Document:

Underwriting Agreement dated December 3, 2009

 Exhibit 4.45 

OFFICIAL TRANSLATION, David A. González Vessi, Authorized Translator from English-Spanish, Spanish-English, Approval Number
861/2010 dated as of January 25, 2010. 
 Underwriting Agreement of Mandatory Convertible Bonds into Ordinary
Participation Certificates, Representing Shares of Stock of CEMEX, S.A.B. de C.V., dated as of December 3, 2009 (hereinafter referred to as the “Agreement”) executed by and between CEMEX, S.A.B. de C.V. as issuer of the bonds
(hereinafter referred to as the “Issuer” or “CEMEX”), represented by Mr. Humberto Javier Moreira Rodríguez; and on the other hand, Casa de Bolsa Santander, S.A. de C.V., Grupo Financiero Santander
(hereinafter referred to as “Santander”), represented by Messrs. Octaviano Carlos Couttolenc Mestre and Gerardo Manuel Freire Alvarado; HSBC Casa de Bolsa, S.A. de C.V., Grupo Financiero HSBC (hereinafter referred to as
“HSBC”) represented by Mr. Fernando Pérez Saldívar; Acciones y Valores Banamex, S.A. de C.V., Casa de Bolsa, Integrante del Grupo Financiero Banamex (hereinafter referred to as “Accival”)
represented by Mr. Ignacio Gómez-Daza Alarcón; Casa de Bolsa BBVA Bancomer, S.A. de C.V., Grupo Financiero BBVA Bancomer represented by Messrs. Ruy Halffter Marcet and Gonzalo Manuel Mañon Suárez (hereinafter
referred to as “BBVA Bancomer” and together with Santander, Accival y HSBC, the “Underwriters”), in accordance with the following Statements and Clauses: 

WITNESSETH: 

I. the Issuer states, by means of its legal representative, as of the date of this Agreement and as of the Date of the Offer (as defined
below), that: 
  

	a)	 Is a sociedad anónima bursátil de capital variable, duly formed in accordance with the laws of the United Mexican States
(“Mexico”), further to public deed number 94 as of May 28, 1920, issued by Mr. Carlos Lozano, Notary Public Number 34 of Monterrey, Nuevo Leon, recorded in the Public Registry of Property and Commerce of the city of
Monterrey, Nuevo Leon, as of June 11, 1920, under number 21, pages 157 through 186, volume 16, book 3, Second Auxiliary, Commerce Section; 

  

	b)	 The execution and delivery of this Agreement and the performance by the Issuer of its obligations under this Agreement, the issuance of the Bonds
(as such term is defined in the Prospectus), and the performance by the Issuer of its obligations with respect to such Bonds, is allowed by its by-laws and does not contravene such
by-

	 	
laws, nor any law or contractual provision binding upon or affecting the Issuer, that may have a material adverse effect on the Issuer, and its corporate purpose does contemplates, in general,
obtaining debt, the issuance of negotiable instruments (including the Bonds) and the performance of its obligations in accordance with such terms; 

  

	c)	 The Issuer has obtained all the necessary internal authorizations for the execution and delivery of this Agreement, and the performance by the
Issuer of its obligations under this Agreement, and for the performance of the obligations with respect to the Bonds; and this Agreement and the Bonds constitute legal, valid and binding obligations of the Issuer, enforceable against the Issuer
under their terms, provided, however, that such enforcement may be affected in the event of a concurso mercantil or bankruptcy of the Issuer, as provided by Mexican Bankruptcy Law (Ley de Concursos Mercantiles);

  

	d)	 Do not require the authorization or approval of any authority to execute and deliver this Agreement, with respect to the Public Offer (as such term
is defined herein), for the issuance of the Bonds or for the performance by the Issuer of its obligations under this Agreement or the Bonds (except for the approvals described in paragraph I(f), and the necessary approvals to performs the actions
referred to in paragraph I(g) below); 

  

	e)	 Except as provided for in the Prospectus (as such term is defined herein), the Issuer is not a party at the present time in any material litigation
proceeding, and does not have knowledge of any litigation against the Issuer, as a consequence of summons received, in both cases for amounts that are material or their outcome may have a material adverse effect on the consolidated financial
position of the Issuer, or on its capacity to comply with its obligations with respect to this Agreement or with respect to the Bonds; 

  

	f)	 has obtained the approval of the Mexican National Banking and Securities Commission (the Comisión Nacional Bancaria y de Valores, or
“CNBV”) for the issuance of Bonds and their exchange for debt notes (the “Debt Notes”) which were previously issued by the Issuer as described in the Prospectus, in accordance with Approval Letter Number
153/79167/2009 dated as of November 11, 2009 (the “CNBV Approval”); 

  

 2 

	g)	 has obtained the favorable opinion issued by the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V. or “BMV”)
for the listing of the Bonds in the BMV (the “BMV Approval”, and together with the CNBV Approval, the “Approvals”). Further to the terms of the Approvals, the issuance of the Bonds shall have the characteristics
determined for such effects, and as set forth in the offer notice, the security and in the Prospectus (as defined herein below); 

  

	h)	 it is the intention of the Issuer to issue the Bonds, and to place them through a public offer for the acquisition and exchange of the Debt Notes
(the “Public Offer”), with the characteristics described in the respective offer notice, and the corresponding preliminary prospectus (the “Prospectus”), on a best efforts basis through the BMV;

  

	i)	 the financial information, description, either legal or from a businesswise, and any other information contained in the Prospectus and related to
the Issuer and its subsidiaries, is true and complete with respect to the relevant issues to make an investment decision, or omit to state relevant information, or contains false relevant information or that may mislead the Bond investors, and
complies with the provisions set forth in the General Provisions Applicable to Issuers of Securities and Other Market Participants (the “Disposiciones de Carácter General aplicables a las Emisoras de Valores y a otros Participantes
del Mercado de Valores”) issued by the CNBV, and published in the Official Gazette of the Federation as of March 19, 2003, and its amendments (the “Sole Rules”); 

 

	j)	 the financial statements contained in the Prospectus have been prepared in accordance with the norms of financial information, applied on a
consistent basis, and duly reflect the consolidated financial position of the Issuer as of the dates stated in such financial statements; 

  

 3 

	k)	 in order to carry out with the offer of the Bonds under best efforts basis, the Issuer wishes to hire the services of the Underwriters to assist the
Issuer in structuring the offer procedures, the issuance and the Exchange of the Bonds for Debt Notes through the BMV; 

  

	l)	 has designated Banco Mercantil del Norte, S.A., Institución de Banca Múltiple, Grupo Financiero Banorte, as common representative (the
“Common Representative”) for the holders of the Bonds, in accordance with the Mexican Securities Market Law; 

  

	m)	 Mr. Humberto Javier Moreira Rodríguez has the necessary corporate authority to execute this Agreement on behalf of the Issuer, as
provided in public deed number 47,526, dated as of September 4, 2009, issued by Mr. Juan Manuel García García, Notary Public Number 129 residing in San Pedro Garza García, Nuevo Leon, México, and duly recorded
in the Public Registry Of Property and Commerce of the State of Nuevo Leon under commerce number 532*9, dated as of September 22, 2009, which authority has not been revoked or limited as of the date of this Agreement.

 II. Casa de Bolsa Santander, S.A. de C.V., Grupo Financiero Santander hereby states through its legal
representative, as of the date of this Agreement and as of the Date of the Offer, that: 
  

	a)	 Is a company duly incorporated in accordance with the laws of the United Mexican States, as provided in public deed number 7765 dated as of
April 27, 1973, issued by Mr. José G. Arce Cervantes, Notary Public Number 102 residing in the Federal District, and recorded in the Public Registry of Mexico City, Federal District, under number 23, page 32 volume 877, Book
No. 3 of the Commerce Section, dated as of July 23, 1973, under the corporate name of “Inverméxico, S.A. de C.V., Casa de Bolsa”; 

 

	b)	 Changed its corporate name to “Casa de Bolsa Santander Mexicano, S.A. de C.V.”, as provided in public deed number 52174 dated as of
November 17, 2001, issued by Mr. Miguel Alessio Robles, Notary Public Number 19 residing in the Federal District, and recorded in the Public Registry of Mexico City, Federal District, under commercial number 4744, Commerce Section, and
currently its corporate name is “Casa de Bolsa Santander, S.A. de C.V., Grupo Financiero Santander”, as provided in public deed number 3,251 dated 

 

 4 

	 	
as of May 2, 2006, issued by Mr. Ricardo Felipe Sánchez Destenave, Notary Public Number 239 residing in the Federal District, and recorded in the Public Registry of Mexico City,
Federal District, under commercial number 4744,as of July 2, 2006; 

  

	c)	 Is duly approved to act in its capacity of intermediary in the securities market, to execute this Agreement and to perform its obligations under
this Agreement and under the applicable legal provisions; 

  

	d)	 Desires to perform in favor of the Issuer the services described in this Agreement, including to act as assistant to the Issuer in obtaining the
Approvals and any other additional authorizations that are necessary in connection with the Public Offer, the carry out with the Public Offer through the BMV, in accordance with the terms and conditions set forth in this Agreement, as well as to
provide the information that is required under Clause Eighth of this Agreement, and has the capacity, experience, human financial and material resources to provide such services, and to obtain the necessary approvals; 

 

	e)	 The execution and delivery of this Agreement and the performance by Santander of its obligations under this Agreement, is allowed by its by-laws and
does not contravene such by-laws, nor any law or contractual provision binding upon or affecting Santander; 

  

	f)	 this Agreement constitutes a legal, valid and binding obligation of Santander, enforceable against Santander under its terms, provided,
however, that such enforcement may be affected in the event of a concurso mercantil or bankruptcy of Santander, as provided by Mexican Bankruptcy Law (Ley de Concursos Mercantiles); 

 

	g)	 Messrs. Octaviano Carlos Couttolenc Mestre and Gerardo Manuel Freire Alvarado have the necessary corporate authority to execute this Agreement on
behalf of Santander, as provided in public deed number 51 dated as of July 23, 2002, issued by Mr. Ricardo Felipe Sánchez Destenave, Notary Public Number 239 residing in the Federal District, and recorded in the Public Registry of
Mexico City, Federal District, and under public deed number 53,818 dated as of July 15, 1998, issued by the Notary Public No. 19 residing in the Federal District, both duly recorded in the Public Registry of Commerce of Mexico City,
Federal District, under commercial number 4744. 

  

 5 

 III. HSBC Casa de Bolsa, S.A. de C.V., Grupo Financiero HSBC, hereby states through its
legal representative, as of the date of this Agreement and as of the Date of the Offer, that: 
  

	a)	 It is a brokerage house duly incorporated in accordance to the laws of Mexico, as provided in public deed number 5,178 dated as of December 18,
1963, issued by Mr. Mario Garciadiego Foncerrada, residing in the Federal District, and recorded in the Public Registry of Property and Commerce of Mexico City, Federal District, under Book No. 3, volume 567, Page 364, and number 216 of
the Commerce Section; 

  

	b)	 Is duly approved to act in its capacity of intermediary in the securities market, to execute this Agreement and to perform its obligations under
this Agreement and under the applicable legal provisions; 

  

	c)	 Desires to perform in favor of the Issuer the services described in this Agreement, including to act as assistant to the Issuer in obtaining the
Approvals and any other additional authorizations that are necessary in connection with the Public Offer, the carry out with the Public Offer through the BMV, in accordance with the terms and conditions set forth in this Agreement, as well as to
provide the information that is required under Clause Eighth of this Agreement, and has the capacity, experience, human financial and material resources to provide such services, and to obtain the necessary approvals; 

 

	d)	 The execution and delivery of this Agreement and the performance by HSBC of its obligations under this Agreement, is allowed by its by-laws and does
not contravene such by-laws, nor any law or contractual provision binding upon or affecting HSBC; 

  

	e)	 this Agreement constitutes a legal, valid and binding obligation of Santander, enforceable against HSBC under its terms, provided, however,
that such enforcement may be affected in the event of a concurso mercantil or bankruptcy of HSBC, as provided by Mexican Bankruptcy Law (Ley de Concursos Mercantiles); 

 

 6 

	f)	 that Mr. Fernando Paulo Pérez Saldívar has the necessary corporate authority to execute this Agreement on behalf of HSBC, as
provided in public deed number 14,865, dated as of February 10, 2009, issued by Mr. Francisco Lozano Noriega, Notary Public Number 87 residing in Mexico City, Federal District, without recording information, which authority has not been
revoked or limited as of the date of this Agreement. 

 IV. Acciones y Valores Banamex, S.A. de C.V. Casa de
Bolsa, integrante del Grupo Financiero Banamex hereby states through its legal representative, as of the date of this Agreement and as of the Date of the Offer, that: 
  

	 	a)	 It is a brokerage house duly incorporated in accordance to the laws of Mexico, as provided in public deed number 31,198 dated as of October 4,
1971, issued by Mr. Joaquín Talavera Sánchez, Notary Public No. 50, residing in Mexico City, Federal District, and recorded in the Public Registry of Property and Commerce of Mexico City, Federal District, under number 288,
page 320, volume 320, Book No. 3 of the Commerce Section; 

  

	 	b)	 Is duly approved to act in its capacity of intermediary in the securities market, to execute this Agreement and to perform its obligations under
this Agreement and under the applicable legal provisions; 

  

	 	c)	 Desires to perform in favor of the Issuer the services described in this Agreement, including to act as assistant to the Issuer in obtaining the
Approvals and any other additional authorizations that are necessary in connection with the Public Offer, the carry out with the Public Offer through the BMV, in accordance with the terms and conditions set forth in this Agreement, as well as to
provide the information that is required under Clause Eighth of this Agreement, and has the capacity, experience, human financial and material resources to provide such services, and to obtain the necessary approvals; 

 

	 	d)	 The execution and delivery of this Agreement and the performance by Accival of its obligations under this Agreement, is allowed by its by-laws and
does not contravene such by-laws, nor any law or contractual provision binding upon or affecting Accival; 

  

 7 

	 	e)	 this Agreement constitutes a legal, valid and binding obligation of Santander, enforceable against Accival under its terms, provided,
however, that such enforcement may be affected in the event of a concurso mercantil or bankruptcy of Accival, as provided by Mexican Bankruptcy Law (Ley de Concursos Mercantiles); 

 

	 	f)	 that Mr. Ignacio Gómez-Daza Alarcón has the necessary corporate authority to execute this Agreement on behalf of Accival, as
provided in public deed number 52,854, dated as of April 12, 2005, issued by Mr. Roberto Núñez y Bandera, Notary Public No. 1 residing in Mexico City, Federal District, Mexico, which authority has not been revoked or
limited as of the date of this Agreement. 

 V. Casa de Bolsa BBVA Bancomer S.A. de C.V., Grupo Financiero
BBVA Bancomer hereby states through its legal representative, as of the date of this Agreement and as of the Date of the Offer, that: 
  

	 	a)	 It is a brokerage house duly incorporated in accordance to the laws of Mexico, as provided in public deed number 38,387 dated as of
September 10, 1973, issued by Mr. Fausto Rico Alvarez, Notary Public No. 6, residing in Mexico City, Federal District, and recorded in the Public Registry of Property and Commerce of Mexico City, Federal District, under number 84,
page 82, volume 888, as of October 5, 1973; 

  

	 	b)	 Is duly approved to act in its capacity of intermediary in the securities market, to execute this Agreement and to perform its obligations under
this Agreement and under the applicable legal provisions; 

  

	 	c)	 Desires to perform in favor of the Issuer the services described in this Agreement, including to act as assistant to the Issuer in obtaining the
Approvals and any other additional authorizations that are necessary in connection with the Public Offer, the carry out with the Public Offer through the BMV, in accordance with the terms and conditions set forth in this Agreement, as well as to
provide the information that is required under Clause Eighth of this Agreement, and has the capacity, experience, human financial and material resources to provide such services, and to obtain the necessary approvals; 

 

 8 

	 	d)	 The execution and delivery of this Agreement and the performance by BBVA Bancomer of its obligations under this Agreement, is allowed by its by-laws
and does not contravene such by-laws, nor any law or contractual provision binding upon or affecting BBVA Bancomer; 

  

	 	e)	 this Agreement constitutes a legal, valid and binding obligation of Santander, enforceable against Accival under its terms, provided,
however, that such enforcement may be affected in the event of a concurso mercantil or bankruptcy of BBVA Bancomer, as provided by Mexican Bankruptcy Law (Ley de Concursos Mercantiles); 

 

	 	f)	 that Messrs. Ruy Halffter Marcet and Gonzalo Manuel Mañón Suárez have the necessary corporate authority to execute this
Agreement on behalf of BBVA Bancomer, as provided in public deed numbers 87,082 and 87,099 dated as of August 28, 2006 and August 29, 2006, respectively, both issued by Mr. Carlos de Pablo Serna, Notary Public Number 137 residing in
Mexico City, Federal District, and recorded in the Public Registry of Mexico City, Federal District under commercial number 4,498, dated as of September 7, 2006 and September 22, 2006, respectively, which authority has not been revoked or
limited as of the date of this Agreement. 

