Document:

Purchase Agreement (Euro 350,000,000 9.625% Senior Secured Notes due 2017)

 Exhibit 4.47 

Execution Version 

CEMEX Finance LLC 

€ 350,000,000 

9.625% SENIOR SECURED NOTES DUE 2017 

PURCHASE AGREEMENT 

December 9, 2009 
 Citigroup
Global Markets Inc. 
 BNP Paribas 
 The
Royal Bank of Scotland plc 
 As Representatives of the Initial Purchasers 

c/o Citigroup Global Markets Inc. 

388 Greenwich Street 

New York, New York 10013 

Ladies and Gentlemen: 

CEMEX Finance LLC, a Delaware limited liability company (the “Issuer”), an indirect subsidiary of CEMEX, S.A.B.
de C.V., a publicly traded stock corporation with variable capital (sociedad anónima bursátil de capital variable) organized under the laws of Mexico (the “Company”), proposes to issue and sell to the several parties
named in Schedule I hereto (the “Initial Purchasers”), for whom you (the “Representatives”) are acting as representatives, €350,000,000 principal amount of its 9.625% Senior Secured Notes due 2017 (the
“Securities”). The Securities will be unconditionally guaranteed (the “Guarantees”) by each of (i) the Company, CEMEX México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V. and CEMEX Concretos, S.A. de
C.V. (collectively, the “Mexican Note Guarantors”), (ii) New Sunward Holding B.V. (“New Sunward”), (iii) CEMEX España, S.A. (“CEMEX España”); and (iv) CEMEX Corp. (the “U.S. Note
Guarantor” and together with the Mexican Note Guarantors, CEMEX España and New Sunward, the “Note Guarantors”), and are to be issued under an indenture (the “Indenture”), to be dated as of the Closing Date, among the
Issuer, the Note Guarantors and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”). To the extent there are no additional parties listed on Schedule I other than you, the term Representatives as
used herein shall mean you as the Initial Purchasers, and the terms Representatives and Initial Purchasers shall mean either the singular or plural as the context requires. The use of the neuter in this Agreement shall include the feminine and
masculine wherever appropriate. Certain terms used herein are defined in Section 25 hereof. 
 The
Securities will be secured in accordance with the terms of the Intercreditor Agreement, by a first-priority security interest in the Collateral, but holding a Security will not grant its holders the right to direct the foreclosure or the right to
foreclose on the Collateral. 

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

In connection with the sale of the Securities, the Company has prepared a preliminary offering memorandum, dated
December 7, 2009 (as amended or supplemented at the date thereof, including any and all exhibits thereto and any information incorporated by reference therein, the “Preliminary Memorandum”), and a final offering memorandum, dated
December 9, 2009 (as amended or supplemented at the Execution Time, including any and all exhibits thereto and any information incorporated by reference therein, the “Final Memorandum”). Each of the Preliminary Memorandum and the
Final Memorandum sets forth certain information concerning the Company and the Securities. The Company hereby confirms that it has authorized the use of the Disclosure Package, the Preliminary Memorandum and the Final Memorandum, and any amendment
or supplement thereto, in connection with the offer and sale of the Securities by the Initial Purchasers. Unless stated to the contrary, any references herein to the terms “amend”, “amendment” or “supplement” with
respect to the Disclosure Package, the Preliminary Memorandum and the Final Memorandum shall be deemed to refer to and include any information filed under the Exchange Act subsequent to the Execution Time that is incorporated by reference therein.

 It is understood that the Issuer is concurrently entering into a purchase agreement (the “U.S.$
Purchase Agreement”) with the several initial purchasers thereunder providing for the sale by the Issuer of an aggregate of U.S.$1,250,000,000 principal amount of its 9.500% Senior Secured Notes due 2016 (the “U.S.$ Denominated
Securities”). In connection with the sale of the U.S.$ Denominated Securities, the Company has prepared a preliminary offering memorandum, dated December 1, 2009, and a final offering memorandum, dated December 9, 2009, substantially
in the same form as the Preliminary Memorandum and the Final Memorandum, respectively. The U.S.$ Denominated Securities will share in the Collateral and benefit from the same guarantees as the Securities. 

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

 

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

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

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

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

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

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

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

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

 

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

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

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

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

	 	(i)	 in the case of CEMEX España: 

  

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

 

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

  

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

  

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

  

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

  

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

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

 

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

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

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

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

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

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

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

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

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

 

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

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

 

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

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

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

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

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

2. Purchase and Sale. Subject to the terms and conditions and in reliance upon the representations and warranties
herein set forth, the Issuer agrees to sell to each Initial Purchaser, and each Initial Purchaser agrees, severally and not jointly, to purchase from the Issuer, at a purchase price of 99.2433% of the principal amount thereof, plus accrued interest,
if any, from December 14, 2009 to the Closing Date, the principal amount of Securities set forth opposite such Initial Purchaser’s name in Schedule I hereto. 

3. Delivery and Payment. Delivery of and payment for the Securities shall be made at 10:00 A.M., New York City
time, on December 14, 2009, or at such time on such later date not more than three Business Days after the foregoing date as the Representatives shall designate, which date and time may be postponed by agreement between the Representatives and
the Issuer or as provided in Section 9 hereof (such date and time of delivery and payment for the Securities being herein called the “Closing Date”). Delivery of the Securities shall be made to the Representatives for the respective
accounts of the several Initial Purchasers against payment by the several Initial Purchasers through the Representatives of the purchase price thereof to or upon the order of the Company by wire transfer payable in same-day funds to the account
specified by the Company. Delivery of the Securities shall be made through the facilities of Euroclear Bank S.A./N.V. (“Euroclear”) and Clearstream Banking, S.A. (“Clearstream”) and any other relevant clearing system unless the
Representatives shall otherwise instruct. 
 4. Offering by Initial Purchasers. (a) Each Initial
Purchaser acknowledges that the Securities have not been and will not be registered under the Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or
in a transaction not subject to, the registration requirements of the Act. 
  

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

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

  

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

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

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

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

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

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

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

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

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

 

 11 

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

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

 

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

  

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

 

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

  

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

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

 12 

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

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

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

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

 

 13 

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

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

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

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

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

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

 14 

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

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

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

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

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

 15 

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

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

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

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

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

 16 

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

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

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

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

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

 17 

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

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

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

 18 

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

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

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

 

 19 

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

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

  

 20 

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

 

 21 

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

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

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

 22 

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

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

 23 

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

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

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

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

 24 

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

“Citigroup” shall mean Citigroup Global Markets Inc. 

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

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

“Commission” shall mean the Securities and Exchange Commission. 

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

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

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

 25 

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

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

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

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

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

 

 26 

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

 

					
	 Very truly yours,

	
	CEMEX Finance LLC
		
	 By:
	 	 /s/ Héctor Medina

		 	 Name:
	 	 Héctor Medina

		 	 Title:
	 	 Attorney-in-Fact

	
	 EACH OF THE NOTE GUARANTORS

LISTED BELOW

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

		 	 Name:
	 	 Héctor Medina

		 	 Title:
	 	 Attorney-in-Fact

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

		 	 Name:
	 	 Héctor Medina

		 	 Title:
	 	 Attorney-in-Fact

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

		 	 Name:
	 	 Héctor Medina

		 	 Title:
	 	 Attorney-in-Fact

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

		 	 Name:
	 	 Héctor Medina

		 	 Title:
	 	 Attorney-in-Fact

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

		 	 Name:
	 	 Héctor Medina

		 	 Title:
	 	 Attorney-in-Fact

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

		 	 Name:
	 	 Rodrigo Trevino

		 	 Title:
	 	 Attorney-in-Fact

	
	CEMEX Corp.
		
	 By:
	 	 /s/ Héctor Medina

		 	 Name:
	 	 Héctor Medina

		 	 Title:
	 	 Attorney-in-Fact

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

 

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

		 	 Name:
	 	 M. Christopher Gilford

		 	 Title:
	 	 Managing Director

	
	BNP Paribas
		
	 By:
	 	 /s/ Marcelo Delmar

		 	 Name:
	 	 Marcelo Delmar

		 	 Title:
	 	
		
	 By:
	 	 /s/ Hugo Sueiro

		 	 Name:
	 	 Hugo Sueiro

		 	 Title:
	 	
	
	The Royal Bank of Scotland plc
		
	 By:
	 	 /s/ David Hopkins

		 	 Name:
	 	 David Hopkins

		 	 Title:
	 	 Authorized Signatory

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

 SCHEDULE I 

 

				
	 Initial Purchasers
	  	Principal Amount
of Securities to be
Purchased
		
	 Citigroup Global Markets Inc.
	  	€	116,668,000
		
	 BNP Paribas
	  	€	116,666,000
		
	 The Royal Bank of Scotland plc
	  	€	116,666,000
		
	 Total
	  	€	350,000,000

  

 Sch I-1 

 SCHEDULE II 

Pricing Term Sheet 

Final 

Pricing Term Sheet 

December 9, 2009 

CEMEX Finance LLC 

9.625% Senior Secured Notes Due 2017 (the “Notes”) 

 

			
	Issuer	  	 CEMEX Finance LLC

		
	Security Description	  	 Senior Secured Notes

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

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

		
	Format	  	 144A Global Notes / Regulation S Global Notes

		
	Global Coordinator	  	 Citigroup Capital Markets Inc.

		
	Identifiers (144 A Notes)	  	 ISIN XS0473870607

		
	Identifiers (Reg S Notes)	  	 ISIN XS0473787884

		
	Issue amount	  	 € 350 million

		
	Settlement date	  	 December 14, 2009

		
	Final maturity	  	 December 14, 2017

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

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

		
	Coupon	  	 9.625%

		
	Issue price	  	 100%

		
	Issue yield	  	 9.625%

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

  

 Sch II-1 

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

			
		 	 2013
	  	 104.81250%

		 	 2014
	  	 102.40625%

		 	 2015 and thereafter
	  	 100.00000%

		
		 	 •  Prior to December 14, 2012, redemption of up to 35% of original principal amount at 109.625%
of principal amount of the Notes with proceeds from equity offerings.

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

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

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

		
	Denominations	 	 € 50,000 and integral multiples of € 1,000

		
	Governing law	 	 New York

		
	Listing	 	 Luxembourg Stock Exchange – EURO MTF

		
	Clearing	 	 Euroclear and Clearstream

		
	Additional Information	 	

 Contemporaneous Offerings 

Contemporaneous with this offering, the Issuer is offering 9.5% Senior Secured Notes due 2016 denominated in U.S.$ (the
“U.S.$ Notes”) in an aggregate principal amount of U.S.$1.25 billion pursuant to a separate offering memorandum. The U.S.$ Notes will have substantially the same terms as the Notes, other than currency, interest rate, tenor and other
pricing related terms, and will share in the same security and benefit from the same guarantee structure as the Notes. Neither the offering of the Notes nor the offering of the U.S$ Notes is contingent upon the successful offering of the other.
References herein to the offerings refer to the offering of the Notes and the U.S.$ Notes. 
 Financial Information 

1. As of September 30, 2009, on a pro forma basis after giving effect to the sale of our Australian operations
and the application of the net proceeds therefrom, we had total obligations of Ps226,850 million (U.S.$16,804 million) outstanding secured by a first-priority security interest over the Collateral and the proceeds thereof, consisting of obligations
of approximately Ps161,473 million (U.S.$11,961 million) outstanding under the Financing Agreement, approximately Ps41,418 million (U.S.$3,068 million) outstanding under our perpetual debentures,

  

 2 

 
approximately of Ps23,128 million (U.S.$1,713 million) outstanding under our CBs and approximately Ps830 million (U.S.$62 million) outstanding of other short-term secured debt. 

2. As of September 30, 2009, on a pro forma basis after giving effect to the sale of our Australian
operations and the application of the net proceeds therefrom and from the offerings (in each case not including approximately Ps41,418 million (U.S.$3,068 million) of perpetual debentures): 

 

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

  

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

  

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

  

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

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

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

  

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

 

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

  

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

  

 3 

 Capitalization 
  

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

  

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

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

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

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

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

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

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

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

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

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

 

 4 

 Polish Antitrust Investigation 

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

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

The information in this term sheet supplements the Company’s preliminary offering memorandum, dated December 7, 2009 (the
“Preliminary Memorandum”) and supersedes the information in the Preliminary Memorandum to the extent inconsistent with the information in the Preliminary Memorandum. This term sheet is qualified in its entirety by reference to the
Preliminary Memorandum. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Memorandum. 

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

 5 

 SCHEDULE III 

Form of Opinions of Skadden, Arps, Slate, Meagher & Flom LLP, special U.S. counsel to the Company 

 

 Sch III-1 

 SCHEDULE IV 

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

[INTRODUCTORY PARAGRAPH AND RELIANCE SECTIONS] 

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

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

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

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

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

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

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

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

  

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

  

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

 

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

  

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

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

  

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

  

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

  

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

  

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

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

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

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

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

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

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

This opinion is subject to the following qualifications: 

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

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

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

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

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

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

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

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

 SCHEDULE V 

Form of Opinion of Clifford Chance SL 

 SCHEDULE VI 

Form of Opinion of Warendorf 

 SCHEDULE VII 

Form of Opinion of GHR Rechtsanwälte AG 

 SCHEDULE VIII 

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

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

 SCHEDULE IX 

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

 SCHEDULE X 

 

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

 

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

  

	2.	 Other Information Included in the Disclosure Package 

 

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

[None]Indenture dated December 10, 2009 (Mandatory Convertible Bonds)

 Exhibit 4.48 

 

			
	 BOOK 29
	  	PAGE 5716

 PUBLIC
DEED NUMBER 992 NINE HUNDRED NINETY TWO 
 IN THE CITY OF SAN PEDRO GARZA GARCIA, NUEVO LEON, UNITED
MEXICAN STATES, as of the (10th) tenth day of the month of December of the year (2009) two thousand and nine, I, Mr. IGNACIO GERARDO MARTINEZ GONZALEZ, Notary Public in charge of the Notary Public Number
(75) seventy five, with residence in the First District, HEREBY ATTEST, the following legal act:- 

THE ISSUANCE OF MANDATORY CONVERTIBLE SECURITIES INTO ORDINARY COMMON STOCK WITHOUT PAR VALUE, REPRESENTATIVE OF THE
CAPITAL STOCK OF THE COMPANY NAMED CEMEX, SOCIEDAD ANONIMA BURSATIL DE CAPITAL VARIABLE, shares that are represented by ordinary participation certificates (each one, considering their par value, and provided that such securities were not converted
and kept outstanding, a “Security” and, collectively, the “Securities”, and “Cemex” or the “Company”, respectively), that for unilateral decision made by the Company, represented by
its special attorney-in-fact Mr. RENE DELGADILLO GALVAN, with the appearance of the banking institution named BANCO MERCANTIL DEL NORTE, SOCIEDAD ANONIMA, INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO BANORTE, in its capacity of
common representative of the holders of the Securities (in such capacity, the “Common Representative”) and in its capacity of calculation agent (in such capacity, the “Calculation Agent”), represented by Messrs.
TEODORO RUIZ GONZALEZ and MIGUEL ARNULFO RAMOS SALGADO, the company named CEMEX MÉXICO, SOCIEDAD ANONIMA DE CAPITAL VARIABLE (“Cemex Mexico”) represented by Mr. JOSE LEOPOLDO QUIROGA CASTAÑON, and the company
named EMPRESAS TOLTECA DE MÉXICO, SOCIEDAD ANONIMA DE CAPITAL VARIABLE (“Tolteca”) represented by Mr. JOSE LEOPOLDO QUIROGA CASTAÑON, in accordance with the following Antecedents, Statements and Clauses:

 A N T E C E D E N T S 

I. INCORPORATION. Cemex is a sociedad anónima bursátil de capital variable, duly incorporated and
existing under the laws of the United Mexican States (“Mexico”) and with corporate domicile located in the city of Monterrey, Nuevo Leon, in accordance with 

 

 Page 1 

 
public deed number 94 (ninety four), dated as of May 28 (twenty eight) 1920 (one thousand nine hundred twenty), issued by Mr. Carlos Lozano, who was a Notary Public residing in the city
of Monterrey, Nuevo León, and recorded in the Public Registry of Commerce of the city of Monterrey, Nuevo León, under number 21 (twenty one), pages 157 (one hundred fifty seven) to 186 (one hundred eighty six), volume 16 (sixteen),
book 3 (three), Second Auxiliary, Commerce Section, as of June 11 (eleven) 1920 (one thousand nine hundred twenty), whose corporate purpose include, among others, (i) to acquire or subscribe shares or equity participations or in the
management of any kind of corporations or partnerships, either national or foreign, and (ii) the issuance, endorsement, confirmation, guarantee or any kind of issuance of securities, and to engage in any transaction involving such securities.

 II. AMENDMENT TO CONVERT INTO SOCIEDAD ANÓNIMA BURSÁTIL. By means of public deed number
35,211 (thirty five thousand two hundred eleven), dated as of April 27 (twenty-seven), 2006 (two thousand and six), issued by Mr. Francisco Garza Calderón, then Public Notary Number 75, recorded in the Public Registry of Property
and Commerce of the State of Nuevo Leon, under the electronic file number 532*9 (five hundred thirty two asterisk nine), as of July 5 (five), 2006 (two thousand and six), it was officially formalized the minutes of the General Extraordinary
Shareholders Meeting of Cemex held as of April 27 (twenty seven), 2006 (two thousand six), which, among other items, approved to amend the by-laws of Cemex, to make them suitable to the legal principles of the sociedades anónimas
bursátiles as set forth in the Mexican Securities Market Law, and to substitute all the shares of stock representative of the capital stock of Cemex. 

III. DOMICILE OF THE COMPANY. For purposes of this Indenture, the domicile of the Company is located in Avenida
Constitución number 444 (four hundred four), Downtown, Monterrey, Nuevo León, Zip Code 64000 (sixty-four thousand). 

IV. GENERAL EXTRAORDINARY SHAREHOLDERS MEETING. By means of public deed number 47,526 (forty seven thousand five hundred
twenty-six) dated as of September 4 (four), 2009 (two thousand nine), issued by Mr. Juan Manuel García García, Notary Public No. 129 (one hundred twenty-nine), residing in the First District of the State of Nuevo Leon,
and recorded in the Public Registry of Property and Commerce of the 
  

 Page 2 

 
State of Nuevo Leon under electronic file number 532*9 (five hundred thirty-two asterisk nine) dated as of September 22 (twenty-two), 2009 (two thousand nine), it was officially formalized
the minutes of the General Extraordinary Shareholders Meeting of Cemex held as of September 4 (four), 2009 (two thousand nine) (the “Shareholders Meeting”), in which it was approved, among other items, for the purposes of
Article 210 (two hundred ten) BIS, 213 (two hundred thirteen) and other applicable provisions of the General Law of Negotiable Instruments and Credit Operations (Ley General de Títulos y Operaciones de Crédito), the issuance of
convertible securities into shares of common ordinary, nominative and without par value, representative of the capital stock of, represented by ordinary participation certificates (each of one a “CPO” and collectively, the
“CPOs”; this definition shall be considered adjusted taking into consideration the provisions of Clause Thirteenth of the Indenture); and that such shares are not subject to preemptive rights by Cemex shareholders as set forth in
Article 132 (one hundred thirty two) of the General Law of Commercial Companies (Ley General de Sociedades Mercantiles); and that the individuals that will act as delegated of the Shareholders Meeting to execute any legal acts related to the
issuance of the Securities. Each CPO has a subjacent value of two (2) Series A shares and one (1) Series B share, representative of the capital stock of Cemex. 

A certified copy of the public deed referred to in paragraph IV above is hereby attached as Exhibit A to
this Indenture, and form part of this instrument, and it is deemed to be reproduced literally for any legal purpose. 

V. LEGAL REPRESENTATIVE. By means of public deed number 48,056 (forty eight thousand fifty-six) dated as of
October 30 (thirty), 2009 (two thousand nine), issued by Mr. Juan Manuel García García, Notary Public No. 129 (one hundred twenty-nine), residing in the First District of the State of Nuevo Leon, and recorded in the
Public Registry of Property and Commerce of the State of Nuevo Leon under electronic file number 532*9 (five hundred thirty-two asterisk nine) dated as of November 3 (three), 2009 (two thousand nine), it was officially formalized the minutes of
the board of directors meeting held as of September 24 (twenty-four), 2009 (two thousand nine), in which it was approved, among other items, that any two (2) members of the Board of Directors of Cemex will be entitled to subscribe the
negotiable instrument representing the Securities. 
  

 Page 3 

 VI. DELEGATES OF THE SHAREHOLDERS MEETING. In exercise of the authority
delegated by the Shareholders Meeting, the delegates of the Shareholders Meeting, by resolutions adopted as of December 9 (nine), 2009 (two thousand nine), agreed to the terms and conditions of the Securities. 

A copy of the resolutions adopted by the delegates of the Shareholders Meeting is hereby attached as Exhibit
B to this Indenture, and form part of this instrument, and it is deemed to be reproduced literally for any legal purpose. 

VII. BALANCE SHEET. In accordance to the provisions of Article 213 (Two hundred thirteen), paragraph I (first), letter
b), of the General Law of Negotiable Instruments and Credit Operations, the financial statements that shall be the base for the issuance of the Securities shall be the consolidated financial statements of Cemex as of the end of September 30
(thirty), 2009 (two thousand nine), prepared to carry on with the issuance of the Securities, as certified by the public accountant Rafael Garza Lozano (the “Base Financial Statements”); in accordance with the Base Financial
Statements, the total amount of net worth of Cemex is equal to $260,010’260,000.00 (two hundred and sixty thousand and ten million two hundred and sixty thousand pesos 00/100 Mexican Currency), having assets in the amount of
$614,742’894,000.00 (six hundred fourteen thousand seven hundred forty two million eight hundred ninety four thousand pesos 00/100 Mexican Currency) and liabilities in the amount of $354,732,634,000.00 (three hundred fifty four thousand seven
hundred thirty two million six hundred and thirty four thousand pesos 00/100 Mexican Currency). For purposes of the provisions of Article 213 (Two hundred thirteen), paragraph V, letter a), of the General Law of Negotiable Instruments and Credit
Operations, the value of the net assets of Cemex, taking into consideration the Base Financial Statements is $260,010’260,000.00 (two hundred and sixty thousand and ten million two hundred and sixty thousand pesos 00/100 Mexican Currency) (the
“Net Assets”. 
 A copy of the Base Financial Statements is hereby attached as Exhibit
C to this Indenture, and form part of this instrument, and it is deemed to be reproduced literally for any legal purpose. 

VIII. TRUST ISSUER OF THE CPOs. As of September 6 (six), 1999 (one thousand ninety nine), Banco Nacional de
México, Sociedad Anónima, a integral part of the Banamex Financial Group, Trust Division (the “CPO Trustee”) and the Company 

 

 Page 4 

 
entered into a Trust Agreement Number 111033-9 (one hundred and eleven thousand thirty three dash nine) (the “CPO Trust Agreement”), in which the CPO Trustee is authorized to
issue CPOs, which have as subjacent value shares of stock of the Company. 
 IX. CPOs INDENTURE. By means of
public deed number 50,931 (fifty thousand nine hundred thirty one), dated as of September 7 (seven), 2009 (two thousand nine), issued by Mr. Erick Salvador Pulliam Aburto, Notary Public Number 196 (one hundred ninety six), residing in
Mexico City, Federal District, and recorded in the Public Registry of Property and Commerce of the Federal District under the electronic file number 65126 (sixty five thousand one hundred twenty six) dated as of September 18, 2009 (two thousand
and nine), it was officially formalized the indenture that contains the unilateral decision of the CPO Trustee (the “CPOs Indenture”), with the appearance of the Mexican National Banking and Securities Commission (the
“CNBV”), by which one thousand six hundred million (1,600’000,000) ordinary participation certificates were issued, having as subjacent value shares of stock of the Company, out of which four hundred million
(400’000,000) CPOs were issued for the purpose of guaranteeing the conversion of the Securities. 
 X.
GUARANTORS. CEMEX México and Tolteca, both subsidiaries of the Company, shall subscribe the negotiable instrument representing the Securities in their capacity of guarantors. 

S T A T E M E N T S: 

Cemex hereby states through its legal representative that: 

(a) as of September 30 (thirty), 2009 (two thousand nine), the total capital stock outstanding duly paid-in was the
amount of $80’022,611.56 (Eighty Million Twenty Two Thousand Six Hundred Eleven Pesos and 56/100 Mexican Currency), integrated as follows: (i) the minimum fixed capital of Cemex without redemption rights was the amount of
$36’300,000.00 (thirty six million three hundred thousand pesos 00/100 Mexican Currency), represented by 8,712’000,000 (eight thousand seven hundred twelve million) common ordinary, nominative, Series “A” shares, and
4,356’000,000 (four thousand three hundred fifty six million) common ordinary, nominative, Series “B” shares, all of them duly paid and without par value, and (ii) the variable part of the capital stock of Cemex was the amount of
$43’722,611.56 (forty three million seven hundred twenty two thousand six 
  

 Page 5 

 
hundred eleven pesos and 56/100 Mexican Currency), represented by 10,510’609,228 (ten thousand five hundred ten million six hundred nine thousand two hundred twenty eight) common ordinary,
nominative, Series “A” shares, and 5,255’304,614 (five thousand two hundred fifty five million three hundred four thousand six hundred fourteen) common ordinary, nominative, Series “B” shares, all of them paid in and without
par value; the amount of the Net Assets is stated in paragraph VI above; 
 (b) as of the date of this
Indenture, except with respect to the Securities that are hereby issued, the Subjacent Treasury Shares (as such term is defined below), and the shares affected in accordance with the trusts that were created directly or indirectly by the
Company for purposes of creating and maintaining share option plans and retirement plans for employees of the Company and its subsidiaries, Cemex is not obligated to put in circulation any other shares representative of the capital stock, or
ordinary participation certificates whose subjacent value is formed by shares of stock of Cemex, in accordance with any contract or agreement of any nature whatsoever; Cemex does not have additional treasury shares, nor has convertible or
exchangeable securities for shares of stock of Cemex or ordinary participation certificates whose subjacent value is formed by shares of Stock of Cemex or option securities that require the issuance or delivery of shares of stock of Cemex or
ordinary participation certificates whose subjacent value is formed by shares of stock of Cemex, and Cemex has not executed an option or derivative financial transaction that forces Cemex to issue or deliver shares of stock of Cemex or ordinary
participation certificates whose subjacent value is formed by Cemex’s shares of stock and, in general, Cemex does not have an obligation of any kind to issue or deliver or to put in circulation any shares of stock representative of its capital
stock or ordinary participation certificates whose subjacent value is formed by Cemex’s shares of stock; 

(c) is a sociedad anónima bursátil de capital variable, duly incorporated and existing under the
laws of Mexico, authorized in accordance with its corporate purposes to issue this Indenture, to subscribe the Securities and to assume the obligations resulting from this Indenture and the Securities; 

(d) the execution of this Indenture, the subscription of the Securities and the assumption of the obligations
contemplated in the Indenture and the Securities, have been authorized by the necessary corporate actions, and do not violate or contravene (i) the by-laws currently in effect as of this date, or (ii) any law or administrative provision,
or any contractual provision of any nature, which is binding to, or affects, Cemex; 
  

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 (e) the Subjacent Treasury Shares have been duly issued and are free of any
preemptive rights or similar rights, that may correspond to the shareholders or third parties, and shall remain in treasury to guarantee the existence of a sufficient number of subjacent shares with respect to the CPOs that will be delivered in the
event of conversion of the Securities as set forth in the Indenture and in the Securities; 
 (f) This Indenture
and each and every one of the Securities constitute a valid obligation, enforceable in accordance with their terms, but subject to applicable provisions regarding bankruptcy; 

(g) does not require the consent or approval from any third party, including any governmental authority or auto
regulatory body, for the issuance and performance of this Indenture, and for the subscription, issuance and circulation of the Securities, except for the necessary authorization of the CNBV for the registration of the Securities in the
National Registry of Securities, and the authorization of the CNBV for the offering of the Securities, which have been obtained and are in force; 

(h) its interest payment obligations (including the payment of penalty interest, if there is the case) and the Agreed
Amount (as such term is defined below) if there is the case, with respect to the Securities, constitute unconditional and non subordinated obligations of Cemex, and have and will have at all times, at least the same priority for payment (pari
passu) that the other not guaranteed liabilities, present or future (with the exception of those obligations that have priority in accordance with applicable bankruptcy laws); 

(i) As of the date of this Indenture, there are no actions, suits or proceedings, either judicial, arbitral,
administrative or of any nature pending, including conflicts regarding environmental, tax or labor claims or, to the knowledge of Cemex, threatened by or before any court, governmental authority or arbitral, materially affecting or could reasonably
be expected to have a material adverse effect on the business, financial condition or prospects of Cemex or its subsidiaries on a consolidates basis, or that materially affects or could reasonably be expected to have a material adverse effect on the
compliance by Cemex of its obligations under this Indenture or the Securities; 
 (j) As of the date of this
Indenture, Cemex or any of its subsidiaries are not in default in the payment of any debt, nor in default of any contract which derive payment obligations, in which they are parties or bound by their terms; 

(k) Cemex shall use the Securities for Exchange of certain outstanding debt notes (certificados bursátiles)
which represent liabilities against the Company; 
  

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 (l) The foregoing Antecedents contained in this Indenture are true and
complete, and do not omit relevant information with respect to the issuance of the Securities contemplated by this Indenture; 

(m) Its legal representative, Mr. René Delgadillo Galván, has sufficient corporate authority to bind
the Company to the terms of this Indenture and the Securities, and such corporate authority has not been revoked or limited in any way as of the date of this Indenture and as of the date of issuance of the Securities. 

In accordance with the foregoing Antecedents and Statements, Cemex by unilateral decision hereby agrees to the following:

 C L A U S E S 

FIRST. DEFINITIONS. 

As used in this Indenture, the following terms have the meanings specified below, and shall be equally applicable to the
singular or the plural of such terms: 
 “Subjacent Treasury Shares” shall mean the eight
hundred million (800’000,000) Series “A” shares, and the four hundred million (400’000,000) Series “B” shares, representative of the capital stock of Cemex, all of them common ordinary, nominative, which once
placed in circulation, shall have full voting and economic rights as provided in the current by-laws of Cemex, issued by Cemex further to the Shareholders Meeting, which have been placed in the treasury of Cemex to be used only and mandatorily as a
subjacent value for CPOs, upon the conversion of all the Securities. 
 “Indenture” shall mean
this Indenture, together with all its Exhibits, as such is amended from time to time if needed. 
 “CPOs
Indenture” shall have the meaning specified in the Antecedents of this Indenture. 
 “Net
Assets” shall have the meaning specified in the Antecedents of this Indenture. 
 “Calculation
Agent” shall have the meaning specified at the beginning of this Indenture. 
 “Shareholders
Meeting” shall have the meaning specified in the Antecedents of this Indenture. 
 “General
Security holders Meeting” shall have the meaning specified in Clause Sixteenth of this Indenture. 
  

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 “BMV” shall mean Bolsa Mexicana de Valores, Sociedad
Anónima Bursátil de Capital Variable (the Mexican Stock Exchange). 
 “Agreed
Amount” shall have the meaning specified in Clause Eleventh, section (G) (j) of this Indenture. 

“Early Conversion Events” shall have the meaning specified in Clause Fifteenth of this Indenture.

 “Cemex” shall have the meaning specified at the beginning of this Indenture. 

“Cemex México” shall have the meaning specified at the beginning of this Indenture. 

“CNBV” shall have the meaning specified in the Antecedents of this Indenture. 

“CPO” or “CPOs” shall have the meaning specified in the Antecedents of this Indenture.

 “Condition for Mandatory Conversion for the Price of CPO” shall mean that the Cemex’s
ordinary participation certificates that have Cemex shares of stock as their subjacent value, have in each of the (5) consecutive trading sessions at the BMV prior to the corresponding calculation date a weighted average price, taking as a base
the daily trading volumes in the BMV and the information disclosed by Bloomberg in the section CEMEXCPO MM Equity VWAP precisely with respect to each one of such trading sessions, equal or above to multiply one dot five (1.5) times the
result of dividing the per Security over the Conversion Factor, as such Conversion Factor may be adjusted further to the terms of Clause Thirteenth herein. 

“CPO Trust Agreement” shall have the meaning specified in the Antecedents of this Indenture. 

“Business Day” shall mean any day of the year, except Saturdays, Sundays and Holidays, in which
the offices of credit institutions located in Mexico City are open to the public to carry on banking operations in accordance with the Schedule previously disclosed by the CNBV. 

“General Regulations” shall mean the Disposiciones de Carácter General Aplicables a las
Emisoras de Valores y a otros Participantes del Mercado de Valores (General Regulations applicable to Issuers of Securities and other Participants in the Securities Market in Mexico), issued by the CNBV, and published in the Official Newspaper
of the Federation (Diario Oficial de la Federacion) as of March 19 (nineteen), 2003 (two thousand three), and amended by publication in the Official Newspaper of the Federation as of July 22 (twenty two), 2009 (two thousand nine),
or any other provisions that amend or substitute such regulations. 
  

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 “Base Financial Statements” shall have the meaning
specified in the Antecedents of this Indenture. 
 “Conversion Factor” shall mean the 372
(three hundred seventy two) CPOs that the Company shall deliver to each of the Security holders per each of the Securities outstanding (and considering for such purposes, the Nominal Value of the Securities) that such holders own during any
conversion and that, initially, shall be the result of dividing the Nominal Value of the Security over $8,900.00 (Eight Thousand Nine Hundred Pesos 00/100 Mexican Currency), as such Conversion Factor may be adjusted in accordance with the provisions
of Clause Thirteenth herein. 
 “Provisional Conversion Factor” shall mean the Conversion
Factor that Cemex intends to use for the conversion of all or part of the Securities for CPOs, at any corresponding Conversion Date. 

“Definitive Conversion Factor” shall mean the Provisional Conversion Factor notified by Cemex to the
Calculation Agent, and that the Calculation Agent had verified if necessary, after holding discussions with Cemex on this respect. 

“Conversion Date” shall mean the Due Date, the Conversion Date of the Remaining, the Optional Conversion
Date, the Conversion Date for CPO Price, the Conversion Date in the Event of Early Conversion, or the Conversion Date for OPA. 

“Conversion Date of the Remaining” shall have the meaning specified in Clause Eleventh, Paragraph B of
this Indenture. 
 “Optional Conversion Date” shall have the meaning specified in Clause
Eleventh, Paragraph C of this Indenture. 
 “Conversion Date in the Event of Early Conversion”
shall have the meaning specified in Clause Eleventh, Paragraph D of this Indenture. 
 “Conversion Date
for CPO Price” shall have the meaning specified in Clause Eleventh, Paragraph F of this Indenture. 

“Conversion Date for OPA” shall have the meaning specified in Clause Eleventh, Paragraph E of this
Indenture. 
 “Issuance Date” shall mean December 10 (ten), 2009 (two thousand nine).

 “Due Date” shall mean November 28 (twenty eight), 2019 (two thousand nineteen).

  

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 “Interest Payment Date” shall mean the last day of each
Interest period with respect to any of the Securities that are outstanding; regarding penalty interest, its shall be any date in which Cemex makes the payment and it is Business Day. 

“CPO Trustee” shall have the meaning specified in the Antecedents of this Indenture. 

“Indeval” shall mean S.D. Indeval Institución para el Depósito de Valores, Sociedad
Anónima de Capital Variable. 
 “Mexico” shall have the meaning specified in the
Antecedents of this Indenture. 
 “Mexican NIFs” shall mean general financial information
principles applicable in Mexico at the time co the corresponding determination, considering any amendment to such principles, including any amendment in accordance with applicable law or rules of financial disclosure. 

“Security” and “Securities” shall have the meaning specified in the Antecedents of this
Indenture. 
 “Security holder” shall mean, collectively, at any time, the persons, individuals
or entities of any nationality which are legal holders of the Securities. 
 “OPA” shall have
the meaning specified in Clause Eleventh, Paragraph E of this Indenture. 
 “Indemnified
Parties” shall have the meaning specified in Clause Twentieth of this Indenture. 
 “Interest
Period” shall mean, with respect to each of the Securities, each ninety one (91) calendar day period, from the Issuance Date to whatever occurs first between the Due Date or the corresponding Conversion Date, to calculate the interest
amount accrued by the Securities, provided however that (i) the first Interest Period shall begin with the Issuance Date and shall end precisely in the corresponding date that is ninety one (91) calendar days after the Issuance
Date, (ii) subsequent Interest Periods shall begin the calendar day immediately following the last day of the Interest Period immediately before and shall end the date that is ninety one (91) calendar days after, (iii) any Interest
Period that does not end on a Business Day, it shall be extended to the Business Day immediately following, taking into consideration the additional day or days for the calculation of accrued interest, and (iv) any Interest Period that is in
effect in the Due Date or in the corresponding Conversion Date shall end precisely at Due Date or at the corresponding Conversion Date. 
  

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 “Common Representative” shall have the meaning specified at
the beginning of this Indenture. 
 “Company” shall have the meaning specified at the beginning
of this Indenture. 
 “Interest Rate” shall mean a yearly gross fixed interest rate of [ten
(10) percentage points] that the Securities will accrue during the term of such Securities. 

“Penalty Interest Rate” shall have the meaning specified in Clause Seventh of this Indenture.

 “Tolteca” shall have the meaning specified at the beginning of this Indenture. 

“Nominal Value of the Securities” shall mean $8,900.00 (Eight Thousand Nine Hundred Pesos and 00/100
Mexican Currency). 
 “Term of the Securities” shall have the meaning specified in Clause
Twelfth of this Indenture. 
 SECOND. ISSUANCE OF THE SECURITIES. 

Subject to the terms and conditions set forth in this Indenture, Cemex hereby issues, by unilateral decision and in the
form and terms provided by Chapter V, Title First of the General Law of Negotiable Instruments and Credit Operations, 463,656 (Four Hundred Sixty Three Thousand Six Hundred Fifty Six) bearer Securities, with a nominal value per Security equal to the
Nominal Value of the Securities, and with the consequent total Nominal Value equal to $4,126’538,400.00 (Four Thousand One Hundred Twenty Six Million Five Hundred Thirty Eight Thousand Four Hundred Pesos and 00/100 Mexican Currency), which
represent a collective liability against Cemex and that Cemex hereby agrees to timely pay, including the cash payment of applicable interest and, if the case may be, penalty interest and the Agreed Amount, as set forth in this Indenture. 

The Securities are unsecured and do not have a specific guarantee. 

The Securities are issued in bearer form. 

Notwithstanding that the Securities are mandatorily convertible into shares of stock of Cemex, represented by CPOs, for
purposes of clarity and briefness with respect to the mechanics of the conversion and the delivery of the certificates, either in physical form or electronically, this Indenture shall contain references to the conversion of the Securities into CPOs.

  

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 THIRD. NAME OF THE ISSUANCE. 

The name of the issuance of the Securities referred to in this Indenture is “Emisión de Obligaciones
Forzosamente Convertibles en Acciones de Cemex, S.A.B. de C.V., representadas por Certificados de Participación Ordinarios” (Issuance of Mandatory Convertible Securities into Shares of Stock of Cemex, S.A.B. de C.V., represented by
Ordinary Participation Certificates). 
 FOURTH. CERTIFICATES REPRESENTING THE SECURITIES. 

Cemex issues a single certificate to represent initially the total amount of the Securities. The certificate representing
the Securities and any certificate or certificates that substitute the original certificate shall reflect the number of Securities represented, shall contain the requirements set forth in Article 210 (two hundred ten) of the General Law of
Negotiable Instruments and Credit Operations, and shall contain the signature of two (2) members of the Board of Directors of Cemex authorized for such effects, as well as the signature of the Common Representative. 

In accordance with the provisions of, and as permitted by, Article 282 (two hundred eighty two) of the Securities market
Law, the certificate initially representing the Securities, or any certificate or certificates that substitute such initial certificate, shall be deposited at Indeval and shall not require to have coupons for the exercise of rights related to
(i) payment of interest amounts accrued by the Securities (including penalty interest and the Agreed Amount, if it is the case), (ii) the conversion of the Securities into CPOs, or (iii) any other act or fact that may be construed to
require the tendering of a coupon. 
 Notwithstanding the provisions set forth in this Clause, the certificate
initially representing the Securities, and any other certificate or certificates that substitutes such initial certificate, shall contain, without limitation, the following terms: (i) the name, purpose and corporate domicile of Cemex,
(ii) the amount of the capital stock outstanding of Cemex, and the total assets and liabilities in accordance with the Base Financial Statements, (iii) the amount of the issuance, with the number and Nominal Value of the Securities,
(iv) the Interest Rate and the Penalty Interest Rate to be accrued by the Securities, (v) the events and the mechanics for the conversion of the Securities into CPOs, (vi) the place of conversion of the Securities, (vii) the
place and Issuance Date, (viii) the signature of two (2) members of the Board of Directors of Cemex that have been appointed for the issuance of such documents or the certificates related to the issuance of the Securities, (ix) the
signature of the Common Representative, and (x) a summary of the main terms and conditions of this Indenture. 
  

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 If it is necessary, Cemex shall proceed to fraction, exchange and
substitution of the certificate or certificates representing the Securities, as required by Indeval or BMV, to the extent conversions of Securities into CPOs have occurred, or a result of any other fact or act that requires a change or substitution.

 The Securities issued under the terms of this Indenture shall entitle their holders with the same rights and
shall impose upon them the same obligations under the terms of this Indenture. 
 FIFTH. USE OF THE
SECURITIES. 
 The issuance of the Securities referred to in this Indenture is made with the purpose that
Cemex will use such Securities to exchange them for certain debt notes (certificados bursátiles) which are outstanding against the Company. 

SIXTH. POTENTIAL PURCHASERS. 

In accordance with applicable law, the Securities may be acquired by individuals or entities, of Mexican or foreign
nationality, including institutional investors, such as credit institutions, brokerage houses, insurance companies, investment companies specialized in retirement funds, pension funds, retirement funds, general warehousing deposits, leasing
companies, credit unions and factoring companies. 
 SEVENTH. INTEREST AND INTEREST PAYMENT.

 A. INTEREST. 

Beginning from the Issuance Date and until the Due Date or applicable Conversion Date, as the case may be, each of the
Securities outstanding shall accrue ordinary interest at a gross annual rate equal to the Interest Rate, which rate shall be fixed during the term of the Securities. Such interest amounts shall be paid with respect to each Interest Period, on each
of the Interest Payment Dates. 
 Interest shall be calculated over the basis of a year of three hundred and
sixty five (365) days, and for the number of days that effectively lapsed in the corresponding Interest Period. The calculations shall be rounded to the nearest hundredth. 

Interest payable by each of the Securities shall be multiplied by the total number of Securities outstanding to determine
the total amount of interest payable by Cemex in each of the Interest Payment Dates with respect to the corresponding Interest Period, with respect to the total number of Securities outstanding. 

 

 Page 14 

 Interest shall be payable in Mexican pesos. 

The Common Representative shall announce, by written notice to Cemex, to CNBV, Indeval and to BMV two (2) Business
Days prior to the corresponding Interest Payment Date, through the means determined by BMV (including the Electronic System for Delivery and Disclosure of Information or Sistema Electrónico de Envío y Difusión de
Información, or “SEDI” governed by BMV), the amount of interest payable by Cemex in the corresponding Interest Payment Date with respect to the Securities outstanding as of such Interest Payment Date, as well as the interest
rate applicable to the next Interest Period. 
 Each of the Securities shall cease to accrue interest upon such
Security is converted into CPOs in any of the Conversion Dates, provided that Cemex, simultaneously, has deposited the corresponding interest amounts at the offices of Indeval, with the prior verification made by the Common Representative, at the
latest of 11:00 a.m. at the respective Conversion Date; otherwise, Securities shall continue to accrue interest, including penalty interest. 

B. PENALTY INTEREST. 

In the event of default by Cemex in the payment of ordinary interest accrued with respect to the outstanding Securities
at the corresponding Interest Payment Date, and to the extent permitted by applicable law, penalty interest shall accrue over the unpaid balance of such ordinary interest, beginning from the date of the default until the total payment, applying an
interest rate resulting from adding two (2) percentage points to the Interest Rate (the “Penalty Interest Rate”), over the basis of a year of three hundred and sixty five (365) days and for the number of days effectively
lapsed during the default. Penalty interest shall be payable at sight. 
 C. INTEREST PAYMENT DATE. 

Ordinary interest over the Securities outstanding shall be paid at each of the Interest Payment Dates while the
Securities are outstanding and such Securities have not been converted in accordance with the provisions of this Indenture; penalty interest, as the case may be, shall be payable at sight. In the event that some or the total amount of the Securities
have not been previously converted during any of the Conversion Dates, the last Interest Payment Date with respect to such Securities shall be the Due Date. 
  

