1. 1 2003 RESULTS Information Meeting February 26, 2004

2. 2 Disclaimer Lafarge is a corporation listed on 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 D0-0375 as updated on June 5, 2003 and November 17, 2003, 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.

3. 3 2003 RESULTS Jean-Jacques Gauthier Chief Financial Officer and Executive Vice President

4. 4 Highlights of the year Solid operational performance delivered in a challenging environment »Significant unfavorable exchange rate impact »Sales up 4.6% excluding foreign exchange and scope impact »Operating income (1) up 1.7% excluding foreign exchange and scope impact, despite incremental pension costs (1) Operating income on ordinary activities

5. 5 Highlights of the year Substantial improvement of our financial structure »Strong free cash flow, up 43% to € 1.6bn »Very substantial net debt reduction: - € 3.2bn - € 1.2bn excluding impact of currency fluctuations and of rights issue »Cash flow from operations to net debt ratio up from 19% to 25.5% and gearing down from 110% to 67%

6. 6 We achieved our 2003 objectives in a challenging environment

7. 7 € m20032002Variation Key figures (1)After €300m extraordinary provision (2)Subject to approval of AGM Income per share3.5 + 40% Net dividend 2.3- Sales13,658 14,610- 6.5% Operating income 1,9342,132 - 9.3% on ordinary activities Net income group share 728456 (1) + 60% €20032002 Variation 4.9 2.3 (2)

8. 8 - 9.0% - 2.1% € m 2003 Sales up 4.6% like for like + 4.6% growth like for like

9. 9 - 8.6% + 1.7% growth like for like - 2.4% € m 2003 Operating income (1) up 1.7% like for like (1) Operating income on ordinary activities Like for like variance excl. incremental pension costs + 6.9% excluding Incremental pension costs

10. 10 Significant unfavorable currency impact on operating income (1) : - 8.6% »US Dollar - 16%(49) »Brazilian real - 21%(18) »Pound sterling - 9%(21) »Venezuelan bolivar - 39%(15) »Canadian Dollar - 6%(13) »Malaysian ringgit - 16%(10) »Jordan dinar - 16%(8) »Chilean peso - 17%(7) »Others(44) TOTAL(185) (1) Operating income on ordinary activities (2) Average rates € m 2003/2002 Currency variation vs € (2)

11. 11 Cement 1,4661,606- 9%+ 4%+ 6% Aggregates and Concrete283336- 16%- 9%- 5% Roofing 142132+ 8%+ 14%+ 14% Gypsum8451 + 65% + 56%+ 58% Others(41)7 NANA NA 2003 Variation Like for like (1) Operating income on ordinary activities 1,934- 9.3% + 1.7% 2002 2,132 € m Operating income (1) by Division Like for like excluding incremental pension costs + 6.9%

12. CEMENT

13. Cement operating income (1) up 4 % like for like »Substantial negative impact from currency fluctuations (- € 149m). Negative scope impact (- € 48m) »Good volume growth (+ 4.6%) and overall positive price effect (+ 1.4%) »Operating margin largely stable (- 0.2% to 21.2%) despite:  incremental pension costs (- 0.3% impact on margin)  German and Philippines price wars (- 0.5% impact on margin) »Steady operational performance improvement »ROCE: 8.4% (1) Operating income on ordinary activities

14. (1) 2001 proforma, with 12 months Blue Circle Cement: Stable operating margins 22.0% excluding German and Philippines price wars and incremental pension costs 21.5% excluding incremental pension costs Without former Blue Circle operations With former Blue Circle operations (1)

15. Cement: Operating income (1) variance analysis (1) Operating income on ordinary activities + 4% growth on a like for like basis € m Strong volumes in H2 Favourable pricing trends except Philippines and Germany Higher variable costs (transport, electricity, bags), change in inventory, push down of Corporate costs, overall stability of fuel and plant fixed costs

16. Former Blue Circle operations

17. Strong increase in Greece and Malaysia Former Blue Circle operations: Variance analysis of estimated impact on operating income (1) € m Additional 2003 operational synergies of € 65m Negative effect in NA, Philippines, Greek exports, UK Synergies offset by cost inflation and adverse inventory effect (1) Operating income on ordinary activities

