Meeting APIMEC-SP | 4Q11

2

“Forward looking statements included in this presentation regarding the

Company’s business, operating and financial results and Company’s growth

are only predictions and were based on management's expectations

regarding future performance. These expectations are highly dependent on

market conditions, Brazilian economic scenario, industry performance and

international markets, and are therefore subject to change.”

Disclaimer

3

Eternit Group

Activity

Manufacture of fiber cement and commercialization of bathroom

chinaware and metallic fittings and components for construction systems

Chrysotile Mining

Manufacture of concrete tiles and commercialization of sanitary ware

Industrial Units 4 1 1 6

Market Share

Leader in fiber cement – 32% of Market Share

The world's 3rd largest – 15% of

Market Share

Leader in concrete tiles –35% of Market

Share 5th largest of Brazil in sanitary wares

Capacity 1 million tons 300 thousand tons 8 million m²

Capacity Used (2011) Around 85% 100% Around 70%

The largest and most diversified roof coverings industry in Brazil

4

1) Anápolis/GO; 2) Colombo/PR; 3) Goiânia/GO; 4) Rio de Janeiro/RJ; 5) Simões Filho/BA; 6) Porto Alegre/RS and 7) São Paulo/SP.

Plants Location – Fiber cement and Crhysotile Mining

Commercial Branches

5

Showroom Location

Come visit us Rebouças Avenue, 2175 – São Paulo / SP

6

Plants Location – Concrete tiles

7

Supply Chain of Fiber Cement

8

Diversified Portfolio – Fiber Cement Tiles

9

Diversified Portfolio – Metallic Fittings

10

Diversified Portfolio - Components for constructions systems

11

Diversified Portfolio – Water tanks and filters

12

Diversified Portfolio – Bathroom chinaware and lavatory seats

13

Diversified Portfolio – Bathroom Metal Fittings

14

Diversified Portfolio – Synthetic Marble

15

Diversified Portfolio – Concrete Tiles

16

Diversified Portfolio – Full Roofing Solutions

SAMA - Overview

18

Global Market – Chrysotile Mineral

Global Consumption (MM of Ton)

Canada 4%

Russia – 50%

Kazakhstan – 11%

China – 20%

Brazil 15%

2011

2.2

2008

2.4

2007

2.4

2006

2.3

2005

2.3

2004

2.1

2009

2.1

2010

2.2

19

2009 2010 2011 4Q09 4Q10 4Q11

155 143 134

42 37 40

136 163 163

36 43 39

291306 297

78 80 79

5.2% -3.0%

2.8% -1.5%

Sales of Chrysotile Mineral (thous. tons)

Domestic Market Foreign Market

Eternit and Tégula - Overview

21

Residential Market Industrial and Commercial Market

Total Market Market Evolution (MM m2)

Metallic 12%

Ceramics 35%

Fiber cement 47%

Others 2%

Fiber cement 38%

Metallic 40%

Others 11%

Ceramics 11%

Concrete 4% Ceramics

45%

Fiber cement 51%

Concrete 4%

Covering market – Brazil (2011)

2005 2006 2007 2008 2009 2010 2011

406 425 459505 495

534 5618% 5%

10% -2% 8% 5%

22

Structure of the Industrial Park in 2011

Brazilian Fiber Cement

Market ETERNIT

Installed Capacity (tons / year) Approximately 2,820,000 1,000,000

Capacity utilization Around 86% Around 85%

Consumption (ton / year) 2,434,000 859,300

Companies 11 32% Market Share

Plants 19 5

Selling Points 39,000 15,000

23

Structure of the Industrial Park in 2011

Brazilian concrete roofing market TÉGULA

Installed Capacity (m² / year) Approximately 24.0 million 8.0 million

Capacity utilization Around 70% Around 70%

Consumption (m² / year) 16.9 million 5.9 million

Companies 130

35% Market Share

Plants 6

24

2009 2010 2011 4Q09 4Q10 4Q11

731

827 859

195 232 215

-7.5% 19.0%

13.1% 3.9%

Sales of Fiber Cement (thous. tons)

25

2010* 2011 4Q10 4Q11

477

4,776

5,253

5,961

1,435 1,573

9.6%

13.5%

Concrete Tiles (thous. square meters)

*Tégula was acquired on February 11 2010. The amount of 477 thousand m2 doesn’t refer to Eternit.

