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Klabin Spaces 
| INSTITUTION | ANALYST | Target Price1 | Recommendation | |
|---|---|---|---|---|
| Banco do Brasil | Mary Silva | mary.silva@bb.com.br | 26.00 | BUY |
| Bank of America | Caio Ribeiro | caio.ribeiro@bofa.com | 22.00 | BUY |
| Bradesco BBI | Rafael Barcellos | rafael.barcellos@bradescobbi.com.br | 24.00 | BUY |
| BTG Pactual | Leonardo Correa | leonardo.correa@btgpactual.com | 23.00 | HOLD |
| Citi | Gabriel Barra | gabriel.barra@citi.com | 24.00 | BUY |
| Genial | Igor Guedes | igor.guedes@genial.com.vc | 21.00 | BUY |
| Goldman Sachs | Marcio Farid | marcio.farid@gs.com | 18.00 | HOLD |
| HSBC | Jonathan Brandt | jonathan.l.brandt@us.hsbc.com | 21.00 | HOLD |
| Itaú BBA | Daniel Sasson | daniel.sasson@itaubba.com | 21.50 | HOLD |
| Jefferies | Francisco Barbosa | fbarbosa@jefferies.com | 25.00 | BUY |
| JP Morgan | Rodolfo Angele | rodolfo.r.angele@jpmorgan.com | 22.00 | NEUTRAL |
| Levante | João Abdouni | joao.abdouni@levantecorp.com.br | 30.00 | BUY |
| Morgan Stanley | Julia Rizzo | Julia.Rizzo@morganstanley.com | 23.00 | BUY |
| Safra | Ricardo Monegaglia | ricardo.neto@safra.com.br | 23.30 | NEUTRAL |
| Santander | Yuri Pereira | yuri.pereira@santander.com.br | 29.00 | BUY |
| Scotiabank | Alfonso Salazar | alfonso.salazar@scotiabank.com | 21.00 | HOLD |
| UBS | Caio Greiner | caio.greiner@ubs.com | 21.50 | HOLD |
| XP Investimentos | Lucas Laghi | lucas.laghi@xpi.com.br | 25.00 | BUY |
1: R$/unit – Refers to the 12-month target price and the recommendation of KLBN11 shares.
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.