2020 Annual Report 2020 Annual Report

A Message From the Board of Directors A Message From the A Message From the Executive Board Board of Directors 102-10 | 102-14 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management People A crisis like never before, Eduardo Vassimon José Roberto Ermírio Cláudio Ermírio de Moraes Governance, Compliance and Risks impacting global health and Chairman de Moraes Board Member Deputy Chairman Economic and Financial Performance with significant economic Social Investment repercussions, made 2020 an Initiatives to Combat COVID-19 absolutely atypical year, which In Brazil, the impact of the imposed a series of challenges pandemic on economic activity Center of Excellence (CoE) on companies and society around was significant. The reduction Reservas Votorantim the world. Faced with this difficult of interest rates to a historic Altre situation, we demonstrated our low, the economic stimulus Portfolio Companies strength and resilience, emerged through emergency aid granted Votorantim Cimentos from it strengthened, and by the Federal Government Banco BV reaffirmed our values. and the devaluation of the real Votorantim Energia transformed the macroeconomic Luís Ermírio de Moraes Marcelo Medeiros Nexa Resources Worldwide, governments adopted context of our businesses. Board Member Independent Board Member Citrosuco different strategies to contain CBA the pandemic. Some of the more At Votorantim, we were quick Acerbrag and Acerías Paz del Río restrictive ones included border to react, focusing first on About this Report closures, strict lockdowns and people, then on our financial curfews. In addition, the turbulent GRI Disclosures health and the continuity of presidential election in the our operations, and finally on Consolidated Financial Statements United States and the country’s supporting society. Assurance Report continued trade dispute with Credits and Corporate Information China contributed to an estimated Our sense of community 3.5% global economic contraction prevailed, attesting to an aspect in 2020, according to the that is very important to us: Marcos Lutz Oscar Bernardes Independent Board Member Independent Board Member International Monetary Fund (IMF). our concern for the social

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A Message From dimension, expressed both operational stability despite and responded promptly to a the Board of Directors internally, through our support to new conditions resulting from new demand for faster decisions, A Message From our employees and their families, the pandemic, and we achieved through streamlined processes the Executive Board and externally, through our work better consolidated results than and increased employees 2020 Highlights in communities to mitigate the originally estimated before the autonomy. Portfolio Overview effects of the pandemic from crisis. Compared to 2019, our net The Investment Holding Company the very beginning. Considering revenues increased 19%, totaling We continued to evolve our Strategy and Management the budget reallocation from the R$ 36.7 billion, and our adjusted governance, based on providing People Votorantim Institute, donations EBITDA grew 35%, reaching autonomy to our portfolio Governance, Compliance and Risks made directly by the companies R$ 6.9 billion. Our leverage (net companies while also seeking, as Economic and Financial Performance and the shareholder family, debt/adjusted EBITDA) was 1.63x, a holding company, to influence Social Investment and an additional donation a very comfortable level in the cross-cutting themes, such Initiatives to Combat COVID-19 of R$ 50 million made by consolidated calculation. as Environmental, Social and Votorantim, the total amount Governance (ESG) issues. Center of Excellence (CoE) allocated to initiatives to Another strength was our Internally, we advanced our Reservas Votorantim address the pandemic totaled portfolio diversification, which succession planning by continuing Altre approximately R$ 150 million, provides balance and enables us to follow our management Portfolio Companies which enabled more than 400 to face new situations. Despite approach and outlined strategy, Votorantim Cimentos initiatives in different areas. Also a scenario of new risks and with the transition of our Banco BV through the resource allocation uncertainties, we continued to executive leadership and the Votorantim Energia announced by the Votorantim advance our long-term strategies, appointment of João H. Schmidt Nexa Resources Institute, we and our companies supporting the growth plans as CEO of Votorantim S.A. At the Citrosuco contributed to the expansion of of our companies. In addition, Board level, Marcos Lutz joined us CBA vaccine plants in Rio de Janeiro we continued to prospect for as an independent board member. Acerbrag and Acerías Paz del Río and São Paulo, which will give new investments in other About this Report Brazil greater autonomy in terms segments and regions, seeking Our entrepreneurial spirit, of vaccine supply. diversification according to our GRI Disclosures which has always characterized strategy and in line with the Votorantim, will be relevant in a Consolidated Financial Statements The importance of our prudent Board’s investment mandate. still challenging future scenario Assurance Report management, from a financial marked by geopolitical tension Credits and Corporate Information perspective—which prepares And it was not just about financial and questions about commercial us for times of uncertainty— results: we learned more, had relations between countries. also became evident. Our confidence and demonstrated In Brazil, the scenario also companies managed to maintain adaptability to face adversity, includes some uncertainties,

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A Message From mainly related to fiscal issues. the present with prudence and Collaboration and Courage are the Board of Directors The absence of signs that responsibility. our drivers not only in our day- A Message From reinforce fiscal responsibility to-day activities, but also for the Executive Board could have negative effects on In our century-old history, we our long-term vision, which 2020 Highlights other macroeconomic variables, have gone through many crises, motivates us to continue going Portfolio Overview such as foreign exchange and and have always succeeded in further. The Investment Holding Company interest rates, and jeopardize a overcoming them. This trajectory Strategy and Management sustainable growth resumption. is guided by values that reflect Eduardo Vassimon People However, we look to the future our essence and which have been Chairman of the Board of Governance, Compliance and Risks with optimism, while working in updated this year: Integrity, Directors, Votorantim S.A. Economic and Financial Performance Social Investment Initiatives to Combat COVID-19 Center of Excellence (CoE) Reservas Votorantim Altre Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag and Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

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A Message From the Board of Directors A Message From the A Message From 102-10 | 102-14 the Executive Board Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management In 2020, in the midst of a People pandemic, an event that none João H. Schmidt Glaisy Domingues Luiz Caruso Governance, Compliance and Risks of us had faced before, our CEO Chief Legal Officer Center of Excellence and Compliance Officer Economic and Financial Performance commitment to the right way of Social Investment doing business was reaffirmed. Initiatives to Combat COVID-19 We worked collaboratively and fight the effects of the pandemic with courage. In all portfolio in the different regions where Center of Excellence (CoE) companies, people’s health we operate, demonstrating that Reservas Votorantim and safety was prioritized, collaboration remains strong in Altre and business continuity was our DNA. Portfolio Companies ensured. With extreme agility, Votorantim Cimentos all companies developed and This period represented a true Banco BV implemented contingency plans test of the evolution of the Votorantim Energia to deal with the new challenges. governance and management Marcio Yamachira Mateus Gomes Ferreira Nexa Resources Votorantim also ensured that model of Votorantim and its Corporate Development Officer Chief Investment Officer Citrosuco its entire portfolio had liquidity companies, which was established CBA to face a period of uncertainty, in 2014. The leadership of the Acerbrag and Acerías Paz del Río while also maintaining financial companies and their Boards of About this Report flexibility to continue investing Directors were agile and diligent in efficiency, modernization, in the management of each of our GRI Disclosures innovation and growth. And businesses, which were impacted Consolidated Financial Statements in facing the health crisis, we in very different ways. They Assurance Report and the portfolio companies, in established Crisis Committees, got Credits and Corporate Information partnership with the Votorantim closer to the everyday operations Institute, reinforced our social and took impactful decisions commitment through immediate throughout the year. And the Sergio Malacrida CFO and Investor Relations and structuring initiatives to results of this effort can be seen Officer

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A Message From today, with operational and and CPP Investments announced companies to adopt best practices the Board of Directors financial performance exceeding an investment of R$ 2 billion in to ensure the sustainability of A Message From pre-pandemic expectations. the expansion of its wind farms, their businesses. In 2020, we the Executive Board which will increase its generation advanced on ESG from the 2020 Highlights All companies demonstrated very capacity to 2.6 GW. We also perspective of the investment Portfolio Overview strong recovery throughout the expanded into new segments with holding company by discussing The Investment Holding Company year, both at the operational level the creation of Altre, our real with the Board of Directors the Strategy and Management and in terms of cash generation. estate investment platform, which new environmental, social and People These factors helped us maintain was previously a business area governance needs in the current Governance, Compliance and Risks our investment grade rating within the holding company. scenario and the incorporation Economic and Financial Performance by Standard & Poor’s and Fitch. of these decision factors into our Social Investment At the holding company level, We are consistently advancing investment processes. Among Initiatives to Combat COVID-19 we prepaid our last outstanding the ESG agenda, which has always our initiatives during the year, debt, in line with our liability been part of our DNA through we joined the CDP, the largest Center of Excellence (CoE) management strategy. the adoption of pioneering environmental database in the Reservas Votorantim practices since the foundation of world, and the inclusion in this Altre Despite a scenario of new Votorantim. Historical examples report of our contributions to the Portfolio Companies risks and uncertainties, we include our first Annual Report United Nations (UN) Sustainable Votorantim Cimentos demonstrated that courage published in 1923, and the fact Development Goals (SDGs). Banco BV and entrepreneurship have that, for ten years, we have Votorantim Energia also remained strong at based this report on the globally Another of our new initiatives in Nexa Resources Votorantim. With the trust of recognized Global Reporting 2020 was the Citizenship Program, Citrosuco our Boards of Directors and Initiative (GRI) methodology, through which Votorantim and CBA our shareholders, we continued demonstrating transparency its portfolio companies sought Acerbrag and Acerías Paz del Río to advance our business and toward our stakeholders. The to foster the strengthening About this Report portfolio strategies. One example COVID-19 pandemic prompted of a democratic culture and was a transaction announced changes and reflection across GRI Disclosures encourage the active participation by Votorantim Cimentos to society, and ESG-related issues of citizens in public discussions, Consolidated Financial Statements combine its operations in North have also gained momentum. in such an important year of Assurance Report America with McInnis Cement Although we have embraced municipal elections in Brazil— Credits and Corporate Information by partnering with the Caisse de this agenda throughout our for which we developed a new dépôt et placement du Québec history, we continuously seek version of the Guia do Voto (Voting (CDPQ). Also, the joint venture to take on new commitments Guide). Our practices reiterate our between Votorantim Energia and influence our portfolio conviction on the importance our

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A Message From corporate citizenship role and the As I reflect on 2020, I have a great alongside those who join our the Board of Directors development of initiatives that sense of pride in Votorantim and efforts—employees, business A Message From contribute to the advancement of all of our people. Our results go partners, suppliers, clients and the Executive Board Brazil’s democratic culture. far beyond the numbers. And our shareholders— and to whom we 2020 Highlights collective capacity to overcome will always be grateful. Portfolio Overview In parallel, during the year we challenges is enormous. We have The Investment Holding Company revised our corporate Values in more than 100 years of history of João H. Schmidt Strategy and Management order to portray our DNA more going above and beyond, with very CEO, Votorantim S.A. People objectively. As a result, our way solid values—something that each Governance, Compliance and Risks of being and doing things is of us carries every day. Therefore, Economic and Financial Performance now translated into Integrity, we remain confident and hope Social Investment Collaboration and Courage. to celebrate great achievements Initiatives to Combat COVID-19 Center of Excellence (CoE) Reservas Votorantim Altre Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag and Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

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A Message From the Board of Directors 2020 Highlights 102-10 A Message From the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Investment of approximately Citizenship Program, Strategy and Management R$ 150 million, including contributing to the People Governance, Compliance and Risks contributions from the advancement of Economic and Financial Performance portfolio companies, Brazil’s democratic Social Investment for initiatives to combat Renewing the commitment culture Initiatives to Combat COVID-19 Center of Excellence (CoE) the COVID-19 pandemic to Votorantim’s values Reservas Votorantim Altre Announcement of the New investments in Real Involvement of the Portfolio Companies combination of the wind farms by the estate Board of Directors Votorantim Cimentos operations of joint venture between investments: in ESG discussions Banco BV Votorantim Energia Votorantim Cimentos Votorantim Energia Altre Nexa Resources in North America with and CPP Investments Citrosuco CBA McInnis Cement Acerbrag and Acerías Paz del Río About this Report Joined the CDP Consolidated leverage of 1.63x Maintenance of investment GRI Disclosures as an investor (net debt/adjusted EBITDA), grade rating by S&P and Fitch Consolidated Financial Statements signatory the lowest since 2008 Ratings Assurance Report Credits and Corporate Information

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A Message From the Board of Directors Portfolio Overview 102-4 | 102-6 | 102-8 A Message From the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management People Governance, Compliance and Risks Economic and Financial Performance Social Investment Initiatives to Combat COVID-19 Center of Excellence (CoE) Reservas Votorantim Altre Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag and Acerías Paz del Río

About this Report Ownership: 100% Ownership: 50% Ownership: 100% Ownership: 64% Ownership: 50% Ownership: 100% Ownership: 100% of Industry: building Industry: finance Industry: eletric Industry: metals Industry: orange Industry: aluminum Acerbrag and 91% of GRI Disclosures Acerías Paz del Río materials Operations in: power and mining juice Operations in: Consolidated Financial Statements Operations in: 2 countries Operations in: Operations in: Operations in: 1 country Industry: long steel 11 countries Units¹: 21 1 country 4 countries 7 countries Units¹: 13 Operations in: 2 countries Assurance Report Units¹: 347 Employees²: 4,010 Units¹: 59 Units¹: 13 Units¹: 44 Employees²: 5,647 Employees²: 11,783 Employees²: 492 Employees²: 5,155 Employees²: 5,599 Units¹: 11 Credits and Corporate Information Employees²: 2,051

¹ Includes offices, plants, distribution centers and other units. ² Includes company employees, interns and apprentices. Page 8 of 187 2020 Annual Report

A Message From the Board of Directors A Message From The Investment Holding Company the Executive Board 102-6 | 102-9 | 102-15 2020 Highlights Portfolio Overview The Investment Holding Company With 103 years of history, Strategy and Management is responsible for managing of 72 employees at the holding. People Votorantim S.A. (Votorantim) is a the environmental assets of Including Instituto Votorantim, Governance, Compliance and Risks Brazilian family-owned company the portfolio and providing Reservas Votorantim, the CoE and Economic and Financial Performance with long term investments. Its conservation services for land and the portfolio companies, it has water resources (learn more on approximately 34,400 direct and Social Investment portfolio companies operate Initiatives to Combat COVID-19 page 44). 10,300 indirect employees in 515 operating units. 102-3 Center of Excellence (CoE) in 19 countries in the building materials, finance, eletric power, The Center of Excellence (CoE), Reservas Votorantim a hub for creating products In 2020, despite the impact of the Altre metals and mining, orange juice, and processes focused on pandemic on the global economy, Portfolio Companies aluminum, long steel and real data analytics, innovation Votorantim recorded consolidated Votorantim Cimentos estate industries. and technology, consolidates net revenues of R$ 36.7 billion Banco BV the operations of the Shared and consolidated adjusted EBITDA Votorantim Energia Solutions, Real Estate Solutions of R$ 6.9 billion, which were Nexa Resources In 2020, the portfolio was and Information Technology higher than in 2019. At the end Citrosuco strengthened by the creation centers (learn more on page 41). of the year, the consolidated CBA of Altre, which manages and net debt was R$ 11.3 billion, Acerbrag and Acerías Paz del Río develops Votorantim’s properties To manage the social investments with leverage (net debt/adjusted About this Report and prospects for investment of the holding company and the EBITDA) of 1.63x (learn more on opportunities in the real estate portfolio companies, Votorantim page 32). 102-7 | 102-8 GRI Disclosures sector (learn more on page 47). works through the Votorantim Consolidated Financial Statements 102-1 I 102-2 I 102-4 | 102-5 I 102-6 Institute, which, in 2020, was Assurance Report responsible for coordinating their Credits and Corporate Information Votorantim also maintains initiatives to combat COVID-19. Reservas Votorantim, a strategic business that has high Votorantim is headquartered in value creation potential and São Paulo, where it has a team

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A Message From Values 102-16 | 103-2 | 103-3 the Board of Directors

A Message From Votorantim’s values are the OUR WAY OF DOING THINGS! the Executive Board link between the values of 2020 Highlights the shareholder family and Collaboration #Shared value creation Portfolio Overview the business culture of each of the portfolio companies. OUR WAY OF BEING! #Networks and The Investment Holding Company connections Strategy and Management During 2019 and 2020, Integrity #Valuing people People these values were revised in a #Doing the right thing Governance, Compliance and Risks comprehensive process that #Respect and ethics involved representatives of the Economic and Financial Performance #Valuing differences Social Investment holding company and the portfolio Initiatives to Combat COVID-19 companies, shareholders and external consultants, with the goal Center of Excellence (CoE) of better conveying the essence Reservas Votorantim of Votorantim’s culture, identity Altre and DNA. Portfolio Companies Votorantim Cimentos Integrity, Collaboration and Banco BV Courage make up V3, the simplest Votorantim Energia and most updated expression Nexa Resources of Votorantim’s values. V3 was Citrosuco unveiled to all employees in a CBA virtual event, complemented by Acerbrag and Acerías Paz del Río an institutional package that was About this Report sent to their homes. The visual identity of V3 is based on the GRI Disclosures image of a DNA that reflects what OUR WAY OF GOING BEYOND! Consolidated Financial Statements all portfolio companies and all Assurance Report people who are part of Votorantim Courage Credits and Corporate Information have in common, and establishes #Ownership a common way of doing business #Innovation and interacting with society. #Building the future

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A Message From Social DNA Votorantim’s Identity the Board of Directors A Message From The Social DNA guides the At the right time With the right people the Executive Board social initiatives of the portfolio 2020 Highlights companies to ensure that they The right time means never We have a clear commitment: to Portfolio Overview can leave a legacy of value missing an opportunity. Every invest in the best of each one to The Investment Holding Company creation to society, in line with the day, we remember that today’s achieve the best for everyone, Strategy and Management expectations of the shareholders. decisions impact future results because we believe in the strength People The DNA includes: and we must think fast and act of people and their potential Governance, Compliance and Risks in a structured, strategic and to thrive. We are continuously Economic and Financial Performance • Finding solutions within assertive manner. We have an moving forward, toward what Social Investment and outside the company’s innovative mindset; we always is new. We positively influence Initiatives to Combat COVID-19 boundaries and business look ahead. However, when our people through our inspiring models to embed social and looking to the future, we must leaders. Center of Excellence (CoE) environmental aspects into the be ready to question what is Reservas Votorantim core business. happening in the present. We Altre must also be ready to respond to Portfolio Companies • Connecting people, skills, changes in the different sectors Votorantim Cimentos goals and economic partners and countries where we operate. Banco BV to advance sustainable Votorantim Energia development. The right way Nexa Resources Citrosuco • Building bridges with local For us, there is only one way CBA communities, creating of doing things: the right way. Acerbrag and Acerías Paz del Río democratic spaces for Our DNA carries a unique way About this Report discussion. of being and acting. We see our companies, our employees GRI Disclosures • Maintaining the United Nations and society through the lenses Consolidated Financial Statements (UN) Sustainable Development of ethics and respect. We have Assurance Report Goals (SDGs) as a guide for significant expertise in investment Credits and Corporate Information Votorantim’s actions, scale of and the knowledge we need to ambitions and visions. continuously improve and perform more responsibly.

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A Message From the Board of Directors Strategy and Management 102-9 | 102-15 | 103-2 | 103-3 A Message From the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management Votorantim: a permanently capitalized People investment holding company, with a long-term Governance, Compliance and Risks investment approach, that seeks to deliver Economic and Financial Performance superior financial returns with positive social and Social Investment Initiatives to Combat COVID-19 environmental impacts. Center of Excellence (CoE) Reservas Votorantim Investment thesis Altre Portfolio Companies Votorantim Cimentos Banco BV Core business Beyond core Beyond  business Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag and Acerías Paz del Río Strengthening the Value unlocking: Adjacencies: business New patterns of About this Report core: modernization, extract value from the opportunities in production and GRI Disclosures expansion and existing asset base, the adjacencies consumption; new Consolidated Financial Statements consolidation. leveraging on existing of the companies; business models. Assurance Report competences and opportunities and risks capabilities. that follow products Credits and Corporate Information and processes.

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A Message From Achieving the investment Objectives of the capital allocation strategy the Board of Directors objectives of its shareholders, A Message From acting in accordance with Patient capital, non-negotiable purpose the Executive Board the management approach 2020 Highlights established in its DNA and complying with the financial and At portfolio At the portfolio Portfolio Overview companies level For shareholders The Investment Holding Company dividend policies are the essence Strategy and Management of Votorantim’s management Capital structure that Financial and strategic Maximizing total People mandate. The investment allows for growth and flexibility for large scale shareholder return (TSR) Governance, Compliance and Risks approach encopasses major dividends investments Economic and Financial Performance themes that apply both to Long-term Social Investment existing businesses and to new Preserving the capacity Diversification: sustainability of Initiatives to Combat COVID-19 opportunities: (i) strengthening to invest: sustaining, • Sectors; Votorantim the core business through Center of Excellence (CoE) modernization and • Geographies; and investments in modernization, expansion • Risk factors. Reservas Votorantim expansion and consolidation; (ii) Perpetuate the Delivering on the Altre extracting greater value from the Votorantim DNA investment objectives Portfolio Companies asset base and leveraging existing of our shareholders Votorantim Cimentos skills and abilities; (iii) operating Foster innovation to Banco BV in business adjacencies, assessing transform the business Votorantim Energia additional opportunities and risks model Nexa Resources associated with products and Citrosuco processes; and (iv) paying close CBA attention to new production and positive social and environmental and real estate, which are already Acerbrag and Acerías Paz del Río consumption patterns, as well impacts. From a financial part of the portfolio. Aligned with About this Report as new business models that can standpoint, its business portfolio this approach, in 2020, Votorantim present new opportunities and is exposed to the typical seasonal advanced its investment strategy GRI Disclosures mitigate risks. cycles of different industries in through the approval of R$ 2 billion Consolidated Financial Statements different locations around the to be invested in the development Assurance Report As a permanently capitalized world. To reduce exposure to risks, of new wind farms in the Credits and Corporate Information investment holding company, with the company seeks to add to its northeastern region of Brazil by the a long-term investment approach, asset profile new businesses with joint venture between Votorantim Votorantim seeks to deliver secular demand and potential for Energia and CPP Investments (learn superior financial returns with value creation—such as energy more on page 57).

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A Message From Also in line with the search The investment approach is the Board of Directors for opportunities to drive driven by a key principle: our A Message From new businesses, Real Estate capital is patient, our business the Executive Board Investments evolved from an purpose is non-negotiable. 2020 Highlights internal area into the company This means carefully analyzing Portfolio Overview Altre, Votorantim’s real estate opportunities to make Created in 2003 as part of the celebrations of th The Investment Holding Company investment platform. investment decisions in line with Votorantim’s 85 anniversary, the purpose of Strategy and Management Votorantim’s values and DNA, as Memória Votorantim is to map and preserve People In parallel, the company expects well as the guidelines discussed documents on the company’s history. In its Governance, Compliance and Risks to increase its investments in with shareholders. This behavior almost 20 years of operation, the role of Economic and Financial Performance developed markets, which may is one of the fundamental Memória has evolved and the area is currently Social Investment occur directly or via portfolio drivers of the construction of responsible for the historical record and Initiatives to Combat COVID-19 companies. An example of Votorantim’s portfolio and its production of content based on Votorantim’s progress in this area was the business conduct, and it is also past and present, the portfolio companies, their Center of Excellence (CoE) announcement of the combination reflected in the influence it exerts entrepreneurs and employees. Its historical Reservas Votorantim of cement assets in North over the portfolio companies collection and capacity to analyze and manage Altre America with McInnis Cement, to adopt best practices in knowledge are divided into three main axes: Portfolio Companies which will result in a partnership the environmental, social and • Reputation; Votorantim Cimentos between Votorantim Cimentos corporate governance areas. • Organizational culture; and Banco BV and Caisse de dépôt et placement • Sense of legacy. Votorantim Energia du Québec (CDPQ), with a focus Nexa Resources on expanding operations in the These axes complement each other and enable Citrosuco Great Lakes region, eastern the development of projects, products and in- CBA Canada and the northeast coast depth research on the company’s trajectory. Acerbrag and Acerías Paz del Río of the United States (learn more About this Report on page 51). Also in the context Since Votorantim’s history is intrinsically linked of this strategy, during the year to the history of Brazilian industrialization, GRI Disclosures Votorantim increased its exposure Memória is open to the public by Consolidated Financial Statements to developed markets through appointment, both for visits to the Assurance Report investments in highly-liquid exhibition it maintains in its office

Credits and Corporate Information securities. located in Vila Leopoldina, in São Paulo state, and for research. Visit the virtual collection

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A Message From ESG engagement 102-12 | 102-18 | from the perspective of the • Influence; the Board of Directors 102-26 | 102-27 | 102-29 | 102-32 investment holding company, • Monitor; and A Message From developing a structured plan that • Report. the Executive Board Votorantim adopted ESG includes a renewed approach 2020 Highlights (Environmental, Social and that was discussed both by its Based on the ESG plan, the Portfolio Overview Governance) standards even Board of Directors and within the holding company intensified its The Investment Holding Company before the term was created. portfolio companies. participation in the UN Global Strategy and Management In 2020, Memória Votorantim, Compact, an initiative that People a content hub that connects According to corporate promotes fundamental and Governance, Compliance and Risks the company’s past and present, governance principles, each of the internationally accepted values ​​ Economic and Financial Performance conducted a survey to review portfolio companies has autonomy in the areas of human rights, Social Investment the history of Votorantim to manage ESG issues, in line with labor relations, the environment Initiatives to Combat COVID-19 and its portfolio companies in its business strategies. In this and the fight against corruption, the environmental, social and context, Votorantim has three key to which Votorantim has been Center of Excellence (CoE) governance spheres. This project ESG-related objectives: a signatory since 2011. This Reservas Votorantim identified, for example, that the Altre first publication of Votorantim’s Portfolio Companies Annual Report dates back to Influence Monitor Report Votorantim Cimentos 1923; since then, the company Banco BV has maintained its commitment Votorantim Energia to transparency, evolving the Influence portfolio Follow the Communicate Nexa Resources level of information disclosed companies to adopt integration of transparently and Citrosuco and adapting to the best market environmental, social ESG criteria in consistently about ESG CBA practices, such as assurance or and governance best decisions regarding initiatives undertaken Acerbrag and Acerías Paz del Río use of a global methodology for practices, contributing new investments and by Votorantim and the to the long-term in the evaluation of the portfolio companies. About this Report standardizing ESG indicators. The year 2020 marks the tenth sustainability of their portfolio companies, GRI Disclosures publication of the Annual businesses. while also Consolidated Financial Statements Report in accordance with the monitoring ESG Assurance Report standards of the Global Reporting and reputation Credits and Corporate Information Initiative (GRI). risks from the Votorantim During the year, Votorantim also perspective. advanced its initiatives on ESG

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A Message From voluntary commitment extends to To this end, Votorantim developed the Board of Directors Participants of the Global Compact the portfolio companies. In 2020, a methodology to identify and A Message From banco BV and Votorantim Energia prioritize these contributions, in the Executive Board • Votorantim Cimentos also became direct signatories, order to determine which of them 2020 Highlights • Banco BV joining Votorantim Cimentos, Nexa met basic criteria to be considered Portfolio Overview • Votorantim Energia and CBA. for this publication. In addition, The Investment Holding Company • Nexa the company conducted a market Strategy and Management • CBA During the year, Votorantim also study, including an assessment People became a member of CDP, the of the reporting practices of the Governance, Compliance and Risks largest environmental database portfolio companies, to determine Respondents to CDP’s public climate in the world. The purpose of how these contributions would be Economic and Financial Performance questionnaire in 2020 Social Investment joining the organization was disclosed. Initiatives to Combat COVID-19 to develop a pilot project with • Votorantim Cimentos Votorantim Cimentos and The methodology included Center of Excellence (CoE) • Nexa CBA for the analysis of their extensive work to verify each Reservas Votorantim • CBA environmental information target, to identify, according to Altre and how to integrate it to the Votorantim’s materiality, which of Portfolio Companies investment analysis process in a them: Votorantim Cimentos Publication of annual reports structured manner. • Relates to priority topics Banco BV for Votorantim, both those Votorantim Energia • Votorantim • Nexa With regard to reporting on common to all companies and Nexa Resources Cimentos • Citrosuco ESG issues, one advance is the those specific to each of them; Citrosuco • Banco BV • CBA inclusion, starting with this annual and CBA • Votorantim Energia • Acerías Paz del Río report, of Votorantim’s main • Are achievable through Acerbrag and Acerías Paz del Río contributions to the Sustainable initiatives by Votorantim or the About this Report Development Goals (SDGs). A portfolio companies. Green financing United Nations (UN) initiative GRI Disclosures launched in 2015, the 17 SDGs In the first phase, the goals were Consolidated Financial Statements • Votorantim Cimentos are divided into 169 goals and scored against the achievement of Assurance Report (revolving credit facility) 248 indicators that combine the each of these criteria through the Credits and Corporate Information • Banco BV (green bonds) three dimensions of sustainable classification method explained • CBA (export credit notes) development: economic, social above. After the first stage, a and environmental. qualitative review was performed to test the results and indicate

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A Message From potential adjustments between the Board of Directors the practices and targets that World Benchmarking Alliance A Message From received the highest score. The the Executive Board inclusion of SDG 5 (Gender Votorantim was named one of the 2,000 Votorantim Cimentos and Citrosuco, 2020 Highlights Equality) occured at this phase. most influential companies in the world for in four strategic transformations that Portfolio Overview Despite not being included in its best practices in a ranking promoted by are related to the UN Sustainable The Investment Holding Company the current materiality matrix, the World Benchmarking Alliance (WBA), Development Goals (SDGs): Strategy and Management gender equality is an issue of an organization leading the movement • Decarbonization and energy; People increasing importance within to expand the impact of the private • Circular economy; Governance, Compliance and Risks Votorantim, supported by sector toward a sustainable future. The • Social; and Economic and Financial Performance structured initiatives, employee holding company was mentioned, through • Food and agriculture. Social Investment engagement and discussions with Initiatives to Combat COVID-19 the portfolio companies through the governance chain. Materiality 102-15 | 102-21 | 102-46 local and international investors; Center of Excellence (CoE) and (iii) Integration of data and Reservas Votorantim The result of this process was Published in 2018, Votorantim’s information collected in the two Altre the prioritization of 13 SDGs, materiality matrix identifies previous stages. 102-40 | 102-42 | 102-43 Portfolio Companies including a total of 37 goals, the most relevant topics to Votorantim Cimentos which are detailed in the be reported, according to the Given the diversity of Votorantim’s Banco BV infographic that illustrates the interests of its stakeholders. portfolio, the topics identified Votorantim Energia holding company’s view of its The process to determine its through this process were Nexa Resources contributions to each SDG. content included three stages: (i) categorized into two dimensions: Citrosuco Analysis of internal documents CBA of Votorantim and the portfolio • Material both to the holding Acerbrag and Acerías Paz del Río companies; (ii) Interviews with company and its portfolio About this Report company executives, sustainability companies; and and corporate governance GRI Disclosures employees of the portfolio • Material specifically to the Consolidated Financial Statements companies, specialists in finance portfolio companies. Assurance Report and sustainability, academics and Credits and Corporate Information

Page 17 of 187 2020 Annual Report

A Message From Materiality and SDGs at Votorantim the Board of Directors

A Message From Material for Votorantim and the portfolio companies 102-47 the Executive Board 2020 Highlights Portfolio Overview STRATEGY AND RESULTS GOVERNANCE ENVIRONMENT SOCIAL ISSUES The Investment Holding Company Strategy and Management Best People Long-term Capital Financial Ethics and practices in Corporate Climate Water Health and Community vision allocation performance Compliance corporate risk change resources safety relations Governance, Compliance and Risks governance management Economic and Financial Performance

Social Investment DECENT WORK AND PEACE, JUSTICE CLEAN WATER DECENT WORK AND INDUSTRY, INNOVATION GOOD HEALTH QUALITY DECENT WORK AND 8 ECONOMIC GROWTH 16 AND STRONG 6 AND SANITATION 8 ECONOMIC GROWTH 9 AND INFRASTRUCTURE 3 AND WELL-BEING 4 EDUCATION 8 ECONOMIC GROWTH Initiatives to Combat COVID-19 INSTITUTIONS Center of Excellence (CoE)

RESPONSIBLE CLIMATE SUSTAINABLE CITIES PEACE, JUSTICE Reservas Votorantim AND STRONG 12 CONSUMPTION 13 ACTION 11 AND COMMUNITIES 16 INSTITUTIONS & PRODUCTION Altre Portfolio Companies Specific topics of the portfolio companies 102-47 Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco Energy Innovation and New Tailing Land use and Energy use and Energy Biodiversity and CBA use client relations investments dams pesticides tailing dams use deforestation Acerbrag and Acerías Paz del Río About this Report AFFORDABLE AND DECENT WORK AND DECENT WORK AND AFFORDABLE AND SUSTAINABLE CITIES RESPONSIBLE ZERO DECENT WORK AND AFFORDABLE AND DECENT WORK AND AFFORDABLE AND DECENT WORK AND LIFE 7 CLEAN ENERGY 8 ECONOMIC GROWTH 8 ECONOMIC GROWTH 7 CLEAN ENERGY 11 AND COMMUNITIES 12 CONSUMPTION 2 HUNGER 8 ECONOMIC GROWTH 7 CLEAN ENERGY 8 ECONOMIC GROWTH 7 CLEAN ENERGY 8 ECONOMIC GROWTH 17 ON LAND GRI Disclosures & PRODUCTION Consolidated Financial Statements

INDUSTRY, INNOVATION RESPONSIBLE INDUSTRY, INNOVATION SUSTAINABLE CITIES INDUSTRY, INNOVATION RESPONSIBLE Assurance Report 9 AND INFRASTRUCTURE 12 CONSUMPTION 9 AND INFRASTRUCTURE 11 AND COMMUNITIES 9 AND INFRASTRUCTURE 12 CONSUMPTION & PRODUCTION & PRODUCTION Credits and Corporate Information

CLIMATE RESPONSIBLE CLIMATE CLIMATE 13 ACTION 12 CONSUMPTION 13 ACTION 13 ACTION & PRODUCTION

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A Message From Some highlights of the ESG evolution at Votorantim the Board of Directors 1919 1923 1950 1953 A Message From Guarantee of employee rights, including Life insurance for all plants employees, Publication of the first Annual Report, Inauguration of the Santa Lucinda Start of activities to preserve the the Executive Board right to strike, equal pay for men and which would only become mandatory which has become increasingly more General and Maternity Hospital, and surroundings of the Juquiá River, where women and abolition of child labor under with the promulgation of the 1937 transparent with regard to ESG issues of the first Medical School located in Legado das Águas is currently located. 2020 Highlights 14 years in plants, policies that would Constitution. over the following decades. Sorocaba, in São Paulo state. only become mandatory in Brazil after the Portfolio Overview Consolidation of Labor Laws, in 1943. The Investment Holding Company Strategy and Management People 1964 1969 1980 1998 2001 Governance, Compliance and Risks At CBA, the illiteracy rate among Creation of Hejoassu, the holding At Votorantim Cimentos, use of babassu In celebration of its 80th anniversary, Creation of Votorantim’s Board of employees was close to zero, as a result company that represents the interests of coconut shells as a substitute for fossil Votorantim reaffirms its purpose: The Directors. Economic and Financial Performance of the company’s concern with the the shareholder family. fuels. project for a vigorous, strong and, above Social Investment education of its workers, translated into all, humane Brazil. the offer of literacy, typing and language Initiatives to Combat COVID-19 courses, among others. Center of Excellence (CoE)

Reservas Votorantim 2002 2009 2010 2011

Altre Creation of the Votorantim Institute. Launch of Votorantim’s Signatory to the Open Letter to Brazil on Climate Creation of the Sustainability area at Identification of Critical Sustainability Sustainability Principles. Change, through which, together with other Votorantim, linked to Strategic Planning. Issues and publication of the first Annual Portfolio Companies companies, Votorantim committed to a series of In 2016, the area was phased out of the Report following the GRI guidelines. Votorantim Cimentos actions aimed at reducing greenhouse gases and holding company and established in the demanded improvements from those responsible portfolio companies. Banco BV for public policies in Brazil and international organizations. Votorantim Energia Nexa Resources Citrosuco 2012 2014 2018 CBA Creation of Legado das Águas. Appointment of a non-family executive Review of the materiality matrix and Expansion of the Partnership for the Publication of the first edition of the as chairman of the Board of Directors restructuring of the Annual Report to Enhancement of Education (Parceria pela Guia do Voto (Voting Guide),, focused on Acerbrag and Acerías Paz del Río of Votorantim and improvement of the reinforce Votorantim’s position as an Valorização da Educação, PVE) to more promoting conscious voting. corporate governance model. investment holding company. than 100 municipalities in celebration of About this Report Votorantim’s centenary. GRI Disclosures Consolidated Financial Statements Assurance Report 2019 2020 Participation of the portfolio Launch of the Citizenship Program. Increased focus on ESG issues within Votorantim becomes a signatory of CDP Credits and Corporate Information companies in the Global the Executive Board and the Board of in the investor category and designs a Compact and inclusion of the Directors. pilot project for the analysis of climate ESG agenda in CFO forums, information within its portfolio. with representatives from Votorantim and the portfolio companies.

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A Message From the Board of Directors People 103-1 | 103-2 | 103-3 A Message From the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management Supported by three pillars—(i) taken into account, without access

People Attractiveness, Engagement and to personal information, such as Visit Governance, Compliance and Risks Communication; (ii) People and gender and ethnicity. The summer Votorantim’s Organization Development; and internship program, Votorantim Economic and Financial Performance website Social Investment (iii) Compensation and Benefits— Experience, included two young Initiatives to Combat COVID-19 the Human and Organizational professionals who developed Development (HR) area worked, projects in the areas of Corporate Center of Excellence (CoE) in this atypical year, to accelerate Development and Real Estate Reservas Votorantim the integration of human Investments. Altre resources issues, and started to Portfolio Companies report directly to the CEO. Initiatives such as workshops Votorantim Cimentos with Financial Market Leagues Banco BV Attractiveness, Engagement from universities, training for Votorantim Energia and Communication engineering students with Nexa Resources the involvement of portfolio Citrosuco Due to the requirements imposed companies and events including CBA by the pandemic, some initiatives different student organizations Acerbrag and Acerías Paz del Río had to be adapted to new formats. continued to take place during the About this Report year, although virtually. This was the case with all phases GRI Disclosures of the Internship Program, the The process of onboarding new Consolidated Financial Statements main entry level to the company, employees also had to be adapted Assurance Report which were changed to a virtual to the pandemic scenario. Credits and Corporate Information format. As in 2019, the 11 participants were identified The Ambassadors Program, which through blind selection—that is, encourages employees to only professional attributes were

Page 20 of 187 2020 Annual Report

A Message From represent the company externally, of anti-racism: tips and attitudes” health within Semana+ Vida the Board of Directors remained active online, with as an instrument to increase (Health Week) and a debate A Message From Download the participation in 22 market events, awareness of this issue. Another on employability during social the Executive Board booklet “The such as college fairs and student topic addressed in a discussion isolation—were extended to the 2020 Highlights importance of anti-racism: mentoring initiatives. Three with men on World Women’s general public. Portfolio Overview tips and Votorantim Meeting (Encontro Equality Day was masculinity attitudes” The Investment Holding Company Votorantim) events, a forum and its aspects, by the editor Initiatives to fight COVID-19 Strategy and Management where the company’s leadership of the website Papo de Homem, (learn more on page 39), People discusses business guidelines Guilherme Valadares. Also, in carried out jointly with the Governance, Compliance and Risks with the employees, were hosted March, on International Women’s Votorantim Institute and the Economic and Financial Performance during the year—one in person Day, female assertiveness was portfolio companies, were the Social Investment and two virtual. One of them discussed during a breakfast constant focus of communication Initiatives to Combat COVID-19 featured the presentation of that included the participation efforts, especially to provide the revised Votorantim values of 34 employees—all of whom accountability to employees Center of Excellence (CoE) (V3) and the other included received a copy of the book and external audiences on Reservas Votorantim discussions on topics such as the “We should all be feminists”, by the financial and operational Altre transformation of the portfolio, Nigerian writer Chimamanda resources directed to these Portfolio Companies businesses, citizenship, culture Ngozi Adichie. activities. The transparency Votorantim Cimentos and diversity, where one of the website created for this purpose Banco BV highlights was a presentation Votocast, the podcast platform was updated periodically with Votorantim Energia on unconscious biases made by launched in 2019 and made details of the initiatives. At the Nexa Resources neuroscientist Carla Tieppo. available to the general public, end of the year, Votorantim Citrosuco addressed current issues from posted an ad and video on its CBA The knowledge creation meetings the perspective of internal social media sites to fulfill its Acerbrag and Acerías Paz del Río that took place virtually during experiences, including health accountability to society. About this Report the year included a presentation initiatives, fighting machismo, on structural racism by embracing the LGBTQIA+ During the year, Votorantim GRI Disclosures philosopher and writer Djamila population, risk analysis, and further established its presence Consolidated Financial Statements Ribeiro, in response to an internal urban development, among in social media, reinforcing Assurance Report survey that identified the need to others. In addition, to share direct communications and Credits and Corporate Information prioritize ethnicity in initiatives to knowledge with society at a interactions with its stakeholders, promote diversity. In parallel, the time when people most needed with a 12% increase in LinkedIn company distributed internally a it, internal initiatives—such connections (finance professionals booklet entitled “The importance as discussions on mental are the second largest group of

Page 21 of 187 2020 Annual Report

A Message From Votorantim’s followers), 25% • Base their actions on strong The activities of the Votorantim the Board of Directors more Instagram followers, almost moral principles and are Academy, divided into four A Message From 60,000 views on videos posted dedicated to building a positive channels, were deployed across all the Executive Board on YouTube and more than 5,000 reputation; portfolio companies: 2020 Highlights listeners of the 11 episodes of • Focus on achievements and Portfolio Overview Votocast, through Spotify, YouTube high-quality criteria; and Courses and programs – 13 classes, The Investment Holding Company and other podcast platforms. • Are dedicated, look for totaling 334 participants, took part Strategy and Management continuous ways to enhance in the “Provocation, inspiration People People and Organization their knowledge and skills, plan and transformation” and “Personal Governance, Compliance and Risks Development for the future, and collaborate journey” modules, which were Economic and Financial Performance with their stakeholders. adapted to a virtual format. This Social Investment In 2020, within the scope of the channel also included the Potenciar Initiatives to Combat COVID-19 already established Votorantim Unlike previous surveys, the Program, which provides training Development System (Sistema recent culture survey included to accelerate talent development Center of Excellence (CoE) de Desenvolvimento Votorantim, individual feedback: Each within the holding company and Reservas Votorantim SDV), individual development participant had the opportunity portfolio companies. Completely Altre activities—including coaching, to reflect on the importance remodeled to adapt to a virtual Portfolio Companies counseling, creation of Individual of individual transformation format, the program enabled the Votorantim Cimentos Development Plans (IDPs) and based on his/her values and participation of 75 employees from Banco BV discussions—continued virtually, how it impacts the evolution of seven companies in two meetings, Votorantim Energia involving 95 employees in 304 organizational culture. Based which registered satisfaction Nexa Resources hours of service. on that, Votorantim created rates of 89% (August) and 87% Citrosuco internal events called Bate-Papo (October). The new virtual format CBA With regard to organizational Virtual (Virtual Chat) to promote was enhanced by new resources Acerbrag and Acerías Paz del Río and relationship development, greater integration between the that were sent to all participants, About this Report employees of the holding areas and the employees of the including a snack package and company responded to an holding company. Nine virtual GRI Disclosures photo stickers of the participants engagement and culture survey, meetings were held during the to be placed in the spaces marked Consolidated Financial Statements with 97.5% participation. year, including discussions in two with their names, companies where Assurance Report Based on the Barrett Values areas: Businesses and Culture. they work and contact information, Credits and Corporate Information Centre methodology, the survey Among the topics discussed were as a way to foster connections. concluded that employees exhibit the development of real estate The traditional happy hour at the the following characteristics as investments, ESG and long-term conclusion of the program was also part of the current culture: investment approaches. held virtually.

Page 22 of 187 2020 Annual Report

A Message From Vototalks – The activities of recruitment and development of The holding company also strived the Board of Directors the Citizenship Program were people. not to harm its supply chain A Message From reinforced on the online platform and maintained all its contracts, the Executive Board for content dissemination (learn Compensation and Benefits including paying for the supply 2020 Highlights more on page 36) through a of fresh fruit for employees, Portfolio Overview discussion on “The neuroscience In the face of the pandemic, although that service was not The Investment Holding Company of citizenship”. Votorantim made a commitment to offered during the time when Strategy and Management mitigate impacts that could further the office was closed, and People Webinars – Created in 2020 affect the lives of its employees and massages for employees, which Governance, Compliance and Risks to discuss various subjects and suppliers. In addition to continuing were replaced by virtual yoga Economic and Financial Performance connect employees during the to follow all practices related classes. Telemedicine services also Social Investment pandemic, the ten webinars held to compensation and benefits, remained active 24 hours a day to Initiatives to Combat COVID-19 during the year brought together including market research to identify answer questions or address the more than 3,000 people to trends in wage policies, Votorantim needs of employees. Center of Excellence (CoE) discuss themes that included: expanded its range of initiatives Reservas Votorantim “Discover your strengths”, as a result of the pandemic. With Semana+ Vida (Health Week), Altre “Emotional intelligence”, the adoption of remote working held annually, was adapted and Portfolio Companies “Experiencing mindfulness and in March, the holding company divided into two phases. The Votorantim Cimentos self-awareness”, “Non-violent made chairs and office equipment first phase included bringing flu Banco BV communication” and “Networking available to its employees, offered vaccination forward to March. Votorantim Energia with different stakeholders in the option to exchange restaurant The vaccinations were extended Nexa Resources times of crisis”. vouchers for food vouchers and to employee’s dependents and Citrosuco provided online consultations were made available via a drive- CBA Career Festival – As an activity with psychologists. In June, the thru system, following strict Acerbrag and Acerías Paz del Río of Votorantim Institute’s Desafio company organized a process for safety protocols. The second About this Report Voluntário (Volunteer Challenge), gradual and optional return to the phase addressed quality of life the Academy supported the offices, following official health awareness and was completely GRI Disclosures promotion of career information protocols that included wearing a virtual. It focused on mental Consolidated Financial Statements to internal and external audiences, mask, periodic testing and social health and included live virtual Assurance Report through 16 live virtual events distancing. At the end of the year, events with psychologists, Credits and Corporate Information open to the general public. More approximately 50% of employees psychiatrists and even yachtsman than 2,200 people participated had returned to the office following Beto Pandiani, who shared his in these discussions on a variety a flexible and hybrid schedule in experience with living in isolation. of topics related to the selection, terms of workdays and hours. The program also included

Page 23 of 187 2020 Annual Report

A Message From meditation, nutrition and cooking from the Center of Excellence the Board of Directors sessions, with professionals in (CoE) promoted Hora do Conto Benefits 402-1 A Message From each of these areas providing tips (Story Time), virtual meetings the Executive Board to improve home and family life with presentations for children, as • Health and dental plans 2020 Highlights during the pandemic. another point of connection with • Life insurance Portfolio Overview families during the pandemic. Other activities traditionally • Private pension through Fundação Senador The Investment Holding Company José Ermírio de Moraes (FUNSEJEM) Strategy and Management carried out to celebrate important Another accomplishment in People dates were adapted to ensure the year was the launch of the • Christmas food voucher continuity. Examples included new HR portal, which became Governance, Compliance and Risks • Medical care Economic and Financial Performance the delivery of Easter eggs to more interactive and provided Social Investment the homes of employees and more autonomy to employees • Telemedicine Initiatives to Combat COVID-19 a video, delivered along with a by integrating self-service, • Executive health check-up personalized book to the children simplifying promotion processes Center of Excellence (CoE) of employees in celebration of and scheduling of vacations, for • Pregnancy program Reservas Votorantim Children’s Day, showing their example. • Lactation room Altre parents’ workplace. Throughout • Flu vaccine Portfolio Companies the year, a team of employees Votorantim Cimentos • Fruits Banco BV • Massage Votorantim Energia Nexa Resources • Gym allowance Citrosuco • Agreements with Serviço Social CBA do Comércio (SESC) units Acerbrag and Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 24 of 187 2020 Annual Report

A Message From the Board of Directors Governance, Compliance and Risks 103-1 | 103-2 | 103-3 A Message From the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management Governance Structure 102-18 | each company has also adopted People 102-19 | 102-20 | 102-24 | 102-26 | 102-27 | its own robust governance model CPP Investments Governance, Compliance and Risks 102-29 | 102-31 that includes its own Board of Economic and Financial Performance Directors, advisory committees The Canadian fund authored an Social Investment Votorantim’s governance is and Executive Boards, which are article on family businesses in Initiatives to Combat COVID-19 anchored on three complementary responsible for deliberating on which it recognized Votorantim axes: strategies, management and for its strength, appetite for Center of Excellence (CoE) investments. smart risk-taking and sound Reservas Votorantim • Ownership, represented by corporate governance. The article Altre the Board of Hejoassu, the The members of the Boards of highlighted the company’s long- Portfolio Companies holding company that owns the Directors of Votorantim and of term perspective, considering Votorantim Cimentos conglomerate; Hejoassu and of the Family Board the fact that it has existed for six Banco BV serve three-year terms. The last generations and has plans for many Votorantim Energia • Family, represented by the two bodies operate independently more to come. Nexa Resources Family Board; and from Votorantim, and integration Citrosuco between them is ensured by a Read the article here CBA • Businesses, led by two formal schedule of meetings. Acerbrag and Acerías Paz del Río complementary bodies: the Board In the portfolio companies, the About this Report of Directors and the Executive Boards of Directors are composed Board of Votorantim and its of shareholders, employees GRI Disclosures portfolio companies. of the holding company and Consolidated Financial Statements external independent members. Assurance Report Votorantim is constantly Votorantim also performs periodic Credits and Corporate Information improving and evolving its assessments of boards and corporate governance practices. committees, which ontribute to Although not all portfolio the evolution of its governance. companies are listed, since 2014

Page 25 of 187 2020 Annual Report

A Message From Corporate and Business Structure the Board of Directors A Message From Hejoassu the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management People Governance, Compliance and Risks Economic and Financial Performance Social Investment Initiatives to Combat COVID-19 Center of Excellence (CoE) Administrative Structure Reservas Votorantim Altre Hejoassu Board Portfolio Companies Votorantim Cimentos Family Board Banco BV Votorantim Energia Nexa Resources Citrosuco Votorantim Board of Directors Reservas CBA Acerbrag and Acerías Paz del Río Institute Executive Board Votorantim About this Report GRI Disclosures CEO Consolidated Financial Statements Assurance Report Corporate Chief Center of CFO and Investor Chief Legal Credits and Corporate Information Development Investment Excellence and Relations Officer Officer Officer Officer Compliance Officer

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A Message From Board of Hejoassu Votorantim’s culture and DNA, purpose is to promote family unity the Board of Directors ensuring the preservation of and the development of family A Message From It is composed of 12 shareholders, the family’s vision. In its sixth members, and to act as a link in the Executive Board with three representatives generation, the family is made up the communication between the 2020 Highlights from each of the four family of 164 people, of whom 41 are family and businesses. Portfolio Overview holding companies. It works shareholders. The Investment Holding Company independently and is responsible To this end, it develops initiatives Strategy and Management for recommending to Votorantim Family Board supported by a model that People its financial aspiration, macro considers the categories of Governance, Compliance and Risks vision and risk appetite, and for Its current composition includes Shareholders, the Family, Careers Economic and Financial Performance appointing members of the Board seven members, five from the and Social Engagement. In Social Investment of Directors of Votorantim. The fifth generation and two from 2020, the focus was on Social Initiatives to Combat COVID-19 Board is also the guardian of the fourth generation, whose Engagement, which, due to the Center of Excellence (CoE) Reservas Votorantim Family Values Altre Portfolio Companies Integrity Generosity Courage Votorantim Cimentos Being ethical and acting Being generous with Persevering, always Banco BV with integrity, honoring yourself, the family and being open to learn and Votorantim Energia our history and creating society evolve, and believing that Nexa Resources the future with respect everything is possible Citrosuco CBA Acerbrag and Acerías Paz del Río About this Report GRI Disclosures Unity Impact Passion Consolidated Financial Statements Honoring the history Working with dedication Having freedom and motivation to find and Assurance Report that unites us, valuing and achievement-focused our collective Power and energy, driven by the pursue your passions Credits and Corporate Information owning the creation of our power to innovate and Legacy transform

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A Message From pandemic, expanded its reach initiatives, such as Telethon, a TV preparing the strategic plan and the Board of Directors by pursuing the best strategies, marathon to raise awareness and determining the actions needed A Message From which included the Hejoassu mobilize public support for people to put it into practice, deliberating the Executive Board Board and alignment with with physical disabilities. on capital allocation, appointing 2020 Highlights the holding company and the the members of the Executive Portfolio Overview Votorantim Institute in the fight The challenge of social distancing Board and the Boards of Directors The Investment Holding Company against COVID-19, leveraging was faced with creativity and of the portfolio companies and Strategy and Management the activities with synergy. One innovation. Plant tours, which monitoring their performance. of the joint activities with the include family members of the People Board of Directors 102-22 | 102-23 Governance, Compliance and Risks Votorantim Institute was raising fifth and sixth generations Eduardo Vassimon Economic and Financial Performance funds—part of which was donated between 10 and 12 years of age, Chairman Social Investment by banco BV—that were converted were held virtually. Throughout Initiatives to Combat COVID-19 into food vouchers that were the year, other initiatives were José Roberto Ermírio de Moraes distributed to the Vila Leopoldina also adapted to meet the social Deputy Chairman Center of Excellence (CoE) and Heliópolis communities in São distancing requirement and took Cláudio Ermírio de Moraes Reservas Votorantim Paulo. Approximately 100 family place in the form of live virtual Board Member Altre members from four generations events and podcasts, with invited Luís Ermírio de Moraes Portfolio Companies were directly involved in the specialists presenting content that Board Member Votorantim Cimentos initiative. was relevant for that moment. Marcelo Medeiros Banco BV Independent Board Member Votorantim Energia In 2020, the Board’s structure Board of Directors Nexa Resources was also strengthened through Marcos Lutz Citrosuco the work of its Social Committee, In 2020, the Board of Directors Independent Board Member CBA which deals with issues relating was strengthened with the Oscar Bernardes Acerbrag and Acerías Paz del Río to entities historically supported arrival of Marcos Lutz and Independent Board Member About this Report by the family: Associação de maintained its composition of Assistência à Criança Deficiente seven members—one chairman, GRI Disclosures Executive Board (AACD), BP – A Beneficência one deputy chairman, two board Consolidated Financial Statements Portuguesa de São Paulo and members and three independent This includes the CEO and five Assurance Report A.C. Camargo Cancer Center. board members. The chairman officers, whose responsibility is to Credits and Corporate Information The Committee raised funds and independent board members conduct the company’s operations that supported telemedicine are not part of the shareholder in accordance with the strategic projects at the three institutions, family. The responsibilities of guidelines outlined by the Board in addition to enabling other the Board of Directors include of Directors.