Economic and Financial Performance

27

2009 2010 2011 4Q09 4Q10 4Q11

130 111 10028 27 33

453

648 720

129 184 187

583

759820

157211 220

30.2%

34.2%

8.1%

4.4%

Consolidated Net Revenue (R$ million)

Domestic Market Foreign Market

28

3.2%

2.5%

2.6%

10.9%

3.7%

1.2%

Components Construction Systems

Net Revenue Breakdown (R$ million)

2007

Bathroom Chinaware

Concrete tiles and Accessories

2011

Others(*)

Components Construction Systems

Others(*)

(*) Others: metallic roofing tiles, polyethylene water tanks, lavatory seats, water pipe filters and synthetic marble.

Chrysotile Mineral26.2%

Fiber cement55.4%

New Business18.4%

Chrysotile Mineral35.0%

Fiber cement59.3%

New Business

5.7%

29

Raw material2

27%

Workforce51%

Depreciation5%

Other Costs9%

Energy8%

Raw material350%Workforce

17%Depreciation

7%

Other Costs21%

Energy5%

Raw material162%

Workforce11%

Depreciation4%

Other Costs20%

Energy3%

COGS Breakdown – 4Q11

1 - Cement (46%), Chrysotile Ore (43%) and others (11%)

3 - Cement (53%), sand (31%) and others (16%)

2 – Fuel, explosives, packaging, among others

Fiber Cement Chrysotile Mineral

Concrete Tiles

30

2009 2010 2011 4Q09 4Q10 4Q11

123

144 140

30 34 40

17.1% -2.9%

13.0% 17.0%

EBITDA (in R$ million)

31

2009 2010 2011 4Q09 4Q10 4Q11

73

10297

17

29 32

39.3% -4.7%

68.6% 10.3%

Net Income (in R$ million)

32

42% 43%

39%41%

38%41%

21%19%

17%19%

16%18%

13% 13% 12% 11%14% 15%

2009 2010 2011 4Q09 4Q10 4Q11

Margins

Net Margin EBITDA Margin Gross Margin

Capital Expenditures

34

2009 2010 2011 4Q09 4Q10 4Q11

2127 24

7 113

1 26 13

4

34

8

11

2

14

25

5

29

93

46

713 12

34

14

Investiments Acquisition Tégula

Capacity Increase – Eternit Molds and New Business

Synthetic Marble

Capital Expenditures (in R$ million)

Administrative Land acquisition – Ceará State

Capacity Increase – Tégula

35

Development unit of Synthetic Marble

Production Line Resin Silo Synthetic Marble

Products

36

Location of Multiproduct Plant - Ceará State

Land of 400 000 m²

35 km 15 km

Linha Gás Natural

Cimenteira

37

Artistic vision and Lay-out Bathroom Chinaware Plant

38

Share of 40% Knowledge of manufacturing and

products technology Low cost production

Expertise in new product development

Expertise in new market development

Share of 60% Knowledge of the local market

Strong distribution network Efficient logistics Brand strength

Investment Resources Knowledge in Brazil

Investments: R$ 97 million Capacity: 1,500,000 pieces per year

Begin building: First half of 2012 End building: 18 months

Forecast of Gross Revenue at full capacity: approximately R$ 127 million Straight Workforce: 330 employees

Multi-Product Unit in the Ceará State - Bathroom Chinaware Plant

Joint-Venture: Companhia Sulamericana de Cerâmica S. A.

Capital Markets

40

62.42%4.11%

7.45%

26.02%

Ownership Structure – Feb/12

Shareholding Structure Feb/12

Geração L. Par. F. I. A. 17.52%

Luiz Barsi Filho 13.46%

Victor Adler + VIC DTVM 8.50%

Management 1.55%

Other Board of Directors 0.07%

Treasurystock 0.03%

FREE-FLOAT 76.51%

Individual Investors Corporations Investors Abroad Clubs. Funds and Foundations

Consultive Council Member Since

Guilherme Affonso Ferreira 2011 Mário Fleck 2011

Board of Directors Member Since

Sérgio Alexandre Melleiro (*) 1993 Lírio Albino Parisotto (*) 2004

Victor Adler (*) 2005 Élio A. Martins 2007

Luiz Barsi Filho (*) 2008 Marcelo Munhoz Auricchio (*) 2011

Luis Terepins (*) 2011 (*) Independent member

41

2009 2010 2011 2012*

1,108975

794

1,074

2009 2010 2011 2012(*)

