Corporate Presentation

4th quarter 2014

Operating Highlights from the Quarter

Better price base in MDF = improvement in margins

Consolidated EBITDA Margin of 25,7% in the quarter

Wood EBITDA Margin reaching 31,9%

Closing of sanitary ware operation in LJII and concentration of production in a more efficient plant (Queimados/RJ)

Pay out of 40% in the year, above the minimum of 30%

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EBITDA

Operation

Dividends

(in R$ million) 4Q14 3Q14 % 4Q13 % 2014 2013 %

Net Income 1.040,0 1.057,3 -1,6% 1.008,1 3,2% 3.984,5 3.872,7 2,9%

Wood 731,7 706,3 3,6% 675,4 8,3% 2.641,9 2.505,9 5,4%

Deca 308,4 351,0 -12,1% 332,8 -7,3% 1.342,6 1.366,8 -1,8%

Recurrent Gross Margin 29,3% 31,1% 34,6% 31,3% 37,3%

Financial Highlights Consolidated

Equity (R$ million) and Recurring ROE (%)

Consolidated Net Revenue (R$ million)

2

13,3% 7,9% 10,8% 7,3% 7,4% Recurring ROE (%)

Financial Highlights Consolidated

3

(em R$ million) - Brazil 4Q14 3Q14 Var % 4Q13 Var % 2014 2013 Var %

Deca Volume (in '000 items) 5.927 6.917 -14,3% 6.486 -8,6% 26.577 27.983 -5,0%

Wood Volume (in m3) 688.657 709.444 -2,9% 718.526 -4,2% 2.590.232 2.668.228 -2,9%

EBITDA 254,6 223,8 13,7% 304,5 -16,4% 904,7 1.200,1 -24,6%

EBITDA Margin 26,1% 22,6% - 30,2% - 24,2% 31,0% -

Recurrent Net Income 80,0 76,5 4,6% 118,1 -32,3% 336,4 561,6 -40,1%

Recurrent ROE 7,1% 6,9% - 10,8% - 10,1% 13,3% -

Colombia 4Q14 3Q14 Var % 2014

Wood Volume (in m3) 55.598 54.282 2,4% 197.366

EBITDA 12,7 13,5 -6,1% 47,4

EBITDA Margin 19,2% 20,1% - 19,7%

Recurrent Net Income 5,7 7,0 -19,0% 22,6

Consolidated 4Q14 3Q14 Var % 4Q13 Var % 2014 2013 Var %

Deca Volume (in '000 items) 5.927 6.917 -14,3% 6.486 -8,6% 26.577 27.983 -5,0%

Wood Volume (in m3) 744.254 763.725 -2,5% 718.526 3,6% 2.787.597 2.668.228 4,5%

EBITDA 267,3 237,3 12,6% 304,5 -12,2% 952,1 1.200,1 -20,7%

EBITDA Margin 25,7% 22,4% - 30,2% - 23,9% 31,0% -

Recurrent Net Income 85,7 83,5 2,6% 118,1 -27,4% 359,0 561,6 -36,1%

Recurrent ROE 7,4% 7,3% - 10,8% - 7,9% 13,3% -

ANNUAL CAPACITY

(in '000 m3)NOMINAL EFFECTIVE* AVAILABLE**

MDF 6.080 5.170 4.900MDP 4.741 4.030 4.030

TOTAL 10.821 9.200 8.930

Panel Market in Brazil(in ‘000 m3)

Source: ABIPA/IBA

MDF Market

MDP Market

+3,4%

-4%

-8,1%

-12%

-9% -2%

4

* Duratex’s estimate: Available capacity: based on the lines already installed, after the ramp-up periods and taking into account the existing bottlenecks and investments Effective: with peripheral investments, as mentioned above

Wood

ANNUAL CAPACITYLEVEL OF OCCUPANCY

(in ‘000 m³) (over available - %)

MDF 2.470 2.100 1.880 75%

MDP 2.200 1.870 1.870 71%

Hardboard 210 195 195 88%

Total 4.880 4.165 3.945 74%

NOMINAL EFFECTIVE* AVAILABLE**

Operational Highlights

Shipment (in m3)

5

Wood

+4,5%

+3,6%

-2,5%

Installed Capacity and Occupancy Rate 4Q14

* Duratex’s annual Effective capacity based on already installed lines, after ramp up and investments periods * Situation in this quarter

Operational Highlights

Net Revenue (R$ million) and Gross Margin (%)

Recurrent EBITDA (R$ million) and EBITDA Margin (%)

6

33,5% 30,4% 29,9% 36,5% 30,5%

+5,4%

+8,3%

+3,6%

34,6% 25% 31,9% 35,1% 27,4%

-17,7%

-0,1%

+32,2%

Wood

Highlights: . Increase in MDF prices contributed to EBITDA margin recovery on the quarter . On na annual comparison base, besides cost increases related to inflation and exchange rate, there was increase in fixed costs due to the increase in capacity, that was not followed by recomposition of prices, which contracted the margins; besides the consolidation of Tablemac with lower margins

