Klabin S A : Presentation - Caetê Project

Photo: Amaral/Palmital farm

Project Caetê

December 2023

DISCLAIMER

This presentation may contain forward-looking projections or statements. Such statements are exposed to known and unknown risks and different nature uncertainties that may cause these expectations not to materialize or to differ materially from those anticipated. Furthermore, these expectations and projections are made based on estimates, information or methodology that may be inaccurate or incorrect.

Those risks and uncertainties, among others, are related to: (i) future demand for the Company's products;

1. changes in the aspects that impact the domestic and international product prices; (iii) changes in cost structures; (iv) changes in the seasonality of markets; (v) competition in the markets in which the Company operates; (vi) exchange rate variations; (vii) changes in the global market and especially in the markets where the Company operates or sells its products; (viii) capital markets; and (ix) factors that affect the company's operation, including changes in laws and regulations. For additional information on factors that may impact the Company's statements, please consult the Reference Form, in particular item 4 (Risk Factors), which is registered with CVM and also available on the Company's Investor Relations website.

There is no guarantee that the Company's expectations or projections will occur and current results are no guarantee of future performance. This presentation is up to this date and Klabin has no obligation to update it in light of new information and/or future events.

Transaction at-a-glance

Key merits of the transaction

Klabin is acquiring 150k ha of land, of which 85k ha productive, mainly in Paraná(1) and 31.5mm tons of wood(2) for US$1,160mm(3) from Arauco

Transaction is expected to deliver a real unleveraged IRR of ~13%, with a net present value of ~R$2bn

Caetê provides Capex avoidance, mainly from third-party wood acquisition, and cash cost synergies, mainly from logistics and harvest costs

After the 1st harvest cycle, Klabin would exceed its self-sufficiency target of 75% of own wood on productive ~60k ha that can be monetized either via land sale or joint venture with financial investors

Klabin will use resources already in cash for payment. Company will remain with a solid cash position and a long debt profile

Notes: (1) A small portion of Caetê's area is located in the states of Santa Catarina and São Paulo. (2) Expected harvest volume of Caetê's assets assuming a standard forest rotation of 7 and 15 years for eucalyptus and pine. (3) The acquisition value considers net debt and working capital of zero subject to possible adjustments in the total value of the transaction under the terms of the contract.

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Acquisition of forest and land assets(1) in Paraná(2) from Arauco ("Caetê")

Expected 1st cycle harvest volume(3)

Pine

Eucalyptus

31%

31.5mm

tons

69%

US$1,160mm

To be paid at closing(5)

31.5mm tons

Expected wood

harvesting

2Q24

Expected Closing(6)

85k ha

Total Plantable

Area

Current planted area

41%

5.1 years

Average Age

2.5 years

Average Age

80k

ha(4)

150k ha

Total Area

(39% of native forest)

98%

of Caetê's Forest is FSC Certified

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59%

Note: (1) Transaction perimeter includes the acquisition of 100% of Arauco's stake in Arauco Florestal Arapoti S.A. ("AFA"), Arauco Forest Brasil S.A. ("AFB"), Empreendimentos Florestais Santa Cruz Ltda. ("SC") and Florestal Vale do Corisco S.A. ("Vdc"). (2) A small portion of Caetê's area is located in the states of Santa Catarina and São Paulo. (3) Expected harvest volume of Caetê's assets assuming a standard forest rotation of 7 and 15 years for eucalyptus and pine.

1. Does not include 5k ha of productive area available to be planted. (5) The acquisition value considers net debt and working capital of zero subject to possible adjustments in the total value of the transaction under the terms of the contract. (6) Pending of regulatory and EGM approval.

