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Presentation Material on Results for Fiscal Year Ended March 2013

― Supporting the World’s Key Industries Through Technologies ― Shinagawa Refractories. Presentation Material on Results for Fiscal Year Ended March 2013. June 10, 2013. Securities Code Number: 5351. Table of Contents. I. Corporate Profile. 1. History

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Presentation Material on Results for Fiscal Year Ended March 2013

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  1. ― Supporting the World’s Key Industries Through Technologies ― Shinagawa Refractories Presentation Material on Results for Fiscal Year Ended March 2013 June 10, 2013 Securities Code Number: 5351

  2. Table of Contents I. Corporate Profile 1. History 2. Basic Management Goals (Formulated on October 1, 2009) 1. Consolidated Financial Highlights for Fiscal Year Ended March 2013 (1) Operating Environment and Measures (2) Operating Results 2. Net Sales by Business Segment 3. Operating Income by Business Segment (Segment Profit) 4. Factors Behind Changes in Operating Income (Year-on-Year Comparison) 5. Consolidated Balance Sheets 6. Consolidated Cash Flows 7. Outlook of Consolidated Earnings for Fiscal Year Ending March 2014 II. Overview of Financial Results III. Future Strategies 1. Market Trend: Changes in Crude Steel Production 2. Basic Policies for Medium-Term Management Plan (FY2012-FY2014) 3. Medium-Term Management Plan: Review of FY2012 4. Measures for FY2013(1) Reinforcement of Domestic Sales Capability (2) Establishment of Optimal Production System (3) Improvement of Technical and Cost Competitiveness (4) Promotion of Overseas Business Expansion 5. Medium-Term Growth Vision IV. Supplementary Notes 1. Changes in Net Sales and Ordinary Income During Past 11 Years (Consolidated Basis) 2. What are the Roles of the "Refractory Industry"? 3. Major Products 4. Key Features and Strengths 5. Key Features and Strengths (1) Ultra-High Temperature Technology 6. Key Features and Strengths (2) Solid Customer Base 7. Key Features and Strengths (3) Global Business Expansion 8. Current Status of the Expansion of Overseas Business Locations 9. Domestic and Overseas Production System 10. Global Procurement System

  3. I. Corporate Profile

  4. 1. History [Established in 1875] [Established in 1938] Shinagawa Refractories Co., Ltd. JFE Refractories Corporation (First private company in Japan to manufacture fire bricks) (Operated as a subsidiary of the Kawasaki Steel Corporation Group since 1944) Aiming to solidify operational base and establish a steady supply system through further expansion of the refractories business Merged on October 1, 2009 Shinagawa Refractories Co., Ltd. Will promote the streamlining of operations through the prompt realization of integration effects and focus on the development of a management base to respond to environmental changes

  5. 2. Basic Management Goals(Formulated on October 1, 2009) Following the merger to create the new “Shinagawa Refractories,” five basic goals were formulated. Basic Goals of Shinagawa Refractories • To be the world’s leading supplier of a full range of refractory products • To be responsive to the needs of our customers • To enhance the well-being of our shareholders, customers, and the communities that support us • To provide our employees with a safe, pleasant and rewarding workplace • To remain profitable with a solid financial base that supports the aforementioned goals

  6. II. Overview of Financial Results

  7. 1. Consolidated Financial Highlights for Fiscal Year Ended March 2013(1) Operating Environment and Measures [Operating environment] Remained extremely challenging overall ● Steel industry First half of the year: Impact of strong automobile sales due to subsidies for eco-friendly cars Second half of the year: Impact of a decline in sales as a reaction  Crude steel production for FY2012 increased by 0.8% year on year to 107 million tons (impact of Great East Japan Earthquake in the previous fiscal year) ● Amid sluggish domestic demand, operating environment remained tough as our exporting activities and overseas subsidiaries were significantly affected by yen appreciation up to the end of previous year as well as a decline in sales in overseas markets. [Key measures taken during FY2012] Worked on the reinforcement of domestic sales capability, establishment of optimal production system, and promotion of overseas business expansion as key initiatives. ● Completed the consolidation of production of magnesia-carbon bricks as the second stage of the establishment of optimal production system across the Company (first half of the year) ● Commenced the consolidation of production of slide-gate plates, nozzles, etc. primarily used during the continuous casting process as the third stage ( aiming to complete the consolidation during FY2013)

