Reasoned opinion of the Board of Directors of “HERACLES GENERAL CEMENT CO” on the Mandatory Tender Offer of “LAFARGE CEMENTOS SAU”

Athens, 19 November 2015

The Board of Directors of the company with registered name “HERACLES GENERAL CEMENT CO” notifies, in accordance with article 15 of Law 3461/2006, that on its meeting held on 18 November 2015 it has drafted a reasoned opinion on the mandatory tender offer submitted by the company with registered name “LAFARGE CEMENTOS SAU” on 30 July 2015 for the acquisition of the total of the common shares with voting rights of the HERACLES GENERAL CEMENT CO (the “Tender Offer”). The reasoned opinion of the Board of Directors is accompanied by the Report of “EUROBANK ERGASIAS S.A.” (the “Financial Advisor”) dated 13 November 2015.

The reasoned opinion of the Board of Directors of HERACLES GENERAL CEMENT CO and the Report of the Financial Advisor are available in the website of HERACLES GENERAL CEMENT CO (www.lafarge.gr) and the website of the Athens Exchange (http://www.helex.gr).

See the attached documents

• Reasoned opinion of the Board of Directors of HERACLES GENERAL CEMENT CO
• Report of the Financial Advisor