Third Quarter Results of 2005

3Q05 Results October 21st, 2005

www.klabin.com.br

Sound export performance, despite adverse exchange rate

Export volumes remained strong throughout the quarter, reaching 98 thousand tons of kraftliner and 25 thousand tons of coated carton boards. However, the lower exchange rate and the wakeless downside trend for international kraftliner prices hurt the results. Klabin completed the expansion project at Angatuba (SP) mill, increasing the capacity to 100 thousand t/year, of which 60 thousand t/year is coated carton board. The startup occurred on October 16th.

September 30th, 2005 KLBN4 (BOVESPA) / KLBAY (OTC) Total Shares PN (000) Local Price Share PN Book Value Free Float Daily Trade Volume 600,856 R$ 4.60 R$ 2.49 79% R$ 5,456 mil

Highlights
Klabin won the Business Management for Sustainability Eco 2005 Award, sponsored by the American Chamber of Commerce. Net revenue from exports reached USD 69 million, or 25% of total net revenue. Cash generation (EBITDA) achieved R$ 155 million. Net Intermediary dividends paid on 03/10/05: R$ 113.07 per 1,000 preferred shares and R$ 102.79 per 1,000 common shares.

3Q05 Results October 21st, 2005

Initial Considerations
The information presented herewith in connection with the Companys operations and finances in 3Q05, 3Q04, 9M05 and 9M04 consists of consolidated figures stated in local currency (R$), in accordance with the generally accepted accounting practices adopted in Brazil, except where otherwise indicated.

Financial Highlights
R$ million
Gross Revenue Net Revenue
Domestic Market Exports % Exports

3Q05
782.7 650.3
487.6 162.7 25%

3Q04
867.7 737.6
533.8 203.8 28%

9M05
2,440.9 2,043.6
1,489.5 554.1 27%

9M04
2,374.3 2,027.3
1,409.6 617.7 30%

YoY

QoQ

(10%) (12%) (9%) (20%) (35%)

3% 1% 6% (10%) (11%)

Gross Profit
Gross Margin

229.4
35%

354.4
48%

840.0
41%

941.1
46%

Selling expenses General and administrative expensees Other operating (expenses) income, net

(77.7) (41.2) (17.7)

(77.3) (39.4) (13.1)

(232.1) (121.1) (29.5)

(224.6) (104.4) (42.8)

1% 5% 35% (59%)

3% 16% (31%) (20%)

EBIT
EBIT Margin

92.8
14%

224.6
30%

457.3
22%

569.3
28%

Depreciation, amortization and depletion EBITDA

EBITDA Margin

61.7 154.5
24%

57.8 282.4
38%

182.0 639.3
31%

172.7 742.0
37%

7% (45%)

5% (14%)

Net Income
Net Debt Net Debt/EBTIDA (annualized) Capex

64.7 382.8
0.4 138.5

135.1 498.5
0.5 130.4

283.0 382.8
0.4 295.2

366.4 498.5
0.5 246.2

(52%) (23%) 6% 4% (4%) (8%) 3%

(23%) (23%) 20% 4% (1%) 2% (4%)

Production Volume (1,000 t) ( * ) Sales Volume (1,000 t )

Domestic Market Exports % Exports

376.1 334.4
199.7 134.7 40%

361.2 347.6
216.4 131.2 38%

1,130.1 1,010.7
603.1 407.6 40%

1,082.2 1,017.9
591.9 426.0 42%

(*)

Figures related to paper, boards and recycled paper production, do not considered corrugated boxes and industrial bags.

Operating, Economic and Financial Performance

Production Volume
Thousand tons
390 361 376

3Q04

2Q05

3Q05

The production of containerboards, coated carton boards and recycled papers in 3Q05 was effected by: (i) the planned 9 days downtime at Monte Alegre Mill (PR) for maintenance; (ii) downtime to install the last equipments in order to conclude the expansion project at Angatuba (SP) mill. production totalized

In 9M05, the 1,130.1 thousand tons, an increase of 4% in relation to 9M04.

