Document:

EX-4.41

 Exhibit 4.41 

EXECUTION VERSION 
  

 
  

 
  

CEMEX, S.A.B. DE C.V., 
 THE BANK
OF NEW YORK MELLON 
 AS TRUSTEE 

AND 
 CIBANCO S.A.,
INSTITUCIÓN DE BANCA MÚLTIPLE 
 AS MEXICAN TRUSTEE 

3.72% CONVERTIBLE SUBORDINATED NOTES DUE 2020 
  

 
 Indenture

 Dated as of May 28, 2015 
  

 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	ARTICLE I	 	DEFINITIONS	  	 	1	  
			
	Section 1.01.	 	Definitions	  	 	1	  
	Section 1.02.	 	Other Definitions	  	 	10	  
	Section 1.03.	 	Inapplicability of Trust Indenture Act	  	 	11	  
	Section 1.04.	 	Rules of Construction	  	 	11	  
			
	ARTICLE II	 	THE NOTES	  	 	12	  
			
	Section 2.01.	 	Form and Dating	  	 	12	  
	Section 2.02.	 	Execution and Authentication	  	 	14	  
	Section 2.03.	 	The Trustee, Registrar, Paying Agent and Conversion Agent	  	 	14	  
	Section 2.04.	 	Paying Agent to Hold Money in Trust	  	 	15	  
	Section 2.05.	 	Holder Lists	  	 	15	  
	Section 2.06.	 	Legends; Transfer Restrictions	  	 	15	  
	Section 2.07.	 	Transfer and Exchange	  	 	16	  
	Section 2.08.	 	Replacement Notes	  	 	19	  
	Section 2.09.	 	Outstanding Notes	  	 	19	  
	Section 2.10.	 	When Treasury Notes Disregarded	  	 	20	  
	Section 2.11.	 	Temporary Notes; Definitive Securities	  	 	20	  
	Section 2.12.	 	Cancellation	  	 	21	  
	Section 2.13.	 	[Reserved]	  	 	22	  
	Section 2.14.	 	CUSIP Number	  	 	22	  
			
	ARTICLE III	 	REDEMPTION AND REPURCHASE OF NOTES	  	 	22	  
			
	Section 3.01.	 	Redemption of Notes at the Option of the Issuer	  	 	22	  
	Section 3.02.	 	[Reserved]	  	 	24	  
	Section 3.03.	 	Repurchase Upon a Change of Control at the Option of the Holders	  	 	24	  
	Section 3.04.	 	General Provisions Applicable to Repurchases	  	 	24	  
			
	ARTICLE IV	 	COVENANTS	  	 	26	  
			
	Section 4.01.	 	Payment of Notes and Determination of Interest Rate	  	 	26	  
	Section 4.02.	 	Reports	  	 	26	  
	Section 4.03.	 	Compliance Certificate	  	 	27	  
	Section 4.04.	 	Maintenance of Office or Agency	  	 	27	  
	Section 4.05.	 	[Reserved]	  	 	28	  
	Section 4.06.	 	Appointments to Fill Vacancies in Trustee’s Office	  	 	28	  
	Section 4.07.	 	Stay, Extension and Usury Laws	  	 	28	  
	Section 4.08.	 	[Reserved]	  	 	28	  
	Section 4.09.	 	[Reserved]	  	 	28	  
	Section 4.10.	 	Additional Interest Notice	  	 	28	  
	Section 4.11.	 	Further Instruments and Acts	  	 	28	  
	Section 4.12.	 	Payment of Additional Amounts	  	 	29	  
	Section 4.13.	 	Spanish Translation, Notarization and Registration	  	 	31	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 4.14.
	 	Registration with the Pubic Registry of Commerce	  	 	31	  
	 Section 4.15.
	 	Compliance with Mexican Law Provisions	  	 	31	  
			
	 ARTICLE V
	 	SUCCESSORS	  	 	31	  
			
	 Section 5.01.
	 	Merger, Consolidation and Sale of Assets	  	 	31	  
	 Section 5.02.
	 	Purchase Option on Fundamental Change	  	 	33	  
			
	 ARTICLE VI
	 	DEFAULTS AND REMEDIES	  	 	33	  
			
	 Section 6.01.
	 	Events of Default	  	 	33	  
	 Section 6.02.
	 	Acceleration	  	 	34	  
	 Section 6.03.
	 	Other Remedies	  	 	35	  
	 Section 6.04.
	 	Waiver of Past Defaults; Rescission of Acceleration	  	 	35	  
	 Section 6.05.
	 	Control by Majority	  	 	36	  
	 Section 6.06.
	 	Limitation on Suits	  	 	36	  
	 Section 6.07.
	 	Rights of Holders to Receive Payment	  	 	37	  
	 Section 6.08.
	 	Collection Suit by Trustee	  	 	37	  
	 Section 6.09.
	 	Trustee May File Proofs of Claim	  	 	37	  
	 Section 6.10.
	 	Priorities	  	 	37	  
	 Section 6.11.
	 	Undertaking for Costs	  	 	38	  
			
	 ARTICLE VII
	 	THE TRUSTEE	  	 	38	  
			
	 Section 7.01.
	 	Duties of the Trustee	  	 	38	  
	 Section 7.02.
	 	Rights of the Trustee	  	 	39	  
	 Section 7.03.
	 	Individual Rights of the Trustee	  	 	41	  
	 Section 7.04.
	 	Trustee’s Disclaimer	  	 	41	  
	 Section 7.05.
	 	Notice of Defaults	  	 	42	  
	 Section 7.06.
	 	Representation of the Mexican Trustee	  	 	42	  
	 Section 7.07.
	 	Compensation and Indemnity	  	 	42	  
	 Section 7.08.
	 	Replacement of the Trustee	  	 	43	  
	 Section 7.09.
	 	Successor Trustee by Merger, etc.	  	 	44	  
	 Section 7.10.
	 	Eligibility, Disqualification	  	 	44	  
			
	 ARTICLE VIII
	 	SATISFACTION AND DISCHARGE OF INDENTURE	  	 	44	  
			
	 Section 8.01.
	 	Discharge of Indenture	  	 	44	  
	 Section 8.02.
	 	Deposited Monies to be Held in Trust by Trustee	  	 	45	  
	 Section 8.03.
	 	Paying Agent to Repay Monies Held	  	 	45	  
	 Section 8.04.
	 	Return of Unclaimed Monies	  	 	45	  
	 Section 8.05.
	 	Reinstatement	  	 	46	  
			
	 ARTICLE IX
	 	AMENDMENTS	  	 	46	  
			
	 Section 9.01.
	 	Without the Consent of Holders	  	 	46	  
	 Section 9.02.
	 	With the Consent of Holders	  	 	47	  
	 Section 9.03.
	 	[Reserved]	  	 	48	  
	 Section 9.04.
	 	Revocation and Effect of Consents	  	 	48	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 9.05.
	 	Notation on or Exchange of Notes	  	 	48	  
	 Section 9.06.
	 	Trustee Protected	  	 	49	  
			
	 ARTICLE X
	 	GENERAL PROVISIONS	  	 	49	  
			
	 Section 10.01.
	 	Issuer’s Representations	  	 	49	  
	 Section 10.02.
	 	Notices	  	 	50	  
	 Section 10.03.
	 	Certificate and Opinion as to Conditions Precedent	  	 	51	  
	 Section 10.04.
	 	Statements Required in Certificate or Opinion	  	 	51	  
	 Section 10.05.
	 	Rules by Trustee and Agents	  	 	52	  
	 Section 10.06.
	 	Business Days	  	 	52	  
	 Section 10.07.
	 	No Recourse Against Others	  	 	52	  
	 Section 10.08.
	 	Counterparts	  	 	52	  
	 Section 10.09.
	 	Other Provisions	  	 	53	  
	 Section 10.10.
	 	Governing Law	  	 	53	  
	 Section 10.11.
	 	No Adverse Interpretation of Other Agreements	  	 	55	  
	 Section 10.12.
	 	Successors	  	 	55	  
	 Section 10.13.
	 	Severability	  	 	55	  
	 Section 10.14.
	 	Table of Contents, Headings, etc.	  	 	55	  
	 Section 10.15.
	 	Currency Indemnity	  	 	55	  
	 Section 10.16.
	 	Adjustments for Currency Exchange Rates	  	 	56	  
	 Section 10.17.
	 	Change in ADSs or CPOs	  	 	56	  
	 Section 10.18.
	 	USA PATRIOT ACT	  	 	56	  
			
	 ARTICLE XI
	 	SUBORDINATION	  	 	57	  
			
	 Section 11.01.
	 	Notes Subordinated to Senior Indebtedness	  	 	57	  
	 Section 11.02.
	 	Notes Subordinated to Prior Payment of All Senior Indebtedness On Dissolution, Liquidation, Reorganization, etc., of the Issuer	  	 	57	  
	 Section 11.03.
	 	Holders to be Subrogated to Right of Holders of Senior Indebtedness	  	 	59	  
	 Section 11.04.
	 	Obligations of the Issuer Unconditional	  	 	59	  
	 Section 11.05.
	 	Issuer Not to Make Payment with Respect to Notes in Certain Circumstances	  	 	59	  
	 Section 11.06.
	 	Notice to Trustee	  	 	60	  
	 Section 11.07.
	 	Application by Trustee of Monies Deposited with It	  	 	61	  
	 Section 11.08.
	 	Subordination Rights Not Impaired by Acts or Omissions of the Issuer or Holders of Senior Indebtedness	  	 	61	  
	 Section 11.09.
	 	Trustee to Effectuate Subordination	  	 	62	  
	 Section 11.10.
	 	Right of Trustee to Hold Senior Indebtedness	  	 	62	  
	 Section 11.11.
	 	Article XI Not to Prevent Events of Default	  	 	62	  
	 Section 11.12.
	 	No Fiduciary Duty Created to Holders of Senior Indebtedness	  	 	62	  
	 Section 11.13.
	 	Article Applicable to Paying Agents	  	 	62	  
	 Section 11.14.
	 	Certain Conversion Deemed Payment	  	 	62	  

  
 iii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 11.15.
	 	Contractual Subordination	  	 	63	  
	 Section 11.16.
	 	Acceleration of Notes	  	 	63	  
			
	 ARTICLE XII
	 	CONVERSION	  	 	63	  
			
	 Section 12.01.
	 	Right to Convert	  	 	63	  
	 Section 12.02.
	 	Exercise of Conversion Privilege; Issuance of ADSs on Conversion; No Adjustment for Interest or Dividends	  	 	63	  
	 Section 12.03.
	 	No Issuance of Fractional Shares	  	 	65	  
	 Section 12.04.
	 	Conversion Rate	  	 	66	  
	 Section 12.05.
	 	Conversion Rate Adjustments	  	 	66	  
	 Section 12.06.
	 	Effect of Reclassification, Consolidation, Merger, Combination, Sale, Lease or Transfer	  	 	73	  
	 Section 12.07.
	 	Taxes, Duties, Fees and Costs of Issuance of ADSs or CPOs	  	 	74	  
	 Section 12.08.
	 	Obligation to Cause Sufficient Ordinary Shares, CPOs and ADSs to be Issued for Purposes of Satisfying any Settlement of Conversions	  	 	75	  
	 Section 12.09.
	 	Responsibility of Trustee and the Conversion Agent	  	 	75	  
	 Section 12.10.
	 	[Reserved]	  	 	76	  
	 Section 12.11.
	 	[Reserved]	  	 	76	  
	 Section 12.12.
	 	Make Whole Premium Upon a Fundamental Change	  	 	76	  
			
	 EXHIBIT A:
	 	FORM OF NOTE	  	 	A-1	  
			
	 EXHIBIT B:
	 	FINANCIAL STATEMENTS	  	 	B-1	  
			
	 EXHIBIT C:
	 	SUMMARY OF TERMS AND CONDITIONS	  	 	C-1	  

  
 iv 

 THIS INDENTURE, dated as of May 28, 2015, is between CEMEX, S.A.B. de C.V. a publicly traded
variable capital corporation (sociedad anónima bursátil de capital variable) organized under the laws of Mexico (the “Issuer”), The Bank of New York Mellon, as trustee (the “Trustee”) and,
solely for compliance with certain Mexican law requirements set forth in Section 7.01(b) and Section 7.06, CIBanco S.A., Institución de Banca Múltiple (the “Mexican Trustee”). The Issuer has duly authorized the
creation of its 3.72% Convertible Subordinated Notes due 2020 (including, as applicable, any additional notes issued under this Indenture, the “Notes”) and to provide therefor the Issuer, the Trustee and the Mexican Trustee have
duly authorized the execution and delivery of this Indenture. Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders from time to time of the Notes: 

ARTICLE I 
 DEFINITIONS

 SECTION 1.01. Definitions. 

“Additional Interest” means any interest payable pursuant to Section 6.02(b). 

“ADR” means American Depositary Receipts representing ADS. 

“ADS” means American Depositary Shares of the Issuer created pursuant to the Second Amended and Restated Deposit Agreement (A
and B share CPOs), dated August 10, 1999, among CEMEX, S.A.B. de C.V., Citibank, N.A. and holders and beneficial owners of American Depositary Shares, as the same may be amended, modified or replaced. 

“Affiliate” means, with respect to any specified Person, any other Person who directly or indirectly through one or more
intermediaries controls, or is controlled by, or is under common control with, such specified Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise. For purposes of this definition, the terms “controlling”, “controlled by” and “under common control with” have
correlative meanings. 
 “Agent” means any Registrar, Paying Agent, Conversion Agent or co-registrar. 

“Agent Member” means any member of, or participant in, the Depositary. 

“Applicable Procedures” means, with respect to any transfer or transaction involving a Global Security or beneficial interest
therein, the rules and procedures of the Depositary for such Global Security to the extent applicable to such transaction and as in effect from time to time. 

“Available Treasury Shares” means, as of any time of determination, Ordinary Shares of the Issuer available in treasury, and
for which the Issuer has obtained any approval (including satisfaction or waiver of preemptive rights), taken such corporate action and made such contractual arrangements necessary such that, at the time at which Notes could be converted, the Issuer
will be able to deliver such Ordinary Shares to timely satisfy its conversion obligations 

 
relating to the Notes, including by causing such Ordinary Shares to underlie any necessary CPOs, provided that Available Treasury Shares shall not include the number of Ordinary Shares
available in treasury needed to satisfy any and all of the Issuer’s contingent or non-contingent obligations to deliver Ordinary Shares (other than in connection with a conversion of the Notes), including, without limitation, in connection with
any employee compensation arrangements and the settlement of conversions of securities convertible into Ordinary Shares (including, without limitation, the Mandatory Convertible Securities issued on December 10, 2009, the 3.25% Convertible
Subordinated Notes due 2016, the 3.75% Convertible Subordinated Notes due 2018 and the 3.72% Convertible Subordinated Notes due 2020 issued on March 13, 2015). When “Available Treasury Shares” is referred to in comparison to the
number of ADSs necessary to satisfy conversion obligations at a certain point in time, in order to facilitate such comparison, “Available Treasury Shares” shall be expressed as the number of ADSs that would represent the number of
Available Treasury Shares held by the Issuer at such time (through the CPOs that are necessary to evidence such Ordinary Shares). 

“Bankruptcy Event of Default” means: 
  

	 	(1)	the entry by a court of competent jurisdiction of: (i) a decree, order for relief or declaration in respect of any Bankruptcy Party in an involuntary case or proceeding under any Bankruptcy Law, or (ii) a
decree or order (A) adjudging or declaring any Bankruptcy Party a bankrupt or insolvent, (B) approving as properly filed a petition seeking reorganization, arrangement, adjustment, insolvency, bankruptcy, concurso mercantil,
quiebra or composition of, or in respect of, any Bankruptcy Party under any Bankruptcy Law, (C) appointing a Custodian of any Bankruptcy Party or of any substantial part of the property of any Bankruptcy Party, or (D) ordering the
winding-up, liquidation, dissolution, bankruptcy or quiebra of the affairs of any Bankruptcy Party, and in each case, the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive calendar days; or

  

	 	(2)	(i) the commencement by any Bankruptcy Party of a voluntary case or proceeding under any Bankruptcy Law (including insolvency, bankruptcy, concurso mercantil or quiebra) or of any other case or
proceeding to be adjudicated of declared a bankrupt or insolvent, (ii) the consent by any Bankruptcy Party to the entry of a decree, declaration or order for relief in respect of such Bankruptcy Party in an involuntary case or proceeding under
any Bankruptcy Law or to the commencement of any bankruptcy, insolvency case, liquidation or dissolution action or proceeding against any Bankruptcy Party, (iii) the filing by any Bankruptcy Party of a petition or answer or consent seeking
reorganization or relief under any Bankruptcy Law, (iv) the consent by any Bankruptcy Party to the filing of such petition or to the appointment of or management or taking possession by a Custodian of any Bankruptcy Party or of any substantial
part of the property of any Bankruptcy Party, (v) the making by any Bankruptcy Party of an assignment for the benefit of creditors, (vi) the admission by any Bankruptcy Party in writing of its inability to pay its debts generally as they
become due, (vii) the approval by stockholders of any Bankruptcy Party of any plan or proposal for the liquidation or dissolution of such Bankruptcy Party, or (viii) the taking of corporate action by any Bankruptcy Party in furtherance of
any action referred to in clauses (i) – (vii) above. 

  
 2 

 “Bankruptcy Law” means Title 11, U.S. Code or any similar Federal, state or
non-U.S. law for the relief of debtors and the Mexican Ley de Concursos Mercantiles, as amended. 
 “Bankruptcy
Party” means the Issuer and any Significant Subsidiary of the Issuer or group of Subsidiaries that, taken together would constitute a Significant Subsidiary of the Issuer. 

“Beneficial Owner” will be determined in accordance with Rule 13d-3 under the Exchange Act as in effect on the date of the
Indenture, and “Beneficially Own”, “Beneficially Owned” and “Beneficial Ownership” have meanings correlative to that of Beneficial Owner. 

“Board of Directors” means, as to any Person, the board of directors, any duly authorized management committee or similar
governing body of such Person, or any duly authorized committee thereof, having the requisite authority. 
 “Capital Stock”
of any Person means any and all ordinary shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, but excluding any debt securities convertible into,
or exchangeable for, such equity. 
 “Capitalized Lease Obligations” means, as to any Person, the obligations of such
Person under a lease that are required to be classified and accounted for as capital lease obligations under GAAP. For purposes of the definition, the amount of such obligations at any date will be the capitalized amount of such obligations at such
date, determined in accordance with GAAP. 
 “Certificados Bursátiles” means Mexican law governed debt
securities issued by the Issuer and guaranteed (por aval) by CEMEX México, S.A. de C.V. and Empresas Tolteca de México, S.A. de C.V., wholly owned Subsidiaries of the Issuer, and placed in the Mexican capital markets with the
approval of the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) and listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V.). 

“Change of Control” means acquisition of the Beneficial Ownership of twenty percent (20%) or more in voting power of the
Issuer’s outstanding Voting Stock by any Person. 
 “Commission” means the U.S. Securities and Exchange Commission.

 “Commodity Price Purchase Agreement” means, in respect of any Person, any forward contract, commodity swap agreement,
commodity option agreement or other similar agreement or arrangement designed to protect such Person from fluctuations in commodity prices. 

“Conversion Rate” means the initial conversion rate specified in the Form of Note attached hereto as Exhibit A in
paragraph 15 of such form, as adjusted in accordance with the provisions of Article XII hereof. 

  
 3 

 “Corporate Trust Office” means the designated office of the Trustee at which, at
any particular time, its duties under this Indenture shall be administered, which office at the date of original execution of this Indenture is located at 101 Barclay Street, 7W, New York, NY 10286, or such other address as the Trustee may designate
from time to time by notice to the Holders and the Issuer, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Issuer).

 “CPO” means an ordinary participation certificate (certificado de participación ordinario) having Ordinary
Shares as underlying securities. 
 “Currency Agreement” means, in respect of any Person, any foreign exchange contract,
currency swap agreement or other similar agreement as to which such Person is a party designed to hedge foreign currency risk of such Person. 

“Custodian” means any receiver, trustee, assignee, conciliador, síndico, liquidator or similar official
under any Bankruptcy Law. 
 “Default” means an event or condition the occurrence of which is, or with the lapse of time or
the giving of notice or both would be, an Event of Default. 
 “Depositary” means, with respect to any Global Securities, a
clearing agency that is registered as such under the Exchange Act and is designated by the Issuer to act as Depositary for such Global Securities (or any successor securities clearing agency so registered), which shall initially be DTC. 

“Designated Senior Indebtedness” means (i) the Issuer’s obligations under the Facilities Agreement and in respect of the
indebtedness subject thereto and (ii) any other Senior Indebtedness which, on the date of a payment default or the delivery of a Payment Blockage Notice, has an aggregate amount outstanding of, or under which, on such date, the holders thereof are
committed to lend up to, at least U.S.$50 million. 
 “DTC” means The Depository Trust Company, a New York corporation.

 “Electronic Means” mean the following communications methods: S.W.I.F.T., e-mail, facsimile transmission, secure
electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for use in connection with its services hereunder. 

“Ex-Dividend Date” means the first date on which ADSs trade on the applicable exchange or in the applicable market, in a
regular way, without the right attached to Ordinary Shares to receive the issuance or distribution in question. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor statute or statues thereto together with, in either case, the rules and regulations promulgated thereunder. 

  
 4 

 “Existing Notes” means the Issuer’s 3.25% Convertible Subordinated Notes
due 2016 issued on March 15, 2011, the 3.75% Convertible Subordinated Notes due 2018 issued on March 15, 2011 and the 3.72% Convertible Subordinated Notes due 2020 issued on March 13, 2015. 

“Facilities Agreement” means the Facilities Agreement, dated as of September 12, 2012, entered into among the Issuer and
certain Subsidiaries of the Issuer, the financial institutions and noteholders party thereto, Citibank International PLC, as administrative agent, and Wilmington Trust (London) Limited, as security agent, as such agreement may be amended, modified
or waived from time to time. 
 “Fundamental Change” means: 

 

	 	(1)	a Change of Control; 

  

	 	(2)	the consummation of any binding share exchange, exchange offer, tender offer, consolidation or merger of the Issuer pursuant to which all or substantially all of the Issuer’s shares of Capital Stock will be
converted into cash, securities or other property or any sale, lease or other transfer in one transaction or a series of related transactions of all or substantially all of the consolidated assets of the Issuer and its Subsidiaries, taken as a
whole, to any Person other than one or more of the Issuer’s Subsidiaries (any such exchange, offer, consolidation, merger, transaction or series of transactions being referred to in this clause (2) as an “Event”); provided, however,
that any such Event where the holders of more than fifty percent (50%) of the Issuer’s Capital Stock immediately prior to such Event, own, directly or indirectly, more than fifty percent (50%) of all classes of Capital Stock of the continuing
or surviving Person or transferee or the parent thereof immediately after such Event shall not be a “Fundamental Change”; 

  

	 	(3)	during any consecutive two-year period, individuals who at the beginning of that two-year period constituted the Board of Directors of the Issuer, together with any new directors whose election to the Board of Directors
of the Issuer, or whose nomination for election by the Issuer’s stockholders, was approved by a vote of a majority of the Issuer’s stockholders, cease for any reason to constitute a majority of the Board of Directors of the Issuer then in
office; 

  

	 	(4)	the Issuer’s stockholders approve any plan or proposal for the Issuer’s liquidation or dissolution (other than any liquidation or dissolution that is part of a merger event and excluded from the definition of
“Fundamental Change” by reason of the proviso in clause (2) above); or 

  

	 	(5)	the ADSs cease to be listed for trading on a U.S. national securities exchange. 

 If any
transaction in which Ordinary Shares, CPOs or ADSs are replaced by the securities of another entity occurs, following the effective date of such transaction, references to the Issuer in this definition of “Fundamental Change” (and, for the
avoidance of doubt, the Issuer’s Ordinary Shares, CPOs and ADSs) will apply to such other entity (and securities issued by it) instead. 

  
 5 

 “GAAP” means IFRS as in effect on the Issue Date. 

“Global Security” means Notes represented by a certificate in definitive, fully registered form of securities without
interest coupons in global form that is deposited with the Depositary or its custodian and registered in the name of the Depositary or its nominee. 

“Global Securities Legend” means the legend labeled as such and that is set forth in Exhibit A hereto, which is incorporated
in and expressly made part of this Indenture. 
 “Hedging Obligations” means the obligations of any Person pursuant to any
Interest Rate Agreement, Currency Agreement, Commodity Price Purchase Agreement or any Transportation Agreement, in each case, not entered into for speculative purposes. 

“Holder” means the Person in whose name a Note is registered in the Register. 

“IFRS” means the International Financial Reporting Standards as issued by the International Accounting Standards Board. 

“Indebtedness” means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent
(including obligations por aval), in respect of: (i) borrowed money; (ii) bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof); (iii) banker’s acceptances; (iv) Capitalized
Lease Obligations; (v) the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an accrued expense or trade payable; or (vi) Hedging Obligations, if and to the extent any of such indebtedness
(other than letters of credit and Hedging Obligations) would appear as a liability on a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all indebtedness of others
secured by a Lien on any asset of the specified Person (whether or not such indebtedness is assumed by the specified Person) measured as the lesser of the fair market value of the assets of such Person so secured or the amount of such indebtedness
and, to the extent not otherwise included, the guarantee by such Person of any indebtedness of any other Person. 

“Indenture” means this Indenture as amended or supplemented from time to time. 

“Interest” means (except as otherwise specifically provided in this Indenture) any accrued and unpaid interest in respect of
the Notes, including Additional Interest and Additional Amounts, if any. 
 “Interest Payment Date” means March 15 and
September 15 of each year, commencing September 15, 2015. 
 “Interest Rate Agreement” of any Person means any
interest rate protection agreement (including, without limitation, interest rate swaps, caps, floors, collars, derivative instruments and similar agreements) and/or other types of hedging agreements designed to hedge interest rate risk of such
Person. 
 “Issue Date” means May 28, 2015. 

  
 6 

 “Issuer” means the party named as such in the Preamble until a successor
replaces it in accordance with Article V and thereafter means the successor. 
 “Issuer Order” means a written
order of the Issuer signed by an Officer of the Issuer. 
 “Last Reported Sale Price” of ADSs on any Trading Day means the
closing sale price per ADS (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) of the ADSs on that Trading Day as reported in
composite transactions for the principal U.S. national or regional securities exchange on which the ADSs are traded. If the ADSs are not listed for trading on a U.S. national or regional securities exchange on the relevant Trading Day, the
“Last Reported Sale Price” will be the last quoted bid price per ADS in the over-the-counter market on the relevant Trading Day as reported by OTC Markets Group. or a similar organization selected by the Issuer. If the ADSs are not
so quoted, the “Last Reported Sale Price” will be the average of the mid-point of the last bid and ask prices per ADS on the relevant date from each of at least three nationally recognized independent investment banking firms the
Issuer selects for this purpose. When used in relation to an Ordinary Share, “Last Reported Sale Price” means, with respect to any day, the per share price of an Ordinary Share obtained by dividing (i) the quotient of the Last
Reported Sale Price of an ADS for that day, divided by the number of CPOs represented by an ADS at the time of determination by (ii) the number of Ordinary Shares underlying a CPO at the time of determination; provided that if the Ordinary
Shares no longer constitute securities underlying CPOs at the time of determination, references in this definition (other than in this proviso) to CPOs will be deemed to have been replaced by a reference to ADSs. 

“LGTOC” means the Mexican General Law of Negotiable Instruments and Credit Transactions (Ley General de Títulos y
Operaciones de Crédito). 
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge,
security or similar trust, security interest or encumbrance of any kind in respect of such asset. The Issuer shall be deemed to own, subject to a Lien, any asset that it has acquired or holds subject to the interest of a vendor or lessor under any
conditional sale agreement, Capitalized Lease Obligations or other title retention lease relating to such asset, or any account receivable transferred by it with recourse (including any such transfer subject to a holdback or similar arrangement that
effectively imposes the risk of collectability on the transferor). 
 “Market Disruption Event” means (i) a failure by the
primary exchange or quotation system on which the ADSs trade or are quoted to open for trading during its regular trading session or (ii) the occurrence or existence prior to 1:00 p.m. New York City time, on any Trading Day, of an aggregate one half
hour period of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the stock exchange or otherwise) in the ADSs or in any options, contracts or future contracts relating to ADSs. 

“Maturity Date” means March 15, 2020. 

“Mexican Law Legend” means the legend labeled as such and that is set forth in Exhibit A hereto, which is incorporated in and
expressly made a part of this Indenture 

  
 7 

 “New York Business Day” means any day that is not a Saturday, Sunday or other
day on which commercial banks in New York City are authorized or required by law or other governmental action to remain closed. 

“Officer” means the President, the Chief Executive Officer, any Executive Vice President, any Senior Vice President, any Vice
President, the Chief Financial Officer, the Treasurer, any member of the Board of Directors, any attorney-in-fact acting under a duly granted power-of-attorney providing authority or the Secretary of the Issuer. 

“Officer’s Certificate” means a certificate signed by one Officer and delivered to the Trustee. 

“Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. Counsel may be
an employee of or counsel to the Issuer. 
 “Ordinary Shares” means series A common stock or series B common stock of the
Issuer, or any other shares of Capital Stock of the Issuer that are issued in exchange for, or otherwise replace, any of the foregoing, including any Reference Property. References to the Issuer in this definition shall also include any successor or
purchasing corporation, or its direct or indirect parent entity, the common stock of which constitutes Reference Property, subject to compliance with Section 12.06. 

“Person” means an individual, partnership, limited partnership, corporation, company, limited liability company,
unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof. 
 “Pesos”
or “Ps.” means the lawful currency of Mexico. 
 “Public Registry of Commerce” means the Public Registry
of Property and Commerce (Registro Público de la Propiedad y del Comercio) of Monterrey, Nuevo León, México. 

“Record Date” means the March 1 and September 1 immediately preceding each Interest Payment Date. 

“Representative” means (a) the indenture trustee or other trustee, agent or representative for any Senior Indebtedness or (b)
with respect to any Senior Indebtedness that does not have any such trustee, agent or other representative, (i) in the case of such Senior Indebtedness issued pursuant to an agreement providing for voting arrangements as among the holders or owners
of such Senior Indebtedness, any holder or owner of such Senior Indebtedness acting with the consent of the required Persons necessary to bind such holders or owners of such Senior Indebtedness and (ii) in the case of all other such Senior
Indebtedness, the holder or owner of such Senior Indebtedness. 
 “Securities Act” means the Securities Act of 1933, as
amended, or any successor statute or statues thereto together with, in either case, the rules and regulations promulgated thereunder. 

  
 8 

 “Senior Indebtedness” means all Indebtedness of the Issuer except for: 

 

	 	(1)	Indebtedness that states, or is issued under a deed, indenture or other instrument that states, that it is subordinated to or ranks equally with the Notes; and 

 

	 	(2)	Indebtedness between or among the Issuer and any of its Subsidiaries. 

 “Significant
Subsidiary” means any Subsidiary of the Issuer that at the date of determination is a “significant subsidiary” as defined in Rule 1-02(w) of Regulation S-X under the Securities Act and the Exchange Act. 

“Subsidiary” means with respect to any Person, any corporation, partnership, joint venture, limited liability company, trust,
estate or other entity of which (or in which) more than fifty percent (50%) of (a) in the case of a corporation, the issued and outstanding Capital Stock having ordinary voting power to elect a majority of the Board of Directors of such corporation
(irrespective of whether at the time Capital Stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency that has not occurred and is not in the control of such Person), (b) in the
case of a limited liability company, partnership or joint venture, the voting or other power to control the actions of such limited liability company, partnership or joint venture or (c) in the case of a trust or estate, the voting or other power to
control the actions of such trust or estate, is at the time directly or indirectly owned or controlled by (x) such Person, (y) such Person and one or more of its other Subsidiaries or (z) one or more of such Person’s other Subsidiaries. Unless
the context otherwise requires, all references herein to a “Subsidiary” shall refer to a Subsidiary of the Issuer. 

“Trading Day” means, with respect to ADSs, a day during which trading in the Issuer’s ADSs generally occurs on the
primary exchange or quotation system on which the Issuer’s ADSs then trade or are quoted and there is no Market Disruption Event. 

“Transportation Agreement” means, in respect of any Person, any agreement or arrangement designed to protect such Person from
fluctuations in prices related to transportation. 
 “Trustee” means the party named as such in the Preamble and any
successor that replaces it in accordance with the applicable provisions of this Indenture, including any attorney-in-fact for the Trustee pursuant to a valid power of attorney issued by the Trustee to such attorney-in-fact. 

“Trust Indenture Act” means the U.S. Trust Indenture Act of 1939, as amended. 

“Trust Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the
Trustee having direct responsibility for the administration of this Indenture, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct
responsibility for the administration of this Indenture. 
 “U.S.” means the United States of America. 

“U.S. Government Obligations” means direct obligations (or certificates representing an ownership interest in such
obligations) of the U.S. (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is 

  
 9 

 
pledged. In order to have money available on a payment date to pay principal or Interest on the Notes, the U.S. Government Obligations shall be payable as to principal or Interest on or before
such payment date in such amounts as will provide the necessary money. U.S. Government Obligations shall not be callable at the Issuer’s option. 

“U.S. Legal Tender” or “U.S.$” means such coin or currency of the U.S., as at the time of payment shall be
legal tender for the payment of public and private debts. 
 “Voting Stock” with respect to any Person, means securities of
any class of capital stock of such Person entitling the holders thereof (whether at all times or only so long as no senior class of stock has voting power by reason of any contingency) to vote in the election of members of the Board of Directors of
such Person. 
 SECTION 1.02. Other Definitions. 
  

					
	 	 	 	 	 Defined in Section

	“Additional ADSs”	 		 	Section 12.12(a)
	“Additional Amounts”	 		 	Section 4.12(b)
	“ADS Price”	 		 	Section 12.12(a)
	“Authorized Agent”	 		 	Section 10.10(c)
	“Authorized Officers”	 		 	Section 10.02
	“Banamex”	 		 	Section 12.02
	“Business Day”	 		 	Section 10.06
	“Change of Control Purchase Date”	 		 	Section 12.12(b)
	“Change of Control Offer”	 		 	Section 3.03(a)
	“Change of Control Payment”	 		 	Section 3.03(a)
	“Conversion Agent”	 		 	Section 2.03
	“Conversion Date”	 		 	Section 12.02
	“Definitive Security”	 		 	Section 2.07(b)(i)
	“Dividend Record Date”	 		 	Section 12.05(a)(i)
	“Effective Date”	 		 	Section 12.12(a)
	“Event of Default”	 		 	Section 6.01
	“Expiration Date”	 		 	Section 12.05(a)(v)
	“Expiration Time”	 		 	Section 12.05(a)(v)
	“Financial Statements”	 		 	Section 10.01(b)
	“Fundamental Change Notice”	 		 	Section 12.12(b)
	“Instructions”	 		 	Section 10.02
	“Junior Securities”	 		 	Section 11.14
	“Make Whole Fundamental Change Premium”	 		 	Section 12.12(a)
	“Make Whole Table”	 		 	Section 12.12(a)
	“Mexican Trustee”	 		 	Preamble
	“Net Total Assets”	 		 	Section 10.01(c)
	“Notes”	 		 	Preamble
	“Paying Agent”	 		 	Section 2.03
	“Payment Blockage Notice”	 		 	Section 11.05(b)
	“Payment Blockage Period”	 		 	Section 11.05(b)
	“Payment Default”	 		 	Section 11.05(a)

  
 10 

					
	“Payment of the Notes”	 		 	Section 11.05(a)
	“Permitted Merger Jurisdictions”	 		 	Section 5.01(a)(ii)(A)
	“Reference Property”	 		 	Section 12.06
	“Register”	 		 	Section 2.03
	“Registrar”	 		 	Section 2.03
	“Rights Distribution Record Date”	 		 	Section 12.05(a)(ii)
	“Settlement”	 		 	Section 12.02
	“Spin-Off”	 		 	Section 12.05(a)(iii)
	“Successor Issuer”	 		 	Section 5.01(a)(ii)
	“Tax Redemption”	 		 	Section 3.01(a)
	“Tax Redemption Date”	 		 	Section 3.01(e)
	“Tax Redemption Notice”	 		 	Section 3.01(e)
	“Tax Redemption Price”	 		 	Section 3.01(a)
	“Taxes”	 		 	Section 4.12(a)
	“Taxing Jurisdiction”	 		 	Section 3.01(a)
	“USA Patriot Act”	 		 	Section 10.18
	“Valuation Period”	 		 	Section 12.05(a)(iii)

 SECTION 1.03. Inapplicability of Trust Indenture Act. 

No provisions of the Trust Indenture Act are incorporated by reference in or made a part of this Indenture. No terms that are defined under
the Trust Indenture Act have such meanings for purposes of this Indenture. 
 SECTION 1.04. Rules of Construction. Unless the context
otherwise requires: 
 (i) a term has the meaning assigned to it; 

(ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(iii) “or” is not exclusive; 

(iv) words in the singular include the plural, and in the plural include the singular; 

(v) the male, female and neuter genders include one another; 

(vi) the word “including” wherever used will be deemed to be followed by the word “without limitation”;

 (vii) references to agreements and other instruments include subsequent amendments thereto; and 

(viii) the words “herein,” “hereof” and other words of similar import refer to this Indenture as a whole
and not to any particular Article, Section or other subdivision. 

  
 11 

 The terms and provisions contained in the Notes shall constitute, and are hereby expressly made,
a part of this Indenture and the Issuer and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the
express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 ARTICLE II 

THE NOTES 
 SECTION 2.01.
Form and Dating. 
 (a) Form and Dating. 

(i) The Notes shall be issued in the form of one or more definitive, fully registered form of securities without interest
coupons, with their English and Spanish text side-by-side, provided, however, that in case of any inconsistency or question as to the proper interpretation or construction of the Notes between the text in English and the text in
Spanish, the English text shall control in all cases. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto. The terms and provisions of the Notes shall constitute, and are hereby
expressly made, a part of this Indenture, and, to the extent applicable, the Issuer and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 

(ii) Except as otherwise expressly permitted in this Indenture, all Notes shall be identical in all respects. Notwithstanding
any differences among them, all Notes issued under this Indenture (including those issued under a reopening as provided herein) shall vote and consent together on all matters as one class. 

(iii) The Notes will initially be issued in the form of one or more permanent Global Securities. 

(iv) Each such Global Security shall be issued with the Global Securities Legend and the Mexican Law Legend. 

(v) Any Global Security shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, as
custodian for the Depositary, and registered in the name of the Depositary or a nominee of the Depositary for the accounts of participants in the Depositary, duly executed by the Issuer and the Mexican Trustee and authenticated by the Trustee as
hereinafter provided. The aggregate principal amount of any Global Security may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee as hereinafter provided. Any Global
Security may be represented by more than one certificate. 
 (vi) The Notes may have notations, legends or endorsements as
specified in this Indenture or as otherwise required by law, stock exchange rule or Depositary rule or usage. The Issuer shall approve the form of the Notes and any notation, legend or endorsement on them. 

  
 12 

 (vii) Without the requirement of any consent by any Holder or meeting of any
Holders, and notwithstanding anything to the contrary in Sections 2.01(a) or 2.02 hereof, the Issuer may increase the aggregate principal amount of the Notes issued under this Indenture by reopening this Indenture and issuing
additional Notes with the same terms as the initial Notes (except, to the extent applicable, with respect to the issue price, the date as of which interest shall begin to accrue on such additional Notes and as to the Issue Date with respect to such
additional Notes as provided in the proviso to the definition thereof), which Notes will, subject to the foregoing, be considered to be part of the same series of Notes as those initially issued hereunder; provided, however, that if
any such additional Notes are not fungible with other Notes issued hereunder for federal income tax purposes, then such additional Notes shall have a separate CUSIP number. Prior to issuing any such additional Notes, the Issuer will deliver to the
Trustee an Issuer Order, an Officer’s Certificate and an Opinion of Counsel, which Officer’s Certificate and Opinion of Counsel will address any matters required to be addressed under Section 10.04 hereof. The Holders of any Notes
issued in a reopening of this Indenture shall have the same rights and obligations of the Holders of original Notes. 
 (b) Book-Entry
Provisions. This Section 2.01(b) shall apply only to a Global Security deposited with or on behalf of the Depositary. 
 The
Issuer and the Mexican Trustee shall execute and the Trustee shall, in accordance with this Section 2.01(b) and upon Issuer Order, authenticate and deliver initially one or more Global Securities that (i) shall be registered in the name
of the Depositary or a nominee of the Depositary (which, in the case of DTC, shall initially be Cede & Co.), (ii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions or held by the Trustee as
custodian for the Depositary pursuant to (in the case of DTC) a FAST Balance Certificate Agreement between the Depositary and the Trustee, and (iii) shall bear appropriate legends as set forth herein. 

Except as provided in Section 2.11(b)(iv) hereof, Agent Members shall have no rights under this Indenture with respect to any Global
Security held on their behalf by the Depositary or by the Trustee as the custodian of the Depositary or under such Global Security, and the Depositary may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the
absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification,
proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices of such Depositary governing the exercise of the rights of a holder of a beneficial interest in
any Global Security. 
 (c) Definitive Securities. Except as provided in Section 2.07 and Section 2.11 hereof,
owners of beneficial interests in Global Securities will not be entitled to receive physical delivery of certificated Notes in definitive form. 

  
 13 

 SECTION 2.02. Execution and Authentication. Two Officers (who shall be members of the
Board of Directors) shall sign the Notes for the Issuer by manual or facsimile signature. 
 (a) If an Officer whose signature is on a Note
no longer holds that office at the time the Note is authenticated, the Note shall nevertheless be valid. 
 (b) A Note shall not be valid
until authenticated by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 

(c) The Trustee shall authenticate and make available for delivery Notes for original issue in the initial aggregate principal amount of up to
U.S.$321,114,000 upon receipt of an Issuer Order, which shall specify the amount of Notes to be authenticated and the date on which the Notes are to be authenticated; in addition, the Trustee shall from time to time authenticate and make available
for delivery additional Notes upon any reopening of this Indenture upon receipt of an Issuer Order, which shall specify the amount of Notes to be authenticated and the date on which the Notes are to be authenticated. 

(d) The Notes shall be issuable only in registered form without coupons and only in denominations of U.S.$1,000 and multiples of U.S.$1,000 in
excess thereof. 
 (e) The Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate Notes. An authenticating
agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same right as an Agent to deal with the Issuer or
an Affiliate of the Issuer. 
 (f) If any successor that has replaced the Issuer in accordance with Article V hereof has executed an
indenture supplemental hereto with the Trustee pursuant to Article V hereof, any of the Notes authenticated or delivered prior to such transaction may, from time to time, at the request of such successor, be exchanged for other Notes executed
in the name of such successor with such changes in phraseology and form as may be appropriate, but otherwise identical to the Notes surrendered for such exchange and of like principal amount; and the Trustee, upon Issuer Order of such successor,
shall authenticate and deliver Notes as specified in such order for the purpose of such exchange. If Notes shall at any time be authenticated and delivered in any new name of such successor pursuant to this Section 2.02(f) in exchange or
substitution for or upon registration of transfer of any Notes, such successor, at the option of the Holders but without expense to them, shall provide for the exchange of all Notes then outstanding for Notes authenticated and delivered in such new
name. 
 (g) The Notes shall also be signed by a duly authorized attorney-in-fact of the Mexican Trustee by manual or facsimile signature.

 SECTION 2.03. The Trustee, Registrar, Paying Agent and Conversion Agent. The Issuer shall maintain or cause to be maintained in
such locations as it shall determine, which may be the Corporate Trust Office, an office or agency: (i) where securities may be presented for registration of transfer or for exchange (“Registrar”); (ii) where Notes may be presented
for payment (“Paying Agent”); (iii) an office or agency where Notes may be presented for 

  
 14 

 
conversion (the “Conversion Agent”); and (iv) where notices and demands to or upon the Issuer in respect of Notes and this Indenture may be served by the Holders. The Registrar
shall keep a Register (“Register”) of the Notes and of their transfer and exchange. The Issuer may appoint one or more co-registrars, one or more additional paying agents and one or more additional conversion agents. The term
“Paying Agent” includes any additional paying agent and the term “Conversion Agent” includes any additional conversion agent. The Issuer may change any Paying Agent, Registrar, Conversion Agent or co-registrar without prior
notice. The Issuer shall notify the Trustee of the name and address of any Agent not a party to this Indenture and shall enter into an appropriate agency agreement with any Registrar, Paying Agent, Conversion Agent or co-registrar not a party to
this Indenture. Such agency agreement shall implement the provisions of this Indenture that relate to such Agent. The Issuer or any of its Subsidiaries may act as Paying Agent, Registrar, Conversion Agent or co-registrar, except that for purposes of
Article VIII and Section 3.03 hereof, neither the Issuer nor any of its Subsidiaries shall act as Paying Agent. If the Issuer fails to appoint or maintain another entity as Registrar, Paying Agent, or Conversion Agent, the Trustee
shall act as such, and the Trustee shall initially act as such. The Issuer designates the Borough of Manhattan, New York City, office or agency of the Trustee as one such office or agency of the Issuer required by this Section 2.03,
until such time as another office or agency located in the Borough of Manhattan is designated as such, and appoints the Trustee as Registrar, Paying Agent, Conversion Agent and agent for service of demands and notices in connection with the Notes
and this Indenture until such time as another Person is appointed as such. 
 SECTION 2.04. Paying Agent to Hold Money in
Trust. The Issuer shall require each Paying Agent (other than the Trustee, who hereby so agrees) to agree in writing that the Paying Agent will hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent
for the payment of principal or Interest on the Notes, and will notify the Trustee of any default by the Issuer in respect of making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money
held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer or a Subsidiary of the Issuer) shall have
no further liability for the money. If the Issuer or a Subsidiary of the Issuer acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders of all money held by it as Paying Agent. Upon any
proceeding under any Bankruptcy Law with respect to the Issuer or any of its Affiliates, if the Issuer or such Affiliate is then acting as Paying Agent, the Trustee shall replace the Issuer or such Affiliate as Paying Agent. 

SECTION 2.05. Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list
available to it of the names and addresses of Holders. If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee at least seven Business Days before each Interest Payment Date, and as the Trustee may request in writing within
fifteen (15) days after receipt by the Issuer of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form and as of such date
as the Trustee may reasonably require of the names and addresses of the Holders. 
 SECTION 2.06. Legends; Transfer
Restrictions. Each Global Security shall bear the Global Securities Legend, and each Note shall bear a Mexican Law Legend. 

  
 15 

 SECTION 2.07. Transfer and Exchange. (a) When Notes are presented to the Registrar or a
co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Notes for other denominations, the Registrar shall register the transfer or make the exchange if its requirements for such transactions specified
herein and the related certificate are met. To permit registrations of transfers and exchanges, the Issuer shall issue and the Trustee shall authenticate Notes at the Registrar’s request, bearing certificate numbers not contemporaneously
outstanding. No service charge shall be imposed on a Holder for any registration of transfer or exchange of Notes (except as otherwise expressly permitted herein), but the Issuer and the Registrar may require payment of a sum sufficient to cover any
transfer Tax or other governmental charge payable upon exchanges pursuant to Section 2.11, Section 9.05 or Section 12.02 hereof. 

The Issuer or the Registrar shall not be required to register the transfer of any Notes surrendered for repurchase pursuant to Section 3.03
hereof. 
 All Notes issued upon any transfer or exchange of Notes in accordance with this Indenture shall be the valid obligations of
the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 

(b) Notwithstanding any provision to the contrary herein, so long as a Global Security remains outstanding and is held by or on behalf of the
Depositary, transfers of a Global Security, in whole or in part, or of any beneficial interest therein, shall only be made in accordance with this Section 2.07, Section 2.11 hereof and the Applicable Procedures. 

Except for transfers or exchanges made in accordance with paragraphs (i) through (iii) of this Section 2.07(b) and Section 2.11
hereof, transfers of a Global Security shall be limited to transfers of such Global Security in whole, but not in part, to nominees of the Depositary or to a successor of the Depositary or such successor’s nominee. 

(i) Global Security to Definitive Security. If an owner of a beneficial interest in a Global Security deposited with the
Depositary or with the Trustee as custodian for the Depositary wishes at any time to transfer its interest in such Global Security to a Person who is required to take delivery thereof in the form of a definitive registered note (such Note, a
“Definitive Security”), such owner may, subject to the restrictions on transfer set forth herein and such Global Security and the Applicable Procedures, cause the exchange of such interest for one or more Definitive Securities of
any authorized denomination or denominations and of the same aggregate principal amount. Upon receipt by the Registrar of instructions from the Depositary and/or its participants directing the Trustee to authenticate and deliver one or more
Definitive Securities of the same aggregate principal amount as the beneficial interest in the Global Security to be exchanged (such instructions to contain the name or names of the designated transferee or transferees, the authorized denomination
or denominations of the Definitive Securities to be so issued and appropriate delivery instructions), then the Registrar will instruct the Depositary to reduce or cause to be reduced such Global Security by the aggregate principal amount of the
beneficial interest therein to be exchanged and to debit or cause to be debited from the account of the Person making such transfer the beneficial interest 

  
 16 

 
in the Global Security that is being transferred, and concurrently with such reduction and debit the Issuer shall execute, and the Trustee shall authenticate and deliver, one or more Definitive
Securities of the same aggregate principal amount in accordance with the instructions referred to above. 
 (ii)
Definitive Security to Definitive Security. If a Holder of a Definitive Security wishes at any time to transfer such Definitive Security (or portion thereof) to a Person who is required to take delivery thereof in the form of a
Definitive Security, such Holder may, subject to the restrictions on transfer set forth herein and in such Definitive Security, cause the transfer of such Definitive Security (or any portion thereof in a principal amount equal to an authorized
denomination) to such transferee. Upon receipt by the Registrar of (1) such Definitive Security, duly endorsed as provided herein, and (2) instructions from such Holder directing the Trustee to authenticate and deliver one or more Definitive
Securities of the same aggregate principal amount as the Definitive Security, or portion thereof, to be transferred (such instructions to contain the name or names of the designated transferee or transferees, the authorized denomination or
denominations of the Definitive Securities to be so issued and appropriate delivery instructions), then the Registrar, shall cancel or cause to be canceled such Definitive Security and concurrently therewith, the Issuer shall execute, and the
Trustee shall authenticate and deliver, one or more Definitive Securities in the appropriate aggregate principal amount, in accordance with the instructions referred to above and, if only a portion of a Definitive Security is transferred as
aforesaid, concurrently therewith the Issuer shall execute and the Trustee shall authenticate and deliver to the transferor a Definitive Security in a principal amount equal to the principal amount which has not been transferred. A Holder of a
Definitive Security may at any time exchange such Definitive Security for one or more Definitive Securities of other authorized denominations and in the same aggregate principal amount and registered in the same name by delivering such Definitive
Security, duly endorsed as provided herein, to the Trustee together with instructions directing the Trustee to authenticate and deliver one or more Definitive Securities in the same aggregate principal amount and registered in the same name as the
Definitive Security to be exchanged, and the Registrar thereupon shall cancel or caused to be canceled such Definitive Security and concurrently therewith the Issuer shall execute and Trustee shall authenticate and deliver, one or more Definitive
Securities in the same aggregate principal amount and registered in the same name as the Definitive Security being exchanged. 

(iii) Definitive Security to Global Security. If a Holder of a Definitive Security wishes at any time to transfer
such Definitive Security (or portion thereof) to a Person who is not required to take delivery thereof in the form of a Definitive Security, such Holder shall, subject to the restrictions on transfer set forth herein and in such Definitive Security
and the rules of the Depositary cause the exchange of such Definitive Security for a beneficial interest in the Global Security. Upon receipt by the Registrar of (1) such Definitive Security, duly endorsed as provided herein, (2) instructions
from such Holder directing the Trustee to increase the aggregate principal amount of the Global Security deposited with the Depositary or with the Trustee as custodian for the Depositary by the same aggregate principal amount as the Definitive
Security to be exchanged, such instructions to contain the name or names of a member of, or participant in, the 

  
 17 

 
Depositary that is designated as the transferee, the account of such member or participant and other appropriate delivery instructions, and (3) the assignment form on the back of the Definitive
Security completed in full, then the Trustee shall cancel or cause to be canceled such Definitive Security and concurrently therewith shall increase the aggregate principal amount of the Global Security by the same aggregate principal amount as the
Definitive Security canceled. 
 All Definitive Securities shall be issued in minimum principal amounts of U.S.$1,000 and
integral multiples of U.S.$1,000 in excess thereof. 
 (c) Transfers of Notes. 

(i) Upon the transfer, exchange or replacement of Notes (or beneficial interests in a Global Security), the Registrar shall
exchange such Notes (or beneficial interests) for Notes (or beneficial interests in a Global Security). 
 (d) Neither the Trustee nor any
Agent shall have any responsibility for any actions taken or not taken by the Depositary. All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only to or upon
the order of the registered Holders (which shall be the Depositary or its nominee in the case of a Global Security). The rights of beneficial owners in any Global Security shall be exercised only through the Depositary subject to the Applicable
Procedures. The Trustee may conclusively rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its Agent Members and any beneficial owners. 

(e) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Notes (including any transfers between or among Agent Members or beneficial owners of interests in any Global Security) other than to require delivery
of such certificates and other documentation as is expressly required by, and to do so if and when expressly required by, the terms of this Indenture and to examine the same to determine substantial compliance as to form with the express
requirements hereof. The Trustee shall have no obligations or duties to the holders of any ADSs issued pursuant to Article XII hereof. 

(f) The Trustee shall have no responsibility or obligation to any beneficial owner of an interest in a Global Security, Agent Members or any
other Persons with respect to the accuracy of the records of DTC or its nominee or of Agent Members, with respect to any ownership interest in the Notes or with respect to the delivery to any Agent Member, beneficial owner or other Person (other
than DTC) of any notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to such Notes. All notices and communications to be given to the Holders and all
payments to be made to Holders in respect of the Notes shall be given or made only to or upon the order of the registered Holders (which shall be DTC or its nominee in the case of a Global Security). The rights of beneficial owners in any Global
Security shall be exercised only through DTC subject to the applicable rules and procedures of DTC. The Trustee may and shall be fully protected in relying upon information furnished by DTC with respect to its Agent Members and any beneficial
owners. 

  
 18 

 SECTION 2.08. Replacement Notes. If the Holder of a Note claims that the Note has been
lost, destroyed or wrongfully taken, the Issuer shall issue (after the execution by two Officers, who shall also be members of the Board of Directors), the Mexican Trustee shall sign and the Trustee shall authenticate a replacement Note if the
Trustee’s requirements are met. If required by the Trustee, the Mexican Trustee or the Issuer as a condition of receiving a replacement Note, such Holder shall provide a certificate of loss and an indemnity and/or an indemnity bond sufficient,
in the judgment of the Issuer, the Mexican Trustee and the Trustee, to fully protect the Issuer, the Mexican Trustee, the Trustee, any Agent and any authenticating agent from any loss, liability, cost or expense which any of them may suffer or incur
if the Note is replaced. The Issuer, the Mexican Trustee and the Trustee may charge the relevant Holder for their expenses in replacing any Note. 

The Trustee or any authenticating agent may authenticate any such substituted Note, and deliver the same upon the receipt of such security or
indemnity as the Trustee, the Mexican Trustee, the Issuer and, if applicable, such authenticating agent may require. Upon the issuance of any substituted Note, the Issuer and the Trustee may require the payment of a sum sufficient to cover any
Tax or other governmental charge that may be imposed in relation thereto and any other expenses connected therewith. In case any Note which has matured or is about to mature, or has been submitted for repurchase pursuant to Section 3.03
or is about to be converted into ADSs pursuant to Article XII hereof, shall become mutilated or be destroyed, lost or stolen, the Issuer may, instead of issuing a substitute Note, pay or authorize the payment of or convert or authorize the
conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall furnish to the Issuer, to the Mexican Trustee, to the Trustee and, if applicable, to
the authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such action, and, in case of destruction, loss or theft, evidence
satisfactory to the Issuer, the Mexican Trustee, the Trustee and, if applicable, any Paying Agent or Conversion Agent of the destruction, loss or theft of such Note and of the ownership thereof. 

Every replacement Note is an additional obligation of the Issuer and shall be entitled to all the benefits provided under this Indenture
equally and proportionately with all other Notes duly issued, authenticated and delivered hereunder. 
 SECTION 2.09. Outstanding
Notes. The Notes outstanding at any time are all the Notes properly authenticated by the Trustee except for those canceled by the Trustee, those delivered to it for cancellation, and those described in this Section 2.09 as not
outstanding. 
 If a Note is replaced pursuant to Section 2.08 hereof, it shall cease to be outstanding unless the Trustee receives
proof satisfactory to it that the replaced Note is held by a protected purchaser. 
 If Notes are considered paid under Section 4.01
hereof, converted under Article XII hereof or redeemed or repurchased pursuant to Section 3.01 or Section 3.03 hereof, they shall cease to be outstanding and Interest on them shall cease to accrue, except as may be otherwise
set forth herein. 

  
 19 

 Subject to Section 2.10 hereof, a Note does not cease to be outstanding because the Issuer
or an Affiliate of the Issuer holds the Note. 
 SECTION 2.10. When Treasury Notes Disregarded. In determining whether the
Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer or an Affiliate of the Issuer shall be considered as though they are not outstanding except that for the purposes of
determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which a Trust Officer of the Trustee actually knows are so owned shall be so disregarded. Prior to any such determination, the Issuer
shall be obliged to advise the Trustee of any Notes owned by the Issuer or an Affiliate of the Issuer. 
 SECTION 2.11. Temporary Notes;
Definitive Securities. (a) Until Definitive Securities are ready for delivery, the Issuer may prepare and the Trustee shall authenticate temporary Notes, which shall also be signed by the Mexican Trustee. Temporary Notes shall be
substantially in the form of definitive Notes but may have variations that the Issuer considers appropriate for temporary Notes and shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare, the Mexican
Trustee shall sign and the Trustee shall authenticate Definitive Securities in exchange for temporary Notes. 
 (b) Definitive
Securities. 
 (i) Except for transfers made in accordance with Section 2.07(b) hereof, a Global Security
deposited with the Depositary or with the Trustee as custodian for the Depositary pursuant to Section 2.01 hereof shall be transferred to the beneficial owners thereof in the form of Definitive Securities only if such transfer complies with
Section 2.07 hereof and (x) the Depositary notifies the Issuer that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a “clearing agency” registered under the
Exchange Act and a successor Depositary is not appointed by the Issuer within 90 days of such notice, (y) an Event of Default has occurred and is continuing, or (z) the Issuer, in its sole discretion, determines that the Global Security will be
exchangeable for Definitive Securities in registered form and notifies the Trustee of its decision. 
 (ii) In connection
with the exchange of an entire Global Security for Definitive Securities pursuant to clause (x) of Section 2.11(b)(i) hereof, such Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer (by means of
the execution by two Officers, who shall also be members of the Board of Directors) and the Mexican Trustee shall execute, and upon Issuer Order the Trustee shall authenticate and deliver to each Person identified by DTC and/or its participants in
exchange for its interest in such Global Security, an equal aggregate principal amount of Definitive Securities of authorized denominations, and the Registrar shall register such exchanges in the Register. 

  
 20 

 (iii) In connection with the exchange of an entire Global Security for Definitive
Securities pursuant to clause (y) of Section 2.11(b)(i) hereof, if an Event of Default has occurred and is continuing, upon receipt by the Registrar of instructions from Agent Members on behalf of the owner of a beneficial interest in a
Global Security directing the Registrar to exchange such beneficial owner’s beneficial interest in such Global Security for Definitive Securities, subject to and in accordance with the Applicable Procedures, the Issuer (by means of the
execution by two Officers, who shall also be members of the Board of Directors) and the Mexican Trustee shall promptly execute, and upon Issuer Order the Trustee shall authenticate and make available for delivery to such beneficial owner, Definitive
Securities in a principal amount equal to such beneficial interest in such Global Security. 
 (iv) If (A) an event described
in clause (x) of Section 2.11(b)(i) hereof occurs and Definitive Securities are not issued promptly to all beneficial owners or (B) the Registrar receives from a beneficial owner instructions to obtain Definitive Securities due to an event
described in clause (y) of Section 2.11(b)(i) hereof and Definitive Securities are not issued promptly to any such beneficial owner, the Issuer expressly acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to
Section 6.06 hereof, the right of any beneficial owner of Notes to pursue such remedy with respect to the portion of the Global Security that represents such beneficial owner’s Notes as if such Definitive Securities had been issued. 

(c) Any Global Security or interest therein that is transferable to the beneficial owners thereof in the form of Definitive Securities shall,
if held by the Depositary, be surrendered by the Depositary to the Trustee, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Security, an equal aggregate principal amount of Notes of
authorized denominations in the form of certificated Notes in definitive form. Any portion of a Global Security transferred pursuant to this Section 2.11(c) shall be executed, authenticated and delivered only in denominations of U.S.$1,000
and multiples of U.S.$1,000 in excess thereof and registered in such names as the Depositary and/or its participants shall direct. 
 (d)
Prior to any transfer pursuant to Section 2.11(b) hereof, the registered Holder of a Global Security may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to
take any action which a Holder is entitled to take under this Indenture or the Notes. 
 (e) The Issuer will make available to the Trustee a
reasonable supply of certificated Notes in definitive form without interest coupons. 
 SECTION 2.12. Cancellation. The Issuer
at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else may
cancel Notes surrendered for registration of transfer, exchange, payment, replacement, conversion, redemption, repurchase or cancellation. All Notes so surrendered to the Trustee shall be cancelled promptly by the Trustee. Upon written
instructions of the Issuer, the Trustee shall dispose of canceled Notes in accordance with its customary procedures for the disposition 

  
 21 

 
of canceled securities and, after such disposition, shall upon written request deliver a certificate of disposition to the Issuer. The Issuer may not issue new Notes to replace Notes that it
has paid or repurchased or that have been delivered to the Trustee for cancellation or that any Holder has (i) converted pursuant to Article XII hereof, or (ii) submitted for repurchase pursuant to Section 3.03 hereof (unless validly
revoked pursuant to Section 3.04 hereof). 
 SECTION 2.13. [Reserved]. 

SECTION 2.14. CUSIP Number. The Issuer, in issuing the Notes, may use one or more CUSIP numbers (if then generally in use). The
Trustee shall use the applicable CUSIP number in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such number either as printed on the Notes or
as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such number. The Issuer will
promptly notify the Trustee in writing of any change in the CUSIP number. 
 ARTICLE III 

REDEMPTION AND REPURCHASE OF NOTES 

SECTION 3.01. Redemption of Notes at the Option of the Issuer. (a) If, as a result of any amendment to, or change in, the laws (or
any rules or regulations thereunder) of any government or jurisdiction (a “Taxing Jurisdiction”) affecting taxation, or any amendment to or change in an official interpretation or application of such laws, rules or regulations that
has a general effect, which amendment to or change of such laws, rules or regulations becomes effective on or after the Issue Date (which, in the case of a merger, consolidation or other transaction permitted and described under Article V
hereof, shall be for purposes of the provision being described, the date of such merger, consolidation or other transaction) the Issuer would be obligated, after taking all reasonable measures to avoid such requirement, to pay Additional Amounts in
excess of those attributable to a withholding Tax rate of 10% with respect to the Notes, then, at the Issuer’s option, the Issuer may give a Tax Redemption Notice whereupon the Notes shall be redeemed (a “Tax Redemption”) in
whole, but not in part, at a redemption price (the “Tax Redemption Price”) equal to 100% of the outstanding principal amount, plus Interest, if any, up to but not including the Tax Redemption Date; provided, however,
that (1) no Tax Redemption Notice may be given earlier than 90 days prior to the earliest date on which the Issuer would be obligated to pay the Additional Amounts described in the preceding sentence if a payment on the Notes were then due (in
excess of the Additional Amounts payable on the date hereof), (2) at the time such Tax Redemption Notice is given such obligation to pay such Additional Amounts remains in effect, and (3) the Issuer shall have satisfied the additional requirements
set forth in paragraph (b) of this Section 3.01. A Tax Redemption Notice, once delivered by the Issuer or caused to be delivered by the Issuer, shall be irrevocable. 

  
 22 

 (b) Prior to the publication of any Tax Redemption Notice, the Issuer will deliver to the
Trustee: 
 (i) an Officer’s Certificate stating that the Issuer is entitled to effect the redemption and setting forth
a statement of facts showing that the conditions precedent to the Issuer’s right to redeem set forth above have occurred, and 

(ii) an Opinion of Counsel of recognized standing in the affected Taxing Jurisdiction to the effect that the Issuer has or will
become obligated to pay such Additional Amounts as a result of such change or amendment. 
 (c) The Issuer shall not have the right to
exercise any such optional redemption at any time when it is prohibited from having such an option under the Facilities Agreement. Upon delivery of a Tax Redemption Notice, each Holder will have the option to convert its Notes as if a Fundamental
Change had occurred by delivering a notice of conversion of the Notes to the Trustee no later than the close of business on the fourth Business Day immediately preceding the Tax Redemption Date set forth in the Tax Redemption Notice. Such conversion
shall be made at the Make Whole Fundamental Change Premium, determined as set forth in Section 12.12 hereof; provided that the “ADS price” used by the Issuer in the calculation of the make whole amount shall be the Last
Reported Sale Price of the ADSs on the Trading Day immediately preceding the date the Tax Redemption Notice is delivered by the Issuer or caused to be delivered by the Issuer and the “Effective Date” used in such calculation shall be the
Trading Day immediately preceding such date of delivery. The settlement of such conversion shall be made in accordance with the settlement provisions set forth in Section 12.12 hereof. 

(d) If the Issuer sets a Tax Redemption Date between a Record Date and the corresponding Interest Payment Date, the Issuer will not pay
accrued Interest to any redeeming Holder, and will instead pay the full amount of the relevant Interest payment on such Interest Payment Date to the Holder of record on such Record Date. 

(e) If the Issuer elects to exercise the redemption right described in Section 3.01(a) hereof, it shall give, or cause to be given by
the Trustee, irrevocable written notice of redemption (the “Tax Redemption Notice”) not less than 30 days nor more than 60 days before the Tax Redemption Date to the Trustee, the Paying Agent and each Holder at the addresses as
shown on the Register. The Tax Redemption Notice shall include such notices as are required by law and shall state: (i) the aggregate principal amount of Notes to be redeemed; (ii) the CUSIP number or numbers of the Notes being redeemed; (iii) the
Business Day on which the redemption will be effected (the “Tax Redemption Date”); (iv) the Tax Redemption Price; (v) the place or places of payment and that payment will be made upon presentation and surrender of such Notes; (vi)
that Interest to, but excluding, the Tax Redemption Date will be paid as specified in said notice, and that on and after said date Interest thereon or on the portion thereof to be redeemed will cease to accrue; (vii) that the Holder has a right to
convert the Notes called for redemption at a Make Whole Fundamental Change Premium; (viii) the Conversion Rate on the date of Tax Redemption Notice; (ix) the method of calculating the number of ADSs to be delivered to the Holder upon conversion with
respect to any conversions made prior to the Tax Redemption Date; (x) the applicable information required to be contained in a Fundamental Change Notice as set forth in Section 12.12(b) hereof; and (xi) if required, whether the Issuer has an
effective resale shelf registration statement with respect to any ADSs it may issue as payment for the Make Whole Fundamental Change Premium and, if so, include a selling ADS holder questionnaire to enable each Holder or beneficial owner of Notes to
be named as a seller in such resale shelf registration statement. Simultaneously with providing the Tax Redemption Notice, the Issuer shall also issue a press release announcing the occurrence of such Tax Redemption. 

(f) On the third Business Day following the Tax Redemption Date, the Issuer shall issue and shall deliver to each Holder of record on the Tax
Redemption Date at the office or agency maintained by the Issuer for such purpose pursuant to Section 4.04 hereof, a certificate or certificates for, or effect a book-entry transfer through the Depositary with respect to, the number of full
ADSs issuable in accordance with the provisions of Section 3.01(b) and Section 3.01(c) hereof. 

  
 23 

 SECTION 3.02. [Reserved]. 

SECTION 3.03. Repurchase Upon a Change of Control at the Option of the Holders. (a) Upon the occurrence of a Change of Control, the
Issuer shall notify the Holders, the Mexican Trustee and the Trustee in writing of such occurrence and shall be required to make an offer (the “Change of Control Offer”) to repurchase all Notes then outstanding at a repurchase price
in cash (the “Change of Control Payment”) equal to 100% of the principal amount thereof, plus Interest, to, but excluding, the Change of Control Purchase Date (as defined in Section 12.12(b) hereof) (unless the Change of
Control Purchase Date is between a Record Date and the Interest Payment Date to which it relates, in which case the Issuer will pay Interest on such Interest Payment Date to the Holder of record on such Record Date and the Change of Control Payment
will be equal to 100% of the principal amount of the Notes subject to repurchase and will not include Interest). 
 (b) Notice of a Change
of Control shall be made in accordance with the provisions set forth under Section 12.12(b) hereof. 
 (c) The Issuer will not be
required to make a Change of Control Offer if a third party makes a Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth herein applicable to a Change of Control Offer made by the Issuer and
purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. 
 SECTION 3.04. General Provisions Applicable
to Repurchases. The following additional provisions shall apply to repurchases pursuant to Section 3.03 hereof. 
 (a) To
exercise its rights under Section 3.03 hereof, a Holder must deliver the Notes to be purchased to the Paying Agent, together with a written purchase notice, after receipt of the Fundamental Change Notice and on or before the Business Day
immediately preceding the Change of Control Purchase Date. The purchase notice must contain: (x) if the Notes are not certificated, the Holder’s notice must comply with appropriate DTC procedures or, if the Notes are certificated, the notice
shall include the certificate numbers of the Holder’s Notes to be delivered for purchase; (y) the portion of the principal amount of the Holder’s Notes to be purchased, which must be U.S.$1,000 or a multiple of U.S.$1,000; provided
that the portion not to be purchased is in a minimum principal amount of U.S.$1,000; and (z) that the Holder’s Notes are to be purchased by the Issuer pursuant to the applicable provisions of the Notes and this Indenture. In addition, if the
Notes are certificated, the Notes delivered for repurchase shall be duly endorsed for transfer and the written purchase notice in the appropriate form on the reverse side of the Notes shall be duly completed. No Notes of a principal amount of less
than U.S.$1,000 shall be purchased by the Issuer in part. 

  
 24 

 (b) On the Business Day prior to the Change of Control Purchase Date, the Issuer will deposit
with the Trustee or with the Paying Agent an amount of money in immediately available funds sufficient to repurchase on such date all the Notes (or portions thereof) tendered for repurchase (other than those theretofore surrendered for conversion
into ADSs) and not withdrawn, provided that if such payment is made on the Change of Control Purchase Date, it must be received by the Trustee or Paying Agent, as the case may be, by 10:00 a.m. New York City time on such date. 

(c) A Holder that has exercised a repurchase right will receive the Change of Control Payment, promptly following the later of (i) the Change
of Control Purchase Date or (ii) the time of book-entry transfer or the delivery of the Notes. If the Paying Agent holds money or securities sufficient to pay the cash portion of the purchase price of the Notes to be repurchased on the second
Business Day following the Change of Control Purchase Date, then the following shall occur: 
 (A) the Notes tendered for
purchase and not withdrawn will cease to be outstanding and Interest, if any, will cease to accrue on such Notes on the Change of Control Purchase Date (whether or not book-entry transfer of the Notes is made or whether or not the Notes are
delivered to the Paying Agent); and 
 (B) all other rights of the Holders with respect to the Notes tendered for purchase
and not withdrawn will terminate on the Change of Control Purchase Date (other than the right to receive the Change of Control Payment upon delivery or transfer of the Notes). 

(d) Any Change of Control Offers shall be made by the Issuer in compliance with all applicable provisions of the Exchange Act, all applicable
tender offer rules promulgated thereunder and all other federal and state securities laws, to the extent such laws and regulations are then applicable and shall include all instructions and materials (such as the filing of a Schedule TO or any other
required schedule) that the Issuer shall reasonably deem necessary to enable each such Holder to tender its Notes. The Issuer will not purchase Notes if the principal amount of the Notes has been accelerated, and such acceleration has not been
rescinded, on or prior to the Change of Control Purchase Date. 
 (e) Notwithstanding anything herein to the contrary, any Holder delivering
to a Paying Agent an election to have its Notes purchased pursuant to Section 3.03 hereof shall have the right to withdraw such election in whole or in a portion thereof that is a principal amount of U.S.$1,000 or in an integral multiple
thereof (provided that the portion not to be so purchased is in a minimum principal amount of U.S.$1,000), if the Paying Agent receives, not later than close of business on the Business Day immediately preceding the Change of Control Purchase
Date, a facsimile transmission or written letter, which may be sent via, mail setting forth (i) the name of the Holder; (ii) the principal amount of withdrawn Notes, which must be U.S.$1,000 or a multiple of U.S.$1,000, and provided
that the portion remaining to be repurchased is in a minimum principal amount of U.S.$1,000; (iii) if certificated Notes have been issued, the 

  
 25 

 
certificate numbers of the withdrawn Notes, or if not certificated, the notice must comply with appropriate DTC procedures; and (iv) the principal amount, if any, which remains subject to the
notice of election. 
 (f) If a Holder has already delivered a purchase notice as described in Section 3.03 with respect to a Note,
the Holder may not surrender that Note for conversion until the Holder has withdrawn the purchase notice in accordance with Section 3.04(e) hereof. 

ARTICLE IV 
 COVENANTS

 SECTION 4.01. Payment of Notes and Determination of Interest Rate. The Issuer shall pay the principal of and Interest on
the Notes on the dates and in the manner provided in the Notes. Principal, Interest or cash payments to be made pursuant to Article III hereof shall be considered paid on the date due if the Trustee or Paying Agent (other than the Issuer
or a Subsidiary of the Issuer or any Affiliate of the Issuer) holds as of 10:00 a.m. New York City time on that date immediately available funds designated for and sufficient to pay all principal, Interest and cash payments to be made pursuant to
Article III then due; provided, however, that money held by the Agent for the benefit of holders of Senior Indebtedness pursuant to the provisions of Article XI hereof or the payment of which to the Holders is prohibited
by Article XI hereof shall not be considered to be designated for the payment of any principal of or Interest on the Notes within the meaning of this Section 4.01. 

To the extent lawful, the Issuer shall pay Interest (including post-petition Interest in any proceeding under any Bankruptcy Law) on (i)
overdue principal, at the rate borne by the Notes per annum; and (ii) overdue installments of Interest (without regard to any applicable grace period) at the same rate per annum, in each case during the period in which such Default is continuing.

 SECTION 4.02. Reports. (a) The Issuer shall furnish to the Trustee within 15 days after the same are required to be filed
with the Commission any documents or reports that the Issuer is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act (giving effect to any grace period provided by Rule 12b-25 under the Exchange Act). 

(b) In the event that the Issuer is no longer subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, so long
as any Notes remain outstanding, the Issuer shall: 
 (i) provide the Trustee and the Holders with: 

(A) annual reports on Form 20-F (or any successor form) containing the information required to be contained therein (or
such successor form) within the time period required under the rules of the Commission for the filing of Form 20-F (or any successor form) by “foreign private issuers” (as defined in Rule 3b-4 of the Exchange Act (or any
successor rule)); 

  
 26 

 (B) reports on Form 6-K (or any successor form) including, whether or not
required, unaudited quarterly financial statements (which shall include at least a balance sheet, income statement and cash flow statement) including a discussion of financial condition and results of operations of the Issuer in accordance with past
practice, within 45 days after the end of each of the first three fiscal quarters of each fiscal year; and 
 (C) such other
reports on Form 6-K (or any successor form) promptly from time to time after the occurrence of an event that would be required to be reported on a Form 6-K (or any successor form); and 

(ii) file with the Commission, to the extent permitted, the information, documents and reports referred to in clause (i) above
within the periods specified for such filings under the Exchange Act (whether or not applicable to the Issuer). 
 (c) Delivery of such
reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such reports shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificates). 

(d) As provided in Articles 210 Bis, 212 and any other related Articles of the LGTOC, so long as any Notes remain outstanding: 

(i) within four months after the end of each fiscal year, the Issuer’s Board of Directors shall state the number of Notes
that have been converted into ADSs in accordance with this Indenture as of the date thereof. Such statement shall include the number of underlying Ordinary Shares of the Issuer and CPOs that were subscribed or released as a result of such conversion
and shall be notarized before a Mexican notary public and filed with the Public Registry of Commerce; and 
 (ii) the Issuer
shall publish, on an annual basis, its balance sheet corresponding to the previous fiscal year in the electronic system provided for by the Ministry of Economy (Secretaría de Economía), duly certified by a public accountant.

 SECTION 4.03. Compliance Certificate. The Issuer shall deliver to the Trustee within 120 days after the end of each fiscal year of
the Issuer (which fiscal year ends on December 31 of each year, subject to any change in fiscal year following the Issue Date) an Officer’s Certificate stating that in the course of the performance by the signer of his or her duties as an
Officer of the Issuer he or she would normally have knowledge of any Default or Event of Default and whether or not the signer knows of any Default or Event of Default that occurred during the previous fiscal year. If he or she does, the certificate
shall describe the Default or Event of Default, its status and what action the Issuer is taking or proposes to take with respect thereto. 

SECTION 4.04. Maintenance of Office or Agency. The Issuer shall maintain or cause to be maintained the office or agency required
under Section 2.03 hereof. The Issuer shall give prompt written notice to the Trustee and the Mexican Trustee of the location, and any change in 

  
 27 

 
the location, of such office or agency not maintained by the Trustee. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee
and the Mexican Trustee with the address thereof, presentations, surrenders, notices and demands with respect to the Notes may be made or served at the Corporate Trust Office of the Trustee. 

The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any
or all such purposes and may from time to time rescind such designation. 
 SECTION 4.05. [Reserved]. 

SECTION 4.06. Appointments to Fill Vacancies in Trustee’s Office. The Issuer, whenever necessary to avoid or
fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.08 hereof, a Trustee, so that there shall at all times be a Trustee hereunder. If for any reason the Mexican Trustee resigns or is removed, the
Issuer shall take all actions to appoint a new Mexican trustee so that there shall at all times be a Mexican banking institution acting as Mexican Trustee hereunder and for the purposes of the duties of the Mexican Trustee set forth herein. 

SECTION 4.07. Stay, Extension and Usury Laws. The Issuer covenants (to the extent that it may lawfully do so) that it shall not at any
time insist upon, plead or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter enforced, that may affect the Issuer’s obligation to pay the Notes;
and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law insofar as such law applies to the Notes, and covenants that it shall not, by resort to any such law, hinder, delay or impede
the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 

SECTION 4.08. [Reserved]. 

SECTION 4.09. [Reserved]. 

SECTION 4.10. Additional Interest Notice. In the event that the Issuer is required to pay Additional Interest to Holders pursuant
to Section 6.02(b) hereof, the Issuer shall provide a direction or order in the form of a written notice to the Trustee (and if the Trustee is not the Paying Agent, the Paying Agent) of the Issuer’s obligation to pay such Additional
Interest no later than three Business Days prior to the date on which any such Additional Interest is scheduled to be paid. Such notice shall set forth the amount of Additional Interest to be paid by the Issuer on such payment date and direct
the Trustee (or, if the Trustee is not the Paying Agent, the Paying Agent) to make payment to the extent it receives funds from the Issuer to do so. The Trustee shall not at any time be under any duty or responsibility to any Holder to
determine whether Additional Interest is payable, or with respect to the nature, extent, or calculation of the amount of Additional Interest owed, or with respect to the method employed in such calculation of Additional Interest. 

SECTION 4.11. Further Instruments and Acts. Upon request of the Trustee or the Mexican Trustee, the Issuer will execute and
deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 

  
 28 

 SECTION 4.12. Payment of Additional Amounts. (a) All payments made by the Issuer under, or
with respect to, the Notes shall be made free and clear of, and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other
liabilities related thereto) (collectively, “Taxes”) imposed or levied by or on behalf of any Taxing Jurisdiction unless the Issuer is required to withhold or deduct Taxes by law or by the official interpretation or administration
thereof. 
 (b) If the Issuer is so required to withhold or deduct any amount for, or on account of, such Taxes from any payment made under
or with respect to the Notes, the Issuer shall pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amount received by each Holder (including Additional Amounts) after such withholding or deduction
shall not be less than the amount such Holder would have received if such Taxes had not been required to be withheld or deducted; provided, however, that the foregoing obligation to pay Additional Amounts does not apply to: 

(i) any Taxes imposed solely because at any time there is or was a connection between the Holder and a Taxing Jurisdiction
(other than the mere purchase of the Notes, or receipt of a payment or the ownership or holding of a Note), 
 (ii) any
estate, inheritance, gift, sales, transfer, personal property or similar Tax imposed with respect to the Notes, 
 (iii) any
Taxes imposed solely because the Holder or any other Person fails to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with a Taxing Jurisdiction of the Holder
or any beneficial owner of the Note if compliance is required by the applicable law of the Taxing Jurisdiction as a precondition to exemption from, or reduction in the rate of, the Tax, assessment or other governmental charge and the Issuer has
given the Holders at least 30 days’ prior notice that Holders shall be required to provide such information and identification, 

(iv) any Taxes payable otherwise than by deduction or withholding from payments on the Notes, 

(v) any Taxes with respect to such Note presented for payment more than 30 days after the date on which the payment became due
and payable or the date on which payment thereof is duly provided for and notice thereof given to Holders, whichever occurs later, except to the extent that the Holders of such Note would have been entitled to such Additional Amounts on presenting
such Note for payment on any date during such 30 day period, and 
 (vi) any payment on the Note to a Holder that is a
fiduciary or partnership or a person other than the sole beneficial owner of any such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such a partnership or

  
 29 

 
the beneficial owner of the payment would not have been entitled to the Additional Amounts had the beneficiary, settlor, member or beneficial owner been the Holder of the Note. 

(c) The obligations in Section 4.12(a) and Section 4.12(b) hereof shall survive any termination or discharge of this Indenture
and shall apply mutatis mutandis to any Taxing Jurisdiction with respect to any successor to the Issuer. The Issuer shall (i) make such withholding or deduction and (ii) remit the full amount deducted or withheld to the relevant Taxing
Jurisdiction in accordance with applicable law. The Issuer shall use all reasonable efforts to obtain certified copies of Tax receipts evidencing the payment of any Taxes so deducted or withheld from each Taxing Jurisdiction imposing such Taxes
and shall furnish such certified copies to the Trustee within 30 days after the date the payment of any Taxes so deducted or so withheld is due pursuant to applicable law or, if such Tax receipts are not reasonably available to the Issuer, furnish
such other documentation that provides reasonable evidence of such payment. 
 (d) The limitations on the obligations to pay additional
amounts stated in clause (iii) of Section 4.12(b) hereof shall not apply if the provision of information, documentation or other evidence described in clause (iii) of Section 4.12(b) hereof would be materially more onerous, in form, in
procedure or in the substance of information disclosed, to a Holder or beneficial owner of a Note than comparable information or other reporting requirements imposed under U.S. Tax law, regulation (including proposed regulations) and administrative
practice. The limitations on the obligations to pay additional amounts in clause (iii) of Section 4.12(b) hereof shall not apply with respect to Taxes imposed by Mexico or any political subdivision or taxing authority thereof if the
Issuer can otherwise obtain the application of the lower withholding tax rate in effect unless (A) the provision of the information, documentation or other evidence described in clause (iii) of Section 4.12(b) hereof is expressly required by
statute, regulation, or published administrative practice of general applicability, (B) the Issuer cannot obtain the information, documentation or other evidence necessary to comply with the applicable laws and regulations on its own through
reasonable diligence and without requiring it from Holders, and (C) the Issuer otherwise would meet the requirements set forth under applicable law and regulations. In addition, clause (iii) of Section 4.12(b) hereof does not and shall
not be construed to require that any Person, including any non-Mexican pension fund, retirement fund, financial institution or any other Holder or beneficial owner of a Note, register with, or to provide periodic information to, the Mexican Ministry
of Finance and Public Credit (Secretaría de Hacienda y Crédito Público) or with the Tax Administration Service (Servicio de Administración Tributaria) to obtain eligibility for an exemption from, or a
reduction of, Mexican withholding Tax. 
 (e) Any reference in this Indenture, any supplemental indenture or the Notes to principal,
Interest or any other amount payable in respect of the Notes by the Issuer shall be deemed also to refer to any Additional Amount that may be payable with respect to that amount under the obligations referred to in this subsection. 

(f) In the event that Additional Amounts actually paid with respect to the Notes pursuant to this Section 4.12 are based on rates of
deduction or withholding of withholding Taxes in excess of the appropriate rate applicable to the Holder of such Notes, and as a result thereof such Holder is entitled to make a claim for a refund or credit of such excess from the authority imposing
such withholding Tax, then such Holder shall, by accepting such Notes, and 

  
 30 

 
without any further action, be deemed to have assigned and transferred all right, title and interest to any such claim for a refund or credit of such excess to the Issuer. However, by making
such assignment, the Holder makes no representation or warranty that the Issuer will be entitled to receive such claim for a refund or credit and incurs no other obligation with respect thereto including making any filing to request a refund. 