6,6155,910

6,6337,064

(*) Until February 2012

Ownership Structure

Number of shareholders Average Traded Volume (R$ thousand)

42

2009 2010 2011

73.1

102.1 97.2

55.3

80.571.6

2009 2010 2011 2012(*)

15.1%

9.3%

7.5%

2.2%

(*) Until March 2012

Policy of Remuneration

Net Income X Distributed Earnings (R$ million)

Dividend Yield

Net Income Dividends and Interest on own capital

76 % 79 % 74% Pay Out

43

40

60

80

100

120

140

160

180

200

220ETER3

IBOVESPA

Eternit’s Shares Performance (Dec/06 – Feb/12)

Between 12/28/2006 to 2/29/2012, Eternit’s shares appreciated 53.0% and IBOVESPA appreciated 50.2%.

In the same period, including the payment of dividends and interest on own capital, Eternit’s shares appreciated 148.8%.

66,809

R$ 9.26

44

New Investor Relations website

In line with technological tendencies, on February,

Eternit launched its new Investor Relations website.

The new version will provide to shareholders,

investors and research analysts an easier access and

better navigability to information on the Company.

Access:

www.eternit.com.br/ir

Outlook

46

Favorable Moment for Civil Construction

47

151 180 200 240 260 300 350 380 415 465 510 545 622

120 129 159 165 172 183 182 215 240 228 265 277 286

79.1%71.4%

79.4%68.7% 66.2% 61.1%

52.0% 56.5% 57.7%49.1% 52.0% 50.9% 45.9%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Jan-12

2005 2006 2007 2008 2009 2010 2011 2012

300350

380415

465510

545

622CAGR: 11.0% CAGR: 5.96%

Economic Figures

Minimum Wage (R$) Workforce (R$ million)

Source: BACEN

Food Basic Basket SP x Minimum Wage (purchasing power)

% Minimum Wage (R$) Food Basic Basket in SP (R$) Source: IBGE and DIEESE

303,028 321,163 338,501 365,331 377,361

404,751

2005 2006 2007 2008 2009 UDM 2010* Source: IBGE * 2010 UDM from dec/09 to nov/10

48

300 301 303 305 306 307 310 316 319 323 326 328 331

18.2% 17.4% 17.1% 17.3% 16.6% 15.7% 14.7% 14.0% 13.9% 13.5% 12.9%11.6%

10.2%

dec/10 jan/11 feb/11 mar/11 apr/11 may/11 jun/11 jul/11 aug/11 sep/11 oct/11 nov/11 dec/11

Dec/03 Dec/04 Dec/05 Dec/06 Dec/07 Dec/08 Dec/09 Dec/10 Dec/11

10.9%

9.6%

8.3% 8.4%7.4%

6.8% 6.8%

5.3%4.7%

936

1,2271,410

1,548 1,614 1,679 1,715 1,754 1,806 1,857 1,934 1,984

Source: BACEN Source: IBGE

Credit Availability Unemployment Rate - Brazil Government, Industry, Housing, Rural, Commerce, Credit

Individuals (R$ billlion)

Economic Figures

Growth of the Brazilian Savings

R$ billlion (%) Chg YoY Source: BACEN

Residences – Perception of Demand

50

Residences – Perception of Demand

Permanent Households – 57.8 million

Housing Deficit – 5,5 million

Source: ANAMACO (National Association of Construction Material Traders) / Study by the João Pinheiro Foundation, official statistics body for the state of

Minas Gerais, is a public institution under the State Planning and Management Department / Abecip (Brazilian Association of Real Estate and Savings Entities) –

2nd Abecip Seminar – Real Estate Panorama: Opportunities and Challenges.

Requiring some type of home

maintenance or expansion

77%

Permanent Households in Brazil

44.5 million residences

• The FGV study shows that between 2010 and 2022, the number of homes will grow in Brazil by an average of 1.9 million/year;

51

Geographic Region Up to Three

Three toFive

Five toTen

More thanTen

RegionalHousing

Deficit

North 492 43 17 3 555

Northeast 1,861 55 23 8 1,947

Southeast 1,791 178 65 12 2,046

South 484 66 26 4 581

Midwest 375 22 14 6 417

TotalApproximateHousingDeficit

5,003 364 146 33 5,546

In 2008, the estimated housing deficit was 5.5 million units, the majority concentrated in the C and D classes.