18. All regions affected by unfavourable pricing BCNA Cement: Operating income (1) variance analysis LNA synergies + 9 Fixed costs savings offset by negative inventory effect € m Additional operational synergies of € 28m including € 9m synergies in LNA accounts (1) Operating income on ordinary activities; before management fees paid to LNA

19. UK Cement: Operating income (1) variance analysis Pressure with imminent arrival of new producer in flat market and limited imports € m Additional operational synergies of € 14m Fixed costs savings offset by Northfleet costs related to kiln maintenance (1) Operating income on ordinary activities

20. Mainly domestic Greece Cement: Operating income (1) variance analysis Domestic: + 17 Export: - 21 € m Additional operational synergies of € 6m Improved fuel mix, reduction in SGA, negative inventory effect due to strong Q4 sales (1) Operating income on ordinary activities

21. € m200320022001 At current foreign exchange rate419440423 Currency exchange impact (2) 61 15 Contribution at 2001 foreign exchange rate480455423 Blue Circle operational contribution to overall operating income (1) (1) Operating income on ordinary activities; after depreciation impact of asset revaluation: -€ 48m (2) Limited to USD and GBP evolution vs Euro For more details see slide appendix n°1 Proforma

22. € m2001 contribution423 Limited volume effect8 of which BCNA(28) Unfavorable price effect(16) of which BCNA(33) of which Philippines(27) Synergies (2) 197 Cost inflation(116) Others(16) 2003 contribution480 2001-2003 Blue Circle operating income (1) evolution »Synergies delivered »Bottom line growth held back by adverse market situations (1)Operating income on ordinary activities, at 2001 exchange rates (2)See next slide

23. 2002 synergies 120117 2003 synergies 7765 2004 full year effect of 2003 synergies 18 NA (2) Total215 Synergies delivered as expected 2001 FX Yearly impact on operating income (1) at: Current FX 197 (1) Operating income on ordinary activities (2) Not applicable € m

24. AGGREGATES AND CONCRETE

25. Aggregates and Concrete operating income (1) down 9% like for like »Substantial negative impact from currency fluctuation (- € 27m) »- 5% variation like for like excluding incremental pension costs »Concrete performance continues to improve »Decline concentrated to Aggregates and Paving  Poor results in France (volumes and costs)  US results hit by some weaker markets and New Mexico paving exit costs (Western US) »ROCE: 6.8% (1) Operating income on ordinary activities

26. Poor results in France, fuel costs Aggregates and Concrete operating income (1) : variance analysis by business line Improved margins offset by exit costs from Western US portable paving € m Strong performance offsetting material adverse external factors (in particular fuel) (1) Operating income on ordinary activities

27. Aggregates and Concrete operating margins affected by unfavorable markets AggregatesTotalOther activities (Asphalt & Paving, Concrete products…) Readymix concrete 2003 excluding incremental pension costs 6.7% 12.3% 4.0% 3.5%

28. Favorable pricing in France, UK & Canada Aggregates and Concrete: Operating income (1) variance analysis € m Exit costs from Western US portable paving, weather related inefficiencies, fuel costs, de-stocking (1) Operating income on ordinary activities Limited effect due to some weaker markets in US & French aggregates - 5% like for like

29. ROOFING

30. Roofing operating income (1) up 14% like for like (1) Operating income on ordinary activities 2 nd year of improved operating income (1) despite still difficult market in Germany Extensive restructuring is delivering satisfactory results »Strong increase in operating income (1) in Germany, Eastern Europe and USA »Weaker France and Benelux »ROCE: 4.8%

31. Roofing operating margins show good improvement

32. Mostly UK, South East Europe, USA and Chimneys Roofing: Operating income (1) variance analysis Good pricing environment except Germany and Benelux € m (1) Operating income on ordinary activities Strong SG&A reduction offset by variable cost increase + 14% Like for like

33. GYPSUM

34. »Strong margin recovery in North America driven by improved industrial performance and increased volumes with good pricing in Q4 »Improved results in all regions »Germany and Poland benefit from Gyproc synergies »ROCE: 6.3% Strong recovery with US turnaround confirmed Good operational performance, higher gas prices Gypsum operating income (1) up 56% like for like (1) Operating income on ordinary activities

