Klabin S.A. (KLBAY)

[Renee]

KLBAY: Description change. Effective 11/17/2014, each Klabin ADS will represent 2 Units. ADR holders who do not wish to have the preferred shares underlying the ADSs to be exchanged for Units in Brazil must surrender their ADSs for cancellation on or prior to 11/14/2014. If holders elect to surrender their ADSs, they must pay cancellation fee of 0.05 per ADS surrendered and a cable fee of $17.50, and must arrange to open a securities account with a Brazilian financial intermediary. ADR Holders who wish to continue to hold Klabin ADSs need not take action. Existing ADR certificates will assume the new parameters and will not be subject to a mandatory exchange.

http://www.otcbb.com/asp/dailylist_detail.asp?d=11/14/2014&mkt_ctg=NON-OTCBB