Apresentação Corporativa3° trimestre 2011

Corporate Presentation3rd quarter 2011

2

60 years of DURATEX

1950-2000

•1951: Foundation

•1954-1961: Beginningof hardboardproduction

•1972: Incorporation ofDECA

•1981-1995: AcquisitionofLouçasul, Itapetininga unit, Agudos, and theArgentine companyPiazza Hermanos

•1997: First MDF facilityin Brazil, Agudos (SP)

2001-2008

•2002: New MDF/HDF/SDF unit in Botucatu

• 2005: Nivel 1 ofBM&FBovespaCorporate Governance

• 2008- Acquisitionof Ideal Standard and Cerâmica Monte Carlo

2009

•Associationbetween Duratex and Satipel: Establishment ofthe biggest panelmaker on theSouthernHemisphere

• NOVO MERCADO

•MDP expansion in Taquari

2010

• Acquisition ofland with forest in São Paulo

• Beginning ofoperation of theResin Plant

2011

• Acquisition ofElizabeth

• 2 new MDF plants

• Bonus Sharesof 20%

History

3

“Celebrating 60 years with art, music and environmental education”.

Rino Mania

A cultural project to incentive young artists.Exibition of 60 sculptures in the city of São Pauloand a traveling exibition of 15 sculptures thattoured 11 cities in Brazil, in which Duratex has itsunits. On 27.Oct.2011 all the sculptures wereauctioned and the profit of R$564.5 thousand wasdonated to charities.

4

60 years of Duratex

Season of Concerts Duratex 60 years

12 concerts with Maestro João Carlos Martins andBachiana Philharmonic in the municipalities wherethe Company’s units and are located.There have already been 9 concerts held, attendedby more than 25,000 people.

5

Corporate Governance

6

Shareholders Numeber of Shares Sep/11 %

Controllers 317,374,960 58%

Shares in Treasury 1,849,486 0%

Free Float 230,810,885 42%

Total shares 550,035,331 100%

Itaúsa*39,9%

Ligna*17,8%

Pension Funds2,2%

OtherLocal Investors

13,5%

Foreign Investors

26,3%

Treasury0,3%

Shareholder Structure

• 100% common shares (1 share, 1 vote)

• Tag along of 100% to all shares

• Dividend policy: 30% of the adjusted Net Income

• Existence of Board of Directors Committees

o Audit and Risk Management *

o Personnel Governance and Nominating Committee*

o Sustainability Committee *

o Committee for Evaluation of Transactions with Related Parties (composed only of independent members)

o Disclosure and Negotiation Committee(led by Director of IR)

Shareholder structure in Sptember 2011

* Chaired by independent Board members

Base 30/Sep/2011

* Included the participation of families

7

Business Performance

8

EQUITY 3Q11 2Q11 3Q10

Before adjustments to IFRS (in R$'000) 2,800,726 2,732,339 2,544,143

Business Combination 550,514 549,068 560,191

Biological Assets 216,001 215,284 217,545

Employee Benefits 51,001 46,121 42,280

Other adjustments 19,795 19,450 37,109

After adjustments to IFRS 3,638,037 3,562,262 3,401,268

Change 837,311 829,923 857,125

TOTAL ASSETS 3Q11 2Q11 3Q10

Before adjustments to IFRS (in R$'000) 5,553,312 5,503,248 4,821,099

Business Combination 733,919 744,274 763,790

Biological Assets 327,275 326,188 329,614

Employee Benefits 77,274 69,881 64,061

Other adjustments 2,873 2,873 (8,473)

After adjustments to IFRS 6,694,653 6,646,464 5,970,091

Change 1,141,341 1,143,216 1,148,992

Reconciliation of Total Assets and Equity

NET INCOME (in R$’000) 3Q11 2Q11 3Q10 Jan-Sep/11 Jan-Sep/10

Before adjustments to IFRS 117,257 108,268 118,385 303,420 310,878

ROE 17.0% 16.0% 18.9% 14.9% 17.1%

Business Combination (4,639) (2,919) (3,931) (11,630) (11,264)

Biological Assets 717 (5,481) 28,611 (3,228) 32,368

Employee Benefits 4,879 515 1,808 6,911 5,426

Other adjustments 0 0 7,564 0 (13,614)