 In accordance to the foregoing, the parties hereby agree to the following:

 CLAUSES 

FIRST. Placement. Subject to the terms and conditions set forth in this Agreement, the Issuer hereby entrusts the
Underwriters, and the Underwriters hereby agree with the Issuer to place de Bonds, through the allotment mechanism described in the Prospectus, through a Public Offer, and in accordance with the Purchase Factor established in Clause Sixth herein.

 The Underwriters hereby agree to conduct the placement of the Bonds in accordance with the applicable
provisions of the Securities market Law, and the regulations issued under such law and currently in effect. 

The parties hereby agree that the Public Offer of the Bonds shall commence as of the Date of the Offer (as such term is
defined herein), in accordance with the approval issued by the CNBV. 
  

 9 

 SECOND. Placement on a Best Efforts Basis. Subject to the terms and
conditions set forth in this Agreement, the Underwriters hereby agree to give their best efforts to effect the placement of the Bonds beginning from the Date of the Offer and until de Termination Date of the Offer (as such term is defined in the
Prospectus), in accordance with the Purchase Factor, established in Clause Sixth herein. 
 THIRD.
Exchange. Santander and HSBC shall be obligated to exchange the Bonds for the Debt Notes described in the Prospectus that participate in the Public Offer in accordance with their terms (the “Exchange”). 

FOURTH. Date of the Offer. Subject to the terms and conditions set forth in this Agreement, the parties hereby
agree that the Public Offer shall commence on November 11, 2009 (the “Date of the Offer”) and shall be in effect until the Termination Date of the Offer. 

Subject to the conditions set forth in this Agreement, HSBC hereby agrees to carry out the registry transaction
(cruce) of the Bonds in the BMV on December 10, 2009. 
 FIFTH. Transfer. Subject to the
terms and conditions set forth in this Agreement, the Underwriters, through HSBC, shall deliver the Debt Notes obtained during the Exchange (the “Transfer of the Debt Notes”), on December 15, 2009 (the “Transfer
Date”). The Underwriters, through, shall deliver the Bonds in accordance with the distribution plan contained in the Prospectus. 

The Issuer hereby agrees to make available to the Underwriters, through HSBC or S.D. Indeval Institución para
el Depósito de Valores, S.A. de C.V. (“Indeval”), in the case of the later if it was agreed by the parties, the certificate representing the Bonds, not later than 9:00 a.m. (Mexico City Time) on the Transfer Date, for its
deposit to the account kept by HSBC at Indeval. 
 SIXTH. Purchase Factor. The Bonds shall be placed
among authorized investors in accordance with the Purchase Factor (as such term is defined in the Prospectus), further to the provisions set forth in the Prospectus. 

 

 10 

 SEVENTH. Fees. Subject to the conditions set forth in this Agreement,
the Issuer hereby agrees to pay fees to the Underwriters as described herein, on March 30, 2010 (the “Payment Date”): 
  

	 	i)	 Together to Santander and HSBC, 2.0% (two percent) over the difference between the total amounts placed minus the amount effectively placed by
Accival and BBVA, plus 0.50% (cero point five percent) over the amount effectively placed by Accival and BBVA. To the resulting amount, the corresponding value added tax shall be added; 

 

	 	ii)	 To Accival and BBVA Bancomer respectively, 1.50% (one point five percent) over the amount effectively placed by each of them, adding the
corresponding value added tax, 

 as sole consideration for the obligations assumed by the
Underwriters under this Agreement (the “Fees”). 
 Provided, however, that the amount
placed shall be understood as the result of multiplying the face value of the Bonds times the number of Bonds effectively placed in the Date of the Offer. 

The Issuer hereby agrees to pay to the Underwriters the agreed amounts as Fees, within the 3 (three) business days
following the Payment Date, not later than 11:00 hours (Mexico City Time), through a bank deposit to Santander, and Santander shall distribute the corresponding amounts to the other Underwriters. 

EIGHTH. Prospectus and Notices; Information. 

(a) The parties hereby agree that the Underwriters, for purposes of conducting the Public Offer, shall use exclusively
the Prospectus approved by the CNBV with respect to the Public Offer, as such Prospectus will be made available by the Issuer to them, either physically or electronically, for purposes of such Public Offer. The Underwriters shall only distribute
such Prospectus within Mexico. 
 (b) The Issuer hereby issues its consent in order to, if it becomes necessary,
any of the Underwriters may publish the notice of the offer and the placement notice in Emisnet a service of the BMV and, in the newspapers of wide distribution 

 

 11 

 
in Mexico, with the previous consultation with, and agreement of, the Issuer with respect to their terms at the dates that are more convenient for the parties. 

(c) The Underwriters hereby agree to inform the CNBV, Indeval and BMV, with at least one (1) business day prior to
the Transfer Date, or the time in advance determined by the CNBV, as well as the amount, the subscription date and the maturity date of the Bonds. In order to make such notices, the Issuer hereby agrees to make available to the Underwriters the
public information that the Underwriters may reasonably require. The parties hereby agree that the placement of the Bonds shall only take place if the notice described above was made, and the CNBV had approved the terms of the placement notice.

 (d) The Underwriters hereby agree to inform in writing to the Issuer, within the two (2) business days
following the end of the placement of the Bonds, the results of the Public Offer, including the number of purchasers of the Bonds, as well as the distribution of them. In the same manner, the Underwriters hereby agree to inform such results to the
CNBV and to BMV, within five (5) business days following the end of the placement of the Bonds. 
 NINTH.
Resolutory Conditions. The parties hereby agree that, if any of the following events occurs before the Termination Date of the Offer, the obligations of the parties set forth herein shall be resolved (except if the applicable condition were
cured by the Underwriters): 
  

	 	a)	 If the Issuer or the Underwriters, either by law or by order issued by competent authority, are prevented from placing or agreeing to the terms of
the Bonds, in the terms set forth in this Agreement and in the actual text of the Bonds; 

  

	 	b)	 If force majeure events prevent the placement of the Bonds, or materially affect the Underwriters or the Issuer; 

 

	 	c)	 If there are abnormal or disorderly situations with respect to the securities markets in general, which prevent the placement of the Bonds;

  

	 	d)	 If the Issuer fails to comply with its obligation to make available to the Underwriters and Indeval, the certificates representing the Bonds in
accordance with Clause Fifth above; 

  

 12 

	 	e)	 If the parties does not execute the document containing the applicable terms and conditions of the Bonds (which can be the placement notice of the
Bonds duly signed by the parties); 

  

	 	f)	 In the event of suspension or cancellation of the registration of the Bonds in the RNV or in BMV, or if the Approvals are not longer in effect;

  

	 	g)	 In the event of commencement of certain acts towards concurso mercantil, bankruptcy, liquidation or dissolution of the Issuer; or in the
event of concurso mercantil, bankruptcy, liquidation or dissolution of a subsidiary of the Issuer, which has a materially adverse effect on the financial position of the Issuer, or in the event that a legal action is commenced against the
Issuer or its subsidiaries, and the nature of such action prevents their normal operations, or the compliance with the obligations of the Issuer under the terms of the Bonds; 

 

	 	h)	 In the event that the financial, legal or accounting situation of the Issuer, presents material adverse differences than the conditions that the
Underwriters were aware, and were included in the Prospectus; 

  

	 	i)	 In the event that there are economic or political events, or events of any nature, that given their importance, prevent, affect or restrict in a
material way the ability of the Underwriters to comply with their obligations set forth herein; and 

  

	 	j)	 If, by any reason, the Common Representative is unable to act in such capacity, and a new common representative is not appointed to replace the
Common Representative to perform its duties. 

 The obligations of the Underwriters shall
terminate, and the Underwriters shall be released from performing such obligations, as if such obligations were never existed, if any of the resolutory conditions set forth above are met (and such events were not cured or amended by the parties).

  

 13 

 The Underwriters may cure or amend any of the above mentioned resolutory
conditions by written notice to the Issuer. 
 The parties hereby agree that in the event that any of the
resolutory conditions occur, the obligations of the Issuer to reimburse to the Underwriters the expenses agreed to be reimbursed in Clause Tenth in accordance to the terms of such Clause Tenth, as well as the indemnification obligations assumed by
the Issuer in accordance with Clause Eleventh, shall continue in effect, except in the event that the resolutory condition was caused by acts that are not imputable to the Issuer. 

TENTH. Expenses. With respect to the execution and delivery of this Agreement, and the placement of the Bonds, the
Issuer hereby agrees to pay all the expenses and fees, including, without limitation, the publications of the notices of public offer related to the Public Offer, the expenses in connection with obtaining the Approvals, expenses payable to CNBV, BMV
or Indeval, as well as the expenses of the officers of the Issuer that will attend meetings with potential investors and any other related expenses, as well as the reasonable and documented attorney’s, tax, and accounting fees incurred by the
Underwriters. 
 Such expenses and fees shall be paid by Issuer to the party that is entitled to them, not later
than ten (10) business days following the delivery of a written statement that complies with the applicable fiscal provisions. 

The obligation assumed by Issuer pursuant to this Clause shall be in force and effect, even that the obligations of the
Underwriters are terminated or resolved under the terms of this Agreement. 
 ELEVENTH. Indemnification.
(a) The Issuer hereby agrees to indemnify and hold harmless each Underwriter and the financial institutions that form the same financial group in Mexico, and that the Underwriters may be part of such financial group, whose holding company are
Grupo Financiero Santander, S.A.B. de C.V., Grupo Financiero HSBC, Grupo Financiero Banamex, Grupo Financiero BBVA Bancomer, and any member of the economic group identified as Banco Bilbao Vizcaya Argentaria, S.A.,
respectively (together, the “Affiliates”), as well as the directors, officers and employees of the Underwriters and their Affiliates, including any person in Mexico that controls the Underwriters or their Affiliates, from and
against any claim, 
  

 14 

 
proceeding, judgment or lawsuit against any of them, in connection with the execution and delivery of this Agreement or the performance by the Underwriters of their obligations under this
Agreement, or as a result of their acts under this Agreement and the applicable law with respect to the Public Offer, or derived from: (i) any omission or untrue or misleading statement by the Issuer contained in the Prospectus, and
(ii) any omission, or untrue or misleading statement by the Issuer that is contained in this Agreement or in any material or document prepared by the Issuer. Consequently, the Issuer hereby agrees to pay and reimburse to the Underwriters, their
Affiliates, and their shareholders, directors, officers and employees, as well as any person in Mexico that controls any Underwriter and Affiliates, respectively in the event any of them incurs in expenses (including reasonable and documented
attorney’s fees and expenses), or suffers a loss in connection with a claim, judicial procedure, lawsuit commenced against the Underwriters, their Affiliates, their shareholders, directors, officers or employees, as well as any person in Mexico
that controls any Underwriter and Affiliates, in connection with the acts or facts mentioned herein, or in connection with such omissions or untrue or misleading information, unless such losses or expenses were caused by the fault, bad faith or
willful misconduct of the Underwriters, their Affiliates, or their directors, officers, employees, legal representatives or advisers, as well as any person in Mexico that controls any Underwriter and Affiliates, which are determined by a judge or
court of competent jurisdiction in a definitive judgment not subject to appeal. 
 The obligations that each of
the Underwriters are assuming pursuant to this Agreement are individual, and not joint obligations, consequently, the non-performance of the obligations by any of the Underwriters shall not imply the non performance of the obligations by the other
Underwriters. 
 The obligation assumed by the parties pursuant to this Clause shall continue to be in force and
effect, even if this Agreement is terminated or the obligations of the parties are terminated or resolved under the terms of this Agreement. 

TWELFTH. Term of this Agreement. This Agreement shall become effective upon the Date of the Offer, and shall
terminate in the date in which all the parties have complied with their obligations under this Agreement, unless the Agreement is resolved in accordance with the terms of Clause Eighth above, or in the event of default of any obligation set forth in
this Agreement. 
  

 15 

 The obligations assumed by the Issuer in accordance with Clause Ninth and
Tenth above, shall remain effective, notwithstanding the provisions set forth in the last paragraph, and under the terms set forth in such Clauses. 

THIRTEENTH. Notices. All notices and communications that the parties are required under this Agreement must me in
writing, sent by certified mail, return receipt requested, fax or by any other mean that assures the receipt by the addressee, addressed to the domiciles set forth below. The notices and communications shall be directed to the following addresses or
fax numbers, as the case may be: 
 CEMEX, S.A.B. de C.V.: 

Avenida Ricardo Margain #325 

Colonia Valle del Campestre 

San Pedro Garza García, N.L. México C.P. 66265 

Fax: (81) 8888 – 4432 

Casa de Bolsa Santander, S.A. de C.V., Grupo Financiero Santander: 

Prol. Paseo de la Reforma No. 500, Módulo 110, Colonia Lomas de Santa Fe, 

México, Distrito Federal, 01219 

Fax: (55) 5261 – 5162 

HSBC Casa de Bolsa, S.A. de C.V., Grupo Financiero HSBC: 

Paseo de la Reforma #347, Piso 15 

Colonia Cuauhtémoc 

México, Distrito Federal, 06500 

Fax: (55) 5721 – 3403 

Acciones y Valores Banamex, S.A. de C.V. Casa de Bolsa, integrante del Grupo Financiero Banamex: 

Actuario Roberto Medellín No.800, Piso 5 Norte, 

Colonia Santa Fe, 

México, Distrito Federal, 01210, México 

Fax: (55) 2226-7651 

Casa de Bolsa BBVA Bancomer S.A. de C.V., Grupo Financiero BBVA Bancomer: 

Montes Urales 620 piso 2 

Col. Lomas de Chapultepec 

México, Distrito Federal, C.P. 11000 

Fax: (55) 5201 – 2054 
  

 16 

 FOURTEENTH. Prior Agreements. This Agreement contains the agreement
of the parties with respect to the rights and obligations that each of them are obtaining or assumed, as the case may be, with respect to the subject matter of this Agreement, superseding any other agreement or understanding, either oral or written,
entered by the parties with respect of such subject matter. 
 FIFTEENTH. Confidentiality. The parties
hereby agree that their officers and employees shall keep confidentiality with respect to the information and documents received by them in connection with the underwriting of Bonds. Under the same terms, the parties hereby agree that their
employees, subsidiaries and affiliates shall abstain from disclosing the information delivered to them as confidential. 

The foregoing, unless in the event that such information and documentation (i) is or becomes available to the
public, other than as a result of a disclosure by the Underwriters or the Issuer or their representatives, officers or employees in breach of this section; (ii) has become available to the Issuer or the Underwriters, on a non-confidential basis
from a source that has the right or is authorized to disclose such information; (iii) is available to the Underwriters or the Issuer on a non-confidential basis prior to disclosure under this Agreement, (iv) the parties agree that the
information may be disclosed; (v) was prepared by any officer, employee or agent of the Underwriters without reference or use of the confidential information, and (vi) in the event of a request of information issued by competent
authorities, and if the information should be included in the Prospectus in accordance with the Mexican Securities Market Law, the Credit Institutions Law and any other applicable legal provision. 

SIXTEENTH. Governing Law. This Agreement shall be governed and construed in accordance with the applicable laws of
Mexico, Federal District, Mexico. 
 SEVENTEENTH. Jurisdiction. For the interpretation and enforcement of
this Agreement, the parties hereby agree to submit themselves to the jurisdiction of the competent courts sitting in Mexico City, Federal District, Mexico, and hereby waive any other forum that may correspond to them by reason of their current or
future domiciles, or by any other reason whatsoever. 
  