(g) For purposes of this Section 4.12, references to “payments” made by the Issuer under, or with respect to, the Notes shall
include the conversion of Notes by the Issuer. 
 SECTION 4.13. Spanish Version, Notarization and Registration. This Indenture
shall be executed in both English and Spanish. Concurrently with the execution of this Indenture, the Issuer, the Trustee and the Mexican Trustee shall execute a Spanish version of this Indenture before a Mexican notary public, provided,
however, that in case of any inconsistency or question as to the proper interpretation or construction of this Indenture between the text in English and the text in Spanish, the English text shall control in all cases. 

SECTION 4.14. Registration with the Pubic Registry of Commerce. Within forty-five (45) days after the date hereof, the Issuer
shall provide the Trustee and the Mexican Trustee with a copy of the public instrument containing the notarized Spanish version of this Indenture, duly filed with, and stamped as registered by, the Public Registry of Commerce. 

SECTION 4.15. Compliance with Mexican Law Provisions. (a) The Issuer shall, at all times during the term of this Indenture,
comply with all applicable provisions set forth in applicable Mexican Laws, including without limitation, Chapter V (Capítulo V) of the LGTOC. 

(b) In accordance with paragraph IV of Article 210 Bis of the LGTOC, the issue price of the Notes shall not be less than the Notes’
nominal amount. 
 ARTICLE V 

SUCCESSORS 
 SECTION 5.01.
Merger, Consolidation and Sale of Assets. The Issuer will not, in a single transaction or series of related transactions, consolidate or merge with or into any Person (whether or not the Issuer is the surviving or continuing Person), or
sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Issuer’s properties and assets (determined on a consolidated basis for the Issuer and its Subsidiaries), to any Person unless: 

(a) either: 
 (i)
the Issuer shall be the surviving or continuing corporation, or 
 (ii) the Person (if other than the Issuer) formed by such
consolidation or into which the Issuer is merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition the properties and assets of the Issuer and its Subsidiaries substantially as an entirety (the
“Successor Issuer”): 
 (A) shall be a corporation organized and validly existing under the laws of Mexico,
the U.S., any State thereof or the District of Columbia, Canada, France, Belgium, Germany, Italy, Luxembourg, the Netherlands, Portugal, Spain, Switzerland or the United Kingdom, or any political subdivision thereof (the “Permitted Merger
Jurisdictions”); and 
 (B) shall expressly assume, by supplemental indenture (in form and substance satisfactory to
the Trustee), executed and delivered to the Trustee, the due and punctual payment of the principal and Interest on all of the Notes and the performance and observance of every covenant of the Notes and this Indenture on the part of the Issuer to be
performed or observed and provide the Trustee with an Officer’s Certificate and Opinion of Counsel, and such transaction is otherwise in compliance with this Indenture; 

  
 31 

 (b) immediately before and immediately after giving effect to such transaction and the assumption
contemplated by clause (a)(ii)(B) of this Section 5.01, no Default or Event of Default shall have occurred or be continuing. 
 (c)
if the Issuer merges with a corporation, or the Successor Issuer is organized under the laws of any of the Permitted Merger Jurisdictions, the Issuer or the Successor Issuer will have delivered to the Trustee an Opinion of Counsel that, as
applicable: 
 (i) the Holders will not recognize income, gain or loss for the purposes of the income Tax laws of the U.S. or
the applicable Permitted Merger Jurisdiction as a result of the transaction and will be taxed in the Holder’s home jurisdiction in the same manner and on the same amounts (assuming solely for this purpose that no additional amounts are regarded
to be paid on the Notes) and at the same times as would have been the case if the transaction had not occurred; 
 (ii) any
payment of principal or Interest on the Notes will be paid in compliance with any requirements under Section 4.12 hereof; and 

(iii) no other Taxes on income, including capital gains, will be payable by Holders under the laws of the U.S. or the
applicable Permitted Merger Jurisdiction relating to the acquisition, ownership or disposition of the Notes, including the receipt of Interest or principal thereon; provided that the Holder does not use or hold, and is not deemed to use or hold, the
Notes in carrying on a business in the U.S. or the applicable Permitted Merger Jurisdiction. 
 (d) The provision of clause (b) of this
Section 5.01 shall not apply to: 
 (1) any transfer of the properties or assets of a Subsidiary of the Issuer to the
Issuer; 
 (2) any merger of a Subsidiary of the Issuer into the Issuer; or 

(3) any merger of the Issuer into a Subsidiary of the Issuer. 

  
 32 

 (e) For purposes of the covenant in this Section 5.01, the transfer (by lease, assignment,
sale or otherwise, in a single transaction or series of transactions) of all or substantially all of the properties or assets of one or more Subsidiaries of the Issuer, the Capital Stock of which constitutes all or substantially all of the
properties and assets of the Issuer (determined on a consolidated basis for the Issuer and its Subsidiaries), will be deemed to be the transfer of all or substantially all of the properties and assets of the Issuer. 

(f) Upon any such consolidation, merger, sale, assignment, conveyance, lease, transfer or other disposition in accordance with this Section
5.01, the Successor Issuer formed by such consolidation or into which the Issuer is merged or to which such sale, assignment, conveyance, lease, transfer or other disposition is made will succeed to, and be substituted for, and may exercise
every right and power of, the Issuer under this Indenture and the Notes with the same effect as if such successor had been named as the Issuer therein, and thereafter the predecessor corporation will be relieved of all further obligations and
covenants under this Indenture and the Notes. 
 (g) The Issuer or such Person shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel each stating that such consolidation, merger, combination, sale, assignment, disposition, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such
supplemental indenture, comply with the provisions of this Indenture and that all conditions precedent in this Indenture relating to such transaction have been satisfied. 

SECTION 5.02. Purchase Option on Fundamental Change. This Article V does not affect the obligations of the Issuer
(including without limitation any successor to the Issuer) under Section 3.03 hereof. 
 ARTICLE VI 

DEFAULTS AND REMEDIES 
 SECTION
6.01. Events of Default. An “Event of Default” with respect to any Notes occurs if: 
 (a) the Issuer defaults in
the payment in respect of the principal of any Note when due at maturity, upon redemption or repurchase pursuant to Article III hereof, upon declaration of acceleration or otherwise, whether or not such payment is prohibited by the
subordination provisions set forth in Article XI hereof; 
 (b) the Issuer defaults in the payment of any Interest on any Note when
due and payable, whether or not such payment is prohibited by the subordination provisions set forth in Article XI hereof, including any Interest payable in connection with a redemption or repurchase pursuant to Article III hereof, and
continuance of such default for a period of 30 days or more; 
 (c) the Issuer defaults in the delivery when due of ADSs deliverable upon
conversion with respect to the Notes in accordance with Article XII hereof, which default continues for a period of five Business Days or more; 

  
 33 

 (d) the Issuer fails to provide a timely Fundamental Change Notice in accordance with Section
12.12(b) hereof; 
 (e) the Issuer fails to comply with the covenant described in clause (b) of Section 12.08 hereof; 

(f) failure by the Issuer to comply with the covenant described in clause (a) of Section 12.08 hereof that continues for a period of 30
days after the Issuer receives written notice of such failure from the Trustee or the Holders of at least 25% in principal amount of the Notes then outstanding; 

(g) the Issuer defaults (other than a default set forth in clauses (a) through (f) above) in the performance of, or breaches, any other
covenant or agreement of the Issuer set forth in this Indenture or the Notes and fails to remedy such default or breach within a period of 45 days after its receipt of written notice thereof from the Trustee or the Holders of at least 25% in
aggregate principal amount of the then outstanding Notes; 
 (h) the Issuer or any of the Issuer’s “Significant Subsidiaries”
(as defined in Article 1, Rule 1-02 of Regulation S-X) defaults with respect to any mortgage, agreement or other instrument under which there is outstanding, or by which there is secured or evidenced, any Indebtedness for money borrowed having a
principal amount in excess of U.S.$50 million in the aggregate, whether such Indebtedness now exists or shall hereafter be created, (i) resulting in such Indebtedness becoming or being declared due and payable prior to its express maturity date or
(ii) constituting a failure to pay at least U.S.$50 million of such Indebtedness when due and payable (after the expiration of any applicable grace period) at its stated maturity, upon required repurchase, upon declaration or otherwise; provided,
that any such Event of Default shall be deemed cured and not continuing upon payment of such Indebtedness or rescission of such declaration; 

(i) a final judgment for the payment of U.S.$100 million or more (excluding any amounts covered by insurance or bond) is rendered against the
Issuer or any Significant Subsidiary by a court of competent jurisdiction, which judgment is not discharged, stayed, vacated, paid or otherwise satisfied within 60 days after (i) the date on which the right to appeal thereof has expired if no such
appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished; or 
 (j) a Bankruptcy Event of Default occurs.

 SECTION 6.02. Acceleration. (a) If an Event of Default (other than an Event of Default with respect to the Issuer
specified in Section 6.01(j) hereof) occurs and is continuing, then and in every such case (i) the Trustee, by written notice to the Issuer, or (ii) the Holders of at least 25% in aggregate principal amount of the then outstanding Notes,
by written notice to the Issuer and the Trustee, may, and the Trustee at the request of such Holders shall, declare all of the unpaid principal of, and Interest, on all the Notes to be due and payable. Upon such declaration such principal
amount, and Interest, shall become immediately due and payable, notwithstanding anything contained in this Indenture or the Notes to the contrary, but subject to the provisions of Article XI hereof. If the Event of Default with respect
to the Issuer specified in 

  
 34 

 
Section 6.01(j) occurs, all unpaid principal of, and Interest on, the Notes then outstanding shall become automatically due and payable, subject to the provisions of Article XI
hereof, without any declaration or other act on the part of the Trustee or any Holder. 
 (b) Notwithstanding any other provision in this
Article VI, if an Event of Default occurs arising out of the Issuer’s breach of its obligation to file or furnish reports or other financial information as required under Section 4.02 of this Indenture, the Issuer may elect to pay
Additional Interest on the Notes as the sole remedy for such Event of Default, and the Trustee and the Holders will not have any right under this Indenture to accelerate the maturity of the Notes as a result of any such Event of Default, except as
provided below. If elected, the Issuer shall pay Additional Interest to all Holders at a rate equal to 0.50% per annum through the 180th day after the occurrence of such Event of Default (which shall be the 135th day after the end of the 45-day grace period set forth in Section 6.01(g) hereof), or such earlier date on which the Event of Default relating to the reporting obligations referred to in this
Section 6.02(b) shall have been cured or waived. On the 181st day, such Additional Interest will cease to accrue (or earlier, if the Event of Default relating to the reporting obligations referred to in this Section 6.02(b) shall have
been cured or waived prior to such 181st day) and, if the Event of Default is continuing on such 181st day, the Notes will be subject to acceleration as provided in Section 6.02(a). The provisions of this Section 6.02(b) will not
affect the rights of the Holders in the event of the occurrence of any other Event of Default, except as otherwise provided therein. Any Additional Interest paid pursuant to this Section 6.02(b) will be payable at the times and in the
manner provided for the payment of regular Interest on the Notes. In order to elect to pay Additional Interest on the Notes as the sole remedy during the first 180 days after the occurrence of an Event of Default relating to the failure to
comply with reporting obligations in accordance with this Section 6.02(b), the Issuer must notify all Holders and the Trustee and Paying Agent of such election on or before the close of business on the fifth Business Day after the date on
which such Event of Default first occurs. If the Issuer fails to timely give such notice, does not pay such Additional Interest or elects not to pay such Additional Interest, the Notes will be immediately subject to acceleration as provided in
Section 6.02(a) hereof. 
 SECTION 6.03. Other Remedies. If an Event of Default occurs and is continuing, subject to
Article XI, the Trustee may pursue any available contractual remedy under this Indenture by proceeding at law or in equity to collect the payment of principal of or Interest on the Notes or to enforce the performance of any provision of the
Notes or this Indenture. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or
remedy occurring upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 

SECTION 6.04. Waiver of Past Defaults; Rescission of Acceleration. The Holders of a majority in aggregate principal amount of the
then outstanding Notes may, on behalf of the Holders of all the Notes, waive an existing or past Default or Event of Default and its consequences (except a Default or Event of Default in the payment of principal or Interest, in the repurchase of any
Notes when required, in the delivery, upon conversion, of ADSs, or in respect of a covenant or provision of this Indenture which cannot be modified or amended without the consent of all Holders of Notes) and rescind any such acceleration with
respect to the Notes and 

  
 35 

 
its consequences if (a) rescission would not conflict with any judgment or decree of a court of competent jurisdiction, (b) all existing Defaults or Events of Default, other than the nonpayment
of the principal and Interest on the Notes that have become due solely by such declaration of acceleration, have been cured or waived and (c) there had been paid or deposited with the Trustee a sum sufficient to pay all amounts due to the Trustee
and reimburse the Trustee for any and all expenses, disbursements, fees advanced by the Trustee, its agent and its counsel incurred in connection with such Default or Event of Default. No such rescission shall affect any subsequent Default or
Event of Default or impair any right consequent thereto. 
 SECTION 6.05. Control by Majority. The Holders of a majority in
aggregate principal amount of the then-outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee pursuant to this Indenture or of exercising any trust or power conferred on the
Trustee pursuant to this Indenture. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines may be unduly prejudicial to the rights of any other Holder or that may involve
the Trustee in personal liability; provided that the Trustee shall have no duty or obligation (subject to Section 7.01 hereof) to ascertain whether or not such actions of forbearances are unduly prejudicial to such Holders;
provided, further, that the Trustee may take any other action the Trustee deems proper that is not inconsistent with such directions. Any Notes held by the Issuer or one of the Issuer’s Subsidiaries shall be disregarded for voting
purposes in connection with any notice, waiver, consent or direction requiring the vote or concurrence of Holders of the Notes. 
 SECTION
6.06. Limitation on Suits. Except to enforce the right to receive payment of principal and Interest when due, a Holder may not pursue any remedy with respect to this Indenture or the Notes unless: 

(i) the Holder gives to the Trustee written notice that an Event of Default that has occurred and is continuing; 

(ii) the Holders of at least 25% in principal amount of the then-outstanding Notes make a request to the Trustee to pursue the
remedy; 
 (iii) such Holder or Holders offer and, if requested, provide to the Trustee security or indemnity reasonably
satisfactory to the Trustee against any loss, liability or expense; 
 (iv) the Trustee does not comply with the request
within 60 days after receipt of the request and the offer and, if requested, the provision of such security or indemnity; and 

(v) the Holders of a majority in principal amount of the then-outstanding Notes do not give the Trustee a direction that is
inconsistent with the request during such 60-day period. 
 A Holder may not use this Indenture to prejudice the rights of another Holder or
to obtain a preference or priority over another Holder. 

  
 36 

 SECTION 6.07. Rights of Holders to Receive Payment. Subject to the provisions of
Article XI hereof, notwithstanding any other provision of this Indenture, the contractual right expressly set forth in this Indenture of any Holder of a Note to receive payment of principal, and Interest, if any, on the Note, on or after the
respective due dates expressed in the Note, or to bring suit for the enforcement of any such payment on or after such respective dates, or to bring suit for the enforcement of the right to convert the Note in accordance with the terms of this
Indenture shall not be amended without the consent of such Holder. 
 SECTION 6.08. Collection Suit by Trustee. If an Event of
Default specified in Section 6.01(a) or Section 6.01(b) hereof occurs and is continuing, subject to Article XI, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer for the whole
amount of principal and Interest, if any, remaining unpaid on the Notes and Interest, on overdue principal and Interest, if any, and such further amount as shall be sufficient to cover the costs and, to the extent lawful, expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 SECTION 6.09.
Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings
relative to the Issuer, its creditors or its property. Any receiver, trustee, liquidator, conciliador or sequestrator (or other similar official) in any such proceeding is hereby authorized by each Holder to make such payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, Taxes, disbursements and advances of the Trustee, its
agent and counsel, and any other amounts due to the Trustee pursuant to Section 7.07 hereof. Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan
of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

SECTION 6.10. Priorities. Subject to Article XI hereof, if the Trustee collects any money pursuant to this Article
VI, it shall pay out the money in the following order: 
 FIRST: to the Trustee for amounts due under Section 7.07 hereof,
including payment of all reasonable compensation, expenses and liabilities incurred, and all advances made, by the Trustee, and the costs and expenses of collection; 

SECOND: if the Holders proceed against the Issuer directly without the Trustee in accordance with this Indenture, to Holders for their
collection costs; 
 THIRD: to Holders for amounts due and unpaid on the Notes for principal and Interest, if any, ratably, without
preference or priority of any kind, according to the amounts due and payable on the Notes for principal and Interest, if any, respectively; and 

FOURTH: to the Issuer or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a special record date and payment date for any payment to Holders made pursuant to this Section 6.10. At least
15 days before any such special record date, the Trustee shall mail to Holders of the Notes a notice that states the special record date, payment date and amount of such Interest to be paid. 

  
 37 

 SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit, other than the Trustee, of an undertaking to pay
the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the
party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 

ARTICLE VII 
 THE
TRUSTEE 
 The Trustee hereby accepts the trust imposed upon it by this Indenture and covenants and agrees to perform the same, as
herein expressed. Whether or not herein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Article
VII. 
 SECTION 7.01. Duties of the Trustee. (a) If an Event of Default known to the Trustee has occurred and is
continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent Person would exercise or use under the circumstances in the conduct of his
or her own affairs. 
 (b) The Mexican Trustee shall (i) comply with article 215 of the LGTOC, (ii) cause the registration of a certified
copy of the public instrument containing the notarization of a Spanish version of this Indenture with the Public Registry of Commerce and obtain the registration thereof in the event that the Issuer fails to comply with its obligation to register
such public instrument as set forth in Section 4.02(d)(i) hereof, and (iii) exercise all rights and comply with all obligations set forth in the LGTOC, including those set forth in Article 217 (Sections I, V, VII and VIII) of the LGTOC. 

(c) Except during the continuance of an Event of Default known to the Trustee: 

(i) The duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any statements, certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and opinions to determine
whether or not they conform to the form required by this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts purported to be stated therein). 

  
 38 

 (d) The Trustee may not be relieved from liability for its own negligent action, its own
negligent failure to act or its own willful misconduct, except that: 
 (i) This paragraph does not limit the effect of
paragraph (c) of this Section 7.01; 
 (ii) The Trustee shall not be liable for any error of judgment made in good
faith by a Trust Officer of the Trustee, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii) The Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 6.05 hereof. 
 (e) No provision of this Indenture shall require the Trustee to expend
or risk its own funds or incur any financial liability in the performance of any of its duties or the exercise of any of its rights and powers hereunder, if it shall have reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it. 
 (f) Whether or not therein expressly so provided, every
provision of this Indenture that is in any way related to the Trustee is subject to paragraphs (c), (d), and (e) of this Section 7.01. 

(g) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree with the Issuer. Money held in
trust by the Trustee need not be segregated from other funds or assets except to the extent required by law. 
 (h) The Trustee shall be
under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs,
expenses (including reasonable attorneys’ fees and expenses) and liabilities that might be incurred by it in compliance with such request or direction. 

SECTION 7.02. Rights of the Trustee. Subject to Section 7.01 hereof: 

(a) The Trustee may conclusively rely on and shall be protected in acting or refraining from acting upon any resolution, Officer’s
Certificate, or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, security or other document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not
investigate any fact or matter contained therein. 
 (b) Any request, direction, order or demand of the Issuer mentioned herein shall be
sufficiently evidenced by an Officer’s Certificate (unless other evidence in respect thereof is herein specifically prescribed). In addition, before the Trustee acts or refrains from acting, it 

  
 39 

 
may require an Officer’s Certificate, an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s
Certificate or Opinion of Counsel. The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (c) The Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through its attorneys and agents and other Persons not regularly in its employ and shall not be responsible for the misconduct or negligence of any attorney or agent appointed with
due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith without negligence or willful
misconduct which it believes to be authorized or within its discretion, rights or powers. 
 (e) Unless otherwise specifically provided in
this Indenture, any demand, request, direction or notice from the Issuer shall be sufficient if signed by Officers of the Issuer. 
 (f) The
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder. 
 (g) The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or discretion of any of the Holders pursuant to the provisions of this Indenture, unless such Holders have offered to
the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred therein or thereby. 

(h) Except for the confirmation of the Net Total Assets by the Mexican Trustee or as otherwise required pursuant to Section 7.01(b)
hereof, neither the Trustee nor the Mexican Trustee shall be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, security or other
document unless requested in writing to do so by the Holders of not less than a majority in aggregate principal amount of the Notes then outstanding; provided that if the Trustee or the Mexican Trustee determine in its discretion to make any
such investigation, then they shall be entitled, upon reasonable prior notice and during normal business hours, to examine the books and records and the premises of the Issuer, personally or by agent or attorney, and the reasonable expenses of every
such examination shall be paid by the Issuer or, if paid by the Trustee, the Mexican Trustee or any predecessor Trustee or Mexican Trustee, shall be reimbursed by the Issuer upon demand. 

(i) The permissive rights of the Trustee or the Mexican Trustee to do things enumerated in this Indenture shall not be construed as a duty.
The Trustee and the Mexican Trustee shall not be answerable for other than their respective negligence or willful misconduct. 
 (j) The
Trustee shall not be responsible for the computation of any adjustment to the Conversion Rate or for any determination as to whether an adjustment is required and shall not be deemed to have knowledge of any adjustment unless and until it shall have
received the notice from the Issuer contemplated by Section 12.05(e) hereof. 

  
 40 

 (k) The Trustee shall not be deemed to have knowledge of any Default or Event of Default except
(i) any Event of Default occurring pursuant to Section 6.01(a) or Section 6.01(b) hereof, or (ii) any Event of Default of which a Trust Officer of the Trustee shall have received written notification. 

(l) Whenever by the terms of this Indenture, the Trustee shall be required to transmit notices or reports to any or all Holders, the Trustee
shall be entitled to conclusively rely on the information provided by the Registrar as to the names and addresses of the Holders as being correct. If the Registrar is other than the Trustee, the Trustee shall not be responsible for the accuracy of
such information. 
 (m) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation,
its right to be indemnified, are extended to, and shall be enforceable by (i) the Trustee in each of its capacities hereunder (including as Registrar and Conversion Agent); (ii) to each agent, custodian, and any other such Persons employed to act
hereunder; and (iii) to the Mexican Trustee. 
 (n) In no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts or war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services (it being understood that the Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to avoid and mitigate the effects of such occurrences and to resume performance as soon as practicable under the circumstances). 

(o) The Trustee or the Mexican Trustee may request that the Issuer deliver a certificate setting forth the names of individuals and/or titles
of officers authorized at such time to take specified actions pursuant to this Indenture. 
 (p) In no event shall the Trustee be
responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action. 
 SECTION 7.03. Individual Rights of the Trustee. Subject to Section 7.10
hereof, the Trustee in its individual or any other capacity may become the owner or pledgee of Notes with the same rights it would have if it were not the Trustee and may otherwise deal with the Issuer or an Affiliate of the Issuer and receive,
collect, hold and retain collections from the Issuer with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. 

SECTION 7.04. Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Indenture or the Notes. It shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture. It
shall not be 

  
 41 

 
responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in
the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 

SECTION 7.05. Notice of Defaults. If a Default or Event of Default occurs and is continuing and if it is known to a Trust Officer of
the Trustee, the Trustee shall mail to each Holder a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, or Interest on, any Note, the Trustee may
withhold the notice if and so long as a committee of the Trustee’s Trust Officers in good faith determines that withholding the notice is in the interest of the Holders. 

SECTION 7.06. Representation of the Mexican Trustee. Pursuant to Section I of Article 217 and Section V (a) of Article 213 of the
LGTOC, the Mexican Trustee hereby represents that it has confirmed the data set forth in the balance sheet dated March 31, 2015 of the Issuer and the Net Total Assets. 

SECTION 7.07. Compensation and Indemnity. The Issuer shall pay to the Trustee and the Mexican Trustee from time to time and the
Trustee and the Mexican Trustee shall be entitled to such compensation for its acceptance of this Indenture and its services hereunder as the Issuer, the Trustee and the Mexican Trustee shall from time to time agree in writing. The Trustee’s
and the Mexican Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the Trustee and the Mexican Trustee, as applicable, promptly upon request for all reasonable and
duly documented disbursements, advances and expenses incurred or made by or on behalf of it in addition to the compensation for its services. Such expenses may include the reasonable and duly documented compensation, disbursements and expenses of
the Trustee’s or the Mexican Trustee’s agents, counsel and other persons not regularly in its employ; provided that Trustee and the Mexican Trustee shall provide the Issuer reasonable advance notice of any expenditure not in
the ordinary course of business; provided, further, that the Issuer shall have no obligation to reimburse the Trustee and the Mexican Trustee with respect to any such expense, disbursement or advance as may be attributable to the
Trustee’s or the Mexican Trustee’s negligence, willful misconduct or bad faith. 
 The Issuer shall indemnify the Trustee and the
Mexican Trustee, or any predecessor Trustee or Mexican Trustee, for, and to hold it harmless against, any and all loss, liability, damage, claim or expense, including Taxes (other than Taxes based upon, measured by or determined by the income of the
Trustee and the Mexican Trustee), incurred without negligence, willful misconduct or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the reasonable costs and
expenses of defending itself against any claim (whether asserted by the Issuer, or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder or in connection with enforcing
the provisions of this Section. The Trustee and the Mexican Trustee, as applicable, shall notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the Trustee or the Mexican Trustee to so notify the Issuer shall
not relieve the Issuer of its obligations hereunder. The Issuer shall defend the claim with counsel designated by the Issuer, who may be outside counsel to the Issuer but shall in all events be 

  
 42 

 
reasonably satisfactory to the Trustee or the Mexican Trustee, as applicable, and the Trustee and the Mexican Trustee, as applicable, shall cooperate in the defense. In addition, the Trustee
and the Mexican Trustee, as applicable, may retain one separate counsel and, if deemed advisable by such counsel, local counsel, and the Issuer shall pay the reasonable fees and expenses of such separate counsel and local counsel. The
indemnification herein extends to any settlement; provided that the Issuer will not be liable for any settlement made without its consent; provided, further, that such consent will not be unreasonably withheld. 

The Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee to secure the Issuer’s payment
obligations to the Trustee and the Mexican Trustee in this Section 7.07, except that held in trust to pay principal and Interest, if any, on Notes. Such Liens and the Issuer’s obligations under this Section 7.07 shall survive the
satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. 
 When the Trustee or the Mexican Trustee
incurs expenses or renders services after a Bankruptcy Event of Default occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration
under any Bankruptcy Law. 
 SECTION 7.08. Replacement of the Trustee. A resignation or removal of the Trustee and appointment
of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. 

The Trustee may resign at any time and be discharged from the trust hereby created by so notifying the Issuer. The Holders of a majority
in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing and may appoint a successor Trustee. The Issuer may remove the Trustee if: 

(i) the Trustee fails to comply with Section 7.10 hereof; 

(ii) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; 
 (iii) a Custodian or public officer takes charge of the Trustee or its property; or 

(iv) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuer. 

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, at the
Issuer’s expense, the Issuer or the Holders of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

  
 43 

 If the Trustee after written request by any Holder who has been a Holder for at least six months
fails to comply with Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to
Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided that all sums owing to the retiring Trustee hereunder have been paid and subject to the Lien provided for in
Section 7.07. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee with respect to expenses
and liabilities incurred by it prior to such replacement. 
 Upon request of any such successor Trustee, the Issuer shall execute any and
all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the preceding paragraph. 

SECTION 7.09. Successor Trustee by Merger, etc. If the Trustee consolidates with, merges or converts into, or transfers all
or substantially all of its corporate trust business (including the trust created by this Indenture) to, another corporation or national banking association, the resulting, surviving or transferee corporation or national banking association without
any further act shall be the successor Trustee with the same effect as if the successor Trustee had been named as the Trustee herein. If the Mexican Trustee consolidates with, merges or converts into, or transfers all or substantially all of
its corporate trust business (including the trust created by this Indenture) to, another corporation or national banking association, the resulting, surviving or transferee corporation or national banking association without any further act shall be
the successor Mexican Trustee with the same effect as if the successor Mexican Trustee had been named as the Mexican Trustee herein. 

SECTION 7.10. Eligibility, Disqualification. The Trustee shall at all times be a Trustee hereunder that is a corporation organized
and doing business under the laws of the U.S. or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has, together
with parent, a combined capital and surplus of at least U.S.$50,000,000 as set forth in its most recent published annual report of condition. 

ARTICLE VIII 

SATISFACTION AND DISCHARGE OF INDENTURE 

SECTION 8.01. Discharge of Indenture. When (a) the Issuer delivers to the Trustee for cancellation all Notes theretofore
authenticated (other than any other Notes which have been destroyed, lost or stolen and in lieu of or in substitution for which other Notes have been authenticated and delivered) and not theretofore canceled, or (b) all the Notes not theretofore
canceled or delivered to the Trustee for cancellation have become due and payable, and the 

  
 44 

 
Issuer deposits with the Trustee in trust or delivers to the Holders amounts in U.S. Legal Tender or U.S. Government Obligations, or, where required, ADSs or any combination thereof sufficient
(calculated as set forth under the terms of this Indenture with respect to such payment) to pay at maturity, on any Tax Redemption Date, Change of Control Purchase Date, upon conversion or otherwise all of the Notes (other than any Notes which have
been mutilated, destroyed, lost or stolen and in lieu of or in substitution for which other Notes have been authenticated and delivered) not theretofore canceled or delivered to the Trustee for cancellation, including principal and Interest, if any,
due or to become due to such date and to satisfy any related obligation to deliver ADS, and if the Issuer also pays, or causes to be paid, all other sums payable hereunder by the Issuer, then this Indenture shall cease to be of further effect
(except as to (i) rights of registration of transfer, substitution, replacement and exchange and conversion of Notes, (ii) rights hereunder of Holders to receive payments of principal of and Interest, if any, on the Notes, (iii) the obligations
under Section 2.03 and Section 8.05 hereof and (iv) the rights, obligations and immunities of the Trustee hereunder), and the Trustee, on demand of the Issuer accompanied by an Officer’s Certificate and an Opinion of Counsel as
required by Section 10.03 hereof and at the Issuer’s cost and expense, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture; provided, however, the Issuer hereby agrees to reimburse
the Trustee for any costs or expenses thereafter reasonably and properly incurred by the Trustee and to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee in connection with this Indenture or the
Notes. 
 SECTION 8.02. Deposited Monies to be Held in Trust by Trustee. Subject to Section 8.04 hereof, all monies and
securities deposited with the Trustee pursuant to Section 8.01 hereof shall be held in trust and applied by it to the payment, notwithstanding the provisions of Article XI hereof, either directly or through the Paying Agent, to the
Holders of the particular Notes for the payment or conversion of which such monies or securities have been deposited with the Trustee, of all sums due and to become due thereon for principal and Interest, if any. The Issuer shall pay and indemnify
the Trustee against any Tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 8.01 hereof or the principal and Interest received in respect thereof other than any such Tax, fee
or other charge which by law is for the account of the Holders of the Notes. 
 SECTION 8.03. Paying Agent to Repay Monies Held. Upon
the satisfaction and discharge of this Indenture, all monies then held by any Paying Agent (other than the Trustee) shall, upon the Issuer’s demand, be repaid to it or paid to the Trustee, and thereupon such Paying Agent shall be released from
all further liability with respect to such monies. 
 SECTION 8.04. Return of Unclaimed Monies. Subject to the requirements of
applicable law, any monies deposited with or paid to the Trustee for payment of the principal of, or Interest, if any, on Notes and not applied but remaining unclaimed by the Holders thereof for two years after the date upon which the principal of,
or Interest on such Notes, as the case may be, have become due and payable, shall be repaid to the Issuer by the Trustee on demand; provided, however, that the Issuer, or the Trustee at the request of the Issuer, shall have first
caused notice of such payment to the Issuer to be mailed to each Holder of a Note entitled thereto no less than 30 days prior to such payment and all liability of the Trustee shall thereupon cease with respect to such monies; and the Holder of any
of such Notes shall thereafter look only to the Issuer for any payment which such Holder may be entitled to collect unless an applicable abandoned property law designates another Person. 

  
 45 

 SECTION 8.05. Reinstatement. If the Trustee or the Paying Agent is unable to apply
any money in accordance with Section 8.02 hereof by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s obligations under this
Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.01 hereof until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section
8.02 hereof; provided, however, that if the Issuer makes any payment of Interest on or principal of any Note following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders thereof to
receive such payment from the money held by the Trustee or Paying Agent. 
 ARTICLE IX 

AMENDMENTS 
 SECTION 9.01.
Without the Consent of Holders. The Issuer, the Mexican Trustee and the Trustee may amend this Indenture or the Notes without notice to or the consent of any Holder to: 

(a) cure any ambiguity, omission, defect or inconsistency in this Indenture or the Notes; 

(b) provide for the assumption by a surviving or successor corporation of the obligations of the Issuer under the Indenture or evidence and
provide for the acceptance of appointment of a successor Trustee pursuant to this Indenture; 
 (c) provide for uncertificated Notes in
addition to or in place of certificated Notes (provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Internal Revenue Code); 

(d) add guarantees with respect to the Notes; 

(e) secure the Notes; 
 (f) add
to the Issuer’s covenants for the benefit of the Holders or surrender any right or power conferred upon the Issuer; 
 (g) make any
change that does not materially adversely affect the rights of any Holder (for the avoidance of doubt, the issuance of additional Notes under this Indenture shall not be deemed to materially adversely affect the rights of any Holder; thus any such
additional issuance of Notes shall not require the consent of the Holders of the Notes); and 
 (h) comply with the provisions of any
clearing agency, clearing corporation or clearing system, including DTC, the Trustee or the Registrar with respect to the provisions of this Indenture or the Notes relating to transfers and exchanges of Notes. 

  
 46 

 SECTION 9.02. With the Consent of Holders. Subject to Section 6.07 hereof, the
Issuer, the Mexican Trustee and the Trustee may amend this Indenture or the Notes with the written consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including without limitation consents
obtained in connection with a purchase of, or a tender offer or exchange offer for, Notes). 
 Subject to Section 6.04 and Section
6.07 hereof, the Holders of a majority in principal amount of the then-outstanding Notes (including without limitation by consents obtained in connection with a purchase of, or a tender offer or exchange offer for, Notes) may waive compliance in
a particular instance by the Issuer with any provision of this Indenture or the Notes. 
 However, without the consent of each Holder of an
outstanding Note affected, an amendment or waiver under this Section 9.02 may not, with respect to any Notes held by a non-consenting Holder: 

(a) reduce the amount of Notes whose Holders must consent to an amendment or waiver; 

(b) reduce the rate of or change or have the effect of changing the time for payment of Interest on any Notes; 

(c) reduce the principal of or change or have the effect of changing the fixed maturity of any Notes, or change the date on which any Notes
may be subject to redemption, or reduce the redemption price therefor; 
 (d) make any Notes payable in money other than that stated in the
Notes; 
 (e) make any change in provisions of this Indenture entitling each Holder to receive payment of principal and Interest on such
Holder’s Notes on or after the due date thereof or setting forth the contractual right to bring suit to enforce such payment, or permitting Holders of a majority in principal amount of Notes to waive Defaults or Events of Default; 

(f) reduce the Change of Control Payment of any Note or amend or modify in any manner adverse to the Holders, the Issuer’s contractual
obligation to make payment of such Change of Control Payment, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise; 

(g) make any change in the provisions of the Indenture described under Section 4.12 hereof that adversely affects the rights of any
Holder or amend the terms of the Notes, in each case, in a way that would result in a loss of exemption from Taxes; 
 (h) make any change
to the provisions of this Indenture or the Notes that adversely affects the ranking of the Notes; and 
 (i) make any change to the
provisions of this Indenture or the Notes that adversely affects the contractual conversion rights of any Notes. 

  
 47 

 To secure a consent or waiver of the Holders under this Section 9.02, it shall not be
necessary for such Holders to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 

After an amendment or waiver under this Article IX becomes effective, the Issuer shall mail to the Holders a notice briefly describing
the amendment or waiver. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment or waiver under this Article IX. 

SECTION 9.03. [Reserved]. 

SECTION 9.04. Revocation and Effect of Consents. Until an amendment or waiver becomes effective, a consent to it by a Holder is a
continuing consent by such Holder and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder or
subsequent Holder may revoke the consent as to his or her Note or portion of a Note if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officer’s Certificate certifying that the Holders of the
requisite principal amount of Notes have consented to the amendment or waiver. 
 The Issuer may, but shall not be obligated to, fix a
record date for the purpose of determining the Holders entitled to consent to any amendment or waiver. If a record date is fixed, then notwithstanding the provisions of the immediately preceding paragraph, those Persons who were Holders at such
record date (or their duly designated proxies), and only those Persons, shall be entitled to consent to such amendment or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record
date. No consent shall be valid or effective for more than 90 days after such record date unless consents from Holders of the principal amount of Notes required hereunder for such amendment or waiver to be effective shall have also been given
and not revoked within such 90-day period. 
 After an amendment or waiver becomes effective it shall bind every Holder, unless it is of the
type described in clauses (a) through (i) of Section 9.02 hereof. In such cases, the amendment or waiver shall bind each Holder who has consented to it and every subsequent Holder of a Note or portion of a Note that evidences the same debt as
the consenting Holder’s Note. 
 SECTION 9.05. Notation on or Exchange of Notes. Notes authenticated and delivered after
the execution of any supplemental indenture pursuant to this Article IX may, and shall if required by the Trustee, bear a notation in the form approved by the Trustee as to any matter provided for in such supplemental indenture. If the
Issuer shall so determine, new Notes so modified as to conform, in the opinion of the Issuer and the Trustee, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Trustee in exchange
for outstanding Notes without charge to the Holders of the Notes, except as specified in Section 2.07 hereof. 

  
 48 

 SECTION 9.06. Trustee Protected. The Trustee and the Mexican Trustee shall sign any
amendment or supplemental indenture authorized pursuant to this Article IX if such amendment or supplemental indenture does not adversely affect the rights, duties, liabilities or immunities of the Trustee or the Mexican Trustee. If it
does, the Trustee or the Mexican Trustee, as applicable, may, but need not, sign it. In signing such amendment or supplemental indenture, the Trustee and the Mexican Trustee shall be entitled to receive, and shall be fully protected in relying
upon, (in addition to the documents required by Section 10.04) an Officer’s Certificate and an Opinion of Counsel as conclusive evidence, and each stating that such amendment or supplemental indenture is authorized or permitted by this
Indenture, that it is not inconsistent herewith, and that it will be valid and binding upon the Issuer in accordance with its terms. 

ARTICLE X 
 GENERAL
PROVISIONS 
 SECTION 10.01. Issuer’s Representations. Pursuant to Articles 210, 210 Bis, 213 and other
applicable Articles of the LGTOC, the Issuer hereby represents that: 
 (a) the offering and sale of the Notes, as well as the execution of
this Indenture and any other documents relating to the offering and sale of the Notes, were approved by the shareholders of the Issuer at the extraordinary shareholders meeting of the Issuer held on March 21, 2013;  
 (b) as provided in paragraph I(b) of Article 213 of the LGTOC, the financial
information used as a basis for the issuance of the Notes has been prepared based on the unaudited consolidated financial statements of the Issuer corresponding to the period ended as of March 31, 2015, certified by Rafael Garza Lozano certified
public accountant (the “Financial Statements”). A copy of the Financial Statements is attached as Exhibit B hereto; 
 (c)
for purposes of paragraph II (only in connection with paragraph III of Article 210 of the LGTOC) and paragraph V(a) of Article 213 of the LGTOC, based on the Financial Statements, as of March 31, 2015, the (i) total stockholders’ equity
(capital contable) of the Issuer was Ps.146,046 million, (ii) the Issuer’s paid-in capital stock was Ps.105,562 million, (iii) the amount of the total assets of the Issuer was Ps.525,662 million, (iv) the amount of the total liabilities
of the Issuer was Ps.379,616 million and (v) the amount of the net total assets of the Issuer (the “Net Total Assets”) was Ps.146,046 million. 

(d) at the extraordinary shareholders meeting of the Issuer held on March 21, 2013, the Issuer’s shareholders authorized any two members
of the Board of Directors to execute the Notes; 
 (e) the Notes will not be secured by any collateral; 

(f) Exhibit C attached hereto includes a summary of the terms of the Notes, including the information set forth in Article 213 of the LGTOC;
and 
 (g) the reallocation and use of all or any part of the Issuer’s common shares currently held in treasury that underlie the
Existing Notes to ensure the conversion rights of the Notes was approved at the extraordinary general shareholders’ meeting held on March 21, 2013, in accordance with article 210 Bis, section I, of the LGTOC 

  
 49 

 SECTION 10.02. Notices. Any notice or communication among the Issuer, the Mexican Trustee
and the Trustee to any of the others is duly given if in writing and delivered in person or mailed by first-class mail, with postage prepaid (registered or certified, return receipt requested), or sent by facsimile or overnight air couriers
guaranteeing next day delivery, to the other’s address as stated in Section 10.09 hereof. The Issuer, the Mexican Trustee or the Trustee by notice to each of the others may designate additional or different addresses for subsequent
notices or communications. 
 The Trustee and the Mexican Trustee shall have the right to accept and act upon instructions, including, in
the case of the Trustee, funds transfer instructions (“Instructions”) given pursuant to this Indenture and delivered using Electronic Means; provided, however, that the Issuer shall provide to the Trustee and the
Mexican Trustee an incumbency certificate listing officers with the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures and phone numbers of such Authorized Officers, which incumbency
certificate shall be amended by the Issuer whenever a person is to be added or deleted from the listing. If the Issuer elects to give the Trustee or the Mexican Trustee Instructions using Electronic Means and the Trustee or the Mexican Trustee in
its discretion elects to act upon such Instructions, the Trustee’s and the Mexican Trustee’s understanding of such Instructions shall be deemed controlling. The Issuer understands and agrees that the Trustee and the Mexican Trustee cannot
determine the identity of the actual sender of such Instructions and that the Trustee and the Mexican Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate
provided to the Trustee and the Mexican Trustee have been sent by such Authorized Officer. The Issuer shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and the Mexican Trustee and that the
Issuer and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Issuer. The Trustee and the Mexican Trustee shall
not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s or the Mexican Trustee’s reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent
with a subsequent written instruction to the extent that the prior instructions have already been acted upon; provided, however, that such losses, costs or expenses have not arisen from the negligence or willful misconduct of the Trustee or the
Mexican Trustee, it being understood that the failure of the Trustee or the Mexican Trustee to verify or confirm that the person providing the instructions or directions, is, in fact, an Authorized Officer does not constitute negligence or willful
misconduct. The Issuer agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee or the Mexican Trustee, including without limitation the risk of the Trustee or the Mexican Trustee acting on
unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and the Mexican Trustee
and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Issuer; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a
commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee and the Mexican Trustee immediately upon learning of any compromise or unauthorized use of the security procedures. 

  
 50 

 All notices and communications (other than those sent to Holders) shall be deemed to have been
duly given at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when transmission is confirmed, if transmitted by facsimile; and the next Business Day after timely
delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. Notwithstanding the foregoing, (i) all notices to the Trustee shall be effective only upon receipt by a Trust Officer of the Trustee and (ii) all notices
to the Mexican Trustee shall be effective only upon receipt by a trust officer of the Mexican Trustee. 
 Any notice or communication to a
Holder shall be mailed by first-class mail, with postage prepaid, to his or her address shown on the Register kept by the Registrar and shall be deemed to have been given on the date of such mailing or, in the case of a Global Security, when
delivered to DTC in accordance with its procedures. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is sent in the
manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 
 If the Issuer sends a
notice or communication to Holders, it shall send a copy to the Trustee and each Agent at the same time. Any notice required to be given by the Issuer may be given by the Trustee on the Issuer’s behalf and at the expense of Issuer. 

All notices or communications shall be in writing. 

SECTION 10.03. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Issuer to the Trustee to
take any action under this Indenture, the Issuer shall furnish to the Trustee: 
 (A) an Officer’s Certificate in form
and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 10.04 hereof) stating that, in the opinion of such person, all conditions precedent and covenants, if any, provided for in this
Indenture relating to the proposed action have been complied with; and 
 (B) an Opinion of Counsel in form and substance
reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 10.04 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied with. 

SECTION 10.04. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include: 
 (i) a statement that the person making such
certificate or opinion has read such covenant or condition; 
 (ii) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

  
 51 

 (iii) a statement that, in the opinion of such person, he or she has made such
examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with. 

Any Officer’s Certificate may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, unless such Officer knows
that the opinion with respect to the matters upon which his or her certificate may be based as aforesaid is erroneous. Any Opinion of Counsel may be based, insofar as it relates to factual matters, upon certificates, statements or opinions of, or
representations by, an Officer or Officers of the Issuer, or other Persons or firms deemed appropriate by such counsel, unless such counsel knows that the certificates, statements or opinions or representations with respect to the matters upon which
his or her opinion may be based as aforesaid are erroneous. 
 Any Officer’s Certificate, statement or Opinion of Counsel may be based,
insofar as it relates to accounting matters, upon a certificate or opinion of or representation by an accountant (who may be an employee of the Issuer), or firm of accountants, unless such Officer or counsel, as the case may be, knows that the
certificate or opinion or representation with respect to the accounting matters upon which his or her certificate, statement or opinion may be based as aforesaid is erroneous. 

SECTION 10.05. Rules by Trustee and Agents. The Trustee may make reasonable rules for action by, or a meeting of,
Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
 SECTION 10.06.
Business Days. A “Business Day” is any day that is not a Saturday, Sunday or other day on which commercial banks in New York City or Mexico City are authorized or required by law or other governmental action to remain closed.
If any Interest Payment Date or other payment date is not a Business Day at a place of payment, payment may be made at that place on the next succeeding day that is a Business Day, and no Interest or other amount shall accrue as a result of any such
postponement. 
 SECTION 10.07. No Recourse Against Others. No director, officer, employee or shareholder, as such, of the
Issuer from time to time shall have any liability for any obligations of the Issuer under the Notes or this Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting a Note
waives and releases all such liability. This waiver and release are part of the consideration for the Notes. Each of such directors, officers, employees and shareholders is a third party beneficiary of this Section 10.07. 

SECTION 10.08. Counterparts. This Indenture may be executed in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

  
 52 

 SECTION 10.09. Other Provisions. The Issuer initially appoints the Trustee as Paying
Agent, Registrar, Conversion Agent and authenticating agent. 
 The Issuer’s address is: 

CEMEX, S.A.B. de C.V. 
 Avenida
Ricardo Margáin Zozaya #325 
 Colonia Valle del Campestre 

Garza García, Nuevo León 

México 66265 
 Attention:
Chief Financial Officer 
 Fax: +1 52 81 8888 4465 

The Trustee’s address is: 

The Bank of New York Mellon 
 101
Barclay Street – 7W 
 New York, NY 10286 

Attention: International Corporate Trust 

Fax: 212-815-5917 
 The Mexican
Trustee’s address is: 
 CIBanco S.A., Institución de Banca Múltiple  

Cordillera de los Andes No. 265 Piso 2 

Colonia Lomas de Chapultepec 
 CP.
11000 México, D.F. 
 Attention: Patricia Flores Milchorena/Mónica Jiménez Labora 

Phone: +55 50 63 39 12/ +55 50 63 39 78 

Banamex’s address is: 

Banco Nacional de México, S.A., Integrante del Grupo Financiero Banamex 

Calzada del Valle No. 350 Oriente, 1o Piso 

Colonia del Valle 
 66220 San
Pedro Garza García, Nuevo León 
 México 

Phone: +52 81 1226 1981 

Fax: +52 81 1226 2097 

Attention: Nelly Wing 
 E
mail: nwing@banamex.com 
 SECTION 10.10. Governing Law. (a) THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. THE PARTIES HERETO AND HOLDERS OF NOTES BY ACCEPTING A BENEFICIAL INTEREST IN THE NOTES EACH HEREBY WAIVE ANY 

  
 53 

 
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR ANY TRANSACTION RELATED HERETO OR THERETO TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW. 
 (b) Each of the parties hereto hereby: 

(i) agrees that any suit, action or proceeding against it arising out of or relating to this Indenture or the Notes, as the
case may be, may be instituted in any U.S. Federal or State court located in the State of New York, County of New York and in the courts of its own corporate domicile, in respect of actions brought against the relevant party as a defendant, 

(ii) waives to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying
of venue of any such suit, action or proceeding, any claim that any suit, action or proceeding in such a court has been brought in an inconvenient forum, and any right to which it may be entitled, on account of place of residence or domicile, 

(iii) irrevocably submits to the jurisdiction of such courts in any suit, action or proceeding and waives the right to
challenge such submission in any other jurisdiction that it may be entitled by reason of its present or future domicile or other reason, 

(iv) agrees that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding
may be enforced in the courts of the jurisdiction of which it is subject by a suit upon judgment, and 
 (v) agrees that
service of process by mail to the addresses specified herein shall constitute personal service of such process on it in any such suit, action or proceeding. 

(c) The Issuer has appointed CEMEX NY Corporation, 590 Madison Avenue, 41st Floor, New
York, New York 10022, Attention: Legal Counsel, as its authorized agent (the “Authorized Agent”) upon whom all writs, process and summonses may be served in any suit, action or proceeding arising out of or based upon this Indenture
or the Notes which may be instituted in any U.S. Federal or State court located in the State of New York, County of New York. The Issuer 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 any and all action, including the filing of any and all documents, that may be necessary to continue each such appointment in full force and effect as aforesaid so long as the Notes
remain outstanding. The Issuer agrees that the appointment of the Authorized Agent shall be irrevocable so long as any of the Notes remain outstanding or until the irrevocable appointment by the Issuer of a successor agent in The City of New York,
New York as authorized agent for such purpose and the acceptance of such appointment by such successor. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Issuer. 

(d) To the extent that the Issuer has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or
proceeding, from jurisdiction of any court 

  
 54 

 
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 hereby irrevocably waives and agrees not
to plead or claim such immunity in respect of its obligations under this Indenture or the Notes. 
 (e) Nothing in this Section 10.10
shall affect the right of the Trustee or any Holder of the Notes to serve process in any other manner permitted by law. 
 SECTION 10.11.
No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture, loan or debt agreement of the Issuer or a Subsidiary of the Issuer. Any such other indenture, loan or debt agreement may
not be used to interpret this Indenture. 
 SECTION 10.12. Successors. All agreements of the Issuer in this Indenture and the
Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 
 SECTION 10.13.
Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 SECTION 10.14. Table of Contents, Headings, etc. The Table of Contents, and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 

SECTION 10.15. Currency Indemnity. (a) U.S. Legal Tender is the sole currency of account and payment for all sums payable by
the Issuer under or in connection with the Notes or this Indenture, including damages. To the greatest extent permitted under applicable law, any amount received or recovered in currency other than U.S. Legal Tender in respect of the Notes
(whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction, in the winding-up or dissolution of the Issuer or any Subsidiary of the Issuer or otherwise) by any Holder in respect of any sum expressed to be
due to it from the Issuer shall only constitute a discharge of them under the Notes and this Indenture only to the extent of the U.S. Legal Tender amount which the recipient is able to purchase with the amount so received or recovered in that other
currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so). To the greatest extent permitted under applicable law, if that U.S. Legal
Tender amount is less than the U.S. Legal Tender amount expressed to be due to the recipient under the Notes or this Indenture, the Issuer shall indemnify and hold harmless the recipient against any loss or cost sustained by it in making any such
purchase to the greatest extent permitted under applicable law. For the purposes of this Section 10.15, it will be sufficient for the Holder to certify that it would have suffered a loss had an actual purchase of U.S. Legal Tender
been made with the amount so received in that other currency on the date of receipt or recovery (or, if a purchase of U.S. Legal Tender on such date had not been practicable, on the first date on which it would have been practicable). 

(b) The indemnities of the Issuer contained in this Section 10.15, to the extent permitted by law: (i) constitute a separate and
independent obligation from the other obligations of the Issuer under this Indenture and the Notes; (ii) shall give rise to a separate and independent cause of action against the Issuer; (iii) shall apply irrespective of any waiver granted by any
Holder or the Trustee from time to time; (iv) shall continue in full force and effect notwithstanding any other judgment, order, claim or proof of claim for a liquidated amount in respect of any sum due under the Notes or this Indenture or any other
judgment or order; and (v) may not be enforceable under Mexican law. 

  
 55 

 SECTION 10.16. Adjustments for Currency Exchange Rates. In the event that any amount used
in any calculation in this Indenture is expressed in Pesos, such amount shall, for purposes of such calculation, be deemed to be converted into U.S. Legal Tender at the spot rate of exchange in The City of New York at which the Trustee on the date
of determination is able to purchase U.S. Legal Tender with such amount. The “spot rate of exchange” shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, U.S. Legal Tender. 

SECTION 10.17. Change in ADSs or CPOs. (a) If the Issuer’s ADSs issued under a depositary receipt program sponsored by the Issuer
cease to represent the Issuer’s CPOs, all references in this Indenture to the Issuer’s ADSs will be deemed to have been replaced by a reference to: 

(i) the number of CPOs of the Issuer corresponding to the Issuer’s ADSs on the last day on which the Issuer’s CPOs
were represented by ADSs issued under a depositary receipt program sponsored by the Issuer; and 
 (ii) as adjusted pursuant
to the adjustment provisions below, any other property the Issuer’s ADSs represented as if such other property had been distributed to holders of the Issuer’s ADSs on that day. 

(b) If the Issuer’s Ordinary Shares cease to be the securities underlying such CPOs issued under a CPO deed entered into by the Issuer
with a Mexican Bank as issuer, all references in this Indenture to the Issuer’s CPOs will be deemed to have been replaced by a reference to: 

(i) the number of Ordinary Shares of the Issuer corresponding to the Issuer’s CPOs on the last day on which the
Issuer’s Ordinary Shares constituted the securities underlying CPOs issued under a CPO deed entered into by the Issuer with a Mexican bank as issuer; and 

(ii) as adjusted pursuant to the adjustment provisions below, any other property the Issuer’s CPOs represented as if such
other property had been distributed to holders of the Issuer’s CPOs on that day. 
 SECTION 10.18. USA PATRIOT ACT. The parties
hereto acknowledge that, in accordance with Section 326 of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (as amended, modified or supplemented from time to time, the “USA Patriot Act”), the
Trustee, like all financial institutions, is required to obtain, verify, and record information that identifies each person or legal entity that opens an account. The parties to this Indenture agree that they will provide the Trustee with such
information as the Trustee may request in order for the Trustee to satisfy the requirements of the USA Patriot Act. 

  
 56 

 ARTICLE XI 

SUBORDINATION 
 SECTION
11.01. Notes Subordinated to Senior Indebtedness and Equal in Right of Payment to Unsecured Subordinated Indebtedness. The Issuer covenants and agrees, and each Holder by his acceptance thereof likewise covenants and agrees, that all
Notes are subject to the provisions of this Article XI; and each Person holding any Note, whether upon original issue or upon transfer or assignment thereof, accepts and agrees to be bound by such provisions and acknowledges that such
provisions are for the benefit of, and shall be enforceable directly by, the holders of Senior Indebtedness. 
 Each Holder authorizes and
directs the Trustee on such Holder’s behalf to take such action as may be necessary or appropriate, in the sole discretion of the Trustee, to acknowledge or effectuate the subordination between the Holders and the holders of Senior Indebtedness
as provided in this Article XI and appoints the Trustee as such Holder’s attorney-in-fact for any and all such purposes. 
 The
payment of the principal of, premium, if any, and Interest on and any other payment due pursuant to this Indenture or any Notes issued hereunder (including, without limitation, the payment or deposit of the Change of Control Payment pursuant to
Article III) shall, to the extent and in the manner hereinafter set forth, be subordinated and subject in right of payment to the prior payment in full of all Senior Indebtedness, whether outstanding at the Issue Date or thereafter
created, incurred, assumed or guaranteed. 
 Each Holder by accepting a Note acknowledges and agrees that the subordination provision set
forth in this Article XI are, and are intended to be, an inducement and consideration to each holder of any Senior Indebtedness of the Issuer, whether such Senior Indebtedness was created before or after the issuance of the Notes, to acquire
and continue to hold, or to continue to hold, such Senior Indebtedness, and such holder of Senior Indebtedness shall be deemed conclusively to have relied upon such subordination provisions in acquiring and continuing to hold, or in continuing to
hold, such Senior Indebtedness, and such holder is made an obligee hereunder and may enforce directly such subordination provisions. 
 The
Issuer agrees, and each Holder by accepting a Note acknowledges and agrees, that the Indebtedness evidenced by the Note is equal in right of payment to Issuer’s current unsecured subordinated Indebtedness, which includes the Issuer’s 3.25%
Convertible Subordinated Notes due 2016 issued on March 15, 2011, the Issuer’s 3.75% Convertible Subordinated Notes due 2018 issued on March 15, 2011 and the Issuer’s 3.72% Convertible Subordinated Notes due 2020 issued on March 13, 2015,
and to any future unsecured subordinated Indebtedness. 
 SECTION 11.02. Notes Subordinated to Prior Payment of All Senior Indebtedness
On Dissolution, Liquidation, Reorganization, etc., of the Issuer. Upon any payment or distribution of the assets of the Issuer of any kind or character, whether in cash, property or securities

  
 57 

 
(including any collateral at any time securing the Notes, other than money or U.S. Government Obligations deposited in trust as described in Section 11.07 hereof), to creditors upon any
dissolution, winding-up, total or partial liquidation, insolvency, bankruptcy, concurso mercantil, quiebra or reorganization of the Issuer (whether voluntary or involuntary, or in bankruptcy, insolvency, reorganization, liquidation, or
receivership proceedings, or upon an assignment for the benefit of creditors, or any marshalling of the assets of the Issuer, or upon any similar proceedings), then in such event: 

(a) all Senior Indebtedness (including principal thereof and interest thereon) shall first be paid in full before any Payment of the Notes (as
defined in Section 11.05 hereof) is made; 
 (b) any payment or distribution of assets of the Issuer of any kind or character,
whether in cash, property or securities (including any collateral at any time securing the Notes, other than money or U.S. Government Obligations deposited in trust as described in Section 11.07 hereof), to which the Holders or the Trustee on
behalf of the Holders would be entitled except for the provisions of this Article XI, including any such payment or distribution which may be payable or deliverable by reason of the payment of another debt of the Issuer being subordinated to
the payment of the Notes, shall be paid or delivered by any debtor, custodian or other person making such payment or distribution, directly to the holders of the Senior Indebtedness or their Representative or Representatives, or to the trustee or
trustees under any indenture pursuant to which any instruments evidencing any of such Senior Indebtedness may have been issued, ratably according to the aggregate amounts remaining unpaid on account of the principal of and interest on the Senior
Indebtedness held or represented by each, for application to payment of all Senior Indebtedness remaining unpaid, to the extent necessary to pay all Senior Indebtedness in full after giving effect to any concurrent payment or distribution, or
provision therefor, to the holders of such Senior Indebtedness; and 
 (c) in the event that, notwithstanding the foregoing provisions of
this Section 11.02, any payment or distribution of assets of the Issuer of any kind or character, whether in cash, property or securities, shall be received by the Trustee or the Holders before all Senior Indebtedness is paid in full, such
payment or distribution (subject to the provisions of Section 11.06 and Section 11.07 hereof) shall be held in trust for the benefit of, and shall be immediately paid or delivered by the Trustee or such Holders, as the case may be, to
the holders of Senior Indebtedness remaining unpaid, or their Representative or Representatives, ratably according to the aggregate amounts remaining unpaid on account of the principal of and interest on the Senior Indebtedness held or represented
by each, for application to the payment of all Senior Indebtedness remaining unpaid, to the extent necessary to pay all Senior Indebtedness in full after giving effect to any concurrent payment or distribution, or provision therefor, to or for the
holders of such Senior Indebtedness. 
 The Issuer shall give prompt notice to the Trustee of any dissolution, winding-up, liquidation,
insolvency, bankruptcy, concurso mercantil, quiebra or reorganization of the Issuer. 
 Upon any prepayment, payment or
distribution of assets of the Issuer referred to in this Article XI, the Trustee, subject to the provisions of Section 7.01 and Section 7.02, and the Holders shall be entitled to conclusively rely upon any order or decree by any
court of competent 

  
 58 

 
jurisdiction in which such dissolution, winding-up, liquidation or reorganization proceeding is pending, or a certificate of the liquidating trustee or agent or other person making any
distribution to the Trustee or to the Holders, for the purpose of ascertaining the persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other Indebtedness of the Issuer, the amount thereof or payable
thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article XI; provided that the foregoing shall apply only if such court, trustee, liquidating trustee or other person has been
fully apprised of the provisions of this Article XI. 
 SECTION 11.03. Holders to be Subrogated to Right of Holders of Senior
Indebtedness. Subject to the prior payment in full of all Senior Indebtedness, the Holders shall be subrogated (equally and ratably with the holders of any Indebtedness of the Issuer which by its express terms is subordinated to
Indebtedness of the Issuer to substantially the same extent as the Notes are subordinated and is entitled to like rights of subrogation) to the rights of the holders of Senior Indebtedness to receive payments or distributions of assets of the Issuer
applicable to the Senior Indebtedness until the principal of and Interest on the Notes shall be paid in full, and for purposes of such subrogation, no payments or distributions to the holders of Senior Indebtedness of assets, whether in cash,
property or securities, distributable to the holders of Senior Indebtedness under the provisions hereof to which the Holders would be entitled except for the provisions of this Article XI, and no payment pursuant to the provisions of this
Article XI to the holders of Senior Indebtedness by the Holders shall, as among the Issuer, its creditors other than the holders of Senior Indebtedness, and the Holders, be deemed to be a payment by the Issuer to or on account of Senior
Indebtedness, it being understood that the provisions of this Article XI are, and are intended, solely for the purpose of defining the relative rights of the Holders, on the one hand, and the holders of Senior Indebtedness, on the other hand.

 SECTION 11.04. Obligations of the Issuer Unconditional. Nothing contained in this Article XI or elsewhere in this
Indenture or in any Note is intended to or shall impair the obligation of the Issuer, which is absolute and unconditional, to pay to the Holders the principal of and Interest on the Notes, as and when the same shall become due and payable in
accordance with the terms of the Notes, or to affect the relative rights of the Holders and other creditors of the Issuer other than the holders of Senior Indebtedness, nor shall anything herein or therein prevent the Trustee or any Holder from
exercising all remedies otherwise permitted by applicable law upon the happening of an Event of Default under this Indenture, subject to the provisions of Article VI hereof, and the rights, if any, under this Article XI of the holders
of Senior Indebtedness in respect of assets, whether in cash, property or securities, of the Issuer received upon the exercise of any such remedy. 

SECTION 11.05. Issuer Not to Make Payment with Respect to Notes in Certain Circumstances. (a) Subject to Section 11.14
hereof, upon the occurrence of any default in the payment of principal of (or premium, if any) or interest on Senior Indebtedness (a “Payment Default”), unless and until the amount of Senior Indebtedness affected by such Payment
Default then due shall have been paid in full, or such Payment Default shall have been cured or waived or shall have ceased to exist, the Issuer shall not pay principal of, premium, if any, or Interest on the Notes or any other amount due pursuant
to this Indenture or any Notes or make any deposit pursuant to Article III or Section 8.01 hereof and shall not repurchase, redeem or otherwise retire any Notes (collectively, “Payment of the Notes”). 

  
 59 

 (b) Unless Section 11.02 shall be applicable, upon (1) the occurrence of a default on
Designated Senior Indebtedness (other than a Payment Default) that occurs and is continuing that permits the holders of such Designated Senior Indebtedness (or their Representative or Representatives) to accelerate its maturity and (2) receipt by
the Issuer and the Trustee from the holders of such Designated Senior Indebtedness or their respective agents or Representatives of written notice (a “Payment Blockage Notice”) of such occurrence and the imposition of a Payment
Blockage Period hereunder, then the Issuer shall not make any Payment of the Notes for a period (the “Payment Blockage Period”) commencing on the earlier of the date of receipt by the Issuer or the Trustee of such notice and ending
on the earlier of (subject to any blockage of payments that may then be in effect under this Section 11.05) (x) the date 179 days after such date, (y) the date such default shall have been cured or waived in writing or shall have ceased to
exist or such Senior Indebtedness shall have been discharged, or (z) the date such Payment Blockage Period shall have been terminated by written notice to the Issuer or the Trustee from such holders of such Designated Senior Indebtedness, or their
respective agents or Representatives, after which, in case of clause (x), (y) or (z), as the case may be, the Issuer shall resume making any and all required payments (unless such Designated Senior Indebtedness has been
accelerated). Notwithstanding any other provision of this Indenture, only one Payment Blockage Period may be commenced within any consecutive 365-day period, and no event of default with respect to any Designated Senior Indebtedness that
existed or was continuing on the date of the commencement of any Payment Blockage Period with respect to such Designated Senior Indebtedness shall be, or can be made, the basis for the commencement of a second Payment Blockage Period whether or not
within a period of 365 consecutive days unless such event of default shall have been cured or waived for a period of not less than 90 consecutive days. In no event will a Payment Blockage Period extend beyond 179 days. 

(c) In the event that, notwithstanding the provisions of this Section 11.05, any Payment of the Notes shall be made by or on behalf of
the Issuer and received by the Trustee, any Holder or any Paying Agent (or, if the Issuer is acting as its own Paying Agent, money for any such payment shall be segregated and held in trust), which payment was prohibited by this Section
11.05, then, unless and until the amount of Senior Indebtedness then due, as to which a default shall have occurred, shall have been paid in full, or such default shall have been cured or waived, such payment (subject, in each case, to the
provisions of Section 11.06 and Section 11.07 hereof) shall be held in trust for the benefit of, and shall be immediately paid over to, the holders of Senior Indebtedness or their Representative or Representatives, ratably
according to the aggregate amounts remaining unpaid on account of the principal of and interest on the Senior Indebtedness held or represented by each, for application to the payment of all Senior Indebtedness remaining unpaid to the extent
necessary to pay all Senior Indebtedness in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the benefit of the holders of Senior Indebtedness. The Issuer shall give prompt written notice to the
Trustee of any default under any Senior Indebtedness or under any agreement pursuant to which Senior Indebtedness may have been issued. 

SECTION 11.06. Notice to Trustee. (a) The Issuer shall give prompt written notice to the Trustee of any fact known to the
Issuer which would prohibit the making of any payment to or by the Trustee in respect of the Notes, but failure to give such notice shall not affect the subordination provided in this Article XI of the Notes to Senior
Indebtedness. Within 30 calendar days after the occurrence of any event which would constitute a Default or an Event of 

  
 60 

 
Default, the Issuer shall deliver notice to the Trustee of such events, their status and what action the Issuer is taking or proposes to take in respect thereof. Notwithstanding the
provisions of this Article XI or any other provision of this Indenture, the Trustee shall not at any time be charged with knowledge of the existence of any facts which would prohibit the making of any payment to or by the Trustee, unless and
until a Trust Officer of the Trustee shall have received written notice thereof from the Issuer or from the holder or holders of Senior Indebtedness or from their Representative or Representatives; and, prior to the receipt of any such notice, the
Trustee, subject to the provisions of Section 7.01 and Section 7.02 hereof, shall be entitled to assume conclusively that no such facts exist. 

(b) The Trustee shall be entitled to conclusively rely on the delivery to it of a written notice by a Person representing himself to be a
holder of Senior Indebtedness (or a Representative of such holder) to establish that such notice has been given by a holder of Senior Indebtedness or a Representative of any such holder. In the event that the Trustee determines in good faith that
further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article XI, the Trustee may request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of each Person
under this Article XI, and if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 

SECTION 11.07. Application by Trustee of Monies Deposited with It. Money or U.S. Government Obligations deposited in trust with
the Trustee pursuant to Section 8.01 hereof and not in violation of this Article XI shall be for the sole benefit of Holders and shall thereafter not be subject to the subordination provisions of this Article XI. Otherwise,
any deposit of monies by the Issuer with the Trustee or any Paying Agent (whether or not in trust) for the payment of the principal of or Interest on any Notes shall be subject to the provisions of Sections 11.01, 11.02,
11.03 and 11.05 hereof; except that, if at least three Business Days prior to the date on which by the terms of this Indenture any such monies may become payable for any purpose (including, without limitation, the payment of either the
principal of or Interest on any Note), a Trust Officer of the Trustee shall not have received with respect to such monies the notice provided for in Section 11.06 hereof, then the Trustee or any Paying Agent shall have full power and
authority to receive such monies and to apply such monies to the purpose for which they were received, and shall not be affected by any notice to the contrary which may be received by it within three Business Days prior to or after such
date. This Section 11.07 shall be construed solely for the benefit of the Trustee and the Paying Agent and shall not otherwise affect the rights that holders of Senior Indebtedness may have to recover any such payments from the Holders
in accordance with the provisions of this Article XI. 
 SECTION 11.08. Subordination Rights Not Impaired by Acts or Omissions of
the Issuer or Holders of Senior Indebtedness. No right of any present or future holders of any Senior Indebtedness to enforce subordination, as herein provided, shall at any time in any way be prejudiced or impaired by any act or failure to
act on the part of the Issuer or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Issuer with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof which any such

  
 61 

 
holder may have or be otherwise charged with. The holders of any Senior Indebtedness may extend, renew, modify or amend the terms of such Senior Indebtedness or any security therefor and
release, sell or exchange such security and otherwise deal freely with the Issuer, all without affecting the liabilities and obligations of the parties to this Indenture or the Holders. No amendment of this Article XI or any defined
terms used herein or any other Sections referred to in this Article XI which adversely affects the rights hereunder of holders of Senior Indebtedness, shall be effective unless the holders of such Senior Indebtedness (required pursuant to the
terms of such Senior Indebtedness to give such consent) have consented thereto. 
 SECTION 11.09. Trustee to Effectuate
Subordination. Each Holder by his acceptance thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to acknowledge and effectuate the subordination provided in this Article XI
and appoints the Trustee his attorney-in-fact for any and all such purposes. 
 SECTION 11.10. Right of Trustee to Hold Senior
Indebtedness. The Trustee, in its individual capacity, shall be entitled to all of the rights set forth in this Article XI in respect of any Senior Indebtedness at any time held by it to the same extent as any other holder of Senior
Indebtedness, and nothing in this Indenture shall be construed to deprive the Trustee of any of its rights as such holder. Nothing in this Article XI shall apply to claims of, or payments to, the Trustee under or pursuant to
Section 7.07. 
 SECTION 11.11. Article XI Not to Prevent Events of Default. The failure to make a Payment of the
Notes by reason of any provision in this Article XI shall not be construed as preventing the occurrence of an Event of Default under Section 6.01 hereof. 

SECTION 11.12. No Fiduciary Duty Created to Holders of Senior Indebtedness. Notwithstanding any other provision in this Article
XI, the Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness by virtue of the provisions of this Article XI or otherwise. With respect to the holders of Senior Indebtedness, the Trustee
undertakes to perform or to observe only such of its covenants or obligations as are specifically set forth in this Article XI and no implied covenants or obligations with respect to holders of Senior Indebtedness shall be read into this
Indenture against the Trustee. 
 SECTION 11.13. Article Applicable to Paying Agents. In case at any time any Paying Agent other than
the Trustee shall have been appointed by the Issuer and be then acting hereunder, the term “Trustee” as used in this Article XI shall in such case (unless the context shall otherwise require) be construed as extending to and
including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article XI in addition to or in place of the Trustee; provided, however, that Section
11.06, Section 11.10 and Section 11.12 hereof shall not apply to the Issuer if it acts as Paying Agent. 
 SECTION 11.14.
Certain Conversion Deemed Payment. For the purposes of this Article XI only, (1) the issuance and delivery of Junior Securities upon conversion of Notes in accordance with Article XII hereof shall not be deemed to
constitute a payment or distribution on account of the principal of or premium or Interest on Notes or on account of the purchase, redemption, retirement or other acquisition of Notes and shall not be prohibited by Section 11.02, and (2) the
payment, issuance or delivery of cash, property or securities (other than Junior 

  
 62 

 
Securities) upon conversion of a Note shall be deemed to constitute payment on account of principal of such Note. The term “Junior Securities” means (a) shares of any stock of
any class, ordinary participation certificates (certificados de participación ordinarios) or other securities having stock of the Issuer as underlying securities or ADRs, of the Issuer and (b) securities of the Issuer which are
subordinated in right of payment to all Senior Indebtedness which may be outstanding at the time of issuance or delivery of such securities to substantially the same extent as, or to a greater extent than, the Notes are so subordinated as provided
in this Article XI. Nothing contained in this Article XI or elsewhere in this Indenture or in the Notes is intended to or shall impair, as among the Issuer, its creditors other than holders of Senior Indebtedness and the
Holders of the Notes, the right, which is absolute and unconditional, of the Holder of any Note to convert such Note in accordance with Article XII hereof. 

SECTION 11.15. Contractual Subordination. This Article XI represents a bona fide agreement of contractual subordination
pursuant to Section 510(b) of the Title 11, U.S. Code. 
 SECTION 11.16. Acceleration of Notes. If payment of the Notes is
accelerated because of an Event of Default, the Issuer shall promptly notify holders of Senior Indebtedness (or their Representative or Representatives) of the acceleration. 

ARTICLE XII 
 CONVERSION

 SECTION 12.01. Right to Convert. Subject to and upon compliance with the provisions of this Indenture, each Holder shall have
the right, at such Holder’s option, to convert at any time after May 29, 2015 and prior to the close of business on the fourth Business Day immediately preceding the Maturity Date, provided, however, that a Holder may convert a Note or
portion thereof subject to an election for repurchase only if such Holder withdraws such election in accordance with Section 3.04(e) to convert the principal amount of any Note held by such Holder, or any portion of such principal amount
which is U.S.$1,000 or an integral multiple thereof, provided further that the portion not so converted is in a minimum principal amount of U.S.$1,000, into fully paid and non-assessable CPOs; provided that the Issuer’s obligation
to deliver CPOs shall, except as otherwise provided in this Article XII, be satisfied by delivering a number of ADSs based on the Conversion Rate in effect at such time, by surrender of the Note to be so converted in whole or in part in
the manner provided in Section 12.02 hereof. A Holder is not entitled to any rights of a holder of ADSs until such Holder has converted his or her Notes to ADSs, and only to the extent such Notes are deemed to have been converted to ADSs
under this Article XII. 
 SECTION 12.02. Exercise of Conversion Privilege; Issuance of ADSs on Conversion; No Adjustment for
Interest or Dividends. To exercise, in whole or in part, the conversion privilege with respect to any Note, the Holder of such Note shall surrender such Note, duly endorsed, at an office or agency maintained by the Issuer pursuant to Section
4.04 hereof, and shall give a duly signed written notice of conversion, in the form provided on the Notes or available from the Conversion Agent (or such other notice which is acceptable to the Issuer) to the Conversion Agent, that the Holder
elects to convert such Note or such portion thereof specified in said notice and the Conversion Agent shall give notice to the Issuer (at the address 

  
 63 

 
provided in Section 10.09 hereof with a copy to Francisco J. Contreras Navarro (Fax: +1 52 81 8888 4465)) and Banco Nacional de México, S.A., Integrante del Grupo Financiero Banamex
(“Banamex”) (at the address provided in Section 10.09 hereof) of receipt of such notice. Such notice shall also state the name or names (with address or addresses) in which the certificate or certificates for ADSs which
are issuable on such conversion shall be issued, and shall be accompanied by transfer Taxes, if required pursuant to Section 12.07 hereof. Each such Note surrendered for conversion shall, unless the ADSs issuable on conversion are to be
issued in the same name as the registration of such Note, be duly endorsed by, or be accompanied by instruments of transfer in form satisfactory to the Issuer duly executed by, the Holder or his or her duly authorized attorney. The date on which the
requirements set forth in this paragraph have been satisfied with respect to a Note (or portion thereof) will be the “Conversion Date” and a converting Holder will become the record holder of any ADSs upon such conversion as of such
Conversion Date. To exercise, in whole or in part, the conversion privilege with respect to a beneficial interest in a Global Security, a holder of such a beneficial interest must comply with the Depositary’s procedures for converting a
beneficial interest in a Global Security and pay any funds required by the sixth paragraph of this Section 12.02 or by Section 12.07 hereof. Subject to the foregoing procedures, any Holder of a Definitive Security who wishes to
exercise the conversion privilege with respect to such Definitive Security must (i) complete and manually sign the Conversion Notice on the back of the Note, or a facsimile of the Conversion Notice; (ii) deliver the Conversion Notice, which is
irrevocable, and the Note to the Conversion Agent; (iii) if required by the Issuer or the Conversion Agent, furnish appropriate endorsements and transfer documents; (iv) pay all transfer or similar Taxes if required pursuant to Section 12.07
hereof; and (v) if required under the terms of this Indenture, pay funds equal to the amount of Interest payable on the next Interest Payment Date. 

On the third Business Day following the relevant Conversion Date, the Issuer shall issue and shall deliver or shall cause issuance and
delivery (such delivery referred to herein as the “Settlement”) to such Holder at the office or agency maintained by the Issuer for such purpose pursuant to Section 4.04 hereof, a certificate or certificates for, or effect a
book-entry transfer through the Depositary with respect to, the number of ADSs issuable upon the conversion of such Note or portion thereof in accordance with the provisions of this Article XII. 

No Interest shall accrue on Notes between the Conversion Date and the Settlement date. 

If any calculation required in order to determine the number of ADSs the Issuer must deliver in respect of a given conversion of Notes is
based on data or other information that will not be available to the Issuer on the date the requirements set forth in the first paragraph of this Section 12.02 have been satisfied, the Issuer will delay Settlement of that conversion until no
later than the third Business Day after the relevant data or information becomes available. In case any Note of a denomination of an integral multiple greater than U.S.$1,000 is surrendered for partial conversion, and subject to Section
2.02 hereof, the Issuer shall execute, and the Trustee shall upon receipt of an Issuer Order authenticate and deliver to the Holder of the Note so surrendered, without charge to him or her, a new Note or Notes in authorized denominations in an
aggregate principal amount equal to the unconverted portion of the surrendered Note provided that the minimum principal amount of such new note is U.S.$1,000. 

  
 64 

 Each conversion shall be deemed to have been effected with respect to a Note (or portion thereof)
on the Conversion Date, and the Person in whose name any certificate or certificates for ADSs are issuable upon such conversion shall be deemed to have become on said date the holder of record of the ADSs represented thereby. Any such surrender on
any date when the Issuer’s stock transfer books are closed shall constitute the Person in whose name the certificates are to be issued as the record holder thereof for all purposes on the next succeeding day on which such stock transfer books
are open, but such conversion shall be at the Conversion Rate in effect on the date upon which such Note is surrendered. 
 If any Note or a
portion thereof is surrendered for conversion after 5:00 p.m. New York City time on a Record Date but prior to 9:00 a.m. New York City time on the immediately following Interest Payment Date, Holders of such Notes at 5:00 p.m. New York City time on
the regular Record Date will receive payment of the Interest payable on such Notes on the corresponding Interest Payment Date notwithstanding the conversion of such Notes at any time after the close of business on the Record Date. Any Note or
portion thereof surrendered for conversion by a Holder during the period from 5:00 p.m. New York City time on the Record Date through 9:00 a.m. New York City time on the immediately following Interest Payment Date shall be accompanied by payment, in
funds acceptable to the Issuer, of an amount equal to the Interest otherwise payable on such Interest Payment Date on the principal amount being converted; provided, however, that no such payment need be made (1) if the Notes are
surrendered for conversion after 5:00 p.m. New York City Time on the Record Date immediately preceding the Maturity Date, (2) if the Issuer has specified a Tax Redemption Date that is after a Record Date and on or prior to the corresponding Interest
Payment Date, (3) if the Issuer has specified a Change of Control Purchase Date that is after a Record Date and on or prior to the corresponding Interest Payment Date or (4) to the extent of any overdue Interest, if any overdue Interest exists at
the time of conversion with respect to such Note. An amount equal to such payment shall be paid by the Issuer on such Interest Payment Date to the Holder at the close of business on such Record Date; provided, however, that if the
Issuer defaults in the payment of Interest, if applicable, on such Interest Payment Date, such amount shall be paid to the Person who made such required payment. Except as provided in this Section 12.02, no payment of Interest shall be
made and no adjustment shall be made for Interest accrued, if any, on any Note converted or for dividends on any shares issued upon the conversion of such Note as provided in this Article XII. 

Upon conversion, a Holder will not be entitled to any additional cash payment for Interest unless such conversion occurs between a Record Date
and the corresponding Interest Payment Date. Except in such case, by delivering the amount of cash and/or the number of ADSs issuable on conversion to the Trustee, the Issuer will be deemed to have satisfied its obligation to pay the principal
amount of the Notes so converted and its obligation to pay Interest, attributable to the period from the most recent Interest Payment Date to, but not including the Conversion Date (which amount will be deemed paid in full rather than cancelled,
extinguished or forfeited). 
 SECTION 12.03. No Issuance of Fractional Shares. No fractional portions of ADSs shall be issued
upon conversion of Notes. If more than one Note shall be surrendered for conversion at one time by the same Holder, the number of full ADSs which shall be issuable upon conversion shall be computed on the basis of the aggregate principal amount
of the Notes (or specified portions thereof to the extent permitted hereby) so surrendered for conversion. If 

  
 65 

 
any fractional portions of ADSs otherwise would be issuable upon the conversion of any Note or Notes, the Issuer will deliver a number of ADSs rounded up to the nearest whole number of ADSs. 

SECTION 12.04. Conversion Rate. The Conversion Rate shall be as specified in the form of Note attached as Exhibit A hereto,
subject to adjustment as provided in this Article XII. 
 SECTION 12.05. Conversion Rate Adjustments. (a) The
applicable Conversion Rate shall be adjusted from time to time by the Issuer as follows, except that the Issuer will not make any adjustments to the Conversion Rate if Holders participate (as a result of holding Notes and at the same time as ADS
holders participate) in any of the transactions described below as if such Holders held a number of ADSs equal to the applicable Conversion Rate, multiplied by the principal amount (expressed in thousands) of Notes held by such Holders without
having to convert their Notes. A Holder will be deemed to have so participated if the transaction results in an issuance of securities or a distribution of other property that is held by the ADS depositary or the CPO trustee (to the extent
required to be later distributed by the CPO trustee to the ADS depository for the benefit of such Holders of the Notes) at the time of conversion of such Notes into ADSs. 

(i) If the Issuer issues solely Ordinary Shares as a dividend or any other distribution (including by recapitalization of
retained earnings) on all or substantially all Ordinary Shares, or if the Issuer effects a share split or share combination of its Ordinary Shares, the applicable Conversion Rate will be adjusted based on the following formula: 

 

							
		 	CR = CR0 ×	 	 OS
	 	
	 	 	OS0	 	

 where, 

			
		
	CR0 =	  	the applicable Conversion Rate in effect immediately prior to the open of business on the Business Day immediately following (x) the date fixed for the determination of holders of Ordinary Shares entitled to receive such dividend or
distribution or (y) the date on which such split or combination becomes effective, as applicable (such date specified in clause (x) or (y), the “Dividend Record Date”);
		
	CR =	  	the applicable Conversion Rate in effect immediately after the open of business on the Business Day immediately following the Dividend Record Date;
		
	OS0 =	  	the number of Ordinary Shares outstanding immediately prior to the open of business on the Dividend Record Date; and
		
	OS =	  	the number of Ordinary Shares that would have been outstanding immediately prior to the open of business on the Dividend Record Date as adjusted to take into account such dividend, distribution, split or combination.

 If any dividend or distribution of the type described in this clause (i) is declared that
results in an adjustment pursuant to this clause (i) but is not so paid or made, or the 

  
 66 

 
outstanding Ordinary Shares are not split or combined, as the case may be, the Conversion Rate shall be immediately readjusted, effective (in the case of a dividend or distribution) as of the
earliest of the date (A) the Issuer’s shareholders’ meeting or Board of Directors determines not to pay such dividend or distribution, (B) the non-payment of such dividend is publicly announced or (C) the dividend was to have been paid, or
(in the case of a stock split or combination) the date on which such split or combination was to have been effective, to the Conversion Rate that would then be in effect if such dividend, distribution, share split or share combination had not been
declared or announced. 
 (ii) If the Issuer distributes to all or substantially all holders of Ordinary Shares any rights,
options, warrants or other securities entitling them for a period of not more than 45 calendar days from the record date for such distribution to subscribe for or purchase Ordinary Shares (or securities convertible into Ordinary Shares), at a price
per Ordinary Share (or conversion price per Ordinary Share) less than the average of the Last Reported Sale Prices of the Ordinary Shares for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the
declaration date for such distribution, the applicable Conversion Rate will be adjusted based on the following formula: 
  

							
		 	CR = CR0 ×	 	 (OS0 + X)
	 	
	 	 	(OS0 + Y)	 	

 where, 

			
		
	CR0 =	 	the applicable Conversion Rate in effect immediately prior to the open of business on the Business Day immediately following the date fixed for the determination of shareholders entitled to receive such rights, options, warrants or
other securities (such date, the “Rights Distribution Record Date”);
		
	CR =	 	the applicable Conversion Rate in effect immediately after the open of business on the Business Day immediately following the Rights Distribution Record Date;
		
	OS0 =	 	the number of Ordinary Shares outstanding immediately prior to the open of business on the Rights Distribution Record Date;
		
	X =	 	the total number of Ordinary Shares issuable pursuant to such rights, options, warrants or other securities;

 and 

			
		
	Y =	 	the number of Ordinary Shares equal to the aggregate price payable to exercise such rights, options, warrants or other securities divided by the average of the Last Reported Sale Prices of the Ordinary Shares over the 10
consecutive Trading Day period ending on the Trading Day immediately preceding the date of announcement of the distribution of such rights, options, warrants or other securities.

