InterCement Presentation September 2014 Disclaimer The accompanying material was compiled or prepared by InterCement on a confidential basis and not with a view toward public disclosure under any securities laws or otherwise. This material has been prepared by InterCement and it is based on financial, managerial and certain operational information and certain forward-looking statements. The information contained herein has been prepared or compiled by InterCement, obtained from public sources, or based upon estimates and projections, involving certain material subjective determinations, and relies on current expectations and projections of InterCement about future events and trends that may affect its business units, operations, and financial condition, cash flows and prospects and there is no assurance that such estimates and projections will be realized. InterCement does not take responsibility or liability for such estimates or projections, or the basis on which they were prepared. No representation or warranty, express or implied, is made as to the accuracy, completeness or reliability of the information in the accompanying material and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. In preparing the accompanying material, InterCement assumed and relied, without independent verification, upon the accuracy and completeness of all public available financial and other information and data. The accompanying material is strictly confidential, and may not, in whole or in part, be disclosed, reproduced, disseminated or quoted at any time or in any manner to others without InterCement’s prior written consent, nor shall any references to InterCement or any of its subsidiaries be made publicly without InterCement’s prior written consent. The information contained herein does not apply to, and should not be relied upon by, potential investors. Likewise, it is not to be treated as investment advice. The accompanying material is necessarily based upon information available to InterCement, and financial, and other conditions and circumstances existing and disclosed to InterCement, as of the date of the accompanying material. The information provided herein is not all-inclusive and is subject to modifications, revisions and updates. However, InterCement does not have any obligation to update or otherwise revise the accompany materials. Nothing contained herein shall be construed as legal, tax or accounting advice. 2 InterCement Team Claudio Palaia – InterCement CFO Bachelor's degree in Business Administration (FGV) / MBA (The Wharton School of the University of Pennsylvania ) Worked at different companies in the Camargo Corrêa Group since 2000 and in InterCement since 2005. Before becoming CFO of the Company, Mr. Palaia had been responsible for the concrete unit of Loma Negra from 2005 until 2008 and for the concrete unit in Brazil from 2008 until 2011. Currently, he is a board member of Alpargatas and CPFL Energia Filipa Mendes Marcelo Arantes InterCement IR and External Communication Director InterCement Corporate Finance Director Degree in Business Administration (Universidade Católica - Lisboa) Bachelor's degree in Business Administration (FGV) KPMG Senior at Banking and Insurance Department (1993-1996). Joint Cimpor Worked at the finance department of Camargo Correa Group since 2005 and is – Cimentos de Portugal, SGPS, S.A. in 1996 for Investor Relations and further in InterCement since 2011. Prior to joining Camargo Corrêa Mr. Arantes has on to Strategic Development Department. Presently, Mrs. Mendes is worked at BNP Paribas Asset Management, Banco Safra and Sadia. Currently, InterCement Participações, S.A. Head of External Communication, Cimpor – he works as Corporate Finance Director in InterCement. Cimentos de Portugal, SGPS, S.A. Company Secretary and Investor Relations Officer. 3 Recent Senior Notes issuance Issuer Cimpor Financial Operations BV Guarantors InterCement Brasil S.A. and InterCement Participações S.A. Offering Structure US$ Senior Unsecured Notes under Rules 144A / Reg S Offering Size USD 750M Maturity 10 years Coupon Payment 5,75% (Semi-annually, 30/360 basis) Expected Ratings BB / BB (S&P / Fitch) Use of Proceeds Refinance existing indebtedness and for general corporate purposes Issue Denominations U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof Listing / Governing Law Singapore Exchange / New York Law Global Coordinators and Joint Bookrunners 4 Corporate Structure Simplified Corporate Structure Participações S.A. Austria Holding GmbH Cimpor Financial Operations BV International Operations InterCement Brasil Legend Argentina Paraguay Issuer Guarantors 5 01 A Leading Player with Strong Sponsorship from one of Brazil’s Largest Conglomerates 