Votorantim 3Q Financial Results

Votorantim (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

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