After adjustments to IFRS 118,214 100,383 152,437 295,473 323,794

Extraordinary events (¹) (15,881) (9,284) (3,962) (25,165) (3,962)

Recurrent Net Income in IFRS 102,333 91,099 148,475 270,308 319,832

Recurrent ROE 11.4% 10.3% 17.7% 10.2% 13.1%

9

(¹) 2Q11, 3Q11 and 3Q10: Fixed asset sale, mainly,

Net Income

138.2

319.8

270.3

148.5

91.1 102.3

8.3%13.1%

10.2%

17.7%

10.3%

11.4%

9M09 9M10 9M11 3T10 2T09 3T112Q113Q10 3Q11

+12.3%

*Recurrent

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

Reconciliation of Net Income

Biological Assets (increase in price of wood and planted area in 2010) (27,893) (35,595)

Increase in Depreciation (7,453) (22,889)

TOTAL (35,346) (58,484)

Principal events that impacted results when compared with 2010 (non cash)

1,309.5

2,022.22,200.8

703.3 751.2 789.8

9M09 9M10 9M11 3T10 2T11 3T11

10

MDF/Laminated

Flooring34.1%

MDP21.3%Hardboard

7.7%

Components0.5%

Metal Fittings18.9%

Vitreous China17.5%

Domestic Market95.6%

Foreign Market

4.4%

Gross Margin 34.4% 38.6% 34.6% 39.7% 34.9% 34.9%

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

Net Revenue by product 3Q11 (%)

Consolidated Net Revenue

*Margin without biological assets

+5.1%

Geographical Distribution of Sales 3Q11 (%)

Madeira 771.0 1,356.2 1,396.5 63% 472.6 480.7 502.1 64%

Deca 538.5 666.0 804.3 37% 230.7 270.5 287.7 36%

3Q10 2Q11 3Q11

11

Before adjustments to IFRS

R$ 000 3Q11 2Q11 % 3Q10 % Jan-Sep/11 Jan-Sep/10 %

Operating Profit Before Financial Result 194,471 163,524 18.9 190,668 2.2 489,859 507,781 (3.5)

Depreciation/Amortization/Depletion 65,750 68,442 (3.9) 54,764 20.1 191,816 158,468 21.0

EBITDA 260,221 231,966 12.2 245,432 6.0 681,675 666,249 2.3

EBITDA Margin 32.9% 30,.% - 34.9% - 31.0% 32.9% -

Extraordinary Events (¹) (25,820) (14,068) - (6,004) - (39,888) (6,004) -

Recurrent EBITDA 234,401 217,898 7.6 239,428 (2.1) 641,787 660,245 (2.8)

Recurrent EBITDA Margin 29.7% 29.0% - 34.0% - 29.2% 32.6% -

(¹) 2Q11, 3Q11 3Q10: Fixed asset sale, mainly

Reconciliation of consolidated EBITDA (Before adjustments to IFRS)

429.1

660.2 641.8

239.4 217.9 234.4

9M09 9M10 9M11 3T10 2T11 3T113Q10

Recurrent EBITDA (R$ million)

Deca33%

Wood67%

2Q11 3Q11

314.2

631.9 610.7

225.8211.9 216.3

9M09 9M10 9M11 3T10 2T11 3T113Q10 2Q11 3Q11

12

After adjustments to IFRS

R$ 000 3Q11 2Q11 % 3Q10 % Jan-Sep/11 Jan-Sep/10 %

Operating Profit Before Financial Result 178,560 143,411 24.5 217,182 (17.8) 445,148 518,939 (14.2)

Depreciation/Amortization/Depletion 72,013 75,018 (4.0) 60,720 18.6 211,000 176,319 19.7

Change in Fair Value of Biological Assets (37,195) (27,693) 34.3 (72,509) (48.7) (100,490) (149,411) (32.7)

Depletion Portion of Biological Assets 36,108 35,998 0.3 29,159 23.8 105,381 100,369 5,0

