Document:

EX-4.34

			
	Execution Version	 	Exhibit 4.34

 Share Pledge Agreement 

					
		
	 	dated	  	  	    17 September
2012                    
		
	 	between	  	  	CEMEX S.A.B. de C.V.
				  	Av Constitución 444 Pte. Col., Centro, C.P. 64000, Monterrey, N.L. Mexico
		
				  	hereinafter: “CEMEX”
		
	 	and	  	  	CEMEX México, S.A. de C.V.
				  	Av Constitución 444 Pte. Col., Centro, C.P. 64000, Monterrey, N.L. Mexico
		
				  	hereinafter: “CEMEX Mexico”
		
	 	and	  	  	Interamerican Investments Inc.
				  	1209 Orange Street, Wilmington, County of New Castle, 19801 Delaware USA
		
				  	hereinafter: “Interamerican”
		
	 	and	  	  	Empresas Tolteca de Mexico, S.A. de C.V.
				  	Av Constitución 444 Pte., Col. Centro, C.P. 64000, Monterrey, N.L., Mexico
		
				  	hereinafter: “Tolteca”
		
				  	(CEMEX, CEMEX Mexico, Interamerican and Tolteca collectively referred to as the “Pledgors”)
		
				  	on the one side

					
	 	and	  	  	Wilmington Trust (London) Limited
				  	 1 Kings Arms Yard
 Third
Floor
 London EC2R 7AF
 United
Kingdom

		
				  	acting in its capacity as security agent and acting in the name and for the account of the Pledgees (as defined herein)
		
				  	hereinafter: the “Security Agent”
		
				  	on the other side
		
	 	concerning	  	  	1’938’958’014 shares of CEMEX TRADEMARKS HOLDING Ltd.

 Table of Contents 
  

							
	List of Annexes	  	 	4	  
	Whereas	  	 	5	  
	1	 	Definitions and Construction	  	 	5	  
	2	 	Pledge of Shares	  	 	8	  
		 	2.1    Object of Pledge	  	 	8	  
		 	2.2    Secured Obligations	  	 	8	  
	3	 	Delivery of Documents	  	 	8	  
	4	 	Transfer of Future Shares	  	 	9	  
	5	 	Shareholder Rights	  	 	9	  
		 	5.1    Subscription Rights	  	 	9	  
		 	5.2    Dividends	  	 	10	  
		 	5.3    Voting Rights	  	 	10	  
	6	 	Representations and Warranties	  	 	11	  
	7	 	Undertakings	  	 	13	  
	8	 	Realization of Pledge	  	 	14	  
	9	 	Release of Pledge	  	 	15	  
	10	 	Position of the Security Agent	  	 	15	  
	11	 	Transfer of Rights and Obligations	  	 	16	  
	12	 	Indemnification	  	 	16	  
	13	 	General Provisions	  	 	17	  
		 	13.1  Costs and Expenses	  	 	17	  
		 	13.2  Notices	  	 	17	  
		 	13.3  Entire Agreement	  	 	17	  
		 	13.4  Amendments and Waivers	  	 	17	  
		 	13.5  Severability	  	 	17	  
		 	13.6  Remedies Cumulative	  	 	17	  
		 	13.7  Continuing Security	  	 	18	  
	14	 	Governing Law and Jurisdiction	  	 	18	  
		 	14.1  Governing Law	  	 	18	  
		 	14.2  Jurisdiction	  	 	18	  

  
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 List of Annexes 
  

			
	 Annex 1
	    	Details of Existing Shares

  
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 This share pledge agreement (the “Agreement”) is made by and between CEMEX,
CEMEX Mexico, Interamerican and Tolteca (the “Pledgors”) and Wilmington Trust (London) Limited (the “Security Agent”), acting in its capacity as security agent and acting in the name and for the account of the
Pledgees. 
 Whereas 
  

	A)	CEMEX and certain of its subsidiaries as Original Borrowers, Original Guarantors and Original Security Providers, the Original Creditors, Citibank International plc as
Agent and Wilmington Trust (London) Limited as Security Agent entered into a facilities agreement dated on or about the date hereof (the “Facilities Agreement”). 

 

	B)	CEMEX and certain of its subsidiaries as Original Borrowers, Original Guarantors and Original Security Providers, the Financing Creditors, Citibank International plc as
Agent and Wilmington Trust (London) Limited as Security Agent entered into an intercreditor agreement dated on or about the date hereof (the “Intercreditor Agreement”). 

 

	C)	The Pledgors own 1’938’958’014 issued registered shares (Namenaktien) in CEMEX TRADEMARKS HOLDING Ltd. (representing approximately 99.57 % of
the issued share capital of the Company) a company incorporated under the laws of Switzerland, having its registered office at Römerstrasse 13, 2555 Brügg bei Biel, Switzerland (the “Company”). 

 

	D)	As of the date hereof, the Company has an issued share capital of CHF 1’947’382’051.00, divided into 1’947’382’051 freely transferable
registered shares (Namenaktien) with a par value of CHF 1 each. 

  

	E)	In order to provide security in accordance with the Facilities Agreement and the Intercreditor Agreement, each of the Pledgors wishes to pledge all of its shares in the
Company in favor of each of the Pledgees. 

  

	F)	The Security Agent has been duly appointed under the Facilities Agreement and the Intercreditor Agreement, to act as security agent and shall act in its capacity as
security agent and in the name and for the account of the Pledgees in connection with the execution, delivery and performance of this Agreement and shall exercise the rights of the Pledgees arising hereunder as their direct representative
(direkter Stellvertreter). 

 Now, therefore, the Parties hereto agree as follows: 

 

	1	Definitions and Construction 

 Unless defined otherwise hereinafter and except to the extent that the context requires otherwise, capitalized terms used in this Agreement shall have the meanings assigned to them in the Facilities
Agreement or Intercreditor Agreement. 

  
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	Agreement	  	means this share pledge agreement.
		
	Annex	  	means an annex to this Agreement.
		
	Article	  	means an article of this Agreement.
		
	CO	  	means the Swiss Code of Obligations (Schweizerisches Obligationenrecht, OR).
		
	Company	  	shall have the meaning set forth in Recital C) of this Agreement.
		
	DEBA	  	means the Swiss Federal Debt Enforcement and Bankruptcy Act (Bundesgesetz über Schuldbetreibung und Konkurs, SchKG).
		
	 Dividends
	  	means all dividend payments by the Company in respect of the Shares whether in cash or in the form of Shares or Participation Rights or in any other form.
		
	Enforcement Event	  	shall have the meaning set forth in the Intercreditor Agreement.
		
	Event of Default	  	shall have the meaning set forth in the Facilities Agreement.
		
	Existing Shares	  	means 1’938’958’014 fully paid registered shares (Namenaktien) of the Company with a par value of CHF 1 each, all held by the Pledgors as of the date of
this Agreement, together with all Related Rights, pursuant to Article 3c) of this Agreement.
		
	Facilities Agreement	  	shall have the meaning set forth in Recital A) of this Agreement.
		
	Future Shares	  	means any shares or Participation Rights issued to the Pledgors in addition to or in exchange for or as a surrogate for the Existing Shares by the Company in whatever nominal
value, which the Pledgors may acquire by way of subscription or otherwise subsequent to the date of this Agreement, together with all Related Rights.

  
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	Instructing Group	  	shall have the meaning set forth in the Intercreditor Agreement.
		
	Intercreditor Agreement	  	shall have the meaning set forth in Recital B) of this Agreement.
		
	Intrinsic Value	  	has the meaning given to it in Article 8.
		
	Participation Rights	  	means participation certificates (Partizipationsscheine) and profit sharing certificates (Genussscheine) within the meaning of articles 656a et seq. and articles
657 CO of the Company to be issued in the future.
		
	Party	  	means any party of this Agreement.
		
	Pledge	  	shall have the meaning set forth in Article 2.1.
		
	Pledgees	  	means the Secured Parties from time to time.
		
	Related Rights	  	means, in relation to the Shares, all Dividends, interest and other distributions paid or payable after the date hereof, i.e., whether in cash or in kind and all shares,
securities (including any convertible debt instruments, warrants and the dividends, interest and other distributions thereon), rights, money and property accruing or offered at any time by way of redemption, bonus, preference, option rights or
otherwise to or in respect of any of the Shares, including any present or future right to purchase, subscribe or otherwise have shares issued in the Company, or in substitution or exchange for any of the Shares and any and all administrative and
financial rights related to the Shares, including but not limited to, voting rights and rights to dividend in respect of the Shares.
		
	Release Date	  	means the date on which the Transaction Security shall be released pursuant to clause 9.2 of the Intercreditor Agreement.

  
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	Secured Obligations	    	means all the Liabilities and all other present and future obligations at any time due, owing or incurred by any member of the Group and by each Debtor (and, to the extent
applicable in relation to the Transaction Security granted by it, each Security Provider) to any Secured Party under the Debt Documents, both actual and contingent and whether incurred solely or jointly and as principal or surety or in any other
capacity including the obligations set out in Clause 11.2 (Finance Parallel Debt (Covenant to pay the Security Agent)) and Clause 11.3 (Notes Parallel Debt (Covenant to pay the Security Agent)) of the Intercreditor Agreement.
		
	Shares	    	means the Existing Shares and any Future Shares collectively.
		
	Subscription Right	    	means the Pledgors’ preemptive rights (Bezugsrechte) and the advance subscription rights (Vorwegzeichnungsrechte) in connection with the issuance of Shares or
Participation Rights, or the creation of authorized or conditional share capital by the Company.

  

	2	Pledge of Shares 

  

	2.1	Object of Pledge 

 The
Pledgors hereby agree to pledge and hereby pledge to each Pledgee (for this purpose being represented by the Security Agent) individually all Shares, Subscription Rights and Related Rights (free and clear of any pledges, liens, rights of set-off or
other third party rights of any nature) as a first ranking security (the “Pledge”). 
  

	2.2	Secured Obligations 

 The
Pledge shall serve as a first ranking security to each of the Pledgees for the Secured Obligations. 
  

	3	Delivery of Documents 

 On
the date hereof, the Pledgor shall deliver to the Security Agent the following documents: 
  

	 	a)	(i) a PDF copy, certified by a Mexican notary public, of the by-laws (estatutos sociales) in effect of each of the Cemex, Cemex Mexico, Tolteca and
(ii) copies of the articles of incorporation and the by-laws in effect for Interamerican, as well as the original short form of a recent certificate of good standing of Interamerican from the Secretary of State of the State of Delaware;

  

	 	b)	 a PDF copy of the resolution of the board of directors, or, in relation to each of CEMEX, CEMEX Mexico and Tolteca, of the powers-of-attorney, with

  
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authority for acts of domain (actos de dominio), for the officers, of each of the Pledgors wherein the entry into this Agreement and the granting of the Pledge as provided for hereunder is
duly approved; 

  

	 	c)	the original of the share certificates representing the Existing Shares as specified in Annex 1, duly endorsed in blank, with duly preceding endorsements
(vollständige Indossamentenkette), it being acknowledged and agreed that the Security Agent is already in possession of these share certificates in its capacity as security agent under an existing share pledge agreement (under which the
pledged security and these share certificates have been released immediately prior to the execution of this Agreement pursuant to a global deed of release) and the Pledgors agree and instruct that the Security Agent shall as of the date of this
Agreement hold these share certificates in its capacity as Security Agent under this Agreement (in order to avoid a physical retransfer and delivery); and 

  

	 	d)	a PDF copy of the share register (Aktienbuch) of the Company evidencing that (i) the Pledgors are registered as shareholders with voting rights with respect
to the Existing Shares and (ii) the Shares are pledged to the Pledgees according to this Agreement. 

 For so
long as the Pledge shall remain in effect, each of the Pledgors shall continue to be registered as a shareholder with voting rights in the share register of the Company with respect to the Existing Shares. Upon the occurrence of an Enforcement
Event, the Security Agent shall, following receipt of express written instructions from the Instructing Group or otherwise in accordance with the terms of the Intercreditor Agreement, be entitled, but not obligated, to exercise the voting rights in
accordance with Article 5.3. 
  

	4	Transfer of Future Shares 

Each of the Pledgors shall, and shall procure (or the Security Agent on its behalf) that the Company will, promptly upon the accrual,
offer or issue of any Future Shares duly transfer to the Security Agent all share certificates and other documents representing such Future Shares, in the case of registered shares, by share certificates duly endorsed in blank. 

 

	5	Shareholder Rights 

  

	5.1	Subscription Rights 

 As
long as no Enforcement Event has occurred, the right to exercise the pledged Subscription Rights shall remain with each Pledgor, provided, however, that all Shares, Participation Rights and other rights and interests acquired by the Pledgors upon
exercise of Subscription Rights shall be pledged pursuant to Article 2.1 and all share certificates and other documents representing such Shares, Participation Rights and other rights and interests shall be transferred to the Security Agent pursuant
to Article 4. 

  
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 In case a Pledgor does not intend to exercise any Subscription Rights, each of the Pledgors
herewith agrees to assign and herewith assigns such Subscription Rights free of charge to the Security Agent and the Security Agent shall be entitled, but not obliged, to exercise such Subscription Rights. For that purpose, the Pledgors shall
promptly do all acts and things and permit all acts and things to be done which are necessary for the Security Agent to exercise such Subscription Rights (for the avoidance of doubt, not including the payment of the subscription price). 

The Pledgors shall notify the Security Agent, in writing, promptly of any grant of Subscription Rights and each of the Pledgors undertakes
to notify the Security Agent of any intention not to exercise Subscription Rights not less than 20 Business Days prior to expiration of the right to exercise such Subscription Rights. 

Upon the occurrence of an Enforcement Event, the Security Agent shall be entitled, but not obligated, to exercise the Subscription Rights.
For that purpose, each of the Pledgors shall promptly do all acts and things (for the avoidance of doubt, not including the payment of the subscription price) and permit all acts and things to be done which are necessary for the Security Agent to
exercise the Subscription Rights. 
  

	5.2	Dividends 

 As long as no
Enforcement Event has occurred, each Pledgor shall be entitled to receive and retain all Dividends. 
 Upon the occurrence of an
Enforcement Event, the Security Agent shall be entitled to receive and retain all Dividends. For that purpose, each of the Pledgors shall promptly (i) pay any moneys subsequently distributed and received by the Pledgors as Dividends (net of any
tax) in respect of the Shares to the Security Agent and (ii), to the extent permitted by law, do all acts and things and permit all acts and things to be done which are necessary to enable the Security Agent to collect such Dividends directly from
the Company; dividends in the form of Shares or Participation Rights shall be deemed Future Shares and be subject to Article 4. 
  

