Demonstra??es Financeiras em Padr?es Internacionais

(A free translation of the original in Portuguese)
Klabin S.A.
Quarterly Information (ITR)
at March 31, 2016
and report on review of
quarterly information
Report on review of quarterly information

To the Board of Directors and Stockholders
KLABIN S.A.
Introduction

Companhia ABC
Introduction
We have reviewed the accompanying parent company and consolidated interim accounting information of Klabin S.A.
("Company"), included in the Quarterly Information Form (ITR) for the quarter ended March 31, 2016, comprising the
balance sheet at March 31, 2016 and the respective statements of operations, comprehensive income (loss), changes in
equity and cash flows for the quarter then ended, and a summary of significant accounting policies and other
explanatory information.
Management is responsible for the preparation of the parent company and 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), as well as the presentation of this
information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the
preparation of the Quarterly Information (ITR). 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 interim information
Based on our review, nothing has come to our attention that causes us to believe that the accompanying parent
company and consolidated interim accounting information included in the quarterly information referred to above has
not been prepared, in all material respects, in accordance with CPC 21 and IAS 34 applicable to the preparation of the
Quarterly Information, and presented in accordance with the standards issued by the CVM.
Other matters
Statements of value added
We have also reviewed the parent company and consolidated statements of value added for the quarter ended March
31, 2016. These statements are the responsibility of the Company's management, are required to be presented in
accordance with the standards issued by the CVM applicable to the preparation of Quarterly Information, and are
considered supplementary information under IFRS, which do not require the presentation of the statement of value
added. These statements have 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 they have not been prepared, in all material
respects, in a manner consistent with the parent company and consolidated interim accounting information taken as a
whole.
So Paulo, April 27, 2016
PricewaterhouseCoopers
Auditores Independentes
CRC 2SP000160/O-5
Tadeu Cendn Ferreira

Contador CRC 1SP188352/O-5

Quarterly information (ITR) - 3/31/2016 - KLABIN S.A.
(Unaudited)
Version: 1
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais
Klabin S.A.
Quarterly information for the quarter ended March 31, 2016
PricewaterhouseCoopers Auditores Independentes

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
CONTENTS
ASSETS
LIABILITIES AND EQUITY
STATEMENT OF OPERATIONS
STATEMENT OF COMPREHENSIVE INCOME (LOSS)
STATEMENT OF CHANGES IN EQUITY
STATEMENT OF CASH FLOW
STATEMENT OF VALUE ADDED
1 GENERAL INFORMATION
2 BASIS OF PRESENTATION OF THE QUARTERLY INFORMATION AND SIGNIFICANT
ACCOUNTING POLICIES
3 CONSOLIDATED QUARTERLY INFORMATION
4 CASH AND CASH EQUIVALENTS
5 MARKETABLE SECURITIES
6 TRADE RECEIVABLES
7 RELATED PARTIES
8 INVENTORY
9 TAXES RECOVERABLE
10 INCOME TAX AND SOCIAL CONTRIBUTION
11 INVESTMENTS IN SUBSIDIARIES AND JOINTLY-CONTROLLED ENTITIES
12 PROPERTY, PLANT AND EQUIPMENT
13 BIOLOGICAL ASSETS
14 BORROWING
15 DEBENTURES
16 TRADE PAYABLES
17 PROVISION FOR TAX, SOCIAL SECURITY, LABOR AND CIVIL CONTINGENCIES
18 EQUITY
19 NET SALES REVENUE
20 COSTS, EXPENSES AND INCOME, BY NATURE
21 FINANCE RESULT
22 STOCK OPTION PLAN
23 EARNINGS (LOSS) PER SHARE
24 OPERATING SEGMENTS
25 RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
26 EVENTS AFTER THE REPORTING PERIOD
Page
32
33
34
36
37
38
39
40
40
41
42
42
43
44
46
46
47
50
51
53
56
58
60
60
63
65
66
67
68
69
71
75
80

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
BALANCE SHEET AT MARCH 31, 2016 AND DECEMBER 31, 2015
(All amounts in thousands of Reais)
Not e
Pa r en t com pa n y
3/31/2016
12/31/2015
3/31/2016
Con sol ida t ed

12/31/2015
A SSET S
Cu r r en t
Ca sh a n d ca sh equ iv a len t s
Ma r k eta ble secu r ities
A ccou n ts r eceiv a ble:
. T r a de r eceiv a bles
. Pr ov ision for im pa ir m en t of tr a de r eceiv a bles
. Rela t ed pa r t ies
In v en t or y
T a x es r ecov er a ble
Pr epa id ex pen ses - r ela t ed pa r t ies
Pr epa id ex pen ses - t h ir d pa r ties
Ot h er a ssets
T ot a l cu r r en t a sset s
Non -cu r r en t
Lon g t er m r ecei v a bles
Rela t ed pa r t ies
Ju dicia l deposit s
Ot h er a ssets
In v est m en ts:
. In ter est s in in v est ees
. Ot h er
Pr oper t y , pla n t a n d equ ipm en t
Biolog ica l a sset s
In ta n g ible a ssets
T ot a l n on -cu r r en t a sset s
T ot a l a sset s
4
5
4 , 4 8 8 ,8 9 2
5 7 5 ,0 7 0
4 ,0 3 1 ,1 8 4
5 5 7 ,1 4 3
5 ,3 0 4 ,8 5 0
5 7 5 ,0 7 0
5 ,0 5 3 , 7 2 3
5 5 7 ,1 4 3
6
6
7
8
9
7
1 , 0 9 2 ,0 0 6
(3 5 , 7 3 3 )
8 5 4 ,7 3 6
7 3 9 ,6 5 1
4 7 6 ,3 1 1
97 8
1 2 ,8 3 7
8 1 ,6 4 5
8 , 2 8 6 ,3 9 3
1 ,1 7 1 ,5 4 0
(3 7 , 9 0 7 )
7 7 1 ,3 4 4
6 1 3 ,81 1
7 2 3 ,7 4 8
1 ,0 8 1
9 ,7 2 3
1 1 3 ,1 9 8
7 , 9 5 4 ,8 6 5
1 ,3 5 4 , 2 1 9
(3 5 ,7 8 5 )
8 3 4 ,6 7 6
4 86 ,4 1 9
97 8
1 2 ,8 3 7
8 3 ,3 6 9
8 ,6 1 6 ,6 3 3
1 ,5 3 9 ,07 1
(3 7 ,9 7 2 )
7 01 ,1 2 6
7 3 6 ,5 01
1 ,081
9 ,7 2 3
1 1 5 ,3 4 8
8 ,6 7 5 , 7 4 4
7
17
9
2 ,5 6 5
7 7 ,9 7 6
1 , 2 9 7 ,7 2 9
2 3 0 ,0 5 8
1 , 6 0 8 ,3 2 8
2 ,5 4 9
7 5 ,9 5 6
1 ,1 5 9 ,6 3 8
2 1 8 ,6 9 7
1 , 4 5 6 ,8 4 0
7 9 ,4 1 1
1 ,2 9 7 ,7 2 9
2 3 1 , 08 1
1 , 6 0 8 ,2 2 1
7 7 ,3 9 1
1 ,1 5 9 ,6 3 8
2 1 9 ,82 0
1 ,4 5 6 , 8 4 9
11
1 ,6 0 4 ,1 6 1
1 1 ,4 3 6
1 2 ,4 1 4 ,0 1 2
2 , 7 0 8 ,8 6 9
1 2 ,7 9 0
1 6 ,7 5 1 ,2 6 8
1 8 , 3 5 9 ,5 9 6
1 , 3 9 9 ,2 9 2
1 1 ,4 3 6
1 1 ,7 5 8 ,9 3 1
2 ,8 5 7 ,1 4 2
1 2 ,7 4 6
1 6 ,0 3 9 ,5 4 7
1 7 ,4 9 6 ,3 8 7
5 0 3 ,6 2 0
1 1 ,4 3 6
1 2 ,6 5 9 ,2 7 6
3 ,5 2 2 ,0 6 8
1 2 ,8 2 1
1 6 ,7 0 9 ,2 2 1
1 8 ,3 1 7 ,4 4 2
26,645,989
25,451,252
26,934,075
12
13
The accompanying notes are an integral part of this quarterly information.
4 9 5 ,83 9
1 1 ,4 3 6
1 2 , 0 09 , 1 4 6
3 ,6 0 6 , 3 8 9
1 2 ,7 7 7
1 6 ,1 3 5 ,5 87
1 7 ,5 9 2 , 4 3 6
26,268,180

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
BALANCE SHEET AT MARCH 31, 2016 AND DECEMBER 31, 2015
Not e
3/31/2016
12/31/2015
3/31/2016
Con sol i da t ed
12/31/2015
LIA BILIT IES A ND EQUIT Y

Cu r r en t
Bor r ow in g
Deben t u r es
T r a de pa y a bles
T a x oblig a t ion s
Socia l secu r it y a n d la bor oblig a t ion s
Rela ted pa r ties
En r ollm en t in Ta x Recov er y Pr og r a m (REFIS)
Ot h er pa y a bles a n d pr ov ision s
T ot a l cu r r en t l i a bi l it i es
Non -cu r r en t
Bor r ow in g
Deben t u r es
Defer r ed in com e t a x a n d socia l con t r ibu t ion
Pr ov ision for t a x , socia l secu r ity , la bor a n d civ il
con tin g en cies
Pa y a bles - In v est or s in Specia l Pa r t n er sh ip
Com pa n ies (SPCs)
En r ollm en t in Ta x Recov er y Pr og r a m (REFIS)
Ot h er pa y a bles a n d pr ov ision s
T ot a l n on -cu r r en t l i a bi li t i es
T ot a l l i a bi li t i es
Equ i t y
Sh a r e ca pit a l
Ca pita l r eser v es
Rev a lu a tion r eser v e
Rev en u e r eser v es
Ca r r y in g v a lu e a dju st m en t s
Ret a in ed ea r n in g s
T r ea su r y sh a r es
T ot a l equ i t y
T ot a l l i a bi li t i es a n d equ i t y
14
15
16
1 ,8 7 7 ,5 6 2
4 9 0 ,5 2 2
6 4 4 ,8 3 2
3 2 ,6 4 5
1 4 9 ,2 2 7
1 7 ,8 0 7
6 3 ,0 1 5
1 0 6 ,5 5 5
3 ,3 8 2 ,1 6 5
1 ,7 0 0 ,4 9 4
3 2 9 ,8 1 0
6 9 6 ,2 7 7
3 6 ,3 8 4
1 9 2 ,2 3 9
6 ,7 1 6
6 1 ,7 7 2
8 5 ,1 5 4
3 ,1 0 8 ,8 4 6
1 ,8 7 0 ,5 1 4
4 9 0 ,5 2 2
6 5 3 ,4 9 7
4 2 ,5 1 4
1 5 1 ,1 4 6
4 ,4 7 1
6 3 ,0 1 5
1 0 6 ,9 9 7
3 ,3 8 2 ,6 7 6
1 ,7 1 6 ,3 0 6
3 2 9 ,8 1 0
7 0 2 ,1 9 9
4 5 ,4 0 0
1 9 5 ,3 4 9
4 ,5 0 0
6 1 ,7 7 2
1 0 6 ,9 5 9
3 ,1 6 2 ,2 9 5
14
15
1 4 ,5 7 9 ,0 7 5
9 0 0 ,8 4 1
1 4 ,4 5 0 ,8 7 6
1 ,1 4 0 ,6 7 9
1 4 ,6 2 6 ,8 0 1
9 0 0 ,8 4 1
1 4 ,8 3 4 ,9 3 5
1 ,1 4 0 ,6 7 9
10
8 3 8 ,3 1 8
7 1 7 ,7 2 4
9 2 7 ,5 7 5
9 5 4 ,2 6 9
17
6 5 ,0 9 8
6 5 ,7 9 7
6 5 ,0 9 8
6 5 ,7 9 6
3 5 6 ,5 5 2
2 4 2 ,4 3 2
1 6 ,9 8 2 ,3 1 6
2 0 ,3 6 4 ,4 8 1
3 6 1 ,2 4 0
2 5 3 ,7 5 0
1 6 ,9 9 0 ,0 6 6
2 0 ,0 9 8 ,9 1 2
1 5 0 ,7 9 1
3 5 6 ,5 5 2
2 4 2 ,2 3 3
1 7 ,2 6 9 ,8 9 1
2 0 ,6 5 2 ,5 6 7
1 4 3 ,1 1 6
3 6 1 ,2 4 0
2 5 3 ,5 1 0
1 7 ,7 5 3 ,5 4 5
2 0 ,9 1 5 ,8 4 0
2 ,3 8 4 ,4 7 4
1 ,3 0 1 ,9 1 6
4 8 ,7 0 5
6 1 0 ,4 1 2
1 ,0 4 4 ,3 0 9
1 ,0 7 3 ,5 1 2
(1 8 1 ,8 2 0 )
6 ,2 8 1 ,5 0 8
2 ,3 8 3 ,1 0 4
1 ,2 9 3 ,9 6 2
4 8 ,7 0 5
7 4 8 ,1 6 2
1 ,0 6 4 ,1 8 1
(1 8 5 ,7 7 4 )
5 ,3 5 2 ,3 4 0
2 ,3 8 4 ,4 7 4
1 ,3 0 1 ,9 1 6
4 8 ,7 0 5
6 1 0 ,4 1 2
1 ,0 4 4 ,3 0 9
1 ,0 7 3 ,5 1 2
(1 8 1 ,8 2 0 )
6 ,2 8 1 ,5 0 8
2 ,3 8 3 ,1 0 4
1 ,2 9 3 ,9 6 2
4 8 ,7 0 5
7 4 8 ,1 6 2
1 ,0 6 4 ,1 8 1
(1 8 5 ,7 7 4 )
5 ,3 5 2 ,3 4 0
26,645,989
25,451,252
26,934,075
26,268,180
7
17
17
18

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
STATEMENT OF OPERATIONS FOR THE QUARTER ENDED
MARCH 31, 2016 AND 2015
(All amounts in thousands of Reais unless otherwise stated)
Con sol ida t ed
Fr om 1/1 t o
Fr om 1/1 t o
Fr om 1/1 t o
From 1/1 t o
Not e
3/31/2016
3/31/2015
3/31/2016
3/31/2015
1 ,3 0 8 , 4 4 9
Net sa l es rev en u e
19
1 ,4 5 3 ,4 06
1 ,2 8 5 ,086
1 ,4 6 3 , 4 7 7
V a r ia t ion in t h e fa ir v a lu e of biolog ica l a sset s
13
1 ,2 5 6
5 5 ,2 4 5
6 3 ,4 4 7
Cost of pr odu ct s sold
20
(1 ,0 1 1 , 9 9 1 )
4 4 2 ,6 7 1
Gr oss pr ofit
(9 2 0 , 1 2 5 )
4 2 0,2 06
(1 , 0 0 4 ,1 6 0 )
5 2 2 ,7 6 4
5 5 ,5 3 8
(9 3 0 , 0 6 7 )
4 3 3 ,9 2 0
Oper a t in g in com e (expen ses)

Sa les
20
(1 0 1 , 3 7 1 )
(8 8 , 6 5 7 )
(1 0 5 , 2 6 4 )
(9 4 ,4 6 1 )
Gen er a l a n d a dm in ist r a t iv e
20
(9 8 , 2 7 1 )
(7 3 , 2 8 6 )
(1 0 0 , 0 3 7 )
(7 4 , 9 6 4 )
Ot h er , n et
20
Equ it y in t h e r esu lt s of in v est ees
11
Profi t befor e fin a n ce r esu l t a n d t a xes

Fin a n ce r esu l t
21
Profi t (l oss) befor e t a xes on in com e
(7 , 4 6 2 )
(6 , 5 8 5 )
(5 , 0 5 0 )
(6 , 0 3 3 )
(2 0 7 , 1 0 4 )
(1 6 8 , 5 2 8 )
(2 1 0 ,3 5 1 )
(1 7 5 , 4 5 8 )
2 1 9 ,1 4 6
1 1 ,6 4 0
7 ,09 4
7 ,5 3 5
4 5 4 ,7 1 3
2 6 3 ,3 1 8
3 1 9 ,5 07
2 6 5 ,9 9 7
1,021,348
(1,384,649)
1,012,630
(1,384,611)
1 ,4 7 6 ,06 1
(1 ,1 2 1 , 3 3 1 )
1 , 3 3 2 ,1 3 7
(1 ,1 1 8 ,6 1 4 )
In com e t a x a n d socia l con t r ibu t ion

. Cu r r en t
10
(2 6 4 , 7 4 7 )
11
. Defer r ed
10
(1 3 7 , 8 0 2 )
3 9 2 ,7 5 4
(4 0 2 , 5 4 9 )
3 9 2 ,7 6 5
(2 5 8 , 6 2 5 )
3 9 0,04 8
1,073,512
(728,566)
1,073,512
(728,566)
Profi t (l oss) for t h e per iod
(2 6 8 ,1 2 8 )
9 ,5 03
(2 , 9 6 3 )
3 9 3 ,01 1
Ba sic a n d dil u t ed ea r n in gs (l oss) per com m on sh a r e - R$
23
0.1 9 89
(0 . 1 3 5 0 )
0.1 9 8 9
(0 . 1 3 5 0 )
Ba sic a n d dil u t ed ea r n in gs (l oss) per dil u t ed sh a r e - R$
23
0.1 9 89
(0 . 1 3 5 0 )
0.1 9 8 9
(0 . 1 3 5 0 )

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE QUARTER ENDED MARCH 31, 2016 AND
2015
Pa r en t com pa n y a n d Con sol ida t ed

Fr om 1/1 t o
3/31/2016
Pr ofit (l oss) for t h e per iod
1,073,512
Fr om 1/1 t o
3/31/2015
(728,566)
Ot h er com pr eh en siv e i n com e (l oss):

. For eig n cu r r en c y t r a n sla t ion a dju st m en t s (i)
T ot a l com pr eh en siv e i n com e (l oss) for t h e per i od, n et of t a xes
(i) Effe c ts tha t m ight be tra ns fe rre d to pro fit o r lo s s in the future .
(1 4 ,9 6 4 )
1,058,548
9 ,0 7 5
(719,491)

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
STATEMENT OF CHANGES IN EQUITY
FOR THE QUARTER ENDED MARCH 31, 2016 AND 2015

