KLABIN GREEN BOND - Sustainalytics · 2017-09-05 · Klabin S.A., a Brazilian pulp, paper and...

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KLABINGREENBOND

FRAMEWORKOVERVIEWANDSECONDPARTYOPINIONBYSUSTAINALYTICS

August30,2017

AnkitaShukla(Toronto)SeniorAssociate,[email protected](+1)4168610403

CharlottePeyraud(NewYork)SeniorAssociate,[email protected](+1)6465180184

©Sustainalytics2017

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TABLEOFCONTENTS1. Preface 3

2. OverviewoftheIssuer 3

3. FrameworkOverview 43.1 UseofProceeds 43.2 ProjectEvaluationandSelectionProcess 113.3 ManagementofProceeds 123.4 Reporting 12

4. Sustainalytics’Opinion 14Section1:SustainabilityPerformanceoftheIssuer 14Section2:ImpactofUseofProceeds 16Conclusion 18

Appendix1 19

Sustainalytics 25


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1. PREFACEKlabinS.A.,aBrazilianpulp,paperandpackagingcompanyactiveintheglobalforestproductsandFSC-certified packagingmarket, intends to issue a Green Bond to finance projects and activities thatwillimprove its environmental performance. Klabin engaged Sustainalytics to provide a second partyopiniononitsGreenBondFramework.Sustainalytics’opinionintendstoprovideanassessmentoftheGreen Bond Framework’s alignment with the Green Bond Principles 20171 (“GBP”) as well as assessKlabin’soverallsustainabilityperformanceanditsalignmentwiththeframework.As part of this engagement, Sustainalytics held conversations with Klabin’s treasury, legal andsustainability teams to understand the use of proceeds, process for project evaluation and selection,management of proceeds and reporting aspects of Klabin’s Green Bond, as well as the company’ssustainabilitystrategy.SustainalyticsalsoreviewedrelevantpublicandinternaldocumentsfromKlabin.Followingthisengagement,someelementsoftheGreenBondFrameworkwereclarifiedtoensureanalignment with the level of disclosure expected by the GBP. This document contains two sections:FrameworkOverview–asummaryofKlabin’sGreenBondframework;andSustainalytics’Opinion–anopiniononthatframework.

2. OVERVIEWOFTHEISSUERKlabin is a pulp, paper and packaging company with more than 229 thousand hectares of forestplantationsinBrazilandmorethan214thousandhectaresofnativeforeststhathavebeensetasideforenvironmentalconservation.Thecompanyhasanannualproductioncapacityof3.5milliontons,with18 industrial units, 17 in eight Brazilian states and 1 in Argentina. Klabin is Brazil’s largest paperproducerandexporter, the leadingmanufacturerofpaperandboardforpackaging,corrugatedboardpackagingandindustrialbags,andalsomarketstimber in logs. It isalsotheonlyBraziliancompanytosimultaneouslysupplyhardwoodpulp(eucalyptus),softwoodpulp(pine)andfluffpulptothemarket.Klabin’s long-term business strategies are based on operational and energy efficiency, responsiblemanagementofresourcesandcommitmentstotheenvironmentanditsstakeholders.Klabinpioneeredresponsible forest management and was the first company in the pulp and paper industry in theSouthernHemispheretoreceiveFSC®certification(ForestStewardshipCouncil®)for itsforestareas in1998 and the first in theworld to havenon-timber forest products certified. Klabin’s FSC® certificatecoversthechainofcustodyofindustrialsacks,paperboardandkraftpaperinallitsoperationalunits.In line with its commitment, Klabin is issuing Green Bonds to advance environmental sustainabilityacrossthecompany’sglobalbusinessdivisionsandoperations.

1TheGreenBondPrinciplesarevoluntaryguidelinesthatrecommendtransparencyanddisclosureandpromoteintegrityinthedevelopment of the Green Bondmarket. They provide issuers guidance on the key components involved in launching acredibleGreenBondandaidinvestorsbyensuringavailabilityofinformationnecessarytoevaluatetheenvironmentalimpactoftheirGreenbondinvestments.


3. FRAMEWORKOVERVIEWThefollowingsectionsummarizesKlabin’GreenBondFramework,whichfollowsthefourkeypillarsofthe GBP including: the use of proceeds, project evaluation and selection process, management ofproceeds,andreporting.3.1 UseofProceedsAn amount equal to the net proceeds of theGreenBondwill be allocated to projects thatmeet theeligibilitycriteriaspecifiedbelow,including:

(i) existingprojectsfinancedduringthetwoyearsprecedingtheissuedateoftheGreenBond;(ii) projectscommittedtopriortotheissuedateoftheGreenBondbutfinancedfollowingthe

issuedateoftheGreenBond;and(iii) projectscommittedtoandfinancedaftertheissuedatebutbeforethematuritydateofthe

GreenBond.3.1.1 EligibilityCriteriaTobeeligiblefortheGreenBondproceeds,theprojectsfundedmustmeetoneormoreofthefollowingbusinessactivitycriteria:

1. SustainableForestManagement2. RestorationofNativeForestsand

ConservationofBiodiversity3. RenewableEnergy4. CleanTransportation5. EnergyEfficiency

6. WasteManagement7. SustainableWaterManagement8. Eco-EfficientandCircularEconomy

AdaptedProducts,ProductionTechnologiesandProcesses

9. ClimateChangeAdaptation

1. SUSTAINABLEFORESTMANAGEMENTUse of proceeds: Proceeds of the Green Bond will be allocated to capital and operating expensesrequiredforactivitiesnecessarytosustainablymanageeucalyptusandpineforestplantationsthatarecertifiedbyFSC®.Thisincludes:

(i) Newplantingandreplantingactivitiesinownedandthird-parties’areas,suchas:a. Productionandacquisitionofeucalyptusandpineseedlings;b. Preparationofsoilfortheplantationofseedlings,includingsubsoilingandharrowing

activity;c. Plantingofseedlings;d. Protectionandmaintenanceofplantedseedlingsupuntilharvest.


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Context:Klabin's forestryassetsare thebasisof company’sgrowthstrategy.Thecompany'sproductsarefromthepineandeucalyptusforestsand it iswiththemthatthecompanyhasbeenadvancing innew markets, such as pulp. Klabin’s goals for its forestry operations set long-term commitments inregards to achieving maximum productivity while protecting biodiversity and natural resources andbuildingstrongerrelationshipswithcommunities.AllofKlabin’sforeststewardshipunitsarecertifiedbyFSC®,totalingthescopeof425,519.93hectares.Klabin develops its forest management using the mosaic concept: plantations are interspersed withareasofnativeforests-preservedareasoftheBrazilianAtlanticForest-tocreateecologicalcorridorsthatpreservethelocalfaunaandflora.

