© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
Concentrate on what we can influence
Markus Akermann – CEO Holcim Group
St. Louis, September 14, 2010
2
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
• We cannot jump start the economy, but we have adjusted cost and
structures to be fit for the upswing
• Leaner structures, the current asset base and the commissioning
pipeline will generate substantially higher cash flow
• De-commoditization and differentiation of our core products
enhance relationship with our customers – we are winning more
businesses with higher value
• Our superior positions in emerging markets allow us to further
expand our cement asset base
• Strong Balance Sheet for capturing M&A growth
• A performance driven culture combined with talent management
and a strong succession pipeline is the base for continuous
success
Executive Summary – concentrate on what we can influence
3
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
Agenda
1
Superior strategy in our markets
2
Value added solutions for our customers
3

Global portfolio geared to growth
4
Performance driven management teams
4
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
Our portfolio strength allows us to continue our expansion and
acquisition plans through the economic cycle
• Growth in emerging markets, above all Asia
• Manage margins and cash flow with austerity program
 Fixed costs reductions of > CHF 850 million
 Strict capex austerity
 Capacity re-balancing (mothballing/closure of 23 out of 150
kilns and > 100 ready-mix concrete and aggregates plants)
• Execute expansion plans and acquisition moves
 Continued the expansion program in growth markets
 Acquired the Australia business
 Significantly strengthened our financial position
5
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
Strong cash flow is proof of management’s agility and cohesion
LFL variance
2009/08
Fixed costs reductions
Focus on price
NWC
Management
CAPEX austerity
Asset Reduction

Program (ARP)
Net Sales Op. EBITDA
-5.1%
32.4%
11.5%
-10.0%
CF from
operations
Free op. CF
6
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
140
85
523
543
500
559
209
186
1072
873
Op. EBITDA in million CHF
6M 2009
6M 2010
15.5% 15.1%
6M 2009 6M 2010
Group op. EBITDA 2,143 2,343
Group margin 21.3% 21.5%
5.9% 10.0%

32.4% 30.3%
30.0% 35.0%
28.4% 25.5%
Group performance stable and margins improved in first-half 2010 also
due to continuous focus on austerity
7
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
In the near term, Holcim’s performance driven by emerging markets,
with our strong portfolio positions in Asia
• Global GDP growth expected to be ~3%
• Most emerging economies are expected to grow
GDP by >5%, some even >8% (e.g. India)
• Slow market recovery, particularly in the US and
parts of Europe
Global
economic
outlook
Source: IMF as per July 2010, Holcim estimates
Cement
market
demand
outlook
• Emerging economies grow ~5%
• Some showing >10% regionally (e.g. Brazil,
Philippines, India, Indonesia)
• Mature economies flat to slightly positive
8
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010

17.3
3.7
15.5
4.2
3.4
5.8
1.3
4.7
3.4
21.5
6.5
21.4
6.4
5.8
7.1
2.9
11.7
6.5
Western
Europe
Eastern
Europe
North
America
South &
Central
America
Middle East
& Africa
Asia Pacific

('developed')
India
China
Asia Pacific
('emerging')
1.9
0.5
1.5
0.5
0.4
0.8
0.2
1.0
0.8
2.3
0.9
2.5
0.8
0.8
0.9
0.6
2.4
1.5
138
56
87
105
132
195
156

168
82
119
161
222
447
300
1'574
55
1'656
69
2009
2020
Note (1): China cement consumption per capita kept at 2009 level, but growing with population.
Note (2): Western Europe = FR, DE, IT, GR, ES, UK / Eastern Europe = BU, CZ, HU, RO, RU, / North America = CA, USA / South America = AG, BR, CL, CO /
Real GDP
(USD tn, 2009-2020)
1'656
Construction Spending
(USD tn, 2009-2020)
Cement Consumption
(Mt, 2009-2020)
2.0%
5.2%
2.9%
3.9%
4.8%
2.0%
7.8%
8.6%

6.1%
1.7%
6.7%
4.4%
5.0%
5.7%
1.6%
9.2%
8.0%
6.5%
CAGR CAGR
1.8%
3.4%
2.9%
3.9%
4.8%
2.0%
7.8%
0.5%
6.1%
CAGR
A
sia Pacific (developed) = AU, JP / Asia Pacific (developing) = ID, PH, KR, TH, VN / Africa-Middle East = EG, MA, NG, SA, ZA, AE
Longer term, emerging market dynamics and recovery of construction
activity in mature markets drive demand
Source: Construction Perspectives and Oxford Economics, United Nations World Population Prospects, Holcim estimates
9
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
Holcim‘s strategy has been validated during the recent turbulences and

remains the right blueprint for the future
• Value added solutions for our customers
• Superior portfolio and local positioning to capture growth
opportunities
• Competent local management teams around the world
with a shared vision how to develop the business
Creation of Value
Mindsets
Strategy
Goal
Base
Product Focus
Geographic
Diversification
Local Management
Global Standards
People
Better
Cost
Management
Permanent
Marketing
Innovation
Human
Resources
Excellence
Corporate
Social
Responsibility
Sustainable