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A Message From Executive Board 102-22 | 102-23 strategy and ensuring smooth guided by the concept of the Board of Directors processes and the proper Compliance 4.0. One example João H. Schmidt A Message From CEO allocation of resources, in addition is the Government Interaction Ethics Line: the Executive Board to preventing the expectation of Records (Registros de Interação Glaisy Domingues 0800 89 11 729 2020 Highlights Chief Planning Officer reciprocity from the benefited com Agentes Governamentais, Portfolio Overview municipalities. RIGs), a system that was migrated Luiz Caruso to an external platform managed The Investment Holding Company Center of Excellence and Together with the Votorantim by specialists. It concentrates all Visit Ethics Strategy and Management Compliance Officer Line website People Institute and BP – A Beneficência information in this area, including Marcio Yamachira Governance, Compliance and Risks Portuguesa de São Paulo, more Compliance Declarations and Corporate Development Officer Economic and Financial Performance than 170 due diligence processes training on the Code of Conduct, Social Investment Mateus Gomes Ferreira were carried out to identify, as well as the analysis of risk Initiatives to Combat COVID-19 Chief Investment Officer through a series of indicators, maturity and compliance of the level of integrity of the Votorantim Cimentos, Votorantim Center of Excellence (CoE) Sergio Malacrida CFO and Investor Relations municipalities considered for Energia, Nexa, Citrosuco and CBA. Reservas Votorantim Officer donations; internal documents Altre were also created to formalize Focused on the organization and Portfolio Companies the processes and provide optimization of processes, the Votorantim Cimentos Compliance 102-17 | 102-25 accountability. One of the Legal Suppliers Management Banco BV measures adopted was the (LSM) project advanced during Votorantim Energia In 2020, the Compliance area staggering of donations in a way the year. Its goal is to standardize, Nexa Resources participated in the effort to fight that future installments were streamline and decentralize the Citrosuco the pandemic. A working group only released once the previous contracts made within the scope CBA was created to direct the donations installment had been accounted of the Legal department. Part of Acerbrag and Acerías Paz del Río approved by the COVID-19 for. Another differentiated this process was transferred to About this Report Committee, which was made up approach had to do with the the Center of Excellence (CoE) and of representatives of Votorantim, delivery of the donations, which GRI Disclosures another part involved the review the portfolio companies, the was made by the company itself, of contracts and minutes, and Consolidated Financial Statements Votorantim Institute, BP – A leveraging Votorantim Cimentos’ adjustments to the payment and Assurance Report Beneficência Portuguesa de extensive logistics network. registration flows. Credits and Corporate Information São Paulo, and the shareholder family. The responsibilities of this At the same time, steps were As a result of the pandemic, committee included evaluating taken during the year to improve the third Compliance Week was and deliberating on the donation the compliance and risk structure, held virtually, which did not

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A Message From Cimentos) and Cloves de Carvalho The pandemic prompted the the Board of Directors Compliance resources 102-17 (director of the Votorantim mapping of a series of risks A Message From Institute). 205-2 encountered in previous global • Compliance Program the Executive Board crises, which were added to those • Anti-Corruption and Antitrust Program 2020 Highlights Risk Management 102-9 | 102-10 | already identified and applicable Portfolio Overview • Code of Conduct 102-11 | 102-30 to the current context, such as • Trade Compliance The Investment Holding Company compromise of reputation and Strategy and Management • Donation and sponsorship processes Votorantim quantifies its risk misappropriation of funds and People • Third party due diligence and M&A processes appetite annually, considering material, as well as misuse of Governance, Compliance and Risks • Compliance Declarations its role as an investment holding resources by the government. The company. The portfolio companies, holding company exercised care Economic and Financial Performance • Conflict of interest assessment in turn, are responsible for when dealing with all assistance Social Investment • Ethics Line Initiatives to Combat COVID-19 identifying, measuring and programs, using its probability • Compliance clauses (anti-corruption) in all addressing strategic, reputational, and impact assessment to guide Center of Excellence (CoE) standard contracts social, environmental, regulatory mitigation initiatives. Reservas Votorantim • Internal audit performed by a third party and financial risks, and Altre • Audit Committee in the portfolio companies determining their risk appetite by Through participation in the Portfolio Companies taking into account risk probability governance bodies of the portfolio Votorantim Cimentos and impact. companies, Votorantim influences Banco BV compromise the discussions and monitors the appropriateness Votorantim Energia on issues involving ethics and The assessment of risk appetite of their risk appetite level, Nexa Resources integrity in internal and external considers qualitative aspects— considering variables such as Citrosuco relations. Executives from that is, the definition of risk the markets where they operate, CBA Votorantim and the portfolio categories and willingness to incur positioning and expectations. Acerbrag and Acerías Paz del Río companies and the Chairman of a certain risk in relation to the About this Report the Board of Directors, Eduardo predicted return or impact—and Vassimon, participated in the quantitative aspects—considering GRI Disclosures panels. Also a discussion on the maximum risk that Votorantim Consolidated Financial Statements donations and relationships is willing to take within the Assurance Report with public officials were held scope of its global capacity. Credits and Corporate Information by political scientist Humberto This assessment results in a Dantas, Adjarbas Guerra classification of tolerance levels, (director of Governance, Risks which trigger the appropriate and Compliance of Votorantim governance tiers.

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A Message From the Board of Directors Economic and Financial Performance 103-1 | 103-2 | 103-3 A Message From the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Investor Relations The high degree of transparency Strategy and Management that marks Votorantim’s People Visit the Governance, Compliance and Risks Investor Despite the impacts of the relationships with investors, Economic and Financial Performance Relations pandemic on the global economy, analysts and creditors—in line Social Investment website Votorantim was able to maintain with listed companies—was Initiatives to Combat COVID-19 its investment grade rating by two demonstrated in a series of credit risk agencies, Standard & earnings conference calls, which Center of Excellence (CoE) Poor’s and Fitch Ratings, joining a were held in place of in-person Reservas Votorantim select group of companies. Also, events (Votorantim Days in Altre Moody’s changed Votorantim’s São Paulo and New York, which Portfolio Companies outlook to stable from negative were canceled in compliance Votorantim Cimentos due to the company’s operating with the requirement to social Banco BV performance, which was stronger distancing). The Investor Relations Votorantim Energia than had been expected at the website, published in Portuguese Nexa Resources start of the COVID-19 crisis. and English, continued to be Citrosuco available; it contains, among CBA The impact of the pandemic other information, the company’s Acerbrag and Acerías Paz del Río on the company’s results was a operational and financial results About this Report recurring subject of inquiries from and communications to the investors throughout the year. market. GRI Disclosures Initiatives to combat COVID-19, Consolidated Financial Statements both internal and external to Assurance Report society supported by Votorantim, Credits and Corporate Information were broadly publicized, including to the investors.

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A Message From 2020 Results 102-7 and metals businesses and by the the Board of Directors NET REVENUES devaluation of the real against (R million) By segment () A Message From Despite the effects of the the US dollar, which had a positive the Executive Board 19 COVID-19 pandemic, the portfolio effect on the consolidated results 7 36,667 2020 Highlights companies maintained their of operations abroad. 9 otorant 30,907 ento Portfolio Overview operational stability, ending 1 ea 2020 with results above what Votorantim Cimentos had higher A The Investment Holding Company otorant nera Strategy and Management was forecasted at the beginning sales volume in all regions and 2 on teel People of the pandemic. Their speed positive price dynamics, mainly 20 2020 Governance, Compliance and Risks in responding to the impacts in Brazil and North America. Economic and Financial Performance of the crisis, by implementing Nexa benefited from the positive Social Investment contingency plans and increasing effect of metal prices in BRL. Initiatives to Combat COVID-19 their liquidity levels, the strength CBA had the highest sales volume, ADJUSTED EBITDA of the companies and the thanks to the consolidation of (R million) By segment () Center of Excellence (CoE) historical prudence with which the operations of Itapissuma, in Reservas Votorantim 3 Votorantim has conducted its Pernambuco state. All of these 6,917 1 7 otorant Altre businesses were some of the factors had a positive impact on 8 ento 5,139 ea Portfolio Companies factors that ensured that healthy consolidated net revenues. on teel Votorantim Cimentos financial metrics were maintained. 30 A otorant Banco BV Adjusted EBITDA totaled nera

Votorantim Energia In the consolidated view, R$ 6.9 billion, an increase of 35% 20 2020 Nexa Resources Votorantim’s results consider compared to 2019, also reflecting Citrosuco the operations of Votorantim the better operating results. CBA Cimentos, Votorantim Energia, Acerbrag and Acerías Paz del Río Nexa, CBA, Acerbrag and Acerías Votorantim ended the year NET INCOME (R million) About this Report Paz del Río. The results of banco with a net loss of R$ 3.1 billion, BV and Citrosuco are reported compared to a net income of GRI Disclosures according to the equity method. R$ 4.9 billion in 2019. This Consolidated Financial Statements result is mainly explained by the Assurance Report Net revenues at the end of the impairments of Nexa assets to 4,925 Credits and Corporate Information year was R$ 36.7 billion, 19% the amount of R$ 2.5 billion higher than in 2019. The growth in 2020 and the impact of the 20 202020 was mainly driven by the better exchange rate on indebtedness. (3,065) operating results of the cement In 2019, the result was impacted

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A Message From by the positive effect of the short-term investments totaled the Board of Directors FREE CASH FLOW Fibria transaction. These effects R$ 15.4 billion, 40% of which is in (R million) A Message From were partially offset by better reals. the Executive Board 289 operating results, which were 6,917 (07) 2020 Highlights reflected in an increase in net Votorantim and Votorantim 1,632 (1,07) revenues and adjusted EBITDA. Cimentos also have two Revolving (3,23) 1,283 4,077 Portfolio Overview (1,01) 3,277 The Investment Holding Company Credit Facilities (RCF), both Strategy and Management In 2020, operating cash flow available for withdrawal and

was positive at R$ 3.3 billion, as maturing in 2023, totaling ae ape People en Investments/Divestments Capital/Other FX cash effectree a lo Adjusted EBITDA Financial result Governance, Compliance and Risks a result of improved operating US$ 700 million combined, Operating cash flow Economic and Financial Performance results, which, in turn, had an thereby strengthening Social Investment effect on working capital, mainly consolidated liquidity of Initiatives to Combat COVID-19 at CBA and Votorantim Cimentos. R$ 19.1 billion in 2020. CHANGES IN GROSS DEBT DEBT (R billion) By type () Center of Excellence (CoE) Free cash flow (FCF) totaled Net debt was R$ 11.3 billion, 2 on Reservas Votorantim 4.4 25.1 9 R$ 4.1 billion, with a negative 13% higher than in December 0.9 1.3 port nann

Altre 19.8 (1.3) an loan variation of R$ 822 million 2019. Financial leverage, 10 9 Portfolio Companies compared to 2019 (R$ 4.9 billion), measured by the net debt/ eenture 1 Votorantim Cimentos mainly explained by the effect of adjusted EBITDA ratio, was 1.63x, ter Banco BV the Fibria transaction in 2019. a drop of 0.31x in comparison 20 Votorantim Energia There was also the positive effect with the previous year and the ter nteret paentnteret proon Nexa Resources exchange rate cash position of lowest since 2008. orronAortaton Citrosuco approximately 60% in foreign CBA currency. In December 2020, Votorantim Acerbrag and Acerías Paz del Río announced the early settlement NET DEBT NET DEBT DEBT (R billion) ADJUSTED EBITDA By currency () About this Report Liquidity and Indebtedness of the last bond maturing in April (x times) 2021. With this transaction, there GRI Disclosures 17.1 16.2 (1) At the end of 2020, gross debt is no more outstanding debt at 3.92x 15.7 ollar 3.x Consolidated Financial Statements 2 Real (2) totaled R$ 25.1 billion, an the holding company level. 2.9x 11.3 10.0 Assurance Report uro increase of 27% over the previous 1.3x ter Credits and Corporate Information year. The variation is mainly due to 1.9x the devaluation of the real against 20 20 20 20 (1) port nann alte onere a the US dollar on foreign currency ue to te rourren ap (2) lateral loan onere a R ue to te debt. Cash, cash equivalents and rourren ap

Page 33 of 187 CHANGES IN GROSS DEBT DEBT (R billion) By type () 2 on 4.4 25.1 9 0.9 1.3 port nann

19.8 (1.3) an loan 10 9 eenture

1

ter 20 ter 2020 Annual Report nteret paentnteret proon orronAortaton

A Message From Investments an underground polymetallic DEBT the Board of Directors NET DEBT NET DEBT zinc mine and a processing unit (R billion) ADJUSTED EBITDA By currency () (x times) A Message From Capex totaled R$ 3.5 billion, that are both expected to be the Executive Board 10% higher than in 2019. The completed in 2021. 17.1 16.2 (1) 3.92x 15.7 ollar 2020 Highlights 3.x expansion projects represented 2 Real (2) 2.9x 11.3 Portfolio Overview 36% of the total investment. Votorantim Cimentos’ expansion 10.0 uro 1.3x ter The Investment Holding Company projects accounted for 9% of Of the total expansion the total invested, including the 1.9x Strategy and Management 20 20 20 20 investments, 90% was used by expansion of the grinding plant in (1) port nann alte onere a People ue to te rourren ap (2) lateral loan onere a R ue to te Governance, Compliance and Risks Nexa for the development of Pecém, in the northeast of Brazil, rourren ap Economic and Financial Performance the Aripuanã project, in Mato which will add 800,000 tons to its Social Investment Grosso state, which includes current capacity. Initiatives to Combat COVID-19 CAPE (R million) Expansion projects () Center of Excellence (CoE) 10 Reservas Votorantim 3,523 1 3,200 9 Altre 2,20 2,300 ea

otorant Portfolio Companies ento Votorantim Cimentos A 1,283 Banco BV 900 90 Votorantim Energia 20 2020 oernaton panon Nexa Resources utann Citrosuco CBA Acerbrag and Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

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A Message From the Board of Directors Social Investment 103-1 | 103-2 | 103-3 A Message From the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management In addition to its role of influencing One example is the Partnership People the portfolio companies to for the Enhancement of Education Governance, Compliance and Risks commit to embedding social (Parceria pela Valorização da Economic and Financial Performance value creation into their business Educação, PVE), the focus of which Social Investment models, Votorantim invests in was directed to supporting the Initiatives to Combat COVID-19 initiatives focused on citizenship 75 participating municipalities and education—recently, due to in addressing the effects of the The Votorantim Institute is an intelligence center Center of Excellence (CoE) the pandemic, health was also pandemic on education systems. and a hub for social and projects innovations Reservas Votorantim included on the list. These projects Issues that were broadly discussed that develops and implements strategies that Altre are developed in partnership with included enabling virtual learning, help the companies expand their social and Portfolio Companies the Votorantim Institute. adapting educational tools, environmental legacy through a specific vision Votorantim Cimentos planning for classes to resume for each business. Banco BV In 2020, the Votorantim and ways to recover the gap in Votorantim Energia Institute implemented projects learning. In addition to supporting the social performance Nexa Resources in 252 municipalities in Brazil, of Votorantim and its portfolio Citrosuco in addition to initiatives carried The activities of Desafio Voluntário companies, in 2020 the

CBA out abroad. The coronavirus and Via Solidária were also Votorantim Institute started Visit Acerbrag and Acerías Paz del Río pandemic significantly impacted maintained in an adapted format. to act as a center of applied Votorantim About this Report the work of the organization Under the motto “It’s time to intelligence for social and Institute in two aspects, which were join forces”, Desafio Voluntário environmental issues. website GRI Disclosures successfully faced: it required engaged company and contracted Consolidated Financial Statements the review of part of the employees from Votorantim and Assurance Report activities planned for the year portfolio companies in initiatives to Credits and Corporate Information and presented the challenge of address the effects of COVID-19. creating a specific strategy to To maintain social distance, the address the COVID-19 crisis. activities could be done individually

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A Message From and remotely. At the holding Citizenship The awareness front included the Board of Directors company, some of the highlights the publication of the Guia do A Message From included the Career Festival (learn In continuity of activities initiated Voto (Voting Guide) – Municipal Visit the the Executive Board more on page 23) and a fundraiser in the centennial year (2018) Elections, authored by political Citizenship 2020 Highlights Program to support the distribution of focusing on raising awareness scientist Humberto Dantas website Portfolio Overview toys and clothes to approximately of the importance of voting, to explain the processes of The Investment Holding Company 700 children from low-income Votorantim formalized its representative democracy in Strategy and Management communities in Vila Leopoldina, a Citizenship Program in 2020. Brazilian cities and help citizens People neighborhood in São Paulo state The initiative is based on the vote consciously. The book was Governance, Compliance and Risks where Votorantim maintains real assumption, identified with distributed free of charge, in both Download the Economic and Financial Performance estate developments. Via Solidária, the support of specialists and printed and digital format, both Guia do Voto (Voting Guide) Social Investment in its fourth year, encourages through research sponsored by to employees of the portfolio Initiatives to Combat COVID-19 charitable support to projects the holding company, that for companies and to external that assist vulnerable children and citizens to actively participate specialists and organizations. Center of Excellence (CoE) adolescents. In 2020, nine projects in society and vote consciously, Reservas Votorantim that are already supported through political participation and the Another initiative in this area was Altre resources from the portfolio democratic culture in Brazil Cidadania em Cena, an online event Visit the researches Portfolio Companies companies and Votorantim must be strengthened. As recent featuring discussions on political Votorantim Cimentos received donations from research shows, Brazil is one of education, social participation and Banco BV employees. Through donations the countries with the lowest level the future of democracy, open to Votorantim Energia starting at R$ 10 and that could be of satisfaction with democracy; the general public. Held between Nexa Resources paid in installments, the campaign the levels of knowledge and September 29 and October 8, Citrosuco raised R$ 624,000, close to the political interest of its citizens are the event was shown live on CBA amount raised in 2019. also low and associated with a Votorantim Institute’s YouTube Acerbrag and Acerías Paz del Río generalized mistrust toward public channel, with the participation About this Report institutions. of more than 20 local and international specialists and GRI Disclosures To help reverse this situation and researchers, and was promoted by Consolidated Financial Statements strengthen citizenship, in 2020 all companies in the Votorantim Assurance Report the activities of the Program were portfolio. Credits and Corporate Information carried out on three fronts: raising awareness, generating knowledge A special edition of Vototalks and practical interventions. entitled “The neuroscience of citizenship” was held specifically

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A Message From for employees of the portfolio aims to identify effective methods the Citizenship Lab were shared the Board of Directors companies. It included the to develop a democratic culture through virtual seminars open to

A Message From participation of political and foster political participation the public, held on Votorantim Watch the the Executive Board scientist Humberto Dantas and at the local level and help improve Institute’s YouTube channel Cidadania em 2020 Highlights Cena event neuroscientist Carla Tieppo. On three electoral indicators: with the participation of project Portfolio Overview that occasion, the experts talked abstention, blank and void ballots, members in the municipalities. The Investment Holding Company about how current issues in and 16- and 17-year-old voters. In addition, based on these Strategy and Management society can be explained by neural learnings, the Institute started to People mechanisms in the brain and To achieve this goal, in 2019, integrate citizenship promotion Governance, Compliance and Risks what each citizen can do to help Votorantim launched a call methodologies into its portfolio Economic and Financial Performance strengthen a democratic culture. for proposals and selected six of social solutions, by promoting Social Investment organizations, which presented social influence and political Initiatives to Combat COVID-19 Activities of knowledge generation five methodological proposals to education. included support to research be tested in municipalities where Center of Excellence (CoE) initiatives, such as the application, the portfolio companies operate. The main activities in each Reservas Votorantim in Brazil, of the “2020 Values in municipality are detailed on the Altre a Crisis” survey, from the World These projects were carried out following page: Portfolio Companies Value Survey Association. The between January and August Votorantim Cimentos results pointed out the impact 2020 and benefited more Banco BV that extreme crisis situations, than 2,200 people directly and Votorantim Energia such as the pandemic, have on more than 140,000 citizens Nexa Resources individual moral and democratic indirectly, corresponding to 46% Citrosuco values, and motivated the creation of the population of the five CBA of a network of organizations and municipalities. Other highlights Acerbrag and Acerías Paz del Río experts to discuss the systemic included the strengthening of About this Report causes and effects of the weak public debate in the areas, around national democratic culture, which an agenda focused on local GRI Disclosures will continue holding discussions development and the guarantee Consolidated Financial Statements in 2021. of rights, and the development Assurance Report of individual skills of citizens to Credits and Corporate Information In practical interventions, prepare them to participate more Votorantim advanced the actively in democracy. activities of the Citizenship Lab (Lab Cidadania), an initiative that The main lessons learned from

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A Message From Citizenship Lab Highlights the Board of Directors A Message From Três Marias, in Minas Gerais, Votorantim, in São Paulo, Matão, in São Paulo, organized the Executive Board organized by Politize with organized by Cidade Democrática by Terroá Institute with support 2020 Highlights support from Nexa: promotion and Governo Aberto Institutes from Citrosuco: the project Portfolio Overview of Dialoga! Três Marias, which with support from Votorantim fostered community engagement The Investment Holding Company brought together, virtually, Cimentos: organization of involving local youth, in addition Strategy and Management citizens for rounds of discussions Social Investment Agents, who to training 305 teachers on civic People on public policy proposals; over promoted a public consultation education; Democracy Festival, a Governance, Compliance and Risks 200 people participated in the about the city’s problems, with 12-hour virtual event on rights, Economic and Financial Performance project’s activities and more participation of 356 people; the environment, art, education Social Investment than 2,000 people accessed the creation and implementation and representation, which was Initiatives to Combat COVID-19 project’s social media channels. of social intervention projects, broadcast live and attended developed by youth in the by 7,700 people; mobilization Center of Excellence (CoE) Miraí, in Minas Gerais, organized areas of People with Disabilities of young people to register to Reservas Votorantim by Colab with support from (PWD), mental health, culture, vote; and presentation of public Altre CBA: promotion of Jornada do sports and food security; and a policy proposals to more than 50 Portfolio Companies Cidadão, which was attended mobilization campaign for young mayor and city councilor pre- Votorantim Cimentos by approximately 1,200 local people to register to vote. candidates. Banco BV residents; development of Votorantim Energia teaching content on political Araripina, in Pernambuco, Nexa Resources education to be used by the local organized by Politiquê with Citrosuco public school; awareness of more support from Votorantim CBA than 100,000 people through a Energia: inclusion of Acerbrag and Acerías Paz del Río communication strategy. approximately 80 students from About this Report the ten schools participating in the project in online discussions GRI Disclosures on issues related to public policy Consolidated Financial Statements and public engagement, through Assurance Report the networking of young leaders Credits and Corporate Information appointed by the schools.

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A Message From the Board of Directors Initiatives to Combat COVID-19 A Message From the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management Addressing the global effects strict safety protocols, with People of the coronavirus pandemic flexible work schedules and the The Relationship of Votorantim with BP – Governance, Compliance and Risks posed unprecedented challenges reinforcement of sanitization A Beneficência Portuguesa de São Paulo Economic and Financial Performance to society, in the health, social measures in the units. Social Investment and economic spheres. In this Antonio Pereira Ignacio, the Portuguese founder Initiatives to Combat COVID-19 context, under the coordination Beyond the corporate scope, of Votorantim, started the relationship between and operation of the Votorantim together with the portfolio the shareholder family and BP – A Beneficência Center of Excellence (CoE) Institute, the holding company companies and the shareholder Portuguesa de São Paulo in the 1920s through Reservas Votorantim and the portfolio companies family, Votorantim donated donations and participation in management Altre Visit the reaffirmed their commitment approximately R$ 150 million to positions. After his death, José Ermírio de Todos Contra Portfolio Companies o Coronavírus to citizenship through develop more than 400 initiatives, Moraes became the first non-Portuguese Votorantim Cimentos website health initiatives both in the which included the acquisition and president over the organization. During his Banco BV communities where they operate donation of personal protective administration, in 1957, the hospital was Votorantim Energia and also involving employees equipment (PPE) and hospital inaugurated, with 440 beds and an area of more Nexa Resources and other stakeholders, such as equipment, maintenance of than 25,000 m²; at the time, it was considered Citrosuco suppliers and clients. In early ventilators in partnership with the largest and most modern private hospital in CBA March, the companies established the National Service for Industrial Latin America. Antônio Ermírio de Moraes then Acerbrag and Acerías Paz del Río interdisciplinary technical groups Training (Serviço Nacional de became the president of the hospital, a position About this Report or crisis committees to address Aprendizagem Industrial, SENAI), he occupied for more than 40 years. Mário the issue. They immediately telemedicine projects in the Ermírio de Moraes participated in the institution GRI Disclosures decided on the adoption of municipalities, and mentoring to as vice president and Rubens Ermírio serves Consolidated Financial Statements internal measures to combat help local governments address as chairman, totaling four generations of the Assurance Report the pandemic, including remote the pandemic. Closing the cycle of shareholder family involved in BP’s management, Credits and Corporate Information working for employees in support during the pandemic, the contributing to its modernization, expansion and corporate offices, restrictions Votorantim Institute announced management. on business travel and in-person its participation, through funds meetings, and the adoption of from Votorantim and banco BV,

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A Message From in the adaptation of vaccine Development Bank (Banco Nacional business day of December 2020, the Board of Directors plants in Rio de Janeiro and de Desenvolvimento, Econômico considering only the activities of A Message From São Paulo, which will give Brazil e Social, BNDES). In 2020, the the mentoring program offered the Executive Board more autonomy in supplying the program included the AGP Corona to the municipalities, 33,800 2020 Highlights coronavirus vaccines. initiative, which served more than COVID-19 cases and 973 associated Portfolio Overview 150 Brazilian towns with up to deaths had been avoided in the The Investment Holding Company The distribution of donated 350,000 residents and which evaluated group, which included Strategy and Management resources was based on extensive suffered a medium to high risk 144 municipalities. Considering the People work carried out to support of vulnerability to the pandemic, group of 183 municipalities where Governance, Compliance and Risks Brazilian municipalities, which through virtual advice sessions on PPE was also donated to health Economic and Financial Performance began with the identification of how to best manage the crisis. teams, the number of COVID-19 Social Investment the most vulnerable towns and cases and related deaths dropped by Initiatives to Combat COVID-19 cities using criteria such as the All initiatives benefited from 115,000 and approximately 3,700, size of the elderly population, technical support from BP – A respectively, in the same period. It Center of Excellence (CoE) number of hospital beds and Beneficência Portuguesa de São is estimated that, considering the Reservas Votorantim local infrastructure. This led to Paulo, a benchmark medical avoided costs of ICU admissions Altre the creation of the Municipal organization. The activities included alone, these initiatives resulted in Portfolio Companies Vulnerability Index (Índice de support in the definition and savings of more than R$ 405 million Votorantim Cimentos Vulnerabilidade Municipal, IVM) by acquisition of items for donation and to the government. The Votorantim Banco BV the Votorantim Institute, to map webinars hosted by specialists on Institute will conduct periodic Votorantim Energia the pandemic in Brazil and inform clinical and epidemiological aspects rounds of impact assessment of its Nexa Resources the society at large. of the disease from the organization activities related to the pandemic Citrosuco (learn more on page 50). until 2022, to measure health, CBA Another endeavor included the educational and economic results. Acerbrag and Acerías Paz del Río redirection of social projects Given the commitment to measuring About this Report underway in the municipalities the results of its initiatives, Considering that the pandemic where Votorantim companies independent assessments have and its effects will remain a GRI Disclosures operate with activities to combat been conducted since September major social challenge in 2021, Consolidated Financial Statements the coronavirus. One example is the 2020 to evaluate the impact of the Votorantim Institute will Assurance Report Support for Public Management projects aimed at addressing the maintain activities focused on Credits and Corporate Information program (Apoio à Gestão Pública, pandemic. Data analyzed so far strengthening public health AGP), started eight years ago indicate a significant impact in policies, accelerating economic by the Votorantim Institute in reducing the number of COVID-19 recovery and maintaining fiscal partnership with the National cases and deaths. Until the first balance in the municipalities.

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A Message From the Board of Directors A Message From Center of Excellence (CoE) 102-6 | 102-9 | 103-2 | 103-3 the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management Votorantim’s Center of Excellence People People is made up of centers specialized Solutions Against COVID-19 Governance, Compliance and Risks in information technology, finance, The people management activities Economic and Financial Performance conducted during the pandemic The CoE supported the Votorantim Institute Social Investment accounting and taxes, human were detailed in the case study and the strategy of Votorantim and portfolio Initiatives to Combat COVID-19 resources, real estate solutions, “Getting the job done: caring for companies to combat the COVID-19 pandemic. and connecting with the team The activities conducted by the CoE included Center of Excellence (CoE) innovation and data use (analytics). during the pandemic”, which mapping and working with partners in the Reservas Votorantim received the Ser Humano Award, area of digital services and strategic and Altre promoted by the Brazilian Human epidemiological data intelligence solutions Portfolio Companies Agility and a sound relationship Resources Association of Paraná to assist governments 101101011001101011101000101010101101001111010110 010101011010011111001101011101000101011010110101 001001101011101000101010101101111101011010110101 Votorantim Cimentos of trust among its approximately state (Associação Brasileira de in decision-making, in 100110101110100010101010110100111101011010110101 000101010101101001111010110101101011001101011101 Banco BV 900 employees enabled the CoE Recursos Humanos do Paraná, addition to developing 100110101110100010101010110100111101011010110101 010101101001111010110101101011001101011101000101 Votorantim Energia to adapt to new ways of working ABRH-PR) a platform to provide 100110101110100010101010110100111101011010110101 010101010110100111101011010110101100110101110100 Nexa Resources 010110101101011001101011101000101010101101001111 and communicating in the face psychological support 100110101110100010101010110100111101011010110101 111101011010110101100110101110100010101010110100 Citrosuco of the pandemic. As a result, In 2020, the CoE also continued to health professionals 101011001101011101000101010101101001111010110101 101001111010111001101011101000101010101010110101 CBA the CoE not only maintained its diversity activities. Promoted (learn more on page 39). 101011010110011010111010001010101011010011110101 Acerbrag and Acerías Paz del Río its ongoing operations but also mainly by a Diversity Committee, About this Report achieved productivity gains that the discussions have increased were passed on to the portfolio knowledge of diversity issues and GRI Disclosures companies. 102-6 resulted in changes in attitude. accelerated the hiring of People Consolidated Financial Statements with Disabilities (PWD) and Assurance Report As part of this effort, the CoE contributed to the redesign of Credits and Corporate Information hired and promoted a total of the Internship Program selection five women to management process, carried out in partnership positions (at the end of the year, with a consulting firm specialized 48% of all leaders were women), in diversity.

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A Message From Innovation and Product 21 approved ideas. Four of them through due diligence reviews of the Board of Directors Development 102-15 stood out in 2020: business integrity issues. A Message From the Executive Board Innovation is at the core of the Digital Buyer: a procurement Using artificial intelligence, the 2020 Highlights CoE’s purpose to develop original, intelligence product based CoE develops solutions to enable Portfolio Overview effective and integrated solutions on artificial intelligence that decision making through data The Investment Holding Company to the common challenges of automates purchasing processes, analysis, including intelligent Strategy and Management companies. During the year, evaluates commercial proposals, algorithms in the collection area People the CoE began offering these conducts negotiations and that predict client movements Governance, Compliance and Risks solutions to companies outside concludes purchases after in the payment and credit area, Economic and Financial Performance Votorantim’s portfolio. considering the procurement to strategically manage this Social Investment strategies and policies of each flow for the companies in the Initiatives to Combat COVID-19 Product development happens company. Votorantim portfolio. Similar through BoXUp, an accelerator initiatives were developed for Center of Excellence (CoE) of innovative initiatives that Registration Intelligence: uses product pricing and to analyze Reservas Votorantim since its creation has produced artificial intelligence to analyze the dynamics of industrial Altre inventories; it interprets their processes, anticipating potential Portfolio Companies descriptions and specifications, problems in production. Votorantim Cimentos points out stock redundancies and Banco BV BoxUp stage funnel directs the appropriate systemic Some of the CoE’s solutions are Votorantim Energia treatment for the material. already available to the market; Nexa Resources Capture the three that stand out are: Citrosuco Flight Risk: an algorithm that can CBA predict which employees are likely Sykn: with a focus on loss Acerbrag and Acerías Paz del Río Booster to leave the company and when prevention, it identifies risks and About this Report they might resign. The tool has waste in business transactions 94% accuracy and helps human through the intensive use of GRI Disclosures Discovery resources leaders manage people technology; it monitors activities Consolidated Financial Statements through a new perspective. virtually and continuously. Assurance Report Final production Sykn is used by the portfolio Credits and Corporate Information IzCheck: a web platform that companies and, in 2020, the analyzes data of companies and CoE signed its first contract Execution of the business plan individuals with regard to meeting to provide the solution to an legal and compliance requirements external client.

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A Message From the Board of Directors Summary of CoE dynamics A Message From the Executive Board 2020 Highlights Pilot operation Solutions Intrapreneur- Portfolio Overview with market CoE’s transformation ship Confirms The Investment Holding Company drivers: business potential Strategy and Management • Process simplification / viability Productization People efficiency Co-creation of the solution Governance, Compliance and Risks • Autonomous operation Business Prototypes of Extends insight / Economic and Financial Performance / self-services cross-cutting capabilities and challenges or specific strength to Social Investment • Intelligence and CoE and solutions new business portfolio Initiatives to Combat COVID-19 predictability contexts companies • Flexibility / Agility Center of Excellence (CoE) Digital Open Adoption • Safety / Compliance competence Reservas Votorantim Innovation of everyday hubs architecture Altre Scale use Portfolio Companies Capture results Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Critera: with a focus on health Protection Regulation (GDPR). It for banks and fintechs, and was Citrosuco and benefit management, it is used by portfolio companies included in the proptech maps CBA provides access to information and centralizes the management (startup selection). Acerbrag and Acerías Paz del Río on claims, user profile and costs of 87,000 lives and 20,000 About this Report through a single system, which employees. ensures greater autonomy for GRI Disclosures Human Resources employees Avaliei: the goal of this startup Consolidated Financial Statements and provides a redefined, unique is to accelerate the property Assurance Report experience for them, as well as for appraisal process and contribute Credits and Corporate Information doctors. In addition to segregated to the digital transformation access, the solution ensures of the sector through data use. medical confidentiality and In 2020, Avaliei performed compliance with the General Data approximately 10,300 evaluations

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Reservas Votorantim 103-1 | 103-2 | 103-3 A Message From the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management People Governance, Compliance and Risks Economic and Financial Performance Social Investment Initiatives to Combat COVID-19 Center of Excellence (CoE) Reservas Votorantim Altre Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag and Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information Nature based solutions.

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A Message From Reservas Votorantim materializes Votorantim’s In addition, the company the Board of Directors commitment to the conservation of land and maintained close contact with A Message From water resources and to the development of its partners through live virtual the Executive Board events and other interactive 2020 Highlights communities through the management of initiatives, such as a children’s Portfolio Overview Legado das Águas. contest for painting images of the The Investment Holding Company Atlantic Forest. These activities Strategy and Management helped increase the social media People Legado das Águas is the largest While it waited for the engagement of Legado das Governance, Compliance and Risks private Atlantic Forest reserve in reopening, Reservas involved Águas, which, between March and Economic and Financial Performance Brazil, covering 31,000 hectares BP – A Beneficência Portuguesa December 2020, gained more Social Investment Visit the across the municipalities of Juquiá, de São Paulo in an effort to than 4,000 new followers on Legado das Miracatu and Tapiraí. Acquired in prepare for the return of Instagram. Public activities were Initiatives to Combat COVID-19 Águas website the 1950s, this land was instituted public activities (ecotourism, partially resumed at the end of Center of Excellence (CoE) as Legado das Águas by the environmental studies and September, when some contracts Reservas Votorantim four founding companies (CBA, environmental education), were also already in progress for Altre Votorantim Cimentos, Votorantim which included training teams the execution of environmental Portfolio Companies Energia and Nexa) in 2012, when and producing a video and a compensation. Votorantim Cimentos Votorantim formally committed to safety protocol manual that Banco BV protect and maintain the area. is being used as a reference Another initiative developed by Votorantim Energia by other organizations. It also Reservas, in partnership with Nexa Resources As a result of the COVID-19 strengthened its relationships the Office of Infrastructure and Citrosuco pandemic, the Legado das Águas with the municipalities Environment of the State of São CBA production and commercial surrounding the Legado, which Paulo, the Pomar Urbano Project Acerbrag and Acerías Paz del Río processes were interrupted benefited from the activities (Urban Orchard) to revitalize About this Report between March and September to address the pandemic led the Marginal Pinheiros (São 2020. Despite that, Reservas by the Votorantim Institute; GRI Disclosures Paulo) using seedlings grown in made the commitment to they received technical support Legado das Águas, maintained Consolidated Financial Statements maintain all jobs, including and donations of personal its pace of expansion by caring Assurance Report outsourced workers, and protective equipment (PPE) for the existing specimens at Credits and Corporate Information contracts with suppliers, with and respirators for their health the beginning of the year and whom it negotiated process and institutions and food vouchers initiating a second phase of cost optimizations to ensure the for local families in situations of planting in November. In total, continuity of the partnerships. vulnerability. more than 200 trees and 2,000

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A Message From create mechanisms to generate At the end of 2020, there were six the Board of Directors Forest for Legal Reserve revenues to maintain the area. studies underway, of which four A Message From were internal projects and two were the Executive Board According to the Brazilian Forest Code, the Legal Also in the area of ​​landscaping developed through partnerships. 2020 Highlights Reserve required for the Atlantic Forest biome but with a focus on retail, Pátio One of them is studying the Portfolio Overview must correspond to 20% of the total property. Caeté, a space for the sale of possibility of reintroducing The Investment Holding Company native species from the Atlantic jaguars into the Atlantic Forest Strategy and Management Farmland owners opting to use the Forest, was inaugurated at in partnership with the Onçafari People environmental compensation system, by leasing the end of the year in the Vila Association, aiming at the Governance, Compliance and Risks an area of native vegetation existing on another Leopoldina neighborhood, in São conservation of the species—this Economic and Financial Performance property, can follow the Legal Reserve business Paulo, where Altre develops real is the objective of a project being Social Investment model of Legado das Águas. In this model, the estate projects. Its target market carried out by the association in Initiatives to Combat COVID-19 owner leases, for an annual fee, an area within is professional landscapers and the Pantanal. Another highlight Legado corresponding to the necessary offset, enthusiasts of native flora, who was the discovery of a new Center of Excellence (CoE) where there is already a conserved forest, with have increasingly used these species of orchid, named after Reservas Votorantim Reservas Votorantim being responsible for species in their projects, thereby Legado das Águas, during a study Altre managing and maintaining it. promoting Brazilian biodiversity. conducted by the São Paulo Portfolio Companies Most of the products sold in the Botanical Institute and Zandoná Votorantim Cimentos space, including emblematic trees Conservação in the area. Banco BV seedlings of shrub species from such as cambuci, embaúba and Votorantim Energia the Atlantic Forest were planted palmito-jussara, are grown in Reservas intensified a partnership Nexa Resources in the 12 km stretch included Legado das Águas. with the Butantan Institute Citrosuco in the project. Pomar Urbano to raise the awareness of the CBA was strengthened during the Scientific research conducted communities of Vale do Ribeira Acerbrag and Acerías Paz del Río year by the inclusion of new in the area was also maintained about the importance of About this Report partners that, like banco BV, during the year. One of the preserving species of snakes, became a Companhia Amiga do studies led Legado das Águas to GRI Disclosures spiders and other animals living in Legado (Corporate Friend of be labeled a Global Priority Area the region, ways of coexisting with Consolidated Financial Statements Legado), a seal of recognition by the International Union for them and how to respond in case Assurance Report for companies and institutions the Conservation of Nature and of bites or other emergencies. Credits and Corporate Information that define activities, work Natural Resources (IUCN), as one plans and strategies to help the of the last refuges for southern conservation of the Atlantic muriquis, the largest primate in Forest and/or directly or indirectly the Americas in risk of extinction.

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A Message From the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management People Governance, Compliance and Risks Economic and Financial Performance Social Investment Initiatives to Combat COVID-19 Center of Excellence (CoE) Reservas Votorantim Altre Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag and Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information More than a Real Estate company.

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A Message From ARCA Altre is Votorantim’s real estate investment activities to make improvements ALTRE the Board of Directors platform, focused on creating value on the site, which will make the A Message From space safer and more enjoyable. the Executive Board with its current portfolio of assets and Visit the Arca Visit the Altre 2020 Highlights website deploying additional capital seeking income Part of another restored website Portfolio Overview generating assets. warehouse, STATE, which The Investment Holding Company functions as a hub for innovation, Strategy and Management The process for creating this also incorporate concepts of technology and creative economy, People platform started in 2015 with smart cities, which leverage ended the year with 100% STATE Governance, Compliance and Risks the analysis of existing real the entire system of cities occupancy and launched its own Economic and Financial Performance PIU estate assets and their potential, with populations of more than restaurant, which is expected to Social Investment from a strategic and operational 100,000 to catalyze development open as soon as office operations Visit the STATE standpoint. Since then,this and improve local quality of are fully resumed after being Initiatives to Combat COVID-19 website initiative has been organized life. The first two projects, in interrupted by the pandemic. In Center of Excellence (CoE) Visit the PIU website around three major strategies: phase one, are at the end of the addition, an expansion project Reservas Votorantim monetize assets with limited licensing stage and are scheduled expected to be completed in Altre development and strategic to be launched between 2021 2021 was initiated in the same Portfolio Companies potential; maintain and preserve and 2022. warehouse and in an adjacent Votorantim Cimentos a strategic land bank; and develop building to accommodate new Atlas Office Banco BV projects for properties with In São Paulo, where Altre projects tenants. In total, there will be Park Votorantim Energia further development potential. are concentrated in the Vila more than 26,000 m² of gross Nexa Resources Leopoldina neighborhood, ARCA, leasable area (GLA), with more Citrosuco Altre was born as a robust an old warehouse retrofitted than 17,000 m² of office space. Visit the Atlas CBA company with income generating into an entertainment space, was Office Park Acerbrag and Acerías Paz del Río assets and urban development completed in 2018 and despite ARCA, STATE and other spaces website About this Report projects. Its main projects are the pandemic continued to host in transformation are part of a located in large urban areas in events in 2020: Drive Thru Art, GRI Disclosures broad reframing project including Brazil: two in the state of São an exhibit of paintings, videos and the entire complex where they are Consolidated Financial Statements Paulo (city of Votorantim and photographs by 18 contemporary located. The goal is to transform Assurance Report the state capital, São Paulo) and artists from different generations, the old industrial facilities into Credits and Corporate Information one in the state of Pernambuco and ALIVE, a special end-of-year a mixed and diversified project, (city of Paulista). In addition to live virtual event by Brazilian with offices, homes, cultural sustainable urban development DJ Alok. Votorantim used the activity venues and a large green and ESG criteria, these projects temporary interruption of area where more than 2,000

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A Message From seedlings of species from the shareholder of the Atlas Office the Board of Directors Atlantic Forest will be planted. Park project, with an area of more Initiatives A Message From These changes will have positive than 36,000 m² of office space. to Combat the Executive Board social and environmental impacts COVID-19 2020 Highlights on the entire region. Altre Altre has a dedicated team Portfolio Overview filed a proposal for an Urban of employees, with extensive One of the The Investment Holding Company Intervention Project (Projeto de market experience, who carry highlights Strategy and Management Intervenção Urbana, PIU) with Votorantim’s DNA in their way of during the pandemic was People the São Paulo City Council and doing business and seek to align the emergency social Governance, Compliance and Risks is awaiting approval to start the development of company assistance activities carried Economic and Financial Performance improvements on public spaces assets with strategies that have out in Vila Leopoldina, one Social Investment included in the project. Also in the a positive impact, especially with of the neighborhoods where Initiatives to Combat COVID-19 same neighborhood, Votorantim regard to environmental and Altre’s real estate assets are is one of the sponsors and social aspects. located. One example was Center of Excellence (CoE) the distribution of food and/ Reservas Votorantim or cleaning product vouchers Altre to 1,000 families in the Portfolio Companies communities of Linha, Nove Votorantim Cimentos and Cingapura, who also had Banco BV access to health initiatives Votorantim Energia conducted in partnership with Nexa Resources BP – A Beneficência de São Citrosuco Paulo, through which they could CBA ask questions regarding the Acerbrag and Acerías Paz del Río pandemic and receive medical About this Report care (learn more on page 39). GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

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A Message From the Board of Directors A Message From Portfolio Companies 103-2 | 103-3 the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management Despite the challenges they strengthening its leadership Against the Coronavirus (Todos People faced, the companies once again position in the packaging market Contra o Coronavirus) initiative Governance, Compliance and Risks demonstrated their capacity in Brazil. (learn more on page 39), Economic and Financial Performance to create value and reaffirmed companies engaged in activities Social Investment their commitment to society by In the face of the health crisis, to meet the needs created by the Initiatives to Combat COVID-19 working to prevent and combat all companies in the portfolio pandemic in different locations COVID-19. adopted measures to ensure in Brazil and abroad. Highlights Center of Excellence (CoE) the health and well-being of include the donation of personal Reservas Votorantim One of the main highlights of the their employees. They instituted protective equipment (PPE) kits, Altre year was the announcement of remote working for most handmade masks, COVID-19 Portfolio Companies the combination of the operations employees in corporate offices tests, general equipment for Votorantim Cimentos of Votorantim Cimentos in North and, whenever that was not hospitals and for setting up Banco BV America with McInnis Cement, feasible, they put in place strict intensive care units (ICU), as well Votorantim Energia which resulted in a partnership safety protocols that included as boxes of food for families in Nexa Resources with Caisse de dépôt et placement periodic testing, shift rotation and situations of social vulnerability. Citrosuco du Québec (CDPQ). Also, the joint sanitization of spaces. In parallel, CBA venture between Votorantim among other benefits, they In the area of ESG (Environmental, Acerbrag and Acerías Paz del Río Energia and CPP Investments provided telemedicine services Social and Governance), progress About this Report announced an investment of and virtual psychological support was made in all companies. R$ 2 billion in wind farms in the to employees and their families. Read on to learn about the GRI Disclosures Ventos do Piauí II and Ventos do performance of each of the Consolidated Financial Statements Piauí III complexes. In addition, With coordination by the companies in Votorantim’s Assurance Report CBA acquired the operations of Votorantim Institute, the portfolio. Credits and Corporate Information a rolled steel unit located in in initiatives were extended to the Itapissuma, in Pernambuco state, general public. Through the All

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A Message From the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management People Governance, Compliance and Risks Economic and Financial Performance Social Investment Initiatives to Combat COVID-19 Center of Excellence (CoE) Reservas Votorantim Altre Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag and Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information A commitment to overcome.

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A Message From Votorantim Cimentos the Board of Directors A Message From Visit the In 2020, Votorantim Cimentos Votorantim Cimentos’ Net revenues: the Executive Board Votorantim once again proved its consolidated net revenues Cimentos R$ 16.7 bn 2020 Highlights website management capacity and was R$ 16.7 billion and the Portfolio Overview operational leverage while facing consolidated adjusted EBITDA was Adjusted EBITDA: The Investment Holding Company the challenges of the COVID-19 R$ 3.8 billion, an increase of 29% pandemic in all 11 countries and 43%, respectively, compared R$ 3.8 bn Strategy and Management People where it operates, demonstrating to 2019. Brazil contributed Visit the the resilience of a regionally positively to the results, thanks Governance, Compliance and Risks 2030 Global Social investment¹: Economic and Financial Performance Sustainability diversified portfolio. During to reduced interest rates, the R$ 11.7 mm Social Investment Commitments the year, it also advanced its emergency aid granted by the Initiatives to Combat COVID-19 decarbonization and positioning Federal Government and its Company resources: strategies in North America. use in the purchase of building Center of Excellence (CoE) materials, including cement, the R$ 8.7 mm Reservas Votorantim From the business standpoint, upturn in the real estate sector Votorantim Institute: Altre contingency activities to mitigate and higher market demand in the Portfolio Companies the impact of the pandemic focused self-construction segment. The R$ 3 mm Votorantim Cimentos on people’s health, well-being and company also maintained the Banco BV safety, in addition to preserving strategy of expanding its adjacent ¹ Amount managed by the Votorantim Votorantim Energia the company’s cash position and businesses, which included Viter Institute. It does not include additional resources for initiatives to combat Nexa Resources financial health, which resulted (an aglime unit), Verdera (a waste COVID-19. Citrosuco in circumstantial postponement management and co-processing CBA of a few modernization projects. provider) and the digital platform Acerbrag and Acerías Paz del Río Others, already underway, were Juntos Somos+. In the United most affected by social distancing About this Report forced to pause temporarily, States and Canada, the cement measures adopted by local because of external factors. These sector maintained a stable governments. GRI Disclosures postponed initiatives returned to dynamic, with a slight recovery Consolidated Financial Statements the company’s active investment at the end of the year thanks to In 2020, Votorantim Cimentos Assurance Report pipeline in 2021, as is the case with the reopening of businesses after advanced its strategic agenda. Credits and Corporate Information the project to expand the Pecém the initial restrictions imposed by One of the main initiatives unit, in the state of Ceará, where the pandemic. The same occurred was the publication of its construction has already been in the Europe, Asia and Africa 2030 Global Sustainability resumed. region, where operations were the Commitments, which seek to

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A Message From align the operations with the In November, Votorantim de dépôt et placement du Québec the Board of Directors demands from society and Cimentos announced the (CDPQ), based in Canada. Once A Message From the market. The document expansion of Cementos Artigas, customary closing conditions the Executive Board establishes specific targets and in Uruguay, a company it are met, including approval by 2020 Highlights directs the efforts over the next operates in partnership with regulatory authorities in Brazil, Portfolio Overview ten years in seven areas: Health, Cementos Molins. This will result the United States and Canada, The Investment Holding Company Safety and Well-Being; Ethics and in gains in industrial efficiency, Votorantim Cimentos will hold an Strategy and Management Integrity; Diversity and Inclusion; cost competitiveness and 83% interest in the company. This People Innovation; Environmental sustainability, in addition to transaction will result in increased Governance, Compliance and Risks impact; Circular Economy; reducing electricity consumption. agility and efficiency in cement Economic and Financial Performance and Communities and Shared supply, through an increase in Social Investment Value. Examples that stand out In December, a joint project with production of 2.2 million tons Initiatives to Combat COVID-19 include the goal of reducing CO2 Votorantim Energia was approved, per year and the combination of emissions per ton of cement to which includes the construction of the distribution networks of the Center of Excellence (CoE) 520 kg by 2030, representing 220 MW-capacity wind farms that two companies, mainly in eastern Reservas Votorantim a 12% decrease in relation to will start operating in 2023. The Canada, the Great Lakes region Altre 2019, and the commitment to agreement will allow Votorantim and the northeast coast of the Portfolio Companies implement technologies that Cimentos to purchase 25% of United States. The agreement is Votorantim Cimentos would enable the production the energy generated, increasing in line with Votorantim Cimentos’ Banco BV of carbon-neutral concrete by the company’s share of electricity portfolio management strategy to Votorantim Energia 2050. These issues have always from renewable sources in Brazilian prioritize investments in markets Nexa Resources been treated as a priority by the operations from 35% to 56%. with strong currency and growth Citrosuco company, which has been working potential where the company CBA throughout its value chain and Also in December, the company already operates, and optimize its Acerbrag and Acerías Paz del Río engaging other stakeholders to announced the combination of exposure to mature and emerging About this Report ensure that the industry can its North American operations markets, while maintaining an reduce its carbon emissions to with McInnis Cement, resulting GRI Disclosures appropriate capital structure. meet the objectives set by the in a partnership between Consolidated Financial Statements global climate agenda. Votorantim Cimentos and Caisse Assurance Report Credits and Corporate Information

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A Message From the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management People Governance, Compliance and Risks Economic and Financial Performance Social Investment Initiatives to Combat COVID-19 Center of Excellence (CoE) Reservas Votorantim Altre Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag and Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information The best of two worlds: startup mindset and profitability

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A Message From banco BV the Board of Directors A Message From Visit the banco The COVID-19 pandemic tested interruption of economic activity, Net income: the Executive Board BV website several aspects of banco BV’s banco BV launched initiatives that R$ 1.1 bn 2020 Highlights strategy and culture, mainly benefited clients in two ways: i) Portfolio Overview the dimensions of digital a 60-day grace period without Return on equity (ROE): The Investment Holding Company transformation and business interest charges, allowing clients Strategy and Management resilience. In retail, where BV to defer two installments to 10.3% People is the national leader in used the end of the contract period; Governance, Compliance and Risks light vehicle financing, digital and ii) lengthening of debt Economic and Financial Performance transactions were expanded maturity, which lowered monthly Social Investment to connect storeowners and installments. The two campaigns Initiatives to Combat COVID-19 consumers. Even though stores benefited more than 800,000 throughout Brazil remained clients and helped maintain the with net income of R$ 1.1 billion, Center of Excellence (CoE) closed during the height of portfolio’s default rate at levels 22% lower than in 2019, but Reservas Votorantim the pandemic, BV continued to below the historical average. with profitability (ROE) in the last Altre operate through digital platforms, quarter of the year similar to pre- Portfolio Companies which were enhanced by a new car In the wholesale segment, BV pandemic levels (13%); the return Votorantim Cimentos delivery service to clients. benefited from a rise in demand on equity during the year was Banco BV caused by an increase in the 10.3%. Votorantim Energia As seen in past economic crises, acquisition of credit lines by Nexa Resources the market of used vehicle sales companies, as a way of reinforcing In the areas of management and Citrosuco and financing proved to be resilient. their cash position, and by the culture, the principle of putting CBA Although impacted in the first temporary interruption in the people first was demonstrated Acerbrag and Acerías Paz del Río weeks of the pandemic, with a drop capital market, the volatility of through activities to address the About this Report of approximately 80% in demand, which did not have a significant effects of the pandemic. The the segment recovered gradually effect on the company’s credit effort to preserve the health GRI Disclosures and, in July 2020, origination portfolio. of employees and their family Consolidated Financial Statements volume presented the same level in members was recognized in the Assurance Report comparison with 2019. With regard to results, the bank annual organizational climate Credits and Corporate Information prudently raised its provisioning survey, carried out in May in the Also in retail, given the need level, which increased the cost of form of a questionnaire answered to renegotiate debts resulting credit in 2020. This combination by the teams. It registered a from unemployment and the of factors led BV to end the year satisfaction index of 89 points,

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A Message From placing BV among the best protection of children and the of CO2 emissions from vehicles the Board of Directors companies to work for in Brazil. elderly, among others. In 2020, financed in 2021 and beyond. A Message From investments in these projects Approximately 4 million tons the Executive Board The bank acted in a timely manner totaled R$ 11.7 million. of CO2 will be offset each year 2020 Highlights to support its employees, clients through the purchase of carbon Portfolio Overview and society during the pandemic. Banco BV also reinforced its credits. The Investment Holding Company In addition to donations to support commitment to ESG standards Strategy and Management vulnerable families and provide by creating a Sustainability The company also advanced People medical equipment throughout Committee and establishing a new its digital partnership strategy Governance, Compliance and Risks Brazil, BV implemented an online sustainable performance strategy by connecting more than 180 Economic and Financial Performance donation campaign through within its ecosystem. The new companies to its Applications Social Investment which the company matched aspiration includes four goals: (i) Programming Interface (APIs) Initiatives to Combat COVID-19 each real donated, doubling the neutralize environmental impact; library, which centralizes a amount collected, for a total (ii) accelerate social inclusion; (iii) series of standards for software Center of Excellence (CoE) of R$ 2.6 million. In addition, it multiply and humanize financial development and integration. Reservas Votorantim offered subsidized credit lines knowledge and; (iv) mobilize Approximately 30 of the Altre to the amount of R$ 50 million resources to promote sustainable connected companies are BV’s Portfolio Companies to national manufacturers of businesses. In addition, BV, which strategic partners. Votorantim Cimentos hospital equipment, which led BV already follows the Equator Banco BV to be named one of the 30 most Principles and the Principles for In the areas of revenue Votorantim Energia charitable companies in Brazil by Responsible Investment (PRI), diversification and new product Nexa Resources Forbes magazine. became a signatory to the United development, banco BV continued Citrosuco Nations (UN) Global Compact. to make progress in residential CBA BV also continued 28 projects solar panel financing, a segment Acerbrag and Acerías Paz del Río already supported by the company BV also announced a pioneering in which it is already one of the About this Report in the areas of culture, sports and initiative to neutralize 100% leading national banks. GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

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A Message From the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management People Governance, Compliance and Risks Economic and Financial Performance Social Investment Initiatives to Combat COVID-19 Center of Excellence (CoE) Reservas Votorantim Altre Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag and Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Energy for tomorrow, always.

