Executive summary:

• Increase in revenues (+5.6% H1-07 vs. H1-06) but GOP slowdown (-1.7%) due to negative volume effect in Q2 and cost increases not fully offset by price evolution.
  
• Overall positive performance in Europe, except for Italy, and in the emerging countries; negative in North America in the first half, but stable GOP in Q2.
  
• Volumes stability in Europe expected in 2007 on a full year basis, slowdown in North America handicapped by Q1, growth in Emerging Countries.
  
• Continuing vertical integration in the ready mix activity in North America and Egypt and first step of expansion in China with the acquisition of Fuping Cement in the Shaanxi Province.