(ii) FSC®ForestCertificationProgramforSmallandMedium-sizedRuralProducers,suchas:a. Activitiesandservicesrequiredtoassesspracticesandimplementappropriate

measuresinsmallandmedium-sizedruralproducers’plantedareasforFSC®certification.

Context:To ensure that goodmanagement practices and a commitment to sustainable developmentareextendedthroughthetimbersupplychain,since2013KlabinhasmaintainedtheForestCertificationProgramforSmallandMedium-sizedRuralProducersintheregionofCamposGerais,Paraná,aimedatthe producers that are part of the Forest Development Program and to independent producers.Certification is a statement that the timber producer operates with social and environmentalresponsibilityandfollowstheworldwidestandardsofforestmanagement.AsofDecember2016,morethan 25,000 hectares had been certified and almost 7,000 hectares of degraded land have beenenvironmentallyrestoredinpartner-producerareas.

2. RESTORATIONOFNATIVEFORESTSANDCONSERVATIONOFBIODIVERSITYUse of Proceeds: Proceeds of the Green Bond will be allocated to capital and operating expensesrequired for activities that maintain existing strict conservation areas or that develop new strictconservationareas.Thisincludes:

(i) Restorationandconservationofnativeforestcoverindegradedlandandbiodiversity,suchas:a. CurrentactivitiesandservicesrequiredtorestoreandprotectKlabin'snativeforests

(PermanentPreservationAreas,LegalReservesandNaturalHeritagePrivateReserves);b. AcquisitionofnativeBrazilianseedlings;c. LaborcostsassociatedwithplantingnativeBrazilianseedlings,pestmanagement,

constructionoffences,asrequired;d. Laborandcapitalcostsassociatedwithcreatingecologicalcorridorsandmosaicsinnon-

nativeplantationssotheycanserveaswildlifeandflorahabitatconservation;e. Costsoflegalizationandenvironmentallicensingcostsrelatedtodevelopingnew

conservationareasonownedandleasedlands;


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f. Specializedfacilitiesandservicestostudyandmonitortherestoredarea;g. Wildlifecrossings,underpassesandbarrierfences.

Context:Klabinisapioneerintheadoptionofmosaicforestmanagement,whichmixesplantedforestsandpreservednativeforests.Ecologicalcorridorsallowthetransitofanimalsinlargeareas,contributingto the preservation of fauna and flora and the conservation of water resources. The company isdevelopingabroadprogramofresearchandconservationoffaunaandflora,promotingthemonitoringofbiodiversityinitsforestsandhelpingtoensurethesurvivalofendangeredspeciessuchasthePygmybrocket, howler monkey and puma. Of the total area managed by Klabin, approximately 43% (215thousandhectares)correspondstopreservationareas,dividedbetweenPermanentPreservationAreas,LegalReservesandNaturalHeritagePrivateReserves.Klabin owns twoNaturalHeritage Private Reserves in areas totaling almost 9,000 hectares dedicatedexclusively to scientific research, the protection of local biodiversity andwater resources, as well asprovidingtheseedsofforestspeciesfortherestorationofdegradedareas.

(ii) Klabin’sGoodWoodsProgram(“ProgramaMatasLegais”),whichincludes:a. Currentactivitiesandservicesrequiredfortrainingthethird-partytimberproducers;b. Specializedservicesinstudyingandsustainablyplanningthethird-partyareas

cultivationandmanagement.Context:Klabinengageswithitswoodpartnersuppliersthroughthecompany’sGoodWoodsProgram,in order to improve the environmental condition of their property and guide them towards thecomplianceof theBrazilianForestCode (which focusesonenvironmentalprotection issues). Throughtechnical guidance and the donation of seedlings from native plants, the activities performed by theprogram foster the recovery of native forests (including riparian forests), responsible forestrymanagement,organicagriculture,ecotourismandconservationofnaturalheritage.

(iii) ConservationoffaunathroughKlabin'sEcologicalPark,whichincludes:a. Specializedfacilitiesandservicesinstudyingandmonitoringthebehaviorofspeciesand

fauna;b. Laborcostsassociatedwithmaintainingthestaffexclusivelydedicatedtothecareand

accommodationofanimals(includingabiologistandaveterinarian);c. Costsandinvestmentsrelatedtoanimals’treatmentsandaccommodation;

Context:Klabin'sEcologicalParkdedicatesitsactivitiestotheconservationandstudyofthebehaviorofendangered species of fauna, promoting their reproduction and their reintroduction into theenvironment according to the norms of environmental agencies. Additionally, it houses and treatsanimalsatriskthatareunabletoreturntothewild(e.g.animalsstruckbycarsonlocalroads).About200specimensof50speciesliveinthepark’snursery.Theparkison11,000hectaresofland,ofwhichalmost7,000arenative forests.Thewholearea isanAreaofHighConservationValue (AHCV),whichmeansthatithasasignificantconcentrationofbiodiversityandrareecosystemsthatareendangeredorthreatened with extinction. The preservation of these species results in maintaining both plant andanimalbiodiversity.


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3. RENEWABLEENERGY

Use of Proceeds: Proceeds of the Green Bond may be allocated to capital and operating expensesrequired for the development, construction, installation, operation, and upgrade of facilities thatreducesgreenhousegasemissions(GHG)throughthesubstitutionoffossilfuelswithrenewablesourcesandincreasesenergyefficiency.Thisincludes:(i) Projectsandequipmentthatpromotesubstitutionoffossilfuelswithrenewablesourcesin

industrialoperations,suchas:a. BiomassRecoveryBoilersandrelatedfacilities;b. Consolidationofelectricalsystemstoexportexcessenergyintothepublicgrid;c. OptimizationprojectsinKlabin’splants.

Context: The switch from fossil fuels to biomass as an energy source has been the focus of Klabin'senvironmental management for some years. Currently 86% of the energy matrix is composed ofrenewableenergysources(biomass,blackliquorandhydraulic).Thegoalfor2020istoachieve88%ofthe energymatrix composed of renewables.With the increased use of renewable fuel in its energymatrix, the company is contributing toa reduction in greenhousegas (GHG)emissions. The companypresents its results through the Emissions Inventory prepared according to the methodology of theBrazilian GHG Protocol Program, a world-recognized standard, with 2010 as the base year forcalculations.

