Demonstra??es Financeiras em Padr?es Internacionais

(A free translation of the original in Portuguese)
Klabin S.A.
Quarterly Information (ITR)
at September 30, 2015
and report on review of
quarterly information
KLABIN915RL.DOCX
Report on review of quarterly information

To the Board of Directors and Stockholders
KLABIN S.A.
Introduction
We have reviewed the accompanying parent company and consolidated interim accounting information of
Klabin S.A. ("Company"), included in the Quarterly Information Form (ITR) for the quarter ended
September 30, 2015, comprising the balance sheet as at that date and the statements of operations and
comprehensive income (loss) for the quarter and nine-month period then ended, and the statements of
changes in equity and cash flows for the nine-month period then ended, and a summary of significant
accounting policies and other explanatory information.
Management is responsible for the preparation of the parent company and consolidated interim
accounting information in accordance with the accounting standard CPC 21, Interim Financial Reporting,
of the Brazilian Accounting Pronouncements Committee (CPC), and International Accounting Standard
(IAS) 34 - Interim Financial Reporting issued by the International Accounting Standards Board (IASB), as
well as the presentation of this information in accordance with the standards issued by the Brazilian
Securities Commission (CVM), applicable to the preparation of the Quarterly Information (ITR). Our
responsibility is to express a conclusion on this interim accounting information based on our review.
Scope of review
We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim
Financial Information (NBC TR 2410 - Review of Interim Financial Information Performed by the
Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information Performed by
the Independent Auditor of the Entity, respectively). A review of interim information consists of making
inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical
and other review procedures. A review is substantially less in scope than an audit conducted in accordance
with Brazilian and International Standards on Auditing and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.
Conclusion on the interim information
Based on our review, nothing has come to our attention that causes us to believe that the accompanying
parent company and consolidated interim accounting information included in the quarterly information
referred to above has not been prepared, in all material respects, in accordance with CPC 21 and IAS 34
applicable to the preparation of the Quarterly Information, and presented in accordance with the
standards issued by the CVM.
KLABIN915RL.DOCX
KLABIN S.A.
Other matters
Statements of value added
We have also reviewed the parent company and consolidated statements of value added for the ninemonth period ended September 30, 2015. These statements are the responsibility of the Company's
management, are required to be presented in accordance with standards issued by the CVM applicable to
the preparation of Quarterly Information, and are considered supplementary information under IFRS,
which do not require the presentation of the statement of value added. These statements have been
submitted to the same review procedures described above and, based on our review, nothing has come to
our attention that causes us to believe that they have not been prepared, in all material respects, in a
manner consistent with the parent company and consolidated interim accounting information taken as a
whole.
So Paulo, October 26, 2015
PricewaterhouseCoopers
Auditores Independentes
CRC 2SP000160/O-5
Tadeu Cendn Ferreira

Contador CRC 1SP188352/O-5
3
KLABIN915RL.DOCX
Registration Form - 2015 - KLABIN S.A.
(Unaudited)
Version: 2
Contents
Information
General information
Address
Securities
Auditor
Share registrar
Investor relations officer or equivalent
Stockholders' department
KLABIN315FC.DOCX

(Unaudited)
Version: 2

1. General information
Corporate name
KLABIN S.A.
Date of adoption of the

corporate name
10/26/2001
Type
Public company
Previous corporate name
KLABIN RIOCELL S.A.
Date of constitution
11/8/1978
Federal Corporate Taxpayers'

Registration Number (CNPJ)
89.637.490/0001-45
Brazilian Securities Commission

(CVM) code
1265-3
CVM registration date
8/6/1997
CVM registration status
Active
Date status became effective
8/6/1997
Home country
Brazil
Country in which the securities

are held in custody
Brazil
Other countries in which the

securities can be
traded
Country
Date of admission
The United States of America
12/1/1994
Activity sector
Paper and pulp
Description of activities
Brazilian company engaged in forest-related business. Manufacture of paper and cardboard for packaging,
corrugated cardboard packaging and industrial sacks. In addition, the Company carries out recycling activities
and is a producer of logs for lumber mills.
Issuer category
Category A
Date of registration in the current

category
1/1/2010
Issuer status
Operating phase
Date status became effective
8/6/1997
Type of ownership control
Private
Date of last change in

ownership control
12/28/2001
Date of last change of

fiscal year
12/31/2011
Month/day of the end of

the fiscal year
12/31
Issuer's website on the Internet
www.klabin.com.br
Newspapers in which the issuer

discloses its information
Name of newspapers in which the issuer discloses its information

Dirio Oficial do Estado (State Official Gazette)
State
SP
Valor Econmico
SP
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2. Address
Mail address
Avenida Brigadeiro Faria Lima, 3600, 3rd, 4th and 5th floors, Itaim Bibi, So Paulo, SP,
Brazil, CEP 04538-132, Phone (11) 30465800, Fax (11) 30465846,
E-mail: invest@klabin.com.br
Headquarters address
Avenida Brigadeiro Faria Lima, 3600, 3rd, 4th and 5th floors, Itaim Bibi, So Paulo, SP,
Brazil, CEP 04538-132, Phone (11) 30465800, Fax (11) 30465846,
E-mail: klabin@klabin.com.br
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3. Securities
Shares
Trading
Market
Stock exchange
Managing entity
BM&FBOVESPA
Beginning
8/6/1997
Listing
End
Trading segment
Bovespa Level 2
Beginning
1/9/2014
End
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4. Auditor
Does the issuer have an auditor?
Yes
CVM code
287-9
Type of auditor
Brazilian Firm
Name/corporate name
PricewaterhouseCoopers Auditores Independentes
Individual Taxpayers' Registration

Number (CPF)/
Federal Corporate Taxpayers'
Registration Number (CNPJ)
61.562.112/0001-20
Period of services
4/1/2012
Partner responsible
Period of services
CPF
Tadeu Cendon Ferreira
4/1/2012
530.920.666-34
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5. Share registrar
Does the Company have a
service provider?
Yes
Corporate name
ITAU CORRETORA DE VALORES S.A.
CNPJ
61.194.353/0001-64
Period of services
11/4/1998
Service address
Av. Brigadeiro Faria Lima, 3400, 10th floor, Itaim Bibi, So Paulo, SP, Brazil,
CEP 04538-133, Phone (11) 50297780, Fax (11) 50291920,
E-mail: investfone.investimento@itau-unibanco.com.br
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6. Investor Relations Officer or equivalent

Name
Antonio Sergio Alfano

Investor Relations Officer
CPF/CNPJ
875.349.248-04
Mail address
Avenida Brigadeiro Faria Lima 3600, 4th floor, Itaim Bibi, So Paulo, SP, Brazil,
CEP 04538-132, Phone (11) 30469912, Fax (11) 30465846,
E-mail: salfano@klabin.com.br
Date when the person

assumed the position
4/1/2008
Date when the person left

the position
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7. Stockholders' department
Contact
Tiago Brasil Rocha
Date when the person

assumed the position
6/9/2014
Date when the person left

the position
Mail address
Avenida Brigadeiro Faria Lima 3600, 3rd floor, Itaim Bibi, So Paulo, SP, Brazil,
CEP 04538-132, Phone (11) 30468406, Fax (11) 30465833,
E-mail: tirocha@klabin.com.br
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KLABIN915RL.DOCX
Quarterly information (ITR) - 9/30/2015 - KLABIN S.A.
(Unaudited)
Version: 1
Contents
Company information
Capital composition
Dividends
Parent company financial statements

Balance sheet - assets
Balance sheet - liabilities and equity
Statement of operations
Statement of comprehensive income (loss)
Statement of cash flows - indirect method
Statement of changes in equity

1/1/2015 to 9/30/2015
1/1/2014 to 9/30/2014
Statement of value added
10
Consolidated financial statements

Balance sheet - assets
11
Balance sheet - liabilities and equity
12
Statement of operations
13
Statement of comprehensive income (loss)
14
Statement of cash flows - indirect method
15
Statement of changes in equity

1/1/2015 to 9/30/2015
16
1/1/2014 to 9/30/2014
17
Statement of value added
18
Comments on Company performance
19
Notes to the Quarterly Information (ITR)
30
Other information considered relevant by the Company
81
Opinions and representations

Report on special review - without exceptions
KLABIN915RL.DOCX
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Company information/capital composition

Number of shares
(units)
Current quarter
9/30/2015
Paid-up capital
Common shares
1,848,740,115
Preferred shares
Total
Treasury shares
2,881,789,025
4,730,529,140
Common shares
30,083,500
Preferred shares
Total
120,334,000
150,417,500
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Company information/dividends
Event
Date approved Description
Initial date of
payment
Type of share
Class of share
Amount per share

(R$/share)
Ordinary and Extraordinary

General Meeting of Stockholders
Ordinary General Meeting of
Stockholders
Stockholders
Stockholders
3/19/2015
Dividend
4/6/2015
Common
0.02227
3/19/2015
Dividend
4/6/2015
Preferred
0.02227
7/24/2015
Dividend
8/7/2015
Common
0.03734
7/24/2015
Dividend
8/7/2015
Preferred
0.03734
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Parent company financial statements/balance sheet - assets

(All amounts in thousands of reais)
Code
1
1.01
1.01.01
1.01.02
1.01.02.01
1.01.02.01.02
1.01.03
1.01.03.01
1.01.03.01.01
1.01.03.01.02
1.01.03.02
1.01.03.02.01
1.01.04
1.01.06
1.01.06.01
1.01.07
1.01.07.01
1.01.07.02
1.01.08
1.01.08.03
1.02
1.02.01
1.02.01.05
1.02.01.08
1.02.01.08.02
1.02.01.09
1.02.01.09.03
1.02.01.09.04
1.02.01.09.05
1.02.02
1.02.02.01
1.02.02.01.02
1.02.02.02
1.02.03
1.02.04
1.02.04.01
Description
Total assets
Current assets
Cash and cash equivalents
Financial investments
Financial investments measured at fair value
Available-for-sale securities
Accounts receivable
Customers
Trade receivables
Provision for impairment of trade receivables
Other receivables
Related parties
Inventories
Taxes recoverable
Current taxes recoverable
Prepaid expenses
Prepaid expenses - third parties
Prepaid expenses - related parties
Other current assets
Other
Non-current assets
Long-term receivables
Biological assets
Receivables from related parties
Receivables from subsidiaries
Other non-current assets
Taxes recoverable
Judicial deposits
Investments
Corporate investments
Investments in subsidiaries
Investment properties
Property, plant and equipment
Intangible assets
Intangible assets
Current period
9/30/2015
24,393,719
8,048,813
4,345,075
539,065
539,065
539,065
1,821,180
1,080,997
1,119,012
-38,015
740,183
740,183
577,149
649,573
649,573
7,489
6,260
1,229
109,282
109,282
16,344,906
4,166,643
2,827,478
1,732
1,732
1,337,433
1,048,708
80,129
208,596
1,371,120
1,359,684
1,359,684
11,436
10,794,575
12,568
12,568
Prior year
12/31/2014
19,982,605
6,850,704
4,030,951
497,604
497,604
497,604
1,392,048
960,392
1,005,569
-45,177
431,656
431,656
496,736
323,529
323,529
27,238
24,625
2,613
82,598
82,598
13,131,901
3,754,064
3,010,395
844
844
742,825
428,884
83,257
230,684
1,255,201
1,243,659
1,243,659
11,542
8,111,467
11,169
11,169
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Parent company financial statements/balance sheet - liabilities and equity

Code
2
2.01
2.01.01
2.01.02
2.01.03
2.01.04
2.01.04.01
2.01.04.02
2.01.05
2.01.05.01
2.01.05.01.02
2.01.05.01.04
2.01.05.02
2.01.05.02.04
2.01.05.02.05
2.02
2.02.01
2.02.01.01
2.02.01.02
2.02.02
2.02.02.02
2.02.02.02.03
2.02.02.02.04
2.02.03
2.02.03.01
2.02.04
2.02.04.01
2.03
2.03.01
2.03.02
2.03.03
2.03.04
2.03.04.01
2.03.04.02
2.03.04.07
2.03.04.08
2.03.04.09
2.03.04.10
2.03.05
2.03.06
Description
Total liabilities and equity
Current liabilities
Social and labor obligations
Trade payables
Tax obligations
Borrowings
Borrowings
Debentures
Other obligations
Payables to related parties
Payables to subsidiaries
Payables to other related parties
Other
Enrollment in the Tax Recovery Program (REFIS)
Other payables and provisions
Non-current liabilities
Borrowings
Borrowings
Debentures
Other obligations
Other
Other
Deferred taxes
Deferred income tax and social contribution
Provisions
Provisions for tax, social security, labor and civil contingencies
Equity
Share capital
Capital reserves
Revaluation reserves
Revenue reserves
Legal reserve
Statutory reserve
Tax incentive reserve
Additional dividend proposed
Treasury shares
Biological assets reserve
Accumulated deficit
Carrying value adjustments
Current period
9/30/2015
24,393,719
3,147,147
203,194
707,022
44,158
2,025,438
1,792,976
232,462
167,335
6,454
6,352
102
160,881
60,506
100,375
16,254,831
15,114,489
13,917,860
1,196,629
577,755
577,755
365,317
212,438
480,975
480,975
81,612
81,612
4,991,741
2,377,849
1,299,181
48,715
2,163,518
1,513
596,790
0
0
-164,302
1,729,517
-1,985,264
1,087,742
Prior year
12/31/2014
19,982,605
2,468,430
137,650
429,003
46,653
1,727,441
1,452,240
275,201
127,683
11,037
7,470
3,567
116,646
50,400
66,246
10,455,851
8,436,379
7,366,116
1,070,263
453,582
453,582
384,607
68,975
1,485,248
1,485,248
80,642
80,642
7,058,324
2,271,500
1,295,919
48,767
2,376,692
98,403
596,773
7,610
102,000
-157,611
1,729,517
0
1,065,446
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Parent company financial statements/statement of operations

(All amounts in thousands of reais unless otherwise stated)
1 - Code
3.01
3.02
3.02.01
3.02.02
3.03
3.04
3.04.01
3.04.02
3.04.04
3.04.06
3.05
3.06
3.07
3.08
3.08.01
3.08.02
3.09
3.11
3.99
3.99.01
3.99.01.01
3.99.01.02
3.99.02
3.99.02.01
3.99.02.02
2 - Description
Net sales revenue
Cost of products sold
Change in fair value of biological assets
Cost of sales
Gross profit
Operating expenses
Selling expenses
General and administrative expenses
Other operating income (expenses)
Equity in the results of investees
Profit before finance results and taxes
Finance results
Profit (loss) before taxation
Income tax and social contribution
Current
Deferred
Profit (loss) for the period from continuing operations
Profit (loss) for the period
Earnings (loss) per share - (R$/share)
Basic earnings (loss) per share
Common shares
Preferred shares
Diluted earnings (loss) per share
Common shares
Preferred shares
Current quarter
7/1/2015 to
9/30/2015
1,437,780
-855,098
59,437
-914,535
582,682
-142,732
-100,230
-76,609
-8,044
42,151
439,950
-2,512,320
-2,072,370
731,537
-2,066
733,603
-1,340,833
-1,340,833
Accumulated current year

1/1/2015 to
9/30/2015
4,031,274
-2,616,081
270,517
-2,886,598
1,415,193
-488,384
-286,144
-230,880
-24,970
53,610
926,809
-3,678,783
-2,751,974
978,171
-2,047
980,218
-1,773,803
-1,773,803
Same quarter of
prior year
7/1/2014 to
9/30/2014
1,273,885
-721,171
192,876
-914,047
552,714
-81,403
-93,384
-65,888
14,907
62,962
471,311
-495,548
-24,237
31,246
39,122
-7,876
7,009
7,009
Accumulated prior year

1/1/2014 to
9/30/2014
3,581,362
-1,897,126
750,005
-2,647,131
1,684,236
-281,748
-266,878
-208,726
39,318
154,538
1,402,488
-190,325
1,212,163
-354,462
122,223
-476,685
857,701
857,701
-0.24830
-0.24830
-0.32860
0.32860
0.00130
0.00130
0.16310
0.16310
-0.24830
-0.24830
-0.32860
-0.32860
0.00130
0.00130
0.16310
0.16310
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Parent company financial statements/statement of comprehensive income (loss)

1 - Code
4.01
4.02
4.02.01
4.03
2 - Description
Other comprehensive income (loss)
Foreign currency translation adjustments
Comprehensive income (loss) for the period
Current quarter
7/1/2015 to
9/30/2015
-1,340,833
16,245
16,245
-1,324,588
Accumulated current year

1/1/2015 to
9/30/2015
-1,773,803
21,144
21,144
-1,752,659
Same quarter of
prior year
7/1/2014 to
9/30/2014
7,009
3,042
3,042
10,051

1/1/2014 to
9/30/2014
857,701
-9,496
-9,496
848,205
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Parent company financial statements/statement of cash flows - indirect method

Code
6.01
6.01.01
6.01.01.01
6.01.01.02
6.01.01.03
6.01.01.04
6.01.01.05
6.01.01.06
6.01.01.07
6.01.01.08
6.01.91.09
6.01.01.10
6.01.01.11
6.01.01.12
6.01.01.13
6.01.01.14
6.01.02
6.01.02.01
6.01.02.02
6.01.02.03
6.01.02.04
6.01.02.05
6.01.02.06
6.01.02.07
6.01.02.08
6.01.02.09
6.01.02.10
6.02
6.02.01
6.02.02
6.02.03
6.02.04
6.02.06
6.03
6.03.01
6.03.02
6.03.03
6.03.04
6.03.05
6.03.06
6.03.07
6.05
6.05.01
6.05.02
Description
Net cash provided by operating activities
Cash from operations
Depreciation and amortization
Depletion of biological assets
Interest and foreign exchange variations on borrowings
Payment of interest on borrowings
Accrued interest - REFIS
Result on disposal of assets and subsidiaries
Income tax and social contribution paid
Interest, monetary variations and share of results - debentures
Amortization - adjustment to present value - debentures
Other
Changes in assets and liabilities
Trade receivables
Inventories
Taxes recoverable
Securities (available-for-sale securities)
Prepaid expenses
Other assets
Trade payables
Tax obligations
Other liabilities
Net cash used in investing activities
Purchases of property, plant and equipment (net of taxes)
Planting cost of biological assets (net of taxes)
Proceeds from the sale of assets and subsidiaries
Acquisition of investments and capital contributions - subsidiaries
Dividends received from subsidiaries
Net cash provided by financing activities
New borrowings
Repayment of borrowings
Dividends paid
Purchase of treasury shares
Disposal of treasury shares
Funds raised from debentures
Payment of interest on debentures and monetary variation
Increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
Accumulated current period

1/1/2015 to 9/30/2015
959,741
1,572,938
-1,773,803
234,920
-270,517
492,673
-980,218
3,930,421
-428,171
35,021
3,831
-53,610
-13,657
370,078
30,672
-4,702
-613,197
-429,132
-80,413
-932,211
-41,461
4,551
-35,529
709,145
-2,495
65,544
128,804
-3,264,644
-3,184,705
-51,216
12,550
-53,739
12,466
2,619,027
4,427,921
-1,187,535
-272,985
-11,151
5,263
0
-342,486
314,124
4,030,951
4,345,075
Accumulated prior period

1/1/2014 to 9/30/2014
843,629
1,377,996
857,701
194,455
-750,005
443,506
476,685
531,889
-290,437
32,137
-8,263
-154,538
-7,453
25,035
36,697
-9,413
-534,367
-74,852
-12,614
-357,818
-234,707
9,610
5,174
177,180
-3,728
16,275
-58,887
-1,961,080
-1,952,430
-44,189
11,744
-2,504
26,299
2,861,692
1,492,213
-858,172
-242,069
-5,822
5,391
2,470,151
0
1,744,241
2,401,822
4,146,063
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Parent company financial statements/statement of changes in equity - 1/1/2015 to 9/30/2015

Code
5.01
5.03
5.04
5.04.01
5.04.04
5.04.06
5.04.08
5.04.10
5.04.11
5.04.12
5.04.13
5.04.14
5.05
5.05.01
5.05.02
5.06
5.06.04
5.07
Description
Opening balances
Adjusted opening balances
Capital transactions with owners
Capital increase
Dividends
Award of treasury shares
Share of results of mandatory debentures
convertible into shares
Treasury shares sold
Maturity of stock options plan
Revaluation reserve realized
Total comprehensive income (loss)
Loss for the period
Other comprehensive income
Internal changes in equity
Recognition of the stock option plan
remuneration
Closing balances
Capital reserves,
Paid-up options granted and
share capital
treasury shares
2,271,500
1,138,308
2,271,500
1,138,308
106,349
-3,429
104,500
0
0
-11,151
0
0
0
2,433
Revenue
reserves
2,583,070
2,583,070
-206,535
-104,500
0
-101,983
0
Retained earnings
(accumulated
deficit)
0
0
-211,461
0
0
-171,002
0
Other
comprehensive
income (loss)
1,065,446
1,065,446
-4,308
0
0
0
-2,433
Equity
7,058,324
7,058,324
-319,384
0
-11,151
-272,985
0
1,849
0
0
0
-1,849
5,263
1,875
0
0
0
0
-52
0
0
0
52
0
0
-1,875
0
0
5,263
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-40,511
-1,773,803
-1,773,803
0
0
0
21,144
0
21,144
5,460
-40,511
-1,752,659
-1,773,803
21,144
5,460
0
2,377,849
0
1,134,879
0
2,376,535
0
-1,985,264
5,460
1,087,742
5,460
4,991,741
Page 8 of 89

(Unaudited)
Version: 1
Parent company financial statements/statement of changes in equity - 1/1/2014 to 9/30/2014

Code
5.01
5.03
5.04
5.04.04
5.04.05
5.04.06
5.04.08
5.04.09
5.05
5.05.01
5.05.02
5.05.02.04
5.06
5.06.02
5.06.04
5.07
Description
Opening balances
Dividends
Issue of debentures convertible into shares
Profit for the period
Other comprehensive loss
Translation adjustments for the period
Realization of revaluation reserve
remuneration
Closing balances
Capital reserves,
Paid-up options granted and
share capital
treasury shares
2,271,500
4,419
2,271,500
4,419
0
1,291,500
0
0
0
2,957
0
0
0
0
0
1,288,543
0
0
0
0
0
0
0
0
0
0
0
0
0
2,271,500
0
1,295,919
Revenue
reserves
2,051,311
2,051,311
-89,781
-5,822
2,434
-90,077
3,684
0
0
0
0
0
-480
-480
Retained earnings
(accumulated
deficit)
0
0
-151,992
0
0
-151,992
0
0
857,701
857,701
0
0
480
480
Other
comprehensive
income (loss)
1,065,437
1,065,437
-3,684
0
0
0
-3,684
0
-9,496
0
-9,496
-9,496
4,010
0
Equity
5,392,667
5,392,667
1,046,043
-5,822
5,391
-242,069
0
1,288,543
848,205
857,701
-9,496
-9,496
4,010
0
0
1,961,050
0
706,189
4,010
1,056,267
4,010
7,290,925
Page 9 of 89

(Unaudited)
Version: 1
Parent company financial statements/statement of value added

Code
7.01
7.01.01
7.01.02
7.01.02.01
7.01.02.02
7.01.04
7.02
7.02.01
7.02.02
7.03
7.04
7.04.01
7.05
7.06
7.06.01
7.06.02
7.07
7.08
7.08.01
7.08.01.01
7.08.01.02
7.08.01.03
7.08.02
7.08.02.01
7.08.02.02
7.08.02.03
7.08.03
7.08.03.01
7.08.04
7.08.04.02
7.08.04.03
Description
Revenue
Sale of products
Other revenue
Other
Change in provision for impairment of trade receivables
Inputs acquired from third parties
Cost of sales
Materials, energy, outsourced services and other
Gross value added
Retentions
Depreciation, amortization and depletion
Net value added generated by the Company
Value added received through transfer
Finance income
Total value added to distribute
Distribution of value added
Personnel
Direct compensation
Benefits
Government Severance Indemnity Fund for Employees (FGTS)
Taxes and contributions
Federal
State
Municipal
Remuneration of third-party capital
Interest
Remuneration of own capital
Dividends
Profits reinvested/loss for the period