 17 

 The parties are in agreement with the contents of this Agreement, and the parties hereby
execute five (5) counterparts, in Mexico City, Federal District, Mexico, as of December 3, 2009. 
 [SIGNATURE PAGES
FOLLOW] 
  

 18 

 CEMEX, S.A.B. de C.V. 

/s/ Humberto Javier Moreira Rodríguez 

Humberto Javier Moreira Rodríguez 

Attorney-in-fact 

 Casa de Bolsa Santander, S.A. de C.V., 

Grupo Financiero Santander 

/s/ Octaviano Carlos Couttolenc Mestre 

Octaviano Carlos Couttolenc Mestre 

Attorney-in-fact 

/s/ Gerardo Manuel Freire Alvarado 

Gerardo Manuel Freire Alvarado 

Attorney-in-fact 

Page Number 20 (only for signatures) of the Underwriting Agreement of Mandatory Convertible Bonds into Ordinary Participation
Certificates, Representing Shares of Stock of CEMEX, S.A.B. de C.V., dated as of December 3, 2009. 

 HSBC Casa de Bolsa, S.A. de C.V., 

Grupo Financiero HSBC 

/s/ Fernando Pérez Saldívar 

Fernando Pérez Saldívar 

Attorney-in-fact 

 Acciones y Valores Banamex, S.A. de C.V., 

Casa de Bolsa, Integrante del Grupo Financiero Banamex 

/s/ Ignacio Gómez-Daza Alarcón 

Ignacio Gómez-Daza Alarcón 

Attorney-in-fact 

 Casa de Bolsa BBVA Bancomer, S.A. de C.V., 

Grupo Financiero BBVA Bancomer 

/s/ Ruy Halffter Marcet 

Ruy Halffter Marcet 

Attorney-in-fact 

/s/ Gonzalo Manuel Mañón Suárez 

Gonzalo Manuel Mañón Suárez 

Attorney-in-fact 

 CERTIFICATION 

The undersigned, DAVID A. GONZALEZ VESSI, Official Translator authorized by the Superior Court of the State of Nuevo Leon, further to
Approval number 861/2010 issued as of January 25, 2010, HEREBY CERTIFIES THAT: 
 The preceding document is a true and
accurate translation from the Spanish language to the English language of the Underwriting Agreement of Mandatory Convertible Bonds into Ordinary Participation Certificates, Representing Shares of Stock of CEMEX, S.A.B. de C.V., dated as of
December 3, 2009. This certification is issued for any and all legal purposes. 
 Monterrey, N.L., as of March 11, 2010

 /s/ DAVID A. GONZALEZ VESSI 

DAVID A. GONZALEZ VESSI 
  

 24Purchase Agreement (U.S. $1,250,000,000 9.5% Senior Secured Notes due 2016)

 Exhibit 4.46 

Execution Version 

CEMEX Finance LLC 

U.S.$1,250,000,000 

9.500% SENIOR SECURED NOTES DUE 2016 

PURCHASE AGREEMENT 

December 9, 2009 
 Citigroup
Global Markets Inc. 
 Banc of America Securities LLC 

Barclays Capital Inc. 
 J.P. Morgan Securities
Inc. 
 As Representatives of the Initial Purchasers 

c/o Citigroup Global Markets Inc. 

388 Greenwich Street 

New York, New York 10013 

Ladies and Gentlemen: 

CEMEX Finance LLC, a Delaware limited liability company (the “Issuer”), an indirect subsidiary of CEMEX, S.A.B.
de C.V., a publicly traded stock corporation with variable capital (sociedad anónima bursátil de capital variable) organized under the laws of Mexico (the “Company”), proposes to issue and sell to the several parties
named in Schedule I hereto (the “Initial Purchasers”), for whom you (the “Representatives”) are acting as representatives, U.S.$1,250,000,000 principal amount of its 9.500% Senior Secured Notes due 2016 (the
“Securities”). The Securities will be unconditionally guaranteed (the “Guarantees”) by each of (i) the Company, CEMEX México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V. and CEMEX Concretos, S.A. de
C.V. (collectively, the “Mexican Note Guarantors”), (ii) New Sunward Holding B.V. (“New Sunward”), (iii) CEMEX España, S.A. (“CEMEX España”); and (iv) CEMEX Corp. (the “U.S. Note
Guarantor” and together with the Mexican Note Guarantors, CEMEX España and New Sunward, the “Note Guarantors”), and are to be issued under an indenture (the “Indenture”), to be dated as of the Closing Date, among the
Issuer, the Note Guarantors and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”). To the extent there are no additional parties listed on Schedule I other than you, the term Representatives as
used herein shall mean you as the Initial Purchasers, and the terms Representatives and Initial Purchasers shall mean either the singular or plural as the context requires. The use of the neuter in this Agreement shall include the feminine and
masculine wherever appropriate. Certain terms used herein are defined in Section 25 hereof. 
 The
Securities will be secured in accordance with the terms of the Intercreditor Agreement, by a first-priority security interest in the Collateral, but holding a Security will not grant its holders the right to direct the foreclosure or the right to
foreclose on the Collateral. 

 The sale of the Securities to the Initial Purchasers will be made without
registration of the Securities under the Act in reliance upon exemptions from the registration requirements of the Act. 

In connection with the sale of the Securities, the Company has prepared a preliminary offering memorandum, dated
December 1, 2009 (as amended or supplemented at the date thereof, including any and all exhibits thereto and any information incorporated by reference therein, the “Preliminary Memorandum”), and a final offering memorandum, dated
December 9, 2009 (as amended or supplemented at the Execution Time, including any and all exhibits thereto and any information incorporated by reference therein, the “Final Memorandum”). Each of the Preliminary Memorandum and the
Final Memorandum sets forth certain information concerning the Company and the Securities. The Company hereby confirms that it has authorized the use of the Disclosure Package, the Preliminary Memorandum and the Final Memorandum, and any amendment
or supplement thereto, in connection with the offer and sale of the Securities by the Initial Purchasers. Unless stated to the contrary, any references herein to the terms “amend”, “amendment” or “supplement” with
respect to the Disclosure Package, the Preliminary Memorandum and the Final Memorandum shall be deemed to refer to and include any information filed under the Exchange Act subsequent to the Execution Time that is incorporated by reference therein.

 It is understood that the Issuer is concurrently entering into a purchase agreement (the “Euro
Purchase Agreement”) with the several initial purchasers thereunder providing for the sale by the Issuer of an aggregate of € 350,000,000 principal amount of its 9.625% Senior Secured Notes due 2017 (the “Euro Denominated
Securities”). In connection with the sale of the Euro Denominated Securities, the Company has prepared a preliminary offering memorandum, dated December 7, 2009, and a final offering memorandum, dated December 9, 2009, substantially
in the same form as the Preliminary Memorandum and the Final Memorandum, respectively. The Euro Denominated Securities will share in the Collateral and benefit from the same guarantees as the Securities. 

1. Representations and Warranties. The Issuer represents and warrants to each Initial Purchaser as set forth below
in this Section 1: 
 (a) The Preliminary Memorandum, at the date thereof, did not contain any untrue
statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. At the Execution Time and on the Closing Date the Final
Memorandum did not and will not (and any amendment or supplement thereto, at the date thereof and at the Closing Date, will not) contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Issuer makes no representation or warranty as to the information contained in or omitted from the Preliminary Memorandum
or the Final Memorandum, or any amendment or supplement thereto, in reliance upon and in conformity with information furnished in writing to the Issuer by or on behalf of the Initial Purchasers through the Representatives specifically for inclusion
therein, it being understood and agreed that the only such information furnished by or on behalf of any Initial Purchaser consists of the information described as such in Section 8(b) hereof. 

 

 2 

 (b) The Disclosure Package, as of the Execution Time, does not contain any
untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to
statements in or omissions from the Disclosure Package based upon and in conformity with written information furnished to the Issuer by any Initial Purchaser through the Representatives specifically for use therein, it being understood and agreed
that the only such information furnished by or on behalf of any Initial Purchaser consists of the information described as such in Section 8(b) hereof. 

(c) None of the Issuer, any of the Note Guarantors or any person acting on its or their behalf has, directly or
indirectly, made offers or sales of any security, or solicited offers to buy, any security under circumstances that would require the registration of the Securities under the Act. 

(d) None of the Issuer, any of the Note Guarantors or any person acting on its or their behalf has: (i) engaged in
any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Securities or (ii) engaged in any directed selling efforts (within the meaning of Regulation S) with
respect to the Securities; and each of the Issuer, the Note Guarantors and each person acting on its or their behalf has complied with the offering restrictions requirement of Regulation S. 

(e) The Securities satisfy the eligibility requirements of Rule 144A(d)(3) under the Act. 

(f) No registration of the Securities under the Act is required for the offer and sale of the Securities to or by the
Initial Purchasers in the manner contemplated herein, in the Disclosure Package and in the Final Memorandum. 

(g) Neither the Issuer nor any of the Note Guarantors is, and after giving effect to the offering and sale of the
Securities and the application of the proceeds thereof as described in the Disclosure Package and the Final Memorandum, will not be, an “investment company” as defined in the Investment Company Act. 

(h) Neither the Issuer nor any of the Note Guarantors has paid or agreed to pay to any person any compensation for
soliciting another to purchase any securities of the Issuer or such Note Guarantor (except as contemplated in this Agreement). 

(i) Neither the Issuer nor any of the Note Guarantors has taken, directly or indirectly, any action designed to or that
has constituted or that might reasonably be expected to cause or result, under the Exchange Act or otherwise, in stabilization or manipulation of the price of any security of the Issuer or such Note Guarantor to facilitate the sale or resale of the
Securities. 
 (j) The Issuer and each of the Note Guarantors have been duly organized and are validly existing
and, if applicable, in good standing under the laws of the jurisdiction in which they are chartered or organized with power and authority to own or lease, as the case may be, and to operate their properties and conduct their businesses as described
in the Disclosure Package and the Final Memorandum, and, if applicable, are duly qualified to do business as foreign 

 

 3 

 
corporations and are in good standing under the laws of each jurisdiction that requires such qualification or such person is subject to no material liability or disability by reason of the
failure to be so qualified. 
 (k) All the outstanding shares of capital stock or other equity interests of the
Company have been duly authorized and validly issued and are fully paid and nonassessable, and, except as otherwise set forth in the Disclosure Package and the Final Memorandum, all outstanding shares of capital stock or other equity interests of
the subsidiaries of the Company are owned directly or indirectly by the Company either directly or through wholly-owned and majority-owned subsidiaries, except as set forth in the Disclosure Package and the Final Memorandum, free and clear of any
security interest, claim, lien or encumbrance; except for the security interest created under the Transaction Security Documents. 

(l) (i) The statements in the Preliminary Memorandum and the Final Memorandum under the headings “Important Federal
Tax Considerations” and “Description of Notes”; and (ii) the statements in the Preliminary Memorandum and the Final Memorandum under the heading “Recent Developments — Recent Developments Relating to Our Regulatory
Matters and Legal Proceedings”, taken together with the statements in the Company’s annual report on Form 20-F for the year ended December 31, 2008 under the heading “Regulatory Matters and Legal Proceedings”, as updated by
the statements in the Company’s report on Form 6-K, filed with the Commission on September 21, 2009 under the heading “Recent developments relating to our regulatory matters and legal proceedings”, in each case incorporated by
reference therein; insofar as they purport to describe the provisions of the laws and documents referred to therein, fairly summarize the matters therein described in all material respects. 

(m) This Agreement has been duly authorized, executed and delivered by the Issuer and each of the Note Guarantors; the
Indenture, including the Guarantees provided for therein by each of the Note Guarantors, has been duly authorized by the Issuer and each of the Note Guarantors and, assuming due authorization, execution and delivery thereof by the Trustee, when
executed and delivered by the Issuer and each of the Note Guarantors, will constitute a legal, valid, binding instrument enforceable against the Issuer and each of the Note Guarantors in accordance with its terms (subject, as to the enforcement of
remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general principles of equity); and the Securities have been duly authorized, and,
when executed, authenticated and issued in accordance with the provisions of the Indenture and delivered to and paid for by the Initial Purchasers, will have been duly executed and delivered by the Issuer and will constitute the legal, valid and
binding obligations of the Issuer entitled to the benefits of the Indenture (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from
time to time in effect and to general principles of equity). 
 (n) As of the Closing Date, the Securities are
duly secured by a first-priority security interest in the Collateral on an equal and ratable basis with (i) the indebtedness under the Financing Agreement, (ii) the Euro Denominated Notes: and (iii) the notes (or similar instruments,
including certificados bursátiles) outstanding on the date of the Financing Agreement which are not subject to the Financing Agreement but are required to be secured pursuant to their terms, but holding a Security will not grant its
holders the right to direct the foreclosure or the right to foreclose on the Collateral. 
  

 4 

 (o) The shares that constitute the Collateral are fully paid and non
assessable and not subject to any option to purchase or similar rights and are free and clear of any lien, pledge, security interest or encumbrance, except for the security interest created under the Transaction Security Documents. The
constitutional documents of the companies whose shares are subject to the Collateral do not and could not restrict or inhibit any transfer of those shares on creation or enforcement of the Collateral. There are no agreements in force which provide
for the issue or allotment of, any share or loan capital of the Company or any of its subsidiaries (including any option or right of pre-emption or conversion) other than pre-emptive rights (i) arising under applicable law in favor of
shareholders generally; and (ii) arising under any obligation in respect of any stock option plan, restricted stock plan or retirement plan which the Company or any of its subsidiaries customarily provides to its employees, consultants and
directors. 
 (p) Under the Transaction Security Documents, the Collateral is granted over all the issued share
capital in each of the Company and its subsidiaries whose shares are subject to the Collateral except: 
  

	 	(i)	 in the case of CEMEX España: 

  

	 	(A)	 0.3602% of the issued share capital, comprised of shares owned by subsidiaries of CEMEX España; and 

 

	 	(B)	 0.1716% of the issues share capital, comprised of shares owned by persons that are not subsidiaries or affiliates of the Company;

  

	 	(ii)	 in the case of CEMEX Trademarks Holding Ltd., 0.4326% of the issues share capital, comprised of shares owned by CEMEX Inc.;

  

	 	(iii)	 in the case of each Mexican company whose shares are the subject to the Collateral (except in the case of CEMEX México, S.A. de C.V.), the
single share held by a minority shareholder that is either the Company or any of its subsidiaries; 

  

	 	(iv)	 in the case of CEMEX México, S.A. de C.V., 0.1245% of the issued share capital, comprised of shares owned by CEMEX, Inc.;

  

	 	(v)	 in the case of CEMEX Concretos, S.A. de C.V., 0.0357% of the issued share capital, comprised of shares owned by CEMEX, Inc. and 0.0131% of the
issued share capital comprised of shares owned by third parties. 

 (q) No consent, approval,
authorization, filing with or order of any court or governmental agency or body is required in connection with the transactions contemplated herein or in the Indenture, except (i) such as may be required under the blue sky laws or other state
securities laws of any jurisdiction in which the Securities are offered and sold and, (ii) for the approval of the Securities for listing on the Luxembourg Stock Exchange. 

 

 5 

 (r) None of the execution and delivery of this Agreement, the Indenture, the
issuance and sale of the Securities, the Financing Agreement, and the Transaction Security Documents or the consummation of any other of the transactions herein or therein contemplated, or the fulfillment of the terms hereof or thereof will conflict
with, or result in a breach or violation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its subsidiaries (other than the Collateral), pursuant to (i) the organizational documents of the
Company or any of its subsidiaries; (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Company or any of its
subsidiaries is a party or bound or to which its or their property is subject (including the Financing Agreement and the Transaction Security Documents); or (iii) any statute, law, rule, regulation, judgment, order or decree of any court,
regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company’s or any of its subsidiaries’ properties, which conflict, breach, violation or imposition would, in the case of
clauses (ii) and (iii) above, either individually or in the aggregate with all other conflicts, breaches, violations and impositions referred to in this paragraph (r) (if any), have (x) a Material Adverse Effect (as defined
below) or (y) a material adverse effect upon the transactions contemplated herein or any Initial Purchaser. 

