Demonstra??es Financeiras em Padr?es Internacionais

(A free translation of the original in Portuguese)
Quarterly information (ITR) - 6/30/2016 - KLABIN S.A.
(Unaudited)
Version: 1
KLABIN S.A.
Notes to the quarterly information at June 30, 2016
All amounts in thousands of Reais
Klabin S.A.
Quarterly information for the quarter and six-month period

ended June 30, 2016
PricewaterhouseCoopers Auditores Independentes

(Unaudited)
Version: 1
KLABIN S.A.
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
Page
3
4
5
7
8
9
10
11
12
12
13
13
14
16
18
18
19
22
23
25
27
31
33
33
35
37
38
39
40
41
43
47

(Unaudited)
Version: 1
KLABIN S.A.
BALANCE SHEET AT JUNE 30, 2016 AND DECEMBER 31, 2015
(All amounts in thousands of Reais)
Not e
Pa r en t com pa n y
6/30/2016
12/31/2015
6/30/2016
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 ket a ble secu r it ies
A cc ou n t s r eceiv a ble:
. T r a de r eceiv a bles
. Pr ov ision for im pa ir m en t of t r a de r eceiv a bles
. Rela t ed pa r t ies
In v en t or y
T a x es r ec ov 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 t ies
Ot h er a sset s
T ot a l cu r r en t a sset s
Non -cu r r en t
Lon g t er m r eceiv a bl es
Rela t ed pa r t ies
Ju dicia l deposit s
T a x es r ec ov er a ble
Ot h er a sset s
In v est m en t s:
. In t er 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 t a n g ible a sset s
T ot a l n on -cu r r en t a sset s
T ot a l a sset s
4
5
4 ,5 8 3 , 9 0 7
5 9 4 ,2 85
4 , 0 3 1 ,1 8 4
5 5 7 ,1 4 3
5 ,2 1 6 ,1 7 4
5 9 4 ,2 8 5
5 , 0 5 3 ,7 2 3
5 5 7 ,1 4 3
6
6
7
8
9
7
1 ,2 2 3 ,7 8 5
(3 3 ,2 6 6 )
6 4 1 ,5 2 1
8 4 3 ,5 4 1
6 9 2 ,03 8
97 8
1 7 ,2 09
1 0 4 ,3 6 4
8 ,6 6 8 , 3 6 2
1 , 1 7 1 ,5 4 0
(3 7 ,9 0 7 )
7 7 1 ,3 4 4
6 1 3 ,8 1 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 ,4 7 6 ,1 9 9
(3 3 ,3 1 2 )
9 1 2 ,6 8 3
6 9 7 ,5 5 9
97 8
1 7 ,2 0 9
1 0 6 ,4 1 6
8 ,9 8 8 ,1 9 1
1 , 5 3 9 ,0 7 1
(3 7 ,9 7 2 )
7 0 1 ,1 2 6
7 3 6 ,5 0 1
1 ,0 8 1
9 ,7 2 3
1 1 5 ,3 4 8
8 , 6 7 5 ,7 4 4
7
17
9
1 ,3 4 3
8 2 ,0 1 8
1 ,5 7 6 ,4 1 6
2 7 7 ,009
1 ,9 3 6 ,7 8 6
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
8 3 ,4 5 3
1 ,5 7 6 ,4 1 6
2 7 8 ,0 3 2
1 ,9 3 7 ,9 0 1
7 7 ,3 9 1
1 , 1 5 9 ,6 3 8
2 1 9 ,8 2 0
1 , 4 5 6 ,8 4 9
11
1 ,8 1 0 , 8 8 5
1 1 ,4 3 7
1 2 ,6 9 1 ,4 9 9
2 ,6 6 5 ,9 4 1
2 4 ,3 4 7
1 7 ,2 0 4 ,1 0 9
1 9 ,1 4 0 ,8 9 5
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 1 8 ,8 5 9
1 1 ,4 3 6
1 2 ,9 3 6 ,1 3 8
3 ,6 9 4 ,1 1 6
2 4 ,3 7 7
1 7 ,1 8 4 ,9 2 6
1 9 ,1 2 2 ,8 2 7
27,809,257
25,451,252
28,111,018
12
13
4 9 5 ,8 3 9
1 1 ,4 3 6
1 2 , 0 0 9 ,1 4 6
3 , 6 0 6 ,3 8 9
1 2 ,7 7 7
1 6 , 1 3 5 ,5 8 7
1 7 , 5 9 2 ,4 3 6
26,268,180
The accompanying notes are an integral part of this quarterly information.

(Unaudited)
Version: 1
KLABIN S.A.
BALANCE SHEET AT JUNE 30, 2016 AND DECEMBER 31, 2015

Not e
6/30/2016
12/31/2015
6/30/2016
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 t ed pa r t ies
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 bil i t 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 it y , la bor a n d civ il
con t in 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 l i t i es
Equ i t y
Sh a r e ca pit a l
Ca pit a 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
Reta 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 l i t i es a n d equ i t y
14
15
16
2 ,1 8 6 ,6 09
2 2 4 ,4 7 6
6 9 5 ,4 9 8
3 4 ,1 02
2 2 2 ,4 9 9
5 ,3 9 5
6 4 ,3 01
9 0 ,2 1 7
3 ,5 2 3 ,0 9 7
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
2 ,1 9 4 ,3 5 2
2 2 4 ,4 7 6
7 0 1 ,7 3 0
3 6 ,4 5 3
2 2 4 ,5 3 8
4 ,5 6 5
6 4 ,3 0 1
9 7 ,5 5 7
3 ,5 4 7 ,9 7 2
1 ,7 1 6 ,3 06
3 2 9 ,8 1 0
7 0 2 ,1 9 9
4 5 ,4 00
1 9 5 ,3 4 9
4 ,5 00
6 1 ,7 7 2
1 0 6 ,9 5 9
3 ,1 6 2 ,2 9 5
14
15
10
1 3 ,8 3 9 ,4 8 8
8 9 1 ,2 5 3
1 ,4 7 8 ,9 3 5
1 4 ,4 5 0,8 7 6
1 ,1 4 0,6 7 9
7 1 7 ,7 2 4
1 3 ,8 8 2 ,7 0 9
8 9 1 ,2 5 3
1 ,5 7 4 ,6 4 6
1 4 ,8 3 4 ,9 3 5
1 ,1 4 0 ,6 7 9
9 5 4 ,2 6 9
17
6 8 ,6 5 7
6 5 ,7 9 7
6 8 ,6 5 6
6 5 ,7 9 6
3 5 1 ,6 2 4
2 3 5 ,0 04
1 6 ,8 6 4 ,9 6 1
2 0 ,3 8 8 ,0 5 8
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 3 8 ,1 4 6
3 5 1 ,6 2 4
2 3 4 ,8 1 3
1 7 ,1 4 1 ,8 4 7
2 0,6 8 9 ,8 1 9
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 8 4
1 ,3 0 1 ,9 07
4 8 ,7 05
4 9 2 ,7 7 4
1 ,04 0 ,1 1 1
2 ,3 4 1 ,6 3 9
(1 8 8 ,4 2 1 )
7 ,4 2 1 ,1 9 9
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 8 4
1 ,3 0 1 ,9 0 7
4 8 ,7 0 5
4 9 2 ,7 7 4
1 ,0 4 0,1 1 1
2 ,3 4 1 ,6 3 9
(1 8 8 ,4 2 1 )
7 ,4 2 1 ,1 9 9
2 ,3 8 3 ,1 04
1 ,2 9 3 ,9 6 2
4 8 ,7 05
7 4 8 ,1 6 2
1 ,06 4 ,1 8 1
(1 8 5 ,7 7 4 )
5 ,3 5 2 ,3 4 0
27,809,257
25,451,252
28,111,018
26,268,180
7
17
17
18

(Unaudited)
Version: 1
KLABIN S.A.
STATEMENT OF OPERATIONS FOR THE QUARTER AND SIX-MONTH PERIODS ENDED
JUNE 30, 2016 AND 2015
(All amounts in thousands of Reais unless otherwise stated)
Fr om 4/1 t o
Fr om 1/1 t o
Fr om 4/1 t o
Fr om 1/1 t o
Not e
6/30/2016
6/30/2016
6/30/2015
6/30/2015
2 ,5 9 3 ,4 9 4
Net sa l es r ev en u e
19
1 ,6 6 2 ,0 3 4
3 ,1 1 5 ,4 4 0
1 ,3 0 8 ,4 0 8
V a r ia t ion in t h e fa ir v a lu e of biolog ica l a sset s
13
5 7 ,8 1 9
5 9 ,0 7 5
1 5 5 ,8 3 5
Cost of pr odu ct s sold
20
(1 ,2 3 2 ,6 7 3 )
4 8 7 ,1 8 0
Gr oss pr ofit
(2 ,2 4 4 ,6 6 4 )
9 2 9 ,8 5 1
(1 ,0 5 1 ,9 3 8 )
4 1 2 ,3 0 5
2 1 1 ,0 8 0
(1 ,9 7 2 ,0 6 3 )
8 3 2 ,5 1 1
Oper a t in g in com e (expen ses)

Sa les
20
(1 2 3 ,7 1 9 )
(2 2 5 ,0 9 0 )
(9 7 ,2 5 7 )
(1 8 5 ,9 1 4 )
Gen er a l a n d a dm in ist r a t iv e
20
(1 0 7 ,6 2 4 )
(2 0 5 ,8 9 5 )
(8 0 ,9 8 5 )
(1 5 4 ,2 7 1 )
Ot h er , n et
20
(6 ,3 8 7 )
(1 0 ,3 4 1 )
(1 6 ,9 2 6 )
(2 3 0 ,2 6 8 )
(4 3 7 ,3 7 2 )
(1 8 8 ,5 8 3 )
(3 5 7 ,1 1 1 )
2 1 3 ,7 5 5
4 3 2 ,9 0 1
4 7 0 ,6 6 7
9 2 5 ,3 8 0
2 2 3 ,5 4 1
1 ,3 1 0 ,5 4 8
2 ,3 3 1 ,8 9 6
2 1 8 ,1 8 6
(1 ,1 6 6 ,4 6 3 )
1 ,7 8 1 ,2 1 5
3 ,2 5 7 ,2 7 6
4 4 1 ,7 2 7
(6 7 9 ,6 0 4 )
Equ it y in t h e r esu lt s of in v est ees
11
Pr ofit 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
Pr ofit (l oss) befor e t a xes on in com e
1 ,0 7 5
(1 8 1 )
1 1 ,4 5 9
4 8 6 ,8 5 9
In com e t a x a n d soci a l con t r ibu t i on

. Cu r r en t
10
1 2 6 ,8 1 1
(1 3 7 ,9 3 6 )
. Defer r ed
10
(6 3 9 ,9 0 0 )
(7 7 7 ,7 0 1 )
(1 4 6 ,1 3 9 )
2 4 6 ,6 1 5
(5 1 3 ,0 8 9 )
(9 1 5 ,6 3 7 )
(1 4 6 ,1 3 1 )
2 4 6 ,6 3 4
1,268,126
2,341,639
295,596
(432,970)
Pr ofit (l oss) for t h e per iod
19
Ba si c 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 .2 2 2 4
0 .4 3 3 9
0 .0 5 4 8
(0 .0 8 0 2 )
Ba si c 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 .2 2 2 4
0 .4 3 3 9
0 .0 5 4 8
(0 .0 8 0 2 )

(Unaudited)
Version: 1
KLABIN S.A.
STATEMENT OF OPERATIONS FOR THE QUARTER AND SIX-MONTH PERIODS ENDED
JUNE 30, 2016 AND 2015
(All amounts in thousands of Reais unless otherwise stated)
Not e
Fr om 1/1 t o
Fr om 4/1 t o
6/30/2016
6/30/2016
6/30/2015
6/30/2015
2 ,6 4 6 ,3 85
19
1 ,6 9 8 , 6 2 8
3 , 1 6 2 ,1 0 5
1 ,3 3 7 , 9 3 6
V a r ia t ion in t h e fa ir v a lu e of biolog ic a l a sset s
13
2 7 2 ,4 4 2
3 3 5 ,88 9
1 5 5 ,2 3 0
Cost of pr odu c t s sold
20
(1 ,2 5 5 , 6 4 5 )
7 1 5 ,4 2 5
Gr oss pr ofit
Con sol ida t ed

Fr om 1/1 t o
Fr om 4/1 t o
(2 ,2 5 9 , 8 0 5 )
1 , 2 3 8 ,1 8 9
(1 , 0 5 8 ,4 1 5 )
2 1 0,7 6 8
(1 , 9 8 8 , 4 8 2 )
4 3 4 ,7 5 1
8 6 8,6 7 1
Oper a t in g in com e (expen ses)

Sa les
20
(1 2 7 , 4 8 1 )
(2 3 2 , 7 4 5 )
(1 0 5 , 5 9 4 )
(2 0 0 , 0 5 5 )
Gen er a l a n d a dm in ist r a t iv e
20
(1 1 1 , 1 2 9 )
(2 1 1 , 1 6 6 )
(8 2 , 9 2 7 )
(1 5 7 , 8 9 1 )
Ot h er , n et
20
(4 , 0 9 7 )
(9 ,9 1 2 )
(1 5 ,9 4 5 )
(4 4 8 , 0 0 8 )
(1 9 8 , 4 3 3 )
(3 7 3 , 8 9 1 )
952
(2 3 7 , 6 5 8 )
11
Pr ofit befor e fin a n ce r esu l t a n d t a xes

21
Pr ofit (l oss) befor e t a xes on in com e
1 6 ,6 85
2 3 ,7 7 9
5 ,804
1 3 ,3 3 9
4 9 4 ,4 5 2
81 3 ,9 6 0
2 4 2 ,1 2 2
5 0 8 ,1 1 9
1 ,2 9 6 , 2 4 6
2 ,3 0 8 , 8 7 6
2 01 ,4 6 2
(1 , 1 8 3 , 1 4 9 )
1 ,7 9 0 , 6 9 8
3 ,1 2 2 ,83 6
4 4 3 ,5 8 4
(6 7 5 , 0 3 0 )
In com e t a x a n d socia l con t r ibu t i on

. Cu r r en t
10
1 2 3 ,7 7 2
(1 4 4 , 3 5 6 )
(2 ,1 8 8 )
. Defer r ed
10
(6 4 6 , 3 4 4 )
(6 3 6 ,8 4 1 )
(1 4 5 , 8 0 0 )
2 4 7 ,2 1 1
(5 2 2 , 5 7 2 )
(7 8 1 ,1 9 7 )
(1 4 7 , 9 8 8 )
2 4 2 ,0 6 0
1,268,126
2,341,639
295,596
(432,970)
(5 ,1 5 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
0.2 2 2 4
0.4 3 3 9
0.05 4 8
(0 . 0 8 0 2 )
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
0.2 2 2 4
0.4 3 3 9
0.05 4 8
(0 . 0 8 0 2 )

(Unaudited)
Version: 1
KLABIN S.A.
STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE QUARTER AND SIX-MONTH PERIODS
ENDED JUNE 30, 2016 AND 2015
Pa r en t com pa n y a n d Con sol ida t ed
Fr om 4/1 t o
Fr om 1/1 t o
6/30/2016
6/30/2016
1,268,126
2,341,639
Fr om 4/1 t o
6/30/2015
295,596
Fr om 1/1 t o
6/30/2015
(432,970)
Ot h er com pr eh en siv e in com e (l oss):

. For eig n cu r r en cy t r a n sla t ion a dju st m en t s (i)
. A ct u a r ia l lia bilit y r est a t em en t (ii)
T ot a l com pr eh en siv e in com e (l oss) for t h e per iod, n et of t a xes
(7 , 3 3 3 )
(2 2 , 2 9 7 )
1 ,3 9 4
1 ,3 9 4
1,262,188
2,320,736
(4 , 1 7 6 )
291,420
4 ,89 9
(428,071)
(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 .
(ii) Effe c ts tha t will ne ve r be tra ns fe rre d to pro fit o r lo s s .

(Unaudited)
Version: 1
KLABIN S.A.
STATEMENT OF CHANGES IN EQUITY FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2016 AND 2015

(Unaudited)
Version: 1
KLABIN S.A.
STATEMENT OF CASH FLOWS FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2016 AND 2015
Fr om 1/1 t o
Fr om 1/1 t o
6/30/2016
6/30/2015
Net ca sh pr ov i ded by oper a t i n g a ct i v 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 tiza tion
Ch a n g e in fa ir v a lu e of biolog ica l a sset s
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 lts 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 ssets
Equ it y in t h e r esu lts of in v est ees
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 in a sset s a n d li a bi l i t i es
T r a de r eceiv a bles a n d r ela ted pa r ties
In v en t or ies
T a x es r ecov er a ble
Ma r keta 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 ty , pla n t a n d equ ipm en t
Pla n t in 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 est m 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 ci n g a ct i v i t ies
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 tion
Pu r ch a se of tr 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 i n ca sh a n d ca sh equ iv a len 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 i od
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
1,059,857
1,390,024
2 ,3 4 1 ,6 3 9
2 4 7 ,2 9 0
(5 9 ,0 7 5 )
3 1 6 ,8 7 0
7 7 7 ,7 0 1
(1 ,3 5 6 ,9 7 9 )
1 6 ,5 8 7
1 4 ,5 0 8
(4 8 2 ,1 1 3 )
2 4 ,5 3 7
(2 2 ,7 1 5 )
(4 3 2 ,9 0 1 )
(1 2 ,6 2 2 )
1 7 ,2 9 7
(330,167)
7 2 ,9 3 7
(2 2 9 ,7 3 0 )
(3 7 2 ,4 4 6 )
(3 7 ,1 4 2 )
(7 ,3 8 3 )
(6 1 ,3 6 2 )
3 2 3 ,6 0 9
(2 ,2 8 2 )
3 0 ,2 6 0
(4 6 ,6 2 8 )
(1,481,556)
(1 ,4 4 0 ,2 9 3 )
(4 7 ,3 0 2 )
7 ,0 2 8
(9 8 9 )
974,422
2 ,5 6 1 ,4 9 2
(9 7 8 ,3 1 3 )
(3 8 5 ,8 5 7 )
(6 ,6 0 1 )
6 ,2 1 6
(2 2 2 ,5 1 5 )
552,723
4,031,184
4,583,907
613,090
898,729
(4 3 2 ,9 7 0 )
1 5 4 ,2 3 4
(2 1 1 ,0 8 0 )
3 8 7 ,0 2 3
(2 4 6 ,6 1 5 )
1 ,2 9 3 ,7 0 4
2 0 2 ,7 6 0
2 0 ,4 4 8
(2 5 6 ,0 5 5 )
2 2 ,0 6 6
2 ,9 1 0
(1 1 ,4 5 9 )
(1 3 ,6 5 7 )
(1 2 ,5 8 0 )
(285,639)
(1 0 2 ,1 6 3 )
(5 0 ,8 5 8 )
(7 2 0 ,4 1 3 )
(2 3 ,6 0 5 )
2 ,1 5 9
(4 2 ,7 3 4 )
5 1 8 ,9 3 1
(1 4 ,9 9 6 )
2 5 ,5 4 7
1 2 2 ,4 9 3
(2,167,729)
(2 ,0 9 9 ,7 4 9 )
(3 0 ,5 0 2 )
6 ,5 0 0
(4 8 ,8 6 2 )
4 ,8 8 4
1,294,057
2 ,2 2 9 ,8 4 8
(8 2 7 ,9 2 1 )
(1 1 ,1 5 1 )
5 ,2 6 3
(1 0 1 ,9 8 2 )
(260,582)
4,030,951
3,770,369
Fr om 1/1 t o
6/30/2016
1,050,556
1,395,118
2 ,3 4 1 ,6 3 9
2 4 4 ,1 1 1
(3 3 5 ,8 8 9 )
3 2 8 ,5 3 6
6 3 6 ,8 4 1
(1 ,3 4 9 ,9 4 7 )
1 6 ,5 8 7
1 4 ,5 0 8
(4 8 8 ,5 5 2 )
2 4 ,5 3 7
(2 2 ,7 1 5 )
(2 3 ,7 7 9 )
(1 3 ,9 8 1 )
2 3 ,2 2 2
(344,562)
5 8 ,2 1 2
(2 1 1 ,5 5 7 )
(3 6 3 ,8 5 5 )
(3 7 ,1 4 2 )
(7 ,3 8 3 )
(6 2 ,3 7 0 )
3 2 3 ,9 1 9
(8 ,9 4 7 )
2 9 ,1 8 9
(6 4 ,6 2 8 )
(1,495,666)
(1 ,4 4 1 ,6 1 2 )
(6 1 ,0 8 2 )
7 ,0 2 8
607,561
2 ,2 1 1 ,8 0 2
(9 7 8 ,1 2 3 )
(3 8 5 ,8 5 7 )
(6 ,6 0 1 )
6 ,2 1 6
(1 7 ,3 6 1 )
(2 2 2 ,5 1 5 )
162,451
5,053,723
5,216,174
Con sol i da t ed
Fr om 1/1 t o
6/30/2015
705,702
943,616
(4 3 2 ,9 7 0 )
1 5 4 ,9 8 6
(2 1 0 ,7 6 8 )
3 8 9 ,3 1 5
(2 4 7 ,2 1 1 )
1 ,4 5 4 ,7 8 9
2 0 2 ,7 6 0
2 0 ,4 4 8
(3 7 0 ,4 2 3 )
2 2 ,0 6 6
2 ,9 1 0
(1 3 ,3 3 9 )
(1 5 ,2 6 7 )
(1 3 ,6 8 0 )
(237,914)
(7 6 ,7 3 6 )
(4 3 ,7 4 0 )
(7 1 6 ,2 4 4 )
(2 3 ,6 0 5 )
2 ,7 4 1
(3 8 ,6 2 2 )
5 1 7 ,7 6 6
(1 8 ,8 8 4 )
2 5 ,6 1 2
1 3 3 ,7 9 8
(2,141,611)
(2 ,1 0 4 ,2 0 6 )
(4 6 ,3 7 1 )
6 ,5 0 0
2 ,4 6 6
908,704
1 ,8 4 1 ,8 4 2
(8 2 5 ,0 5 5 )
(1 1 ,1 5 1 )
5 ,2 6 3
(2 1 3 )
(1 0 1 ,9 8 2 )
(527,205)
5,245,833
4,718,628