4. CLEANTRANSPORTATIONUse of Proceeds: Proceeds of the Green Bond may be allocated to capital and operating expensesrequired for the construction, maintenance and operation of clean transport infrastructure thattransportspulpfromKlabin’sfacilities:(i) Activitiesrelatedtothecleantransportationinfrastructurededicatedexclusivelyforthe

transportationofpulp,suchas:a. Acquisitionoflocomotivesandtrainwagonsinordertoreplacetheusageoftrucks;b. RailwayextensionsfrommainrailwaylinestoKlabin’sfacilities.

Context:KlabinusesrailtransportationtocarryallofitsexportedpulpfromthePumaunittothePortofParanaguá.Thisequatestoapproximately85,000tonpermonthtransported464kmviarailroad.Therailroad uses a new extension (21 km), built by Klabin,which connects the Pumaunit to the alreadyexisting"ParanáCentral" line,operatedbyRumo. Inadditiontothe investment inthenewextension,Klabinalsoacquiredthewagons,locomotivesandbuiltapulpwarehouseinParanaguá(5kmfarfromthePort).


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5. ENERGYEFFICIENCY

Use of Proceeds: Proceeds of the Green Bond may be allocated to capital and operating expensesrequired for the development, construction, installation, operation, and upgrade of facilities. Thisincludes:(i) Projectsforenergyefficiencyandoptimizationofequipmentorprocessestoreduceenergy

waste,suchas:a. Acquisitionofmoreefficientelectricengines,valvesandpumps;b. OptimizationprojectsinKlabin’splants.

Context:ThePumaUnit,whichbeganoperationsinMarch2016,wasconceivedwiththegoalofmakingKlabin a self-sufficient organization in power generation, with a capacity to generate 270MW fromrenewablesources.Ofthese,approximately120MWareintendedforindustrialoperationsattheunitandtheremaining150MWareavailableforsaletotheBrazilianelectricalgrid.

6. WASTEMANAGEMENTUse of Proceeds: Proceeds of the Green Bond may be allocated to capital and operating expensesrequiredforthedevelopment,construction,installation,operation,andupgradeoffacilitiesthat:(i) Reducethegenerationofwaste,suchas:

a. Equipmenttoreducechemicalusageandwastegeneratedinthewoodcookingprocess;b. Equipmenttorecoverpaperandfiberwastes(whicharereusedasbiomassor

commercializedforpackaging);c. Equipmenttominimizefiberwaste;d. EquipmenttominimizepaperwasteintheIndustrialBagsandCorrugatedPaperplants.

(ii) Reusewasteinprocesses,suchas:

a. Transformationofsolidwasteoftheindustrialprocessintosub-productstouseassoilcorrectives,agrochemicalsandfertilizers.

(iii) Treatwastewater,suchas:

a. Wastewatertreatmentfacilitiestoimprovethequalityoftreatedwastewater.

Context: Pollution prevention and control is a commitment established within Klabin’s SustainabilityPolicy. Waste management at Klabin was strengthened in 2016 with the development of the SolidWasteProcessingCenteratthePumaUnit inOrtigueira (Paraná),whichalsoservestheMonteAlegreUnit inTelêmacoBorba.Thecenterhasthecapacitytorecycle94%ofthewaste fromthePumaUnitoperations, reducing the operational costs of waste treatment, the number of landfills and itsenvironmental impacts. Processed solid waste is reused as fertilizer and soil correctives. In addition,


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recoveredprimarysludgeandfiberwastecanbereincorporatedintothepapermakingprocess.Klabinalsopartnerswithcompaniesinsearchofnewsolutionsforthereuseof:materials,suchaswood,whichcanbeusedasfuel;plastic,whichcanbesenttorecyclingcooperatives;andsludgefromtheEffluentTreatmentStationsthatcanbetransformedintoorganicfertilizer.Klabinhasatargettoincreaserecyclingandreuseofwasteto95%by2020(currentlyat92%in2017).

7. SUSTAINABLEWATERMANAGEMENTUseofProceeds:ProceedsoftheGreenBondmaybeallocatedtoconstruction,installation,operationsandupgradeofwaterfacilitiesthat:(i) Reducewaterconsumption,suchas:

a. Equipmenttoreducetheconsumptionofwaterinindustrialprocesses.(ii) Allowforwaterreuseinindustrialprocesses,suchas:

a. Equipmentthatwouldfacilitatereuseofwaterinindustrialprocesses,suchasreusingwaterthatwaspreviouslyreleasedaseffluent.

Context:Klabinstrivestoconservewaterresources.Thecompanykeepsflowmeasurementsystemsinmills, specific to each production process, and monitors the use, quality and stress of this resourcethrough its forest management activities. Currently, 36% of the total amount of water drawn fromnaturalwatersourcesisrecycledorreused.Thecompanyhasbeenimplementingmeasurestoimprovewater efficiency in its operations, and has a reduction target of 5% set to be achieved by 2020.Currently, 80%ofwater consumed is returned tonearby rivers at theendof theproduction cycle atproductionfacilities.

8. ECO-EFFICIENTAND/ORCIRCULARECONOMYADAPTEDPRODUCTS,PRODUCTIONTECHNOLOGIESANDPROCESSES

UseofProceeds:ProceedsoftheGreenBondmaybeallocatedtoexpendituresthat:

(i) SupportKlabin’sIndustrialandForestryResearchCenters,focusedon:a. Capturinggainsinproductivityandproductquality;b. Developingsolutionsformoreefficientlyconsuminginputs;c. Reducingandmitigatingenvironmentalimpacts;d. Developmentofhybridswithoutgeneticmanipulationtoimprovetheproductivityof

eucalyptusandpineplantations.

(ii) Facilitatetheuseof:a. FSCcertifiedmaterialspackaging;


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b. Recycledmaterialsinpackaging;c. Reducedmaterialsinpackaging;d. Prolongthelifeofpackagingmaterials.

(iii) Enhancetherecoveryandrecyclingofpackagingmaterialsattheendoftheirlifecycles

a. ProjectsforefficiencyandcapacityimprovementsoftheRecycledPaperproductionplants;

b. Activitiesrelatedtoassuringtheenvironmentalrequirementsofthewastepaperwholesalers(Klabin’swastepapersuppliers).

