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<ul><li><p>Earnings Call 4Q14 and 2014 </p><p>March 17th, 2015 </p></li><li><p>The consolidated financial statements presented here are consistent with the criteria of international accounting standards - IFRS issued by the </p><p>International Accounting Standards Board IASB, based on audited financial information. Non-financial information contained herein, as well </p><p>as other operational information, were not audited by independent auditors and may include forward-looking statements and reflects the </p><p>current views and perspectives of the management on the evolution of macro-economic environment, conditions of the mining and </p><p>refractories industries, company performance and financial results. Any statements, projections, expectations, estimates and plans contained </p><p>in this document that do not describe historical facts, and the factors or trends affecting financial condition, liquidity or results of operations, </p><p>are forward-looking statements and involve several risks and uncertainties. </p><p>This presentation should not be construed as legal, tax, investment or other advice. This presentation does not constitute an offer, or invitation, </p><p>or solicitation of an offer, to subscribe for or purchase any securities, and neither any part of this presentation nor any information or </p><p>statement contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Under no </p><p>circumstances, neither the Company nor its subsidiaries, directors, officers, agents or employees be liable to third parties (including investors) </p><p>for any investment decision based on information and statements in this presentation, or for any damages resulting therefrom, corresponding </p><p>or specific. </p><p>The information presented or contained in this presentation is current as of the date hereof and is subject to change without notice. Magnesita </p><p>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 </p><p>we are submitted to. This presentation and its contents are proprietary information of the Company and may not be reproduced or circulated, </p><p>partially or completely, without the prior written consent of the Company. </p><p>Changes in historical numbers </p><p>For comparison purposes, 2013 figures have been adjusted to reflect accounting changes implemented by the Company in late 2013. </p><p>Disclosure </p><p>2 </p></li><li><p>A g</p><p>lob</p><p>al o</p><p>rgan</p><p>izat</p><p>ion</p><p> New Strategic Vision </p><p>Vision: Be the best provider of refractories solutions and industrial minerals, </p><p>leveraging and developing our minerals base </p><p>Expand industrial minerals base </p><p>Ensure leadership in our core markets </p><p>Maintain a global low cost production base </p><p>Grow selectively and aggressively </p><p>Continue to develop high quality, low cost raw material sources to support our current </p><p>businesses as well as new businesses where </p><p>we can have a sustainable competitive </p><p>advantage </p><p>Strive to keep offering high quality and </p><p>innovative products, unrivaled services and </p><p>cost performance </p><p>Optimize production globally to improve </p><p>efficiency and support growth </p><p>Develop global supply chain management </p><p>Pursue long term growth opportunities in selected </p><p>markets where we can deliver superior value to </p><p>our customers and shareholders </p><p>Meritocracy Ethics </p><p>Profit Management &amp; Method </p><p>Agility and Transparency Respect for Safety, Environment and Communities </p><p>Customer People </p><p>Our values </p><p>3 </p></li><li><p>Brazil </p><p>4 </p><p>Source: WSA </p><p>Crude Steel Production (million tons) - Established Markets </p><p>Volume (000 tons)* </p><p>USA + Canada EU-28 </p><p>Sales to Steel Segment </p><p>Revenues (R$ million) </p><p>-2% </p><p>-1% </p><p>4Q14 </p><p>218 </p><p>3Q14 </p><p>220 </p><p>4Q13 </p><p>217 </p><p>+4% </p><p>+3% </p><p>4Q14 </p><p>545 </p><p>3Q14 </p><p>524 </p><p>4Q13 </p><p>530 </p><p>Refractory Solutions Sales - Steel </p><p>-5% </p><p>0% </p><p>4Q14 </p><p>8 </p><p>3Q14 </p><p>9 </p><p>4Q13 </p><p>8 </p><p>-5% </p><p>0% </p><p>4Q14 </p><p>25 </p><p>3Q14 </p><p>26 </p><p>4Q13 </p><p>25 </p><p>+3% </p><p>-1% </p><p>4Q14 </p><p>41 </p><p>3Q14 </p><p>40 </p><p>4Q13 </p><p>42 </p><p>Sales by region (in R$) </p><p>-1% </p><p>2014 </p><p>34 </p><p>2013 </p><p>34 </p><p>+1% </p><p>2014 </p><p>101 </p><p>2013 </p><p>99 </p><p>+2% </p><p>2014 </p><p>169 </p><p>2013 </p><p>166 </p><p>883 </p><p>+5% </p><p>839 </p><p>2013 2014 </p><p>1.918 </p><p>2014 2013 </p><p>2.139 </p><p>+12% </p><p>*Excluding scraps volume </p></li><li><p>5 </p><p>Sales to Industrial Segment </p><p>Refractory Solutions Sales Industrial Segment </p><p>Volume (000 tons) Revenues (R$ million) </p><p>344242</p><p>-17% </p><p>-18% </p><p>4Q14 3Q14 4Q13 </p><p>98111120</p><p>-12% </p><p>-18% </p><p>4Q14 3Q14 4Q13 </p><p>154 151</p><p>-2% </p><p>2014 2013 </p><p>423415</p><p>+2% </p><p>2014 2013 </p></li><li><p>Refractory Solutions Sales and Margin - Consolidated </p><p>Volume (000 tons) </p><p>Revenues (R$ million) </p><p>Gross Profit and Margin (R$ million; %) </p><p>251262260</p><p>-4% </p><p>-4% </p><p>4Q14 3Q14 4Q13 </p><p>184206203</p><p>-11% </p><p>-10% </p><p>4Q14 </p><p>28.5% </p><p>3Q14 </p><p>32.4% </p><p>4Q13 </p><p>31.2% </p><p>643635650</p><p>+1% </p><p>-1% </p><p>4Q14 3Q14 4Q13 </p><p>Sales by region (in R$) </p><p>Sales by segment (in R$) </p><p>993</p><p>+4% </p><p>2014 </p><p>1.034 </p><p>2013 </p><p>2014 </p><p>2.562 </p><p>2013 </p><p>2.334 </p><p>+10% </p><p>801777</p><p>2014 </p><p>+3% </p><p>31.3% </p><p>2013 </p><p>33.3% </p><p>6 </p></li><li><p>7 </p><p>Revenues (R$ million) Gross Profit and Margin (R$ million; %) </p><p>Revenues (R$ million) Gross Profit and Margin (R$ million; %) </p><p>Minerals and Services Sales and Margin </p><p>3239</p><p>54 -17% </p><p>-40% </p><p>4Q14 3Q14 4Q13 </p><p>434132</p><p>+5% </p><p>+34% </p><p>4Q14 3Q14 4Q13 </p><p>1114</p><p>18</p><p>-20% </p><p>-41% </p><p>4Q14 </p><p>33.4% </p><p>3Q14 </p><p>34.8% </p><p>4Q13 </p><p>34.0% </p><p>710</p><p>5</p><p>-33% </p><p>+42% </p><p>4Q14 </p><p>16.4% </p><p>3Q14 </p><p>25.6% </p><p>4Q13 </p><p>15.6% </p><p>Minerals </p><p>Services </p><p>-9% </p><p>2014 </p><p>145 </p><p>2013 </p><p>159 </p><p>4964</p><p>2014 </p><p>33.5% </p><p>2013 </p><p>40.1% </p><p>-24% </p><p>+37% </p><p>2014 </p><p>165 </p><p>2013 </p><p>121 33</p><p>17</p><p>2014 </p><p>+94% </p><p>20.0% </p><p>2013 </p><p>14.1% </p></li><li><p>8 </p><p>Consolidated Sales and Gross Profit (R$ million) </p><p>Por Segmento </p><p>718715736</p><p>4Q13 </p><p>0% </p><p>-2% </p><p>4Q14 3Q14 </p><p>Lucro Bruto </p><p>Vendas Consolidadas </p><p>+10% </p><p>2014 </p><p>2.872 </p><p>2013 </p><p>2.613 </p><p>201230226</p><p>-13% </p><p>-11% </p><p>4Q14 </p><p>28.0% </p><p>3Q14 </p><p>32.2% </p><p>4Q13 </p><p>30.7% </p><p>883858</p><p>+3% </p><p>2014 </p><p>30.7% </p><p>2013 </p><p>32.8% </p></li><li><p>9 </p><p>SG&amp;A </p><p>Selling Expenses </p><p>G&amp;A </p><p>+1% </p><p>-6% </p><p>4Q14 </p><p>61 </p><p>8.5% </p><p>3Q14 </p><p>60 </p><p>8.4% </p><p>4Q13 </p><p>65 </p><p>8.8% </p><p>+1% </p><p>+3% </p><p>4Q14 </p><p>102 </p><p>14.2% </p><p>3Q14 </p><p>101 </p><p>14.1% </p><p>4Q13 </p><p>99 </p><p>13.4% </p><p>Selling Expenses </p><p>% of sales </p><p>45 4462</p><p>0% </p><p>-29% </p><p>4Q14 </p><p>6.2% </p><p>3Q14 </p><p>6.2% </p><p>4Q13 </p><p>8.4% </p><p>Consolidated Freight </p><p>G&amp;A </p><p>% of sales </p><p>Others </p><p>+3% </p><p>+56% </p><p>4Q14 </p><p>58 </p><p>8.0% </p><p>3Q14 </p><p>56 </p><p>7.8% </p><p>4Q13 </p><p>37 </p><p>5.0% </p><p>0% </p><p>2014 </p><p>235 </p><p>8.2% </p><p>2013 </p><p>235 </p><p>8.9% </p><p>360 </p><p>13.6% </p><p>+14% </p><p>2014 </p><p>409 </p><p>14.2% </p><p>2013 </p><p>143 </p><p>5.4% </p><p>+27% </p><p>2014 </p><p>181 </p><p>6.3% </p><p>2013 </p><p>217 </p><p>8.2% </p><p>+5% </p><p>2014 </p><p>227 </p><p>7.9% </p><p>2013 </p></li><li><p>10 </p><p>EBITDA e Net Income (R$ million) </p><p>Net Income </p><p>-76 </p><p>-10.6% </p><p>3Q14 </p><p>-18 </p><p>-2.6% </p><p>4Q13 </p><p>31 </p><p>4.1% </p><p>4Q14 </p><p>-23% </p><p>4Q14 </p><p>81 </p><p>11.3% </p><p>3Q14 </p><p>105 </p><p>14.7% </p><p>4Q13 </p><p>98 </p><p>13.3% </p><p>-18% -2% </p><p>2014 </p><p>387 </p><p>13.5% </p><p>2013 </p><p>395 </p><p>14.9% </p><p>-97 </p><p>2014 </p><p>-3.4% </p><p>2013 </p><p>58 </p><p>2.2% </p><p>EBITDA ex-others </p></li><li><p>11 </p><p>CAPEX and Working Capital </p><p>Working Capital </p><p>CAPEX </p><p>+47% </p><p>-12% </p><p>4Q14 </p><p>73 </p><p>3Q14 </p><p>39 </p><p>4Q13 </p><p>83 </p><p>878 </p><p>30.6% </p><p>3Q14 </p><p>1,002 </p><p>35.1% </p><p>2Q14 </p><p>979 </p><p>34.0% </p><p>1Q14 </p><p>1,017 </p><p>35.4% </p><p>4Q13 </p><p>952 </p><p>32.3% </p><p>4Q14 </p><p>Working Capital </p><p>% of sales </p><p>-14% </p><p>2014 </p><p>177 </p><p>2013 </p><p>205 </p></li><li><p>12 </p><p>*EBITDA excluding other revenues / expenses </p><p>Leverage and Indebtedness </p><p>Total </p><p>Amortization Schedule (R$ million) Net Debt per Currency </p><p>Excluding Perpetual Bond </p><p>Others 0% 0% </p><p>EUR 15% 17% </p><p>USD 42% </p><p>59% </p><p>BRL 43% </p><p>24% </p><p>929911922914855</p><p>387403379385395</p><p>4Q14 </p><p>2.4x </p><p>3Q14 </p><p>2.3x </p><p>2Q14 </p><p>2.4x </p><p>1Q14 </p><p>2.4x </p><p>4Q13 </p><p>2.2x </p><p>Net Debt / EBITDA ex-ore* </p><p>EBITDA ex-ore* </p><p>Net Debt </p><p>1.614 </p><p>950 </p><p>664 </p><p>2019 </p><p>16 </p><p>2018 </p><p>219 </p><p>2017 </p><p>286 </p><p>2016 </p><p>88 </p><p>2015 </p><p>192 </p><p>4Q14 </p><p>917 </p><p>2020+ </p><p>Cash Position Amortization Perpetual Bond </p><p>4Q14 </p><p>4Q13 </p><p>387379385395 403</p><p>4Q14 </p><p>1,592 </p><p>4.1x </p><p>3Q14 </p><p>1,537 </p><p>3.8x </p><p>2Q14 </p><p>1,484 </p><p>3.9x </p><p>1Q14 </p><p>1,494 </p><p>3.9x </p><p>4Q13 </p><p>1,453 </p><p>3.7x </p><p>Net Debt / EBITDA ex-ore* </p><p>EBITDA ex-ore* </p><p>Net Debt </p><p>*EBITDA excluding other revenues / expenses </p></li><li><p>Octavio Pereira Lopes CEO </p><p>Eduardo Gotilla CFO e IRO </p><p>Daniel Domiciano Silva IR Manager </p><p>Lucas Veiga IR Analyst </p><p>Phone: +55 11 3152-3237/3241/3202 ri@magnesita.com </p><p>www.magnesita.com/ri </p><p>13 </p><p>Investor Relations </p></li></ul>