3Q05 Results October 21st, 2005

Sales Volume
Sales volume for 3Q05, excluding wood, totalized 334.4 thousand tons, highlighting the export sales. Klabin increased exports to 134.7 thousand tons, equaled to 40% of total sales volume (38% in 3Q04). For the 9M05, the total sales volume was 1,010.7 thousand tons, 1% lower than 9M04. The exports of coated carton boards maintained its high volumes in 3Q05, which contributed to 19% of total exported volume, against 13% in 3Q04. The coated carton board share represented 26% of total sales, higher than 23% in 3Q04.
Volume By Market
Thousand tons
Industrial bags 9% Others 3% Kraftliner 32%

Volume By Product 3Q05

348

360 334

38%

42%

40%

62%

58%

60%

Corrugated boxes 30%

3Q04

2Q05

3Q05

Coated carton boards 26%

Domestic Market Exports

Wood not included

Net Revenue
In 3Q05, the increase in export volumes was neutralized by the devaluation of USD against the Brazilian Real (-21%) and the decrease of international kraftliner prices (-9%) compared to the same period of last year. The net revenue in 9M05 increased 1% to R$ 2,043.6 million in relation to 9M04.
Net Revenue by Market
R$ million
Others 3%

Net Revenue by Product 3Q05

Wood 10% Kraftliner 16%

737

720 650
Industrial bags 13%

28%

29%

25%

72%

71%

75%
Corrugated boxes 32% Coated carton boards 26%

3Q04
Domestic Market Exports

2Q05

3Q05

Wood included

3Q05 Results October 21st, 2005

Exports Destination
By Volume
North Am erica 3% Latin Am erica (excluding Argentina) 17%
Asia 9%

By Net Revenue
Africa 7% North Am erica 4% Latin Am erica (excluding Argentina) 18%

Africa 7%

Asia 11%

Argentina 16%

Europe 43%

Argentina 19%

Europe 46%

9M05: 407.6 thousand tons

9M05: USD 222.1 million

Operating Results
Gross profit in 3Q05 totaled R$ 229.4 million, totaling R$ 840.0 million in 9M05 or 11% lower than compared to 9M04. The gross margin in 9M05 was 41%, against the 46% in relation to 9M04. Cost of goods sold (COGS) in 3Q05 was R$ 420.9 million, 10% higher than 3Q04, which was affected by the cost increase on some inputs, especially fuel, chemicals and labor, besides the increase of fixed costs due to the planned downtimes. Selling expenses increased relentlessly 1% in 3Q05 to R$ 77.7 million, of which R$ 47.9 million are export freight costs. In 9M05, the selling expenses amounted to R$ 232.1 million, 3% higher than 9M04. General and administrative expenses totaled R$ 121.1 million in 9M05, increasing its stake on total net revenue to 5.9% from 5.1% in 9M04. Operating results before financial expenses (EBIT) in the 3Q05 was R$ 92.8 million, adding up to R$ 457.3 million in 9M05, a decrease of 20% in relation to the same period of previous year.

Operating Cash Generation (EBITDA)

Operating cash generation (EBITDA) in 3Q05 was R$ 154.5 million, totalizing R$ 639.3 million in 9M05. The EBITDA margin was 31% in 9M05, against 37% in the same period of last year.

3Q05 Results October 21st, 2005

Financial Results and Indebtedness

Net financial expenses reached R$ 34.3 million in 3Q05 (against R$ 47.6 in 3Q04). At the end of September 2005, gross debt totaled R$ 1,835.4 million. Foreign currency denominated debt amounted to USD 347.7 million or 42% of the company total indebtedness. Trade finance represented 62% of the foreign currency debt. The hedge on September 30th 2005 was USD 100 million.
Indebtedness R$ million
Local Short Term Long Term GROSS DEBT Cash and Short Term Investments NET DEBT 337.3 725.4 1,062.7 (1,311.8)

30/09/2005
Currency Foreign 241.1 531.6 772.7 (140.8) Total 578.4 1,257.0 1,835.4 (1,452.6) 382.8 Local 189.8 888.3 1,078.1 (1,252.0)

30/06/2005
Currency Foreign 206.4 468.7 675.1 (128.6) Total 396.2 1,357.0 1,753.2 (1,380.6) 372.6

Net debt is equivalent to 14% of total capitalization, and 45% of the annualized EBITDA. On September 1st, the Board of Directors authorized the Executive Board to early redeem the outstanding debt in favor of Banco Nacional de Desenvolvimento Econmico e Social amounting to R$ 229.0 million. According to public announcements on September 6th and 16th, the payments were done on October 17th, 2005.

