#1Votorantim Votorantim CORPORATE PRESENTATION 3Q15 RESULTS November 2015#2Votorantim Disclaimer The information contained in this presentation concerning Votorantim Industrial S.A. and its subsidiaries ("Votorantim") may be deemed to include statements which constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a certain degree of risk and uncertainty with respect to Votorantim's business, financial information, trend, strategy and other projections, and are based on assumptions, data or methods which, although considered reasonable by Votorantim at the time, may turn out to be incorrect or imprecise, or may not be possible to attain, or may differ materially from actual results, due to a variety of factors. Votorantim cannot guarantee that any forward-looking statements or expectations disclosed in this presentation will prove to be correct and does not undertake, and specifically disclaims any obligation to update any forward-looking statements or any other information, which speak only for the date they are made. The market and competitive position data, including market forecasts, used throughout or referred to in this presentation were obtained from internal surveys, market research, publicly available information and industry publications. Although Votorantim has no reason to believe that any of this information or these reports are inaccurate in any material respect, Votorantim has not independently verified the competitive position, market share, market size, market growth or other data provided by third parties or by industry or other publications and therefore does not make any representation as to the accuracy of any such information. This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without Votorantim's prior written consent. 2#3Votorantim Business Performance Financial Highlights Closing Remarks 3#4Votorantim (R$ million) Consistent operating results in the face of a challenging Net Revenues economic scenario 7,388 207 306 21 433 104 +10% (46) 8,413 +8% +32% +6% +34% 14% 579 Net Income 1,101 600 (81) Zinc & 3Q14 Cement Aluminum Nickel Long Byproducts Steel Others(1) 3Q15 3Q14 9M14 3Q15 9M15 Adjusted EBITDA 2,409 (111) (572) -11% (9) 25 60 (168) 1,634 -72% -39% +9% +65% -32% 3Q14 Cement Aluminum Nickel Zinc & Long Byproducts Steel Others(1) 3Q15 Margin % 33% 19% (1) Includes Holding, Votorantim Energia, Baesa, Enercan, eliminations and others Highlights Revenues increased by 14% to R$8.4 billion, a new quarterly record. EBITDA would have improved by 7% excluding the gain from the energy auction in 3Q14 (R$882 million). Net income totaled R$600 million in 2015.#5Votorantim (R$ million) 10.3 Volume (Mton) -6% Cement | Results 6% Net revenues 3Q14 Adjusted EBITDA -11% 1,036 3Q14 Margin % 29% (1) Includes operations in South America 9.6 3,622 3Q15 925 3Q15 24% Breakdown 3Q15 3,829 VCBR (1) 3Q14 3Q15 VCNA 31% 55% 14% VCEAA Highlights ◆ Geographic diversification partially offset the impacts of the Brazilian economy contraction in 2015. Revenues went up as a result of higher prices in USA, Morocco and India and higher cement and ready-mix volumes in VCEAA. EBITDA decreased mainly due to higher energy costs in Brazil and Tunisia along with FX impact on petcoke prices in Brazil. LO 5#6Votorantim (R$ million) Aluminum & Nickel | Results Aluminum -4% Volume (kton) Nickel 8% Net Revenues Aluminum Nickel 34% 1,217 8% 90 86 911 5.5 5.9 3Q14 3Q15 3Q14 3Q15 Adjusted EBITDA Aluminum -72% 789 3Q14 3Q15 Nickel Aluminum ■ -39% 217 23 14 3Q14 3Q15 3Q14 3Q15 Margin 87% 18% 9% 5% % 266 287 3Q14 3Q15 Highlights Sales volume decreased impacted by lower demand especially in the construction and transport industries. Revenues went up as a result of higher prices in BRL and higher sale of energy surplus. EBITDA fell by 72% due to the effect of the gain in the energy auction in 3Q14 (R$672 mm). Nickel Revenues improved on the back of higher sales volume of nickel. EBITDA decreased as a result of higher consumption of imported nickel concentrate. 