Condensed consolidated interim financial statements at June 30, 2020 and independent auditor’s report Votorantim S.A. (A free translation of the original in Portuguese) Report on review of condensed consolidated interim financial statements To the Board of Directors and Stockholders Votorantim S.A. Introduction We have reviewed the accompanying condensed consolidated interim balance sheet of Votorantim S.A. and its subsidiaries (the "Company") as at June, 30, 2020 and the related condensed consolidated interim statements of income and comprehensive income for the quarter and six-month period then ended, and the condensed consolidated interim statements of changes in equity and cash flows for the six-month period then ended, and a summary of significant accounting policies and other explanatory notes. Management is responsible for the preparation and presentation of these condensed consolidated interim financial statements in accordance with the accounting standard CPC 21 - “Interim Financial Reporting”, and International Accounting Standard (IAS) 34 - “Interim Financial Reporting”, of the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on these condensed consolidated interim financial statements based on our review. Scope of review We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” and ISRE 2410 - “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, respectively). A review of interim information consists in making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion on the consolidated condensed interim financial statements Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial statements referred to above are not prepared, in all materials respects, in accordance with CPC 21 - “Interim Financial Reporting”, and IAS 34, as issued by International Accounting Standards Board (IASB). Curitiba, August 6, 2020 PricewaterhouseCoopers Carlos Eduardo Guaraná Mendonça Auditores Independentes Contador CRC 1SP196994/O-2 CRC 2SP000160/O-5 PricewaterhouseCoopers, Al. Dr. Carlos de Carvalho 417, 10o, Curitiba, PR, Brasil, 80410-180, Caixa Postal 699, T: +55 (41) 3883 1600, www.pwc.com.br Summary Condensed consolidated interim financial statements Statements Condensed consolidated interim balance sheet .............................................................................................................................2 Condensed consolidated interim statement of income ....................................................................................................................4 Condensed consolidated interim statement of comprehensive income ............................................................................................5 Condensed consolidated interim statement of charges in equity ......................................................................................................6 Condensed consolidated Interim statement of cash flows ................................................................................................................7 General considerations Liabilities and equity 1 General considerations............................................. 9 14 Borrowing.............................................................. 31 1.1 Main events that occurred during the first semester of 15 Current and deferred income tax and social 2020 ....................................................................... 9 contribution ................................................. 37 2 Presentation of the condensed consolidated interim 16 Provision ............................................................... 39 financial statements ................................................ 14 17 Equity.................................................................... 40 2.1 Basis of preparation ................................................ 14 Consolidation ......................................................... 14 2.2 Restatement of comparative figures ......................... 14 3 Changes in accounting policies and disclosures ......... 15 3.1 Transitions of accounting standards ......................... 15 Estimates and assumptions Results 4 Critical accounting estimates and judgments ............. 15 18 Net revenue from products sold and services 5 Financial risk management ...................................... 15 rendered ............................................................................. 42 5.1 Financial risk factors ............................................... 15 19 Expenses by nature ................................................ 42 5.1.1 Derivatives contracted ............................................ 18 20 Other operating expenses, net ................................. 43 5.1.2 Fair value estimation .............................................. 19 21 Finance results, net ................................................ 44 5.1.3 Sensitivity analysis .................................................. 21 6 Credit quality of financial assets ............................... 23 Assets Supplementary information 7 Trade receivables .................................................. 24 22 Supplementary information – Business segments ......... 45 8 Inventory .............................................................. 24 23 Subsequent events .................................................... 56 9 Financial Instruments - shares ................................. 25 10 Taxes recoverable .................................................. 26 11 Investments ........................................................... 25 12 Property, plant and equipment ................................ 27 13 Intangible assets .................................................... 30 Condensed consolidated interim Balance sheet All amounts in millions of reais (A free translation of the original in Portuguese) Note 6/30/2020 12/31/2019 Assets Current assets Cash and cash equivalents 9,112 6,262 Financial investments 4,988 4,444 Derivative financial instruments 5.1.1 (a) 225 62 Trade receivables 7 3,014 2,196 Inventory 8 4,729 4,129 Taxes recoverable 10 2,043 1,968 Dividends receivable 123 81 Financial instruments - firm commitment 31 Other assets 531 621 24,796 19,763 Assets classified as held-for-sale 9 24,805 19,763 Non-current assets Long-term receivables Financial investments 20 23 Financial instruments - shares 9 2,965 2,749 Derivative financial instruments 5.1.1 (a) 1,359 337 Derivative financial instruments - put option 5.1.1 (b) 370 655 Taxes recoverable 10 3,649 3,477 Related parties 255 229 Deferred income tax and social contribution 15 (b) 4,276 3,341 Judicial deposits 16 (b) 231 345 Financial instruments - firm commitment 17 29 Securitization of receivables 336 140 Other assets 737 586 14,215 11,911 Investments 11 (b) 12,465 11,720 Property, plant and equipment 12 29,832 27,148 Intangible assets 13 15,227 13,283 Right-of-use assets 868 813 Biological assets 89 85 72,696 64,960 Total assets 97,501 84,723 2 The accompanying notes are an integral part of these condensed consolidated interim financial statements. Condensed consolidated interim Balance sheet All amounts in millions of reais (A free translation of the original in Portuguese) Note 6/30/2020 12/31/2019 Liabilities and equity Current assets Borrowing 14 (a) 2,789 954 Lease liabilities 246 210 Derivative financial instruments 5.1.1 (a) 484 69 Confirming payables 1,287 1,415 Trade payables 4,219 4,429 Salaries and payroll charges 896 836 Taxes payable 571 424 Advances from clients 389 102 Dividends payable 64 120 Use of public assets 90 87 Financial instruments - firm commitment 68 81 Deferred revenue - silver streaming 136 106 Other liabilities 999 870 12,238 9,703 Liabilities related to assets held-for-sale 2 2 12,240 9,705 Non-current assets Borrowing 14 (a) 26,669 18,801 Lease liabilities 675 631 Derivative financial instruments 5.1.1 (a) 1,863 383 Deferred income tax and social contribution 15 (b) 2,446 2,087 Related parties 11 50 Provision 16 (a) 3,499 3,137 Use of public assets 1,181 1,151 Pension plan and post-employment health care benefits 532 367 Financial instruments - firm commitment 157 122 Deferred revenue - silver streaming 783 621 Other liabilities 772 761 38,588 28,111 Total liabilities 50,828 37,816 Equity Share capital 17 (a) 28,656 28,656 Revenue reserves 10,800 11,165 Retained (loss) earnings (2,611) Carrying value adjustments 17 (c) 5,140 1,948 Total equity attributable to the owners of the Company 41,985 41,769 Non-controlling interests 4,688 5,138 Total equity 46,673 46,907 Total liabilities and equity 97,501 84,723 3 The accompanying notes are an integral part of these condensed consolidated interim financial statements. Condensed consolidated interim statement of income Periods ended June 30 All amounts in millions of reais unless otherwise stated (A free