(Unaudited)
Version: 1
KLABIN S.A.
STATEMENT OF VALUE ADDED FOR THE SIX-MONTH PERIODS ENDED
JUNE 30, 2016 AND 2015
Fr om 1/1 t o
Fr om 1/1 t o
6/30/2016
6/30/2015
Con sol i da t ed
Fr om 1/1 t o
6/30/2016
Fr om 1/1 t o
6/30/2015
Rev en u e
. Sa les of pr odu ct s
. Ch a n g e in fa ir v a lu e of biolog ic a l a sset s
. Ot h er in c om e
. Pr ov ision for im pa ir m en t of t r a de r eceiv a bles
3 ,7 2 8 ,7 4 9
3 ,1 9 8 ,8 6 1
3 ,7 9 2 ,8 3 8
3 ,2 6 8 ,4 9 7
5 9 ,0 7 5
2 1 1 ,0 8 0
3 3 5 ,8 8 9
2 1 0 ,7 6 8
6 ,1 2 4
6 ,5 0 0
6 ,1 2 4
4 ,6 4 2
3,798,590
1 4 ,7 8 9
4 ,6 6 1
6 ,5 0 0
1 4 ,7 8 4
3,431,230
4,139,512
3,500,549
(1 ,0 7 0 ,6 7 1 )
(5 5 1 ,3 7 0 )
(1 ,0 8 8 ,1 8 3 )
(5 7 4 ,0 0 4 )
(7 8 5 ,8 1 9 )
(1 ,1 0 2 ,7 2 1 )
(7 8 7 ,8 5 7 )
(1 ,1 1 2 ,7 0 2 )
(1,856,490)
(1,654,091)
(1,876,040)
(1,686,706)
1,942,100
1,777,139
2,263,472
1,813,843
(5 6 3 ,1 5 8 )
(5 4 1 ,2 5 7 )
(5 7 2 ,6 4 7 )
(5 4 4 ,3 0 1 )
1,378,942
1,235,882
1,690,825
1,269,542
In pu t s a cqu i r ed fr om t h ir d pa r t ies
. Cost of pr odu ct s sold
. Ma t er ia ls, elect r icit y , ou t sou r ced ser v ices a n d ot h er
Gr oss v a l u e a dded
Ret en t i on s
. Depr ec ia 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 ecei v 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
4 3 2 ,9 0 1
1 1 ,4 5 9
2 3 ,7 7 9
1 3 ,3 3 9
. Fin a n ce in com e, in clu din g ex ch a n g e v a r ia t ion s
2 8 4 ,8 8 7
3 8 0 ,9 3 4
3 3 1 ,0 4 1
4 1 8 ,3 8 9
717,788
392,393
354,820
431,728
2,096,730
1,628,275
2,045,645
1,701,270
. Dir ect com pen sa t ion
4 3 1 ,8 4 3
3 4 0 ,9 6 4
4 4 3 ,3 2 2
3 5 2 ,9 1 3
. Ben efit s
1 1 0 ,1 9 3
8 3 ,8 8 0
1 1 0 ,5 6 7
8 4 ,2 2 2
3 2 ,7 6 8
2 7 ,8 0 2
3 2 ,8 3 9
2 7 ,8 8 1
574,804
452,646
586,728
465,016
T ot a l v a l u e a dded t o dist r i bu t e
Di st r ibu t ion of v a l u e a dded:
Per son n el
. Gov er n m en t Sev er a n ce In dem n it y Fu n d for Em ploy ees (FGT S)

T a xes a n d con t r ibu t ion s
. Feder a l
. St a t e
. Mu n ic ipa l
1 ,1 7 0 ,3 7 9
5 1 ,5 5 6
5 ,3 6 1
1,227,296
(7 ,4 4 3 )
6 4 ,7 1 3
3 ,9 3 2
61,202
1 ,0 3 8 ,1 9 6
5 1 ,5 5 6
(9 5 9 )
6 4 ,7 1 3
5 ,3 6 1
3 ,9 3 2
1,095,113
67,686
Rem u n er a t i on of t h i r d-pa r t y ca pi t a l
. In t er est
Rem u n er a t i on of own ca pi t a l
.Div iden ds pa id a n d pr ofit sh a r in g - m a n da t or y deben t u r es
con v er t ible in t o sh a r es
. Pr ofit s r ein v est ed/(loss) for t h e per iod
(2 ,0 4 7 ,0 0 9 )
1 ,5 4 7 ,3 9 7
(1 ,9 7 7 ,8 3 5 )
1 ,6 0 1 ,5 3 8
(2,047,009)
1,547,397
(1,977,835)
1,601,538
2 5 5 ,3 8 9
1 5 ,1 4 5
2 5 5 ,3 8 9
1 5 ,1 4 5
2 ,0 8 6 ,2 5 0
(4 4 8 ,1 1 5 )
2 ,0 8 6 ,2 5 0
(4 4 8 ,1 1 5 )
2,341,639
(432,970)
2,341,639
(432,970)
2,096,730
1,628,275
2,045,645
1,701,270
10

(Unaudited)
Version: 1
KLABIN S.A.
Notes to the quarterly information (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,
corrugated cardboard boxes and pulp. 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 July 26, 2016.
1.1 Startup of Klabins new pulp mill (Puma Unit)
March, 2016 marked the operacional startup of Klabins new pulp mill (Puma Unit) located in
Ortigueira, Parana. This project will be responsible to operacions of the Company's pul segment,
advancing towards different markets, supliyng short fiber bleached pulp, long fiber bleached
pulp, and fluff pulp.
The first pulp bale was produced on March 4, 2016, already with certification from the Forest
Stewardship CouncilR - FSCR (FSCC129105).
The pulp sales started in April 2016, evolving over the second quarter.
1.2 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, that has been produced in the
new pulp plant in the city of Ortigueira, in the state of Paran.
The contract began in second quarter of 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.
11

(Unaudited)
Version: 1
KLABIN S.A.
1.3 Creation of a wholly-owned subsidiary Klabin Austria

On June 22, 2016, the Company established a wholly-owned subsidiary located in Austria, named
Klabin Autria, with the purpose to improve exports managing, internalising logistics and
distribuition activities in Europe, inventorys conservation and managing, payment to suppliers and
collection of receivables.
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
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.
2.3 New technical pronouncements, revisions and interpretations not yet effective
As stated in the financial statements at December 31, 2015, certain revised standards and
interpretations that become effective in the coming years have been issued. The impact of these
standards is being assessed by management.
The revisions and new interpretations effective from 2016 do not have a significant impact on the
Company's quarterly information.
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 June 30, 2016, December 31, 2015 and June
30, 2015, as folow:
12

(Unaudited)
Version: 1
KLABIN S.A.
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
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
IKA P Em pr een dim en tos Lt da .
Br a zil
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
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
Lu x em bou r g
Fin a n ce
m a r k et
. Kla bin T r a de
Kla bin For est Pr odu cts C om pa n y
Kla bin Fin a n ce S. A .

Kla bin u str ia Gm bH
USA
A u st r ia
6/30/2016 12/31/2015
6/30/2015
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
SPCs:
Cor r eia Pin t o
Br a zil
Refor est a tion
Dir ect
88
89
89
CG For est
Br a zil
Refor est a tion
Dir ect
77
77
77
Mon te A leg r e
Joi n t v en t u r es (n ot con sol i da t ed)
Br a zil
Refor est a tion
Dir ect
75
76
73
Flor est a l V a le do Cor isco S.A .
Br a zil
Refor est a tion
Dir ect
51
51
51
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.
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 est m en ts - loca l cu r r en cy
Fin a n cia l in v est m en ts - for eig n cu r r en cy (i)
Con sol i da t ed
6/30/2016
12/31/2015
6/30/2016
3 1 ,3 3 7
2 0 ,4 1 6
3 2 ,1 6 6
2 1 ,5 9 0
1 4 ,2 5 3
3 4 ,9 2 1
3 ,6 6 1 ,8 2 7
4 ,2 9 7 ,1 4 0
3 ,7 6 7 ,0 2 1
8 7 2 ,6 1 5
5,216,174
1 ,2 3 0 ,1 9 1
5,053,723
4 ,2 0 5 ,4 8 2
3 4 7 ,0 8 8
4,583,907
3 4 8 ,9 4 1
4,031,184
12/31/2015
(i) In U.S. do llars
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 14.28% (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 June
13

(Unaudited)
Version: 1
KLABIN S.A.
30, 2016, the balance of these securities was R$ 594.285 (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.
6
TRADE RECEIVABLES
6/30/2016
12/31/2015
Con sol i da t ed
6/30/2016
12/31/2015
9 2 0 ,2 3 2
T r a de r ecei v a bl es
. Loca l
9 5 2 ,5 5 9
9 2 0,1 7 1
9 5 2 ,6 3 3
. For eig n
2 7 1 ,2 2 6
2 5 1 ,3 6 9
5 2 3 ,5 6 6
6 1 8 ,8 3 9
1,223,785
1,171,540
1,476,199
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
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
(3 3 ,2 6 6 )
(3 7 , 9 0 7 )
(3 3 , 3 1 2 )
(3 7 ,9 7 2 )
1,190,519
1,133,633
1,442,887
1,501,099
85,877
91,490
89,397
92,594
4 .3 0%
4 .5 7 %
3 .8 0 %
3 .5 5 %
1 ,4 6 1
4 ,6 8 5
1 ,4 6 1
4 ,6 8 5
1 1 t o 3 0 da y s
1 4 ,9 1 9
1 0,4 8 3
1 6 ,7 9 7
1 0 ,8 7 5
3 1 t o 6 0 da y s
9 ,7 5 9
6 ,9 6 1
1 1 ,3 0 9
7 ,6 0 8
6 1 t o 9 0 da y s
2 ,2 0 1
1 4 ,3 4 4
2 ,2 0 1
1 4 ,3 4 4
Ov er 9 0 da y s
Not y et du e
T ot a l por t fol io
5 7 ,5 3 7
5 5 ,0 1 7
1 ,1 3 7 ,9 0 8
1,223,785
1 ,0 8 0 , 0 5 0
1,171,540
5 7 ,6 2 9
1 , 3 8 6 ,8 0 2
1,476,199
5 5 ,0 8 2
1 , 4 4 6 ,4 7 7
1,539,071
The average collection period for trade receivables is approximately 77 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:
14

(Unaudited)
Version: 1
KLABIN S.A.
Con sol i da 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 ,8 7 0
(37,907)
(37,972)
Pr ov ision for t h e per iod
(2 ,5 5 8 )
(2 ,5 3 9 )
906
9 06
Rev er sa ls
Defin it iv e w r it e-off
A t Ju n e 30,2016
6 ,2 9 3
(33,266)
6 ,2 9 3
(33,312)
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".
15

(Unaudited)
Version: 1
KLABIN S.A.
RELATED PARTIES
a) Balances and transactions with related parties
16

(Unaudited)
Version: 1
KLABIN S.A.
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
625
3 ,4 5 0
6/30/2016
12/31/2015
6/30/2015
T ot a l
T ot a l
T ot a l
Ba l a n ces
Cu r r en t a ssets
Cu r r en t lia bilit ies
97 8
Non -cu r r en t lia bilit ies
5 3 9 ,6 8 4
490
3 ,7 6 2 ,4 3 1
978
1,081
544,249
425,044
3,762,431
3,723,450
T r a n sa ct ion s
In t er est ex pen ses on fin a n cin g
(1 6 4 ,0 9 9 )
G u a r a n t ee com m ission - ex pen ses

Roy a lt y ex pen ses
(164,099)
(1 4 ,7 4 5 )
(3 , 5 5 6 )
(1 7 ,3 5 5 )
(2 ,7 9 1 )
(80,058)
(14,745)
(8,695)
(23,702)
(21,527)
(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 t ee com m ission , ca lcu la t ed ba sed on th e BNDES fin a n cin 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
6/30/2016
6/30/2015
Boa r d of Dir ect or s a n d
St a tu t or y A u dit Boa r d
1 6 ,2 9 0
1 5 ,06 4
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
6/30/2016
6/30/2015
6/30/2016
6/30/2015
2 ,8 3 3
2 ,6 1 6
1 9 ,1 2 3
1 7 ,6 8 0
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.
17

(Unaudited)
Version: 1
KLABIN S.A.
INVENTORY
6/30/2016
12/31/2015
Con sol ida t ed

6/30/2016
12/31/2015
Fin ish ed pr odu ct s
2 4 9 ,7 2 7
1 2 4 ,4 1 3
2 8 9 ,6 8 5
Ra w m a t er ia ls
1 8 5 ,3 9 2
1 6 2 ,8 8 9
2 07 ,9 2 8
1 9 6 ,4 5 9
Tim ber a n d log s
2 1 9 ,3 5 0
1 5 0 ,8 4 2
2 1 9 ,3 5 0
1 5 0,84 2
Fu el a n d lu br ica n t s
1 6 2 ,89 9
9 ,8 3 8
7 ,1 3 7
9 ,83 8
7 ,1 3 7
Ma in t en a n ce su pplies
1 8 1 ,7 4 0
1 6 1 ,9 5 6
1 8 5 ,9 1 9
1 6 7 ,4 7 8
Pr ov ision for losses
(1 3 ,7 6 1 )
(1 3 ,6 3 3 )
(1 3 ,9 2 2 )
(1 3 , 8 6 2 )
Ot h er
1 1 ,2 5 5
843,541
2 0 ,2 0 7
613,811
1 3 ,88 5
912,683
3 0,1 7 3
701,126
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.
TAXES RECOVERABLE
V a lu e-a dded T a x on Sa les a n d Ser v ices (ICMS)

Socia l In t eg r a t ion Pr og r a m (PIS)
Socia l Con t r ibu t ion on Rev en u e (COFINS)
In com e t a x /socia l con t r ibu t ion
Ta x on In du st r ia lized Pr odu ct s (IPI)
Ot h er
Su bsidia r ies
Con sol ida t ed
Cu r r en t
a sset s
1 5 8 ,7 9 2
4 4 ,5 1 2
1 9 1 ,9 4 6
2 2 8 ,5 2 7
6 2 ,6 1 9
5 ,6 4 2
692,038
5 ,5 2 1
697,559
6/30/2016
Non -cu r r en t
a sset s
1 ,2 0 0 ,1 1 2
1 0 ,6 5 1
6 1 ,3 4 8
2 6 7 ,6 7 7
3 6 ,6 2 8
1,576,416
1,576,416
Cu r r en t
a sset s
1 2 2 ,3 9 7
4 0 ,0 5 6
1 7 9 ,3 2 9
3 2 4 ,0 4 1
1 9 ,1 4 5
3 8 ,7 8 0
723,748
1 2 ,7 5 3
736,501
12/31/2015
Non -cu r r en t
a sset s
1 ,0 4 8 ,8 9 7
1 0 ,8 9 7
6 2 ,5 7 8
3 7 ,2 6 6
1,159,638
1,159,638
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.
On May, 2016, the Company recognized credits of IPI gain in tax litigation, final and unappealable
decision, substantially allocated in finance result. Credits are already available to offset in
accordance with tax legislation in force.
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.
18

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

The balances of deferred tax assets and liabilities at June 30, 2016 and December 31, 2015 were as
follows:
Pr ov ision for t a x , socia l sec u r it y , la bor a n d civ il con t in g en c ies
W r it e-off of defer r ed ch a r g es (La w 1 2 ,9 7 3 /1 4 )
In com e t a x a n d socia l con t r ibu t ion losses
6/30/2016
2 3 ,3 5 0
5 ,3 2 3
12/31/2015
2 4 ,5 5 6
6 ,3 8 5
Con sol ida t ed

6/30/2016
2 3 ,3 5 0
5 ,3 2 3
12/31/2015
2 4 ,5 5 6
6 ,3 8 5
8 1 4 ,6 3 7
2 0 ,7 9 6
8 9 2 ,3 9 2
2 0 ,3 1 4
8 1 4 ,6 9 6
2 0 ,7 9 6
8 9 2 ,3 9 2
2 0 ,3 1 4
1 4 6 ,7 1 6
1,010,822
6 4 ,8 9 7
1,008,544
1 4 6 ,7 1 6
1,010,881
6 4 ,9 8 1
1,008,628
Fa ir v a lu e of biolog ica l a sset s
6 1 8 ,8 6 1
6 9 2 ,3 4 0
6 4 2 ,0 0 9
8 5 6 ,3 6 9
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