  
 67 

 If such rights, options, warrants or other securities are not so issued, the
Conversion Rate will remain the Conversion Rate that would then be in effect if a Rights Distribution Record Date for such distribution had not been fixed. In addition, to the extent that Ordinary Shares are not delivered after the expiration
of such rights, options, warrants or other securities, the Conversion Rate shall be readjusted to the Conversion Rate that would then be in effect had the adjustments made upon the issuance of such rights, options, warrants or other securities been
made on the basis of delivery of only the number of Ordinary Shares actually delivered. 
 For purposes of this clause (ii),
in determining whether any rights, options, warrants or other securities entitle the holders to subscribe for or purchase Ordinary Shares at less than the average of the Last Reported Sale Prices of Ordinary Shares for each Trading Day in the
applicable 10 consecutive Trading Day period, there shall be taken into account any consideration the Issuer receives for such rights, options, warrants or other securities and any amount payable on exercise thereof, with the value of such
consideration if other than cash to be determined by the Issuer’s Board of Directors. 
 (iii) If the Issuer distributes
shares of its Capital Stock, evidences of its Indebtedness, other assets or property or rights or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of Ordinary Shares, excluding 

(A) dividends or distributions and rights, options, warrants and other securities described in clause (i) or (ii) above or
clause (v) below; 
 (B) dividends or distributions paid exclusively in cash, including as described in clause (iv) below;

 (C) dividends or distributions effected pursuant to a reclassification, merger, sale, conveyance or other transaction
described in Section 12.06 hereof, where such dividend or distribution becomes Reference Property as described in Section 12.06 hereof; and 

(D) Spin-Offs to which the provisions set forth below in this clause (iii) shall apply; 

then the applicable Conversion Rate will be adjusted based on the following formula: 

 

							
		 	CR = CR0 ×	 	 SP0
	 	
	 	 	(SP0 - FMV)	 	

 where, 

			
		
	CR0 =	 	the applicable Conversion Rate in effect immediately prior to the open of business on the Business Day immediately following the record date for such distribution;
		
	CR =	 	the applicable Conversion Rate in effect immediately after the open of business on the Business Day immediately following such record date;

  
 68 

			
	SP0 =	  	the average of the Last Reported Sale Prices of Ordinary Shares over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and
		
	FMV =	  	the fair market value (as determined by the Issuer’s Board of Directors or a committee thereof) of the shares of Capital Stock, evidences of Indebtedness, assets, property, rights or warrants distributed with respect to each
outstanding Ordinary Share as of the open of business on the Ex-Dividend Date for such distribution;

 provided that if “FMV” as set forth above is equal to or greater than “SP0” as set forth above, in lieu of the foregoing adjustment, adequate provision will be made so that each Holder shall receive on the date on which the distributed property is distributed to
holders of Ordinary Shares, for each U.S.$1,000 principal amount of Notes, the amount of distributed property such Holder would have received had such Holder owned a number of Ordinary Shares that it would have been entitled to receive based on the
Conversion Rate on the record date for such distribution; provided further that if the Issuer’s Board of Directors determines “FMV” for purposes of the foregoing adjustment by reference to the trading market for any securities,
it must in doing so consider the prices in such market over the same period used in computing the average of the Last Reported Sale Prices of the Ordinary Shares over the 10 consecutive Trading Day period ending on the Trading Day immediately
preceding the Ex-Dividend Date for such distribution. 
 With respect to an adjustment pursuant to this clause (iii) where
there has been a payment of a dividend or other distribution on the Ordinary Shares or shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit (a “Spin-Off”),
the Conversion Rate will be adjusted based on the following formula: 
  

			
	 CR = CR0
×
	  	 (FMV + MP0)

	  	MP0

 where, 
  

			
	CR0 =	  	the applicable Conversion Rate in effect immediately prior to the opening of business on the Business Day immediately following the record date for the Spin-Off;
		
	CR =	  	the applicable Conversion Rate in effect immediately after the opening of business on the Business Day immediately following such record date;
		
	FMV =	  	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of Ordinary Shares applicable to one Ordinary Share over the first 10 consecutive Trading Day period immediately
following, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and
		
	 MP0 =
	  	 the average of the Last Reported Sale Prices of the Ordinary Shares over the Valuation
Period.

  
 69 

 The adjustment to the applicable Conversion Rate under the preceding paragraph of
this clause (iii) will be made immediately after the open of business on the day after the last day of the Valuation Period, but will be given effect as of the open of business on the Business Day immediately following the record date for the
Spin-Off. For purposes of determining the applicable Conversion Rate in respect of any conversion during the Valuation Period, references within the portion of this clause (iii) related to Spin-Offs to 10 Trading Days shall be deemed replaced
with such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date of such Spin-Off to, but excluding, the Conversion Date. 

If any distribution or spin-off described in this clause (iii) results in an adjustment to the Conversion Rate but such
distribution or Spin-Off is not so made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such distribution or Spin-Off had not been declared. 

(iv) If the Issuer makes or pays any cash dividend or any other cash distribution to all, or substantially all, holders of the
outstanding Ordinary Shares, the applicable Conversion Rate will be adjusted based on the following formula: 
  

			
	 CR = CR0 ×
	  	 SP0

	  	(SP0 - C)

 where, 
  

			
		
	CR0 =	  	the applicable Conversion Rate in effect immediately prior to the open of business on the Business Day immediately following the record date for such dividend or distribution;
		
	CR =	  	the applicable Conversion Rate in effect immediately after the open of business on the Business Day immediately following such record date;
		
	SP0 =	  	the average of the Last Reported Sale Prices of the Ordinary Shares over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution;
and
		
	C =	  	the amount in cash per share the Issuer distributes to holders of the Ordinary Shares.

 If such dividend or distribution results in an adjustment to the Conversion Rate under the preceding paragraph
and such dividend or distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. 

(v) If (A) the Issuer or any of its Subsidiaries makes a payment in respect of a tender offer or exchange offer for the
Ordinary Shares, and (B) the cash and value of any 

  
 70 

 
other consideration included in the payment per Ordinary Share exceeds the average of the Last Reported Sale Prices of the Ordinary Shares over the 10 consecutive Trading Day period commencing
on, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (the “Expiration Date”), the applicable Conversion Rate will be adjusted based on
the following formula: 
  

			
	 CR = CR0
×
	  	 AC + (SP x OS)

	  	(SP x OS0)

 where, 
  

			
	CR0 =	  	the applicable Conversion Rate in effect immediately prior to the open of business on the Business Day next succeeding the Expiration Date;
		
	CR =	  	the applicable Conversion Rate in effect immediately after the open of business on the Business Day next succeeding the Expiration Date;
		
	AC =	  	the aggregate value of all cash and any other consideration (as determined by the Issuer’s Board of Directors or a committee thereof) paid or payable for Ordinary Shares purchased in such tender or exchange offer;
		
	OS0 =	  	the number of Ordinary Shares outstanding immediately prior to the time (the “Expiration Time”) such tender or exchange offer expires (prior to giving effect to such tender or exchange offer);
		
	OS =	  	the number of Ordinary Shares outstanding immediately after the Expiration Time (after giving effect to such tender or exchange offer); and
		
	SP =	  	the average of the Last Reported Sale Prices of the Ordinary Shares over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the Expiration Date.

 The adjustment to the Conversion Rate under this clause (v) will be made at the close of
business on the tenth Trading Day immediately following, and including, the Trading Day next succeeding the Expiration Date, but will be given effect as of the open of business on the Business Day following the Expiration Date. For purposes of
determining the applicable Conversion Rate in respect of any conversion during the 10 Trading Days commencing on, and including, the Trading Day next succeeding the Expiration Date of any tender or exchange offer, references to 10 Trading Days shall
be deemed replaced with such lesser number of Trading Days as have elapsed from, and including, the Trading Day next succeeding the Expiration Date to, but excluding the Conversion Date. If the Issuer or one of its Subsidiaries is obligated to
purchase the Ordinary Shares pursuant to any such tender or exchange offer but the Issuer or the relevant Subsidiary is permanently prevented by applicable law from effecting any such purchase or all or any portion of such purchases are rescinded,
the new Conversion Rate shall be readjusted to be the Conversion Rate that would be in effect if such tender or exchange offer had not been made or had only been made in respect of the purchases that had been effected. 

  
 71 

 (vi) Notwithstanding the foregoing, if any calculation required to be made in
determining the adjustment to the Conversion Rate under this Section 12.05(a) cannot be made at such time because the facts required for such determination cannot be ascertained, the Issuer will make such determination as soon as practicable
upon such information becoming determinate, and such adjustment will be made with retroactive effect to the first such date where the adjustment is required to be made. 

(vii) To the extent that any event would give rise to an adjustment to be made under more than one of the clauses set forth
above, or holders of the Issuer’s Ordinary Shares have the right to elect between distributions that would be covered by more than one of such clauses, the Issuer shall, in good faith, determine the adjustment to be made, including, if
applicable, the order of the adjustments. 
 (b) The Issuer may at its option and in addition to the adjustments required by Section
12.05(a) hereof, increase the applicable Conversion Rate to avoid or diminish income Tax to holders of ADSs or rights to purchase ADSs in connection with a dividend or distribution of Ordinary Shares (or rights to acquire Ordinary Shares)
or similar event. When a Holder is deemed to have received a distribution or dividend subject to Tax withholding and such deemed distribution or dividend does not give rise to any cash from which any applicable withholding Tax or backup
withholding can be satisfied, if the Issuer pays withholding Taxes or applies backup withholding on behalf of a Holder, the Issuer may, at its option, set off such payments against interest payments on the Notes or subsequent deliveries of ADSs in
respect of the Notes (or against payment on the ADSs). 
 (c) If, following the Issue Date, in conjunction with one of the foregoing
adjustment events or otherwise (i) the number of the Issuer’s CPOs represented by each ADS should change, (ii) the number of the Ordinary Shares underlying each CPO should change, (iii) one series of Ordinary Shares were to be
disproportionately affected by such event as compared to the other series of Ordinary Shares, or (iv) any other change occurs in the composition of the assets underlying the CPOs or ADSs not contemplated or adequately addressed by the foregoing
adjustments, and the applicable Conversion Rate (as so adjusted) does not produce a fair and equitable result, the Issuer will adopt such method as it may deem equitable and practicable vis-à-vis the holders of the Notes for the purpose of
effecting an appropriate adjustment to the Conversion Rate. 
 (d) No adjustment in the applicable Conversion Rate shall be required unless
such adjustment would require an increase or decrease of at least 1% in the Conversion Rate; provided, however, that (i) any adjustments which by reason of this Section 12.05(d) are not required to be made shall be carried
forward and taken into account in any subsequent adjustment and (ii) the Issuer shall adjust the Conversion Rate at least annually to account for any such carried forward adjustments. All calculations under this Article XII shall be
made by the Issuer and shall be made to the nearest ten thousandth of an ADS. Notwithstanding the foregoing, all adjustments not previously made shall have effect and be made upon conversion of any of the Notes. 

  
 72 

 Without limiting the foregoing, the Issuer shall not be required to adjust the Conversion Rate:
(i) upon the issuance of any Ordinary Shares pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the Issuer’s securities and the investment of additional optional amounts in Ordinary Shares
under any plan; (ii) upon the issuance of any Ordinary Shares, or options or rights to purchase Ordinary Shares, pursuant to any present or future employee, director or consultant benefit plan or program of, or assumed by, the Issuer or any of its
Subsidiaries; (iii) upon the issuance of any Ordinary Shares pursuant to any option, warrant, right or exercisable, exchangeable or convertible security not described in the preceding clause and outstanding as of the Issue Date; (iv) for a change in
the par value of the Ordinary Shares; or (iv) for Interest. 
 (e) Whenever the Conversion Rate is adjusted as provided in this Section
12.05, the Issuer shall promptly file with the Trustee and any Conversion Agent other than the Trustee an Officer’s Certificate setting forth the Conversion Rate after such adjustment, detailing the calculation of the Conversion Rate and
setting forth a brief statement of the facts requiring such adjustment. Promptly after delivery of such certificate, the Issuer shall prepare and issue a press release containing the relevant information and notify the Trustee and the Trustee shall
furnish a copy of such notice to the Holders. Failure to deliver such notice shall not affect the legality or validity of any such adjustment. 

(f) If any distribution or transaction described in Section 12.05(a) hereof above has not yet resulted in an adjustment to the
applicable Conversion Rate on the applicable Conversion Date, and the ADSs the Holder will receive on Settlement are not entitled to participate in the relevant distribution or transaction (because they were not held on a related record date), then
promptly after such distribution or transaction has occurred, the Issuer will adjust the number of ADSs to be delivered to the Holder as the Issuer determines is appropriate to reflect the relevant distribution or transaction. 

(g) For purposes of this Section 12.05, the number of Ordinary Shares at any time outstanding shall not include Ordinary Shares held in
the treasury of the Issuer. The Issuer shall not pay any dividend or make any distribution on Ordinary Shares held in the treasury of the Issuer. 

(h) Except as stated in this Section 12.05 and Section 12.12, the Issuer shall not be required to adjust the Conversion
Rate. If, however, the application of the provisions of this Section 12.05 would result in a decrease in the Conversion Rate, no adjustment to the Conversion Rate shall be made (other than as a result of a reverse share split or share
combination). 
 (i) The Issuer shall not take any action pursuant to this Section 12.05 without complying, if applicable, with any
applicable rules of any stock exchange on which the ADSs are listed at the relevant time. 
 SECTION 12.06. Effect of Reclassification,
Consolidation, Merger, Combination, Sale, Lease or Transfer. In the event of any (i) reclassification or change of the outstanding Ordinary Shares (other than changes resulting from a subdivision or combination), (ii) consolidation, merger
or combination involving the Issuer (other than a merger in which the Issuer is the 

  
 73 

 
surviving corporation and which does not result in any reclassification of, or change (other than changes resulting from a subdivision or combination) in, outstanding Ordinary Shares), (iii)
sale, assignment, conveyance, transfer, lease or other disposition to another Person of the property and assets of the Issuer and its Subsidiaries as an entirety or substantially as an entirety, or (iv) mandatory Ordinary Share exchange, in each
case as a result of which holders of Ordinary Shares shall be entitled to receive stock, other securities, other property, assets or cash (or any combination thereof) with respect to or in exchange for such Ordinary Shares, then the Issuer or the
successor or purchasing corporation, as the case may be, shall execute with the Trustee a supplemental indenture providing that Holders shall thereafter be entitled to convert Notes into the kind and amount of shares of stock and other securities,
property, assets or cash (or any combination thereof, but subject to the provisions of Article XI) that a holder of a number of ADSs equal to the Conversion Rate immediately prior to such transaction would have owned or been entitled to
receive upon such transaction (such property, the “Reference Property”), subject to the right of such Holder to receive the Make Whole Fundamental Change Premium upon compliance with the provisions of Section 12.12
hereof. In such a case, any increase in the Conversion Rate by the additional ADSs described in Section 12.12 hereof will not be payable in additional ADSs, but will represent a right to receive the aggregate amount of cash, securities
or other property into which the additional Ordinary Shares would convert in the transaction from the surviving entity (or a direct or indirect parent thereof). In the event holders of Ordinary Shares have the opportunity to elect the form of
consideration to be received in a reclassification, change, consolidation, merger, combination, sale, lease, assignment, conveyance or other transfer, the Reference Property into which the Notes will be convertible will be deemed to be the weighted
average of the types and amounts of consideration received by the holders of the Ordinary Shares that affirmatively make such an election, subject to any limitations to which the holders of Ordinary Shares are subject, including pro rata reductions
applicable to any portion of the consideration payable. The Issuer shall notify the Conversion Agent and Holders of the weighted average and composition of such Reference Property promptly after determination thereof. The Issuer shall not
become party to any such reclassification, change, consolidation, merger combination, sale, lease, assignment, conveyance or other transfer unless the terms of such transaction are consistent with the foregoing. Such supplemental indenture
shall provide for adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article XII and shall contain such additional provisions to protect the interests of the Holders of the Notes as
the Issuer’s Board of Directors shall reasonably consider necessary by reason of the foregoing. 
 If the Notes become convertible into
Reference Property, the Issuer shall notify the Trustee and issue a press release containing the relevant information. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture. 

The above provisions of this Section 12.06 shall similarly apply to successive reclassifications, changes, consolidations, mergers,
combinations, sales, leases, assignments, conveyances or other transfers. If this Section 12.06 applies to any event or occurrence, Section 12.05 shall not apply. 

SECTION 12.07. Taxes, Duties, Fees and Costs of Issuance of ADSs or CPOs. If a Holder receives ADSs upon conversion as provided in
this Indenture, the Issuer will pay any (a) documentary, stamp or similar issue or transfer Tax, duties or fees, and (b) fees of the depositary 

  
 74 

 
for the ADSs, in either case, in connection with the creation or delivery of such ADSs in satisfaction of such conversion, unless in either case, such payment is due because the Holder requests
any ADSs to be issued in a name other than the Holder’s name, in which case the Holder will make such payment. In addition, the Issuer will pay any fees or costs in connection with the issuance of the Issuer’s CPOs representing Ordinary
Shares as may be needed to allow the Issuer to deposit CPOs with the ADS depositary to create the ADSs deliverable upon conversion of Notes. 

SECTION 12.08. Obligation to Cause Sufficient Ordinary Shares, CPOs and ADSs to be Issued for Purposes of Satisfying any Settlement of
Conversions. The Issuer shall take all actions reasonably necessary to ensure that, upon every conversion of a Note, ADSs will be available for delivery, and will be delivered, upon such conversion promptly and as provided in this
Article XII. The Issuer agrees that all Ordinary Shares underlying CPOs which may be issued and transferred to the CPO trustee upon conversion of Notes, and all CPOs which may be issued and released upon conversion of Notes, shall be
duly authorized and validly issued and that upon such issuance and delivery, the Holder of Notes will receive good and valid title to such ADSs, free and clear of all Liens, encumbrances and claims. In furtherance of the foregoing, the Issuer
will comply with the following covenants: 
 (a) the Issuer shall not declare any dividend, subdivision or other distribution of the
Issuer’s Ordinary Shares that would cause an anti-dilution adjustment under the Notes unless, (x) at such time, the Issuer holds, or the shareholders concurrently approve, a sufficient number of Available Treasury Shares and (y) as soon as
practicable, but in no event later than 45 days following the actions described in subclause (x), a sufficient number of CPOs is authorized and available for release, in each case to satisfy the Issuer’s obligations in connection with a
conversion of all Notes taking into account such adjustment; and 
 (b) within 45 days of any event that causes or with the passage of time
would cause the maximum number of Ordinary Shares or CPOs, necessary to satisfy the Issuer’s obligations in connection with a conversion of all Notes following such event to exceed the number of Available Treasury Shares or available CPOs, the
Issuer will cause a sufficient number of Available Treasury Shares to be authorized or CPOs to be authorized and available for release, in order to satisfy its obligations in connection with a conversion of all Notes following such event. 

For so long as the ADSs are listed on the New York Stock Exchange, the Issuer will take actions reasonably necessary for the listing on the
New York Stock Exchange of all ADSs deliverable on conversion of Notes and will take all actions (including obtaining or giving approvals and consents and paying listing fees) reasonably necessary to ensure that each ADS delivered on conversion of a
Note will, upon such delivery be so listed. 
 SECTION 12.09. Responsibility of Trustee and the Conversion Agent. The Trustee
and any other Conversion Agent shall not at any time be under any duty of responsibility to any Holders to determine whether any facts exist which may require any adjustment of the Conversion Rate, or with respect to the nature or extent or
calculation of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee and any other Conversion Agent shall not be accountable
with respect to the validity or value (or the kind or amount) of any 

  
 75 

 
ADSs, or of any securities or property, which may at any time be issued or delivered upon the conversion of any Note; and the Trustee makes no representations with respect thereto. The
Trustee and any other Conversion Agent shall not be responsible for any failure of the Issuer to issue, transfer or deliver any ADSs or stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of
conversion or to comply with any of the duties, responsibilities or covenants of the Issuer contained in this Article XII. Without limiting the generality of the foregoing, the Trustee and any other Conversion Agent shall not have any
responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into pursuant to Section 12.06 hereof relating either to the kind or amount of shares of stock or securities or property (including
cash) receivable by Holders upon the conversion of its Notes after any event referred to in such Section 12.06 or to any adjustment to be made with respect thereto, but, subject to the provisions of Section 7.01 hereof, may accept as
conclusive evidence of the correctness of any such provisions, and shall be protected in relying upon, the Officer’s Certificate and Opinion of Counsel (which the Issuer shall be obligated to file with the Trustee prior to the execution of any
such supplemental indenture) with respect thereto. Neither the Trustee nor any Conversion Agent shall have any duties to holders of the Issuer’s Ordinary Shares obtained by such holder under this Article XII, or any duty to monitor
whether the Issuer issues (timely or otherwise) ADSs to Holders under this Article XII. In addition, without limiting the generality of the foregoing, the Trustee and any other Conversion Agent shall not have any responsibility to
determine whether or to ensure that any ADS issued upon conversion of a Note shall bear any legend required by Section 2.06(b) or Section 12.02, or compliance with any similar provision relating to the ADSs. 

Except as otherwise provided herein, the Issuer or its agents shall be responsible for making all calculations and determinations called for
under this Indenture and the Notes. These calculations include, but are not limited to, determinations of the last reported sale prices of ADSs, accrued Interest payable on the Notes and the applicable Conversion Rate. The Issuer or its agents shall
make all these calculations and determinations in good faith and, absent manifest error, the Issuer’s calculations will be final and binding on holders of Notes. The Issuer or its agents shall provide a schedule of the Issuer’s
calculations to each of the Trustee and the Conversion Agent, and each of the Trustee and Conversion Agent shall be entitled to rely conclusively upon the accuracy of the Issuer’s calculations without independent verification. Neither the
Trustee nor the Conversion Agent shall have any duty to monitor the stock price. The Trustee will forward the Issuer’s calculations to any Holder upon the written request of that Holder. 

SECTION 12.10. [Reserved]. 

SECTION 12.11. [Reserved]. 

SECTION 12.12. Make Whole Premium Upon a Fundamental Change. (a) If there shall have occurred a Fundamental Change, the Issuer
shall pay a “Make Whole Fundamental Change Premium” to the Holders of the Notes who elect to convert their Notes in connection with such Fundamental Change. A conversion of Notes will be deemed for these purposes to be “in
connection with” such Fundamental Change if the notice of conversion of the Notes is received by the Conversion Agent from, and including, the later of (1) 30 scheduled Trading Days before the anticipated effective date of such Fundamental
Change and (2) the date on 

  
 76 

 
which the Issuer notifies the Holders of the anticipated “Effective Date” of a Fundamental Change (in accordance with the next sentence and the next succeeding sentence) and
ending 30 Business Days following the actual Effective Date (but, in the case of a Change of Control, ending prior to the close of business on the Business Day immediately preceding the Change of Control Purchase Date). The Issuer will notify
Holders and the Trustee of the anticipated Effective Date and issue a press release as soon as practicable after the Issuer first determines the anticipated Effective Date; provided that in no event will the Issuer be required to provide such
notice to the Holders and the Trustee before the earlier of such time as the Issuer or its Affiliates (A) has publicly disclosed or acknowledged the circumstances giving rise to such anticipated Fundamental Change or (B) is required to publicly
disclose under applicable law or the rules of any stock exchange on which the Issuer’s equity is then listed the circumstances giving rise to such anticipated Fundamental Change. The Issuer will use its commercially reasonable efforts to make
such determination in time to deliver such notice no later than 30 days prior to such anticipated Effective Date. 
 In respect of
Conversion Dates falling prior to the anticipated Effective Date, the settlement shall occur on the third Business Day following the relevant Conversion Date at the then applicable Conversion Rate without regard to the Make Whole Fundamental Change
Premium and the Additional ADSs shall be delivered on the actual Effective Date in settlement of all such conversions. In respect of Conversion Dates falling on or after the actual Effective Date of the Fundamental Change, the settlement shall
occur on the third Business Day following the relevant Conversion Date at the then applicable Conversion Rate (adjusted for the Make Whole Fundamental Change Premium). 

Notwithstanding the foregoing, if any information required in order to calculate the conversion consideration deliverable will not be
available as of the applicable settlement date, the Issuer will deliver the Additional ADSs resulting from that adjustment on the third Trading Day after the earliest Trading Day on which such calculation can be made. 

The Make Whole Fundamental Change Premium will consist of an increase in the Conversion Rate for such Notes by a number of additional ADSs
(the “Additional ADSs”) per U.S.$1,000 principal amount of Notes, as determined in accordance with the table below (as adjusted pursuant to this Section 12.12, the “Make-Whole Table”), based on the Effective Date
and the price (the “ADS Price”) paid (or deemed paid) in the Fundamental Change per ADS (or, if applicable, the price per Ordinary Share or per CPO, transposed into a price per ADS). If the holders of ADSs receive only cash in
a conversion in connection with a Fundamental Change described in clause (2) of the definition of Fundamental Change, the ADS Price shall be the cash amount paid per ADS. Otherwise, the ADS Price shall be the average of the Last Reported Sale Prices
of the ADSs over the five Trading Day period ending on, and including, the Trading Day immediately preceding the Effective Date. 
 The ADS
Prices set forth in the column headings of the Make-Whole Table shall be adjusted as of any date on which the Conversion Rate of the Notes is otherwise adjusted. The adjusted ADS Prices will equal the ADS Prices applicable immediately prior to
such adjustment multiplied by a fraction, the numerator of which is the Conversion Rate immediately prior to the adjustment giving rise to the ADS Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The number
of additional ADSs set forth in the Make-Whole 

  
 77 

 
Table will be adjusted in the same manner as the Conversion Rate as set forth in Section 12.05 hereof, other than as a result of an adjustment of the Conversion Rate by adding the Make
Whole Fundamental Change Premium as described above. 
  

																																																	
	Effective Date	  	ADS Price	 
	 	  	$9.1570	 	  	$10.0727	 	  	$10.9885	 	  	$11.9041	 	  	$12.8198	 	  	$13.7356	 	  	$14.6513	 	  	$15.5669	 	  	$16.4826	 	  	$18.3140	 	  	$22.8926	 	  	$27.4711	 
	 March 13, 2015
	  	 	25.2014	  	  	 	25.1195	  	  	 	23.1068	  	  	 	21.4514	  	  	 	20.0841	  	  	 	18.9538	  	  	 	18.0135	  	  	 	17.2272	  	  	 	16.5654	  	  	 	15.5269	  	  	 	13.9259	  	  	 	12.9955	  
													
	 March 15, 2016
	  	 	25.2014	  	  	 	23.5033	  	  	 	21.1499	  	  	 	19.2355	  	  	 	17.6782	  	  	 	16.4126	  	  	 	15.3806	  	  	 	14.5374	  	  	 	13.8441	  	  	 	12.7946	  	  	 	11.3082	  	  	 	10.5361	  
													
	 March 15, 2017
	  	 	25.2014	  	  	 	21.7429	  	  	 	18.9308	  	  	 	16.6758	  	  	 	14.8782	  	  	 	13.4520	  	  	 	12.3206	  	  	 	11.4240	  	  	 	10.7120	  	  	 	9.6898	  	  	 	8.4078	  	  	 	7.8410	  
													
	 March 15, 2018
	  	 	25.2014	  	  	 	19.7466	  	  	 	16.2716	  	  	 	13.5404	  	  	 	11.4273	  	  	 	9.8132	  	  	 	8.5934	  	  	 	7.6760	  	  	 	6.9892	  	  	 	6.0915	  	  	 	5.1774	  	  	 	4.8663	  
													
	 March 15, 2019
	  	 	25.2014	  	  	 	17.4926	  	  	 	12.8655	  	  	 	9.3469	  	  	 	6.7926	  	  	 	5.0093	  	  	 	3.8058	  	  	 	3.0185	  	  	 	2.5139	  	  	 	1.9996	  	  	 	1.7014	  	  	 	1.6348	  
													
	 March 15, 2020
	  	 	25.2014	  	  	 	16.8013	  	  	 	8.4001	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  

 If the exact ADS Prices and effective dates are not set forth in the Make-Whole Table and the ADS Price is:

 (1) between two adjacent ADS Price amounts in the Make-Whole Table or the Effective Date is between two adjacent Effective
Dates in the Make-Whole Table, the number of Additional ADSs will be determined by a straight-line interpolation between the number of Additional ADSs set forth for the higher and lower ADS Price amounts and the two dates based on a 365-day year, as
applicable. 
 (2) greater than U.S.$27.4711 per ADS (subject to adjustment in the same manner as the ADS Prices set forth in
the column headings of the Make-Whole Table), no additional ADSs will be issued upon conversion. 
 (3) less than U.S.$9.1570
per ADS (subject to adjustment in the same manner as the ADS Prices set forth in the column headings of the Make-Whole Table), no additional ADSs will be issued upon conversion. 

Notwithstanding the foregoing paragraphs, in no event will the total number of ADSs issuable upon conversion of a Note exceed 109.2058 ADSs,
subject to adjustment in the same manner as the Conversion Rate as set forth in Section 12.05(a) hereof. 
 (b) The Issuer, or the
Trustee at the direction of the Issuer, shall mail a notice of a Fundamental Change (the “Fundamental Change Notice”) to the Holders as shown on the Register and issue a press release not more than 5 days after the applicable
Effective Date at the addresses as shown on the Register, with a copy to the Trustee and the Paying Agent. The Fundamental Change Notice, which shall govern the terms of the settlement of any conversion

  
 78 

 
(or purchase, if applicable) in connection with a Fundamental Change, shall include such disclosures as are required by law and shall state, to the extent applicable: (i) the events causing a
Fundamental Change; (ii) the Effective Date; (iii) if applicable, the last date on which a Holder may exercise the Change of Control purchase right; (iv) the Change of Control Payment if applicable; (v) if applicable, the date of the purchase (the
“Change of Control Purchase Date”), which is to be no earlier than the 20th and no later than the 35th calendar day following the Effective Date; (vi) the name and address of the Paying Agent and the Conversion Agent; (vii) if
applicable, the applicable Conversion Rate and, if applicable, any adjustments to the applicable Conversion Rate; (viii) if applicable, that the Notes with respect to which a Change of Control repurchase election has been delivered by a Holder may
be converted only if the Holder withdraws the Change of Control repurchase election in accordance with the terms of this Indenture; and (ix) if applicable, the procedures that Holders must follow to require the Issuer to purchase their Notes. Unless
and until the Trustee shall receive a Fundamental Change Notice, the Trustee may assume without inquiry that no Fundamental Change has occurred. 

[remainder of page intentionally left blank] 

  
 79 

 IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed and attested, all
as of the date first above written, signifying their agreements contained in this Indenture. 
  

					
	CEMEX, S.A.B. DE C.V.
		
	By:	 	 /s/ José Antonio Gonzalez Flores

		 	Name:	 	José Antonio Gonzalez Flores
		 	Title:	 	EVP and CFO/Attorney-in-Fact
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 /s/ Catherine F. Donohue

		 	Name:	 	Catherine F. Donohue
		 	Title:	 	Vice President
	
	CIBANCO S.A., INSTITUCIÓN DE BANCA     MÚLTIPLE, as Mexican Trustee
		
	By:	 	 /s/ Patricia Flores Milchorena

		 	Name:	 	Patricia Flores Milchorena
		
	By:	 	 /s/ Rogelio Alberto Rey Salinas

		 	Name:	 	Rogelio Alberto Rey Salinas

 EXHIBIT A – FORM OF NOTE 

 

			
	 [Include the following legend for Global Securities only (the “Global Securities Legend”):]
	  	 [Incluir la siguiente leyenda si se trata únicamente de Títulos Globales (la “Leyenda para los
Títulos Globales”):]

		
	 “THIS IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE
NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY CEMEX, S.A.B. DE C.V., (THE “COMPANY”) THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS CONVERTIBLE SUBORDINATED NOTE FOR ALL
PURPOSES.
	  	 “EL PRESENTE CONSTITUYE UN TÍTULO GLOBAL EN TÉRMINOS DEL ACTA DE EMISIÓN QUE SE MENCIONA
MÁS ADELANTE Y SE ENCUENTRA INSCRITO A NOMBRE DEL DEPOSITARIO O UNA PERSONA DESIGNADA POR EL MISMO, QUIEN PODRÁ SER TRATADO POR CEMEX, S.A.B. DE C.V., (LA “COMPAÑÍA”) EL FIDUCIARIO Y CUALQUIERA DE SUS
AGENTES, COMO TITULAR Y TENEDOR DE ESTA OBLIGACIÓN CONVERTIBLE SUBORDINADA PARA TODOS LOS EFECTOS A QUE HAYA LUGAR.

		
	 [As part of the Global Securities Legend, include the following legend on all Global Securities for which DTC is to
be the Depositary:]
	  	 [Como parte de la Leyenda para los Títulos Globales, incluir la siguiente leyenda en todos los Títulos
Globales cuyo Depositario sea DTC:]

		
	 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
	  	 A MENOS QUE ESTE TÍTULO SEA PRESENTADO POR UN REPRESENTANTE AUTORIZADO DE THE DEPOSITORY TRUST COMPANY, UNA
SOCIEDAD CONSTITUIDA CONFORME A LAS LEYES DE NUEVA YORK (“DTC”), A LA COMPAÑÍA O A SU AGENTE DE REGISTRO O TRANSMISIÓN, CANJE O PAGO, Y QUE UN TÍTULO EMITIDO ESTÉ INSCRITO A NOMBRE DE CEDE &
CO. O ALGÚN OTRO NOMBRE SOLICITADO POR UN REPRESENTANTE AUTORIZADO DE DTC (Y CUALQUIER PAGO SE EFECTÚE A CEDE & CO. O A DICHA OTRA ENTIDAD SOLICITADA POR EL REPRESENTANTE AUTORIZADO DE DTC), CUALQUIER TRANSMISIÓN, PRENDA U
OTRO USO DEL PRESENTE POR VALOR O CON CUALQUIER OTRO OBJETO, POR PARTE O EN FAVOR DE CUALQUIER PERSONA, SERÁ INDEBIDO EN TANTO SU TITULAR REGISTRADO, CEDE & CO., TENGA ALGÚN DERECHO SOBRE EL MISMO.

		
	 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM IN THE CIRCUMSTANCES
REFERRED TO IN THE INDENTURE, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OR SUCH SUCCESSOR DEPOSITARY.”
	  	 HASTA EN TANTO ESTE TÍTULO GLOBAL SE CANJEE TOTAL O PARCIALMENTE POR TÍTULOS VALOR NOMINATIVOS
DEFINITIVOS EN LOS SUPESTOS PREVISTOS EN EL ACTA DE EMISIÓN, EN SU CASO, ESTE TÍTULO GLOBAL NO PODRÁ SER TRANSMITIDO SINO EN SU TOTALIDAD POR EL DEPOSITARIO A FAVOR DE UNA PERSONA DESIGNADA POR EL DEPOSITARIO, O POR LA PERSONA
DESIGNADA POR EL DEPOSITARIO A FAVOR DEL DEPOSITARIO U OTRA PERSONA DESIGNADA POR EL DEPOSITARIO, O POR EL DEPOSITARIO O DICHA PERSONA DESIGNADA A FAVOR DE UN DEPOSITARIO SUCESOR O UNA PERSONA DESIGNADA POR DICHO DEPOSITARIO
SUCESOR.”

		
	 [Include the following legend on all Notes (the “Mexican Law Legend”):]
	  	 [Incluir la siguiente leyenda en todas las Obligaciones (la “Leyenda de Ley Mexicana”):]

		
	 THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE NATIONAL SECURITIES REGISTRY
(REGISTRO NACIONAL DE VALORES) MAINTAINED BY THE MEXICAN NATIONAL BANKING AND SECURITIES COMMISSION (COMISIÓN NACIONAL BANCARIA Y DE VALORES, OR CNBV), AND MAY NOT BE OFFERED OR SOLD PUBLICLY, OR OTHERWISE BE THE SUBJECT OF BROKERAGE
ACTIVITIES, IN MEXICO, EXCEPT THAT THE NOTES MAY BE OFFERED IN MEXICO PURSUANT TO THE PRIVATE PLACEMENT EXEMPTION SET FORTH UNDER ARTICLE 8 OF THE MEXICAN SECURITIES MARKET LAW (LEY DEL MERCADO DE VALORES), TO MEXICAN INSTITUTIONAL AND QUALIFIED
INVESTORS. UPON THE ISSUANCE OF THE NOTES, THE ISSUER WILL NOTIFY THE CNBV OF THE ISSUANCE OF THE NOTES, INCLUDING THE PRINCIPAL CHARACTERISTICS OF THE NOTES, AND THE OFFERING OF THE NOTES OUTSIDE MEXICO. SUCH NOTICE WILL BE DELIVERED TO THE CNBV TO
COMPLY WITH A LEGAL REQUIREMENT AND FOR INFORMATION PURPOSES ONLY, AND THE DELIVERY TO AND THE RECEIPT BY THE CNBV OF SUCH NOTICE DOES NOT CONSTITUTE OR IMPLY ANY CERTIFICATION AS TO THE INVESTMENT QUALITY OF THE NOTES, AS APPLICABLE, OR OF OUR
SOLVENCY, LIQUIDITY OR CREDIT QUALITY OR THE ACCURACY OR COMPLETENESS OF THE INFORMATION SET FORTH HEREIN. THE INFORMATION CONTAINED IN THIS CERTIFICATE IS THE EXCLUSIVE RESPONSIBILITY OF THE ISSUER AND HAS NOT BEEN REVIEWED OR AUTHORIZED BY THE
CNBV.
	  	 LAS OBLIGACIONES AL AMPARO DEL PRESENTE TÍTULO NO HAN SIDO Y NO SERÁN REGISTRADAS ANTE EL REGISTRO
NACIONAL DE VALORES QUE MANTIENE LA COMISIÓN NACIONAL BANCARIA Y DE VALORES, Y NO PODRÁN SER OFRECIDAS NI VENDIDAS PÚBLICAMENTE, O SER SUJETAS A CUALQUIER OTRA FORMA DE ACTIVIDADES DE INTERMEDIACIÓN EN MÉXICO,
SALVO QUE DICHAS OBLIGACIONES SEAN OFRECIDAS MEDIANTE OFERTA PRIVADA DE VALORES NO INSCRITOS EN EL REGISTRO NACIONAL DE VALORES DE CONFORMIDAD CON EL ARTÍCULO 8 DE LA LEY DEL MERCADO DE VALORES, A INVERSIONISTAS INSTITUCIONALES O CALIFICADOS.
CON POSTERIORIDAD A LA EMISIÓN DE LAS OBLIGACIONES, LA EMISORA DEBERÁ NOTIFICAR A LA CNBV DICHA EMISIÓN DE OBLIGACIONES, INCLUYENDO LAS CARACTERÍSTICAS PRINCIPALES DE LAS MISMAS, ASÍ COMO DE LA OFERTA DE
OBLIGACIONES FUERA DE MÉXICO. DICHA NOTIFICACIÓN DEBERÁ SER ENTREGADA A LA CNBV EN CUMPLIMIENTO CON LAS DISPOSICIONES LEGALES APLICABLES Y PARA EFECTOS INFORMATIVOS ÚNICAMENTE, Y LA ENTREGA A Y RECEPCIÓN POR PARTE
DE LA CNBV DE DICHA NOTIFICACIÓN NO CONSTITUYE O IMPLICA UNA CERTIFICACIÓN SOBRE LA CALIDAD INVERSIONISTA DE LAS OBLIGACIONES, SEGÚN SEA APLICABLE, O SOBRE NUESTRA SOLVENCIA ECONÓMICA, LIQUIDEZ O CALIDAD CREDITICIA O LA
PRECISIÓN O INTEGRIDAD DE LA INFORMACIÓN AQUÍ INCLUIDA. LA INFORMACIÓN CONTENIDA EN EL PRESENTE TÍTULO ES RESPONSABILIDAD EXCLUSIVA DE LA EMISORA Y NO HA SIDO REVISADA O AUTORIZADA POR LA CNBV.

  
 A-1 

 [FORM OF FACE OF NOTE] [FORMATO DEL ANVERSO DE LAS OBLIGACIONES] 

 

			
	No.        	  	No.        
		
	Principal Amount U.S.$        	  	Monto principal EUA$        
		
	 [If the Note is a Global Security include the following two lines:

as revised by the Schedule of Increases and

Decreases in Global Security attached hereto]
	  	 [Si se trata de Título Global, incluir los siguientes dos renglones:

ajustado en términos del Apéndice de Aumentos y Disminuciones en el Título Global que se anexa a la presente]

		
	CUSIP: [●]	  	Clave CUSIP Irrestricta: [●]
	ISIN: [●]	  	Clave ISIN Irrestricta: [●]
		
	 3.72% CONVERTIBLE SUBORDINATED NOTES

DUE 2020
	  	 OBLIGACIONES CONVERTIBLES SUBORDINADAS DE TASA 3.72% 

CON VENCIMIENTO EN 2020

		
	 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, with domicile in Monterrey, Nuevo León (together with its successors and assigns, the “Issuer”), promises
to pay to [                    ], or registered assigns, the principal sum of
[                    ] Dollars (U.S.$[        ]) [If the Note is Global Security, add the following: ,
as revised by the Schedule of Exchanges of Interest in Global Security attached hereto], on March 15, 2020.
	  	 CEMEX, S.A.B. de C.V., una sociedad anónima bursátil de capital variable constituida de conformidad con
las leyes de México con domicilio en Monterrey, Nuevo León (en conjunto con sus sucesores y cesionarios, la “Emisora”), prometer pagar a
[                    ], o a sus cesionarios registrados, la cantidad principal de
[                    ] dólares (EUA$[        ]) [Si se trata de un Título Global,
añadir lo siguiente: , ajustada en términos del Apéndice de Canjes de Derechos Sobre el Título Global que se anexa a la presente], el 15 de marzo de 2020.

		
	 Interest Payment Dates: March 15 and September 15

Record Dates: March 1 and September 1
	  	 Fechas de Pago de Intereses: 15 de marzo y 15 de septiembre

Fechas de Registro: 1 de marzo y 1 de septiembre

	  
		
	Dated: [●], 2015	  	Fecha: [●] de [●] de 2015
		
	 Additional provisions of this Note are set forth on the other side of this Note.
	  	 El reverso de esta Obligación contiene disposiciones adicionales.

  
 A-2 

			
	IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by duly authorized officers.	 	EN TESTIMONIO DE LO ANTERIOR, la Emisora ha hecho que la presente Obligación haya sido firmada manualmente o por facsímile por sus representantes autorizados.

  

			
	CEMEX, S.A.B. DE C.V.
		
	By/Por:	 	  

		 	Name/Nombre:
		 	Title/Cargo: Member of the Board of Directors/Miembro del Consejo de Administración
		
	By/Por:	 	  

		 	Name/Nombre:
		 	Title/Cargo: Member of the Board of Directors/Miembro del Consejo de Administración

  

			
	CIBANCO S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, as Mexican Trustee/como representante común en México
		
	By/Por:	 	  

	Name/Nombre:
	Title/Cargo:
		
	By/Por:	 	  

	Name/Nombre:
	Title/Cargo:

  

			
	 Trustee’s Certificate of Authentication:
  

This is one of the Notes described in the within-mentioned Indenture:
	 	 Certificado de Autentificación del Fiduciario:
  

La presente es una de las Obligaciones descritas en el Acta de Emisión a que se hace referencia:

  

			
	THE BANK OF NEW YORK MELLON, as Trustee/como Fiduciario
		
	By/Por:	 	  

		 	Authorized Signatory/Representante Autorizado
		
	Date/Fecha:	 	  

  
 A-3 

			
	[FORM OF REVERSE SIDE OF NOTE]	  	[FORMATO DEL REVERSO DE LOS TÍTULOS]
		
	CEMEX, S.A.B. DE C.V.	  	
		
	 3.72% CONVERTIBLE SUBORDINATED NOTES

DUE 2020
	  	3.72% OBLIGACIONES CONVERTIBLES SUBORDINADAS CON VENCIMIENTO EN 2020
		
	 Capitalized terms used by not defined herein shall have the meanings assigned to them in the Indenture referred to
below unless otherwise indicated.
	  	A menos que se indique lo contrario, los términos que se utilizan en la presente con mayúscula inicial tendrán los significados asignados a los mismos en el Acta de Emisión que se menciona a
continuación.
		
	 1. INTEREST. 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 (together with its successors and assigns, the “Issuer”), promises to pay Interest on the principal amount of this Note at the rate per annum
shown above; provided that such rate may be increased from time to time as provided in the Indenture, including Section 6.02(b) thereof. The Issuer will pay Interest semi-annually in arrears on March 15 and September 15
of each year, beginning September 15, 2015. Interest on the Notes will accrue from the most recent Interest Payment Date on which Interest has been paid or, if no Interest has been paid, from May 28, 2015. Interest, if any, will be
computed on the basis of a 360-day year comprised of twelve 30-day months. The Issuer shall pay any increased Interest required to be paid by it pursuant to Section 6.02(b) of the Indenture in the manner and on the dates otherwise
provided herein for the payment of Interest. To the extent lawful, the Issuer shall pay Interest (including post-petition Interest in any proceeding under any Bankruptcy Law) on overdue principal at the interest rate borne by the Notes per annum; it
shall pay Interest (including post-petition Interest in any proceeding under any Bankruptcy Law) on overdue installments of Interest (“Defaulted Interest”), without regard to any applicable grace period, at the same rate to the
extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months.
	  	 1. INTERESES. CEMEX, S.A.B. de C.V. una sociedad anónima bursátil de capital variable constituida de
conformidad con las leyes de México (en conjunto con sus sucesores y cesionarios, la “Emisora”), promete pagar Intereses sobre el importe principal de esta Obligación a la tasa anual arriba descrita ; en el
entendido de que dicha tasa podrá incrementarse de tiempo en tiempo de conformidad con lo dispuesto en el Acta de Emisión, incluyendo su Sección 6.02(b). La Emisora pagará Intereses por semestres vencidos los
días 15 de marzo y 15 de septiembre de cada año, comenzado el 15 de septiembre de 2015. Las Obligaciones devengarán Intereses desde la última Fecha de Pago de Intereses en que se hayan pagado Intereses o, si no se han
pagado Intereses, desde el 28 de mayo de 2015. En su caso, los Intereses se calcularán sobre la base de un año de 360 días y 12 meses de 30 días cada uno. En la medida permitida por la ley, la Emisora pagará
cualesquiera Intereses adicionales que deba pagar de conformidad con lo dispuesto en la Sección 6.02(b) del Acta de Emisión, en la forma y las fechas estipuladas en la misma en cuanto al pago de Intereses. En la medida permitida
por la ley, la Emisora pagará Intereses (incluyendo Intereses posteriores a la presentación de cualquier demanda al amparo de alguna Ley de Quiebras) sobre cualquier importe principal vencido, a la tasa de interés anual
devengada por las Obligaciones que se encuentre vigente en ese momento; y en la medida permitida por la ley pagará Intereses (incluyendo tras la presentación de cualquier demanda al amparo de alguna Ley de Quiebras) sobre cualesquiera
Intereses vencidos (“Intereses Moratorios”), a la misma tasa, independientemente de cualquier período de gracia aplicable. Los Intereses se calcularán sobre la base de un año de 360 días y 12 meses de 30
días.

		
	 All payments made by the Issuer under, or with respect to, the Notes will be made free and clear of, and without
withholding or deduction for or on account of any Taxes imposed or levied by or on behalf of any Taxing Jurisdiction, unless the Issuer is required to withhold or deduct Taxes by law or by the official interpretation or administration
thereof. In that event, the Issuer will pay to each Holder of the Notes Additional Amounts as provided in the Indenture subject to the limitations set forth in the Indenture.
	  	 Todos los pagos efectuados por la Emisora conforme a las Obligaciones o en relación con las mismas irán
libres de toda retención o deducción a cuenta de cualesquiera Impuestos establecidos o determinados por cualquier Jurisdicción Impositiva o en representación de la misma, a menos que la Emisora esté obligada a
retener o deducir Impuestos por disposición de ley o en razón de la interpretación oficial o aplicación de la misma. En dicho supuesto, la Emisora pagará a cada Tenedor de Obligaciones las Cantidades Adicionales
previstas en el Acta de Emisión, sujeto a las restricciones establecidas en la propia Acta de Emisión.

		
	 2. METHOD OF PAYMENT. The Issuer will pay Interest on the Notes (except Defaulted Interest) on the Business Day on
which any such Interest on any Note is due and payable to the Person in whose name each Note is registered at the close of business on the March 1 and September 1 immediately preceding the relevant Interest Payment Date (each a
“Record Date”) (other than as provided in the Indenture). A Holder must surrender Notes to a Paying Agent to collect principal payments. On the Business Day prior to the date on which any payment is to be made on the Notes, the
Issuer will deposit with the Trustee or with the Paying Agent an amount of money in immediately available funds sufficient to make such payment.
	  	 2. FORMA DE PAGO. La Emisora pagará cualesquiera Intereses respecto de las Obligaciones (salvo Intereses
Moratorios) a más tardar el Día Hábil en que dicho importe de Intereses sobre las Obligaciones sean exigibles y pagaderos a la Persona a cuyo nombre se encuentre inscrita dicha Obligación al cierre de horas hábiles
del 1 de marzo y el 1 de septiembre inmediatamente anteriores a la Fecha de Pago de Intereses correspondiente (cada una de dichas fechas, una “Fecha de Registro”) (salvo por lo dispuesto en el Acta de Emisión). Para efectos
de todo pago de principal, el Tenedor deberá entregar sus Obligaciones al Agente de Pago. A más tardar el Día Hábil previo a la fecha en que el importe principal de las Obligaciones deba pagarse, la Emisora
depositará con el Fiduciario o con el Agente de Pagos, en fondos inmediatamente disponibles, la cantidad suficiente para realizar dicho pago.

		
	 The Issuer will pay the principal of and Interest on the Notes at the office or agency of the Issuer maintained for
such purpose, in U.S. Legal Tender. Until otherwise designated by the Issuer, the Issuer’s office or agency maintained for such purpose will be the principal Corporate Trust Office of the Trustee (as defined below). However, the Issuer may pay
principal and Interest by check payable in such money, and may mail such check to the Holders of the Notes at their respective addresses as set forth in the Register of Holders. Payments in respect of Notes represented by a Global Security
(including principal and Interest) will be made by the transfer of immediately available funds to the accounts specified by DTC. The Issuer will make all payments in respect of a Definitive Security (including principal and Interest) by mailing a
check to the registered address of each Holder thereof as set forth in the Note Register; provided, however, that payments on the Notes may also be made, in the case of a Holder of at least U.S.$1,000,000 aggregate principal amount of
Notes, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such
account no later than 15 days immediately preceding the relevant Record Date (or such other date as the Trustee may accept in its discretion).
	  	 La Emisora pagará el importe principal y los Intereses de las Obligaciones en la oficina o agencia mantenida
para dicho efecto por la misma, en Moneda de los E.U.A. A menos que la Emisora designe otro lugar, su oficina o agencia para dicho efecto serán las Oficinas del Departamento de Fideicomisos Empresariales del Fiduciario (según la
definición asignada a dicho término más adelante). Sin embargo, la Emisora podrá efectuar pagos de principal e Intereses mediante cheque denominado en dicha moneda, y podrá enviar por correo dicho cheque a los
domicilios que los Tenedores de Obligaciones tengan inscritos en el registro de Tenedores. Los pagos sobre las Obligaciones amparadas por un Título Global (incluyendo principal e Intereses) se efectuarán mediante transferencia de
fondos inmediatamente disponibles a las cuentas indicadas por DTC. La Emisora efectuará todos los pagos correspondientes a Títulos Definitivos (incluyendo principal e Intereses) mediante cheque enviado por correo al domicilio que cada
Tenedor tenga inscrito en el registro de Obligaciones; en el entendido, sin embargo, de que tratándose de cualquier Tenedor de Obligaciones por un monto principal total de cuando menos EUA$1,000,000, los pagos sobre las Obligaciones
también podrán efectuarse mediante transferencia electrónica a una cuenta en dólares de los E.U.A. mantenida por el destinatario del pago en un banco de los Estados Unidos, si dicho Tenedor elige la opción de
recibir dichos pagos por transferencia electrónica mediante el envío de un aviso por escrito proporcionado los datos de su cuenta al Fiduciario o al Agente de Pagos, a más tardar en la fecha correspondiente a los 15 días
inmediatamente anteriores a la Fecha de Registro aplicable (o cualquier otra fecha aceptable para el Fiduciario a su entera discreción).

		
	 3. PAYING AGENT AND REGISTRAR. Initially, The Bank of New York Mellon (together with any successor Trustee under
the Indenture referred to below, the
	  	 3. AGENTE DE PAGOS Y AGENTE DE REGISTRO. The Bank of New York Mellon (en conjunto con cualquier Fiduciario sucesor en
términos del Acta de

  
 A-4 

			
	“Trustee”), will act as Paying Agent, Conversion Agent and Registrar. The Issuer may change the Paying Agent, Conversion Agent, Registrar or co-registrar without prior notice. Subject to certain limitations in the
Indenture, the Issuer or any of its Subsidiaries may act in any such capacity.	  	Emisión, el “Fiduciario”) actuará inicialmente como Agente de Pagos, Agente de Conversión y Agente de Registro. La Emisora podrá reemplazar al Agente de Pagos, al Agente de
Conversión, al Agente de Registro o agente de registro adjunto, sin necesidad de dar aviso previo. Sujeto a ciertas restricciones previstas en el Acta de Emisión, ni la Emisora ni sus Subsidiaras podrán actuar con alguna de
dichas capacidades.
		
	 4. INDENTURE. The Issuer issued the Notes under an Indenture dated as of May 28, 2015 (as it may be amended or
supplemented from time to time in accordance with the terms thereof, the “Indenture”) between the Issuer, the Trustee and the Mexican Trustee. The terms of the Notes include those stated in the Indenture. The Notes are
subject to, and qualified by, all such terms, certain of which are summarized hereon, and Holders are referred to the Indenture for a statement of such terms. However, to the extent any provision of any Note conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. Each Holder, by accepting a Note, agrees to be bound by all of the terms and provisions of the Indenture, as amended or supplemented from time to
time. The Indenture is not required to be qualified under the U.S. Trust Indenture Act of 1939, so the provisions of such Act do not apply to the Indenture.
	  	 4. ACTA DE EMISIÓN. La Emisora emitió las Obligaciones al amparo de un Acta de Emisión de fecha 28
de mayo de 2015 (tal y como la misma se modifique o adicione de tiempo en tiempo de acuerdo con sus términos, el “Acta de Emisión”), suscrita por la Emisora, el Fiduciario y el Representante Común
Mexicano. Los términos de las Obligaciones incluyen los previstos en el Acta de Emisión. Las Obligaciones están sujetas y condicionadas a la totalidad de dichos términos, algunos de los cuales están resumidos en la
presente, y los Tenedores deberán consultar el Acta de Emisión para conocer dichos términos. Sin embargo, en la medida en que alguna disposición de esta Obligación contravenga lo expresamente dispuesto en el Acta
de Emisión, prevalecerán las disposiciones del Acta de Emisión. Por el hecho de aceptar una Obligación, todo Tenedor conviene en sujetarse a todos los términos y las disposiciones del Acta de Emisión, tal
como la misma se modifique o adicione de tiempo en tiempo. El Acta de Emisión no requiere ser calificada bajo el Trust Indenture Act de 1939 de los Estados Unidos de América; por lo tanto, las cláusulas de dicha ley no aplican
al Acta de Emisión.

		
	 5. REDEMPTION AND REPURCHASE. The Notes are subject to certain redemption and repurchase provisions under
Article III of the Indenture
	  	 5. AMORTIZACIÓN Y RECOMPRA. Las Obligaciones están sujetas a ciertas disposiciones en materia de
amortización y recompra contenidas en el Artículo III del Acta de Emisión.

		
	 (A)   Optional Redemption by the Issuer for Changes in Withholding
Taxes
	  	 (A)   Amortización a opción de la Emisora debido a reformas
legales fiscales

		
	 If, as a result of any amendment to, or change in, the laws (or any rules or regulations thereunder) of any Taxing
Jurisdiction affecting taxation, or any amendment to or change in an official interpretation or application of such laws, rules or regulations that has a general effect, which amendment to or change of such laws, rules or regulations becomes
effective on or after the Issue Date (which, in the case of a merger, consolidation or other transaction permitted and described under Article V of the Indenture, shall be for purposes of the provision being described, the date of such
merger, consolidation or other transaction) the Issuer would be obligated, after taking all reasonable measures to avoid this requirement, to pay Additional Amounts in excess of those attributable to a withholding Tax rate of 10% with respect to the
Notes (as described in Section 4.12 of the Indenture), then, at the Issuer’s option, the Notes may be redeemed in whole, but not in part, at any time on giving not less than 30 days nor more than 60 days’ notice to each Holder, at a
redemption price equal to 100% of the outstanding principal amount, plus Interest, if any, up to but not including the Tax Redemption Date; provided, however, that (1) no Tax Redemption Notice may be given earlier than 90 days
prior to the earliest date on which the Issuer would be obligated to pay the Additional Amounts described in the preceding sentence if a payment on the Notes were then due, (2) at the time such Tax Redemption Notice is given such obligation to pay
such Additional Amounts remains in effect and (3) the Issuer shall have satisfied the additional requirements set forth below. Such Tax Redemption Notice shall also contain the items required in Section 3.01(e) of the Indenture, including the
calculation of the Make Whole Fundamental Change Premium.
	  	 Si en virtud de alguna reforma o cambio en las leyes (o en las reglas o los reglamentos promulgados al amparo de las
mismas) en materia fiscal de alguna Jurisdicción Impositiva, o de alguna reforma o cambio en la interpretación oficial o aplicación de dichas leyes, reglas o reglamentos que tenga efectos generalizados, que entre en vigor en la
Fecha de Emisión (que para estos efectos y tratándose de cualquier fusión, consolidación u otra operación descrita y permitida en el Artículo V del Acta de Emisión será para efectos de
dicho artículo, la fecha de dicha fusión, consolidación u otra operación) o después de la misma, la Emisora, tras tomar todas las medidas razonables para evitarlo, se vería obligada a pagar Cantidades
Adicionales por encima de las correspondientes a una tasa de retención de Impuestos del 10% en relación con las Obligaciones (conforme a lo descrito en la Sección 4.12 del Acta de Emisión), la Emisora tendrá
la opción, previo aviso a cada Tenedor con no menos de 30 ni más de 60 días de anticipación, de amortizar en cualquier momento las Obligaciones, en su totalidad y no sólo en parte, a un precio de
amortización equivalente al 100% del monto principal insoluto más Intereses, en su caso, a la Fecha de Amortización por Motivos Fiscales pero sin incluir dicha fecha; en el entendido, sin embargo, de que (1) no se
podrá dar ningún Aviso de Amortización por Motivos Fiscales antes del plazo de 90 días anterior a la primera fecha en que la Emisora hubiere estado obligada a pagar las Cantidades Adicionales descritas en la
oración que antecede si el pago sobre las Obligaciones hubiese sido exigible en dicha fecha, (2) la obligación de pagar dichas Cantidades Adicionales deberá estar vigente a la fecha de envío de dicho Aviso de
Amortización por Motivos Fiscales, y (3) la Emisora deberá haber cumplido con los requisitos adicionales previstos a continuación. Dicho Aviso de Amortización por Motivos Fiscales también deberá contener la
información exigida por la Sección 3.01(e) del Acta de Emisión, incluyendo el cálculo de la Prima por Prepago Debido a un Cambio Fundamental.

		
	 Prior to the publication of any Tax Redemption Notice pursuant to this provision, the Issuer will deliver to the
Trustee:
	  	 Antes de publicar cualquier Aviso de Amortización por Motivos Fiscales, la Emisora enviará al
Fiduciario:

		
	 (i) an Officer’s Certificate stating that the Issuer is entitled to effect the redemption and
setting forth a statement of facts showing that the conditions precedent to the Issuer’s right to redeem have occurred, and
	  	 (i) un Certificado Expedido por Funcionario manifestando que la Emisora tiene derecho de efectuar
una amortización y describiendo los hechos que acrediten la verificación de la condición suspensiva que dio origen al derecho de amortización de la Emisora, y

		
	 (ii) an Opinion of Counsel of recognized standing in the affected Taxing Jurisdiction to the effect
that the Issuer has or will become obligated to pay such Additional Amounts as a result of such change or amendment.
	  	 (ii) una Opinión Legal de reconocido prestigio en la Jurisdicción Impositiva
relevante, en el sentido de que la Emisora está o estará obligada a pagar dichas Cantidades Adicionales como resultado de dicha reforma o cambio.

		
	 This Tax Redemption Notice, once delivered by the Issuer to the Trustee, will be irrevocable.
	  	 Una vez enviado por la Emisora al Fiduciario, el Aviso de Amortización por Motivos Fiscales será
irrevocable.

		
	 (B)   Repurchase at the Option of Holders Upon Certain Fundamental
Changes
	  	 (B)   Recompra a opción de los Tenedores en caso de Ciertos Cambios
Fundamentales

		
	 Upon the occurrence of a Change of Control, the Issuer shall notify the Holders, the Mexican Trustee and the Trustee in
writing of such occurrence and shall be required to make an offer to repurchase all Notes then outstanding at a repurchase price in cash equal to 100% of the principal amount thereof, plus Interest, to, but excluding, the Change of Control
Purchase Date as defined in the Indenture (unless the Change of Control Purchase Date is between a Record Date and the Interest Payment Date to which it relates, in which case the Issuer will pay Interest on such Interest Payment Date to the Holder
of record on such Record Date and the Change of Control Payment will be equal to 100% of the principal amount of the Notes subject to repurchase and will not include Interest).
	  	 Tras ocurrir un Cambio de Control, la Emisora dará aviso por escrito de dicha circunstancia a los Tenedores, el
Representante Común Mexicano y al Fiduciario y estará obligada a realizar una oferta de recompra respecto de todas las Obligaciones en circulación, a un precio de recompra en efectivo equivalente al 100% del importe principal
más los Intereses devengados por las mismas hasta, pero excluyendo, la Fecha de Compra por Cambio de Control (según la definición asignada a dicho término en el Acta de Emisión) (a menos que la
Fecha de Compra por Cambio de Control se ubique entre una Fecha de Registro y su correspondiente Fecha de Pago de Intereses, en cuyo caso la Emisora pagará Intereses en dicha Fecha de Pago de Intereses al Tenedor inscrito a dicha Fecha de
Registro, y el Pago por Cambio de Control será equivalente al 100% del importe de las Obligaciones objeto de recompra y no incluirá Intereses).

  
 A-5 

			
	 6. SUBORDINATION. The payment of the principal of, premium, if any, and Interest on and any other payment due
pursuant to the Indenture or this Note (including, without limitation, the payment or deposit of the Change of Control Payment pursuant to Article III of the Indenture) shall be subordinated and subject in right of payment to the prior
payment in full of all Senior Indebtedness, whether outstanding at the Issue Date or thereafter created, incurred, assumed or guaranteed in accordance with the provisions of Article XI of the Indenture, and each Holder by accepting a Note
acknowledges and agrees to be bound by such provisions. The Issuer agrees, and each Holder by accepting a Note acknowledges and agrees, that the Indebtedness evidenced by the Note is equal in right of payment to the Issuer’s current unsecured
subordinated Indebtedness, which includes the Issuer’s 3.25% Convertible Subordinated Notes due 2016 issued on March 15, 2011, the Issuer’s 3.75% Convertible Subordinated Notes due 2018 issued on March 15, 2011, the Issuer’s 3.72%
Convertible Subordinated Notes due 2020 issued on March 13, 2015 and to any future unsecured subordinated Indebtedness.
	  	 6. SUBORDINACIÓN. El pago del importe principal, la prima, si la hubiere, los Intereses y cualesquiera otros
pagos exigibles de conformidad con el Acta de Emisión o esta Obligación (incluyendo, de manera enunciativa pero no limitativa, el pago o depósito del Pago por Cambio de Control conforme al Article III del Acta de
Emisión), estarán subordinados y sujetos, por lo que se refiere al derecho a su pago, en la medida y forma que se establece a continuación, al pago previo e íntegro de toda la Deuda Preferente, ya sea que la misma se
encuentre en circulación a la Fecha de Emisión o se cree, incurra, asuma o garantice posteriormente de conformidad con lo dispuesto en el Artículo XI del Acta de Emisión, y cada Tenedor, por el hecho de aceptar una
Obligación, reconoce y conviene en sujetarse a dichas disposiciones. La Emisora, y cada Tenedor, por el hecho de aceptar una Obligación, reconoce y acepta que la Deuda documentada por esta Obligación es igual en cuanto al
derecho de pago que cualquier otra Deuda subordinada sin garantía específica existente de la Emisora, incluyendo las Obligaciones Convertibles Subordinadas con Rendimiento de 3.25% con Vencimiento en 2016 emitidas por la Emisora el 15
de marzo del 2011, las Obligaciones Convertibles Subordinadas con Rendimiento de 3.75% con Vencimiento en 2018 emitidas por la Emisora el 15 de marzo del 2011 , las Obligaciones Convertibles Subordinadas con Rendimiento de 3.72% con Vencimiento en
2020 emitidas por la Emisora el 13 de marzo del 2015, y cualquier otra Deuda subordinada sin garantía específica futura.

		
	 7. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of
U.S.$1,000 and integral multiples of U.S.$1,000 in excess thereof. A Holder may transfer or exchange Notes at the office of the Registrar in accordance with the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents. No service charge will be imposed by the Issuer, the Trustee or the Registrar for any registration of transfer or exchange of Notes, but any Tax or similar governmental charge
required by law or permitted by the Indenture because upon exchange a Holder requests any ADSs to be issued in a name other than such Holder’s name will be paid by such Holder. The Issuer is not required to transfer or exchange any Note
surrendered for repurchase or conversion except for any portion of that Note not being repurchased or converted, as the case may be.
	  	 7. DENOMINACIONES, TRANSMISIÓN, CANJE. Las Obligaciones son nominativas, no llevan adheridos cupones y se emiten
en denominaciones de EUA$100,000 y múltiplos íntegros de EUA$1,000 por encima de dicha cantidad. Todo Tenedor podrá solicitar la inscripción de la transmisión o el canje de sus Obligaciones en la oficina del Agente
de Registro de acuerdo con lo dispuesto en el Acta de Emisión. El Agente de Registro y el Fiduciario podrán exigir que el Tenedor proporcione, entre otras cosas, los endosos y demás instrumentos de transmisión necesarios.
La Emisora, el Fiduciario o el Agente de Registro no impondrán al Tenedor cargo alguno en razón de la inscripción de la transmisión o el canje de Obligaciones, pero el Tenedor será responsable del pago de
cualesquiera Impuestos u otros cargos gubernamentales que resulten aplicables en razón de que el Tenedor solicite la emisión de ADSs a nombre de persona distinta de sí mismo. La Emisora no estará obligada a inscribir la
transmisión o canje de cualquier Obligación entregada a la misma para su compra o conversión, sino por lo que toca a la porción de dicha Obligación que no vaya a ser objeto de compra o conversión,
según el caso.

		
	 8. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes.
	  	 8. PERSONAS CONSIDERADAS COMO PROPIETARIOS. El Tenedor inscrito de una Obligación será considerado como
propietario de la misma para cualesquiera efectos.

		
	 9. AMENDMENTS AND WAIVERS. Subject to certain exceptions set forth in the Indenture, with the written consent of
the Holders of a majority in principal amount of the then-outstanding Notes (including without limitation consents obtained in connection with a purchase of, or a tender offer or exchange offer for, Notes) (i) the Issuer, the Trustee and the Mexican
Trustee may amend the Indenture or the Notes, and (ii) may waive compliance in a particular instance by the Issuer with any provision of the Indenture or this Note.
	  	 9. MODIFICACIONES Y DISPENSAS. Sujeto a ciertas excepciones previstas en el Acta de Emisión, se requiere el
consentimiento por escrito de los Tenedores de cuando menos la mayoría del monto principal total de las Obligaciones que se encuentren en circulación en ese momento (incluyendo, de manera enunciativa pero no limitativa, los
consentimientos recibidos con motivo de una compra de Obligaciones u oferta de compra o canje relativa a las Obligaciones), para (i) la modificación del Acta de Emisión o las Obligaciones por parte de la Emisora, el Fiduciario y el
Representante Común Mexicano y (ii) dispensar el cumplimiento de cualquier disposición contenida en el Acta de Emisión o esta Obligación por parte de la Emisora.

		
	 Without the consent of each Holder of an outstanding Note affected, an amendment or waiver under Section 9.02 of
the Indenture may not, with respect to any Notes held by a non-consenting Holder: (a) reduce the amount of Notes whose Holders must consent to an amendment or waiver; (b) reduce the rate of or change or have the effect of changing the time for
payment of Interest on any Notes; (c) reduce the principal of or change or have the effect of changing the fixed maturity of any Notes, or change the date on which any Notes may be subject to redemption, or reduce the redemption price therefor; (d)
make any Notes payable in money other than that stated in the Notes; (e) make any change in provisions of the Indenture entitling each Holder to receive payment of principal and Interest on such Holder’s Notes on or after the due date thereof
or setting forth the contractual right to bring suit to enforce such payment, or permitting Holders of a majority in principal amount of Notes to waive Defaults or Events of Default; (f) reduce the Change of Control Payment of any Note or amend or
modify in any manner adverse to the Holders, the Issuer’s contractual obligation to make payment of such Change of Control Payment, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise; (g) make any
change in the provisions of the Indenture described under Section 4.12 of the Indenture that adversely affects the rights of any Holder or amend the terms of the Notes in a way that would result in a loss of exemption from Taxes; (h)
make any change to the provisions of the Indenture or the Notes that adversely affects the ranking of the Notes; and (i) make any change to the provisions of the Indenture or the Notes that adversely affects the contractual conversion rights of any
Notes.
	  	 Ninguna modificación o dispensa en términos de lo dispuesto en la Sección
9.02 del Acta de Emisión podrá, salvo con el consentimiento de cada Tenedor de una Obligación en circulación afectado por la misma, con respecto a cualesquiera Obligación de un Tenedor que no haya consentido:
(a) reducir el monto de las Obligaciones cuyos Tenedores pueden aprobar una modificación u otorgar una dispensa; (b) reducir la tasa de interés sobre cualesquiera Obligaciones, o cambiar o modificar de cualquier forma que tenga los
mismos efectos que un cambio de fecha, la fecha de pago de Intereses sobre cualesquiera Obligaciones; (c) reducir el monto principal de cualesquiera Obligaciones, o cambiar o modificar de cualquier forma que tenga los mismos efectos que un cambio de
fecha, la fecha fija de vencimiento de cualesquiera Obligaciones, o cambiar la fecha en que cualesquiera Obligaciones puedan ser objeto de amortización, o reducir el precio de amortización de las mismas; (d) disponer que cualesquiera
Obligaciones sean pagaderas en alguna moneda distinta a la expresada en las Obligaciones; (e) cambiar las disposiciones del Acta de Emisión en cualquier forma que confiera a cada Tenedor el derecho a recibir el pago del principal de las
Obligaciones e Intereses sobre las Obligaciones de dicho Tenedor en la fecha exigible o después de la misma o que establezca el derecho contractual a entablar juicio para exigir dicho pago, o permitir que los Tenedores de la mayoría
del importe principal de las Obligaciones dispensen Incumplimientos o Causa de Incumplimiento; (f) reducir el Pago por Cambio de Control correspondiente a cualquier Obligación, o reformar o modificar en cualquier forma adversa para los
Tenedores la obligación contractual de la Emisora de efectuar dicho Pago por Cambio de Control, ya sea a través de modificaciones o renuncias de las disposiciones correspondientes a las obligaciones o definiciones o cualquier otra; (g)
hacer cualquier cambio en las disposiciones descritas en la Sección 4.12 del Acta de Emisión que afecte en forma adversa los derechos de cualquier Tenedor o modifique los términos de las Obligaciones en
forma tal que resulte en la pérdida de una exención de Impuestos; (h) hacer cualquier cambio en las

  
 A-6 

			
		  	disposiciones del Acta de Emisión o las Obligaciones que afecte en forma adversa el orden de prelación de las Obligaciones; o (i) hacer cualquier cambio a las cláusulas del Acta de Emisión a las
Obligaciones que afecte en forma adversa los derechos contractuales de conversión correspondientes a cualesquiera Obligaciones.
		
	 The Issuer, the Trustee and the Mexican Trustee may amend the Indenture or this Note without notice to or the consent
of any Holder to (a) cure any ambiguity, omission, defect or inconsistency in the Indenture or this Note; (b) provide for the assumption by a surviving or successor corporation of the obligations of the Issuer under the Indenture or evidence and
provide for the acceptance of appointment of a successor Trustee pursuant to the Indenture; (c) provide for uncertificated Notes in addition to or in place of certificated Notes (provided that the uncertificated Notes are issued in registered form
for purposes of Section 163(f) of the Internal Revenue Code; (d) add guarantees with respect to this Note; (e) secure this Note; (f) add to the Issuer’s covenants for the benefit of the Holders or surrender any right or power conferred upon the
Issuer; (g) make any change that does not materially adversely affect the rights of any Holder; and (h) comply with the provisions of any clearing agency, clearing corporation or clearing system, including DTC, the Trustee or the Registrar with
respect to the provisions of the Indenture or this Note relating to transfers and exchanges of Notes.
	  	 La Emisora, el Fiduciario y el Representante Común Mexicano podrán modificar el Acta de Emisión o
las Obligaciones sin necesidad de dar aviso u obtener el consentimiento de Tenedor alguno, para: (a) corregir cualquier ambigüedad, omisión, defecto o inconsistencia en el Acta de Emisión o las Obligaciones; (b) realizar aquellos
actos necesarios en relación con la asunción de las obligaciones de la Emisora conforme al Acta de Emisión por alguna sociedad fusionante o sucesora de la Emisora, o hacer constar y reflejar la aceptación del nombramiento
de un Fiduciario sucesor de conformidad con el Acta de Emisión; (c) prever la emisión de Obligaciones no amparadas por títulos, además o en lugar de Obligaciones amparadas por títulos (siempre que las Obligaciones
no amparadas por títulos sean registradas para efectos de lo dispuesto por la Sección 163(f) del Código Fiscal Interno (Internal Revenue Code); (d) agregar garantías con respecto a las Obligaciones; (e)
garantizar las Obligaciones; (f) agregar obligaciones de la Emisora en beneficio de los Tenedores, o renunciar a cualquier derecho o facultad conferida a la Emisora; (g) hacer cualquier arreglo que no afecte en forma adversa y significativa los
derechos de cualquier Tenedor; y (h) cumplir con lo dispuesto por cualquier cámara, agencia o sistema de compensación, incluyendo DTC, el Fiduciario o el Agente de Registro con respecto a lo dispuesto por el Acta de Emisión o
las Obligaciones en relación con la transmisión y el canje de las Obligaciones.

		
	 To secure a consent or waiver of the Holders, it shall not be necessary for such Holders to approve the particular form
of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof.
	  	 Para obtener cualquier consentimiento o dispensa de parte de los Tenedores no será necesario que dichos
Tenedores aprueben la forma específica de la modificación o dispensa propuesta, sino que bastará con que dicho consentimiento apruebe las cuestiones de fondo de la misma.

		
	 10. DEFAULTS AND REMEDIES. An “Event of Default” with respect to any Notes occurs if: (a) the Issuer
defaults in the payment in respect of the principal of any Note when due at maturity, upon redemption or repurchase pursuant to Article III of the Indenture, upon declaration of acceleration or otherwise, whether or not such payment is
prohibited by the subordination provisions set forth in Article XI of the Indenture; (b) the Issuer defaults in the payment of any installment of Interest on the Notes when due and payable, whether or not such payment is prohibited by the
subordination provisions set forth in Article XI of the Indenture, including any Interest payable in connection with a redemption or repurchase pursuant to Article III of the Indenture,
and continuance of such default for a period of 30 days or more; (c) the Issuer defaults in the delivery when due of all ADSs deliverable upon conversion with respect to the Notes in accordance with Article XII of the Indenture, which
default continues for a period of five Business Days or more; (d) the Issuer fails to provide a timely Fundamental Change Notice in accordance with Section 12.12 of the Indenture; (e) the Issuer fails to comply with the covenant described in
clause (b) of Section 12.08 of the Indenture; (f) failure by the Issuer to comply with the covenant described in clause (a) of Section 12.08 of the Indenture that continues for a period of 30 days after the Issuer receives written
notice of such failure from the Trustee or the Holders of at least 25% in principal amount of the Notes then outstanding; (g) the Issuer defaults (other than a default set forth in paragraphs (a) through (f) above) in the performance of, or
breaches, any other covenant or agreement of the Issuer set forth in the Indenture or this Note and fails to remedy such default or breach within a period of 45 days after its receipt of written notice thereof from the Trustee or the Holders of at
least 25% in aggregate principal amount of the then outstanding Notes; (h) the Issuer or any of the Issuer’s “Significant Subsidiaries” (as defined in Article 1, Rule 1-02 of Regulation S-X) defaults with respect to any mortgage,
agreement or other instrument under which there is outstanding, or by which there is secured or evidenced, any Indebtedness for money borrowed having a principal amount in excess of U.S.$50 million in the aggregate, whether such Indebtedness now
exists or shall hereafter be created, (i) resulting in such Indebtedness becoming or being declared due and payable prior to its express maturity date or (ii) constituting a failure to pay at least U.S.$50 million of such Indebtedness when due and
payable (after the expiration of any applicable grace period) at its stated maturity, upon required repurchase, upon declaration or otherwise; provided, that any such Event of Default shall be deemed cured and not continuing upon payment of such
Indebtedness or rescission of such declaration; (i) a final judgment for the payment of U.S.$100 million or more (excluding any amounts covered by insurance or bond) is rendered against the Issuer or any Significant Subsidiary by a court of
competent jurisdiction, which judgment is not discharged, stayed, vacated, paid or otherwise satisfied within 60 days after (i) the date on which the right to appeal thereof has expired if no such appeal has commenced, or (ii) the date on which all
rights to appeal have been extinguished; or (j) a Bankruptcy Event of Default occurs.
	  	 10. INCUMPLIMIENTOS Y RECURSOS. Ocurrirá una “Causa de Incumplimiento” respecto a cualquier
Obligación si: (a) la Emisora incumple con el pago del importe principal de cualquier Obligación en la fecha en que dicho pago sea exigible, ya sea a su vencimiento, contra su amortización o recompra conforme al
Artículo III del Acta de Emisión, en razón de una declaración de vencimiento anticipado o por cualquier otro motivo, independientemente de que dicho pago esté o no prohibido de conformidad con lo dispuesto
respecto de la subordinación en el Artículo XI del Acta de Emisión; (b) la Emisora incumple con el pago de cualesquiera Intereses sobre cualquier Obligación en la fecha en que los mismos sean exigibles y pagaderos,
independientemente de que dicho pago esté o no prohibido de conformidad con lo dispuesto respecto de la subordinación en el Artículo XI del Acta de Emisión, incluyendo cualesquiera Intereses pagaderos con motivo de
una amortización o recompra en términos del Artículo III del Acta de Emisión, si dicho incumplimiento subsiste durante un período de 30 días o más; (c) la Emisora incumple con la entrega, en la
fecha debida, de las ADSs que deban entregarse con motivo de la conversión de Obligaciones en términos del Artículo XII del Acta de Emisión, y dicho incumplimiento subsiste durante un período de cinco
Días Hábiles o más; (d) la Emisora incumple con la entrega oportuna de un Aviso de Cambio Fundamental de conformidad con lo dispuesto en la Sección 12.12 del Acta de Emisión; (e) la Emisora incumple el
compromiso descrito en el inciso (b) de la Sección 12.08 del Acta de Emisión; (f) la Emisora incumple el compromiso descrito en el inciso (a) de la Sección 12.08 del Acta de Emisión y dicho incumplimiento
continúa durante un período de 30 días posteriores a la recepción por la Emisora de un aviso por escrito de dicho incumplimiento de parte del Fiduciario o los Tenedores de cuando menos el 25% del monto principal de las
Obligaciones que en ese momento se encuentren en circulación; (g) la Emisora incumple (en forma distinta a lo previsto a los incisos (a) a (f) anteriores) o viola cualquier otro contrato o convenio de la misma de conformidad con el Acta de
Emisión o las Obligaciones y no subsana dicho incumplimiento o violación dentro del plazo de 45 días contados a partir de la recepción de un aviso por escrito al respecto de parte del Fiduciario o los Tenedores de cuando
menos el 25% del monto principal de las Obligaciones que en ese momento se encuentren en circulación; (h) la Emisora o cualquiera de sus “Subsidiarias Significativas” (según dicho término se define en el
Artículo 1, Regla 1-02 del Reglamento S-X) incurre en algún incumplimiento con cualquier hipoteca, contrato o instrumento en virtud del cual se encuentre insoluta o se garantice o haga constar cualquier Deuda por concepto de dinero
obtenido en préstamo cuyo monto principal total ascienda a más de EUA$50 millones, independientemente de que dicha Deuda exista actualmente o se contrate en el futuro, (i) que dé como resultado que dicha Deuda se vuelva o se
declare exigible y pagadera antes de su fecha programada de vencimiento, y (ii) que represente un incumplimiento de pago de cuando menos EUA$50 millones de dicha Deuda en la fecha en que dicha cantidad sea exigible y pagadera (después de
haber vencido cualquier período de gracia aplicable), ya sea que dicha fecha sea su fecha programada de vencimiento, recompra obligatoria, declaración de vencimiento u otra fecha; en el entendido de que dicha Causa de Incumplimiento se
tendrá por subsanada y no subsistente tras el pago de dicha Deuda o la rescisión de dicha declaración; (i) algún tribunal competente dicta sentencia definitiva en contra de la Emisora o cualquier Subsidiaria
Significativa, condenándola al pago de EUA$50 millones o más (excluyendo cualesquiera cantidades amparadas por seguros o fianzas), y dicha sentencia no se deshecha, suspende, desestima, paga o en cualquier otra forma libera dentro de
los 60 días siguientes a (i) la fecha de prescripción del derecho a interponer un recurso en contra de la misma sin que se haya interpuesto recurso alguno, o (ii) la fecha en que se hayan agotado todos los derechos de
interposición de recursos; o (j) ocurra alguna Causa de Incumplimiento por Quiebra.

  
 A-7 

			
	 If an Event of Default (other than an Event of Default with respect to the Issuer specified in paragraph (j) above)
occurs and is continuing, then and in every such case (i) the Trustee, by written notice to the Issuer, or (ii) the Holders of at least 25% in aggregate principal amount of the then outstanding Notes, by written notice to the Issuer and the Trustee,
may, and the Trustee at the request of such Holders shall, declare all of the unpaid principal of, and Interest, on all the Notes to be due and payable. Upon such declaration such principal amount, and Interest, shall become immediately due and
payable, notwithstanding anything contained in the Indenture or this Note to the contrary, but subject to the provisions of Article XI of the Indenture. If the Event of Default with respect to the Issuer specified in paragraph (j) above
occurs, all unpaid principal of, and Interest on, the Notes then outstanding shall become automatically due and payable, subject to the provisions of Article XI of the Indenture, without any declaration or other act on the part of the Trustee
or any Holder.
	  	 En caso de que haya ocurrido y subsista alguna Causa de Incumplimiento (distinta de una Causa de Incumplimiento
respecto a la Emisora conforme a lo previsto en el inciso (i) anterior, entonces y en cada uno de dichos casos (i) el Fiduciario, mediante aviso por escrito a la Emisora, o (ii) los Tenedores de cuando menos el 25% del monto principal insoluto de
las Obligaciones que en ese momento se encuentren en circulación, mediante aviso por escrito a la Emisora y al Fiduciario, podrán declarar y a solicitud de dichos Tenedores el Fiduciario declarará exigible y pagadero el importe
total del monto principal insoluto de las Obligaciones y los Intereses sobre las mismas. Tras dicha declaración, dicho monto principal e Intereses se volverán inmediatamente exigibles y pagaderos no obstante cualquier
disposición en contrario contenida en el Acta de Emisión o las Obligaciones pero sujeto a lo dispuesto en el Artículo XI del Acta de Emisión. En caso de que se actualice la Causa de Incumplimiento prevista en el
inciso (j) anterior con respecto a la Emisora, la totalidad del importe principal de las Obligaciones y los Intereses sobre las Obligaciones que se encuentren en circulación en ese momento se volverán inmediatamente exigibles y
pagaderos sujeto a lo dispuesto en el Artículo XI del Acta de Emisión, sin necesidad de declaración o acto ulterior alguno por parte del Fiduciario o cualquier Tenedor.