1/1/2015 to 9/30/2015
5,237,527
4,953,348
277,017
270,517
6,500
7,162
-2,453,636
-1,637,574
-816,062
2,783,891
-727,593
-727,593
2,056,298
886,042
57,898
828,144
2,942,340
2,942,340
700,269
524,776
132,673
42,820
-519,932
-636,132
107,212
8,988
4,506,927
4,506,927
-1,744,924
211,513
-1,956,437
Accumulated prior period

1/1/2014 to 9/30/2014
5,253,956
4,492,905
761,749
750,005
11,744
-698
-2,306,300
-1,583,426
-722,874
2,947,656
-637,961
-637,961
2,309,695
587,657
154,538
433,119
2,897,352
2,897,352
589,965
445,206
110,769
33,990
826,242
708,208
109,916
8,118
623,444
623,444
857,701
151,992
705,709
Page 10 of 89

(Unaudited)
Version: 1
Consolidated financial statements/balance sheet - assets

Code
1
1.01
1.01.01
1.01.02
1.01.02.01
1.01.02.01.02
1.01.03
1.01.03.01
1.01.03.01.01
1.01.03.01.02
1.01.04
1.01.06
1.01.06.01
1.01.07
1.01.07.01
1.01.07.02
1.01.08
1.01.08.03
1.02
1.02.01
1.02.01.05
1.02.01.09
1.02.01.09.03
1.02.01.09.04
1.02.01.09.05
1.02.02
1.02.02.01
1.02.02.01.01
1.02.02.02
1.02.03
1.02.04
1.02.04.01
Description
Total assets
Current assets
Financial investments measured at fair value
Available-for-sale securities
Accounts receivable
Customers
Trade receivables
Inventories
Taxes recoverable
Current taxes recoverable
Prepaid expenses
Other current assets
Other
Non-current assets
Biological assets
Taxes recoverable
Judicial deposits
Investments
Corporate investments
Investments in associates
Investment properties
Intangible assets
Intangible assets
Current period
9/30/2015
25,176,861
8,733,329
5,370,549
539,065
539,065
539,065
1,376,085
1,376,085
1,414,190
-38,105
663,617
665,645
665,645
7,489
6,260
1,229
110,879
110,879
16,443,532
4,877,931
3,537,696
1,340,235
1,048,708
81,564
209,963
510,136
498,700
498,700
11,436
11,042,867
12,598
12,598
Prior year
12/31/2014
21,173,855
7,899,676
5,245,833
497,604
497,604
497,604
1,148,676
1,148,676
1,193,921
-45,245
563,709
331,968
331,968
27,820
25,207
2,613
84,066
84,066
13,274,179
4,416,708
3,667,085
749,623
428,884
84,689
236,050
494,747
483,205
483,205
11,542
8,351,387
11,337
11,337
Page 11 of 89

(Unaudited)
Version: 1
Consolidated financial statements/balance sheet - liabilities and equity

Code
2
2.01
2.01.01
2.01.02
2.01.03
2.01.04
2.01.04.01
2.01.04.02
2.01.05
2.01.05.01
2.01.05.01.04
2.01.05.02
2.01.05.02.04
2.01.05.02.05
2.02
2.02.01
2.02.01.01
2.02.01.02
2.02.02
2.02.02.02
2.02.02.02.03
2.02.02.02.04
2.02.02.02.05
2.02.03
2.02.03.01
2.02.04
2.02.04.01
2.03
2.03.01
2.03.02
2.03.03
2.03.04
2.03.04.01
2.03.04.02
2.03.04.07
2.03.04.08
2.03.04.09
2.03.04.10
2.03.05
2.03.06
Description
Current liabilities
Trade payables
Tax obligations
Borrowings
Borrowings
Debentures
Other obligations
Payables to related parties
Payables to other related parties
Other
Borrowings
Borrowings
Debentures
Other obligations
Other
Payables - investors in Special Partnership Companies (SPCs)
Other
Deferred taxes
Deferred income tax and social contributions
Provisions
Provisions for tax, social security, labor and civil contingencies
Consolidated equity
Share capital
Capital reserves
Revaluation reserves
Revenue reserves
Legal reserve
Statutory reserve
Tax incentive reserve
Additional dividend proposed
Treasury shares
Biological assets reserve
Accumulated deficit
Current period
9/30/2015
25,176,861
3,174,916
206,313
717,132
50,241
2,019,320
1,786,858
232,462
181,910
10,500
10,500
171,410
60,506
110,904
17,010,204
15,505,028
14,308,399
1,196,629
716,648
716,648
139,179
365,317
212,152
706,916
706,916
81,612
81,612
4,991,741
2,377,849
1,299,181
48,715
2,163,518
1,513
596,790
0
0
-164,302
1,729,517
-1,985,264
1,087,742
Prior year
12/31/2014
21,173,855
2,518,873
139,879
438,864
55,137
1,754,989
1,479,788
275,201
130,004
3,567
3,567
126,437
50,400
76,037
11,596,658
9,230,583
8,160,320
1,070,263
585,610
585,610
131,526
384,607
69,477
1,699,823
1,699,823
80,642
80,642
7,058,324
2,271,500
1,295,919
48,767
2,376,692
98,403
596,773
7,610
102,000
-157,611
1,729,517
0
1,065,446
Page 12 of 89

(Unaudited)
Version: 1
Consolidated financial statements/statement of operations

1 - Code
3.01
3.02
3.02.01
3.02.02
3.03
3.04
3.04.01
3.04.02
3.04.04
3.04.06
3.05
3.06
3.07
3.08
3.08.01
3.08.02
3.09
3.11
3.11.01
3.99
3.99.01
3.99.01.01
3.99.01.02
3.99.02
3.99.02.01
3.99.02.02
2 - Description
Net sales revenue
Cost of sales
Gross profit
Operating expenses
Selling expenses
General and administrative expenses
Other operating income (expenses)
Profit before finance results and taxes
Finance results
Profit (loss) before taxation
Income tax and social contributions
Current
Deferred
Profit (loss) for the period from continuing operations
Consolidated profit (loss) for the period
Attributable to the owners of the parent company
Earnings (loss) per share - (R$/share)
Basic earnings (loss) per share
Common shares
Preferred shares
Diluted earnings (loss) per share
Common shares
Preferred shares
Current quarter
7/1/2015 to
9/30/2015
1,445,697
-830,580
98,731
-929,311
615,117
-183,075
-107,458
-78,796
-7,528
10,707
432,042
-2,489,678
-2,057,636
716,803
-4,810
721,613
-1,340,833
-1,340,833
-1,340,833

1/1/2015 to
9/30/2015
4,092,082
-2,608,294
309,499
-2,917,793
1,483,788
-543,627
-307,513
-236,687
-23,473
24,046
940,161
-3,672,827
-2,732,666
958,863
-9,961
968,824
-1,773,803
-1,773,803
-1,773,803
Same quarter of
prior year
7/1/2014 to
9/30/2014
1,282,208
-656,485
252,784
-909,269
625,723
-129,169
-98,218
-69,367
15,384
23,032
496,554
-498,508
-1,954
8,963
36,263
-27,300
7,009
7,009
7,009

1/1/2014 to
9/30/2014
3,636,772
-1,749,379
904,460
-2,653,839
1,887,393
-422,871
-283,873
-215,179
41,800
34,381
1,464,522
-195,222
1,269,300
-411,599
112,148
-523,747
857,701
857,701
857,701
-0.24830
-0.24830
-0.32860
-0.32860
0.00130
0.00130
0.16310
0.16310
-0.24830
-0.24830
-0.32860
-0.32860
0.00130
0.00130
0.16310
0.16310
Page 13 of 89

(Unaudited)
Version: 1
Consolidated financial statements/statement of comprehensive income (loss)

1 - Code
4.01
4.02
4.02.01
4.03
4.03.01
2 - Description
Consolidated profit (loss) for the period
Foreign currency translation adjustments
Consolidated comprehensive income (loss) for the period
Attributable to the owners of the parent company
Current quarter
7/1/2015 to
9/30/2015
-1,340,833
16,245
16,245
-1,324,588
-1,324,588

1/1/2015 to
9/30/2015
-1,773,803
21,144
21,144
-1,752,659
-1,752,659
Same quarter of
prior year
7/1/2014 to
9/30/2014
7,009
3,042
3,042
10,051
10,051

1/1/2014 to
9/30/2014
857,701
-9,496
-9,496
848,205
848,205
Page 14 of 89

(Unaudited)
Version: 1
Consolidated financial statements/statement of cash flows - indirect method

Code
6.01
6.01.01
6.01.01.01
6.01.01.02
6.01.01.03
6.01.01.04
6.01.01.05
6.01.01.06
6.01.01.07
6.01.01.08
6.01.01.09
6.01.01.10
6.01.01.11
6.01.01.12
6.01.01.13
6.01.01.14
6.01.02
6.01.02.01
6.01.02.02
6.01.02.03
6.01.02.04
6.01.02.05
6.01.02.06
6.01.02.07
6.01.02.08
6.01.02.09
6.01.02.10
6.02
6.02.01
6.02.02
6.02.03
6.02.05
6.03
6.03.01
6.03.02
6.03.04
6.03.05
6.03.06
6.03.07
6.03.08
6.03.09
6.05
6.05.01
6.05.02
Description
Cash from operations
Profit (loss) for the period (attributable to owners of the Parent)
Result on disposal of assets
Interest, monetary variation and share of results - debentures
Amortization - adjustment to present value - debentures
Other
Trade receivables
Inventories
Taxes recoverable
Securities (available-for-sale securities)
Prepaid expenses
Other assets
Trade payables
Tax obligations
Other liabilities
Purchases of property, plant and equipment (net of taxes)
Planting cost of biological assets (net of taxes)
Asset disposals
Acquisition of investment and payment of capital in subsidiaries
New borrowings
Repayments of borrowings
Withdrawal of investors - SPCs
Dividends paid
Funds raised from debentures
Accumulated Accumulated current period

prior year
1/1/2015 to 9/30/2015 1/1/2014 to 9/30/2014
1,297,048
1,112,447
1,709,574
1,528,959
-1,773,803
857,701
227,294
195,302
-309,499
-904,460
502,987
461,447
-968,824
523,747
4,206,021
660,708
-587,085
-290,437
35,021
32,137
3,831
-8,263
-24,046
-34,381
-16,326
-9,479
370,078
25,035
30,672
36,697
13,253
-16,795
-412,526
-416,512
-227,409
14,214
-99,908
-36,817
-937,175
-354,770
-41,461
-234,707
5,133
9,200
-30,774
4,845
709,394
186,148
-4,896
-4,580
66,434
16,102
148,136
-16,147
-3,243,251
-2,001,720
-3,190,821
-1,957,082
-72,546
-71,682
12,550
11,744
7,566
15,300
2,070,919
3,970,485
3,849,796
2,601,863
-1,157,305
-858,171
-213
-858
-272,985
-242,069
-11,151
-5,822
5,263
5,391
0
2,470,151
-342,486
0
124,716
3,081,212
5,245,833
2,729,872
5,370,549
5,811,084
Page 15 of 89

(Unaudited)
Version: 1
Consolidated financial statements/statement of changes in equity - 1/1/2015 to 9/30/2015

Code
5.01
5.03
5.04
5.04.01
5.04.04
5.04.06
5.04.08
5.04.10
5.04.11
5.04.12
5.04.13
5.04.14
5.05
5.05.01
5.05.02
5.06
5.06.04
5.07
Description
Opening balances
Capital increase
Dividends
Treasury shares sold
Maturity of stock options plan
Revaluation reserve realized
remuneration
Closing balances
Paid-up
share
capital
2,271,500
2,271,500
106,349
104,500
0
0
0
Retained
Capital reserves,
earnings
Other
options granted and Revenue (accumulated comprehensive
deficit)
income (loss)
treasury shares reserves
1,138,308 2,583,070
0
1,065,446
1,138,308 2,583,070
0
1,065,446
-3,429 -206,535
-211,461
-4,308
0 -104,500
0
0
-11,151
0
0
0
0
-101,983
-171,002
0
2,433
0
0
-2,433
Equity
7,058,324
7,058,324
-319,384
0
-11,151
-272,985
0
Noncontrolling
interests
0
0
0
0
0
0
0
Consolidated
equity
7,058,324
7,058,324
-319,384
0
-11,151
-272,985
0
1,849
0
0
0
-1,849
5,263
1,875
0
0
0
0
-52
0
0
0
52
0
0
-1,875
0
0
5,263
0
0
0
0
0
0
0
5,263
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-40,511
-1,773,803
-1,773,803
0
0
0
21,144
0
21,144
5,460
-40,511
-1,752,659
-1,773,803
21,144
5,460
0
0
0
0
0
-40,511
-1,752,659
-1,773,803
21,144
5,460
0
2,377,849
0
1,134,879
0
2,376,535
0
-1,985,264
5,460
1,087,742
5,460
4,991,741
0
0
5,460
4,991,741
Page 16 of 89

(Unaudited)
Version: 1
Consolidated financial statements/statement of changes in equity - 1/1/2014 to 9/30/2014

Code
5.01
5.03
5.04
5.04.04
5.04.05
5.04.06
5.04.08
5.04.09
5.05
5.05.01
5.05.02
5.05.02.04
5.06
5.06.02
5.06.04
5.07
Description
Opening balances
Dividends
Translation adjustments for the period
remuneration
Closing balances
Paid-up
share
capital
2,271,500
2,271,500
0
0
0
0
0
0
0
0
0
0
0
0
Capital reserves,
options granted and
treasury shares
4,419
4,419
1,291,500
0
2,957
0
0
1,288,543
0
0
0
0
0
0
Revenue
reserves
2,051,311
2,051,311
-89,781
-5,822
2,434
-90,077
3,684
0
0
0
0
0
-480
-480
0
2,271,500
0
1,295,919
0
1,961,050
Retained
earnings
Other
(accumulated comprehensive
deficit)
income (loss)
Equity
0
1,065,437 5,392,667
0
1,065,437 5,392,667
-151,992
-3,684 1,046,043
0
0
-5,822
0
0
5,391
-151,992
0 -242,069
0
-3,684
0
0
0 1,288,543
857,701
-9,496
848,205
857,701
0
857,701
0
-9,496
-9,496
0
-9,496
-9,496
480
4,010
4,010
480
0
0
0
706,189
4,010
4,010
1,056,267 7,290,925
Noncontrolling
interests
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Consolidated
equity
5,392,667
5,392,667
1,046,043
-5,822
5,391
-242,069
0
1,288,543
848,205
857,701
-9,496
-9,496
4,010
0
0
0
4,010
7,290,925
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Consolidated financial statements/statement of value added

Code
7.01
7.01.01
7.01.02
7.01.02.01
7.01.02.02
7.01.04
7.02
7.02.01
7.02.02
7.03
7.04
7.04.01
7.05
7.06
7.06.01
7.06.02
7.07
7.08
7.08.01
7.08.01.01
7.08.01.02
7.08.01.03
7.08.02
7.08.02.01
7.08.02.02
7.08.02.03
7.08.03
7.08.03.01
7.08.04
7.08.04.02
7.08.04.03
Description
Revenue
Sale of products
Other revenue
Other
Change in provision for impairment of trade receivables
Cost of sales
Materials, energy, outsourced services and other
Gross value added
Retentions
Net value added generated
Finance income
Distribution of value added
Personnel
Direct compensation
Benefits
Government Severance Indemnity Fund for Employees (FGTS)
Federal
State
Municipal
Interest
Dividends
Profits reinvested/loss for the period

1/1/2015 to 9/30/2015
5,367,924
5,044,786
315,999
309,499
6,500
7,139
-2,511,579
-1,684,356
-827,223
2,856,345
-730,281
-730,281
2,126,064
555,553
24,046
531,507
2,681,617
2,681,617
720,039
543,910
133,199
42,930
-497,832
-614,032
107,212
8,988
4,204,334
4,204,334
-1,744,924
211,513
-1,956,437

1/1/2014 to 9/30/2014
5,481,478
4,565,910
916,204
904,460
11,744
-636
-2,318,221
-1,583,103
-735,118
3,163,257
-656,749
-656,749
2,506,508
486,568
34,381
452,187
2,993,076
2,993,076
601,202
455,869
111,231
34,102
886,764
768,730
109,916
8,118
647,409
647,409
857,701
151,992
705,709
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Comments on company performance
SUMMARY
Brazils political crisis worsened in the third quarter,
which created difficulties to approve the fiscal
adjustment measures. Expectations of a fiscal
deterioration following the budget deficit proposed by
the government culminated in the downgrading of the
countrys sovereign debt by the rating agencies and a
major devaluation of the real against the dollar. Market
indicators continue pointing to a slowdown in economic
activity, rising unemployment and higher inflation.
On the international front, expectations regarding the
Greek referendum on the countrys fiscal adjustment
measures, the reduction in Chinas growth and the
indefinition over U.S. interest rates, added even more
volatility to the markets.
The slowing of Brazils economic activity throughout the
quarter impacted the paper and packaging markets, with
increased signs of weakening. In its preliminary
September report, the Brazilian Corrugated Boxes
Association (ABPO) stated that corrugated box shipments
in 3Q15 fell by 5% year-on-year and 3% year-to-date,
while the latest figures from the Brazilian Tree Industry
(IB, formerly Bracelpa) indicated a 5% reduction in the
coated board market (excluding liquid packaging boards)
in the first eight months of the year over the same period
in 2014.
and the 5% decline in domestic market sales in 3Q15,

exports accounted for 33% of total sales volume, versus
31% in 3Q14.
The upturn in inflationary pressure since the beginning of
the year, especially in regard to energy prices and dollardenominated inputs, impacted costs of 3Q15 when
compared with the same period of 2014. On other hand,
the efforts to control costs proved effective and the
increase in the cash cost per tonne remained in line with
current domestic inflation.
Despite the deterioration in Brazils economic indicators
since the beginning of the year, which directly affected the
paper and packaging markets and the production costs of
companies operating in the country, Klabin increased its
sales revenue thanks to the versatile product line and
presence in a wide range of markets. With resilience to
adverse market conditions, the Company was able to
maintain consistent results, exemplified by third-quarter
adjusted EBITDA of R$520 million, 15% more than in
3Q14.
As a result, adjusted EBITDA in the last 12 months came
th
to R$1,881 million, the 17 consecutive quarter of growth.
On the other hand, the upward price trajectory in the

international kraftliner markets in recent months persisted
in 3Q15 and, according to FOEX, the list price in Europe
averaged 590/t, 2% and 7% higher than in 2Q15 and
3Q14, respectively.
Given the slowing of the domestic markets and the
improved conditions abroad, Klabin, based on the
competitiveness and flexibility of its product lines, routed
more volume to markets abroad, where the sales of all
lines recorded a year-on-year upturn. In Brazil, the
economic slowdown resulted in lower sales in the
corrugated boxes chain, which was partially offset by
healthy coated board sales thanks to the resilience of
Klabins clients and the solid operating performance of the
mills. As a result, given the 8% increase in export volume
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(Unaudited)
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2.0
1.5
939
922
2.5
1.7
1,027
3.0
1.7
1.7
1,089
3.5
1.7
1,180
4.0
1.7
1.7
1.7
1.7
1.7
1.7
1.8
1.8
1.8
1.8
1.8
1.8
1.8
1,881
1,812
1,755
1,718
1,652
1,627
1,602
1,562
1,452
1,424
1,286
4.5
1,351
5.0
1,504
EBITDA GROWTH
1.8
1.0
0.5
Jun-11 Sep-11 Dec-11Mar-12Jun-12 Sep-12 Dec-12Mar-13Jun-13 Sep-13 Dec-13Mar-14Jun-14 Sep-14 Dec-14Mar-15Jun-15 Sep-15
Sales Volume LTM
(excluding wood million tonnes)
Adjusted EBITDA LTM

(R$ million)
Exchange Rate
In this scenario of political and economic uncertainty, the Brazilian real intensified its downward trajectory throughout the third
quarter of 2015 despite the Brazilian Central Banks temporary interventions in the FX market. The R$/US$ exchange rate
peaked at R$4.24/US$ on September 24, the highest ever figure since the Real was introduced in 1992, before closing the
quarter at R$3.97/US$, 28% up on the end of 2Q15. The average rate was R$3.54/US$, 15% higher than in the previous
quarter and 56% up on 3Q14.
R$ / US$
Average Rate
End Rate
3Q15
3.54
3.97
2Q15
3.07
3.10
3Q14
2.27
2.45
3Q15/2Q15
15%
28%
3Q15/3Q14
56%
62%
9M15
3.17
3.97
9M14
2.29
2.45
9M15/9M14
38%
62%
OPERATING AND FINANCIAL PERFORMANCE

Sales volume
Despite the worsening of activity in Brazils packaging markets, third-quarter sales volume, excluding wood, totaled 463
thousand tonnes, virtually identical to the 3Q14 figure, once again reflecting the resilience of the Companys markets and the
flexibility of its product line, allowing it to route higher volumes abroad given the sluggish domestic market.
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The upturn in the average exchange rate and the more buoyant foreign markets led to a favorable export scenario even in a period
normally fueled by preparatory end-of-year sales seasonality in Brazil. As a result, Klabin increased its paper and coated board
exports, offsetting the impact of the decline in domestic consumption and in the converted packaging markets. It is also worth noting
the healthy operating performance of Paper Machine 9 following its debottlenecking in mid-2014, which increased Klabins coated
board sales volume throughout the quarter.
As a result, 3Q15 export volume climbed by 8% over the same period last year, representing 33% of total sales, versus 31% in
3Q14. Exports share of total sales volume also improved over the 32% recorded in the previous quarter despite period seasonality.
With more sales being routed abroad, volume in the domestic market, where there is a large share of conversion products, fell by
5% year-on-year.
Year-to-date paper sales volume stood at 1,334 thousand tonnes, virtually identical to the 1,328 thousand tonnes recorded in 9M14.
This stability was the result of Klabins versatility, which offset the 22 thousand tonnes reduction in the sales of conversion products
with a 21 thousand tonnes increase in paper sales volume, especially abroad.
Sales volume by product

3Q15
Sales volume
(excluding wood tsd tonnes)
467
31%
463
33%
Others
2%
Kraftliner
23%
69%
3Q14
Domestic Market
Coated boards
37%
67%
3Q15
Conversion
38%
Exports
Net Revenue
Net revenue, including wood, came to R$1,446 million in 3Q15, 13% up on 3Q14, largely due to the period devaluation of the real
against the dollar, which pushed up export revenue.
Given exports increased share of total volume, which was amplified by the period upturn in the average exchange rate, net revenue
from exports increased by 53% over 3Q14 and accounted for 33% of total revenue, versus 24% in the same quarter last year.
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Klabins efforts to seek the best possible markets in different economic scenarios once again resulted in net revenue improvements.
Year-to-date revenue came to R$4,092 million, 13% up on 9M14.
Pro-forma net revenue, including Klabins proportional share of revenue from Florestal Vale do Corisco S.A., came to R$1,463
million in 3Q15 and R$4,138 million in 9M15.
Net revenue
(R$ million)
Net revenue by product

3Q15
1,446
33%
1,282
Wood
6%
24%
Others
2%
Coated Boards
37%
Kraftliner
16%
76%
67%
3Q14
Conversion
39%
3Q15
Domestic Market
Exports
Operating Costs and Expenses

The unit cash cost, which includes fixed and variable costs and operating expenses, came to R$2,024/t in 3Q15. Excluding nonrecurring items from other operating revenue and expenses, which had a significant impact on the year-on-year comparison, the unit
cash cost came to R$2,007/t, 9.8% above 3Q14. This increase reflects the inflationary impact of the cost of energy acquisitions and
dollar-denominated inputs. However, this upturn was partially mitigated by reduced cost from wood harvesting and third-party paper
purchases and the stability of selling and administrative expenses.
Cash Cost Breakdown
3Q14
Maintenance
materials /
stoppage
9%
Others
Electricity
3%
8%
Cash Cost Breakdown

