KLABIN S.A.

CNPJ/MF: No 89.637.490/0001-45
NIRE: 35300188349
Publicly-held Company

NOTICE TO THE MARKET

Klabin S.A. (Company), in addition to what has been informed in the Notice to
Shareholders dated as of November 7, 2014, hereby informs its shareholders and the
market in general the end of the Solicitation Period for conversion of Companys shares
for the formation of depositary shares consisting of one (1) common share and four (4)
preferred shares issued by the Company (Units), held between November 17th and
November 19, 2014.
At meeting held on this date, the Board of Directors of the Company homologated the
conversion of 48.688 (forty eight thousand, six hundred and eighty eight) common
shares issued by the Company into 48.688 (forty eight thousand, six hundred and
eighty eight) preferred shares, as well as the conversion of 79.870.923 (seventy nine
million, eight hundred and seventy thousand, nine hundred and twenty three) preferred
shares issued by the Company into 79.870.923 (seventy nine million, eight hundred
and seventy thousand, nine hundred and twenty three) common shares, which resulted
in the issuance of 79.883.095 (seventy nine million, eight hundred, eighty three
thousand and ninety five) Units.
Thus, the capital stock of the Company becomes represented by 1.848.592.200 (one
billion, eight hundred and forty eight million,five hundred and ninety two thousand and
two hundred) common shares and 2.881.197.365 (two billion, eight hundred and eighty
one million, one hundred and ninety seven thousand, three hundred and sixty five)
preferred shares, in the total amount of 4.729.789.565 (four billion, seven hundred and
twenty nine million, seven hundred and eighty nine thousand and five hundred and
sixty five) shares.
The Company reiterates that the request to form units by shareholders holding
multiples of one (1) common share and four (4) preferred shares issued by the
Company can be made through their respective custody agents, any day which
BM&FBOVESPA is open for trading, subject to its operational procedures and the rules

of the Units Program described in the Notice of Material Fact released by the Company
in January 7, 2014.
Finally, the Company informs that, after November 24, 2014 (Date of Credit of the
Units), according to the amendment to the Deposit Agreement (Amended and
Restated Deposit Agreement) of the American Depositary Receipts (ADR) under the
level 1 ADR program of the Company (ADR Program) executed between the
Company and the Bank of New York Mellon, each ADR will represent two (2) Units. On
the following business day after the Date of the Credit of the Units, the ADR Program
will be able to deposit Units for issuance of ADRs and cancel ADRs for the withdrawal
of Units.
So Paulo, November 21, 2014.
Antonio Sergio Alfano
Investor Relations Director