Transaction to create value to Klabin

Net Present Value(1) ("NPV") for Klabin

			~60k ha of
Anticipation of	productive land
	available to be
standing wood &
	monetized³
land(2) purchase
and lower
silviculture /
machines capex		~2-3bn

~4bn

Cash cost

synergies of

~R$350-400 mm

per year from 2025 to 2028

~1-1.5bn

Discounted

Payback

< 6 years

IRR

(unleveraged in

real terms)

~13%

(5.8)bn(4)

~8bn

~2bn

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Future CapEx	Value of the	Operational Gains Total Strategic Value	Acquisition Purchase	Transaction Net
Avoidance	Exceeding Land	for Klabin	Price	Present Value

Note: (1) Considering company's internal assumptions. (2) Land area that Klabin would still need to acquire in the future for the wood supply of Puma II. (3) After the 1st harvest cycle, Klabin

would exceed its minimum self-sufficiency target of 75% of own wood on ~60k ha that can be monetized either via land sale or joint venture with financial investors. (4) Considers USD/BRL FX rate of 5.00.

Unraveling Caetê's wood & land purchase price rationale

Caetê's purchase price

breakdown

R$5.8bn (1)

R$3.0bn

Caetê's woodimplied value

Caetê's landimplied value

R$3.0bn(3)R$2.8bn

Wood

Volume

(31.5mm tons)

R$2.8bn

Acquired

Productive

Land

(85k ha)

Caetê Purchase Price

Calculated with current market prices(2) for wood purchase in Paraná and discounted to net present value

It represents an anticipation of

third-party wood purchase for Puma

1. (PM27 and PM28), and reduces the expected CapEx for Klabin

Value attributed to the land calculated as the difference between Caetê's purchase price minus the wood implied value

Implicit land purchase price of R$33k/ha, which is below market prices in Paraná(4)

Note: (1) Considers USD/BRL FX rate of 5.00. (2) According to 2Q23 Pöyry's report. (3) Considering company assumptions. (4) Further details on Appendix.

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Caetê's blocks are larger and strategically located

	AREA	WOOD	DISTANCE
	(k ha)	(mm tons)	(km)
BLOCK 1	7.3	2.9	45 km
BLOCK 2	21	5.9	127 km
BLOCK 3	40	16	230 km
BLOCK 4	5.0	1.6	268 km
BLOCK 5	8.8	4.3	278 km
OTHER	2.5	1.1

85k ha	31.5mm t	203 km
Total plantable area	Actual expected	Average distance
to Klabin's mills
	cycle volume

7	Note: Areas in green represent Klabin forests.

Caetê areas are located in the one of the highest forest productivity regions of the world, similar to Klabin

Paraná supply strategy before Project Caetê

Klabin Day 2023 held on November 30, 2023

Eucalyptus

46%			46%	45%	33%	25%	25%	25%	25%	25%
59%	53%
54%			54%	55%	67%	75%	75%	75%	75%	75%
	47%
41%
2023	2024	2025	2026	2027	2028	2029	2031	2034	2035	2037

Pine

34%											49%	41%	25%
55%									56%
						64%	64%
	72%	76%	72%
66%											51%	59%	75%
45%									44%
						36%	36%
	28%	24%	28%
2023	2024	2025	2026	2027	2028	2029	2031	2034	2035	2037
					Own Wood			Third-Party Wood

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Caetê to reduce exposure to third-party wood supply with value creation

Paraná Supply Plan - afterProject Caetê					Third-party Wood
EUCALYPTUS		Own Wood		Third-Party Wood	reduction with
				Project Caetê

Significant Reduction of 3rd Party Wood Dependency

	-8pp	-13pp	-23pp	-17pp	-14pp
46%	51%	40%	23%	28%	19%	25%	25%	25%	25%	25%
54%	49%	60%	77%	72%	81%	75%	75%	75%	75%	75%
2023	2024	2025	2026	2027	2028	2029	2031	2034	2035	2037

PINE

Significant Reduction of 3rd Party Wood Dependency

	-6pp	-29pp	-35pp	-37pp	-25pp	-25pp	-20pp	-21pp	-13pp
34%	49%	43%	41%	35%	39%	39%	36%	28%	28%	25%
66%	51%	57%	59%	65%	61%	61%	64%	72%	72%	75%
2023	2024	2025	2026	2027	2028	2029	2031	2034	2035	2037

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