	5.3	Voting Rights 

 As long as
no Enforcement Event has occurred, all voting rights in the Shares shall remain with the Pledgors. 
 When exercising (or failing
to exercise) the voting rights in the Shares, each of the Pledgors shall act: 
  

	 	a)	in a manner that is not inconsistent with the Facilities Agreement, the Intercreditor Agreement, this Agreement (in particular Article 7) and any other Debt Document;
and 

  
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	 	b)	in a manner that would not intentionally be prejudicial to the validity and enforceability of the Pledge or cause an Event of Default or Enforcement Event to occur.

 Upon the occurrence of an Enforcement Event, the Security Agent shall have the right (but not the obligation) to
exercise the voting rights in the Shares after obtaining express written instructions from the Instructing Group or otherwise in accordance with the terms of the Intercreditor Agreement at its discretion. For that purpose, each of the Pledgors shall
promptly (i) execute any and all proxies in favor of the Security Agent or any person designated by the Security Agent and (ii) do all acts and things and permit all acts and things to be done which are necessary for the Security Agent or
the person designated by the Security Agent to exercise its voting rights in the Shares. 
  

	6	Representations and Warranties 

 Each of the Pledgors hereby represents and warrants to the Pledgees that as of the date of this Agreement: 
  

	 	a)	the documents referred to in Articles 3a) and 3d) are accurate, complete and up-to-date; 

 

	 	b)	the resolutions referred to in Article 3b) have been duly passed in meetings duly convened or by circular resolutions duly taken, accurately reflect the resolutions and
other matters reflected therein and are in full force and effect and have not been revoked or amended; 

  

	 	c)	it is a company, duly formed and validly existing pursuant to the laws of the United Mexican States (in respect of CEMEX, CEMEX Mexico and Tolteca) and the State of
Delaware (in respect of Interamerican); 

  

	 	d)	its representative is duly authorized to enter into this Agreement, which authority has not been revoked or modified in any manner whatsoever; 

 

	 	e)	the execution of, and performance of its obligations under, this Agreement by each Pledgor has been duly authorized by all necessary corporate action on behalf of the
Pledgor; 

  

	 	f)	the execution of, and performance of its obligations under, this Agreement by each Pledgor does not contravene or violate any Mexican or Swiss law, authorization or
order applicable to that Pledgor in any material respect; 

  
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	 	g)	no shareholders’ meeting or board meeting of the Company or any of the Pledgors has been held in which resolutions were passed or approved that could negatively
affect the security interest created under this Agreement or any other right of the Pledgees under this Agreement; 

  

	 	h)	no authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required (i) for the pledge of the
Shares pursuant hereto or for the execution, delivery or performance of this Agreement by it, (ii) for the perfection or maintenance of the pledge created hereby (including the first priority nature of such pledge) or (iii) for the
exercise by the Security Agent or the Pledgees of its/their rights provided for in this Agreement or the remedies in respect of the Shares pursuant to this Agreement, 

 

	 	i)	the Existing Shares set forth in Annex 1 are duly and validly issued by the Company, are fully paid and constitute approximately 99.57 % of the issued and
outstanding shares of the Company; 

  

	 	j)	each Pledgor is the sole legal and beneficial owner of its portion of the Existing Shares as set forth in Annex 1, which are free and clear of any pledges, liens,
encumbrances, or other interests or third party rights of any nature other than the Pledge created hereunder; 

  

	 	k)	the Company has not created any authorized or conditional share capital or granted any options for the acquisition of Shares; 

 

	 	l)	this Agreement (i) constitutes legal and valid obligations binding on each of the Pledgors, (ii) is, subject to the original of the share certificates
representing the Existing Shares being in the possession of the Security Agent (which, for the avoidance of doubt, is the case as of the date of this Agreement), an effective and perfected first ranking security over the Existing Shares securing the
Secured Obligations, and (iii) is enforceable against any of the Pledgors in accordance with its terms; 

  

	 	m)	acknowledges and understands that the Security Agent appears in its capacity as security agent, acting in the name and for the account of the Pledgees, in accordance
with the terms of the Debt Documents; 

  

	 	n)	acknowledges and understands the terms of the Debt Documents, as well as the amounts due and payable to the Secured Parties under the Debt Documents by it and the other
Obligors (as such term is defined in the Facilities Agreement), and agrees that the pledge created hereunder secures, among others, the payment of such amounts; and 

 

	 	o)	each of CEMEX Mexico and Tolteca acknowledges that by virtue of the Debt Documents it will obtain a direct benefit for its business and operations.

  
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	7	Undertakings 

 Each of the
Pledgors hereby undertakes not to enter into any legal instrument relating to, or granting any pledge, lien, encumbrance, or other interest or third party right over the Shares. 

In addition, except in accordance with the terms of the Facilities Agreement and any other Debt Document and for as long as the Pledge
remains in effect, each of the Pledgors hereby undertakes: 
  

	 	a)	not to dispose of, transfer or assign the Shares or take any other action with respect to the Shares (other than in accordance with the Facilities Agreement) that would
jeopardize (i) any rights of the Pledgees under this Agreement or any other Debt Document or (ii) the validity and enforceability of the Pledge; 

  

	 	b)	not to revoke or amend the board resolution referred to in Article 3b); 

  

	 	c)	not to vote in favor of any resolution with regard to the Company whereby: 

 

	 	(i)	the Existing Shares would be modified or altered; or 

  

	 	(ii)	the transferability of the Shares would be restricted in any way; 

  

	 	d)	to promptly inform the Security Agent, in writing, (i) if a third party claims or pretends to own any of the Shares and (ii) of all circumstances concerning
the Company which might materially adversely affect the validity or enforceability of the Pledge; 

  

	 	e)	to enter into and to procure the perfection of additional pledge agreements (at its own cost and expense), if and to the extent that a pledge of certain Related Rights
requires, as a matter of law, the execution and perfection of a specific pledge agreement for such Related Rights; 

  

	 	f)	to do all acts and things necessary (at its own cost and expense) in case of a realization of the Pledge, and procure that any acts and things be done (at its own cost
and expense) to properly effect any transfer of the Shares to a new owner, free of any pledge, lien, encumbrance, or other interest or third party right of any nature on any of the Shares so transferred and, in the case of registered shares, to
procure that the board of directors of the respective Company register such new owner as new shareholder of the Company with voting rights; and 

  

	 	g)	to promptly execute such further documents and do such further acts (at its own cost and expense) which the Pledgees may reasonably require for the purpose of the
creation, perfection, protection and realization of the Pledge. 

  
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	8	Realization of Pledge 

Upon the occurrence of an Enforcement Event and subject to the Intercreditor Agreement, the Security Agent shall, after obtaining express
written instructions from the Instructing Group or otherwise in accordance with the terms of the Intercreditor Agreement, have the right, but not the obligation, to enforce the Pledge created pursuant to this Agreement, by liquidation of the Shares
in full or in part through an auction or a private sale (Private Verwertung) or acquisition of the Shares for the Security Agent’s or any other Pledgee’s account (Selbsteintritt), in each case without having to initiate
proceedings under, and without regard to the formalities provided in, the DEBA and, to the extent legally permissible, without the need to give prior notice to the Pledgors. 
 In case of an acquisition of the Shares for the Security Agent’s or any other Pledgee’s account (Selbsteintritt), such acquisition shall be done at the “intrinsic value”
(innerer Wert) of the Shares (the “Intrinsic Value”). If the Pledgors and the Security Agent do not reach an agreement on the Intrinsic Value within 10 Business Days from the date of the Security Agent’s first proposal,
the Intrinsic Value shall be determined by an independent expert (Schiedsgutachter) to be mutually appointed by the relevant parties. The expert’s determination of the Intrinsic Value shall be final. If the relevant parties cannot,
within 10 Business Days from the date of the Security Agent’s first proposal, agree on the expert to be appointed, the independent expert shall be appointed by the president of the “TREUHANDKAMMER Schweizerische Kammer der
Wirtschaftsprüfer und Steuerexperten” Zurich, Switzerland. 
 Upon the occurrence of an Enforcement Event, the
Security Agent shall, after obtaining express written instructions from the Instructing Group or otherwise in accordance with the terms of the Intercreditor Agreement, have full discretion as to manner, time and place of enforcement of the Pledge.
Each of the Pledgors shall co-operate and render (at its own cost and expense) all assistance, which the Security Agent considers necessary, in order to facilitate the enforcement of the Pledge. 

Any money received or realized by the Security Agent from any enforcement of the Pledge shall be paid or applied in the order set out in
clause 10 (Application of Proceeds) of the Intercreditor Agreement. 
 Notwithstanding the foregoing and notwithstanding the
provision of article 41 DEBA, the Security Agent shall be entitled to institute or pursue the enforcement of the Secured Obligations pursuant to regular debt enforcement proceedings without having first to institute proceedings for the realization
of any security interest created to secure the Secured Obligations (Ausschluss des beneficium excussionis realis). The Parties agree in advance that a sale according to article 130 DEBA (Freihandverkauf) shall be admissible.

  
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	9	Release of Pledge 

 The
Pledge shall be automatically (a) terminated and cancelled and (b) the Shares or, in case of realization of the Shares, the remainder thereof, shall be released and returned to the Pledgors at their own cost and expense, at the earlier of
(i) the day on which all Secured Obligations have been discharged in full and the Security Agent is satisfied (having been instructed in accordance with the terms of the Intercreditor Agreement) that no further Secured Obligations are capable
of arising and no amount paid to discharge the Secured Obligations is capable of being avoided or reduced in bankruptcy, insolvency or similar laws or (ii) the Release Date. 

 

	10	Position of the Security Agent 

 The Security Agent has been duly appointed by each of the Pledgees under the Facilities Agreement and the Intercreditor Agreement (in particular clause 11) to act as security agent. The Security Agent
shall act, for the purpose of this Agreement, in its capacity as security agent in the name and for the account of the Pledgees and is authorised to exercise the rights, powers, authorities and discretions specifically given to the Security Agent
under or in connection with this Agreement together with any other incidental rights, powers, authorities and discretions as direct representative (direkter Stellvertreter) of the Pledgees. The Pledgors acknowledge such rights and powers and
acknowledge in particular clause 11.5 of the Intercreditor Agreement (No independent power). 
 The Security Agent
performs this Agreement and exercises the rights of the Pledgees arising hereunder, as direct representative (direkter Stellvertreter) of each of the Pledgees. Any action with respect to this Agreement taken by the Security Agent shall be
construed as binding upon each of the Pledgees. 
 The Security Agent shall not, whether by virtue of this Agreement or by
exercising any of its rights thereunder, owe any duty of care or fiduciary duty to the Pledgors or the Company. 
 The permissive
rights of the Security Agent to take action under this Agreement shall not be construed an obligation or duty for it to do so. 

Provided it complies with its obligations in this Agreement, the Security Agent is not required to have any regard to the interests of the
Company. 
 In acting as Security Agent, the Security Agent shall be treated as acting through its agency division which shall be
treated as a separate entity from its other divisions and departments. Any information received or acquired by the Security Agent which is received or acquired by some other division or department or otherwise than in its capacity as Security Agent
may be treated as confidential by the Security Agent and will not be treated as information possessed by the Security Agent in its capacity as such. 

  
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 In acting or otherwise exercising its rights or performing its duties under any of this
Agreement, the Security Agent shall act in accordance with the provisions of the Intercreditor Agreement and shall, when required to grant a consent, exercise a discretion or power, take or omit to take any action, act pursuant to any instruction or
direction from the Instructing Group or Administrative Agent (as applicable and as provided in the Intercreditor Agreement). In so acting, the Security Agent shall have the rights, benefits, protections, indemnities and immunities set out in the
Intercreditor Agreement as if those provisions were set out in this Agreement, mutatis mutandis, and shall not incur any liability to the Pledgors, the Company or to any other Person. 

The provisions of this Clause 10 shall survive any termination of this Agreement. 

 

	11	Transfer of Rights and Obligations 

 The Pledgors may only transfer rights or obligations arising under this Agreement to third parties with the prior written consent of the Security Agent. 

Each Finance Party and each Refinancing Party (as defined in the Intercreditor Agreement) which has become a party to a Debt Document
after the date of this Agreement in accordance with the Debt Documents shall automatically become a party to this Agreement (Vertragspartei) (through the representation of the Security Agent), and thereby assume all rights and obligations of
a Pledgee and each of the Pledgors explicitly consents to such Finance Party becoming a party to this Agreement (Vertragspartei), and thereby assuming all rights and obligations of a Pledgee. 

Each Noteholder and Noteholder Trustee (as each such term is defined in the Intercreditor Agreement) shall have the benefit of the
security created hereby in accordance with the terms of the Intercreditor Agreement. 
  

	12	Indemnification 

 The
Security Agent and each Pledgee shall not be liable for any loss or damage suffered by any of the Pledgors save in respect of such loss or damage which is suffered as a result of the wilful misconduct (Absicht) or gross negligence (grobe
Fahrlässigkeit) of a Pledgee or the Security Agent. Notwithstanding anything to the contrary herein, any liability of each of the Pledgees towards each of the Pledgors under this Agreement shall not be joint and several (nicht
solidarisch) but separate and independent. 

  
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	13	General Provisions 

  

	13.1	Costs and Expenses 

 With
respect to costs and expenses, Clause 17 (Costs and Expenses) of the Facilities Agreement shall apply and the provisions thereof are incorporated herein by reference (with such conforming changes as necessary for interpretation being deemed
to be made for the purposes of this Agreement). 
  

	13.2	Notices 

 All notices or
other communications to be given under or in connection with the Agreement shall be made pursuant to, and in accordance with, the provisions of the Finance Documents, in particular clause 33 (Notices) of the Facilities Agreement and clause 18
(Notices) of the Intercreditor Agreement. 
  

	13.3	Entire Agreement 

 This
Agreement, including Annex 1 and any other documents referred to herein, constitutes the entire agreement and understanding among the Parties with respect to the subject matter hereof, and shall supersede all prior oral and written agreements or
understandings of the parties relating hereto. All references to this Agreement shall be deemed to include Annex 1 hereto. 
  

	13.4	Amendments and Waivers 

This Agreement may only be amended or any provision thereof waived in accordance with the provisions of clause 20.2 (Amendments and
Waivers: Transaction Security Documents) of the Intercreditor Agreement and by a document signed by all Parties or, in case of a waiver of any provision, by a document signed by the Party waiving such provision. 

