2Q09 Results

August 12th, 2009

30 years in the Brazilian Stock Exchange

Highlights 2T09 Slide 2

Net Debt / EBITDA ratio decreased from 5.2x to 4.3x; Strong cash position: financial investments totaled R$ 1.7 billion in the end of June; Working capital reduction of R$ 213 million in short-term and R$ 121 million in long-term Net financial result was US$ 384 million due to depreciation of 16% of the dollar; Market share of coated boards reached 21% in the domestic market; The operating cash generation (EBITDA) was R$ 150 million, with a margin of 22%; As of May 26, Klabin paid dividends of $ 34.20 per thousand ordinary shares and R$ 37.62 per thousand preferred shares, totaling R$ 32.8 million; Annual maintenance shutdown in Monte Alegre (PR).
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Sales Volume * Slide 3

Sales Volume (thousand tonnes)
799 706 39% 38% 412 351 34% 356 37% 42% 63%
does not includes wood Kraftliner 25% Ind. Bags 9%

Sales Volume by product 1H09

Others 1% Coated Boards 34%

62%

61%

66%

58%

Corrugated Boxes

31%

2Q09

1Q09

2Q08

1H09 Export Market

1H08

Domestic Market

* Excluding wood volumes

Net Revenue Slide 4

Net Revenue (R$ million)

Net Revenue by Product - 1H09

1.521 1.405 26% 27% Kraftliner 13%

Wood 5%

Others 2% Coated Boards 33%

683 23%

722 31%

780 24% 73% 76% includes wood

C orrugated Boxes

74%

Ind. Bags 15%

77%

69%

32%

2Q09

1Q09

2Q08

1H09

1H08

Domestic Market

Export Market

EBITDA Slide 5
350

330 25% 23% 22%

332

30%

300

25%

22% 18%
20%

250

200

180 150
15%

150

141
10%

100 5%

50

0%

2Q09

1Q09

2Q08

1H09

1H08

EBITDA (R$ million)

EBITDA Margin

Extraordinary expenses in 2Q09 Maintenance shutdown in Monte Alegre mill Provision for contingencies Total - Extraordinary expenses in 2Q09 EBITDA 2Q09 EBITDA 2Q09 excluding extraordinary expenses

R$ million 13 11 24 150 174

EBITDA margin 1,9% 1,6% 3,5% 21,9% 25,4%

Financial Result and Net Income Slide 6

R$ million Financial expenses Financial revenues Net monetary and exchange variation Financial result 2Q09 -54 40 398 384 1Q09 -99 47 13 -38 1Q08 -77 84 168 175 1H09 -152 87 411 346 1H08 -166 143 188 165

Net income R$ million

335 306 221 152

29
2Q09 1Q09 2Q08 1H09 1H08

Indebtedness Slide 7
Current cash position covers next 29 months of debt maturities

5,373 1,617

-11 %
4,803 4,365 1,694 2,093

10%

4,803 1,694

3,756

3,109 2,272

3,109

1Q09

2Q09

2Q08

2Q09

Cash (R$ million)

Net debt (R$ million)

Investments Slide 8
Investments (R$ million) and allocation in 1H09

Packaging Bags Others

587

16% Forestry 43%

300 155

2008

1H09

2009*

Papers 41%

* Forecast

Closing Remarks Slide 9

Evolution of forestry productivity; Monte Alegre mill is operating stably and with high quality; Focus on cash generation and preservation; Prioritize the long debt term; Straitening of investments to the strictly necessary; Conservative stance and rigorous discipline related to fixed and variable expenses; New subsidiary in United States; New dividends payment in August approved; Expectation of a new growth cycle.
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Investor Relations: Tel: +55 (11) 3046-8404 / 8415 / 8416 www.klabin.com.br invest@klabin.com.br 10