  8. 1. Consolidated Financial Highlights for Fiscal Year Ended March 2013(2) Operating Results (Unit: million yen) YoY Against initial forecast FY ended March 2012 FY ended March 2013 Results Initial forecast* Results Net sales 103,038 103,300 99,204 -3.7% -4.0% Operating income 6,000 5,700 4,770 -20.5% -16.3% Ordinary income 5,864 5,500 5,154 -12.1% -6.3% Net income 1,998 3,000 2,576 +28.9% -14.1% *Initial forecast: Figures announced on May 10, 2012 ● Net sales decreased by 3.7%year on year due to a decline in sales in overseas markets and in sales of overseas subsidiaries, reflecting the sluggish European economy and slowdown in growth in the Chinese economy. This was despite production and sales of refractories for domestic markets remaining unchanged from the previous fiscal year. ● Operating income plunged by 20.5%year on year while ordinary income was diminished by 12.1%year on year. ● Net income increased by 28.9%year on year due to the non-existence of loss on disaster of 352 million yen recognized for the previous fiscal year, among other factors.

  9. 100.0 2.7 25.0 72.3 100.0 2.8 23.3 73.9 2. Net Sales by Business Segment (Unit: million yen) YoY FY ended March 2012 FY ended March 2013 Results Results Refractories and related products 76,171 -5.8% 71,741 Furnace construction and engineering 24,044 +3.3% 24,846 Real estate, leisure, etc. 2,822 -7.3% 2,616 Total 103,038 -3.7% 99,204 Note: Figures in square brackets [ ] indicate net sales share (%) by business segment. Refractories and related products Real estate, leisure, etc. Furnace construction and engineering (Million yen) (Million yen) (Million yen) -4,429 +801 -205 FY ended March 2012 FY ended March 2013 FY ended March 2012 FY ended March 2013 FY ended March 2012 FY ended March 2013

  10. 100.0 19.1 74.0 6.9 68.3 12.0 19.7 100.0 3. Operating Income by Business Segment (Segment Profit) (Unit: million yen) YoY FY ended March 2012 FY ended March 2013 Results Results Refractories and related products 5,244 -22.5% 4,063 Furnace construction and engineering 486 +46.8% 715 Real estate, leisure, etc. 1,353 -13.5% 1,171 Total 7,085 -16.0% 5,950 Adjustment -1,084 ― -1,179 Total operating income 6,000 -20.5% 4,770 Note: Figures in square brackets [ ] indicate operating income share (%) by business segment. Refractories and related products Real estate, leisure, etc. Furnace construction and engineering (Million yen) (Million yen) (Million yen) -1,181 +228 -182 FY ended March 2012 FY ended March 2013 FY ended March 2012 FY ended March 2013 FY ended March 2012 FY ended March 2013

  11. 4. Factors Behind Changes in Operating Income (Year-on-Year Comparison) (Unit: 100 million yen) Positive factors +4.0 Negative factors -16.3 Change in amount-12.3 (Million yen) Quantity, sales price, product lineup of refractories -11.3 Reduced cost of refractories +4.0 60.0 Decline in profit as a result of decrease in sales of affiliates -3.9 Others -1.1 47.7 FY ended March 2012 FY ended March 2013

  12. 5. Consolidated Balance Sheets (Unit: million yen) FY ended March 2012 FY ended March 2013 Change Current assets 63,141 61,285 -1,856 ・Notes and accounts receivable-trade:-1,306 Noncurrent assets 43,347 45,395 +2,048 ・Investment securities: +1,919 Total assets 106,489 106,681 +191 Current liabilities 48,207 44,891 -3,315 ・ Notes and accounts payable-trade: -2,231 ・ Short-term loans payable:-1,149 Noncurrent liabilities 19,673 18,941 -731 ・ Long-term loans payable: -915 Total liabilities 67,881 63,833 -4,047 Shareholders' equity 33,943 36,047 +2,104 ・ Retained earnings:+2,104 Accumulated other comprehensive income 209 1,922 +1,713 ・ Valuation difference on available-for-sale securities: +1,343 Minority interests 4,454 4,877 +422 Total net assets 38,608 42,847 +4,239 ・Capital adequacy ratio: 35.6% (up 3.5 points) ・Interest-bearing debt/cash flow ratio: 5.3 years (improved by 3.3 years) Total liabilities and net assets 106,489 106,681 +191

