2016 Annual General Meeting. President & CEO Javier González Ochoa

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1 2016 Annual General Meeting President & CEO Javier González Ochoa

2 Economic climate Spain leads Eurozone recovery Negative interest rates High unemployment rate EBC expansionary monetary policy Weakness of the Euro Oil price Public and private indebtedness Highest growth in Eurozone (GDP 2015: 3,2%) Growth slowdown forecasted for GDP 2016 (Bank of Spain): +2,7% Page nº 2

3 Economic climate Building activity grew strongly, unlike civil works Annual variation 2015 vs 2014 of the construction segments in Spain 42.5% 29.6% 11.5% -27.3% -21.6% New Residential New non residential Renovation Civil works Hydraulic civil works Source: Ministry of Public Works, SEOPAN Page nº 3

4 Economic climate New Residential has been the main growth segment Building permits for new residential in Spain -14.6% +42.5% 78, % -22.4% +1.7% 44,162 34,288 34,873 49, Source: Ministry of Public Works Page nº 4

5 2015 Results Coemac 2015 has supposed a turning point for Coemac Change of company name and brand Reduction of nearly all financial debt following the divestment of the tiles business and loss of control of insulation business -363,5 million euros Consolidation of market growth and return to profitability in business +127% EBITDA growth Page nº 5

6 2015 Results Coemac Improved result and balance sheet restructure In million euros Variation Sales % EBITDA % % over sales 6.5% 3.1% +3.4 pp Net Result % Continued activities (1) % Discontinued activities (2) % Minority % Debt financial debt (1) 2015 figure includes atypical effects of provisions and restructuring of million euros (2) Insulation and Tiles businesses Page nº 6

7 2015 Results Coemac Sales by business line +7.4% In million euros % +8.2% -9.0% 2014 Gypsum Piping systems Corporate & Adjustm Total Page nº 7

8 2015 Results Coemac Sales by region +7.4% In million euros % +23.5% -6.9% 2014 Spain Europe Other regions 2015 Total Page nº 8

9 2015 Results Coemac Profitability improvement Evolution of Ebitda and Ebitda Margin (%) In million euros Growth in both business lines Improved industrial and commercial efficiency % pp % 6.5% Page nº 9

10 2015 Results Coemac Financial management Evolution of net financial debt In million euros Insulation business disinvestment Control of working capital Operating cash flow improvement MM Page nº 10

11 2015 Results Coemac Relevant works where our solutions have been chosen Cádiz bridge Adequa Sanecor system Page nº 11

12 2015 Results Coemac Relevant works where our solutions have been chosen BBVA Headquarters in Madrid Soundproof system Adequa AR Page nº 12

13 2015 Results Coemac Relevant works where our solutions have been chosen Pompidou Museum in Málaga Pladur Solutions Page nº 13

14 2015 Results Coemac Relevant works where our solutions have been chosen Iberdrola Tower in Bilbao Algíss Solutions Page nº 14

15 2015 Results Coemac In 2015 we continued with the execution of the business strategy Differentiated solutions International diversification Efficiency in operations New ceilings Pladur FON+ Special gypsums for renovation Algíss Cristal Multiconnection for Soundproof system Adequa AR New Adequa channels for floor drainage 43 + x Countries with commercial presence Operation management by markets Improved service level Growth in online sales channel Increased productivity Page nº 15

16 2015 Results Coemac Share performance IBEX % COEMAC IBEX-35 Coemac -10.5% Page nº 16

17 2015 Results Coemac Significant increase in volume traded in 2015 and Evolution of the average daily trading In million euros 618 x x T 2016 Source: Madrid Stock Market Page nº 17

18 Outlook 2016 will be determined by the following aspects Uncertainty in the domestic market Advances in export Increased profitability Significant improvement in Net Result Page nº 18

19 Outlook Macroeconomic indicators Annual variation of G.D.P. and contribution of construction in Spain F 2017F 1.4% 3.2% 2.8% 2.1% -0.1% 5.3% 3.7% 3.8% 0.2% 1.1% 1.3% 1.4% 0.9% 1.5% 1.6% 1.7% Source: Caixabank Research (April 2016) Page nº 19

20 Advance 2016 First quarter results In million euros 1Q Q 2015 Variation Sales 33,8 32,9 +3,0% EBITDA 2,6 1,9 +36,2% % over sales 7,7% 5,8% +1,9 pp Net Result -1,7-18,9 +91,3% Continued activities -1,1-5,0 +78,8% Discontinued activities (1) - -13,3 n/a Minority -0,6-0,7 +14,0% Debt financial debt 1,0 363,5-362,5 (1) Insulation and Tiles businesses Page nº 20

