0% 6,9% 57,0% 5,4% 0,2% 76,2% 5,7% 58,4% 7,1% 0,4%

Effective imports of goods packed (monthly average - tonnes) Industrialized food Pharmaceutical Toys Hygiene Footwear 2009 ** 252,571 2,727 2,550 3,846 1,506 2010 ** 286,043 3,201 3,611 5,761 1,320 2011 ** 369,261 3,239 4,235 6,814 1,602
2011 ** / 2010 **

29% 1% 17% 18% 21%

Note:

* January to December 2011. Source: Bracelpa (Brazilian Association of Pulp and Paper) ** January to December 2011. Source: SECEX / MDIC - Receita Federal SP. 02/29/2012

41

High performance

Change in compensation metrics for performance improvement

Klabin adopted new metrics of variable compensation according to the best practices of public companies in Brazil.

Focus in variable compensation; Aggressive individual and team goals; Long-term incentives through equity grants (matching); Started with all executive officers and directors. Better performance; Alignment; Improvement of strategic behavior.

42

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

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