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
STATEMENT OF CASH FLOW FOR THE QUARTER ENDED
MARCH 31, 2016 AND 2015
Fr om 1/1 t o
Fr om 1/1 t o
3/31/2016
3/31/2015
Net ca sh pr ov i ded by oper a t i n g a ct iv i t i es
Ca sh pr ov i ded by oper a t ion s
Pr ofit (loss) for t h e per iod
Depr ecia t ion a n d a m or t iza t ion
Ch a n g e in fa ir v a lu e of biolog ica l a ssets
Deplet ion of biolog ica l a sset s
Defer r ed in com e t a x a n d socia l con t r ibu t ion
In t er est a n d for eig n ex ch a n g e v a r ia tion s on bor r ow in g s
In t er est , m on et a r y v a r ia t ion a n d sh a r e of r esu lt s of deben t u r es
A m or t iza t ion - a dju st m en t to pr esen t v a lu e of deben t u r es
Pa y m en t of in t er est on bor r ow in g s
A ccr u ed in t er est - REFIS
Resu lt on disposa l of a sset s
In com e t a x a n d socia l con t r ibu t ion pa id
Ot h er
Ch a n ges i n a sset s a n d l i a bi l it i es
T r a de r eceiv a bles a n d r ela t ed pa r t ies
In v en t or ies
Ma r k et a ble secu r ities
Pr epa id ex pen ses
Ot h er a sset s
T r a de pa y a bles
T a x oblig a t ion s
Socia l secu r it y a n d la bor oblig a t ion s
Ot h er lia bilit ies
Net ca sh u sed i n i n v est i n g a ct i v i t i es
Pu r ch a se of pr oper t y , pla n t a n d equ ipm en t
Pla n tin g cost of biolog ica l a sset s
Pr oceeds fr om disposa l of a sset s
A cqu isit ion of in v estm en t s a n d pa y m en t of ca pit a l in su bsidia r ies
Div iden ds r eceiv ed fr om su bsidia r ies
Net ca sh pr ov i ded by fi n a n cin g a ct i v i t i es
New bor r ow in g s
Repa y m en t of bor r ow in g s
Pa y m en t of in t er est on deben t u r es a n d m on et a r y v a r ia t ion
Pu r ch a se of t r ea su r y sh a r es
Disposa l of t r ea su r y sh a r es
W it h dr a w a l of in v est or s - SPCs
Div iden ds pa id
In cr ea se in ca sh a n d ca sh equ i v a l en t s
Ca sh a n d ca sh equ i v a l en t s a t t h e begi n n in g of t h e per iod
Ca sh a n d ca sh equ i v a l en t s a t t h e en d of t h e per i od
811,164
707,840
1 ,0 7 3 ,5 1 2
8 6 ,7 5 1
(1 ,2 5 6 )
1 6 8 ,1 0 2
1 3 7 ,8 0 2
(2 8 0 ,3 3 1 )
2 6 ,6 0 0
7 ,2 5 4
(2 7 9 ,1 4 5 )
1 2 ,2 1 0
444
(2 1 9 ,1 4 6 )
(1 0 ,3 7 1 )
(1 4 ,5 8 6 )
103,324
(6 ,0 3 2 )
(1 2 5 ,8 4 0 )
1 1 9 ,7 1 7
(1 7 ,9 2 7 )
(3 ,0 1 1 )
1 5 ,0 9 8
1 6 2 ,5 5 1
(3 ,7 3 9 )
(4 3 ,0 1 2 )
5 ,5 1 9
(843,041)
(8 2 7 ,6 1 3 )
(1 8 ,5 7 3 )
3 ,8 3 2
(6 8 7 )
489,585
1 ,1 4 1 ,8 0 4
(4 0 7 ,7 0 1 )
(1 3 0 ,7 1 8 )
6 ,2 1 5
(1 2 0 ,0 1 5 )
457,708
4,031,184
4,488,892
313,578
542,828
(7 2 8 ,5 6 6 )
7 9 ,6 2 6
(5 5 ,2 4 5 )
1 7 3 ,8 6 6
(3 9 2 ,7 5 4 )
1 ,4 3 6 ,3 5 1
1 8 8 ,7 8 3
1 0 ,2 2 3
(1 3 7 ,0 8 8 )
1 4 ,9 9 7
5 05
(1 1 ,6 4 0 )
(1 3 ,6 5 7 )
(2 2 ,5 7 3 )
(229,250)
(1 4 3 ,7 0 8 )
(3 0 ,8 0 3 )
(3 3 5 ,8 3 3 )
(8 ,3 3 0 )
638
(8 ,4 6 8 )
2 9 5 ,5 3 9
(1 2 ,3 9 1 )
(2 8 ,2 2 0 )
4 2 ,3 2 6
(1,034,958)
(9 7 6 ,8 3 7 )
(1 3 ,4 7 0 )
1 ,8 0 0
(4 7 ,3 8 6 )
935
654,197
1 ,0 2 1 ,8 4 4
(3 6 1 ,7 5 8 )
(1 1 ,1 5 1 )
5 ,2 6 2
(67,183)
4,030,951
3,963,768
Fr om 1/1 t o
3/31/2016
960,592
694,097
1 ,0 7 3 ,5 1 2
7 7 ,4 0 5
(6 3 ,4 4 7 )
1 7 3 ,3 7 4
(9 , 5 0 3 )
(2 6 6 ,3 8 9 )
2 6 ,6 0 0
7 ,2 5 4
(3 0 2 ,7 7 9 )
1 2 ,2 1 0
444
(7 , 0 9 4 )
(1 1 , 7 3 0 )
(1 5 ,7 6 0 )
266,495
1 8 2 ,6 6 5
(1 3 3 , 5 5 0 )
1 2 3 ,7 2 1
(1 7 ,9 2 7 )
(3 ,0 1 1 )
1 5 ,6 4 0
1 6 5 ,2 9 4
(2 , 8 8 6 )
(4 4 ,2 0 3 )
(1 9 ,2 4 8 )
(849,549)
(8 2 7 ,7 7 5 )
(2 5 ,6 0 6 )
3 ,83 2
140,084
7 9 2 ,1 1 4
(4 0 7 ,5 1 2 )
(1 3 0 ,7 1 8 )
6 ,2 1 5
(1 2 0 ,0 1 5 )
251,127
5,053,723
5,304,850
Con sol i da t ed
Fr om 1/1 t o
3/31/2015
430,622
637,907
(7 2 8 ,5 6 6 )
7 5 ,1 6 6
(5 5 ,5 3 8 )
1 7 5 ,1 5 0
(3 9 3 ,0 1 1 )
1 ,5 6 3 ,1 1 4
1 8 8 ,7 8 3
1 0 ,2 2 3
(1 8 0 ,3 8 4 )
1 4 ,9 9 7
5 05
(7 ,5 3 5 )
(1 4 ,8 1 5 )
(1 0 ,1 8 2 )
(207,285)
(1 2 5 ,0 0 7 )
(3 6 ,0 8 5 )
(3 3 2 ,2 7 0 )
(8 ,3 3 0 )
516
(9 ,8 7 6 )
2 9 5 ,4 8 5
(1 6 ,8 0 7 )
(2 8 ,2 0 9 )
5 3 ,2 9 8
(997,850)
(9 7 8 ,1 8 9 )
(2 1 ,4 6 1 )
1 ,8 0 0
390,545
7 5 5 ,7 4 4
(3 5 9 ,0 9 7 )
(1 1 ,1 5 1 )
5 ,2 6 2
(2 1 3 )
(176,683)
5,245,833
5,069,150

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
STATEMENT OF VALUE ADDED FOR THE QUARTER ENDED
MARCH 31, 2016 AND 2015
Fr om 1/1 t o
Fr om 1/1 t o
3/31/2016
3/31/2015
Con sol ida t ed

Fr om 1/1 t o
3/31/2016
Fr om 1/1 t o
3/31/2015
Rev en u e
. Sa les of pr odu c t s
1 ,7 5 0 ,3 1 2
1 ,5 8 2 ,5 6 7
1 ,7 6 9 ,9 8 3
1 ,6 1 3 ,6 5 6
. Ch a n g e in fa ir v a lu e of biolog ica l a sset s
1 ,2 5 6
5 5 ,2 4 5
6 3 ,4 4 7
5 5 ,5 3 8
. Ot h er in com e
3 ,8 3 2
1 ,8 0 0
3 ,8 3 2
1 ,8 0 0
. Pr ov ision for im pa ir m en t of t r a de r eceiv a bles
9 ,3 4 9
1,764,749
95
9 ,3 7 4
1,639,707
1,846,636
85
1,671,079
In pu t s a cqu ir ed fr om t h i r d pa r t ies
. Cost of pr odu c t s sold
(2 5 5 ,2 8 3 )
(2 3 2 , 1 8 9 )
(2 6 2 ,7 1 0 )
(2 4 8 ,7 6 7 )
. Ma t er ia ls, elec t r icit y , ou t sou r ced ser v ices a n d ot h er
(5 9 6 ,8 5 2 )
(5 2 8 , 7 1 6 )
(5 9 1 ,7 1 5 )
(5 3 3 ,4 6 7 )
(852,135)
(760,905)
(854,425)
(782,234)
912,614
878,802
992,211
888,845
(2 5 4 ,8 5 3 )
(2 5 3 ,4 9 2 )
(2 5 0 ,7 7 9 )
(2 5 0 ,3 1 6 )
657,761
625,310
741,432
638,529
Gr oss v a l u e a dded
Ret en t ion s
. Depr ecia t ion , a m or t iza t ion a n d deplet ion
Net v a l u e a dded gen er a t ed by t h e Com pa n y
V a l u e a dded r eceiv ed t h r ou gh t r a n sfer
. Equ it y in t h e r esu lt s of in v est ees
2 1 9 ,1 4 6
1 1 ,6 4 0
7 ,0 9 4
7 ,5 3 5
1 5 ,4 1 4
2 8 9 ,8 9 5
2 1 3 ,3 8 5
2 9 2 ,2 1 3
234,560
301,535
220,479
299,748
892,321
926,845
961,911
938,277
2 0 4 ,6 7 7
1 6 0,02 0
2 1 0 ,3 6 2
1 6 5 ,3 0 8
5 0 ,9 4 4
. G ov er n m en t Sev er a n ce In dem n it y Fu n d for Em ploy ees (FGT S)1 5 ,1 4 0
3 9 ,6 7 8
5 1 ,1 1 0
3 9 ,8 4 2
1 2 ,4 6 9
1 5 ,1 7 5
1 2 ,4 9 8
270,761
212,167
276,647
217,648
. Fin a n ce in com e, in c lu din g ex ch a n g e v a r ia t ion s

T ot a l v a l u e a dded t o dist r ibu t e
Dist r ibu t ion of v a l u e a dded:
Per son n el
. Dir ect c om pen sa t ion
. Ben efit s
T a xes a n d con t r ibu t ion s

. Feder a l
. St a t e
. Mu n icipa l
5 3 3 ,6 1 4
(2 7 2 ,9 3 8 )
3 9 0 ,6 2 9
(2 6 9 ,2 6 7 )
1 7 ,3 3 3
3 9 ,4 9 4
1 7 ,3 3 3
3 ,0 3 7
2 ,1 4 4
3 ,0 3 7
3 9 ,4 9 4
2 ,1 4 4
553,984
(231,300)
410,999
(227,629)
Rem u n er a t ion of t h ir d-pa r t y ca pit a l

. In t er est
(1 ,0 0 5 ,9 3 4 )
1 ,6 7 4 ,5 4 4
(7 9 9 ,2 4 5 )
1 ,6 7 6 ,8 2 4
(1,005,934)
1,674,544
(799,245)
1,676,824
9 3 5 ,7 6 0
(7 2 8 ,5 6 6 )
9 3 5 ,7 6 0
(7 2 8 ,5 6 6 )
1,073,510
(728,566)
1,073,510
(728,566)
Rem u n er a t ion of own ca pit a l

. Div iden ds
. Pr ofit s r ein v est ed/(loss) for t h e per iod
1 3 7 ,7 5 0
892,321
1 3 7 ,7 5 0
926,845
961,911
938,277

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016

(presented in thousands of Reais unless otherwise stated)
1
GENERAL INFORMATION
Klabin S.A. (the "Company") and its subsidiaries operate in segments of the paper and pulp industry
supplying the domestic and foreign markets, supplying with wood, packaging paper, paper sacks,
and corrugated cardboard boxes. Their operations are fully integrated, from forestry activities to the
production of the final products. Klabin S.A. is a publicly held corporation whose shares and
certificates of deposit of shares (Units) are traded on the So Paulo Commodities, Futures and Stock
Exchange (BM&FBOVESPA). The Company is domiciled in Brazil and headquartered in So Paulo.
The Company also has investments in Special Partnership Companies (SPCs) for the specific
purpose of raising funds from third parties for reforestation projects. The Company, as an ostensible
partner, has contributed forest assets, mainly forests and land, by means of the granting of the right
to use, whereas the other investing stockholders have contributed cash to these SPCs. The SPCs give
Klabin S.A. a preemptive right to acquire forestry products at market prices and conditions.
The Company also has ownership interests in other companies (Notes 3 and 11) whose operational
activities relate to the Company's business objectives.
The issue of this interim accounting information of the Company and its subsidiaries was authorized
by the Finance Director on April 28, 2016.
1.1 Contract for the sale of pulp
On May 4, 2015, the Company, together with Fibria Celulose S.A. ("Fibria"), announced to the
market a six-year contract agreed for the supply of short-fiber pulp, to be produced in the new pulp
plant which is under construction in the city of Ortigueira, in the state of Paran.
The beginning of the contract is expected for 2016. It is effective for six years and can be renewed if
mutually agreed by the parties. A commitment to purchase at least 900 thousand annual metric
tons is established by Fibria, for the first four years, with phased-in reduction in the subsequent two
years, for sale in countries outside South America. The price will be the average net price offered by
Fibria in the market.
The commercial operation resulting from the contract is an innovation in the global pulp market
which will benefit both companies, since it combines Fibria's commercial expertise with Klabin's
acknowledged production abilities.
2
BASIS OF PRESENTATION OF THE QUARTERLY INFORMATION AND

SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of presentation of the quarterly information

The Company presents its parent company and consolidated quarterly information in accordance
with the accounting standard CPC 21 - "Interim Financial Reporting" issued by the Brazilian
Accounting Pronouncements Committee (CPC), and IAS 34 - "Interim Financial Reporting" issued
by the International Accounting Standards Board (IASB), applicable to the preparation of Interim
Financial Information (ITR), and in accordance with the standards issued by the Brazilian
Securities Commission (CVM).
2.2 Summary of significant accounting practices adopted

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
The accounting practices adopted by the Company and its subsidiaries for the preparation of the
quarterly information are consistent with those used for the preparation of the last annual financial
statements at December 31, 2015, and are disclosed in Note 2.2 to those financial statements.
This quarterly information should be read together with those annual financial statements.
3
CONSOLIDATED QUARTERLY INFORMATION
Subsidiaries are fully consolidated from the date of acquisition of control and continue to be
consolidated until the date on which such control ceases to exist, except for jointly-controlled
entities (joint ventures), which are accounted for using the equity accounting method both in the
parent company quarterly information and in the consolidated quarterly information.
The subsidiaries' quarterly information is prepared for the same reporting period as that of the
parent company, using accounting policies that are consistent with the policies adopted by the
parent company. The following criteria are adopted for consolidation purposes: (i) investments in
subsidiaries and equity in the results of investees are eliminated, and (ii) profits from intercompany
transactions and the related assets and liabilities are also eliminated. The consolidated quarterly
information covers Klabin S.A. and its subsidiaries at March 31, 2016, December 31, 2015 and
March 31, 2015, as follows:
Own er sh ip - %
Cou n t r y
Su bsi di a r ies:
Kla bin A r g en t in a S.A .
Kla bin Lt d.
A r g en t in a
Ca y m a n
Isla n ds
Un ited
Kin g dom
A ct i v i t y
Pa r t i ci pa t i on
3/31/2016 12/31/2015
3/31/2015
In du st r ia l sa ck s
Dir ect
1 00
1 00
1 00
In v est m en ts in ot h er com pa n ies
Dir ect
1 00
1 00
1 00
In dir ect
1 00
1 00
1 00
Dir ect
1 00
1 00
1 00
Dir ect
1 00
1 00
1 00
Dir ect
1 00
1 00
1 00
Dir ect
1 00
1 00
1 00
Kla bin do Pa r a n Pr odu t os Flor est a is Lt da .
Br a zil
Kla bin Flor est a l Lt da .
Br a zil
Sa le of pr odu ct s in th e for eig n

m a r k et
Sa le of pr odu ct s in th e for eig n
m a r k et
H otels
Ma n u fa ct u r e of ph y t ot h er a pic
pr odu cts
For est r y
Mon ter la Holdin g s S.A .
Br a zil
In v est m en t in com pa n ies
Dir ect
1 00
1 00
1 00
Lu x em bou r g
Fin a n ce
Dir ect
1 00
1 00
1 00
Cor r eia Pin t o
Br a zil
Refor est a tion
Dir ect
89
89
88
CG For est
Br a zil
Refor est a tion
Dir ect
75
77
76
Mon te A leg r e
Br a zil
Refor est a tion
Dir ect
72
76
73
Br a zil
Refor est a tion
Dir ect
51
51
51
. Kla bin T r a de
Kla bin For est Pr odu cts C om pa n y
IKA P Em pr een dim en tos Lt da .
Kla bin Fin a n ce S. A .
USA
Br a zil
SPCs:
Joi n t v en t u r es (n ot con sol i da t ed)

Flor est a l V a le do Cor isco S.A .
Investment in joint ventures

Considering its characteristics, the investment in Florestal Vale do Corisco S.A. is classified as a
joint venture and is recorded using the equity accounting method.
4
CASH AND CASH EQUIVALENTS
In accordance with its policy, the Company has made low-risk investments with no significant risk
of changes in value with financial institutions considered by management as prime banks both in
Brazil and abroad, based on the ratings assigned to them by risk ratings agencies. Management
records these financial assets as cash and cash equivalents due to their immediate liquidity with
financial institutions, and their insignificant risk of changes in value.

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
Ca sh a n d ba n k deposit s - loca l cu r r en cy
Ca sh a n d ba n k deposit s - for eig n cu r r en cy (i)
Fin a n cia l in v estm en t s - loca l cu r r en cy
Fin a n cia l in v estm en t s - for eig n cu r r en cy (i)
Con sol i da t ed
3/31/2016
12/31/2015
3/31/2016
12/31/2015
8 ,0 1 4
2 0 ,4 1 6
8 ,7 0 3
2 1 ,5 9 0
4 ,1 3 7 ,3 5 0
3 4 3 ,5 2 8
4,488,892
1 3 ,7 5 1
3 4 ,9 2 1
3 ,6 6 1 ,8 2 7
4 ,2 3 8 ,3 7 6
3 ,7 6 7 ,0 2 1
1 ,0 4 4 ,0 2 0
5,304,850
1 ,2 3 0 ,1 9 1
5,053,723
3 4 8 ,9 4 1
4,031,184
(i) In U.S. do lla rs
Financial investments in local currency, relating to Bank Deposit Certificates (CDBs) and
repurchase transactions, are indexed to the Interbank Deposit Certificate (CDI) rate with an average
annual yield of 14.33% (14.32% at December 31, 2015). Financial investments in foreign currency,
relating to time deposits in US Dollars, have an average annual yield of 1.90% (1.90% at December
31, 2015). These investments have daily liquidity, as guaranteed by the financial institutions.
5
MARKETABLE SECURITIES
Marketable securities comprise National Treasury Bills (LFTs), with yields indexed to the Special
System for Settlement and Custody (SELIC) interest rate, and with maturities up to 2020. At March
31, 2016, the balance of these securities was R$ 575,070 (R$ 557,143 at December 31, 2015).
Management has classified these securities as available-for-sale financial assets. There is an active
trading market for securities with these characteristics, and their fair value substantially represents
the principal plus originally established interest.
Marketable securities are included in Level 1 of the fair value measurement hierarchy, according to
the hierarchy defined in CPC 46 (equivalent to IFRS 13), "Fair value measurement", since they are
assets with prices quoted in the market.

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
TRADE RECEIVABLES
3/31/2016
12/31/2015
Con sol ida t ed

3/31/2016
12/31/2015
9 2 0,2 3 2
T r a de r eceiv a bl es
. Loca l
8 6 6 ,7 8 7
9 2 0,1 7 1
8 6 6 ,8 4 9
. For eig n
2 2 5 ,2 1 9
2 5 1 ,3 6 9
4 8 7 ,3 7 0
6 1 8,83 9
1,092,006
1,171,540
1,354,219
1,539,071
T ot a l t r a de r ecei v a bl es
Pr ov ision for im pa ir m en t of t r a de
r eceiv a bles
(3 5 ,7 3 3 )
(3 7 ,9 0 7 )
(3 5 ,7 8 5 )
(3 7 ,9 7 2 )
1,056,273
1,133,633
1,318,434
1,501,099
Ov er du e
% on t ot a l por t folio (w it h ou t pr ov ision
for im pa ir m en t of t r a de r eceiv a bles)
1 t o 1 0 da y s
70,796
91,490
74,081
92,594
3 .2 1 %
4 .5 7 %
2 .8 3 %
3 .5 5 %
1 ,3 5 8
4 ,6 8 5
1 ,3 5 8
4 ,6 8 5
1 1 t o 3 0 da y s
1 0 ,9 5 3
1 0,4 8 3
1 3 ,6 2 2
1 0,87 5
3 1 t o 6 0 da y s
1 2 ,7 7 5
6 ,9 6 1
1 3 ,3 3 9
7 ,6 08
6 1 t o 9 0 da y s
2 ,3 4 6
1 4 ,3 4 4
2 ,3 4 6
1 4 ,3 4 4
Ov er 9 0 da y s
4 3 ,3 6 4
5 5 ,01 7
4 3 ,4 1 6
5 5 ,08 2
9 8 5 ,4 7 7
1,092,006
1 ,0 4 2 , 1 4 3
1,171,540
1 ,2 4 4 ,3 5 3
1,354,219
1 ,4 0 8 , 5 0 5
1,539,071
Not y et du e
T ot a l por t fol io
The average collection period for trade receivables is approximately 85 days for domestic market
sales and approximately 120 days for foreign market sales, and interest is charged after the
contractual maturity date. As mentioned in Note 25, the Company has rules for monitoring
receivables and overdue notes as well as for the risk of not receiving the amounts arising from credit
sale transactions.
The provision for the impairment of trade receivables is considered sufficient to cover any losses on
the outstanding receivables. The changes in the provision for the impairment of trade receivables
were as follows:
Con sol ida t ed
A t Decem ber 31, 2014
(45,177)
(45,245)
Pr ov ision for t h e per iod
(1 6 , 3 4 9 )
(1 6 ,3 4 7 )
Rev er sa ls
1 ,7 5 0
1 ,7 5 0
Defin it iv e w r it e-off
2 1 ,86 9
2 1 ,87 0
(37,907)
(37,972)
(2 , 3 7 5 )
(2 ,3 6 2 )
Pr ov ision for t h e per iod

Rev er sa ls
Defin it iv e w r it e-off
A t Ma r ch 31,2016
4 02
402
4 ,1 4 7
4 ,1 4 7
(35,733)
(35,785)
The balance of the provision for the impairment of trade receivables relates mainly to trade notes
overdue for more than 90 days. The expense incurred on the recognition of the provision for the
impairment of trade receivables is recorded in the statement of operations, under "Selling
expenses".

