Votorantim 3Q Financial Results

Votorantim (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

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