  13. 6. Consolidated Cash Flows (Unit: million yen) [Main contents of cash flows from operating activities] FY ended March 2012 FY ended March 2013 Change ・Income before income taxes and minority interests:4,704 ・Depreciation and amortization: 2,520 ・Decrease in notes and accounts receivable-trade: 1,594 ・Decrease in inventories:1,453 ・Decrease in notes and accounts payable-trade:-2,351 ・Income taxes paid: -1,762 Cash flows from operating activities 3,954 6,064 +2,109 Cash flows from investing activities -1,967 -2,808 -840 Cash flows from financing activities -5,085 -2,707 +2,378 Cash and cash equivalents at the end of period 9,480 10,153 +672 [Main contents of cash flows from investing activities] ・Purchase of property, plant, and equipment: 　-2,066 ・ Repayments of guarantee deposits received:-412 [Main contents of cash flows from financing activities] ・ Proceeds from issuance of bonds: 395 ・ Decrease in short-term loans payable: -2,340 ・ Redemption of bonds: -140 ・ Cash dividends paid: -471 12

  14. 5.2 100.0 4.8 4.6 4.7 100.0 2.4 2.6 7. Outlook of Consolidated Earnings for Fiscal Year Ending March 2014 (Unit: million yen) YoY FY ended March 2013 FY ending March 2014 Results Forecast Net sales 99,204 96,500 -2.7% Operating income 4,770 4,500 -5.7% Ordinary income 5,154 4,400 -14.6% Net income 2,576 2,300 -10.7% Note: Figures in square brackets [ ] indicate ratios against net sales (%). [Background] ● The outlook of the Japanese economy remains uncertain due to the European financial crisis and economic slowdown of emerging economies such as China, despite signs of a turnaround backed by anticipation for economic recovery measures in the future. ● The situation is increasingly challenging as production costs are expected to rise further as a result of higher procurement costs for raw materials and fuels due to the depreciation of the yen since the beginning of the year.

  15. III. Future Strategies

  16. 1. Market Trend: Changes in Crude Steel Production ● Global crude steel production has been increasing on the back of rapid economic growth, etc. of emerging economies in Asia such as China. ● Meanwhile, domestic crude steel production has remained at the level of around 110 million tons per year for the past 10 years. ● With regard to market environment forecasts, while crude steel production is expected to remain virtually flat in Japan in the future, a growth trend is anticipated globally. (Million tons) (Million tons) Growth trend Virtually flat Source: “Global Changes in Crude Steel Production” (World Steel Association); “Overview of Steel Production” (Japan Iron and Steel Federation)

  17. 2. Basic Policies for Medium-Term Management Plan (FY2012-FY2014) Aiming to remain profitable and achieve further growth in order to be the world’s leading supplier of a full range of refractory products in the increasingly competitive domestic market and in overseas markets with future growth potential (1)Reinforcement of domestic sales capability (2)Establishment of optimal production system (3)Improvement of technical and cost competitiveness (4)Promotion of overseas business expansion (5)Enhancement of safety measures and compliance

  18. 3. Medium-Term Management Plan: Review of FY2012 (1)Reinforcement of domestic sales capability Achieved certain results for the expansion of sales channels through the development of exclusive products including new mold powder products, dense magnesia-carbon bricks for converters, etc. (2)Establishment of optimal production system The second stage of production consolidation was completed by September 2012 in accordance with the plan and the third-stage consolidation project has been commenced. (3)Improvement of technical and cost competitiveness ● Achieved certain results for orders received both domestically and internationally on the back of steady progress in the development of new products and technologies ●Stabilized the raw material procurement system through multiple procurement routes in China and the expansion of routes outside China (4)Promotion of overseas business expansion Made progress in building the foundation for overseas business expansion by steadily solidifying relationships with local companies in China, India, and Brazil, which we have focused on as future targets (5)Enhancement of safety measures and compliance Promoted activities toward the elimination of industrial accidents and enhancement of the compliance system

  19. 4. Measures for FY2013 (1) Reinforcement of Domestic Sales Capability Speedy response to meet the needs of customers ＋ Promotion of sales of highly functional and exclusive products ・Highly durable tuyere bricks for bottom-blowing converters ・Highly functional submerged entry nozzle ・Highly durable slide-gate plates ・Dense magnesia-carbon bricks for converters, etc Sales expansion (increase in market share)

