Earnings Call – 2Q15

August 14th, 2015

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

LTM = “Last Twelve Months”

3

*Source: WSA

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$)

Brazil

3% 3%

2Q15

8.7

1Q15

8.4

2Q14

8.4

1%

LTM

2Q15

34.2

LTM

2Q14

34.0 1% -8%

2Q15

23

1Q15

23

2Q14

25

-3%

LTM

2Q15

97

LTM

2Q14

100 0% 1%

2Q15

44

1Q15

44

2Q14

44

NAM ex-Mexico EU-28

0%

LTM

2Q15

170

LTM

2Q14

170

2%

1H15

17.1

1H14

16.7

1%

1H15

88

1H14

88

1H15

-7%

46

1H14

50

0%

210

-11%

1Q15

235 210

2Q15 2Q14 LTM

2Q14

870 856

-2%

LTM

2Q15

419

1H15 1H14

-6%

446

1Q15

570

8% 5%

2Q15

598

2Q14

555

2,094

7%

LTM

2Q15

2,236

LTM

2Q14

1,168 1,071

1H14

9%

1H15

1H15

29%21%

38%

12%

Europe

Others

South America

North America

25% 24%

38%

13%

1H14

4

Sales to Industrial Segment

Refractory Solutions Sales – Industrial Segment

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

30

46

32

-9% -36%

2Q15 1Q15 2Q14

100

142

88

-30%

2Q15 1Q15 2Q14

13% 7675

1%

1H15 1H14 1H15

13%

1H14

214 242

2%

152

LTM

2Q14

148

LTM

2Q15

LTM

2Q14

451

8%

LTM

2Q15

418

1H15

27%10%

48%

15%

Europe OthersSouth America North America

24%12%

47%

17%

1H14

Volumes (thousand tonnes)

Revenues (R$ mln)

Gross profit and margin (R$ million; %)

239256267

-6% -11%

2Q15 1Q15 2Q14

219242199

10%

2Q15

31.5%

1Q15

-9%

34.1%

2Q14

31.0%

698712644

8% -2%

2Q15 1Q15 2Q14

851801

31.9%

LTM 2Q15

31.7%

LTM 2Q14

6%

7%

LTM 2Q15

2,687

LTM 2Q14

2,511

5

Refractories Consolidated – Sales & Margin

Per region (R$)

Per segment (R$)

LTM 2Q15

1,007

LTM 2Q14

1,019

-1%

5

495522

-5%

1H15 1H14

1H15

1,410

1H14

1,285

10%

462411

12%

1H15

32.8%

1H14

32.0%

17.1%

82.9%

16.6%

83.4%

1H15 1H14

Steel Industrial

1H15

29%19%

39%

13%

Europe OthersSouth America North America

25% 22%

40%

13%

1H14

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

454434

2Q15 2Q14 1Q15

32% 2%

166

LTM 2Q15

-3%

160

LTM 2Q14

8974

1H15

21%

1H14

1812 14

34.8% 31.6%

2Q14 2Q15

48%

39.4%

28%

1Q15

5658

LTM 2Q14

-4%

LTM 2Q15

34.9% 35.1%

3224

30%

1H15

35.6%

1H14

32.9%

485042

13% -4%

2Q15 1Q15 2Q14

26%

LTM 2Q15

182

LTM 2Q14

144 98

81

21%

1H15 1H14

8129

-33%

2Q15

-9%

16.9%

1Q15

24.2%

2Q14

21.1%

38

25

20.8%

LTM 2Q14 LTM 2Q15

17.4%

51%

2015

31%

1H15 1H14

19.1% 20.6%

7

Consolidated Sales and Gross Profit

Por Segmento

791806720

-2% 10%

2Q15 1Q15 2Q14

Gross Profit (R$ million; %)

Consolidated Sales (R$ million)