35. Gypsum operating margins: strong growth

36. Good trends in UK, US, Asia Gypsum: Operating income (1) variance analysis Good overall trends Improved prices in USA € m (1) Operating income on ordinary activities Mainly Gyproc Higher energy costs partly offset by operational performance NS + 56%

37. 37 Pension costs and cash contribution »In 2003, increase of pension costs and cash contribution in line with expectations, respectively € 99m and € 36m »Defined benefit plans in North America & in UK show a combined funded position of 84% at year end 2003 (87% in 2002). Adverse effects on net position of funded plans due to lower discount rates in NA and UK, and higher inflation related salary assumptions for the UK »For 2004, € 25m additional pension costs and cash contribution expected

38. 38 FROM OPERATING INCOME TO NET INCOME

39. 39 From operating income (1) to net income € m20032002 Operating income (1) 1,934 2,132 Non-recurring items (2) 122 (309) Net financial charges(568) (521) Taxes(425) (448) Equity affiliates contributions37 33 Minority interests(237) (273) Goodwill amortization(135) (158) Net income group share728456 (1) Operating income on ordinary activities (2) Including € 300m extraordinary provision in 2002

40. 40 Non-recurring Items € m20032002 Net gain on disposals 299 216 Net other income (expenses)(177) (225) Extraordinary provision - (300) TOTAL 122(309) (1) Provision concerning competition issues with European Commission and the German competition authority (1)

41. 41 Net Financial Charges € m20032002 Financial charges on net debt (505) (577) Foreign exchange gains (losses)(75)66 Others12 (10) TOTAL (568)(521)

42. 42 Cash flow statement € m20032002 Cash flow from operations1,799 1,956 Change in working capital 290 (165) Sustaining capex(536) (704) Free cash flow1,5531,087 Development investments(648) (809) Divestments603725 Free cash flow after investments1,508 1,003 Dividends(395) (388) Equity issuance 1,438256 Currency fluctuation impact668 572 Others(64) 44 Debt reduction3,1551,487 Debt at the beginning of period10,21611,703 Debt at period end7,06110,216 A significant improvement in free cash flow

43. 43 Ongoing management of our debt »Management of debt maturity  Successful bond exchange offer in December 2003  Average maturity of fixed rate debt: 4.3 years »Good level of committed unused lines of credit of € 3bn  Covenant free  Significant increase in the average duration »Debt Structure  Fixed rate debt carries 5.8% average rate at year end  € denominated net debt at 47% of total, 24% USD/CAD, 24% GBP

44. 44 2003 Acquisitions and disposals »Capital Expenditure20032002  Sustaining capital expenditure536704  Internal development (eg: Ewekoro, Tetouan) 213380  External development (eg: Poland, China, Gyproc) 435429 1,1841,513 »Divestments (eg: Materis stake, Florida, Tong Yang) 603725 € m

45. 45 Other operations announced »Acquisitions and new plants  Halla (10.2% stake, $ 71m): completed in January  Chongqing expansion $ 40m »Disposals  Molins: € 270m, to be completed by summer 2004

46. 46 Financial structure: Overall significant improvement € m2003200220012000 Gearing67% 110% 110%84% Cash Flow/Net debt25.5%19%14%24%

47. 47 2003 RESULTS Bernard Kasriel Chief Executive Officer

48. 48 Highlights of 2003 and beyond »2003: a solid operational performance »Getting the expected return on BCI »Disciplined use of the rights issue and active management of the portfolio »2004, a year of gradual improvement: Robust growth of our operating income expected »Looking ahead: a value creating growth

49. 49 2003: A challenging environment »Extreme weather conditions in Q1 and Q2 in North America  unusually high maintenance costs in H1  additional maintenance costs and heavy destocking in cement and aggregates in H2 to meet catch up demand »Erratic energy costs (fuel, coal, petcoke, gas) and some shortage (petcoke) »General increase of electricity costs »Price wars in cement in Germany and the Philippines