 

	13.5	Severability 

 Should any
part or provision of this Agreement be held to be invalid or unenforceable by any competent arbitral tribunal, court, governmental or administrative authority having jurisdiction, the other provisions of this Agreement shall nonetheless remain
valid. In this case, the Parties shall endeavor to negotiate a substitute provision that best reflects the economic intentions of the Parties without being unenforceable, and shall execute all agreements and documents required in this connection.

  

	13.6	Remedies Cumulative 

 No
failure or delay on the part of the Security Agent to exercise any power, right or remedy hereunder operates as a waiver thereof, nor shall any single or any partial exercise of any power, right or remedy preclude its further exercise or the
exercise of any other power, right or remedy. 

  
 17 

	13.7	Continuing Security 

 This
Agreement shall create a continuing security and no change or amendment whatsoever in any of the Debt Documents or any document or agreement relating thereto shall affect the validity of the Pledge or the obligations which are imposed on each of the
Pledgors pursuant to it. 
  

	14	Governing Law and Jurisdiction 

  

	14.1	Governing Law 

 This
Agreement (including matters as to the transfer of possession of any share certificates representing the Shares) shall be governed by and construed in accordance with the substantive laws of Switzerland (under the exclusion of the conflict of law
rules of the Swiss International Private Law). 
  

	14.2	Jurisdiction 

 All
disputes arising out of or in connection with this Agreement, including disputes on its conclusion, binding effect, amendment and termination, shall be resolved exclusively by the Courts of the City of Zurich, Switzerland, and shall, if possible, be
adjudicated by the Commercial Court of the Canton of Zurich (Handelsgericht des Kantons Zürich), Switzerland. 
 The
Security Agent and the other Pledgees in addition have the right to institute legal proceedings against each of the Pledgors at any other competent court, in which case Swiss law shall nevertheless be applicable as provided in Article 14.1.

 Signatures on next page 

  
 18 

 Signatures 
 Monterrey, N.L. México, this 17 September 2012 
 for and on behalf of 

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

							
	 /s/ Roger Saldaña
	 		 	 /s/ José Antonio González Flores
	 	
	Roger Saldaña	 		 	José Antonio González Flores	 	

 Monterrey, N.L., México this 17 September 2012 
 for and on behalf of 
 CEMEX México, S.A. de C.V. 

 

							
	 /s/ Roger Saldaña
	 		 	 /s/ José Antonio González Flores
	 	
	Roger Saldaña	 		 	José Antonio González Flores	 	

 Monterrey, N.L., México this 17 September 2012 

 

									
	Interamerican Investments Inc.	 		 		 	
					
	By:	 	 /s/ Roger Saldaña
	 		 	 /s/ José Antonio González Flores
	 	
		 	 Name: Roger Saldaña

Title: Attorney-in-Fact
	 		 	 José Antonio González Flores
 Attorney-in-Fact
	 	

 Monterrey, N.L., México this 17 September 2012 

for and on behalf of 
 Empresas Tolteca de
Mexico, S. A. de C.V. 
  

							
	 /s/ Roger Saldaña
	 		  	 /s/ José Antonio González Flores
	 	
	Roger Saldaña	 		  	José Antonio González Flores	 	

 Monterrey, N.L., México this 17 September 2012 

  
 19 

 Wilmington Trust (London) Limited, acting in its capacity as Security Agent and acting in the name
and for the account of the Pledgees: 
  

			
	 /s/ Paul Barton

	Name:	 	Paul Barton
	Title:	 	Relationship Manager

  
 20 

 Annex 1 

Details of Existing Shares 
  

															
	 Shareholder
	  	Share Issuer	  	Type of
Share	  	Certificate
Number	 	  	Number of
Shares	 	  	Par value
of each
Share
	 CEMEX
	  	CEMEX TRADEMARKS
HOLDING Ltd.	  	Registered Shares	  	 	3	  	  	 	949’126’121	  	  	CHF 1
	 CEMEX Mexico
	  	CEMEX TRADEMARKS
HOLDING Ltd.	  	Registered Shares	  	 	5	  	  	 	217’865’866	  	  	CHF 1
	 Interamerican
	  	CEMEX TRADEMARKS
HOLDING Ltd.	  	Registered Shares	  	 	2	  	  	 	8’424’037	  	  	CHF 1
	 Tolteca
	  	CEMEX TRADEMARKS
HOLDING Ltd.	  	Registered Shares	  	 	4	  	  	 	763’541’990	  	  	CHF 1
		  		  		  				  	  
	  
	 	  	
	 Total
	  		  		  				  	 	1’938’958’014	  	  	
		  		  		  				  	  
	  
	 	  	

  
 21EX-4.35

 Exhibit 4.35 

 
 

 
 NEW SUNWARD HOLDING B.V. 

CEMEX, S.A.B. DE C.V. 
 como Pignorantes / as Pledgors 
 y / and 

CEMEX ESPAÑA, S.A. 
 como Sociedad / as Company 
 y / and 

WILMINGTON TRUST (LONDON) LIMITED 
 como Agente de Garantías / as Security Agent 
 y / and 

las Partes Garantizadas / the Secured Parties 
 y / and 
 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 

como Depositario /as Custodian 
  

 
 CONTRATO DE
PRENDAS DE ACCIONES 
 (Share Pledges Agreement) 

 
  

 

  
 - 1 -

 ÍNDICE 

 

					
	CLÁUSULA	  	 	  	PÁGINA
			
	 1.
	  	 INTERPRETACIÓN Y DEFINICIONES
	  	9
			
	 1.
	  	 INTERPRETATION AND DEFINITIONS
	  	9
			
	 2.
	  	 CONSTITUCIÓN DE PRENDAS
	  	11
			
	 2.
	  	 CREATION OF PLEDGES
	  	11
			
	 3.
	  	 OBLIGACIONES GARANTIZADAS. CARÁCTER INDIVISIBLE
	  	12
			
	 3.
	  	 SECURED OBLIGATIONS. INDIVISIBLE NATURE
	  	12
			
	 4.
	  	 DESPLAZAMIENTO POSESORIO
	  	12
			
	 4.
	  	 DELIVERY OF THE POSSESSION
	  	12
			
	 5.
	  	 EXTENSIÓN DE LAS PRENDAS
	  	13
			
	 5.
	  	 EXTENSION OF PLEDGES
	  	13
			
	 6.
	  	 INDISPONIBILIDAD DE LAS ACCIONES
	  	15
			
	 6.
	  	 NON DISPOSAL OF THE SHARES
	  	15
			
	 7.
	  	 EJERCICIO DE LOS DERECHOS INCORPORADOS A LAS ACCIONES
	  	16
			
	 7.
	  	 EXERCISE OF THE RIGHTS ATTACHED TO THE SHARES
	  	16
			
	 8.
	  	 DECLARACIONES DE LOS PIGNORANTES
	  	17
			
	 8.
	  	 REPRESENTATIONS OF THE PLEDGORS
	  	17
			
	 9.
	  	 EXTINCIÓN DE LAS PRENDAS
	  	18
			
	 9.
	  	 TERMINATION OF THE PLEDGES
	  	18
			
	 10.
	  	 VENCIMIENTO Y EJECUCIÓN
	  	18
			
	 10.
	  	 MATURITY AND ENFORCEMENT
	  	18
			
	 11.
	  	 TRIBUTOS Y GASTOS
	  	25
			
	 11.
	  	 TAXES AND EXPENSES
	  	25
			
	 12.
	  	 NOTIFICACIONES
	  	25
			
	 12.
	  	 NOTICES
	  	25
			
	 13.
	  	 SUBSANACIÓN O COMPLEMENTO DEL CONTRATO
	  	26
			
	 13.
	  	 FURTHER ASSURANCES
	  	26

  
 - 2 -

					
			
	14.	  	 CESIÓN DE LA PRENDA
	  	26
			
	14.	  	 ASSIGNMENT OF THE PLEDGE
	  	26
			
	15.	  	 AGENTE DE GARANTÍAS
	  	27
			
	15.	  	 SECURITY AGENT
	  	27
			
	16.	  	 ADHESIÓN Y RATIFICACIÓN
	  	29
			
	16.	  	 ACCESSION AND RATIFICATION
	  	29
			
	17.	  	 LEY Y JURISDICCIÓN
	  	29
			
	17.	  	 LAW AND JURISDICTION
	  	29
			
	18.	  	 IDIOMA
	  	29
			
	18.	  	 LANGUAGE
	  	29

  
 - 3 -

			
	En Madrid, a 8 de noviembre de 2012.	 	In Madrid, on 8 November 2012.
		
	Con mi intervención, D. Rafael Monjo Carrió, Notario del Ilustre Colegio de Madrid, con residencia en esta ciudad.	 	With my intervention, Mr. Rafael Monjo Carrió, Notary Public of the Madrid Notaries Association, with domicile in this city.
		
	INTERVIENEN	 	APPEAR
		
	DE UNA PARTE,	 	ON THE ONE HAND,
		
	A.1.- NEW SUNWARD HOLDING B.V., sociedad de nacionalidad holandesa, con domicilio social en Amsteldijk 166, 1079LH Amsterdam, Países Bajos, inscrita en la
Cámara de Comercio e Industria de Ámsterdam (Kamer van Koophandel en Fabrieken voor Amsterdam) con número 34133556 y con número de identificación fiscal N-0032922-G (en lo sucesivo,
“Holding”).	 	A.1.- NEW SUNWARD HOLDING B.V., a company duly incorporated under the laws of The Netherlands, with registered offices at Amsteldijk 166, 1079LH Amsterdam, The Netherlands,
registered with the Chamber of Commerce and Industries for Amsterdam (Kamer van Koophandel en Fabrieken voor Amsterdam) under the number 34133556 and with tax identification number N-0032922-G (hereinafter,
“Holding”).
		
	Representada por Don JUAN PELEGRÍ Y GIRÓN, mayor de edad, con domicilio a estos efectos en la Calle Hernández de Tejada, número 1, 28027 Madrid; con
Documento Nacional de Identidad número 01489996-X.	 	Represented by Mr. JUAN PELEGRI Y GIRÓN, legal age, domiciled for these purposes at Calle Hernández de Tejada, número 1, 28027 Madrid; bearer of DNI number
01489996-X.
		
	Hace uso de las facultades, vigentes según afirma, a su favor conferidas el día siete de septiembre de dos mil doce, ante el Notario de Ámsterdam, Don Kjell
Stelling.	 	He appears by virtue of existing powers, currently in force, granted in his favour the seventh of September of two thousand and twelve, before the Notary of Amsterdam, Mr Kjell
Stelling.
		
	A.2.- CEMEX, S.A.B. DE C.V., entidad de nacionalidad mexicana, con domicilio social en Ciudad de Monterrey, N.L. (México), en la Avenida Constitución,
número 444, Poniente, Zona Centro, inscrita en Registro Federal de Contribuyente con número CEM-880726-UZA y con número de identificación fiscal N-4121454-E (en lo sucesivo, “Parent”).	 	A.2.- CEMEX, S.A.B. DE C.V., an entity duly incorporated under the laws of Mexico with registered offices at Ciudad de Monterrey, N.L. (México), Avenida
Constitución, 444, Poniente, Zona Centro, registered with the Federal Registry under the number CEM-880726-UZA and with tax identification number N-4121454-E (hereinafter, “Parent”).
		
	Representada por Don JUAN PELEGRI Y GIRÓN, mayor de edad, con domicilio profesional a estos efectos en la Calle Hernández de Tejada, número 1, 28027 Madrid; con
Documento Nacional de Identidad número 01489996-X y por Don FRANCISCO JAVIER GARCÍA RUIZ DE MORALES, casado, de nacionalidad española, mayor de edad, provisto de Documento Nacional de Identidad número 09772997-K, en
vigor, y domicilio a efectos profesionales en Calle Hernández de Tejada, número 1, 28027 Madrid, como apoderados.	 	Represented by Mr. JUAN PELEGRI Y GIRÓN, legal age, domiciled for these purposes at Calle Hernández de Tejada, 1, 28027 Madrid; bearer of DNI number 01489996-X; and
Mr. FRANCISCO JAVIER GARCÍA RUIZ DE MORALES, married, of Spanish nationality, of legal age, bearer of DNI number 09772997-K currently in force, with professional address at Calle Hernández de Tejada, 1, 28027 Madrid, acting as
attorneys.

  
 - 4 -

			
	Hacen uso de las facultades vigentes, según afirman a su favor conferidas, mediante escritura otorgada en San Pedro Garza García, Nuevo León, Estados Unidos
Mexicanos, el día dieciséis de agosto de dos mil doce, ante el Notario Don Ignacio Gerardo Martínez González, bajo el número 5698.	 	They appear by virtue of existing powers, currently in force, granted in their favour, by virtue of a deed issued in San Pedro Garza García, Nuevo León, Mexico, on
sixteenth August two thousand and twelve, granted before the Notary Mr. Ignacio Gerardo Martínez González, under number 5698.
		
	En lo sucesivo, Holding y Parent, conjuntamente, los “Pignorantes”, y cada uno de ellos, indistintamente, el o un “Pignorante”.	 	Hereinafter, Holding and Parent shall be jointly referred to as the “Pledgors”, and each of them, individually, as a “Pledgor”.
		
	DE OTRA PARTE,	 	ON THE OTHER HAND,
		
	A.3.- CEMEX ESPAÑA, S.A., entidad de nacionalidad española, con domicilio social en Hernández de Tejada 1, 28027, Madrid, con número de
identificación fiscal A-46004214 e inscrita en Registro Mercantil de Madrid al Tomo 9.743 y 9.744, página 1 y 166, sección 8, hoja M-156542 (en lo sucesivo, “Cemex España” o la
“Sociedad”).	 	A.3.- CEMEX ESPAÑA, S.A., a company incorporated under the laws of Spain, with registered office at Hernández de Tejada 1, 28027, Madrid (Spain), with Tax
Identification Number A-46004214 and registered with the Commercial Registry of Madrid, in volume 9,743 and 9,744, sheet 1 and 166, section 8, page no. M-156542 (hereinafter, “Cemex España” or the
“Company”).
		
	Representada por Don JUAN PELEGRI Y GIRÓN, mayor de edad, con domicilio a estos efectos en la Calle Hernández de Tejada, número 1, 28027 Madrid; con Documento
Nacional de Identidad número 01489996-X.	 	Represented by Mr. JUAN PELEGRI Y GIRÓN, legal age, domiciled for these purposes at Calle Hernández de Tejada, 1, 28027 Madrid; bearer of DNI number
01489996-X.
		
