1. 2002 RESULTS

2. 2 2002 A Year of Contrasts w Good growth of cash flow from operations: 17% w Successful reduction of debt by 1.5bn w Divestments realized as planned w Blue Circle synergies are on track and confirmed w Market conditions weaker in H2, and especially Q4 w Significant negative currency fluctuation effect w Provisions for competition issues w BCI performance hindered by adverse environment

3. 2002 RESULTS Key Figures Jean-Jacques Gauthier Executive Vice President and Chief Financial Officer

4. 4 m2002200102 - 01 Sales14 61013 698+ 7% Operating income from 2 132 (1) 1 934 (1) + 10% ordinary activities Net income group share before914892+ 2% extraordinary provision and goodwill Net income group share before extraordinary provision756750+ 1% Net income group share 456750- 39% Income per share3.56.0- 41% Net dividend2.3 (2) 2.3 Key Figures (1) Not including share of equity affiliates: 131m in 2001 and 146m in 2002 (2) Subject to approval of shareholders meeting 20/5/2003

5. 5 Cement 1 606+ 12%+ 3% Aggregates & concrete336- 11%- 10% Roofing 132+ 3%+ 4% Gypsum51 NA Holdings7 NA Total2 132+ 10%+2% Operating income Variation 2002 - 2001 m Divisions Contribution to Operating Income (1) Like for like (1) Operating income from ordinary activities

6. 2002 RESULTS Divisions

7. 7 w Growth from first full year consolidation of Blue Circle w A further improvement of underlying operations and operating margins w Mixed markets, particularly in quarter 4 w Blue Circle synergies on track, earnings disappointing w Fuel costs reduced by 50 cents per ton w Negative currency fluctuation effect w ROCE 8.4% Operating margin 21.4% 12% 1 434 1 606 Cement Operating Income (1) : + 12% (1) Operating income from ordinary activities (2) Not including share of equity affiliates: 73m in 2001 and 79m in 2002 m 2001 (2) 2002 (2)

8. 8 Cement: operating margins further progressing despite challenging year Lafarge without former Blue Circle operations Lafarge with former Blue Circle operations (1) (1) 2001 pro forma, with 12 months BCI, comparable consolidation method for Morocco (at 50%), and new depreciation and asset life policy

9. 9 w Strong European results supported by favorable price trends w North American results impacted by some weaker markets and a difficult year for asphalt and paving w ROCE 7.1% Operating margin 6.6% 378 -11% 336 2001 (2) 2002 (2) Aggregates & Concrete Operating Income (1) : - 11% (1) Operating income from ordinary activities (2) Not including share of equity affiliates: 3m in 2001 and 4m in 2002 m

10. 10 Aggregates & Concrete operating margins affected by unfavorable markets (1) 13.2% excluding UK levy introduced in 2002 (1) Aggregates Total Other activities (Asphalt & Paving...) Ready Mix

11. 11 Roofing Operating Income (1) : + 3% w Operating income maintained in Germany despite further market decline w Mixed markets across Europe w Improvement in operating income in the USA and continued growth in Asia w ROCE 4.2% Operating margin 8.6% 3% 128 132 (1) Operating income from ordinary activities (2) Not including share of equity affiliates: 14m in 2001 and 16m in 2002 2001 (2) 2002 (2) m

12. 12 Germany Roofing Europe excluding Germany Asia, America Roofing Operating Margins

13. 13 Gypsum Operating Income (1) w North American losses reduced significantly w Good results in Europe except for Germany and Poland w Asia and Australia showing further growth w ROCE 3.6% Operating margin 4.4% 3 51 (1) Operating income from ordinary activities (2) Not including share of equity affiliates: 6m in 2001 and 12m in 2002 2001 (2) 2002 (2) m

14. 14 Gypsum Operating Margins

15. 15 m2002 Cash flow from operations1 956 Changes in working capital-165 Sustaining capex-704 Free cash flow1 087 Development investments-809 Divestments725 Free cash flow after investments1 003 Dividends-388 Equity issuance256 Currency fluctuation impact572 Other44 Debt reduction 1 487 Debt as 01.01.0211 703 Debt as 31.12.02 10 216 Significant Debt Reduction