  20. 4. Measures for FY2013 (2) Establishment of Optimal Production System STEP 1 ●Relocation between east and west ●Product consolidation in the western Japan region Monolithic refractories Completed FY ended March 2011 FY ended March 2012 FY ended March 2013 FY ending March 2014 ●Magnesia-carbon bricks(AkoOkayama) ●Precast shapes(HinaseAko) ●Plastic refractories(OkayamaAko) Shaped refractories, etc. STEP 2 1H 2H 1H 2H 1H 2H 1H 2H Completed Functional shaped refractories STEP 3 ●New firing furnace for slide-gate plates(Okayama) ●Slide-gate plates, nozzles, etc. (AkoOkayama) To be completedIn March 2014 Ako Works Okayama Works (i) Magnesia-carbon bricks (ii) Fire clay and alumina bricks (iii) Slide-gate plates, nozzles, porous plugs (iv) Basic bricks (i) Magnesia-carbon bricks (Completed in September 2012) (ii) Slide-gate plates, upper and lower nozzles Consolidation To be completed in March 2014 Consolidated the manufacturing of shaped refractories other than submerged entry nozzle products as a mother plant Specializes in monolithic refractories(+ precast shapes)

  21. 4. Measures for FY2013(3) Improvement of Technical and Cost Competitiveness Key measures ●Development of original and competitive products ●Development and improvement of unrivaled, high-quality products ●Manufacturing of products with superior cost competitiveness ●Development of a design and installation system that is trusted by customers ●Reduction in purchase prices of raw materials, etc. Introduction of examples of specific measures

  22. 4. Measures for FY2013(3) Improvement of Technical and Cost Competitiveness * * (i) Improvement of durability of MHP tuyere bricks for BOF * MHP: Multi Hole Plug * BOF: Basic Oxygen Furnace (Converter Furnace) With the use of special graphite, significantly reduced cracking and spalling due to thermal stress during usage Wear rate improved by 30-40% After using the new product After using an existing product

  23. 4. Measures for FY2013(3) Improvement of Technical and Cost Competitiveness (ii) Highly adhesive basic gunning refractories [Comparison with existing products] Popular for use in repairing gunning refractories apply for electric furnaces, ladles, and RH degassers Use of a special new binder  Relatively unaffected by temperature (greater acceptance limit of the amount of added water against hardening property)  Significant improvement in adhesiveness Repair of ladle slag line (iii) Non-cement alumina magnesia casting refractories  As they do not contain CaO (calcium oxide) derived from cement, they have excellent slag penetration resistance.  With a special micro structure, they have excellent spalling resistance. Used for nozzle bricks for ladles, Precast-shaped well blocks for purging plug. Durability has been improved by approximately 20%.

  24. 4. Measures for FY2013(3) Improvement of Technical and Cost Competitiveness (iv) Non-oxidation firing furnace for firing slide-gate plates New process used ●Enhanced carbon-bonding by non-oxidation firing method ●Reaction of additives with atmospheric gas to reinforce carbon-bonding Extremely minor damage to surface and edge around holes ●Homogenization of temperature distribution on firing Minimization of variability in quality ●Enhanced productivity Worn area New material Conventional material

  25. 4. Measures for FY2013 (4) Promotion of Overseas Business Expansion ● Reinforcement of management foundation of existing overseas subsidiaries ● New business expansion in emerging economies such as China, India, etc. ● Development of global human resources China Continue to take measures to maximize the advantage of locations close to raw material production centers and customers both for existing and new businesses India Aiming to establish business sites quickly as future growth can be expected as a result of an increase in on-site production by customers (JSW, etc.) [Overseas Production System of the Shinagawa Refractories Group] China North America India Brazil Australia Areas in which the Shinagawa Refractories Group has existing overseas business sites and offices Areas in which the Shinagawa Refractories Group is considering establishing new overseas business sites

  26. 5. Medium-Term Growth Vision Global supplier of a full range of refractory products with comprehensive capabilities across three key axes Sales capability Provision of comprehensive solutions Technology ●Development of materials ●Manufacturing technology ●Installation technology ●Furnace body analysis ●Diagnostic technology, etc. Covering a broad range of the world’s best refractory-related technologies with high cost competitiveness ● Design ● Manufacturing ● Installation ● Maintenance Products ● Repair ●Shaped refractories ●Monolithic refractories ●Mold powder ●Ceramic fiber ●Advanced ceramics ●Chemical and other products Broad product lineup

  27. IV. Supplementary Notes

  28. 1. Changes in Net Sales and Ordinary Income During Past 11 Years (Consolidated Basis) (Million yen) (Million yen) Merged on October 1, 2009 Consolidated financial results for the fiscal year ended March 2010 combine the consolidated financial results of Shinagawa Refractories Co., Ltd. for the first half of the year prior to the merger and consolidated financial results of the new merged company for the second half of the year.