	Hace uso de las facultades, vigentes según firma, a su favor conferidas mediante la escritura pública otorgada por CEMEX ESPAÑA, S.A. ante el Notario de Madrid,
Don Rafael Monjo Carrió con el número 1.639 de su orden de protocolo.	 	He appears by virtue of existing powers, currently in force, conferred in his favour by virtue of the public deed granted by CEMEX ESPAÑA, S.A. before the Notary Public of
Madrid, Mr. Rafael Monjo Carrió under the number 1,639 of his official records.
		
	DE OTRA PARTE,	 	ON THE OTHER HAND,
		
	 B.1.- Las entidades referidas en el
 Anexo 2 (los “Trustees de los Bonistas”) en virtud de los correspondientes apoderamientos.
	 	B.1.- The entities referred to in Annex 2 (the “Noteholders Trustees”) by virtue of the relevant powers of attorney.
		 	
		
	Y DE OTRA PARTE,	 	AND ON THE OTHER HAND,
		
	 C.1.- Las entidades referidas en el
 Anexo 1.A del presente Contrato (los “Acreedores Originales”).
	 	C.1.- The entities referred to in Annex 1.A hereto (the “Original Creditors”).
		 	

  
 - 5 -

			
	C.2.- WILMINGTON TRUST (LONDON) LIMITED, entidad constituida de conformidad con las leyes de Inglaterra y Gales, con domicilio social en Third Floor, 1 King’s Arms Yard,
Londres EC2R 7AF, inscrita en el Registro de Sociedades con número 05650152 (en lo sucesivo, el “Agente de Garantías”).	 	C.2.- WILMINGTON TRUST (LONDON) LIMITED, an entity duly incorporated under the laws of England and Wales with registered offices at Third Floor, 1 King’s Arms Yard,
London EC2R 7AF, registered with the Companies Home under the number 05650152 (hereinafter, the “Security Agent”).
		
	Representada por D. EMILIO DURÁN APRAIZ, mayor de edad, de nacionalidad española, con domicilio profesional a estos efectos en Calle Almagro 16-18, 28010, Madrid, con
DNI número 72.074.121-X, en vigor.	 	Represented by Mr. EMILIO DURÁN APRAIZ, of legal age, of Spanish nationality, with professional address at Calle Almagro 16-18, 28010, Madrid and bearer of Spanish ID Card
number 72.074.121-X, currently in force.
		
	Hace uso de las facultades, vigentes según afirma, a su favor conferidas en virtud de poder otorgado el 6 de noviembre de 2012, ante Don Edward Gardiner, Notario con
ejercicio en Londres, debidamente apostillado.	 	He appears by virtue of existing powers, currently in force, granted in his favour on 6 November 2012 before Mr. Edward Gardiner, Notary public practicing in London, and duly
apostilled.
		
	El Agente de Garantías actúa en el presente Contrato en su propio nombre y derecho y, asimismo por cuenta y en beneficio de los Acreedores Originales y de las
restantes Partes Garantizadas (tal y como se definen más adelante) en virtud del Contrato de Relación entre Acreedores (tal y como éste se define a continuación).	 	The Security Agent acts in this Agreement in its own name and on its own behalf and, in addition for the Original Creditors, and of the remaining Secured Parties (as defined below)
by virtue of the Intercreditor Agreement (as this term is defined below).
		
	C.3.- BANCO BILBAO VIZCAYA ARGENTARIA, S.A., entidad de crédito con domicilio en Bilbao, Plaza de San Nicolás número 4, y número de
identificación fiscal A-48265169 (en lo sucesivo, el “Depositario”).	 	C.3.- BANCO BILBAO VIZCAYA ARGENTARIA, S.A., a credit entity duly with registered offices at Bilbao, Plaza de San Nicolás, 4, Spain, registered with Tax
Identification Number A-48265169 (hereinafter, the “Custodian”).
		
	Representada por DON JULIÁN RINCÓN MARTÍNEZ, de nacionalidad española, mayor de edad, provisto de D.N.I. número 6582929-F, en vigor, y domicilio a
efectos profesionales en Bilbao, Plaza de San Nicolás número 4, como apoderado, en virtud de la escritura de poder otorgada por el Depositario el 13 de octubre de 2004 ante el Notario de Madrid, D. Ramón Corral Beneyto con el
número 3.985 de su protocolo.	 	Represented by MR. JULIÁN RINCÓN MARTINEZ, of Spanish nationality, of legal age, bearer of D.N.I. number 6582929-F currently in force, with professional address at
Bilbao, Plaza de San Nicolás, 4, acting as attorney, by virtue of the public deed granted by the Custodian on 13 October 2004 before the Notary Public of Madrid, Mr. Ramón Corral Beneyto under number 3,985 of his official
records.
		
	La Sociedad comparece en este acto a los efectos de darse por notificada de las Prendas constituidas en virtud del presente Contrato.	 	The Company appears in this act for the purposes of acknowledging the granting of the Pledges created by virtue of this Agreement.

  
 - 6 -

			
	Las entidades enumeradas anteriormente serán denominadas, conjuntamente, como las “Partes”.	 	The entities listed above shall be jointly referred to as the “Parties”.
		
	EXPONEN	 	WHEREAS
		
	 I.           Que la Sociedad (tal y como este término se
define a continuación) y los Pignorantes forman parte del Grupo CEMEX (en lo sucesivo, el “Grupo”), cuya matriz es Parent.
	 	 I.           That the Company (as this term is defined below) and
the Pledgors are part of the CEMEX Group (hereinafter, the “Group”), the parent company of which is Parent.

		
	 II.         Que Parent ha suscrito, en el marco de un proceso de
refinanciación de la deuda del Grupo, un contrato sometido a Derecho inglés denominado “Facilities Agreement” suscrito con fecha 17 de septiembre de 2012, elevado a público en la presente fecha ante el Notario
de Madrid, D. Rafael Monjo Carrió (en lo sucesivo, el “Contrato de Financiación”) con los Acreedores Originales de los que Wilmington Trust (London) Limited actúa como Agente de Garantías, y del que
también son parte, entre otros, una serie de compañías del Grupo en su condición de “Original Borrowers”, “Original Guarantors” y “Original Security Providers”, quienes
también son parte, respectivamente (tal y como estos términos se definen en el Contrato de Financiación).
	 	 II.         That the Parent, in connection with a debt refinancing in respect
of the Group, has entered into an English law governed facilities agreement executed on 17 September 2012, raised to the status of Spanish public document on the date hereof before the Notary of Madrid, Mr. Rafael Monjo Carrió (hereinafter,
the “Facilities Agreement”), with the Original Creditors amongst which Wilmington Trust (London) Limited acts as Security Agent, and to which a number of companies within the Group including the Pledgors and the Company, in their
capacity as Original Borrowers, Original Guarantors and Original Security Providers, who are also signatories, respectively (as each of these terms is defined in the Facilities Agreement).

		
	 De acuerdo con la Cláusula 25 (Changes to the Creditors) y con la Cláusula 27 (Changes to the Obligors) del Contrato de
Financiación, respectivamente, podrán adherirse al Contrato de Financiación nuevos Acreedores así como “Guarantors” adicionales.
	 	 Pursuant to Clause 25 (Changes to the Creditors) and Clause 27 (Changes to the Obligors) of the Facilities Agreement, respectively, it
is anticipated that additional Creditors and additional Guarantors may accede to the Facilities Agreement.

		
	 III.        El Contrato de Financiación incluye en su Parte II del Anexo 1
una lista de los Acreedores Originales (The Original Creditors) con sus respectivas Exposiciones (Exposures).
	 	 III.        The Facilities Agreement includes as Schedule 1 Part II a list of the
Original Creditors together with their Exposures.

		
	 IV.        Que, entre otros, los “Original Facilities Agreement
Creditors”, el Agente de Garantías, Parent, y ciertas compañías del Grupo como “Original Borrowers”, “Original Guarantors”, los “Intra-Group Lenders” y “Original Security
Providers” (según sea el caso), han suscrito con fecha 17 de septiembre de 2012 un contrato de relación entre acreedores denominado
	 	 IV.        That, among others, the Original Facilities Agreement Creditors, the
Security Agent, Parent and certain companies of the Group defined therein as the Original Borrowers, Original Guarantors, the Intra-Group Lenders and Original Security Providers (as the case may be), have entered into an intercreditor agreement
executed on 17 September 2012, raised to the status of Spanish public

  
 - 7 -

			
	 “Intercreditor Agreement”, elevado a público en la presente fecha ante el Notario de Madrid, D. Rafael Monjo Carrió (en lo
sucesivo, el “Contrato de Relación entre Acreedores”).
	 	 document on the date hereof before the Notary of Madrid, Mr. Rafael Monjo Carrió (hereinafter, the “Intercreditor
Agreement”).

		
	 De acuerdo con la Cláusula 14 del Contrato de Relación entre Acreedores (Changes to the Parties), podrán adherirse al
mismo nuevas partes de acuerdo con el procedimiento y las formalidades previstas en la citada cláusula.
	 	 Pursuant to Clause 14 of the Intercreditor Agreement (Changes to the Parties), new parties may accede to the same in accordance with the
procedure and formalities set out thereunder.

		
	 Además, existe la intención de que los Acreedores de la Refinanciación (Refinancing Creditors), Acreedores de los Bonos
Adicionales (Additional Notes Creditors) y Trustee de los Bonos Adicional (Additional Notes Trustee) obtengan el beneficio de las Prendas (tal y como se definen posteriormente) mediante su adhesión al presente Contrato conforme
a lo dispuesto en la Estipulación 16.
	 	 In addition, it is intended that the Refinancing Creditors, Additional Notes Creditors and Additional Notes Trustee shall have the benefit of the
Pledges (as defined below) by acceding to this Agreement pursuant to Clause 16.

		
	 Se adjunta como Anexo 3 al presente Contrato una copia del Contrato de Relación entre Acreedores.
	 	 A copy of the Intercreditor Agreement is attached herewith as Annex 3.

		
	 V.          Que los Pignorantes son legítimos propietarios de las
acciones que se detallan a continuación de Cemex España:
	 	 V.          The Pledgors are the legitimate owners of the shares
detailed below of Cemex España:

		
	 •     Holding es titular de 1.320.213.703 acciones de 1,17 euros de valor nominal cada una (en lo
sucesivo, las “Acciones Holding”), representativas del 99,4847% del capital social de la Sociedad. Las Acciones Holding están libres de cargas y gravámenes de cualquier tipo, conforme se acredita en el certificado de
legitimación (en lo sucesivo, el “Certificado de Legitimación Acciones Holding”) expedido el 7 de noviembre de 2012 por el Depositario actualmente encargado del registro contable de las Acciones Holding (en lo
sucesivo, el “Registro Acciones Holding”).
	 	 •     Holding owns 1,320,213,703 shares of 1.17 euro par value each (hereinafter, the
“Holding Shares”), which represent 99.4847% of the share capital of the Company. The Shares are free and clear of any lien or encumbrance whatsoever, as evidenced by the ownership certificate (certificado de
legitimación) (hereinafter, the “Holding Shares Ownership Certificate”) issued on 7 November 2012 by the Custodian, managing company of the registry where the Shares are recorded (hereinafter, the “Holding Shares
Registry”).

		
	 •     Parent es titular de 2.050.000 acciones de 1,17 euros de valor nominal cada una (en lo
sucesivo, las “Acciones Parent”), representativas del 0,1545% del capital social de la Sociedad. Las Acciones Parent están libres de cargas y gravámenes de cualquier tipo, conforme
	 	 •     Parent owns 2,050,000 shares of 1.17 euro par value each (hereinafter, the “Parent
Shares”), which represent 0.1545% of the share capital of the Company. The Parent Shares are free and clear of any lien or encumbrance whatsoever, as evidenced by the

  
 - 8 -

			
	 se acredita en el certificado de legitimación (en lo sucesivo, el “Certificado de Legitimación Acciones Parent”)
expedido el 7 de noviembre de 2012 por el Depositario, entidad actualmente encargada del registro contable de las Acciones Parent (en lo sucesivo, el “Registro Acciones Parent”).
	 	 ownership certificate (certificado de legitimación) (hereinafter, the “Parent Shares Ownership Certificate”) issued on
7 November 2012 by the Custodian, managing company of the registry where the Parent Shares are recorded (hereinafter, the “Parent Shares Registry”).

		
	 En lo sucesivo, se hará referencia a las Acciones Holding y a las Acciones Parent, conjuntamente, como las
“Acciones”.
	 	 Hereinafter, the Holding Shares and the Parent Shares shall be jointly referred to as the “Shares”.

		
	 En lo sucesivo, se hará referencia al Certificado de Legitimación Acciones Holding y al Certificado de Legitimación Acciones
Parent, conjuntamente, como los “Certificados de Legitimación”.
	 	 Hereinafter, the Holding Shares Ownership Certificate and the Parent Shares Ownership Certificate shall be jointly referred to as the
“Ownership Certificates”.

		
	 En lo sucesivo, se hará referencia al Registro de Acciones Holding y al Registro de Acciones Parent, conjuntamente, como los
“Registros”.
	 	 Hereinafter, the Holding Shares Registry and the Parent Shares Registry shall be jointly referred to as the
“Registries”.

		
	 VI.        Que, a los efectos de garantizar las Obligaciones Garantizadas (tal y
como este término se define en la Cláusula 1.2 siguiente), los Garantes Originales (Original Guarantors) y los Proveedores de Garantías Originales (Original Security Providers), entre los cuales se encuentran los
Pignorantes, han acordado el otorgamiento de una serie de garantías personales y derechos reales a favor de las Partes Garantizadas (tal y como este término se define en la Cláusula 1.2 siguiente), entre ellas, en el caso de los
Pignorantes, el otorgamiento de sendos derechos reales de prenda sobre las Acciones.
	 	 VI.        That, for the purposes of securing the Secured Obligations (as this
term is defined in Clause 1.2 below), the Original Guarantors and the Original Security Providers, amongst which the Pledgors are included, have agreed to grant in favour of the Secured Parties (as defined in Clause 1.2 below), certain guarantees
and security interests, including, in the case of the Pledgors, the granting of several rights in rem of pledges over the Shares.

		
	 VII.      En virtud de lo anterior, las Partes han acordado el otorgamiento de este Contrato
de Prenda de Acciones (en lo sucesivo, el “Contrato”) que se regirá por las siguientes
	 	 VII.      In light of the above, the Parties have agreed to enter into this Agreement of
Pledge over Shares (hereinafter, the “Agreement”) which shall be governed by the following

		
	ESTIPULACIONES	 	CLAUSES
		
	 1.           INTERPRETACIÓN Y DEFINICIONES
	 	 1.           INTERPRETATION AND DEFINITIONS

		
	 1.1        Salvo que en este documento se establezca lo contrario, los términos en
mayúsculas que se incluyen en este Contrato tendrán el significado que a los mismos se atribuye en el Contrato de Financiación.
	 	 1.1.       Unless a contrary indication appears, capitalised terms included in this Agreement
shall have the same meanings given to them in the Facilities Agreement.

