Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

______

Klabin S.A.

Management Proposal and Manual for Shareholder’s Participation

Annual General Meeting to be held on April 30, 2020

______

March 27, 2020 ______

______Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

SUMMARY

MESSAGE FROM MANAGEMENT 03

GUIDELINES FOR PARTICIPATION IN THE ANNUAL GENERAL 04 MEETING

CALL NOTICE 08

MANAGEMENT PROPOSAL 10

APPENDIX I TO MANAGEMENT PROPOSAL – COMMENTS FROM THE 15 COMPANY MANAGEMENT

APPENDIX II TO MANAGEMENT’S PROPOSAL – NET INCOME 45 ALLOCATION FOR THE YEAR.

APPENDIX III TO MANAGEMENT’S PROPOSAL – INDICATION OF FULL AND ALTERNATE MEMBERS FOR THE BOARD OF DIRECTOR AND FOR 54 THE FISCAL COUNCIL (INCLUDING INDEPENDENT) OF THE COMPANY

APPENDIX IV TO MANAGEMENT’S PROPOSAL – MANAGEMENT’S AND FISCAL COUNCIL MEMBERS COMPENSATION PROPOSAL, AS 82 FORESEEN IN ARTICLE 12, I, OF THE BRAZILIAN SECURITIES AND EXCHANGE COMMISSION – CVM - INSTRUCTION 381

APPENDIX V TO MANAGEMENT’S PROPOSAL - MANAGEMENT’S COMPENSATION PROPOSAL, AS FORESEEN IN ARTICLE 12, II, OF THE 83 BRAZILIAN SECURITIES AND EXCHANGE COMMISSION – CVM - INSTRUCTION 381

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

MESSAGE FROM MANAGEMENT

Dear Shareholders,

The management of Klabin SA (“Klabin” or “Company”), according to the Notice published on this date, invites you to participate in the Annual General Meeting to be held on April 30, 2020, at 2:30 PM, at the Company's headquarters (“ AGM ”), in order to resolve on the following agenda: (i) to receive the accounts from the Management, to examine, discuss and vote on the Management’s Report and the Financial Statements of the Company, accompanied by the Opinions issued by the Independent Auditors and the Fiscal Council, referring to the fiscal year ended on December 31, 2019; (ii) to resolve on the allocation of the results of the fiscal year ended on December 31, 2019; (iii) to establish the number of seats on the Board of Directors for the next term; (iv) to elect the members of the Board; (v) to elect the members of the Fiscal Council; and (vi) to establish the annual and global compensation for the management and Board members; and (vii) to establish the annual and global compensation for the Fiscal Council members.

That said, in order to clearly and objectively transmit the necessary information for to shareholders to participate in the AGM and exercise their voting rights duly informed , the Company's management prepared this Management Proposal and Shareholders Participation Manual (“Manual ”), containing the guidelines and procedures that shareholders must observe to participate in the AGM, as well as the information and documents related to the proposal by the Company's Management for the deliberation on the items included in the Agenda.

Under the terms of article 21-A of the Brazilian Securities and Exchange Commission – CVM - Instruction No. 481/09, Klabin will adopt the remote voting system. There are instructions for filling out and sending the Voting Ballot in the Voting Ballot itself and further ahead in this Manual.

Management informs that the documents related to the matters in the agenda above accompany this Manual and are available at Klabin’s corporate head office, as well as at the websites of the Brazilian Securities and Exchange Commission (www.cvm.gov.br), at B3 – Brasil, Bolsa, Balcão (www.b3.com.br) and at the company’s website (http://ri.klabin.com.br).

Sincerely,

The Board of Directors Klabin S.A. Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

GUIDELINES FOR PARTICIPATION IN THE ANNUAL GENERAL MEETING

All shareholders holding common and preferred shares issued by the Company, including those held through Units, may participate in the AGM, if they prove, through the appropriate documentation, their identity and respective stake, pursuant to art. 15 of the Company's Bylaws and art. 126, of Law 6,404 / 76. In addition, shareholders may participate in the AGM (i) in person, appearing in person or through their legal representatives; or (ii) at distance, through the Remote Voting Ballot.

As a consequence of the Coronavirus pandemic scenario (COVID 19), and the preventive measures adopted to contain its dissemination, aiming to facilitate the participation of shareholders in the AGM the Company will dispense the recognition of signature and the presentation of certified copies of the documents identity, proof of powers and also powers of attorney. We emphasize, however, that documents that are not plowed up in Portuguese must be accompanied by the respective translation.

The following topics in this Manual describe the procedures that shareholders must follow and the documents they must present for their participation in the AGM.

1. Participation in person

Those shareholders who choose to participate in the AGM in person, can do so in person or through a duly appointed legal representative, in the latter case, observing the instructions contained in item 1.1 below.

Shareholders or their respective legal representatives must present, as individuals, legal entities or investment funds, the following documents to participate in the AGM:

 The shareholder’s identity document with photo. Individuals

 Last consolidated bylaws or social contract and corporate documents Legal that prove the legal representation of the shareholder. Entities  Identity document with photo of the respective legal representatives.

 Last consolidated fund regulation (should the regulation not cover the fund's voting policy, also present the supplementary information form Investment or an equivalent document). Funds  Administrator’s or manager’s bylaws or social contract, as the case may be, observing the fund's voting policy and corporate documents that prove the powers of representation. Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

 Identity document with photo of the respective legal representatives.

Additionally, for the purpose for proving ownership of the shares, pursuant to art. 15 of the Company's Bylaws, shareholders must present proof issued by the custodian institution or by the bookkeeping agent for Klabin's shares, depending on whether or not the shares are deposited with a central depository, issued no more than 3 (three) days prior to the date of the AGM. However, the shareholder who attends the AGM with proof of the respective shareholding issued by the bookkeeping institution up to the moment of the opening of the proceedings, may participate and, if he / she has such right, vote.

1.1. Proxy Voting

Individual shareholders may be represented by a Proxy granted within less than 1 (one) year pursuant to article 126, paragraph 1 of Law 404/79, to either (i) a shareholder, (ii) a lawyer, (iii) a financial institution or (iv) a manager at the Company.

The shareholder that is a legal entity or an investment fund, in turn, may be represented by an attorney-in-fact established in the manner provided for in the legal entity’s or investment fund’s respective bylaws, social contract or regulation, as the case may be, even if he is not (i) a shareholder, ( ii) a lawyer, (iii) a financial institution or (iv) a manager at the Company, in line with the Brazilian Securities and Exchange Commission’s – CVM - understanding on the subject.

Granting of powers of attorney must be in writing on a physical instrument.

2. Distance voting

The shareholder may also vote on the AGM by sending a distance voting ballot, in the following ways:

(i) by sending instructions for completion of the distance voting ballot to its custodian agents, in the case of shareholders holding shares deposited in a central depository; or

(ii) by sending instructions for completion of the distance voting ballot to the bookkeeping agent of the shares issued by the Company, Itaú Corretora de Valores S.A., for those shareholders holding shares deposited at the booking agent; or Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

(iii) by sending instructions for completion of the distance voting ballot directly to the Company.

The distance voting ballot for AGM's participation is available at the electronic addresses of B3 SA - Brasil, Bolsa, Balcão (b3.com.br), the Brazilian Securities and Exchange Commission - CVM (cvm.gov.br) and Company (ir.klabin.com.br).

(a) Sending through service providers. The shareholder who chooses to exercise his right to vote at a distance through service providers must transmit the instructions for completion of the distance voting ballot to his custody agent or to Klabin's shares bookkeeping institution, depending on whether his/her shares are deposited in central depositary, up to 7 (seven) days prior to the date of the AGM, that is, until April 23, 2020 (inclusive), unless the custodian establishes a different time period.

Shareholders should contact the service provider who will receive instructions for completion of the distance voting ballot to verify the procedures established by him for the issue of voting instructions via voting ballot, as well as the documents and information required to do so.

(b) Sending directly to Klabin. The shareholder who chooses to exercise his/her remote voting right by sending the remote voting ballot directly to the Company, must send a copy of identity documents and proof of the powers and ownership of his/her shares described in item 1 above, being necessary the respective translation, in case the document is not plowed in portuguese.

The Company must receive the physical form of the remote voting ballot, accompanied by the respective documentation, in full order and in accordance with the provisions above, up to 7 (seven) days prior to the date of the AGM, that is, until April 23, 2020 (inclusive).

The Company will disregard any voting ballots received after the said date.

In order for the voting ballot to be considered valid, it is essential that (i) all fields are properly filled out; (ii) all of the pages are initialed; and (iii) the shareholder or his legal representative, as the case may be and under the terms of the current legislation, signs-off the voting ballot’s last page.

Pursuant to article 21-U of Brazilian Securities and Exchange Commission - CVM Instruction 481/09, Klabin will inform the shareholder whether the documents received are sufficient for the vote to be deemed valid or the procedures and terms for any rectification or for resubmission. If necessary, the correction or resubmission of the voting ballot must also be made up to 7 (seven) days in advance of the date of the AGM.

In this sense, taking into account the Coronavirus pandemic scenario (COVID 19) and the preventive measures adopted to contain its dissemination, we strongly recommend to shareholders that, in case is opted to send the bulletin directly to the Company, kindly do so electronically, to the following e-mail address: [email protected]. Alternatively, the shareholder can also send the physical Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br copy of the newsletter to the following address: Av. Brigadeiro Faria Lima, 3,600, 3rd floor, São Paulo, SP, ZIP Code 04538- 132, signaling the recipient as the Investor Relations area of the Company. c) Proof of uninterrupt ownership of shares, regardless of the option the shareholder chooses to send the documents (either directly to the Company or through a service provider), should the shareholder choose to complete the deliberation items related to the separate vote for the Board of Directors, he/she must send to the Company, through the electronic address [email protected], proof of uninterrupted ownership of his/her stake during a period of at least 3 (three) months immediately prior to the realization of the AGM, issued not before April 24, 2020 by the competent entity, being certain that such proof will only be considered valid if received in the above informed e-mail until 10:00 on April 29, 2020.

3. Final Guidelines

A shareholder who fails to present, before the opening of the proceeds, the appropriate documents that verify his identity and respective shareholding position, as indicated in item 1 above, cannot participate in the AGM.

In addition, the verification of the legality of the documents of shareholders who choose to present them on the date of the AGM, instead of depositing them beforehand at the Company's headquarters, will be before the beginning of the proceedings. Therefore, it is recommended, in order to ensure the smooth progress of the proceedings and the punctual start of the AGM, that such shareholders arrive at the Company's headquarters at least 1 (one) hour before the scheduled time for the beginning of the meeting.

Finally, the shareholder who wishes to ask questions, resolve any doubts or obtain additional information regarding this Manual or on any procedure related to participation in the AGM may do so by contacting Klabin's Investor Relations Department, through one of the following: (i) telephone call to (11) 3046-8406; or (ii) message addressed to the following e-mail: [email protected]

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

KLABIN S.A. CNPJ/MF: No 89.637.490/0001-45 NIRE: 35300188349 Publicly Held Company

CALL NOTICE

In accordance to Law 6.404/76 and its Bylaws, Klabin S.A. ("Klabin" or "Company") summons its shareholders to meet at the Annual General Meeting ("AGM") to be held on April 30, 2020, at 2:30 p.m., at the Company's headquarters located on Av. Brigadeiro Faria Lima, 3,600, São Paulo-SP, ZIP-Code 04538-132, to resolve on the following:

I. To take the management accounts, examine, discuss and vote on the Management Report and Financial Statements of the Company, together with the Opinions issued by the Independent Auditors and Fiscal Council for the fiscal year ended December 31, 2019;

II. To resolve on the allocation of the results for the fiscal year ended December 31, 2019;

III. To establish the number of seats of the Board of Directors for the next term of office;

IV. To elect the members of the Board of Directors;

V. To elect the members of the Fiscal Council;

VI. To resolve on the overall annual remuneration of the directors and Board; and

VII. To resolve on the overall annual remuneration of the members of the Fiscal Council;

Due to the adoption of the distance voting system, pursuant to CVM Instruction 481/09, shareholders may participate in the AGM in person or by sending the remote voting ballot, which may be sent through their respective custody agents, bookkeeper or directly to the Company, in accordance with the guidelines contained in the remote voting ballot itself and in the Management Proposal and Manual for Shareholders' Participation in the AGM, which are available at the electronic addresses of B3 S.A. - Brasil, Bolsa, Balcão (b3.com.br), the Brazilian Securities Commission – CVM (cvm.gov.br) and the Company itself (ir.klabin.com.br).

Shareholders who choose to participate in the AGM in person shall attend the place where it is held and present (i) an extract of their shareholding position, issued by the custodian institution or by the bookkeeping agent of the Company's shares, depending on whether or not their shares are deposited in a central depository; and (ii) the following documents:

 Individuals: identity document with photo of the shareholder; Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

 Legal Entities: (i) last consolidated bylaws or social contract and the corporate documents evidencing the legal representation of the shareholder; (ii) identity document with photo of the respective legal representatives.

 Investment Funds: (i) last consolidated fund rules (if the rules do not include the fund's voting policy, please also submit the complementary information form or equivalent document); (ii) bylaws or social contract of its director or manager, as the case may be, observing the fund's voting policy and corporate documents evidencing the powers of representation; and (iii) identity document with photo of the respective legal representatives

In the event of participation in the AGO through an attorney in law, the power of attorney shall be presented, in a physical instrument in writing, and the documents evidencing the identity of the attorney in law or of his/her legal representative.

Additionally, the Company informs that, pursuant to Article 141 of Law 6,404/76 and Article 3rd of CVM Instruction 165/91, the minimum percentage of participation required to request the adoption of multiple voting is 5% (five percent) of the Company's capital stock.

Finally, the Company informs that all documents related to the matters to be deliberated at the AGM, including the Management Proposal and the Shareholders' Participation Manual, are available at the electronic addresses of B3 S.A. - Brasil, Bolsa, Balcão (b3.com.br), the Brazilian Securities Commission – CVM (cvm.gov.br) and the Company (ir.klabin.com.br), as well as at its headquarters. The Management Report and Financial Statements of the Company for the fiscal year ended December 31, 2019 were published in the newspapers Diário Oficial do Estado de São Paulo and Valor Econômico, on February 7, 2020.

Any additional clarifications may be requested in one of the following ways: (i) telephone call to (11) 3046-8406; or (ii) message addressed to the following e-mail: [email protected]

.

São Paulo, March 27, 2020.

Israel Klabin President of the Board of Directors

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

MANAGEMENT PROPOSAL

Dear Shareholders,

In compliance with the provisions of the Brazilian Securities and Exchange Commission - CVM Instruction No. 481/09, Klabin's management (“Management”) presents the following information and recommendations regarding set forth in the agenda for the AGM (“Management's Proposal” or simply “Proposal”):

1. To receive the accounts from the Management, to examine, discuss and vote on the Management’s Report, the Financial Statements, the Opinions of the Independent Auditors and of the Fiscal Council, in regard to the fiscal year that ended on December 31, 2019:

As approved by the Board of Directors in a meeting held on February 5, 2020, the Management submits to your appreciation the management report and financial statements of the Company, accompanied by the opinions issued by the independent auditors and the Audit Committee, for the fiscal year ended December 31, 2019, which were approved by the Board of Directors on February 5, 2020 and published in the newspapers Diário Oficial do Estado de São Paulo and Valor Econômico, on February 077, 2020, pursuant to Law 6404/76 ("LSA").

Management proposes the approval, without reservations, of the Management Report and Financial Statements for the fiscal year ended December 31, 2019.

Documents aforementioned and the minutes of Board of Directors and Fiscal Council meetings that deliberated on them are available for consultation at the Company's headquarters, on its website (ir.klabin.com.br) and on the websites of the Brazilian Securities and Exchange Commission - CVM (cvm.gov.br) and B3 SA - Brasil, Bolsa, Balcão (b3.com.br). Company Management’s comments, in the form of item 10 of the Reference Form, are found in APPENDIX I to this Proposal.

2. To resolve regarding the allocation of net profit of the fiscal year ended December 31, 2019.

Management proposes to shareholders the approval of the allocation of the results for the fiscal year ended on December 31, 2019, as follows:

R$ Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Profit for the period attributed to Klabin’s shareholders 675,824,301.66 (=) (-) Constitution of the tax incentive reserve (48,717,539.06) (-) Constitution of the legal reserve (5% of profit – tax incentive reserve) (31,355,338.13)

Realization of the biological asset reserves - own 484,219,639.23 (+) (-) Constitution of biological asset reserve - own (184,459,440.00) 44,744,465.40 (-) Realization of the biological asset reserves - subsidiaries (i)

Profit for calculating the mandatory dividend 940,256,089.10 (=)

Minimum mandatory dividend calculated under the Bylaws (25%) 235,064,022.28 (=)

Total intermediary dividends and interest on capital distributed in 2019 907,000,000 (=)

(-) Constitution of investment working capital reserves (33,256,089.10)

APPENDIX II to this Proposal brings additional information regarding this matter.

3. Set the number of seats for the Board of Directors for the next term

To compose the Board of Directors for the next term of office, the controlling shareholders propose that the number of members of the Board of Directors of the Company for the next term of office be fixed at twelve (12) effective members, being five (5) of them independent members, and twelve (12) alternate members, in accordance with the slate described in item 4 below and under the terms of APPENDIX III to this Proposal, observing the possibility of increasing the number of members for the inclusion of Directors who may be elected in any election process on a separate basis or in the event of the adoption of a multiple vote procedure

4. Elect the members of the Board of Directors

To compose the Board of Directors for the next ter, the controlling shareholders have indicated a board composed of the following members, who, if elected, will serve until the ordinary general meeting that approves the accounts for the fiscal year ending December 31, 2020, as provided in article 12, caput of the Bylaws:

Full Members Alternates

Daniel Miguel Klabin Amanda Klabin Tkacz

Armando Klabin Wolff Klabin

Pedro Oliva Marcilio de Sousa Alberto Klabin Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

José Luis de Salles Freire Francisco Lafer Pati

Horacio Lafer Piva Francisco Amaury Olsen

Israel Klabin Celso Lafer

Paulo Sergio Coutinho Galvão Filho Vivian do Valle Souza Leão ikui

Roberto Klabin Martins Xavier Lilia Klabin Levine

Roberto Luiz Leme Klabin Marcelo Bertini de Rezende Barbosa

Camilo Marcantonio Junior Ruan Pires Alves Sergio Francisco Monteiro de Carvalho Joaquim Pedro Monteiro de Carvalho Collor Guimarães de Mello Vera Lafer Vera Lafer Lorch Cury

Additionally, the shareholder BNDES Participações S.A. - BNDESPAR appointed Mr. Mauro Gentile Rodrigues da Cunha and Mr. Tiago Curi Isaac, respectively, to run for the positions of full member and alternate member of the Board of Directors, in a possible separate election in which the minority shareholders holding preferred shares vote, pursuant to article 141, paragraph 4 of the LSA.

Shareholder Mr. Luiz Barsi Filho, in turn, appointed Ms. Heloísa Belotti Bendicks and Mr. Richard Doern, respectively, to run as full member and alternate member of the Board of Directors, should the multiple vote procedure be adopted for the election of directors at the AGM. However, we would like to point out that the adoption of the multiple vote procedure has not been requested so far, pursuant to article 141 of the Brazilian Corporation Law, which, in the case of the Company, depends on the request of shareholders holding at least 5% of its capital stock, within up to 48 hours (forty- eight hours) prior to the AGM’s realization.

In compliance with the provisions of article 10 of ICVM 481, APPENDIX III of this Proposal contains the information required on the candidates for the Board of Directors, pursuant to item 12 of the Formulário de Referência (Reference Form – available on the Company’s IR website ir.klabin.com.br/financial-information/reference-and-registration-form), as well as information regarding the possible scenarios for election of the Board of Directors.

5. Election of the Members of the Fiscal Council:

Under the terms of art. 27, caput, of the Company's Bylaws, the Company’s Fiscal Council operates on a permanent basis, comprising at least 3 (three) and at the most 5 (five) full members and an equal number of alternates. Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

In view of this, in order to compose the Fiscal Council for its next term of office, with a term of office of 1 (one) year, ending at the Annual General Meeting that will approve the financial statements for the year 2020, the controlling shareholders indicate the slate composed of the following candidates:

Full Members Alternates

João Adamo Júnior Mario Antônio Luiz Correa

João Alfredo Dias Lins Antônio Marcos Vieira Santos

Raul Ricardo Paciello Felipe Hatem

Additionally, we emphasize that art. 161, paragraph 4, item 'a', of the LSA (Public Listed Companies’ Law) ensures the separate election of 1 (one) full member of the Fiscal Council and his/her respective alternate to shareholders (i) holders of preferred shares without voting rights, or with restricted voting rights; and (ii) minority shareholders, as long as they represent, together, 10% (ten percent) or more of the voting shares.

In this regard, Mr. Luiz Barsi Filho, shareholder of the Company, nominated to run in the separate election in which the holders of preferred shares vote, pursuant to article 161, paragraph 4 of the LSA, Mrs. Louise Barsi, as full member, and Mr. Tiago Brasil Rocha, as respective alternate.

The shareholder BNDES Participações S.A. - BNDESPAR, in turn, indicated to run in the separate election in which the holders of common shares vote, Mr. Maurício Aquino Halewicz, as full member, and Mr. Geraldo Affonso Ferreira Filho, as respective alternate.

In compliance with the provisions of article 10 of ICVM 481, APPENDIX III of this Proposal contains the information required about the candidates for the Fiscal Council, in the form of item 12 of the Reference Form.

6. Resolve on the global compensation of the managers and Board of Directors:

The management, under the terms of the resolution of the Board of Directors in meeting held on February 5, 2020, proposes the approval of an annual and global compensation for the Company's managers in the fiscal year 2020, in the amount of up to R$ 48,685,733.04 (forty-eight million, six hundred and eighty-five thousand, seven hundred and thirty-three reais and four cents), under the terms of APPENDIX IV and V of this Proposal.

7. Resolve on the global compensation of the members of the Fiscal Council:

The management proposes the approval of the individual remuneration of the members of the Fiscal Council at 10% (ten percent) of the remuneration that, on average, is attributed to each member of the Executive Board of the Company (not including benefits, representation allowances and profit Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br participation), as provided for in paragraph 3 of art. 162 of the LSA, in the total amount of R$ 2,107,735.33 (two million, one hundred and seven thousand, seven hundred and thirty-five reais and thirty-three cents), under the terms of APPENDIX IV and V of this Proposal.

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP

www.klabin.com.br

APPENDIX I

MANAGEMENT’S COMMENTS Item 10 of the Reference Form - Annex 24 of the Brazilian Securities and Exchange Commission - CVM Instruction 480/09

10.1. Management’s Comments on: a) General financial and equity conditions

It is Management understands that the Company has adequate financial and equity conditions for the continuity and development of its operations.