Net Income
Klabin reported a net income of R$ 64.7 million in 3Q05, which totaled R$ 283.0 million in 9M05 or 23% lower than 9M04.

3Q05 Results October 21st, 2005

Business Evolution
BUSINESS UNIT FORESTRY In this quarter, Klabin sold 1.8 million tons of Pine and Eucalyptus logs, of which 1.1 million tons were transferred to its own mills in Paran, Santa Catarina and So Paulo. The volume of wood sold to sawmills and laminating companies in Paran and Santa Catarina totaled 689.6 thousand tons in 3Q05. The heated U.S. housing industry remained strong, pushing up the demand for logs. However, the appreciation of Brazilian currency against USD has negative affect to the exporters, who are Klabins customers. Many sawmills already shut down their units in Santa Catarina state, and consequently, the sales volume for logs to third parties dropped 28% in the 3Q05 in relation to 3Q04. In the short term, the Hurricane Katrina caused a reduction in supply of wood, which pushed up the prices for civil construction materials in the United States. In contradiction to expectations, once the activities in the hit area are back to normal, the lagged effect will be the run-up supply of logs, pressuring down their prices. The felling of trees caused by the disaster will lead to an extra 93 million m3 of wood, which is enough to build 1.0 million houses. Net revenue from wood sales to third parties reached R$ 62.2 million in 3Q05, a plunged of 34% in relation to 3Q04. It is relevant to mention that the second semester of 2004 had a positive scenario, with strong demand, good prices and favorable exchange rate. Klabin will be the surety for small and medium producers interested in financing for forest plantation. The idea is to increment forest plantation and culture and to increase the participation of third parties in supplying wood to the company, as part of its Forestry Support program. BUSINESS UNIT PAPERS In the third quarter, not only the Monte Alegre (SP) mill had an 9 days planned downtime for maintenance, but also Angatuba (SP) plant had a downtime to conclude the expansion project of coated carton boards. Sales volume of containerboards and coated carton boards to third parties in 3Q05 was 195.4 thousand tons, an upside of 1% from 3Q04. Sales volume throughout 9M05 reached 580.2 thousand tons, a reduction of 3% compared to the same period last year. Export sales in 3Q05 increased 6% to 123.4 thousand tons compared to 3Q04. Net revenue of paper and coated carton boards in 3Q05 reached R$ 273.4 million, 14% inferior to 3Q04. The increased export sales volume was not only an effort to offset the negative impact of a lower exchange rate, but also a strategic vision in line with the long-term plans of the Company by targeting the growth of exports. Kraftliner sales volume totaled 108.1 thousand tons in 3Q05, of which 98.0 thousand tons were shipped to international market. Export net revenue amounted to USD 38.4 million. The international kraftliner prices kept falling throughout the third quarter, hurting the results. However, European producers announced a 50 increase on prices starting from October 1st.