  
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	 Las Partes acuerdan y hacen constar que este Contrato no modifica los términos y condiciones del Contrato de Financiación o del Contrato
de Relación entre Acreedores. Además, este Contrato quedará sujeto a los términos del Contrato de Relación entre Acreedores y, en caso de cualquier inconsistencia, el Contrato de Relación entre Acreedores
prevalecerá entre las partes de este Contrato y del Contrato de Relación entre Acreedores y siempre que lo permita la ley aplicable.
	 	 The Parties hereby agree that this Agreement shall not in any way prejudice or affect the terms and conditions contained in the Facilities Agreement
or the Intercreditor Agreement. Further, this Agreement shall be subject to the terms of the Intercreditor Agreement and in the event of any inconsistencies, the Intercreditor Agreement shall prevail amongst the parties hereto and thereto and as
permitted by applicable law.

		
	 1.2        Adicionalmente, los siguientes términos tendrán el significado
que a continuación se les asigna:
	 	 1.2.       In addition, the following terms shall have the meaning ascribed to them
below:

		
	 “Obligaciones Garantizadas” significa todas las Obligaciones (Liabilities) y todas las obligaciones presentes y futuras
pendientes en cualquier momento, debidas o incurridas por cualquier miembro del Grupo y por cada uno de los Deudores (Debtors) a cualquier Parte Garantizada (Secured Party) bajo cada uno de los Documentos de Deuda (Debt
Documents), tanto actuales como contingentes, incurridas de manera individual o conjunta, como obligación principal o accesoria de garantía o de cualquier otra forma (tal y como cada uno los términos anteriores se define en
el Contrato de Relación entre Acreedores).
	 	 “Secured Obligations” means all the Liabilities and all other present and future obligations at any time due, owing or incurred by
any member of the Group and by each Debtor to any Secured Party under each Debt Documents, both actual and contingent and whether incurred solely or jointly and as principal or surety or in any other capacity (as each of the terms above are defined
in the Intercreditor Agreement).

		
	 “Partes Garantizadas” tendrá el significado que al mismo término se le otorga en el Contrato de Relación entre
Acreedores.
	 	 “Secured Parties” shall have the meaning given to it in the Intercreditor Agreement.

		
	 “Supuesto de Ejecución” tendrá el significado que al mismo término se le otorga en el Contrato de
Relación entre Acreedores.
	 	 “Enforcement Event” shall have the meaning given to it in the Intercreditor Agreement.

		
	 “Grupo Instructor” tendrá el significado que al mismo término se le otorga en el Contrato de Relación entre
Acreedores.
	 	 “Instructing Group” shall have the meaning given to it in the Intercreditor Agreement.

		
	 “Fecha de Cancelación” significa la fecha en que las Garantías de la Operación (Transaction Security)
(tal y como este término se define en el Contrato de Relación entre Acreedores) se liberen de conformidad con lo previsto en la Cláusula 9.2 del Contrato de Relación entre Acreedores.
	 	 “Release Date” means the date on which the Transaction Security (as defined in the Intercreditor Agreement) shall be released
pursuant to Clause 9.2 of the Intercreditor Agreement.

  
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	 “Fecha de Liberación Final” tendrá el significado que al mismo término se le otorga en el Contrato de
Relación entre Acreedores.
	 	 “Final Discharge Date” shall have the meaning given to it in the Intercreditor Agreement.

		
	 2.           CONSTITUCIÓN DE PRENDAS
	 	 2.           CREATION OF PLEDGES

		
	 2.1        En garantía del cumplimiento íntegro y puntual de cada una de
las Obligaciones Garantizadas, los Pignorantes constituyen a favor de las Partes Garantizadas sendos derechos reales de prenda concurrentes de primer rango sobre las Acciones, que cada una de las Partes Garantizadas acepta en este acto en su propio
nombre y derecho o a través del Agente de Garantías (en lo sucesivo, las “Prendas”, y cada una de ellas, indistintamente, la o una “Prenda”).
	 	 2.1        As security for the full and punctual performance of each of the Secured
Obligations, the Pledgors hereby create in favour of the Secured Parties several first ranking concurrent pledges over the Shares, which the Secured Parties hereby accept in its own name and on its own behalf or through the Security Agent
(hereinafter, the “Pledges”, and each of them, individually, a “Pledge”).

		
	 2.2        En este sentido, a efectos aclaratorios, se constituyen tantas Prendas como
obligaciones se derivan a favor las Partes Garantizadas de cada uno de los Documentos de Deuda (Debt Documents) (tal y como este término se define en el Contrato de Relación entre Acreedores).
	 	 2.2        In this regard, for clarification purposes, the obligations arising from each
of the Debt Documents (as defined in the Intercreditor Agreement) in favour of the Secured Parties is secured by a different Pledge created hereunder.

		
	 2.3        No se incluirán bajo la definición de Obligaciones Garantizadas
obligaciones que, en el caso de ser incluidas, hiciesen que las prendas constituidas en virtud del presente Contrato, o parte de las mismas, fuesen nulas por dar lugar a un supuesto de asistencia financiera de conformidad con la Sección 2:98c
o la Sección 2:207c del Código Civil holandés o cualesquiera otras normas aplicables sobre asistencia financiera bajo cualquier jurisdicción relevante (en lo sucesivo, la “Prohibición”), y todas
las disposiciones de este Contrato deberán interpretarse consecuentemente. A efectos aclaratorios, este Contrato continuará garantizado aquellas obligaciones que, de ser incluidas bajo la definición de Obligaciones Garantizadas,
no constituirían una violación de la Prohibición.
	 	 2.3.       No obligations shall be included in the definition of Secured Obligations to the
extent that, if they were included, the security interests granted pursuant to this Agreement or any part thereof would be void as a result of violation of the prohibition on financial assistance contained in Article 2:98c and 2:207c Dutch Civil
Code or any other applicable financial assistance rules under any relevant jurisdiction (hereinafter, the “Prohibition”) and all provisions hereof will be interpreted accordingly. For the avoidance of doubt, this Agreement will
continue to secure those obligations which, if included in the definition of Secured Obligations, will not constitute a violation of the Prohibition.

		
	 2.4        Cada una de las Prendas es independiente de las restantes y se regirá
separadamente por las normas contenidas en las
	 	 2.4        Each of the Pledges is independent in its own right and shall each be governed
separately by Clauses 2 to 18 of this

  
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	 Estipulaciones 2 a 18 del presente Contrato. Las menciones que se hacen en este Contrato a las Obligaciones Garantizadas, a las Prendas (incluida su
ejecución y cancelación) y a las Partes Garantizadas se entenderán hechas por separado en relación con cada una de las Prendas, si bien sólo cabrá la ejecución conjunta de todas las Prendas en los
términos previstos en este Contrato y en el Contrato de Relación entre Acreedores.
	  	 Agreement. The references made in this Agreement to the Secured Obligations, the Pledges (including their enforcement and cancellation) and the
Secured Parties shall be deemed to be made separately in regard to each of the Pledges, although it shall only be possible to jointly enforce all Pledges in accordance with the terms provided herein and in the Intercreditor
Agreement.

		
	 3.           OBLIGACIONES GARANTIZADAS. CARÁCTER
INDIVISIBLE
	  	 3.           SECURED OBLIGATIONS. INDIVISIBLE
NATURE

		
	 3.1        Cada una de las Prendas constituida a favor de las Partes Garantizadas
garantiza el íntegro y total cumplimiento de la totalidad de las correspondientes Obligaciones Garantizadas.
	  	 3.1        Each of the Pledges created in favour of the Secured Parties secures the full
and punctual performance of all the relevant Secured Obligations.

		
	 3.2        Cada una de las Prendas tiene el carácter de indivisible. En
consecuencia, cada Prenda garantiza el íntegro cumplimiento de las correspondientes Obligaciones Garantizadas en su integridad sin que el cumplimiento parcial de las mismas suponga la cancelación proporcional de las Prendas
correspondientes.
	  	 3.2        Each of the Pledges is of an indivisible nature. Consequently, each Pledge
secures the punctual performance of the corresponding Secured Obligations in their entirety. Partial performance of the Secured Obligations will not entail the proportional cancellation of the relevant Pledges.

		
	 3.3        Las Partes Garantizadas podrán ejecutar las Prendas de forma
independiente de cualquier otra garantía real o personal constituida en aseguramiento de las Obligaciones Garantizadas ahora o en el futuro, por lo que las Prendas podrán ser ejecutadas con carácter previo, simultáneo o
posterior a cualquier otra garantía constituida a favor de las Partes Garantizadas.
	  	 3.3        The Secured Parties may enforce the Pledges independently of any other
personal guarantee or rights in rem of pledges created or to be created for the purposes of securing the performance of the Secured Obligations. Consequently, the Pledges may be enforced previously, simultaneously or subsequently to the
enforcement of any other guarantee created in favour of the Secured Parties.

		
	 4.           DESPLAZAMIENTO POSESORIO
	  	 4.           DELIVERY OF THE POSSESSION

		
	 4.1        De conformidad con lo dispuesto en el artículo 10 de la Ley 24/1988, de
28 de julio, del Mercado de Valores, la inscripción de las Prendas en las correspondientes cuentas de los Registros equivaldrá al desplazamiento posesorio de las Acciones.
	  	 4.1        In accordance with Article 10 of the Law 24/1988, dated 28 July, on the
Securities Market, the recording of the Pledges in the corresponding accounts of the Registries will be equivalent to the delivery of possession of the Shares.

		
	 4.2        El Depositario, mediante su comparecencia en el presente Contrato, se da por
notificado del otorgamiento del presente Contrato y:
	  	 4.2        The Custodian, by means of is appearance as
a party to this Agreement, acknowledges the execution of this Agreement and:

  
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	 4.2.1     se compromete a inscribir en el día de hoy la constitución de cada una de las
Prendas en los correspondientes Registros de anotaciones en cuenta y proceder al desglose de las Acciones, inscripción que equivaldrá al desplazamiento posesorio de las Acciones de conformidad con lo previsto en el artículo 10
de la Ley 24/1988, de 28 de julio, del Mercado de Valores y en el artículo 13 del RD 116/1992;
	 	 4.2.1.    hereby undertakes to record as at the date hereof the creation of each of the Pledges in the
relevant book entries Registries. This recording shall be equivalent to the delivery of possession of the Shares pursuant to Article 10 of the Law 24/1988, dated 28 July, on the Securities Market and Article 13 of RD
116/1992;

		
	 4.2.2     se compromete a emitir nuevos certificados de legitimación en los que se acredite la
constitución de las Prendas y su inscripción en los correspondientes Registros de anotaciones en cuenta (en lo sucesivo, los “Certificados de Prendas”).
	 	 4.2.2     undertakes to issue new ownership certificates which evidence the creation of the Pledges as
well as its registration with the relevant book entries Registries (hereinafter, the “Pledges Certificates”).

		
	 4.3        El Depositario entrega en este acto al Agente de Garantías los
Certificados de Legitimación originales (de los que una copia se adjunta a este Contrato como Anexo 4), que permanecerán en su poder hasta que proceda su sustitución por los Certificados de Prendas.
	 	 4.3        The Custodian hereby delivers to the Security Agent the original Legitimacy
Certificates (a copy of which are attached hereto as Annex 4), and the Security Agent shall keep them until their substitution for the Pledges Certificates.

		 	
	 El Agente de Garantías se compromete a conservar y custodiar los Certificados de Prendas y a devolverlos a los Pignorantes inmediatamente
después de la extinción y cancelación de las Prendas de acuerdo con lo dispuesto en la Cláusula 9 siguiente.
	 	 The Security Agent undertakes to safekeep the Pledges Certificates and to return them to the Pledgors immediately upon the cancellation of the Pledges
in accordance with Clause 9 below.

		
	 5.           EXTENSIÓN DE LAS PRENDAS
	 	 5.           EXTENSION OF PLEDGES

		
	 5.1        Sustitución de activos
	 	 5.1        Replacement of assets

		
	 Las Prendas se extenderán y comprenderán cualesquiera títulos, valores, activos (materiales o inmateriales) o fondos que
sustituyan o correspondan a las Acciones en el caso de fusión, escisión, disolución, ampliación o reducción de capital, conversión o canje, transformación o cualesquiera otras operaciones societarias
similares que afecten a la Sociedad o a las Acciones de manera que no disminuya el valor de las Prendas. Las referencias a las Acciones en este Contrato serán aplicables a los valores, activos o fondos que en el futuro las sustituyan o
correspondan.
	 	 The Pledges created herein shall extend to comprise any shares, securities, assets (tangible or intangible) or funds which substitute or correspond to
the Shares in the event of merger, winding up, capital increase or reduction, conversion or share swap, transformation, de-merger or any other similar corporate transactions affecting the Company or the Shares such that the value of the Pledges does
not decrease. Hereinafter, any reference to the Shares in this Agreement shall extend to comprise any right, securities, assets or funds that may correspond or in future substitute to the Shares.

  
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	 Si como consecuencia de cualquiera de las operaciones referidas en el párrafo anterior las Prendas se extendieran a dinero o derechos de
crédito convertibles en dinero, dicha cantidad se depositará en cuentas abiertas a nombre de los Pignorantes con la entidad o entidades señaladas por el Grupo Instructor (a través del Agente de Garantías) y
quedará igualmente pignorada a favor de las Partes Garantizadas (en términos similares a los establecidos en el presente Contrato). En el supuesto de ejecución de las Prendas sobre el derecho de crédito de los Pignorantes
al reintegro del saldo de la misma, la ejecución se efectuará mediante adjudicación directa a las Partes Garantizadas, por compensación con las Obligaciones Garantizadas pendientes de pago, a prorrata entre ellas, previa
notificación fehaciente a los Pignorantes.
	 	 If as a result of any transactions referred to in the preceding paragraph, the Pledges extend to cash or credit rights convertible into cash, the
relevant amount shall be deposited in accounts opened by the Pledgors with the entity or entities appointed by the Instructing Group (through the Security Agent) and shall remain pledged in favour of the Secured Parties (in similar terms to those
contained herein). Should any of the Pledges over the credit right to the reimbursement of the cash be enforced, the enforcement will take place by means of the set off of the relevant amount, which shall be directly allocated to the Secured Parties
against the Secured Obligations outstanding, on a pro rata basis, provided that prior notice has been served to the Pledgors.