50. 50 Cement: Operational performance »Operating margin largely stable  despite incremental pension costs and exceptional price wars in Germany and Philippines »Good growth in volumes + 4.6% »Overall favorable trends in prices  main exception in Germany, with stabilisation in H2  Philippines recovering gradually »BCI synergies achieved

51. 51 Cement: Improved industrial performance »Increase in reliability  2002: 91.4%  2003: 92.9% (100 basic points: 1 Mt)  mid-term objective: 96% »Fuel (14% of the production cost) net savings of € 6m in 2003 due to:  decrease in calorific consumption (- 2%)  optimization of fuel mix (despite low availability of petcoke)  despite an increase of € 24m in prices »Electricity (14% of the production cost)  net adverse impact of cost rise - € 18m, despite a slight reduction in consumption per ton »Fixed costs largely stable  maintenance costs reduction of 2% (+ € 10m)

52. 52 Aggregates and Concrete: Operational performance »Weaker performance exaggerated by incremental pension costs and negative currency impact »Overall decrease in operating margin from 7% to 6.3%  of which half from impact of incremental pension costs »Contrasted performance between product lines  disappointing in French aggregates  good in ready mix concrete (+ 0.3% in the operating margin) »Performance programs help partially to offset difficult environment: asset optimization, pricing management, cost reduction

53. 53 Roofing: Operational performance »Operating margin improved by + 0.8% points  Germany: increase of 2% points »Significant reduction in fixed costs of production and SG&A  despite inflation, decrease by 8% (€ 50m of net savings between 1999 and 2003)  decrease by 1.2% of the ratio SG&A / sales between 2002 and 2003 »Roofing systems components represent now 17% of sales (vs 14% in 2000) »Substantial working capital improvement

54. 54 Gypsum: Operational performance »Significant recovery in North America driven by strong industrial performance of Silver Grove & Palatka and good volumes with improved pricing in Q4 »Significant improvement in all other regions »Gyproc integration is well advanced and the realization of synergies is on track (Germany, Poland) »Substantial negative effect of input costs increase (energy - € 10m, steel) partly offset by performance initiatives »SG&A reduction:  SG&A / sales ratio decreases by 1.1 point in 2003 »Active working capital management

55. 55 Getting the expected return on Blue Circle

56. 56 Getting the expected return on Blue Circle »In 2003 we progressed towards our target  at a slower pace than initially expected due to specific adverse economic situations »Since July 2001, we have made significant performance improvements and delivered the expected synergies »With a capital employed of € 8bn and a cost of capital around 7%, we expect to reach the break even in terms of value creation in 2006

57. 57 A likely scenario of former BCI results (1) evolution NA, Malaysia, Philippines Emerging markets Performance improvement € m (1)Operating income on ordinary activities at 2001 constant foreign exchange; (2)Depreciation impact of asset revaluation (2)

58. 58 An active management of our asset portfolio » 2003: € 603m divestments At the top end of our objective (€ 400m - € 600m)  Cement Florida  Materis  Tong Yang »2004:  Stake in Molins

59. 59 A disciplined use of investment funds »Investments and acquisitions »Cement capacity expansion  Mexico  China: Chongqing (new line in 2004) »Increased shareholdings  Poland: Lafarge Polska to 100%  South Korea: Lafarge Halla Cement to 50.1% (2004)

60. 60 2004 Outlook

61. 61 US: Construction output 1988-2004 Source: US Department of Commerce, PCA forecasts Billions of 1996 $ (e)(f)

62. 62 US: Split of construction demand by end-uses Private Non-Residential Residential Highways & Streets Total construction Private Non-Residential Residential Highways & Streets Cement (e) Source: PCA, Lafarge estimates

63. 63 US: Split of construction demand by end-uses Private Non-Residential Residential Highways & Streets Aggregates Private Non-Residential Residential Plasterboard (e) Source: Lafarge estimates

64. 64 Improvement in industrial sector but flat infrastructure spending Source: US Department of Commerce Private Non-Residential Private Residential Highways & Streets Index Base 100 = January 2000 PCA 2004 forecasts - 1.7% Stable + 4.7%

65. 65 Construction demand in Europe Index 100 = 1999 Source: EuroConstruct UK France Germany

