Appraisal Report
COMODORO PARTICIPAÇÕES S.A.
Appraisal of Book Net Worth
on October 30, 2013,
for purposes of its merger into
KLABIN S.A
APPRAISAL REPORT
LORENZO & ASSOCIADOS LTDA., with its principal place of business at Rua
Faustolo No 1.628, conj. 123B, in São Paulo — SP, a company duly registered with the
Regional Accounting Council of the State of São Paulo [Conselho Regional de
Contabilidade do Estado de São Paulo] under No. 2SP021256/O-0 and enrolled in the
National Register of Legal Entities of the Ministry of Finance (CNPJ/MF) under No.
03.607.716/0001-40, and acts of incorporation filed at the 4th Registry of Deeds and
Documents and Corporate Civil Registry [4° Ofício do Registro de Títulos e
Documentos e Civil de Pessoas Jurídicas] of this capital with microfilm No. 0396277,
on January 14, 2000, herein represented by its quotaholder, Izilda Lorenzo, accountant,
registered with the Regional Accounting Council of the State of São Paulo No.
1SP127441/O-0 and enrolled in the Individual Taxpayers’ Register of the Ministry of
Finance (CPF/MF) under No. 896.187.858-15, having been requested by company:
KLABIN S.A., a company with its principal place of business in São Paulo - SP, at Av.
Brig. Faria Lima No. 3600 — 3° andar, enrolled in the CNPJ/MF under No.
89.637.490/0001-45, with its acts of incorporation duly filed at the Commercial
Registry of the State of São Paulo, with State Registration (NIRE) No. 35300188349, on
November 12, 2001, to proceed with the appraisal of the book net worth, on October 30,
2013, of company:
COMODORO PARTICIPAÇÕES S.A., a company with its principal place of
business in São Paulo — SP, at Av. Brigadeiro Faria Lima No. 3.600, 4° andar, sala 47,
enrolled in the CNPJ/MF under No. 05.867.503/0001-82, with its acts of incorporation
duly filed at the Commercial Registry of the State of São Paulo under NIRE No.
353001959-49, on May 19, 2003, for purposes of its merger into KLABIN S.A.,
hereby presents to the result of its work substantiated in this report.
I
PURPOSE OF APPRAISAL
The purpose of the work was to determine the book net worth on October 30, 2013, of
company COMODORO PARTICIPAÇÕES S.A., for purposes of its merger by
company KLABIN S.A.
II
APPRAISAL CRITERION
The calculation of the book net worth was made based on the balance sheet prepared by
COMODORO PARTICIPAÇÕEES S.A., on October 30, 2013, in accordance with
the accounting entries of the company. The accounting entries, which were used as a
basis for this appraisal, were not audited by us.
III
STATEMENT
The quotaholders of Lorenzo & Associados Ltda. declare not to hold any interest,
whether direct or indirect, in the company or in the merger transaction for which the
services were hired, as well as any other relevant circumstance that may characterize a
conflict of interests.
They further declare that the managers of the company did not direct, limit, hinder or
practice any acts that could adversely affect the access, use or knowledge of
information, assets, documents or work methodologies relevant for the quality of the
conclusion of this report.
IV
CONCLUSION
Based on the criteria described and on the calculations demonstrated herein, prepared
based on the balance sheet as of October 30, 2013, which was provided to us and is
attached hereto (Exhibit A), in our opinion the book net worth of company
COMODORO PARTICIPAÇÕES S.A., on October 30, 2013 is nine hundred and
sixty million, nine hundred and fifty-two thousand, two hundred and ninety-three
Reais and two centavos (R$ 960,952,293.02).
São Paulo, October 30, 2013.
LORENZO ASSOCIADOS LTDA.
Regional Accounting Council (CRC) 2SP021256/O-0
[signature]
Izilda Lorenzo
Partner
Accountant — CRC 1SP127441/O-0
CALCULATION OF THE BOOK NET WORTH
According to the Balance Sheet attached hereto, the elements of the assets and liabilities
that compose the Book Net Worth of company COMODORO PARTICIPAÇÕES
S.A., on October 30, 2013, are the following:
R$
ASSETS
Current assets
Bank account transactions
Non-current assets
Investments — Interest in companies –
163,797,753 common shares issued by
Klabin S.A.
1,000.00
960,951,293.02
Total Assets
960,952,293.02
NET WORTH
960,952,293.02
(nine hundred and sixty million, nine hundred and fifty-two thousand, two
hundred and ninety-three Reais and two centavos).
EXHIBIT A
COMODORO PARTICIPAÇÕES S.A.
CNPJ/MF No. 05.867.503/0001-82
BALANCE SHEET AS OF OCTOBER 30, 2013
ASSETS
R$
1,000.00
1,000.00
CURRENT ASSETS
Bank account transactions
NON-CURRENT ASSETS
Investments
- Interest in Companies - Klabin S.A.
960,951,293.02
960,951,293.02
TOTAL ASSETS
960,952,293.02
LIABILITIES
R$
NET WORTH
Share Capital
Revaluation Reserve - Klabin S.A.
Equity Evaluation Adjustment - Klabin S.A.
Profit Reserve - Klabin S.A.
TOTAL LIABILITIES
479,460,068.53
8,825,819.75
190,948,244.44
281,718,160.30
960,952,293.02
960,952,293.02
I acknowledge the accuracy of this Balance Sheet of Comodoro Participações S.A., on
October 30, 2013, with assets and liabilities totaling nine hundred and sixty million,
nine hundred and fifty-two thousand, two hundred and ninety-three Reais and two
centavos (R$ 960,951,293.02).
[signature]
Angel Alvarez Núñez
TC-CRC-1SP157878/O-3