- Eucatex reported a 17.5% increase in 3Q13 net revenue to R$292.9 million. Recurring EBITDA grew 22.9% to R$60.7 million and the EBITDA margin expanded 0.9 percentage points to 20.7%. Net income increased 45.1% to R$35.1 million. - By business segment, fiberboard revenue grew 14.8

1. 3Q R
13 esul t s
N
ovem
ber 7, 2013

2. Eucat ex G oup
r
3Q G
13 ener al H ghl i ght s
i
N R
et evenue – R 292.9 m l l i on, up 17.5%
$
i
R
ecur r i ng EB TD – R 60.7 m l l i on, up 22.9%
I A
$
i
EB TD M gi n – 20.7%, up 0.9 p.p.
I A ar
N I ncom – R 35.1 m l l i on, up 45.1%
et
e
$
i
2

3. O at i ng D a – N R
per
at
et evenue
B Segm
y
ent
B Pr oduct
y
Other
Laminated 2%
Flooring
13%
Paints and
Varnishes
21%
MDP
22%
T-HDF/MDF
22%
Fiberboard
20%
Export
Market
7%
Retail
11%
Furniture
Industry
39%
Construction
43%
3

4. C
onst r uct i on
A R M T O l ook f or 2013
B A A ut
 G ow h of 2.5% i n 2013 and 4.0% t o 5.0% i n 2014.
r t

G ow h above G P;
r t
D

U ur n i n r eal est at e m ket ;
pt
ar

71% of com
pani es i n t he sect or w l l m nt ai n t hei r i nvest m
i
ai
ent pl ans f or 2014; and

St i l l posi t i ve i ndi cat or s: R
eal W
age Bi l l and Fr ee C edi t t o I ndi vi dual s.
r
A R M T I ndex – D est i c M ket
BAA
om
ar
14.3%
13.1%
8.5%
6.0%
5.0%
4.1%
1.4%
2.5%
-4.1%
-12.0%
2005
Sour ce: ABR AT
AM
2006
2007
2008
2009
2010
2011
2012
2013
Forecast
2013
Forecast
4

5. M NHA C M NHA VI DA H
I
ASA I
ousi ng Pr ogr am
 Tar get of 3.75 m l l i on houses by 2014
i
H
ousehol d i ncom of up t o R 5,000.00
e
$
 2.8 m l l i on houses cont r act ed and i nvest m s of R 177.5 bi l l i on – 75% of t he t ar get m
i
ent
$
et

1st Phase – 1 m l l i on houses
i

2nd Phase – 1.7 m l l i on houses
i
45% of C r act ed H
ont
ouses have been D i ver ed – 1,247,859
el
1,272,624
1,184,942
822,361
325,709
340,774
Income Range 1
(R$ 1,600.00)
84,724
Income Range 2
(R$ 3,100.00)
Contracted
Income Range 3
(R$ 5,000.00)
Delivered
Sour ce: SEC VI
O
5

6. Fur ni t ur e I ndust r y
Ef f ect i ve I nst al l ed C
apaci t y (Fi ber boar d + M F + M P) X Pr oduct i on
D
D
G P Est i m e
D
at
(Focus m ket r eadout )
ar
2013 – 2.5%
2014 – 2.13%
7,969
6,042
5,100
78%
2005
6,382
2006
8,787
7,033
6,560
83%
5,300
84%
8,386
81%
82%
82%
2008
2009
79%
81%
2007
77%
Effective installed Capacity ('000 m³)
2010
2011
Production
2012
2013
through
September
2013 C
apaci t y
9,377,000 m³
Sour ce: Eucat ex Est i m e
at
6

7. M NHA C M O Pr ogr am
I
ASA ELH R
I ni t i al l i st of i t em t hat coul d be pur chased
s
 Launched i n June 2013
 Tar get : 3.75 m l l i on f am l i es
i
i
FURNITURE
 C edi t car d w t h l i m t of R 5,000.00 f or Pur chases of
r
i
i
$
Fur ni t ur e and H e A i ances
om ppl
MAX. RETAIL
PRICE
Wardrobe
t o 25% of t he gr oss r evenue of t he f ur ni t ur e and hom
e
appl i ances sect or i n 2012)
 Accor di ng t o Tendências C
onsul t or i a, t he pr ogr am shoul d
Double bed (with or without mattress)
R$ 370.00
Single bed (with or without mattress)
R$ 320.00
Table with chairs
 Pot ent i al Fi nanced Vol um – R 18.7 bi l l i on (equi val ent
e
$
R$ 380.00
R$ 300.00
Couch
R$ 370.00
hel p sal es of f ur ni t ur e and hom appl i ances gr ow 5.7%
e
C R EN LI ST
UR T
– A t er r evi si on i n O ober 2013
f
ct
i n 2013 and 7.0% i n 2014
Est i m ed Funds I nj ect ed by t he Pr ogr am i nt o t he
at
R ai l Sect or
et
FURNITURE
MAX. RETAIL
PRICE
R$ 400.00
Table with chairs
R$ 400.00
Kitchen furniture
R$ 600.00
R$ 350.00
Couch
R$ 4.2 bn
R$ 500.00
Shelving and racks
201
4
Double bed or bunk bed (with or without
mattress) or double bed box
R$ 1.9 bn
R$ 700.00
Single bed or cot (with or without mattress) or
single bed box
201
3
Wardrobe
R$ 600.00
Source: Tendências C
onsul t or i a
7