3Q15
Labor / third
parties
31%
Fuel Oil
5%
Electricity
Maintenance 9%
Others
5%
materials /
stoppage
10%
Labor / third
parties
32%
Fuel Oil
3%
Sales
expenses
12%
Wood / Fibers
16%
Chemicals
16%
Sales
expenses
12%
Wood / Fibers
15%
Chemicals
14%
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The cost of goods sold, excluding depreciation, depletion and amortization, came to R$1,610/t in 3Q15, 9% up on 3Q14, in line
with period inflation thanks to the fact that the hefty increase in energy and dollar-pegged input costs was offset by lower wood
costs and the reduced volume of paper acquired from third parties.
Selling expenses totaled R$107 million in the quarter, 9% up on 3Q14. As a result, despite the increase in export volume, they
recorded a slight downturn in percentage of net revenue terms, falling from 7.6% of net revenue, in 3Q14, to 7.3% in 3Q15.
General and administrative expenses stood at R$79 million in the quarter. Excluding non-recurring expenses, especially those
related to period indemnifications, the year-on-year increase came to 9%, chiefly due to the collective bargaining agreements
over the last 12 months.
Other operating revenue (expenses) resulted in an expense of R$8 million in 3Q15, versus revenue of R$15 million in 3Q14.
Effect of the variation in the fair value of biological assets

The effect of the variation in the fair value of biological assets was a gain of R$99 million in 3Q15, primarily due to the growth of
forests that were recognized at their fair value. In the same period, the effect of the depletion of the fair value of biological
assets on the cost of goods sold was R$93 million. As a result, the non-cash impact of the variation in the fair value of biological
assets on annual operating income (EBIT) in the quarter was a gain of R$6 million.
Operating Cash Flow (EBITDA)
R$ million
Net Income (loss)
(+) Income taxes and social contribution
(+) Net Financial Revenues
(+) Depreciation, amortization, depletion
Adjustments according to IN CVM 527/12 art. 4
(-) Biological assets adjustment
(-) Equity Pickup
(+) Vale do Corisco
Ajusted EBITDA
Adjusted EBITDA Margin
3Q15
(1,341)
(717)
2,490
186
2Q15
296
148
(201)
294
3Q14 3Q15/2Q15 3Q15/3Q14

7
n/a
n/a
(9)
n/a
7897%
499
n/a
399%
222
-37%
-16%
(98)
(11)
10
520
36%
(148)
(6)
9
391
29%
(253)
(23)
8
451
35%
-34%
84%
15%
33%
7 p.p.
-61%
-54%
21%
15%
1 p.p.
9M15
(1,774)
(959)
3,673
730
9M14
858
412
195
657
9M15/9M14
n/a
n/a
1881%
11%
(301)
(24)
27
1,372
33%
(904)
(34)
27
1,210
33%
-67%
-30%
-1%
13%
0 p.p.
n/a - Not applicable

Note: Adjusted EBITDA margin is calculated considering the pro forma net revenue, which includes Vale do Corisco
Despite strong inflationary pressure on production costs since the beginning of the year and the deterioration of the Brazilian
economy, the increase in 3Q15 sales revenue was reflected in a further improvement in results. Operating cash flow (adjusted
EBITDA) totaled R$520 million, 15% up on 3Q14, with a margin of 36%.
Thanks to the high competitiveness and excellent quality of its diversified product line, Klabin was able to expand its sales to
foreign markets precisely when reduced economic activity in Brazil resulted in the slowing of the domestic paper and packaging
markets. Consequently, with the routing of more products abroad, the Company was able to maintain 3Q14 sales volume levels,
despite the worsening of the economic scenario. It is worth emphasizing that the upturn in exports was further fueled by the
increase in the average period exchange rate, which enabled Klabin to obtain a 13% increase in revenue over 3Q14, and played a
fundamental role in the improvement of its 3Q15 results.
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In the first nine months, adjusted EBITDA totaled R$1,372 million, 13% up year-on-year, with a margin of 33%.
These figures include Klabins share of Florestal Vale do Corisco S.A., which totaled R$10 million in the quarter and R$27 million in
9M15.
Indebtedness and Financial Investments

Gross debt totaled R$17,524 million on September 30, 2015, R$4,140 million more than at the close of 2Q15, chiefly due to the
major impact of the exchange variation on foreign-currency-denominated debt, which alone accounted for R$2,600 million of
this increase, as well as new funding operations to cover the Puma Project disbursements. Of this total, R$11,793 million, or 67%
(US$2,968 million) was denominated in dollars, primarily export pre-payment facilities.
Cash and financial investments closed the quarter at R$5,910 million, R$670 million more than in 2Q15, due to new financing
lines for the Puma Project and the Companys cash generation, which offset the Project disbursements. This amount exceeds
financing repayments due in the next 32 months.
Consolidated net debt totaled R$11,615 million on September 30, 2015, R$3,470 million more than the R$8,144 million recorded
on June 30, 2015, chiefly due to investments of R$1.1 billion in the quarter and the accounting impact of the foreign exchange
variation on dollar-denominated debt, as previously explained. The hefty devaluation of the real in the third quarter affected the
net debt/EBITDA ratio by 1.4x. As a result, the net debt/adjusted EBITDA ratio closed the period at 6.2x, versus 4.5x at the end of
2Q15. Considering EBITDA in the last 12 months and net debt in dollars, the net debt/EBITDA ratio ended September at 4.6x. It is
worth noting that, in addition to Klabin having no financial covenants attached to its debt, this exchange variation has a purely
accounting effect, mainly impacting export pre-payment facilities, which are not related to the Puma Project and are already
hedged by Klabins future exports.
The average maturity term was extended, closing 3Q15 at 50 months (42 months for local-currency financing and 54 months for
foreign-currency funding). Short-term debt accounted for 12% of the total and borrowing rates in local and foreign currency averaged
12.1% p.a. and 4.7% p.a., respectively.
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NET DEBT AND LEVERAGE

6.2
4.5
4.2
Net Debt (R$ million)
Debt (R$ million)
Net Debt/EBITDA (R$)
Sep-15
Jun-15
Mar-15
5,242
Dec-14
4,028
2.3
Sep-14
2,824
1.8
Jun-14
1.7
2,711
1.7
8,144
2.7
1.7
7,440
3.3
2.4
Mar-14
3,985
2.4
Dec-13
Mar-13
3,595
2.3
Sep-13
2.2
3,437
2.4
3,136
2.2
2.4
Jun-13
2.2
11,614
3.8
3.0
2.6
4.6
Net Debt/EBITDA (US$)
09/30/2015
06/30/2015
Short term
Local currency
934
6%
1,247
Foreign currency
1,084
6%
953
9%
7%
Total short term
2,018
12%
2,200
16%
30%
Long term
Local currency
4,797
27%
3,998
Foreign currency
10,709
61%
7,186
54%
Total long term
15,506
88%
11,184
84%
Total local currency
5,731
33%
5,245
39%
Total foreign currency
11,793
67%
8,139
61%
Gross debt
17,524
5,910
13,384
5,240
11,614
6.2x
8,144
4.5x
(-) Cash
Net debt
Net debt / EBITDA (LTM)
Financial Result
Financial expenses were mainly impacted by the upturn in the Companys gross debt due to the contracting of financing lines
related to the Puma Project. As a result, financial expenses totaled R$236 million in 3Q15, higher than the R$227 million recorded in
3Q14.
On the other hand, financial revenue increased from R$149 million, in 3Q14, to R$177 million, thanks to the Companys higher
cash position and the increase in Brazilian interest rates.
Consequently, the positive impact of the increase in financial revenue mitigated part of the increase in financial expenses and
the 3Q15 financial result, excluding the exchange variation, was negative by R$58 million, versus a negative R$78 million in 3Q14.
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The exchange rate closed the quarter 28% up on the end of 2Q15. As a result, the impact of the net foreign exchange variation,
primarily on foreign currency debt, was negative by R$2,432 million in 3Q15, generating a significant accounting impact on
Klabins gross and net debt. It is worth remembering, however, that the exchange variation has an exclusively accounting effect
on the Companys balance sheet, with no major cash impact in the short term. From the cash flow point of view, the Company
neutralizes its foreign exchange variation exposure using foreign-currency receivables to serve as the basis for the contracting of
foreign-currency debt at competitive costs.
BUSINESS PERFORMANCE
Consolidated information by business unit in 9M15:
R$ million
Forestry
Papers
Conversion
Consolidation
281
281
464
745
309
(931)
123
(40)
83
1.039
1.082
2.121
823
2.944
(1.878)
1.066
(302)
764
1.531
163
1.694
19
1.713
(1.408)
305
(199)
106
(1.306)
(1.306)
1.299
(7)
(2)
(9)
Net revenue
Domestic market
Exports
Third part revenue
Segments revenue
Total net revenue
Change in fair value - biological assets
Cost of goods sold
Gross income
Operating expenses
Operating results before financial results
Total
2.851
1.245
4.096
4.096
309
(2.918)
1.487
(543)
944
Note: In this table, total net revenue includes sales of other products.
* Forestry COGS includes the exaustion of the fair value of biological assets in the period.
BUSINESS UNIT - FORESTRY

thousand tonnes
Wood
3Q15
600
2Q15
990
3Q14 3Q15/2Q15 3Q15/3Q14

722
-39%
-17%
9M15
2,339
9M14
2,074
285
261
9M15/9M14
13%
R$ million
Wood
81
114
86
-29%
-6%
9%
During the third quarter, sales to third parties reached 600 thousand tonnes, 17% down on 3Q14. The decrease in the sales
volume is mainly due to the average sales volume adjustment after the standing timber sales in 2Q15. This one-off sale increased
the total wood sales in that period and resulted in a smaller sales volume in 3Q15. Other than this impact on the period, wood
logs net revenues was R$81 million, 6% down comparing with 3Q14.
With the higher exchange rate, which has been benefitting exporting Companies, the wood market has been showing signs of
resilience. In this scenario, wood logs sales volume growth in 9M15 was 13% when compared with the same period of last year
and totaled 2,339 thousand tones.
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BUSINESS UNIT - PAPER

thousand tonnes
Kraftliner DM
Kraftliner EM
Total Kraftliner
Coated boards DM
Coated boards EM
Total Coated boards
Total Paper
R$ million
Kraftliner
Coated boards
Total Paper
3Q15
27
79
106
106
67
172
278
2Q15
32
66
98
92
64
156
254
226
529
755
189
457
646
3Q14 3Q15/2Q15 3Q15/3Q14

38
-13%
-28%
71
19%
11%
109
9%
-2%
96
15%
10%
64
3%
3%
160
10%
7%
269
10%
3%
174
419
593
20%
16%
17%
30%
26%
27%
9M15
92
208
300
287
205
491
791
597
1.459
2.056
9M14
105
194
300
271
200
471
770
479
1.211
1.690
9M15/9M14
-12%
7%
0%
6%
2%
4%
3%
25%
20%
22%
Kraftliner
The 3Q15 global kraftliner market remained strong, with the FOEX list price in euros moving up by 2% over the previous quarter.
In the domestic market, despite the economic slowdown, cost pressure on the production chain such as energy, OCC and
personnel, has been sustaining packaging paper prices.
In regard to Klabins operations, the reduction in paper purchases from third parties over 3Q14 was offset by the greater
availability of paper due to the reduction in conversion product sales volume, so that period kraftliner and sack kraft sales
volume remained stable. Taking advantage of its flexibility and the more devalued real, the Company focused on exports, which
grew by 7% over the same period last year.
As a result of the devaluation of the real and stable domestic market prices, net revenue grew by 30% over 3Q14, while year-todate net revenue increased by 25% over 9M14 to R$597 million.
Coated Boards
Coated board output in the Monte Alegre plant remained on the upward trajectory of recent months, with Machine 9 reaching its
nominal production capacity following its debottlenecking in 2014. As a result, Klabins coated board production reached record
levels in the quarter, accompanied by sales volume of 172 thousand tonnes, 7% up on 3Q14.
According to the Brazilian Tree Industry, Brazilian coated board sales (excluding liquid packaging boards) continued to decline,
reflecting the deterioration in economic activity. Between January and August, 2015, the year-on-year reduction came to 5%.
However, given the resilience of some of Klabins markets, especially the liquid packaging board segment, the Company recorded
healthy domestic sales, while export volume grew by 3% year-on-year, in line with increased period output.
Third-quarter net revenue amounted to R$529 million, 26% more than in 3Q14, fueled by the period upturn in sales volume and the
appreciation of the dollar, which had a direct impact on international coated board revenue.
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BUSINESS UNIT - CONVERSION

thousand tonnes
Total conversion
3Q15
174
2Q15
172
577
551
3Q14 3Q15/2Q15 3Q15/3Q14

185
1%
-6%
9M15
514
9M14
536
9M15/9M14
-4%
R$ million
Total conversion
569
5%
1%
1,665
1,627
2%
According to the Brazilian Corrugated Boxes Association (ABPO), the market closed 5% down on 3Q14. In addition to the
deterioration in Brazilian economic activity, the bigger slowdown this quarter was due to the exceptionally strong comparative
base provided by 3Q14, when demand recovered following the stoppages during the World Cup. In this context, Klabin followed
the market tendency.
In relation to industrial bags, despite the weak demand in the construction market in Brazil, Klabin has been performing better
thanks to its strong presence in Brazils Northeast, which has proved to be more stable than the countrys other regions, and to
the Companys successful strategy of developing new markets outside Brazil, underlining its flexibility and competitiveness.
Given the scenario, Klabins 3Q15 conversion sales volume was impacted by the deterioration of the domestic economy, falling
by 6% over 3Q14. However, this decline was offset by the healthier sales mix and the devaluation of the real against the dollar,
and net revenue increased by 1% to R$577 million.
INVESTMENTS
R$ million
3Q15
9M15
26
70
Forestry
Maintenance
88
234
Special projects and growth
29
101
970
2,858
1,113
3,263
Puma Project
Total
Klabin invested R$1.1 billion in 3Q15, led by investments in the

new pulp plant in Ortigueira (PR). Of this total, R$88 million went
to the continuity of mill operations, R$26 million to forestry
operations, R$29 million to special projects and capacity
expansions, and R$970 million to the Puma Project.
Klabins new pulp plant will have a capacity of 1.5 million tonnes
per year. The works are moving ahead in line with the previously
established schedule and were 87% complete by the close of the
quarter, with 70% of investments already disbursed.
CAPITAL MARKET
Shares
Klabins Units (KLBN11) moved up by 49% in 9M15, while the Ibovespa Index depreciated by 10%. The Companys Units were
traded in all sessions of the BM&FBovespa, totaling 1.2 million trades involving 602 million shares, giving average daily traded
volume of R$60 million at the end of the period. In the last twelve months, Klabins shares appreciated by 85%, while the
Ibovespa Index depreciated by 17%.
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Performance KLBN11 x Brazilian Index (Ibovespa)

185
100
KLBN11
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
83
Ibovespa Index
Klabins capital stock is represented by 4,731 million shares, 1,849 million of which are common shares and 2,882 million
preferred shares. Klabins shares are also traded on the U.S. over-the-counter market as Level 1 ADRs, under the ticker KLBAY.
For the second consecutive year, Klabin was included in the BM&FBovespas Corporate Sustainability index (ISE). The new
portfolio, which became effective on January 5, 2015, contains 51 shares from 40 companies, all of which recognized for their
high level of commitment to the sustainability of their businesses and the country as a whole. This achievement reinforces
Klabins historic commitment to sustainable development, underlined by its pioneering role in obtaining pulp and paper sector
certifications and its handling of biodiversity.
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KLABIN S.A.
Notes to the quarterly information
All amounts in thousands of reais
Klabin S.A.
Quarterly information for the quarter and nine-month period

ended September 30, 2015
PricewaterhouseCoopers Auditores Independentes
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KLABIN S.A.
CONTENTS
ASSETS
LIABILITIES AND EQUITY
STATEMENT OF OPERATIONS
STATEMENT OF COMPREHENSIVE INCOME (LOSS)
STATEMENT OF CHANGES IN EQUITY
STATEMENT OF CASH FLOWS
STATEMENT OF VALUE ADDED
1 GENERAL INFORMATION
2 BASIS OF PRESENTATION OF THE QUARTERLY INFORMATION AND SIGNIFICANT
ACCOUNTING POLICIES
3 CONSOLIDATED QUARTERLY INFORMATION
4 CASH AND CASH EQUIVALENTS
5 MARKETABLE SECURITIES
6 TRADE RECEIVABLES
7 RELATED PARTIES
8 INVENTORIES
9 TAXES RECOVERABLE
10 INCOME TAX AND SOCIAL CONTRIBUTION
11 INVESTMENTS IN SUBSIDIARIES AND JOINTLY-CONTROLLED ENTITIES
12 PROPERTY, PLANT AND EQUIPMENT
13 BIOLOGICAL ASSETS
14 BORROWINGS
15 DEBENTURES
16 TRADE PAYABLES
17 PROVISION FOR TAX, SOCIAL SECURITY, LABOR AND CIVIL CONTINGENCIES
18 EQUITY
19 NET SALES REVENUE
20 COSTS, EXPENSES AND INCOME, BY NATURE
21 FINANCE RESULT
22 STOCK OPTION PLAN
23 EARNINGS (LOSS) PER SHARE
24 OPERATING SEGMENTS
25 RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
26 EVENTS AFTER THE REPORTING PERIOD
Page
32
33
34
36
37
38
39
40
40
41
42
42
43
44
46
46
47
50
51
53
56
58
60
60
63
65
66
67
68
69
71
75
80
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KLABIN S.A.
BALANCE SHEET AT SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

Note
Parent company
9/30/2015 12/31/2014
9/30/2015
Consolidated
12/31/2014
ASSETS
Current assets
Marketable securities
Trade receivables:
. Accounts receivable
. Provision for impairment of
trade receivables
. Related parties
Inventories
Taxes recoverable
Other assets
Total current assets
Non-current assets
Related parties
Judicial deposits
Taxes recoverable
Other assets
Investments:
. Interests in investees
. Other
Biological assets
Intangible assets
Total non-current assets
Total assets
4
5
4,345,075
539,065
4,030,951
497,604
5,370,549
539,065
5,245,833
497,604
1,119,012
1,005,569
1,414,190
1,193,921
6
7
8
9
7
(38,015)
740,183
577,149
649,573
1,229
6,260
109,282
8,048,813
(45,177)
431,656
496,736
323,529
2,613
24,625
82,598
6,850,704
(38,105)
663,617
665,645
1,229
6,260
110,879
8,733,329
(45,245)
563,709
331,968
2,613
25,207
84,066
7,899,676
7
17
9
1,732
80,129
1,048,708
208,596
1,339,165
844
83,257
428,884
230,684
743,669
81,564
1,048,708
209,963
1,340,235
84,689
428,884
236,050
749,623
11
1,359,684
11,436
10,794,575
2,827,478
12,568
15,005,741
16,344,906
1,243,659
11,542
8,111,467
3,010,395
11,169
12,388,232
13,131,901
498,700
11,436
11,042,867
3,537,696
12,598
15,103,297
16,443,532
483,205
11,542
8,351,387
3,667,085
11,337
12,524,556
13,274,179
24,393,719
19,982,605
25,176,861
21,173,855
12
13
The accompanying notes are an integral part of this quarterly information.
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KLABIN S.A.
BALANCE SHEET AT SEPTEMBER 30, 2015 AND DECEMBER 31, 2014

Note
Parent company
9/30/2015 12/31/2014
Consolidated
9/30/2015 12/31/2014
LIABILITIES AND EQUITY

Current liabilities
Borrowings
Debentures
Trade payables
Tax obligations
Social security and labor obligations
Related parties
Enrollment in Tax Recovery Program (REFIS)
Total current liabilities
Borrowings
Debentures
Deferred income tax and
social contribution
Provision for tax, social security, labor
and civil contingencies
Payables - Investors in Special Partnership
Companies (SPCs)
Enrollment in Tax Recovery Program (REFIS)
Total non-current liabilities
Total liabilities
Equity
Share capital
Capital reserves
Revaluation reserve
Revenue reserves
Retained earnings (accumulated deficit)
Treasury shares
Total equity
14
15
16
1,792,976
232,462
707,022
44,158
203,194
6,454
60,506
100,375
3,147,147
1,452,240
275,201
429,003
46,653
137,650
11,037
50,400
66,246
2,468,430
1,786,858
232,462
717,132
50,241
206,313
10,500
60,506
110,904
3,174,916
1,479,788
275,201
438,864
55,137
139,879
3,567
50,400
76,037
2,518,873
14
15
13,917,860
1,196,629
7,366,116
1,070,263
14,308,399
1,196,629
8,160,320
1,070,263
10
480,975
1,485,248
706,916
1,699,823
17
81,612
80,642
81,612
80,642
365,317
212,438
16,254,831
19,401,978
384,607
68,975
10,455,851
12,924,281
139,179
365,317
212,152
17,010,204
20,185,120
131,526
384,607
69,477
11,596,658
14,115,531
2,377,849
1,299,181
48,715
2,327,820
1,087,742
(1,985,264)
(164,302)
4,991,741
2,271,500
1,295,919
48,767
2,534,303
1,065,446
(157,611)
7,058,324
2,377,849
1,299,181
48,715
2,327,820
1,087,742
(1,985,264)
(164,302)
4,991,741
2,271,500
1,295,919
48,767
2,534,303
1,065,446
(157,611)
7,058,324
24,393,719 19,982,605
25,176,861
21,173,855
7
17
17
18
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KLABIN S.A.
All amounts in thousands of reais unless otherwise stated
STATEMENT OF OPERATIONS FOR THE QUARTER AND NINE-MONTH PERIODS ENDED

SEPTEMBER 30, 2015 AND 2014
Note
From 7/1 to
9/30/2015
From 1/1 to
9/30/2015
Parent company
From 7/1 to
From 1/1 to
9/30/2014
9/30/2014
19
13
20
1,437,780
59,437
(914,535)
582,682
4,031,274
270,517
(2,886,598)
1,415,193
1,273,885
192,876
(914,047)
552,714
3,581,362
750,005
(2,647,131)
1,684,236
Operating income (expenses)

Selling
General and administrative
Other, net
20
20
20
(100,230)
(76,609)
(8,044)
(184,883)
(286,144)
(230,880)
(24,970)
(541,994)
(93,384)
(65,888)
14,907
(144,365)
(266,878)
(208,726)
39,318
(436,286)
11
42,151
53,610
62,962
154,538
439,950
926,809
471,311
1,402,488
(2,512,320)
(3,678,783)
(495,548)
(190,325)
(2,072,370)
(2,751,974)
(24,237)
1,212,163
(2,066)
733,603
731,537
(2,047)
980,218
978,171
39,122
(7,876)
31,246
122,223
(476,685)
(354,462)
(1,340,833)
(1,773,803)
7,009
857,701
23
(0.2483)
(0.3286)
0.0013
0.1631
23
(0.2483)
(0.3286)
0.0013
0.1631
Net sales revenue

Gross profit
Profit before finance result and

taxes
Finance result
21
Profit (loss) before taxes on income

. Current
. Deferred
10
10

Basic and diluted earnings (loss) per common
share - R$
Basic and diluted earnings (loss) per diluted share
- R$
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KLABIN S.A.
STATEMENT OF OPERATIONS FOR THE QUARTER AND NINE-MONTH PERIODS ENDED

Note
From 7/1 to
9/30/2015
From 1/1 to
9/30/2015
From 7/1 to
9/30/2014
Consolidated
From 1/1 to
9/30/2014
19
13
20
1,445,697
98,731
(929,311)
615,117
4,092,082
309,499
(2,917,793)
1,483,788
1,282,208
252,784
(909,269)
625,723
3,636,772
904,460
(2,653,839)
1,887,393

Selling
General and administrative
Other, net
20
20
20
(107,458)
(78,796)
(7,528)
(193,782)
(307,513)
(236,687)
(23,473)
(567,673)
(98,218)
(69,367)
15,384
(152,201)
(283,873)
(215,179)
41,800
(457,252)
11
10,707
24,046
23,032
34,381
432,042
940,161
496,554
1,464,522
(2,489,678)
(3,672,827)
(498,508)
(195,222)
(2,057,636)
(2,732,666)
(1,954)
1,269,300
(4,810)
721,613
716,803
(9,961)
968,824
958,863
36,263
(27,300)
8,963
112,148
(523,747)
(411,599)
(1,340,833)
(1,773,803)
7,009
857,701
23
(0.2483)
(0.3286)
0.0013
0.1631
23
(0.2483)
(0.3286)
0.0013
0.1631
Net sales revenue