21 Outlook Profitable growth In million euros Real Strategic goals ~ ~ ~13 ~ Sales EBITDA Page nº 21

22 Future challenges This is the moment to begin to return to our people and to our shareholders part of the value that has been lost along the way over the last few years Period of growth and investment Meeting the Strategic Plan goals Recover the value Page nº 22

23 Page nº 23 Corporate reorganisation

24 Current corporate structure Corporación Empresarial de Materiales de Construcción, S.A. 10% 100% 100% 100% URSA Insulation Holding BV ATC 2015, S.A. Fibrocementos NT, S.A. Coemac Iberia, S.L. 59% 100% Gypsum business Piping systems business Page nº 24

25 Background Restructure undertook and the negative results of the loss of control of insulation business generated a situation of assets imbalance in the individual balance of Corporación Empresarial de Materiales de Construcción, S.A. (Coemac, S.A.) Equity shown in the individual balance Coemac, S.A. at December 31, 2015 was negative amounting to 93,324 thousand euros This fact was reported by the group in the 2H 2015 report (February 29, 2016) In this situation, the individual company would be in grounds for dissolution (Audit Report 2015, Deloitte, March 31, 2016) Page nº 25

26 Corporate restructuring measures proposed by the Board of Directors 1. Capital reduction in Coemac, S.A. Capital reduction by losses in Corporación Empresaria del Materiales de Construcción, S.A. Amount of the reduction ,97 euros Share capital of 142,199, euros goes to 1,974, euros Reduction of the nominal value of shares from 72 cents to 1 euro cent 2. Segregation of Coemac, S.A. activity in favor of its wholly-owned subsidiary Coemac Building Materials, S.L. 3. Merger by acquisition of Fibrocementos NT, S.A. and Coemac Iberia, S.L. by Coemac, S.A. 4. Corporate reorganization, that is, the contribution of the shares of Yesos Ibéricos, S.A., ATC 2015, S.A. and Adequa WS, S.L. to Coemac Building Materials, S.L. Page nº 26

27 Corporate structure after the proposed reorganisation Corporación Empresarial de Materiales de Construcción, S.A. 10% 100% URSA Insulation Holding BV 100% COEMAC Building Materials, S.L. Adequa Water Solutions, S.A. 100% 59% 100% Gypsum business Piping systems business ATC 2015, S.A. Page nº 27

28 What effects will have these measures have? The capital reduction and reorganization measures will have no effect on the consolidated equity of the Group The consolidated book value of the shares of the Company will not be modified There will be no dilution to shareholders, the participation rate in the Social Capital of Coemac is not reduced The asset balance is restored in the legal term More efficient corporate structure Page nº 28

29 Page nº 29 Speaking time

30 Page nº 30 Voting on resolutions

31 Proposed resolutions (1 of 2) 1. Review and approval of the individual financial statements Review and approval of the proposed allocation of 2015 result 3. Review and approval of the consolidated group financial statements Approval of Directors management of the company 5. Re-election of the Auditor for Annual Compensation Report of the Board of Directors 7. Board remuneration for the financial year 2016 Page nº 31

32 Proposed resolutions (2 of 2) 8. Reduction of capital for losses 9. Ratification of Director appointed by cooptation 10. Modifications of the Regulations of the Board 11. Corporate reorganization of the Coemac Group 12. Segregation Coemac, S.A. in favor of its subsidiary Coemac Building Materials, S.L. 13. Merger by acquisition of Fibrocementos of NT, S.A. and Coemac Iberia, S.L. by Corporación Empresarial de Materiales de Construcción, S.A. 14. Authorization for the acquisition of own shares 15. Delegation of powers to formalize the resolutions adopted by the General Meeting Page nº 32

33 Thank you for your attention 2016 Annual General Meeting

34 Disclaimer This document contains information prepared internally and coming from different sources as well as future forecasts relative to the financial situation, results from operations, business and strategies of Coemac. Those statements are based on a number of assumptions which ultimately might not be accurate, and are subject to risk factors of a financial, commercial, market, regulatory or generally economic nature, on which only estimates may be made. Consequently, the analysts and investors should suitably assess the information provided. Coemac has no obligation in respect of updating the information contained herein and its publication, whether resulting from the appearance of new information, new events or for any other reason. Page nº 34

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