(s) The consolidated historical financial statements and schedules of the Company and its consolidated subsidiaries
included or incorporated by reference in the Disclosure Package and the Final Memorandum present fairly in all material respects the financial condition, results of operations and cash flows of the Company and its consolidated subsidiaries as of the
dates and for the periods indicated and have been prepared in conformity with Mexican FRS applied on a consistent basis throughout the periods involved (except as otherwise noted therein); the selected financial data set forth under the caption
“Selected Financial Information” in the Preliminary Memorandum and the Final Memorandum fairly present, on the basis stated in the Preliminary Memorandum and the Final Memorandum, the information included therein. 

(t) No action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving the Company or any of its subsidiaries or their respective property is pending or, to the best knowledge of the Issuer, threatened that (i) could reasonably be expected to have a material adverse effect on the performance of this
Agreement, the Indenture, the Financing Agreement and the Transaction Security Documents or the consummation of any of the transactions contemplated hereby or thereby or (ii) could reasonably be expected to have a material adverse effect on the
condition (financial or otherwise), prospects, earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business (a “Material Adverse
Effect”), except as set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 

(u) Each of the Company and its subsidiaries owns or leases all such properties as are necessary to the conduct of its
operations as presently conducted except (i) for such properties the loss of which would not reasonably be expected to result in a Material Adverse Effect and (ii) as set forth in or contemplated in the Disclosure Package and the Final
Memorandum (exclusive of any amendment or supplement). 
  

 6 

 (v) Neither the Company nor any of its subsidiaries is in violation or
default of (i) any provision of its organizational documents; (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to
which it is a party or bound or to which its property is subject (including the Financing Agreement and the Transaction Security Documents); or (iii) any statute, law, rule, regulation, judgment, order or decree applicable to the Company or any
of its subsidiaries of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or any of its subsidiaries or any of their respective properties, as applicable, except
for such violations or defaults which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

(w) KPMG Cárdenas Dosal, S.C., which has certified certain financial statements of the Company and its
consolidated subsidiaries and delivered its report with respect to the audited consolidated financial statements and schedules included or incorporated by reference in the Disclosure Package and the Final Memorandum, are independent auditors with
respect to the Company in accordance with local accounting rules, which are substantially the same as those contemplated by Rule 10A of the Code of Professional Conduct of the American Institute of Certified Public Accountants. 

(x) There are no stamp or other issuance or transfer taxes or duties or other similar fees or charges required to be paid
in connection with the execution and delivery of this Agreement or the issuance or sale by the Issuer of the Securities. 

(y) The Company and each of its subsidiaries have filed all applicable tax returns that are required to be filed by them
or have requested extensions of the period applicable for the filing of such returns (except in any case in which the failure so to file would not have a Material Adverse Effect and except as set forth in or contemplated in the Disclosure Package
and the Final Memorandum (exclusive of any amendment or supplement thereto)) and have paid all taxes required to be paid by them and any other assessment, fine or penalty levied against them, to the extent that any of the foregoing is due and
payable, except for any such tax, assessment, fine or penalty that is currently being contested in good faith or as would not have a Material Adverse Effect and except as set forth in or contemplated in the Disclosure Package and the Final
Memorandum (exclusive of any amendment or supplement thereto). 
 (z) No labor problem or dispute with the
employees of the Company or any of its subsidiaries exists or is threatened or imminent, and the Issuer is not aware of any existing or imminent labor disturbance by the employees of any of its subsidiaries’ principal suppliers, contractors or
customers, except as would not have a Material Adverse Effect and except as set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 

(aa) No subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the
Company, from making any other distribution on such subsidiary’s capital stock or ownership interest, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary’s
property or assets to the Company or any other subsidiary of the Company, except as described in or contemplated in the Disclosure Package or the Final Memorandum (in each case, exclusive of any amendment or supplement thereto). 

 

 7 

 (bb) The Company and each of its subsidiaries are insured by insurers of
recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged; all policies of insurance and fidelity or surety bonds insuring the Company or any of its
subsidiaries or any of their respective businesses, assets, employees, officers and directors are in full force and effect; the Company and its subsidiaries are in compliance in all material respects with the terms of such policies and instruments;
there are no material claims by the Company or any of its subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause; neither the Company nor any of its
subsidiaries has been refused any material insurance coverage sought or applied for; and neither the Company nor any of its subsidiaries has reason to believe that it will not be able to renew its existing insurance coverage as and when such
coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect except as set forth in or contemplated in the Disclosure Package and the Final
Memorandum (exclusive of any amendment or supplement thereto). 
 (cc) The Company and each of its subsidiaries
possess all licenses, certificates, permits and other authorizations issued by all applicable authorities necessary to conduct their respective businesses, except to the extent that the failure to have such license, certificate, permit or
authorization would not reasonably be expected to have a Material Adverse Effect and except, as described in or contemplated in the Disclosure Package or the Final Memorandum (exclusive of any amendment or supplement thereto), and neither the
Company nor any of its subsidiaries have received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision,
ruling or finding, would have a Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 

(dd) The Company and each of its subsidiaries maintain a system of internal accounting controls sufficient to provide
reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with
Mexican FRS and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with the
existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company’s and each of its subsidiaries’ internal controls over financial reporting are effective, and neither the Company nor any
of its subsidiaries is aware of any material weakness in its internal control over financial reporting. The Company and each of its subsidiaries maintains “disclosure controls and procedures” (as such term is defined in Rule 13a-15(e)
under the Exchange Act) and such disclosure controls and procedures are effective. 
 (ee) Each of the Company
and its subsidiaries (i) is in compliance with any and all applicable laws and regulations relating to the protection of human health and safety, the 

 

 8 

 
environment or hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”); (ii) has received and is in compliance with all permits, licenses or
other approvals required under applicable Environmental Laws to conduct its businesses; and (iii) has not received notice of any actual or potential liability under any Environmental Law, except where such non-compliance with Environmental
Laws, failure to receive required permits, licenses or other approvals, or liability would not, individually or in the aggregate, have a Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package and the Final
Memorandum (exclusive of any amendment or supplement thereto). Except as set forth in the Disclosure Package and the Final Memorandum, neither the Company nor any of its subsidiaries has been named as a “potentially responsible party”
under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended. 
 (ff) In
the ordinary course of its business, the Company periodically reviews the effect of Environmental Laws on the business, operations and properties of the Company and its subsidiaries, in the course of which it identifies and evaluates associated
costs and liabilities (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws, or any permit, license or approval, any related constraints on operating
activities and any potential liabilities to third parties); on the basis of such review, the Company has reasonably concluded that such associated costs and liabilities would not, singly or in the aggregate, have a Material Adverse Effect, except as
set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 

(gg) The operations of the Company and each of its subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any
governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with
respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened. 
 (hh)
None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee or Affiliate of the Company or any of its subsidiaries is currently subject to any sanctions administered by the Office of
Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”); and the Issuer will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. There is and has been no failure on the part of the
Company and or of the Company’s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley
Act”), including Section 402 relating to loans and Sections 302 and 906 relating to certifications. 

(ii) None of the Company, any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent,
employee or Affiliate of the Company is aware of or has 
  

 9 

 
taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the
“FCPA”), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other
property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political
office, in contravention of the FCPA; and the Company, its subsidiaries and, to the knowledge of the Company, its Affiliates have conducted their respective businesses in compliance with the FCPA and have instituted and maintain policies and
procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. 

(jj) Any certificate signed by any officer of the Company or any of its subsidiaries and delivered to the Representatives
or counsel for the Initial Purchasers in connection with the offering of the Securities shall be deemed a representation and warranty by the Issuer, as to matters covered thereby, to each Initial Purchaser. 

2. Purchase and Sale. Subject to the terms and conditions and in reliance upon the representations and warranties
herein set forth, the Issuer agrees to sell to each Initial Purchaser, and each Initial Purchaser agrees, severally and not jointly, to purchase from the Issuer, at a purchase price of 99.1530% of the principal amount thereof, plus accrued interest,
if any, from December 14, 2009 to the Closing Date, the principal amount of Securities set forth opposite such Initial Purchaser’s name in Schedule I hereto. The Initial Purchasers may acquire the Securities through any of their
Affiliates. 
 3. Delivery and Payment. Delivery of and payment for the Securities shall be made at 10:00
A.M., New York City time, on December 14, 2009, or at such time on such later date not more than three Business Days after the foregoing date as the Representatives shall designate, which date and time may be postponed by agreement between the
Representatives and the Issuer or as provided in Section 9 hereof (such date and time of delivery and payment for the Securities being herein called the “Closing Date”). Delivery of the Securities shall be made to the Representatives
for the respective accounts of the several Initial Purchasers against payment by the several Initial Purchasers through the Representatives of the purchase price thereof to or upon the order of the Company by wire transfer payable in same-day funds
to the account specified by the Company. Delivery of the Securities shall be made through the facilities of The Depository Trust Company and any other relevant clearing system unless the Representatives shall otherwise instruct. 

4. Offering by Initial Purchasers. (a) Each Initial Purchaser acknowledges that the Securities have not been
and will not be registered under the Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Act. 
  

 10 

 (b) Each Initial Purchaser, severally and not jointly, represents and
warrants to and agrees with the Issuer that: 
 (i) it has not offered or sold, and will not
offer or sell, any Securities within the United States or to, or for the account or benefit of, U.S. persons (x) as part of their distribution at any time or (y) otherwise until 40 days after the later of the commencement of the offering
and the date of the closing of the offering except: 
  

	 	(A)	 to those it reasonably believes to be “qualified institutional buyers” (as defined in Rule 144A under the Act) or

  

	 	(B)	 in accordance with Rule 903 of Regulation S; 

(ii) neither it nor any person acting on its behalf has made or will make offers or sales of the
Securities in the United States by means of any form of general solicitation or general advertising (within the meaning of Regulation D); 

(iii) in connection with each sale pursuant to Section 4(b)(i)(A), it has taken or will take
reasonable steps to ensure that the purchaser of such Securities is aware that such sale may be made in reliance on Rule 144A; 

(iv) neither it, nor any of its Affiliates nor any person acting on its or their behalf has engaged or
will engage in any directed selling efforts (within the meaning of Regulation S) with respect to the Securities; 

(v) it is an “accredited investor” (as defined in Rule 501(a) of Regulation D); 

(vi) it has complied and will comply with the offering restrictions requirement of Regulation S;

 (vii) at or prior to the confirmation of sale of Securities (other than a sale of Securities
pursuant to Section 4(b)(i)(A) of this Agreement), it shall have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases Securities from it during the distribution compliance period
(within the meaning of Regulation S) a confirmation or notice to substantially the following effect: 

“The Securities covered hereby have not been registered under the U.S. Securities Act of 1933 (the “Act”)
and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the offering
and the date of closing of the offering, except in either case in accordance with Regulation S or Rule 144A under the Act. Terms used in this paragraph have the meanings given to them by Regulation S.”; 

(viii) it has only communicated or caused to be communicated and will only communicate or cause to be
communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial 

 

 11 

 
Services and Markets Act 2000 (the “FSMA”)) received by it in connection with the issue or sale of any Securities, in circumstances in which Section 21(1) of the FSMA does not
apply to the Issuer; 
 (ix) it has complied and will comply with all applicable provisions of
the FSMA with respect to anything done by it in relation to the Securities in, from or otherwise involving the United Kingdom; and 

(x) in relation to each Member State of the European Economic Area which has implemented the Prospectus
Directive (each, a “Relevant Member State”), it has not made and will not make an offer to the public of any Securities which are the subject of the offering contemplated by this Agreement in that Relevant Member State, except that it may
make an offer to the public in that Relevant Member State of any Securities at any time under the following exemptions under the Prospectus Directive, if they have been implemented in that Relevant Member State: 

 

	 	(A)	 to legal entities which are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate
purpose is solely to invest in securities; 

  

	 	(B)	 to any legal entity which has two or more of (i) an average of at least 250 employees during the last financial year, (ii) a total balance
sheet of more than €43,000,000 and (iii) an annual turnover of more than €50,000,000, as shown in its last annual or consolidated accounts; 

 

	 	(C)	 to fewer than 100 natural or legal persons (other than qualified investors as defined in the Prospectus Directive) subject to obtaining the prior
written consent of the Representatives for any such offer; or 

  

	 	(D)	 in any other circumstances falling within Article 3(2) of the Prospectus Directive; 

provided that no such offer of Securities shall result in a requirement for the publication by the Issuer or any Initial
Purchaser of a prospectus pursuant to Article 3 of the Prospectus Directive. 
 For the purposes
of this provision, the expression an “offer to the public” in relation to any Securities in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the
Securities to be offered so as to enable an investor to decide to purchase any Securities, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression “Prospectus
Directive” means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State. 
  

 12 

 5. Agreements. The Issuer and the Note Guarantors agree, jointly and
severally, in each case with each Initial Purchaser that: 
 (a) The Company will furnish to each Initial
Purchaser and to counsel for the Initial Purchasers, without charge, during the Distribution Period (as defined in Section 5(c) below), as many copies of the materials contained in the Disclosure Package and the Final Memorandum and any
amendments and supplements thereto as they may reasonably request. 
 (b) The Company will prepare a final term
sheet, containing solely a description of final terms of the Securities and the offering thereof, in the form approved by you attached as Schedule II hereto. 

(c) The Company will not amend or supplement the Disclosure Package or the Final Memorandum other than by filing
documents under the Exchange Act that are incorporated by reference therein, without the prior written consent of the Representatives, which consent, following the Closing Date, may not be unreasonably withheld; provided, however, that
prior to the earlier of (i) the completion of the distribution of the Securities by the Initial Purchasers (as determined by the Representatives and communicated to the Company) and (ii) twelve (12) months after the date of the Final
Memorandum (the “Distribution Period”), the Company will not file any document under the Exchange Act that is incorporated by reference in the Disclosure Package or the Final Memorandum unless, prior to such proposed filing, the Company
has furnished the Representatives with a copy of such document for their review and the Representatives have not reasonably objected to the filing of such document. The Issuer will promptly advise the Representatives when any document filed under
the Exchange Act that is incorporated by reference in the Disclosure Package or the Final Memorandum shall have been filed with the Commission. 

(d) If at any time during the Distribution Period, any event occurs as a result of which the Disclosure Package or the
Final Memorandum, as then amended or supplemented, would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made or the
circumstances then prevailing, not misleading, or if it should be necessary to amend or supplement the Disclosure Package or the Final Memorandum to comply with applicable law, the Company will promptly (i) notify the Representatives of any
such event; (ii) subject to the requirements of Section 5(c), prepare an amendment or supplement that will correct such statement or omission or effect such compliance; and (iii) supply any supplemented or amended Disclosure Package
or Final Memorandum to the several Initial Purchasers and counsel for the Initial Purchasers without charge in such quantities as they may reasonably request. 

(e) Without the prior written consent of the Representatives, the Issuer and each of the Note Guarantors will not give to
any prospective purchaser of the Securities any written information concerning the offering of the Securities other than materials contained in the Disclosure Package, the Final Memorandum or any other offering materials prepared by or with the
prior written consent of the Representatives. For the avoidance of doubt, the foregoing shall not apply to any written information or other offering materials in connection with the offering of the Euro Denominated Securities. 

 

 13 

 (f) The Issuer will arrange, if necessary, for the qualification of the
Securities for sale by the Initial Purchasers under the laws of such jurisdictions as the Representatives may designate (including Japan and certain provinces of Canada) and will maintain such qualifications in effect so long as required for the
sale of the Securities; provided that in no event shall the Issuer be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to take any action that would subject it to service of process in suits, other
than those arising out of the offering or sale of the Securities, in any jurisdiction where it is not now so subject. The Issuer will promptly advise the Representatives of the receipt by the Issuer of any notification with respect to the suspension
of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose. 

(g) The Issuer will not, and will not permit any of its Affiliates to, resell any Securities that have been acquired by
any of them, except for Securities resold after the “40-day distribution compliance period” within the meaning of Rule 903 of Regulation S, (i) in a transaction registered under the Securities Act or (ii) in a transaction exempt
from the registration requirements under the Securities Act if such transaction does not cause the holding periods under Rule 144 under the Securities Act to be extended for other holders of Securities. 