Housing Deficit by Family Income by Minimum Wages (in thousands of units)

Source: Study by the João Pinheiro Foundation, official statistics body for the state of

Minas Gerais, is a public institution under the State Planning and Management Department .

52

5.08.2

-6.3

11.6

3.6 4.85.4 5.1

-0.2

7.5

2.7 3.5

8.6

37.1

16.818.3

2007 2008 2009 2010 2011 2012(E)

GDP Construction (%) GDP Brazil (%) Eternit

106

78

48

34 30

1813 11

4.7

Netherland USA Germany South Africa

Malaysia Chile Mexico China Brazil

Indicators Brazilian GDP x Civil Construction GDP x Eternit

Gross Consolidated Revenue Home Mortgage Credit as % of GDP

Source: ABECIP, BACEN and FEBRABAN (Brazilian Banks Federation).

• In Brazil, home mortgage credit reached 4.7% of GDP in 2011 and should reach 11% in 2014.

Source: Abecip (Brazilian Association of Real Estate and Savings Entities) – 2nd Abecip Seminar – Real Estate Panorama: Opportunities and Challenges.

(E) Estimate

Source: BACEN. Growth in Eternit’s consolidated gross revenue was deflated by the IGP-M.

53

A B C D/E

7% 4% 1% 1%

93% 96% 99% 99%

Construction via Builder Self- Managed Construction

900 2,600 3,100 2,100

A B C D/E

26%12%

5% 4%

74%88%

95% 96%

Construction via Builder Self- Managed Construction

70 110 260 670

Expansion and maintenance of Residential Units (thousands of units)

Residences – Management Model New Residential Edifices

(thousands of units)

Source: ANAMACO (National Association of Construction Material Traders ) – Sample survey by ANAMACO – Data for sector 2010

54

Self-management 27%

Builder/ Contractor

2%

Bricklayer/Works Foreman/Engineer

71%

Self-management 34%

Builder/Contractor

1%

Bricklayer/Works Foreman/Engineer

65%

4,5% 2,0% 1,5%

52.7%

41.4% 37.1%

42.5%56.4% 61.0%

0.3% 0.2% 0.4%

AB C DE Home Center Specialized Store

Neighborhood Store Hyper-/Supermarkets

Consumer Profile Where do they make their purchases?

Source: ANAMACO (National Association of Construction Material Traders) – Sample survey by ANAMACO/Latin Panel on the Conditions of the Homes - 2007

With home maintenance – who decides the purchase?

With building – who decides the purchase?

55

23%

38% 39%

24%

36%40%

32%

34%34%

AB C DE

Professional (bricklayer or engineer)

Store salesperson

Decision by the interested party himself or a member of the family

Consumer Profile

Source: ANAMACO (National Association of Construction Material Traders) – Sample survey by ANAMACO/Latin Panel on the Conditions of the Homes - 2007

Responsible for the Choice of Brand

Chrysotile – The Brazilian Mineral

57

Chrysotile – The Brazilian Ore

The use of Chrysotile ore in Brazil is regulated by the Federal Law 9,055/95, by Decree 2,350/97 and by regulatory standards for occupational health and safety. It is also provided in the Convention 162 of the International Labor Organization (OIT).

Serpentinite rock with Chrysotile Ore fibers

White Ore

Bends and silky fibers without tip

Biopersistence*: 2.5 days

*Biopersistence: Time that a inhaled particle remains in the lungs before being eliminated by the body’s defense mechanisms. To cause lung damage, the fiber must have penetration and durability capacities in the alveoli.

High Concentration of Magnesium:3MgOSiO2H2O

58

Brazil concludes important research about chrysotile ore risks

Project Asbesto Ambiental “Ambiental Exposition to Asbesto: Evaluation of Risk and Effects in Health”

Process CNPq n. 420001/2006-9 The results of the research were announced on November 25 2010 and demonstrates that: Among the householders surveyed, no clinical, respiratory functional and high resolution tomographic alterations were found that could be attributed to atmospheric asbestos fiber inhalation. In the occupational assessment, no new alterations were identified or progression in pleural and interstitial deterioration of individuals in the sample Group exposed after 1980 and who underwent High Resolution Computed Tomography scans in the two studies. The full version of this research can be found in www.sectec.go.gov.br.