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
RELATED PARTIES
a) Balances and transactions with related parties
3/31/2016
T y pe of r el a t ion sh ip
Ba l a n ces
Cu r r en t a sset s
Non -cu r r en t a sset s
Cu r r en t lia bilit ies
Non -cu r r en t lia bilit ies
T r a n sa ct ion s
Sa les r ev en u e
Pu r ch a ses
In t er est ex pen ses on fin a n cin g
Gu a r a n t ee com m ission - ex pen ses
Roy a lt y ex pen ses
(i)
(ii)
(iii)
(iv )
(v )
(v i)
(v ii)
(v iii)
Kla bin
Kla bin
Kla bin
Soc. Con t a de
Pa r t icipa o
Mon t eir o
A ranha
Kla bin
Ir m os
T r a de
A r g en t in a
Fin a n ce
Cor r eia Pin t o
S.A .
& Cia .
BNDES
Ot h er
(i) a nd (vi)
(i)
(vi)
(ii) a nd (v)
(iii)
(iii),(iv) a nd (viii)
(vi)
(vii) a nd (viii)
S ubs idia ry
S ubs idia ry
S ubs idia ry
S to c kho lde r
S to c kho lde r
S to c kho lde r
8 1 4 ,3 5 5
3 4 ,9 8 2
1 ,7 2 2
91
2 9 7 ,4 7 3
(5 5 )
1 ,4 3 1
2 3 ,7 4 9
1 , 7 2 6 ,0 6 7
2 3 ,4 4 8
97 8
1 ,5 7 9
656
3 ,2 00
4 7 0,4 8 3
3 , 8 8 1 ,1 8 3
3 ,9 6 8
2 ,5 6 5
1 2 ,3 7 2
1 08
1 ,9 2 8
(2 ,4 1 3 )
(2 9 , 6 0 9 )
(8 2 , 0 6 3 )
(1 , 7 9 4 )
Balance receivable from product sale transactions carried out under terms and conditions established between the parties;
Purchases of timber at usual market prices and on normal terms and conditions;
Licensing for the use of brands;
Prepaid expenses for guarantee commission, calculated based on the BNDES financing balance of 1% semiannually;
Supply of seedlings, seeds and services at usual market prices and under normal terms and conditions;
Loans raised based on normal market conditions;
Advances on future capital subscriptions;
Other
12/31/2015 3/31/2015
(7 , 3 3 3 )
(8 , 7 5 4 )
(1 ,4 0 8 )
T ot a l
T ot a l
855,714
2,565
513,761
5,607,449
772,425
1,799
457,287
5,285,610
322,849
(2,413)
(111,727)
(7,333)
(11,956)
T ot a l
233,638
(2,616)
(59,108)
(4,079)
(10,731)

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
Con sol ida t ed
T y pe of r el a t ion sh i p
Mon t eir o
Kla bin
Aranha
Ir m os
S.A .
& Cia .
BNDES
Ot h er
(i)
(i), (ii) and (iv)
(iii)
(iv)
Stockholder
Stockholder
Stockholder
656
3 ,2 0 0
3/31/2016
12/31/2015
3/31/2015
T ot a l
T ot a l
T ot a l
Ba l a n ces
Cu r r en t a ssets
97 8
Cu r r en t lia bilit ies

Non -cu r r en t lia bilit ies
4 7 0 ,4 8 3
978
1,081
474,954
425,044
3,881,183
3,723,450
61 5
3 , 8 8 1 ,1 8 3
T r a n sa ct ion s
In t er est ex pen ses on fin a n cin g
(8 2 ,0 6 3 )
G u a r a n t ee com m ission - ex pen ses

Roy a lt y ex pen ses
(82,063)
(7 ,3 3 3 )
(1 ,7 9 4 )
(8 ,7 5 4 )
(1 ,4 0 8 )
(48,033)
(7,333)
(4,079)
(11,956)
(10,731)
(i) Licen sin g for t h e u se of br a n ds;

(ii) Pr epa id ex pen ses for g u a r a n tee com m ission , ca lcu la t ed ba sed on t h e BNDES fin a n c in g ba la n ce of 1 % sem ia n n u a lly ;
(iii) Loa n s obta in ed ba sed on u su a l m a r k et con dition s;
(iv ) Ot h er
b) Management and Fiscal Board remuneration and benefits

Management and Fiscal Board remuneration is determined by the stockholders at the Annual
General Meeting, in accordance with the Brazilian corporate legislation and the Company's bylaws.
Accordingly, at the Annual General Meeting held on March 10, 2016, the stockholders established
the overall amount of the annual remuneration of the members of the Board of Directors and
Statutory Audit Board as up to R$ 56,100 for 2016 (R$ 46,094 for 2015).
The table below shows the remuneration of the members of the Board of Directors and Statutory
Audit Board:
Sh or t t er m
3/31/2016
3/31/2015
Boa r d of Dir ect or s a n d
St a t u t or y A u dit Boa r d
7 ,8 5 0
7 ,3 8 1
Pa r en t com pa n y a n d Con sol i da t ed

Lon g t er m
T ot a l ben efit s
3/31/2016
3/31/2015
3/31/2016
3/31/2015
2 ,2 0 7
1 ,4 3 6
1 0,05 7
8 ,8 1 7
Management remuneration includes the fees paid to the Board members, along with the fees paid
to, and variable remuneration of, officers. Long term benefits relate to contributions made by the
Company to the pension plan. These amounts are mainly recorded under "Operating expenses administrative".
In addition, the Company grants a stock option plan to the statutory directors and other executives,
as described in Note 22.

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
INVENTORY
3/31/2016
12/31/2015
Con sol ida t ed

3/31/2016
12/31/2015
Fin ish ed pr odu ct s
1 7 3 ,03 7
1 2 4 ,4 1 3
2 1 7 ,2 9 3
1 6 2 ,8 9 9
Ra w m a t er ia ls
1 8 3 ,7 7 0
1 6 2 ,88 9
2 2 6 ,7 0 1
1 9 6 ,4 5 9
Tim ber a n d log s
2 0 0 ,4 6 6
1 5 0,84 2
2 0 0 ,4 6 6
1 5 0 ,8 4 2
Fu el a n d lu br ica n t s
8,9 03
7 ,1 3 7
8 ,9 0 3
7 ,1 3 7
Ma in t en a n ce su pplies
1 7 3 ,5 3 1
1 6 1 ,9 5 6
1 7 8 ,1 8 8
1 6 7 ,4 7 8
Pr ov ision for losses
(1 7 , 0 9 4 )
(1 3 ,6 3 3 )
(1 7 , 2 7 5 )
(1 3 , 8 6 2 )
1 7 ,0 3 8
739,651
2 0,2 07
613,811
2 0,4 00
834,676
3 0,1 7 3
701,126
Ot h er
Raw materials inventory includes paper rolls transferred from paper units to conversion units.
The expenses incurred for the recognition of provision for inventory losses is recorded in the
statement of operations under "Cost of products sold".
The Company does not have any inventory pledged as collateral.
9
TAXES RECOVERABLE
3/31/2016
Cu r r en t
a sset s
V a lu e-a dded T a x on Sa les a n d Ser v ices (ICMS)

Soc ia l In t eg r a t ion Pr og r a m (PIS)
Soc ia l Con t r ibu t ion on Rev en u e (C OFINS)
In com e t a x /soc ia l con t r ibu t ion
Ot h er
1 4 1 ,5 5 1
4 4 ,5 1 3
1 9 8,4 2 9
6 1 ,4 5 1
3 0,3 6 7
476,311
Su bsidia r ies
1 0 ,1 0 8
Con sol i da t ed
486,419
12/31/2015
Non -cu r r en t
a sset s
1 , 1 8 7 ,2 1 3
1 0,7 7 4
6 1 ,9 1 6
3 7 ,82 6
1,297,729
1,297,729
Cu r r en t
a sset s
1 2 2 ,3 9 7
4 0,05 6
1 7 9 ,3 2 9
3 2 4 ,0 4 1
5 7 ,9 2 5
723,748
Non -cu r r en t
a sset s
1 ,04 8,89 7
1 0,89 7
6 2 ,5 7 8
3 7 ,2 6 6
1,159,638
1 2 ,7 5 3
736,501
1,159,638
COFINS - Social Contribution on Revenue

ICMS - Value-added Tax on Sales and Services
PIS - Social Integration Program
The Company recognizes credits of taxes and contributions levied on purchases of property, plant
and equipment, as permitted by the prevailing legislation, in addition to the ICMS government
grant obtained from the Government of the State of Paran in relation to the new pulp plant (the
"Puma Project"). The credits are being offset against taxes payable of the same nature or against
other taxes.
Based on analyses and the budget projections approved by management, the Company does not
foresee any risk of non-realization of these tax credits.
PIS/COFINS and ICMS on current assets are expected to be offset against the same taxes payable in
the next 12 months, according to management's estimate.

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
10
INCOME TAX AND SOCIAL CONTRIBUTION
a) Nature and expected realization of deferred taxes

The balances of deferred tax assets and liabilities at March 31, 2016 and December 31, 2015 were as
follows:
3/31/2016
Pr ov ision for t a x , socia l secu r it y , la bor a n d civ il
con t in g en cies
W r it e-off of defer r ed ch a r g es (La w 1 2 ,9 7 3 /1 4 )
12/31/2015
Con sol i da t ed
3/31/2016
12/31/2015
2 0 ,9 1 9
2 4 ,5 5 6
2 0 ,9 1 9
6 ,0 5 4
6 ,3 8 5
6 ,0 5 4
6 ,3 8 5
7 7 0 ,2 4 9
2 0 ,3 1 4
8 9 2 ,3 9 2
2 0 ,3 1 4
7 7 0 ,2 4 9
2 0 ,3 1 4
8 9 2 ,3 9 2
2 0 ,3 1 4
Non -cu r r en t a sset s
5 6 ,5 3 9
874,075
6 4 ,8 9 7
1,008,544
5 6 ,6 0 6
874,142
6 4 ,9 8 1
1,008,628
Fa ir v a lu e of biolog ica l a ssets
6 4 1 ,3 5 7
6 9 2 ,3 4 0
6 5 8 ,0 6 1
8 5 6 ,3 6 9
3 3 2 ,5 0 8
3 2 2 ,0 3 2
3 3 2 ,5 0 8
3 2 2 ,0 3 2
4 8 9 ,1 7 8
4 8 9 ,1 7 8
5 6 1 ,7 9 8
5 6 1 ,7 9 8
4 5 ,2 6 8
4 5 ,6 4 1
4 5 ,2 6 8
4 5 ,6 4 1
2 5 ,0 9 2
2 5 ,0 9 2
2 5 ,0 9 2
2 5 ,0 9 2
In ter est ca pit a lized (La w 1 2 ,9 7 3 /1 4 )
1 7 6 ,3 5 7
1 3 1 ,9 3 9
1 7 6 ,3 5 7
1 3 1 ,9 3 9
Ot h er t em por a r y differ en ces
2 ,6 3 3
1,712,393
2 0 ,0 4 6
1,726,268
2 ,6 3 3
1,801,717
2 0 ,0 2 6
1,962,897
838,318
717,724
927,575
954,269
In com e t a x a n d socia l con t r ibu t ion losses

A ct u a r ia l lia bility
Ot h er t em por a r y differ en ces
Rev ision s to u sefu l liv es of pr oper t y , pla n t a n d

equ ipm en t (La w 1 2 ,9 7 3 /1 4 )
Deem ed cost of pr oper t y , pla n t a n d equ ipm en t
(la n d)
A dju st m en t t o pr esen t v a lu e of ba la n ces
A sset r ev a lu a t ion r eser v e
Non -cu r r en t l ia bi l i t i es
Net ba l a n ce i n t h e ba la n ce sh eet (li a bi l i t i es)
2 4 ,5 5 6
Management, based on the budgets approved by the Board of Directors, estimates that tax credits
arising from temporary differences and tax losses will be realized as follows:
3/31/2016
Con sol ida t ed
2 01 7
2 5 6 ,0 3 6
2 5 6 ,03 6
2 01 8
1 9 4 ,9 1 3
1 9 4 ,9 1 3
2 01 9
1 5 8,9 00
1 5 8,800
2 02 0
2 6 4 ,2 2 6
874,075
2 6 4 ,3 9 3
874,142
The above projection of the realization of the balance might not materialize if the estimates utilized
for the preparation of the quarterly information differ from the actual amounts.
Information regarding the Company's taxes that are subject to litigation is disclosed in Note 17.
b) Analysis of income tax and social contribution in the results

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
Cu r r en t t a x ex pen se
Cu r r en t
Rec og n it ion a n d r ev er sa l of t em por a r y differ en ces
Rev ision s t o u sefu l liv es of pr oper t y , pla n t a n d equ ipm en t
V a r ia t ion in fa ir v a lu e a n d deplet ion of biolog ica l a sset s
Defer r ed
Fr om 1/1 t o
Fr om 1/1 t o
Fr om 1/1 t o
Fr om 1/1 t o
3/31/2016
3/31/2015
3/31/2016
3/31/2015
(2 6 4 ,7 4 7 )
(264,747)
11
11
(2 6 8 ,1 2 8 )
(268,128)
(2 ,9 6 3 )
(2,963)
(9 7 ,2 9 5 )
3 6 7 ,09 4
2 9 ,6 2 6
3 6 7 ,6 0 7
1 0 ,4 7 6
5 9 ,9 01
1 0,4 7 6
5 9 ,9 0 1
(5 0 ,9 8 3 )
(137,802)
(3 4 ,2 4 1 )
392,754
(3 0,5 9 9 )
9,503
(3 4 ,4 9 7 )
393,011
c) Reconciliation of income tax and social contribution with the result of applying the
statutory tax rate
Fr om 1/1 t o Fr om 1/1 t o
3/31/2016
3/31/2015
In com e befor e in com e t a x a n d soci a l con t r i bu t i on
1,476,061
In c om e t a x a n d socia l con tr ibu t ion a t t h e r a te of 3 4 %

T a x effect on per m a n en t differ en ces:
Differ en ce in t a x a tion - su bsidia r ies
Ot h er effects
In c om e t a x a n d socia l con tr ibu t ion
. Cu r r en t
. Defer r ed
In com e t a x a n d soci a l con t r i bu t i on expen se
Fr om 1/1 t o Fr om 1/1 t o
3/31/2016
3/31/2015
(1,121,331)
1,332,137
(1,118,614)
(5 0 1 ,8 6 1 )
3 8 1 ,2 5 3
(4 5 2 ,9 2 7 )
3 8 0 ,3 2 9
7 4 ,5 1 0
2 4 ,802
3 ,9 5 8
7 ,5 5 4
1 7 0,6 2 3
(2 ,4 1 2 )
2 6 ,0 9 1
1 ,1 5 4
2 ,5 6 2
6 ,0 0 3
(402,549)
392,765
(258,625)
390,048
(2 6 4 , 7 4 7 )
(1 3 7 , 8 0 2 )
11
3 9 2 ,7 5 4
(2 6 8 ,1 2 8 )
9 , 5 03
(2 , 9 6 3 )
3 9 3 ,0 1 1
(402,549)
392,765
(258,625)
390,048

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
11
INVESTMENTS IN SUBSIDIARIES AND JOINTLY-CONTROLLED ENTITIES

A cqu isit ion s a n d ca pit a l con t r ibu t ion s
Div iden ds dist r ibu t ed
Equ it y in t h e r esu lt s of in v est ees (iii)
For eig n ex ch a n g e v a r ia t ion s on in v est m en t s a br oa d
A cqu isit ion s a n d ca pit a l con t r ibu t ion s
Equ it y in t h e r esu lt s of in v est ees (iii)
For eig n ex ch a n g e v a r ia t ion s on in v est m en t s a br oa d
A t Ma r ch 31, 2016
Kla bin
Lim it ed
(i)
67,913
18
Kla bin
A r g en t in a
S. A .
55,721
Kla bin
Fin a n ce
S.A .
(25,382)
1 0 9 ,8 8 0
3 ,5 7 9
1 9 ,1 1 2
(3 0 , 3 7 8 )
71,510
(5 ,0 4 4 )
69,789
2 ,8 9 4
74,404
3 ,2 5 3
(1 4 ,9 6 4 )
58,078
Flor est a l
V a le do Cor isco
S.A . (ii)
483,204
Soc. Con t a de
Pa r t icipa o
Cor r eia Pin t o
463,605
(1 7 ,0 0 7 )
(4 ,9 0 0 )
2 9 ,6 4 1
(1 ,0 0 7 )
Soc. Con t a de
Pa r t icipa o
CG For est
68,403
Soc. Con t a de
Pa r t icipa o
Mt A leg r e
118,763
1 4 ,6 4 7
3 4 ,7 08
7 4 ,4 0 5
7 4 ,4 0 5
1 0 ,4 0 0
1 1 3 ,9 1 5
5 4 ,1 1 6
5 9 ,7 9 9
3 ,2 5 4
495,838
457,698
83,050
153,471
7 ,0 9 4
1 4 6 ,7 2 2
2 1 ,4 6 6
4 2 ,7 8 0
13,816
687
(8 7 3 )
49,930
502,932
604,420
104,516
196,251
13,630
1 ,84 2 ,1 7 5
1 ,7 9 2 ,2 4 4
4 9 ,9 3 1
3 ,9 4 0
1 ,3 4 6 ,1 6 3
3 5 8 ,6 7 4
9 8 7 ,4 8 9
1 9 ,5 8 0
7 5 8 ,4 7 6
8 4 ,7 0 4
6 7 3 ,7 7 2
1 4 8 ,2 0 5
1 3 9 ,4 6 8
3 ,5 1 2
1 3 5 ,9 5 6
2 7 ,9 0 8
2 5 4 ,6 9 2
8,4 4 3
2 4 6 ,2 4 9
4 2 ,7 8 0
(i) P a re nt c o m pa ny o f Kla bin Tra de .

(ii) B e c a us e it is a jo int ve nture (No te 3), Va le do Co rs ic o is no t c o ns o lida te d a nd is the o nly inve s tm e nt in the c o ns o lida te d ba la nc e s he e t tha t is a c c o unte d fo r o n a n e quity ba s is .
(iii) Inc lude s the e ffe c ts o f va ria tio ns in, a nd the re a liza tio n o f, fa ir va lue o f bio lo gic a l a s s e ts (No te 13).
14
54,120
(4 , 1 9 0 )
Su m m a r y of t h e fin a n cia l i n for m a t ion of su bsidia r ies a t Ma r ch 31, 2016

T ot a l a sset s
T ot a l l ia bil it ies
Equ it y
Pr ofit (l oss) for t h e per iod
Ot h er
11,432
2 ,3 7 0
T ot a l
1,243,659
1 1 2 ,2 6 8
(2 1 ,9 0 7 )
7 0,3 1 6
(5 ,0 4 4 )
1,399,292
687
2 1 9 ,1 4 6
(1 4 ,9 6 4 )
1,604,161

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
12
PROPERTY, PLANT AND EQUIPMENT
a) Composition of property, plant and equipment
La n d
Bu ildin g s a n d con st r u ct ion
Ma ch in er y , equ ipm en t a n d fa cilit ies
Con st r u ct ion in pr og r ess
Ot h er (i)
Con sol ida t ed
La n d
Bu ildin g s a n d con st r u ct ion
Ma ch in er y , equ ipm en t a n d fa cilit ies
Con st r u ct ion in pr og r ess
Ot h er (i)
3/31/2016
12/31/2015
Cost
1 ,7 7 6 ,7 6 0
6 7 8,3 1 1
5 ,04 7 ,1 2 4
7 ,2 7 3 ,2 4 4
4 6 0 ,6 0 8
15,236,047
A ccu m u l a t ed
depr ecia t ion
(2 4 3 ,3 5 1 )
(2 ,3 3 8 ,9 1 0 )
(2 3 9 , 7 7 4 )
(2,822,035)
Net
1,776,760
434,960
2,708,214
7,273,244
220,834
12,414,012
Net
1,776,761
438,188
2,718,311
6,620,794
204,877
11,758,931
2 ,0 0 8 ,5 0 7
6 8 3 ,2 0 5
5 ,06 7 ,1 2 9
7 ,2 7 4 ,3 81
4 6 2 ,5 8 0
15,495,802
(2 4 5 ,4 8 1 )
(2 , 3 4 9 , 9 9 6 )
(2 4 1 , 0 4 9 )
(2,836,526)
2,008,507
437,724
2,717,133
7,274,381
221,531
12,659,276
2,008,613
441,580
2,726,086
6,627,185
205,682
12,009,146
(i) R e fe rs to le a s e ho ld im pro ve m e nts , ve hic le s , furniture a nd fittings a nd IT e quipm e nt.
Information about property, plant and equipment pledged as collateral in transactions carried out
by the Company is disclosed in Note 14.
b) Summary of changes in property, plant and equipment

