Presentation - 1st Half 2009

1. 1st Half Results
2009
August / 2009
1

2. Index
 Duratex and Satipel Association
 Competitive Advantages
 Favorable Scenario
 Highlights
 Performance
2

3. Duratex and Satipel Association
Operation Resume
Material Fact of 22.06.2009 Duratex and Satipel association
 Resulting company denomination: Duratex S.A.
 Emission of 348,785,970 shares of Satipel to be given in exchange by Duratex shares
 Share substitution ratio:
• 1 share DURA3 from within the controlling group: 3.05360401 shares SATI3
• 1 share of remaining shareholders DURA3 and DURA4: 2.54467001 shares SATI3
 New company listed on Novo Mercado of Bovespa, free float over 40%
 New ticker: DTEX3
• October 2009: DURA3, DURA4 and SATI3 tickers will no longer exist
 Minimum Dividend Policy: 30% of the net income
3

4. Duratex and Satipel Association
 Current: Corporate Structure (in million of shares)
• without treasury stock
Control Other Control Other
Duratex Shareholders Satipel Shareholders
60.9 M (48.0%) 65.8 M (52.0%) 77.8 M ON (71.3%) 31.3 M ON (28.7%)
. 51.9 M ON . 1.7 M ON
. 9.0 M PN . 64.1 M PN
126.7 M or 100.0% 109.1 M or 100.0%
 Resulting Company:
• New Duratex in the Novo Mercado with a free float over 40%
Control Control Other
Duratex Satipel Shareholders
181.3 M (39.6%) 77.8 M (17.0%) 198.8 M (43.4%)
DURA
3 New
457.9 M or 100,0%
4

5. Duratex and Satipel Association
Integration Committee
 To define and drive the key aspects of integration:
INTEGRATION COMMITTEE
Controlling Shareholders and
Main Executives
GT1 - Forestry Affairs GT5 –Pension Fund GT9 - Legal GT13 - Technology
GT2 - Commercial GT6 – People Management GT10 - Logistics GT14 – Corporate Affairs
GT3 - Controllership GT7 – Industrial Wood GT11 - Marketing/
Communication
GT4 - Finance GT8 – Infra-structure GT12 - Supply
5

6. Duratex and Satipel Association
Positive Market Reaction
19.06: Closing before the
27,00
association announcement 12,00
26,00
25,00
DURA4 11,00 SATI3
24,00 10,00
23,00 9,00
22,00
8,00
21,00
20,00 7,00
19,00 6,00
18,00
5,00
17,00
4,00
16,00
15,00 3,00
0/1 3/6 8/6 12/6 17/6 22/6 25/6 30/6 3/7 8/7 14/7 17/7 22/7 27/7 30/7 4/8 7/8 0/1 3/6 8/6 12/6 17/6 22/6 25/6 30/6 3/7 8/7 14/7 17/7 22/7 27/7 30/7 4/8 7/8
57.000
Performance from 19.06.09 to 07.08.09:
56.500
56.000 Ibovespa
55.500
55.000  Duratex: + 43,8%
54.500
54.000
53.500
53.000
52.500
 Satipel: + 87,5%
52.000
51.500
51.000
50.500  Ibovespa: + 9,6%
50.000
49.500
49.000
48.500
48.000
0/1 3/6 8/6 12/6 17/6 22/6 25/6 30/6 3/7 8/7 14/7 17/7 22/7 27/7 30/7 4/8 7/8
6

7. Competitive Advantages
Creation of the Biggest Company in the Southern Hemisphere
within the Panel Making Segment
Gains of Scale
Brand Awareness and Complementarities of
Products Diversity
 Creation of Value the
 Sustainable Operation Operations
Self-sufficiency of raw Geographical
material Diversification
7