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A Message From Votorantim Energia the Board of Directors A Message From Visit the Votorantim Energia is positioned investment of R$ 2 billion for Votorantim Energia Joint venture² the Executive Board Votorantim as one of the main electricity the construction of the Ventos Energia 2020 Highlights website companies in Brazil, operating do Piauí II and Ventos do Piauí Net revenues: Net revenues: Portfolio Overview in the segments of generation, III wind complexes, which are R$ 3.6 bn R$ 2.3 bn The Investment Holding Company commercialization and energy scheduled to start operating in Strategy and Management management services. In 2022. Combined, they will add People generation, the joint venture 409 MW to the joint venture’s Adjusted EBITDA: Adjusted EBITDA: Governance, Compliance and Risks with CPP Investments, formed in installed capacity, bringing the R$ 44 mm R$ 1.2 bn Economic and Financial Performance 2018, has an installed capacity total to 2.6 GW. Approximately Social Investment of 2.2 GW through 21 wind 60% of the energy generated by Social investment¹: Initiatives to Combat COVID-19 farms and the control of CESP, a these complexes is committed to publicly traded company valued at CBA and Votorantim Cimentos, R$ 7.7 mm Center of Excellence (CoE) R$ 9.4 billion at the end of 2020. reflecting a self-production model. Reservas Votorantim In commercialization, the company Since CESP was added to the joint Company resources: Altre ended the year with more than venture portfolio, its structure and R$ 5.4 mm Portfolio Companies 400 clients, with sales of 2 GWm in management processes have been Votorantim Cimentos the free market, establishing itself revised, with an emphasis on the Votorantim Institute: Banco BV as one of the three largest energy remediation of active and passive R$ 2.3 mm Votorantim Energia traders in the country, according contingencies, as a way to continue Nexa Resources to the Chamber of Electric Energy in the direction of becoming one ¹ Amount managed by the Votorantim Citrosuco Commercialization (Câmara of the most efficient companies in Institute. It does not include additional resources for initiatives to combat CBA de Comercialização de Energia the electricity sector. COVID-19. Acerbrag and Acerías Paz del Río Elétrica, CCEE). In energy services, About this Report Votorantim Energia manages In the commercialization segment, ² 50% Votorantim Energia and 50% CPP capacity of 2.6 GW in hydroelectric due to the restrictions imposed Investments. GRI Disclosures power plants and 21 wind farms by the COVID-19 pandemic, Consolidated Financial Statements spread across the south, midwest electricity consumption fell in the company took advantage Assurance Report and northeast of Brazil. 2020. In addition, there was a of market opportunities to Credits and Corporate Information decrease in the price of electricity manage its energy balance and Advancing its growth strategy, in the spot market (short term)— renegotiated contracts with even in the midst of the pandemic through which companies sell some of its clients, making future the joint venture approved an surplus energy. On the other hand, payments more flexible. In 2020,

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A Message From it reached 420 active clients, credits, preventing the emission of and inclusion program, which the Board of Directors excluding Votorantim’s portfolio 1.3 million tons of carbon dioxide prioritized the training of young A Message From companies, an increase of 6% equivalent (tCO2e). apprentices and interns and the the Executive Board compared to the previous year. hiring of people in situations of 2020 Highlights With regard to governance, the social vulnerability. Portfolio Overview In the energy management company carried out an evaluation The Investment Holding Company services segment, the year was of its processes based on best In innovation, Votorantim Energia’s Strategy and Management marked by the development of practices from the Brazilian Institute digital transformation process People initiatives focused on increasing of Corporate Governance (Instituto matured, resulting in productivity Governance, Compliance and Risks process agility and efficiency. Brasileiro de Governança Corporativa, gains, business development Economic and Financial Performance IBGC), which resulted in a review of and more efficient information Social Investment The joint venture, a generation internal forums and improvements management. The company also Initiatives to Combat COVID-19 platform, had solid operational in the management system, to made progress in the Usinas and financial performance. In enable Votorantim Energia to Conectadas (Connected Plants) Center of Excellence (CoE) 2020, considering the results influence changes in governance in Program, which enables centralized Reservas Votorantim of CESP, Ventos do Piauí I and its portfolio companies. management of assets and aims Altre Ventos do Araripe III, it had total to interconnect all hydroelectric Portfolio Companies net revenues of R$ 2.3 billion Another step taken by Votorantim and wind power plants by 2021. In Votorantim Cimentos and adjusted EBITDA of Energia toward adherence to ESG addition, it became part of Energy Banco BV R$ 1.2 billion. Considering the principles was the definition of Future, an innovation hub for the Votorantim Energia commercialization and energy the company’s position in three Brazilian electricity sector that will Nexa Resources management segments as well main objectives: (i) achievement assist the company in pursuing Citrosuco as the joint venture, through of clean energy certificates; projects, creating partnerships CBA equity, the consolidated net (ii) identification, through with startups, universities and Acerbrag and Acerías Paz del Río revenues was R$ 3.6 billion and inclusion in rankings and ratings, research centers, and developing About this Report consolidated adjusted EBITDA was of the company’s reputation new products, services and R$ 44 million. in this area; and (iii) issuance GRI Disclosures business models. of green bonds. In parallel, the Consolidated Financial Statements From an environmental standpoint, company became a signatory to Assurance Report following the 2019 certification the United Nations (UN) Global Credits and Corporate Information of the wind farms for carbon Compact, thereby committing emission credits, the company to its agenda. Additionally, the sold approximately 1.2 million company launched a diversity

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A Message From the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management People Governance, Compliance and Risks Economic and Financial Performance Social Investment Initiatives to Combat COVID-19 Center of Excellence (CoE) Reservas Votorantim Altre Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag and Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information Building the mining of the future and a legacy relevant to society.

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A Message From Nexa Resources the Board of Directors A Message From Visit the Nexa Uncertainties resulting from the year. The agility to adopt safety Net revenues: the Executive Board website coronavirus pandemic caused protocols in the midst of the crisis US$ 2 bn 2020 Highlights significant volatility in the prices made the company the first in Portfolio Overview of base metals, which fell in the mining sector in Peru to have Adjusted EBITDA: The Investment Holding Company the first half of the year due to government authorization to Strategy and Management reduced global economic activity, restart operations. US$ 403 mm People and recovered in the second half Governance, Compliance and Risks as a result of government stimuli, In this challenging environment, Social investment¹: Economic and Financial Performance the recovery of the Chinese Nexa recorded net revenues R$ 37.9 mm Social Investment economy and advances in vaccine of US$ 2 billion, a decrease Initiatives to Combat COVID-19 development. of 16% compared to 2019, Company resources: mainly due to lower volumes and Center of Excellence (CoE) The operations of Nexa Resources, prices. The adjusted EBITDA was R$ 36.6 mm Reservas Votorantim one of the largest zinc producers US$ 403 million, an increase of Altre in the world, were also impacted: in 16% that is mainly explained by Votorantim Institute: Portfolio Companies Peru, where approximately 70% of the reduction in operating costs R$ 1.3 mm Votorantim Cimentos its zinc production is concentrated, and expenses. The company’s Banco BV mining operations were halted for leverage, measured by the net ¹ Amount managed by the Votorantim Votorantim Energia two months due to a declaration debt/adjusted EBITDA ratio, Institute. It does not include additional resources for initiatives to combat Nexa Resources of a national emergency. In Brazil, was 2.29x at the end of the COVID-19. Citrosuco the impact was less severe, which year, compared to 2.26x in CBA allowed activities to continue 2019. During the year, a series Acerbrag and Acerías Paz del Río at a normal pace, with the of measures were taken to priority. The project’s schedule About this Report exception of the Juiz de Fora unit ensure liquidity, including debt was reviewed as a result of the in Minas Gerais, which also had rescheduling and the use of a impact of restrictions imposed GRI Disclosures its production reduced for two revolving credit line, which was by the pandemic, greater volume Consolidated Financial Statements months due to a drop in demand subsequently paid off with funds of rain than forecasted and the Assurance Report for metallic zinc. With the adoption from the issuance of bonds in the delay of engineering studies. Credits and Corporate Information of safety protocols and the gradual amount of US$ 500 million. The facilities are expected to be recovery of the economy, Nexa completed in the fourth quarter of resumed its operations at full The execution of the Aripuanã 2021, with commercial start-up capacity in the second half of the project also continued as a in 2022. With a total investment

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A Message From of approximately US$ 547 million, gains. Part of the project, the in the sectors in which it the Board of Directors Aripuanã is forecasted to produce Plurality Program (Programa operates. In partnership with the A Message From an average of 119,000 tons of Pluralidade) facilitated the Votorantim Institute and BP – A the Executive Board zinc equivalent per year. It aims creation of affinity groups and Beneficência Portuguesa de São 2020 Highlights to have processes within its involved the entire company on Paulo, the company held a special Portfolio Overview facilities become benchmarks diversity issues, including gender edition of the Mining Lab, which The Investment Holding Company in sustainability, with emphasis equity, race, ethnicity and age. In seeks innovative solutions in the Strategy and Management on: (i) the goal of reusing 100% addition, it fostered discussions areas of mining and metallurgy People of water; (ii) the construction on the inclusion of LGBTQIA+ to benefit the company’s Governance, Compliance and Risks of a dry tailings deposit (as an populations and People with operations, named COVID-19 Economic and Financial Performance alternative to conventional dams); Disabilities (PWD). Challenge. It received a total Social Investment and (iii) a focus on co-creating a of 132 projects and initiatives Initiatives to Combat COVID-19 legacy for the local community. Other progress during the to help address the pandemic, Aripuanã considers an effort to year was the readjustment of with a focus on data intelligence Center of Excellence (CoE) train and hire local labor and to the Sustainability and Capital for public management and the Reservas Votorantim ensure gender equity. It will also Projects Committee, whose protection of hospital workers. Altre be a worldwide benchmark in the name was changed to include Through initiatives like these, Portfolio Companies industry for the number of women strategic projects in progress, e.g., Nexa continues to work on the Votorantim Cimentos who make up its workforce. monitoring the progress of the construction of a positive legacy Banco BV Aripuanã project. Also on ESG, for society, while seeking greater Votorantim Energia In a time of so many challenges, for the first time Nexa responded competitiveness. Nexa Resources the Nexa Way (Jeito Nexa) came to the CDP questionnaire in the Citrosuco to the forefront. This is a project climate category, receiving a score CBA to transform the organizational of “C”. In addition, it conducted Acerbrag and Acerías Paz del Río culture that led the company to its first pilot project on emissions About this Report look at different ways of managing inventory following the GHG its operations. The program Protocol guidelines. In the scope GRI Disclosures had a positive impact estimated of corporate governance, Jaime Consolidated Financial Statements at US$ 98 million in 2020 Ardilla was appointed chairman of Assurance Report annualized EBITDA , resulting the Board of Directors. Credits and Corporate Information from cost reduction initiatives and improvements in plant recovery Nexa remains committed to that were implemented in 2019 innovation and works for the and translated into performance development of new technologies

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A Message From the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management People Governance, Compliance and Risks Economic and Financial Performance Social Investment Initiatives to Combat COVID-19 Center of Excellence (CoE) Reservas Votorantim Altre Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag and Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information Much more than juice.

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A Message From Citrosuco the Board of Directors A Message From Visit the One of the world leaders in specific impact on the orange Net revenues: the Executive Board Citrosuco orange juice production, Citrosuco juice market. However, there were website US$ 979 mm 2020 Highlights started the 2019/2020 crop year no relevant changes in Citrosuco’s Portfolio Overview (July 2019 to June 2020) with supply, due to the implementation EBITDA: The Investment Holding Company a 35% increase in the supply of of a series of measures by the Strategy and Management oranges in the São Paulo belt. company, which prevented US$ 68 mm People During the crop year, the volume logistical restrictions. Demand Governance, Compliance and Risks of Brazilian exports increased remained stable in most markets Social investment¹: Economic and Financial Performance by 17%. The drop in the price of and, in a few developed countries, R$ 1.8 mm Social Investment orange juice affected the results it grew due to the recognition Initiatives to Combat COVID-19 of the company, which uses of the health benefits of orange Company resources: the US dollar as its functional juice, such as the strengthening of Center of Excellence (CoE) currency. Citrosuco ended the the immune system. R$ 1.1 mm Reservas Votorantim crop year with net revenues of Altre US$ 979 million and EBITDA of Despite uncertainties around the Votorantim Institute: Portfolio Companies US$ 68 million, 16% and 54% global economy caused by the R$ 0.7 mm Votorantim Cimentos lower than the previous year, pandemic, during the 2019/2020 Banco BV respectively. This led the company crop year the company invested ¹ Amount managed by the Votorantim Votorantim Energia to incur a breach of contractual US$ 64 million in product Institute. It does not include additional resources for initiatives to combat Nexa Resources financial covenants, which were development and efficiency COVID-19. Citrosuco negotiated with the lending gaining initiatives. This move CBA institutions. The company’s reinforced the growth strategy and Acerbrag and Acerías Paz del Río established track record, together the pursuit of competitiveness address the challenges imposed by About this Report with the improvement in the in the long term, through the the COVID-19 pandemic, aimed at competitive environment expected promotion of technologies applied the communities where it operates. GRI Disclosures in the coming years, enabled this to the production process, such as With a focus on inclusion, diversity, Consolidated Financial Statements negotiation to happen without the scanning, telemetry, connectivity education and professional Assurance Report need to prepay debts. and irrigation systems and the use qualification, Citrosuco maintained Credits and Corporate Information of pesticides. projects aimed at strengthening The COVID-19 pandemic, the quality of education and which began at the end of the In the social arena, the company preparing youth for the workplace. 2019/2020 crop year, had a supported new initiatives to Due to the pandemic, educational

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A Message From projects were adapted to a This achievement includes a joint the fruit supply chain, Citrosuco the Board of Directors remote format with virtual investment with Votorantim entered into a partnership with A Message From classes, requiring its re-planning. Energia for the construction of the NGO Produzindo Certo, with the Executive Board In addition, the company also wind farms. the goal of promoting awareness, 2020 Highlights maintained the initiative Para performing assessments Portfolio Overview Todos, a diversity program Since 2017, Cistrosuco has and creating a social and The Investment Holding Company dedicated to promoting the audited 100% of its company- environmental action plan in Strategy and Management inclusion of People with Disabilities owned operations against 100% of its fruit suppliers. People (PWD) in different jobs within sustainable production standards, Governance, Compliance and Risks the company, from harvesters to including the Rainforest These initiatives illustrate Economic and Financial Performance business leaders, with support Alliance, SAI Platform and Citrosuco’s sustainable way Social Investment from different agents within the Fairtrade certifications. In 2020, of doing business, which is Initiatives to Combat COVID-19 communities, in a movement that the company committed to summarized by the expression goes beyond meeting quotas. sustainable supply by joining “much more than juice” Center of Excellence (CoE) In a progressive and consistent the Sustainable Juice Covenant and demonstrates how the Reservas Votorantim evolution of inclusion, the program (SJC), a global initiative commitment to sustainable Altre included 426 professionals, which centered on the target of 100% development is part of products, Portfolio Companies corresponded to approximately 4% sustainable supply of juices and people and the planet. In addition Votorantim Cimentos of the company’s total employees. ingredients derived from fruits to orange juice, the company Banco BV The program also advanced and vegetables by 2030. At the produces natural ingredients Votorantim Energia discussions and planning to include end of the 2019/2020 crop that support the global trend Nexa Resources other minorities and create an year, approximately 50% of all of replacing non-renewable raw Citrosuco increasingly diverse environment. production was in compliance with materials with renewable ones, CBA SJC’s sustainability standards. and serve different economic Acerbrag and Acerías Paz del Río In line with the demand for a low- Similarly, as an evolution of the sectors, such as cosmetics, health About this Report carbon and sustainable economy, Trilhar Program, which focuses and cleaning, among others, Citrosuco operations reached on improving relationships GRI Disclosures maintaining sustainability as a approximately 60% renewable and promoting the social and nonnegotiable value. Consolidated Financial Statements energy in its 2019 energy matrix. environmental development of Assurance Report Credits and Corporate Information

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A Message From the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management People Governance, Compliance and Risks Economic and Financial Performance Social Investment Initiatives to Combat COVID-19 Center of Excellence (CoE) Reservas Votorantim Altre Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag and Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information Aluminum solutions that transform people’s lives.

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A Message From CBA the Board of Directors A Message From Visit the The aluminum market started seizing opportunities such as the Net revenues: CBA website the Executive Board 2020 with challenges beyond the export of ingots and increased R$ 5.4 bn 2020 Highlights COVID-19 pandemic. Volatility demand for aluminum sheets for Portfolio Overview in the markets caused by the packaging, caused by food and Adjusted EBITDA: The Investment Holding Company trade war between the United beverage consumption during the Strategy and Management States and China, uncertainties pandemic. R$ 536 mm People about industrial activity in the Governance, Compliance and Risks main aluminum consuming The normalization of markets Social investment¹: Economic and Financial Performance markets and announcements starting in July, the recovery of R$ 3.3 mm Social Investment about China’s increased capacity confidence and the resumption Initiatives to Combat COVID-19 created a scenario of aluminum of industrial activity also brought Company resources: oversupply and drop in prices. an improvement in prices and Center of Excellence (CoE) With the adoption of social premium. On the other hand, there R$ 2.1 mm Reservas Votorantim distancing measures and reduced was a drop in sales of products Altre activity in some economic with higher added value. In this Votorantim Institute: Portfolio Companies sectors due to the pandemic, the scenario, the company recorded R$ 1.2 mm Votorantim Cimentos already-challenging situation net revenues of R$ 5.4 billion and Banco BV deteriorated, causing the price adjusted EBITDA of R$ 536 million ¹ Amount managed by the Votorantim Votorantim Energia of aluminum on the London for the year, an increase of 3% and Institute. It does not include additional resources for initiatives to combat Nexa Resources Metal Exchange (LME) to reach a decrease of 38%, respectively. COVID-19. Citrosuco US$ 1,422 per ton in April, a CBA record low since 2009. In the organizational field, Acerbrag and Acerías Paz del Río the company took important to contribute to the global About this Report Under this situation, CBA installed steps to reinforce its position sustainability agenda; joined the a Crisis Committee to review on ESG issues: it participated Science Based Targets, committing GRI Disclosures commercial and operational in the Global Compact and to reduce its emissions to limit Consolidated Financial Statements strategies in order to protect the Brazilian Business Council global temperature rise to 1.5 ºC Assurance Report its financial position, the health for Sustainable Development by 2030; and responded to the Credits and Corporate Information and well-being of its employees (Conselho Empresarial Brasileiro CDP questionnaire for the first and the communities where the de Desenvolvimento Sustentável, time, achieving a score of “A-“, company operates. With agility, it CEBDS) actively; developed a which puts CBA in a leadership sought alternatives in the market, project to set internal targets position in this area.

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A Message From CBA also did extensive work the company’s leadership, specific Also in 2020, the Metalex brand, the Board of Directors to publicize its purpose and training and the creation of the a CBA scrap recycling subsidiary, A Message From sustainability mandate, Diversity Committee. CBA also was repositioned through an the Executive Board leading environmental, social launched the Diversity and Inclusion investment announcement 2020 Highlights and governance issues to be Guide, which details the internal of R$ 50 million to increase Portfolio Overview incorporated across the board policy that guides these issues and production from 70,000 to The Investment Holding Company within the company. In this area, addresses concepts like gender 90,000 tons and the use of Strategy and Management the Sustainability Committee equity, race, LGBTQIA+, People with aluminum scrap from 60% to People worked to include best practices Disabilities (PWD) and age. 80%, thereby reducing the Governance, Compliance and Risks in ESG in all internal decisions, production’s carbon footprint. Economic and Financial Performance including the operation of bauxite CBA also advanced projects Social Investment mines, investment allocation, and focused on increasing productivity Another highlight in the year was Initiatives to Combat COVID-19 validation of the supply chain. and sustainability, such as the the conclusion of the acquisition The ambition to be a benchmark Green Soderberg, which aims to of a rolled steel unit located Center of Excellence (CoE) company in sustainability involves reduce gas emission in aluminum in Itapissuma, in the state of Reservas Votorantim the production of low carbon production; the installation of a Pernambuco, which established Altre aluminum, an area where the filter press in the Alumínio unit, CBA’s leadership in the packaging Portfolio Companies company stands out globally. One in São Paulo, which replaces wet market in Brazil and placed it Votorantim Cimentos example during the year was the waste disposal in the dam with dry in an important position in the Banco BV contracting of R$ 500 million in waste disposal; and the execution Americas. Also, Jervois Mining’s Votorantim Energia Green Export Credit Notes (Notas of joint contracts with Votorantim intention to purchase the São Nexa Resources de Crédito de Exportação, NCEs) Energia for the construction of Miguel Paulista nickel unit, in Citrosuco linked to sustainable projects wind farms and energy generation São Paulo, was formalized and is CBA that encourage exports. These to further diversify the company’s currently subject to customary Acerbrag and Acerías Paz del Río were the first NCE green bonds energy matrix, which is primarily closing conditions. About this Report issued in Brazil, demonstrating made up of renewable sources. the company’s leading role in Another highlight was the GRI Disclosures sustainability. installation of a biomass boiler Consolidated Financial Statements at the alumina refinery, which Assurance Report Within the scope of corporate enabled the substitution of fossil Credits and Corporate Information culture, significant progress was fuels for wood chips, leading made during the year in the area of to significant reductions in diversity, with the engagement of greenhouse gas emissions.

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A Message From the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management People Governance, Compliance and Risks Economic and Financial Performance Social Investment Initiatives to Combat COVID-19 Center of Excellence (CoE) Reservas Votorantim Altre Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag and Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information Structuring dreams.

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A Message From Long Steel the Board of Directors A Message From Visit the The COVID-19 pandemic led and well-being of its employees Net revenues: the Executive Board Acerbrag the governments of Argentina and its financial structure, with website R$ 2.5 bn 2020 Highlights and Colombia—countries initiatives to reduce costs and Portfolio Overview where Votorantim’s long steel reinforce liquidity. This immediate Adjusted EBITDA: The Investment Holding Company operations, Acerbrag and Acerías response ensured business Strategy and Management Paz del Río, are respectively stability and Acerbrag was able to R$ 545 mm

People headquartered—to impose benefit from the gradual recovery Visit the restrictions on the movement of of the economy in the second half Governance, Compliance and Risks Acerías Paz del Social investment¹: Economic and Financial Performance Río website people and production activities. of the year. An increase in demand R$ 2.1 mm Social Investment This situation affected the was followed by an increase in Initiatives to Combat COVID-19 behavior of the local economies prices, which had a positive effect Company resources: and, consequently, Votorantim’s on the company’s results. Center of Excellence (CoE) businesses in these locations. R$ 2.1 mm Reservas Votorantim Together, the operations In Colombia, operations were Altre registered net revenues of partially halted for approximately ¹ Amount managed by the Votorantim Institute. It does not include additional Portfolio Companies R$ 2.5 billion, and adjusted 60 days. Faced with this situation, resources for initiatives to combat Votorantim Cimentos EBITDA of R$ 545 million, 16% the company adopted measures COVID-19. Banco BV and 20% higher, respectively, to protect its cash flow. Despite Votorantim Energia compared to 2019. a drop in sales in the country, Nexa Resources contingency initiatives and the set of activities resulted in the Citrosuco In 2020, Argentina, which was reopening of the market enabled company’s best operational CBA already experiencing a challenging Acerías Paz del Río to register stability in the last four years, Acerbrag and Acerías Paz del Río economic situation, registered better results than in 2019. including record production of About this Report a 10.5% drop in gross domestic Despite the pandemic, some rolled steel between June and July. product (GDP), a 37.9% exchange of the projects scheduled by GRI Disclosures rate devaluation and 36.1% the company were maintained, Within the scope of social Consolidated Financial Statements inflation. Due to the pandemic, including the operational stability responsibility, in addition to Assurance Report Acerbrag’s production was and cost reduction project, which initiatives to address the effects Credits and Corporate Information interrupted for approximately 50 proceeded at a reduced pace of the pandemic, other Acerbrag days, during which the company with initiatives including general projects, aimed at education and concentrated its efforts on maintenance of the rolling mill health, were adapted to ensure initiatives to protect the health and energy cogeneration. This continuity. In 2020, the Technical

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A Message From School was recognized by local generation. During the year, the at Votorantim—there were the Board of Directors authorities for maintaining, albeit company received recognition important lessons learned in A Message From remotely, 100% attendance in from the National Association of overcoming challenges. The need the Executive Board their professionalization activities. Entrepreneurs of Colombia for its to reduce costs and protect 2020 Highlights One of the highlights was the support for technical training and cash highlighted the companies’ Portfolio Overview donation of a CT scanner to the formal employment, benefiting flexibility, even in stressful The Investment Holding Company San Luis Municipal Hospital, in youth in the region where the situations. Strategy and Management Bragado, which will continue to be company operates. People used even after the pandemic. In addition to Acerbrag and Governance, Compliance and Risks Regarding the management of Acerías Paz del Río, Votorantim Economic and Financial Performance At Acerías Paz del Río, in addition the two companies, in addition holds a 15% stake in the long Social Investment to the activities to address to a change in the organizational steel operations of ArcelorMittal Initiatives to Combat COVID-19 the health emergency, the structure—with Adailson Pompeu Brasil. company’s Social Foundation becoming Acerbrag’s CEO, in Center of Excellence (CoE) continued its internal volunteer addition to his position on the Reservas Votorantim program including initiatives to Board of Directors of Acerías Altre support education, leadership Paz del Río and his responsibility Portfolio Companies development and income for the Long Steel business Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag and Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

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A Message From the Board of Directors About this Report A Message From the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management This is the tenth consecutive Energia—including the joint Materiality 102-15 | 102-21 | 102-46

People Annual Report prepared by venture with CPP Investments Click here and Votorantim in this format, in (except CESP)—Nexa, Citrosuco In 2018, assisted by a specialized Governance, Compliance and Risks send your Economic and Financial Performance comments, line with its commitment to (crop year: July 2019 to June consulting firm, Votorantim Social Investment criticism and transparency and accountability 2020), CBA, Acerbrag and Acerías defined the scope and boundaries Initiatives to Combat COVID-19 suggestions to all stakeholders. Covering the Paz del Río. 102-45 I 102-56 of its Annual Report, as well 2020 fiscal year, this report has as the most relevant topics to Center of Excellence (CoE) been prepared in accordance The previous report was published be reported, according to the Reservas Votorantim with the GRI Standards: Core in March 2020. This document interests of its stakeholders (learn Altre option - as well as observes the does not include changes in scope more on page 17). Portfolio Companies International Integrated Reporting and boundaries. Additionally, the Votorantim Cimentos Council (IIRC). The content of this reformulations of information This materiality assessment, which Banco BV report is also correlated with the from previous reports, when was validated by the Executive Votorantim Energia United Nations (UN) Sustainable necessary, were described and Board of Votorantim and guides Nexa Resources Development Goals (SDGs). 102-50 I justified throughout the text the entire content of this Citrosuco 102-52 I 102-54 of this report. This year, it is report, was reinforced in 2019 CBA presented in online and PDF by a study of the expectations Acerbrag and Acerías Paz del Río The reported economic and versions and includes consolidated of financial stakeholders with About this Report financial results are consolidated Financial Statements and a GRI regard to environmental, social and have been externally Content Index. Both versions can and governance (ESG) issues. GRI Disclosures assured by PwC. The information be found at www.votorantim.com/ The assessment, conducted Consolidated Financial Statements on operational, social and relatorioanual. 102-48 I 102-49 I 102-51 by a specialized company, was Assurance Report environmental performance also based on the evaluation of Credits and Corporate Information includes Reservas Votorantim, Questions and comments about methodologies used by the main the Votorantim Institute and the this report can be directed to providers of sustainability indexes portfolio companies Votorantim [email protected]. and ESG consultants in Brazil Cimentos, banco BV, Votorantim 102-53 and abroad. It also considered

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A Message From initiatives such as the CDP and strategy, in communications with in the report and included in the Board of Directors the Task Force on Climate- stakeholders and in the reporting GRI Disclosures (learn more on A Message From related Financial Disclosures of indicators within the Annual page 74). the Executive Board (TCFD). The integration of the Report. 102-32 | 102-44 2020 Highlights stakeholders’ expectations with More information about the Portfolio Overview the materiality matrix and the In 2020, Votorantim conducted economic, financial, operational, The Investment Holding Company characteristics of the activities a study on the SDGs (learn more social and environmental Strategy and Management of the holding company and its on page 15). This information performance of the portfolio People portfolio companies resulted in is indicated throughout the companies can be found in their Governance, Compliance and Risks the prioritization of issues to document; information on GRI own annual reports, available on Economic and Financial Performance be addressed in the investment standards is also identified their websites. Social Investment Initiatives to Combat COVID-19 Center of Excellence (CoE) Reservas Votorantim Altre Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag and Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

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A Message From the Board of Directors General disclosures A Message From Consolidated portfolio indicators the Executive Board 2020 Highlights Portfolio Overview

The Investment Holding Company General disclosures Social disclosures Strategy and Management Information on employees and other workers |GRI 102-8| New employee hires and employee turnover GRI 401-1 People Occupational health and safety indicators GRI 403-9 Governance, complianceCompliance andand risksRisks Economic disclosures Economic and Financial Performance Average hours of training per year per employee GRI 404-1 Direct economic value generated and distributed GRI 201-1 Social Investment Diversity of governance bodies GRI 405-1 Confirmed incidents of corruption and actions taken GRI 205-3 Initiatives to Combat COVID-19 Diversity of Employees in each category GRI 405-1 Lawsuits brought on by unfair competition, trust and monopoly practices GRI 206-1 Center of Excellence (CoE) Incidents of discrimination and corrective actions taken GRI 406-1

Reservas Votorantim Operations and suppliers at significant risk for incidents of child labor GRI 408-1 Environmental disclosures Altre Operations and suppliers with significant risk for incidents of forced or compulsory Energy consumption within the organization (GJ) GRI 302-1 labor GRI 409-1 Portfolio Companies Energy intensity (GJ/t) GRI 302-3 Votorantim Cimentos Operations that have been subject to human rights reviews or impact assessments Banco BV Water withdrawal by source GRI 303-3 GRI 412-1 Votorantim Energia Habitats protected or restored - 2018 GRI 304-3 Operations with local community engagement, impact assessments and development programs GRI 413-1 Nexa Resources Direct (Scope 1) GHG emissions (tCO2eq) GRI 305-1 Citrosuco New suppliers that were screened using social criteria GRI 414-1 Energy indirect (Scope 2) GHG emissions (tCO2eq) GRI 305-2 CBA Negative social impacts in the supply chain and action taken GRI 414-2 Other indirect (Scope 3) GHG emissions (tCO eq) GRI 305-3 Acerbrag eand Acerías Acerías Paz Paz del del Río Río 2 Intensity of greenhouse gas emissions (GEE) (tCO2eq/t) GRI 305-4 About this Report GRI Summary Total water discharge (m³) GRI 303-4 GRI Disclosures Waste by type and disposal method (t) GRI 306-2 Consolidated Financial Statements Percentage of new suppliers that were screened using environmental criteria GRI 308-1 Assurance Report Negative environmental impacts in the supply chain and actions taken GRI 308-2 Credits and Corporate Information

Page 74 of 187 2020 Annual Report

A Message From General Disclosures the Board of Directors A Message From the Executive Board 2020 Highlights Information on employees and other workers |GRI 102-8| Portfolio Overview 2020 Other The Investment Holding Company Brazil countries Total Strategy and Management Own employees People Monthly 24,278 6,328 30,606 Hourly 1,610 2,213 3,823 Governance, compliance and risks Trainees 16 1 17 Economic and Financial Performance Total 25,904 8,542 34,446

Social Investment Interns and apprentices Initiatives to Combat COVID-19 Interns and summer students 613 102 715 Apprentices 559 59 618 Center of Excellence (CoE) Total 1,172 161 1,333 Reservas Votorantim Total of direct employees 27,076 8,703 35,779 Altre Contractors Permanent activities 4,070 6,265 10,335 Portfolio Companies Total 4,070 6,265 10,335 Votorantim Cimentos Total workforce 31,146 14,968 46,114 Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag e Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 75 of 187 2020 Annual Report

A Message From Economic Disclosures the Board of Directors A Message From the Executive Board 2020 Highlights Direct economic value generated and distributed GRI 201-1 Portfolio Overview Value added breakdown (R$/million) 2018 2019 2020 Value added breakdown (R$/million) 2018 2019 2020 The Investment Holding Company Direct economic value generated Distribution of value added Strategy and Management Revenues Personnel and payroll charges 4,700 4,500 4,838 People Sales of products and services 35,493 35,271 41,773 Direct compensation 2,951 2,787 3,007 Other operating income (expense), net 543 6,721 595 Benefits 709 647 709 Governance, compliance and risks Estimated loss on doubtful accounts (15) (17) (31) Social charges 1,040 1,066 1,122 Economic and Financial Performance Total Revenues 36,021 41,975 42,337 Taxes and contributions 5,119 6,254 6,416 Social Investment Inputs acquired from third parties Federal 2,276 3,200 2,909 State 2,220 2,332 2,798 Initiatives to Combat COVID-19 Cost of goods sold and services provided (21,095) (21,029) (25,596) Municipal 15 17 18 Materials, energy, third party services and others - (930) (821) Center of Excellence (CoE) Deferred taxes 608 705 691 Impairment of assets 52 (714) (2,777) Reservas Votorantim Gross value added 14,978 19,302 13,143 Third-party capital remuneration 7,623 3,223 4,633 Finance costs and foreign exchange losses 7,244 2,884 4,288 Altre Depreciation, amortization and depletion (2,455) (3,067) (3,293) Net value added generated by the Company 12,523 16,235 9,850 Rentals 379 339 345 Portfolio Companies Value added received through transfers Own capital remuneration 2,223 4,925 (3,065) Votorantim Cimentos Equity in the results of investees 1,938 919 727 Dividends 1,265 (1,692) (1,005) Non-controlling interest 208 (245) (1,429) Banco BV Finance income and foreign exchange losses 5,204 1,748 2,245 Reinvested profits (offset losses) 1,003 6,918 (632) Total value added received through transfers 7,142 2,667 2,972 Votorantim Energia Loss on discontinued operations (253) (56) 1 Total value added to distribute 19,665 18,902 12,822 Nexa Resources Value added distributed 19,665 18,902 12,822 Citrosuco NOTE: • 2019 data shows restated values in accordance with accounting models of the company CBA Acerbrag e Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 76 of 187 2020 Annual Report

A Message From Confirmed incidents of corruption and actions taken GRI 205-3 the Board of Directors 2018 2019 2020 A Message From Employees dismissed or disciplined 0 0 1 Termination or non-renewal of contracts with business the Executive Board partners 0 0 0 Involvement in investigations and / or legal process for 2020 Highlights involvement in corruption cases 0 0 0 Portfolio Overview Total number of confirmed incidents of corruption 0 0 1 The Investment Holding Company Strategy and Management Lawsuits brought on by unfair competition, trust and People monopoly practices GRI 206-1 Governance, compliance and risks 2018 2019 2020 Economic and Financial Performance Nexa 0 0 0 Social Investment Citrosuco 0 0 0 Votorantim Energia 0 0 0 Initiatives to Combat COVID-19 Votorantim Cimentos 36 45 35 Center of Excellence (CoE) Long Steel 0 0 0 CBA 0 0 0 Reservas Votorantim Banco BV 0 0 0 Reservas Votorantim 0 0 0 Altre Vototantim S.A. 0 0 0 Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag e Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 77 of 187 2020 Annual Report

A Message From Environmental Disclosures the Board of Directors A Message From the Executive Board 2020 Highlights Energy consumption within the organization (GJ) GRI 302-1 Water withdrawal by source (m³) GRI 303-3 Portfolio Overview 2018 2019 2020 Total water use by source 2018 2019 2020 Total energy consumption from non-renewable Surface water (rivers, lakes, wetlands, oceans) 60,680,105.1 68,160,068.1 66,713,345.4 The Investment Holding Company sources 72,570,154 123,214,876 134,698,752 Ground water 122,617,573.1 130,239,651.6 168,638,722.6 Total energy consumption from renewable Rainwater collected 9,614,774.6 4,588,048.2 5,629,124.2 Strategy and Management sources 24,219,259 28,849,828 22,467,505 Reused water - - 3,796,835.5 Total energy consumption at the company 205,152,052 182,625,386 203,835,350 People Waste water from another organization 4,620,554.0 0 0 Governance, compliance and risks NOTES: Water utilities 828,710.2 926,865.2 740,171.8 Economic and Financial Performance • This indicator is not reported by Votorantim S.A. Total 198,361,716.9 203,914,633.1 245,518,199.6 • 2020 information not available from Citrosuco. The information reported is from January to Social Investment December 2019. NOTES: • The energy figures reported by Votorantim Cimentos cover all the company's operations, except • This indicator is not reported by Votorantim S.A. Initiatives to Combat COVID-19 operations for concrete, cement, mortar, aggregates (or others) in countries other than Brazil. • The figures reported by Citrosuco do not include data from operations abroad and The São Paulo office. Center of Excellence (CoE) • The values reported by Citrosuco for reuse water refer to the water produced by the organization. • The data reported by Votorantim Cimentos cover all operations of the company, except operations of Reservas Votorantim concrete, mortar, aggregates (or others) in countries other than Brazil. Energy intensity (GJ/t) GRI 302-3 • The Votorantim Cimentos groundwater data includes the volumes of water collected from the mines Altre Company Main products 2018 2019 2020 Portfolio Companies Nexa Zinc and zinc oxide sold 13.570 16.120 57.690 Votorantim Cimentos Votorantim Cimentos Cement 2.686 2.650 2.505 Aggregates 0.027 0.020 0.030 Banco BV Concrete 0.129 0.140 0.140 Votorantim Energia Mortar 0.069 0.040 0.018 Limes and agricultural inputs 2.187 0.020 0.010 Nexa Resources Clinker 3.533 - - Citrosuco CBA Cast aluminum production - - 109.630 CBA Production of processed aluminum - - 291.370 Beneficial bauxite 0.001 0.072 15.930 Acerbrag e Acerías Paz del Río Liquid aluminum 81.910 83.690 88.630 About this Report Long steel Bars - 2.777 2.954 Wires - 0.260 0.018 GRI Disclosures Wire rod - 1.306 1.976 Mesh - 0.301 0.024 Consolidated Financial Statements Nail - 0.018 0.015 Assurance Report Steel (bar) - 77.617 78.890 Mineral (iron, limestone, carbon) 0.071 0.083 0.074 Credits and Corporate Information Citroscuo Total Production - - 8.609

NOTES: • Data includes renewable and non-renewable energy sources and operations outside and within the organization. • Not applicable to Votorantim Energia, banco BV, Reservas Votorantim and Votorantim S.A.

Page 78 of 187 2020 Annual Report

A Message From Habitats protected or restored GRI 304-3 the Board of Directors Areas where the success of restoration Total area by company (km²) 2018 2019 2020 measures was approved by independent external A Message From professionals, or that comply with external Long steel 0.1 0.1 0.1 the Executive Board Biome Total area (km²) standards/protocols Citrosuco 134.8 175.3 189.8 Amazon 33.7 33.7 Nexa 56.2 16.7 20.0 2020 Highlights Caatinga 7.0 7.0 Reservas Votorantim 299.4 310.0 630.0 Savanna (Cerrado) 470.9 457.9 CBA 331.5 624.0 36.1 Portfolio Overview Atlantic Forest 571.2 508.5 Votorantim Cimentos 113.6 113.6 158.2 Votorantim Energia 57.0 55.9 54.6 The Investment Holding Company Tropical wetland (Pantanal) 1.7 1.7 Total 992.6 1,295.6 1,088.8 Strategy and Management Pampa 4.2 4.2 NOTES: People Other 0.1 0.1 Total 1,088.8 1,013.1 • Protected or restored habitats are in Brazil (in the states of BA, CE, DF, GO, MG, MT, MS PE, PA, PI, PR, Governance, compliance and risks RJ, RO, RS, SC, SP and TO) and in Colombia (in the province of Boyacá). • Not applicable to Votorantim S.A. Economic and Financial Performance • The data reported by Votorantim Cimentos include only operations in Brazil. Social Investment Initiatives to Combat COVID-19 Center of Excellence (CoE) Direct (Scope 1) GHG emissions (tCO2eq) GRI 305-1 Reservas Votorantim Gases included in the Altre Company Gases included in the calculation 2018 Gases included in the calculation 2019 calculation 2020 2020 Non- Portfolio Companies Biogenic Biogenic Emissions emissions

Votorantim Cimentos Long steel CO2-CH4-N2O-HFCs-PFCs-SF6-NF3 926,126.0 CO2-CH4-N2O-HFCs-SF6 1,186,269.1 CO2-CH4-N2O-HFCs-SF6 1,236,234.2 0 Citrosuco CO -CH -N O 470,687.0 CO -CH -N O 528,522.6 CO -CH -N O-HFCs-SF 406,714.2 833,687.0 Banco BV 2 4 2 2 4 2 2 4 2 6 Nexa CO -CH -N O-CF 201,024.0 CO -CH -N O 251,460.3 CO -CH -N O-HFCs 1,258,873.6 168,360.9 Votorantim Energia 2 4 2 4 2 4 2 2 4 2 Votorantim Cimentos CO2-CH4-N2O 22,568,591.7 CO2-CH4-N2O 19,215,648.0 CO2-CH4-N2O 20,692,288.4 1,322,730.7

Nexa Resources CBA CO2-CH4-N2O-HFCs-PFCs-SF6 1,370,377.5 CO2-CH4-N2O-HFCs-PFCs-SF6 1,259,208.4 CO2-CH4-N2O-HFCs-PFCs- SF6 1,063,942.1 2,267.9 Votorantim Energia CO -CH -N O-HFCs 29,092.5 CO -CH -N O 124,094.0 CO -CH -N O-HFC 202,043.7 66.1 Citrosuco 2 4 2 2 4 2 2 4 2 Reservas - - - - CO2 16,028.4 0 CBA Total 25,565,898.6 22,565,202.4 24,876,124.5 2,327,112.5 Acerbrag e Acerías Paz del Río NOTES: About this Report • Indicator not reported by Votorantim S.A. and banco BV. • 2020 information not available from Citrosuco. The information reported relates to the period from January to December 2019. GRI Disclosures • The values reported by Acerías Paz del Río refer to data from industrial plants. • The emission data reported by Votorantim Cimentos covers all the company's operations, except for concrete, cement, mortar, aggregates (or others) in countries other than Brazil. Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 79 of 187 2020 Annual Report

A Message From Energy indirect (Scope 2) GHG emissions (tCO2eq) GRI 305-2 Intensity of greenhouse gas emissions (GEE) (tCO2eq/t) GRI 305-4 the Board of Directors Gases Gases included included A Message From in the in the Company Main Product 2018 2019 2020 the Executive Board Company calculation 2019 calculation 2020 Votorantim Cimentos Cement 0.622 0.591 0.576 Non-Biogenic Biogenic Aggregates 0.001 0.001 0.002 Emissions emissions 2020 Highlights Concrete 0.009 0.009 0.011 Long steel CO -CH 178,233.06 CO -CH 150,089.45 0 2 4 2 4 Mortar 0.002 0.003 0.002 Citrosuco CO -CH -N O 30,663.00 CO -CH -N O 29,167.00 0 Portfolio Overview 2 4 2 2 4 2 Limes 0.487 0.076 0.088 Nexa CO 633,286.99 CO 434,465.94 0 2 2 Nexa Zinc and zinc oxide sold 0.822 1.470 3.040 The Investment Holding Company Votorantim Cimentos CO 665,973.81 CO 537,363.68 0 2 2 Long steel Steel (bar) 3.070 - 3.250 CBA CO -CH - CO -CH -N O- Strategy and Management 2 4 2 4 2 Bars 0.696 0.870 0.729 N2O-HFCs- HFCs-PFCs- People Wires 13.298 - 12.558 PFCs-SF6-NF3 9,894.05 SF6 72,495.83 266,229.44 Wire rod 1.567 - 1.525 Governance, compliance and risks Votorantim Energia CO2 28.51 CO2 57.96 0 Total 1,518,079.42 1,223,639.86 266,229.44 Construction mesh 6.621 8.000 9.240 Economic and Financial Performance Reservas Ecotourism Services - 0.039 - Social Investment NOTES: Food and accommodation • Indicator not reported by Votorantim S.A., banco BV and Reservas Votorantim. services and space rental - 0.002 - Initiatives to Combat COVID-19 • 2020 information not available from Citrosuco. The information reported is from January to Seedlings and forest restoration December 2019. services - 0.001 - Center of Excellence (CoE) • The emission data reported by Votorantim Cimentos covers all the company's operations, except for CBA Aluminum 0.219 3.740 3.080 concrete, cement, mortar, aggregates (or others) in countries other than Brazil. Reservas Votorantim Processed bauxite - 5.140 4.670 • The values reported by Acerbrag refer only to the data of the industrial units. Molten aluminum 3.905 2.555 2.660 Altre NOTES: Portfolio Companies • This indicator is not reported by Citrosuco, Votorantim Energia, banco BV and Votorantim S.A. Other indirect (Scope 3) GHG emissions (tCO eq) GRI 305-3 • Data considers renewable and non-renewable energy sources and includes emissions outside and Votorantim Cimentos 2 within the organization. Gases Gases • CBA adapted its categorization with standards used by the global market, to guarantee comparability Banco BV included included in the in the Votorantim Energia Company calculation 2019 calculation 2020 Nexa Resources Non-Biogenic Biogenic Emissions emissions Citrosuco Nexa CO2 132,997.2 CO2-CH4-N2O 86,276.2 5,136.4

CBA Votorantim Cimentos CO2-CH4-N2O 583,525.6 CO2-CH4-N2O 249,060.7 30,661.0 CBA CO -CH -N O- CO -CH -N O- Acerbrag e Acerías Paz del Río 2 4 2 2 4 2 HFCs-PFCs-SF6 24,970.3 HFCs-PFCs-SF6 22,232.3 2,602.5 About this Report Votorantim Energia CO2-CH4-N2O 230.4 CO2-CH4-N2O 487.3 61.1 Citrosuco CO -CH -N O 106.5 CO -CH -N O 117,937.0 0.0 GRI Disclosures 2 4 2 2 4 2 Total 741,830.0 475,993.5 38,461.0 Consolidated Financial Statements NOTES: Assurance Report • This indicator is not reported by Votorantim S.A., Long steel, CBA, banco BV and Reservas Votorantim. Credits and Corporate Information • The data reported by Votorantim Cimentos cover all operations of the company, except operations of concrete, cement, mortar, aggregates (or others) in countries other than Brazil.