(h) None of the Issuer, its Affiliates, or any person acting on its or their behalf will, directly or indirectly, make
offers or sales of any security, or solicit offers to buy any security, under circumstances that would require the registration of the Securities under the Act. 

(i) None of the Issuer, its Affiliates, or any person acting on its or their behalf will engage in any directed selling
efforts (within the meaning of Regulation S) with respect to the Securities; and each of them will comply with the offering restrictions requirement of Regulation S. 

(j) None of the Issuer, its Affiliates, or any person acting on its or their behalf will engage in any form of general
solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Securities in the United States. 

(k) For so long as any of the Securities are outstanding and are “restricted securities” within the meaning of
Rule 144(a)(3) under the Act, the Company, during any period in which it is not subject to and in compliance with Section 13 or 15(d) of the Exchange Act or it is not exempt from such reporting requirements pursuant to and in compliance with
Rule 12g3-2(b) under the Exchange Act, will provide to each holder of such restricted securities and to each prospective purchaser (as designated by such holder) of such restricted securities, upon the request of such holder or prospective
purchaser, any information required to be provided by Rule 144A(d)(4) under the Act. This covenant is intended to be for the benefit of the holders, and the prospective purchasers designated by such holders, from time to time of such restricted
securities. 
 (l) The Issuer will cooperate with the Representatives and use its best efforts to permit the
Securities to be eligible for clearance and settlement through The Depositary Trust Company (“DTC”), Euroclear Bank S.A./N.V. (“Euroclear”) and Clearstream Banking, S.A. (“Clearstream”), as applicable, and any other
relevant clearing system. 
  

 14 

 (m) Each of the Securities will bear, to the extent applicable, the legend
contained in “Transfer Restrictions” in the Preliminary Memorandum and the Final Offering Memorandum for the time period and upon the other terms stated therein. 

(n) Neither the Issuer nor any of the Note Guarantors will, for a period of 90 days following the Execution Time, without
the prior written consent of the Representatives, which consent shall not be unreasonably withheld, offer, sell, contract to sell, pledge or otherwise dispose of or enter into any transaction which is designed to, or might reasonably be expected to,
result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the Issuer or any of the Note Guarantors or any person in privity with the Issuer or any of the Note Guarantors,
directly or indirectly, or announce the offering of, any debt securities in the international capital markets that are issued or guaranteed by the Issuer or any of the Note Guarantors (other than the Securities and the Euro Denominated Securities).
For the avoidance of doubt, the foregoing will not restrict the ability of the Issuer or any of the Note Guarantors to offer, sell, contract to sell, pledge or otherwise dispose of or announce the offering of certificados bursátiles
and the Convertible Securities (as defined in the Preliminary Memorandum and the Final Memorandum) in the local Mexican market and to enter into securitization transactions. 

(o) The Company will not take, directly or indirectly, any action designed to, or that has constituted or that might
reasonably be expected to, cause or result, under the Exchange Act or otherwise, in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities. 

(p) The Company will, for a period of twelve months following the Execution Time, furnish to the Representatives
(i) all reports or other communications (financial or other) generally made available to its shareholders, and deliver such reports and communications to the Representatives as soon as they are available, unless such documents are furnished to
or filed with the Commission or any securities exchange on which any class of securities of the Company is listed and generally made available to the public and (ii) such additional information concerning the business and financial condition of
the Company as the Representatives may from time to time reasonably request (such statements to be on a consolidated basis to the extent the accounts of the Company and its subsidiaries are consolidated in reports furnished to its shareholders).

 (q) The Company will comply with all applicable securities and other laws, rules and regulations, including,
without limitation, the Sarbanes-Oxley Act, and use its best efforts to cause the Company’s directors and officers, in their capacities as such, to comply with such laws, rules and regulations, including, without limitation, the provisions of
the Sarbanes-Oxley Act. 
 (r) The Issuer and the Note Guarantors agree, jointly and severally, to pay the costs
and expenses relating to the following matters: (i) the preparation of the Indenture and the issuance of the Securities and the fees of the Trustee; (ii) the preparation, printing or reproduction of the materials contained in the
Disclosure Package and the Final Memorandum and each amendment or supplement to either of them; (iii) the printing (or reproduction) and delivery (including postage, air freight charges and charges for counting and packaging) of such copies of
the materials contained in the Disclosure Package and the Final Memorandum, and all 
  

 15 

 
amendments or supplements to either of them, as may, in each case, be reasonably requested for use in connection with the offering and sale of the Securities; (iv) the issuance and delivery
of the Securities; (v) any stamp or transfer taxes in connection with the original issuance and sale of the Securities; (vi) the printing (or reproduction) and delivery of this Agreement, any blue sky memorandum and all other agreements or
documents printed (or reproduced) and delivered in connection with the offering of the Securities; (vii) any registration or qualification of the Securities for offer and sale under the securities or blue sky laws of the several states, Japan,
the provinces of Canada and any other jurisdictions specified pursuant to Section 5(e) (including filing fees and the reasonable fees and expenses of counsel for the Initial Purchasers relating to such registration and qualification);
(viii) the transportation and other expenses incurred by or on behalf of the Company representatives in connection with presentations to prospective purchasers of the Securities; (ix) the fees and expenses of the Company’s accountants
and the fees and expenses of counsel (including local and special counsel) for the Company; (x) fees and expenses incurred in connection with listing the Securities on the Luxembourg Stock Exchange; (xi) the fees and expenses incurred in
connection with the rating of the Securities by Standard & Poor’s and Fitch Ratings; and (xii) all other costs and expenses incident to the performance by the Issuer of its obligations hereunder. 

(s) The Issuer and the Note Guarantors agree, jointly and severally, to reimburse the Representatives, on behalf of the
Initial Purchasers, for all their reasonable expenses incurred in connection with the sale of the Securities provided for herein (including, without limitation, reasonable fees, disbursements and expenses of legal advisors for the Initial
Purchasers). The reimbursement obligations of the Company in respect of the legal advisors for the Initial Purchasers pursuant to Sections 5(s) and 7 hereof and pursuant to Sections 5(s) and 7 of the Euro Purchase Agreement will be limited to
U.S.$600,000 (excluding reimbursements in respect of disbursements and expenses of such legal advisors). 
 (t)
The Issuer will apply the aggregate net proceeds from the offering of the Securities in the manner specified in the Final Memorandum under the heading “Use of Proceeds”. 

6. Conditions to the Obligations of the Initial Purchasers. The obligations of the Initial Purchasers to purchase
the Securities shall be subject to the accuracy of the representations and warranties of the Issuer contained herein at the Execution Time and the Closing Date, to the accuracy of the statements of the Issuer made in any certificates pursuant to the
provisions hereof, to the performance by the Issuer of its obligations hereunder and to the following additional conditions: 

(a) The Issuer shall have requested and caused Skadden, Arps, Slate, Meagher & Flom LLP, special U.S. counsel
for the Company, to furnish to the Representatives its opinion, tax opinion and negative assurance letter, each dated as of the Closing Date and addressed to the Representatives, substantially in the form of Schedule III attached hereto. 

(b) The Issuer shall have requested and caused Mr. Ramiro G. Villarreal, General Counsel for the Company, to
furnish to the Representatives his opinion, subject to certain applicable exceptions, qualifications and conditions acceptable to the Representatives, dated as of the Closing Date and addressed to the Representatives, substantially in the form of
Schedule IV attached hereto. 
  

 16 

 (c) The Issuer shall have requested and caused Clifford Chance SL, special
Spanish counsel to the Company, to furnish to the Representatives its opinion, subject to certain applicable exceptions, qualifications and conditions acceptable to the Representatives, dated as of the Closing Date and addressed to the
Representatives, substantially in the form of Schedule V attached hereto. 
 (d) The Issuer shall have requested
and caused Warendorf, special Dutch counsel to the Company, to furnish to the Representatives its opinion, subject to certain applicable exceptions, qualifications and conditions acceptable to the Representatives, dated as of the Closing Date and
addressed to the Representatives, substantially in the form of Schedule VI attached hereto. 
 (e) The Issuer
shall have requested and caused GHR Rechtsanwälte AG, special Swiss counsel to the Company, to furnish to the Representatives its opinion, subject to certain applicable exceptions, qualifications and conditions acceptable to the
Representatives, dated as of the Closing Date and addressed to the Representatives, substantially in the form of Schedule VII attached hereto. 

(f) The Representatives shall have received from Cleary Gottlieb Steen & Hamilton LLP and Ritch Mueller, S.C.,
counsel for the Initial Purchasers, such opinion or opinions, dated the Closing Date and addressed to the Representatives, with respect to the issuance and sale of the Securities, the Indenture, the Disclosure Package, the Final Memorandum (as
amended or supplemented at the Closing Date) and other related matters as the Representatives may reasonably require, and the Company shall have furnished to such counsel such documents as they request for the purpose of enabling them to pass upon
such matters. 
 (g) The Company shall have furnished to the Representatives a certificate, signed by an
executive officer of the Company, dated as of the Closing Date, substantially in the form of Schedule VIII attached hereto. 

(h) At the Execution Time and at the Closing Date, the Company shall have requested and caused KPMG Cárdenas
Dosal, S.C. to furnish to the Representatives, letters, dated respectively as of the Execution Time and as of the Closing Date, in form and substance satisfactory to the Representatives and confirming that they are independent auditors within the
meaning of the Exchange Act and the applicable published rules and regulations thereunder substantially in the form of Schedule IX attached hereto. 

(i) Any and all applicable amendments, supplements or modifications to the Financing Agreement, any of the Transaction
Security Documents, the Intercreditor Agreement and any other documents derived therefrom and in connection therewith, as applicable, shall have been made and shall constitute legal, valid and binding obligations to each party thereof. 

(j) The Trustee shall be entitled to all rights and benefits provided in the Intercreditor Agreement as an Additional
Notes Trustee (as such term is defined in the Intercreditor Agreement) and the Initial Purchasers, and/or each of the subsequent holders of the Securities, shall be entitled to all rights and benefits provided therein as Additional Notes Creditors
(as such term is defined in the Intercreditor Agreement). 
  

 17 

 (k) Subsequent to the Execution Time or, if earlier, the dates as of which
information is given in the Disclosure Package (exclusive of any amendment or supplement thereto) and the Final Memorandum (exclusive of any amendment or supplement thereto), there shall not have been (i) any change, increase or decrease
specified in the letter or letters referred to in paragraph (h) of this Section 6; or (ii) any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise), prospects, earnings,
business or properties of the Company and its subsidiaries taken as a whole, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Disclosure Package and the Final Memorandum
(exclusive of any amendment or supplement thereto), the effect of which, in any case referred to in clause (i) or (ii) above, is, in the sole judgment of the Representatives, so material and adverse as to make it impractical or inadvisable
to proceed with the offering or delivery of the Securities as contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 

(l) The Securities shall be eligible for clearance and settlement through DTC, Euroclear and Clearstream, as applicable,
and any other relevant clearing system. 
 (m) Subsequent to the Execution Time, there shall not have been any
decrease in the rating of any of the Company’s or any of its subsidiaries’ debt securities by Standard & Poor’s and Fitch Ratings or any notice given of any intended or potential decrease in any such rating. For the avoidance
of doubt, any reiteration or reissuance of the outlook of a rating agency that was in place at the Execution Time shall not be considered a notice of an intended or potential decrease in a rating. 

(n) Prior to the Closing Date, the Company shall have furnished to the Representatives such further information,
certificates and documents as the Representatives may reasonably request. 
 If any of the conditions specified
in this Section 6 shall not have been fulfilled when and as provided in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory in form and substance to the
Representatives and counsel for the Initial Purchasers, this Agreement and all obligations of the Initial Purchasers hereunder may be cancelled at, or at any time prior to, the Closing Date by the Representatives. Notice of such cancellation shall
be given to the Issuer in writing or by telephone or facsimile confirmed in writing. 
 The documents required
to be delivered under this Section 6 will be delivered at the office of counsel for the Initial Purchasers, at Cleary Gottlieb Steen & Hamilton LLP, One Liberty Plaza, New York, New York, 10006, Attention: Duane McLaughlin, Esq., on
the Closing Date. 
 7. Reimbursement of Expenses. If the sale of the Securities provided for herein is
not consummated because any condition to the obligations of the Initial Purchasers set forth in 
  

 18 

 
Section 6 hereof is not satisfied, because of any termination pursuant to Section 10 hereof or because of any refusal, inability or failure on the part of the Company to perform any
agreement herein or comply with any provision hereof other than by reason of a default by any of the Initial Purchasers, the Issuer will reimburse the Initial Purchasers severally through Citigroup on demand for all expenses (including reasonable
fees and disbursements of counsel) that shall have been incurred by them in connection with the proposed purchase and sale of the Securities. 

8. Indemnification and Contribution. (a) The Issuer and the Note Guarantors, jointly and severally, agree to
indemnify and hold harmless each Initial Purchaser, the directors, officers, employees, Affiliates and agents of each Initial Purchaser and each person who controls any Initial Purchaser within the meaning of either the Act or the Exchange Act
against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Act, the Exchange Act or other U.S. federal or state statutory law or regulation, at common law or otherwise,
insofar as such losses, claims, damages or liabilities or actions in respect thereof arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Memorandum, the Final Memorandum,
any Issuer Written Information or any other written information used by or on behalf of the Company in connection with the offer or sale of the Securities, or in any amendment or supplement thereto, or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and agrees to reimburse each such indemnified
party, as incurred, for any legal or other expenses reasonably incurred by it in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that neither the Issuer nor any of the
Note Guarantors will be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made in the Preliminary
Memorandum or the Final Memorandum, or in any amendment thereof or supplement thereto, in reliance upon and in conformity with written information furnished to the Company by or on behalf of any Initial Purchaser through the Representatives
specifically for inclusion therein. This indemnity agreement will be in addition to any liability that the Issuer or any of the Note Guarantors may otherwise have. 

(b) Each Initial Purchaser severally, and not jointly, agrees to indemnify and hold harmless the Issuer, each of its
directors, each of its officers, and each person who controls the Issuer within the meaning of either the Act or the Exchange Act, to the same extent as the foregoing indemnity to each Initial Purchaser, but only with reference to written
information relating to such Initial Purchaser furnished to the Issuer by or on behalf of such Initial Purchaser through the Representatives specifically for inclusion in the Preliminary Memorandum or the Final Memorandum (or in any amendment or
supplement thereto). This indemnity agreement will be in addition to any liability that any Initial Purchaser may otherwise have. The Issuer acknowledges that (i) the statements set forth in the last paragraph of the cover page regarding
delivery of the Securities and (ii), under the heading “Plan of Distribution”, (A) the table of Initial Purchasers, and (B) the eighth and ninth paragraphs in the Preliminary Memorandum and the Final Memorandum constitute the
only information furnished in writing by or on behalf of the Initial Purchasers for inclusion in the Preliminary Memorandum or the Final Memorandum or in any amendment or supplement thereto. 

 

 19 

 (c) Promptly after receipt by an indemnified party under this Section 8
of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 8, notify the indemnifying party in writing of the commencement thereof; but
the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by
the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or
(b) above. The indemnifying party shall be entitled to appoint counsel (including local counsel) of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which
indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel, other than local counsel if not appointed by the indemnifying party, retained by the indemnified
party or parties except as set forth below); provided, however, that such counsel shall be satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel (including local counsel) to
represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if
(i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any such action include both the
indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to the indemnifying party and/or other
indemnified parties; (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action; or (iv) the
indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. If none of the conditions in clauses (i) through (iv) in the preceding sentence are satisfied as to any
indemnified party, it is understood that the Issuer shall, in connection with any one such action be liable for the reasonable fees and expenses of only one separate firm of attorneys in each jurisdiction (and in addition to any local counsel) at
any time (other than reasonable overlapping of engagements) for all such indemnified parties. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment
with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action)
unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding. 