8. Competitive Advantages
Gains of Scale
NEW DURATEX
PANELS (in m3/year) 2.160.000 1.750.000 3.910.000
MDP 500.000 1.400.000 1.900.000
MDF 1.450.000 350.000 1.800.000
Hardboard 210.000 0 210.000
Coating (in m2/year) 105.720.000 58.100.000 163.820.000
LP 37.320.000 26.500.000 63.820.000
FF 14.400.000 31.600.000 46.000.000
Painting 54.000.000 0 54.000.000
Laminated Flooring (in m2/year)* 6.000.000 0 6.000.000
Components (in m2/year) 0 1.500.000 1.500.000
Forest area (in ha) 122.700 86.600 209.300
DECA (in 1.000 items/year) 22.800 0 22.800
Metal Fittings 15.800 0 15.800
Vitreous Chinaware 7.000 0 7.000
* Laminated flooring is made of MDF.
8

9. Competitive Advantages
Gains of Scale
(Capacity in ‘000 m³/year)
 8th Largest Panels Company Worldwide
12.500
10.110
6.550
5.550 *
5.450
5.400 *
5.050
+ 3.910
3.700
3.300
Source: Duratex’s estimate
*OSB panels mainly
9

10. Competitive Advantages
Gains of Scale
 7th Largest Manufacturer of Vitreous Chinaware Worldwide
29,5
28,0
13,0
12,0
10,0
7,6
7,0
7,0
6,2 Capacity in ‘000 items/year
5,1 Source: Duratex’s estimate
 Metal Fittings segment among the 10 largest worldwide
10

11. Competitive Advantages
Complementarities of the Operations
+
3,9 million m3/year
MDF 1.450 350 1.800
MDP 500 1.400 1.900
Hardboard
210
(capacity in ‘000 m3/year)
11

12. Competitive Advantages
Complementarities of the Operations
(Capacity in ‘000 m³/year)
+ 1.800 1.900 210 3.910
Industry - total 4.130 4.760 410 9.300
MDF MDP Hardboard
Source: Duratex’s estimate
12

13. Competitive Advantages
Geographical Diversification
Brasília
Uberaba Linhares
SATIPEL
Botucatu
Mirassol
DURATEX
Ubá
Agudos
DURATEX
Arapongas MDF
- DURATEX
Geographical São Paulo
- SATIPEL
MDF (2009 implementation)
Location Favors Itapetininga
DURATEX - DURATEX
the Markets MDP
- DURATEX
Logistic Service - SATIPEL
Hardboard
- DURATEX
Bento Gonçalves
Taquari Furniture Center
SATIPEL
Forest
13

14. Competitive Advantages
Self-sufficiency of Raw Material
 Land with planted forest: 209 thousand hectares:
• Regions: SP, MG e RS
 Self-sufficiency of raw material:
• Strategic for the activity
• Low distance between forests and sites
 Adoption of best practices in planting, maintenance,
and forest harvesting:
• Replacement of pine by eucalyptus
• Seedlings nursery
• Use of genetic engineering
• Certified forests (FSC) and ISO 14001
 Important competitive differential.
14

15. Competitive Advantages
Brand Awareness and Products Diversity
 Brand:
 Design:
 Production Scale:
• 7.0 million items/year of vitreous china in 05 units: 02 SP, 01 RS, 01 PE and 01 RJ
• 15.8 million items/year of metal fittings, in 02 units (SP)
• 48 product lines aimed to luxury, medium and lower income segments
 Country wide presence
 Extensive post-sales service:
• Technical support through 246 service locations
15

16. Competitive Advantages
Brand Awareness and Products Diversity
 KIT BRASIL: Innovative Solution to supply the new demand for the
construction of 1 Million houses for lower income families.
Client Deca’s Design and quality
Duratex Additional revenues in a new segment
Builders Less time for installation, standardization of assembly, gains in scale
Items which compose the KIT BRASIL Price
Washbasin and a faucet integrated
Kitchen´s faucet
Sink´s faucet
Register
R$ 350
Pressure register
Register finishing
Toilet
16

17. Competitive Advantages
Brand Awareness and Products Diversity
 7 Lines
 48 Standards
 3 Textures
 Complete Accessories Line
 Microban antibacterial protection
 FSC Certification
 Sustentax Stamp
17

