Earnings Call – 3Q15

November 13th, 2015

LTM = “Last Twelve Months”

The consolidated financial statements presented here are consistent with the criteria of international accounting standards - IFRS issued by the

International Accounting Standards Board – IASB, based on audited financial information. Non-financial information contained herein, as well

as other operational information, were not audited by independent auditors and may include forward-looking statements and reflects the

current views and perspectives of the management on the evolution of macro-economic environment, conditions of the mining and

refractories industries, company performance and financial results. Any statements, projections, expectations, estimates and plans contained

in this document that do not describe historical facts, and the factors or trends affecting financial condition, liquidity or results of operations,

are forward-looking statements and involve several risks and uncertainties.

This presentation should not be construed as legal, tax, investment or other advice. This presentation does not constitute an offer, or invitation,

or solicitation of an offer, to subscribe for or purchase any securities, and neither any part of this presentation nor any information or

statement contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Under no

circumstances, neither the Company nor its subsidiaries, directors, officers, agents or employees be liable to third parties (including investors)

for any investment decision based on information and statements in this presentation, or for any damages resulting therefrom, corresponding

or specific.

The information presented or contained in this presentation is current as of the date hereof and is subject to change without notice. Magnesita

has no obligation to update it or revise it in light of new information and / or in face of future events, safeguard the current regulations which

we are submitted to. This presentation and its contents are proprietary information of the Company and may not be reproduced or circulated,

partially or completely, without the prior written consent of the Company.

Disclosure

2

3

Crude Steel Production* (million tons) - Established Markets

Volume (‘000 tons)

Sales to Steel Segment

Revenues (R$ million)

Refractory Solutions Sales - Steel

Sales by region (in R$)

-1%

-6%

3Q15

208

2Q15

209

3Q14

220

-5%

LTM

3Q15

843

LTM

3Q14

885 -6%

9M15

627

9M14

666

+12%

+28%

3Q15

669

2Q15

598

3Q14

524

LTM

3Q15

2.382

LTM

3Q14

2.124

+12% +15%

1.837 1.594

9M15 9M14

9M15 9M14

30%

21%

9%

37% 3% 3%

39%

26%

23%

9%

North America

South America

Europe

Asia + Oceania

CIS + MEA

4

Sales to Industrial Segment

Refractory Solutions Sales – Industrial Segment

Volume (‘000 tons) Revenues (R$ million)

3530

42

3Q15 2Q15 3Q14

+20%

-15%

108100111

+9%

-3%

3Q15 2Q15 3Q14

-5%

9M15

111

9M14

117

+8%

9M15

350

9M14

325

-9%

LTM

3Q15

145

LTM

3Q14

159

+1%

LTM

3Q15

448

LTM

3Q14

445

9M14

11% 4%

13%

20%

52%

9M15

24%

13%

6%

10% 47%

CIS + MEA

Asia + Oceania

Europe

North America

South America

Volumes (thousand tonnes)

Revenues (R$ mln)

Gross profit and margin (R$ million; %)

243239262

+2%

-7%

3Q15 2Q15 3Q14

252220206

3Q15

32,3%

2Q15

31,5%

3Q14

32,4%

778698635

+22%

+11%

3Q15 2Q15 3Q14

897820

LTM 3Q15

31,7%

LTM 3Q14

31,9%

+10%

LTM 3Q15

2.830

LTM 3Q14

2.570

5

Refractories Consolidated – Sales & Margin

Per region (R$)

Per segment (R$)

3Q15 3Q14

17,5%

82,5%

13,9%

86,1%

Steel Industrial

CONFIDENTIAL

989

-5%

LTM 3Q15 LTM 3Q14

1.044

5

738783

-6%

9M15 9M14

+14%

9M15

2.187

9M14

1.919

713617

9M15

32,6%

9M14

32,2% 9M15 9M14

83,1%

16,9%

84,0%

16,0%

6

Revenues (R$ million) Gross Profit and Margin (R$ million; %)

Revenues (R$ million) Gross Profit and Margin (R$ million; %)

Minerals and Services Sales and Margin

Minerals

Services

594539

+52%

+31%

3Q15 2Q15 3Q14

+8%

LTM 3Q15

181

LTM 3Q14

167

+32%

9M15

148

9M14

113

261813

89%

43%

3Q15

43.4%

2Q15

39.4%

3Q14

34.8%

6856

+21%

LTM 3Q15

37.7%

LTM 3Q14

33.7%

57

38

52%

9M15

38.7%

9M14

33.6%

494841

+21%

3%

3Q15 2Q15 3Q14

24%

LTM 3Q15

191

LTM 3Q14

154

21%

9M15

147

9M14

122

7810

-15%

-34%

3Q15

13.9%

2Q15

16.9%

3Q14

25.6%

31 34

+10%

LTM 3Q15

18.0%

LTM 3Q14

20.1%

2726

4%

9M15

18.4%

9M14

21.3%

7

Consolidated Sales and Gross Profit

Por Segmento

886791715

+12%

+24%

3Q15 2Q15 3Q14

Gross Profit (R$ million; %)