16. 16 200220012000 Gearing110% (1) 110%84% Net debt/EBITDA3.34.12.6 Cash Flow/Net debt19%14%24% Operating income interest cover4.13.63.9 (1) Excluding extraordinary provision and currency effects, the gearing amounts to 96% Financial Structure: progressive improvement of financial ratios

17. 2002 RESULTS Bertrand Collomb Chairman and Chief Executive Officer

18. 18 Blue Circle Operations w First full year of consolidation w Operational integration successfully realized w Synergies delivery on track: 117m in 2002 w Bottom line performance held back by a few specific market and operational circumstances

19. 19 Blue Circle Operations w Synergies 117m w Negative market impact:- 79m Philippines (price not offset by volumes) BCNA (volume NE, price SE for cement and volumes SE for aggregates and concrete) Malaysia (immigrants) Operating issues: 10m Ravena Start-up costs Halkis strike

20. 20 Our Strengths and Weaknesses w Geographical diversity w Growth drivers linked to GDP w Local business with worldwide expertise w Technical performance know how and achievements w Regional technical support w Strong cash flow generation w Value creation potential w Currency exposure limited to accounting translation w Profit generation stronger in Western Europe & North America (so exposure to slowdown) w Time required to implement and roll out performance improvements w Value creation challenge in Roofing and Gypsum w Competition issues w Currency exposure to some volatile regions

21. 21 Confirmed Strength of Cash Flow Generation w 2002 l Strong cash flow generation of 2bn l Debt reduction of 1.5bn l Controlled capital expenditure at 1.5bn w 2003 l Maintain momentum l Strong cash flow (performance improvement) l Divestment program l Investment limited to 1.5bn l Return to 2000 financial structure

22. 22 Investments w 2002 Limited capital expenditure l Sustaining capital expenditure 704m l Internal development 380m l USA, Poland,Morocco, China l External development 429m l Serbia, Slovenia, South Korea w 2003 Limited capital expenditure l Sustaining capital expenditure 750m l Internal & External Development 750m

23. 23 Divestments w 2002 Divestments 725m l Achieved at good prices in a challenging environment l Andalusia in Southern Spain, Brumado in Brazil l Concrete activities in Canada w 2003 Continue selective asset pruning

24. 24 Competition Issues w To be cautious,we have taken a provision for both gypsum and German cement cases. w We have appealed the EC gypsum fine, and will discuss fine amount for German cement w We are making sure anti-competitive practices (or the appearance of) will not happen any more w We believe profitability is linked to concentration, performance, differentiation and innovation. w Industry shares more and more return on capital objectives

25. OUTLOOK

26. 26 Outlook w An uncertain economic environment l North America: Slight decline in cement and aggregates volumes Good prospects for gypsum wallboard l Europe: soft markets, with upside in Eastern Europe and continuing decrease in Germany l Emerging markets: continued growth w A generally positive pricing outlook, but with a few difficult markets w Limited impact of oil prices on our fuel costs

27. 27 Outlook w We will not expect too much from the markets, and will focus on performance improvement w We will maintain strict financial discipline w New organization of senior management plays on the strengths and the traditions of the Group

29. 29 Lafarge is a corporation listed in the NYSE and Euronext Paris. Statements made in this presentation that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions ("Factors") which are difficult to predict. Some of the Factors that could cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: the cyclical nature of the Company's business; national and regional economic conditions in the countries in which the Group does business; currency fluctuations; seasonality of the Company's operations; levels of construction spending in major markets; supply/demand structure of the industry; competition from new or existing competitors; unfavorable weather conditions during peak construction periods; changes in and implementation of environmental and other governmental regulations; our ability to successfully identify, complete and efficiently integrate acquisitions; our ability to successfully penetrate new markets; and other Factors disclosed in the Company's Reference Document filed with the French COB under the reference number D02-162 and updated under the reference number D02-162/A1, and its annual report on Form 20-F filed with the Securities and Exchange Commission in the USA. In general, the Company is subject to the risks and uncertainties of the construction industry and of doing business throughout the world. The forward-looking statements are made as of this date and the Company undertakes no obligation to update them, whether as a result of new information, future events or otherwise. Disclaimer