1

PRESENTATION TO ANALYSTSResults for First Quarter of 2007

Madrid, April 25, 2007

GRUPO

2

1. Results for First Quarter of 2007

2. Plan for Capturing Synergies

3. Structure of the Cementos Portland Valderrivas Group

4. Prospects for 2007

Contents

3

1. Results for First Quarter of 2007

2007 2006 Variation (%)

Cement and Clinker (mill.TM)

Cement (mill.m3)

Arids (mill.TM)

Mortar (mill.TM)

4,7

2,1

6,3

0,7

2,6

1,3

4,0

0,2

81,3

62,3

56,4

199,1

Sales volume in physical units

Main figures from first quarter of 2007

4

2007 2006 Variation (%)

Turnover 471,7 278,2 69,6

Gross Operating Results (EBITDA) 150,2 91,0 65,1

Result Before Taxes

Result After Taxes

Minority Interests

77,5

55,0

-12,0

62,3

41,2

-1,3

24,4

33,5

860,0

Attributable Net ResultAdjusted Attributable Net Result (1)

43,0

47,4

40,0

40,0

7,6

18,6

Net Resources Generated by Investment Operations

150,2

98,9

94,3

261,8

59,2

(62,2)

Net Debt (as of 31.12.2006: 1.474,5)Total AssetsCapitalization (as of March 31)

1.485,0

4.296,5

3.146

419,8

4.233,1

2.407

253,7

1,5

30,7

Main figures in millions of euros

(1) Adjusted by 4,4 million euros(2) As of 31.03.2007(3) As of 31.12.2006

1. Results for First Quarter of 2007

(2) (3)

5

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

1. Results for First Quarter of 2007

6

2006 2007

Turnover (M €)

69,6% 471,7

278,2

2006 2007

International Turnover Figure (M €)

69,7% 97,1

57,2

2006 2007

EBITDA (M €)

65,1% 150,2

91,0

2006 2007

Attributable N.P. and adjusted A.N.P. (M €)

18,6% 47,4

40,0 43,0

1. Results for First Quarter of 2007

Main figures on the first quarter of 2007

7

Breakdown of turnover by lines of business

2007

Total: 471,7 M€

2006

Total: 278,2 M€

1. Results for First Quarter of 2007

Cement63%

Others3%

Arids4%Dry

Mortar6%

Concrete24%

Cement66%

Others5%

Arids4%

Dry Mortar

2%

Concrete23%

8

Breakdown of turnover by countries

2007

Total: 471,7 M€

2006

Total: 278,2 M€

1. Results for First Quarter of 2007

Spain79%

Others2%

Arg-Uru4%

Tunisia4%

USA11%

Spain79%

Others2%

USA19%

9

Stock market changes compared to the IBEX 35

Since January 1, 2006Since January 1, 2002

50

100

150

200

250

300

350

400

450

ene-02 ene-03 ene-04 ene-05 ene-06 ene-07

Bas

e 10

0

Cementos Portland IBEX

286%

78%

50

70

90

110

130

150

170

190

ene-06

mar-06

may-06

jul-06

sep-06

nov-06

ene-07

mar-07

Bas

e 10

0

Cementos Portland IBEX

62%

39%

1. Results for First Quarter 2007

Data as of April 23, 2007

10

60

80

100

120

140

160

180

200

ene-06 mar-06 may-06 jul-06 sep-06 nov-06 ene-07 mar-07

Bas

e 10

0Cementos P ortland Cemex LafargeCimpor Titan BuzziHolcim

24%

Stock market changes compared to other cement companies

Since January 1, 2002 Since January 1, 2006

0

50

100

150

200

250

300

350

400

450

ene-02 jul-02 ene-03 jul-03 ene-04 jul-04 ene-05 jul-05 ene-06 jul-06 ene-07

Bas

e 10

0

Cementos Portland Cemex Lafarge

Cimpor Titan Buzzi

Holcim

62%75%

46%25%

18%

52%

115%

286%

222%

70%38%

232%

16%

1. Results for First Quarter 2007

Data as of April 23, 2007

11

1. Results for First Quarter of 2007

2. Plan for Capturing Synergies

3. Structure of the Cementos Portland Valderrivas Group

4. Prospects for 2007

Contents

12

– 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

2. Plan for Capturing Synergies

13

1. Re-organization of the corporate structure and unification of processes

2. Joint contracting of professional services (legal affairs, etc.)

3. Taking advantage of the best insurance contracting conditions

4. Optimization of sales by zones

5. Improvement in efficiencies in transport management

6. Optimization of export flows

7. Savings due to joint purchasing of raw materials

8. Optimization of cement transport costs

9. Reduction of costs through aggregate importing of clinker and cement

10. Extension of the use of agents which reduce hexavalant chrome

11. Optimization of product types manufactured by plant

12. Taking advantage of fiscal synergies in the Group

2. Plan for Capturing Synergies

12 initiatives, of the 160 identified, and 70 quantify, entail 80% of the value of the synergies

Integration of

corporation tasks

(11 M€)

Integration of

sales

(7 M€)

Operational and

logistical optimization

(16 M€)

Financial and fiscal

optimization

(8 M€)

14

1. Results for First Quarter of 2007

2. Plan for Capturing Synergies

3. Structure of the Cementos Portland Valderrivas Group

4. Prospects for 2007

Contents

15

Internal Auditing

Spain Other Countries USA

Auditing Commission

SecretaryGeneral

PresidentChief Executive Officer

José Ignacio Martínez-Ynzenga

Vicente Ynzenga

Planning and Control President’s Attaché

José Manuel Revuelta

José Ig. Domínguez

Technical

Pablo Espeso

Administration and Finance

Jaime Urculo

Marketing and Sales

Angel Luis Heras

Legal Consultancy

José Luis Gómez

Human Resources

Mª Luisa Otero *

Corporate and Institutional Relations

Manuel Melgar

Angel Luis Heras Manuel Llop

3. Structure of the Cementos Portland Valderrivas Group

16

1. Results for First Quarter of 2007

2. Plan for Capturing Synergies

3. Structure of the Cementos Portland Valderrivas Group

4. Prospects for 2007

Contents

17

4. Prospects for 2007

Expected developments in results

– 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€)

1.467

2006 2007

Sales (M €)

> 20% > 1.800

485

2006 2007

EBITDA (M €)

> 25% > 620

176

2006 2007

Net Profit (M €)

> 20% > 200

18

PRESENTATION TO ANALYSTSResults for First Quarter of 2007

Madrid, April 25, 2007

GRUPO