3Q05 Results October 21st, 2005

Sales volume of coated carton boards added up 87.3 thousand tons in 3Q05 or 8% greater than 3Q04. There was an increase of 46% on the exports volume in relation to 3Q04. The volume sold in 9M05 exceeded the quantity marketed in 9M04 by 8%, amounting to R$ 247.9 thousand tons. Net revenue of coated carton boards in 3Q05 was R$ 169.9 million, in which 28% came from exports revenue. In the nine months, the net revenue totaled R$ 493.4 million, or 8% superior to the same period of last year. The additional volume of coated carton boards exported were this quarters highlights, partially influenced by the Finnish pulp and paper mills strikes. Klabin supplied the Tetra Paks Spanish unit in July, which not only confirmed the ability and flexibility in attending higher-than-expected demands, but also qualified it as a supplier for the European market. In September, the liquid packaging board of Klabin was approved in Singapore, and the supply will begin in the end of 2005. The company continues sending regular volumes to China, which amounts to 1,000 t/month. Klabins coated carton boards fit to all technical specifications required to supply any unit of Tetra Pak around the world. BUSINESS UNIT PACKAGING CORRUGATED BOXES Preliminary data provided by the Brazilian Association of Corrugated Boxes Manufactures (ABPO) indicated that the shipment of corrugated boxes, sheet and accessories amounted to 559.1 thousand tons in 3Q05 or 1% higher in relation to 3Q04. In 9M05, the total shipment was 1,607.3 thousand tons, 2.1% greater than the quantity shipped in the first half of 2004. Klabin maintained its leading position with sales volume of 100.8 thousand tons in 3Q05, which represented a decline of 10% in relation to 3Q04. The volume sold throughout the first tine months of 2005 was 313.4 thousand tons or an upside of 2% against 3Q04. Net revenue for corrugated boxes reached R$ 209.1 million in 3Q05, a reduction of 3% in relation to 3Q04. The net revenue for 9M05 totaled R$ 633.1 million or 8% superior to 3Q04. The results of this business unit were caused by a tepid local market demand, which negatively presented a weak consumption for non durable products, especially in the food segment. The meat exporters kept their sale agreements even thought the exchange rate is not favorable. The orders of Christmas boxes were postponed and the fruit harvest in the Northeast is delayed because of weather conditions. Approximately 20% of all the corrugated boxes sold to local customers in 3Q05 had the export market as their final destination. BUSINESS UNIT PACKAGING INDUSTRIAL BAGS In 3Q05, Klabin sold 28.4 thousand tons of industrial bags, which represented a decrease of 8% in relation to the same period of previous year. Net revenue totaled R$ 85.1 million, a reduction of 8% from 3Q04. The volume marketed in 9M05 was 1% inferior to that registered in 3Q04, amounting 86.5 thousand tons. The net revenue for the nine months was R$ 264.2 million, an increase of 1% compared to 3Q04.

3Q05 Results October 21st, 2005

In 3Q05, building industry remained strong. On the other hand, the agribusiness and fertilizer sectors underperformed due to the loss of grain crops and the adverse exchange rate to export. There was a reduction on agriculture income, and consequently, it increased the credit risk in the sector. Sales volume of industrial bags in Argentina reached 6.3 thousand tons and fetched net revenue of R$ 14.2 million.

Capital Expenditures
The following table lists the capital expenditures in 3Q05 and 9M05:
R$ Million Forestry Paper mills Convertion Others Total Completed by 3Q05 19.4 90.2 28.3 0.7 138.5 Completed by 9M05 47.3 187.8 57.8 2.3 295.2

According to established schedule, there was the startup at Angatuba (SP) mill in order to complete the expansion project of coated carton boards. The investments amounted to R$ 75 million, expanding the total production to 100 thousand t/year from 80 thousand t/year. The new coated carton board production capacity will be equal to 60 thousand t/year. The Company is investing, in Lages (SC), R$ 26 million to update the plant technology. The investment involves new production line for industrial bags in order to substitute the old one. The completed production line includes an 8 color printer, a tuber and bottomer. In the beginning of October, the recycled paper unit located in Guapimirim (RJ), started to consume natural gas instead of fuel. Klabin invested R$ 1.3 million in this conversion. The projects basic engineering, which intends to double the coated carton boards production capacity at Monte Alegre (PR) will be submitted by the Executive Board to the Board of Directors for approval until the end of this year. The startup is planned to the end of 2007. In order to sustain Klabins outline growth, the company not only continuously engages reforestation in its forestry, but also encourages third parties to cultivate via forestation program.

3Q05 Results October 21st, 2005

Capital Market
The chart that follows shows the performance of Klabins stock quotations in contrast with that of the So Paulo Stock Exchange Index (Ibovespa):
KLBN4 vs. Ibovespa Closing Price: 12/30/2004 = 100
125 120 115 110 105 100 95 90 85 80 75 70 65
04 cDe 05 nJa 05 bFe 5 -0 ar M 5 -0 ar M 5 -0 pr A 5 -0 ay M 05 nJu 05 nJu 5 l-0 Ju 05 gAu 05 gAu 05 pSe