Employee Benefits (7,393) (780) - (2,740) - (10,471) (8,222) -

EBITDA 242,094 225,954 7.1 231,812 4.4 650,568 637,994 2.0

EBITDA Margin 30.7% 30.1% - 33.0% - 29.6% 31.5% -

Extraordinary Events (¹) (25,820) (14,068) - (6,004) - (39,888) (6,004) -

Recurrent EBITDA 216,274 211,886 2.1 225,808 (4.2) 610,680 631,990 (3.4)

Recurrent EBITDA Margin 27.4% 28.2% - 32.1% - 27.7% 31.3% -

Reconciliation of consolidated EBITDA (After adjustments to IFRS)

Recurrent EBITDA (R$ million)

Deca32%

Wood68%

(¹) 2Q11, 3Q11 and 3Q10: Fixed asset sale, mainly

211.2

643.4

349.7 320.9382.5

2011 2012 2013 2014 2015 e apósand after

Domestic Currency

94%

Foreign Currency

6%

13

R$’000 3Q11 2Q11 Var. 3Q10 Var.

Short Term Debt 584,854 531,969 52,885 410,432 174,422

Long Term Debt 1,322,915 1,397,867 (74,952) 1,090,368 232,547

Total Financial Debt 1,907,769 1,929,836 (22,067) 1,500,800 406,969

Cash 710,992 759,763 (48,771) 452,899 258,093

Net Debt 1,196,777 1,170,073 26,704 1,047,901 148,876

1,047.91,170.1 1,196.7

30.8% 32.8% 32.9%

1.28 1.31 1.32

3T10 2T11 3T113Q10 2Q11 3Q11

Net Debt (R$ million) /Equity (%) Net Debt (R$ million) /EBITDA (last 12 months)

Origin of Debt (%) Amortization Schedule (R$’000)

Indebtedness

Cash

710.9

*

*100% Swap for CDI

14

Consolidated CAPEX (R$ million)

891.2

427.0 459.6

423.3Accomplished

until Sep/11

196.7

2008 2009 2010 2011

620.0e

Estimated Capex, Total 2011 R$ 620 million

DECA 210

Wood 276

Forest 29

Planting and maintenance 93

Other 12

6 PLANTS

São Paulo:- Itapetininga: MDP and new plant of MDF (start-up 2013)

- Agudos: 2 MDF lines, Flooring and Resin Plant (DRI)

- Botucatu: Hardboard and MDF

Minas Gerais:- Uberaba: MDF and MDP

Rio Grande do Sul:- Taquari: MDP

230 thousand ha of land:o SP – 62%o MG – 34%o RS – 4%

Localization of Plants

Business division of Duratex responsible for manufacturing wood panels made from pine and eucalyptus

15

771.0

1,356.2 1,396.5

472.6 480.7 502.1

9M09 9M10 9M11 3T10 2T11 3T113Q10 2Q11 3Q11

917.2

1,742.9 1,713.2

590.1 582.1 611.7

9M09 9M10 9M11 3T10 2T11 3T112Q113Q10 3Q11

16

]

+5.1%

+4.5%

+3.7%

+6.2%

Gross Margin 27.4% 40.1% 32.2% 36.1% 33.1% 32.6%

Shipment (in 000 m³)

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

Highlights

*Without biological assets

Installed Capacity & Occupancy Rate ofAvailable Capacity 3Q11

*Effective Annual Capacity of Duratex, considering lines alreadyinstalled, after periods of ramp-up and minor investments**Without minor investments mentioned above

Sales Channels 3Q11:

MDF 88%

MDP 87%

Hardboard 100%

Annual Capacity (in ´000 m³) NOMINAL EFFECTIVE * AVAILABLE**

MDF 1,800 1,530 1,400

MDP 1,900 1,620 1,350

Hardboard 210 195 195

Total 3,910 3,345 2,945

FurnitureIndustry

53%Retail26%

Construction

15%

Other6%

17

(in R$’000) 3Q11 2Q11 % 3Q10 % Jan-Sep/11 Jan-Sep/10 %

Operacional Profit beforeFinancial Results

119.2 90.4 31.9 150.0 (20.6) 271.7 338.6 (19.8)

Change in Fair Value of Biological Assets (37.2) (27.7) 34.3 (72.5) (48.7) (100.5) (149.4) (32.7)