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A Message From Total water discharge (m³) GRI 303-4 Percentage of new suppliers that were screened using GRI 308-1 the Board of Directors Total water discharge 2018 2019 2020 environmental criteria A Message From Total discharged volume 152,557,874.6 190,241,652.8 201,855,720.4 New suppliers that were screened using environmental criteria 2018 2019 2020 the Executive Board NOTES: Total number of new suppliers 8,286 5,527 6,206 • This indicator is not reported by Votorantim S.A. 2020 Highlights Total number of new suppliers screened using environmental criteria 379 823 1,623 Portfolio Overview Percentage of new suppliers screened 4.6% 14.9% 26.2%

The Investment Holding Company Waste by type and disposal method (t) GRI 306-2 NOTES: • The data reported by Votorantim Cimentos include only operations in Brazil. Strategy and Management Non-hazardous waste 2018 2019 2020 People Composting 80,626.3 39,574.8 53,099.5 Reuse 113,417.0 47,859.0 73,443.5 Governance, compliance and risks Recycling 65,482.8 229,087.0 229,594.6 Negative environmental impacts in the supply chain and Economic and Financial Performance Recovery, including energy recovery 3,830.4 5,400.3 6,488.2 actions taken GRI 308-2 Social Investment Incineration (mass burn) 2,074.3 816.3 1,086.2 Landfill 50,440.5 161,987.0 9,483.7 Suppliers that were screened using environmental criteria 2018 2019 2020 Initiatives to Combat COVID-19 Deep well injection - - 2,050.9 Total number of suppliers 27,641 23,312 38,422 On-site storage 52,273.4 52,738.0 614,971.5 Center of Excellence (CoE) Total number of suppliers assessed for environmental impacts 1,155 557 5,446 Other 1,623,509.2 1,442,440.6 616,957.1 Percentage of suppliers assessed for environmental impacts 4.2% 2.4% 14.2% Reservas Votorantim Total 1,991,653.9 1,979,903.0 1,607,175.2 NOTES: Altre • Assessments can be motivated by audits, contractual reviews, involvement of both parties and Hazardous waste 2018 2019 2020 grievance and claims mechanisms. Portfolio Companies Composting - - 0.6 • The data reported by Votorantim Cimentos include only operations in Brazil. Votorantim Cimentos Reuse 8,904.5 2,295.9 4,474.9 Banco BV Recycling 2,265.4 3,436.0 2,220.6 Recovery, including energy recovery 9,437.6 360.8 25,867.1 Votorantim Energia Incineration (mass burn) 606.5 761.1 749.4 Nexa Resources Landfill 7,920.0 6,347.6 8,182.1 Citrosuco On-site storage 134.6 1,711.9 412.0 Other 2,717.6 15,917.2 30,058.4 CBA Total 31,986.2 30,830.5 71,965.0 Acerbrag e Acerías Paz del Río NOTES: About this Report • This indicator is not reported by Votorantim S.A. and Reservas Votorantim. • Banco Votorantim reports only the amount of waste sent for recycling and generated on construction GRI Disclosures site. Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 81 of 187 2020 Annual Report

A Message From Social disclosures the Board of Directors A Message From the Executive Board 2020 Highlights New employee hires and employee turnover GRI 401-1 Occupational health and safety indicators GRI 403-9

Portfolio Overview Gender Age Range 2018 Under 30 30-50 Over 50 Own employees Contractors The Investment Holding Company 2018 Men Women years old years old years old Strategy and Management New hires 4,303 1,520 2,977 2,437 409 Occupational health and safety Abroad Brazil Abroad Brazil Employees 27,849 6,139 6,535 22,085 5,368 Hours/men worked People 18,974,315 63,193,343 - - Termination of employment 4,644 1,398 2,078 3,022 942 Number of injuries 32 74 - - Governance, compliance and risks Percentage of new hires 15.5% 24.8% 45.6% 11.0% 7.6% Number of fatalities 0 1 0 4 Turnover 16.7% 22.8% 31.8% 13.7% 17.5% Economic and Financial Performance Number of lost days 1,597 3,095 - - Social Investment Initiatives to Combat COVID-19 Gender Age Range Under 30 30-50 Over 50 Center of Excellence (CoE) 2019 Men Women years old years old years old 2019 New hires 4,015 1,787 2,815 2,768 219 Own employees Contractors Reservas Votorantim Employees 27,526 6,318 6,390 22,159 5,295 Occupational health and safety Abroad Brazil Abroad Brazil Altre Termination of employment 4,505 1,569 1,998 3,237 839 Percentage of new hires 14.6% 28.3% 44.1% 12.5% 4.1% Hours/men worked 18,520,875 64,448,150 - - Portfolio Companies Turnover 16.4% 24.8% 31.3% 14.6% 15.8% Number of injuries 68 112 - - Votorantim Cimentos Number of fatalities 1 0 1 0 Number of lost days Banco BV Gender Age Range 10,882 4,796 - - Under 30 30-50 Over 50 Votorantim Energia 2020 Men Women years old years old years old Nexa Resources New hires 3,925 1,544 2,546 2,773 243 Citrosuco Employees 27,813 6,633 6,180 22,572 5,694 Termination of employment 4,844 1,678 2,025 3,427 1,070 CBA Percentage of new hires 14.1% 23.3% 41.2% 12.3% 4.3% Acerbrag e Acerías Paz del Río Turnover 17.4% 25.3% 32.8% 15.2% 18.8% About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

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A Message From 2020 Average hours of training per year per employee GRI 404-1 Own employees Contractors the Board of Directors Employee category Gender 2018 2019 2020 Occupational health and safety Abroad Brazil Abroad Brazil A Message From Senior management Women 0.0 0.0 0.0 Hours/men worked 18,063,365 68,436,974 23,569,658 33,033,822 Men 5.2 4.0 0.0 the Executive Board Number of injuries 26 53 25 41 Middle management Women 17.4 9.7 0.0 Number of fatalities 0 1 0 6 Men 24.2 13.3 2.5 2020 Highlights Number of lost days 2,531 1,831 5,298 1,104 Coordinator/Adviser Women 26.7 8.1 4.4 Portfolio Overview Number of accidents with serious Men 27.5 13.5 3.9 consequences 12 23 16 17 Technicians/Analysts/Supervisors Women 21.6 6.7 3.8 The Investment Holding Company Number of mandatory reporting occupational Men 29.8 6.8 2.5 accidents 275 228 102 220 Trainee Women 0.0 0.0 0.0 Strategy and Management Men 0.0 0.0 0.0 NOTES: People Operational Women 17.6 0.0 0.0 • Data on the number of serious accidents does not consider accidents with deaths. Men 17.2 0.0 0.0 Governance, compliance and risks • The values reported by Acerbrag refer only to the data of the industrial units. Interns Women 45.2 0.0 0.0 Economic and Financial Performance • The values reported by Acerbrag for Hours/men worked are obtained by estimate. Men 83.6 0.0 0.0 • The values reported by the Acerías Paz del Río for the number of injuries refer to accidents classified Apprentices Women 23.6 0.0 0.0 Social Investment as level 4 (for which the average number of days off is 15 days). Men 27.2 0.0 2.5 • The values reported by Votorantim Cimentos for the number of accidents with serious consequences Initiatives to Combat COVID-19 consider accidents with more than 180 days of absence and / or accidents with amputation. For NOTE: accidents with mandatory communication, those that depend on the opening of CAT (Work Accident • The data related to the training applied by Academina Votorantim. Center of Excellence (CoE) Communication) and internal communication within the organization are considered. • The values ​​reported by Citrosuco for the number of accidents with serious consequences only Reservas Votorantim consider accidents with lost time. For accidents with mandatory reporting, those that depend on the opening of CAT (Work Accident Communication) are considered. Altre • The values reported by Long Steel for the number of accidents with serious consequences consider Diversity of governance bodies GRI 405-1 accidents involving fractures, traumas and intoxications with the need for sick leave. For Acerbrag, accidents with mandatory communication are those involving fractures and traumas. For Acerías Paz Portfolio Companies del Río, accidents with mandatory reporting are those that must be reported to the organization's Company’s minority groups 2018 2019 2020 Votorantim Cimentos board. Employees over 50 years old 5,370 5,295 6,461 • The figures reported by the CBA for the number of accidents with serious consequences only Women 7,092 6,318 9,034 Banco BV consider accidents with work leave. For accidents with mandatory communication, those that depend on the opening of CAT (Work Accident Communication) and internal communication within the Votorantim Energia organization are considered. • The values reported by Nexa for the number of accidents with serious consequences only consider Governance members - gender 2018 2019 2020 Nexa Resources accidents with work leave. For accidents with mandatory communication, those that depend on Men 89 104 97 internal communication in the organization are considered. Citrosuco Women 18 19 11 • Nexa considers, for the reporting of accident numbers, those recorded in its operational units and CBA in the projects: Aripuanã, Azulmina, Cañon Florida, El Padrino, Hilarión, Morro Agudo Exploração, Vazantes Exploração and Namibia. Acerbrag e Acerías Paz del Río Governance members - age 2018 2019 2020 Under 30 years old 0 0 0 About this Report 30 and 50 years old 49 57 55 Over 50 years old 58 56 53 GRI Disclosures

Consolidated Financial Statements Board members - gender 2018 2019 2020 Assurance Report Men - - 48 Women - - 9 Credits and Corporate Information

Board members - age 2018 2019 2020 Under 30 years old - - 0 30 and 50 years old - - 19 Over 50 years old - - 38

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A Message From Diversity of Employees in each category GRI 405-1 Operations and suppliers at significant risk for GRI 408-1 the Board of Directors Age Group % incidents of child labor A Message From 30 to 50 banco BV, CBA, Citrosuco, Nexa, Reservas Position -30 years years +50 years Men % Women % Votorantim, Aços Longos, Votorantim Energia and the Executive Board Senior management 0.0 50.5 48.6 89.0 10.1 Votorantim S.A. 2018 2019 2020 Middle management 0.9 80.0 19.1 77.8 22.2 2020 Highlights Number of operations and suppliers considered to have Coordinators/Advisers 9.2 81.1 9.7 68.8 31.2 significant risk for incidents of child labor and/ or young Portfolio Overview Technicians/Analysts/Supervisors 21.1 68.3 10.6 65.7 34.3 workers exposed to hazardous work 0 0 1 Trainee 94.1 5.9 0.0 35.3 64.7 NOTES: The Investment Holding Company Operational 21.0 60.6 18.4 84.7 15.3 • Citrosuco's results reflect the evaluations carried out on the operations and suppliers maintained by Strategy and Management Interns 96.5 3.5 0.0 46.7 53.3 the company in Brazil. Apprentices 99.2 0.8 0.0 53.9 46.1 • This indicator is not reported by Votorantim Cimentos. People Total 22.1 62.3 15.6 78.2 21.8 Governance, compliance and risks Economic and Financial Performance Operations and suppliers with significant risk for Social Investment Incidents of discrimination and corrective actions taken incidents of forced or compulsory labor GRI 409-1 Initiatives to Combat COVID-19 GRI 406-1 CBA, Citrosuco, Nexa, Reservas Votorantim, Long Center of Excellence (CoE) Discrimination cases 2018 2019 2020 steel, Votorantim Energia and Votorantim S.A. 2018 2019 2020 Ethnicity - - 7 Number of operations and suppliers at risk of occurrence forced or compulsory labor 0 0 0 Reservas Votorantim Gender - - 1 Altre Religion - - 2 NOTES: Political opinion - - 1 • Citrosuco's results reflect the evaluations carried out on the operations and suppliers maintained by Portfolio Companies Nationality - - 4 the company in Brazil. • This indicator is not reported by Votorantim Cimentos. Votorantim Cimentos Harassment and abuse of power 51 44 11 Other cases (discrimination and retaliation) involving internal Banco BV and / or external stakeholders in the operations 95 112 9 Total number of discrimination cases 146 156 35 banco BV 2019 2020 Votorantim Energia Number of operations with significant risk for incidents of forced or Nexa Resources compulsory labor 168 276 Incidents of discrimination 2018 2019 2020 Number of suppliers with significant risk for incidents of forced or Citrosuco compulsory labor 23 28 Complaints received by the Ombudsman 92 156 74 CBA Complaints with grounds 54 79 17 NOTE: Acerbrag e Acerías Paz del Río • The banco BV considers the number of new customers with socio‑environmental risk analysis in 2020. The bank reports the total number of customers analyzed in 2020 by the socio-environmental risk area whose activity fits into sectors with high risk to be involved in slave-like labor. About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 84 of 187 2020 Annual Report

A Message From Operations that have been subject to human rights New suppliers that were screened using social criteria GRI 414-1 GRI 412-1 the Board of Directors reviews or impact assessments 2018 2019 2020 A Message From CBA, Citrosuco, Nexa, Reservas Votorantim, Long Total number of new suppliers 8,286 5,527 6,206 steel, Votorantim Energia and Votorantim S.A. 2018 2019 2020 the Executive Board Total number of operations (Brazil and abroad) 383 404 454 Labor practices 2020 Highlights Operations subject to reviews 65 64 60 New suppliers screened using criteria relative to labor practices 434 2,342 2,436 Percentage of operations subject to reviews 17.0% 15.8% 13.2% Percentage of new suppliers screened 5.2% 42.4% 39.3% Portfolio Overview NOTE: Impacts on society The Investment Holding Company • This indicator is not reported by Votorantim Cimentos New suppliers screened using criteria relative to impacts on society 198 814 1,261 Strategy and Management Percentage of new suppliers screened 2.4% 14.7% 20.3% People banco BV 2018 2019 2020 Human rights Total number of operations (Brazil and abroad) 1,390 1,420 1,368 Governance, compliance and risks New suppliers screened using human rights criteria 1,567 1,974 1,733 Operations subject to reviews 717 458 434 Percentage of new suppliers screened 18.9% 35.7% 27.9% Economic and Financial Performance Percentage of operations subject to reviews 51.6% 32.3% 31.7% Social Investment NOTE: NOTE: • The data reported by Votorantim Cimentos includes only operations in Brazil. Initiatives to Combat COVID-19 • banco BV considered the number of new clients that entered the flow in with socio‑environmental risk analysis in 2020. The bank reported the total number of clients analyzed in 2020 by the socio- Center of Excellence (CoE) environmental risk area and had activities under sectors with risks of engaging in forced labor. Reservas Votorantim Negative social impacts in the supply chain and action taken GRI 414-2 Altre Operations with local community engagement, impact 2018 2019 2020 Portfolio Companies assessments and development programs GRI 413-1 Total number of suppliers 27,641 23,312 38,422 Votorantim Cimentos 2018 2019 2020 Labor practices Banco BV Total number of operations (Brazil and abroad) 357 433 441 Suppliers assessed for labor practices 5,204 12,028 5,805 Operations with community engagement 142 201 204 Votorantim Energia Percentage of suppliers assessed 18.8% 51.6% 15.1% Percentage of operations with local community engagement 39.8% 46.4% 46.3% Nexa Resources NOTE: Impacts on society Citrosuco • This indicator is not reported by banco BV. Suppliers assessed for impacts on society 263 1,586 917 CBA Percentage of suppliers assessed 1.0% 6.8% 2.4% Acerbrag e Acerías Paz del Río Human rights Suppliers assessed for human rights issues 13,026 10,440 6,003 About this Report Percentage of suppliers submitted assessed 47.1% 44.8% 15.6%

GRI Disclosures NOTE: • The data reported by Votorantim Cimentos includes only operations in Brazil. Consolidated Financial Statements Assurance Report Credits and Corporate Information

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A Message From GRI Content Index GRI 102-55 the Board of Directors A Message From the Executive Board 2020 Highlights GRI Standards Disclosure Page and/or link Assurance Portfolio Overview GRI 102: Foundation 2016 The Investment Holding Company GRI 102: General disclosures 2016 Organizational profile 102-1 Name of the organization Votorantim S.A. Strategy and Management The Investment Holding Company, p.9 People 102-2 Activities, brands, products, and services The Investment Holding Company, p. 9 Governance, compliance and risks 102-3 Location of headquarters The Investment Holding Company, p. 9 102-4 Location of operations Portfolio Overview, p. 8 Economic and Financial Performance The Investment Holding Company, p.9 Social Investment 102-5 Ownership and legal form The Investment Holding Company, p. 9 Initiatives to Combat COVID-19 102-6 Markets served Portfolio Overview, p.8 The Investment Holding Company, p. 9 Center of Excellence (CoE) Center of Excellence (CoE), p. 41 This report reports information pertinent to markets served by Votorantim S.A .. Reservas Votorantim Information on sectors served and types of customers and beneficiaries of each investee company and their specificities are available in the their individual reports. Altre 102-7 Scale of the organization The Investment Holding Company, p. 9 Yes 2020 Results, p. 32 Portfolio Companies Consolidated Financial Statements, p. 75 This report reports information pertaining to the size of Votorantim SA Information Votorantim Cimentos on each company's net revenue and Ebitda can be found in the chapter Portfolio Companies on pages 50 to 71. Data such as capitalization, broken down in terms of Banco BV net worth, and quantity of products and services offered are available in the individual Votorantim Energia reports of each company in the portfolio. 102-8 Information on employees and other Portfolio Overview, p. 8 Nexa Resources workers The Investment Holding Company, p.9 Citrosuco The indicator consolidates the data of all invested companies, which in turn, have their own premises and autonomy in the management of their data, which prevents the CBA reporting of some segregations. All employees reported are permanent, considering all units and plants of the portfollio companies. Acerbrag e Acerías Paz del Río 102-9 Supply chain The Investment Holding Company, p. 9 About this Report Strategy and Management, p. 12 Risk Management, p. 20 GRI Disclosures Center of Excellence (CoE), p. 41 This report reports the management structure of Votorantim S.A. Information on the Consolidated Financial Statements supply chain of each company in the portfolio and its specificities are available in the individual reports. Assurance Report Credits and Corporate Information

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A Message From GRI Standards Disclosure Page and/or link Assurance the Board of Directors GRI 102: Foundation 2016 102-10 Significant changes to the organization and A Message From the Board of Directors, p. 1 Yes A Message From its supply chain the Executive Board A Message From the Executive Board, p. 4 2020 Highlights, p. 7 2020 Highlights Risk Management, p. 30 During the period covered by this report, there were no significant changes in the share Portfolio Overview capital structure of Votorantim S.A., as well as in the organization's location/operations. There were also no significant changes in the selection and exclusion processes for suppliers in the chain. Information on the significant changes in each portfolio The Investment Holding Company company is available in their individual reports. Strategy and Management 102-11 Precautionary Principle or approach Risk Management, p. 30 Yes 102-12 External initiatives ESG engagement, p. 15 People 102-13 Membership of associations Amcham: Governance, compliance and risks João Schmidt (Chairman) serves as a Director. Economic and Financial Performance Global Compact: Social Investment Mariana Mayumi Oyakawa (General Manager of Investor Relations) is a member of the Advisory Board. Initiatives to Combat COVID-19 FIESP: Center of Excellence (CoE) David Canassa (Director of Votorantim Reserves) serves as a member of the Superior Environment Council (Cosema). Reservas Votorantim CGESP (Environmental Management Council of the State of São Paulo - Consultative Altre Body of the Government of the State of SP): David Canassa (Director of Reserves Votorantim) serves as a member of the Board. Portfolio Companies Votorantim S.A. is associated to the Council of The Americas: Chairman’s Votorantim Cimentos International Advisory Council (CIAC). Banco BV Votorantim Energia All initiatives are considered strategic for Votorantim S.A. Nexa Resources Strategy 102-14 Statement from senior decision-maker A Message From the Board of Directors, p. 1 Citrosuco A Message From the Executive Board, p. 4 CBA 102-15 Main impacts, risks, and opportunities The Investment Holding Company, p. 9 Yes Acerbrag e Acerías Paz del Río Strategy and Management, p. 12 Materiality, p. 17 About this Report Innovation and Product Development, p. 42 Materiality, p. 72 GRI Disclosures Ethics and integrity 102-16 Values, principles, standards, and norms Values, p. 10 Consolidated Financial Statements of behavior Assurance Report 102-17 Mechanisms for advice and concerns about Compliance, p. 29 ethics Compliance resources, p. 30 Credits and Corporate Information

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A Message From GRI Standards Disclosure Page and/or link Assurance the Board of Directors GRI 102: Foundation 2016

A Message From Governance the Executive Board 102-18 Governance structure ESG engagement, p. 15 Governance Structure, p. 25 2020 Highlights 102-19 Delegating authority Governance Structure, p. 25 Portfolio Overview 102-20 Executive-level responsibility for economic, Governance Structure, p. 25 Yes environmental, and social topics The Investment Holding Company 102-21 Consulting stakeholders on economic, Materiality, p. 17 Yes environmental, and social topics About this Report, p. 72 Strategy and Management 102-22 Composition of the highest governance Board of Directors, p. 28 People body and its committees Executive Board, p. 29 Governance, compliance and risks 102-23 Chair of the highest governance body Board of Directors, p. 28 Executive Board, p. 29 Economic and Financial Performance 102-24 Nominating and selecting the highest Governance Structure, p. 25 Social Investment governance body 102-25 Conflicts of interest Compliance, p. 29 Initiatives to Combat COVID-19 102-26 Role of highest governance body in setting ESG engagement, p. 15 purpose, values, and strategy Center of Excellence (CoE) Governance Structure, p. 25 102-27 Collective knowledge of highest ESG engagement, p. 15 Yes Reservas Votorantim governance body Governance Structure, p. 25 102-29 Identifying and managing economic, ESG engagement, p. 15 Yes Altre environmental, and social impacts Governance Structure, p. 25 102-30 Effectiveness of risk management Risk Management, p. 30 Yes Portfolio Companies processes Votorantim Cimentos 102-31 Review of economic, environmental, and Governance Structure, p. 25 Yes social topics Banco BV 102-32 Highest governance body’s role in ESG engagement, p. 15 Yes Votorantim Energia sustainability reporting About this Report, p. 72 Nexa Resources Stakeholder engagement Citrosuco 102-40 List of stakeholder groups Materiality, p. 17 Yes • Executives of Votorantim S.A. CBA • Professionals in the areas of sustainability and governance of the portfolio companies. Acerbrag e Acerías Paz del Río • Specialists in finance and sustainability. About this Report • Academic experts. • Investors in the national and international markets. GRI Disclosures 102-41 Collective bargaining agreements The percentage of employees covered by collective bargaining agreements is 91%. The indicator consolidates information from Votorantim S.A., Reservas Votorantim, Votorantim Institute and Center of Excellence. Data on the portfolio companies are Consolidated Financial Statements available in their individual reports. 102-42 Basis for identifying and selecting Materiality, p. 17 Yes Assurance Report stakeholders with whom to engage The review of material topics, conducted in 2018 by an external consultancy, came from the audiences with which Votorantim S.A. relates and which make demands Credits and Corporate Information related to ESG themes. 102-43 Approach to stakeholder engagement Materiality, p. 17 Yes The review of material topics, conducted in 2018 by an external consultancy, was carried out through in-depth interviews with selected stakeholders. 102-44 Key topics and concerns raised through About this Report, p. 73 Yes stakeholder engagement Material topics are presented in an aggregated form, according to the commitment assumed with stakeholders at the time of consultation. Page 88 of 187 2020 Annual Report

A Message From GRI Standards Disclosure Page and/or link Assurance the Board of Directors GRI 102: Foundation 2016

A Message From Reporting practice the Executive Board 102-45 Entities included in the consolidated About this Report, p. 72 financial statements 2020 Highlights 102-46 Defining report content and topic Materiality, p. 17 Yes boundaries About this Report, p. 72 Portfolio Overview The themes were structured in two dimensions, due to The Investment Holding Company the diversity of Votorantim's portfolio: 1) Transversal to the holding and its portfolio companies; and Strategy and Management 2) Specific, according to the nature of each business. People 102-47 List of material topics Materiality and SDGs at Votorantim, p. 18 Yes Governance, compliance and risks 102-48 Restatements of information About this Report, p. 72 Due to adjustments after the closing of the 2019 report, Votorantim Energia updated Economic and Financial Performance its information on scope 1 (305-1) greenhouse gas emissions from 99,847.21 tCO2eq issued by VE to 124,094 tCO2eq. The data were adjusted in the indicator book. Social Investment For indicator 403-2, related to data on health and safety at work, the value of days Initiatives to Combat COVID-19 lost relative to own employees operating in Brazil is 4,796 and not 3,128 as reported. For indicator 302-1, related to energy consumption within the organization, the value of total energy consumption within the organization is 184,077,052 Gj and not Center of Excellence (CoE) 182,625,386, as reported. In 2019, this indicator was not reported by Banco BV. 102-49 Changes in the list of material topics and About this Report, p. 72 Yes Reservas Votorantim topic boundaries Altre 102-50 Reporting period About this Report, p. 72 102-51 Date of most recent previous report About this Report, p. 72 Portfolio Companies 2020, published April 2020 Votorantim Cimentos 102-52 Reporting cycle About this Report, p. 72 102-53 Contact point for questions regarding the About this Report, p. 72 Banco BV report 102-54 Claims of reporting in accordance with the About this Report, p. 72 Yes Votorantim Energia GRI Standards Nexa Resources 102-55 GRI content index GRI Disclosures, p. 75 Citrosuco 102-56 External assurance About this Report, p. 72 Yes The entire contents of this document are verified externally by PwC. This practice CBA is requested by the company's leaders and is one of the annual goals of those responsible for developing the Annual Report. External and independent verification Acerbrag e Acerías Paz del Río keeps Votorantim S.A. updated with the best accountability practices in the market. About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

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A Message From Omission the Board of Directors Part Global GRI Standards Disclosure Page and/or link omitted Reason Explanation Compact Assurance A Message From Material topics the Executive Board GRI 200 Standards Economic Series 2020 Highlights Economic Performance Portfolio Overview GRI 103: Management approach 103-1 Explanation of the material topic Economic and Financial Performance, p. 31 Yes 2016 and its boundary The Investment Holding Company 103-2 The management approach and Economic and Financial Performance, p. 31 Yes Strategy and Management its components 103-3 Evaluation of the management Economic and Financial Performance, p. 31 Yes People approach Governance, compliance and risks GRI 201: Economic performance 201-1 Direct economic value generated Economic Disclosures, p. 76 Yes 2016 and distributed Economic and Financial Performance Anti-corruption Social Investment GRI 103: Management approach 103-1 Explanation of the material topic Governance, Compliance and Risks, p. 25 Yes Initiatives to Combat COVID-19 2016 and its boundary 103-2 The management approach and Governance, Compliance and Risks, p. 25 Yes Center of Excellence (CoE) its components 103-3 Evaluation of the management Governance, Compliance and Risks, p. 25 Yes Reservas Votorantim approach GRI 205: Anti-corruption 2016 205-2 Comunicação e treinamento Governance, Compliance and Risks, p. 30 Altre sobre políticas e procedimentos anticorrupção Portfolio Companies 205-3 Confirmed incidents of Economic Disclosures, p. 77 P. 10 Yes corruption and actions taken Votorantim Cimentos Anti-competitive behavior Banco BV GRI 103: Management approach 103-1 Explanation of the material topic Governance, Compliance and Risks, p. 25 Yes Votorantim Energia 2016 and its boundary 103-2 The management approach and Governance, Compliance and Risks, p. 25 Yes Nexa Resources its components Citrosuco 103-3 Evaluation of the management Governance, Compliance and Risks, p. 25 Yes approach CBA GRI 206: Anti-competitive behavior 206-1 Legal actions for anti- Economic Disclosures, p. 77 Yes 2016 competitive behavior, antitrust, Acerbrag e Acerías Paz del Río and monopoly practices

About this Report GRI 300 Standards Environmental series

GRI Disclosures Energy GRI 103: Management approach 103-1 Explanation of the material topic The report consolidates the consumption and Yes Consolidated Financial Statements 2016 and its boundary energy intensity of each invested company. For 103-2 The management approach and more detailed information, see the annual and Yes Assurance Report its components sustainability reports for each portfolio company. 103-3 Evaluation of the management Yes Credits and Corporate Information approach

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A Message From Omission the Board of Directors Part Global GRI Standards Disclosure Page and/or link omitted Reason Explanation Compact Assurance A Message From Material topics the Executive Board GRI 302: Energy 2016 302-1 Energy consumption Environmental Disclosures, p. 78 Yes within the organization 2020 Highlights 302-3 Energy intensity Environmental Disclosures, p. 78 P. 7, P.8, P.9

Portfolio Overview Water The Investment Holding Company GRI 103: Management approach 103-1 Explanation of the material topic Reservas Votorantim, p. 44 Yes 2016 and its boundary The indicator reported in the Disclosure GRI Strategy and Management 103-2 The management approach and chapter consolidates the withdrawal of water Yes its components by each portfolio company by source. For People Evaluation of the management more information, consult their annual and Yes 103-3  sustainability reports. Governance, compliance and risks approach GRI 303: Water 2018 303-3 Water withdrawal by source Environmental Disclosures, p. 78 Yes Economic and Financial Performance 303-4 Water discharge Environmental Disclosures, p. 80 Yes Social Investment Biodiversity Initiatives to Combat COVID-19 GRI 103: Management approach 103-1 Explanation of the material topic Reservas Votorantim, p. 44 Yes 2016 and its boundary Center of Excellence (CoE) 103-2 The management approach and Reservas Votorantim, p. 44 Yes its components Reservas Votorantim 103-3 Evaluation of the management Reservas Votorantim, p. 44 Yes approach Altre GRI 304: Biodiversity 2016 304-3 Habitats protected or restored Environmental Disclosures, p. 78 P.7, P.8, P.9 Yes

Portfolio Companies Emissions Votorantim Cimentos GRI 103: Management approach 103-1 Explanation of the material topic Reservas Votorantim, p. 44 Yes 2016 and its boundary The indicator reported in the GRI Disclosures Banco BV 103-2 The management approach and consolidates the investees’s GHG emissions Yes its components by scope. For more detailed information, see Votorantim Energia the annual and sustainability reports for each 103-3 Evaluation of the management Yes Nexa Resources approach company. Citrosuco GRI 305: Emissions 2016 305-1 Direct (Scope 1) GHG emissions Environmental Disclosures, p. 79 Yes 305-2 Energy indirect (Scope 2) GHG Environmental Disclosures, p. 80 Yes CBA emissions 305-3 Other indirect (Scope 3) GHG Environmental Disclosures, p. 80 Yes Acerbrag e Acerías Paz del Río emissions About this Report 305-4 GHG emissions intensity Environmental Disclosures, p. 80 P.7, P.8, P.9 Waste and effluents GRI Disclosures GRI 103: Management approach 103-1 Explanation of the material topic The report consolidates the water discharge and Yes and its boundary waste disposal of each invested company. For Consolidated Financial Statements 2016 103-2 The management approach and more detailed information, see the annual and Yes its components sustainability reports for each company. Assurance Report 103-3 Evaluation of the management Yes Credits and Corporate Information approach GRI 306: Waste and effluents 2018 306-2 Waste by type and disposal Environmental Disclosures, p. 81 Yes method

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A Message From Omission the Board of Directors Part Global GRI Standards Disclosure Page and/or link omitted Reason Explanation Compact Assurance A Message From Material topics the Executive Board Supplier environmental assessment 2020 Highlights GRI 103: Management approach 103-1 Explanation of the material topic The report consolidates data of suppliers that Yes 2016 and its boundary were screened using environmental criteria Portfolio Overview 103-2 The management approach and of each invested company. For more detailed Yes its components information, see the annual and sustainability reports for each investee The Investment Holding Company 103-3 Evaluation of the management Yes Strategy and Management approach GRI 308: Supplier Environmental 308-1 New suppliers that were Environmental Disclosures, p. 81 P.7, P.8, P.9 Yes People Assesment 2016 screened using environmental criteria Governance, compliance and risks 308-2 Negative environmental impacts Environmental Disclosures, p. 81 P.7, P.8, P.9 Yes Economic and Financial Performance in the supply chain and actions taken Social Investment GRI 400 Standards Série Social

Initiatives to Combat COVID-19 Employment Center of Excellence (CoE) GRI 103: Management approach 103-1 Explanation of the material topic People, p. 20 2016 and its boundary The report consolidates new employee hires 103-2 The management approach and and turnover of each invested company. For Reservas Votorantim its components more detailed information, see the annual and sustainability reports 103-3 Evaluation of the management Altre approach for each company. Portfolio Companies GRI 401: Employment 2016 401-1 New employee hires and Social Disclosures, p. 82 P.3, P.6 employee turnover Votorantim Cimentos Occupational health and safety Banco BV GRI 103: Management approach 103-1 Explanation of the material topic The report consolidates rates of injury, Yes Votorantim Energia 2016 and its boundary occupational diseases, lst days, and absenteeism 103-2 The management approach and and fatalities of each invested company. For Yes its components more detailed information, see the annual and Nexa Resources sustainability reports for each company. 103-3 Evaluation of the management Yes Citrosuco approach CBA GRI 403: Occupational health and 403-9 Types of injury and rates of Social Disclosures, p. 82 P.3, P.6 Yes safety 2018 injury, occupational diseases, Acerbrag e Acerías Paz del Río lost days, and absenteeism, and number of work-related About this Report fatalities Training and Education GRI Disclosures GRI 103: Management approach 103-1 Explanation of the material topic People, p. 20 Consolidated Financial Statements 2016 and its boundary 103-2 The management approach and People, p. 20 Assurance Report its components 103-3 Evaluation of the management People, p. 20 Credits and Corporate Information approach GRI 404: Training and education 404-1 verage hours of training per year Social Disclosures, p. 83 P.3, P.6 2016 per employee

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A Message From Omission the Board of Directors Part Global GRI Standards Disclosure Page and/or link omitted Reason Explanation Compact Assurance A Message From Material topics the Executive Board GRI 400 Standards Social Series Diversity and equal opportunity 2020 Highlights GRI 103: Management approach 103-1 Explanation of the material topic People, p. 20 2016 and its boundary Portfolio Overview 103-2 The management approach and People, p. 20 its components The Investment Holding Company 103-3 Evaluation of the management People, p. 20 Strategy and Management approach GRI 405: Diversity and equal 405-1 Diversity of governance bodies Social Disclosures, p. 84 P.3, P.6 People opportunity 2016 and employees Governance, compliance and risks Não-discriminação Economic and Financial Performance GRI 103: Management approach 103-1 Explanation of the material topic The report consolidates incidents of 2016 and its boundary discrimination of each invested company. For Social Investment 103-2 The management approach and more detailed information, see the annual and sustainability reports for each portfolio company. Initiatives to Combat COVID-19 its components 103-3 Evaluation of the management Center of Excellence (CoE) approach GRI 406: Non-discrimination 2016 406-1 Incidents of discrimination and Social Disclosures, p. 84 P.1, P.2, P.6 Reservas Votorantim corrective actions taken Altre Child labor GRI 103: Management approach 103-1 Explanation of the material topic The report consolidates significant risk for Yes Portfolio Companies 2016 and its boundary incidents of child labor of each invested company. 103-2 The management approach and For more detailed information, see the annual and Yes Votorantim Cimentos its components sustainability reports for each portfolio company. 103-3 Evaluation of the management Yes Banco BV approach Votorantim Energia GRI 408: Child labor 2016 408-1 Operations and suppliers at Social Disclosures, p. 84 P.1, P.2, P.5 Yes significant risk for incidents of Nexa Resources child labor Citrosuco Forced or compulsory labor CBA GRI 103: Management approach 103-1 Explanation of the material topic The report consolidates significant risk for Yes 2016 and its boundary incidents of forced or compulsory labor of each invested company. For more detailed information, Acerbrag e Acerías Paz del Río 103-2 The management approach and see the annual and sustainability reports for each Yes its components portfolio company. About this Report 103-3 Evaluation of the management Yes approach GRI Disclosures GRI 409: Forced or compulsory labor 409-1 Operations and suppliers at Social Disclosures, p. 84 P.1, P.2, P.4 Yes 2016 significant risk for incidents of Consolidated Financial Statements forced or compulsory labor Assurance Report Human rights assessment GRI 103: Management approach 103-1 Explanation of the material topic The report consolidates human rights reviews Yes Credits and Corporate Information 2016 and its boundary of each invested company. For more detailed information, see the annual and sustainability 103-2 The management approach and reports for each portfolio company. Yes its components 103-3 Evaluation of the management Yes approach

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A Message From Omission the Board of Directors Part Global GRI Standards Disclosure Page and/or link omitted Reason Explanation Compact Assurance A Message From Material topics the Executive Board GRI 412: Human rights assessment 412-1 Operations that have been Social Disclosures, p. 85 P.1, P.2 Yes 2016 subject to human rights reviews 2020 Highlights or impact assessments

Portfolio Overview Local communities GRI 103: Management approach 103-1 Explanation of the material topic Social Investment, p. 35 Yes The Investment Holding Company 2016 and its boundary Strategy and Management 103-2 The management approach and Social Investment, p. 35 Yes its components People 103-3 Evaluation of the management Social Investment, p. 35 Yes approach Governance, compliance and risks GRI 413: Local communities 2016 413-1 Operations with local Social Disclosures, p. 85 P.1, P.2, P.4 Yes Economic and Financial Performance community engagement, impact assessments, and development Social Investment programs Initiatives to Combat COVID-19 Supplier social assessment GRI 103: Management approach 103-1 Explanation of the material topic The report consolidates data of suppliers that Yes Center of Excellence (CoE) 2016 and its boundary were screened using social criteria of each 103-2 The management approach and invested company. For more detailed information, Yes Reservas Votorantim its components see the annual and sustainability reports for each portfolio company. 103-3 Evaluation of the management Yes Altre approach GRI 414: Supplier social assessment 414-1 New suppliers that were Social Disclosures, p. 85 P.1, P.2, P.3 Yes Portfolio Companies 2016 screened using social criteria 414-2 Negative social impacts in the Social Disclosures, p. 85 P.1, P.2, P.3 Yes Votorantim Cimentos supply chain and actions taken Banco BV Public policy Votorantim Energia GRI 103: Management approach 103-1 Explanation of the material topic Governance, Compliance and Risks, p. 25 Yes Nexa Resources 2016 and its boundary 103-2 The management approach and Governance, Compliance and Risks, p. 25 Yes Citrosuco its components 103-3 Evaluation of the management Governance, Compliance and Risks, p. 25 Yes CBA approach Acerbrag e Acerías Paz del Río GRI 415: Public policy 2016 415-1 Political contributions In line with the guidelines of our code of conduct, P. 10 Yes which prohibits financial contributions to political parties, there were no such donations in the year About this Report 2020. GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

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A Message From the Board of Directors Consolidated Financial Statements 102-7 A Message From the Executive Board 2020 Highlights Portfolio Overview Statements 12 Inventory The Investment Holding Company Consolidated balance sheet 13 Financial Instruments - Shares Strategy and Management Consolidated statement of income 14 Taxes recoverable People Consolidated statement of comprehensive income 15 Related parties Governance, Compliance and Risks Consolidated statement of charges in equity 16 Future energy contracts Economic and Financial Performance Consolidated statement of cash flows 17 Investments Social Investment Consolidated statement of value added 18 Property, plant and equipment Initiatives to Combat COVID-19 General considerations 19 Intangible assets Center of Excellence (CoE) 20 Right of use assets 1 General considerations Reservas Votorantim 2 Presentation of the consolidated financial statements Liabilities and equity Altre 2.1 Basis of preparation 21 Borrowing Portfolio Companies 2.2 Consolidation 22 Lease liabilities Votorantim Cimentos 2.3 Foreign currency translation 23 Confirming payables Banco BV 3 Changes in accounting policies and disclosures 24 Current and deferred income tax and social contribution Votorantim Energia Riscos 25 Provision 26 Use of public assets Nexa Resources 4 Critical accounting estimates and judgments 27 Pension plan and post-employment health care benefits Citrosuco 5 Social and environmental risk management Equity CBA 6 Financial risk management 28 Acerbrag and Acerías Paz del Río 6.1 Financial risk factors Results About this Report 6.1.1 Derivatives contracted 29 Net revenue from products sold and services rendered 6.1.2 Fair value estimation 30 Expenses by nature GRI Disclosures 6.1.3 Sensitivity analysis 31 Other operating expenses, net Consolidated Financial Statements 7 Financial instruments by category 32 Finance results, net Assurance Report 8 Credit quality of financial assets Supplementary information Credits and Corporate Information Assets 33 Tax benefits 9 Cash and cash equivalents 34 Insurance 10 Financial investments 35 Supplementary information – Business segments 11 Trade receivables 36 Subsequent events

Page 95 of 187 2020 Annual Report

A Message From Consolidated balance sheet the Board of Directors As at December 31 A Message From All amounts in millions of reais (A free translation of the original in Portuguese) the Executive Board 2020 Highlights Note 2020 2019 Note 2020 2019 Portfolio Overview Assets Current assets Investments 17 (c) 12,698 11,720 The Investment Holding Company Cash and cash equivalents 9 9,783 6,262 Property, plant and equipment 18 (a) 30,105 27,148 Strategy and Management Financial investments 10 5,678 4,444 Intangible assets 19 (a) 14,594 13,283 People Derivative financial instruments 6.1.1 (a) 221 62 Right-of-use assets 20 797 813 Governance, compliance and risks Trade receivables 11 3,209 2,196 Biological assets 96 85 Economic and Financial Performance Inventory 12 4,724 4,129 Social Investment Taxes recoverable 14 2,033 1,968 70,042 64,960 Dividends receivable Initiatives to Combat COVID-19 15 176 81 Future energy contracts 16 49 Total assets 96,478 84,723 Center of Excellence (CoE) Other assets 538 621 Reservas Votorantim 26,411 19,763 Assets classified as held-for-sale 25 Altre

Portfolio Companies 26,436 19,763 Votorantim Cimentos Non-current assets Banco BV Long-term receivables Votorantim Energia Financial investments 10 20 23 Nexa Resources Financial instruments - shares 13 2,590 2,749 Citrosuco Derivative financial instruments 6.1.1 (a) 1,945 337 CBA Derivative financial instruments - put option 6.1.1 (b) 252 655 Acerbrag e Acerías Paz del Río Taxes recoverable 14 2,966 3,477 Related parties 15 196 229 About this Report Deferred income tax and social contribution 24 (b) 2,731 3,341 GRI Disclosures Judicial deposits 25 (b) 193 345 Future energy contracts Consolidated Financial Statements 16 9 29 Securitization of receivables 149 140 Assurance Report Other assets 701 586 Credits and Corporate Information 11,752 11,911

The accompanying notes are an integral part of these consolidated financial statements.

Page 96 of 187 2020 Annual Report

A Message From Consolidated balance sheet the Board of Directors As at December 31 A Message From All amounts in millions of reais (A free translation of the original in Portuguese) the Executive Board

2020 Highlights Note 2020 2019 Note 2020 2019 Portfolio Overview Liabilities and equity Equity Current assets Share capital 28,656 28,656 The Investment Holding Company Borrowing 21 (a) 1,407 954 Revenue reserves 8,806 11,165 Strategy and Management Derivative financial instruments 6.1.1 (a) 511 69 Carrying value adjustments 28 (c) 4,879 1,948 People To rent 22 235 210 Total equity attributable to the owners of the Company 42,341 41,769 Governance, compliance and risks Confirming payables 23 2,380 1,415 Economic and Financial Performance Trade payables 5,404 4,429 Non-controlling interests 4,455 5,138 Salaries and payroll charges Social Investment 1,174 836 Taxes payable 760 424 Total equity 46,796 46,907 Initiatives to Combat COVID-19 Advances from clients 182 102 Center of Excellence (CoE) Dividends payable 44 120 Total liabilities and equity 96,478 84,723 Use of public assets Reservas Votorantim 26 97 87 Financial instruments - firm commitment 16 75 81 Altre Deferred revenue - silver streaming 141 106 Portfolio Companies Other liabilities 924 870 Votorantim Cimentos 13,334 9,703 Liabilities related to assets held-for-sale 2 2 Banco BV 13,336 9,705 Votorantim Energia Non-current assets Nexa Resources Borrowing 21 (a) 23,658 18,801 Citrosuco Derivative financial instruments 6.1.1 (a) 2,412 383 CBA To rent 22 623 631 Acerbrag e Acerías Paz del Río Deferred income tax and social contribution 24 (b) 2,373 2,087 Related parties 15 11 50 About this Report Provision 25 (a) 3,586 3,137 GRI Disclosures Use of public assets 26 1,400 1,151 Pension plan and post-employment health care Consolidated Financial Statements benefits 27 524 367 Financial instruments - firm commitment 16 210 122 Assurance Report Deferred revenue - silver streaming 722 621 Credits and Corporate Information Other liabilities 827 761 36,346 28,111 Total liabilities 49,682 37,816 The accompanying notes are an integral part of these consolidated financial statements.

Page 97 of 187 2020 Annual Report

A Message From Consolidated statement of income the Board of Directors Years ended December 31 A Message From All amounts in millions of reais unless otherwise stated (A free translation of the original in Portuguese) the Executive Board

2020 Highlights Note 2020 2019 Note 2020 2019 Portfolio Overview Continuing operations Discontinued operations Net revenue from products sold and services rendered 29 36,667 30,907 Profit (loss) on discontinued operations 1 (56) The Investment Holding Company Cost of products sold and services rendered 30 (29,620) (25,812) Profit (loss) for the quarter attributable to the owners of the Company (3,065) 4,925 Strategy and Management Gross profit 7,047 5,095

People Profit (loss) attributable to the owners of the Governance, compliance and risks Operating income (expenses) Company (1,636) 5,170 Loss attributable to non-controlling interests Economic and Financial Performance Selling 30 (900) (873) (1,429) (245) General and administrative Profit (loss) for the quarter (3,065) 4,925 Social Investment 30 (2,626) (2,492) Other operating income (expenses), net 31 (2,182) 6,007 Initiatives to Combat COVID-19 Weighted average number of shares - thousands (to the (5,708) 2,642 owners of the Company) 18,278,789 18,278,789 Center of Excellence (CoE) Basic and diluted earnings (loss) per thousand shares, Operating profit before equity results and finance in reais (89.50) 282.84 Reservas Votorantim results 1,339 7,737

Altre From continuing operations Results from equity investments Basic and diluted earnings (loss) per thousand shares, Portfolio Companies Equity in the results of investees 17 (c) 727 919 in reais (89.55) 285.90 Votorantim Cimentos Realization of other comprehensive income on disposal of investments 108 From discontinued operations Banco BV 727 1,027 Basic and diluted earnings (loss) per thousand shares, Votorantim Energia in reais 0.05 (3.06) Nexa Resources Finance results, net 32 Citrosuco Finance income 680 1,269 CBA Finance costs (3,075) (2,514) Result of derivative financial instruments Acerbrag e Acerías Paz del Río (121) (235) Foreign exchange losses, net (1,024) (137) About this Report (3,540) (1,617) GRI Disclosures Profit (loss) before income tax and social contribution (1,474) 7,147 Consolidated Financial Statements

Assurance Report Income tax and social contribution 24 (a) Current (901) (1,461) Credits and Corporate Information Deferred (691) (705) Profit (loss) from continuing operations (3,066) 4,981

The accompanying notes are an integral part of these consolidated financial statements.

Page 98 of 187 2020 Annual Report

A Message From Consolidated statement of comprehensive income the Board of Directors Years ended December 31 A Message From All amounts in millions of reais (A free translation of the original in Portuguese) the Executive Board 2020 Highlights Note 2020 2019 Note 2020 2019 Profit for the quarter (3,065) 4,925 Other components of comprehensive income that will Portfolio Overview not be reclassified to profit or loss

The Investment Holding Company Other components of comprehensive income to be subsequently reclassified to profit or loss Attributable to the owners of the Company Strategy and Management Remeasurement of retirement benefits, net of tax 28 (c) (169) (133) People Attributable to the owners of the Company Credit risk of debts measured at fair value 25 Governance, compliance and risks Foreign exchange variations 28 (c) 3,062 96 Attributable to non-controlling interests Hedge accounting for net investments abroad, net Remeasurement of retirement benefits, net of Economic and Financial Performance of taxes 28 (c) (289) 92 taxes 1 (1) Social Investment Hedge accounting for the operations of subsidiaries 28 (c) (636) (39) Initiatives to Combat COVID-19 Fair value of financial assets available-for-sale of Other components of comprehensive income the non-consolidated investments 28 (c) (25) 43 for the quarter 3,882 (9) Center of Excellence (CoE) Realization of comprehensive results from the sale of investments 28 (c) (173) (15) Comprehensive income (loss) from Reservas Votorantim Adjust the fair value of the shares, net of tax 28 (c) 712 (121) Continuing operations 816 4,972 Loss on capital contribution to investee 28 (c) (120) Altre Discontinued operations Inflation adjustments for hyperinflationary 1 (56) Portfolio Companies economies 28 (c) 426 340 817 4,916 Realization of comprehensive results on settlement Votorantim Cimentos of investments (108) Participation in other comprehensive results of Comprehensive income attributable to Banco BV investees 28 (c) (2) (24) Owners of the Company 1,295 5,181 Votorantim Energia Non-controlling interests (478) (265) Attributable to non-controlling Nexa Resources 817 4.916 Foreign exchange variations attributable to non- Citrosuco controlling interests 960 (50) CBA Hedge accounting for the operations of subsidiaries (3) 3 Participation in other comprehensive results of Acerbrag e Acerías Paz del Río investees (7) 28 About this Report 4,025 125 GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

The accompanying notes are an integral part of these consolidated financial statements.

Page 99 of 187 2020 Annual Report

A Message From Consolidated statement of charges in equity the Board of Directors Years ended December 31 A Message From All amounts in millions of reais unless otherwise stated (A free translation of the original in Portuguese) the Executive Board 2020 Highlights Attributable to the owners of the Company Revenue reserves Portfolio Overview Retained Carrying Non-con- Share Tax Profit (loss) value ad- trolling in- The Investment Holding Company Note capital incentives Legal retention earnings justments Total terests Total equity At January 1, 2019 Strategy and Management 28,656 10 771 6,307 1,475 37,219 5,623 42,842 IAS 29 adjustment (295) 419 124 124 People St Marys goodwill 94 43 137 137 Governance, compliance and risks CESP purchase allocation 356 356 356 Economic and Financial Performance At January 1, 2019 after restatement impacts 28,656 10 771 6,462 1,937 37,836 5,623 43,459 Profit (loss) for the year 5,170 5,170 (245) 4,925 Social Investment Other comprehensive income 11 11 (20) (9) Initiatives to Combat COVID-19 Comprehensive income for the year 5,170 11 5,181 (265) 4,916 Loss on capital increase in investee Center of Excellence (CoE) (188) (188) (188) Acquisition of non-controlling interest (3) (3) Reservas Votorantim Distribuition of dividends (1,475) (1,475) (217) (1,692) Reversal of deliberate dividends 415 415 415 Altre Allocation of net income for the year Portfolio Companies Constitution of legal reserve 261 (261) Profit retention Votorantim Cimentos 4,909 (4,909) Total contributions and distributions to shareholders 261 3,661 (5,170) (1,248) (220) (1,468) Banco BV Votorantim Energia At December 31, 2019 28,656 10 1,032 10,123 1,948 41,769 5,138 46,907 Nexa Resources At January 1, 2020 28,656 10 1,032 10,123 1,948 41,769 5,138 46,907 Citrosuco

CBA Loss for the year (1,636) (1,636) (1,429) (3,065) Acerbrag e Acerías Paz del Río Other comprehensive income 2,931 2,931 951 3,882 Comprehensive income (loss) for the year (1,636) 2,931 1,295 (478) 817 About this Report Distribution of dividends 28 (c) (800) (800) (205) (1,005) Effect of liquidation of related parties on the spin-off GRI Disclosures of subsidiary 37 37 37 Reversal of deliberate dividends and interest on Consolidated Financial Statements equity 40 40 40 Assurance Report Allocation of net income for the year Absorption of injury (1,636) 1,636 Credits and Corporate Information Total contributions and distributions to shareholders (2,359) 1,636 (723) (205) (928)

At December 31, 2020 28,656 10 1,032 7,764 4,879 42,341 4,455 46,796

The accompanying notes are an integral part of these consolidated financial statements.

Page 100 of 187 2020 Annual Report

A Message From Consolidated statement of cash flows the Board of Directors Years ended December 31 A Message From All amounts in millions of reais (A free translation of the original in Portuguese) the Executive Board 2020 Highlights Note 2020 2019 Note 2020 2019 Cash flow from operating activities Salaries and social charges 250 (9) Portfolio Overview Use of public assets (8) (17) Profit (loss) before income tax and social contribution (1,474) 7,147 Taxes payable (230) (51) The Investment Holding Company Profit (loss) on discontinued operations 1 (56) Advances from customers 57 (26) Strategy and Management Other obligations and other liabilities 487 (476) People Adjustments to items that do not represent changes in cash Cash provided by operating activities 6,160 2,538 and cash equivalents Governance, compliance and risks Depreciation, amortization and depletion 30 3,293 3,067 Interest paid on borrowing and use of public assets (1,320) (1,252) Economic and Financial Performance Equity in the results of investees 17 (c) (727) (919) Income tax and social contribution paid (407) (189) Interest, indexation and foreign exchange variations 2,066 510 Net cash provided by operating activities 4,433 1,097 Social Investment Provisions (reversal) for the impairment of fixed, intangible assets and investments 30 2,777 714 Initiatives to Combat COVID-19 Cash flow from investment activities Loss (gain) on sales of fixed and intangible assets, net 30 74 (8) Proceeds from disposals of fixed and intangible assets 242 132 Center of Excellence (CoE) Fair value adjustment 21 (b) 95 22 Investment sale 1,462 8,181 Constitution of provisions 202 98 Dividends received 172 546 Reservas Votorantim Derivative financial instruments 252 152 Acquisitions of property, plant and equipment 18 (3,516) (3,189) Financial instruments - firm commitment 54 195 Altre Increase in biological assets (7) (11) Net revenue on sale of investments 30 (427) (6,720) Acquisitions of investments 17 (222) (156) Portfolio Companies Net gain from financial instrument - put option 6.1.1 (b) 403 89 Increase in intangible assets 19 (22) (59) Gain on purchase of investee 1.1 (a) (366) Votorantim Cimentos Income tax and social contribution paid (1,287) Credit of ICMS on the calculation bases of PIS and COFINS (168) (747) Net cash provided by (used in) investment activities (1,891) 4,157 Banco BV Provision for estimated losses from doubtful accounts 11 (c) (44) 17

Votorantim Energia Realization of comprehensive income on the sale of investment (108) Cash flow from financing activities Nexa Resources Loss on debt renegotiation 17 New borrowing 21 (b) 11,772 4,323 Citrosuco 6,028 3,453 Repayment of borrowing 21 (b) (10,846) (9,356) Decrease (increase) in assets Repayment of leasing contracts 22 (251) (217) CBA Financial investments (1,040) (695) Derivative financial instruments 55 (7) Acerbrag e Acerías Paz del Río Derivative financial instruments (239) 136 Dividends paid (1,041) (1,639) Trade accounts receivable 73 333 Net cash used in financing activities (311) (6,896) About this Report Inventory 45 (207) GRI Disclosures Taxes recoverable 754 (494) Increase (decrease) in cash and cash equivalents 2,231 (1,642) Related parties 33 42 Consolidated Financial Statements Judicial deposits 125 356 Effect of companies excluded from consolidation 7 Other accounts receivable and other assets (64) (99) Effect of fluctuations in exchange rates 1,283 162 Assurance Report Increase (decrease) in liabilities Cash and cash equivalents at the beginning of the year 6,262 7,742 Credits and Corporate Information Trade payables (111) 292 Cash and cash equivalents at end of the year 9,783 6,262

The accompanying notes are an integral part of these consolidated financial statements.

