First Half Estimated Results

Compagnie de Saint-Gobain
25 July 2002

   ESTIMATED RESULTS FOR FIRST-HALF 2002:

 . SLIGHT DIP IN RESULTS IN THE FIRST HALF

      - Sales up 0.4% (down 0.3% on a like-for-like basis)
      - Operating income down 6.1% (down 5.6% on a like-for-like basis)
      - Net income excluding capital gains down 8.0%, to EUR 515 million

 . OBJECTIVE FOR FULL YEAR 2002: STABILITY IN NET
   INCOME EXCLUDING CAPITAL GAINS


Excluding sales of non-current assets, net income of the Saint-Gobain Group for
the first half of 2002 is estimated at EUR 515 million, down 8.0% compared with
the same period of 2001.

Consolidated net income is estimated at EUR 498 million, down 24.9% from first-
half 2001, in which net income had been boosted by large-scale proceeds from the
disposal of BNP Paribas shares.

Within the Housing Products Sector, the Pipe Division's distribution operations
have been transferred, as from January 1, 2002, to the Building Materials
Distribution Division, in order to set up a European organization for sales of
materials in civil engineering markets.

This transfer does not affect overall Group income as presented below, but it
does impact sales and operating income data by division presented in the
Appendix.

The estimated interim consolidated financial statements were reviewed by the
Board of Directors at its meeting of July 25, 2002. Key figures for the period
are as follows:

In EUR millions                                   H1 2001 H1 2002 Change
                                                                     %
                                                               (2) (2)(1)
Net sales                                          15,286  15,350   +0.4%
Operating income                                    1,376   1,292   -6.1%
Dividend income                                        22      17  -22.7%
Interest and other financial charges, net            (311)   (274) -11.9%
Non-operating costs                                   (43)    (99)   N.M.
Income before profit on sales of noncurrent
assets and taxes                                    1,044     936  -10.3%
Profit on sales of non-current assets, net            134     (24)   N.M.
Provisions for income tax                            (407)   (321) -21.1%
Amortization of goodwill                              (93)    (78) -16.1%
Share in net results of equity investees                9       1  -88.9%
Net income before minority interests                  687     514  -25.2%
Minority interests                                    (24)    (16) -33.3%
Net income                                            663     498  -24.9%
Earnings per share (in EUR)                          1.92*   1.44  -25.0%*
Net income excluding capital gains                    560     515   -8.0%
Earnings per share excluding capital gains (in EUR)  1.63*   1.49   -8.6%*
Cash flow from operations                           1,390   1,357   -2.4%
Cash flow excluding capital gains tax               1,437   1,351   -6.0%
Capital expenditure                                   557     571   +2.5%
Investments in securities                             537     484   -9.9%
Net indebtedness                                    8,376   8,006   -4.4%

* Earnings per share for first-half 2001 have been restated to take into account
the four-for-one stock split carried out on June 27, 2002


The Glass Sector recorded mixed results. In Containers demand was sustained in
both the United States and Europe, and results improved markedly. The other
divisions were hurt by price erosion, particularly Flat Glass in Europe, for
which first-half 2001 was, however, a high comparison basis. The Insulation and
Reinforcements division enjoyed a strong rebound in volumes of reinforcement
fiber sales, albeit tempered by sales prices that have declined from their high
level of 2001.

The High-Performance Materials Sector recorded a substantial contraction in
relation to first-half 2001, in terms of both sales and profitability.
Manufacturing activity remained depressed in the U.S. and even more so in
Europe. In both regions, capital spending is picking up only at a very slow
pace. The Ceramics and Plastics division continues to suffer from the recession
in the electronics market. However, these businesses seem to have bottomed out
at the end of the first quarter.

The Housing Products Sector achieved the best performance in the Group in the
first half. The Building Materials Division was buoyed by a vigorous
construction market in the U.S. and experienced strong growth in its results.
Building Materials Distribution continued to develop and improve its
profitability even though conditions in Germany remained unfavorable. Only the
Pipe division recorded slightly lower results year-on-year.

      
                          *                  *                 *


Group sales were up 0.4%. Based on a comparable Group structure, sales declined
slightly, by 1.0% in euros and 0.3% in local currencies. This stability was
mainly attributable to higher sales prices in all Group Divisions, as volumes
decreased: the drop in Europe was not fully offset by expansion in North America
and in emerging countries.

Sales in France accounted for 30.0% of the total, with other European countries
contributing 40.2%, North America 22.7% and other countries 7.1%.

Operating income declined by 6.1%, and 5.6% on a like-for-like basis. Operating
margin was 8.4%, compared to 9.0% in first-half 2001. The change was mainly due
to the sharp year-onyear contraction of margins in the High-Performance
Materials Sector, and to a lesser degree in Flat Glass and Reinforcements, which
had achieved record levels in first-half 2001. All other divisions increased
their operating margins.