(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)
3 4 1 ,1 9 0
3 2 2 ,0 3 2
3 4 1 ,1 9 0
3 2 2 ,0 3 2
4 8 9 ,1 7 8
4 8 9 ,1 7 8
5 6 1 ,7 9 9
5 6 1 ,7 9 8
A dju st m en t t o pr esen t v a lu e of ba la n ces
4 4 ,8 7 5
4 5 ,6 4 1
4 4 ,8 7 5
4 5 ,6 4 1
A sset r ev a lu a t ion r eser v e
2 5 ,0 9 1
2 5 ,0 9 2
2 5 ,0 9 1
2 5 ,0 9 2
In t er est ca pit a lized (La w 1 2 ,9 7 3 /1 4 )
1 7 3 ,8 3 5
1 3 1 ,9 3 9
1 7 3 ,8 3 5
1 3 1 ,9 3 9
Defer r ed for eig n ex ch a n g e v a r ia t ion s (*)
7 7 3 ,5 7 9
7 7 3 ,5 7 9
2 0 ,7 2 6
2 0 ,7 2 6
A c t u a r ia l lia bilit y
Ot h er t em por a r y differ en c es
Non -cu r r en t a sset s
T a x r ec ov er a ble
Ot h er t em por a r y differ en c es
Non -cu r r en t l ia bil it ies
2 ,4 2 2
2,489,757
2 0 ,0 4 6
1,726,268
2 ,4 2 3
2,585,527
2 0 ,0 2 6
1,962,897
Net ba l a n ce in t h e ba l a n ce sh eet (l ia bil it ies)
1,478,935
717,724
1,574,646
954,269
(*) M a na ge m e nt o pte d fo r the ta x re c o gnitio n o f the e xc ha nge va ria tio ns o f its fo re ign c urre nc y re c e iva ble s a nd pa ya ble s o n the c a s h ba s is , while fo r 2016, the re by
ge ne ra ting te m po ra ry diffe re nc e s , whic h will be ta xe d a c c o rding to the s e ttle m e nt o f the re c e iva ble s a nd pa ya ble s .
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:
6/30/2016
Con sol i da t ed
2 01 7
2 01 8
2 01 9
2 7 9 ,2 5 8
2 3 7 ,5 7 2
2 1 4 ,3 2 1
2 7 9 ,2 5 8
2 3 7 ,5 7 2
2 1 4 ,3 2 1
2 02 0
2 7 9 ,6 7 1
1,010,822
2 7 9 ,7 3 0
1,010,881
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
19

(Unaudited)
Version: 1
KLABIN S.A.
Fr om 4/1 t o Fr om 1/1 t o
6/30/2016
6/30/2016
6/30/2015
6/30/2015
Cu r r en t t a x ex pen se
1 4 0 ,4 6 8
(1 2 4 , 2 7 9 )
19
Pr ior -y ea r a dju st m en t
Cor r en t e
(1 3 ,6 5 7 )
126,811
(1 3 , 6 5 7 )
(137,936)
19
(6 2 6 ,0 8 5 )
(7 2 3 , 3 8 0 )
(9 5 , 1 2 6 )
2 7 1 ,9 6 8
8 ,6 8 3
1 9 ,1 5 9
(3 6 ,4 4 9 )
2 3 ,4 5 2
(2 2 ,4 9 8 )
(639,900)
(7 3 , 4 8 0 )
(777,701)
(1 4 ,5 6 4 )
(146,139)
(4 8 ,8 0 5 )
246,615
Recog n it ion a n d r ev er sa l of t em por a r y differ en ces

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
Con sol i da t ed
6/30/2016
6/30/2016
6/30/2015
6/30/2015
Cu r r en t t a x ex pen se
1 3 7 ,4 2 9
(1 3 0 , 6 9 9 )
(2 , 1 8 8 )
(5 ,1 5 1 )
Pr ior -y ea r a dju st m en t
Cor r en t e
(1 3 ,6 5 7 )
123,772
(1 3 , 6 5 7 )
(144,356)
(2,188)
(5,151)
(7 0 3 ,8 4 4 )
(6 7 4 ,2 1 8 )
(9 4 ,4 4 6 )
2 7 3 ,1 6 1
8 ,6 8 3
1 9 ,1 5 9
(3 6 ,4 4 9 )
2 3 ,4 5 2
4 8 ,8 1 7
(646,344)
1 8 ,2 1 8
(636,841)
(1 4 ,9 0 5 )
(145,800)
(4 9 ,4 0 2 )
247,211
Recog n it ion a n d r ev er sa l of t em por a r y differ en ces

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
c) Reconciliation of income tax and social contribution with the result of applying the
statutory tax rate
Fr om 4/1 t o
6/30/2016
In com e befor e in com e t a x a n d socia l con t r i bu t ion
In com e t a x a n d socia l con t r ibu t ion a t t h e r a t e of 3 4 %
T a x effect on per m a n en t differ en ces:
Ot h er effect s
In com e t a x a n d socia l con t r ibu t ion
. Cu r r en t
. Defer r ed
In com e t a x a n d socia l con t r ibu t i on expen se
Fr om 1/1 t o
6/30/2016
6/30/2015
6/30/2015
1,781,215
3,257,276
441,727
(679,604)
(6 0 5 , 6 1 3 )
(1 , 1 0 7 , 4 7 4 )
(1 5 0 ,1 8 7 )
2 3 1 ,06 5
7 2 ,6 7 6
1 9 ,8 4 8
1 4 7 ,1 86
4 4 ,6 5 1
(6 2 )
4 ,1 1 8
3 ,89 6
1 1 ,6 7 3
(513,089)
(915,637)
(146,131)
246,634
1 2 6 ,81 1
(6 3 9 , 9 0 0 )
(1 3 7 , 9 3 6 )
(7 7 7 , 7 0 1 )
8
(1 4 6 ,1 3 9 )
19
2 4 6 ,6 1 5
(513,089)
(915,637)
(146,131)
246,634
20

(Unaudited)
Version: 1
KLABIN S.A.
Con sol ida t ed
6/30/2015
6/30/2015
Fr om 4/1 t o
6/30/2016
Fr om 1/1 t o
6/30/2016
In com e befor e in com e t a x a n d soci a l con t r ibu t ion
1,790,699
3,122,836
443,584
(675,030)
In com e t a x a n d socia l con t r ibu t ion a t t h e r a t e of 3 4 %
(6 0 8 , 8 3 7 )
(1 ,0 6 1 , 7 6 4 )
(1 5 0 ,8 1 9 )
2 2 9 ,5 1 0
6 4 ,89 2
1 0,4 9 7
1 0,87 6
2 3 5 ,5 1 5
8,085
3 6 ,9 6 7
695
1 ,9 7 3
1 63
1 ,84 9
4 ,5 3 5
6 ,1 6 6
(522,572)
1 2 3 ,7 7 2
(6 4 6 , 3 4 4 )
(781,197)
(147,988)
242,060
(1 4 4 , 3 5 6 )
(6 3 6 ,8 4 1 )
(2 ,1 8 8 )
(1 4 5 ,8 0 0 )
(5 , 1 5 1 )
2 4 7 ,2 1 1
(522,572)
(781,197)
(147,988)
242,060
T a x effect on per m a n en t differ en ces:

Differ en ce in t a x a t ion - su bsidia r ies (*)
Ot h er effect s
In com e t a x a n d socia l con t r ibu t ion
. C u r r en t
. Defer r ed
In com e t a x a n d soci a l con t r ibu t ion expen se
(*) The tax effect of the difference in subsidiaries taxation is caused, substantially, by differences between Company's real
profit system and deemed profit system adopted by some of their subsidiaries.
21

(Unaudited)
Version: 1
KLABIN S.A.
11
INVESTMENTS IN SUBSIDIARIES AND JOINTLY-CONTROLLED ENTITIES
22

(Unaudited)
Version: 1
KLABIN S.A.
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 i da 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)
6/30/2016
12/31/2015
Cost
1 ,8 3 4 ,8 5 9
1 , 9 1 1 ,6 6 0
1 0 ,8 4 3 , 6 1 0
3 6 2 ,3 5 2
7 6 8 ,8 2 3
15,721,304
A ccu m u l a t ed
depr eci a t i on
(2 6 2 ,9 2 6 )
(2 ,5 1 4 ,8 8 8 )
(2 5 1 , 9 9 1 )
(3,029,805)
Net
1,834,859
1,648,734
8,328,722
362,352
516,832
12,691,499
Net
1,776,761
438,188
2,718,311
6,620,794
204,877
11,758,931
2 ,0 6 7 ,2 7 2
1 ,9 1 6 ,0 8 9
1 0 ,8 6 1 ,5 5 7
3 6 3 ,4 8 3
7 7 0 ,8 2 3
15,979,224
(2 6 4 , 9 1 7 )
(2 ,5 2 4 ,9 6 4 )
(2 5 3 ,2 0 5 )
(3,043,086)
2,067,272
1,651,172
8,336,593
363,483
517,618
12,936,138
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 c h a ses (i)
Disposa ls
Depr ecia t ion
In t er n a l t r a n sfer s
In t er est c a pit a lized (ii)
Ot h er
Pu r c h a ses (i)
Disposa ls
Depr ecia t ion
Ot h er
A t Ju n e 30, 2016
La n d
1,784,065
7 ,3 4 8
(2 0 , 9 5 1 )
6 ,2 9 9
1,776,761
(8 )
Bu il din 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 in er y ,
equ ipm en t
a n d fa ci l i t 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
1 , 1 1 5 ,7 4 8
(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
382
204,877
53
(7 6 7 )
(2 1 , 0 8 6 )
3 4 8 ,9 8 8
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
1 ,1 1 5 , 9 0 5
(3 , 1 5 8 )
(2 9 5 , 0 0 1 )
-
5 8 ,1 0 7
(1 6 8 )
438,188
179
(2 4 ,8 7 4 )
1 ,2 3 5 , 2 4 1
(4 9 5 )
2,718,311
(7 5 )
(1 , 3 7 8 )
(2 4 9 , 0 4 1 )
5 , 8 6 0 ,9 1 2
(7 , 5 0 3 , 2 4 8 )
1 3 0 ,6 4 0
1 3 0,6 4 0
(1 )
1,834,859
(7 )
8,328,722
(5 7 7 )
362,352
(1 5 , 2 3 3 )
516,832
(1 5 , 8 1 8 )
12,691,499
1,648,734
23

(Unaudited)
Version: 1
KLABIN S.A.
Con sol i da t ed

Pu r c h a ses (i)
Disposa ls
Depr ecia t ion
Ot h er
Pu r c h a ses (i)
Disposa ls
Depr ecia t ion
Ot h er
A t Ju n e 30, 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
719
(8 )
Bu il din gs
and
con st r u ct ion
453,484
(4 ,4 8 2 )
(7 8 9 )
(2 1 ,2 6 8 )
1 4 ,9 5 4
Ma ch in er y ,
equ ipm en t
a n d fa ci l i t i es
2,745,677
4 ,3 3 0
(3 , 0 7 7 )
(2 7 5 , 5 6 2 )
2 5 5 ,8 6 0
(3 1 9 )
441,580
179
(2 4 ,9 3 7 )
1 ,2 3 5 , 2 4 1
(8 9 1 )
1,651,172
(1 , 1 4 2 )
2,726,086
1 96
(1 , 3 7 8 )
(2 4 9 , 5 4 6 )
5 , 8 6 4 ,2 9 5
(3 , 0 6 0 )
8,336,593
5 8 ,1 0 7
(1 5 9 )
2,067,272
Con st r u ct ion
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
1 , 1 1 5 ,7 7 8
(1 , 0 0 5 )
(7 , 5 0 8 , 0 2 2 )
1 3 0 ,6 4 0
(1 , 0 9 3 )
363,483
Ot h er
189,134
2 ,09 1
(4 8 8 )
(3 2 , 2 7 6 )
4 6 ,9 9 3
228
205,682
352
(6 6 7 )
(2 1 , 1 9 4 )
3 5 0 ,3 7 9
(1 6 , 9 3 4 )
517,618
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 1 3 ,9 7 1
(5 , 9 1 2 )
12,009,146
1 ,1 1 7 , 2 2 4
(3 ,0 5 8 )
(2 9 5 , 6 7 7 )
1 3 0,6 4 0
(2 2 , 1 3 7 )
12,936,138
(i) Ne t o f re c o ve ra ble ta xe s (No te 9).

(ii) Inte re s t c a pita lize d re la te d to the bo rro wing o bta ine d fo r inve s tm e nt pro je c ts , s uc h a s the P um a P ro je c t (No te s 14, 15, a nd 21).
Depreciation was mainly allocated to the production cost for the period.
As mentioned in Note 1, with the start of operations of Puma Project, the total costs of R$ 6,843,278
was substantially transferred to the definitive accounts by June 30, 2016, starting the
depreciation, which totalled R$ 109,922 in the period and the capitalization of interest in
property, plant and equipment ceased.

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 quarter and six-month periods ended June 30, 2016 and the year
ended December 31, 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 June 30, 2016 relates to the following main projects: (i)
construction of a new pulp plant ("Puma Project"), (ii) Research and Development Center program
in Parana, (iii) insourcing of forestry transportation; and (iv) current investments in the Company's
continuing operations.
e) Commitments
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$ 650 million at June
30, 2016. This amount should be disbursed until at the end of September 2016.
24

(Unaudited)
Version: 1
KLABIN S.A.
f) Impairment of property, plant and equipment

The Company did not identify indicators of impairment of its assets as at June 30, 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 230 thousand hectares of planted areas at June 30, 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:
6/30/2016
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
12/31/2015
Con sol i da t ed
6/30/2016
12/31/2015
8 6 1 ,6 4 1
8 3 6 ,7 2 6
1 ,1 3 7 ,7 3 8
1 ,1 0 3 , 5 9 6
1 , 8 0 4 ,3 0 0
2,665,941
2 , 0 2 0 ,4 1 6
2,857,142
2 ,5 5 6 ,3 7 8
3,694,116
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.
(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.
25

(Unaudited)
Version: 1
KLABIN S.A.
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
4 7 ,3 0 2
6 1 ,0 8 2
Deplet ion :
. Hist or ica l cost
. Fa ir v a lu e a dju st m en t
(4 1 , 6 7 9 )
(4 6 ,2 3 0 )
(2 7 5 ,1 9 1 )
(2 8 2 ,3 0 6 )
Ch a n g e in fa ir v a lu e du e t o:
. Pr ice
1 5 ,2 2 1
2 1 ,2 9 9
. Gr ow t h
4 3 ,8 5 4
3 1 4 ,5 9 0
Pu r ch a se of a sset s
Sa le of a sset s
A t Ju n e 30, 2016
5 3 ,2 3 6
5 3 ,2 3 6
(3 3 ,9 4 4 )
(3 3 ,9 4 4 )
2,665,941
3,694,116
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.
26

(Unaudited)
Version: 1
KLABIN S.A.
c) Sensitivity analysis
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 June 30, 2016 was equivalent to
R$ 59/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 June 30, 2016 was 6.4% in
constant currency (5.9% at December 31, 2015).
14
BORROWING
a) Composition of borrowing
27

(Unaudited)
Version: 1
KLABIN S.A.
A n n u a l in t er est r a t e - %
6/30/2016
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
T JLP + 2 . 0 a n d ba sk et (i) + 1 . 5
6 . 0 t o T JLP + 2 .4 8
T JLP + 4 .8 2 a n d ba sk et (i) + 2 .0 6
2 .5 t o 1 0 . 2 8
1 ,7 3 6 ,89 1
4 82 ,6 5 3
2 6 1 ,4 6 6
1 8 ,5 9 2
1 ,9 0 1 ,0 3 3
6 2 9 ,01 7
3 6 3 ,8 7 4
CDI
5 6 ,3 1 0
9 6 1 , 5 00
1 ,01 7 ,81 0
1 .0 t o 6 . 8
2 7 ,89 0
1 1 8,6 6 9
1 4 6 ,5 5 9
(1 ,5 8 8 )
(8 , 3 8 3 )
(9 , 9 7 1 )
5 1 4 ,1 1 8
3 ,5 5 2 , 7 9 6
4 ,0 6 6 ,9 1 4
7 1 ,4 9 0
3 6 ,6 88
9 9 0 ,1 3 1
4 3 9 ,3 7 1
2 9 ,9 3 8
5 ,2 9 0
1 2 6 ,1 5 8
(2 6 ,5 7 5 )
1 ,0 2 7 , 2 5 9
2 5 4 ,1 6 2
89 1 ,9 6 3
4 ,9 7 5 ,1 7 4
1 ,5 5 6 ,7 5 3
7 3 8,2 5 4
9 5 8,5 04
(1 1 5 , 3 7 7 )
1 ,0 9 8 ,7 4 9
2 9 0 ,8 5 0
1 ,8 8 2 ,0 9 4
5 ,4 1 4 ,5 4 5
1 ,5 86 ,6 9 1
7 4 3 ,5 4 4
1 ,0 8 4 , 6 6 2
(1 4 1 , 9 5 2 )
1 , 6 7 2 ,4 9 1
2,186,609
1 0 ,2 8 6 , 6 9 2
13,839,488
1 1 ,9 5 9 , 1 8 3
16,026,097
3 8,3 84
(7 0 3 )
(2 9 ,9 3 8 )
7 ,7 4 3
2,194,352
1 ,6 0 4 , 9 00
(4 , 9 2 6 )
(1 , 5 5 6 , 7 5 3 )
4 3 ,2 2 1
13,882,709
1 ,6 4 3 ,2 8 4
(5 , 6 2 9 )
(1 , 5 8 6 , 6 9 1 )
5 0 ,9 6 4
16,077,061
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 .4 t o 1 .7 8
USD + Libor 6 M + 1 t o 3 .4
T ot a l pa r en t com pa n y
Su bsidia r i es:
In for eign cu r r en cy (ii)
. 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 ida t ed
T ot a l
1 8,5 9 2
1 6 4 ,1 4 2
1 4 6 ,3 6 4
1 02 , 4 0 8
. 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
. BID
. Fin n v er a
. Com m ission
Non cu r r en t
USD + 5 . 2
28

(Unaudited)
Version: 1
KLABIN S.A.
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 cr 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 cr 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
TJLP + 2 .0 a n d ba sk et (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
T ot a l
4 0,9 4 7
4 6 ,7 4 2
1 6 2 ,2 3 3
1 07 ,88 2
2 1 9 ,6 7 9
7 2 ,6 9 3
(2 ,1 7 4 )
6 4 8,002
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 0 0
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 0 2
4 2 0 ,1 9 3
1 ,1 8 1 ,1 7 9
2 2 8 ,6 8 8
(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 ,0 4 2
2 8 4 ,8 6 7
1 ,5 8 1 ,4 4 4
5 ,3 4 7 ,6 0 2
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 0 0
3 3 5 ,0 4 9
1 ,9 9 6 ,6 2 4
5 ,8 4 0 ,5 0 6
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 0 0
(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 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
Non cu r r en t
T ot a l Con sol ida t ed

(i) C urre nc y ba s ke t ma inly c o m pris ing US Do lla rs
(ii) In US Do lla rs
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
of the Company and its subsidiaries in the normal course of business, in accordance with their
business objectives.
29

(Unaudited)
Version: 1
KLABIN S.A.
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$ 460
millions, divided into two tranches: the first of US$ 415 millions with interest of 3.4% p.a. and the
second tranche of US$ 45 millions, with interest of LIBOR 6M + 1% p.a., which two
disembursments occurred in 2015 totaling US$ 303 milions and the remaining will be released over
2016, as the payments to the suppliers of the project are made.
IDB (Inter-American Development Bank)

The commitment amounts to US$ 300 millions, divided into two tranches: the first of US$ 150
millions with interest of LIBOR 6M +1.8% p.a. and the second tranche of US$ 150 millions, with
interest of LIBOR 6M + 1.4% p.a.. In the six-month period ended June 30, 2016 two
disembursments occurred totaling US$ 230 milions. The remaining will be released over 2017.
b) Schedule of non-current maturities

The maturity dates of the Company's borrowing at June 30, 2016, classified in non-current
liabilities in the consolidated balance sheet, are as follows:
Yea r
A m ou n t
2017
6 5 2 ,0 0 0
2018
2 ,2 4 8 ,8 0 0
2019
2 ,2 0 4 ,8 0 0
2020
2 ,2 7 9 ,5 0 0
2021
2 ,0 3 4 ,1 0 0
2022
1 ,4 7 9 ,1 0 0
2023
on wa r ds
T ot a l
2 ,9 8 4 ,4 0 9 13,882,709
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
Pa r en t com pa n y 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
16,551,241
Bor r ow in g
2 ,5 6 1 ,4 9 2
2 ,2 1 1 ,8 0 2
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 Ju n e 30, 2016
4 9 0,07 7
(1 , 7 1 6 ,4 1 6 )
(1 ,4 6 0 , 4 2 6 )
16,026,097
4 8 3 ,1 6 3
(1 ,7 0 2 , 4 7 0 )
(1 ,4 6 6 , 6 7 5 )
16,077,061
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.
30