Context: Klabin’s newly-opened Technology Center in Telêmaco Borba (Paraná) brings togetherprofessionals, laboratoriesandstate-of-the-artequipmenttoensurethatthecompanyworksinattheforefrontofthisarea,respondingtocurrentneedsandsupportingmediumandlong-termprojects.R&Deffortsalso focusonproductivity increaseofplantationsandthe improvementofwood(suchasdensityandfibercontent),thedevelopmentofnewpropertiesthatreducepapertotalweight,researchonnew technologies linked to forests (hemicelluloses, ligninor extractives) andenvironmental issuesrelatedtoclimatechangesuchasthereductionontheuseofenergy,water,steamandchemicals.

9. CLIMATECHANGEADAPTATIONUse of Proceeds: Proceeds of the Green Bond may be allocated to capital and operating expensesrequiredformitigatingtheconsequencesofclimatechangethroughadaptivemeasures.Thisincludes:

(i) Activities related to assessing Klabin’s vulnerabilities and opportunities due to climatechange and the means of improving the resilience of forestry, industrial and logisticsoperations,suchas:

a. Alternativegreenmethodologiestofightforestpest,suchasaerialsprayingofaspecifictypeoffungustargetingbiologicalcontrolofpests2;

b. Preventiveoperations to reduce riskof forest fires– innovations inplantingmethods,otherriskreductionstrategies.

2Temperatureincreaseandreducedfrostsmayleadtoanaccelerationofthegrowthrateofforestpestsduetothermalstressonplantations. Klabinperforms risk analysis forboth chemical andbiological inputs applicationmethodologies,with specialcaretoaerialspraying.Ruralorurbancommunities,watercoursesandbiodiversityhotspotsaremappedbythecompanyandbuffer zones of 200 meters are established (compared to the 100 meters legal minimum safe zone). All aerial sprayingoperationisregisteredbygeoreferencingandthereportsareauditedbyBrazil’sPhytosanitaryInspectionAgency.Furthermore,specificitytestingrequirementsoneachbiologicalagentandtheirapplicationmethodologiesareregulatedbytheGovernment.KlabinstrictlyfollowstheBrazilianlegislationandtheFSCrecommendations/prohibitionsinregardstochemicalandbiologicalinputs.


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Context: Klabin recently concluded a detailed study on climate-related risks and opportunities,conducted by a dedicated committee with inputs by external specialists. The analysis was based oninternalmappingoftheimpactstothecompany’soperationswhicharelikelyoccurringduetoclimaticevents and the most probable risks and future opportunities. Science-derived inputs from theConferenceofParties(COP)andtheIntergovernmentalPanelonClimateChange(IPCC)alsoaidedintheassessment.Inthecomingmonths,theclimate-relatedimpactsmatrixwillbeassessedbytheBoardandanAdaptationPlanbasedontheprioritizedrisksandopportunitieswillbedeployed.3.2 ProjectEvaluationandSelectionProcess3.2.1 ProcessforEvaluationandSelectionoftheEligibleProjectAll projects developed by the company are approved by the Board of Directors for budget approval,supported by the project’s financial viability and alignment to Klabin’s strategy. Additionally, projectsthat are funded through theGreen Bond proceedswill be evaluated by the company’s SustainabilityGovernance Bodies (Sustainability Committee and Commission, Climate Committee and SustainabilityArea), as applicable, for their potential to create impact and their alignment with use of proceedscriteria.In regards to the projects selected for allocation of amounts equal to theGreenBondNet Proceeds,Klabin’sGreenBondSustainabilityTeamwill:

(i) Nominateprojectswhichcomplywiththeeligibilitycriteriaasdescribedintheframework;(ii) NominateprojectswhichmeetKlabin’senvironmentalandsocialriskmitigationprocess,as

describedbelow,and;(iii) Recommendanallocationofproceedstoeligibleprojects.

These nominated projects will then be presented to Klabin’s Finance and Legal departments forapproval. Theserecommendationswillbemadeonanannualbasisandwill includepast,currentandfutureprojects,asdescribedinSection3.1.1.3.2.2 ProcesstoMitigateEnvironmentalandSocialRisksThe management of environmental and social material risks is managed by Klabin’s sustainabilitygovernance structure which is composed of a Sustainability Committee at the level of the ExecutiveBoardandtheBoardofDirectors,aSustainabilityCommission,aClimateCommitteeandaSustainabilityManagementDepartment.Klabin identifies, monitors andmitigates such risks through its Sustainability Policy and the FSC, ISO14001 and OHSAS 18001 certifications requirements, which in turn are supported by company’sStakeholdersEngagementPolicyandtheFundamentalRightsinLaborRelationsPolicy.Stakeholder conflicts, realoremerging, are tracked systematically throughmultipleplatforms suchastheTerritoryMaterialityMatrix.Thematerialitymatrixisdesignedbystakeholdersanddefinesmaterialrisks, impactsandopportunities for interventions.Thematerialitymatrix isabasiccomponent for theestablishmentofgoalswithincompany'ssustainabilitystrategy.


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Klabinhasbeenstrengtheningamulti-disciplinarycompany-wide riskmanagementprocesses throughitsRiskManagementdepartmentwhichwilloverseemapping,prioritizing,mitigatingandreportingrisksthecompanyfaces,includingenvironmentalandsocialrisks.Additionally, the companymaintains - for both forestry and industrial operations - teams exclusivelymobilized to visit stakeholders including timber producers and community members, in order tomonitorenvironmental,laborandhumanrightsissuesandstrengthencommunityrelationships.3.3 ManagementofProceedsTheproceeds fromtheGreenBondwillbemanagedbyKlabin’sFinanceDepartmentandallocatedtoapproved Eligible Green Projects following specific recommendations by Klabin’s Green BondSustainability Team on project selection. The Finance Department has established an internalmanagementsystemthatwilltracktheallocationofproceedstosuchprojects.Pendingallocation, theNetProceedsmaybe invested incashorcashequivalents, inaccordancewithKlabin’scashmanagementpolicies.3.4 Reporting3.4.1 AllocationReportingStarting on or prior to the first anniversary of the settlement date of the Note and thereafter,throughout the life of the Notes, Klabin will make and keep readily available information on theallocation of amounts equal the Net Proceeds, to be updated annually until full allocation, and asnecessary thereafter in the event ofmaterial developments. Such information will bemade publiclyavailableonKlabin’sInvestorRelationwebsite(http://ri.klabin.com.br.Thisinformationwillincludeadditionaldescriptionsofprojectsfundedwiththenetproceeds,amountsfunded,dateoffunding,andanyapplicableexchangerates.Thesereportswillbeaccompaniedwithanassertion bymanagement that the net proceeds of this offeringwere allocated to qualifying eligibleprojects anda reportbyanexternal auditor in respectof its examinationofmanagement’s assertionconducted in accordance with attestation standards established by the International Standard onAssuranceEngagements(ISAE)3000.


