Portucel S.A.Assembleia Geral

21 de Maio de 2013

3Q / 9M 2015 Results

Presentation

Disclaimer

This presentation does not constitute or form part of and should not be construed as any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in any jurisdiction nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract commitment or investment decision in relation thereto nor does it constitute a recommendation regarding the securities analysed herein. No action has been made that would permit a public offering of any securities mentioned in this presentation in any jurisdiction. No offers, sales, re-sales or delivery of any securities mentioned I this presentation or distribution

of any offering material relating to any such securities may be made in or from any jurisdiction.

Any decision to subscribe for or purchase ordinary shares in any offering should be made solely on the basis of information contained in any offer document that may be published by the relevant issuer in final form in relation to

such offering and securities.

This presentation is intended to provide a general overview of Portucel, S.A. business and does not purport to deal with all aspects and details regarding Portucel. Accordingly, no representation, undertaking or warranty, express or

implied, is given by Portucel or any of its subsidiary undertakings, affiliates, directors, officers, employees or advisors or any other person as to the fairness, accuracy, completeness or correctness of the information or

opinions contained in this presentation or of the views given or implied or any other material discussion in connection with this presentation. This presentation has been prepared by Portucel solely for information purposes. Portucel any of its affiliates, directors, officers, employees or advisers or any other person shall not have any liability

whatsoever (in negligence or otherwise) for any loss, errors or omissions howsoever arising, directly or indirectly, from any use of this presentation or its contents or otherwise arising in connection therewith.

2

9M 2015 – Higher paper and pulp prices and strong EBITDA

• Sales turnover up by 5.8% to €1 204 million

with improvement in paper and pulp prices

• Strong EBITDA of € 294 million, with clear

improvement in margin EBITDA / Sales of

24.4%

• Net favorable impact of EUR/USD exchange

rate

• Capex of € 113.1 million

• Successful start-up of second tissue machine

from AMS

• Decision to invest € 120 million in new tissue

capacity of 70 thousand tons /year

• First Sustainability Forum dedicated to Forest

Protection and fire fighting

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3

Significant turnover growth and diversification over the last years

Revenues by division 9M 2009 vs 9M 2015

• Since the last significant investment cycle in 2009, turnover increased by 49%, with

consolidation of paper revenues and diversification into energy and tissue

613

888

125

101

56

158

39

9M2009 9M2015

Other

Tissue

Energy

Pulp stand alone

Paper

€ 1.204 million

€ 806 million

49%

4

Change in geographical mix of paper sales

• European paper consumption estimated to have decreased 1.6% YoY; US

consumption – 0.3%.

• Growth of paper sales to USD markets outside Europe to improve paper margin

contribution

* Sales to other markets include Africa, Latin America, Middle East, Turkey, Asia, mainly in USD

-1.6%

-0.30%

Europe

US

Estimated apparent consumption YTD 2015

66%

64%

YTD 2014

YTD 2015

Paper sales to Europe

5

Better price environment for pulp

• Positive impact of EUR/USD exchange rate on pulp prices

European Market Prices Evolution

Source: FOEX

600

650

700

750

800

850

900

500

550

600

650

700

750

800

850

900

2012 2013 2014 2015

Copy B (EUR/ton)

BHKP (USD/ton)

BHKP (EUR/ton)

EUR/ton USD/ton

YoY increase of 55.3 million in EBITDA

Ebitda

9M2014

238.7

291.5Pulp & paper

prices

Wood costs

& logistics

Increase in

personnel

costs

Other

impacts

Ebitda

Current

Business

Ebitda

9M015

Acquired

business

AMS

Future

Business

294.0297.1

Ebitda

Comparable

Business

• Main positive impact from pulp and paper prices; cost of wood and logistics and

acquired tissue business also contributing positively

Positive impacts

Va

lue

s in

mil

lio

n E

uro

s

Negative impacts

6

7

Strongest EBITDA in the last 16 quarters

• EBITDA of € 109.5 million in Q3 , with significant improvement in operating margin

Va

lue

s in

mil

lio

n E

uro

s

25% 25%

27%

24%

26% 26%

24%

22% 22%23%

21%21%

21%

22%

21%

25%

27%

10%

12%

14%

16%

18%

20%

22%

24%

26%

28%

00

20

40

60

80

100

120

Ebitda % Ebitda / Sales

8

Summary financials 9M 2015

(1) Operating profits + depreciation + provisions

(2) Var. Net debt + dividends + share buyback

(3) Interest-bearing net debt – liquid assets

(4) EBITDA corresponding to last 12 months

(5) Percentage variation corresponds to figures not rounded up/down

9M 9M Change (5)