Revenue comes from sales to the domestic and foreign market of packaging paper and board, hardwood pulp, softwood pulp, cardboard boxes, paper bags and wood sales to sawmills.

Management maintains a financial strategy focused on maintaining a high cash position and an extended debt profile. .

Indexes 12/31/2019 12/31/2018 12/31/2017 Current Liquidity 4.40 2.93 3.15 General Liquidity 0.57 0.54 0.58 Ned Debt / adjusted EBITDA 3.3 3.1 4.1 Adjusted EBITDA /Total Assets 12.46% 13.58% 8.96% Net Profit/ Total Equity 11.82% 2.97% 7.36%

During the three fiscal years shown above, current assets were greater than current liabilities by R$10,569 million, R$7,154 million 4.40 at the end of 2019, 2.93 at the end of 2018 and 3.15 at the end of 2017. The general liquidity index was also positive during these three fiscal years, at 0.57, 0.54 and 0.58, respectively. In relation to the positions mentioned above, the consistent evolution in the generation of cash from operations and the maintenance of a solid cash position policy stand out. Additionally, due to the pulp expansion project (“Project Puma”), there was an increase in debt to fund expenses incurred over the course of the project. Completion of the new pulp unit was in March 2016; conduction of the ramp up for the project was over the course of 2016 and concluded at the end of June 2017. Therefore, certain indicators, such as those related to adjusted EBITDA, only reflect the results of a complete operating period for Puma at full load in 2018.

With the start of operations of the Puma Project and the end of the ramp up, the net debt/Adjusted EBITDA ratio decreased compared to previous years, with a consequent higher generation of Adjusted EBITDA. For the year 2019, the Company started a new expansion project (Puma II), to construct two new paper machines, at an estimated investment of R$9.1 billion, and disbursements in the order of R$1.3 billion in 2019, impacting the Company's net debt.

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

The EBITDA/total asset index increased regularly during the fiscal years shown. This resulted from the beginning of operations at the pulp plant to the extent that the generation of cash (adjusted EBITDA) increased as a reflection of the new plant’s performance, however presenting a drop in 2019 because of Puma II, as R$1.3 billion assets were acquired, with no cash generation before the end of the Project, with one part foreseen for 2021 and another for 2023.

To show the indexes, the Company chose to use adjusted EBITDA instead of net profit since it excludes exchange-rate effects on financial liabilities and changes in the fair value of biological assets, which are material elements in the income statements. b) Capital Structure

The Company’s third-party capital consists of financing raised at the market, substantially to develop its property, plant and equipment and lengthen the Company’s debt profile. Own capital consists of Company shares representing the capital of its shareholders.

Based on the Company’s consolidated financial statements to December 31, 2019, the Company shows own capital as 19% of total assets and third-party capital as 81% of total assets

There are no hypotheses for the redemption of the Company’s shares, other than those provided for in corporate law.

Liabilities (in thousand R$) 12/31/2019 12/31/2018 12/31/2017 Short term 1,274,542 1,975,465 2,469,900 Long term 22,810,730 17,470,207 17,079,511 Gross Liabilities 24,085,272 19,445,672 19,549,411 Cash and cash equivalents (9,730,915) (7,047,204) (8,271,595) and marketable securities Net liabilities 14,354,357 12,398,496 11,277,816 Total equity 6,501,273 6,533,230 7,234,151

c) Payment capacity in relation to financial commitments assumed

Considering the debt profile, cash flow and liquidity position, the Company has sufficient liquidity and capital resources to cover its investments, expenses, debts and other amounts payable in the coming years,

In addition to the current cash position, Klabin's liquidity position consists of a Revolving Credit Facility of US$ 500 million, with term of 5 years and a financial cost of 0.4% p.a.. In case the line is drawn, the cost of this financing would be Libor + 1.35% p.a. Additionally, the Company also has financing lines linked to the execution of Project Puma II and not yet drawn: (i) BID Invest and IFC, in a total of US$ 800 million; (ii) Finnvera, in a total of US$ 245 million; (iii) BNDES, in a total of R$ 3 billion, of which R$ 500 million have already been drawn.

The Company’s carried out a liability management work in 2019, reducing current debt ammortization from 11% of total debt at the end of 2018 to 5% at the end of 2019, in parallel to Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br increasing the average debt term, from 48 months at the end of 2018 to 96 months at the end of 2019.

Should it be necessary to contract financing for investments in new projects and acquisitions, the Company believes to have the capacity to contract them. The Company's cash at December 31, 2019 is sufficient to amortize approximately 67 months of its outstanding indebtedness.

As informed in the March 19, 2020 announcement to the market, despite facing great volatility in the financial markets, Klabin has a robust cash position, elongated debt profile and Project Puma II 100% financed. Therefore, we do not see at this moment any sign of liquidity risk in the Company. d) Sources of financing used for working capital and for investments in non-current assets

In addition to the cash generated by its operations and those of its subsidiaries, the Company raises funds in a diversified manner in the domestic market and abroad through bilateral, syndicated operations with financing agencies and capital markets to finance working capital and investments in non-current assets.

For large projects, the Company uses financing lines raised from the BNDES and multinational import credit agencies or the issuance of shares or convertible securities. e) Sources of financing for working capital and for investments in non-current assets that are intended to be used to cover liquidity deficiencies

The Company has not been facing a liquidity shortage. In the event of liquidity deficiency, Klabin has a Revolving Credit Facility, not yet drawn, for a total amount of US$ 500 million.

Klabin also has financing lines linked to the execution of Project Puma II and not yet drawn: (i) IDB Invest and IFC, totalling US$ 800 million; (ii) Finnvera, totalling US$ 245 million; and (iii) BNDES, totalling R$ 3 billion, of which R$ 500 million have already been drawn.

With the worsening of the COVID-19 pandemic and the unfolding of this crisis, the Company points out that there may be liquidity difficulties in the international markets, disfavoring new funding at this time.

However, despite facing great volatility in the financial markets, Klabin has a robust cash position, an elongated debt profile and a 100% financed Puma II project. Therefore, we do not see at this moment any sign of liquidity risk in the Company. f) Levels of liability and the characteristics of those liabilities i. material loan and financing agreements

The following table contains the financial debts hired (in thousands of reais), according to information available in Explanatory Notes 15 and 16 that accompany the 2019 Financial Statements.

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

(R$ mil) Juros Anuais % 31/12/2019 31/12/2018 31/12/2017 Em moeda nacional . BNDES - Projeto Puma 6,0 ou TJLP + 1,98 a 2,48 - 1.678.295 1.952.507 . BNDES - Projeto Puma II TLP + 3,58 500.592 - - . BNDES - Outros TJLP + 2,06 a 3,28 100.183 84.463 141.639 . BNDES - FINAME 2,5 a 5,5 ou TJLP + 2,06 a 3,28 19.729 110.384 208.293 . Notas de crédito à exportação 102 a 105 do CDI 983.531 2.925.262 818.478 95 a 102 do CDI ou IPCA + 3,50% a CRA 3.795.817 1.815.251 1.460.487 IPCA + 4,51% . Outros 0,76 a 8,75 ou TJLP 20.898 37.359 61.208 (-) Comissões (270.594) (65.429) (27.922) 5.150.156 6.585.585 4.614.690 Em moeda estrangeira (*) . BNDES - Projeto Puma USD + 7,18 - 1.094.332 1.088.160 . BNDES – Outros USD + 6,37 a 6,70 12.648 43.530 69.678 USD + Libor 1,35 a 2,20 ou USD 5,40 + . Pré pagamentos exportação 3.231.493 4.559.069 6.751.043 6,25 . Notas de crédito à exportação 5,64 a 5,67 1.883.279 586.100 978.107 USD + Libor + 1,40 a 1,78 ou USD + .BID - 841.479 871.058 1,00 USD + Libor + 0,82 a 1,05 ou USD + .Finnvera 988.983 1.115.071 1.088.097 3,88 . ECA EUR + 0,45% 33.991 38.428 - . Ganho/perda com instrumentos derivativos 400.073 114.125 - (swap) 4,70 a 5,67 . Bonds (Notes) USD + 4,88 a 7,00 8.277.741 3.947.634 3.370.180 . Pré pagamentos exportação (Notes) 2.447.136 - - (-) Comissões (184.325) (142.357) (155.472) 17.091.019 12.197.411 14.060.851 Total Financiamentos 22.241.175 18.782.996 18.675.541 . Debêntures 6ª emissão USD + 8,0 - - 177.597 . Debêntures 7ª emissão IPCA + 2,5 a 7,5 620.308 662.676 696.273 . Debêntures 12ª emissão 114,65% do CDI 1.223.789 - - Total Endividamento 24.085.272 19.445.672 19.549.411

Curto prazo 1.274.542 1.975.465 2.469.900 Longo prazo 22.810.730 17.470.207 17.079.511 24.085.272 19.445.672 19.549.411 (*) Em dólares norte-americanos

The table below shows the maturity schedule for the Company’s long term financing on December 31, 2019.

2027 Year 2021 2022 2023 2024 2025 2026 onward Total Amount 418,000 1,192,000 3,547,000 2,189,000 2,810,000 2,298,000 10,356,730 22,810,730

The average term for maturity of financing was 96 months at the end of 2019, with an average of 59 months for transactions in domestic currency and 106 months for transactions in foreign currency

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br ii. other long term relationships with financial institutions

The Company has no other long-term relationships with financial institutions, with the exception of those recorded and disclosed in the financial statements, and there are no subordinations between the debts. iii. subordination degrees between debts

Land, buildings, improvements, machinery, and equipment secure loans obtained from the BNDES and facilities of the Ortigueira - PR mills object of the respective loan.

The industrial plants at Angatuba - SP, Piracicaba - SP, Betim - MG, Goiana - PE, Otacílio Costa - SC, SC, Jundiaí / Industrial District - SP and Jundiaí / Tijuco Preto - SP and Lages – SC secure financing with Finnvera.

The industrial plants in Correa Pinto - SC and Telêmaco Borba – PR secure financing with the IDB.

Collaterals do not secure export credit loans, export prepayments, BONDs and Certificates of Agribusiness Receivables and working capital. iv. any restrictions imposed on the issuer, in particular, in relation to debt limits and hiring of new loans, the distribution of dividends, the sale of assets, the issuance of new securities and the sale of corporate control, as well as whether the issuer has been carrying out these restrictions.

The Company and its subsidiaries do not have any financing agreements in place on the date of these financial statements, with restrictive clauses that establish obligations regarding the maintenance of financial ratios on the operations contracted or make the payment of the debt automatically payable.

With the worsening of the COVID-19 pandemic, Klabin notes that there may be liquidity restrictions in the international credit market, making it difficult to obtain new debts and financing. However, despite facing great volatility in the financial markets, Klabin has a robust cash position, an elongated debt profile, and a 100% financed Puma II project. Therefore, we do not see at this moment any sign of liquidity risk in the Company g) Limits on contracted financing and percentages already used

As communicated to the market on October 31 and November 6, 2019, the company still has the following loans hired, but not yet disbursed, linked to the execution of the Puma II Project.

Instituição Financeira Valor Taxa Prazo Outras Informações BNDES 2,5 Bilhões de reais IPCA + 3,58 a.a. 20 anos Carência do principal de 2,5 anos BID Invest & IFC (A-Loans e Co-Loans) 378 Milhões de doláres LIBOR + 1,75 a.a. 10 anos Carência do principal de 3 anos BID Invest & IFC (B-Loans) 350 Milhões de doláres LIBOR + 1,45 a.a. 7 anos Carência do principal de 3 anos BID Invest & IFC 72 Milhões de doláres - - Em processo de confirmação ECA (Export Credit Agency) - 245 Milhões de doláres LIBOR + 0,55 a.a. 12 anos Carência do principal de 2,5 anos

h) Material changes in each item of the financial statements

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

The consolidated financial statements below reflect the correct presentation of equity and financial position and the result of the Company’s operations for the mentioned periods.

Preparation of the financial statements

The consolidated financial statements were prepared according to the International Financial Reporting Standards, or IFRS, issued by the International Accounting Standards Board, or IASB, and the Brazilian GAAP, based on technical Standards issued by the Accounting Standards Committee (Comitê de Pronunciamentos Contábeis), or CPC, fully convergent with the IFRS, and rules established by the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários), or CVM

Summary of the Consolidated Financial Statements The tables below show the Company’s balance sheets and income statements for the years ended December 31, 2019, 2018 and 2017

BALANCE SHEET (in thousands of R$) 12/31/201 12/31/201 12/31/201 9 8 7 CHANGE - HA (2) A S S E T S 12/31/201 12/31/201 VA VA VA 9 and 8 and (1) (1) (1) 12/31/201 12/31/201 Current 8 7 Cash and cash equivalents 8,340,386 24% 5,733,854 19% 7,028,422 23% 45% -18% Marketable securities 1,390,529 4% 1,313,350 4% 1,243,173 4% 6% 6% Trade receivables 1,859,505 5% 2,040,931 7% 1,754,063 6% -9% 16% Inventory 1,332,244 4% 1,206,353 4% 933,161 3% 10% 29% Taxes recoverable 505,411 1% 269,728 1% 567,079 2% 87% -52% Other assets 245,869 1% 297,718 1% 277,691 1% -17% 7% Total current assets 13,673,944 39% 10,861,934 37% 11,803,589 39% 26% -8%

Non-current Judicial deposits 117,179 0% 86,658 0% 83,381 0% 35% 4% Taxes recoverable 1,944,656 6% 1,280,811 4% 1,287,669 4% 52% -1% Other assets 270,817 1% 300,757 1% 344,233 1% -10% -13%

Investments . Interest in subsidiaries 160,970 0% 165,652 1% 171,673 1% -3% -4% . Other 9,687 0% 7,607 0% 1,773 0% 27% 329% Property, plant and 13,241,181 38% 12,262,472 41% 12,619,495 41% 8% -3% Biologicalequipment assets 4,712,381 14% 4,582,631 15% 4,147,779 14% 3% 10% Asset use benefit 494,399 1% - 0% - 0% 100% 0% Intangibles 77,868 0% 85,221 0% 89,949 0% -9% -5% Total non-current assets 21,029,138 61% 18,771,809 63% 18,745,952 61% 12% -0%

Total assets 34,703,082 100% 29,633,743 100% 30,549,541 100% 17% 3%

VA (1) Vertical Analyses

HA(2) Horizontal Analyses

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP

www.klabin.com.br

BALANCE SHEET (in thousands of R$) 12/31/2019 12/31/2018 12/31/2017 CHANGE - HA (2) LIABILITIES AND EQUITIES 12/31/2019 12/31/2018 and and VA (1) VA (1) VA (1) 12/31/2018 12/31/2017 Current Borrowings 701,783 2% 1,913,779 6% 2,230,624 7% -63% -14% Debentures 572,759 2% 61,686 0% 239,276 1% 829% -74% Trade payables 1,024,256 3% 903,752 3% 713,612 2% 13% 27% Tax Obligations 67,079 0% 50,832 0% 55,673 0% 32% -9% Social security and labor 301,288 1% 300,379 1% 281,466 1% 0% 7% Dividendsobligations payable 200,000 1% 250,000 1% - 0% -20% 100% Enrollment in Tax Recovery - 0% 73,862 0% 71,467 0% -100% 3% OtherProgram payables (REFIS) and provisions 100,509 0% - 0% - 0% 100% 0% Total current liabilities 136,849 0% 154,026 1% 155,215 1% -11% -1% 3,104,523 9% 3,708,316 13% 3,747,333 12% -16% -1% Non-current Borrowing Debentures 21,539,392 62% 16,869,217 57% 16,444,917 54% 28% 3% Deferred income tax and 1,271,338 4% 600,990 2% 634,594 2% 112% -5% social contribution Provision for tax, social security, 1,145,069 3% 959,906 3% 1,544,578 5% 19% -38% contingencieslabor and civil Payables - Investors in Special 60,519 0% 64,118 0% 65,377 0% -6% -2% EnrollmentPartnership inCompanies Tax Recovery SPC 333,183 1% 301,583 1% 272,938 1% 10% 10% CurrentProgram (REFIS) - 0% 265,587 1% 307,476 1% -100% -14% Lease Liability 396,720 1% - 0% - 0% 100% 0% Other accounts payable 351,065 1% 330,796 1% 298,177 1% 6% 11% Total non-current liabilities 25,097,286 72% 19,392,197 65% 19,568,057 64% 29% -1%

Stockholders’ Equity Capital 4,076,035 12% 4,076,035 14% 2,516,753 8% 0% 62% Capital reserve (350,622) -1% (361,231) -1% 1,187,329 4% -3% -130% Revaluation reserve 48,705 0% 48,705 0% 48,705 0% 0% 0% Profit reserve 1,517,044 4% 1,748,219 6% 2,699,577 9% -13% -35% Valuation adjustments to shareholders equity 942,994 3% 977,122 3% 987,916 3% -3% -1% Treasury stock (187,274) -1% (196,615) -1% (206,129) -1% -5% -5% Equity attributed to Klabin shareholders 6,046,882 17% 6,292,235 21% 7,234,151 24% -4% -13% Equity attributed to non controlling interests 454,391 240,995 - Consolidated equity 6,501,273 6,533,230 7,234,151

Total liabilities and equity 34,703,082 100% 29,633,743 100% 30,549,541 100% 17% -3%

VA (1) Vertical Analyses

HA(2) Horizontal Analyses

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP

www.klabin.com.br

INCOME STATEMENTS FOR THE YEARS ENDED (in thousands of R$)

12/31/2019 12/31/2018 12/31/2017 CHANGE - HA (2) 12/31/2019 12/31/2018 and and VA (1) VA (1) VA (1) 12/31/2018 12/31/2017

Net Sales revenue 10,271,839 100% 10,016,461 100% 8,373,378 100% 3% 20% Variation in the fair value of biological assets 390,053 4% 628,367 6% 789,661 9% -38% -20% Cost of goods sold (7,241,234) -70% (6,342,,406) -63% (6,427,492) -77% 14% -1% Gross profit 3,420,658 33% 4,302,422 43% 2,735,547 33% -20% 57%

Operating expenses/revenue Sales (910,388) -9% (764,348) -8% (656,844) -8% 19% 16% General and administrative (600,959) -6% (558,205) -6% (528,398) -6% 8% 6% Other, net 609,826 6% (2,228) 0% (11,877) 0% -27.471% -81% (901,521) -9% (1,324,781) -13% (1,197,119) -14% -32% 11%

Equity pickup result 7,237 0% 5,964 0% 13,624 0% 21% -56%

Profit before finance result and taxes 2,526,374 25% 2,983,605 30% 1,552,052 19% -15% 92%

Financial result Financial revenue 1,022,661 10% 495,403 5% 748,618 9% 106% -34% Financial expenses (2,274,238) -22% (1,548,790) -15% (1,287,854) -15% 47% 20% Foreign-exchange variation (410,271) -4% (1,998,799) -20% (174,148) -2% -79% 1048% (1,661,848) -16% (3,052,186) -30% (713,384) -9% -46% 328%

Profit before taxes on income 864,526 8% (68,581) -1% 838,668 10% -1361% -108%

Income tax and social contribution . Current 58,123 1% (322,236) -3% (299,948) -4% -118% 7% . Deferred (208,031) -2% 577,635 6% (6,551) 0% -136% -8918% (149,908) -1% 255,399 3% (306,499) -4% -159% -183%

Net profit for the period 714,618 7% 186,818 2% 532,169 6% 283% -65%

Attributed to Klabin’s shareholders 675,825 7% 137,455 1% - 392% 100% Attributed to non controlling shareholders 38,793 0% 49,363 0% - -21% 100%

VA (1) Vertical Analyses

HA(2) Horizontal Analyses

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

COMPARISON OF THE OPERATING RESULTS IN THE YEARS ENDED DECEMBER 31, 2019 AND 2018

Net sales revenue

Net operating revenue from sales for 2019 was R$10,272 million, an increase of 3% from 2018. Sales volume (excluding wood) totaled 3,327,000 tons, 4% more on the same comparison.

The main impacts on net sales revenue in 2019, compared to 2018, were:

(i) The Paper segment increased sales revenue by 11%, from R$3,176 million in 2018 to R$3,510 million in 2019, driven by a 15% increase in paper exports revenue, from R$1,367 million to R$1,574 million in 2019, with a 12% increase in card exports. The Company took advantage of its privileged commercial position and technological product differential, which enabled the development of new markets. Additionally, with the drop in the international kraftliner markets, the Company, used its market flexibility, directing sales to the domestic market which led to a 7% growth in domestic net revenues.

(ii) The Conversion segment increased sales revenue by 5%, from R$2,852 million in 2018 to R$3,009 million in 2019, as it directed a larger volume of paper to the production of packaging in search of higher returns, as it took advantage of the growth in demand in the domestic economy

(iii) The Pulp segment had a 5% drop in sales revenue, from R$3,680 million in 2018 to R$3,513 million in 2019, substantially impacted by the approximately 26% decrease in prices throughout 2019. Despite the drop in prices, the Company’s production in 2019 increased to a production above nominal capacity, reflected in the 6% growth in the volume of pulp sales in comparison to 2018

(iv) Approximately 50% of the Company's sales volume is to foreign markets, with FX impacting prices. In 2019, the average FX rate was R$3.95/US$, 8% above the exchange rate in 2018, boosting sales revenues coming from foreign markets.

Variation in the fair value of biological assets

Variation in the fair value of biological assets in 2019 corresponds to a R$390 million gain, positively impacted by the growth in forests and revision of the discount rate used. Additionally, there was a negative impact from the decrease in prices used for valuation purposes, from an average of R$67/m3 at the end of 2018 to R$66/m3 at the end of 2019.

Variation in the fair value of biological assets in 2018 corresponds to a R$628 million gain, positively impacted by the increase in the prices used in the valuation, increasing from an average of R$63/m3 at the end of 2017 to R$67/m3 at the end of 2018, in addition to the normal growth of the Company’s forests

Cost of products sold

The cost of products sold in 2019 was R$7.241 million, more than the amount in 2017, substantially due to the 4% increase in sales volumes (excluding wood). Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

The best indicator for the evaluation of the cost in cases in which volumes are not comparable, is the analysis of the unit cash cost R$/ton, which includes all products sold by the Company and all SG&A. This index showed an amount of R$1,975/t in 2019, a 6% increase from the amount in 2018, disregarding the extemporaneous tax credit gain related to the final court ruling that accepted the Company's intention to exclude the ICMS tax from the basis for calculating PIS and Cofins tax, which totaled R$620 million. The 5% increase is mainly due to inflation on the Company's costs.

