Klabin S.A.

CNPJ: 89.637.490/0001-45

Notice to the market

Klabin S.A. ("Company") announces to the market that Standard & Poor's Rating Services has maintained an investment grade rating to the Company, with rating at "BBB-" (Investment Grade) in the global scale and "brAAA" in national scale, and changed the rating outlook from stable to negative.
According to Standard & Poor's, the lowest risk associated with the packaging sector compared to other sectors of paper, and Klabin's leadership position in Brazil contributed to the maintenance of the investment grade. On the other hand, the change in outlook to negative reflects the increased indebtedness of the Company to implement its new pulp project.
To read the full report from Standard & Poor's click here: http://ri.klabin.com.br/fck_temp/5_45/file/RatingsDirect_Research%20Update_Klabin_ May-16-2014.pdf
São Paulo, May 16th 2014

Klabin S.A.

Antonio Sergio Alfano
Chief Financial Officer and IR Director

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