Conference Call – Earning Results - 1Q12 | 05/09/2012

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“Forward looking statements included in this presentation regarding the

Company’s business, operating and financial results and Company’s growth

are only predictions and were based on management's expectations

regarding future performance. These expectations are highly dependent on

market conditions, Brazilian economic scenario, industry performance and

international markets, and are therefore subject to change.”

Disclaimer

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• Sales volume when compared to 1Q11: Chrysotile Mineral: a growth of 6.0% Fiber Cement: a reduction of 7.5% Concrete tiles: a growth of 6.8%

• Net Consolidated Revenue amounted to R$ 210.2 million, a 12.9% improvement in relation to 1Q11

• EBITDA was R$ 46.2 million, 75.1% greater than 1Q11

• Net Income was R$ 29.9 million, a growth of 77.5% over 1Q11 • Margins in 1Q12:

Gross margin of 45% (+ 7 p.p. in relation to 1Q11) EBITDA margin of 22% (+8 p.p.) Net margin of 14% (+5 p.p.)

Highlights - 1Q12

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Eternit Group

Activity

Manufacture of fiber cement and commercialization of bathroom

chinaware and metallic fittings and components for construction systems

Chrysotile Mining

Manufacture of concrete tiles and commercialization of sanitary ware

Industrial Units 4 1 1 6

Market Share

Leader in fiber cement – 32% of Market Share

The world's 3rd largest – 15% of

Market Share

Leader in concrete tiles –35% of Market

Share 5th largest of Brazil in sanitary wares

Capacity 1 million tons / fiber cement 300 thousand tons 8 million m²

Capacity Used Fiber cement - 85% 100% Around 70%

The largest and most diversified roof coverings industry in Brazil - 2011

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Diversified Portfolio – Fiber Cement Tiles

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Diversified Portfolio – Metallic Fittings

7 7

Diversified Portfolio - Components for constructions systems

8 8

Diversified Portfolio – Water tanks and filters

9 9

Diversified Portfolio – Bathroom chinaware and lavatory seats

10 10

Diversified Portfolio – Bathroom Metal Fittings

11 11

Diversified Portfolio – Synthetic Marble

12 12

Diversified Portfolio – Concrete Tiles

13 13

Diversified Portfolio – Full Roofing Solutions

SAMA - Overview

15 15

Global Market – Chrysotile Mineral - 2011

Global Consumption (MM of Ton)

Canada 4%

Russia – 50%

Kazakhstan – 11%

China – 20%

Brazil 15%

2011

2.2

2008

2.4

2007

2.4

2006

2.3

2005

2.3

2004

2.1

2009

2.1

2010

2.2

16 16

2009 2010 2011 1Q10 1Q11 1Q12

155 143 134

33 26 35

136 163 163

37 43 38

291306 297

70 69 73

Sales of Chrysotile Mineral (thous. tons)

-3.0% +5.2%

+6.0% -1.4%

Domestic Market Foreign Market

Eternit and Tégula - Overview

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Residential Market Industrial and Commercial Market

Total Market Market Evolution (MM m2)

Metallic 12%

Ceramics 35%

Fiber cement 47%

Other 2%

Fiber cement 38%

Metallic 40%

Other 11%

Ceramics 11%

Concrete 4%

Ceramics 45%

Fiber cement 51%

Concrete 4%

Covering market – Brazil - 2011

2005 2006 2007 2008 2009 2010 2011

406 425459

505 495534

5618% 5%

10% -2% 8%

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2009 2010 2011 1Q10 1Q11 1Q12

731

827 859

208 203 188

Sales of Fiber Cement* (thous. tons)

+3.9% +13.1%

-7.5% -2.4%

* Includes components for construction systems

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Concrete Tiles (thous. square meters)

*Tégula was acquired on February 11 2010. The amount of 477 thousand m2 doesn’t refer to Eternit.

