1. Earnings Call 4Q13 and 2013
March 21st, 2014

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

3. South America
3
Source: ¹WSA
Refractory Solutions Sales - Steel
Crude Steel Production¹ (million tons) - Main markets
Volume (000’ tons)
North America EU-27
Sales to Steel Segment
Revenues (R$ million)
+9%
2013
1.939
2012
1.775
-2%
-5%
4Q13
12
3Q13
12
4Q12
12
-1%
2013
48
2012
48
-1%
+3%
4Q13
30
3Q13
30
4Q12
29
-2%
2013
118
2012
121
40 40
4Q12 3Q13
+6%
4Q13
42
+6%
166
2013
-2%
2012
169
20132012
41%
22%
13%
24%
41%
22%
22%
14%
OthersNorth America
South America Europe
218210211
+3%
+4%
4Q12 4Q133Q13
-2%
2013
874
2012
890
+24%
+14%
4Q13
440
547
3Q13
482
4Q12
Sales per region (R$)

4. 4
Sales to Industrial Segment
Refractory Solutions Sales – Industrial Segment
Volume (000’ tons) Revenues (R$ million)
43
3635
+21%
+23%
4Q133Q134Q12
168
155
+8%
20132012
124
8984
4Q134Q12
+47%
+39%
3Q13
430
369
+17%
20132012
20132012
21%
18%
52%9%
13%
11%
16% 60%
North America
South America
Others
Europe
Sales per region (R$)

5. Refractory Solutions Sales and Margin - Consolidated
5
Volumes (000’ tons)
Revenues (R$ million)
Gross profit and margin (R$ million; %)
261246246
4Q133Q134Q12
+6%
+6%
220180159
+22%
+39%
4Q13
32.8%
3Q13
31.6%
4Q12
30.3%
0%
2013
1,042
2012
1,043
671571524
4Q133Q134Q12
+28%
+18%
+11%
2,143
2012
2,370
2013
782
687
2013
+14%
33.0%
2012
32.0%
2013
2012
23%
14%
43%
20%
44%
14%
20%
21%
Others
EuropeSouth America
North America
Sales per region (R$)

6. 6
Revenues (R$ million) Gross profit and margin
(R$ million; %)
Revenues (R$ million) Gross profit and margin
(R$ million; %)
Minerals
Services
Minerals and Services
Services
54
3842
+43%
+29%
4Q133Q134Q12
3230
38
+8%
-15%
4Q133Q134Q12
171617
+4%
+10%
4Q13
32.0%
3Q13
41.6%
4Q12
39.8%
3
44
10.3%
14.0%
4Q12
-25%
4Q13
9.1%
3Q13
-30%
168
140
2013
+20%
2012
6663
39.4%
2012
45.0%
+5%
2013
2012
-31%
171
2013
118
15
11
13.0%
6.3%
2012 2013
+42%

7. 7
Consolidated Sales (R$ million)
Per Segment
Quarter YoY
757
638603
+19%
+25%
4Q133Q134Q12
2,656
2012
+8%
2013
2,454
6.3%
4.5%
89.2%
6.9%
87.2%
5.9%
Refractories ServicesMinerals
2012 2013

8. 8
Gross profit, EBITDA and Net Income (R$ million)
Gross profit
EBITDA and ADJUSTED EBITDA (excluding other revenues/expenses)
Net Income
ADJUSTED ADJUSTED
240200179
+20%
+34%
4Q13
31.7%
3Q13
31.3%
4Q12
29.7%
123
7782
+60%
+49%
4Q13
16.2%
3Q13
12.0%
4Q12
13.7%
30
-22
0
4Q13
4.0%
3Q13
-3.4%
4Q12
0.0%
864761
+14%
2013
32.5%
2012
31.0%
439
355
+24%
2013
16.5%
2012
14.4%
5964
-9%
2013
2.2%
2012
2.6%
988188
4Q12
14.6%
+35%
+15%
12.9%
3Q13 4Q13
12.7%
395380
+4%
20132012
15.5% 14.9%

9. 9
CAPEX and working capital (R$ million)
Working capital
CAPEX
83
62
78
+35%
+8%
4Q133Q134Q12
4Q13
952
31.4%
3Q13
976
38.2%
2Q13
934
36.3%
1Q13
877
35.5%
4Q12
801
33.2%
Working Capital
% of sales
205
257
-21%
20132012

10. 10
*EBITDA excluding other revenues/expenses
Debt and Leverage
Total
Amortization Schedule (R$ million) Net Debt per currency
Excluding Perpetual Bond
Others
0%
-3%
EUR
17%
13%
USD
59%
104%
BRL
24%
-14%
875819
658
551541
439398406388359
4Q13
2.2x
2.0x
3Q13
2.1x
2.1x
2Q13
1.7x
1.6x
1Q13
1.4x
1.4x
4Q12
1.4x
1.5x
Net debt / EBITDA w/o ORE*
Net debt / Ebitda
Ebitda
Net Debt
961
9
208277
80
188
16
590
2020+
1,636
1,046
201920182017201620152014Dec-13
Cash positionAmortizationPerpetual bond
4Q13
4Q12
439398406388359
4Q12
1,051
2.8x
2.9x
3.7x
1,453
4Q13
3.3x
3Q13
1,369
3.5x
3.4x
2Q13
1,205
3.1x
3.0x
1Q13
1,059
2.6x
2.7x
Net debt / EBITDA
Ebitda Net debt / EBITDA w/o ORE*
Net Debt
*EBITDA excluding other revenues/expenses

11. 11
Octavio Pereira Lopes
CEO
Eduardo Gotilla
Global Finance & IR Director
Daniel Domiciano Silva
Investor Relations
Phone: 55 11 3152-3202/3237/3241
ri@magnesita.com
www.magnesita.com
Investor Relations contacts