 Page 15 

 EIGHTH. FORM OF PAYMENT AND PLACE OF PAYMENT OF INTEREST AND OTHER
AMOUNTS. 
 The Security holders shall receive payment of interest and, as the case may be, penalty interest,
and the Agreed Amount, as the case may be, with respect to the Securities outstanding, precisely at the respective Interest Payment Date or in the corresponding payment date (regarding penalty interest and the Agreed Amount, as the case may be),
prior validation made by the Common Representative though Indeval, whose offices are located at Paseo de la Reforma No. 255, Third Floor, Colonia Cuauhtémoc, Mexico City, Federal District, by electronic wire transfer, and Indeval shall
make the appropriate distributions among the custodians of the Security holders, and, if such procedure is impossible or with respect to the penalty interest, such payment shall be made at the offices of Cemex located at Avenida Ricardo
Margáin Zozaya number 325 (three hundred twenty five), Colonia Valle del Campestre, 66265 (sixty six thousand two hundred sixty five), San Pedro Garza García, Nuevo Leon, México. 

NINTH. TAX PROVISIONS. 

The current tax provisions affecting the Security holders with respect to the acquisition, property, payment or
conversion of the Securities, shall be the applicable provisions of the Mexican Income Tax Law (Ley del Impuesto sobre la Renta), provided, however, that the Security holders, by purchasing the Securities, are accepting that such tax
provisions may be amended during the term of the Securities as such law and its applicable interpretation may change from time to time. 

TENTH. REGISTRATION OF THE SECURITIES IN THE NATIONAL REGISTRY OF SECURITIES AND THE BMV. 

Cemex hereby agrees to take all the actions, steps and in general all acts that are necessary and/or convenient to
register the Securities in the National Registry of Securities which is administered by the CNBV, and to register the Securities for trading in the BMV, with the prior deposit of the certificate or certificates, as the case may be, representing the
Securities at Indeval. 
 Furthermore, Cemex hereby agrees to take all actions and acts necessary and/or
convenient (including the payment of applicable expenses and fees) in order to maintain in force and effect, throughout the Term of the Securities, the registration of the Securities in the National Registry of Securities administered by CNBV, as
well as for trading of the Securities in the BMV. 
  

 Page 16 

 In addition, Cemex agrees to take all the actions and acts that are
necessary and/or convenient, to keep the registration of the ordinary participation certificates whose subjacent value is formed by shares of stock of Cemex, and the shares of stock representing the capital stock of Cemex in the National Registry of
Securities administered by CNBV, and the registration of the ordinary participation certificates whose subjacent value is formed by shares of stock of Cemex, for trading in the BMV. 

The Common Representative shall have the right form time to time to verify the compliance of Cemex’s obligations
under Clause Eleventh herein and to obtain certificates from the Company to reflect compliance with such obligations. 

ELEVENTH. CONVERSION OF THE SECURITIES. 

A. CONVERSION AT THE DUE DATE. 

Unless that the total amount or part of the Securities had been early converted in accordance with the provisions of this
Indenture, precisely at the Due Date, Cemex shall mandatorily convert into CPOs all the outstanding Securities as of such moment, and shall use the Conversion Factor in effect as of the Business Day immediately before the Due Date, and precisely on
Due Date Cemex shall transfer (or cause to be transferred), through Indeval, with the prior validation from the Calculation Agent, the number of CPOs resulting from such Conversion Factor free and clear of any liens or limitation of ownership to an
account maintained by the Common Representative at Indeval for such purposes, and the Common Representative (through Indeval) shall transfer the CPOs to the accounts kept at Indeval for such purposes by the corresponding custodians of each of the
Security holders (and provided such accounts were notified in advance to the Common Representative). Five (5) Business Days prior to Due Date, after the close of operations of the BMV, Cemex shall notify in writing to the Common Representative
and the Calculation Agent the Provisional Conversion Factor, which the Calculation Agent shall be obligated to validate within the next two (2) Business Days, and after the such validation by the Calculation Agent, the Provisional Conversion
Factor shall become the Definitive Conversion Factor. Cemex shall notify in writing the Provisional Conversion Factor and the Definitive Conversion Factor to the Common Representative in order for the Common Representative to inform the Security
holders and the corresponding authorities through the Electronic System for the Delivery and Disclosure of Information administered by BMV (known as the “SEDI”), and to Indeval, in accordance with Article 288 (two hundred eighty eight) of
the Securities Market Law. 
  

 Page 17 

 B. EARLY CONVERSION AT THE OPTION OF CEMEX. 

Within a term of one hundred and twenty (120) calendar days, beginning from the date in which at least eighty five
percent (85%) of the Securities (using as a base the Nominal Value per Security) issued in the Issuance Date have been previously converted into CPOs in accordance with any of the conversion events set forth in this Indenture, Cemex shall have
the right, in a Business Day, which in any event shall coincide with a Interest Payment Date which is at least ten (10) Business Days after the Business Day in which Cemex notified in writing to the Security holders, the Common Representative
and the Calculation Agent the exercise of such right (the “Conversion Date of the Remaining”), to early convert into CPOs the total amount of the outstanding Securities at such moment, using the Conversion Factor in effect the
Business Day immediately prior to the Conversion Date of the Remaining, and precisely as of the Conversion Date of the Remaining, Cemex shall transfer (or caused to be transferred), through Indeval, with the prior validation from the Calculation
Agent, the number of CPOs resulting from such Conversion Factor free and clear of any liens or limitation of ownership to an account maintained by the Common Representative at Indeval for such purposes, and the Common Representative (through
Indeval) shall transfer the CPOs to the accounts kept at Indeval for such purposes by the corresponding custodians of each of the Security holders (and provided such accounts were notified in advance to the Common Representative). Five
(5) Business Days prior to Conversion Date of the Remaining, after the close of operations of the BMV, Cemex shall notify in writing to the Common Representative and the Calculation Agent the Provisional Conversion Factor, which the Calculation
Agent shall be obligated to validate within the next two (2) Business Days, and after the such validation by the Calculation Agent, the Provisional Conversion Factor shall become the Definitive Conversion Factor. Cemex shall notify in writing
the Provisional Conversion Factor and the Definitive Conversion Factor to the Common Representative in order for the Common Representative to inform the Security holders and the corresponding authorities through the Electronic System for the
Delivery and Disclosure of Information administered by BMV (known as the “SEDI”), and to Indeval, in accordance with Article 288 (two hundred eighty eight) of the Securities Market Law. 

 

 Page 18 

 C. EARLY CONVERSION AT THE OPTION OF THE SECURITY HOLDERS. 

In any Interest Payment Date taking place from the Business Day immediately following the date which is the first
anniversary of the Issuance Date, each of the Security holders shall have the right, provided that such Security holder has irrevocably notified in writing the Common Representative with at least fifteen (15) Business Days in advance to the
Interest Payment Date selected by the Security holder (the “Optional Conversion Date”) to convert into CPOs in whole or in part the Securities that are owned by such Security holder, in accordance with the Conversion Factor in
effect the Business Day immediately prior to the Optional Conversion Date, and precisely as of the Optional Conversion Date, Cemex shall transfer (or caused to be transferred), through Indeval, with the prior validation from the Calculation Agent,
the number of CPOs resulting from such Conversion Factor free and clear of any liens or limitation of ownership to an account maintained by the Common Representative at Indeval for such purposes, and the Common Representative (through Indeval) shall
transfer the CPOs to the accounts kept at Indeval for such purposes by the corresponding custodians of each of the Security holders that exercised this option (and provided such accounts were notified in advance to the Common Representative). For
purposes of the foregoing, the Common Representative shall notify Cemex and the Calculation Agent, the Business Days following the receipt of a conversion notice from any Security holder in terms of this paragraph (c), the reception and the terms of
such notice. Five (5) Business Days prior to Optional Conversion Date, after the close of operations of the BMV, Cemex shall notify in writing to the Common Representative and the Calculation Agent the Provisional Conversion Factor, which the
Calculation Agent shall be obligated to validate within the next two (2) Business Days, and after the such validation by the Calculation Agent, the Provisional Conversion Factor shall become the Definitive Conversion Factor. Cemex shall notify
in writing the Provisional Conversion Factor and the Definitive Conversion Factor to the Common Representative in order for the Common Representative to inform the Security holders and the corresponding authorities through the Electronic System for
the Delivery and Disclosure of Information administered by BMV (known as the “SEDI”), and to Indeval, in accordance with Article 288 (two hundred eighty eight) of the Securities Market Law. 

D. CONVERSION IN THE EVENT OF EARLY CONVERSION. 

In any Business Day taking place from the tenth Business Day after the occurrence of an automatic event or had been
declared the mandatory conversion as a result of a Event of Early Conversion (made by the Security holders that own certain percentage of the outstanding Securities as provided in this Indenture), the total number of the Security

  

 Page 19 

 
holders collectively shall have the right and the obligation to, provided that the Common Representative has notified Cemex in writing with at least ten (10) Business Days in advance to the
Business Day selected for conversion (the “Conversion Date in the Event of Early Conversion”), to early convert into CPOs the total amount of the Securities owned by the Security holder as of the date of such exercise, in accordance
with the Conversion Factor in effect the Business Day immediately prior to the Conversion Date in the Event of Early Conversion, and precisely as of the Conversion Date in the Event of Early Conversion, Cemex shall transfer (or caused to be
transferred), through Indeval, with the prior validation from the Calculation Agent, the number of CPOs resulting from such Conversion Factor free and clear of any liens or limitation of ownership to an account maintained by the Common
Representative at Indeval for such purposes, and the Common Representative (through Indeval) shall transfer the CPOs to the accounts kept at Indeval for such purposes by the corresponding custodians of each of the Security holders (and provided such
accounts were notified in advance to the Common Representative). Five (5) Business Days prior to Conversion Date in the Event of Early Conversion, after the close of operations of the BMV, Cemex shall notify in writing to the Common
Representative and the Calculation Agent the Provisional Conversion Factor, which the Calculation Agent shall be obligated to validate within the next two (2) Business Days, and after the such validation by the Calculation Agent, the
Provisional Conversion Factor shall become the Definitive Conversion Factor. Cemex shall notify in writing the Provisional Conversion Factor and the Definitive Conversion Factor to the Common Representative in order for the Common Representative to
inform the Security holders and the corresponding authorities through the Electronic System for the Delivery and Disclosure of Information administered by BMV (known as the “SEDI”), and to Indeval, in accordance with Article 288 (two
hundred eighty eight) of the Securities Market Law. 
 E. CONVERSION IN THE EVENT OF AN OPA. 

In any Business Day taking place beginning from the fifth Business Day following the start of a public tender offer to
acquire CPOs or shares of stock of Cemex, payable in cash, shares or other securities of the offeror (or issued by a third party), or a combination of the foregoing, by virtue of which any person (or group of persons), either individuals or
entities, may result in holding more than thirty percent (30%) of the total CPOs outstanding, or shares representing the capital stock of Cemex then outstanding (an “OPA”), each of the Security holders shall have the right,
provided that they have notified the Common Representative with at least five (5) Business Days in advance to the 

 

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Business Day selected for conversion, which in all conversion events in accordance to the paragraph E of this Clause Eleventh must occur in the date that is five (5) Business Days before the
Business Day stated to conclude said public offer (the “Conversion Date for OPA”), to early convert into CPOs in whole or in part the Securities that are owned by such Security holder at the time of the exercise, in accordance with
the Conversion Factor in effect the Business Day immediately prior to the Conversion Date for OPA, and precisely as of the Conversion Date for OPA, Cemex shall transfer (or caused to be transferred), through Indeval, with the prior validation from
the Calculation Agent, the number of CPOs resulting from such Conversion Factor free and clear of any liens or limitation of ownership to an account maintained by the Common Representative at Indeval for such purposes, and the Common Representative
(through Indeval) shall transfer the CPOs to the accounts kept at Indeval for such purposes by the corresponding custodians of each of the Security holders that exercised this option (and provided such accounts were notified in advance to the Common
Representative). For purposes of the foregoing, the Common Representative shall notify Cemex and the Calculation Agent, the Business Days following the receipt of a conversion notice from any Security holder in terms of this paragraph E, the
reception and the terms of such notice. Four (4) Business Days prior to Conversion Date for OPA, after the close of operations of the BMV, Cemex shall notify in writing to the Common Representative and the Calculation Agent the Provisional
Conversion Factor, which the Calculation Agent shall be obligated to validate within the next two (2) Business Days, and after the such validation by the Calculation Agent, the Provisional Conversion Factor shall become the Definitive
Conversion Factor. Cemex shall notify in writing the Provisional Conversion Factor and the Definitive Conversion Factor to the Common Representative in order for the Common Representative to inform the Security holders and the corresponding
authorities through the Electronic System for the Delivery and Disclosure of Information administered by BMV (known as the “SEDI”), and to Indeval, in accordance with Article 288 (two hundred eighty eight) of the Securities Market Law.

 F. EARLY CONVERSION FOR CPO PRICE. 

In the Business Day taking place ten (10) Business Days after the Condition for Mandatory Conversion for CPO Price
is met (the “Conversion Date for CPO Price”), and precisely as of the Conversion Date for CPO Price, Cemex shall mandatorily convert into CPOs all the outstanding Securities as of such moment, and shall use the Conversion Factor in
effect as of the Business Day immediately before the Conversion Date for CPO Price, and precisely on Conversion Date for CPO Price Cemex shall transfer (or cause to 

 

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be transferred), through Indeval, with the prior validation from the Calculation Agent, the number of CPOs resulting from such Conversion Factor free and clear of any liens or limitation of
ownership to an account maintained by the Common Representative at Indeval for such purposes, and the Common Representative (through Indeval) shall transfer the CPOs to the accounts kept at Indeval for such purposes by the corresponding custodians
of each of the Security holders (and provided such accounts were notified in advance to the Common Representative). Five (5) Business Days prior to Conversion Date for CPO Price, after the close of operations of the BMV, Cemex shall notify in
writing to the Common Representative and the Calculation Agent the Provisional Conversion Factor, which the Calculation Agent shall be obligated to validate within the next two (2) Business Days, and after the such validation by the Calculation
Agent, the Provisional Conversion Factor shall become the Definitive Conversion Factor. Cemex shall notify in writing the Provisional Conversion Factor and the Definitive Conversion Factor to the Common Representative in order for the Common
Representative to inform the Security holders and the corresponding authorities through the Electronic System for the Delivery and Disclosure of Information administered by BMV (known as the “SEDI”), and to Indeval, in accordance with
Article 288 (two hundred eighty eight) of the Securities Market Law. 
 G. PROCEDURE FOR THE CONVERSION OF
SECURITIES. 
 The conversion of the Securities shall be subject to the following: 

(a) Regardless of any other notices that Cemex is obligated to give in accordance with this Indenture or in accordance
with applicable law, Cemex hereby agrees to give notice to the Security holders though the Electronic System for the Delivery and Disclosure On Information administered by BMV (known as the “SEDI”), and in two (2) news papers of wide
distribution in the cities of Mexico, Federal District and Monterrey, Nuevo Leon, and to give notice to Indeval, CNBV, BMV and the Common Representative with respect to the circulation of the Subjacent Treasure Shares and any corresponding CPOs, the
Business Day following the corresponding Conversion Date. 
 (b) Cemex hereby agrees to, and in any case with
sufficient anticipation under the circumstances, in order for the Calculation Agent to be in a position to determine the corresponding Conversion Factor and to discuss any relevant aspect with Cemex, promptly deliver to the Calculation Agent and the
Common Representative notices indicating: (i) the occurrence of any fact or act and the circumstances of such act or fact, (ii) if one or more Security holders have requested the conversion of their Securities, or if an event resulting in
mandatory conversion has occurred or reasonably is expected to 
  

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occur, and (iii) the applicable Conversion Factor, including the Provisional Conversion Factor, and any and all information and methodology to calculate the Conversion Factor, to allow the
Calculation Agent to comply with its obligations under this Indenture, including the validation of the Provisional Conversion Factor and the Definitive Conversion Factor; provided, however, that the Calculation Agent shall not have any obligation
with respect to (1) investigation if there is an event that has caused or that may cause an adjustment in the Conversion Factor or the characteristics of said Conversion Factor, (2) to confirm the validity or enforceability of the fact
that caused a modification in the Conversion Factor, or (3) to initially determine the applicable Conversion Factor. 

(c) The conversion of the Securities into CPOs in any of the events set forth in this Indenture shall be done exclusively
against the delivery of the corresponding Securities by the appropriate Security holder, provided, however, that (i) the Security holder shall be prevented from transferring to third parties in the market, the Securities that are subject
to a conversion request or with respect to the Securities that are subject to a mandatory conversion, even in the cases in which such Security holder had not agreed to the conversion, and shall instruct the transfer of the Securities from the
account of the Security holder custodian to the account of the Common Representative at Indeval with the appropriate time in advance for the conversion to take place, and (ii) the Common Representative may refuse to take any action in the name
and on the account of a Security holder, if the Common Representative has not received the corresponding Securities for the transfer in accordance to this Indenture. 

(d) The Securities shall be considered converted into CPOs once Cemex has given notice to Indeval, CNBV, BMV and the
Common Representative, informing them that the corresponding amount of Subjacent Treasury Shares have been placed in circulation and that the CPOs have been released and transferred through Indeval, and that each Security holder has received through
the corresponding custodian, the applicable CPOs precisely in the account maintained by such custodian, regardless that the exchange of the corresponding certificate representing the Securities for the certificate representing the CPOs takes place
at a later time. Cemex hereby agrees to transfer to Indeval the corresponding Subjacent Treasury Shares, to cause the CPO Trustee to transfer through Indeval the corresponding CPOs, and to take the necessary or convenient acts for the conversion of
the Securities to take place. 
 (e) If there are fractions while calculating the number of CPOs to be released
to each of the Security holders as a result of a conversion of their Securities, (i) if the result is equal or more than zero dot five (0.5), the number of CPOs will be rounded upwards to the

  

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nearest entire amount, and one (1) additional CPO will be delivered; and (ii) if the result was less than zero dot five (0.5), the number of CPOs shall be rounded downwards to the
nearest inferior round number, and no additional CPOs with respect to such fraction. 
 (f) The conversion of
the Securities in accordance with the provisions of this Clause shall be done directly by Indeval, by means of a transfer of CPOs and Securities, in accordance with the terms of this Indenture. 

(g) In the event that the trading of the ordinary participation certificates whose subjacent value is formed by shares of
stock of Cemex has been suspended in the BMV, either temporarily or definitively, and consequently there will be no market value for such ordinary participation certificates as of the corresponding the Conversion Date, then the corresponding
conversion of Securities into CPOs shall be suspended, and shall take place thirty (30) Business Days from the date in which the ordinary participation certificates whose subjacent value is formed by shares of stock of Cemex have resumed
trading in the BMV; provided, however, that (i) if the suspension of the trading exceeds a term of one hundred eighty (180) days, then the Securities shall be mandatorily converted by Cemex (and Cemex will be obligated to take any
and all actions to effect such conversion in accordance with this Indenture), from the Business Day following the term of one hundred and eighty (180) days, using the Conversion Factor in effect the Business Day immediately prior to the date in
which the trading of the ordinary participation certificates whose subjacent value is formed by shares of stock of Cemex in the BMV was suspended (and the Conversion Factor shall be validated by the Calculation Agent), and (ii) during the time
of the suspension, the Securities shall accrue interest, at the Interest Rate, and such interest amounts shall be paid on the corresponding Conversion Date (including the date of conversion in accordance with paragraph (i) above). 

(h) In accordance with the provisions of section IX (nine) of Article 210 Bis (two hundred ten BIS) of the General Law of
Negotiable Instruments and Credit Operations, the Subjacent Treasury Shares not delivered as a result of the conversion of the Securities (as subjacent value for the corresponding CPOs), shall be cancelled, and the Board of Directors and the Common
Representative shall prepare minutes in that regards, and such minutes shall be officially formalized before a Notary Public and record such deed in the Public Registry of Property and Commerce of the State of Nuevo Leon, which corresponds to the
corporate domicile of Cemex. 
 (i) Precisely on the corresponding Conversion Date, each of the Security holders
that is converting their Securities shall have the right to receive from Cemex, with respect to the Securities being converted, any accrued and unpaid interest and any other applicable accessory amounts, including the Agreed Amount. 

 

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 (j) Precisely on the Conversion Date in the Event of Early Conversion, each
of the Security holders converting their Securities shall have the right to receive from Cemex, with respect to the Securities being converted, ordinary interest with respect to the Securities corresponding to the period of three hundred and sixty
five (365) days immediately following the Conversion Date in the Event of Early Conversion or to an inferior period, if the Due Date occurs in an inferior term than the term of three hundred and sixty five (365) days (the “Agreed
Amount”). This amount shall be paid in the manner set forth in Clause Eighth of this Indenture. 
 (k)
Any controversy related to the conversion of the Securities, including the calculation of the applicable Conversion Factor shall be resolved by Cemex, the Common Representative and the Calculation Agent, and in the event that such parties are unable
to reach an agreement among them, as determined in a definitive decision by any of the auditing firms below (or any successor of such firms), at the election of Cemex (i) Ernst & Young, (ii) KPMG, o
(iii) PriceWaterhouseCoopers, and the Conversion Date (or any other date for conversion) shall be deemed extended until the tenth Business Day following the date in which the definitive determination was made. 

TWELFTH. TERM OF THE SECURITIES. 

The Securities shall have a term of three thousand six hundred forty (3,640) calendar days, beginning from
December 10 (ten), 2009 (two thousand nine), and such term shall conclude on November 28 (twenty eight), 2019 (two thousand nineteen), provided however that, with respect to the corresponding Securities, the term of the Securities shall be
deemed reduced to, and shall conclude at, the corresponding Conversion Date (the “Term of the Securities”). 

THIRTEENTH. NEGATIVE COVENANTS. 

A. NEGATIVE COVENANTS RELATED TO DILUTION. 

During the Term of the Securities, Cemex shall not make any agreement or determination adversely affecting the rights of
the Security holders with respect to the basis for conversion set forth in Clause Eleventh of this Indenture and particularly, without limitation in the following cases, unless Cemex has the prior written consent of the General Security holders
Meeting further to this Indenture to take such adverse agreement or determination, provided, however, that if adjustments have to be made or the following events occur, no approval of the General Security holders Meeting will be needed.

  

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 With respect to any of the items that Cemex has the intention to approve, or
were approved, or the intention to determine, or were determined, with respect to the items set forth below, Cemex hereby agrees to the following: 

(a) Capital Stock Increases by Capitalization of Shareholders Equity Accounts, Share Dividends, Splits, etc. In the
event of capital stock increases of Cemex, by the issuance of shares representative of the capital stock of Cemex, that are paid by means of capitalization of shareholders’ equity accounts (of any nature), distribution of dividends in shares
representative of the capital stock of Cemex or in the event of a stock split of such shares of stock or similar event that results in the delivery or exchange of shares, of whatever nature or determination, it shall be adjusted the number of shares
of Cemex that may be subscribed (by conversion) by the Security holders, by means of an adjustment in the Conversion Factor in accordance with the terms proposed by Cemex to the Common Representative, with the prior acceptance and/or ratification by
the Calculation Agent (and for such purposes the Calculation Agent shall be notified and consulted in accordance with Clause Eleventh, section G subsection (b)). 

(b) Reverse Split. In the event that Cemex decreases the number of shares representative of its capital stock
outstanding by a reverse Split or similar or equivalent transaction, whatever it is called, the number of shares of stock that may be subscribed (by conversion) by the Security holders shall be adjusted by means of an adjustment to the Conversion
Factor in accordance with the terms proposed by Cemex to the Common Representative, with the prior acceptance and/or ratification by the Calculation Agent (and for such purposes the Calculation Agent shall be notified and consulted in accordance
with Clause Eleventh, section G subsection (b)). 
 (c) Mergers in which Cemex is the Merging Company. In
the event that the general shareholders meeting of Cemex approves a merger of one or more companies, and Cemex is the merging company, or enters into a similar transaction, the Conversion Factor shall not be adjusted. 

(d) Mergers in which Cemex is the Merged Company. In the event that the general shareholders meeting of Cemex
approves that Cemex, as merged company, is merged with one or more companies, or enters into a similar transaction whatever is called, so Cemex ceases to exist to be absorbed by other legal entity, as a merging company or a new company is created as
a result of the merger, whatever such company is named and 
  

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regardless of the type of transaction, then the outstanding Obligations shall be, and shall be considered mandatorily converted, precisely the Business Day prior to the date in which the merger
agreements were approved, in accordance with the terms of Section A of Clause Eleventh, provided, however, that to effect the conversion mentioned in this paragraph (d), Cemex hereby agrees to take any and all necessary measures, including any
necessary action before CNBV, Indeval and BMV. 
 (e) Spin-off of Cemex. In the event that the general
shareholders meeting of Cemex approves the spin-off of Cemex, then, the outstanding Securities shall be, and shall be considered mandatorily converted precisely the Business Day immediately before to the Business Day in which the approval of the
spin-off was made, in accordance with the terms of Section A of Clause Eleventh of this Indenture, and shall be considered such prior Business Day as if such date were the Due Date contemplated in such Clause Eleventh Section A, provided,
however, that to effect the conversion mentioned in this paragraph (e), Cemex hereby agrees to take any and all necessary measures, including any necessary action before CNBV, Indeval and BMV. 

(f) Concurso Mercantil; Dissolution and Liquidation of Cemex. In the event that the
general shareholders meeting of Cemex approves that Cemex be dissolved, or such dissolution is the result of an order issued by competent authority, or that Cemex was subject of a procedure of “concurso mercantil”, bankruptcy or
similar or equivalent procedure, in any jurisdiction and regardless of the name of such procedure, then all the outstanding Securities shall be, and shall be considered as mandatorily converted, at the corresponding Conversion Factor in effect
immediately before the approval of the dissolution or the declaration of “concurso mercantil”, bankruptcy or similar event, in order for the Security holders to convert into shares of stock of Cemex, and with such capacity
participate in the concurso mercantil or bankruptcy procedures or similar procedures or in the liquidation or dissolution, and the provisions of Article 226 (two hundred and twenty five) of the General Law of Negotiable Instruments and Credit
Operations shall not apply, provided, however that, in the event of concurso mercantil, bankruptcy or similar event, it shall be considered that the outstanding Securities shall still accrue interest until such Securities are
effectively converted into shares representative of capital stock of Cemex, considering what is resolved by the judge deciding on the concurso mercantil or bankruptcy procedures. 

The provisions of this Clause Thirteenth, Section A with respect to the shares of stock of the Company shall be
considered to be applicable mutatis mutandi, to the CPOs. 
  

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 In the event that the proposals to adjust the Conversion Factor presented by
Cemex for the approval and/or ratification of the Calculation Agent during any of the events referred in this Clause Thirteenth Section A, were not accepted or ratified by the Calculation Agent, the Calculation Agent shall notify Cemex in order for
Cemex to correct the proposal and may enter into the necessary discussions and negotiation between Cemex and the Calculation Agent, and if no agreement is reached with respect to the Adjustment Factor by Cemex and the Calculation Agent, then the
applicable adjustment shall be determined by a definitive decision by any of the auditing firms below (or any successor of such firms), at the election of Cemex (i) Ernst & Young, (ii) KPMG, o (iii) PriceWaterhouseCoopers,
and the Conversion Date (or any other date for conversion) shall be deemed extended until the tenth Business Day following the date in which the definitive determination was made. 

Regardless of the actions that may correspond to the Security holders and the Common Representative in accordance to
applicable law, if Cemex does not comply with any of its obligations under Clause Thirteenth Section A, the Security holders owning at least ten percent (10%) of the total outstanding Securities (considering the Nominal Value per Security)
shall have the right, but not the obligation, to request the Common Representative to adjust the Conversion Factor as necessary in the terms proposed to the Common Representative, with the prior validation of such adjustment by the Calculation Agent
and notice to Cemex, provided, however that in the event that the Security holders do not proposed the respective adjustment to the Conversion Factor, such adjustment shall be determined by the Calculation Agent, and the Calculation shall
have no liability before Cemex and the Security holders, and Cemex and the Security holders (for the mere fact of acquiring the Securities) release the Calculation Agent of such liability. 

B. OTHER NEGATIVE COVENANTS. 

During the Term of the Securities, Cemex hereby agrees not to engage in the following acts, unless Cemex obtains the
prior written approval of the General Security holders Meeting: 
 (a) Accounting Policies. Not to modify
its current accounting policies unless (i) it is expressly authorized by Cemex’s auditing committee, and it is disclosed to the public investors under the terms of the General Regulations, and (ii) the modifications are required by
applicable law, the Mexican NIFs, or the rules of financial disclosure; 
 (b) Related Party
Transactions. Not to engage in related party transactions, except in accordance to the provisions and under the terms of the Securities Market Law; 
  

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 (c) By-laws. Not to amend the clauses of its by-laws with respect to
(i) its main corporate purpose, and (ii) its corporate domicile, to change it to a country other than Mexico; 

(d) Registration. Not to take any action to cancel the registration of the Securities, or the shares of stock of
Cemex or the CPOs in the National Registry of Securities, or the listing of such securities in the BMV; 
 (e)
Adverse Acts. Not to engage in any acts or to take any step to amend the CPOs Indenture, the CPO Trust Agreement which adversely affects or reasonably could adversely affect the rights of the Security holders in accordance with the
Securities. 
 FOURTEENTH. AFFIRMATIVE COVENANTS. 

During the Term of the Securities, Cemex hereby agrees: 

(a) Internal Financial Statements. To deliver to the Common Representative, quarterly, within the five
(5) Business Days after the deadline established by the General Regulations, one (1) complete set of internal consolidated unaudited financial statements of Cemex, with respect to every quarter, which will include a balance sheet,
statements of income and cash flows, prepared in accordance with the Mexican NIFs, and signed by the Chief Financial Officer or equivalent officer of Cemex. 

(b) Audited Financial Statements. To deliver to the Common Representative, yearly, within the five
(5) Business Days after the deadline established by the General Regulations, one (1) complete set of consolidated audited financial statements of Cemex, with respect to the corresponding fiscal year, which will include a balance sheet,
statements of income and cash flows, prepared in accordance with the Mexican NIFs, and certified by the external auditor of Cemex. 

(c) Other Reports. 

(1) To deliver to the Common Representative an annual certificate, precisely in the same date of delivery to the Common
Representative of the annual financial statements indicated in paragraph (b) above, signed by the Chief Financial Officer or equivalent officer of Cemex, stating that Cemex has complied during the respective annual period with its obligations
contained in Clause Thirteenth and Fourteenth of this Indenture. 
 (2) To inform the Common Representative in
writing, within the five (5) Business Days following to the date in which Cemex has knowledge of any event that constitutes an Event of Early Conversion, or that with the lapse of time or by written notice or both, may constitute an Event Of
Early Termination in accordance with this Indenture. 
  

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 (3) To inform the Common Representative and the Calculation Agent in
writing, within the five (5) Business Days from the occurrence of a corresponding act, in the event that Cemex adopts or is affected by any of the resolutions contained in Paragraph A of Clause Thirteenth. 

(d) Use of the Issuance. To use the Securities for exchange of certain outstanding debt securities
(certificados bursátiles). 
 (e) Legal Existence and Accounting. 

(1) To keep its legal existence and to keep itself as a going concern. 

(2) To keep its accounting in accordance with the Mexican NIFs. 

(f) Pari Passu Ranking. To make sure that its interest payment obligations (including the penalty interest,
if the case may be), and the Agreed Amount, as the case may be, with respect to the Securities and in accordance with this Indenture, constitute at all times unconditional and unsubordinated obligations of Cemex, and shall have at all times at least
the same priority for payment (pari passu) with respect to other not guaranteed liabilities, either present or future (except for those obligations that have payment priority in accordance with applicable bankruptcy laws. 

(g) Obligations with respect to the CPOs and the Shares. To carry out all the necessary acts of any nature in
order that (i) the Subjacent Treasury Shares be sufficient for the Security holders to make the conversion of the Securities into CPOs, either in whole or in part, using the Conversion Factor (including any change to the Conversion factor as
set forth in Clause Thirteenth), (ii) it bay be issued and released enough CPOs for the Security holders making the conversion of the Securities, either in whole or in part, using the Conversion Factor (including any change to the Conversion
factor as set forth in Clause Thirteenth), including the execution of any trust agreement, supplemental indenture or amendment to the current indentures, (iii) the CPO Trustee can carry out any necessary or convenient acts in order for the
Security holders to convert, either in whole or in part, their Securities at any Conversion Date, including by means of issuance and release of CPOs, even in the adjustment events set forth in Clause Thirteenth, (iv) the shares of Cemex to be
delivered at the time of conversion of any of the Securities, as subjacent values for the CPOs, and the CPOs are currently registered in the date of conversion and delivery in the National Registry of Securities and, in the case of the CPOs, are
authorized for trading in the BMV, (v) to deposit, or cause to be deposited, the certificates representing the Subjacent Treasury Shares or the CPOs at Indeval, to allow the Security holders to convert any of their Securities, and (vi) to
keep the registration of the shares of stock of Cemex and the ordinary participation certificates that have shares of stock as their subjacent value, in the National Registry of Securities. 

 

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 FIFTEENTH. EVENTS OF EARLY CONVERSION. 

The Common Representative may demand to Cemex the early conversion of all the Securities into CPOs in accordance with the
applicable Conversion Factor (as such Conversion Factor may be adjusted in accordance with Clause Thirteenth), and to demand the payment of any interests accrued and not paid and the Agreed Amount in accordance with the following, upon the
occurrence of any of the following events (each of such events, an “Early Conversion Event”), without need of a lawsuit or judicial proceeding or any other notice of any nature, and without regard to any rights that may correspond
to the Security holders: 
 (a) Failure to Timely Pay Interests and Other Amounts. If Cemex fails to pay
interests, either ordinary or penalty interest, payable with respect to the Securities, during a term exceeding three (3) Business Days beginning from the date in which such payment are due and payable; 

(b) False or Incorrect Information. If Cemex delivers to the Common Representative false or incorrect information
with respect to any significant aspect with respect to the issuance of the Securities or during the term of the Securities; 

(c) Default in Obligations. If Cemex defaults in any of its obligations under this Indenture and under the
Securities, and such default is not cured within the thirty (30) calendar days following the date of such default, in which Cemex has knowledge of such default or when Cemex was notified of such default by the Common Representative, whichever
occurs first; 
 (d) Default in Obligations not derived from the Securities. If Cemex, Cemex Mexico or
Tolteca defaults in any obligations set forth in any agreement or instrument of any nature, related to financial debt of Cemex, Cemex Mexico or Tolteca, and the corresponding creditors declare an early maturity, if the amount of the financial debt
is equivalent in any currency, at least US$50,000,000.00 (Fifty Million Dollars and 00/100 Currency of the United States of America); 

(e) Insolvency. If Cemex, Cemex México or Tolteca were declared bankrupt or in “concurso
mercantil”, or any similar condition in accordance with applicable law in the corresponding jurisdiction, or if any one of Cemex, Cemex México or Tolteca expressly admits in writing the inability to pay their debts of financial
nature upon maturity (including by means of a public announcement); 
  

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 (f) Judgments or Awards. If Cemex, Cemex México or Tolteca,
did not pay or satisfy a definitive judgment, administrative sentence or arbitral award (not subject to appeal or any other recourse of whatever nature), in an amount equal or exceeding US$50,000,000.00 (Fifty Million Dollars and 00/100 Currency of
the United States of America) or its equivalent in other currencies, within a term of ninety (90) calendar days beginning from the date of notification of such judgment, sentence or award, or if within such term the judgment, sentence or award
have not been cancelled. 
 If the event mentioned in section (e) above occurs, the Securities shall be
mandatorily converted precisely at the time of the occurrence of said event, without need of prior default notice, and all accrued unpaid interests with respect to the Securities and the Agreed Amount shall immediately become due and payable.

 In the event that any of the events mentioned in sections (a), (b), (c), (d) or (f) occurs, the
Securities shall be mandatory convertible, provided that a Security holder or a group of Security holders that individually or collectively own at least ten percent (10%) of the outstanding Securities (considering the Nominal Value of the
Securities), deliver a written notice to the Common Representative requesting the mandatory conversion of the outstanding Securities, and the Common Representative delivers to Cemex a notice declaring the mandatory conversion of the outstanding
Securities, in which case, all accrued unpaid interests with respect to the Securities and the Agreed Amount shall immediately become due and payable. 

SIXTEENTH. SECURITY HOLDERS MEETING. 

While the Securities are not converted into CPOs, its holders shall not have corporate or economic rights with respect to
the CPOs or the shares of stock subjacent to the CPOs, without prejudice to the express provisions regarding the payment of interest and penalty interest in accordance with Clauses Seventh and Eight of this Indenture. 

However, the Security holders shall have voting rights corresponding to their Securities during general Security holders
meetings (the “General Security holders Meetings”) in accordance with the following: 
 (a) The
General Security holders Meetings shall represent all the Security holders, and shall be governed in any event by the provisions set forth in this Indenture and in the General Law of Negotiable Instruments and Credit Operations, and its decisions
shall be valid against all Security holders, even the absent or dissident Security holders. 
  

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 (b) The General Security holders Meeting shall gather when summoned by the
Common Representative, by its own decision or at the request of the Security holders or Cemex. 
 The Security
holders that, collectively or individually, are the owners of ten per cent (10%) or more of the outstanding Securities (based on the Nominal Value of the Securities), shall be entitled to request the Common Representative to call a General
Security holders Meeting, specifying in their request the items to be discussed during the meeting. The Common Representative shall issue the call for the General Security holders Meeting to gather within twenty (20) calendar days beginning
from the date of the request. If the Common Representative does not comply with this obligation, a judge of first instance of the corporate domicile of Cemex, at the request of the requesting Security holders, shall issue the call to the
corresponding General Security holders Meeting. 
 (c) The calls for the General Security holders Meetings shall
be published once, at least in the Official Newspaper of the Federation and in any of the newspapers of wide distribution of the corporate domicile of Cemex, with at least ten (10) calendar days in advance to the date of the corresponding
General Security holders Meeting. The call shall contain the Agenda for the Meeting containing the items to be discussed. 

(d) A General Security holders Meeting shall be duly installed by virtue of first call if represented at least a number
of Security holders representing at least half plus one of the Securities outstanding (based on the Nominal Value of the Securities), and its decisions will be adopted with the affirmative vote, unless the events set forth in paragraph
(e) below, of the majority of the attending Security holders (based on the Nominal Value of the Securities). A General Security holders Meeting shall be duly installed by virtue of second call if represented by any number of Securities.

 (e) It shall be required to be represented during a General Security holders Meeting at least seventy five
percent (75%) of the outstanding Securities, and that the decisions be approved by half plus one, at least, of the entitled votes at the Meeting (based on the Nominal Value of the Securities), with respect to the following matters: 

(1) To appoint a common representative of the Security holders; 

(2) To revoke the appointment of Common Representative; 

(3) To issue waivers or to issue extensions to Cemex, or to introduce or approve any modification to this Indenture.

  

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 (f) To attend ant General Security holders Meeting, the Security holders
hall deposit their certificates of deposit certificates issued with respect to the Securities which are property of each of them, issued by a credit institution or written evidence with respect of the property of such Securities issued by Indeval
(completed in the last case, by the lists issued by the corresponding custodians), in the place designated in the call for the Meeting, at least the day before of the Meeting. The Security holders may represent themselves by proxy, appointed by a
simple proxy letter or by any other mean permitted by applicable law. 
 Management, representatives and
advisers of Cemex shall be entitled to attend any General Security holders Meetings, with voice but without vote. 

(g) In any event may be represented during a General Security holders Meeting, Securities that are not outstanding, or
any Securities that were acquired by Cemex or that were subject to early conversions under the terms of this Indenture. 

(h) From all General Security holders Meetings minutes shall be prepared and shall be signed by the individuals acting as
President and Secretary of the Meeting. To the minutes of the meeting it shall be added the attendance list signed by the attending holders and the tellers. The minutes, as well as the certificates, accounting records and any other information
referred to the issuance of the Securities and the acts of the General Security holders Meetings, the Common Representative and the Calculation Agent shall be kept by the Common Representative and may be consulted from time to time by the Security
holders, and may request, at their own expense, certified copies of such documents. 
 (i) The Meeting shall be
chaired by the Common Representative or, in its absence, by the judge issuing the corresponding call, and during the Meetings the Security holders shall be entitled to one vote per each of the outstanding Securities that they own and taking into
consideration the Nominal Value of the Securities. 
 SEVENTEENTH. COMMON REPRESENTATIVE AND
REMUNERATION. 
 The Common Representative for all Security holders shall be Banco Mercantil del Norte, S.A.,
Institución de Banca Múltiple, Grupo Financiero Banorte, and such institution hereby states that: 

(a) Banco Mercantil del Norte, S.A., Institución de Banca Múltiple, Grupo Financiero Banorte hereby accepts
the appointment of common representative for the Security holders; 
  

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 (b) Has verified the information contained in the Base Financial Statements
and the amount of the Net Assets; and 
 (c) Has received from Cemex (i) written evidence of the issuance
of the Subjacent Treasury Shares, which shall be used as subjacent value of the CPOs to effect the conversion of the Securities in accordance with the provisions of Clause Eleventh and other applicable provisions of this Indenture, and
(ii) written evidence issued by the CPO Trustee, with respect to the issuance of the CPOs that are necessary to effect the conversion of the Security in accordance with the provisions of Clause Eleventh and other applicable provisions of this
Indenture. 
 The Common Representative shall act as an attorney-in-fact of the Security holders, and shall have
all the rights and obligations set forth in the General Law of Negotiable Instruments and Credit Operations, and the provisions of this Indenture: 

(1) The Common Representative shall obtain, if Cemex does not do it, the inscription of the public deed in which it is
officially formalized this Indenture in the Public Registry of Commerce of the State of Nuevo Leon, corresponding to the corporate domicile of Cemex, as required by the terms of Article 213 (two hundred thirteen) of the General Law of Negotiable
Instruments and Credit Operations; 
 (2) The Common Representative shall watch for the compliance with respect
to the use of proceeds by Cemex of the issuance of the Securities, or that the Securities are used for exchange of other outstanding debt securities issued by the Company; 

(3) The Common Representative shall verify that the Obligations comply with all applicable laws, and once this is done,
it shall sign as a Common Representative the certificate or certificates representing the Securities; 
 (4) The
Common Representative shall exercise all the actions or rights that correspond to the Security holders as a whole or a portion of the Security holders, with respect to the payment of interests, either ordinary or penalty accrued by the Securities,
and the Agreed Amount, if the case may be, as well as the conversion of the Securities into CPOs, and the actions or rights required in the performance of the duties referred to in Article 217 (two hundred seventeen) of the General law of Negotiable
Instruments and Credit Operations, and to execute any acts of custody; 
 (5) The Common Representative shall
execute the trust agreement to be executed with the purpose of limiting the transferability of the Securities at the Issuance Date, and shall exercise all the rights and shall comply with all the obligations set forth in such trust agreement;

  

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 (6) The Common Representative shall call and preside the General Security
holders Meetings, and shall execute its resolutions; 
 (7) The Common Representative shall obtain from Cemex
and its officers all the reports and information that are necessary for the fulfillment of its duties; 
 (8)
The Common Representative shall verify the compliance by Cemex of its obligations set forth in this Indenture with respect to the Securities; 

(9) The Common Representative shall agree with Cemex any adjustments to the Conversion Factor under the terms of this
Indenture, with the prior validation made by the Calculation Agent, and shall do all the necessary acts with respect to the conversion of the Securities; 

(10) The Common Representative shall attend during the Term of the Securities, the general shareholders meetings of
Cemex, without voice or vote (and Cemex hereby agrees to take the necessary measures); 
 (11) The Common
Representative shall calculate the interests and other amounts payable with respect the Securities, and shall publish the notices of conversion and the notices of payment of interests in the newspapers of wide distribution in Mexico City, Federal
District, as determined by the Common Representative; 
 (12) The Common Representative shall deliver on behalf
of the Security holders, the documents or agreement required to be entered with Cemex; 
 (13) The Common
Representative shall verify the existence of sufficient amount of treasury shares and issued by Cemex and CPOs issued, to effect the conversion of the Securities at any Conversion Date; 

(14) The Common Representative shall execute the agreements related to the custody, brokerage services, investment
services, account opening and any other similar agreements that are required to carry out its duties, provided, however, that the expenses incurred for such concepts shall be on the account of and paid by Cemex; 

(15) In general, the Common representative shall do all the necessary acts in order to protect the rights of the Security
holders. 
 The Common Representative may be removed by resolution of the General Security holders Meeting as
provided in section (e) of Clause Fifteenth of this Indenture, provided, however, that such removal shall only be effective the date in which a successor common representative has been designated and has taken office and from such
moment, the successor common representative shall be considered for all purposes of this Indenture and the Securities as the “Common Representative”. 

