EARNINGS PRESENTATIONS

4th Quarter of 2016

4Q16 Highlights

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Wood Division

• Volumes grew in both domestic market and exports; albeit with a less profitable mix of products;

• Sales of land and timber during the fourth quarter, with a positive cash generation;

• EBITDA increase that has offset the negative trend in the first quarter.

DecaDivision

• Deca Division has outperformed the industry average;• More favorable mix of products.

FinancialPerformance

• Recurring EBITDA margin of 21.1% of the net revenue;• Net Debt/EBITDA = 2.99 as a result of the focus on the working capital

reduction, investment control and liquidation of idle assets.

Consolidated Financial Figures

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Net Revenue

Breakdown

% Foreign Market

over Total Revenue

Investment

Maintenance and Projects

In BRL million

4

Forest OPEX Mergers and Acquisitions

Indebtedeness

Amortization Schedule (BRL million)

* 100% Hedge

Debt Composition (%)

5

In BRL million

WOOD DIVISION

Wood Division – Brazilian Wood Panel Market

MDF Market MDP MarketAnnual Effective Capacity: 5,4

In m³ million

Annual Effective Capacity: 4,4

Source: IBÁ7

CAGR +8.6% CAGR +1.7%

-3.7%

+12.0%

+0.8%

+0.8%

-1.6%

-0.7%

Wood Division – Operational Performance

Installed Capacity and Occupancy

Rate in the Quarter

Shipments (‘000 m³)

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+10.0%

+7.2%

-2.6%

Wood Division – Financial Performance

+10.4%

+10.8%

-0.1%

+30.1%

+27.1%

-15.3%

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Net Revenue (BRL million) Recurring EBITDA (BRL million)

25.9% 24.9%28.1% 24.6%23.5% 22.9% 19.4%21.5% 25.3%22.1%Gross

Margin (%)

9

Recurring

Ebitda

Margin (%)

Wood Division – Financial Performance Brazil and Colombia

10

DECA DIVISION

Deca Division – Building Materials Industry

ABRAMAT INDEX – DOMESTIC MARKET

Source: Associação Brasileira da Indústria de Materiais de Construção

Measures growth in revenue of building materials in the domestic market and performance relative to the same

period in the previous year

12

ABRAMAT forecasts a flat performance of the industry year over year

Deca Division – Operational Performance

-10.6%

-4.4%

* It includes 2.187 k items of Corona

*

-5.3%

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Shipments (in ‘000 items) Installed Capacity and Occupancy

Rate in the Quarter

Deca Division – Financial Performance

Net Revenue (BRL million) Recurring EBITDA (BRL million)

-1.1%

31,4% 27,6%27,4% 28,2%28,5%

+1.8%

-3.7% -18.3%

-11.8%

-26.8%

17.7% 13.4%15.1% 12.4%14.3%

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Gross

Margin (%)

Recurring

Ebitda

Margin (%)

Management Message

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20

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• Internal Agenda:• Cost cutting and efficiency programs;• Optimization of systems and processes;• Culture project.

• Focus of investment on sustaining operations.

Environment• Outlook of a slow and gradual recovery in economic activity;• Reduction in interest rates and fall in unemployment;• Improvement in consumer confidence and the business environment.

Our focus

Focus on the internal agenda – to become lean and more efficient; Efforts to otimize the products mix; Working capital management, with focus on inventory and accounts payable; Investment mainly for sustaining the business; Cutting net debt and financial expenses.

20

17

Initiatives

Disclaimer and Glossary

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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 2016

(1) Recurring EBITDA: EBITDA adjusted for non-cash events arising from variation in the fair value of biological assets, combination of

businesses and extraordinary events.

(2) TTM Recurring EBITDA: Recurring EBITDA of the last twelve months.