1

December / 2008

Disclosure of Results

2

Index

>> Business segments

>> Geographical Location

>> CAPEX

>> Scenario

>> Financial Highlights

>> Capital Markets

>> Disclaimer

3

Business segmentsDeca Deca DivisionDivision

Vitreous China;Metal fittings;Accessories.

Leadership within the Metals segment having a

prominent position in Vitreous Chinaware.

Possesses the industry´s broader product line

attending the different market segments.

4

Business segmentsWood Wood DivisionDivision

Hardboard;MDP;MDF/HDF/SDF;Laminate Flooring;Moldings.

WoodWood

Provides finishing materials for the construction industry and raw materials for the furniture makers. Leader within the Brazilian panel making industry having the most diversified product line.

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Business segmentsForestForest

Duratex S.A timberland holdings.;Total timberland area: 120.000 ha, of which 65% planted:

Market value: R$ 1.529 million (US$ 654 million),Book value: R$ 577 million (US$ 247 million).

Self-sufficiency in woody supply:Economies of scale;Strategic access to raw material;Reduced execution risk.

ISO14.001 and FSC certifications;Member of CCX (Chicago Climate Exchange).

6

Geographical LocationGeographical Location

Wood DivisionWood Division

MDF & FlooringAgudos - SP

MDPItapetininga - SP

MDF & HardboardBotucatu - SP

HardboardJundiaí - SP

7

Geographical LocationGeographical Location

Deca DivisionDeca DivisionMetals - São Paulo Ceramics Cabo de Sto Agostinho - PE

Ceramics Jundiaí - SP

Ceramics Queimados - RJMetals & Ceramics - Jundiaí

Ceramics São Leopoldo - RS

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CAPEXHighlightsHighlights

Technology update;Leadership in segments of activity with high growth potential and competitive advantages;Verticalisation of processes with focus on costs savings:

• acquisition of land,• coating lines and• resin plant, among others.

Low net debt (R$ 486,3 million, equivalent to 0,87 times EBITDA).

138,9 139,4

303,5

172,8 136,8 108,4 105,4

222,3

673,4

2000 2001 2002 2003 2004 2005 2006 2007 2008

CAPEX( R$ million)

2.000,9

9

CAPEXDuratex industrial outputDuratex industrial output capacity growthcapacity growth

12.000 13.200 14.400 14.400 14.400 14.400 14.400 14.400 15.600 16.800

2.5803.300

3.300 3.200 4.200 4.200 3.800 3.8004.520

6.200

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

360 360 360 360 360 360 360 360 360 360

320 340 360 500 500 500 500 500 500 500200 220 240

640 640 640 640 640

1.440

640

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

WoodWood

Hardboard

MDPMDF

(capacity in ‘000 m3)

Utilization rate

MetalV.China

(capacity in ‘000 items) Utilization rate

*Start-up of the new MDF line in Agudos (SP) set to Apr/09 with capacity of 800,000 m³ / year and a gradual ramp-up.

** Queimados Unit remains disabled. Its entry will depend on the performance of the market. Its capacity is 840,000 pieces per year.

*

**

96%

85%81%

69%70%

60%

92%90%92%

89%

83%77%

69%74%76%

82%82%87%

10

CAPEXMDF Project:MDF Project:

• MDF line: 800.000 m3/year capacity and estimated start-up by Apr/2009 :

• 125% growth over Duratex existing MDF capacity.

• Melamine finishing line: 10,2 million m2 capacity;

• Resin plant;

• Timberland.

11

CAPEXMetal Fittings:Metal Fittings:

• Capacity increase: 4,8million pieces / year or +33%;

• Completion of expansions: 2010.

12

VitreousVitreous China:China:

Two acquisitions worth R$60 million each :

1 - Ideal Standard: two plants (Jundiaí/SP and Queimados/RJ) with

a combined capacity of 1.800.000 items / year.

2 - Cerâmica Monte Carlo: one plant in Cabo de Sto Agostinho/PE

with a capacity of 1.440.000 items / year.

CAPEX

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ScenarioDisposable incomeDisposable income

254.316 254.293 263.445 278.055 295.856 313.123334.114

0

50.000

100.000

150.000

200.000

250.000

300.000

350.000

2002 2003 2004 2005 2006 2007 2008Data available since 2002 (source: IBGE)

CAGR: 4,7%

50100150200250300350400450500

2002 2003 2004 2005 2006 2007 2008 2009/mar

CAGR 12,8%

465,00

200,00

Brazilian minimum wage (in R$)

Brazilian disposable income (R$ million)

(source: IBGE)

14

ScenarioAvailability of credit :Availability of credit :

235.300270.400

187.940168.730

158.260143.060139.640

2002 2003 2004 2005 2006 2007 2008

Savings account deposits (R$ million)

3.742 3.821 3.8925.533

6.999 6.909

10.540

2002 2003 2004 2005 2006 2007 2008

1.769 2.218 3.002 4.8529.340

18.283

30.048

2002 2003 2004 2005 2006 2007 2008

Financing via SBPE (R$ million)

Source: BACEN and ABECIP

Financing via FGTS (R$ million)

+ 52,5%

Source: BACEN

Source: CBIC e CEF

CAGR: 11,6%CAGR: 30,2%

+ R$83 bi

Housing deficit: 7,8 M units (Ernst Young, 08);2004: regulatory framework improvement:

expansion of credit and extension of financing terms.