 

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 The Common Representative shall conclude its duties in the date in which
(i) the total amount of interest accrued by the Securities, either ordinary or penalty, and the Agreed Amount, if such is the case, have been paid in full, and (ii) once the total amount of the issued Securities and outstanding have been
converted into CPOs. 
 The Common Representative shall receive as compensation for rendering its services the
amounts agreed by the Common Representative and Cemex in a separate instrument, and Cemex agrees to pay such amounts. 

To all the fees to be received by the Common Representative shall be added the applicable value added tax, and any other
tax that may be imposed at the time of payment on the Common Representative. 
 EIGHTEENTH. CALCULATION
AGENT AND REMUNERATION. 
 The Calculation Agent hereby accepts the appointment made in its favor, and hereby
agrees: 
 (a) To confirm, when required and when necessary, the adjustments to the Conversion Factor as proposed
in accordance with the terms of this Indenture, including starting with the Provisional Conversion Factor; 

(b) To discuss any relevant aspect with Cemex in connection with the events that causes a modification to the Conversion
factor and with respect to the calculation of the Conversion Factor; 
 (c) To carry on with any act entrusted
to him under this Indenture, or when reasonably requested by Cemex, the Common Representative or the Security holders. 

The Calculation Agent shall receive as compensation for rendering its services the amounts agreed by the Calculation
Agent and Cemex in a separate instrument, and Cemex agrees to pay such amounts. 
 To all the expenses incurred,
and the fees to be received by the Calculation Agent shall be added the applicable value added tax. 
 The
Calculation Agent may be removed by resolution of the General Security holders Meeting as provided in section (e) of Clause Fifteenth of this Indenture, provided, however, that such removal shall only be effective the date in which a successor
calculation agent have been designated and has taken office and from such moment, the successor calculation agent shall be considered for all purposes of this Indenture and the Securities as the “Calculation Agent”. 

 

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 NINETEENTH. EXPENSES. 

All the expenses, fees, taxes, charges and, in general, any disbursements that are caused or made with respect to this
Indenture, its execution and in maintaining the Indenture in force and effect, as well as in connection with the issuance and maintaining the Securities and their conversion, including without limitation, expenses with respect to its execution
before a Notary Public and the regarding of this Indenture before the Public registry of Property and Commerce of the State of Nuevo Leon shall be paid by Cemex, provided, however, that the income tax generated by the interest earned as a
result of the Securities, the Agreed Amount or the conversion of the Securities, including any capital gains, either actual or implied, shall be the sole responsibility of the Security holders. 

TWENTIETH. INDEMNIFICATION. 

Cemex shall indemnify and hold harmless each of the Calculation Agent, its immediate or final holding companies, its
subsidiaries and affiliates, direct or indirect, and its shareholders, directors, employees, representatives or advisors and their corresponding holding companies, subsidiaries and affiliates, direct or indirect (the “Indemnified
Parties”), from any and all claims, proceedings, judgments or suits of any kind, against any of the Indemnified Parties, by virtue of any act or omission made in connection the compliance with their obligations set forth in this Indenture
or related to the execution of this Indenture. Consequently, Cemex agrees to pay or reimburse each of the Indemnified Parties the losses, claims, liabilities, costs, expenses or responsibilities of any nature suffered by the Indemnified Parties
resulting from a claim, proceeding, judgment, suit or threatened proceeding or suit, which are related to the concepts above referenced, except if such losses, claims, liabilities, costs, expenses or responsibilities were the result of acts
or omissions derived from the gross negligence, dab faith or willful misconduct of the Indemnified Party declared in a definitive sentence from competent judicial authority. 

 

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 TWENTY FIRST. DOMICILES. 

(a) For the exercise of any rights, and to comply with the obligations related to this Indenture and the Securities, the
parties hereby designate the following conventional domiciles: 
 Cemex: 

Avenida Ricardo Margáin Zozaya number 325 (thee hundred twenty five), Colonia Valle del Campestre, 66265 sixty six
thousand two hundred sixty five, in San Pedro Garza García, Nuevo León, México. Telefax: (81) 8888-4432. 

Attention: Vice-president of Corporate Finance 

The Common Representative and Calculation Agent: 

Avenida Revolución number 3000 three thousand, Colonia Primavera, 64830 (sixty four thousand eight hundred thirty),
in Monterrey, Nuevo Leon, Mexico. Telefax: (81) 8319-6809 
 Attention: Trust Division 

(b) Any change of domicile with respect to the ones determined above shall be notified to the other parties within three
(3) Business Days following the actual change of domicile, and shall be effective the fifth (5th) Business Day from the date of the notice delivered to the other parties, unless in urgent cases, in which the change of domicile will be
effective the following Business Day. 
 (c) Any notices and other communications related to this Indenture or
the Securities shall be in writing, and addressed and delivered to the domiciles or telefax numbers identified in this Clause Twentieth, or to any other address or telefax number that the parties from time to time designate in accordance to
paragraph (b) above. All notices and communications shall be delivered personally or by telefax, and shall be effective upon receipt. 

TWENTY SECOND. GUARANTORS. 

By appearing to the execution and subscription of this Indenture, and in the subscription of the Securities. Each of
Cemex México and Tolteca, in an unconditional and irrevocable manner, hereby guarantee each and every one of the payment obligations assumed by Cemex under the terms of this Indenture and the Securities, expressly waiving the benefits of
order, (excusion), division and waiting rights that may correspond to them. 
  

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 TWENTY-THIRD. JURISDICTION AND COMPETENT COURTS. 

This Indenture shall be governed, and shall be construed in accordance with the laws of the United Mexican States. For
anything related to the interpretation and enforcement of the obligations derived from this Indenture, the parties hereby submit themselves to the jurisdiction of the courts sitting in Mexico City, Federal District, waiving any other forum that may
correspond to them as a result of their domiciles of for any other reason. 
 TWENTY-FOURTH. EXHIBITS.

 All the documents attached hereto as Exhibits to this Indenture constitute an integral part of this Indenture
and shall be deemed to have been reproduced in each place in which such documents are referred in this instrument. 
 LEGAL
PERSONALITY 
 I.- Mr. RENE DELGADILLO GALVAN, proves the authority in which he is
appearing to this legal act as a legal representative of “CEMEX, SOCIEDAD ANONIMA BURSATIL DE CAPITAL VARIABLE”, and for such purposes he states that such authority has not been revoked or limited in any way, and proves the legal
existence and good standing of the Company with the documents produced to me, which documents the undersigned Notary hereby attest to have in front of me and transcribe the relevant parts of such documents under the Appendix Chapter of this deed.

 II.- Messrs. TEODORO RUIZ GONZALEZ and MIGUEL ARNULFO RAMOS SALGADO prove the authority
in which they are appearing to this legal act as legal representatives of the banking institution named BANCO MERCANTIL DEL NORTE, SOCIEDAD ANONIMA, INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO BANORTE, and for such purposes
they state that such authority has not been revoked or limited in any way, and prove the legal existence and good standing of such banking institution with the documents produced to me, which documents the undersigned Notary hereby attest to have in
front of me and transcribe the relevant parts of such documents under the Appendix Chapter of this deed. 

III.- Mr. JOSE LEOPOLDO QUIROGA CASTAÑON, proves the authority in which he is appearing to this
legal act as a legal representative of CEMEX MÉXICO, SOCIEDAD ANONIMA DE CAPITAL VARIABLE, and for such purposes he states that such authority has not been revoked or limited in any way, and proves the legal existence and good

  

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standing of such company with the documents produced to me, which documents the undersigned Notary hereby attest to have in front of me and transcribe the relevant parts of such documents under
the Appendix Chapter of this deed. 
 IV.- Mr. JOSE LEOPOLDO QUIROGA CASTAÑON, proves
the authority in which he is appearing to this legal act as a legal representative of EMPRESAS TOLTECA DE MÉXICO, SOCIEDAD ANONIMA DE CAPITAL VARIABLE, and for such purposes he states that such authority has not been revoked or limited
in any way, and proves the legal existence and good standing of such company with the documents produced to me, which documents the undersigned Notary hereby attest to have in front of me and transcribe the relevant parts of such documents under the
Appendix Chapter of this deed. 
 IDENTIFICATION INFORMATION 

The individuals appearing before me stated the following: 

Mr. RENE DELGADILLO GALVAN stated to be: Mexican citizen by birth, forty nine (49) years of age, married,
born in the city of Monterrey, Nuevo Leon as of July 1 (one), 1960 (one thousand and sixty), Attorney at law, Tax Identification Number DEGR-600701-1V8, with Population Sole Code Number DEGR600701HNLLLN01 and with conventional domicile located
at Avenida Ricardo Margáin Zozaya number 325, Colonia Valle del Campestre, in San Pedro Garza García, Nuevo León. 

The Tax Identification Number of “CEMEX, SOCIEDAD ANONIMA BURSATIL DE CAPITAL VARIABLE” is
CEM-880726-UZA, and its corporate domicile is located at Avenida Constitución Poniente number 444 four hundred forty four, Downtown, Monterrey, Nuevo Leon. 

Mr. TEODORO RUIZ GONZALEZ stated to be: Mexican citizen by birth, forty one (41) years of age, married,
born in the city of Monterrey, Nuevo Leon where he was born November 27 (twenty seven), 1968 (one thousand one hundred sixty eight), Bank officer, Tax Identification Number RUGT-681127-315, with Population Sole Code Number RUGT681127MNLZND05
and with conventional domicile located at Avenida Revolución number 3000 three thousand, Fourth Floor, Colonia Primavera, in the city of Monterrey, Nuevo Leon. 

Mr. MIGUEL ARNULFO RAMOS SALGADO stated to be: Mexican citizen by birth, forty five (45) years of age,
married, born in the city of Monterrey, Nuevo Leon where he was borne don November 15 (fifteen), 1964 (one thousand nine hundred sixty four), bank officer, with Tax Identification Number RASM-641115-B59, and Population Sole Code Number
RASM641115HNLMLG03 and conventional domicile located at Avenida Revolución number 3000 (three thousand), Fourth Floor, Colonia Primavera, in the city of Monterrey, Nuevo Leon. 

 

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 The Tax Identification Number of the banking institution named BANCO
MERCANTIL DEL NORTE, SOCIEDAD ANONIMA, INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO BANORTE is BMN-930209-927, and its domicile is located at Avenida Revolución number 3000 (three thousand), Fourth Floor, Colonia
Primavera, in the city of Monterrey, Nuevo Leon. 
 Mr. JOSE LEOPOLDO QUIROGA CASTAÑON stated
to be: Mexican citizen by birth, forty eight (48) years of age, born in the city of Monterrey, Nuevo Leon where he was born on April 16 (sixteen), 1961 (one thousand nine hundred sixty one), with Economics Degree, Tax Identification Number
QUCL-610416-PX5, and Population Sole Code Number QUCL610416HNLRSP08, and with conventional domicile located at Avenida Ricardo Margáin Zozaya number 325, Colonia Valle del Campestre, in San Pedro Garza García, Nuevo León

 The Tax Identification Number of the company named “CEMEX MEXICO, SOCIEDAD ANONIMA DE CAPITAL
VARIABLE” is CME-820101-LJ4, its corporate domicile is located at Avenida Constitución Poniente number 444 four hundred forty four, Downtown, Monterrey, Nuevo Leon. 

The Tax Identification Number of the company named “EMPRESAS TOLTECA DE MEXICO, SOCIEDAD ANONIMA DE CAPITAL
VARIABLE” is ETM-890720-DJ2, its corporate domicile is located at Avenida Constitución Poniente number 444 four hundred forty four, Downtown, Monterrey, Nuevo Leon. 

NOTARIAL ACKNOWLEDGEMENT 

I, THE UNDERSIGNED NOTARY, HEREBY ATTEST:- I.- The veracity of this act; II.- That I personally know the person
appearing, and that such person has the necessary legal capacity to execute this legal document, without anything in the contrary; III.- That I saw the documents referred to in this instrument; IV.- That all the inserted texts faithfully harmonize
with the original documents; V.- That all the statements referred herein were made under oath; VI.- That the requirements set forth in Article 106, one hundred six, of the “Ley del Notariado” and the applicable provisions of the
Income Tax Law and the Federal Tax Code were fulfilled; and VII.-That I read to him the content of this instrument, and I explained to him his right to read its contents by himself, and explained to him the scope and legal value of this instrument;
and that all the acts that were manifested in this 
  

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agreement are hereby ratified by the person appearing and such individual hereby execute such instrument before me, as of the date of issuance . I hereby authorize this deed since there is no tax
caused by this act.- I ATTEST 
 /s/ MR. RENE DELGADILLO GALVAN on behalf of the company named
“CEMEX, S.A.B. DE C.V.”.- MR. TEODORO RUIZ GONZALEZ.- MR. MIGUEL ARNULFO RAMOS SALGADO.- On behalf of the banking institution named BANCO MERCANTIL DEL NORTE, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO BANORTE.-
MR. JOSE LEOPOLDO QUIROGA CASTAÑON.- On behalf of the company named CEMEX MÉXICO, S.A. DE C.V.- MR. JOSE LEOPOLDO QUIROGA CASTAÑON.- On behalf of the company named EMPRESAS TOLTECA DE MÉXICO, S.A. DE C.V.-
Mr. IGNACIO GERARDO MARTINEZ GONZALEZ.- NOTARY PUBLIC.- Signed.- Notarial Seal of Approval. 
 LEGAL PERSONALITY 

 I.- Mr. RENE DELGADILLO GALVAN, proves the authority in which he is appearing to this
legal act as a legal representative of “CEMEX, SOCIEDAD ANONIMA BURSATIL DE CAPITAL VARIABLE”, and for such purposes he states that such authority has not been revoked or limited in any way, and proves the legal existence and good
standing of the Company with the following documents: 
 AUTHORITY OF THE INDIVIDUALS APPEARING TO THIS LEGAL ACT 

Copy of public deed number 47,526 (forty seven thousand five hundred twenty-six) dated as of September 4 (four), 2009
(two thousand nine), issued by Mr. Juan Manuel García García, Notary Public No. 129 (one hundred twenty-nine), residing in the First District of the State of Nuevo Leon, and recorded in the Public Registry of Property and
Commerce of the State of Nuevo Leon under electronic file number 532*9 (five hundred thirty-two asterisk nine) dated as of September 22 (twenty-two), 2009 (two thousand nine), with respect to the OFFICIAL FORMALIZATION of the minutes of the
General Extraordinary Shareholders Meeting of “CEMEX”, SOCIEDAD ANONIMA BURSÁTIL DE CAPITAL VARIABLE held as of September 4 (four), 2009 (two thousand nine), in which among other items, authority for LAWSUITS AND
COLLECTIONS, MANAGEMENT ACTS, OWNERSHIP ACTS AND FORT HE ISSUANCE OF NEGOTIABLE INSTRUMENTS was granted to Mr. RENE DELGADILLO GALVAN, which I hereby transcribe in the relevant parts as follows: 

 

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 “.....That before me appeared Mr. RAMIRO VILLARREAL
MORALES, in his capacity of Special Delegate of the General Extraordinary Shareholders Meeting of “CEMEX”, SOCIEDAD ANONIMA BURSÁTIL DE CAPITAL VARIABLE, and STATED: That intends to OFFICIALLY FORMALIZED THE MINUTES OF
THE GENERAL EXTRAORDINARY SHAREHOLDERS MEETING held as of September 4 (four), 2009 (two thousand nine), showing for such purposes ht e corresponding minutes, which I, the Undersigned Notary, hereby attest to have such document in front of me,
and I hereby fully transcribe as follows: “MINUTE NUMBER 1045.-CEMEX, S.A.B. DE C.V.- EXTRAORDINARY SHAREHOLDERS MEETING.- PRESIDENCY OF MR. LORENZO H. ZAMBRANO.-In the city of Monterrey, Nuevo Leon, corporate domicile of CEMEX,
S.A.B. DE C.V. (the “Company”), being the 12:00 (twelve) hours of September 4 (four), 2009 (two thousand and nine), the shareholders and their representatives met at the Auditorium of the “Museo de Arte
Contemporáneo, A.C.” located at Zuazua street and Jardón street, Downtown Monterrey, whose names appear in the Attendance List, which is signed by the shareholders and the Tellers, and it is part of the file formed for this
Meeting, with the purpose of holding a GENERAL EXTRAORDINARY SHAREHOLDERS MEETING which was called for such date, hour and place, further to the publications made in accordance with the By-laws of the Company in the newspapers “El
Norte” of Monterrey, and “Reforma” of Mexico City, as of August 15 (fifteen), 2009 (two thousand and nine). Acted as Chairman of the Meeting, the Chairman of the Board of Directors, Mr. LORENZO H. ZAMBRANO
TREVIÑO, who in accordance with the provisions of Article 17th of the By-Laws of the Company appointed Messrs. VICTOR MANUEL ROMO MUÑOZ and RENE DELGADILLO GALVAN as Tellers, and such Tellers reviewed the Attendance
List, proxy letters, access cards and certified that it was represented at the meeting an amount of 24,768’192,575 (twenty four thousand seven hundred sixty eight million one hundred ninety two thousand five hundred seventy five) shares out of
the 26,133’593,448 (twenty six thousand one hundred thirty three million five hundred ninety three thousand four hundred forty eight) shares with voting rights representing the capital stock of the Company, which represent 94.77% (ninety four
point seventy seven percent) of such capital stock outstanding. The required quorum is met in accordance with the General Law of Commercial Corporations and the By-laws of the Company, and considering the provisions of Securities Market Law,
specifically the provisions of Article 53 of such law, and article 210 Bis of the General Law of Negotiable Instruments and Credit Operations, the Chairman declared the Meeting duly installed, and acted as Secretary of the Meeting,

  

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the Secretary of the Board of Directors, Mr. RAMIRO GERARDO VILLARREAL MORALES, who read the following AGENDA, which appears in the Call for the Meeting.
AGENDA.- I. RESOLUTION REGARDING A PROPOSAL SUBMITTED BY THE BOARD OF DIRECTORS TO INCREASE THE VARIABLE PORTION OF THE CAPITAL STOCK OF THE COMPANY, AND TO ISSUE CONVERTIBLE SECURITIES INTO SHARES OF STOCK, AND CONSEQUENTLY IT SHALL BE
PROPOSED TO ISSUE UP TO 4,800 MILLION UNSUBSCRIBED SHARES, WHICH SHALL BE KEPT IN THE TREASURY OF THE COMPANY, TO BE SUBSCRIBED AT A LATER TIME BY PUBLIC INVESTORS BY MEANS OF A PUBLIC OFFER IN ACCORDANCE WITH THE TERMS OF ARTICLE 53 OF THE
SECURITIES MARKET LAW, OR IN THE EVENT OF CONVERSION OF THE SECURITIES TO BE ISSUED IN ACCORDANCE WITH ARTICLE 210 BIS OF THE GENERAL LAW OF NEGOTIABLE INSTRUMENTS AND CREDIT OPERATIONS, IN BOTH CASES, THE PREEMPTIVE RIGHTS OF CURRENT SHAREHOLDERS
SHALL NOT BE APPLICABLE. THE SHARES OF STOCK REPRESENTING THE CAPITAL INCREASE SHALL BE REPRESENTED BY ORDINARY PARTICIPATION CERTIFICATES (“CEMEX.CPO”) WHICH SHALL BE REFERRED EACH TO 3 ORDINARY SHARES, AND IT SHALL BE PROPOSED THAT THE
PUBLIC OFFER AND, AS THE CASE MAY ME, THE ISSUANCE OF CONVERTIBLE SECURITIES, SHALL BE MADE WITHIN A TERM OF 24 MONTHS. II. APPOINTMENT OF INDIVIDUAL OR INDIVIDUALS TO OFFICIALLY FORMALIZE THE ADOPTED RESOLUTIONS.- The shareholders
approved the Agenda that was proposed, and proceeded to discuss it in the following manner. Further to the provisions of Section III of Article 49 of the Securities Market Law, the Secretary informed to the Meeting that the Company made available to
the shareholders, the intermediaries of the securities markets and the legal representatives of the shareholders, the formats of proxy letters in order for the shareholders to issue such proxy letters, to duly represent their shares during this
Meeting.- The Chairman proceeded to discuss the FIRST ITEM of the Agenda that reads: “I. RESOLUTION REGARDING A PROPOSAL SUBMITTED BY THE BOARD OF DIRECTORS TO INCREASE THE VARIABLE PORTION OF THE CAPITAL STOCK OF THE
COMPANY, AND TO ISSUE CONVERTIBLE SECURITIES INTO SHARES OF STOCK, AND CONSEQUENTLY IT SHALL BE PROPOSED TO ISSUE UP TO 4,800 MILLION UNSUBSCRIBED SHARES, WHICH SHALL BE KEPT IN THE TREASURY OF THE COMPANY, TO BE SUBSCRIBED AT A LATER TIME BY
PUBLIC INVESTORS BY MEANS OF A PUBLIC OFFER IN ACCORDANCE WITH THE TERMS OF ARTICLE 53 
  

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OF THE SECURITIES MARKET LAW, OR IN THE EVENT OF CONVERSION OF THE SECURITIES TO BE ISSUED IN ACCORDANCE WITH ARTICLE 210 BIS OF THE GENERAL LAW OF NEGOTIABLE INSTRUMENTS AND
CREDIT OPERATIONS, IN BOTH CASES, THE PREEMPTIVE RIGHTS OF CURRENT SHAREHOLDERS SHALL NOT BE APPLICABLE. THE SHARES OF STOCK REPRESENTING THE CAPITAL INCREASE SHALL BE REPRESENTED BY ORDINARY PARTICIPATION CERTIFICATES (“CEMEX.CPO”) WHICH
SHALL BE REFERRED EACH TO 3 ORDINARY SHARES, AND IT SHALL BE PROPOSED THAT THE PUBLIC OFFER AND, AS THE CASE MAY BE, THE ISSUANCE OF CONVERTIBLE SECURITIES, SHALL BE MADE WITHIN A TERM OF 24 MONTHS.” The Chairman informed that the Board of
Directors of the Company has considered proposing to this Meeting, to increase the variable portion of the capital stock, and to issue convertible Securities. Before asking the Secretary to proceed with the reading of the proposed resolutions to
this Extraordinary Meeting, Mr. Lorenzo H. Zambrano read a brief message to the shareholders of the Company: Before requesting the Secretary to read the resolutions to be proposed to this Extraordinary Meeting, I want to take advantage of
the opportunity to convey to you a few words. As you already know, the unprecedented dimension of the financial and economic global crisis that broke out, has not only affected our Company, but our entire industry. In spite of the fact that certain
recorded indicators have begun to show that the worst part of the world crisis is behind us, the construction activity in the majority of our markets will take more time to retake the growth levels comparable to the levels of past years. Thus, in
CEMEX we are not betting to a quick recovery of our markets, we are betting to the commitment to a constant improvement, to become a more efficient and agile company, able to take maximum advantage out of all business opportunities it faces, as such
opportunities are presented in more favorable economic conditions. During the last Shareholders Meeting I informed with respect to the strategy that was adopted, and we have followed such strategy in a disciplinary way to strengthen the Company and
to continue delivering value to you. For purposes of this Meeting, I would like to mention the five central points of the strategy to recover our financial flexibility, since the reason of this meeting is centered within the same process: First,
refinancing of approximately 15 thousand million dollars of our debt. Recently we reached an agreement with more than 50 of our creditor banks and 25 note holders in private placements, with a new maturity calendar extended until the year 2014,
which opens spaces to keep concentrating in strengthen our business model. -Second, an effort to reduce in 900 million dollars our cost 
  

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base. This important saving is not only due to a decreased demand in our main markets, it is also due to an improvement in our operative efficiency, since approximately 60% of these savings are
structural, and consequently, they are sustainable.- Third, a reduction in our investments in fixed assets for maintenance and expansion, which this year will be limited to 600 million dollars and such amount, represents a reduction of
approximately 1,500 million dollars in comparison with the last year.- Fourth, the sale of assets with a fixed objective of 2,000 million dollars for this year, and where we already have important advances, especially with the agreement to
sale our assets in Australia for approximately 1,700 million dollars which was a difficult decision, but a necessary one since it will allow us to achieve our divestment goals that we have set.- And, fifth, to achieve a better Access to the
capital markets, to strengthen our financial structure and to have additional liquidity, which is the reason for the call of this meeting.- It is important to mention that in accordance with our debt refinancing agreement, if we do not make a
placement of capital for at least 1,000 million dollars by June 30, 2010, the cost of our refinanced debt will increase in 0.75 percentage points, and we will be forced to pay an additional fee of approximately 110 million dollars. If
we do not issue capital or convertible Securities before June 30, 2010 for the same amount, the main creditors which represent 25% of all of our debt may request the realization of market transactions for such amount before December 31,
2010.- To conclude, I want to reiterate to you my great confidence that we are following an adequate strategy for CEMEX, to be a global company with the highest operative standards, with a talented and dedicated team, and the capacity of continuing
creating sustainable value to its shareholders. Today, CEMEX is a more efficient company, a slimmer and more flexible company, and we are committed to keep improving to have even more solid basis to assure our future growth. Thank you very much for
your attention.” Immediately thereafter, the Secretary of the Meeting read to the shareholders the resolutions of the Board of Directors that are proposed to the Meeting to be adopted, in order to implement said capital stock increase and the
offering: “FIRST: The variable portion of the capital stock of the Company is hereby increased in the amount of $13’327,728.00 Mexican Currency, by the issuance of up to 4,800’000,000 ordinary common shares, out
of which an amount of up to 3,200’000,000 shall be Series “A”, subseries “A4” shares, and up to 1,600’000,000 shall be Series “B” subseries “B4” shares, all of them of nominative form and without par
value.- SECOND: The ordinary, nominative, without par value shares representing the increase in the variable portion of the capital stock, shall be represented by ordinary participation certificates, which shall be subscribed

  

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and paid, either by means of a public offer among public investors in accordance with Article 53 of the Mexican Securities Market Law (Ley del Mercado de Valores), and authorizing Messrs.
Lorenzo H. Zambrano Treviño and Armando J. García Segovia as Delegates in order to execute the corresponding Prospectus and other relevant documents required to register such public offer; or by means of the issuance of convertible
Securities into shares in accordance with Article 210 Bis of the General Law of Negotiable Instruments and Credit Operations (Ley General de Títulos y Operaciones de Crédito), or, in both forms. The subscription of the shares
representing the increase in the variable portion of the capital stock shall be made at a theoretical par value of $0.00277661 Mexican Currency per share, plus a premium.- THIRD: For the purposes of the provisions of Article 210
Bis of the General Law of Negotiable Instruments and Credit Operations, it is resolved that: (i) the Securities shall be convertible into ordinary, nominative without par value, shares of stock, represented by ordinary participation
certificates; (ii) beginning from their issuance, the Securities shall be convertible in a term not exceeding 10 (ten) years, from the date of their placement; (iii) the convertible Securities shall not be placed under par value, and their
placement can be done by means of a public offering or among Institutional Investors, in Mexico or abroad; (iv) once the placement is consummated, the Board of Directors, annually and within the four months following the end of a fiscal year,
shall officially formalize a statement made by the Board of Directors, indicating the amount of capital stock subscribed through conversion, and such statement shall be recorded in the Public Registry; (v) the issuance of the Securities shall
comply with the requirements set forth in articles 208, 209, 210, 210 Bis, 211, 212 and 213 of the General Law of Negotiable Instruments and Credit Operations; (vi) the issuance of the Securities shall be made in accordance with the financial
statements corresponding to the last immediate quarter of the date of the issuance; and (vii) it shall be designated as common representative the banking institution approved by the legal representatives of the Company as set forth in the
Resolution Tenth below, and such legal representatives shall be authorized to hire such banking institution and to agree on the terms of its hiring.- FOURTH: Once issued, and in the mean time they are subscribed and paid, either by
payment or by conversion as the case may be, the shares of stock representing the proposed capital stock increase shall be kept in the treasury of the Company.- FIFTH: The ordinary, nominative without par value shares of stock,
representing the increase in the variable portion of the capital stock of CEMEX, S.A.B. de C.V., shall grant the same rights and obligations than the shares of stock of the Company currently
outstanding.-
  

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SIXTH: The terms and conditions in which the public offering shall be made, and in the event of the issuance and placement of the convertible Securities, as well as the
number of shares determined for each case, including the determination of the corresponding premium, and the conversion terms within the resolutions adopted by this shareholders meeting, shall be authorized by any of the following legal
representatives of the Company: Messrs. Lorenzo H. Zambrano Treviño, Héctor Medina Aguiar, Rodrigo Treviño Muguerza and Ramiro Gerardo Villarreal Morales, either jointly or individually.- SEVENTH: The Public
Offer and, as the case may be, the issuance of convertible Securities into shares of stock, shall be made within a term of 24 (twenty-four) months beginning from the date of this general extraordinary shareholders meeting.-
EIGHTH: The shares of stock representing the increase of the capital stock of the Company shall be represented by Ordinary Participation Certificates (“CEMEX.CPO”) to be issued by Banco Nacional de Mexico, S.A., member
of the Grupo Financiero Banamex, in its capacity of Trustee in the Trust No. No. 111033-9, and each of such certificates shall be referred to 2 (two) Series “A” shares and 1 (one Series “B” shares. For such effects, the
legal representatives of the Company are authorized to enter into the necessary agreements and other instruments for the issuance and release of the necessary Ordinary Participation Certificates, and to cause that the shares representing the capital
stock be issued in favor of such trust institution and deposited at S.D. Indeval Institución para el Depósito de Valores, S.A. de C.V.- NINTH: The exercise of the preemptive rights in connection with the
issuance of the shares representing the capital stock increase set forth in Article 132 of the General Law of Commercial Corporations (Ley General de Sociedades Mercantiles) shall not be applicable since it is a capital stock increase
approved for a public offering, as permitted by Article 53 of the Mexican Securities Market Law; in the same way, such preemptive rights shall not be applicable in the case of the convertible Securities, further to the terms of Article 210 Bis of
the General Law of Negotiable Instruments and Credit Operations.- TENTH: Messrs. Lorenzo H. Zambrano Treviño, Héctor Medina Aguiar, Rodrigo Treviño Muguerza, Ramiro Gerardo Villarreal Morales, Humberto
Javier Moreira Rodríguez and René Delgadillo Galván are hereby authorized, individually any one of them in the name and on the account of the Company, to proceed with: (i) to carry on any and all necessary actions before
any competent authority or third party, including the Mexican National Banking and Securities Commission (Comision Nacional Bancaria y de Valores), the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V.), Securities and
Exchange Commission, the New York Stock Exchange, Nacional Financiera, S.N.C., S.D. Indeval 
  

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Institución para el Depósito de Valores, S.A. de C.V., the Comisión Nacional del Sistema de Ahorro para el Retiro, and any public registry, for the issuance and
placement of the shares of stock, the ordinary participation certificates representing such shares of stock, or the issuance and placement of the convertible Securities; (ii) to negotiate and to deliver any contract, unilateral statement,
agreement, instrument or legal act necessary or related, including without limitation any statement, affirmative covenants, negative covenants, events of early maturity, indemnifications or any other provision considered necessary or convenient, and
such instruments may be governed by the laws of Mexico or by the laws of other jurisdictions; and (iii) to carry on with any other necessary or convenient acts related to the offerings and approved transactions.- With respect to the above
mentioned transactions, the legal representatives shall have the authority for lawsuits and collections, management acts, acts of ownership (actos de dominio) and to issue negotiable instruments, as provided in article 2554 of the Federal
Civil Code, and its correlative articles of the Civil Codes of the other Mexican States, and in accordance with the provisions of Article 9 of the General Law of Negotiable Instruments and Credit Operations.- ELEVENTH: The new
certificates, either in definitive or temporary form, representing Series “A” and Series “B” shares, representing the proposed increase in the variable portion of the capital stock of the Company, may be signed by any 2 (two) of
the Members of the Board of the Company, in accordance with the provisions set forth in the Bylaws of the Company, containing coupons number 141 through 149.- TWELFTH: The Board of Directors shall designate the board members
that shall sign the certificates representing the Securities.- THIRTEENTH: The Chairman and the Secretary of the Board of Directors, and the designated attorneys-in-fact, jointly or individually any of them, are authorized to
make the applicable publications, notices and communications.- Monterrey, Nuevo León, as of June 25, 2009. By the Board of Directors, Mr. LORENZO H. ZAMBRANO, Chairman; Mr. RAMIRO VILLARREAL MORALES, Secretary
(Signed).” Once the proposal presented by the Board of Directors of the Company was heard, the attending shareholders proceeded to analyze and discuss among them such proposal, and with the affirmative vote of the majority shareholders, and the
negative vote of 176’541,610 (one hundred seventy six million five hundred forty-one thousand six hundred ten) shares, the following Resolution was approved: FIRST: It is hereby approved, in a express and unconditional manner, in all
their terms, which each of such terms are hereby expressly ratified, the resolutions contained in the proposal presented by the Board of Directors of the Company, to increase the variable portion of the capital stock of the Company, to effect

  

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the public offering and to issue convertible Securities.- With respect to the SECOND and LAST ITEM of the Agenda which reads: “II. APPOINTMENT OF INDIVIDUAL OR INDIVIDUALS
TO OFFICIALLY FORMALIZE THE ADOPTED RESOLUTIONS.” In order to execute and officially formalize the resolutions adopted during this General Extraordinary Shareholders Meeting, it was approved by unanimous vote the following Resolution:
SECOND: That Messrs. LORENZO H. ZAMBRANO TREVIÑO and RAMIRO GERARDO VILLARREAL MORALES be and they are hereby designated and authorized, jointly or individually, to attend before a Notary Public that they consider
appropriate, to officially formalize the minutes of this Meeting, to formalize and fulfill the adopted resolutions, and to cause their registration in the corresponding Public Registry of Commerce, if deemed necessary.- The Meeting was adjourned
after reading the minutes of the meeting, which shall be incorporated in the Minute Book, and a set of minutes shall be prepared in regular paper, together with a copy of the newspaper in which the Call for the Meeting was published, proxy letters,
access cards, attendance list certified by the Tellers, and other documents presented during the Meeting, which are part of the file of this Meeting, which shall be kept in the records of the Secretary of the Company.- These minutes were signed by
the Chairman, the Secretary and the Tellers attending the meeting..- Mr. Lorenzo H. Zambrano Treviño- Chairman.- Mr. Ramiro Gerardo Villarreal Morales- Secretary.- Mr. Víctor Manuel Romo Muñoz- Teller.-
Mr. René Delgadillo Galván- Teller.- .....”. 
 LEGAL EXISTENCE AND GOOD STANDING OF THE COMPANY 

 1.- First Instrument of Public Deed Number 94, ninety four, issued by the then Notary Public of the city of
Monterrey, Mr. Carlos Lozano, issued as of May 28, twenty-eight, 1920, (one thousand nine hundred twenty), and duly recorded under number 21 (twenty-one), Pages 157 (one hundred fifty seven) to 186 (one hundred eighty six), Volume 16
(sixteen), Second Auxiliary, Commerce Section, as of June 11 (eleven), 1920 (one thousand nine hundred twenty), in the Public Registry of Property and Commerce of the First District of the State, residing in Monterrey, Nuevo Leon, related to
the articles of incorporation of CEMENTOS PORTLAND MONTERREY, SOCIEDAD ANONIMA. 
 2.- First Instrument of
Public Deed Number 297, two hundred ninety seven, issued in Monterrey, Nuevo Leon issued as of September 2, two, 1927, one thousand nine hundred twenty-seven), by Mr. Andrés Canales Cadena, which contains amendments to

  

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the articles of incorporation and by-laws of the Company, further to the provisions of the organic Law of Section I of Article 27 (twenty-seven) of the Constitution and its Regulations. Such
public deed was transcribed totally and was attached to the appendix, the Certificate number 267 (two hundred sixty-seven), issued by the Secretary of Foreign Relations as of February 4 (four), 1927 (one thousand nine hundred twenty seven),
which contains the authorization granted to the Company to amend its articles of incorporation and by-laws in accordance with articles second
(2nd), fourth
(4th), fifth
(5th) and sixth
(6th) of such law. The public deed was recorded under
number 22 (twenty-two), Page 119 (one hundred nineteen), Volume 46 (forty-six), Book Number 3, three, Second Auxiliary of Commerce, in the Public Registry of Property and Commerce of the First District of the State, as of March 10 (ten), 1930
(one thousand nine hundred thirty). 
 3.- First Instrument of Public Deed Number 28, twenty- eight, issued as
of January 20, twenty, 1931 (one thousand nine hundred thirty-one) by the then Notary Public of the city of Monterrey, Mr. Carlos Hinojosa Guajardo, and duly recorded under number 102 (one hundred two), Pages 66 (sixty-six), Volume 53
(fifty-three), as of August 17 (seventeen), 1931 (one thousand nine hundred thirty-one), in the Public Registry of Property and Commerce of the First District of the State, residing in Monterrey, Nuevo Leon, related to the change of corporate
name to “CEMENTOS MEXICANOS, SOCIEDAD ANONIMA”. 
 4.- First Instrument of Public Deed Number 1531,
one thousand five hundred thirty one, issued as of April 27, twenty-seven, 1963 (one thousand nine hundred sixty-three) by the Notary Public Number 4 of the city of Monterrey, Nuevo Leon , Mr. Carlos de la Garza Evia, and duly recorded in
the Public Registry of Property and Commerce of the First District of the State, residing in Monterrey, Nuevo Leon, under number 378 (three hundred seventy-eight), Volume 178 (one hundred seventy-eight), Book Number 3 (three), Second Auxiliary,
Commerce Section, related to AMENDMENT TO ARTICLES 25, TWENTY-FIVE, 32, THIRTY-TWO, 33, THIRTY THREE, 36, THIRTY SIX, OF THE BY-LAWS. 

5.- First Instrument of Public Deed Number 2,306, two thousand three hundred six, issued as of January 16, sixteen,
1970 (one thousand nine hundred seventy) by the Notary Public Number 35 of the city of Monterrey, Nuevo Leon , Mr. Luis Manautou Gonzalez, and duly recorded in the Public Registry of Property and Commerce of the First District of the State,
residing in Monterrey, Nuevo Leon, under number 121 (one hundred twenty-one), Volume 33 (thirty-three), Book Number 4 (four), Third Auxiliary General Agreements and Acts, Commerce Section, dated as of February 2 (second), 1970 (one thousand
nine 
  

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hundred seventy); related to the official formalization of the minutes number 621 (six hundred twenty-one), dated as of December 10 (ten), 1969 (one thousand nine hundred sixty-nine), in
which it was approved an AMENDMENT TO THE BY-LAWS OF THE COMPANY. 
 6.- First Instrument of Public Deed Number
10,092, ten thousand ninety two, issued as of June 19, nineteen, 1973, one thousand nine hundred seventy-three, by Notary Public No. 12, Mr. Fernando Méndez López, residing in Monterrey, Nuevo Leon, and duly recorded in
the Public Registry of Property and Commerce of the First District of the State, in Monterrey, Nuevo Leon, under number 921 (nine hundred twenty one), Page n/a, Volume 56 (fifty-six), Book Number 4, four, Third Auxiliary General Agreements, Commerce
Section, as of June 27, twenty-seven, 1973, one thousand nine hundred seventy-three, related to AMENDMENTS TO ARTICLES 6, SIX, 2, TWO, AND 25, TWENTY-FIVE, OF THE BY-LAWS OF THE COMPANY. 

7.- First Instrument of Public Deed Number 6,055, six thousand fifty-five, issued as of June 2, two, 1983, one
thousand nine hundred eighty-three, by Notary Public No. 35, Mr. Luis Manauotu Gonzalez, residing in Monterrey, Nuevo Leon, and duly recorded in the Public Registry of Property and Commerce of the First District of the State, in Monterrey,
Nuevo Leon, under number 2493 (two thousand four hundred ninety three), Volume 144 (one hundred forty-four), Book Number 4, four, Third Auxiliary General Agreements, Commerce Section, as of September 28, twenty-eight, 1983, one thousand nine
hundred eighty-three, related to AMENDMENTS TO ARTICLES 6, SIX, 8, EIGHT, 12, TWELVE AND 17, SEVENTEEN OF THE BY-LAWS, FURTHERMORE, IT WAS ATTACHED A NEW ARTICLE NUMBER 9, NINE, CHANGING THE FORMER NUMERATION OF ARTICLE FROM NUMBER 9, NINE AND SO
ON, TO THE SAME NUMBER PLUS ONE. 
 8.- First Instrument of Public Deed Number 15,237, fifteen thousand two
hundred thirty seven, issued as of June 13, thirteen, 1987, one thousand nine hundred eighty-seven, by Notary Public No. 31, thirty one, Mr. Atanasio Gonzalez Lozano, residing in Monterrey, Nuevo Leon, and duly recorded in the Public
Registry of Property and Commerce of the First District of the State, in Monterrey, Nuevo Leon, under number 2128 (two thousand one hundred twenty-eight), Volume 187 (one hundred eighty seven), Book Number 4, four, Third Auxiliary General
Agreements, Commerce Section, as of June 29, twenty-nine, 1987, one thousand nine hundred eighty-seven, related to A CAPITAL STOCK INCREASE TO ACHIEVE AN AMOUNT EQUAL TO Ps $30,000,000,000.00 (THIRTY THOUSAND MILLION AND 00/100 PESOS) and amend
articles 2, TWO, 6, SIX, 11, ELEVEN, 18, EIGHTEEN, 26, TWENTY-SIX, and the corresponding Transitory Clause of the By-laws of the Company. 
  

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 9.- First Instrument of Public Deed Number 3,415, three thousand four
hundred fifteen, issued as of July 16, sixteen, 1988, one thousand nine hundred eighty-eight, by Alternate Notary Public No. 70, seventy, Mr. Adolfo Cesar Guerra Hinojosa, residing in Monterrey, Nuevo Leon, and duly recorded in the
Public Registry of Property and Commerce of the First District of the State, in Monterrey, Nuevo Leon, under number 2965 (two thousand nine hundred sixty-five), Volume 189-60 (one hundred eighty nine-sixty), Book Number 4, four, Third Auxiliary
General Agreements, Commerce Section, as of July 28, twenty-eight, 1988, one thousand nine hundred eighty-eight, related to A CHANGE IN THE CORPORATE NAME OF THE COMPANY FROM “CEMENTOS MEXICANOS, SOCIEDAD ANONIMA, TO “CEMEX”,
SOCIEDAD ANONIMA; AND CONSEQUENTLY, AMEND ARTICLE FIRST OF THE BY-LAWS, under the Permit number 045494 (zero four five four nine four), File 34929 (thirty four thousand nine hundred twenty-nine), issued by the Secretary of Foreign Relations as of
July 26, twenty-six, 1988, one thousand eighty-eight). 
 10.- First Instrument of Public Deed Number 3,
431, three thousand four hundred thirty one, issued as of August 3, three, 1988, one thousand nine hundred eighty-eight, by Alternate Notary Public No. 70, seventy, Mr. Adolfo Cesar Guerra Hinojosa, residing in Monterrey, Nuevo Leon,
and duly recorded in the Public Registry of Property and Commerce of the First District of the State, in Monterrey, Nuevo Leon, under number 3,177 (three thousand one hundred seventy-seven), Volume 189-64 (one hundred eighty nine-sixty four), Book
Number 4, four, Third Auxiliary General Agreements, Commerce Section, as of August 12, twelve, 1988, one thousand nine hundred eighty-eight, related to the official formalization of the minutes of a general extraordinary shareholders meeting,
in which it was resolved to increase the capital stock of the Company from Ps $30,000,000,000.00 (THIRTY THOUSAND MILLION AND 00/100 MEXICAN PESOS) to Ps $33,000,000,000.00 (THIRTY THREE THOUSAND MILLION AND 00/100 MEXICAN PESOS). 

11.- First Instrument of Public Deed Number 25,021, twenty five thousand twenty one, issued as of May 17, seventeen,
1990, one thousand nine hundred ninety, by the then Alternate Notary Public No. 62, sixty two, Mr. Juan Manuel Garcia Garcia, residing in San Pedro Garza Garcia, Nuevo Leon, and duly recorded in the Public Registry of Property and Commerce
of the First District of the State, in Monterrey, Nuevo Leon, under number 
  

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2,226 (two thousand two hundred twenty-six), Volume 193-45 (one hundred ninety-three dash forty five), Book Number 4, four, Third Auxiliary General Agreements, Commerce Section, as of
May 18, eighteen, 1990, one thousand nine hundred ninety, related to the official formalization of the minutes of a general extraordinary shareholders meeting held on April 26, twenty six, 1990, one thousand nine hundred ninety, in which
it was resolved to amend and incorporate new provisions in the By-laws of the Company, being the following: Articles 2, TWO, 5, FIVE, 6, SIX, 7, SEVEN, 8, EIGHT, 9, NINE, 11, ELEVEN, 12, TWELVE, 13, THIRTEEN, 15, FIFTEEN, 17, SEVENTEEN, 18,
EIGHTEEN, 19, NINETEEN, 26, TWENTY-SIX, 33, THIRTY-THREE, 34, THIRTY-FOUR, 35, THIRTY-FIVE, 37 THIRTY-SEVEN, 39 THIRTY-NINE AND 42 FORTY-SECOND, AND TO INCLUDE A NEW ARTICLE 6-BIS, SIX, AND THE SOLE TRANSITORY ARTICLE. 