Page 101 of 187 2020 Annual Report

A Message From Consolidated statement of value added the Board of Directors Years ended December 31 A Message From All amounts in millions of reais (A free translation of the original in Portuguese) the Executive Board 2020 Highlights Note 2020 2019 Note 2020 2019 Portfolio Overview Revenue Distribution of value added The Investment Holding Company Sales of products and services 41,773 35,271 Personnel and payroll charges Strategy and Management Estimated loss on doubtful accounts 11 (31) (17) Direct remuneration 3,007 2,787 Other operating income, net Social charges People 31 595 6,721 1,122 1,066 42,337 41,975 Benefits 709 647 Governance, compliance and risks Inputs acquired from third parties 4,838 4,500 Economic and Financial Performance Raw materials and other production inputs (25,596) (21,029) Taxes and contributions Social Investment Materials, energy, outsourced services and others (821) (930) Federal 2,909 3,200 Initiatives to Combat COVID-19 Impairment of assets 31 (2,777) (714) State 2,798 2,332 Gross value added Municipal Center of Excellence (CoE) 13,143 19,302 18 17 Deferred taxes 691 705 Reservas Votorantim Depreciation, amortization and depletion 18, 19 e 20 (3,293) (3,067) 6,416 6,254 Altre Net value added generated by the Company 9,850 16,235 Third-party capital remuneration Finance costs and foreign exchange losses 4,288 2,884 Portfolio Companies Value added received through transfers Rentals 345 339 Votorantim Cimentos Equity in the results of investees 17 727 919 4,633 3,223 Banco BV Finance income and foreign exchange losses 2,245 1,748 Own capital remuneration Votorantim Energia 2,972 2,667 Non-controlling interests (1,429) (245) Nexa Resources Dividends (1,005) (1,692) Total value added to distribute Reinvested profits (offset losses) Citrosuco 12,822 18,902 (632) 6,918 Loss on discontinued operations 1 (56) CBA (3,065) 4,925 Acerbrag e Acerías Paz del Río

About this Report Value added distributed 12,822 18,902 GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

The accompanying notes are an integral part of these consolidated financial statements.

Page 102 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 1 General considerations the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview Votorantim S.A. (the “Company”, the “parent advantageous purchase, CBA carried out a prior purchase in the amount of R$ 466, using the company”, or “VSA”), is a long-term Brazilian review to make sure that all assets acquired and acquisition method provided for in IFRS 13 / The Investment Holding Company holding company. With its headquarters in the liabilities assumed were correctly identified and CPC 15 (R1), recorded under the heading “Other Strategy and Management city of São Paulo, Brazil, the Company’s purpose recognized them during the review. CBA hired a income operating expenses, net”, with a tax People is to manage assets and companies, as well as specialized company to issue a PBA (Purchase effect of R$ 100, resulting in a gain of R$ 366. Governance, compliance and risks to invest in other companies in order to further Price Allocation) report from the acquired Additionally, there was a tax effect in the Economic and Financial Performance its objectives. company, concluded in December 2020. amount of R$ 124 referring to the gain from Social Investment an advantageous purchase due to the effective The Company, through its subsidiaries and In February 2020, the corporate name of taxation, which will occur upon its realization Initiatives to Combat COVID-19 associates, operates in the following segments: the acquired investment was renamed CBA (sale, incorporation, spin-off or merger), if Center of Excellence (CoE) construction, finance, electrical energy, metals Itapissuma Ltda. applicable. Reservas Votorantim and mining, agribusiness, aluminum and long steel. The price paid for the acquisition totaled The preliminary composition of the acquired net Altre R$ 204, generating a gain for a favorable assets is detailed below: Portfolio Companies 1.1 Main events that occurred during the Votorantim Cimentos year of 2020 Banco BV Opening Adjust Final (a) Acquisition of factory unit – CBA balance selling Added Deferred balance Votorantim Energia 02/01/2020 price value tax 12/31/2020 As of December 31, 2020 Nexa Resources In August 2019, the Company announced Cashier 224 (20) 204 Citrosuco the signing of the share purchase and sale Total consideration transferred 224 (20) 204 Recognized values ​​of acquired identifiable assets CBA agreement with the purpose of fully acquiring and assumed liabilities Acerbrag e Acerías Paz del Río the shares of Arconic Indústria e Comércio de Cash and cash equivalents 7 7 Metais Ltda., A unit located in Pernambuco, in Financial investments 20 20 About this Report the Northeast of Brazil, which will complement Accounts receivable 58 58 GRI Disclosures the line of rolled products from CBA. Stocks 139 139 Immobilized 216 294 (100) 410 Consolidated Financial Statements Other assets acquired 21 1 22 In accordance with IFRS3 / CPC 15 (R1) – Suppliers (69) (69) Assurance Report “Business combination”, in the event of an Other assets assumed (16) (16) Credits and Corporate Information advantageous purchase, the acquirer must Total identifiable net assets 376 295 (100) 571 recognize the resulting gain in the income Gain for Advantageous Purchase 151 20 295 (100) 366 Deferred taxes (34%) on advantageous purchases (124) statement for the year, on the acquisition Total net advantageous purchase 242 date. Before recognizing the gain from an

Page 103 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From b) Option to purchase Winds from Piauí II and On December 01, 2020, the Company to the floating rate CDI and the exchange of the Board of Directors III – VE resolved and paid its parent company Hejoassu currency from dollar to real (debt in USD + swap Administração S.A. the amount of R$ 399 to BRL in%) CDI). A Message From the Executive Board In January 2020, the joint venture VTRM Energia corresponding to dividends related to part of Participações S.A. (“VTRM”), with shared control the balance of the “Profit reserves” account (e) Export Credit Notes (“NCE”) – CBA and Nexa 2020 Highlights between Votorantim Geração de Energia (“VGE”) accumulated up to December 31, 2019. Portfolio Overview and CPP Investments exercised its option to In February 2020, the subsidiary CBA signed purchase the Ventos do Piauí II and III wind (d) Amendment to the loan agreement under an NCE contract to finance its exports in the The Investment Holding Company complexes for the development of new wind Law No. 4,131 / 1962 – Votorantim amount of R$ 250, with final maturity in 2029. Strategy and Management farms in the Northeast region of Brazil, with Cimentos The operation has a swap contract linked to People an investment of approximately R$ 2,000. The it (derivative financial instrument – hedge Governance, compliance and risks purchase and sale contract was signed on July On January 30, 2020, the Company accounting), which aims to exchange exposure Economic and Financial Performance 10, 2020, after the fulfillment of the precedent renegotiated the contractual conditions of the to the floating rate CDI in reais for a fixed rate Social Investment conditions established in the agreement, for loan under Law No. 4,131 / 1962, contracted in US dollars, resulting in a weighted average the amount of R$ 115. The construction of in March 2018, in the total amount of USD cost of 4.25% per year. It is noteworthy that Initiatives to Combat COVID-19 the parks is scheduled to start in 2021, and 100 million (R$ 426). The Company extended the loan is characterized as green financing Center of Excellence (CoE) the park are due to start operating in 2022. the final maturity from 2023 to 2025, and based on the guidelines of the Green Loan Reservas Votorantim Each of the complexes will consist of five wind contracted a new swap (derivative financial Principles. farms located in the Serra do Inácio region. instrument) at a cost of 107.00% of the CDI. Altre Ventos do Piauí II will have 100% of its structure The previous swap, at a cost of 112.00% At the end of March 2020, to expand its short- Portfolio Companies distributed among 3 Piauí municipalities of the CDI, was extinguished at the time of term liquidity in Brazil, the subsidiary Nexa Votorantim Cimentos (Curral Novo, Paulistana and Betânia do Piauí) renegotiating the main loan agreement. signed 4 NCE contracts in the total principal Banco BV and the Ventos do Piauí III complex will have amount of R$ 1,247 (approximately USD wind turbines installed in Curral Novo (Piauí), On March 9, 2020, the subsidiary VCNNE 250 million) at costs between 134.20% of the Votorantim Energia Araripina and Ouricuri (Pernambuco). Together, renegotiated the contractual terms of the loan CDI and CDI + 1.80% to 4.20%, with maturities Nexa Resources the new complexes will have an installed power under Law 4,131 / 1962, signed in September between 1 and 5 years. Citrosuco generation capacity of 409.2 MW and will make 2018, in the total amount of USD 50 million CBA VTRM responsible for approximately 1 GW of (R$ 239). VCNNE extended the final maturity On April 9, 2020, the subsidiary Nexa entered Acerbrag e Acerías Paz del Río installed generation capacity in that region. from 2023 to 2025, and contracted a new swap into an additional NCE contract in the total (derivative financial instrument) at a cost of principal amount of R$ 230 (approximately USD About this Report (c) Resolution of dividends – VSA 111.00% of the CDI. The previous swap, at a 45 million) and CDI + 3.90%, maturing in 1 year, GRI Disclosures cost of 108.00% of the CDI, was extinguished which was settled on October 30, 2020. Consolidated Financial Statements On January 20, 2020, the Company resolved at the time of renegotiating the main loan to pay R$ 401 to its parent company Hejoassu agreement. (f) Distribution of dividends – Nexa Assurance Report Administração S.A., corresponding to dividends Credits and Corporate Information related to the portion of the “Profit Reserves” The swaps tied to the operations were On February 13, 2020, the Board of Directors account balance, accumulated from previous contracted jointly with the same financial of the subsidiary Nexa approved, in accordance years. The amount was paid in full on February institution as the loan, and aim at both the with the laws of Luxembourg, distribution of 10, 2020. exchange of exposure to the floating rate LIBOR dividends to its shareholders registered on

Page 104 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From March 16, 2020, in the amount of R$ 260 (USD (i) Use of a revolving credit facility (Revolving (bonds) of the indirect subsidiary VCI maturing the Board of Directors 50 million), paid on March 30, 2020. Credit Facility) – Votorantim Cimentos and in April 2021. A Message From Nexa the Executive Board (g) Loan agreement entered into by – Nexa On September 14, 2020, indirect subsidiary During the year, the indirect subsidiaries St. VCEAA made the total prepayment of the 2020 Highlights On March 12, 2020, in order to expand its Mary’s and Votorantim Cimentos International outstanding balance at the Revolving Credit Portfolio Overview short-term liquidity, the subsidiary Nexa (“VCI”) made several movements in the available Facility in the amount of USD 200 million. contracted a loan with a global financial revolving credit line, although the line was fully The proceeds of this prepayment came, The Investment Holding Company institution in the principal amount of R$ 477 withdrawn until mid-September 2020. These predominantly, from capital contributions of the Strategy and Management (approximately USD 100 million) at a fixed cost borrowings were part of the strategy of the subsidiary VCSA. This credit line was contracted People in reais of 8.50 % pa, maturing in 5 years. At indirect subsidiaries to reinforce their liquidity by the subsidiary VCSA and its subsidiaries Governance, compliance and risks the same time, the subsidiary Nexa contracted a position and face the uncertainties generated in the total amount of USD 500 million and Economic and Financial Performance swap to exchange the pre-fixed interest rate in by the pandemic and the seasonality period that maturing in August 2023. The funds remain Social Investment US dollars of 2.45% p.a., as well as the currency recurrently affects markets located abroad. available for new withdrawals, if necessary. of the debt service payments from BRL to USD. Initiatives to Combat COVID-19 On September 28, 2020, indirect subsidiary VCI On April 14, 2020, in order to increase its Center of Excellence (CoE) (h) Borrowing under the terms of Law No. 4,131 made a partial prepayment of Committed Credit short-term liquidity, the subsidiary Nexa Reservas Votorantim / 1962 – Votorantim Cimentos Facility in the amount of USD 126 million, using fully withdrewn its revolving credit line in its own cash position and capital contributions the amount of USD 300 million. On June 30, Altre On March 16, 2020, VCSA entered into a loan from subsidiary VCSA. 2020, the amount was fully reimbursed with Portfolio Companies agreement under Law No. 4,131 / 1962 in the funds obtained from the Bond Offering, as per Votorantim Cimentos total amount of USD 50 million (R$ 249) with In the fourth quarter of 2020, indirect subsidiary note 1.1 (j). The revolving credit line remains Banco BV maturity on March 20, 2025. St. Marys prepaid the amount of USD 152 million available to the subsidiary until October 2024. of its revolving credit line (Committed Credit Votorantim Energia The operation has a swap contract (derivative Facility), continuing its capital optimization (j) Bond Offering – NEXA Nexa Resources financial instrument) that aims at both the strategy. After this transaction, the amount of Citrosuco exchange of exposure from the fixed dollar rate USD 12 million remains in use by St. Marys. On June 15, 2020, the subsidiary Nexa made CBA to the floating rate CDI, as well as the exchange a Bond Offering in the amount of R$ 2,738 Acerbrag e Acerías Paz del Río of dollar to real currency, resulting in a final As of December 31, 2020, the amount of USD (USD 500 million), with maturity in January cost of 110.80% a.a. of the CDI. This swap 278 million was available to the indirect subsidiary 2028 at an interest rate of 6.50% per year. About this Report was contracted jointly with the same financial for new withdrawals, if necessary. During This new offer was made in accordance with the GRI Disclosures institution as the loan (debt in USD + swap to the period of subsequent events, additional subsidiary’s strategy of increasing its liquidity Consolidated Financial Statements BRL in% of CDI). withdrawals were made, as per Note 37. and refinancing part of its current debt, extending its average term. Assurance Report On May 13, 2020, indirect subsidiary Votoratim Credits and Corporate Information Cimentos Europe Asia and Africa (“VCEAA”) With the funds raised through the Bond withdrew the revolving credit line in the amount Offering mentioned above, the subsidiary of USD 200 million. The proceeds from this anticipated the payment of the following withdrawal were used to repurchase the bonds liabilities:

Page 105 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From (i) on June 19, 2020, the principal outstanding For the subsidiary VCSA, within the Europe, equipment, in the amount of R$ 136, mainly the Board of Directors and accrued interest in an Export Prepayment Asia and Africa segment, Turkey’s operations due to the increase in the discount rate, due to Agreement in the amount of USD 100 million; are considered, in a manner consistent with an upward revision of the country risk. and cost A Message From the Executive Board (ii) on June 23, 2020, the principal outstanding previous years, as a single CGU. Through of debt, and the reduction in expected cement and accrued interest of the Revolving Credit the value-in-use method, impairment was sales volumes for 2020. However, in the fourth 2020 Highlights Line in the total amount of USD 301 million; identified in the second quarter of 2020 in quarter of 2020, during the annual review of the Portfolio Overview (iii) on June 29, 2020, the principal outstanding the classes of fixed assets of land and land, recoverability of assets, the subsidiary identified and the accrued interest of an Export Credit buildings and construction, and in the classes the need for partial reversal of impairment, The Investment Holding Company Note in Brazil in the amount of USD 96 million. of intangible software assets, rights to exploit by the amount of R$ 74, and the updated Strategy and Management natural resources, asset retirement obligation impairment value for the conversion rate on the People (k) Recognition of impairment loss – Nexa and and others, in the amount of R$ 143, mainly date of the financial statements is R$ 65. Governance, compliance and risks Votorantim Cimentos due to the update of sales volume assumptions Economic and Financial Performance for the coming years. However, in the fourth In the period ended in September 2020, Social Investment The subsidiary Nexa recognized, during the quarter of 2020, during the annual review of the subsidiary CBA recorded an impairment year of 2020, an impairment loss, classified the recoverability of assets, the subsidiary provision, in its fixed assets, in the amount of Initiatives to Combat COVID-19 in property, plant and equipment, in the class VCSA confirmed that the impairment provision R$ 18. Center of Excellence (CoE) of works in progress, in the total amount of previously realized must be maintained and Reservas Votorantim R$ 217. The amount refers mainly to the the updated amount of the impairment for the (l) Return of the mining sector in Peru – Nexa Jarosita project. The execution of the project is conversion rate on the date of the financial Altre suspended and there is no expectation that it statements is R$ 146. Currently, although Peruvian subsidiaries Portfolio Companies will resume. continue to operate subject to additional Votorantim Cimentos Likewise, Spain’s operations are considered, in a measures to control and mitigate the spread of Banco BV In addition, the subsidiary Nexa, during the manner consistent with previous years, to be a COVID-19, they have returned to their normal year 2020, recognized impairment loss in its single CGU. adjusted production levels, except for the Votorantim Energia Cash Generating Unit (“CGU”) Cerro Pasco in Atacocha subsoil, which remains suspended. On Nexa Resources the amount of R$ 1,101 and in goodwill in the Using the value in use method, impairment January 27, 2021, the Peruvian government, Citrosuco mining segment in the amount of R$ 1,191. The reversal was identified in the Europe, Asia among other measures in response to the CBA impairment loss represents an overvaluation and Africa segment and in the Brazil segment, “second wave” of COVID-19, declared a new Acerbrag e Acerías Paz del Río of the book value of the assets included in the in the machinery and equipment, computer blockade in certain areas of the country for a UGC and in the Peruvian mining segment over equipment, buildings and construction, two-week period ending on February 14, 2021. About this Report their respective fair values ​​less disposal costs intangible asset class , and rights to explore This initial period was extended on February 10, GRI Disclosures (“FVLCD”) of the included assets. natural resources, in the amount of R$ 13. 2021 for two more weeks ending on February Consolidated Financial Statements 28, 2021, with the possibility of extension. Such impairment losses occurred mainly as a In the Latin America segment, Bolivia’s Assurance Report result of the drop in metal prices, suspension operations are considered, in a manner (m) Loan agreement with BNDES – Nexa Credits and Corporate Information of production and increase in operating costs, consistent with previous years, to be a single totaling an impairment loss in the amount CGU. Through the value in use method, in In July 2020, the subsidiary Nexa contracted of R$ 2,509, recognized in “Other operating the second quarter of 2020, impairment was a loan, approved by the BNDES, in the total results, net”. identified in the asset classes of machinery and principal amount of R$ 750 (approximately

Page 106 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From USD 140 million) at a cost of TLP + 3.39%, with (o) Exclusion of ICMS from the PIS and COFINS Other operating results 406 the Board of Directors a 20-year term. The amount will be used to calculation base Revenue from the sale of shares 1.393 finance the Aripuanã project. Fees and Fees (12) A Message From Cost of selling shares the Executive Board During the year ended December 31, 2020, the (1.238) During the fourth quarter of 2020, the tax credit related to the exclusion of the Tax on Realization of other comprehensive results 263 2020 Highlights subsidiary Nexa disbursed the following Circulation of Goods and Services (“ICMS”) was Portfolio Overview amounts: recognized on the calculation basis of the Social Income tax and social contribution (138) Integration Program (“PIS”) and Contribution Chains (341) The Investment Holding Company (i) On October 26, 2020, the amount of for Social Security Financing (“COFINS”), with Deferred 203 Strategy and Management approximately USD 40 million was used; an asset recorded in the amount of R$ 156, of People (ii) On December 28, 2020, the amount of which R$ 69 of the principal, recorded under Net gain on sale 268 Governance, compliance and risks approximately USD 47 million was used. “Other operating income, net” and R$ 86 from Economic and Financial Performance monetary restatement, is recorded in “Net (r) Distribution of interest on own capital – Social Investment (n) Reversal of the deferred tax credit financial result”. CESP constitution – CBA Initiatives to Combat COVID-19 (p) Contract of intention to sell the São Miguel On December 16, 2020, the investee Center of Excellence (CoE) In the third quarter of 2020, the subsidiary Paulista Unit – CBA Companhia Energética de São Paulo (“CESP”) Reservas Votorantim CBA reevaluated the recovery of deferred approved the proposal for the distribution of taxes recorded in its tax calculation and the The subsidiary CBA signed an agreement to interest on own capital (“JCP”), attributable to Altre technical study carried out showed that it was sell the São Miguel Paulista (Nickel) Unit on the minimum mandatory dividend, in the gross Portfolio Companies not possible to fully book the credit related September 28, 2020, and the closing of the amount of R$ 150, relating to the year ended Votorantim Cimentos to Provisions (impairment and miscellaneous transaction will only occur after a period of December 31, 2020. The gross amount per Banco BV losses). Accordingly, the deferred tax credit was evaluations of the plant by the buyer, and if share is R$ 1.8245 for preferred shares A and reversed in the amount of R$ 376. successful, it will be completed by December R$ 0.4265 for preferred shares B and common Votorantim Energia 2021. shares, with payment in the year 2021, on Nexa Resources In the fourth quarter of 2020, the subsidiary coinciding with the next dividend payment, Citrosuco CBA reevaluated the recovery of deferred (q) Sales of shares held by Suzano shares to be defined by the investee’s Shareholders’ CBA taxes recorded in its tax calculation, based Meeting. Acerbrag e Acerías Paz del Río on the technical study, and due to the lack of On December 2, 2020, the VSA sold expectation of realization, it resulted in the 25,000,000 common shares in Suzano S.A (s) Prepayment of Bond 2021 – VSA About this Report reversal of the deferred tax credit currently (“Suzano”) held by the Company, for the amount GRI Disclosures constituted on Niquelândia’s impairment, São of R$ 55.71 each, totaling R$ 1,393 million. On December 23, 2020, the Company prepaid Consolidated Financial Statements Miguel Paulista and Ferro Níquel, in the total After the sale, VSA holds 50,180,059 common the remaining amount of the debt security amount of R$ 446. shares, corresponding to approximately 3.7% of with a coupon of 6.75% per year and maturity Assurance Report Suzano’s total and voting capital. The impacts of in 2021 (“Bond 2021”), in the total principal Credits and Corporate Information the transaction are detailed in the table below: amount of US $ 240 million. This operation is in line with VSA’s debt management strategy. With this liquidation, there are no more outstanding debts at the holding company level.

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A Message From (t) GSF (Generation Scale Factor) – Votorantim Granting Authority compensates companies by period, these input data, ascertained by the the Board of Directors Cimentos and CBA granting a non-pecuniary right, in the form of National Electricity System Operator – ONS an extension of the concession period, with the and Energy Research Company – EPE, and A Message From the Executive Board Law No. 14,052, published on September 9, character of recovery of costs incurred as of sent directly to the Chamber to be considered 2020, amended Law No. 13,203, of December 2012, recognized as capital spent by law. in the calculation and calculation processing 2020 Highlights 8, 2015, to establish new conditions for of final compensation amounts, without Portfolio Overview the renegotiation of the hydrological risk During the regulatory process by ANEEL, which public disclosure or to agents, are relevant in of electricity generation, providing that the culminated in the publication of Normative determining the estimated total grant extension The Investment Holding Company generators will be compensated through Resolution No. 895 of 2020 (“Resolution”), time and in determining cost recovery. Strategy and Management extension of the granting period for their grants the Electricity Trading Chamber (“CCEE” or People due to the occurrence of non-hydrological risks “Chamber”) carried out, at the request of Therefore, it is impracticable, at this moment, Governance, compliance and risks that negatively influenced the GSF (Generation the National Agency of Electricity (“ANEEL” to come to a reliable estimate on the part of Economic and Financial Performance Scaling Factor or Adjustment Factor of the or “Agency”), preliminary calculations of the the Administration of compensation applicable Social Investment MRE of the Marketing Rules) after 2012, with estimated extension time of the eligible agents’ to the titleholders of hydroelectric plants the worsening of the water crisis. The events concession, according to the initial premises participating in the MRE, it is necessary to wait Initiatives to Combat COVID-19 classified as non-hydrological risks are mainly of the opening of the public consultation, for the CCEE to make and make available the Center of Excellence (CoE) those related to: (i) hydroelectric projects disclosed on the Agency’s website in October final calculations, considering all the parameters Reservas Votorantim called “structuring” (Belo Monte, Jirau and 2020, of some plants of the subsidiaries CBA given by the Resolution, with grant in force on Santo Antônio hydroelectric plants), which were and VCSA. the date of publication of the Law. Altre delayed in their construction and affected the Portfolio Companies supply of the entire sector ; (ii) anticipation Certain factors considered for the initial As of the date of disclosure of this Financial Votorantim Cimentos of physical guarantee from structuring plants calculation of the CCEE were, to some extent, Statement, there was no confirmation that the Banco BV (between January 2013 to October 2017), and changed by ANEEL in the approval of the final calculations had already been completed by restriction on the flow (transmission) of energy version of the regulation, which is in force CCEE and sent to ANEEL. This step is expected Votorantim Energia from these plants; (iii) in addition to generation today and which subsidizes the calculations, to occur before March 3, 2021, and ANEEL Nexa Resources outside the order of merit, which caused which, on this date, are being prepared by the will disclose before April 2, 2021, with the Citrosuco damage to hydraulic generators that stopped Chamber. Additionally, some factors for the beginning of the adhesion by the agents. In CBA generating because they were “replaced” by correct calculation of the extension of the possession of the figures released, Management Acerbrag e Acerías Paz del Río thermal generation outside the order of merit grant are not known by the Company, mainly will submit it for the approval of the Board – GFOM (electric and energy) and imports. The regarding the effects caused by the Belo of Directors for adhesion and registration of About this Report extension of the grant is limited to 7 years, Monte, Jirau and Santo Antônio Hydroelectric the regulatory asset. It is worth mentioning GRI Disclosures subject to the withdrawal of any lawsuits or the Plants (the so-called “structuring plants”), that the plants managed by the CBA do not Consolidated Financial Statements right to discuss issues related to the Energy restrictions originated by the non-conclusion, have a lawsuit whose object is the exemption Reallocation Mechanism – MRE by the eligible by companies’ transmission, construction of or mitigation of hydrological risks related to Assurance Report agents. lines and installations for the outflow of the the MRE, nor any obligation in relation to the Credits and Corporate Information Belo Monte Hydroelectric Plant. subject. By extending the concession period for hydroelectric generators, since they are not In this regard, it is worth mentioning that, Thus, the Management concluded that the subject to IFRIC 12 (ICPC 01) – Concessions, the depending on the Company’s concession previous calculation published by CCEE in

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A Message From October 2020 does not consider all parameters estimates and judgments, as well as other The subsidiary CBA assessed deferred tax the Board of Directors given by the Resolution, and thus, the balances with the potential to generate assets on tax loss / negative basis and registration will be made from the disclosure of uncertainties and impacts on the financial temporary differences recorded in its balance A Message From the Executive Board the extension by ANEEL, scheduled for April 2, information disclosed. Below, the most relevant sheet as of December 31, 2020 and verified the 2021 and after the approval of the adhesion by evaluations: need to reverse part of the deferred tax assets, 2020 Highlights the Company and the Board of Directors. based on the recoverability tests carried out in Portfolio Overview (i) Impairment of non-financial assets the fourth quarter of 2020, as per Note 1.1 (n). (u) Effects of the pandemic caused by the new The Investment Holding Company Coronavirus (“COVID-19”) The Company and its subsidiaries consider that (iii) Analysis of liquidity ratios and available Strategy and Management the potential effects of the pandemic represent credit lines People In view of the emergence of the pandemic a change in the facts and circumstances Governance, compliance and risks related to the new Coronavirus, which caused considered in the future scenarios projected The Company has a solid liquidity position, Economic and Financial Performance impacts on public health and the economy by Management for the annual analysis of the reinforced by revolving credit lines available in Social Investment of Brazil and several countries, the Company recoverability of non-financial assets prepared the amount of USD 200 million. Its subsidiaries reports that it has been taking preventive for the consolidated financial statements for Votorantim Cimentos and Nexa also have Initiatives to Combat COVID-19 and risk mitigation measures according to the year ended December 31 2019. Therefore, similar lines. Votorantim Cimentos has a line Center of Excellence (CoE) the guidelines established by national the the Company and its subsidiaries are constantly of USD 778 million. Nexa, in turn, has a USD Reservas Votorantim international health authorities, aiming to reassessing and monitoring the indications of 300 million credit line. This position provides minimize impacts on the health and safety of impairment of non-financial assets, with the the Company with conditions to mitigate, the Altre employees, family, partners and communities, intention of identifying evidence of impairment impacts of this adverse scenario, even if not Portfolio Companies as well as to ensure the continuity of all its losses. fully known. Votorantim Cimentos operations. These measures are in accordance Banco BV with the laws in force in the countries in During the year 2020, the subsidiaries Nexa, Considering the aforementioned uncertainty, which the Company operates and its internal VCSA and CBA recorded impairment of addition to the review of ratings of Brazilian Votorantim Energia regulations. R$ 2,777, as detailed in Note 1.1 (k). and foreign institutions by specialized agencies, Nexa Resources the Company and its subsidiaries continue to Citrosuco The extent of the impacts of COVID-19 will (ii) Recoverability of deferred tax assets monitor their liquidity ratios. CBA depend on the duration of the pandemic, Acerbrag e Acerías Paz del Río possible restrictions imposed by governments During the year of 2020, given the scenario of (iv) Compliance with obligations contained in and other possible developments in the uncertainty, the subsidiary VCSA did not record debt contracts (covenants) About this Report countries in which the Company and its new amounts of tax loss and negative base in GRI Disclosures subsidiaries operate. The Company and its the segments Brazil, Latin America, Europe, Asia In accordance with the contracts in force, Consolidated Financial Statements subsidiaries constantly evaluate and implement and Africa. However, during the annual review the financial ratios that are monitored by action plans together with customers, suppliers of the recoverability of deferred tax assets, the Company have been achieved, since they Assurance Report and other stakeholders involved, according carried out in the fourth quarter of 2020, which are calculated in accordance with the annual Credits and Corporate Information to the current scenario and the best possible considers future taxable profits calculated financial statements. Considering that the projections. In this scenario, the Company based on the updated Strategic Planning, VCSA Company and its subsidiaries are exposed and its subsidiaries have been monitoring recorded the amount of R$ 27 for the year to risks arising from COVID-19, which may the effects on the main critical accounting ended on December 2020. deteriorate their operating results, it is not

Page 109 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From possible to ensure that these covenants will be constitution of the estimated loss recorded by the Board of Directors reached in the future. Accordingly, Management the Company and its subsidiaries. Assumptions assiduously monitors the covenants assumed for the net realizable value of inventories A Message From the Executive Board in its financial contracts, making it possible to were revised after the effects of the pandemic anticipate possible non-compliances. caused by COVID-19 in the normal course of 2020 Highlights business. Until the issuance of these financial Portfolio Overview (v) Compliance with obligations assumed with statements, the Company and its subsidiaries customers and suppliers did not identify any material changes in the The Investment Holding Company realizable value of inventories, nor did they Strategy and Management The Company and its subsidiaries evaluated identify the need to increase the estimated People their main supply and supply contracts with loss of inventories accounted for, due to the Governance, compliance and risks customers and suppliers, respectively, and pandemic caused by COVID-19, considering the Economic and Financial Performance concluded that, despite the impacts caused by inventory turnover analysis. Social Investment the COVID-19 pandemic, their main contractual obligations were fulfilled. (viii) Final considerations Initiatives to Combat COVID-19

Center of Excellence (CoE) (vi) Risk matrix for calculating the estimate of As of the date of issuance of these annual Reservas Votorantim losses due to doubtful debts financial statements, the Company and its subsidiaries have not identified any other Altre The Company and its subsidiaries monitor relevant impacts to be disclosed and have no Portfolio Companies the need for reassessment of the risk rating visibility of impacts or accounting evidence Votorantim Cimentos assumptions of customers that base the arising from the pandemic caused by COVID-19 Banco BV calculation of the estimate of losses on doubtful that imply changes in accounting policies, in the accounts. Until the issuance of these financial main established estimates and in the critical Votorantim Energia statements, the Company and its subsidiaries accounting judgments mentioned above. Nexa Resources did not identify the need for a relevant change Citrosuco in the risk classification of their customers CBA that would generate a material increase in the Acerbrag e Acerías Paz del Río estimated amount of loss on doubtful debts recorded on December 31, 2020 or other About this Report adverse effects to be accounted for in the group GRI Disclosures of accounts receivable from customers. Consolidated Financial Statements (vii) Inventory loss estimate due to low turnover Assurance Report and change in realizable value Credits and Corporate Information The Company and its subsidiaries monitor the inventory turnover, considering that this represents the main premise for the

Page 110 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 2 Presentation of the consolidated financial statements the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview 2.1 Basis of preparation in the process of applying the Company’s (b) Transactions with non-controlling interests accounting practices. The areas involving The Investment Holding Company (a) Consolidated financial statements a higher degree of judgment or complexity The Company treats transactions with non- Strategy and Management or areas where assumptions and estimates controlling shareholders as transactions with owners People The consolidated financial statements have are significant to the consolidated financial of the Company’s assets. For purchases of non- Governance, compliance and risks been prepared and are being presented in statements are disclosed in Note 4. controlling interests, the difference between any Economic and Financial Performance accordance with the accounting practices consideration paid and the acquired portion of the Social Investment adopted in Brazil, in effect on December 31, (b) Approval to the financial statements carrying amount of the subsidiary’s net assets is 2020, which includes the pronouncements recorded in equity. Gains or losses arising from the Initiatives to Combat COVID-19 issued by the Accounting Pronouncements The Board of Directors approved the sale of non-controlling interests are also recorded Center of Excellence (CoE) Committee (“CPCs”) and in accordance with the consolidated financial statements for issue on directly in equity, in the “Retained earnings” account. Reservas Votorantim International Financial Reporting Standards March 30, 2021. (International Financial Reporting Standards (c) Loss of control of subsidiaries Altre (“IFRS”) issued by the International Accounting 2.2 Consolidation Portfolio Companies Standards Board (IASB)) and interpretation of When the Company ceases to have control, any Votorantim Cimentos (“IFRIC”) and evidence all relevant information (a) Subsidiaries retained interest in the entity is remeasured Banco BV specific to the financial statements and are to its fair value, with the change in book value consistent with those used by Management in Subsidiaries are fully consolidated from the date recognized in the income statement. The Votorantim Energia its management. on which control is transferred to the Company. amounts previously recognized in equity value Nexa Resources adjustments are reclassified to the result. Citrosuco The Company voluntarily discloses its Unrealized balances and gains on transactions CBA consolidated statement of value added, between Company companies are eliminated. (d) Associates and joint arrangements Acerbrag e Acerías Paz del Río according to the accounting practices adopted Unrealized losses are also eliminated, unless in Brazil, applicable to public companies and the transaction provides evidence of a loss Joint operations are accounted for in the financial About this Report presented as an integral part of these financial (impairment) of the transferred asset. In the statements in order to represent the Company’s GRI Disclosures statements. In accordance with international acquisition, the accounting policies of the contractual rights and obligations. Therefore, the Consolidated Financial Statements practice, this statement is presented as subsidiaries are changed when necessary, to assets, liabilities, revenues and expenses related additional information, without prejudice to the ensure consistency with the policies adopted by to its interests in joint operations are individually Assurance Report set of financial statements. the Company. accounted for in its financial statements. Credits and Corporate Information The financial statements require the use of The consolidated financial statements were Investments in associates and joint ventures are certain critical accounting estimates. It also prepared separately from the individual financial accounted for using the equity method and are requires management to exercise judgment statements, issued on March 12, 2021. initially recognized at cost.

Page 111 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From The Company’s investments in associates and (i) Assets and liabilities for each balance sheet On consolidation, exchange differences arising the Board of Directors joint ventures includes goodwill identified presented are translated at the closing rate from the translation of the net investment on acquisition, net of any accumulated at the date of that balance sheet; in foreign operations, and of borrowings and A Message From the Executive Board impairment loss. other foreign currency instruments designated (ii) Income and expenses for each statement as hedges of such investments, are recognized 2020 Highlights Dilution gains and losses on investments in of income are translated at average in equity. When a foreign operation is partially Portfolio Overview associates and joint ventures are recognized in exchange rates; disposed of or sold, exchange differences that the statement of income. were recorded in equity are recognized in the The Investment Holding Company (iii) All resulting exchange differences are statement of income as part of the gain or loss Strategy and Management 2.3 Foreign currency conversion recognized as a separate component of on sale. People equity, in “Carrying value adjustments”. Governance, compliance and risks (a) Functional and presentation currency of the Goodwill and fair value arising from the Economic and Financial Performance financial statements The amounts presented in the cash flow are acquisition of an entity abroad are treated as Social Investment extracted from the translated movements assets and liabilities of the entity abroad and The functional currency of the Company is the of the assets, liabilities and profit or loss, as converted at the closing rate. Initiatives to Combat COVID-19 Brazilian Real (“R$” or “BRL”). detailed above. Center of Excellence (CoE) Below are the functional currencies defined for Reservas Votorantim (b) Transactions and balances the significant foreign subsidiaries:

Altre Foreign currency transactions are translated Company Country Functional currency Main activity St. Marys Cement Inc. - "St. Mary's" Portfolio Companies into reais. When items are remeasured, the Canada US Dollar Cement Votorantim Cimentos EAA Inversiones, S.L. - "VCEAA" Espanha Euro Cement Votorantim Cimentos exchange rates prevailing at the dates of the Votorantim Cimentos International S.A. - "VCI" transactions or the dates of valuation are used. Luxemburgo US Dollar Holding Banco BV Nexa Resources Cajamarquilla S.A. Foreign exchange gains and losses resulting Peru US Dollar Zinc Votorantim Energia Nexa Resources Perú S.A.A. from the settlement of such transactions and Peru US Dollar Mining Nexa Resources S.A. Nexa Resources from the translation at year exchange rates of Luxemburgo US Dollar Holding Acerbrag S.A. Citrosuco monetary assets and liabilities denominated Argentina Argentine Peso Steel Acerías Paz del Río S.A. CBA in foreign currencies are recognized in the Colombia Colombian Peso Steel Votorantim FinCO GmbH Acerbrag e Acerías Paz del Río statement of income, except when deferred in Luxemburgo US Dollar Trading Janssen Capital B.V. equity as net investment hedges. Netherlands US Dollar Holding About this Report

GRI Disclosures (c) Subsidiaries with a different functional Consolidated Financial Statements currency

Assurance Report The results and financial positions of all the Credits and Corporate Information Company entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

Page 112 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 3 Changes in accounting policies and disclosures the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview 3.1 New standards issued and amendments 3.2 New standards issued and amendments contingent liabilities and contingent to the accounting standards adopted to accounting standards not yet assets”; The Investment Holding Company by the Company and its subsidiaries adopted by the Company and its Strategy and Management subsidiaries (vii) Concessions related to COVID-19: People The following changes to standards issued by amendments to IFRS 17 “Insurance Governance, compliance and risks the International Accounting Standards Board The following changes to standards issued by contracts”; Economic and Financial Performance (IASB) were adopted for the first time for the the International Accounting Standards Board Social Investment year beginning January 1, 2020: (IASB) will be adopted for the first time in years (viii) Reform of Interbank offered rates beginning after January 1, 2021: (IBORs): amendments to IFRS 9 / CPC 48 Initiatives to Combat COVID-19 (i) Definition of material: changes to IAS “Financial instruments”, IAS 39 / CPC 38 Center of Excellence (CoE) 1 / CPC 26 “Presentation of Financial (i) Classification of liabilities between current “Financial instruments – recognition and Reservas Votorantim Statements” and IAS 8 / CPC 23 and non-current: changes to IAS 1 / CPC measurement”, IFRS 7 / CPC 40” Financial “Accounting Policies, Change in Estimates 26 “Presentation of Financial Statements”; instruments: disclosure”, IFRS 4 / CPC 11 Altre and Correction of Errors”; “Insurance contracts” and IFRS 16 / CPC Portfolio Companies (ii) Gains on the sale of inventories produced 06 “Leases”. Votorantim Cimentos (ii) Definition of business: changes to IFRS 3 / while the asset is not ready for use: Banco BV CPC 15 “Business Combination”; changes to IAS 16 / CPC 27 “Property, The Company analyzed the amendments to the plant and equipment”; accounting standards mentioned above and Votorantim Energia (iii) IBOR reform: amendments to IFRS 9 / CPC did not identify any impacts on its operating Nexa Resources 48, IAS 39 / CPC 38 and IFRS 7 / CPC 40 (iii) Initial adoption of IFRS in subsidiaries: and accounting policies to be adopted Citrosuco “Financial Instruments”; changes to IFRS 1 / CPC 37 “Initial retrospectively or at the beginning of the year CBA adoption of international accounting 2021. Acerbrag e Acerías Paz del Río (iv) Revised Conceptual Framework for standards”; Financial Reporting; About this Report (iv) Borrowing costs in the derecognition test GRI Disclosures (v) Benefits Related to COVID-19 Granted to of financial liabilities: changes to IFRS 9 / Consolidated Financial Statements Leaseholders in Lease Contracts: amendments CPC 48 “Financial instruments”; to IFRS 16 / CPC 06 (R2) “Leases”. Assurance Report (v) Lease incentives: changes to IFRS 16 / CPC Credits and Corporate Information The Company analyzed the amendments to the 06 “Leases” accounting standards mentioned above and did not identify any impacts on its operating and (vi) Cost of fulfilling onerous contracts: accounting policies. changes to IAS 37 / CPC 25 “Provisions,

Page 113 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 4 Critical accounting estimates and judgments the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview Based on assumptions, the Company and its (vii) Current and deferred income and social subsidiaries make estimates regarding the contribution taxes (Note 24); The Investment Holding Company future. By definition, accounting estimates Strategy and Management and judgments are continuously reviewed (viii) Provisions (Note 25); People and are based on historical experience and Governance, compliance and risks other factors, including expectations of future (ix) Pension plan and post-employment health Economic and Financial Performance events, which are considered reasonable for the benefits (Note 28). Social Investment circumstances. Revisions to the estimates are recognized prospectively. Initiatives to Combat COVID-19

Center of Excellence (CoE) The accounting estimates will rarely be the Reservas Votorantim same as the actual results. Estimates and assumptions that present a significant risk and Altre are likely to cause a material adjustment to the Portfolio Companies carrying amounts of assets and liabilities for the Votorantim Cimentos next fiscal year are described in the respective Banco BV notes below: Votorantim Energia (i) Financial and derivative instruments (Note Nexa Resources 6.1.1); Citrosuco CBA (ii) Accounts receivable from customers (Note Acerbrag e Acerías Paz del Río 11); About this Report (iii) Future energy contracts (Note 16); GRI Disclosures Consolidated Financial Statements (iv) Property, plant and equipment (Note 18);

Assurance Report (v) Intangible assets (Note 19); Credits and Corporate Information (vi) Lease liabilities (Note 22);

Page 114 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 5 Social and environmental risk management the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview The Company, through its subsidiaries and associates, operates in various segments The Investment Holding Company and consequently, these activities are Strategy and Management subject to several Brazilian and international People environmental laws, regulations, treaties and Governance, compliance and risks conventions, including those that regulate the Economic and Financial Performance discharge of materials into the environment, Social Investment which establish the removal and cleaning of the contaminated environment, and those relating Initiatives to Combat COVID-19 to environmental protection. Violations of the Center of Excellence (CoE) environmental regulations in force expose the Reservas Votorantim violator(s) to significant fines and monetary penalties, and may require technical measures Altre or investments to ensure compliance with the Portfolio Companies mandatory emissions levels. Votorantim Cimentos Banco BV The Company and its subsidiaries carry out periodic studies to identify any potentially Votorantim Energia affected areas and records, based on the best Nexa Resources estimates of costs, and the amounts expected Citrosuco to be disbursed for the investigation, treatment CBA and cleaning of the potentially affected areas. Acerbrag e Acerías Paz del Río The Company and its subsidiaries believe they About this Report are in compliance with all of the applicable GRI Disclosures environmental standards in the countries in Consolidated Financial Statements which they operate. Assurance Report Credits and Corporate Information

Page 115 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 6 Financial risk management the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview 6.1 Financial risk factors adverse market events, such as fluctuations Presented below are the accounting balances of in the prices of currencies, interest rates and assets and liabilities indexed to a foreign currency The Investment Holding Company The activities of the Company and its commodity prices, and against adverse credit at the closing date of the balance sheets: Strategy and Management subsidiaries expose them to a variety of events. In addition, it aims to preserve liquidity. People Note 2020 2019 financial risks, namely: (a) market risk (including Assets denominated in Governance, compliance and risks currency, commodity price and interest rate The following financial instruments may be foreign currency Cash and cash Economic and Financial Performance risk), (b) credit risk and (c) liquidity risk. taken out in order to mitigate and manage equivalents 9 7,992 5,125 Social Investment risk: conventional swaps, call options, put Financial investments 10 1,209 96 A significant portion of the products sold by options, collars, currency futures contracts Initiatives to Combat COVID-19 Trade receivables 11 1,875 1,178 the Company and its subsidiaries, such as and Non-Deliverable Forward contracts. Derivative financial Center of Excellence (CoE) aluminum, nickel and zinc are commodities, Strategies that include simultaneous instruments 382 234 Related parties 105 82 Reservas Votorantim with prices pegged to international indexes purchases and sales of options are authorized and denominated in US Dollars. Their costs, only when they do not result in a net short 11,563 6,715 Altre Liabilities denominated in however, are mainly denominated in reais, and position in volatility of the underlying asset. foreign currency Portfolio Companies therefore, there is a mismatch of currencies The Company and its subsidiaries do not Borrowing (*) 21 18,755 15,172 Votorantim Cimentos between revenues and costs. Additionally, the carry out transactions involving financial Derivative financial Company and its subsidiaries have debts linked instruments for speculative purposes. instruments 1,173 155 Banco BV Lease liabilities to different indexes and currencies, which may 634 567 Votorantim Energia Trade payables 2,917 2,227 have an impact on their cash flow. (a) Market risk Nexa Resources Confirming payables 23 1,840 1,159 Deferred revenue - silver Citrosuco In order to mitigate the various effects of (i) Foreign exchange risk streaming 863 727 CBA each market risk factor, the Company and its 26,182 20,007 Acerbrag e Acerías Paz del Río subsidiaries follow a Market Risk Management The Company and its subsidiaries have certain Net exposure (14,619) (13,292) Policy, approved by the Finance Committee, investments in foreign operations, the net assets (*) It does not consider funding costs. About this Report with the objective of establishing governance of which are exposed to foreign exchange risk. GRI Disclosures and the overall guidelines of the process of The foreign exchange exposure arising from the (ii) Hedge of net investments in foreign Consolidated Financial Statements managing these risks, as well as the metrics for Company’s and its subsidiaries’ participation in operations their measurement and monitoring. foreign operations is mainly hedged by borrowing Assurance Report in the same currency as these investments, Accounting policy Credits and Corporate Information The financial risk management process aims classified as net investment hedges. to protect the cash flow and its operational Hedges of net investments in foreign operations (revenues and costs) and financial (financial are accounted for similarly to cash flow hedges. assets and liabilities) components against

Page 116 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From Any gain or loss on the hedging instrument The Company and its subsidiaries document Fixed-price commercial transactions – hedge the Board of Directors relating to the effective portion of the hedge is and evaluate monthly the effectiveness of transactions that switch, from fixed to floating, recognized in “Carrying value adjustments”. The investment hedge operations prospectively, the price contracted in commercial transactions A Message From the Executive Board gain or loss relating to the ineffective portion as required by CPC 48 / IFRS 9 – “Financial with customers interested in purchasing is recognized immediately in income. Gains instruments”. products at a fixed price; 2020 Highlights and losses accumulated in equity are included Portfolio Overview in the statement of income when the foreign The exchange variation loss on debt conversion, Hedges for “quotation periods” – hedges that operation is partially or fully disposed of or sold. net of income tax and social contribution, set a price for the different “quotation periods” The Investment Holding Company recognized as “Equity valuation adjustments” between the purchases of certain inputs (metal Strategy and Management The investments shown in the following table on December 31, 2020, was R$ 289 (December concentrate) and the sale of products arising People were designated as hedged objects and the 31, 2019, net gain in the amount of R$ 92) from the processing of these inputs; Governance, compliance and risks portion of the debt of the Company and (Note 29 (c)). Economic and Financial Performance its subsidiaries CBA, Votorantim Cimentos Hedges for “costs of inputs” – intended to Social Investment International S.A. and St. Marys Cement Inc., (iii) Cash flow and fair value interest rate risk ensure protection against volatility in the denominated in euros and dollars, as a hedge prices/costs of its operating subsidiaries for Initiatives to Combat COVID-19 instrument. The interest rate risk arises from the commodities such as oil and natural gas; Center of Excellence (CoE) fluctuations of each of the main indexes of 2020 interest rates from borrowing and from financial Hedges for “operating margin” – intended to Reservas Votorantim Investment Debt Nexa Resources Votorantim investments, which have an impact on the set the operating margin for a portion of the Altre Cajamarquilla S.A. (i) payments and receipts of the Company and its production of certain operating subsidiaries. S.A. 822 Portfolio Companies subsidiaries. Borrowing at fixed rates exposes CBA 747 Votorantim Cimentos St. Marys St. Marys the Company and its subsidiaries to fair value (b) Credit risk Cement Inc. 1,245 Cement Inc. 1,245 Banco BV interest rate risk. Votorantim Votorantim Derivative financial instruments and financial Votorantim Energia Cimentos EAA Cimentos Inversiones, S.L. International (iv) Commodity price risk investments create exposure to credit risk 2,598 S.A. 2,598 Nexa Resources of counterparties and issuers. The Company 4,665 4,590 Citrosuco The Financial Policy of the Company’s operating and its subsidiaries adopt a policy of working CBA subsidiaries establishes guidelines to mitigate with issuers which have, at a minimum, been Acerbrag e Acerías Paz del Río 2019 the risk of fluctuations in commodity prices assessed by two of the following three rating Investment Debt that have an impact on the cash flow of the agencies: Fitch Ratings, Moody’s or Standard About this Report Nexa Resources Votorantim S.A. Company’s operating subsidiaries. & Poor’s (“S&P”). The minimum rating required Cajamarquilla GRI Disclosures S.A. 1,616 968 for the counterparties is “A” (Brazilian scale) or CBA Consolidated Financial Statements 580 The exposure to each commodity price “BBB-” (international scale), or equivalent. For St. Marys St. Marys considers the monthly projections of financial assets where issuers do not meet the Assurance Report Cement Inc. 2,015 Cement Inc. 2,015 Votorantim Votorantim production, purchases of inputs and flows minimum credit risk ratings, criteria proposed Cimentos EAA Cimentos of maturities of the related hedges. Hedge by the Finance Committee are applied as an Credits and Corporate Information Inversiones, S.L. International 1,581 S.A. 1,581 transactions are classified into the following alternative, criteria approved by the Board of 5,212 5,144 categories: Directors. (i) Early settlement of the debt, as per note 1.1 (s).

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A Message From The credit quality of financial assets is disclosed (c) Liquidity risk 6.1.1 Derivatives contracted the Board of Directors in Note 8. The ratings disclosed in this Note always represent the most conservative ratings A Message From The following table analyzes the Accounting policy the Executive Board of the agencies in question. financial liabilities of the Company and its subsidiaries, by maturity, Initially, derivatives are recognized at fair 2020 Highlights The pre-settlement risk methodology is used corresponding to the period remaining value on the date of their contracting and are Portfolio Overview to assess counterparty risk on derivatives from the balance sheet date up to the subsequently re-measured at their fair value. transactions, determining (via Monte Carlo contractual maturity date. The amounts The Investment Holding Company simulations) the likelihood of a counterparty not disclosed in the table represent the The fair value of financial instruments that are Strategy and Management honoring the financial commitments defined undiscounted contractual cash flows, not traded on active markets is determined People by the contract. The use of this methodology is these amounts may not be reconciled using valuation techniques. The Company and Governance, compliance and risks described in the Votorantim Financial Policy. with the amounts disclosed in the its subsidiaries use their judgment to choose Economic and Financial Performance balance sheet. between different methods and to define Social Investment assumptions that are mainly based on the market conditions existing at the balance sheet Initiatives to Combat COVID-19 From From From date. one to three five From Center of Excellence (CoE) Up to three to five to ten ten Note one year years years years years Total The method for recognizing the resulting gain Reservas Votorantim At December 31, 2020 or loss depends on whether the derivative is Borrowing (i) 21 2,258 1,869 11,654 13,418 5,998 35,197 Altre designated or not as a hedge instrument in Derivative financial instruments 6.1.1 (a) 514 334 635 1,269 171 2,923 Portfolio Companies cases of adoption of hedge accounting. This To rent 22 253 208 169 173 55 858 being the case, the method depends on the Votorantim Cimentos Confirming payables 23 2,380 2,380 nature of the item being hedged. The Company Banco BV Trade payables 5,404 5,404 and its subsidiaries adopt hedge accounting and Votorantim Energia Dividends payable 51 51 Related parties 15 11 11 designate certain derivatives as: Nexa Resources Use of public assets 26 100 177 312 828 1,213 2,630 Citrosuco 10.960 2,599 12,770 15,688 7,437 49,447 (i) Cash flow hedge CBA Acerbrag e Acerías Paz del Río At December 31, 2019 With a view to ensuring a fixed operating margin Borrowing (i) 21 1,362 5,506 6,918 9,126 4,544 27,456 in reais for a portion of the production of the About this Report Derivative financial instruments 69 117 51 213 2 452 metal businesses, the subsidiaries enter into GRI Disclosures To rent 22 229 288 177 119 28 841 commodity forward contracts (zinc, aluminum Confirming payables 23 1,415 1,415 Consolidated Financial Statements and nickel) on sales of certain commodities Trade payables 4,429 4,429 combined with the sale of US Dollar forward Dividends payable Assurance Report 120 120 contracts. These subsidiaries adopt hedge Related parties 15 50 50 Credits and Corporate Information accounting for the derivative instruments Use of public assets 88 152 254 732 1,233 2,459 entered into for this purpose. 7,712 6,113 7,400 10,190 5,807 37,222 (i) Does not consider adjustment to fair value of the operations contracted in Law No. 4131/1962.