+13.5%

+22.9% +6.8%

2010* 2011 1Q10 1Q11 1Q12

477 477

4,776 5,961

587

5,253

5,961

1,064 1,308 1,397

Economic and Financial Performance

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2009 2010 2011 1Q10 1Q11 1Q12

130 111 100 27 19 34

453

648 720

144 167 176

583

759 820

171 186 210

Consolidated Net Revenue (R$ million)

+9.1% +12.9%

+30.2% +8.1%

Domestic Market Foreign Market

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Net Revenue Breakdown

(*) Other: metallic roofing tiles, polyethylene water tanks, lavatory seats and metallic bathroom fittings, water pipe filters , synthetic marble and components for construction systems.

2007 1Q12

Chrysotile Mineral; 35.0%

Fiber cement; 59.3%

Others (*); 5.7%

New Business 5.7%

Chrysotile Mineral; 30.8%

Fiber cement; 51.6%

Concrete tiles and

Accessories; 10.3%

Bathroom Chinaware;

4.5%

Others (*); 2.8%

New Business17.6%

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Raw material (***) 51%

Workforce16%Depreciation

9%

Others costs20%

Energy4%

Materials (**) 29%

Workforce49%

Depreciation5%

Others costs8%

Energy9%

Raw material (*) 63%

Workforce10%

Depreciation4%

Others costs20%

Energy3%

COGS Breakdown – 1Q12

(*) - Cement (46%), Chrysotile Ore (42%) and other (12%)

(***) - Cement (54%), sand (32%) and other (14%)

(**) – Fuel, explosives, packaging, among other

Fiber Cement Chrysotile Mineral

Concrete Tiles

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2009 2010 2011 1Q10 1Q11 1Q12

123

144 140

3626

46

EBITDA (in R$ million)

-27.8% +75.1%

+17.4% -2.9%

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2009 2010 2011 1Q10 1Q11 1Q12

73

10297

2317

30

Net Income (in R$ million)

+39.3% -4.7%

-26.1% +77.5%

27 27

42% 43%

39%

45%

38%

45%

21%19%

17%

21%

14%

22%

13% 13% 12%14%

9%

14%

2009 2010 2011 1Q10 1Q11 1Q12

Margins

Net Margin EBITDA Margin Gross Margin

Capital Expenditures

29 29

2009 2010 2011 1Q10 1Q11 1Q12

21 27 24

8 4 5

1 2

2

6 13

2

34

34 8

11

14

2 5

29

93

46 42

8

34

14

Investiments Acquisition Tégula

Capacity Increase – Eternit Molds and New Business

Synthetic Marble

Capital Expenditures (in R$ million)

Administrative Land acquisition – Ceará State

Capacity Increase – Tégula

30 30

Development unit of Synthetic Marble

Production Line Resin Silo Synthetic Marble

Products

31 31

Location of Multiproduct Plant - Ceará State

Land of 400 000 m²

35 km 15 km

Linha Gás Natural

Cimenteira

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Share of 40% Knowledge of manufacturing and

products technology Low cost production

Expertise in new product development

Expertise in new market development

Share of 60% Knowledge of the local market

Strong distribution network Efficient logistics Brand strength

Investment Resources Knowledge in Brazil

Investments: R$ 97 million Capacity: 1,500,000 pieces per year

Begin building: First half of 2012 End building: 18 months

Forecast of Gross Revenue at full capacity: approximately R$ 127 million Straight Workforce: 330 employees

Multi-Product Unit in the Ceará State - Bathroom Chinaware Plant

Joint-Venture: Companhia Sulamericana de Cerâmica S. A.

Capital Markets

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61.43%

2.09%

8.32%

28.16%

Ownership Structure – Apr/12

Shareholding Structure Apr/12

Geração L. Par. F. I. A. 15.35%

Luiz Barsi Filho 13.46%

Victor Adler + VIC DTVM 8.50%

Management 1.54%

Other Board of Directors 0.08%

Treasurystock 0.03%

FREE-FLOAT 76.17%

Individual Investors Corporations Investors Abroad Clubs. Funds and Foundations

Advisory Board Member Since

Guilherme Affonso Ferreira 2011 Mário Fleck 2011 Victor Adler 2012

Board of Directors Member Since

Sérgio Alexandre Melleiro (*) 1993 Lírio Albino Parisotto (*) 2004

Élio A. Martins 2007 Luiz Barsi Filho 2008

Marcelo Munhoz Auricchio 2011 Luis Terepins (*) 2011

Benedito Carlos Dias da Silva (*) 2012 (*) Independent member

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2009 2010 2011 2012*

1,108975

794

1,473

2009 2010 2011 2012(*)

