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9 business's

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18 Debt/ Turnover (expressed as %) June Jun Jun Jun-12 Net debt/members' equity (expressed in units) June June Jun Jun-12

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20 Return on Equity (R.o.e.) (expressed as %) Jun Jun Jun Jun-12

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23 of millions

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26 millions of millions of millions of millions of

27 millions of

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41 Notes to the Consolidated Financial Statements as of June 30,

42 Notes to the Consolidated Financial Statements as of June 30,

43 Notes to the Consolidated Financial Statements as of June 30,

44 Notes to the Consolidated Financial Statements as of June 30,

45 Notes to the Consolidated Financial Statements as of June 30,

46 Notes to the Consolidated Financial Statements as of June 30,

47 Notes to the Consolidated Financial Statements as of June 30,

48 Notes to the Consolidated Financial Statements as of June 30,

49 Notes to the Consolidated Financial Statements as of June 30,

50 Notes to the Consolidated Financial Statements as of June 30,

51 Notes to the Consolidated Financial Statements as of June 30,

52 Notes to the Consolidated Financial Statements as of June 30,

53 ) Notes to the Consolidated Financial Statements as of June 30,

54 4,896 Notes to the Consolidated Financial Statements as of June 30,

55 Notes to the Consolidated Financial Statements as of June 30,

56 Notes to the Consolidated Financial Statements as of June 30,

57 Notes to the Consolidated Financial Statements as of June 30,

58 Notes to the Consolidated Financial Statements as of June 30,

59 Notes to the Consolidated Financial Statements as of June 30,

60 Notes to the Consolidated Financial Statements as of June 30,

61 Notes to the Consolidated Financial Statements as of June 30,

62 Notes to the Consolidated Financial Statements as of June 30,

63 ,1 Notes to the Consolidated Financial Statements as of June 30,

64 1,184,887 1,252, , , , ,738 1,369 3, , , , , , , , , , ,561 1,699 1, , ,964 15,247 10, , ,237 19,734 20, , ,548 38,785 38,075 17,026 12,796 1,184,887 1,252,577 1,036,790 1,107, , , , , , , , , , , , ,011 33,760 44,911 12,705 12,445 44,694 66,891 9,282 8, , ,338 38,187 36, ,626 94,536 4,284 13,808 Notes to the Consolidated Financial Statements as of June 30,

65 Rates CONTRACTS Value Rates Start End MARK TO MARKET ( /000) June, Posit. Negat. Net Irs Forward Start 8,333 euribor 6m 18 mar mar (105) (105) Irs Forward Start 3,000 euribor 3m 08 may mar 2012 (18) (18) Irs Forward Start 22,500 euribor 3m 03 dec jun (459) (459) Irs Forward Start 14,000 euribor 3m 23 mar jul (418) (418) Irs Forward Start 3,000 euribor 3m 07 jul jun (134) (134) Irs Forward Start 12,000 euribor 3m 25 aug jun (242) (242) Irs Forward Start 5,000 euribor 3m 14 may mar (30) (30) Irs Forward Start (*) 15,000 euribor 3m 26 jan sep (364) (364) Irs Forward Start (*) 3,000 euribor 3m 19 may mar (72) (72) Irs Forward Start (*) 5,000 euribor 3m 04 mar jan (163) (163) Irs Forward Start 6,300 euribor 3m 05 sep mar (235) (235) Irs Forward Start 4,500 euribor 3m 28 jul jun (130) (130) Irs Forward Start 6,300 euribor 3m 05 sep mar (132) (132) Irs Forward Start 4,500 euribor 3m 17 sep jun (156) (156) Irs Forward Start (*) 3,000 euribor 3m 30 dec dec (89) (89) Irs Forward Start (*) 3,000 euribor 3m 02 sep jul (100) (100) Irs Forward Start (*) 3,000 euribor 3m 15 apr jul (134) (134) Total 121,433 - (2,981) (2,981) Foreign currency Option put usd/call eur Option put usd/call eur Option put usd/call eur Option put usd/call eur Option put usd/call eur Option put usd/call eur 119 exchange $/ 07 jun aug (2) exchange $/ 07 jun oct (4) exchange $/ 07 jun dec (5) (1) 159 exchange $/ 07 jun sep (7) (7) 159 exchange $/ 07 jun dec (11) (10) 159 exchange $/ 07 jun jun (15) (12) Total (44) (29) Notes to the Consolidated Financial Statements as of June 30,