Operating expenses/revenue:

(i) Sales Sales expenses were R$910 million in 2019, 19% above 2018. This was 9% of net sales revenue during the period, 1% more than in 2018. Freight expenses were 64% of the total in 2018, above the 63% seen in 2017. In addition to a 4% growth in sales volume in 2019, the increase seen refers to costs incorporated after the termination of the off take agreement with Fibria / Suzano. Previously, sales were on a free on board basis, with the client responsible for costs. With the termination, the Company started to incorporate these costs in sales expenses.

(ii) General and administrative General and administrative expenses were R$601 million in 2019, an increase of 8% from 2018. In addition to the inflation during the period, occasional expenses with consultancy and administrative restructuring, which helped to optimize the Company's corporate structure, explain the increase.

(iii) Other, net In 2019, the Company recorded an extemporaneous tax credit gain referring to a court ruling that became final, accepting the Company's intention to exclude ICMS tax from the basis for calculating PIS and Cofins tax, totaling R$1,014 million, of which R$384 million registered in the financial result and R$631 million in Others, net

Finance result

Financial revenue in 2019 was R$1,023 million, an increase from R$495 million in 2018. This increment is mainly explained by updating of tax credits referring to the final court ruling that accepted the Company’s claim to exclude ICMS tax from the basis for calculating PIS and Cofins tax, with retroactive effect as of April 2002 amounting to R$384 million.

Interest expense in 2019 was R$2,274 million, 47% more than the R$1,549 million recorded in 2018. The increment reflects the increase in gross debt resulting from the Company's liability management resulting in early settlement costs of borrowing and financing, in addition to the increase in indebtedness and financial instrument costs (SWAP).

The net exchange variation decreased to an expense of R$410 million, in comparison to an R$1,999 million expense in 2018. This decrease is due to the 8% appreciation of the US dollar against the real in 2019, compared to 2018 , compared to a 15% appreciation of the US dollar against the real in 2017. This variation impacts foreign currency balance on the balance sheet, mainly loans and financing, not impacting cash, since the Company’s dollar-denominated export credit transactions exceed its dollar-denominated payment obligations.

As a result of the above, the Company’s financial result decreased to R$1,662 million expense in 2019, compared to a R$3,052 million expense in 2018. Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Current and deferred income tax and social contribution

The Company had an R$149 million expense with income tax and social contribution, resulting from higher taxable results, resulting from the increase in operating results.

The balance of income tax and social contribution was a gain of R $ 255 million in 2018, strongly impacted by the deferral of exchange variation expense on the back of adherence to the cash effect regime for tax purposes, an option reversed in 2019, returning to the accrual basis.

Net result

The Company’s net result in 2019 was a profit of R$715 million due to its strong operational cash generation.

Adjusted EBITDA 12/31/2019 (*) 12/31/2018 (*) (=) Net profit (loss) for the period 715 187 (+) Income tax and social contribution 150 (255) (+/-) Net financial result 1,662 3.052 (+) Amortization, depreciation and exhaustion in the result 2,193 1.673 EBITDA 4.720 4,657

Adjustments under CVM Inst. 527/12 (+/-) Variation in the fair value of biological assets (390) (628) (+/-) Equity pickup (7) (6) (+) Realiz. of cost attrib. to prop., plant and equip. – land - 2 Adjusted EBITDA 4.322 4,024 (*in thousands of R$)

The Company's operating cash generation, in this case measured by the Adjusted EBITDA, for the Company in 2019 was of R$4,322 million, compared to R$4,024 million in 2018, a 7% increase during the period

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

COMPARISON OF THE OPERATING RESULTS IN THE YEARS ENDED DECEMBER 31, 2018 AND 2017

Net sales revenue

Net operating revenue from sales for 2018 was R$10,016 million, an increase of 20% from 2017. Sales volume (excluding wood) totaled 3,189,000 tons, less 1% between those years

The increment in net revenues was on the back the increase in volumes and prices mainly of pulp and kraftliner. In addition, the impact of the appreciation of the average US dollar against the real by 15% in 2018 on the mentioned segments, increased the Company's foreign currency revenues, responsible for 45% of sales in 2018.

The table below shows the effects of the pulp segment on sales volume and net revenue during the compared periods:

Pulp 2018 2017 Change Net revenue (in millions of R$) 3,763 2,485 51% Sales volume (thousand tons) 1,431 1,382 4%

Additionally, in the other paper and packaging products Klabin used its flexibility to focus on higher profitability markets also contributing to the increase in revenue during the year.

Variation in the fair value of biological assets

Variation in the fair value of biological assets in 2018 corresponds to a R$628 million gain, positively impacted by the increase in the prices used in the valuation, increasing from an average of R$63/m3 at the end of 2017 to R$67/m3 at the end of 2018, in addition to the normal growth of the Company’s forests

Variation in the fair value of biological assets in 2017 corresponds to a gain of R$790 million, higher than the balance for 2018, impacted by the incorporation that year of Vale do Corisco's forest assets

Cost of products sold

The cost of products sold in 2018 was R$6,342 million. This was less than the amount in 2017, mainly on the back of a1% reduction in sales volumes (excluding wood).

The best indicator for the evaluation of the cost in this case, in which volumes are not comparable, is the analysis of the unit cash cost R$/ton. This index showed an amount of R$1,879/t in 2018, a 6% increase from the amount in 2017. The truck drivers' strike in May and the extension of the maintenance stoppage of the pulp unit were offset by the good performance of the Puma Unit for the rest of the year, especially due to the higher generation and sale of electricity from this plant.

Depletion of biological assets is maintained within the balance of cost of products sold, being R $ 655 million in 2018, less than the balance of R $ 946 million in 2017.

Operating expenses/revenue:

(i) Sales Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Sales expenses were R$764 million in 2018. This was 8% of net sales revenue during the period, 1% more than in 2017. Freight expenses were 64% of the total in 2018, above the 63% seen in 2017.

(ii) General and administrative General and administrative expenses were R$558 million in 2018, an increase of 6% from 2017. The provision based on the estimated growth of variable compensation on the back of delivery of higher results, in accordance with the approved compensation plan explains this one-off increase.

Financial result

Financial revenue in 2018 was of R$495 million, a decrease from R$749 million in 2017. This reduction was a result of lower interest compensation applicable to cash, cash equivalents and other investments, and of continuous reductions on relevant financial indexes such as SELIC and CDI.

The net foreign exchange gains (losses) rose up to a loss of R$1,999 million, over R$174 million for the year of 2017. The appreciation of 17% on USD over BRL in 2018 when compared to 2017 primarily describes the increase. This compares to a growth of only 2% of USD over BRL in 2016. This movement did not have direct impact on cash, once our dollar nominated export sales exceed our payable obligations nominated in dollars.

As a result of the above exposed, our financial result augmented to a loss of R$3,052 million in 2018, compared to a loss of R$713 million in 2017.

Current and deferred income tax and social contribution

In 2018 our current income tax and social contribution provisions rose by 7%, of R$322 million in comparison to R$300 million accounted for in 2017. This occurred due to a larger taxable basis, resultant from our higher operational results.

The gains resulting from deferred income tax and social contribution provisions in 2018 were boosted by the adoption of the cash basis method for the purpose of foreign-exchange variation, therefore, the effects recorded in the finance result, booked on an accrual basis, are considered in the current taxable basis only when effectively incorporated as cash basis, otherwise noticed, they are booked as deferred taxes.

Net Revenue

The Company’s net result in 2018 was a profit of R$187 million due to our strong operational cash generation

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Adjusted EBITDA 12/31/2018(*) 12/31/2017(*) (=) Net profit (loss) for the period 187 532 (+) Income tax and social contribution (255) 306 (+/-) Net financial result 3,052 713 (+) Amortization, depreciation and exhaustion in the result 1,673 1.940 EBITDA 4.657 3,493

Adjustments under CVM Inst. 527/12 (+/-) Variation in the fair value of biological assets (628) (790) (+/-) Equity pickup (6) (14) (+) Realiz. of cost attrib. to prop., plant and equip. – land 2 40 (+/-) EBITDA of joint subsidiary - 9 Adjusted EBITDA 4.024 2,738 (*in millions of R$)

The Company's operating cash generation, in this case measured by the Adjusted EBITDA, for the Company in 2018 was of R$4,024 million, compared to R$ 2,738 million in 2017, a 47% increase during the period

COMPARISON OF THE PRINCIPAL BALANCE SHEET ACCOUNTS ON DECEMBER 31, 2019 AND 2018

CURRENT ASSETS

Cash and cash equivalents and marketable securities

The Company had a balance of R$9,731 million in cash and cash equivalents and marketable securities at the end of 2019. This was 23% of total assets and an increase of R$2.684 million from the end of 2018, (R$7.047 million) explained mainly by new issues and the Company’s cash generation in the period.

Trade receivables

The trade receivables balance amounted to R$1,860 million on December 31, 2019, a decrease of 9% from the balance on December 31, 2018, which was R$2,041 million. The drop shown refers to lower sales prices, mainly in the pulp segment.

The average turnover was 86 days for sales to the domestic market in 2019 and approximately117 days for sales to the export market.

Inventory

On December 31, 2019, the Company had an inventory balance of R$1,332 million, a 10% increase from the end of 2017. The increase results from a larger production volume of pulp production.

NON-CURRENT ASSETS

Taxes recoverable

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

The balance of taxes recoverable in non-current assets on December 31, 2019, was R$1,945 million, above the R$1,281 million balance on December 31, 2018. This increase was mainly due to the gain in tax credits related to the court ruling that became final, accepting the Company's intention to exclude the ICMS tax from the calculating base of PIS and Cofins taxes, with retroactive effect from April 2002, amounting to R$1,014 million.

Property, plant and equipment

The plant, property and equipment balance on December 31, 2019, was R$13,241 million, or 38% of total assets, from R$12,262 million on December 31, 2018. Regarding the change in the balance, we highlight the disbursements related to the Puma II Project for the construction of two paper machines, with integrated pulp production, equivalent to R$1,271 million.

Asset use benefits

The Company adopted the new technical accounting pronouncement CPC 06 (R2) / IFRS 16 - Leasing Operations on January 1, 2019, as it needed to record on the balance sheet asset leases, rents and land leases .

The company recorded on December 31, 2019 R$494 million referring to the right to use of land, machinery, equipment and buildings, of which it has an active lease or lease agreement as a result of the implementation of IFRS 16.

Biological assets

The Company’s biological assets valued at fair value were R$4,712 million on December 31, 2019, or 14% of total assets, and R$ 4,583 million on December 31, 2018, or 13% of total assets. The main increase in the asset balance corresponds to the purchase of standing wood contracts signed during 2019.

CURRENT LIABILITIES

Trade payables

On December 31, 2019, trade payables balance was R$1,204 million, 13% above the balance of R$904 million in 2018. This increase relates to the increment in average payment terms, from 50 days in 2018, to 51 days in 2019, from the increase in the withdrawal risk operations offered by the Company to suppliers, in addition to investments in the acquisition of fixed assets related to Puma II.

NON-CURRENT LIABILITIES

Borrowings

The balance of borrowing was R$702 million in current liabilities and R$21,539 million in non-current liabilities on December 31, 2019, from R$1,914 million in current liabilities and R$16,869 million in non-current liabilities on December 31, 2018, an increase of 18% during the period. Borrowings, including both the amount in current and non-current liabilities, were 64% of total liabilities and equity on December 31, 2019, from 55% on December 31, 2018.

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

The increase in gross debt stems from funding related to the Company's liability management program, extending average maturities from 48 to 96 months at the end of 2019 and to cover investments related to the Puma II project. The Company raised new financing operations during 2019, such as the issuance of a Certificate of Agribusiness Receivables (CRA) amounting to R$2 billion and the issuance of BONDs totaling US$750 million.

The 4% appreciation of the US dollar against the real in 2019 stands out on the balance, raising the foreign currency debt balance, which corresponds to 76% of the balance at the end of December 31, 2019.

Debentures

The balance of debentures in liabilities, considering current and non-current portions correspond to R$1,844 million, equivalent to 6% of the total liability on December 31, 2019, in comparison to a balance of R$663 million at the end of 2018. The increase in the balance is due to the 12th issue, in the amount of R $ 1 billion, made by the Company in 2019.

Deferred income tax and social contribution

On December 31, 2019, the balance of deferred income tax and social contribution constituted on temporary differences, presented on the net balance sheets between assets and liabilities, were a liability balance of R$1,145 million, from R$960 million on December 31, 2018. The change in 2019 corresponds to the values gained in the process of excluding the ICMS tax base from the calculation of the PIS and Confins tax.

The main temporary differences the Company has correspond to the valuation at fair value of the biological assets and cost attributed to property, plant and equipment (land) assets, which, when realized, will not have any cash effect, as well as the deferred exchange-rate variation and the credits on losses and accumulated negative bases.

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

COMPARISON OF THE PRINCIPAL BALANCE SHEET ACCOUNTS ON DECEMBER 31, 2018 AND 2017

CURRENT ASSETS

Cash and cash equivalents and marketable securities

The Company had a balance of R$7,047 million in cash and cash equivalents and marketable securities at the end of 2018. This was 23% of total assets and a decrease of R$1,224 million from the end of 2017, (R$8,272 million) caused by the early retirement of part of Klabin’s debt outstanding, mainly in the 1Q18.

Trade receivables

The trade receivables balance was of R$2,041 million on December 31, 2018, a 16% increase from the balance on December 31, 2017, which was R$1,754 million. The increase is substantially due to the effect on revenue of increased pulp sales – and also as a result of the effect of the appreciation of the US Dollar over the Brazilian Real of 17% during the period.

Inventory

On December 31, 2018, the Company had an inventory balance of R$1,206 million, a 29% increase from the end of 2017. The increase results from a larger volume of pulp production.

NON-CURRENT ASSETS

Taxes recoverable

The balance of taxes recoverable in non-current assets on December 31, 2018, was R$1,281 million, a decrease from R$1,288 million on December 31, 2017. This decrease resulted from the use of tax credits generated in previous years, mostly for the Tax on Industrialized Products (Imposto sobre Produtos Industrializados), or IPI, and Tax on the Circulation of Merchandise and Services (Imposto sobre Circulação de Mercadorias e Serviços), or ICMS.

Property, plant and equipment

The plant, property and equipment balance on December 31, 2018, was R$12,262 million, or 41% of total assets, from R$12,619 million on December 31, 2017. The change in the balance is relative to the depreciation of property, plant and equipment by R$1.020 billion in 2017, in large part in relation to the new assets from the new pulp plant. – as well as disbursements of around R$ 956 million for the acquisition of new assets in 2018 aimed for the development of operations and operational continuity.

Biological assets

The Company’s biological assets valued at fair value were R$4,583 million on December 31, 2018, or 15% of total assets, and R$ 4,148 million on December 31, 2017, or 14% of total assets. Of note in the fair value variation is the use of the new discount rate, reduced due to the improvement in the Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br economic indicators that help in the composition of the weighted average cost of capital, in addition to the increase in prices used in the valuation.

CURRENT LIABILITIES

Trade payables

On December 31, 2018, trade payables balance was R$904 million, a 27% increase in relation to the balance of R$714 million in 2017. This increase relates to the increment in the average turnaround of payments, up from 38 days in 2017 to 50 days in 2018.

NON-CURRENT LIABILITIES

Borrowing

The balance of borrowing was R$1,914 million in current liabilities and R$16,869 million in non- current liabilities on December 31, 2018, from R$2,231 million in current liabilities and R$16,445 million in non-current liabilities on December 31, 2017, an increase of 1% during the period. Borrowing, including both the amount in current and non-current liabilities, was 63% of total liabilities and equity on December 31, 2018, from 63% on December 31, 2017.

Over the course of 2018, the Company engaged in new fundraising transactions, with the issuance of one Agribusiness Receivables Certificate (Certificado de Recebíveis do Agronegócio), or CRA, in the amount of R$350 million, as well as the issuance of an Export Credit Note of R$ 1,879 million containing a derivative instrument (swap) for the conversion into dollar.

It’s worthy of notice the appreciation of the US Dollar over the Brazilian Real of roughly 17% in 2018 elevating the foreign currency debt balance, equivalent to 65% of the total debt in December 31, 2018.

Debentures

The debentures issued financed the Puma I Project. The balance of debentures in liabilities, considering both the amounts in current and noncurrent corresponds to R$663 million, equivalent to 2% of total liabilities as of December 31, 2018, in comparison to a balance of R$874 million at the end of 2017. The reduction of the balance is due to the payment of interest throughout 2018.

It is noteworthy the conversion of the 6th issue debenture into shares of the Company held in January 2018.

Deferred income tax and social contribution

On December 31, 2018, the balance of deferred income tax and social contribution constituted on temporary differences, presented on the net balance sheets between assets and liabilities, were a liability balance of R$960 million, from R$1,545 million on December 31, 2017.

The difference registered as of 2018 refers to effect of exchange rates fluctuations during the year, mainly because of the FX variation regime adopted by the Company, converting a deferred tax liability of R$ 518 million in 2017 into a deferred tax asset of R$ 307 million in 2018.

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

The main temporary differences the Company has correspond to the valuation at fair value of the biological assets and cost attributed to property, plant and equipment (land) assets, which will not have an effect on cash when realized, as well as the deferred exchange-rate variation and the credits on losses and accumulated negative bases. Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

10.2. Management Comments on: a) Results of the Company's operations i. description of any important revenue components

The Company is positioned in the domestic market with emphasis on the paperboard for packaging and packaging paper for food, liquids (chilled and dairy), drinks (soft drinks and beer), hygiene and cleaning, personal care, and pharmaceuticals, in addition to industrial bags (cement, mortar, wheat, seeds and other) and fluff pulp segments. For the foreign market, growth is based on the pulp market, Liquid Packaging Board as a global supplier for Tetra Pak, Folding Boxboard (frozen, hygiene and cleaning - Europe, USA and Mercosur) and kraftliner.

The Company sold 53% of its volume in the domestic market in 2019. The sales mix between the domestic market and the foreign market is an important component for the formation of net revenue. The table below shows sales volume and net sales revenue for the past three years.

2019 2018 2017 Sales Volume 1000 t % 1000 t % 1000 t % Domestic Market 1,769 53% 1,589 50% 1,564 49% Exports 1,558 47% 1,600 50% 1,656 51% Total 3,327 100% 3,189 100% 3,220 100% Wood 1,706 2,109 2,596

2019 2018 2017 Net Revenue In million R$ % In million R$ % In million R$ % Domestic Market 6,114 60% 5,533 55% 5,020 60% Exports 4,158 40% 4,483 45% 3,353 40% Total 10,272 100% 10,016 100% 8,373 100%

Net revenue distribution 2019 2018 2017 By product Coated paperboard 24% 21% 25% Corrugated cardboard 21% 20% 23% Pulp 34% 36% 29% Kraftliner 10% 9% 9% Bags 8% 8% 8% Wood 2% 3% 4% Other 1% 3% 2%

The Company’s sales mix among regions is also a very important component in the composition of Klabin’s revenue since prices, freight costs and delivery conditions differ for each location. Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

ii. factors that materially affected operating results

In 2019, Klabin recorded in its statements an untimely tax credit referring to a final court ruling, accepting the Company's intention to exclude the ICMS tax from calculating base of the PIS and Cofins, which positively impacted the Company's EBITDA by R $ 620 million . b) Variations in revenue attributable to changes in prices, exchange rates, inflation, changes in volumes and introduction of new products and services

The prices of the Company's products vary depending on the balance between supply and demand in the domestic and international markets. GDP, inflation, level of economic activity in Brazil and worldwide, interest rate variation, tax burden, fluctuation of the real in relation to foreign currencies , market pulp price, price of paper chips, as well as nature phenomena that impact supply of wood influence price formation differently in the various segments in which the Company operates. Prices are generally cyclical and are subject to factors beyond Klabin's control.

Prices for paper and pulp on the international market are generally stated in dollars. The Company exported 47% of its sales volume in 2019. This makes the exchange rate an important component in the Company’s net revenue. The table below shows the sell exchange rate over the past three years:

Exchange 2019 2018 2017 2019/2018 2018/2017 Rate R$/US$ R$/US$ R$/US$ % % Average 3.95 3.66 3.19 8% 15% dollar End dollar 4.03 3.87 3.31 4% 17%

Net sales revenue on the export market was R$4,158 million in 2019, 7% less in the previous year, when export revenue was R$4,483 million. Net export revenue was R$3,353 million in 2017.

Inflation affects the Company’s revenue and costs. The price of paper on the domestic market, together with the cost of production inputs and labor, tend to change in keeping with Brazilian inflation indexes. c) The impact of inflation, price changes of main inputs and products, exchange rate and interest rate changes on the Company’s operating result and financial result.

For materials, a component of changes in certain commodity prices, in addition to the Broad Consumer Price Index (Índice Nacional de Preços ao Consumidor Amplo), or IPCA, is used. For example, fuel oil is a factor in determining adjustments to freight charges.

Inflation and exchange rate variations influence the Company’s operating result since, in 2019, 40% of the Company’s net revenue came from sales on the export market.

Changes in the basic interest rate and other rates that affect financial investments affect the Company’s financial result. Long-Term Interest Rate (Taxa de Juros de Longo Prazo), or TJLP, which applies to its debt in reais, and the exchange rate, which affects its financing in foreign currency. Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

10.3. Management’s comments on events with material effects on the financial statements that occurred and are expected to occur: a) inclusion or disposal of operating segment

There was no inclusion or disposal of the operating segment in the years of 2019, 2018 and 2017. b) constitution, acquisition or disposal of equity interest

The following events took place in 2019:

On July 26, 2019, the Company incorporated the company Sapopema Reflorestadora SA, a Special Purpose Company (“SPE”), together with a Timber Investment Management Organization (“TIMO”), whose main objective is to explore forestry activity in the state of Paraná - PR.

On October 21, 2019, the wholly-owned subsidiary “Klabin Paranaguá SPE S.A.” was formed. The Company’s sole and exclusive object is the exploitation of the lease of areas, port facilities and public infrastructure, located within the Organized Port of Paranaguá, to carry out the activities of unloading (unloading, internal handling, storage and dispatch) and loading (reception , storage, internal handling and shipment) of general cargo, especially paper and pulp. c) unusual events or operations

There were no unusual events or operations during 2019, 2018 or 2017 not already specified in another item of this form.

10.4. Management’s comments on material changes in the accounting practices – Reservations and emphasis in the auditor’s report: a) Material changes in accounting policies

The IASB and the CPC (Accounting Committee) approved the following new standards, which came into effect and were effectively adopted as of January 1, 2019.

