Investor Presentaiton

34 STRATEGY AND PERFORMANCE Gross revenue (R$ million) Sales volume (thousands of metric tons) ELDORADO BRASIL 2016 SUSTAINABILITY REPORT 35 2013 2014 2015 2016 R$ 1,782 2013 R$ 2,236 2014 R$ 3,721 2015 R$ 3,460 2016 var. -7.0% 1,154 DISTRIBUTION OF ADDED VALUE (%) 1,561 G4-EC1 2013 2014 2015 2016 1,562 1,665 Employees (remuneration, benefits and charges) 37.0% 49.0% 20.5% 28.2% var. 6.6% Government (taxes, charges and contributions) 6.0% -30.0% -7.4% -5.9% EBITDA (R$ million) Total added value for distribution (R$ million) Retained profit/loss in the year -41.0% -39.0% 12.3% 16.1% 2013 R$ 443 2013 R$ 1,209 Interest and rents (remuneration of third-party capital) 98.0% 120.0% 74.6% 61.6% 2014 R$ 825 2014 R$ 1,085 2015 R$ 1,824 2015 R$ 1,919 Total 100.0% 100.0% 100.0% 100.0% 2016 R$ 1,585 2016 R$ 1,792 var. -13.11% var. -6.6% Production capacity (millions of metric tons) 2013 1.5 2014 1.7 2015 1.7 2016 1.7 6,6% growth in Eldorado's sales volume during the year, totaling 1.6 million metric tons Actual production (millions of metric tons) 2013 1.276 2014 1.568 2015 1.597 2016 1.638 var. 2.6% Sales by region Sales by segment 13% 9% 29% 49% 22% 19% 35% 25% Asia Europe Latin America (including Brazil) North America Tissue (comfort and hygiene) | Printing and writing Special papers Card

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