Building Material Industry

Source: Associação Brasileira da Indústria de Materiais de Construção ABRAMAT INDEX: Monthly indicator of sales performance, in R$, of the Building Materials Industry; performance in relation to the same period of the previous year

INTERNAL MARKET ABRAMAT INDEX Achieved and Projected for 2015

7

Deca

ANNUAL CAPACITY NOMINAL ANNUAL LEVEL OF OCCUPANCY

(in ‘000 items) CAPACITY (%)

SANITARY WARE 12.250* 56%

METAL FITTINGS 24.600** 68%

Total 36.850 64%

Operational Highlights

Shipments (in ‘000 items)

8

Deca

Installed Capacity and Occupancy Rate 4Q14

-5,0%

-8,6%

-14,3%

* Includes the capacity for Louças Jundiaí II ** Includes Thermosystem (showers and solar heating system) and Mipel (Industrial valves)

21,3% 17,3% 11,0% 23,4% 17,0%

-28,8%

-52,3%

-44,2%

36,9% 32,6% 27,8% 38,7% 32,9%

-1,8%

-7,3%

-12,1%

Operational Highlights

Net Revenue (R$ million) and Recurrent Gross Margin (%)

Recurrent EBITDA (R$ million) and EBITDA Margin (%)

9

Deca

Highlights: . Closure of Louças Jundiaí II unit trasfering the production to Queimados’ unit with better industrial productivity and smaller operating costs . Costs increase in 2014 due to readjustments in the metals and sanitary ware lines on 4Q14, deseconomies of scale (new sanitary ware unit in Queimados), and rebranding of Thermosystem, to Hydra, which contributed to keep margins under pressure

Consolidated CAPEX (R$ million) and Main Investiments

Main Projects Concluded in 2013

R$ 4.400

10

QUEIMADOS (RJ)

Sanitary Ware

+2,4 million items/year

ITAPETININGA (SP)

New MDF Plant

Effective Capacity:

520.000 m3/year

TAQUARI (RS) Debottlenecking the capacity of MDP, with the addition of 230 000 m³ annual available capacity (from 440.000 to 670.000 m³/year)

DECA (in `000 items) 2007 2008 2009 2010 2011 2012 2013* 2014 2015

Metals 14.400 15.600 15.800 15.800 17.000 18.200 24.600 25.800 25.800

Sanitary Ware 3.800 6.200 7.200 7.200 9.800 9.800 12.250 12.250 11.500

TOTAL 18.200 21.800 23.000 23.000 26.800 28.000 36.850 38.050 37.300

WOOD (in `000 m³) 2007 2008 2009 2010 2011 2012 2013* 2014 2015

MDF 553 850 1.530 1.530 1.530 1.600 2.100 2.100 2.100

MDP 1.275 1.620 1.620 1.620 1.620 1.670 1.870 1.870 1.870

Hardboard 334 195 195 195 195 195 195 195 195

TOTAL 2.162 2.665 3.345 3.345 3.345 3.465 4.165 4.165 4.165

Productive capacities evolution

11

+92,6%

+104,9%

Capacities evolution * 2013: Tablemac, Thermosystem e Mipel (acquisitions) capacities starts being accounted for

Production Scale

R$´000 DEC/2014 SEP/2014 Var R$ DEC/2013 Var R$

Short Term Debt 1.015.610 811.657 203.953 716.373 299.237

Long Term Debt 1.792.233 1.851.413 -59.180 1.734.468 57.765

Total Debt 2.807.843 2.663.070 144.773 2.450.841 357.002

Cash 1.081.089 813.124 267.965 996.843 84.246

Net Debt 1.726.754 1.849.946 -123.192 1.453.998 272.756

Net Debt / Equity (in %) 37,5% 40,2% - 33,3% -

Net Debt / EBITDA (last 12 months) 1,81 1,87 - 1,17 -

Indebtedness

Amortization Schedule (R$Mn) Debt Origin (%)

12

* 100% hedge

2015: Focus on the operation as a competitive advantage

Closure of Sanitary Ware plant and adjustment in the operational lines dimensioned Deca to current markets` needs

Focus in cost reduction

CAPEX limited to the operations` maintenance

Geographical diversification with plantation of forests in Brazil’s project in Northeast region to support a future panel operation

13

DECA

Costs

CAPEX

CAETEX

Disclaimer

14

The information contained herein was prepared by Duratex S.A. and does not constitute an

offering material, to subscribe for or purchase any of the Company’s securities. This material

also brings general information about Duratex S.A. and its markets. No representation or

warranty, express or implied, is made concerning, and no reliance should be placed on, the

accuracy, fairness or completeness of the information presented herein.

The Company can give no assurance that expectations disclosed in this presentation will be

confirmed.

February 2015

Corporate Presentation

4th quarter 2014