(i) IFRS 16 – Leasing Operations (CPC 06 (R2) – Leasing Operations) The new standard replaced IAS 17 - “Leasing Operations” and corresponding interpretations, determining that lessees have to now recognize the liability of future payments “lease liabilities” and the right to use the leased asset “right to use the leased assets” for virtually all leasing contracts.

(ii) IFRIC 23 – Uncertainty about Treatment of Taxes on Profit (ICPC 22 - Uncertainty about Treatment of Taxes on Profit)

The new interpretation establishes the requirements for recognition and measurement in situations where the Company defined, during the tax on profit calculation process (income tax and social contribution), the use of uncertain tax treatments, which may be questioned by the tax authority. .

The Company's Management took into consideration the aspects of IFRIC 23 (ICPC 22) and reviewed the judgments made in the calculation of income tax and social contribution, concluding that there are no uncertain treatments used in its financial statements, since all the procedures adopted for the payment of taxes on profit is supported by applicable legislation and judicial precedents. Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

b) material effects of the changes in accounting policies

The table below shows the effects, in thousands of reais, on the Company’s balance sheet of the adoption of the new standard CPC 06 (R2) / IFRS 16 on January 1 and December 31, 2019

c) qualifications and emphasis in the auditor’s opinion

There were no qualifications in the outside auditing opinions for the financial statements for the years ended December 31 2019, 2018 or 2017.

10.5. Management's comments on critical accounting policies of the Company (in particular, accounting estimates made by management on uncertain and relevant issues for the description of the financial situation and results, which require subjective or complex judgments, such as: provisions, contingencies, revenue recognition , tax credits, long-lived assets, useful lives of non-current assets, pension plans, foreign currency translation adjustments, environmental recovery costs, criteria for testing asset recovery and financial instruments)

The Company’s consolidated financial statements are prepared according to the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). These are aligned with the Brazilian GAAP and the standards issued by the Accounting Standards Committee (Comitê de Pronunciamentos Contábeis), or CPC.

The Company believes that the items below are considered critical policies, which require the use of subjective estimates and judgments with an uncertain future, necessary to calculate the amounts contained in the financial statements. This is because they depend on the definition of assumptions such as discount rates, customer analysis, definition of the useful life of assets, results forecasts based on the budget, loss estimates, productivity estimates, forecasts of future events and market prices, among other things

The Company's management’s knowledge and experience, the use of the best benchmarks available to the market, forecasts of future events and assistance from specialists, when necessary, are the base for the assumptions used. Allowance for doubtful debts

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Allowances for doubtful debts are constituted based on an individual analysis of the amounts receivable and the estimate of probable losses in realizing the receivables. Specific standards adopted for customer acceptance, credit analysis and establishment of exposure limits per customer, reviewed periodically, in addition to the constant monitoring of customers' financial health, to ensure the proper receiving of values govern the credit risk in the Company’s operating activities.

The Company adopts the policy of providing for allowance for doubtful accounts based on the individual analysis of amounts receivable, considering: (i) the concept of incurred loss and expected loss, taking into account non-performing events that are likely to occur in the next twelve months, (i) financial instruments that had a significant increase in credit risk, but did not present objective evidence of impairment and; (iii) financial assets that already present objective evidence of impairment.

This process requires a certain degree of discretion from management because of the uncertainty of the assumptions involved, such as the customers’ financial situation and market economic trends.

Provision for losses on realization of inventories

Provisions are recognized for probable losses of (i) inventory of products that have been discontinued or that the Company intends to discontinue; (ii) excessive inventories of raw materials in relation to projected sales of the product in which they are used in the next twenty-four months; (iii) inventories of finished products whose maturity will occur before the product can be sold; and (iv) unused maintenance inventories. Update of these provisions is on the date of each balance sheet closing.

The critical process in this activity is the evaluation of inventory obsolescence. They are based on an individual analysis of the items using the judgment of the professionals involved, with management establishing the internal standards and procedures so that inventories are periodically evaluated.

Although this is a critical process due to the judgments involved, the Company’s main products (paper, packaging, bags and wood) are not perishable and, even if not sold, are reprocessable and usable in new productive processes.

Deferred income tax and social contribution

The Company records deferred tax assets and liabilities based on the differences between the accounting amounts and the tax basis of assets and liabilities. The Company regularly reviews the realization of deferred tax assets.

The critical relationship involved in deferred taxes relates to the judgment of the Company’s management regarding the realization of the net deferred tax asset, which remains on the books as long as it is probable and supported by results forecasts. However, its amount is subject to uncertainty as it depends on the materialization of the forecast on taxable profits in future periods.

The Company chose to adopt Law 12,973/14 early, in 2014. This allows the neutralization of the current tax effect on the results accounts, which receive different treatments under the tax law and the new corporate law.

Property, plant and equipment and intangible Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

The Company uses the linear depreciation method defined based on an evaluation of the estimated useful life of each asset, calculated based on the expectation of future economic benefits generation, except for land, which is not depreciated. The evaluation of the estimated useful life of assets is annually reviewed and adjusted if necessary. It can change based on the technological updates at each unit.

Financial charges are capitalized to property, plant and equipment assets when incurred on property, plant and equipment in the process of implementation, if applicable.

The Company records expenses on research for new product and techniques in the result of the period as an expense, as the expenses are incurred

The determination of useful life is a critical process and requires subjective judgment. It is inherently uncertain because of technological changes and other factors that can cause early obsolescence of property, plant and equipment assets. If it is necessary to make material changes to the original assumptions, the depreciation expenses, write off due to obsolescence and the net book value of the property, plant and equipment can differ significantly from the assumptions originally adopted.

Impairment

There is an annual review of the balances of property, plant and equipment and other assets are reviewed annually to identify evidence of unrecoverable losses or events and changes that indicate that the book value might not be recoverable.

In the estimate of the value used to define the recoverable value of the assets, estimated future cash flows are discounted to their present value using a discount rate that reflects current market evaluations of the time value of money and specific risks inherent in the asset. These are determined individually for each asset unless the asset does not generate cash flow. The result of the period recognizes an identified loss in the amount that the book value of the asset exceeds the recoverable value

The evaluation of impairment is critical because it can be influenced by various internal and external factors. These include economic and industry trends, interest rates, exchange rates, strategic business changes and changes in the type of products offered to the market.

Biological assets

The Company marks biological assets to fair value on a quarterly basis, considering certain estimates, including the price of wood, discount rate, forestry harvest plan and productivity volume. These are subject to uncertainties and can generate effects in future results because of variations. The difference between the fair values of the biological assets at the beginning of the period and at the end of the evaluation period determines the increase or decrease in fair value

Provision for tax, social security, labor and civil contingencies

Provisions for contingencies result from administrative and/or court proceedings inherent in the normal course of the Company’s business. In house attorneys, outside attorneys and experts hired by the Company evaluate provisions for tax, social security, labor and civil contingencies. The amounts are quantified using criteria that allow for adequate measurement and updated up to the balance sheet dates. Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

The company constitutes provisions for lawsuits classified as probable losses. For lawsuits in which the risk of loss is considered possible, the Company merely discloses the lawsuits and amounts involved, without constituting a provision. For lawsuits in which the risk of loss is classified as remote, the Company does not disclose the risks or constitute provisions. This is in keeping with the Brazilian GAAP.

In lawsuits involving asset claims, for which there are no provisioned amounts in the financial statements, in keeping with the accounting principle of prudence, the Company recognizes the assets only after the entry of a final judgment, which becomes unappealable.

10.6. Description of material items not reflected in the financial statements: a) assets and liabilities held by the Company, directly or indirectly, that are not on the Company’s balance sheet, such as: i. operational leases, assets and liabilities ii. written-off receivables portfolios over which the Company maintains risks and responsibilities, indicating the respective liabilities iii. future purchase and sale contracts of products or services iv. unfinished construction contracts v. contracts for future financing receipts

The Company does not maintain any operations, contracts, obligations or other type of commitments in companies whose financial statements are not consolidated with its own or other operations that could generate a material effect in the present or future on its results or on its balance sheet or financial condition, revenue or expenses, liquidity, investments, cash or any others not recorded on the Company’s financial statements. b) other items not shown on the financial statements

There are no other material items not reflected on the Company’s consolidated financial statements shown on the financial statements.

10.7. Management’s comments regarding items not reflected in the financial statements: a) How such items modify or may modify revenues, expenses, operating income, financial expenses or other items on the Company's financial b) Nature and purpose of the operation c) Nature and amount of obligations assumed and rights generated in favor of the Company as a result of the operation There are no other material items not reflected on the Company’s consolidated financial statements shown on the financial statements.

10.8. Management's comments on the main elements of the Company's business plan: a) Investments

(i) quantitative and qualitative description of investments in progress and planned investments:

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Total investments in 2019 were R$2,573 million, of which R$334 million were for forestry operations, R$731 million were for the operational continuity of mills and R$237 million were invested in special and expansion projects, particularly in high- return projects that seek to improve the Company’s performance in all the segments in which it operates and R$1,271 million in Puma II.

In million R$ 2019 2018 2017 Maintenance and operational continuity 1,065 734 627 Special and expansion projects 237 222 121 Project Puma 0 0 177 Project Puma II 1,271 0 0 Total 2,573 956 925

Klabin invested R$956 million throughout 2018. Of these R$272 million were for forestry operations, R$462 million were for the operational continuity of mills and R$222 million were invested in special and expansion projects, particularly in high- return projects that seek to improve the Company’s performance in all the segments in which it operates

(ii) sources of financing for the investments

Available balances, expected cash generation from the operation itself and market fund raising, by means of hiring bank loans, financing with development agencies and access to the capital markets finance investments.

Additionally, according to the October 31, 2019 and November 6, 2019 notice to the market, the Company hired financing lines with the IDB and IFC – amounting to US$800 million, ECA (Export Credit Agency) - Finnvera and financing line with the BNDES, linked to the execution of the Puma II Project, in a total of up to R$3 billion

All of these transactions are part of the financing hiring process linked to the Puma II Project.

(iii) material disinvestments in progress and planned disinvestments

The Company does not have material disinvestments in progress or planned. b) acquisition of plants, equipment, patents or other assets that should materially influence the Company’s productive capacity.

As disclosed in a Material Fact to the market on April 16, 2019, the Company got approval for the beginning of the capacity expansion project in the packaging paper segment called “Projeto Puma II”, covering the construction of two paper machines, with production of integrated pulp situated in Klabin's industrial unit in the municipality of Ortigueira (PR) (“Puma Unit”)

The execution of the construction of the Puma II Project is in two stages:

(i) The First Stage consists in the construction of a main fibers line for the production of unbleached pulp, integrated in a Kraftliner and White Kraftliner paper machine, with the products to be sold under the brand Eukaliner, with an annual production capacity of 450 thousand tons. In addition, this stage also includes the construction of complimentary installations supporting the new lines and plants and recovery and utilities areas. Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

(ii) The Second Stage contemplates the construction of a complimentary fibers line a Kraftliner paper machine with annual production capacity of 470 thousand tons and the expansion of some support installations.

The Project’s schedule estimates that the construction of each stage lasts 24 months; with the beginning of the second stage right after the completion of the first stage. Thus, schedule for the commissioning of the first machine is the second quarter of 2021, and of the second machine estimated for the second quarter of 2023.

The gross investment budgeted for the construction of Puma II Project is R$9.1 billion, subject to currency fluctuation and restatement for inflation, with R$1,271 disbursed in 2019 and the rest up to 2023. Approximately R$900 million refers to recoverable taxes. Since the installation of the majority of equipments is during the First Stage of the Project, with approximately two thirds of the capex disbursed between 2019 and 2021. c) New products and services (including description of research in progress already disclosed; total amounts spent by the Company in research and development for new products or services; projects development that already disclosed and the total amounts spent by the Company in the development of new products or services)

The evolution of Klabin’s competitiveness, from the performance of the Company’s forests and productive processes to managing of the Company’s product impact, are intrinsically connected to the constant investment in research, development and innovation. With ever more challenging paper and packaging markets, the entry into global pulp markets with the beginning of production at the Ortigueira, Paraná, mill, and the Sustainability and Renewable Materials motto, the Company expanded its investments in R&D&I.

With a broader view and more strategic action, the R&D&I operates in the various different links of the production chain:

 Improvement of the planting and management processes of pine and eucalyptus to increase productivity;  Development of new products and improvements to existing products adapting them to customer needs or for a better economic and environmental performance;  Optimizing supplier processes to improve each units flexibility in the purchase of inputs and services;  Solutions for issues concerning the physical and mechanical properties of papers and packaging papers, such as barriers (water, steam, grease, oxygen), porosity, permeability and roughness, and in conversion (cutting, creasing, pasting, closing and printing);  Evaluation of product performance from an environmental, quality, productivity, health and safety perspective.

The conduction of projects inserted in different lines of research are the base for Klabin’s Forestry Research, Development and Innovation area are based on:

 Eucalyptus Genetic improvement; Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

 Pine Genetic improvement;  Cloning;  Forestry Biotechnology,  Phytosanitary  Nutrition and Forestry;  Ecoficiology Highlights:

- Record in planting of experiments and introduction of new hybrids, clones and eucalyptus species in Paraná and Santa Catarina states. This strategy is important to accelerate productivity gains with the recommendation of new clones in the short and medium term

- Record of wood quality assessments of new clones at the Technology Center;

- Creation of the internal technical committee called FIR (Forest, Industry and Research), focused on understanding the quality characteristics of the wood and in solving the deviations that may reflect on the quality of the final product;

- Construction of a new Forest Research laboratory for research in Ecophysiology, Soils and Forest Nutrition activities, creating synergism within the studies directed to the Forest Management of the company;

- Beginning of the creation of natural enemies in the laboratory and evaluation of their efficiency in controlling the main Eucalyptus and Pine pests;

- Internal advances in the Forest Biotechnology area, focused on increasing Eucalyptus and Pine productivity

The Technology Center develops research in five operation routes:

 Development of the forestry raw material for pulp, paper and new materials;  Paper optimization and new applications, focusing on functional barriers;  Biorefinery (multiple uses of forestry base, mainly lignin);  Optimization of processes in: environment, reuse of products generated in the process, reduction of water, energy and steam consumption;  Nanotechnology - cellulose fractions in micro or nano scale and application in new products.

For a more efficient performance, the R&D&I department maintains partnerships with suppliers of equipment and supplies, as well as receiving the support of research institutes and universities in Brazil and abroad.

As part of the increase of the focus on Research, Development and Innovation to face a larger Klabin, the Company carries out another investment cycle in the area. In addition to investments amounting to R$70 million between the years of 2015 and 2017, Klabin will contribute with about R$180 million in Industrial and Forestry Research during the years of 2019 -2021, including a new Pilot Plant park, aiming at the development of new products, in addition to agreements with research institutes, national universities and universities abroad. Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

10.9. Management’s comments on other factors with significant influence on operational performance and which have not been identified or commented on in the other items of this section: There are no other factors that significantly influenced operational performance and that have not been identified in the other items in this section.

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

APPENDIX II

PROPOSAL FOR THE ALLOCATION OF THE NET PROFIT FOR THE YEAR APPENDIX 9.1.II OF THE CVM 481 INSTRUCTION

1. inform net profit for the year

The net income for the fiscal year attributed to Klabin's shareholders ended on December 31, 2019 was R$675,824,301.66.

2. inform the global amount and the value per share of dividends, including prepaid dividends and interest on capital already declared

On February 6, 2019, the Company's Board of Directors meeting approved the distribution of dividends in the total amount of R$20,000,000.00 (twenty million reais), corresponding to R$0.00379996353 per common and preferred share and R$0.01899981765 per Unit, based on part of the results for the 2019 fiscal year. The dividends considered the record date as February 12, 2019, with the shares being traded as ex-dividends as of February13, 2019, and payment starting on February 25, 2019

On April 30, 2019, the Company's Board of Directors meeting approved the distribution of dividends in the amount of R$201,000,000.00 (two hundred and one million reais), corresponding to R$0.03813885297 per share, to the holders of common shares and preferred shares, and R$0.19069426485 per Unit, to account as part of the results for the fiscal year 2019, pursuant to Article 29, Paragraph 1 of the Company's Bylaws. The dividends considered record date as May 6, 2019, with the shares being traded as ex-dividends as of May 7, 2019, and the payment starting on May 17, 2019.

On August 5, 2019, the Company's Board of Directors meeting approved the distribution of dividends in the amount of R$192,000,000 (one hundred and ninety-two million reais), corresponding to R$0.0364311432 per share, to the shareholders holding common shares and preferred shares, and to R$0.182155716 per Unit, based on part of the results for the year 2019, pursuant to Article 29, Paragraph 1 of the Company's Bylaws. The dividends considered the record date as August 8, 2019, and the shares trading as ex-dividends on August 9, 2019, and the payment starting on August 19, 2019.

On November 1, 2019, the Company's Board of Directors meeting approved the distribution of interest on capital, in the amount of R$100,000,000.00 (one hundred million reais), corresponding to R$0.01897455375 per share, or R$0.09487276875 per Unit, to individual shareholders holding common shares and preferred shares, withholding 15% (fifteen percent) tax as Withholding Income Tax, except for proven immune or exempt shareholders. Interest on capital considered the record date as November 6, 2019, with the Company's shares being traded “ex” interest on capital as of November 7, 2019, and the payment starting on November 14 2019. Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

At the same meeting the Board of Directors also approved the distribution of dividends, in the amount of R$194,000,000.00 (one hundred and ninety-four million reais), corresponding to R$0.03681063428 per common and preferred share, or R$0.18405317140 per Unit, to account as part of the results for the year of 2019, pursuant to Article 29, Paragraph 1 of the Company's Bylaws. The dividends considered the record date as November 6, 2019, with the shares being traded as ex-dividends as of November 7, 2019, and the payment starting on November 14, 2019.

On December 17, 2019, the Company's Board of Directors meeting approved the distribution of interest on equity, in the amount of R$200,000,000.00 (two hundred million reais), corresponding to R$0.03794938081 per share or R$0.188974690405 per Unit, to individual shareholders holding common shares and preferred shares, withholding a 15% (fifteen percent) tax as Withholding Income Tax, except for proven immune or exempt shareholders. Interest on own capital considered the record date as December 22, 2019, with the Company's shares being traded "ex" interest on own capital as of December 23, 2019, and the payment starting on February 20 2020.

Therefore, the total amount of earnings for the fiscal year ended December 31, 2019 is R$907,000,000.00, thus R$0.17210451 per common and preferred shares and R$0.86052263 per Units, to the account as part of the results for the 2019 financial year.

3. inform the distributed percentage of net income for the year

The percentage of net income for the year ended December 31, 2019 distributed is 96.46%, corresponding to the amount of R$907,000,000.00, considering the base net income for the year for the distribution of dividends of R$940,256 .089.10 adjusted according to the Company's Bylaws (see information in item 14 of this attachment).

4. inform the global amount and the value per share of dividends distributed based on profit from previous years

There was no distribution of dividends based on profit from previous years.

5. inform, deducting prepaid dividends and interest on capital already declared: a. The gross amount of dividends and interest on capital, segregated, per each type and class of shares

There will be no additional distribution of remuneration to shareholders at the General Meeting, in addition to what has already been distributed and mentioned above. b. The form and period for payment of dividends and interest on capital

Dividends and interest on capital for the year ended December 31, 2019 were fully declared by the Board of Directors and paid to shareholders, as stated in item 2 above.

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

The shareholders had their credits available on the payment starting date, according to their checking account and bank address provided to Banco Itaú S.A. c. Eventual restatement and interest on dividends and interest on capital

There was none. d. Record date for payment of dividends and interest on capital considered for identification of shareholders entitled to receive them

The General Meeting will not propose the declaration of dividends and interest on own capital in addition to those already declared. Item 2 above has the information on the record dates.

6. If there has been a declaration of dividends or interest on own capital based on profits determined in half-yearly balance sheets or on shorter periods a. inform the amount of dividends or interest on capital already declared.

The amount of dividends and interest on capital already declared and paid by the Company in the fiscal year ended on December 31, 2019 totals R$607,000,000.00, while the amount of interest on capital already declared and paid by the Company in the year ended on December 31, 2019 totals R$300,000,000.00. Item 2 above, of this Appendix, details the information on the declaration and payment of these amounts

b. To inform the date of the respective payments

Record Gross Value per Description Payment Global Amount date share ON/PN R$0.00379996 R$ Dividends 02/06/2019 02/25/2019 UNIT 20,000,000.00 R$0.01899982

ON/PN R$ Dividends 04/30/2019 05/17/2019 R$0.03813885 201,000,000.00 UNIT R$0.19069426

ON/PN R$ Dividends 08/05/2019 08/19/2019 R$0.03643114 192,000,000.00 UNIT R$0.18215571

ON/PN R$ Dividends 11/01/2019 11/14/2019 R$0.03681063 194,000,000.00 UNIT R$0.18405317 Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

ON/PN Interest on R$ 11/01/2019 11/14/2019 R$0.01897455 capital 100,000,000.00 UNIT R$0.09487277 ON/PN Interest on R$0.03794938 R$ 11/17/2019 02/20/2020 capital UNIT 200,000,000.00 R$0.18974690 Total - R$ ...... 907,000,000.00

7. Provide a comparative table indicating the following values per share of each type and class: a. Net income for the year and the 3 (three) previous years

2019 2018 2017 Net profit for the year R$ 675,825 k R$ 137,45 k R$ 532,169 k Net profit per common share (in R$ 0.1283 R$ 0.0261 R$ 0.1013 reais) Net profit per preferred share (in R$ 0.1283 R$ 0.0261 R$ 0.1013 reais)

b. Dividend and interest on capital distributed in the previous 3 (three) years

2019 2018 20171 Global amount of dividends and R$ R$ 907,000,000.00 R$ 919,000,000.00 interest on capital distributed 339,000,000.00 Dividends per common/preferred R$ 0.1721 R$ 0.2910 R$ 0.1039 share (in reais)

8. If profits are allocated to the legal reserve a. Identify the amount allocated to legal reserves

The amount of profit for the fiscal year ended December 31, 2019 allocated to legal reserves is R$31,355,338.13 (thirty-one million, three hundred and fifty-five thousand, three hundred and thirty- eight reais and thirteen cents) b. Give details on the calculation of legal reserves

1 In the year in question, there was no distribution of interest on capital. Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

The Company applied a percentage of 5% (five percent) on the net income for the year 2019, as per art. 193 of the LSA and Article 29 of the Company's Bylaws.

9. If the Company has preferred shares entitled to fixed or minimum dividends a. Describe the calculation of fixed or minimum dividends

Not applicable. b. Inform if the profit for the year is sufficient for the full payment of fixed or minimum dividends

Not applicable. c. Identify whether any unpaid installments are cumulative

Not applicable. d. Identify the global value of fixed or minimum dividends payable to each class of preferred shares

Not applicable. e. Identify the fixed or minimum dividends payable per preferred share of each class

Not applicable.

