Votorantim 3Q Financial Results

Votorantim (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

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