12.- First Instrument of Public Deed Number 37,165, thirty seven thousand one hundred sixty five, issued as of
June 5, five, 1992, one thousand nine hundred ninety two, by the Notary Public No. 62, sixty two, Mr. Manuel Garcia Cirilo, residing in San Pedro Garza García, Nuevo Leon, and duly recorded in the Public Registry of Property
and Commerce of the First District of the State, in Monterrey, Nuevo Leon, under number 3411 (three thousand four hundred eleven), Volume 197-69 (one hundred ninety-seven dash sixty nine), Book Number 4, four, Third Auxiliary General Agreements,
Commerce Section, as of June 16, sixteen, 1992, one thousand nine hundred ninety two, related to the official formalization of the minutes of a general extraordinary shareholders meeting held on May 28, twenty-eight, 1992, one thousand
nine hundred ninety two, in which it was resolved to AMEND ARTICLES 6, SIX, 6-BIS, SIX BIS, AND 7, SEVEN OF THE BY-LAWS. 

13.- First Instrument of Public Deed Number 41,827, forty one thousand three hundred twenty seven, issued as of
April 29, twenty-nine, 1993, one thousand nine hundred ninety three, by the Notary Public No. 62, sixty two, Mr. Manuel Garcia Cirilo, residing in San Pedro Garza García, Nuevo Leon, and duly recorded in the Public Registry of
Property and Commerce of the First District of the State, in Monterrey, Nuevo Leon, under number 2755 (two thousand seven hundred fifty five), Volume 199-55 (one hundred ninety-nine dash fifty five), Book Number 4, four, Third Auxiliary General
Agreements, Commerce Section, as of May 12, twelve, 1993, one thousand nine hundred ninety three, related to the official formalization of the minutes of a general extraordinary shareholders meeting held on April 29, twenty-nine, 1993, one
thousand nine hundred ninety three, in which it was resolved to ADEQUATE THE CAPITAL STOCK OF THE COMPANY TO THE NEW MONETARY UNIT OF THE UNITED MEXICAN STATES, AMENDING IN CONSEQUENCE ARTICLES 6, SIX, AND 6-BIS, SIX BIS OF THE BY-LAWS. 

 

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 14.- First Instrument of Public Deed Number 45,923, forty five thousand nine
hundred twenty three, issued as of May 31, thirty one, 1994, one thousand nine hundred ninety four, by the then Alternate Notary Public No. 62, sixty two, Mr. Juan Manuel Garcia Garcia, residing in San Pedro Garza Garcia, Nuevo Leon,
and duly recorded in the Public Registry of Property and Commerce of the First District of the State, in Monterrey, Nuevo Leon, under number 3256 (three thousand two hundred fifty-six), Volume 201-66 (two hundred one dash sixty-six), Book Number 4,
four, Third Auxiliary General Agreements, Commerce Section, as of June 22, twenty-two, 1994, one thousand nine hundred ninety four, related to the official formalization of the minutes of a general extraordinary shareholders meeting held on
April 28, twenty eight, 1994, one thousand nine hundred ninety four, in which it was resolved to transform the Company to a company with variable capital, amending as a consequence, ARTICLES 1, ONE, 6, SIX, 6-BIS, SIX-BIS, 7, SEVEN, 8, EIGHT,
9, NINE, 10, TEN, 17, SEVENTEEN, AND 19, NINETEEN, CHANGING THE NUMERATION OF SUCH ARTICLES BEGINNING FROM 6-BIS, SIX BIS, WHICH SHALL BE FROM NOW ON 7, SEVEN, AND FROM 7, SEVEN TO 48, FORTY EIGHT TO INCREASE THE NUMERATION BY ONE, AND IT IS ADDED A
NEW ARTICLE 45, FORTY FIVE. 
 15.- First Instrument of Public Deed Number 45,925, forty five thousand nine
hundred twenty five, issued as of May 31, thirty one, 1994, one thousand nine hundred ninety four, by the then Alternate Notary Public No. 62, sixty two, Mr. Juan Manuel Garcia Garcia, residing in San Pedro Garza Garcia, Nuevo Leon,
and duly recorded in the Public Registry of Property and Commerce of the First District of the State, in Monterrey, Nuevo Leon, under number 3257 (three thousand two hundred fifty-seven), Volume 201-66 (two hundred one dash sixty-six), Book Number
4, four, Third Auxiliary General Agreements, Commerce Section, as of June 22, twenty-two, 1994, one thousand nine hundred ninety four, related to the official formalization of the minutes of a general extraordinary shareholders meeting held on
April 28, twenty eight, 1994, one thousand nine hundred ninety four, in which it was resolved TO INCREASE THE CAPITAL STOCK OF THE COMPANY IN THE VARIABLE PART BY THE AMOUNT OF NPs$4,537,600.00 (FOUR MILLION FIVE HUNDRED THIRTY SEVEN THOUSAND
SIX HUNDRED AND 00/100 NEW MEXICAN PESOS). 
 16.- First Instrument of Public Deed Number 48,973, forty eight
thousand nine hundred seventy-three, issued as of May 22, twenty-two, 1995, one thousand nine 
  

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hundred ninety five, by the then Alternate Notary Public No. 62, sixty two, Mr. Juan Manuel Garcia Garcia, residing in San Pedro Garza Garcia, Nuevo Leon, and duly recorded in the
Public Registry of Property and Commerce of the First District of the State, in Monterrey, Nuevo Leon, under number 10,996 (ten thousand nine hundred ninety-six), Volume 201-220 (two hundred one dash two hundred twenty), Book Number 4, four, Third
Auxiliary General Agreements, Commerce Section, as of June 26, twenty-six, 1995, one thousand nine hundred ninety five, related to the official formalization of the minutes of a general ordinary shareholders meeting held on April 27,
twenty seven, 1995, one thousand nine hundred ninety five, in which it was resolved TO INCREASE THE CAPITAL STOCK OF THE COMPANY IN THE VARIABLE PART BY THE AMOUNT OF NPs$7,226,100.00 (SEVEN MILLION TWO HUNDRED TWENTY SIX THOUSAND ONE HUNDRED AND
00/100 NEW MEXICAN PESOS). 
 17.- First Instrument of Public Deed Number 53,288, fifty three thousand two
hundred eighty eight, issued as of May 2, two, 1996, one thousand nine hundred ninety six, by the Notary Public No. 129, one hundred twenty nine, Mr. Juan Manuel Garcia Garcia, residing in San Pedro Garza Garcia, Nuevo Leon, and duly
recorded in the Public Registry of Property and Commerce of the First District of the State, in Monterrey, Nuevo Leon, under number 2,852 (two thousand eight hundred fifty two), Volume 203-58 (two hundred three dash fifty eight), Book Number 4,
four, Third Auxiliary General Agreements, Commerce Section, as of May 24, twenty-four, 1996, one thousand nine hundred ninety six, related to the official formalization of the minutes of a general extraordinary shareholders meeting held on
April 25, twenty five, 1996, one thousand nine hundred ninety six, in which it was resolved TO AMEND ARTICLES 6, SIX, 7, SEVEN, 8, EIGHT, 11, ELEVEN, 16, SIXTEEN, 18, EIGHTEEN, 34, THIRTY-FOUR, 38, THIRTY-EIGHT AND 43, FORTY-THREE OF THE
BY-LAWS, AND TO INCREASE THE CAPITAL STOCK OF THE COMPANY IN ITS VARIABLE PART BY THE AMOUNT OF NPs$2,332,987.00 (TWO MILLION THREE HUNDRED THIRTY TWO NINE HUNDRED EIGHTY SEVEN AND 00/100 NEW MEXICAN PESOS). 

18.- First Instrument of Public Deed Number 57,956, fifty seven thousand nine hundred fifty six, issued as of
April 30, thirty, 1997, one thousand nine hundred ninety seven, by the Notary Public No. 129, one hundred twenty nine, Mr. Juan Manuel Garcia Garcia, residing in San Pedro Garza Garcia, Nuevo Leon, and duly recorded in the Public
Registry of Property and Commerce of the First District of the State, in Monterrey, Nuevo Leon, under number 2,359 (two thousand three hundred fifty nine), Volume 203-51 (two 

 

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hundred three dash fifty one), Book Number 4, four, Third Auxiliary General Agreements, Commerce Section, as of May 13, thirteen, 1997, one thousand nine hundred ninety seven, related to the
official formalization of the minutes of a general extraordinary shareholders meeting held on April 24, twenty four, 1997, one thousand nine hundred ninety seven, in which it was resolved TO AMEND ARTICLES 2, TWO, 18, EIGHTEEN, 19, NINETEEN,
20, TWENTY, 22, TWENTY-TWO, 23, TWENTY-THREE, 26, TWENTY-SIX, 30, THIRTY AND 35, THIRTY-FIVE OF THE BY-LAWS. 

19.- First Instrument of Public Deed Number 61,771, sixty one thousand seven hundred seventy one, issued as of
May 25, twenty-five, 1998, one thousand nine hundred ninety eight, by the Notary Public No. 129, one hundred twenty nine, Mr. Juan Manuel Garcia Garcia, residing in San Pedro Garza Garcia, Nuevo Leon, and duly recorded in the Public
Registry of Property and Commerce of the First District of the State, in Monterrey, Nuevo Leon, under number 3385 (three thousand three hundred eighty-five), Volume 207-68 two hundred seven dash sixty eight, Book Number 4 four, Third Auxiliary
General Agreements and Acts, Commerce Section dated as of June 1 one, 1998 (one thousand nine hundred ninety eight, related to the Official Formalization of the minutes of the General Ordinary Shareholders Meeting held as of April 23
twenty three, 1998 (one thousand nine hundred ninety eight), in which among other items it was approved a capital increase in the variable part of the capital stock in the amount of $1’394,438.00 Mexican Currency, and the issuance and
subscription of 41’875,005 common ordinary Series “A” shares without par value, which will form the Subseries “A-1”. 

20.- First Instrument of Public Deed Number 25,205, twenty five thousand two hundred five, issued as of May 18,
eighteen, 1999, one thousand nine hundred ninety nine, issued by the undersigned Notary Public, and duly recorded in the Public Registry of Property and Commerce of the First District of the State, in Monterrey, Nuevo Leon, under number 3,481 (three
thousand four hundred eighty one), Volume 209-70 (two hundred nine dash seventy), Book Number 4, four, Third Auxiliary General Agreements, Commerce Section, as of May 21, twenty-one, 1999, one thousand nine hundred ninety nine, related to the
official formalization of the minutes of a general extraordinary shareholders meeting held on April 29, twenty nine, 1999, one thousand nine hundred ninety nine, in which it was resolved TO AMEND ARTICLE 6, SIX OF THE BY-LAWS. 

21.- First Instrument of Public Deed Number 2,522 two thousand five hundred twenty-two, dated as of May 22, twenty
two, 2001 (two thousand and one), issued by Mr. José Luis Farías Montemayor, Notary Public No. 120 (one hundred and twenty), residing in the 

 

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city of Monterrey, Nuevo Leon, and duly recorded in the Public Registry of Property and Commerce of the First District of the State, in Monterrey, Nuevo Leon, under number 4743 four thousand
seven hundred forty-three, Volume 2 two, Book First, dated as of May 25 twenty five 2001 two thousand one; regarding the official formalization of the minutes of general extraordinary shareholders meeting held as of April 26 (twenty six),
2001 (two thousand one), in which it was agreed among other items to amend ARTICLE 45 OF THE BY-LAWS OF THE COMPANY. 

22.- First Instrument of Public Deed Number 75,536 seventy five thousand five hundred thirty six, dated as of July 4
four, 2002 (two thousand and two), issued by Mr. Juan Manuel García García, Notary Public Number 129 (one hundred twenty-nine), residing in this city, and duly recorded in the Public Registry of Property and Commerce of the First
District of the State, in Monterrey, Nuevo Leon, under number 6547 six thousand five hundred forty-seven, Volume 3 three, Book First, as of July 10 (ten), 2002 (two thousand and two); regarding the official formalization of the minutes of a
general extraordinary shareholders meeting held as of April 25 (twenty five), 2002 (two thousand and two), in which it was approved to amend ARTICLES 4, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 17, 18, 19, 20, 22, 23, 25, 26, 27, 32, 33, 34 Y 35, AS
WELL AS THE ADDITION OF A SOLE TRANSITORY ARTICLE. 
 23.- First Instrument of Public Deed Number 30,411 (thirty
thousand four hundred eleven), dated as of April, 28 (twenty-eight) 2003 (two thousand and three), issued by Mr. Francisco Garza Calderón, then Notary Public No. 75, duly recorded in the Public Registry of Property and Commerce of
the First District of the State, in Monterrey, Nuevo Leon, under number 4087 (four thousand eighty seven), Volume 4 four, Book First, dated as of May 8 (eight) 2003 (two thousand three), regarding the official formalization of the minutes of
the general extraordinary shareholders meeting held as of April 24 (twenty four) 2003 (two thousand and three), in which it was approved the amendment to ARTICLES 2, 6, 8, 18, 27 and 45 OF THE BY-LAWS OF THE COMPANY. 

24.- First Instrument of Public Deed Number 7,725 (seven thousand seven hundred twenty-five) dated as of April 28,
2005 (two thousand five), issued by Mr. Juan Manuel García García, Notary Public Number 129 (one hundred twenty-nine), duly recorded in the Public Registry of Property and Commerce of the First District of the State, in Monterrey,
Nuevo Leon, under electronic file number 532*9 (five hundred thirty two asterisk nine) dated as of May 13, 2005 (two thousand and five), regarding the Official Formalization of the minutes of the general extraordinary shareholders meeting of
the Company held as of 
  

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April 28 (twenty eight), 2005 (two thousand and five), in which it was approved, among other items, the subdivision of the Series “A” and “B” ordinary common shares of
stock of the Company, without par value, representing the fixed and variable capital that form the capital stock of the Company, delivering two Common ordinary shares without par value, per each of the shares of stock outstanding, AMENDING Article 6
of the By-laws. 
 25.- First Instrument of Public Deed Number 35,211 (thirty five thousand two hundred eleven),
dated as of April, 27 (twenty-seven) 2006 (two thousand and six), issued by Mr. Francisco Garza Calderón, then Notary Public No. 75, duly recorded in the Public Registry of Property and Commerce of the First District of the State,
in Monterrey, Nuevo Leon, under electronic file number 532*9 (five hundred thirty two asterisk nine), Internal Control Number 41 (forty one) dated as of July 5 (five), 2006 (two thousand and six), regarding the official formalization of the
minutes of the extraordinary shareholders meeting of the Company held as of April 27 (twenty seven), 2006 (two thousand and six), in which among other items it was approved the amendment of articles 1, 2, 6, 7, 8, 9, 10, 12, 13, 15, 18, 19, 20,
21, 22, 23, 24, 25, 26, 27, 28, 30, 31, 34, 35, 44 and 45 of the By-laws of “CEMEX”, SOCIEDAD ANONIMA DE CAPITAL VARIABLE, the elimination of the current articles 32, 33 and 36, and the addition of a transitory article second, to
adjunt the text of the by-laws to the new provisions of the Mexican Securities Market Law; the change in the numbering of the articles beginning from article 34 which will be 32, the article 35 will now be 33 and articles 37 through 45 will begin
three numbers from that point; and the inclusion of a heading in each of the articles of the by-laws of the Company. 

From the foregoing instruments, the by-laws of the Company that are in force and effect are the following: 

“......ARTICLE 1. DENOMINATION.- The Company is a commercial anonymous Company and is called CEMEX, followed
by the words “Sociedad Anonima Bursátil de Capital Variable” or by its abbreviation “S.A.B. de C.V.”.- - - - ARTICLE 2. PURPOSE.- The Company’s purpose shall be: I.- To industrially produce
and commercially develop Portland cement. II.- To industrially produce and commercially develop any other product similar to Portland cement or in any way related to the production and sale of Portland cement. III.- To industrially and
commercially develop clays, limestone, plasters and other substances found to exist in land belonging to the Company or to which it has such rights. IV.- To carry out all the transactions related to the aforesaid purposes or that directly or
indirectly assist in their realization. V.- To acquire through the purchase, contribution, barter, lease or any other legal title, all kinds of goods whether fixed or movable, and to 

 

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enter into any type of agreement, contract, or affect the property rights or any other attribute of said goods, and acquire through any act, agreement or contract, all kinds of rights and
obligations, without any limitations whatsoever; having the capacity to organize or install other industrial plants anywhere whatsoever, purchase or subscribe shares and obtain interest in the capital or management of companies, national or foreign,
with the same, similar or a different line of business as stipulated in clauses I, II, III and IV herein. VI.- To issue, endorse, accept, guarantee and otherwise subscribe negotiable instruments and to execute every type of transaction with
them. VII.- To execute avales, Securities and, in general, guarantee, including with pledges and mortgages, obligations incurred on behalf of third parties, with or without consideration, and therefore to sign negotiable instruments,
contracts and any other documents necessary for the execution of said guarantees..- ARTICLE 3. DOMICILE.- The corporate seat of the Company is the city of Monterrey, N.L., Mexico, with the understanding that agencies or branches may be
established within Mexico or abroad as deemed advisable by the Board of Directors.- ARTICLE 4. DURATION.- The duration of the Company shall be for a period computed as of May 28, 1920, and shall terminate on May 27, 2100.-
ARTICLE 5. NATIONALITY.- This Company is Mexican. Any foreigner who in the incorporation date of this Company has acquired or in the future shall acquire an interest or participation in the Capital Stock of the Company, shall be considered
for this sole act as Mexican, it being understood that said party has agreed not to seek the protection of its government, under penalty of losing said interest or participation in favor of the Republic of Mexico. This article shall be inserted in
its entirety on the share certificates issued by the Company. This Company received authorization from the Mexican Ministry of Foreign Affairs under Permit Number 267, dated February 4, 1927, in accordance with the Organizational Law of Section
I of Article 27 of the Constitution and its Regulations.- - ARTICLE 6. CAPITAL STOCK.- The Capital Stock shall be variable. The Minimum Fixed Capital with no redemption rights is of $36,300,000.00 (thirty-six million three hundred thousand
pesos and 00/100) represented by 13,068 ́000,000 (thirteen thousand sixty eight million) ordinary shares, which shall be registered and with no Nominal Value, of which 8,712 ́000,000 (eight thousand seven hundred twelve million) correspond
to the Series “A” and 4,356 ́000,000 (four thousand three hundred fifty six million) to Series “B”; the Variable Capital with no redemption rights shall be unlimited. The common ordinary Capital Stock, as well as the capital
represented by Class Shares, both in its Fixed and Variable portions, shall be represented by Series of registered shares with no par value, together with its respective sub-series. Every time

  

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reference is made to a series of shares, Fixed or Variable Capital, it shall be construed as a reference to any sub-series that, as the case may be, have been issued and that shall be identified
with the same letter with which the Series has been identified and a number from 1 (one) and forward, in accordance with the respective sub-series. The common ordinary Capital Stock shall be represented by two Series, both for its Fixed and Variable
portions. The Series “A” shall represent as a minimum the (64%) sixty four per cent of the common ordinary Capital Stock and the Series “B”, or of free subscription, shall represent as a maximum the (36%) thirty-six per
cent. In the event that Class Shares shall exist, and unless an authorization is obtained to treat them as neutral investment in accordance with the Law, at least (64%) sixty-four percent of the Capital Stock represented by this type of shares
shall be subject, in respect to its holders, to the same restrictions applicable to the Series “A” shares of the ordinary capital. All the shares forming part of the common ordinary Capital Stock, except for the characteristics related to
the holdings of each one of the Series and the part of the Capital which they represent, give their holders the same rights and obligations. By no means and neither directly nor indirectly, the shares of the Series “A” may be acquired:
(i) by foreign individuals or foreign legal entities or Mexican legal entities that do not have a foreign exclusion clause, in the understanding that such clause shall be contained both in the by-laws of the acquirer as in the by-laws of
any other company or partnership that directly or indirectly has an interest in the Capital Stock of such acquirer; (ii) by groups, units, associations, trusts, and any entity, with or without legal personality, that admits foreigners,
that is foreign, is one in which, by any form, directly or indirectly, there is intervention of foreigners, or companies in which any foreigners participate (except for the case of Trusts formed by the Company for the issuance of ordinary
participation certificates to be offered to the public investors); (iii) by foreign governments or foreign sovereigns. The Class Shares may be acquired subject to the terms and conditions approved by the Shareholders’ Meeting
authorizing its issuance. In the event of a violation of these restrictions, the acquisition shall be null and the Company shall not recognize the acquirer as the owner nor may the acquirer exercise the corporate rights inherent to the shares. For
the purposes of these by-laws, “Class Shares” are defined as the shares that carry no voting rights, and also those that have limits over other corporate rights, and shares with restricted vote.- ARTICLE 7. ACQUISITION OF OWN SHARES AND
MEASURES TO LIMIT THE SHAREHOLDING OWNERSHIP.- I.- The Company may acquire shares representing its own Capital Stock or negotiable instruments representing them, as well as optional instruments or financial derivative

  

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instruments which may be liquidated in kind that have such shares or negotiable instruments underlying in accordance with the terms and conditions indicated by the applicable Law. The shares or
negotiable instruments that represent such shares that belong to the Company, or, the shares issued but not subscribed maintained in the Treasury, may be placed among the public investors in accordance with the dispositions of the applicable law. So
long the shares are the property of the Company, they may not be represented nor voted in the Shareholders’ Meetings, and no social or economical rights of whatever nature may be exercised. II.- (A).- For purposes of these by-laws, the
following definitions shall apply, whether in their singular or plural form: --- “Shares”: the ones that represent the Capital Stock of the Company; any type of certificate or receipt referred to the shares representing the Capital Stock
of the Company; as well as any other security, negotiable instrument or document that refers to or permits the exercise of, the vote of the corresponding shares representing the Capital Stock of CEMEX, S.A.B. de C.V. --- “CONSORTIUM”:
shall have the meaning established by the Mexican Securities Law. --- “RELATIVE”: person or persons that with respect to each other, have family relationship by consanguinity, affinity or civil, up until the fifth degree in a straight or
collateral line, the spouse, concubine and concubinary. --- “ENCUMBRANCE”: pledges, seizures, trusts (or equivalent figures under foreign Law), or any act or transaction that in any form, limits, restricts or affects, the implicit rights
of the Shares. --- “GROUP OF PERSONS”: shall have the meaning established by the Mexican Securities Law. --- “CORPORATE GROUP”: shall have the meaning established by the Mexican Securities Law. --- “RELATED PARTY”:
shall have the meaning established by the Mexican Securities Law. --- “HOLDING”: the ownership, possession or holding of Shares or the possibility of instructing or exercising the right to vote. --- “TRANSACTION”: Any agreement,
contract, unilateral declaration, stipulation, arrangement and any act that creates, transmits, modifies or extinguishes obligations, including, enunciatively but not limited to, all acts or facts that give or may give place for any exercise or
instruction of the exercise of the vote, or if the ownership, possession or holding of the Shares may be obtained. --- Any Transaction or Encumbrance that may result or results in a possibility, directly or indirectly, to acquire or exercise the
right to vote regarding the Shares that represent a 2% or more of the Capital Stock of the Company, shall be subject to the prior authorization of the Board of Directors. The Board of Directors must decide, within a period of 90 days from the
reception of the written application directed to the President or Secretary of the Board. The application must contain: (i) name, social denomination of the participant(s) in the Transaction or

  

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Encumbrance and the Shares whose Holding they have on the date of the application, (ii) in case of a Group of Persons, Corporate Group, Consortium, Related Parties or Relatives,
provide the details of all the persons involved, indicating their name, social denomination and Shares each holds, as well as who shall exercise the social and economic rights, and (iii) description of the Transactions or Encumbrances.
The Board of Directors, in order to resolve the applications, shall consider the following criteria: a) if it involves Transactions or Encumbrances of qualified investors or institutions in which the public investors participate; b)
the likelihood of the participants in the Transactions or Encumbrances exercising a significant influence or being able to obtain control (as these terms are defined in the applicable law); c) if all the legal dispositions and the by-laws
have been observed, and the persons who wish to participate in the Transactions or Encumbrances have not incurred in any violation of the Law or by-laws or have not complied with the applicable Law or by-laws; d) if the persons who wish to
participate in the Transactions or Encumbrances are competitors of the Company and there is a risk of affecting the free market competition or there could be an access to confidential and privileged information; e) the moral and economic
solvency of the participants; f) the protection of the minority rights and the rights of the workers of the Company and its subsidiaries; and g) maintain an adequate base of investors. If the Board of Directors authorizes the
application, the Transaction or Encumbrance shall be done during the next 10 (ten) days following notification from the Board of such authorization. If done afterwards, the authorization shall be null. II.- (B).- Any Transaction or
Encumbrance that results o may result in a participation equal or greater than 30% of the Capital Stock of the Company, shall oblige, without taking into account whether the participants in the Transaction or Encumbrance wish or not to acquire
control, the execution of a forced public offer for the acquisition for the total of the Shares representing the Company’s Capital Stock. In the event the requirements described in numeral II of this article are not met or exceed the
participations indicated in the paragraphs A and B, the persons involved therein shall not be entitled to exercise the voting rights corresponding to the total of the Shares whose Holding was obtained or is obtained, and therefore, such Shares shall
not be taken into account for the determination of the quorum of attendance and voting in the Shareholders’ Meetings, nor shall the records in the shareholder ledger be done and there shall be no effects of the Registry done by the Institute
for the Deposit of Securities. In order to determine if a specific situation is within numeral II of this Article, the following considerations and criteria shall apply and all the Shares whose holding is obtained, shall be obtained, or is obtained

  

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by virtue of any Transaction or Encumbrance, shall be taken into account (the calculation shall be made regarding the number of shares directly representing the Capital Stock of the Company).
1.- It does not matter if the Transaction or Encumbrance is made abroad. 2.- A single Holding shall be considered regarding each of the participants in the Group of Persons, Corporate Group, Consortium, each Related Party, and each
Relative. 3.- Each Transaction or Encumbrance that may result in obtaining a 2% or more of the Capital Stock must be submitted to authorization. 4.- In case of Trusts established by the Company for the issuance of ordinary
participation certificates to be offered to the public investors, the fiduciary institution shall not be subject to numeral II of this Article or Article 10 of these bylaws. 5.- For the interpretation of these by-laws, the applicable law
shall be taken into account.- ARTICLE 8. MODIFICATIONS TO THE CAPITAL STOCK.- To increase or decrease the Capital Stock and amortize issued shares with undistributed profits, except in accordance with the provisions of Article 7 of these
by-laws, the following procedure shall be followed: The Fixed Capital Stock shall only be increased or decreased by resolution of the General Extraordinary Shareholders’ Meeting, and such Meeting shall also authorize the amortization of issued
shares with distributable profits representing this part of the Capital Stock and the amendments to the limits of the Variable Capital. The Variable Capital Stock shall be increased or decreased by resolution of the General Ordinary
Shareholders’ Meeting, and such Meeting shall also resolve about the amortization of issued Shares representing this part of the Capital Stock with distributable profits; in the event of a capital increase in its Variable part, the Meeting may
delegate to the Board of Directors the authority to determine the terms and conditions under which it shall proceed to the issuance, exhibit and subscription of the respective shares, which once issued and while subscribed shall be held by the
Treasury of the Company. In the event of a capital reduction in the Variable part of its Capital Stock, the Board of Directors, in accordance with applicable legal provisions, may fix the terms and conditions for its implementation. The amortization
of Shares with distributable profits shall be made in accordance with the terms mentioned by the Law. The minutes of the General Ordinary Shareholders ́ Meetings that approve increases or decreases in the variable portion of the Capital Stock
must be notarize, except in the cases where the increases and decreases are the result of the repurchase of shares. In the terms of the applicable law, the Company may increase its Capital Stock by the issuance of non-voting shares, shares with
other limitations in their corporate rights, or shares with restricted vote. The issuance of the shares mentioned in this paragraph shall not exceed the percentage of the Capital Stock 

 

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established by the applicable Law and may be part of the Fixed or Variable portions of the Capital Stock. The non-voting shares shall not be counted for purposes of determining the attendance or
voting quorums at the Shareholders’ Meetings, while the shares with limitations on other corporate rights, or of restricted vote, shall only be counted to determine the attendance and voting quorums in the Shareholders’ Meetings held to
deal with any matters in which such shares have a voting right. Issued Class Shares, as the case may be, shall conform one or several Series with its respective sub-series, each Series shall be identified with two letters of the alphabet, one of
which shall be “A”, “B” or “N”, respectively and depending on whether its holding restrictions are reserved in the terms of these by-laws with respect to the Series “A”, common ordinary Capital, are of free
subscription in the terms of these by-laws with respect to the Series “B” of the common ordinary Capital Stock, or in its case, are considered as neutral investment under which they shall also have free subscription; and the other letter
shall be used to distinguish them from the shares representing the common ordinary Capital Stock and the other Classes that conform the Capital Stock, attaching a progressive number for each sub-series issued. In the event of a Capital Stock
increase, the shareholders holding shares that represent the Capital Stock shall have a preemptive right to subscribe, in proportion to their participation in the same and depending on their participation in the common ordinary capital or in the
capital represented by Class Shares, the shares that in either case are issued. The proportion shall be determined considering only the participation in the issued Capital Stock. The preemptive rights may only be exercised with respect to the same
class of Shares that are held by the shareholder and within the (15) fifteen days following the publication of the resolution of the respective Shareholders’ Meeting, the publication shall be made in the terms provided in these by-laws for
the calls for Shareholders’ Meetings. The preemptive right to subscribe shall not be applicable to increases to the capital through public offers or through the issuance of own shares previously acquired by the Company. The Shareholders shall
also have the right to receive the shares that are issued by means of capitalization of reserves or profits, in the understanding that the shares issued under this concept shall correspond proportionately to all issued Shares. The Shareholders’
Meeting shall determine the nature or class of shares that shall be represented by the Capital Increases made by the capitalization of reserves or profits and only those Shareholders holding common ordinary shares or Class Shares, depending on which
of them are being issued, shall share the benefit of receiving the shares so issued in the proportion of their Holdings in the issued ordinary common Capital Stock or of Class, 

 

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respectively. The Company may issue Treasury Shares to be subscribed afterwards by the public investors, in accordance and subject to the applicable Laws. The shareholders of the variable part of
the Capital Stock of the Company shall not have withdrawal rights. The Company shall keep a Book, which shall be authorized by the Chairman or Secretary of the Board of Directors or by any other officer designated by the Board of Directors for this
purpose. All notes relating to the registration of increases and decreases of the Capital Stock in its Variable portion shall be kept in this Book. ARTICLE 9. CERTIFICATES REPRESENTING THE SHARES.- The Share Certificates and Provisional
Certificates issued in each case, must contain the expressions referred to in the Law and in Articles 5, 7 (regarding the restrictions for the transmission of Shares or to acquire substantial portions of the Capital Stock), 8, and 10 of these
by-laws, regarding the rights and obligations of the shareholders, and must have the signatures of any two Board members appointed by the Board of Directors. The Chairman and Secretary may use a facsimile of their signature, as long as they fulfill
the requirement of the applicable Law. The Share Certificates and provisional certificates must also contain adhered vouchers, to be used when exercising their dividend and preemptive rights. The Board shall determine the number of shares
represented in each Share Certificate and the number of vouchers to be adhered. ARTICLE 10. SHARE REGISTRY AND SIGNIFICANT PARTICIPATIONS.- The Company shall have a Share Registry that must contain: a).- The name, nationality, and
address of the Shareholder, as well as the indication of the shares belonging to him, indicating their number, series, class, and other distinctions; b).- The indication of the payments made taking place; c).- Any encumbrances over the
Shares, as well as of the rights incorporated in them, the limitations of domain, and transfers made. The Registry must also comply with the dispositions established in the applicable law and with Article 7 of these by-laws. The Company shall
consider the person inscribed in the Registry, referred to in this article, as owner of the shares. To this effect, the Company must record in such Registry, when requested by any holder, the transfers, limitations, or liens imposed on them. In case
the Shares or certificates that represent them were deposited in an authorized Institution for the Deposit of Securities, the register shall be made in accordance with the applicable law and with the by-laws. The persons who, in any way and in
accordance with the criteria set forth in numeral II of Article 7 of these by-laws, obtain a participation of 5%, 10%, 15%, 20%, 25% or 30% must inform the Company within a period of 5 (five) working days following the day in which such percentage
of ownership is obtained or exceeded. For purposes of calculating such percentages, 
  

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numeral II of article 7 of these by-laws shall apply. In the case of Corporate Groups, Groups of Persons, or Consortiums, the obligation to notify applies to all the persons that are considered
members of such groups. The notice given to the Company, referenced in this Article, shall include the name of the person or persons that have the ownership and the rights or faculties acquired, the authorization from the Board in those cases
described in Article 7 of these by-laws, and the data needed to identify the persons regarding the ones for which Shares are grouped for Ownership. In case of non compliance with the provisions of this Article, regarding notices of significant
participations, the corresponding Shares shall not be represented in the Meeting. The Company shall keep a registry of significant participations, where names, nationality and domicile of the persons whose names are in the instruments or respective
certificates, as well as the relation, agreement or arrangement that exists between them and the information necessary in order to verify the compliance of these by-laws, shall be registered. Only those who are registered may represent the
respective shares in the Shareholders’ Meeting. The shareholders must, additionally, comply with what the applicable law establishes regarding acquisitions of securities subject to disclosure and disclosure of contracts and agreements between
shareholders. In order to comply with the obligations to notify, this Article shall apply. Only those that have complied with these bylaws and the applicable law shall be able to exercise or instruct the exercise of the corresponding voting rights.
In case of non compliance with what is stated in these by-laws, the registration in the Registry of Shares shall not take place and all the transactions made by an institution for the deposit of securities shall have no legal effect whatsoever
before the Company. ARTICLE 11. SHAREHOLDER ́S MEETING.- The General Meeting is the supreme decision organ of the Company, and it may resolve and ratify all of the resolutions and acts of the same. It shall have no limitation on its
powers other than as mentioned in the Law and in these by-laws. In the event that the Capital Stock of the Company, in addition to the common ordinary shares, is represented by shares of other classes, all proposals that may affect the rights
conferred to Shareholders holding shares of such classes shall be previously accepted by the class so affected in a Special Shareholders’ Meeting in which the attendance and voting quorums applicable to the Extraordinary Shareholders’
Meetings shall be applied, which shall be counted in reference to the total number of shares of each respective class. The class Shareholders’ Meetings shall be held in the social domicile and shall be subject to the provisions of Articles 13,
14 and 15 of these by-laws, and the Shareholder designated by the Shareholders present thereat shall act as Chairman and 

 

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the Secretary of the Company shall act as Secretary or in his absence, whoever the Shareholders designate. ARTICLE 12. COMPETENCE OF THE SHAREHOLDERS’ MEETINGS.- The Ordinary General
Meeting shall meet at least once a year, once the immediate preceding fiscal year ends, in the corporate domicile, on the date specified by the Board of Directors in accordance with applicable law. The Annual Ordinary General Meeting held because of
the closing of the fiscal year, shall deal with the following, in accordance with the applicable law: (a) annual reports regarding the activities corresponding to the Corporate Practices and Audit Committees; (b) annual
report of the Chief Executive Officer, accompanied with the report from the external auditor; (c) opinion of the Board of Directors regarding the contents of the annual report of the Chief Executive Officer; (d) the annual
report of the Board of Directors declaring and explaining the main policies and accounting and information criteria followed in the preparation of the financial information; (e) the report of the Board of Directors regarding the
operations and activities in which it has participated; (f) the election, removal or substitution of the members of the Board of Directors, and their level of independence; additionally, the Ordinary Meeting shall approve the operations
that the Company or the companies controlled by the Company wish to undertake during one fiscal year, when they represent 20% (twenty percent) or more of the net worth of the Company, based on amounts corresponding to the closing of the immediate
preceding trimester of the date the Meeting is held, independent from the way they are executed, simultaneously or progressively, but that, because of their characteristics, may be considered as one operation; in such Meetings the shareholders that
have shares with voting rights may vote, including the ones that have a limited or restricted vote; and (g) all other matters that are part of their faculties in accordance with these bylaws or the applicable law. Extraordinary General
Meetings shall have the competence over the matters established in the applicable law and in the by-laws. Ordinary and Extraordinary Meetings shall meet whenever called. ARTICLE 13. CALLS.- The calls for Shareholders’ Meetings shall be
made by the Board of Directors or by the Corporate Practices or Audit Committees, with the exception of those rights granted by Law to the shareholders to legally publish the Calls. The Call shall be made through an announcement published in the
Official Gazette of the State or in any of the major daily newspapers in the corporate domicile, at least fifteen days prior to the date set for the Meeting. The Call shall state the place, day and time at which the Meeting shall be held and shall
contain the Agenda, which shall not include matters under the title of “general” or equivalents. A Call shall not be required if all the shares in their entirety are represented 

 

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when the Meeting is installed and the votes are taken. When a quorum is not obtained for a Meeting, a minute shall be drawn-up in the respective Book, evidencing such circumstance, and said
minute shall be signed by the Chairman and Secretary as well as by the appointed Tellers, setting forth the date of the newspaper in which the call was published. If such should be the case, a second Call, so noted, shall be published just once in
the Official Gazette or another major daily paper in the corporate domicile, at least fifteen days prior to the date set for the Meeting. The Shareholders that are Owners of shares with voting right, including in a limited or restrictive form, that
represent at least 10% (ten percent) of the Capital Stock subscribed and paid, shall be able to request to the Chairman of the Board of Directors or of the Corporate Practices or Audit Committees, in any moment, that a General Shareholders Meeting
takes place, in the terms of the applicable law. Any Shareholder may request the Chairman of the Board of Directors that a General Shareholders Meeting takes place, in the terms of the applicable law, when, for any cause, the minimum number
required, for a Meeting to be held, of members of the Corporate Practices and Audit Committees is not present and the Board of Directors has not made the provisional corresponding appointments. From the publication of the Call for the
Shareholders’ Meetings, information and documents regarding every and all of the matters included in the Agenda shall be made available to the Shareholders, in the offices of the Company and at no cost. ARTICLE 14. ATTENDANCE TO THE
SHAREHOLDERS’ MEETINGS.- In order to attend and participate in the General Meetings of Shareholders, the Shareholders with the right to vote shall deposit their shares at the corporate offices, in a Mexican credit institution or a brokerage
firm, operating in accordance with the Mexican Securities Law. The Certificate of Deposit and, as the case may be, the list of Owners issued by the broker shall be delivered in the office of the Secretary of the Company at least 48 hours prior to
the time set for the Meeting. In addition, it is necessary to observe the dispositions of Articles 7 and 10 of these by-laws regarding the Shares intended to be represented in the Meeting. The Secretary, in exchange for the aforesaid certificate of
deposit, shall list, and after checking the compliance with the by-laws regarding Articles 7 and 10, shall issue a deposit voucher that verifies the shareholders’ standing as such and the number of shares represented. Said voucher shall
authorize the person to whom it has been issued to attend the Meeting. The deposited shares or respective certificates shall only be returned to the Shareholders when the Meeting has been concluded, and in exchange for the voucher issued by the
Secretary. The Secretary shall have the documents referred to herein, at the disposal of 
  

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the Tellers appointed to act as such at the respective Meeting, so that, at the end of the respective registration period, they may prepare the Attendance List of the Shareholders who have right
to attend that Meeting. ARTICLE 15. SHAREHOLDERS’ REPRESENTATION.- Every Shareholder has the right, subject to compliance with these by-laws, to attend the Meetings, personally or through Proxy. If attending by Proxy, it shall be
necessary to obtain a simple power of attorney, granted in accordance with the forms created by the Company and that shall be at the disposal of the shareholders, including the brokers in the Stock Exchange, during the term indicated by the Law. The
forms shall contain the following: (a) clearly name the Company and the Agenda without mentioning under the title “General Matters”, the items referred to by the applicable law, and (b) a space for including the
instructions for exercise of the Power of Attorney indicated by the grantor of such Power of Attorney. The Secretary of the Board of Directors shall verify that this Article is observed and shall inform the Meeting thereof. ARTICLE 16.
INSTALLATION OF THE SHAREHOLDERS’ MEETINGS.- The General Ordinary Shareholders’ Meeting shall be considered legitimately installed in its first call, if at least 50% of the total number of voting shares representing the Capital Stock
are present thereat. In the event of a second call, the General Ordinary Shareholders’ Meeting shall be deemed installed regardless of the number of voting shares that are present thereat. The General Extraordinary Shareholders’ Meeting
shall be considered legitimately installed in its first call, if at least three fourths of the total number of voting shares representing the Capital Stock are present thereat, and in the event of a second call, if at least 50% per cent of the
total number of voting shares representing the Capital Stock are present thereat. ARTICLE 17. DEVELOPMENT OF THE SHAREHOLDERS’ MEETINGS.- The Meeting shall be chaired by the Chairman of the Board of Directors or who normally substitutes
him in the practice of his functions. In their absence, the Meeting shall be chaired by the Shareholder appointed by the absolute majority of those present. The Secretary of the Meeting shall be the person who is the Secretary of the Board of
Directors or in his absence, the person appointed by the majority of the shareholders and proxies present thereat. The voting shall be simple unless the shareholders representing at least 20% of the Capital Stock request that the voting be nominal.
The Chairman of the Board of Directors shall appoint two Tellers, having the possibility of doing so in writing once the call for the Meeting is published. In the case of absence of the Tellers so appointed, a new designation may be made. The
Tellers present at the Meeting shall determine, with the documentation available and the Attendance List formulated for said effect, the number of 
  

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legally represented shares. If by any reason the Agenda was not totally discussed in the date for which the Meeting had been called, such Meeting shall continue to be open during the immediate
following days and until all items on the Agenda are dealt with. The Shareholders owning shares with voting rights, including in a limited or restrictive form, duly represented in the Meeting and that represent at least 10% (ten percent) of the
Capital Stock subscribed and paid, shall have the right to request the deferral of the voting on any matter for which they considered themselves not to be well informed, abiding to the terms and conditions indicated by the General Corporations Law.
ARTICLE 18. VOTING RIGHTS AND QUOROUM OF THE SHAREHOLDERS’ MEETINGS.- In all Meetings, each common ordinary share shall be entitled to one vote. This principle shall be subject to applicable legal provisions and to the provisions of
these by-laws, with exception to those cases of shares temporarily re-acquired by the Company as referred to in numeral I of Article 7; to the non-voting shares, as well as to, or with the limitation to other corporate rights, and any shares with
limited vote in accordance with the applicable law and the resolutions of the Shareholders’ Meeting in which its issuance has been approved; as well as to those cases contemplated by numeral II of Article 7 and Article 10 of these by-laws. In
all Ordinary Shareholders’ Meetings, the resolutions shall be valid with the affirmative vote of the majority of the votes of the voting-shares present thereat. In the Extraordinary Shareholders’ Meetings, the resolutions shall only be
valid if approved by the affirmative vote of the voting-shares representing at least (50%) fifty per cent of the Capital Stock with voting rights, except in the case of amendments to Articles 7 (except for the acquisitions of own shares), 10,
and 22, in which it shall be required to obtain approval of (75%) seventy-five percent of the voting shares as well as those cases that in accordance with the Law, require a special quorum. It shall be left to the Tellers, who shall sign the
respective minute, to verify that the quorums so indicated are complied with. The Shareholders, Owners of shares with voting rights, including in a limited or restrictive form, that represent at least 20% of the Capital Stock subscribed and paid,
shall have the right to judicially oppose to the resolutions of the General Meetings, regarding those items where they have voting rights, whenever the provisions stated in applicable law, for these purposes, are observed. The shareholders owning
shares with voting rights, limited or restricted, who jointly or individually own 10% of the Capital Stock, may request the postponement, only once, by 3 days and without the need for a new call, of the voting of any matter which they feel they have
not been sufficiently informed of. ARTICLE 19. INTEGRATION OF THE BOARD.- The Board of Directors shall be composed of a maximum of twenty one (21)
  

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Regular Board Members, where at least 25% (twenty-five percent) must be independent in accordance with the applicable Law. A Shareholders’ Meeting may designate Alternate Board Members. The
Alternate Board Members shall become part of the Board of Directors only in such cases of temporary or permanent absences of the Regular Board Members. The person appointed as Chairman of the Board of Directors shall be designated by the
Shareholders’ Meeting; the Shareholders’ Meeting or the Board of Directors shall designate the Secretary, whom may not be a Board Member. The Board Members, Regular or Alternate, shall remain in their position, even if their term has
expired or because of their resignation, up until 30 days from such event. In case any of the Board Members is absent, or the appointed one does not take charge of such appointment, and no alternate has been appointed, or such alternate does not
take charge of such appointment, the Board of Directors may appoint provisional members, without the intervention of the Shareholders’ Meeting, who shall ratify such appointments or appoint the substitute members in the next Meeting from such
event. The Alternate Board Members, in the order in which they were appointed, shall substitute the Regular Members; in case the number of Alternate Board Members designated is less than the number of Board Members, each Alternate Board Member shall
substitute the Board Member that corresponds according to the designation order of the Alternate Board Members, and once the Alternate Board Members have been appointed, this procedure shall be repeated until designating each Board Member its own
Alternate Board Member, under which cases an Alternate Board Member can have that character with respects to one or more Regular Board Members, in the understanding that Alternate Board Members of Regular Board Members who are independent must have
that same character. The Regular Board Members can only be substituted in their absences by the Alternate Board Member that corresponds in accordance to the designation. The independent Board Members and their alternates must be appointed in
accordance with the dispositions of the applicable Law and these by-laws, and those who cease to have such character must notify the Board of Directors in its next Meeting at the latest. ARTICLE 20. MINORITY RIGHTS IN THE APPOINTMENT OF THE
BOARD.- All shareholders owning shares with voting rights, including limited and restricted, who individually or jointly own 10% of the Capital Stock of the Company, shall have the right to appoint and revoke, in the General Shareholders
Meeting, a member of the Board of Directors. Such appointment may only be revoked by the other shareholders when all the other appointments of the members are revoked, in which case, the substituted persons may not be appointed with such character

  

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during the next twelve months following the date of such revocation. In such case, the minority shareholders must refrain from taking part in the election of the Board referred to by Article 19
of the by-laws, limiting their actions to appointing by majority of votes, a member of the Board of Directors. ARTICLE 21. HONORARY CHAIRMAN.- The General Shareholders Meeting may, through a resolution, appoint as Honorary Chairman of the
Company a person that deserves such appointment due to his achievements within the Company. The Honorary Chairman must keep confidential the information or matters of the Company that he is aware of, when such information is not of public domain.
The Honorary Chairman shall not be subject to the responsibilities established in the applicable law for Board members and relevant executives; he shall have voice without vote whenever he attends to the Meetings of the Board of Directors, The
Honorary Chairman may not adopt resolutions that transcend in a significant way the administrative, financial, operational or legal situation of the Company or corporate group to which it belongs. ARTICLE 22. RESTRICTION TO BECOME A BOARD
MEMBER.- The following persons cannot be Board Members of the Company: a) Persons with no legal capacity.- b) Persons who, in accordance with the Law, may not engage in commercial transactions; c) Those who, during the
twelve months immediately preceding the election, have held a position as external auditors of the Company or any of the companies part of the corporate group; d) Those who have been substituted in their appointment by revocation, in which
case they can not be appointed with such character during the twelve months following the date of revocation; e) Those who have past due obligations with the Company not duly guaranteed; f) Those who, during the fiscal year immediately
preceding the election (either with or without interruptions) have held a position in, acted as representatives or attorneys-in-fact in any form of, have been shareholders or have participated (directly or indirectly) in 5% or more of the Capital
Stock or assets of, or have rendered services through any form to: persons or entities (either incorporated or not) (except those companies in which Cemex, S.A.B de C.V. has direct or indirect participation with a minimum of 40% of the Capital
Stock) and whose activity is related to the production or distribution of cement or its derivatives (persons or entities includes those that at the same time are shareholders or participate in the management, either directly or indirectly, of the
person or entity dedicated to the above mentioned activity, and also those in which the latter is a shareholder or participate in the management, either directly or indirectly), or g) those who have participated in an act that implicates a
violation to the bylaws, Laws and applicable rules. Board members who, after being appointed, are found to be in one of the cases or 
  

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situations described above, shall have to renounce and shall not be able to perform their functions again, except with a new election and after the restriction has been eliminated. ARTICLE
23. BOARD MEETINGS.- The Board of Directors shall gather at least four times during each fiscal year. The Chairman of the Board of Directors and of the Corporate Practices and Audit Committees, as well as 25% (twenty five percent) of the Board
Members, can call a Board Meeting and include in the agenda such items as they consider pertinent. The Company’s external auditor may be called to the Board of Director Meetings, as an invitee with voice but without vote, and shall abstain from
being present during the discussion of those items on the agenda in which he has a conflict of interest or that could impair his independence as defined by the Law. The Meeting shall be considered duly installed with the presence of the majority of
the Board Members, who shall make their decisions by an absolute majority of the Board Members there present. Minutes shall be drawn up for each of the Meetings of the Board, which shall contain the topics and items discussed; said minutes must be
signed by the Chairman and Secretary who acted as such during said Meeting. The Board may adopt resolutions without a Meeting through the unanimous consent of its members. Such resolutions shall be confirmed in writing. All information presented to
the Board of Directors, whether of the Company or of its controlled entities, shall be signed by the persons responsible for its content and drafting. ARTICLE 24. FACULTIES OF THE CHAIRMAN OF THE BOARD.– The Chairman of the Board of
Directors shall have, except for any modifications, restrictions or additional responsibilities that the General Shareholders’ Meeting or the Law may determine, the following faculties, obligations, attributions, and powers: I.- Execute
or procure the execution of the resolutions of the General Shareholders’ Meetings and the Board of Directors, doing anything that is necessary or prudent in order to protect the Company’s interests, without affecting the faculties that the
Shareholders’ Meeting, the Board or the Law may confer to the Chief Executive Officer. II.- Submit proposals to the Board of Directors regarding the independent directors that shall integrate the Corporate Practices and Audit Committees,
as well as the provisional directors that shall be designated by the Board, if necessary. III.- Chair the Shareholders’ Meetings and the Board Meetings, having a quality vote in the Board’s Resolutions in the case of a tie. IV.-
Prepare, sign and publish the calls for the General Shareholders’ Meetings and summon the Board of Directors’ Meetings. V.- Represent the Company before any type of authority, company or individual. Any absence of the Chairman
shall be covered by the Board Member appointed by the Board of Directors. ARTICLE 25. 
  

