4Q08 and 2008 Results March 13th, 2009

Sales Volume Slide 2 Thousand tonnes

10%
1,579 1,437 39%

15%
393 341 37% 43%

38%

62% 63% 57%

61%

4Q07

4Q08

2007

2008

Domestic Market

Foreign Market
2

Net Revenue Slide 3 R$ Million

10%
3,097 2,796 28%

20%
806 669 23% 35%

26%

74% 77% 65%

72%

4Q07

4Q08

2007

2008

Domestic Market

Foreign Market
3

COGS Slide 4 R$ / tonnes *

-6%
1,509 1,461

-3%

1,420

1,420

3Q08

4Q08

4Q07

4Q08

Unit COGS (R$ / tonnes)

* Excluding wood volume

EBITDA Slide 5 R$ Million

EBITDA and EBITDA margin
30% 28% 28% 30% 26% 191 20% 155 242 18% 141 108

210

199

201 16%

1Q07

2Q07

3Q07 EBITDA

4Q07

1Q08

2Q08

3Q08

4Q08

EBITDA Margin (%)

EBITDA conciliation with Law 6,404/76

R$ Million EBITDA Law 11,638/07 Law 11,638/07 Adjustments EBITDA Law 6,404/76 4Q08 242 (42) 200 3Q08 155 (0) 155 4Q07 108 30 138 2008 729 9 738 2007 718 23 741

Financial Result - Slide 6 R$ Million

R$ Million Financial Revenues and Expenses Net Exchange Variations Financial Result Exchange Rate (R$/US$ sell, EOP) Variation (previous period)

4Q08 (142) (447) (619) 2.34 22%

3Q08 (66) (385) (451) 1.91 20%

4Q07 (33) 73 40 1.77 -4%

2008 (231) (674) (905) 2.34 32%

2007 50 301 351 1.77 -17%

The financial losses generated by local currency devaluation have no cash effect.

Indebtedness Slide 7 R$ Million

The current cash position covers more than 30 months of debt maturities
1,931

228
725
1,206

727
479

1,703

479

Loans
2009 2010

Cash
2011

Investment Slide 8 R$ Million

Investments and allocation in 2008
1,674 1.674
Corrugated Boxes, Industrial Bags and Others 9%

Forestry 52%

587 400 250

Paper 39%

2007

2008

2009*

* Forecast

Closing Remarks Slide 9

Operations at the Ponte Nova Unit (MG), which produces recycled paper, were temporarily suspended, with 118 employees laid off; Forest planting in 2009 will be reviewed; Celebration of our 110th anniversary in April 2009; maintaining a unique competitive position; Priorities placed on current investments; Implementation of reductions in fixed and variable costs.

Investor Relations: Tel: +55 (11) 3046-8404 / 8415 / 8416 www.klabin.com.br invest@klabin.com.br