Gross profit
Profit before finance result and

taxes
Finance result
21
Profit (loss) before taxes on income

. Current
. Deferred
10
10

Basic and diluted earnings (loss) per common
share - R$
Basic and diluted earnings (loss) per diluted share
- R$
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KLABIN S.A.
STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE QUARTER AND NINE-MONTH PERIODS
ENDED SEPTEMBER 30, 2015 AND 2014
From 7/1 to
9/30/2015
Other comprehensive income (loss):
. Foreign currency translation adjustments (i)
Total comprehensive income (loss) for the period, net of taxes
Parent company and Consolidated

From 1/1 to
From 7/1 to
From 1/1 to
9/30/2015
9/30/2014
9/30/2014
(1,340,833)
(1,773,803)
7,009
857,701
16,245
(1,324,588)
21,144
(1,752,659)
3,042
10,051
(9,496)
848,205
(i) Effects that might be transferred to profit or loss in the future.
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(Unaudited)
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KLABIN S.A.
STATEMENT OF CHANGES IN EQUITY
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2015 AND 2014
Revaluation
reserve
At December 31, 2013

Other comprehensive income for the period
Comprehensive income for the period
Complementary dividends for 2013 - approved at the
General Meeting of Stockholders
Dividends prepaid in the period
Stock option plan:
. Treasury shares sold
. Award of treasury shares
. Recognition of the stock option plan remuneration
At September 30, 2014

Loss for the period
Other comprehensive income for the period
Comprehensive loss for the period
Capital increase
Complementary dividends for 2014 - approved at the
General and Extraordinary Meeting of Stockholders
Conversion of mandatory debentures convertible
into shares
Profit sharing - mandatory debentures convertible
into shares
Dividends prepaid in the period
Stock option plan:
. Treasury shares sold
. Award of treasury shares
. Recognition of the stock option plan remuneration
. Maturity of stock option plan
Share
Capital
capital
reserves
2,271,500
4,419
Own
assets
49,269
(480)
Revenue reserves
Investments
Tax
Biological Proposed and working Carrying value
Legal
adjustments
incentives assets
dividends
capital
61,886
5,583 1,496,061
90,006
506,413
1,065,437
(90,006)
(71)
(9,496)
(9,496)
Retained
earnings
Treasury (accumulated
deficit)
shares
(157,907)
857,701
-
857,701
480
(5,822)
(151,992)
1,288,543
2,957
2,434
3,684
2,271,500 1,295,919
48,789
61,886
5,583 1,496,061
506,342
(3,684)
4,010
1,056,267
2,271,500 1,295,919
48,767
98,403
7,610 1,729,517
102,000
596,773
1,065,446
(157,611)
(1,773,803)
(96,890)
21,144
21,144
(1,773,803)
104,500
(7,610)
(157,611)
706,189
(52)
52
(102,000)
1,849
17
Total
5,392,667
857,701
(9,496)
848,205
(90,077)
(5,822)
(151,992)
1,288,543
5,391
4,010
7,290,925
7,058,324
(1,773,803)
21,144
(1,752,659)
(101,983)
(1,849)
(40,511)
(171,002)
(40,511)
(11,151)
(171,002)
(1,985,264)
5,263
5,460
4,991,741
(11,151)
3,236
1,875
2,377,849 1,299,181
48,715
1,513
- 1,729,517
596,790
(2,433)
5,460
(1,875)
1,087,742
2,027
2,433
(164,302)
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KLABIN S.A.
STATEMENT OF CASH FLOWS FOR THE NINE-MONTH PERIODS ENDED
Parent company
From 1/1 to
9/30/2015
Cash provided by operations
Interest, monetary variation and share of results of debentures
Amortization - adjustment to present value of debentures
Result on disposal of assets
Other
Trade receivables and related parties
Inventories
Taxes recoverable
Marketable securities
Prepaid expenses
Other assets
Trade payables
Tax obligations
Social security and labor obligations
Other liabilities
Purchase of property, plant and equipment
Planting cost of biological assets
Proceeds from disposal of assets
Acquisition of investments and payment of capital in subsidiaries
Dividends received from subsidiaries
New borrowings
New debentures (net of transaction costs)
Repayment of borrowings
Withdrawal of investors - SPCs
Dividends paid
959,741
1,572,938
(1,773,803)
234,920
(270,517)
492,673
(980,218)
3,930,421
370,078
30,672
(428,171)
35,021
3,831
(53,610)
(13,657)
(4,702)
(613,197)
(429,132)
(80,413)
(932,211)
(41,461)
4,551
(35,529)
709,145
(2,495)
65,544
128,804
(3,264,644)
(3,184,705)
(51,216)
12,550
(53,739)
12,466
2,619,027
4,427,921
(1,187,535)
(342,486)
(11,151)
5,263
(272,985)
314,124
4,030,951
4,345,075
From 1/1 to
9/30/2014
843,629
1,377,996
857,701
194,455
(750,005)
443,506
476,685
531,889
25,035
36,697
(290,437)
32,137
(8,263)
(154,538)
(7,453)
(9,413)
(534,367)
(74,852)
(12,614)
(357,818)
(234,707)
9,610
5,174
177,180
(3,728)
16,275
(58,887)
(1,961,080)
(1,952,430)
(44,189)
11,744
(2,504)
26,299
2,861,692
1,492,213
2,470,151
(858,172)
(5,822)
5,391
(242,069)
1,744,241
2,401,822
4,146,063
Consolidated
From 1/1 to
9/30/2015
From 1/1 to
9/30/2014
1,297,048
1,709,574
(1,773,803)
227,294
(309,499)
502,987
(968,824)
4,206,021
370,078
30,672
(587,085)
35,021
3,831
(24,046)
(16,326)
13,253
(412,526)
(227,409)
(99,908)
(937,175)
(41,461)
5,133
(30,774)
709,394
(4,896)
66,434
148,136
(3,243,251)
(3,190,821)
(72,546)
12,550
7,566
2,070,919
3,849,796
(1,157,305)
(342,486)
(11,151)
5,263
(213)
(272,985)
124,716
5,245,833
5,370,549
1,112,447
1,528,959
857,701
195,302
(904,460)
461,447
523,747
660,708
25,035
36,697
(290,437)
32,137
(8,263)
(34,381)
(9,479)
(16,795)
(416,512)
14,214
(36,817)
(354,770)
(234,707)
9,200
4,845
186,148
(4,580)
16,102
(16,147)
(2,001,720)
(1,957,082)
(71,682)
11,744
15,300
3,970,485
2,601,863
2,470,151
(858,171)
(5,822)
5,391
(858)
(242,069)
3,081,212
2,729,872
5,811,084
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(Unaudited)
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KLABIN S.A.
STATEMENT OF VALUE ADDED FOR THE NINE-MONTH PERIODS ENDED
From 1/1 to
9/30/2015
Revenue
. Sales of products
. Change in fair value of biological assets
. Other income
. Provision for impairment of trade receivables
. Cost of products sold
. Materials, electricity, outsourced services and other
Gross value added
Retentions
. Depreciation, amortization and depletion
Net value added generated by the Company
. Equity in the results of investees
. Finance income, including exchange variations
Distribution of value added:
Personnel
. Direct compensation
. Benefits
. Government Severance Indemnity Fund for Employees (FGTS)
. Federal
. State
. Municipal
. Interest
. Dividends
. Profits reinvested/(loss) for the period
Parent company
From 1/1 to
9/30/2014
Consolidated
From 1/1 to
9/30/2014
From 1/1 to
9/30/2015
4,953,348
270,517
6,500
7,162
5,237,527
4,492,905
750,005
11,744
(698)
5,253,956
5,044,786
309,499
6,500
7,139
5,367,924
4,565,910
904,460
11,744
(636)
5,481,478
(1,637,574)
(816,062)
(2,453,636)
2,783,891
(1,583,426)
(722,874)
(2,306,300)
2,947,656
(1,684,356)
(827,223)
(2,511,579)
2,856,345
(1,583,103)
(735,118)
(2,318,221)
3,163,257
(727,593)
(637,961)
(730,281)
(656,749)
2,056,298
2,309,695
2,126,064
2,506,508
57,898
828,144
886,042
2,942,340
154,538
433,119
587,657
2,897,352
24,046
531,507
555,553
2,681,617
34,381
452,187
486,568
2,993,076
524,776
132,673
42,820
700,269
445,206
110,769
33,990
589,965
543,910
133,199
42,930
720,039
455,869
111,231
34,102
601,202
(636,132)
107,212
8,988
(519,932)
708,208
109,916
8,118
826,242
(614,032)
107,212
8,988
(497,832)
768,730
109,916
8,118
886,764
4,506,927
4,506,927
623,444
623,444
4,204,334
4,204,334
647,409
647,409
211,513
(1,956,437)
(1,744,924)
2,942,340
151,992
705,709
857,701
2,897,352
211,513
(1,956,437)
(1,744,924)
2,681,617
151,992
705,709
857,701
2,993,076
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KLABIN S.A.

(presented in thousands of reais unless otherwise stated)
1
GENERAL INFORMATION
Klabin S.A. (the "Company") and its subsidiaries operate in segments of the paper and pulp industry
to serve domestic and foreign markets, supplying wood, packaging paper, paper sacks, and
corrugated cardboard boxes. Their operations are fully integrated, from forestation to the
production of the final products. Klabin S.A. is a publicly held corporation whose shares and
certificates of deposit of shares (Units) are traded on the So Paulo Commodities, Futures and Stock
Exchange (BM&FBOVESPA). The Company is domiciled in Brazil and headquartered in So Paulo.
The Company also has investments in Special Partnership Companies (SPCs) for the specific
purpose of raising funds from third parties for reforestation projects. The Company, as an ostensible
partner, has contributed forest assets, mainly forests and land, by means of the granting of the right
to use, whereas the other investing stockholders have contributed cash to these SPCs. The SPCs give
Klabin S.A. a preemptive right to acquire forestry products at market prices and conditions.
The Company also has ownership interests in other companies (Notes 3 and 11) whose operational
activities relate to the Company's business objectives.
The issue of this interim accounting information of the Company and its subsidiaries was authorized
by the Finance Director on October 26, 2015.
1.1 Contract for the sale of pulp
On May 4, 2015, the Company, together with Fibria Celulose S.A. ("Fibria"), announced to the
market a six-year contract agreed for the supply of short-fiber pulp, to be produced in the new pulp
plant which is under construction in the city of Ortigueira, in the state of Paran.
The beginning of the contract is expected for 2016. It is effective for six years and can be renewed if
mutually agreed by the parties. A commitment to purchase at least 900 thousand annual metric
tons is established by Fibria, for the first four years, with phased-in reduction in the subsequent two
years, for sale in countries outside South America. The price will be the average net amount
practiced by Fibria in the market.
The commercial operation resulting from the contract is an innovation in the global pulp market
which will benefit both companies, since it combines Fibria's commercial expertise with Klabin's
acknowledged production abilities.
2
BASIS OF PRESENTATION OF THE QUARTERLY INFORMATION AND

SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of presentation of the quarterly information

The Company presents its parent company and consolidated quarterly information in accordance
with the accounting standard CPC 21 - "Interim Financial Reporting" issued by the Brazilian
Accounting Pronouncements Committee (CPC), and IAS 34 - "Interim Financial Reporting" issued
by the International Accounting Standards Board (IASB), applicable to the preparation of Interim
Financial Information (ITR), and in accordance with the standards issued by the Brazilian
Securities Commission (CVM).
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KLABIN S.A.
2.2 Summary of significant accounting practices adopted

The accounting practices adopted by the Company and its subsidiaries in the preparation of the
quarterly information are consistent with those used in the preparation of the last annual financial
statements at December 31, 2014, and are disclosed in Note 2.2 to those financial statements.
This quarterly information should be read together with those annual financial statements.
2.3 New technical pronouncements, revisions and interpretations not yet effective
As stated in the financial statements at December 31, 2014, certain revised standards and
interpretations that become effective in the coming years have been issued. The impact of these
standards is being assessed by management.
The revisions and new interpretations effective from 2015 do not have a significant impact on the
Company's quarterly information.
3
CONSOLIDATED QUARTERLY INFORMATION
Subsidiaries are fully consolidated as from the date of acquisition of control and continue to be
consolidated until the date on which such control ceases to exist, except for jointly-controlled
entities (joint ventures), which are accounted for using the equity accounting method both in the
parent company quarterly information and in the consolidated quarterly information.
The subsidiaries' quarterly information is prepared for the same reporting period as that of the
parent company, using accounting policies that are consistent with the policies adopted by the
parent company. The following criteria are adopted for consolidation purposes: (i) investments in
subsidiaries and equity in the results of investees are eliminated, and (ii) profits from intercompany
transactions and the related assets and liabilities are also eliminated. The consolidated quarterly
information covers Klabin S.A. and its subsidiaries at September 30, 2015, December 31, 2014 and
September 30, 2014, as follows:
Subsidiaries:
Klabin Argentina S.A.
Ownership - %
12/31/2014
9/30/2014
Direct
100
100
100
Direct
100
100
100
Indirect
100
100
100
Direct
100
100
100
Direct
100
100
100
Direct
100
100
100
Direct
Direct
Direct
100
100
100
100
100
100
100
100
100
Reforestation
Reforestation
Reforestation
Direct
Direct
Direct
89
76
74
90
73
70
91
72
70
Reforestation
Direct
51
51
51
Activity
Participation
Argentina
Brazil
Brazil
Luxembourg
Industrial sacks
Investments in other
companies
Sale of products in the
foreign market
Sale of products in the
foreign market
Hotels
Manufacture of
phytotherapic products
Forestry
Investment in companies
Finance
Brazil
Brazil
Brazil
Brazil
Klabin Ltd.
Cayman Islands
. Klabin Trade
United Kingdom
Klabin Forest Products Company
USA
IKAP Empreendimentos Ltda.
Brazil
Klabin do Paran Produtos Florestais Ltda.
Brazil
Klabin Florestal Ltda.

Monterla Holdings S.A.
Klabin Finance S.A.
SPCs:
Correia Pinto
CG Forest
Monte Alegre
Joint ventures (not consolidated)
Florestal Vale do Corisco S.A.
9/30/2015
Country
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KLABIN S.A.
Investment in joint ventures

Considering its characteristics, the investment in Florestal Vale do Corisco S.A. is classified as a
joint venture and is recorded on the equity accounting method.
4
CASH AND CASH EQUIVALENTS
In accordance with its policy, the Company has made low-risk investments with no significant risk
of change in value with financial institutions considered by management as prime banks both in
Brazil and abroad, based on the ratings given them by risk rating agencies. Management considers
these financial assets as cash and cash equivalents due to their immediate liquidity with financial
institutions, and insignificant risk of change of value.
Cash and bank deposits - local currency

Cash and bank deposits - foreign currency (i)
Financial investments - local currency
Financial investments - foreign currency (i)
Parent company
9/30/2015
12/31/2014
14,331
45,700
3,946,402
3,798,943
384,342
186,308
4,345,075
4,030,951
9/30/2015
15,476
26,253
4,054,272
1,274,548
5,370,549
Consolidated
12/31/2014
87,656
18,138
3,880,452
1,259,587
5,245,833
(i) In U.S. dollars
Financial investments in local currency, relating to Bank Deposit Certificates (CDBs) and
repurchase transactions, are indexed to the Interbank Deposit Certificate (CDI) rate with an average
annual yield of 14.271% (11.78% at December 31, 2014). Financial investments in foreign currency,
relating to time deposits in U.S. dollars, have an average annual yield of 0.4% (0.55% at December
31, 2014). The investments have daily liquidity, as guaranteed by the financial institutions.
5
MARKETABLE SECURITIES
Marketable securities comprise National Treasury Bills (LFTs), with yields indexed to the Special
System for Settlement and Custody (SELIC) interest rate, and with maturities up to 2016. At
September 30, 2015, the balance of these securities was R$ 539,065 (R$ 497,604 at December 31,
2014). Management has classified these securities as available-for-sale financial assets. There is an
active trading market for securities with these characteristics, and their fair value basically
represents the principal plus originally established interest.
Marketable securities are included in Level 1 of the fair value measurement hierarchy, according to
the hierarchy defined in CPC 46 (equivalent to IFRS 13), "Fair value measurement", since they are
assets with prices quoted in the market.
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KLABIN S.A.
TRADE RECEIVABLES
9/30/2015
Trade receivables
. Local
. Foreign
Total trade receivables
Overdue
% on total portfolio (without provision for
impairment of trade receivables)
1 to 10 days
11 to 30 days
31 to 60 days
61 to 90 days
Over 90 days
Not yet due
Total portfolio
Parent company
12/31/2014
9/30/2015
Consolidated
12/31/2014
892,254
226,758
1,119,012
(38,015)
1,080,997
864,440
141,129
1,005,569
(45,177)
960,392
892,312
521,878
1,414,190
(38,105)
1,376,085
864,513
329,408
1,193,921
(45,245)
1,148,676
77,239
113,609
78,368
138,697
3.51%
1,799
3,310
11,313
11,906
48,911
1,003,758
1,119,012
6.81%
4,073
16,674
20,468
7,817
64,577
891,960
1,005,569
2.85%
1,799
3,702
11,960
11,906
49,001
1,297,717
1,414,190
7.83%
4,073
33,748
21,532
14,767
64,577
1,055,224
1,193,921
The average collection period for trade receivables is approximately 99 days for domestic market
sales and approximately 120 days for foreign market sales, and interest is charged after the
contractual maturity date. As mentioned in Note 25, the Company has rules for monitoring
receivables and overdue notes as well as for the risk of not receiving the amounts arising from credit
sale transactions.
The provision for the impairment of trade receivables is considered sufficient to cover any losses on
the outstanding receivables. The changes in the provision for the impairment of trade receivables
were as follows:

Provision for the period
Reversals
Provision for the period
Reversals
Parent company
Consolidated
(47,153)
(5,536)
7,512
(45,177)
(15,258)
22,420
(38,015)
(47,298)
(5,541)
7,594
(45,245)
(15,280)
22,420
(38,105)
The balance of the provision for the impairment of trade receivables relates mainly to trade notes
overdue for more than 90 days. The expense incurred on the recognition of the provision for the
impairment of trade receivables is recorded in the statement of operations, under "Selling
expenses".
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KLABIN S.A.
RELATED PARTIES
a) Balances and transactions with related parties
Type of relationship
Balances
Current assets
Non-current assets
Current liabilities
Transactions
Sales revenue
Purchases
Interest expenses on financing
Guarantee commission - expenses
Royalty expenses
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
Klabin
Trade
Klabin
Argentina
Klabin
Finance
(i) and (vi)

Subsidiary
(i)
Subsidiary
(vi)
708,851
27,367
4,202
158
667,564
(120)
Soc. Conta de
Participao
Correia Pinto
Monteiro
Aranha
S.A.
(ii) and (v)

Subsidiary
(iii)
Stockholder
1,525
22,749
1,589,160
61,117
1,657
Klabin
Irmos
& Cia.
(iii), (iv), and
(viii)
Stockholder
BNDES
(vi)
Stockholder
1,229
622
9,389
487,007
3,548,675
Other
(vii) and
(viii)
2,440
1,732
871
19,115
(10,239)
(45,688)
(143,224)
(4,994)
(15,262)
(24,371)
(3,919)
9/30/2015
12/31/2014
Total
Total
741,412
1,732
526,497
5,137,993
747,796
(10,239)
(189,032)
(15,262)
(33,284)
Parent company
9/30/2014
Total
434,269
844
591,847
2,111,981
552,755
(18,205)
(82,446)
(7,386)
(30,165)
Balance receivable from product sale transactions carried out under terms and conditions established between the parties;
Purchase of timber at usual market prices and on normal terms and conditions;
Licensing for use of brand;
Prepaid expenses for guarantee commission, calculated based on the BNDES financing balance of 1% semiannually;
Supply of seedlings, seeds and services at usual market prices and under normal terms and conditions;
Loans raised under usual market conditions;
Advance for future capital subscription;
Other
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KLABIN S.A.
Monteiro
Aranha
S.A.
(i)
Stockholder
Type of relationship
Balances
Current assets
Current liabilities
Transactions
Interest expenses on financing
Guarantee commission - expenses
Royalty expenses
(i)
(ii)
(iii)
(iv)
Klabin
Irmos
& Cia.
(i), (ii), and
(iv)
Stockholder
622
1,229
9,389
(4,994)
(15,262)
(24,371)
BNDES
Other
(iii)
Stockholder
(iv)
487,007
3,548,675
489
(143,224)
(3,919)
9/30/2015
12/31/2014
Consolidated
9/30/2014
Total
Total
Total
1,229
497,507
3,548,675
2,613
580,161
1,578,085
(143,224)
(15,262)
(33,284)
(82,123)
(7,386)
(30,165)
Licensing for use of brand;

Prepaid expenses for guarantee commission, calculated based on the BNDES financing balance of 1% semiannually;
Loans obtained under usual market conditions;
Other
b) Management remuneration and benefits

Management remuneration is determined by the stockholders at the Annual General Meeting, in
accordance with Brazilian corporate legislation and the Company's bylaws. Accordingly, at the
Annual General Meeting held on March 19, 2015, the stockholders established the overall amount of
the annual remuneration of the members of the Board of Directors and Statutory Audit Board as up
to R$ 41,700 for 2015 (R$ 35,800 for 2014).
The table below shows the remuneration of the members of the Board of Directors and Statutory
Audit Board:
Short-term
9/30/2015
9/30/2014
Board of Directors
and Statutory Audit
Board
22,566
23,020

Long-term
Total benefits
9/30/2015
9/30/2014
9/30/2015
9/30/2014
3,814
590
26,380
23,610
Management remuneration includes the fees paid to the Board members, along with the fees paid
to, and variable remuneration of, officers. Long-term benefits relate to contributions made by the
Company to the pension plan. These amounts are mainly recorded under "Operating expenses administrative".
In addition, the Company grants a stock option plan to the statutory directors and other executives,
as described in Note 22.
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KLABIN S.A.
INVENTORIES
Parent company
9/30/2015
12/31/2014
134,539
100,512
158,449
141,015
124,432
112,226
6,734
6,905
152,248
136,095
(18,103)
(15,664)
18,850
15,647
577,149
496,736
Finished products
Raw materials
Timber and logs
Fuel and lubricants
Maintenance supplies
Provision for losses
Other
9/30/2015
176,406
192,597
124,432
6,734
159,414
(18,416)
22,450
663,617
Consolidated
12/31/2014
135,260
167,457
112,226
6,905
140,187
(15,900)
17,574
563,709
Raw materials inventory includes paper rolls transferred from paper units to conversion units.
The expense incurred on the recognition of provision for inventory losses is recorded in the
statement of operations under "Cost of products sold".
The Company does not have any inventory pledged as collateral.
9
TAXES RECOVERABLE
9/30/2015
ICMS
PIS
COFINS
Income tax/social
contribution
Other
Parent company
Subsidiaries
Consolidated
12/31/2014
Current
assets
114,862
32,865
147,780
Non-current
assets
941,708
10,325
59,697
Current
assets
58,237
1,512
4,963
Non-current
assets
325,652
9,990
57,698
296,464
57,602
649,573
36,978
1,048,708
218,895
39,922
323,529
35,544
428,884
16,072
665,645
1,048,708
8,439
331,968
428,884
COFINS - Social Contribution on Revenues

ICMS - Value-added Tax on Sales and Services
PIS - Social Integration Program
The Company recognizes credits of taxes and contributions levied on purchases of property, plant
and equipment, as permitted by prevailing legislation, in addition to the ICMS government grant
obtained from the Government of the State of Paran in relation to the new pulp plant (the "Puma
Project"). The credits are being utilized to offset against taxes payable of the same nature or other
taxes.
Based on analyses and the budget projection approved by management, the Company does not
foresee any risk of non-realization of these tax credits.
PIS/COFINS and ICMS on current assets are expected to be offset against the same taxes payable in
the next 12 months, according to management's estimate.
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10
INCOME TAX AND SOCIAL CONTRIBUTION
a) Nature and expected realization of deferred taxes