Pu r ch a ses (i)
Disposa ls
Depr ecia t ion
In t er n a l tr a n sfer s
In t er est ca pit a lized (ii)
Oth er
Pu r ch a ses (i)
Disposa ls
Depr ecia t ion
In t er n a l tr a n sfer s
Oth er
A t Ma r ch 31,2016
La n d
1,784,065
7 ,3 4 8
(2 0 ,9 5 1 )
6 ,2 9 9
1,776,761
-
Bu i l di n gs
and
con st r u ct ion
449,862
(4 ,5 6 3 )
(7 9 0 )
(2 1 ,1 0 7 )
1 4 ,9 5 4
Ma ch i n er y ,
equ i pm en t
a n d fa cil it i es
2,740,247
(3 ,0 6 0 )
(2 7 4 ,2 4 1 )
2 5 5 ,8 6 0
Con st r u ct ion
i n pr ogr ess
2,948,566
3 ,6 8 7 ,3 0 4
(3 2 4 ,1 0 6 )
3 1 3 ,9 7 1
(4 ,9 4 1 )
6,620,794
6 1 3 ,6 9 2
(1 ,0 0 5 )
Ot h er
188,727
1 ,4 2 6
(5 8 2 )
(3 2 ,0 6 9 )
4 6 ,9 9 3
3 82
204,877
(2 8 )
(8 ,6 0 2 )
2 6 ,5 6 9
T ot a l
8,111,467
3 ,6 9 1 ,5 1 5
(2 5 ,3 8 3 )
(3 2 7 ,4 1 7 )
3 1 3 ,9 7 1
(5 ,2 2 2 )
11,758,931
6 1 3 ,6 1 7
(1 ,0 4 2 )
(8 5 ,6 6 0 )
-
(1 6 8 )
438,188
(5 ,2 9 9 )
2 ,0 7 1
(4 9 5 )
2,718,311
(7 5 )
(9 )
(7 1 ,7 5 9 )
6 1 ,7 9 3
1 3 0 ,6 4 0
1 3 0 ,6 4 0
(1 )
1,776,760
(4 7 )
2,708,214
(4 4 4 )
7,273,244
(1 ,9 8 2 )
220,834
(2 ,4 7 4 )
12,414,012
434,960
(9 0 ,4 3 3 )

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
Con sol i da t ed

Pu r ch a ses (i)
Disposa ls
Depr ec ia t ion
In t er n a l t r a n sfer s
Ot h er
Pu r ch a ses (i)
Disposa ls
Depr ec ia t ion
In t er n a l t r a n sfer s
Ot h er
A t Ma rch 31,2016
La n d
2,013,562
9 ,7 3 7
(2 0 , 9 5 1 )
6 ,2 9 9
(3 4 )
2,008,613
(1 0 6 )
2,008,507
Bu i ldi n gs
and
con st ru ct i on
453,484
(4 ,4 8 2 )
(7 8 9 )
(2 1 ,2 6 8 )
1 4 ,9 5 4
Ma ch i n er y ,
equ i pm en t
a n d fa cil i t i es
2,745,677
4 ,3 3 0
(3 ,0 7 7 )
(2 7 5 ,5 6 2 )
2 5 5 ,86 0
(3 1 9 )
441,580
(5 ,3 3 2 )
2 ,0 7 1
(5 9 5 )
437,724
(1 , 1 4 2 )
2,726,086
(1 2 )
(9 )
(7 2 , 0 2 1 )
6 5 ,1 7 6
(2 ,0 8 7 )
2,717,133
Con st r u ct i on
i n pr ogr ess
2,949,530
3 ,6 9 2 , 4 3 5
(3 2 4 ,1 0 6 )
3 1 3 ,9 7 1
(4 ,6 4 5 )
6,627,185
6 1 3 ,7 1 1
(1 ,0 0 5 )
(9 5 ,2 0 7 )
1 3 0,6 4 0
(9 4 3 )
7,274,381
Ot h er
189,134
2 ,0 9 1
(4 8 8 )
(3 2 ,2 7 6 )
4 6 ,9 6 3
25 8
205,682
80
76
(8 ,6 5 6 )
2 6 ,5 6 9
(2 ,2 2 0 )
221,531
T ot a l
8,351,387
3 ,7 0 4 , 1 1 1
(2 5 ,3 0 5 )
(3 2 9 , 1 0 6 )
(3 0 )
3 1 3 ,9 7 1
(5 ,8 8 2 )
12,009,146
6 1 3 ,7 7 9
(9 3 8 )
(8 6 ,0 0 9 )
(1 , 3 9 1 )
1 3 0 ,6 4 0
(5 , 9 5 1 )
12,659,276
(i) Ne t o f rec o ve rable ta xe s (No te 9).

(ii) Inte re s t c apita lize d rela te d to the bo rro wing o bta ine d fo r inves tme nt pro jec ts , s uc h a s the P uma P ro je c t (No te s 14, 15, a nd 21).
Depreciation was mainly allocated to the production cost for the period.
c) Useful lives and depreciation method
The table below shows the annual depreciation rates calculated using the straight line method,
which were applicable in the quarters ended March 31, 2016 and 2015, defined based on the
economic useful lives of the assets:
Buildings and construction
Machinery, equipment and facilities
Other
Rate - %
2.86 to 3.33
2.86 to 10 (*)
4 to 20
(*) Mainly rate of 6%.
d) Construction in progress
The balance of construction in progress at March 31, 2016 relates to the following main projects: (i)
construction of a new pulp plant ("Puma Project"); (ii) expansion of the unit at Angatuba (SP); (iii)
insourcing of forestry transportation; and (iv) current investments in the Company's continuing
operations.
Puma Project
At March 31, 2016, the general physical progress of the Puma Project was at 99% and financial
disbursement was at 84%, as planned. The total amount budgeted for the project is R$ 7.2 billion
(net of recoverable taxes). Disbursements made up to March 31, 2015 total R$ 7.3 billion, with an
estimated R$ 1.2 billion to be paid in 2016, totaling the gross amount invested of the R$ 8.5 billion.
The funds for the investment are guaranteed by financing contracts and debentures issued with
BNDES in 2014, totaling R$ 4.2 billion, in addition to R$ 1.2 billion to be made available by
Finnvera (the Finnish Export Credit Agency), and another R$ 1.2 billion from the Inter-American
Development Bank ("IDB"), totaling R$ 6.6 billion.
During the execution of the project, the Company capitalizes interest on borrowing used to finance
it. In 2016, interest capitalized in property, plant and equipment amounted to R$ 130,640, totaling
R$ 513,937 capitalized during the project, with a weighted average cost of 8% per annum.
The project is currently in the commissionment period for adjustments and tests of systems
performance, while the first pulp bale was produced on March 4, 2016.
e) Commitments

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
Contracts with suppliers taking part in the construction of the pulp plant (i.e. the Puma Project)
have been negotiated. These contracts relate to the main machinery, equipment and services
involved in the construction of the plant. The total value of the contracts was R$ 1.1 billion at March
31, 2016. This amount should be disbursed until at the end of July 2016.
f) Impairment of property, plant and equipment
The Company did not identify indicators of impairment of its assets as at March 31, 2016 and 2015
and December 31, 2015.
13
BIOLOGICAL ASSETS
The Company's biological assets comprise the planting of pine and eucalyptus trees for the supply of
raw materials for the production of the pulp used in the manufacture of paper and for sales of logs
to third parties. Including its interest in the forestry area of its joint venture Florestal Vale do
Corisco, the Company owned 233 thousand hectares of planted areas at March 31, 2016 (235
thousand hectares at December 31, 2015), not considering the permanent preservation areas and
legal reserve that it maintains in compliance with Brazilian environmental legislation.
The balance of the Company's biological assets consists of the cost of the formation of forests and of
the fair value difference on the cost of formation, less the costs necessary to prepare the assets for
use or sale, resulting in a overall balance of biological assets recorded at fair value, as follows:
Cost of dev elopm en t of biolog ica l a sset s
Fa ir v a lu e a dju st m en t of biolog ica l a sset s
3/31/2016
1 , 8 7 0 ,4 6 8
8 3 8 ,4 0 1
2,708,869
12/31/2015
8 3 6 ,7 2 6
2 , 0 2 0 ,4 1 6
2,857,142
Con sol i da t ed
3/31/2016
1 ,1 0 9 ,2 7 3
2 ,4 1 2 ,7 9 5
3,522,068
12/31/2015
1 ,1 0 3 , 5 9 6
2 ,5 0 2 ,7 9 3
3,606,389
The fair value measurement of biological assets considers certain estimates, such as estimates of the
price of wood, the discount rate, the harvesting plan for the forests and the productivity level, all of
which are subject to uncertainties and fluctuations, which could have an impact on the Company's
future results.
a) Assumptions regarding the recognition of the fair value of biological assets
The Company recognizes its biological assets at fair value. In its calculation of this fair value, the
Company adopts the following assumptions:
(i) Eucalyptus forests are maintained at historical cost through the third year of planting and pine
forests through the fifth year of planting, based on management's understanding that during this
period the historical cost of biological assets approximates their fair value.
(ii) After the third and fifth years of the planting of eucalyptus and pine forests, respectively, the
forests are measured at fair value, which reflects the sales price of the asset less the costs necessary
to prepare the assets for their intended use or sale.
(iii) The methodology utilized in the fair value measurement of biological assets corresponds to the
discounted future cash flow estimated according to the projected productivity cycle of the forests,
taking into consideration price variations and the growth of biological assets.
(iv) The discount rate utilized for cash flow is the Company's weighted average cost of capital, which
is reviewed annually by management.

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
(v) The projected productivity volumes of forests are determined based on a categorization which
considers the forest type, genetic material, handling system, productive potential, rotation and age.
Together, these characteristics form an index called the Average Annual Growth (AAG) index, which
is expressed in cubic meters per hectare/year, and which is utilized as the basis in the projection of
productivity. The Company's harvesting plan varies mainly from six to seven years for eucalyptus
trees and 14 to 15 years for pine trees.
(vi) The prices of biological assets, denominated in R$/cubic meter, are obtained through market
price surveys carried out by specialized firms. The prices obtained are adjusted by deducting the
cost of capital relating to land, since this asset contributes to the planting of forests, and other costs
necessary to prepare the assets for sale or consumption.
(vii) Planting expenses relate to the costs of the development of the biological assets.
(viii) The depletion of biological assets is calculated based on the fair value of the biological assets
harvested in the period.
(ix) The Company has decided to review the fair value of its biological assets on a quarterly basis,
since it understands that this period is sufficiently short to prevent any significant misstatement in
the fair value of the biological assets recorded in its financial information.
b) Reconciliation and movement in fair value
Pla n t in g
Con sol i da t ed
3,010,395
3,667,085
7 0 ,0 6 9
1 0 0 ,4 7 1
Deplet ion :
. Hist or ica l cost
. Fa ir v a lu e a dju st m en t
(7 7 ,7 2 8 )
(7 9 ,8 1 4 )
(5 9 8 ,3 1 6 )
(6 0 5 ,4 8 9 )
Ch a n g e in fa ir v a lu e du e t o:
. Pr ice
. Gr ow t h
Sa le of a sset s
Pla n t in g
1 1 ,9 5 0
3 6 ,1 1 4
4 5 2 ,7 4 9
4 9 9 ,9 9 9
(1 1 ,9 7 7 )
(1 1 ,9 7 7 )
2,857,142
3,606,389
1 8 ,5 7 3
2 5 ,6 0 6
Deplet ion :
. Hist or ica l cost
. Fa ir v a lu e a dju st m en t
(1 6 , 8 9 9 )
(1 9 ,9 3 1 )
(1 5 1 ,2 0 3 )
(1 5 3 ,4 4 3 )
Ch a n g e in fa ir v a lu e du e t o:
. Pr ice
1 0 ,1 1 2
1 6 ,1 0 5
. Gr ow t h
(8 ,8 5 6 )
4 7 ,3 4 2
A t Ma r ch 31, 2016
2,708,869
3,522,068
The depletion of biological assets in the periods presented was mainly included in production cost,
after allocation to inventory through the harvesting of forests and their use in the production
process or their sales to third parties.
c) Sensitivity analysis

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
In accordance with the hierarchy set out in CPC 46 (equivalent to IFRS 13), "Measurements at fair
value", the calculation of biological assets is classified as Level 3 due to its complexity and
calculation structure.
The assumptions applied include sensitivity to the prices used in the evaluation and the discount
rate used in the discounted cash flow. Prices refer to the prices obtained in the regions in which the
Company is located. The discount rate corresponds to the average cost of capital, taking into
consideration the basic interest rate (SELIC) and inflation levels.
Significant increases (decreases) in the prices used in the appraisal would result in an increase
(decrease) in the measurement at fair value of the biological assets. The weighted average price used
in the appraisal of the biological assets for the quarter ended March 31, 2015 was equivalent to
R$ 57/m3 (R$ 57/m3 at December 31, 2015).
The effects of a significant increase (decrease) in the discount rate used in the measurement of the
fair value of biological assets would result in a decrease (increase) in the values measured. The
Company's WACC is updated on an annual basis. The new rate is applied from the date of the first
quarterly evaluation for each year, and this rate remains unchanged for the year. The discount rate
used in the appraisal of the biological assets for the quarter ended March 31, 2016 was 6.4% in
constant currency (5.9% at December 31, 2015).

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
14
BORROWING
a) Composition of borrowing
A n n u a l i n t er est r a t e - %
3/31/2016
Cu r r en t
In l oca l cu r r en cy
. BNDES - Pr oject MA 1 1 0 0
. BNDES - Pr oject Pu m a
. BNDES Ot h er
. BNDES - FINA ME
. Ex por t c r edit n ot es (in R$)
. Ot h er
. Com m ission
T JLP + 2 . 0 a n d ba sket (i) + 1 .5

6 .0 t o T JLP + 2 .4 8
T JLP + 4 . 8 2 a n d ba sket (i) + 2 . 0 6
2 .5 t o 1 0 .2 8
CDI
1 .0 t o 6 .8
Non cu r r en t
T ot a l
2 8,07 5
1 01 ,4 6 4
1 5 3 ,1 7 7
1 05 ,1 6 3
5 4 ,7 6 1
5 2 ,82 5
(2 , 09 8 )
1 ,6 4 7 , 1 2 6
4 7 1 ,5 1 6
2 86 ,89 1
9 6 1 ,5 00
1 3 7 ,1 6 0
(8 ,7 8 0 )
2 8,07 5
1 ,7 4 8 , 5 9 0
6 2 4 ,6 9 3
3 9 2 ,05 4
1 , 0 1 6 ,2 6 1
1 89 ,9 85
(1 0 ,8 7 8 )
4 9 3 ,3 6 7
3 ,4 9 5 , 4 1 3
3 ,9 8 8 , 7 8 0
USD + 6 .6
3 9 ,5 01
1 ,1 8 1 , 5 5 0
1 , 2 2 1 ,0 5 1
USD + 1 .7 1 t o 6 . 7
4 3 ,1 03
2 9 4 ,1 00
3 3 7 , 2 03
6 6 3 ,82 1
5 1 2 ,5 4 3
2 5 ,4 7 1
1 0 7 ,1 0 3
2 0 ,2 4 9
(2 7 ,5 9 6 )
1 ,3 4 2 ,3 1 1
4 ,8 7 8 , 4 5 7
1 , 7 2 6 ,0 6 7
7 1 1 ,7 8 0
9 6 3 ,9 2 3
1 0 4 ,2 5 9
(1 1 8 ,7 8 5 )
2 ,0 0 6 ,1 3 2
5 ,3 9 1 , 0 00
1 , 7 5 1 ,5 3 8
7 1 1 ,7 8 0
1 , 0 7 1 ,0 2 6
1 2 4 ,5 0 8
(1 4 6 ,3 8 1 )
1 ,3 8 4 , 1 9 5
1,877,562
1 1 ,0 8 3 , 6 6 2
14,579,075
1 2 ,4 6 7 , 8 5 7
16,456,637
1 9 ,2 03
(7 8 0 )
(2 5 ,4 7 1 )
(7 , 04 8 )
1,870,514
1 ,7 7 9 , 4 5 0
(5 ,6 5 7 )
(1 ,7 2 6 ,0 6 7 )
4 7 ,7 2 6
14,626,801
1 ,7 9 8 , 6 5 3
(6 ,4 3 7 )
(1 , 7 5 1 ,5 3 8 )
4 0,6 7 8
16,497,315
In for eign cu r r en cy (i i)
. BNDES - Ot h er
.
.
.
.
.
.
.
Ex por t pr epa y m en t s
Ex por t c r edit n ot es
Ex por t pr epa y m en t s in su bsidia r ies
BID
Fin n v er a
Ot h er
Com m ission
USD + Libor 6 M + 1 . 7 t o 6 . 4
USD + 2 . 0 t o 8 . 0
USD + 3 . 1 t o 5 . 7
USD + Libor 6 M + 1 .4 t o 1 . 7 8
USD + Libor 6 M + 1 t o 3 . 4
USD + 1 .9
T ot a l pa r en t com pa n y
Su bsidia r i es:
. Bon ds (Not es)
. Com m ission
. Elim in a t ion of pr epa y m en t s in su bsidia r ies
T ot a l Con sol i da t ed
USD + 5 .2

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
A n n u a l in t er est r a t e - %
12/31/2015
Cu r r en t
In l oca l cu r r en cy
. BNDES - Pr oject MA 1 1 0 0
. BNDES Ot h er
. BNDES - FINA ME
. Ex por t c r edit n ot es (in R$)
. Ot h er
. Com m ission
. BNDES - Ot h er
. Ex por t pr epa y m en t s
. Ex por t c r edit n ot es
. Ex por t pr epa y m en t s in su bsidia r ies
. Fin n v er a
. Ot h er
. Com m ission
T JLP + 2 .0 a n d ba sket (i) + 1 .5

6 . 0 t o T JLP + 2 . 4 8
T JLP + 4 .8 2 a n d ba sket (i) + 2 .0 6
2 .5 to 1 0.2 8
CDI
1 .0 to 6 .8
T ot a l
4 0,9 4 7
4 6 ,7 4 2
1 6 2 ,2 3 3
1 07 ,882
2 1 9 ,6 7 9
7 2 ,6 9 3
(2 ,1 7 4 )
6 4 8 , 0 02
5 07
1 ,6 9 2 , 0 5 4
4 4 1 ,6 6 9
3 1 2 ,3 1 1
9 6 1 , 5 00
1 5 5 ,9 9 5
(4 ,0 4 0 )
3 ,5 5 9 , 9 9 6
4 1 ,4 5 4
1 ,7 3 8 , 7 9 6
6 0 3 , 9 02
4 2 0 ,1 9 3
1 , 1 8 1 ,1 7 9
2 2 8,6 88
(6 ,2 1 4 )
4 ,2 0 7 , 9 9 8
USD + 6 . 6
USD + 1 . 7 1 t o 6 .7
USD + Libor 6 M + 1 .7 t o 6 .4
USD + 2 .0 t o 8 .0
USD + 3 .1 t o 5 .7
USD + Libor 6 M + 1 t o 3 .4
USD + 1 . 9
1 2 ,5 5 8
5 0 ,1 8 2
4 1 5 ,1 8 0
4 9 2 , 9 04
3 0 ,1 2 2
5 8 ,7 5 6
2 7 ,7 2 1
(3 4 ,9 3 1 )
1 ,0 5 2 , 4 9 2
1,700,494
9 9 2 ,04 2
2 84 ,86 7
1 ,5 8 1 , 4 4 4
5 ,3 4 7 , 6 02
1 , 5 6 1 ,9 2 0
1 , 1 1 6 ,3 6 5
1 1 6 ,6 7 1
(1 1 0 ,0 3 1 )
1 0 ,8 9 0 , 8 8 0
14,450,876
1 ,0 0 4 , 6 00
3 3 5 ,04 9
1 ,9 9 6 , 6 2 4
5 ,8 4 0 , 5 06
1 , 5 9 2 ,0 4 2
1 ,1 7 5 , 1 2 1
1 4 4 ,3 9 2
(1 4 4 ,9 6 2 )
1 1 ,9 4 3 , 3 7 2
16,151,370
USD + 5 . 2
4 6 ,7 9 0
(8 5 6 )
(3 0 ,1 2 2 )
1 5 ,8 1 2
1,716,306
1 ,9 5 2 , 4 00
(6 ,4 2 1 )
(1 , 5 6 1 ,9 2 0 )
3 8 4 ,0 5 9
14,834,935
1 ,9 9 9 ,1 9 0
(7 ,2 7 7 )
(1 , 5 9 2 ,0 4 2 )
3 9 9 ,8 7 1
16,551,241
T ot a l pa r en t com pa n y
Su bsidia r ies:
. Bon ds (Not es)
. Com m ission
. Elim in a t ion of pr epa y m en t s in su bsidia r ies
Non cu r r en t
T ot a l Con sol i da t ed
(i) C urre nc y ba s ke t m a inly c o m pris ing US Do lla rs
(ii) In US Do lla rs
BNDES - National Bank for Economic and Social Development

FINAME - Government Agency for Machinery and Equipment Financing
LIBOR 6M -London Interbank Offered Rate - 6 months
TJLP Long Term Interest Rate
National Bank for Economic and Social Development (BNDES)

The Company has contracts with BNDES for the financing of industrial development projects, such
as the construction of the new paper machine in Correia Pinto (SC), the construction of a new
recycled paper machine in Goiana (PE), and the paper segment expansion project, referred to as MA
1100, which will be settled up to January 2017, in addition to the construction of the Project Puma
pulp plant, the settlement of which is projected to take place in 2025. This financing is paid
monthly, along with the related interest.
Export prepayments and export credit notes
Export prepayment and credit note transactions were carried out for the purposes of working capital
management and the development of the Company's operations. These agreements will be settled
up to February 2024.
Bonds (Notes)
The Company, through its wholly-owned subsidiary Klabin Finance S.A., has issued securities
representing debt (Notes) in the international market, which are listed on the Luxembourg
Securities Exchange (Euro MTF). The Notes, of the Senior Notes 144A/Reg S type, amount to
US$ 500 million and mature within ten years, with a coupon of 5.25% paid semi-annually. The
raising of funds, which was concluded on July 16, 2014, had the objective of financing the activities