Depletion of Biological Assets 36,1 35.9 0.3 29.2 23.8 105.4 100.4 5.0

Depreciation/Amortization/Depletion 59.9 61.8 (3.1) 50.7 18.8 173.5 146.8 18.2

Employee Benefits (4.8) (0.5) - (1.8) - (6.8) (5.5) -

EBITDA 173.1 159.9 8.3 155.5 11.3 443.3 430.9 2.9

Extraordinary Events (¹) (25.8) (14.1) - (6.0) - (39.9) (6.0) -

Recurrent EBITDA 147.3 145.8 1.0 149.5 (1.5) 403.4 424.9 (5.1)

Recurrent EBITDA Margin 29.3% 30.3% - 31.6% - 28.9% 31.3% -

Before adjustments to IFRS

Recurrent EBITDA 158.1 147.9 6.8 157.8 0.2 420.2 441.5 (4.8)

Recurrent EBITDA Margin 31.5% 30.8% - 33.4% - 30.1% 32.6% -

Reconciliation of EBITDA

(¹) 2Q11, 3Q11 and 3Q10: Fixed asset sale, mainly

18

1,413

1,8612,037

2,263 2,352

2,972

2,224 2,287

740 796 832

2005 2006 2007 2008 2009 2010 9M10 9M11 3T10 2T11 3T11

MDF

3Q10 2Q11 3Q11

Wood Panels MarketTotal Consumption of Wood Panels in Brazil (Source ABIPA, in „000 m³)

2,102 2,186

2,548 2,6332,431

2,885

2,157 2,250

705 759 807

2005 2006 2007 2008 2009 2010 9M10 9M11 3T10 2T11 3T11

MDP

3Q10 2Q11 3Q11

Effective Available Capacity: 3,660 thousand m³/year; Effective Capacity of the Industry: 4,080 thousand m³/year

Effective Available Capacity: 3,620 thousand m³/year; Effective Capacity of the Industry: 4,000 thousand m³/year

+4.5%

+6.3%

+2.8%

+4.3%

*Annual effective capacity of the industry based on lines already installed, after periods of ramp-up and minor investments.

+12.4%

+14.5%

The volume of 2005-2008 refers to apparent consumption that includes inventories and from 2009 onwards refers to domestic sales in the country

19

9 PLANTS

São Paulo:- Metals: São Paulo and Jundiaí- Vitreous China: 2 plants in

Jundiaí

Rio de Janeiro: - Vitreous China: Queimados

Rio Grande do Sul:- Vitreous China: São Leopoldo

Pernambuco:- Vitreous China: Cabo de Santo

Agostinho

Paraíba:- Vitreous China: João Pessoa

ARGENTINA- Metals: Deca Piazza in Buenos

Aires

Business division of Duratex responsible for manufacturing metal fittings, vitreous china and accessories

Localization of Plants

BRAZIL

ABRAMAT INDEX

Source: Associação Brasileira da Indústria de Materiais de Construção ABRAMAT Index: monthly indicator of sales performance of the Building Materials Industry

2005 2006 2007 2008 2009 2010

Building Materials Industry

20

Jan-Sep/11 2011 Forecast

538.5665.9

804.3

230.7 270.5 287.7

9M09 9M10 9M11 3T10 2T11 3T113Q10 2Q11 3Q11

14.32316.226

18.776

5.529 6.259 6,780

9M09 9M10 9M11 3T10 2T11 3T113Q10 2Q11 3Q11

+8.3%

+22.6%

+6.4%

+24.7%

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

Shipment (in 000 items)

Highlights

Sales Channels 3Q11:

21

Installed Capacity & Occupancy Rate 3Q11

]

Gross Margin 39.3% 44.2% 39.1% 47.3% 38.2% 38.9%

METAL FITTINGS 100%

VITREOUS CHINA 96%

Retail67%

Builders22%

Wholesale9%

Other2%

22

(in R$’000) 3Q11 2Q11 % 3Q10 % 9M11 9M10 %

Operacional Profit beforeFinancial Results

59.4 53.0 11.9 67.2 (11.6) 173.5 180.3 (3.8)