18. Favorable Scenario
Macroeconomic Indicators Improvement
Interest Rate Credit Availability in the Market
Government, Manufacturing, Housing, Rural, Retail, Individuals
(in %) (in R$ billion)
21
1.200
16
1.278,3
11 8,75 1.000
6
800
04
05
06
07
08
09
03
04
05
06
07
08
08
09
08
09
08
8
8
9
7
08
n-
n-
n-
n-
n-
n-
z-
z-
z-
z-
z-
z-
r/0
t/0
r/0
0
v/
v/
n/
n/
o/
de
de
de
de
de
de
z/
z/
ju
ju
ju
ju
ju
ju
ou
ab
ab
fe
fe
ju
ju
de
de
ag
Source: Bacen Source: Bacen
Unemployment Rate Disposable Income
14 (in %) (in R$ milllion)
13 400.000
12 338.703 344.351
313.830
297.755
11 300.000 280.941
267.093
10
9 200.000
8
7 100.000
8,1
6
0
de 04
de 05
de 06
de 07
de 08
09
ju 3
ju 4
ju 5
ju 6
ju 7
ju 8
2004 2005 2006 2007 2008 jun/08
0
0
0
0
0
0
n-
n-
n-
n-
n-
n-
z-
z-
z-
z-
z-
z-
to
de
may/09
Source: Bacen Source: IBGE
18

19. Favorable Scenario
Macroeconomic Indicators Improvement
Consumer Confidence (base 100)
125
120
115 111,4
110
105
100
95
90
ju 06
ju 07
ju 08
ju 09
se 6
se 7
se 8
9
m / 06
m / 07
m / 08
m / 09
ja 05
ja /06
ja /07
ja 08
no t/05
m /06
no t/06
m /07
no t/07
m /08
no t/08
m /09
l/0
l/0
l/0
l/0
/
/
/
/
v/
v/
ai
ai
ai
ai
Source: FGV
ar
ar
ar
ar
v
v
n
n
n
n
se
Minimum Wage (in R$)
500
465,00
400
300
200
200,00 CAGR 12,8%
100
0
Source: BACEN
2002 2003 2004 2005 2006 2007 2008 2009/mar
19