		
	 Notwithstanding any other provision in Article VI of the Indenture, if an Event of Default occurs arising out of
the Issuer’s breach of its obligation to file or furnish reports or other financial information as required under the Indenture, the Issuer may elect to pay Additional Interest on the Notes as the sole remedy for such Event of Default, and the
Trustee and the Holders will not have any right under the Indenture to accelerate the maturity of the Notes as a result of any such Event of Default, except as provided below. If elected, the Issuer shall pay Additional Interest to all Holders at a
rate equal to 0.50% per annum through the 180th day after the occurrence of such Event of Default (which shall be the 135th day after the end of the 45-day grace period set forth in Section
6.01(g) of the Indenture),or such earlier date on which the Event of Default relating to the reporting obligations referred to in this paragraph shall have been cured or waived. On the 181st day, such Additional Interest will cease to accrue (or
earlier, if the Event of Default relating to the reporting obligations referred to in this paragraph shall have been cured or waived prior to such 181st day) and, if the Event of Default is continuing on such 181st day, the Notes will be subject to
acceleration as provided in the above paragraph. The provisions hereof will not affect the rights of the Holders in the event of the occurrence of any other Event of Default, except as otherwise provided therein. Any Additional Interest paid
pursuant to this paragraph will be payable at the times and in the manner provided for the payment of regular Interest on the Notes. In order to elect to pay Additional Interest on the Notes as the sole remedy during the first 180 days after
the occurrence of an Event of Default relating to the failure to comply with reporting obligations in accordance with this paragraph, the Issuer must notify all Holders and the Trustee and Paying Agent of such election on or before the close of
business on the fifth Business Day after the date on which such Event of Default first occurs. If the Issuer fails to timely give such notice, does not pay such Additional Interest or elects not to pay such Additional Interest, the Notes will
be immediately subject to acceleration as provided in the above paragraph.
	  	 No obstante cualquier otra disposición contenida en el Artículo VI del Acta de Emisión, si
ocurre alguna Causa de Incumplimiento como resultado del incumplimiento de las obligaciones de presentación o entrega de información financiera de la Emisora en términos del Acta de Emisión, la Emisora tendrá la
opción de pagar Intereses Adicionales sobre las Obligaciones a manera de medio exclusivo de subsanar dicha Causa de Incumplimiento, en cuyo caso el Fiduciario y los Tenedores no tendrán derecho alguno al amparo del Acta de
Emisión para declarar vencidas las Obligaciones en forma anticipada como resultado de dicha Causa de Incumplimiento, excepto por lo previsto más adelante. De elegir dicha opción, la Emisora pagará Intereses Adicionales a
todos los Tenedores a una tasa equivalente al 0.50% anual hasta el 180o. día posterior a la actualización de dicha Causa de Incumplimiento (mismo que coincidirá con el 135o. día siguiente al vencimiento del período
de gracia de 45 días previsto en la Sección 6.01(g) del Acta de Emisión) o hasta aquélla fecha anterior en que se subsane o dispense la Causa de Incumplimiento relativa a las obligaciones de entrega de
información citadas en este inciso. Dichos Intereses Adicionales dejarán de devengarse el 181o. día (o antes, en caso de que la Causa de Incumplimiento relativa a las obligaciones de entrega de información citadas en este
inciso se subsane o dispense antes de dicho 181o. día) y, si la Causa de Incumplimiento aún subsiste en dicho 181o. día, las Obligaciones estarán sujetas a vencimiento anticipado de conformidad con lo antes dispuesto. Lo
antes dispuesto no afectará los derechos de los Tenedores en caso de que ocurra alguna otra Causa de Incumplimiento, a menos que la presente disponga lo contrario. Cualesquiera Intereses Adicionales pagaderos de conformidad con lo dispuesto
en este párrafo se pagarán en las fechas y la forma prescritas para el pago de Intereses ordinarios sobre las Obligaciones. Para elegir la opción de pagar Intereses Adicionales como medio exclusivo para subsanar durante los
primeros 180 días siguientes a la actualización de una Causa de Incumplimiento derivada de la falta de cumplimiento de las obligaciones de entrega de información conforme a este párrafo, la Emisora deberá dar aviso
de su elección a todos los Tenedores y al Fiduciario y Agente de Pagos a más tardar al cierre de las horas hábiles del quinto Día Hábil posterior a la fecha en que haya ocurrido por vez primera dicha Causa de
Incumplimiento. Si la Emisora incumple con el envío oportuno de dicho aviso, no paga dichos Intereses Adicionales u opta por no pagar dichos Intereses Adicionales, las Obligaciones quedarán inmediatamente sujetas a vencimiento
anticipado de conformidad con lo antes dispuesto.

		
	 Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require an
indemnity satisfactory to it before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. Except
in the case of a Default or Event of Default in payment of principal of, or interest on, this Note, the Trustee may withhold from Holders notice of any continuing default (except a default in payment of principal, or Interest, if applicable) if and
so long as a committee of the Trustee’s Trust Officers in good faith determines that withholding the notice is in the interests of Holders. The Issuer must furnish an annual compliance certificate to the Trustee.
	  	 Los Tenedores no podrán hacer valer el Acta de Emisión o las Obligaciones sino en la forma prevista en el
Acta de Emisión. El Fiduciario podrá exigir indemnización satisfactoria antes de realizar cualquier acto para exigir el cumplimiento del Acta de Emisión o las Obligaciones. Sujeto a ciertas excepciones, los tenedores de
la mayoría del importe principal de las Obligaciones que se encuentren en circulación en un momento dado podrán girar instrucciones al Fiduciario con respecto al ejercicio de los poderes o facultades del mismo. Salvo que se
trate de un Incumplimiento o Causa de Incumplimiento con el pago de principal de cualquier Obligación o Intereses sobre la misma, el Fiduciario podrá abstenerse de dar aviso de la subsistencia de cualquier incumplimiento (salvo que se
trate de un incumplimiento con el pago del principal o, en su caso, Intereses sobre cualquier Obligación), siempre y cuando un comité formado por sus Delegados Fiduciarios determine de buena fe que el diferimiento de dicho aviso es en
interés de los Tenedores. La Emisora deberá proporcionar al Fiduciario un informe anual respecto al cumplimiento de sus obligaciones

		
	 11. TRUSTEE DEALINGS WITH THE ISSUER. The Trustee or any of its Affiliates, in their individual or any other
capacities, may make or continue loans to or guaranteed by, accept deposits from and perform services for the Issuer or its Affiliates and may otherwise deal with the Issuer or its Affiliates as if it were not Trustee.
	  	 11. OPERACIONES ENTRE EL FIDUCIARIO Y LA EMISORA. El Fiduciario o cualquiera de sus Filiales, ya sea en lo individual o
con cualquier otro carácter, podrá otorgar o extender créditos a la Emisora o créditos garantizados por la misma, aceptar depósitos de parte de la Emisora y prestar servicios a ésta o a sus Filiales, y
podrá por demás celebrar operaciones con la Emisora o sus Filiales como si no ocupase el cargo de Fiduciario.

		
	 12. NO RECOURSE AGAINST OTHERS. No director, officer, employee or shareholder, as such, of the Issuer from time to
time shall have any liability for any obligations of the Issuer under the Notes or this Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting a Note waives and releases all
such liability. The waiver and release are part of the consideration for the Notes.
	  	 12. AUSENCIA DE RECURSOS CONTRA TERCEROS. Ninguna Persona que de tiempo en tiempo tenga el carácter de
consejero, funcionario, empleado o accionista de la Emisora será en razón de dicha circunstancia y en momento alguno responsable de las obligaciones de la Emisora bajo las Obligaciones o el Acta de

  
 A-8 

			
		  	Emisión, o respecto de cualquier demanda en razón o que esté basada o relacionada con dichas obligaciones o su creación. Por el hecho de aceptar una Obligación, su Tenedor dispensa dicha
responsabilidad y los libera de la misma. Esta liberación y dispensa forman parte de la contraprestación por las Obligaciones.
		
	 13. AUTHENTICATION. This Note shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent.
	  	 13. VALIDACIÓN. Esta Obligación no será válida a menos que contenga la firma
autógrafa del Fiduciario o un agente de validación.

		
	 14. ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN CO =
tenants in common, TEN ENT = tenants by the entireties, JT TEN = joint tenants with right of survivorship and not as tenants in common, CUST = Custodian and U/G/M/A = Uniform Gifts to Minors Act.
	  	 14. ABREVIATURAS. Podrán utilizarse abreviaturas de uso común a nombre de cualquier Tenedor o su
cesionario, incluyendo: TEN CO = tenedores en común, TEN INT = tenedores indivisibles, TEN MA = tenedores mancomunados con derechos transferibles por sucesión y no como tenedores en común, CUST = Custodio, y L/U/D/M = Ley
Uniforme Sobre las Donaciones a Menores (Uniform Gifts to Minors Act).

		
	 15. CONVERSION. Subject to and upon compliance with the provisions of the Indenture, the registered Holder of this Note
has the right, at such Holder’s option, to convert at any time after May 29, 2015 and prior to the close of business on the fourth Business Day immediately preceding the Maturity Date (or in case this Note or any portion hereof is subject to a
Tax Redemption Notice or a duly completed election for repurchase, before the close of business on the Business Day prior to the Tax Redemption Date or the Change of Control Purchase Date, as the case may be (unless the Issuer defaults in payment
due upon redemption or repurchase)) at a conversion rate equal to 84.0044 ADSs of the Issuer per U.S.$1,000 principal amount of Notes, as adjusted from time to time as provided in the Indenture, including with respect to the Make Whole Fundamental
Change Premium, upon surrender of this Note to the Issuer at the office or agency maintained for such purpose (and at such other offices or agencies designated for such purpose by the Issuer), accompanied by written notice of conversion duly
executed (and if the ADSs to be issued on conversion are to be issued in any name other than that of the registered Holder of this Note by instruments of transfer, in form satisfactory to the Issuer, duly executed by the registered Holder or its
duly authorized attorney) and, in case such surrender shall be made during the period after 5 p.m., New York City time on the Record Date immediately preceding any Interest Payment Date through 9:00 a.m. New York City time on such Interest Payment
Date, also accompanied by payment, in funds acceptable to the Issuer, of an amount equal to the Interest, otherwise payable on such Interest Payment Date on the principal amount of this Note then being converted; provided, however,
that no such payment need be made if the Notes are surrendered for conversion after the final Record Date. Subject to the aforesaid requirement for a payment in the event of conversion after the close of business on a Record Date immediately
preceding an Interest Payment Date, no adjustment shall be made on conversion for Interest accrued hereon or for dividends on ADSs delivered on conversion. The right to convert this Note is subject to the provisions of the Indenture relating to
conversion rights in the case of certain consolidations, mergers, or sales or transfers of substantially all the Issuer’s assets.
	  	 15. CONVERSIÓN. Sujeto a lo dispuesto en esta Acta de Emisión y una vez que se haya cumplido con lo
previsto en la misma, el Tenedor inscrito de esta Obligación tendrá el derecho, a elección de dicho Tenedor, de convertir, en cualquier momento después del 29 de mayo de 2015 y antes del cierre de las horas hábiles
del cuarto Día Hábil inmediatamente anterior a la Fecha de Vencimiento (o si esta Obligación o parte de la misma está sujeta a un Aviso de Amortización por Motivos Fiscales o a una solicitud de recompra debidamente
requisitada, con anterioridad al cierre de las horas hábiles del Día Hábil anterior a la Fecha de Amortización por Motivos Fiscales o la Fecha de Compra por Cambio de Control, según sea el caso (a menos que la
Emisora incumpla con el pago correspondiente a dicha amortización o recompra)), a una razón de conversión igual a 84.0044 ADS del Emisor por cada EUA$1,000 del principal de las Obligaciones, razón que estará sujeta
a ajuste de tiempo en tiempo conforme a lo previsto en el Acta de Emisión, incluyendo por lo que se refiere a la Prima por Prepago Debido a un Cambio Fundamental, mediante la entrega de esta Obligación a la Emisora en la oficina o
agencia mantenida por la misma para dicho efecto (y en cualesquiera otras oficinas o agencias que la Emisora designe para dicho efecto), acompañada de un aviso de conversión debidamente requisitado (y si las ADSs que dicho Tenedor
recibirá con motivo de la conversión van a emitirse a nombre de Persona distinta al Tenedor inscrito de esta Obligación, por instrumentos de transmisión en forma satisfactoria para la Emisora, debidamente firmados por el
Tenedor o su representante autorizado), y en caso de que la entrega se efectúe durante el período comprendido de las 5:00 p.m., hora de la ciudad de Nueva York, de la Fecha de Registro inmediatamente anterior a cualquier Fecha de Pago
de Intereses, a las 9:00 a.m., hora de la ciudad de Nueva York, de dicha Fecha de Pago de Intereses, deberá ir acompañada del pago, en fondos aceptables para la Emisora, de una cantidad igual a los Intereses que de otra forma
serían pagaderos en dicha Fecha de Pago de Intereses sobre el monto principal que se está convirtiendo; en el entendido, sin embargo, de que no será necesario pago alguno si las Obligaciones se entregan para su
conversión después de la Fecha de Registro final. Sujeto al requisito de pago en caso de conversión posterior al cierre de las horas hábiles de la Fecha de Registro inmediatamente anterior a cualquier Fecha de Pago de
Intereses, al momento de conversión no se efectuará ajuste alguno por concepto de los dividendos pagados sobre las ADSs que se entreguen como resultado de la conversión. El derecho a convertir esta Obligación está
sujeto a las disposiciones en materia de conversión previstas en el Acta de Emisión en caso de ciertas fusiones o consolidaciones, o de la venta o transmisión de sustancialmente todos los activos de la Emisora.

		
	 No fractional portions of ADSs shall be issued upon conversion of Notes. If more than one Note shall be
surrendered for conversion at one time by the same Holder, the number of full ADSs which shall be issuable upon conversion shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent
permitted hereby) so surrendered for conversion. If any fractional portions of ADSs otherwise would be issuable upon the conversion of any Note or Notes, the Issuer will deliver a number of ADSs rounded up to the nearest whole number of
ADSs.
	  	 No se emitirán fracciones de ADSs con motivo de la conversión de Obligaciones. Si un mismo Tenedor
entrega al mismo tiempo más de una Obligación para su conversión, el número de ADSs íntegras a emitirse con motivo de dicha conversión se calculará con base en el monto principal total de las
Obligaciones (o las porciones designadas de las mismos, en la medida permitida por la presente) entregadas para su conversión. En caso de que salvo por lo antes dispuesto debieran emitirse fracciones de ADSs con motivo de la conversión
de cualquier Obligación o cualesquiera Obligaciones, la Emisora entregará un número de ADSs redondeado al alza para reflejar el número de ADSs completas más próximo.

  
 A-9 

			
	 If a Fundamental Change occurs and a Holder elects to convert its Notes, the Issuer will, under certain circumstances,
increase the Conversion Rate for the Notes so surrendered for conversion by a number of additional ADSs. A conversion of Notes will be deemed for these purposes to be “in connection with” such Fundamental Change if the notice of conversion
of the Notes is received by the Conversion Agent from, and including, the later of (i) 30 scheduled Trading Days before the anticipated effective date of such Fundamental Change and (ii) the date on which the Issuer notifies the Holders of the
anticipated effective date of a Fundamental Change (in accordance with the next sentence and the next succeeding sentence) and ending 30 Business Days following the actual effective date of such Fundamental Change (but, in the case of a Change of
Control, ending prior to the close of business on the Business Day immediately preceding the Change of Control Purchase Date). The Issuer will notify Holders and the Trustee of the anticipated effective date of such Fundamental Change and issue a
press release as soon as practicable after the Issuer first determines the anticipated effective date of such Fundamental Change provided that in no event will the Issuer be required to provide such notice to the Holders and the Trustee
before the earlier of such time as the Issuer or its Affiliates (a) has publicly disclosed or acknowledged the circumstances giving rise to such anticipated Fundamental Change or (b) is required to publicly disclose under applicable law or the rules
of any stock exchange on which the Issuer’s equity is then listed the circumstances giving rise to such anticipated Fundamental Change. The Issuer will use its commercially reasonable efforts to make such determination in time to deliver such
notice no later than 30 days prior to such anticipated effective date of such Fundamental Change. The number of additional ADSs by which the Conversion Rate will be increased will be determined by reference to Section 12.12 of the Indenture,
based on the date on which the Fundamental Change occurs or becomes effective and the ADS price paid (or deemed paid) per ADS (or, if applicable, the price per Ordinary Share or per CPO, transposed into a price per ADS) in the Fundamental Change. In
no event will the total number of ADSs issuable upon conversion exceed 109.2058 ADSs per U.S.$1,000 principal amount of Notes, subject to adjustment in the same manner as the Conversion Rate as set forth in Section 12.05(a) of the
Indenture.
	  	En caso de que haya ocurrido un Cambio Fundamental y un Tenedor opte por la conversión de sus Obligaciones, la Emisora ajustará el Factor de Conversión aplicable a las Obligaciones entregadas para su
conversión, agregando ADSs adicionales. Para estos efectos, toda conversión de Obligaciones se considerará hecha “en relación con” dicho Cambio Fundamental si el Agente de Conversión recibe el aviso de
conversión respectivo dentro del período comprendido desde e incluyendo B- la fecha que coincida con el 30o. Día de Operaciones anterior a la fecha efectiva prevista de dicho Cambio Fundamental y C- la fecha en que la Emisora
notifique a los Tenedores la “Fecha Efectiva” prevista de un Cambio Fundamental (de acuerdo con la siguiente oración y la oración que le sigue), la que ocurra más tarde de entre ambas fechas, hasta y que
concluya el 30o. Día Hábil posterior a la verdadera Fecha Efectiva (pero, tratándose de un Cambio de Control, que concluya con anterioridad al cierre de las horas hábiles del Día Hábil inmediatamente
anterior a la Fecha de Compra por Cambio de Control). La Emisora notificará a los Tenedores y al Fiduciario la Fecha Efectiva prevista de dicho Cambio Fundamental y emitirá un comunicado de prensa tan pronto como ello sea posible
después de determinar por vez primera dicha Fecha Efectiva prevista; en el entendido, de que la Emisora no estará obligada en ningún caso a dar dicho aviso a los Tenedores y al Fiduciario antes de que la Emisora o sus
Filiales (a) hayan aceptado y revelado al público las circunstancias que hayan dado lugar a dicho Cambio Fundamental previsto, o estén obligadas, de conformidad con la legislación aplicable o las reglas establecidas por
cualquier bolsa de valores en la que se encuentren listadas para su cotización las acciones de la Emisora, a revelar al público las circunstancias que dieron lugar a dicho Cambio Fundamental previsto. La Emisora hará esfuerzos
comercialmente razonables para realizar dicha determinación a tiempo de poder enviar dicho aviso con cuando menos 30 días de anticipación a dicha Fecha Efectiva prevista. El número de ADSs en que se incrementará el
Factor de Conversión se determinará conforme a lo dispuesto en la Sección 12.12 del Acta de Emisión, con base en la fecha en que ocurra el Cambio Fundamental o el mismo surta efectos, y el precio por
ADS pagado (o que se presuma pagado) (o, en su caso, el precio por Acción Ordinaria o por CPO, transpolado a un precio por ADS) en relación con el Cambio Fundamental. En ningún caso el número total de ADSs a ser emitidas
al momento de la conversión excederá de 109.2058 ADSs, sujeto a ajuste en los mismos términos que el Factor de Conversión conforme a lo previsto en la Sección 12.05(a) del Acta de
Emisión.
		
	 16. GOVERNING LAW. THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK. HOLDERS OF NOTES BY ACCEPTING A BENEFICIAL INTEREST IN THE NOTES AGREE TO WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS NOTE OR ANY TRANSACTION RELATED HERETO TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW.
	  	 16. LEGISLACIÓN APLICABLE. ESTA OBLIGACIÓN SE REGIRÁ POR LA LEY DEL ESTADO DE NUEVA YORK Y SE
INTERPRETARÁ DE CONFORMIDAD CON LA MISMA. EN LA MEDIDA MÁS AMPLIA PERMITIDA POR LA LEGISLACIÓN APLICABLE, LOS TENEDORES DE OBLIGACIONES, POR EL SIMPLE HECHO DE ACEPTAR LOS DERECHOS DE BENEFICIARIO CORRESPONDIENTES A LAS MISMAS,
RENUNCIAN A CUALQUIER DERECHO QUE PUEDAN TENER CON RESPECTO A LA CELEBRACIÓN DE JUICIOS ANTE JURADO EN RELACIÓN CON CUALQUIER ACCIÓN, PROCEDIMIENTO O CONTRADEMANDA DERIVADA DE ESTA OBLIGACIÓN O RELACIONADA CON LA
MISMA.

		
	 17. AGENT FOR SERVICE; SUBMISSION TO JURISDICTION; WAIVER OF IMMUNITIES. The Issuer has appointed CEMEX NY Corporation,
590 Madison Avenue, 41st Floor, New York, New York 10022, Attention: Legal Counsel, as its authorized agent (the “Authorized Agent”) upon whom all writs, process and summonses may be served in any suit, action or proceeding arising
out of or based upon the Indenture or this Note which may be instituted in any U.S. Federal or State court located in the State of New York, County of New York. The Issuer has agreed that the appointment of the Authorized Agent shall be irrevocable
so long as any of the Notes remain outstanding or until the irrevocable appointment by the Issuer of a successor agent in The City of New York, New York as authorized agent for such purpose and the acceptance of such appointment by such successor.
Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Issuer. To the extent that the Issuer 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 hereby irrevocably waives and agrees not to
plead or claim such immunity in respect of its obligations under the Indenture or this Note.
	  	 17. AGENTE PARA EMPLAZAMIENTOS; SOMETIMIENTO A JURISDICCIÓN; REUNCIA A INMUNIDADES. La Emisora ha nombrado a
CEMEX NY Corporation, 590 Madison Avenue, 41st Floor, New York, New York, 10022, (E.U.A.), Atención: Legal Counsel, como agente autorizado (el “Agente Autorizado”) al que podrá corrérsele traslado de todos los
escritos, emplazamientos y requerimientos relativos a cualquier juicio, acción o procedimiento surgido como resultado o que esté basado en el Acta de Emisión o las Obligaciones y pueda interponerse ante cualquier tribunal
federal o estatal con sede en el estado de Nueva York, condado de Nueva York. La Emisora ha convenido que el nombramiento del Agente Autorizado será irrevocable en tanto se encuentre en circulación cualquiera de las Obligaciones o
hasta que la Emisora nombre de manera irrevocable y para dicho efecto a un agente autorizado sucesor en la ciudad de Nueva York, Nueva York y dicho agente sucesor haya aceptado su nombramiento. Todo emplazamiento entendido con el Agente Autorizado
se considerará en todo sentido como un emplazamiento personal entendido con la Emisora. En la medida en que la Emisora esté sujeta o en el futuro adquiera cualquier inmunidad (soberana o de otro tipo) en contra de cualquier
acción, juicio o procedimiento, la jurisdicción de cualquier tribunal, separación en juicio o cualquier proceso legal (ya sea que se trate de emplazamiento, adhesión u otro concepto) respecto de sí misma o de
cualquiera de sus bienes, en este acto la Emisora renuncia irrevocablemente y se obliga a no invocar dicha inmunidad respecto de sus obligaciones conforme al Acta de Emisión o a esta Obligación.

		
	 The Issuer will furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture
which has in it the text of this Note in larger type. Requests may be made to the Issuer at the address set forth for notice in the Indenture.
	  	 A solicitud por escrito de cualquier Tenedor, la Emisora proporcionará a dicho Tenedor, sin costo alguno, una
copia del Acta de Emisión que contenga el texto de esta Obligación en letra más grande. Dichas solicitudes podrán dirigirse a la Emisora al domicilio previsto para el envío de avisos en el Acta de
Emisión.

		
	 For purposes of paragraph of Article 210 of the LGTOC, based on the Financial Statements, as of March 31, 2015, the (i)
total stockholders’ equity (capital contable) of the Issuer was Ps.146,046 million, (ii) the Issuer’s paid-in capital stock was Ps.105,562 million, (iii) the amount of the total assets of the Issuer was Ps.525,662 million, (iv) the
amount of the total liabilities of the Issuer was Ps.379,616 million and (v) the amount of the net total assets of the Issuer was Ps.146,046 million.
	  	 Para efectos de lo dispuesto en la fracción II del artículo 210 de la LGTOC, de acuerdo con los Estados
Financieros al 31 de marzo de 2015: (i) el capital contable de la Emisora ascendía a Ps.146,046 millones; (ii) el capital social pagado de la Emisora ascendía a Ps.105,562 millones; (iii) el valor de los activos totales de la Emisora
ascendía a Ps.525,662 millones; (iv) el importe de los pasivos de la Emisora

  
 A-10 

			
		  	ascendía a Ps.379,616 millones; y (v) el valor del activo total neto de la Emisora ascendía a Ps.146,046 millones.
		
	 The corporate purpose of the Issuer, includes, among other items, (i) to acquire or subscribe shares and to participate
in the capital or the administration of all types of national or foreign companies or partnerships, and (ii) the issuance, endorsement, receipt, aval and any other form of subscription of negotiable instruments and to carry out all kind of
transactions with them.
	  	 El objeto social de la Emisora comprende, entre otros fines, (i) adquirir o suscribir acciones, y participar en el
capital o en la administración de todo tipo de sociedades o asociaciones, nacionales o extranjeras, y (ii) la emisión, endoso, aceptación, aval y cualquier otra forma de suscripción de títulos de crédito y
la realización de todo tipo de operaciones con los mismos.

		
	 The Spanish version of the Indenture will be registered with the Public Registry of Property and Commerce of Monterrey,
Nuevo León, México under mercantile file number 532*9.
	  	 La versión en español del Acta de Emisión será inscrita en el Registro Público de la
Propiedad y del Comercio de la ciudad de Monterrey, Nuevo León, México bajo el folio mercantil 532*9.

		
	 This Note has been issued in English and Spanish text side-by-side. In case of any inconsistency or question as to the
proper interpretation or construction of this Note between the text in English and the text in Spanish, the English text shall control in all cases.
	  	 Esta Obligación se emite a dos columnas en inglés y español. En caso de cualquier discrepancia o
duda en cuanto a la correcta interpretación de esta Obligación entre sus versiones en inglés y español, imperará en todo caso la versión en inglés.

  
 A-11 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY 

The following exchanges of a part of this Global Security for an interest in another Global Security or for a Definitive Security, or
exchanges of a part of another Global Security or Definitive Security for an interest in this Global Security, have been made: 
  

									
	 Date of Transfer
	  	Amount of Decrease
in Principal Amount
of this Global
Security	  	Amount of Increase
in Principal Amount
of this Global
Security	  	Principal Amount of
this Global Security
following such
increase or decrease	  	Signature of
Authorized
Signatory of Trustee
or Registrar
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 A-12 

 FORM OF CONVERSION NOTICE 

NOTES 
 The Bank of New York Mellon

 101 Barclay Street – 7W 
 New York, NY 10286 

Attention: International Corporate Trust 
  

	 	Re:	3.72% Convertible Subordinated Notes due 2020 (the “Notes”) of CEMEX, S.A.B. de C.V. (the “Issuer”) 

Ladies and Gentlemen: 
 Reference is hereby made
to the Indenture, dated as of May 28, 2015 (as amended and supplemented from time to time, the “Indenture”), among the Issuer, The Bank of New York Mellon, as Trustee and CIBanco S.A., Institución de Banca Múltiple, as
Mexican Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 The undersigned,
registered owner of the aggregate amount of Notes specified below, hereby irrevocably exercises the option to convert such Notes, or a portion thereof herein designated (which is U.S.$1,000 or an integral multiple thereof and provided that if only a
portion is converted that the portion not so converted is in a minimum principal amount of U.S.$1,000), into Ordinary Shares of the Issuer deliverable in the form of ADSs in accordance with the terms of the Indenture, and directs that the ADSs
issuable and deliverable upon the conversion and any Notes representing any unconverted principal amount, be issued and delivered in book-entry form through the facilities of DTC, for credit to the account of the Person indicated below, unless a
different name has been indicated below. If ADSs or any portion of the Notes not converted are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer Taxes payable with respect thereto. Any
amount required to be paid by the undersigned on account of Interest and Taxes accompanies this notice of conversion. 
 The undersigned
represents that, as of the date hereof, it has not delivered a purchase notice as described under the Indenture with respect to its Notes. 

The undersigned acknowledges and agrees that no ADSs will be delivered prior to the effectiveness of any registration statement under the
Securities Act relating to the ADSs, unless the Conversion Agent receives a deposit certificate in the form provided under the ADS Deposit Agreement and duly signed and completed on behalf of the applicable beneficial owner. The forms of such
certificates are available from the Conversion Agent. 
 No ADSs will be delivered on conversion until any amount payable by the undersigned
on account of Interest is paid, any certificates evidencing specified Notes not held in book-entry form are duly endorsed or assigned to the Issuer or in blank and surrendered and any Taxes or other charges or documents required in connection with
the transfer on conversion, and any other required items, are delivered to the Conversion Agent. 

  
 A-13 

 Conversion of the specified number of Notes is subject to the requirements established by the
Issuer and the ADSs depositary pursuant to the Indenture and the ADS Deposit Agreement, as well as to the procedures of DTC and Indeval, as in effect from time to time. Each conversion shall be deemed to have been effected with respect to a Note (or
portion thereof) on the Conversion Date, and the Person in whose name any certificate or certificates for ADSs are issuable upon such conversion shall be deemed to have become on said date the holder of record of the ADSs represented thereby. Any
such surrender on any date when the Issuer’s stock transfer books are closed shall constitute the Person in whose name the certificates are to be issued as the record holder thereof for all purposes on the next succeeding day on which such
stock transfer books are open, but such conversion shall be at the Conversion Rate in effect on the date upon which such Note is surrendered. Prior to such conversion, the undersigned will have no rights derived from, or in connection with, the ADSs
issuable upon conversion. 
 Please provide the information requested below, as applicable: 

1. PLEASE SPECIFY THE NOTES HELD AND THE PORTION THEREOF TO BE CONVERTED: 
  

			
	Principal amount held: U.S.$	  	  

			
	CUSIP number(s):	  	  

			
	DTC account where held:	  	  

			
	Principal amount being converted (if less than all): U.S.$	  	  

 All Notes to be converted will be converted into ADSs of the Issuer and, together with any unconverted Notes, will be
delivered in book-entry form to the DTC account specified above. 
 2. IF OTHER ARRANGEMENTS ARE DESIRED, please specify the type, number and form of ADSs
to be delivered upon conversion and the name(s) of the account holder(s) or registered owner(s), by checking the appropriate boxes and providing the information requested: 

ADSs 
  

			
	Book Entry:	  	

					
	Number of ADSs:	 	  
	  	

					
	DTC Account:	 	  
	  	

 Unconverted Notes 
  

			
	Book Entry:	  	

					
	Number of ADSs:	 	  
	  	

					
	DTC Account:	 	  
	  	

 Please sign and date this notice in the space provided below. 

[Signature page follows] 

  
 A-14 

 DATE: 
 (Please
Print): 
  

	
	  

	(Name)
	
	  

	(Signature)
	Title:          
	
	 (If the holder is a corporation, partnership or fiduciary, the title of the Person signing on behalf of the holder must
be stated)

	
	  

	(Address)
	
	  

	(City, State and Zip Code)
	
	  

	(Area Code and Telephone Number)
	
	  

	(Fax Number)
	
	  

	(Email Address)

  

			
	Signature Guarantee:	 	  

		 	(Signature must be guaranteed)

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and
loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 A-15 

 EXHIBIT B 

FINANCIAL STATEMENTS 

  
 B-1 

 Balance Sheet 

CEMEX S.A.B. DE C.V. AND SUBSIDIARIES 

As of March 31st, 2015 

(Thousands of Mexican Pesos in nominal terms) 
  

					
	 ACCOUNT / SUBACCOUNT
	  	ENDING CURRENT	 
	  	Amount	 
	 TOTAL ASSETS
	  	 	525,662,292	  
		  	  
	  
	 
	 TOTAL CURRENT ASSETS
	  	 	74,737,274	  
		  	  
	  
	 
	 CASH AND CASH EQUIVALENTS
	  	 	14,336,079	  
	 SHORT-TERM INVESTMENTS
	  	 	0	  
	 AVAILABLE-FOR-SALE INVESTMENTS
	  	 	0	  
	 TRADING INVESTMENTS
	  	 	0	  
	 HELD-TO-MATURITY INVESTMENTS
	  	 	0	  
	 TRADE RECEIVABLES NET
	  	 	29,279,088	  
	 TRADE RECEIVABLES
	  	 	31,163,990	  
	 ALLOWANCE FOR DOUBTFUL ACCOUNTS
	  	 	-1,884,902	  
	 OTHER RECEIVABLES, NET
	  	 	3,831,391	  
	 OTHER RECEIVABLES
	  	 	3,831,391	  
	 ALLOWANCE FOR DOUBTFUL ACCOUNTS
	  	 	0	  
	 INVENTORIES
	  	 	18,724,620	  
	 BIOLOGICAL CURRENT ASSETS
	  	 	0	  
	 OTHER CURRENT ASSETS
	  	 	8,566,096	  
	 PREPAYMENTS
	  	 	4,402 344	  
	 DERIVATIVE FINANCIAL INSTRUMENTS
	  	 	1,804,597	  
	 ASSETS AVAILABLE FOR SALE
	  	 	2,048,553	  
	 RIGHTS AND LICENSES
	  	 	0	  
	 OTHER
	  	 	310,602	  
		  	  
	  
	 
	 TOTAL NON-CURRENT ASSETS
	  	 	450,925,018	  
		  	  
	  
	 
	 ACCOUNTS RECEIVABLE NET
	  	 	4,335,261	  
	 INVESTMENTS
	  	 	12,014 177	  
	 INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
	  	 	11,088,169	  
	 HELD-TO-MATURITY INVESTMENTS
	  	 	0	  
	 AVAILABLE-FOR-SALE INVESTMENTS
	  	 	0	  
	 OTHER INVESTMENTS
	  	 	926,008	  
	 PROPERTY, PLANT AND EQUIPMENT, NET
	  	 	204,178,977	  
	 LAND AND BUILDINGS
	  	 	124,550,830	  
	 MACHINERY AND INDUSTRIAL EQUIPMENT
	  	 	185,118,932	  
	 OTHER EQUIPMENT
	  	 	4,689,414	  
	 ACCUMULATED DEPRECIATION
	  	 	-123,644,565	  
	 CONSTRUCTION IN PROGRESS
	  	 	13,464,366	  
	 INVESTMENT PROPERTY
	  	 	0	  
	 BIOLOGICAL NON- CURRENT ASSETS
	  	 	0	  
	 INTANGIBLE ASSETS NET
	  	 	199,452,388	  
	 GOODWILL
	  	 	165,420,880	  
	 TRADEMARKS
	  	 	0	  
	 RIGHTS AND LICENSES
	  	 	0	  
	 CONCESSIONS
	  	 	0	  
	 OTHER INTANGIBLE ASSETS
	  	 	34,031,508	  
	 DEFERRED TAX ASSETS
	  	 	28,710,648	  
	 OTHER NON-CURRENT ASSETS
	  	 	2,233,567	  
	 PREPAYMENTS
	  	 	0	  
	 DERIVATIVE FINANCIAL INSTRUMENTS
	  	 	2,233,561	  
	 EMPLOYEE BENEFITS
	  	 	0	  
	 AVAILABLE FOR SALE ASSETS
	  	 	0	  
	 DEFERRED CHARGES
	  	 	0	  
	 OTHER
	  	 	6	  
		  	  
	  
	 
	 TOTAL LIABILITIES
	  	 	379,616,325	  
		  	  
	  
	 
	 TOTAL CURRENT LIABILITIES
	  	 	89,971,424	  
		  	  
	  
	 
	 BANK LOANS
	  	 	208,068	  
	 STOCK MARKET LOANS
	  	 	0	  
	 OTHER LIABILITIES WITH COST
	  	 	29,481,370	  
	 TRADE PAYABLES
	  	 	24,070 028	  
	 TAXES PAYABLE
	  	 	8,814,266	  
	 INCOME TAX PAYABLE
	  	 	8,814,266	  
	 OTHER TAXES PAYABLE
	  	 	0	  
	 OTHER CURRENT LIABILITIES
	  	 	27,397,692	  

  
 B-2 

 Balance Sheet 

CEMEX S.A.B. DE C.V. AND SUBSIDIARIES 

As of March 31st, 2015 

(Thousands of Mexican Pesos in nominal terms) 
  

					
	 ACCOUNT / SUBACCOUNT
	  	ENDING CURRENT	 
	  	Amount	 
	 INTEREST PAYABLE
	  	 	3,223,315	  
	 DERIVATIVE FINANCIAL INSTRUMENTS
	  	 	12,137	  
	 DEFERRED REVENUE
	  	 	0	  
	 EMPLOYEE BENEFITS
	  	 	4,488,354	  
	 PROVISIONS
	  	 	8,315,012	  
	 CURRENT LIABILITIES RELATED TO AVAILABLE FOR SALE ASSETS
	  	 	0	  
	 OTHER
	  	 	11,358,874	  
		  	  
	  
	 
	 TOTAL NON-CURRENT LIABILITIES
	  	 	289,644,901	  
		  	  
	  
	 
	 BANK LOANS
	  	 	45,383,480	  
	 STOCK MARKET LOANS
	  	 	0	  
	 OTHER LIABILITIES WITH COST
	  	 	173,063,820	  
	 DEFERRED TAX LIABILITIES
	  	 	20,589 895	  
	 OTHER NON-CURRENT LIABILITIES
	  	 	50,607,706	  
	 DERIVATIVE FINANCIAL INSTRUMENTS
	  	 	415,357	  
	 DEFERRED REVENUE
	  	 	711,789	  
	 EMPLOYEE BENEFITS
	  	 	16,521,335	  
	 PROVISIONS
	  	 	0	  
	 NON-CURRENT LIABILITIES RELATED TO AVAILABLE FOR SALE ASSETS
	  	 	0	  
	 OTHER
	  	 	32,959,225	  
		  	  
	  
	 
	 TOTAL EQUITY
	  	 	146,045,967	  
		  	  
	  
	 
	 EQUITY ATTRIBUTABLE TO OWNERS OF PARENT
	  	 	128,662,671	  
	 CAPITAL STOCK
	  	 	4,154,998	  
	 SHARES REPURCHASED
	  	 	0	  
	 PREMIUM ON ISSUANCE OF SHARES
	  	 	101,407,464	  
	 CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES
	  	 	0	  
	 OTHER CONTRIBUTED CAPITAL
	  	 	0	  
	 RETAINED EARNINGS (ACCUMULATED LOSSES)
	  	 	12,752,927	  
	 LEGAL RESERVE
	  	 	1,804,124	  
	 OTHER RESERVES
	  	 	0	  
	 RETAINED EARNINGS
	  	 	13,190,167	  
	 NET INCOME FOR THE PERIOD
	  	 	-2,241,364	  
	 OTHERS
	  	 	0	  
	 ACCUMULATED OTHER COMPREHENSIVE INCOME (NET OF TAX)
	  	 	10,347,282	  
	 GAIN ON REVALUATION OF PROPERTIES
	  	 	0	  
	 ACTUARIAL GAINS (LOSSES) FROM LABOR OBLIGATIONS
	  	 	-6,404,000	  
	 FOREIGN CURRENCY TRANSLATION
	  	 	9,226,074	  
	 CHANGES IN THE VALUATION OF FINANCIAL ASSETS AVAILABLE FOR SALE
	  	 	-116,400	  
	 CHANGES IN THE VALUATION OF DERIVATIVE FINANCIAL INSTRUMENTS
	  	 	0	  
	 CHANGES IN FAIR VALUE OF OTHER ASSETS
	  	 	0	  
	 SHARE OF OTHER COMPREHENSIVE INCOME OF ASSOCIATES AND JOINT VENTURES
	  	 	0	  
	 OTHER COMPREHENSIVE INCOME
	  	 	7,641,608	  
	 NON-CONTROLLING INTERESTS
	  	 	17,383,296	  

 /s/ Rafael Garza Lozano 

C.P. Rafael Garza Lozano 

Controllership Vice-President 

  
 B-3 

 Consolidated Income Statement 

CEMEX S.A.B. DE C.V. AND SUBSIDIARIES 

From January 1st to
March 31st, 2015 
 (Thousands of Mexican Pesos in nominal terms) 

 

					
	 ACCOUNT / SUBACCOUNT
	  	CURRENT YEAR	 
	  	ACCUMULATED	 
	 REVENUE
	  	 	51,236,102	  
	 SERVICES
	  	 	0	  
	 SALE OF GOODS
	  	 	51,236,102	  
	 INTERESTS
	  	 	0	  
	 ROYALTIES
	  	 	0	  
	 DIVIDENDS
	  	 	0	  
	 LEASES
	  	 	0	  
	 CONSTRUCTIONS
	  	 	0	  
	 OTHER REVENUE
	  	 	0	  
	 COST OF SALES
	  	 	35,673,400	  
	 GROSS PROFIT
	  	 	15,562,702	  
	 GENERAL EXPENSES
	  	 	10,509,385	  
	 PROFIT (LOSS) BEFORE OTHER INCOME (EXPENSE), NET
	  	 	5,053,317	  
	 OTHER INCOME (EXPENSE), NET
	  	 	19,886	  
	 OPERATING PROFIT (LOSS) (*)
	  	 	5,073,203	  
	 FINANCE INCOME
	  	 	942,139	  
	 INTEREST INCOME
	  	 	22,684	  
	 GAIN ON FOREIGN EXCHANGE, NET
	  	 	887,379	  
	 GAIN ON DERIVATIVES, NET
	  	 	0	  
	 GAIN ON CHANGE IN FAIR VALUE OF FINANCIAL
	  	 	0	  
	 INSTRUMENTS
	  			
	 OTHER FINANCE INCOME
	  	 	32,076	  
	 FINANCE COSTS
	  	 	6,257,710	  
	 INTEREST EXPENSE
	  	 	4,134,619	  
	 LOSS ON FOREIGN EXCHANGE, NET
	  	 	0	  
	 LOSS ON DERIVATIVES, NET
	  	 	0	  
	 LOSS ON CHANGE IN FAIR VALUE OF FINANCIAL INSTRUMENTS
	  	 	884,666	  
	 OTHER FINANCE COSTS
	  	 	1,238,425	  
	 FINANCE INCOME (COSTS), NET
	  	 	-5,315,571	  
	 SHARE OF PROFIT (LOSS) OF ASSOCIATES AND JOINT VENTURES
	  	 	-222,711	  
	 PROFIT (LOSS) BEFORE INCOME TAX
	  	 	-465,079	  
	 INCOME TAX EXPENSE
	  	 	1,541,766	  
	 CURRENT TAX
	  	 	1,447,736	  
	 DEFERRED TAX
	  	 	94,030	  
	 PROFIT (LOSS) FROM CONTINUING OPERATIONS
	  	 	-2,006,845	  
	 PROFIT (LOSS) FROM DISCONTINUED OPERATIONS
	  	 	0	  
	 NET PROFIT (LOSS)
	  	 	-2,006,845	  
	 PROFIT (LOSS), ATTRIBUTABLE TO NON-CONTROLLING INTERESTS
	  	 	234,519	  
	 PROFIT (LOSS), ATTRIBUTABLE TO OWNERS OF PARENT
	  	 	-2,241,364	  

 /s/ Rafael Garza Lozano 

C.P. Rafael Garza Lozano 

Controllership Vice-President 

  
 B-4 

 Balance General 

CEM EX S.A.B. DE C.V. Y SUBSIDIARIAS 

Al 31 de Marzo 2015 
 (Miles de
pesos mexicanos nominales) 
  

					
	 CUENTA / SUBCUENTA
	  	CIERRE PERIODO
ACTUAL	 
	  	IMPORTE	 
	 ACTIVOS TOTALES
	  	 	525,662,292	  
	 ACTIVOS CIRCULANTES
	  	 	74,737,274	  
	 EFECTIVO Y EQUIVALENTES DE EFECTIVO
	  	 	14,336,079	  
	 INVERSIONES A CORTO PLAZO
	  	 	0	  
	 INSTRUMENTOS FINANCIEROS DISPONIBLES PARA SU VENTA
	  	 	0	  
	 INSTRUMENTOS FINANCIEROS PARA NEGOCIACIÓN
	  	 	0	  
	 INSTRUMENTOS FINANCIEROS CONSERVADOS A SU VENCIMIENTO
	  	 	0	  
	 CLIENTES (NETO)
	  	 	29,279,088	  
	 CLIENTES
	  	 	31,163,990	  
	 ESTIMACIÓN PARA CUENTAS INCOBRABLES
	  	 	-1,884,902	  
	 OTRAS CUENTAS POR COBRAR (NETO)
	  	 	3,831,391	  
	 OTRAS CUENTAS POR COBRAR
	  	 	3,831,391	  
	 ESTIMACIÓN PARA CUENTAS INCOBRABLES
	  	 	0	  
	 INVENTARIOS
	  	 	18,724,620	  
	 ACTIVOS BIOLÓGICOS CIRCULANTES
	  	 	0	  
	 OTROS ACTIVOS CIRCULANTES
	  	 	8,566,096	  
	 PAGOS ANTICIPADOS
	  	 	4,402,344	  
	 INSTRUMENTOS FINANCIEROS DERIVADOS
	  	 	1,804,597	  
	 ACTIVOS MANTENIDOS PARA SU VENTA
	  	 	2,048,553	  
	 DERECHOS Y LICENCIAS
	  	 	0	  
	 OTROS
	  	 	310,602	  
	 ACTIVOS NO CIRCULANTES
	  	 	450,925,018	  
	 CUENTAS POR COBRAR (NETO)
	  	 	4,335,261	  
	 INVERSIONES
	  	 	12,014,177	  
	 INVERSIONES EN ASOCIADAS Y NEGOCIOS CONJUNTOS
	  	 	11,088,169	  
	 INVERSIONES CONSERVADAS A SU VENCIMIENTO
	  	 	0	  
	 INVERSIONES DISPONIBLES PARA SU VENTA
	  	 	0	  
	 OTRAS INVERSIONES
	  	 	926,008	  
	 PROPIEDADES, PLANTA Y EQUIPO (NETO)
	  	 	204,178,977	  
	 INMUEBLES
	  	 	124,550,830	  
	 MAQUINARIA Y EQUIPO INDUSTRIAL
	  	 	185,118,932	  
	 OTROS EQUIPOS
	  	 	4,689,414	  
	 DEPRECIACIÓN ACUMULADA
	  	 	-123,644,565	  
	 CONSTRUCCIONES EN PROCESO
	  	 	13,464,366	  
	 PROPIEDADES DE INVERSIÓN
	  	 	0	  
	 ACTIVOS BIOLÓGICOS NO CIRCULANTES
	  	 	0	  
	 ACTIVOS INTANGIBLES (NETO)
	  	 	199,452,388	  
	 CRÉDITO MERCANTIL
	  	 	165 420,880	  
	 MARCAS
	  	 	0	  
	 DERECHOS Y LICENCIAS
	  	 	0	  
	 CONCESIONES
	  	 	0	  
	 OTROS ACTIVOS INTANGIBLES
	  	 	34,031,508	  
	 ACTIVOS POR IMPUESTOS DIFERIDOS
	  	 	28,710,648	  
	 OTROS ACTIVOS NO CIRCULANTES
	  	 	2,233,567	  
	 PAGOS ANTICIPADOS
	  	 	0	  
	 INSTRUMENTOS FINANCIEROS DERIVADOS
	  	 	2,233,561	  
	 BENEFICIOS A EMPLEADOS
	  	 	0	  
	 ACTIVOS MANTENIDOS PARA SU VENTA
	  	 	0	  
	 CARGOS DIFERIDOS (NETO)
	  	 	0	  
	 OTROS
	  	 	6	  
	 PASIVOS TOTALES
	  	 	379,616,325	  
	 PASIVOS CIRCULANTES
	  	 	89,971,424	  
	 CRÉDITOS BANCARIOS
	  	 	208,068	  
	 CRÉDITOS BURSÁTILES
	  	 	0	  
	 OTROS PASIVOS CON COSTO
	  	 	29,481,370	  
	 PROVEEDORES
	  	 	24,070,028	  
	 IMPUESTOS POR PAGAR
	  	 	8,814,266	  
	 IMPUESTOS A LA UTILIDAD POR PAGAR
	  	 	8,814,266	  
	 OTROS IMPUESTOS POR PAGAR
	  	 	0	  
	 OTROS PASIVOS CIRCULANTES
	  	 	27,397,692	  

  
 B-5 

 Balance General 

CEMEX S.A.B. DE C.V. Y SUBSIDIARIAS 

Al 31 de Marzo 2015 
 (Miles de
pesos mexicanos nominales) 
  

					
	 CUENTA / SUBCUENTA
	  	CIERRE PERIODO
ACTUAL	 
	  	IMPORTE	 
	 INTERESES POR PAGAR
	  	 	3,223,315	  
	 INSTRUMENTOS FINANCIEROS DERIVADOS
	  	 	12,137	  
	 INGRESOS DIFERIDOS
	  	 	0	  
	 BENEFICIOS A EMPLEADOS
	  	 	4,488,354	  
	 PROVISIONES
	  	 	8,315,012	  
	 PASIVOS RELACIONADOS CON ACTIVOS MANTENIDOS PARA SU VENTA CIRCULANTES
	  	 	0	  
	 OTROS
	  	 	11,358,874	  
	 PASIVOS NO CIRCULANTES
	  	 	289,644,901	  
	 CRÉDITOS BANCARIOS
	  	 	45,383,480	  
	 CRÉDITOS BURSÁTILES
	  	 	0	  
	 OTROS PASIVOS CON COSTO
	  	 	173,063,820	  
	 PASIVOS POR IMPUESTOS DIFERIDOS
	  	 	20,589 895	  
	 OTROS PASIVOS NO CIRCULANTES
	  	 	50,607,706	  
	 INSTRUMENTOS FINANCIEROS DERIVADOS
	  	 	415,357	  
	 INGRESOS DIFERIDOS
	  	 	711,789	  
	 BENEFICIOS A EMPLEADOS
	  	 	16,521,335	  
	 PROVISIONES
	  	 	0	  
	 PASIVOS RELACIONADOS CON ACTIVOS MANTENIDOS PARA SU VENTA NO CIRCULANTES
	  	 	0	  
	 OTROS
	  	 	32,959,225	  
	 CAPITAL CONTABLE
	  	 	146,045,967	  
	 CAPITAL CONTABLE DE LA PARTICIPACIÓN CONTROLADORA
	  	 	128,662,671	  
	 CAPITAL SOCIAL
	  	 	4,154,998	  
	 ACCIONES RECOMPRADAS
	  	 	0	  
	 PRIMA EN EMISIÓN DE ACCIONES
	  	 	101,407,464	  
	 APORTACIONES PARA FUTUROS AUMENTOS DE CAPITAL
	  	 	0	  
	 OTRO CAPITAL CONTRIBUIDO
	  	 	0	  
	 UTILIDADES RETENIDAS (PERDIDAS ACUMULADAS)
	  	 	12,752,927	  
	 RESERVA LEGAL
	  	 	1,804,124	  
	 OTRAS RESERVAS
	  	 	0	  
	 RESULTADOS DE EJERCICIOS ANTERIORES
	  	 	13,190,167	  
	 RESULTADO DEL EJERCICIO
	  	 	-2,241,364	  
	 OTROS
	  	 	0	  
	 OTROS RESULTADOS INTEGRALES ACUMULADOS (NETOS DE IMPUESTOS)
	  	 	10,347,282	  
	 GANANCIAS POR REVALUACIÓN DE PROPIEDADES
	  	 	0	  
	 GANANCIAS (PERDIDAS) ACTUARIALES POR OBLIGACIONES LABORALES
	  	 	-6,404,000	  
	 RESULTADO POR CONVERSIÓN DE MONEDAS EXTRANJERAS
	  	 	9,226,074	  
	 CAMBIOS EN LA VALUACIÓN DE ACTIVOS FINANCIEROS DISPONIBLES PARA SU VENTA
	  	 	-116,400	  
	 CAMBIOS EN LA VALUACIÓN DE INSTRUMENTOS FINANCIEROS DERIVADOS
	  	 	0	  
	 CAMBIOS EN EL VALOR RAZONABLE DE OTROS ACTIVOS
	  	 	0	  
	 PARTICIPACIÓN EN OTROS RESULTADOS INTEGRALES DE ASOCIADAS V NEGOCIOS CONJUNTOS
	  	 	0	  
	 OTROS RESULTADOS INTEGRALES
	  	 	7,641,608	  
	 CAPITAL CONTABLE DE LA PARTICIPACIÓN NO CONTROLADORA
	  	 	17,383,296	  

 /s/ Rafael Garza Lozano 

C.P. Rafael Garza Lozano 

Vicepresidente de Controlaría 

  
 B-6 

 Estado de Resultados 

CEMEX S.A.B. DE C.V. Y SUBSIDIARIAS 

Del 1 de Enero al 31 de Marzo 2015 

(Miles de pesos mexicanos nominales) 
  

					
	 CUENTA / SUBCUENTA
	  	ACUMULADO	 
	 INGRESOS NETOS
	  	 	51,236,102	  
	 SERVICIOS
	  	 	0	  
	 VENTA DE BIENES
	  	 	51,236,102	  
	 INTERESES
	  	 	0	  
	 REGALIAS
	  	 	0	  
	 DIVIDENDOS
	  	 	0	  
	 ARRENDAMIENTO
	  	 	0	  
	 CONSTRUCCIÓN
	  	 	0	  
	 OTROS
	  	 	0	  
	 COSTO DE VENTAS
	  	 	35,673,400	  
	 UTILIDAD (PERDIDA) BRUTA
	  	 	15,562,702	  
	 GASTOS GENERALES
	  	 	10,509,385	  
	 UTILIDAD (PERDIDA) ANTES DE OTROS INGRESOS Y GASTOS, NETO
	  	 	5,053,317	  
	 OTROS INGRESOS Y (GASTOS), NETO
	  	 	19,886	  
	 UTILIDAD (PERDIDA) DE OPERACIÓN (*)
	  	 	5,073,203	  
	 INGRESOS FINANCIEROS
	  	 	942,139	  
	 INTERESES GANADOS
	  	 	22,684	  
	 UTILIDAD POR FLUCTUACIÓN CAMBIARIA, NETO
	  	 	887,379	  
	 UTILIDAD POR DERIVADOS, NETO
	  	 	0	  
	 UTILIDAD POR CAMBIOS EN VALOR RAZONABLE DE
	  	 	0	  
	 INSTRUMENTOS FINANCIEROS
	  			
	 OTROS INGRESOS FINANCIEROS
	  	 	32,076	  
	 GASTOS FINANCIEROS
	  	 	6,257,710	  
	 INTERESES DEVENGADOS A CARGO
	  	 	4,134,619	  
	 PERDIDA POR FLUCTUACIÓN CAMBIARIA, NETO
	  	 	0	  
	 PERDIDA POR DERIVADOS, NETO
	  	 	0	  
	 PERDIDA POR CAMBIOS EN VALOR RAZONABLE DE INSTRUMENTOS FINANCIEROS
	  	 	884,666	  
	 OTROS GASTOS FINANCIEROS
	  	 	1,238,425	  
	 INGRESOS (GASTOS) FINANCIEROS NETO
	  	 	-5,315,571	  
	 PARTICIPACIÓN EN LOS RESULTADOS DE ASOCIADAS Y NEGOCIOS CONJUNTOS
	  	 	-222,711	  
	 UTILIDAD (PERDIDA) ANTES DE IMPUESTOS A LA UTILIDAD
	  	 	-465,079	  
	 IMPUESTOS A LA UTILIDAD
	  	 	1,541,766	  
	 IMPUESTO CAUSADO
	  	 	1,447,736	  
	 IMPUESTO DIFERIDO
	  	 	94,030	  
	 UTILIDAD (PERDIDA) DE LAS OPERACIONES CONTINUAS
	  	 	-2,006,845	  
	 UTILIDAD (PERDIDA) DE LAS OPERACIONES DISCONTINUAS, NETO
	  	 	0	  
	 UTILIDAD (PERDIDA) NETA
	  	 	-2,006,845	  
	 PARTICIPACIÓN NO CONTROLADORA EN LA UTILIDAD (PERDIDA) NETA
	  	 	234,519	  
	 PARTICIPACIÓN CONTROLADORA EN LA UTILIDAD (PERDIDA) NETA
	  	 	-2,241,364	  

 /s/ Rafael Garza Lozano 

C.P. Rafael Garza Lozano 

Vicepresidente de Controlaría 

  
 B-7 

 EXHIBIT C – SUMMARY OF TERMS AND CONDITIONS 

Summary Terms of CEMEX, S.A.B. de C.V. 

3.72% Convertible Subordinated Notes Due 2020 
  

			
	Issuer	  	CEMEX, S.A.B. de C.V. (the “Issuer”)
		
	Security Description	  	3.72% Convertible Subordinated Notes due 2020 (including, as applicable, any additional notes issued under the same indenture, the “Notes”)
		
	Identifiers	  	 CUSIP: 151290 BT9
  

ISIN: US151290BT97

		
	Settlement date	  	May 28, 2015
		
	Final maturity	  	March 15, 2020
		
	Interest payment	  	March 15 and September 15, beginning on September 15, 2015
		
	Day count convention	  	360-day year consisting of twelve 30-day months
		
	Annual interest rate	  	3.72% per annum from May 28, 2015
		
	Initial conversion price	  	Approximately U.S.$11.9041 per ADS
		
	Initial conversion rate	  	84.0044 ADSs per U.S.$1,000 principal amount of Notes
		
	Denomination	  	U.S.$1,000 and integral multiples of U.S.$1,000 in excess thereof
		
	Issuance of Additional Notes in a Reopening of the Indenture	  	Without the requirement of any consent by any Holder or meeting of any Holders, the Issuer may from time to time increase the aggregate principal amount of the Notes issued under the indenture by reopening the indenture and issuing
additional Notes with the same terms as the initial Notes (except, to the extent applicable, with respect to the issue price, the date as of which interest shall begin to accrue on such additional Notes and as to the issue date with respect to such
additional Notes), which Notes will, subject to the foregoing, be

  
 C-1 

			
		  	considered to be part of the same series of Notes as those initially issued hereunder. The Holders of any Notes issued in a reopening of the Indenture shall have the same rights and obligations of the Holders of original
Notes.
		
	Conversion Rights	  	 Holders may convert their Notes into the Issuer’s ADSs (which represent CPOs, which in turn have ordinary shares as underlying
securities) at an initial conversion rate of 84.0044 ADSs per U.S.$1,000 principal amount of Notes after May 29, 2015 and prior to the close of business on the fourth Business Day (as defined in the indenture governing the Notes) immediately
preceding the maturity date for the Notes. The conversion rate is equivalent to an initial conversion price of U.S.$11.9041 per ADS.
  

The indenture governing the Notes contains a covenant requiring the Issuer to cause a sufficient number of Available Treasury Shares (as defined in the
indenture governing the Notes) or CPOs to be authorized in order to satisfy its conversion obligations, within the time limits set forth in the indenture governing the Notes.

		
	Make Whole Conversion upon Fundamental Change	  	If a Fundamental Change (as defined in the indenture governing the Notes) occurs and a holder elects to convert its Notes in connection with such Fundamental Change, the Issuer will, under certain circumstances, increase the
conversion rate for the Notes so surrendered for conversion. The following tables below set forth the number of additional ADSs to be received per U.S.$1,000 principal amount of the Notes in connection with a Fundamental Change, based on
hypothetical ADS prices and effective dates of the Fundamental Change.

  

																																																	
	 	  	ADS Price	 
	 	  	$9.1570	 	  	$10.0727	 	  	$10.9885	 	  	$11.9041	 	  	$12.8198	 	  	$13.7356	 	  	$14.6513	 	  	$15.5669	 	  	$16.4826	 	  	$18.3140	 	  	$22.8926	 	  	$27.4711	 
	 March 13, 2015
	  	 	25.2014	  	  	 	25.1195	  	  	 	23.1068	  	  	 	21.4514	  	  	 	20.0841	  	  	 	18.9538	  	  	 	18.0135	  	  	 	17.2272	  	  	 	16.5654	  	  	 	15.5269	  	  	 	13.9259	  	  	 	12.9955	  
	 March 15, 2016
	  	 	25.2014	  	  	 	23.5033	  	  	 	21.1499	  	  	 	19.2355	  	  	 	17.6782	  	  	 	16.4126	  	  	 	15.3806	  	  	 	14.5374	  	  	 	13.8441	  	  	 	12.7946	  	  	 	11.3082	  	  	 	10.5361	  
	 March 15, 2017
	  	 	25.2014	  	  	 	21.7429	  	  	 	18.9308	  	  	 	16.6758	  	  	 	14.8782	  	  	 	13.4520	  	  	 	12.3206	  	  	 	11.4240	  	  	 	10.7120	  	  	 	9.6898	  	  	 	8.4078	  	  	 	7.8410	  
	 March 15, 2018
	  	 	25.2014	  	  	 	19.7466	  	  	 	16.2716	  	  	 	13.5404	  	  	 	11.4273	  	  	 	9.8132	  	  	 	8.5934	  	  	 	7.6760	  	  	 	6.9892	  	  	 	6.0915	  	  	 	5.1774	  	  	 	4.8663	  
	 March 15, 2019
	  	 	25.2014	  	  	 	17.4926	  	  	 	12.8655	  	  	 	9.3469	  	  	 	6.7926	  	  	 	5.0093	  	  	 	3.8058	  	  	 	3.0185	  	  	 	2.5139	  	  	 	1.9996	  	  	 	1.7014	  	  	 	1.6348	  
	 March 15, 2020
	  	 	25.2014	  	  	 	16.8013	  	  	 	8.4001	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  

  
 C-2 

 The exact ADS prices and effective dates may not be set forth in the table above, in which case
if the ADS price is: 
  

	 	•	 	between two adjacent ADS price amounts in the table or the effective date is between two adjacent effective dates in the table, the number of additional ADSs will be determined by a straight-line interpolation between
the number of additional ADSs set forth for the higher and lower ADS price amounts and the two dates based on a 365-day year, as applicable. 

  

	 	•	 	greater than U.S.$27.4711 per ADS (subject to adjustment in the same manner as the ADS prices set forth in the column headings of the table above), no additional ADSs will be issued upon conversion. 

 

	 	•	 	less than U.S.$9.1570 per ADS (subject to adjustment in the same manner as the ADS prices set forth in the column headings of the table above), no additional ADSs will be issued upon conversion. 

Notwithstanding the foregoing, in no event will the total number of ADSs issuable upon conversion exceed a number equal to 109.2058 ADSs per
U.S.$1,000 principal amount of notes, although that maximum is subject to adjustment in the same manner as the conversion rate as set forth in the indenture governing the Notes. 

 

			
	Repurchase at Option of Holder	  	 •       Other than in the event of a change of control,
Holders may not require the Issuer to repurchase any Notes prior to their stated maturity date.
  

•       If a Change of Control (as defined in the indenture governing the
Notes) occurs at any time, each Holder will have the right, at that holder’s option, to require the Issuer to purchase all or part of its Notes for cash at a repurchase price equal to 100% of their principal amount, plus accrued and unpaid
interest (including additional interest, if any) and additional amounts, if any, up to, but excluding, the repurchase date.

		
	Redemptions	  	 •       Other than in the event of a tax redemption, the
Issuer may not redeem any Notes prior to their stated maturity date.
  

•       In the event of certain changes in the withholding tax treatment
relating to payments on the Notes of a series, the Issuer will have the option to redeem the Notes of a series, in whole but not in part, at a redemption price equal to 100% of the

  
 C-3 

			
		  	 outstanding principal amount of the Notes of such series plus any accrued and unpaid interest to the date fixed for
redemption and any additional amounts that may be payable, so long as the Issuer is not prohibited from having such an option under the Financing Agreement.
  

•       Upon the Issuer giving notice that it will redeem the Notes of a
series because of such a change in the withholding tax treatment, Holders will have the option to convert their notes of such series as if a fundamental change had occurred.

		
	New York Stock Exchange Symbol for the Issuer’s ADSs	  	CX
		
	Governing law	  	New York
		
	Clearing	  	The Depositary Trust Company

 THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE NATIONAL SECURITIES REGISTRY (REGISTRO NACIONAL DE VALORES)
MAINTAINED BY THE MEXICAN NATIONAL BANKING AND SECURITIES COMMISSION (COMISIÓN NACIONAL BANCARIA Y DE VALORES, OR CNBV), AND MAY NOT BE OFFERED OR SOLD PUBLICLY, OR OTHERWISE BE THE SUBJECT OF BROKERAGE ACTIVITIES, IN MEXICO, EXCEPT
THAT THE NOTES MAY BE OFFERED IN MEXICO PURSUANT TO THE PRIVATE PLACEMENT EXEMPTION SET FORTH UNDER ARTICLE 8 OF THE MEXICAN SECURITIES MARKET LAW (LEY DEL MERCADO DE VALORES), TO MEXICAN INSTITUTIONAL AND QUALIFIED INVESTORS. UPON THE ISSUANCE OF
THE NOTES, WE WILL NOTIFY THE CNBV OF THE ISSUANCE OF THE NOTES INCLUDING THE PRINCIPAL CHARACTERISTICS OF THE NOTES AND THE OFFERING OF THE NOTES OUTSIDE MEXICO. SUCH NOTICE WILL BE DELIVERED TO THE CNBV TO COMPLY WITH A LEGAL REQUIREMENT AND FOR
INFORMATION PURPOSES ONLY, AND THE DELIVERY TO AND THE RECEIPT BY THE CNBV OF SUCH NOTICE DOES NOT CONSTITUTE OR IMPLY ANY CERTIFICATION AS TO THE INVESTMENT QUALITY OF THE NOTES OR OF OUR SOLVENCY, LIQUIDITY OR CREDIT QUALITY OR THE ACCURACY OR
COMPLETENESS OF THE INFORMATION SET FORTH HEREIN. THE INFORMATION CONTAINED HEREIN IS THE EXCLUSIVE RESPONSIBILITY OF THE ISSUER AND HAS NOT BEEN REVIEWED OR AUTHORIZED BY THE CNBV. 

  
 C-4EX-4.42

 Exhibit 4.42 

CEMEX, S.A.B. de C.V., 
 THE NOTE
GUARANTORS PARTY HERETO 
 AND 

THE BANK OF NEW YORK MELLON, 
 AS
TRUSTEE 
 7.750% SENIOR SECURED NOTES DUE 2026 

INDENTURE 
 Dated as of March 16,
2016 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
			
	 Section 1.1
	  	Definitions	  	 	1	  
			
	 Section 1.2
	  	[Reserved]	  	 	39	  
			
	 Section 1.3
	  	Rules of Construction	  	 	39	  
		
	ARTICLE II THE NOTES	  	 	40	  
			
	 Section 2.1
	  	Form and Dating	  	 	40	  
			
	 Section 2.2
	  	Execution and Authentication	  	 	41	  
			
	 Section 2.3
	  	Registrar, Paying Agent and Transfer Agent	  	 	41	  
			
	 Section 2.4
	  	Paying Agent to Hold Money in Trust	  	 	42	  
			
	 Section 2.5
	  	Holder Lists	  	 	42	  
			
	 Section 2.6
	  	CUSIP Numbers	  	 	43	  
			
	 Section 2.7
	  	Global Note Provisions	  	 	43	  
			
	 Section 2.8
	  	Legends	  	 	44	  
			
	 Section 2.9
	  	Transfer and Exchange	  	 	45	  
			
	 Section 2.10
	  	Mutilated, Destroyed, Lost or Stolen Notes	  	 	51	  
			
	 Section 2.11
	  	Temporary Notes	  	 	51	  
			
	 Section 2.12
	  	Cancellation	  	 	52	  
			
	 Section 2.13
	  	Defaulted Interest	  	 	52	  
			
	 Section 2.14
	  	Additional Notes	  	 	53	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
		
	ARTICLE III COVENANTS	  	 	54	  
			
	 Section 3.1
	  	Payment of Notes	  	 	54	  
			
	 Section 3.2
	  	Maintenance of Office or Agency	  	 	55	  
			
	 Section 3.3
	  	Corporate Existence	  	 	55	  
			
	 Section 3.4
	  	Payment of Taxes and Other Claims	  	 	55	  
			
	 Section 3.5
	  	Compliance Certificate	  	 	55	  
			
	 Section 3.6
	  	Further Instruments and Acts	  	 	56	  
			
	 Section 3.7
	  	Waiver of Stay, Extension or Usury Laws	  	 	56	  
			
	 Section 3.8
	  	Change of Control	  	 	56	  
			
	 Section 3.9
	  	Limitation on Incurrence of Additional Indebtedness	  	 	58	  
			
	 Section 3.10
	  	[Reserved]	  	 	63	  
			
	 Section 3.11
	  	Limitation on Restricted Payments	  	 	63	  
			
	 Section 3.12
	  	Limitation on Asset Sales	  	 	68	  
			
	 Section 3.13
	  	Limitation on the Ownership of Capital Stock of Restricted Subsidiaries	  	 	71	  
			
	 Section 3.14
	  	Limitation on Designation of Unrestricted Subsidiaries	  	 	72	  
			
	 Section 3.15
	  	Limitation on Dividends and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	73	  
			
	 Section 3.16
	  	Limitation on Layered Indebtedness	  	 	75	  
			
	 Section 3.17
	  	Limitation on Liens	  	 	76	  
			
	 Section 3.18
	  	Limitation on Transactions with Affiliates	  	 	76	  
			
	 Section 3.19
	  	Conduct of Business	  	 	77	  
			
	 Section 3.20
	  	Reports to Holders	  	 	77	  
			
	 Section 3.21
	  	Payment of Additional Amounts	  	 	78	  
			
	 Section 3.22
	  	Suspension of Covenants	  	 	81	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
		
	 ARTICLE IV SUCCESSOR ISSUER
	  	 	83	  
			
	 Section 4.1
	  	Merger, Consolidation and Sale of Assets	  	 	83	  
		
	 ARTICLE V OPTIONAL REDEMPTION OF NOTES
	  	 	87	  
			
	 Section 5.1
	  	Optional Redemption	  	 	87	  
			
	 Section 5.2
	  	[Reserved]	  	 	87	  
			
	 Section 5.3
	  	Notices to Trustee	  	 	87	  
			
	 Section 5.4
	  	Notice of Redemption	  	 	87	  
			
	 Section 5.5
	  	Selection of Notes to Be Redeemed in Part	  	 	88	  
			
	 Section 5.6
	  	Deposit of Redemption Price	  	 	89	  
			
	 Section 5.7
	  	Notes Payable on Redemption Date	  	 	89	  
			
	 Section 5.8
	  	Unredeemed Portions of Partially Redeemed Note	  	 	89	  
		
	 ARTICLE VI DEFAULTS AND REMEDIES
	  	 	89	  
			
	 Section 6.1
	  	Events of Default	  	 	89	  
			
	 Section 6.2
	  	Acceleration	  	 	91	  
			
	 Section 6.3
	  	Other Remedies	  	 	91	  
			
	 Section 6.4
	  	Waiver of Past Defaults	  	 	92	  
			
	 Section 6.5
	  	Control by Majority	  	 	92	  
			
	 Section 6.6
	  	Limitation on Suits	  	 	92	  
			
	 Section 6.7
	  	Rights of Holders to Receive Payment	  	 	92	  

  
 iii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 6.8
	  	Collection Suit by Trustee	  	 	93	  
			
	 Section 6.9
	  	Trustee May File Proofs of Claim, etc	  	 	93	  
			
	 Section 6.10
	  	Priorities	  	 	93	  
			
	 Section 6.11
	  	Undertaking for Costs	  	 	94	  
		
	 ARTICLE VII TRUSTEE
	  	 	94	  
			
	 Section 7.1
	  	Duties of Trustee	  	 	94	  
			
	 Section 7.2
	  	Rights of Trustee	  	 	96	  
			
	 Section 7.3
	  	Individual Rights of Trustee	  	 	97	  
			
	 Section 7.4
	  	Trustee’s Disclaimer	  	 	97	  
			
	 Section 7.5
	  	Notice of Defaults	  	 	97	  
			
	 Section 7.6
	  	[Reserved]	  	 	97	  
			
	 Section 7.7
	  	Compensation and Indemnity	  	 	97	  
			
	 Section 7.8
	  	Replacement of Trustee	  	 	99	  
			
	 Section 7.9
	  	Successor Trustee by Merger	  	 	100	  
			
	 Section 7.10
	  	Eligibility; Disqualification	  	 	100	  
			
	 Section 7.11
	  	[Reserved]	  	 	100	  
			
	 Section 7.12
	  	[Reserved]	  	 	100	  
			
	 Section 7.13
	  	Authorization and Instruction of the Trustee With Respect to the Collateral	  	 	100	  
		
	 ARTICLE VIII DEFEASANCE; DISCHARGE OF INDENTURE
	  	 	101	  
			
	 Section 8.1
	  	Legal Defeasance and Covenant Defeasance	  	 	101	  

  
 iv 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 8.2
	  	Conditions to Defeasance	  	 	102	  
			
	 Section 8.3
	  	Application of Trust Money	  	 	103	  
			
	 Section 8.4
	  	Repayment to Issuer	  	 	104	  
			
	 Section 8.5
	  	Indemnity for U.S. Government Obligations	  	 	104	  
			
	 Section 8.6
	  	Reinstatement	  	 	104	  
			
	 Section 8.7
	  	Satisfaction and Discharge	  	 	104	  
		
	 ARTICLE IX AMENDMENTS
	  	 	105	  
			
	 Section 9.1
	  	Without Consent of Holders	  	 	105	  
			
	 Section 9.2
	  	With Consent of Holders	  	 	106	  
			
	 Section 9.3
	  	[Reserved]	  	 	107	  
			
	 Section 9.4
	  	Revocation and Effect of Consents and Waivers	  	 	107	  
			
	 Section 9.5
	  	Notation on or Exchange of Notes	  	 	108	  
			
	 Section 9.6
	  	Trustee to Sign Amendments and Supplements	  	 	108	  
		
	 ARTICLE X NOTE GUARANTEES
	  	 	108	  
			
	 Section 10.1
	  	Note Guarantees	  	 	108	  
			
	 Section 10.2
	  	Limitation on Liability; Termination, Release and Discharge	  	 	112	  
			
	 Section 10.3
	  	Right of Contribution	  	 	113	  
			
	 Section 10.4
	  	No Subrogation	  	 	113	  
			
	 Section 10.5
	  	French Guarantee Limitation	  	 	113	  
			
	 Section 10.6
	  	Swiss Guarantee Limitation	  	 	114	  

  
 v 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
		
	 ARTICLE XI COLLATERAL
	  	 	116	  
			
	 Section 11.1
	  	The Collateral	  	 	116	  
			
	 Section 11.2
	  	Release of the Collateral	  	 	116	  
		
	 ARTICLE XII MISCELLANEOUS
	  	 	117	  
			
	 Section 12.1
	  	Notices	  	 	117	  
			
	 Section 12.2
	  	Communication by Holders with Other Holders	  	 	118	  
			
	 Section 12.3
	  	Certificate and Opinion as to Conditions Precedent	  	 	118	  
			
	 Section 12.4
	  	Statements Required in Certificate or Opinion	  	 	118	  
			
	 Section 12.5
	  	Rules by Trustee, Paying Agent, Transfer Agent and Registrar	  	 	119	  
			
	 Section 12.6
	  	Legal Holidays	  	 	119	  
			
	 Section 12.7
	  	Governing Law, etc	  	 	119	  
			
	 Section 12.8
	  	[Reserved]	  	 	121	  
			
	 Section 12.9
	  	No Recourse Against Others	  	 	121	  
			
	 Section 12.10
	  	Successors	  	 	121	  
			
	 Section 12.11
	  	Duplicate and Counterpart Originals	  	 	121	  
			
	 Section 12.12
	  	Severability	  	 	121	  
			
	 Section 12.13
	  	[Reserved]	  	 	121	  
			
	 Section 12.14
	  	Currency Indemnity	  	 	121	  
			
	 Section 12.15
	  	Table of Contents; Headings	  	 	122	  
			
	 Section 12.16
	  	USA PATRIOT Act	  	 	122	  

  
 vi 

			
	EXHIBIT A	  	FORM OF NOTE
		
	EXHIBIT B	  	FORM OF CERTIFICATION FOR TRANSFER PURSUANT TO REGULATION S
		
	EXHIBIT C	  	FORM OF CERTIFICATION FOR TRANSFER PURSUANT TO RULE 144
		
	EXHIBIT D	  	FORM OF CERTIFICATION FOR TRANSFER PURSUANT TO RULE 144A
		
	EXHIBIT E	  	“CONSOLIDATED LEVERAGE RATIO” AND RELATED DEFINITIONS

  
 v 

 INDENTURE, dated as of March 16, 2016, among 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 the United Mexican States (the “Issuer”), the guarantors listed on Schedule I hereto,
as guarantors of the Issuer’s obligations under this Indenture and the Notes, and The Bank of New York Mellon, as trustee (the “Trustee”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Issuer’s
7.750% Senior Secured Notes due 2026 issued hereunder. 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1 Definitions. 

“2009 Financing Agreement” means the financing agreement, dated as of August 14, 2009, entered into among the Issuer and
certain of its Subsidiaries, the financial institutions and noteholders party thereto, Citibank Europe PLC, UK Branch (formerly Citibank International PLC), as administrative agent, and Wilmington Trust (London) Limited, as security agent, as such
agreement may be amended, modified or waived from time to time. 
 “Acquired Indebtedness” means Indebtedness of a Person
or any of its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary or at the time it merges or consolidates with the Issuer or any of its Restricted Subsidiaries or is assumed in connection with the acquisition of assets
from such Person. Such Indebtedness will be deemed to have been Incurred at the time such Person becomes a Restricted Subsidiary or at the time it merges or consolidates with the Issuer or a Restricted Subsidiary or at the time such Indebtedness is
assumed in connection with the acquisition of assets from such Person. 
 “Acquired Subsidiary” means any Subsidiary
acquired by the Issuer or any other Subsidiary after the Issue Date in an Acquisition, and any Subsidiaries of such Acquired Subsidiary on the date of such Acquisition. 

“Acquiring Subsidiary” means any Subsidiary formed by the Issuer or one of its Subsidiaries solely for the purpose of
participating as the acquiring party in any Acquisition, and any Subsidiaries of such Acquiring Subsidiary acquired in such Acquisition. 

“Acquisition” means any merger, consolidation, acquisition or lease of assets, acquisition of securities or business
combination or acquisition, or any two or more of such transactions, if, upon the completion of such transaction or transactions, the Issuer or any Restricted Subsidiary thereof has acquired an interest in any Person who would be deemed to be a
Restricted Subsidiary under this Indenture and was not a Restricted Subsidiary prior thereto. 

 “Additional Amounts” has the meaning assigned to it in Section 3.21(b).

 “Additional Note Certificate” has the meaning assigned to it in Section 2.14(b). 

“Additional Note Guarantors” means New Sunward Holding B.V., CEMEX Concretos, S.A. de C.V. and Empresas Tolteca de
México, S.A. de C.V. 
 “Additional Note Supplemental Indenture” means a supplement to this Indenture duly executed
and delivered by the Issuer, each Note Guarantor and the Trustee pursuant to Article IX providing for the issuance of Additional Notes. 

“Additional Notes” has the meaning assigned to it in Section 2.14(a). 

“Affiliate” means, with respect to any specified Person, any other Person who directly or indirectly through one or more
intermediaries controls, or is controlled by, or is under common control with, such specified Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control with” have
correlative meanings. 
 “Affiliate Transaction” has the meaning assigned to it in Section 3.18(a). 

“Agent Members” has the meaning assigned to it in Section 2.7(b). 

“Agents” means, collectively, the Registrar, any co-Registrar, the Paying Agents, the Transfer Agent and any other agent
appointed by the Issuer hereunder. 
 “Applicable Procedures” means, with respect to any transfer or exchange of or for
beneficial interests in a Global Note, the rules and procedures of DTC, Euroclear and Clearstream, as the case may be, that apply to such transfer or exchange, including the “Operating Procedures of the Euroclear System” and “Terms
and Conditions Governing Use of Euroclear” of Euroclear and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream. 

“Asset Sale” means any direct or indirect sale, disposition, issuance, conveyance, transfer, lease (other than an operating
lease entered into in the ordinary course of business), assignment or other transfer, including a Sale and Leaseback Transaction (each, a “disposition”) by the Issuer or any Restricted Subsidiary of: 

 

	 	(a)	any Capital Stock other than Capital Stock of the Issuer; or 

  

	 	(b)	any property or assets (other than cash, Cash Equivalents or Capital Stock) of the Issuer or any Restricted Subsidiary; 

  
 2 

 Notwithstanding the preceding, the following will not be deemed to be Asset Sales: 

 

	 	(1)	the disposition of all or substantially all of the assets of the Issuer and its Restricted Subsidiaries as permitted under Section 3.12; 

 

	 	(2)	any disposition of equipment that is not usable or is obsolete or worn out equipment in the ordinary course of business or any disposition of inventory or goods (or other assets) held for sale or no longer used in the
ordinary course of business; 

  

	 	(3)	dispositions of assets in any fiscal year with a Fair Market Value not to exceed U.S.$25 million in the aggregate; 

  

	 	(4)	for purposes of Section 3.12 only, the making or disposition of a Permitted Investment or Restricted Payment permitted under Section 3.11; 

 

	 	(5)	a disposition to the Issuer or a Restricted Subsidiary, including a Person that is or will become a Restricted Subsidiary immediately after the disposition; 

 

	 	(6)	the creation of a Lien permitted under this Indenture (other than a deemed Lien in connection with a Sale and Leaseback Transaction); 

 

	 	(7)	(i) the disposition of Receivables Assets pursuant to a Qualified Receivables Transaction and (ii) the disposition of other accounts receivable in the ordinary course of business; 

 

	 	(8)	the disposition of any asset constituted by a license of intellectual property in the ordinary course of business; 

  

	 	(9)	the disposition of inventory pursuant to an Inventory Financing or similar arrangement that is otherwise permitted under this Indenture; 

 

	 	(10)	the disposition of any asset compulsorily acquired by a governmental authority; and 

  

	 	(11)	sales, transfers and other dispositions of Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture
arrangements and similar binding arrangements. 

 “Asset Sale Offer” has the meaning assigned to it in
Section 3.12(c). 
 “Asset Sale Offer Amount” has the meaning assigned to it in Section 3.12(c). 

  
 3 

 “Asset Sale Offer Notice” means notice of an Asset Sale Offer made pursuant to
Section 3.12, which shall be mailed first class, postage prepaid, to each record Holder as shown on the Note Register within 20 days following the 365th day after the receipt of Net Cash Proceeds of any Asset Sale, with a copy to the Trustee,
which notice shall govern the terms of the Asset Sale Offer, and shall state: 
  

	 	(1)	the circumstances of the Asset Sale or Sales, the Net Cash Proceeds of which are included in the Asset Sale Offer, that an Asset Sale Offer is being made pursuant to Section 3.12(c), and that all Notes that are
timely tendered will be accepted for payment; 

  

	 	(2)	the Asset Sale Offer Amount and the Asset Sale Offer Payment Date, which date shall be a Business Day no earlier than 30 days nor later than 60 days from the date the Asset Sale Offer Notice is mailed (other than as may
be required by law); 

  

	 	(3)	that any Notes or portions thereof not tendered or accepted for payment will continue to accrue interest; 

  

	 	(4)	that, unless the Issuer defaults in the payment of the Asset Sale Offer Amount with respect thereto, all Notes or portions thereof accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest
from and after the Asset Sale Offer Payment Date; 

  

	 	(5)	that any Holder electing to have any Notes or portions thereof purchased pursuant to the Asset Sale Offer will be required to surrender such Notes, with the form entitled “Option of Holder to Elect Purchase”
on the reverse of such Notes completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Asset Sale Offer Payment Date; 

 

	 	(6)	that any Holder shall be entitled to withdraw such election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Asset Sale Offer Payment Date, a facsimile
transmission or letter, setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing such Holder’s election to have such Notes or portions thereof purchased pursuant
to the Asset Sale Offer; 

  

	 	(7)	that any Holder electing to have Notes purchased pursuant to the Asset Sale Offer must specify the principal amount that is being tendered for purchase, which principal amount must be U.S.$200,000 and in integral
multiples of U.S.$1,000 in excess thereof; 

  

	 	(8)	 that any Holder of Certificated Notes whose Certificated Notes are being purchased only in part will be issued
new Certificated Notes equal in principal 

  
 4 

	 	
amount to the unpurchased portion of the Certificated Note or Notes surrendered, which unpurchased portion will be equal in principal amount to U.S.$200,000 and in integral multiples of
U.S.$1,000 in excess thereof; 

  

	 	(9)	that the Trustee will return to the Holder of a Global Note that is being purchased in part, such Global Note with a notation on the schedule of increases or decreases thereof adjusting the principal amount thereof to
be equal to the unpurchased portion of such Global Note; and 

  

	 	(10)	any other information necessary to enable any Holder to tender Notes and to have such Notes purchased pursuant to Section 3.12. 