(d) In the event that the indemnity provided in paragraph (a) or (b) of this Section 8 is unavailable to,
or insufficient to hold harmless, an indemnified party for any reason, the Issuer and the Initial Purchasers severally agree to contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably
incurred in connection with investigating or defending any loss, claim, damage, liability or action) (collectively “Losses”) to which the Issuer and one or more of the Initial Purchasers may be subject in such proportion as is appropriate
to reflect the relative benefits received by the Issuer on the one hand and by the Initial Purchasers on the other from the offering of the Securities; provided, however, that in no

  

 20 

 
case shall any Initial Purchaser be responsible for any amount in excess of the purchase discount or commission applicable to the Securities purchased by such Initial Purchaser hereunder. If the
allocation provided by the immediately preceding sentence is unavailable for any reason, the Issuer and the Initial Purchasers severally shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the
relative fault of the Issuer on the one hand and the Initial Purchasers on the other in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. Benefits received by the Issuer
shall be deemed to be equal to the total net proceeds from the offering (before deducting expenses) received by it, and benefits received by the Initial Purchasers shall be deemed to be equal to the total purchase discounts and commissions. Relative
fault shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information provided by the Issuer on the one
hand or the Initial Purchasers on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Issuer and the Initial Purchasers agree that it
would not be just and equitable if contribution were determined by pro rata allocation or any other method of allocation that does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this
paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of
this Section 8, each person who controls an Initial Purchaser within the meaning of either the Act or the Exchange Act and each director, officer, employee, Affiliate and agent of an Initial Purchaser shall have the same rights to contribution
as such Initial Purchaser, and each person who controls the Issuer within the meaning of either the Act or the Exchange Act and each officer and director of the Issuer shall have the same rights to contribution as the Issuer, subject in each case to
the applicable terms and conditions of this paragraph (d). 
 9. Default by an Initial Purchaser. If
any one or more Initial Purchasers shall fail to purchase and pay for any of the Securities agreed to be purchased by such Initial Purchaser hereunder and such failure to purchase shall constitute a default in the performance of its or their
obligations under this Agreement, the remaining Initial Purchasers shall be obligated severally to take up and pay for (in the respective proportions which the principal amount of Securities set forth opposite their names in Schedule I hereto
bears to the aggregate principal amount of Securities set forth opposite the names of all the remaining Initial Purchasers) the Securities which the defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase; provided,
however, that in the event that the aggregate principal amount of Securities which the defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth
in Schedule I hereto, the remaining Initial Purchasers shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Securities, and if such non-defaulting Initial Purchasers do not purchase all the
Securities, this Agreement will terminate without liability to any non-defaulting Initial Purchaser or the Issuer. In the event of a default by any Initial Purchaser as set forth in this Section 9, the Closing Date shall be postponed for such
period, not exceeding five Business Days, as the Representatives and the Issuer shall determine in order that the required changes in the Final Memorandum or in any other documents or arrangements may be effected. Nothing contained in this Agreement
shall relieve any defaulting Initial Purchaser of its liability, if any, to the Issuer or any non-defaulting Initial Purchaser for damages occasioned by its default hereunder. 

 

 21 

 10. Termination. This Agreement shall be subject to termination in
the absolute discretion of the Representatives, by notice given to the Issuer prior to delivery of and payment for the Securities, if at any time prior to such time (i) trading in securities generally on the Mexican Stock Exchange (Bolsa
Mexicana de Valores, S.A.B. de C.V.) or the New York Stock Exchange shall have been suspended or limited or minimum prices shall have been established on either such exchange; (ii) a banking moratorium shall have been declared either by
Mexican, U.S. federal or New York State authorities; or (iii) there shall have occurred any outbreak or escalation of hostilities, declaration by Mexico or the United States of a national emergency or war or other calamity or crisis the effect
of which on financial markets is such as to make it, in the sole judgment of the Representatives, impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated in the Disclosure Package and the Final
Memorandum (exclusive of any amendment or supplement thereto). 
 11. Representations and Indemnities to
Survive. The respective agreements, representations, warranties, indemnities and other statements of the Issuer or its officers and of the Initial Purchasers set forth in or made pursuant to this Agreement will remain in full force and effect,
regardless of any investigation made by or on behalf of the Initial Purchasers or the Issuer or any of the indemnified persons referred to in Section 8 hereof, and will survive delivery of and payment for the Securities. The provisions of
Sections 7 and 8 hereof shall survive the termination or cancellation of this Agreement. 
 12.
Notices. All communications hereunder will be in writing and effective only on receipt, and, if sent to the Representatives, will be mailed, delivered or telefaxed to the Citigroup General Counsel (fax no.: (212) 816-7912) and confirmed
to Citigroup at 388 Greenwich Street, New York, New York 10013, Attention: General Counsel; or, if sent to the Issuer, will be mailed, delivered or telefaxed to +5281-8888-4399 and confirmed to it at CEMEX, S.A.B. de C.V., Av. Ricardo
Margáin, Zozaya #325, Colonia Valle del Campestre, Garza García, Nuevo León, México 66265. Attention: Legal Department. 

13. Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and their
respective successors and the indemnified persons referred to in Section 8 hereof and their respective successors, and, except as expressly set forth in Section 5(k) hereof, no other person will have any right or obligation hereunder.

 14. Jurisdiction. Each of the parties hereto agrees that any suit, action or proceeding arising out of
or based upon this Agreement or the transactions contemplated hereby may be instituted in any State or U.S. federal court in The City of New York and County of New York and in the courts of its own domicile in respect of actions brought against such
party as a defendant, and waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the jurisdiction of such courts in any suit, action or proceeding and waives the right to any
other jurisdiction that it may be entitled to by reason of its present or future , and waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the jurisdiction of such courts
in any suit, action or proceeding and waives the right to any other jurisdiction that it may 
  

 22 

 
be entitled to by reason of domicile or other reason. Each of the Mexican Note Guarantors, CEMEX España and New Sunward hereby appoints CEMEX NY Corporation, 590 Madison Avenue,
41st Floor, New York, NY 10022, U.S.A., Attention: Legal
Counsel; telephone: (212)317-6000, as its authorized agent (the “Authorized Agent”) upon whom process may be served in any suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated herein that
may be instituted in any of such courts. Each of the parties appointing the Authorized Agent as provided herein hereby represents and warrants that the Authorized Agent has accepted such appointment and has agreed to act as said agent for service of
process, and the Issuer agrees to take, and have each of the Mexican Note Guarantors, CEMEX España and New Sunward take, any and all action, including the execution and filing of any and all documents that may be necessary to continue such
appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon each of the Mexican Note Guarantors, CEMEX España and New Sunward.
Notwithstanding the foregoing, any action arising out of or based upon this Agreement may be instituted by any Initial Purchaser, the directors, officers, employees, Affiliates and agents of any Initial Purchaser, or by any person who controls any
Initial Purchaser, in any court of competent jurisdiction in Mexico. 
 15. Integration. This Agreement
supersedes all prior agreements and understandings (whether written or oral) between the Company and the Initial Purchasers, or any of them, with respect to the subject matter hereof. 

16. Applicable Law. This Agreement will be governed by and construed in accordance with the laws of the State of
New York applicable to contracts made and to be performed within the State of New York. 
 17. Waiver of Jury
Trial. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby. 
 18. No Fiduciary Duty. The Issuer hereby acknowledges that (a) the purchase
and sale of the Securities pursuant to this Agreement is an arm’s-length commercial transaction between the Issuer, on the one hand, and the Initial Purchasers and any Affiliates through which they may be acting, on the other, (b) the
Initial Purchasers are acting as principal and not as an agent or fiduciary of the Issuer and (c) the Issuer’s engagement of the Initial Purchasers in connection with the offering and the process leading up to the offering is as
independent contractors and not in any other capacity. Furthermore, the Issuer agrees that it is solely responsible for making its own judgments in connection with the offering (irrespective of whether any of the Initial Purchasers has advised or is
currently advising the Issuer on related or other matters). The Issuer agrees that it will not claim that the Initial Purchasers have rendered advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to the Issuer, in
connection with such transaction or the process leading thereto. 
 19. Currency. Each reference in this
Agreement to U.S. dollars (the “relevant currency”), including by use of the symbol “U.S.$”, is of the essence. To the fullest extent permitted by law, the obligation of the parties in respect of any amount due under this
Agreement will, notwithstanding any payment in any other currency (whether pursuant to a 
  

 23 

 
judgment or otherwise), be discharged only to the extent of the amount in the relevant currency that the party entitled to receive such payment may, in accordance with its normal procedures,
purchase with the sum paid in such other currency (after any premium and costs of exchange) on the Business Day immediately following the day on which such party receives such payment. If the amount in the relevant currency that may be so purchased
for any reason falls short of the amount originally due, the obligated party will pay such additional amounts, in the relevant currency, as may be necessary to compensate for the shortfall. Any obligation of the obligated party not discharged by
such payment will, to the fullest extent permitted by applicable law, be due as a separate and independent obligation and, until discharged as provided herein, will continue in full force and effect. 

20. Waiver of Immunity. To the extent that the Issuer or any of the Note Guarantors has or hereafter may acquire
any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect to itself or any of its
property, the Issuer and each of the Note Guarantors hereby irrevocably waives and agrees not to plead or claim such immunity in respect of its obligations under this Agreement. 

21. Waiver of Tax Confidentiality. Notwithstanding anything herein to the contrary, purchasers of the Securities
(and each employee, representative or other agent of a purchaser) may disclose to any and all persons, without limitation of any kind, the U.S. tax treatment and U.S. tax structure of any transaction contemplated herein and all materials of any kind
(including opinions or other tax analyses) that are provided to the purchasers of the Securities relating to such U.S. tax treatment and U.S. tax structure, other than any information for which nondisclosure is reasonably necessary in order to
comply with applicable securities laws. 
 22. Taxes. Each payment of fees or other amounts due to the
Initial Purchasers under this Agreement shall, except as required by applicable law, be made without withholding or deduction for or on account of any taxes imposed by any jurisdiction. If any taxes are required to be withheld or deducted from any
such payment, the Issuer and the Note Guarantors shall, jointly and severally, pay such additional amounts as may be necessary to ensure that the net amount actually received by the Initial Purchasers after such withholding or deduction is equal to
the amount that the Initial Purchasers would have received had no such withholding or deduction been required. 

23. Counterparts. This Agreement may be signed in one or more counterparts, each of which shall constitute an
original and all of which together shall constitute one and the same agreement. 
 24. Headings. The
section headings used herein are for convenience only and shall not affect the construction hereof. 
 25.
Definitions. The terms that follow, when used in this Agreement, shall have the meanings indicated. 
  

 24 

 “Act” shall mean the Securities Act of 1933, as amended, and the
rules and regulations of the Commission promulgated thereunder. 
 “Affiliate” shall have the meaning
specified in Rule 501(b) of Regulation D. 
 “Business Day” shall mean any day other than a
Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized or obligated by law to close in The City of New York, Mexico City, Madrid or Amsterdam. 

“Citigroup” shall mean Citigroup Global Markets Inc. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Collateral” shall mean the security created or expressed to be created in favor of the Security Agent pursuant
to the Transaction Security Documents that consists of (i) shares of the following entities: CEMEX México, S.A. de C.V.; Centro Distribuidor de Cemento, S.A. de C.V.; Mexcement Holdings S.A. de C.V.; Corporación Gouda, S.A. de
C.V.; New Sunward; CEMEX Trademarks Holding Ltd and CEMEX España; and (ii) all proceeds thereof. 

“Commission” shall mean the Securities and Exchange Commission. 

“Disclosure Package” shall mean (i) the Preliminary Memorandum, as amended or supplemented at the
Execution Time, (ii) the final term sheet prepared pursuant to Section 5(b) hereto and in the form attached as Schedule II hereto, and (iii) any Issuer Written Information. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the
Commission promulgated thereunder. 
 “Execution Time” shall mean the date and time that this
Agreement is executed and delivered by the parties hereto. 
 “Financing Agreement” shall mean the
Financing Agreement dated August 14, 2009, as amended, between the Company, the Financial Institutions and Noteholders named therein, as participating creditors, Citibank International PLC, as administrative agent and Wilmington Trust (London)
Limited, as security agent. 
 “Intercreditor Agreement” shall mean the Intercreditor Agreement dated
August 14, 2009, as amended, between Citibank International PLC, as administrative agent, the participating creditors named therein, the Company and certain of its subsidiaries named therein, as original borrowers, original guarantors and
original security providers, Wilmington Trust (London) Limited, as security agent, and others. 

“Investment Company Act” shall mean the Investment Company Act of 1940, as amended, and the rules and
regulations of the Commission promulgated thereunder. 
 “Issuer Written Information” shall mean any
writings in addition to the Preliminary Memorandum, the final term sheet prepared pursuant to Section 5(b) hereto in the form attached as Schedule II hereto that the parties expressly agree in writing to treat as part of the Disclosure Package
and which are identified on Schedule X hereto. 
  

 25 

 “Mexican FRS” shall mean the Mexican financial reporting standards
(Normas de Información Financiera aplicables en Mexico) as in effect from time to time issued by the Mexican Financial Reporting Standards Board (Consejo Mexicano para la Investigación y Desarrollo de Normas de
Información Financiera). 
 “Regulation D” shall mean Regulation D under the Act.

 “Regulation S” shall mean Regulation S under the Act. 

“Security Agent” shall mean Wilmington Trust (London) Limited, as security agent under the Financing Agreement.

 “Transaction Security Documents” means any document, as amended from time to time, entered by any
of the Company or its subsidiaries creating or expressed to create any security over all or any part of its assets in respect of their obligations under the Financing Agreement or any other document derived therefrom, or in connection therewith.

 “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended, and the rules and
regulations of the Commission promulgated thereunder. 
 [Signature pages follow] 

 

 26 

 If the foregoing is in accordance with your understanding of our agreement,
please sign and return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement between the Issuer and the several Initial Purchasers. 

 

					
	 Very truly yours,

	
	CEMEX Finance LLC
		
	 By:
	 	 /s/ Héctor Medina

		 	 Name:
	 	 Héctor Medina

		 	 Title:
	 	 Attorney-in-Fact

  

					
	 EACH OF THE NOTE GUARANTORS LISTED BELOW

 
 CEMEX, S.A.B. de C.V.

		
	 By:
	 	 /s/ Héctor Medina

		 	 Name:
	 	 Héctor Medina

		 	 Title:
	 	 Attorney-in-Fact

  

					
	CEMEX México, S.A. de C.V.
		
	 By:
	 	 /s/ Héctor Medina

		 	 Name:
	 	 Héctor Medina

		 	 Title:
	 	 Attorney-in-Fact

  

					
	Empresas Tolteca de México, S.A. de C.V.
		
	 By:
	 	 /s/ Héctor Medina

		 	 Name:
	 	 Héctor Medina

		 	 Title:
	 	 Attorney-in-Fact

					
	CEMEX Concretos, S.A. de C.V.
		
	 By:
	 	 /s/ Héctor Medina

		 	 Name:
	 	 Héctor Medina

		 	 Title:
	 	 Attorney-in-Fact

  

 28 

  

					
	New Sunward Holding B.V.
		
	 By:
	 	 /s/ Héctor Medina

		 	 Name:
	 	 Héctor Medina

		 	 Title:
	 	 Attorney-in-Fact

  

					
	CEMEX España, S.A.
		
	 By:
	 	 /s/ Rodrigo Trevino

		 	 Name:
	 	 Rodrigo Trevino

		 	 Title:
	 	 Attorney-in-Fact

  

					
	CEMEX Corp.
		
	 By:
	 	 /s/ Héctor Medina

		 	 Name:
	 	 Héctor Medina

		 	 Title:
	 	 Attorney-in-Fact

 The foregoing Agreement is hereby confirmed and accepted as of the date first above
written. 
  

					
	Citigroup Global Markets Inc.
		
	 By:
	 	 /s/ M. Christopher Gilford

		 	 Name:
	 	 M. Christopher Gilford

		 	 Title:
	 	 Managing Director

  

					
	Banc of America Securities LLC
		
	 By:
	 	 /s/ Lily Chang

		 	 Name:
	 	 Lily Chang

		 	 Title:
	 	 Principal

  

					
	Barclays Capital Inc.
		
	 By:
	 	 /s/ Jonas Knoll

		 	 Name:
	 	 Jonas Knoll

		 	 Title:
	 	 Executive Director

  

					
	J.P. Morgan Securities Inc.
		