  29. 2. What are the Roles of the "Refractory Industry"? ● Many varieties of materials used in public infrastructure such as iron and steel, nonferrous metals, cement, glass, etc. are manufactured in furnaces with refractory lining. ● The refractory industry provides foundational support to key industries through engineering feats, such as the manufacturing of refractories, furnace design, furnace construction, etc. Furnace construction using fire bricks Refining of molten steel in converter Refractory lining Fire bricks for converters

  30. 3. Major Products1/2 Refractories are industrial materials that can resist ultra-high temperatures in excess of 1,500 degrees Celsius. Approximately 80% of refractory production is consumed by the steel industry. Refractories Shaped refractories Monolithic refractories Mold powder Shaped refractories (“fire bricks”) provide basic support to industrial furnaces and ultra-high temperature processing facilities A complete system package including “product, design, installation and after-sales service” that can suit a wide range of applications An essential component of high-quality steel (Powder-type material added to maintain the surface temperature inside casting molds. It prevents the steel from oxidizing and acts as a lubricant during the continuous casting process used to manufacture steel ingot plates and rods) ●Magnesia-based bricks ●Carbon-containing bricks ●Fire-clay and high-alumina bricks ●Functional products for continuous casting ●Silicon carbide bricks ●Silica bricks, etc. ●Castable refractories ●Precast shapes ●Gunning refractories ●Plastic and ramming mixes ●Refractory mortars, etc.

  31. 3. Major Products2/2 Advanced ceramics Ceramic fiber Ceramic material with a broad range of characteristics including excellent electrical insulation properties, abrasion resistance, corrosion resistance, chemical stability, mechanical strength, etc. Lightweight material featuring low thermal conductivity and high thermal insulation, making it essential for energy-saving Chemical and other products Heat-resistant paint, heat-resistant adhesives, multifunctional absorbent, desiccant, etc. with applicability to ceramic materials technologies

  32. 4. Key Features and Strengths 1 Leading company in terms of ultra-high temperature technologies 2 Solid customer base thanks to technological capabilities 3 Aggressive global business expansion

  33. 5. Key Features and Strengths (1) Ultra-High Temperature Technology(i) Two Technologies Leading company in terms of ultra-high temperature technology Solid technology development and commercialization capabilities underpinned by two technologies ●Furnace design ●Engineering services 　　・Furnace construction work for blast furnaces, converters, incinerators, etc. 　　・Ultra-fast relining of blast furnacesand hot stoves 　　・Maintenance of furnaces used by iron and steelmaking works, etc. Advanced furnace construction technology ●Refractories ●Ceramic fiber ●Advanced ceramics ●Chemical products and other products Refractory manufacturing technology ＋ Customer-oriented technological response Development capability to meet customer needs

  34. 5. Key Features and Strengths(1) Ultra-High Temperature Technology(ii) Customer-Oriented Technological Response Work closely with customers at all times backed up by technologies and long track records of four divisions covering design, manufacturing, furnace construction, and development. Research Center Analysis and development Design Engineering Department Works Furnace construction and repair Manufacturing Furnace Construction Division 33

  35. 5. Key Features and Strengths (1) Ultra-High Temperature Technology(iii) Development Capability to Meet Customer Needs With world-class research facilities, the Research Center focuses on the development of products to meet the needs of customers EDS analysis data (color map) Elements present in the area can be detected in a short period of time. Structural analysis of converters SEI (×500) Si AI Zr O Water model simulation of molten steel flow in the mold Analysis of microstructures of refractories 34

  36. 6. Key Features and Strengths(2) Solid Customer Base Solid customer base thanks to technological capabilities Meeting the needs of customers in various industries including the Japanese steelmaking industry, which boasts the best technology in the world Steel industry is the main customer, accounting for approximately 80% of customer base Ultra-high temperature technologies are fundamental technologies for many industries From the material industry to the field of energy production, environmentally friendly ultra-high temperature technologies are fundamental to all. Others12.3% Cement 0.9% Steel 81.7% Steel Nonferrous metal Incinerator, waste melting furnace Net sales share by customers Automobiles, ships and other transport equipment, buildings and various steel products Incinerators 5.1% Chemicals Gas, electricity Glass Sheet glass, bottle glass, flat-panel display glass, fiber optics Cement etc. FY ended March 2012 (non-consolidated)

