The consolidated financial statements presented are consistent with international accounting standards. Non-financial information and forward-looking statements were not audited. This presentation provides an overview of Magnesita's 2015 results including revenues, sales by region and segment, gross profit, expenses, EBITDA, capital expenditures, working capital, and capital structure. Key highlights include annual revenue growth of 25% and EBITDA growth of 25% compared to 2014.

1. Earnings Call – 2015 Results
March 10th, 2016

2. 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.
Disclaimer
2

3. 3
Crude Steel Production¹ (million tons) - Established Markets
Volume (‘000 tons)*
Sales to Steel Segment
Revenues (R$ million)
4Q15
203
3Q15
206
4Q14
216
-2%
-6% -2%
+20%
4Q15
653
3Q15
666
4Q14
542
Refractory Solutions Sales - Steel
Sales by region (in R$)
-6%
2015
825
2014
879 2.126
+17%
2015
2.481
2014
9%
20%
30%
37%4%
2015
26%
39%
10%
22%
3%
2014
North America
South America
Asia + Oceania
Europe MEA + CIS
South America
Source: ¹WSA
USA & Canada Western Europe
-3%
-6%
4Q15
10,7
3Q15
11,0
4Q14
11,3
-14%
4Q15
21
3Q15
24
4Q14
25
-10% -1%
-6%
4Q15
34
3Q15
34
4Q14
36
45
-3%
2015
44
2014
101
-9%
2015
92
2014
148
-3%
2015
144
2014

4. 4
Sales to Industrial Segment
Refractory Solutions Sales – Industrial Segment
Volume (‘000 tons) Revenues (R$ million)
4Q14
34
+6%
-11%
4Q15
30
3Q15
28
+11%
+22%
4Q15
119
3Q15
107
4Q14
97
‘
-12%
2015
133
2014
150 465
2014
422
+10%
2015
10%
24%
44%
16%
5%
13%5%
12%
19%
51%
MEA + CIS
Asia + Oceania
Europe
North America
South America
2015 2014

5. Refractory Solutions Sales and Margin - Consolidated
Volume (‘000 tons)
Revenues (R$ million)
Gross Profit and Margin (R$ million; %)
-1%
-7%
4Q15
233
3Q15
234
4Q14
249
183 208250
4Q15
27.0%
3Q15
32.3%
4Q14
28.7%
-17%
+14%
639
773 771
+0%
+21%
4Q153Q154Q14
-7%
2015
958
2014
1.029
+16%
2015
2.946
2014
2.547
799
918
+15%
2015
31.2%
2014
31.4%
5
6%
8%
19%
29%
38% 5%
9%
21%
25%
41%
MEA + CIS
Asia + Oceania
Europe
North America
South America
2015 2014
16%
84%
17%
83%
2015 2014
IndustrialSteel
Sales by region (in R$)
Sales by segment (in R$)

6. 6
Revenues (R$ million) Gross Profit and Margin (R$ million; %)
Revenues (R$ million)
Minerals and Services Sales and Margin
36
6364
-2%
+75%
4Q153Q154Q14
+31%
+49%
4Q15
64
3Q15
49
4Q14
43
11
2328
43.5%
4Q14
31.5%
-17%
+105%
4Q15
36.9%
3Q15
12.4%
4Q14
7
15.5%
+64%
+49%
4Q15
10
15.5%
3Q15
6
Minerals
Services
2015
224
2014
159
+40%
51
85
+65%
2015
37.9%
2014
32.2%
+27%
2015
211
2014
165
33
19.7%
+12%
2015
37
17.3%
2014
Gross Profit and Margin (R$ million; %)

7. 7
Consolidated Sales and Gross Profit
Por Segmento
+1%
+25%
4Q15
898
3Q15
886
4Q14
718
Gross Profit
Consolidated Revenue (R$ million)
+18%
2015
3.381
2014
2.872
-15%
+20%
4Q15
242
26.9%
3Q15
284
32.1%
4Q14
201
28.0%
883
30.7%
2014
30.7%
+18%
2015
1,039
6,2%
6,6%
87,2%
5,8%
5,5%
88,7%
2015 2014
ServicesMineralsRefractories
Gross Profit (R$ million)

8. 8
SG&A
Selling Expenses (R$ million)
G&A
-0%
+20%
4Q15
73
8.1%
3Q15
73
8.3%
4Q14
61
8.5%
+4%
+19%
4Q15
121
13.5%
3Q15
117
13.2%
4Q14
102
14.2%
Selling Expenses
% of sales
3Q15
47
5.3%
4Q14
44
6.2%
+14%
+20%
4Q15
53
5.9%
Consolidated Freight
G&A
% of sales
-3%
+17%
4Q15
68
7.6%
3Q15
70
7.9%
4Q14
58
8.0%
+18%
2015
277
8.2%
2014
235
8.2%
+12%
2015
456
13.5%
2014
409
14.2%
+4%
2015
189
5.6%
2014
181
6.3%
+18%
2015
267
7.9%
2014
227
7.9%
Others
G&A (R$ million)

9. 9
EBITDA
-31%
+21%
4Q15
98
10.9%
3Q15
141
15.9%
4Q14
81
11.3% +25%
2015
485
14.3%
2014
387
13.5%
¹Excluding other income and expenses
G&AEBITDA adjusted¹ (R$ million)

10. 10
CAPEX and Working Capital
Working Capital
CAPEX (R$ million)
+10%
+4%
4Q15
77
3Q15
70
4Q14
73
+31%
2015
232
2014
177
Working Capital (R$ million)
30,6%
28,5%
2013
952
32,3%
28,5%
2015
880
24,5%
22,2%
2014
878
Adjusted working capital as % of sales ² Working Capital as % of sales ¹ Working Capital
¹ 4th Quarter sales multiplied by 4
² WK adjusted by same FX as sales

11. 11
*EBITDA excluding other revenues / expenses
Capital Structure
Leverage (R$ million)
Net Debt per Currency
Leverage Excl. Perpetual (R$ million)
1.0791.120
917887931
485468432425387
4Q14
2.0x
2.2x
3Q14
2.1x
2.4x
2Q14
2.1x
2.1x
1Q14
2.0x
2.1x
4Q13
2.4x
2.4x
Net Debt / EBITDA* adj by FX
Net Debt / EBITDA*
EBITDA*
Net Debt
2.0592.135
1.7091.7061.596
485468432425387
4Q15
3.7x
4.2x
3Q15
3.7x
4.6x
2Q15
3.7x
4.0x
1Q15
3.5x
4.0x
4Q14
3.9x
4.1x
Net Debt / EBITDA* adj by fx
Net Debt / EBITDA*
EBITDA*
Net Debt
*EBITDA excluding other revenues / expenses
EUR
32%
58%
USD
BRL
11%

12. Octavio Pereira Lopes
CEO
Eduardo Gotilla
CFO e IRO
Daniel Domiciano Silva
IR Manager
Phone: +55 11 3152-3237/3241/3202
ri@magnesita.com
www.magnesita.com/ri
12
Investor Relations