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 APPOINTMENT OF THE SECRETARY OF THE BOARD.- In case the Shareholders’ Meeting
does not prepare it, the Board of Directors shall appoint a Secretary, who may not be a Board Member and who shall be subject to the obligations and responsibilities established by the Law, being this appointment revocable at any time. ARTICLE
26. DUTIES AND RESPONSIBILITIES OF THE BOARD MEMBERS.- The General Ordinary Shareholders’ Meeting may establish the obligation that the Board Members and Secretary of the Board, the Chief Executive Officer and the Relevant Executives
referred to by the applicable Law, grant a guarantee to cover the liabilities in which they may incur as a result of the performance of their position. The Board Members shall perform their duties in a value-creating manner for the benefit of the
Company, without favoring a specific shareholder or group of shareholders, and shall therefore act diligently and in good faith by adopting informed decisions; and shall comply with their duty of care and loyalty, abstaining from engaging in illicit
acts or activities, as established by the applicable Law. The liability for breach of these fiduciary duties or for engaging in illicit acts or activities shall consist of indemnifying the Company for the damages and costs suffered, and the
responsible individuals shall be removed from their positions as established by applicable Laws. With respect to liabilities arising from the breach of the duty of care, and only when the relevant acts were not done willfully, in bad faith or are
not illegal, indemnities or insurance may be contracted for the Board Members or the Secretary. In no other case may such indemnity or insurance be granted or contracted. The right to bring actions based on the breach of the fiduciary duties or on
the committing of illicit acts or activities as established by the Law, shall be exclusively on behalf of the Company or of the individual who is controlled by the Company or in which the Company has significant influence, that suffers the economic
damage, and may be enforced by the Company, through the resolution previously adopted in the General Extraordinary Shareholders’ Meeting, or by the shareholders who, individually or in group, hold voting shares, including shares with limited or
restricted voting rights, that represent 5% or more of the Company’s Capital Stock, with disregard of the fulfillment of the requirements established by the General Corporations Law for suing management for their civil responsibility. With
respect to liability claims brought on behalf of controlled companies or of those where the Company has substantial influence, these shall be independent of other claims that should be brought under the General Corporations Law, and if such claims
are brought by the Sociedad Anónima Bursátil, the prior approval by the General Extraordinary Shareholders’ Meeting shall be required. In the event that the shares representing the Capital Stock of 

 

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the Company are placed among the public through negotiable instruments representing such shares, issued by fiduciary institutions under a trust, the right to bring the liability claim shall
correspond to the fiduciary institution and to the holders of such instruments that represent 5% or more of the Company’s Capital Stock.... ARTICLE 27. RESPONSIBILITIES OF THE BOARD.- It is the responsibility of the Board of Directors
to: I.- Establish the general strategies for conducting the Company’s business and other companies controlled by it. II.- Monitor the managing and handling of the Company and of the other companies controlled by it, considering
the importance that the latter have in the financial, administrative and legal situation of the Company, as well as the performance of the Relevant Executives. III.- Approve, with the prior opinion of the Audit and Corporate Practices
Committees: A) The policies and guidelines for the use of the Company’s assets and the assets of other companies controlled by it, by related parties. B) Each related party transaction that the Company or other companies
controlled by it plan to enter into. C) Transactions that are executed, either simultaneously or successively, that may be considered as one single transaction given their characteristics, and that the Company or the companies controlled by
it plan to enter into, during a fiscal year, when these are unusual or non-recurrent, or else, when their total value represents, based on numbers corresponding to the end of the immediately preceding quarter in any of the following scenarios: 1.
The purchase or sale of assets with a value equal or greater than 5% of the consolidated assets of the Company. 2. The granting of guarantees or the assumption of liabilities for a total sum equal or greater than 5% of the consolidated
assets of the Company. Investments in debt securities or financial instruments shall not be covered by this provision whenever these are made in accordance with the policies that for such purpose are issued by the Board of Directors. D) The
appointment, election, and, as the case may be, removal of the Chief Executive Officer of the Company, and its compensation, as well as the policies for the appointment and compensation of other Relevant Executives. E) The policies for
extending credit or personal guarantees to related parties. F) Waivers granted so that a Board Member, Relevant Executive or any other individual with power to command, can take personal advantage or for third parties of corporate
opportunities belonging to the Company or to other companies controlled by it or where the Company has substantial influence. Waivers for transactions with a total value less than what is mentioned in Section C) of this numeral III may be delegated
to the Audit and Corporate Practices Committees. G) The guidelines with respect to internal controls and the internal audit of the Company and of the other companies controlled by it. H) The 

 

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accounting policies of the Company, adjusting them to the accounting principles recognized or issued by the National Banking and Securities Commission. I) The Company’s financial
statements. J) The hiring of the firm that shall render the external audit services and, if applicable, of additional or complementary services. IV.- Present to the General Shareholders’ Meeting held after the end of the fiscal
year: A) the annual report regarding the activities of the Audit and Corporate Practices Committees. B) The report prepared by the Chief Executive Officer, according to the Law, together with the report of the external auditor. C)
The Board of Director’s opinion regarding the content of the Chief Executive Officer’s report mentioned in the preceding section. D) The report mentioned in Article 172, section b) of the General Corporations Law, which contains
the main accounting and information policies and criteria to be used in preparing the financial information. E) The report on the activities and transactions in which it intervened as required by the applicable Law. V.- Follow-up on
the main risks to which the Company and the other companies controlled by it are exposed, identified based on the information presented to the committees, the Chief Executive Officer and the firm that serves as external auditor, as well as the
accounting, internal control and internal audit, registry, archive or information systems of the Company or the other companies controlled by it. This task may be done through the conduit of the Audit and Corporate Practices Committee. VI.-
Approve the policies for information and communication with shareholders and the market, as well as with the Board Members and Relevant Executives, in order to comply with the Law. VII.- Determine the corresponding course of action in
order to correct any irregularities it is aware of and to implement the applicable corrective measures. VIII.- Establish the terms and conditions to which the Chief Executive Director shall abide in the exercise of its powers of
administration. IX.- Order the Chief Executive Officer to disclose to the public those material events that it has knowledge of. X.- Manage the businesses and assets of the Company, with full management power, under the terms of
Article 2,554 (two thousand five hundred and fifty-four), Second paragraph of the Federal District Civil Code, and its correlative Article 2,448 (two thousand four hundred and forty-eight) of the State of Nuevo Leon. XI.- Perform the domain
over movable and real estate assets of the Company, as well as over their real and personal rights, under the terms of the third paragraph of Article 2,554 (two thousand five hundred and fifty-four) of the Federal District Civil Code and its
correlative article 2,448 (two thousand four hundred and forty eight) of the Civil Code for the State of Nuevo Leon. XII.- Represent the Company before any type of administrative or judicial authorities of the Municipality, State or Country,
as well as 
  

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before the labor authorities or any other authority, or before arbitrators, with a vast power, including those faculties requiring a special clause according to the Law, under the provisions of
the first paragraph of Article 2,554 (two thousand five hundred and fifty-four) of the Federal District Civil Code and its correlative Article 2,448 (two thousand four hundred and forty-eight) of the Civil Code for the State of Nuevo Leon, and file
legal suits, complaints and criminal accusations, being also able to act as a civil party in criminal cases, and grant remission, as well as to present Juicios de Amparo and waive the company’s rights under them. XIII.- Grant and
subscribe negotiable instruments on behalf of the Company, contribute with movable and real estate assets of the Company to other companies, and subscribe shares or take a participation in other companies, with the exception of those restrictions
established by the applicable Law. XIV.- Grant avales, Securities, and generally guarantee, even with mortgage or pledge, duties from third parties with or without counter benefits, and therefore execute negotiable instruments,
contracts and other documents that are necessary for the granting of said guarantees, with the exception of those restrictions established by the applicable Law. XV.- Monitor compliance with the resolutions of the Shareholders’ Meetings.
XVI.- Grant or deny the authorizations referred to in article 7 of these by-laws. XVII.- Any other responsibility established by the Law in accordance with the functions that the Law grants to the Board of Directors and that are not
reserved for the General Shareholders’ Meeting. Approval from the Board of Directors shall not be required for the following transactions, each individually, entered between related parties and the Company or the companies controlled by it, if
such transactions adhere to the policies and guidelines approved by the Board of Directors for such purpose: (a) those transactions that, based on their value, are not material to the Company or those companies controlled by it;
(b) transactions entered into by the Company and the companies controlled by it or companies where the Company has substantial influence or entered by any of latter, whenever such transactions are part of the Company’s business
scope or are considered made at market prices or supported on valuations made by external specialized firms; and (c) transactions with employees, whenever these are entered under the same conditions as with other clients or as a result
of the rendering of general professional services. The Board of Directors may only delegate its faculties under numerals X, XI, XII, XIII, and XIV above, and the attorneys-in-fact to whom they delegate those faculties are hereby duly authorized to
delegate once more the faculties that have been delegated to them; with respect to section F) of numeral III, delegation shall be made as established therein, all other faculties correspond 

 

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exclusively to the Board of Directors. ARTICLE 28. CHIEF EXECUTIVE OFFICER.- The management, direction and execution of the business of Company and of the companies controlled by it shall
be the responsibility of the Chief Executive Officer, who shall abide to the strategies, policies and guidelines approved by the Board of Directors. The Chief Executive Officer shall have the signature of the Company, and shall have the following
faculties, duties and obligations: I.- Represent the Company with general powers for act of administration, to manage the businesses and corporate assets with the ampleness of the second paragraph of Article 2554 of the Federal District Civil
Code and its correlative Articles in the Civil Codes of any and all States of the Republic of Mexico, and Article 10 of the General Corporations Law. II.- Represent the Company with general power for lawsuits and collections, with all the
general and special powers requiring special power or clause, without ay limitation whatsoever, with the ampleness of the first paragraph of Article 2554 and 2587 of the Federal District Civil Code, and its correlative Articles in the Civil Codes of
any and all States of the Republic of Mexico, as well as the power to represent the Company in labor disputes, with the attributions, obligations and rights prescribed in the Federal Employment Law. III.- Execute acts of domain over the
corporate assets, as well as over their personal and real rights, whether movable or real estate assets, with the powers that correspond per the Law to the owner pursuant to the terms of the third paragraph of Article 2554 of the Federal District
Civil Code and the correlative Article 2448 of the State of Nuevo Leon. IV.- Exercise the voting rights of those shares issued by those subsidiaries owned by the Company, complying with the Law. V.- Organize, manage and direct the
personnel and the assets and businesses of the Company as instructed by the Board and to collect and make payments. VI.- Enter into agreements, execute negotiable instruments that are to be issued, accepted, endorsed or guaranteed, and all
other documents related to his attributions, and execute those acts that are required for the ordinary course of business whenever they abide to the policies and guidelines that are approved by the Board of Directors for such purposes. VII.-
Designate the Relevant Executives that shall assist him in the exercise of his functions and due fulfillment of his obligations, as well as any other employees he deems convenient. VIII.- Grant and revoke general and special powers, as
well as to delegate, all or part of his faculties, including the power to authorize the attorney-in-fact to whom he delegated Powers so that the latter can likewise delegate the faculties he deems convenient, including such power of delegation.
IX.- All other faculties, obligations and responsibilities established by the Law and that are not reserved to the General Shareholders’ Meeting or to the Board of Directors. The Board 

 

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of Directors may broaden or restrict the faculties of the Chief Executive Officer. The Chief Executive Officer and Relevant Executives shall conduct their positions in a manner that looks after
the creation of value for the Company, without favoring a specific shareholder or group of shareholders. For this purpose they shall act with due diligence, making informed decisions and complying with the duties imposed by the Law or these by-laws.
The Chief Executive Officer and the Relevant Directors shall be responsible for damages and losses caused to the Company or to other companies controlled by it, as determined by the Law. ARTICLE 29. MANAGING POSITIONS.- The Board of Directors
may appoint managers and sub-managers, who shall be under the immediate orders of the Chief Executive Officer. It shall delegate among them the different attributions that shall correspond to them. The managers and sub-managers shall have the duties
and obligations expressed in the Power issued for said effect. ARTICLE 30. FACULTIES OF THE SECRETARY OF THE BOARD.- The Board may designate, among its Members, one or more delegates for executing specific acts. The Secretary of the Board of
Directors shall have the following faculties, obligations and attributions: A).- Draft, sign and publish the calls and notifications for the Shareholders’ Meetings, and if applicable, call the Meetings of the Board of Directors and of
the Corporate Practices and Audit Committees. B).- Participate with voice, but without vote, in the Board of Director Meetings. C).- Maintain the confidentiality of the information and issues that he becomes aware of as part of his
position in the Company, when such information and issues are not deemed public. D).- Attend all of the General Shareholders’ Meetings and Board of Director Meetings, draft and sign the corresponding minutes, and keep the Minute Books of
the General Shareholders’ Meetings and Board of Director Meetings as established by Law. E).- Sign the minutes prepared in such Meetings, as well as authenticate such acts or resolutions contained in such minutes for all applicable legal
effects. F).- Act as the special designated representative of the Company to appear before a notary public and obtain the complete or partial protocolization of the minutes prepared at the General Shareholders’ Meetings and the Board of
Director Meetings. G).- Issue any required proofs or authentications of the legal representation of the Company and of records inserted in the Shareholder Ledger. ARTICLE 31. COMMITTEES.- To fulfill its responsibilities, the Board of
Directors shall be assisted by the Audit and Corporate Practices Committees, which shall be only comprised of independent directors and at least with three of such directors as appointed by the General Shareholders’ Meeting or by the Board of
Directors, as per the proposal made by the Chairman of such Board. The Chairman of the Audit and Corporate Practices 
  

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Committees shall be appointed and removed from office exclusively by the General Shareholders’ Meeting, and shall not be able to chair the Board of Directors. The Secretary of the Board of
Directors shall also be the Secretary of the Audit and Corporate Practices Committees, but he shall not be a member of such Committees. The Chairmen of the Audit and Corporate Practices Committees may call Board of Director Meetings and insert in
the agenda the items they deem pertinent. With respect to corporate practices, the Committee shall: (a) Provide its opinion to the Board of Directors with respect to those issues that are relevant to it, as provided by the Law.
(b) Request opinions from independent experts whenever it deems it necessary for the efficient performance of its duties o whenever required by Law; (c) Call General Shareholders’ Meetings and insert in such
Meetings’ agendas those items that it deems pertinent. (d) Assist the Board of Directors in preparing the reports referenced in Article 28, section IV, letters d) and e) of the Mexican Securities Law. (e) Perform all
other duties established by the Law or in these by-laws. With respect to audit matters, the Committee shall: (a) Provide its opinion to the Board of Directors with respect to those issues that are relevant to it, as provided by the Law.
(b) Evaluate the performance of the firm that renders the external audit services, as well as analyze the report, opinions or notices prepared and issued by the external auditor; to this effect, the Committee may request the external
auditor’s presence whenever it deems it convenient, in addition to its duty to meet with the external auditor at least once a year. (c) Discuss the Company’s financial statements with the persons involved in their preparation
and revision, and based on this, recommend the Board of Directors to approve or disapprove the financial statements. (d) Inform the Board of Directors about the condition of the internal control and internal audit systems of the Company
and the companies controlled by it, including any irregularities that it detects, if so is the case. (e) Prepare the opinion referenced in Article 28, section IV, letter c) of the Mexican Securities Law and submit it to the Board of
Director’s consideration, for its later presentation to the Shareholders’ Meeting, aiding itself with, among other things, the report of the external auditor; such opinion shall indicate, at the least: 1.- Whether the policies and
accounting and information criteria followed by the Company are adequate and sufficient based on the particular circumstances of the Company. 2.- Whether such policies and criteria have been consistently applied to the information presented
by the Chief Executive Officer. 3.- Whether, as the result of numbers 1. and 2. above, the information presented by the Chief Executive Officer reasonably reflects the financial results and condition of the Company. (f) Assist the
Board of Directors in the preparation of the reports referenced in Article 28, 
  

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section IV, letters d) and e) of the Mexican Securities Law. (g) Supervise that the transactions referenced in Articles 28, section III and 47 of the Mexican Securities Law are
conducted in compliance with the Law and with the policies issued as per such legal dispositions. (h) Request opinions from independent experts whenever it deems it necessary for the efficient performance of its duties o whenever
required by Law. (i) Request from the Relevant Directors and any other employees of the Company or other companies controlled by it, any reports related to the preparation of financial information or any other report that he deems
necessary for performing its duties. (j) Investigate possible non-compliance that he is aware of, with the operations, guidelines and policies, internal control, internal audit and accounting record systems, whether by the Company or any
other company controlled by it; to this effect, it shall conduct and examination of the documents, files and any other evidence, to the extent this is necessary to perform such surveillance. (k) Receive any observations made by the
Shareholders, Directors, Relevant Executives, employees, and any other third party, with respect to the matters described in letter (j) above, and take any action that, under its judgment, may be taken as a result of such observations.
(l) Request periodic meetings with the Relevant Directors, as well as the submittal of information related to the internal control and internal audit of the Company or other companies controlled by it. (m) Inform the Board of
Directors of any material irregularities it detects during the performance of its duties and, if applicable, of the corrective actions adopted or suggest such actions that must be adopted. (n) Call Shareholder Meetings and request the
inclusion in the agenda of those items that it deems pertinent. (o) Monitor that the Chief Executive Officer performs the resolutions adopted at the Shareholders’ Meetings and the Board of Director Meetings, based on the
instructions that, for such purposes, are dictated by such Meetings. (p) Monitor the establishment of mechanisms and internal controls that allow verifying that acts and transactions of the Company and other companies controlled by it
are in compliance with the applicable Law, as well as implement methods that enable reviewing compliance of the aforementioned duties. (q) Perform all other duties established by the Law or in these by-laws pursuant the responsibilities
provided herein. The annual report on the Audit and Corporate Practices Committees’ activities shall be prepared by the Chairmen of such Committees and presented to the Board of Directors. The Audit and Corporate Practices Committees shall
gather as many times as necessary, having the right to call such meetings the Chairman of the Board of Directors, 25% of the Board Members, The Chief Executive Officer, or the Chairman of such Committee. The decisions shall be made by majority of
votes, having 
  

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the Chairman a deciding vote in case of a tie; and it shall require the attendance of the majority of its members in order to have a valid meeting. The Alternates of those Directors members of
the Audit and Corporate Practices Committee, shall also have the same position regarding the integration of this Committee. In those Committee meetings where the Chairman and/or Secretary were absent, the attending members shall appoint among them,
by majority vote, those who shall act as Chairman and Secretary for that particular meeting. The Committees shall keep a minute book of their meetings, where the minutes of every meeting shall be kept with the signature of whoever acted as Chairman
and Secretary. One single Committee may perform the functions of both, the Audit and the Corporate Practices Committees. ARTICLE 32. COMPENSATION OF THE BOARD.- The Members of the Board of Directors and their Alternates, as well as the
members of the Audit and Corporate Practices Committees, shall be remunerated for their services in the amounts determined by the General Shareholders’ Meeting. ARTICLE 33. SURVEILLANCE OF THE COMPANY.- The surveillance of the management
and execution of the Company’s business shall be the responsibility of the Board of Directors, through the Audit and Corporate Practices Committee, as well as through the firm performing the external audit of the Company, each within the scope
of their attributions. The Audit and Corporate Practices Committee, and the firm performing the external audit of the Company, shall perform those activities in accordance with the duties that the applicable Law imposes on them. ARTICLE 34.
FISCAL YEARS... ARTICLE 35.- USE OF NET PROFITS...” 
 II.- Messrs. TEODORO RUIZ GONZALEZ and
MIGUEL ARNULFO RAMOS SALGADO, prove the authority in which they are appearing on behalf of the banking institution named BANCO MERCANTIL DEL NORTE, SOCIEDAD ANONIMA, INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO BANORTE, and state
that such authority has not been revoked or limited in any way, and prove the legal existence and good standing of said banking institution, with the following documentation: 

AUTHORITY OF TEODORO RUIZ GONZALEZ TO APPEAR TO THIS LEGAL ACT: 

First Instrument of Public Deed Number 43,298 (forty three thousand two hundred ninety eight), dated as of
September 20 (twenty), 2005 (two thousand and five), issued by Mr. Primitivo Carranza Acosta, Alternate Notary Public Number 72 (seventy two), office in 

 

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which the Notary Public is Mr. Javier Garcia Avila, residing in the city of Monterrey, Nuevo Leon; regarding the official formalization of the relevant contents of a meeting held as of
July 25 (twenty-five), 2005 (two thousand five) of BANCO MERCANTIL DEL NORTE, SOCIEDAD ANONIMA, INSTITUCION DE BANCA MULTIPLE, GRUPO FINANCIERO BANORTE, in which it was resolved, among other items, to GRANT POWERS OF ATTORNEY in favor of
TEODORO RUIZ GONZALEZ. The public deed was recorded in the Public Registry of Property and Commerce of the First District sitting in the city of Monterrey, Nuevo Leon, under Electronic File Number 81438*1 (eighty one thousand four
hundred thirty eight asterisk one), Internal Control Number 56 (fifty six) dated as of October 6 (six), 2005 (two thousand and five). 

From the above referenced public deed, I hereby transcribe the relevant parts as follows: “..... AGENDA FOR THE
MEETING:..... IV.- GENERAL MATTERS.- ISSUANCE AND REVOCATION OF POWERS OF ATTORNEY..... RESOLUTION N° 315.9.- The Company hereby appoints the following individuals as Trust Delegates of Banco Mercantil del Norte,
Sociedad Anónima, Institución de Banca Múltiple, Grupo Financiero Banorte:.....TEODORO RUIZ GONZALEZ.- To each and every one of the appointed Trust Delegates, the Company hereby grants the following corporate
authority and powers of attorney, to be exercised jointly or individually in Mexico or abroad: To engage in trust transactions as referred to in the General Law of Negotiable Instruments and credit Operations, and to carry on with mandates and
commissions in accordance with the provisions of Articles 46 sections XV, XVI, XVII, XIX, XX, XXI, XXII and XXIII, 79, 80, 81, 83, 85 and other applicable provisions of the Credit Institutions Law (Ley de Instituciones de Crédito). In
the pursuit of the transactions referred to above, the Trust Delegates shall have the following powers of attorney: a).- GENERAL POWER FOR LAWSUITS AND COLLECTIONS to represent the Company, with all general and special powers which by law
require a special clause according to law without any limitation, as provided for in the first paragraph of Article Articles (2554) two thousand five hundred fifty four and (2587) two thousand five hundred eighty seven of the Civil Code
for the Federal District in common matters and applicable in the whole Mexican Republic for federal matters, and their correlative articles (2448) two thousand four hundred forty eight and (2481) two thousand four hundred eighty one of the
Civil Code of the State of Nuevo Leon, and their correlative articles of the Civil Codes of the other Mexican States.- b).- GENERAL POWER FOR MANAGEMENT ACTS, further to the terms set forth in the second paragraph of Article
(2554) two thousand five hundred fifty four of the Civil Code for the Federal District in 
  

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common matters and applicable in the whole Mexican Republic for federal matters, and its correlative article (2448) two thousand four hundred forty eight of the Civil Code of the State of
Nuevo Leon, and its correlative article of the Civil Codes of the other Mexican States, with all the authority that require special clause in accordance to applicable law.- c).- GENERAL POWER FOR OWNERSHIP ACTS, further to the terms set forth
in the third paragraph of Article (2554) two thousand five hundred fifty four of the Civil Code for the Federal District in common matters and applicable in the whole Mexican Republic for federal matters, and its correlative article
(2448) two thousand four hundred forty eight of the Civil Code of the State of Nuevo Leon, and its correlative article of the Civil Codes of the other Mexican States, with all the authority that require special clause in accordance to
applicable law.- d).- GENERAL BANKING POWERS further to Article (9) nine of the General Law of Negotiable Instruments to issue and subscribe negotiable instruments in the name and stead of the Company, and to engage in credit
transactions as provided for in the applicable law.- e).- The appointed Trust Delegates shall be authorized, within the scope of their duties, to grant general or special powers of attorney to third parties subject to the terms of the trust
agreements in which the Company acts as Trustee, but they shall not be authorized to appoint other Trust Delegates”..... 

AUTHORITY OF MIGUEL ARNULFO RAMOS SALGADO 

TO APPEAR TO THIS LEGAL ACT: 

First Instrument of Public Deed Number 34,780 (thirty four thousand seven hundred and eighty), dated as of October 9
(nine), 2002 (two thousand and two), issued by Mr. Primitivo Carranza Acosta, Alternate Notary Public Number 72 (seventy two), office in which the Notary Public is Mr. Javier Garcia Avila, residing in the city of Monterrey, Nuevo Leon;
regarding the official formalization of the relevant contents of a meeting held as of July 25 (twenty-five), 2002 (two thousand two) of BANCO MERCANTIL DEL NORTE, SOCIEDAD ANONIMA, INSTITUCION DE BANCA MULTIPLE, GRUPO FINANCIERO BANORTE, in
which it was resolved, among other items, to GRANT POWERS OF ATTORNEY in favor of MIGUEL ARNULFO RAMOS SALGADO. The public deed was recorded in the Public Registry of Property and Commerce of the First District sitting in the city of
Monterrey, Nuevo Leon, under number 10012 (ten thousand twelve), Volume 3 (three), Book 1 (one), Public Registry of Commerce, as of October 14 (fourteen), 2002 (two thousand and two). 

 

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 From the above referenced public deed, I hereby transcribe the relevant
parts as follows: “..... AGENDA FOR THE MEETING:..... 11.9.- ISSUANCE AND REVOCATION OF POWERS OF ATTORNEY..... RESOLUTION N° 369.13.- The Company hereby appoints the following individuals as Trust Delegates of
Banco Mercantil del Norte, Sociedad Anónima, Institución de Banca Múltiple, Grupo Financiero Banorte: .....MIGUEL ARNULFO RAMOS SALGADO.- To each and every one of the appointed Trust Delegates, the Company
hereby grants the following corporate authority and powers of attorney, to be exercised jointly or individually in Mexico or abroad: To engage in trust transactions as referred to in the General Law of Negotiable Instruments and credit Operations,
and to carry on with mandates and commissions in accordance with the provisions of Articles 46 sections XV, XVI, XVII, XIX, XX, XXI, XXII and XXIII, 79, 80, 81, 83, 85 and other applicable provisions of the Credit Institutions Law (Ley de
Instituciones de Crédito). In the pursuit of the transactions referred to above, the Trust Delegates shall have the following powers of attorney: a).- GENERAL POWER FOR LAWSUITS AND COLLECTIONS to represent the Company, with all
general and special powers which by law require a special clause according to law without any limitation, as provided for in the first paragraph of Article Articles (2554) two thousand five hundred fifty four and (2587) two thousand five
hundred eighty seven of the Civil Code for the Federal District in common matters and applicable in the whole Mexican Republic for federal matters, and their correlative articles (2448) two thousand four hundred forty eight and (2481) two
thousand four hundred eighty one of the Civil Code of the State of Nuevo Leon, and their correlative articles of the Civil Codes of the other Mexican States.- b).- GENERAL POWER FOR MANAGEMENT ACTS, further to the terms set forth in the
second paragraph of Article (2554) two thousand five hundred fifty four of the Civil Code for the Federal District in common matters and applicable in the whole Mexican Republic for federal matters, and its correlative article (2448) two
thousand four hundred forty eight of the Civil Code of the State of Nuevo Leon, and its correlative article of the Civil Codes of the other Mexican States, with all the authority that require special clause in accordance to applicable law.- c).-
GENERAL POWER FOR OWNERSHIP ACTS, further to the terms set forth in the third paragraph of Article (2554) two thousand five hundred fifty four of the Civil Code for the Federal District in common matters and applicable in the whole
Mexican Republic for federal matters, and its correlative article (2448) two thousand four hundred forty eight of the Civil Code of the State of Nuevo Leon, and its correlative article of the Civil Codes of

  

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the other Mexican States, with all the authority that require special clause in accordance to applicable law.- d).- GENERAL BANKING POWERS further to Article (9) nine of the General
Law of Negotiable Instruments to issue and subscribe negotiable instruments in the name and stead of the Company, and to engage in credit transactions as provided for in the applicable law.- e).- The appointed Trust Delegates shall be authorized,
within the scope of their duties, to grant general or special powers of attorney to third parties subject to the terms of the trust agreements in which the Company acts as Trustee, but they shall not be authorized to appoint other Trust
Delegates”.......... 
 LEGAL EXISTENCE AND GOOD STANDING OF THE BANKING INSTITUTION 

a).- With public deed number 30,421 (thirty thousand four hundred twenty-one), dated as of March 16 (sixteen), 1945
(one thousand nine hundred forty five), issued by Mr. Fernando G. Arce, who was ascribed to the Notary Public Number 54 (fifty four) of the Federal District, which first instrument was recorded in the Public Registry of Property of Mexico
City, Federal District, Commerce Section, under number sixty five, pages one hundred fourteen, volume one hundred ninety nine, third book, in which it was attested the INCORPORATION OF “BANCO RADIO CINEMATOGRAFICO”, SOCIEDAD ANONIMA,
INSTITUCION FINANCIERA, with domicile located in Mexico City, Federal District, in definitive term, and a capital stock of ONE MILLION PESOS, Mexican Currency. 

b).- With public deed number 31,080 (thirty one thousand eighty), dated as of August 8 (eight), 1945 (one thousand
nine hundred forty five), issued by Mr. Fernando G. Arce, who was ascribed to the Notary Public Number 54 (fifty four) of the Federal District, which first instrument was recorded in the Public Registry of Property of Mexico City, Federal
District, Commerce Section, under number two hundred and sixty three, pages two hundred sixteen, volume two hundred thirty five, third book, in which it was officially formalized the minutes of the Extraordinary Shareholders Meeting of “BANCO
RADIO CINEMATOGRAFICO”, SOCIEDAD ANONIMA, INSTITUCION FINANCIERA, in which it was approved the CHANGE OF CORPORATE NAME to “BANCO REFACCIONARIO INDUSTRIAL”, SOCIEDAD ANONIMA, INSTITUCION FINANCIERA. 

c).- With public deed number 605 (six hundred and five), dated as of January 15 (fifteen), 1948 (one thousand nine
hundred forty eight), issued by Mr. Joaquin F. Oceguera, Notary Public Number 99 (ninety nine) of the Federal District, which first instrument was recorded in the Public Registry of Property of Mexico City, Federal District, Commerce
Section, under number thirty four, pages twenty eight, volume two hundred 
  

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forty five, third book, in which it was officially formalized the minutes of the Extraordinary Shareholders Meeting of “BANCO REFACCIONARIO INDUSTRIAL”, SOCIEDAD ANONIMA, INSTITUCION
FINANCIERA, in which it was approved the CHANGE OF CORPORATE NAME to “CREDITO REFACCIONARIO INDUSTRIAL”, SOCIEDAD ANONIMA, INSTITUCION FINANCIERA, to increase its capital stock to the amount of TWO MILLION PESOS, Mexican Currency,
and to amend articles first, seventh, eighth, thirty sixth and forty fourth of the by-laws. 
 d).- With public
deed number 159,056 (one hundred fifty nine thousand and fifty six), dated as of December 6 (six), 1976 (one thousand nine hundred seventy six), issued by Mr. Tomás Lozano Molina, Notary Public Number 87 (eighty seven) of the
Federal District, associated with Mr. Francisco Lozano Noriega, Notary Public Number 10 (ten) of the Federal District, which first instrument was recorded in the Public Registry of Property of Mexico City, Federal District, Commerce Section,
under number one hundred ninety two, pages one hundred forty nine, volume one thousand five, third book, as of December 20 (twenty), 1976 (one thousand nine hundred seventy six) in which it was officially formalized the minutes of the
Extraordinary Shareholders Meeting of “FINANCIERA Y FIDUCIARIA MEXICANA”, SOCIEDAD ANONIMA, “FINANCIERA COLON”, SOCIEDAD ANONIMA and “BANCO HIPOTECARIO METROPOLITANO”, SOCIEDAD ANONIMA “CREDITO REFACCIONARIO
INDUSTRIAL”, SOCIEDAD ANONIMA, INSTITUCION FINANCIERA, in which it was approved TO MERGE with “CREDITO REFACCIONARIO INDUSTRIAL”, SOCIEDAD ANONIMA, surviving the later one, and changing the corporate name to “BANCO DE CREDITO Y
SERVICIO”, SOCIEDAD ANONIMA, increasing its capital stock and amending in their entirety the by-laws of the company. 

e).- With public deed number 165,003 (one hundred sixty thousand and three), dated as of December 8 (eight), 1977
(one thousand nine hundred seventy seven), issued by Mr. Francisco Lozano Noriega, Notary Public Number 10 (ten) of the Federal District, which first instrument was recorded in the Public Registry of Property of Mexico City, Federal District,
Commerce Section, under number three hundred, pages three hundred ten, volume one thousand fifty, third book, as of January 2 (two), 1978 (one thousand nine hundred seventy eight) in which it was officially formalized the minutes of the
Extraordinary Shareholders Meeting of BANCO DE CREDITO Y SERVICIO”, in which it was approved TO MERGE with “FINANCIERA DE FOMENTO”, SOCIEDAD ANONIMA and “FINANCIERA MONTERREY”, SOCIEDAD ANONIMA, as merged companies.

  

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 f).- With public deed number 171,500 (one hundred seventy one thousand five
hundred), dated as of November 15 (fifteen), 1978 (one thousand nine hundred seventy eight), issued by Mr. Tomás Lozano Molina, Notary Public Number 87 (eighty seven) of the Federal District, associated with Mr. Francisco
Lozano Noriega, Notary Public Number 10 (ten) of the Federal District, which first instrument was recorded in the Public Registry of Property of Mexico City, Federal District, Commerce Section, under number one hundred and six, pages eighty one,
volume one thousand eighty five, third book, as of December 1 (one), 1978 (one thousand nine hundred seventy eight) in which it was officially formalized the minutes of the Extraordinary Shareholders Meeting of “BANCO DE CREDITO Y
SERVICIO”, SOCIEDAD ANONIMA, in which it was approved the AGREEMENT TO MERGE “FINANCIERA MEXICO”, SOCIEDAD ANONIMA, surviving the first one, and ceasing to exist the later one. 

g).- With public deed number 76,155 (seventy six thousand one hundred fifty five), dated as of August 22 (twenty
two), 1985 (one thousand nine hundred eighty five), issued by Mr. Luis Felipe Del Valle Prieto, Notary Public Number 20 (twenty) of the Federal District, which first instrument was recorded in the Public Registry of Property of Mexico City,
Federal District, Commerce Section, under commercial file number 81,513 (eighty thousand five hundred thirteen) as of October 7 (seven), 1985 (one thousand nine hundred eighty five) in which IT WAS OFFICIALLY FORMALIZED THE INTERNAL
REGULATIONS OF “BANCO DE CREDITO Y SERVICIO”, SOCIEDAD NACIONAL DE CREDITO, INSTITUCION DE BANCA MULTIPLE, published in the Official Newspaper of the Federation as of July twenty nine, one thousand nine hundred eighty five. 

h).- With the decree published in the Official Newspaper of the Federation as of August twenty nine, one thousand nine
hundred eighty three, effective as of September first of the same year, in which it was ordered the TRANSFORMATION of “BANCO DE CREDITO Y SERVICIO”, SOCIEDAD ANONIMA, INSTITUCION DE BANCA MULTIPLE, into “BANCO DE CREDITO Y
SERVICIO”, SOCIEDAD NACIONAL DE CREDITO. 
 i).- With public deed number 192,905 (one hundred ninety two
thousand nine hundred five), dated as of October 23 (twenty three), 1981 (one thousand nine hundred eighty one), issued by Mr. Tomás Lozano Molina, Notary Public Number 87 (eighty seven) of the Federal District, associated with
Mr. Francisco Lozano Noriega, Notary Public Number 10 (ten) of the Federal District, which first instrument was recorded in the Public Registry of Property of Mexico City, Federal District, Commerce Section, under commercial file number 3234
(three thousand two hundred thirty four), as of December 1 (one), 1981 (one 
  

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thousand nine hundred eighty one), in which it was officially formalized the minutes of the extraordinary shareholders meeting of “BANCO DE CREDITO Y SERVICIO”, SOCIEDAD ANONIMA, in
which it was approved the MERGER of “POLIBANCA INNOVA”, SOCIEDAD ANONIMA. 
 j).- With the decree
published in the Official Newspaper of the Federation dated as of August 9 (nine), 1991 (one thousand nine hundred ninety one) in which it was ordered the TRANSFORMATION of “BANCO DE CREDITO Y SERVICIO” SOCIEDAD NACIONAL DE CREDITO,
INSTITUCION DE BANCA MULTIPLE to “BANCO DE CREDITO Y SERVICIO”, SOCIEDAD ANONIMA, being the transformation approved by the meeting of the Management Board of such credit institution, held as of July 22 (twenty two), 1991 (one thousand
nine hundred ninety one), and approved by approval letter issued by the Mexican Ministry of Finance dated as of August 7 of the same year, and from such meeting, minutes were prepared and officially formalized in public deed number 15,752
(fifteen thousand seven hundred fifty two), as of August twenty nine, 1991 (one thousand nine hundred ninety one), issued by Antonio Velarde Violante, Notary Public Number One Hundred Seventy Four of the Federal District, which first instrument was
recorded in the Public Registry of Commerce of Mexico City under Commercial File Number 74,441 (seventy four thousand four hundred forty one) dated as of September 30 (thirty), 1991 (one thousand nine hundred ninety one), and in such public
deed, the approval letter and the decree were also officially formalized. 
 k).- With public deed number 16,276
(sixteen thousand two hundred seventy six), dated as of October 31 (thirty first), 1991 (one thousand nine hundred ninety one), issued by Mr. Andrés Jimenez Cruz, Notary Public Number 178 (one hundred seventy eight) of the Federal
District, then alternate to Mr. Antonio Velarde Violante, Notary Public Number 164 (one hundred sixty four) of the federal District, which first instrument was recorded in the Public Registry of Property of Mexico City, Federal District,
Commerce Section, under commercial file number 64,441 (sixty four thousand four hundred forty one), as of January 22 (twenty two), 1992 (one thousand nine hundred ninety two), in which it was officially formalized the minutes of the
extraordinary shareholders meeting of “BANCO DE CREDITO Y SERVICIO”, SOCIEDAD ANONIMA, held as of September 27, 1991 (one thousand nine hundred ninety one), in which it was approved to AMEND THE BY-LAWS IN THEIR ENTIRETY, keeping the
same corporate name, term, domicile in Mexico City, Federal District, and a minimum fixed capital of FORTY THOUSAND MILLION PESOS, Mexican Currency, and a maximum capital without limit. 