20. Favorable Scenario
Construction Growth Potential
Construction Incentive Plan – Federal Government * **
Net Revenue from IMOB Construction Companies
R$ million
16.956
 Increase of the financing limit, through FGTS, from 15.000
XR$ 350.000 to R$ 500.000; 11.330
 Tax exemption for building materials (IPI reduction)
10.000
6.672
Xextended until December/09; 5.000 3.239
 Mortgage credit availability;
0
 Extension of financing terms 2006 2007 2008 2009
 Housing deficit: 7,2 million units. * 2006, 2007 and 2008: revenues sum of respective companies. 2009: Bloomberg consensus.
** Bovespa Construction Index (contemplates: Agra, BR Malls, Brookfield, Camargo Correa,
Cyrela, Gafisa, MRV, PDG, Rossi, Tecnisa and Tenda).
Financing via FGTS Financing via SBPE
R$ million R$ million
38000
37924
37848
37772
37696
37620
37544
37468
37392
37316
37240
37164
37088
37012
36936
36860
36784
36708
36632
36556
36480
36404
36328
36252
36176
36100
36024
35948
35872
35796
35720
35644
35568
35492
35416
35340
35264
35188
35112
35036
34960
34884
34808
34732
34656
34580
34504
34428
34352
34276
34200
34124
34048
33972
33896
33820
33744
33668
33592
33516
33440
33364
33288
33212
33136
33060
32984 30.048 30.690
32908
32832
32756
32680
32604
32528
32452
32376
32300
32224
32148
12.392
32072
31996
31920
31844
31768
31692
31616
31540
31464
31388
31312
31236
31160
31084
31008
30932
30856
30780
30704
30628
30552
30476
30400
10.543 30324
30248
30172
30096
30020
29944
29868
29792
29716
29640
29564
29488
29412
29336
29260
29184
29108
29032
28956
28880
28804
28728
28652
28576
28500
28424
28348
28272
28196
28120
28044
27968
27892
27816
27740
27664
27588
27512
27436
27360
27284
27208
27132
27056
26980
26904
26828
26752
26676
26600
26524
26448
26372
26296
26220
26144
26068
25992
25916
25840
25764
25688
25612
25536
25460
25384
25308
25232
25156
25080
25004
24928
24852
24776
24700
24624
24548
24472
24396
24092
24320
24244
24168
24016
23940
23864
23788
23712
23636
23560
23484
23408
23332
23256
23180
23104
23028
22952
22876
22800
22724
22648 18.283
22572
22496
22420
22344
22268
22192
22116
22040
21964
21888
21812
21736
21660
21584
21508
21432
21356
21280
21204
21128
21052
20976
20900
20824
20748
20672
20596
20520
20444
20368
20292
20216
20140
20064
5.533 6.999 6.909 19988
19912
19836
19760
19684
19608
19532
19456
19380
19304
19228
19152
19076
19000
18924
18848
18772
18696
18620
18544
18468
18392
18316
18240
18164
18088
18012
17708
17936
17860
17784
17632
17556
17480
17404
17328
17252
17176
17100
17024
16948
16872
16796
16720
16644
16568
16492
16416
16340
16264
16188
16112
16036
15960
15884
15808
15732
15656
15580
15504
15428
15352
15276
15200
15124
15048
14972
14896
3.892 14820
14744
14668
14592
14516
14440
14364
14288
14212
14136
14060
13984
13908
13832
13756
13680
13604
13528
13452
13376
13300
13224
13148
13072
12996
12920
12844
12768
12692
12616
12540
12464
12388
12312
12236 9.340
12160
12084
12008
11932
11856
11780
11704
11628
11552
11476
11400
11324
11248
11172
11096
11020
10944
10868
10792
10716
10640
10564
10488
10412
10336
10260
9956
10184
10108
10032
9880
9804
9728
9652
9576
9500
9424
9348
9272
9196
9120
9044
8968
8892
8816
8740
8664
8588
8512
8436
8360
8284
8208
8132
8056
7980
7904
7828
7752
7676
7600
7524
7448
7372
7296
7220
7144
7068 4.852
6992
6916
6840
6764
6688
6612
6536
6460
6384
6308
6232
6156
6080
6004
5928
5852
5776
5700
5624
5548
5472
5396
5320
5244
5168
5092
5016
4940
4864
4788
4712
4636
4560
4484
3.002
4408
4332
4256
4180
4104
4028
3952
3876
3800
3724
3648
3572
3496
3420
3344
3268
3192
3116
3040
2964
2888
2812
2736
2660
2584
2508
2432
2356
2280
2204
2128
2052
1976
1900
1824
1748
1672
1596
1520
1444
1368
1292
1216
1140
1064
988
912
836
760
684
608
532
456
380
304
228
152
76
0
2004 2005 2006 2007 2008 jul/08 to 2004 2005 2006 2007 2008 jul/08 to
jun/09
Source: CBIC e CEF
jun/09 Source: BACEN e ABECIP
20

21. Favorable Scenario
Total Consumption of Panels in Brazil (in ‘000 m³)
2.545,1 2.561,7
MDP 2.157,9 2.097,9 2.179,7
1.908,4
512,3 559,0
(Source: ABIPA) 2003 2004 2005 2006 2007 2008 1Q09 2Q09
MDF 2.032,5
2.146,8
1.826,7
1.372,5 1.394,4
1.018,6
472,1 528,8
(Source: ABIPA) 2003 2004 2005 2006 2007 2008 1Q09 2Q09
21

22. Favorable Scenario
Worldwide Consumption of Panels per Capita (in m3 / year)
47
20 17
19
16
8
Europe 46
USA
China
22
13
11
Australia
Brazil
MDF MDP
2007 – EUROPE, 2008 (Projection) – USA, BRAZIL, CHINA AND AUSTRALIA.
Sources: EPF, Abipa and Wikipedia
22