Page 118 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From The effective portion of changes in the fair and/or sales referenced to London Metal with customers interested in purchasing products the Board of Directors value of derivatives that are designated and Exchange (“LME”) prices. at a fixed price. Changes in the fair values of qualify as cash flow hedges is recognized in derivatives that are designated derivatives are A Message From the Executive Board equity within “Carrying value adjustments”. The (ii) Fair value hedges recognized in the income for the year. gain or loss relating to the ineffective portion 2020 Highlights is recognized as “Operating income (expenses)”. With the objective of maintaining the flow of the (a) Effects of derivative financial instruments Portfolio Overview The amounts recognized in equity are recorded metal businesses’ operating revenue pegged to on the balance sheet and cash flow in the statement of income (in the same line LME prices, the subsidiaries enter into hedging The Investment Holding Company item affected by the transaction originally transactions under which they convert sales at fixed The table below summarizes the derivative financial Strategy and Management hedged) upon realization of the hedged exports prices to floating prices in commercial transactions instruments and the underlying hedged items: People Governance, compliance and risks Economic and Financial Performance 2020 Social Investment Principal Value 2019 Changes in fair value 2020 Fair value by maturity Cost of Other op- Initiatives to Combat COVID-19 Net revenue products erating Other from products sold and income Finance compre- Center of Excellence (CoE) Fair sold and ser- services ren- (expenses), results, hensive Gain (lon) Programs 2020 2019 As per unit value Inventory vices rendered dered net net income Realized Fair value 2021 2022 2023 2024+ Reservas Votorantim Hedges for sale of zinc at a fixed price Altre Zinc forward 15,695 15,252 ton (4) (3) (17) 10 10 (4) (3) (17) 10 10 Portfolio Companies Hedges for Votorantim Cimentos mismatches of quotational period Banco BV Zinc forward 204,394 258,220 ton (3) (3) 48 (93) 6 (56) 11 11 Votorantim Energia (3) (3) 48 (93) 6 (56) 11 11 Nexa Resources Operating margin hedging Citrosuco Aluminum forward 203,130 151,800 ton (19) 38 (307) 62 (350) (326) (24) CBA Collars 5 18 USD millions 3 (14) (2) (13) Acerbrag e Acerías Paz del Río USD forward 337 273 USD millions 42 (231) 24 (217) 52 46 6 About this Report 26 (207) (285) (168) (298) (280) (18) Foreign exchange GRI Disclosures risk Collars 181 USD millions (2) (98) (100) Consolidated Financial Statements Turkish Lira Term (EUR/TRY) 1 EUR millions (1) (1) Assurance Report Turkish Lira Term (USD/TRY) USD millions (2) (2) Credits and Corporate Information (2) (101) (100) (3) (3)

Page 119 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 2020 the Board of Directors Principal Value 2019 Changes in fair value 2020 Fair value by maturity A Message From Cost of Other op- Net revenue products erating Other the Executive Board from products sold and income Finance compre- Fair sold and ser- services ren- (expenses), results, hensive Gain (lon) 2020 Highlights Programs 2020 2019 As per unit value Inventory vices rendered dered net net income Realized Fair value 2021 2022 2023 2024+ Interest rates risk Portfolio Overview LIBOR floating rate vs. CDI The Investment Holding Company floating rate swaps 225 315 USD millions 54 325 189 190 (14) (40) (13) 257 Strategy and Management IPCA floating rate vs. CDI floating People rate swaps 760 227 BRL 6 39 8 37 6 (10) (16) 57 Governance, compliance and risks USD vs. CDI floating rate Economic and Financial Performance swaps 50 BRL 14 (1) 15 (2) (9) (11) 37 CDI floating rate Social Investment swaps vs.USD Initiatives to Combat COVID-19 floating swaps 1,335 747 BRL (127) (44) (563) (44) (690) (48) (10) (9) (623) IPCA floating rate Center of Excellence (CoE) vs. USD floating rate swaps 160 139 BRL (3) 2 (49) 2 (52) (3) (4) (4) (41) Reservas Votorantim BRL vs. USD floating rate swaps 477 BRL (2) (2) 30 29 26 (87) Altre (70) (42) 376 (612) 154 (502) (31) (44) (27) (400) Portfolio Companies Hedge of operational Votorantim Cimentos contracts Floating rate Banco BV swap at IPCA vs. floating rate in USD Votorantim Energia USD 823 thousands 25 25 23 2 Nexa Resources 25 25 23 2 Citrosuco CBA Total value of the derivative instruments (53) (3) (201) (93) 3 275 (872) (187) (757) (293) (62) (4) (398) Acerbrag e Acerías Paz del Río About this Report As of December 31, 2020, derivative (b) Derivative financial instruments – Put-option which, in compliance with accounting rules, GRI Disclosures transactions net of taxes recognized in was recognized as a financial instrument, “Equity valuation adjustment” totaled R$ 636. Consolidated Financial Statements During the year ended on December 31, 2018, in accordance with CPC 48 – “Financial In addition, there are hedge accounting the transaction was concluded as a result of instruments”. The change in the fair value of this Assurance Report transactions net of taxes, with gains in which Votorantim Siderurgia S.A. became a operation in the period resulted in a net loss of Credits and Corporate Information the amount of R$ 17, in subsidiaries’ non- subsidiary of ArcelorMittal Brasil S.A. (“AMB”). R$ 403 (December 31, 2019, loss of R$ 89), consolidated accounts also recognized in “Equity According to the agreement between the recorded in the “Net financial result” account. valuation adjustment”. parties, VSA now holds a minority interest of 15% in the AMB combined long steel business

Page 120 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 6.1.2 Fair value estimation Fair value measured based on 2020 the Board of Directors "Valuation The main financial assets and liabilities are Prices quoted in supported by A Message From an active market observable prices the Executive Board described below, as well as their valuation Note (Level 1) (Level 2)" Fair value assumptions: Assets 2020 Highlights Cash and cash equivalents 9 4,391 5,392 9,783 Financial investments 10 1,279 4,419 5,698 Portfolio Overview Financial assets – considering the nature and Derivative financial instruments (i) 6.1.1 (a) 2,166 2,166 the terms, the amounts recorded approximate Derivative financial instruments - put The Investment Holding Company option 252 252 their realizable values. Strategy and Management Financial instruments - shares 2,590 2,590 5,670 14,819 20,489 People Financial liabilities – these instruments are Governance, compliance and risks subject to the usual market interest rates. The Liabilities Borrowing (i) 21 16,633 13,377 30,010 market value was based on the present value Economic and Financial Performance Derivative financial instruments 6.1.1 (a) 2,923 2,923 Social Investment of the expected future cash disbursements, at To rent 858 858 interest rates currently available for the issue of Confirming payables 23 2,380 2,380 Initiatives to Combat COVID-19 debts with similar maturities and terms. Deferred revenue - silver streaming 863 863 Center of Excellence (CoE) 16,633 20,401 37,034 Reservas Votorantim The Company discloses fair value measurements Fair value measured based on 12/31/2020 according to their level of the following fair "Valuation Altre Prices quoted in supported by value measurement hierarchy: an active market observable prices Portfolio Companies Note (Level 1) (Level 2)" Fair value Assets Level 1 – Quoted prices (unadjusted) in active Votorantim Cimentos Cash and cash equivalents 9 3,833 2,429 6,262 Banco BV markets for identical assets and liabilities. Financial investments 10 1,392 3,075 4,467 Derivative financial instruments 6.1.1 (a) 399 399 Votorantim Energia Level 2 – Inputs other than quoted prices Derivative financial instruments - put Nexa Resources option 655 655 included within level 1 that are observable for Financial instruments - firm Citrosuco the asset or liability, either directly (that is, commitment 29 29 Financial instruments - shares 13 2,749 2,749 CBA as prices) or indirectly (that is, derived from 5,225 9,336 14,561 Acerbrag e Acerías Paz del Río prices). Liabilities About this Report Level 3 – Inputs for the assets or liabilities that Borrowing 21 13,014 8,068 21,082 Derivative financial instruments 6.1.1 (a) 452 452 GRI Disclosures are not based on observable market data (that To rent 22 841 841 Consolidated Financial Statements is, unobservable inputs). Confirming payables 1,415 1,415 Deferred revenue - silver streaming 727 727 Assurance Report As of December 31, 2020, financial assets 13,014 11,503 24,517 (i) The fair value of these financial instruments takes into account the credit risk of the Company and its subsidiaries; the Credits and Corporate Information measured at fair value and financial liabilities value of the change in the fair value of the financial liability that is attributable to changes in credit risk is recorded disclosed at fair value were classified in in equity in other comprehensive income. If the classification of credit risk in other comprehensive income creates or increases the accounting mismatch in the result, the entity must present all gains or losses in the income for the year. hierarchy levels 1 and 2, see classification The accumulated amount of changes in credit risk remains in other comprehensive income until the settlement of the below. financial instrument, when it is reclassified to retained earnings, without affecting the income for the year.

Page 121 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 6.1.3 Sensitivity analysis and Bolivian interest rates, LIBOR, CDI, Scenario I – Considers a shock to the market the Board of Directors US Dollar coupon, commodity prices and curves and quotations at December 31, 2020, The main risk factors affecting the pricing electricity purchase and sale contracts. The A Message From according to the base scenario defined by the Executive Board of cash and cash equivalents, financial scenarios for these factors are prepared using management as at March 31, 2021; investments, loans and financing and both market sources and specialized sources 2020 Highlights derivative financial instruments are exposure of information, in line with the Company’s Scenario II – Considers a shock of + or – 25% in Portfolio Overview to the fluctuation in the US Dollar, Euro, governance. The scenarios as at December 31, the market curves at December 31, 2020; Turkish Lira, New Peruvian Sun, Argentine Peso 2020 are described below: The Investment Holding Company Scenario III – Considers a shock of + or – 50% Strategy and Management in the market curves at December 31, 2020. People Governance, compliance and risks Impacts on profit (loss) Impacts on comprehensive income Economic and Financial Performance Scenario I Scenarios II & III Scenario I Scenarios II & III Cash and Social Investment cash equiv- Derivative alents and financial "Results Initiatives to Combat COVID-19 financial Borrowing instru- "Changes of invest- and related ments/As from scenar- "Results of Center of Excellence (CoE) Risk factors ments (i) parties (i) per unit 2020" io I" 25% 50% +25% +50% scenario I" 25% 50% +25% +50% Foreign exchange rates Reservas Votorantim USD 7,939 16,604 2,829 USD millions 0.5% (117) (99) (198) 99 198 (472) 3,262 6,525 (3,261) (6,525) Altre EUR 318 960 0 5.4% (1) (6) (12) 6 12 16 166 332 (166) (332) MAD 178 0 5.6% (10) (44) (89) 44 89 Portfolio Companies BOB 37 602 0 7.1% 4 151 301 (151) (301) (3) (9) (18) 9 18 Votorantim Cimentos TRY 21 51 0 4.4% 7 15 (7) (15) Banco BV CAD 31 92 0 5.2% (1) (6) (12) 6 12 1 21 43 (21) (43) Votorantim Energia UYU 23 147 0 5.3% 4 31 62 (31) (62) TND Nexa Resources 173 5.6% (10) (43) (87) 43 87 ARS 94 6.3% (6) (23) (47) 23 47 Citrosuco NAD 10 6.7% 1 (3) (5) 3 5 CBA PEN 252 14 3.4% (9) (56) (112) 56 112 (3) (7) 3 7 Acerbrag e Acerías Paz del Río COP 125 382 2.1% 313 96 191 (96) (191) (3) (32) (64) 32 64 9,201 18,852 2,829 169 (3) 3 (462) 3,410 6,821 (3,409) (6,821) About this Report

GRI Disclosures Interest rates BRL CDI 6,213 4,231 10,217 BRL millions 1 bps 5 5 12 (3) (3) 28 53 114 (46) (85) Consolidated Financial Statements BRL IPCA 1,437 81 bps (12) 208 416 (208) (416) Assurance Report BRL TJLP 120 36 bps 165 180 361 (180) (361) USD LIBOR 2,418 1,326 USD millions 7 bps 7 18 36 (18) (36) 1 (1) Credits and Corporate Information Dollar coupon 763 USD millions 6 bps 2 14 28 (14) (27) 4 (54) (110) 50 98 6,213 8,206 12,306 167 425 853 (423) (843) 32 (1) 5 4 12

Page 122 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From Impacts on profit (loss) Impacts on comprehensive income the Board of Directors Scenario I Scenarios II & III Scenario I Scenarios II & III A Message From Cash and cash equiv- Derivative the Executive Board alents and financial "Results financial Borrowing instru- "Changes of 2020 Highlights invest- and related ments/As from scenar- "Results of Risk factors ments (i) parties (i) per unit 2020" io I" 25% 50% +25% +50% scenario I" 25% 50% +25% +50% Portfolio Overview Price of commodities Zinc 220,089 ton 13.7% 43 78 156 (78) (156) (14) (26) (53) 26 53 The Investment Holding Company Aluminium 203,130 ton 13.3% 222 482 964 (482) (964) Strategy and Management 423,219 43 78 156 (78) (156) 208 456 911 (456) (911) People Firm Commitment Governance, compliance and risks electric energy Economic and Financial Performance Purchase and sale contracts fair value 227 3 7 (3) (7) Social Investment 227 3 7 (3) (7) Initiatives to Combat COVID-19 (i) The balances presented do not reconcile with the Center of Excellence (CoE) notes, as the analysis carried out included only the most significant currencies and rates. Interest rates Reservas Votorantim only include the principal amount. Altre Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag e Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 123 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

Note 2020 2019 A Message From 7 Financial instruments by category Assets the Board of Directors At amortized cost A Message From Trade receivables 2,352 1,918 the Executive Board Related parties 15 196 229 2,548 2,147 2020 Highlights Fair value through profit or loss Cash and cash equivalents (i) 9 9,783 6,262 Portfolio Overview Accounting policy (c) Financial instruments at amortized cost Financial investments 10 5,698 4,467 The Investment Holding Company Accounts receivable from The Company and its subsidiaries classify These are financial instruments maintained in customers 857 278 Strategy and Management Derivative financial 6.1.1 their financial instruments depending on the a business model whose purpose is to obtain instruments (a) 1,154 265 People purpose for which the financial instruments contractual cash flows and their contractual Derivative financial 6.1.1 Governance, compliance and risks were acquired. Management determines the terms give rise to cash flows that are exclusively instruments - put option (b) 252 655 Future energy contracts 58 29 classification of financial instruments upon the payment of principal and interest. The Economic and Financial Performance 17,802 11,956 Social Investment initial recognition, in the following categories: instruments in this classification are measured Fair value through other at amortized cost. comprehensive income Initiatives to Combat COVID-19 Financial instruments - (a) Financial instruments at fair value through shares 13 2,590 2,749 Center of Excellence (CoE) profit or loss (d) Impairment of financial assets measured at Derivative financial 6.1.1 cost instruments (a) 1,012 134 Reservas Votorantim 1,012 134 These are financial assets held for active and Altre Liabilities frequent trading. These assets are measured at This is measured as the difference between At amortized cost Portfolio Companies their fair value, and the changes are recognized the book value of the assets and the present Borrowing 21 (a) 23,676 18,848 Votorantim Cimentos in the statement of income for the year. value of the estimated future cash flows Trade payables 5,404 4,429 (excluding future credit losses that were not Financial instruments - firm Banco BV commitment 22 858 841 (b) Financial instruments at fair value through incurred), discounted at the current interest Votorantim Energia Related parties 15 11 50 other comprehensive income rate of financial assets. The book value of the Confirming payables 23 2,380 1,415 Nexa Resources asset is reduced and the amount of the loss is Use of public assets 26 1,497 1,238 Citrosuco These are financial instruments that meet the recognized in the statement of income. 33,826 26,821 Fair value through profit or CBA criteria of contractual terms, which give rise loss Acerbrag e Acerías Paz del Río to cash flows that are exclusively the payment If, in a subsequent period, the impairment Borrowing 21 (a) 1,389 907 of principal and interest and are maintained loss decreases and the impairment can be Derivative financial 6.1.1 About this Report instruments (a) 511 69 in a business model, the objective of which is objectively related to an event occurring after Financial instruments - firm GRI Disclosures achieved both by obtaining contractual cash recognition of the impairment (such as an commitment 285 203 flows and by sale of financial assets. The improvement in the debtor’s credit rating), the 2,185 976 Consolidated Financial Statements Fair value through other instruments in this classification are measured reversal of the loss will be recognized in the comprehensive income Assurance Report at fair value through other comprehensive statement of the results. Derivative financial 6.1.1 instruments (a) 2,412 383 income. Credits and Corporate Information 2,412 383 (i) In practice, fair value and amortized cost are equivalent, considering, by definition, the characteristics of cash equivalents.

Page 124 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 8 Credit quality of financial assets the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview 2020 2019 Local Global Local Global The Investment Holding Company rating rating Total rating rating Total Cash and cash equivalents Strategy and Management AAA 1,575 1,575 1,563 1,563 People AA+ 309 309 Governance, compliance and risks AA 158 158 1 446 447 Economic and Financial Performance AA- 46 136 182 416 295 711 Social Investment A+ 2,092 2,092 884 884 Initiatives to Combat COVID-19 A 2,216 2,216 994 994 A- 1,790 1,790 259 259 Center of Excellence (CoE) BBB+ 687 687 384 384 Reservas Votorantim BBB 300 300 130 130 BBB- Altre 292 292 102 102 BB 13 13 29 29 Portfolio Companies BB- 10 10 9 9 Votorantim Cimentos B+ 9 9 Banco BV B 60 60 Votorantim Energia B- 1 1 76 76 CCC+ Nexa Resources 2 2 CCC 30 30 16 16 Citrosuco Unrated (i) 66 66 649 649 CBA 2,088 7,695 9,783 1,980 4,282 6,262 Acerbrag e Acerías Paz del Río About this Report Financial investments AAA 3,639 3,639 3,840 3,840 GRI Disclosures AA+ 26 26 45 45 Consolidated Financial Statements AA 317 317 74 2 76 AA- 487 487 373 12 385 Assurance Report A+ 20 29 49 20 13 33 Credits and Corporate Information A 131 131 BBB- 29 29 CCC+ 4 4 CCC 36 36

Page 125 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 2020 2019 the Board of Directors Local Global Local Global rating rating Total rating rating Total A Message From Sem rating (ii) the Executive Board 1,045 1,045 19 4 23 4,489 1,209 5,698 4,371 96 4,467 2020 Highlights Portfolio Overview Derivative financial instruments AAA 1,688 1,688 377 377 The Investment Holding Company AA 4 4 Strategy and Management AA- 323 323 7 7 People A+ 10 10 2 2 Governance, compliance and risks A- 145 145 9 9 Economic and Financial Performance 2,011 155 2,166 384 15 399 Social Investment Financial instruments Initiatives to Combat COVID-19 AAA 2,590 2,590 2,749 2,749 Center of Excellence (CoE) 2,590 2,590 2,749 2,749 Reservas Votorantim 11,178 9,059 20,237 9,484 4,393 13,877 Altre The local and global ratings were obtained from ratings agencies (Standard & Poor’s, Moody’s and Fitch Ratings). The Company considered the ratings of Standard & Poor’s and Fitch Ratings for presentation Portfolio Companies purposes, and the classification as established in the Company’s Financial Policies. Votorantim Cimentos Banco BV (i) Refers to values invested in offshore banks which are not rated by any ratings agency. Votorantim Energia Nexa Resources (ii) Refer to amounts invested in liquid assets traded abroad that are not classified by rating agencies. Citrosuco CBA Acerbrag e Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 126 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 9 Cash and cash equivalents the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview Accounting policy The Investment Holding Company Cash and cash equivalents include cash, bank Strategy and Management deposits and other highly liquid short-term People investments whose original maturities are less Governance, compliance and risks than three months, which are readily convertible Economic and Financial Performance into a known amount of cash and which are Social Investment subject to an insignificant risk of change in value. Initiatives to Combat COVID-19

Center of Excellence (CoE) (a) Breakdown Reservas Votorantim Cash and cash equivalents in local currency Altre include deposits in current bank accounts and Portfolio Companies government securities (overnight operations) or Votorantim Cimentos financial institutions, indexed to the interbank Banco BV deposit rate. Foreign currency cash equivalents are mainly composed of financial instruments in Votorantim Energia local currency of the company and its investees. Nexa Resources Citrosuco 2020 2019 Local currency CBA Cash and banks 27 9 Acerbrag e Acerías Paz del Río Bank Deposit Certificates - "CDBs" 798 326 About this Report Repurchase agreements - private securities 11 241 GRI Disclosures Repurchase agreements - public securities 955 561 Consolidated Financial Statements 1,791 1,137 Assurance Report Foreign currency Cash and banks 3,409 3,263 Credits and Corporate Information Time deposits 4,583 1,862 7,992 5,125 9,783 6,262

Page 127 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 10 Financial investments the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview Accounting policy (a) Breakdown The Investment Holding Company 2020 2019 Financial investments have, for the most part, Strategy and Management Fair value through profit or loss immediate liquidity, however, they are classified Bank Deposit Certificates - People as financial investments based on the original "CDBs" 2,583 2,308 Governance, compliance and risks maturities, considering the expected destination Financial Treasury Bills - "LFTs" 1,169 1,218 Repurchase agreements - Economic and Financial Performance of the funds. Investments in national currency private securities 290 3 Social Investment comprise government bonds or financial Repurchase agreements - public institutions, indexed to the interbank deposit securities 110 173 Initiatives to Combat COVID-19 Investment fund quotas rate. 337 669 Center of Excellence (CoE) Financial investments in foreign currency (i) 1,209 96 Reservas Votorantim Investments denominated in foreign currency 5,698 4,467 are mainly composed of fixed income financial Altre instruments in local currency (time deposits). Current 5,678 4,444 Portfolio Companies There are also investments that have immediate Non-current 20 23 Votorantim Cimentos liquidity considering the expected allocation 5,698 4,467 Banco BV of funds by the Investment Policy. Such (i) Balance refers substantially to investments investments comprise sovereign bonds and in sovereign bonds and ETFs with low risk Votorantim Energia concentration in specific assets. ETFs (Exchange Traded Funds) with low risk Nexa Resources concentration in specific assets, following Citrosuco restrictions defined in the Investment Policy to CBA safeguard liquidity and mitigate risk of capital Acerbrag e Acerías Paz del Río loss. About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 128 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 11 Trade receivables the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview Accounting policy (b) Breakdown by currency (d) Aging of trade receivables

The Investment Holding Company 2020 2019 2020 2019 Trade receivables correspond to the amounts Brazilian real 1,334 1,018 Current 2,945 1,864 Strategy and Management referring to the sale of goods or provision of U.S. dollar 1,213 764 Up to three months past due 166 282 People services in the normal course of the activities of Euro 181 60 Three to six months past due 14 4 Governance, compliance and risks the Company and its subsidiaries. Colombian peso 131 125 Over six months past due 306 237 Economic and Financial Performance Turkish lira 71 16 3,431 2,387 They are initially recognized at fair value and Social Investment Uruguayan peso 62 67 subsequently measured at amortized cost Initiatives to Combat COVID-19 Moroccan dirham 61 35 using the effective interest rate method less Argentine peso 55 60 Center of Excellence (CoE) the estimated loss on allowance for loan Other 101 51 losses. Accounts receivable from customers in Reservas Votorantim 3,209 2,196 the foreign market are updated based on the Altre exchange rates in effect on the balance sheet (c) Changes in estimated loss for doubtful Portfolio Companies date. accounts

Votorantim Cimentos 2020 2019 (a) Breakdown Banco BV Opening balance (191) (174) Votorantim Energia 2020 2019 Additions, net (44) (56) Trade receivables - Brazil 1,475 1,144 Receivables written off as Nexa Resources uncollectible (i) 21 39 Trade receivables - foreign Citrosuco customers 1,892 1,230 Effect of subsidiaries excluded from consolidation (2) CBA Related parties 64 13 Foreign exchange variations (6) 3,431 2,387 Acerbrag e Acerías Paz del Río Closing balance (222) (191)

About this Report (i) The debits on the estimated loss account with Allowance for doubtful doubtful accounts are generally written off when accounts (222) (191) GRI Disclosures there is no expectation of recovery of funds. (222) (191) Consolidated Financial Statements 3,209 2,196 Assurance Report Credits and Corporate Information

Page 129 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 12 Inventory the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview Accounting policy (a) Breakdown The Investment Holding Company 2020 2019 Presented at the lower of cost and net Finished products 949 862 Strategy and Management realizable value. The cost is determined using Semi-finished products 1,705 1,587 People the weighted average cost method. The costs of Raw materials 858 826 Governance, compliance and risks finished products and products in preparation Auxiliary materials and Economic and Financial Performance comprise raw materials, direct labor and other consumables 1,249 995 Imports in transit Social Investment direct and indirect production costs (based 319 79 on normal operational capacity). The raw Other 114 173 Initiatives to Combat COVID-19 materials from biological assets (e.g: trees from Provision for inventory losses (470) (393) Center of Excellence (CoE) a plantation, plants, fruit trees, cattle, etc.) are 4,724 4,129 Reservas Votorantim measured at fair value, less selling expenses at the point of harvest, when they are transferred b) Changes in the estimate of inventory losses Altre from non-active assets current to the inventory 2020 2019 group. Portfolio Companies Auxiliary Semi- materials Votorantim Cimentos Finished finished Raw and con- Banco BV The subsidiaries, at least once a year, carry out products products materials sumables Other Total Total the physical inventory of the goods included Balance at the beginning of the Votorantim Energia year (25) (64) (7) (211) (86) (393) (482) in their inventory. Inventory adjustments are Addition (31) (31) (19) (98) (50) (229) (200) Nexa Resources recorded under “Cost of goods sold and services Reversal 43 41 9 93 33 219 308 Citrosuco provided”. Exchange variation CBA (4) (3) (30) (30) (67) (19) Balance at the end of the year (17) (57) (17) (246) (133) (470) (393) Acerbrag e Acerías Paz del Río The provision for inventory losses refers substantially to obsolete and low turnover About this Report materials. GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 130 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 13 Financial instruments – Shares the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview Accounting policy The Investment Holding Company Uses the average share price quote for the last Strategy and Management ninety days of the closing date. People Governance, compliance and risks The value of financial instruments refers, Economic and Financial Performance substantially, to the portion of the Company’s Social Investment shares held by Suzano S.A. Initiatives to Combat COVID-19 2020 2019 Balance at beginning of year Center of Excellence (CoE) 2,749 Closing the operation 2,932 Reservas Votorantim Change in fair value 1,078 (183) Altre Sale of shares (1,238) Balance at the end of the year 2,589 2,749 Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag e Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 131 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 14 Taxes recoverable the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview Accounting policy The Investment Holding Company The recoverable taxes are held in assets mainly Strategy and Management for the purpose of recognizing in the balance People sheet of the entity the book values that will be Governance, compliance and risks the object of future recovery. Economic and Financial Performance 2020 2019 Social Investment Corporate Income Tax ("IRPJ") and Social Contribution on Net Initiatives to Combat COVID-19 Income ("CSLL") 1,725 1,826 Social Contribution on Revenue Center of Excellence (CoE) ("COFINS") (i) 1,561 1,963 State Value-added Tax on Sales Reservas Votorantim and Services ("ICMS") 719 695 Social Integration Program ("PIS") Altre 368 400 Value-added Tax ("VAT") (foreign Portfolio Companies companies) 252 249 ICMS on property, plant and Votorantim Cimentos equipment 68 76 Banco BV Withholding Income Tax ("IRRF") 59 47 State VAT on Sales and Services Votorantim Energia on PP&E 44 65 Nexa Resources Excise Tax ("IPI") 32 31 Citrosuco Social Security Credit 20 20 Taxes on services - ISS CBA 11 8 Other 140 65 Acerbrag e Acerías Paz del Río 4,999 5,445 About this Report Current GRI Disclosures 2,033 1,968 Non-current 2,966 3,477 Consolidated Financial Statements 4,999 5,445 Assurance Report Credits and Corporate Information

Page 132 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 15 Related parties the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview Accounting policy The Investment Holding Company Related parties are individuals or legal entities that are related to the entity that reports the financial Strategy and Management statements. People Dividends Governance, compliance and risks Assets Trade receivables receivable Non-current assets Economic and Financial Performance 2020 2019 2020 2019 2020 2019 Related companies and joint ventures Social Investment Cementos Avellaneda S.A. 3 2 9 Initiatives to Combat COVID-19 Banco Votorantim S.A. 36 Center of Excellence (CoE) Citrosuco S.A. Agroindústria (i) 126 159 Citrosuco GmbH (i) Reservas Votorantim 67 52 Supermix Concreto S.A. 22 5 Altre VTRM Energia Participações S.A 3 140 65 Portfolio Companies Superior Building Materials LL 24 Other Votorantim Cimentos 12 5 7 3 18 Banco BV 64 13 176 81 196 229 Current 64 13 176 81 Votorantim Energia Non-current 196 229 Nexa Resources 64 13 176 81 196 229 Citrosuco (i) Refers to accounts receivable related to assets in excess of the basic net assets invested in Citrosuco’s operation. The realization period is linked to the performance of each item under the contractual rules laid down in the CBA shareholder agreement and the closing memorandum signed between Fischer S.A. – Commerce, Industry and Acerbrag e Acerías Paz del Río Agriculture and Votorantim. About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 133 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From Non-current the Board of Directors Liabilities Trade payables Dividends payable liabilities 2020 2019 2020 2019 2020 2019 A Message From Related companies and joint ventures the Executive Board Superior Materials Holdings, LLC 11 7 2020 Highlights Cementos Avellaneda S.A. 1 36 Portfolio Overview Other 6 5 11 50 18 12 11 50 The Investment Holding Company Non-controlling interests 51 120 Strategy and Management Current 18 12 51 120 People Non-current 11 50 Governance, compliance and risks 18 12 51 120 11 50 Economic and Financial Performance Social Investment Sales (purchases), Finance income Initiatives to Combat COVID-19 Profit and loss net (expenses), net Center of Excellence (CoE) 2020 2019 2020 2019 Related companies and joint ventures Reservas Votorantim Cementos Especiales De Las Islas, S.A. 22 23 Altre Cementos Granadilla S.L. 20 15 Citrosuco S.A. Agroindústria 20 44 Portfolio Companies Midway Group, LLC 32 32 Votorantim Cimentos Supermix Concreto S.A. 235 201 Banco BV Superior Materials Holdings, LLC 112 75 Votorantim Energia Other 21 31 (4) (4) Nexa Resources 462 421 (4) (4) Citrosuco CBA Acerbrag e Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 134 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 16 Future energy contracts the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview The subsidiary Votorantim Comercializadora from the physical settlement of the energy purchase and sale contracts, resulted in a gain of R$ 83 de Energia Ltda. (“Votener”) Centralizes energy (R$ 81 in loss in 2019). These amounts were accounted for under “Other operating income (expenses), The Investment Holding Company purchase and sale transactions to meet the net”. The A-0/2014 contracts, which were traded in the Regulated Contracting Environment (“ACR”), Strategy and Management demands of Votorantim companies. A portion of were fully settled in December 2019. People these transactions takes the form of contracts Governance, compliance and risks that have been entered into and continue to The values quoted above have the following composition: Economic and Financial Performance be carried out for the purpose of receiving the ACL Total energy for own use or delivering self-produced Social Investment Votorantim Votorantim energy, in accordance with the productive Cimentos CBA Energia Total 2020 2019 Initiatives to Combat COVID-19 demands of the Company’s subsidiaries and, Realization (12) 34 83 105 105 (264) Center of Excellence (CoE) therefore, meets the definition of a financial Recognition (159) (159) (159) 74 Reversal Reservas Votorantim instrument. (6) (12) (125) 83 (54) (54) (196) Altre Another part of these transactions refers to Portfolio Companies energy purchases and sales, not used in the The table below shows the composition of the assets and liabilities: production process of Votorantim companies, Votorantim Cimentos ACL Total being traded in an active market, therefore, it Banco BV Votorantim Votorantim meets the definition of a financial instruments, CBA Energia Cimentos 2020 2019 Votorantim Energia due to the fact that transactions are settled Assets Nexa Resources in energy, and promptly convertible into cash. Current 49 49 Citrosuco Such contracts are accounted for as derivatives Non-current 9 9 29 CBA under IFRS 9 / CPC 48 and are recognized in the 58 58 29 Acerbrag e Acerías Paz del Río balance sheet of their subsidiaries at fair value, Liabilities on the date the derivative is entered into, and Current (65) (10) (75) (81) About this Report are revalued at fair value on the balance sheet Non-current (153) (57) (210) (122) GRI Disclosures date. (218) (67) (285) (203) Consolidated Financial Statements The operations carried out by the indirect Assurance Report subsidiary Votener until 2023 in the Free Credits and Corporate Information Contracting Environment (“ACL”) were recognized at their fair value on the closing date of each operation. In 2020, the realization of the fair value of these operations, resulting

Page 135 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 17 Investments the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview Accounting policy (i) Impairment of investments The Investment Holding Company Investments in affiliates, subsidiaries and joint For the calculation of the recoverable amounts of the investments, the Company and its subsidiaries Strategy and Management ventures are accounted for using the equity use criteria similar to those used to test goodwill impairment. People method of accounting as of the date they Governance, compliance and risks become their jointly controlled joint ventures (a) Breakdown and subsidiary. Economic and Financial Performance Information on Social Investment December 31, 2020 Equivalence result Balance Affiliates are those entities in which the Net income Initiatives to Combat COVID-19 (loss) for Company, directly or indirectly, has significant Net worth the year 2020 2019 2020 2019 Center of Excellence (CoE) influence, but not control or joint control over Investments accounted for under the equity method financial and operating policies. In order to be - Associates Reservas Votorantim Cementos Avellaneda S.A. 1,261 153 28 132 717 578 classified as a jointly controlled entity, there Altre Alunorte - Alumina do Norte S.A. 3,528 (45) 1 107 107 must be a contractual agreement that allows IMIX Empreendimentos Imobiliários Ltda. 12 6 (2) 2 3 5 Portfolio Companies the Company to share control of the entity and Mineração Rio do Norte S.A. 916 (17) 2 14 92 98 Votorantim Cimentos gives the Company the right to the net assets Supermix Concreto S.A. 250 18 (5) 1 63 58 of the jointly controlled entity, not the right to Jaguatirica Empreendimento Imobiliário SPE S.A. 213 12 (6) 2 112 111 Banco BV Cementos Especiales de las Islas S.A. (20) 15 77 its specific assets and liabilities. Votorantim Energia Outros 205 81 Nexa Resources The Company also recognizes its assets in Joint ventures Citrosuco accordance with the venturer’s participation in Citrosuco GmbH 5,208 590 (249) (88) 3,628 2,643 CBA the assets, liabilities, revenues and expenses of Banco Votorantim S.A. 10,752 1,473 (719) 797 5,871 5,383 Citrosuco S.A. Agroindústria (1,248) (1,145) 602 (267) (357) 387 the controlled entity on a proportional basis. Acerbrag e Acerías Paz del Río Juntos Somos Mais Fidelização S.A. 19 (8) 4 (1) 8 12 This implies recognizing the venturer’s share of About this Report VTRM Energia Participações S.A. 3,879 625 (308) 271 2,076 2,058 the assets, liabilities, income and expenses of Hutton Transport Ltda. 40 12 (6) 3 25 19 GRI Disclosures the joint ventures by adding such amounts to Midway Group, LLC. 51 19 (10) 9 38 26 RMC Leasing LLC 30 23 15 Consolidated Financial Statements its own assets, liabilities, revenues and expenses by the straight-line method, and including such Superior Materials Holdings, LLC 124 56 (39) 29 87 62 (727) 919 12,698 11,720 Assurance Report amounts in corresponding to the balance sheet Credits and Corporate Information and income statement of the same nature.

Page 136 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From Below are presented the balances of goodwill and surplus value, which are included in the balance the Board of Directors of investments:

A Message From Ágio Mais valia the Executive Board 2020 2019 2020 2019 2020 Highlights Citrosuco GmbH 145 145 879 718 Citrosuco S.A. Agroindústria 194 194 73 103 Portfolio Overview Cementos Avellaneda S.A. 193 117 The Investment Holding Company Jaguatirica Empreendimento Imobiliário SPE S.A. 5 5 Strategy and Management VTRM Energia Participações S.A. 136 141

People Percentage of total and voting Governance, compliance and risks Main consolidated companies capital Headquarters Main activity Economic and Financial Performance 2020 2019 Social Investment Subsidiaries Acerbrag S.A. Initiatives to Combat COVID-19 100.00 100.00 Argentina Steel Votorantim FinCO GmbH 100.00 100.00 Austria Trading Center of Excellence (CoE) Janssen Capital B.V. 100.00 Netherlands Holding Companhia Brasileira de Alumínio Reservas Votorantim 100.00 100.00 Brazil Aluminum Santa Cruz Geração de Energia S.A. 100.00 100.00 Brazil Electric power Altre Silcar Empreendimentos, Comércio e Participações Ltda. 100.00 100.00 Brazil Holding Votener - Votorantim Comercializadora de Energia Ltda. 100.00 100.00 Brazil Electric power Portfolio Companies Votorantim Cimentos N/NE S.A. 100.00 100.00 Brazil Cement Votorantim Cimentos Votorantim Cimentos S.A. 100.00 100.00 Brazil Cement Banco BV Votorantim Energia Ltda. 100.00 100.00 Brazil Holding Votorantim Energia Votorantim Finanças S.A. 100.00 100.00 Brazil Finance Votorantim Geração de Energia S.A. Nexa Resources 100.00 100.00 Brazil Holding Votorantim Investimentos Latino-Americanos S.A. 100.00 100.00 Brazil Holding Citrosuco Nexa Recursos Minerais S.A. 64.67 66.40 Brazil Zinc CBA Votorantim Cement North America Inc. 100.00 100.00 Canada Holding Acerbrag e Acerías Paz del Río Acerías Paz del Río S.A. 91.20 91.20 Colombia Steel Votorantim Cimentos EAA Inversiones, S.L. 100.00 100.00 Spain Holding About this Report St. Marys Cement Inc. 100.00 100.00 USA Cement GRI Disclosures St. Helen Holding II B.V. 100.00 100.00 Cayman Islands Holding Hailstone Ltd. 100.00 100.00 British Virgin Islands Holding Consolidated Financial Statements Nexa Resources S.A. 64.67 64.25 Luxembourg Holding Assurance Report Votorantim Cimentos International S.A. 100.00 Luxembourg Holding Votorantim RE 100.00 100.00 Luxembourg Insurance Credits and Corporate Information Compañia Minera Atacocha S.A.A. 58.85 58.85 Peru Mining Nexa Resources Perú S.A.A 51.77 51.77 Peru Mining Nexa Resources Cajarmarquilla S.A. 64.61 64.61 Peru Zinc Cementos Artigas S.A. 51.00 51.00 Uruguay Cement

Page 137 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From Percentage of the Board of Directors total and voting Main consolidated companies capital Headquarters Main activity A Message From 2020 2019 the Executive Board Joint operations Baesa - Energética Barra Grande S.A. 2020 Highlights 15.00 15.00 Brazil Electric power Campos Novos Energia S.A. 44.76 44.76 Brazil Electric power Portfolio Overview Great Lakes Slag Inc. 50.00 50.00 Canada Cement Voto - Votorantim Overseas Trading Operations IV Ltd. The Investment Holding Company 50.00 Cayman Islands Trading

Strategy and Management Exclusive investment funds People Fundo de Investimento Pentágono VC Multimercado – Crédito Privado 100.00 100.00 Brazil Finance Governance, compliance and risks Fundo de Investimento Pentágono CBA Multimercado Economic and Financial Performance – Crédito Privado 100.00 100.00 Brazil Finance Odessa Multimercado Crédito Privado Social Investment 94.19 93.49 Brazil Finance Odessa Multimercado Crédito Privado Fundo de Initiatives to Combat COVID-19 investimento VC 100.00 100.00 Brazil Finance Odessa Multimercado Crédito Privado Fundo de Center of Excellence (CoE) investimento VM 100.00 100.00 Brazil Finance

Reservas Votorantim "Percentage of Head- Main Investing entity total capital" quarters activity Altre 2020 2019 Portfolio Companies Main non-consolidated companies Associates Votorantim Cimentos Alunorte - Alumina do Norte S.A. Companhia Brasileira de Alumínio 3.03 3.03 Brazil Mining Banco BV Mineração Rio do Norte S.A. Companhia Brasileira de Alumínio 10.00 10.00 Brazil Mining Votorantim Energia Cementos Avellaneda S.A. Votorantim Cimentos S.A. 49.00 49.00 Argentina Cement Nexa Resources IMIX Empreendimentos Imobiliários Ltda. Votorantim Cimentos S.A. 25.00 25.00 Brazil Mining Supermix Concreto S.A. Votorantim Cimentos S.A. Citrosuco 25.00 25.00 Brazil Concrete Cementos Especiales de las Islas S.A. Votorantim Cimentos S.A. 50.00 50.00 Spain Cement CBA

Acerbrag e Acerías Paz del Río Joint ventures About this Report Banco Votorantim S.A. Votorantim S.A. 50.00 50.00 Brazil Finance Citrosuco GmbH Votorantim S.A. 50.00 50.00 Austria Agribusiness GRI Disclosures Citrosuco S.A. Agroindústria Votorantim S.A. 50.00 50.00 Brazil Agribusiness Consolidated Financial Statements Juntos Somos Mais Fidelização S.A. Votorantim Cimentos S.A. 45.00 45.00 Brazil Services Hutton Transport Ltda. Votorantim Cimentos S.A. 25.00 25.00 Canada Transportation Assurance Report Midway Group, LLC. Votorantim Cimentos S.A. 50.00 50.00 USA Cement RMC Leasing, LLC. Votorantim Cimentos S.A. Equipament Credits and Corporate Information 50.00 50.00 USA leasing Superior Materials Holdings, LLC. Votorantim Cimentos S.A. 50.00 50.00 USA Cement VTRM Energia Participações S.A. Votorantim Geração de Energia S.A. 50.00 50.00 Brazil Electric power

Page 138 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From (b) Information about the companies investees the Board of Directors The following is a summary of selected financial information of the principal associates and joint ventures as at December 31, 2020: A Message From the Executive Board Non- Non- Finance Profit Total and Current current Current current Net Operation income (loss) for voting 2020 Highlights assets assets liabilities liabilities Equity revenue results (costs) the year capital (%) Investments accounted for based on the Portfolio Overview equity method - Associates Cementos Avellaneda S.A. 450 1,466 422 233 1,261 1,747 462 (149) 153 49% The Investment Holding Company Alunorte - Alumina do Norte S.A. 9,604 3,131 2,945 3,528 7,996 1,252 (1,326) (45) 3% Strategy and Management IMIX Empreendimentos Imobiliários Ltda. 6 7 1 12 7 7 6 25% People Mineração Rio do Norte S.A. 479 3,355 991 1,927 916 1,633 339 (347) (17) 10% Governance, compliance and risks Supermix Concreto S.A. 280 312 206 136 250 1,279 29 (4) 18 25% Economic and Financial Performance Cementos Especiales de las Islas S.A. 50% Jaguatirica Empreendimento Imobiliário Social Investment SPE S.A. 209 6 2 213 17 14 12 50% Initiatives to Combat COVID-19 Joint Ventures Citrosuco GmbH 5,183 1,005 573 407 5,208 4,465 490 129 590 50% Center of Excellence (CoE) Banco Votorantim S.A. 45,124 68,729 72,412 30,689 10,752 5,299 6,678 1,473 50% Reservas Votorantim Citrosuco S.A. Agroindústria 3,259 4,924 3,598 5,833 (1,248) 3,467 (595) (462) (1,145) 50% Juntos Somos Mais Fidelização S.A. Altre 57 20 58 19 65 (8) 1 (8) 45% VTRM Energia Participações S.A. 353 4,226 327 373 3,879 (23) (2) 625 50% Portfolio Companies Hutton Transport Ltda. 35 32 11 16 40 78 14 (1) 12 25% Votorantim Cimentos Midway Group, LLC. 39 27 15 51 142 19 19 50% Banco BV RMC Leasing LLC 4 26 30 50% Votorantim Energia Superior Materials Holdings, LLC 97 65 38 124 423 56 56 50%

Nexa Resources (i) These investments below consider the goodwill Citrosuco paid on the acquisition of the investments and (c) Changes in investees the balance of capital gain, as detailed, which is amortized in the parent company’s results; CBA 2020 2019 (ii) As of December 31, 2020, the investment includes Acerbrag e Acerías Paz del Río an adjustment to fair value in the amount of Opening balance for the semester 11,720 11,310 R$ 495 (December 31, 2019 – R$ 495). Equity in the results of investees 727 919 About this Report Foreign exchange variations 734 (56) GRI Disclosures Increase 10 156 Write-off (68) Consolidated Financial Statements Dividends (264) (613) Assurance Report Fair value of assets (31) 44 Cash flow hedge (115) 28 Credits and Corporate Information Other (83) Closing balance for the semester 12,698 11,720

Page 139 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 18 Property, plant and equipment the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview Accounting policy An asset’s carrying amount is written down subsequently reviewed for the analysis of a immediately to its recoverable amount when possible reversal of impairment, at the balance The Investment Holding Company (i) Property, plant and equipment the asset’s carrying amount is greater than its sheet date. Strategy and Management estimated recoverable amount, in accordance People Property, plant and equipment are stated with the criteria adopted by the Company in The recoverability of the assets that are Governance, compliance and risks at their historical cost of acquisition or order to determine the recoverable amount. used in the activities of the Company and its Economic and Financial Performance construction, less accumulated depreciation. subsidiaries is evaluated whenever events or Social Investment Historical cost also includes finance costs Gains and losses on disposals are determined changes in circumstances indicate that the book related to the acquisition or construction of by comparing the sales amount with the value of an asset or group of assets may not be Initiatives to Combat COVID-19 qualifying assets. carrying amount and are recognized within recoverable based on future cash flows. If the Center of Excellence (CoE) “Other operating income (expenses), net” in the carrying amount of these assets exceeds their Reservas Votorantim Subsequent costs are included in the asset’s statement of income. recoverable value, the net amount is adjusted carrying amount or recognized as a separate and their useful life is adjusted to new levels. Altre asset, as appropriate, only when it is probable (ii) Impairment of non-financial assets Portfolio Companies that future economic benefits associated with Votorantim Cimentos these costs will flow to the Company and they Assets that are subject to depreciation and Banco BV can be measured reliably. The carrying amount amortization are reviewed for impairment of the replaced items or parts is derecognized. whenever events or changes in economic, Votorantim Energia operating or technological circumstances Nexa Resources All other repairs and maintenance are charged may indicate impairment or loss of book Citrosuco to the statement of income during the financial value. An impairment loss is recognized when CBA period in which they are incurred. The cost of the carrying amount of the asset or cash Acerbrag e Acerías Paz del Río major refurbishments is included in the carrying generating unit (“CGU”) exceeds its recoverable value of the asset when future economic amount, adjusting the carrying amount to the About this Report benefits exceed the performance initially recoverable amount. GRI Disclosures expected for the existing asset. Refurbishment Consolidated Financial Statements expenses are depreciated over the remaining The recoverable amount is the greater of useful life of the related asset. an asset’s fair value less costs to sell and its Assurance Report value-in-use. For the purpose of impairment Credits and Corporate Information Land is not depreciated. Depreciation of other assessment, assets are grouped at the lowest assets is calculated using the straight-line levels for which there are separately identifiable method to reduce their cost to their residual cash flows (CGUs). Non-financial assets, values over their estimated useful lives. except goodwill, which have been impaired, are

Page 140 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From (a) Breakdown and changes the Board of Directors 2020 2019 Machinery, A Message From Land and Buildings equipment Construc- Asset re- Leasehold the Executive Board improve- and con- and facili- Furniture tion in tirement improve- ments struction ties Vehicles and fittings progress obligation ments Other Total Total 2020 Highlights Opening balance for the semester Portfolio Overview Cost 2,100 11,246 36,839 1,381 236 3,580 1,058 564 548 57,552 54,540 The Investment Holding Company Accumulated depreciation (67) (5,014) (22,888) (1,041) (178) (533) (335) (348) (30,404) (28,327) Net opening balance for the Strategy and Management year 2,033 6,232 13,951 340 58 3,580 525 229 200 27,148 26,213 People Additions 14 34 68 6 1 3,391 2 3,516 3,189 Governance, compliance and risks Disposals (25) (37) (55) (1) (1) (5) (12) (136) (115) Depreciation Economic and Financial Performance (6) (451) (1,814) (99) (15) (45) (33) (4) (2,467) (2,197) Foreign exchange variation 264 519 1,407 69 10 296 59 61 (21) 2,664 323 Social Investment Effect of subsidiaries included in (excluded from) Initiatives to Combat COVID-19 consolidation (i) (6) 33 469 7 2 13 (4) 514 42 Reversal (constitution) for Center of Excellence (CoE) impairment (ii) (23) (305) (217) (1) (5) (247) (84) 3 (879) (309) Reservas Votorantim Revision of estimated cash flow 96 96 291 Reclassification to assets Altre classified as held-for-sale (20) (5) (9) (34) Write off by corporate Portfolio Companies transaction (7) (7) Adjustments to operations Votorantim Cimentos in countries with a Banco BV hyperinflationary economy 75 75 85 Transfers (iii) 93 486 1,472 146 5 (2,564) (49) 24 2 (385) (374) Votorantim Energia Closing balance for the semester 2,324 6,511 15,276 467 55 4,464 502 281 225 30,105 27,148 Nexa Resources Cost 2,396 12,753 43,573 1,739 282 4,464 1,247 742 574 67,770 57,552 Citrosuco Accumulated depreciation (72) (6,242) (28,297) (1,272) (227) (745) (461) (349) (37,665) (30,404) CBA Net closing balance for the semester 2,324 6,511 15,276 467 55 4,464 502 281 225 30,105 27,148 Acerbrag e Acerías Paz del Río Average annual depreciation rates - % 1 4 9 20 11 5 9 About this Report (i) Refers mainly to the acquisition of Arconic Indústria e Comércio de Metais Ltda – Note 1.1 (a). GRI Disclosures (ii) The impacts related to impairment refer to the subsidiaries Nexa and VCSA – Note 1.1 (k). (iii) The transfers include the reclassification of “Works in progress” in the group of property, plant and equipment to “Softwares”, “Rights over natural resources” and “Other” in the Consolidated Financial Statements group of intangible assets. Assurance Report Credits and Corporate Information

Page 141 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

(b) Construction in progress A Message From Votorantim Cimentos 2020 2019 the Board of Directors Sustaining 357 283 The balance is composed mainly of expansion A Message From Modernization industry 182 76 the Executive Board and optimization projects related to industry. Cement grinding - Pecém - Brazil 135 117 2020 Highlights Segment 2020 2019 New production line in Sobral Nexa Resources 2,741 2,123 - CE 72 72 Portfolio Overview New lines of co-processing Votorantim Cimentos 1,021 849 63 33 Hardware and software The Investment Holding Company CBA 475 448 41 28 Environment and security 35 51 Strategy and Management Long steel 97 60 Geology and mining rights Votorantim Energia 22 23 31 24 People Other Other 108 77 105 165 Governance, compliance and risks 4,464 3,580 1,021 849 Economic and Financial Performance Social Investment n 212 CBA 2020 2019 ea Reoure 11 Initiatives to Combat COVID-19 Rondon Bauxite projects 121 118 otorant ento Furnace refurbishment 115 111 Center of Excellence (CoE) A 23 Alumina factory project 66 44 Reservas Votorantim Ao lono 1 Casting Projects 33 27 otorant nera Altre Plastic transformation projects 28 21 ter Security, health and enviroment Portfolio Companies projects 24 19 Votorantim Cimentos Mining projects 13 22 Banco BV The main projects in progress by business Projects oven rooms 13 18 segment are as follows: Revitalization and adequacy of Votorantim Energia the plant 1 24 Nexa Resources Nexa Resources 2020 2019 Other 61 44 Expansion and modernization 475 448 Citrosuco projects 2,006 1,403 CBA Sustaining 605 460 Security, health and enviroment Long steel 2020 2019 Acerbrag e Acerías Paz del Río projects 112 213 Sustaining 86 53 Information technology 16 45 About this Report Security projects, health and Other 2 2 environment projects - Colombia 8 3 GRI Disclosures 2,741 2,123 Other 3 4 Consolidated Financial Statements 97 60 Assurance Report Credits and Corporate Information Energy 2020 2019 Corumba - GO projects 21 20 Information technology 1 3 22 23

Page 142 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 19 Intangible assets the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview Accounting policy (ii) Rights over natural resources established in the contract. Upon inception, this liability (obligation) and intangible asset The Investment Holding Company (i) Goodwill Costs for the acquisition of rights to explore (concession right) correspond to the total Strategy and Management and develop mineral properties and to explore amount of the future obligations discounted to People Goodwill represents the excess of the cost wind resources are capitalized and amortized their present value (present value of cash flow Governance, compliance and risks of an acquisition over the net fair value of using the straight-line method over their from future payments). Economic and Financial Performance assets and liabilities of the acquired entity. useful lives, or, when applicable, based on the Social Investment Goodwill on acquisitions of subsidiaries is depletion of the mines in question. Once the The amortization of the intangible asset is recorded as “assets” in the consolidated mine or wind farm starts operating, these calculated on a straight-line basis over the Initiatives to Combat COVID-19 financial statements. Goodwill is tested costs are amortized and considered a cost of period of the authorization to use the public Center of Excellence (CoE) annually for impairment and carried at cost less production. asset. The financial liability is updated by the Reservas Votorantim accumulated impairment losses. Impairment effective interest method and reduced by the losses on goodwill are not reversed. Gains and Depletion of mineral resources and wind farms payments contracted. Altre losses on the disposal of an entity include the is calculated based on extraction and utilization, Portfolio Companies carrying amount of goodwill relating to the respectively, taking into consideration their (v) Contractual customer relationships and non- Votorantim Cimentos entity sold. estimated productive lives. competition agreements Banco BV Goodwill is allocated to CGUs for the purpose (iii) Computer software Contractual customer relationships and non- Votorantim Energia of impairment testing. The allocation is competition agreements acquired in a business Nexa Resources made to those CGUs or groups of CGUs that Costs associated with software maintenance are combination are recognized at fair value at the Citrosuco are expected to benefit from the business amortized over their useful lives. acquisition date. The contractual customer CBA combination in which the goodwill arose. relations and non-competition agreements Acerbrag e Acerías Paz del Río (iv) Use of public assets have a finite useful life and are carried at cost Annually, the Company and its subsidiaries less accumulated amortization. Amortization is About this Report review the net book value of goodwill, in order This represents the amounts established in calculated using the straight-line method over GRI Disclosures to assess whether there was impairment. The the concession contracts regarding the rights the estimated useful lives. Consolidated Financial Statements recoverable amounts of CGUs were determined to hydroelectric power generation (onerous according to the value in use, based on the concession) under Use of Public Assets Assurance Report discounted cash flow model. The recoverable agreements. Credits and Corporate Information amount is sensitive to the rate used in the discounted cash flow model, as well as the These transactions are accounted for at the expected future cash receipts and the growth time when the operating permit is awarded, rate used for extrapolation purposes. regardless of the disbursement schedule

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A Message From (a) Breakdown and changes the Board of Directors 2020 2019 A Message From Contracts, Rights the Executive Board customer over Rights relation- trade- 2020 Highlights over Asset Use of ships and marks natural retirement public agree- and resources Goodwill obligation assets ments Software patents Other Total Total Portfolio Overview Opening balance for the year The Investment Holding Company Cost 10,253 6,008 457 540 316 602 81 1,134 19,391 18,421 Strategy and Management Accumulated amortization (4,587) (157) (217) (227) (429) (53) (438) (6,108) (4,929) Net opening balance for the year People 5,666 6,008 300 323 89 173 28 696 13,283 13,492 Additions 1 8 1 12 22 59 Governance, compliance and risks Disposals (6) (18) (1) (25) (9) Economic and Financial Performance Amortization and depletion (413) (15) (19) (26) (70) (1) (6) (550) (633) Social Investment Foreign exchange variation 1,314 1,777 48 20 16 1 193 3,369 302 Initiatives to Combat COVID-19 Effect of subsidiaries included in 5 1 6 12 Impairment (i) (635) (1,206) (1) (3) (53) (1,898) (405) Center of Excellence (CoE) Changes in the interest rate (13) (13) 91 Reservas Votorantim Transfers (ii) 129 2 103 166 400 374 Closing balance for the year 6,056 6,579 327 304 85 207 29 1,007 14,594 13,283 Altre Cost 13,078 6,579 535 540 403 770 86 1,639 23,630 19,389 Portfolio Companies Accumulated amortization (7,022) (208) (236) (318) (563) (57) (632) (9,036) (6,106) Net closing balance for the year 6,056 6,579 327 304 85 207 29 1,007 14,594 13,283 Votorantim Cimentos Average annual amortization and depletion rates - % 6 5 7 7 20 Banco BV (i) Refers, substantially, to impairment in the Votorantim Energia subsidiary Nexa described in item 1.1 (n). (ii) Transfers include the reclassification of “Works Nexa Resources in progress” in the group of property, plant and includes the fair value of any asset or liability 2020 2019 equipment to “Softwares”, “Rights over natural resulting from a contingent consideration Votorantim Cimentos Citrosuco resources” and “Other” in the group of intangible North America CBA assets. agreement when applicable. Acquisition- 2,163 1,499 related costs are recorded in the income Europe, Asia and Africa 1,831 1,302 Acerbrag e Acerías Paz del Río (b) Goodwill on acquisitions statement for the year as incurred. Identifiable Latin America 13 11 About this Report Brazil Accounting policy assets acquired and liabilities assumed in a Cimento Vencemos do GRI Disclosures business combination are initially measured Amazonas Ltda. 64 64 at fair values ​​on the acquisition date. The The Company and its subsidiaries use the Engemix S.A. 76 76 Consolidated Financial Statements Company and its subsidiaries recognize the acquisition method to account for transactions CJ Mineração Ltda. 16 non-controlling interest in the acquiree, both Assurance Report classified as a business combination. The 4,147 2,968 at fair value and at the proportional portion of Credits and Corporate Information consideration transferred for the acquisition the non-controlling interest in the fair value of of a subsidiary is the fair value of the assets Nexa Resources the acquiree’s net assets. The non-controlling transferred, liabilities incurred and equity Latin America interest to be recognized is determined on instruments. The consideration transferred Nexa Resources Perú S.A.A. (i) 1,616 2,330 each acquisition.

