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Appraisal Report

COMODORO PARTICIPAES S.A. Appraisal of Book Net Worth on October 30, 2013, for purposes of its merger into KLABIN S.A

APPRAISAL REPORT LORENZO & ASSOCIADOS LTDA., with its principal place of business at Rua Faustolo No 1.628, conj. 123B, in So Paulo SP, a company duly registered with the Regional Accounting Council of the State of So Paulo [Conselho Regional de Contabilidade do Estado de So Paulo] under No. 2SP021256/O-0 and enrolled in the National Register of Legal Entities of the Ministry of Finance (CNPJ/MF) under No. 03.607.716/0001-40, and acts of incorporation filed at the 4th Registry of Deeds and Documents and Corporate Civil Registry [4 Ofcio do Registro de Ttulos e Documentos e Civil de Pessoas Jurdicas] of this capital with microfilm No. 0396277, on January 14, 2000, herein represented by its quotaholder, Izilda Lorenzo, accountant, registered with the Regional Accounting Council of the State of So Paulo No. 1SP127441/O-0 and enrolled in the Individual Taxpayers Register of the Ministry of Finance (CPF/MF) under No. 896.187.858-15, having been requested by company: KLABIN S.A., a company with its principal place of business in So Paulo - SP, at Av. Brig. Faria Lima No. 3600 3 andar, enrolled in the CNPJ/MF under No. 89.637.490/0001-45, with its acts of incorporation duly filed at the Commercial Registry of the State of So Paulo, with State Registration (NIRE) No. 35300188349, on November 12, 2001, to proceed with the appraisal of the book net worth, on October 30, 2013, of company: COMODORO PARTICIPAES S.A., a company with its principal place of business in So Paulo SP, at Av. Brigadeiro Faria Lima No. 3.600, 4 andar, sala 47, enrolled in the CNPJ/MF under No. 05.867.503/0001-82, with its acts of incorporation duly filed at the Commercial Registry of the State of So Paulo under NIRE No. 353001959-49, on May 19, 2003, for purposes of its merger into KLABIN S.A., hereby presents to the result of its work substantiated in this report. I PURPOSE OF APPRAISAL

The purpose of the work was to determine the book net worth on October 30, 2013, of company COMODORO PARTICIPAES S.A., for purposes of its merger by company KLABIN S.A.

II

APPRAISAL CRITERION

The calculation of the book net worth was made based on the balance sheet prepared by COMODORO PARTICIPAEES S.A., on October 30, 2013, in accordance with the accounting entries of the company. The accounting entries, which were used as a basis for this appraisal, were not audited by us. III STATEMENT

The quotaholders of Lorenzo & Associados Ltda. declare not to hold any interest, whether direct or indirect, in the company or in the merger transaction for which the services were hired, as well as any other relevant circumstance that may characterize a conflict of interests. They further declare that the managers of the company did not direct, limit, hinder or practice any acts that could adversely affect the access, use or knowledge of information, assets, documents or work methodologies relevant for the quality of the conclusion of this report. IV CONCLUSION

Based on the criteria described and on the calculations demonstrated herein, prepared based on the balance sheet as of October 30, 2013, which was provided to us and is attached hereto (Exhibit A), in our opinion the book net worth of company COMODORO PARTICIPAES S.A., on October 30, 2013 is nine hundred and sixty million, nine hundred and fifty-two thousand, two hundred and ninety-three Reais and two centavos (R$ 960,952,293.02). So Paulo, October 30, 2013. LORENZO ASSOCIADOS LTDA. Regional Accounting Council (CRC) 2SP021256/O-0 [signature] Izilda Lorenzo Partner Accountant CRC 1SP127441/O-0 CALCULATION OF THE BOOK NET WORTH According to the Balance Sheet attached hereto, the elements of the assets and liabilities that compose the Book Net Worth of company COMODORO PARTICIPAES S.A., on October 30, 2013, are the following:

R$ ASSETS Current assets Bank account transactions Non-current assets Investments Interest in companies 163,797,753 common shares issued by Klabin S.A.

1,000.00

960,951,293.02

Total Assets 960,952,293.02 NET WORTH 960,952,293.02 (nine hundred and sixty million, nine hundred and fifty-two thousand, two hundred and ninety-three Reais and two centavos).

EXHIBIT A COMODORO PARTICIPAES S.A. CNPJ/MF No. 05.867.503/0001-82 BALANCE SHEET AS OF OCTOBER 30, 2013 ASSETS R$ CURRENT ASSETS Bank account transactions NON-CURRENT ASSETS Investments - Interest in Companies - Klabin S.A. TOTAL ASSETS LIABILITIES NET WORTH Share Capital Revaluation Reserve - Klabin S.A. Equity Evaluation Adjustment - Klabin S.A. Profit Reserve - Klabin S.A. TOTAL LIABILITIES 1,000.00 1,000.00

960,951,293.02 960,951,293.02 960,952,293.02 R$

479,460,068.53 8,825,819.75 190,948,244.44 281,718,160.30 960,952,293.02 960,952,293.02

I acknowledge the accuracy of this Balance Sheet of Comodoro Participaes S.A., on October 30, 2013, with assets and liabilities totaling nine hundred and sixty million, nine hundred and fifty-two thousand, two hundred and ninety-three Reais and two centavos (R$ 960,951,293.02). [signature] Angel Alvarez Nez TC-CRC-1SP157878/O-3