Environmental
Performance
Consistent execution of our
strategy is the formula for
growth and value creation!
10
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
Agenda
1
Superior strategy in our markets
2
Value added solutions for our customers
3
Global portfolio geared to growth
4
Performance driven management teams
11
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
Offering a bag of cement or a ton of aggregates is not enough –
we focus on differentiation and de-commoditization
Added value through
business integration
Market
maturity
Ready-mix concrete
Aggregates
Cement
India

Mexico
Eastern Europe
France, Spain
N. America, UK
Emerging markets Transition markets Mature markets
Value Added
businesses
• Differentiation of market maturity levels within countries
• Differentiation of product & service offer in all segments
• Tailor-made solutions for customer segments and single
projects allow us to win more work with higher value
• An opportunity to create value for them … and us
Mexico City
Sao Paulo
Mumbai
Tailor-made solutions for each job
Value Added Solution Evolution
Sustainability
Reliable
Supplier
Consistent
Quality
Customer Care
Solid Quote-to-
Cash Processes
Competitive
Price
Technical
Consulting &
Sales

Innovative
Solutions
Range of
Products &
Services
Early
Supplier
Involvement
12
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
Example of sustainable solution provider – Aggregate Industries UK
London Olympics 2012 “The Sustainable Games”
• AI UK won tender for up to 1.5 million t
AGG and 0.9 million m
3
RMX
• Tailored solutions provided to meet strict
environmental customer requirements:
 20-25% recycled content for AGG & RMX
 50% sustainable transport (trains, barges)
• Key success factors for winning the tender:
 AI-UK’s relentless commitment to the client’s
goals during all project phases
 A dedicated, customized RMX batching plant on
site
 Maximized use of rail and water logistic solution
 Seconded a full time member of staff, based on
site, to support the Olympic Delivery Authority‘s
delivery partner with the material supply contracts

13
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
Examples of cement bag markets differentiation – sophisticated
distribution formats and market intelligence
• Distribution network at Holcim Apasco (Mexico) –
”Mi obra” (professional segment) and “Mi casa”
(self builders and informal masons) providing
access to bank financing, retailer support and
end-user services
• “Solusi Rumah” in Indonesia provides one stop
shopping for design consultation, quality
construction materials, an effective and efficient
construction system and access to bank
financing for affordable housing
• Retail market intelligence system at Ambuja
Cements (India) – superior services to dealers
and retailers based on real time information
(application on mobile phones)
14
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
Examples of service solutions – offer superior customer satisfaction
• Petrobras office building in Espirito Santo
(Holcim Brazil)
 Special mix design
 RMX for pre-cast concrete parts
 Self-leveling concrete
 Technical support supplied by Holcim along the entire
construction chain

• Nord Stream project (Holcim Germany)
Product and individual logistic delivery solution are
perfectly meeting customer needs
• Ceneri Base Tunnel (Holcim Switzerland)
 0.4m t cement
 2 m t aggregates
 1.1m m
3
ready-mix concrete
 Full service provider of Cement, Aggregates and
Ready-mix Concrete, logistics, material treatment and
tech lab on site
15
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
Examples of multiplication and sharing expertise within Holcim – Group
size matters; as does the effectiveness of know-how turntables
• MiniMix (service) – dedicated specialist service aimed at
delivering small quantities (up to 4m
3
) of concrete
Transfer from Aggregate Industries UK to Holcim Indonesia
• Stabilix (product) – masonry mortar for brick laying. Long
live mortar (36h) delivered in small quantities
Transfer from Holcim France to Holcim Lebanon
• Enviroguard (service) – “green” solution for washing RMX
truck chute at the jobsite
Transfer from Dufferin Concrete to Aggregate Industries UK
• Pavement concrete for NATO airport runway in Bulgaria
Transfer from Dufferin Construction and Holcim France to

Holcim Bulgaria
• Roller Compacted Concrete Pavement placed via a
paver and compacted with a steel roller
Transfer HGRS to Bardon Concrete (UK), Demix (Canada),
Holcim Apasco (Mexico) and Minetti (Argentina)
HGRS – Holcim Group Support
16
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
Providing innovative solutions to the market based on collaboration
from R&D to the field and on close cooperation with external partners
• CEMROC
®
– concrete with minimum carbon footprint
and unique durability
HGRS collaboration with Group companies
• Functional additive – improving workability of concrete
produced with low clinker composite cements
Cooperation with admixture supplier
• Smart concrete surface – pavement solution reducing
peak temperature in urbanized areas
HGRS collaboration with Group companies
• Encapsulation – triggered release of embedded chemicals
to activate cement hydration at the right moment
Cooperation with university
17
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
Agenda
1

