General Shareholders’ Meeting

May 17th 2012

AGENDA

• Uralita in 2011

• Future positioning

• Q1 2012 results

-2-

MAIN FIGURES 2011

• Increase of international sales (+6%): positioning in energy efficiency

• Decrease of sales in Spain (-13%) due to the fall of the building sector

• Reduction of costs and active management of cash flow

• Provisions of 25 M€ in order to prepare the Group to the future

• Refinancing of the Group debt: confidence of our financial bakers in

the future of Uralita

-3-

-4-

Eastern Europe and Russia continued to

perform well (energy efficiency regulation),

although with some signs of slowing later in the

year, probably due to a contagion effect from

Western Europe's economic difficulties and, in

Russia, to uncertainty prior to the March 2012

general elections.

Good behaviour of building markets important

for Uralita: insulation

Germany, and to a lesser extent France, led

growth in the region, thanks to new energy

efficiency regulations

Western and Central Europe Eastern Europe and Russia

INCREASE IN INTERNATIONAL SALES THAT COMPENSATED

THE FALL IN SPAIN

+5 % +7%

X% % 2011 vs. 2010 sales

% 2011 Uralita o/sales

44%

The infrastructures segment continued to

contract as a result of cuts to both public and

private investment, affecting projects currently

in progress (impact in Pipes).

Decline in construction sector activity as a

result of the economic and financial crisis

Spain

-13%

24%

32%

The geographical diversification

makes possible to compensate the

fall of sales in Spain

URALITA

-0,9%

-5-

68% OF OUR SALES COME FROM THE INTERNATIONAL

MARKETS AND MORE THAN 80% OF OUR PRODUCTS ARE

RELATED TO ENERGY EFFICIENCY

Data in M EUR

E. Europe and

y Russia 24%

Spain

W. and

Central

Europe 44%

32%

Pipes

81%

13%

Energy

efficiency

Water management

Interior

Solutions

Roof Tiles 6% 677683

-0.9%

Sales 2011 Sales 2010

-6-

+8.4

Pipes margin

evolution

EBITDA 2011

77.0

Cost control

-6.4

Roof tiles

margin

evolution

-4.7

Gypsum

margin

evolution

-15.1

Insulation

margin

evolution

+8.0

EBITDA 2010

86.8

The negative evolution of the markets of Spain

and Portugal (decreased activity, competitive

pressure, raw materials costs) has had an

impact on EBITDA close to 26 M €

Data in M EUR Business margin improvement due to

higher volume and margin recovery

in XPS

The cost control policies have

contributed over 8 M € to Group

EBITDA

EBITDA WAS NEGATIVELY AFFECTED BY THE ACTIVITY DROP OF

THE BUSINESSES OPERATING IN SPAIN

-7-

Sales 676,9 683,0 -0,9%

URALITA FINISHES 2011 WITH A NET ATTRIBUTABLE PROFIT

OF -27M€, MAINLY DUE TO THE FALL OF EBITDA AND

PROVISIONS OF 25M€ (DETERIORATION OF ASSETS)

2011 2010 Variation

EBITDA 77,0 86,8 -11,3%

Net attributable

profit -27,1 0,6 n.a

Data in M EUR

-8-

STRICT CASH CONTROL IN 2011

Debt/

EBITDA

Data in M EUR

Final 2011 Net

Finantial Debt

255,6

Securitization

fund variation

23.9

Debt reduction in 2011

2.5

Initial 2011 Net

Finantial Debt

234.3

3,3X 2,7X

XX = Annual change in the price of Uralita’s share

xx = Price of Uralita’s share at December 31st (and May 15th 2012)

URALITA’S SHARE EVOLUTION

-9-

Index base

100

0

50

100

150

02/01/2007 02/01/2008 02/01/2009 02/01/2010 02/01/2011 02/01/2012

+20%

15/05/12

3.50 4.24 4.08 6.00 4.99 1.57

-29% -4% -14% -55%

0.95

URALITA

IBEX 35

2007 2008 2009 2010 2011 2012

-39%

-10-

AGENDA

• Uralita in 2011

• Future positioning

• Q1 2012 results

A BUSINESS INCREASINGLY FOCUSED ON ENERGY EFFICIENCY

AND INSULATION…

• Insulation will be the engine of growth in 2012,

thanks to the clear drive to reduce the energy

comsumption

• Growth variables:

– Energy efficiency regulation and climatic

change

– Energy price

•International business: 94% of sales

-11-

Aislantes Placa

Tejas 8%

18%

15%

66%

Sales by business

Insulation

Gypsum

Roof Tiles

and Pipes

19%

-12-

PORTUGAL (3) SPAIN (19)

BELGIUM

FRANCE (2)

GERMANY (2)

ITALY

SLOVENIA

POLAND

RUSSIA

(3)

TURKEY

Objective 2012: ~ 80% of sales

from international markets

…GEOGRAPHICALLY DIVERSIFIED, WITH LEADING

POSITIONS IN MARKETS WHERE IT OPERATES

= Factories

IN VIEW OF THE MARKET SITUATION, WE ARE BOOSTING OUR SALES TO

THE INTERNATIONAL MARKETS AND BECOMING MORE EFFICIENT

Management priorities 2012

• Capture of growth of insulation demand (+4% in Q1 2012)

• Plan to increase the export sales (up an average of 42% on

Q1 2011) for the businesses operating in Spain.

• Plan to improve the industrial efficiency in our businesses

to reduce the impact of the increase of costs of raw

materials and energy

• Revision and optimisation of the structure of fixed and

personnel costs to adapt them to the market, especially in

Spain

-13-

Increase of

international

sales

Improvement

of efficiency

-14-

AGENDA

• Uralita in 2011

• Future positioning

• Q1 2012 results

-15-

Q1 2011 Variation

FIRST QUARTER 2012 RESULTS

Data in M EUR

Sales

International

Spain

EBITDA

Margin

Net Attrib.

Profit

-7%

+4%

-27%

-39%

-4.1 pp

n.a.

166.1

107.1

59.0

19.9

12.0%

-1.0

154.6

111.8

42.8

12.2

7.9%

-8.0

Q1 2012 • Increase of international sales (+4,3%) due to its

position in the insulating materials business, which

was stimulated by building energy efficiency

improvement iniciatives.

• The main reason for the drop in sales was the

downturn in activity in Spain, where sales fell

27%, in line with decreases in the construction

industry (Residential New Construction -37%, Civil

Infrastructure -55%).

• Difficulty in passing on higher raw materials and

energy costs in an environment with very weak

demand, which affects EBITDA.

• Lower attributable net profit due to the decrease

in EBITDA and the restructuring.

-16-

Thank you for your attention