66 Notes to the Consolidated Financial Statements as of June 30,

67 Deloitte & Touche S.p.A. Piazza Malpighi, 4/ Bologna Italia Tel: Fax: AUDITORS REVIEW REPORT ON THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2012 (Translation from the original issued in Italian) To the Board of Directors of Cooperativa Muratori & Cementisti - C.M.C. di Ravenna 1. We have reviewed the interim consolidated financial statements of Cooperativa Muratori & Cementisti - C.M.C. di Ravenna and subsidiaries (hereinafter C.M.C. Group or the Group ) as of and for the six-month period ended June 30, 2012, comprising the balance sheet, the profit and loss account, the statements of changes in stockholders equity and cash flows and the related explanatory notes. These interim consolidated financial statements are the responsibility of the Group s Directors. Our responsibility is to issue a report on these interim consolidated financial statements based on our review. We have also reviewed the section of the explanatory notes related to the Directors report on operations only for the purpose to verify its consistency with the remaining part of the explanatory notes. 2. We conducted our review in accordance with the standards recommended by the Italian Regulatory Commission for Companies and the Stock Exchange ( Consob ) for the review of the interim financial statements under Resolution n of July 31, Our review consisted primarily of obtaining information on the accounts included in the interim consolidated financial statements and the consistency of the accounting principles applied, through discussions with management and by applying analytical procedures. A review does not include the application of audit procedures such as tests of compliance and substantive procedures on assets and liabilities and is substantially less in scope than an audit performed in accordance with generally accepted auditing standards. Accordingly, we do not express an audit opinion on the interim consolidated financial statements as we express on the annual consolidated financial statements. With regard to the data on the consolidated financial statements of the previous year and the interim financial statements of the previous year, presented for comparative purposes, we refer to our reports issued on May 25, 2012 and November 15, With reference to the interim financial statements as of June 30, 2012 of some subsidiaries and of some associates consolidated with the proportional method, representing 27% of the consolidated total assets and about 42% of the consolidated value of production, we haven t been able to perform the audit procedures requested for a review. As a consequence, we are not able to assess if there are some material changes and/or integrations which should be made to the interim consolidated financial statements and/or to the information included in the explanatory notes with reference to these companies. Ancona Bari Bergamo Bologna Brescia Cagliari Firenze Genova Milano Napoli Padova Palermo Parma Roma Torino Treviso Verona Sede Legale: Via Tortona, Milano - Capitale Sociale: Euro ,00 i.v. Codice Fiscale/Registro delle Imprese Milano n R.E.A. Milano n Partita IVA: IT Member of Deloitte Touche Tohmatsu Limited

68 2 4. In prior years, the Parent Company accounted for gains related to transactions with Group companies amounting to Euro million (Euro million as of December 31, 2011), net of the portion subsequently realized through sales to third parties, revaluations made in accordance with specific laws and the depreciation process. The above mentioned residual value of the gains has not been eliminated as requested by the applicable accounting principles regarding consolidated financial statements in order to align the value of the fixed assets transferred within the Group to their historical cost. As a consequence, the consolidated shareholders equity as of June 30, 2012 and the income for the six-month period then ended are respectively overstated by Euro million and understated by Euro million, gross of the related tax effect which is not applicable in these circumstances. 5. As disclosed in the explanatory notes, the Parent s Company share capital includes Euro 12 million related to the subscription in prior years of the program denominated Preferred Pooled Shares (PREPS). CMC Directors chose the above classification since they believe that this financial instrument is substantially similar to the Azioni di Partecipazione Cooperativa. However, the applicable accounting principles require that, considering the specific contract clauses, the above instrument should be classified among liabilities. As a consequence, the consolidated shareholders equity as of June 30, 2012 is overstated by Euro 12 million. 6. Based on our review, except for the matters which we might have identified, had we been able to perform the review of the interim financial statements for the six-month period ended June 30, 2012 of some subsidiaries as described in the preceding paragraph 3. and except for the effect on the financial statements of the matter referred to in the preceding paragraphs 4. and 5., we are not aware of any material modifications that should be made to the accompanying interim consolidated financial statements mentioned in paragraph 1. in order for them to be in conformity with the OIC n. 30. DELOITTE & TOUCHE S.p.A. Signed by Alberto Guerzoni Partner Bologna, Italy November 19, 2012 This report has been translated into English language solely for the convenience of international readers.