“Asset Sale Offer Payment Date” has the meaning assigned to it in Section 3.12(f). 

“Authenticating Agent” has the meaning assigned to it in Section 2.2(b). 

“Authorized Agent” has the meaning assigned to it in Section 12.7(c). 

“Axtel Share Forward Transaction” means any Axtel share forward or similar transaction that replaces the Axtel share forward
transaction governed by a long form confirmation originally dated January 22, 2009, as replaced by long form confirmations dated September 28, 2010 and March 19, 2012, and as further replaced by a long form confirmation dated September 4, 2015,
between Credit Suisse International and Cemex Operaciones México, S.A. de C.V. (References: External ID: 16059563R6-Risk ID: 10008383) and is entered into on then prevailing market terms with the underlying amounts not greater than the
original underlying amounts. 
 “Bankruptcy Event of Default” means: 

 

	 	(1)	the entry by a court of competent jurisdiction of: (i) a decree or order for relief in respect of any Bankruptcy Party in an involuntary case or proceeding under any Bankruptcy Law or (ii) a decree or
order (A) adjudging any Bankruptcy Party a bankrupt or insolvent, in concurso mercantil or quiebra, (B) approving as properly filed a petition seeking reorganization, concurso mercantil, arrangement, adjustment or
composition of, or in respect of, any Bankruptcy Party under any Bankruptcy Law, (C) appointing a Custodian of any Bankruptcy Party or of any substantial part of the property of any Bankruptcy Party, or (D) ordering the winding-up or
liquidation of the affairs of any Bankruptcy Party, and in each case, the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive calendar days; or 

 

	 	(2)	 (i) the commencement by any Bankruptcy Party of a voluntary case or proceeding under any Bankruptcy Law or
of any other case or proceeding to be 

  
 5 

	 	
adjudicated a bankrupt or insolvent, in concurso mercantil or quiebra, (ii) the consent by any Bankruptcy Party to the entry of a decree or order for relief in respect of such
Bankruptcy Party in an involuntary case or proceeding under any Bankruptcy Law or to the commencement of any bankruptcy or insolvency case or proceeding against any Bankruptcy Party, (iii) the filing by any Bankruptcy Party of a petition or
answer or consent seeking reorganization, concurso mercantil, or relief under any Bankruptcy Law, (iv) the consent by any Bankruptcy Party to the filing of such petition or to the appointment of or taking possession by a Custodian of any
Bankruptcy Party or of any substantial part of the property of any Bankruptcy Party, (v) the making by any Bankruptcy Party of an assignment for the benefit of creditors, (vi) the admission by any Bankruptcy Party in writing of its
inability to pay its debts generally as they become due, or (vii) the approval by stockholders of any Bankruptcy Party of any plan or proposal for the liquidation or dissolution of such Bankruptcy Party, or (viii) the taking of corporate
action by any Bankruptcy Party in furtherance of any action referred to in clauses (i) – (vii) above. 

“Bankruptcy Law” means Title 11, U.S. Code or any similar Federal, state or
non-U.S. law for the relief of debtors, including the Mexican Ley de Concursos Mercantiles and Spanish Law 22/2003 of 9 July (Ley 22/2003 de 9 de julio, Concursal), as amended. 

“Bankruptcy Party” means the Issuer and any Significant Subsidiary of the Issuer or group of Subsidiaries that, taken
together would constitute a Significant Subsidiary of the Issuer. 
 “Board of Directors” means, as to any Person, the
board of directors, management committee or similar governing body of such Person or any duly authorized committee thereof. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City, Mexico
City, Madrid, Amsterdam, London, Paris or Zurich are authorized or required by law, regulation or other governmental action to remain closed. 

“Capital Stock” means: 
  

	 	(1)	with respect to any Person that is a corporation, any and all shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including each class of Common
Stock and Preferred Stock of such Person; 

  

	 	(2)	with respect to any Person that is not a corporation, any and all partnership or other equity or ownership interests of such Person; and 

 

	 	(3)	any warrants, rights or options to purchase any of the instruments or interests referred to in clause (1) or (2) above, but excluding any Indebtedness exchangeable into such equity interest in existence on the
Issue Date or Incurred pursuant to Section 3.9. 

  
 6 

 “Capitalized Lease Obligations” means, as to any Person, the obligations of such
Person under a lease that are required to be classified and accounted for as capital lease obligations under GAAP. For purposes of the definition, the amount of such obligations at any date will be the capitalized amount of such obligations at such
date, determined in accordance with GAAP. 
 “Cash Equivalents” means: 

 

	 	(1)	marketable direct obligations issued by, or unconditionally guaranteed by, the United States government, the United Kingdom or any member nation of the European Union or issued by any agency thereof and backed by the
full faith and credit of the United States, the United Kingdom, such member nation of the European Union or any European Union central bank, in each case maturing within one year from the date of acquisition thereof; 

 

	 	(2)	marketable direct obligations issued by the Mexican government, or issued by any agency thereof, including but not limited to, Certificados de la Tesorería de la Federación (Cetes) or Bonos de
Desarrollo del Gobierno Federal (Bondes), in each case, issued by the government of Mexico and maturing not later than one year after the acquisition thereof; 

 

	 	(3)	marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof maturing within one year from the date of
acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from either S&P or Fitch or any successor thereto; 

  

	 	(4)	commercial paper or corporate debt obligations maturing no more than one year from the date of creation thereof and, at the time of acquisition, having a rating of at least A-1 or AAA from S&P, at least F-1 or AAA
from Fitch or P-1 or Aaa from Moody’s; 

  

	 	(5)	demand deposits, certificates of deposit, time deposits or bankers’ acceptances or other short-term unsecured debt obligations (and any cash or deposits in transit in any of the foregoing) maturing within one year
from the date of acquisition thereof issued by (a) any bank organized under the laws of the United States of America or any state thereof or the District of Columbia, the United Kingdom or any country of the European Union, (b) any U.S.
branch of a non-U.S. bank having at the date of acquisition thereof combined capital and surplus of not less than U.S.$500 million, or (c) in the case of Mexican peso deposits, any financial institution in good standing with Banco de
México organized under the laws of Mexico; 

  
 7 

	 	(6)	repurchase obligations with a term of not more than seven days for underlying securities of the types described in clause (1) and (2) above entered into with any bank meeting the qualifications specified in
clause (5) above; 

  

	 	(7)	investments in money market funds which invest substantially all of their assets in securities of the types described in clauses (1) through (6), (8) and (9); 

 

	 	(8)	certificates of deposit issued by any of Nacional Financiera, S.N.C., Banco Nacional de Comercio Exterior, S.N.C., Banco Nacional de Obras y Servicios Públicos, S.N.C. or any other development bank controlled by
the Mexican government; 

  

	 	(9)	any other debt instrument rated “investment grade” (or the local equivalent thereof according to local criteria in a country in which the Issuer or a Restricted Subsidiary operates and in which local pensions
are permitted by law to invest) with maturities of 12 months or less from the date of acquisition; and 

  

	 	(10)	Investments in mutual funds, managed by banks, with a local currency credit rating of at least MxAA by S&P or other equally reputable local rating agency, that invest principally in marketable direct obligations
issued by the Mexican Government, or issued by any agency or instrumentality thereof. 

 In the case of Investments by any
Restricted Subsidiary, Cash Equivalents will also include (a) investments of the type and maturity described in clauses (1) through (10) of any Restricted Subsidiary outside of Mexico in the country in which such Restricted Subsidiary
operates, which Investments or obligors (or the parents of such obligors) have ratings described in such clauses or equivalents ratings from comparable foreign rating agencies, (b) local currencies and other short-term investments utilized by
Restricted Subsidiaries in accordance with normal investment practices for cash management in investments analogous to the foregoing investments in clauses (1) through (10) and in this paragraph and (c) investments of the type described in
clauses (1) through (9) maturing within one year of the Issue Date. 
 “Certificados Bursátiles” means debt
securities issued by the Issuer guaranteed (por aval) by CEMEX México, S.A. de C.V. and Empresas Tolteca de México, S.A. de C.V., wholly owned subsidiaries of the Issuer, in the Mexican capital markets with the approval of the Mexican
National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) and listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V.). 

  
 8 

 “Certificated Note” means any Note issued in fully registered form, other than a
Global Note, which shall be substantially in the form of Exhibit A hereto, with appropriate legends as specified in Section 2.8 and Exhibit A. 

“Change of Control” means the beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Commission under
the Exchange Act) of twenty percent (20%) or more in voting power of the outstanding Voting Stock of the Issuer is acquired by any Person. 

“Change of Control Notice” means notice of a Change of Control Offer
made pursuant to Section 3.8, which shall be mailed first-class, postage prepaid, to each record Holder as shown on the Note Register within 30 days following the date upon which a Change of Control occurred, with a copy to the Trustee, which
notice shall govern the terms of the Change of Control Offer and shall state: 
  

	 	(1)	that a Change of Control has occurred, the circumstances or events causing such Change of Control and that a Change of Control Offer is being made pursuant to Section 3.8, and that all Notes that are timely
tendered will be accepted for payment; 

  

	 	(2)	the Change of Control Payment, and the Change of Control Payment Date, which date shall be a Business Day no earlier than 30 calendar days nor later than 60 calendar days subsequent to the date such notice is mailed
(other than as may be required by law); 

  

	 	(3)	that any Notes or portions thereof not tendered or accepted for payment will continue to accrue interest; 

  

	 	(4)	that, unless the Issuer defaults in the payment of the Change of Control Payment with respect thereto, all Notes or portions thereof accepted for payment pursuant to the Change of Control Offer shall cease to accrue
interest from and after the Change of Control Payment Date; 

  

	 	(5)	that any Holder electing to have any Notes or portions thereof purchased pursuant to a Change of Control Offer will be required to tender such Notes, with the form entitled “Option of Holder to Elect Purchase”
on the reverse of such Notes completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 

 

	 	(6)	that any Holder shall be entitled to withdraw such election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a facsimile
transmission or letter, setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing such Holder’s election to have such Notes or portions thereof purchased pursuant
to the Change of Control Offer; 

  
 9 

	 	(7)	that any Holder electing to have Notes purchased pursuant to the Change of Control Offer must specify the principal amount that is being tendered for purchase, which principal amount must be U.S.$200,000 and in integral
multiples of U.S.$1,000 in excess thereof; 

  

	 	(8)	that any Holder of Certificated Notes whose Certificated Notes are being purchased only in part will be issued new Certificated Notes equal in principal amount to the unpurchased portion of the Certificated Note or
Notes surrendered, which unpurchased portion will be equal in principal amount to U.S.$200,000 and in integral multiples of U.S.$1,000 in excess thereof; 

  

	 	(9)	that the Trustee will return to the Holder of a Global Note that is being purchased in part, such Global Note with a notation on Schedule A thereof adjusting the principal amount thereof to be equal to the
unpurchased portion of such Global Note; and 

  

	 	(10)	any other information necessary to enable any Holder to tender Notes and to have such Notes purchased pursuant to Section 3.8(b). 

“Change of Control Offer” has the meaning assigned to it in Section 3.8(b). 

“Change of Control Payment” has the meaning assigned to it in Section 3.8(a). 

“Change of Control Payment Date” has the meaning assigned to it in Section 3.8(b). 

“Clearstream” means Clearstream Banking, société anonyme, or the successor to its securities clearance
and settlement operations. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” means “Transaction Security” as defined in the Intercreditor Agreement from time to time. 

“Commission” means the U.S. Securities and Exchange Commission. 

“Commodity Price Purchase Agreement” means, in respect of any Person, any forward contract, commodity swap agreement,
commodity option agreement or other similar agreement or arrangement designed to protect such Person from fluctuations in commodity prices. 

“Common Stock” of any Person means any and all shares, interests or other participations in, and other equivalents (however
designated and whether voting or non-voting) of such Person’s common equity interests, whether outstanding on the Issue Date or issued after the Issue Date, and includes, without limitation, all series and classes of such common equity
interests. 

  
 10 

 “Compensation Related Hedging Obligations” means (i) the obligations of any
Person pursuant to any equity option contract, equity forward contract, equity swap, warrant, rights or other similar agreement designed to hedge risks or obligations relating to employee, director or consultant compensation, pension, benefits or
similar activities of the Issuer and/or any of its Subsidiaries and (ii) the obligations of any Person pursuant to any agreement that requires another Person to make payments or deliveries that are otherwise required to be made by the first Person
relating to employee, director or consultant compensation, pension, benefits or similar activities of the Issuer and/or any of its Subsidiaries, in each case in the ordinary course of business. 

“Consolidated EBITDA” means, for any Person for any period, Consolidated Net Income for such Person for such period, plus the
following, without duplication, to the extent deducted or added in calculating such Consolidated Net Income: 
  

	 	(1)	Consolidated Income Tax Expense for such Person for such period; 

  

	 	(2)	Consolidated Interest Expense for such Person for such period net of consolidated interest income for such period; 

  

	 	(3)	Consolidated Non-cash Charges for such Person for such period; 

  

	 	(4)	the amount of any nonrecurring restructuring charge or reserve deducted in such period in computing Consolidated Net Income; 

  

	 	(5)	the net effect on income or loss in respect of Hedging Obligations or other derivative instruments, which shall include, for the avoidance of doubt, all amounts not excluded from Consolidated Net Income pursuant to the
proviso in clause (9) thereof; and 

  

	 	(6)	net income of such Person attributable to minority interests in Subsidiaries of such Person. 

 less (x)
all non-cash credits and gains increasing Consolidated Net Income for such Person for such period and (y) all cash payments made by such Person and its Restricted Subsidiaries during such period relating to Consolidated Non-cash Charges that were
added back in determining Consolidated EBITDA in any prior period. 
 “Consolidated Fixed Charge Coverage Ratio” means, for
any Person as of any date of determination (the “Fixed Charge Calculation Date”), the ratio of the aggregate amount of Consolidated EBITDA of such Person for the four most recent full fiscal quarters for which financial statements
are available ending prior to the date of such determination (the “Four Quarter Period”) to Consolidated 

  
 11 

 
Fixed Charges for such Person for such Four Quarter Period. For purposes of making the computation referred to above, Material Acquisitions and Material Dispositions (as determined in
accordance with GAAP) that have been made by the Issuer or any of its Restricted Subsidiaries during the Four Quarter Period or subsequent to such Four Quarter Period and on or prior to or simultaneously with the Fixed Charge Calculation Date shall
be calculated on a pro forma basis assuming that all such Material Acquisitions and Material Dispositions (and the change in any associated fixed charge obligations and the change in Consolidated EBITDA resulting therefrom) had occurred on
the first day of the Four Quarter Period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Issuer or any of its Restricted Subsidiaries since the beginning of such
period shall have made any Material Acquisition or Material Disposition that would have required adjustment pursuant to this definition, then the Consolidated Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto.

 For purposes of this definition, whenever pro forma effect is to be given to a Material Acquisition or Material Disposition and
the amount of income or earnings relating thereto or with respect to other pro forma calculations under this definition, such pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the
Issuer. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Fixed Charge Calculation Date had been the
applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible
financial or accounting officer of the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a
revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period except as set forth in the first paragraph of this definition. Interest on
Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none,
then based upon such optional rate chosen as the Issuer may designate. 
 Furthermore, in calculating “Consolidated Fixed Charges”
for purposes of determining the denominator (but not the numerator) of this “Consolidated Fixed Charge Coverage Ratio,” 
  

	 	(a)	interest on outstanding Indebtedness determined on a fluctuating basis as of the date of determination and which will continue to be so determined thereafter will be deemed to have accrued at a fixed rate per annum
equal to the rate of interest on such Indebtedness in effect on such date of determination; 

  

	 	(b)	 if interest on any Indebtedness actually Incurred on such date of determination may optionally be determined at
an interest rate based upon a factor of a prime 

  
 12 

	 	
or similar rate, a eurocurrency interbank offered rate, or other rates, then the interest rate in effect on such date of determination will be deemed to have been in effect during the Four
Quarter Period; and 

  

	 	(c)	notwithstanding clause (a) above, interest on Indebtedness determined on a fluctuating basis, to the extent such interest is covered by Hedging Obligations, will be deemed to accrue at the rate per annum resulting
after giving effect to the operation of such agreements. 

 “Consolidated Fixed Charges” means, for any
Person for any period, the sum, without duplication, of: 
  

	 	(1)	Consolidated Interest Expense for such Person for such period, plus 

  

	 	(2)	to the extent not included in (1) above, payments during such period in respect of the financing costs of financial derivatives in the form of equity swaps, plus 

 

	 	(3)	the product of: 

  

	 	(a)	the amount of all cash and non-cash dividend payments on any series of Preferred Stock or Disqualified Capital Stock of such Person (other than dividends paid in Qualified Capital Stock) or any Subsidiary of such Person
(Restricted Subsidiary in the case of the Issuer) paid, accrued or scheduled to be paid or accrued during such period, excluding dividend payments on Preferred Stock or Disqualified Capital Stock paid, accrued or scheduled to be paid to such Person
or another Subsidiary (Restricted Subsidiary in the case of the Issuer), times 

  

	 	(b)	a fraction, the numerator of which is one and the denominator of which is one minus the then current effective tax rate of such Person in its principal taxpaying jurisdiction (Mexico, in the case of the Issuer),
expressed as a decimal. 

 “Consolidated Income Tax Expense” means, with respect to any Person for any
period, the provision for federal, state and local income and asset taxes payable, including current and deferred taxes, by such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Issuer) for such period as determined on a
consolidated basis in accordance with GAAP. 
 “Consolidated Interest Expense” means, for any Person for any period, the
sum of, without duplication determined on a consolidated basis in accordance with GAAP: 
  

	 	(1)	 the aggregate of cash and non-cash interest expense of such Person and its Subsidiaries (Restricted Subsidiaries
in the case of the Issuer) for such period 

  
 13 

	 	
determined on a consolidated basis in accordance with GAAP, including, without limitation the following for such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Issuer)
whether or not interest expense in accordance with GAAP: 

  

	 	(a)	any amortization or accretion of debt discount or any interest paid on Indebtedness of such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Issuer) in the form of additional Indebtedness,

  

	 	(b)	any amortization of deferred financing costs; provided, that any such amortization resulting from costs incurred prior to the Issue Date shall be excluded for the calculation of Consolidated Interest Expense,

  

	 	(c)	the net costs under Hedging Obligations relating to Indebtedness (including amortization of fees but excluding foreign exchange adjustments on the notional amounts of the Hedging Obligations), 

 

	 	(d)	all capitalized interest, 

  

	 	(e)	the interest portion of any deferred payment obligation, 

  

	 	(f)	commissions, discounts and other fees and charges Incurred in respect of letters of credit or bankers’ acceptances or in connection with sales or other dispositions of accounts receivable and related assets,

  

	 	(g)	any interest expense on Indebtedness of another Person that is Guaranteed by such Person or one of its Subsidiaries (Restricted Subsidiary in the case of the Issuer) or secured by a Lien on the assets of such Person or
one of its Subsidiaries (Restricted Subsidiaries in the case of the Issuer), whether or not such Guarantee or Lien is called upon, and 

  

	 	(h)	any interest accrued in respect of Indebtedness without a maturity date; and 

  

	 	(2)	the interest component of Capitalized Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Issuer) during such period.

 “Consolidated Net Income” means, with respect to any Person for any period, the aggregate net income (or
loss) of such Person and its Subsidiaries for such period on a consolidated basis (after deducting (i) the portion of such net income attributable to minority interests in Subsidiaries of such Person and (ii) any interest paid or accrued in respect
of Indebtedness without a maturity date), determined in accordance with GAAP; provided, that there shall be excluded therefrom: 
  

	 	(1)	net after-tax gains and losses from Asset Sale transactions or abandonments or reserves relating thereto; 

  
 14 

	 	(2)	net after-tax items classified as extraordinary gains or losses; 

  

	 	(3)	the net income (but not loss) of any Subsidiary of such Person (non-Note Guarantor in the case of the Issuer) to the extent that a corresponding amount could not be distributed to such Person at the date of
determination as a result of any restriction pursuant to the constituent documents of such Subsidiary (non-Note Guarantor in the case of the Issuer) or any law, regulation, agreement or judgment applicable to any such distribution;

  

	 	(4)	any net income (loss) of any Person (other than the Issuer) if such Person is not a Restricted Subsidiary, except that the Issuer’s equity in the net income of any such Person for such period shall be included in
such Consolidated Net Income up to the aggregate amount of cash distributed by such Person during such period to the Issuer or a Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend or other distribution to a
Restricted Subsidiary, to the limitations contained in this clause); 

  

	 	(5)	[Reserved]; 

  

	 	(6)	any restoration to income of any contingency reserve, except to the extent that provision for such reserve was made out of Consolidated Net Income accrued at any time following the Issue Date; 

 

	 	(7)	any gain (or loss) from foreign exchange translation or change in net monetary position; 

  

	 	(8)	any gain (or loss) from the cumulative effect of changes in accounting principles; and 

  

	 	(9)	any net gain or loss (after any offset) resulting in such period from Hedging Obligations or other derivative instruments; provided, that the net effect on income or loss (including in any prior periods) shall be
included upon any termination or early extinguishment of such Hedging Obligations or other derivative instrument, other than any Hedging Obligations with respect to Indebtedness (that is not itself a Hedging Obligation) and that are extinguished
concurrently with the termination or other prepayment of such Indebtedness. 

 “Consolidated Non-cash
Charges” means, for any Person for any period, the aggregate depreciation, amortization (including amortization of goodwill and other Intangible Assets) and other non-cash expenses or losses of such Person and its Subsidiaries (Restricted
Subsidiaries in the case of 

  
 15 

 
the Issuer) for such period, determined on a consolidated basis in accordance with GAAP (excluding any such charge which constitutes an accrual of or a reserve for cash charges for any future
period or the amortization of a prepaid cash expense paid in a prior period). 
 “Consolidated Tangible Assets” means, for
any Person at any time, the total consolidated assets of such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Issuer) as set forth on the balance sheet as of the most recent fiscal quarter of such Person, prepared in
accordance with GAAP, less Intangible Assets. 
 “Corporate Trust Office” means the principal office of the Trustee at
which at any time its corporate trust business shall be administered, which office at the date hereof is located at 101 Barclay Street, 7E, New York, New York 10286, Attention: International Corporate Trust, or such other address as the Trustee may
designate from time to time by notice to the Holders and the Issuer. 
 “Covenant Defeasance” has the meaning assigned to
it in Section 8.1(c). 
 “Covenant Suspension Event” has the meaning assigned to it in Section 3.22(b). 

“Credit Agreement” means the facilities agreement, dated as of September 29, 2014 (as amended and restated on July 23, 2015),
entered into among the Issuer and certain of its Subsidiaries, the financial institutions party thereto as original lenders, Citibank Europe PLC, UK Branch (formerly Citibank International PLC), as agent, and the Security Agent, as such agreement
may be amended, modified or waived from time to time. 
 “Credit Agreement Indebtedness” means the Indebtedness that is
subject to and outstanding under the Credit Agreement. 
 “Currency Agreement” means, in respect of any Person, any foreign
exchange contract, currency swap agreement or other similar agreement as to which such Person is a party designed to hedge foreign currency risk of such Person. 

“Custodian” means any receiver, trustee, conciliador, assignee, liquidator, sequestrator or similar official under any
Bankruptcy Law. 
 “Default” means an event or condition the occurrence of which is, or with the lapse of time or the
giving of notice or both would be, an Event of Default. 
 “Defaulted Interest” has the meaning assigned to it in
Section 2.13 and Section 1, paragraph 2 of the Form of Reverse Side of Note contained in Exhibit A hereto. 

“Designated Non-cash Consideration” means the Fair Market Value of non-cash consideration received by the Issuer or a
Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate setting forth the basis of such valuation. 

  
 16 

 “Designation” has the meaning assigned to it in Section 3.14(a). 

“Designation Amount” has the meaning assigned to it in clause (iii) of Section 3.14(a). 

“Disposition” means, with respect to any property, any sale, lease, Sale and Leaseback Transaction, assignment, conveyance,
transfer or other disposition thereof. 
 “Disqualified Capital Stock” means that portion of any Capital Stock which, by
its terms (or by the terms of any security into which it is convertible or for which it is exchangeable at the option of the Holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, or is redeemable at the sole option of the Holder thereof, in any case, on or prior to the 91st day after the final maturity date of the Notes, but excluding with respect to Mexican companies, any shares of such Mexican
company that are part of the variable portion of its Capital Stock and that are redeemable under the Mexican General Law of Business Corporations (Ley General de Sociedades Mercantiles). 

“Distribution Compliance Period” means, in respect of any Regulation S Global Note (or Certificated Note issued in respect
thereof pursuant to Section 2.7(c)), the 40 consecutive days beginning on and including the later of (a) the day on which any Notes represented thereby are offered to persons other than distributors (as defined in Regulation S)
pursuant to Regulation S or (b) the issue date for such Notes. 
 “DTC” means The Depository Trust Company, its
nominees and their respective successors and assigns, or such other depositary institution hereinafter appointed by the Issuer that is a clearing agency registered under the Exchange Act. 

“Equity Offering” has the meaning assigned to it in Section 5 of the Form of Reverse Side of Note contained in Exhibit A
hereto. 
 “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear System, N.V., or its successor in such
capacity. 
 “Event of Default” has the meaning assigned to it in Section 6.1. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto. 

“Existing Senior Notes” means the U.S. Dollar-denominated 9.875% Senior Secured Notes due 2019 guaranteed by the Issuer, the
Euro-denominated 9.875% Senior Secured Notes due 2019 guaranteed by the Issuer, the U.S. Dollar-denominated 9.500% Senior Secured Notes due 2018 

  
 17 

 
issued by the Issuer, the U.S. Dollar-denominated 9.375% Senior Secured Notes due 2022 guaranteed by the Issuer, the U.S. Dollar-denominated 5.875% Senior Secured Notes due 2019 issued by the
Issuer, the U.S. Dollar-denominated 6.500% Senior Secured Notes due 2019 issued by the Issuer, the U.S. Dollar-denominated 7.250% Senior Secured Notes due 2021 issued by the Issuer, the U.S. Dollar-denominated Floating Rate Senior Secured Notes due
2018 issued by the Issuer, the U.S. Dollar-denominated 6.000% Senior Secured Notes due 2024 guaranteed by the Issuer, the Euro-denominated 5.250% Senior Secured Notes due 2021 guaranteed by the Issuer, the US. Dollar-denominated 5.700% Senior
Secured Notes due 2025 issued by the Issuer, the Euro-denominated 4.750% Senior Secured Notes due 2022 issued by the Issuer, the U.S. Dollar-denominated 6.125% Senior Secured Notes due 2025 issued by the Issuer and the Euro-denominated 4.375% Senior
Secured Notes due 2023 issued by the Issuer. 
 “Fair Market Value” means, with respect to any asset, the price (after
taking into account any liabilities relating to such assets) which could be negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing and able buyer, neither of which is under any compulsion to
complete the transaction. Fair Market Value shall be determined, except as otherwise provided, by the Issuer in good faith. 

“Fitch” means Fitch Ratings and any successor to its rating agency business. 

“Four Quarter Period” has the meaning assigned to it in the definition of “Consolidated Fixed Charge Coverage
Ratio” above. 
 “Freely Disposable Equity Available for Distribution” has the meaning assigned to it in Section
10.6(c). 
 “French Note Guarantor” has the meaning assigned to it in Section 10.5(a). 

“GAAP” means IFRS as in effect on the Issue Date. At any time, and from time to time, after the Issue Date, the Issuer
may elect to apply IFRS as in effect at such time in lieu of GAAP and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS as in effect on the date of such election; provided, that any such election,
once made, shall be irrevocable. The Issuer shall give notice of any such election to the Trustee. 
 “Global Note”
means any Note issued in fully registered form to DTC (or its nominee), as depositary for the beneficial owners thereof, which shall be substantially in the form of Exhibit A, with appropriate legends as specified in
Section 2.8 and Exhibit A hereto. 
 “Guarantee” means any obligation, contingent or
otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person: 
  

	 	(1)	to purchase or pay, or advance or supply funds for the purchase or payment of, such Indebtedness of such other Person, whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase
assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise, or 

  

	 	(2)	entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof, in whole or in part, 

  
 18 

 provided, that “Guarantee” will not include endorsements for collection or deposit in the
ordinary course of business. “Guarantee” used as a verb has a corresponding meaning. 
 “Guaranteed Obligations”
has the meaning assigned to it in Section 10.1(a). 
 “Hedging Obligations” means the obligations of any Person
pursuant to any Interest Rate Agreement, Currency Agreement, Commodity Price Purchase Agreement or any Transportation Agreement, in each case, not entered into for speculative purposes. 

“Holder” means the Person in whose name a Note is registered in the Note Register. 

“IFRS” means the International Financial Reporting Standards as issued by the International Accounting Standards Board. 

“Incur” means, with respect to any Indebtedness or other obligation of any Person, to create, issue, incur (including by
conversion, exchange or otherwise), assume, Guarantee or otherwise become liable in respect of such Indebtedness or other obligation on the balance sheet of such Person (and “Incurrence,” “Incurred” and
“Incurring” will have meanings correlative to the preceding). 
 “Indebtedness” means with respect to any
Person, without duplication: 
  

	 	(1)	the principal amount (or, if less, the accreted value) of all obligations of such Person for borrowed money; 

  

	 	(2)	the principal amount (or, if less, the accreted value) of all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, including any perpetual bonds, debenture notes or similar
instruments without regard to maturity date; 

  

	 	(3)	all Capitalized Lease Obligations of such Person; 

  

	 	(4)	all obligations of such Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all payment obligations under any title retention agreement (but excluding trade accounts
payable and other accrued liabilities accounted for as current liabilities (in accordance with GAAP) arising in the ordinary course of business) to the extent of any reimbursement obligations in respect thereof; 

  
 19 

	 	(5)	reimbursement obligations with respect to letters of credit, banker’s acceptances or similar credit transactions; 

  

	 	(6)	Guarantees and other contingent obligations of such Person in respect of Indebtedness referred to in clauses (1) through (5) above and clauses (8) through (10) below; 

 

	 	(7)	all Indebtedness of any other Person of the type referred to in clauses (1) through (6) which is secured by any Lien on any property or asset of the first Person, the amount of such Indebtedness being deemed to be
the lesser of the Fair Market Value of such property or asset or the amount of the Indebtedness so secured; 

  

	 	(8)	all obligations under Hedging Obligations or other derivatives of such Person; 

  

	 	(9)	all liabilities (contingent or otherwise) of such Person in connection with a sale or other disposition of accounts receivable and related assets (not including Qualified Receivables Transactions), irrespective of their
treatment under GAAP or IFRS; and 

  

	 	(10)	all Disqualified Capital Stock issued by such Person with the amount of Indebtedness represented by such Disqualified Capital Stock being equal to the greater of its voluntary or involuntary liquidation preference and
its maximum fixed repurchase price, but excluding accrued dividends, if any; provided, that: 

  

	 	(a)	if the Disqualified Capital Stock does not have a fixed repurchase price, such maximum fixed repurchase price will be calculated in accordance with the terms of the Disqualified Capital Stock as if the Disqualified
Capital Stock were purchased on any date on which Indebtedness will be required to be determined pursuant to this Indenture, and 

  

	 	(b)	if the maximum fixed repurchase price is based upon, or measured by, the fair market value of the Disqualified Capital Stock, the fair market value will be the Fair Market Value thereof. 

“Indenture” means this Indenture as amended or supplemented from time to time, including the Schedule and Exhibits hereto.

 “Intangible Assets” means with respect to any Person all unamortized debt discount and expense, unamortized deferred
charges, goodwill, patents, trademarks, service marks, trade names, copyrights and all other items which would be treated as intangibles on the consolidated balance sheet of such Person prepared in accordance with GAAP. 

  
 20 

 “Intercreditor Agreement” means the intercreditor agreement, dated as of
September 17, 2012, as amended and restated on October 31, 2014, entered into among the Issuer and certain of its Subsidiaries, the financial institutions and noteholders party thereto, Citibank Europe PLC, UK Branch (formerly Citibank International
PLC), as administrative agent, and the Security Agent, as such agreement may be amended from time to time. 
 “Interest Payment
Date” means the stated due date of an installment of interest on the Notes as specified in the Form of Face of Note contained in Exhibit A hereto. 

“Interest Rate Agreement” of any Person means any interest rate protection agreement (including, without limitation, interest
rate swaps, caps, floors, collars, derivative instruments and similar agreements) and/or other types of hedging agreements designed to hedge interest rate risk of such Person. 

“Inventory Financing” means a financing arrangement pursuant to which the Issuer or any of its Restricted Subsidiaries sells
inventory to a bank or other institution (or a special purpose vehicle or partnership incorporated or established by or on behalf of such bank or other institution or an Affiliate of such bank or other institution) and has an obligation to
repurchase such inventory to the extent that it is not sold to a third party within a specified period. 
 “Investment”
means, with respect to any Person, any (1) direct or indirect loan, advance or other extension of credit (including, without limitation, a Guarantee) to any other Person, (2) capital contribution (by means of any transfer of cash or other property
to others or any payment for property or services for the account or use of others) to any other Person, or (3) purchase or acquisition by such Person of any Capital Stock, bonds, notes, debentures or other securities or evidences of Indebtedness
issued by any other Person. “Investment” will exclude accounts receivable, extensions of credit in connection with supplier or customer financings consistent with industry or past practice, advance payment of capital expenditures arising
in the ordinary course of business, deposits arising in the ordinary course of business and transactions (other than (i) any sale, lease, license, transfer or other disposal and (ii) the granting or creation of a Lien or the Incurring or permitting
to subsist of Indebtedness) conducted in the ordinary course of business on arm’s-length terms. 
 For purposes of Section 3.11,
the Issuer will be deemed to have made an “Investment” in an Unrestricted Subsidiary at the time of its Designation, which will be valued at the Fair Market Value of the sum of the net assets of such Unrestricted Subsidiary multiplied by
the percentage equity ownership of the Issuer and its Restricted Subsidiaries in such designated Unrestricted Subsidiary at the time of its Designation and the amount of any Indebtedness of such Unrestricted Subsidiary or owed to the Issuer or any
Restricted Subsidiary immediately following such Designation. Any property transferred to or from an Unrestricted Subsidiary will be valued at its Fair Market Value at the time of such transfer. If the Issuer or any Restricted Subsidiary sells or
otherwise disposes of any Capital Stock of a Restricted Subsidiary (including any issuance and sale of Capital Stock by a Restricted Subsidiary) such that, after giving effect to any such sale or disposition, such Restricted Subsidiary would cease
to be a 

  
 21 

 
Subsidiary of the Issuer, the Issuer will be deemed to have made an Investment on the date of any such sale or disposition equal to sum of the Fair Market Value of the Capital Stock of such
former Restricted Subsidiary held by the Issuer or any Restricted Subsidiary immediately following such sale or other disposition and the amount of any Indebtedness of such former Restricted Subsidiary Guaranteed by the Issuer or any Restricted
Subsidiary or owed to the Issuer or any other Restricted Subsidiary immediately following such sale or other disposition. The acquisition by the Issuer or any Restricted Subsidiary of the Issuer of a Person that holds an Investment in a third Person
will be deemed to be an Investment by the Issuer or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held by the acquired Person in such third Person. Except as otherwise provided in this
Indenture, the amount of an Investment will be determined at the time the Investment is made without giving effect to subsequent changes in value. 

“Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent)
by Moody’s and BBB- (or the equivalent) by S&P. 
 “Investment Return” means, in respect of any Investment (other
than a Permitted Investment) made after the Issue Date by the Issuer or any Restricted Subsidiary: 
  

	 	(1)	the cash proceeds received by the Issuer upon the sale, liquidation or repayment of such Investment or, in the case of a Guarantee, the amount of the Guarantee upon the unconditional release of the Issuer and its
Restricted Subsidiaries in full, less any payments previously made by the Issuer or any Restricted Subsidiary in respect of such Guarantee; 

  

	 	(2)	in the case of the Revocation of the Designation of an Unrestricted Subsidiary, an amount equal to the lesser of: 

  

	 	(a)	the Issuer’s Investment in such Unrestricted Subsidiary at the time of such Revocation; 

  

	 	(b)	that portion of the Fair Market Value of the net assets of such Unrestricted Subsidiary at the time of Revocation that is proportionate to the Issuer’s equity interest in such Unrestricted Subsidiary at the time of
Revocation; and 

  

	 	(c)	the Designation Amount with respect to such Unrestricted Subsidiary upon its Designation which was treated as a Restricted Payment; 

  

	 	(3)	in the event the Issuer or any Restricted Subsidiary makes any Investment in a Person that, as a result of or in connection with such Investment, becomes a Restricted Subsidiary, the existing Investment of the Issuer
and its Restricted Subsidiaries in such Person, 

  
 22 

 in the case of each of (1), (2) and (3), up to the amount of such Investment that was treated as a Restricted
Payment under Section 3.11 less the amount of any previous Investment Return in respect of such Investment. 
 “Issue
Date” means the first date of issuance of the Notes under this Indenture and following a Partial Covenant Suspension Event or a Covenant Suspension Event, except under “Optional Redemption for Changes in Withholding Taxes”
under clause (5) in Exhibit A hereto, Section 3.22 and the definition of “Permitted Liens,” the most recent Partial Covenant Reversion Date or Reversion Date, as applicable. 

“Issue Date Notes” means the U.S.$1,000,000,000 aggregate principal amount of Notes originally issued on the Issue Date, and
any replacement Notes issued therefor in accordance with this Indenture. 
 “Issuer” means the party named as such in the
introductory paragraph to this Indenture and its successors and assigns. 
 “Issuer Order” has the meaning assigned to it
in Section 2.2(c). 
 “Legal Defeasance” has the meaning assigned to it in Section 8.1(b). 

“Legal Holiday” has the meaning assigned to it in Section 12.6. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
respect of such asset. The Issuer or any Restricted Subsidiary shall be deemed to own, subject to a Lien, any asset that it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, Capitalized Lease
Obligations or other title retention lease relating to such asset, or any account receivable transferred by it with recourse (including any such transfer subject to a holdback or similar arrangement that effectively imposes the risk of
collectability on the transferor). 
 “Material Acquisition” means: 

 

	 	(1)	an Investment by the Issuer or any Restricted Subsidiary in any other Person pursuant to which such Person will become a Restricted Subsidiary, or will be merged with or into the Issuer or any Restricted Subsidiary;

  

	 	(2)	the acquisition by the Issuer or any Restricted Subsidiary of the assets of any Person (other than a Subsidiary of the Issuer) which constitute all or substantially all of the assets of such Person or comprises any
division or line of business of such Person or any other properties or assets of such Person other than in the ordinary course of business; or 

  

	 	(3)	any Revocation with respect to an Unrestricted Subsidiary; 

  
 23 

 in each case which involves an Investment, Designation or payment of consideration in excess of U.S.$25,000,000
(or the equivalent in other currencies). 
 “Material Disposition” means any Asset Sale and, whether or not constituting an
Asset Sale, (1) any sale or other disposition of Capital Stock, (2) any Designation with respect to an Unrestricted Subsidiary and (3) any sale or other disposition of property or assets excluded from the definition of Asset Sale by
clause (4) of that definition, in each case which involves an Investment, Designation or payment of consideration in excess of U.S.$25,000,000 (or the equivalent in other currencies). 

“Maturity Date” means April 16, 2026. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency business. 

“Net Cash Proceeds” means, with respect to any Asset Sale, the proceeds in the form of cash or Cash Equivalents, including
payments in respect of deferred payment obligations when received in the form of cash or Cash Equivalents received by the Issuer or any of its Restricted Subsidiaries from such Asset Sale, net of: 

 

	 	(1)	reasonable out-of-pocket expenses and fees relating to such Asset Sale (including, without limitation, legal, accounting and investment banking fees and sales commissions); 

 

	 	(2)	taxes paid or payable in respect of such Asset Sale after taking into account any reduction in consolidated tax liability due to available tax credits or deductions and any tax sharing arrangements; 

 

	 	(3)	repayment of Indebtedness secured by a Lien permitted under this Indenture that is required to be repaid in connection with such Asset Sale; and 

 

	 	(4)	appropriate amounts to be provided by the Issuer or any Restricted Subsidiary, as the case may be, as a reserve, in accordance with GAAP, against any liabilities associated with such Asset Sale and retained by the
Issuer or any Restricted Subsidiary, as the case may be, after such Asset Sale, including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any
indemnification obligations associated with such Asset Sale, but excluding any reserves with respect to Indebtedness. 

“Non-U.S. Person” means a person who is not a U.S. person, as defined in Regulation S. 

  
 24 

 “Note Custodian” means the custodian with respect to any Global Note appointed
by DTC, or any successor Person thereto, and shall initially be the Trustee. 
 “Note Guarantee” means any guarantee of the
Issuer’s Obligations under this Indenture and the Notes by any Note Guarantor pursuant to Article X. 
 “Note
Guarantors” means (i) each of the Issuer’s Restricted Subsidiaries that executes this Indenture as a Note Guarantor or an Additional Note Guarantor and (ii) each of the Issuer’s Restricted Subsidiaries that in the future executes
a supplemental indenture in which such Restricted Subsidiary agrees to be bound by the terms of this Indenture as a Note Guarantor, and their respective successors and assigns; provided, that any Person constituting a Note Guarantor as described
above shall cease to constitute a Note Guarantor when its respective Note Guarantee is released in accordance with the terms of this Indenture. 

“Note Register” has the meaning assigned to it in Section 2.3(a). 

“Notes” means any of the Issuer’s 7.750% Senior Secured Notes due 2026 issued and authenticated pursuant to this
Indenture. 
 “Obligations” means, with respect to any Indebtedness, any principal, interest (including, without
limitation, Post-Petition Interest), penalties, fees, indemnifications, reimbursements, damages, and other liabilities payable under the documentation governing such Indebtedness, including, in the case of the Notes and the Note Guarantees, this
Indenture. 
 “Officer” means, when used in connection with any action to be taken by the Issuer or a Note Guarantor, as
the case may be, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the Treasurer, the Controller, the Secretary or an attorney-in-fact of the Issuer or such Note Guarantor, as the
case may be. 
 “Officer’s Certificate” means a certificate signed on behalf of a Person by an Officer of such Person,
who must be the principal executive officer, the principal financial officer, the treasurer, the Vice President – Corporate Finance, the principal accounting officer or an attorney-in-fact of such Person, that meets the requirements set forth
in this Indenture. 
 “Opinion of Counsel” means a written opinion of counsel, who, unless otherwise indicated in this
Indenture, may be an employee of or counsel for the Issuer or any Note Guarantor, and who shall be reasonably acceptable to the Trustee. 

“Outstanding” means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture,
except: 
  

	 	(1)	Notes theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 

  
 25 

	 	(2)	Notes, or portions thereof, for the payment, redemption or, in the case of an Asset Sale Offer or Change of Control Offer, purchase of which, money in the necessary amount has been theretofore deposited with the Trustee
or any Paying Agent (other than the Issuer or an Affiliate of the Issuer) in trust or set aside and segregated in trust by the Issuer or an Affiliate of the Issuer (if the Issuer or such Affiliate is acting as the Paying Agent) for the Holders of
such Notes; provided, that if Notes (or portions thereof) are to be redeemed or purchased, notice of such redemption or purchase has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been
made; 

  

	 	(3)	Notes which have been surrendered pursuant to Section 2.9 or Notes in exchange for which or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, other than any such Notes
in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Notes are held by a protected purchaser in whose hands such Notes are valid obligations of the Issuer; and 

 

	 	(4)	solely to the extent provided in Article VIII, Notes which are subject to Legal Defeasance or Covenant Defeasance as provided in Article VIII; 

provided, however, that in determining whether the Holders of the requisite aggregate principal amount of the Outstanding Notes have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, Notes owned by the Issuer, a Note Guarantor or any other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes which a Trust Officer of the Trustee actually knows to be so
owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that
the pledgee is not the Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor. 

“Partial Covenant Reversion Date” has the meaning set forth under Section 3.22(e). 

“Partial Covenant Suspension Date” has the meaning set forth under Section 3.22(c). 

“Partial Covenant Suspension Event” has the meaning set forth under Section 3.22(a). 

“Partial Suspended Covenants” has the meaning set forth under Section 3.22(a). 

“Partial Suspension Period” has the meaning set forth under Section 3.22(e). 

  
 26 

 “Paying Agent” has the meaning assigned to it in Section 2.3(a). 

“Permitted Asset Swap Transaction” means a transaction consisting substantially of the concurrent (i) disposition by the
Issuer or any of its Restricted Subsidiaries of any asset, property or cash consideration (other than a Restricted Subsidiary) in exchange for assets, property or cash consideration transferred to the Issuer or a Restricted Subsidiary, to be used in
a Permitted Business or (ii) disposition by the Issuer or any of its Restricted Subsidiaries of Capital Stock of a Restricted Subsidiary in exchange for Capital Stock of another Restricted Subsidiary or of Capital Stock of any Person that
becomes a Restricted Subsidiary after giving effect to such transaction; provided, that any cash or Cash Equivalents received in such a transaction shall constitute Net Cash Proceeds to be applied in accordance with Section 3.12. 

“Permitted Business” means the business or businesses conducted by the Issuer and its Restricted Subsidiaries as of the Issue
Date and any business ancillary, complementary or related thereto or any other business that would not constitute a substantial change to the general nature of its business from that carried on as of the Issue Date. 

“Permitted Indebtedness” has the meaning set forth in Section 3.9(b). 

“Permitted Investments” means: 
  

	 	(1)	Investments by the Issuer or any Restricted Subsidiary in any Person that is, or that result in any Person becoming, immediately after such Investment, a Restricted Subsidiary or constituting a merger or consolidation
of such Person into the Issuer or with or into a Restricted Subsidiary; 

  

	 	(2)	any Investment in the Issuer; 

  

	 	(3)	Investments in cash and Cash Equivalents; 

  

	 	(4)	any extension, modification or renewal of any Investments existing as of the Issue Date (but not Investments involving additional advances, contributions or other investments of cash or property or other increases
thereof, other than as a result of the accrual or accretion of interest or original issue discount or payment-in-kind pursuant to the terms of such Investment as of the Issue Date); 

 

	 	(5)	Investments permitted pursuant to clause (ii), (vi) or (vii) of Section 3.18(b); 

  

	 	(6)	Investments received as a result of the bankruptcy or reorganization of any Person or taken in settlement of or other resolution of claims or disputes, and, in each case, extensions, modifications and renewals thereof;

  
 27 

	 	(7)	Investments made by the Issuer or its Restricted Subsidiaries as a result of non-cash consideration permitted to be received in connection with an Asset Sale made in compliance with Section 3.12;

  

	 	(8)	Investments in the form of Hedging Obligations or Compensation Related Hedging Obligations permitted under clause (iv) of Section 3.9(b); 

 

	 	(9)	Investments in existence on the Issue Date or made pursuant to binding commitments in effect on the Issue Date or any Investment consisting of any extension, modification or renewal of any Investment existing on the
Issue Date; provided, that the amount of any such Investment may be increased (a) as required by the terms of such Investment as in existence on the Issue Date or (b) as otherwise permitted by this Indenture; 

 

	 	(10)	Investments by the Issuer or any Restricted Subsidiary in a Receivables Entity in connection with a Qualified Receivables Transaction which does not constitute an Asset Sale by virtue of clause (7) of the
definition thereof; provided, however, that any such Investments are made only in the form of Receivables Assets; 

  

	 	(11)	Investments in marketable securities or instruments, to fund the Issuer’s or a Restricted Subsidiary’s pension and other employee-related obligations in the ordinary course of business pursuant to compensation
arrangements approved by the Board of Directors or senior management of the Issuer; 

  

	 	(12)	any Investment that: 

  

	 	(a)	when taken together with all other Investments made pursuant to this clause (12) that are at the time outstanding (net of cash benefits to the Issuer or a Restricted Subsidiary from Investments pursuant to this clause
(12)), does not exceed the greater of U.S.$250 million and 3% of Consolidated Tangible Assets; or 

  

	 	(b)	when taken together with all other Investments made pursuant to this clause (12) in any fiscal year that are at the time outstanding, does not exceed U.S.$100 million in any fiscal year; 

 

	 	(13)	Investments in the Capital Stock of any Person other than a Restricted Subsidiary that are required to be held pursuant to an involuntary governmental order of condemnation, nationalization, seizure or expropriation or
other similar order with respect to Capital Stock of such Person (prior to which order such Person was a Restricted Subsidiary); provided, that such Person contests such order in good faith in appropriate proceedings; 

  
 28 

	 	(14)	repurchases of Existing Senior Notes or the Notes; 

  

	 	(15)	Investments in the SPV Perpetuals or the notes related thereto; provided, that any payment or other contribution to one of the special purpose vehicles issuing the SPV Perpetuals in connection with such
Investment is promptly paid or contributed to the Issuer or a Restricted Subsidiary following receipt thereof; 

  

	 	(16)	any Investment that constitutes Indebtedness permitted under clause (vii)(E) of Section 3.9(b); and 

  

	 	(17)	(a) Investments to which the Issuer or any of its Restricted Subsidiaries is contractually committed as of the Issue Date in any Person other than a Subsidiary in which the Issuer or any of its Restricted Subsidiaries
maintains an Investment in equity securities and (b) Investments in any Person other than a Subsidiary in which the Issuer or any of its Restricted Subsidiaries maintains an Investment in equity securities up to U.S.$100 million in any calendar year
minus the amount of any guarantees under clause (xviii) of Section 3.9(b). 

 “Permitted Liens” means
any of the following: 
  

	 	(1)	statutory Liens of landlords and Liens of carriers, warehousemen, mechanics and materialmen incurred in the ordinary course of business for sums not yet due or the payment of which is being contested in good faith by
appropriate proceedings promptly initiated and diligently conducted and for which such reserves or other appropriate provision, if any, as shall be required by GAAP, shall have been made and any other Liens created by operation of law;

  

	 	(2)	Liens Incurred or deposits made in the ordinary course of business in connection with (i) workers’ compensation, unemployment insurance and other types of social security or (ii) other insurance maintained by the
Issuer and its Subsidiaries in compliance with the Credit Agreement (or any refinancing thereof); 

  

	 	(3)	Liens for taxes, assessments and other governmental charges the payment of which is being contested in good faith by appropriate proceedings promptly initiated and diligently conducted and for which such reserves or
other appropriate provision, if any, as shall be required by GAAP shall have been made; 

  

	 	(4)	any attachment or judgment Lien, unless the judgment it secures shall not, within 60 days after the entry thereof, have been discharged or execution thereof stayed pending appeal, or shall not have been discharged
within 60 days after the expiration of any such stay; 

  
 29 

	 	(5)	(i) Liens existing on the Issue Date other than in respect of the Collateral and (ii) Liens in respect of the Collateral to the extent equally and ratably securing the Notes and the Permitted Secured Obligations;

  

	 	(6)	any Lien on property acquired by the Issuer or its Restricted Subsidiaries after the Issue Date that was existing on the date of acquisition of such property; provided, that such Lien was not incurred in
anticipation of such acquisition, and any Lien created to secure all or any part of the purchase price, or to secure Indebtedness incurred or assumed to pay all or any part of the purchase price, of property acquired by the Issuer or any of its
Restricted Subsidiaries after the Issue Date; provided further, that (A) any such Lien permitted pursuant to this clause (6) shall be confined solely to the item or items of property so acquired (including, in the case of any
Acquisition of a corporation through the acquisition of 51% or more of the Voting Stock of such corporation, the stock and assets of any Acquired Subsidiary or Acquiring Subsidiary) and, if required by the terms of the instrument originally creating
such Lien, other property which is an improvement to, or is acquired for specific use with, such acquired property; and (B) if applicable, any such Lien shall be created within nine months after, in the case of property, its acquisition, or, in
the case of improvements, their completion; 

  

	 	(7)	any Liens renewing, extending or refunding any Lien permitted by clause (5)(i) above; provided, that such Lien is not extended to other property (or, instead, is only extended to equivalent property) and the
principal amount of Indebtedness secured by such Lien immediately prior thereto is not increased or the maturity thereof reduced, except that the principal amount secured by any such Lien in respect of: 

 

	 	(a)	hedging obligations or other derivatives where there are fluctuations in mark-to-market exposures of those hedging obligations or other derivatives, and 

 

	 	(b)	Indebtedness consisting of any “Certificados Bursátiles de Largo Plazo” or any Refinancing thereof, where principal may increase by virtue of capitalization of interest, 

may be increased by the amount of such fluctuations, capitalizations or drawings, as the case may be; 

 

	 	(8)	Liens on Receivables Assets or Capital Stock of a Receivables Subsidiary, in each case granted in connection with a Qualified Receivables Transaction; 

  
 30 

	 	(9)	Liens granted pursuant to or in connection with any netting or set-off arrangements entered into in the ordinary course of business; 

 

	 	(10)	any Lien permitted by the Trustee, acting on the instructions of at least 50% of the Holders; 

  

	 	(11)	any Lien granted by the Issuer or any of its Restricted Subsidiaries to secure Indebtedness under a Permitted Liquidity Facility; provided, that: (i) such Lien is not granted in respect of the Collateral, and
(ii) the maximum amount of such Indebtedness secured by such Lien does not exceed U.S.$500 million at any time; or 

  

	 	(12)	in addition to the Liens permitted by the foregoing clauses (1) through (11), Liens securing obligations of the Issuer and its Restricted Subsidiaries that in the aggregate secure obligations in an amount not in
excess of the greater of (i) 5% of Consolidated Tangible Assets and (ii) U.S.$700 million. 

 “Permitted Liquidity
Facility” means a loan facility or facilities made available to the Issuer or any Restricted Subsidiary; provided, that the aggregate principal amount of utilized and unutilized commitments under such facilities must not exceed
U.S.$1 billion (or its equivalent in another currency) at any time. 
 “Permitted Merger Jurisdiction” has the meaning
set forth in Section 4.1(a). 
 “Permitted Secured Obligations” means (i) indebtedness under the Credit
Agreement and any refinancing thereof made in accordance with the Credit Agreement that is secured by the Collateral, (ii) notes (or similar instruments, including Certificados Bursátiles) outstanding on the date of the Credit
Agreement required to be secured by the Collateral pursuant to their terms, or any refinancing thereof permitted by the Credit Agreement, (iii) the Existing Senior Notes and (iv)future Indebtedness secured by the Collateral to the extent
permitted by the Credit Agreement . 
 “Person” means an individual, partnership, limited partnership, corporation,
company, limited liability company, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof. 

“Post-Petition Interest” means all interest accrued or accruing after the commencement of any insolvency or liquidation
proceeding (and interest that would accrue but for the commencement of any insolvency or liquidation proceeding) in accordance with and at the contract rate (including, without limitation, any rate applicable upon default) specified in the agreement
or instrument creating, evidencing or governing any Indebtedness, whether or not, pursuant to applicable law or otherwise, the claim for such interest is allowed as a claim in such insolvency or liquidation proceeding. 

  
 31 

 “Preferred Stock” of any Person means any Capital Stock of such Person that has
preferential rights over any other Capital Stock of such Person with respect to dividends, distributions or redemptions or upon liquidation. 

“Private Placement Legend” has the meaning assigned to it in Section 2.8(b). 

“Purchase Money Indebtedness” means Indebtedness Incurred for the purpose of financing all or any part of the purchase price
or cost of construction of any property other than Capital Stock; provided, that the aggregate principal amount of such Indebtedness does not exceed the lesser of the Fair Market Value of such property or such purchase price or cost,
including any Refinancing of such Indebtedness that does not increase the aggregate principal amount (or accreted amount, if less) thereof as of the date of Refinancing. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Qualified Capital Stock” means any Capital Stock that is not Disqualified Capital Stock and any warrants, rights or options
to purchase or acquire Capital Stock that is not Disqualified Capital Stock that are not convertible into or exchangeable into Disqualified Capital Stock. 

“Qualified Receivables Transaction” means any transaction or series of transactions that may be entered into by the Issuer or
any Restricted Subsidiary pursuant to which the Issuer or any Restricted Subsidiary may sell, convey, assign or otherwise transfer to a Receivables Entity any Receivables Assets to obtain funding for the operations of the Issuer and its Restricted
Subsidiaries: 
  

	 	(1)	for which no term of any portion of the Indebtedness or any other obligations (contingent or otherwise) or securities Incurred or issued by any Person in connection therewith: 

 

	 	(a)	directly or indirectly provides for recourse to, or any obligation of, the Issuer or any Restricted Subsidiary in any way, whether pursuant to a Guarantee or otherwise, except for Standard Undertakings,

  

	 	(b)	directly or indirectly subjects any property or asset of the Issuer or any Restricted Subsidiary (other than Capital Stock of a Receivables Subsidiary) to the satisfaction thereof, except for Standard Undertakings, or

  

	 	(c)	results in such Indebtedness, other obligations or securities constituting Indebtedness of the Issuer or a Restricted Subsidiary, including following a default thereunder, and 

 

	 	(2)	 for which the terms of any Affiliate Transaction between the Issuer or any Restricted Subsidiary, on the one
hand, and any Receivables Entity, on the 

  
 32 

	 	
other, other than Standard Undertakings and Permitted Investments, are no less favorable than those that could reasonably be expected to be obtained in a comparable transaction at such time on an
arm’s length basis from a Person that is not an Affiliate of the Issuer, and 

  

	 	(3)	in connection with which, neither the Issuer nor any Restricted Subsidiary has any obligation to maintain or preserve a Receivable Entity’s financial condition, cause a Receivables Entity to achieve certain levels
of operating results, fund losses of a Receivables Entity, or except in connection with Standard Undertakings, purchase assets of a Receivables Entity. 

“Rating Agencies” mean Fitch, Moody’s and S&P. In the event that Fitch, Moody’s or S&P is no longer in
existence or issuing ratings, such organization may be replaced by a nationally recognized statistical rating organization (as defined in Rule 15c3-1(c)(2)(vi)(F) of the Exchange Act or any successor provision) designated by the Issuer with notice
to the Trustee. 
 “Receivables Assets” means: 
  

	 	(1)	accounts receivable, leases, conditional sale agreements, instruments, chattel paper, installment sale contracts, obligations, general intangibles, and other similar assets, in each case relating to goods, inventory or
services of the Issuer and its Subsidiaries, 

  

	 	(2)	equipment and equipment residuals relating to any of the foregoing, 

  

	 	(3)	contractual rights, Guarantees, letters of credit, Liens, insurance proceeds, collections and other similar assets, in each case related to the foregoing, and 

 

	 	(4)	proceeds of all of the foregoing. 

 “Receivables Entity” means a Receivables
Subsidiary or any other Person not an Affiliate of the Issuer, in each case whose sole business activity is to engage in Qualified Receivables Transactions, including to issue securities or other interests in connection with a Qualified Receivables
Transaction. 
 “Receivables Subsidiary” means an Unrestricted Subsidiary of the Issuer that engages in no activities other
than Qualified Receivables Transactions and activities related thereto and that is designated by the Issuer as a Receivables Subsidiary. Any such designation by the Issuer will be evidenced to the Trustee by filing with the Trustee an Officer’s
Certificate of the Issuer. 
 “Record Date” has the meaning assigned to it in the Form of Face of Note contained in
Exhibit A hereto. 

  
 33 

 “Redemption Date” means, with respect to any redemption of the Notes, the date
fixed for such redemption pursuant to this Indenture and the Notes. 
 “Refinance” means, in respect of any Indebtedness,
to issue any Indebtedness in exchange for or to refinance, repay, redeem, replace, defease or refund such Indebtedness in whole or in part. “Refinanced” and “Refinancing” will have correlative meanings. 

“Refinancing Indebtedness” means Indebtedness of the Issuer or any Restricted Subsidiary issued to Refinance any other
Indebtedness of the Issuer or a Restricted Subsidiary so long as: 
  

	 	(1)	the aggregate principal amount (or initial accreted value, if applicable) of such new Indebtedness as of the date of such proposed Refinancing does not exceed the aggregate principal amount (or accreted value as of such
date, if applicable) of the Indebtedness being Refinanced (plus the amount of any premium required to be paid under the terms of the instrument governing such Indebtedness and the amount of reasonable expenses incurred by the Issuer in connection
with such Refinancing); 

  

	 	(2)	such new Indebtedness has: 

  

	 	(a)	a Weighted Average Life to Maturity that is equal to or greater than the Weighted Average Life to Maturity of the Indebtedness being Refinanced, and 

 

	 	(b)	a final maturity that is equal to or later than the final maturity of the Indebtedness being Refinanced or, in the case of Indebtedness without a stated maturity, December 14, 2017; and 

 

	 	(3)	if the Indebtedness being Refinanced is: 

  

	 	(a)	Indebtedness of the Issuer, then such Refinancing Indebtedness will be Indebtedness of the Issuer and/or any Note Guarantor, 

  

	 	(b)	Indebtedness of a Note Guarantor, then such Refinancing Indebtedness will be Indebtedness of the Issuer and/or any Note Guarantor, 

  

	 	(c)	Indebtedness of any of the Restricted Subsidiaries, then such Refinancing Indebtedness will be Indebtedness of such Restricted Subsidiary, the Issuer and/or any Note Guarantor, and 

 

	 	(d)	Subordinated Indebtedness, then such Refinancing Indebtedness shall be subordinate to the Notes or the relevant Note Guarantee, if applicable, at least to the same extent and in the same manner as the Indebtedness being
Refinanced. 

  
 34 

 Notwithstanding the foregoing, with respect to any hedging obligations or derivatives outstanding
on the Issue Date in respect of the Axtel Share Forward Transaction, “Refinancing Indebtedness” shall mean any replacements, amendments or renewals thereof that are entered into on then prevailing market terms with the underlying amounts
not greater than the original underlying amounts. 
 “Registrar” has the meaning assigned to it in Section 2.3(a).

 “Regulation S” means Regulation S under the Securities Act or any successor regulation. 

“Regulation S Global Note” has the meaning assigned to it in Section 2.1(e). 

“Resale Restriction Termination Date” means for any Restricted Note (or beneficial interest therein), that is (a) not a
Regulation S Global Note, the date on which the Issuer instructs the Trustee in writing to remove the Private Placement Legend from the Restricted Notes in accordance with the procedures described in Section 2.9(h) (which instruction is
expected to be given on or about the one year anniversary of the issuance of the Restricted Notes) or (b) a Regulation S Global Note (or Certificated Note issued in respect thereof pursuant to Section 2.7(c)), the date on which the
Distribution Compliance Period therefor terminates. 
 “Restricted Note” means any Issue Date Note (or beneficial interest
therein) or any Additional Note (or beneficial interest therein) not originally issued and sold pursuant to an effective registration statement under the Securities Act until such time as: 

 

	 	(i)	the Resale Restriction Termination Date therefor has passed; or 

  

	 	(ii)	the Private Placement Legend therefor has otherwise been removed pursuant to Section 2.9 or, in the case of a beneficial interest in a Global Note, such beneficial interest has been exchanged for an interest in a
Global Note not bearing a Private Placement Legend. 

 “Restricted Obligations” has the meaning assigned to
it in Section 10.6(b). 
 “Restricted Payment” has the meaning set forth in Section 3.11(a). 

“Restricted Subsidiary” means any Subsidiary of the Issuer, which at the time of determination is not an Unrestricted
Subsidiary. 
 “Reversion Date” has the meaning assigned to in Section 3.22(e). 

“Revocation” has the meaning set forth in Section 3.14(c). 

  
 35 

 “Rule 144” means Rule 144 under the Securities Act (or any successor rule).

 “Rule 144A” means Rule 144A under the Securities Act (or any successor rule). 

“Rule 144A Global Note” has the meaning assigned to it in Section 2.1(d). 

“S&P” means Standard & Poor’s Ratings Group and any successor to its rating agency business. 

“Sale and Leaseback Transaction” means any direct or indirect arrangement with any Person or to which any such Person is a
party providing for the leasing to the Issuer or a Restricted Subsidiary of any property, whether owned by the Issuer or any Restricted Subsidiary at the Issue Date or later acquired, which has been or is to be sold or transferred by the Issuer or
such Restricted Subsidiary to such Person or to any other Person by whom funds have been or are to be advanced on the security of such Property. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Security Agent” means Wilmington Trust (London) Limited, as security agent under the Intercreditor Agreement. 

“Security Documents” has the meaning assigned to it in Section 7.13. 

“Senior Indebtedness” means (i) the Notes and any other Indebtedness of the Issuer or any Note Guarantor that ranks
equal in right of payment with the Notes or the relevant Note Guarantee, as the case may be or (ii) Indebtedness for borrowed money or constituting Capitalized Lease Obligations of any Restricted Subsidiary other than a Note Guarantor. 

“Significant Subsidiary” means a Subsidiary of the Issuer constituting a “Significant Subsidiary” of the Issuer in
accordance with Rule 1-02(w) of Regulation S-X under the Securities Act in effect on the date hereof. 
 “Similar
Business” means (1) any business engaged in by the Issuer or any Restricted Subsidiary on the Issue Date, and (2) any business or other activities, including non-profit or charitable activities, that are reasonably similar, ancillary,
complementary or related to, or a reasonable extension, development or expansion of, the businesses and activities in which the Issuer or any Restricted Subsidiary is engaged on the Issue Date, including, but not limited to, infrastructure projects,
public works programs and consumer or supplier financing.  
 “Special Record Date” has the meaning assigned to it
in Section 2.13(a). 
 “SPV Perpetuals” means the perpetual debentures issued by special purpose vehicles in
December 2006, February 2007 and March 2007, as amended or supplemented from time to time. 

  
 36 

 “Standard Undertakings” means representations, warranties, covenants,
indemnities and similar obligations, including servicing obligations, entered into by the Issuer or any Subsidiary of the Issuer in connection with a Qualified Receivables Transaction, which are customary in similar non-recourse receivables
securitization, purchase or financing transactions. 
 “Subordinated Indebtedness” means, with respect to the Issuer or any
Note Guarantor, any Indebtedness of the Issuer or such Note Guarantor, as the case may be, which is expressly subordinated in right of payment to the Notes or the relevant Note Guarantee, as the case may be. 

“Subsidiary” means with respect to any Person, any corporation, partnership, joint venture, limited liability company, trust,
estate or other entity of which (or in which) more than fifty percent (50%) of (a) in the case of a corporation, the issued and outstanding Capital Stock having ordinary voting power to elect a majority of the board of directors of such
corporation (irrespective of whether at the time Capital Stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency that has not occurred and is not in the control of such Person),
(b) in the case of a limited liability company, partnership or joint venture, the voting or other power to control the actions of such limited liability company, partnership or joint venture or (c) in the case of a trust or estate, the
voting or other power to control the actions of such trust or estate, is at the time directly or indirectly owned or controlled by (X) such Person, (Y) such Person and one or more of its other Subsidiaries or (Z) one or more of such
Person’s other Subsidiaries. Unless the context otherwise requires, all references herein to a “Subsidiary” shall refer to a Subsidiary of the Issuer. 

“Successor Issuer” has the meaning assigned to it in Section 4.1(a). 

“Successor Note Guarantor” has the meaning assigned to it in Section 4.1(b). 

“Suspended Covenants” has the meaning assigned to it in Section 3.22(b). 

“Suspension Date” has the meaning assigned to it in Section 3.22(c). 

“Suspension Period” has the meaning assigned to it in Section 3.22(e). 

“Swiss Note Guarantor” has the meaning assigned to it in Section 10.6(a). 

“Taxes” has the meaning assigned to it in Section 3.21(a). 

“Taxing Jurisdiction” has the meaning assigned to it in Section 3.21(a). 

“Transfer Agent” has the meaning assigned to it in Section 2.3(a). 

“Transportation Agreements” means, in respect of any Person, any agreement or arrangement designed to protect such Person
from fluctuations in prices related to transportation. 

  
 37 

 “Trust Officer” means, when used with respect to the Trustee, any officer within
the corporate trust department of the Trustee, having direct responsibility for the administration of this Indenture, or any other officer of the Trustee to whom any corporate trust matter is referred because of such person’s knowledge of and
familiarity with the particular subject. 
 “Trustee” means the party named as such in the introductory paragraph to this
Indenture until a successor replaces it in accordance with the terms of this Indenture and, thereafter, means the successor. 

“Undervalued Asset” has the meaning assigned to it in Section 10.6(g). 

“USA PATRIOT Act” has the meaning assigned to it in Section 12.16. 

“U.S. Government Obligations” means direct obligations (or certificates representing an ownership interest in such
obligations) of, or guaranteed by, the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable or redeemable
at the issuer’s option. 
 “U.S. Legal Tender” means such coin or currency of the United States of America, as at the
time of payment shall be legal tender for the payment of public and private debts. 
 “U.S. Person” means a “U.S.
person” as defined in Regulation S. 
 “Uniform Commercial Code” means the Uniform Commercial Code as in effect
from time to time in the State of New York. 
 “Unrestricted Subsidiary” means any Subsidiary of the Issuer designated as
such pursuant to Section 3.14. Any such Designation may be revoked by the Issuer, subject to the provisions of such covenant. 

“Voting Stock” with respect to any Person, means securities of any class of Capital Stock of such Person entitling the
holders thereof (whether at all times or only so long as no senior class of stock has voting power by reason of any contingency) to vote in the election of members of the Board of Directors (or equivalent governing body) of such Person. 

  
 38 

 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at
any date, the number of years (calculated to the nearest one-twelfth) obtained by dividing: 
  

	 	(1)	the sum of the products obtained by multiplying: 

  

	 	(a)	the amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal or liquidation preference, as the case may be, including payment at final maturity, in respect thereof,
by 

  

	 	(b)	the number of years (calculated to the nearest one-twelfth) which will elapse between such date and the making of such payment; by 

  

	 	(2)	the then outstanding aggregate principal amount or liquidation preference, as the case may be, of such Indebtedness. 

“Wholly Owned Subsidiary” means, for any Person, any Subsidiary (Restricted Subsidiary in the case of the Issuer) of which at
least 99.5% of the outstanding Capital Stock (other than, in the case of a Subsidiary not organized in the United States, directors’ qualifying shares or an immaterial amount of shares required to be owned by other Persons pursuant to
applicable law) is owned by such Person or any other Person that satisfies this definition in respect of such Person. 
 Section 1.2
[Reserved]. 
 Section 1.3 Rules of Construction. Unless the context otherwise requires: 

 

	 	(1)	a term has the meaning assigned to it; 

  

	 	(2)	an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

  

	 	(3)	“or” is not exclusive; 

  

	 	(4)	“including” means including without limitation; 

  

	 	(5)	words in the singular include the plural and words in the plural include the singular; and 

  

	 	(6)	references to the payment of principal of the Notes shall include applicable premium, if any. 

  
 39 

 ARTICLE II 

THE NOTES 
 Section 2.1 Form
and Dating. 
 (a) The Issue Date Notes are being originally offered and sold by the Issuer pursuant to a Purchase Agreement, dated as
of March 9, 2016, among the Issuer, the Note Guarantors party thereto, and BBVA Securities Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., ING Financial Markets LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and
Santander Investment Securities Inc., as Initial Purchasers with respect to the Notes. The Notes will be issued as one or more Global Notes in fully registered form without interest coupons, and only in denominations of U.S.$200,000 and in integral
multiples of U.S.$1,000 in excess thereof. Each such Global Note shall constitute a single Note for all purposes under this Indenture. Certificated Notes, if issued pursuant to the terms hereof, will be issued in fully registered certificated form
without coupons. The Notes may only be issued in definitive fully registered form without coupons and only in denominations of U.S.$200,000 and in integral multiples of U.S.$1,000 in excess thereof. The Notes and the Trustee’s certificate of
authentication shall be substantially in the form of Exhibit A hereto. 
 (b) The terms and provisions of the
Notes, the form of which is in Exhibit A hereto, shall constitute, and are hereby expressly made, a part of this Indenture, and, to the extent applicable, the Issuer, the Note Guarantors and the Trustee, by their execution
and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. Except as otherwise expressly permitted in this Indenture, all Notes (including Additional Notes) shall be identical in all
respects. Notwithstanding any differences among them, all Notes issued under this Indenture shall vote and consent together on all matters as one class and are otherwise treated as a single issue of securities. 

(c) The Notes may have notations, legends or endorsements as specified in Section 2.8 or as otherwise required by law, stock
exchange rule or DTC, Euroclear or Clearstream rule or usage. The Issuer and the Trustee shall approve any changes to the form of the Notes attached to this Indenture and any additional notation, legend or endorsement required to be inserted on
them. Each Note shall be dated the date of its authentication. 
 (d) Notes originally offered and sold to QIBs in reliance on
Rule 144A will be issued in the form of one or more permanent Global Notes (each, a “Rule 144A Global Note”). Each Rule 144A Global Note shall be deposited on behalf of the purchasers of the Notes
represented thereby with the Note Custodian and registered in the name of DTC or its nominee, for credit to the accounts maintained at DTC. In no event shall any Person hold an interest in a Rule 144A Global Note other than in or through accounts
maintained at DTC. 
 (e) Notes originally offered and sold outside the United States in reliance on Regulation S will be issued in the form
of one or more permanent Global Notes (each, a “Regulation S 

  
 40 

 
Global Note”). Each Regulation S Global Note shall be deposited on behalf of the purchasers of the Notes represented thereby with the Note Custodian and registered in the name of DTC
or its nominee, for credit to the accounts maintained at DTC by or on behalf of Euroclear or Clearstream. In no event shall any Person hold an interest in a Regulation S Global Note other than in or through accounts maintained at DTC by or on behalf
of Euroclear or Clearstream. 
 Section 2.2 Execution and Authentication. 

(a) Any Officer of the Issuer may sign the Notes for the Issuer by manual or facsimile signature. If an Officer whose signature is on a Note
no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless. 
 (b) A Note shall not be
valid until manually authenticated by an authorized signatory of the Trustee or an agent appointed by the Trustee (and reasonably acceptable to the Issuer) for such purpose (an “Authenticating Agent”). The signature of an authorized
signatory of the Trustee or an Authenticating Agent on a Note shall be conclusive evidence that such Note has been duly and validly authenticated and issued under this Indenture. Unless limited by the terms of its appointment, an Authenticating
Agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by an Authenticating Agent. 

(c) At any time and from time to time after the execution and delivery of this Indenture, the Trustee shall authenticate and make available
for delivery Notes upon a written order of the Issuer signed by an Officer of the Issuer (the “Issuer Order”). An Issuer Order shall specify the amount of the Notes to be authenticated and the date on which the
original issue of Notes is to be authenticated. 
 (d) In case a Successor Issuer has executed an indenture supplemental hereto with the
Trustee pursuant to Article IV, any of the Notes authenticated or delivered prior to such transaction may, from time to time, at the request of the Successor Issuer be exchanged for other Notes executed in the name of the Successor
Issuer with such changes in phraseology and form as may be appropriate, but otherwise identical to the Notes surrendered for such exchange and of like principal amount; and the Trustee, upon Issuer Order of the Successor Issuer, shall authenticate
and deliver Notes as specified in such order for the purpose of such exchange. If Notes shall at any time be authenticated and delivered in any new name of a Successor Issuer pursuant to this Section 2.2 in exchange or substitution for
or upon registration of transfer of any Notes, such Successor Issuer, at the option of the Holders but without expense to them, shall provide for the exchange of all Notes at the time Outstanding for Notes authenticated and delivered in such new
name. 
 Section 2.3 Registrar, Paying Agent and Transfer Agent. 

(a) The Issuer shall maintain an office or agency in the Borough of Manhattan, City of New York, that shall keep a register of the Notes (the
“Note Register”) and of their transfer and exchange (the “Registrar”), where Notes may be presented or surrendered for registration of transfer or 

  
 41 

 
for exchange (the “Transfer Agent”), where Notes may be presented for payment (the “Paying Agent”) and for the service of notices and demands to or upon the Issuer in respect
of the Notes and this Indenture. The Issuer may have one or more co-Registrars and one or more additional paying agents. The term “Paying Agent” includes any additional paying agent. In addition, the Issuer shall maintain a Paying Agent in
a member state of the European Union as required by Section 3.21(g). 
 (b) The Issuer shall enter into an appropriate agency
agreement with any Registrar, Paying Agent or co-Registrar not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall
notify the Trustee of the name and address of each such agent. If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section
7.7. The Issuer or any Affiliate of the Issuer may act as Paying Agent, Registrar or co-Registrar, or transfer agent. 
 (c) The
Issuer initially designates the Corporate Trust Office of the Trustee as such office or agency of the Issuer as required by Section 2.3(a) and appoints the Trustee as Registrar, Paying Agent, Transfer Agent and agent for service of demands
and notices in connection with the Notes and this Indenture, until such time as another Person is appointed as such. 
 Section 2.4
Paying Agent to Hold Money in Trust. 
 The Issuer shall require each Paying Agent (other than the Trustee) to agree in writing that
such Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by such Paying Agent for the payment of principal of or interest on the Notes and shall notify the Trustee in writing of any Default by the Issuer or any
Note Guarantor in making any such payment. If the Issuer or an Affiliate of the Issuer acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Issuer at any time may require a
Paying Agent (other than the Trustee) to pay all money held by it to the Trustee and to account for any funds disbursed by such Paying Agent. Upon complying with this Section 2.4, the Paying Agent (if other than the Issuer or any
Affiliate of the Issuer) shall have no further liability for the money delivered to the Trustee. Upon any proceeding under any Bankruptcy Law with respect to the Issuer or any Affiliate of the Issuer, if the Issuer or such Affiliate is then
acting as Paying Agent, the Trustee shall replace the Issuer or such Affiliate as Paying Agent. 
 Section 2.5 Holder Lists. The
Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders. At any time that the Trustee is not the Registrar the Issuer shall furnish to the Trustee, in
writing at least seven Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of
Holders. 

  
 42 

 Section 2.6 CUSIP Numbers. 

The Issuer in issuing Notes may use “CUSIP” numbers, as applicable (if then generally in use), and, if so, the Trustee shall use for
the Securities “CUSIP” number in notices to the Holders as a convenience to such Holders; provided, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes
or as contained in any notice and that reliance may be placed only on the other identification numbers printed on the Notes, and any such notice shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify
the Trustee in writing of any changes in the “CUSIP” numbers. 
 Section 2.7 Global Note Provisions. 

(a) Each Global Note initially shall: (i) be registered in the name of DTC or the nominee of DTC, (ii) be delivered to the Note
Custodian and (iii) bear the appropriate legends as set forth in Section 2.8 and Exhibit A hereto. Any Global Note may be represented by one or more certificates. The aggregate principal amount of each
Global Note may from time to time be increased or decreased by adjustments made on the records of the Note Custodian, as provided in this Indenture. 

(b) Except as provided in clause (iii) of Section 2.7(c), members of, or participants in, DTC (“Agent Members”) shall
have no rights under this Indenture with respect to any Global Note held on their behalf by DTC or by the Note Custodian, and DTC may be treated by the Issuer, any Note Guarantor, the Trustee, the Paying Agent, the Transfer Agent, the Note
Custodian, the Registrar and any of their respective agents as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall (i) prevent the Issuer, the Trustee, the Paying Agent,
the Transfer Agent, the Note Custodian, the Registrar or any of their respective agents from giving effect to any written certification, proxy or other authorization furnished by DTC or (ii) impair, as between DTC and its Agent Members, the
operation of customary practices of DTC governing the exercise of the rights of an owner of a beneficial interest in any Global Note. The registered Holder of a Global Note may grant proxies and otherwise authorize any person, including DTC, or
its nominee, Agent Members and persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under this Indenture or the Notes. 

(c) Except as provided in this Section 2.7(c), owners of beneficial interests in Global Notes will not be entitled to receive
Certificated Notes in exchange for such beneficial interests. 
  

	 	(i)	 Certificated Notes shall be issued to all owners of beneficial interests in a Global Note in exchange for such
beneficial interests if (A) DTC notifies the Issuer that it is unwilling or unable to continue as depositary for such Global Note or (B) DTC ceases to be a clearing agency registered under the Exchange Act, at a time when DTC is required to be so
registered in order to act as depositary, and in each case a successor depositary is not appointed by the Issuer within 90 days of such notice. In connection with the exchange of an entire Global Note for Certificated Notes pursuant to
this clause (i) of this Section 2.7(c), such Global Note shall be deemed to be 

  
 43 

	 	
surrendered to the Trustee for cancellation, and the Issuer shall execute, and upon Issuer Order, the Trustee shall authenticate and deliver to each beneficial owner identified by DTC in exchange
for its beneficial interest in such Global Note, an equal aggregate principal amount of Certificated Notes of authorized denominations, and the Registrar shall register such exchanges in the Note Register. 

 

	 	(ii)	The owner of a beneficial interest in a Global Note will be entitled to receive Certificated Notes in exchange for such interest if an Event of Default has occurred and is continuing. If an Event of Default has occurred
and is continuing, upon receipt by the Registrar of instructions from Agent Members through DTC on behalf of the owner of a beneficial interest in a Global Note directing the Registrar to exchange such beneficial owner’s beneficial interest in
such Global Note for Certificated Notes, subject to and in accordance with the Applicable Procedures, the Issuer shall promptly execute, and upon Issuer Order, the Trustee shall authenticate and make available for delivery to such beneficial owner,
Certificated Notes in a principal amount equal to such beneficial interest in such Global Note. 

  

	 	(iii)	If (A) an event described in clause (i) of Section 2.7(c) occurs and Certificated Notes are not issued promptly to all beneficial owners or (B) the Registrar receives from a beneficial owner the instructions
described in clause (ii) of Section 2.7(c) and Certificated Notes are not issued promptly to any such beneficial owner, the Issuer expressly acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to Section
6.6 hereof, the right of any beneficial owner of Notes to pursue such remedy with respect to the portion of the Global Note that represents such beneficial owner’s Notes as if such Certificated Notes had been issued. 

Section 2.8 Legends. 

(a) Each Global Note shall bear the legend specified therefor in Exhibit A hereto on the face thereof. 

(b) Each Restricted Note shall bear the private placement legend specified therefor in Exhibit A hereto on the face
thereof (the “Private Placement Legend”). 
 (c) Each Note shall bear the Mexican law legend specified therefor in
Exhibit A hereto on the face thereof. 

  
 44 

 Section 2.9 Transfer and Exchange. 

(a) Transfers of Beneficial Interests in a Rule 144A Global Note. If the owner of a beneficial interest in a Rule 144A
Global Note that is a Restricted Note wishes to transfer such interest (or portion thereof) pursuant to Rule 144 (if available) or to a Non-U.S. Person pursuant to Regulation S: 

 

	 	(i)	upon receipt by the Registrar of: 

  

	 	(A)	instructions from an Agent Member given to DTC in accordance with the Applicable Procedures directing DTC to credit or cause to be credited a beneficial interest in the Regulation S Global Note in a principal amount
equal to the principal amount of the beneficial interest to be transferred, 

  

	 	(B)	instructions given in accordance with the Applicable Procedures containing information regarding the account to be credited with such increase, and 

 

	 	(C)	a certificate in the form of Exhibit B or Exhibit C hereto, as applicable, duly executed by the transferor; 

  

	 	(ii)	the Note Custodian shall increase the Regulation S Global Note and decrease the Rule 144A Global Note in accordance with the foregoing, and the Registrar shall register the transfer in the Note Register.

 (b) Transfers of Beneficial Interests in a Regulation S Global Note. Subject to the Applicable Procedures, the
following provisions shall apply with respect to any proposed transfer of an interest in a Regulation S Global Note that is a Restricted Note: 

If the owner of a beneficial interest in a Regulation S Global Note that is a Restricted Note wishes to transfer such interest (or a
portion thereof) to a QIB pursuant to Rule 144A: 
  

	 	(A)	upon receipt by the Registrar of: 

  

	 	(1)	instructions from an Agent Member given to DTC in accordance with the Applicable Procedures directing DTC to credit or cause to be credited a beneficial interest in the Rule 144A Global Note in a principal amount
equal to the principal amount of the beneficial interest to be transferred, 

  

	 	(2)	instructions given in accordance with the Applicable Procedures containing information regarding the account to be credited with such increase, and 

 

	 	(3)	a certificate in the form of Exhibit D hereto, duly executed by the transferor; 

  

	 	(B)	the Note Custodian shall increase the Rule 144A Global Note and decrease the Regulation S Global Note in accordance with the foregoing, and the Registrar shall register the transfer in the Note Register.

  
 45 

 (c) Other Transfers. Any registration of transfer of Restricted Notes (including
Certificated Notes) not described above (other than a transfer of a beneficial interest in a Global Note that does not involve an exchange of such interest for a Certificated Note or a beneficial interest in another Global Note, which must be
effected in accordance with applicable law and the Applicable Procedures, but is not subject to any procedure required by this Indenture) shall be made only upon receipt by the Registrar of such Opinions of Counsel, certificates and such other
evidence reasonably required by and satisfactory to it in order to ensure compliance with the Securities Act or in accordance with Section 2.9(d). 