The balances of deferred tax assets and liabilities at September 30, 2015 and December 31, 2014
were as follows:
Parent company
9/30/2015
12/31/2014
Provision for tax, social security, labor and
civil contingencies
Write-off of deferred charges (Law 12,973/14)
Income tax and social contribution losses
Actuarial liability
Other temporary differences
Non-current assets
Fair value of biological assets
Revision of useful lives of property, plant and equipment
(Law 12,973/14)
Deemed cost of property, plant and equipment (land)
Adjustment to present value of balances
Asset revaluation reserve
Interest capitalized (Law 12,973/14)
Other temporary differences
Net balance in the balance sheet (liabilities)
Consolidated
12/31/2014
9/30/2015
25,117
7,516
1,062,003
19,251
69,297
1,183,184
679,072
24,787
9,205
57,464
19,251
52,046
162,753
737,769
25,117
7,516
1,062,003
19,251
69,393
1,183,280
832,509
24,787
9,205
57,464
19,251
52,133
162,840
879,811
310,906
489,178
45,944
25,097
93,796
20,166
1,664,159
276,642
492,044
46,792
25,124
25,189
44,441
1,648,001
310,906
561,798
45,944
25,097
93,796
20,146
1,890,196
276,642
564,664
46,792
25,124
25,189
44,441
1,862,663
480,975
1,485,248
706,916
1,699,823
In 2013, the Company adopted the Transitional Tax Regime (RTT), established by Law 11,941/09,
for the tax treatment of income tax and social contribution on the effects arising from the adoption
of CPCs. The Company opted for the early adoption of Law 12,973/14 in 2014.
Management, based on the budgets approved by the Board of Directors, estimates that tax credits
arising from temporary differences and tax losses will be realized as follows:
2016
2017
2018
2019
2020 onwards
Parent company
1,540
679,150
457,779
44,715
-
9/30/2015
Consolidated
1,656
679,150
457,779
44,695
-
1,183,184
1,183,280
The projection above of the realization of the balance might not materialize if the estimates utilized
in the preparation of the quarterly information differ from the actual amounts.
Information about the Company's taxes that are subject to litigation is disclosed in Note 17.
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KLABIN S.A.
b) Analysis of income tax and social contribution in the results
Current tax expense

Adoption of the accrual basis for foreign exchange rate variations (*)
Adjustment in respect of prior years
Current
Recognition and reversal of temporary differences
Variation in fair value and depletion of biological assets
Deferred
From 7/1 to
9/30/2015
(2,066)
(2,066)
732,684
10,811
(9,892)
733,603
From 1/1 to
9/30/2015
(2,047)
(2,047)
1,004,652
34,263
(58,697)
980,218
Parent company
From 7/1 to
From 1/1 to
9/30/2014
9/30/2014
39,122
(128,680)
243,045
7,858
39,122
122,223
37,389
(56,011)
(262,416)
(25,749)
(38,627)
(19,516)
(119,631)
(7,876)
(476,685)
Consolidated
From 7/1 to
From 1/1 to
From 7/1 to
From 1/1 to
9/30/2015
9/30/2015
9/30/2014
9/30/2014
Current tax expense
(4,810)
(9,961)
36,263
(138,755)
243,045
Adjustment in respect of prior years
7,858
Current
(4,810)
(9,961)
36,263
112,148
Recognition and reversal of temporary differences
708,701
981,862
37,390
(56,011)
(262,416)
10,811
34,263
(25,749)
(38,627)
Variation in fair value and depletion of biological assets
2,101
(47,301)
(38,941)
(166,693)
Deferred
721,613
968,824
(27,300)
(523,747)
(*) Until 2013, the Company's management opted for the tax recognition criteria for the foreign exchange rate variations of its rights and
obligations on a cash basis, thus generating foreign exchange variation temporary differences. In 2014, the Company has adopted the accrual
basis of accounting to recognize its foreign exchange rate variations for tax purposes, thus ceasing to generate temporary differences.
c) Reconciliation of income tax and social contribution with the result of applying the
statutory tax rate
From 7/1 to
9/30/2015
Profit (loss) before income tax and social
contribution
From 1/1 to
9/30/2015
Parent company
From 7/1 to
From 1/1 to
9/30/2014
9/30/2014
(2,072,370)
(2,751,974)
(24,237)
1,212,163
704,606
935,671
8,241
(412,135)
14,331
12,600
731,537
18,227
24,273
978,171
21,407
1,598
31,246
52,543
5,130
(354,462)

. Current
. Deferred
(2,066)
733,603
(2,047)
980,218
39,122
(7,876)
122,223
(476,685)
Income tax and social contribution benefit

(expense)
731,537
978,171
31,246
(354,462)
Income tax and social contribution at the rate of 34%

Tax effect on permanent differences:
Difference in taxation - subsidiaries
Other effects
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KLABIN S.A.
From 7/1 to
9/30/2015
Profit (loss) before income tax and social
contribution
From 1/1 to
9/30/2015
From 7/1 to
9/30/2014
Consolidated
From 1/1 to
9/30/2014
(2,057,636)
(2,732,666)
(1,954)
1,269,300
699,596
929,106
664
(431,562)
716
3,641
12,850
716,803
2,565
8,176
19,016
958,863
711
7,831
(243)
8,963
4,774
11,690
3,499
(411,599)
(4,810)
721,613
(9,961)
968,824
36,263
(27,300)
112,148
(523,747)
716,803
958,863
8,963
(411,599)
Income tax and social contribution at the rate of 34%

Tax effect on permanent differences:
Difference in taxation - subsidiaries
Other effects
. Current
. Deferred
Income tax and social contribution benefit
(expense)
d) Analysis of the impact of Law 12,973/14

On May 13, 2014, Law 12,973/14 was published, regulating the conversion of Provisional Measure
(MP) 627, which revoked the RTT, among other measures. The Law is effective from 2015, but early
adoption in 2014 was allowed. The Company opted for the early adoption of Law 12,973/14 in 2014
after carrying out a study in this regard. The main impacts related to the early adoption of the Law
are:
(i) Dividends: due to early adoption, dividends calculated based on the results obtained up to the
end of calendar year 2013 are exempt from taxation.
(ii) Capitalized interest: it is possible to deduct the interest capitalized in property, plant and
equipment as it is incurred or through the depreciation of the property, plant and equipment item to
which it was allocated. The tax effect is temporary, however the use of the tax deductibility benefit in
advance is permitted.
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11
INVESTMENTS IN SUBSIDIARIES AND JOINTLY-CONTROLLED ENTITIES

Acquisitions and capital contributions
Capital reduction
Dividends distributed
Equity in the results of investees (iii)
Foreign exchange variation on investment abroad
Acquisitions and capital contributions
Dividends distributed
Equity in the results of investees (iii)
Foreign exchange variation on investment abroad
Klabin
Ltd. (i)
46,479
Klabin
Argentina
S.A.
46,843
Klabin
Finance
S.A.
5,210
Florestal
Vale do Corisco
S.A. (ii)
455,039
Soc. Conta de
Participao
Correia Pinto
428,052
Soc. Conta de
Participao
CG Forest
50,837
Soc. Conta de
Participao
Mt Alegre
94,168
13,513
(4,635)
55,721
(30,592)
(20,484)
48,649
(17,999)
53,552
17,566
24,595
58
483,204
463,605
68,403
118,763
11,432
1,914
21,434
67,913
21,328
89,241
(25,382)
51,825
Other
7,466
5,408
(1,500)
9,049
21,142
85,912
(27,766)
(7,566)
23,062
(4,900)
(7,449)
12,155
23,756
(525)
(1,323)
498,700
451,256
80,558
142,519
12,821
134,716
48,325
86,391
9,526
1,998,943
2,000,266
(1,323)
(17,652)
1,314,680
336,836
977,844
45,219
668,376
153,019
515,357
861
129,941
24,306
105,635
12,235
246,632
54,115
192,517
23,756
Total
1,134,094
5,408
(1,500)
(38,483)
148,775
(4,635)
1,243,659
53,739
(12,466)
53,610
21,142
1,359,684
Summary of quarterly information of subsidiaries at September 30, 2015:

Total assets
Total liabilities
Equity
93,529
93,529
(11,424)
(i) Parent company of Klabin Trade.

(ii) Because it is a joint venture (Note 3), Vale do Corsico is not consolidated and is the only investment in the consolidated balance sheet that is accounted for on the equity basis.
(iii) Includes the effects of variation in, and realization of, fair value of biological assets (Note 13).
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12
PROPERTY, PLANT AND EQUIPMENT
a) Composition of property, plant and equipment
Parent company
Land
Buildings and construction
Machinery, equipment and facilities
Construction in progress
Other (i)
Consolidated
Land
Construction in progress
Other (i)
9/30/2015
12/31/2014
Cost
1,776,659
671,122
4,915,780
5,673,926
417,541
13,455,028
Accumulated
depreciation
(232,738)
(2,199,984)
(227,731)
(2,660,453)
Net
1,776,659
438,384
2,715,796
5,673,926
189,810
10,794,575
Net
1,784,065
449,862
2,740,247
2,948,566
188,727
8,111,467
2,008,259
678,853
4,943,991
5,675,040
419,697
13,725,840
(235,802)
(2,217,774)
(229,397)
(2,682,973)
2,008,259
443,051
2,726,217
5,675,040
190,300
11,042,867
2,013,562
453,484
2,745,677
2,949,530
189,134
8,351,387
(i) Refers to leasehold improvements, vehicles, furniture and fittings and IT equipment.
Information about property, plant and equipment pledged as collateral in transactions carried out
by the Company is disclosed in Note 14, and information about the insurance coverage of assets is
disclosed in Note 27.
b) Summary of changes in property, plant and equipment
Parent company

Purchases (i)
Disposals
Depreciation
Internal transfers
Interest capitalized (ii)
Other
Purchases (i)
Disposals
Depreciation
Internal transfers
Other
Land
1,785,738
(17,788)
16,115
1,784,065
7,348
(20,951)
6,197
1,776,659
Buildings
Machinery,
and
equipment and
construction
facilities
445,688
2,512,681
14
(1,377)
(15,827)
(22,592)
(234,577)
28,130
478,522
13
(566)
449,862
2,740,247
(1)
(1,426)
(15,791)
(202,188)
4,319
179,453
(5)
438,384
(290)
2,715,796
Construction
in progress
780,192
2,697,425
(596,523)
74,085
(6,613)
2,948,566
2,746,129
(213,435)
197,027
(4,361)
5,673,926
Other
146,691
(3,210)
(28,572)
73,756
62
188,727
102
(382)
(22,240)
23,466
137
189,810
Total
5,670,990
2,697,439
(38,202)
(285,741)
74,085
(7,104)
8,111,467
2,753,579
(22,760)
(240,219)
197,027
(4,519)
10,794,575
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Consolidated
Land
2,014,311
2,500
(19,288)
16,115
(76)
2,013,562
9,261
(20,951)
Buildings and
construction
450,102
35
(1,603)
(22,734)
28,130
(446)
453,484
72
(15,910)
4,319
Machinery,
equipment and
facilities
2,517,458
931
(15,813)
(235,446)
479,514
(967)
2,745,677
3,622
(1,443)
(203,148)
179,453
Construction
in progress
780,357
2,699,260
(597,515)
74,085
(6,657)
2,949,530
2,746,241
(213,435)
197,027
(4,323)
5,675,040
Other
Total
147,279
5,909,507
Purchases (i)
186
2,702,912
Disposals
(3,270)
(39,974)
Depreciation
(28,726)
(286,906)
Internal transfers
73,756
74,085
Other
(91)
(8,237)
189,134
8,351,387
Purchases (i)
499
2,759,695
Disposals
(693)
(23,087)
Depreciation
(22,384)
(241,442)
Internal transfers
6,197
23,466
197,027
Other
190
1,086
2,056
278
(713)
2,008,259
443,051
2,726,217
190,300
11,042,867
(i) Net of recoverable taxes (Note 9).
(ii) Interest capitalized related to the borrowings obtained for investment projects, such as the Puma Project (Notes 14, 15, and 21).
Depreciation was mainly allocated to production cost for the period.

c) Useful lives and depreciation method
The table below shows the annual depreciation rates calculated using the straight-line method,
which were applicable in the quarters and nine-month periods ended September 30, 2015 and 2014,
defined based on the economic useful lives of the assets:
Other
Rate - %
2.86 to 3.33
2.86 to 10 (*)
4 to 20
(*) Mainly rate of 6%.
d) Construction in progress
The balance of construction in progress at September 30, 2015 relates to the following main
projects: (i) construction of a new pulp plant ("Puma Project"); (ii) expansion of the unit at
Angatuba (SP); (iii) insourcing of the forestry transportation; and (iv) current investments in the
Company's continuing operations.
Puma Project
At September 30, 2015, the general physical progress of the Puma Project was at 87% and financial
disbursement was at 70%, as planned. The total amount budgeted for the project is R$ 7.2 billion
(without contractual adjustments). Disbursements made up to September 30, 2015 total R$ 5.6
billion, with estimated R$ 906 million to be paid in 4Q15 and R$ 1.5 billion in 2016.
The funds for the investment are guaranteed by financing contracts and debentures issued with
BNDES in 2014, totaling R$ 4.2 billion, in addition to R$ 1.2 billion to be made available by
Finnvera (the Finnish Export Credit Agency), and another R$ 0.9 billion from the Inter-American
Development Bank ("IDB"), totaling R$ 6.3 billion.
During the execution of the project, the Company capitalizes interest on borrowings used to finance
it. In the nine-month period ended September 30, 2015, interest capitalized in property, plant and
equipment amounted to R$ 197,027, totaling R$ 271,112 capitalized during the project, with a
weighted average cost of 8% per annum.
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e) Commitments
Contracts with suppliers taking part in the construction of the pulp plant (i.e. the Puma Project)
have been negotiated. These contracts relate to the main machinery, equipment and services
involved in the construction of the plant. The total value of the contracts was R$ 1.5 billion at
September 30, 2015. This amount should be disbursed during the project up to the start-up of the
new factory, which is expected to take place at the end of the first quarter of 2016.
f) Impairment of property, plant and equipment
The Company did not identify indicators of impairment of its assets at September 30, 2015 and
2014 and December 31, 2014.
13
BIOLOGICAL ASSETS
The Company's biological assets comprise the planting of pine and eucalyptus trees for the supply of
raw materials for the production of the pulp used in the manufacture of paper and for sales of logs
to third parties. Including its interest in the forestry area of its joint venture Florestal Vale do
Corisco, the Company owned 235 thousand hectares of planted areas at September 30, 2015 (239
thousand hectares at December 31, 2014), not considering the permanent preservation areas and
legal reserve that it maintains in compliance with Brazilian environmental legislation.
The balance of the Company's biological assets consists of the cost of the formation of forests and of
the fair value difference on the cost of formation, less the costs necessary to prepare the assets for
use or sale, so as the overall balance of biological assets is recorded at fair value, as follows:
Cost of development of biological assets

Fair value adjustment of biological assets
Parent company
9/30/2015
12/31/2014
846,086
856,364
1,981,392
2,154,031
2,827,478
3,010,395
9/30/2015
1,105,019
2,432,677
3,537,696
Consolidated
12/31/2014
1,094,836
2,572,249
3,667,085
The fair value measurement of biological assets considers certain estimates, such as estimates of the
price of wood, the discount rate, the harvesting plan for the forests and the productivity level, all of
which are subject to uncertainties and fluctuations which could have an impact on the Company's
future results.
a) Assumptions regarding the recognition of the fair value of biological assets
The Company recognizes its biological assets at fair value. In its calculation of this fair value, the
Company adopts the following assumptions:
(i) Eucalyptus forests are maintained at historical cost through the third year of planting and pine
forests through the fifth year of planting, based on management's understanding that during this
period the historical cost of biological assets approximates their fair value.
(ii) After the third and fifth years of the planting of eucalyptus and pine forests, respectively, the
forests are measured at fair value, which reflects the sales price of the asset less the costs necessary
to prepare the assets for the intended use or sale.
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(iii) The methodology utilized in the fair value measurement of biological assets corresponds to the
discounted future cash flows estimated according to the projected productivity cycle of the forests,
taking into consideration price variations and the growth of biological assets.
(iv) The discount rate utilized for cash flows is the Company's weighted average cost of capital,
which is annually reviewed by management.
(v) The projected productivity volumes of forests are determined based on a categorization which
considers forest type, genetic material, handling system, productive potential, rotation and age.
Together, these characteristics form an index called the Average Annual Growth (AAG) index, which
is expressed in cubic meters per hectare/year, and which is utilized as the basis in the projection of
productivity. The Company's harvesting plan varies mainly from six to seven years for eucalyptus
trees and 14 to 15 years for pine trees.
(vi) The prices of biological assets, denominated in R$/cubic meter, are obtained through market
price surveys disclosed by specialized firms and prices charged by the Company on sales to third
parties. The prices obtained are adjusted by deducting the cost of capital relating to land, since this
asset contributes to the planting of forests, and other costs necessary to prepare the assets for sale
or consumption.
(vii) Planting expenses relate to the costs of the development of the biological assets.
(viii) The depletion of biological assets is calculated based on the fair value of the biological assets
harvested in the period.
(ix) The Company has decided to review the fair value of its biological assets on a quarterly basis,
since it understands that this period is sufficiently short to prevent any significant misstatement in
the fair value of the biological assets as recorded in its financial information.
b) Reconciliation and movement in fair value
Planting
Depletion:
. Historical cost
. Fair value adjustment
Change in fair value due to:
. Price
. Growth
Sale of assets
Planting
Depletion:
. Historical cost
. Fair value adjustment
Change in fair value due to:
. Price
. Growth
Sale of assets
Parent company
2,819,598
62,863
Consolidated
3,321,985
103,085
(61,894)
(590,582)
(64,212)
(609,970)
310,378
477,939
(7,907)
3,010,395
51,216
383,503
540,601
(7,907)
3,667,085
72,546
(49,515)
(443,158)
(50,834)
(448,623)
(72,786)
343,303
(11,977)
2,827,478
(55,320)
364,819
(11,977)
3,537,696
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The depletion of biological assets in the periods presented was mainly included in production cost,
after allocation to inventories through the harvesting of forests and their use in the production
process or sales to third parties.
c) Sensitivity analysis
In accordance with the hierarchy set out in CPC 46 (equivalent to IFRS 13), "Measurements at fair
value", the calculation of biological assets is classified as Level 3 due to its complexity and
calculation structure.
The assumptions applied include sensitivity to the prices used in the evaluation and the discount
rate used in the discounted cash flow. Prices refer to the prices obtained in the regions in which the
Company is located. The discount rate corresponds to the average cost of capital, taking into
consideration the basic interest rate (SELIC) and inflation levels.
Significant increases (decreases) in the prices used in the appraisal would result in an increase
(decrease) in the measurement at fair value of the biological assets. The weighted average price used
in the appraisal of the biological assets for the quarter ended September 30, 2015 was equivalent to
R$ 55/m3 (R$ 55/m3 at December 31, 2014).
The effects of a significant increase (decrease) in the discount rate used in the measurement of the
fair value of biological assets would result in a decrease (increase) in the values measured. The
Company's WACC is updated on an annual basis. The new rate is applied as from the date of the
first quarterly evaluation for each year, and this rate remains unchanged for the year. The discount
rate used in the appraisal of the biological assets for the quarter ended September 30, 2015 was
5.9% in constant currency (5.9% at December 31, 2014).
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14
BORROWINGS
a) Composition of borrowings
Annual interest rate - %
9/30/2015
Current
In local currency
. BNDES - Project MA1100
. BNDES - Project Puma
. BNDES - Other
. BNDES - FINAME
. Export credit notes (in R$)
. Other
. Commissions
In foreign currency (ii)
. BNDES - Other
. Export prepayments
. Export credit notes
. Export prepayments in subsidiaries
. Other
. Commissions
TJLP + 2.0 and basket (i) + 1.5

TJLP + 2.48
TJLP + 4.82 and basket (i) + 4.8
2.5 to 9.78
CDI
1.0 to 6.8
Total
111,332
23,547
175,918
110,002
204,966
77,822
(1,340)
702,247
9,857
1,633,750
462,917
335,524
980,500
181,524
(4,231)
3,599,841
121,189
1,657,297
638,835
445,526
1,185,466
259,346
(5,571)
4,302,088
USD + 6.6
USD + 1.71 to 6.7
USD + Libor 6M + 1.1 to 6.4
USD + 2.0 to 8.0
USD + 3.1 to 5.7
USD + 1.9
9,562
56,646
470,709
540,164
26,684
18,969
(32,005)
1,090,729
1,792,976
797,783
308,844
1,667,466
5,026,373
1,589,160
1,017,824
(89,431)
10,318,019
13,917,860
807,345
365,490
2,138,175
5,566,537
1,615,844
1,036,793
(121,436)
11,408,748
15,710,836
USD + 5.2
21,437
(871)
(26,684)
(6,118)
1,786,858
1,986,449
(6,750)
(1,589,160)
390,539
14,308,399
2,007,886
(7,621)
(1,615,844)
384,421
16,095,257
Total parent company

Subsidiaries:
. Bonds (Notes)
. Commissions
. Elimination of prepayments in subsidiaries
Non-current
Total Consolidated
Annual interest rate - %
12/31/2014
Current
Non-current
Total
In local currency
. BNDES - Other
. BNDES - FINAME
. Export credit notes (in R$) and working capital
. Other
TJLP + 2.0 and basket (i) +

1.5
TJLP + 2.5
TJLP + 4.8 and basket (i) +
3.3
2.5 to 4.5
CDI
1.0 to 6.8

. BNDES - Other
. Export prepayments
. Export credit notes
. Export prepayments in subsidiaries
. Other
USD + 6.6
USD + 5.2 to 7.4
USD + Libor 6M + 1.1 to 6.4
USD + 5.0 to 9.0
USD + 3.1 to 5.7
USD + 1.9
2,443
31,212
537,189
155,205
4,216
14,183
744,448
1,452,240
180,800
191,063
3,255,450
1,126,367
533,896
5,287,576
7,366,116
183,243
222,275
3,792,639
1,281,572
538,112
14,183
6,032,024
8,818,356
USD + 5.2
31,764
(4,216)
27,548
1,479,788
1,328,100
(533,896)
794,204
8,160,320
1,359,864
(538,112)
821,752
9,640,108
. BNDES - Project MA1100

Total parent company

Subsidiaries:
. Bonds (Notes)
. Elimination of prepayments in subsidiaries
Total Consolidated
(i) Currency basket mainly comprising U.S. dollars
(ii) In U.S. dollars
297,169
1,776
37,892
200,500
335,061
202,276
172,194
71,800
37,299
127,554
707,792
652,243
315,587
780,500
91,818
2,078,540
824,437
387,387
817,799
219,372
2,786,332
BNDES - National Bank for Economic and Social Development

FINAME - Government Agency for Machinery and Equipment Financing
Libor 6M -London Interbank Offered Rate - 6 months
TJLP - Long-term Interest Rate
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National Bank for Economic and Social Development (BNDES)

The Company has contracts with BNDES for the financing of industrial development projects, such
as the construction of the new paper machine in Correia Pinto (SC), the construction of a new
recycled paper machine in Goiana (PE), and the paper segment expansion project, referred to as MA
1100, which will be settled up to January 2017, in addition to the construction of the Project Puma
pulp plant, the settlement of which is projected to take place in 2025. This financing is paid
monthly, along with the related interest.
Export prepayments and export credit notes
Export prepayment and credit note transactions were carried out for the purposes of working capital
management and the development of the Company's operations. These agreements will be settled
up to October 2023.
Bonds (Notes)
The Company, through its wholly-owned subsidiary Klabin Finance S.A., has issued securities
representing debt (Notes) in the international market, which are listed on the Luxembourg
Securities Exchange (Euro MTF). The Notes, of the Senior Notes 144A/Reg S type, amount to
US$ 500 million and mature within ten years, with a coupon of 5.25% paid semi-annually. The
raising of funds, which was concluded on July 16, 2014, had the objective of financing the activities
of the Company and its subsidiaries in the normal course of business, in accordance with their
business objectives.
Finnvera (Finnish Export Credit Agency)
As part of the funds necessary for the execution of the Puma Project, the Company entered into a
loan agreement, for the financing of the assets acquired. The commitment amounts to US$ 385
million, divided into two tranches: the first of US$ 347 million with interest of 3.4% p.a. and the
second tranche of US$ 39 million, with interest of Libor 6M + 1% p.a., which will be released during
2015 and 2016, as the payments to the suppliers of the project are made.
b) Schedule of non-current maturities
The maturity dates of the Company's borrowings at September 30, 2015, classified in non-current
liabilities in the consolidated balance sheet, are as follows:
Year
Amount
2016
2017
2018
2019
2020
2021
2022
291,133
2,134,128
2,251,954
2,166,298
2,074,630
1,412,997
855,802
2023
onwards
Total
3,121,457 14,308,399
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c) Summary of changes in borrowings