10. Regarding the mandatory dividend a. Describe the form of calculation provided for in the bylaws

Pursuant to Article 29, after the constitution of a legal reserve and the constitution, realization and reversal of the Biological Assets Reserve and the realization of the “Carrying Value Adjustments” account, out of the remaining balance allocate at least 25% to the payment of the mandatory dividend b. Inform if payment is in full

Yes, the mandatory dividend payment is in full. c. Inform the amount eventually withheld Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

There was no retention of mandatory dividend.

11. If the mandatory dividend is retained due to the company's financial situation a. Inform the retention amount

Not applicable. b. Describe, in detail, the company's financial situation, including aspects related to liquidity analysis, working capital and positive cash flows

Not applicable. c. Justify the retention of dividends

Not applicable.

12. If there is allocation of income to the contingency reserve

There was no allocation of income to the contingency reserve. a. Identify the amount allocated to the reserve

Not applicable. b. Identify the probable loss and its cause

Not applicable. c. Explain why the loss was considered probable

Not applicable. d. Justify the constitution of the reserve

Not applicable.

13. If there is allocation of income to the unrealized profit reserve

There was no allocation of income to the unrealized profit reserve.

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br a. Inform the amount allocated to the unrealized profit reserve

Not applicable. b. Inform the nature of unrealized profits that gave rise to the reserve

Not applicable.

14. If there is allocation of income to statutory reserves a. Describe the statutory clauses that establish the reserve

Pursuant to Article 29, item v, the amount for setting up the Biological Assets Reserve is limited to the balance of the “Accumulated Profits or Losses” account, after the constitution, if constituted, of Legal Reserves, for Contingencies, Tax Incentives and Unrealized Profits, for the purpose of allocating the effects of adjustments to the fair value of biological assets while not financially realized, by allocating the income for the period for what is contained therein, net of tax effects, from valuation revenue at fair value of assets own biological assets and revenue from valuation at fair value of biological assets of subsidiaries contained in equity income recognized by the parent company.

Also, pursuant to Article 29, item iii, subject to the limits imposed by art. 199 of Law 6,404 / 76, a Reserve for Investments and Working Capital may be set up for a variable portion of 5% to 75% of the adjusted net income, with the purpose of ensuring resources for investments in permanent assets, working capital increases, including through debt amortization, regardless of retained earnings linked to capital budgets, and its balance usable to absorb losses, whenever necessary, in the distribution of dividends, at any time, in redemption, refund or purchase of shares, when authorized as provided for in the Bylaws, or for incorporation into the share capital. b. Identify the amount allocated to the reserve

Constitution of Legal Reserve ...... 31,355,338.13 Constitution of Biological Assets Reserve (Own) ...... 184,459,440.00 Constitution of Reserve for Investment and Working Capital ...... 33,256,089.10 c. Describe how the amount was calculated

(a) Net profit for the year ...... 675,824,301.66 (b) Constitution of Tax Incentive Reserve ...... 48,717,539.06 (c) Constitution of Legal Reserve ...... 31,355,338.13 (d) Constitution of Biological Assets Reserve (Own) (*) ...... 184,459,440.00 (e) Realization of Biological Assets Reserve (Own) ...... 484,219,639.23 (f) Realization of Biological Assets Reserve (Subsidiaries) (**) ...... 44,744,465.40 (g) Profit for calculating the Minimum Dividend (as per Bylaws) ...... 940,256,089.10 (h) Minimum Mandatory Dividend...... 235,064,022.28 (i) Dividends and interest on capital distributed...... 907,000,000.00 Constitution of Reserve for Investment and Working Capital ...... 33,256,089.10 Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

(*) The amount indicated in item (e) was verified due to the revenue from the fair value of biological assets, in accordance with the applicable accounting standards, according to article 29 of the Company's bylaws. (**) The amount indicated in item (f) above was verified due to the revenue from the fair value assessment of biological assets of subsidiaries contained in the equity income recognized by the parent company, in accordance with the applicable accounting standards, pursuant to article 29 of the Company's bylaws.

The amount allocated to the Reserve for Investment and Working Capital is in accordance with the parameters established in the Company's Bylaws, as well as with the investment budget for the year 2020, approved at the Company's Board of Directors ordinary meeting held on February 5, 2020, totals R $ 4,733 million:

R$ Milh ões INV EST IMENT OS

Projeto PUMA II 3 .83 1 Projetos especiais - Expansão 48 Manutenção das operações e silv icultura 85 4 4.733

FONT ES DE RECURSOS Recursos de Terceiros BNDES 1 .000 IDB - Inter-American Development Bank 91 2 ECA - Export Credit Agency 980 Notas de Crédito à Exportação 1 .1 41 T ot al de Financiam ent os 4.033 Recursos próprios Recursos em caixa e/ou geração de caixa operacional no exercício 7 00 4.733

15. If profit retention is provided for in the capital budget

There is no proposal to retain profits based on the capital budget. a. Identify the retention amount

Not applicable. b. Provide a copy of the capital budget

Not applicable.

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

16. If there is allocation of income to the tax incentive reserve a. Inform the amount allocated to the reserve

The amount allocated to the tax incentive reserve was R$48,717,539.06. b. Explain the nature of the destination

As provided by art. 195-A of Law 6,404 / 76, as amended by Law 11,638 / 07, the Company's management opted to allocate the tax incentives for subsidies in the amount of R$37,523,514.32 and profit from exploration in the amount of R$11,194,024.74, totaling R$48,717,539.06 for own tax incentive reserve. Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

APPENDIX III

ELECTIONS OF FULL MEMBERS (INCLUDING INDEPENDET) AND ALTERNATES FOR THE BOARD OF DIRECTORS AND FISCAL COUNCIL OF THE COMPANY

Definition of the number of seats on the Company's Board of Directors: Respecting the limitation on the number of seats on the Board of Directors, as provided for in article 17, caput, of the Company's Bylaws, the controlling shareholders propose that the Company's Board of Directors for the term ending at the Annual Shareholders' Meeting that deliberates on the financial statements related to the fiscal year to end on December 31, 2020 is as follows: 12 (twelve) full members and 12 (twelve) alternate members, noting that of out of the total number of full members 5 (five) are independent members, observing the possibility of increasing the number of members to include Directors elected in a separate election process or in the event of adoption of a multiple voting procedure.

Company's Board of Directors Candidates: For the proposed vacancies, the controlling shareholders indicated a slate composed of the following members, who, if elected, will serve a term until the Annual General Meeting that approves the accounts for the fiscal year to end on December 31, 2020

Full Members Alternates

Daniel Miguel Klabin Amanda Klabin Tkacz

Armando Klabin Wolff Klabin

Pedro Oliva Marcilio de Sousa Alberto Klabin

José Luis de Salles Freire Francisco Lafer Pati

Horacio Lafer Piva Francisco Amaury Olsen

Israel Klabin Celso Lafer

Paulo Sergio Coutinho Galvão Filho Vivian do Valle Souza Leão Mikui

Roberto Klabin Martins Xavier Lilia Klabin Levine

Roberto Luiz Leme Klabin Marcelo Bertini de Rezende Barbosa

Camilo Marcantonio Junior Ruan Pires Alves

Sergio Francisco Monteiro de Carvalho Joaquim Pedro Monteiro de Carvalho Guimarães Collor de Mello Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Vera Lafer Vera Lafer Lorch Cury

The shareholders can additionally appoint other slates to participate in the majority election to the Board of Directors, as well as possible candidates to participate in a separate vote under the terms of art. 141, paragraphs 4 and 5 of Law 6,404 / 76 in accordance with Law 6.404/76 and the regulations of the Brazilian Securities and Exchange Commission. In these cases, shareholders must forward information on the candidates to the Company, duly accompanied by the required documents. Considering the above, BNDES Participações S.A. – BNDESPAR appointed Mr. Mauro Gentile Rodrigues da Cunha and Tiago Curi to run for full and alternate members, respectively, of the Board of Directors in the event of an eventual separate election, in which the minority shareholders holding preferred shares vote, pursuant to Article 141, Paragraph 4 of the LSA (Public Listed Companies’ Law). The shareholder Mr. Luiz Barsi Filho, in turn, indicated Ms. Heloísa Belotti Bedicks and Mr. Richard Doern to compete, respectively, for the positions of full and alternate members of the Board of Directors, should the AGM adopt the multiple vote procedure for the election of directors. The Company emphasizes, however, that so far, there has been no request for the multiple voting procedure, pursuant to art. 141 of the Brazilian Corporation Law, which, in the case of the Company, depends on a requisition by shareholders holding at least 5% stake, within 48 hours (forty-eight hours) prior to the AGM.

Procedure for the election of members of the Company's Board of Directors

Unless shareholders representing at least 5% (five percent) of the Company's share capital require the adoption of the multiple voting process for the election of the members of the Board of Directors at least 48 hours prior to the meeting (article 141 of the LSA [Publicly Listed Companies’ Law] and Brazilian Securities and Exchange Commission - CVM Instruction 165/91), the election of the members of the Board of Directors of the Company will take place through the slate system. In the election by slate, each shareholder can only vote on one slate, with the candidates in the slate that receive the highest number of votes during the General Meeting getting elected.

If, however, the multiple voting procedure is regularly required, the election by slates will not occur and the candidates for the Board of Directors are the members of the slate indicated in this Proposal, the candidates nominated by the shareholder Mr. Luiz Barsi Filho, as mentioned above, as well as the members of any additional slates proposed by shareholders and any other additional candidates that shareholders may nominate to participate specifically in the multiple vote election.

The disclosure of the number of votes necessary to guarantee the election of at least one member of the Board of Directors will occur at the AGM based on the number of shares held by the shareholders present, in the event of adoption of the multiple voting procedure. Each share will have as many votes as there are seats for filling in the Board of Directors through the multiple voting Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br procedure, with each shareholder freely allocating his/her votes among the candidates, and the candidates that receive the highest number of votes getting elected. Positions not filled due to a tie, are the object of a new vote, under the same process, adjusting the assigned number of votes to each shareholder according to the number of positions that remain unfilled.

The majority of shareholders holding at least 15% (fifteen percent) of the total common shares issued by the Company (article 141, paragraph 4, I of the LSA [Publically Listed Companies’ Law]) will also have the right to separately elect a member of the Board of Directors and his/her alternate. Holders of preferred shares issued by the Company, representing at least 10% (ten percent) of the capital stock have equal rights Only those shareholders who can demonstrate the uninterrupted ownership of the required shareholding during the period of 3 (three) months, at least, immediately prior to the AGM, may exercise such rights.

The number of voting shares, for the purposes of the majority election or through multiple voting, will exclude the shares held by shareholders who choose to vote separately

Management proposes, in the event of a separate election, an increase in the number of seats on the Board of Directors for the next term to the number necessary to accommodate the election of all candidates on the slate indicated by the controlling shareholders and the candidate(s) elected separately by the holders of common and / or preferred shares, as the case may be.

Fiscal Council Election

Under the terms of art. 27, caput, of the Company's Bylaws, its Fiscal Council operates on a permanent basis, comprising at least 3 (three) and at most 5 (five) effective members and an equal number of alternates.

In view of the above, in order to compose the Fiscal Council for its next term of office, with a term of office of 1 (one) year, ending at the Annual General Meeting that will approve the financial statements for the 2020 financial year, the controlling shareholders indicated the slate composed of the following candidates:

Full Members Alternates

João Adamo Júnior Mario Antônio Luiz Correa

João Alfredo Dias Lins Antônio Marcos Vieira Santos

Raul Ricardo Paciello Felipe Hatem

Additionally, the Company emphasizes that art. 161, paragraph 4, item 'a', of the LSA (Publically Listed Companies’ Law) ensures the separate election of 1 (one) member of the Fiscal Council and his/her respective alternate to the shareholders (i) holders of preferred shares without voting rights, Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br or with restricted voting; and (ii) minority shareholders, as long as they represent, together, 10% (ten percent) or more of the voting shares.

Accordingly, Mr. Luiz Barsi Filho, a shareholder of the Company, indicated to run for a seat in the separate election in which the shareholders holding preferred shares vote, pursuant to art. 161, paragraph 4, of the LSA (Publically Listed Companies’ Law), Ms. Louise Barsi, as a full member, and Mr. Tiago Brasil Rocha, as the respective alternate.

The shareholder BNDES Participações SA - BNDESPAR, in turn, indicated to run for a seat in the separate election in which the shareholders holding common shares vote, Mr. Maurício Aquino Halewicz, as a full member, and Mr. Geraldo Affonso Ferreira Filho, as an alternate member.

INFORMATION ON ITEMS 12.5 TO 12.10 OF THE REFERENCE FORM IN RELATION TO THE INDICATED That said the Company presents the information related to the members of the controlling shareholders' slate indicated for the Board of Directors and for the Fiscal Council, as well as the candidates indicated by minority shareholders, in the form of items 12.5 to 12.10 of the Reference Form.

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

12.5. Members of the Board of Directors and Fiscal Council:

Full Members of the Board of Directors Candidates:

Number of Expected Election Expected Date to Mandate consecutive Indicated by Date, with the take Office, with Term, with the Other positions or office terms, CPF/ the Independent Name Birth Date Profession Position to be filled approval of the approval of approval of functions in the with the Passport Controlling member Management’s Management’s Management’s Company approval of Shareholders Proposal Proposal Proposal Management´s Proposal

Daniel 19 008.143.777- Full Member of the Only as Board 1. Miguel 05/11/1929 Engineer 04/30/2020 04/30/2020 2021 AGM Yes No 34 Board of Directors Member Klabin

19 Armando 008.144.407- Full Member of the Only as Board 2 05/25/1932 Engineer o 04/30/2020 04/30/2020 2021 AGM Yes No Klabin 97 Board of Directors Member

Pedro Oliva 2 726.224.745- Full Member of the Only as Board 3 Marcilio de 03/01/1973 Lawyer 04/30/2020 04/30/2020 2021 AGM Yes Yes 04 Board of Directors Member Sousa

José Luis 2 265.116.658- Full Member of the Only as Board 4 de Salles 10/03/1948 Lawyer 04/30/2020 04/30/2020 2021 AGM Yes Yes 87 Board of Directors Member Feire

4 Horacio 008.143.777- Full Member of the Only as Board 5 05/11/1929 Engineer 04/30/2020 04/30/2020 2021 AGM Yes No Lafer Piva 34 Board of Directors Member

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

19 008.143.777- Full Member of the Only as Board 6 Israel Klabin 05/11/1929 Engineer 04/30/2020 04/30/2020 2021 AGM Yes No 34 Board of Directors Member

Paulo Sergio 17 040.443.368- Full Member of the Only as Board 7 Coutinho 07/17/1960 Administrator 04/30/2020 04/30/2020 2021 AGM Yes No 57 Board of Directors Member Galvão Filho

Roberto 5 Klabin 153.181.088- Full Member of the Only as Board 8 10/04/1968 Administrator 04/30/2020 04/30/2020 2021 AGM Yes No Martins 81 Board of Directors Member

Xavier

Roberto 19 988.753.708- Full Member of the Only as Board 9 Luiz Leme 07/15/1955 Lawyer 04/30/2020 04/30/2020 2021 AGM Yes Yes 00 Board of Directors Member Klabin

Camilo 2 978.145.710- Full Member of the Only as Board 10 Marcantonio 06/11/1981 Engineer 04/30/2020 04/30/2020 2021 AGM No Yes 49 Board of Directors Member Junior

Sergio Francisco 3 725.095.897- Full Member of the Only as Board 11 Monteiro de 11/16/1962 Economist 04/30/2020 04/30/2020 2021 AGM No Yes 68 Board of Directors Member Carvalho Guimarães

19 380.289.138- Full Member of the Only as Board 12 Vera Lafer 10/03/1936 Industrial 04/30/2020 04/30/2020 2021 AGM Yes No 49 Board of Directors Member

Mauro 2 Gentile 004.275.077- Full Member of the Only as Board 13 11/06/1971 Consultant 04/30/2020 04/30/2020 2021 AGM No Yes Rodrigues 66 Board of Directors Member

da Cunha Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Heloisa 0 048.601.198- Full Member of the Only as Board 14 Belotti 08/25/1960 Economist 04/30/2020 04/30/2020 2021 AGM No Yes 43 Board of Directors Member Bedicks

Each of the candidates individually declared that, in the past 5 years, the Brazilian Securities and Exchange Commission - CVM did not convict them in any administrative proceedings or that they had no other conviction in other judicial or administrative spheres that led to their suspension or disqualification from practicing any professional or commercial activity. . Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

FULL BOARD MEMBER’S CURRICULUM

Armando Klabin

Chief executive officer of Dawojobe Participações S.A., managing partner at Klabin Irmãos & Cia., the Klabin Group holding company. He holds a degree in engineering from the Institute of Technology of the Federal University of Rio de Janeiro (UFRJ). He also holds the following positions in companies and institutions: president of Cosibra – Companhia Sisal do Brasil; controlling partner of Aquinor - Aquicultura do Nordeste Ltda; chief executive officer of lbitiguaia Agropecuária Ltda - Fazenda Paraíso (MG) and Estância Miranda (MS); member of the board of the Getúlio Vargas Foundation; president of Instituto de Tecnologia ORT Brasil, which focuses on technical education and training, and of Brigada Mirim Ecológica da Ilha Grande; chairperson of the board of directors of Colônia de Férias Henrique Lemle, an NGO that provides supplementary educational activities and environmental education and conducts research in biology and the natural sciences.

Daniel Miguel Klabin

President of Daro Participações S.A., managing partner at Klabin Irmãos & Cia., the Klabin Group holding company. He is a member of the Permanent Business Committee of the Brazilian Ministry of Foreign Affairs. He holds a degree in civil engineering from the Institute of Technology of the Federal University of Rio de Janeiro (UFRJ) and has broad experience in leadership positions. He founded and was the first president (1998) of the Brazilian Center for International Relations (CEBRI), where he is currently vice president for life and a member of the board of trustees. He has been present during Klabin’s main growth cycles as a member of the Board of Directors. He was chairman of the Board of Directors on six occasions (1981, 1987, 1993, 1999, 2005 and 2011 fiscal years). He currently holds the following leadership positions at companies and institutions: partner and executive officer at Damaro Comercial Agropecuária Ltda; executive officer at Daram Participações Ltda; member of the strategic committee of the Brazilian chapter of the Latin American Business Council (CEAL) and a member of the upper council and meritorious member of the Rio de Janeiro Commercial Association (ACRJ) since 2008. He holds a doctor honoris causa from the Brazilian Academy of Philosophy, an institution that defends freedom of thought and expression, the open discussion of ideas, democracy and the rule of law.

Camilo Marcantonio Junior

Investment Manager and Counselor at Charles River Capital – Asset Management Company of which he is one of the founders. He was a manager at Bain & Company, where he worked for eight years in strategic consulting, and executive partner for three years at the Astor Group, a company in the mergers and acquisitions segment. He has a degree in electrical engineering from the Military Institute of Engineering, where he received the Correia Lima medal, awarded for being first-place in his class, and holds an MBA with distinction from the Harvard Business School (US), where he received the John L. Loeb prize for his outstanding performance on the Finance field.

Horacio Lafer Piva

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Shareholder of Klabin Irmãos & Cia., the holding company of the Klabin Group. He is an economist with a graduate degree in Business Administration from the FGV - Fundação Getulio Vargas. He has made tremendous contribution to Brazil’s economic development and industry, as well as to education and health, through his work in private and public entities, some of them focused on rethinking the country based on sustainable development and on monitoring indicators in different areas. He was president of FIESP/CIESP (1998-2004), Sebrae-SP (1998-2000) and of the Economic Council of the National Industry Confederation (CNI). He was member of the Solidarity Community Program in the Fernando Henrique Cardoso government and the Economic and Social Development Council (CDES) in Lula’s government. He was chairman of the Brazilian Pulp and Paper Producers Association (Bracelpa), and director of the Association for Assistance to Disabled Children (AACD) and the DNA Brasil Institute. He currently serves on the boards of the following companies: Martins S/A, Tarpon S/A, Cataratas S/A, Grupo Baumgart and TCP S/A. He chairs the Advisory Board of the Brazilian Tree Industry (Ibá). He is a member of the Council of the São Paulo State Symphonic Orchestra Foundation (Osesp), the Brazilian Company for Industrial Research and Innovation (Embrapii), the Brazilian Muscular Dystrophy Association, the Bienal Foundation of São Paulo, the Fernando Henrique Cardoso Foundation (FFHC), the Management and Health Committee of the São Paulo State Government, the Advisory Boards of Spread TI and Brasilpar – Serviços Financeiros, the boards of the Research Support Foundation of the State of São Paulo (Fapesp) and the magazine Piauí. He also participates in the Business Mobilization for Innovation, an initiative of CNI, as leader of Human Resources.

Heloísa Belotti Bedicks

She holds a degree in Economics from the University of Campinas - Unicamp, in Accounting Sciences from the Catholic School in Campinas - PUC Campinas, a postgraduate in Business Administration from Unisal and Master in Business Administration from Mackenzie. She has a specialization in Corporate Governance from Yale University and in Boards of Directors from Chicago University. She was general manager of the Brazilian Institute of Corporate Governance - IBGC from April 2001 to January 2020. Previously, she was a member of the Board of Directors of IBGC, from 1999 to 2001. She is a Board of Directors and Auditor certified by the IBGC; member of the audit committee of the Mapfre Group, of the fiscal council of the Boticário Foundation and voluntary advisor to the international NGO Portas Abertas. She participated in international councils such as ICGN - International Corporate Governance Network, London and GNDI - Global Network of Directors Institute, USA. The CEOs of the largest governance institutes and board members in the world elected her as vice president of GNDI for 2 consecutive terms. She participated in the Singularity University Summit in 2018. She served on the advisory boards of: ISE - BMF & Bovespa Corporate Sustainability Index, from 2005 to 2011, ABN AMRO Bank Ethical Fund from 2001 to 2009. Fundação Getúlio Vargas (FGVCES) Sustainability Center, from 2003 to 2008: Exame Sustainability Guide; Governance Center of the University of São Paulo, from 2008 to 2010 and Exame Compliance Guide 2019. She served on the following Boards of Directors: Mapfre Garantias e Créditos S.A. between 2002 and 2012, Tecelagem de Fitas Progressos Ltda., from 1992 to 2002; Ph-Fit, from 2002 to 2006 and member of the Audit Committee of the Mapfre Group in Brazil, from 2006 to 2012

Israel Klabin

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Chief executive officer of Glimdas Participações S.A., the company from which Klabin originated, managing partner of Klabin Irmãos & Cia., the Klabin Group holding company. In addition to his significant experience as a business manager, having assumed the presidency when he was just 30 years old, he has a recognized track record as an environmentalist. He is president of the Brazilian Foundation for Sustainable Development (FBDS), which he helped create; a member of the independent sustainability council of the Inter-American Development Bank (IDB) and author of the book The urgency of the present: biography of the environmental crisis - A urgência do presente: biografia da crise ambiental (2011). He was one of the organizers of ECO 92, United Nations Conference on the Environment. In 1997, he chaired the Brazilian host committee of Rio+5 and was co-chair of the international committee of Rio+5. He has a degree in civil engineering and mathematics from the Federal University of Rio de Janeiro (UFRJ) and a post graduate degree from the Paris Institute of Political Studies. He was a member of the group that founded the Higher Institute for Brazilian Studies (ISEB). He was mayor of Rio de Janeiro in 1979. He is a lecturer at the Paris Institute of Political Studies, a contributor to Brazilian and international periodicals and a board member at universities, research institutes and cooperative networks, including UFRJ, the Getúlio Vargas Foundation, Harvard University, Tel Aviv University and the Sustainable Development Solutions Network (SDSN), a UN network for sustainable development solutions.