(d) Use and Removal of Private Placement Legends. Upon the registration of transfer, exchange or replacement of Notes (or
beneficial interests in a Global Note) not bearing (or not required to bear upon such transfer, exchange or replacement) a Private Placement Legend, the Note Custodian and Registrar shall exchange such Notes (or beneficial interests) for beneficial
interests in a Global Note or Certificated Notes if they have been issued pursuant to Section 2.7(c) that does not bear a Private Placement Legend. Upon the registration of transfer, exchange or replacement of Notes (or beneficial
interests in a Global Note) bearing a Private Placement Legend, the Note Custodian and Registrar shall deliver only Notes (or beneficial interests in a Global Note) that bear a Private Placement Legend unless: 

 

	 	(i)	such Notes (or beneficial interests) are transferred pursuant to Rule 144 upon delivery to the Registrar of a certificate of the transferor in the form of Exhibit C hereto, and an Opinion of Counsel
reasonably satisfactory to the Registrar; 

  

	 	(ii)	such Notes (or beneficial interests) are transferred, replaced or exchanged after the Resale Restriction Termination Date therefor and, in the case of any such Restricted Notes, the Issuer has complied with the
applicable procedures for delegending in accordance with Section 2.9(h); or 

  

	 	(iii)	in connection with such registration of transfer, exchange or replacement the Registrar shall have received an Opinion of Counsel, certificates and such other evidence reasonably satisfactory to the Issuer and the
Registrar to the effect that neither such Private Placement Legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act. 

  
 46 

 The Holder of a Global Note bearing a Private Placement Legend may exchange an interest therein
for an equivalent interest in a Global Note not bearing a Private Placement Legend upon transfer of such interest pursuant to this Section 2.9(d). 

(e) Consolidation of Global Notes and Exchange of Certificated Notes for Beneficial Interests in Global Notes. If a Global Note
not bearing a Private Placement Legend is Outstanding at the time of a removal of legends pursuant to Section 2.9(h), any interests in a Global Note delegended pursuant to Section 2.9(h) shall be exchanged for interests in such
Outstanding Global Note, subject to the proviso at the end of Section 2.14(a). 
 (f) Retention of Documents. The
Registrar and the Trustee shall retain copies of all letters, notices and other written communications received pursuant to this Article II and in accordance with the Trustee’s, or if different, the Registrar’s, record retention
procedures. The Issuer shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable written notice to the Registrar or the Trustee, as the case may
be. 
 (g) General Provisions Relating to Transfers and Exchanges. 

 

	 	(i)	Subject to the other provisions of this Section 2.9, when Notes are presented to the Registrar or a co-Registrar with a request to register the transfer of such Notes or to exchange such Notes for an equal
principal amount of Notes of other authorized denominations, the Registrar or co-Registrar shall register the transfer or make the exchange as requested if its requirements for such transaction are met; provided, that any Notes
presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Registrar or co-Registrar, duly executed by the Holder thereof or his attorney
duly authorized in writing. 

  

	 	(ii)	To permit registrations of transfers and exchanges and subject to the other terms and conditions of this Article II, the Issuer will execute, and upon Issuer Order, the Trustee will authenticate and make
available for delivery, Certificated Notes and Global Notes, as applicable, at the Registrar’s or co-Registrar’s request. 

  

	 	(iii)	No service charge shall be made to a Holder for any registration of transfer or exchange, but the Issuer and the Trustee may require payment of a sum sufficient to cover any transfer tax, assessments, or similar
governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charges payable upon exchange or transfer pursuant to Section 3.8, Section 3.9, Section 5.1 or
Section 9.5). 

  
 47 

	 	(iv)	The Registrar or co-Registrar shall not be required to register the transfer of or exchange of (x) any Note for a period beginning (1) 15 days before the mailing of a notice of an offer to repurchase or redeem
Notes and ending at the close of business on the day of such mailing or (2) 15 days before an Interest Payment Date and ending on such Interest Payment Date and (y) any Note selected for repurchase or redemption, except the unrepurchased
or unredeemed portion thereof, if any. 

  

	 	(v)	Prior to the due presentation for registration of transfer of any Note, the Issuer, the Trustee, the Paying Agent, the Transfer Agent, the Registrar or any co-Registrar may deem and treat the Person in whose name a Note
is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuer, the Trustee, the
Paying Agent, the Transfer Agent, the Registrar or any co-Registrar or the Note Custodian shall be affected by notice to the contrary. 

 

	 	(vi)	All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such
transfer or exchange. 

  

	 	(vii)	Subject to Section 2.7 and this Section 2.9, in connection with the exchange of a portion of a Certificated Note for a beneficial interest in a Global Note, the Trustee shall cancel such Certificated Note,
and the Issuer shall execute, and upon Issuer Order, the Trustee shall authenticate and make available for delivery to the exchanging Holder, a new Certificated Note representing the principal amount not so exchanged. 

(h) Applicable Procedures for Delegending. 
  

	 	(i)	Promptly after one year has elapsed following (A) the Issue Date or (B) if the Issuer has issued Additional Notes with the same terms and the same CUSIP number as the Issue Date Notes pursuant to this Indenture
within one year following the Issue Date, the date of original issuances of such Additional Notes, if the relevant Notes are freely tradable pursuant to Rule 144 under the Securities Act by Holders who are not Affiliates of the Issuer where no
conditions of Rule 144 are then applicable (other than the holding period requirement in paragraph (d)(1)(ii) of Rule 144 so long as such holding period requirement is satisfied), the Issuer shall: 

 

	 	(1)	instruct the Trustee in writing to remove the Private Placement Legend from such Notes, and upon receipt of such instruction, the Private Placement Legend shall be deemed removed from any Global Notes representing such
Notes without further action on the part of Holders; 

  
 48 

	 	(2)	notify Holders of such Notes that the Private Placement Legend has been removed or deemed removed; and 

  

	 	(3)	instruct DTC to change the CUSIP number for such Notes to the unrestricted CUSIP number for the Notes. 

In no event will the failure of the Issuer to provide any notice set forth in this paragraph or of the Trustee to remove the Private Placement
Legend constitute a failure by the Issuer to comply with any of its covenants or agreements set forth in Section 6.1 or otherwise. Any Restricted Note (or security issued in exchange or substitution therefor) as to which such
restrictions on transfer shall have expired in accordance with their terms may, upon surrender of such Restricted Note for exchange to the Registrar in accordance with the provisions of Article II of this Indenture, be exchanged for a new
Note or Notes, of like tenor and aggregate principal amount, which shall not bear the Private Placement Legend. The Issuer shall notify the Trustee in writing upon occurrence of the Resale Restriction Termination Date for any Note. 

 

	 	(ii)	In the case of a Regulation S Global Note, after the Resale Restriction Termination Date of any such Regulation S Global Note, the Issuer may, at its sole option: 

 

	 	(1)	instruct the Trustee in writing to remove the Private Placement Legend from such Regulation S Global Note (including setting forth the basis for such removal), and upon receipt of such instruction, the Private Placement
Legend shall be deemed removed from such Regulation S Global Note without further action on the part of Holders; and 

  

	 	(2)	instruct DTC to change the CUSIP number for such Notes to the unrestricted CUSIP number for the Notes. 

  

	 	(iii)	 Notwithstanding any provision herein to the contrary, in the event that Rule 144 as promulgated under the
Securities Act (or any successor rule) is amended to change the one-year holding period thereunder (or the corresponding period under any successor rule), (A) each reference in this

  
 49 

	 	
Section 2.9(h) to “one year” and in the Private Placement Legend described in Section 2.8(b) and Exhibit A hereto to “ONE YEAR” shall be deemed for all
purposes hereof to be references to such changed period, and (B) all corresponding references in this Indenture (including the definition of Resale Restriction Termination Date), the Notes and the Private Placement Legends thereon shall be deemed
for all purposes hereof to be references to such changed period; provided, that such changes shall not become effective if they are otherwise prohibited by, or would otherwise cause a violation of, the then-applicable federal securities laws;
provided further that if such change does not apply to existing Notes, all references to “one year” in this Indenture shall not be deemed for all purposes hereof to be references to such changed period. This Section
2.9(h) shall apply to successive amendments to Rule 144 (or any successor rule) changing the holding period thereunder. 

(i) No Obligation of the Trustee. 
  

	 	(i)	The Trustee shall have no responsibility or obligation to any beneficial owner of an interest in a Global Note, Agent Members or any other Persons with respect to the accuracy of the records of DTC or its nominee or of
Agent Members, with respect to any ownership interest in the Notes or with respect to the delivery to any Agent Member, beneficial owner or other Person (other than DTC) of any notice (including any notice of redemption) or the payment of any amount
or delivery of any Notes (or other security or property) under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only to or
upon the order of the registered Holders (which shall be DTC or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through DTC, subject to the applicable rules and procedures of
DTC. The Trustee may rely and shall be fully protected in relying upon information furnished by DTC with respect to its Agent Members and any beneficial owners. 

 

	 	(ii)	The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any
interest in any Note (including any transfers between or among Agent Members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so
if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

  
 50 

 Section 2.10 Mutilated, Destroyed, Lost or Stolen Notes. 

(a) If a mutilated Note is surrendered to the Registrar or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully
taken, the Issuer shall execute, and upon Issuer Order, the Trustee shall authenticate and make available for delivery, a replacement Note for such mutilated, lost or stolen Note, of like tenor and principal amount, bearing a number not
contemporaneously Outstanding if: 
  

	 	(i)	the requirements of Section 8-405 of the Uniform Commercial Code are met, 

  

	 	(ii)	the Holder satisfies any other reasonable requirements of the Trustee, and 

  

	 	(iii)	neither the Issuer nor the Trustee has received notice that such Note has been acquired by a protected purchaser (as defined in Section 8-303 of the Uniform Commercial Code). 

If required by the Trustee or the Issuer, such Holder shall furnish an affidavit of loss and indemnity bond sufficient in the judgment of the Issuer and the
Trustee to protect the Issuer, the Trustee, the Paying Agent, the Transfer Agent, the Registrar or any co-Registrar and the Note Custodian from any loss that any of them may suffer if a Note is replaced. 

(b) Upon the issuance of any new Note under this Section 2.10, the Issuer may require the payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) in connection therewith. 

(c) Every new Note issued pursuant to this Section 2.10 in exchange for any mutilated Note, or in lieu of any destroyed, lost or stolen
Note, shall constitute an original additional contractual obligation of the Issuer, any Note Guarantor and any other obligor upon the Notes, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and
shall be entitled to all benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

Section 2.11 Temporary Notes. 

Until definitive Notes are ready for delivery, the Issuer may execute, and upon Issuer Order, the Trustee will authenticate and make available
for delivery, temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without unreasonable delay, the Issuer will prepare and

  
 51 

 
execute, and upon Issuer Order, the Trustee will authenticate and make available for delivery, definitive Notes. After the preparation of definitive Notes, the temporary Notes will be
exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency maintained by the Issuer pursuant to Section 2.3 for that purpose and such exchange shall be without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Notes, the Issuer will execute, and upon Issuer Order, the Trustee will authenticate and make available for delivery in exchange therefor, one or more definitive Notes representing an equal principal amount
of Notes. Until so exchanged, the Holder of temporary Notes shall in all respects be entitled to the same benefits under this Indenture as a Holder of definitive Notes. 

Section 2.12 Cancellation. 

The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar, the Paying Agent and the Transfer Agent shall
forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel and dispose of cancelled Notes in accordance with its policy of disposal or upon written request of
the Issuer, return to the Issuer all Notes surrendered for registration of transfer, exchange, payment or cancellation. The Issuer may not issue new Notes to replace Notes it has paid or delivered to the Trustee for cancellation for any reason
other than in connection with a registration of transfer or exchange upon Issuer Order. 
 Section 2.13 Defaulted Interest. 

When any installment of interest becomes overdue (a “Defaulted Interest”), such installment shall forthwith cease to be payable to
the Holders in whose names the Notes were registered on the Record Date applicable to such installment of interest. Defaulted Interest (including any interest on such Defaulted Interest) shall be paid by the Issuer, at its election, as provided in
clause (a) or clause (b) below. 
 (a) The Issuer may elect to make payment of any Defaulted Interest (including any interest payable on
such Defaulted Interest) to the Holders in whose names the Notes are registered at the close of business on a special record date for the payment of such Defaulted Interest (a “Special Record Date”), which shall be fixed in the
following manner. The Issuer shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an amount of money equal to
the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the
benefit of the Holders entitled to such Defaulted Interest as provided in this Section 2.13(a). Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest, which shall be not more than fifteen (15)
calendar days and not less than ten (10) calendar days prior to the date of the proposed payment and not less than ten (10) calendar days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify
the Issuer of such Special Record Date and, in the name and at the expense of the Issuer, shall 

  
 52 

 
cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be sent, first-class mail, postage prepaid, to each Holder at such Holder’s address as
it appears in the Note Register, not less than ten (10) calendar days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted
Interest shall be paid to the Holders in whose names the Notes are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to clause (b) below; or 

(b) The Issuer may make payment of any Defaulted Interest (including any interest on such Defaulted Interest) in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Issuer to the Trustee of the proposed payment pursuant to this
Section 2.13(b), such manner of payment shall be deemed practicable by the Trustee. The Trustee shall in the name and at the expense of the Issuer cause prompt notice of the proposed payment and the date thereof to be sent, first-class mail,
postage prepaid, to each Holder at such Holder’s address as it appears in the Note Register. 
 Section 2.14 Additional Notes.

 (a) The Issuer may, from time to time, subject to compliance with any other applicable provisions of this Indenture, without the consent
of the Holders, create and issue pursuant to this Indenture additional notes (“Additional Notes”) that shall have terms and conditions identical to those of the other Outstanding Notes, except with respect to: 

 

	 	(i)	the Issue Date; 

  

	 	(ii)	the amount of interest payable on the first Interest Payment Date therefor; 

  

	 	(iii)	the issue price; and 

  

	 	(iv)	any adjustments necessary in order to conform to and ensure compliance with the Securities Act (or other applicable securities laws) and any agreement applicable to such Additional Notes, which are not adverse in any
material respect to the Holder of any Outstanding Notes (other than such Additional Notes). 

 The Issue Date Notes and any Additional Notes
shall be treated as a single series for all purposes under this Indenture; provided that such Additional Notes are either (i) part of the same “issue” as the Issue Date Notes for U.S. federal income tax purposes, (ii) issued
pursuant to a “qualified reopening” for U.S. federal income tax purposes, or (iii) issued with a different CUSIP or other similar numbers than the Issue Date Notes to the extent required to comply with securities or tax law requirements,
including to permit delegending pursuant to Section 2.9(h). 

  
 53 

 (b) With respect to any Additional Notes, the Issuer will set forth in an Officer’s
Certificate of the Issuer (the “Additional Note Certificate”), copies of which will be delivered to the Trustee, the following information: 
  

	 	(i)	the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; 

  

	 	(ii)	the Issue Date and the issue price of such Additional Notes; and 

  

	 	(iii)	whether such Additional Notes will be subject to transfer restrictions under the Securities Act (or other applicable securities laws). 

ARTICLE III 
 COVENANTS 

Section 3.1 Payment of Notes. 

(a) The Issuer shall pay the principal of and interest (including Defaulted Interest) on the Notes in U.S. Legal Tender on the dates and in
the manner provided in the Notes and in this Indenture. Prior to 10:00 a.m. New York City time, on the Business Day prior to each Interest Payment Date and the Maturity Date, the Issuer shall deposit with the Paying Agent in immediately available
funds U.S. Legal Tender sufficient to make cash payments due on such Interest Payment Date or Maturity Date, as the case may be. If the Issuer or an Affiliate of the Issuer is acting as Paying Agent, the Issuer or such Affiliate shall, prior to
10:00 a.m. New York City time on the Business Day prior to each Interest Payment Date and the Maturity Date, segregate and hold in trust U.S. Legal Tender, sufficient to make cash payments due on such Interest Payment Date or Maturity Date, as
the case may be. Principal and interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent (other than the Issuer or an Affiliate of the Issuer) holds in accordance with this Indenture U.S. Legal Tender
designated for and sufficient to pay all principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture. 

(b) Notwithstanding anything to the contrary contained in this Indenture, the Issuer may, to the extent it is required to do so by law, deduct
or withhold income or other similar taxes imposed by the United States of America from principal or interest. 
 (c) In order to comply with
applicable tax laws (inclusive of rules, regulations and interpretations promulgated by competent authorities) related to the Indenture in effect from time to time (“Applicable Tax Law”) that a foreign financial institution, issuer,
trustee, paying agent or other party is or has agreed to be subject to, the Issuer agrees (i) to provide to the Trustee and the Paying Agent sufficient information about the parties and/or transactions (including any modification to the terms of
such transactions) so the Trustee and the Paying Agent can determine whether it has tax 

  
 54 

 
related obligations under Applicable Tax Law, (ii) that the Trustee and the Paying Agent shall be entitled to make any withholding or deduction from payments to the extent necessary to comply
with Applicable Tax Law for which the Trustee and the Paying Agent shall not have any liability and (iii) to hold harmless the Trustee and the Paying Agent for any losses it may suffer due to the actions it takes to comply with Applicable Tax Law.
The terms of this section shall survive the termination of this Indenture. 
 (d) The Issuer hereby instructs the Trustee to establish an
“Issue Date Note Account” for reception of the interest and principal payments for the Issue Date Notes. 
 Section 3.2
Maintenance of Office or Agency. 
 (a) The Issuer shall maintain each office or agency required under Section 2.3. The
Issuer will give prompt written notice to the Trustee of any change in the location of any such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Issuer hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices
and demands. 
 (b) The Issuer may also from time to time designate one or more other offices or agencies (in or outside of the City of New
York) where the Notes may be presented or surrendered for registration of transfer or for exchange and may from time to time rescind any such designation; provided, however, that no such designation or rescission shall in any manner relieve
the Issuer of its obligation to maintain an office or agency in the City of New York for such purposes. The Issuer will give prompt written notice to the Trustee of any such designation or rescission and any change in the location of any such
other office or agency. 
 Section 3.3 Corporate Existence. Subject to Article IV, the Issuer will do or cause to be done
all things necessary to preserve and keep in full force and effect its corporate existence. 
 Section 3.4 Payment of Taxes and Other
Claims. The Issuer will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (i) all taxes, assessments and governmental charges levied or imposed upon the Issuer or any Restricted Subsidiary or
for which it or any of them are otherwise liable, or upon the income, profits or property of the Issuer or any Restricted Subsidiary and (ii) all lawful claims for labor, materials and supplies, which, if unpaid, might by law become a liability
or Lien upon the property of the Issuer or any Restricted Subsidiary; provided, however, that the Issuer shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount,
applicability or validity is being contested in good faith by appropriate proceedings and for which appropriate reserves, if necessary (in the good faith judgment of the Issuer), are being maintained in accordance with GAAP or where the failure to
effect such payment will not be disadvantageous to the Holders. 
 Section 3.5 Compliance Certificate. The Issuer and each Note
Guarantor shall deliver to the Trustee within 105 days after the end of each fiscal year of the Issuer (which fiscal year ends on 

  
 55 

 
December 31 of each year, subject to any change in fiscal year following the Issue Date) an Officer’s Certificate stating that in the course of the performance by the signers of their
duties as Officers of the Issuer or such Note Guarantor, as the case may be, they would normally have knowledge of any Default or Event of Default and whether or not the signers know of any Default or Event of Default that occurred during the
previous fiscal year. If they do, the certificate shall describe the Default or Event of Default, its status and what action the Issuer or such Note Guarantor is taking or proposes to take with respect thereto. 

Section 3.6 Further Instruments and Acts. 

(a) The Issuer and each Note Guarantor will execute and deliver such further instruments and do such further acts as may be reasonably
necessary or proper or as the Trustee may reasonably request to carry out more effectively the purpose of this Indenture. 
 (b) The Issuer
and the Note Guarantors shall take, and shall cause their Subsidiaries party thereto to take, any and all actions required under the Intercreditor Agreement and the Security Documents to cause the Intercreditor Agreement and the Security Documents
to create and maintain, as security for the Obligations of the Issuer and the Note Guarantors hereunder, a valid and enforceable perfected security interest on all the Collateral, in favor of the Security Agent for the equal and ratable benefit of
the Holders of the Notes, and the other Permitted Secured Obligations, first in priority to any and all security interests at any time granted upon the Collateral, subject in all respects to Liens imposed by law and Liens for judgments, taxes,
assessments or governmental charges. 
 Section 3.7 Waiver of Stay, Extension or Usury Laws. The Issuer and each Note Guarantor
covenant (to the fullest extent permitted by applicable law) that they will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would
prohibit or forgive the Issuer or such Note Guarantor from paying all or any portion of the principal of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or
the performance of this Indenture. The Issuer and each Note Guarantor hereby expressly waives (to the fullest extent permitted by applicable law) all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede
the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 3.8 Change of Control. 

(a) Upon the occurrence of a Change of Control, each Holder will have the right to require that the Issuer purchase all or a portion (in
integral multiples of U.S.$1,000) of the Holder’s Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest thereon through the date of purchase (the “Change of Control Payment”).

 (b) Within 30 days following the date upon which the Change of Control occurred, the Issuer must send, by first-class mail, a notice to
each Holder, with a copy to the Trustee, offering to 

  
 56 

 
purchase the Notes as described above (a “Change of Control Offer”). The Change of Control Offer shall state, among other things, the purchase date, which must be no earlier than
30 days nor later than 60 days from the date the notice is mailed, other than as may be required by law (the “Change of Control Payment Date”). 

(c) On the Change of Control Payment Date, the Issuer will, to the extent lawful: 

 

	 	(i)	accept for payment all Notes or portions thereof properly tendered and not withdrawn pursuant to the Change of Control Offer; 

  

	 	(ii)	deposit with the Paying Agent funds in an amount equal to the Change of Control Payment in respect of all Notes or portions thereof so tendered; and 

 

	 	(iii)	deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Issuer.

 (d) If only a portion of a Note is purchased pursuant to a Change of Control Offer, a new Note in a principal amount equal
to the portion thereof not purchased will be issued in the name of the Holder thereof upon cancellation of the original Note (or appropriate adjustments to the amount and beneficial interests in a Global Note will be made, as appropriate);
provided, that each new Note shall be in a minimum principal amount of U.S.$200,000 and in integral multiples of U.S.$1,000 in excess thereof. Notes (or portions thereof) purchased pursuant to a Change of Control Offer will be cancelled
and cannot be reissued. 
 (e) The Issuer will not be required to make a Change of Control Offer upon a Change of Control if: 

 

	 	(i)	a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer and
purchases all Notes properly tendered and not withdrawn under the Change of Control Offer, or 

  

	 	(ii)	notice of redemption has been given pursuant to this Indenture as described under Section 5.4 unless and until there is a default in payment of the applicable redemption price. 

(f) The Issuer will comply with the requirements of Rule 14e-1 under the Exchange Act and any other applicable securities laws and regulations
in connection with the purchase of Notes in connection with a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the “Change of Control” provisions of this Indenture, the Issuer
will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Indenture by doing so. 

  
 57 

 Section 3.9 Limitation on Incurrence of Additional Indebtedness. 

(a) The Issuer will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness,
including Acquired Indebtedness, except that the Issuer and/or any of the Note Guarantors may Incur Indebtedness, including Acquired Indebtedness, if, at the time of and immediately after giving pro forma effect to the Incurrence thereof and
the application of the proceeds therefrom, the Consolidated Fixed Charge Coverage Ratio of the Issuer is greater than or equal to 2.0 to 1.0. 

(b) Notwithstanding clause (a) above, the Issuer and/or any of its Restricted Subsidiaries, as applicable, may Incur the following
Indebtedness (“Permitted Indebtedness”): 
  

	 	(i)	Indebtedness consisting of the Notes, excluding Additional Notes; 

  

	 	(ii)	Guarantees by (A) any Note Guarantor of Indebtedness of the Issuer or another Note Guarantor permitted under this Indenture and (B) the Issuer of Indebtedness of any Note Guarantor; provided, that if any
such Guarantee is of Subordinated Indebtedness, then the obligations of the Issuer under the Notes and this Indenture or the Note Guarantee of such Note Guarantor, as applicable, will be senior to the Guarantee of such Subordinated Indebtedness;

  

	 	(iii)	Indebtedness of the Issuer and/or any of its Restricted Subsidiaries outstanding on the Issue Date (excluding Indebtedness permitted under clauses (v), (vi), (vii) or (x) of this definition of Permitted
Indebtedness); 

  

	 	(iv)	Hedging Obligations, Compensation Related Hedging Obligations and any Guarantees thereof and any reimbursement obligations with respect to letters of credit related thereto, in each case entered into by the Issuer
and/or any of its Restricted Subsidiaries; provided, that upon the drawing of such letters of credit, such obligations are reimbursed within 30 days following such drawing; 

 

	 	(v)	intercompany Indebtedness between the Issuer and any Restricted Subsidiary or between any Restricted Subsidiaries; provided, that in the event that at any time any such Indebtedness ceases to be held by the
Issuer or a Restricted Subsidiary, such Indebtedness shall be deemed to be Incurred and not permitted by this clause (v) at the time such event occurs; 

  
 58 

	 	(vi)	Indebtedness of the Issuer and/or any of its Restricted Subsidiaries arising from (A) the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against
insufficient funds in the ordinary course of business; provided, that such Indebtedness is extinguished within five Business Days of Incurrence; or (B) any cash pooling or other cash management agreements in place with a bank or financial
institution but only to the extent of offsetting credit balances of the Issuer and/or its Restricted Subsidiaries pursuant to such cash pooling or other cash management agreement; 

 

	 	(vii)	Indebtedness of the Issuer and/or any of its Restricted Subsidiaries represented by (A) endorsements of negotiable instruments in the ordinary course of business (excluding an aval), (B) documentary credits
(including all forms of letter of credit), performance bonds or guarantees, advance payments, bank guarantees, bankers’ acceptances, surety or appeal bonds or similar instruments for the account of, or guaranteeing performance by, the Issuer
and/or any Restricted Subsidiary in the ordinary course of business, (C) reimbursement obligations with respect to letters of credit in the ordinary course of business, (D) reimbursement obligations with respect to letters of credit and
performance Guarantees in the ordinary course of business to the extent required pursuant to the terms of any Investment made pursuant to clause (12) of the definition of “Permitted Investment” and (E) other Guarantees by the Issuer
and/or any Restricted Subsidiary in favor of a bank or financial institution in respect of obligations of that bank or financial institution to a third party in an amount not to exceed U.S.$500 million at any one time outstanding; provided,
that in the case of clauses (B), (C) and (D), upon the drawing of such letters of credit or the Incurrence of such Indebtedness, such obligations are reimbursed within 30 days following such drawing or Incurrence; 

 

	 	(viii)	Refinancing Indebtedness in respect of: 

  

	 	(A)	Indebtedness (other than Indebtedness owed to the Issuer or any Subsidiary of the Issuer) Incurred pursuant to clause (a) above (it being understood that no Indebtedness outstanding on the Issue Date is Incurred
pursuant to such clause (a) above), or 

  

	 	(B)	Indebtedness Incurred pursuant to clause (i), (ii) or (iii) above or this clause (viii); 

  

	 	(ix)	 Capitalized Lease Obligations, Sale and Leaseback Transactions, export credit facilities with a maturity of at
least one year and Purchase Money 

  
 59 

	 	
Indebtedness of, including Guarantees of any of the foregoing by, the Issuer and/or any Restricted Subsidiary, in an aggregate principal amount at any one time outstanding not to exceed
U.S.$1 billion; 

  

	 	(x)	Indebtedness arising from agreements entered into by the Issuer and/or a Restricted Subsidiary providing for bona fide indemnification, adjustment of purchase price or similar obligations not for financing purposes, in
each case, Incurred or assumed in connection with the acquisition or disposition of any business, assets or Capital Stock of a Restricted Subsidiary (including minority interests); provided, that in the case of a disposition, the maximum
aggregate liability in respect of such Indebtedness shall at no time exceed the gross proceeds actually received by the Issuer and its Restricted Subsidiaries in connection with such disposition; 

 

	 	(xi)	Indebtedness of the Issuer and/or any of its Restricted Subsidiaries in an aggregate amount not to exceed U.S.$1 billion at any one time outstanding; provided, that no more than U.S.$250 million of such
Indebtedness at any one time outstanding (excluding any Indebtedness under a Permitted Liquidity Facility) may be Incurred by Restricted Subsidiaries that are not Note Guarantors, which amount shall be increased by the corresponding amount of other
Indebtedness of Restricted Subsidiaries other than the Note Guarantors outstanding on the Issue Date and subsequently repaid from time to time but in any event not to exceed U.S.$500 million at any one time outstanding; provided, further,
however, that (A) the Issuer and/or any of its Restricted Subsidiaries may Incur Indebtedness under a Permitted Liquidity Facility and (B) in the event that the Issuer and/or any of its Restricted Subsidiaries shall have Incurred Indebtedness
under a Permitted Liquidity Facility that increases the amount outstanding at such time pursuant to this clause (xi) in excess of U.S.$ 1 billion, then up to U.S.$1.2 billion may be Incurred pursuant to this clause (xi) at any one time outstanding;

  

	 	(xii)	(A) Indebtedness of the Issuer and/or any of its Restricted Subsidiaries in respect of factoring arrangements or Inventory Financing arrangements or (B) other Indebtedness of the Issuer and/or any of its Restricted
Subsidiaries with a maturity of 12 months or less for working capital purposes, not to exceed in the aggregate at any one time (calculated as of the end of the most recent fiscal quarter for which consolidated financial information of the Issuer is
available) the greater of: 

  

	 	(1)	The sum of: 

  

	 	(x)	20% of the net book value of the inventory of the Issuer and its Restricted Subsidiaries and 

  

	 	(y)	20% of the net book value of the accounts receivable of the Issuer and its Restricted Subsidiaries (excluding accounts receivable pledged to secure Indebtedness or subject to a Qualified Receivables Transaction),

  
 60 

 less, in each case, the amount of any permanent repayments or reductions of commitments in
respect of such Indebtedness made with the Net Cash Proceeds of an Asset Sale in order to comply with Section 3.12; or 
  

	 	(2)	U.S.$350 million; 

  

	 	(xiii)	[Reserved]; 

  

	 	(xiv)	Indebtedness of the Issuer and/or any of its Restricted Subsidiaries for taxes levied, assessments due and other governmental charges required to be paid as a matter of law or regulation in the ordinary course of
business; provided, that such Indebtedness shall be permitted to be Incurred only at such time that the Credit Agreement (or any refinancing thereof) shall contain an exception to allow the Incurrence of Indebtedness to pay taxes;

  

	 	(xv)	[Reserved]; 

  

	 	(xvi)	Indebtedness of the Issuer and/or any of its Restricted Subsidiaries Incurred and/or issued to refinance Qualified Receivables Transactions in existence on the Issue Date; 

 

	 	(xvii)	Acquired Indebtedness in an aggregate amount at any one time outstanding under this clause (xvii) not to exceed U.S.$100 million; and 

 

	 	(xviii)	(A) any Indebtedness that constitutes an Investment that the Issuer and/or any of its Restricted Subsidiaries is contractually committed to Incur as of the Issue Date in any Person (other than a Subsidiary) in which the
Issuer or any of its Restricted Subsidiaries maintains an Investment in equity securities; and (B) Guarantees up to U.S.$100 million in any calendar year by the Issuer and/or any Restricted Subsidiary of Indebtedness of any Person in which the
Issuer or any of its Restricted Subsidiaries maintains an equity Investment minus any Investment other than such guarantees in such Person during such calendar year pursuant to clause (17)(b) of the definition of “Permitted Investments.”

  
 61 

 (c) Notwithstanding anything to the contrary contained in this Section 3.9, 

 

	 	(i)	The Issuer shall not, and shall not permit any Note Guarantor to, Incur any Permitted Indebtedness pursuant to Section 3.9(b) if the proceeds thereof are used, directly or indirectly, to Refinance any
Subordinated Indebtedness unless such Indebtedness shall be subordinated to the Notes or the applicable Note Guarantee, as the case may be, to at least the same extent as such Subordinated Indebtedness. 

 

	 	(ii)	For purposes of determining compliance with, and the outstanding principal amount of, any particular Indebtedness Incurred pursuant to and in compliance with this Section 3.9, the amount of Indebtedness issued at
a price that is less than the principal amount thereof will be equal to the amount of the liability in respect thereof determined in accordance with GAAP. Accrual of interest, the accretion or amortization of original issue discount, the
payment of regularly scheduled interest in the form of additional Indebtedness of the same instrument or the payment of regularly scheduled dividends on Disqualified Capital Stock in the form of additional Disqualified Capital Stock with the same
terms will not be deemed to be an Incurrence of Indebtedness for purposes of this Section 3.9. For purposes of determining compliance with this Section 3.9, mark-to-market fluctuations of hedging obligations or derivatives
outstanding on the Issue Date shall not constitute Incurrence of Indebtedness. 

  

	 	(iii)	For purposes of determining compliance with this Section 3.9, the principal amount of Indebtedness denominated in foreign currency shall be calculated based on the relevant currency exchange rate in effect on the
date such Indebtedness was Incurred, in the case of term Indebtedness, or first committed, in the case of revolving credit Indebtedness; provided, that if such Indebtedness is Incurred to refinance other Indebtedness denominated in foreign
currency, and such refinancing would cause the applicable restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such restriction shall be deemed not to have been exceeded so long
as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. Notwithstanding any other provision of this Section 3.9, the maximum amount of Indebtedness Incurred to
refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Refinancing Indebtedness is denominated that
is in effect on the date of such refinancing. 

  
 62 

	 	(iv)	For purposes of determining compliance with this Section 3.9: 

  

	 	(A)	in the event that an item of Indebtedness meets the criteria of more than one of the types of Indebtedness described above, including, without limitation, in Section 3.9(a), the Issuer, in its sole discretion,
will classify such item of Indebtedness at the time of Incurrence and only be required to include the amount and type of such Indebtedness in one of the above clauses and may later reclassify all or a portion of such item of Indebtedness as having
been Incurred pursuant to any other clause to the extent such Indebtedness could be Incurred pursuant to such clause at the time of such reclassification; and 

  

	 	(B)	the Issuer will be entitled to divide and classify an item of Indebtedness in more than one of the types of Indebtedness described above, including, without limitation, Section 3.9(a). 

Section 3.10 [Reserved]. 

Section 3.11 Limitation on Restricted Payments. 

(a) The Issuer will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, take any of the following
actions (each, a “Restricted Payment”): 
  

	 	(i)	declare or pay any dividend or return of capital or make any distribution on or in respect of shares of Capital Stock of the Issuer or any Restricted Subsidiary to holders of such Capital Stock, other than:

  

	 	(A)	dividends, distributions or returns on capital payable in Qualified Capital Stock of the Issuer, 

  

	 	(B)	dividends, distributions or returns on capital payable to the Issuer and/or a Restricted Subsidiary, 

  

	 	(C)	dividends, distributions or returns of capital made on a pro rata basis to the Issuer and its Restricted Subsidiaries, on the one hand, and minority holders of Capital Stock of a Restricted Subsidiary, on the
other hand (or on less than a pro rata basis to any minority holder); 

  

	 	(ii)	purchase, redeem or otherwise acquire or retire for value: 

  

	 	(A)	any Capital Stock of the Issuer, or 

  

	 	(B)	any Capital Stock of any Restricted Subsidiary held by an Affiliate of the Issuer or any Preferred Stock of a Restricted Subsidiary, except for: 

 

	 	(1)	Capital Stock held by the Issuer or a Restricted Subsidiary, or 

  

	 	(2)	purchases, redemptions, acquisitions or retirements for value of Capital Stock on a pro rata basis from the Issuer and/or any Restricted Subsidiaries, on the one hand, and minority holders of Capital Stock of a
Restricted Subsidiary, on the other hand, according to their respective percentage ownership of the Capital Stock of such Restricted Subsidiary; 

  
 63 

	 	(iii)	make any principal payment on, purchase, defease, redeem, prepay, decrease or otherwise acquire or retire for value, prior to any scheduled final maturity, scheduled repayment or scheduled sinking fund payment, as the
case may be, any Subordinated Indebtedness (excluding any intercompany indebtedness); or 

  

	 	(iv)	make any Investment (other than Permitted Investments); 

 if at the time of the Restricted Payment immediately
after giving effect thereto: 
  

	 	(A)	a Default or an Event of Default shall have occurred and be continuing; 

  

	 	(B)	the Issuer is not able to Incur at least U.S.$1.00 of additional Indebtedness pursuant to Section 3.9(a); or 

  

	 	(C)	the aggregate amount (the amount expended for these purposes, if other than in cash, being the Fair Market Value of the relevant property at the time of the making thereof) of the proposed Restricted Payment and all
other Restricted Payments made subsequent to the Issue Date up to the date thereof, less any Investment Return calculated as of the date thereof, shall exceed the sum of: 

 

	 	(1)	50% of cumulative Consolidated Net Income of the Issuer or, if cumulative Consolidated Net Income of the Issuer is a loss, minus (i) 100% of the loss, accrued during the period, treated as one accounting period,
beginning on the first full fiscal quarter after the Issue Date to the end of the most recent fiscal quarter for which consolidated financial information of the Issuer is available and (ii) the amount of cash benefits to the Issuer or a
Restricted Subsidiary that is netted against Investments in Similar Businesses pursuant to clause (12) of the definition of “Permitted Investments”; plus 

  
 64 

	 	(2)	100% of the aggregate net cash proceeds received by the Issuer from any Person from any: 

  

	 	(x)	contribution to the equity capital of the Issuer (not representing an interest in Disqualified Capital Stock) or issuance and sale of Qualified Capital Stock of the Issuer, in each case, subsequent to the Issue Date, or

  

	 	(y)	issuance and sale subsequent to the Issue Date (and, in the case of Indebtedness of a Restricted Subsidiary, at such time as it was a Restricted Subsidiary) of any Indebtedness for borrowed money of the Issuer or any
Restricted Subsidiary that has been converted into or exchanged for Qualified Capital Stock of the Issuer, 

 excluding, in
each case, any net cash proceeds: 
  

	 	(aa)	received from a Subsidiary of the Issuer; 

  

	 	(bb)	used to redeem Notes under Article V; 

  

	 	(cc)	used to acquire Capital Stock or other assets from an Affiliate of the Issuer; or 

  

	 	(dd)	applied in accordance with clause (ii)(B) or (iii)(A) of Section 3.11(b) below. 

(b) Notwithstanding Section 3.11(a), this Section 3.11 does not prohibit: 

 

	 	(i)	the payment of any dividend within 60 days after the date of declaration of such dividend if the dividend would have been permitted on the date of declaration pursuant to Section 3.11(a); 

 

	 	(ii)	if no Default or Event of Default shall have occurred and be continuing, the acquisition of any shares of Capital Stock of the Issuer, 

 

	 	(A)	in exchange for Qualified Capital Stock of the Issuer, or 

  

	 	(B)	through the application of the net cash proceeds received by the Issuer from a substantially concurrent sale of Qualified Capital Stock of the Issuer or a contribution to the equity capital of the Issuer not
representing an interest in Disqualified Capital Stock, in each case not received from a Subsidiary of the Issuer; 

  
 65 

 provided, that the value of any such Qualified Capital Stock issued in exchange for such
acquired Capital Stock and any such net cash proceeds shall be excluded from Section 3.11(a)(iv)(C)(2) (and were not included therein at any time); 
  

	 	(iii)	if no Default or Event of Default shall have occurred and be continuing, the voluntary prepayment, purchase, defeasance, redemption or other acquisition or retirement for value of any Subordinated Indebtedness:

  

	 	(A)	solely in exchange for, or through the application of net cash proceeds of a substantially concurrent sale, other than to a Subsidiary of the Issuer, of Qualified Capital Stock of the Issuer, or 

 

	 	(B)	solely in exchange for Refinancing Indebtedness for such Subordinated Indebtedness, 

provided, that the value of any Qualified Capital Stock issued in exchange for Subordinated Indebtedness and any net cash proceeds
referred to above shall be excluded from Section 3.11(a)(iv)(C)(2) (and were not included therein at any time); 
  

	 	(iv)	repurchases by the Issuer of Common Stock of the Issuer or options, warrants or other securities exercisable or convertible into Common Stock of the Issuer from employees or directors of the Issuer or any of its
Subsidiaries or their authorized representatives upon the death, disability or termination of employment or directorship of the employees or directors, in an amount not to exceed U.S.$5 million in any calendar year and any repurchases other than in
connection with compensation of Common Stock of the Issuer pursuant to binding written agreements in effect on the Issue Date; 

  

	 	(v)	payments of dividends on Disqualified Capital Stock issued pursuant to the covenant described under Section 3.9; provided, however, that such dividends shall be excluded in the calculation of the amount of
Restricted Payments; 

  

	 	(vi)	non-cash repurchases of Capital Stock deemed to occur upon exercise of stock options, warrants or other similar rights if such Capital Stock represents a portion of the exercise price of such options, warrants or other
similar rights; 

  
 66 

	 	(vii)	cash payments in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Capital Stock of the Issuer; 

 

	 	(viii)	purchases of any Subordinated Indebtedness of the Issuer (A) at a purchase price not greater than 101% of the principal amount thereof (together with accrued and unpaid interest) in the event of the occurrence of a
Change of Control or (B) at a purchase price not greater than 100% of the principal amount thereof (together with accrued and unpaid interest) in the event of an Asset Sale in accordance with provisions similar to those set forth under
Section 3.12; provided, however, that prior to such purchase of any such Subordinated Indebtedness, the Issuer has made the Change of Control Offer or Asset Sale Offer as provided under Section 3.8 or Section 3.12,
respectively, and has purchased all Notes validly tendered and not properly withdrawn pursuant thereto; 

  

	 	(ix)	recapitalization of earnings on or in respect of the Qualified Capital Stock of the Issuer pursuant to which additional Qualified Capital Stock of the Issuer or the right to subscribe for additional Capital Stock of the
Issuer is issued to the existing shareholders of the Issuer on a pro rata basis (which, for the avoidance of doubt, shall not allow any payment in cash to be made in respect of Qualified Capital Stock of the Issuer pursuant to this clause
(ix)); and 

  

	 	(x)	so long as (A) no Default or Event of Default shall have occurred and be continuing (or result therefrom) and (B) the Issuer could Incur at least U.S.$1.00 of additional Debt pursuant to Section 3.9(a),
payment of any dividends on Capital Stock (other than Disqualified Capital Stock) of the Issuer in an aggregate amount which, when taken together with all dividends paid pursuant to this clause (x), does not exceed U.S.$50 million in any
calendar year; provided, that such dividends shall be included in the calculation of the amount of Restricted Payments. 

  

	 	(xi)	[Reserved] 

 In determining the aggregate amount of Restricted Payments made subsequent
to the Issue Date, amounts expended pursuant to clauses (i) (without duplication for the declaration of the relevant dividend), (iv), (viii) and (x) above shall be included in such calculation and amounts expended pursuant to clauses (ii),
(iii), (v), (vi), (vii) and (ix) above shall not be included in such calculation. 

  
 67 

 Section 3.12 Limitation on Asset Sales. 

(a) The Issuer will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 

 

	 	(i)	the Issuer or the applicable Restricted Subsidiary, as the case may be, receives consideration at the time of the Asset Sale at least equal to the Fair Market Value (to be determined as of the date on which such sale is
contracted) of the assets sold or otherwise disposed of, and 

  

	 	(ii)	other than in respect of Permitted Asset Swap Transactions, at least 80% of the consideration received for the assets sold by the Issuer or the Restricted Subsidiary, as the case may be, in the Asset Sale shall be in
the form of cash or Cash Equivalents received at the time of such Asset Sale; provided, however, for the purposes of this clause (ii), the following are also deemed to be cash or Cash Equivalents: 

 

	 	(A)	the assumption of Indebtedness (other than Subordinated Indebtedness) of the Issuer or any Restricted Subsidiary and the release of the Issuer or such Restricted Subsidiary from all liability on such Indebtedness in
connection with such Asset Sale; 

  

	 	(B)	any securities, notes or obligation received by the Issuer or any Restricted Subsidiary from the transferee that are, within 180 days after the Asset Sale, converted by the Issuer or such Restricted Subsidiary into
cash, to the extent of cash received in that conversion; 

  

	 	(C)	Capital Stock of a Person who is or who, after giving effect to such Asset Sale, becomes, a Restricted Subsidiary; and 

  

	 	(D)	any Designated Non-cash Consideration received by the Issuer or such Restricted Subsidiary in connection with such Asset Sale having an aggregate Fair Market Value which, when taken together with the Fair Market Value
of all other Designated Non-cash Consideration received pursuant to this clause (D) since the Issue Date, does not exceed the sum of (1) 3.0% of Consolidated Tangible Assets of the Issuer calculated as of the end of the most recent fiscal quarter
for which consolidated financial information is available (with the Fair Market Value of each item of Designated Non-cash Consideration being measured as of the date it was received and without giving effect to subsequent changes in value of any
such item of Designated Non-cash Consideration) and (2) the amount of cash or Cash Equivalents received in connection with a subsequent sale of such Designated Non-cash Consideration. 

  
 68 

 (b) The Issuer or any Restricted Subsidiary may apply the Net Cash Proceeds of any such Asset
Sale within 365 days thereof to: 
  

	 	(i)	repay any Senior Indebtedness for borrowed money or constituting a Capitalized Lease Obligation and permanently reduce the commitments with respect thereto, or 

 

	 	(ii)	purchase: 

  

	 	(A)	assets (except for current assets as determined in accordance with GAAP or Capital Stock) to be used by the Issuer or any Restricted Subsidiary in a Permitted Business, or 

 

	 	(B)	substantially all of the assets of a Permitted Business or Capital Stock of a Person engaged in a Permitted Business that will become, upon purchase, a Restricted Subsidiary from a Person other than the Issuer and its
Restricted Subsidiaries. 

 (c) To the extent all or a portion of the Net Cash Proceeds of any Asset Sale are not applied
within the 365 days of the Asset Sale as described in clause (i) or (ii) of Section 3.12(b), the Issuer will make an offer to purchase Notes (the “Asset Sale Offer”), at a purchase price equal to 100% of the principal
amount of the Notes to be purchased, plus accrued and unpaid interest thereon, to the date of purchase (the “Asset Sale Offer Amount”). The Issuer will purchase pursuant to an Asset Sale Offer from all tendering Holders on a pro
rata basis, and, at the Issuer’s option, on a pro rata basis with the holders of any other Senior Indebtedness with similar provisions requiring the Issuer to offer to purchase the other Senior Indebtedness with the proceeds of Asset
Sales, that principal amount (or accreted value in the case of Indebtedness issued with original issue discount) of Notes and the other Senior Indebtedness to be purchased equal to such unapplied Net Cash Proceeds. The Issuer may satisfy its
obligations under this Section 3.12 with respect to the Net Cash Proceeds of an Asset Sale by making an Asset Sale Offer prior to the expiration of the relevant 365-day period. 

(d) Pending the final application of any Net Cash Proceeds pursuant to this Section 3.12, the holder of such Net Cash Proceeds may
apply such Net Cash Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise invest such Net Cash Proceeds in any manner not prohibited by this Indenture. 

(e) The purchase of Notes pursuant to an Asset Sale Offer shall occur not less than 20 Business Days following the date thereof, or any longer
period as may be required by law, nor more than 45 days following the 365th day following the Asset Sale. The Issuer may, however, defer an Asset Sale Offer until there is an aggregate amount of unapplied Net Cash Proceeds from one or more Asset
Sales equal to or in excess of U.S.$100 million. At that time, the entire amount of unapplied Net Cash Proceeds, and not just the amount in excess of U.S.$100 million, shall be applied as required pursuant to this Section 3.12. 

  
 69 

 (f) Each Asset Sale Offer Notice shall be mailed first class, postage prepaid, to the record
Holders as shown on the Note Register within 20 days following such 365th day (or such earlier date as the Issuer shall have elected to make such Asset Sale Offer), with a copy to the Trustee offering to purchase the Notes as described above. Each
notice of an Asset Sale Offer shall state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days from the date the notice is mailed, other than as may be required by law (the “Asset Sale Offer
Payment Date”). Upon receiving notice of an Asset Sale Offer, Holders may elect to tender their Notes in whole or in part, in minimum denominations of U.S.$200,000 and in any integral multiples of U.S.$1,000 in excess thereof in exchange
for cash. 
 (g) On the Asset Sale Offer Payment Date, the Issuer shall, to the extent lawful: 

 

	 	(i)	accept for payment all Notes or portions thereof properly tendered pursuant to the Asset Sale Offer; 

  

	 	(ii)	deposit with the Paying Agent funds in an amount equal to the Asset Sale Offer Amount in respect of all Notes or portions thereof so tendered; and 

 

	 	(iii)	deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Issuer.

 (h) To the extent Holders of Notes and holders of other Senior Indebtedness, if any, which are the subject of an Asset Sale
Offer properly tender and do not withdraw Notes or the other Senior Indebtedness in an aggregate amount exceeding the amount of unapplied Net Cash Proceeds, the Issuer shall purchase the Notes and the other Senior Indebtedness on a pro rata
basis (based on amounts tendered). If only a portion of a Note is purchased pursuant to an Asset Sale Offer, a new Note in a principal amount equal to the portion thereof not purchased shall be issued in the name of the holder thereof upon
cancellation of the original Note (or appropriate adjustments to the amount and beneficial interests in a global note shall be made, as appropriate). Notes (or portions thereof) purchased pursuant to an Asset Sale Offer shall be cancelled and
cannot be reissued. 
 (i) The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other applicable
securities laws in connection with the purchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any applicable securities laws or regulations conflict with this Section 3.12, the Issuer shall comply with these
laws and regulations and shall not be deemed to have breached its obligations under the “Asset Sale” provisions of this Indenture by doing so. 

(j) Upon completion of an Asset Sale Offer, the amount of Net Cash Proceeds shall be reset at zero. Accordingly, to the extent that the
aggregate amount of Notes and other Indebtedness tendered pursuant to an Asset Sale Offer is less than the aggregate amount of unapplied Net Cash Proceeds, the Issuer may use any remaining Net Cash Proceeds for general corporate purposes of the
Issuer and its Restricted Subsidiaries. 

  
 70 

 (k) In the event of the transfer of substantially all (but not all) of the property and assets of
the Issuer and its Restricted Subsidiaries as an entirety to a Person in a transaction permitted under Article IV, the Successor Issuer shall be deemed to have sold the properties and assets of the Issuer and its Restricted Subsidiaries not
so transferred for purposes of this Section 3.12, and shall comply with the provisions of this Section 3.12 with respect to the deemed sale as if it were an Asset Sale. In addition, the Fair Market Value of properties and assets
of the Issuer or its Restricted Subsidiaries so deemed to be sold shall be deemed to be Net Cash Proceeds for purposes of this Section 3.12. 

(l) If at any time any non-cash consideration received by the Issuer or any Restricted Subsidiary, as the case may be, in connection with any
Asset Sale, is converted into or sold or otherwise disposed of for cash (other than interest received with respect to any non-cash consideration), the conversion or disposition shall be deemed to constitute an Asset Sale hereunder and the Net Cash
Proceeds thereof shall be applied in accordance with this Section 3.12 within 365 days of conversion or disposition. 
 Section 3.13
Limitation on the Ownership of Capital Stock of Restricted Subsidiaries. The Issuer shall not permit any Person other than the Issuer or another Restricted Subsidiary to, directly or indirectly, own or control any Capital Stock of any
Restricted Subsidiary, except for: 
  

	 	(i)	Capital Stock owned by such Person on the Issue Date; 

  

	 	(ii)	directors’ qualifying shares; 

  

	 	(iii)	the sale or Disposition of 100% of the shares of the Capital Stock of any Restricted Subsidiary held by the Issuer and its Restricted Subsidiaries to any Person other than the Issuer or another Restricted Subsidiary
effected in accordance with, as applicable, Section 3.12 and Article IV; 

  

	 	(iv)	in the case of a Restricted Subsidiary other than a Restricted Subsidiary that is a Wholly Owned Subsidiary, 

  

	 	(A)	the issuance by that Restricted Subsidiary of Capital Stock on a pro rata basis to the Issuer and its Restricted Subsidiaries, on the one hand, and minority holders of Capital Stock of such Restricted Subsidiary,
on the other hand (or on less than a pro rata basis to any minority holder); or 

  

	 	(B)	sales, transfers and other dispositions of Capital Stock in a Restricted Subsidiary to the extent required by, or made pursuant to, buy/sell, put/call or similar shareholder arrangements set forth in binding agreements
in effect on the Issue Date; and 

  
 71 

	 	(v)	the sale of Capital Stock of a Restricted Subsidiary by the Issuer or another Restricted Subsidiary or the sale or issuance by a Restricted Subsidiary of its newly-issued Capital Stock if such sale or issuance is made
in compliance with Section 3.12 and either: 

  

	 	(A)	such Restricted Subsidiary is no longer a Subsidiary, and the continuing Investment of the Issuer and its Restricted Subsidiaries in such former Restricted Subsidiary is in compliance with Section 3.11, or

  

	 	(B)	such Restricted Subsidiary continues to be a Restricted Subsidiary. 

 Section 3.14
Limitation on Designation of Unrestricted Subsidiaries. 
 (a) The Issuer may designate after the Issue Date any Subsidiary of the
Issuer other than a Note Guarantor as an Unrestricted Subsidiary under this Indenture (a “Designation”) only if: 
  

	 	(i)	no Default or Event of Default shall have occurred and be continuing at the time of or after giving effect to such Designation and any transactions between the Issuer or any of its Restricted Subsidiaries and such
Unrestricted Subsidiary are in compliance with Section 3.18; 

  

	 	(ii)	at the time of and after giving effect to such Designation, the Issuer could Incur U.S.$1.00 of additional Indebtedness pursuant to Section 3.9(a); 

 

	 	(iii)	the Issuer would be permitted to make an Investment at the time of Designation (assuming the effectiveness of such Designation and treating such Designation as an Investment at the time of Designation) as a Restricted
Payment pursuant to Section 3.11(a) in an amount (the “Designation Amount”) equal to the amount of the Issuer’s Investment in such Subsidiary on such date; and 

 

	 	(iv)	the terms of any Affiliate Transaction existing on the date of such Designation between the Subsidiary being designated (and its Subsidiaries) and the Issuer or any Restricted Subsidiary would be permitted under
Section 3.18 if entered into immediately following such Designation. 

 (b) Neither the Issuer nor any Restricted
Subsidiary shall at any time: 
  

	 	(i)	provide credit support for, subject any of its property or assets (other than the Capital Stock of any Unrestricted Subsidiary) to the satisfaction of, or Guarantee, any Indebtedness of any Unrestricted Subsidiary
(including any undertaking, agreement or instrument evidencing such Indebtedness); 

  
 72 

	 	(ii)	be directly or indirectly liable for any Indebtedness of any Unrestricted Subsidiary; or 

  

	 	(iii)	be directly or indirectly liable for any Indebtedness which provides that the Holder thereof may (upon notice, lapse of time or both) declare a default thereon or cause the payment thereof to be accelerated or payable
prior to its final scheduled maturity upon the occurrence of a default with respect to any Indebtedness of any Unrestricted Subsidiary. 

(c) The Issuer may revoke any Designation of a Subsidiary as an Unrestricted Subsidiary (a “Revocation”) only if: 

 

	 	(i)	no Default or Event of Default shall have occurred and be continuing at the time of and after giving effect to such Revocation; and 

  

	 	(ii)	all Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately following such Revocation, if Incurred at such time, would have been permitted to be Incurred for all purposes of this Indenture.

 (d) The Designation of a Subsidiary of the Issuer as an Unrestricted Subsidiary shall be deemed to include the Designation
of all of the Subsidiaries of such Subsidiary as Unrestricted Subsidiaries. All Designations and Revocations must be evidenced by an Officer’s Certificate of the Issuer, delivered to the Trustee certifying compliance with the preceding
provisions. 
 Section 3.15 Limitation on Dividends and Other Payment Restrictions Affecting Restricted Subsidiaries. 

(a) Except as provided in clause (b) below, the Issuer shall not, and shall not cause or permit any of its Restricted Subsidiaries to,
directly or indirectly, create or otherwise cause or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 

 

	 	(i)	pay dividends or make any other distributions on or in respect of its Capital Stock to the Issuer or any other Restricted Subsidiary or pay any Indebtedness owed to the Issuer or any other Restricted Subsidiary;

  

	 	(ii)	make loans or advances to, or make any Investment in, the Issuer or any other Restricted Subsidiary; or 

  

	 	(iii)	transfer any of its property or assets to the Issuer or any other Restricted Subsidiary. 

  
 73 

 (b) Section 3.15(a) shall not apply to encumbrances or restrictions existing under or by
reason of: 
  

	 	(i)	applicable law, rule, regulation or order; 

  

	 	(ii)	this Indenture; 

  

	 	(iii)	any encumbrance or restriction pursuant to an agreement in effect at or entered into on the Issue Date, and any amendments, restatements, renewals, replacements or refinancings thereof; provided, that any
amendment, restatement, renewal, replacement or refinancing is not materially more restrictive with respect to such encumbrances or restrictions than those in existence on the Issue Date as determined in good faith by the Issuer’s senior
management; 

  

	 	(iv)	customary non-assignment provisions of any contract and customary provisions restricting assignment or subletting in any lease governing a leasehold interest of any Restricted Subsidiary, or any customary restriction on
the ability of a Restricted Subsidiary to dividend, distribute or otherwise transfer any asset which secures Indebtedness secured by a Lien, in each case permitted to be Incurred under this Indenture; 

 

	 	(v)	any instrument governing Acquired Indebtedness not Incurred in connection with, or in anticipation or contemplation of, the relevant acquisition, merger or consolidation, which encumbrance or restriction is not
applicable to any Person, or the properties or assets of any Person, other than the Person or the properties or assets of the Person so acquired; 

  

	 	(vi)	restrictions with respect to a Restricted Subsidiary of the Issuer imposed pursuant to a binding agreement which has been entered into for the sale or disposition of Capital Stock or assets of such Restricted
Subsidiary; provided, that such restrictions apply solely to the Capital Stock or assets of such Restricted Subsidiary being sold (and in the case of Capital Stock, its Subsidiaries); 

 

	 	(vii)	customary restrictions imposed on the transfer of copyrighted or patented materials; 

  

	 	(viii)	an agreement governing Indebtedness Incurred to Refinance the Indebtedness issued, assumed or Incurred pursuant to an agreement referred to in clause (iii) or (v) of this Section 3.15(b); provided,
that such Refinancing agreement is not materially more restrictive with respect to such encumbrances or restrictions than those contained in the agreement referred to in such clause (iii) or (v) as determined in good faith by the Issuer’s
senior management; 

  
 74 

	 	(ix)	Liens permitted to be Incurred pursuant to the provisions of the covenant described under Section 3.17 that limit the right of any person to transfer the assets subject to such Liens; 

 

	 	(x)	Purchase Money Indebtedness for property acquired in the ordinary course of business and Capitalized Lease Obligations that impose restrictions of the nature discussed in clause (iii) of Section 3.15(a) above on
the property so acquired; 

  

	 	(xi)	restrictions on cash or other deposits imposed by customers under contracts or other arrangements entered into or agreed to in the ordinary course of business not materially more restrictive than those existing on the
Issue Date as determined in good faith by the Issuer’s senior management; 

  

	 	(xii)	customary provisions in joint venture agreements relating to dividends or other distributions in respect of such joint venture or the securities, assets or revenues of such joint venture; 

 

	 	(xiii)	restrictions in Indebtedness Incurred by a Restricted Subsidiary in compliance with the covenant described under Section 3.9; provided, that such restrictions (A) are not materially more restrictive
with respect to such encumbrances and restrictions than those such Restricted Subsidiary was subject to in agreements related to obligations referenced in clause (iii) above as determined in good faith by the Issuer’s senior management or
(B) constitute financial covenants or similar restrictions that limit the ability to pay dividends or make distributions upon the occurrence or continuance of a default or event of default or that would result in a default or event of default
under such Indebtedness upon the declaration or payment of dividends or other distributions; and 

  

	 	(xiv)	net worth provisions in leases entered into by the Issuer or any Restricted Subsidiary in the ordinary course of business not materially more restrictive than those existing on the Issue Date as determined in good faith
by the Issuer’s senior management. 

 Section 3.16 Limitation on Layered Indebtedness. The Issuer shall not,
and shall not permit any Note Guarantor to, directly or indirectly, Incur any Indebtedness that is subordinate in right of payment to any other Indebtedness, unless such Indebtedness is expressly subordinate in right of payment to the Notes or, in
the case of a Note Guarantor, its Note Guarantee, to the same extent, on the same terms and for so long (except as a result of the provisions of the Intercreditor Agreement applicable to Credit Agreement Indebtedness and any refinancing thereof) as
such Indebtedness is subordinate to such other Indebtedness. 

  
 75 

 Section 3.17 Limitation on Liens. The Issuer shall not, and shall not cause or permit
any of its Restricted Subsidiaries to, directly or indirectly, incur, grant, assume or suffer to exist any Liens of any kind (except for Permitted Liens) (a) against or upon any of their respective properties or assets, whether owned on the
Issue Date or acquired after the Issue Date, or any proceeds therefrom, to secure any Indebtedness or trade payables or (b) deemed to exist in respect of Capitalized Lease Obligations (including any Capitalized Lease Obligations in respect of
Sale and Leaseback Transactions), in each case, unless contemporaneously therewith effective provision is made: 
  

	 	(i)	in the case of the Issuer or any Restricted Subsidiary that is not a Note Guarantor, to secure the Notes and all other amounts due under this Indenture; and 

 

	 	(ii)	in the case of a Note Guarantor, to secure such Note Guarantor’s Note Guarantee of the Notes and all other amounts due under this Indenture, 

in each case, equally and ratably with such Indebtedness or other obligation (or, in the event that such Indebtedness is subordinated in right of payment to
the Notes or such Note Guarantee, as the case may be, prior to such Indebtedness or other obligation) with a Lien on the same properties and assets securing such Indebtedness or other obligation for so long as such Indebtedness or other obligation
is secured by such Lien. 
 Section 3.18 Limitation on Transactions with Affiliates. 

(a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into any transaction or
series of related transactions (including, without limitation, the purchase, sale, lease or exchange of any property or the rendering of any service) with, or for the benefit of, any Affiliate of the Issuer (each an “Affiliate
Transaction”), unless the terms of such Affiliate Transaction are no less favorable than those that could reasonably be expected to be obtained in a comparable transaction at such time on an arm’s-length basis from a Person that is not
an Affiliate of the Issuer; 
 (b) The provisions of Section 3.18(a) above shall not apply to: 

 

	 	(i)	Affiliate Transactions with or among the Issuer and any Restricted Subsidiary or between or among Restricted Subsidiaries; 

  

	 	(ii)	reasonable fees and compensation paid to, and any indemnity provided on behalf of, officers, directors, employees, consultants or agents of the Issuer or any Restricted Subsidiary as determined in good faith by the
Issuer’s Board of Directors or, to the extent consistent with past practice, senior management; 

  
 76 

	 	(iii)	Affiliate Transactions undertaken pursuant to any contractual obligations or rights in existence on the Issue Date (as in effect on the Issue Date with modifications, extensions and replacements thereof not materially
adverse to the Issuer and its Restricted Subsidiaries) as determined in good faith by the Issuer’s senior management; 

  

	 	(iv)	any Restricted Payments in compliance with Section 3.11; 

  

	 	(v)	payments and issuances of Qualified Capital Stock to any officers, directors and employees of the Issuer or any Restricted Subsidiary pursuant to any management equity plan or stock option plan or any other stock
subscription or shareholder agreement, and any employment agreements, stock option plans or other compensatory arrangements (and any successor plans thereto) and any supplemental executive retirement benefit plans or arrangements with any such
officers, directors or employees that are, in each case, approved in good faith by the Board of Directors or, to the extent consistent with past practice, senior management of the Issuer; 

 

	 	(vi)	loans and advances to officers, directors and employees of the Issuer or any Restricted Subsidiary for travel, entertainment, moving and other relocation expenses, in each case made in the ordinary course of business in
amounts consistent with the past practice of the Issuer or such Restricted Subsidiary; and 

  

	 	(vii)	loans made by the Issuer or any Restricted Subsidiary to employees or directors in an aggregate amount not to exceed U.S.$15 million (or its equivalent in another currency) at any time outstanding. 

Section 3.19 Conduct of Business. The Issuer and its Restricted Subsidiaries shall not engage in any business other than a
Permitted Business. 
 Section 3.20 Reports to Holders. 

(a) Notwithstanding that the Issuer may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, so long
as any Notes remain outstanding, the Issuer shall: 
  

	 	(i)	provide the Trustee and the Holders with: 

  

	 	(A)	annual reports on Form 20-F (or any successor form) containing the information required to be contained therein (or such successor form) within the time period required under the rules of the Commission for the
filing of Form 20-F (or any successor form) by “foreign private issuers” (as defined in Rule 3b-4 of the Exchange Act (or any successor rule)); 

  
 77 

	 	(B)	reports on Form 6-K (or any successor form) including, whether or not required, unaudited quarterly financial statements (which shall include at least a balance sheet, income statement and cash flow statement)
including a discussion of financial condition and results of operations of the Issuer in accordance with past practice, within 45 days after the end of each of the first three fiscal quarters of each fiscal year; 

 

	 	(C)	such other reports on Form 6-K (or any successor form) promptly from time to time after the occurrence of an event that would be required to be reported on a Form 6-K (or any successor form); and

  

	 	(ii)	file with the Commission, to the extent permitted, the information, documents and reports referred to in clause (i) within the periods specified for such filings under the Exchange Act (whether or not applicable to
the Issuer). 

 (b) In addition, at any time when the Issuer is not subject to or is not current in its reporting obligations
under clause (ii) of Section 3.20(a), the Issuer shall make available, upon request, to any Holder and any prospective purchaser of Notes the information required pursuant to Rule 144A(d)(4) under the Securities Act. 

(c) Notwithstanding anything in this Indenture to the contrary, the Issuer shall not be deemed to have failed to comply with any of its
obligations hereunder for purposes of clause (iv) of Section 6.1(a) or for any other purpose hereunder until 75 days after the date any report hereunder is due. 

(d) Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of
such reports shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officer’s Certificates). 
 Section 3.21 Payment of Additional Amounts. 

(a) All payments made by the Issuer or the Note Guarantors under, or with respect to, the Notes shall be made free and clear of, and without
withholding or deduction for or on account of 

  
 78 

 
any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) (collectively,
“Taxes”) imposed or levied by or on behalf of the United States, Mexico, Spain, the Netherlands, France, the United Kingdom, Switzerland or, in the event that the Issuer appoints additional paying agents, by the jurisdictions of
such additional paying agents (a “Taxing Jurisdiction”), unless the Issuer or such Note Guarantor, as the case may be, is required to withhold or deduct Taxes by law or by the official interpretation or administration thereof. 

(b) If the Issuer or any Note Guarantor is so required to withhold or deduct any amount for, or on account of, such Taxes from any payment
made under or with respect to the Notes, the Issuer or such Note Guarantor, as the case may be, shall pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amount received by each Holder (including
Additional Amounts) after such withholding or deduction shall not be less than the amount such Holder would have received if such Taxes had not been required to be withheld or deducted; provided, however, that the foregoing obligation to pay
Additional Amounts does not apply to: 
  

	 	(i)	any Taxes imposed solely because at any time there is or was a connection between the Holder and a Taxing Jurisdiction (other than the mere purchase of the Notes, or receipt of a payment or the ownership or holding of
the Notes), 

  

	 	(ii)	any estate, inheritance, gift, sales, transfer, personal property or similar Tax imposed with respect to the Notes, 

  

	 	(iii)	any Taxes imposed solely because the Holder or any other person fails to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with a
Taxing Jurisdiction of the Holder or any beneficial owner of the Note if compliance is required by the applicable law of the Taxing Jurisdiction as a precondition to exemption from, or reduction in the rate of, the tax, assessment or other
governmental charge, and the Issuer has given the Holders at least 30 days’ notice that Holders shall be required to provide such information and identification, 

 

	 	(iv)	any Taxes payable otherwise than by deduction or withholding from payments on the Notes, 

  

	 	(v)	any Taxes imposed on a payment to or for the benefit of an individual pursuant to European Council Directive 2003/48/EC (as amended from time to time) or any law implementing or complying with, or introduced in order to
conform to, such Directive, 

  

	 	(vi)	any Taxes that would have been avoided by presenting for payment (where presentation is required) the relevant Note to another Paying Agent, 

  
 79 

	 	(vii)	any Taxes with respect to such Note presented for payment more than 30 days after the date on which the payment became due and payable or the date on which payment thereof is duly provided for and notice thereof given
to Holders, whichever occurs later, except to the extent that the Holders of such Note would have been entitled to such Additional Amounts on presenting such Note for payment on any date during such 30 day period, or 

 

	 	(viii)	any payment on the Note to a Holder that is a fiduciary or partnership or a person other than the sole beneficial owner of any such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a
member of such a partnership or the beneficial owner of the payment would not have been entitled to the Additional Amounts had the beneficiary, settlor, member or beneficial owner been the Holder of the Note. 

(c) The obligations in Section 3.21(a) and Section 3.21(b) shall survive any termination or discharge of this Indenture and
shall apply mutatis mutandis to any Taxing Jurisdiction with respect to any successor to the Issuer or any Note Guarantor, as the case may be. The Issuer or such Note Guarantor, as applicable, shall (i) make such withholding or deduction
and (ii) remit the full amount deducted or withheld to the relevant Taxing Jurisdiction in accordance with applicable law. The Issuer or such Note Guarantor, as applicable, shall use all reasonable efforts to obtain certified copies of tax
receipts evidencing the payment of any Taxes so deducted or withheld from each Taxing Jurisdiction imposing such Taxes and shall furnish such certified copies to the Trustee within 30 days after the date the payment of any Taxes so deducted or so
withheld is due pursuant to applicable law or, if such tax receipts are not reasonably available to the Issuer or such Note Guarantor, as applicable, furnish such other documentation that provides reasonable evidence of such payment by the Issuer or
such Note Guarantor, as applicable. 
 (d) The exception to the Issuer’s obligations to pay Additional Amounts pursuant to clause (iii)
of Section 3.21(b) will not apply if (i) the provision of information, documentation or other evidence described in such clause would be materially more onerous, in form, in procedure or in the substance of information disclosed, to a Holder
or beneficial owner of a Note than comparable information or other reporting requirements imposed under U.S. tax law, regulation (including proposed regulations) and administrative practice, or (ii) Article 166, Section II, paragraph (a), of the
Mexican Income Tax Law (Ley del Impuesto Sobre la Renta) (or a substitute or equivalent provision) is in effect, unless (A) the provision of the information, documentation or other evidence described in clause (iii) of Section 3.21(b) is
expressly required by the applicable Mexican laws and regulations in order to apply Article 166, Section II, paragraph (a), of the Mexican Income Tax Law (or substitute or equivalent provision), (B) the Issuer or any Note Guarantor cannot
obtain the information, documentation or other evidence necessary to comply with the applicable Mexican laws and regulations on its own through reasonable diligence and (C) the Issuer or any Note Guarantor would not otherwise meet the requirements
for application of the applicable Mexican laws and regulations. 

  
 80 

 (e) Clause (iii) of Section 3.21(b) does not require, and shall not be construed to
require, that any holder, including any non-Mexican pension fund, retirement fund, tax-exempt organization or financial institution, register with the Tax Management Service (Servicio de Administración Tributaria) or the Mexican
Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público) to establish eligibility for an exemption from, or a reduction of, Mexican withholding taxes. 

(f) Any reference in this Indenture, any supplemental indenture or the Notes to principal, premium, interest or any other amount payable in
respect of the Notes by the Issuer shall be deemed also to refer to any Additional Amount that may be payable with respect to that amount under the obligations referred to in this subsection. Payment of any Additional Amounts with respect to
interest shall be considered as an interest payment under, or with respect to, the Notes. 
 (g) The Issuer will ensure that it maintains a
paying agent, in a European Union Member State, that will not be obliged to withhold or deduct tax pursuant to European Council Directive 2003/48/EC (as amended from time to time) or any law implementing or complying with, or introduced in order to
conform to, such Directive. 
 (h) In the event that Additional Amounts actually paid with respect to the Notes pursuant to this Section
3.21 are based on rates of deduction or withholding of withholding taxes in excess of the appropriate rate applicable to the Holder of such Notes, and as a result thereof such Holder is entitled to make a claim for a refund or credit of such
excess from the authority imposing such withholding tax, then such Holder shall, by accepting such Notes, and without any further action, be deemed to have assigned and transferred all right, title and interest to any such claim for a refund or
credit of such excess to the Issuer. However, by making such assignment, the Holder makes no representation or warranty that the Issuer shall be entitled to receive such claim for a refund or credit and incurs no other obligation with respect
thereto. 
 Section 3.22 Suspension of Covenants. 

(a) During any period of time that the Notes do not have Investment Grade Ratings from two of the Rating Agencies and (i) the Consolidated
Leverage Ratio of the Issuer is less than 3.5:1 and (ii) no Default or Event of Default has occurred and is continuing (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Partial
Covenant Suspension Event”), the Issuer and its Restricted Subsidiaries shall not be subject to the provisions of this Indenture described under Sections 3.12, 3.13, 3.14(b), 3.15, 3.18, 3.19 and
4.1(a)(ii) (collectively, the “Partial Suspended Covenants”). 
 (b) During any period of time that (i) the
Notes have Investment Grade Ratings from two of the Rating Agencies and (ii) no Default or Event of Default has occurred and is continuing (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively
referred to as a “Covenant Suspension Event”), the Issuer and its Restricted Subsidiaries shall not be subject to the provisions of this Indenture described under Sections 3.9, 3.11, 3.12,
3.13, 3.14(b), 3.15, 3.16, 3.18, 3.19 and 4.1(a)(ii) (collectively, the “Suspended Covenants”). 

  
 81 

 (c) In addition, (x) no Subsidiary that is a Restricted Subsidiary on the date of the occurrence
of a Partial Covenant Suspension Event (the “Partial Covenant Suspension Date”) or a Covenant Suspension Event (the “Suspension Date”) may be redesignated as an Unrestricted Subsidiary during the Partial Suspension
Period or the Suspension Period, as applicable and (y) each Additional Note Guarantor shall be released from its obligation to guarantee the Notes on the date of a Partial Covenant Suspension Event or a Covenant Suspension Event, as the case may be.

 (d) The Additional Note Guarantors shall be released from their obligation to guarantee the Notes upon the occurrence of a Partial
Covenant Suspension Event or a Covenant Suspension Event; provided, that upon the occurrence of a Partial Covenant Reversion Date or a Reversion Date, as applicable, the guarantee of the Notes by the Additional Note Guarantors shall be
reinstated in accordance with and subject to the conditions in Section 3.22(e). 
 (e) In the event that the Issuer and its
Restricted Subsidiaries are not subject to the Partial Suspended Covenants or the Suspended Covenants, as the case may be, for any period of time as a result of the foregoing, and on any subsequent date (in the case of Partial Suspended Covenants,
such subsequent date being the “Partial Covenant Reversion Date” and, in the case of Suspended Covenants, such subsequent date being the “Reversion Date”) (i) the Consolidated Leverage Ratio of the Issuer is not
less than 3.5:1 during the applicable Partial Suspension Period or (ii) the Notes do not have Investment Grade Ratings from at least two of the Rating Agencies during the applicable Suspension Period, then in each case in clauses (i) and (ii), the
Issuer and its Restricted Subsidiaries will thereafter again be subject to the Partial Suspended Covenants or the Suspended Covenants, as applicable, and the Notes will again be guaranteed by the Additional Note Guarantors (unless, solely with
respect to any Additional Note Guarantor, the conditions for release as described under Section 10.2 are otherwise satisfied during the Partial Suspension Period or the Suspension Period, as applicable). The Issuer shall cause such
Additional Note Guarantor to promptly execute and deliver to the Trustee a supplemental indenture hereto in form and substance reasonably satisfactory to the Trustee in accordance with the provisions of Article IX, evidencing that such
Additional Note Guarantor’s guarantee on substantially the terms set forth in Article X. The period of time between the Partial Covenant Suspension Date and the Partial Covenant Reversion Date is referred to as the “Partial
Suspension Period” and the period of time between the Suspension Date and the Reversion Date is referred to as the “Suspension Period.” Notwithstanding that the Partial Suspended Covenants, the Suspended Covenants and the
guarantees by the Additional Note Guarantors may be reinstated, no Default or Event of Default will be deemed to have occurred as a result of a failure to comply with the Partial Suspended Covenants during the Partial Suspension Period or the
Suspended Covenants during the Suspension Period, as the case may be (or upon termination of the applicable Partial Suspension Period or the Suspension Period or after that time based solely on events that occurred during the applicable Partial
Suspension Period or the Suspension Period, as the case may be). 

  
 82 

 (f) On the Reversion Date, all Indebtedness Incurred during the Suspension Period shall be
classified to have been Incurred pursuant to Section 3.9(a) or Section 3.9(b) (to the extent such Indebtedness would be permitted to be Incurred thereunder as of the Reversion Date and after giving effect to Indebtedness Incurred prior
to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness would not be so permitted to be Incurred pursuant to Section 3.9(a) or 3.9(b), such Indebtedness shall be deemed to have been
outstanding on the Issue Date, so that it is classified as permitted under clause (iii) of Section 3.9(b). Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under
Section 3.11 shall be made as though Section 3.11 had been in effect since the Issue Date and throughout the Suspension Period. The Issuer will give the Trustee written notice of any occurrence of a Reversion Date not later
than five (5) Business Days after such Reversion Date. After any such notice of the occurrence of a Reversion Date, the Trustee shall assume the Suspended Covenants apply and are in full force and effect. Accordingly, Restricted Payments made
during the Suspension Period will reduce the amount available to be made as Restricted Payments under Section 3.11(a). 
 (g) The
Issuer will give the Trustee written notice of any Partial Covenant Suspension Event or any Covenant Suspension Event and in any case no later than five (5) Business Days after such Partial Covenant Suspension Event or Covenant Suspension Event has
occurred. In the absence of such notice, the Trustee shall assume that the Partial Suspended Covenants or the Suspended Covenants, as applicable, apply and are in full force and effect. 

(h) For purposes of this Section 3.22 only, “Consolidated Leverage Ratio” and all associated definitions shall have the
meaning set forth in Exhibit E hereto. 
 ARTICLE IV 

SUCCESSOR ISSUER     

Section 4.1 Merger, Consolidation and Sale of Assets. 

(a) The Issuer shall not, in a single transaction or series of related transactions, consolidate or merge with or into any Person (whether or
not the Issuer is the surviving or continuing Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Issuer’s properties and assets (determined on a consolidated basis for the Issuer and its
Restricted Subsidiaries), to any Person unless: 
  

	 	(i)	either: 

  

	 	(A)	the Issuer shall be the surviving or continuing corporation, or 

  

	 	(B)	 the Person (if other than the Issuer) formed by such consolidation or into which the Issuer is merged or the
Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition the 

  
 83 

	 	
properties and assets of the Issuer (determined on a consolidated basis for the Issuer and its Restricted Subsidiaries) substantially as an entirety (the “Successor Issuer”):

  

	 	(1)	shall be a Person organized and validly existing under the laws of Mexico, the United States of America, any State thereof or the District of Columbia, Canada, France, Belgium, Germany, Italy, Luxembourg, the
Netherlands, Portugal, Spain, Switzerland or the United Kingdom, or any political subdivision thereof (the “Permitted Merger Jurisdictions”); and 

 

	 	(2)	shall expressly assume, by a supplemental indenture (in form and substance satisfactory to the Trustee), executed and delivered to the Trustee, the due and punctual payment of the principal of, and premium, if any, and
interest on all of the Notes and the performance and observance of every covenant of the Notes and this Indenture on the part of the Issuer to be performed or observed and provide the Trustee with an Officer’s Certificate and Opinion of
Counsel, and such transaction is otherwise in compliance with this Indenture; 

  

	 	(ii)	immediately after giving effect to such transaction and the assumption contemplated by clause (i)(B)(2) of this Section 4.1(a) (including giving effect on a pro forma basis to any Indebtedness, including any
Acquired Indebtedness, Incurred or anticipated to be Incurred or discharged in connection with or in respect of such transaction), the Issuer or such Successor Issuer, as the case may be: 

 

	 	(A)	shall have a Consolidated Fixed Charge Coverage Ratio that shall be not less than the Consolidated Fixed Charge Coverage Ratio of the Issuer immediately prior to such transaction; or 

 

	 	(B)	shall be able to Incur at least U.S.$1.00 of additional Indebtedness pursuant to Section 3.9(a); 

  

	 	(iii)	immediately before and immediately after giving effect to such transaction and the assumption contemplated by clause (i)(B)(2) of this Section 4.1(a) (including, without limitation, giving effect on a pro
forma basis to any Indebtedness, including any Acquired Indebtedness, Incurred or anticipated to be Incurred or discharged and any Lien granted in connection with or in respect of the transaction), no Default or Event of Default shall have occurred
or be continuing; 

  
 84 

	 	(iv)	in the case of a transaction resulting in a Successor Issuer, each Note Guarantor has confirmed by supplemental indenture that its Note Guarantee shall apply for Obligations of the Successor Issuer in respect of this
Indenture and the Notes; and 

  

	 	(v)	if the Issuer merges with a Person, or the Successor Issuer is, organized under the laws of any of the Permitted Merger Jurisdictions, the Issuer or the Successor Issuer shall have delivered to the Trustee an Opinion of
Counsel stating that, as applicable: 

  

	 	(A)	the Holders of the Notes shall not recognize income, gain or loss for the purposes of the income tax laws of the United States or the applicable Permitted Merger Jurisdiction as a result of the transaction and shall be
taxed in the Holder’s home jurisdiction in the same manner and on the same amounts (assuming solely for this purpose that no Additional Amounts are required to be paid on the Notes) and at the same times as would have been the case if the
transaction had not occurred; 

  

	 	(B)	any payment of interest or principal under or relating to the Notes or any Guarantees shall be paid in compliance with any requirements under Section 3.21; and 

 

	 	(C)	no other taxes on income, including capital gains, shall be payable by Holders of the Notes under the laws of the United States or the applicable Permitted Merger Jurisdiction relating to the acquisition, ownership or
disposition of the Notes, including the receipt of interest or principal thereon; provided, that the Holder does not use or hold, and is not deemed to use or hold the Notes in carrying on a business in the United States or the applicable
Permitted Merger Jurisdiction. 

 The provisions of clauses (ii) and (iii) of this Section 4.1(a) will not apply to:

  

	 	(x)	any transfer of the properties or assets of a Restricted Subsidiary to the Issuer; 

  

	 	(y)	any merger of a Restricted Subsidiary into the Issuer; or 

  

	 	(z)	any merger of the Issuer into a Note Guarantor or a Wholly Owned Subsidiary of the Issuer. 

For purposes of this Section 4.1, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of
transactions) of all or substantially all of the properties or assets of one or more Restricted Subsidiaries of the Issuer, the Capital Stock of which constitutes all or substantially all 

  
 85 

 
of the properties and assets of the Issuer (determined on a consolidated basis for the Issuer and its Restricted Subsidiaries), shall be deemed to be the transfer of all or substantially all of
the properties and assets of the Issuer. 
 The Successor Issuer will succeed to, and be substituted for, such Issuer under this Indenture
and the Notes, as applicable. For the avoidance of doubt, compliance with this Section 4.1 will not affect the obligations of the Issuer (including a Successor Issuer, if applicable) under Section 3.8 if applicable. 

(b) Each Note Guarantor shall not, and the Issuer shall not cause or permit any such Note Guarantor to, consolidate with or merge into, or
sell or dispose of all or substantially all of its assets to, any Person (other than the Issuer) that is not a Note Guarantor unless: 
  

	 	(i)	such Person (if such Person is the surviving entity) (the “Successor Note Guarantor”) assumes all of the obligations of such Note Guarantor in respect of its Note Guarantee by executing a supplemental
indenture and providing the Trustee with an Officer’s Certificate and Opinion of Counsel, and such transaction is otherwise in compliance with this Indenture; 

 

	 	(ii)	such Note Guarantee is to be released as provided under Section 10.2(b); or 

  

	 	(iii)	such sale or other disposition of substantially all of such Note Guarantor’s assets is made in accordance with Section 3.12. 

Subject to certain limitations described in this Indenture, the Successor Note Guarantor will succeed to, and be substituted for, such Note
Guarantor under this Indenture and such Note Guarantor’s Note Guarantee. The provisions of clauses (i), (ii) and (iii) of this Section 4.1(b) will not apply to: 
  

	 	(x)	any transfer of the properties or assets of a Note Guarantor to the Issuer or another Note Guarantor; 

  

	 	(y)	any merger of a Note Guarantor into the Issuer or another Note Guarantor; or 

  

	 	(z)	any merger of a Note Guarantor into a Wholly Owned Subsidiary of the Issuer. 

  
 86 

 ARTICLE V 

OPTIONAL REDEMPTION OF NOTES     

Section 5.1 Optional Redemption. The Issuer may redeem the Notes, at its option, in whole at any time or in part from time to
time, subject to the conditions and at the redemption prices specified in the Form of Note in Exhibit A hereto. 