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3.4.2 ImpactReportingWhere feasible, in addition to the above allocation reporting, Klabin will report publicly - within itssustainabilityannualreport(rs.klabin.com.br)-ontheexpectedenvironmentalimpactoftheprojectstowhich an amount equal to theNet Proceeds have been allocated. Likewise, Klabinwill report on thefollowingkeyperformanceindicators(KPI)onaprojectportfoliobasisfortheGreenBondprojects.UseofProceedsCategory KeyPerformanceIndicators1.SustainableForestManagement Certifiedforestarea:HectaresofKlabin’slandthathas

beenplantedorreplantedcertifiedbyFSC®1Certifiedthird-partyforestarea:Hectaresofwoodsuppliers’landthathasbeencertifiedbyFSC®Greenhousegassequestration(tCO2eq/adt)

2.RestorationofNativeForestsandConservationofBiodiversity

HectaresofKlabin’slandthathasbeenrestoredHectaresofownedlandareawithconservednativevegetationGreenhousegassequestration(tCO2eq/adt)

3.GenerationofEnergyfromRenewableSources

TotalelectricitygeneratedfromwastebiomassatKlabin’sfacilities(MWhorMWh/adt)Greenhousegasesemissionreduction(tCO2eq/adt)Totalamountofwastebiomassreusedforelectricitygeneration%ofrenewablesourcesintheenergymatrix

4.CleanTransportation CO2emissionsavoided(tCO2eq/tontransported)5.EnergyEfficiency %ofself-sufficiencyinpowergeneration6.WasteManagement Reducedandreusedwaste(torkg/adt)7.SustainableWaterManagement Waterconsumption(m3orm3/adt)

Waterreused(m3orm3/adt)8.Eco-EfficientandCircularEconomyAdaptedProducts,ProductionTechnologiesandProcesses

ForestProductivity(m³/ha/year)ForestMAI-MeanAnnualIncrement(m³/ha/year)Recyclingcapacity

9.ClimateChangeAdaptation DeliveryofadaptationactionsEffectivenessofadaptationactions,wherefeasible

1FSC®LicenseCodeFSC-C022516


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4. SUSTAINALYTICS’OPINIONSection1:SustainabilityPerformanceoftheIssuerContributionoftheGreenBondtoKlabin’sEnvironmentalStrategySustainalyticsisoftheopinionthatKlabinhasastrongoverallenvironmentalstrategy.ThestrengthofKlabin’s strategy is derived from (i) its commitment to the environment which is expressed in itsSustainability Vision as well as its Sustainability Policy; (ii) internal accountability – Klabin has aSustainabilityCommitteewhich is responsible forensuringthatsustainability isan integralpartof thecorporate strategy and all of the managerial processes; (iii) identification of material issues definedwithin its materiality matrix3; (iv) establishment of medium-term environmental targets; and (v)disclosureonprogresstowardsachievingenvironmentaltargets.Klabinupdated itsSustainabilityPolicy in2016andexpanded itsareaspriority.Amongst itspriorities,Klabin commits to: “Avoid and prevent pollution by reducing environmental impacts related towastewater, solidwastes and atmospheric emissions”; “Observe theUnitedNations (UN) SustainableDevelopment Goals (SDG) and to direct its actions and investments in support its objectives”; and“Ensure that the company’s operations are constantly seeking to reduce greenhouse gas emissions(GHG)”.4 Sustainalytics is of the opinion that proceeds from theGreen Bond are in linewith Klabin’scommitments.Additionally, each eligible use of proceed described in the Klabin Green Bond Framework outlinesspecific objectives and actions. The Klabin Green Bond contributes to specific environmental targetsestablished as part of the organization’s medium-term strategy, which commenced in 2013 withexpected targets between 2016 to 2018. Of the targets, the Green Bond directly contributes to thefollowing:

• Reducegreenhousegasemissionsto185CO2e/t(fromScope1andScope2activities);• Reducewaterconsumptionto38m3t/paper;• Increaseparticipationofrenewablesourcesintheenergymatrixto88%.5

Klabin publically reports on its progress in achieving these environmental targets. Between 2004 to2012,thecompanyreducedCO2emissionsby61%from492kgofCO2e/tofpaperto192kgofCO2e/tofpaper.6 Sustainalytics is of the opinion that transparent disclosure on targets and performance isindicativeoftheprioritythecompanyassignstoachievingresults.

3http://rs.klabin.com.br/About-the-report#matriz-de-materialidade4http://rs.klabin.com.br/Commitment-to-sustainability5http://rs2012.klabin.com.br/en/strategy/objectives-and-targets-gri-12/6https://www.klabin.com.br/en/sustainability/environmental-responsibility/climate-change/


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StrongExistingSustainabilityPracticesSustainalytics is of the opinion that Klabin has a track-record of successfully integrating sustainablepracticeswithinitsoperations,aswellasextendingsuchpracticesdownitssupplychain.Suchpracticesenablethecompanytomitigatecommonsocialandenvironmentalrisksassociatedwithitsoperations.Klabin maintains a strong Environmental Management System (EMS), which has been externallycertifiedtoISO14001standards,for13outofits18(i.e.75%)productionsitesasof2016.Furthermore,Klabin’smaintainscertificationforallofitsforestareasfromtheForestStewardshipCouncil(FSC).TheForest Stewardship Council (FSC) is considered to be the best certification system to ensureenvironmentally responsible, sociallybeneficialandeconomicallyviablemanagementof forests in theindustry.7Sustainalytics isoftheopinionthattherequirementsundertheFSCcertificationmeansthateligibleprojectswillneedtofollowmorerigorousenvironmentalnormswhichfurtherstrengthenstheGreenBondFramework.