Page 144 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

(c) Impairment test for goodwill A Message From 2020 2019 Growth rate Discount rate the Board of Directors Nexa Resources Cement 6.50% a 15.80% 5.86% a 14.93% Cajamarquilla S.A. 481 373 Assets that have an indefinite useful life, A Message From CBA 9.19% 5.57% a 10.15% Brazil for example goodwill, are not subject to the Executive Board Nexa Resources (i) 0.07% a 6.75% 3.50% a 5.30% Campos Novos Energia S.A. 26 26 amortization and are tested annually for Long steels 9.66 a 20.03% 8.63% a 16.85% 2020 Highlights Pollarix S.A. 1 1 impairment. Holding and other 9.34 a 11.14% 6.31% a 8.94% 2,124 2,730 Portfolio Overview (i) The fair value calculations were based on the The Company and its subsidiaries evaluate discounted cash flow model and are based on The Investment Holding Company Long steels the premise that growth rates take into account at least annually the recoverability of the independent information about projections, such as Strategy and Management Latin America carrying value of the operating segment of each LME quotes (mainly zinc and copper). People Acergroup S.A. 149 149 CGU. The process of estimating these values Governance, compliance and risks Acerholding S.A. 5 6 involves the use of assumptions, judgments and Acerbrag S.A. Economic and Financial Performance 1 1 estimates of future cash flows that represent 155 156 Social Investment the best estimate of the Company and its subsidiaries. Initiatives to Combat COVID-19 CBA Center of Excellence (CoE) Brazil The Company’s management determined Campos Novos Energia S.A. 31 32 Reservas Votorantim the budgeted gross margin based on past Metalex Ltda. 49 49 performance and its expectations of market Altre Rio Verdinho Energia S.A. 29 29 development. The discount rates used are Machadinho Energética S.A. Portfolio Companies 15 15 pre-tax and reflect specific risks related to the BAESA - Energética Barra Votorantim Cimentos Grande S.A. 7 7 operating segment or the CGU being tested. Banco BV 131 132 The calculations of the value in use are based Votorantim Energia Holding and other on cash flow projections, before the calculation Nexa Resources Latin America of income tax and social contribution, and Citrosuco Votorantim Andina S.A. 16 16 based on the financial budgets approved by CBA Fazenda Bodoquena Ltda. 1 1 Management for the projected period for the Acerbrag e Acerías Paz del Río Jaguatirica Empreendimento next five years. The amounts referring to cash Imobiliário SPE S.A. 5 5 flows, for the period exceeding five years, were About this Report 22 22 extrapolated based on the estimated growth GRI Disclosures 6,579 6,008 rates. The growth rate does not exceed the (i) Variation refers to impairment, according to note long-term average for the sector. Consolidated Financial Statements 1.1 (k). Assurance Report Credits and Corporate Information

Page 145 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 20 Right of use assets the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview (a) Breakdown and changes The Investment Holding Company 2020 2019 Property, Strategy and Management Land buildings and im- and com- Machinery, People prove- mercial equipment and Governance, compliance and risks ments rooms facilities IT equipment Vehicles Total Total Opening balance for the Economic and Financial Performance year Social Investment Cost 88 206 266 29 461 1,050 Accumulated amortization Initiatives to Combat COVID-19 (12) (46) (61) (17) (101) (237) Net opening balance for Center of Excellence (CoE) the year 76 160 205 12 360 813 Initial adoption 666 Reservas Votorantim Remeasurement of principal (1) 1 1 1 (3) (1) Altre New contracts 14 14 45 5 40 118 355 Portfolio Companies Amortization (15) (51) (81) (13) (116) (276) (237) Votorantim Cimentos Disposals (2) (1) (3) (25) Renegotiation of contracts Banco BV (7) (1) (8) Effect of subsidiaries Votorantim Energia excluded in consolidation 1 (2) (1) 3 1 Nexa Resources Foreign exchange variation 20 18 24 2 90 154 54 Transfers Citrosuco (1) (1) Closing balance for the year 93 131 193 6 374 797 813 CBA Cost 123 234 340 39 613 1,349 1,050 Acerbrag e Acerías Paz del Río Accumulated amortization (30) (103) (147) (33) (239) (552) (237) Net closing balance for the About this Report year 93 131 193 6 374 797 813 GRI Disclosures Average annual amortization rates - % 12 18 35 62 33 Consolidated Financial Statements

Assurance Report Credits and Corporate Information

Page 146 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 21 Borrowing the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview Accounting policy the period of the borrowings using the effective of that asset when it is probable that future interest rate method. economic benefits associated with the item The Investment Holding Company Borrowings are initially recognized at fair will flow to the Company and costs can be Strategy and Management value, net of transaction costs incurred, and Borrowing costs directly related to the measured reliably. The other borrowing costs People subsequently carried at amortized cost. Any acquisition, construction or production of a are recognized as finance costs in the period in Governance, compliance and risks difference between the proceeds (net of qualifying asset that requires a substantial which they are incurred. Economic and Financial Performance transaction costs) and the total amount payable period of time to get ready for its intended Social Investment is recognized in the statement of income over use or sale are capitalized as part of the cost Initiatives to Combat COVID-19 (a) Breakdown and fair value Center of Excellence (CoE) Current Non-current Total Reservas Votorantim Type Average annual charges 2020 2019 2020 2019 2020 2019 2020 2019 Altre Local currency Debentures Portfolio Companies 110.18% CDI / IPCA + 3.80% 53 424 2,511 2,287 2,564 2,711 3,214 2,678 Export credit notes 112.09% CDI 267 8 1,825 1,078 2,092 1,086 2,827 1,081 Votorantim Cimentos BNDES TJLP + 2.33% / 0.67% Pré BRL / SELIC + Banco BV 3.01% / IPCA + 5.00% 66 97 1,037 641 1,103 738 1,829 720 Development promotion agency 10.00% Pré BRL / TJLP + 0.65% 1 7 34 23 35 30 47 32 Votorantim Energia FINAME 4.62% Pré BRL 10 17 14 43 24 60 25 59 Nexa Resources Syndicated loan/bilateral agreements 8.49 % Pré BRL 38 553 591 591 Citrosuco Other 18 29 13 29 31 58 34 59 CBA National Total 453 582 5,987 4,101 6,440 4,683 8,567 4,629 Acerbrag e Acerías Paz del Río Foreign currency About this Report Eurobonds - USD 6.10% Pré USD 231 137 13,315 10,156 13,546 10,293 16,225 11,550 GRI Disclosures Eurobonds - EUR 3.50% Pré EUR 26 1,576 1,602 1,682 Loans - Law 4131/1962 (i) Libor + 0.66% / 1.65% Pré USD 2 2 1,387 905 1,389 907 1,389 907 Consolidated Financial Statements Eurobonds - BOB 5.38% Pré BOB 1 1 407 315 408 316 408 316 Assurance Report Syndicated loan/bilateral agreements 3.73% Pré BOB / 1.81% Pré CAD / 15.09% Pré TRY/ 13.09% Pré UYU / Credits and Corporate Information 5.55% Pré BOB 90 22 1,320 358 1,410 380 1,535 394 Export prepayments Libor + 1.27% 209 312 799 521 799 530 823 Working capital IBR + 4.02% / 6.90% Pré COP / 0.98% Pré PEN 368 146 29 397 146 368 146 Development promotion agency Libor + 1.10% 40 31 181 171 221 202 229 210

Page 147 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From Current Non-current Total the Board of Directors Type Average annual charges 2020 2019 2020 2019 2020 2019 2020 2019 A Message From 4 3 697 389 701 392 725 107 the Executive Board Other 9 4 23 31 32 35 34 318 Foreign Total 2020 Highlights 954 372 17,671 14,700 18,625 15,072 21,443 16,453 Total 1,407 954 23,658 18,801 25,065 19,755 30,010 21,082 Portfolio Overview The Investment Holding Company Current portion of long-term borrowing 488 562 Interest on borrowing Strategy and Management 358 236 Short-term borrowing 561 156 People 1,407 954 Governance, compliance and risks (i) Loan agreements (NCE – Export Credit Note) of the subsidiary CBA are intended to financing export-related operations and are linked to swap contracts (derivative financial Economic and Financial Performance Social Investment instrument), which aim to switch floating rate Key: 2020 2019 Initiatives to Combat COVID-19 exposure exchange in Brazilian reais (CDI) to an BNDES – National Bank for Economic and Social exchange rate pre-fixed in US Dollars, resulting in Development. Opening balance for the year 19,755 24,451 Center of Excellence (CoE) a weighted average cost of 5.00% per year. The subsidiary Nexa also has NCE contracts, which have BRL – Brazilian currency (Real). New borrowing 11,772 4,323 linked swap contracts, which aim to exchange the BOB – Bolivian peso Interest 1,314 1,007 Reservas Votorantim exposure of floating rates in LIBOR to CDI + spread. CAD – Canadian Dollar These swaps were contracted together with the Addition of borrowing fees, net of Altre financing and with the same financial institution. CDI – Interbank Deposit Certificate amortization 10 17 (ii) Loans related to Law 4,131 / 1962 have swaps CDOR – Canadian Dollar Offered Rate Fair value adjustment 26 22 Portfolio Companies (derivative financial instruments) that aim at COP – Colombian Peso Foreign exchange variation both the exchange of floating rates in LIBOR 4,345 507 Votorantim Cimentos EUR – European Union currency (Euro) and fixed rates for floating rates in CDI, as well Payments - interest (1,263) (1,217) as the exchange in currency in dollars for reais. EURIBOR – Euro Interbank Offered Rate. Banco BV Payments - principal (10,846) (9,356) These swaps were contracted with the financial FINAME – Government Agency for Machinery and Votorantim Energia institution in conjunction with the loan (dollar- Equipment Financing. Reclassification to liabilities denominated debt + swap to reais in% of CDI). The related to legal assets for sale (55) Nexa Resources terms and conditions of the loan and derivative IBR – Interbank Rate (Colombia) Gain on debt renegotiation 6 are configured as a matched operation, so that INR – Indian Rupee Citrosuco economically the resulting is a debt in% of the CDI Others 1 1 in reais. The difference in measurement between IPCA – Extended Consumer Price Index. CBA the two instruments (loan at amortized cost x LIBOR – London Interbank Offered Rate. Closing balance for the year 25,065 19,755 derivative at fair value) generates an “accounting SELIC – Special System for Clearance and Custody. Acerbrag e Acerías Paz del Río mismatch” in the result and, to eliminate this (c) New borrowing and amortizations effect, contracts made as of August 2015 were TJLP – Long-term interest rate set by the National About this Report designated as “fair value”, the effect of this Monetary Council. Until December 2017, the designation being the measurement of debt at fair TJLP is the BNDES basic cost of financing. As Through the funding and prepayment of GRI Disclosures value through profit or loss as per note 20. of January 2018, the Long-Term Rate (TLP) became the main financial cost of BNDES certain debts, the Company seeks to extend financing. Consolidated Financial Statements the average maturities, as well as to balance TYR – Turkish lira the exposure to different currencies for loans Assurance Report USD – US Dollar UYU – Uruguayan peso and financing against cash generation in these Credits and Corporate Information currencies. (b) Changes

Page 148 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From The main amortization in the year was as follows: the Board of Directors Date Company Type Currency Principal Principal BRL Maturity Cost A Message From Feb-20 the Executive Board Companhia Brasileira de Aluminio Export Credit Note (i) BRL 250 250 2029 4,25% Pré Mar-20 Nexa Recursos Minerais S.A. Export Credit Note BRL 252 252 2025 134,2% CDI 2020 Highlights Mar-20 Nexa Resources Peru S.A.A. Syndicated loan/bilateral agreements (ii) BRL 477 477 2025 2,45% Pré Portfolio Overview Mar-20 St Marys Cement Inc. Syndicated loan/bilateral agreements USD 20 102 2024 LIBOR 01M + 1% Mar-20 Votorantim Cimentos S.A. Loans - Law 4131/1962 (iii) USD 50 249 2025 110,8% CDI The Investment Holding Company Mar-20 Nexa Recursos Minerais S.A. Export Credit Note BRL 245 245 2022 CDI + 1,80% Strategy and Management Mar-20 Votorantim Cimentos Internacional Syndicated loan/bilateral agreements USD 60 304 2024 LIBOR 03M + 1% People Mar-20 St Marys Cement Inc. Syndicated loan/bilateral agreements CAD 28 100 2024 CDOR 01M + 1% Governance, compliance and risks Mar-20 St Marys Cement Inc. Syndicated loan/bilateral agreements USD 30 152 2024 LIBOR 01M + 1% Economic and Financial Performance Mar-20 Votorantim Cimentos Internacional Syndicated loan/bilateral agreements USD 46 237 2024 LIBOR 03M + 1% Apr-20 Social Investment Nexa Resources Syndicated loan/bilateral agreements USD 300 1,555 2024 LIBOR 03M + 1% May-20 Votorantim Cimentos EAA Inversiones S.L. Syndicated loan/bilateral agreements USD 200 1,180 2023 LIBOR 03M + 1% Initiatives to Combat COVID-19 Jun-20 Nexa Resources Syndicated loan/bilateral agreements USD 500 2,673 2028 6,50% Pré Center of Excellence (CoE) Aug-20 Companhia Brasileira de Aluminio Syndicated loan/bilateral agreements USD 46 250 2024 3,60% Pré Oct-20 Reservas Votorantim Mineração Dardanelos Syndicated loan/bilateral agreements BRL 225 225 2040 IPCA + 5,52% Nov-20 EURIBOR 03M + Altre Votorantim Cimentos EAA Inversiones S.L. Syndicated loan/bilateral agreements EUR 50 328 2025 2,40% Nov-20 EURIBOR 06M + Portfolio Companies Votorantim Cimentos EAA Inversiones S.L. Syndicated loan/bilateral agreements EUR 100 635 2025 2,30% Dec-20 Cementos Artigas S.A. Syndicated loan/bilateral agreements UYU 1,074 133 2025 9,50% Pré Votorantim Cimentos Dec-20 Mineração Dardanelos Syndicated loan/bilateral agreements BRL 250 250 2040 IPCA + 5,52% Banco BV (i) Export Credit Note and BNDES modalities have a fixed rate in US dollars as described in item (a). Votorantim Energia (ii) Syndicated / Bilateral Loans contracted by the subsidiary Nexa Resources Peru S.A.A. has a swap that aims to exchange currency in BRL to US dollar and rate at 8.5% a.a. to 2.45% p.a. Nexa Resources (iii) The 4131 modality has a floating rate in CDI, as described in item (a). Citrosuco CBA Acerbrag e Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 149 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From The main amortizations made in the year were as follows: the Board of Directors Date Company projects Currency Principal Principal BRL Maturity Observation A Message From Feb-20 Votorantim Cimentos S.A. Debentures BRL 113 113 2025 Pre payment the Executive Board Feb-20 Nexa Resources Peru S.A.A. Eurobonds USD 215 952 2023 Pre payment 2020 Highlights Mar-20 Votorantim Cimentos Internacional Syndicated loan/bilateral agreements USD 23 115 2024 Pre payment Jun-20 Nexa Resources Pre payment export USD 100 535 2023 Pre payment Portfolio Overview Jun-20 Nexa Resources Syndicated loan/bilateral agreements USD 300 1,567 2024 Pre payment The Investment Holding Company Aug-20 St Marys Cement Inc. Syndicated loan/bilateral agreements USD 10 57 2024 Pre payment Strategy and Management Sep-20 Votorantim Cimentos EAA Inversiones S.L. Syndicated loan/bilateral agreements USD 200 1,060 2023 Pre payment People Sep-20 Votorantim Cimentos Internacional Syndicated loan/bilateral agreements USD 26 706 2024 Pre payment Oct-20 Governance, compliance and risks St Marys Cement Inc. Syndicated loan/bilateral agreements USD 70 394 2024 Pre payment Nov-20 St Marys Cement Inc. Syndicated loan/bilateral agreements USD 25 134 2024 Pre payment Economic and Financial Performance Dec-20 St Marys Cement Inc. Syndicated loan/bilateral agreements CAD 61 245 2024 Pre payment Social Investment Dec-20 Votorantim Cimentos Internacional Eurobonds EUR 195 1,210 2022 Pre payment Initiatives to Combat COVID-19

Center of Excellence (CoE) (d) Maturity (e) Breakdown by currency

Reservas Votorantim oal urren oren urren ,2 Current Non-current Total Altre 2020 2019 2020 2019 2020 2019 USD 488 174 15,892 12,597 16,380 12,771 Portfolio Companies ,9 , ,01 Real 453 582 5,987 4,101 6,440 4,683 2, 2, Votorantim Cimentos Euro 1,0 3 25 954 1,576 957 1,601 Banco BV 29 Boliviano 26 2 577 459 603 461 Turkish lire Votorantim Energia 202 2022 202 202 202 202 202 202 202 22 34 29 42 51 76 Nexa Resources Colombian peso 364 133 19 383 133 Other Citrosuco 51 4 200 26 251 30 1,407 954 23,658 18,801 25,065 19,755 CBA Acerbrag e Acerías Paz del Río (f) Breakdown by index About this Report Current Non-current Total 2020 2019 2020 2019 2020 2019 GRI Disclosures Local currency Consolidated Financial Statements CDI 321 431 3,796 2,848 4,117 3,279 TJLP Assurance Report 19 73 99 238 118 311 TLP 48 30 795 312 843 342 Credits and Corporate Information Fixed rate 54 28 575 74 629 102 SELIC 11 20 148 114 159 134 IPCA 574 515 574 515 National Total 453 582 5,987 4,101 6,440 4,683

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A Message From Current Non-current Total the Board of Directors 2020 2019 2020 2019 2020 2019 Foreign currency A Message From Fixed rate the Executive Board 565 251 14,621 12,262 15,186 12,513 LIBOR 252 36 2,077 2,438 2,329 2,474 2020 Highlights EURIBOR 3 954 957 Portfolio Overview Other 134 85 19 153 85 Foreign total 954 372 17,671 14,700 18,625 15,072 The Investment Holding Company 1,407 954 23,658 18,801 25,065 19,755 Strategy and Management People (g) Collateral (h) Covenants/financial ratios Governance, compliance and risks Economic and Financial Performance On December 31, 2020, the Company Certain loan and financing agreements are Social Investment guaranteed or provided guarantees for the subject to compliance with certain financial Initiatives to Combat COVID-19 following balance of loans and financing. ratios (covenants). When applicable, these obligations are standardized for all loan and Center of Excellence (CoE) Company 2020 2019 Companhia Brasileira de Alumínio financing contracts. Reservas Votorantim 907 955 Votorantim Cimentos Altre International S.A. 3,226 2,502 The Company and its subsidiaries complied Votorantim S.A. (i) 983 with all the conditions established in the loan Portfolio Companies Other 13 16 and financing contractual clauses, considering Votorantim Cimentos 4,146 4,456 the obtaining of waivers by the subsidiary Banco BV (i) Refers to the assumption of debt originally Nexa in order to correct the leverage ratio contracted by the subsidiary CBA. Votorantim Energia or prepayment of debts linked to these Nexa Resources In addition to these guarantees, the Company covenants. Therefore, there is no possibility Citrosuco guarantees the balance of R$ 1,344 of the that a counterparty will require payment of joint venture VTRM Energia e Participações S.A. outstanding debts or default on other debt CBA (December 31, 2019, R$ 1,403). contracts. Acerbrag e Acerías Paz del Río About this Report As of December 31, 2020, the amount of R$ 879 was guaranteed by fixed assets due GRI Disclosures to chattel mortgage (December 31, 2019, Consolidated Financial Statements R$ 895). Assurance Report Credits and Corporate Information

Page 151 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 22 Lease liabilities the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview (a) Changes to lease obligations – IFRS16 The Investment Holding Company 2020 2019 Strategy and Management Opening balance for the year 841 Initial adoption IFRS 16 People 666 Remeasurement of interest 15 Governance, compliance and risks New contracts 112 355 Economic and Financial Performance Amortization (251) (217) Social Investment Fair value adjustment (7) Initiatives to Combat COVID-19 Renegociation of contracts (8) Effect of subsidiaries included in Center of Excellence (CoE) consolidation 1 13 Foreign exchange variation Reservas Votorantim 163 24 Closing balance for the year 858 841 Altre Portfolio Companies Current 235 210 Non-current Votorantim Cimentos 623 631 858 841 Banco BV Votorantim Energia (b) Maturity profile Nexa Resources Citrosuco 22 CBA 20 Acerbrag e Acerías Paz del Río 1 About this Report 10 GRI Disclosures Consolidated Financial Statements

Assurance Report 202 2022 202 202 202 202 Credits and Corporate Information

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A Message From 23 Confirming payables the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview The Company and subsidiaries have entered into agreements with financial institutions, The Investment Holding Company aiming to anticipate receivables from suppliers Strategy and Management in domestic and foreign markets. As part of this People operation, suppliers transfer the right to receive Governance, compliance and risks their accounts receivable related to sales of Economic and Financial Performance goods to financial institutions. Social Investment Operations - Confirming Initiatives to Combat COVID-19 payables 2020 2019 Domestic market 540 256 Center of Excellence (CoE) Foreign market 1,840 1,159 Reservas Votorantim 2,380 1,415 Altre Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag e Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 153 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 24 Current and deferred income tax and social contribution the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview Accounting policy Deferred tax assets are recognized only to the (a) Reconciliation of income tax and social extent it is probable that future taxable profit contribution expenses The Investment Holding Company The income tax and social contribution expense will be available against which the temporary Strategy and Management for the period comprises current and deferred differences and/or tax losses can be utilized. The current amounts are calculated based on People taxes. Taxes on profit are recognized in the the current rates levied on taxable income, Governance, compliance and risks statement of income, except to the extent Deferred income tax assets and liabilities are adjusted upwards or downwards by the Economic and Financial Performance that they relate to items recognized directly presented net in the balance sheet when there respective additions and exclusions. Social Investment in equity. In such cases, the taxes are also is a legal right and the intention to offset them recognized in comprehensive income or directly upon the calculation of current taxes, generally The income tax and social contribution amounts Initiatives to Combat COVID-19 in equity. related to the same legal entity and the same presented in the statements of income for the Center of Excellence (CoE) taxation authority. Thus, deferred tax assets year ended December 31 are reconciled to their Reservas Votorantim The current and deferred income tax and social and liabilities in different entities or in different Brazilian standard rates as follows contribution is calculated on the basis of the countries are presented separately, and not net. Altre tax laws enacted or substantively enacted at Portfolio Companies the balance sheet date in the countries where The Company and its subsidiaries are subject Votorantim Cimentos the entities operate and generate taxable to income taxes in all countries in which it Banco BV income. Management periodically evaluates operates. The provision for income tax is positions taken by the Company in income calculated individually by the entity based on Votorantim Energia tax returns with respect to situations in which tax rates and rules effective at the entity’s Nexa Resources the applicable tax regulation is subject to location. The Company and its subsidiaries also Citrosuco interpretation. It establishes provision where recognizes liabilities for anticipated tax audit CBA appropriate on the basis of amounts expected issues based on estimates of whether additional Acerbrag e Acerías Paz del Río to be paid to the tax authorities. taxes will be due. Where the final tax outcome of these matters is different from the amounts About this Report Income tax and current social contribution are that were initially recorded, such differences will GRI Disclosures shown net, by taxpayer entity, in liabilities when have an impact on the current and deferred tax Consolidated Financial Statements there are amounts to be paid, or in assets when assets and liabilities in the period in which the the amounts paid in advance exceed the total determination is made. Assurance Report due on the balance sheet date. Credits and Corporate Information

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A Message From 2020 2019 (b) Breakdown of deferred tax balances (c) Effects of deferred income tax and social the Board of Directors contribution on the profit for the year and Profit (loss) before income tax 2020 2019 and social contribution (1,474) 7,147 Tax credits on tax losses 1,843 2,371 comprehensive income A Message From Standard rates 34% 34% the Executive Board Tax credits on temporary 2020 2019 Income tax and social differences contribution at standard rates 501 (2,430) Opening balance for the year Estimation for losses on 1,254 1,885 2020 Highlights Adjustments for the calculation investments, fixed and Effects on the results for the of income tax and social intangible assets 990 1,011 Portfolio Overview contribution at effective rates year - continuing operations (691) (705) Foreign exchange gains 318 278 Deferred income tax and Equity 247 312 The Investment Holding Company Deferred of losses on social contribution - financial Difference related to the rate derivative instruments 726 343 instruments 127 103 Strategy and Management of companies abroad (45) (82) Tax, civil and labor provision Effects of foreign exchange Tax loss and negative 640 597 variations in other People basis without deferred tax Tax benefit on goodwill 503 504 comprehensive income (233) (29) constitution (607) (219) Governance, compliance and risks Asset retirement obligation 228 178 Others (99) Mining operation tax (31) (29) Use of public assets 143 149 Closing balance for the year 358 1,254 Economic and Financial Performance Impairment of goodwill without deferred constitution (i) (351) Estimation for inventory Social Investment losses 118 93 Tax effect of VCSA corporate (d) Realization of deferred income tax and Initiatives to Combat COVID-19 reorganization 22 82 Environmental liabilities 98 109 Addition of Profit abroad IN PPR - Provision for profit social contribution on tax losses Center of Excellence (CoE) 1520/14 (381) (238) sharing 197 129 IR credit non-external payment Provision for loan 67 74 2020 Percentage IN 1520/14 280 166 Reservas Votorantim Provision for social security In 2021 183 10% Deferred constitution on obligations 57 48 In 2022 Altre exchange variation of fixed 158 9% assets (356) (21) Financial instruments - firm commitment 77 50 In 2023 267 14% Portfolio Companies Impairment of deferred In 2024 tributes (ii) (524) Provision for energy charges 57 54 343 19% Votorantim Cimentos Permanent difference - Estimated asset disposals 14 3 After 2025 891 48% Impairment of investments of Other tax credit Banco BV years 236 168 1,843 100% after amending Spain VCEAA Tax debits on temporary Votorantim Energia legislation (20) (14) differences Nexa Resources Impairment of deferred IR (98) Adjustment of useful lives of PP&E (depreciation) (2,472) (1,981) Citrosuco Permanent additions (exclusions), net (229) 307 Adjust the fair value in the Suzano transaction (623) (549) CBA Income tax and social contribution calculated (1,592) (2,166) Goodwill amortization (343) (299) Acerbrag e Acerías Paz del Río Current (901) (1,461) Market value assets (1,728) (1,344) About this Report Deferred (691) (705) Adjustment to present value (151) (179) Income tax and social Capitalized interest (136) (206) GRI Disclosures contribution expenses (1,592) (2,166) Fair value adjustments (50) (34) Effective rate - % -108% 30% Consolidated Financial Statements Gain in fair value in VTRM´s (i) Refers to goodwill impairment of subsidiary Nexa, operation (48) as mentioned in note 1.1 (k) Assurance Report Other tax debits (451) (265) (ii) Refers, substantially, to the reversal of deferred Net 358 1,254 Credits and Corporate Information tax in subsidiary CBA, as mentioned in note 1.1 (n) Net deferred tax assets related to the same legal entity 2,731 3,341 Net deferred tax liabilities related to the same legal entity (2,373) (2,087)

Page 155 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 25 Provision the Board of Directors

A Message From Accounting policy the Executive Board 2020 Highlights Portfolio Overview The Company and its subsidiaries are party to the expenditure expected to be required to asset retirement cost, equivalent to the present tax, civil, labor and other legal claims in progress settle the obligation using a pre-tax rate that value of the obligation (liability), is capitalized The Investment Holding Company at different Court levels. Provision against reflects current market assessments of the time as part of the carrying amount of the asset, Strategy and Management potentially unfavorable outcomes of litigation value of money and the risks specific to the which is depreciated over its useful life. These People in progress is established and updated based obligation. The increase in the provision due to liabilities are recorded as provisions. Governance, compliance and risks on management evaluation, as supported by time elapsing is recognized as interest expense. Economic and Financial Performance external legal counsel, and requires a high level Provision does not include future operating The Company and its subsidiaries recognize Social Investment of judgment regarding the matters involved. losses. a liability based on the fair value for the demobilization of assets in the period in which Initiatives to Combat COVID-19 The judicial deposits are monetarily restated (ii) Asset retirement obligations they occur, against the corresponding intangible Center of Excellence (CoE) and when they have a corresponding provision asset. The Company and its subsidiaries Reservas Votorantim they are presented net in “Provision”. Judicial The calculation of asset retirement obligations consider the accounting estimates related to deposits that do not have a corresponding involves judgment about certain assumptions. the recovery of degraded areas and the costs of Altre provision are presented in non-current assets. In environmental terms, they refer to the closing a mine as a critical accounting practice Portfolio Companies future obligation to restore the ecological because it involves expressive amounts of Votorantim Cimentos (i) Provision for tax, civil, labor, environmental conditions similar to those existing before provisions and these are estimates that involve Banco BV and other legal claims the beginning of the project or activity, or to several assumptions such as interest rates, carry out compensatory measures, agreed inflation, useful life of the assets considering Votorantim Energia The provision for tax, civil, labor, environmental upon with the applicable bodies, as a result the current stage of exhaustion, the costs Nexa Resources and other legal claims is recognized when: (i) the of it being impossible to return the areas to involved and the projected depletion dates Citrosuco Company has a present legal or constructive the pre-existing condition. These obligations of each mine. These estimates are reviewed CBA obligation as a result of past events, (ii) it is arise from the beginning of the environmental annually by the Company and its subsidiaries. Acerbrag e Acerías Paz del Río probable that an outflow of resources will degradation of the area occupied by the be required to settle the obligation, and (iii) operation or from formal commitments made (iii) Obligation for environmental liabilities About this Report the amount can be reliably estimated. Losses to the environmental body, under which GRI Disclosures classified as possible are not recognized for the degradation must be compensated. The The environmental liability must be recognized Consolidated Financial Statements accounting purposes, and are disclosed in the dismantling and removal of an asset from an when there is an obligation on the part of the notes. Contingencies with probability of loss operation occurs when it is permanently retired, Company and its subsidiaries through having Assurance Report classified as remote are not provisioned nor through the interruption of its activities, or by incurred an environmental cost which is not yet Credits and Corporate Information disclosed, except when the Company and its its sale or disposal. disbursed. subsidiaries consider their disclosure justified. Expenditures relating to mine retirement is Provision is measured at the present value of recorded as asset retirement obligations. The

Page 156 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From (a) Breakdown and changes (c.1) Comments on contingent tax and public the Board of Directors rights liabilities with likelihood of loss 2020 2019 considered possible A Message From Legal claims the Executive Board Asset retire- ment obliga- The following are the main contingent liabilities 2020 Highlights tion Tax Labor Civil Other Total Total related to tax proceedings in progress with the Opening balance for the year 1,801 878 176 252 30 3,137 2,595 Portfolio Overview likelihood of possible loss, for which there is Additions 16 120 294 28 54 512 421 no provision recorded. In the table below we The Investment Holding Company Reversals (3) (192) (81) (17) (26) (319) (137) present an analysis of the relevance of these Strategy and Management Judicial deposits, net of write- offs 6 (13) 4 (3) 31 processes: People Settlement in cash (69) (2) (67) (8) (146) (122) Governance, compliance and risks Settlements with escrow deposits (26) (4) (4) (34) (163) (i) Tax assessment notice – “IRPJ / CSLL” Economic and Financial Performance Present value adjustment 117 117 78 Social Investment Monetary restatement (3) (22) 1 7 (2) (19) 17 In December 2016, the subsidiary VCSA was Foreign exchange variation assessed by the Brazilian Federal Revenue Office Initiatives to Combat COVID-19 250 4 5 2 4 265 33 Revision of estimated cash flow 76 76 384 in the historical amount of R$ 470 demanding Center of Excellence (CoE) Closing balance for the year 2,185 766 311 264 60 3,586 3,137 the collection of IRPJ and CSLL relating to Reservas Votorantim the period of 2011, due to the alleged undue (b) Provision for tax, civil, labor, other contingencies and outstanding judicial deposits deduction of operating expenses and costs. Altre In January 2018, the VCSA became aware of 2020 2019 Portfolio Companies Out- Out- the Lower Court decision from the Federal Votorantim Cimentos standing standing Revenue’s Judgment Office, which judged the judicial judicial appeal partially with grounds, reducing the Banco BV Judicial Net deposits Judicial Net deposits deposits Provision amount (i) deposits Provision amount (i) lawsuit by approximately R$ 114. In December Votorantim Energia Tax (123) 889 766 145 (129) 1,007 878 182 2018, the Appeal of the Administrative Board Nexa Resources Labor (123) 434 311 22 (110) 286 176 46 of Tax Appeals was dismissed and the Voluntary Citrosuco Civil (17) 281 264 3 (21) 273 252 108 Appeal was partially accepted for the VCSA. At CBA Other (1) 61 60 23 (1) 31 30 9 this moment we await the formalization of the Acerbrag e Acerías Paz del Río (264) 1,665 1,401 193 (261) 1,597 1,336 345 Court Decision. As of December 31, 2020, the (i) The Company and its subsidiaries have balances deposited in lawsuits classified by Management, following the restated amount of the contingency is R$ 580, About this Report indications of the legal advisors of the Company and its subsidiaries as of remote or possible loss. Therefore, no provision has been for these cases. of which R$ 54 is assessed as probable and has GRI Disclosures a properly constituted provision, the amount Consolidated Financial Statements (c) Litigation with likelihood of loss considered of R$ 224 is assessed as possible and the possible 2020 2019 remainder as remote totaling the amount of Assurance Report Tax 12,581 11,671 R$ 316. Civil 7,988 7,900 Credits and Corporate Information The Company and its subsidiaries are party to Environmental litigation representing a risk of possible loss, for 527 612 In December 2017, the VCSA received a tax Labor and social security which no constituted provision has been made, 367 276 assessment notice from the Brazilian Federal as detailed below. 21,463 20,459 Revenue Office in the amount of R$ 1,295 for

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A Message From alleged non-payment or underpayment of IRPJ (iv) PIS / COFINS credit statement Currently, the cases are awaiting an the Board of Directors and CSLL relating to the period from 2012 to administrative decision due to the presentation 2013, due to: (i) capital gain allegedly obtained Substantially comprised by the subsidiary of a challenge by the Company and its A Message From the Executive Board due to a barter made by the VCSA; and (ii) CBA, which has Decisional Orders and tax Subsidiaries. supposedly incorrect amortization of goodwill. assessments relating to the PIS and COFINS 2020 Highlights In October 2018, the Company became aware credits, referring to the items applied in the In the opinion of Management and in the Portfolio Overview of the lower court decision, which considered production process, which, in the opinion of opinion of its independent legal advisors, it the challenge unfavorable. At the moment, the Brazilian Federal Revenue Office, would appears that there was a misconception on The Investment Holding Company the case awaits the judgment of the Voluntary not generate the right to credit of the said the part of RFB when assessing the amounts Strategy and Management Appeal by CARF. As of December 31, 2020, the contributions. The amount restated as of presented by the Company and its subsidiaries, People updated contingency amount is R$ 1,505 and is December 31, 2020 was R$ 690. Currently, all which is why the likelihood of loss in the Governance, compliance and risks assessed as possible. the processes await administrative decisions. lawsuits is considered possible. Economic and Financial Performance Social Investment (ii) Profits abroad – “IRPJ/CSLL” In the opinion of Management and in the (vii) Tax assessment notice – ICMS opinion of its independent legal advisors, in Initiatives to Combat COVID-19 The Company and its subsidiaries have light of precedents and case law, the likelihood In the fourth quarter of 2016, the subsidiary Center of Excellence (CoE) assessments drawn up by the Brazilian Federal of loss of the process is considered possible. CAI received a tax assessment notice whose Reservas Votorantim Revenue Office, for alleged nonpayment of value up to December 31, 2020 amounts to IRPJ and CSLL on profits earned abroad by its (v) Financial Compensation for the Exploration R$ 176. The process currently awaits judgment Altre subsidiaries or affiliates, in the periods of 2007, of Mineral Resources – CFEM of the special appeal filed by the company Portfolio Companies 2008, 2010, 2012, 2013 and 2014. before the Tax and Taxes Court of São Paulo Votorantim Cimentos The subsidiaries Nexa BR, CBA and VCSA had Paulo. Banco BV The balance substantially composed by the several assessments drawn up by the National Company, amounted to R$ 1,061 at December Department of Mineral Production – “DNPM” (viii) ICMS on electricity charges Votorantim Energia 31, 2020 (R$ 1,096 as at December 31, for alleged failure to pay or lower collection of Nexa Resources 2019). All cases are awaiting judgment at the CFEM from 1991 to 2015. As of December 31, The subsidiary CBA has judicial and Citrosuco administrative level. 2020, the amount of possible loss amounted to administrative discussions regarding the CBA R$ 385. incidence of ICMS on the sector charges levied Acerbrag e Acerías Paz del Río (iii) ICMS credit on the electricity tariff. As of December 31, (vi) IRPJ/CSLL negative balance credit 2020, the amount in controversy of these About this Report Between 2011 and 2013, eight notices of discussions amounts to R$ 226. GRI Disclosures infringement and fines were filed against the VSA and its subsidiaries CBA received decisions Consolidated Financial Statements Company’s subsidiary Citrovita Agro Industrial regarding the gloss of negative balance of IRPJ In the opinion of Management and in the Ltda. (“CAI”), mainly aimed at the collection credits, totaling the updated amount of R$ 385 opinion of its independent legal advisors, the Assurance Report of ICMS credited, as highlighted in invoices for as of December 31, 2020. Currently, the cases assessment is unfounded, which is why the Credits and Corporate Information the transfer of other subsidiaries, with the await an administrative decision due to the likelihood of loss of the process is considered specific purpose of non taxable export. The presentation of a challenge by the Company and possible. tax assessment notices totaled R$ 833 as at its Subsidiaries. December 31, 2020.

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A Message From (ix) IRPJ/CSLL – Transfer Price (xi) Collection of ICMS due to divergences (i) Civil class action – Cartel the Board of Directors regarding the destination of the item Between 2007 and 2010, four tax assessments The Office of the Public Prosecutor of the State A Message From the Executive Board were filed against its subsidiary CAI, aiming The subsidiary CBA was assessed for alleged of Rio Grande do Norte filed a civil class action at the collection of IRPJ and CSLL, and the failure to pay ICMS. As of December 31, 2020, against the subsidiary VCSA, together with 2020 Highlights adjustment in the basis of tax losses and the the value of these assessments totals R$ 86. eight other defendants, including several of Portfolio Overview negative basis of CSLL, due to the losses made Brazil’s largest cement manufacturers, alleging in the adjustments made by the Company in this In the opinion of Management and in the the formation of a cartel, demanding that: (1) The Investment Holding Company transfer pricing calculations in 2003 and 2004. opinion of its independent legal advisors, the the defendants make an indemnity payment, Strategy and Management In October 2018, one of the cases was closed criteria adopted in relation to the destination of jointly, amounting to R$ 5,600, in favor of the People in a favorable to the CAI, with the amount the assets are in accordance with the pertinent civil class action, due to pain and suffering and Governance, compliance and risks of R$ 191 remaining under administrative legislation and the probability of loss of the property collective damage; (2) the defendants Economic and Financial Performance discussion, restated up to December 31, 2020. process is considered possible. make a payment of 10% of the total amount Social Investment The active processes await judgment of appeals paid by the customers for the acquisition of by the Administrative Council of Tax Appeals. (xii) IRPJ/CSLL – Expense Deduction cement or concrete under the brands owned by Initiatives to Combat COVID-19 the defendants, during the period from 2002 Center of Excellence (CoE) (x) Tax classification mismatch – Import In December 2016, the subsidiary CAI was to 2006, due to individual consumer damages; Reservas Votorantim assessed by the RFB for the collection of IRPJ (3) that the defendants pay the following In March 2017, the subsidiary CBA was and CSLL, due to the gloss of exclusions from penalties according to Article 23 Section 1 and Altre assessed on account of a supposed error in the calculation base of said taxes in the 2011 Article 24 of Law 8,884/1994: (i) in addition Portfolio Companies the tax classification on the importation of calendar year. The amounts required by the to the payment mentioned in item (1) above, a Votorantim Cimentos inputs, resulting in the tax requirement (IPI, PIS, tax assessment notice total R$ 78. In the last fine ranging from 1% to 30% of annual gross Banco BV COFINS E II), whose value in December 2020 quarter of 2018, a partial cancellation of the revenues relating to the fiscal year immediately amounts to R$ 186. tax assessment notice was filed by the Regional preceding the year in which the alleged violation Votorantim Energia Judgment Office (DRJ), and judgment on the occurred, but not less than the monetary Nexa Resources Because the undisputed legal counsel wrongly Voluntary Appeal filed is currently awaited. advantage acquired; and (ii) a prohibition, for Citrosuco understood the complaint, the subsidiary CBA a period not shorter than five years, from CBA filed a challenge that was favorably judged in (c.2) Comments on contingent civil liabilities obtaining financing from governmental financial Acerbrag e Acerías Paz del Río the first administrative instance. Currently, with likelihood of loss considered possible institutions or from participating in bidding the case awaits judgment by the CARF of the processes conducted by the federal, state About this Report voluntary appeal filed by the Attorney General Nature 2020 2019 or municipal governments and their entities. Public civil suit – Violation of GRI Disclosures of the National Treasury. the economic order 4,332 4,023 In view of the total number of the claims in Administrative investigations item (1) above in the amount of R$ 5,600 and Consolidated Financial Statements carried out by the Secretariat In the opinion of Management and in the of Economic Law 2,131 2,052 because of the claims alleging joint liability, Assurance Report Other lawsuits opinion of its independent legal advisors, the 1,525 1,825 VCSA estimated that, based on its market share, likelihood of loss of said process is considered its share of the liability would be approximately Credits and Corporate Information 7,988 7,900 possible. R$ 2,400. However, there can be no assurance that this apportionment would prevail and that VCSA will not be held liable for a different

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A Message From proportion, which may be larger, or for the total relevant markets in which VCSA has more than claims against Votorantim Cimentos and other the Board of Directors number of these claims. Additionally, there can one concrete plant; and (3) a specific cement companies which were convicted by CADE, be no assurance that VCSA will not be required asset that, in CADE’s opinion, was directly due to the alleged formation of a cartel in the A Message From the Executive Board to pay other amounts as compensation for related to the alleged illegal act of which VCSA cement and concrete markets, in summary damages caused to consumers as mentioned is accused. Other non-monetary penalties claiming that the cartel caused economic and 2020 Highlights in item (2) above and/or the fine mentioned in were also imposed on VCSA, including: (1) non-economic losses. In January 2018, the first Portfolio Overview item (3) above. the obligation to publish CADE’s decision in sentence dismissing the merit of the indemnity one of the five biggest Brazilian newspapers; claims was issued. In December 2019, there The Investment Holding Company In the last quarter of 2018, an order was issued (2) a prohibition against contracting with were already 26 decisions dismissing the merit Strategy and Management rejecting the arguments presented by the official financial institutions for credit lines in the lower court. Moreover, ten of these People defendants and determining the production with financing conditions subsidized by public lawsuits already recognized that eventual Governance, compliance and risks of expert evidence. At the moment a decision programs or resources provided by these damages arising from the facts identified in the Economic and Financial Performance is awaited on the motions to clarify against institutions; and (3) a recommendation to the administrative proceeding of CADE had already Social Investment such order. The likelihood of loss in this matter Federal Revenue that they restrict or limit expired, of which seven were final decisions. is considered possible, and the VCSA has not certain other benefits and tax incentives. As of Initiatives to Combat COVID-19 recorded any provision for this claim. As at December 31, 2020, the updated contingency One of these indemnity actions was proposed Center of Excellence (CoE) December 31, 2020, the restated balance of amount is R$ 2.131. by Mendes Junior Engenharia S.A. In the first Reservas Votorantim the contingency was R$ 4,247. degree, a decision was issued declaring partially In November 2015, VCSA filed an annulment the possible damages postulated, being Altre (ii) Administrative Proceedings by SDE, action to cancel the decision issued at the reversed in the second degree and, currently, Portfolio Companies currently CADE (Brazilian antitrust agency) administrative level or, at least, to reduce the the subject awaits judgment of an appeal before Votorantim Cimentos applied penalties. The injunction was granted the Superior Court of Justice. Subsequently, a Banco BV In 2006 the SDE initiated administrative on November 24, 2015, suspending the decision on the merits was rendered, dismissing proceedings against the largest Brazilian cement effects of the decision issued by CADE at the the requests as unfounded the plaintiff filed an Votorantim Energia companies, including VCSA, alleging that the administrative level, preventing CADE from appeal, pending judgment. Nexa Resources large cement companies would have breached demanding the fulfillment of the obligations Citrosuco Brazilian antitrust laws, such as in terms of and/or executing the penalties until a judgment CBA price fixing and the formation of a cartel. After of the merits. CADE was summoned and filed Acerbrag e Acerías Paz del Río the finding of facts, the CADE court judged the its defense, while VCSA presented its reply lawsuit, issuing the final terms of the judgment in November 2016. Recently, an economic About this Report on July 29, 2015, applying several penalties to expert evidence has been accepted. The parties GRI Disclosures the companies. indicated technical assistants and raised Consolidated Financial Statements questions. The expert is requested to report if The penalties imposed on VCSA include the he accepts the charge and presents an estimate Assurance Report payment of a fine of approximately R$ 1,566 of the fees. The VCSA classified the likelihood Credits and Corporate Information and an obligation for VCSA to sell: (1) all of loss on this lawsuit as possible. its interests in other cement and concrete companies in Brazil; (2) 20% of its installed During 2017, some construction companies and capacity of concrete services in Brazil, in concrete producers filed lawsuits for indemnity

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A Message From 26 Use of public assets the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview Accounting policy agreement discounted to present value (present commencement of operations and are adjusted value of the future payment cash flows). by the General Market Price Index for the Use of The Investment Holding Company The amount is originally recognized as a Public Assets. Strategy and Management financial liability (obligation) and as an The subsidiaries own or participate in People intangible asset (right to use a public asset) companies that hold concession contracts in The contracts have an average duration of Governance, compliance and risks which corresponds to the amount of the the electrical energy industry. Most of these 35 years, and the amounts to be paid annually Economic and Financial Performance total annual charges over the period of the contracts provide for annual payments from the are as follows: Social Investment Initiatives to Combat COVID-19 2020 2019 Center of Excellence (CoE) Intan- gible Reservas Votorantim Conces- Conces- assets Intangible sion start sion end Payment Ownership (Note Ownership assets Plants/Companies Investor date date start date interest 18) Liabilities interest (Note 18) Liabilities Altre Salto Pilão Companhia Brasileira de Alumínio nov-01 dec-36 jan-10 60% 163 661 60% 173 538 Portfolio Companies Salto do Rio Verdinho Companhia Brasileira de Alumínio aug-02 sep-37 oct-10 100% 7 27 100% 7 22 Votorantim Cimentos Itupararanga Companhia Brasileira de Alumínio nov-03 dec-23 jan-04 100% 2 100% 2 Banco BV Piraju Companhia Brasileira de Alumínio dec-98 jan-34 feb-03 100% 1 8 100% 1 6 Ourinhos Votorantim Energia Companhia Brasileira de Alumínio jul-00 aug-35 sep-05 100% 1 6 100% 1 5 Baesa - Energética Barra Grande Companhia Brasileira de Alumínio jun-01 may-36 jun-07 15% 11 54 15% 12 45 Nexa Resources Capim Branco I e Capim Branco II Pollarix S.A. aug-01 sep-36 oct-07 13% 2 14 13% 2 12 Citrosuco Picada Pollarix S.A. may-01 jun-36 jul-06 100% 16 85 100% 17 76 CBA Enercan - Campos Novos Energia S.A CBA Energia Participações S.A. apr-00 may-35 jun-06 24% 2 8 24% 2 7 Acerbrag e Acerías Paz del Río Enercan - Campos Novos Energia S.A Pollarix S.A. apr-00 may-35 jun-06 21% 2 7 21% 2 6 Pedra do Cavalo About this Report Votorantim Cimentos N/NE S.A. mar-02 apr-37 apr-06 100% 99 625 100% 106 519 304 1,497 323 1,238 GRI Disclosures Current 97 87 Consolidated Financial Statements Non-current 304 1,400 323 1,151 304 1,497 323 1,238 Assurance Report Credits and Corporate Information

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A Message From 27 Pension plan and post-employment health care benefits the Board of Directors A Message From the Executive Board 2020 Highlights 2020 2019 Portfolio Overview Accounting policy to the pension plan are conditional on the Obligations recorded in the employees remaining in service for a specified balance sheet with: The Investment Holding Company The Company, through its subsidiaries abroad period of time (the vesting period). In this case, Pension plan benefits 240 172 Strategy and Management Post-employment healthcare (VCNA, VCEAA, Artigas and APDR) and in Brazil past-service costs are amortized on a straight- benefits 284 195 People (VCNNE), participates in pension plans managed line basis over the vesting period. Liabilities recorded in the balance Governance, compliance and risks by a private pension entity, which provide post- sheet 524 367 Economic and Financial Performance employment benefits to employees. For defined contribution plans, the Company Expenses recognized in the Social Investment pays contributions to the pension plan statement of income with: The liability recognized in the balance sheet in administrators on a compulsory, contractual Pension plan benefits 40 18 Initiatives to Combat COVID-19 respect of defined benefit pension plans is the or voluntary basis. The Company no longer has Post-employment healthcare benefits 16 13 Center of Excellence (CoE) present value of the defined benefit obligation payment obligations once the contributions 56 31 Reservas Votorantim at the balance sheet date minus the fair value are paid. Contributions are recognized as Remeasurement with: of plan assets. The defined benefit obligation employee benefit expense when due. Prepaid Pension plan benefits - gross Altre is calculated annually by independent actuaries contributions are recognized as an asset to the amount (20) 35 Deferred income tax and social Portfolio Companies using the projected unit credit method. The extent that a cash refund or a reduction in the contribution 12 Votorantim Cimentos present value of the defined benefit obligation future payments is available. Deferred income tax and social contribution 11 (10) Banco BV is determined by discounting the estimated future cash outflows using market interest rates The Company’s subsidiaries have a defined Pension plan benefits - net Votorantim Energia amount 3 25 that are denominated in the currency in which contribution plan for employees. Certain Nexa Resources the benefits will be paid, and that have terms to subsidiaries, however, have a defined (a) Defined contribution pension plan Citrosuco maturity approximating the terms of the related benefit plan. CBA pension obligation. In countries where there is The Company and its Brazilian subsidiaries Acerbrag e Acerías Paz del Río no active market related to such obligations, The table below shows where the balances and sponsor private pension plans available to all market rates for government securities are activities related to post-employment benefit employees administered by Fundação Senador About this Report used. are allocated in the consolidated financial José Ermírio de Moraes (“FUNSEJEM”), a private, GRI Disclosures statements. not for profit, pension fund. Under the terms of Actuarial gains and losses arising from changes the regulations of the fund, the contributions Consolidated Financial Statements 2020 2019 in actuarial assumptions are recognized within of the employees to FUNSEJEM are matched Assurance Report “Carrying value adjustments” in the period in Rights recorded in the balance by the sponsors in accordance with the level of Credits and Corporate Information which they arise. sheet with: remuneration of the employee. For employees Pension plan benefits 139 40 whose remuneration is lower than the threshold Assets recorded in the balance Past-service costs are recognized immediately sheet 139 40 established by the regulations, the Company in the statement of income, unless the changes matches the contributions that represent