Section 5.2 [Reserved]. 

Section 5.3 Notices to Trustee. If the Issuer elects to redeem the Notes pursuant to the optional redemption provisions of
Section 5.1 hereof, it shall furnish to the Trustee, at least 45 days but not more than 60 days before the Redemption Date, an Officer’s Certificate setting forth: (a) the Redemption Date, (b) the principal amount of Notes
to be redeemed, (c) the CUSIP numbers of the Notes, (d) the redemption price and (e) the amount of interest to be paid with respect to each multiple of U.S.$1,000 principal amount of Notes to be redeemed. 

Section 5.4 Notice of Redemption. 

(a) The Issuer shall prepare and mail or cause to be mailed a notice of redemption, in the manner provided for in Section 12.1,
not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Notes to be redeemed. 
 (b) All notices of
redemption shall state: 
  

	 	(i)	the Redemption Date, 

  

	 	(ii)	the redemption price and the amount of any accrued interest payable as provided in Section 5.7, 

  

	 	(iii)	whether or not the Issuer is redeeming all Outstanding Notes, 

  

	 	(iv)	if the Issuer is not redeeming all Outstanding Notes, the aggregate principal amount of Notes that the Issuer is redeeming and the aggregate principal amount of Notes that will be Outstanding after the partial
redemption, as well as the identification of the particular Notes, or portions of the particular Notes, that the Issuer is redeeming, 

  

	 	(v)	if the Issuer is redeeming only part of a Note, the notice that relates to that Note shall state that on and after the Redemption Date, upon surrender of that Note, the Holder will receive, without charge, a new Note or
Notes of authorized denominations for the principal amount of the Note remaining unredeemed, 

  
 87 

	 	(vi)	that on the Redemption Date the redemption price and any accrued interest payable to the Redemption Date as provided in Section 5.7 will become due and payable in respect of each Note, or the portion of each
Note, to be redeemed, and, unless the Issuer defaults in making the redemption payment, that interest on each Note, or the portion of each Note, to be redeemed, will cease to accrue on and after the Redemption Date, 

 

	 	(vii)	the place or places where a Holder must surrender Notes for payment of the redemption price and any accrued interest payable on the Redemption Date, and 

 

	 	(viii)	the CUSIP number, if any, listed in the notice or printed on the Notes, and that no representation is made as to the accuracy or correctness of such CUSIP number. 

(c) At the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s names and at its expense; provided,
however, that the Issuer shall have delivered to the Trustee, at least 45 days prior to the Redemption Date, an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as
provided in the preceding Section 5.4(b). 
 Section 5.5 Selection of Notes to Be Redeemed in Part. 

(a) If the Issuer is not redeeming all Outstanding Notes, the Trustee shall select the Notes to be redeemed in compliance with the
requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not then listed on a national securities exchange, on a pro rata basis, by lot or by any other method as the Trustee shall deem
fair and appropriate; provided, however, that if a partial redemption is made with the proceeds of an Equity Offering, selection of the Notes, or portions of the Notes, for redemption shall be made by the Trustee only on a pro rata basis, or on as
nearly a pro rata basis as is practicable (subject to the procedures of DTC), unless the method is otherwise prohibited. The Trustee shall make the selection from the then Outstanding Notes not previously called for redemption. The Trustee shall
promptly notify the Issuer in writing of the Notes selected for redemption and, in the case of any Notes selected for partial redemption, the principal amount of the Notes to be redeemed. In the event of a partial redemption by lot, the Trustee
shall select the particular Notes to be redeemed not less than 30 nor more than 60 days prior to the relevant Redemption Date from the then Outstanding Notes not previously called-for redemption. No Notes of U.S.$200,000 principal amount or
less shall be redeemed in part. The Trustee may select for redemption portions with minimum denominations of U.S.$200,000 and in integral multiples of U.S.$1,000 in excess thereof. 

(b) For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to redemption of Notes shall relate, in
the case of any Note redeemed or to be redeemed only in part, to the portion of the principal amount of that Note which has been or is to be redeemed. 

  
 88 

 Section 5.6 Deposit of Redemption Price. On or prior to 10 :00 a.m. New York City
time, on the Business Day prior to the Redemption Date, the Issuer shall deposit with the Trustee or with a Paying Agent (or, if the Issuer or a Note Guarantor is acting as the Paying Agent, segregate and hold in trust as provided in Section
2.4) an amount of money in immediately available funds sufficient to pay the redemption price of, and accrued interest on, all the Notes that the Issuer is redeeming on that date. 

Section 5.7 Notes Payable on Redemption Date. If the Issuer, or the Trustee on behalf of the Issuer, gives notice of redemption in
accordance with this Article V, the Notes, or the portions of Notes, called-for redemption, shall, on the Redemption Date, become due and payable at the redemption price specified in the notice (together with accrued interest, if any, to the
Redemption Date), and from and after the Redemption Date (unless the Issuer shall default in the payment of the redemption price and accrued interest) the Notes or the portions of Notes shall cease to bear interest. Upon surrender of any Note
for redemption in accordance with the notice, the Issuer shall pay the Notes at the redemption price, together with accrued interest, if any, to the Redemption Date (subject to the rights of Holders of record on the relevant record date to receive
interest due on the relevant Interest Payment Date). If the Issuer shall fail to pay any Note called-for redemption upon its surrender for redemption, the principal shall, until paid, bear interest from the Redemption Date at the rate borne by
the Notes. 
 Section 5.8 Unredeemed Portions of Partially Redeemed Note. Upon surrender of a Note that is to be redeemed in
part, the Issuer shall execute, and the Trustee shall authenticate and make available for delivery to the Holder of the Note, at the expense of the Issuer, a new Note or Notes, of any authorized denomination as requested by the Holder, in an
aggregate principal amount equal to, and in exchange for, the unredeemed portion of the principal of the Note surrendered, provided, that each new Note will be in a principal amount of U.S.$200,000 and in integral multiples of U.S.$1,000 in
excess thereof. 
 ARTICLE VI 

DEFAULTS AND REMEDIES     

Section 6.1 Events of Default. 

(a) Each of the following is an “Event of Default”: 
  

	 	(i)	default in the payment when due of the principal of or premium, if any, on any Notes, including the failure to make a required payment to purchase Notes tendered pursuant to an optional redemption, a Change of Control
Offer or an Asset Sale Offer; 

  
 89 

	 	(ii)	default for 30 days or more in the payment when due of interest or Additional Amounts on any Notes; 

  

	 	(iii)	the failure to perform or comply with any of the provisions described under Article IV; 

  

	 	(iv)	the failure by the Issuer or any Restricted Subsidiary to comply with, or in the case of non-guarantor Restricted Subsidiaries, to perform according to, any other covenant or agreement contained in this Indenture or in
the Notes for 45 days or more after written notice to the Issuer from the Trustee or the Holders of at least 25% in aggregate principal amount of the then Outstanding Notes; 

 

	 	(v)	default by the Issuer or any Restricted Subsidiary under any Indebtedness which: 

  

	 	(A)	is caused by a failure to pay principal of, or premium, if any, when due or interest on such Indebtedness prior to the later of the expiration of any applicable grace period provided in such Indebtedness on the date of
such default or five (5) days past when due; or 

  

	 	(B)	results in the acceleration of such Indebtedness prior to its stated maturity; 

 and the
principal or accreted amount of Indebtedness covered by clauses (v)(A) or (v)(B) of this Section 6.1(a) at the relevant time, aggregates U.S.$50 million or more; 
  

	 	(vi)	failure by the Issuer or any of its Restricted Subsidiaries to pay one or more final judgments against any of them, aggregating U.S.$100 million or more, which judgment(s) are not paid, discharged or stayed for a period
of 60 days or more; 

  

	 	(vii)	a Bankruptcy Event of Default; or 

  

	 	(viii)	except as permitted herein, any Note Guarantee is held to be unenforceable or invalid in a judicial proceeding or ceases for any reason to be in full force and effect or any Note Guarantor, or any Person acting on
behalf of any Note Guarantor, denies or disaffirms such Note Guarantor’s obligations under its Note Guarantee. 

 The
foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body. 

  
 90 

 (b) The Issuer shall deliver within 30 days to the Trustee written notice of any event which
would constitute a Default or Event of Default, their status and what action the Issuer is taking or proposes to take in respect thereof. 

Section 6.2 Acceleration. 

(a) If an Event of Default (other than an Event of Default specified in clause (vii) of Section 6.1(a) above with respect to the
Issuer) shall occur and be continuing, the Trustee or the Holders of at least 25% in principal amount of then Outstanding Notes may declare the unpaid principal of (and premium, if any) and accrued and unpaid interest on all the Notes to be
immediately due and payable by notice in writing to the Issuer and the Trustee specifying the Event of Default and that it is a “notice of acceleration.” If an Event of Default specified in clause (vii) of Section 6.1(a) above
occurs with respect to the Issuer, then the unpaid principal of (and premium, if any) and accrued and unpaid interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the Trustee or any
Holder. 
 (b) At any time after a declaration of acceleration with respect to the Notes as described in the preceding paragraph, the
Holders of a majority in principal amount of the Notes may rescind and cancel such declaration and its consequences: 
  

	 	(i)	if the rescission would not conflict with any judgment or decree; 

  

	 	(ii)	if all existing Events of Default have been cured or waived, except nonpayment of principal or interest that has become due solely because of the acceleration; 

 

	 	(iii)	to the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid; and

  

	 	(iv)	if the Issuer has paid the Trustee its reasonable compensation and reimbursed the Trustee for its reasonable expenses, disbursements and advances. 

Section 6.3 Other Remedies. 

(a) If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of and
interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

  
 91 

 (b) The Trustee may maintain a proceeding even if it does not possess any of the Notes or does
not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the
Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law. 

Section 6.4 Waiver of Past Defaults. Subject to Section 6.2, the Holders of a majority in principal amount of the then
Outstanding Notes may waive any existing Default or Event of Default, and its consequences, except a default in the payment of the principal of, premium, if any, or interest on any Notes. 

Section 6.5 Control by Majority. The Holders of a majority in principal amount of the then Outstanding Notes may direct the time,
method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. Subject to Section 7.1 and Section 7.2, however, the Trustee may refuse to follow
any direction that conflicts with law or this Indenture; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. 

Section 6.6 Limitation on Suits. 

(a) No Holder of any Notes shall have any right to institute any proceeding with respect hereto or for any remedy hereunder, unless: 

 

	 	(i)	such Holder gives to the Trustee written notice of a continuing Event of Default; 

  

	 	(ii)	Holders of at least 25% in principal amount of the then Outstanding Notes make a written request to pursue the remedy; 

  

	 	(iii)	such Holders of the Notes provide to the Trustee indemnity satisfactory to it; 

  

	 	(iv)	the Trustee does not comply within 60 days; and 

  

	 	(v)	during such 60 day period the Holders of a majority in principal amount of the then Outstanding Notes do not give the Trustee a written direction which, in the opinion of the Trustee, is inconsistent with the request;

 provided, that a Holder of a Note may institute suit for enforcement of payment of the principal of and premium, if any, or interest
on such Note on or after the respective due dates expressed in such Note. 
 Section 6.7 Rights of Holders to Receive
Payment. Notwithstanding any other provision of this Indenture (including, without limitation, Section 6.6), the right of any Holder to receive payment of 

  
 92 

 
principal or interest on the Notes held by such Holder, on or after the respective due dates, Redemption Dates or repurchase date expressed in this Indenture or the Notes, or to bring suit for
the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

Section 6.8 Collection Suit by Trustee. If an Event of Default specified in clause (i) and (ii) of Section 6.1(a) occurs
and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer and each Note Guarantor for the whole amount then due and owing (together with applicable interest on any overdue principal
and, to the extent lawful, interest on overdue interest) and the amounts provided for in Section 7.7. 
 Section 6.9 Trustee May
File Proofs of Claim, etc. 
 (a) The Trustee may (irrespective of whether the principal of the Notes is then due): 

 

	 	(i)	file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders under this Indenture and the Notes allowed in any bankruptcy,
insolvency, liquidation or other judicial proceedings relative to the Issuer, any Note Guarantor or any Subsidiary of the Issuer or their respective creditors or properties; and 

 

	 	(ii)	collect and receive any monies or other property payable or deliverable in respect of any such claims and distribute them in accordance with this Indenture. 

Any receiver, trustee, liquidator, sequestrator (or other similar official) in any such proceeding is hereby authorized by each Holder to make
such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, taxes, disbursements and
advances of the Trustee, its agent and counsel, and any other amounts due to the Trustee pursuant to Section 7.7. 
 (b) Nothing in
this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof,
or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.10 Priorities. If
the Trustee collects any money or property pursuant to this Article VI, it shall pay out the money or property in the following order: 

FIRST: to the Trustee for amounts due under Section 7.7; 

  
 93 

 SECOND: if the Holders proceed against the Issuer directly without the Trustee in accordance
with this Indenture, to Holders for their collection costs; 
 THIRD: to Holders for amounts due and unpaid on the Notes for principal
and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal and interest, respectively; and 

FOURTH: to the Issuer or, to the extent the Trustee collects any amount pursuant to Article X hereof from any Note Guarantor, to
such Note Guarantor, or to such party as a court of competent jurisdiction shall direct. 
 The Trustee may, upon notice to the Issuer, fix
a record date and payment date for any payment to Holders pursuant to this Section 6.10. 
 Section 6.11 Undertaking for
Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the
suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of
the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by the Issuer, a suit by a Holder pursuant to Section 6.7 or a suit by Holders of more than 10% in principal amount of
Outstanding Notes. 
 ARTICLE VII 

TRUSTEE 
 Section 7.1 Duties
of Trustee. 
 (a) If a Default or an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers
vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

(b) Except during the continuance of a Default or an Event of Default: 

 

	 	(i)	the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

  

	 	(ii)	 in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee 

  
 94 

	 	
and conforming to the requirements of this Indenture. However, in the case of any such certificates or opinions that by any provisions hereof are specifically required to be furnished to the
Trustee, the Trustee shall examine such certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 

(c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that: 
  

	 	(i)	this clause (c) does not limit the effect of clause (b) of this Section 7.1; 

  

	 	(ii)	the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

 

	 	(iii)	the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.2, 6.4 or 6.5.

 (d) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing
with the Issuer. 
 (e) Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 (f) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in
the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it. 
 (g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the
Trustee shall be subject to the provisions of this Article VII. 
 (h) Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Issuer shall be sufficient if signed by an Officer of the Issuer. 
 (i) The Trustee shall be
under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs,
expenses (including reasonable attorneys’ fees and expenses) and liabilities that might be incurred by it in compliance with such request or direction. 

  
 95 

 Section 7.2 Rights of Trustee. 

Subject to Section 7.1: 

(a) The Trustee may rely on any document reasonably believed by it to be genuine and to have been signed or presented by the proper person.
The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting at the
direction of the Issuer or any Note Guarantor, it may require an Officer’s Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate
or Opinion of Counsel. 
 (c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or
negligence of any agent appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence. 

(e) The Trustee may consult with counsel of its selection, and the advice or opinion of counsel with respect to legal matters relating to this
Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(f) If the Trustee shall determine, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or
attorney. 
 (g) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust Officer of the Trustee has
received written notice at the Corporate Trust Office of any event which is in fact such a default, and such notice references the Notes and this Indenture. 

(h) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder. 

(i) The Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any Person authorized to sign an Officer’s Certificate, including any Person specified as so authorized in
any such certificate previously delivered and not superseded. 
 (j) The permissive rights of the Trustee enumerated herein shall not be
construed as duties. 

  
 96 

 (k) In no event shall the Trustee be liable, directly or indirectly, for any special, indirect,
punitive or consequential damages, even if the Trustee has been advised of the possibility of such damages. 
 (l) The Trustee shall not be
responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God;
earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots, interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or
military authority or governmental actions; it being understood that the Trustee shall use its best efforts to resume performance as soon as practicable under the circumstances. 

(m) The Trustee shall at no time have any responsibility or liability for or in respect to the legality, validity or enforceability of any
Collateral or any arrangement or agreement between the Issuer and any other Person with respect thereto, or the perfection or priority of any security interest created in any of the Collateral or maintenance of any perfection and priority, or for or
with respect to the sufficiency of the Collateral following an Event of Default. 
 Section 7.3 Individual Rights of
Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer, the Note Guarantors or any Affiliate of the Issuer with the same rights it would have if it were
not Trustee. Any Paying Agent, Transfer Agent, Registrar or co-Registrar may do the same with like rights. However, the Trustee must comply with Section 7.10. 

Section 7.4 Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer in this Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. 
 Section 7.5 Notice
of Defaults. If a Default or Event of Default occurs and is continuing and if a Trust Officer has actual knowledge thereof, the Trustee shall mail to each Holder notice of the Default or Event of Default within 90 days after the
occurrence thereof. Except in the case of a Default or Event of Default in payment of principal or interest on any Note (including payments pursuant to the optional redemption or required repurchase provisions of such Note, if any), the Trustee
may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding the notice is in the interests of the Holders. 

Section 7.6 [Reserved]. 

Section 7.7 Compensation and Indemnity. 

  
 97 

 (a) The Issuer shall pay to the Trustee from time to time reasonable compensation for its
acceptance of this Indenture and services hereunder as the Issuer and the Trustee shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer
shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, costs of preparing and reviewing reports, certificates and other documents, costs of preparation and mailing of
notices to Holders and reasonable costs of counsel retained by the Trustee in connection with the review, negotiation, execution and delivery of this Indenture or otherwise, in addition to the compensation for its services. Such expenses shall
include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. 

(b) The Issuer and each Note Guarantor shall jointly and severally indemnify the Trustee against any and all loss, liability or expense
(including reasonable attorneys’ fees and expenses) incurred by it without negligence, willful misconduct or bad faith on its part in connection with the acceptance and administration of this trust and the performance of its duties hereunder,
including the costs and expenses of enforcing this Indenture (including this Section 7.7) and of defending itself against any claims (whether asserted by any Holder, the Issuer, any Note Guarantor or otherwise). The Trustee shall notify
the Issuer and each Note Guarantor promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer or any Note Guarantor shall not relieve the Issuer or any Note Guarantor of its obligations
hereunder. The Issuer shall defend the claim and the Trustee may have separate counsel and the Issuer shall pay the fees and expenses of such counsel; provided, that the Issuer shall not be required to pay such fees and expenses if it
assumes the Trustee’s defense, and, in the reasonable judgment of outside counsel to the Trustee, there is no conflict of interest between the Issuer and the Trustee in connection with such defense. The Issuer need not reimburse any expense or
indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct, negligence or bad faith. 

(c) To secure the Issuer’s payment obligations in this Section 7.7, the Trustee shall have a lien prior to the Notes on all money
or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Notes. The Trustee’s right to receive payment of any amounts due under this Section 7.7 shall not be
subordinate to any other liability or Indebtedness of the Issuer. 
 (d) The Issuer’s obligations pursuant to this Section 7.7
shall survive the discharge of this Indenture and the resignation or removal of the Trustee. When the Trustee incurs expenses after the occurrence of a Bankruptcy Event of Default, the expenses are intended to constitute expenses of
administration under any Bankruptcy Law; provided, however, that this shall not affect the Trustee’s rights as set forth in this Section 7.7 or Section 6.10. 

  
 98 

 Section 7.8 Replacement of Trustee. 

(a) The Trustee may resign at any time by so notifying the Issuer. The Holders of a majority in principal amount of the then Outstanding Notes
may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee reasonably acceptable to the Issuer. The Issuer shall remove the Trustee if: 
  

	 	(i)	the Trustee fails to comply with Section 7.10; 

  

	 	(ii)	the Trustee is adjudged bankrupt or insolvent; 

  

	 	(iii)	a receiver or other public officer takes charge of the Trustee or its property; or 

  

	 	(iv)	the Trustee otherwise becomes incapable of acting. 

 (b) If the Trustee resigns or is removed
by the Issuer or by the Holders of a majority in principal amount of the then Outstanding Notes and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of the Trustee for any reason (the Trustee
in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee. 
 (c) A successor
Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers
and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien
provided for in Section 7.7(c). 
 (d) If a successor Trustee does not take office within 30 days after the retiring Trustee resigns
or is removed, the retiring Trustee or the Holders of 10% in principal amount of the then Outstanding Notes may petition, at the Issuer’s expense, any court of competent jurisdiction for the appointment of a successor Trustee. 

(e) If the Trustee fails to comply with Section 7.10, any Holder may petition any court of competent jurisdiction for the removal of
the Trustee and the appointment of a successor Trustee. 
 (f) Notwithstanding the replacement of the Trustee pursuant to this Section
7.8, the Issuer’s obligations under Section 7.7 shall continue for the benefit of the retiring Trustee. 

  
 99 

 Section 7.9 Successor Trustee by Merger. 

(a) If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets
to, another Person, the resulting, surviving or transferee Person without any further act shall be the successor Trustee. 
 (b) In case at
the time such successor or successors to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of
authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any
predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates of authentication and such delivery shall be valid for purposes of this Indenture. 

Section 7.10 Eligibility; Disqualification. The Trustee shall at all times be a Trustee hereunder that is a Person organized and
doing business under the laws of the United States or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has, together
with its parent, a combined capital and surplus of at least U.S.$50,000,000 as set forth in its most recent published annual report of condition. 

Section 7.11 [Reserved]. 

Section 7.12 [Reserved]. 

Section 7.13 Authorization and Instruction of the Trustee With Respect to the Collateral. Each Holder and the Issuer authorize and
instruct the Trustee (a) to enter into (or cause an agent or grant such powers of attorney to enter into), on its own behalf and on behalf of the Holders of Notes, such documents (the “Security Documents”) as are necessary or
desirable (which shall be evidenced by a written instruction from the Issuer to the Trustee) in order to create and maintain the security interest of the Trustee and the Holders of Notes in the Collateral as may from time to time be provided to
equally and ratably secure the Notes, (b) to grant such powers of attorney and to do or cause to be done all such acts and things, on its own behalf and in the name and on behalf of the Holders of Notes, as are necessary or desirable (which shall be
evidenced by a written instruction from the Issuer to the Trustee) to create and maintain the security interest of the Trustee and the Holders of Notes in such Collateral, (c) to appoint the Security Agent to serve as direct representative of the
Trustee and the Holders of Notes in connection with the creation and maintenance of the security interest of the Trustee and the Holders of Notes in such Collateral, (d) to accept the security interest in the Collateral on behalf of each Holder, and
(e) to grant powers in favor of an attorney to execute an accession public deed before a Spanish notary public accepting the security interest in the Collateral on behalf of the Holders of Notes. It is understood and acknowledged that, in certain
circumstances, the Security Documents may be amended, modified or waived without the consent of the Trustee or the Holders of Notes. It is understood and acknowledged that the Security Agent, in addition to being appointed by and acting on behalf of
the Trustee and the Holders of Notes, has also been appointed by and is acting on behalf of 

  
 100 

 
(and may in the future be appointed by and act on behalf of) other creditors of the Issuer and its Subsidiaries. The Trustee will not have the right to cause the Security Agent to foreclose
on the Collateral upon the occurrence of an Event of Default in respect of the Notes. The Trustee shall at no time have any responsibility or liability for or in respect to the legality, validity or enforceability of any Collateral or any
arrangement or agreement between the Issuer and any other Person with respect thereto, or the perfection or priority of any security interest created in any of the Collateral or maintenance of any perfection and priority, or for or with respect to
the sufficiency of the Collateral following an Event of Default. 
 ARTICLE VIII 

DEFEASANCE; DISCHARGE OF INDENTURE 

Section 8.1 Legal Defeasance and Covenant Defeasance. 

(a) The Issuer may, at its option, at any time, elect to have either Section 8.1(b) or (c) be applied to all Outstanding Notes
upon compliance with the conditions set forth in Section 8.2. 
 (b) Upon the Issuer’s exercise under Section 8.1(a) of
the option applicable to this clause (b), the Issuer shall, subject to the satisfaction of the conditions set forth in Section 8.2, be deemed to have been discharged from its obligations with respect to all Outstanding Notes on the date
all of the conditions set forth in Section 8.2 are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer shall be deemed to have paid and discharged the entire Indebtedness represented
by the then Outstanding Notes, which shall thereafter be deemed to be Outstanding only for the purposes of Section 8.3 hereof and the other sections of this Indenture referred to in subclause (i) or (ii) of this clause (b), and to have
satisfied all its other obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions, which shall
survive until otherwise terminated or discharged hereunder: 
  

	 	(i)	the rights of Holders of Outstanding Notes to receive solely from the trust fund described in Section 8.3, and as more fully set forth in Section 2.4 payments in respect of the principal of, premium, if
any, and interest on such Notes when such payments are due, 

  

	 	(ii)	the Issuer’s obligations with respect to such Notes under Article II and Section 3.2 hereof, 

  

	 	(iii)	the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s obligations in connection therewith, and 

 

	 	(iv)	this Article VIII. 

  
 101 

 Subject to compliance with this Article VIII, the Issuer may exercise its option under
this clause (b) notwithstanding the prior exercise of its option under Section 8.1(c) hereof. 
 (c) Upon the Issuer’s
exercise under Section 8.1(a) hereof of the option applicable to this clause (c), the Issuer shall, subject to the satisfaction of the applicable conditions set forth in Section 8.2, be released from its obligations under
Sections 3.4, 3.5, 3.8, 3.9, 3.11, 3.12, 3.13, 3.14, 3.15, 3.16, 3.17, 3.18, 3.19, 3.20, 3.21, 3.22 , 4.1(a) and
4.1(b) hereof with respect to the then Outstanding Notes on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not Outstanding for the
purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be Outstanding for all other purposes hereunder (it being understood that such
Notes shall not be deemed Outstanding for accounting purposes). For this purpose, such Covenant Defeasance means that, with respect to the then Outstanding Notes, the Issuer may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a Default or an Event or Default under clause (iii) of Section 6.1(a) (solely with respect to any failure to perform under or comply with clause (ii) or (iii) of Section
4.1(a)), clause (iv) of Section 6.1(a) or clause (v) of Section 6.1(a) hereof, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. 

Section 8.2 Conditions to Defeasance. The Issuer may exercise its Legal Defeasance option or its Covenant Defeasance option only
if: 
 (a) the Issuer has irrevocably deposited with the Trustee, in trust, for the benefit of the Holders cash in U.S. Legal Tender or U.S.
Government Obligations, in such amounts as will be sufficient without reinvestment, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest (including Additional
Amounts) on the Notes on the stated date for payment thereof or on the applicable Redemption Date, as the case may be; 
 (b) in the case of
Legal Defeasance, the Issuer has delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee (subject to customary exceptions and exclusions) and independent of the Issuer to the effect that: 

 

	 	(i)	the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling; or 

  

	 	(ii)	since the Issue Date, there has been a change in the applicable U.S. federal income tax law, 

  
 102 

 in either case to the effect that, and based thereon such Opinion of Counsel shall state that, the Holders will
not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such Legal Defeasance had not occurred; 
 (c) in the case of Covenant Defeasance, the Issuer has delivered to the Trustee an
Opinion of Counsel reasonably acceptable to the Trustee (subject to customary exceptions and exclusions) to the effect that the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant
Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(d) no Default or Event of Default shall have occurred and be continuing on the date of the deposit pursuant to Section 8.2(a)
(except any Default or Event of Default resulting from the failure to comply with Section 3.9 as a result of the borrowing of the funds required to effect such deposit); 

(e) the Trustee has received an Officer’s Certificate stating that such Legal Defeasance or Covenant Defeasance shall not result in a
breach or violation of, or constitute a default under this Indenture or any other material agreement or instrument to which the Issuer or any of its Subsidiaries is a party or by which the Issuer or any of its Subsidiaries is bound; 

(f) the Issuer has delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer with the intent
of preferring the Holders over any other creditors of the Issuer or any Subsidiary of the Issuer or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Issuer or others; 

(g) the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel from counsel reasonably acceptable to the
Trustee (subject to customary exceptions and exclusions) and independent of the Issuer, each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with; and 

(h) the Issuer has delivered to the Trustee an Opinion of Counsel from counsel reasonably acceptable to the Trustee and independent of the
Issuer to the effect that the trust resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the Investment Company Act of 1940. 

Section 8.3 Application of Trust Money. The Trustee shall hold in trust U.S. Legal Tender or U.S. Government Obligations deposited
with it pursuant to this Article VIII. It shall apply the deposited U.S. Legal Tender or U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Notes.

  
 103 

 Section 8.4 Repayment to Issuer. 

(a) The Trustee and the Paying Agent shall promptly turn over to the Issuer upon request any excess money or securities held by them upon
payment of all the obligations under this Indenture. 
 (b) Subject to any applicable abandoned property law, the Trustee and the Paying
Agent shall pay to the Issuer upon request any money held by them for the payment of principal of, premium or interest on the Notes that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the Issuer for
payment as general creditors. 
 Section 8.5 Indemnity for U.S. Government Obligations. The Issuer shall pay and shall indemnify
the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations. 

Section 8.6 Reinstatement. If the Trustee or Paying Agent is unable to apply any U.S. Legal Tender or U.S. Government Obligations
in accordance with this Article VIII by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the
Issuer under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or Paying Agent is permitted to apply all such U.S. Legal Tender or U.S.
Government Obligations in accordance with this Article VIII; provided, however, that, if the Issuer has made any payment of principal of, premium or interest on any Notes because of the reinstatement of its obligations, the Issuer
shall be subrogated to the rights of the Holders of such Notes to receive such payment from U.S. Legal Tender or U.S. Government Obligations held by the Trustee or Paying Agent. 

Section 8.7 Satisfaction and Discharge. This Indenture will be discharged and will cease to be of further effect (except as to
surviving rights of registration of transfer or exchange of the Notes, as expressly provided for in this Indenture) as to all Outstanding Notes when: 

(a) either: 
  

	 	(i)	all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and
held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust) have been delivered to the Trustee for cancellation; or 

  

	 	(ii)	all Notes not theretofore delivered to the Trustee for cancellation have become due and payable, and the Issuer has irrevocably deposited or caused to be deposited with the Trustee U.S. Legal Tender or U.S. Government
Obligations sufficient without reinvestment to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the Notes to the date of deposit,
together with irrevocable instructions from the Issuer directing the Trustee to apply such funds to the payment; 

  
 104 

 (b) the Issuer has paid all other sums payable under this Indenture and the Notes by it; and 

(c) the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent
under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 
 ARTICLE IX 

AMENDMENTS 
 Section 9.1
Without Consent of Holders. 
 (a) The Issuer, the Note Guarantors and the Trustee may amend or supplement this Indenture, the Notes
or the Note Guarantees without notice to or consent of any Holder: 
  

	 	(i)	to cure any ambiguity, omission, defect or inconsistency; 

  

	 	(ii)	to comply with Article IV in respect of the assumption by a Successor Issuer of the obligations of the Issuer under the Notes and this Indenture; 

 

	 	(iii)	to provide for uncertificated Notes in addition to or in place of Certificated Notes; provided, however, that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code;

  

	 	(iv)	to add guarantees with respect to the Notes or to secure the Notes; 

  

	 	(v)	to add to the covenants of the Issuer or the Note Guarantors for the benefit of the Holders or to surrender any right or power herein conferred upon the Issuer or the Note Guarantors; 

 

	 	(vi)	to make any change that does not, in the opinion of the Issuer, as conclusively evidenced by an Officer’s Certificate to such effect, adversely affect the rights of any Holder in any material respect;

  

	 	(vii)	to conform the text of this Indenture, the Note Guarantees or the Notes to any provision of the section “Description of Notes” in the Offering Memorandum to the extent that such provision in such
“Description of Notes” was intended to be a verbatim recitation of a provision of this Indenture or the Notes or Note Guarantees; 

  
 105 

	 	(viii)	to comply with the requirements of any applicable securities depositary; 

  

	 	(ix)	to provide for the issuance of Additional Notes as permitted by Section 2.2(c) and Section 2.14, which will have terms substantially identical to the other Outstanding Notes except as specified in
Section 2.13, or Section 2.14, and which will be treated, together with any other Outstanding Notes, as a single issue of securities; or 

  

	 	(x)	in order to effect and maintain the listing of the Notes on the Global Exchange Market of the Irish Stock Exchange. 

(b) After an amendment or supplement under this Section 9.1 becomes effective, the Issuer shall mail to Holders a notice briefly
describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.1. 

Section 9.2 With Consent of Holders. 

(a) The Issuer, the Note Guarantors and the Trustee may amend or supplement this Indenture or the Notes without notice to any Holder but with
the written consent of the Holders of at least a majority in principal amount of the then Outstanding Notes (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). Subject to
Section 6.4, the Holder or Holders of a majority in aggregate principal amount of the then Outstanding Notes may waive compliance by the Issuer and the Note Guarantors with any provision of this Indenture or the Notes. However,
without the consent of each Holder affected, an amendment, supplement or waiver may not: 
  

	 	(i)	reduce the amount of Notes whose Holders must consent to an amendment, supplement or waiver; 

  

	 	(ii)	reduce the rate of or change or have the effect of changing the time for payment of interest, including Defaulted Interest, on any Notes; 

 

	 	(iii)	reduce the principal of or change or have the effect of changing the fixed maturity of any Notes, or change the date on which any Notes may be subject to redemption, or reduce the redemption price therefor;

  

	 	(iv)	make any Notes payable in money other than that stated in the Notes; 

  

	 	(v)	make any change in the provisions of this Indenture entitling each Holder to receive payment of principal of, premium, if any, and interest on such Notes on or after the due date thereof or to bring suit to enforce such
payment, or permitting Holders of a majority in principal amount of the then Outstanding Notes to waive Defaults or Events of Default; 

  
 106 

	 	(vi)	amend, change or modify in any material respect any obligations of the Issuer to make and consummate a Change of Control Offer in respect of a Change of Control that has occurred or make and consummate an Asset Sale
Offer with respect to any Asset Sale that has been consummated; 

  

	 	(vii)	make any change in the provisions of this Indenture described under Section 3.21 that adversely affects the rights of any Holder or amend the terms of the Notes in a way that would result in a loss of exemption
from Taxes; or 

  

	 	(viii)	make any change to the provisions of this Indenture or the Notes that adversely affect the ranking of the Notes. 

(b) It shall not be necessary for the consent of the Holders under this Section 9.2 to approve the particular form of any proposed
amendment, supplement or waiver but it shall be sufficient if such consent approves the substance thereof. 
 (c) After an amendment,
supplement or waiver under this Section 9.2 becomes effective, the Issuer shall mail to Holders a notice briefly describing such amendment, supplement or waiver. The failure to give such notice to all Holders, or any defect therein,
shall not impair or affect the validity of an amendment, supplement or waiver under this Section 9.2. 
 (d) The Notes issued on the
Issue Date, and any Additional Notes part of the same series, will be treated as a single series for all purposes under this Indenture, including with respect to waivers and amendments. For the purposes of calculating the aggregate principal amount
of Notes that have consented to or voted in favor of any amendment, waiver, consent, modifications or other similar action, the Issuer (acting reasonably and in good faith) shall be entitled to select a record date as of which the principal amount
of any Notes shall be calculated in such consent or voting process. 
 Section 9.3 [Reserved]. 

Section 9.4 Revocation and Effect of Consents and Waivers. 

(a) A consent to an amendment, supplement or waiver by a Holder of a Note shall bind the Holder and every subsequent Holder of that Note or
portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on the Note. However, any such Holder or subsequent Holder may revoke the consent or waiver as to such
Holder’s Note or portion of the Note if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes effective. After an amendment, supplement or waiver becomes effective, it shall bind every Holder,
except as otherwise provided in this Article IX. An amendment, supplement or waiver shall become effective upon receipt by the Trustee of the requisite number of written consents under Section 9.2. 

  
 107 

 (b) The Issuer may, but shall not be obligated to, fix a record date for the purpose of
determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding
paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not
such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date. 

Section 9.5 Notation on or Exchange of Notes. If an amendment or supplement changes the terms of a Note, the Trustee may require
the Holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the Holder. Alternatively, if the Issuer or the Trustee so determines, the Issuer,
in exchange for the Note, will execute and upon Issuer Order, the Trustee will authenticate and make available for delivery a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not
affect the validity of such amendment or supplement. 
 Section 9.6 Trustee to Sign Amendments and Supplements. The Trustee
shall sign any amendment, supplement or waiver authorized pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but
need not sign it. In signing such amendment, supplement or waiver, the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and to receive, and (subject to Section 7.1 and Section 7.2) shall be fully
protected in relying upon, in addition to the documents required by Section 12.4, an Opinion of Counsel and an Officer’s Certificate each stating that such amendment, supplement or waiver is authorized or permitted by this Indenture and
that all conditions precedent to the execution of such amendment, supplement or waiver have been complied with. 
 ARTICLE X 

NOTE GUARANTEES 
 Section 10.1
Note Guarantees. 
 (a) Each Note Guarantor hereby fully and unconditionally guarantees, as primary obligor and not merely as surety,
jointly and severally with each other Note Guarantor, to each Holder and the Trustee, the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the Obligations (such guaranteed Obligations, the
“Guaranteed Obligations”). Each Note Guarantor further agrees that its Note Guarantee herein constitutes a guarantee of payment when due (and not a guarantee of collection) and agrees to pay, in addition to

  
 108 

 
the amounts stated in Section 10.1(f), any and all expenses (including reasonable counsel fees and expenses) incurred by the Trustee or the Holders in enforcing or exercising any rights
under any Note Guarantee. 
 (b) In no event shall the Trustee or the Holders be obligated to take any action, obtain any judgment or file
any claim prior to enforcing or exercising any rights under any Note Guarantee. 
 (c) Each Note Guarantor further agrees that its Note
Guarantee constitutes an absolute and unconditional and continuing guarantee. Each Note Guarantor hereby waives, to the extent permitted by law: 
  

	 	(i)	any claim as to the legality, validity, regularity or enforceability of this Indenture, the Notes or any other agreement; 

  

	 	(ii)	any claim as to the lack of authority of the Issuer to execute or deliver this Indenture, the Notes or any other agreement; 

  

	 	(iii)	diligence, presentation to, demand of payment from and protest to the Issuer of any of the Obligations and notice of protest for nonpayment; 

 

	 	(iv)	the occurrence of any Default or Event of Default under this Indenture, the Notes or any other agreement; 

  

	 	(v)	notice of any Default or Event of Default under this Indenture, the Notes or any other agreement; 

  

	 	(vi)	the failure of the Trustee or any Holder to assert any claim or demand or to enforce any right or remedy against the Issuer or any other Person under this Indenture, the Notes or any other agreement; 

 

	 	(vii)	any extension or renewal of the Obligations, this Indenture, the Notes or any other agreement; 

  

	 	(viii)	any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; 

 

	 	(ix)	the existence of any bankruptcy, insolvency, reorganization or similar proceedings involving the Issuer; 

  

	 	(x)	any setoff, counterclaim, recoupment, termination or defense of any kind or nature which may be available to or asserted by any Note Guarantor or the Issuer against the Holders or the Trustee; 

  
 109 

	 	(xi)	any impairment, taking, furnishing, exchange or release of, or failure to perfect or obtain protection of any security interest in, any collateral securing this Indenture and the Notes and any right to require that any
resort be had by the Trustee or any Holder to any such collateral; 

  

	 	(xii)	the failure of the Trustee or any Holder to exercise any right or remedy against any other Note Guarantor; 

  

	 	(xiii)	any change in the ownership of the Issuer; 

  

	 	(xiv)	any change in the laws, rules or regulations of any jurisdiction; 

  

	 	(xv)	any present or future action of any governmental authority or court amending, varying, reducing or otherwise affecting, or purporting to amend, vary, reduce or otherwise affect, any of the obligations of the Issuer
under this Indenture or the Notes or of any Note Guarantor under its Note Guarantee; and 

  

	 	(xvi)	any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of each Note Guarantor or would otherwise operate as a discharge of such Note
Guarantor as a matter of law or equity. 

 (d) Each of the Note Guarantors further expressly waives irrevocably and
unconditionally: 
  

	 	(i)	Any right it may have to first require any Holder to proceed against, initiate any actions before a court of law or any other judge or authority, or enforce any other rights or security or claim payment from the Issuer
or any other Person (including any Note Guarantor or any other guarantor of the Notes) before claiming from it under this Indenture; 

  

	 	(ii)	Any right to which it may be entitled to have the assets of the Issuer or any other Person (including any Note Guarantor or any other guarantor of the Notes) first be used, applied or depleted as payment of the
Issuer’s or the Note Guarantors’ obligations hereunder, prior to any amount being claimed from or paid by any of the Note Guarantors hereunder; 

  

	 	(iii)	Any right to which it may be entitled to have claims hereunder divided between the Note Guarantors; 

  

	 	(iv)	 To the extent applicable, the benefits of orden, excusión, división,
quita and espera and any right specified in articles 2814, 2815, 2817, 2818, 2819, 

  
 110 

	 	
2820, 2821, 2822, 2823, 2826, 2837, 2838, 2839, 2840, 2845, 2846, 2847 and any other related or applicable articles that are not explicitly set forth herein because of Note Guarantor’s
knowledge thereof of the Código Civil Federal of Mexico, and the Código Civil of each State of the Mexican Republic and the Federal District of Mexico. 

(e) The obligations assumed by each Note Guarantor hereunder shall not be affected by the absence of judicial request of payment by a Holder
to the Issuer or by whether any such person takes timely action pursuant to articles 2848 and 2849 of the Código Civil Federal of Mexico and the Código Civil of each State of the Mexican Republic and the Federal District of Mexico and
each Note Guarantor hereby expressly waives the provisions of such articles. 
 (f) The obligations of each Note Guarantor hereunder shall
not be subject to any reduction, limitation, impairment or termination for any reason (other than payment of the Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any
defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Note
Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder to assert any claim or demand or to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of
any thereof, by any default, failure or delay, willful or otherwise, in the performance of the Obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the
risk of such Note Guarantor or would otherwise operate as a discharge of such Note Guarantor as a matter of law or equity. 
 (g) Except as
provided in Section 10.2, the obligations of each Note Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason other than payment of the Obligations in full. 

(h) Each Note Guarantor further agrees that its Note Guarantee herein shall continue to be effective or be reinstated, as the case may be, if
at any time payment, or any part thereof, of principal of or interest on any of the Obligations is rescinded or must otherwise be restored by any Holder upon the bankruptcy or reorganization of the Issuer or otherwise. 

(i) In furtherance of the foregoing and not in limitation of any other right which the Trustee or any Holder has at law or in equity against
each Note Guarantor by virtue hereof, upon the failure of the Issuer to pay any of the Obligations when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, each Note Guarantor hereby promises to and
will, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders an amount equal to the sum of: 
  

	 	(i)	the unpaid amount of such Obligations then due and owing; and 

  

	 	(ii)	accrued and unpaid interest on such Obligations then due and owing (but only to the extent not prohibited by law); 

  
 111 

 provided, that any delay by the Trustee in giving such written demand shall in no event affect any
Note Guarantor’s obligations under its Note Guarantee. 
 (j) Each Note Guarantor further agrees that, as between such Note Guarantor,
on the one hand, and the Holders, on the other hand: 
  

	 	(i)	the maturity of the Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of its Note Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the Obligations guaranteed hereby; and 

  

	 	(ii)	in the event of any such declaration of acceleration of such Obligations, such Obligations (whether or not due and payable) shall forthwith become due and payable by the Note Guarantor for the purposes of this Note
Guarantee. 

 Section 10.2 Limitation on Liability; Termination, Release and Discharge. 

(a) Subject to the limitations set out in Section 10.5 and Section 10.6, the obligations of each Note Guarantor hereunder
will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Note Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Note Guarantor in
respect of the obligations of such other Note Guarantor under its Note Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Note Guarantor under its Note Guarantee not constituting a
fraudulent conveyance or fraudulent transfer under federal or state law. 
 (b) A Note Guarantor will be released and relieved of its
obligations under its Note Guarantee in the event that: 
  

	 	(i)	there is a Legal Defeasance of the Notes pursuant to Article VIII; 

  

	 	(ii)	there is a sale or other disposition of Capital Stock of such Note Guarantor following which such Note Guarantor is no longer a direct or indirect Subsidiary of the Issuer; 

 

	 	(iii)	such Note Guarantor is designated as an Unrestricted Subsidiary in accordance with Section 3.14; 

  

	 	(iv)	 solely with respect to an Additional Note Guarantor, either (A) the Credit Agreement Indebtedness has been
repaid in full and such Additional Note 

  
 112 

	 	
Guarantor is not a guarantor of the Indebtedness Incurred to refinance such Credit Agreement Indebtedness or (B) at least 85% of the outstanding Indebtedness of the Issuer and its Restricted
Subsidiaries is not guaranteed by such Additional Note Guarantor; or 

  

	 	(v)	solely with respect to an Additional Note Guarantor, upon the occurrence of a Partial Covenant Suspension Event or Covenant Suspension Event until the occurrence of a Partial Covenant Reversion Date or a Reversion Date,
as applicable, at which time the guarantee of the Notes by such Additional Note Guarantor shall be reinstated unless such Additional Note Guarantor would have been released at any time during the Partial Suspension Period or the Suspension Period,
as applicable, pursuant to clause (i), (ii), (iii) or (iv) of this Section 10.2(b). 

 Section 10.3 Right of
Contribution. Each Note Guarantor that makes a payment or distribution under a Note Guarantee will be entitled to a contribution from each other Note Guarantor in a pro rata amount, based on the net assets of each Note Guarantor
determined in accordance with GAAP. The provisions of this Section 10.3 shall in no respect limit the obligations and liabilities of each Note Guarantor to the Trustee and the Holders and each Note Guarantor shall remain liable to the
Trustee and the Holders for the full amount guaranteed by such Note Guarantor hereunder. 
 Section 10.4 No Subrogation. Each
Note Guarantor agrees that it shall not be entitled to any right of subrogation in respect of any Guaranteed Obligations until payment in full in cash or Cash Equivalents of all Obligations. If any amount shall be paid to any Note Guarantor on
account of such subrogation rights at any time when all of the Obligations shall not have been paid in full in cash or Cash Equivalents, such amount shall be held by such Note Guarantor in trust for the Trustee and the Holders, segregated from other
funds of such Note Guarantor, and shall, forthwith upon receipt by such Note Guarantor, be turned over to the Trustee in the exact form received by such Note Guarantor (duly endorsed by such Note Guarantor to the Trustee, if required), to be applied
against the Obligations. 
 Section 10.5 French Guarantee Limitation. 

(a) The obligations of any Note Guarantor incorporated in France (a “French Note Guarantor”) are subject to the limitations
set out in this Section 10.5. 
 (b) The obligations and liabilities of any French Note Guarantor under the Indenture and the Notes,
and in particular under this Article X, shall not include any obligation or liability which, if incurred, would constitute the provision of financial assistance within the meaning of article L.225-216 of the French Commercial Code and/or
would constitute a misuse of corporate assets within the meaning of article(s) L. 241-3 or L. 242-6 of the French Commercial Code or any other law or regulations having the same effect, as interpreted by French courts. 

  
 113 

 (c) The obligations and liabilities of any French Note Guarantor under this Article X for
the Issuer’s obligations under the Indenture and the Notes shall be limited, at any time, to an amount equal to the aggregate of all amounts made available under the Notes and the Indenture to the Issuer to the extent directly or indirectly
on-lent to such French Note Guarantor and/or its direct and indirect Subsidiaries under intercompany loan agreements (excluding, for the avoidance of doubt, any cash-pooling arrangements or other cash management agreements, provided, that the
proceeds of the Notes shall not be used, in whole or in part, to finance, directly or indirectly, such cash pooling arrangements or other cash management agreements) and outstanding at the date a payment is to be made by such French Note
Guarantor under this Article X, it being specified that any payment made by a French Note Guarantor under this Article X in respect of the obligations of the Issuer shall reduce pro tanto the outstanding amount of the
intercompany loans due by such French Note Guarantor or its relevant direct or indirect Subsidiary under the intercompany loan agreements referred to above and that any repayment of the intercompany loans by the French Note Guarantor or its relevant
direct or indirect Subsidiary shall reduce pro tanto the amount payable by the French Note Guarantor under this Article X. 

(d) It is acknowledged that no French Note Guarantor is acting jointly and severally with the other Note Guarantors and no French Note
Guarantor shall therefore be considered as “co-débiteur solidaire” as to its obligations pursuant to the guarantee given pursuant to this Article X. 

Section 10.6 Swiss Guarantee Limitation. 

(a) The obligations of any Note Guarantor incorporated in Switzerland (a “Swiss Note Guarantor”) are subject to the
limitations set out in this Section 10.6. 
 (b) The obligations and liabilities of a Swiss Note Guarantor under the Indenture, the
Notes or any other agreement, and in particular under this Article X, in relation to the obligations, undertakings, indemnities or liabilities of a Note Guarantor other than that Swiss Note Guarantor or any of its fully owned and controlled
subsidiaries (the “Restricted Obligations”) shall not include any obligation or liability which, if incurred, would constitute the provision of financial assistance not permitted under the laws of Switzerland then in force and/or
would constitute a misuse of corporate assets under Swiss law as interpreted by Swiss courts and shall be limited to the amount of that Swiss Note Guarantor’s Freely Disposable Equity Available for Distribution (as defined below) at the time
payment is requested, provided, that such limitation is a requirement under applicable law (including any case law) at that point in time and that such limitation shall not free the Swiss Note Guarantor from its obligations in excess thereof,
but merely postpone the performance date until such time as performance is permitted notwithstanding such limitation. 
 (c) For the purpose
of this clause, “Freely Disposable Equity Available for Distribution” means the total shareholder equity less the total of: (i) the aggregate share capital, (ii) the statutory reserves (including reserves for own shares and
revaluations), to the extent such reserves cannot be transferred into unrestricted, distributable reserves, and (iii) any freely disposable equity that has to be blocked for any loans granted by the Swiss Note Guarantor to a direct or indirect
shareholder or a direct or indirect subsidiary of such shareholder. 

  
 114 

 (d) As soon as possible after having been requested to discharge a Restricted Obligation, the
Swiss Note Guarantor shall, if it cannot discharge the full amount of the Restricted Obligations, provide the Trustee with an interim statutory balance sheet audited by the statutory auditors of the Swiss Note Guarantor setting out the Freely
Disposable Equity Available for Distribution and, immediately thereafter, pay the amount corresponding to the Freely Disposable Equity Available for Distribution to the Trustee (save to the extent provided below). 

(e) In respect of the Restricted Obligations, the Swiss Note Guarantor shall: 

 

	 	(i)	if and to the extent required by applicable law in force at the relevant time: 

  

	 	(A)	subject to any applicable double taxation treaties, deduct Swiss withholding tax at the rate of 35 percent (or such other rate as is in force at that time) from any payment made by it; 

 

	 	(B)	pay any such deduction to the Swiss Federal Tax Administration; and 

  

	 	(C)	notify and provide evidence to the Trustee that the Swiss withholding tax has been paid to the Swiss Federal Tax Administration; 

  

	 	(ii)	to the extent such deduction is made, not be required to make a gross-up, indemnify or otherwise hold harmless the Trustee or the Holders for the deduction of the Swiss withholding tax notwithstanding anything to the
contrary contained in the Indenture, the Notes or any other agreement, unless grossing up is permitted under the laws of Switzerland then in force and provided, that this should not in any way limit any obligations of any non-Swiss Note
Guarantors under the Indenture, the Notes or any other agreement to indemnify the Trustee or the Holders in respect of the deduction of the Swiss withholding tax. The Swiss Note Guarantor shall use all reasonable efforts to procure that any
person which is entitled to a full or partial refund of any Swiss withholding tax paid pursuant to paragraph (a) above will, as soon as possible after the deduction of the Swiss withholding tax: (y) request a refund of the Swiss withholding tax
under any applicable law (including double taxation treaties) and (z) pay to the Trustee upon receipt any amount so refunded. 

(f) The Swiss Note Guarantor will take, and cause to be taken, all and any other action, including, without limitation, the passing of any
shareholders’ resolutions to approve any payment or other performance under the Indenture and the Notes and the receipt of any confirmations from the Swiss Note Guarantor’s auditors, whether following a request to discharge a Restricted

  
 115 

 
Obligation or which may be required as a matter of mandatory Swiss law in force at the time it is required to make a payment or perform other obligations under the Indenture, the Notes or any
other agreement in order to allow a prompt payment or performance of other obligations under the Indenture or the Notes. 
 (g) If the
enforcement of the Restricted Obligations would be limited due to the effects referred to in this Section 10.6 and if any asset of the Swiss Note Guarantor has a book value that is less than its market value (an “Undervalued
Asset”), the Swiss Note Guarantor shall, to the extent permitted by applicable law and its accounting standards (i) write up the book value of such Undervalued Asset such that its balance sheet reflects a book value that is equal to the
market value of such Undervalued Asset, and (ii) make reasonable efforts to realize the Undervalued Asset for a sum which is at least equal to the market value of such asset. Without prejudice to the rights of the Trustee and the Holders under the
Indenture, the Notes or any other agreement, the Swiss Note Guarantor will only be required to realize an Undervalued Asset if such asset is not necessary for the Swiss Note Guarantor’s business (nicht betriebsnotwendig). 

ARTICLE XI 
 COLLATERAL 

Section 11.1 The Collateral. Subject to Section 11.2, the Issuer and the Note Guarantors agree that the Notes will be at
all times secured by a first-priority security interest in the Collateral on at least an equal and ratable basis with the Permitted Secured Obligations. 

Section 11.2 Release of the Collateral. 

(a) The Notes will cease to be secured by a security interest in the Collateral in accordance with the provisions of the Intercreditor
Agreement. 
 (b) In addition to the Collateral release provisions set forth in the Intercreditor Agreement, the Notes will cease to be
secured by a security interest on the Collateral upon: 
  

	 	(i)	(A) payment in full of the principal of, any accrued and unpaid interest on, the Notes and all other amounts or Obligations that are due and payable at or prior to the time such principal, accrued and unpaid interest,
if any, are paid, (B) a satisfaction and discharge of this Indenture or (C) a Legal Defeasance or Covenant Defeasance pursuant to Article VIII; or 

 

	 	(ii)	a refinancing of the Credit Agreement Indebtedness in full as a result of which the Collateral does not secure Indebtedness Incurred to refinance such Credit Agreement Indebtedness. 

  
 116 

 ARTICLE XII 

MISCELLANEOUS 
 Section 12.1
Notices. 
 (a) Any notice or communication shall be in writing and delivered in person or mailed by first-class mail, postage
prepaid, addressed as follows: 
 if to the Issuer and the Note Guarantors: 

c/o CEMEX, S.A.B. de C.V. 
 Av.
Ricardo Margáin Zozaya #325 
 Colonia Valle del Campestre 

Garza García, Nuevo León 

México 66265 
 Attention:
Chief Financial Officer 
 Fax: +1 52 81 8888 4417 

if to the Trustee: 
 The Bank of
New York Mellon 
 101 Barclay Street – 7E 

New York, NY 10286 

Attention: International Corporate Trust 

Fax: 724-540-6330 
 The Issuer or the
Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 
 (b) All notices
to Holders of Notes will be validly given if mailed to them at their respective addresses in the register of the Holders of such Notes, if any, maintained by the Registrar. For so long as any Notes are represented by Global Notes, all notices to
Holders of the Notes will be delivered to DTC, delivery of which shall be deemed to satisfy the requirements of this paragraph. 
 (c) Each
such notice shall be deemed to have been given on the date of delivery or mailing. Any notice or communication mailed to a Holder shall be mailed to such Person by first-class mail or other equivalent means and shall be sufficiently given to them if
so mailed within the time prescribed. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided above, it
is duly given, whether or not the addressee receives it. 

  
 117 

 (d) Subject to Section 7.1(c) and Section 7.2(a), the Trustee shall accept
electronic transmissions; provided, that (i) the Trustee shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by electronic
transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such electronic transmission; and the Trustee shall not have any
liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information and (ii) each
other party agrees to assume all risks arising out of the use of electronic methods to submit instructions, directions, reports, notices or other communications or information to the Trustee, including without limitation the risk of the Trustee
acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties. 

(e) Any notice or communication mailed to a registered Holder shall be mailed to the Holder at the Holder’s address as it appears on the
Note Register and shall be sufficiently given if so mailed within the time prescribed. 
 (f) Failure to mail a notice or communication to a
Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 

(g) Any notice or communication delivered to the Issuer under the provisions herein shall constitute notice to the Note Guarantors. 

Section 12.2 Communication by Holders with Other Holders. Holders may communicate with other Holders with respect to their rights
under this Indenture (including the Note Guarantees) or the Notes. 
 Section 12.3 Certificate and Opinion as to Conditions
Precedent. Upon any request or application by the Issuer to the Trustee to take or refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee: 

(a) an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers,
all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
 (b) an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 

Section 12.4 Statements Required in Certificate or Opinion. Each certificate or opinion, including an Opinion of Counsel or
Officer’s Certificate, with respect to compliance with a covenant or condition provided for in this Indenture shall include: 
 (a) a
statement that the individual making such certificate or opinion has read such covenant or condition; 

  
 118 

 (b) a brief statement as to the nature and scope of the examination or investigation upon which
the statements or opinions contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion of such individual,
he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with. 

In giving an Opinion of Counsel, counsel may rely as to factual matters on an Officer’s Certificate or on certificates of public
officials. 
 Section 12.5 Rules by Trustee, Paying Agent, Transfer Agent and Registrar. The Trustee may make reasonable rules
for action by, or a meeting of, Holders. The Paying Agent, Transfer Agent and the Registrar may make reasonable rules for their functions. 

Section 12.6 Legal Holidays. A “Legal Holiday” is (i) a Saturday, a Sunday or other day on which commercial banking
institutions are authorized or required to be closed in New York City, Mexico, Madrid, Amsterdam, London, Paris or Zurich and (ii) any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer System (TARGET2) is closed
for settlement of payments. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a regular record date is a Legal Holiday, the
record date shall not be affected. 
 Section 12.7 Governing Law, etc. 

(a) THIS INDENTURE (INCLUDING EACH NOTE GUARANTEE) AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF NEW YORK. THE PARTIES HERETO EACH HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR EACH NOTE GUARANTEE OR ANY TRANSACTION RELATED HERETO OR THERETO TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW. 
 (b) Each of the parties hereto hereby: 

 

	 	(i)	agrees that any suit, action or proceeding against it arising out of or relating to this Indenture (including the Note Guarantees) or the Notes, as the case may be, may be instituted in any Federal or state court
sitting in the City of New York and County of New York and in the courts of its own corporate domicile, in respect of actions brought against it as a defendant, 

  
 119 

	 	(ii)	waives to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding, any claim that any suit, action or proceeding in
such a court has been brought in an inconvenient forum, and any right to which it may be entitled, on account of place of residence or domicile, 

  

	 	(iii)	irrevocably submits to the jurisdiction of such courts in any suit, action or proceeding, 

  

	 	(iv)	agrees that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding may be enforced in the courts of the jurisdiction of which it is subject by a suit upon judgment,
and 

  

	 	(v)	agrees that service of process by mail to the addresses specified herein shall constitute personal service of such process on it in any such suit, action or proceeding. 

(c) The Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC) have appointed CEMEX NY Corporation, 590 Madison Avenue,
41st Floor, New York, NY 10022, as its authorized agent (the “Authorized Agent”) upon whom all writs, process and summonses may be served in any suit, action or proceeding arising out of or based upon this Indenture or the Notes which may
be instituted in any state or federal court in the City of New York and County of New York. The Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC) hereby represent and warrant that the Authorized Agent has accepted such
appointment and has agreed to act as said agent for service of process, and the Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC) agree to take any and all action, including the filing of any and all documents, that may
be necessary to continue each such appointment in full force and effect as aforesaid so long as the Notes remain outstanding. The Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC) agree that the appointment of the
Authorized Agent shall be irrevocable so long as any of the Notes remain outstanding or until the irrevocable appointment by the Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC) of a successor agent in the City of New
York, New York as each of their authorized agent for such purpose and the acceptance of such appointment by such successor. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Issuer
and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC). 
 (d) To the extent that any of the Issuer and the Note Guarantors
have 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

  
 120 

 
aid or otherwise) with respect to itself or any of its property, the Issuer and the Note Guarantors hereby irrevocably waive and agree not to plead or claim such immunity in respect of their
obligations under this Indenture or the Notes. 
 (e) Nothing in this Section 12.7 shall affect the right of the Trustee or any
Holder of the Notes to serve process in any other manner permitted by law. 
 Section 12.8 [Reserved]. 

Section 12.9 No Recourse Against Others. An incorporator, director, officer, employee, stockholder or controlling person, as such,
of the Issuer or any Note Guarantor shall not have any liability for any obligations of the Issuer or any Note Guarantor under the Notes or this Indenture or for any claims based on, in respect of or by reason of such obligations or their
creation. By accepting a Note, each Holder shall waive and release all such liability. 
 Section 12.10 Successors. All
agreements of the Issuer and any Note Guarantor in this Indenture and the Notes shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successors. 

Section 12.11 Duplicate and Counterpart Originals. The parties may sign any number of copies of this Indenture. One signed
copy is enough to prove this Indenture. This Indenture may be executed in any number of counterparts, each of which so executed shall be an original, but all of them together represent the same agreement. Signatures of the parties hereto
transmitted by facsimile or pdf shall be deemed to be their original signatures for all purposes. 
 Section 12.12
Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 Section 12.13 [Reserved]. 

Section 12.14 Currency Indemnity. 

(a) U.S. Legal Tender is the sole currency of account and payment for all sums payable by the Issuer and any Note Guarantor under or in
connection with the Notes or this Indenture, including damages. Any amount received or recovered in currency other than U.S. Legal Tender in respect of the Notes (whether as a result of, or of the enforcement of, a judgment or order of a court of
any jurisdiction, in the winding-up or dissolution of the Issuer, a Note Guarantor or any Subsidiary of the Issuer or otherwise) by any Holder of the Notes in respect of any sum expressed to be due to it from the Issuer or any Note Guarantor shall
only constitute a discharge of them under the Notes and this Indenture only to the extent of the U.S. Legal Tender amount which the recipient is able to purchase with the amount so received or recovered in that other currency on the date of that
receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable 

  
 121 

 
to do so). If that U.S. Legal Tender amount is less than the U.S. Legal Tender amount expressed to be due to the recipient under the Notes or this Indenture, the Issuer and the Note
Guarantors shall jointly and severally indemnify and hold harmless the recipient, to the greatest extent permitted by law, against any loss or cost sustained by it in making any such purchase. For the purposes of this Section 12.14, it
will be sufficient for the Holder of a Note to certify that it would have suffered a loss had an actual purchase of U.S. Legal Tender been made with the amount so received in that other currency on the date of receipt or recovery (or, if a purchase
of U.S. Legal Tender on such date had not been practicable, on the first date on which it would have been practicable). 
 (b) The
indemnities of the Issuer and the Note Guarantors contained in this Section 12.14, to the extent permitted by law: (i) constitute a separate and independent obligation from the other obligations of the Issuer and the Note Guarantors
under this Indenture and the Notes; (ii) shall give rise to a separate and independent cause of action against the Issuer and the Note Guarantors; (iii) shall apply irrespective of any waiver granted by any Holder of the Notes or the
Trustee from time to time; and (iv) shall continue in full force and effect notwithstanding any other judgment, order, claim or proof of claim for a liquidated amount in respect of any sum due under the Notes or this Indenture or any other
judgment or order. 
 Section 12.15 Table of Contents; Headings. The table of contents and headings of the Articles and Sections
of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

Section 12.16 USA PATRIOT Act. The parties hereto acknowledge that, in accordance with Section 326 of the USA PATRIOT Act (Title III of
Pub. L. 107-56 (signed into law on October 26, 2001)) (as amended, modified or supplemented from time to time, the “USA PATRIOT Act”), the Trustee, like all financial institutions, is required to obtain, verify, and record information that
identifies each person or legal entity that opens an account. The parties to this Agreement agree that they will provide the Trustee with such information as the Trustee may request in order for the Trustee to satisfy the requirements of the USA
PATRIOT Act. 
 [Signature page follows] 

  
 122 

 IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed as of the date
first written above. 
  

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

		
	By:	 	 /s/ Jose Antonio Gonzalez Flores

		 	Name:	 	Jose Antonio Gonzalez Flores
		 	Title:	 	Attorney in Fact
	
	EACH OF THE NOTE GUARANTORS LISTED BELOW
	
	CEMEX México, S.A. de C.V.
		
	By:	 	 /s/ Jose Antonio Gonzalez Flores

		 	Name:	 	Jose Antonio Gonzalez Flores
		 	Title:	 	Attorney in Fact
	
	CEMEX Concretos, S.A. de C.V.
		
	By:	 	 /s/ Jose Antonio Gonzalez Flores

		 	Name:	 	Jose Antonio Gonzalez Flores
		 	Title:	 	Attorney in Fact
	
	Empresas Tolteca de México, S.A. de C.V.
		
	By:	 	 /s/ Jose Antonio Gonzalez Flores

		 	Name:	 	Jose Antonio Gonzalez Flores
		 	Title:	 	Attorney in Fact

 
					
	New Sunward Holding B.V.
		
	By:	 	 /s/ Jose Antonio Gonzalez Flores

		 	Name:	 	Jose Antonio Gonzalez Flores
		 	Title:	 	Attorney in Fact
	
	CEMEX España, S.A.
		
	By:	 	 /s/ Jose Antonio Gonzalez Flores

		 	Name:	 	Jose Antonio Gonzalez Flores
		 	Title:	 	Attorney in Fact
	
	Cemex Asia B.V.
		
	By:	 	 /s/ Jose Antonio Gonzalez Flores

		 	Name:	 	Jose Antonio Gonzalez Flores
		 	Title:	 	Attorney in Fact
	
	CEMEX Corp.
		
	By:	 	 /s/ Francisco Javier Garcia Ruiz de Morales

		 	Name:	 	Francisco Javier Garcia Ruiz de Morales
		 	Title:	 	Attorney in Fact
	
	Cemex Egyptian Investments B.V.
		
	By:	 	 /s/ Francisco Javier Garcia Ruiz de Morales

		 	Name:	 	Francisco Javier Garcia Ruiz de Morales
		 	Title:	 	Attorney in Fact
	
	Cemex Egyptian Investments II B.V.
		
	By:	 	 /s/ Francisco Javier Garcia Ruiz de Morales

		 	Name:	 	Francisco Javier Garcia Ruiz de Morales
		 	Title:	 	Attorney in Fact

 
					
	CEMEX France Gestion (S.A.S.)
		
	By:	 	 /s/ Francisco Javier Garcia Ruiz de Morales

		 	Name:	 	Francisco Javier Garcia Ruiz de Morales
		 	Title:	 	Attorney in Fact
	
	Cemex Research Group AG
		
	By:	 	 /s/ Francisco Javier Garcia Ruiz de Morales

		 	Name:	 	Francisco Javier Garcia Ruiz de Morales
		 	Title:	 	Attorney in Fact
	
	Cemex Shipping B.V.
		
	By:	 	 /s/ Francisco Javier Garcia Ruiz de Morales

		 	Name:	 	Francisco Javier Garcia Ruiz de Morales
		 	Title:	 	Attorney in Fact
	
	CEMEX Finance LLC
		
	By:	 	 /s/ Francisco Javier Garcia Ruiz de Morales

		 	Name:	 	Francisco Javier Garcia Ruiz de Morales
		 	Title:	 	Attorney in Fact
	
	CEMEX UK
		
	By:	 	 /s/ Francisco Javier Garcia Ruiz de Morales

		 	Name:	 	Francisco Javier Garcia Ruiz de Morales
		 	Title:	 	Attorney in Fact

 
					
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	 /s/ Catherine F. Donohue

		 	Name:	 	Catherine F. Donohue
		 	Title:	 	Vice President

 SCHEDULE I 

NOTE GUARANTORS 
 1. CEMEX México,
S.A. de C.V. (Mexico) 
 2. CEMEX Concretos, S.A. de C.V. (Mexico) 

3. Empresas Tolteca de México, S.A. de C.V. (Mexico) 
 4.
New Sunward Holding B.V. (the Netherlands) 
 5. CEMEX España, S.A. (Spain) 

6. Cemex Asia B.V. (the Netherlands) 
 7. CEMEX Corp. (Delaware)

 8. CEMEX Finance LLC (Delaware) 
 9. Cemex Egyptian
Investments B.V. (the Netherlands) 
 10. Cemex Egyptian Investments II B.V. (the Netherlands) 

11. CEMEX France Gestion (S.A.S.) (France) 
 12. Cemex Research
Group AG (Switzerland) 
 13. Cemex Shipping B.V. (the Netherlands) 

14. CEMEX UK (United Kingdom) 

 EXHIBIT A 

FORM OF NOTE 
 [Include the
following legend for Global Notes only: 
 “THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREINAFTER. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW
YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
& CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A
SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.”] 

[Include the following legend on all Notes that are Restricted Notes: 

“THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND
[Include the following on all Regulation S Notes that are Restricted Notes:, PRIOR TO THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT),] MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO CEMEX, S.A.B, DE C.V., (2) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS MADE IN RELIANCE ON RULE 144A, (3) IN AN OFFSHORE TRANSACTION
COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE), OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES. THIS LEGEND CAN ONLY BE REMOVED AT THE OPTION OF THE ISSUER.”] 

  
 A-1 

 [Include the following on all Regulation S Notes that are Restricted
Notes: PRIOR TO THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT),] EACH PERSON ACQUIRING AN OWNERSHIP INTEREST IN THE NOTES (1) SHALL BE DEEMED TO REPRESENT AND
WARRANT THAT IT EITHER (A) IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IS NOT A U.S. PERSON (AS DEFINED IN REGULATION S) AND IS OUTSIDE THE UNITED STATES OR (C) IS ACQUIRING SUCH OWNERSHIP
INTEREST PURSUANT TO A VALID REGISTRATION STATEMENT OR IN ANOTHER TRANSACTION EXEMPT FROM SUCH REGISTRATION; (2) AGREES THAT [Include the following on all Regulation S Notes that are Restricted Notes: PRIOR TO
THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT),] (X) IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT IN ACCORDANCE WITH THE FOREGOING RESTRICTIONS, AND IN ANY CASE IN
COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION; (Y) PRIOR TO SUCH TRANSFER, IT WILL FURNISH TO THE BANK OF NEW YORK MELLON, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS APPLICABLE),
SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THE TRUSTEE MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND (Z) IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS “UNITED STATES”, “U.S. PERSON” AND “OFFSHORE
TRANSACTION” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.”] 
 [Include the following legend on all Notes as the
Mexican law legend: 
 “THE NOTES EVIDENCED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE NATIONAL SECURITIES REGISTRY (REGISTRO
NACIONAL DE VALORES) MAINTAINED BY THE MEXICAN NATIONAL BANKING AND SECURITIES COMMISSION (COMISIÓN NACIONAL BANCARIA Y DE VALORES), AND MAY NOT BE OFFERED OR SOLD PUBLICLY, OR OTHERWISE BE SUBJECT TO BROKERAGE ACTIVITIES, IN MEXICO, EXCEPT
THAT THE NOTES MAY BE OFFERED IN MEXICO TO QUALIFIED OR INSTITUTIONAL INVESTORS PURSUANT TO THE PRIVATE PLACEMENT EXEMPTION SET FORTH UNDER ARTICLE 8 OF THE MEXICAN SECURITIES MARKET LAW (LEY DEL MERCADO DE VALORES).]

  
 A-2 

 FORM OF FACE OF NOTE 

7.750% Senior Secured Notes due 2026 
  

			
	No.            	 	 Principal Amount
U.S.$                    

 [If the Note is a Global Note include the following two lines: 

as revised by the Schedule of Increases and 

Decreases in Global Note attached hereto] 

CUSIP NO.             1 

ISIN NO.             2 

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 the United Mexican States (together with its successors and assigns, the “Issuer”), promises to pay to Cede & Co., or registered assigns, the principal sum of
                     U.S. Dollars [If the Note is a Global Note, add the following, as revised by the Schedule of Increases and Decreases in
Global Note attached hereto], on April 16, 2026. 
 Interest Payment Dates: April 16 and October 16 of each year, commencing on
October 16, 2016. 
 Record Dates: April 1 and October 1 

 

	1 	CUSIP No. for Rule 144A Note: 151290 BU6; CUSIP No. for Regulation S Note: P2253T JK6 

	2 	ISIN No. for Rule 144A Note: US151290BU60; ISIN No. for Regulation S Note: USP2253TJK62 

  
 A-3 

 Additional provisions of this Note are set forth on the other side of this Note. 

 

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

		 	Name:
		 	Title:

  

									
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION	 		 	
			
	THE BANK OF NEW YORK MELLON	 		 	
	as Trustee, certifies that this is one of the Notes referred to in the Indenture.	 		 		 	
					
	By:	 	  
	 		 	Date:	 	  

		 	Authorized Signatory	 		 		 	

  
 A-4 

 FORM OF REVERSE SIDE OF NOTE 

7.750% Senior Secured Notes due 2026 

Capitalized terms used but not defined herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

 

	1.	Interest 

 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 the United Mexican States (together with its successors and assigns, the “Issuer”), promises to pay interest on the
principal amount of this Note at the rate per annum shown above. 
 The Issuer will pay interest semiannually in arrears on each Interest
Payment Date of each year commencing October 16, 2016; provided, that if any such Interest Payment Date is not a Business Day, then such payment shall be made on the next succeeding Business Day. Interest on the Notes will accrue from
the most recent date to which interest has been paid on the Notes or, if no interest has been paid, from March 16, 2016; provided, that if there is no existing Default or Event of Default on the payment of interest, and if this Note is
authenticated between a Record Date referred to on the face hereof and the next succeeding Interest Payment Date (but after March 16, 2016), interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original
issuance of Notes, in which case interest shall accrue from March 16, 2016. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the then applicable interest rate on the
Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (“Defaulted Interest”), without regard to any applicable grace
period, at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Each interest period shall end on (but not include) the relevant interest payment date. 

All payments made by the Issuer in respect of the Notes will be made free and clear of and without deduction or withholding for or on account
of any Taxes imposed or levied by or on behalf of any Taxing Jurisdiction, unless such withholding or deduction is required by law or by the interpretation or administration thereof. In that event, the Issuer will pay to each Holder of the
Notes Additional Amounts as provided in the Indenture subject to the limitations set forth in the Indenture. 
  

	2.	Method of Payment 

 By at least 10:00 a.m. (New York City time) on the Business Day prior
to the date on which any principal of or interest on any Note is due and payable, the Issuer shall irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay such principal and/or interest. The Issuer will pay interest
(except Defaulted Interest) on the applicable Interest Payment Date to the Persons who are registered Holders of Notes at the close of business on the Record Date preceding the Interest 

  
 1 

 
Payment Date even if Notes are canceled, repurchased or redeemed after the Record Date and on or before the relevant Interest Payment Date, except as provided in Section 2.13 of the
Indenture with respect to Defaulted Interest. Holders must surrender Notes to a Paying Agent to collect principal payments. The Issuer will pay principal and interest in U.S. Legal Tender. 

Payments in respect of Notes represented by a Global Note (including principal and interest) will be made by the transfer of immediately
available funds to the accounts specified by the DTC. The Issuer will make all payments in respect of a Certificated Note (including principal and interest) by mailing a check to the registered address of each registered Holder thereof as set
forth in the Note Register; provided, however, that payments on the Notes may also be made, in the case of a Holder of at least U.S.$10,000,000 aggregate principal amount of Notes, by wire transfer to a U.S. dollar account maintained
by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 10 days immediately preceding the relevant
due date for payment (or such other date as the Trustee may accept in its discretion). 
  

	3.	Paying Agent and Registrar 

 Initially, The Bank of New York Mellon, the Trustee under
the Indenture, will act as Trustee, Paying Agent and Registrar. The Issuer may appoint and change any Paying Agent, Registrar or co-Registrar without notice to any Holder. The Issuer, any Note Guarantor or any of their respective
Affiliates may act as Paying Agent, Registrar or co-Registrar. 
  

	4.	Indenture 

 The Issuer issued the Notes under an Indenture, dated as of March 16, 2016
(as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Indenture”), among the Issuer, the Note Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture. The
Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of those terms. Each Holder, by accepting a Note, agrees to be bound by all of the terms and provisions of the Indenture, as amended or supplemented from
time to time. 
 The Notes are general senior obligations, which are secured by a first priority security interest in the Collateral on an
equal and ratable basis with the other Permitted Secured Obligations, subject to the Collateral release provisions set forth in the Intercreditor Agreement. U.S.$1,000,000,000 in aggregate principal amount of Notes will be issued on the Issue
Date. Subject to the conditions set forth in the Indenture and without the consent of the Holders, the Issuer may issue Additional Notes. All Notes will be treated as a single series of securities under the Indenture. The Indenture
imposes certain limitations on, among other things, the ability of the Issuer and its Restricted Subsidiaries to: Incur Indebtedness, make Restricted Payments, incur Liens, designate Unrestricted Subsidiaries, make Asset Sales, enter into
transactions with Affiliates, or consolidate or merge or transfer or convey all or substantially all of the Issuer’s assets. 

  
 2 

 To guarantee the due and punctual payment of the principal of (and premium, if any) and interest
on the Notes and all other amounts payable by the Issuer under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the
Note Guarantors have unconditionally guaranteed, jointly and severally, such obligations pursuant to the terms of the Indenture. Each Note Guarantee will be subject to release as provided in the Indenture. 

The obligations of each Note Guarantor in respect of its Note Guarantee will be limited to the maximum amount as will, after giving effect to
all other contingent and fixed liabilities of such Note Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Note Guarantor in respect of the obligations of such other Note Guarantor under its Note
Guarantee or pursuant to its contribution obligations under the Indenture, result in the obligations of such Note Guarantor under its Note Guarantee not constituting a fraudulent conveyance, fraudulent transfer, or similar illegal transfer under
federal or state law or the law of the jurisdiction or formation and incorporation of such Note Guarantors. 
  

	5.	Optional Redemption 

 Except as stated below, the Issuer may not redeem the
Notes. The Issuer may redeem the Notes, at its option, in whole at any time or in part from time to time, on and after April 16, 2021, at the following redemption prices, expressed as percentages of the principal amount thereof, if redeemed
during the twelve-month period commencing on April 16 of any year set forth below, plus any accrued and unpaid interest on the principal amount of the Notes, if any, to the date of redemption: 

 

					
	 Year
	  	Percentage	 
	 2021
	  	 	103.875	% 
	 2022
	  	 	102.583	% 
	 2023
	  	 	101.292	% 
	 2024 and thereafter
	  	 	100.000	% 

 provided, however, that the Issuer shall not have the right to exercise any such optional redemption at any time when
the Issuer is prohibited from having such an option under the Credit Agreement. 
 Prior to April 16, 2021, the Issuer will have the right,
at its option, to redeem any of the Notes, in whole or in part, at any time or from time to time prior to their maturity at a redemption price equal to the greater of (1) 100% of the principal amount of such Notes and (2) the sum of the present
value of the redemption price of the Notes to be redeemed at April 16, 2021 (such redemption price being set forth in the table appearing above) plus each remaining scheduled payment of interest thereon during the period between the redemption date
and April 16, 2021 (exclusive of interest 

  
 3 

 
accrued to the date of redemption), in each case, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as
defined below) plus 50 basis points, plus, in each case any accrued and unpaid interest on the principal amount of the Notes, if any, to the date of redemption, provided, however, that the Issuer shall not have the right to exercise any such
optional redemption at any time when the Issuer is prohibited from having such an option under the Credit Agreement. 
 “Treasury
Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue (as defined below), assuming a price for
the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price (as defined below) for such Redemption Date. 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker (as
defined below) as having an actual or interpolated maturity that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities having a maturity most nearly equal
to April 16, 2021. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers (as defined below) appointed by
the Issuer. 
 “Comparable Treasury Price” means, with respect to any Redemption Date (1) the average of the Reference Treasury
Dealer Quotations (as defined below) for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotation or (2) if the Independent Investment Banker or Issuer obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such quotations. 
 “Reference Treasury Dealer” means any one of Citigroup Global Markets
Inc. or Merrill Lynch, Pierce, Fenner & Smith Incorporated or their respective affiliates which are primary United States government securities dealers and not less than two other leading primary United States government securities dealers in
New York City reasonably designated by the Issuer; provided, however, that if any of the foregoing shall cease to be a primary United States government securities dealer in New York City (a “Primary Treasury Dealer”), the
Issuer will substitute therefore another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotation” means, with respect to
each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker or Issuer, of the bid and asked price for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Independent Investment Banker or Issuer by such Reference Treasury Dealer at 3:30 p.m. New York time on the third business day preceding such Redemption Date. 

  
 4 

 Optional Redemption upon Equity Offerings. At any time, or from time to time, on or prior
to April 16, 2019, the Issuer may, at its option, use the net cash proceeds of one or more Equity Offerings to redeem in the aggregate up to 35% of the aggregate principal amount of the Notes issued pursuant to the Indenture at a redemption price
equal to 107.750% of the principal amount thereof plus any accrued and unpaid interest on the principal amount of the Notes, if any, to the date of redemption; provided, that: 

(a) after giving effect to any such redemption at least 65% of the aggregate principal amount of the Notes issued under the Indenture remains
outstanding; and 
 (b) the Issuer shall make such redemption not more than 90 days after the consummation of such Equity Offering; 

provided, however, that the Issuer shall not have the right to exercise any such optional redemption at any time when the Issuer is prohibited from
exercising such an option under the Credit Agreement. 
 “Equity Offering” means any public or private sale of Qualified Capital
Stock after the Issue Date for cash other than issuances to any Subsidiary of the Issuer. 
 Optional Redemption for Changes in
Withholding Taxes. If, as a result of any amendment to, or change in, the laws (or any rules or regulations thereunder) of a Taxing Jurisdiction affecting taxation, or any amendment to or change in an official interpretation or application of
such laws, rules or regulations that has a general effect, which amendment to or change of such laws, rules or regulations becomes effective on or after the Issue Date (which, in the case of a merger, consolidation or other transaction permitted and
described under Article IV shall be treated for this purpose as the date of such transaction), the Issuer or any Note Guarantor would be obligated, after taking all reasonable measures to avoid this requirement, to pay Additional Amounts in
excess of those attributable to a withholding tax rate of 10% with respect to the Notes (see “Additional Amounts”), then, at the Issuer’s option, all, but not less than all, of the Notes may be redeemed at any time on giving not less
than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the outstanding principal amount, plus any accrued and unpaid interest on the principal amount of the Notes, if any, to the date of redemption; provided,
however, that (1) no notice of redemption for tax reasons may be given earlier than 90 days prior to the earliest date on which the Issuer or any Note Guarantor would be obligated to pay these Additional Amounts if a payment on the Notes were
then due, and (2) at the time such notice of redemption is given such obligation to pay such Additional Amounts remains in effect; provided, further, however, that the Issuer shall not have the right to exercise any such optional redemption
at any time when the Issuer is prohibited from having such an option under the Credit Agreement. 

  
 5 

 Prior to the publication of any notice of redemption pursuant to this provision, the Issuer will
deliver to the Trustee: 
 (a) an Officer’s Certificate stating that the Issuer is entitled to effect the redemption and setting forth
a statement of facts showing that the conditions precedent to the Issuer’s right to redeem have occurred, and 
 (b) an opinion of
outside legal counsel of recognized standing in the affected Taxing Jurisdiction to the effect that the Issuer has or will become obligated to pay such Additional Amounts as a result of such change or amendment. 

This notice, once delivered by the Issuer to the Trustee, will be irrevocable. 

In the case of any partial redemption, selection of the Notes for redemption will be made in accordance with Article V of the
Indenture. On and after the Redemption Date, interest will cease to accrue on Notes or portions thereof called-for redemption as long as the Issuer has deposited with the Paying Agent funds in satisfaction of the applicable redemption price
pursuant to the Indenture. 
  

	6.	Mandatory Repurchase Provisions 

 Change of Control Offer. Upon the
occurrence of a Change of Control, each Holder of Notes will have the right to require that the Issuer purchase all or a portion (in integral multiples of U.S.$1,000) of the Holder’s Notes at a purchase price equal to 101% of the principal
amount thereof, plus accrued and unpaid interest through the date of purchase. Within 30 days following the date upon which the Change of Control occurred, the Issuer must make a Change of Control Offer pursuant to a Change of Control
Notice. As more fully described in the Indenture, the Change of Control Notice shall state, among other things, the Change of Control Payment Date, which must be no earlier than 30 days nor later than 60 days from the date the notice is mailed,
other than as may be required by applicable law. 
 Asset Sale Offer. The Indenture imposes certain limitations on the ability of the
Issuer and its Restricted Subsidiaries to make Asset Sales. In the event the proceeds from a permitted Asset Sale exceed certain amounts and are not applied as specified in the Indenture, the Issuer will be required to make an Asset Sale Offer to
purchase to the extent of such remaining proceeds each Holder’s Notes together with holders of certain other Indebtedness at 100% of the principal amount thereof, plus accrued interest (if any) to the Asset Sale Offer Payment Date, as more
fully set forth in the Indenture. 
  