2015 2014 9M15 / 9M14

Total sales 1 204.3 1 138.0 5.8%

EBITDA (1) 294.0 238.7 23.2%

Operating profits 207.7 164.0 26.6%

Financial results - 44.9 - 24.6 82.2%

Net earnings 141.9 133.1 6.6%

Cash flow 228.2 207.7 9.9%

Adjusted Free Cash Flow (2) 18.4 200.3 -90.8%

Capex 113.1 12.3 100.8

Net debt (3) 587.1 309.9 277.1

EBITDA / Sales (%) 24.4% 21.0% +2.0 pp

ROS 11.8% 11.7% +0.5 pp

ROE 13.9% 12.3% +2.1 pp

ROCE 15.4% 12.5% +2.0 pp

Equity ratio 51.5% 52.2% - 1.3 pp

Net Debt / EBITDA (4) 1.5 0.9

9

Summary financials Q3 2015

Q3 Q2 Q3 Change (5) Change (5)

in M€ 2015 2015 2014 Q3 15/Q2 T15 Q3 15/Q3 T14

Total sales 409.4 406.1 390.8 0.8% 4.8%

EBITDA (1) 109.5 103.1 80.5 6.2% 36.0%

Operating profits 78.1 75.5 51.8 3.4% 50.7%

Financial results - 27.1 - 9.2 - 8.6 195.4% 215.1%

Net earnings 41.5 58.7 42.5 -29.3% -2.5%

Cash flow 72.9 86.3 71.2 -15.6% + 2.4%

Free Cash Flow (2) - 28.5 34.4 81.1 -183.4% -135.1%

Capex 35.9 64.4 7.5 - 28.4 +28.4

Net debt (3) 587.1 558.6 309.9 28.5 +277.1

EBITDA / Sales (%) 26.7% 25.4% 20.6% + 4.5 pp +6.1 pp

ROS 10.1% 14.4% 10.9% + 3.7 pp -0.8 pp

ROE 13.2% 17.3% + 5.9 pp

ROCE 17.1% 17.0% + 4.6 pp

Equity ratio 51.5% 50.1% 52.2% - 4.9 pp -0.7 pp

Net Debt / EBITDA (4) 1.5 1.6 0.9

(1) Operating profits + depreciation + provisions

(2) Var. Net debt + dividends + share buyback

(3) Interest-bearing net debt – liquid assets

(4) EBITDA corresponding to last 12 months

(5) Percentage variation corresponds to figures not rounded up/down

10

Good operating performance but limited free cash flow

• In spite of good operating performance, free cash flow was impacted by high level

of capex and increase in working capital

Cash

Flow

CAPEX

excluding

tissue

Change in

inventoriesChange in

VAT

receivable

Change in other

assets/

liabilities

Free Cash

Flow

228- 79

- 35

-29

+8

18

- 75

AMS

acquisition

+ Capex

Tissue

Va

lue

s in

mil

lio

n E

uro

s

11

Net debt increasing as expected during 2015

252

391

310274 282

559587

0.7

1.2

0.9

0.8 0.9

1.61.5

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

0

100

200

300

400

500

600

700

800

900

Q1 2014 Q2 2014 Q3 2014 Q4 2014 1Q2015 2Q2015 3Q2015

Net Debt Net Debt / Ebitda

• Net debt increased mainly due to dividend payment and capital expenditure; net

debt / Ebitda still below industry average

Va

lue

s in

mil

lio

n E

uro

s

12541 38 20 20

10

26

9 11

150

200

0

100

200

300

400

30-09-

2015

2016 2017 2018 2019 2020 2021 2022-

Commercial paper Other loans

12

New credit facilities and extension of maturity reduce cost of debt

• Redemption of the € 350,000,000 53/8 % 2020 Senior Secured Notes in the amount of

200 M€

• New bond issue in the amount of 200 M€ with maturity of 2023 with 1.9% spread

• New unused credit facilities of €225 million (Commercial Paper)

Maturity profile

Va

lue

s in

mil

lio

n E

uro

s

4.6%

2.8%

Before renegotiation After renegotiation

Cost of Debt

80

90

100

110

120

130

140

150

160

31

-12

-20

14

14

-01

-20

15

28

-01

-20

15

11

-02

-20

15

25

-02

-20

15

11

-03

-20

15

25

-03

-20

15

08

-04

-20

15

22

-04

-20

15

06

-05

-20

15

20

-05

-20

15

03

-06

-20

15

17

-06

-20

15

01

-07

-20

15

15

-07

-20

15

29

-07

-20

15

12

-08

-20

15

26

-08

-20

15

09

-09

-20

15

23

-09

-20

15

07

-10

-20

15

21

-10

-20

15

Portucel vs. European Indexes in 2015

(31-12-2014 = 100)