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
of the Company and its subsidiaries in the normal course of business, in accordance with their
business objectives.
Finnvera (Finnish Export Credit Agency)
As part of the funds necessary for the execution of the Puma Project, the Company entered into a
loan agreement, for the financing of the assets acquired. The commitment amounts to US$ 385
million, divided into two tranches: the first of US$ 347 million with interest of 3.4% p.a. and the
second tranche of US$ 39 million, with interest of LIBOR 6M + 1% p.a., which two disembursments
occurred in 2015 and the remaining will be released over 2016, as the payments to the suppliers of
the project are made.
b) Schedule of non-current maturities
The maturity dates of the Company's borrowing at March 31, 2016, classified in non-current
liabilities in the consolidated balance sheet, are as follows:
Yea r
A m ou n t
2017
1 ,3 6 9 ,2 0 0
2018
2 ,3 7 8 ,7 0 0
2019
2 ,3 4 0 ,2 0 0
2020
2 ,2 6 4 ,4 0 0
2021
1 ,7 4 1 ,1 0 0
2022
1 ,4 0 8 ,2 0 0
2023
on wa r ds
3 ,1 2 5 ,0 0 1
T ot a l
14,626,801

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
c) Summary of changes in borrowing

Bor r ow in g
A ccr u ed in t er est
For eig n ex ch a n g e a n d m on et a r y v a r ia t ion s
Repa y m en t s a n d pa y m en t of in t er est
T r a n sfer s - com m ission
Con sol i da t ed
8,818,356
9,640,108
5 ,5 0 3 , 7 0 4
4 ,9 2 5 ,5 7 9
7 8 3 ,7 5 8
8 8 9 ,2 9 5
3 ,2 6 4 , 9 5 4
3 ,4 2 9 , 5 1 9
(2 ,1 6 9 , 4 2 4 )
(2 ,2 7 9 , 1 2 4 )
(4 9 , 9 7 8 )
(5 4 , 1 3 6 )
16,151,370
Bor r ow in g
1 ,1 5 9 , 3 8 7
8 0 9 ,6 9 7
2 5 4 ,6 6 4
2 5 2 ,5 9 2
(4 0 4 , 3 5 5 )
(3 8 8 , 1 5 1 )
A ccr u ed in t er est
For eig n ex ch a n g e a n d m on et a r y v a r ia t ion s
Repa y m en t s a n d pa y m en t of in t er est
A t Ma r ch 31,2016
(7 0 4 , 4 2 9 )
16,456,637
16,551,241
(7 2 8 ,0 6 4 )
16,497,315
d) Guarantees
The financing agreements with BNDES are guaranteed by the land, buildings, improvements,
machinery, equipment and facilities of the plants in Ptaclio Costa (SC), Telmaco Borba (PR) and
Ortigueira (PR), which are the object of the related borrowings and escrow deposits, as well as
sureties from the controlling stockholders.
The financing from Finnvera is guaranteed by the industrial plants in Angatuba (SP), Lages (SC),
Piracicaba (SP), Betim (MG), and Goiana (PE).
Export credits, export prepayments, and working capital loans are not collateralized.
e) Restrictive covenants
At the end of the reporting period, the Company and its subsidiaries did not have any financing
agreements containing restrictive covenants requiring compliance with financial ratios for the
contracted transactions, where non-compliance would automatically accelerate the maturity of the
debt.
15
DEBENTURES
a) Sixth issue of debentures

On January 7, 2014, the Company concluded the process of subscription and payment of
27,200,000 debentures issued through private placement, with a unit value of R$ 62.50, totaling
R$ 1.7 billion. The debentures issued are subordinated, issued in a single series and in local
currency, without guarantees, and are mandatorily convertible into shares. The conversion of the
debentures will be in the proportion of one debenture for five units, where the certificate of deposit
of shares comprises one common registered share (ON) and four preferred registered shares (PN).
The funds obtained from the issue of the debentures are being allocated to the construction of a
pulp plant related to the Puma Project.

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
The debentures have an effective term of five years, with maturity on January 8, 2019, and are
remunerated at 8% p.a., plus the variation in the Brazilian currency in relation to the US Dollar.
In addition, debentureholders are included in any profit distribution to the Company's stockholders,
which is calculated as if the shares that will be converted in the future already existed, with the
respective amount deducted from the equity due to the debentures nature as equity instruments.
With the end of the lock-up period of the debentures of the 6th issue mandatorily convertible into
shares, on July 6, 2015, the first payment of R$ 317 million of interest and profit sharing in the
amount of R$ 11.66 per debenture was carried out. As of July 7, the debentures started to be traded
on the So Paulo Commodities, Futures and Stock Exchange (BM&FBOVESPA), under the ticker
symbol KLBN-DCA61.
In accordance with CPC 39, "Financial instruments: Presentation", the Company recorded these
debentures as a hybrid instrument (compound), and the present value of the interest up to the
conversion was determined and recognized as a financial liability, whereas the carrying amount of
the equity instrument was recorded at the net amount - that is, the total amount of the debentures
less the present value of the interest payable and less the issuance costs of the security - in the
"Capital Reserve" account in equity.
b) Seventh issue of debentures
The Company concluded its seventh issue of debentures on June 23, 2014, issuing 55,555,000
simple debentures, with personal sureties, combined with a subscription bonus, at the nominal unit
value of R$ 14.40, totaling R$ 800 million, divided simultaneously into two series of 27,777,500
debentures each.
Number
First series
Second series
27,777,500
27,777,500
55,555,000
Unit
value
14.40
14.40
Total value
(R$ thousand) Interest rate
399,996
399,996
799,992
IPCA + 7.25%
IPCA + 2.50%
Maturity
6/15/2020
6/15/2022
Amortization
Without
amortization
Semi-annual
Interest
Nature
Semi-annual
Semi-annual
Convertible debt
Debt
Subscription
bonus
Yes
No
(i) First series - The first series debentures mature on June 15, 2020, and have a yield at the
Amplified Consumer Price Index (IPCA) + 7.25% per annum, with payment of interest on a semiannual basis, and a grace period of two years, without amortization of the principal. They represent
a convertible debt, since they can be utilized at any time until their maturity, at the discretion of the
holder, to subscribe and pay-up shares issued by the Company, in the form of Units (comprising one
common share and four preferred shares), in the proportion of one Unit for each debenture,
through the exercise of the subscription bonus, which will be attributed as an additional benefit to
the debenture holders.
(ii) Second series - The second series debentures mature on June 15, 2022, and have a yield of IPCA
+ 2.50% per annum, paid semi-annually, together with the amortization of the principal, and a
grace period of two years. This series of debentures is not convertible. They are, therefore, not
linked to the subscription bonus.
Those who acquired the first series are obliged to acquire debentures of the second series. The
amount of R$ 28,503 arising from the subscription bonus on the debentures issued was allocated to
equity.
A total of 98.86% of the debentures was subscribed by BNDES and the remaining debentures by
other stockholders in the market.
c) Composition of the balance of debentures

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
Pa r en t com pa n y a n d Con sol ida t ed
3/31/2016
6t h Issu e
7t h Issu e
T ot a l
12/31/2015
6t h Issu e
7t h Issu e
T ot a l
Cu r r en t l i a bil i t i es
. Pr in cipa l
. In t er est
. Mon et a r y r est a t em en t/pr ofit sh a r in g
Non -cu r r en t l ia bi l i t i es
. Pr in cipa l
. In t er est
. A dju st m en t t o pr esen t v a lu e of in ter est
. Mon et a r y r est a t em en t/pr ofit sh a r in g
. Su bscr iption bon u s
Equ i t y - ca pi t a l r eser v e
. Deben t u r es issu ed
. In t er est u p to m a t u r it y a t pr esen t v a lu e
. Su bscr iption bon u s
. Cost of t h e issu e of deben t u r es
T ot a l
16
6 1 ,5 3 7
6 1 ,5 3 7
6 1 ,5 3 8
6 1 ,5 3 8
1 3 6 ,0 0 0
7 5 ,1 9 5
211,195
2 1 7 ,7 9 0
279,327
3 5 3 ,7 9 0
7 5 ,1 9 5
490,522
6 9 ,7 00
2 2 ,6 5 9
92,359
1 7 5 ,9 1 3
237,451
2 4 5 ,6 1 3
2 2 ,6 5 9
329,810
1 3 6 ,0 0 0
(3 6 ,8 5 9 )
6 9 ,3 4 3
168,484
7 3 8,4 1 9
2 2 ,4 4 1
(2 8 ,5 0 3 )
732,357
7 3 8 ,4 1 9
1 3 6 ,0 0 0
(3 6 ,8 5 9 )
9 1 ,7 8 4
(2 8 ,5 0 3 )
900,841
2 7 2 ,0 0 0
(4 4 ,1 1 4 )
1 8 4 ,0 7 6
411,962
7 3 8 ,4 1 9
1 8 ,8 0 1
(2 8 ,5 0 3 )
728,717
7 3 8,4 1 9
2 7 2 ,0 0 0
(4 4 ,1 1 4 )
2 0 2 ,8 7 7
(2 8 ,5 0 3 )
1,140,679
1 ,6 9 1 ,5 6 2
(4 1 0 ,1 1 9 )
2 8 ,5 0 3
(2 9 ,8 4 1 )
1,280,105
2,671,468
1 ,6 9 2 ,9 3 2
(4 1 0 ,1 1 9 )
(2 9 ,8 4 1 )
1,252,972
1,757,293
1 , 6 9 1 ,5 6 2
(4 1 0 ,1 1 9 )
(2 9 ,8 4 1 )
1,251,602
1,631,281
2 8 ,5 0 3
28,503
1,040,187
2 8 ,5 0 3
28,503
994,671
1 , 6 9 2 ,9 3 2
(4 1 0 ,1 1 9 )
2 8 ,5 0 3
(2 9 , 8 4 1 )
1,281,475
2,751,964
TRADE PAYABLES
3/31/2016
12/31/2015
Con sol i da t ed
3/31/2016
12/31/2015
Loca l cu r r en cy
4 9 6 ,7 5 2
5 2 4 ,8 1 9
4 9 6 ,88 9
5 2 4 ,88 9
For eig n cu r r en cy
1 4 8 ,0 8 0
1 7 1 ,4 5 8
1 5 6 ,6 08
1 7 7 ,3 1 0
644,832
696,277
653,497
702,199
The Company's average payment term to operational suppliers is approximately 32 days. In the case
of suppliers of property, plant and equipment, the terms follow the commercial negotiations of each
operation; there is no specific average term.
Regarding this balance, we emphasize the amount due to suppliers relating to the Puma Project (see
Note 12).
17
PROVISION FOR TAX, SOCIAL SECURITY, LABOR AND CIVIL

CONTINGENCIES
a) Provisioned risks
Based on the individual analysis of lawsuits filed against the Company and its subsidiaries and the
opinion of legal counsel, provisions have been constituted and classified in non-current liabilities
for losses considered as probable, as follows:

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
3/31/2016
Pr ov ision ed
a m ou n t
In t h e pa r en t com pa n y :
Rest r i ct ed
ju dicia l
deposit s
Net
l ia bi l i t y
Un r est r ict ed
ju dicia l
deposit s
T a x:
. PIS/COFINS
2 7 ,5 0 2
. ICMS/IPI
2 2 ,3 1 9
. In com e t a x /socia l
con t r ibu t ion
. Ot h er
La bor
Civ il
(3 ,5 7 3 )
3 ,5 7 3
1 ,1 1 6
(1 ,8 9 0 )
1 ,8 9 0
2 ,8 3 2
5 3 ,7 6 9
(5 ,4 6 3 )
5 ,4 6 3
(4 9 ,8 3 9 )
1 7 ,0 0 1
(3 2 , 8 3 8 )
(9 ,7 9 6 )
1 ,7 4 3
(8 , 0 5 3 )
(65,098)
24,207
(40,891)
53,769
Su bsidia r i es:
Ot h er
Con sol ida t ed
(65,098)
24,207
(40,891)
1 ,4 3 5
55,204
12/31/2015
Pr ov ision ed
a m ou n t
In t h e pa r en t com pa n y :
Rest r i ct ed
ju dicia l
deposit s
Net
l ia bi l i t y
Un r est r ict ed
ju dicia l
deposit s
T a x:
. PIS/COFINS
2 7 ,1 9 4
. ICMS/IPI
. In com e t a x /socia l
con t r ibu t ion
. Ot h er
2 2 ,3 1 9
La bor
Civ il
(3 ,5 7 3 )
3 ,5 7 3
1 ,1 1 6
(1 ,8 9 0 )
1 ,8 9 0
1 ,9 5 9
5 2 ,5 8 8
(5 ,4 6 3 )
5 ,4 6 3
(5 0 ,6 6 2 )
1 6 ,1 7 4
(3 4 , 4 8 8 )
(9 ,6 7 2 )
1 ,7 3 1
(7 , 9 4 1 )
(65,797)
23,368
(42,429)
52,588
Su bsidia r i es:
Ot h er
Con sol ida t ed
1
(65,796)
23,368
1
(42,428)
1 ,4 3 5
54,023
IPI - Excise Tax
The risks for which provisions were made by the Company at March 31, 2016 relate to (i) tax
lawsuits, comprising mainly challenges regarding income tax and social contribution on monetary
restatements under Law 8,200/91; (ii) labor lawsuits filed by former employees of the Company's
plants claiming labor rights (severance pay, overtime, hazardous duty and health hazard
premiums), indemnities and joint liability; (iii) civil lawsuits relating mainly to compensation
claims for tangible damage and/or pain and suffering resulting from accidents.
b) Summary of changes in the provisioned amounts

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016

La bor
Civ il
(6,906)
(51,674)
(2 ,1 6 8 )
(1 3 3 )
(2,301)
New la w su it s/in cr ea ses

a n d m on et a r y r est a t em en t s/der ecog n it ion s
Net exposu r e
(44,768)
(Pr ov ision )/r ev er sa ls
1 2 ,4 4 8
(9 0 2 )
11,546
(34,488)
(7,941)
(42,429)
New la w su it s/in cr ea ses

a n d m on et a r y r est a t em en t s/der ecog n it ion s
(Pr ov ision )/r ev er sa ls
A t Ma r ch 31,2016
931
719
(32,838)
(1 1 2 )
(8,053)
819
719
(40,891)
c) Provisions for tax, social security, labor and civil contingencies not recognized
At March 31, 2016, the Company and its subsidiaries were parties to other tax, labor and civil
litigation involving risks of loss evaluated as "possible", totaling approximately: R$ 848,881,
R$ 199,373 and R$ 95,453 respectively. Based on individual analyses of the disputes and the
opinion of the Company's legal counsel, management understands that they do not need to be
provided for, since the likelihood of loss is assessed as only possible.
d) Lawsuits filed by the Company
At March 31, 2016, the Company was a plaintiff in lawsuits of which there was no accounting
recognition in its quarterly information: the related assets will only be recognized after a final and
unappealable decision is rendered and the gain is virtually certain.
The Company's legal counsel assessed the likelihood of a favorable outcome in some of the lawsuits
as "probable", including claims for deemed Excise Tax (IPI) credits on purchases of electrical power,
fuel oil and natural gas used in the production process.
e) Enrollment in the Tax Recovery Program (REFIS)
The Tax Recovery Program (REFIS) (Law 11,941/09 and Law 12,865/13) balance payable recorded
in the parent company and consolidated totaled R$ 419,576 at March 31, 2016 (R$ 423,012 at
December 31, 2015), restated at the effective interest rate, which considers the future values and the
SELIC variation. The balance is being paid in monthly installments, with settlement projected for
2029.
f) Commitments
The Company and its subsidiaries did not have other material future commitments at the end of the
reporting period not disclosed in this quarterly information.
18
EQUITY
a) Share capital
The Company's subscribed and paid-up capital was R$ 2,384,474 at March 31, 2016 (R$ 2,383,104
at December 31, 2015), comprising 4,733,177,315 shares at March 31, 2016 (4,732,629,090 at
December 31, 2015), without par value, held as follows:

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
St ockh ol der s
Com m on
sh a r es
3/31/2016
Pr efer r ed
sh a r es
12/31/2015
Com m on
sh a r es
Pr efer r ed
sh a r es
BNDESPA R
4 2 ,5 7 3 ,1 2 8
1 7 0,2 9 2 ,5 1 2
4 9 ,4 2 5 ,9 2 8
1 9 7 ,7 0 3 , 7 1 2
T h e Ba n k of New Y or k Depa r t m en t
5 8 ,9 0 1 , 5 4 6
2 3 5 ,6 06 ,1 84
5 7 ,89 1 ,2 04
2 3 1 ,5 6 4 , 8 1 6
Ca pita l W or ld In v estor s
6 0,9 86 ,000
2 4 3 ,9 4 4 ,0 0 0
6 3 ,4 7 4 ,000
2 5 3 ,8 9 6 ,0 0 0
Mon t eir o A r a n h a S.A .
5 8 ,1 2 7 , 9 7 2
2 3 2 ,5 4 3 ,3 3 8
7 0,2 9 0,7 89
2 81 ,1 6 3 ,1 5 6
Kla bin Ir m os & Cia
9 4 1 ,83 7 ,080
9 4 1 ,8 3 7 , 0 8 0
Nibla k Pa r t icipa es S. A .
1 4 2 ,0 2 3 ,0 1 0
1 4 2 , 0 2 3 ,0 1 0
Ot h er
5 1 4 ,4 9 7 ,7 1 4
1 ,8 8 0 , 2 2 8 , 3 3 1
4 9 3 ,2 3 4 ,5 9 4
1 ,7 9 5 ,2 0 7 , 3 0 1
3 0,3 2 3 ,3 00
1,849,269,750
1 2 1 ,2 9 3 ,2 0 0
2,883,907,565
3 0,9 83 ,5 00
1,849,160,105
1 2 3 ,9 3 4 ,0 0 0
2,883,468,985
T r ea su r y sh a r es
Besides common and preferred registered shares, the Company negotiates certificates of deposit of
shares, refered to as Units, each corresponding to one common share (ON) and four preferred
shares (PN).
The Company's authorized capital comprises 5,600,000,000 common shares (ON) and/or
preferred shares (PN) approved at the Extraordinary General Meeting held on March 20, 2014.
Capital increase due to the exercise of the debentures conversion
Due to the exercise of the right of conversion requested by the debentures holders of the 6th
emission, Board of Directors fo the Company, at an Extraordinary Meeting held on April 10, 2016
approved the increase of the subscribed and paid-up capital, within the authorized capital limit, of
R$ 8,474, with the issue of 677,550 common shares and 2,710,200 preferred shares, corresponding
to the conversion of 137,480 debentures.
The Company's subscribed and paid-up capital increased to R$ 2,384,474, represented by
1,849,269,750 common shares and 2,883,907,565 preferred shares, totaling 4,733,177,315 shares,
without par value.
b) Treasury shares
The Company maintained 151,616,500 shares of its own issue in treasury at March 31, 2016,
corresponding to 30,323,300 Units. The price on the So Paulo Stock Exchange was R$ 19.37 per
Unit at March 31, 2016 (code KLBN11 - BM&FBovespa).
The Company bought back 800,000 Units in January 2015, at an average price of R$ 13.94 per
Unit, totaling R$ 11,151. In December 2015, the Company bought back 900,000 Units at an average
price of R$ 23.86 per Unit, totaling R$ 21,472. During the first quarter of 2016, the Company did
not buy back any shares.
In accordance with the stock option plan described in Note 22, granted as long-term remuneration
to the Company's officers, 1,475,000 treasury shares were sold in February and March 2016,
corresponding to 295,000 Units. The right to use 3,006,000 shares, corresponding to 601,200
Units was also granted. The amount was derecognized from the treasury share account.
c) Carrying value adjustments
Created by Law 11,638/07, the group "Carrying value adjustments" in the Company's equity
comprises adjustments for increases and decreases in assets and liabilities, when applicable, that
are not computed in the results for the year, up to their effective realization.

