Madrid, 26 July 2007 PRESENTATION TO ANALYSTS First semester results 2007 Madrid, 26 July 2007

2 Contents 1.First semester results Main figures and development trends.Main figures and development trends. 2.Business and sector developments. 3.Prospects for Stock market developments.

3 1. First Semester Results ,34,212,61, ,82,99,90,5 % var. 60,344,827,3180,0 Cement and clinker. Mt. Concrete. Mm 3 Aggregates. Mt. Mortar. Mt. Main Figures (1)

4 1. First Semester Results 2007 Data in millions of € TurnoverEBITDA EBT (Earnings before taxes) EAT (Earnings after taxes) EAT attributed to parent company Resources generated by transactions ,1321,2182,1129,2107,3321, ,4213,7148,598,396,2216,6 % var. 59,250,322,631,511,548,4 % of turnover EBITDAEBTEAT EAT Attributed 32,8%18,6%13,2%11,0%34,8%24,2%16,0%15,7% Main figures (2)

5 Consolidation of the results of Uniland and Lemona. In 2006, Lemona as of March and Uniland as of August. Consolidation of the results of Uniland and Lemona. In 2006, Lemona as of March and Uniland as of August. Improvements in selling prices. Increases in electrical and thermal power costs, the €/$ exchange rate and clinker imports. Improvements in selling prices. Increases in electrical and thermal power costs, the €/$ exchange rate and clinker imports. Increase in financial expenses of acquisition transactions. Increase in financial expenses of acquisition transactions. Increase in amortisation of goodwill. Increase in amortisation of goodwill. Positive contribution of the results of Uniland in 1S07. Positive contribution of the results of Uniland in 1S First Semester Results 2007 Main aspects of the results

6 1. First Semester Results 2007 Data in millions of € Equity Net financial indebtedness Total assets Average capitalization Investments:Financial: Tangible and intangible: ,11.542,24.347, ,6123,373, ,9408,02.022, ,6233,354,3 % var. 38,4377,9114,931,0-33,9-47,835,0 Ownership interests as at 30 June: - Cementos Lemona 98.34% - Corporación Uniland 59.02% Dividend allocated: 3.16 €/share %. Pay-out: 50%. Main figures (3)

7 1. First Semester Results 2007 Development trends Development trends Turnover. Turnover. International EBITDA EAT Attributed Parent Company 59,2% 978,1 614,4 74,5% 234,3 134,2 50,3% 321,2 213,7 11,5% 96,2 107,3

8 CONTENTS 1.First semester results Main figures and development trends.Main figures and development trends. 2.Business and sector developments. 3.Prospects for Stock market developments.

9 Moderate growth of building in the construction industry and significant increase in official tenders for civil works. Moderate growth of building in the construction industry and significant increase in official tenders for civil works. Estimated increase in the construction sector for 2007: Estimated increase in the construction sector for 2007: –Building: between 3 and 5.5%. –Civil works: between 5 and 6%. Interannual consumption of cement equal to 56.1 Mt. +3.8%. Interannual consumption of cement equal to 56.1 Mt. +3.8%. Cement and clinker imports, 13.3 Mt, +13.6% in 12 months and 6.6Mt % in Cement exports, 1Mt,-19.6% in 12 months. Cement and clinker imports, 13.3 Mt, +13.6% in 12 months and 6.6Mt % in Cement exports, 1Mt,-19.6% in 12 months. 2. Business and sector developments Source: SEOPAN and OFICEMEN Construction and Cement Sector in Spain

10 United States: stable cement market, offsetting a decrease in internal demand for construction, with a drop in imports. CPV of 1.1 Mt. +4.4% United States: stable cement market, offsetting a decrease in internal demand for construction, with a drop in imports. CPV of 1.1 Mt. +4.4% Tunisia: 6% growth in the economy with a similar effect on cement. CPV sales of 0.93 Mt. +1.6%. Tunisia: 6% growth in the economy with a similar effect on cement. CPV sales of 0.93 Mt. +1.6%. Argentina: improvement in estimates for 2007 with an increase in the cement sector and an improvement in the GDP of 6.7%. CPV sales of 0.47 Mt. +6.6%. Argentina: improvement in estimates for 2007 with an increase in the cement sector and an improvement in the GDP of 6.7%. CPV sales of 0.47 Mt. +6.6%. Uruguay: market undergoing growth with potential for surpassing expectations for 2007, pending the recovery of prices. CPV sales 0.1 Mt. Uruguay: market undergoing growth with potential for surpassing expectations for 2007, pending the recovery of prices. CPV sales 0.1 Mt. United Kingdom: stable market with sales of 0,2 Mt. +0,6% and good price growth. +6,% United Kingdom: stable market with sales of 0,2 Mt. +0,6% and good price growth. +6,% 2. Business and sector developments Construction and cement sector in other countries