 

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 l).- With public deed number 44,598 (forty four thousand five hundred ninety
eight), dated as of March 26 (twenty six), 1993 (one thousand nine hundred ninety three), issued by Mr. Luis De Angoitia y Gaxiola, Notary Public Number 109 (one hundred nine) of the Federal District, which first instrument was recorded in
the Public Registry of Property of Mexico City, Federal District, Commerce Section, under commercial file number 64,441 (sixty four thousand four hundred forty one), as of October 7 (seven), 1993 (one thousand nine hundred ninety three), in
which it was officially formalized the minutes of the extraordinary shareholders meeting of “BANCO DE CREDITO Y SERVICIO”, SOCIEDAD ANONIMA, in which it was approved, among others, TO CHANGE THE CORPORATE NAME to
“BANCRECER”, SOCIEDAD ANONIMA, INSTITUCION DE BANCA MULTIPLE, GRUPO FINANCIERO BANCRECER. 
 m).- With
public deed number 49,262 (forty nine thousand two hundred sixty two), dated as of April 22 (twenty two), 1996 (one thousand nine hundred ninety six), issued by Mr. Luis De Angoitia y Gaxiola, Notary Public Number 109 (one hundred nine) of
the Federal District, which first instrument was recorded in the Public Registry of Property of Mexico City, Federal District, Commerce Section, under commercial file number 64,441 (sixty four thousand four hundred forty one), as of July 2
(two), 1996 (one thousand nine hundred ninety six), in which it was officially formalized the minutes of the extraordinary shareholders meeting of “BANCRECER”, SOCIEDAD ANONIMA, INSTITUCION DE BANCA MULTIPLE, GRUPO FINANCIERO BANCRECER,
held as of March 31 (thirty one), 1995 (one thousand nine hundred ninety five), in which it was approved among others, the INCREASE OF THE AUTHORIZED CAPITAL STOCK to the amount of ONE HUNDRED AND FIFTY MILLION PESOS, Mexican Currency, and the
AMENDMENT TO ARTICLES seventh, ninth, tent eleventh, nineteenth, twentieth, twenty second, twenty fifth and thirtieth of the by-laws of the company. 

n).- With public deed number 49,263 (forty nine thousand two hundred sixty three), dated as of April 22 (twenty
two), 1996 (one thousand nine hundred ninety six), issued by Mr. Luis De Angoitia y Gaxiola, Notary Public Number 109 (one hundred nine) of the Federal District, which first instrument was recorded in the Public Registry of Property of Mexico
City, Federal District, Commerce Section, under commercial file number 64,441 (sixty four thousand four hundred forty one), as of July 12 (twelve), 1996 (one thousand nine hundred ninety six), in which it was officially formalized the minutes
of the extraordinary shareholders meeting of “BANCRECER”, SOCIEDAD ANONIMA, INSTITUCION DE BANCA MULTIPLE, GRUPO FINANCIERO BANCRECER, held as of 

 

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August 29 (twenty nine), 1995 (one thousand nine hundred ninety five), in which it was approved among others, INCREASE OF THE AUTHORIZED CAPITAL STOCK in the amount of SEVEN HUNDRED AND
FIFTY MILLION PESOS, Mexican Currency, and the AMENDMENT TO ARTICLES seventh, ninth, tent eleventh, nineteenth, twentieth, twenty second, twenty fifth and thirtieth of the by-laws of the company. 

ñ).- With public deed number 100,262 (one hundred thousand two hundred sixty two), dated as of December 23
(twenty three), 1996 (one thousand nine hundred ninety six), issued by Mr. Ignacio R. Morales Lechuga, Notary Public Number 116 (one hundred sisteen) of the Federal District, which first instrument was recorded in the Public Registry of
Property of Mexico City, Federal District, Commerce Section, under commercial file number 64,441 (sixty four thousand four hundred forty one), as of January 17 (seventeen), 1997 (one thousand nine hundred ninety seven), in which it was
officially formalized the minutes of the extraordinary shareholders meeting of “BANCRECER”, SOCIEDAD ANONIMA, INSTITUCION DE BANCA MULTIPLE, GRUPO FINANCIERO BANCRECER, held as of December 9 (nine), 1996 (one thousand nine hundred
ninety six), in which it was approved, among others, the APPROVAL OF A MERGER of “BANORO”, SOCIEDAD ANONIMA, INSTITUCION DE BANCA MULTIPLE, INTEGRANTE DE GRUPO FINANCIERO BANCRECER, as merged company, and “BANCRECER”, SOCIEDAD
ANONIMA, INSTITUCION DE BANCA MULTIPLE, GRUPO FINANCIERO BANCRECER, as merging company, ceasing to exist the first one, and surviving the second one; the increase of the authorized capital stock to the amount of TWO THOUSAND MILLION PESOS, Mexican
Currency, and the amendment to clause seventh of the by-laws of the company. 
 o).- With public deed number
7,170 (seven thousand one hundred seventy), dated as of December 24 (twenty four), 1996 (one thousand nine hundred ninety six), issued by Mr. Jorge J. Chavez Castro, Notary Public Number 30 (thirty) of Culiacan, State of Sinaloa,
which first instrument was recorded in the Public Registry of Property and Commerce of Culiacan, State of Sinaloa, as of January 16 (sixteen), 1997 (one thousand nine hundred ninety seven), in which it was officially formalized the minutes of
the extraordinary shareholders meeting of “BANORO”, SOCIEDAD ANONIMA, INSTITUCION DE BANCA MULTIPLE, INTEGRANTE DE GRUPO FINANCIERO BANCRECER, held as of December 9 (nine), 1996 (one thousand nine hundred ninety six), in which it was
approved, among others, the APPROVAL OF A MERGER of “BANORO”, SOCIEDAD ANONIMA, INSTITUCION DE BANCA MULTIPLE, INTEGRANTE DE GRUPO 

 

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FINANCIERO BANCRECER, as merged company, and “BANCRECER”, SOCIEDAD ANONIMA, INSTITUCION DE BANCA MULTIPLE, GRUPO FINANCIERO BANCRECER, as merging company, ceasing to exist the first
one, and surviving the second one. 
 p).- With public deed number 1,669 (one thousand six hundred sixty nine),
dated as of November 5 (five), 1999 (one thousand nine hundred ninety nine), issued by Mr. Alfredo Ayala Herrera, Notary Public Number 237 (two hundred thirty seven) of the Federal District, which first instrument was recorded in the
Public Registry of Property of Mexico City, Federal District, Commerce Section, under commercial file number 64,441 (sixty four thousand four hundred forty one), as of November 18 (eighteen), 1999 (one thousand nine hundred ninety nine), in
which it was officially formalized the minutes of the extraordinary shareholders meeting of “BANCRECER”, SOCIEDAD ANONIMA, INSTITUCION DE BANCA MULTIPLE, GRUPO FINANCIERO BANCRECER, held as of November 3 (three), 1999 (one thousand
nine hundred ninety nine), in which it was approved, among others, THE AMENDMENT OF THE BY-LAWS IN THEIR ENTIRELY, TO ACCEPT, SUBSCRIBE AND PAYMENT OF TWENTY THREE MILLION FOUR HUNDRED THIRTY SIX THOUSAND ORDINARY SERIES “O” SHARES FOR THE
INSTITUTO PARA LA PROTECCIÓN AL AHORRO BANCARIO AND THE APPOINTMENT OF FRANCISCO GONZALEZ MARTINEZ, AS MANAGING RECEIVER, keeping the same corporate name, term, domicile in Mexico City, Federal District, with a capital stock of TWO THOUSAND
THREE HUNDRED FORTY THREE MILLION SIX HUNDRED THOUSAND PESOS, Mexican Currency, with foreign investors admission clause. 

q).- With public deed number 6,411 (six thousand four hundred eleven), dated as of January 24 (twenty four), 2002
(two thousand two), issued by Mr. Alfredo Ayala Herrera, Notary Public Number 237 (two hundred thirty seven) of the Federal District, which first instrument was recorded in the Public Registry of Property of Mexico City, Federal District,
Commerce Section, under commercial file number 64,441 (sixty four thousand four hundred forty one), as of April 18 (eighteen), 2002 (two thousand two), in which it was officially formalized the minutes of the extraordinary shareholders meeting
of “BANCRECER”, SOCIEDAD ANONIMA, INSTITUCION DE BANCA MULTIPLE, GRUPO FINANCIERO BANCRECER, held as of December 3 (three), 2001 (two thousand one), in which it was approved, among others, the increase in the capital stock of the
company in the amount of $2,343,600,000.00 (TWO THOUSAND THREE HUNDRED FORTY THREE MILLION SIX HUNDRED THOUSAND PESOS, 00/100 MEXICAN CURRENCY), to reach the amount of $4,687,200,000 (FOUR THOUSAND SIX HUNDRED EIGHTY SEVEN

  

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MILLION TWO HUNDRED THOUSAND AND 00/100 MEXICAN CURRENCY), which was subscribed and partially paid, and amending consequently article seventh of the by-laws of the Company. Furthermore, the legal
representative appearing before the notary stated that as of such date the capital stock duly paid is the amount of $2,500,000,000.00 (TWO THOUSAND FIVE HUNDRED MILLION PESOS 00/100 MEXICAN CURRENCY). 

r).- With Public Deed Number 34,071 (thirty four thousand seventy one), dated as of April 24 (twenty four) 2002 (two
thousand two), issued by Mr. Primitivo Carranza Acosta, Alternate Notary Public Number 72 (seventy two) residing in this Registrar District, which first instrument was recorded in the Public Registry of Property of Mexico City, Federal
District, Commerce Section, under commercial file number 64,441 (sixty four thousand four hundred forty one), as of July 22 (twenty two), 2002 (two thousand two), and in the Public Registry of Property and Commerce of the city of Monterrey
under number 7020 (seven thousand twenty), Volume 3 (three), First Book, dated as of July 22, 2002 (two thousand two), which contains the official formalization of (I) the minutes of the general extraordinary shareholders meetings of Banco
Mercantil del Norte, Sociedad Anónima, Institución de Banca Múltiple, Grupo Financiero Banorte and Bancrecer, Sociedad Anónima, Institución de Banca Múltiple, held as of March 11, 2002 (two thousand
two), (II) as well as the Merger Agreement executed the same date. Such documents contain the following legal acts: 1.- The merger of both credit institutions, the first one as merged company and ceasing to exist, and the second one as merging and
surviving company.- 2.- The modification of the capital stock of Bancrecer, Sociedad Anónima, Institución de Banca Múltiple, to reach the amount of $2,273,482,963.00 (two thousand two hundred seventy three million four hundred
eighty two thousand nine hundred sixty three pesos 00/100 Mexican Currency) and the amendment to article seventh of the by-laws of the Company.- 3.- The change of corporate name from Bancrecer, Sociedad Anónima, Institución de Banca
Múltiple, to Banco Mercantil del Norte, Sociedad Anónima, Institución de Banca Múltiple, Grupo Financiero Banorte, and the amendment to article first of the by-laws of the Company.- 4.- The change of corporate domicile of
Bancrecer, Sociedad Anónima, Institución de Banca Múltiple, from Mexico City, Federal District to the city of Monterrey, Nuevo Leon, and amendment of article fifth of the by-laws of the company. 

s).- With Public Deed Number 34,085 (thirty four thousand eighty five), dated as of April 25 (twenty five) 2002 (two
thousand two), issued by Mr. Primitivo Carranza Acosta, Alternate Notary Public Number 72 (seventy two) residing in this Registrar District, which first instrument was recorded in the Public Registry of Property of Mexico City, Federal

  

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District, Commerce Section, under commercial file number 64,441 (sixty four thousand four hundred forty one), as of July 22 (twenty two), 2002 (two thousand two), and in the Public Registry
of Property and Commerce of the city of Monterrey under number 7021 (seven thousand twenty one), Volume 3 (three), First Book, dated as of July 22, 2002 (two thousand two), which contains the official formalization of the permit number 0910,882
zero, nine, one, zero, comma, eight, eight, two, File 194509046150, one, nine, four, five, zero, nine, zero, four, six, one, five, zero, of page 2B6F0N08 two, letter “B”, six, letter “F”, zero, letter “N”, zero, eight,
dated as of April 10 (ten), 2002 (two thousand two), issued by the Ministry of Foreign Affairs, authorizing the change of corporate name from Bancrecer, Sociedad Anónima, Institución de Banca Múltiple, to Banco Mercantil
del Norte, Sociedad Anónima, Institución de Banca Múltiple, Grupo Financiero Banorte. 

t).- With Public Deed Number 34,089 (thirty four thousand eighty nine), dated as of April 25 (twenty five) 2002 (two
thousand two), issued by Mr. Primitivo Carranza Acosta, Alternate Notary Public Number 72 (seventy two) residing in this Registrar District, which first instrument was recorded in the Public Registry of Property of Mexico City, Federal
District, Commerce Section, under commercial file number 64,441 (sixty four thousand four hundred forty one), as of July 22 (twenty two), 2002 (two thousand two), and in the Public Registry of Property and Commerce of the city of Monterrey
under number 945 (nine hundred forty five), Volume 3 (three), Second Book, dated as of July 22, 2002 (two thousand two), which contains the SOLE RESPONSABILITIES AGREEMENT executed among GRUPO FINANCIERO BANORTE, SOCIEDAD ANÓNIMA DE
CAPITAL VARIABLE; CASA DE BOLSA BANORTE, SOCIEDAD ANÓNIMA DE CAPITAL VARIABLE, GRUPO FINANCIERO BANORTE; ARRENDADORA BANORTE, SOCIEDAD ANÓNIMA DE CAPITAL VARIABLE, ORGANIZACIÓN AUXILIAR DEL CREDITO, GRUPO FINANCIERO BANORTE;
FACTOR BANORTE, SOCIEDAD ANÓNIMA DE CAPITAL VARIABLE, ORGANIZACIÓN AUXILIAR DEL CREDITO, GRUPO FINANCIERO BANORTE; ALMACENADORA BANORTE, SOCIEDAD ANÓNIMA DE CAPITAL VARIABLE, ORGANIZACIÓN AUXILIAR DEL CREDITO, GRUPO
FINANCIERO BANORTE; BANCO DEL CENTRO, SOCIEDAD ANÓNIMA, INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO BANORTE; PENSIONES BANORTE GENERALI, SOCIEDAD ANÓNIMA DE CAPITAL VARIABLE, GRUPO FINANCIERO BANORTE; SEGUROS BANORTE
GENERALI, SOCIEDAD ANÓNIMA DE CAPITAL VARIABLE; FIANZAS BANORTE, SOCIEDAD ANÓNIMA DE CAPITAL VARIABLE and BANCRECER, SOCIEDAD ANÓNIMA, INSTITUCIÓN DE BANCA MÚLTIPLE, eliminating BANCO

  

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MERCANTIL DEL NORTE, SOCIEDAD ANÓNIMA, INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO BANORTE, by virtue of its merger by BANCRECER, SOCIEDAD ANÓNIMA,
INSTITUCIÓN DE BANCA MÚLTIPLE, and adding to the last one to GRUPO FINANCIERO BANORTE with its new corporate name BANCO MERCANTIL DEL NORTE, SOCIEDAD ANÓNIMA, INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO
BANORTE. 
 u).- With official letter 101.486 one, zero, one, dot, four, eight, six, dated as of April 24
(twenty four), 2002 (two thousand two) issued by the Ministry of Finance, which contains the approval of:- 1.- The merger of Banco Mercantil del Norte, Sociedad Anónima, Institución de Banca Múltiple with Bancrecer, Sociedad
Anónima, Institución de Banca Múltiple, the first one as merged company and ceasing to exist, and the second one as merging and surviving company.- 2.- The modification of the capital stock of Bancrecer, Sociedad Anónima,
Institución de Banca Múltiple, to reach the amount of $2,273,482,963.00 (two thousand two hundred seventy three million four hundred eighty two thousand nine hundred sixty three pesos 00/100 Mexican Currency) and the amendment to
article seventh of the by-laws of the Company.- 3.- The change of corporate name from Bancrecer, Sociedad Anónima, Institución de Banca Múltiple, to Banco Mercantil del Norte, Sociedad Anónima, Institución de Banca
Múltiple, Grupo Financiero Banorte, and the amendment to article first of the by-laws of the Company.- 

v).- With official letter 101.823 one, zero, one, dot, eight, two, three, dated as of April 25 (twenty five), 2002
(two thousand two) issued by the Ministry of Finance, which contains the approval to incorporate Bancrecer, Sociedad Anónima, Institución de Banca Múltiple, under its new corporate name of Banco Mercantil del Norte, Sociedad
Anónima, Institución de Banca Múltiple, Grupo Financiero Banorte, as a part of Grupo Financiero Banorte, Sociedad Anónima de Capital Variable. 

w).- The official letters 101.486 one, zero, one, dot, four, eight, six and 101.823 one, zero, one, dot, eight, two,
three, above referenced, have been duly recorded under commercial file number 64,441 (sixty four thousand four hundred forty one), as of July 22 (twenty two), 2002 in the Public Registry of Property of Mexico City, Federal District and in the
Public Registry of Property and Commerce of the city of Monterrey under number 7020 (seven thousand twenty), Volume 3 (three), First Book, dated as of July 22, 2002 (two thousand two). 

x).- With the First Instrument of Public Deed Number 34,836 (thirty four thousand eight hundred thirty six), dated as of
November 1 (one) 2002 (two thousand two), issued by 
  

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Mr. Primitivo Carranza Acosta, Alternate Notary Public Number 72 (seventy two) residing in this Registrar District, which contains the official formalization of the minutes of the Board of
Directors meeting of BANCO MERCANTIL DEL NORTE, SOCIEDAD ANÓNIMA, INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO BANORTE held as of April 25 (twenty five), 2002 (two thousand two) in which it was approved, among other
things, the appointment of AURORA CERVANTES MARTINEZ as Secretary of the Board of Directors, and such public deed was recorded in the Public Registry of Property and Commerce of the city of Monterrey under number 10,923 (ten thousand nine hundred
twenty three), Volume 3 (three), First Book, dated as of November 5 (five), 2002 (two thousand two), which I transcribe the relevant parts as follows: “... 9.7 APPOINTMENT OF SECRETARY OF THE BOARD AND RATIFICATION OF ALTERNATE SECRETARY
OF THE BOARD OF DIRECTORS.- The Chairman of the Board of Directors, Mr. Roberto González Barrera informed the directors the need to appoint a Secretary of the Board in accordance with article 27 of the By-laws of the Company since the
resignation tendered by Mr. Emilio Yarto Sahagún, and proposed the appointment of Aurora Cervantes Martínez as new Secretary. In addition, it was proposed that Mr. Jorge Antonio García Garza, as Alternate Secretary to
assist the Secretary and cover her absences.- Once the proposal was analyzed, the member of the board approved by unanimous decision the following: RESOLUTION No 40.- Further to the provisions of Article 27 of the By-laws of the Company,
Aurora Cervantes Martínez be and hereby is appointed as Secretary of the Board of Directors, and Mr. Jorge Antonio García garza is ratified as Alternate Secretary, whom shall have the duties and obligations set forth in applicable
law and the by-laws of the Company.- RESOLUTION No 41.- The appointment referred in the preceding Resolution shall be effective May 16th, 2002, and Mr. Emilio Yarto Sahagún is hereby authorized, as Secretary of the Board, to
issue certifications of the adopted resolutions and any other written evidence with respect to the information under his custody, and he is authorized to attend before a Notary Public of his choice to officially formalized the powers of attorney
granted during the meetings of the Board of Directors in which he acted as Secretary of the Board of Directors........”. 

y).- With Public Deed Number 36,112 (thirty six thousand one hundred twelve), dated as of July 10 (ten) 2003 (two
thousand three), issued by Mr. Primitivo Carranza Acosta, Alternate Notary Public Number 72 (seventy two), which contains the oficial formalization of the minutes of the General ordinary Shareholders Meeting held as of April 29 (twenty
nine), 2003 (two thousand and three), which approved the restatement of the by-laws of 
  

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the Company, and such public deed was recorded in the Public Registry of Property and Commerce of the city of Monterrey under number 6732 (six thousand seven hundred thirty two), Volume 4 (four),
First Book, dated as of July 15 (fifteen), 2003 (two thousand three). 
 z).- With Public Deed Number
36,117 (thirty six thousand one hundred seventeen), dated as of July 10 (ten) 2003 (two thousand three), issued by Mr. Primitivo Carranza Acosta, Alternate Notary Public Number 72 (seventy two), which contains the official formalization of
the minutes of the General Ordinary Shareholders Meeting held as of April 29 (twenty nine), 2003 (two thousand and three), which approved the election of members of the board of directors for the 2003 fiscal year, and such public deed was
recorded in the Public Registry of Property and Commerce of the city of Monterrey under number 6677 (six thousand six hundred seventy seven), Volume 4 (four), First Book, dated as of July 14 (fourteen), 2003 (two thousand three). 

aa).- With Public Deed Number 38,626 (thirty eight thousand six hundred twenty six), dated as of July 7 (seven) 2004
(two thousand four), issued by Mr. Primitivo Carranza Acosta, Alternate Notary Public Number 72 (seventy two), which contains the official formalization of the minutes of the General Ordinary Shareholders Meeting, which approved the election of
members of the board of directors for the 2004 fiscal year, and such public deed was recorded in the Public Registry of Property and Commerce of the city of Monterrey under the electronic commercial number 81438*1 (eighty one thousand four hundred
thirty eight asterisk one), dated as of July 20 (twenty), 2004 (two thousand four), which I transcribe the relevant parts as follows: “......III.- APPOINTMENT OF MEMBERS OF THE BOARD OF DIRECTORS AND STATUTORY AUDITORS OF THE COMPANY.-
With respect to the third item of the Agenda for the Meeting, Mr. Roberto González Barrera, submitted to the consideration of the shareholders and representatives of the shareholders, a proposed board of directors.- In addition, stated
that with respect to the proposal for statutory auditors, as of today, a special meeting was held, in which Series “O” statutory auditors were appointed, and a communication from the special delegate to such meeting was received informing
of such appointments, and requested Aurora Cervantes Martínez to read such notification for purposes of integrating the surveillance body of the Company.- The Chairman of the Meeting reminded the shareholders and representatives of the
shareholders of the need to determine in accordance with article Thirty Sixth of the By-laws, the amount of guarantee that the directors and statutory directors shall give to guarantee the performance of their duties.- Once the proposal was
analyzed, the following resolutions were adopted by unanimous consent: RESOLUTIONS.-
  

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FIRST:- The Board of Directors shall be formed by 12 directors and their respective alternates, and the following persons were appointed as directors and the persons next to their names will be
appointed as their alternates for the 2004 fiscal year: DIRECTORS.- 1 Roberto González Barrera (Chairman) Equity.- 2. Rodolfo Barrera Villarreal (Vice-chairman) Equity.- 3. Jacobo Zaidenweber Cvilich. Independent.- 4. Alejandro Álvarez
Figueroa. Independent.- 5. Eduardo Livas Cantú. Independent.- 6. José G. Garza Montemayor. Equity.- 7. Don Juan Diez-Canedo Ruiz. Independent.- 8. Luis Peña Kegel. Related.- 9. Francisco Alcalá de León.
Independent.- 10. Bertha González Moreno. Equity.- 11. Richard Frank. Equity.- 12. Roberto González Moreno. Equity.- ALTERNATE DIRECTORS.- 1. Juan Manuel Quiroga Garza. Related.- 2. Jesús L. Barrera Lozano. Equity.- 3.
Simón Nizri Cohen. Independent.- 4. César Verdes Quevedo. Independent.- 5. Germán Francisco Moreno Pérez. Independent.- 6. David Villarreal Montemayor. Equity.- 7.- Javier Vélez Bautista. Independent.- 8. Manuel
Sescosse Varela. Related.- 9. Isaac Becker Kabacníc. Independent.- 10. Federico Abelardo Valenzuela Ochoa. Related.- 11. Alejandro Schwedhelm. Equity.- 12. José Antonio Díaz Vicente. Independent.- SECOND.- The surveillance body
will be integrated by the following persons: Fernando Morales Gutiérrez. Statutory Auditor.- Carlos Arreola Enríquez. Alternate Statutory Auditor.- THIRD: In accordance with Article Thirty Sixth of the By-laws, it is noted that the
members of the board and statutory auditor, expecting their appointment have guaranteed their performance by a cash deposit in the Company account in the amount of $1,326.30 which is equal to 30 times the current mínimum salary in the
domicile of the Company........”. 
 bb) With Public Deed Number 39,092 (thirty nine thousand ninety
two), dated as of August 27 (twenty seven) 2004 (two thousand four), issued by Mr. Primitivo Carranza Acosta, Alternate Notary Public Number 72 (seventy two), which contains the official formalization of the minutes of the Meeting of the
Board of Directors held as of July 28 (twenty eight), 2004 (two thousand four), which approved the appointment of Alternate Secretary for the 2004 fiscal year, and such public deed was recorded in the Public Registry of Property and Commerce of
the city of Monterrey under the electronic commercial number 81438*1 (eighty one thousand four hundred thirty eight asterisk one), dated as of August 30 (thirty), 2004 (two thousand four), which I transcribe the relevant parts as follows:
“......V. GENERAL MATTERS.-......APPOINTMENT OF ALTERNATE SECRETARY OF THE BOARD OF DIRECTORS.- Aurora Cervantes Martínez requested approval to appoint as new Alternate Secretary, Mr. Miguel Angel Vera
Barrera, who shall have the duties and responsibilities set forth in applicable law and the by-laws of the Company.- Once the 
  

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proposal was analyzed, the Board of Directors approved by unanimous decision the following: RESOLUTION N° 247:- Mr. Miguel Angel Vera Barrera be and hereby is appointed as
Alternate Secretary of the Board of Directors, who shall have the duties set forth.- ....” 
 IN ACCORDANCE
WITH THE FOREGOING, PART OF THE BY-LAWS OF THE COMPANY THAT ARE CURRENTLY IN EFFECT, ARE WRITTEN AS FOLLOWS: 

“..... CHAPTER FIRST.- ARTICLE FIRST.- CORPORATE NAME.- The company is named Banco Mercantil del Norte. The
corporate name shall be followed by the words Sociedad Anónima or their abbreviation S. A., Institución de Banca Múltiple, Grupo Financiero Banorte. ARTICLE SECOND.- CORPORATE PURPOSE.- The Company shall have as corporate
purpose the rendering of the service of banking and credit in accordance with the Law of Credit Institutions, and consequently, the Company is entitled to engage in transactions and to render banking services as referred to in Article 46 of said
law, in all their kinds, in accordance with the other applicable legal or administrative provision, and further to corporate health practices and in accordance with banking and commercial uses and customs. ARTICLE THIRD.- PURSUIT OF CORPORATE
PURPOSE.- To pursuit the corporate purpose, the Company may: I.- Acquire, sale, own, lease and in general, to use and manage, under any title, any kind of rights and properties, either personal or real estate that are necessary or convenient for the
corporate purposes; and II.- To engage in any legal acts that are necessary or convenient to carry on with corporate activities and the pursuit of the corporate purpose. ARTICLE FOURTH.- TERM.- The Company shall have no definitive term. ARTICLE
FIFTH.- DOMICILE.- The domicile of the company is the city of Monterrey, Nuevo Leon, Mexico, which domicile may not be deemed to be changed if the company establishes branches or offices in any other place within the Mexican Republic or abroad.
ARTICLE SIXTH.- NATIONALITY.- The company is Mexican. Any foreigner, that at the time of incorporation of the company or thereafter acquires a participation or becomes the owner of one or more shares of the company shall be considered as Mexican
with respect to that participation or ownership, and may not invoke the protection of its own government. Failure to comply with the foregoing paragraph may result in the forfeiture of such participation or ownership in favor of the Mexican State.-
CHAPTER SECOND- CAPITAL STOCK, SHAREHOLDERS AND SHARES.- ARTICLE SEVENTH.- CAPITAL STOCK.- The Company shall have a common capital stock of $2,273’482,963.00 M.N. (TWO THOUSAND TWO HUNDRED SEVENTY

  

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THREE MILLION FOUR HUNDRED EIGHTY TWO THOUSAND NINE HUNDRED SIXTY THREE AND 00/100 MEXICAN CURRENCY) represented by 22,734’829,630 series “O” shares, with a par value of $0.10 (TEN
CENTS MEXICAN CURRENCY) each. The Capital Stock may also be integrated by an additional portion, represented by series “L” shares with a par value of $0.10 (TEN CENTS MEXICAN CURRENCY) each, up to an amount equal to forty percent of the
common capital stock.-..... CHAPTER FOURTH.- MANAGEMENT.- ARTICLE TWENTY FOURTH.- MANAGEMENT BODIES.- The direction and management of the Company shall be entrusted to a Board of Directors and a Chief Executive Officer, in their respective scope of
authority. The corresponding appointments shall be made in accordance with the provisions of articles 22, 23 and 24 of the Law of Credit Institutions. The Board of Directors shall be formed by up to fifteen members and their respective alternates,
which mayo r may not be Series “O” shareholders. The majority of the directors shall be Mexican or foreign residents in the Mexican Republic. ARTICLE TWENTY FIFTH.- APPOINTMENT AND TERM.- The Series “O” shareholders shall appoint
all the directors and their respective alternates. The Series “O” shareholders that represent at least ten percent of the common capital stock of the Company shall have the right to appoint one director and its respective alternate. Once
such appointment is made, the remaining members of the Board of Directors shall be appointed by a simple majority vote, without counting the minority shareholders that appointed a director or directors as set forth above. Notwithstanding the
provisions of last paragraph of Article 24 and article 25 of the Law of Credit Institutions, the appointment of a minority director can only be revoked when all the appointments of directors of the same class are revoked. The members of the board of
directors shall remain in office for one year and may be reelected; and shall remain in office until the new person takes office. ARTICLE TWENTY SEVENTH.- PRESIDENT AND SECRETARY.- The members of the board shall elect every year, among its members,
a chairman and one of the two vice-chairmen, and the other directors in the order of their appointment shall cover the absences of the vice-chairman. The chairman shall be the president of the general shareholders meetings, the board of directors
meetings and the executive committee of the board of directors, and shall execute the resolutions of such bodies without need of a special resolution in such respect. The board of directors shall appoint a Secretary, which may not be a director, as
well as an Alternate Secretary to help the Secretary in its duties and cover the absences of the Secretary. ARTICLE TWENTY EIGHTH.- MEETINGS.- The Board of Directors shall meet whenever a call is issued by the Secretary or Alternate Secretary, by
agreement of 
  

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the Chairman or the Statutory Auditor if applicable. The call shall be sent with a minimum of five business days in advance for the meeting at the last registered domiciles of the directors and
the statutory auditor. It shall be validly installed a meeting of the Board of Directors with the presence of the majority of its members; the Board of Directors resolutions shall be valid if they are approved by majority of the attendant members,
the President shall hold the casting vote in the event of a tie. The minutes of the board of directors meetings, meetings of regional boards and other internal committees shall be signed by the individual that chaired them, the Secretary and the
attending statutory auditors, and shall be kept in special books, and the Secretary and Alternate Secretary shall be entitled to issue certified copies of the contents of such minutes. ARTICLE.- TWENTY NINTH.- AUTHORITY.- The Board of Directors
shall have the authority that the applicable laws and these by-laws grant in general to this type of corporate bodies, including without limitation:: I.- represent the Company before any individual or moral person, and before any kind of Authority,
either judicial (Civil or Criminal), Administrative or Labor, either federal or local, with the general power of attorney for law suits and collections, as provided for in the first paragraph of Article Articles (2554) two thousand five hundred
fifty four and (2587) two thousand five hundred eighty seven of the Civil Code for the Federal District; and shall be empowered without limitation: A. to participate in any kind of judicial proceedings, either Civil, Commercial, Tax,
Administrative, Criminal or Labor, including Amparo proceedings, to follow such lawsuits and drop them if convenient for the Company; B. to file and ratify accusations or complaints before criminal authorities; C. to establish the Company as
co-party with the public prosecutor in criminal processes; D. to grant pardon when applicable; E. To make or take positions in any kind of proceedings, including labor proceedings, provided, however, that the right to absolve them is restricted to
the persons designated by the Board of Directors as provided in paragraph VII of this Article; and F.- To appear before any kind of labor authority, either administrative or judicial, local or federal, to act in legal or extrajudicial proceedings,
form the conciliation stage until the execution of the corresponding award; and to execute any kind of agreements as provided for Article 11, 787 and 876 of the Federal Labor Law; II.- To manage the business and corporate assets with the most ample
power of attorney for management acts as provided for in 2554, first paragraph, of the Civil Code for the federal District; III.- To issue, subscribe, grant, accept, guarantee or endorse negotiable instruments as provided for in Article
9th of the General Law of Negotiable Instruments and
Credit Operations; IV.- To engage in ownership acts with respect to the assets of the 
  

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Company, as provided for in the third paragraph of article 2554 of the Civil Code of the Federal District, and other special authority as set forth in sections I, II and V of article 2587 of such
civil code; V.- To establish the rules regarding the corporate structure, organization, integration, duties and rights of the regional boards, internal committees and working commissions deemed necessary, to appoint their members and to establish
their compensation; VI.- As provided by article 145 of the General Law of Commercial Companies, to appoint and remove the Chief Executive Officer and the main officers of the Company, taking into consideration the provisions of Article 24 of the Law
of Credit Institutions; to appoint trust delegates, the external auditor, the Secretary and Alternate Secretary and to establish their rights and obligations and determine their compensation; VII.- To grant powers of attorney deemed convenient to
said officer or to any other person, and to revoke them; and as provided in applicable laws, to delegate its duties in the Chief Executive Officer or to one or more members of the Board of Directors or legal representatives, to carry on the business
in the terms and conditions determined by the Board of Directors; VIII.- To delegate in the person or persons deemed convenient, the legal representation of the Company, to grant them the use of the corporate signature and to grant general powers of
attorney for lawsuits and collections, with the most ample authority as provided for in Article 2554 of the Civil Code, including special clauses as required by law in accordance with paragraphs III, IV, VI, VII and VIII of article 2587 of such
code, including without limitation: a).- to present themselves as legal representatives of the Company during any proceeding, either administrative, labor, judicial or extrajudicial, to participate in any stage of such proceedings, and to take and
absolve positions in the name and stead of the Company; to present and accept conciliation measures, to make transactions, to take any kind of decisions and to execute any labor agreements with workers; b).- To enter into any kind of legal acts
referred to in section I of this paragraph; c).- To substitute powers and authority, without limitation to its own authority, and to issue and revoke mandates, and IX.- In general, to carry on with the acts and operations necessary or convenient to
pursuit the corporate purpose, except for the authority reserved by applicable law or these by-laws to the Shareholders Meeting. References made to provisions of the Civil Code of the Federal District shall be deemed made in the correlative articles
of the civil codes of the other Mexican states where this authority is exercised. ARTICLE THIRTIETH. - COMPENSATION.- The members of the Board of Directors shall receive as compensations the amount determined by the Shareholders Meeting. The
decisions regarding compensation shall be in effect until modify the resolution of the 
  

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shareholders meeting. ARTICLE THIRTY FIRST.- DISTRIBUTION OF COMPENSATION.- The fees referred to in Articles Twenty-Ninth, paragraph V and Thirtieth of these by-laws, shall be charged against the
results of the fiscal year and shall be distributed accordingly among the members of the management bodies and among the members and alternate members of the Board of Directors, in proportion to the numbers of meetings that were attended.- CHAPTER
FIFTH.- SURVEILLANCE.- ARTICLE THIRTY SECOND.- STATUTORY AUDITORS.- The surveillance of the operations of the Company shall be entrusted to at least one statutory auditor for the Series “O”, and, to a statutory auditor appointed by the
Series “L”, and their respective alternates, which shall be elected during special shareholders meetings, by majority vote, and such statutory auditors may be shareholders of the Company or third parties, and shall have the authority and
duties set forth in article 166 of the General law of Commercial Companies, and other applicable provisions of applicable laws.......”. 

III.- Mr. JOSE LEOPOLDO QUIROGA CASTAÑON proves the authority in which he is appearing on behalf of
the company named CEMEX MÉXICO, SOCIEDAD ANONIMA DE CAPITAL VARIABLE, and states that such authority has not been revoked or limited in any way, and proves the legal existence and good standing of said company, with the following
documentation: 
 AUTHORITY TO APPEAR TO THIS LEGAL ACT: 

With the first instrument of public deed number 29,669 (twenty nine thousand six hundred sixty nine), dated as of
November 11 (eleven), 2002 (two thousand and two), issued by Mr. Francisco Garza Calderón, then Notary Public Number 75 (seventy five), and recorded in the Public Registry of Property and Commerce of the city of Monterrey, Nuevo
Leon, under number 11,318 (eleven thousand three hundred eighteen), Volume 3 (three), Book First, Public Registry of Commerce, First District as of November 14 (fourteen), 2002 (two thousand and two), regarding the appointment of GENERAL
ATTORNEYS-IN-FACT of the Company, among them the individual appearing to this act, Mr. JOSE LEOPOLDO QUIROGA CASTAÑON, and the issuance of corporate authority in his favor. The undersigned Notary hereby attest to have such
document in front of me, and partially transcribe it as follows: “.......That before me appeared Mr. LORENZO H. ZAMBRANO, in his capacity of General Attorney-in-fact of “CEMEX MEXICO, SOCIEDAD ANÓNIMA DE CAPITAL
VARIABLE”, and STATED: That intends to grant authority and appoint LEGAL REPRESENTATIVES in the following terms: GENERAL POWER OF 

 

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ATTORNEY FOR BANKING TRANSACTIONS AND GENERAL POWER OF ATTORNEY FOR MANAGEMENT ACTS IN FAVOR OF MESSRS. RODRIGO TREVIÑO MUGUERZA, RAMIRO VILLARREAL MORALES, RENE DELGADILLO GALVAN,
HUMBERTO LOZANO VARGAS, HECTOR VELA DIB, JAVIER TORRES HERNANDEZ, VICTOR NARANJO BANDALA AND JOSE LEOPOLDO QUIROGA CASTAÑON, TO BE EXERCISED JOINTLY OR INDIVIDUALLY, IN THE NAME AND IN STEAD OF “CEMEX MEXICO, S.A. DE C.V.”.-
IN ACCORDANCE WITH THE FOREGOING, Mr. LORENZO H. ZAMBRANO, on behalf of “CEMEX MEXICO, S.A. DE C.V.”, issues the following:- CLAUSES: FIRST.- In his capacity of GENERAL LEGAL REPRESENTATIVE OF THE COMPANY, and in accordance with
the provisions of Article 10 (ten) of the General Law of Commercial Companies, hereby grants in favor of Messrs. RODRIGO TREVIÑO MUGUERZA, RAMIRO VILLARREAL MORALES, RENE DELGADILLO GALVAN, HUMBERTO LOZANO VARGAS, HECTOR VELA DIB, JAVIER
TORRES HERNANDEZ, VICTOR NARANJO BANDALA and JOSE LEOPOLDO QUIROGA CASTAÑON, jointly or individually, General Powers of Attorney to execute any transactions related to the corporate purpose of the company “CEMEX MEXICO, S.A. DE
C.V.”, in accordance with the following terms, and such individuals shall act as LEGAL REPRESENTATIVES OF THE COMPANY.- A).- GENERAL BANKING AUTHORITY in connection with negotiable instruments in the name and stead of the Company, further to
Article (9) nine of the General Law of Negotiable Instruments; to issue avales, Securities and in general to guarantee obligations of the company.- B).- GENERAL POWER FOR MANAGEMENT ACTS, further to the terms set forth in the second
paragraph of Article (2448) two thousand four hundred forty eight of the Civil Code of the State of Nuevo Leon, and its correlative article of the Civil Codes of the other Mexican States and the Federal Civil Code.- SECOND.-
Mr. LORENZO H. ZAMBRANO, hereby binds the Company “CEMEX MEXICO, S.A. DE C.V.”, to ratify any and all acts entered by its GENERAL LEGAL REPRESENTATIVES Messrs. RODRIGO TREVIÑO MUGUERZA, RAMIRO VILLARREAL MORALES, RENE
DELGADILLO GALVAN, HUMBERTO LOZANO VARGAS, HECTOR VELA DIB, JAVIER TORRES HERNANDEZ, VICTOR NARANJO BANDALA AND JOSE LEOPOLDO QUIROGA CASTAÑON, as a result of the authority hereby granted, within the authority hereby granted” 

LEGAL EXISTENCE AND GOOD STANDING OF THE COMPANY 

1).- First Instrument of Public Deed Number 1672 (one thousand six hundred seventy two), issued as of July 8
(eight), 1968 (one thousand nine hundred sixty-eight), issued by 
  

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Mr. Juan N de la Garza Evia Jr., Notary Public No. 10 (ten), with exercise in the city of Monterey, Nuevo Leon, and duly recorded in the Public Registry of Property of Commerce of the
First District of the State of Nuevo Leon, sitting in the city of Monterrey, Nuevo Leon, under number 55 fifty-five, Page 127 one hundred twenty-seven, Volume 186 (one hundred eighty six), Book No, 3 (three), Second Auxiliary Deeds of Commercial
Corporations, Commerce Section, as of August 23 (twenty-three), 1968 (one thousand nine hundred sixty-eight), related to the incorporation of the company INSTALACIONES SANTOS, SOCIEDAD ANONIMA (currently known as CEMEX MEXICO, SOCIEDAD ANONIMA
DE CAPITAL VARIABLE), in accordance with the permit issued by the Secretary of Foreign Relations under number 10775 (ten thousand seven hundred seventy five), File No. 329843 (three hundred twenty nine thousand eight hundred forty three), dated
as of June 10 (ten), 1968 (one thousand nine hundred sixty-eight). 
 2).- First Instrument of Public Deed
Number 2026 (two thousand twenty six), issued as of June 18 (eighteen), 1970 (one thousand nine hundred seventy), issued by Mr. Juan N de la Garza Evia Jr., Notary Public No. 10 (ten), with exercise in the city of Monterey, Nuevo
Leon, and duly recorded in the Public Registry of Property of Commerce of the First District of the State of Nuevo Leon, sitting in the city of Monterrey, Nuevo Leon, under number 925 nine hundred twenty nine, Volume 33 (thirty-three), Book No, 4
(four), Third Auxiliary Commercial Agreements, Commerce Section, as of August 15 (fifteen), 1970 (one thousand nine hundred seventy), related to the official formalization of the Minutes of a Shareholders Meeting of the company INSTALACIONES
SANTOS, SOCIEDAD ANONIMA (currently known as CEMEX MEXICO, SOCIEDAD ANONIMA DE CAPITAL VARIABLE), in which it was agreed to increase the capital stock of the company to reach the amount of Ps.250,000.00 (TWO HUNDRED AND FIFTY THOUSAND PESOS, MEXICAN
CURRENCY). 
 3).- First Instrument of Public Deed Number 588 (five hundred eighty-eight), issued as of
July 29 (twenty-nine), 1976 (one thousand nine hundred seventy-six), issued by Mr. Fernando Treviño Lozano, Notary Public No. 55 (fifty-five), with exercise in the city of Monterey, Nuevo Leon, and duly recorded in the Public
Registry of Property of Commerce of the First District of the State of Nuevo Leon, sitting in the city of Monterrey, Nuevo Leon, under number 1913 one thousand thirteen, Volume 89 (eighty nine), Book No, 4 (four), Third Auxiliary Commercial
Agreements, Commerce Section, as of October 20 (twenty), 1976 (one thousand nine hundred seventy-six), related to the official formalization of the Minutes of a Extraordinary Shareholders Meeting of the company INSTALACIONES

  

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SANTOS, SOCIEDAD ANONIMA (currently known as CEMEX MEXICO, SOCIEDAD ANONIMA DE CAPITAL VARIABLE), held as of May 28 twenty eight, 1976 one thousand nine hundred seventy-six, in which it was
agreed to amend the corporate purpose of the Company, amending article
2nd (second) of the By-laws of the Company, with the prior
written consent of the Secretary of Foreign Affairs, in accordance to permit number 012039- zero-one-two-zero-three-nine, File number 329843 (three hundred and nine thousand eight hundred and forty three, dated as of April 29 (twenty-nine),
1976 (one thousand nine hundred seventy-six). 
 4).- First Instrument of Public Deed Number 1,087 (one thousand
eight seven), issued as of May 16 (sixteen), 1979 (one thousand nine hundred seventy-nine), issued by Mr. Fernando Treviño Lozano, Notary Public No. 55 (fifty-five), with exercise in the city of Monterey, Nuevo Leon, and duly
recorded in the Public Registry of Property of Commerce of the First District of the State of Nuevo Leon, sitting in the city of Monterrey, Nuevo Leon, under number 1643 one thousand six hundred forty three, Volume 108 (one hundred eight), Book No,
4 (four), Third Auxiliary Commercial Agreements, Commerce Section, as of July 31 (thirty first), 1979 (one thousand nine hundred seventy-nine), related to the official formalization of the Minutes of a Extraordinary Shareholders Meeting of the
company INSTALACIONES SANTOS, SOCIEDAD ANONIMA (currently known as CEMEX MEXICO, SOCIEDAD ANONIMA DE CAPITAL VARIABLE), in which it was agreed to increase the capital stock of the Company to reach the amount of $3’000,000.00 (THREE MILLION
PESOS, MEXICAN CURRENCY). 
 5).- First Instrument of Public Deed Number 1,141 (one thousand one hundred forty
one), issued as of August 1 (one), 1979 (one thousand nine hundred seventy-nine), issued by Mr. Fernando Treviño Lozano, Notary Public No. 55 (fifty-five), with exercise in the city of Monterey, Nuevo Leon, and duly recorded in
the Public Registry of Property of Commerce of the First District of the State of Nuevo Leon, sitting in the city of Monterrey, Nuevo Leon, under number 2085 two thousand six eighty five, Volume 112 (one hundred twelve), Book No, 4 (four), Third
Auxiliary Commercial Agreements, Commerce Section, as of September 30 (thirty), 1979 (one thousand nine hundred seventy-nine), related to the official formalization of the Minutes of a Extraordinary Shareholders Meeting of the company
INSTALACIONES SANTOS, SOCIEDAD ANONIMA (currently known as CEMEX MEXICO, SOCIEDAD ANONIMA DE CAPITAL VARIABLE), in which it was agreed to increase the capital stock of the Company to reach the amount of $4’200,000.00 (FOUR MILLION TWO HUNDRED
THOUSAND PESOS, MEXICAN CURRENCY). 
  