8. 139
130
110
100
120
118
Fi ber boar d
114
106
Total Market ('000 m³)
100
94.1
104
94.1
N R
et evenue
3Q
12
3Q
13
Var
R 50.2 m l l i on
$
i
R 57.6 m l l i on
$
i
14.8%
1T06
1T07
1T08
1T09
3Q12
I nst al l ed C
apaci t y U i l i zat i on
t
1T10
3Q13
Source: ABIPA
Eucatex
Market
Mercado
B eakdow of C s
r
n
ost
79%
Electricity
8%
3Q13
Thermal
Power
7%
Depreciation
10%
Wood
17%
 Total Capacity – 240,000 m³ / year
Labor
25%
Coating (Paper
and Paint)
Other
8%
Materials
25%
8

9. 139
130
110
100
118
120
T-HDF / MDF
106
T-HDF + MDF Market ('000 m³)
104
100
114
1,014.9
944.1
N R
et evenue
3Q
12
3Q
13
Var
R 49.1 m l l i on
$
i
R 63.2 m l l i on
$
i
28.8%
1T06
1T07
1T08
1T09
1T10
3Q12
I nst al l ed C
apaci t y U i l i zat i on
t
Source: ABIPA
3Q13
Eucatex
Mercado
Market
B eakdow of C s
r
n
ost
88%
3Q13
Thermal
Power
Electricity
3%
6%
Labor
8%
Depreciation
11%
Wood
23%
 Total Capacity – 275,000 m³ / year
Resin
35%
Other
Materials
13%
9

10. 139
MP
D
130
110
100
120
118
100
114
Market ('000 m³)
106
814.5
104
795.6
N R
et evenue
3Q
12
3Q
13
Var
R 57.8 m l l i on
$
i
R 64.0 m l l i on
$
i
10.6%
1T06
1T07
1T08
1T09
3Q12
I nst al l ed C
apaci t y U i l i zat i on
t
1T10
3Q13
Source: ABIPA
Eucatex
Market
Mercado
B eakdow of C s
r
n
ost
81%
92%
Thermal
Electricity Power
Labor
4% Depreciation
5%
7%
7%
3Q13
Resin
20%
 Capacity – 430,000 m³ / year
Other
Materials
16%
Wood
14%
Coating
(Paper and
Paint)
26%
10

11. 139
Laminated Flooring
130
110
100
120
118
106
Market ('000 m²)104
100
114
4,035.4
N R
et evenue
3,350.8
3Q
12
3Q
13
Var
R 33.2 m l l i on
$
i
R 39.1 m l l i on
$
i
17.6%
1T06
1T07
1T08
1T09
3Q12
I nst al l ed C
apaci t y U i l i zat i on
t
Source: ABIPLAR
1T10
3Q13
Eucatex
Market
Mercado
B eakdow of C s
r
n
ost
Labor
3%
52%
3Q13
 Total Capacity – 12 million m² / year
Resin
Other
15%
Materials
11%
Electricity
0% Thermal
Power
1%
Depreciation
Wood
2%
7%
Coating
(Paper)
61%
11

12. 139
110
100
118
100
130
Paints and Varnishes
120
M ket – m l l i on gal l 104
ar
i
ons
106
114
298.0
287.8
N R
et evenue
3Q
12
3Q
13
Var
R 54.3 m l l i on
$
i
R 62.5 m l l i on
$
i
15.0%
1T06
I nst al l ed C
apaci t y U i l i zat i on
t
1T07
1T08
1T09
3Q12
Source: Eucatex
1T10
3Q13
Eucatex
Mercado
Market
B eakdow of C s
r
n
ost
Labor
6%
63%
3Q13
 Tot al C
apaci t y – 36 m l l i on gal l ons / year
i
Packaging
16%
Electricity
1% Other Costs
3%
Depreciation
1%
Raw Material
74%
12