(Unaudited)
Version: 1
KLABIN S.A.
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.
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.
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.
31

(Unaudited)
Version: 1
KLABIN S.A.
Number
First series
Second series
Unit value
27,777,500
27,777,500
55,555,000
14.40
14.40
Total value
(R$ thousand)
399.996
399.996
799.992
Interest rate
Maturity
Amortization
Interest
Nature
IPCA + 7.25%
IPCA + 2.50%
6/15/2020
6/15/2022
Without amortization
Semi-annual
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.
The debenture holders have the possibility of converting debentures into units in advance.
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

6/30/2016
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 bi l 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 i a 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 t er est
. Mon et a r y r est a t em en t /pr ofit sh a r in g
. Su bscr ipt ion 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 t o m a t u r it y a t pr esen t v a lu e
. Su bscr ipt ion bon u s
. Cost of t h e issu e of deben t u r es
T ot a l
3 0 ,7 6 9
3 0 ,7 6 9
6 1 ,5 3 8
6 1 ,5 3 8
1 3 6 ,000
5 5 ,2 4 4
191,244
2 ,4 6 3
33,232
1 3 8 ,4 6 3
5 5 ,2 4 4
224,476
6 9 ,7 0 0
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 ,000
7 3 8,4 1 9
-
7 3 8,4 1 9
1 3 6 ,0 0 0
2 7 2 ,0 0 0
7 3 8,4 1 9
-
7 3 8,4 1 9
2 7 2 ,0 0 0
(2 9 , 6 0 4 )
4 9 ,3 9 3
155,789
2 5 ,5 4 8
(2 8 ,5 0 3 )
735,464
(2 9 ,6 0 4 )
7 4 ,9 4 1
(2 8 ,5 0 3 )
891,253
(4 4 , 1 1 4 )
1 8 4 ,0 7 6
411,962
1 8,801
(2 8 , 5 0 3 )
728,717
1 , 6 9 1 ,5 5 2
(4 1 0 ,1 1 9 )
2 8 ,5 0 3
(2 9 , 8 4 1 )
1,280,095
2,395,824
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 5 2
(4 1 0 , 1 1 9 )
(2 9 ,8 4 1 )
1,251,592
1,598,625
2 8 ,5 0 3
28,503
797,199
2 8,5 03
28,503
994,671
(4 4 ,1 1 4 )
2 0 2 ,8 7 7
(2 8 ,5 0 3 )
1,140,679
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
In the six-month period ended June 30, 2016 were paid R$ 317,120 of interest of the 6th issue of the
debentures and R$ 272,876 of interest of the 7th issue of the debentures.
32

(Unaudited)
Version: 1
KLABIN S.A.
Due to the exercise of the right of conversion requested by the debentures holders of the 6th
emission, 135,172 debentures were converted into shares since the end of the lock-up period on July
6, 2-15. From this total, 22,082 debentures were converted in 2016.
16
TRADE PAYABLES
6/30/2016
Loca l cu r r en cy
12/31/2015
Con sol i da t ed
6/30/2016
12/31/2015
6 3 3 ,0 0 4
5 2 4 ,8 1 9
6 3 3 ,2 8 9
5 2 4 ,88 9
6 2 ,4 9 4
1 7 1 ,4 5 8
6 8 ,4 4 1
1 7 7 ,3 1 0
695,498
696,277
701,730
702,199
For eig n cu r r en cy
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,
corresponding to R$ 269,210 at June 30, 2016 (R$ 349,164 at December 31, 2015). Average
payment term to Projeto Puma suppliers is approximately 51 days.
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:
6/30/2016
Pr ov ision ed
a m ou n t
In t h e pa r en t com pa n y :
Rest r ict ed
ju di ci a l
deposi t s
l i a bi l i t y
Un r est r ict e
d ju di ci a l
deposit s
Net
T a x:
. PIS/COFINS
2 7 ,9 6 3
. ICMS/IPI
. In com e t a x /socia l
con t r ibu t ion
. Ot h er
2 2 ,3 1 9
(3 ,5 7 3 )
3 ,5 7 3
1 ,1 1 6
(1 ,3 4 0 )
1 ,3 4 0
2 ,8 0 4
5 4 ,2 0 2
(4 ,9 1 3 )
4 ,9 1 3
La bor
(5 3 ,4 7 6 )
1 8 ,6 3 8
(3 4 ,8 3 8 )
Civ il
(1 0 ,2 6 8 )
4 ,2 6 5
(6 ,0 0 3 )
(68,657)
27,816
(40,841)
54,202
Su bsidia r i es:
Ot h er
Con sol i da t ed
1
(68,656)
27,816
1
(40,840)
1 ,4 3 5
55,637
33

(Unaudited)
Version: 1
KLABIN S.A.
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 ict ed
ju di ci a l
deposi t s
Net
l i a bi l i t y
Un r est r ict e
d ju di ci a 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 i da t ed
1
(65,796)
23,368
1 ,4 3 5
(42,428)
54,023
The risks for which provisions were made by the Company at June 30, 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

La bor
Ci v i l
Net exposu r e
(44,768)
(6,906)
(51,674)
a n d m on et a r y r est a t em en t s/der ecog n it ion s
(2 , 1 6 8 )
(1 3 3 )
(2,301)
(Pr ov ision )/r ev er sa ls
1 2 ,4 4 8
(9 0 2 )
11,546
(34,488)
(7,941)
(42,429)
(2 , 6 1 4 )
(5 9 6 )
(3,210)
New la w su it s/in cr ea ses
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 Ju n e 30, 2016
2 ,2 6 5
2 ,5 3 4
(34,837)
(6,003)
4,799
(40,840)
c) Provisions for tax, social security, labor and civil contingencies not recognized
At June 30, 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$860,378,
R$201,125 and R$ 105,092 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.
34

(Unaudited)
Version: 1
KLABIN S.A.
d) Lawsuits filed by the Company

At June 30, 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$ 415,925 at June 30, 2016 which R$ 64,301 is
accounted on current liabilities and R$ 351,624 on non-current liabilities(R$ 423,012 at December
31, 2015, R$ 61,772 on current and R$ 361,240 on non-current), 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$ 2,384,484 at June 30, 2016 (R$ 2,383,104
at December 31, 2015), comprising 4,733,181,140 shares at June 30, 2016 (4,732,629,090 at
December 31, 2015), without par value, held as follows:
St ockh ol der s
Com m on
sh a r es
6/30/2016
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
T h e Ba n k of New Y or k Depa r t m en t
5 8 ,6 5 4 ,2 9 6
2 3 4 ,6 1 7 ,1 8 4
5 7 ,8 9 1 , 2 0 4
2 3 1 ,5 6 4 ,81 6
Ca pit a l W or ld In v est or s
5 8 ,8 8 3 ,0 0 0
2 3 5 ,5 3 2 ,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 .
1 9 7 ,7 03 ,7 1 2
5 9 ,2 6 4 ,0 1 6
2 3 7 ,0 8 7 ,5 1 4
7 0,2 9 0,7 89
2 8 1 ,1 6 3 , 1 5 6
Kla bin Ir m os & Cia
9 4 1 ,8 3 7 ,0 8 0
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 5 ,3 1 2 ,6 8 5
1 ,8 8 3 ,4 8 8 ,2 1 5
4 9 3 ,2 3 4 ,5 9 4
1 ,7 9 5 ,2 07 ,3 01
T r ea su r y sh a r es
3 0 ,7 2 3 ,3 0 0
1,849,270,515
1 2 2 ,8 9 3 ,2 0 0
2,883,910,625
3 0,9 83 ,5 00
1,849,160,105
1 2 3 ,9 3 4 ,0 0 0
2,883,468,985
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.
35

(Unaudited)
Version: 1
KLABIN S.A.
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$ 9.6, with the issue of 765 common shares and 3,060 preferred shares, corresponding to the
conversion of 153 debentures.
The Company's subscribed and paid-up capital increased to R$ 2,384,484, represented by
1,849,270,515 common shares and 2,883,910,625 preferred shares, totaling 4,733,181,140 shares,
without par value.
b) Treasury shares
The Company maintained 153,616,500 shares of its own issue in treasury at June 30, 2016,
corresponding to 30,723,300 Units. The price on the So Paulo Stock Exchange was R$ 15.42 per
Unit at June 30, 2016 (code KLBN11 - BM&FBovespa).
The Company bought back 400,000 Units in May, 2016, at an average price of R$16.50 per Unit,
totaling R$ 6,601.
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.
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; balances relating to the stock option plan granted to executives (Note 22); and actuarial
liability restatements.
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
St ock opt ion pla n
A ct u a r ia l lia bilit y
6/30/2016
12/31/2015
1 , 0 9 0 ,5 5 0
1 ,0 9 0 , 5 5 0
(5 4 , 0 7 5 )
(3 1 ,7 7 8 )
633
3 ,8 0 1
3 ,0 0 3
1 ,6 0 8
1,040,111
1,064,181
36

(Unaudited)
Version: 1
KLABIN S.A.
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.
The Extraordinary Meeting of the Board of Directors held on February 2, 2016 approved the
distribution as Profit Reserve of R$ 120,015, corresponding to R$ 26.21 per thousand of common
and preferred shares and R$ 131.07 per thousand of Units, effectively paid on February 22, 2016.
The Extraordinary Meeting of the Board of Directors held on abril 28, 2016 approved the
distribution of interim dividends for 2016 of R$ 102,500, corresponding to R$ 22.37 per thousand
of common and preferred shares and R$ 111.86 per thousand of Units, effectively paid on May 11,
2016.
In the six-month period ended June 30, 2016, R$ 222,515 was effectively distributed and paid.
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 134,648,280 common shares and 538,593,120 preferred shares, after the
conversions in advance occurred up to until June 30, 2016, at the amount per share effectively
distributed as dividends. In the fsix-month period endend June 30, 2016 it was paid R$32,873 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:
37

(Unaudited)
Version: 1
KLABIN S.A.
Fr om 4/1 t o
Fr om 1/1 t o
Fr om 4/1 t o
6/30/2016
6/30/2016
6/30/2015
6/30/2015
1 ,9 1 6 ,8 7 8
3 ,6 0 7 ,2 3 1
1 ,5 5 3 ,0 0 2
3 ,0 7 3 ,1 3 9
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
. Dom est ic m a r k et
. For eig n m a r k et
Net sa les r ev en u e
Fr om 1/1 t o
(8 ,2 0 4 )
(1 5 ,2 9 9 )
(4 ,1 7 5 )
(8 ,0 6 9 )
(2 4 6 ,6 4 0 )
(4 7 6 ,4 9 2 )
(2 4 0 ,4 1 9 )
(4 7 1 ,5 7 6 )
1,662,034
3,115,440
1,308,408
2,593,494
1 ,0 2 4 ,2 6 7
1 ,9 7 7 ,6 4 7
9 6 5 ,5 4 1
1 ,8 8 3 ,3 7 2
6 3 7 ,7 6 7
1 ,1 3 7 ,7 9 3
3 4 2 ,8 6 7
7 1 0 ,1 2 2
1,662,034
3,115,440
1,308,408
2,593,494
Con sol ida t ed
Fr om 4/1 t o
Fr om 1/1 t o
Fr om 4/1 t o
6/30/2016
6/30/2016
6/30/2015
6/30/2015
1 ,9 6 5 ,2 2 1
3 ,6 8 0 ,5 6 3
1 ,5 9 3 ,9 6 1
3 ,1 4 9 ,04 2
Gr oss sa les r ev en u e
Discou n t s a n d r eba t es
Ta x es on sa les
. Dom est ic m a r k et
. For eig n m a r k et
20
Fr om 1/1 t o
(1 2 ,1 9 6 )
(2 4 ,6 8 4 )
(6 ,6 8 4 )
(1 4 , 5 4 2 )
(2 5 4 ,3 9 7 )
(4 9 3 ,7 7 4 )
(2 4 9 ,3 4 1 )
(4 8 8 , 1 1 5 )
1,698,628
3,162,105
1,337,936
2,646,385
1 ,0 2 2 ,3 4 1
1 ,9 6 8 ,7 7 4
9 6 3 ,4 8 6
1 ,8 7 8 , 9 0 3
6 7 6 ,2 8 7
1 ,1 9 3 ,3 3 1
3 7 4 ,4 5 0
7 6 7 ,4 82
1,698,628
3,162,105
1,337,936
2,646,385
COSTS, EXPENSES AND OTHER INCOME, BY NATURE

Fr om 4/1 t o
V a r ia ble c ost s (r a w m a t er ia ls a n d con su m a bles)
6/30/2016
(5 5 6 ,9 9 9 )
Fr om 1/1 t o
6/30/2016
(1 ,0 6 3 , 3 8 0 )
Fr om 4/1 t o
6/30/2015
(4 8 7 ,6 5 6 )
Fr om 1/1 t o
6/30/2015
(9 5 8 , 0 4 0 )
Per son n el
(3 1 8 ,8 9 2 )
(5 7 9 , 9 1 0 )
(2 2 9 ,8 7 8 )
(4 3 1 , 1 6 7 )
Depr ecia t ion , a m or t iza t ion a n d deplet ion
(3 0 9 ,3 0 7 )
(5 6 4 , 1 6 0 )
(2 8 7 ,7 6 5 )
(5 4 1 , 2 5 7 )
(7 2 ,8 0 9 )
(1 3 7 , 5 3 2 )
(6 0 ,8 4 2 )
(1 1 8 , 0 5 9 )
(2 ,0 6 1 )
(4 , 6 7 7 )
(2 ,7 8 7 )
(6 , 4 8 6 )
(1 1 1 ,5 5 4 )
(1 8 0 , 3 3 8 )
(6 7 ,8 0 3 )
(1 2 6 , 8 9 4 )
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 t y , pla n t a n d equ ipm en t
Cost of sa les a n d w r it e-offs of pr oper t y , pla n t a n d equ ipm en t
Ot h er
6 0 ,6 8 9
6 0,800
1 1 ,7 6 4
1 2 ,1 4 1
(3 7 ,5 3 0 )
(3 8 , 0 8 5 )
(1 4 ,1 6 9 )
(1 5 , 0 5 1 )
(1 1 4 ,4 7 8 )
(1 7 4 , 7 5 4 )
(1 0 1 ,3 8 5 )
(1 4 4 , 3 6 1 )
(1,462,941)
(2,682,036)
(1,240,521)
(2,329,174)
38

(Unaudited)
Version: 1
KLABIN S.A.
Con sol ida t ed
Fr om 4/1 t o
V a r ia ble c ost s (r a w m a t er ia ls a n d con su m a bles)
Fr om 1/1 t o
6/30/2016
(5 5 5 ,9 6 7 )
Fr om 4/1 t o
6/30/2016
(1 , 0 5 9 ,9 3 5 )
Fr om 1/1 t o
6/30/2015
(4 8 2 ,9 9 6 )
6/30/2015
(9 5 0 ,7 6 4 )
Per son n el
(3 2 2 ,1 1 3 )
(5 8 5 ,7 6 8 )
(2 3 2 ,2 0 0 )
(4 3 5 ,5 2 2 )
Depr ec ia t ion , a m or t iza t ion a n d deplet ion
(3 2 1 , 8 6 8 )
(5 7 2 ,6 4 7 )
(2 9 3 ,9 8 5 )
(5 4 4 ,3 0 1 )
(7 4 ,3 2 1 )
(1 4 0 , 4 2 5 )
(6 2 ,4 3 7 )
(1 2 0 ,9 8 3 )
(3 , 4 7 7 )
(6 , 9 1 4 )
(6 , 0 5 7 )
(1 3 , 3 5 1 )
(1 1 2 ,6 8 1 )
(1 8 2 , 1 6 0 )
(6 8 ,4 8 8 )
(1 2 8 , 1 7 6 )
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 t y , pla n t a n d equ ipm en t
Cost of sa les a n d w r it e-offs of pr oper t y , pla n t a n d equ ipm en t
Ot h er
21
6 0,6 89
6 0,800
1 1 ,7 6 4
1 2 ,1 4 1
(3 7 , 5 3 0 )
(3 8 , 0 8 5 )
(1 4 ,1 6 9 )
(1 5 , 0 5 1 )
(1 2 6 , 0 3 5 )
(1 8 2 , 6 7 9 )
(1 0 8 , 2 8 0 )
(1 6 6 ,3 6 6 )
(1,493,303)
(2,707,813)
(1,256,848)
(2,362,373)
FINANCE RESULT
Fr om 4/1 t o
Fr om 1/1 t o
6/30/2016
6/30/2016
6/30/2015
3 00,9 5 4
1 1 5 ,8 3 3
6/30/2015
Fin a n ce in com e
. In com e fr om fin a n c ia l in v est m en t s
. Socia 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 (COFINS) on in t er est in com e
1 5 6 ,4 5 0
(3 0 ,3 6 3 )
(3 7 , 4 8 3 )
. Ot h er (i)
2 5 7 ,8 5 8
2 6 6 ,4 7 0
5 ,9 0 4
1 0 ,2 2 3
383,945
529,941
121,737
236,807
(2 6 0 ,7 0 2 )
(5 5 1 , 3 7 2 )
(1 8 4 ,3 4 8 )
(1 2 ,3 2 7 )
(2 4 , 5 3 7 )
(1 0 ,3 9 6 )
(2 2 , 0 6 6 )
6 3 ,3 3 5
1 1 4 ,9 1 3
(2 0 , 4 4 8 )
2 2 6 ,5 8 4
-
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)
. Ca pit a lized in t er est in pr oper t y , pla n t a n d equ ipm en t (ii)
. 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 u r es
(7 ,2 5 4 )
(1 4 , 5 0 8 )
(1 0 ,2 2 4 )
. Loa n g u a r a n t ees fr om r ela t ed pa r t ies
(7 ,4 1 2 )
(1 4 , 7 4 5 )
(4 ,6 1 6 )
(8 , 6 9 5 )
(2 7 ,6 4 8 )
(4 6 , 6 4 9 )
(6 ,2 7 6 )
(1 5 ,2 5 5 )
(315,343)
(521,171)
(152,525)
(357,885)
. Ot h er
1 3 0,6 4 0
(4 0 6 ,3 3 4 )
Exch a n ge v a r i a 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
(1 1 4 ,4 7 1 )
(2 4 5 , 0 5 4 )
(3 0 ,6 9 9 )
1 4 4 ,1 2 6
1 ,3 5 6 ,4 1 7
2 ,5 6 8 ,1 8 0
2 7 9 ,6 7 3
(1 ,1 8 9 ,5 1 1 )
1,241,946
2,323,126
248,974
(1,045,385)
1,310,548
2,331,896
218,186
(1,166,463)
39

(Unaudited)
Version: 1
KLABIN S.A.
Con sol ida t ed
Fr om 4/1 t o
Fr om 1/1 t o
6/30/2016
6/30/2016
6/30/2015
6/30/2015
. In com e fr om fin a n cia l in v est m en t s

. Socia l In t eg r a t ion Pr og r a m (PIS)/Socia l Con t r ibu t ion on
Rev en u e (COFINS) on in t er est in com e
1 6 0, 6 06
3 0 9 ,2 1 7
1 2 0 ,0 6 1
2 3 4 ,5 84
(3 0, 3 6 3 )
(3 7 ,4 8 3 )
. Ot h er (i)
2 5 7 ,85 8
2 6 6 ,4 6 9
5 ,9 2 2
1 0, 2 4 5
388,101
538,203
125,983
244,829
(2 6 1 , 6 05 )
(5 5 2 ,9 8 5 )
(1 9 1 ,8 3 7 )
(4 2 1 , 3 7 5 )
(1 2 , 3 2 7 )
(2 4 ,5 3 7 )
(1 0 ,3 9 6 )
(2 2 , 0 6 6 )
6 3 ,3 3 5
1 1 4 ,9 1 3
(2 0, 4 4 8 )
Fi n a n ce in com e
Fi n 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)
. Ca pit a lized in t er est in pr oper t y , pla n t a n d equ ipm en t (ii)
. 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 u r es
(7 , 2 5 4 )
(1 4 ,5 0 8 )
(1 0 ,2 2 4 )
. Loa n g u a r a n t ees fr om r ela t ed pa r t ies
(7 , 4 1 2 )
(1 4 ,7 4 5 )
(4 ,6 1 6 )
(8 , 6 9 5 )
. In v est or r em u n er a t ion - SPCs
(1 , 3 5 1 )
(1 1 ,0 9 4 )
(2 ,8 8 5 )
(5 , 4 8 5 )
. Ot h er
1 3 0 ,6 4 0
(2 7 , 8 1 5 )
(4 7 ,5 4 3 )
(6 ,9 9 9 )
(1 6 ,1 8 2 )
(317,764)
(534,772)
(163,622)
(379,338)
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
Fi n a n ce r esu l t
(1 1 5 , 0 9 3 )
(2 4 4 ,6 4 5 )
1 ,3 4 1 , 0 02
2 ,5 5 0 ,0 9 0
1,225,909
1,296,246
4 05
1 7 3 ,7 7 2
2 3 8 ,6 9 6
(1 ,2 2 2 ,4 1 2 )
2,305,445
239,101
(1,048,640)
2,308,876
201,462
(1,183,149)
(i) See Note 9 relative to IPI credits gain in tax litigation.