José Luis de Salles Freire

He is a founding partner of Tozzini Freire Advogados. In addition to supervising the Corporate/Mergers and Acquisitions segment, he advised clients in their areas of activity, therefore, mergers and acquisitions, matters of corporate law, tax planning, compliance and in various topics related to capital markets and publicly held companies . At the end of 2016, he retired from the Tozzini Freire office. Due to his extensive experience, he remains directly involved in the coordination of projects of great complexity for national and international companies from various sectors. Reference in the country in legal and compliance issues and in the management of professional services companies, he is frequently invited to write and speak, both in Brazil and abroad. Graduated from the Faculty of Law of the University of São Paulo (USP), in 1971, with an extension degree in Business Administration from the Getulio Vargas Foundation (FGV), from 1972 to 1974. Master in Comparative Law from New York University (NYU) in 1976, and attended the Academy of American and International Law, organized by The Center for American and International Law, USA, in 1975. President of the Board of Directors of the Center for the Study of Law Firms (CESA), Vice-President of the Executive Board of the Institute for International and Comparative Law do Center for American and International Law, member of the committees Corporate & International Trade and Banking & Finance of Pacific Rim Advisory Council (PRAC), member of the International Bar Association (IBA), member of the Inter-Pacific Bar Association (IPBA), member of the New York State Bar Association (NYSBA), a member of the American Bar Association (ABA), former President of the Center for the Study of Law Firms (CESA), former Board Member for the São Paulo Stock Exchange (B3), former President of the World Law Group (WLG) and former member of the Executive Committee and Legal Counsel of the American Chamber of Commerce (AMCHAM).

Mauro Gentile Rodrigues da Cunha

He holds a degree in Economics from the Catholic University of Rio de Janeiro and MBA from the University of Chicago. He is the Chairman of the Board of Directors of Caixa Economica Federal.

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

He was President of AMEC - Capital Market Investors Association from 2012 to August 2019. In his professional career, he worked as a manager of Opus Investimentos, and was the Chairman of the Board of Directors of the IBGC - Brazilian Institute of Corporate Governance. He also worked in several investment banks and consultancies. Today he serves as chairman of the Board of Directors of Caixa Econômica Federal. He is a member of the Board of Directors and Coordinator of the Statutory Audit and Risk Committee of Centrais Elétricas Brasileiras - Eletrobrás; he is also a member of the Board of Directors, Coordinator of the Personnel and Compensation Committee and member of the Audit Committee of BRMalls Participações S.A. and member of the Board of Directors, the Governance and Nominations Committee and the Audit Committee of Totvs S.A.

Paulo Sergio Coutinho Galvão Filho

Vice president of GL Holdings S.A., managing partner at Klabin Irmãos & Cia., the Klabin Group holding company. He is an executive officer at Tantra Participações Ltda., at GL Agropecuária Ltda and at Gepel Rural Ltda. He has a degree in business administration from the Catholic University of São Paulo and has completed the Owner/President Management Program at Harvard. He is a shareholder and member of the board of directors of Drogasil S.A, the first Brazilian retail pharmacy to have its shares traded on the stock exchange, currently operating in 17 Brazilian states with 600 stores. He supports cultural initiatives and is a member of the board of the Bienal de São Paulo Foundation, of the São Paulo Art Museum and an individual patron of the State of São Paulo Pinacoteca.

Pedro Oliva Marcilio de Sousa

Graduated in Law from the Federal University of Bahia, he is founder and Director of CRD Capital Administração de Recursos Ltda. Between 2005 and 2007, he was Director of the Brazilian Securities and Exchange Commission (CVM). He was also Vice-President of the investment banking division of Goldman Sachs Banco de Investimento SA and, between 2009 and 2010, he was Managing Director of Banco Standard de Investimento S.A., and he was responsible for the purchase and sale of companies. From 2011 to 2017, he served as Director of the BR Partners Group. Between 2012 and 2017 he was a member of the Audit Committee of B3 S.A. - Brasil, Bolsa, Balcão and, between 2012 and 2017, member of the Audit Committee of Companhia Brasileira de Distribuição (Grupo Pão de Açúcar).

Roberto Klabin Martins Xavier

Shareholder and executive officer at LKL Participações S.A and Esli Participações S/A, managing partners at Klabin Irmãos & Cia., the Klabin Group holding company. He is an executive officer and shareholder at Levine Participações S/A. He holds a degree in business administration from the Catholic University of São Paulo, a master’s degree in administration from Business School São Paulo and has completed a course in family business management at Adolfo Ibáñez University in Chile, and a course in finance at New York University. He supports and encourages social initiatives focused on education, sports and citizenship.

Roberto Luiz Leme Klabin

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

He is a lawyer, with a degree from the Largo de São Francisco Law School at the University of São Paulo. He has a specialization in business administration from Mackenzie University. He is a managing partner in these companies: KL & KL Participações Ltda; RK Hotéis e Turismo Ltda and Caiman Agropecuária Ltda. He does significant work as an environmentalist. He is president of the SOS Pantanal Foundation and vice president of the SOS Mata Atlântica Foundation; a member of the consultative council of Conservation lnternational of Brazil, of the consultative council of the National Network to Fight Wild Animal Trafficking (Renctas), of the consultative council of the Econsenso Institute and of the consultative council of the Brazilian Fund for Biodiversity (Funbio). He is also a member of the deliberative council of the Israelite Albert Einstein Hospital.

Sergio Francisco Monteiro de Carvalho Guimarães

Executive officer and full Board member at Monteiro Aranha S.A., manager at Monteiro Aranha Participações Imobiliárias S.A. and director and Board member of Charles River Capital, an Asset Management Company. He is a full member of Klabin's Board of Directors. He is an economist graduated from the Pontifical Catholic University of Rio de Janeiro. He has an MBA from Fordham University (USA) and graduated from the Owner / President Management program from Harvard Business School.

Vera Lafer

Shareholder and executive officer of VFV Participações S.A., managing partner at Klabin Irmãos & Cia., the Klabin Group holding company. She is also an executive officer and owner at these companies: VL Participações Ltda., Novo Horizonte Agropecuária Ltda., VEMI Participações Ltda., Kla Gama Agropecuária Ltda. and Lavesube Comércio e Representações Ltda. A well- known ballet dancer, her work supporting culture, art and education stands out. She was one of the creators of Studio3 Espaço de Dança, to train ballet dancers and help them reach the highest level. In the Vera Lafer Cultural Space in the town of Telêmaco Borba, Paraná, the Passo Certo (“Right Step”) program, in partnership with Studio3, teaches contemporary dance and capoeira to children and adolescents from the community and the children of Klabin’s workers aged from 6 to 17 years old. Her work in this area has caused her to receive public recognition numerous times, including a tribute from the São Paulo City Council.

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Alternate Members of the Board Candidates:

Number of Expected Election Expected Date to Mandate consecutive Indicated by Date, with the take Office, with Term, with the Other positions or office terms, CPF/ the Independent Name Birth Date Profession Position to be filled approval of the approval of approval of functions in the with the Passport Controlling member Management’s Management’s Management’s Company approval of Shareholders Proposal Proposal Proposal Management´s Proposal

Amanda Alternate Member 16 047.868.957- Only as Board 1. Klabin 08/15/19780 Administrator of the Board of 04/30/2020 04/30/2020 2021 AGM Yes No 84 Member Tkacz Directors

Alternate Member 2 Wolff 018.376.457- Only as Board 2 05/01/1973 Entrepreneur of the Board of 04/30/2020 04/30/2020 2021 AGM Yes No Klabin 95 Member Directors

Alternate Member 17 Alberto Mechanical 261.062.567- Only as Board 3 06/10/1951 of the Board of 04/30/2020 04/30/2020 2021 AGM Yes No Klabin Engineer 72 Member Directors

Alternate Member 2 Francisco 038.613.618- Only as Board 4 05/30/1957 Lawyer of the Board of 04/30/2020 04/30/2020 2021 AGM Yes No Lafer Pati 17 Member Directors

Francisco Alternate Member 2 019.167.269- Only as Board 5 Amaury 11/22/1949 Administrator of the Board of 04/30/2020 04/30/2020 2021 AGM Yes Yes 68 Member Olsen Directors

Lawyer and Alternate Member 2 Celso 001.913.298- Only as Board 6 08/07/1941 University of the Board of 04/30/2020 04/30/2020 2021 AGM Yes Yes Lafer 00 Member Professor Directors

Vivian do Valle Alternate Member 2 088.036.718- Only as Board 7 Souza 04/03/1962 Lawyer of the Board of 04/30/2020 04/30/2020 2021 AGM Yes Yes 03 Member Leão Directors Mikui

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Lilia Alternate Member 5 300.825.448- Only as Board 8 Klabin 08/24/1939 Entrepreneur of the Board of 04/30/2020 04/30/2020 2021 AGM Yes No 91 Member Levine Directors

Marcelo Alternate Member 3 Bertini de 813.071.527- Only as Board 9 09/26/1963 Economist of the Board of 04/30/2020 04/30/2020 2021 AGM Yes Yes Rezende 91 Member Directors Barbosa

Ruan Alternate Member 0 143.957.877- Only as Board 10 Alves 10/20/1993 Entrepreneur of the Board of 04/30/2020 04/30/2020 2021 AGM No Yes 03 Member Pires Directors

Joaquim Pedro Monteiro 2 085.081.467- Alternate Member Only as Board 11 de 08/07/1978 Entrepreneur 04/30/2020 04/30/2020 2021 AGM No Yes 79 of the Board of Member Carvalho Directors Collor de Mello

Vera Lafer Alternate Member 3 060.657.498- Only as Board 12 Lorch 07/27/1964 Entrepreneur of the Board of 04/30/2020 04/30/2020 2021 AGM Yes No 00 Member Cury Directors

Alternate Member Tiago Curi 303.612.048- Only as Board 13 06/16/1982 Administrator of the Board of 04/30/2020 04/30/2020 2021 AGM No Yes 0 Isaac 33 Member Directors

Production Alternate Member 0 Richard 050.889.168- Only as Board 14 12/01/1963 Mechanical of the Board of 04/30/2020 04/30/2020 2021 AGM No Yes Doern 09 Member Engineer Directors

Each of the candidates individually declared that, in the past 5 years, the Brazilian Securities and Exchange Commission - CVM did not convict them in any administrative proceedings or that they had no other conviction in other judicial or administrative spheres that led to their suspension or disqualification from practicing any professional or commercial activity. .

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

ALTERNATE BOARD MEMBERS CURRICULUM

Alberto Klabin

He holds a degree in production mechanical engineering from the Catholic University of Rio de Janeiro, in psychology from Estácio de Sá University, and from the Brazilian War College. He has solid experience as an assistant executive officer in Klabin family companies. He was relationship manager at Chemical Bank, in New York, and at Banco Norchem S.A., in Rio de Janeiro

Amanda Klabin Tkacz

She is part of the corporate structure of Galt Capital, a consultancy specialized in the analysis and proposal of investments, and is responsible for the strategic positioning. Graduated in Business Administration from IBMEC, graduated from the Owners / Presidents Management Program at Harvard and took the Private Wealth Management course at Wharton School of Business. She acquired recognized competence in strategic business planning, mergers and acquisitions and risk management through her experience and training.

Celso Lafer

Professor emeritus at the Institute of International Relations at the University of São Paulo (USP), where he taught as a full professor in the Department of Philosophy and General Theory of Law of the University of São Paulo Law School until 2011. He holds a PhD in political science from Cornell University (USA). He is a lawyer, expert in human rights and specialist in international relations and foreign trade. In 1992, he was the Brazilian Minister of Foreign Affairs and vice chairperson ex officio of the UN Conference on the Environment and Development, Rio-92. During his second term as the Brazilian Minister of Foreign Affairs in 2001-2002, he led the Brazilian delegation at the Ministerial Conference of the World Trade Organization in Doha. He was the Brazilian Minister for Development, Industry and Trade in 1999 and Ambassador and Head of Brazil’s Permanent Mission at the United Nations and World Trade Organization in Geneva in1995-1998. In 1996 he chaired the WTO dispute resolution body and in 1997 he chaired the WTO’s General Council. He is a member of the Brazilian Academy of Letters and the Brazilian Academy of Sciences. He was chairperson of the board of directors of Metal Leve S/A. Indústria e Comércio (1993-1995), member of the board of directors of São Paulo State Symphonic Orchestra Foundation - Fundação Osesp (2005-2011) and president of Fundação de Amparo à Pesquisa do Estado de São Paulo (Fapesp). He is currently president of the Ema Klabin Foundation and chairperson of the governing board of the Lasar Segall Museum and of the editorial board of the magazine Política Externa (External Policy). He is a member of the consultative council of the Associação Pinacoteca Arte e Cultura in São Paulo. He has written various books, including: The reconstruction of human rights, a dialogue with the thoughts of Hannah Arendt - A reconstrução dos direitos humanos, um diálogo com o pensamento de Hannah Arendt (1988); Trade, disarmament, human rights - reflections on a diplomatic experience - Comércio, desarmamento, direito humanos – reflexões sobre uma experiência diplomática (1999), The internationalization of human rights: Constitution, racism and international relations – A internacionalização dos direitos humanos: Constituição, racismo e relações internacionais (2005), as co-author with Alberto Filippi. He has received a number of honors, including: doctor honoris causa from the University of Tres de Febrero - UNTREF, in

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Argentina (2011) and from the Jean Moulin Lyon 3 University, in France (2012); he is an Honorary Fellow of the Hebrew University in Jerusalem (2006); and received the Moinho Santista prize from the Bunge Foundation in the area of International Relations (2001). In 2006, he held the Countries and Cultures of the South Chair at the John W. Kluge Center of the Library of Congress in the United States.

Francisco Amaury Olsen

Former president of Tigre Brasil, he holds a bachelor's degree in Business Administration, with an extension degree in Business Administration from the University of Southern California (Advanced Management). He is currently an independent member of the Board of Directors of Duratex, where he has also been, since April 2013, a member of the People, Governance and Nomination Committee, the Sustainability Committee and the Committee for Evaluation of Related Party Transactions, of which he was president from 2013 to April 2014. Still at Duratex, between 2013 and 2014, he served on the Audit and Risk Management Committee. Since 2014, he has been Vice-Chairman of the Board of Directors, Chairman of the Audit, Risk and Finance Committee and member of the Integration Committee of Martins Comércio e Serviço de Distribuição. Since 2013, he is a member of the Board of Directors of the Rotoplas Group, where he joined the Audit, Risk and Finance Committee two years later.

Francisco Lafer Pati

Shareholder and executive officer at VFV Participações S.A., managing partner at Klabin Irmãos & Cia., the Klabin Group holding company. He has a degree in law and in philosophy from the Catholic University of São Paulo and a post graduate degree in corporate law from the Getúlio Vargas Foundation. He has experience in civil, corporate and contract law cases. Since 2011, he has been an executive officer at a communications group that produces journalistic content.

Joaquim Pedro Monteiro de Carvalho Collor de Mello

Investor Relations Officer and alternate member of the Board of Directors of Monteiro Aranha and director and adviser of Charles River Capital, Asset Management Company. Full member of Klabin's Board of Directors. He was a director of Astor Group, American company specialized in mergers and acquisitions. He was director of the Arnon de Mello Organization, a conglomerate of communication companies. He graduated in International Relations with specialization in International Economics from Georgetown University (USA) - magna cum laude. He holds an MBA from Harvard Business School (USA).

Lilia Klabin Levine

Businessperson, president of LKL Participações S.A. and of Esli Participações S/A., managing partners of Klabin Irmãos & Cia., the Klabin Group holding company. She is an executive officer at Jack Levine Participações Ltda. and a shareholder in Levine Participações S/A. She has a law degree from Mackenzie University, and studied at the São Paulo School of Sociology and Politics and she has an extension course in administration at the Getulio Vargas Foundation, in São

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Paulo. She works as an interviewer and program hostess on television. She has supported and encouraged Brazilian Popular Music, or MPB, style of music for over 20 years.

Marcelo Bertini de Rezende Barbosa

He holds a degree in economics and a post graduate degree in finance from the Catholic University of Rio de Janeiro, with a specialization from the Harvard Business School. He is currently a partner in nine businesses in the state of São Paulo. He has worked at well-known companies, including IBM Brazil and McKinsey, with experience in the accounting, finance and auditing areas. He is the CEO of Cinemark Brasil and was previously its chief financial officer and vice president. He is also president of the Brazilian Association of Multiplex Movie Theater Exhibition Companies ABRAPLEX and a member of the strategy committee of the Brazilian Association of Shopping Mall Store Owners (Alshop).

Richard Doern

He graduated in Mechanical Production Engineering at the Faculty of Industrial Engineering, he has a postgraduate degree in Marketing from the Escola Superior de Propaganda e Marketing, an MBA in Controllership and Finance from the University of São Paulo and a specialization in Governance, Risks and Compliance from Risk University. He has experience on Boards of Directors, with emphasis on family business groups in processes of succession, professionalization or implementation of the best Corporate Governance practices. He is a Board Member certified by the IBGC in the “with experience” category. He has 20 years of experience in turnaround processes (revitalizing companies), having served as interim executive president during the critical phases of the process. 7 years experience as a consultant in administration and business organization, having led organizational transformation processes in more than 75 companies of different sizes and market segments, both in Brazil and abroad. He is a member of the Boards of Directors of Track & Field, Leforte Hospitals Network, FCC Indústria e Comércio, Ráscal and Kinoplex - Cinemas Severiano Ribeiro. He also served as a Board of Directors or Cultural Adviser at Calçados Piccadilly, Grupo Mater, Soprano, Grupo Educacional Tiradentes and Grupo Stefani.

Ruan Alves Pires

Partner and analyst at Charles River Capital. He joined Charles River Capital in 2013, where he was the Compliance and Risk Officer and works in the equity research department. He holds a degree in Mechanical and Automotive Engineering from the Military Engineering Institute (IME).

Tiago Curi Isaac

He has experience as a member of the Board of Directors and Fiscal Council of several companies and entities, such as: BBM Logística, Mercaprev, ABRASCA and ABVCAP. He graduated in Business Administration from Trevisan College, having completed the Advanced Management Program at ESADE Business School and specializing in Competitive Marketing Strategy at the University of Pennsylvania's Wharton School. He was director of Capital Markets at B3.

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Vera Lafer Lorch Cury

She is a shareholder in VFV Participações S.A. and managing partner at Klabin Irmãos & Cia, the Klabin Group holding company. She has broad experience in leadership positions acquired in the management of the five companies in which she is a partner. These include Fazenda e Haras Boa Vista Ltda., which specializes in agricultural support activities.

Vivian do Valle Souza Leão Mikui

She graduated in Law from Faculdades Metropolitanas Unidas - FMU (1988) and in business administration from Instituto Presbiteriano Mackenzie (1998). She has been a partner of the law firm Leão and Tohmé Advogados Associados, for 15 years. She is a participant of the Fiscal Council of Klabin S.A. since 2005.

Wolff Klabin

He started his career at Goldman Sachs and later working in the mergers and acquisitions and credit departments of Banco JP Morgan. Since 2006 he is a partner at Jardim Botânico Partners Asset Manager. He is also a member of the ORT Brasil Council, a school focused on nonprofit vocational education in Rio de Janeiro and of the David Rockfeller Center for Latin American Studies of the Harvard University. He also serves as an alternate member of the Board of Directors of Klabin S.A. since 2019

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Full Member of the Fiscal Council Candidates

Number of Expected Expected Date Other Mandate consecutive Election Date, to take Office, positions Indicated by Term, with the office terms, CPF/ Position to be with the with the or the Independent Name Birth Date Profession approval of with the Passport filled approval of approval of functions Controlling member Management’s approval of Management’s Management’s in the Shareholders Proposal Management´s Proposal Proposal Company Proposal

Member of Only of the 4 João Adamo 132.904.408- 1. 12/29/1969 Lawyer the Fiscal 04/30/2020 04/30/2020 2021 AGM Fiscal Yes No Junior 85 Council Council

Member of Only of the 17 João Alfredo 027.023.637- 2. 06/25/1940 Accountant the Fiscal 04/30/2020 04/30/2020 2021 AGM Fiscal Yes No Dias Lins 68 Council Council

Member of Only of the Raul Ricardo 773.617.257- 3. 04/05/1966 Economist the Fiscal 04/30/2020 04/30/2020 2021 AGM Fiscal Yes No 2 Paciello 91 Council Council

Maurício Member of Only of the 2 694.701.200- 4. Aquino -- Accountant the Fiscal 04/30/2020 04/30/2020 2021 AGM Fiscal No Yes 78 Halewicz Council Council

Member of Only of the 2 Lawyer and 343.307.008- 5. Louise Barsi 09/07/1994 the Fiscal 04/30/2020 04/30/2020 2021 AGM Fiscal No Yes Accountant 32 Council Council

Each of the candidates individually declared that, in the past 5 years, the Brazilian Securities and Exchange Commission - CVM did not convict them in any administrative proceedings or that they had no other conviction in other judicial or administrative spheres that led to their suspension or disqualification from practicing any professional or commercial activity.

