Magnesita Refratários S.A. held an earnings call to discuss its strategy and financial results for the fourth quarter of 2012 and full year 2012. The company aims to be the best provider of refractory solutions and industrial minerals by leveraging its mineral base. Its strategic pillars include maintaining a global low-cost production base, ensuring leadership in core markets, and pursuing growth opportunities in selected markets. In 2012, the company's revenues increased 6.2% to R$2.46 billion compared to 2011, with most regions experiencing growth. The company's EBITDA margin declined from 18.4% in 2011 to 14.6% in 2012 due to cost pressures. However, its operational cash flow increased 26.

1. 11
Magnesita Refratários S.A.
Earning Call 4Q12 and 2012
March 18th, 2013

2. Vision:
Be the best provider of refractories
solutions and industrial minerals,
leveraging and developing our minerals base
Continue to
develop high
quality, low cost
Strive to keep
offering high
quality and
Optimize
production globally
to improve
Pursue long term
growth
opportunities in
Expand industrial
minerals base
Ensure leadership in
our core markets
Maintain a global low
cost production base
Grow selectively and
aggressively
Oneglobalorganization
New vision and the 4 strategic pillars
2
quality, low cost
raw material
sources to support
our current busi-
nesses as well as
new businesses
where we can
have a sustainable
com-petitive
advantage
quality and
innovative
products,
unrivaled services
and cost
performance
to improve
efficiency and
support growth
Develop global
supply chain
management
opportunities in
selected markets
where we can
deliver superior
value to our
customers and
shareholders
▪ Meritocracy
▪ Ethics
▪ Profit
▪ Management and Method
▪ Customer
▪ People
▪ Agility and Transparency
▪ Respect for Safety, Environment and Communities
Our values
Oneglobalorganization

3. 3Q12 4Q12
608.1599.1
+0.5%
611.1
+2.0%
4Q11
Consolidated Revenues
(R$ million)
2011
2,318.9
+6.2%
2012
2,463.7
3
0.2%
23.6%
9.3%
19.3%
47.5%
OthersEurope AsiaNorth AmericaSouth America
1.7%
8.1%
17.7%
23.4%
49.1% 47.3%
22.2%
9.7%
18.6%
2.2%
4Q11 3Q12 4Q12
1.5%
8.9%
22.0%
17.7%
50.0%
2.1%
18.4%
8.4%
22.2%
48.9%
20122011
Per region______________________________________

4. Revenues – Refractories Solutions
(R$ million)
2012
2,186.4
+7.5%
15.9%
2011
84.1%
2,034.1
86.3%
13.7%
Steel
Industrial
516.4
87.1%
4Q11
12.9%
-0.2%
+3.4%
4Q12
534.0
84.2%
15.8%
3Q12
535.1
86.5%
13.5%
Steel
Industrial
4
-2.8%
-0.1%
4Q12
449.7
3Q12
462.7
4Q11
450.0
Steel
346.6
2012
278.1
2011
+24.6%
Industrial
1,839.8
2012
1,756.1
2011
+4.8%
Steel
4T11 4T12
+16.4%
72.4
84.3
3T12
66.4
Industrial
26.9%

5. Gross profit and gross margin by segment
Var. %
4Q12 (a) 3Q12 (b) 4Q11 (c) (a/b) (a/c) 2012 (d) 2011 (e) (d/e)
Refractory Solution
Gross Profit (R$ million) 158.3 165.9 157.9 -4.6% 0.3% 677.5 652.3 3.9%
Gross Margin (%) 29.7% 31.0% 30.6% -136 bp -92 bp 31.0% 32.1% -108 bp
Industrial Minerals
Gross Profit (R$ million) 16.6 13.6 21.8 21.6% -24.0% 55.5 60.5 -8.3%
Gross Margin (%) 41.2% 45.0% 44.9% -378 bp -374 bp 42.8% 45.8% -298 bp
Services
Gross Profit (R$ million) 5.4 5.9 3.3 -8.6% 64.2% 16.3 17.3 -5.9%
Segment
Quarter Var. % Year
5
Gross Margin (%) 14.7% 13.9% 9.7% 80 bp 505 bp 11.0% 11.3% -31 bp
TOTAL
Gross Profit (R$ million) 180.3 185.5 183.0 -2.8% -1.5% 749.2 730.1 2.6%
Gross Margin (%) 29.5% 30.5% 30.5% -99 bp -104 bp 30.4% 31.5% -107 bp

6. 2012
359.7
14.6%
2011
427.4
18.4%
EBITDA MarginEBITDA
4Q12
82.7
13.5%
3Q12
84.3
13.9%
4Q11
111.8
18.7%
EBITDA MarginEBITDA
EBITDA and Net profit
EBITDA and EBITDA margin_______________________
R$ million and %
6
1.9%
4Q12
0.0
0.0%
3Q12
10.7
1.8%
4Q11
11.6
2012
75.8
3.1%
2011
98.5
4.2%
Net profit and net margin_________________________
R$ million and %

7. 2012
257.3
342.0
2011
170.9
551.6
Operational cash flow, CAPEX and Cash cycle
Cash flow and CAPEX_____________________________
R$ million
77.5
97.4
84.1
4Q11
61.7
3Q12 4Q12
71.4
139.9
7
CAPEXOCF
Cash conversion cycle_____________________________
Days
138 143 143 145
139
79
67 69 68
77
138
131 131 136 139
80 79 82 78 76
4Q11 1Q12 2Q12 3Q12 4Q12
Cash cycle Payables Inventories Receivables
CAPEXOCF

8. 1.0581.0311.002
907
957
360361378389427
2,9x2,9x2,7x
2,3x2,2x
Net debt / EbitdaEbitda (LTM)Net Debt
536513486
907957
360361378389427
1,5x1,4x
2,3x2,2x
1,3x
Net Debt/EbitdaEbitda (LTM)Net Debt
Total Excluding Perpetual Bond
Debt and leverage
88
3Q20122Q2012 4Q20121Q20124Q2011 4Q20123Q20124Q2011 2Q20121Q2012
Others
0,9%
EUR
16,4%
USD
63,7%
BRL
19,0%
Amortization schedule in M R$
852
7879101
16
234
510
2018+
1.362
20172016201520142013
Perpetual bond
Debt per currency

9. Investor Relations contacts:
Octavio Pereira Lopes
CEO and IRO
9
CEO and IRO
Eduardo Gotilla
Global Finance & Treasury
Daniel Domiciano Silva
Investor Relations
Phone: 55 11 3152-3202/3241
ri@magnesita.com
www.magnesita.com