Borrowings
Accrued interest
Foreign exchange and monetary variations
Repayments and payment of interest
Borrowings
Accrued interest
Foreign exchange and monetary variations
Repayments and payment of interest
Transfers - commissions
Parent company
6,968,288
2,254,427
435,542
657,285
(1,497,186)
8,818,356
4,427,921
552,986
3,579,221
(1,615,706)
(51,942)
15,710,836
Consolidated
6,963,597
2,837,527
518,638
817,532
(1,497,186)
9,640,108
3,849,796
655,864
3,751,943
(1,744,390)
(58,064)
16,095,257
d) Guarantees
The financing agreements with BNDES are guaranteed by the land, buildings, improvements,
machinery, equipment and facilities of the plants in Ptaclio Costa (SC), Telmaco Borba (PR) and
Ortigueira (PR), which are the object of the related borrowings and escrow deposits, as well as
sureties from the controlling stockholders.
The financing with Finnvera is guaranteed by the industrial plants in Angatuba (SP), Lages (SC),
Piracicaba (SP), Betim (MG), and Goiana (PE).
Export credits, export prepayments, and working capital loans are not collateralized.
e) Restrictive covenants
At the end of the reporting period, the Company and its subsidiaries did not have any financing
agreements containing restrictive covenants that determine compliance with financial ratios for the
contracted transactions, where non-compliance would automatically accelerate the maturity of the
debt.
15
DEBENTURES
a) Sixth issue of debentures

On January 7, 2014, the Company concluded the process of subscription and payment of
27,200,000 debentures issued in a private placement, with a unit value of R$ 62.50, totaling R$ 1.7
billion. The debentures issued are subordinated, issued in a single series and in local currency,
without guarantees, and are mandatorily convertible into shares. The conversion of the debentures
will be at the proportion of one debenture for five units (considering the stock split mentioned in
Note 1), where the certificate of deposit of shares comprises one common registered share (ON) and
four preferred registered shares (PN).
The funds obtained from the issue of the debentures are being allocated to the construction of a
pulp plant related to the Puma Project.
The debentures have an effective term of five years, with maturity on January 8, 2019, and are
remunerated at 8% p.a., plus the variation in the Brazilian currency in relation to the U.S. dollar.
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In addition, debentureholders are included in any profit distribution to the Company's stockholders,
which is calculated as if the shares that will be converted in the future already existed, with the
respective amount deducted from equity due to the debentures nature as equity instruments.
With the end of the lock-up period of the debentures of the 6th issue mandatorily convertible into
shares, on July 6, 2015, the first payment of R$ 317 million of interest and profit sharing in the
amount of R$ 11.66 per debenture was carried out. As of July 7, the debentures started to be traded
on the So Paulo Commodities, Futures and Stock Exchange (BM&FBOVESPA), under the ticker
symbol KLBN-DCA61.
In accordance with CPC 39, "Financial instruments: Presentation", the Company recorded these
debentures as a hybrid instrument (compound), and the present value of the interest up to the
conversion was determined and recognized as a financial liability, whereas the carrying amount of
the equity instrument was recorded at the net amount - that is, the total amount of the debentures
less the present value of the interest payable and less the issuance costs of the security - in the
"Capital Reserve" account in equity.
b) Seventh issue of debentures
The Company concluded its seventh issue of debentures on June 23, 2014, issuing 55,555,000
simple debentures, with personal sureties, combined with a subscription bonus, at the nominal unit
value of R$ 14.40, totaling R$ 800 million, divided simultaneously into two series of 27,777,500
debentures each.
Number
First series
Second series
27,777,500
27,777,500
55,555,000
Unit
value
14.40
14.40
Total value
(R$ thousand) Interest rate
399,996
399,996
799,992
IPCA + 7.25%
IPCA + 2.50%
Maturity
6/15/2020
6/15/2022
Amortization
Without
amortization
Semi-annual
Subscription
bonus
Interest
Nature
Semi-annual
Semi-annual
Convertible debt
Debt
Yes
No
(i) First series - The first series debentures mature on June 15, 2020, and have a yield of Amplified
Consumer Price Index (IPCA) + 7.25% per annum, with payment of interest on a semi-annual basis,
and a grace period of two years, without amortization of the principal. They represent a convertible
debt, since they can be utilized at any time until their maturity, at the discretion of the holder, to
subscribe and pay-up shares issued by the Company, in the form of Units (comprising one common
share and four preferred shares), in the proportion of one Unit for each debenture, through the
exercise of the subscription bonus, which will be attributed as an additional benefit to the debenture
holders.
(ii) Second series - The second series debentures mature on June 15, 2022, and have a yield of IPCA
+ 2.50% per annum, paid semi-annually, together with the amortization of the principal, and a
grace period of two years. This series of debentures is not convertible. They are, therefore, not
linked to the subscription bonus.
Those who acquired the first series are obliged to acquire debentures of the second series. The
amount of R$ 28,503 arising from the subscription bonus on the debentures issued was allocated to
equity.
A total of 98.86% of the debentures was subscribed by BNDES and the remaining debentures by
other stockholders in the market.
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c) Composition of the balance of debentures

9/30/2015
6th Issue
7th Issue
Total
Current liabilities
. Interest
. Monetary restatement/profit sharing
. Principal
. Interest
. Adjustment to present value of interest
. Monetary restatement/profit sharing
. Subscription bonus
Equity - capital reserve
. Debentures issued
. Interest up to maturity at present value
. Subscription bonus
. Cost of the issue of debentures
Total
16

12/31/2014
6th Issue
7th Issue
Total
69,700
24,861
94,561
137,901
137,901
207,601
24,861
232,462
208,080
46,363
254,443
20,758
20,758
228,838
46,363
275,201
272,000
(54,337)
191,861
409,524
799,992
15,616
(28,503)
787,105
799,992
272,000
(54,337)
207,477
(28,503)
1,196,629
338,640
(85,006)
39,365
292,999
799,992
5,775
(28,503)
777,264
799,992
338,640
(85,006)
45,140
(28,503)
1,070,263
1,698,151
(410,119)
(29,841)
1,258,191
1,762,276
28,503
28,503
953,509
1,698,151
(410,119)
28,503
(29,841)
1,286,694
2,715,785
1,700,000
(410,119)
(29,841)
1,260,040
1,807,482
28,503
28,503
826,525
1,700,000
(410,119)
28,503
(29,841)
1,288,543
2,634,007
TRADE PAYABLES
Local currency
Foreign currency
Parent company
9/30/2015
12/31/2014
528,965
343,394
178,057
85,609
707,022
429,003
9/30/2015
529,340
187,792
717,132
Consolidated
12/31/2014
343,709
95,155
438,864
The Company's average payment term with operational suppliers is approximately 32 days. In the
case of suppliers of property, plant and equipment, the terms follow the commercial negotiations of
each operation; there is no specific average term.
Regarding this balance, we emphasize the amount due to suppliers relating to the Puma Project (see
Note 12).
17
PROVISION FOR TAX, SOCIAL SECURITY, LABOR AND CIVIL

CONTINGENCIES
a) Provisioned risks
Based on the individual analysis of lawsuits filed against the Company and its subsidiaries and the
opinion of legal counsel, provisions have been constituted and classified in non-current liabilities
for losses considered as probable, as follows:
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9/30/2015
In the parent company:
Tax:
. PIS/COFINS
. ICMS/IPI
. Income tax/social contributions
. Other
Labor
Civil
Subsidiaries:
Other
Consolidated
Provisioned
amount
Restricted
judicial deposits
Net liability
Unrestricted
judicial deposits
(7,739)
(1,522)
(9,261)
(63,164)
(9,187)
(81,612)
7,739
1,522
9,261
16,228
2,148
27,637
(46,936)
(7,039)
(53,975)
26,733
22,319
1,116
2,324
52,492
52,492
(81,612)
27,637
(53,975)
1,435
53,927
12/31/2014
In the parent company:

Tax:
. PIS/COFINS
. Income tax/social contributions
. Other
Labor
Civil
Subsidiaries:
Other
Consolidated
Provisioned
amount
Restricted
judicial deposits
Net liability
Unrestricted
judicial deposits
(7,739)
(895)
(8,634)
(64,296)
(7,712)
(80,642)
7,739
895
8,634
19,528
806
28,968
(44,768)
(6,906)
(51,674)
25,506
1,116
27,667
54,289
54,289
(80,642)
28,968
(51,674)
1,432
55,721
IPI - Excise Tax
The risks provisioned by the Company at September 30, 2015 relate to (i) tax lawsuits, comprising
mainly challenges regarding income tax and social contribution on monetary restatements under
Law 8,200/91; (ii) labor lawsuits filed by former employees of the Company's plants claiming labor
rights (severance pay, overtime, hazardous duty and health hazard premiums), indemnities and
joint liability; (iii) civil lawsuits relating mainly to compensation claims for tangible damage and/or
pain and suffering resulting from accidents.
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b) Summary of changes in the provisioned amounts

New lawsuits/increases
and monetary restatements/derecognitions
(Provision)/reversals
New lawsuits/increases
and monetary restatements/derecognitions
(Provision)/reversals
Tax
(1,332)

Labor
Civil
Net exposure
(56,131)
(7,604)
(65,067)
(965)
2,297
-
685
10,678
(44,768)
(2,168)
(46,936)
966
(268)
(6,906)
686
12,707
(51,674)
(133)
(133)
(2,168)
(53,975)
(7,039)
c) Provisions for tax, social security, labor and civil contingencies not recognized
At September 30, 2015, the Company and its subsidiaries were parties to other tax, labor and civil
litigation involving risks of loss evaluated as "possible", totaling approximately: R$ 824,993,
R$ 176,673 and R$ 97,741 (R$ 685,698, R$ 147,216 and R$ 95.517 at December 31, 2014)
respectively. Based on the individual analyses of the disputes and the opinion of the Company's
legal counsel, management understands that they do not need to be provided for, since the
likelihood of loss is assessed as only possible.
d) Lawsuits filed by the Company
At September 30, 2015, the Company was a plaintiff in lawsuits in respect of which there was no
accounting recognition in its quarterly information: the related assets will only be recognized after a
final and unappealable decision is rendered and the gain is virtually certain.
The Company's legal counsel assessed the likelihood of a favorable outcome in some of the lawsuits
as "probable", including claims for deemed Excise Tax (IPI) credits on purchases of electric power,
fuel oil and natural gas used in the production process.
e) Enrollment in the Tax Recovery Program (REFIS)
The Tax Recovery Program (REFIS) (Law 11,941/09 and Law 12,865/13) balance payable recorded
in the parent company and consolidated totaled R$ 425,823 at September 30, 2015 (R$ 435,007 at
December 31, 2014), restated at the effective interest rate, which considers the future values and the
SELIC variation. The balance is being paid in monthly installments, with settlement projected for
2029.
f) Commitments
The Company and its subsidiaries did not have other material future commitments at the end of the
reporting period not been disclosed in this quarterly information.
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18
EQUITY
a) Share capital
The Company's subscribed and paid-up capital was R$ 2,377,849 at September 30, 2015
(R$ 2,271,500 at December 31, 2014), comprising 4,730,529,140 shares at September 30, 2015
(4,729,789,565 at December 31, 2014), without par value, held as follows:
9/30/2015
Stockholders
BNDESPAR
The Bank of New York Department
Capital World Investors
Monteiro Aranha S.A.
Klabin Irmos & Cia
Niblak Participaes S.A.
Other
Treasury shares
Common
shares
49,425,928
58,061,404
62,812,800
66,729,359
941,837,080
142,023,010
497,767,034
30,083,500
1,848,740,115
Preferred shares
197,703,712
232,245,616
251,251,200
266,948,886
1,813,305,611
120,334,000
2,881,789,025
Common
shares
65,960,320
55,552,238
65,965,831
941,837,080
142,023,010
547,153,721
30,100,000
1,848,592,200
12/31/2014
Preferred
shares
263,841,280
222,208,952
263,863,324
2,010,883,809
120,400,000
2,881,197,365
Besides common and preferred registered shares, the Company negotiates certificates of deposit of
shares, denominated Units, corresponding to one common share (ON) and four preferred shares
(PN).
The Company's authorized capital comprises 5,600,000,000 common shares (ON) and/or
preferred shares (PN) approved at the Extraordinary General Meeting held on March 20, 2014.
Capital increase with reserves
The Company's management submitted to the approval of the stockholders at the Extraordinary and
Ordinary General Meeting held on March 19, 2015 a capital increase from the reserve balances, of
which R$ 7,610 was from the tax incentives reserve and R$ 96,890 was from the legal reserve,
totaling a capital increase of R$ 104,500, without the issue of new shares.
The capital increase proposal was supported by the application of article 199 of Law 6,404/76,
which requires that the Company increase capital if the sum of revenue reserves exceeds the amount
of capital. This was verified in the balance sheet at December 31, 2014.
Capital increase through the exercise of the right to convert debentures
The exercise of the right of conversion was requested by the debentureholders of the 6th Issue and
therefore, the Board of Directors of the Company, at an Extraordinary Meeting held on July 14 and
21, 2015 and August 7 and 26, 2015, approved the increase of the subscribed and paid-up capital,
within the authorized capital limit, of R$ 1,849, with the issue of 147,915 common shares and
591,660 preferred shares, corresponding to the conversion of 29,583 debentures.
The Company's subscribed and paid-up capital increased to R$ 2,377,849, represented by
1,848,740,115 common shares and 2,881,789,025 preferred shares, totaling 4,730,529,140 shares,
without par value.
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b) Treasury shares
The Extraordinary Meeting of the Board of Directors held on December 9, 2014 approved the
buyback of the Companys shares, over a 365-day period, corresponding to up to 43,168,811 Units,
equivalent to 43,168,811 common shares and 172,675,244 registered preferred shares, representing
8% of each class of shares outstanding in the market on that date, to be held in treasury to cover
obligations relating to the stock option plan granted to executives, or for subsequent sale or
cancellation without a capital reduction.
The Company bought back 800,000 Units in January 2015, at an average price of R$ 13.94 per
Unit, totaling R$ 11,151.
In accordance with the stock option plan described in Note 22, granted as long-term remuneration
to the Company's officers, 1,855,000 treasury shares were sold in March 2015, corresponding to
371,000 Units. The right to use 2,227,500 shares, corresponding to 445,500 "Units", was also
granted. The amount was derecognized from the treasury share account.
The Company maintained 150,417,500 shares of its own issue in treasury at September 30, 2015,
corresponding to 30,083,500 Units. The price on the So Paulo Stock Exchange was R$ 21.88 per
Unit at September 30, 2015 (code KLBN11 - BM&FBovespa).
c) Carrying value adjustments
Created by Law 11,638/07, the group "Carrying value adjustments" in the Company's equity
comprises adjustments in respect of increases and decreases in assets and liabilities, when
applicable, that are not computed in the results for the year, up to their effective realization.
The balance maintained by the Company corresponds to: the adoption of the deemed cost of
property, plant and equipment for the forest land; an option exercised on the initial adoption of the
new accounting pronouncements in convergence with IFRS, at January 1, 2009; the foreign
exchange variations of the subsidiary abroad with a functional currency that differs from the parent
company (Note 1); balances relating to the stock option plan granted to executives (Note 22); and
actuarial liability restatements (Note 26).
Deemed cost of property, plant and equipment (land)

Foreign exchange variations - subsidiary abroad
Actuarial liability
Stock option plan

9/30/2015
12/31/2014
1,096,114
1,096,113
(5,591)
(26,734)
(4,844)
(4,844)
2,063
911
1,087,742
1,065,446
d) Dividends
Dividends represent a portion of the profits earned by the Company which are distributed to the
stockholders as remuneration of invested capital in the fiscal year. All stockholders are entitled to
receive dividends proportionately to their ownership interest, as assured by Brazilian corporate
legislation and the Company's bylaws. The bylaws also determine that management has the option
to prepay interim dividends during the year, "ad referendum" of the Ordinary General Meeting held
to examine the accounts for the year.
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The basis of the calculation of the mandatory dividends, defined in the Company's bylaws, is
adjusted in accordance with the constitution, realization and reversal, in the related year, of the
biological assets reserve, and entitles the Company's stockholders to receive, every year, a
mandatory minimum dividend of 25% of the annual adjusted profit.
The balance of supplementary dividends is maintained in a specific account in equity denominated
"Reserve for dividends proposed" until approval and payment of the dividends.
According to the stockholders' approval at the Extraordinary and Ordinary General Meeting held on
March 19, 2015, the Company distributed supplementary dividends for 2014 of R$ 101,982,
corresponding to R$ 22.27 per thousand common and preferred shares and R$ 111.36 per thousand
Units, effectively paid on April 6, 2015.
The Extraordinary Meeting of the Board of Directors held on July 24, 2015 approved the
distribution of interim dividends for 2015 of R$ 171,002, corresponding to R$ 37.34 per thousand
common and preferred shares and R$ 186.68 per thousand Units, effectively paid on August 7,
2015.
The allocation of profit from any balance of retained earnings is recorded only at the end of the year.
e) Share of profits of mandatory convertible debentures
As mentioned in Note 15, the holders of debentures mandatorily convertible into shares of the sixth
issue are entitled to a share of profits upon the distribution of dividends to the Company's
stockholders. The amount is calculated considering the number of shares that will be converted in
the future, corresponding to 136,000,000 common shares and 544,000,000 preferred shares, at the
amount per share effectively distributed as dividends.
19
NET SALES REVENUE
The Company's net sales revenue is composed as follows:
Gross sales revenue

Discounts and rebates
Taxes on sales
. Domestic market
. Foreign market
Net sales revenue
From 7/1 to
9/30/2015
1,689,531
(6,077)
(245,674)
1,437,780
From 1/1 to
9/30/2015
4,762,670
(14,146)
(717,250)
4,031,274
973,999
463,781
1,437,780
2,857,371
1,173,903
4,031,274
Parent company
From 7/1 to
From 1/1 to
9/30/2014
9/30/2014
1,524,609
4,303,832
(3,413)
(11,305)
(247,311)
(711,165)
1,273,885
3,581,362
978,514
295,371
1,273,885
2,742,665
838,697
3,581,362
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Gross sales revenue

Discounts and rebates
Taxes on sales
. Domestic market
. Foreign market
Net sales revenue
20
From 7/1 to
9/30/2015
1,719,529
(18,641)
(255,191)
1,445,697
From 1/1 to
9/30/2015
4,868,571
(33,183)
(743,306)
4,092,082
From 7/1 to
9/30/2014
1,540,725
(3,486)
(255,031)
1,282,208
Consolidated
From 1/1 to
9/30/2014
4,381,858
(13,854)
(731,232)
3,636,772
972,573
473,124
1,445,697
2,851,476
1,240,606
4,092,082
972,628
309,580
1,282,208
2,731,685
905,087
3,636,772
COSTS, EXPENSES AND OTHER INCOME, BY NATURE
Variable costs (raw materials and consumables)

Personnel
Freight
Commissions
Services contracted
Revenue from sale of property, plant and equipment
Cost of sale and write-off of property, plant and equipment
Other
From 7/1 to
9/30/2015
(523,560)
(214,746)
(186,336)
(65,888)
(3,969)
(69,572)
1,480
(2,401)
(34,426)
(1,099,418)
Parent company
From 1/1 to From 7/1 to From 1/1 to
9/30/2015
9/30/2014
9/30/2014
(1,481,600)
(493,336)
(1,385,673)
(645,913)
(188,181)
(572,226)
(727,593)
(190,081)
(637,961)
(183,947)
(60,915)
(174,402)
(10,455)
(3,077)
(9,104)
(196,466)
(63,132)
(185,832)
13,621
5,483
11,744
(17,452)
(800)
(3,481)
(178,787)
(64,373)
(126,482)
(3,428,592) (1,058,412)
(3,083,417)
Variable costs (raw materials and consumables)

Personnel
Freight
Commissions
Services contracted
Revenue from sale of property, plant and equipment
Cost of sale and write-off of property, plant and equipment
Other
From 7/1 to
9/30/2015
(520,597)
(216,915)
(185,980)
(67,805)
(7,913)
(70,275)
1,480
(2,401)
(52,687)
(1,123,093)
From 1/1 to From 7/1 to

9/30/2015
9/30/2014
(1,471,361)
(491,308)
(652,437)
(190,082)
(730,281)
(222,366)
(188,788)
(61,888)
(21,264)
(6,327)
(198,451)
(63,770)
13,621
5,483
(17,452)
(800)
(219,053)
(30,412)
(3,485,466) (1,061,470)
Consolidated
From 1/1 to
9/30/2014
(1,367,468)
(578,006)
(656,749)
(177,183)
(20,396)
(187,709)
11,744
(3,481)
(131,843)
(3,111,091)
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21
FINANCE RESULT
From 7/1 to
9/30/2015
Finance income
. Income from financial investments
. Other
Finance costs
. Interest on borrowings and debentures
. Interest on REFIS (i)
. Capitalized interest in property, plant and
equipment (ii)
. Amortization of present value adjustment
of debentures
. Loan guarantees from related parties
. Investors remuneration - SPCs
. Other
Foreign exchange variations
. Foreign exchange gains
. Foreign exchange losses
Finance result
Finance costs
. Interest on borrowings and debentures
. Interest on REFIS (i)
. Capitalized interest in property, plant
and equipment (ii)
. Amortization of present value adjustment
of debentures
. Loan guarantees from related parties
. Investors remuneration - SPCs
. Other
Foreign exchange variations
. Foreign exchange variation on assets
. Foreign exchange variation on liabilities
Finance result
(i) See Note 17.
(ii) See Note 12.
Parent company
From 7/1 to
From 1/1 to
9/30/2014
9/30/2014
157,154
7,936
165,090
383,738
18,159
401,897
129,764
15,352
145,116
352,352
39,814
392,166
(269,129)
(12,955)
(675,463)
(35,021)
(126,969)
(11,676)
(312,145)
(34,534)
86,873
201,786
30,683
46,832
(10,224)
(6,568)
(11,001)
(223,004)
(30,672)
(15,263)
(26,256)
(580,889)
(12,899)
(2,136)
(15,997)
(138,994)
(38,697)
(7,386)
(29,184)
(375,114)
282,121
(2,736,527)
(2,454,406)
(2,512,320)
426,247
(3,926,038)
(3,499,791)
(3,678,783)
85,289
(586,959)
(501,670)
(495,548)
40,953
(248,330)
(207,377)
(190,325)
From 7/1 to
9/30/2015
Finance income
. Income from financial investments
. Other
From 1/1 to
9/30/2015
From 1/1 to
9/30/2015
From 7/1 to
9/30/2014
Consolidated
From 1/1 to
9/30/2014
161,178
15,987
177,165
395,762
26,232
421,994
133,919
15,399
149,318
363,751
39,811
403,562
(270,416)
(12,955)
(691,791)
(35,021)
(139,726)
(11,676)
(325,580)
(34,534)
86,873
201,786
30,683
46,832
(10,224)
(6,568)
(2,905)
(19,098)
(235,293)
(30,672)
(15,263)
(8,390)
(35,280)
(614,631)
(12,899)
(2,136)
(981)
(16,251)
(152,986)
(38,697)
(7,386)
(4,882)
(29,572)
(393,819)
(64,259)
(2,367,291)
(2,431,550)
(2,489,678)
109,513
(3,589,703)
(3,480,190)
(3,672,827)
92,977
(587,817)
(494,840)
(498,508)
48,630
(253,595)
(204,965)
(195,222)
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22
STOCK OPTION PLAN
The Extraordinary General Meeting of Stockholders held on July 10, 2012 approved the stock option
plan as a benefit for the members of the Executive Board and the Company's key personnel.
CVM authorized the Company, through Circular Letter/CVM/SEP/GEA-2/221/2012, to realize the
private transactions included in the incentive plan for its directors and employees, except for the
controlling stockholders, by the private transfer of treasury shares.
Pursuant to this plan, the Company established that its statutory and non-statutory directors could
utilize 25% to 70% of their variable remuneration for the acquisition of treasury shares, and the
Company would grant the right of use of the same amount of shares to the acquirers for three years,
transferring to them the ownership of the shares after three years, provided that the clauses
established in the plan are complied with.
The plan does not establish the acquisition of shares by the Company's key personnel, but only the
granting of the right to use a certain number of shares for three years, the ownership of which will
be transferred to the beneficiary, provided the established clauses are complied with.
The right of use grants to the beneficiary the right to the dividends distributed in the period during
which the benefit is valid.
The value of the acquisition of treasury shares by the beneficiaries of the plan will be calculated
based on the lower of the average of the market value quotations in the last 60 trading sessions of
the Company's shares and their quotation on the acquisition date. The value of shares granted with
right of use corresponds to the quotation of shares traded on BOVESPA on the transaction date.
The clauses that grant the transfer of shares establish the participation of the beneficiary in the
Company and stipulate that the shares acquired on enrollment in the plan may not be sold. The
shares granted can be immediately assigned in the case of the termination of employment by the
Company, or the retirement or death of the beneficiary, in which case the right to the shares
becomes part of the estate of the deceased.
The shares granted and the expense proportional to the grant term, recorded in the results, is
accumulated in equity in the "Carrying value adjustments" group, up to the end of the grant, which
may occur due to the three-year maturity or any other clause of the plan that may terminate the
grant.
The table below presents information about the agreed-upon plans:
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a) Statutory and non-statutory Board members

Start of the plan
Final grant date
Treasury shares acquired by the beneficiaries (i)
Purchase value per share (R$) (i)
Treasury shares granted with right of use (i)
Value of the right of use per share (R$) (i)
Accumulated plan expense - from the beginning
Expense of the plan - 1/1 to 9/30/2014
Plan 2011
3/1/2012
3/1/2015
2,375,000
1.56
2,375,000
1.75
4,166
1,041
694
Plan 2012
3/1/2013
3/1/2016
1,904,500
2.57
1,904,500
2.67
4,382
1,272
1,272
Plan 2013
3/1/2014
3/1/2017
2,302,500
2.34
2,302,500
2.29
2,778
1,024
1,316
Plan 2014
3/1/2015
3/1/2018
1,855,000
2.84
1,855,000
3.26
1,174
1,177
Total
8,437,000
8,437,000
12,500
3,337
4,459
b) Key personnel
Start of the plan (ii)
Final grant date
Treasury shares granted with right of use (i)
Value of the right of use per share (R$) (i)
Accumulated plan expense - from the beginning
Plan 2012
3/1/2013
3/1/2016
682,500
2.67
1,570
304
456
Plan 2013
4/30/2014
4/30/2017
542,500
2.30
635
217
317
Plan 2014
4/30/2015
4/30/2018
372,500
3.36
228
228
Total
1,597,500
2,433
521
1,001
(i) Considers the stock split mentioned in Note 1.