Depreciation/Amortization/Depletion

12.1 13.2 (8.1) 9.9 21.5 37.5 29.5 27.1

Employee Benefits (2.6) (0.2) - (0.9) - (3.7) (2.7) -

EBITDA 68.9 66.0 4.4 76.2 (9.6) 207.3 207.1 0.1

Extraordinary Events 0 0 - 0 - 0 0 -

Recurrent EBITDA 68.9 66.0 4.4 76.2 (9.6) 207.3 207.1 0.1

Recurrent EBITDA Margin 24.0% 24.4% - 33.0% - 25.8% 31.1% -

Before adjustments to IFRS

Recurrent EBITDA 76.3 69.9 9.1 81.6 (6.5) 221.6 218.6 1.3

Recurrent EBITDA Margin 26.5% 25.9% - 35.4% - 27.6% 32.8% -

Reconciliation of EBITDA

23

Sustainability

24

Sustainability

• 230 K hectares of land

• 140 K hectares of planted forests

• 267 million trees planted

• 56 trees planted per minute

• Harvest between 6 and 7 years

• Low distance between forests and plants

• Increased productivity (m3/hectares/year)

• Conservation of native forests

• Certifications(FSC and ISO14.001)

Evolução da Produtividade em Novas Florestas Eucalipto

- São Paulo -

2030

40 44 4452514845

0102030405060

Anos

60

Anos

80

2000 2005 2006 2007 2008 2009 2010

Ano base

IMA

(m

³/h

a.an

o)

New Developments in Productivity in Eucalyptus Forests

+160%

60´s 80´sYear Base

Duratex since its founding in 1951, constantly investing in environmental actions that contribute to the future of the planet

• Water saving products

• Material Recovery Area

• Waste collection

• Certified forest

• Recycling of metal (bronze, brass and plastic)

• 9 product lines Sustentax certified , as LEED (Leadership in Energy and Environment Design)

Year

Projet FORMAREUberaba – MG e& Taquari - RS

More than 240 youth and 543 teachers trained. Volunteers involved in the project since 2003

Environmental Education CenterEstrela do Sul - MG

Opened in September 2010, received 70 visitors in the same year

School of Joinery Tide SetubalAgudos - SP

Inaugurated in 2000, has trained 338 young people

Duratex signed the Program, an initiative of the WCF, which goal is to inhibit the sexual exploitation of children and teenagers in Brazilian highways

Community Libraries Estrela do Sul - MG & Taquari - RS

Partnership with the Institute Ecofuturo, National Book Foundation Children and Youth and municipalities, the project aims to encourage reading in poor communities

Seeking the Future ProjectDeca units São Paulo & Jundiaí

Since 2004, provides guidance for engagement in the job market for students of technical schools

25

Social Actions

Program Na Mão Certa

In 2010, the area received more than 7,000 visitors

Area Environmental Experience PiatanAgudos – SP

26

Economic scenario

27

Economic Scenario

Interest Rate (% annum)

11,25

13,75

8,75

10,75 11,2511,75 12,00 12,25 12.50 12.00 11.50

2007 2008 2009 2010 jan/11 mar/11 abr/11 jun/11 jul/11 ago/11 otu/11Jan/11 March/11 Abr/11 Jun/11 July/11 Aug/11 Out/11

309.671 328.204345.923

373.340385.634

419.593437.785

0

100000

200000

300000

400000

2005 2006 2007 2008 2009 2010 UDM até jul´11

Disposable Income (R$ mn) and Unemployment Rate in Brazil (%)

300350

380415

465510

545

616

2005 2006 2007 2008 2009 2010 2011 2012p

Minimum Wage (R$ mn)

40.8%

45.0%

46.6% 46.3% 46.5%.46.5%.46.6%46.9%46.1% 45.7%

46.2%

36,0%

38,0%

40,0%

42,0%

44,0%

46,0%

48,0%

50,0%

2008 2009 2010 jan/11 fev/11 mar/11 abr/11 mai/11 jun/11 jul/11 ago/11

Total Credit / GDP (Brazil, %)