Inadditiontopromotingresponsiblemanagementofitsownforest,KlabinusesFSCcertifiedwoodinallof its production processes, which is a result of the Forestry Incentives Program. Klabin purchasesbetween15%and20%ofitstotaltimberrequirementsfromlocalsmallandmedium-sizedfarmers.TheForestry IncentivesProgramhas led toover25,000hectaresofpartner-producerareasbecomingFSCcertified as of 2016. Studies have shown that forests which are FSC certifiedmitigate social risks byproviding more benefits to communities than uncertified forests by establishing more effective andbetter organized institutions for communicationwith communities and equitable financial support todevelopment projects. 8 As such, Sustainalytics is of theopinion that the Forestry Incentives ProgramcontributestoKlabin’scommitmentstousecertifiedwoodinitsproductionandalsoleadstothesocio-economicdevelopmentofnearbycommunities.Klabinhasdedicatedmorethan40%ofitsforesttotheconservationofnativeforestandmaintenanceof biodiversity, which is more than required by Brazilian legislation. In order to develop productiveforestarea,Klabinusesthemosaicconceptwherepineandeucalyptusplantationsaremixedwithareasof native forests Brazilian Atlantic Forest in order to create ecological corridors. Additionally, thecompanydoesnotuse genetically-modified (GM) seedlings in forestryoperations andhas committedthat no Green Bond proceeds will be allocated to the introduction of GM organisms in its forestryoperations.Sustainalytics is of the opinion that Klabin has followed best practices in managing its forests andprotectingnatural resources throughboth theFSC certificationaswell as the ISO14001certification,andthroughadoptionofsustainableenvironmentalpractices.Sustainalyticsbelievesthatsuchpracticesenable Klabin to mitigate common social and environmental risks associated with its operations.Moreover,SustainalyticshasfoundnoevidenceofmajorenvironmentalorsocialcontroversiesrelatedtoKlabinandassuchisoftheopinionthatKlabiniswellpositionedtoissueGreenBonds.

7WWFGlobal:http://wwf.panda.org/about_our_earth/deforestation/forest_sector_transformation/forest_certification/8TheCenterforInternationalForestryResearch(CIFOR):http://wwf.panda.org/?219250/Remarkable-social-progress-when-forests-are-

FSCcertified---new-study-confirms


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Section2:ImpactofUseofProceedsNecessityofResearchandDevelopmentandAdaptationStudiesinthePulpandPaperIndustryAs one of the largest industrial sectors in the world, the pulp and paper industry has an enormousinfluence on global forests. Unsustainable pulpwood production can negatively impact climate byreleasingcarbonintotheatmosphere,threatenfragileecosystemsandspeciesandcausesoilerosion.9Sustainalytics is of the opinion that it is crucial for companieswithin the pulp and paper industry tounderstandclimatechanges,withintheirregionofoperation, inordertoadapttoclimatechangeandmitigate potential risks, such as wildfire. Furthermore, ongoing Research and Development (R&D) iscrucialinordertocontinuouslyseekopportunitiestoreducenegativeenvironmentalimpactsassociatedwithoperations.ProceedsfromKlabin’sGreenBondwillsupportResearchandDevelopment(R&D)aswellasadaptationtoclimatechangewhichareinlinewithKlabin’sSustainabilityPolicy,inwhichthecompanycommitstoinnovation, research and development and reducing environmental impact. Klabin’s commitment toreduce environmental impact through innovation is supported through the recent establishment ofKlabin’sTechnologyCenterinthestateofParaná.TheCenterbringstogetherprofessionals,laboratoriesand state-of-the-art equipment in order to respond to current needs and supportmedium and long-term sustainabilityprojects10. Klabinhas also recently establishedaClimateCommittee to study risksand opportunities of climate change. The study was based on internal mapping of recent impactsobservedonthecompany’soperationsduetoclimaticevents.TheCommittee identifiedhighseverityrisks,suchastemperatureincreaseandincreasedfrequencyofintenseheat.KlabinhascommunicatedtoSustainalyticsthattheoutcomesoftheclimatestudyaswellasanadaptationplanisexpectedtobepresentedandendorsedbytheExecutiveBoard.SustainalyticshasapositiveviewofKlabin’seffortstowardsunderstandingeffectsofclimatechangeonits operations as well as ongoing efforts to reduce negative environmental impacts. However,Sustainalytics believes that Klabin can further strengthen its Sustainability Policy by incorporating acommitmenttowardsadaptationtoclimatechangeandbyreferencinganobjectivetocreatepositiveenvironmentalimpactaspartofitsR&Dmissionstatement.Lastly,Klabinshouldensurethatproceedsfrom the Green Bond used towards R&D are only allocated towards activities with the objective ofcreatingpositiveenvironmentalimpact.

9https://www.worldwildlife.org/industries/pulp-and-paper10https://s3.amazonaws.com/rs-klabin-2016/klabin_relatorio_impresso_ingles_3.pdf


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AlignmentwithSustainableDevelopmentGoalsThe Sustainable Development Goals (“SDG”) were set in September 2015 and form an agenda forachieving sustainabledevelopmentby the year2030. Klabinacknowledges theSDGsand theneed todirect itsactionsand investments in supportof themwithin its SustainabilityPolicyand its long-termdevelopmentstrategy.Klabin’sGreenBondadvancesthefollowingSDGgoalsandtargets:UseofProceedsCategory SDG SDGtarget1.SustainableForestManagement,and2.RestorationofNativeForestsandConservationofBiodiversity,

SDG15–LifeonLand

15.2By2020,promotetheimplementationofsustainablemanagementofalltypesofforests,haltdeforestation,restoredegradedforestsandsubstantiallyincreaseafforestationandreforestationglobally.15.5Takeurgentandsignificantactiontoreducethedegradationofnaturalhabitats,haltthelossofbiodiversityand,by2020,protectandpreventtheextinctionofthreatenedspecies.

3.RenewableEnergy SDG7–AffordableandCleanEnergy

7.2By2030,increasesubstantiallytheshareofrenewableenergyintheglobalenergymix.

5.EnergyEfficiency SDG9–Industry,InnovationandInfrastructure

9.4By2030,upgradeinfrastructureandretrofitindustriestomakethemsustainable,withincreasedresource-useefficiencyandgreateradoptionofcleanandenvironmentallysoundtechnologiesandindustrialprocesses.