2009: government package to be announced to stimulate the sector, including:

financing limit increase through FGTS from R$350 thousand to R$ 500 thousand and

tax benefits for building materials.

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28.790 36.376 53.434 59.873

111.296

193.547

294.863

2002 2003 2004 2005 2006 2007 2008

31.54534.938

28.19233.682 34.727

62.065 61.898

2002 2003 2004 2005 2006 2007 2008

Source: BACEN

+ 184 Kunits

New launchings in the Sao Paulo metro area

Source: Embraesp

+ 78,7%

CAGR: 47,4%

Units Financed (construction + acquisition)

Real Real Estate LaunchingsEstate LaunchingsScenario

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ScenarioMaketsMakets attendedattended

6 months 12 months 6 months

Construção46%

Sales Segments 2008

Average construction cycle

Construção46%

Furniture33%

Others20%

Housing(directly)

47%

Project

Incorporation

Flagstone erection

Hydraulic and Electrical

Thick finishing

Keys handover

Accesso

ries,

Furniture and

Remodeling

Light Finishing

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Financial HighlightsBalanced Balanced Financial Financial StructureStructure

2004 2005 2006 2007 2008Balance Sheet Highlights:Cash 105,1 234,0 574,6 752,7 598,1Current Assets 621,6 726,7 1.138,9 1.355,9 1.321,8Long-Term Assets 33,6 39,1 33,6 64,5 144,4Total Assets 1.811,9 1.947,1 2.375,2 2.750,5 3.373,4Short Term Debt 175,1 151,5 359,4 246,2 435,1Current Liabilities 345,2 318,7 601,0 563,3 832,8Long Term Debt 342,6 439,6 258,8 424,6 649,4Long-Term Liabilities 464,7 565,5 377,8 630,0 808,5Minority Interest 11,6 12,0 0,6 0,6 0,6Equity 990,4 1.050,9 1.395,8 1.556,5 1.731,5

Risk Ratios:Current Ratio 1,80 2,28 1,90 2,41 1,59Equity / Total Assets 55% 54% 59% 57% 51%Debt / Debt + Equity 34% 36% 31% 30% 39%Net Debt 412,6 357,1 43,6 -81,9 486,4Net Debt / Equity 0,42 0,34 0,03 -0,05 0,28Net Debt / EBITDA 1,29 0,98 0,10 -0,15 0,87

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Financial HighlightsDebtDebt

435401

33393536

7927

2009 2010 2011 2012 2013 2014 2015 2016 eapós

Long-term60%

ForeignCurrency

53%

DomesticCurrency

47%R$ 1.084,4 M

Short-term40%

100% Hedged

Debt profile

Debt amortization schedule(in R$ million)

2016 andafter

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Financial HighlightsRevenues Breakdown in 2008Revenues Breakdown in 2008

MDF/HDF/SDF/ Laminate Flooring

32,6%

MDP14,3%

Hardboard17,0%

Metal Fittings22,6%

Vitreous China13,5%

Net Revenue

R$ 1.913,6 M

Domestic Market90,6% Export Revenues

9,4%

Revenues origination

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Financial HighlightsNet Revenues in the domestic marketNet Revenues in the domestic market

9,4%

5,2%

85,3%

Domestic revenues

R$ 1.733,7 M

Technical Sales 3,2%

Construction 16,2%

Resale 24,9%

Other 3,8%Industry

51,9%

Retail54,4%

Builders 19,6%

Home Center 17,0%

Wholesale6,8%

Other2,2%

Wood

Market segments

62,1%37,9%

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Financial HighlightsAnnual performanceAnnual performance

Net Rev.(R$ million) & Gross Margin (%) EBITDA (R$ million) & Margin (%)

1.489,21.670,6

1.913,6

1.188,21.270,6

40,2%45,0%43,2%

41,5%39,1%

2004 2005 2006 2007 2008CAGR: +12,7%

458,1558,1

362,6320,6

559,427,0% 28,5% 30,8% 33,4%

29,2%

2004 2005 2006 2007 2008

990,4 1.050,91.395,8 1.556,5

1.731,513,1% 13,5% 19,2%

21,5%18,3%

20,4%

2004 2005 2006 2007 2008

CAGR: +14,9%

313,8

318,9

226,0

137,1125,3

2004 2005 2006 2007 2008

Net Income (R$ million) Equity (R$ million) & ROE (%)

**

*

** CAGR by Law 11.638: 25,8%

* CAGR by Law 6404: 27,8%

**

*

20,1333,9

CAGR: +27,8%

CAGR: +15,0%

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1.556,5 1.578,7 1.623,9 1.677,1 1.731,5