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
The balance maintained by the Company corresponds to: the adoption of the deemed cost of
property, plant and equipment for forestry land; an option exercised on the initial adoption of the
new accounting pronouncements for convergence with IFRS, at January 1, 2009; the foreign
exchange variations of the subsidiaries abroad with functional currencies different to the parent
company (Note 1); balances relating to the stock option plan granted to executives (Note 22); and
actuarial liability restatements (Note 26).
Deem ed cost of pr oper t y , pla n t a n d
equ ipm en t (la n d)
For eig n
ex ch a n g e
v a r ia t ion s
su bsidia r ies a br oa d
A ct u a r ia l lia bilit y
St ock opt ion pla n
3/31/2016
12/31/2015
1 , 0 9 0 ,5 5 0
1 ,0 9 0 , 5 5 0
(4 6 , 7 4 2 )
(3 1 ,7 7 8 )
(1 , 1 0 7 )
3 ,801
1 ,6 0 8
1 ,6 08
1,044,309
1,064,181
d) Dividends
Dividends represent a portion of the profits earned by the Company which are distributed to the
stockholders as remuneration of invested capital in the fiscal year. All stockholders are entitled to
receive dividends proportionately to their ownership interest, as guaranteed by the Brazilian
corporate legislation and the Company's bylaws. The bylaws also determine that management has
the option to prepay interim dividends during the year, "ad referendum" of the Ordinary General
Meeting held to consider the accounts for the year.
The basis of the calculation of the mandatory dividends, defined in the Company's bylaws, is
adjusted in accordance with the constitution, realization and reversal, during the year, of the
biological assets reserve, and entitles the Company's stockholders to receive, every year, a
mandatory minimum dividend of 25% of the annual adjusted profit.
In the first quarter of 2016, dividends of R$ 120,015 were paid from the revenue reserves, as
approved by the Board of Directors of the Company, at an Extraordinary Meeting held on February,
2, 2016.
e) Share of profits of mandatory convertible debentures
As mentioned in Note 15, the holders of debentures mandatorily convertible into shares of the sixth
issue are entitled to a share of the profits upon the distribution of dividends to the Company's
stockholders. The amount is calculated considering the number of shares that will be converted in
the future, corresponding to 135,434,550 common shares and 541,738,200 preferred shares, after
the conversions in advance occurred up to until March 31, 2016, at the amount per share effectively
distributed as dividends. In the first quarter of 2016 it was paid R$17,735 of share of profits to the
debentures holder of the 6th emission.
19
NET SALES REVENUE
The Company's net sales revenue is composed as follows:

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
Fr om 1/1 t o
Gr oss sa les r ev en u e
Discou n t s a n d r eba t es
T a x es on sa les
Fr om 1/1 t o
Con sol ida t ed

Fr om 1/1 t o
Fr om 1/1 t o
3/31/2016
3/31/2015
3/31/2016
3/31/2015
1 ,6 9 0 , 3 5 3
1 ,5 2 0 ,1 3 7
1 ,7 1 5 ,3 4 2
1 ,5 5 5 , 0 8 1
(7 , 0 9 5 )
(3 ,8 9 4 )
(1 2 , 4 8 8 )
(7 , 8 5 8 )
(2 2 9 , 8 5 2 )
(2 3 1 , 1 5 7 )
(2 3 9 , 3 7 7 )
(2 3 8 , 7 7 4 )
1,453,406
1,285,086
1,463,477
1,308,449
. Dom est ic m a r k et
9 5 3 ,3 8 0
9 1 7 ,8 3 1
9 4 6 ,4 3 3
9 1 5 ,4 1 7
. For eig n m a r k et
5 00,02 6
3 6 7 ,2 5 5
5 1 7 ,04 4
3 9 3 ,03 2
1,453,406
1,285,086
1,463,477
1,308,449
Net sa l es r ev en u e
20
COSTS, EXPENSES AND OTHER INCOME, BY NATURE

Fr om 1/1 t o
V a r ia ble costs (r a w m a t er ia ls a n d con su m a bles)
3/31/2016
(5 0 6 ,3 8 1 )
Fr om 1/1 t o
Con sol i da t ed
Fr om 1/1 t o
Fr om 1/1 t o
3/31/2015
(4 7 0 ,3 8 4 )
3/31/2016
(5 0 3 ,9 6 8 )
3/31/2015
(4 6 7 ,7 6 8 )
Per son n el
(2 6 1 ,0 1 8 )
(2 0 1 ,2 8 9 )
(2 6 3 ,6 5 5 )
(2 0 3 ,3 2 2 )
Depr ecia t ion , a m or t iza t ion a n d depletion
(2 5 4 ,8 5 3 )
(2 5 3 ,4 9 2 )
(2 5 0 ,7 7 9 )
(2 5 0 ,3 1 6 )
(6 4 ,7 2 3 )
(5 7 ,2 1 7 )
(6 6 ,1 0 4 )
(5 8 ,5 4 6 )
(2 ,6 1 6 )
(3 ,6 9 9 )
(3 ,4 3 7 )
(7 ,2 9 4 )
(6 8 ,7 8 4 )
(5 9 ,09 1 )
(6 9 ,4 7 9 )
(5 9 ,6 8 8 )
Fr eig h t
Com m ission
Ser v ices con t r a ct ed
Rev en u e fr om sa les of pr oper ty , pla n t a n d equ ipm en t
Cost of sa les a n d w r ite-offs of pr oper t y , pla n t a n d equ ipm en t
Ot h er
111
37 7
111
37 7
(5 5 5 )
(8 8 2 )
(5 5 5 )
(8 8 2 )
(6 0 ,2 7 6 )
(4 2 ,9 7 6 )
(5 6 ,6 4 5 )
(5 8 ,08 6 )

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
21
FINANCE RESULT
Con sol ida t ed
Fr om 1/1 t o
Fr om 1/1 t o
Fr om 1/1 t o
3/31/2016
3/31/2015
3/31/2016
Fr om 1/1 t o
3/31/2015
Fin a n ce i n com e
. In com e fr om fin a n cia l in v est m en t s
. Ot h er
1 3 7 ,3 8 4
1 1 2 ,7 7 1
1 4 8 ,6 1 1
8,6 1 2
4 ,3 1 9
8 ,6 1 1
1 1 4 ,5 2 3
4 ,3 2 3
145,996
117,090
157,222
118,846
Fin a n ce cost s
. In t er est on bor r ow in g a n d deben t u r es
. In t er est on REFIS (i)
(2 9 0 ,6 7 0 )
(1 7 5 , 1 6 6 )
(2 9 1 , 3 8 0 )
(1 8 6 ,3 1 9 )
(1 2 , 2 1 0 )
(1 4 ,9 9 7 )
(1 2 ,2 1 0 )
(1 4 ,9 9 7 )
. Ca pit a lized in t er est in pr oper t y , pla n t a n d equ ipm1en

30
t ,6
(ii)
40
5 1 ,5 7 8
. A m or t iza t ion of pr esen t v a lu e a dju st m en t s t o deben t(7

u r,2es5 4 )
(1 0 ,2 2 3 )
(7 , 2 5 4 )
(1 0 ,2 2 3 )
(7 ,3 3 3 )
(4 ,0 7 9 )
(7 , 3 3 3 )
(4 ,0 7 9 )
(9 , 7 4 3 )
(2 ,6 0 0 )
. Loa n g u a r a n t ees fr om r ela t ed pa r t ies

. In v est or r em u n er a t ion - SPCs
. Ot h er
1 3 0,6 4 0
5 1 ,5 7 8
(1 9 , 0 0 1 )
(5 4 ,4 9 3 )
(2 6 , 8 4 8 )
(4 9 ,0 7 4 )
(205,828)
(207,380)
(224,128)
(215,714)
Exch a n ge v a r ia t ion s
. For eig n ex ch a n g e v a r ia t ion s on a sset s
. For eig n ex ch a n g e v a r ia t ion s on lia bilit ies
Fin a n ce r esu l t
(1 3 0 ,5 8 3 )
1 7 4 ,8 2 5
(1 2 9 , 5 5 2 )
1 7 3 ,3 6 7
1 , 2 1 1 ,7 6 3
(1 , 4 6 9 , 1 8 4 )
1 ,2 09 ,088
(1 ,4 6 1 , 1 1 0 )
1,081,180
(1,294,359)
1,079,536
(1,287,743)
1,021,348
(1,384,649)
1,012,630
(1,384,611)
(i) See Note 17.

(ii) See Note 12.
22
STOCK OPTION PLAN
The Extraordinary General Meeting of Stockholders held on July 10, 2012 approved the stock option
plan as a benefit for the members of the Executive Board and the Company's key personnel.
CVM authorized the Company, through Circular Letter/CVM/SEP/GEA-2/221/2012, to realize the
private transactions included in the incentive plan for its directors and employees, except for the
controlling stockholders, through the private transfer of treasury shares.
Pursuant to this plan, the Company established that its statutory and non-statutory directors could
utilize 25% to 70% of their variable remuneration for the acquisition of treasury shares, and the
Company would grant the right of use of the same amount of shares to the acquirers for three years,
transferring to them the ownership of the shares after three years, provided that the clauses
established in the plan are complied with.
The plan does not establish the acquisition of shares by the Company's key personnel, but only the
granting of the right to use a certain number of shares for three years, the ownership of which will
be transferred to the beneficiary, provided the established clauses are complied with.
The right of use grants to the beneficiary the right to the dividends distributed in the period during
which the benefit is valid.
The value of the acquisition of treasury shares by the beneficiaries of the plan will be calculated
based on the lower of the average of the market value quotations in the last 60 trading sessions of
the Company's shares and their quotation on the acquisition date. The value of shares granted with
right of use corresponds to the quotation of shares traded on BOVESPA on the transaction date.

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
The clauses that grant the transfer of shares establish the participation of the beneficiary in the
Company and stipulate that the shares acquired on enrollment in the plan may not be sold. The
shares granted can be immediately assigned in the case of the termination of employment by the
Company, or the retirement or death of the beneficiary, in which case the right to the shares
becomes part of the estate of the deceased.
The shares granted and the expense proportional to the grant term, recorded in the results, is
accumulated in equity in the "Carrying value adjustments" group, up to the end of the grant, which
may occur due to the three-year maturity or any other clause of the plan that may terminate the
grant.
The table below presents information about the agreed-upon plans:
a) Statutory and non-statutory Board members
St a r t of t h e pla n
Pl a n 2011
0 3 /0 1 /2 0 1 2
Pl a n 2012
0 3 /0 1 /2 0 1 3
Pl a n 2013
0 3 /0 1 /2 0 1 4
Pl a n 2014
0 3 /0 1 /2 0 1 5
0 3 /0 1 /2 0 1 6
Fin a l g r a n t da t e
0 3 /0 1 /2 0 1 5
0 3 /0 1 /2 0 1 6
0 3 /0 1 /2 0 1 7
0 3 /0 1 /2 0 1 8
0 3 /0 1 /2 0 1 9
Tr ea su r y sh a r es a c qu ir ed by t h e ben efic ia r ies (i)
2 ,3 7 5 ,0 0 0
1 ,9 0 4 ,5 0 0
2 ,3 0 2 ,5 0 0
1 ,8 5 5 ,0 0 0
1 ,4 7 5 ,0 0 0
1 .5 6
2 .5 7
2 .3 4
2 .8 4
4 .2 3
2 ,3 7 5 ,0 0 0
1 ,9 0 4 ,5 0 0
2 ,3 0 2 ,5 0 0
1 ,8 5 5 ,0 0 0
1 ,4 7 5 ,0 0 0
1 .7 5
2 .6 7
2 .2 9
3 .2 6
4 .3 0
4 ,1 6 6
5 ,0 8 9
3 ,8 0 2
2 ,4 6 9
176
694
424
439
168
1 ,7 2 5
2 83
5 86
7 89
176
1 ,8 3 4
Pu r ch a se v a lu e per sh a r e (R$) (i)

Tr ea su r y sh a r es g r a n t ed w it h r ig h t t o u se (i)
V a lu e of t h e r ig h t t o u se per sh a r e (R$) (i)
A cc u m u la t ed pla n ex pen ses - fr om t h e beg in n in g
Ex pen ses of t h e pla n - 1 /1 t o 3 /3 1 /2 0 1 5
Pl a n 2015
T ot a l
9 ,9 1 2 ,0 0 0
9 ,9 1 2 ,0 0 0
1 5 ,7 0 2
b) Key personnel
St a r t of t h e pla n (ii)
Pl a n 2012
0 3 /0 1 /2 0 1 3
Pl a n 2013
4 /3 0 /2 0 1 4
Pl a n 2014
4 /3 0 /2 0 1 5
Fin a l g r a n t da t e
0 3 /0 1 /2 0 1 6
T r ea su r y sh a r es g r a n t ed w it h r ig h t t o u se (i)
T ot a l
3 /3 0 /2 0 1 6
4 /3 0 /2 0 1 7
4 /3 0 /2 0 1 8
3 /3 0 /2 0 1 9
6 8 2 ,5 0 0
5 4 2 ,5 0 0
3 7 2 ,5 0 0
3 5 1 ,0 0 0
2 .6 7
2 .3 0
3 .3 6
4 .3 4
457
V a lu e of t h e r ig h t t o u se per sh a r e (R$) (i)

A ccu m u la t ed pla n ex pen ses - fr om t h e beg in n in g
Pl a n 2015
1 ,9 4 8 ,5 0 0
1 ,8 2 4
84 6
3 ,1 2 7
152
1 05
257
1 01
1 05
114
320
(i) Considers the stock split mentioned in Note 1.

(ii) The 2012 plan was granted in June 2013, on a retrospective basis.
23
EARNINGS (LOSS) PER SHARE
Basic earnings (loss) per share are calculated by dividing the profit or loss for the period attributable
to holders of the Company's common and preferred shares by the weighted average number of
common and preferred shares available during the period. The Company has debentures
mandatorily convertible into shares (see Note 15) recorded in equity - therefore, the future
conversion of the debentures into the total amount of shares is already reflected in the number of
shares used for calculation purposes.
The shares from the future conversion of the seventh issue of debentures (Note 15) were considered
in the calculation for the quarter ended March 31, 2016, because their issue value is greater than the
Unit value in the market at March 31, 2016, corresponding to R$ 19.37 per Unit. This is took into
consideration since, with the market value of the Unit greater than the unit value of the debenture,
the exercise of the conversion option is highly probable.
The diluted earnings (loss) per share are equal to the basic earnings (loss) per share since the
potential ordinary and preferred shares does not have dilutive effect.

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
As mentioned in Note 18, the changes in the balance of treasury shares affect the weighted average
number of preferred shares held in treasury in the calculation for the quarter ended March 31, 2016.
The weighted average used in the calculation of earnings (loss) per share was determined as follows:
Wei gh t ed a v er a ge n u m ber of t r ea su r y sh a r es - Ma r ch 31, 2016 (*)
Ja n
Feb
Ma r
3 M16
1 5 4 . 9 1 7 .5 0 0 x 1 /3
+
1 5 1 .9 6 7 .5 0 0 x 1 /3
+
1 5 1 . 6 1 6 .5 0 0 x 1 /3 + = 1 5 2 ,5 9 3 ,8 3 3
(*) Because the Company only has Units held in treasury, the distribution between common and preferred shares is made
according to the composit ion of the Units.
The table below, presented in R$, reconciles the profit or loss for the quarter and three-month
period ended March 31, 2016 and 2015 with the amounts used in the calculation of basic and diluted
earnings (loss) per share:
Fr om 1/1 t o 12/31/2016
Com m on
Pr efer r ed
(ON)
(PN)
T ot a l
Den om in a t or
T ot a l w eig h t ed a v er a g e n u m ber of sh a r es
1 ,8 4 9 ,2 6 9 , 7 5 0
2 ,8 8 3 ,9 0 7 ,5 6 5
Nu m ber of sh a r es t o be con v er t ed fr om deben t u r es
1 6 3 ,1 0 2 , 4 0 5
6 5 2 ,4 0 9 ,6 2 0
8 1 5 ,5 1 2 ,0 2 5
W eig h t ed a v er a g e n u m ber of t r ea su r y sh a r es
(3 0 ,5 1 8 ,7 6 7 )
(1 2 2 ,0 7 5 ,0 6 7 )
(1 5 2 ,5 9 3 ,8 3 3 )
W eig h t ed a v er a g e n u m ber of ou t st a n din g sh a r es
1,981,853,388
3,414,242,118
5,396,095,507
36.73%
63.27%
100%
394,274,599
679,237,401
1,073,512,000
1,981,853,388
3,414,242,118
5,396,095,507
% of sh a r es in r ela t ion t o t h e t ot a l
4 ,7 3 3 ,1 7 7 ,3 1 5
Nu m er a t or
Loss a t t r ibu t a ble t o ea ch cla ss of sh a r es (R$)
Ba sic a n d dil u t ed l oss per sh a r e (R$ )
0.1989
0.1989
Fr om 1/1 t o 12/31/2015
Com m on
Pr efer r ed
(ON)
(PN)
T ot a l
Den om in a t or
T ot a l w eig h t ed a v er a g e n u m ber of sh a r es
1 ,8 4 8 ,5 9 2 , 2 0 0
2 ,8 8 1 ,1 9 7 ,3 6 5
Nu m ber of sh a r es t o be con v er t ed fr om deben t u r es
1 6 3 ,7 7 7 , 5 0 0
6 5 5 ,1 1 0 ,0 0 0
8 1 8 ,8 8 7 ,5 0 0
W eig h t ed a v er a g e n u m ber of t r ea su r y sh a r es
(3 0 ,4 0 5 ,3 3 3 )
(1 2 1 ,6 2 1 ,3 3 4 )
(1 5 2 ,0 2 6 ,6 6 7 )
1,981,964,367
3,414,686,031
5,396,650,398
36.73%
63.27%
100%
Loss a t t r ibu t a ble t o ea ch cla ss of sh a r es (R$)
(267,571,872)
(460,994,128)
(728,566,000)
1,981,964,367
3,414,686,031
5,396,650,398
(0.1350)
(0.1350)
% of sh a r es in r ela t ion t o t h e t ot a l
4 ,7 2 9 ,7 8 9 ,5 6 5
Nu m er a t or
Ba sic a n d dil u t ed l oss per sh a r e (R$ )
24
OPERATING SEGMENTS
a) Criteria for identification of operating segments

The Company's operating structure is divided into segments according to the manner in which
management manages the business. The operating segments defined by management are as follows:

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
(i) Forestry segment: involves operations relating to planting and growing pine and eucalyptus trees
to supply the Company's plants. Also involves selling timber (logs) to third parties in the domestic
market.
(ii) Paper segment: mainly involves the production and sale of cardboard, kraftliner and recycled
paper rolls in the domestic and foreign markets.
(iii) Conversion segment: involves the production and sale of corrugated cardboard boxes,
corrugated cardboard and industrial sacks in the domestic and foreign markets.
(iv) Pulp segment: involves the operation of the Puma Project. In the future, the pulp segment will
include the production and sale of pulp in the domestic and foreign markets.