11 2. Business and sector developments 1S2006 1S2007 Breakdown of turnover by activity

12 2. Business and sector developments 1S2007 1S2006 Breakdown of turnover by countries Spain; 76.0 Uruguay; 0.8 Tunisia; 4.0 USA; 12.8 United Kingdom; 2.0 Others 1.2 Argentina; 3.1

13 CONTENTS 1.First semester results Main figures and development trends.Main figures and development trends. 2.Business and sector developments. 3.Prospects for Stock market developments.

14 Its development continues, with the initial estimate kept at €40 million.Its development continues, with the initial estimate kept at €40 million. It is estimated that the incorporation of synergies into the results of 2007 may exceed the 50% initially forecast.It is estimated that the incorporation of synergies into the results of 2007 may exceed the 50% initially forecast. Summary of synergies identified:Summary of synergies identified: 3. Prospects for 2007 Corporate Activities (11 M€) Market Management (7 M€) Operations and Logistics (16 M€) Tax and Financial Optimization (8 M€) Plan to capture synergies

15 Market developments in the first half of the year, in terms of both volume and prices, allow us to estimate that turnover will be at least €1,800 million.Market developments in the first half of the year, in terms of both volume and prices, allow us to estimate that turnover will be at least €1,800 million. The EBITDA percentage over turnover in the first half of the year, similar to the amount estimated, will enable the EBITDA to reach €620 million.The EBITDA percentage over turnover in the first half of the year, similar to the amount estimated, will enable the EBITDA to reach €620 million. The Group’s efforts, the achievement of synergies and the development of investments are geared towards reducing operating costs, mainly those for solid fuels, electrical energy and environmental requirements.The Group’s efforts, the achievement of synergies and the development of investments are geared towards reducing operating costs, mainly those for solid fuels, electrical energy and environmental requirements. 3. Prospects for Changes in results > 20% > 25% > 20% Turnover (M €) > EBITDA (M €) > 620 EAT (M €) >

16 CONTENTS 1.First semester results Main figures and development trends.Main figures and development trends. 2.Business developments. 3.Prospects for Stock market developments.

17 4. Stock Market Developments Main first semester data June-07June-06Var.% Var. Average share value for year €105,980,925,031,0 Average capitalisation for year M€2.948,62.251,5697,131,0 Maximum share value for year € (11/5/06) and (26/2/07)123,396,726,627,5 Maximum share value for year € (3/1/06) and (27/6/07) 90,167,322,934,0 Volume traded. Accumulated shares ,7 Average daily volume. Shares ,8 Appreciation in the year %-7,817,6 - - Appreciation in the year € -6,612,2 - -

18 4. Stock Market Developments Share value changes. Indices and cement sector. COMPARATIVE DEVELOPMENT TRENDS IN PERCENTAGE VARIATIONS IN 2007 CPV - IBEX -15,0 -10,0 -5,0 0,0 5,0 10,0 15,0 20,0 25,0 30,0 DAILY SESSIONS FROM 01 TO 06/2007 % SHARE VALUE VARIATION CPVIBEX

19 4. Stock Market Developments Share value changes. Indices and cement sector. PERCENTAGE VARIATIONS IN SHARE VALUE IN JUNE 2007 – Trading sessions in the month of June -15,00 -10,00 -5,00 0,00 5,00 10, % Variation CPVCEMEXLAFARGEHOLCIMCIMPORHEILDELBERGITALCEMENTI

Madrid, 26 July 2007 PRESENTATION TO ANALYSTS First semester results 2007 Madrid, 26 July 2007