Ibovespa 20%

Klabin -15%

Source: Bovespa

In 3Q05, Klabin preferred shares presented an increase in liquidity and they were negotiated on all the trading sessions of the So Paulo Stock Exchange (Bovespa), totaling 14,990 transactions. There were 84 million Klabin shares being negotiated, an increment of 66% compared to the previous quarter. The average of daily traded volume reached R$ 5.5 million, an upside of R$ 2.2 million. In the Extraordinary General Assembly on September 29th of 2005, it was granted to minority shareholders (PN shares) tag along rights in that they will receive an additional 70% of the price paid per control (ON) share in the event of a takeover. The public announcement was published on September 5th, 2005. Klabin shares are also traded over the counter (OTC) as Level I ADRs in the U.S. market, under the code KLBAY. The capital stock of Klabin consists of 917.7 million shares, including 316.8 million common shares and 600.9 million preferred shares. DIVIDENDS The complementary dividends were distributed to the stockholders on October 3rd, 2005, a payment of R$ 100.5 million, which corresponded to R$ 102.79 per 1,000 common shares and R$ 113.07 per 1,000 preferred shares.

3Q05 Results October 21st, 2005

Outlook
Historically, in the third quarter, the industry was already prepared to receive the orders to supply the Christmas packaging. Nonetheless, this seasonal trend did not occur due to a cautious wholesales demand, taking the chance to actually reduce their inventories. If expectations get confirmed, the economy should slowly improve leading to stronger demands for the holidays in the fourth quarter. With the conclusion of the Angatuba (SP) project, the increase in coated carton boards production will contribute to developing new markets, serving as pre-marketing for the Monte Alegre (PR) expansion project. European producers have announced the increase of 50/t on kraftliner prices from October 1st. Yet, which will be implemented until the end of the year. Accordingly, Klabin will follow the price increase trend. If the scenario for the exchange rate continues its downside trend or kept at current levels, Klabins results will be affected by lower export revenues in Reais.

10

3Q05 Results October 21st, 2005

Conference Call Monday, October 24th, 2005 10:00 hs (Braslia) Password: 830 Phone: +55 11 4613-0509 Conference Call Monday, October 24th, 2005 10:00 a.m. (N.Y.) / 12:00 p.m. (Braslia) Password: 161 Phone: U.S. participants: 1-888-340-8477 International participants: 1-786-924-8430 Brazilian participants: 11 4613-0509 Webcast The audio of the Conference Call will also be available on the Internet Address: http://www.collaborate.com.br/klabin

For further information, please contact:

Ronald Seckelmann, CFO and IR Director Luiz Marciano Candalaft, IR Manager Gustavo Vittorazze Schroden , IR Analyst Yolanda Carolina Nunes, IR Analyst Phone: +55 (11) 3225-4045 Phone: +55 (11) 3225-4059 Phone: +55 (11) 3225-4046 [email protected] [email protected] [email protected]

With a gross revenue of R$ 3.2 billion in 2004, Klabin stands as the largest integrated packaging paper manufacturer in Brazil, with a production capacity of 1.5 million tons per year, and as a leader in most of its business markets. For strategic purposes, the Company will focus on the following business lines: packaging paper and coated carton board products, corrugated boxes, industrial bags and wood.

The statements contained herein with regard to the Company's business prospects, operating and financial result projections, and references to its potential growth are merely forecasts based on the expectations of Company Management in relation to its future performance. Such estimates are highly dependent on market behavior and on Brazilian economic, industry and international market conditions. They are therefore subject to change.

11

Attachment #1 Consolidated Income Statement

Brazilian Corporate Law (Thousand of R$)
3Q05
Gross Revenue Net Revenue Cost of Products Sold Gross Profit Selling Expenses General & Administrative Expenses Other Revenues (Expenses) Total Operating Expenses Operating Income (before Fin. Results) Equity in net income (loss) of subsidiaries Financial Expenses Net Foreign Exchange Losses Financial Revenues Net Financial Expenses Operating Income Non Operating Revenues (Expenses) Net Income before Taxes Income Tax and Soc. Contrib. Minority Interest Net Income Depreciation Amortization EBITDA

3Q04
867,681 737,568
(383,162) 354,406 (77,273) (39,370) (13,160)

9M05
2,440,869
2,043,559 (1,203,616) 839,943 (232,132) (121,032) (29,443) (382,607) 457,336 (119) (214,974) (58,250) 145,249 (127,975) 329,242 (1,903) 327,339 (23,660) (20,667) 283,012 151,234 30,717 639,287