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

FULL FISCAL COUNCIL MEMBERS CURRICULUM

João Adamo Junior

Founding Director and Manager, he has 26 years of experience in the financial market. He is Brazilian Securities and Exchange Commission - CVM registered portfolio manager and a member of the executive committee and investment committee at Cadence Asset Management. He has held various executive officer positions at well-known institutions, including: vice president of structured products at Banco Fenícia, from 1993 to 1997; head of structured products at Deutsche Bank from 1997 to 2000; founder of the joint venture Maxblue DTVM of Deutsche Bank with Banco do Brasil, where he served as CEO; he was deputy head of the wealth management products platform at UBS São Paulo from 2003 to 2007, in 2006 he also served as senior executive in the integration of Banco Pactual with the UBS worldwide platform and, in 2007, as the executive director of Vision Brazil Investments; he was an executive officer and member of the executive committee at Mainstay Asset Management and a member of the fiscal council of Net from 2012 to 2013. He was the founding partner of More Invest Asset Management. He has a law degree from the Largo São Francisco Law School at the University of São Paulo and a degree in business administration from FGV-EAESP.

João Alfredo Dias Lins

He has a degree in accounting from the Moraes Junior College of Accounting and Administrative Sciences in Rio de Janeiro since July 30, 1970. He began his career in 1962 at the auditing firm Price Waterhouse & Peat, currently PriceWaterhouseCoopers, leaving the firm in April 1971 as auditing manager. He joined Klabin Irmãos & Cia. in May 1971 and remained until December 1980, when he began working as a business consultant. He completed the Advanced Management Programme at the Institut Européen d’Administration des Affaires - INSEAD, in Fontainebleau, France, in 1988. He has been a fiscal council member at Klabin S.A. since January 13, 1981. He is vice chairperson of the board of trustees of the Getúlio Vargas Foundation and chairperson of the fiscal council of the Brazilian Foundation for Sustainable Development (FBDS).

Raul Ricardo Paciello

Risk, Compliance and Governace Manger at Montero Aranha’s Financial, IT and Compliance Manager. He is a member of the Klabin’s Fiscal Council. He was Risk, Compliance and PLD Manager at Charles River Asset Management and Chief Financial Officer of EMI Music, an English company in the phonographic field. He held various managing, planning and control positions in different multinational companies in various sectors, such as: Packaging, Oil and Gas, Technology, Personal Hygiene and Tobacco. He is an Economist graduating from the Universidade Gama Filho - UGF, holds a Master's degree in Business Administration and an MBA in Corporate Finance obtained at IBMEC, and a post-graduate degree in Economic Engineering and Industrial Administration from the National School of Engineering of the Federal University of Rio de Janeiro.

Louise Barsi

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

She holds a degree in economics from Presbyterian University Mackenzie and in accounting sciences from Fundação Álvares Penteado School of Commerce, and a postgraduate degree in Capital Markets. Currently she is taking a post-MBA in Advanced Boardroom Program for Women at Saint Paul’s School of Business. She currently serves as an alternate member of the Board of Directors of Unipar Carbocloro S.A., as a board member at Eternit S.A., as a member of the Fiscal Council of AES Tietê and Banco Santander. She also acts as an independent CNPI registered investment analyst.

Maurício Aquino Halewicz Mr. Halewicz holds a degree in Accounting from the Federal University of Rio Grande do Sul and one in Economic Engineering from the Presbyterian University Mackenzie. He holds an MBA in Corporate Finance from Fundação Getúlio Vargas - FGV, post-graduation in Economic Engineering from Presbyterian University Mackenzie and a specialization in management from the University of Virginia (Darden School of Business Administration). He currently serves as Chief Financial Officer of ContouGlobal (worldwide energy player) for Latin America, is a former Chairman of the Fiscal Council of Fibria Celulose SA, an alternate member of the Fiscal Council of Eneva S/A (a company that operates in the electric power generation sector), and since November 2012, he is CFO of SPIC Pacific Hydro Energias do Brasil Ltda. (a company that operates in the clean energy sector). He also worked at Fibria Celulose S.A., between 2009 and 2013 as an alternate member of the Board of Directors and of the Audit and Risk Committee. He held the position of Investor Relations Officer, Controlling Officer and Corporate Superintendent of Controllership of Rede Energia S.A. (a public company that operates in the energy sector).

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Alternate Members of the Fiscal Council Candidates

Number of Expected Expected Date Mandate Term, consecutive Election Date, to take Office, with the Other positions Indicated by office terms, Position to be with the with the Independent Name Birth Date Profession CPF/ Passport approval of or functions in the Controlling with the filled approval of approval of member Management’s the Company Shareholders approval of Management’s Management’s Proposal Management´s Proposal Proposal Proposal

Administrator Mario Antonio Alternate Fiscal Only Fiscal 1. 12/29/1944 and 063.857.108-15 04/30/2020 04/30/2020 2021 AGM Yes No 2 Luiz Corrêa Council Council Accountant

Antonio Alternate Fiscal Only Fiscal 2. Marcos Vieira 03/17/1964 Economist 053.610.478-64 04/30/2020 04/30/2020 2021 AGM Yes No 2 Council Council Santos

Alternate Fiscal Only Fiscal 3. Felipe Hatem 09/19/1990 Engeneer 189.836.057-02 04/30/2020 04/30/2020 2021 AGM Yes No 0 Council Council

Geraldo Alternate Fiscal Only Fiscal 4. Affonso -- Economist 064.409.028-65 04/30/2020 04/30/2020 2021 AGM No Yes 2 Council Council Ferreira

Tiago Brasil Alternate Fiscal Only Fiscal 5. 10/26/1975 Administrator 251.877.268-54 04/30/2020 04/30/2020 2021 AGM No Yes 0 Rocha Council Council

Each of the candidates individually declared that, in the past 5 years, the Brazilian Securities and Exchange Commission - CVM did not convict them in any administrative proceedings or that they had no other conviction in other judicial or administrative spheres that led to their suspension or disqualification from practicing any professional or commercial activity.

0

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

ALETERNATE MEMBERS OF THE FISCAL COUNCIL CURRICULUM

Antonio Marcos Vieira Santos

He graduated in Economic Sciences from Universidade São Judas Tadeu -São Paulo- SP, concluded in 1987, having worked in the accounting sector since 1985 and in the financial segment for over 20 years, having held intermediate and leadership positions in companies such as: Siemens and McCann Erickson Advertising. Member of the Fiscal Council of Klabin S.A. since April 1998.

Felipe Hatem

He is a partner and Risk, Complanasse and PLD Manager at Charles River Capital, a company he joined in 2016. At Charles River Capital, he previously was an equity analyst. He was an analyst at Vinci Partners and BBM Investimentos Asset Managers. He holds a degree in Production Engineering from the Federal University of Rio de Janeiro (UFRJ) and is CFA (Chartered Financial Analyst) certified.

Geraldo Affonso Ferreira

Mr. Ferreira graduated in Economics from the Pontifical Catholic University of Campinas and holds an MBA from the University of São Paulo. He currently serves as a member of the Audit Committee of SPTrans and CET, in addition to being a member of the Sustainability Committee and the thematic Committee of the Brazilian Institute of Corporate Governance - IBGC. In his professional career, he has worked for the pulp and paper sectors and the forestry industry. He has expertise in P&L management, international business development, marketing and commercial, strategic and global vision of business, finance, world production chain, among other business areas, in addition to having obtained several certifications granted by IBGC.

Mario Antônio Luiz Corrêa

He is a Bachelor of Business Administration and Accounting. He currently holds the position of Controller at Tantra Participações Ltda., GL Holdings S.A., GL Agropecuária Ltda. and Gepel Rural S.A. In the past, he served as a tax advisor in companies controlled by the Klabin Group, such as Celucat S.A., Papelão Ondulado do Nordeste S.A., Ponsa and Bacell S.A. Currently, he is a full member of the Fiscal Council of Raia Drogasil S.A.

Tiago Brasil Rocha

He graduated in Business Administration from Universidade Mackenzie. He holds a postgraduate degree in Business Economics from the University of São Paulo – USP, Master in Business Administration from Fundação Getúlio Vargas - FGV and Executive MBA from Oxford University, England, UK. He is the Founder and General Manager of

0

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Build from Scratch and represents the Green Innovation Group A/S for Latin America. He is a Partner at SC Connection and member of the Advisory Board of GotChosen (Orlando, FL, USA). He worked at Klabin S.A., São Paulo, SP, from November 2011 to March 2018. Between April 2004 and November 2011, he worked at Kimberly Clark Corporation (Dallas, TX, USA and São Paulo, SP). He also worked at Suzano Pulp and Paper Group from April 2000 to April 2004.

12.6. Inform, in table format, the percentage of participation of each person who served as a member of the board of directors or of the fiscal council in the meetings held by the respective body in the last fiscal year, which occurred after each person took office The table below provides information only in relation to the current directors who are candidates for election at the 2020 Annual General Meeting, based on the positions they held during the 2019 fiscal year.

BOARD OF DIRECTORS

Total meetings held % Participation of Full Members since the person took member since taking office (1) office

Daniel Miguel Klabin 16 56%

Armando Klabin 16 100%

Pedro Oliva Marcilio de 16 100% Sousa

José Luis de Salles Freire 16 100%

Horacio Lafer Piva 16 100%

Israel Klabin 16 0

Paulo Sergio Coutinho 16 100% Galvão Filho

Roberto Klabin Martins 16 100% Xavier

Roberto Luiz Leme Klabin 16 100%

Joaquim Pedro Monteiro de 16 100% Carvalho Collor de Mello

Sergio Francisco Monteiro de 16 100% Carvalho Guimarães

1

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Vera Lafer 16 100%

Mauro Gentile Rodrigues da 16 100% Cunha

% Participation of Alternate Members member since taking office

Amanda Klabin Tkacz 16 43,75%

Wolff Klabin 16 25%

Alberto Klabin 16 31,25%

Francisco Lafer Pati 16 0

Francisco Amaury Olsen 16 31,25%

Celso Lafer 16 100%

Vivian do Valle S. L. Mikui 16 31,25%

Lilia Klabin Levine 16 6,25%

Marcelo Bertini de Rezende 16 25% Barbosa

Camilo Marcantonio Junior 16 31,25%

Vera Lafer Lorch Cury 16 0

(1) The calculation of the total number of meetings held by the Board of Directors considered 5 ordinary and 11 extraordinary meetings. FISCAL COUNCIL

% Participation of Total meetings held since Full Members member since taking the person took office (2) office

João Alfredo Dias Lins 10 100%

João Adamo Junior 10 100%

Raul Ricardo Paciello 10 100%

Louise Barsi 10 100%

Maurício Aquino Halewicz 10 100%

2

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

% Member Alternate Members Total meetings held participation

Antonio Marcos Vieira 10 10% Santos

Geraldo Affonso Ferreira 10 20% Filho

Mario Antonio Luiz Corrêa 10 20%

Ruan Alves Pires 10 10%

(2) The calculation of the total number of meetings held by the Fiscal Council considered 5 ordinary and 5 extraordinary meetings

12.7. Members of statutory committees, audit committees, risk committees, financial committees and compensation committee:

The Company had no active committees during 2019.

12.8. Percentage of participation of each person who served as a member of statutory committees, audit committees, risk committees, financial committees and compensation committee in the meetings held during the last fiscal year by the respective committee and which occurred after each person took office:

The Company had no active committees during 2019.

3

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

12.9. Existence of a marriage, domestic partnership or kinship to the second- degree related to (i) managers of the Company, (ii) managers of the Company and of direct and indirect subsidiaries of the Company, (iii) managers of the Company or of its direct and indirect subsidiaries or its direct or indirect parent companies; and (iv) managers of the Company and managers of the direct or indirect parent companies.

The information included in this item relates only to candidates for the positions of full and alternate members of the Board of Directors and the Fiscal Council presented in this Proposal.

4

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

GL Holdings S.A. CNPJ/MF 53.728.895/0001-41 Nome e Cargo CPF Pessoa Relacionada CPF Tipo de parentesco Paulo Sergio Coutinho Galvão Graziela Lafer Galvão Filho 040.443.368-57 012.072.688-28 Pai ou Mãe (1° grau por consangüinidade) Presidente Vice-Presidente

Dawojobe Participações S.A. CNPJ/MF 30.280.465/0001-04 Nome e Cargo CPF Pessoa Relacionada CPF Tipo de parentesco Israel Klabin 008.143.857-53 Irmão ou Irmã (1° grau por consangüinidade) Diretor Armando Klabin Daniel Miguel Kabin 008.144.407-97 008.143.777-34 Irmão ou Irmã (1° grau por consangüinidade) Presidente Diretor Wolff Klabin 018.376.457-95 filho (1° grau por consangüinidade) Acionista

Daro Participações S.A. CNPJ/MF 008.143.777-34 Nome e Cargo CPF Pessoa Relacionada CPF Tipo de parentesco Armando Klabin 008.144.407-97 Irmão ou Irmã (1° grau por consangüinidade) Diretor Daniel Miguel Klabin Israel Klabin 008.143.777-34 008.143.857-53 Irmão ou Irmã (1° grau por consangüinidade) Presidente Diretor Amanda Klabin Tkacz 047.868.957-84 Filho ou Filha (1º grau por consanguinidade) Acionista

Glimdas Participações S.A. CNPJ/MF 30.526. 602/0001-48 Nome e Cargo CPF Pessoa Relacionada CPF Tipo de parentesco Armando Klabin 008.144.407-97 Irmão ou Irmã (1° grau por consangüinidade) Diretor Israel Klabin Daniel Miguel Klabin 008.143.857-53 008.143.777-34 Irmão ou Irmã (1° grau por consangüinidade) Presidente Diretor Alberto Klabin 261.062.567-72 Filho ou Filha (1º grau por consanguinidade) Acionista

VFV Participações S.A. CNPJ/MF 72.872.146/0001-38 Nome e Cargo CPF Pessoa Relacionada CPF Tipo de parentesco Francisco Lafer Pati 256.483.558-90 Filho ou Filha (1º grau por consanguinidade) Diretor 380.289.138-49 Vera Lafer Vera Lafer Lorch Cury 060.657.498-000 Filho ou Filha (1º grau por consanguinidade) Presidente Diretora

LKL Participações S.A. CNPJ/MF 00. 288.075/0001-10 Nome e Cargo CPF Pessoa Relacionada CPF Tipo de parentesco Lilia Klabin Levine Roberto Klabin Martins Presidente 300.825.448-91Xavier 153.181.088-81 Filho ou Filha (1º grau por consanguinidade) Diretor

Presh S.A. CNPJ/MF 53.728.903/0001-50 Nome e Cargo CPF Pessoa Relacionada CPF Tipo de parentesco Horácio Lafer Piva - Eduardo Lafer Piva - 038.613.618-17 029.198.238-76 Irmão ou Irmã (1° grau por consangüinidade) Diretor/Acionista Diretor/Acionista

5

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

12.10 – Subordination, services rendered or control relationship between administrators and (i) a company controlled, directly or indirectly, by the Company, with the exception of those in which the Company holds, directly or indirectly, 100% of the capital, (ii) direct or indirect controller of the Company, and (iii) if relevant, supplier, customer, debtor or creditor of the Company, of its subsidiary or parent companies or subsidiaries of any of these persons. The information included in this item relates only to candidates for the positions of full and alternate members of the Board of Directors and the Fiscal Council presented in this Proposal

Klabin Irmãos e Cia.

Year Name Position Type of Relationship 2019 João Alfredo Dias Lins Fiscal Council Service rendering 2018 João Alfredo Dias Lins Fiscal Council Service rendering 2017 João Alfredo Dias Lins Fiscal Council Service rendering

6

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

APPENDIX IV

PROPOSAL FOR COMPENSATION OF MANAGEMENT INSTRUCTION 481, ARTICLE 12, ITEM I

Pursuant to article 12, item I, of Instruction 481, we present the proposal for annual and global compensation for the members of the Board of Directors, the statutory and non- statutory Executive Board and individual members of the Company's Fiscal Council, as approved during the Board of Directors’ meeting held on February 5, 2020.

Therefore, for the fiscal year ending on December 31, 2020, we propose as compensation for the Board and members of the Fiscal Council the amount of up to R$50,793,468.37 (fifty million, seven hundred and ninety-three thousand, four hundred sixty-eight reais and thirty-seven cents), of which (a) R $ 48,685,733.04 (forty-eight million, six hundred and eighty-five thousand, seven hundred and thirty-three reais and four cents) intended for the compensation of the Company's management; and (b) R$2,107,735.33 (two million, one hundred and seven thousand, seven hundred and thirty-five reais and thirty-three cents) for the compensation of the members of the Fiscal Council, being certain that the compensation of each individual member is equal to 10% (ten percent) of the compensation that, on average, is attributed to each member of the Company's Executive Board (not counting benefits, representation fees and profit sharing), as provided for in paragraph 3 of art. 162 of the LSA (Publically Listed Companies Law).

The global management compensation includes the amounts that refer to salary / pro- labore, benefits, variable compensation and social security contribution accounted for in the Company's results, being the responsibility of the Company's Board of Directors the determination of individual compensations and, if applicable, the grant of representation fees and benefits of any nature, according to article 152 of the LSA (Publically Listed Companies Law).

Management clarifies that the determination of the overall compensation of managers is due to the great experience of the managers and the high level of knowledge required in relation to the activities and operations of the Company. It also considered the manager’s solid market reputation, as well as the need to maintain and enhance the Company's individual talents, inserted in an increasingly competitive market.

7

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

APPENDIX V

PROPOSAL FOR COMPENSATION OF MANAGEMENT INSTRUCTION 481, ARTICLE 12, ITEM II

13.1. Compensation policy and practice for the board of directors, statutory and non-statutory executive board, fiscal council, statutory committees and audit, risk, financial and compensation committees regarding the following aspects a) Objectives of the compensation policy or practice informing whether the compensation policy got formal approval, the body responsible for its approval, the date of approval and, should the Company disclose the policy, locations on the world wide web where it is possible to consult the document;

Our compensation practices aim to (i) obtain the alignment of managers and employees with the Company's strategy, (ii) adequately compensate our managers and employees through competitive compensation in comparison to the selected market, (iii) attract, maintain and recognize high performance professionals, stimulating a meritocratic culture, and (iv) reflect short and long term results, as well as the individual performance of managers and employees b) Compensation breakdown, indicating:

(i) Description of the elements of the compensation and the purpose of each one

Board of Directors and Fiscal Council Compensation of the Board of Directors and of the Fiscal Council aims to compensate the job description of the position. Members receive fixed monthly fees and benefits (life insurance and medical assistance). Statutory Executives Compensation of the Statutory Executives consists of monthly fees, short and long-term incentives, benefits (life insurance, medical assistance, food vouchers, meal vouchers, private pension and check-up) and FGTS (Guarantee Fund for Service Time). The strategy for fixed compensation (monthly fees) is to align compensation with the median for the selected market, in addition to the benefits package practices adopted. For short- and long-term incentives, the Company adopts indicators aligned with the strategy and business cycle, allowing greater alignment with shareholders. In comparison to our selected market, we maintain a position in the 3rd quartile, strengthening the relationship between compensation and Klabin's healthy and sustainable growth. Non-Statutory Executives Compensation for the Non-Statutory Executives consists of base salary, short and long- term incentives, benefits (life insurance, medical assistance, food vouchers, meal

8

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br vouchers, private pension and check-up) and legal rights provided for by the legislation (vacations, 13th salary and FGTS - Guarantee Fund for Service Time). Our strategy for fixed compensation and short and long-term incentives is the same as that established for Statutory Executives. (ii) Each element’s stake in the total compensation during the last three fiscal years:

Board of Fiscal Statutory Non-statutory 2019 Directors Council Executives Executives

Fees / Fixed compensation 93.1% 94.3% 31.9% 41.2%

Benefits 6.9% 5.7% 4.2% 5.6%

Variable compensation – short term 0.0% 0.0% 40.7% 33.8% Variable compensation – long term 0.0% 0.0% 23.2% 19.4%

Board of Fiscal Statutory Non-statutory 2018 Directors Council Executives Executives

Fees / Fixed compensation 93.3% 94.5% 33.6% 42.0% Benefits 6.7% 5.5% 4.4% 6.1%

Variable compensation – short term 0.0% 0.0% 38.8% 32.6%

Variable compensation – long term 0.0% 0.0% 23.2% 19.4%

Board of Fiscal Statutory Non-statutory 2017 Directors Council Executives Executives

Fees / Fixed compensation 94.1% 94.5% 33.4% 42.3%

Benefits 5.9% 5.5% 5.6% 8.5% Variable compensation – short term 0.0% 0.0% 40.6% 32.8%

Variable compensation – long term 0.0% 0.0% 20.3% 16.4%

(iii) Methodology for calculating and adjusting each of the elements of compensation

The Company’s Annual Shareholders’ General Meeting establishes the annual amount of compensation for management (Board Members and Statutory Officers). The Company has the support of Korn Ferry Hay Group do Brasil, a specialized consultancy hired to carry out the annual salary survey based on companies with similar characteristics to the Company and seen by the market as having good management 9

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br and human resources practices, to analyze the competitiveness of the Company’s compensation practices in relation to the selected market. For salary adjustment we evaluate decisions, deliveries, skills, performance, potential and salary positioning are, subsidized by market research

(iv) Reasons that justify the composition of compensation

The Company established the breakdown of compensation in order to attract, retain and recognize the performance of our professionals; align our practices with good market practices; seek commitment to results and alignment with the Company's strategic objectives.

(v) Existence of members not paid by the Company and the reason for this

There are none. c) main performance indicators taken into account in determining each compensation element;

- STI (ICP): for short-term incentives we use financial performance indicators (EBITDA, Net Revenue, Working Capital) as parameters and individual targets that measure the performance of each Executive Some examples of individual goals set for our executives: financial, operational, productivity, talent management, innovation, sustainability, among others. In relation to the long-term incentive, we established two programs with the objective of stimulating the achievement of results and aligning the interests of participants with those of the Company's shareholders:

- LTI (ILP) Matching: unit-based program (KLBN11) with 3-year vesting. We link the performance indicator to the Company's operational performance and value generation.

- LTI (ILP) Performance: we condition this program to the generation of value for the Company using the TSR (Total Shareholder Return) indicator in relation to the cost of equity (KE). The value corresponds to 25% of the STI (ICP) target of the executives with a 5 year vesting period. d) how compensation is structured to reflect the evolution of the performance indicators For short-term incentives we assign weights to each indicator, as shown below

10

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

- 55% tied to the EBITDA performance indicator - 15% tied to the Net Revenue performance indicator - 10% tied to the Working Capital performance indicator. - 20% tied to individual goals accorded at the beginning of each year.