Superior strategy in our markets
2
Value added solutions for our customers
3
Global portfolio geared to growth
4
Performance driven management teams
18
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
• In recovery, Europe and the US will deliver substantial
additional op. EBITDA & FCF
• Both regions have the substance to double their
op. EBITDA contribution to the Group
• Based on stream-lined operations and leaner structures
Holcim‘s underpinning business has the financial strength and B/S for
expansions and acquisitions
US – additional CHF
500 million op. EBITDA
Europe – additional CHF 1 billion op. EBITDA
B/S – Balance sheet
19
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
In the emerging markets we continue to expand the cement asset base
ahead of expected market growth
USA – Ste Genevieve
Mexico – Hermosillo
Indonesia: Tuban
Java

Multiplication of learnings
transferred to new projects
Execution capacity in India for
multiple projects simultaneously
Chand
rapur
Bath
inda
Ro
pa
r
Darla
ghat
P
a
li
W
a
di
Maduk
karai
Lak
her
i
Ky
mor
e
Ja
m
ul

Bar
gar
h
G
ag
al
Cha
nda
Tik
ari
a
Si
nd
ri
Bhata
para
Sankrail
Damodar
Sindri
Tikaria
Chanda
Gagal
Bargarh
Jamul
Kymore
Lakheri
Madukkarai
Wadi
Rabriyawas
Darlaghat

Kodinar
Ropar
Bathinda
Chandrapur
Bhatapara
Mumbai
Chaibasa
Sanand
Surat
Roorkee
Dadri
Nalagarh
Shurovo refurbishment
secures cost leadership
~85km~85km
130km
~85km~85km
130km
In the central
Moscow region
CHF 500 million op. EBITDA from projects
under construction 2010-13 alone
H2 2010 – 2013: 13m t to be added
2008 – H1 2010: 16m t added
20
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
1995 2000 2005 2010 2015
Cement demand growth outpaces GDP growth
Sources: Global cement statistics, Datastream, Holcim estimates RMX: Ready-mix Concrete

India – a case study: to enter a new market with local partners building
a nationwide presence
• GDP growth
• Demographics
 Population growth
 Emerging middle class
 Urbanization
• Strong rural demand
• Infrastructure needs
Drivers – delivering sustainable growth
driven by
optimal portfolio
Strategy – resources management
• Complete current capacity expansion
projects (+10% new capacity by 2011)
• CAGR 2010/15 cement volumes: +8 to
10% – calls for further capacity additions
• Focus on RMX business in consumption
centres to extend our market reach
our priorities
Cement
GDP
Nationwide presence – capturing growth opportunities
Chand
rapur
Bath
inda
Ro
pa
r

Darla
ghat
P
a
li
W
a
di
Maduk
karai
Lak
her
i
Ky
mor
e
Ja
m
ul
Bar
gar
h
G
ag
al
Cha
nda
Tik
ari
a

Si
nd
ri
Bhata
para
Sankrail
Damodar
Sindri
Tikaria
Chanda
Gagal
Bargarh
Jamul
Kymore
Lakheri
Madukkarai
Wadi
Rabriyawas
Darlaghat
Kodinar
Ropar
Bathinda
Chandrapur
Bhatapara
Mumbai
Farakka
Chaibasa
Integrated Plant
Grinding Station
Import Terminal

ACC
ACL
Integrated Plant
Grinding Station
Import Terminal
ACC
ACL
Product flows
Sanand
Surat
Roorkee
Dadri
Nalagarh
21
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
For the right price we are ready to mobilize the funds to do substantial
acquisitions to strengthen our position in strategic markets
Huaxin footprint is our
platform in China
>3,000 km>3,000 km
Brazil is a building site
we explore all options
Plant locations
Installed cement capacity per competitor
1)
[mio tpa]
Votorantim
Camargo
Others

Lafarge
Holcim
J. Santos
Ciplan
Total
Source: SNIC; International Cement Review; Press reports
2009 [considers pro-forma transactions
Voto-Lafarge & Camargo-Cimpor]
27
63
7
6
5
5
2
5
Votorantim
Camargo
Others
Lafarge
Holcim
J. Santos
Ciplan
Total
30
73
13
8
7
5