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
b) Consolidated information about operating segments

Fr om 1/1 t o 3/31/2016
For est r y
Pa per
Con v er si on
Pu l p
Cor por a t e/
el i m i n a t ion s
T ot a l
Con sol i da t ed
Net r ev en u e:
.Dom est ic m a r ket
7 8 ,9 3 6
3 7 0 ,6 1 9
4 9 7 ,3 8 6
(5 0 8 )
946,433
78,936
4 5 1 ,7 9 4
822,413
6 5 ,2 5 0
562,636
(508)
517,044
1,463,477
.For eig n m a r k et
Rev en u e fr om sa l es t o t h i r d pa r t i es
Rev en u e bet w een seg m en t s
2 2 2 ,3 7 8
2 8 6 ,0 9 0
2 ,9 0 9
(5 1 1 ,3 7 7 )
301,314
1,108,503
565,545
(511,885)
T ot a l n et sa l es
Ch a n g es in t h e fa ir v a lu e of biolog ica l a sset s
6 3 ,4 4 7
(3 7 0 ,8 9 9 )
Gr oss pr ofi t
(6 6 5 ,7 9 1 )
(6,138)
(4 6 9 ,0 5 3 )
5 0 1 ,5 8 3
1,463,477
63,447
(1,004,160)
442,712
96,492
(10,302)
522,764
Oper a t in g in com e (ex pen ses)
(1 3 ,9 8 2 )
(1 0 4 ,3 9 1 )
(6 7 ,9 0 2 )
(4 4 9 )
(1 6 ,5 3 3 )
(203,257)
Oper a t i n g r esu l t befor e fi n a n ce r esu l t
(20,120)
338,321
28,590
(449)
(26,835)
319,507
Sa l es of pr odu ct s (i n m et r i c t on s)
1 3 5 ,5 3 9
1 5 5 ,1 4 8
290,687
.For eig n m a r k et
1 5 4 ,1 5 6
9 ,7 4 7
163,903
.In t er -seg m en t a l
1 8 1 ,1 1 3
555
470,808
165,450
(1 8 1 ,6 6 8 )
-
(181,668)
454,590
Sa l es of t im ber (i n m et r i c t on s)
4 8 9 ,9 9 5
2 ,4 3 7 ,3 8 3
(2 ,4 3 7 ,3 8 3 )
2,927,378
(2,437,383)
4 4 ,9 8 7
4 7 ,5 5 9
2 4 ,4 5 9
(1 7 7 ,1 0 4 )
(5 7 ,9 7 9 )
(1 3 ,9 4 4 )
In v est m en t s du r in g t h e y ea r
Depr eci a t i on , depl et i on a n d a m or t i za t i on
7 3 4 ,9 3 5
-
489,995
489,995
1 ,4 4 1
853,381
(1 ,7 5 2 )
(250,779)
T ot a l a sset s - 3/31/2016
6 ,7 5 5 ,2 0 6
5 ,4 1 6 ,4 0 1
1 ,3 4 6 ,7 2 7
8 ,1 7 9 ,6 0 0
5 ,2 3 6 ,1 4 2
26,934,076
T ot a l l i a bi l i t i es - 3/31/2016
1 ,2 6 4 ,3 5 6
7 6 2 ,4 6 0
2 0 4 ,1 1 0
5 4 8 ,8 1 0
1 7 ,8 7 2 ,8 3 1
20,652,567
Equ i t y - 3/31/2016
5 ,4 9 0 ,8 5 0
4 ,6 5 3 ,9 4 1
1 ,1 4 2 ,6 1 7
7 ,6 3 0 ,7 9 0
(1 2 ,6 3 6 ,6 8 9 )
6,281,509
Fr om 1/1 t o 3/31/2015
For est r y
Pa per
Con v er sion
Cor por a t e/
el im i n a t ion s
Pu l p
T ot a l
Con sol i da t ed
Net r ev en u e:
.For eig n m a r ket
Rev en u e fr om sa l es t o t h ir d
Rev en u e bet w een seg m en t s
T ot a l n et sa l es
a sset s
8 8 ,5 3 2
3 2 9 ,8 9 6
4 9 6 ,9 1 1
88,532
3 4 3 ,8 0 9
673,705
4 9 ,2 2 3
546,134
1 5 2 ,7 2 0
2 6 6 ,4 4 2
3 ,3 0 7
241,252
940,147
549,441
5 5 ,5 3 8
(3 1 0 ,2 1 3 )
(5 8 5 ,7 0 4 )
78
-
(4 5 0 ,3 9 7 )
Gr oss pr ofit
(13,423)
354,443
99,044
Oper a t in g in com e (ex pen ses)

Oper a t in g r esu l t befor e fin a n ce
r esu l t
(9 ,4 8 8 )
(9 4 ,9 3 5 )
(6 2 ,4 8 4 )
(22,911)
259,508
36,560
78
(4 2 2 ,4 6 9 )
(422,391)
4 1 6 ,2 4 7
915,417
393,032
1,308,449
1,308,449
55,538
(930,067)
(6,144)
433,920
(1 ,01 6 )
(167,923)
(7,160)
265,997
Sa l es of pr odu ct s (i n m et r i c t on s)
1 3 2 ,04 0
1 6 0 ,02 4
292,064
.For eig n m a r ket
1 3 6 ,4 9 7
8 ,5 4 4
145,041
1 7 3 ,4 2 4
542
441,961
169,110
(1 7 3 ,9 6 6 )
-
(173,966)
437,105
Sa l es of t i m ber (i n m et r i c t on s)
In v est m en t s du r i n g t h e y ea r
7 4 8 ,6 9 6
1 ,8 7 3 ,6 8 6
(1 ,8 7 3 ,6 8 6 )
1,873,686
(1,873,686)
2 9 ,5 6 8
Depr ecia t i on , depl et ion a n d a m or t i za t(1ion

7 7 ,4 00 )
7 3 ,9 4 0
1 4 ,9 9 9
(6 0 ,7 8 9 )
(1 1 ,2 0 9 )
8 7 9 ,9 7 8
-
1 ,1 6 5
(9 1 8 )
748,696
748,696
999,650
(250,316)

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
The balance in the Corporate/eliminations column refers to the corporate unit's expenses not
apportioned among the segments, and eliminations refer to adjustments of operations between the
segments.
Information about the finance result and income tax was not disclosed in the segment reporting
because management does not utilize such data on a segmental basis, and the data is instead
managed and analyzed on a consolidated basis.
c) Information on net sales revenue
The Company's net revenue from sales to foreign customers, in the consolidated results for the
quarter ended March 31, 2016 and 2015, amounted to R$ 517,044 and R$ 393,032, respectively.
The table below shows the distribution of net revenue by country:
Con sol i da t ed
Con sol i da t ed
Fr om 1/1 t o 3/31/2016
Fr om 1/1 t o 3/31/2015
T ot a l r ev en u e
(R$ /m i l l i on )
% of t ot a l n et
r ev en u e
T ot a l r ev en u e
(R$ /m i l l i on )
% of t ot a l n et
r ev en u e
A r g en t in a
1 43
9 .8 %
Ch in a
72
4 .9 %
A r g en t in a
1 26
9 .6 %
Ch in a
77
Sin g a por e
58
5 .9 %
4 .0 %
Sin g a por e
41
3 .1 %
It a ly
T u r key
52
3 .6 %
It a ly
24
1 .8 %
21
1 .4 %
Belg iu m
11
0 .8 %
Ecu a dor
Belg iu m
20
1 .4 %
Ecu a dor
10
0 .8 %
13
0 .9 %
Colom bia
10
0 .8 %
Fr a n ce
13
0 .9 %
T u r key
0 .7 %
Mex ico
13
0 .9 %
Sou t h A fr ica
0 .7 %
Cou n t r y
Cou n t r y
Ch ile
11
0 .8 %
Fr a n ce
Oth er
1 01
6 .9 %
Oth er
517
35%
0 .7 %
67
5 .1 %
393
30%

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
The Company's net revenue from sales to domestic customers in the consolidated results for the
quarter ended March 31, 2016 and 2015, amounted to R$ 946,433 and R$ 915,417, respectively.
In the paper segment, in the quarter ended March 31, 2016, a single customer for cardboard
accounted for approximately 23% of the Company's net revenue, corresponding to approximately
R$ 336,600 (R$ 277,000 for the quarter ended March 31, 2015). The remaining customer base is
diluted as none of the other customers individually accounts for a material share (above 10%) of the
Company's net sales revenue.
c) Pro forma net sales revenue
As mentioned in Note 3, the Company is party to a joint venture that operates in the forestry
segment, named Florestal Vale do Corisco, which is not consolidated, and which is accounted for
using the equity accounting method, considering its share of the investment.
If the jointly-controlled investee were consolidated in the Company's financial statements, pro
forma net sales revenue for the quarter ended March 31, 2016 would be R$ 1,483,377 (R$ 1,322,000
in the quarter ended March 31, 2015).
25
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
a) Risk management
The Company and its subsidiaries enter into transactions involving financial instruments, all
recorded in balance sheet accounts, in order to meet their operational needs and reduce their
exposure to financial risks, mainly related to credit risks and investments of funds, market risks
(foreign exchange and interest rates) and liquidity risks, to which the Company understands that it
is exposed based on the nature of its business and operating structure.
These risks are managed through the definition of strategies prepared and approved by the
Company's management, linked to the establishment of control systems and determination of
limits. The Company does not enter into transactions involving financial instruments for speculative
purposes.
Management also carries out regular assessments of the Company's consolidated position, monitors
the financial results obtained, analyzes future projections to ensure compliance with the business
plan defined, and monitors the risks to which it is exposed.
The main risks to which the Company is exposed are described below:
Market risk
Market risk is the risk that the fair value of the future cash flow of a financial instrument will
fluctuate due to changes in market prices. In the case of the Company, market prices are affected by
two types of risk: interest rate and foreign exchange. The financial instruments affected by market
risk are financial investments, trade receivables, trade payables, loans payable, available-for-sale
instruments, and derivative financial instruments.

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
(i) Foreign exchange rate risk

The Company has transactions denominated in foreign currencies (mainly in US Dollars) that are
exposed to market risks arising from fluctuations in foreign exchange rates. Any fluctuation in a
foreign exchange rate could increase or reduce a balance expressed in Reais. The composition of this
exposure was as follows:
Con sol i da t ed
3/31/2016
Ba n k deposit s a n d fin a n cia l in v est m en t s
T r a de r eceiv a bles (n et of pr ov ision for
im pa ir m en t of t r a de r eceiv a bles)
Ot h er a sset s a n d lia bilit ies
Bor r ow in g
Net exposu r e
12/31/2015
1 , 0 5 7 ,7 7 1
1 ,2 6 5 , 1 1 2
4 8 7 ,3 1 8
6 1 8 ,7 7 4
(1 4 6 ,8 0 0 )
(1 5 4 ,4 0 0 )
(1 2 , 5 0 8 ,5 3 5 )
(1 2 ,3 7 6 ,0 0 0 )
(11,110,246)
(10,646,514)
The balance of this net exposure at March 31, 2016 was as follows:
Yea r
A m ou n t
2017
(8 3 8 , 6 4 6 )
2018
(1 ,7 2 1 , 9 0 0 )
2019
(1 ,8 0 6 ,1 0 0 )
2020
(1 , 6 7 8 , 4 0 0 )
2021
(1 , 3 0 0 , 3 0 0 )
2022
(1 ,0 5 8 ,5 0 0 )
2023 on wa r ds
(2 ,7 0 6 ,4 0 0 )
T ot a l
(11,110,246)
The Company did not have derivative contracts to hedge against long term foreign exchange
exposure at March 31, 2016. However, in order to hedge against this net liability exposure, the
Company has a sales plan under which the projected flow of export revenue is approximately
US$ 800 million annually and the related receipts, if realized, would exceed, or approximate, the
flow of payments of the related liabilities, offsetting the cash effect of this foreign exchange exposure
in the future.
(ii) Interest rate risk
The Company has loans indexed to the variations in the TJLP, LIBOR and the CDI and financial
investments indexed to the variations in the CDI and SELIC, which expose these assets and
liabilities to fluctuations in interest rates, as shown in the interest sensitivity analysis below. The
Company does not have derivative contracts to swap/hedge against the exposure to these market
risks.
The practice adopted by the Company in relation to interest rate risk is to continuously monitor
market interest rates in order to assess the possible need to contract derivatives to hedge against the
risk of volatility in these rates. The Company considers that the high cost associated with entering
into transactions at fixed interest rates in the Brazilian macroeconomic scenario justifies its choice
of floating rates.
The composition of the Company's interest rate risk is as follows:

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
Con sol i da t ed
3/31/2016
Fin a n cia l in v est m en t s - CDI
Fin a n cia l in v est m en t s - Selic
4 , 2 3 8 ,3 7 6
12/31/2015
3 ,7 6 7 ,0 2 1
5 7 5 ,0 7 0
5 5 7 ,1 4 3
A sset exposu r e
4,813,446
4,324,164
Fin a n cin g - CDI
(1 , 0 1 6 ,2 6 1 )
(1 ,1 8 1 ,1 7 9 )
Fin a n cin g - T JLP
(2 , 4 0 1 ,3 5 8 )
(2 ,3 8 4 ,1 5 2 )
Fin a n cin g - LIBOR
(2 , 0 0 6 ,1 3 2 )
(1 ,9 9 6 ,6 2 4 )
Deben t u r es - IPCA
(1 , 0 1 1 ,6 8 4 )
(9 6 6 ,1 6 8 )
(6,435,435)
(6,528,123)
Lia bil it y exposu r e

CDI - Interbank Deposit Certificate
IPCA - Amplified Customer Price Index
SELIC - Special System for Settlement and Custody
Risk relating to application of funds

The Company is exposed to risk relating to the application of funds, including deposits in banks and
other financial institutions, foreign exchange transactions, financial investments and other financial
instruments that are contracted. The exposure relates mainly to financial investments and
transactions involving securities, which are described in Notes 4 and 5.
In relation to the quality of the financial assets of the Company invested in financial institutions, an
internal policy is applied to the approval of the type of operation being entered into and to the
analysis of the rating, applied by the rating agencies, to assess the feasibility of the investment of the
funds in a given institution, provided that it meets the acceptance criteria of the policy.
The table below presents the cash, cash equivalents and marketable securities invested by the
Company, classifying the amounts according to the national classification of the financial
institutions by the rating agency Fitch:
Con sol i da t ed
3/31/2016
Na t ion a l r a t in g A A A (br a ) (*)
Na t ion a l r a t in g A A +(br a )
5 , 7 8 1 ,4 2 0
12/31/2015
5 ,4 6 5 ,4 6 6
9 8 ,5 0 0
1 4 5 ,4 0 0
5,879,920
5,610,866
(*) The Financial Treasury Bills (LFTs) are included in this group due to the low risk of the operation.
Credit risk
Credit risk is the risk that a counterparty to a transaction will not fulfill an obligation established in
a financial instrument or contract with a customer, leading to a financial loss. In addition to the
investments referred to above, the Company is exposed to credit risk in its operating activities
(mainly in connection with trade receivables).
At March 31, 2016, the maximum exposure to credit risk was the carrying amount of the trade
receivables shown in Note 6.
Credit risk in the Company's operating activities is managed based on specific rules regarding the
acceptance of customers, credit analysis and the establishment of exposure limits in respect of

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
customers, which are periodically reviewed. Overdue receivables are monitored on a regular basis to
ensure their realization.
Liquidity risk
The Company monitors the risk of shortages of funds by managing its resources through a recurring
liquidity-planning tool, so that it has funds available for the fulfillment of its obligations, mainly
concentrated on financing from financial institutions.
The table below shows the maturity of the financial liabilities contracted by the Company and
reported in the consolidated balance sheet: the amounts include principal and future interest on
transactions, calculated using the rates and indexes prevailing at March 31, 2016:
2022
T r a de pa y a bl es
Fi n a n ci n g/deben t u r es
T ot a l
2016
2017
2018
2019
2020
2021
on wa r ds
T ot a l
(6 5 3 ,4 9 7 )
(1 ,4 9 2 ,1 6 5 )
(2,145,662)
(2 ,8 7 2 ,4 6 6 )
(2,872,466)
(3 ,5 4 5 ,4 3 5 )
(3,545,435)
(3 ,0 0 7 ,8 6 8 )
(3,007,868)
(2 ,7 5 0 ,2 0 4 )
(2,750,204)
(2 ,1 4 4 ,2 0 2 )
(2,144,202)
(5 ,9 1 1 ,6 6 1 )
(5,911,661)
(653,497)
(21,724,001)
(22,377,498)
The budget projection for the coming years approved by the Board of Directors indicate that the
Company has the ability to meet these obligations.
Capital management
The Company's capital structure comprises net debt, consisting of borrowing (Note 14) and
debentures (Note 15) less cash and cash equivalents and marketable securities (Notes 4 and 5), and
equity, including the balance of issued capital and all of the constituted reserves.
The Company's net indebtedness ratio is comprised as follows:
Con sol i da t ed
Ca sh a n d ca sh equ iv a len t s a n d
m a r k et a ble secu r it ies
Bor r ow in g a n d deben t u r es
Net i n debt edn ess
Equ it y
Net i n debt edn ess r a t io
3/31/2016
12/31/2015
5 , 8 7 9 ,9 2 0
(1 7 , 8 8 8 ,6 7 8 )
(12,008,758)
5 ,6 1 0 ,8 6 6
(1 8 ,0 2 1 ,7 3 0 )
(12,410,864)
6 ,2 8 1 ,5 0 8
5 ,3 5 2 ,3 4 0
(1.91)
b) Financial instruments, by category

The Company has the following categories of financial instruments:
(2.32)

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
Con sol i da t ed
3/31/2016
12/31/2015
A sset s - l oa n s a n d r ecei v a bl es
. Ca sh a n d ca sh equ iv a len t s
. T r a de r eceiv a bles (n et of pr ov ision for
im pa ir m en t of t r a de r eceiv a bles)
. Ot h er a sset s
5 , 3 0 4 ,8 5 0
5 ,0 5 3 ,7 2 3
1 , 3 1 8 ,4 3 4
1 ,5 0 1 ,0 9 9
4 0 7 ,6 7 6
4 2 3 ,3 6 3
7,030,960
6,978,185
5 7 5 ,0 7 0
5 5 7 ,1 4 3
575,070
557,143
1 7 , 8 8 8 ,6 7 8
1 8 ,0 2 1 ,7 3 0
A sset s - a v a il a bl e for sa l e
. Ma r ket a ble secu r it ies
Lia bil it i es - a t a m or t ized cost
. Bor r ow in g a n d deben t u r es
. T r a de pa y a bles
6 5 3 ,4 9 7
7 0 2 ,1 9 9
. Ot h er pa y a bles
9 0 8 ,8 0 0
8 0 9 ,6 7 0
19,450,975
19,533,599
Loans and receivables and other financial liabilities at amortized cost

The financial instruments included in this group refer to balances arising from usual transactions,
such as trade receivables, trade payables, borrowing, financial investments and cash and cash
equivalents. All these instruments are recorded at their notional amounts plus, when applicable,
contractual charges and interest, in respect of which the related income and expenses are
recognized in the results for the period.
Available-for-sale financial assets
The Company classifies its investments in LFTs (Note 5) as available-for-sale financial assets, since
they can be traded in the future. These are recorded at fair value, which, in practice, corresponds to
the invested amount plus interest on the transaction.
c) Sensitivity analysis
The Company presents below the sensitivity analysis of foreign exchange and interest rate risks to
which it is exposed, considering that any effects would impact the future results, based on the
exposure at March 31, 2016. The effects on equity are basically the same as those on the results.
(i) Foreign exchange exposure
The Company had assets and liabilities indexed to a foreign currency in the balance sheet at March
31, 2016, and, for sensitivity analysis purposes, it adopted as scenario I the future market rate in
effect at the end of the reporting period. For scenarios II and III this rate was adjusted by 25% and
50%, respectively.
It is important to point out that most of the financing maturities will not occur in 2016, according to
the maturity schedule shown in Note 14, and, therefore, foreign exchange variations in this analysis
will not have an effect on cash. On the other hand, the Company's exports should substantially be
subject to the cash impact of the foreign exchange variation as they occur.
The sensitivity analysis of the foreign exchange variation is calculated in respect of the net foreign
exchange exposure (basically, borrowing, trade receivables and trade payables in foreign currency),

(Unaudited)
Version: 1
KLABIN S.A.
at March 31, 2016
not considering the effect on the scenarios of projected export sales that, as previously mentioned,
will offset any future foreign exchange losses.
Accordingly, the table below shows a simulation of the effect of the foreign exchange variation on
the future results for the next 12 months, if all other variables remain constant:
A t 3/31/2016
US$
Scen a r io I
Ra t e
Scen a r io II
R$ ga in (l oss)
Ra t e
R$ ga in (l oss)
Scen a r io III
Ra t e
R$ ga in (l oss)
A sset s
Ca sh a n d ca sh equ iv a len t s
2 9 7 ,2 1 9
3 .5 3
(9 ,3 0 3 )
4 .4 1
2 5 2 ,9 6 3
5 .2 9
5 1 4 ,5 1 5
T r a de r eceiv a bles, n et of pr ov ision for

im pa ir m en t of t r a de r eceiv a bles
Ot h er a sset s a n d lia bilit ies
Fin a n cin g
1 3 6 ,9 2 6
3 .5 3
(4 ,2 8 6 )
4 .4 1
1 1 6 ,5 3 7
5 .2 9
2 3 7 ,0 3 2
(4 1 ,2 4 9 )
3 .5 3
1 ,2 9 1
4 .4 1
(3 5 ,1 0 7 )
5 .2 9
(7 1 ,4 0 6 )
(3 ,5 1 4 ,7 1 9 )
3 .5 3
1 1 0 ,0 1 1
4 .4 1
(2 ,9 9 1 ,3 7 8 )
5 .2 9
(6 ,0 8 4 ,3 3 1 )
Net effect on fin a n ce r esu l t s
97,713
(2,656,985)
(5,404,190)
(ii) Exposure to interest rate fluctuations

Financial investments and financing, except those subject to TJLP and LIBOR, are indexed to the
CDI floating interest rate. For sensitivity analysis purposes, the Company adopted the rates
prevailing at dates close to the presentation dates of the quarterly information using these same
rates for SELIC, LIBOR, IPCA and CDI, due to their proximity, in the scenario I projection. For
scenarios II and III, these rates were adjusted by 25% and 50%, respectively.
Accordingly, with all other variables held constant, the table below shows a simulation of the effect
of the interest rate variation on the future results for the next 12 months:
A t 3/31/2016
US$
Scen a r io I
Ra t e
Scen a r io II
R$ ga i n (l oss)
Ra t e
R$ ga in (l oss)
Scen a r io III
Ra t e
R$ ga in (l oss)
Fin a n cia l in v est m en t s

CDBs
CDI
4 ,2 3 8 ,3 7 6 1 3 .7 3 %
1 7 .1 6 %
1 4 5 ,4 8 2
2 0 .6 0 %
2 9 0 ,9 6 5
LFTs
Selic
5 7 5 ,0 7 0 1 4 .2 5 %
1 7 .8 1 %
2 0 ,4 8 7
2 1 .3 8 %
4 0 ,9 7 4
Fin a n cin g
Ex por t cr edit n ot es (R$)
(1 ,0 1 6 ,2 6 1 ) 1 3 .7 3 %
1 7 .1 6 %
(3 4 ,8 8 3 ) 2 0 .6 0 %
BNDES
T JLP
(2 ,4 0 1 ,3 5 8 )
7 .5 0 %
9 .3 8 %
(4 5 ,0 2 5 ) 1 1 .2 5 %
(9 0 ,0 5 1 )
Deben t u r es
IPCA
(1 ,0 1 1 ,6 8 4 )
9 .3 6 %
(4 ,3 5 0 ) 1 2 .2 4 %
(2 9 ,1 1 1 ) 1 4 .6 9 %
(5 3 ,8 7 2 )
Ex por t pr epa y m en t s
Libor
(5 ,3 9 1 ,0 0 0 )
0 .9 0 %
(1 2 ,2 7 4 )
(2 4 ,4 2 9 )
Net effect on fin a n ce r esu l t s
CDI
(1 1 9 )
(4,469)
1 .1 3 %
44,676
1 .3 5 %
(6 9 ,7 6 6 )
93,821

