KLABIN S.A. National Corporate Taxpayers Registry (CNPJ/MF) n 89.637.490/0001-45 Company Registry Identification (NIRE) No.

35300188349 Publicly-Held Company NOTICE TO SHAREHOLDERS

Klabin S.A. (Company) informs its shareholders that, in order to (i) meet the demand of many investors who have expressed interest in also join the Units program and (ii) thus promote the liquidity of the Units, was approved by the Board of Directors meeting on this date, the institution of a new period for the Company's shareholders to request the conversion of shares exclusively for formation of depositary shares consisting of one (1) common share and four (4) preferred shares issued the Company ("Units"), between March 31 and April 9, 2014 ("Solicitation Period"). Requests for conversion shall be effective by the transfer of shares by the shareholder for specific portfolio made by BM&FBOVESPA, during the Solicitation Period, between March 31 and April 9, 2014. In the following working day of the end of the Solicitation Period, operational procedures for conversion and formation of Units ("Operationalizing Date") will be performed. In the following working day of the date of operationalization, all existing shares in the portfolio will be converted - after approval by the Board of Directors - and the corresponding Units will be issued and credited to the requesting shareholder account held before BM&FBOVESPA ("Date of credit of the Units"). From the date of the credit of the Units, the Units issued may be traded by their holders at BM&FBOVESPA.

Solicitation Period March 31 to April 9, 2014

Operationalizing Date April 10, 2014

Date of credit of the Units April 11, 2014

All rules and procedures of Units Program, approved by the Board of Directors on January 7, 2014 and released by the Company in the same date on Material Fact, remain valid and should be observed where applicable.

So Paulo, March 24, 2014.

Antonio Sergio Alfano Investor Relations Officer