Profitability rose in the United States and United Kingdom thanks to the
positive impact of restructuring, but decreased in other European countries.

Net interest and other financial charges fell 11.9% to EUR 274 million, against
EUR 311 million for the year-earlier period, thanks in particular to lower
interest expense on borrowings as a result of falling interest rates.

Non-operating costs increased by EUR 56 million, to EUR 99 million, up from EUR
43 million in first-half 2001. This increase is mainly due to restructuring
costs in High-Performance Materials, on the one hand, and to the recording for
first-half 2002 of a non-operating charge for claims related to past use of
asbestos by a U.S. subsidiary, on the other. Due to the recent development of a
new type of claims in the United States against a very large number of
industrial companies, including this Saint-Gobain subsidiary, the Saint-Gobain
Group has been caused to review its level of insurance cover and reserves for
asbestos-related contingencies. As a result of this review, the Group has
decided to record a non-operating charge of EUR 50 million for the first half of
2002, corresponding to half of the expected annual charge related to these U.S.
claims for the full year 2002.

Losses on sales of non-current assets, in an amount of EUR 24 million, were
mainly due to impairment of assets. This is to be compared to a profit of EUR
134 million in first-half 2001, thanks to the disposal of the Group's entire
stake in BNP Paribas.

Amortization of goodwill fell 16.1%, to EUR 78 million from EUR 93 million in
first-half 2001, as a result of write-offs of negative goodwill.

Minority interests declined to €EUR 16 million, against EUR 24 million in first-
half 2001. This sharp decrease was mainly due to the buyback of minority
interests in Saint-Gobain Cristaleria and Brazilian subsidiaries in 2001 and
Lapeyre in 2002.

Net income amounted to EUR 498 million, down 24.9% in relation to first-half
2001. Based on the number of shares outstanding at June 30, 2002 (345,851,068
shares, taking into account the 4,703,396 shares issued under the Group Savings
Plan), earnings per share came to EUR 1.44. In line with the commitments made by
the Group, the new shares issued in the course of the first half will be
neutralized in the second, by the cancellation of an equivalent number of
shares, to bring total capital stock very close to its level at December 31,
2001, i.e. 341,034,512, after the effect of the four-for-one stock split of June
27, 2002.

Excluding profit and losses on sales of non-current assets, net income came to
EUR 515 million, down 8.0% on the EUR 560 million recorded in first-half 2001.
Excluding the impact of the charge related to U.S. claims, the decrease would
have been 2.0%. Based on the total number of shares outstanding at June 30, 2002
(345,851,068), earnings per share excluding capital gains stood at EUR 1.49.

Cash flow from operations decreased by 2.4%, to EUR 1,357 million. Excluding the
tax impact of capital losses (amounting to EUR 6 million), cash flow from
operations was EUR 1,351, 6.0% lower than the EUR 1,437 million for first-half
2001.

Capital expenditure on plant and equipment totaled EUR 571 million (compared to
EUR 557 million for the same period last year), representing 3.7% of sales,
against 3.6% in first-half 2001.

Expenditure on securities amounted to EUR 484 million, including EUR 350 million
for the buyback of minority interests in Lapeyre.

Net debt at June 30, 2002 (excluding financial instruments) stood, after payment
of the dividend, at EUR 8.0 billion, significantly lower than the EUR 8.4
million (before payment of the dividend) at June 30, 2001, and up slightly in
relation to December 31, 2001. The gearing ratio was approximately 67% (based on
total capital stock plus non-voting participating securities).


                       *                 *                *


Outlook: the accelerated downturn in financial markets over the past weeks has
produced uncertainty regarding trends in consumer confidence and spending. This
uncertainty brings about a need for prudence. Nevertheless, thanks to its strong
operating performance, in particular firm sales prices and the early deliveries
for the Abu Dhabi pipe contract, the Group should be able to achieve full-year
net income excluding capital gains on a par with 2001.


July 25, 2002

                          Investor Relations Department

Florence TRIOU-TEIXEIRA              - mailto : [e-mail]
Claire MOSES tel.:[phone]  - mailto : [e-mail]

                             Fax : [phone]


Appendix
Results by Business Sector, Division and Geographic Area
(in EUR millions)

                                                 H1            H1        change on    change on a      change on a
                                               2001          2002        an actual     comparable       comparable
                                                             est.        structure      structure    structure and
                                                                             basis          basis   currency basis
 