Portucel PSI20 IBEX 35 CAC 40 FTSE100

13

Portucel Shares: maintaining a high total shareholder return

*Updated 26/10/2015; closing price of 3,68€/share

Ex-dividend date (08/05/2015)

• 5-year Total Shareholder Return of 19.1% per year (143% total)

165

201 201

311

2012 2013 2014 2015

Dividend Payment

Values in million Euros

Portucel

Shares *% Change

YTD +19.3%

14

Capex during 9M 2015: 113 M€

• Pulp expansion at Cacia concluded, with

start-up of new capacity at the end of June

(€ 40 mllion)

• General maintenance (€ 17 million)

• Construction of plant nursery in

Mozambique, with production capacity of

6 million plants

• Main equipment ordered and start-up of

civil works

• Increase in tissue capacity at Vila Velha de

Rodão almost concluded – expansion

from 30.000 to 60.000 tons

Current business

Future business

Pulp and paper:

57 M€

Tissue:

34 M€

Mozambique:

11 M€

Colombo:

€ 11 M€

15

Future business - Forest plantations in Mozambique accelerate growth

• Inauguration of nursery plant in Luá, with

production capacity of 6 million plants;

expansion of capacity of up to 12 million plants

concluded, ramp-up until end of Q1 2016

• Additional 3 satellite nurseries being

constructed with capacity of 2 millions plants

each per year

• Team expansion: 240 full time workers and

outsourcing of approximately 2 400 seasonal

local workers

• Global increase in planted areas in Zambézia

and Manica, currently totalling approximately

5.5 thousand ha

• Continued progress on potential equity partners

16

Future Business – Pellet mill construction underway

• Set up of the project team in Greenwood,

South Carolina, with expatriate and local staff,

totalling currently 27 workers

• Estimated 70 workers for start-up of

operations

• Conclusion of tendering procedures for more

than 90% of the main equipment

• Revised estimated capacity of 500.000 tons

and final capex of USD 116.5 M

• Construction ending in April 2016 and start-up

estimated in Q3 2016

17

Tissue Business - Investment in greenfield project in tissue

• Conclusion of tissue expansion capacity at Vila Velha de Rodão (AMS) with

additionnal 30.000 tons of jumbo reels

• Portucel approved the construction of an integrated tissue paper machine and 5

converting lines

• Total estimated capex of € 120 million

• Start-up 1H 2017

• Final decision pending approval of financial and taxes incentives

• After conclusion, Portucel global tissue capacity will total 130.000 tons per year, for

both jumbo reels and converting capacity

• Organization of 1st Sustainability Forum dedicated to Forest Protection:

− € 3 M invested annually in preventing and fighting forest fires;

− Support for FIRE-ENGINE Project MIT Portugal and Universities;

− Promote balance between planted forests and conservation of ecosystems

• Sustainability report for 2014/2015 to be published in Q2 2016 in accordance with

GRI 4 guidelines

Sustainability at Portucel: a core value

Sustainability is the DNA of Portucel Group; it is a basic pillar of the Company, of its

Mission and of its Values

Disclaimer

This presentation does not constitute or form part of and should not be construed as any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in any jurisdiction nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract commitment or investment decision in relation thereto nor does it constitute a recommendation regarding the securities analysed herein. No action has been made that would permit a public offering of any securities mentioned in this presentation in any jurisdiction. No offers, sales, re-sales or delivery of any securities mentioned I this presentation or distribution

of any offering material relating to any such securities may be made in or from any jurisdiction.

Any decision to subscribe for or purchase ordinary shares in any offering should be made solely on the basis of information contained in any offer document that may be published by the relevant issuer in final form in relation to

such offering and securities.

This presentation is intended to provide a general overview of Portucel, S.A. usiness and does not purport to deal with all aspects and details regarding Portucel. Accordingly, no representation, undertaking or warranty, express or

implied, is given by Portucel or any of its subsidiary undertakings, affiliates, directors, officers, employees or advisors or any other person as to the fairness, accuracy, completeness or correctness of the information or

opinions contained in this presentation or of the views given or implied or any other material discussion in connection with this presentation. This presentation has been prepared by Portucel solely for information purposes. Portucel any of its affiliates, directors, officers, employees or advisers or any other person shall not have any liability

whatsoever (in negligence or otherwise) for any loss, errors or omissions howsoever arising, directly or indirectly, from any use of this presentation or its contents or otherwise arising in connection therewith.

Portucel S.A.Assembleia Geral

21 de Maio de 2013

The end