9M04
2,374,209
2,027,264 (1,086,177) 941,087 (224,533) (104,378) (42,975) (371,886) 569,201 (244) (132,967) (57,899) 80,018 (110,848) 458,109 1,205 459,314 (81,639) (11,343) 366,332 141,658 31,101 741,960

3Q05
100.0%
64.7% 35.3% 12.0% 6.3% 2.7% 21.0% 14.3% 0.0% 11.0% 3.3% 9.0% 5.3% 9.0% -0.2% 9.2% -1.7% 0.9% 9.9% 7.9% 1.5%

% of Net Revenue 3Q04 9M05

100.0%
51.9% 48.1% 10.5% 5.3% 1.8% 17.6% 30.5% 0.0% 7.9% 2.4% 3.8% 6.5% 24.0% 0.0% 24.0% 4.7% 0.9% 18.3% 6.4% 1.4%

9M04
100.0%
53.6% 46.4% 11.1% 5.1% 2.1% 18.3% 28.1% 0.0% 6.6% 2.9% 3.9% 5.5% 22.6% -0.1% 22.7% 4.0% 0.6% 18.1% 7.0% 1.5%

782,689 650,247
(420,894) 229,353 (77,712) (41,223) (17,577)

100.0%
58.9% 41.1% 11.4% 5.9% 1.4% 18.7% 22.4% 0.0% 10.5% 2.9% 7.1% 6.3% 16.1% 0.1% 16.0% 1.2% 1.0% 13.8% 7.4% 1.5%

(136,512) 92,841 (57)

(71,328) (21,528) 58,592

(129,803) 224,603 (36)

(57,926) (17,879) 28,224

(34,264) 58,520
1,377

(47,581) 176,986
27

59,897
10,769 (5,977)

177,013
(35,008) (6,939)

64,689
51,618 10,051 154,510

135,066
47,411 10,379 282,393

23.8%

38.3%

31.3%

36.6%

12

Attachment #2 Consolidated Balance Sheet

Brazilian Corporate Law (Thousand of R$)
Assets
Current Assets Cash and banks Short-term investments Receivables Inventories Recoverable taxes and contributions Other receivables 30/09/2005 2,241,965 38,301 1,414,302 352,707 296,006 89,851 50,798 31/12/2004 2,032,678 20,561 1,104,202 487,933 269,761 109,674 40,547

Liabilities and Stockholders' Equity

Current Liabilities Loans and financing Debentures Suppliers Income tax and social contribution Taxes payable Payroll provisions Dividends to pay Other accounts payable Long-Term Liabilities Loans and financing Debentures Other accounts payable Minority Interests Stockholders' Equity Capital Capital reserves Revaluation reserve Profit reserve Treasury stock Total

30/09/2005 31/12/2004 913,866 552,151 26,278 143,554 44,907 24,230 65,856 56,890 1,416,138 942,923 314,050 159,165 92,137 2,290,015 1,100,000 84,525 87,928 1,017,562 4,712,156 837,895 396,103 8,887 136,894 73,363 24,061 60,715 90,007 47,865 1,363,382 903,880 314,050 145,452 59,364 2,107,511 800,000 193,845 89,521 1,028,010 (3,865) 4,368,152

Long-Term Receivables Deferred income tax and soc. contrib. Taxes to compensate Judicial Deposits Other receivables

396,032 202,193 27,464 105,581 60,794

365,579 179,428 20,994 90,803 74,354

Permanent Assets Other investments Property, plant & equipment, net Deferred charges Total

