PRESENTATION TO ANALYSTS Results for First Quarter of 2007 Madrid, April 25, 2007

1. GRUPO PRESENTATION TO ANALYSTS Results for First Quarter of 2007 Madrid, April 25, 2007

2. Contents • Results for First Quarter of 2007 • Plan for Capturing Synergies • Structure of the Cementos Portland Valderrivas Group • Prospects for 2007

3. 1. Results for First Quarter of 2007 Main figures from first quarter of 2007 • Sales volume in physical units

4. 1. Results for First Quarter of 2007 • Main figures in millions of euros (2) (3) • Adjusted by 4,4 million euros • As of 31.03.2007 • As of 31.12.2006

5. 1. Results for First Quarter of 2007 Relevant events in the first quarter of 2007 • Consolidation of Cementos Lemona and Corporación Uniland through global integration. • Fiscal group for Cementos Portland Valderrivas as of January 1, 2007 • Increase in the shareholding in Corporación Uniland: • As of August 1, date on which 51% was acquired, purchases of up to 56,55% have been executed as of March 31, 2007 • At a later time, purchases were executed (April 12, 2007) for up to 59,02% • Positive contribution of Uniland since 1Q 07 • Dividend: • Complementary dividend of 2,08 €/share to be proposed to the General Shareholders of Cementos Portland Valderrivas • Total dividend in 2006: 3,16 € • Pay-out: 50% (88 million euros) • Increase of 26,4% compared to the amount paid out in 2005

6. 1. Results for First Quarter of 2007 Main figures on the first quarter of 2007 International Turnover Figure (M €) Turnover (M €) 97,1 471,7 69,7% 69,6% 57,2 278,2 Attributable N.P. and adjusted A.N.P. (M €) EBITDA (M €) 150,2 65,1% 18,6% 47,4 43,0 91,0 40,0

7. Arids Others Dry 4% 3% Others Mortar Arids Dry 5% 4% 6% Mortar 2% Concrete Concrete 23% 24% Cement Cement 63% 66% 1. Results for First Quarter of 2007 Breakdown of turnover by lines of business 2007 Total: 471,7 M€ 2006 Total: 278,2 M€

8. Arg-Uru Others 4% 2% Tunisia Others 4% 2% USA USA 19% 11% Spain Spain 79% 79% 1. Results for First Quarter of 2007 Breakdown of turnover by countries 2007 Total: 471,7 M€ 2006 Total: 278,2 M€

9. 1. Results for First Quarter 2007 Stock market changes compared to the IBEX 35 Since January 1, 2002 Since January 1, 2006 Data as of April 23, 2007

10. 1. Results for First Quarter 2007 Stock market changes compared to other cement companies Since January 1, 2002 Since January 1, 2006 286% 75% 232% 62% 222% 52% 46% 115% 25% 24% 70% 38% 18% 16% Data as of April 23, 2007

11. Contents • Results for First Quarter of 2007 • Plan for Capturing Synergies • Structure of the Cementos Portland Valderrivas Group • Prospects for 2007

12. 2. Plan for Capturing Synergies • As a result of the integration of Lemona and Uniland, without changing the legal structure of the companies which make it up for that reason, the CPV Group has updated the volume of forecasted synergies • The new estimate of total synergies amounts to more than 40 M€ per year • 36 M€ in terms of EBITDA due to savings on costs and optimization of sales • 5 M€ due to decreases in investments and fiscal optimization of the Group • The Plan to capture synergies is moving forward at the expected pace • More than 160 initiatives for saving on costs have been identified, of which 12 represent 80% of estimated savings; their completion is expected in late 2007 • It is estimated that 50% of the annual savings will be achieved in 2007

13. 2. Plan for Capturing Synergies 12 initiatives, of the 160 identified, and 70 quantify, entail 80% of the value of the synergies • Re-organization of the corporate structure and unification of processes • Joint contracting of professional services (legal affairs, etc.) • Taking advantage of the best insurance contracting conditions • Optimization of sales by zones • Improvement in efficiencies in transport management • Optimization of export flows • Savings due to joint purchasing of raw materials • Optimization of cement transport costs • Reduction of costs through aggregate importing of clinker and cement • Extension of the use of agents which reduce hexavalant chrome • Optimization of product types manufactured by plant • Taking advantage of fiscal synergies in the Group Integration of corporation tasks (11 M€) Integration of sales (7 M€) Operational and logistical optimization (16 M€) Financial and fiscal optimization (8 M€)

14. Contents • Results for First Quarter of 2007 • Plan for Capturing Synergies • Structure of the Cementos Portland Valderrivas Group • Prospects for 2007

15. 3. Structure of the Cementos Portland Valderrivas Group President Chief Executive Officer Planning and Control President’s Attaché Auditing Commission José Manuel Revuelta José Ignacio Martínez-Ynzenga Internal Auditing Secretary General Vicente Ynzenga José Ig. Domínguez Technical Administration and Finance Pablo Espeso Jaime Urculo Marketing and Sales Legal Consultancy Angel Luis Heras José Luis Gómez Human Resources Corporate and Institutional Relations Manuel Melgar Mª Luisa Otero * Spain USA Other Countries Angel Luis Heras Manuel Llop

16. Contents • Results for First Quarter of 2007 • Plan for Capturing Synergies • Structure of the Cementos Portland Valderrivas Group • Prospects for 2007

17. 4. Prospects for 2007 Expected developments in results Sales (M €) > 20% • Until the end of 2007, the prospects for the market where the Group is present are for sustained growth in sales volumes in Spain, high rates of growth in Tunisia, Argentina and Uruguay, sustained figures in the UK and a slight decrease in the US • The changes in prices entail average growth which is higher than inflation rates • The Group will continue to work along its lines of action to mitigate the effects of increases in costs of fuel, electrical energy and environmental requirements • It was ratified that, throughout 2007, 50% of the synergies estimated in the acquisitions of Lemona and Uniland be captured (20 MM€) > 1.800 EBITDA (M €) > 25% > 620 Net Profit (M €) > 20% > 200

18. GRUPO PRESENTATION TO ANALYSTS Results for First Quarter of 2007 Madrid, April 25, 2007