(ii) See Note 17.
(iii) 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.
40

(Unaudited)
Version: 1
KLABIN S.A.
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
T r ea su r y sh a r es a cqu ir ed by t h e ben eficia 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
Pu r ch a se v a lu e per sh a r e (R$) (i)

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)
V a lu e of t h e r ig h t t o u se per sh a r e (R$) (i)
A ccu m u la t ed pla n ex pen ses - fr om t h e beg in n in g
Ex pen ses of t h e pla n - 1 /1 t o 6 /3 0 /2 0 1 5
b)
Pl a n 2015
1 .5 6
2 .5 7
2 .3 4
2 .8 4
4 .2 3
2 ,3 7 5 ,0 0 0
1 ,9 0 4 ,5 0 0
2 ,3 0 2 ,5 0 0
1 ,8 5 5 ,0 0 0
1 ,4 7 5 ,0 0 0
1 .7 5
2 .6 7
2 .2 9
3 .2 6
4 .3 0
4 ,1 6 6
5 ,0 8 9
4 ,2 0 0
2 ,9 2 6
7 05
694
424
87 8
67 1
283
985
1 ,2 4 6
T ot a l
9 ,9 1 2 ,0 0 0
9 ,9 1 2 ,0 0 0
1 7 ,0 8 6
2 ,6 6 7
7 05
3 ,2 1 9
Key personnel
Pl a n 2012
Pl a n 2013
Pl a n 2014
Pl a n 2015
St a r t of t h e pla n (ii)
0 1 /0 3 /2 0 1 3
3 0 /0 4 /2 0 1 4
3 0 /0 4 /2 0 1 5
3 0 /0 3 /2 0 1 6
Fin a l g r a n t da t e
0 1 /0 3 /2 0 1 6
3 0 /0 4 /2 0 1 7
3 0 /0 4 /2 0 1 8
3 0 /0 3 /2 0 1 9
T r ea su r y sh a r es g r a n t ed w it h r ig h t t o u se (i)
6 82 ,5 00
5 4 2 ,5 0 0
3 7 2 ,5 0 0
3 5 1 ,0 0 0
2 .6 7
2 .3 0
3 .3 6
4 .3 4
V a lu e of t h e r ig h t t o u se per sh a r e (R$) (i)

A ccu m u la t ed pla n ex pen ses - fr om t h e beg in n in g
T ot a l
1 ,9 4 8,5 00
1 ,82 4
952
5 80
1 27
152
210
114
3 ,4 83
47 6
1 01
211
238
1 27
67 7
(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 six-month period ended June 30, 2016, because their issue value is greater
than the Unit value in the market at June 30, 2016, corresponding to R$ 15.42 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.
41

(Unaudited)
Version: 1
KLABIN S.A.
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 six-month period ended June
30, 2016. The weighted average used in the calculation of earnings (loss) per share was determined
as follows:
Weigh t ed a v er a ge n u m ber of t r ea su r y sh a r es - Ju n e 30, 2016 (*)
Ja n
Feb
Ma r t o Ma i
Ju n
6 M16
1 5 4 . 9 1 7 .5 0 0 x 1 /6
+
1 5 1 . 9 6 7 . 5 0 0 x 1 /6
+
1 5 1 .6 1 6 .5 0 0 x 3 /6 + 1 5 3 .6 1 6 . 5 00 x 1 /6 = 1 5 2 ,4 3 8 ,5 0 0
(*) Because the Company only has Units held in treasury, the distribution between common and preferred shares is made according to the composition of
the Units.
The table below, presented in R$, reconciles the profit for the quarter and six-month period ended
June 30, 2016 and 2015 with the amounts used in the calculation of basic and diluted earnings
(loss) per share:
Fr om 4/1 t o 6/30/2016
Com m on
Pr efer r ed
(ON)
(PN)
T ot a l
Den om i n a t or
T ot a l w eig h t ed a v er a g e n u m ber of sh a r es
Nu m ber of sh a r es t o be con v er t ed fr om deben t u r es
W eig h t ed a v er a g e n u m ber of t r ea su r y sh a r es
W eig h t ed a v er a g e n u m ber of ou t st a n din g sh a r es
% of sh a r es in r ela t ion t o t h e t ot a l
1 , 8 4 9 ,2 7 0 , 5 1 5
2 ,8 8 3 , 9 1 0 , 6 2 5
1 6 3 ,1 0 2 ,4 0 5
6 5 2 ,4 09 ,6 2 0
4 ,7 3 3 ,1 8 1 ,1 4 0
8 1 5 ,5 1 2 ,0 2 5
3 0 ,4 5 6 ,6 3 3
1 2 1 ,8 2 6 , 5 3 3
1 5 2 ,2 8 3 ,1 6 7
2,042,829,553
3,658,146,778
5,700,976,332
35.83%
64.17%
100%
454,407,301
813,718,699
1,268,126,000
2,042,829,553
3,658,146,778
5,700,976,332
Nu m er a t or
Loss a t t r ibu t a ble t o ea ch cla ss of sh a r es (R$)
Ba sic a n d di l u t ed l oss per sh a r e (R$ )
0.2224
0.2224
Pa r en t com pa n y a n d Con sol ida t ed

Fr om 1/1 t o 6/30/2016
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 7 0 , 5 1 5
2 ,8 8 3 ,9 1 0 , 6 2 5
1 6 3 , 1 0 2 ,4 0 5
6 5 2 ,4 09 ,6 2 0
8 1 5 ,5 1 2 , 0 2 5
(3 0 ,4 8 7 , 7 0 0 )
(1 2 1 ,9 5 0 , 8 0 0 )
(1 5 2 ,4 3 8 ,5 0 0 )
1,981,885,220
3,414,369,445
5,396,254,665
36.73%
63.27%
100%
860,014,957
1,481,624,043
2,341,639,000
1,981,885,220
3,414,369,445
5,396,254,665
4 ,7 3 3 ,1 81 ,1 4 0
Nu m er a t or
Ba sic a n d dil u t ed l oss per sh a r e (R$ )
0.4339
0.4339
42

(Unaudited)
Version: 1
KLABIN S.A.
Fr om 4/1 t o 6/30/2015
Com m on
Pr efer r ed
(ON)
(PN)
T ot a l
Den om i n a t or
Tot 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 ted 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 tr ea su r y sh a r es
(3 0 ,0 8 3 ,5 0 0 )
(1 2 0 ,3 3 4 ,0 0 0 )
(1 5 0 ,4 1 7 ,5 0 0 )
1,982,286,200
3,415,973,365
5,398,259,565
36.72%
63.28%
100%
108,545,331
187,050,669
295,596,000
1,982,286,200
3,415,973,365
5,398,259,565
% of sh a r es in r ela t ion t o th e t ot a l
4 ,7 2 9 ,7 8 9 ,5 6 5
Nu m er a t or
Loss a tt r ibu t a ble t o ea ch cla ss of sh a r es (R$)
Ba si c a n d di l u t ed l oss per sh a r e (R$ )
0.0548
0.0548
Pa r en t com pa n y a n d Con soli da t ed

Fr om 1/1 t o 6/30/2015
Com m on
Pr efer r ed
(ON)
(PN)
T ot a l
Den om i n a t or
T ota 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
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 00
(3 0 ,2 4 4 ,4 1 7 )
(1 2 0,9 7 7 ,6 6 6 )
(1 5 1 ,2 2 2 ,0 8 3 )
W eig h t ed a v er a g e n u m ber of ou tst a n din g sh a r es
1,982,125,283
3,415,329,699
5,397,454,982
36.72%
63.28%
100%
(159,001,008)
(273,968,992)
(432,970,000)
W eig h t ed a v er a g e n u m ber of ou tst a n din g sh a r es
1,982,125,283
3,415,329,699
5,397,454,982
(0.0802)
(0.0802)
4 ,7 2 9 ,7 8 9 ,5 6 5
Nu m er a t or
Ba si c a n d di l u t ed loss 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:
(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, include the production and sale of
short fiber bleached pulp, long fiber bleached pulp, and fluff pulp in the domestic and foreign
markets.
43

(Unaudited)
Version: 1
KLABIN S.A.
b) Consolidated information about operating segments

Fr om 4/1 t o 6/30/2016
For est r y
Pa per
Con v er si on
Cor por a t e/
el i m in a t i on s
Pu l p
T ot a l
Con sol ida t ed
Net r ev en u e:
.Dom est ic m a r ket
.For eig n m a r k et
Rev en u e fr om sa l es t o t h ir d pa r t i es
Rev en u e bet w een seg m en t s
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 ic a l a sset s
Gr oss pr ofit
Oper a t in g in c om e (ex pen ses)
Oper a t i n g r esu l t befor e fin a n ce r esu l t
8 0 ,9 9 6
3 7 4 ,4 2 3
5 3 4 ,1 7 3
3 3 ,1 4 2
3 5 6 ,2 1 2
6 5 ,8 2 3
2 5 4 ,2 5 2
(3 9 3 )
80,996
730,635
599,996
287,394
(393)
2 6 8 ,1 0 5
2 7 5 ,04 5
6 ,1 9 9
1 ,4 2 9
(5 5 0 ,7 7 8 )
349,101
1,005,680
606,195
288,823
(551,171)
2 7 2 ,4 4 2
(3 7 9 ,2 4 4 )
242,299
(6 ,3 5 2 )
235,947
(6 7 4 ,9 2 1 )
(4 9 6 ,1 6 4 )
(2 4 6 , 8 0 5 )
5 4 1 ,4 8 9
(9,682)
1,022,341
676,287
1,698,628
1,698,628
272,442
(1,255,645)
330,759
110,031
42,018
(1 0 4 , 8 7 0 )
(7 6 ,7 1 7 )
(5 8 , 7 0 3 )
2 5 ,6 6 9
715,425
225,889
33,314
(16,685)
15,987
494,452
(220,973)
Sa l es of pr odu ct s (in m et r i c t on s)
1 3 2 ,5 2 9
1 6 4 ,8 3 8
1 8,03 7
315,404
1 4 0,806
1 1 ,8 4 5
1 6 3 ,1 4 5
315,796
.In t er -seg m en t a l
1 8 0,3 02
990
662
(1 8 1 ,9 5 4 )
453,637
177,673
181,844
(181,954)
631,200
Sa l es of t im ber (i n m et r ic t on s)
In v est m en t s du r i n g t h e y ea r
Depr ecia t i on , depl et ion a n d a m or t iza t ion
5 2 7 ,3 0 1
2 , 9 0 9 ,3 4 4
(2 ,9 0 9 ,3 4 4 )
3,436,645
(2,909,344)
5 1 ,0 2 7
6 9 ,9 6 8
9 ,4 0 7
(1 6 1 ,6 4 3 )
(6 1 , 3 4 8 )
(2 1 ,7 7 1 )
5 1 3 ,3 5 6
(7 5 , 4 4 2 )
527,301
527,301
5 ,5 5 5
649,313
(1 ,6 6 4 )
(321,868)
Fr om 1/1 t o 6/30/2016
For est r y
Pa per
Con v er si on
Pu l p
Cor por a t e/
el i m in a t i on s
T ot a l
Con sol ida t ed
Net r ev en u e:
Rev en u e fr om sa l es t o t h ir d pa r t i es
Gr oss pr ofit
Oper a t in g in c om e (ex pen ses)
Oper a t i n g r esu l t befor e fin a n ce r esu l t
1 5 9 ,9 3 2
7 4 5 ,04 2
1 ,0 3 1 ,5 5 9
3 3 ,1 4 2
(9 0 1 )
1,968,774
159,932
808,006
1,553,048
1 3 1 ,0 7 3
1,162,632
2 5 4 ,2 5 2
287,394
(901)
1,193,331
3,162,105
4 9 0 ,4 8 3
5 6 1 ,1 3 5
9 ,1 0 8
1 ,4 2 9
(1 , 0 6 2 ,1 5 5 )
650,415
2,114,183
1,171,740
288,823
(1,063,056)
3 3 5 ,8 8 9
(7 5 0 ,1 4 3 )
(1 ,3 4 0 , 7 1 2 )
(9 6 5 ,2 1 7 )
(2 4 6 , 8 0 5 )
1 , 0 4 3 ,0 7 2
3,162,105
335,889
(2,259,805)
236,161
773,471
206,523
42,018
(19,984)
(2 0 ,3 3 4 )
(2 0 9 ,2 6 1 )
(1 4 4 ,6 1 9 )
(5 9 , 1 5 2 )
9 ,1 3 7
(424,229)
215,827
564,210
61,904
(10,847)
813,960
(17,134)
1,238,189
Sa l es of pr odu ct s (in m et r i c t on s)
2 6 8,06 8
3 1 9 ,9 8 6
1 8,03 7
606,091
2 9 4 ,9 6 2
2 1 ,5 9 2
1 6 3 ,1 4 5
479,699
3 6 1 ,4 1 5
1 ,5 4 5
662
(3 6 3 ,6 2 2 )
924,445
343,123
181,844
(363,622)
1,085,790
Sa l es of t im ber (i n m et r ic t on s)
1 , 0 1 7 ,2 9 6
5 , 3 4 6 ,7 2 7
(5 ,3 4 6 ,7 2 7 )
6,364,023
(5,346,727)
T ot a l a sset s - 6/30/2016
9 6 ,0 1 4
(3 4 0 ,0 9 1 )
7 , 1 1 5 ,1 5 6
1 2 2 ,3 6 0
2 9 ,0 3 3
(1 1 9 , 2 0 6 )
(3 5 ,0 7 1 )
5 ,8 0 0 , 6 8 7
1 ,3 2 9 ,8 6 4
1 ,2 4 8 , 2 9 1
(7 5 , 4 5 4 )
8 ,6 1 4 , 6 8 5
T ot a l l ia bi l it ies - 6/30/2016
1 , 5 6 3 ,1 8 2
6 5 8,1 2 0
2 0 2 ,4 9 4
4 5 8,3 9 6
Equ it y - 6/30/2016
5 , 5 5 1 ,9 7 4
5 ,1 4 2 , 5 6 7
1 ,1 2 7 ,3 7 0
8 ,1 5 6 , 2 8 9
6 ,9 9 6
(2 ,8 2 5 )
1,017,296
1,017,296
1,502,694
(572,647)
5 , 2 5 0 ,6 2 6
28,111,018
1 7 ,8 0 7 ,6 2 7
20,689,819
(1 2 , 5 5 7 ,0 0 1 )
7,421,199
44

(Unaudited)
Version: 1
KLABIN S.A.
Fr om 4/1 t o 6/30/2015
For est r y
Pa per
Con v er sion
Cor por a t e/
el im in a t ion s
Pu l p
T ot a l
Con sol ida t ed
Net r ev en u e:
Rev en u e fr om sa l es t o t h ir d pa r t ies
Gr oss pr ofi t
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
1 1 2 ,8 5 1
-
3 3 9 ,8 6 3
5 1 0 ,7 0 3
3 2 4 ,3 5 5
5 0 ,0 9 5
69
-
112,851
664,218
560,798
1 5 0 ,9 4 5
2 6 7 ,2 4 8
9 ,9 1 8
(4 2 8 , 1 1 1 )
263,796
931,466
570,716
(428,042)
1 5 5 ,2 3 0
(3 6 4 ,7 0 9 )
(6 5 5 ,3 7 8 )
(4 7 1 ,1 0 8 )
963,486
374,450
69
4 3 2 ,7 80
1,337,936
1,337,936
155,230
(1,058,415)
54,317
276,088
99,608
4,738
434,751
(2 2 ,4 0 7 )
(1 0 1 ,2 4 3 )
(6 7 ,2 6 4 )
(1 , 7 1 5 )
(192,629)
31,910
174,845
32,344
3,023
242,122
Sa l es of pr odu ct s (in m et r ic t on s)
1 3 2 ,3 5 8
1 6 3 ,4 9 9
295,857
1 3 0 ,6 5 5
7 ,9 4 9
138,604
1 7 6 ,9 6 8
1 ,8 8 0
(1 7 8 ,8 4 8 )
439,981
173,328
(178,848)
434,461
Sa l es of t im ber (in m et r i c t on s)
9 9 0 ,4 3 6
2 ,0 6 4 ,6 9 3
(2 , 0 6 4 , 6 9 3 )
3,055,129
(2,064,693)
3 5 ,1 3 0
(2 1 9 ,9 7 3 )
9 4 ,2 5 7
1 2 ,5 6 1
(6 1 ,5 3 0 )
(1 1 ,4 1 9 )
1 ,0 0 8 ,6 6 3
-
31 6
(1 , 0 6 3 )
990,436
990,436
1,150,927
(293,985)
Fr om 1/1 t o 6/30/2015
For est r y
Pa per
Con v er sion
Cor por a t e/
el im in a t i on s
Pu l p
T ot a l
Con sol ida t ed
Net r ev en u e:
.Dom est ic m a r k et
.For eig n m a r ket
Rev en u e fr om sa l es t o t h i r d pa r t ies
Gr oss pr ofi t
Oper a t in g in com e (ex pen ses)
Oper a t i n g r esu l t befor e fi n a n ce r esu l t
2 0 1 ,3 8 3
6 6 9 ,7 5 9
1 , 0 0 7 ,6 1 4
1 47
1,878,903
201,383
6 6 8 ,1 6 4
1,337,923
9 9 ,3 1 8
1,106,932
147
767,482
2,646,385
3 0 3 ,6 6 5
5 3 3 ,6 9 0
1 3 ,2 2 5
505,048
1,871,613
1,120,157
2 1 0 ,7 6 8
(6 7 4 ,9 2 2 )
(1 ,2 4 1 ,0 8 2 )
40,894
630,531
(3 1 ,8 9 5 )
(1 9 6 ,1 7 8 )
8,999
(8 5 0 ,5 8 0 )
-
(9 2 1 ,5 0 5 )
198,652
68,904
8 4 9 ,0 2 7
(1 2 9 ,7 4 8 )
434,353
(850,433)
2,646,385
210,768
(1,988,482)
(1,406)
868,671
(2 ,7 3 1 )
(360,552)
(4,137)
508,119
Sa l es of pr odu ct s (in m et r ic t on s)
2 6 4 ,3 9 8
3 2 3 ,5 2 3
587,921
.For eig n m a r ket
2 6 7 ,1 5 2
1 6 ,4 9 3
283,645
3 5 0 ,3 9 2
2 ,4 2 2
881,942
342,438
(3 5 2 ,8 1 4 )
-
(352,814)
871,566
Sa l es of t im ber (in m et r ic t on s)
1 ,7 3 9 ,1 3 2
3 ,9 3 8 ,3 7 9
(3 ,9 3 8 ,3 7 9 )
1,873,686
(3,938,379)
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 ion a n d a m or t iza t ion
6 4 ,6 9 8
(3 9 7 ,3 7 3 )
1 6 8 ,1 9 7
2 7 ,5 6 0
(1 2 2 ,3 1 9 )
(2 2 ,6 2 8 )
1 ,8 8 8 ,6 4 1
-
1 ,4 8 1
(1 ,9 8 1 )
1,739,132
1,739,132
2,150,577
(544,301)
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.
45