At the end of each year, we determine the achievement of goals. The payment of the short-term incentive can vary from 0% to 150%, considering that 100% is for those that are on target e) how does the compensation policy or practice align with the Company's short, medium and long term interests The Company seeks alignment through competitive salaries and a benefits package compatible with the market, enabling the Company to attract qualified and high- performance professionals in the short term. The Company seeks alignment through the STI (ICP) program in the medium term, as described in the previous items, composed by financial and individual performance indicators, in line with the company's annual strategy. In the long term the company strengthens its commitments and interest convergence between the Company, shareholders and employees, through the LTI (ILP) Matching and LTI (ILP) Performance programs, described in the previous items f) existence of compensation borne by subsidiaries, controlled companies or direct or indirect parent companies There is no compensation or benefits borne by the Company's direct or indirect subsidiaries, subsidiaries or parent companies. g) existence of any compensation or benefit tied to the occurrence of a particular corporate event, such as the disposition of equity control of the Company. There are no compensations or benefits tied to the occurrence of corporate events, however, within the scope of the Company's long-term incentive, in the event of a change in the controlling shareholder, there is an anticipation of the vesting period, releasing the executive from conferring the preemptive right to the Company of the acquired units and anticipating the transfer of ownership of units linked to usufruct h. practices and procedures adopted by the board of directors to define the individual compensation of the board of directors and board of executive officers, indicating:

11

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br i. the Company's bodies and committees that participate in the decision-making process, identifying the form of their participation During the Company’s Annual General Meeting shareholders approve the annual amount for the overall compensation of its administrators (Board Members and Statutory Executives), based on a proposal previously discussed and approved by the Board of Directors based on technical recommendation ii. criteria and methodology used to determine individual compensation, indicating whether market practices are verified through the use of studies and, if so, the criteria for comparison and the scope of these studies The Company has the support of the Korn Ferry Hay Group do Brasil, a specialized consultancy hired to carry out the annual salary survey based on companies with characteristics similar to the Company and recognized by the market for having good management and human resources practices, for analyzing the competitiveness of the Company’s compensation practices in relation to the selected market. iii. how often and how does the board of directors assess the adequacy of the Company's compensation policy The Company's Board of Directors annually evaluates the Company's compensation policy.

12

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

13.2 - Total compensation of the board of directors, statutory executive officers and fiscal council recorded in the results of the 3 last years and foreseen for the current year

Remuneração total prevista para o Exercício Social corrente 31/12/2020 - Valores Anuais

Conselho de Diretoria Estatutária Conselho Fiscal Total Administração Número de membros 14 4 5 23,00 Remuneração fixa anual Salário ou pró-labore R$ 13.141.439,61 R$ 7.098.592,47 R$ 1.660.945,00 R$ 21.900.977,08 Benefícios diretos e indiretos R$ 1.245.766,41 R$ 1.240.687,57 R$ 114.601,33 R$ 2.601.055,31 Participação em comitês Outros R$ 2.628.287,92 R$ 1.314.554,16 R$ 332.189,00 R$ 4.275.031,08 Descrição de outras remunerações fixas INSS ônus da empresa INSS ônus da empresa INSS ônus da empresa Remuneração variável Bônus R$ 15.544.279,88 R$ 15.544.279,88 Participação nos resultados Participação em reuniões Comissões Outros R$ 2.878.570,35 R$ 2.878.570,35 Descrição de outras remunerações variáveis INSS ônus da empresa Pós-emprego Cessação do cargo Baseada em ações R$ 3.593.554,67 R$ 3.593.554,67

Observação Total da remuneração R$ 17.015.493,94 R$ 31.670.239,10 R$ 2.107.735,33 R$ 50.793.468,37

Remuneração total realizada para o Exercício Social corrente 31/12/2019 - Valores Anuais

Conselho de Diretoria Estatutária Conselho Fiscal Total Administração Número de membros 13,67 3,42 5,00 22,08 Remuneração fixa anual Salário ou pró-labore R$ 12.995.923,72 R$ 6.456.229,20 R$ 1.660.949,00 R$ 21.113.101,92 Benefícios diretos e indiretos R$ 969.876,59 R$ 1.086.620,36 R$ 99.896,30 R$ 2.156.393,25 Participação em comitês Outros R$ 2.599.184,74 R$ 1.195.598,00 R$ 332.189,80 R$ 4.126.972,54 Descrição de outras remunerações fixas INSS ônus da empresa INSS ônus da empresa INSS ônus da empresa Remuneração variável Bônus R$ 9.007.930,50 R$ 9.007.930,50 Participação nos resultados Participação em reuniões Comissões Outros R$ 1.668.135,28 R$ 1.668.135,28 Descrição de outras remunerações variáveis INSS ônus da empresa Pós-emprego Cessação do cargo Baseada em ações R$ 3.011.230,84 R$ 3.011.230,84

Observação Total da remuneração R$ 16.564.985,06 R$ 22.425.744,18 R$ 2.093.035,10 R$ 41.083.764,33

13

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Remuneração total realizada para o Exercício Social corrente 31/12/2018 - Valores Anuais

Conselho de Diretoria Estatutária Conselho Fiscal Total Administração Número de membros 13,00 4,00 5,00 22,00 Remuneração fixa anual Salário ou pró-labore R$ 12.628.513,00 R$ 6.890.400,00 R$ 1.660.958,00 R$ 21.179.871,00 Benefícios diretos e indiretos R$ 905.925,66 R$ 1.027.914,61 R$ 96.666,81 R$ 2.030.507,08 Participação em comitês Outros R$ 2.525.702,60 R$ 1.276.000,00 R$ 332.191,60 R$ 4.133.894,20 Descrição de outras remunerações fixas INSS ônus da empresa INSS ônus da empresa INSS ônus da empresa Remuneração variável Bônus R$ 11.628.677,81 R$ 11.628.677,81 Participação nos resultados Participação em reuniões Comissões Outros R$ 2.153.458,85 R$ 2.153.458,85 Descrição de outras remunerações variáveis INSS ônus da empresa Pós-emprego Cessação do cargo Baseada em ações R$ 2.312.756,38 R$ 2.312.756,38

Observação Total da remuneração R$ 16.060.141,26 R$ 25.289.207,66 R$ 2.089.816,41 R$ 43.439.165,33

Remuneração Total para o Exercício Social encerrado em 31/12/2017

Conselho de Administração Diretoria Estatutária Conselho Fiscal Total Número de membros 13,00 4,10 5,00 22,10 Nº de membros remunerados 13,00 4,10 5,00 22,10 Remuneração fixa anual Salário ou pró-labore R$ 13.938.193,00 R$ 12.662.704,20 R$ 1.660.956,00 R$ 28.261.853,20 Benefícios diretos e indiretos R$ 873.789,96 R$ 1.045.068,84 R$ 96.834,63 R$ 2.015.693,43 Participação em comitês Outros R$ 2.787.638,55 R$ 2.532.540,84 R$ 332.191,20 R$ 5.652.370,59 Descrição de outras remunerações INSS ônus da empresa INSS ônus da empresa INSS ônus da empresa fixas Remuneração variável Bônus R$ 10.921.982,32 R$ 10.921.982,32 Participação nos resultados Participação em reuniões Comissões Outros R$ 2.184.396,46 R$ 2.184.396,46 Descrição de outras remunerações INSS ônus da empresa variáveis Pós-emprego Cessação do cargo Baseada em ações R$ 9.031.729,55 R$ 9.031.729,55 Parte dos valores informados nos campos "Salário ou pró- labore", "Bônus" e "Baseada em ações" são referentes a saída Observação de Executivos da Diretoria Estatutária, sendo: 5.975.160,53, 2.692.345,44 e 4.322.642,12, respectivamente Total da remuneração R$ 17.599.621,51 R$ 38.378.422,21 R$ 2.089.981,83 R$ 58.068.025,55

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Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

13.3 Variable compensation for the last 3 fiscal years and foreseen for the current fiscal year for the board of directors, statutory executives and fiscal council

Previsão 2020 (em R$): Conselho de Diretoria Executiva Conselho Fiscal Total Administração Número de Membros 14,00 4,00 5,00 23,00 Nº de membros remunerados 14,00 4,00 5,00 23,00 Bônus Valor mínimo previsto no plano de remuneração R$ 3.306.933,01 R$ 3.306.933,01 Valor máximo previsto no plano de remuneração R$ 15.544.279,88 R$ 15.544.279,88 Valor previsto no plano de remuneração - metas R$ 10.838.911,35 R$ 10.838.911,35 atingidas Valor efetivamente reconhecido Participação no resultado Valor mínimo previsto no plano de remuneração Valor máximo previsto no plano de remuneração Valor previsto no plano de remuneração – metas atingidas Valor efetivamente reconhecido

Efetivo 2019 (em R$): Conselho de Diretoria Executiva Conselho Fiscal Total Administração Número de Membros 13,67 3,42 5,00 22,08 Nº de membros remunerados 13,67 3,42 5,00 22,08 Bônus Valor mínimo previsto no plano de remuneração R$ 2.928.020,04 R$ 2.928.020,04 Valor máximo previsto no plano de remuneração R$ 13.196.656,00 R$ 13.196.656,00 Valor previsto no plano de remuneração - metas R$ 10.242.995,65 R$ 10.242.995,65 atingidas Valor efetivamente reconhecido R$ 9.007.930,50 R$ 9.007.930,50 Participação no resultado Valor mínimo previsto no plano de remuneração Valor máximo previsto no plano de remuneração Valor previsto no plano de remuneração – metas atingidas Valor efetivamente reconhecido

Efetivo 2018 (em R$): Conselho de Diretoria Executiva Conselho Fiscal Total Administração Número de Membros 13,00 4,00 5,00 22,00 Nº de membros remunerados 13,00 4,00 5,00 22,00 Bônus Valor mínimo previsto no plano de remuneração R$ 2.794.817,40 R$ 2.794.817,40 Valor máximo previsto no plano de remuneração R$ 12.834.000,00 R$ 12.834.000,00 Valor previsto no plano de remuneração - metas R$ 8.556.000,00 R$ 8.556.000,00 atingidas Valor efetivamente reconhecido R$ 11.628.677,81 R$ 11.628.677,81 Participação no resultado Valor mínimo previsto no plano de remuneração Valor máximo previsto no plano de remuneração Valor previsto no plano de remuneração – metas atingidas Valor efetivamente reconhecido

15

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Efetivo 2017 (em R$): Conselho de Diretoria Executiva Conselho Fiscal Total Administração Número de Membros 13,00 4,42 5,00 22,42 Nº de membros remunerados 13,00 4,42 5,00 22,42 Bônus Valor mínimo previsto no plano de remuneração R$ 3.366.413,91 R$ 3.366.413,91 Valor máximo previsto no plano de remuneração R$ 15.458.811,75 R$ 15.458.811,75 Valor previsto no plano de remuneração - metas R$ 10.305.874,50 R$ 10.305.874,50 atingidas Valor efetivamente reconhecido R$ 10.921.982,32 R$ 10.921.982,32 Participação no resultado Valor mínimo previsto no plano de remuneração Valor máximo previsto no plano de remuneração Valor previsto no plano de remuneração – metas atingidas Valor efetivamente reconhecido

13.4 - Share-based compensation plan for the board of directors and statutory executives a) General terms and conditions

The Extraordinary General Meeting held on July 10, 2012 approved the Long Term Variable Compensation plan, being duly authorized by Brazilian Securities and Exchange Commission - CVM under the terms of OFFICIO / CVM / SEP / GEA-2 / No 221/2012, and contemplates the right of the beneficiary of converting part of his/her bonus in the acquisition of units (KLBN11) of the Company (up to 25%) held in treasury. In turn, the Company will match the number of units acquired by management at 100% through the Company’s “Private Instrument of Assignment for Consideration and Usufruct and Other Covenants,” on the number of units acquired by management, through the presentation of a “Private Instrument of Commitment to Acquire Treasury Shares and Other Covenants”.

During the vesting period, management has the right to receive dividends and interest on own capital related to the units encumbered by the usufruct, so long as they are duly declared and approved by the Company’s corporate bodies, under the law, of the Company’s bylaws and internal rules. b) Main goals of the plan This instrument intends to align the interests of the concerned professionals with the Company’s own interests, increasing their commitment to obtaining results for the Company and its shareholders. c) How the plan contributes to these goals

16

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

The plan aims at retaining professionals and aligning their interests with those of the Company, strengthening the engagement in reaching the established goals and contributing to the maximization of the Company's value. d) How the plan fits with the Company’s compensation policy A unit grant is a broad policy applied by companies in Brazil and abroad, which maintains the Company’s market competitiveness, as well as aligning the beneficiary with the Company’s strategy. e) How the plan aligns managers’ and Company’s interests in the short, medium and long-term The plan aims to establish long-term incentive mechanisms to stimulate the acquisition of units by the beneficiary and boost their alignment with the Company's strategy and results (global, regional and individual). The maintenance of the program also aims at attracting and retaining talented professionals, who add value to the Company, boost the achievement of the Company's objectives and align the beneficiaries' interests with those of the Company. f) Maximum number of covered shares The maximum number of shares covered by the Plan does not exceed the number of shares held in Treasury and limited to 37.5% of the annual bonus of the beneficiaries. g) Maximum number of options to be granted The foreseen plan by the Company does not offer options. h) Units acquisition conditions Under the Plan, management has the right to use part of his/her bonus (up to 25%) in the acquisition of the Company’s Units. i) Criteria for the establishment of the acquisition or exercise price The acquisition value of the units will be obtained according to the average market quote for the last 60 trading sessions of the Company’s units or for its quote on the day before the acquisition date, whichever of the two is less. j) Criteria for establishing the exercise period The executive must hold acquired units for 3 (three) years.

17

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br k) Settlement manner The terms for consummating the transfer of the granted units establish that the beneficiary must not resign nor dispose of the units acquired in adhering to the Plan for the vesting period of 3 (years). Once the vesting period of three years has run, without the restrictions provided for in the Plan, the Company will transfer full ownership of the units to the executive, consolidating full ownership in his/her favor. The units granted are also immediately transferable in the event of retirement or death of the beneficiary, with the right passing to the estate of the deceased in the latter If the Company dismisses the beneficiary without just cause, provided the other conditions are present, he will remain entitled to transfer the units after the vesting period has elapsed. l) Restrictions on unit transfer The executive must hold the granted or acquired treasury units for a period of 3 (three years). m) Criteria and events that, when they occur, will cause the suspension, amendment or extinction of the plan. A resolutive condition of the usufruct is a breach by the beneficiary of any of the following obligations: a) the executive remaining as a manager or employee with the Company on a full-time basis for a period of three years from the date the instrument is signed; b) the beneficiary abstaining from having any kind of interest in or connection with a company or entity that conducts or comes to conduct activities in competition with the Company; c) the beneficiary not disposing of the units acquired through the Private Instrument of Commitment to Acquire Treasury Shares and Other Covenants for a period of 3 (three) years. n) Effects of the executive's departure from the Company's bodies on his rights foreseen in the unit-based compensation plan If the executive terminates his or her relationship with the Company, on his or her own initiative or by termination for cause, before the end of the established period, the Company will consider the usufruct extinguished, independently of any notice or notification, with the Company having the right to formalize the cancellation of the recording of the usufruct, expressly determining to the share transfer agent to take such measures. In the event of unfair dismissal by the Executive, before the end of the vesting period, the Executive will be entitled to receive Units assigned in usufruct after the vesting period of 3 (three) years has elapsed.

13.5. Share-based compensation of the board of directors and statutory executive committee.

18

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

The Company has no stock options and, therefore, does not apply. You can see information on the values of the share compensation program in 13.2 and the respective explanations in 13.4. See also 13.16.

13.6. Information on open options held by the board of directors and statutory executive committee. The Compensation plan does not foresee options. See item 13.16

13.7. Options exercised and shares delivered relative to the share-based compensation of the board of directors and of the statutory executive committee

The Compensation plan does not foresee options. See item 13.16

13.8. Information necessary to understand the data disclosed in items 13.5 through to 13.7 – method of pricing the value of the shares and of the options The acquisition value of each of the treasury units by the beneficiaries of the plan granted by the Company is obtained from the average closing quotes of Klabin's Deposit Certificates of Units (KLBN11), in the 60 (sixty) prior sessions to the previous effective purchase date at B3 SA - Brasil, Bolsa, Balcão, or at their market value the day before acquisition, the lesser of the two.

13.9. Shares or quotas directly or indirectly held, in Brazil or abroad, and other securities convertible into shares or quotas, issued by the Company, its direct or indirect parent companies, subsidiary companies or companies under joint ownership, by members of the board of directors, of the statutory executives or of the fiscal council, grouped by body, on the closing date of the most recent fiscal year: The table below shows the total of securities issued by the Company as described in the Brazilian Securities and Exchange Commission - CVM Form 358, consolidated on December 31, 2019:

19

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Quantity

ON PN ADR’s Name (thousand) (thousand) (thousand)

Controlling Shareholders 1,245,600 374,554 27,454

Board of Directors 45,226 176,882 -

Management 1,290 5,160 -

Fiscal Council 308 1,231 -

None of the Company's managers holds interests in subsidiaries or companies under common control of the Company. Their participation in these companies occurs only indirectly, through the units held by them in the Company, which in turn, holds interests in these companies.

13.10. Include the following information In relation to the pension plans in effect granted to the members of the Board of Directors and the Statutory Executive committee:

a) body Statutory Executives

b) number of members 4.00

PACK – Klabin’s c) plan name Supplementary Pension Plan

d) number of executives that meet retirement conditions 2

e) conditions for early retirement Be 55 years old

f) updated value of updated contributions in the pension plan until the R$ end of the last fiscal year, deducting the portion related to contributions 4,768,755.41 made directly by the administrators

g) total, accumulated amount of contributions made during the most R$ recent fiscal year, deducting the portion related to contributions made 779,808.57 directly by the administrators

h) whether there is a possibility for early redemption and what the No conditions are

20

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

13.11- Maximum, minimum and average individual compensation of the board of directors, statutory board of executive officers and fiscal council

Statutory Executives Board of Directors Fiscal Council

2019 2018 2017 2019 2018 2017 2019 2018 2017

Number of 3.42 4.00 4.42 13.67 13.00 13.00 5.00 5.00 5.00 Members

Value of the Highest R$ R$ R$ R$ R$ R$ R$ R$ R$ Individual 10,603,660.45 9,552,569.06 10,740,321.66 1,311,753.08 1,349,762.19 2,893,819.55 466,517.95 436,425.00 446,420.36 Compensation

Value of the Lowest R$ R$ R$ R$ R$ R$ R$ R$ R$ Individual 4,841,564.32 114,394.87 3,685,325.64 1,076,227.81 675,916.48 676,026.18 398,626.80 398,626.80 398,629.56 Compensation

Value of the Average R$ R$ R$ R$ R$ R$ R$ R$ R$ Individual 6,563,632.44 6,322,301.91 8,689,454.09 1,212,072.08 1,235,395.48 1,353,817.04 418,607.02 417,963.28 417,996.37 Compensation

Board of Directors and Fiscal Council

12/31/2019 The highest-paid member held positions in the Company for 12 months. 12/31/2018 The highest-paid member held positions in the Company for 12 months.. 12/31/2017 The highest-paid member held positions in the Company for 12 months.

Statutory Executives 31/12/2019 The highest-paid member held positions in the Company for 12 months. 31/12/2018 The highest-paid member held positions in the Company for 12 months. 31/12/2017 The highest-paid member held positions in the Company for 4 months.

13.12 Contractual arrangements, insurance policies or other instruments that structure compensation or indemnity mechanisms for management in case of removal from office or retirement The Company maintains a civil liability insurance (D&O) policy for members of the Board of Directors, Fiscal Council and Management, with the purpose of paying indemnity to the managers of the Company and its subsidiaries for all losses incurred by them as a result of acts or culpable omissions, which were practiced in the exercise of their functions, under the terms of that policy. The maximum guarantee limit for the current policy is R$120 million.

21

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Only for the Chief Executive Officer there is a contractual indemnity clause for unmotivated dismissal before the end of the term. 13.13 Percentage in the total compensation held by administrators and members of the fiscal council who are parties related to the controllers

% referring to the controllers Body 2019 2018 2017 2016

Statutory Executives - - - -

Board of Directors 65.03% 51.88% 60.85% 51.85% Fiscal Council - - - -

13.14. Compensation of administrators and members of the fiscal council, grouped by body, received for any reason other than the position they hold There are no amounts recognized in the Company's income, during the last three fiscal years, as compensation of members of the board of directors, statutory executives or fiscal council other than the position they hold.

13.15. Compensation of administrators and members of the fiscal council recognized in the results of direct or indirect controllers of companies under common control and of subsidiaries of the Company, during the last three fiscal years.

There are no amounts recognized in the results of the last three fiscal years of controllers, direct or indirect, of companies under common control and subsidiaries of the Company, as compensation of members of the board of directors, statutory executive board or fiscal council of the Company. 13.16 Other material information Plan for Granting Units Due to the specifications of the Company’s Units Granting Plan, certain items of this Form, such as 13.5 and 13.6, are not applicable. However, the Company presents below, in addition to the information already presented in items 13.4, 13.7 and 13.8, additional information about the plans already entered into so that they are more understandable. The Extraordinary General Meeting held on July 10, 2012, approved the Program for Granting Units (“Plan”) as a benefit for members of the Company’s executive committee and its strategic employees, excluding controlling shareholders, duly authorized by the Brazilian Securities and Exchange Commission - CVM, through OFICIO/CVM/SEP/GEA-2/No 221/2012

22

Klabin S.A.

Av. Brig Faria Lima, 3600 04538-132 São Paulo – SP www.klabin.com.br

Under the Plan, the Company established that the members of the executive committee can use a percentage of up to 25% of their variable compensation to acquire units held in treasury, with the Company granting a usufruct on the same number of units to the acquirer for three years, with full ownership of the unit being transferred to them after three years, so long as they fulfill the terms established in the Plan (see item 13.4 above). The Plan does not offer options. The usufruct gives the beneficiary the right to the dividends distributed during the period in which the benefit is valid. The acquisition value of the treasury units by the beneficiaries of the Plan will be (i) the average of the market value of the unit quotes during the most recent 60 trading sessions, (ii) their quoted price on the date prior to the acquisition, the lesser of the two. The value of the units granted as a usufruct corresponds to the value of the units trading on the São Paulo Stock Exchange on the date of the transaction, determining the fair value of the transaction. The unit granted and the expense proportional to the period of the grant, recognized in the Company’s results, is accumulated in the Company’s equity under the “Valuation adjustments to shareholders equity” heading until the end of the grant, either because the three years have run or any other term of the Plan that terminates the grant. There is no dilution of participation because of the Company’s Unit Grant Plan since it provides only for the granting of units of its own issuance held in treasury, without a provision for the issuance of new units. However, the units granted, from the moment they cease to be held in treasury, give back to their holder the right to vote and to receive profits.

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