23. Highlights
Installed Capacity and Occupancy Rate 2Q09
210,000 (1)
Hardboard 94% 6,0%
m3/year
500,000
MDP 75% 25,0%
m³/year
(2)
MDF 90% 10,0% 640,000 (3)
m³/year
Metal Fittings 81% 19,0% 15,800,000 (4)
items/year
Vitreous China 77% 23,0% 7,000,000
items/year
(1) Resulting capacity after the shuting down of the Jundiaí hardboard unit. Previous capacity: 360.000 m³/year.
(2) After the association with Satipel, the MDP capacity will be: 1,9 milion m3/year.
(3) Disregarded the new line with 800K m³ in Agudos / SP, and 350K m3 from Satipel, both ramping-up.
(4) Capacity being expanded to 18 million items/year. Estimated completion: 2010.
23

24. Highlights
Balanced Financial Structure
2005 2006 2007 2008 jun/09
Balance Sheet Highlights (in million R$)
Cash 234,0 574,6 752,7 598,1 400,1
Current Assets 726,7 1.138,9 1.355,9 1.321,8 1.077,8
Long-Term Assets 39,1 33,6 64,5 144,4 136,5
Total Assets 1.947,1 2.375,2 2.750,5 3.373,4 3.249,0
Short Term Debt 151,5 359,4 246,2 435,1 485,9
Current Liabilities 318,7 601,0 563,3 832,8 847,1
Long Term Debt 439,6 258,8 424,6 649,4 444,6
Long-Term Liabilities 565,5 377,8 630,0 808,5 609,7
Minority Interest 12,0 0,6 0,6 0,6 2,2
Equity 1.050,9 1.395,8 1.556,5 1.731,5 1.790,0
Risk Ratios:
Current Ratio 2,28 1,90 2,41 1,59 1,27
Equity / Total Assets 54% 59% 57% 51% 55%
Debt / Debt + Equity 36% 31% 30% 39% 34%
Net Debt 357,1 43,6 -81,9 486,4 530,4
Net Debt / Equity 0,34 0,03 (0,05) 0,28 0,30
Net Debt / EBITDA 0,98 0,10 (0,15) 0,87 1,27 * annualized
24

25. Highlights
Debt Profile in June/09
Total Debt
Domestic R$ 930,4 M Foreign
Currency Currency 100% Hedge
59,1% 40,9%
384,8
Maturity (in R$ million)
1H2009 Debt:
258,5 • Increase: R$ 97,2 M
• Amortization: R$ 191,3 M
Long-term
47,8%
78,3
33,8 42,9 42,9 47,2 42,0
Short-term
jul/09 to 2010 2011 2012 2013 2014 2015 2016and
52,2% dec/09 after
25

26. Highlights
Revenue Origination 1H09
Revenue Geographical Distribution
Domestic Market
92,2%
Export Revenues
7,8%
Consolidated Net Revenue Hardboard
15,0%
MDP
12,4%
Metal Fittings
24,2%
R$ 807,1 M
MDF/HDF/SDF/
Laminate
Flooring Vitreous China
30,6% 17,8%
26

27. Highlights
Net Revenue in the Domestic Market
By Geographical Region 1H09
10,9%
5,9% R$ 807,1 M
83,2%
Revenue Segments 1H09
Other
2,5%
Industry Wholesale
57,4% 6,9%
Other 4,4%
Retail
Technical Home Center
16,4% 54,6%
Sales 3,3%
Wood
Resale 58,0% 42,0%
30,1%
Construction Construction
4,8% 19,6%
27

