Votorantim 3Q Financial Results

Votorantim (R$ million) Cash flow generation supporting investments without compromising liquidity Free Cash Flow Generation 819 (191) (920) 1,634 1,342 (256) 1,141 1,644 (401) (182) Adjusted Working Income Capex CFO EBITDA Capital / Others Taxes net Investments, Financial Expenses Dividends Paid FX impact on cash FCF Cash Flow Highlights CFO FCF 1,576 1,342 1,102 1,644 3Q14 3Q15 3Q14 3Q15 Consistent FCO on the back of solid operating performance FCF improved as a result of lower financial expenses coupled with the FX impact on cash 13

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