2,074,159 9,947 2,030,272 33,940 4,712,156

1,969,895 10,036 1,899,980 59,879 4,368,152

13

Attachment #3 Domestic Market

1Q04 Volume (1,000 t) Kraftliner Coated Boards Corrugated Boxes Bags Others Total Wood Volume (1,000 t) Net Revenue (R$ million) Kraftliner Coated Boards Corrugated Boxes Bags Others Wood Total 12.7 97.0 174.2 60.2 13.4 61.3 418.8 13.7 108.8 185.2 65.0 13.0 71.3 457.0 17.9 128.3 210.6 70.9 11.6 94.5 533.8 16.6 113.3 216.1 70.1 14.1 74.5 504.7 17.9 110.7 195.6 72.9 15.8 77.1 490.0 13.6 113.5 222.7 69.7 19.7 72.7 511.9 13.5 121.8 207.5 67.0 15.6 62.2 487.6 45.0 346.0 625.8 209.6 51.1 212.0 1,489.5 10.9 50.9 91.3 21.1 6.0 180.2 758.6 11.9 58.7 99.0 21.2 4.5 195.3 823.8 13.5 63.6 109.9 23.1 6.3 216.4 957.8 12.2 53.8 104.9 21.5 4.4 196.8 732.0 13.3 53.9 97.9 22.2 8.2 195.5 778.8 10.3 56.6 112.2 21.5 7.3 207.9 769.7 10.1 61.9 100.0 20.8 6.9 199.7 689.6 33.7 172.4 310.1 64.5 22.4 603.1 2,238.1 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 9M05

14

Attachment #4 Exports
1Q04 Volume (1,000 t) Kraftliner Coated Boards Corrugated Boxes Bags Others Total Wood Volume (1,000 t) Net Revenue (R$ million) Kraftliner Coated Boards Corrugated Boxes Bags Others Wood Total 140.2 44.2 3.5 20.6 2.9 0.0 211.4 125.5 41.6 8.5 22.2 4.7 0.0 202.5 133.1 39.1 5.0 21.9 4.7 0.0 203.8 133.8 37.4 3.7 19.9 2.7 0.0 197.5 118.1 38.8 2.1 19.1 5.1 0.0 183.2 121.8 60.5 3.6 17.4 4.9 0.0 208.2 90.0 48.1 1.6 18.1 4.9 0.0 162.7 329.9 147.4 7.3 54.6 14.9 0.0 554.1 131.5 20.4 1.4 6.9 0.1 160.3 0.0 103.5 19.2 3.2 7.7 0.9 134.5 0.0 99.5 17.4 1.9 7.6 4.8 131.2 0.0 100.7 17.6 1.3 7.4 1.6 128.6 0.0 89.8 18.7 0.8 7.4 4.5 121.2 0.0 110.8 31.4 1.7 7.0 0.8 151.7 0.0 98.0 25.4 0.8 7.6 2.9 134.7 0.0 298.6 75.5 3.3 22.0 8.2 407.6 0.0 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 9M05

15

Attachment #5 Total Sales

1Q04 Volume (1,000 t) Kraftliner Coated Boards Corrugated Boxes Bags Others Total Wood Volume (1,000 t) Net Revenue (R$ million) Kraftliner Coated Boards Corrugated Boxes Bags Others Wood Total 152.9 141.2 177.7 80.8 16.3 61.3 630.2 139.2 150.4 193.7 87.2 17.7 71.3 659.5 151.0 167.4 215.6 92.8 16.3 94.5 737.6 150.4 150.7 219.8 90.0 16.8 74.5 702.2 136.0 149.5 197.7 92.0 20.9 77.1 673.2 135.4 174.0 226.3 87.1 24.6 72.7 720.1 103.5 169.9 209.1 85.1 20.5 62.2 650.3 374.9 493.4 633.1 264.2 66.0 212.0 2,043.6 142.4 71.3 92.7 28.0 6.1 340.5 758.6 115.4 77.9 102.2 28.9 5.4 329.8 823.8 113.0 81.0 111.8 30.7 11.1 347.6 957.8 112.9 71.4 106.2 28.9 6.0 325.4 732.0 103.1 72.6 98.7 29.6 12.7 316.7 778.8 121.1 88.0 113.9 28.5 8.1 359.6 769.7 108.1 87.3 100.8 28.4 9.8 334.4 689.6 332.3 247.9 313.4 86.5 30.6 1,010.7 2,238.1 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 9M05

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Attachment #6
Financing Repayment Schedule 30/09/05
R$ million BNDES Finame Debentures Others Local Currency Trade Finance Others Fixed Assets Foreign Currency Gross Debt 73.8 346.3 4Q05 227.2 1.8 26.3 17.2 272.5 73.8 44.1 44.2 38.0 0.1 0.8 38.9 83.1
541 R$ million
50