6,6155,910

6,633 6,804

(*) Until April 2012

Ownership Structure

Number of shareholders Average Traded Volume (R$ thousand)

36 36

2009 2010 2011 2012*

73

102 97

30

55

8172

18

Policy of Remuneration - Net Income X Distributed Earnings

In R$ million

76 % 79 % 74% Pay Out 60%

Net Income Dividends and Interest on own capital (*) Until March 2012

37 37

Policy of Remuneration - Dividend Yield

(*) Unitl May 2012 (**) Until March 2012 Source: Eternit e BACEN

2009 2010 2011 2012

15.1%

9.3%

7.5%

4.5%

6.9% 6.9%7.5%

1.7%

9.1% 8.8%

10.9%

2.3%

Savings (**) Eternit – Yield(*) CDB (**)

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Eternit’s Shares Performance (Dec/06 – Apr/12)

Between 12/28/2006 to 4/30/2012, Eternit’s shares appreciated 64.7% and IBOVESPA Index appreciated 39.0%.

In the same period, including the payment of dividends and interest on own capital, Eternit’s shares appreciated 168.1%.

61,820

R$ 9.98

40

60

80

100

120

140

160

180

200

220ETER3

IBOVESPA

Outlook

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Favorable Moment for Civil Construction

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11,6%12,0%

10,6%10,1% 9,9%

8,7% 8,5%7,4%

6,4%5,7%

936

1.4101.585 1.645 1.706 1.735 1.777 1.835 1.889 1.934 1.984

303.028321.163

338.501 365.331377.361

404.751

2005 2006 2007 2008 2009 2010 2011 2012

300 350

380 415

465 510

545

622 CAGR: 11.0% CAGR: 5.96%

Economic Figures

Minimum Wage (R$) Workforce (R$ million)

Credit Availability Unemployment Rate - Brazil Government, Industry, Housing, Rural, Commerce, Credit

Individuals (R$ billlion)

Sour

ce: B

AC

EN e

IB

GE

42

2007 2008 2009 2010 2011 2012(E)

5.0 8.2

(6.3)

11.6

3.6 4.5 5.4 5.1

(0.2)

7.5

2.7 3.5

8.6

37.1

16.8 18.3

15.7 13.1

GDP Construction (%) GDP Brazil (%) Eternit (%)

Economic Figures – GDP vs. Eternit

Source: BACEN. (E) – Estimated - The growth in Eternit’s gross consolidated revenue was deflated by the IGP-M.

Chrysotile – The Brazilian Mineral

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Chrysotile – The Brazilian Ore

The use of Chrysotile ore in Brazil is regulated by the Federal Law 9,055/95, by Decree 2,350/97 and by regulatory standards for occupational health and safety. It is also provided in the Convention 162 of the International Labor Organization (OIT).

Serpentinite rock with Chrysotile Ore fibers

White Ore

Bends and silky fibers without tip

Biopersistence*: 2.5 days

*Biopersistence: Time that a inhaled particle remains in the lungs before being eliminated by the body’s defense mechanisms. To cause lung damage, the fiber must have penetration and durability capacities in the alveoli.

High Concentration of Magnesium:3MgOSiO2H2O

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Brazil concludes important research about chrysotile ore risks

Project Asbesto Ambiental “Ambiental Exposition to Asbesto: Evaluation of Risk and Effects in Health”

Process CNPq n. 420001/2006-9 The results of the research were announced on November 25 2010 and demonstrates that: Among the householders surveyed, no clinical, respiratory functional and high resolution tomographic alterations were found that could be attributed to atmospheric asbestos fiber inhalation. In the occupational assessment, no new alterations were identified or progression in pleural and interstitial deterioration of individuals in the sample Group exposed after 1980 and who underwent High Resolution Computed Tomography scans in the two studies. The full version of this research can be found in www.sectec.go.gov.br.