(ii) The 2012 plan was granted in June 2013, on a retrospective basis.
23
EARNINGS (LOSS) PER SHARE
Basic earnings (loss) per share are calculated by dividing the profit or loss for the period attributable
to holders of the Company's common and preferred shares by the weighted average number of
common and preferred shares available during the period. The Company has debentures
mandatorily convertible into shares (see Note 15) recorded in equity - therefore, the future
conversion of the debentures into the total amount of shares is already considered in the number of
shares for calculation purposes.
The shares from the future conversion of the seventh issue of debentures (Note 15) were considered
in the calculation for the quarter ended September 30, 2015, because their issue value is superior to
the Unit value in the market at September 30, 2015, corresponding to R$ 21.88 per Unit.
Diluted earnings (loss) per share are equal to basic earnings (loss) per share since the Company
does not have other potentially dilutive common or preferred shares.
As mentioned in Note 18, the changes in the balance of treasury shares affect the weighted average
number of preferred shares held in treasury in the calculation for the quarter and nine-month
period ended September 30, 2015. The weighted average used in the calculation of earnings (loss)
per share was determined as follows:
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Weighted average number of treasury shares - September 30, 2015 (*)

Jan
Feb to Mar
Apr to Sep
154,500,000 x 1/9
+
150,790,000 x 2/9
+
150,417,500 x 6/9
=
9M15
150,953,889
(*) Because the Company only has Units held in treasury, the distribution between common and preferred shares is made
according to the composition of the Units.
The table below, presented in R$, reconciles the profit or loss for the quarter and nine-month period
ended September 30, 2015 and 2014 with the amounts used in the calculation of basic and diluted
earnings (loss) per share:
Common
(ON)
Denominator
Total weighted average number of shares
Number of shares to be converted from debentures
Weighted average number of treasury shares
Weighted average number of outstanding shares

From 7/1 to 9/30/2015
Preferred
(PN)
Total
1,848,740,115
163,777,500
(30,083,500)
1,982,434,115
2,881,789,025
655,110,000
(120,334,000)
3,416,565,025
4,730,529,140
818,887,500
(150,417,500)
5,398,999,140
36.72%
63.28%
100%
Numerator
Loss attributable to each class of shares (R$)
(492,334,415)
(848,498,585)
(1,340,833,000)
1,982,434,115
3,416,565,025
5,398,999,140
(0.2483)
(0.2483)
% of shares in relation to the total
Basic and diluted loss per share (R$)
Common
(ON)
Denominator

From 1/1 to 9/30/2015
Preferred
(PN)
Total
1,848,740,115
163,777,500
(30,190,778)
1,982,326,837
2,881,789,025
655,110,000
(120,763,111)
3,416,135,914
4,730,529,140
818,887,500
(150,953,889)
5,398,462,751
36.72%
63.28%
100%
Numerator
Loss attributable to each class of shares (R$)
(651,344,179)
(1,122,458,821)
(1,773,803,000)
1,982,326,837
3,416,135,914
5,398,462,751
(0.3286)
(0.3286)
Basic and diluted loss per share (R$)
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From 7/1 to 9/30/2014
Preferred
(PN)
Total
Common
(ON)
Denominator
1,768,769,964
136,000,000
(30,031,850)
1,874,738,114
2,961,019,601
544,000,000
(120,127,400)
3,384,892,201
4,729,789,565
680,000,000
(150,159,250)
5,259,630,315
35.64%
64.36%
100%
2,498,282
4,510,718
7,009,000
1,874,738,114
3,384,892,201
5,259,630,315
Basic and diluted earnings per share (R$)
0.0013
0.0013

Numerator
Profit attributable to each class of shares (R$)

From 1/1 to 9/30/2014
Preferred
(PN)
Total
Common
(ON)
Denominator
1,768,769,964
136,000,000
(30,078,306)
1,874,691,658
2,961,019,601
544,000,000
(120,313,222)
3,384,706,379
4,729,789,565
680,000,000
(150,391,528)
5,259,398,037
35.64%
64.36%
100%
305,724,134
551,976,866
857,701,000
1,874,691,658
3,384,706,379
5,259,398,037
Basic and diluted earnings per share (R$)
0.1631
0.1631

Numerator
Profit attributable to each class of shares (R$)
24
OPERATING SEGMENTS
a) Criteria for identification of operating segments

The Company's operating structure is divided into segments according to the manner in which
management manages the business. The operating segments defined by management are as follows:
(i) Forestry segment: involves operations relating to planting and growing pine and eucalyptus trees
to supply the Company's plants. Also involves selling timber (logs) to third parties in the domestic
market.
(ii) Paper segment: mainly involves the production and sale of cardboard, kraftliner and recycled
paper rolls in the domestic and foreign markets.
(iii) Conversion segment: involves the production and sale of corrugated cardboard boxes,
corrugated cardboard and industrial sacks in the domestic and foreign markets.
(iv) Pulp segment: involves the operation of the Puma Project. In the future, the pulp segment will
include the production and sale of pulp in the domestic and foreign markets.
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b) Consolidated information about operating segments
Forestry
Net revenue:
.Domestic market
.Foreign market
Revenue from sales to third parties
Revenues between segments
Total net sales
Changes in the fair value of biological assets
Gross profit
Operating result before finance result
Investments in the period

Depreciation, depletion and amortization
Sale of products (in metric tons)

.Domestic market
.Foreign market
.Inter-segmental
Sale of timber (in metric tons)
.Domestic market
.Inter-segmental

Depreciation, depletion and amortization
Total assets - 9/30/2015
Total liabilities - 9/30/2015
Equity - 9/30/2015
Pulp
368,942
409,382
778,324
288,889
1,067,213
(637,053)
430,160
(106,157)
324,003
523,687
63,742
587,429
5,626
593,055
(486,526)
106,529
(68,789)
37,740
61
61
(454,992)
(454,931)
450,784
(4,147)
(58)
(4,205)
972,573
473,124
1,445,697
1,445,697
98,731
(929,311)
615,117
(183,075)
432,042
143,638
145,191
185,635
474,464
164,957
8,808
919
174,684
(186,554)
(186,554)
308,595
153,999
462,594
599,695
1,973,610
2,573,305
(1,973,610)
(1,973,610)
599,695
599,695
50,801
(116,853)
83,195
(56,073)
17,002
(12,029)
969,808
-
2,606
(1,025)
1,123,412
(185,980)
Forestry
Net revenue:
.Domestic market
.Foreign market
Total net sales
Gross profit
Conversion
79,883
79,883
160,477
240,360
98,731
(256,516)
82,575
(8,071)
74,504

.Domestic market
.Foreign market
.Inter-segmental
.Domestic market
.Inter-segmental
Paper
From 7/1 to 9/30/2015

Corporate/
Total
eliminations Consolidated
Paper
Conversion
281,266
1,038,701
1,077,546
281,266 2,116,247
464,142
822,579
745,408 2,938,826
309,499
(931,438) (1,878,135)
123,469 1,060,691
(39,966)
(302,335)
83,503
758,356
From 1/1 to 9/30/2015

Corporate/
Total
eliminations Consolidated
Pulp
1,531,301
163,060
1,694,361
18,851
1,713,212
(1,408,031)
305,181
(198,537)
106,644
208
208
(1,305,572)
(1,305,364)
1,299,811
(5,553)
(2,789)
(8,342)
2,851,476
1,240,606
4,092,082
4,092,082
309,499
(2,917,793)
1,483,788
(543,627)
940,161
896,516
437,644
1,334,160
408,036
412,343
536,027
1,356,406
488,480
25,301
3,341
517,122
(539,368)
(539,368)
2,338,827
5,698,855
8,037,682
(5,698,855)
(5,698,855)
2,338,827
2,338,827
122,326
(514,227)
6,637,241
1,383,839
5,253,402
228,207
(178,495)
5,347,398
678,839
4,668,559
48,174
(34,657)
1,362,351
214,125
1,148,226
2,858,449
6,229,995
622,319
5,607,676
6,211
(2,902)
5,599,876
17,285,998
(11,686,122)
3,263,367
(730,281)
25,176,861
20,185,120
4,991,742
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Forestry
Net revenue:
.Domestic market
.Foreign market
Total net sales
Gross profit

Depreciation, depletion and
amortization

.Domestic market
.Foreign market
.Inter-segmental
.Domestic market
.Inter-segmental

Depreciation, depletion and
amortization
Pulp
347,359
272,034
619,393
288,059
907,452
(584,248)
323,204
(81,190)
242,014
539,549
37,546
577,095
2,828
579,923
(468,557)
111,366
(60,744)
50,622
36
36
(446,509)
(446,473)
441,839
(4,634)
3,847
(787)
972,628
309,580
1,282,208
1,282,208
252,784
(909,269)
625,723
(129,169)
496,554
147,417
135,171
193,869
476,457
176,661
7,931
432
185,024
(194,301)
(194,301)
324,078
143,102
467,180
814,255
2,016,449
2,830,704
(2,016,449)
(2,016,449)
814,255
814,255
63,191
124,143
17,194
665,900
689,358
893,886
(158,185)
(52,764)
(10,597)
(820)
(222,366)
Forestry
Net revenue:
.Domestic market
.Foreign market
Total net sales
Gross profit
Conversion
85,684
85,684
155,622
241,306
252,784
(298,303)
195,787
8,918
204,705

.Domestic market
.Foreign market
.Inter-segmental
.Domestic market
.Inter-segmental
Paper
From 7/1 to 9/30/2014

Total
Corporate/
eliminations
Consolidated
Paper
Conversion
260,916
944,068
791,970
260,916 1,736,038
428,281
819,288
689,197 2,555,326
904,460
(862,597) (1,700,780)
731,060
854,546
(12,134)
(238,950)
718,926
615,596
From 1/1 to 9/30/2014

Corporate/
Total
eliminations
Consolidated
Pulp
1,525,733
113,117
1,638,850
10,219
1,649,069
(1,346,787)
302,282
(167,870)
134,412
968
968
(1,257,788)
(1,256,820)
1,256,325
(495)
(3,917)
(4,412)
2,731,685
905,087
3,636,772
3,636,772
904,460
(2,653,839)
1,887,393
(422,871)
1,464,522
398,350
396,256
564,872
1,359,478
510,540
23,165
1,807
535,512
(566,679)
(566,679)
908,890
419,421
1,328,311
2,398,663
5,537,032
7,935,695
(5,537,032)
(5,537,032)
2,398,663
2,398,663
125,551
353,716
69,110
1,478,944
1,480,387
2,028,764
(467,035)
(157,354)
(29,714)
(2,646)
(656,749)
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The balance in the Corporate/eliminations column refers to the corporate unit's expenses not
apportioned among the segments, and eliminations refer to adjustments of operations between the
segments.
Information about the finance result and income tax was not disclosed in the segment reporting
because management does not utilize such data on a segmental basis, and the data is instead
managed and analyzed on a consolidated basis.
c) Information on net sales revenue
The Company's net revenue from sales to foreign customers, in the consolidated results for the
quarter and nine-month period ended September 30, 2015, amounted to R$ 477,412 and
R$ 1,244,894, respectively (R$ 309,580 and R$ 905,087, in the quarter and nine-month period of
2014, respectively). The table below shows the distribution of net revenue by country:
Country
Argentina
China
Singapore
Italy
Ecuador
Turkey
France
Mexico
Chile
Nigeria
Other
Country
Argentina
China
Singapore
Italy
Ecuador
Turkey
France
Mexico
Chile
Nigeria
Other
From 7/1 to 9/30/2015

Total revenue
% of total net
(R$/million)
revenue
137
9.4%
75
5.2%
44
3.0%
32
2.2%
27
1.9%
17
1.2%
12
0.8%
10
0.7%
8
0.6%
6
0.4%
105
7.2%
473
33%
Consolidated
From 1/1 to 9/30/2015
Total revenue
% of total net
(R$/million)
revenue
387
9.4%
219
5.3%
131
3.2%
83
2.0%
56
1.4%
37
0.9%
27
0.7%
24
0.6%
22
0.5%
21
0.5%
234
5.7%
1,241
30%
From 7/1 to 9/30/2014

Total revenue
% of total net
(R$/million)
revenue
101
7.9%
42
3.3%
28
2.2%
14
1.1%
11
0.9%
8
0.6%
6
0.5%
7
0.5%
3
0.2%
2
0.2%
88
6.9%
310
24%
Consolidated
From 1/1 to 9/30/2014
Total revenue
% of total net
(R$/million)
revenue
300
8.2%
125
3.4%
89
2.4%
37
1.0%
36
1.0%
20
0.5%
19
0.5%
21
0.6%
7
0.2%
25
0.7%
226
6.2%
905
25%
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The Company's net revenue from sales to domestic customers in the consolidated results for the
quarter and nine-month period ended September 30, 2015, amounted to R$ 972,573 and
R$ 2,851,476, respectively (R$ 972,628 and R$ 2,731,685 in the quarter and nine-month period
ended September 30, 2014, respectively).
In the paper segment, in the nine-month period ended September 30, 2015, a single customer for
cardboard accounted for approximately 22% of the Company's net revenue, corresponding to
approximately R$ 901,201 (R$ 747,000 for the nine-month period ended September 30, 2014). The
remaining customer base is diluted as none of the other customers individually accounts for a
material share (above 10%) of the Company's net sales revenue.
c) Pro forma net sales revenue
As mentioned in Note 3, the Company is party to a joint venture that operates in the forestry
segment, named Florestal Vale do Corisco, which is not consolidated, and which is accounted for
using the equity accounting method, considering its share of the investment.
If the jointly-controlled investee were consolidated in the Company's financial statements, pro
forma net sales revenue for the nine-month period ended September 30, 2015 would be
R$ 4,142,367 (R$ 3,679,795 in the nine-month period ended September 30, 2014).
25
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
a) Risk management
The Company and its subsidiaries enter into transactions involving financial instruments, all
recorded in balance sheet accounts, in order to meet their operational needs and reduce their
exposure to financial risks, mainly related to credit risks and investment of funds, market risks
(foreign exchange and interest rates) and liquidity risks, to which the Company understands that it
is exposed based on the nature of its business and operating structure.
These risks are managed through the definition of strategies prepared and approved by the
Company's management, linked to the establishment of control systems and determination of
limits. The Company does not enter into transactions involving financial instruments for speculative
purposes.
Management also carries out regular assessments of the Company's consolidated position, monitors
the financial results obtained, analyzes future projections to ensure compliance with the business
plan defined, and monitors the risks to which it is exposed.
The main risks to which the Company is exposed are described below:
Market risk
Market risk is the risk that the fair value of the future cash flows of a financial instrument will
fluctuate due to changes in market prices. In the case of the Company, market prices are affected by
two types of risk: interest rate and foreign exchange. The financial instruments affected by market
risk are financial investments, trade receivables, trade payables, loans payable, available-for-sale
instruments, and derivative financial instruments.
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(i) Foreign exchange rate risk

The Company has transactions denominated in foreign currencies (mainly in U.S. dollars) that are
exposed to market risks arising from fluctuations in foreign exchange rates. Any fluctuation in a
foreign exchange rate could increase or reduce a balance expressed in reais. The composition of this
exposure was as follows:
9/30/2015
1,300,801
521,788
(82,400)
(11,793,169)
(10,052,980)
Bank deposits and financial investments

Trade receivables (net of provision for impairment of trade receivables)
Other assets and liabilities
Borrowings
Net exposure
Consolidated
12/31/2014
1,277,725
356,666
68,503
(6,853,776)
(5,150,882)
The balance of this net exposure at September 30, 2015 was as follows:
Year
Amount
2015
1,531,108
2016
2017
2018
2019
2020
(951,900) (1,641,900) (1,623,800) (1,665,300) (1,522,000)
2021
(1,004,200)
2022
onwards
(3,170,700)
Total
(10,048,692)
The Company did not have derivative contracts to hedge against long-term foreign exchange
exposure at September 30, 2015. However, in order to hedge against this net liability exposure, the
Company has a sales plan under which the projected flow of export revenue is approximately
US$ 500 million annually and the related receipts, if realized, would exceed, or approximate, the
flow of payments of the related liabilities, offsetting the cash effect of this foreign exchange exposure
in the future.
(ii) Interest rate risk
The Company has loans indexed to the variations in the TJLP, LIBOR and the CDI and financial
investments indexed to the variations in the CDI and SELIC, which expose these assets and
liabilities to fluctuations in interest rates, as shown in the interest sensitivity analysis below. The
Company does not have derivative contracts to swap/hedge against the exposure to these market
risks.
The practice adopted by the Company in relation to interest rate risk is to continuously monitor
market interest rates in order to assess the possible need to contract derivatives to hedge against the
risk of volatility in these rates. The Company considers that the high cost associated with entering
into transactions at fixed interest rates in the Brazilian macroeconomic scenario justifies its choice
of floating rates.
The composition of the Company's interest rate risk is as follows:
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Financial investments - CDI

Financial investments - Selic
Asset exposure
Financing - CDI
Financing - TJLP
Financing - LIBOR
Debentures - IPCA
Liability exposure
9/30/2015
4,054,272
539,065
4,593,337
Consolidated
12/31/2014
3,880,452
497,604
4,378,056
(1,185,466)
(2,417,321)
(2,138,175)
(925,006)
(6,665,968)
(817,799)
(1,361,774)
(3,792,639)
(798,022)
(5,457,010)
CDI - Interbank Deposit Certificate

IPCA - Amplified Customer Price Index
SELIC - Special System for Settlement and Custody
Risk relating to application of funds

The Company is exposed to risk relating to the application of funds, including deposits in banks and
other financial institutions, foreign exchange transactions, financial investments and other financial
instruments that are contracted. The exposure relates mainly to financial investments and
transactions involving securities, which are described in Notes 4 and 5.
In relation to the quality of the financial assets of the Company invested in financial institutions, an
internal policy is applied in relation to the approval of the type of operation being entered into and
in relation to the analysis of the rating, according to the rating agencies, to assess the feasibility of
the investment of the funds in a given institution, provided that it meets the acceptance criteria of
the policy.
The table below presents the cash, cash equivalents and marketable securities invested by the
Company, classifying the amounts according to the national classification of the financial
institutions by the rating agency Fitch:
National rating AA+(bra) (*)

National rating AA+(bra)
9/30/2015
5,689,014
220,600
5,909,614
Consolidated
12/31/2014
5,514,472
228,965
5,743,437
(*) The Financial Treasury Bills (LFTs) are included in this group due to the low risk of the operation.
Credit risk
Credit risk is the risk that a counterparty to a transaction does not fulfill an obligation established in
a financial instrument or contract with a customer, leading to a financial loss. In addition to the
investments referred to above, the Company is exposed to credit risk in its operating activities
(mainly in connection with trade receivables).
At September 30, 2015, the maximum exposure to credit risk was the carrying amount of the trade
receivables shown in Note 6.
Credit risk in the Company's operating activities is managed based on specific rules regarding the
acceptance of customers, credit analysis and the establishment of exposure limits in respect of
customers, which are periodically reviewed. Overdue receivables are monitored on a timely basis to
ensure their realization.
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Liquidity risk
The Company monitors the risk of shortages of funds by managing its resources through a recurring
liquidity-planning tool, so that it has funds available for the fulfillment of its obligations, mainly
concentrated in financing from financial institutions.
The table below shows the maturity of the financial liabilities contracted by the Company and
reported in the consolidated balance sheet: the amounts include principal and future interest on
transactions, calculated using rates and indexes prevailing at September 30, 2015:
Trade payables
Financing/
debentures
Total
2015
(717,132)
2016
-
2017
-
2018
-
2019
-
2020
-
2021
-
2022
2022 onwards
-
Total
(717,132)
(1,983,713)
(2,700,845)
(2,124,869)
(2,124,869)
(2,753,390)
(2,753,390)
(2,707,981)
(2,707,981)
(2,867,619)
(2,867,619)
(2,580,516)
(2,580,516)
(1,809,612)
(1,809,612)
(4,609,264)
(4,609,264)
(21,436,964)
(22,154,096)
The budget projection for the coming years approved by the Board of Directors shows the ability to
meet these obligations.
Capital management
The Company's capital structure comprises net debt, consisting of borrowings (Note 14) and
debentures (Note 15) less cash and cash equivalents and marketable securities (Notes 4 and 5), and
equity, including the balance of issued capital and all the constituted reserves.
The Company's net indebtedness ratio is comprised as follows:
Cash and cash equivalents and marketable securities

Borrowings and debentures
Net indebtedness
Equity
Net indebtedness ratio
9/30/2015
5,909,614
(17,524,348)
(11,614,734)
5,020,620
(2.31)
Consolidated
12/31/2014
5,743,437
(10,985,572)
(5,242,135)
7,058,324
(0.74)
b) Financial instruments, by category

The Company has the following categories of financial instruments:
Assets - loans and receivables
. Cash and cash equivalents
. Trade receivables (net of provision for impairment of trade receivables)
. Other assets
Assets - available for sale
. Marketable securities
Liabilities - at amortized cost
. Borrowings and debentures
. Trade payables
. Other payables
9/30/2015
Consolidated
12/31/2014
5,370,549
1,376,085
409,895
7,156,529
5,245,833
1,148,676
432,625
6,827,134
539,065
539,065
497,604
497,604
17,524,348
717,132
898,558
19,140,038
10,985,572
438,864
715,614
12,140,050
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KLABIN S.A.
Loans and receivables and other financial liabilities at amortized cost

