Klabin S.A. http://www.alacrastore.com/company-snapshot/Klabin_S_A-1031851 Friday, July 25, 2008 11:31:17 PM 1031851 Klabin S.A. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/bir/452099bir/452099normKlabin S.A.BrazilManufacturing: Manufacture of pulp, paper and paper products including paper, folding boxboard for packaging, corrugated cardboard boxes and industrial bags. Also has a forestry unit which supplies logs for timber and lumber.26112621263126752677267826572652267624113221101133103221213221303222123222133222313222323222333222919HKKLBN6/18/2008 6:43:21 AM452099Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/spcred/647062spcred/647062normThe latest Full Report from S&Pglobal5/7/2008 6:20:23 PM400Full Report647062BrazilPaper PackagingEmerging MarketsLatin AmericaGlobal IssuersCorporationsForest ProductsFull ReportMarket leadership in the Brazilian packaging-paper and carton board industry; Low costs as a packaging-paper producer; and Improved liquidity position since it completed an asset sale program in 2003. Concentration of sales domestically, adding volatility; Business focus on commodity Kraftliner and production-fragmented corrugated-box markets; and Significantly aggressive capital expenditures and higher dividend distribution, which have weakened financial measures. The ratings on Klabin S.A. reflect Brazil's reduced country risks and favorable economic prospects as the company's main market; the conclusion of a significant expansion project; and additional output gradually reaching the market and strengthening profitability and cash generation, especially in 2008 and 2009. The company maintains a conservative financial profile regarding liquidity and keeps active liability management, providing it with enoughBRA45647P15103020 151030 1510 15Klabin S.A.328371EMERGINGLATAMERICAKLBN4@BZFULLGLOBISSCORPForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/647063spcred/647063normThe latest Summary from S&Pglobal5/7/2008 6:20:23 PM175Summary647063BrazilPaper PackagingEmerging MarketsLatin AmericaGlobal IssuersCorporationsForest ProductsSummaryThe ratings on Klabin S.A. reflect Brazil's reduced country risks and favorable economic prospects as the company's main market; the conclusion of a significant expansion project; and additional output gradually reaching the market and strengthening profitability and cash generation, especially in 2008 and 2009. The company maintains a conservative financial profile regarding liquidity and keeps active liability management, providing it with enough comfort through the peak debt period it is currently going through. The ratings also reflect the company's exposure to some important cost inputs such as energy, although the new expansion project will reduce this exposure from second-quarter 2008 onward; the fragmented market for corrugated boxes, which does not allow for pricing policies consistent with the company's leading marketBRA45647P15103020 151030 1510 15Klabin S.A.328371EMERGINGLATAMERICAKLBN4@BZSUMMARYGLOBISSCORPForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/630170spcred/630170normThe latest Summary from S&P2/11/2008 1:19:06 PMSummary175global630170BrazilPaper PackagingEmerging MarketsLatin AmericaGlobal IssuersCorporationsForest ProductsSummaryThe rating on Klabin S.A. reflects Brazil's reduced country risks and favorable economic prospects in Klabin's main market, and the conclusion of its significant expansion project. The rating also reflects the benefits of additional output gradually reaching the market and helping to strengthen Klabin's EBITDA margin and cash generation, especially in 2008 and 2009. Although Klabin increased its gross debt position to $2 billion in September 2007 ($1 billion in September 2006), it maintains a very conservative financial profile regarding liquidity ($1.1 billion in cash holdings) and keeps active liability management, which provides enough comfort through the peak-of-debt period that the company is currently going through. The positive outlook indicates that the ratings could be raised in the near futureBRA45647P15103020 151030 1510 15Klabin S.A.328371EMERGINGLATAMERICAKLBN4@BZSUMMARYGLOBISSCORPForestCredit & Investment ResearchS&P Credit Research