59

Material Fact Clarifications From the Brazilian Eternit Group

The Brazilian Eternit Group, in view of recent news regarding the trial held at the Court of Justice in Turin, Italy, in which two ex-board members of Eternit Italy were held responsible for deaths resulting from the use of asbestos in its plants, wishes to publicly clarify that: Eternit S.A. is a locally-owned, publicly traded company listed in the New Market, which is the highest level of Corporate Governance at the Sao Paulo State Stock, Commodities and Futures Exchange (BM&FBOVESPA), and bears no relation to Eternit in other countries, including Italy. The ownership and use of the trademark are exercised in distinct manners by different companies in several countries. In Brazil Eternit employs chrysotile asbestos as a reinforcement fiber in the manufacturing of asbestos-cement roofing sheets and tiles using modern production techniques. The Italian company employed various types of asbestos, especially the amphibole variety, in several applications and without protection for the workers. The activity in Brazil is regulated by Federal Law 9.055/95, Decree 2.350/97 and Regulatory Norms issued by the Ministry of Labor and Employment. These regulate the extraction, industrialization, sale and transportation of chrysotile asbestos and products which contain it, providing the Brazilian population with durable, high quality and excellent cost-benefit products; in this manner contributing to reduce the Brazilian housing deficit. Market competition in the cement-asbestos segment, between Eternit S.A. and a French group that also is active in Brazil in the manufacturing and use of synthetic fibers, has led some Brazilian states, especially where the plants are located, to approve anti-asbestos legislation. It is worth mentioning that the validity of these laws awaits a merit decision on the part of the Supreme Federal Court. The extraction and processing of chrysotile asbestos by controlled entity SAMA and the use of the mineral in Eternit's plants are subject to strict security standards that surpass legal requirements. With the improvement in production techniques and the perfection of work safety mechanisms, no accounts of disease related to the use of chrysotile asbestos have been reported among company employees who joined the group since the 1980's. A three-way agreement signed and in place since 1989, between the companies in the chain of production, workers and labor union entities and registered at the Ministry of Labor and Employment, has been instrumental and decisive in consolidating this achievement. The use of asbestos-cement, water tank and roofing tile products containing chrysotile asbestos does not present risks to the population's health. There are no reports in Brazil of a single case of a resident who developed any disease as a result of inhabiting one of the more than 25 million residences covered by cement-asbestos roofing tiles containing asbestos. This fact is corroborated by a nationwide survey conducted by a renowned medical team linked to the main Brazilian universities, the project and final report for which were approved by the National Council for Scientific and Technological Development - CNPq, and which is available at the site http://www.sectec.go.gov.br/portal. The Eternit Group operates under full transparency and maintains an "Open Doors Program" that has already received more than 50 thousand visitors to its plants and which grants access to any person who wishes to know more about the safe processes employed in mining and producing products that contain chrysotile asbestos.

Corporate and Environmental Management

61

Corporate Management

Launch ................... November 2004

Purpose .................

Contribute to society’s better understanding of the mining and processing of Chrysotile Ore and the manufacture of fiber cement products in a sustainable manner.

Location ........... Five production plants of Eternit and the SAMA mining company

Visitors ............... More than 50,000 until February 2012

Target ................... All society

Open Doors Program

62

Environment Focused Management

Quelônios Project - Animal Conservation Area

The only breeding program of Amazon turtles in Brazil and Reintegration of Wild Animal Nature in partnership with IBAMA

Zero Reject Monitoring Air Quality Water Reuse Reforestation Work

Seedling Nursery

63

Social Actions

64

Governance

Case of Success

Dividends Growth

Diversification

Eternit – An option for investment

ADR - Level I

ETNTY

65

Information

Este material foi produzido com papeis certificados FSC (Forest Stewardship Council), que é uma garantia de que a matéria-prima advém de uma floresta manejada de forma ecologicamente correta, socialmente e economicamente viável.

www.blogdaeternit.com.br

www.eternit.com.br/ir

Élio A. Martins elio.martins@eternit.com.br

Paula Dell Agnolo Barhum paula.barhum@eternit.com.br

Frederico Gomes Amaral frederico.amaral@eternit.com.br

Rodrigo Lopes da Luz rodrigo.luz@eternit.com.br

Phone: (55-11) 3038-3818

(55-11) 3194-3881

(55-11) 3194-3872 @Eternit_RI

Dr. Fernandes Coelho Street, 85 – 8th floor

Pinheiros – São Paulo / SP

05423-040

66

Eternit starts a new cycle

Welcome to the next

70 years

ETERNIT S.A.