I. SALES   
by sector and division:
Glass (1)                                     5,967         6,019            +0.9%          +0.0%          +0.9%
Flat Glass                                    2,262         2,245            -0.8%          -1.6%          -0.1%
Insulation and Reinforcements                 1,652         1,678            +1.5%          +0.0%          -0.1%
Containers                                    2,059         2,101            +2.1%          +1.7%          +2.8%
High-Performance Materials (1)                2,129         1,913           -10.2%         -11.0%         -10.1%
Ceramics & Plastics and Abrasives             2,129         1,913           -10.2%         -11.0%         -10.1%
Housing Products (1)                          7,310         7,565            +3.5%          +1.4%          +1.8%
Building Materials                            1,596         1,644            +3.0%          +3.3%          +4.4%
Building Materials Distribution               4,914         5,370            +9.3%          +1.4%          +1.5%
Building Materials Distribution pro forma (2) 5,142         5,370            +4.4%          +1.4%          +1.5%
Pipe                                            916           690           -24.7%          -5.3%          -4.5%
Pipe pro forma (2)                              729           690            -5.3%          -5.3%          -4.5%

internal sales                                 -120          -147
Group                                        15,286        15,350            +0.4%          -1.0%          -0.3%

by geographic area:
France                                        4,662         4,793            +2.8%          +1.1%          +1.1%
Other European Countries                      6,404         6,420            +0.3%          -2.5%          -2.8%
North America                                 3,652         3,614            -1.0%          +0.4%          +0.4%
Rest of the world                             1,159         1,127            -2.8%          -4.2%          +6.5%
internal sales                                 -591          -604
Group                                        15,286        15,350            +0.4%          -1.0%          -0.3%

(1) including inter-division eliminations
(2) 2001 pro forma, i.e. including sales from Pipe distribution operations
within Building Materials Distribution
 

                                                  H1         H1
II. OPERATING INCOME                             2001       2002     change
                                                            est.

by sector and division:
Glass                                             684        641      -6.3%
Flat Glass                                        274        227     -17.2%
Insulation and Reinforcements                     208        176     -15.4%
Containers                                        202        238     +17.8%
High-Performance Materials                        253        137     -45.8%
Ceramics & Plastics and Abrasives                 253        137     -45.8%
Housing Products                                  430        510     +18.6%
Building Materials                                131        198     +51.1%
Building Materials Distribution                   220        244     +10.9%
Building Materials Distribution pro forma (1)     213        244     +14.6%
Pipe                                               79         68     -13.9%
Pipe pro forma (1)                                 86         68     -20.9%
misc.                                               9          4
Group                                           1,376      1,292      -6.1%


by geographic area:
France                                            479        445      -7.1%
Other European Countries                          470        417     -11.3%
North America                                     297        328     +10.4%
Rest of the world                                 130        102     -21.5%
Group                                           1,376      1,292      -6.1%

(1) 2001 pro forma, i.e. including operating income from Pipe distribution
operations within Building Materials Distribution


                                                  H1         H1
III. CASH FLOW                                   2001       2002     change
                                                            est.
by sector and division:
Glass                                             800        770      -3.8%
Flat Glass                                        313        292      -6.7%
Insulation and Reinforcements                     232        205     -11.6%
Containers                                        255        273      +7.1%
High-Performance Materials                        210        131     -37.6%
Ceramics & Plastics and Abrasives                 210        131     -37.6%
Housing Products                                  347        387     +11.5%
Building Materials                                129        149     +15.5%
Building Materials Distribution                   146        166     +13.7%
Building Materials Distribution pro forma (1)     134        166     +23.9%
Pipe                                               72         72      +0.0%
Pipe pro forma (1)                                 84         72     -14.3% 
misc.                                              33         69    +109.1%
Group                                           1,390      1,357      -2.4%

by geographic area:
France                                            429        445      +3.7%
Other European Countries                          495        472      -4.6%
North America                                     297        295      -0.7%
Rest of the world                                 169        145     -14.2%
Group                                           1,390      1,357      -2.4%

(1) 2001 pro forma, i.e. including cash flow from Pipe distribution operations
within Building Materials Distribution

IV. CAPITAL EXPENDITURE                           H1         H1
ON PLANT AND EQUIPMENT                           2001       2002     change
                                                            est.
by sector and division:
Glass                                             296        342     +15.5%
Flat Glass                                        117        158     +35.0%
Insulation and Reinforcements                      94         79     -16.0%
Containers                                         85        105     +23.5%
High-Performance Materials                         75         57     -24.0%
Ceramics & Plastics and Abrasives                  75         57     -24.0%
Housing Products                                  186        171      -8.1%
Building Materials                                 55         52      -5.5%
Building Materials Distribution                   115        105      -8.7%
Building Materials Distribution pro forma (1)     118        105     -11.0%
Pipe                                               16         14     -12.5%
Pipe pro forma (1)                                 13         14      +7.7%
misc.                                               0          1
Group                                             557        571      +2.5%

by geographic area:
France                                            138        104     -24.6%
Other European Countries                          191        238     +24.6%
North America                                     141        114     -19.1%
Rest of the world                                  87        115     +32.2%
Group                                             557        571      +2.5%

(1) 2001 pro forma, i.e. including the capex of Pipe distribution operations
within Building Materials Distribution

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