20,6% 21,7%

11,7%

27,5%22,6%

16,9%

4Q07 1Q08 2Q08 3Q08 4Q08

485,6459,8

428,3470,0

529,7

43,3% 40,2% 40,3% 40,0% 40,4%

4Q07 1Q08 2Q08 3Q08 4Q08

77,4 78,8 83,7 103,4

47,90,0

50,0

100,0

150,0

4Q07 1Q08 2Q08 3Q08 4Q08

PL (R$ milhão) & ROE (%)

144,1 127,9 160,1 129,1142,3

31,3% 29,9% 34,1%26,9% 26,6%

4Q07 1Q08 2Q08 3Q08 4Q08

20,168,0

** CAGR by Law 11.638: 25,8%

* CAGR by Law 6404: 27,8%

**

* **

*

Quarterly PerformanceQuarterly PerformanceFinancial Highlights

Net Rev.(R$ million) & Gross Margin (%) EBITDA (R$ million) & Margin (%)

Net Income (R$ million)

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Financial HighlightsWood DivisionWood Division

Net Revenues (R$ million) & Gross Margin (%)

1.215,0

807,2 860,01.004,4 1.104,5

40,9% 42,3% 45,9% 47,1% 39,5%

2004 2005 2006 2007 2008

301,7295,4 281,3 296,5 335,4

45,0% 38,7% 41,1% 38,9% 39,2%

4Q07 1Q08 2Q08 3Q08 4Q08

CAGR: +10,8%

EBITDA (R$ million) & Margin (%)

366,3

255,5 267,1354,4

410,131,7% 31,1% 35,3% 37,1% 30,1%

2004 2005 2006 2007 2008

80,4101,0 84,8108,6 92,5

34,2% 30,2%36,6%

27,6% 26,7%

4Q07 1Q08 2Q08 3Q08 4Q08

CAGR: +9,4%

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Financial HighlightsDeca Deca DivisionDivision

Net Revenues (R$ million) & Gross Margin (%)

698,6

381,0 410,6484,7

566,0

35,1% 39,6% 37,6% 41,0% 41,5%

2004 2005 2006 2007 2008

183,9164,4 147,0 173,5 194,3

40,3% 43,2% 38,9% 41,9% 42,3%

4T07 1T08 2T08 3T08 4T08

CAGR: +16,4%

EBITDA (R$ million) & Margin (%)

193,1

65,295,5 103,7

148,117,1%

23,3% 21,4%26,2% 27,6%

2004 2005 2006 2007 2008

48,643,1 43,1 51,5 49,9

26,2% 29,3% 29,7% 25,7% 26,5%

4T07 1T08 2T08 3T08 4T08

CAGR: +31,2%

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Financial HighlightsNet Net RevenuesRevenues and and Cash Cash CostCost per per shippedshipped unitunit (in R$)(in R$)

16,62 17,67 20,15

39,7737,6334,6732,01

27,72

20,53 21,54

0,00

10,00

20,00

30,00

40,00

50,00

2004 2005 2006 2007 2008

940,18865,68824,32826,63768,22

399,79405,28 422,42 415,04526,81

0,00

250,00

500,00

750,00

1.000,00

2004 2005 2006 2007 2008

WoodWood

CAGR: 9,4%

CAGR: 6,8%

CAGR: 5,2%

CAGR: 6,7%

Net Revenues

Cash Cost

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Financial HighlightsCostsCosts

Energy (R$/MWh) Base 100 = Q107

Resin (R$/Kg) Base 100 = Q107

155,8165,4

118,4112,7100,0128,3

265,3

188,7169,2

Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 jan/09

116,7137,1

123,9109,5118,4

93,586,997,1100,0

020406080

100120140160

Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 jan/09

-5,8%

-14,9%

271994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008* 2009 2010 2011 2012

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

1st MDF plant in BrazilLaminated flooring

MDP Expansion

MDF Expansion

MDF ExpansionResin Plant

Deca acquisitions CAGR: +18,1%

2, 57 *

0,25

Acquisition of land and planting of timberland and expansion Deca

1,16CAGR: 30,4%

559,4

70,3

110,0

6,9

2007: R$50 million inextraordinary dividends

2004: R$15,3 million in extraordinary dividends

CAGR: +16,0%

CAGR: +21,9%

* EPS for Net Income of R$333,9M. By Law 11.638, Net Income of R$313,8M, EPS would be R$2,42.

EPS in R$ 1

EBITDANormal Dividends (R$ milion)

Positive track recordPositive track recordCapital Markets

28

41%

25%

6%26%

2%

88,5%

11,5%

8% 42%

10%37%

3%

129.695.415129.695.415 53.555.96353.555.963 76.139.45276.139.452# of outstanding shares: # of outstanding shares:

ON +PNON +PN ONON PNPNMajor groups of shareholders as ofMajor groups of shareholders as of decdec/2008/2008

Capital Markets

Total CapitalTotal Capital Common StockCommon Stock Preferred StockPreferred Stock

Other Local Investors

Itaúsa Foreign Investors

Local Pension Funds

Treasury Stock

DisclaimerDisclaimer

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 brings general information about the Company and markets as of this date. 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.

March 2009

30

Diclosure of results

December / 2008