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Klabin Spaces 
| INSTITUTION | ANALYST | Target Price1 | Recommendation | |
|---|---|---|---|---|
| Banco do Brasil | Mary Silva | mary.silva@bb.com.br | 25.00 | HOLD |
| Bank of America2 | Caio Ribeiro | caio.ribeiro@bofa.com | 30.00 | BUY |
| Bradesco BBI2 | Rafael Barcellos | rafael.barcellos@bradescobbi.com.br | 25.00 | BUY |
| BTG Pactual2 | Leonardo Correa | leonardo.correa@btgpactual.com | 26.00 | BUY |
| Citi2 | Stefan Weskott | stefan.weskott@citi.com | 28.00 | BUY |
| Genial | Igor Guedes | igor.guedes@genial.com.vc | 23.50 | BUY |
| Goldman Sachs2 | Marcio Farid | marcio.farid@gs.com | 20.30 | HOLD |
| HSBC2 | Jonathan Brandt | jonathan.l.brandt@us.hsbc.com | 22.00 | HOLD |
| Itaú BBA2 | Daniel Sasson | daniel.sasson@itaubba.com | 23.00 | BUY |
| JP Morgan2 | Rodolfo Angele | rodolfo.r.angele@jpmorgan.com | 26.00 | BUY |
| Levante | João Abdouni | joao.abdouni@levantecorp.com.br | 30.00 | BUY |
| Morgan Stanley2 | Eugenia Cavalheiro | Eugenia.Cavalheiro@morganstanley.com | 27.00 | BUY |
| Safra2 | Ricardo Monegaglia | ricardo.neto@safra.com.br | 23.50 | BUY |
| Santander | Yuri Pereira | yuri.pereira@santander.com.br | 33.00 | BUY |
| Scotiabank2 | Alfonso Salazar | alfonso.salazar@scotiabank.com | 22.00 | HOLD |
| UBS | Caio Greiner | caio.greiner@ubs.com | 21.00 | HOLD |
| XP Investimentos2 | Lucas Laghi | lucas.laghi@xpi.com.br | 29.00 | BUY |
1: R$/unit – Refers to the 12-month target price and the recommendation of KLBN11 shares.
2: Target price updated after stock bonus.
The analysts are professionals from Klabin S.A.’s independent institutions. Any estimates, opinions or forecasts regarding Klabin’s performance made by these analysts are their exclusive responsibility and do not represent estimates, opinions or forecasts of the Company or its management. The fact that Klabin makes the reference above or distributes this data does not imply endorsement or conformity of opinion with that information, conclusions or recommendations.