COMMUNICATION REGARDING THE POSSIBLE DELAY OF THE APPROVAL OF INCREASE OF THE SHARE CAPITAL BY THE MINISTRY OF DEVELOPMENT 
 

Titan Cement Company S.A. announces to the investor community that the increase of the Company’s share capital, voted by the Ordinary General Meeting of Shareholders on May 10, 2007, through capitalization of reserves, doubling of the share capital (of common and of preference shares) and gratis distribution to each shareholder of one common share of one new common share and to each shareholder of one preference share of one new preference share, is pending for approval at the Ministry of Development.
 

The competent Department of the Ministry of Development informed us yesterday, June 19, 2007, of its intention to ask for the opinion of the Legal Department of the Ministry, in view of the fact that the above mentioned share capital increase has been resolved by the General Meeting of Shareholders of common shares without also convening the Special General Meeting of Shareholders of preference shares.
 

Our Company is convinced that the above resolution of the General Meeting of Shareholders held on May 10, 2007 is in full accordance with the law and to the Company’s Articles of Association. Besides, it should be noted that a share capital increase through capitalization of reserves solely constitutes an accounting reclassification of the Company’s Shareholders’ Equity, without causing any differentiation thereon.
 

The decision of the Ministry of Development will be communicated to the investor community as soon as it is received by our Company.