UntilJuly/11

Unemploymentrate

Dec/05 Dec/06 Dec/07 Dec/08 Dec/09 Dec/10 July/11 Aug/11

8.6 8.4 7.4 6.8 6.8 5.3 6.0 6.0

Jan/11 Feb/11 March/11 Apr/11 May/11 Jun/11 July/11 Aug/11

e

1.5001.900

1.900 1.900 1.900 1.900 1.900

650

1.0001.800 1.800

1.8002.400

3.200

360

210

210 210 210

210

210

2007 2008 2009 2010 2011 2013 2015

MDP MDF CHAPA

28

Evolution of Nominal Capacity and Investments

Investments in Progress

Capacity (´000 m³) Effective Nominal

Plant 1 – Itapetininga 520 600

Plant 2 – location to be defined 680 800

Forest - -

Total 1,200 1,400

2,5103,110

3,910 3,910 3,9104,510

5,310

HARDBOARD

Nominal Capacity (in ´000 m³)

Accomplished Investments

Flooring

Law pressure coating line, paper saturation line

Planting and other projects

Plant 1 - Itapetininga

Expansion MDF

Expansion BP

14,440

15,60015,800

15,800

17,000 18,200

3,8006,200 7,200 7,200

9,80012,200

2007 2008 2009 2010 2011 2012Metais LouçasMetais Vitreous China

29

Accomplished Investments

Acquisition Elizabeth (Feb/2011)

New furnace in Cabo Santo Agostinho (+0.8 mn items/year; April/11)

Expansion Metals to 17,000 items/year (2011)

30,400

26,800

23,00023,00021,80018,200

Nominal Capacity (in ´000 items)

Investments in Progress

Reactivation and expansion of Queimados unit, RJ + 2.4 mn items/year of vitreous china (2012)

Metals expansion to 18.2 mn items / year (2012)

Evolution of Nominal Capacity and Investments

30

Value Creation

31

Awards & Recognitions 2011

Market Value between 5 -15 billion1st place SULAMÉRICA2nd place DURATEX3rd place LOJAS RENNER

Pini Award (laminate flooring)

Anamaco Award (laminate flooring)

Top of Mind

Award Stand Design

32

69 DURATEX NM 4,735.8 2,553.8

IssuersR$ mn US$ mn

1 ,PETROBRÁS 173,583.7 74,158.8

2 ,VALE R DOCE N1 106,437.3 45,472.4

3 ,BRADESCO N1 64,763.4 27,668.4

4 ,ITAUBANCO N1 58,155.1 24,845.2

5 ,AMBEV 54,119.7 23,121.2

6 ,BRASIL 34,208.0 14,614.4

7 ,ITAUSA N1 24,229.1 10,351.2

8 ,UNIBANCO N1 22,128.0 9,453.5

9 ,TELESP 21,938.5 9,372.6

10 ,ELETROBRÁS 21,640.7 9,245.4

IssuersR$ mn US$ mn

1 ,PETROBRAS 262,546.3 141,580.1

2 ,VALE N1 221,618.8 119,509.7

3 ,AMBEV 158,087.8 85,250.1

4 ,ITAUUNIBANCO N1 124,658.7 67,223.2

5 ,BRADESCO N1 96,862.9 52,234.1

6 ,BRASIL NM 71,060.5 38,319.9

7 ,TELESP 53,799.7 29,011.9

8 ,SANTANDER BR N2 53,737.7 28,978.5

9 ,ITAUSA N1 49,493.7 26,689.9

10 ,OGX PETROLEO NM 37,188.1 20,053.9

Market Value of 10 biggest Brazilian companies

IssuersR$ mn US$ mn

IssuersR$ mn US$ mn

63 DURATEX N1 1,579.8 674.9

TOTAL R$ 1,129,054.6US$ 608,851.3

TOTAL R$ 581,203.9US$ 248,303.1

+94%

DURATEXDEC/05 SEP/11

+199.7%

+276.2 %

+145.2%

Source: BM&FBovespa

Value Creation

SEP/ 2011DEC/ 2005

70

100

130

160

190

220

250

280

310

19

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09

19

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09

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19

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11

DTEX3 IBOV

33

Comparative performance of DTEX3 x IBOV (19.Jun.09 – 26.Oct.11)

Value Creation

+47.2%

+ 11.4%

34

DISCLAIMER

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.

November, 2011

Apresentação Corporativa3° trimestre 2011

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