6#7Votorantim (R$ million) Zinc & Byproducts | Results Net revenues Volume (kton) Concentrate (1) -5% Electrolytic Zinc 91 1,803 -2% 51 174 117 1,370 +11% 187 178 +34% 166 163 +27% 3Q14 3Q15 3Q14 3Q15 Adjusted EBITDA 32% 3Q14 ZNBR Cajamarquilla Mining Others(2) 3Q15 54 (67) 31 318 7 293 +169% +7% -37% 9% 3Q14 Margin 21% 19% 12% ZNBR Cajamarquilla Mining 23% Others(2) 3Q15 18% % (1) Includes zinc, copper and lead (2) Includes US Zinc and eliminations Highlights Revenues and EBITDA improved mainly due to higher zinc prices in BRL along with the impact of the FX on the consolidation of our foreign operations. EBITDA margin negatively impacted by lower prices in USD of lead (-22%) and cooper (-25%), affecting our mining operations For further information on Milpo, please visit milpo.com/ir 7#8Votorantim (R$ million) 462 Volume (kton) 5% Long Steel | Results 483 1,027 Net revenues 3Q14 10% 1,131 Breakdown 3Q15 Argentina Brazil 27% 51% 23% 3Q15 3Q14 3Q15 Adjusted EBITDA 92 65% 152 Colombia 13% - Highlights Brazil Revenues decreased as a result of lower prices, reflecting the weak demand especially in construction sector. Higher energy costs negatively impacted EBITDA in 3Q15. Argentina - Revenues improved due to higher prices. EBITDA increased as a result of lower scrap prices. Colombia - Revenues went up mainly due to higher prices and volumes, especially due to the strategy to focus on the construction sector. EBITDA increased impacted by lower payroll expenses and lower coal prices. 3Q14 3Q15 Margin 9% % 8#9Votorantim (R$ million) Net Revenues 60% 1,746 2,790 3Q14 3Q15 Pulp | Results (1) Adjusted EBITDA 153% 613 1,551 3Q14 3Q15 Margin % 35% 56% Net Debt and Net Debt/EBITDA (2) 2.52x Highlights EBITDA margin of 56%, a new quarterly record. 7,313 9,578 1.58x Net debt/EBITDA in USD reached 1.58x, the lowest level since Fibria's creation. Sep/14 Sep/15 (1) Fibria's figures @ 100% (VID has a 29.4% equity participation in Fibria) Fibria was upgraded by Moody's to Baa3 (Investment Grade). For further information, please visit fibria.com/ir (2) Net Debt/EBITDA in US$ 9#10Votorantim Business Performance Financial Highlights Closing Remarks 10#11Votorantim (R$ million) 594 Capex 55% Commitment to disciplined Capex Capex Breakdown 920 3Q14 3Q15 70% 50% 50% 30% 3Q14 3Q15 Expansion Projects Cement 82% 10% 2% 6% Energy Others Zinc & Byproducts Non-expansion Expansion Highlights Approval of Ventos de São Vicente project: a wind power generation, with 7 wind farms in Piauí Cement accounted for 82% of expansion projects: Edealina (Brazil) - R$115 mm Itacamba (Bolivia) - R$94 mm Primavera (Brazil) - R$92 mm 11#12Votorantim Expansion Projects Charlesvoix (North America) Cement plant Brownfield project Increased capacity: 0.6 million tpy Start-up in 2017 Itacamba (Bolivia) Cement plant Greenfield project Increased capacity: 0.9 million tpy Start-up in 2017 RR AP AM PA MA CE RN PB PI PE AC ΤΟ AL RO SE BA MT GO DF MG SS MS ES SP RJ PR SC RS Sivas (Turkey) Cement plant Brownfield project Increased capacity: 1.2 million tpy Start-up in 2017 Primavera (PA - Brazil) Cement plant Greenfield project Increased capacity: 1.2 million tpy Start-up in 2016 Edealina (GO - Brazil) Cement plant Greenfield project Increased capacity: 2.0 million tpy Start-up in 2015 Vazante (MG - Brazil) Zinc mine Brownfield project Extention of useful lifetime to 2026 Chapadinha (PI - Brazil) Wind power 7 Wind farms 206 MW of wind projects 12#13Votorantim (R$ million) Cash flow generation supporting investments without compromising liquidity Free Cash Flow Generation 819 (191) (920) 1,634 1,342 (256) 1,141 1,644 (401) (182) Adjusted Working Income Capex CFO EBITDA Capital / Others Taxes net Investments, Financial Expenses Dividends Paid FX impact on cash FCF Cash Flow Highlights CFO FCF 1,576 1,342 1,102 1,644 3Q14 3Q15 3Q14 3Q15 Consistent FCO on the back of solid operating performance FCF improved as a result of lower financial expenses coupled with the FX impact on cash 13#14Votorantim (R$ billion) Comfortable cash position and extended debt maturity Gross Debt Net Debt/EBITDA 3.23x 2.51x 2.32x 7.0 30.1 24.0 (1.0) (1.3) 1.3 23.0 -4% Dec/14 Borrowings/ Interest Amortizations Payments Interest Accrual Debt before Exchange var. Exchange var. Foreign Sep/15 BRL/ USD 2.66 3.97 4.8 Debt Amortization Schedule Revolving Credit Facility Cash (2) Average debt maturity: 7.8 years 21.1 17.2 16.5 Sep/14 Dec/14 Sep/15 Debt and Cash by Currency Debt (1) Cash (2) BRL 36% USD Foreign Currencies 4.3 4.5 45% BRL 48% EUR 4.3 4.6 52% 8.7 18% 2.9 2.5 2.0 1.3 1.4 1.6 Other 1% 0.7 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025+ (1) 4131 bilateral loan considered as BRL due to the cross-currency swap (2) Includes cash, cash equivalents and financial investments 14#15Votorantim Business Performance Financial Highlights Closing Remarks 15#16Votorantim Closing Remarks Business and geographic diversification mitigate negative impact of the Brazilian economic retraction. Management focused on productivity and on keeping costs and expenses under control. Comfortable liquidity position as well as both extended and smooth debt maturity profile. Resourceful company, always looking for asset optimization. Energy auction in 2014, sale of non-operational real state properties, among others. Votorantim maintains the Investment Grade by all agencies - commitment to keep IG credit metrics. 16