28. Highlights
Non-recurrent Events
(in R$ million) 1Q08 2Q08 3Q08 4Q08 2008 1Q09 2Q09
REPORTED EBITDA 127,8 160,3 141,7 129,5 559,3 94,2 104,6
NON-RECURRENT ITEMS 0,0 17,6 (8,7) (10,3) (1,4) (7,6) (1,4)
. Tax credit (COFINS) - 24,0 - - 24,0 - -
. Acquisition expenditures in Deca - (3,5) (1,9) - (5,4) - -
. Expenditure costs with SAP - (1,4) - (1,9) (3,3) - -
. Civil and Labor provisions - (1,6) * - - (1,6) - -
. Down payment for future energy consumption - - (6,8) (6,8) (13,6) - -
. Jundiaí Shutdown - - (1,6) * (1,6) (7,6) * (1,4)
RECURRENT EBITDA 127,8 142,7 150,4 139,8 560,7 101,9 105,9
REPORTED NET INCOME 72,2 75,9 98,2 67,6 313,9 46,9 45,0
NON-RECURRENT ITEMS 0,0 10,5 9,6 (6,4) 13,6 (4,8) (0,9)
RECURRENT NET INCOME 72,2 65,4 88,6 74,0 300,2 51,6 45,8
* Events which affect the cost of goods sold, all the others impact the operating lines.
28

29. Performance
Recurrent Financial Performance (Last 5 Q).
Net.Rev.(R$ million) & Gross Margin (%) EBITDA (R$ million) & Margin (%)
30,1% 29,1% 28,2%
40,4% 40,6% 39,9% 37,7% 38,0%
25,9% 25,6%
517,4 495,2
473,5
393,8 413,3
142,7 150,4 139,8
101,9 105,9
2Q08 3Q08 4Q08 1Q09 2Q09 2Q08 3Q08 4Q08 1Q09 2Q09
Income Before Taxes (R$ million) Net Income (R$ million)
112,5 125,7 103,0 88,6 74,0
69,2 80,9 65,4 51,6 45,8
2Q08 3Q08 4Q08 1Q09 2Q09 2Q08 3Q08 4Q08 1Q09 2Q09
29

30. Performance
Formation of Wood’s Recurrent EBITDA
R$ million
200 193,6 * (89,6)
27,0 (23,7)
150 128,5
(7,7) 9,0
42,5
(22,6)
100
50
0
Ebitda Volume Revenue Variable Variable Jundiaí Non-recurrent Ebitda
jun/08 Price Fixed jun/09
Costs Costs Hardboard events
Costs
(Volume) (Price) Shutdown
* Reported EBITDA. Mainly contains (+) 13,3M from the taxes recovery.
30

31. Performance
Recurrent Financial Performance (Last 5Q.)
Shipments (in ‘000 m3)
330,4 351,9
318,4
281,3
244,7
2Q08 3Q08 4Q08 1Q09 2Q09
Net Revenues (R$ million) & Gross Margin (%) EBITDA (R$ million) & Margin (%)
41,2% 39,7% 38,6% 31,9% 30,3%
37,8% 37,0% 29,2% 28,2%
26,8%
325,8 309,0 95,5 98,9
299,7 90,2
229,3 238,7
64,6 63,9
2Q08 3Q08 4Q08 1Q09 2Q09 2Q08 3Q08 4Q08 1Q09 2Q09
31

32. Performance
Formation of Deca’s Recurrent EBITDA
R$ million
180
160
45,6 (27,2)
140
23,6 (36,2)
120 (21,0)
100 94,5 *
79,3
80
60
40
20
0,0
0
Ebitda Volume Revenue Variable Variable Fixed Ebitda
Non-recurrent
jun/08 Price Costs Costs Costs jun/09
events
(Volume) (Price)
* Reported EBITDA. Mainly contains (+) 4,2M from the taxes recovery.
32

33. Performance
Recurrent Financial Performance (Last 5Q.)
Shipments (in ‘000 items)
4.926 4.744 4.775
4.204 4.239
2Q08 3Q08 4Q08 1Q09 2Q09
Net Revenues (R$ million) & Gross Margin (%) EBITDA (R$ million) & Margin (%)
42,2% 42,0%
39,1% 39,4% 27,2% 26,9% 26,6%
37,5%
191,7 186,3 24,1%
22,7%
173,8 174,5
164,5
47,2 51,5 49,6
37,3 42,0
2Q08 3Q08 4Q08 1Q09 2Q09 2Q08 3Q08 4Q08 1Q09 2Q09
33

34. Disclamer
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.
13th August 2009.
34

35. 1st Half Results
2009
August / 2009
35