	7.	Denominations; Transfer; Exchange 

 The Notes are in fully registered form without
coupons, and only in denominations of principal amount of U.S.$200,000 and in integral multiples of U.S.$1,000 in excess thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder,
among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar shall not be required to register

  
 6 

 
the transfer or exchange of (x) any Note for a period beginning: (1) 15 days before the mailing of a notice of an offer to repurchase or redeem Notes and ending at the close of business on the
day of such mailing or (2) 15 days before an Interest Payment Date and ending on such Interest Payment Date and (y) any Note selected for repurchase or redemption, except the unrepurchased or unredeemed portion thereof, if any. 

 

	8.	Persons Deemed Owners 

 The registered holder of this Note may be treated as the owner of
it for all purposes. 
  

	9.	Unclaimed Money 

 If money for the payment of principal or interest remains unclaimed for
two years, the Trustee or Paying Agent shall pay the money back to the Issuer at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Issuer and not
to the Trustee for payment. 
  

	10.	Discharge Prior to Redemption or Maturity 

 Subject to certain conditions set forth in
the Indenture, the Issuer at any time may terminate some or all of its obligations under the Notes and the Indenture if the Issuer deposits with the Trustee U.S. Legal Tender or U.S. Government Obligations for the payment of principal of and
interest on the Notes to redemption or maturity, as the case may be. 
  

	11.	Amendment, Waiver 

 Subject to certain exceptions set forth in the Indenture,
(i) the Indenture or the Notes may be amended or supplemented with the written consent of the Holders of at least a majority in principal amount of the then Outstanding Notes and (ii) any default (other than with respect to nonpayment or
in respect of a provision that cannot be amended or supplemented without the written consent of each Holder affected) or noncompliance with any provision may be waived with the written consent of the Holders of a majority in aggregate principal
amount of the then Outstanding Notes. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Issuer and the Trustee may amend or supplement the Indenture or the Notes to, among other things, cure any
ambiguity, omission, defect or inconsistency, or to comply with Article IV of the Indenture, or to provide for uncertificated Notes in addition to or in place of certificated Notes, or to add guarantees with respect to the Notes or to secure
the Notes, or to add additional covenants or surrender rights and powers conferred on the Issuer or the Note Guarantors, or to make any change that does not adversely affect the rights of any Holder, or to provide for the issuance of Additional
Notes. 

  
 7 

	12.	Defaults and Remedies 

 If an Event of Default occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the Outstanding Notes may declare all the Notes to be due and payable immediately. A Bankruptcy Event of Default will result in the Notes being due and payable immediately upon the occurrence
of such Bankruptcy Event of Default. 
 Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The
Trustee may refuse to enforce the Indenture or the Notes unless it receives reasonable indemnity or security. Subject to certain limitations, Holders of a majority in principal amount of the Outstanding Notes may direct the Trustee in its
exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default in payment of principal or interest) if it determines that withholding notice is in
their interest. 
  

	13.	Trustee Dealings with the Issuer and the Note Guarantors 

 Subject to certain limitations
set forth in the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Issuer, any Note Guarantor or its
Affiliates and may otherwise deal with the Issuer, any Note Guarantor or its Affiliates with the same rights it would have if it were not Trustee. 
  

	14.	No Recourse Against Others 

 An incorporator, director, officer, employee, stockholder or
controlling person, as such, of the Issuer or any Note Guarantor shall not have any liability for any obligations of the Issuer or any Note Guarantor under the Notes or the Indenture or for any claims based on, in respect of or by reason of such
obligations or their creation. By accepting a Note, each holder waives and releases all such liability. 
  

	15.	Authentication 

 Any Officer of the Issuer may sign the Notes for the Issuer by manual or
facsimile signature. This Note shall not be valid until an authorized signatory of the Trustee (or an Authenticating Agent) manually signs the certificate of authentication on the other side of this Note. 

 

	16.	Abbreviations 

 Customary abbreviations may be used in the name of a Holder or an
assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian) and U/G/M/A (= Uniform Gift to Minors Act). 

  
 8 

	17.	CUSIP Numbers 

 Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures the Issuer has caused CUSIP or other similar numbers to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made
as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

 

	18.	Governing Law 

 This Note shall be governed by, and construed in accordance with, the
laws of the State of New York. 
  

	19.	Currency of Account; Conversion of Currency. 

 U.S. Legal Tender is
the sole currency of account and payment for all sums payable by the Issuer and the Note Guarantors under or in connection with the Notes or the Indenture, including damages. The Issuer and the Note Guarantors will indemnify the Holders as
provided in respect of the conversion of currency relating to the Notes and the Indenture. 
  

	20.	Agent for Service; Submission to Jurisdiction; Waiver of Immunities. 

The Issuer and the Note Guarantors have agreed that any suit, action or proceeding against the Issuer or any Note Guarantor brought by any
Holder or the Trustee arising out of or based upon the Indenture or the Notes may be instituted in any state or federal court in the City of New York and County of New York and in the courts of their respective corporate domiciles, in respect of
actions brought against them as defendants. The Issuer and the Note Guarantors have irrevocably submitted to the jurisdiction of such courts for such purpose and waived, to the fullest extent permitted by law, trial by jury and any objection it may
now or hereafter have to the laying of venue of any such proceeding, and any claim it may now or hereafter have that any proceeding in any such court is brought in an inconvenient forum. The Issuer and the Note Guarantors (other than CEMEX
Corp. and CEMEX Finance LLC) have appointed CEMEX NY Corporation, 590 Madison Avenue, 41st Floor, New York, NY 10022, as each of their authorized agent upon whom all writs, process and summonses may be served in any suit, action or proceeding
arising out of or based upon the Indenture or the Notes which may be instituted in any state or federal court in the City of New York and County of New York. To the extent that any of the Issuer and the Note Guarantors have 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 the Note Guarantors have irrevocably waived and agreed not to plead or claim such immunity in respect of its obligations under the Indenture or the Notes. 

  
 9 

 The Issuer will furnish to any Holder upon written request and without charge to the Holder a
copy of the Indenture which has in it the text of this Note in larger type. Requests may be made to: 
 CEMEX, S.A.B. de C.V. 

Av. Ricardo Margáin Zozaya # 325 

Colonia Valle del Campestre 
 Garza
García, Nuevo León, México 66265 
 Tel: +5281-8888-8888 

  
 10 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 
  

					
		 	  
	 	
		 	(Print or type assignee’s name, address and zip code)	 	
		 		 	
		 	  
	 	
		 	(Insert assignee’s soc. sec. or tax I.D. No.)	 	

 and irrevocably appoint
                     as agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

 

									
	Date:	 	  
	 		  	Your Signature:	 	  

  

					
	Signature Guarantee:	 	  
	  	
		 	(Signature must be guaranteed)	  	

  
  

Sign exactly as your name appears on the other side of this Note. 

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 11 

 To be attached to Global Notes only: 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The following increases or decreases in this Global Note have been made: 

 

									
	 Date of Exchange
	  	Amount of decrease
in Principal Amount
of this Global Note	  	Amount of increase
in Principal Amount
of this Global Note	  	Principal Amount of
this Global Note
following such
decrease or
increase	  	Signature of
authorized
signatory of Trustee
or Note Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 12 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 3.8 or Section 3.12 of the Indenture, check
either box: 
  

							
		 	 ̈	 	 ̈	 	
		 	Section 3.8	 	Section 3.12	 	

 If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 3.12 of
the Indenture, state the principal amount (which must be in minimum denominations of U.S.$200,000 and in an integral multiple of U.S.$1,000):
U.S.$                     
  

											
	Date:	 	  
	 		 	Your Signature	 	  
	  	
		 		 		 	(Sign exactly as your name appears on the other side of the Note)	  	

					
			
	Signature Guarantee:	 	  
	  	
		 	(Signature must be guaranteed)	  	

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 13 

 EXHIBIT B 

FORM OF CERTIFICATION FOR TRANSFER PURSUANT TO REGULATION S 

 

			
		 	            [Date]

 The Bank of New York Mellon 
 101
Barclay Street – 7E 
 New York, NY 10286 

Attention: International Corporate Trust 

Re:    7.750% Senior Secured Notes due 2026 (the “Notes”) of CEMEX, S.A.B. de C.V. (the
“Issuer”) 
 Ladies and Gentlemen: 

Reference is hereby made to the Indenture, dated as of March 16, 2016 (as amended and supplemented from time to time, the
“Indenture”), among the Issuer, the Note Guarantors named therein and The Bank of New York Mellon, as Trustee. Capitalized terms used but not defined herein shall have the meanings given them in the Indenture or Regulation S under the
Securities Act of 1933, as amended (the “Securities Act”), as the case may be. 
 In connection with our proposed transfer of
U.S.$             aggregate principal amount of the Notes, which represent an interest in a Rule 144A Global Note beneficially owned by the undersigned (“Transferor”), we confirm
that such transfer has been effected pursuant to and in accordance with Regulation S and, accordingly, we represent that: 

(a) the offer of the Notes was not made to a person in the United States; 

(b) either (i) at the time the buy order was originated, the transferee was outside the United States or we and any
person acting on our behalf reasonably believed that the transferee was outside the United States or (ii) the transaction was executed in, on or through the facilities of a designated off-shore securities market and neither we nor any person
acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 
 (c) no
directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; 

(d) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and 

(e) we are the beneficial owner of the principal amount of Notes being transferred. 

  
 B-1 

 In addition, if the transfer is made during a Distribution Compliance Period and the provisions
of Rule 904(b)(1) or Rule 904(b)(2) of Regulation S are applicable thereto, we confirm that such transfer has been made in accordance with the applicable provisions of Rule 904(b)(1) or Rule 904(b)(2), as the case may be.

 You, the Issuer and the Note Guarantors are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a
copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

			
	Very truly yours,
	
	 [Name of Transferor]

		
	 By:
	 	  

	
	  

	Authorized Signature]

  

					
	Signature Guarantee:	 	  
	  	
		 	(Signature must be guaranteed)	  	

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 B-2 

 EXHIBIT C 

FORM OF CERTIFICATION FOR TRANSFER PURSUANT TO RULE 144 
  

			
		 	            [Date]

 The Bank of New York Mellon 
 101
Barclay Street – 7E 
 New York, NY 10286 

Attention: International Corporate Trust 

Re: 7.750% Senior Secured Notes due 2026 (the “Notes”) of CEMEX, S.A.B. de C.V. (the “Issuer”) 

Ladies and Gentlemen: 
 Reference is hereby made
to the Indenture, dated as of March 16, 2016 (as amended and supplemented from time to time, the “Indenture”), among the Issuer, the Note Guarantors named therein and The Bank of New York Mellon, as Trustee. Capitalized terms used but
not defined herein shall have the meanings given them in the Indenture. 
 In connection with our proposed transfer of
U.S.$         aggregate principal amount of the Notes, which represent an interest in a 144A Global Note beneficially owned by the undersigned (“Transferor”), we confirm that such transfer has been
effected pursuant to and in accordance with Rule 144 under the Securities Act. 
 You, the Issuer and the Note Guarantors are entitled
to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

			
	 Very truly yours,

	
	 [Name of Transferor]

		
	 By:
	 	  

	
	  

	Authorized Signature

  

					
	Signature Guarantee:	 	  
	  	
		 	(Signature must be guaranteed)	  	

  
 C-1 

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan
associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 C-2 

 EXHIBIT D 

FORM OF CERTIFICATION FOR TRANSFER PURSUANT TO RULE 144A 
  

			
		 	            [Date]

 The Bank of New York Mellon 
 101
Barclay Street – 7E 
 New York, NY 10286 

Attention: International Corporate Trust 

Re: 7.750% Senior Secured Notes due 2026 (the “Notes”) of CEMEX, S.A.B. de C.V. (the “Issuer”) 

Ladies and Gentlemen: 
 Reference is hereby made
to the Indenture, dated as of March 16, 2016 (as amended and supplemented from time to time, the “Indenture”), among the Issuer, the Note Guarantors named therein and The Bank of New York Mellon, as Trustee. Capitalized terms
used but not defined herein shall have the meanings given them in the Indenture. 
 In connection with our proposed transfer of
U.S.$         aggregate principal amount of the Notes, which represent an interest in a Regulation S Global Note beneficially owned by the undersigned (“Transferor”), we confirm that such
transfer has been effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended, and, accordingly, we represent that the beneficial interest will be transferred to a Person that we reasonably believe is
purchasing the beneficial interest for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within
the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such transfer is in compliance with any applicable blue sky securities laws of any state of the United States. 

You, the Issuer and the Note Guarantors are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy
hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

			
	Very truly yours,
	
	[Name of Transferor]
		
	By:	 	  

	
	  

	Authorized Signature]

  

					
	Signature Guarantee:	 	  
	  	
		 	(Signature must be guaranteed)	  	

  
 D-1 

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan
associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 D-2 

 EXHIBIT E 

“CONSOLIDATED LEVERAGE RATIO” AND RELATED DEFINITIONS 

The definition of “Consolidated Leverage Ratio” comes from the 2009 Financing Agreement, as in effect immediately prior to giving
effect to the amendment and restatement thereof on September 17, 2012, and is to be used solely for purposes of calculating the Consolidated Leverage Ratio in the context of determining whether a Partial Covenant Suspension Event has occurred. 

“2012 CB Amount” means an aggregate amount equal to the Relevant Existing Financial Indebtedness maturing on or prior to the
2012 CB Maturity Date. 
 “2012 CB Maturity Date” means the final maturity date of the Relevant Existing Financial
Indebtedness maturing in September, 2012 (being 21 September, 2012). 
 “Acceptable Bank” means: 

 

	 	(a)	a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of A- or higher by S&P or A- or higher by Fitch or A3 or higher by Moody’s or a comparable
rating from an internationally recognised credit rating agency; 

  

	 	(b)	any other bank or financial institution in a jurisdiction in which a member of the Group conducts commercial operations where such member of the Group, in the ordinary course of trading, subscribes for certificates of
deposit issued by such bank or financial institution; or 

  

	 	(c)	any other bank or financial institution approved by the Administrative Agent. 

“Accession Letter” means a document substantially in the form set out in Schedule 4 (Form of Accession Letter) of the
2009 Financing Agreement. 
 “Additional Guarantor” means a company that becomes an Additional Guarantor in accordance with
Clause 28 (Changes to the Obligors) of the 2009 Financing Agreement. 
 “Additional Security Provider” means a
company that becomes an Additional Security Provider in accordance with Clause 28 (Changes to the Obligors) of the 2009 Financing Agreement. 

“Administrative Agent” means Citibank International PLC, as administrative agent of the Finance Parties (other than itself)
under the 2009 Financing Agreement. 
 “Affiliate” means, in relation to any person, a Subsidiary of that person or a
Holding Company of that person or any other Subsidiary of that Holding Company. 
 “Applicable GAAP” means: 

 

	 	(a)	in the case of the Issuer, Mexican FRS or, if adopted by the Issuer in accordance with Clause 22.3 (Requirements as to financial statements) of the 2009 Financing Agreement, IFRS; 

  
 E-1 

	 	(b)	in the case of CEMEX España, Spanish GAAP or, if adopted by CEMEX España in accordance with Clause 22.3 (Requirements as to financial statements) of the 2009 Financing Agreement, IFRS; and

  

	 	(c)	in the case of any other Obligor, the generally accepted accounting principles applying to it in the country of its incorporation or in a jurisdiction agreed to by the Administrative Agent or, if adopted by the relevant
Obligor, IFRS. 

 “Authorised Signatory” means, in relation to any Obligor, any person who is duly authorised
and in respect of whom the Administrative Agent has received a certificate signed by a director or another Authorised Signatory of such Obligor setting out the name and signature of such person and confirming such person’s authority to act.

 “Banobras Facility” means a revolving loan agreement (Contrato de Apertura de Crédito en Cuenta Corriente)
between CEMEX CONCRETOS, S.A. de C.V., as borrower and Banco Nacional de Obras y Servicios Públicos, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo, as lender (“Banobras”), in an aggregate
principal amount equal to Mex$5,000,000,000.00 (five billion pesos), dated April 22, 2009, which was formalized by means of public deeds number 116,380 and 116,381 dated April 22, 2009, granted before Mr. José Angel Villalobos Magaña,
notary public number 9 for Mexico, Federal District, as such facility may be amended from time to time. 
 “Base Currency”
means US dollars. 
 “Base Currency Amount” means on any date: 

 

	 	(a)	in relation to an amount or Exposure denominated in the Base Currency, that amount or the amount of that Exposure; and 

  

	 	(b)	in relation to an amount or Exposure denominated in a currency other than the Base Currency, that amount or the amount of that Exposure converted into the Base Currency at: 

 

	 	(i)	for the purposes of determining the Majority Participating Creditors, the exchange rate displayed on the appropriate Reuters screen at or about 11:00 a.m. on the date on which such determination is made (or if the
agreed page is replaced or services cease to be available, the Administrative Agent may specify another page or service displaying the appropriate rate after consultation with the Issuer and the Participating Creditors); and 

 

	 	(ii)	 for all other purposes, the exchange rate displayed on the appropriate Reuters screen at or about 11:00 a.m. on
the date which is five Business 

  
 E-2 

	 	
Days before that date (or if the agreed page is replaced or services cease to be available, the Administrative Agent may specify another page or service displaying the appropriate rate after
consultation with the Issuer and the Participating Creditors). 

 “Bilateral Bank Facilities” means the
facilities described in Part IB of Part II of Schedule 1 (The Original Participating Creditors) of the 2009 Financing Agreement. 

“Borrower” means an Original Borrower unless it has ceased to be a Borrower in accordance with Clause 28.2 (Resignation of
a Borrower) of the 2009 Financing Agreement. 
 “Business Day” means a day (other than a Saturday or Sunday) on which
banks are open for general business in London, Madrid, New York, Amsterdam and Mexico City (in the case of Mexico City, if applicable, as specified by a governmental authority), and: 

 

	 	(a)	(in relation to any date for payment or lending or purchase of, or the determination of an interest rate or rate of exchange in relation to, a currency other than euro) the principal financial centre of the country of
that currency; or 

  

	 	(b)	(in relation to any date for payment or lending or purchase of, or the determination of an interest rate or rate of exchange in relation to, euro) any TARGET Day. 

“Business Plan” means the five year business plan of the Group delivered in conjunction with the 2009 Financing Agreement.

 “Capital Expenditure” means any expenditure or obligation in respect of expenditure which, in accordance with Applicable
GAAP of the Issuer, is treated as capital expenditure (and including the capital element of any expenditure or obligation incurred in connection with a Capital Lease) (and, solely for the purposes of paragraph (c) of Clause 23.2 (Financial
condition) of the 2009 Financing Agreement, the maximum amount of Capital Expenditure of the Group permitted in the Financial Year ending on or about 31 December 2009 will be increased by an amount not exceeding $50,000,000 in aggregate to
the extent necessary to take into account currency fluctuations or additional costs and expenses contemplated by (or that have occurred since the date of) the Business Plan). 

“Capital Lease” means, as to any person, the obligations of such person to pay rent or other amounts under any lease of (or
other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of the Issuer under Applicable GAAP and the
amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with Applicable GAAP of the Issuer. 

“Capital Stock” means any and all shares, interests, participations or other equivalents (however designed) of capital stock
of a corporation, any and all equivalent ownership interests in a person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing. 

  
 E-3 

 “Cash Equivalent Investments” means at any time: 

 

	 	(a)	certificates of deposit maturing within one year after the relevant date of calculation and issued by an Acceptable Bank; 

  

	 	(b)	any investment in marketable debt obligations issued or expressly guaranteed by the government of Mexico, the United States of America (or any state thereof (including any political subdivision of such state)), the
United Kingdom, any member state of the European Economic Area or any Participating Member State or any member state of NAFTA (or any other jurisdiction in which a member of the Group conducts commercial operations if that member of the Group makes
investments in such debt obligations in the ordinary course of its trading) or by an instrumentality or agency of any of them having an equivalent credit rating, maturing within one year after the relevant date of calculation and not convertible or
exchangeable to any other security; 

  

	 	(c)	commercial paper not convertible into or exchangeable for any other security: 

  

	 	(i)	for which a recognised trading market exists; 

  

	 	(ii)	issued by an issuer incorporated in Mexico, the United States of America (or any state thereof (including any political subdivision of such state)), the United Kingdom, any member state of the European Economic Area or
any Participating Member State or any member state of NAFTA (or any other jurisdiction in which a member of the Group makes investments in such debt obligations in the ordinary course of trading); 

 

	 	(iii)	which matures within one year after the relevant date of calculation; and 

  

	 	(iv)	which has a credit rating of either A-1 or higher by S&P or F 1 or higher by Fitch or P-1 or higher by Moody’s, or, if no rating is available in respect of the commercial paper, the issuer of which has, in
respect of its long-term unsecured and non-credit enhanced debt obligations, an equivalent rating; 

  

	 	(d)	sterling bills of exchange eligible for rediscount at the Bank of England and accepted by an Acceptable Bank (or their dematerialised equivalent); 

 

	 	(e)	any investment in money market funds which (i) have a credit rating of either A-1 or higher by S&P or F1 or higher by Fitch or P-1 or higher by Moody’s, (ii) which invest substantially all their assets in
securities of the types described in paragraphs (a) to (d) above and (f) and (g) below and (iii) can be turned into cash on not more than 30 days’ notice; or 

  
 E-4 

	 	(f)	any deposit issued by any of Nacional Financiera, S.N.C., Banco Nacional de Comercio Exterior, S.N.C., Banco National de Obras y Servicios Publicos, S.N.C. or any other development bank controlled by the Mexican
government; 

  

	 	(g)	any other debt instrument rated “investment grade” (or the local equivalent thereof according to local criteria in a country in which any member of the Group conducts commercial operations and in which local
pensions are permitted by law to invest) with maturities of 12 months or less from the date of acquiring such investment; 

  

	 	(h)	investments in mutual funds, managed by banks or financial institutions, with a local currency credit rating of at least MxAA by S&P or equivalent by any other reputable local rating agency, that invest principally
in marketable direct obligations issued by the Mexican government, or issued by any agency or instrumentality thereof; and 

  

	 	(i)	any other debt security, certificate of deposit, commercial paper, bill of exchange, investment in money market funds or material funds approved by the Majority Participating Creditors, in each case, to which any member
of the Group is alone (or together with other members of the Group) beneficially entitled at that time and which is not issued or guaranteed by any member of the Group or subject to any Security (other than Security arising under the Transaction
Security Documents). 

 “CB Cash Replenishment Amount” means, for a particular Relevant Prepayment Period,
the amount of cash in hand of the Issuer on a consolidated basis to be applied by the Issuer to the CB Reserve pursuant to paragraph (b) of Clause 13.3 (Mandatory prepayments: Certificados Bursátiles Reserve) of the 2009 Financing
Agreement at any time during that Relevant Prepayment Period provided that such amount, together with the CB Disposal Proceeds Replenishment Amount applicable to that Relevant Prepayment Period, may not exceed the CB Reserve Shortfall at that
time. 
 “CB Disposal Proceeds Replenishment Amount” means for a particular Relevant Prepayment Period, the amount of any
Disposal Proceeds received by any member of the Group during that Relevant Prepayment Period to be applied by the Issuer to the CB Reserve pursuant to paragraph (b) of Clause 13.3 (Mandatory prepayments: Certificados Bursátiles
Reserve) of the 2009 Financing Agreement provided that such amount, together with the CB Cash Replenishment Amount applicable to that Relevant Prepayment Period, may not exceed the CB Reserve Shortfall at that time. 

“CB Reserve” means the reserve created by the Issuer or any of its Subsidiaries for the purposes of holding the proceeds of
any Permitted Fundraising that, as set out in the relevant CB Reserve Certificate, are to be applied in accordance with Clause 13.3 (Mandatory prepayments: Certificados Bursátiles Reserve) of the 2009 Financing Agreement. 

  
 E-5 

 “CB Reserve Certificate” means a certificate signed by a Responsible Officer of
the Issuer setting out, with respect to a Permitted Fundraising the net cash proceeds of which are to be applied in accordance with Clause 13.3 (Mandatory prepayments: Certificados Bursátiles Reserve) of the 2009 Financing Agreement:

  

	 	(i)	the amount of proceeds from the relevant Permitted Fundraising that the Issuer wishes to be applied to the CB Reserve (such amount to not exceed the aggregate amount of the Relevant Existing Financial Indebtedness that
is due to mature within the Relevant Prepayment Period to which it applies); and 

  

	 	(ii)	specific details of the Relevant Existing Financial Indebtedness to which any amounts are designated by the Issuer to be applied including the total aggregate amount of such Relevant Existing Financial Indebtedness and
the date on which such Relevant Existing Financial Indebtedness matures. 

 “CB Reserve Shortfall” means at
any time, for a particular Relevant Prepayment Period, an amount equal to the lower of: 
  

	 	(i)	the aggregate amount of (A) any voluntary prepayments made to Participating Creditors pursuant to Clause 12.2 (Voluntary prepayment of Exposures) of the 2009 Financing Agreement from proceeds standing to the
credit of the CB Reserve in that Relevant Prepayment Period and (B) the 2012 CB Amount; and 

  

	 	(ii)	the principal amount of any Relevant Existing Financial Indebtedness then outstanding in that Relevant Prepayment Period. 

“Change of Control” means that the beneficial ownership (within the meaning of Rule 13d-3 promulgated by the SEC under the
Securities Exchange Act of 1934, as amended) of 20 per cent. or more in voting power of the outstanding voting stock of the Issuer is acquired by any person. 

“Charged Property” means all of the assets of the Security Providers which from time to time are, or are expressed to be, the
subject of the Transaction Security. 
 “Compliance Certificate” means a certificate substantially in the form set out in
Schedule 5 (Form of Compliance Certificate) of the 2009 Financing Agreement. 
 “Consolidated Coverage Ratio” means,
on any date of determination, the ratio of (a) EBITDA for the one (1) year period ending on such date to (b) Consolidated Interest Expense for the one (1) year period ending on such date. 

“Consolidated Debt” means, at any date, the sum (without duplication) of (a) the aggregate amount of all Debt of the Issuer
and its Subsidiaries at such date, which shall include the amount of any recourse in respect of Inventory Financing permitted under paragraph (e) of the definition of Permitted Financial Indebtedness, plus (b) to the extent not included in
Debt, the aggregate net mark-to-market amount of all derivative financing in the form of equity swaps outstanding at such date (except to the extent such exposure is cash collateralized to the extent permitted under the Finance Documents). 

  
 E-6 

 “Consolidated Funded Debt” means, for any period, Consolidated Debt less the sum
(without duplication) of (i) all obligations of such person to pay the deferred purchase price of property or services, (ii) all obligations of such person as lessee under Capital Leases, and (iii) all obligations of such person with respect to
product invoices incurred in connection with export financing. 
 “Consolidated Interest Expense” means, for any period,
the sum of the (1) total gross cash and non cash interest expense of the Issuer and its consolidated Subsidiaries relating to Consolidated Funded Debt of such persons, (2) any amortization or accretion of debt discount or any interest paid on
Consolidated Funded Debt of such person and its Subsidiaries in the form of additional Financial Indebtedness (but excluding any amortization of deferred financing and debt issuance costs), (3) the net costs under Treasury Transactions in respect of
interest rates (but excluding amortization of fees), (4) any amounts paid in cash on preferred stock, and (5) any interest paid or accrued in respect of Consolidated Funded Debt without a maturity date, regardless of whether considered interest
expense under Applicable GAAP of the Issuer. For purposes of calculating Consolidated Interest Expense for the Reference Period ending 30 June 2010, $131,406,696.17 shall be deducted, constituting the amount of interest paid in respect of
perpetual debentures on 1 July 2009 for the period ending 30 June 2009. 
 “Consolidated Leverage Ratio” means,
on any date of determination, the ratio of (a) Consolidated Funded Debt on such date to (b) EBITDA for the one (1) year period ending on such date. 

“Core Bank Facilities” means the Syndicated Bank Facilities, the Bilateral Bank Facilities and the Promissory Notes. 

“Creditor’s Representative” means: 
  

	 	(a)	with respect to each of the Syndicated Bank Facilities, the person appointed as the agent of the creditors in relation to such Facility under the Existing Finance Documents relating to such Facility; 

 

	 	(b)	with respect to each other Core Bank Facility, the Participating Creditor with an Exposure under that Facility; and 

  

	 	(c)	with respect to each USPP Note, the Participating Creditor with an Exposure under that USPP Note. 

“Debt” of any person means, without duplication, (i) all obligations of such person for borrowed money, (ii) all obligations
of such person evidenced by bonds, debentures, notes or other similar instruments, including the perpetual bonds, (iii) the aggregate net mark-to-market of Treasury Transactions (except to the extent such exposure is cash collateralized to the
extent permitted under the Finance Documents) of such person but excluding Treasury Transactions relating to the rate or price of energy or any commodity, (iv) all obligations of such person to pay the deferred purchase price of property or
services, except trade accounts payable arising in the ordinary course of trading, (v) all obligations of such person as lessee under Capital Leases, (vi) all Debt of others secured by Security on any asset of such person, up to the value of such
asset, (vii) all obligations of such person with respect to product invoices incurred in connection with export financing, (viii) all obligations of such person under 

  
 E-7 

 
repurchase agreements for the stock issued by such person or another person, (ix) all obligations of such person in respect of Inventory Financing permitted under paragraph (e) of the definition
of Permitted Financial Indebtedness and (x) all guarantees of such person in respect of any of the foregoing provided, however, that for the purposes of calculating the Consolidated Funded Debt element of the Consolidated Leverage Ratio,
Relevant Convertible/Exchangeable Obligations shall be excluded from each of the foregoing paragraphs (i) to (x) inclusive (provided that, in the case of outstanding Financial Indebtedness under any Relevant Convertible/Exchangeable
Obligations (1) only the principal amount thereof shall be excluded and (2) such exclusion shall apply only for so long as such amounts remain subordinated in accordance with the terms of that definition) and (b) amounts falling within paragraph (v)
of the definition of Excluded Fundraising Proceeds, for the period in which they are held by the Issuer or any member of the Group pending application in accordance with the terms of the 2009 Financing Agreement, shall be deducted from the aggregate
Debt calculation resulting from this definition. For the avoidance of doubt, all letters of credit, banker’s acceptances or similar credit transactions, including reimbursement obligations in respect thereof are not Debt until they are required
to be funded. 
 “Debt Documents” means the Finance Documents, the “Refinancing Documents” (as defined in the
Intercreditor Agreement) and the “Noteholder Documents” (as defined in the Intercreditor Agreement). 
 “Debt Reduction
Satisfaction Date” means the first date following 30 September 2010 on which: 
  

	 	(a)	the Base Currency Amount of the Exposures of Participating Creditors under the Facilities (calculated as at the date that any reduction of Exposures occurs and in accordance with the 2009 Financing Agreement) has been
reduced by an aggregate amount equal to at least U.S.$1,000,000,000 compared to the Exposures of Participating Creditors under the Facilities as at 30 September 2010; and 

 

	 	(b)	the amount of Consolidated Funded Debt is at least U.S.$1,000,000,000 (or its equivalent in any other currency) lower than the level of Consolidated Funded Debt as at 30 September 2010 (for the avoidance of doubt,
when used in this sub-paragraph, Consolidated Funded Debt shall not include any Relevant Convertible/Exchangeable Obligations), 

 with
notification of the occurrence of such date being provided by the Parent delivering a certificate to the Administrative Agent signed by an Authorised Signatory confirming that (a) and (b) above have been met. 

“Delegate” means any delegate, agent, attorney or co-trustee appointed by the Security Agent. 

“Discontinued EBITDA” means, for any period, the sum for Discontinued Operations of (a) operating income (utilidad de
operación), and (b) depreciation and amortization expense, in each case determined in accordance with Applicable GAAP of the Issuer consistently applied for such period. 

“Discontinued Operations” means operations that are accounted for as discontinued operations pursuant to Applicable GAAP of
the Issuer for which the Disposal of such assets has not yet occurred. 

  
 E-8 

 “Disposal” means a sale, lease, license, transfer, loan or other disposal by a
person of any asset (including shares in any Subsidiary or other company), undertaking or business (whether by a voluntary or involuntary single transaction or series of transactions). 

“Disposal Proceeds” means: 
  

	 	(i)	the cash consideration received by any member of Group (including any amount received from a person who is not a member of the Group in repayment of intercompany debt save to the extent that the creditor in respect of
the intercompany debt is obliged to repay that amount to the purchaser at or about completion of the Disposal) for any Disposal; 

  

	 	(ii)	any proceeds of any Disposal received in the form of Marketable Securities that are required to be disposed of for cash (after deducting reasonable expenses incurred by the party disposing of those Marketable Securities
to persons other than members of the Group) pursuant to the criteria set out at paragraph (h) of the definition of Permitted Disposal; and 

  

	 	(iii)	any proceeds of any Disposal received in any other form to the extent disposed of or otherwise converted into cash within 90 days of receipt; and 

 

	 	(iv)	any consideration falling within paragraphs (i) to (iii) above that is received by any member of the Group from the Disposal of assets of the Group in Venezuela prior to the date of the 2009 Financing Agreement,

 but excluding any Excluded Disposal Proceeds and, in every case, after deducting: 

 

	 	(1)	any reasonable expenses which are incurred by the disposing party of such assets with respect to that Disposal to persons who are not members of the Group; 

 

	 	(2)	any Tax incurred and required to be paid by the disposing party in connection with that Disposal (as reasonably determined by the disposing party on the basis of rates existing at the time of the disposal and taking
account of any available credit, deduction or allowance); 

 “EBITDA” means, for any period, the sum for the
Issuer and its Subsidiaries, determined on a consolidated basis of (a) operating income (utilidad de operacion), and (b) depreciation and amortization expense, in each case determined in accordance with Applicable GAAP of the Issuer, subject
to the adjustments herein, consistently applied for such period and adjusted for Discontinued EBITDA as follows: if the amount of Discontinued EBITDA is a positive amount, then EBITDA shall increase by such amount, and if the amount of Discontinued
EBITDA is a negative amount, then EBITDA shall decrease by the absolute value of such amount. For the purposes of calculating EBITDA for any applicable period pursuant to any determination of the Consolidated Leverage Ratio (but not the Consolidated
Coverage 

  
 E-9 

 
Ratio): (A) (i) if at any time during such applicable period the Borrower or any of its Subsidiaries shall have made any Material Disposal, the EBITDA for such applicable period shall be reduced
by an amount equal to the EBITDA (if positive) attributable to the property that is the subject of such Material Disposal for such applicable period (but when the Material Disposal is by way of lease, income received by the Issuer or any of its
Subsidiaries under such lease shall be included in EBITDA) and (ii) if at any time during such applicable period the Issuer or any of its Subsidiaries shall have made any Material Acquisition, EBITDA for such applicable period shall be calculated
after giving pro forma effect thereto as if such Material Acquisition had occurred on the first day of such applicable period. Additionally, if since the beginning of such applicable period any person that subsequently shall have become a
Subsidiary or was merged or consolidated with the Issuer or any of its Subsidiaries as a result of a Material Acquisition occurring during such applicable period shall have made any Material Disposal or Material Acquisition of property that would
have required an adjustment pursuant to clause (i) or (ii) above if made by the Issuer or any of its Subsidiaries during such applicable period, EBITDA for such period shall be calculated after giving pro forma effect thereto as if such
Material Disposal or Material Acquisition had occurred on the first day of such applicable period; and (B) EBITDA will be recalculated by multiplying each month’s EBITDA by the Ending Exchange Rate and dividing the amount obtained thereto by
the exchange rate used by the Issuer in preparation of its monthly financial statements in accordance with Applicable GAAP of the Issuer to convert $ into Mexican pesos (such recalculated EBITDA being the “Recalculated EBITDA”).

 “Ending Exchange Rate” means the exchange rate at the end of a Reference Period for converting $ into Mexican pesos as
used by the Issuer and its auditors in preparation of the Issuer’s financial statements in accordance with Applicable GAAP of the Issuer. 

“Excluded Disposal Proceeds” means any CB Disposal Proceeds Replenishment Amount and the proceeds of any Disposal of: 

 

	 	(i)	inventory or trade receivables in the ordinary course of trading of the disposing entity; 

  

	 	(ii)	assets pursuant to a Permitted Securitisation programme existing as at the date of the 2009 Financing Agreement (or any rollover or extension of such a Permitted Securitisation); 

 

	 	(iii)	any asset from any member of the Group to another member of the Group on arm’s length terms and for fair market or book value; 

  

	 	(iv)	any assets the consideration for which (when aggregated with the consideration for any related Disposals) is less than $5,000,000 (or its equivalent in any other currency); 

 

	 	(v)	assets leased or licensed to any director, officer or employee of any member of the Group in connection with and as part of the ordinary course of the service or employment arrangements of the Group; 

  
 E-10 

	 	(vi)	Marketable Securities (other than Marketable Securities received as consideration for a Disposal as envisaged in paragraphs (ii) and (iii) of the definition of Disposal Proceeds); and 

 

	 	(vii)	any cash or other assets arising out of or in connection with any Permitted Put/Call Transaction, including, but not limited to any settlement, disposal, transfer, assignment, closeout or other termination of such
Permitted Put/Call Transaction. 

 “Excluded Fundraising Proceeds” means the proceeds of: 

 

	 	(i)	a Permitted Fundraising falling within paragraph (f)(i) of the definition of Permitted Financial Indebtedness entered into for the purpose of refinancing or extending the maturity of Existing Financial Indebtedness
falling within paragraph (a) of the definition thereof (or paragraph (b) of the definition thereof, to the extent that it relates to Short Term Certificados Bursatiles) (and, in the case of a refinancing, where the proceeds that would, but for this
paragraph (i), constitute “Permitted Fundraising Proceeds,” are actually applied for such purpose as soon as reasonably practicable (and in any event within 90 days) following receipt of those proceeds by any member of the Group);

  

	 	(ii)	a Permitted Fundraising falling within paragraph (f)(ii) of the definition of Permitted Financial Indebtedness entered into for the purpose of refinancing or extending the maturity of Existing Financial Indebtedness
falling within paragraphs (a) to (e) of the definition thereof (and, in the case of a refinancing, where the proceeds that would, but for this paragraph (ii), constitute “Permitted Fundraising Proceeds,” are actually applied for such
purpose as soon as reasonably practicable (and in any event within 90 days) following receipt of those proceeds by any member of the Group). 

  

	 	(iii)	any transaction between members of the Group; 

  

	 	(iv)	Permitted Securitisations; 

  

	 	(v)	prior to the Debt Reduction Satisfaction Date, a Permitted Fundraising falling within paragraph (c) of that definition or, after the Debt Reduction Satisfaction Date, a Permitted Fundraising falling within paragraphs
(a), (b) or (c) of that definition provided that any Relevant Existing Financial Indebtedness due to mature within the particular Relevant Prepayment Period and the proceeds of such Permitted Fundraising are to be applied in accordance with
Clause 13.3 (Mandatory prepayments: Certificados Bursátiles Reserve) of the 2009 Financing Agreement; 

  
 E-11 

	 	(vi)	subject to Clause 13.4(ii) of the 2009 Financing Agreement, a Permitted Fundraising falling within paragraph (c) of that definition and applied or to be applied in accordance with Clause 13.4 (Mandatory prepayments:
Relevant Convertible/Exchangeable Obligations) of the 2009 Financing Agreement; and 

  

	 	(vii)	a Permitted Fundraising arising out of or in connection with any Permitted Put/Call Transaction, including, but not limited to, any settlement, disposal, transfer, assignment, close-out or other termination of such
Permitted Put/Call Transaction. 

 “Executive Compensation Plan” means any stock option plan, restricted
stock plan or retirement plan which the Issuer or any other Obligor customarily provides to its employees, consultants and directors. 

“Existing Facility Agreements” means the facility agreements and other documents described in Part II, Schedule 1 (The
Original Participating Creditors) of the 2009 Financing Agreement. 
 “Existing Finance Documents” means each Existing
Facility Agreement, the USPP Note Guarantee, the “Finance Documents” as defined in any Existing Facility Agreement and the “Facility Transaction Documents” as defined in Exhibit H to the NY Law Amendment Agreement (but in each
case excluding any document that is designated a “Finance Document” or “Facility Transaction Document” by an Obligor and the relevant Creditor’s Representative under an Existing Facility Agreement after the
date of the 2009 Financing Agreement). 
 “Existing Financial Indebtedness” means: 

 

	 	(a)	the Financial Indebtedness described in Part I of Schedule 10 (Existing Financial Indebtedness) of the 2009 Financing Agreement provided that the principal amount of such Financial Indebtedness does not
increase above the principal amount outstanding as at the date of the 2009 Financing Agreement (except by the amount of any capitalised interest under any facility or instrument that provided for capitalisation of interest on those terms as at the
date of the 2009 Financing Agreement) less the amount of any repayments and prepayments made in respect of such Financial Indebtedness; 

  

	 	(b)	the Financial Indebtedness described in Part II of Schedule 10 (Existing Financial Indebtedness) of the 2009 Financing Agreement and any Short-Term Certificados Bursatiles, working capital or other operating
facilities that replace or refinance such Financial Indebtedness; 

  

	 	(c)	the Financial Indebtedness described in Part III of Schedule 10 (Existing Financial Indebtedness) of the 2009 Financing Agreement and any Capital Leases that replace (and relate to the same or similar assets as)
such Financial Indebtedness; 

  

	 	(d)	the Financial Indebtedness described in Part IV of Schedule 10 (Existing Financial Indebtedness) of the 2009 Financing Agreement and any Inventory Financing or factoring arrangements that replace (and relate to
the same or similar assets as) such Financial Indebtedness; and 

  

	 	(e)	the Banobras Facility and any other facility that replaces or refinances such facility provided that any such replacement or refinancing facility is (i) with a development bank controlled by the Mexican
Government or (ii) with any other financial institution to finance public works or infrastructure assets, 

  
 E-12 

 provided that (i) the aggregate principal amount of such Existing Financial Indebtedness falling under
each of paragraphs (b) to (e) of this definition shall not be increased above the principal amount of Financial Indebtedness committed or capable of being drawn down under the Financial Indebtedness referred to in that paragraph of this definition
as at the date of the 2009 Financing Agreement (except by the amount of any capitalised interest under any facility or instrument that provided for capitalisation of interest on those terms as at the date of the 2009 Financing Agreement) and (ii),
for the avoidance of doubt, any refinancing or replacement of Existing Financial Indebtedness falling within paragraphs (b) to (d) above need not satisfy the requirements of paragraph (f) of the definition of Permitted Financial Indebtedness. 

“Exposure” means, at any time: 
  

	 	(a)	in relation to a Participating Creditor and a Syndicated Bank Facility or Bilateral Bank Facility, that Participating Creditor’s participation in Loans made under the relevant Facility at that time;

  

	 	(b)	in relation to Participating Creditor and a Promissory Note, the principal amount owed to that Participating Creditor under that Promissory Note at that time; and 

 

	 	(c)	in relation to a Participating Creditor and a USPP Note, the principal amount owed to that Participating Creditor under that USPP Note at that time. 

“Facility” means a Core Bank Facility and each USPP Note. 

“Fee Letter” means any letter or agreement between the Administrative Agent or Security Agent and the Issuer setting out (i)
the upfront fee and (ii) the level of fees payable in respect of the services and obligations performed by those agents under the relevant New Finance Documents. 

“Finance Document” means each New Finance Document and each Existing Finance Document. 

“Finance Party” means the Administrative Agent, the Security Agent, each Creditor’s Representative or a Participating
Creditor. 
 “Financial Indebtedness” means any indebtedness for or in respect of: 

 

	 	(a)	moneys borrowed and debit balances at banks or other financial institutions; 

  

	 	(b)	any acceptance under any acceptance credit or bill discounting facility (or dematerialised equivalent); 

  
 E-13 

	 	(c)	any amount raised pursuant to a note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument (including, without limitation, any perpetual bonds); 

 

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would (in accordance with Applicable GAAP of the Issuer) be treated as a finance or capital lease; 

 

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis and meet any requirement for de-recognition under Applicable GAAP of the Issuer); 

 

	 	(f)	any Treasury Transaction (and, when calculating the value of that Treasury Transaction, only the mark-to-market value (or, if any actual amount is due as a result of the termination or close-out of that Treasury
Transaction, that amount) shall be taken into account); 

  

	 	(g)	any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; 

 

	 	(h)	any amount raised by the issue of redeemable shares which are redeemable (other than at the option of the issuer) before the Termination Date or are otherwise classified as borrowings under Applicable GAAP of the
Issuer; 

  

	 	(i)	any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary reasons behind entering into the agreement is to raise finance or to finance the acquisition or construction of the
asset or service in question or (ii) the agreement is in respect of the supply of assets or services and payment is due more than 60 days after the date of supply; 

 

	 	(j)	any arrangement pursuant to which an asset sold or otherwise disposed of by that person may be re-acquired by a member of the Group (whether following the exercise of an option or otherwise) and any Inventory Financing;

  

	 	(k)	any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as
borrowings under Applicable GAAP of the Issuer; and 

  

	 	(l)	the amount of any liability in respect of any guarantee for any of the items referred to in paragraphs (a) to (k) above. 

  
 E-14 

 “Financial Quarter” means the period commencing on the day after one Quarter
Date and ending on the next Quarter Date. 
 “Financial Year” means the annual accounting period of the Issuer ending on or
about 31 December in each year. 
 “Fitch” means Fitch Ratings Limited or any successor thereto from time to time.

 “Group” means the Issuer and each of its Subsidiaries for the time being. 

“Guarantors” means the Original Guarantors and any Additional Guarantor other than any Original Guarantor or Additional
Guarantor which has ceased to be a Guarantor pursuant to Clause 28.4 (Resignation of Guarantor) of the 2009 Financing Agreement and has not subsequently become an Additional Guarantor pursuant to Clause 28.3 (Additional Guarantors and
Additional Security Providers) of the 2009 Financing Agreement and “Guarantor” means any of them. 
 “Holding
Company” means, in relation to a company or corporation, any other company or corporation in respect of which it is a Subsidiary. 

“IFRS” means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable to
the relevant financial statements. 
 “Intellectual Property” means: 

 

	 	(a)	any patents, trademarks, service marks, designs, business names, copyrights, design rights, data-base rights, inventions, knowhow and other intellectual property rights and interests, whether registered or unregistered;
and 

  

	 	(b)	the benefit of all applications and rights to use such assets of each member of the Group. 

“Intercreditor Agreement” means the intercreditor agreement dated on or about the date of the 2009 Financing Agreement and
made between, among others, the Issuer, Wilmington Trust (London) Limited as Security Agent, Citibank International PLC as Administrative Agent, the Participating Creditors and any other creditors of the Group that may accede to it from time to time
in accordance with its terms, as such agreement may be amended from time to time. 
 “Inventory Financing” means a
financing arrangement pursuant to which a member of the Group sells inventory to a bank or other institution (or a special purpose vehicle or partnership incorporated or established by or on behalf of such bank or other institution or an Affiliate
of such bank or other institution) and has an obligation to repurchase such inventory to the extent that it is not sold to a third party within a specified period. 

“Joint Venture” means any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint
venture or partnership or any other entity. 
 “Joint Venture Investment” has the meaning given to such term in
sub-paragraph (b) (ii) of the definition of Permitted Joint Venture. 

  
 E-15 

 “Loan” means: 

 

	 	(a)	in relation to a Syndicated Bank Facility or Bilateral Bank Facility, a loan made or to be made under such Facility or the principal amount outstanding for the time being of that loan; and 

 

	 	(b)	in relation to a Promissory Note, the Exposure of the Participating Creditors for the time being under that Promissory Note. 

“Majority Participating Creditors” means, at any time, a Participating Creditor or Participating Creditors the Base Currency
Amount of whose Exposures under the Facilities at that time aggregate 66.67 per cent. or more of the Base Currency Amount of all the Exposures of the Participating Creditors under all of the Facilities at that time. 

“Marketable Securities” means securities (whether equity, debt or other securities) which are listed on a stock exchange or
for which a trading market exists (whether on market or over the counter) but excluding: (A) shares in any member of the Group, and (B) any shares in Axtel, S.A.B. de C.V. 

“Material Acquisition” means any (a) acquisition of property or series of related acquisitions of property that constitutes
assets comprising all or substantially all of an operating unit, division or line of business or (b) acquisition of or other investment in the Capital Stock of any Subsidiary or any person which becomes a Subsidiary or is merged or consolidated with
the Borrower or any of its Subsidiaries, in each case, which involves the payment of consideration by the Borrower and its Subsidiaries in excess of $100,000,000 (or the equivalent in other currencies). 

“Material Disposal” means any Disposal of property or series of related Disposals of property that yields gross proceeds to
the Issuer or any of its Subsidiaries in excess of $100,000,000 (or the equivalent in other currencies). 
 “Mexican FRS”
means Mexican Financial Reporting Standards (Normas de Información Financiera) as in effect from time to time and consistent with those used in the preparation of the most recent audited financial statements referred to in Clause 22.1
(Financial Statements). 
 “Mexican pesos,” “Mex$,” “MXN” and “pesos”
means the lawful currency of Mexico. 
 “Mexico” means the United Mexican States. 

“Moody’s” means Moody’s Investor Services Limited or any successor to its ratings business. 

“NAFTA” means the North American Free Trade Agreement. 

“New Finance Document” means the 2009 Financing Agreement, the NY Law Amendment Agreement, the Intercreditor Agreement, each
Transaction Security Document, any Accession Letter, any Fee Letter, any Resignation Letter and any other document designated as a “New Finance Document” by the Administrative Agent and the Issuer. 

  
 E-16 

 “New Equity Securities” means 

 

	 	(i)	The U.S.$977.5 million aggregate principal amount of 3.25% convertible subordinated notes due 2016, including U.S.$177.5 million notes issued pursuant to an over-allotment option in connection with those subordinated
notes due 2016; and 

  

	 	(ii)	U.S. $690 million aggregate principal amount of 3.75% convertible subordinated notes due 2018, including U.S.$90 million notes issued pursuant to an over-allotment option in connection with those subordinated notes due
2018. 

 in each case, issued on 15 March 2011 by the Issuer. 

“NY Law Amendment Agreement” means the omnibus amendment agreement dated on or about the date of the 2009 Financing Agreement
between, among others, the Issuer and the Participating Creditors with Exposures under those Existing Facility Agreements (other than the USPP Note Agreement) that are governed by the laws of the State of New York, as such agreement may be amended
from time to time. 
 “Obligors” means the Borrowers, the Guarantors and the Security Providers and
“Obligor” means any of them. 
 “Original Borrowers” means, together with the Issuer, the Subsidiaries of
the Issuer listed in Part I of Schedule 1 (The Original Parties) of the 2009 Financing Agreement as borrowers or issuers. 

“Original Financial Statements” means (a) in relation to the Issuer, its audited unconsolidated and consolidated financial
statements for its Financial Year ended 31 December 2008 accompanied by an audit opinion of KPMG Cardenas Dosal, S.C.; (b) in relation to CEMEX España, its audited consolidated financial statements for its financial year ended
31 December 2008; and (c) in relation to any other borrower or guarantor under the 2009 Financing Agreement, its most recent annual financial statements (audited, if available). 

“Original Guarantors” means the Subsidiaries of the Issuer listed in Part I of Schedule 1 (The Original Parties) of
the 2009 Financing Agreement as guarantors, together with the Issuer. 
 “Original Participating Creditors” means the
financial institutions and noteholders listed in Part II of Schedule 1 (The Original Participating Creditors) of the 2009 Financing Agreement as creditors. 

“Original Security Providers” means the Subsidiaries of the Issuer listed in Part I of Schedule 1 (The Original
Parties) of the 2009 Financing Agreement as security providers. 
 “Participating Creditor” means: 

 

	 	(a)	any Original Participating Creditor; and 

  

	 	(b)	any person which has become a Party in accordance with Clause 27 (Changes to the Participating Creditors), of the 2009 Financing Agreement, 

which in each case has not ceased to be a Party in accordance with the terms of the 2009 Financing Agreement. 

  
 E-17 

 “Participating Member State” means any member state of the European Union that
adopts or has adopted the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union. 

“Party” means a party to the 2009 Financing Agreement. 

“Permitted Acquisition” means: 
  

	 	(a)	an acquisition by a member of the Group of an asset sold, leased, transferred or otherwise disposed of by another member of the Group in circumstances constituting a Permitted Disposal; 

 

	 	(b)	an acquisition of shares or securities pursuant to a Permitted Share Issue; 

  

	 	(c)	an acquisition of cash or securities which are Cash Equivalent Investments; 

  

	 	(d)	an acquisition to which a member of the Group is contractually committed as at the date of the 2009 Financing Agreement, with the material terms of those acquisitions requiring consideration payable in excess of
$10,000,000 described in the list delivered to the Administrative Agent under paragraph 4(f) of Part I (Initial Conditions Precedent) of Schedule 2 of the 2009 Financing Agreement (provided that there has been or is no material change to the
terms of such acquisition subsequent to the date of the 2009 Financing Agreement); 

  

	 	(e)	the incorporation of a company which on incorporation becomes a member of the Group or which is a special purpose vehicle, whether a member of the Group or not; 

 

	 	(f)	an acquisition that constitutes a Permitted Joint Venture; 

  

	 	(g)	an acquisition of assets and, if applicable, cash, in exchange for other assets and, if applicable, cash, of equal or higher value provided that: (i) the cash element of any such acquisition must not be more than
20 per cent. of the aggregate consideration for the acquisition; and (ii) the maximum aggregate market value of the assets acquired pursuant to all such transactions must not be more than $100,000,000 (or its equivalent in any other currency) in any
Financial Year; 

  

	 	(h)	any acquisition of shares of the Issuer pursuant to an obligation in respect of any Executive Compensation Plan; 

  

	 	(i)	any other acquisition consented to by the Administrative Agent acting on the instructions of the Majority Participating Creditors; 

  
 E-18 

	 	(j)	an acquisition of shares in the Issuer to the extent that a member of the Group has an obligation to deliver such shares to any holder(s) of convertible securities falling within paragraph (f)(i) of the definition of
Permitted Financial Indebtedness pursuant to the terms of such convertible securities; and 

  

	 	(k)	any other acquisition of a company, of shares, securities or a business or undertaking (or, in each case, any interest in any of them) provided that the aggregate amount of the consideration for such acquisitions
(when aggregated with the aggregate amount of Joint Venture Investment falling within paragraph (b)(iii)(1) of the definition of Permitted Joint Venture in that Financial Year) does not exceed $100,000,000 (or its equivalent in any other currencies)
in any Financial Year. 

 “Permitted Disposal” means any sale, lease, licence, transfer or other disposal
which, except in the case of Disposals as between members of the Group, is on arm’s length terms: 
  

	 	(a)	of trading stock or cash made by any member of the Group in the ordinary course of trading of the disposing entity; 

  

	 	(b)	of any asset by a member of the Group (the “Disposing Company”) to another member of the Group (the “Acquiring Company”), but if: 

 

	 	(i)	the Disposing Company is an Obligor, the Acquiring Company must also be an Obligor; 

  

	 	(ii)	the Disposing Company had given Transaction Security over the asset, the Acquiring Company must give equivalent Transaction Security over that asset; and 

 

	 	(iii)	the Disposing Company is a Guarantor, the Acquiring Company must be a Guarantor guaranteeing at all times an amount no less than that guaranteed by the Disposing Company, 

provided that the conditions set out in paragraphs (i), (ii) and (iii) above shall only apply if the applicable assets are shares or if all or
substantially all of the assets of the Disposing Company are being disposed of; 
  

	 	(c)	of obsolete or redundant vehicles, machinery, parts and equipment in the ordinary course of trading; 

  

	 	(d)	of cash or Cash Equivalent Investments for cash or in exchange for other Cash Equivalent Investments; 

  

	 	(e)	constituted by a licence of Intellectual Property in the ordinary course of trading; 

  
 E-19 

	 	(f)	to a Joint Venture, to the extent permitted by Clause 24.17 (Joint ventures) of the 2009 Financing Agreement; 

  

	 	(g)	arising as a result of any Permitted Security; 

  

	 	(h)	of any shares in a member of the Group (provided that all such shares in that entity owned by a member of the Group are the subject of the Disposal) or of any other asset, in each case on arm’s length terms
and for full market value where: 

  

	 	(i)	no less than 85 per cent. of the consideration for the Disposal is payable to the Group in cash or Marketable Securities paid or received by a member of the Group at completion of the Disposal (provided that
where a portion of that 85 per cent. is comprised of Marketable Securities, those Marketable Securities must be disposed of for cash to a person that is not a member of the Group within 90 days of completion); 

 

	 	(ii)	if the aggregate consideration for the Disposal (when aggregated with the consideration for any related Disposals) is equal to 5 per cent. or more of the value of consolidated assets of the Group, the Issuer has
delivered to the Administrative Agent a certificate signed by an Authorised Signatory confirming that, on a pro forma basis, assuming that the Disposal had been completed and the proceeds had been applied in accordance with Clause 13
(Mandatory Prepayment) of the 2009 Financing Agreement immediately prior to the first day of the most recent Reference Period for which a Compliance Certificate has been or is required to have been delivered under the 2009 Financing
Agreement, the Issuer would have been in compliance with the financial covenants in paragraphs (a) and (b) of Clause 23.2 (Financial condition) of the 2009 Financing Agreement as at the last day of the most recent Reference Period for which a
Compliance Certificate has been or is required to have been delivered under the 2009 Financing Agreement; and 

  

	 	(iii)	the Disposal Proceeds received by members of the Group are applied (to the extent required) in accordance with Clause 13 (Mandatory prepayment) of the 2009 Financing Agreement; 

 

	 	(i)	of any asset compulsorily acquired by a governmental authority provided that the Disposal Proceeds received by members of the Group are applied (to the extent required) in accordance with Clause 13 (Mandatory
prepayment) of the 2009 Financing Agreement; 

  
 E-20 

	 	(j)	of any receivables disposed of pursuant to a factoring or similar receivables financing arrangement that is otherwise permitted under the 2009 Financing Agreement (including, for the avoidance of doubt, the Banobras
Facility); 

  

	 	(k)	of any inventory disposed of pursuant to an Inventory Financing or similar arrangement that is otherwise permitted under the 2009 Financing Agreement; 

 

	 	(l)	of any plant or equipment disposed of pursuant to a sale and lease-back arrangement that is otherwise permitted under the 2009 Financing Agreement; 

 

	 	(m)	of any asset to which a member of the Group was contractually committed as at the date of the 2009 Financing Agreement, with all material terms of those disposals which relate to the disposal of assets with a value of
at least $10,000,000 being described in Schedule 14 (Disposals) of the 2009 Financing Agreement (provided that there has been or is no material change to the terms of such Disposal subsequent to the date of the 2009 Financing
Agreement); 

  

	 	(n)	of receivables disposed of pursuant to a Permitted Securitisation; 

  

	 	(o)	of land or buildings arising as a result of lease or licence in the ordinary course of its trading; 

  

	 	(p)	of any shares of the Issuer pursuant to an obligation in respect of any Executive Compensation Plan; 

  

	 	(q)	of shares, common equity securities in the Issuer or reference property in connection with the same to the extent that a member of the Group has an obligation to deliver such shares, common equity securities or
reference property to any holder(s) of convertible or exchangeable securities falling within paragraph (f)(i) of the definition of Permitted Financial Indebtedness pursuant to the terms of such convertible or exchangeable securities or to any
counterparty pursuant to the terms of any Permitted Put/Call Transaction; 

  

	 	(r)	of assets and, if applicable, cash in exchange for other assets and, if applicable, cash, of equal or higher value provided that: (i) the cash element of any such Disposal must not be more than 20 per cent. of
the aggregate consideration for the Disposal; and (ii) the maximum aggregate market value of all assets disposed of in such transactions must not be more than $100,000,000 (or its equivalent in any other currencies) in any Financial Year; or

  

	 	(s)	otherwise approved by the Administrative Agent acting on the instructions of the Majority Participating Creditors. 

  
 E-21 

 “Permitted Financial Indebtedness” means Financial Indebtedness: 

 

	 	(a)	incurred or arising under the Finance Documents; 

  

	 	(b)	that is Existing Financial Indebtedness; 

  

	 	(c)	owed to a member of the Group; 

  

	 	(d)	that constitutes a Permitted Securitisation; 

  

	 	(e)	arising under Capital Leases, factoring arrangements, Inventory Financing arrangements or export credit facilities for the purchase of equipment (provided that any Security granted in relation to any such
facility relates solely to equipment, the purchase of which was financed under such Facility) or pursuant to sale and lease-back transactions provided that the maximum aggregate Financial Indebtedness of members of the Group under such
transactions (excluding any Existing Financial Indebtedness) does not exceed $350,000,000 at any time; 

  

	 	(f)	arising: 

  

	 	(i)	pursuant to an issuance of bonds, notes or other debt securities, or of convertible or exchangeable securities by: 

  

	 	(A)	in the case of bonds, notes or other debt securities or convertible or exchangeable securities issued to refinance or replace Existing Financial Indebtedness falling within Part I of Schedule 10 (Existing Financial
Indebtedness) of the 2009 Financing Agreement, one or more Obligors (other than CEMEX Materials LLC and CEMEX, Inc.) or the same member of the Group (including, where applicable, CEMEX Materials LLC and CEMEX, Inc.) that issued the relevant Existing
Financial Indebtedness that is being refinanced or replaced (whether acting as co-issuers or otherwise but, for the avoidance of doubt, with several liability only); or 

 

	 	(B)	 in the case of bonds, notes or other debt securities or convertible or exchangeable securities issued so as to be
applied in repayment or prepayment of the Exposures of the Participating Creditors under the Facilities, one or more Obligors (other than CEMEX Materials LLC and CEMEX, Inc.) whether acting as co-issuers or otherwise, (and, for the avoidance of
doubt, such securities may be issued with an original issue discount) on the capital markets in each case subscribed or paid for in full in cash on issue (unless such securities 

  
 E-22 

	 	
are exchanged on issue for other securities that constitute Existing Financial Indebtedness falling within paragraph (a) of the definition thereof on issue) provided that (other than any
conversion into common equity securities of the Issuer) no principal repayments are scheduled (and no call options can be exercised) in respect thereof until after the Termination Date; 

 

	 	(ii)	under a loan facility in respect of which the only borrowers are: 

  

	 	(A)	in the case of loan facilities entered into to refinance or replace Existing Financial Indebtedness falling within Part I of Schedule 10 (Existing Financial Indebtedness) of the 2009 Financing Agreement one or
more Obligors (other than CEMEX Materials LLC and CEMEX, Inc.) or the same member of the Group (including, where applicable, CEMEX Materials LLC and CEMEX, Inc.) that borrowed the relevant Existing Financial Indebtedness that is being refinanced or
replaced, (whether acting as joint or multiple borrowers but for the avoidance of doubt, with several liability only); or 

  

	 	(B)	in the case of loan facilities entered into so as to refinance or replace the Exposures of the Participating Creditors under the Facilities, one or more Obligors (other than CEMEX Materials LLC and CEMEX, Inc.) whether
acting as joint or multiple borrowers, 

 provided that no principal repayments are scheduled (and no mandatory
prepayment obligations arise save as a result of unlawfulness affecting a creditor in respect of such loan facility) in respect thereof until after the Termination Date, 

and further provided that (1) the terms applicable to such issuance under paragraph (f)(i) (excluding pricing, but including, without
limitation, as to prepayments, representations, covenants, events of default, guarantees and security) taken as a whole are no more restrictive or onerous than the terms applicable to the Facilities, and the terms applicable to such incurrence under
paragraph (f)(ii) (excluding pricing, but including, without limitation, as to prepayments, representations, covenants, events of default, guarantees and security) are no more restrictive or onerous than the terms applicable to the Facilities; (2)
the proceeds of such issuance or incurrence are applied (to the extent required) in accordance with Clause 13 (Mandatory prepayment) of the 2009 Financing Agreement; (3) if proceeds of such issuance or incurrence are, to the extent required
under the 2009 Financing Agreement, being used to replace or refinance (x) Financial Indebtedness which shares in the Transaction Security or (y) the CEMEX España Euro Notes, such Financial Indebtedness issued or incurred shall be

  
 E-23 

 
entitled to share in the Transaction Security in accordance with (and on the terms of) the Intercreditor Agreement, provided that in the case of Financial Indebtedness issued or incurred
to replace or refinance the CEMEX España Euro Notes, such Financial Indebtedness shall only be entitled to share in the Transaction Security if, prior to the first replacement or refinancing of the CEMEX España Euro Notes, the Debt
Reduction Satisfaction Date has occurred; and (4) for the avoidance of doubt, any refinancing or replacement of Existing Financial Indebtedness falling within paragraphs (b) to (d) of the definition of Existing Financial Indebtedness need not
satisfy the requirements of this paragraph (f); 
  

	 	(g)	that constitutes a Permitted Liquidity Facility; 

  

	 	(h)	that becomes Financial Indebtedness solely as a result of any change in Applicable GAAP of the Issuer after the date of the 2009 Financing Agreement and that existed prior to the date of such change in Applicable GAAP
of the Issuer (or that replaces, and is on substantially the same terms as, such Financial Indebtedness); 

  

	 	(i)	of any person acquired by a member of the Group pursuant to an acquisition falling within paragraphs (d) or (f) of the definition of Permitted Acquisition provided that: (i) such Financial Indebtedness existed
prior to the date of the acquisition and was not incurred, increased or extended in contemplation of, or since, the acquisition; and (ii) the aggregate amount of any such Financial Indebtedness of members of the Group does not exceed $100,000,000 at
any time; 

  

	 	(j)	under Treasury Transactions entered into in accordance with Clause 24.26 (Treasury Transactions) of the 2009 Financing Agreement; 

 

	 	(k)	incurred pursuant to or in connection with any cash pooling or other cash management agreements in place with a bank or financial institution, but only to the extent of offsetting credit balances of the Issuer or its
Subsidiaries pursuant to such cash pooling or other cash management arrangement; 

  

	 	(l)	constituting Financial Indebtedness for taxes levied, assessments due and other governmental charges required to be paid as a matter of law or regulation in the ordinary course of trading; 

 

	 	(m)	that constitutes a Permitted Joint Venture; 

  

	 	(n)	approved by the Administrative Agent acting on the instructions of the Majority Participating Creditors; and 

  

	 	(o)	that, when aggregated with the principal amount of any other Financial Indebtedness not falling within paragraphs (a) to (n) above, does not exceed $200,000,000 (or its equivalent in other currencies) in aggregate at
any time. 

  
 E-24 

 “Permitted Fundraising” means: 

 

	 	(a)	any issuance of equity securities by the Issuer paid for in full in cash on issue (and, for the avoidance of doubt, such securities may be issued with an original issue discount) and not redeemable on or prior to the
Termination Date and where such issue does not lead to a Change of Control; 

  

	 	(b)	any issuance of equity-linked securities issued by any member of the Group that are linked solely to, and result only in the issuance of, equity securities of the Issuer otherwise entitled to be issued under this
definition (and that do not, for the avoidance of doubt, result in the issuance of any equity securities by such member of the Group) and that are paid for in full in cash on issue (and, for the avoidance of doubt, such securities may be issued with
an original issue discount) and where such issue does not lead to a Change of Control (provided that such securities do not provide for the payment of interest in cash and are not redeemable on or prior to the Termination Date); and

  

	 	(c)	any incurrence of Financial Indebtedness falling within paragraph (f) of the definition of Permitted Financial Indebtedness. 

“Permitted Fundraising Proceeds” means the cash proceeds received by any member of the Group from a Permitted Fundraising
other than Excluded Fundraising Proceeds after deducting: 
  

	 	(i)	any reasonable expenses which are incurred by the relevant member(s) of the Group with respect to that Permitted Fundraising owing to persons who are not members of the Group; and 

 

	 	(ii)	any Tax incurred and required to be paid by the relevant member(s) of the Group with respect to that Permitted Fundraising (as reasonably determined by the relevant member(s) of the Group on the basis of rates existing
at the time and taking account of any available credit, deduction or allowance). 

 “Permitted Joint Venture”
means any investment in any Joint Venture where: 
  

	 	(a)	such investment exists or a member of the Group is contractually committed to such investment at the date of the 2009 Financing Agreement and, if the value of the Group’s investment in such Joint Venture is
$50,000,000 or greater (as shown in the Original Financial Statements of the Issuer) is detailed in Schedule 12 (Permitted Joint Ventures) of the 2009 Financing Agreement; or 

  
 E-25 

	 	(b)	such investment is made after the date of the 2009 Financing Agreement and: 

  

	 	(i)	either the investment has been consented to by the Administrative Agent acting on the instructions of the Majority Participating Creditors or the Joint Venture is engaged in a business substantially the same as that
carried on by the Group; and 

  

	 	(ii)	in any Financial Year of the Issuer, the aggregate of: 

  

	 	(1)	all amounts subscribed for shares in, lent to, or invested in all such Joint Ventures by any member of the Group; 

  

	 	(2)	the contingent liabilities of any member of the Group under any guarantee given in respect of the liabilities of any such Joint Venture; and 

 

	 	(3)	the market value of any assets transferred by any member of the Group to any such Joint Venture, 

minus 
  

	 	(4)	from and including 1 January 2010, an amount up to, but not exceeding, $100,000,000 (or its equivalent in other currencies) in any Financial Year that represents all cash amounts received by any member of the Group
(i) relating to dividends, repayment of loans or distributions of any other nature in respect of any such Joint Ventures in that Financial Year and (ii) as a result of or in relation to any disposals of shares, interests or participations,
divestments, capital reductions or any similar decreases of interest in any such Joint Ventures in that Financial Year, does not exceed $100,000,000 (or its equivalent in other currencies) or such greater amount as the Administrative Agent (acting
on the instructions of the Majority Participating Creditors) may agree (such amount being the “Joint Venture Investment”); and 

  

	 	(iii)	the Issuer has (by written notice to the Administrative Agent prior to the end of the Financial Year in which the investment is made) designated the Joint Venture Investment as counting against: 

 

	 	(1)	paragraph (k) of the definition of Permitted Acquisition; or 

  

	 	(2)	the maximum amount of Capital Expenditure permitted in that Financial Year under paragraph (c) of Clause 23.2 (Financial condition) of the 2009 Financing Agreement. 

  
 E-26 

 “Permitted Liquidity Facilities” means a loan facility or facilities made
available to one or more members of the Group by one or more Participating Creditors (or their respective Affiliates) provided that the aggregate principal amount of utilised and unutilised commitments under such facilities must not exceed
$1,000,000,000 (or its equivalent in any other currency) at any time. 
 “Permitted Put/Call Transaction” means any
call option, call spread, capped call transaction, put option, put spread, capped put transaction or any combination of the foregoing and/or any other Treasury Transaction or transactions having a similar effect to any of the foregoing, in each case
entered into, sold or purchased not for speculative purposes but for the purposes of managing specific risks or exposures associated with any issuance of Relevant Convertible Securities/Exchangeable Obligations. 

“Permitted Securitisations” means a transaction or series of related transactions providing for the securitisation of
receivables and related assets by the Issuer or its Subsidiaries, including a sale at a discount, provided that (i) such receivables have been transferred, directly or indirectly, by the originator thereof to a person that is not a member of
the Group in a manner that satisfies the requirements for an absolute conveyance (or, where the originator is organised in Mexico, a true sale), and not merely a pledge, under the laws and regulations of the jurisdiction in which such originator is
organised; and (ii) except for customary representations, warranties, covenants and indemnities, such sale, transfer or other securitisation is carried out on a non-recourse basis or on a basis where recovery is limited solely to the collection of
the relevant receivables. 
 “Permitted Security” means: 

 

	 	(A)	Security for taxes, assessments and other governmental charges the payment of which is being contested in good faith by appropriate proceedings promptly initiated and diligently conducted and for which such reserves or
other appropriate provision, if any, as shall be required by Applicable GAAP of the Issuer shall have been made; 

  

	 	(B)	Security granted pursuant to or in connection with any netting or set-off arrangements entered into in the ordinary course of trading (including, for the avoidance of doubt, any cash pooling or cash management
arrangements in place with a bank or financial institution falling within paragraph (k) of the definition of Permitted Financial Indebtedness); 

  

	 	(C)	statutory liens of landlords and liens of carriers, warehousemen, mechanics and materialment incurred in the ordinary course of business for sums not yet due or the payment of which is being contested in good faith by
appropriate proceedings promptly initiated and diligently conducted and for which such reserves or other appropriate provision, if any, as shall be required by Applicable GAAP of the Issuer shall have been made; 

  
 E-27 

	 	(D)	liens incurred or deposits made in the ordinary course of business in connection with (1) workers’ compensation, unemployment insurance and other types of social security, or (2) other insurance maintained by the
Group in accordance with Clause 24.9 (Insurance) of the 2009 Financing Agreement; 

  

	 	(E)	any attachment or judgment lien, unless the judgment it secures shall not, within 60 days after the entry thereof, have been discharged or execution thereof stayed pending appeal, or shall not have been discharged
within 60 days after the expiration of any such stay; 

  

	 	(F)	Security and Quasi-Security existing on the date of the 2009 Financing Agreement as described in Schedule 6 (Existing Security and Quasi-Security) of the 2009 Financing Agreement (or any replacement of Security
or Quasi-Security in accordance with paragraph 3 of Schedule 15 (Hedging Parameters) of the 2009 Financing Agreement or any equivalent Security or Quasi-Security for Existing Financial Indebtedness that is a refinancing or replacement of
Existing Financial Indebtedness) provided that the principal amount secured thereby is not increased (save that principal amounts secured by Security or Quasi-Security in respect of: 

 

	 	(1)	Treasury Transactions where there are fluctuations in the mark-to-market exposures of those Treasury Transactions; 

  

	 	(2)	Existing Financial Indebtedness under paragraph (a) of the definition where principal may increase by virtue of capitalisation of interest; and, 

 

	 	(3)	the Banobras Facility, where further drawings may be made provided that the maximum amount outstanding under such facility does not exceed Mex$5,000,000,000 at any time, 

may be increased by the amount of such fluctuations or capitalisations, as the case may be); 

 

	 	(G)	any Security or Quasi-Security permitted by the Administrative Agent, acting on the instructions of the Majority Participating Creditors; 

 

	 	(H)	any Security created or deemed created pursuant to a Permitted Securitisation; 

  

	 	(I)	 any Security granted by any member of the Group to secure Financial Indebtedness under a Permitted Liquidity
Facility provided that: (1) such Security 

  
 E-28 

	 	
is not granted in respect of assets that are the subject of the Transaction Security; and (2) the maximum aggregate amount of the Financial Indebtedness secured by such Security does not exceed
$500,000,000 at any time; 

  

	 	(J)	any Security granted by the Issuer or any member of the Group incorporated in Mexico in favour of a Mexican development bank (sociedad nacional de crédito) controlled by the government of Mexico (including
Banco Nacional de Comercio Exterior, S.N.C., and Banco Nacional de Obras y Servicios Publicos, S.N.C.) securing indebtedness of the members of the Group in an aggregate additional amount of such indebtedness not exceeding $250,000,000 (or its
equivalent in any other currency); 

  

	 	(K)	any Security or Quasi-Security granted in connection with any Treasury Transaction, excluding any Treasury Transaction described in Schedule 6 (Existing Security and Quasi-Security) of the 2009 Financing
Agreement, that constitutes Permitted Financial Indebtedness provided that the aggregate value of the assets that are the subject of such Security or Quasi-Security does not exceed $200,000,000 (or its equivalent in other currencies) at any
time; 

  

	 	(L)	Security or Quasi-Security granted or arising over receivables, inventory, plant or equipment that are the subject of an arrangement falling within paragraph (e) of the definition of Permitted Financial Indebtedness;

  

	 	(M)	the Transaction Security including, for the avoidance of doubt, any sharing in the Transaction Security referred to in paragraph (f) of the definition of Permitted Financial Indebtedness; 

 

	 	(N)	any Quasi-Security that is created or deemed created on shares of the Issuer under paragraph (q) of the definition of Permitted Disposals by virtue of such shares being held on trust for the holders of the convertible
securities pending exercise of any conversion option, where such Quasi-Security is customary for such transaction; 

  

	 	(O)	in addition to the Security and Quasi-Security permitted by the foregoing paragraphs (A) to (N), Security or Quasi-Security securing indebtedness of the Issuer and its Subsidiaries (taken as a whole) not in excess of
$500,000,000. 

 “Permitted Share Issue” means: 

 

	 	(a)	a Permitted Fundraising falling within paragraphs (a) or (b) of the definition thereof; 

  
 E-29 

	 	(b)	an issue of shares by a member of the Group which is a Subsidiary of the Issuer to another member of the Group or the Issuer (and, where the member of the Group has a minority shareholder, to that minority shareholder
on a pro rata basis) where (if the existing shares of the Subsidiary are the subject of the Transaction Security) the newly-issued shares also become subject to the Transaction Security on the same terms; 

 

	 	(c)	an issue of shares by the Issuer to comply with an obligation in respect of any Executive Compensation Plan; or 

  

	 	(d)	an issue of common equity securities of the Issuer either (i) by the Issuer or (ii) to any member of the Group where the Issuer or that member of the Group has an obligation to deliver such shares to a counterparty
pursuant to the terms of a Permitted Put/Call Transaction or an obligation to deliver such shares to the holder(s) of convertible or exchangeable securities falling within paragraph (f)(i) of the definition of Permitted Financial Indebtedness
pursuant to the terms of such convertible or exchangeable securities. 

 “Promissory Notes” means the
promissory notes described in Part II of Schedule 1 (The Original Participating Creditors) of the 2009 Financing Agreement. 

“Quarter Date” means each of 31 March, 30 June, 30 September and 31 December. 

“Quasi Security” means an arrangement or transaction in which the Issuer or any Subsidiary: 

 

	 	(i)	sells, transfers or otherwise disposes of any of its assets on terms whereby they are or may be leased to or re-acquired by an Obligor or any other member of the Group; 

 

	 	(ii)	sells, transfers or otherwise disposes of any of its receivables on recourse terms; 

  

	 	(iii)	enters into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 

 

	 	(iv)	enters into any other preferential arrangement having a similar effect, 

 in circumstances where
the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset. 

“Receiver” means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged
Properties. 
 “Reference Period” means a period of four consecutive Financial Quarters. 

“Relevant Convertible/Exchangeable Obligations” means: (a) any Financial Indebtedness incurred by any person the terms of
which provide that satisfaction of the principal amount owing under such 

  
 E-30 

 
Financial Indebtedness (whether on or prior to its maturity and whether as a result of bankruptcy, liquidation or other default by such person or otherwise) shall occur solely by delivery of
shares or common equity securities in the Issuer; and (b) any Financial Indebtedness under any Subordinated Optional Convertible Securities. 

“Relevant Existing Financial Indebtedness” means any Existing Financial Indebtedness set out in: 

 

	 	(i)	paragraph (a) of the definition of Existing Financial Indebtedness to the extent that it relates to Part I.C (Mexican Public Debt Instruments) of Schedule 10 (Existing Financial Indebtedness) of the 2009
Financing Agreement; and/or 

  

	 	(ii)	paragraph (b) of the definition of Existing Financial Indebtedness to the extent it relates to Part II.A (Short Term Certificados Bursátiles) of Schedule 10 (Existing Financial Indebtedness) of the
2009 Financing Agreement and any Short-Term Certificados Bursatiles that replace or refinance such Existing Financial Indebtedness. 

“Relevant Prepayment Period” means the period commencing on the date of receipt of the proceeds of a Permitted Fundraising by
a member of the Group and ending on the later of: 
  

	 	(a)	the date falling 364 days thereafter; and 

  

	 	(b)	the 2012 CB Maturity Date. 

 “Resignation Letter” means a document
substantially in the form set out in Part I of Schedule 11 (Form of Resignation Letter) of the 2009 Financing Agreement. 

“Responsible Officer” means the Chief Financial Officer and/or Chief Controlling Officer of the Issuer or a person holding
equivalent status (or higher). 
 “S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill
Companies, Inc., or any successor thereto from time to time. 
 “SEC” means the U.S. Securities Exchange Commission and any
successor thereto. 
 “Secured Parties” means each Finance Party from time to time to the 2009 Financing Agreement and any
Receiver or Delegate. 
 “Security “ means a mortgage, charge, pledge, lien, security trust or other security interest
securing any obligation of any person or any other agreement or arrangement having a similar effect. 
 “Security Agent”
means Wilmington Trust (London) Limited as security agent of the Secured Parties. 
 “Security Providers” means the
Original Security Providers and any Additional Security Provider other than any Original Security Provider or Additional Security Provider which has ceased to be a Security Provider pursuant to Clause 28.6 (Resignation of a Security Provider)
of the 2009 Financing Agreement and has not subsequently become an Additional Security Provider pursuant to Clause 28.3 (Additional Guarantors and Additional Security Providers) of the 2009 Financing Agreement, and “Security
Provider” means any of them. 

  
 E-31 

 “Short-Term Certificados Bursatiles” means any securities with a term of not
more than 12 months issued by the Issuer in the Mexican capital markets with the approval of the Mexican National Banking and Securities Banking and Securities Commission and listed on the Mexican Stock Exchange. 

“Spanish GAAP” means the Spanish General Accounting Plan (Plan general Contable) approved by Royal Decree 1514/2007 as
in effect from time to time and consistent with those used in the preparation of the most recent audited financial statements referred to in Clause 22.1 (Financial Statements) of the 2009 Financing Agreement. 

“Subordinated Optional Convertible Securities” means any Financial Indebtedness incurred by any member of the Group meeting
the requirements of paragraph (f)(i) of the definition of Permitted Financial Indebtedness (including that no principal repayments are scheduled (and no call options can be exercised) until after the Termination Date) (which may, for the avoidance
of doubt, include a fundraising the proceeds of which are applied in accordance with Clause 13.4 (Mandatory prepayments: Relevant Convertible/Exchangeable Obligations) of the 2009 Financing Agreement)) the terms of which provide that such
indebtedness is capable of optional conversion into equity securities of the Issuer and that repayment of principal and accrued but unpaid interest thereon is subordinated (under terms customary for an issuance of such Financial Indebtedness) to all
senior Financial Indebtedness of the Issuer (including, but not limited to, all Exposures of Participating Creditors) except for: (i) indebtedness that states, or is issued under a deed, indenture, agreement or other instrument that states,
that it is subordinated to or ranks equally with any Subordinated Optional Convertible Securities and (ii) indebtedness between or among members of the Group. 

“Subsidiary” means in relation to any company or corporation, a company or corporation: 

 

	 	(a)	which is controlled, directly or indirectly, by the first mentioned company or corporation; 

  

	 	(b)	more than half the issued share capital of which is beneficially owned, directly or indirectly by the first mentioned company or corporation; or 

 

	 	(c)	which is a Subsidiary of another Subsidiary of the first mentioned company or corporation, 

 and for this
purpose, a company or corporation shall be treated as being controlled by another if that other company or corporation is able to direct its affairs and/or to control the composition of its board of directors or equivalent body. 

“Syndicated Bank Facilities” means the facilities described in Part IA of Part II of Schedule 1 (The Original
Participating Creditors) of the 2009 Financing Agreement. 
 “TARGET2” means the Trans-European Automated Real-time
Gross Settlement Express Transfer payment system, which utilizes a single shared platform and which was launched on 19 November 2007. 

  
 E-32 

 “TARGET Day” means any day on which TARGET2 is open for the settlement of
payments in euro. 
 “Tax” means any tax, levy, impost, duty or other charge, deduction or withholding of a similar nature
(including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). 

“Termination Date” means 14 February 2014. 

“Transaction Security” means the Security created or expressed to be created in favour of the Security Agent pursuant to the
Transaction Security Documents. 
 “Transaction Security Documents” means each of the documents listed as being a
Transaction Security Document in paragraph 2(e) of Part I of Schedule 2 (Conditions Precedent) of the 2009 Financing Agreement and any document required to be delivered to the Administrative Agent under paragraph 3(d) of Part II of Schedule 2
(Conditions Precedent) of the 2009 Financing Agreement together with any other document entered into by any Obligor creating or expressed to create any Security over all or any part of its assets in respect of the obligations of any of the
Obligors under any of the Finance Documents (and any other Debt Documents). 
 “Treasury Transactions” means any
derivatives transaction (i) that is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign
exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option,
total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other
financial instrument or interest (including any option with respect to any of these transactions), (ii) that is a type of transaction that is similar to any transaction referred to in clause (i) above that is currently, or in the future becomes,
recurrently entered into in the financial markets and that is a forward, swap, future, option or other derivative (including one or more spot transactions that are equivalent to any of the foregoing) on one or more rates, currencies, commodities,
equity securities or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made or (iii) that is a combination
of these transactions, it being understood that any Executive Compensation Plan permitted by the 2009 Financing Agreement is not a Treasury Transaction. 

“USPP Note” means a note issued under the USPP Note Agreement. 

“USPP Note Agreement” means the consolidated, amended and restated note purchase agreement described in Part II of Schedule 1
(Original Participating Creditors) of the 2009 Financing Agreement. 
 “USPP Note Guarantee” means the consolidated,
amended and restated note guarantee granted in favour of the USPP Noteholders. 

  
 E-33 

 “USPP Noteholders” means the holders from time to time of the notes issued
pursuant to the USPP Note Agreement. 

  
 E-34

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00257-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00257-of-00352.parquet"}]]