7%

LTM 2Q15

3,029

LTM 2Q14

2,821

245269220

-9% 11%

2Q14

33.3%

1Q15 2Q15

31.0% 30.6%

514451

1H15 1H14

14%

31.3% 32.2%

1H15

11%

1,597 1,440

1H14

945884

31.3%

7%

LTM 2Q14

31.2%

LTM 2Q15

6%6%

88%

1H15

6%5%

89%

1H14

Refractories Minerals Services

8

SG&A

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

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

8.0%

21%

1Q15

61 58

8.8%

2Q15

70

7.6%

2Q14

14%

-2% -2%

2Q14 2Q15 1Q15

5.6% 5.6%

44 45 45

6.2%

Freight Other Selling Expenses

2Q15

8.5%

62

7.6%

68 55

23%

1Q15

10%

2Q14

7.6%

8.2%

1H14

114

7.9%

15%

1H15

131

6.4%

-3%

93

1H15

89

5.6%

1H14

113

7.9%

14%

1H15

129

8.1%

1H14

252

8.3%

242

8.6%

4%

LTM 2Q15 LTM 2Q14

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

12%

13.2%

2Q14

100

13.8%

5%

2Q15

112

14.1%

1Q15

107

13.7%

206

14.3%

6%

1H15

219

1H14

401

14.2%

5%

LTM 2Q15

421

13.9%

LTM 2Q14

8.0% 7.7%

LTM 2Q14 LTM 2Q15

12%

217 243

LTM 2Q15

184 178

5.9%

-3%

6.5%

LTM 2Q14

9

EBITDA and Net Result (R$ million)

Net Result (R$ million; %)

2Q15

12

1.5%

1Q15

-27

-3.3%

2Q14

14

2.0%

-26% 8%

2Q15

105

13.2%

1Q15

142

17.6%

2Q14

97

13.5%

14%

LTM 2Q15

432

14.3%

LTM 2Q14

379

13.4%

LTM 2Q15

-110

0.2%

LTM 2Q14

-3.6%

6

Adjusted EBITDA* (R$ million; %)

*EBITDA excluding other operating revenues / expenses

201

23%

1H15

15.4%

246

13.9%

1H14

-2

-0.9%

-15

1H15 1H14

-0.2%

10

CAPEX and Working Capital

Working Capital (R$ million; %)

CAPEX (R$ million)

1Q15

41

2Q14

25%

2Q15

51%

51

34

85

33%

1H14 1H15

64

LTM 2Q14

-5%

LTM 2Q15

209 198

33.9% 34.0%

1Q15

975

26.1% 28.7%

961

30.6%

34.8%

878

29.8%

28.4%

4Q14

979

3Q14

30.8%

2Q14

35.1%

1,002

2Q15

WK adj. by FX¹ as % of annualized sales

WK as % of annualized sales²

WK

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

8,2

Net Debt per currency (as of June 2015)

11

¹Adjusted EBITDA ²Net Debt adjusted by the same FX as EBITDA

Amortization Schedule (R$ million)

¹Adjusted EBITDA ²Net Debt adjusted by the same FX as EBITDA

Capital Structure

Amortization Schedule

Leverage (R$ million) Leverage ex-perpetual (R$ million)

432425387404379

2Q15

1,709

3.7x

4.0x

1Q15

1,706

3.5x

4.0x

4Q14

1,596

3.9x

4.1x

3Q14

1,537

3.7x

3.8x

2Q14

1,484

4.0x

3.9x

Net Debt / EBITDA adj. by FX²

Net Debt / EBITDA

EBITDA¹

Net Debt

917887931911922432425387404379

2Q15

2.1x

2.1x

1Q15

2.0x

2.1x

4Q14

2.4x

2.4x

3Q14

2.3x

2.3x

2Q14

2.5x

2.4x

Net Debt / EBITDA adj. by FX²

Net Debt / EBITDA

EBITDA¹

Net Debt

EUR 32%

USD 36%

BRL

32%

776

2018 2020 Perp

20

2019

892

222

2017

290

2016

89

2015

144

Cash

838

Octavio Pereira Lopes CEO

Eduardo Gotilla CFO e IRO

Daniel Domiciano IR Manager

Lucas Veiga IR Analyst

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

www.magnesita.com/ir

12

Investor Relations