13. Fi nanci al D a
at
Highlights (R$ million)
Net Revenue
Fair value of biological assets
Cost of products sold
Gross income
3Q13
V.A. %
3Q12
V.A. %
Var. (%)
9M13
V.A. %
292.9
100.0%
249.2
100.0%
17.5%
825.1
100.0%
10.6
3.6%
9.7
3.9%
-8.7%
32.9
4.0%
(206.0)
-70.3%
(177.7)
-71.3%
15.9%
(582.2)
-70.6%
97.4
33.3%
81.2
32.6%
20.0%
275.9
33.4%
0.7 p.p.
33.4%
31.9
(500.3) -71.6%
16.4%
230.3
(12.5)
-4.3%
(12.6)
-5.1%
-0.5%
(38.2)
-4.6%
Selling expenses
(40.8)
-13.9%
(32.9)
-13.2%
24.1%
(113.4)
-13.7%
Other operating income and expenses
(2.1)
-0.7%
(1.4)
-0.5%
-53.2%
(5.1)
-0.6%
0.0
EBITDA adjusted by non-cash events
55.9
19.1%
62.1
24.9%
-10.0%
172.2
20.9%
161.3
-5.8 p.p.
20.9%
22.9%
173.0
0.9 p.p.
21.0%
Adjusted Recurring EBITDA
Adjusted Recurring EBITDA Margin (%)
Net financial result
60.7
20.7%
20.7%
49.4
19.8%
19.8%
33.0%
33.0%
(36.3)
19.8%
0.5 p.p.
-5.2%
5.0%
(100.7) -14.4%
12.6%
0.0% -44602.5%
23.1%
23.1%
21.0%
18.1%
-3.1%
Administrative expenses
24.9%
Var. (%)
4.6%
33.3%
19.1%
V.A. %
698.7 100.0%
Gross Margin (%)
EBITDA Margin (%)
32.6%
9M12
135.2
6.7%
-2.2 p.p.
19.3%
19.3%
28.0%
1.6 p.p.
1.5
0.5%
(11.6)
-4.7%
112.8%
(26.8)
-3.3%
(45.7)
-6.5%
41.3%
Non-recurring results
(4.8)
-1.7%
12.7
5.1%
-138.2%
(0.8)
-0.1%
26.2
3.7%
-103.0%
Income and social contribution taxes
(3.5)
-1.2%
(11.3)
-4.5%
-69.3%
(11.3)
-1.4%
(19.9)
-2.9%
-43.3%
Net Income
35.1
12.0%
24.2
9.7%
45.1%
80.3
9.7%
53.9
7.7%
49.0%
13

14. D
ebt
Debt (R$ Million)
9M13
9M12
Var. (%)
2012
Var. (%)
Short Term Debt
137.5
132.0
4.1%
146.9
-6.4%
Long Term Debt
129.4
135.8
-4.7%
126.9
2.0%
Gross Debt
266.9
267.8
-0.3%
273.8
-2.5%
12.1
7.3
65.9%
6.9
74.9%
254.8
260.5
-2.2%
266.9
-4.5%
% Short Term Debt
52%
49%
2.2 p.p.
54%
-4.0%
Net Debt/EBITDA
1.1
1.3
-16.2%
1.4
-23.7%
Cash and Cash Equivalents
Net Debt
N D
et ebt / EB TD
I A
1.2 x
D
ebt Pr of i l e af t er Lengt heni ng
1.4 x
Short
Term
25%
1.1 x
Long
Term
75%
2011
2012
9M13
14

15. C
apex
C
apex i n 3Q
13
R$ 27.2 million
A l l ar y equi pm
nci
ent f or T-H F/M F
D D
Sust ai nabi l i t y - Pr oduct i on
Sust ai nabi l i t y - For est s
Forests
51%
Sustainability
49%
Capex for 2013
R$ 100 million
15

16. Sust ai nabi l i t y – For est s and R
ecycl i ng
Tot al Pr ocessi ng C
apaci t y - R
ecycl i ng
A age R us
ver
adi
74 f ar m w t h
s i
eucal ypt us
pl ant at i ons t ot al i ng
45,800 hect ares
Sal t o
161 km
Bot ucat u
31 Km
Equi val ent t o
Ton/Year
Tr ees
240,000 t on
For est s
2 m l l i on / year
i
1,500 hect ar es
Vol um Pr ocessed (t on) - R
e
ecycl i ng
N l y Pl ant ed For est s (hect ar es)
ew
99,808
89,383
86,068
5,036
4,603
4,080
3,193
2011
2012
9M13
G ns i n W
ai
ood Pur chases - R
ecycl i ng
2010
2011
2012
9M13
Wood
Market *
R
ecycl ed
Var i at i on
C
onsum
p.
D y Ton
r
G n
ai
R$ 210.60
ton/dry
R 149.12
$
t on/dr y
R 61.48
$
t on/dr y
73,157
R 4,497.57
$
t housand
* W
ood chi ps - C F
I
16

17. I R C act s
ont
José Antonio G. de Carvalho
Executive VP and IRO
Sergio Henrique Ribeiro
Controller
Waneska Bandeira
Investor Relations
(55 11) 3049-2473
ri@eucatex.com.br
www.eucatex.com.br/ri