(Unaudited)
Version: 1
KLABIN S.A.
b) Information on net sales revenue

The Company's net revenue from sales to foreign customers, in the consolidated results for the
quarter and six-month period ended June 30, 2016, amounted to R$ 1,1933,331 and R$ 676,287,
respectively (R$ 374,450 and R$ 767,482, in the quarter and six-month period of 2015,
respectively). The table below shows the distribution of net revenue by country:
Con sol i da t ed
Fr om 4/1 t o 6/30/2016
Cou n t r y
T ot a l r ev en u e
(R$ /m i l l ion )
% of t ot a l n et
r ev en u e
Fr om 1/1 t o 6/30/2016
(R$ /m il l i on )
% of t ot a l n et
r ev en u e
A r g en t in a
82
4 .8 %
2 08
6 .6 %
A u st r ia
132
7 .8 %
154
4 .9 %
Ch in a
60
3 .5 %
127
4 .0 %
Sin g a por e
46
2 .7 %
98
3 .1 %
It a ly
19
1 .1 %
63
2 .0 %
Ecu a dor
33
1 .9 %
54
1 .7 %
T u r key
0 .5 %
25
0 .8 %
Fr a n ce
10
0 .6 %
22
0 .7 %
Belg iu m
0 .5 %
21
0 .7 %
Per u
10
0 .6 %
20
0 .6 %
267
1 5 .7 %
401
1 2 .7 %
676
40%
1,193
38%
Ot h er
Con soli da t ed
Fr om 4/1 t o 6/30/2015
Pa s
A r g en t in a
Fr om 1/1 t o 6/30/2015
(R$ /m i l l i on )
% of t ot a l n et
r ev en u e
(R$ /m i l l i on )
% of t ot a l n et
r ev en u e
9 .2 %
119
8.9 %
243
Ch in a
71
5 .3 %
145
5 .5 %
Sin g a por e
39
2 .9 %
80
3 .0 %
It a ly
22
1 .6 %
46
1 .7 %
Ecu a dor
17
1 .3 %
35
1 .3 %
Per u
14
1 .0%
28
1 .1 %
Mex ico
0.7 %
19
0 .7 %
Ch ile
0.6 %
17
0 .6 %
Sou t h A fr ica
0.4 %
10
0 .4 %
Belg iu m
Ot h er
0.4 %
10
0 .4 %
65
4 .9 %
134
5 .1 %
374
28%
767
29%
The Company's net revenue from sales to domestic customers in the consolidated results for the
quarter and six-month period ended June 30, 2016, amounted to R$ 1,968,774 and R$ 1,022,341,
respectively (R$ 963,486 and R$ 1,878,903 in the quarter and six-month period ended June 30,
2015, respectively).
In the paper segment, in the six-month period ended June 30, 2016, a single customer for
cardboard accounted for approximately 21% of the Company's net revenue, corresponding to
approximately R$ 664,042 (R$ 556,000 for the six-month period ended June 30, 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.
46

(Unaudited)
Version: 1
KLABIN S.A.
d) 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 subsidiary were consolidated in the Company's financial statements, pro
forma net sales revenue for the six-month period ended June 30, 2016 would be R$ 3,199,105
(R$ 2,675,000 in the six-month period ended June 30, 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.
(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:
47

(Unaudited)
Version: 1
KLABIN S.A.
Con sol i da t ed
Ba n k deposit s a n d fin a n cia l in v est m en ts
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)
Oth er a sset s a n d lia bilit ies
Bor r ow in g
Net exposu r e
6/30/2016
12/31/2015
8 8 6 ,8 6 8
1 ,2 6 5 ,1 1 2
5 2 3 ,5 2 0
6 1 8 ,7 7 4
(6 2 ,2 0 0 )
(1 5 4 ,4 0 0 )
(1 2 ,0 1 0 ,1 4 7 )
(1 2 ,3 7 6 ,0 0 0 )
(10,661,959)
(10,646,514)
The balance of this net exposure at June 30, 2016 was as follows:
Year
2017
A m ou nt
(5 7 4 ,6 5 9 )
2018
(1 ,5 7 1 ,2 00)
2019
(1 ,6 4 7 ,000)
2020
2021
(1 ,6 6 9 ,4 00)
(1 ,5 6 9 ,3 00)
2022
2023 onwards
(1 ,1 05 ,7 00)
(2 ,5 2 4 ,7 00)
T ot a l
(10,661,959)
The Company did not have derivative contracts to hedge against long term foreign exchange
exposure at June 30, 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:
Con sol i da t ed
6/30/2016
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
A sset exposu r e
12/31/2015
4 , 2 9 7 ,1 4 0
3 ,7 6 7 , 0 2 1
5 9 4 ,2 8 5
5 5 7 ,1 4 3
4,891,425
4,324,164
Fin a n cin g - CDI
(1 , 0 1 7 ,8 1 0 )
(1 ,1 8 1 , 1 7 9 )
Fin a n cin g - T JLP
(2 , 5 4 8 ,6 4 2 )
(2 ,3 8 4 , 1 5 2 )
Fin a n cin g - LIBOR
(1 , 8 8 2 ,0 9 4 )
(1 ,9 9 6 ,6 2 4 )
Deben t u r es - IPCA
(7 6 8 ,6 9 6 )
(9 6 6 , 1 6 8 )
(6,217,242)
(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
48

(Unaudited)
Version: 1
KLABIN S.A.
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
6/30/2016
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 ,6 9 5 ,9 1 0
12/31/2015
5 ,4 6 5 , 4 6 6
1 1 4 ,5 4 9
1 4 5 ,4 00
5,810,459
5,610,866
(*) The F ina nc ia l Tre a s ury B ills (LF Ts ) a re inc lude d in this gro up due to the lo w ris k o f the o pe ra tio n.
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 June 30, 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
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 June 30, 2016:
49

(Unaudited)
Version: 1
KLABIN S.A.
2022
2016
T r a de pa y a bl es
Fi n a n cin g/deben t u r es
T ot a l
(7 0 1 , 7 3 0 )
2017
2018
2019
2020
-
2021
on wa r ds
T ot a l
(701,730)
(1 , 0 4 9 , 9 0 3 )
(2 , 6 8 3 , 2 2 9 )
(3 ,2 4 7 ,8 0 9 )
(2 ,8 2 1 ,8 7 6 )
(2 ,9 1 9 ,2 1 9 )
(2 ,5 7 5 ,9 6 0 )
(5 ,3 6 6 ,3 5 1 )
(20,664,347)
(1,751,633)
(2,683,229)
(3,247,809)
(2,821,876)
(2,919,219)
(2,575,960)
(5,366,351)
(21,366,077)
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
6/30/2016
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
12/31/2015
5 , 8 1 0 ,4 5 9
5 ,6 1 0 ,8 6 6
(1 7 , 1 9 2 ,7 9 0 )
(1 8 ,0 2 1 ,7 3 0 )
(11,382,331)
(12,410,864)
7 ,4 2 1 ,1 9 9
(1.53)
5 ,3 5 2 ,3 4 0
(2.32)
b) Financial instruments, by category

The Company has the following categories of financial instruments:
Con sol i da t ed
6/30/2016
12/31/2015
A sset s - l oa n s a n d r eceiv 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 ,2 1 6 , 1 7 4
5 ,0 5 3 ,7 2 3
1 ,4 4 2 , 8 8 7
1 ,5 0 1 ,0 9 9
4 8 6 ,08 8
4 2 3 ,3 6 3
7,145,149
6,978,185
5 9 4 ,2 8 5
5 5 7 ,1 4 3
594,285
557,143
1 7 ,1 9 2 , 7 9 0
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 ies - 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
7 01 ,7 3 0
7 0 2 ,1 9 9
. Ot h er pa y a bles
9 06 ,1 8 6
8 0 9 ,6 7 0
18,800,706
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,
50

(Unaudited)
Version: 1
KLABIN S.A.
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 June 30, 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 June
30, 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),
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, considering the
consolidated balances at June 30, 2016:
A t 6/30/2016
US$
Scen a r io I
Ra t e
Scen a r i o II
R$ ga in (l oss)
Ra t e
R$ ga i n (l oss)
Scen a r i o 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 7 6 ,3 0 0
3 .2 3
5 ,885
4 .04
3 ,4 7 4
2 2 9 ,3 84
4 .85
4 5 3 ,1 8 7
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 6 3 ,1 01
3 .2 3
4 .04
1 3 5 ,4 06
4 .85
2 6 7 ,5 1 7
(1 9 , 3 7 8 )
3 .2 3
(4 1 3 )
4 .04
(1 6 ,0 8 8 )
4 .85
(3 1 , 7 8 4 )
(3 , 7 4 1 , 7 1 2 )
3 .2 3
(7 9 , 6 9 8 )
4 .04
(3 ,1 0 6 ,3 6 9 )
4 .85
(6 ,1 3 7 ,1 5 6 )
Net effect on fi n a n ce r esu l t s
(70,752)
(2,757,667)
(5,448,236)
(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
51

(Unaudited)
Version: 1
KLABIN S.A.
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, considering the
consolidated balances at June 30, 2016:
A t 6/30/2016
R$
Scen a r i o 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 i o III
Ra t e
R$ ga in (l oss)
Fi n a n cia l in v est m en t s
CDBs
CDI
4 , 2 9 7 ,1 4 0 1 4 . 0 9 %
1 7 .6 1 %
1 5 1 ,3 6 7
2 1 .1 4 %
3 02 ,7 3 4
LFT s
Selic
5 9 4 ,2 85 1 4 .2 5 %
1 7 .81 %
2 1 ,1 7 1
2 1 .3 8%
4 2 ,3 4 3
(1 , 0 1 7 , 8 1 0 ) 1 4 . 0 9 %
1 7 .6 1 %
(3 5 , 8 5 2 ) 2 1 .1 4 %
(7 1 , 7 0 5 )
(2 , 5 4 8 ,6 4 2 )
9 .3 8 %
(4 7 , 7 8 7 ) 1 1 . 2 5 %
(9 5 , 5 7 4 )
Fi n a n cin g
Ex por t cr edit n ot es (R$)
BNDES
CDI
T JLP
7 .5 0%
Deben t u r es
IPCA
(7 6 8 ,6 9 6 )
8.84 %
1 2 ,1 4 5
9 .08 %
(1 , 8 0 6 ) 1 0 . 8 9 %
(1 5 , 7 5 8 )
Ex por t pr epa y m en t s
Libor
(5 ,4 1 4 ,5 4 5 )
0.80%
1 ,1 2 1
0.9 7 %
(9 , 4 2 4 )
(1 9 , 9 6 9 )
Net effect on fi n a n ce r esu l t s
13,266
77,669
1 .1 7 %
142,071
52
Report on review of quarterly information

To the Board of Directors and Stockholders
Klabin S.A.
Introduction
We have reviewed the accompanying parent company and consolidated interim accounting information of Klabin
S.A. (the "Company"), included in the Quarterly Information Form (ITR) for the quarter ended June 30, 2016,
comprising the balance sheet as at that date and the statements of operations, comprehensive income (loss) for
the quarter and six-month periods then ended, and the statements of changes in equity and cash flows for the sixmonth period 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.
A free translation of the original in Portuguese)
Other matters - Statement of value added

We have also reviewed the parent company and consolidated statements of value added for the six-month period ended June
30, 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, July 26, 2016
PricewaterhouseCoopers
Auditores Independentes
CRC 2SP000160/O-5
Tadeu Cendn Ferreira

Contador CRC 1SP188352/O-5
EARNINGS RELEASE 2Q16

JULY 26, 2016
INITIAL SALES OF PULP FROM THE PUMA UNIT PROPELLED ADJUSTED

EBITDA TO R$ 538 MILLION IN THE 2Q16, 37% ABOVE THE 2Q15.
HIGHLIGHTS 2Q16
SALES VOLUME 2Q16
45% Growth
SALES VOLUME FROM PAPER AND PACKAGING
4% Growth
FIRST QUARTER EVER OF PULP SALES
181 thousand tonnes

ADJUSTED EBITDA
R$ 538 mi
ANNUAL PLANT MAINTENANCE SHUTDOWN
Monte Alegre and Otaclio Costa

June 30, 2016
Klabin
Market Value R$ 19 billion
KLBN11
Closing Price R$ 15.42
Daily Volume 2Q16 R$ 58 million
Teleconference
Portuguese (with simultaneous translation)
Wednesday, 07/27/16, 11am (Braslia)
Tel: +55 (11) 3193-1133 - Password: Klabin
http://cast.comunique-se.com.br/Klabin/2Q16
IR
Antonio Sergio Alfano
Tiago Rocha Brasil
Daniel Rosolen
Marcos Maciel
Lucia Reis
Natasha Utescher
www.klabin.com.br/ri
invest@klabin.com.br
+55 11 3046-8401
The sales volume was 631 thousand tonnes, 45% above the
2Q15. This semester sales totaled 1,086 thousand tonnes, 25%
above that of the 6M15.
The sales volume of paper and packaging was 450 thousand
tonnes, a 4% increase in the quarter, with a 10% growth in
exports. In the semester the sales of paper and packaging
totaled 905 thousand tonnes, 4% above that of 6M15.
The sales of pulp from the new Puma Plant, in the town of
Ortigueira (PR), started in April and its volume in this quarter
totaled 181 thousand tonnes, marking the entry of Klabin into
this market.
The adjusted EBITDA was R$ 538 million in the 2Q16, a 37%
increase in comparison with the 2Q15. In the semester, the
Adjusted EBITDA totaled R$ 1,050 million, 23% above that of
the 6M15.
Net Sales totaled R$ 1,699 million in the quarter, a 27% growth
in relation to the same period of 2015, mainly due to the
beginning of the sales of pulp.
In the quarter there were annual maintenance shutdowns of
the Monte Alegre (PR) and Otaclio Costa (SC) plants, within the
predicted schedule and cost.
RELATRIO
- 4T132Q16
12 DE FEVEREIRO
EARNINGS RELEASE
JULY 26, 2016DE 2014
FINANCIAL HIGHLIGHTS
R$ million
2Q16
1Q16
Sales volume (thousand tonnes)
631
455
435
% Domestic Market
50%
64%
68%
Net Revenue
1,699
1,463
1,338
% Domestic Market
60%
65%
72%
Adjusted EBITDA
538
512
391
Adjusted EBITDA Margin
31%
35%
29%
Net Income (loss)

Net Debt
2Q15 2Q16/1Q16
2Q16/2Q15
39%
45%
-14 p.p.
-18 p.p.
16%
27%
-5 p.p.
-12 p.p.
5%
37%
-4 p.p.
+2 p.p.
6M16
1,086
56%
3,162
62%
1,050
33%
1,268
1,074
296
18%
329%
2,342
11,382
12,009
8,144
-5%
40%
11,382
Net Debt / EBITDA (LTM - BRL)
5.2x
5.9x
Capex
645
853
4.5x
1,151
5.2x
-24%
-44%
1,498
6M15 6M16/6M15
872
67%
2,646
71%
853
32%
(433)
8,144
25%
-11 p.p.
19%
-9 p.p.
23%
+1 p.p.
n/a
40%
4.5x
2,151
-30%
Klabins consolidated financial statements are presented pursuant to the international accounting standards (International Financial Reporting Standards IFRS), as
set forth by the CVM 457/07 and CVM 485/10 instructions. The Vale do Corisco information is not consolidated in the Financial Statements, they are represented by
the Capital Equity method. Adjusted EBITDA pursuant to CVM 527/12 instruction.
Notes:
Some figures from the chart and graphs presented may not express a precise result due to rounding. The calculated Ebitda margin takes into account the effects of
Vale do Corisco.
UDM - last 12 months
THE BEGINNING OF A NEW KLABIN

This quarterly report is the first to consider the sales of Klabins new pulp production coming from the Puma Unit.
After the start of operations in March of this year, precisely on schedule and within the budget, the plants sales
were first registered in the month of April, evolving over the second quarter.
The operation of the plant has been in line with the learning curve set up by Klabin. Over the second quarter the
fiber production grew steadily, contributing with sales volume equivalent to 50% of the nominal capacity of the
Puma Plant.
From this quarter onwards Klabin starts a new phase in its history. The company advances towards different markets
and becomes the single Brazilian company to supply simultaneously short fiber bleached pulp, long fiber bleached
pulp, and fluff pulp in a single plant, designed precisely for this purpose.
RELATRIO
- 4T132Q16
12 DE FEVEREIRO
EARNINGS RELEASE
JULY 26, 2016DE 2014
SUMMARY
The second quarter of 2016 was marked by a
turnaround in the economic expectations of the
domestic scenario after recent political events and
the arrival of the new economic team lead by
Henrique Meirelles. In the foreign scenario, the 2Q16
was of great volatility in the markets, especially after
the referendum that sealed the exit of the United
Kingdom from the European Union. In addition, the
uncertainties in regard to American economic
activities have kept the worlds interest rates low, or
even negative, bringing a greater liquidity to global
markets.
With the important addition of the sale of pulp,

Klabins sales volume reached 631 thousand tonnes in
the 2Q16, 45% greater in comparison to the same
period of the previous year. It is also important to
highlight the increase of the capacity of paper
production, enhanced over 2015, which enabled the
increase of sales to the foreign market. The
depreciated Real, comparing with the exchange rate
of 2Q15, also played its role in this advance in the
foreign market. Domestically the sales volume of
paper and conversion, compared to the same period
of the previous year, remained stable, which not only
proves the competitiveness of the company in an
adverse scenario but also the resilience of the
markets in which Klabin operates. As a result of the
increase in sales volume driven by the sales of pulp,
of the more depreciated Real in relation to the 2Q15
and Klabins competitiveness in the domestic market,
the net profit in the period reached R$ 1,699 million,
a 27% growth in relation to the same period of 2015.
Thus, despite few changes in the majority of the

domestic economic activity indexes, the greater
confidence in Brazilian economic policy and the low
world interest rates in relation to the two digit rates
in Brazil have lead to strong appreciation of the
Ibovespa and of the Real.
In the Brazilian market of paper and packaging,
despite the 2% decrease in the Brazilian shipments of
corrugated boxes in the first half of the year, figures
from the Brazilian Association of Corrugated Boxes
(ABPO) have started to show signs of improvement
with figures of the month of June point towards a
growth of 2% in comparison with the same period of
last year.
With this increase in sales volume in the 2Q16, Klabin

obtained considerable benefit from the dilution of
their fixed and administrative expenses. This in
combination with the Companys efforts in cost
control made up for the impacts of inflation,
persistent on some inputs and services hired by
Klabin, even in a quarter impacted by the scheduled
maintenance shutdowns of the Monte Alegre (PR)
and Otaclio Costa (SC) plants.
In the international market for packaging paper,