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 6).- First Instrument of Public Deed Number 1,283 (one
thousand two hundred eighty-three), issued as of January 9 (nine), 1982 (one thousand nine hundred eighty-two), issued by Mr. Ramiro Bravo Rivera, Notary Public No. 18 (eighteen), with exercise in the city of Monterey, Nuevo Leon, and
duly recorded in the Public Registry of Property of Commerce of the First District of the State of Nuevo Leon, sitting in the city of Monterrey, Nuevo Leon, under number 120 one hundred twenty, Volume 132 (one hundred thirty-two), Book No, 4 (four),
Third Auxiliary Commercial Agreements, Commerce Section, as of January 21 (twenty one), 1982 (one thousand nine hundred eighty-two), related to the official formalization of the Minutes of a Extraordinary Shareholders Meeting of the company
INSTALACIONES SANTOS, SOCIEDAD ANONIMA (currently known as CEMEX MEXICO, SOCIEDAD ANONIMA DE CAPITAL VARIABLE), held as of October 6 six, 1981 one thousand nine hundred eighty-one, in which it was agreed to increase the capital stock of the
Company to reach the amount of Ps. 7,000,000.00 (SEVEN MILLION PESOS, MEXICAN CURRENCY), and to amend Articles 1st
 (first),
2nd (second),
8th (eighth),
11th (eleventh),
17th (seventeenth),
24th (twenty fourth),
28th (twenty-eighth),
33rd (thirty third),
42nd (forty-second) and
49th (forty-ninth) of the By-laws, and the change of
corporate name to “SERTO CONSTRUCCIONES, SOCIEDAD ANONIMA”, with the prior consent of the Secretary of Foreign Affairs, under permit number 67243 (seventy seven thousand two hundred and forty three, File number 329843 (three hundred twenty
nine thousand eight hundred and forty three, dated as of
December 1st (first), 1981 (one thousand nine hundred
eighty one). 
 7).- First Instrument of Public Deed Number 2,989 (two thousand nine hundred eighty-nine),
issued as of October 15 (fifteen), 1984 (one thousand nine hundred eighty-four, issued by Mr. Ramiro Bravo Rivera, Notary Public No. 18 (eighteen), with exercise in the city of Monterey, Nuevo Leon, and duly recorded in the Public
Registry of Property of Commerce of the First District of the State of Nuevo Leon, sitting in the city of Monterrey, Nuevo Leon, under number 79 seventy-nine, Volume 153 (one hundred fifty-three), Book No, 4 (four), Third Auxiliary Commercial
Agreements, Commerce Section, as of January 16 (sixteen), 1985 (one thousand nine hundred eighty-five), related to the official formalization of the Minutes of a Extraordinary Shareholders Meeting of the company SERTO CONSTRUCCIONES, SOCIEDAD
ANONIMA (currently known as CEMEX MEXICO, SOCIEDAD ANONIMA DE CAPITAL VARIABLE), held as of September 20 twenty, 1984 one thousand nine hundred eighty-four, in which it was agreed to increase the capital stock of the Company to reach the amount
of Ps. 15,000,000.00 (FIFTEEN 
  

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MILLION PESOS, MEXICAN CURRENCY), and consequently to amend Articles
8th (eighth) of the By-laws, with the prior consent of the
Secretary of Foreign Affairs, under permit number 56339 (fifty six thousand three hundred and thirty nine, File number 329843 (three hundred twenty nine thousand eight hundred and forty three, dated as of October 5th (fifth), 1984 (one thousand
nine hundred eighty four). 
 8).- First Instrument of Public Deed Number 236 (two hundred
thirty six), issued as of August 12 (twelve), 1987 (one thousand nine hundred eighty-seven), issued by Mr. Esteban González Ardines, Notary Public No. 21 (twenty one), with exercise in the city of Monterey, Nuevo Leon, and duly
recorded in the Public Registry of Property of Commerce of the First District of the State of Nuevo Leon, sitting in the city of Monterrey, Nuevo Leon, under number 3346 (three thousand three hundred forty-six), Volume 187-67 (one hundred eighty
seven dash sixty seven), Book No, 4 (four), Third Auxiliary Commercial Agreements, Commerce Section, as of September 25 (twenty five), 1987 (one thousand nine hundred eighty-seven), related to the official formalization of the Minutes of a
Extraordinary Shareholders Meeting of the company SERTO CONSTRUCCIONES, SOCIEDAD ANONIMA, held as of April 9 nine, 1987 one thousand nine hundred eighty-seven, in which it was agreed to adopt the mode of SOCIEDAD ANONIMA DE CAPITAL VARIABLE,
and to amend Articles 1st (first),
7th (seventh),
8th (eighth),
10th (tenth),
15th (fifteenth) and
51st (fifty-first) of the By-laws, with the prior consent
of the Secretary of Foreign Affairs, under permit number 21570 (twenty one thousand five hundred and seventy, File number 329843 (three hundred twenty nine thousand eight hundred and forty three, dated as of
April 7th (seventh), 1987 (one thousand nine hundred
eighty seven), and consequently the corporate name of SERTO CONSTRUCCIONES, SOCIEDAD ANONIMA DE CAPITAL VARIABLE was adopted. 

9).- First Instrument of Public Deed Number 18,108 (eighteen thousand one hundred and eight), issued as of June 27
(twenty seven), 1995 (one thousand nine hundred ninety-five), issued by Mr. Francisco Garza Calderón, Notary Public No. 75 (seventy five), with exercise in this city, and duly recorded in the Public Registry of Property of Commerce
of the First District of the State of Nuevo Leon, sitting in the city of Monterrey, Nuevo Leon, under number 10439 (ten thousand four hundred thirty nine), Volume 201-209 (two hundred one dash two hundred nine), Book No, 4 (four), Third Auxiliary
Commercial Agreements, Commerce Section, as of June 29 (twenty nine), 1995 (one thousand nine hundred ninety-five), related to the official formalization of the Minutes of a Extraordinary Shareholders Meeting of the company SERTO
CONSTRUCCIONES, SOCIEDAD 
  

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ANONIMA DE CAPITAL VARIABLE, held as of April 3 three, 1995 one thousand nine hundred ninety-five, in which it was agreed to amend in its entirety the By-laws of the Company, with the
exception of the articles related to the corporate name and the nationality of the Company. 
 10).- First
Instrument of Public Deed Number 6,902 (six thousand nine hundred and two), issued as of December 10 (ten), 1998 (one thousand nine hundred ninety-eight), issued by Mr. Héctor Villegas Olivares, Notary Public No. 122 (one
hundred twenty two), with exercise in the city of Monterrey, Nuevo Leon, and duly recorded in the Public Registry of Property of Commerce of the First District of the State of Nuevo Leon, sitting in the city of Monterrey, Nuevo Leon, under number
8558 (eight thousand five hundred fifty eight), Volume 207-174 (two hundred seven dash one hundred seventy four), Book No, 4 (four), Third Auxiliary Commercial Agreements, Commerce Section, as of December 14 (fourteen), 1998 (one thousand nine
hundred ninety-eight), which contains the official formalization of the minutes of the General Extraordinary Shareholders Meetings held as of December 3 (three) and December 4 (four), 1998 (one thousand nine hundred ninety eight), in which
it was agreed the merger by SERTO CONSTRUCCIONES, SOCIEDAD ANONIMA DE CAPITAL VARIABLE, as merging and surviving company, and EMPRESAS TOLTECA DE MEXICO, SOCIEDAD ANONIMA DE CAPITAL VARIABLE, FOMENTO INDUSTRIAL, SOCIEDAD ANONIMA DE CAPITAL VARIABLE
and CEGUSA, SOCIEDAD ANONIMA, as merged companies, ceasing to exist. 
 11).- First Instrument of Public Deed
Number 67,541 (sixty seven thousand five hundred forty-one), issued as of December 14 (fourteen), 1999 (one thousand nine hundred ninety-nine), issued by Mr. Juan Manuel García García, Notary Public Number 129 (one hundred
twenty nine), and duly recorded in the Public Registry of Property of Commerce of the First District of the State of Nuevo Leon, sitting in the city of Monterrey, Nuevo Leon, under number 9086 (nine thousand eighty-six), Volume 209-176 (two hundred
nine dash one hundred seventy-six), Book No, 4 (four), Third Auxiliary Commercial Agreements, Commerce Section, as of December 15 (fifteen), 1999 (one thousand nine hundred ninety-nine), related to the official formalization of the Minutes of a
Extraordinary Shareholders Meeting of the company SERTO CONSTRUCCIONES, SOCIEDAD ANONIMA DE CAPITAL VARIABLE, held as of December 8 eight, 1999 one thousand nine hundred ninety-nine, in which it was approved a Merger Agreement in which SERTO
CONSTRUCCIONES, S.A. DE C.V., as Surviving Company, merged the following corporations: CEMENTO PORTLAND NACIONAL, S.A. DE C.V., CEMENTOS ATOYAC, 

 

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S.A. DE C.V., CEMENTOS DEL NORESTE, S.A. DE C.V., CEMENTOS DEL YAQUI, S.A. DE C.V., CEMENTOS MEXICANOS, S.A. DE C.V., CEMENTOS MONTERREY, S.A. DE C.V., CEMENTOS SINALOA, S.A. DE C.V., CEMENTOS
TOLTECA, S.A. DE C.V., CEMEX COMERCIAL, S.A. DE C.V., COMERCIO Y PLANEACION FINANCIERA MEXICO, S.A. DE C.V., EXPLOTADORA DE CANTERAS, S.A. DE C.V., PRECONCRETO DE ALTA RESISTENCIA, S.A. DE C.V. and TOLMEX, S.A. DE C.V., all of them merged companies;

 12).- First Instrument of Public Deed Number 67,623 (sixty seven thousand six hundred twenty-three), issued
as of December 16 (sixteen), 1999 (one thousand nine hundred ninety-nine), issued by Mr. Juan Manuel García García, Notary Public Number 129 (one hundred twenty nine), and duly recorded in the Public Registry of Property of
Commerce of the First District of the State of Nuevo Leon, sitting in the city of Monterrey, Nuevo Leon, under number 56 (fifty six), Volume 211-02 (two hundred eleven dash two), Book No, 4 (four), Third Auxiliary Commercial Agreements, Commerce
Section, as of January 6 (six), 2000 (two thousand), related to the official formalization of the Minutes of a Extraordinary Shareholders Meeting of the company SERTO CONSTRUCCIONES, SOCIEDAD ANONIMA DE CAPITAL VARIABLE, held as of
December 10 ten, 1999 one thousand nine hundred ninety-nine, in which it was approved to change the corporate name from SERTO CONSTRUCCIONES, S.A. DE C.V., to CEMEX MEXICO, S.A. DE C.V., and to amend Article First and Article Second of the
By-laws of the Company. 
 13).- With the first instrument of public deed number (8,248) eight thousand two
hundred forty eight, dated as of March 9 (nine), 2000 (two thousand), issued by Mr. Héctor Villegas Olivares, Notary Public Number 122 (one hundred twenty-two), residing in the city of Monterrey, Nuevo Leon, a recorded under number
3,364 (three thousand three hundred sixty four), Volume 211-67 (two hundred eleven dash sixty seven), Book 4 (Four), Third Auxiliary Commercial Agreements, Commerce Section, as of May 16 (sixteen), 2000 (two thousand) in the Public Registry of
Property of Commerce of the First District of the State of Nuevo Leon, sitting in the city of Monterrey, Nuevo Leon, which contains the minutes of the General Extraordinary Shareholders Meeting dated as of December 29 (twenty-nine), 1998 (one
thousand nine hundred ninety eight, in which it was approved, among other things, to amend Article Twenty Second of the By-laws of the Company. 

14).- With the first instrument of public deed number (70,035) seventy thousand thirty five, dated as of
December 8 (eight), 2000 (two thousand), issued by Mr. Manuel García Cirilo, then the Notary Public Number 62 (sixty two), residing in this city, and duly recorded 

 

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under number 2,451 (two thousand four hundred fifty one), Volume 1 (one), First Book, Public Registry of Commerce, First District, dated as of September 14 (fourteen), 2000 (two thousand) in
the Public Registry of Property of Commerce of the First District of the State of Nuevo Leon, sitting in the city of Monterrey, Nuevo Leon, which contains the minutes of the General Extraordinary Shareholders Meeting held as of August 7
(seven), 2000 (two thousand), in which it was approved, among other things, to amend the corporate purpose and to modify Article Second of the By-laws of the Company. 

15).- With the first instrument of Public Deed Number (28,366) twenty eight thousand three hundred sixty-six, dated
as of November 29 (twenty nine), 2001 (two thousand and one), issued by Mr. Francisco Garza Calderón, then Notary Public Number 75, duly recorded under Number 12,961 twelve thousand nine hundred sixty one, Volume 2 two, Book First,
Public Registry of Commerce, First District, dated as of December 29 (twenty eight), 2001 (two thousand and one), in the Public Registry of Property of Commerce of the First District of the State of Nuevo Leon, sitting in the city of Monterrey,
Nuevo Leon, which contains the minutes of the General Extraordinary Shareholders Meeting held as of October 28 (twenty-eight), 2001 (two thousand one), in which it was approved, among other things, to restructure the capital stock of the
Company, increasing the fixed portion of the capital and to decrease the variable capital in the same amount, amending Article Sixth of the By-laws of the Company. 

16).- With the first instrument of Public Deed Number (31,220) thirty one thousand two hundred twenty, dated as of
October 2 (two), 2003 (two thousand and three), issued by Mr. Francisco Garza Calderón, then Notary Public Number 75, duly recorded under Number 9,948 nine thousand nine hundred forty eight, Volume 4 four, Book First, Public
Registry of Commerce, First District, dated as of October 8 (eight), 2003 (two thousand and three), in the Public Registry of Property of Commerce of the First District of the State of Nuevo Leon, sitting in the city of Monterrey, Nuevo Leon,
which contains the minutes of the General Extraordinary Shareholders Meeting of CEMEX MEXICO, S.A. DE C.V. held as of April 28 (twenty eight), 2003 (two thousand three), in which it was approved, among other things, with respect to the term of
the office of directors and examiners be yearly, and amending consequently Articles Twenty Second and Twenty Fourth of the By-laws of the Company. 

17).- With the first instrument of Public Deed Number (33,948) thirty three thousand nine hundred forty eight, dated
as of May 26 (twenty six), 2005 (two thousand and five), issued by Mr. Francisco Garza Calderón, then Notary Public Number 75, duly recorded 

 

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under electronic file number 7574*1 (seven thousand five hundred seventy four asterisk one), Internal Control Number 36 (thirty six) dated as of June 2 (two), 2005 (two thousand and five) in
the Public Registry of Property of Commerce of the First District of the State of Nuevo Leon, sitting in the city of Monterrey, Nuevo Leon, which contains the minutes of the General Extraordinary Shareholders Meeting of CEMEX MEXICO, S.A. DE C.V.
held as of April 11 (eleven), 2005 (two thousand five), in which it was approved, among other things, to amend Article Twenty Ninth of the By-laws of the Company. 

18).- With the first instrument of Public Deed Number (5,094) five thousand ninety four, dated as of June 23
(twenty three), 2007 (two thousand and seven), issued by Mr. Jose Luis Farias Montemayor, Notary Public Number 120 (one hundred and twenty) residing in the city of Monterrey, duly recorded under electronic file number 7574*1 (seven thousand
five hundred seventy four asterisk one), Internal Control Number 82 (eighty two) dated as of June 27 (twenty seven), 2007 (two thousand and seven) in the Public Registry of Property of Commerce of the First District of the State of Nuevo Leon,
sitting in the city of Monterrey, Nuevo Leon, which contains the minutes of the General Extraordinary Shareholders Meeting of CEMEX MEXICO, S.A. DE C.V. held as of April 23 (twenty three), 2007 (two thousand seven), in which it was approved,
among other things, to amend Article Twenty Second of the By-laws of the Company. 
 From the foregoing
instruments, I, the undersigned Notary, attest to have them in front of me, and I transcribe in the relevant parts the current by-laws of the company named “CEMEX MEXICO”, SOCIEDAD ANONIMA DE CAPITAL VARIABLE, as follows: 

“......BY-LAWS.- FIRST. CORPORATE NAME.- The company shall be named “CEMEX MEXICO”, and this name shall
always be followed by the words “SOCIEDAD ANONIMA DE CAPITAL VARIABLE” or their abbreviation, “S.A. de C.V.”.- SECOND.- CORPORATE PURPOSE.- The corporate purpose of the Company is: A) The manufacture, purchase and sale,
marketing, transportation, importation, exportation, and industrial and commercial use of cement, and any kind of construction material.- B) The production, distribution, import, export, supply, transportation, to carry, to pump, consignation,
purchase and sale, deposit, commission, use, marketing and commercial and industrial use of cement, concrete, mortar, clay, limestone, gypsum, gravel, sand, iron mineral, and any other raw material used to produce cement, and any other kind of
construction material. - C) The manufacture, purchase, sale, distribution, pumping, transportation, importation, exportation, use of commercial or industrial aggregates, premixed concrete, additives and other components, and in general any kind of
pieces and 
  

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objects made of concrete, pre-concrete, pipes and construction materials. - D) The manufacture, purchase, sale, distribution, importation, exportation, leasing, marketing, and the industrial or
commercial use of any kind of commercial or industrial equipment, machinery, tools, spare parts, transportation equipment and any other product in the stream of commerce.- E) The rendering of handling, storage and safeguard of merchandise related to
foreign trade, either of the property of the Company or third parties.- F) The transportation of merchandises and products as cargo, by means of the exploitation of the public service of cargo in general, or through the exploitation or use of the
General Means of Communication or related services, or under the provisions of concessions or permits issued by the Federal Executive Branch if needed, or through concessions or permits received as contribution or transfer from shareholders and
authorized by competent authorities.- G) The use of cargo services, in connection with concessions or permits issued by the authorities of the States of Mexico if necessary.- H) The acquisition, lease, charter and entering into any kind of
agreements in connection with ships, either national or foreign, and to obtain the flag or registration number as Mexican ships of the ships that are needed.- I) To act as consignee agent for ships, and to engage in any activity related to such
operation.- J) The use of the different kind of engineering services, either pure research or applied engineering, as well as project and construction of projects.- K) The execution of works agreements, design agreements, engineering agreements,
professional services and technical services agreements, project development agreements, infrastructure installation agreements, mechanical installation and any other related services which are necessary or convenient for the development of its
corporate purpose, including the participation of the Company is bidding, offers, either public or private, in Mexico or abroad.- L) To participate in commercial or civil corporations, partnerships and in any kind of national or foreign companies,
by means of subscription and/or acquisition of their shares, equity interest, assets and rights and through any form to dispose and realize any kind of acts and commercial contracts with respect to those shares, equity interest, assets or rights.-
M) To acquire, sale, manage, lease or to receive in commodatum, to exchange, encumber in any manner, exploit, to affect in trust or to be trustee and in general, to execute any legal act related to the acquisition, transfer or to affect as real
guarantee related to any kind of personal property or real estate property, as deemed convenient or necessary for the purposes of the Company, or directly or directly related to the corporate purpose of the Company.- N) To build, planning, design,
decoration, manage and operate in any way any kind of buildings, industries, warehouses, 
  

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houses or apartments, in its own account or on the account of third parties.- O) To render and receive any kind of technical services, management services, sale services, marketing, supervision,
technical assistance and consulting services related to industrial, accounting, commercial, legal, tax, finance matters or any other matters.- P) To solicit, obtain, purchase, lease, assign or in any other manner to acquire or dispose of trademarks,
commercial names, copyrights, patents, inventions or processes, and any licenses related to them.- Q) To enter into or execute operation of commercial brokerage, mediation, technical assistance, rendering or professional services, consulting,
distribution, supply, leasing and financial leasing, securities brokerage and in general to enter into any kind of agreements related to services of, or in favor of third parties, including the use of human and material resources, as a consequence
of obligations or rights obtained by the execution of the agreements referred to in this section.- R) To grant and obtain loans, either secured or unsecured, including the issuance of commercial instruments in private or public offerings
representing debt with public investors.- S) To issue, accept, endorse, or guarantee negotiable instruments, and to enter into any kind of commercial or legal acts with respect to negotiable instruments, being empowered to contract with credit
institutions, national or foreign, brokerage houses, investment firms or auxiliary institutions of credit, and with any kind of entity, corporation or group, any kind of operations deemed convenient or necessary for the corporate purpose, including
to enter into sales in short, loans, trusts, mandates, commissions or any kind of contract or agreement related to the investment of funds, to obtain financing or as the case may be, to affect, assign or guarantee negotiable instruments or documents
referred to in this section.- T) To guarantee, security or in general to guarantee with any kind of liens, including pledge or mortgage, obligations of its own or from third parties, with or without compensation.- U) To be the title holder of Mining
Concessions to Explore and/or Exploit, in order to explore and/or exploit the minerals or substances regulated under the Mexican Mining Law, further to the provisions of article 11 of such law.- V) In general, the company may execute all acts and
contracts, and perform any kind of acts, operations and agreements, either civil, commercial or of any kind, deemed necessary or convenient for carrying out the purpose of the Company.- THIRD. DOMICILE.- The domicile of the company is the city of
Monterrey, Nuevo Leon, Mexico, which domicile may not be deemed to be changed if the company establishes branches or offices in any other place within the Mexican Republic or abroad.- FOURTH. TERM.- The duration of the company shall be 99 (ninety
nine) years, beginning on July 8 (eight), 1968 (one thousand sixty eight), which is the date of inscription 
  

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of the Company’s articles of incorporation in the Public Register of Commerce.- FIFTH. NATIONALITY.- The company is fully Mexican. Any foreigner, that at the time of incorporation of the
company or thereafter acquires a participation or becomes the owner of one or more shares of the company shall be considered as Mexican with respect to that participation or ownership, and may not invoke the protection of its own government. Failure
to comply with the foregoing paragraph may result in the forfeiture of such participation or ownership in favor of the Mexican State. The text of this article shall be transcribed in its entirely in the stock certificates or provisional stock
certificates representing equity participation in the company.- SIXTH. CAPITAL STOCK.- The corporate capital of the company shall be variable. The fixed, not redeemable, part of such capital shall be the amount of $900,015,000.00 (NINE HUNDRED
MILLION FIFTEEN THOUSAND AND 00/100 MEXICAN PESOS), represented by 900,015,000.00 (NINE HUNDRED MILLION FIFTEEN THOUSAND) common, nominative shares, without a par value. The variable capital, redeemable, shall be unlimited and shall be represented
by common, nominative shares without par value. The corporate capital subscribed and duly paid shall be divided, whether in the fixed or the variable part, in the following Series: The Series “A” Minimum Fixed Capital and the Series
“A” Variable Capital, denominated Mexican Series, shall represent at all times at least 51% (fifty-one percent) of the capital stock outstanding and shall only be subscribed by: individuals of Mexican nationality; b) immigrants not related
to foreign economic decision centers and provided that such immigrants do not engage in activities reserved to Mexican individuals or Mexican entities with foreign investment exclusion clause or subject to specific regulations; and c) Mexican
entities in which Mexican capital participate wholly or as a majority provided that foreign investors do not have by any mean control over its management. The Series “B” Minimum Fixed Capital and the Series “B” Variable Capital,
denominated Free subscription Series and may be subscribed by individuals or entities, either Mexican or foreign, with the exception of sovereign or foreign governments or entities representing such governments, and the equity participation of such
free subscription series shall not exceed 49% (forty-nine percent) of the capital stock outstanding. At all times, the aforesaid proportions in the capital stock of the company shall be observe. The Series “A” Variable Part and the Series
“B” Variable Part shall be issued and circulated further to the terms and conditions set forth by the Shareholders Meeting or the Board of Directors..- SEVENTH. CAPITAL STOCK INCREASE AND DECREASE.- The capital of the Company may be
increased or decreased further to the following provisions: a) The Minimum Fixed Capital of the 
  

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Company may be increased or decreased by a resolution of the Extraordinary Shareholders Meeting adopted further to the terms of these by-laws; b) New shares shall not be issued until all the
shares issued have been subscribed and paid; c) The authorized, but unsubscribe, shares shall be kept in the treasury of the Company, and later they may be subscribed and paid further to the terms and conditions set forth by the shareholders meeting
that approved such capital increase, or any subsequent shareholder meeting; d) only shares of stock duly subscribed and paid may be amortized or redeem; e) Further to the General Law of Commercial Companies, the Company shall keep a Ledgers in which
it shall be recorded any increase or decrease in the capital stock, such records shall be signed by the Chairman or the Secretary of the Board of Directors; f) To exercise appraisal rights, the provisions of articles 220 and 221 of the General Law
of Commercial Companies shall apply, provided that only the holders of duly paid shares shall have appraisal rights.- EIGHTH.- CAPITAL INCREASE.- In the event of a capital increase, whether in the Fixed part or the Variable part, the holders of
Series “A” and Series “B” shares shall have the preferential right in proportion of their number of shares to subscribe the new shares of the same Series to be issued by the Company. The shareholders may exercise such rights
within a period of 15 (fifteen) calendar days following the date of publication in the Official Gazette of the corporate domicile or in one of the newspapers of wide distribution in such domicile, of the resolutions adopted during the Shareholders
Meeting or the Board of Directors, as the case may be, in which it was resolved such capital increase. Provided, however, that no publication shall be needed in the event that during such shareholders meeting that approved such capital increase it
was represented all the shares of stock outstanding.- NINTH.- SHARE CERTIFICATES.- The certificates representing the shares of stock, whether provisional certificates or the definitive certificates, shall comply with the requirements set forth in
Article 125 of the General Law of Commercial Companies and Article Fifth of these By-laws. All certificates shall contain the authentic signatures of either two directors appointed by the Shareholders Meeting or the Board of Directors; the Chairman
and the Secretary of the Board of Directors may use facsimile signatures in accordance with the provisions of Article 125 of the General Law of Commercial Companies, section VIII. The Shareholders Meeting or the Board of Directors shall determine
the other characteristics of the provisional certificates or the definitive certificates, such as the number of shares covered by each certificate, the coupons to be affixed to exercise dividend rights.- TENTH.- REISSUANCE OF SHARE CERTIFICATES.- In
the event of lost, stolen, misplaced or destroyed share certificates, whether provisional 
  

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or definitive, the procedure set forth in General Law of Negotiable Instruments shall apply. Any and all duplicates of provisional certificates or definitive certificates shall indicate that they
are duplicates, and that the original provisional or definitive certificates have been voided. ELEVENTH.- SHAREHOLDERS LEDGER.- The company shall keep a Shareholders Ledger which shall contain: a) The name, nationality and domicile of the
shareholder, indicating the shares that such shareholder own, expressing the number, series, classes and any other information, b) the indication of payments made, and c) any assignments made further to Article 129 of the General Law of Commercial
Companies. The Shareholders Ledger shall be signed by either the Chairman of the Board of Directors or the Secretary of the Board of Directors, or by any officer appointed by such effects by the Board of Directors. Except a judicial order stating
otherwise, the Company shall recognize as a shareholder the person recorded in the Shareholders Ledger, and shall record upon request of any holder, the transfer of any shares.- TWELFTH.- GENERAL SHAREHOLDERS MEETINGS.- The General Shareholders
Meeting shall be the supreme power of the Company, and the Meeting may resolve or ratify any and all acts of the Company. Its authority shall have limited only to the extent of applicable law and these by-laws. Its validly adopted resolutions shall
be binding to all shareholders, even absent or dissenting shareholders, and shall be binding to management, the chief executive officer, directors, general manager, deputy general managers and representatives and shall be executed by the person or
persons appointed for such effects as special delegates, and in absence of such appointment, by the Chairman of the Board of Directors.- THIRTEENTH.- ORDINARY AND EXTRAORDINARY SHAREHOLDERS MEETINGS.- General Shareholders Meetings may be ordinary,
extraordinary or special, the later ones shall be held to discuss items related to each Series of stock. Any shareholders meeting shall be held in the corporate domicile, except in the case of force majeure. Extraordinary Shareholders Meetings shall
gather to discuss the items set forth in Article 182 of the General Law of Commercial Companies. Ordinary Shareholders Meetings shall gather at any time to discuss the items not listed for the extraordinary meetings. Meetings will be held at least
once a year within the four months following the close of the fiscal year, and will address, in addition to the items included in the agenda, the following matters: a) Discuss, approve or modify the report of the administrators referred to in the
general provisions of article 172 of the General Law of Commercial Companies, taking into account the report of the Examiner; b) appoint every two years the members of the Board of Directors and the Examiner; c) Determine the compensation to be paid
to the members of 
  

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the Board of Directors and the Examiner. Ordinary Shareholders Meetings and Extraordinary Shareholders Meetings will be held when called further to the provisions of these By-laws.- FOURTEENTH.-
CALLS.- The shareholder meetings shall be called by means of a notice approved by the Board of Directors and shall be signed by the Secretary of the Board of Directors or the Examiner, notwithstanding the rights conferred to the shareholders in
accordance with Articles 168, 184 and 185 of the General Law of Commercial Companies. The call shall be published in the Official Gazette of the corporate domicile or in a newspaper of wide circulation in such domicile, with at least 15 (fifteen)
days before the date set for the meeting, and with at least 10 (ten) days if the event of a second call; during the stated time and regarding Meetings referred to in Article 181 of the General Law of Commercial Companies, the report and other
documents referred to in Article 173 of such law, shall be available to the shareholders, in the other cases, reports and documents related to the items of the agenda shall be available to the shareholders. Publication of the call shall not en
needed if during the Meeting, all the shares of stock outstanding are represented.- FIFTEENTH.- SHAREHOLDERS ATTENDANCE RIGHTS.- To have attendance rights in the Shareholders Meetings and to participate in such meetings, and to exercise the right to
obtain information concerning to the shareholders as a result of the call to the meeting, the shareholders shall appear as shareholders of record in the Shareholders Ledger referred to in Article Eleventh of these by-laws. The Secretary, upon
verification of the Shareholders Ledger, shall issue a statement showing the capacity of shareholder and the number of shares represented, and such statement shall be used as admission pass and right to participate during the Meeting. The Secretary
shall make available to the Tellers appointed in the Meeting the documentation referred to in this article, in order for them to proceed, within the registry term, to prepare the Attendance List of the shareholders entitled to attend such meeting.-
SIXTEENTH.- SHAREHOLDERS REPRESENTATION.- Any shareholder shall be entitled to attend Shareholders Meetings personally or by general or special legal representatives, and for the later event a simple proxy letter signed before two witnesses shall be
sufficient. The respective proxy shall be delivered to the Secretary of the Company at least 48 (forty-eight) hours in advance to the date set for the meeting. The legal representatives, tutors, executors and trustees shall be entitled to attend the
meetings in the name and stead of the shareholders by proving such capacity. The documentation shall be available to the Tellers appointed during the meeting. The directors and the examiner shall never be holders of any proxy to represent
shareholders.- SEVENTEENTH.- MEETING INSTALLATION AND VOTING.- With respect 
  

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to attendance quorums and voting, the following provisions shall be followed: a) Ordinary Shareholders Meetings.- By virtue of first call, attendance quorum shall constitute the presence or
representation of at least half of the capital stock outstanding. By virtue of second call, the Meeting shall be legally installed by any number of shares represented. Resolutions shall be validly adopted by simple majority vote of shares
represented.- b) Extraordinary Shareholders Meetings.- By virtue of first call, attendance quorum shall constitute the presence or representation of at least three quarters of the capital stock outstanding. By virtue of second or later call, the
Meeting shall be legally installed by the presence or representation of at least half of the capital stock outstanding. In any event, resolutions during Extraordinary Shareholders Meetings shall be adopted by the favorable vote of a number of shares
representing at least half of the capital stock outstanding.- If any attendance quorum was not met in a Meeting during the first call, minutes shall be recorded in the Minute Book, stating such failure to meet the attendance quorum and such minutes
shall be signed by the President and the Secretary, and the Examiner if present, and the appointed Tellers; the minutes shall contain the date of the newspaper in which it was published the call for the meeting; the appendix of such meeting shall be
formed further to the provisions of these by-laws. In these cases, a second call shall be published once stating this fact, in the Official Gazette of the corporate domicile or in a newspaper of wide distribution in such domicile, with at least ten
calendar days before the date set for the meeting.- The Tellers shall verify that the resolutions were adopted in accordance with the voting percentage requirement set forth in this article.- EIGHTEENTH.- PROCEDURE FOR THE MEETING.- The meeting
shall be presided by the Chairman of the Board of Directors, or in his absence by the other directors in the order of their appointments; or in their absences by a shareholder appointed by the majority of attending shareholders. The Secretary of the
Meeting shall be the Secretary of the Board of Directors, or in his absence by the other directors in the order of their appointments; or in their absences by a shareholder appointed by the majority of attending shareholders. The President of the
Meeting shall appoint among the attendants two (2) tellers, the appointment of Tellers may be done in writing at the moment of publication of the call for the meeting. In the event of absence of the appointed Tellers during the meeting, the
President shall make a new designation.- The attending Tellers shall certify the number of shares legally represented, using the documents available to them, the Shareholders Ledger and the attendance list prepare for such purposes.- NINETEENTH.-
AGENDA FOR THE MEETING.- If by any event, not all the items contained in the Agenda for the Meeting were discussed, such 

 

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pending items shall be discussed in the preceding business days at the same time the first Meeting started, without need of a new call, until all the items of the Agenda are covered. The Meeting
may be adjourned in the event set forth in Article 199 of the General Law of Commercial Companies.- TWENTIETH.- MINUTES OF THE MEETING.- The Secretary shall prepare minutes for each Shareholder Meeting, and shall contain the number of shares
represented, the items discussed and the resolutions adopted. Such minutes shall be signed by the President, the Secretary, the Examiner if present during the meeting, and the appointed Tellers. Furthermore, from every meeting, a file shall be
formed as Appendix for such meeting, and shall contain a duplicate in plain paper of the minutes, the attendance list signed by the attendants to the meeting duly certified by the appointed Tellers, the Official Gazette and/or the newspaper in which
it was published the call for the meeting, and any other documents involved in the discussions. The certified copies of the minutes or extracts of the minutes needed to be issued for any purpose, shall be authorized by the Chairman or the Secretary
of the Board of Directors.- TWENTY-FIRST.- RESOLUTIONS ADOPTED IN LIEU OF A MEETING.- Further to the provisions of Article 178 of the General Law of Commercial Companies, resolutions adopted in lieu of a meeting by the unanimous vote of shareholders
representing all the shares with voting right, or the special category of shares involved, if applicable, shall have for all legal purposes the same validity as if they had been adopted during the holding of a regular or special meeting,
respectively, provided that they are confirmed in writing. The provisions set forth in this article are valid without need of a previous call.- TWENTY-SECOND.- BOARD OF DIRECTORS.- Management of the Company shall be entrusted to a Board of Directors
formed by the number of members determined by the respective shareholders meeting, provided that such number is an odd number not less than 3 (three) and not more than 9 (nine). The members of the Board may or may not be shareholders of the company,
shall be appointed for a period of two years and may be reelected without limitation.- Notwithstanding, if by any circumstance there is no renovation in the Board, the acting members of the Board shall continue in their positions an exercising their
authority until the person designated to substitute them take possession of the office.- At the time the Shareholders Meeting is electing the members of the Board of Directors, the Shareholders Meeting shall appoint the Chairman and the Secretary of
the Board. If no election was made, the Chairman, the Secretary and the Alternate Secretary shall be elected by the Board of Directors during the first meeting of the Board after the Shareholders Meeting that appointed the members of the Board. The
Chairman of the Board of Directors shall also be 
  

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the President of the Company, with the authority referred to in these by-laws. If there was no express appointment, the second appointed member of the Board shall be the Secretary of the Board.
The other members of the Board shall hold the positions of vocals. Alternate directors to each member of the board shall be elected to cover the absences of them. TWENTY-THIRD.- ELECTION OF THE BOARD OF DIRECTORS.- During the election of members of
the Board of Directors, any shareholder or group of shareholders holding at least 25% (twenty-five percent) of the shares of stock outstanding, and if they did not vote among the majority that appointed the members of the Board of Directors, shall
have the right to appoint one additional member of the Board and the respective alternate, and such individuals shall have the same rights and authority than the other members of the Board. The alternate director shall only cover the absences of the
minority director.- TWENTY-FOURTH.- GUARANTEE OF PERFORMANCE OF THE MEMBERS OF THE BOARD OF DIRECTORS.- When the Shareholders Meeting so resolves, the members of the Board of Directors, to guarantee its performance, shall each deposit an amount
equal to N$100.00 (ONE HUNDRED AND 00/100 NEW MEXICAN PESOS) in the Treasury of the Company, or shall post a security or guaranty in favor of the Company by the same amount, further to the provisions of Article 152 of the General Law of Commercial
Companies. Such deposit or guaranty shall be returned when the Shareholders Meeting approve the corresponding performance.- TWENTY-FIFTH.- COMPENSATION TO DIRECTORS.- The directors shall receive as compensation the amounts approved by the
Shareholders Meeting, and such compensation shall be in effect until modified by the Shareholders Meeting.- TWENTY-SIXTH.- LIABILITY OF MANAGEMENT.- The members of management, as a result of their duties shall have the responsibilities referred to
in Articles 156, 157, 158 and 159 of the General Law of Commercial Companies. When the members of management act further to a power of attorney granted and further to the corporate purpose, the company shall hold such individuals harmless from any
loss or claim against their capital as a result of the exercise of such power of attorney.- TWENTY-SEVENTH.- HONORARY PRESIDENT.- When the Shareholders Meeting so resolves, it shall appoint one individual as Honorary President of the Company as a
reward of its performance and merits within the Company.- TWENTY-EIGHTH.- IMPEDIMENTS FOR DIRECTORS AND EXAMINERS.- The following individuals shall not be appointed as Directors or Examiners of the Company: a) the individuals that do not have the
legal capacity to bind themselves; b) individuals that are prohibited to engage in commerce, and c) the individuals that the Company has 

 

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outstanding or matured debts against them. If any Director after their designation falls into any of the events described above, shall cease in his function, and shall not act as directors again
until a new election is made and provided the impediment has disappeared.- TWENTY-NINTH.- OPERATION OF THE BOARD OF DIRECTORS.- The Board of Directors shall meet whenever a call is issued by the President or the Secretary. Meetings shall take place
in the corporate domicile, agencies, branches or representative offices of the Company, or elsewhere in Mexico or abroad as the Board of Directors determines. It shall be validly installed a meeting of the Board of Directors with the presence of the
majority of its members; the Board of Directors resolutions shall be valid if they are approved by majority of the attendant members, the President shall hold the casting vote in the event of a tie. The absences of the President and the Secretary
shall be covered by the next appointed member of the Board. Regarding permanent absences, the Shareholders Meeting shall proceed with a new election.- The minutes of all the Board of Directors meetings shall be prepared and shall give details of the
attending directors and the resolutions approved, and such minutes shall be authorized by the President and the Secretary, or by directors acting as President and Secretary of the respective meeting. Furthermore, from every meeting, a file shall be
formed as Appendix for such meeting, and shall contain a duplicate in plain paper of the minutes, the attendance list signed by the directors attending the meeting and duly certified by the Secretary of the Company, and any other documents involved
in the discussions. The certified copies of the minutes or extracts of the minutes needed to be issued for any purpose, shall be authorized by the Chairman or the Secretary of the Board of Directors.- THIRTIETH.- RESOLUTIONS ADOPTED IN LIEU OF A
MEETING.- Further to the provisions of Article 143 of the General Law of Commercial Companies, resolutions adopted in lieu of a meeting by the unanimous vote of all the directors, shall have for all legal purposes the same validity as if they had
been adopted during the holding of board meeting, provided that they are confirmed in writing.- THIRTY-FIRST.- AUTHORITY, OBLIGATIONS, ATTRIBUTIONS AND POWERS OF THE BOARD OF DIRECTORS.- The Board of Directors shall have, except the modifications or
restrictions approved by the Shareholders Meeting, the following authority, obligations, attributions and powers:- A) GENERAL POWER FOR LAWSUITS AND COLLECTIONS to represent the Company, with all general and special powers which by law require a
special clause according to law without any limitation, as provided for in the first paragraph of Article Articles (2554) two thousand five hundred fifty four and (2587) two thousand five hundred eighty seven of the Civil Code for the
Federal 
  

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District in common matters and applicable in the whole Mexican Republic for federal matters, and their correlative articles (2448) two thousand four hundred forty eight and (2481) two
thousand four hundred eighty one of the Civil Code of the State of Nuevo Leon, and their correlative articles of the Civil Codes of the other Mexican States. Consequently, the BOARD OF DIRECTORS, THE LEGAL REPRESENTATIVE AND GENERAL ATTORNEY-IN-FACT
shall be empowered to represent the Company before any individual or moral person, and before any kind of Authority, either judicial (Civil or Criminal), Administrative or Labor, either federal or local, throughout the Mexican Republic or abroad,
during judicial proceedings or otherwise; and shall be empowered to participate in any kind of judicial proceedings, either Civil, Commercial, Tax, Administrative, Criminal or Labor, including Amparo proceedings, to follow such lawsuits and
drop them if convenient for the Company; to file recourses against decision of authorities; to consent favorable rulings and appeal not favorable rulings; to present answers in any lawsuits filed against the Company, to file and ratify accusations
or complaints before criminal authorities, being empowered to establish the Company as co-party with the public prosecutor in criminal processes and grant pardon when applicable; to recognize signatures, documents and argue as false the arguments
presented by the other party; to present witnesses, and to see the other party presenting witnesses, and to question such witnesses; to make and answer depositions; to settle and agree in arbitral procedures; to impeach judges, justices and any
judicial officers, administrative officers, without cause, with cause and under oath; and to appoint experts during such procedures.- B).- GENERAL POWER, by means of the delegation of the LEGAL REPRESENTATION OF THE COMPANY, to represent the Company
during labor proceedings as set forth in Articles (11) eleven, (46) forty six, (47) forty seven, (134) one hundred thirty-four section III, (523) five hundred twenty-third, (694) six hundred ninety four, (695) six
hundred ninety five, (786) seven hundred eighty six, (787) seven hundred eighty seven, (874) eight hundred seventy four, (876) eight hundred seventy six, (878) eight hundred seventy eight, (880) eight hundred eighty,
(883) eight hundred eighty three, (884) eight hundred eighty four, (889) eight hundred eighty nine, with respect to the applicable provisions of Chapters XII and XVII of Title Fourteen of the Federal Labor Code, with the rights and
attributions related to legal representation in accordance to such law. Furthermore, it is granted the LABOR REPRESENTATION in accordance with Article (11) eleven of said Federal Labor Code. The AUTHORITY hereby granted, the LABOR
REPRESENTATION hereby delegated and the EMPLOYER REPRESENTATION hereby granted, shall be exercised by 
  