  37. 7. Key Features and Strengths(3) Global Business Expansion Aggressive global business expansion Starting from our launch into China in 1997, the Company has continued to expand overseas, establishing production bases in Australia and the U.S. ■ Overseas net salesand market share (consolidated) [China]  Entered market in 1997 ●1997: Established a joint venture company, Shenyang Shinagawa Glorious Metallurgy Materials Co., Ltd. (current Shenyang Shinagawa Metallurgy Materials Co., Ltd.) ●2003: Made an equity investment in a joint venture company, Jinan Ludong Refractory Co., Ltd. ●2005: Established a joint venture company, Shinagawa Rongyuan Refractories Co., Ltd. ●2008: Established a joint venture company, Liaoning Shinagawa Hefeng Metallurgical Material Co., Ltd. [Australia]  Entered market in 1998 ●1998: Established a joint venture general refractory company ●2003: Fully consolidated the joint venture company and renamed it Shinagawa Refractories Australasia Pty. Ltd. [U.S.]  Entered market in 2006 ●2006: Established Shinagawa Advanced Materials Americas Inc. in Ohio (Million yen) (%) 36

  38. 8. Current Status of the Expansion of Overseas Business Locations Expanding overseas business locations in China, Oceania, and the Americas with a focus on areas close to the production sites of our customers Liaoning Shinagawa Hefeng Metallurgical Material Co., Ltd. Shenyang Shinagawa Metallurgy Materials Co., Ltd. Shinagawa Advanced Materials Americas, Inc. Shinagawa Rongyuan Refractories Co., Ltd. North America Liaison Office Taiwan Liaison Office Shinagawa Refractories Australasia Pty. Ltd. Jinan Ludong Refractory Co., Ltd. * Overseas business sites Shinagawa Refractories Australasia New Zealand Ltd. (*indicates affiliated companies. All others are consolidated subsidiaries.) Overseas sales offices

  39. 9. Domestic and Overseas Production System Overseas business sites of the Group [Overseas] [Japan] Developing a stable supply system by establishing the Group’s manufacturing sites closer to customers in order to respond adaptively to customer needs After a review of the production system subsequent to the merger, promoting the redevelopment of a steady supply system with enhanced efficiency and speed Okayama ・Shaped refractories Hinase Yumoto ・Unfired bricks ・Shaped basic bricks ・Mold powder for continuous casting Tamashima China ・Monolithic refractories ・Functional products for continuous casting North America ・Tap hole mix ・Monolithic refractories Kashima Australia ・Tap hole mix ・Monolithic refractories Ako ・Shaped refractories ・Monolithic refractories (Since October 2010) 38

  40. 10. Global Procurement System Amid such circumstances, the Company developed a balanced procurement system to source materials from production centers in five geographical areas around the world from the perspective of avoiding excessive dependency on specific regions. The Company depends on foreign sources for approximately 60% of refractory materials, 80% or more of which (approximately 50% of the total raw materials) are imported from China. [Production centers of main imported materials] [China and North Korea area] ●Magnesite ●Flake graphite ●Chromium ore, etc. [India and Middle East area] ●Chromium ore ●Flake graphite, etc. [Americas area] ●Magnesite ●Flake graphite ●Dolomite ●Bauxite, etc. (Ukraine, Iran, Oman, Pakistan, India, Sri Lanka) (Canada, U.S., Guyana, Brazil) Specialty materials produced in Japan include silica, agalmatolite, etc. [South Africa area] ●Chromium ore ●Sillimanite ●Zircon ●Flake graphite, etc. [Australia area] ●Zircon ●Magnesite (South Africa, Zimbabwe)

  41. Disclaimer This document is intended to provide information on the results for the fiscal year ended March 2013 (April 2012 – March 2013) and is not intended to solicit investment in securities issued by the Company. The document was prepared based on data available as of June 10, 2013. Opinions, forecasts, etc. described herein are based on the Company’s judgment at the time of the preparation of the document. The Company does not warrant or guarantee the accuracy or completeness of the information contained herein, and such information may change without notice in the future.

  42. ― Supporting the World’s Key Industries Through Technologies ― Shinagawa Refractories Presentation Material on Results for Fiscal Year Ended March 2013 June 10, 2013 Securities Code Number: 5351

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