	 By:
	 	 /s/ Gustavo Ferraro

		 	 Name:
	 	 Gustavo Ferraro

		 	 Title:
	 	 Managing Director

For themselves and the other several Initial Purchasers named in Schedule I to the foregoing Agreement. 

 SCHEDULE I 

 

				
	 Initial Purchasers
	  	Principal Amount
of Securities to be
Purchased
		
	 Citigroup Global Markets Inc.
	  	U.S.$	312,500,000
		
	 Banc of America Securities LLC
	  	U.S.$	312,500,000
		
	 Barclays Capital Inc.
	  	U.S.$	312,500,000
		
	 J.P. Morgan Securities Inc. 
	  	U.S.$	312,500,000
		
	 Total
	  	U.S.$	1,250,000,000

 SCHEDULE II 

Pricing Term Sheet 

Final 

Pricing Term Sheet 

December 9, 2009 

CEMEX Finance LLC 

9.5% Senior Secured Notes Due 2016 (the “Notes”) 

 

			
	Issuer	  	 CEMEX Finance LLC

		
	Security Description	  	 Senior Secured Notes

		
	Note Guarantors	  	 CEMEX, S.A.B. de C.V., CEMEX México, S.A. de C.V., CEMEX España, S.A., CEMEX Corp., CEMEX Concretos, S.A. de C.V., Empresas Tolteca de
México, S.A. de C.V. and New Sunward Holding B.V. (together, the “Note Guarantors”).

		
	Security	  	 First-priority security interest over (i) the shares of CEMEX México, S.A. de C.V., Centro Distribuidor de Cemento, S.A. de C.V., Mexcement Holdings,
S.A. de C.V., Corporación Gouda, S.A. de C.V., CEMEX Trademarks Holding Ltd., New Sunward Holding B.V. and CEMEX España, S.A., or the Collateral, and (ii) all proceeds of such Collateral. Holders will not be entitled to direct the
foreclosure on, or foreclose on, the Collateral. The Notes will cease to be secured in accordance with the provisions of the Intercreditor Agreement.

		
	Format	  	 144A Global Notes / Regulation S Global Notes

		
	Global Coordinator	  	 Citigroup Capital Markets Inc.

		
	Joint Bookrunners	  	 Citigroup Capital Markets Inc.

Banc of America Securities LLC

Barclays Capital Inc.

J.P. Morgan Securities Inc.

		
	Identifiers (144 A Notes)	  	 CUSIP 12516U AA3

		  	 ISIN US12516UAA34

		
	Identifiers (Reg S Notes)	  	 CUSIP U12763 AA3

		  	 ISIN USU12763AA37

		
	Issue amount	  	 U.S.$1.25 billion

		
	Settlement date	  	 December 14, 2009

		
	Final maturity	  	 December 14, 2016

		
	Interest payment	  	 June 14 and December 14, beginning on June 14, 2010

		
	Day count convention	  	 360-day year consisting of twelve 30-day months

		
	Coupon	  	 9.500%

		
	Issue price	  	 100%

		
	Issue yield	  	 9.500%

					
		
	Optional Redemption	 	 •   Make-whole call prior to December 14, 2013, at greater of (1) 100% of principal
amount of the Notes, and (2) a Make-Whole Amount.

		
		 	 •   On or after December 14, 2013, at the prices indicated below for a redemption during the
twelve-month period beginning on December 14 of each of the years indicated below:

			
		 	        2013	  	104.750%
		 	         2014
	  	102.375%
		 	         2015 and thereafter
	  	100.000%
		
		 	 •   Prior to December 14, 2012, redemption of up to 35% of original principal amount at
109.500% of principal amount of the Notes with proceeds from equity offerings.

		
		 	 •   In the event of certain changes in the withholding tax treatment relating to payments on the
Notes, at 100% of their principal amount.

			
		
		  	 The Issuer shall not have the right to exercise any optional redemption at any time when the Issuer is prohibited from exercising such an option under the
Financing Agreement.

		
	Use of Proceeds	  	 The estimated net proceeds from the offering of the Notes and the offering of the Euro Notes (as defined below) will be approximately U.S.$1,739 million. The
Issuer intends to use the net proceeds from the offerings primarily to repay indebtedness outstanding under the Financing Agreement and for general corporate purposes. CEMEX’s total secured indebtedness will increase by approximately U.S.$400
million as a result of cash proceeds from the offerings retained for general corporate purposes.

		
	Denominations	  	 U.S.$100,000 and integral multiples of U.S.$1,000

		
	Governing law	  	 New York

		
	Listing	  	 Luxembourg Stock Exchange – EURO MTF

		
	Clearing	  	 The Depositary Trust Company, Euroclear and Clearstream

		
	Additional Information	  	

 Contemporaneous Offerings 

Contemporaneous with this offering, the Issuer is offering 9.625% Senior Secured Notes due 2017 denominated in Euros (the
“Euro Notes”) in an aggregate principal amount of € 350 million, pursuant to a separate offering memorandum. The Euro Notes will have substantially the same terms as the Notes, other than currency, interest rate, tenor and other
pricing related terms, and will share in the same security and benefit from the same guarantee structure as the Notes. Neither the offering of the Notes nor the offering of the Euro Notes is contingent upon the successful offering of the other.
References herein to the offerings refer to the offering of the Notes and the Euro Notes. 
 Financial Information 

1. As of September 30, 2009, on a pro forma basis after giving effect to the sale of our Australian operations
and the application of the net proceeds therefrom, we had total obligations of Ps226,850 million (U.S.$16,804 
  

 2 

 
million) outstanding secured by a first-priority security interest over the Collateral and the proceeds thereof, consisting of obligations of approximately Ps161,473 million (U.S.$11,961 million)
outstanding under the Financing Agreement, approximately Ps41,418 million (U.S.$3,068 million) outstanding under our perpetual debentures, approximately of Ps23,128 million (U.S.$1,713 million) outstanding under our CBs and approximately Ps830
million (U.S.$62 million) outstanding of other short-term secured debt. 
 2. As of September 30, 2009, on
a pro forma basis after giving effect to the sale of our Australian operations and the application of the net proceeds therefrom and from the offerings (in each case not including approximately Ps41,418 million (U.S.$3,068 million) of
perpetual debentures): 
  

	 	•	 	 CEMEX, S.A.B. de C.V. and its Subsidiaries (as defined herein) would have had consolidated total debt of approximately Ps222,790 million
(U.S.$16,503 million), approximately Ps191,147 million (U.S.$14,159 million) of which would have been secured by the Collateral, 

  

	 	•	 	 the Primary Note Guarantors, taken together (excluding their respective subsidiaries), would have had total debt of approximately Ps149,290 million
(U.S.$11,059 million), approximately Ps129,552 million (U.S.$9,596 million ) of which would have been secured by the Collateral, 

  

	 	•	 	 the Issuer and the Note Guarantors, taken together (excluding their respective subsidiaries), would have had total debt of approximately Ps194,885
million (U.S.$14,436 million), approximately Ps175,147 million (U.S.$12,974 million) of which would have been secured by the Collateral, and 

  

	 	•	 	 CEMEX, S.A.B. de C.V.’s Subsidiaries (other than the Issuer and the Note Guarantors), taken together (excluding their respective subsidiaries),
would have had total debt of approximately Ps27,905 million (U.S.$2,067 million). 

 3. As of
September 30, 2009, after giving pro forma effect to the sale of our Australian operations and the application of the net proceeds therefrom and from the offerings, our subsidiaries other than the Issuer and the Note Guarantors
represented the following approximate percentages of our assets and net sales, on a consolidated basis: 
 75%
of our consolidated assets excluding intercompany balances and excluding investments in subsidiaries; and 
 74%
of our consolidated total net sales excluding intercompany sales. 
 4. As of September 30, 2009, after
giving pro forma effect to the sale of our Australian operations and the application of the net proceeds therefrom, indebtedness issued or guaranteed by our subsidiaries other than the Issuer and the Note Guarantors totaled Ps29,922 million
(U.S.$2,216 million), as follows: 
  

	 	•	 	 CEMEX, Inc., a subsidiary of CEMEX Corp., is a guarantor under a joint bilateral facility of Ps15,797 million (U.S.$1,170 million). This
indebtedness is part of the Financing Agreement. 

  

	 	•	 	 CEMEX Materials LLC is a borrower under an indenture and a bilateral facility for a combined amount of Ps4,465 million (U.S.$331 million), of which
Ps2,246 million (U.S.$166 million) is guaranteed by CEMEX Corp. and Ps2,219 million (U.S.$164 million) is guaranteed by CEMEX España, S.A., as a part of the Financing Agreement. 

 

	 	•	 	 Several of our other operating subsidiaries are borrowers under bilateral facilities aggregating Ps4,354 million (U.S.$323 million), of which Ps378
million (U.S.$28 million) is guaranteed by CEMEX España, S.A. 

  

	 	•	 	 Other obligations of Ps5,306 million (US$393 million) with Mexican development banks, issued by two of the Note Guarantors, which are secured by
fixed assets and shares not pledged as Collateral. 

  

 3 

 Capitalization 
  

																
	 	  	As of September 30, 2009
	 	  	Actual	  	As adjusted(1)	  	As further adjusted(2)
	 	  	(unaudited)	  	(Mexican Pesos and U.S. Dollars in millions)
	 Short-term debt(3)
	  			  			  			  			  		
	 Secured
	  			  			  			  			  		
	 Banobras(4)
	  	Ps	253	  	Ps	253	  	U.S.$	19	  	Ps	253	  	U.S.$	19
	 Bancomext(4)
	  	 	716	  	 	716	  	 	53	  	 	716	  	 	53
	 Other secured(5)
	  	 	830	  	 	830	  	 	62	  	 	830	  	 	62
	 Unsecured
	  			  			  			  			  		
	 Other unsecured
	  	 	7,163	  	 	5,529	  	 	409	  	 	5,529	  	 	409
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 Total short-term debt
	  	 	8,962	  	 	7,328	  	 	543	  	 	7,328	  	 	543
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 Long-term debt
	  			  			  			  			  		
	 Secured
	  			  			  			  			  		
	 Financing Agreement
	  	 	179,974	  	 	161,473	  	 	11,961	  	 	143,396	  	 	10,622
	 CBs(6)
	  	 	23,128	  	 	23,128	  	 	1,713	  	 	23,128	  	 	1,713
	 Notes
	  			  			  			  			  		
	 Payable in U.S. Dollars
	  			  			  			  	 	16,875	  	 	1,250
	 Payable in Euros(7)
	  			  			  			  	 	6,917	  	 	512
	 Other secured
	  			  			  			  			  		
	 Banobras
	  	 	1,679	  	 	1,679	  	 	124	  	 	1,679	  	 	124
	 Bancomext
	  	 	2,659	  	 	2,659	  	 	197	  	 	2,659	  	 	197
	 Unsecured
	  			  			  			  			  		
	 CEMEX España Euro Notes(8)
	  	 	17,776	  	 	17,776	  	 	1,317	  	 	17,776	  	 	1,317
	 Other unsecured
	  	 	3,136	  	 	3,032	  	 	225	  	 	3,032	  	 	225
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 Total long-term debt
	  	 	228,353	  	 	209,747	  	 	15,537	  	 	215,462	  	 	15,960
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 Total debt
	  	 	237,315	  	 	217,075	  	 	16,080	  	 	222,790	  	 	16,503
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 Stockholders’ equity
	  			  			  			  			  		
	 Minority interest
	  			  			  			  			  		
	 Perpetual debentures(9)
	  	 	41,418	  	 	41,418	  	 	3,068	  	 	41,418	  	 	3,068
	 Other
	  	 	4,070	  	 	4,062	  	 	301	  	 	4,062	  	 	301
	 Majority interest
	  	 	214,523	  	 	209,940	  	 	15,551	  	 	209,625	  	 	15,528
	 Total stockholders’ equity
	  	 	260,011	  	 	255,420	  	 	18,920	  	 	255,105	  	 	18,897
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 Total capitalization(10)
	  	Ps	497,326	  	Ps	472,495	  	U.S.$	35,000	  	Ps	477,895	  	U.S.$	35,400
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 

  

	(1)	 Reflects application of net proceeds from the sale of our Australian operations as required under the Financing Agreement. CEMEX retained
approximately U.S.$248 million of such net proceeds as permitted under the Financing Agreement. 

	(2)	 Reflects additional application of the net proceeds from the offerings. Assumes approximately U.S.$400 million of cash proceeds retained for general
corporate purposes. Amounts in Dollars have been converted from Pesos at an exchange rate of Ps13.50 to U.S.$1.00, the CEMEX accounting rate as of September 30, 2009. 

	(3)	 Includes current portion of long-term debt. 

	(4)	 Obligations with Mexican development banks, issued by two of the Note Guarantors, which are secured by fixed assets and shares not pledged as
Collateral. 

	(5)	 On October 1, 2009, CEMEX, S.A.B. de C.V. retired its Euronote at maturity with a principal amount of U.S.$62 million.

	(6)	 Does not reflect adjustments for the exchange offer of Convertible Securities for CBs. 

	(7)	 Amounts in Dollars have been converted from Euros at an exchange rate of U.S.$1.4640 to € 1.00, the foreign exchange rate as of
September 30, 2009. 

	(8)	 Issued by CEMEX Finance Europe B.V., a special purpose vehicle and wholly-owned subsidiary of CEMEX España, S.A., and solely guaranteed by
CEMEX España, S.A. 

	(9)	 Issued by special purpose vehicles. In accordance with MFRS, these securities are accounted for as equity due to the fact that they do not have a
specified maturity date and our option to defer payment of interest. However, for purposes of our U.S. GAAP reconciliation, we record these debentures as debt and interest payments thereon as part of financial expenses in our consolidated income
statement. The perpetual debentures are secured by a first-priority security interest over the Collateral and the proceeds thereof. 

	(10)	 As used in this table, total capitalization equals total debt plus total stockholders’ equity. 

 

 4 

 Polish Antitrust Investigation 

On December 9, 2009, the Polish Competition and Consumer Protection Office, or the Protection Office, delivered to
CEMEX Polska Sp. ZO.O., or CEMEX Polska, one of our indirect subsidiaries in Poland, its decision against Polish cement producers related to an investigation which covered a period from 1998 to 2006. The decision imposes fines on six Polish cement
producers, including CEMEX Polska. The fine imposed on CEMEX Polska is Polish Zloty 115 million (approximately U.S.$40.5 million), which is 10% of CEMEX Polska’s total revenue in 2008. CEMEX Polska disagrees with the decision, denies any
wrongdoing and intends to initiate an appeal before the Polish Court of Competition and Consumer Protection within 14 days of December 9, 2009. The decision will not be enforced until all appeals are exhausted. 

*** 
 This
communication is intended for the sole use of the person to whom it is provided by the sender. 
 These securities have not been
registered under the Securities Act of 1933, as amended, and may only be sold to qualified institutional buyers pursuant to Rule 144A or pursuant to another applicable exemption from registration. 

The information in this term sheet supplements the Company’s preliminary offering memorandum, dated December 1, 2009 (the
“Preliminary Memorandum”) and supersedes the information in the Preliminary Memorandum to the extent inconsistent with the information in the Preliminary Memorandum. This term sheet is qualified in its entirety by reference to the
Preliminary Memorandum. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Memorandum. 

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH
DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM. 
  

 5 

 SCHEDULE III 

Forms of Opinions of Skadden, Arps, Slate, Meagher & Flom LLP, 

special U.S. counsel to the Company 
  

 SCHEDULE IV 

Form of Opinion of Ramiro G. Villarreal, General Counsel of the Company 

[INTRODUCTORY PARAGRAPH AND RELIANCE SECTIONS] 

In rendering this opinion, I have assumed the legal capacity of all natural persons, the genuineness of all signatures,
the authenticity of all documents submitted to me as originals, the conformity to original documents of all documents submitted to me as facsimile, electronic, certified or photostatic copies, and the authenticity of the originals of such copies. In
making my examination of executed documents, I have assumed that the parties thereto (other than the Company and the Mexican Subsidiaries) had the power, corporate or other, to enter into and perform all obligations thereunder and have also assumed
the due authorization by all requisite action, corporate or other, and the execution and delivery by such parties (other than the Company and the Mexican Subsidiaries) of such documents and the validity and binding effect thereof on such parties. I
have also assumed that each of the parties (other than the Company and the Mexican Subsidiaries) to the Transaction Documents (as defined herein) has been duly organized and is validly existing in good standing, if applicable, and has requisite
legal status and legal capacity, under the laws of its jurisdiction of organization and that each of such parties has complied and will comply with all aspects of the laws of all relevant jurisdictions (including the laws of its jurisdiction of
organization) in connection with the transactions contemplated by, and the performance of its obligations under, the Transaction Documents, other than the laws of Mexico insofar as I express my opinions herein. 