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Material Fact published in the principal newspapers and magazines in Brazil from 02/17/2012 to 02/25/2012

Clarifications From the Brazilian Eternit Group

The Brazilian Eternit Group, in view of recent news regarding the trial held at the Court of Justice in Turin, Italy, in which two ex-board members of Eternit Italy were held responsible for deaths resulting from the use of asbestos in its plants, wishes to publicly clarify that: • Eternit S.A. is a locally-owned, publicly traded company listed in the New Market, which is the highest level of Corporate Governance at the Sao Paulo State Stock, Commodities and Futures Exchange (BM&FBOVESPA), and bears no relation to Eternit in other countries, including Italy. The ownership and use of the trademark are exercised in distinct manners by different companies in several countries. • In Brazil Eternit employs chrysotile asbestos as a reinforcement fiber in the manufacturing of asbestos-cement roofing sheets and tiles using modern production techniques. The Italian company employed various types of asbestos, especially the amphibole variety, in several applications and without protection for the workers. • The activity in Brazil is regulated by Federal Law 9.055/95, Decree 2.350/97 and Regulatory Norms issued by the Ministry of Labor and Employment. These regulate the extraction, industrialization, sale and transportation of chrysotile asbestos and products which contain it, providing the Brazilian population with durable, high quality and excellent cost-benefit products; in this manner contributing to reduce the Brazilian housing deficit. • Market competition in the cement-asbestos segment, between Eternit S.A. and a French group that also is active in Brazil in the manufacturing and use of synthetic fibers, has led some Brazilian states, especially where the plants are located, to approve anti-asbestos legislation. It is worth mentioning that the validity of these laws awaits a merit decision on the part of the Supreme Federal Court. • The extraction and processing of chrysotile asbestos by controlled entity SAMA and the use of the mineral in Eternit's plants are subject to strict security standards that surpass legal requirements. With the improvement in production techniques and the perfection of work safety mechanisms, no accounts of disease related to the use of chrysotile asbestos have been reported among company employees who joined the group since the 1980's. A three-way agreement signed and in place since 1989, between the companies in the chain of production, workers and labor union entities and registered at the Ministry of Labor and Employment, has been instrumental and decisive in consolidating this achievement. • The use of asbestos-cement, water tank and roofing tile products containing chrysotile asbestos does not present risks to the population's health. There are no reports in Brazil of a single case of a resident who developed any disease as a result of inhabiting one of the more than 25 million residences covered by cement-asbestos roofing tiles containing asbestos. This fact is corroborated by a nationwide survey conducted by a renowned medical team linked to the main Brazilian universities, the project and final report for which were approved by the National Council for Scientific and Technological Development - CNPq, and which is available at the site http://www.sectec.go.gov.br/portal. The Eternit Group operates under full transparency and maintains an "Open Doors Program" that has already received more than 50 thousand visitors to its plants and which grants access to any person who wishes to know more about the safe processes employed in mining and producing products that contain chrysotile asbestos.

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Eternit – An option for investment

ADR - Level I

ETNTY

Governance

Growth with

Dividends

Vision of Future

Case of Success

Brand

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Information

Este material foi produzido com papeis certificados FSC (Forest Stewardship Council), que é uma garantia de que a matéria-prima advém de uma floresta manejada de forma ecologicamente correta, socialmente e economicamente viável.

www.blogdaeternit.com.br

www.eternit.com.br/ir

Élio A. Martins elio.martins@eternit.com.br

Paula Dell Agnolo Barhum paula.barhum@eternit.com.br

Frederico Gomes Amaral frederico.amaral@eternit.com.br

Rodrigo Lopes da Luz rodrigo.luz@eternit.com.br

Phone: (55-11) 3038-3818

(55-11) 3194-3881

(55-11) 3194-3872 @Eternit_RI

Dr. Fernandes Coelho Street, 85 – 8th floor

Pinheiros – São Paulo / SP

05423-040

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Eternit starts a new cycle

Welcome to the next

70 years