Kraftliner prices in Europe were pressured during the
period. On the other hand, with the depreciation
Dollar in the quarter, the FOEX list price was stable in
relation to the 1Q16, closing with an average of
US$ 621/t in the period.
In short, Klabins results in this quarter were driven by

the beginning of sales of pulp from the Puma Unit,
but also by the cost discipline and flexibility of the
Company, which enabled for an increase in sales
volume of paper and packaging even in an extremely
challenging scenario. In this quarter, Klabin reached
adjusted EBITDA of R$ 538 million, a 37% growth over
the same period of last year. It is worth reminding
that the new Puma Plant started operations in March,
strictly within project schedule and budget. The start
of operations of the Puma Plant, which is still
undergoing a ramp up process, opens up one more
growing cycle of Klabin and confirms its operating
capacity and consistent delivery of results.
The second quarter of 2016 marks the beginning of

the sales of pulp from the Puma Plant and a new era
of growth for the company. During the period, the
short fiber list price in Europe announced by FOEX
had an average of US$ 693/t while the long fiber had
an average of US$ 796/t. The opposite movements
from the price drop of short fiber pulp and increase in
the prices of long fiber pulp made the spread
between both fibers rise from US$ 53/t to US$ 124/t
in the 2Q16.
RELATRIO
- 4T132Q16
12 DE FEVEREIRO
EARNINGS
RELEASE
JULY 26, 2016DE 2014
Exchange Rate
R$ / US$
Average Rate
End Rate
2Q16
1Q16
3.51
3.21
3.90
3.56
2Q15 2Q16/1Q16
2Q16/2Q15
-10%
14%
-10%
3%
3.07
3.10
6M16
3.70
3.21
6M15 6M16/6M15
2.97
3.10
25%
3%
Source: Bacen
With the improvement in confidence in relation to the course of the Brazilian economy and a higher level of liquidity
in a more mature market, the Real depreciated by 10% in the 2Q16, closing the period with a rate of R$ 3.21/US$, a
level that has not been observed since July 2015. In the same comparison, the average exchange also dropped by
10%, however, it was still 14% higher if compared with the 2Q15.
OPERATING AND FINANCIAL PERFORMANCE

Sales Volume
With the beginning of operations of the Puma Plant in March, Klabins sales volume in the 2Q16, without the sales of
wood, was 631 thousand tonnes, a 45% increase in relation to the 435 thousand tonnes sold in the 2Q15. The Puma
Plant, although undergoing a ramp up process, in its first quarter of operations contributed to the sales volume of
pulp with 181 thousand tonnes, that is, approximately 50% of its nominal capacity.
Beyond the additional volume of pulp in the 2Q16 the company obtained a 4% increase in the sales volume of paper
and conversion. This growth was possible due to the debottlenecking carried out over 2015, the increase of capacity,
and to the flexibility of the markets and products which enabled Klabin to direct its products to different
destinations.
RELATRIO
- 4T132Q16
12 DE FEVEREIRO
EARNINGS RELEASE
JULY 26, 2016DE 2014
In this quarter the sales volume to the foreign market reached 50%, versus 32% in the 2Q15. This increase was
driven in part by the increase of sales of paper to these markets, but mainly by the beginning of sales of pulp which
were destined at large to exports.
Sales Volume
(excluding woods tds tonnes)
Sales Volume by product

2Q16
631
632
Kraftliner
16%
50%
+181
435
435
32%
+16
Others
2%
Conversion
28%
Pulp
Paper/
Conversion
50%
68%
Pulp
29%
Coated Board
25%
2Q15
2Q16
Domestic Market
Exports
In the first semester, the total sales volume was 1,086 thousand tonnes, a 25% increase in relation to the 6M15,
explained by the beginning of sales of pulp and by the greater volume of paper still due to the debottleneckings and
increase in capacity performed over 2015.
Net Revenue
The net revenue in the 2Q16 of R$ 1,699 million (including wood), driven by the revenue of R$ 286 million from the
Puma Plant, was 27% greater if compared to the revenue of the 2Q15. This increase was incremented by means of
the greater sales volume of paper and its greater share in the foreign market, made possible by the higher exchange
rate in relation to the same period of the previous year.
With this expressive increase in the export share of the total volume, the net revenue from the sales to the foreign
market was R$ 676 million in the 2Q16, 81% above the sum verified in the 2Q15. This represented 40% of the total
revenue against 28% observed in the same quarter of the previous year.
In the domestic market the net revenue obtained a 6% increase in relation to the 2Q15. It is worth highlighting that
this increase was obtained despite the impacts of the weakening of the Brazilian economic activities. There was also
a symbolic reduction in the sales of wood as a consequence of rain showers which hindered the harvest and the
beginning of operations of the Puma Plant.
The pro-forma net revenue, considering Klabins proportional revenue in the Florestal Vale do Corisco S.A company,
totaled R$ 1,716 million in the quarter.
RELATRIO
- 4T132Q16
12 DE FEVEREIRO
EARNINGS RELEASE
JULY 26, 2016DE 2014
Net revenue
(R$ million)
Net revenue by product

2T16
1.699
40%
+286
1.338
28%
+75
Kraftliner
12%
Pulp
Wood Others
2%
5%
Conversion
35%
Paper/
Conversion
60%
72%
Pulp
17%
Coated Board
29%
2Q15
2Q16
Domestic Market
Exports
In the 6M16 the net revenue totaled R$ 3,162 million and showed a 19% growth in comparison with the same period
of 2015, explained mainly by the beginning of sales of pulp and by the increase in the volume of paper and
conversion that was sold.
Operating Costs and Expenses

PULP CASH COST
With the beginning of sales of pulp from the Puma Plant, from this quarter forward the unit cash cost of pulp
production will be reported for comparative measures in the subsequent quarters, which includes production costs
of short fibers, long fibers, fluff, and the tonnes produced of pulp in the period. The production cash cost does not
include overhead, sales, and administrative expenses consisting exclusively of the sum spent in the production of
pulp.
The unit cash cost of pulp production was R$ 890/t in the 2Q16, first quarter of sales performed by the Puma Plant.
It is noteworthy that the production of these initial tonnes was affected by several factors, something common to
initial production from operations of this magnitude. The fixed costs of the plant are not yet entirely diluted and do
not reflect the reality of the level of production costs to be achieved after reaching the nominal capacity of the plant.
As the production lines evolve in their programmed learning curves, it is natural that the production costs of the unit
present decreasing levels. Thus, the Companys goal is to reduce in the following periods the pulp production cash
cost by 25%, on the bases comparable to those of the 2Q16.
R$ 890 / t
50
Others
194
Labor
190
Chemicals
178
Fuel Oil
307
Wood
-29
Electricity
RELATRIO
- 4T132Q16
12 DE FEVEREIRO
EARNINGS RELEASE
JULY 26, 2016DE 2014
TOTAL CASH COST

Considering the sales of all products in the quarter, the total unit cash cost was R$ 1,856/t including nonrecurring
other revenues and operational expenses. This amounted to a 15% reduction in relation to last years equivalent
quarter and is explained mainly by the increase in the sales volume of 45% originating from the pulp produced in the
new plant. The cash cost reduction per tonne in the period is a reflection of the addition of the pulp production
costs, which are unitarily lower in comparison with the production of paper and packaging, to the companys total
cost. Other factors that allowed for the reduction of cash cost was the sales mix with lesser share of converted
products and the greater dilution of the fixed costs due to the greater volume of paper and packaging.
Cash Cost Breakdown
2Q16
Cash Cost Breakdown

2Q15
Electricity
7%
Maintenance
materials /
stoppage
14%
Electricity Others
5%
8%
Others
6%
Maintenance
materials /
stoppage
13%
Labor / third
parties
32%
Fuel Oil
2%
Fuel Oil
3%
Freight
11%
Labor / third
parties
37%
Freight
11%
Chemicals
13%
Wood / Fibers
14%
Chemicals
11%
Wood / Fibers
13%
The cost of goods sold in the quarter was R$ 1,256 million, 19% above that of the same period of the previous year,
also high predominantly due to the share in the production of pulp in the companys product mix.
The selling expenses was R$ 127 million this quarter, 21% above that of the 2Q15, following an increase verified in
the sales revenue of the period with the sales of pulp. Thus, the selling expenses of the 2Q16 represented 8% of the
net revenue, slightly below the ratio verified in the 2Q15. In the month of June, Klabin was granted approval for the
beginning of operation of its wholly-owned subsidiary in Austria.
General and administrative expenses was R$ 111 million this quarter, larger than both the R$ 100 million in the
1Q16 and R$ 83 million in the 2Q15. In relation to the first quarter of this year, the growth took place at large due to
nonrecurring factors verified in the 2Q16, such as the expenses with the inaugural event of the Puma Plant and the
hiring of Falconi Consulting. As for the comparison with the same period of the previous year the higher general and
administrative expenses in the quarter are due mainly to the changes in rules on the unburdening of payroll also the
company is enhancing its corporate structures due to the new operations turned to pulp and the growth tied to it.
Even so, with the addition of the sales of pulp this quarter, the general and administrative expenses per ton had a 8%
reduction.
Other operating income/expenses resulted in R$ 1 million of revenue in the 2Q16.
Effect of the variation in the fair value of the biological assets

During the 2Q16, the effect of the variation in the fair value of the biological assets was positive in R$ 272 million,
due mainly to the growth of the forests which were acknowledged by their fair value. In turn, the effect of the
RELATRIO
- 4T132Q16
12 DE FEVEREIRO
EARNINGS RELEASE
JULY 26, 2016DE 2014
depletion of the fair value of the biological assets in the cost of the sold products was R$ 129 million in the 2Q16.
Thus, the non-cash effect of the fair value of the biological assets in the operational result (EBIT) of the quarter was
positive in R$ 143 million.
Operating cash flow (EBITDA)
R$ million
2Q16
1Q16
Net Income (loss)

(+) Income taxes and social contribution
(+) Net Financial Revenues
(+) Depreciation, amortization, depletion
Adjustments according to IN CVM 527/12 art. 4
(-) Biological assets adjustment
(-) Equity Pickup
(+) Vale do Corisco
Ajusted EBITDA
Adjusted EBITDA Margin
1,268
523
(1,296)
322
1,074
259
(1,013)
251
296
148
(201)
294
18%
102%
28%
28%
(272)
(17)
10
538
31%
(63)
(7)
12
512
35%
(155)
(6)
9
391
29%
329%
143%
-17%
5%
-4 p.p.
2Q15 2Q16/1Q16 2Q16/2Q15
6M16
6M15
329%
253%
543%
10%
2,342
781
(2,309)
573
(433)
(242)
1,183
544
6M16/6M15
N/A
N/A
N/A
105%
75%
193%
15%
37%
+2 p.p.
(336)
(24)
23
1,050
33%
(203)
(13)
17
853
32%
165%
180%
136%
23%
+1 p.p.
n/a - Not applicable

Note: Adjusted EBITDA margin is calculated considering the pro forma net revenue, which includes Vale do Corisco
In the second quarter of 2016, the increase in Klabins cash generation was driven mainly by the beginning of sales of
pulp from the new Puma Plant and also by the greater sales volume of paper in the period. In addition to the strong
increase in net revenue, the growth in the total sales volume also yielded the dilution in the costs of the company,
doubly benefiting its results.
Despite the scheduled shutdowns for the maintenance of the Monte Alegre (PR) and Otaclio Costa (SC) plants, the
growth in the sales together with the discipline in the companys cost matrix and the more depreciated Real in
relation to the 2Q15, reflected in new growth of results in relation to the same quarter of the previous year. Thus,
th
the operational cash generation (adjusted EBITDA) was R$ 538 million, 37% above that of the 2Q15, 20 consecutive
quarter of growth. The EBITDA margin also raised, starting from 29% in the 2Q15 to 31% in the 2Q16.
Also impacted by the increase in sales volume, in the six months of 2016 the EBITDA reached R$ 1,050 million, 23%
above that of the same previous period, with a 33% margin.
These amounts include Klabins share in the Florestal Vale do Corisco S.A. company of R$ 10 million in the quarter
and R$ 23 million in the 6M16.
Indebtedness and Financial Investments

The gross debt at June 30 was R$ 17,192 million, a R$ 697 million reduction if compared with the end of March due
mainly to the positive impact of the exchange variation over the share of the debt in foreign currency. From the total
debt, R$ 12,172 million, or 71% (US$ 3,792 million) are denominated in Dollar, substantially export prepayments.
Even with investment expenses still relative to the Puma Project, the Companys cash and financial investments
ended the 2Q16 in R$ 5,810 million, the same level verified at the end of the 1Q16, an effect of the Companys cash
generation and funding for new financing lines. This amount surpasses the financing amortizations due in the next 31
months.
The net debt consolidated on June 30, 2016 totaled R$ 11,382 million, a R$ 627 million reduction if compared to the
R$ 12,009 million on March 31, 2016. This reduction is due to the effect on the debt in foreign currency of the lowest
exchange rate verified at the end of the quarter and cash generation of the company, which more than made up for
the investments of R$ 649 million performed in the quarter. Thus, the net debt / adjusted EBITDA, which was 5.9
RELATRIO
- 4T132Q16
12 DE FEVEREIRO
EARNINGS RELEASE
JULY 26, 2016DE 2014
times at the end of the 1Q16, dropped to 5.2 times at the end of the 2Q16. It is worth reminding that there is
approximately R$ 650 million of disbursement of investments relative to the Puma Plant, but on the other hand the
cash generation arising out of the new plant tends to accelerate the Companys deleveraging process.
The average maturity term remained stable, and at the end of the 2Q16 it was 47 months, being 40 months for the
financings in local currency and 50 months for the financings in foreign currency. The short term debt at the end of
the quarter corresponded to 14% of the total and the average cost of the financings in local currency was 10.2% p.y.
and in foreign currency to 4.6% p.y..
NET DEBT AND LEVERAGE

17,000
6.2
6.3
5.9
5.2
15,000
11,382
12,009
Net Debt (R$ million)
Net Debt/EBITDA (R$)
Debt (R$ million)
jun-16
mar-16
Short term
Local currency
Foreign currency
Total short term
737
1,681
2,418
4%
10%
14%
984
1,383
2,367
5%
8%
13%
Long term
Local currency
Foreign currency
Total long term
4,431
10,344
14,774
26%
60%
86%
4,397
11,126
15,523
25%
62%
87%
Total local currency

Total foreign currency
Gross debt
(-) Cash
Net debt
Net debt / EBITDA (LTM)
5,168
12,024
17,192
5,810
11,382
5.2x
30%
70%
5,381
12,508
17,889
5,880
12,009
5.9x
30%
70%
Jun-16
Dec-14
4,028
2,824
Jun-14
Sep-14
2,711
3,985
Dec-13
Mar-14
3,595
Sep-13
(1,000)
3,437
1,000
Jun-13
5,000
5,242
7,440
7,000
Mar-16
1.7
Sep-15
1.7
12,411
2.4
9,000
3,000
11,614
3.0
2.6
8,144
2.4
Jun-15
2.4
Mar-15
11,000
Dec-15
4.2
13,000
4.5
7.0
6.5
6.0
5.5
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
-0.5
-1.0
-1.5
-2.0
-2.5
-3.0
-3.5
-4.0
RELATRIO
- 4T132Q16
12 DE FEVEREIRO
EARNINGS RELEASE
JULY 26, 2016DE 2014
Financial Result
The financial result, excluding the exchange variation, was positive in R$ 70 million in the 2Q16 and in R$ 3 million in
the first semester of the year. In the same periods of the previous year, the financial result had been negative in
R$ 38 million in the 2Q15 and in R$ 135 million in the 6M15.
The exchange rate ended the quarter 10% below the level observed at the end of the first quarter of 2016. Thus, by
the impact of the debt in foreign currency, the net exchange variations were positive in R$ 1,226 million in the
2Q16. It is worth highlighting that the effect of the exchange variation in the Companys balance sheet is purely
accounting, without significant cash effect in the short term.
BUSINESS PERFORMANCE
Consolidated information by business unit in the 6M16:
R$ million
Forestry
Pulp
160
160
490
650
336
(750)
236
(20)
216
33
254
287
2
289
(247)
42
(59)
(17)
Net revenue
Domestic market
Exports
Third part revenue
Segments revenue
Total net revenue
Change in fair value - biological assets
Cost of goods sold*
Gross income
Operating expenses
Operating results before financial results
Papers Conversion Consolidation

745
808
1,553
561
2,114
(1,340)
774
(209)
565
1,032
131
1,163
9
1,172
(965)
207
(145)
62
(1)
(1)
(1,062)
(1,063)
1,043
(20)
8
(12)
Total
1,969
1,193
3,162
3,162
336
(2,259)
1,239
(425)
814
Note: In this table, total net revenue includes sales of other products.
* Forestry COGS includes the exaustion of the fair value of biological assets in the period.
FORESTRY BUSINESS UNIT

thousand tonnes
2Q16
1Q16
Wood
527
490
Wood
81
80
R$ million
990
8%
-47%
1,017
1,739
-42%
114
2%
-29%
160
204
-21%
2Q15 2Q16/1Q16 2Q16/2Q15
6M16
6M15 6M16/6M15
In the second quarter of 2016, the sales volume of wood logs for the Companys third parties was 527 thousand
tonnes, 47% below the volume of 2Q15. In addition to the extraordinary volume observed in the 2Q15 by the
punctual sale of standing timber in the Guarapuava (PR) area, this drop was caused by the rains which hampered the
harvest of timber and by the beginning of wood supply for the new pulp operation. The smaller volume, in part
made up for better prices and mix performed in the period, explains the 29% drop in the sales revenue in the same
comparison.
For the same reasons stated in the paragraph above, in the six first months of 2016 the volume of logs was 42%
below that verified in the previous year and totaled 1,017 thousand tonnes, with revenue of R$ 160 million.
10
RELATRIO
- 4T132Q16
12 DE FEVEREIRO
EARNINGS RELEASE
JULY 26, 2016DE 2014
PULP BUSINESS UNIT

Production
thousand tonnes
Short fiber pulp
Long fiber
Total Pulp Volume
2Q16
1Q16
174
56
230
16
16
2Q15 2Q16/1Q16 2Q16/2Q15