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the BOARD OF DIRECTORS AND THE GENERAL ATTORNEY-IN-FACT, with the following powers listed below without limitation. The BOARD OF DIRECTORS, the EMPLOYER LEGAL REPRESENTATIVE and THE GENERAL
ATTORNEY-IN-FACT, may act before the Unions that the Company executed collective bargaining agreements, and regarding any labor conflict; may act before workers personally and regarding any individual conflicts; and in general in any matter
regarding employer-workers matters, and such authority may be exercised before any Labor or Social Service authority referred to in Article (523) five hundred twenty-three of the Federal Labor Code; empowered to appear before the Juntas de
Conciliacion y Arbitraje, either federal or local. Consequently, The BOARD OF DIRECTORS, the EMPLOYER LEGAL REPRESENTATIVE and THE GENERAL ATTORNEY-IN-FACT, in the name and stead of the Company, may appear before any labor proceeding with the
powers and authority set forth in sections A), C) and F) of this Article as applicable, and furthermore, they shall bear the EMPLOYER REPRESENTATION for purposes of Article (11) eleven, (46) forty-six and (47) forty-seven, and the
LEGAL REPRESENTATION of the Company to justify the corporate authority and legal capacity during court proceedings further to Articles (692) six hundred ninety two, sections II and III, may appear during the practice of confession evidence
further to Articles (787) seven hundred eighty seven and (788) seven hundred eighty eight of the Federal Labor Code, with authority to make and answer questions and to participate in confession evidence; empowered to designate conventional
domiciles further to Article (876) eight hundred seventy-six; may appear with the LEGAL REPRESENTATION at the hearing referred to in Article (873) eight hundred seventy-three during the three stages of conciliation, lawsuit and defenses,
and evidence offering and admission further to Article (875) eight hundred seventy-five, (876) eight hundred seventy-six sections I and VI, (877) eight hundred seventy-seven, (878) eight hundred seventy-eight, (879) eight
hundred seventy-nine, (880) eight hundred eighty; to appear in the evidence hearing further to Articles (873) eight hundred seventy-three and (874) eight hundred seventy four; all of them articles of the Federal Labor Code;
furthermore, they are empowered to present and accept conciliation measures, to make transactions, to take any kind of decisions, to negotiate and to execute any kind of labor agreements, either judicial or extrajudicial; at the same time they are
entitled to act as REPRESENTATIVE OF THE COMPANY in their capacity of Management regarding any class of labor judicial proceedings or procedures; either individual or collective, brought before any authority; may execute and terminate labor
agreements, to offer reinstatements, answer any kind of lawsuits, claims or 
  

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summons, ratifying the Company any and all acts performed by the BOARD OF DIRECTORS, THE LEGAL REPRESENTATIVE AND THE GENERAL ATTORNEY-IN-FACT during such hearings.- C).- GENERAL POWER FOR
MANAGEMENT ACTS, further to the terms set forth in the second paragraph of Article (2554) two thousand five hundred fifty four of the Civil Code for the Federal District in common matters and applicable in the whole Mexican Republic for federal
matters, and its correlative article (2448) two thousand four hundred forty eight of the Civil Code of the State of Nuevo Leon, and its correlative article of the Civil Codes of the other Mexican States.- D).- GENERAL POWER FOR OWNERSHIP ACTS,
further to the terms set forth in the third paragraph of Article (2554) two thousand five hundred fifty four of the Civil Code for the Federal District in common matters and applicable in the whole Mexican Republic for federal matters, and its
correlative article (2448) two thousand four hundred forty eight of the Civil Code of the State of Nuevo Leon, and its correlative article of the Civil Codes of the other Mexican States; consequently, the BOARD OF DIRECTORS, THE LEGAL
REPRESENTATIVE AND GENERAL ATTORNEY-IN-FACT shall be empowered with the most ample powers to dispose of real estate property, and any real or personal rights, including the power to carry on any kind of procedures to defend them, and to acquire or
sale negotiable instruments further to the terms of the in the third paragraph of Article (2554) two thousand five hundred fifty four of the Civil Code for the Federal District in common matters and applicable in the whole Mexican Republic for
federal matters, and its correlative article (2448) two thousand four hundred forty eight of the Civil Code of the State of Nuevo Leon, and its correlative article of the Civil Codes of the other Mexican States. Including the powers to
contribute personal or real estate property of the Company to other companies within the group, either affiliates, subsidiaries, controlling or controlled companies, and to subscribe shares of stock or take equity interests in other companies, and
to encumber in any way the property of the Company. - E) GENERAL POWER to issue, accept, certify, grant, subscribe, guarantee, release, endorse and assign any kind of negotiable instruments in the name and stead of the Company, further to Articles
(9) nine section I, (85) eighty-five, and (174) one hundred seventy four of the General Law of Negotiable Instruments; to issue avales, Securities and in general to guarantee, including pledge and mortgage, obligations of third
parties, with or without compensation, and consequently to subscribe negotiable instruments, agreements, contracts and other documents that are necessary or convenient to perfect such guarantees, including the power to issue checks to use the funds
in bank accounts, deposit accounts in other institutions and to obligate the 
  

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Company in any way necessary within the operation of this authority. F) GENERAL POWER TO GRANT AND REVOKE GENERAL AND SPECIAL POWERS OF ATTORNEY, and to delegate its authority either totally or
partially, granting to the attorney-in-fact the powers that it deems convenient within the authority of the Board of Directors; when substituting wholly or partially this authority, the Board of Directors, the Legal Representative and the General
Attorney-in-fact, shall not lose their authority as MANDATORY of the Company. The substitute mandataries may also substitute by means of delegation each and every Powers and Authority granted to them, including the substitution authority.- G) To
establish offices, agencies, branches and representative offices of the Company, and to make the installations that are necessary for the corporate purposes in the way it deems it convenient, allocating the employees in the places within or outside
the corporate domicile, as it is deemed convenient.- H) To appoint the Chief Executive Officer, Officers, General Manager, Managers, Deputy Managers, Attorneys-in-fact and other employees of the Company, establishing their duties, obligations,
authority, compensation, and to freely revoke such appointments. I) To hire technicians or contract with other companies the rendering of services, either consulting services or to manage any aspect of the administration.- J) To agree the
acquisition or sale of shares of stock or equity interests, and the direction of the vote during Ordinary or Extraordinary Meetings in corporations in which the company is a shareholder, and to exercise the appraisal rights in the companies with
variable capital.- K) To authorize the assignment of the shares issued by the Company of the legitimate holders, or as the case may be, to negate the assignment appointing a purchaser further to applicable law.- L) To deliver to the Examiner,
monthly, a statement regarding the financial position and results of the Company.- M) To call for General Shareholders Meetings, rendering a report on the status of the operations of the Company.- N) To execute the resolutions of the Shareholders
Meetings, and in general to perform the acts and operations deemed convenient or necessary to carry on the corporate purpose, except the acts and operations reserved to the Shareholders Meeting further to applicable law or these by-laws.-
THIRTY-SECOND.- EXAMINER.- The surveillance of the operations of the Company shall be entrusted to one Examiner, which may or may not be shareholder of the Company, and appointed by the General Shareholders Meeting. The absence, for any reason, of
the Examiner shall be covered further to the provisions of Article 168 (one hundred sixty-eight) of the General Law of Commercial Companies.- THIRTY-THIRD.- GUARANTEE OF PERFORMANCE OF THE EXAMINER.- When the Shareholders Meeting so resolves, the
Examiner, in order 
  

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to guarantee its performance, shall each deposit an amount equal to N$100.00 (ONE HUNDRED AND 00/100 NEW MEXICAN PESOS) in the Treasury of the Company, or shall post a security or guaranty in
favor of the Company by the same amount, further to the provisions of Article 152 of the General Law of Commercial Companies. Such deposit or guaranty shall be returned when the Shareholders Meeting approve the corresponding performance.-
THIRTY-FOURTH.- TERM OF OFFICE OF EXAMINER.- The Examiner shall be in office for two years and shall continue in office until the person designated to substitute him take possession of the office. The Examiner may be reelected without limitation.-
THIRTY-FIFTH.- COMPENSATION OF THE EXAMINER.- The Examiner or Examiners shall receive as compensation the amounts approved by the Shareholders Meeting, and shall be in effect until the Shareholders Meeting decides to modify such compensation.
THIRTY-SIXTH.- FISCAL YEARS.- The fiscal year shall last one calendar year, running from
January 1st to
December 31st of each year. Notwithstanding the
foregoing, and provided that the applicable law allows it, the Shareholders Meeting or the Board of Directors may change the dates to open and close each fiscal year, without need to amend these by-laws. THIRTY-SEVENTH.- ANNUAL REPORT.- At the
conclusion of each fiscal year, it shall be prepared an Annual Report that shall include at least, and further to the applicable laws, a balance sheet or a statement showing the financial position of the Company as of the end of the corresponding
fiscal year, a statement sowing the results of the Company during such fiscal year, a statement showing the changes in the items that form the net worth of the Company during that year, and the notes that are necessary to complete or clarify the
information contained in the financial information, together with the report of the Examiner, and shall be submitted to the consideration of the Annual Shareholders Meeting. THIRTY-EIGHTH.- EARNINGS ALLOCATION.- The net earnings of the Company
obtained in each fiscal year, once deducted the necessary amounts for amortization, depreciation, penalties and income tax payments, shall be distributed as follows: A) An amount not less than 5% (FIVE PERCENT) shall be separated from the net
earnings by the Shareholders Meeting to establish the legal reserve, until the amount of such legal reserve reaches 20% (TWENTY PERCENT) of the capital stock; B) An amount deemed convenient shall be separated from the net earnings by the
Shareholders Meeting to establish special reserve funds; C) The balance shall be distributed a s a dividend and shall be distributed among the holders of common Series “A” shares and common Series “B” shares in proportion to the
number of shares that they own, corresponding to every share an equal portion. Payment of dividends shall be done 
  

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further to the provisions of applicable law. If there are shares that are wholly paid since the beginning of the fiscal year and shares that were paid during the fiscal year or shares of stock
partially paid, the last two shall have the right to receive dividends, in accordance with the value paid in proportion to the respective time. THIRTY-NINTH.- LOSSES REPORT. The shareholders shall not be liable for the losses of the company, except
if there are pending contributions. The losses, if any, shall affect the shares equally up to their respective par value. FORTIETH.- RIGHTS OF THE FOUNDERS.- The founders of this company do not reserve any special participation or special benefits
in the profits of the company. FORTY-FIRST.- DISSOLUTION OF THE COMPANY. The company shall be dissolved in any of the cases contemplated in Article 229 of The General Law of Commercial Companies.- FORTY-SECOND.- LIQUIDATOR. Once the company is
dissolved, the Shareholders’ Meeting by majority vote shall appoint one or more Liquidators. If there are several liquidators, their decisions shall be governed by the rules set forth for the Board of Directors meetings. The Shareholders’
Meeting shall fix the time limits for the liquidation and the compensation the liquidators shall receive.- FORTY-THIRD.- DUTIES AND AUTHORITY OF THE LIQUIDATORS. The liquidator or liquidators shall have the sale authority as management during
liquidation, and specifically the following duties: A). They shall conclude the pending business in the manner that they deem the most convenient; B) shall collect the amounts payable, paying the debts and selling the assets of the company that may
be necessary for such purpose; C) The resulting liquid asset obtained from the final liquidation balance prepared by the liquidators and approved by the shareholders meeting shall be distributed among all of the company’s shareholders. The
distribution shall be in kind, or selling the remaining assets and distributing the proceeds or otherwise as resolved by the shareholders’ meeting.- FORTY-FOURTH.- FUNCTIONS OF THE ORDINARY SHAREHOLDERS MEETING DURING LIQUIDATION. During the
liquidation process the shareholders meeting shall have the necessary authority to determine the rules that, in addition to the authority set fort in applicable law of the provisions of these by-laws, shall govern the performance of the liquidator
or liquidators, including the authority to revoke the appointment of liquidators and to appoint new ones.- FORTY-FIFTH.- CALLS FOR SHAREHOLDERS MEETING DURING LIQUIDATION. The calls for shareholders meetings during liquidation shall be done by the
liquidators, or by the Examiners.- FORTY-SIXTH.-. FUNCTIONS OF THE EXAMINER DURING LIQUIDATION. During the liquidation the examiner or examiners shall have the same duties and obligations that they normally perform during the term of

  

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the company, with respect to the board of directors.- FORTY-SEVENTH.- FUNCTIONS, OBLIGATIONS, DUTIES AND AUTHORITY OF OFFICERS DURING LIQUIDATION. While the appointment of the Liquidators is not
recorded in the Public Registry of Commerce, and such Liquidators are not yet in office, the Board of Directors and the officers, the Chief Executive Officer, Directors, General Manager and/or deputy general managers of the company, shall continue
to perform their respective positions, however, they shall not begin new operations after the shareholders adopted the resolution to liquidate the company, or if it is proven a legal cause for liquidation.- FORTY-EIGHTH.- SUBMIT TO JURISDICTION.- To
resolve any and all matters arising between the company and its shareholders, or between the shareholders in their capacity of shareholders, the initial shareholders hereby agree and the future shareholders also shall agree to expressly submit
themselves to the jurisdiction of the competent courts of the First Judicial District of the State of Nuevo Leon, sitting in the city of Monterrey.”...” 

IV.- Mr. JOSE LEOPOLDO QUIROGA CASTAÑON proves the authority in which he is appearing on behalf of the
company named EMPRESAS TOLTECA DE MÉXICO, SOCIEDAD ANONIMA DE CAPITAL VARIABLE, and states that such authority has not been revoked or limited in any way, and proves the legal existence and good standing of said company, with the
following documentation: 
 AUTHORITY TO APPEAR TO THIS LEGAL ACT: 

With the first instrument of public deed number 29,668 (twenty nine thousand six hundred sixty eight), dated as of
November 11 (eleven), 2002 (two thousand and two), issued by Mr. Francisco Garza Calderón, then Notary Public Number 75 (seventy five), and recorded in the Public Registry of Property and Commerce of the city of Monterrey, Nuevo
Leon, under number 11,366 (eleven thousand three hundred sixty-six), Volume 3 (three), Book First, Public Registry of Commerce, First District as of November 15 (fifteen), 2002 (two thousand and two), regarding the appointment of GENERAL
ATTORNEYS-IN-FACT of the Company, among them the individual appearing to this act, Mr. JOSE LEOPOLDO QUIROGA CASTAÑON, and the issuance of corporate authority in his favor. The undersigned Notary hereby attest to have such
document in front of me, and partially transcribe it as follows: “.......That before me appeared Mr. LORENZO H. ZAMBRANO, in his capacity of General Attorney-in-fact of “EMPRESAS TOLTECA DE MEXICO, SOCIEDAD ANÓNIMA DE
CAPITAL VARIABLE”, and STATED: That intends to grant authority and appoint LEGAL REPRESENTATIVES in the following terms: GENERAL 

 

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POWER OF ATTORNEY FOR BANKING TRANSACTIONS AND GENERAL POWER OF ATTORNEY FOR MANAGEMENT ACTS IN FAVOR OF MESSRS. RODRIGO TREVIÑO MUGUERZA, RAMIRO VILLARREAL MORALES, RENE DELGADILLO
GALVAN, HUMBERTO LOZANO VARGAS, HECTOR VELA DIB, JAVIER TORRES HERNANDEZ, VICTOR NARANJO BANDALA AND JOSE LEOPOLDO QUIROGA CASTAÑON, TO BE EXERCISED JOINTLY OR INDIVIDUALLY, IN THE NAME AND IN STEAD OF “EMPRESAS TOLTECA DE MEXICO,
S.A. DE C.V.”.- IN ACCORDANCE WITH THE FOREGOING, Mr. LORENZO H. ZAMBRANO, on behalf of “EMPRESAS TOLTECA DE MEXICO, S.A. DE C.V.”, issues the following:- CLAUSES: FIRST.- In his capacity of GENERAL LEGAL REPRESENTATIVE OF
THE COMPANY, and in accordance with the provisions of Article 10 (ten) of the General Law of Commercial Companies, hereby grants in favor of Messrs. RODRIGO TREVIÑO MUGUERZA, RAMIRO VILLARREAL MORALES, RENE DELGADILLO GALVAN, HUMBERTO LOZANO
VARGAS, HECTOR VELA DIB, JAVIER TORRES HERNANDEZ, VICTOR NARANJO BANDALA and JOSE LEOPOLDO QUIROGA CASTAÑON, jointly or individually, General Powers of Attorney to execute any transactions related to the corporate purpose of the company
“EMPRESAS TOLTECA DE MEXICO, S.A. DE C.V.”, in accordance with the following terms, and such individuals shall act as LEGAL REPRESENTATIVES OF THE COMPANY.- A).- GENERAL BANKING AUTHORITY in connection with negotiable instruments in the
name and stead of the Company, further to Article (9) nine of the General Law of Negotiable Instruments; to issue avales, Securities and in general to guarantee obligations of the company.- B).- GENERAL POWER FOR MANAGEMENT ACTS, further
to the terms set forth in the second paragraph of Article (2448) two thousand four hundred forty eight of the Civil Code of the State of Nuevo Leon, and its correlative article of the Civil Codes of the other Mexican States and the Federal
Civil Code.- SECOND.- Mr. LORENZO H. ZAMBRANO, hereby binds the Company “EMPRESAS TOLTECA DE MEXICO, S.A. DE C.V.”, to ratify any and all acts entered by its GENERAL LEGAL REPRESENTATIVES Messrs. RODRIGO TREVIÑO MUGUERZA,
RAMIRO VILLARREAL MORALES, RENE DELGADILLO GALVAN, HUMBERTO LOZANO VARGAS, HECTOR VELA DIB, JAVIER TORRES HERNANDEZ, VICTOR NARANJO BANDALA AND JOSE LEOPOLDO QUIROGA CASTAÑON, as a result of the authority hereby granted, within the authority
hereby granted” 
  

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 LEGAL EXISTENCE AND GOOD STANDING OF THE COMPANY 

a).- First Instrument of Public Deed Number 4,038 (four thousand thirty-eight), issued as of July 20 (twenty), 1989
(one thousand nine hundred eighty-nine), issued by Mr. Adolfo Cesar Guerra Hinojosa, Alternate Notary Public, ascribed to the Notary Public No. 70 (seventy), with exercise in the city of Monterey, Nuevo Leon, recorded under number 1508
(one thousand eight), Page 241 (two hundred forty-one), Volume 321 (three hundred twenty-one), Book No, 3 (three), Second Auxiliary Deeds of Commercial Corporations, Commerce Section, as of September 22 (twenty-two), 1989 (one thousand nine
hundred eighty-nine) in the Public Registry of Property and Commerce of the city of Monterrey, related to the incorporation of the company CEMEX CONTROL, SOCIEDAD ANONIMA DE CAPITAL VARIABLE, in accordance with the permit issued by the Secretary of
Foreign Relations under number 001985 (zero, zero, one, nine, eight, five), File No. 09/32110/89 (zero, nine slash thirty two thousand eleven hundred slash eighty nine), Page 002632 (zero, zero, two thousand six hundred thirty two), as of
July 13 (thirteen), 1989 (one thousand nine hundred eighty-nine). 
 b).- First Instrument of Public Deed
Number 4,879 (four thousand eight hundred seventy-nine), issued as of December 4 (four), 1989 (one thousand nine hundred eighty-nine), issued by Mr. Francisco Garza Calderon, Notary Public No. 75 (seventy five), with exercise in this
city, recorded under number 5510 (five thousand five hundred ten), Page.-.-, Volume 191-111 (one hundred ninety-one dash one hundred eleven), Book No, 4 (four), Third Auxiliary Acts and Agreements, Commerce Section, as of December 6 (six), 1989
(one thousand nine hundred eighty-nine) in the Public Registry of Property and Commerce of the city of Monterrey, related to the formalization of the minutes of the General Extraordinary Shareholders Meeting of CEMEX CONTROL, SOCIEDAD ANONIMA DE
CAPITAL VARIABLE, held on October 23 (twenty-third), 1989 First Instrument of Public Deed Number 4,038 (four thousand thirty-eight), issued as of July 20 (twenty), 1989 (one thousand nine hundred eighty-nine), issued by Mr. Adolfo
Cesar Guerra Hinojosa, Alternate Notary Public, ascribed to the Notary Public No. 70 (seventy), with exercise in the city of Monterey, Nuevo Leon, recorded under number 1508 (one thousand eight), Page 241 (two hundred forty-one), Volume 321
(three hundred twenty-one), Book No, 3 (three), Second Auxiliary Deeds of Commercial Corporations, Commerce Section, as of September 22 (twenty-two), 1989 (one thousand nine hundred eighty-nine) in the Public Registry of Property and Commerce
of the city of Monterrey, related to the incorporation of the company CEMEX CONTROL, SOCIEDAD ANONIMA DE CAPITAL VARIABLE, in 
  

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accordance with the permit issued by the Secretary of Foreign Relations under number 001985 (zero, zero, one, nine, eight, five), File No. 09/32110/89 (zero, nine slash thirty two thousand
eleven hundred slash eighty nine), Page 002632 (zero, zero, two thousand six hundred thirty two), as of July 13 (thirteen), 1989 (one thousand nine hundred eighty-nine), in which it was resolved to merge the corporations Arnisdale Investments
Ltd and Culvain Investments Ltd, into CEMEX CONTROL, S.A. DE C.V., as surviving entity. 
 c).- First Instrument
of Public Deed Number 66,236 (sixty six thousand two hundred thirty six), issued as of August 19 (nineteen), 1999 (one thousand nine hundred ninety-nine), issued by Mr. Juan Manuel García García, Notary Public No. 129
(one hundred twenty-nine), with exercise in the First District, recorded under number 6107 (six thousand one hundred seven), Volume 209-123 (two hundred nine dash one hundred twenty three), Book No, 4 (four), Third Auxiliary Acts and Agreements,
Commerce Section, as of August 30 (thirty), 1999 (one thousand nine hundred ninety-nine) in the Public Registry of Property and Commerce of the city of Monterrey, related to the formalization of the minutes of the General Extraordinary
Shareholders Meeting of CEMEX CONTROL, SOCIEDAD ANONIMA DE CAPITAL VARIABLE, held on July 30 (thirty), 1999 (one thousand nine hundred ninety nine) in which it was approved among other things, the change of the corporate name from CEMEX
CONTROL, S.A. DE C.V. to EMPRESAS TOLTECA DE MEXICO, SOCIEDAD ANONIMA DE CAPITAL VARIABLE, and consequently amending Article First of the By-laws of the Company. 

d).- Copy of the First Instrument of Public Deed Number 73,814 (seventy three thousand eight hundred fourteen), issued as
of December 13 (thirteen), 2001 (two thousand one), issued by Mr. Juan Manuel García García, Notary Public No. 129 (one hundred twenty-nine), with exercise in the First District, recorded under number 723 (seven hundred
twenty three), Volume 3, Book No. 1 (one), Third Auxiliary Acts and Agreements, Commerce Section, as of January 28 (twenty eight), 2002 (two thousand two) in the Public Registry of Property and Commerce of the city of Monterrey, related to
the formalization of the minutes of the General Extraordinary Shareholders Meeting of EMPRESAS TOLTECA DE MEXICO, SOCIEDAD ANONIMA DE CAPITAL VARIABLE, held on November 30 (thirty), 2001 (two thousand one) in which it was approved among other
things, to restructure the capital stock of the Company, by decreasing the variable part of the capital stock of the Company in an amount equal to $800’000,000.00 (EIGHTH 

 

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HUNDRED MILLION PESOS 00/100 MEXICAN CURRENCY) and increasing the fixed part of the capital in an amount equal to $800’000,000.00 (EIGHTH HUNDRED MILLION PESOS 00/100 MEXICAN CURRENCY),
reaching the total capital stock in the amount of $3,876’118,066.00 (THREE THOUSAND EIGTH HUNDRED SEVENTY SIX MILLION ONE HUNDRED EIGHTEEN THOUSAND SIXTY SIX PESOS 00/100 MEXICAN CURRENCY), and were designated for cancellation a total of
800’000,000 (eight hundred million) common ordinary nominative shares with a par value of $1.00 (ONE PESO 00/100 MEXICAN CURRENCY) each, all of them property of the shareholder Cemex México, S.A. de C.V., out of which 408’000,000
(four hundred and eight million) correspond to the Series “A”, and 392’000,000 (three hundred ninety two million) correspond to the Series “B”, all of them representative of the Variable Part of the capital Stock; in
addition, it was approved to issue a total of 800’000,000 (eight hundred million) common ordinary nominative shares without par value, which shall be subscribed by the shareholder Cemex México, S.A. de C.V., out of which 408’000,000
(four hundred and eight million) correspond to the Series “A”, and 392’000,000 (three hundred ninety two million) correspond to the Series “B”, all of them representative of the Fixed Part of the capital Stock of the
Company, and consequently, it was approved an amendment of Article Sixth of the By-laws of the Company. 
 From
the foregoing documents, the By-laws of the Company that are currently in forcé within the Company, which I hereby partially transcribe as follows: 

“...... BY-LAWS.- CHAPTER FIRST.- CORPORATE NAME, CORPORATE PURPOSE, DOMICILE, TERM AND NATIONALITY OF THE COMPANY.-
ARTICLE FIRST CORPORATE NAME.- The company is commercial with variable capital and shall be named “EMPRESAS TOLTECA DE MEXICO”, and this name shall always be followed by the words “SOCIEDAD ANONIMA DE CAPITAL VARIABLE” or their
abbreviation, “S.A. de C.V.”.- ARTICLE 2o.- CORPORATE PURPOSE. The purpose of the company shall be: a) To participate in commercial or civil corporations, partnerships and in any kind of national or foreign companies, by means of
subscription and/or acquisition of their shares, equity interest, assets and rights and through any form to dispose and realize any kind of acts and commercial contracts with respect to those shares, equity interest, assets or rights.- (b) To
promote, organize and manage any kind of commercial or civil companies.- (c) To acquire, sale, manage, lease or to receive in commodatum, to exchange, encumber in any manner, exploit, to affect in trust or to be trustee, and in general, to
execute any 
  

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legal act related to the acquisition or transfer of property or possession rights, with respect to any kind of personal property or real estate property, industrial units and assets of other
commercial or civil companies, regardless of their corporate purpose, as deemed convenient or necessary for the purposes of the Company, or directly or directly related to the corporate purpose of the Company.- (d) To manage, to grant or
receive under a lease or sublease any kind of corporations or industrial or commercial companies.- (e) To build, planning, design, decoration, manage and operate in any way any kind of buildings, houses or apartments, in its own account or on
the account of third parties.- (f) To carry on any and all operations related to the said purposes or that directly or indirectly favors their completion.- (g) To render and receive any kind of technical services, management services, sale
services, marketing, supervision, technical assistance and consulting services related to industrial, accounting, commercial, legal, tax, finance matters or any other matters.- (h) To register, acquire, possess and dispose of trademarks,
commercial names, patents, copyrights, inventions or processes, and any licenses related to them.- (i) To enter into or execute operations of commercial brokerage, mediation, technical assistance, rendering or professional services, consulting,
distribution, supply, leasing and financial leasing, securities brokerage and in general to enter into any kind of agreements related to services of, or in favor of third parties, including the use of human and material resources, as a consequence
of obligations or rights obtained by the execution of the agreements referred to in this section, being empowered to have representatives within the Mexican Republic or abroad.- (j) To grant and obtain loans, either secured or unsecured.-
(k) To issue, accept, endorse, or guarantee negotiable instruments, and to enter into any kind of commercial or legal acts with respect to negotiable instruments, being empowered to contract with credit institutions, national or foreign,
brokerage houses, investment firms or auxiliary institutions of credit, and with any kind of entity, corporation or group, any kind of operations deemed convenient or necessary for the corporate purpose, including to enter into sales in short,
loans, trusts, mandates, commissions or any kind of contract or agreement related to the investment of funds, to obtain financing or as the case may be, to affect, assign or guarantee negotiable instruments or the shares or equity interests referred
to in this section.- (l) To guarantee, secure or in general to guarantee with any kind of liens, including pledge or mortgage, obligations of its own or from third parties, with or without compensation, and consequently, to subscribe negotiable
instruments, agreements and other documents that are necessary to perfect such guarantees.- (m) In general, the company may execute all acts and contracts, and perform any kind of acts, 

 

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operations and agreements, either civil, commercial or of any kind, deemed necessary or convenient for carrying out the purpose of the company.- ARTICLE 3o.- DOMICILE. The domicile of the
company is the city of Monterrey, Nuevo Leon, Mexico, which domicile may not be deemed to be changed if the company establishes branches or offices in any other place within the Mexican Republic or abroad as determined by the Board of Directors.-.-.
ARTICLE 4o.- DURATION. The duration of the company shall be 99 (ninety nine) years, beginning from its date of incorporation.--. ARTICLE 5o.- NATIONALITY. The company is fully Mexican. Any foreigner, that at the time of incorporation of
the company or thereafter acquires a participation or becomes the owner of one or more shares of the company shall be considered as Mexican with respect to that participation or ownership, and may not invoke the protection of its own government.
Failure to comply with the foregoing paragraph may result in the forfeiture of such participation or ownership in favor of the Mexican State. The text of this article shall be transcribed in its entirely in the stock certificates or provisional
stock certificates representing equity participation in the company.--. CHAPTER SECOND.- CAPITAL STOCK.- “ARTICLE 6o.- CORPORATE CAPITAL.- The corporate capital of the company shall be variable.- The fixed, not redeemable, part of such
capital shall be the amount of $800,001,000.00 (EIGHT HUNDRED MILLION ONE THOUSAND AND 00/100 MEXICAN PESOS), represented by 800,001,000 (EIGHT HUNDRED MILLION) common, nominative shares, without par value. The corporate capital subscribed and duly
paid shall be divided, whether in the fixed or the variable part, in the following Series: The Series “A” Minimum Fixed Capital and the Series “A” Variable Capital, denominated Mexican Series, shall represent at all times at
least 51% (fifty-one percent) of the capital stock outstanding and shall only be subscribed by: individuals of Mexican nationality; b) immigrants not related to foreign economic decision centers and provided that such immigrants do not engage in
activities reserved to Mexican individuals or Mexican entities with foreign investment exclusion clause or subject to specific regulations; and c) Mexican entities in which Mexican capital participate wholly or as a majority provided that foreign
investors do not have by any mean control over its management. The Series “B” Minimum Fixed Capital and the Series “B” Variable Capital, denominated Free subscription Series and may be subscribed by individuals or entities,
either Mexican or foreign, with the exception of sovereign or foreign governments or entities representing such governments, and the equity participation of such free subscription series shall not exceed 49% (forty-nine percent) of the capital stock
outstanding. At all times, the aforesaid proportions in the capital stock of the company shall 
  

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be observe. The Series “A” Variable Part and the Series “B” Variable Part shall be issued and circulated further to the terms and conditions set forth by the Shareholders
Meeting or the Board of Directors...... CHAPTER THIRD.- GENERAL SHAREHOLDERS MEETINGS.- ARTICLE 13o.- GENERAL SHAREHOLDERS MEETINGS.- The General Shareholders Meeting shall be the supreme power of the Company, and the Meeting may resolve or
ratify any and all acts of the Company. Its authority shall have limited only to the extent of applicable law and these by-laws. Its validly adopted resolutions shall be binding to all shareholders, even absent or dissenting shareholders, and shall
be binding to management, the chief executive officer, directors, general manager, deputy general managers and representatives and shall be executed by the person or persons appointed for such effects as special delegates, and in absence of such
appointment, by the Chairman of the Board of Directors.- ARTICLE 14o.- ORDINARY AND EXTRAORDINARY SHAREHOLDERS MEETINGS.- General Shareholders Meetings may be ordinary, extraordinary or special, the later ones shall be held to discuss items
related to each Series of stock. Any shareholders meeting shall be held in the corporate domicile, except in the case of force majeure. Extraordinary Shareholders Meetings shall gather to discuss the items set forth in Article 182 of the General Law
of Commercial Companies. Ordinary Shareholders Meetings shall gather at any time to discuss the items not listed for the extraordinary meetings. Meetings will be held at least once a year within the four months following the close of the fiscal
year, and will address, in addition to the items included in the agenda, the following matters: a) Discuss, approve or modify the report of the administrators referred to in the general provisions of article 172 of the General Law of Commercial
Companies, taking into account the report of the Examiner; b) appoint every two years the members of the Board of Directors and the Examiner; c) Determine the compensation to be paid to the members of the Board of Directors and the Examiner.
Ordinary Shareholders Meetings and Extraordinary Shareholders Meetings will be held when called further to the provisions of these By-laws... CHAPTER FOURTH.- MANAGEMENT OF THE COMPANY.- ARTICLE 22o.- BOARD OF DIRECTORS.- Management of the
Company shall be entrusted to a Board of Directors formed by the number of members determined by the respective shareholders meeting, provided that such number is an odd number not less than 3 (three). The members of the Board may or may not be
shareholders of the company, shall be appointed for a period of two years and may be reelected without limitation.- Notwithstanding, if by any circumstance there is no renovation in the Board, the acting members of the Board shall continue in their
positions 
  

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an exercising their authority until the person designated to substitute them take possession of the office.- At the time the Shareholders Meeting is electing the members of the Board of
Directors, the Shareholders Meeting shall appoint the Chairman and the Secretary of the Board. If no election was made, the Chairman, the Secretary and the Alternate Secretary shall be elected by the Board of Directors during the first meeting of
the Board after the Shareholders Meeting that appointed the members of the Board. The Chairman of the Board of Directors shall also be the President of the Company.- Furthermore, the Shareholders Meeting shall appoint the Secretary of the Board of
Directors. If there was no express appointment, the second appointed member of the Board shall be the Secretary of the Board.- The other members of the Board shall hold the positions of vocals.- Alternate directors to each member of the board shall
be elected to cover the absences of them.--. ARTICLE 30o.- AUTHORITY, OBLIGATIONS, ATTRIBUTIONS AND POWERS OF THE BOARD OF DIRECTORS.- The Board of Directors shall have, except the modifications or restrictions approved by the Shareholders
Meeting, the following authority, obligations, attributions and powers: A) GENERAL POWER FOR LAWSUITS AND COLLECTIONS to represent the Company, with all general and special powers which by law require a special clause according to law without any
limitation, as provided for in the first paragraph of Article Articles (2554) two thousand five hundred fifty four and (2587) two thousand five hundred eighty seven of the Civil Code for the Federal District in common matters and
applicable in the whole Mexican Republic for federal matters, and their correlative articles (2448) two thousand four hundred forty eight and (2481) two thousand four hundred eighty one of the Civil Code of the State of Nuevo Leon, and
their correlative articles of the Civil Codes of the other Mexican States. Consequently, the BOARD OF DIRECTORS, THE LEGAL REPRESENTATIVE AND GENERAL ATTORNEY-IN-FACT shall be empowered to represent the Company before any individual or moral person,
and before any kind of Authority, either judicial (Civil or Criminal), Administrative or Labor, either federal or local, throughout the Mexican Republic or abroad, during judicial proceedings or otherwise; and shall be empowered to participate in
any kind of judicial proceedings, either Civil, Commercial, Tax, Administrative, Criminal or Labor, including Amparo proceedings, to follow such lawsuits and drop them if convenient for the Company; to file recourses against decision of
authorities; to consent favorable rulings and appeal not favorable rulings; to present answers in any lawsuits filed against the Company, to file and ratify accusations or complaints before criminal authorities, being empowered to establish the
Company as co-party with the public prosecutor in criminal processes and grant pardon when applicable; to 
  

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recognize signatures, documents and argue as false the arguments presented by the other party; to present witnesses, and to see the other party presenting witnesses, and to question such
witnesses; to make and answer depositions; to settle and agree in arbitral procedures; to impeach judges, justices and any judicial officers, administrative officers, without cause, with cause and under oath; and to appoint experts during such
procedures.- B).- GENERAL POWER, by means of the delegation of the LEGAL REPRESENTATION OF THE COMPANY, to represent the Company during labor proceedings as set forth in Articles (11) eleven, (46) forty six, (47) forty seven,
(134) one hundred thirty-four section III, (523) five hundred twenty-third, (694) six hundred ninety four, (695) six hundred ninety five, (786) seven hundred eighty six, (787) seven hundred eighty seven,
(874) eight hundred seventy four, (876) eight hundred seventy six, (878) eight hundred seventy eight, (880) eight hundred eighty, (883) eight hundred eighty three, (884) eight hundred eighty four, (889) eight
hundred eighty nine, with respect to the applicable provisions of Chapters XII and XVII of Title Fourteen of the Federal Labor Code, with the rights and attributions related to legal representation in accordance to such law. Furthermore, its is
granted the LABOR REPRESENTATION in accordance with Article (11) eleven of said Federal Labor Code. The AUTHORITY hereby granted, the LABOR REPRESENTATION hereby delegated and the EMPLOYER REPRESENTATION hereby granted, shall be exercised by
the BOARD OF DIRECTORS AND THE GENERAL ATTORNEY-IN-FACT, with the following powers listed below without limitation. The BOARD OF DIRECTORS, the EMPLOYER LEGAL REPRESENTATIVE and THE GENERAL ATTORNEY-IN-FACT, may act before the Unions that the
Company executed collective bargaining agreements, and regarding any labor conflict; may act before workers personally and regarding any individual conflicts; an in general in any matter regarding employer-workers matters, and such authority may be
exercised before any Labor or Social Service authority referred to in Article (523) five hundred twenty-three of the Federal Labor Code; empowered to appear before the Juntas de Conciliacion y Arbitraje, either federal or local.
Consequently, The BOARD OF DIRECTORS, the EMPLOYER LEGAL REPRESENTATIVE and THE GENERAL ATTORNEY-IN-FACT, in the name and stead of the Company, may appear before any labor proceeding with the powers and authority set forth in sections A), C) and F)
of this Article as applicable, and furthermore, they shall bear the EMPLOYER REPRESENTATION for purposes of Article (11) eleven, (46) forty-six and (47) forty-seven, and the LEGAL REPRESENTATION of the Company to justify the corporate
authority and legal capacity during court proceedings further to Articles (692) six hundred ninety two, 
  

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sections II and III, may appear during the practice of confession evidence further to Articles (787) seven hundred eighty seven and (788) seven hundred eighty eight of the Federal Labor
Code, with authority to make and answer questions and to participate in confession evidence; empowered to designate conventional domiciles further to Article (876) eight hundred seventy-six; may appear with the LEGAL REPRESENTATION at the
hearing referred to in Article (873) eight hundred seventy-three during the three stages of conciliation, lawsuit and defenses, and evidence offering and admission further to Article (875) eight hundred seventy-five, (876) eight
hundred seventy-six sections I and VI, (877) eight hundred seventy-seven, (878) eight hundred seventy-eight, (879) eight hundred seventy-nine, (880) eight hundred eighty; to appear in the evidence hearing further to Articles
(873) eight hundred seventy-three and (874) eight hundred seventy four; all of them articles of the Federal Labor Code; furthermore, they are empowered to present and accept conciliation measures, to make transactions, to take any kind of
decisions, to negotiate and to execute any kind of labor agreements, either judicial or extrajudicial; at the same time they are entitled to act as REPRESENTATIVE OF THE COMPANY in their capacity of Management regarding any class of labor judicial
proceedings or procedures; either individual or collective, brought before any authority; may execute and terminate labor agreements, to offer reinstatements, answer any kind of lawsuits, claims or summons, ratifying the Company any and all acts
performed by the BOARD OF DIRECTORS, THE LEGAL REPRESENTATIVE AND THE GENERAL ATTORNEY-IN-FACT during such hearings.- C).- GENERAL POWER FOR MANAGEMENT ACTS, further to the terms set forth in the second paragraph of Article (2554) two thousand
five hundred fifty four of the Civil Code for the Federal District in common matters and applicable in the whole Mexican Republic for federal matters, and its correlative article (2448) two thousand four hundred forty eight of the Civil Code of
the State of Nuevo Leon, and its correlative article of the Civil Codes of the other Mexican States. D).- GENERAL POWER FOR OWNERSHIP ACTS, further to the terms set forth in the third paragraph of Article (2554) two thousand five hundred fifty
four of the Civil Code for the Federal District in common matters and applicable in the whole Mexican Republic for federal matters, and its correlative article (2448) two thousand four hundred forty eight of the Civil Code of the State of Nuevo
Leon, and its correlative article of the Civil Codes of the other Mexican States; consequently, the BOARD OF DIRECTORS, THE LEGAL REPRESENTATIVE AND GENERAL ATTORNEY-IN-FACT shall be empowered with the most ample powers to dispose of real estate
property, and any real or personal rights, including the power to 
  

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carry on any kind of procedures to defend them, and to acquire or sale negotiable instruments further to the terms of the in the third paragraph of Article (2554) two thousand five hundred
fifty four of the Civil Code for the Federal District in common matters and applicable in the whole Mexican Republic for federal matters, and its correlative article (2448) two thousand four hundred forty eight of the Civil Code of the State of
Nuevo Leon, and its correlative article of the Civil Codes of the other Mexican States. Including the powers to contribute personal or real estate property of the Company to other companies within the group, either affiliates, subsidiaries,
controlling or controlled companies, and to subscribe shares of stock or take equity interests in other companies, and to encumber in any way the property of the Company.- E) GENERAL POWER to issue, accept, certify, grant, subscribe, guarantee,
release, endorse and assign any kind of negotiable instruments in the name and stead of the Company, further to Articles (9) nine section I, (85) eighty-five, and (174) one hundred seventy four of the General Law of Negotiable
Instruments; to issue avales, Securities and in general to guarantee, including pledge and mortgage, obligations of third parties, with or without compensation, and consequently to subscribe negotiable instruments, agreements, contracts and
other documents that are necessary or convenient to perfect such guarantees, including the power to issue checks to use the funds in bank accounts, deposit accounts in other institutions and to obligate the Company in any way necessary within the
operation of this authority.- F) GENERAL POWER TO GRANT AND REVOKE GENERAL AND SPECIAL POWERS OF ATTORNEY, and to delegate its authority either totally or partially, granting to the attorney-in-fact the powers that it deems convenient within the
authority of the Board of Directors; when substituting wholly or partially this authority, the Board of Directors, the Legal Representative and the General Attorney-in-fact, shall not lose their authority as REPRESENTATIVE of the Company. The
substitute mandataries may also substitute by means of delegation each and every Powers and Authority granted to them, including the substitution authority..........”. 

IT IS FIRST DEED, SECOND IN ORDER of the public deed number 992 (nine hundred ninety two), that I hereby issue for the
use of BANCO MERCANTIL DEL NORTE, SOCIEDAD ANONIMA, INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO BANORTE. It was taken from the originals that are kept in the Book and Pages above referred of my Official Book and the Appendix to
such Book.- The deed is formed by 64 
  

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(sixty four) used sheets duly compared and corrected.- In the city of San Pedro Garza García, Nuevo León, as of December 10 (ten), 2009 (two thousand nine).- I ATTEST.

  

			
	/s/ MR. IGNACIO GERARDO MARTINEZ GONZALEZ
	NOTARY PUBLIC No. 75
	MAGI-631216-KH8

  

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 IT IS FIRST DEED of the public deed number 992 (nine hundred ninety
two), that I hereby issue for the use of CEMEX, SOCIEDAD ANONIMA BURSATIL DE CAPITAL VARIABLE. It was taken from the originals that are kept in the Book and Pages above referred of my Official Book and the Appendix to such Book.- The deed is
formed by 64 (sixty four) used sheets duly compared and corrected.- In the city of San Pedro Garza García, Nuevo León, as of December 10 (ten), 2009 (two thousand nine).- I ATTEST. 

 

	
	 /s/ MR. IGNACIO GERARDO MARTINEZ GONZALEZ

	 NOTARY PUBLIC No. 75

	 MAGI-631216-KH8

  

 Page 144 

 PUBLIC REGISTRY OF PROPERTY AND COMMERCE 

OF THE STATE OF NUEVO LEON 

REGISTRY ENTRY 
 The legal
act described in the present document was recorded under the Electronic File Number 76118*1. 
  

					
	 Internal Control
	  	Effective Date	  	
	 6
	  	December 10, 2009	  	

  

	
	 Registry Background:

	 V5L3I12

	 Corporate Name:

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

  

											
	 Legal Acts Affecting
	  	
						
	 Page
	    	 ID
	    	 Act
	    	 Registry Date
	    	 Registry
	  	
	 532
	    	 9
	    	 Security holders Meeting
	    	 10-12-2009
	    	 1
	  	

  

									
	 Registry Charges
	  	
					
	 Date
	    	 December 10, 2009
	    	 Payment Ticket No.:
	  	 14777964
	  	
	 Amount:
	    	 $1,200,000,000
	    	 Payment Ticket No.:
	  		  	
	 Subsidy
	    		    		  		  	

 THE COMMERCE REGISTRAR [SEAL OF THE REGISTRY OF COMMERCE] 

(Signed) 
 CARLOS
REYNALDO AYALA CALVO 
  

 Page 145 

 CERTIFICATION 

The undersigned, DAVID A. GONZALEZ VESSI, Official Translator authorized by the Superior Court of the State of Nuevo Leon, further to
Approval number 861/2010 issued as of January 25, 2010, HEREBY CERTIFIES THAT: 
 The preceding document is a true and
accurate translation from the Spanish language to the English language of Public Deed Number 992 dated as of December 10, 2009 issued by Mr. Ignacio Gerardo Martínez Gonzalez, Notary Public Number No. 75 residing in the city of
San Pedro Garza Garcia, Nuevo Leon, Mexico. This certification is issued for any and all legal purposes. 
 Monterrey, N.L., as
of June 1, 2010 
 DAVID A GONZALEZ VESSI 

 

 Page 146

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