6.WasteManagement SDG12–ResponsibleConsumptionSDG6–CleanWaterandSanitation

12.4By2020,achievetheenvironmentallysoundmanagementofchemicalsandallwastesthroughouttheirlifecycle,inaccordancewithagreedinternationalframeworks,andsignificantlyreducetheirreleasetoair,waterandsoilinordertominimizetheiradverseimpactsonhumanhealthandtheenvironment.12.5By2030,substantiallyreducewastegenerationthroughprevention,reduction,recyclingandreuse.6.3By2030,improvewaterqualitybyreducingpollution,eliminatingdumpingandminimizingreleaseofhazardouschemicalsandmaterials,halvingtheproportionofuntreatedwastewaterandsubstantiallyincreasingrecyclingandsafereuseglobally.


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7.SustainableWaterManagement

SDG12–ResponsibleConsumptionandProduction

12.2By2030,achievethesustainablemanagementandefficientuseofnaturalresources.

8.Eco-EfficientandCircularEconomyAdaptedProducts,ProductionTechnologiesandProcesses

SDG12–ResponsibleConsumptionandProduction

12.2By2030,achievethesustainablemanagementandefficientuseofnaturalresources.12.5By2030,substantiallyreducewastegenerationthroughprevention,reduction,recyclingandreuse.

9.ClimateChangeAdaptation

SDG9–Industry,InnovationandInfrastructureSDG12–ResponsibleConsumptionandProduction

9.5Enhancescientificresearch,upgradethetechnologicalcapabilitiesofindustrialsectorsinallcountries,inparticulardevelopingcountries,including,by2030,encouraginginnovationandsubstantiallyincreasingthenumberofresearchanddevelopmentworkersper1millionpeopleandpublicandprivateresearchanddevelopmentspending.12.2By2030,achievethesustainablemanagementandefficientuseofnaturalresources.

AlignmentwithGreenBondPrinciples2017Sustainalytics hasdetermined that theKlabinGreenBondFramework aligns to the fourpillars of theGreenBond Principles 2017. For detailed information please refer toAppendix 1:GreenBond/GreenBondProgrammeExternalReviewForm.ConclusionKlabin’s Green Bond Framework aligns with the four pillars of the Green Bond Principles 2017. Thecompany has established clear project eligibility criteria that are recognized as environmentallyimpactfulbytheGreenBondPrinciples,alignwithitsenvironmentalpriorities,andsupportitseffortstoreduce itsoverallenvironmental impactacross itssupplychainandoperations.Sustainalytics isoftheopinion that this is representative of the company’s holistic efforts to address the environmentalimpactsof itsoperation.Finally, thecompany’sapproachtoselectingcurrentand futureprojectsandmanaging Green Bond proceeds is robust, and its reporting on the use of proceeds, with KPIs thatcapture environmental impact, is transparent. Basedon the above considerations, Sustainalytics is oftheviewthatKlabin’sGreenBondisrobustandcredible.


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APPENDIX1GreenBond/GreenBondProgrammeExternalReviewForm

GreenBond/GreenBondProgramme

ExternalReviewFormSection1. BasicInformation

Issuername:KlabinS.A.

CompanyName:KlabinS.A.

GreenBondISINorIssuerGreenBondFrameworkName,ifapplicable:KlabinGreenBondFramework

Reviewprovider’sname:Sustainalytics

Completiondateofthisform:August17,2017

Section2. Reviewoverview

SCOPEOFREVIEW

Thefollowingmaybeusedoradapted,whereappropriate,tosummarisethescopeofthereview.

ThereviewassessedthefollowingelementsandconfirmedtheiralignmentwiththeGBPs:

☒ UseofProceeds ☒ ProcessforProjectEvaluationandSelection☒ ManagementofProceeds ☒ Reporting

ROLE(S)OFREVIEWPROVIDER☒ Consultancy(incl.2ndopinion) ☐ Certification

☐ Verification ☐ Rating

☐ Other(pleasespecify):

Note: In caseofmultiple reviews /differentproviders,pleaseprovide separate forms foreach review.EXECUTIVESUMMARYOFREVIEWand/orLINKTOFULLREVIEW(ifapplicable)PleaserefertoGreenBondFrameworkandSecondOpinionDocumentabove.


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Section3. DetailedreviewReviewersareencouragedtoprovidetheinformationbelowtotheextentpossibleandusethecommentsectiontoexplainthescopeoftheirreview.1.USEOFPROCEEDSOverallcommentonsection(ifapplicable):TobeeligiblefortheGreenBondproceeds,theprojectsfundedmustmeetoneormoreofthefollowingbusinessactivitycriteria:1)SustainableForestManagement,2)RestorationofNativeForestsandConservationofBiodiversity,3)RenewableEnergy,4)CleanTransportation,5)EnergyEfficiency,6)WasteManagement,7)SustainableWaterManagement,8)Eco-EfficientandCircularEconomyAdaptedProducts,ProductionTechnologiesandProcesses,9)ClimateChangeAdaptation.SustainalyticsisoftheopinionthatKlabin’sGreenBondFrameworkhasclearenvironmentalimpacts.

UseofproceedscategoriesasperGBP:☒ Renewableenergy

☒ Energyefficiency

☒ Pollutionpreventionandcontrol

☒ Sustainablemanagementoflivingnatural

resources

☐ Terrestrialandaquaticbiodiversityconservation

☒ Cleantransportation

☒ Sustainablewatermanagement

☒ Climatechangeadaptation

☒ Eco-efficientproducts,productiontechnologiesandprocesses


☐ UnknownatissuancebutcurrentlyexpectedtoconformwithGBPcategories,orothereligibleareasnotyetstatedinGBPs

Ifapplicablepleasespecifytheenvironmentaltaxonomy,ifotherthanGBPs:

2.PROCESSFORPROJECTEVALUATIONANDSELECTION


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Overallcommentonsection(ifapplicable):Klabinhasclearprocessestonominateandselecteligibleprojects.Additionally,thecompanyhasprocessestooverseepotentialenvironmentalandsocialrisksarisingfromitsprojects.Sustainalyticsisoftheopinionthatsuchprocessesaretransparentandrobust.

Evaluationandselection

☒ DefinedandtransparentcriteriaforprojectseligibleforGreenBondproceeds

☒ Documentedprocesstodeterminethatprojectsfitwithindefinedcategories

☐ Summarycriteriaforprojectevaluationandselectionpubliclyavailable


InformationonResponsibilitiesandAccountability

☐ Evaluation/Selectioncriteriasubjecttoexternaladviceorverification

☒ In-houseassessment


3.MANAGEMENTOFPROCEEDSOverallcommentonsection(ifapplicable):Klabin’sfinancedepartmenthassufficientoversightoverthemanagementofproceeds.Klabin’sprocessesformanagingproceedsareinlinewithindustrynorms.