		
	 La extensión de las Prendas, en su caso, se realizará, a requerimiento del Agente de Garantías en virtud de las instrucciones
escritas dadas por el Grupo Instructor, mediante el otorgamiento de los documentos públicos o privados que sean necesarios o convenientes atendiendo a la clase de garantía que proceda en función de la naturaleza del bien que
sustituya a las Acciones. Los Pignorantes se comprometen a documentar dicha extensión en el plazo de treinta (30) días naturales desde que el Agente de Garantías le requiera.
	 	 The extension of the Pledges, if applicable, shall be made at the request of the Security Agent on written instructions of the Instructing Group, by
means of the execution of public or private documents as may be necessary or desirable in light of the type of guarantee to be granted pursuant to the nature of the asset that replaces the Shares. The Pledgors undertake to grant as many documents as
may be necessary for the purposes of extending the Pledges within thirty (30) calendar days following receipt of a written request from the Security Agent for such purposes.

		
	 En caso de que los Pignorantes no documenten la extensión de las Prendas en el plazo indicado, el Agente de Garantías estará
facultado, haciendo uso de las facultades contenidas en los poderes irrevocables otorgados a su favor por los Pignorantes en esta misma fecha a estos efectos, para otorgar por sí solo dichos documentos (aunque ello implique
autocontratación).
	 	 In the event that such documents are not granted within the above referred deadline, the Security Agent shall be entitled to grant the same in the
name and on behalf of the Pledgors exercising the faculties conferred under the irrevocable powers of attorney granted by the Pledgors on the date hereof in favour of the Security Agent (even if this implies self-contracting).

		
	 5.2        Ampliaciones de capital
	 	 5.2        Increase of share capital

		
	 En caso de que se lleve a cabo una ampliación de capital de acuerdo con lo previsto en el Contrato de Financiación,
	 	 In the event that a capital share increase is made in accordance with the Facilities Agreement, the Pledgors shall inform the

  
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	 los Pignorantes informarán al Agente de Garantías por escrito con al menos cinco (5) Días Hábiles de antelación a
la fecha prevista de celebración de junta general de accionistas en la que se vaya a votar o aprobar, según sea el caso, una ampliación de capital de la Sociedad y le remitirán por correo certificado copia de la escritura
de ampliación de capital tan pronto como reciban del Notario copia de la citada escritura.
	 	 Security Agent in writing at least five (5) Business Days in advance of the date on which a general shareholders meeting, in which that increase of
share capital is to be considered or approved, is to be held and shall send the Security Agent, through registered mail, a copy of the deed of increase of share capital as soon as the Pledgors receive it from the relevant
Notary.

		
	 Los Pignorantes se comprometen a realizar todos los actos y formalizar cuantos documentos sean necesarios para que las Prendas se extiendan a las
nuevas acciones de la Sociedad emitidas y suscritas por el Pignorante, con objeto de que el valor de las Prendas (en términos de porcentaje de participación en el capital) no disminuya, permaneciendo en todo momento pignorado el
99,6392%% del capital social de la Sociedad.
	 	 The Pledgors undertake to do all things and execute all documents as may be necessary in order for the Pledges to be extended to such newly-issued
shares of the Company subscribed by the Pledgor, in order to avoid a decrease in the value of the Pledges (as referred to a percentage in the share capital), so that 99.6392%% of the share capital of the Company is pledged at all
times.

		
	 La extensión de las Prendas se documentará en documento de prenda complementario otorgado por los Pignorantes ante Notario en el plazo
de treinta (30) días naturales a partir de la fecha de inscripción del aumento de capital en el Registro Mercantil, y se inscribirá en las correspondientes cuentas de los Registros.
	 	 The extension of the Pledges shall be documented by a supplementary pledge document granted by the Pledgors before a Spanish Notary within thirty (30)
calendars days following the date of registration of the capital increase with the Mercantile Registry, and shall be recorded with the corresponding accounts of the Registries.

		
	 En caso de que los Pignorantes no documenten y/o formalicen la extensión de las Prendas en el plazo indicado, el Agente de Garantías
estará facultado, haciendo uso de las facultades contenidas en los poderes irrevocables otorgados a su favor por los Pignorantes en esta misma fecha a estos efectos, para otorgar por sí solo dichos documentos (aunque ello implique
autocontratación).
	 	 In the event that such documents are not granted and/or the extension is not perfected within the above referred deadline, the Security Agent shall be
entitled to grant the same in the name and on behalf of the Pledgors exercising the faculties conferred under the irrevocable powers of attorney granted by the Pledgors on the date hereof in favour of the Security Agent (even if this implies
self-contracting).

		
	 6.           INDISPONIBILIDAD DE LAS ACCIONES
	 	 6.           NON DISPOSAL OF THE SHARES

		
	 De conformidad con el artículo 21 del RD 116/1992, y sujeto a cualesquiera operaciones permitidas bajo el Contrato de Financiación, en
tanto subsistan las Prendas sobre las Acciones éstas permanecerán inmovilizadas y los Pignorantes no podrán, sin el previo consentimiento del Agente de Garantías,
	 	 In accordance with Article 21 of RD 116/1992, for so long as any of the Pledges over the Shares is in force, the Shares may not be transferred and,
therefore, the Pledgors may not sell, transfer, encumber, levy or dispose of the Shares in any way or create any option right or restriction to the transmission thereof without the express prior

  
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	actuando de acuerdo con las instrucciones del Grupo Instructor, venderlas, transmitirlas, gravarlas o disponer de ellas de cualquier otra manera, ni constituir ningún derecho
de opción o restricción a su libre transmisibilidad, todo ello salvo en el supuesto de que esté permitido de acuerdo con lo previsto en el Contrato de Financiación.	 	written consent of the Security Agent acting on the instructions of the Instructing Group, unless it is otherwise permitted in accordance with the terms of the Facilities
Agreement.
		
	 7.           EJERCICIO DE LOS DERECHOS INCORPORADOS A LAS
ACCIONES
	 	 7.           EXERCISE OF THE RIGHTS ATTACHED TO THE
SHARES

		
	 7.1        Los siguientes derechos seguirán siendo ejercidos por el
Pignorante:
	 	 7.1        The following rights shall remain with the Pledgor:

		
	 7.1.1     los derechos políticos o de voto en relación con las Acciones; y
	 	 7.1.1     the voting rights attached to the Shares; and

		
	 7.1.2     los derechos económicos correspondientes a las Acciones (incluyendo dividendos,
intereses, frutos o rendimientos de cualquier clase).
	 	 7.1.2     the economic rights attached to the Shares (including, dividends, interests or any other
return).

		
	 7.2        No obstante lo anterior, los Pignorantes no podrán, sin el previo
consentimiento del Agente de Garantías, ejercer los derechos políticos correspondientes a las Acciones a favor de acuerdos que resulten (i) contrarios a lo dispuesto en el Contrato de Financiación y/o en el Contrato de
Relación entre Acreedores; o (ii) en detrimento de los derechos conferidos a las Partes Garantizadas en virtud de las Prendas.
	 	 7.2        Notwithstanding the above, the Pledgors may not exercise, without the prior
consent of the Security Agent, the voting rights attached to the Shares for the purposes of passing resolutions that are (i) contrary to the provisions of the Facilities Agreement and/or the Intercreditor Agreement; or (ii) detrimental to the rights
conferred upon the Secured Parties hereunder.

		
	 7.3        Desde el momento en que (i) se produzca un Supuesto de Ejecución y
(ii) el Agente de Garantías, siguiendo las instrucciones necesarias de acuerdo con lo previsto en el Contrato de Relación entre Acreedores, así lo notifique al Pignorante, el ejercicio de los derechos correspondientes a las
Acciones corresponderá a las Partes Garantizadas actuando a través del Agente de Garantías.
	 	 7.3        Upon (i) the occurrence of an Enforcement Event and (ii) the service of a
notice to that purpose sent by the Security Agent, following the instructions required pursuant to the Intercreditor Agreement to the Pledgor, the Secured Parties, acting through the Security Agent, shall be entitled to exercise all rights attached
to the Shares.

		
	 A los efectos anteriores, los Pignorantes se obligan a efectuar a la mayor brevedad posible cuantas actuaciones sean necesarias o convenientes para
permitir el ejercicio de los derechos correspondientes a las Acciones por parte de las Partes Garantizadas de conformidad con lo establecido en el párrafo anterior.
	 	 For the above purposes, the Pledgors undertake to promptly perform as many actions as may be necessary or desirable in order to allow the exercise of
the rights attached to the Shares by the Secured Parties in accordance with the preceding paragraph.

  
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	 8.           DECLARACIONES DE LOS PIGNORANTES
	 	 8.           REPRESENTATIONS OF THE PLEDGORS

		
	 8.1        Los Pignorantes declaran y manifiestan a favor de las Partes
Garantizadas:
	 	 8.1        The Pledgors represent in favour of the Secured Parties:

		
	 8.1.1     Que la Sociedad es una sociedad existente y válidamente constituida en España y
está inscrita en el Registro Mercantil de Madrid.
	 	 8.1.1     That the Company exists and is validly incorporated under the laws of Spain and is registered
with the Mercantile Registry of Madrid.

		
	 8.1.2     Que el Depositario es la entidad encargada de los Registros de las Acciones.
	 	 8.1.2     That the Custodian is the managing company of the Registries where the Shares are
recorded.

		
	 8.1.3     Que tienen capacidad para suscribir y cumplir el presente Contrato y han realizado todas las
actuaciones necesarias para autorizar el otorgamiento y cumplimiento del mismo.
	 	 8.1.3     That they have the capacity to execute this Agreement and all necessary actions to authorise
the execution and performance of this Agreement have been obtained.

		
	 8.1.4     Que los derechos reales de prenda constituyen obligaciones válidas de los Pignorantes,
exigibles frente a los mismos con arreglo a lo dispuesto en este Contrato.
	 	 8.1.4     That the rights in rem of pledges constitute valid and binding obligations to the
Pledgors, in accordance with the terms of this Agreement.

		
	 8.1.5     Que la aceptación y cumplimiento por los Pignorantes de las obligaciones contempladas
en este Contrato: (a) no contraviene ningún mandato o decisión judicial o administrativa; (b) no entra en conflicto con sus escrituras de constitución o sus estatutos o los de la Sociedad; (c) no se opone a
ningún documento, acuerdo o contrato que sea vinculante para los Pignorantes ni para la Sociedad ni (d) requiere autorización, consentimiento, licencia o permiso.
	 	 8.1.5     That the acceptance and performance by the Pledgors of the obligations set out hereunder: (a)
does not contravene any judicial or administrative order or decision; (b) does not contravene their constitutional documents or the Company’s in any respect; (c) does not oppose to any document, agreement or contract binding for the Pledgors or
the Company; and (d) does not require any authorisation, consent, licence or permit.

		
	 8.1.6     Los Pignorantes ostentan legítimamente la plena propiedad de las Acciones identificadas
en el Expositivo V de este Contrato y tienen pleno poder de disposición sobre las mismas.
	 	 8.1.6     The Pledgors are the owners of the Shares identified in Recital V of this Agreement and have
the full title to dispose of their respective Shares.

		
	 8.1.7     Que las Acciones: (a) no están sometidas a ninguna carga, gravamen o derecho de
opción de
	 	 8.1.7     That the Shares: (a) are free from any lien, encumbrance, option right or statutory or
contractual restriction to

  
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	 compra o de venta o restricción estatutaria o contractual a su libre transmisibilidad; (b) han sido válidamente emitidas por la
Sociedad; y (c) están plenamente suscritas y completamente desembolsadas.
	 	 their transmission; (b) have been validly issued by the Company; and (c) are fully subscribed and paid up.

		
	 8.1.8     Sujeto a la aceptación por parte de las Partes Garantizadas, mediante este Contrato se
otorgan derechos reales de prenda de primer rango sobre las Acciones a favor de las Partes Garantizadas en garantía de las Obligaciones Garantizadas.
	 	 8.1.8     Subject to acceptance by the Secured Parties, first ranking pledges over the Shares are
created in favour of the Secured Parties as security for the performance of the Secured Obligations.

		
	 8.1.9     Que las Acciones pignoradas representan el 99,6392% del capital social de la
Sociedad.
	 	 8.1.9     That the pledged Shares represent the 99.6392% of the share capital of the
Company.

		
	 9.           EXTINCIÓN DE LAS PRENDAS
	 	 9.           TERMINATION OF THE PLEDGES

		
	 9.1        Las Prendas quedarán automáticamente extinguidas y canceladas en
la primera de las siguientes fechas (i) la Fecha de Liberación Final (Final Discharge Date) (tal y como este término se define en el Contrato de Relación entre Acreedores), o (ii) la Fecha de
Cancelación.
	 	 9.1        The Pledges shall be automatically terminated and cancelled on the earlier of
(i) the Final Discharge Date (as defined in the Intercreditor Agreement) or (ii) the Release Date.

		
	 9.2        De acuerdo con la Cláusula 9.2 del Contrato de Relación entre
Acreedores, el Agente de Garantías, en nombre de las Partes Garantizadas, deberá, dentro de los diez (10) Días Hábiles siguientes a la Fecha de Cancelación, cancelar todas las Prendas creadas en virtud de este
Contrato y deberá realizar todos los actos que sean precisos o convenientes a los efectos de cancelar las Prendas, incluyendo, a título enunciativo, (i) devolver a los Pignorantes los Certificados de Prendas (o cualesquiera
certificados que los hayan sustituido) y (ii) notificar al Depositario a los efectos de que pueda inscribirse en los Registros la cancelación de las Prendas.
	 	 9.2        In accordance with Clause 9.2 of the Intercreditor Agreement, the Security
Agent, on behalf of the Secured Parties, shall within ten (10) Business Days following the Release Date release all of the Pledges created under this Agreement and shall do all such acts as may be necessary or desirable to effect the termination
and/or cancellation of the Pledges, including, but not limited to, (i) returning to the Pledgors the Pledges Certificates (or any replacement thereof) and (ii) notifying the Custodian in order that such cancellation may be recorded in the Registries
accordingly.

		
	 10.        VENCIMIENTO Y EJECUCIÓN
	 	 10.        MATURITY AND ENFORCEMENT

		
	 10.1      Sujeto a los términos de este Contrato y del Contrato de Relación entre
Acreedores, las Prendas podrán ejecutarse al acaecer un Supuesto de Ejecución siempre que el mismo sea continuado y haya una cantidad vencida y exigible, en
	 	 10.1      Subject to the terms and conditions of this Agreement and the Intercreditor Agreement,
the Pledges may be enforced upon the occurrence of an Enforcement Event and for so long as it is continuing and there is an amount owing, due and payable,

  
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	 cuyo caso el Agente de Garantías, siguiendo instrucciones del Grupo Instructor (Instructing Group) (tal y como este término se
define en el Contrato de Relación entre Acreedores), estará facultado para ejecutar las Prendas.
	 	 in which case the Security Agent, following instructions from the Instructing Group (as this term is defined in the Intercreditor Agreement), shall be
entitled to enforce the Pledges.