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up to 1.5% of their monthly remuneration. A Message From 2020 2019 the Board of Directors For employees whose remuneration exceeds Present value of funded obligations 1,266 1,175 the threshold, the Company matches the A Message From Fair value of plan assets (1,238) (951) contributions of employees that represent up the Executive Board Deficit of funded plans 28 224 to 6% of their monthly remuneration. Voluntary Present value of non-funded obligations 348 88 2020 Highlights contributions can also be made to FUNSEJEM. Total deficit of defined benefit pension plans 376 312 Once the plan contributions are made, no Portfolio Overview Impact of the minimum funding requirement/assets ceiling 9 15 additional contributions are required. The Investment Holding Company Assets and liabilities in the balance sheet 385 327 The changes in the defined benefit obligation and the fair value of the plan assets during the year were Strategy and Management (b) Defined benefit pension plan People as follows: Governance, compliance and risks The Company has subsidiaries with defined 2020 2019 pension plans in North America, South America Impact of Economic and Financial Performance Present value the minimum and Europe, which follow similar regulatory of funded requirement of Social Investment and unfunded Fair value of the funds/asset standards. The defined benefit pension plans Initiatives to Combat COVID-19 obligations plan assets Total ceiling Total Total also offer health care and life insurance, among Opening balance 1,242 (930) 312 15 327 294 Center of Excellence (CoE) other benefits. The cost of the retirement Current service cost 11 11 11 8 Finance cost (income) Reservas Votorantim benefits and the other benefits of the plan 65 (36) 29 1 30 24 granted to employees are determined by the Past service cost and Altre curtailments (3) (3) (3) (2) projected benefit method on a pro rata basis 73 (36) 37 1 38 30 Portfolio Companies considering the length of service and the best Re-measurements: expectations of management regarding the Return on assets, excluding Votorantim Cimentos the amount included as Banco BV return on plan assets, salary adjustments, costs finance income (62) (62) (62) (78) and mortality trends, and the age of retirement Losses (gains) arising from Votorantim Energia changes in demographic of employees. assumptions (5) (5) (5.0) (8) Nexa Resources Losses (gains) arising from changes in financial Citrosuco The amounts recognized in the balance sheet assumptions 108 108 108 126 CBA are determined as follows: Losses arising from experience (19) (19) (19) (14) Acerbrag e Acerías Paz del Río Changes in the asset ceiling, excluding the About this Report amount included as finance cost (6) (6) 6 GRI Disclosures 84 (62) 22 (6) 16 32 Foreign exchange gains Consolidated Financial Statements (losses) 331 (267) 64 64 16 Contributions: Assurance Report Employer (10) (10) (10) (10) Credits and Corporate Information Payments of the plans: Payment of benefits (118) 68 (50) (50) (35) Closing balance 1,612 (1,237) 375 10 385 327 The defined benefit obligation and the plan assets, by country, are as follows:

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A Message From 2020 2019 the Board of Directors North South North South Brazil Europe America America Colombia Total Brazil Europe America America Colombia Total A Message From Present value of the obligation 48 17 869 357 1,291 44 14 825 292 1,175 the Executive Board Fair value of plan assets (59) (1,006) (199) (1,264) (61) (739) (151) (951) 2020 Highlights (11) 17 (137) 158 27 (17) 14 86 141 224 Present value of non-financial obligations 77 267 4 348 52 33 88 Portfolio Overview "Impact of the minimum requirement of the funds/asset ceiling" 10 10 15 15 The Investment Holding Company (1) 94 130 4 158 385 (2) 66 119 144 327 Strategy and Management People Governance, compliance and risks The actuarial assumptions used were as follows: Economic and Financial Performance 2020 2019 Social Investment North South North South Brazil Europe America America Colombia Total Brazil Europe America America Colombia Total Initiatives to Combat COVID-19 Discount rate 6.88% 8.40% 2.50% 12.28% 6.50% 7.31% 10.51% 6.12% 3.84% 9.55% 6.30% 7.26% Center of Excellence (CoE) Inflation rate 4.00% 3.90% 2.50% 2.60% 5.37% 1.33% 2.00% 0.0 3.05% Future salary increases 2.77% 8.00% 2.50% 8.28% 4.31% 4.88% 7.00% 2.50% 5.55% 4.69% Reservas Votorantim Increases in future pension plans 4.00% 3.50% 3.75% 5.37% 0.00% 2.69% Altre Portfolio Companies Votorantim Cimentos (c) Post-employment benefits (pension and Banco BV health care) Votorantim Energia The Company operates post-employment Nexa Resources health care plans through indirect subsidiaries Citrosuco in North America, VCNA, and in Europe, VCEAA. CBA The accounting method, assumptions and Acerbrag e Acerías Paz del Río frequency of evaluations are similar to those About this Report used for the defined benefit pension plans. Most of these plans are not funded. GRI Disclosures Consolidated Financial Statements The obligations relating to these plans are included in the movement of the defined Assurance Report benefit obligations previously presented. Credits and Corporate Information

Page 164 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 28 Equity the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview Accounting policy integrity of social capital. It can only be used (c) Effective portion with exchange differences to offset losses and increase capital. When the of hedge of the Company’s net investments The Investment Holding Company (i) Share capital Company presents a loss in the year, there will in a foreign operation. Strategy and Management be no legal reserve. People Share capital is represented exclusively by (d) Actuarial losses (gains) and measures with Governance, compliance and risks common shares classified as equity. The retained earnings reserve refers to the retirement benefits. Economic and Financial Performance retention of the remaining balance of retained Social Investment (ii) Dividends earnings in order to meet the business growth plan (a) Share capital established in the Company’s investment plan. Initiatives to Combat COVID-19 This is recognized as a liability in the Company’s On December 31, 2020 and December 31, Center of Excellence (CoE) financial statements at year-end based on the (v) Government grants 2019, the fully subscribed and paid-up capital Reservas Votorantim Company’s bylaws. Any amount that exceeds of the Company was R$ 28,656, consisting of the minimum required, 25% of the profit for The tax incentive reserve is credited with tax 18,278,789 thousand common shares. Altre the year, is only recognized on the date it is incentive benefits, which are recognized in the Portfolio Companies approved by the stockholders at a General income statement for the year and allocated (b) Dividends Votorantim Cimentos Meeting. When a Company presents a loss in the to retained earnings for this reserve. These Banco BV year, there is no dividend. incentives are not included in the calculation of During the first half of 2020, the Company the mandatory minimum dividend. resolved to pay its parent company Hejoassu Votorantim Energia (iii) Earnings per share Administração S.A. the amount of R$ 800 Nexa Resources (vi) Equity valuation adjustments corresponding to dividends related to part of Citrosuco Earnings per share are calculated by dividing the the balance of the “Profit reserves” account CBA profit attributable to the controlling stockholders The equity valuation adjustments include: accumulated up to December 31, 2019. Acerbrag e Acerías Paz del Río by the weighted average number of common shares during the year. The weighted average (a) Effective portion of the cumulative net About this Report number of shares is calculated based on the change in fair value of hedge instruments GRI Disclosures periods in which the shares were outstanding. used in hedge of cash flow until the Consolidated Financial Statements recognition of the cash flows that were (iv) Statutory reserve hedged. Assurance Report Credits and Corporate Information The statutory reserve is constituted by the (b) Cumulative translation adjustments with appropriation of 5% of the net income for the the exchange differences arising from the fiscal year or remaining balance, limited to 20% translation of the financial statements of of the capital stock. Its purpose is to ensure the foreign operations.

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A Message From (c) Carrying value adjustments the Board of Directors Attributable to the owners of the Company A Message From Hedge ac- the Executive Board Currency counting Hedge account- Fair value translation for net in- ing for the of avail- Remeasure- Adjustment of invest- vestments operations of able-for- ment of for hyper- Other com- 2020 Highlights ees located abroad, net subsidiaries, sale finan- Shares retirement inflationary prehensive abroad of taxes net of taxes cial assets fair value benefits economies income Total Portfolio Overview At January 1, 2019 6,545 (5,106) 40 192 (47) (106) 1,937 The Investment Holding Company Currency translation of investees located abroad 96 96 Strategy and Management Hedge accounting for net investments abroad, net of taxes 92 92 People Hedge accounting for the operations of subsidiaries, net of taxes (39) (39) Governance, compliance and risks Fair value of available-for-sale financial assets of Economic and Financial Performance non-consolidated investments 43 43 Remeasurement of retirement benefits Social Investment (133) (133) Adjustment for hyperinflationary economies 340 340 Initiatives to Combat COVID-19 Adjustment to the fair value of shares, net of tax effects (121) (121) Center of Excellence (CoE) Loss on investee's capital contribution (120) (120) Reservas Votorantim Realization of other comprehensive results in the sale of investments (108) (15) (123) Altre Other comprehensive income (24) (24) Reclassification between components of Portfolio Companies comprehensive income (103) 22 (16) (7) 104 Votorantim Cimentos At December 31, 2019 6,430 (4,992) (15) 235 (121) (187) 759 (161) 1,948 Banco BV At January 1, 2020 Votorantim Energia 6,430 (4,992) (15) 235 (121) (187) 759 (161) 1,948 Currency translation of investees located abroad 3,062 3,062 Nexa Resources Hedge accounting for net investments abroad, net Citrosuco of taxes (289) (289) Hedge accounting for the operations of subsidiaries, CBA net of taxes (636) (636) Acerbrag e Acerías Paz del Río Fair value of available-for-sale financial assets of non-consolidated investments (25) (25) About this Report Adjust the fair value of the shares, net of the tax 712 712 Remeasurement of retirement benefits GRI Disclosures (169) (169) Adjustment for hyperinflationary economies 426 426 Consolidated Financial Statements Fair value - measurement of credit risk 25 25 Realization of other comprehensive results on the Assurance Report sale of investments (173) (173) Participation in other comprehensive results of Credits and Corporate Information investees (2) (2) At December 31, 2020 9,492 (5,281) (651) 210 418 (356) 1,185 (138) 4,879

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A Message From (d) Non-controlling interests the Board of Directors 2020 2019 A Message From Nexa Resources S.A. 2,602 3,158 the Executive Board Nexa CJM 717 826 2020 Highlights Nexa Perú 332 446 Cementos Artigas S.A. 240 203 Portfolio Overview Yacuces, S.L. 130 124 The Investment Holding Company Itacamba Cemento S.A. 100 100 Strategy and Management Acerías Paz Del Rio S.A. 78 63 Other People 254 218 4,455 5,138 Governance, compliance and risks Economic and Financial Performance Social Investment Initiatives to Combat COVID-19 Center of Excellence (CoE) Reservas Votorantim Altre Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag e Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 167 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 29 Net revenue from products sold and services rendered the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview Accounting policy (ii) Sale of surplus energy (b) Information on geographical areas in which the Company operates The Investment Holding Company Revenue represents the fair value of the The Company’s energy sales contracts Strategy and Management consideration received or receivable from are carried out in the free and regulated The geographical areas are determined based on People the sale of goods in the ordinary course of environments of Brazilian commercialization, the location of the customers. The net revenue Governance, compliance and risks business of the subsidiaries. Revenue is shown being fully registered with CCEE, the agent of the subsidiaries classified by currency and Economic and Financial Performance net of value added tax, rebates and discounts responsible for accounting and settlement of destination, is as follows: Social Investment after elimination of sales among consolidated the entire national integrated system (SIN). companies. (i) Revenue by destination Initiatives to Combat COVID-19 The accounting measurement of the volume of 2020 2019 Center of Excellence (CoE) The subsidiaries recognize revenue when: (i) the energy to be billed results from the processing Brazil 17,508 15,049 Reservas Votorantim amount of revenue can be measured reliably; (ii) of the physical measurement, adjusted to the United States 4,740 3,664 is probable that future economic benefits will apportionment of losses reported by the CCEE. Peru 2,537 2,350 Altre flow to the entity; and (iii) specific criteria have Argentina 1,491 1,346 Portfolio Companies been met for each of the Company’s and its Energy sales operations, which meet the Colombia 1,471 1,196 Votorantim Cimentos subsidiaries’ activities. definition of a financial instrument, are Canada 1,789 1,224 Spain 789 605 Banco BV recognized in the financial statements at fair Revenue will not be reliably measured if all value. Turkey 480 414 Votorantim Energia terms of sale are not resolved. The subsidiaries Luxembourg 388 571 Switzerland 540 417 Nexa Resources bases their estimates on historical results, (a) Reconciliation of revenue Morocco 546 487 Citrosuco taking into account the type of customer, the 2020 2019 Uruguay 513 353 CBA type of transaction and the specificities of each Gross revenue Japan 242 282 Acerbrag e Acerías Paz del Río agreement. Sales of products - domestic Bolívia 357 351 market 18,584 15,478 Belgium 157 101 About this Report Sales of products - foreign Revenue recognition is based on the following market 19,571 16,189 Tunisia 337 253 GRI Disclosures Taiwan principles: Supply of electrical energy 3,140 3,180 148 132 Chile 259 322 Consolidated Financial Statements Services provided 668 600 Austria 180 157 (i) Sales of products and service 41,963 35,447 Assurance Report Singapore 399 392 Taxes on sales, services and other deductions (5,296) (4,540) Germany 185 90 Credits and Corporate Information Revenue is shown net of value added tax, Equador returns, rebates and discounts, after eliminating Net revenue 36,667 30,907 46 51 Italy 78 73 sales within the consolidated companies. Other countries 1,487 1,027 36,667 30,907

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A Message From (ii) Revenue by currency the Board of Directors 2020 2019 A Message From Real 17,052 14,696 the Executive Board US dollar 12,385 10,478 2020 Highlights Canadian Dollar 1,788 1,224 Euro 922 698 Portfolio Overview Colombian pesos 1,271 1,043 The Investment Holding Company Argentine pesos 1,186 1,088 Strategy and Management Moroccan Dirham 546 487 Tunisian dinar People 337 257 Turkish lira 351 275 Governance, compliance and risks Uruguayan peso 470 289 Economic and Financial Performance Boliviano 355 372 Social Investment Other currencies 4 Initiatives to Combat COVID-19 36,667 30,907 Center of Excellence (CoE) Reservas Votorantim Altre Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag e Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 169 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 30 Expenses by nature the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview 2020 2019 Cost of products The Investment Holding Company sold and ser- General and vices rendered Selling administrative Total Total Strategy and Management Raw materials, inputs and consumables 17,589 25 1 17,615 15,045 People Employee benefit expenses (a) 3,072 447 1,319 4,838 4,500 Governance, compliance and risks Depreciation, amortization and depletion 3,114 47 132 3,293 3,067 Economic and Financial Performance Transportation expenses 2,518 48 2 2,568 2,077 Outsourced services Social Investment 1,617 83 747 2,447 2,412 Other expenses 1,710 250 425 2,385 2,076 Initiatives to Combat COVID-19 29,620 900 2,626 33,146 29,177 Center of Excellence (CoE) (a) Employee benefit expenses Reservas Votorantim Altre (i) Health care (post-retirement) (ii) Employee profit sharing Portfolio Companies The liability related to the health care plan Votorantim Cimentos for retired employees is stated at the present Provision is recorded to recognize the expenses Banco BV value of the obligation, less the market value related to employee profit sharing. This Votorantim Energia of the plan assets, adjusted by actuarial gains provision is calculated based on qualitative Nexa Resources and losses and past-service costs, in a manner and quantitative targets established by management and recorded in the statement of Citrosuco similar to the accounting methodology used for defined benefit pension plans. The post- income as “Employee benefits”. CBA retirement health care obligation is calculated Acerbrag e Acerías Paz del Río 2020 2019 annually by independent actuaries. The present Salaries and bonuses 3,007 2,787 About this Report value of the post-retirement health care Payroll charges 1,122 1,066 obligation is determined based on an estimate GRI Disclosures Benefits 709 647 of the future cash outflow. 4,838 4,500 Consolidated Financial Statements Assurance Report Actuarial gains and losses arising from changes in actuarial assumptions are fully recognized Credits and Corporate Information within “Carrying value adjustments” in the period in which they arise.

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A Message From 31 Other operating expenses, net the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview Note 2020 2019 Constitution of impairment of property, plant and equipment and intangible assets 12 e 13 (2,777) (714) The Investment Holding Company Expenses on not activatable projects (320) (467) Strategy and Management Judicial provisions, net (191) (270) People Gain (loss) on sale of fixed and intangible assets, net (74) 8 Governance, compliance and risks Royalties on natural resources (55) (56) Future energy contracts Economic and Financial Performance 16 (54) (196) Hedge gain 11 7 Social Investment Income from rentals and leasing 59 56 Initiatives to Combat COVID-19 Net income from waste sale 60 54 Center of Excellence (CoE) Tax recovery 174 817 Tax benefits 175 144 Reservas Votorantim Gain on investment sale 427 6,719 Altre Gain on purchase of investee 1.1 (a) 366 Other income (expenses), net Portfolio Companies 17 (95) Votorantim Cimentos (2,182) 6,007 Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag e Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 171 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 32 Finance results, net the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview Accounting policy 2020 2019 Finance income The Investment Holding Company Interest on financial assets (i) Financial income (expenses) 211 568 Strategy and Management Income from financial investments 211 434 Fair value of borrowing 72 59 People These comprise interest rates on loans and Monetary updating of assets 27 45 Governance, compliance and risks financial investments, monetary and exchange Reversal of monetary restatement of provision 75 120 variation on assets and liabilities, linked to Economic and Financial Performance Discounts obtained 18 20 Social Investment loans with a swap instrument, as a result of the Other finance income 66 23 exchange variation net of gains and losses on Initiatives to Combat COVID-19 680 1,269 derivative financial instruments (swap contracts) Center of Excellence (CoE) and various discounts that are recognized in the Finance costs Reservas Votorantim income for the year on the accrual basis. Interest on borrowing (1,386) (1,178) Capitalization of borrowing costs 7 49 Altre (ii) Foreign exchange variations Award paid in bond buyback (tender offer) (190) (172) Portfolio Companies Monetary restatement of provision (228) (219) Fair value of borrowing and financing Votorantim Cimentos A foreign currency transaction shall be initially (167) (127) Borrowing fees (58) (140) Banco BV recognized in the functional currency by applying the spot exchange rate between the Interest and monetary restatement - use of public assets (324) (101) Votorantim Energia functional currency and the foreign currency on Interest on anticipation of receivables (8) (101) Adjustment to present value CPC 12 Nexa Resources the transaction date on the amount in foreign (135) (101) "PIS/COFINS" on financial results Citrosuco currency. (38) (60) Income tax on remittances of interest abroad CBA (42) (45) Interest on silver streaming (32) (26) At the end of each reporting period, monetary Acerbrag e Acerías Paz del Río Commissions on financial transactions (147) (17) items in foreign currency must be converted About this Report Other finance costs (327) (276) using the closing exchange rate. (3,075) (2,514) GRI Disclosures Results of derivative financial instruments Consolidated Financial Statements Foreign exchange variations arising from the Revenue 420 139 settlement of monetary items or the translation Expenses (541) (374) Assurance Report of monetary items at rates different from those (121) (235) Credits and Corporate Information for which they were converted at the initial Foreign exchange variation, net (1,024) (137) measurement during the period or in previous Finance results, net (3,540) (1,617) financial statements shall be recognized in the statement of income in the year in which they arise.

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A Message From 33 Tax benefits the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview VCSA and its subsidiaries have tax incentives within certain state and federal industrial The Investment Holding Company development programs. The state programs Strategy and Management are aimed at attracting industrial investments People seeking regional decentralization, promoting Governance, compliance and risks employment and income generation, besides Economic and Financial Performance complementing and diversifying the industrial Social Investment matrix of the states. These fiscal incentives are approved by the states in the form of Initiatives to Combat COVID-19 percentage financing of up to 75%, presumed Center of Excellence (CoE) credit with a percentage of up to 95% and Reservas Votorantim deferral of the payment of taxes or partial reductions of the amount due for imports of Altre assets and inputs. Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag e Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 173 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 34 Insurance the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview The Company and its subsidiaries maintain civil liability policies for executives and directors, The Investment Holding Company in addition to insurance coverage for equity Strategy and Management risks and loss of profits. Such policies have People coverage, conditions and limits, considered by Governance, compliance and risks Management to be adequate to the inherent Economic and Financial Performance risks of the operation. Social Investment Initiatives to Combat COVID-19 Center of Excellence (CoE) Reservas Votorantim Altre Portfolio Companies Votorantim Cimentos Banco BV Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag e Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 174 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 35 Supplementary information – Business segments the Board of Directors A Message From the Executive Board 2020 Highlights Portfolio Overview In order to provide a higher level of information, Industrial segments the Company opted to disclose financial Adjusted EBITDA (unreviewed) Note 2020 2019 The Investment Holding Company information by business segment. The Net income (loss) for the year (3,066) 4,925 Strategy and Management information below refers to the opening of Plus (less): People VSA by business segments and considers Continuing operations Governance, compliance and risks the elimination of balances and transactions Equity in the results of investees (715) (1,022) Net financial results Economic and Financial Performance between companies in the same segment, 3,536 1,624 Income and social contribution taxes 1,599 2,168 Social Investment before: (i) eliminations between business segments; and (ii) the elimination of Depreciation, amortization and depletion 3,293 3,067 Initiatives to Combat COVID-19 investments held by holding companies. Discontinued operations Center of Excellence (CoE) Net financial results 38 Income and social contribution taxes (3) Reservas Votorantim Additionally, the eliminations and reclassifications between the companies are EBITDA before other additions and exceptional items 4,647 10,797 Altre highlighted, so that the net result corresponds Plus : Dividends received Portfolio Companies to the consolidated financial information of the 142 65 Extraordinary items Votorantim Cimentos VSA, disclosed as supplementary information. EBITDA - discontinued operations 21 Banco BV This supplementary information is not intended to be in accordance and is not required by Gain on sale of investments, net (427) (6,719) Votorantim Energia accounting practices adopted in Brazil or by Impairment of property, plant, equipment and intangible assets 2,802 723 Nexa Resources IFRS. Other (247) 252 Citrosuco Adjusted annualized EBITDA (A) 6,917 5,139 CBA (a) Capital management Net debt Borrowing Acerbrag e Acerías Paz del Río 21 25,065 19,755 The financial leverage ratios are calculated Lease liabilities 22 858 841 About this Report according to the information of the industrial Cash and cash equivalents, financial investments and derivative financial instruments (14,662) (10,614) GRI Disclosures segments, considering the accumulated results Net debt (B) 11,261 9,982 Gearing ratio (B/A) 1.63 1.94 Consolidated Financial Statements for 12 months, as loan covenants, and are summarized as follow: Assurance Report Credits and Corporate Information

Page 175 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From (b) Balance sheet – business segments the Board of Directors 2020 A Message From Holding Total, Total, Votorantim Nexa Long Votorantim and industrial Votorantim consolidat- the Executive Board Assets Cimentos Resources CBA steels (*) Energia other Eliminations segments Finanças Eliminations ed 2020 Highlights Current Cash and cash equivalents, financial investments Portfolio Overview and derivative financial instruments 4,424 5,911 1,364 219 229 3,473 15,620 62 15,682 Trade receivables 1,031 1,189 475 241 400 63 (190) 3,209 3,209 The Investment Holding Company Inventory 1,915 1,333 1,070 404 2 4,724 4,724 Strategy and Management Taxes recoverable 557 350 442 100 7 480 1,936 97 2,033 People Dividends receivable 174 181 (215) 140 36 176 Financial instruments - firm commitment 49 49 49 Governance, compliance and risks Other assets 190 179 54 53 1 61 538 538 Economic and Financial Performance 8,117 8,962 3,405 1,017 860 4,260 (405) 26,216 195 26,411 Social Investment Assets classified as held-for-sale 6 11 8 25 25

Initiatives to Combat COVID-19 8,123 8,973 3,405 1,025 860 4,260 (405) 26,241 195 26,436 Center of Excellence (CoE) Non-current assets Reservas Votorantim Long-term receivables Financial investments and derivative financial Altre instruments 986 81 898 1,965 1,965 Financial instruments - Suzano 2,590 2,590 2,590 Portfolio Companies Derivative financial instruments - put option 252 252 252 Votorantim Cimentos Taxes recoverable 1,411 449 848 29 229 2,966 2,966 Banco BV Related parties 4 17 194 (19) 196 196 Votorantim Energia Deferred income tax and social contribution 278 1,151 279 200 548 241 2,697 34 2,731 Judicial deposits 132 29 15 1 16 193 193 Nexa Resources Financial instruments - firm commitment 9 9 9 Citrosuco Other assets 548 96 34 82 58 32 850 850 CBA 3,359 1,806 2,091 312 9 3,887 254 11,718 34 11,752 Acerbrag e Acerías Paz del Río Investments 1,042 (10) 198 2,997 34,682 (26,159) 12,750 5,872 (5,924) 12,698 About this Report Property, plant and equipment 14,132 8,911 5,106 1,335 34 587 30,105 30,105 Intangible assets 8,258 6,724 531 34 6 145 (1,104) 14,594 14,594 GRI Disclosures Right-of-use assets 534 98 15 129 5 16 797 797 Consolidated Financial Statements Biological assets 1 6 89 96 96

Assurance Report 27,325 17,529 7,942 1,816 3,051 39,406 (27,009) 70,060 5,906 (5,924) 70,042 Credits and Corporate Information Total assets 35,448 26,502 11,347 2,841 3,911 43,666 (27,414) 96,301 6,101 (5,924) 96,478

(*) Relates to long steel operations abroad (Argentina and Colombia).

Page 176 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 2020 the Board of Directors Holding Total, Total, Votorantim Nexa Long Votorantim and industrial Votorantim consolidat- A Message From Liabilities and equity Cimentos Resources CBA steels (*) Energia other Eliminations segments Finanças Eliminations ed the Executive Board Current liabilities Borrowing 223 759 55 364 6 1,407 1,407 2020 Highlights Lease liabilities 105 83 9 16 3 19 235 235 Portfolio Overview Derivative financial instruments 37 28 446 511 511 Confirming payable 1,031 755 594 2,380 2,380 The Investment Holding Company Trade payables 2,481 1,923 426 319 376 13 (134) 5,404 5,404 Strategy and Management Salaries and payroll charges 548 292 176 56 27 75 1,174 1,174 Taxes payable 311 218 74 128 9 13 753 7 760 People Advances from customers 50 10 32 68 8 14 182 182 Governance, compliance and risks Dividends payable 87 68 34 1 101 (247) 44 44 Economic and Financial Performance Use of public assets 41 8 48 97 97 Related parties 1 (1) Social Investment Financial instruments - firm commitment 9 66 75 75 Initiatives to Combat COVID-19 Deferred revenue - silver streaming 141 141 141 Other 470 178 69 33 1 171 922 2 924 Center of Excellence (CoE) 5,393 4,463 2,030 985 525 311 (382) 13,325 9 13,334 Reservas Votorantim Liabilities related to assets held-for-sale 2 2 2

Altre 5,395 4,463 2,030 985 525 311 (382) 13,327 9 13,336

Portfolio Companies Non-current liabilities Votorantim Cimentos Borrowing 11,376 9,761 2,488 19 14 23,658 23,658 Lease liabilities 449 50 7 115 2 623 623 Banco BV Derivative financial instruments 720 112 1,580 2,412 2,412 Votorantim Energia Deferred income tax and social contribution 745 1,110 5 33 48 264 2,205 168 2,373 Nexa Resources Related parties 21 3 3 1 4 (21) 11 11 Provision 1,170 1,350 761 127 1 177 3,586 3,586 Citrosuco Use of public assets 584 100 716 1,400 1,400 CBA Pension plan 365 159 524 524 Financial instruments - firm commitment 57 153 210 210 Acerbrag e Acerías Paz del Río Deferred revenue - silver streaming 722 722 722 About this Report Other 325 241 54 92 20 95 827 827 15,812 13,449 5,767 545 72 554 (21) 36,178 168 36,346 GRI Disclosures Total liabilities 21,207 17,912 7,797 1,530 597 865 (403) 49,505 177 49,682 Consolidated Financial Statements

Assurance Report Equity Total equity attributable to owners of the Company 13,515 6,960 3,375 1,006 3,314 42,801 (28,661) 42,310 5,924 (5,893) 42,341 Credits and Corporate Information Non-controlling interests 726 1,630 175 305 1,650 4,486 (31) 4,455

Total equity 14,241 8,590 3,550 1,311 3,314 42,801 (27,011) 46,796 5,924 (5,924) 46,796

Total liabilities and equity 35,448 26,502 11,347 2,841 3,911 43,666 (27,414) 96,301 6,101 (5,924) 96,478 (*) Relates to long steel operations abroad (Argentina and Colombia).

Page 177 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From (c) Statement of income – business segments the Board of Directors 2020 A Message From Holding Total, Total, the Executive Board Votorantim Nexa Long Votorantim and Elimi- industrial Votorantim Elimi- consolida- Cimentos Resources CBA steels (*) Energia other nations segments Finanças nations ted 2020 Highlights Continuing operations Net revenue from products sold and services rendered 16,740 10,097 5,411 2,465 3,588 76 (1,710) (**) 36,667 36,667 Portfolio Overview Cost of products sold and services rendered (12,816) (8,059) (4,831) (2,005) (3,571) (48) 1,710 (**) (29,620) (29,620) The Investment Holding Company Gross profit 3,924 2,038 580 460 17 28 7,047 7,047

Strategy and Management Operating income (expenses) People Selling (708) (129) (37) (23) (3) (900) (900) Governance, compliance and risks General and administrative (1,061) (673) (284) (158) (101) (335) (2,612) (14) (2,626) Other operating income (expenses), net (113) (2,906) 175 109 84 469 (2,182) (2,182) Economic and Financial Performance (1,882) (3,708) (146) (72) (17) 131 (5,694) (14) (5,708) Social Investment Operating profit (loss) before equity results and finance Initiatives to Combat COVID-19 results 2,042 (1,670) 434 388 159 1,353 (14) 1,339

Center of Excellence (CoE) Result from equity investments Reservas Votorantim Equity in the results of investees 51 (3) 445 (1,411) 1,633 715 719 (707) 727 51 (3) 445 (1,411) 1,633 715 719 (707) 727 Altre Finance results, net Portfolio Companies Finance income 281 80 136 36 12 143 (11) 677 3 680 Votorantim Cimentos Finance costs (1,349) (880) (415) (227) (20) (188) 11 (3,068) (7) (3,075) Banco BV Results of derivative financial instruments 279 2 1 (403) (121) (121) Foreign exchange gains (losses), net (277) (545) (215) 10 3 (1,024) (1,024) Votorantim Energia (1,066) (1,343) (493) (181) (8) (445) (3,536) (4) (3,540) Nexa Resources Citrosuco Profit (loss) before income tax and social contribution 1,027 (3,013) (62) 207 437 (1,697) 1,633 (1,468) 701 (707) (1,474)

CBA Income tax and social contribution Acerbrag e Acerías Paz del Río Current (375) (321) (52) (109) (1) (43) (901) (901) Deferred (215) 213 (766) (12) (19) 101 (698) 7 (691) About this Report Profit (loss) from continuing operations 437 (3,121) (880) 86 417 (1,639) 1,633 (3,067) 708 (707) (3,066) GRI Disclosures Discontinued operations Consolidated Financial Statements Loss from continuing operations 1 1 1 Profit (loss) for the year 438 (3,121) (880) 86 417 (1,639) 1,633 (3,066) 708 (707) (3,065) Assurance Report Credits and Corporate Information Profit attributable to the owners of the Company Profit attributable to non-controlling interests 1 1 1 Profit (loss) for the year 438 (3,121) (880) 86 417 (1,639) 1,633 (3,066) 708 (707) (3,065) (*) Relates to long steel operations abroad (Argentina and Colombia). (**) Relates substantially to the net revenue from electric energy operations to CBA and VCSA.

Page 178 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 2019 the Board of Directors Holding Total, Votorantim Nexa Long Votorantim and Elimi- industrial Votorantim Elimi- Total, con- A Message From Cimentos Resources CBA steels (*) Energia other nations segments Finanças nations solidated the Executive Board Continuing operations 2020 Highlights Net revenue from products sold and services rendered 13,027 9,200 5,264 2,133 4,229 75 (3,021) (**) 30,907 30,907 Cost of products sold and services rendered (10,689) (7,669) (4,606) (1,715) (4,103) (51) 3,021 (**) (25,812) (25,812) Portfolio Overview Gross profit 2,338 1,531 658 418 126 24 5,095 5,095

The Investment Holding Company Operating income (expenses) Strategy and Management Selling (714) (99) (36) (21) (3) (873) (873) General and administrative (910) (803) (214) (155) (94) (302) (2,478) (14) (2,492) People Other operating income (expenses), net 701 (1,073) (178) 110 (56) 6,503 6,007 6,007 Governance, compliance and risks (923) (1,975) (428) (66) (150) 6,198 2,656 (14) 2,642 Economic and Financial Performance Operating profit (loss) before equity results and finance Social Investment results 1,415 (444) 230 352 (24) 6,222 7,751 (14) 7,737 Initiatives to Combat COVID-19 Result from equity investments Center of Excellence (CoE) Equity in the results of investees 189 (3) 14 356 880 (522) 914 797 (792) 919 Realization of comprehensive results on the sale of Reservas Votorantim investments 108 108 108 297 (3) 14 356 880 (522) 1,022 797 (792) 1,027 Altre Portfolio Companies Finance results, net Finance income 547 122 313 25 99 283 (127) 1,262 7 1,269 Votorantim Cimentos Finance costs (1,240) (487) (447) (145) (116) (206) 127 (2,514) (2,514) Banco BV Results of derivative financial instruments (77) 12 (68) (102) (235) (235) Votorantim Energia Foreign exchange gains (losses), net (42) (49) (46) (52) 52 (137) (137) (812) (402) (248) (172) (17) 27 (1,624) 7 (1,617) Nexa Resources Citrosuco Profit (loss) before income tax and social contribution 900 (849) (4) 180 315 7,129 (522) 7,149 790 (792) 7,147 CBA Income tax and social contribution Acerbrag e Acerías Paz del Río Current (290) (171) (42) (87) (14) (857) (1,461) (1,461) About this Report Deferred (5) 411 11 14 25 (1,163) (707) 2 (705) Profit (loss) for the year from continuing operations 605 (609) (35) 107 326 5,109 (522) 4,981 792 (792) 4,981 GRI Disclosures Discontinued operations Consolidated Financial Statements Loss from continuing operations (56) (56) (56) Assurance Report Profit (loss) for the year 549 (609) (35) 107 326 5,109 (522) 4,925 792 (792) 4,925

Credits and Corporate Information Profit (loss) attributable to the owners of the Company 479 (486) (64) 55 326 5,109 (249) 5,170 792 (792) 5,170 Profit (loss) attributable to non-controlling interests 70 (123) 29 52 (273) (245) (245) Profit (loss) for the year 549 (609) (35) 107 326 5,109 (522) 4,925 792 (792) 4,925 (*) Relates to long steel operations abroad (Argentina and Colombia). (**) Relates substantially to the net revenue from electric energy operations to CBA and VCSA.

Page 179 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From (d) EBITDA ajustado – Segmentos de negócio the Board of Directors 2020 A Message From Total, the Executive Board Votorantim Nexa Long steel Votorantim Holding industrial Votorantim Total, con- Cimentos Resources CBA (*) Energia and other Eliminations segments Finanças solidated 2020 Highlights Net revenue from products sold and services rendered 16,740 10,097 5,411 2,465 3,588 76 (1,710) (**) 36,667 36,667 Portfolio Overview Cost of products sold and services rendered (12,816) (8,059) (4,831) (2,005) (3,571) (48) 1,710 (**) (29,620) (29,620) The Investment Holding Company Gross profit 3,924 2,038 580 460 17 28 7,047 7,047 Strategy and Management Operating income (expenses) People Selling (708) (129) (37) (23) (3) (900) (900) Governance, compliance and risks General and administrative (1,061) (673) (284) (158) (101) (335) (2,612) (14) (2,626) Economic and Financial Performance Other operating income (expenses), net (113) (2,906) 175 109 84 469 (2,182) (2,182) Social Investment (1,882) (3,708) (146) (72) (17) 131 (5,694) (14) (5,708) Initiatives to Combat COVID-19 Operating profit (loss) before equity results and Center of Excellence (CoE) finance results 2,042 (1,670) 434 388 159 1,353 (14) 1,339

Reservas Votorantim Plus: Altre Depreciation, amortization and depletion - continuing operations 1,420 1,248 431 157 5 32 3,293 3,293 Portfolio Companies EBITDA 3,462 (422) 865 545 5 191 4,646 (14) 4,632 Votorantim Cimentos Banco BV Plus: Dividends received Votorantim Energia 129 11 38 2 (38) 142 111 253 Exceptional items Nexa Resources Impairment - fixed assets 215 2,561 26 2,802 2,802 Citrosuco Gain for Advantageous Investee Purchase (366) (366) (366) CBA Net gain on sale of investments (427) (427) (427) Acerbrag e Acerías Paz del Río Other 29 91 120 120 Adjusted EBITDA About this Report 3,835 2,139 536 545 43 (143) (38) 6,917 97 7,014 (*) Relates to long steel operations abroad (Argentina and Colombia). GRI Disclosures (**) Relates substantially to the net revenue from electric energy operations to CBA and VCSA. Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 180 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 2019 the Board of Directors Total, Votorantim Nexa Long steel Votorantim Holding industrial Votorantim Total, con- A Message From Cimentos Resources CBA (*) Energia and other Eliminations segments Finanças solidated the Executive Board Net revenue from products sold and services rendered 13,027 9,200 5,264 2,133 4,229 75 (3,021) (**) 30,907 30,907 2020 Highlights Cost of products sold and services rendered (10,689) (7,669) (4,606) (1,715) (4,103) (51) 3,021 (**) (25,812) (25,812) Portfolio Overview Gross profit 2,338 1,531 658 418 126 24 5,095 5,095 The Investment Holding Company Operating income (expenses) Strategy and Management Selling (714) (99) (36) (21) (3) (873) (873) People General and administrative (910) (803) (214) (155) (94) (302) (2,478) (14) (2,492) Governance, compliance and risks Other operating income (expenses), net 701 (1,073) (178) 110 (56) 6,503 6,007 6,007 Economic and Financial Performance (923) (1,975) (428) (66) (150) 6,198 2,656 (14) 2,642 Social Investment Operating profit (loss) before equity results and Initiatives to Combat COVID-19 finance results 1,415 (444) 230 352 (24) 6,222 7,751 (14) 7,737 Center of Excellence (CoE) Plus: Reservas Votorantim Depreciation, amortization and depletion - continuing operations 1,222 1,245 463 104 5 28 3,067 3,067 Altre EBITDA 2,637 801 693 456 (19) 6,250 10,818 (14) 10,804 Portfolio Companies Plus Votorantim Cimentos Dividends received 65 69 (69) 65 540 605 Banco BV Exceptional items Votorantim Energia Net gain on sale of investments (6,719) (6,719) (6,719) Nexa Resources Impairment - fixed assets 14 564 145 723 723 Citrosuco Net gain on sale of investments (427) (427) (427) CBA Other (39) 24 267 252 252 Acerbrag e Acerías Paz del Río Adjusted EBITDA 2,677 1,365 862 456 50 (202) (69) 5,139 526 5,665 (*) Relates to long steel operations abroad (Argentina and Colombia). About this Report (**) Relates substantially to the net revenue from electric energy operations to CBA and VCSA. GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

Page 181 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From 36 Subsequent events the Board of Directors A Message From the Executive Board 2020 Highlights (a) Sale of Suzano shares – VSA in August 2024. VTRM Management is working to obtain an Portfolio Overview opinion on the feasibility of repair or need The Investment Holding Company On January 23, 2021, VSA sold 25,000,000 The amount of USD 239.6 million remains for transformer replacement, as well as the Strategy and Management common shares in Suzano S.A.(“Suzano”) held available to the Company and its subsidiaries for deadline for solving the problem in both People by the Company for R$ 64.60 each, totaling further payments, if necessary. scenarios. R$ 1,615 million. After the sale, VSA holds Governance, compliance and risks 25,180,059 common shares, corresponding to (e) Distribution of dividends – Nexa The interruption of the flow of power Economic and Financial Performance approximately 1.9% of Suzano’s total and voting generation of the complex should be reflected Social Investment share capital. On February 11, 2021, Nexa’s Board of in the provision for annual reimbursement Initiatives to Combat COVID-19 Directors approved a distribution of dividends that companies obtain monthly due to the Center of Excellence (CoE) (b) Dividend resolution – VSA to shareholders in the amount of approximately effective generation of energy, with consequent USD 35 million to be paid on March 26, 2021. reduction in the net revenue of companies, Reservas Votorantim On January 26, 2021, the Company decided until the situation is normalized. This impact Altre on its parent company Hejoassu Administração (f) Incident occurred in a collecting substation tends to be minimized due to the insurance S.A., the amount of R$ 499 corresponding to of the jointly controlled VTRM policy that subsidiaries have for the main risks Portfolio Companies dividends related to the balance of the “Profit associated with the assets, including damage Votorantim Cimentos Reserves” account, accumulated from previous On February 12, 2021, a new incident in to transformers, with coverage for material Banco BV years. The amount was paid in full as at the collector substation that connects the damage and lost profits. Votorantim Energia February 10, 2021. companies of the Ventos do Araripe III complex, Nexa Resources formed by wind farms belonging to jointly Until the date of approval of these financial Citrosuco (c) Prepayment export credit note – Nexa controlled VTRM, caused the shutdown of the statements, no definitive diagnosis of the remaining power transformer (trafo) of this feasibility of the repair has been received or the CBA On January 22, 2021, Nexa paid in advance the substation, which caused the total interruption opinion of the insurer regarding compensation. Acerbrag e Acerías Paz del Río principal open and the accrued interest of an of the flow of the power generation of the About this Report Export Credit Note in Brazil in the amount of complex, since the totality of the energy (g) Approval of dividend distribution by VCSA R$ 250 and R$ 13 of interest accrued. that had been generated by the complex GRI Disclosures had already been directed to the disposal for At VCSA’s Extraordinary General Meeting, Consolidated Financial Statements (d) Use of a Committed Credit Facility by St. this transformer a results of an incident that held on February 25, 2021, the shareholders Assurance Report Marys occurred in June 2020, which caused the other approved the distribution of dividends in the transformer to shut down in this substation. amount of R$ 345. Credits and Corporate Information In January and February 2021, indirect subsidiary St. Marys made withdrawals on the available Committed Credit Facility, reaching the total equivalent to USD 50.4 million, maturing

Page 182 of 187 2020 Annual Report Notes to the consolidated financial statements at December 31, 2020 – All amounts in millions of reais unless otherwise stated

A Message From (h) Issuance of Certificates of Real Estate (i) Prepayment of the 1st issue of debentures – the Board of Directors Receivables (CRI) – Votorantim Cimentos Votorantim Cimentos A Message From the Executive Board On February 8, 2021, through RB Capital On March 5, 2021, VCNNE made an early Companhia de Securitização, VCNNE and redemption of the total outstanding debentures 2020 Highlights its parent company VCSA signed the offer of its 1st public issue of debentures in the Portfolio Overview documents for the 2nd issue of Certificates of amount of R$ 450, with original maturity in Real Estate Receivables (“CRI”) in the Brazilian April 2023. The proceeds of this prepayment The Investment Holding Company capital market, the amount being issued by came from the 12th public issue of VCSA Strategy and Management the Company of R$ 136, which are guaranteed debentures, issued on February 24, 2021, in the People by the parent company VCSA. The operation total amount of R$ 450, cost of CDI + 1.45% Governance, compliance and risks has a 12-year maturity and the cost of IPCA per year and maturity in February 2026. Economic and Financial Performance + 4.4657% a.a .. Investors are expected to Social Investment disburse the amounts on March 17, 2021. Initiatives to Combat COVID-19 On March 9, 2021, VCNNE contracted a forward Center of Excellence (CoE) derivative financial instrument (swap), in the Reservas Votorantim total amount of R$ 136, beginning on March 15, 2021, which aims to exchange the IPCA Altre floating rate exposure + for CDI + floating Portfolio Companies rate, resulting in a final cost of CDI + 1.33% pa ​​ Votorantim Cimentos The funds raised will be used for investments Banco BV and expenses in civil works, whether for the renovation, maintenance and / or expansion Votorantim Energia of our operating units in Brazil, as well as for Nexa Resources reimbursement of expenses of this nature that Citrosuco occurred in the last two years. CBA Acerbrag e Acerías Paz del Río This operation is in line with the Company’s strategy to diversify its financing sources and About this Report increase its operations in the local market. GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

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A Message From the Board of Directors Independent auditor’s limited A Message From assurance report on sustainability information in the 2020 Annual Report the Executive Board 2020 Highlights Portfolio Overview The Investment Holding Company Strategy and Management To the Board of Directors and determines necessary to prepare financial information”, issued People Stockholders information free from material by the International Auditing Governance, compliance and risks Votorantim S.A. misstatement, whether due to and Assurance Standards Board Economic and Financial Performance São Paulo- SP fraud or error. (IAASB). Those standards require Social Investment that we comply with ethical and Initiatives to Combat COVID-19 Introduction Independent auditor’s independence requirements, and responsibilities other responsibilities, including in Center of Excellence (CoE) Votorantim S.A. “Votorantim” or relation to the Brazilian Standard Reservas Votorantim “Company” engaged us to present Our responsibility is to express on Quality Control (NBC PA 01) Altre our limited assurance report on a conclusion on the information and, therefore, the maintenance Portfolio Companies the compilation of sustainability included in the 2020 Annual of a comprehensive quality Votorantim Cimentos information contained in the Report based on our limited control system, including formal Banco BV Votorantim S.A. 2020 Annual assurance engagement carried out compliance policies and procedures Votorantim Energia Report for the year ended in accordance with the Technical for ethical requirements, Nexa Resources December 31, 2020. Communication CTO 01, “Issuance professional standards and legal Citrosuco of an Assurance Report related and regulatory requirements. CBA Management’s to Sustainability and Social Acerbrag e Acerías Paz del Río responsibilities Responsibility”, issued by the These standards also require About this Report Federal Accounting Council (CFC), the work to be planned and Management of Votorantim S.A. based on the Brazilian standard performed to obtain limited GRI Disclosures is responsible for the preparation NBC TO 3000, “Assurance assurance that the information Consolidated Financial Statements and fair presentation of the Engagements Other than Audit included in the 2020 Annual Assurance Report information in the 2020 Annual and Review”, also issued by the Report, taken as a whole, is free Credits and Corporate Information Report, presented in accordance CFC, which is equivalent to the from material misstatement. with the Global Reporting international standard ISAE 3000, Initiative (GRI Standards) and “Assurance engagements other A limited assurance engagement for such internal controls as it than audits or reviews of historical conducted in accordance with the

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A Message From Brazilian standard NBC TO 3000 and qualitative information related to sustainability included the Board of Directors and ISAE 3000 mainly consists of and the operating and internal in the 2020 Annual Report. A Message From making inquiries of management control systems used to prepare the Executive Board and other professionals of the the information in the 2020 We believe that the evidence we 2020 Highlights entity involved in the preparation Annual Report; have obtained is sufficient and Portfolio Overview of the sustainability information, appropriate to provide a basis for The Investment Holding Company as well as applying analytical (b) Understanding the calculation our limited assurance conclusion. Strategy and Management procedures to obtain evidence methodology and the People that enables the issue of a limited procedures adopted for the Scope and limitations Governance, compliance and risks assurance conclusion on the compilation of indicators Economic and Financial Performance information taken as a whole. A through interviews with the The procedures applied in a Social Investment limited assurance engagement managers responsible for the limited assurance engagement Initiatives to Combat COVID-19 also requires the performance of preparation of the information; are substantially less detailed additional procedures when the than those applied in a reasonable Center of Excellence (CoE) independent auditor becomes (c) Applying analytical procedures assurance engagement, the Reservas Votorantim aware of matters that lead to quantitative information and objective of which is the issuance Altre the auditor to believe that the making inquiries regarding the of an opinion on the sustainability Portfolio Companies information taken as a whole might qualitative information and its information in the 2020 Annual Votorantim Cimentos present significant misstatements. correlation with the indicators Report. Consequently, we were Banco BV disclosed in the information in not able to obtain reasonable Votorantim Energia The procedures selected are the 2020 Annual Report; assurance that we might become Nexa Resources based on our understanding of aware of all significant matters that Citrosuco the procedures applied in the (d) Comparing the financial might be identified in an assurance CBA compilation and presentation indicators with the financial engagement, the objective of Acerbrag e Acerías Paz del Río of the information in the 2020 statements and/or accounting which is the issue of an opinion. About this Report Annual Report, other engagement records. Had we performed an engagement circumstances and our analysis with the objective of issuing an GRI Disclosures of the areas in which significant The limited assurance engagement opinion, we might have identified Consolidated Financial Statements misstatements might exist. The also included the application of other matters and possible Assurance Report following procedures were adopted: procedures to assess compliance misstatements in the information Credits and Corporate Information with the guidelines and criteria related to sustainability in the (a) Planning the work, taking into of the Global Reporting Initiative 2020 Annual Report. Therefore, we consideration the materiality (GRI Standards) applied in the do not express an opinion on this and the volume of quantitative compilation of the information information.

Page 185 of 187 2020 Annual Report

A Message From Non-financial data are subject to and, therefore, do not aim to Conclusion the Board of Directors more inherent limitations than provide assurance with regard A Message From financial data, due to the nature to the compliance with social, Based on these procedures, no the Executive Board and diversity of the methods economic, environmental, or matter has come to our attention 2020 Highlights used to determine, calculate and engineering laws and regulations. that causes us to believe that the Portfolio Overview estimate these data. Qualitative However, the aforementioned information included in the 2020 The Investment Holding Company interpretations of the relevance, standards establish the Annual Report of Votorantim Strategy and Management materiality, and accuracy of the presentation and disclosure S.A. has not been compiled, in all People data are subject to individual of possible cases of non- material respects, in accordance Governance, compliance and risks assumptions and judgments. compliance with such regulations with the Global Reporting Economic and Financial Performance Furthermore, we did not carry out when sanctions or significant Initiative (GRI Standards). Social Investment any work on the data reported fines are applied. Our limited Initiatives to Combat COVID-19 for prior periods, nor future assurance report should be read São Paulo, April 7, 2021. projections and goals. and understood in this context, Center of Excellence (CoE) which is inherent to the criteria PricewaterhouseCoopers Reservas Votorantim The preparation and selected (GRI Standards). Contadores Públicos Ltda. Altre presentation of the CRC 2SP023173/O-4 Portfolio Companies sustainability indicators were Votorantim Cimentos performed pursuant to the Maurício Colombari Banco BV criteria of the GRI Standards Contador CRC 1SP195838/O-3 Votorantim Energia Nexa Resources Citrosuco CBA Acerbrag e Acerías Paz del Río About this Report GRI Disclosures Consolidated Financial Statements Assurance Report Credits and Corporate Information

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A Message From the Board of Directors Credits Corporate A Message From the Executive Board Information 2020 Highlights General Coordination Technical adviser Portfolio Overview Resultante ESG Finance and Investor The Investment Holding Company Writing, editing and Relations Department Votorantim S.A. Strategy and Management proofreading Caroline Afonso People KMZ Conteúdo Rua Amauri, 255 – 13th floor Governance, Compliance and Risks Débora Oliveira São Paulo (SP) – Brazil Economic and Financial Performance Mariana Mayumi Oyakawa Graphic design Zip code: 01448-000 Social Investment Sergio Malacrida Pierre Design Editorial Phone: + 55 11 3704-3300 Initiatives to Combat COVID-19 Microsite Center of Excellence (CoE) blendON Reservas Votorantim External Assurance Altre PwC Portfolio Companies Votorantim Cimentos Images CoE Banco BV Bruno Mooca (Diretores e Rua José Cesar de Oliveira, Jirón Vittore Scarpazza Votorantim Energia Conselheiros) 111 – 8th floor Carpaccio, 250 – int. 305 Nexa Resources Felipe Inácio (Altre) São Paulo (SP) – Brazil Citrosuco San Borja (Lima) – Peru AdobeStock (Aços Longos) Zip code: 02675-031 CBA Phone: + 51 715-7600 ShutterStock (Votorantim Acerbrag and Acerías Paz del Río Energia e Citrosuco) Rodovia Curitiba/Rio Branco About this Report Unsplash by Magnet.me do Sul, 1303 GRI Disclosures (photomontage, banco BV) Curitiba (PR) – Brazil Zip code: 82130-570 Consolidated Financial Statements Translation (english) Phone + 55 41 3388-5150 Assurance Report Claudia Gustavsen Credits and Corporate Information Typeface Votorantim Sans www.votorantim.com

April 2021

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