1Q06

2Q06

3Q06

4Q06

2006

2007

2008

2009

2010

2011

2012 onwards

Total 227.2

0.2

1.5 9.6 11.1 73.1

0.1 9.3 9.4 54.6 0.8

1.4 9.2 10.6 84.9

3.3 72.1 75.4 250.6 0.1 1.6

2.9 314.1 174.0 490.9 48.9 1.6 50.5 541.4

1.4 42.5 43.9 57.8 239.0 296.7 340.6 32.5 32.5 31.1 13.9 45.0 77.5 46.3 46.3 15.6 16.7 32.2 78.5 16.7 16.7 62.9 5.6 5.6 60.6 46.3 46.3 55.0 55.0

9.4 340.3 485.2 1,062.7 477.7 291.9 3.2 772.7 1,835.4

73.1 84.2

55.3 64.8

84.9 95.5

252.2 327.6

Foreign Currency
347
74 491 297 273

341

Local Currency

Local Currency Foreign Currency Total Gross Debt

Average Cost 18.5% p.y. 5.9% p.y.

Average Term 15 months 20 months 17 months

83
39 44
4Q05 1Q06

84
73 11
2Q06

96 64
55 9
3Q06

78
85 11
4Q06 2007

78
32 46
2010

63
17 46
2011

61
6 55
2012 onw ards

45 44
2008

33
2009

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Attachment #7
Consolidated Cash Flow Statement
3rd Quarter 2005 Cash flow from operating activities Net income Items not affecting cash and cash equivalents Depreciation, amortization and depletion Gain (loss) on sale of assets Provision for loss on permanent assets Deferred income and social contribution Interest and exchange variation on loans and Financing Equity in subsidiaries Exchange variation on foreign investments Minority interest Decrease (increase) in assets Accounts receivable Inventories Recoverable taxes Prepaid expenses Other receivables Increase (decrease) in liabilities Suppliers Taxes payable Deferred income and social contribution Salaries, vacation and payroll charges Reserve for contingencies Other payables Net cash provided by operating activities (carry forward) Cash flow from investing activities Cash, cash equivalent and investments Guarantee deposits Purchase of property, plant and equipment Increase in deferred charges Sale of property, plant and equipment Judicial deposits Others Net cash provided by (used in) investing activities Cash flow from financing activities New loans and financing Amortization of financing Payment of interest Capital contribution to subsidiaries by minority shareholders Dividends paid Net cash used in financing activities Increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 64,689 61,669 (1,988) (19,634) 57,883 57 1,594 5,977 57,802 8,133 (3,026) (11,741) 3,012 41,371 330 4,777 7,116 906 6,583 285,510 (1,732) (138,537) (317) 2,336 (849) (139,099) 105,356 (37,174) (43,834) 44 (100,509) (76,117) 70,294 1,343,940 1,414,234 70,294 2004 135,066 54,495 2,875 15,413 17,013 36 2,645 6,939 705 (408) (25,956) (6,069) 4,187 30,741 (1,752) 16,563 6,154 (28,320) 805 231,132 (1,223) 23,412 (130,429) (1,146) 599 (1,335) (2) (110,124) 70 (139,058) (27,295) 919 (165,364) (44,356) 875,305 830,949 (44,356) 2005 283,012 181,951 (183) 936 (29,018) 128,580 119 3,473 20,667 135,226 (20,962) 18,707 (11,483) 15,127 5,061 169 (28,459) 5,141 6,040 13,294 727,398 (4,234) (295,227) (2,763) 2,490 (9,522) (32) (309,288) 438,700 (258,568) (96,230) 12,110 (190,516) (94,504) 323,606 1,090,628 1,414,234 323,606 9 months 2004 366,332 169,464 1,645 28,143 136,686 244 1,010 11,343 (158,799) 18,570 11,553 (7,000) 18,441 39,712 1,278 (17,816) 3,325 (51,443) 16,671 589,359 (33,067) 87,070 (246,008) (2,035) 2,732 (12,049) (82) (203,439) 436,956 (375,359) (70,247) 19,656 (200,238) (189,232) 196,688 634,261 830,949 196,688

18