N/A
N/A
N/A
N/A
N/A
N/A
6M16
190
56
246
6M15 6M16/6M15
-
N/A
N/A
N/A
Sales volume
thousand tonnes
Short fiber DM
Short fiber EM
Total short fiber volume
Long Fiber DM
Long Fiber EM
Total long fiber volume
Total Pulp Volume
2Q16
1Q16
2Q15
16
149
165
2
14
16
181
256
30
286
2Q16/1Q16 2Q16/2Q15
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
6M16
6M15 6M16/6M15
16
149
165
2
14
16
181
N/A
N/A
N/A
N/A
N/A
N/A
N/A
256
30
286
N/A
N/A
N/A
R$ million
Short Fiber
Long Fiber
Total Pulp Revenues
N/A
N/A
N/A
N/A
N/A
N/A
The 2Q16 was the first quarter of sales of pulp of the Puma Plant, after the beginning of operation of the plant in
March of this year. The total sold volume was 181 thousand tonnes, from which 165 thousand tonnes of short fiber
and the remainder of long fiber. Even at the beginning of operations and a small share of startup pulp traded to the
market, the pulp produced by Klabin has been enjoying excellent acceptance from the market for the excellent
quality both of short fiber as well as long fiber.
The sales of short fiber were anchored mainly by the agreement signed with Fibria in May 2015. Through this
agreement Klabin will supply a minimum annual volume of 900 thousand tonnes of short fiber pulp to Fibria which
will be sold exclusively by Fibria in countries outside of South America. The additional volume produced by the new
plant will be traded directly by Klabin, being the short fiber pulp in the markets of Brazil and South America, and the
long fiber pulp and fluff in the global market. The sales price is equal to the average net price performed by Fibria,
FOB base (free on board) Paranagu, excluding countries of South America.
The long fiber and fluff line also had good operational performance, producing high quality pulp. In the case of fluff,
the better quality of the product, proven in the tests carried out with Klabins pulp, translates into higher
productivity and lower energy consumption to the producers of diapers. It is worth reminding that the fluff line from
the Puma Unit was the first in the world designed specifically for this purpose.
11
RELATRIO
- 4T132Q16
12 DE FEVEREIRO
EARNINGS RELEASE
JULY 26, 2016DE 2014
PAPER BUSINESS UNIT

thousand tonnes
2Q16
1Q16
2Q15
Kraftliner DM
Kraftliner EM
Total Kraftliner
Coated boards DM
Coated boards EM
Total Coated boards
Total Paper
29
74
103
92
66
159
262
29
81
110
93
73
166
276
32
66
98
92
64
156
254
Kraftliner
Coated boards
Total Paper
201
506
708
244
555
799
189
457
646
R$ million
2Q16/1Q16 2Q16/2Q15
-2%
-9%
-8%
12%
-6%
6%
-1%
0%
-9%
3%
-4%
1%
-5%
3%
-18%
-9%
-11%
6%
11%
10%
6M16
6M15 6M16/6M15
58
155
214
185
140
324
538
65
129
194
181
138
319
513
-10%
21%
10%
2%
1%
2%
5%
445
1.061
1.507
371
931
1.301
20%
14%
16%
Kraftliner
In this last quarter, the prices of kraftliner remained pressured in the international market. On the other hand, due
to the devaluation of the Dollar in the period, the price list in Dollars in Europe announced by FOEX remained stable
in relation to the 1Q16, closing with an average of US$ 621/t in the period.
In the 2Q16, the sales volume of paper for package was 103 thousand tonnes, with a 6% increase in relation to the
second quarter of 2015. The growth in sales increase was driven mainly by the greater volume of exports, 12% above
that of the 2Q15, allowed by the higher exchange rate in the same comparison and by the increases in the capacity
of paper performed over 2015. In the semester, these same reasons yielded a 10% increase in the total sales volume
and 20% of net revenue in relation to the first semester of 2015.
Coated Boards
Impacted by the deterioration in the economic activity, the domestic coated boards market still has not shown signs
of recovery with sales indicating a 2.5 % drop in April and stagnation in May in relation to the year of 2015, according
to reports of the Brazilian Tree Industry (IB).
In this context, in the second quarter of 2016 the coated board sales volume remained stable in the internal market
in comparison with the volume of the 2Q16, however with a significant 3% increase in the exported volume in the
same comparison. This shows the resilience of the markets met by Klabin in Brazil, and the targeting of the sales to
the foreign market, potentialized by the more devalued Real in relation to the 2Q15. This combination of factors
made the net revenue in the 2Q16 reach R$ 506 million, an 11% increase in relation to the same period of the
previous year.
In the semester, still a reflection of the operational improvement of machine 9 after the debottlenecking, and
Klabins flexibility in assigning its products to different markets, the sales volume obtained a 2% growth with a 14%
increase in the net revenue.
CONVERSION BUSINESS UNIT

thousand tonnes
2Q16
1Q16
2Q15
Total conversion
177
165
172
Total conversion
589
553
551
R$ million
12
2Q16/1Q16 2Q16/2Q15
7%
3%
7%
7%
6M16
6M15 6M16/6M15
341
340
0%
1.142
1.088
5%
RELATRIO
- 4T132Q16
12 DE FEVEREIRO
EARNINGS RELEASE
JULY 26, 2016DE 2014
Although 2016 has started with a retraction in the corrugated boxes sector, the 2Q16 gives signs of improvement
with a 1% growth in relation to the 2Q15, according to the data published by the Brazilian Association of Corrugated
Boxes (ABPO). Klabin, due to its performance with major clients of the food sector, presented growth in line with the
data of ABPO in the quarter and remained stable in relation to the first semester of 2015.
In the industrial bags market, the economic retraction directly impacted the civil construction sector and the cement
industry, which presented a 15% drop in the first semester of 2016, according to the data published by the National
Cement Industry Union (SNIC). Klabin managed to mitigate this domestic weakening in virtue of the success in
targeting a greater sales volume to the foreign market. Currently, the Company has significant volumes in countries
such as Mexico and the United States, and has been successful in the diversity in the sale of bags not only to the civil
construction markets, but also for the use of fertilizers, animal feel, coffee among others.
In this context, Klabin presented a 3% growth in the sales volume of conversion in the 2Q16 in relation to the 2Q15
and 7% in relation to the 1Q16. As for the quarterly revenue it grew by 7% in relation to the same period of 2015,
showing once again its flexibility in different markets and competitiveness even in adverse scenarios.
INVESTMENTS
R$ million
Forestry
Maintenance
Special projects and growth
Puma Project
Total
Klabin invested R$ 649 million in the 2Q16, with a

highlight to the investments in the new Ortigueira (PR)
59
pulp plant. From the total invested in the quarter, R$ 34
179
million was destined to forest operations, which now
25
comprehends the replanting of the forests used on the
1,239
new pulp unit, R$ 99 million was destined to the
1,502
operational continuity of the plants, impacted by the
inflation in the period end, due to the focus on the pulp
special projects and expansion of the capacity. In the quarter, R$ 505
2Q16 6M16
34
99
11
505
649
project, only R$ 11 million was applied in

million was disbursed in the Puma Project.
In March 2016, the Company started operations of its new pulp plant (Puma Unit), with production capacity of 1.5
million tonnes of pulp, from which 1.1 million tonnes of short fiber bleached pulp (eucalyptus) and 400 thousand
tonnes of long fiber bleached pulp (pine), a part converted into fluff, being the worlds only industrial unit designed
for the production of the three fibers. The total investment in the project was R$ 8.5 billion, including infrastructure,
taxes and contractual amendments, and from these amounts the sum of approximately R$ 650 million will be
disbursed in the second semester of 2016.
CAPITAL MARKETS
Shares
In the second quarter of 2016, Klabins Units (KLBN11) presented a 21% devaluation, against a 2% devaluation of
IBOVESPA. The Companys Units were traded in all biddings of BM&Fbovespa, recording 559 thousand operations
which involved 214 million of bonds and an average daily traded volume of R$ 58 million at the end of the period. In
the last twelve months, Klabins shares had a 19% devaluation against a 3% devaluation of IBOVESPA.
13
RELATRIO
- 4T132Q16
12 DE FEVEREIRO
EARNINGS RELEASE
JULY 26, 2016DE 2014
Performance KLBN11 x Brazilian Index (Ibovespa)
97
100
KLBN11
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
81
Ibovespa Index
Klabins share capital is represented by 4,733 million shares, from which 1,849 million ordinary shares and 2,884
million preferred shares. Klabins shares are also traded in the North-American market. As Level I ADRs, the bonds
are listed in OTC (over-the-counter), under code KLBAY.
Klabin in included in BM&Fbovespas Corporate Sustainability Index (ISE). The index gathers the bonds of the
companies that excel for the high degree of commitment with the sustainability of the business and the country. The
integrating companies are selected annually, based on the criteria set up by the Center of Sustainability Studies,
from the Getlio Vargas Foundation (Gvces). Klabin is part of the current portfolio until January 2017.
Fixed Income
Klabins debt securities (notes) are due in July 2024, issuance price of US$ 500 million, being traded in the secondary
market of the Luxembourg Stock Exchange. The bonds were issued at a 5.25% rate p.a. and the payments of
interests are performed biannually in the months of January and July. Klabin has BBB- investment grade by Fitch
Ratings agency and BB+ by Standard & Poors agency.
Price - Notes Klabin 2024

Last 12 months
105
100
US$/bond
100
95
90
85
Jun-15
Jul-15
Aug-15 Sep-15
Oct-15 Nov-15 Dec-15
14
Jan-16 Feb-16
Mar-16 Apr-16 May-16 Jun-16
RELATRIO
- 4T132Q16
12 DE FEVEREIRO
EARNINGS RELEASE
JULY 26, 2016DE 2014
CONFERENCE CALL
Portuguese
English (simultaneous translation)
Wednesday, July 27, 2016 11am (Braslia).
Wednesday, July 27th, 2016 10:00 a.m. (EDT).
Password: Klabin
Password: Klabin
Telephone: (55 11) 3193-1133 or (55 11) 2820-4133
Phone: U.S. participants: 1-888-700-0802
Replay: (55 11) 3193-1012 or (55 11) 2820-4012
International participants: 1-786-924-6977
Password: 3007075#
Brazilian participants: (55 11) 3193-1133 or (55 11) 2820-4133

Replay: (55 11) 3193-1012 or (55 11) 2820-4012
The audio of the Teleconference will also be broadcast by Internet.
Password: 8181587#
Access: http://cast.comunique-se.com.br/Klabin/2Q16
The conference call will also be broadcasted by internet.
Access: http://cast.comunique-se.com.br/Klabin/2Q16
With a gross revenue of R$ 6.7 billion in 2015, Klabin is the biggest integrated producer, exporter and recycler of paper for
package of Brazil, with annual production capacity of 2 million tonnes of products. The Company defined strategic focus as the
performance in the following businesses: paper and coated cartonnes for packaging, corrugated Boxes boxes, industrial bags and
wood in logs. It leads all markets in which it performs.
Statements in this release relative to the Companys business perspective, operational and financial result forecast and, to the Companys growth
potential are mere forecast and were based on the expectations from the Management in relation to the future of the Company. These
expectations are highly dependent on changes in the market, on the overall economic performance of Brazil, on the industry and on the
international markets, being, therefore, subject to changes.
15
EARNINGS RELEASE 2Q16 JULY 26, 2016
Appendix 1
Consolidated Income Statement (R$ thousand)
(R$ thousands)
2Q16
1Q16
2Q15
2Q16/1Q15 2Q16/2Q15
6M16
6M15
6M16/6M15
Gross Revenue
1,965,221
1,715,342
1,593,961
15%
23%
3,680,563
3,149,042
17%
Net Revenue
1,698,628
1,463,477
1,337,936
16%
27%
3,162,105
2,646,385
19%
272,442
63,447
155,230
329%
76%
335,889
210,768
59%
Change in fair value - biological assets

Cost of Products Sold
(1,255,645)
(1,004,160)
(1,058,415)
25%
19%
(2,259,805)
Gross Profit
715,425
522,764
434,751
37%
65%
1,238,189
Selling Expenses
(127,481)
(105,264)
(105,594)
21%
21%
General & Administrative Expenses
(111,129)
(100,037)
(82,927)
11%
(5,049)
(9,912)
N/A
(237,658)
(210,350)
(198,433)
477,767
312,414
236,318
16,685
7,094
5,804
Other Revenues (Expenses)

Total Operating Expenses
Operating Income (before Fin. Results)
Equity pickup
952
(1,988,482)
14%
868,671
43%
(232,745)
(200,055)
16%
34%
(211,166)
(157,891)
34%
N/A
(4,097)
(15,945)
-74%
13%
20%
(448,008)
(373,891)
20%
53%
102%
790,181
494,780
60%
135%
187%
23,779
13,339
78%
Financial Expenses
(317,764)
(224,127)
(163,412)
42%
94%
(541,891)
(379,126)
43%
Financial Revenues
388,101
157,222
125,770
147%
209%
545,323
244,616
123%
1,225,909
1,079,535
239,104
14%
413%
2,305,444
(1,048,639)
N/A
Net Financial Revenues
1,296,246
1,012,630
201,462
28%
543%
2,308,876
(1,183,149)
N/A
Net Income before Taxes
1,790,698
1,332,138
443,584
34%
304%
3,122,836
(675,030)
N/A
(147,988)
102%
253%
Net Foreign Exchange Losses
Income Tax and Soc. Contrib.

Net income
Depreciation and amortization
Change in fair value of biological assets
Vale do Corisco
Adjusted EBITDA
(522,571)
(258,626)
(781,197)
242,060
(432,970)
N/A
1,268,127
1,073,512
295,596
18%
329%
2,341,639
N/A
321,868
250,779
293,985
28%
9%
572,647
544,301
5%
(272,442)
(63,447)
(155,230)
329%
76%
(335,889)
(203,315)
65%
10,411
12,403
8,719
-16%
19%
22,814
16,886
35%
537,604
512,149
391,245
5%
37%
1,049,753
852,652
23%
16
Appendix 2
Consolidated Balance Sheet (R$ thousand)
Jun-16
Mar-16
Current Assets
Assets
8,988,191
8,616,633
Cash and banks
46,419
22,454
5,169,755
5,282,396
594,285
575,070
1,442,887
1,318,434
912,683
834,676
Salaries and payroll charges
Recoverble taxes and contributions
697,559
486,419
Dividends to pay
Other receivables
124,603
97,184
19,122,827
18,317,442
1,576,416
1,297,729
Judicial Deposits
83,453
79,411
Other receivables
278,032
227,427
Short-term investments
Securities
Receivables
Inventories
Liabilities and Stockholders' Equity
Jun-16
Mar-16
3,547,972
3,382,676
2,194,352
1,870,514
Debentures
224,476
490,522
Suppliers
701,730
653,497
Current Liabilities
Loans and financing
Taxes payable
Long term
Taxes to compensate
Other investments
530,295
518,710
12,936,138
12,659,276
Biological assets
3,694,116
3,522,068
Intangible assets
24,377
12,821
Property, plant & equipment, net
0
63,015
102,122
111,468
Noncurrent Liabilities
17,141,847
17,269,891
Loans and financing
13,882,709
14,626,801
Debentures
Deferred income tax and social contribution
900,841
1,574,646
927,575
Other accounts payable - Investors SCPs
138,146
150,791
351,624
356,552
Other accounts payable
303,469
307,331
7,421,199
6,281,508
Capital
2,384,484
2,384,474
Capital reserve
1,301,907
1,301,916
48,705
48,706
Profit reserve
2,834,413
1,683,923
Valuation adjustments to shareholders'equity
1,040,111
1,044,309
Treasury stock
26,934,075
891,253
REFIS Adherence
Revaluation reserve
28,111,018
151,146
StockholdersEquity
Total
42,514
224,538
64,301
REFIS Adherence
Other accounts payable
Noncurrent Assets
36,453
Total
(188,421)
28,111,018
17
(181,820)
26,934,075
Appendix 3
Loan Maturity Schedule - 06/30/2016
R$ million
3Q16 4Q16
2016
2017
2018
2019
2020
2021
2022
2023
2024 2025/26
BNDES
93
91
184
493
497
439
326
274
269
255
206
Others
28
52
80
24
180
118
285
191
104
89
39
380
62
579
62
31
Debentures Interests
Local Currency
Total
2,944
1,109
1,115
121
146
266
896
678
619
1,189
526
404
343
244
Trade Finance
97
420
517
1,117
1,142
1,211
1,132
1,164
749
122
Fixed Assets - BNDES
26
33
161
185
192
184
169
161
150
141
Bonds
38
38
ECA's
76
78
114
245
244
239
237
196
154
154
182
1,842
Foreign Currency
237
429
666
1,391
1,571
1,647
1,554
1,569
1,106
426
1,895
198
12,024
Gross Debt
358
575
932
2,287
2,249
2,266
2,744
2,096
1,510
770
2,139
200
17,192
1,600
1
-
5,168
7,155
16
-
1,390
1,637
Average Cost Average Tenor

Local Currency
10.2% p.y.
40 months
Foreign Currency
4.6 % p.y.
50 months
Gross Debt
18
47 months
Appendix 4
Consolidated Cash Flow Statement (R$ thousand)
Cash flow from operating activities
Operating activities
. Net income
. Depreciation and amortization
2Q16
2Q15
6M16
6M15
89,964
275,080
1,050,556
705,702
701,021
305,709
1,395,118
943,616
1,268,127
295,596
2,341,639
(432,970)
166,706
79,820
244,111
154,986
. Depletion in biological assets
155,162
214,165
328,536
389,315
. Change in fair value - biolgical assets
(272,442)
(155,230)
(335,889)
(210,768)
(23,159)
. Equity results
. Results on Equity Pickup
(16,685)
. Deferred income taxes and social contribution
646,344
.Income taxes and social contribution

. Interest and exchange variation on loans and financing
. Others
(15,267)
(108,325)
(1,349,947)
12,327
. REFIS Reserve
(13,339)
(247,211)
(1,083,558)
(185,773)
. Payment of interest on loans
(23,779)
(13,981)
13,977
2,910
636,841
(452)
7,254
. Variation of the present value of debentures
(5,804)
145,800
(22,715)
(2,251)
(10,013)
. Interest, exchange variation and profit sharing of debentures
2,405
16,587
1,454,789
202,760
10,225
14,508
20,448
(190,039)
(488,552)
(370,423)
24,537
22,066
7,069
38,982
(3,498)
23,222
(13,680)
Variations in Assets and Liabilities
(611,057)
(30,629)
(344,562)
(237,914)
. Receivables
(124,453)
48,271
58,212
(76,736)
. Inventories
. Recoverable taxes
. Marketable Securities
(78,007)
(7,655)
(211,557)
(43,740)
(487,576)
(383,974)
(363,855)
(716,244)
(19,215)
(15,275)
(37,142)
(23,605)
. Prepaid expenses
(4,372)
2,225
(7,383)
2,741
. Other receivables
(78,010)
(28,746)
(62,370)
(38,622)
. Suppliers
158,625
222,281
323,919
517,766
. Taxes and payable
(6,061)
(2,077)
(8,947)
. Salaries, vacation and payroll charges
73,392
53,821
29,189
25,612
(45,380)
80,500
(64,628)
133,798
. Other payables
(18,884)
Net Cash Investing Activities
(646,117)
(1,143,761)
(1,495,666)
(2,141,611)
. Purchase of property, plant and equipment
(613,837)
(1,126,017)
(1,441,612)
(2,104,206)
. Cust biological assets planting (ex taxes)
(35,476)
(24,910)
(61,082)
(46,371)
7,028
2,466
7,028
2,466
(3,832)
4,700
. Income of assets sale

. Sale of property, plant and equipment
Net Cash Financing Activities
. New loans and financing
518,159
607,561
908,704
1,419,688
1,086,099
2,211,802
1,841,843
. Debentures interest payment
(255,139)
. Loan amortization
(570,611)
. Minority shareholders entry

. Minority shareholders exit
Increase (Decrease) in cash and cash equivalents
(978,123)
(825,055)
(17,361)
(213)
(222,515)
(101,982)
(6,601)
(11,151)
6,216
. Stocks disposal
(465,958)
(6,601)
. Stocks repurchase
(385,857)
(17,361)
(102,500)
. Dividends payed
6,500
467,477
(88,676)
(101,982)
(350,522)
162,451
5,262
(527,205)
Cash and cash equivalents at beginning of period
5,304,850
5,069,150
5,053,723
5,245,833
Cash and cash equivalents at end of period
5,216,174
4,718,628
5,216,174
4,718,628
19

Demonstra??es Financeiras em Padr?es Internacionais

Enviado por

Dados do documento

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Demonstra??es Financeiras em Padr?es Internacionais

Enviado por

Direitos autorais:

Formatos disponíveis

(A free translation of the original in Portuguese)

Quarterly information (ITR) - 6/30/2016 - KLABIN S.A.

Quarterly information for the quarter and six-month period

PricewaterhouseCoopers Auditores Independentes

(A free translation of the original in Portuguese)

(A free translation of the original in Portuguese)

Quarterly information (ITR) - 6/30/2016 - 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) - 6/30/2016 - KLABIN S.A.

BALANCE SHEET AT JUNE 30, 2016 AND DECEMBER 31, 2015

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) - 6/30/2016 - KLABIN S.A.

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

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

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

In com e t a x a n d soci a l con t r ibu t i on

Pr ofit (l oss) for t h e per iod

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

Ba si c 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) - 6/30/2016 - KLABIN S.A.

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

Cost of pr odu c t s sold

Con sol ida t ed

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

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

Pr ofit (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 i on

Pr ofit (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) - 6/30/2016 - KLABIN S.A.

Pr ofit (l oss) for t h e per iod

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

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

(A free translation of the original in Portuguese)

(A free translation of the original in Portuguese)

Quarterly information (ITR) - 6/30/2016 - 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) - 6/30/2016 - KLABIN S.A.

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

. Dir ect com pen sa t ion

. Gov er n m en t Sev er a n ce In dem n it y Fu n d for Em ploy ees (FGT S)

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

(A free translation of the original in Portuguese)

Notes to the quarterly information (presented in thousands of Reais unless otherwise

(A free translation of the original in Portuguese)

1.3 Creation of a wholly-owned subsidiary Klabin Austria

BASIS OF PRESENTATION OF THE QUARTERLY INFORMATION AND

2.1 Basis of presentation of the quarterly information

CONSOLIDATED QUARTERLY INFORMATION

(A free translation of the original in Portuguese)