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25 Debt/ Turnover (expressed as %) Jun Jun Jun Jun-13 Net debt/members' equity (expressed in units) Jun Jun Jun Jun-13

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27 Return on Equity (R.o.e.) (expressed as %) Jun Jun Jun Jun-13

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31 of millions

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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 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 Notes to the Consolidated Financial Statements as of June 30,

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

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

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

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

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

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

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

71 ,1 Notes to the Consolidated Financial Statements as of June 30,

72 1,235,995 1,269, , ,554 52, ,389 1, , , , , , , , , , ,109 1,556 1, , ,197 12,454 14, , ,099 23,031 22, , ,320 46,339 39,000 12,398 11,599 1,235,995 1,269,653 1,086,007 1,117, , , , , , , , , , , , ,048 30,545 33,583 12,007 11,998 71,866 45,667 8,638 8, , ,920 39,470 37, , ,712 7,176 10,324 Notes to the Consolidated Financial Statements as of June 30,

73 Contracts Value Expiry Date MARK TO MARKET ( /000) Rates June 2013 Posit. Negat. Net OPERAZIONI SUI TASSI Irs Forward Start 11,250 euribor 3m 30/06/ (152) (152) Irs Forward Start 4,688 euribor 3m 16/03/ (53) (53) Irs Forward Start 4,688 euribor 3m 16/03/ (13) (13) Irs Forward Start 2,813 euribor 3m 16/03/ (32) (32) Irs Forward Start 8,750 euribor 6m 15/07/ (302) (302) Irs Forward Start (*) 15,000 euribor 3m 01/09/ (85) (85) Irs Forward Start (*) 5,000 euribor 3m 01/01/ (83) (83) Irs Forward Start (*) 3,000 euribor 3m 01/07/ (93) (93) Irs Forward Start (*) 3,000 euribor 3m 01/03/ (37) (37) Irs Forward Start 2,250 euribor 3m 27/06/ (91) (91) Irs Forward Start 9,000 euribor 3m 27/06/ (191) (191) Irs Forward Start 4,900 euribor 3m 29/03/ (166) (166) Irs Forward Start 3,000 euribor 6m 17/06/ (94) (94) Irs Forward Start 4,900 euribor 3m 29/03/ (102) (102) Irs Forward Start 3,000 euribor 3m 17/06/ (110) (110) Irs Forward Start (*) 3,000 euribor 3m 31/12/ (65) (65) Irs Forward Start 9,400 euribor 3m 30/06/ (36) (36) Irs Forward Start 4,700 euribor 3m 30/06/ Irs Forward Start (*) 3,000 euribor 3m 02/07/ (93) (93) Total 105,339 - (1,783) (1,783) FOREIGN CURRENCY Option put SGD/call EUR 3,004 SGD/EUR 19/02/ (31) (7) Totale 3, (31) (7) Notes to the Consolidated Financial Statements as of June 30,

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

75 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, 2013 (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, 2013, 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 consolidated financial statements of the previous year, presented for comparative purposes, we refer to our reports issued on May 31, 2013 and November 19, With reference to the interim financial statements as of June 30, 2013 of some subsidiaries and of some associates consolidated with the proportional method, representing 35% of the consolidated total assets and about 39% 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

76 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, 2012), 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, 2013 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, 2013 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, 2013 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 20, 2013 This report has been translated into English language solely for the convenience of international readers.