		
	 10.2      Acaecido un Supuesto de Ejecución, el Agente de Garantías no podrá
entablar ninguna acción a los efectos de ejecución contra las Acciones salvo que haya sido expresamente instruido por escrito para ello por el Grupo Instructor (Instructing Group), o de otro modo de conformidad con los
términos del Contrato de Relación entre Acreedores, y para el ejercicio de la acción real pignoraticia, las Partes Garantizadas podrán entablar, a su elección y a través del Agente de Garantías,
cualquiera de los procedimientos que legalmente les asistan, entre ellos, los judiciales ordinarios, declarativos o de ejecución o el extrajudicial previsto en el artículo 1872 del Código Civil, así como el procedimiento
previsto en los artículos 11 y siguientes del Real Decreto-Ley 5/2005, de 11 de marzo de 2005 (en lo sucesivo, el “RDL 5/2005”), sin que la utilización de una vía suponga la renuncia al ejercicio de las otras,
en tanto las Obligaciones Garantizadas no hayan sido cumplidas en su integridad.
	 	 10.2      Following an Enforcement Event, the Security Agent shall not take any enforcement action
against the Shares unless expressly instructed to do so in writing by the Instructing Group (as such term is defined in the Intercreditor Agreement) or otherwise in accordance with the terms of the Intercreditor Agreement, and for the purposes of
the enforcement of the Pledges, the Secured Parties may, through the Security Agent, initiate upon their election, any of the legal proceedings available for the enforcement of the Pledges, including the ordinary or executive judicial proceedings or
the non-judicial proceeding set forth in Article 1872 of the Civil Code, and also the procedure set out in Articles 11 and subsequent of Royal Decree-Law 5/2005, of 11 March 2005 (hereinafter, the “RDL 5/2005”), it being understood
that the election of any of the above proceedings does not limit the possibility of electing any of the other proceedings, if the Secured Obligations have not been fully discharged.

		
	 10.3      A los efectos de la ejecución de las Prendas (por cualquiera de estos
procedimientos), las Partes acuerdan que el importe de la deuda líquida, vencida y exigible será la cantidad especificada en la certificación que emita el Agente Administrativo (Administrative Agent), de conformidad con
el artículo 572.2 de la Ley de Enjuiciamiento Civil en la que conste el saldo adeudado por razón de las Obligaciones Garantizadas, de conformidad con lo previsto en la Cláusula 34 del Contrato de
Financiación.
	 	 10.3      For the purposes of the enforcement of the Pledges (by any of the relevant procedures),
the Parties agree that any amount due and payable in the event of enforcement of the Pledges shall be the amount indicated in the certificate issued by the Administrative Agent pursuant to Article 572.2 of the Spanish Law of Civil Procedure,
reflecting the balance owed under the Secured Obligations, in accordance with the provisions of Clause 34 of the Facilities Agreement.

  
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	 10.4      Para el caso de que las Partes Garantizadas, a través del Agente de
Garantías, decidan seguir el procedimiento de ejecución previsto en el RDL 5/2005, las Partes acuerdan expresamente lo siguiente:
	 	 10.4      In the event that the Secured Parties, through the Security Agent, decide to follow the
special enforcement proceedings set forth in RDL 5/2005, the following is agreed:

		
	 10.4.1  De acuerdo con el artículo 12 del RDL 5/2005 para el inicio del procedimiento de ejecución, el
Agente de Garantías deberá remitir un requerimiento de ejecución (en lo sucesivo, el “Requerimiento de Ejecución”) al Depositario, en el que se indiquen:
	 	 10.4.1  In accordance with article 12 of RDL 5/2005, for the commencement of the enforcement proceeding the Security
Agent shall send an enforcement request (hereinafter, the “Enforcement Request”) to the Custodian, which shall include the following:

		
	 (i)          los datos del Contrato de Financiación, incluyendo nombre,
fecha, tipo, datos de sus partes y la manifestación de que se ha producido una causa de resolución anticipada del mismo o el motivo por el que se resuelve, se declara el vencimiento anticipado y se liquidan las Obligaciones
Garantizadas;
	 	 (i)          the relevant details of the Facilities Agreement, including name,
date, type, information on the parties and a declaration that an early termination event has occurred or the reason for the termination, acceleration and settlement of the Secured Obligations;

		
	 (ii)        el importe al que asciende la deuda bajo las Obligaciones
Garantizadas;
	 	 (ii)        the amount of the debt under the Secured Obligations;

		
	 (iii)       el nombre y datos del Depositario; y
	 	 (iii)       the name and details of the Custodian; and

		
	 (iv)       la orden de enajenación de las Acciones o la orden de traspaso libre de pago
de las Acciones a la cuenta del Agente de Garantías.
	 	 (iv)       the order for the sale of the Shares or the order for the transfer (free of
payment) of the Shares to the account of the Security Agent.

		
	 El Depositario comprobará la identidad del acreedor y la capacidad del firmante del requerimiento y adoptará las medidas necesarias para
enajenar o transmitir las Acciones con la intervención de un notario o a través de una sociedad de valores, agencia de valores o entidad de crédito de acuerdo con la Disposición Adicional Tercera de la Ley 24/1988, de 28
de julio, del mercado de valores, tal y como la misma ha sido modificada.
	 	 The Custodian shall check the identity of the creditor and the authority of the person signing the request, and shall take the necessary measures for
the selling or transferring the Shares with the intervention of a notary or through a “sociedad de valores”, “agencia de valores” or credit entity as per the Third Additional Provision of Law 24/1988, dated 28 July,
on the securities market, as amended.

		
	 10.4.2  El valor de las Acciones a los efectos de la ejecución de las Prendas será su valor de mercado
(en lo sucesivo, el “Valor de 
	 	 10.4.2  In the event of enforcement of the Pledges, the value of the Shares shall be their market value (hereinafter,
the “Enforcement 

  
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	 Ejecución”). A estos efectos, el Valor de Ejecución será determinado por un banco de inversiones independiente y de
prestigio internacionalmente reconocido que será designado por el Agente de Garantías (siguiendo instrucciones del Grupo Instructor) de entre los siguientes: Goldman Sachs, Rothschild, UBS, Nomura y Credit Suisse First Boston. El Banco
de Inversiones seleccionado (en lo sucesivo, el “Banco de Inversiones”) deberá ser independiente de los Pignorantes y de las Partes Garantizadas en el momento de determinación del Valor de Ejecución, debiendo
confirmar a las Partes por escrito antes de aceptar su encargo que no está afectado por ningún conflicto de interés ni por cualquier otra circunstancia que pueda perjudicar su independencia para la determinación del Valor
de Ejecución. El Banco de Inversiones seleccionado determinará el valor de mercado en el plazo máximo de quince (15) Días Hábiles a contar desde la aceptación del encargo. Cualesquiera costes que se deriven
de la determinación del valor de las Acciones serán íntegramente asumidos por los Pignorantes. Los Pignorantes se comprometen incondicional e irrevocablemente a facilitar inmediatamente al Agente de Garantías toda aquella
información financiera, comercial, jurídica o técnica necesaria para determinar el Valor de Ejecución.
	 	 Value”). The Enforcement Value of the Shares shall be the value determined by an independent investment bank of internationally recognised
standing which shall be appointed by the Security Agent (following the instructions of the Instructing Group) among the following: Goldman Sachs, Rothschild, UBS, Nomura and Credit Suisse First Boston. The appointed investment bank (hereinafter, the
“Investment Bank”) must be independent from the Pledgors and the Secured Parties at the time of determining the Enforcement Value, and must confirm in writing to the Parties that it is not affected by any conflict of interest or by
any other circumstance which may prejudice its independence to determine the Enforcement Value. The appointed Investment Bank will issue its valuation within fifteen (15) working days from its acceptance. Any cost arising out from the valuation of
the Shares shall be borne by the Pledgors. The Pledgors unconditionally and irrevocably undertake hereby to promptly provide the Security Agent with all financial, commercial, legal or technical information that is required to assess the Enforcement
Value of the Shares.

		
	 Las Partes acuerdan expresamente que el Agente de Garantías podrá solicitar al Banco de Inversiones la determinación del Valor
de
	 	 The parties expressly agree that the Security Agent may request the Investment Bank to determine the Enforcement Value of the Shares at any time after
an Enforcement Event occurs provided that prior notice to that effect has been served by the Security Agent following

  
 - 21 -

			
	 Ejecución en cualquier momento desde la fecha en que se produzca un Supuesto de Ejecución siempre que el Agente de Garantías lo
notifique previamente por escrito a los Pignorantes según las instrucciones del Grupo Instructor.
	 	 instructions of the Instructing Group to the Pledgors.

		
	 El Valor de Ejecución lo determinará el Banco de Inversión ponderando con arreglo a criterios aceptados comúnmente por la
comunidad financiera internacional los resultados obtenidos a partir de los siguientes métodos: (i) valor liquidativo de la Sociedad y de su grupo consolidado; (ii) valor de las Acciones según el método de descuento de
flujos de caja; (iii) valor de las Acciones según los métodos de múltiplos de compañías y transacciones comparables; y (iv) otros métodos de valoración aplicables al caso concreto y
aceptados comúnmente por la comunidad financiera internacional.
	 	 The Enforcement Value will be determined by the Investment Bank weighing in accordance with criteria generally accepted by the international financial
community the results obtained by using the following methods: (i) break-up value of the Company and of its consolidated group; (ii) value of the Shares pursuant to the discounted cash flows valuation method; (iii) value of the Shares pursuant to
the company multiples and comparable transactions valuation methods; and (iv) any other applicable valuation method generally accepted by the international financial community.

		
	 10.4.3  Acaecido un Supuesto de Ejecución, y una vez el Valor de Ejecución haya sido determinado por el
Banco de Inversiones, las Partes Garantizadas, a través del Agente de Garantías, podrán ejecutar las Prendas bien mediante la venta de las Acciones a cualquier tercero bien mediante la apropiación de las mismas, siendo el
precio mínimo de venta o el valor de adjudicación el Valor de Ejecución que corresponda a las Acciones transmitidas.
	 	 10.4.3  After the occurrence of an Enforcement Event, and once the Enforcement Value has been determined by the
Investment Bank, the Secured Parties, acting through the Security Agent, may enforce the Pledges by selling the Shares to any third party or by means of directly acquiring them. The minimum selling price shall be the Enforcement Value corresponding
to the transferred Shares.

		
	 10.4.4  Acaecido un Supuesto de Ejecución, el Agente de Garantías, aun en el caso de incurrir en
autocontratación, podrá actuar, en virtud de los poderes irrevocables otorgados por los Pignorantes en esta misma fecha a estos efectos, como mandatario para representar a los Pignorantes en la enajenación de las Acciones
en
	 	 10.4.4  After the occurrence of an Enforcement Event, the Security Agent, even if it gives rise to self-contracting,
and by virtue of the irrevocable powers of attorney granted on the date hereof by the Pledgors to these effects, shall be capable of acting as the attorney of the Pledgors for the purpose of the sale of the Shares in the condition of seller, as well
as for the purposes

  
 - 22 -

			
	 calidad de vendedor, así como para otorgar los documentos públicos o privados que puedan resultar necesarios para la
formalización de la transmisión de las Acciones.
	 	 of granting in its name and behalf any public or private documents which may be necessary for the formalisation of the transfer of the
Shares.

		
	 10.5      Para el caso de que se procediese a la ejecución de las Prendas por el
procedimiento previsto en el artículo 1872 del Código Civil, las Partes acuerdan lo siguiente:
	 	 10.5      In the event that the Original Creditors, acting through the Security Agent, decide to
follow the enforcement proceedings set forth under article 1872 of the Civil Code, the following is agreed:

		
	 10.5.1  Los domicilios para requerimientos y notificaciones serán los que figuran en la Estipulación 12
siguiente.
	 	 10.5.1  The domiciles for requests and notifications shall be those indicated in Clause 12 below.

		
	 10.5.2  El tipo mínimo para la primera subasta será, a elección del Grupo Instructor
(Instructing Group) (tal y como este término se define en el Contrato de Relación entre Acreedores), el Valor de Ejecución (determinado conforme a lo establecido en la Estipulación 10.4 anterior). El tipo
mínimo para la segunda subasta será el 75% del Valor de Ejecución.
	 	 10.5.2  The minimum bid price for the first auction shall be, at the option of the Instructing Group (as this term is
defined in the Intercreditor Agreement), the Enforcement Value (determined in accordance with Clause 10.4 above). The minimum bid price for the second auction shall be the 75% of the Enforcement Value.

		
	 Si las dos primeras subastas quedaran desiertas, las Partes Garantizadas podrán hacerse dueños de las Acciones, dando carta de pago por
la cantidad debida bajo las Obligaciones Garantizadas correspondientes.
	 	 If no bids were presented in the first two auctions, the Secured Parties may become owners of the Shares, acknowledging receipt of payment of the
amount owed under the relevant Secured Obligations.

		
	 A solicitud del Agente de Garantías podrán celebrarse terceras y posteriores subastas, con iguales formalidades y sin sujeción a
tipo.
	 	 At the request of the Security Agent, third and further auctions may take place with the same formalities and no initial bid
price.

		
	 10.5.3  El Agente de Garantías, en virtud de los poderes irrevocables otorgados por los Pignorantes en esta
misma fecha a estos efectos, podrá actuar como mandatario para representar a los Pignorantes en la subasta de las Acciones, en calidad de vendedor y para que otorgue el correspondiente contrato de compraventa (incluso en documento
público) a favor del adquirente, con facultades expresas de autocontratación.
	 	 10.5.3  The Security Agent, by virtue of the irrevocable powers of attorney granted by the Pledgors on the date hereof
for such purposes, shall be capable of acting as representative of the Pledgors in the auction of the Shares, as transferor, and to execute the notarial deed of transfer of the Shares in favour of the purchaser on behalf of the
Pledgor.

  
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	 10.5.4  Será Notario competente para la ejecución de las Prendas aquel Notario con residencia en Madrid
capital que designe el Agente de Garantías.
	 	 10.5.4  The Spanish Notary Public competent for the enforcement proceedings shall be a Notary resident in Madrid
(capital city) appointed by the Security Agent.