66. 66 Continuous growth for most emerging markets India China South Korea Philippines Index 100 = 1997 Cement demand Source: Lafarge estimation

67. 67 2004 outlook »Markets:  Current worldwide trading trends set to continue  Overall good pricing to be maintained  Germany and Philippines expected to deliver significant improvements »Energy and Freight:  Increases in costs a challenge »Further performance improvement Robust growth in our operating income on ordinary activities excluding currency fluctuations

68. 68 2004 outlook »Further strengthening of our financial structure »Whilst using our increased flexibility for selected growth investments

69. 69 Looking Ahead Growth and Valuation Creation

70. 70 Lafarge strategy The worldwide leader in building materials »Leading market positions in each activity  Cement N°1  Aggregates & Concrete N°2  Roofing N°1  Gypsum N°3 »Well balanced geographical portfolio of assets

71. 71 We confirm our growth business model »Cement emerging markets »Roofing »Gypsum »Small to medium-sized acquisitions »In emerging countries »Mostly tuck-in/bolt-on investments in mature countries Organic growth Fueled mainly by: External development Focused on: + A balanced growth of 10% p.a. 5%

72. 72 Organic growth in 2003

73. 73 Strong & well diversified presence in emerging markets % Operating Income % Turnover Cement

74. 74 The Lafarge value creation model: »Sustained organic growth »Small to medium size acquisitions allowing for strong synergies »Building on continued performance improvement

75. 75 Mid-term margin growth Cement »Benefits from significant improvements in former BCI businesses and in emerging countries reproducing the performance improvement track-record of the 1997-2000 years Aggregates and Concrete »Asset, price and cost management Roofing »On track to achieve the 1998-2000 operating margins: a recovery of the German market would speed up this improvement Gypsum »2004-2005 should see Lafarge harvesting investments of the last five years with US turnaround confirmed Operating margin target 25% 9% 13% 11%

76. 76 Lafarge: A group that delivers solid performance in challenging times and offers significant potential for the future

77. 77 Appendices

78. € m200120022003 Former Blue Circle operational units (1) (2) 413412383 plus central cost allocations 1047673 less BCI related central costs (94)(55)(51) plus synergies reported in other units714 At current foreign exchange rate423440419 Currency exchange impact (3) 1561 Contribution at 2001 foreign exchange rate423455480 Blue Circle operational contribution to overall operating income (1) (1) Operating income on ordinary activities; after depreciation impact of asset revaluation: -€ 48m (2) For Philippines difference between merged operations and pro-forma Lafarge alone (3) Limited to USD and GBP evolution vs Euro

79. Market recovery after resolution of the illegal foreign labour issue Malaysia Cement: Operating income (1) variance analysis Competitive pressure at the beginning of the year € m Operational synergies of € 4m (1) Operating income on ordinary activities; including Singapore

80. Lower imports Improved and better plant reliability Philippines Cement: Operating income (1) variance analysis Progressive recovery in H2 € m (1) Operating income on ordinary activities; former Lafarge and former BCI Higher fuel cost savings in fixed costs Operational synergies of € 2m

81. Overall better market Nigeria Cement: Operating income (1) variance analysis € m Higher energy cost and higher cost of imported goods, fuel crisis, new plant depreciation, inventory movement Several price increases in 2003 in local currency (1) Operating income on ordinary activities NB: In the BCI consolidated variance analysis, price and cost inflation effects are netted off

82. Chile Cement: Operating income (1) variance analysis € m Negative inventory effect vs 2002 and depreciation (1) Operating income on ordinary activities Good market trends

83. BCNA A&C: Operating income (1) variance analysis € m Fuel, inventory & one off cost offset synergies Operational synergies of € 6m Strong volume recovery in Aggregates NS (1) Operating income on ordinary activities

84. 84 Pension funding status at year end € m Dec 31, 2003 Dec 31, 2002 Funded pension plans (UK and NA) Fair value of plan assets2,8352,919 Projected benefit obligation- 3,396- 3,354 Net position- 561- 435 Other pension plans*- 524- 466 Other unfunded post retirement benefits- 310- 295 Total- 1,395- 1,196 * almost entirely unfunded