Votorantim 3Q Financial Results

Votorantim (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

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