02 Top 8 International Player with Superior Profitability 01. A Leading Player with Strong 03 Diversified Presence with Leading Position 04 Constant Focus on Efficiency and Disciplined Sponsorship from one of Business Strategy 05 Strong Financial Performance Brazil’s Largest Conglomerates 06 A view over H1’14 6 InterCement at a Glance InterCement is a private company, owned by Camargo Corrêa, and a leading player in the cement market in all of the countries where it is present. Overview Main Figures Extensive geographic footprint: 3 Continents, 9 countries(1) In € mm Jun-2014 LTM Strong market presence in Brazil, Argentina, Paraguay, (2) Portugal, Egypt, Mozambique, South Africa and Cape Verde Volume (in ton) 30,7 mm 40 Cement Facilities: 22 Integrated, 17 Grinding Mills, 1 Net Revenue €2,568 Blending Facility Superior EBITDA Margin EBITDA €685 Sponsorship from Camargo Corrêa EBITDA Margin 26.7% Global Footprint Brazil Portugal Egypt Paraguay Cape Verde Argentina South Africa Mozambique (1) Includes a greenfield project. (2) Total volume in FY 2013. 7 Camargo Corrêa: 80 Years of Successful History Founded in 1939, Camargo Corrêa is one of the largest privately owned conglomerates in Brazil, comprised of a diversified portfolio of high quality assets. FY2013 Figures Net Revenue: € 9.0 billion EBITDA: € 1.5 billion 90% 100% 100% 17% 24.3% 44% (1) Engineering and Apparel Cement Real Estate Infrastructure Energy Concession Shipbuilding Divestitures Construction Development and Footwear Stake: 37.5% Value: €1,251 mm Year: 2010 2013 2013 2013 2013 EBITDA: € 1,135mm EBITDA: € 1,200mm EBITDA: € 147mm EBITDA: € 742mm Stake: 29.8% Mkt Cap(2): € 9.6bn Mkt Cap(2): € 5.6bn Mkt Cap(2): € 1.9bn Value: €260 mm Year: 2011 Stake: 70.0% Value: €92 mm Year: 2010 .Among the 8 largest international Residential, Largest private EAS is the most cement Largest private Largest apparel/ Value: €950 mm 3rd largest E&C commercial and infra group modern shipyard in Year: 2011 companies electric utility in footwear company company in Brazil low-income real operating in Latin the Southern .2nd largest Brazil from Latin America cement estate developer America Hemisphere company in Brazil Wholly owned / controlled subsidiaries (1) Source: Company (2) Source: Bloomberg as of June 24, 2014 8 01 A Leading Player with Strong Sponsorship from one of Brazil’s Largest Conglomerates 02 Top 8 International Player with Superior Profitability 03 Diversified Presence with Leading Position 02. Top 8 International Player with 04 Constant Focus on Efficiency and Disciplined Business Strategy Superior Profitability 05 Strong Financial Performance 06 A view over H1’14 9 InterCement: 45+ Years of Growth InterCement is a large company with robust M&A experience and superior growth rates. Phase I – Greenfield projects (Brazil) 1968 Phase II – M&A (cement and concrete) 1997 Net Revenue Evolution (R$ mm)(2) Phase III – Internationalization 2005 Acquisiton of 4.4% of Estreito Creation of Yguazú hydroelectrical plant Cementos (Paraguay) 2013 8.469 2013 Acquisition of Cimento Brasil 2012 2011 2.884 2011 Acquisition of Cimento Cauê with capacity of 1.2 mm Merged Cimpor 2010 2009 2.362 tons Brasil into InterCement Brasil 2008 2007 1.598 Launch of the second 2005 line at Apiaí, increasing capacity to 2003 1.3 mm tons Acquisition of 33% of Paraguay grinding Cimpor facility 2005 923 2000 Dondo grinding facility 1997 2003 680 CAGR ’97 – ’13 Cubatão grinding 28.7% Founding of 1996 Entry into the facility Camargo Corrêa Argentine market Industrial through the acquisition 2001 503 1991 of Loma Negra with capacity of 7.0 mm Participation in Cimpor increased to 94.1%(1) 1974 tons Opening of the (share acquisition Bodoquena plant with followed by an Asset 1999 302 1968 capacity of 0.8mm Swap) tons Start of the Ijaci plant Start of the first with capacity of M&A Activity manufacturing plant in 1.9mm tons 1997 150 Apiaí with capacity of 0.8 Organic growth activity mm tons Source: Company’s filings (1) Includes Camargo Corrêa Cimentos Luxembourg S.a.r.l (in which we do not own any ownership interests) stake of 28.2% (2) Net Revenue converted at a rate of R$3.226 per €1.000 as of December 31, 2013 10 Major International1 Cement Player InterCement navigated the cycle of consolidation in the cement industry • Becoming a leading international player with unparalleled exposure to fast growing economies • Moving from #35 in 2007, to #8 in 2013 in both cement sales and EBITDA InterCement performance outstands among the largest publicly traded peers Quality of acquired or built assets combined with the organizations capabilities, deliver. • In 2013 InterCement posted the highest Ebitda margin: 28.3% • Had this portfolio existed since 2007 InterCement