In rendering this opinion I have reviewed the following documents (referred to herein collectively as the
“Transaction Documents”): 
 (a) an executed copy of the Purchase Agreement; 

(b) the Preliminary Memorandum, the documents incorporated by reference therein and the final term sheet, dated
December 9, 2009 (the “Final Term Sheet”); 
 (c) the Final Memorandum and the documents
incorporated by reference therein; 
 (d) an executed copy of the Indenture; 

(e) the Securities in global form as executed by the Issuer and each of the Mexican Note Guarantors and authenticated by
the Trustee; 
 (f) an executed copy of the Financing Agreement dated August 14, 2009 (the “Financing
Agreement”) between CEMEX, S.A.B. de C.V., the financial institutions and noteholders named therein, as participating creditors, Citibank International PLC, as administrative agent, and Wilmington Trust (London) Limited, as security agent (the
“Security Agent”); 
 (g) an executed copy of each of the Transaction Security Documents (as such term
is defined in the Financing Agreement) (the “Transaction Security Documents”); including 

 
without limitation, an executed copy of the security trust agreement (contrato de fideicomiso de garantía) entered into among (i) the Mexican Note Guarantors, Impra
Café, S.A. de C.V., Interamerican Investments, Inc. and Centro Distribuidor de Cemento, S.A. de C.V., as settlors; (ii) CEMEX México, S.A. de C.V., Centro Distribuidor de Cemento, S.A. de C.V., Mexcement Holdings, S.A. de C.V. and
Corporación Gouda, S.A. de C.V., as issuers; (iii) Banco Nacional de México, S.A., Integrante del Grupo Financiero Banamex, División Fiduciaria, as trustee; and (iv) the Security Agent (the “Mexican Security
Trust”); and 
 (h) the documents executed and delivered by each of the Company and the Mexican Note
Guarantors at the closing pursuant to the Purchase Agreement. 
 Based upon the foregoing, and subject to the
further qualifications set forth below, I am of the opinion that: 
 1. Each of the Mexican Note Guarantors has
been duly incorporated and is validly existing as a corporation under the laws of Mexico, with full corporate power and authority to own or lease, as the case may be, and to operate their properties and conduct their businesses as described in the
Disclosure Package and the Final Memorandum. 
 2. All the outstanding shares of capital stock of each Mexican
Note Guarantor has been duly authorized and validly issued and are fully paid and nonassessable, and, except as otherwise set forth in the Disclosure Package and the Final Memorandum, all outstanding shares of capital stock of the Subsidiaries are
owned by the Company either directly or through wholly owned subsidiaries free and clear of any perfected security interest and, to the knowledge of such counsel, after due inquiry, any other security interest, claim, lien or encumbrance.

 3. Each of the Transaction Documents to which each of the Mexican Note Guarantors is a party, has been duly
authorized, executed and delivered by the applicable Mexican Note Guarantors and constitutes a legal, valid and binding agreement, enforceable against each of the applicable Mexican Note Guarantors in accordance with its terms. 

4. The Mexican Security Trust creates in favor of the Security Agent, for the benefit of holders of the Securities, valid
security interests in the Collateral for the payment of the Securities. 
 5. Neither the execution and delivery
of the Transaction Documents, nor the consummation of any other of the transactions therein contemplated, nor the fulfillment of the terms thereof will conflict with, result in a breach or violation of, or imposition of any lien, charge or
encumbrance upon any property or asset of any of the Mexican Note Guarantors pursuant to, (i) the charter or by laws (estatutos sociales) of any of the Mexican Note Guarantors; (ii) the terms of any indenture, contract, lease,
mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which each of the Mexican Note Guarantors is a party or bound or to which their property is subject; or (iii) any
statute, law, rule, regulation, judgment, order or decree applicable to the Mexican Note Guarantors of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Mexican Note
Guarantors or any of their respective properties. 

 6. No consent, approval, authorization, filing with, order of, notice to, or
qualification with any Mexican governmental or regulatory authority or court is required for the execution, delivery and performance by each of the Mexican Note Guarantors of the Purchase Agreement, the Indenture, the issuance and sale of the
Securities, and the consummation of the transactions contemplated therein. 
 7. The choice of New York state
law as the governing law of the Purchase Agreement, the Indenture, and the issuance and sale of the Securities, is legal, valid and binding to each of the Mexican Note Guarantors under the laws of Mexico and there is no reason why the courts of
Mexico would not give effect to the choice of New York law as the proper law of the Purchase Agreement, the Indenture, and the Securities; each of the Mexican Note Guarantors has the legal capacity to sue and be sued in its own name under the laws
of Mexico; each of the Mexican Note Guarantors has the power to submit, and has irrevocably submitted, to the jurisdiction of the New York courts and each of the Mexican Note Guarantors has validly and irrevocably appointed CEMEX NY Corporation as
its authorized agent under the laws of Mexico for service of process under the Purchase Agreement, the Indenture and the Securities; the irrevocable submission of each of the Mexican Note Guarantors to the jurisdiction of the New York courts and the
waivers by each of the Mexican Note Guarantors of any immunity and any objection to the venue of the proceeding in a New York court in the Purchase Agreement, in the Indenture, and in the Securities, are legal, valid and binding under the laws of
Mexico and there is no reason why the courts of Mexico would not give effect to such submission and waivers; and the courts in Mexico will recognize as valid and final, and will enforce, any final and conclusive judgment against each of the Mexican
Note Guarantors obtained in a New York court arising out of or in relation to the obligations of each Mexican Note Guarantor under the Purchase Agreement, the Indenture, or the Securities, without re-examination of the issues pursuant to Articles
569 and 571 of the Mexican Federal Code of Civil Procedure and Article 1347A of the Mexican Commerce Code, which provide, inter alia, that any judgment rendered outside of Mexico may be enforced by Mexican Courts, provided that:

  

	 	(i)	 such judgment is obtained in compliance with (a) all legal requirements of the jurisdiction of the court rendering such judgment, and
(b) all legal requirements of the Purchase Agreement; 

  

	 	(ii)	 such judgment is not rendered in a real action (acción real); 

 

	 	(iii)	 such judgment is final, non-appealable and authenticated by the appropriate governmental authorities, and is strictly for the payment of a certain
sum of money, provided that, under Mexican Monetary Law, payments that should be made in Mexico in foreign currency, whether by agreement or upon a judgment of a Mexican Court, may be discharged in Mexican currency at a rate of exchange for
such currency prevailing at the time of payment; 

  

	 	(iv)	 the court rendering such judgment is competent to render such judgment in accordance with applicable rules under international law and such rules
are compatible with the rules adopted under the Mexican Code of Commerce; 

	 	(v)	 service of process was made personally on the Company and each Mexican Note Guarantor, as applicable, or on an appropriate Process Agent of the
Company and each Mexican Note Guarantor, as applicable; 

  

	 	(vi)	 such judgment does not contravene Mexican public policy or laws (and we have no reason to believe that a judgment based upon the Transaction
Documents would contravene Mexican public policy); 

  

	 	(vii)	 the applicable procedure under the laws of Mexico with respect to the enforcement for foreign judgments (including the issuance of a letter rogatory
by the competent authority of such jurisdiction requesting enforcement of such judgment and the certification of such judgment as authentic by the corresponding authorities of such jurisdiction in accordance with the laws thereof) is complied with;

  

	 	(viii)	 the courts of such jurisdiction recognize the principles of reciprocity in connection with the enforcement of Mexican judgments in such
jurisdiction; and 

  

	 	(ix)	 the cause of action in connection with which such judgment is rendered is not the same cause of action between the same parties that is pending
before a Mexican court. 

 8. Except as described in the Disclosure Package and the Final
Memorandum, with respect to non-residents of Mexico, no stamp or other issuance or transfer taxes or duties and no capital gains, income, withholding or other taxes are payable by or on behalf of the Initial Purchasers to Mexico or to any political
subdivision or taxing authority thereof or therein in connection with the sale and delivery by the Issuer of the Securities as contemplated in the Purchase Agreement to the Initial Purchasers or the sale and delivery by the Initial Purchasers of the
Securities as contemplated in the Purchase Agreement. 
 9. Other than as described in the Disclosure Package
and the Final Memorandum, under the current laws and regulations of Mexico, all payments of principal, premium (if any) and interest on the Securities may be paid, if applicable, by each Mexican Note Guarantor to the registered holder thereof in
U.S. dollars (that may be obtained through conversion of Mexican Pesos) that may be freely transferred out of Mexico, and all such payments and other distributions made to holders of the Securities who are non-residents of Mexico, will not be
subject to Mexican income, withholding or other taxes under the laws and regulations of Mexico and are otherwise free and clear of any other tax, duty withholding or deduction in Mexico and without the necessity of obtaining any governmental
authorization in Mexico. 
 10. It is not necessary in order to enable the Initial Purchasers, the Trustee or
the holders of the Securities to exercise or enforce its rights under the Purchase Agreement, the Indenture or the Securities in Mexico or by reason of the entry into and/or the performance of the Purchase Agreement and the Indenture, that the
Initial Purchasers should be licensed or qualified to do business in Mexico. The Initial Purchasers and the non-Mexican holders of the Securities 

 
will not be deemed resident, domiciled, carrying on business or subject to taxation in Mexico solely by reason of the execution, delivery, performance or enforcement of the Purchase Agreement.

 11. Except as disclosed in the Disclosure Package and the Final Memorandum, there is no pending or, to the
best of our knowledge, threatened action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries or its or their property that is not adequately
disclosed in the Disclosure Package and the Final Memorandum, except in each case (A) for such proceedings that, if the subject of an unfavorable decision, ruling or finding would not singly or in the aggregate, have a Material Adverse Effect;
and (B) (i) the statements in the Preliminary Memorandum and the Final Memorandum under the headings “Important Federal Tax Considerations” and “Description of Notes”; and (ii) the statements in the Preliminary
Memorandum and the Final Memorandum under the heading “Recent Developments — Recent Developments Relating to Our Regulatory Matters and Legal Proceedings”, taken together with the statements in the Company’s annual report on Form
20-F for the year ended December 31, 2008 under the heading “Regulatory Matters and Legal Proceedings”, as updated by the statements in the Company’s report on Form 6-K, filed with the Commission on September 21, 2009 under
the heading “Recent developments relating to our regulatory matters and legal proceedings”; fairly summarize the matters therein described. 

12. There is no reason to believe that the Disclosure Package, as amended or supplemented at the Execution Time,
contained any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading (in each case, other than the
financial statements and other financial information contained therein, as to which such counsel need express no opinion). 

13. There is no reason to believe that the Final Memorandum, as of its date or on the Closing Date, contained or contains
any untrue statement of a material fact or omitted or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading (in each case, other than the financial
statements and other financial information contained therein, as to which such counsel need express no opinion). 

I express no opinion as to any laws other than the laws of Mexico. In rendering my opinion, I have relied, (i) as to
matters governed by United States Federal and New York law, upon the opinion of Skadden, Arps, Slate, Meagher & Flom LLP delivered pursuant to the Purchase Agreement and (ii) as to matters of fact, on certificates of responsible
officers of each of the Mexican Note Guarantors and public officials that are furnished to the Initial Purchasers. 

This opinion is subject to the following qualifications: 

a. Enforcement of the Transaction Documents may be limited by concurso mercantil, bankruptcy, insolvency,
liquidation, reorganization, moratorium and other similar laws or general principles of equity affecting the rights of creditors generally; 

 b. Labor claims, claims of tax authorities for unpaid taxes, social security
quotas, worker’s housing fund quotas, retirement fund quotas, as well as claims from secured or privileged creditors, will have priority over claims of the parties to the Purchase Agreement, the Indenture and the Securities; 

c. In the event that proceedings are brought in Mexico seeking performance of the obligations of the Mexican Note
Guarantors in Mexico, pursuant to the Mexican Monetary Law, such entity may discharge its obligations by paying any sums due in a currency other than Mexican currency, in Mexican currency at the rate of exchange prevailing in Mexico on the date when
payment is made; 
 d. In the event that any legal proceedings are brought in the courts of Mexico, a Spanish
translation of the documents required in such proceedings prepared by a court-approved translator would have to be approved by the court after the defendant has been given an opportunity to be heard with respect to the accuracy of the translation,
and proceedings would thereafter be based upon the translated documents; 
 e. In the event of foreclosure of
the Mexican Security Trust, the purchaser or purchasers of any transferred shares of a Mexican entity may require the approval of each of the Mexican Competition Commission (Comisión Federal de Competencia) and the Mexican Foreign
Investment Commission (Comisión Nacional de Inversiones Extranjeras); 
 f. Claims may become
barred under the statutes of limitation, which are not waivable under Mexican law, or may become subject to defenses or set-off or counterclaim; 

g. A Mexican court may stay proceedings held in such court if concurrent proceedings are being held elsewhere;

 h. Under the laws of Mexico, the obligations of a guarantor are not independent from, and may not exceed, the
obligations of the main obligor; 
 i. With respect to the provisions contained in each of the Transaction
Documents in connection with service of process, it should be noted that service of process by mail does not constitute personal service of process under Mexican law and, since such service is considered to be a basic procedural requirement, if for
purposes of proceedings outside Mexico service of process is made by mail, a final judgment based on such process would not be enforced by the courts of Mexico; and 

j. An obligation to pay interest on interest may not be enforceable in Mexico. 

This opinion is furnished only to you as representative of the Initial Purchasers and is solely for the Initial
Purchasers’ benefit in connection with the closing occurring today and the offering of the Securities, in each case pursuant to the Purchase Agreement. Without my prior written consent, this opinion may not be used, circulated, quoted or
otherwise referred to for any other purpose or relied upon by, or assigned to, any other person for any purpose, including any other person that acquires any Securities or that seeks to assert your rights in respect of this opinion (other than an
Initial Purchaser’s successor in interest by means of 

 
merger, consolidation, transfer of a business or other similar transaction), except that Skadden, Arps, Slate, Meagher & Flom LLP may rely upon this opinion as to matters of the laws of
the Mexico in rendering their opinion pursuant to Section 6(a) of the Purchase Agreement. 

 SCHEDULE V 

Form of Opinion of Clifford Chance SL 

 SCHEDULE VI 

Form of Opinion of Warendorf 

 SCHEDULE VII 

Form of Opinion of GHR Rechtsanwälte AG 

 SCHEDULE VIII 

Matters to be addressed in the Officer’s Certificate of the Issuer: 

1. He/She has carefully examined the Disclosure Package and the Final Memorandum and any supplements or amendments
thereto, and the Purchase Agreement; 
 2. To the best of his/her knowledge, the representations and warranties
of the Issuer in the Purchase Agreement are true and correct on and as of the Closing Date with the same effect as if made on the Closing Date, and the Issuer has complied with all the agreements and satisfied all the conditions on its part to be
performed or satisfied hereunder at or prior to the Closing Date; and 
 3. To the best of his/her knowledge,
since the date of the most recent financial statements included or incorporated by reference in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto), there has been no material adverse change in the
condition (financial or otherwise), prospects, earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business, except as set forth in or
contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 

 SCHEDULE IX 

Form of Comfort Letter by KPMG Cárdenas Dosal, S.C. 

 SCHEDULE X 

 

	1.	 Issuer Written Information (included in the Disclosure Package) 

(a) Final term sheet, dated December 9, 2009. 

 

	2.	 Other Information Included in the Disclosure Package 

(a) The following information is also included in the General Disclosure Package: 

Company’s report on Form 6-K, filed with the Commission on December 7, 2009

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]