The financial instruments included in this group refer to balances arising from usual transactions,
such as trade receivables, trade payables, borrowings, financial investments and cash and cash
equivalents. All these instruments are recorded at their notional amounts plus, when applicable,
contractual charges and interest, in respect of which the related income and expenses are
recognized in the results for the period.
Available-for-sale financial assets
The Company classifies its investments in LFTs (Note 5) as available-for-sale financial assets, since
they can be traded in the future. These are recorded at fair value, which, in practice, corresponds to
the invested amount plus interest on the transaction.
c) Sensitivity analysis
The Company presents below the sensitivity analysis of foreign exchange and interest rate risks to
which it is exposed, considering that any effects would impact future results, based on the exposure
at September 30, 2015. The effects on equity are basically the same as those on the results.
(i) Foreign exchange exposure
The Company had assets and liabilities indexed to a foreign currency in the balance sheet at
September 30, 2015, and, for sensitivity analysis purposes, it adopted as scenario I the future
market rate in effect at the end of the reporting period. For scenarios II and III this rate was
adjusted by 25% and 50%, respectively.
It is important to point out that most of the financing maturities will not occur in 2015, according to
the maturity schedule shown in Note 14, and, therefore, foreign exchange variations in this analysis
will not have an effect on cash. On the other hand, the Company's exports should substantially be
subject to the cash impact of the foreign exchange variation as they occur.
The sensitivity analysis of the foreign exchange variation is calculated in respect of the net foreign
exchange exposure (basically, borrowings, trade receivables and trade payables in foreign currency),
not considering the effect on the scenarios of projected export sales that, as previously mentioned,
will offset any future foreign exchange loss.
Accordingly, the table below shows a simulation of the effect of the foreign exchange variation on
the future results for the next 12 months, if all other variables remain constant:
At 9/30/2015
US$
Assets
Trade receivables, net of
provision for impairment
of trade receivables
Other assets and liabilities
Financing
Net effect on finance results
Rate
Scenario I
R$ gain (loss)
Rate
Scenario II
R$ gain (loss)
Rate
Scenario III
R$ gain (loss)
327,419 3.85
(40,011) 4.81
274,082
5.78
591,678
131,337 3.85
(20,741) 3.85
(2,968,403) 3.85
(16,049) 4.81
2,534 4.81
362,739 4.81
109,942
(17,362)
(2,484,850)
5.78
5.78
5.78
237,339
(37,480)
(5,364,201)
309,081
(2,117,284)
(4,572,664)
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KLABIN S.A.
(ii) Exposure to interest rate fluctuations

Financial investments and financing, except those subject to TJLP and LIBOR, are indexed to the
CDI floating interest rate. For sensitivity analysis purposes, the Company adopted the rates
prevailing at dates close to the presentation date of the quarterly information using these same rate
for SELIC, LIBOR, IPCA and CDI, due to their proximity, in the scenario I projection. For scenarios
II and III, these rates were adjusted by 25% and 50%, respectively.
Accordingly, with all other variables held constant, the table below shows a simulation of the effect
of the interest rate variation on the future results for the next 12 months:
At 9/30/2015
R$
CDBs
LFTs
Financing
Export credit notes (R$)
BNDES
Debentures
Export prepayments
Rate
Scenario I
R$ gain (loss)
Scenario II
R$ gain (loss) Rate
Scenario III
R$ gain (loss)
CDI
SELIC
4,054,272
539,065
14.25%
14.25%
17.81%
17.81%
144,433 21.38%
19,204 21.38%
288,867
38,408
CDI
TJLP
IPCA
LIBOR
(1,185,466)
(2,417,321)
(925,006)
(5,566,537)
14.25%
6.50%
9.70%
0.3%
(463)
384
17.81%
8.13%
12.19%
0.40%
(42,232) 21.38%
(39,281) 9.75%
(23,010) 14.63%
(4,029) 0.48%
(84,464)
(78,563)
(45,557)
(8,442)
Net effect on finance results
26
Rate
(79)
55,085
110,249
EVENTS AFTER THE REPORTING PERIOD
Capital increase
The exercise of the right of conversion was requested by the debentureholders of the 6th Issue and
therefore, the Board of Directors of the Company, at an Extraordinary Meeting held on October 2,
13 and 22, 2015, approved the increase of the subscribed and paid-up capital, within the authorized
capital limit, of R$ 1,100, with the issue of 87,965 common shares and 351,860 preferred shares,
corresponding to the conversion of 17,593 debentures.
The Company's subscribed and paid-up capital increased to R$ 2,378,949, represented by
1,848,828,080 common shares and 2,882,140,885 preferred shares, totaling 4,730,968,965 shares,
without par value.
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1
DISCLOSURE OF EBITDA
Pursuant to CVM Instruction 527/12, the Company has adopted voluntary disclosure of nonfinancial information, as additional information included in its quarterly information, and presents
EBITDA for the quarters and nine-month periods ended September 30, 2015 and 2014.
In general terms, EBITDA represents the Company's operational generation of cash, corresponding
to the funds generated by the Company through its operating activities only, without financial
effects or taxes. It is important to note that this does not represent the cash flows for the periods
presented, and it must not be considered as a basis for the distribution of dividends, as an
alternative to profit or loss, nor as an indication of liquidity.
(=) Profit (loss) for the period

(+) Income tax and social contribution
(+/-) Finance results, net
(+) Amortization, depreciation and depletion in the results
EBITDA
Adjustments pursuant to CVM Instruction 527/12
(+/-) Variation in the fair value of biological assets (i)
(+/-) Equity in the results of investees (ii)
Realization of deemed cost of property, plant and equipment (+) land
(+/-) EBITDA of a joint venture (ii)
Adjusted EBITDA
From 7/1 to
9/30/2015
(1,340,833)
(716,802)
2,489,677
185,980
618,022
From 1/1 to
From 7/1 to
9/30/2015
9/30/2014
(1,773,803)
7,009
(958,862)
(8,963)
3,672,826
498,508
730,281
222,366
1,670,442
718,920
Consolidated
From 1/1 to
9/30/2014
857,701
411,599
195,222
656,749
2,121,271
(98,731)
(10,707)
(309,499)
(24,046)
(252,784)
(23,032)
(904,460)
(34,381)
977
10,047
519,608
8,430
26,933
1,372,260
8,326
451,430
27,264
1,209,694
Adjustments for definition of EBITDA - adjusted:

(i) Variation in the fair value of biological assets
The variation in the fair value of biological assets corresponds to the gains or losses obtained on the
biological transformation of the forestry products, up to placing them in conditions of use/sale,
during the formation cycle.
Since expectations relating to the value of assets are reflected in the Company's results and fair
value is calculated based on the assumptions included in the discounted cash flows, without cash
effects from its recognition, the variation in fair value is excluded from the calculation of EBITDA.
(ii) Equity in the results and EBITDA of investees
Equity in the results of investees in the statement of operations reflects the profit (loss) of
subsidiaries in the parent company's quarterly information, calculated in accordance with its
percentage of participation in the subsidiary. In the consolidated statement of operations, the
equity in the results of investees recorded relates to the joint venture.
The profit (loss) of the joint venture is influenced by items that are excluded from the EBITDA
calculation, such as net finance results, income tax and social contribution, amortization,
depreciation and depletion, and the variation in the fair value of biological assets. For this reason,
the result of the equity in the results of investees is excluded from the calculation, but the EBITDA
generated by the joint venture is included, being calculated in the same manner, equivalent to the
Company's investment.
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(iii) Realization of deemed cost of property, plant and equipment (land)
The effects of the deemed cost of land allocated to property, plant and equipment upon initial
adoption of the IFRS are adjusted in the EBITDA, when realized, through the disposal of the assets,
since they do not involve cash.
2
COMPANY'S OWNERSHIP INTEREST, INCLUDING STOCKHOLDERS WITH
MORE THAN 5% OF THE SHARES, DETAILED TO THE INDIVIDUAL LEVEL
In the presentation of the number of shares described below, for the whole period, the Company
considered the stock split approved at the Meeting held on March 19, 2015, establishing the division
of each unit share into five of the same class and type.
a) Company's ownership interest
SHARES
STOCKHOLDER
ON
PN
TOTAL
Klabin Irmos & Cia.
941,837,080
50.94%
0.00%
941,837,080
19.91%
Niblak Participaes S.A.
142,023,010
7.68%
0.00%
142,023,010
3.00%
Monteiro Aranha S.A.
66,729,359
3.61%
266,948,886
9.26%
333,678,245
7.05%
The Bank Of New York ADR

Department (*)
58,061,404
3.14%
232,245,616
8.06%
290,307,020
6.14%
Capital World Investors
62,812,800
3.40%
251,251,200
8.72%
314,064,000
6.64%
BNDES Participaes S.A. BNDESPAR
49,425,928
2.67%
197,703,712
6.86%
247,129,640
5.22%
Treasury shares
30,083,500
1.63%
120,334,000
4.18%
150,417,500
3.18%
Other (**)
497,767,034
26.92%
1,813,305,611
62.92%
2,311,072,645
48.85%
1,848,740,115
100
2,881,789,025
100
4,730,529,140
100
TOTAL
(*) Foreign stockholders.

(**) Stockholders with less than 5% of the shares.
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b) Distribution of the controlling stockholders' share capital to the individual level
CONTROLLING STOCKHOLDER/ INVESTOR:
KLABIN IRMOS & CIA.
QUOTAS
QUOTAHOLDERS
Number
% of capital
Jacob Klabin Lafer Adm. Partic. S.A.
1
12.52
Miguel Lafer Participaes S.A.
1
6.26
VFV Participaes S.A.
1
6.26
PRESH S.A.
1
12.52
GL Holdings S.A
1
12.52
GLIMDAS Participaes S.A.
1
11.07
DARO Participaes S.A.
1
11.07
DAWOJOBE Participaes S.A.
1
11.07
ESLI Participaes S.A.
1
8.36
LKL Participaes S.A.
1
8.35
TOTAL
10
100.00
General partnership, with capital of R$ 1,000,000.00, comprising quotas of different values.
Jacob Klabin Lafer Adm. Partic. S.A.
STOCKHOLDERS
Miguel Lafer
Vera Lafer
TOTAL
SHARES
ON
% Total
215,059,063
50.00
215,059,063
50.00
430,118,126
100.00

Miguel Lafer Participaes S.A.
STOCKHOLDERS
Miguel Lafer
Vera Lafer
TOTAL
SHARES
ON
% Total
223,510,726
99.9999
344
0.0001
223,511,070
100.0000

STOCKHOLDERS
Vera Lafer
Other
TOTAL
SHARES
ON
% Total
981,094,312
99.9999
688
0.0001
981,095,000
100.0000
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CONTROLLING STOCKHOLDER/
INVESTOR:
PRESH S.A.
SHARES
STOCKHOLDERS
ON
PN
Sylvia Lafer Piva

Pedro Franco Piva
Horcio Lafer Piva
2,943,151
33.33
Eduardo Lafer Piva
2,943,151
33.33
2,943,151
8,829,453
33.34
100.00
ON
4,233,864
%
99.99991
Regina Piva Coelho Magalhes

TOTAL
17,658,895
12
17,658,907
TOTAL
99.99993
0.00007
17,658,895
12
2,943,151
66.66662
0.00005
11.11111
2,943,151
11.11111
2,943,151
26,488,360
11.11111
100.00000
TOTAL
12,701,590
%
99.99992
100.00000
CONTROLLING STOCKHOLDER/
INVESTOR:
GL Holdings S.A.
SHARES
STOCKHOLDERS
Graziela Lafer Galvo
Other
TOTAL
PN
8,467,726
%
99.99993
0.00009
0.00007
4,233,868
100.00000
8,467,732
100.00000
10
12,701,600
0.00008
100.00000

GLIMDAS Participaes S.A.
SHARES
STOCKHOLDERS
ON
Israel Klabin
PN
1,287,625
90.0520
TOTAL
1,287,625
%
38.198
Alberto Klabin (*)

Leonardo Klabin (*)
323,502
323,502
16.6664
16.6664
23,707
23,707
1.6580
1.6580
347,209
347,209
10.300
10.300
Stela Klabin (*)
323,502
16.6664
23,707
1.6580
347,209
10.300
Maria Klabin (*)

Dan Klabin (*)
Gabriel Klabin (*)
323,502
323,502
323,502
16.6664
16.6664
16.6664
23,707
23,707
23,707
1.6580
1.6580
1.6580
347,209
347,209
347,209
10.300
10.300
10.300
32
1,941,044
0.0016
100.0000
1,429,867
100.0000
32
3,370,911
0.001
100.0000
Estate of Maurcio Klabin (*)

TOTAL
(*) Shares subject to right of use, with the beneficiary Israel Klabin having voting rights.
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CONTROLLING STOCKHOLDER/INVESTOR:
DARO Participaes S.A.
SHARES
STOCKHOLDERS
ON
% Total
Daniel Miguel Klabin
1,627,732
53.065
Rose Klabin (*)
479,900
15.645
Amanda Klabin (*)
479,900
15.645
David Klabin (*)
479,900
15.645
TOTAL
3,067,432
100.000
(*) Shares subject to right of use, with the beneficiary Daniel Miguel Klabin having voting rights.
DAWOJOBE Participaes S.A.
SHARES
STOCKHOLDERS
ON
%
Armando Klabin
4
0.20
Wolff Klabin (*)
516
24.95
Daniela Klabin (*)
516
24.95
Bernardo Klabin (*)
516
24.95
Jos Klabin (*)
516
24.95
TOTAL
2,068
100.00
(*) Shares subject to right of use, with the beneficiary Armando Klabin having voting rights.
ESLI Participaes S.A. (*)
SHARES
STOCKHOLDERS
ON
% Total
Cristina Levine Martins Xavier
5,891,253
33.3333
Regina Klabin Xavier
5,891,253
33.3333
Roberto Klabin Martins Xavier
5,891,254
33.3334
TOTAL
17,673,760 100.0000
(*) Special Contract for the Donation of Shares with Reserve of the Right to Use to Lilia K.Levine,
on December 22, 2010.
LKL Participaes S.A.(*)
SHARES
STOCKHOLDERS
ON
% Total
Cristina Levine Martins Xavier
5,977,833
33.3333
Regina Klabin Xavier
5,977,833
33.3333
Roberto Klabin Martins Xavier
5,977,834
33.3334
TOTAL
17,933,500 100.0000
(*) Special Contract for the Donation of Shares with Reserve of the Right to Use to Lilia K.Levine,
on December 22, 2010.
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NIBLAK PARTICIPAES S.A.
SHARES
ON
% Total
3,038,036
12.521
3,038,035
12.521
3,038,061
12.521
2,686,869
11.074
2,686,869
11.074
2,562,686
10.562
124,183
0.512
4,050,722
16.695
3,038,061
12.520
24,263,522
100.000
STOCKHOLDERS
Miguel Lafer Part. S.A.
GL Holdings S.A.
Glimdas Participaes S.A.
Daro Participaes S.A.
Dawojobe Partic. S.A.
Armando Klabin
Esli Participaes S.A.
Pedro Franco Piva
TOTAL
3
CHANGES IN THE OWNERSHIP STRUCTURE
September 30, 2014
STOCKHOLDERS
Stockholders
Type Number of shares
Changes
Purchase/
Subscription
Sale
September 30, 2015

Corporate
changes*
New investors Withdrawals
Number of shares
Change
%
ON
PN
1,257,894,963
444,853,995
68.04
15.44
-1,249,626
7,897,780
-4,298,367
-30,089,752
0
0
0
0
0
0
1,252,346,970
422,662,023
67.74
14.67
-0.44
-4.99
Members of the Board ON

PN
of Directors
41,089,396
164,362,544
2.22
5.70
1,720,600
2,160,000
0
0
0
0
0
0
0
0
42,809,996
166,522,544
2.32
5.78
4.19
1.31
Members of the
Executive Board
ON
PN
2,582,600
10,330,400
0.14
0.36
0
0
-27,460
-109,840
0
0
0
0
548,400
2,193,600
3,103,540
12,414,160
0.17
0.43
0.00
20.17
Members of the
Statutory Audit Board
ON
PN
6,050
21,300
0.00
0.00
0
0
0
0
0
0
0
0
0
0
6,050
21,300
0.00
0.00
0.00
0.00
Treasury shares
ON
PN
30,083,500
120,334,000
1.63
4.18
0
0
0
0
0
0
0
0
0
0
30,083,500
120,334,000
1.63
4.18
0.00
0.00
Other stockholders
ON
PN
517,083,606
2,141,886,786
27.97
74.32
-470,974
-10,057,780
4,325,827
30,199,592
0
0
0
0
-548,400
-2,193,600
520,390,059
2,159,834,998
28.15
74.95
0.64
0.84
ON
1,848,740,115
100.00
0
0
0
0
0
1,848,740,115
PN
2,881,789,025
100.00
0
0
0
0
0
2,881,789,025
* Comprise control and conversion premium for the formation of Units, as approved at the Extraordinary General Meeting held on November 28, 2013.
100.00
100.00
0.00
0.00
Total
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4
NUMBER OF COMPANY'S SHARES DIRECTLY OR INDIRECTLY HELD BY
CONTROLLING STOCKHOLDERS AND MEMBERS OF THE BOARD OF DIRECTORS,
EXECUTIVE BOARD AND STATUTORY AUDIT BOARD AND NUMBER OF SHARES
OUTSTANDING IN THE MARKET
At 9/30/2015
STOCKHOLDERS
Stockholders
Members of the Board of Directors
Members of the Executive Board
Members of the Statutory Audit Board
Treasury shares
Other stockholders
Total
ON
1,252,346,970
42,809,996
3,103,540
6,050
30,083,500
520,390,059
1,848,740,115
%
67.74
2.32
0.17
0.00
1.63
28.15
100.00
Number of shares outstanding in the

market
520,390,059
28.15
ON
1,257,894,963
41,089,396
2,582,600
6,050
30,083,500
252,481,306
1,584,137,815
%
79.41
2.59
0.16
0.00
1.90
15.94
100.00
252,487,356
15.94
SHARES
PN
%
422,662,023
14.67
166,522,544
5.78
12,414,160
0.43
21,300
0.00
120,334,000
4.18
2,159,834,998
74.95
2,881,789,025 100.00
Total
1,675,008,993
209,332,540
15,517,700
27,350
150,417,500
2,680,225,057
4,730,529,140
%
35.41
4.43
0.33
0.00
3.18
56.66
100.00
2,159,834,998
74.95
2,680,225,057
56.66
SHARES
PN
%
444,853,995
14.81
164,362,544
5.47
10,330,400
0.34
21,300
0.00
120,334,000
4.01
2,264,376,426
75.37
3,004,278,665 100.00
Total
1,702,748,958
205,451,940
12,913,000
27,350
150,417,500
2,516,857,732
4,588,416,480
%
37.11
4.48
0.28
0.00
3.28
54.85
100.00
2,264,397,726
2,516,885,082
54.85
At 6/30/2014
STOCKHOLDERS
Stockholders
Members of the Board of Directors
Members of the Executive Board
Members of the Supervisory Board
Treasury shares
Other stockholders
Total
Number of shares outstanding in the
market
75.37
OTHER INFORMATION
Relationship with independent auditors

In conformity with CVM Instruction 381/03, the auditing firm PricewaterhouseCoopers Auditores
Independentes did not provide services unrelated to the external audit with a value exceeding 5% of
its total fees.
The Company's policy for the contracting of services from its independent auditors not relating to
an external audit is based on principles that preserve the independence of these professionals. These
principles, which follow internationally accepted guidelines, consist of the following: (a) the auditor
must not audit his/her own work; (b) the auditor must not perform managerial functions for his/her
client; and (c) the auditor must not promote the interests of his/her clients.
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Opinions and representations / report on special review - without exceptions
Report on review of quarterly information

To the Board of Directors and Stockholders
KLABIN S.A.
Introduction
We have reviewed the accompanying parent company and consolidated interim accounting
information of Klabin S.A ("Company"), included in the Quarterly Information Form (ITR) for the
quarter ended September 30, 2015, comprising the balance sheet as at that date and the statements
of operations and comprehensive income (loss) for the quarter and nine-month period then ended,
and the statements of changes in equity and cash flows for the nine-month period then ended, and a
summary of significant accounting policies and other explanatory information.
Management is responsible for the preparation of the parent company and consolidated interim
accounting information in accordance with the accounting standard CPC 21, Interim Financial
Reporting, of the Brazilian Accounting Pronouncements Committee (CPC), and International
Accounting Standard (IAS) 34 - Interim Financial Reporting issued by the International Accounting
Standards Board (IASB), as well as the presentation of this information in accordance with the
standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of the
Quarterly Information (ITR). Our responsibility is to express a conclusion on this interim
accounting information based on our review.
Scope of review
We conducted our review in accordance with Brazilian and International Standards on Reviews of
Interim Financial Information (NBC TR 2410 - Review of Interim Financial Information Performed
by the Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information
Performed by the Independent Auditor of the Entity, respectively). A review of interim information
consists of making inquiries, primarily of persons responsible for financial and accounting matters,
and applying analytical and other review procedures. A review is substantially less in scope than an
audit conducted in accordance with Brazilian and International Standards on Auditing and
consequently does not enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion on the interim information
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying parent company and consolidated interim accounting information included in the
quarterly information referred to above has not been prepared, in all material respects, in
accordance with CPC 21 and IAS 34 applicable to the preparation of the Quarterly Information, and
presented in accordance with the standards issued by the CVM.
Page 88 of 89

(Unaudited)
Version: 1
Opinions and representations / report on special review - without exceptions
Other matters
Statements of value added
We have also reviewed the parent company and consolidated statements of value added for the
nine-month period ended September 30, 2015. These statements are the responsibility of the
Company's management, are required to be presented in accordance with standards issued by the
CVM applicable to the preparation of Quarterly Information, and are considered supplementary
information under IFRS, which do not require the presentation of the statement of value added.
These statements have been submitted to the same review procedures described above and, based
on our review, nothing has come to our attention that causes us to believe that they have not been
prepared, in all material respects, in a manner consistent with the parent company and consolidated
interim accounting information taken as a whole.
So Paulo, October 26, 2015
PricewaterhouseCoopers
Auditores Independentes
CRC 2SP000160/O-5
Tadeu Cendn Ferreira

Contador CRC 1SP188352/O-5
Page 89 of 89

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(A free translation of the original in Portuguese)

(A free translation of the original in Portuguese)

Report on review of quarterly information

Tadeu Cendn Ferreira

(A free translation of the original in Portuguese)

Registration Form - 2015 - KLABIN S.A.

Investor relations officer or equivalent

(A free translation of the original in Portuguese)

Registration Form - 2015 - KLABIN S.A.

Date of adoption of the

Previous corporate name

KLABIN RIOCELL S.A.

Federal Corporate Taxpayers'

Brazilian Securities Commission

CVM registration date

CVM registration status

Date status became effective

Country in which the securities

Other countries in which the

The United States of America

Paper and pulp

Date of registration in the current

Date status became effective

Type of ownership control

Date of last change in

Date of last change of

Month/day of the end of

Issuer's website on the Internet

Newspapers in which the issuer

Name of newspapers in which the issuer discloses its information

(A free translation of the original in Portuguese)

Registration Form - 2015 - KLABIN S.A.

(A free translation of the original in Portuguese)

Registration Form - 2015 - KLABIN S.A.

(A free translation of the original in Portuguese)

Registration Form - 2015 - KLABIN S.A.

PricewaterhouseCoopers Auditores Independentes

Individual Taxpayers' Registration

Tadeu Cendon Ferreira

(A free translation of the original in Portuguese)

Registration Form - 2015 - KLABIN S.A.

ITAU CORRETORA DE VALORES S.A.

(A free translation of the original in Portuguese)

Registration Form - 2015 - KLABIN S.A.

6. Investor Relations Officer or equivalent

Antonio Sergio Alfano

Date when the person

Date when the person left

(A free translation of the original in Portuguese)

Registration Form - 2015 - KLABIN S.A.

Tiago Brasil Rocha

Date when the person

Date when the person left

(A free translation of the original in Portuguese)

Quarterly information (ITR) - 9/30/2015 - KLABIN S.A.

Parent company financial statements

Balance sheet - liabilities and equity

Statement of comprehensive income (loss)

Statement of cash flows - indirect method

Statement of changes in equity

Statement of value added

Consolidated financial statements

Balance sheet - liabilities and equity

Statement of comprehensive income (loss)