3
7
Cimpor
4
Actual 2008 2010 pro-forma
1) Considers 85% of nominal capacity and impact of seasonality
Plant locations
Installed cement capacity per competitor
1)
[mio tpa]
Votorantim
Camargo
Others
Lafarge
Holcim
J. Santos
Ciplan
Total
Source: SNIC; International Cement Review; Press reports
2009 [considers pro-forma transactions
Voto-Lafarge & Camargo-Cimpor]
27
63
7
6
5
5
2
5
Votorantim

Camargo
Others
Lafarge
Holcim
J. Santos
Ciplan
Total
30
73
13
8
7
5
3
7
Cimpor
4
Actual 2008 2010 pro-forma
1) Considers 85% of nominal capacity and impact of seasonality
in focus
under
observation
Business integration completed
in Australia in less than a year
Company

lgdXObCol1
Cement Australia

lgdXObCol2

Holcim Australia
Company

lgdXObCol1
Cement Australia

lgdXObCol2
Holcim Australia
Company

lgdXObCol1
Cement Australia

lgdXObCol2
Holcim Australia
Holcim Australia
83 Aggregates
plants
249 RMX plants
16 Pipe and
precast plants
Cement Australia
4 cement plants
1 grinding station
2 terminals
·
µ
Holcim Australia
83 Aggregates
plants

249 RMX plants
16 Pipe and
precast plants
Cement Australia
4 cement plants
1 grinding station
2 terminals
·
µ
done
22
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
Agenda
1
Superior strategy in our markets
2
Value added solutions for our customers
3
Global portfolio geared to growth
4
Performance driven management teams
23
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
Create value from
our asset base and
superior positioning
Customers needs and
our position in the market

Operational
performance
excellence
People
development
Resources
management
excellence
„Glue“ of the
Holcim culture
Create value from
our asset base and
superior positioning
Customers needs and
our position in the market
Operational
performance
excellence
People
development
Resources
management
excellence
„Glue“ of the
Holcim culture
As a Group our success rests on local management teams who can
excel in the following five areas
24
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010

• Drivers for construction are urbanization & infrastructure
• Sharpen our front-end skills and understand what our
customers and our customer‘s customers really need
• Product innovation & value added services have to be
geared to this end
• As solution provider we can differentiate & create value
Our positioning in the market and focus on customer needs
Create value from
our asset base and
superior positioning
Customers needs and
our position in the market
Operational
performance
excellence
People
development
Resources
management
excellence
„Glue“ of the
Holcim culture
Create value from
our asset base and
superior positioning
Customers needs and
our position in the market
Operational
performance
excellence

People
development
Resources
management
excellence
„Glue“ of the
Holcim culture
Transactional
Mortars
Ready-mix
Concrete
Asphalt
Concrete
Products
Cementitious
Materials
(cement,
mineral
components)
Direct Sales
Infrastructure
Commercial /
Industrial
Building
Housing
Demand
Supply
Basic Materials
Processing
Direct Sales

Aggregates
(sand, gravel,
stone, recycled
aggregates)
Traders
Wholesalers
Retailers
Traders
Wholesalers
Retailers
A
p
p
l
i
c
a
t
i
o
n
s
Applications and
Construction Fields
End- users
General
Contractors
Civil
engineering
contractors

Masons,
Self- builders
Channels
Transformational
Transactional
Mortars
Ready-mix
Concrete
Asphalt
Concrete
Products
Cementitious
Materials
(cement,
mineral
components)
Direct Sales
Infrastructure
Commercial /
Industrial
Building
Housing
Demand
Supply
Basic Materials
Processing
Direct Sales
Aggregates
(sand, gravel,
stone, recycled

aggregates)
Traders
Wholesalers
Retailers
Traders
Wholesalers
Retailers
A
p
p
l
i
c
a
t
i
o
n
s
Applications and
Construction Fields
End- users
General
Contractors
Civil
engineering
contractors
Masons,
Self- builders
Channels

Transformational
Pulling from the customer side
25
© Holcim Ltd 2010
Investor / Analyst Capital Markets Event 2010
• What we want to achieve is defined top down
• How to do it, is driven by field management bottom-up
• Benchmark is best-in-class performance, in all segments
• Global and regional support organizations provide
expertise and facilitate knowledge turntable
Operational performance drives margins
Create value from
our asset base and
superior positioning
Customers needs and
our position in the market
Operational
performance
excellence
People
development
Resources
management
excellence
„Glue“ of the
Holcim culture
Create value from
our asset base and
superior positioning
Customers needs and

our position in the market
Operational
performance
excellence
People
development
Resources
management
excellence
„Glue“ of the
Holcim culture
2011 2012 2013
HR Management
Sustainable
Development
Customers,
products & services
Operational
management
General /
Finance
Reference targets
Focus targets