Consolidated Sales (R$ million)

+11%

LTM 3Q15

3.201

LTM 3Q14

2.890

284245230

+16% 23%

3Q15

32.1%

2Q15

31.0%

3Q14

32.2%

798681

17%

9M15

32.1%

9M14

31.6%

+15%

9M15

2.483

9M14

2.154

999908

10%

LTM 3Q15

31.2%

LTM 3Q14

31.4%

5%

89%

6% 6% 6%

88%

Service

Minerals

Refractories

Service Minerals Refractories

9M15 9M14

8

SG&A

G&A and % of sales (R$ million; %)

+5%

+22%

3Q15

73

8.3%

2Q15

70

8.8%

3Q14

60

8.4%

+6%

+5%

3Q15

47

5,3%

2Q15

44

5,6%

3Q14

45

6,2%

Freight Fixed Selling expenses

+4%

+25%

3Q15

70

7.9%

2Q15

68

8.5%

3Q14

56

7.8%

+17%

9M15

204

8.2%

9M14

174

8.1%

-1%

9M15

136

5.5%

9M14

137

6.4%

+18%

9M15

199

8.0%

9M14

169

7.9%

+11%

LTM 3Q15

265

8.3%

LTM 3Q14

239

8.3%

+5%

+16%

3Q15

117

13.2%

2Q15

112

14.1%

3Q14

101

14.1%

+9%

9M15

335

13.5%

9M14

306

14.2%

+8%

LTM 3Q15

437

13.7%

LTM 3Q14

405

14.0%

LTM 3Q15

+25%

257

8.0%

LTM 3Q14

206

7.1% 6.9%

-9%

5.6%

199

LTM 3Q15 LTM 3Q14

180

Selling Expenses and % of sales (R$ million; %)

9

EBITDA and Net Result (R$ million)

3Q15

-903

2Q15

12

3Q14

-18

+35%

+34%

3Q15

141

15.9%

2Q15

105

13.2%

3Q14

105

14.7%

+16%

LTM 3Q15

468

14.6%

LTM 3Q14

404

14.0%

LTM 3Q15

-994

LTM 3Q14

10

Adjusted EBITDA* (R$ million; %)

*EBITDA excluding other operating revenues / expenses

+27%

9M15

387

15.6%

9M14

306

14.2%

-917

-21

9M15 9M14

Net Result (R$ million; %)

10

CAPEX and Working Capital

Working Capital (R$ million; %)

CAPEX (R$ million)

+36%

+78%

3Q15

70

2Q15

51

3Q14

39

+50%

9M15

155

9M14

103

+22%

LTM 3Q15

229

LTM 3Q14

187

3Q15

1.148

32,4%

2Q15

975

30,8%

1Q15

961

29,8%

4Q14

878

30,6%

3Q14

1.002

35,1%

33,9%

28,7% 26,1%

28,4% 27,3%

Working Capital

Working Capital as % of sales ¹

Adjusted working capital as % of sales ²

¹Quarterly sales multiplied by 4 ²WK adjusted by same FX as sales

*EBITDA excluding other revenues/expenses

Total Excluding Perpetual Bond

*EBITDA excluding other revenues/expenses

Capital Structure

Leverage ratio Leverage ratio ex-perpetual

2.1351.7091.7061.5961.537

468432425387404

3Q15

3.7x

4.6x

2Q15

3.7x

4.0x

1Q15

3.5x

4.0x

4Q14

3.9x

4.1x

3Q14

3.7x

3.8x

Net Debt / EBITDA Adj by fx

Net Debt / EBITDA¹

EBITDA

Net Debt

1.120917887931911468431425387404

3Q15

2.1x

2.4x

2Q15

2.1x

2.1x

1Q15

2.0x

2.1x

4Q14

2.4x

2.4x

3Q14

2.3x

2.3x

Net Debt / EBITDA Adj by fx

Net Debt / EBITDA¹

EBITDA

Net Debt

8,2

Net Debt per currency (as of Sep 2015)

EUR 32%

49% USD

BRL

20%

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Octavio Pereira Lopes CEO

Eduardo Gotilla CFO e IRO

Daniel Domiciano IR Manager

Phone: +55 11 3152-3237/3241/3202 ri@magnesita.com

www.magnesita.com/ri

12

Investor Relations