Trackingofproceeds:

☒ GreenBondproceedssegregatedortrackedbytheissuerinasystematicmanner

☒ Disclosureofintendedtypesoftemporaryinvestmentinstrumentsforunallocatedproceeds


Additionaldisclosure:

☐ Allocationstofutureinvestmentsonly ☒ Allocationstobothexistingandfutureinvestments

☐ Allocationtoindividualdisbursements ☒ Allocationtoaportfolioofdisbursements

☒ Disclosureofportfoliobalanceofunallocatedproceeds


4.REPORTINGOverallcommentonsection(ifapplicable):


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Klabinwillprovideallocationreportingonaprojectportfoliobasis,annuallyuntilproceedsarefullyallocated.Klabinhasalsocommittedtoreportingtheimpactofuseofproceedsonaprojectportfoliobasis,whererelevantandfeasible.Impactreportingwillbedisclosedwhenfeasible.Thisisinlinewithindustrynorms.

Useofproceedsreporting:

☐ Project-by-project ☒ Onaprojectportfoliobasis

☐ Linkagetoindividualbond(s) ☐ Other(pleasespecify):

Informationreported:

☒Allocatedamounts ☐ GBfinancedshareoftotalinvestment

☐Other(pleasespecify):

Frequency:

☒Annual ☐ Semi-annual


Impactreporting:

☐ Project-by-project ☒ Onaprojectportfoliobasis

☐ Linkagetoindividualbond(s) ☐ Other(pleasespecify):

Frequency:

☒Annual ☐ Semi-annual


Informationreported(expectedorex-post):

☒GHGEmissions/Savings ☒ EnergySavings

☒OtherESGindicators(pleasespecify):PleaserefertopotentialKPImetricsinAppendix1

MeansofDisclosure

☒ Informationpublishedinfinancialreport ☐ Informationpublishedinsustainabilityreport

☐ Informationpublishedinadhocdocuments


☐ Reportingreviewed(ifyes,pleasespecifywhichpartsofthereportingaresubjecttoexternalreview):


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Whereappropriate,pleasespecifynameanddateofpublicationintheusefullinkssection.USEFULLINKS(e.g.toreviewprovidermethodologyorcredentials,toissuer’sdocumentation,etc.)http://ri.klabin.com.brhttps://www.klabin.com.br/en/sustainability/sustainability-reports/SPECIFYOTHEREXTERNALREVIEWSAVAILABLE,IFAPPROPRIATEType(s)ofReviewprovided:☒ Consultancy(incl.2ndopinion) ☐ Certification

☐ Verification/Audit ☐ Rating


Reviewprovider(s): Dateofpublication:ABOUTROLE(S)OFREVIEWPROVIDERSASDEFINEDBYTHEGBP(i) Consultant Review: An issuer can seek advice from consultants and/or institutions with

recognizedexpertiseinenvironmentalsustainabilityorotheraspectsoftheissuanceofaGreenBond, such as the establishment/review of an issuer’s Green Bond framework. “Secondopinions”mayfallintothiscategory.

(ii) Verification: An issuer can have its Green Bond, associated Green Bond framework, orunderlying assets independently verified by qualified parties, such as auditors. In contrast tocertification,verificationmayfocusonalignmentwithinternalstandardsorclaimsmadebytheissuer. Evaluation of the environmentally sustainable features of underlying assets may betermedverificationandmayreferenceexternalcriteria.

(iii) Certification:AnissuercanhaveitsGreenBondorassociatedGreenBondframeworkorUseofProceeds certified against an external green assessment standard. An assessment standarddefinescriteria,andalignmentwithsuchcriteriaistestedbyqualifiedthirdparties/certifiers.

(iv) Rating: An issuer can have its Green Bond or associated Green Bond framework rated byqualified third parties, such as specialised research providers or rating agencies. Green Bondratingsareseparatefromanissuer’sESGratingastheytypicallyapplytoindividualsecuritiesorGreenBondframeworks/programmes.


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DisclaimerAllrightsreserved.Nopartofthissecondpartyopinion(the“Opinion”)maybereproduced,transmittedorpublishedinanyformorbyanymeanswithoutthepriorwrittenpermissionofSustainalytics.TheOpinionwasdrawnupwiththeaimtoexplainwhytheanalyzedbondisconsideredsustainableandresponsible.Consequently,thisOpinionisforinformationpurposesonlyandSustainalyticswillnotacceptanyformofliabilityforthesubstanceoftheopinionand/oranyliabilityfordamagearisingfromtheuseofthisOpinionand/ortheinformationprovidedinit.AstheOpinionisbasedoninformationmadeavailablebytheclient,SustainalyticsdoesnotwarrantthattheinformationpresentedinthisOpinioniscomplete,accurateoruptodate.NothingcontainedinthisOpinionshallbeconstruedastomakearepresentationorwarranty,expressorimplied,regardingtheadvisabilitytoinvestinorincludecompaniesininvestableuniversesand/orportfolios.Furthermore,thisOpinionshallinnoeventbeinterpretedandconstruedasanassessmentoftheeconomicperformanceandcreditworthinessofthebond,nortohavefocusedontheeffectiveallocationofthefunds’useofproceeds.Theclientisfullyresponsibleforcertifyingandensuringitscommitments`compliance,implementationandmonitoring.


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SUSTAINALYTICSSustainalytics is an independent ESG and corporate governance research, ratings and analysis firmsupporting investors around the world with the development and implementation of responsibleinvestmentstrategies.With13officesglobally,Sustainalyticspartnerswith institutional investorswhointegrate environmental, social and governance information and assessments into their investmentprocesses. Today, the firm has more than 300 staff members, including 170 analysts with variedmultidisciplinary expertise of more than 40 sectors. Through the IRRI survey, investors selectedSustainalyticsasthebestindependentresponsibleinvestmentresearchfirmforthreeconsecutiveyears,2012through2014andin2015,SustainalyticswasnamedamongthetopthreefirmsforbothESGandCorporateGovernanceresearch.ThefirmwasalsonamedtheBestSRIorGreenBondResearchFirmbyGlobalCapitalin2015.Formoreinformation,visitwww.sustainalytics.comSustainalyticsinfo@sustainalytics.comwww.sustainalytics.com

KLABIN GREEN BOND - Sustainalytics · 2017-09-05 · Klabin S.A., a Brazilian pulp, paper and...

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