(Unaudited)
Version: 1
Other information considered relevant by the Company

1
DISCLOSURE OF EBITDA
Pursuant to CVM Instruction 527/12, the Company has opted for the voluntary disclosure of nonfinancial information, as additional information included in its quarterly information, and presents
EBITDA for the quarters ended March 31, 2016 and 2015.
In general terms, EBITDA represents the Company's operational generation of cash, corresponding
to the funds generated by the Company through its operating activities only, without financial
effects or taxes. It is important to note that this does not represent the cash flows for the periods
presented, and it must not be considered as a basis for the distribution of dividends, as an
alternative to profit or loss, nor as an indication of liquidity.
Con sol i da t ed
(=)
Pr ofit (loss) for t h e y ea r
(+)
In com e t a x a n d socia l con t r ibu t ion
(+/-) Fin a n ce r esu lt s, n et

(+)
A m or t iza t ion , depr ecia t ion a n d deplet ion in t h e r esu lt s
EBITDA
Fr om 1/1 t o
Fr om 1/1 t o
3/31/2016
3/31/2015
1 ,0 7 3 ,5 1 2
2 5 8 ,6 2 5
(1 ,0 1 2 ,6 3 0 )
(7 2 8 ,5 6 6 )
(3 9 0 ,0 4 8 )
1 ,3 8 4 , 6 1 1
2 5 0 ,7 7 9
2 5 0,3 1 6
570,286
516,313
Adjustments pursuant to CVM Instruction 527/12

(6 3 ,4 4 7 )
(5 5 ,5 3 8 )
(+/-) Equ it y in t h e r esu lt s of in v est ees (ii)
(+/-) Ch a n g es in t h e fa ir v a lu e of biolog ica l a sset s (i)
(7 ,0 9 4 )
(7 ,5 3 5 )
(+/-) EBITDA of a join t v en t u r e (ii)
1 2 ,4 04
8 ,1 6 7
Adjusted EBITDA
512,149
461,407
Adjustments for definition of EBITDA - adjusted:

(i) Variation in the fair value of biological assets
The variation in the fair value of biological assets corresponds to the gains or losses obtained on the
biological transformation of the forestry products, up to placing them in the conditions requeride
for use/sale, during the formation cycle.
Since expectations relating to the value of assets are reflected in the Company's results and fair
value is calculated based on the assumptions included in the discounted cash flows, without cash
effects from its recognition, the variation in fair value is excluded from the calculation of EBITDA.
(ii) Equity in the results and EBITDA of investees
Equity in the results of investees in the statement of operations reflects the profit (loss) of
subsidiaries in the parent company's quarterly information, calculated in accordance with its
percentage of participation in the subsidiary. In the consolidated statement of operations, the
equity in the results of investees recorded relates to joint ventures.
The profit (loss) of the joint venture is influenced by items that are excluded from the EBITDA
calculation, such as net finance results, income tax and social contribution, amortization,
depreciation and depletion, and the variations in the fair value of biological assets. For this reason,
the result of the equity in the results of investees is excluded from the calculation, but the EBITDA

(Unaudited)
Version: 1

generated by the joint venture is included, being calculated in the same manner, equivalent to the
Company's investment.

(Unaudited)
Version: 1

2
COMPANY'S OWNERSHIP INTEREST, INCLUDING STOCKHOLDERS WITH
MORE THAN 5% OF THE SHARES, DETAILED TO THE INDIVIDUAL LEVEL
In the presentation of the number of shares described below, for the whole period, the Company
considered the stock split approved at the Meeting held on March 10, 2016, establishing the division
of each unit share into five shares of the same class and type.
a) Company's ownership interest
SHARES
STOCKHOLDER
ON
PN
TOTAL
Klabin Irmos & Cia.
941,837,080
50.93%
0%
941,837,080
19.90%
Niblak Participaes S.A.
142,023,010
7.68%
0%
142,023,010
3.00%
Capital World Investors
60,986,000
3.30%
243,944,000
8.46%
304,930,000
6.44%
The Bank Of New York ADR Department (*)
58,901,546
3.19%
235,606,184
8.17%
294,507,730
6.22%
Monteiro Aranha S.A.
58,127,972
3.14%
232,543,338
8.06%
290,671,310
6.14%
BNDES Participaes S.A. BNDESPAR
42,573,128
2.30%
170,292,512
5.90%
212,865,640
4.50%
Treasury shares
30,323,300
1.64%
121,293,200
4.21%
151,616,500
3.20%
Other (**)
514,497,714
27.82%
1,880,228,331
65.20%
2,394,726,045
50.59%
1,849,269,750
100%
2,883,907,565
100%
4,733,177,315
100%
TOTAL
(*) Foreign stockholders.

(**) Stockholders with less than 5% of the shares.

(Unaudited)
Version: 1

b) Distribution of the controlling stockholders' share capital to the individual level
CONTROLLING STOCKHOLDER/ INVESTOR:
KLABIN IRMOS & CIA.
QUOTAS
QUOTAHOLDERS
Number
% of capital
Jacob Klabin Lafer Adm. Partic. S.A.
1
12.52
Miguel Lafer Participaes S.A.
1
6.26
VFV Participaes S.A.
1
6.26
PRESH S.A.
1
12.52
GL Holdings S.A
1
12.52
GLIMDAS Participaes S.A.
1
11.07
DARO Participaes S.A.
1
11.07
DAWOJOBE Participaes S.A.
1
11.07
ESLI Participaes S.A.
1
8.36
LKL Participaes S.A.
1
8.35
TOTAL
10
100.00
General partnership, with capital of R$ 1,000,000.00, comprising quotas of different values.
Jacob Klabin Lafer Adm. Partic. S.A.
STOCKHOLDERS
Miguel Lafer
Vera Lafer
TOTAL
SHARES
ON
% Total
215,059,063
50.00
215,059,063
50.00
430,118,126
100.00

Miguel Lafer Participaes S.A.
STOCKHOLDERS
Miguel Lafer
Vera Lafer
TOTAL
SHARES
ON
% Total
223,510,726
99.9999
344
0.0001
223,511,070
100.0000

STOCKHOLDERS
Vera Lafer
Other
TOTAL
SHARES
ON
% Total
981,094,312
99.9999
688
0.0001
981,095,000
100.0000

(Unaudited)
Version: 1

CONTROLLING STOCKHOLDER/
INVESTOR:
PRESH S.A.
SHARES
STOCKHOLDERS
ON
PN
Sylvia Lafer Piva

Pedro Franco Piva
Horcio Lafer Piva
2,943,151
33.33
Eduardo Lafer Piva
2,943,151
33.33
2,943,151
8,829,453
33.34
100.00
ON
4,233,864
%
99.99991
Regina Piva Coelho Magalhes

TOTAL
17,658,895
12
17,658,907
TOTAL
99.99993
0.00007
17,658,895
12
2,943,151
66.66662
0.00005
11.11111
2,943,151
11.11111
2,943,151
26,488,360
11.11111
100.00000
TOTAL
12,701,590
%
99.99992
100.00000
CONTROLLING STOCKHOLDER/
INVESTOR:
GL Holdings S.A.
SHARES
STOCKHOLDERS
Graziela Lafer Galvo
Other
TOTAL
PN
8,467,726
%
99.99993
0.00009
0.00007
4,233,868
100.00000
8,467,732
100.00000
10
12,701,600
0.00008
100.00000

GLIMDAS Participaes S.A.
SHARES
STOCKHOLDERS
ON
Israel Klabin
Alberto Klabin (*)
Leonardo Klabin (*)
PN
1,287,625
90.0520
TOTAL
1,287,625
%
38.198
323,502
323,502
16.6664
16.6664
23,707
23,707
1.6580
1.6580
347,209
347,209
10.300
10.300
Stela Klabin (*)
323,502
16.6664
23,707
1.6580
347,209
10.300
Maria Klabin (*)

Dan Klabin (*)
Gabriel Klabin (*)
323,502
323,502
323,502
16.6664
16.6664
16.6664
23,707
23,707
23,707
1.6580
1.6580
1.6580
347,209
347,209
347,209
10.300
10.300
10.300
32
1,941,044
0.0016
100.0000
1,429,867
100.0000
32
3,370,911
0.001
100.0000
Estate of Maurcio Klabin (*)

TOTAL
(*) Shares subject to rights to use, with the beneficiary Israel Klabin having voting rights.

(Unaudited)
Version: 1

CONTROLLING STOCKHOLDER/INVESTOR:
DARO Participaes S.A.
SHARES
STOCKHOLDERS
ON
% Total
Daniel Miguel Klabin
1,627,732
53.065
Rose Klabin (*)
479,900
15.645
Amanda Klabin (*)
479,900
15.645
David Klabin (*)
479,900
15.645
TOTAL
3,067,432
100.000
(*) Shares subject to rights to use, with the beneficiary Daniel Miguel Klabin having voting rights.
DAWOJOBE Participaes S.A.
SHARES
STOCKHOLDERS
ON
%
Armando Klabin
4
0.20
Wolff Klabin (*)
516
24.95
Daniela Klabin (*)
516
24.95
Bernardo Klabin (*)
516
24.95
Jos Klabin (*)
516
24.95
TOTAL
2,068
100.00
(*) Shares subject to rights to use, with the beneficiary Armando Klabin having voting rights.
ESLI Participaes S.A. (*)
SHARES
STOCKHOLDERS
ON
% Total
Cristina Levine Martins Xavier
5,891,253
33.3333
Regina Klabin Xavier
5,891,253
33.3333
Roberto Klabin Martins Xavier
5,891,254
33.3334
TOTAL
17,673,760 100.0000
(*) Special Contract for the Donation of Shares with Reserved Right to Use to Lilia K.Levine, on
December 22, 2010.
LKL Participaes S.A.(*)
SHARES
STOCKHOLDERS
ON
% Total
Cristina Levine Martins Xavier
5,977,833
33.3333
Regina Klabin Xavier
5,977,833
33.3333
Roberto Klabin Martins Xavier
5,977,834
33.3334
TOTAL
17,933,500 100.0000
(*) Special Contract for the Donation of Shares with Reserved Right to Use to Lilia K.Levine, on
December 22, 2010.

(Unaudited)
Version: 1
NIBLAK PARTICIPAES S.A.
SHARES
ON
% Total
3,038,036
12.521
3,038,035
12.521
3,038,061
12.521
2,686,869
11.074
2,686,869
11.074
2,562,686
10.562
124,183
0.512
4,050,722
16.695
3,038,061
12.520
24,263,522
100.000
STOCKHOLDERS
Miguel Lafer Part. S.A.
GL Holdings S.A.
Glimdas Participaes S.A.
Daro Participaes S.A.
Dawojobe Partic. S.A.
Armando Klabin
Esli Participaes S.A.
Pedro Franco Piva
TOTAL
3
CHANGES IN THE OWNERSHIP STRUCTURE
of each unit share into five of the same class and type.
M a rc h 3 1, 2 0 15
S TO C KH O LD E R S
T ype
S to c kho lde rs
M e m be rs o f the
B o a rd o f Dire c to rs
M e m be rs o f the
Exe c utive Bo a rd
M e m be rs o f the
S ta tuto ry Audit B o a rd
N um be r o f
s ha re s
C h a ng e s
P urc h a s e /
S u b s c ript io n
M a rc h 3 1, 2 0 16
New
in v e s t o rs
S a le
C o rp o ra t e
c ha nge s *
Wit hd ra wa ls
N um be r o f
s h a re s
C ha nge
%
ON
1,263,554,735
68.35
-2,266,450
-3,412,575
1,257,875,710
68.02 -
0.45
PN
446,647,965
15.50
4,190,484
-26,546,584
424,291,865
14.71 -
5.01
ON
41,509,996
2.25
1,300,000
-115500
42,694,496
2.31
2.85
PN
165,322,544
5.74
1,200,000
-462000
166,060,544
5.76
0.45
ON
3,116,500
0.17
428190
-461,200
3,083,490
PN
12,466,000
0.43
1712760
-1,844,800
12,333,960
0.17
0.43 -
1.06
ON
7,050
0.00
PN
25,300
0.00
7,050
0.00
25,300
0.00
ON
30,158,000
1.63
165300
30,323,300
1.64
PN
120,632,000
4.19
661200
121,293,200
4.21
0.55
ON
510,245,919
27.60
372,960
3,989,275
677,550
515,285,704
27.86
0.99
PN
2,136,103,556
74.14
-7,764,444
28,853,384
2,710,200
2,159,902,696
74.90
1.11
ON
1,8 4 8 ,5 9 2 ,2 0 0
10 0 .0 0
6 7 7 ,5 5 0
1,8 4 9 ,2 6 9 ,7 5 0
10 0 .0 0
0 .0 4
PN
2 ,8 8 1,19 7 ,3 6 5
10 0 .0 0
2 ,7 10 ,2 0 0
2 ,8 8 3 ,9 0 7 ,5 6 5
10 0 .0 0
0 .0 9
Tre as ury s ha re s
Othe r s to c kho lders
To tal
(*) Shares subject to rights to use, with the beneficiary Israel Klabin having voting rights.

(Unaudited)
Version: 1

4
NUMBER OF THE COMPANY'S SHARES DIRECTLY OR INDIRECTLY HELD
BY CONTROLLING STOCKHOLDERS AND MEMBERS OF THE BOARD OF
DIRECTORS, EXECUTIVE BOARD AND STATUTORY AUDIT BOARD AND NUMBER
OF SHARES OUTSTANDING IN THE MARKET
of each unit share into five shares of the same class and type.
At 3/31/2016
S H A R ES
STO C KHO LDERS
Stockholders
Members of the Board of Directors
Members of the Executive Board
ON
Other stockholders
Total
Number of shares outstanding in the market
PN
Total
1,257,875,710
68.02
42,694,496
2.31
166,060,544
5.76
208,755,040
4.41
3,083,490
0.17
12,333,960
0.43
15,417,450
0.33
7,050
0.00
25,300
0.00
32,350
0.00
30,323,300
1.64
121,293,200
4.21
151,616,500
3.20
Members of the Statutory Audit Board

T reasury shares
424,291,865 14.71 1,682,167,575 35.54
515,285,704
27.86 2,159,902,696
1,849,269,750
100 2,883,907,565
515,285,704 27.864 2,159,902,696
74.9 2,675,188,400 56.52

100 4,733,177,315
100
74.9 2,675,188,400 56.52
At 3/31/2015
S H A R ES
STO C KHO LDERS
Stockholders
Members of the Board of Directors
Members of the Executive Board
ON
Other stockholders
Total
Number of shares outstanding in the market
PN
Total
1,263,554,735
79.76
41,509,996
2.62
165,322,544
5.50
206,832,540
4.51
3,116,500
0.20
12,466,000
0.41
15,582,500
0.34
7,050
0.00
25,300
0.00
32,350
0.00
30,158,000
1.90
120,632,000
4.02
150,790,000
3.29
Members of the Supervisory Board

T reasury shares
446,647,965 14.87 1,710,202,700 37.27
245,791,534
15.52 2,259,184,856
1,584,137,815
100 3,004,278,665
245,798,584 15.516 2,259,210,156
OTHER INFORMATION
Relationship with independent auditors
75.2 2,504,976,390 54.59

100 4,588,416,480
100
75.2 2,505,008,740 54.59

(Unaudited)
Version: 1

In conformity with CVM Instruction 381/03, the auditing firm PricewaterhouseCoopers Auditores
Independentes did not provide services unrelated to the external audit with a value exceeding 5% of
its total fees.
The Company's policy for the contracting of services from its independent auditors not relating to
an external audit is based on principles that preserve the independence of these professionals. These
principles, which follow internationally accepted guidelines, consist of the following: (a) the auditor
must not audit his/her own work; (b) the auditor must not perform managerial functions for his/her
client; and (c) the auditor must not promote the interests of his/her clients.

KLABIN S.A.
Introduction
We have reviewed the accompanying parent company and consolidated interim accounting information of Klabin S.A
("Company"), included in the Quarterly Information Form (ITR) for the quarter ended March 31, 2016, comprising the
balance sheet at March 31, 2016 and the respective statements of operations, comprehensive income (loss) , changes in equity
and cash flows for the quarter then ended, and a summary of significant accounting policies and other explanatory
information.
Management is responsible for the preparation of the parent company and 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), as well as the presentation of this information in accordance with the standards issued
by the Brazilian Securities Commission (CVM), applicable to the preparation of the Quarterly Information (ITR). 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 interim information
Based on our review, nothing has come to our attention that causes us to believe that the accompanying parent company and
consolidated interim accounting information included in the quarterly information referred to above has not been prepared,
in all material respects, in accordance with CPC 21 and IAS 34 applicable to the preparation of the Quarterly Information, and
presented in accordance with the standards issued by the CVM.
Other matters
Statements of value added
We have also reviewed the parent company and consolidated statements of value added for the quarter ended March 31, 2016.
These statements are the responsibility of the Company's management, and are required to be presented in accordance with
standards issued by the CVM applicable to the preparation of Quarterly Information (ITR), and are considered supplementary
information under IFRS, which do not require the presentation of the statement of value added. These statements have 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 they have not been prepared, in all material respects, in a manner consistent with the parent
company and consolidated interim accounting information taken as a whole.
So Paulo, April 27, 2016
PricewaterhouseCoopers
Auditores Independentes
CRC 2SP000160/O-5
Tadeu Cendn Ferreira

Contador CRC 1SP188352/O-5

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(A free translation of the original in Portuguese)

(A free translation of the original in Portuguese)

Report on review of quarterly information

Report on review of quarterly information

(A free translation of the original in Portuguese)

Tadeu Cendn Ferreira

(A free translation of the original in Portuguese)

Quarterly information for the quarter ended March 31, 2016

PricewaterhouseCoopers Auditores Independentes

(A free translation of the original in Portuguese)

(A free translation of the original in Portuguese)

Quarterly information (ITR) - 3/31/2016 - KLABIN S.A.

Con sol ida t ed

The accompanying notes are an integral part of this quarterly information.

(A free translation of the original in Portuguese)

Quarterly information (ITR) - 3/31/2016 - KLABIN S.A.

LIA BILIT IES A ND EQUIT Y

The accompanying notes are an integral part of this quarterly information.

(A free translation of the original in Portuguese)

Quarterly information (ITR) - 3/31/2016 - KLABIN S.A.

Con sol ida t ed

V a r ia t ion in t h e fa ir v a lu e of biolog ica l a sset s

Cost of pr odu ct s sold

Oper a t in g in com e (expen ses)

Equ it y in t h e r esu lt s of in v est ees

Profi t befor e fin a n ce r esu l t a n d t a xes

Profi t (l oss) befor e t a xes on in com e

In com e t a x a n d socia l con t r ibu t ion

Profi t (l oss) for t h e per iod

Ba sic a n d dil u t ed ea r n in gs (l oss) per com m on sh a r e - R$

Ba sic a n d dil u t ed ea r n in gs (l oss) per dil u t ed sh a r e - R$

The accompanying notes are an integral part of this quarterly information.

(A free translation of the original in Portuguese)

Quarterly information (ITR) - 3/31/2016 - KLABIN S.A.

Pa r en t com pa n y a n d Con sol ida t ed

Ot h er com pr eh en siv e i n com e (l oss):

The accompanying notes are an integral part of this quarterly information.

(A free translation of the original in Portuguese)

Quarterly information (ITR) - 3/31/2016 - KLABIN S.A.

The accompanying notes are an integral part of this quarterly information.

(A free translation of the original in Portuguese)

Quarterly information (ITR) - 3/31/2016 - KLABIN S.A.

The accompanying notes are an integral part of this quarterly information.

(A free translation of the original in Portuguese)

Quarterly information (ITR) - 3/31/2016 - KLABIN S.A.

Con sol ida t ed

. Ch a n g e in fa ir v a lu e of biolog ica l a sset s

. Pr ov ision for im pa ir m en t of t r a de r eceiv a bles

. Ma t er ia ls, elec t r icit y , ou t sou r ced ser v ices a n d ot h er

. Fin a n ce in com e, in c lu din g ex ch a n g e v a r ia t ion s

T a xes a n d con t r ibu t ion s

Rem u n er a t ion of t h ir d-pa r t y ca pit a l

Rem u n er a t ion of own ca pit a l

The accompanying notes are an integral part of this quarterly information.

(A free translation of the original in Portuguese)

Notes to the quarterly information

BASIS OF PRESENTATION OF THE QUARTERLY INFORMATION AND

2.1 Basis of presentation of the quarterly information

(A free translation of the original in Portuguese)

Quarterly information (ITR) - 3/31/2016 - KLABIN S.A.

CONSOLIDATED QUARTERLY INFORMATION

In v est m en ts in ot h er com pa n ies

Kla bin do Pa r a n Pr odu t os Flor est a is Lt da .

Kla bin Flor est a l Lt da .