		
	 A solicitud del Agente de Garantías podrán celebrarse distintas subastas que tengan por objeto distintos paquetes de
Acciones.
	 	 Upon the request of the Security Agent, partial auctions may take place for selling the Shares in different lots.

		
	 Las subastas se anunciarán con diez (10) días naturales de anticipación a su celebración, debiendo mediar diez
(10) días naturales, como mínimo, entre la celebración de cada una de ellas, en su caso, las cuales podrán anunciarse simultáneamente. Con igual antelación se notificará su celebración a
los Pignorantes y a la Sociedad, indicándoles el Notario que intervendrá en la enajenación.
	 	 The auctions shall be announced ten (10) calendar days in advance. In case of several auctions, the announcement of each such auctions may be effected
simultaneously, however, a minimum ten (10) calendar days period must elapse between each of such auctions. The Pledgors and the Company shall be as well notified with the same advance, indicating the Notary who shall carry out the
auction.

		
	 10.5.5  Cualquier licitador (excepto las Partes Garantizadas) deberá realizar un depósito con el notario
encargado de la ejecución igual al 10% del tipo de la primera subasta, en garantía de que se formalizará la adquisición y pagará el precio en caso de resultar adjudicatario; de no cumplirlo, perderá el
depósito a favor de las Partes Garantizadas que lo aplicarán al pago de las Obligaciones Garantizadas en el orden establecido en el Contrato de Relación entre Acreedores.
	 	 10.5.5  Any bidder (except for the Secured Parties) shall place a deposit with the relevant notary appointed for the
enforcement of the Pledges for an amount equal to 10% of the minimum bid price for the first auction, as security for the formalisation of the transfer and payment in case of award; if this is not formalised the bidder shall lose the deposit in
favour of the Secured Parties who shall apply such amounts towards the discharge of the Secured Obligations in the order provided for the in the Intercreditor Agreement.

		
	 10.6      Tanto para el caso de que las Prendas se ejecuten conforme al procedimiento de
ejecución previsto en el RDL 5/2005 o en el artículo 1872 del Código Civil, el Agente de Garantías aplicará el precio obtenido de la enajenación de las Acciones al total reembolso de las Obligaciones
Garantizadas y, en su caso, entregará a los Pignorantes el exceso de dicho precio sobre la cantidad adeudada,
	 	 10.6      In case of enforcement of the Pledges through the enforcement proceedings set forth under
RDL 5/2005 or article 1872 of the Civil Code, the Security Agent will apply the price obtained from the sale of the Shares to the complete repayment of the Secured Obligations and, if any, shall deliver to the Pledgors the excess obtained from the
sale of the Shares once all costs, expenses and taxes related to the sale have

  
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	 una vez descontados los gastos e impuestos que la enajenación haya podido causar.
	  	 been satisfied.

		
	 10.7      Las Partes Garantizadas conservarán todos sus derechos y acciones contra los
“Borrowers” y los “Guarantors” por la parte de las Obligaciones Garantizadas que no haya sido satisfecha o resarcida mediante la ejecución de las Prendas.
	  	 10.7      The Secured Parties shall keep any and all of their rights and legal actions against the
Borrowers and the Guarantors for any portion of the Secured Obligations that has not been satisfied or collected as a result of the enforcement of the Pledges.

		
	 11.        TRIBUTOS Y GASTOS
	  	 11.        TAXES AND EXPENSES

		
	Serán de cuenta de los Pignorantes cuantos tributos, tasas, gravámenes, aranceles, timbres, corretajes y gastos, de la naturaleza que sean (incluidos los honorarios
del Notario que interviene en el otorgamiento del presente Contrato y los del mantenimiento de los Registros contable de las Acciones) se originen, ahora o en el futuro, por causa del otorgamiento, de la extensión, conservación,
modificaciones, cancelación y ejecución de las Prendas de acuerdo con los términos de este Contrato y cualesquiera otros gastos u honorarios de abogados y procuradores y tasas y/o costas judiciales que puedan originarse a las
Partes Garantizadas por causa del incumplimiento por los Pignorantes de sus obligaciones bajo este Contrato.	  	All present and future taxes, fees and expenses of any nature whatsoever (including the fees of the Notary attesting and before whom this Agreement is granted and those connected
with the maintenance of the Registries of book entries where the Shares are recorded) arising out of the execution, extension, maintenance, amendments, cancellation and enforcement of the Pledges in accordance with this Agreement as well as any
other fees or expenses of legal advisors and procuradores and the judicial costs in which the Secured Parties may incur as a consequence of the breach by the Pledgors of any of its obligations hereunder, shall be borne by the
Pledgors.
		
	 12.        NOTIFICACIONES
	  	 12.        NOTICES

		
	 12.1      Las Partes efectuarán todas las notificaciones relativas a este Contrato mediante
escrito firmado por persona con poder suficiente y enviado a las otras partes por correo con acuse de recibo; en caso de urgencia, podrán hacerse las notificaciones por fax o por cualquier otro sistema que permita la acreditación de su
recepción, debiendo en estos casos confirmarse por correo con acuse de recibo dentro del plazo de los cinco (5) días naturales siguientes a su envío.
	  	 12.1      All notices to be delivered between the parties in connection with this Agreement shall
be made in writing by means of a letter signed by a duly empowered attorney and sent with acknowledgement of receipt. When urgent, notices may be delivered by fax or by any other mean that may evidence its reception. In this latter case, the notices
shall be confirmed within the following five (5) calendar days by means of a letter with acknowledgement of receipt.

		
	 12.2      Los domicilios de cada una de las partes a efectos de comunicaciones son:
	  	 12.2      The address of each of the parties for the purposes of notices are as
follows:

		
	 12.2.1          Para Holding:
	  	 12.2.1            For
Holding:

											
						
		 	 Domicilio: 
	 	 C / Hernández de Tejada 1, 28027, Madrid (España)
	 		 	 Address: 
	 	 C / Hernández de Tejada 1, 28027, Madrid (Spain)

						
		 	 Atención:
	 	 D. Juan Pelegrí y Girón
	 		 	 Attention of:
	 	 Mr. Juan Pelegrí y Girón

						
		 	Telf:	 	+34 91 377 9254	 		 	Telf:	 	+34 91 377 9254
						
		 	Fax:	 	+34 91 377 6500	 		 	Fax:	 	+34 91 377 6500

  
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		 	 12.2.2
	 	 Para Parent:
	 		 	 12.2.2
	 	 For Parent:

						
		 	Domicilio:	 	C / Hernández de Tejada 1, 28027, Madrid (España)	 		 	Address:	 	C / Hernández de Tejada 1, 28027, Madrid (Spain)
		 	Atención:	 	D. Juan Pelegrí y Girón	 		 	Attention of:	 	Mr. Juan Pelegrí y Girón
		 	Telf:	 	+34 91 377 9254	 		 	Telf:	 	+34 91 377 9254
		 	Fax:	 	+34 91 377 6500	 		 	Fax:	 	+34 91 377 6500
		 	12.2.3	 	Para el Agente de Garantías y las Partes Garantizadas:	 		 	12.2.3	 	For the Security Agent and the Secured Parties:
						
		 	Domicilio:	 	Third Floor, 1 King’s Arms Yard, London, United Kingdom, EC2R 7AF	 		 	Address:	 	Third Floor, 1 King’s Arms Yard, London, United Kingdom, EC2R 7AF 
		 	Atención:	 	Sajada Afzal	 		 	Attention of:	 	Sajada Afzal
		 	 Fax:
	 	 +44 (0) 207397 3601
	 		 	Fax:	 	+44 (0) 207397 3601
		 	 12.2.4
	 	 Para la Sociedad:
	 		 	12.2.4	 	For the Company:
						
		 	 Domicilio:
	 	 C/ Hernández de Tejada 1, 28027, Madrid (España)
	 		 	Address:	 	C/ Hernández de Tejada 1, 28027, Madrid (Spain)
		 	 Atención:
	 	 D. Juan Pelegrí y Girón
	 		 	Attention of:	 	Mr. Juan Pelegrí y Girón
		 	 Telf:
	 	 +34 91 377 92 54
	 		 	Telf:	 	+34 91 377 92 54
		 	 Fax:
	 	 + 34 91 377 96 48
	 		 	Fax:	 	+ 34 91 377 96 48

			
		
	 12.3      Cualquier cambio de domicilio deberá ser comunicado a las partes restantes con no
menos de cinco (5) días naturales de antelación y en la forma prevista en la Cláusula 12.1 anterior.
	  	 12.3      Any change of address shall be communicated to the other parties with no less than five
(5) calendar days prior notice in accordance with Clause 12.1 above.

		
	 13.        SUBSANACIÓN O COMPLEMENTO DEL CONTRATO
	  	 13.        FURTHER ASSURANCES

		
	Los Pignorantes deberán, dentro de los diez (10) Días Hábiles siguientes a la recepción de una notificación por escrito del Agente de
Garantías, otorgar cuantos documentos públicos o privados sean necesarios a los efectos de subsanar o aclarar este Contrato, o a los efectos de perfeccionar las Prendas.	  	The Pledgors shall, within ten (10) Business Days of receipt of a written request from the Security Agent, grant all such documents (private or public) as may be necessary to
clarify any term of this Agreement or perfect the Pledges.
		
	 14. CESIÓN DE LA PRENDA
	  	 14.        ASSIGNMENT OF THE PLEDGE

		
	Los Pignorantes reconocen y aceptan que, en virtud del Contrato de Financiación y del Contrato de Relación entre Acreedores, cada una de las Partes Garantizadas pueden
ceder su posición contractual respecto a (en el caso de un Acreedor, Creditor, o Refinancing Creditor) cualquiera de sus Exposiciones (Exposures) bajo las Facilidades Crediticias (Facilities) (tal y como cada uno
de estos tres últimos términos se definen en el Contrato de Financiación), y (en el caso de un Bonista, Noteholder), los Bonos (Notes) ostentados por	  	The Pledgors hereby acknowledge and agree that, pursuant to the Facilities Agreement and the Intercreditor Agreement, each of the Secured Parties may assign or transfer by novation
any of its rights and benefits in respect of (in case of a Creditor or Refinancing Creditor) any of its Exposures under the Facilities (as the three preceding terms are defined in the Facilities Agreement), and (in the case of a Noteholder) the
Notes held by it (as the two preceding terms are defined in the Intercreditor Agreement).

  
 - 26 -

			
	el mismo (tal y como cada uno de estos dos últimos términos se definen en el Contrato de Relación entre Acreedores).	  	
		
	Los Pignorantes reconocen y aceptan expresamente que, de acuerdo con el artículo 1528 del Código Civil, cualquier cesión efectuada por una Parte Garantizada (o
sus cesionarios) al amparo de lo dispuesto en el Contrato de Financiación o Documentos de Refinanciación y en el Contrato de Relación entre Acreedores, o los Documentos de los Bonistas -Noteholder Documents- (tal y como
dicho término se define en el Contrato de Relación entre Acreedores) correspondientes, conllevará automáticamente, y sin necesidad de nuevo consentimiento de los Pignorantes a tal efecto, la cesión proporcional de
los derechos que corresponden al Acreedor Original, Refinancing Creditor o Bonista -Noteholder- (según sea el caso) cedente en virtud de la correspondiente Prenda. No obstante, si fuera requerido para ello por el Agente de
Garantías, los Pignorantes se comprometen a otorgar cuantos documentos públicos o privados pudieran ser necesarios o convenientes para acreditar dicha cesión. En todo caso, los costes y/o gastos derivados del otorgamiento de
dichos documentos correrán a cargo de los Pignorantes.	  	The Pledgors hereby expressly acknowledge and agree that, in accordance with article 1528 of the Spanish Civil Code, any assignment or transfer carried out by any of the Secured
Parties (or any subsequent assignee or transferee thereof) under the provisions of the Facilities Agreement or Refinancing Documents and the Intercreditor Agreement, or the relevant Noteholder Documents (as defined in the Intercreditor
Agreement), shall automatically entail without the need of any further agreement of the Pledgors to such effect, the proportional assignment of the rights corresponding to the relevant Original Creditor, Refinancing Creditor or Noteholder (as the
case may be) by virtue of the relevant Pledge. Notwithstanding the above, the Pledgors undertake that, upon the Security Agent’s request, it will grant as many public or private documents as may be necessary or desirable to evidence such
transfers. Any costs and/or expenses related to the execution of such documents shall be borne by the Pledgors.
		
	En consecuencia, las referencias que en este Contrato se realizan a las Partes Garantizadas y/o al Agente de Garantías se entenderán hechas a las Partes Garantizadas
y/o al Agente de Garantías que en cada momento ostenten tal condición bajo el Contrato de Financiación y/o el Contrato de Relación entre Acreedores.	  	Consequently, references in this Agreement to the Secured Parties and/or the Security Agent shall be construed as references to the Secured Parties and/or the Security Agent from
time to time under the Facilities Agreement and/or the Intercreditor Agreement.
		
	Igualmente, las referencias realizadas al Agente de Garantías se entenderán hechas a aquella entidad que en cada momento ostente tal condición.	  	Likewise, the references to the Security Agent shall be deemed to be made to the entity that holds that condition from time to time.
		
	 15.        AGENTE DE GARANTÍAS
	  	 15.        SECURITY AGENT

		
	 15.1      El Agente de Garantías no tendrá, ya sea en virtud del presente Contrato o
por el ejercicio de cualquiera de los derechos conferidos en el mismo, ningún deber de diligencia o fiduciario con respecto a los Pignorantes o la Sociedad.
	  	 15.1      The Security Agent shall not, whether by virtue of this Agreement or by exercising any of
its rights thereunder, owe any duty of care or fiduciary duty to the Pledgors or the Company.

		
	 15.2      Los derechos concedidos al Agente de Garantías para realizar actuaciones bajo el
presente Contrato no se interpretarán como una obligación o deber del Agente de Garantías de realizarlas.
	  	 15.2      The permissive rights of the Security Agent to take action under this Agreement shall not
be construed as an obligation or duty for it to do so.

  
 - 27 -

			
	 15.3      Siempre y cuando el Agente de Garantías cumpla con sus obligaciones bajo el
presente Contrato, no se le requerirá al Agente de Garantías que tenga en consideración los intereses de la Sociedad.
	  	 15.3      Provided it complies with its obligations in this Agreement, the Security Agent is not
required to have any regard to the interests of the Company.

		
	 15.4      El Agente de Garantías, cuando actúe como tal, se considerará que
actúa a través de su división de agencia, que será considerada como una entidad separada de sus otras divisiones o departamentos. Cualquier información recibida u obtenida por el Agente de Garantías a
través de otra división o departamento, o de cualquier otra manera diferente a la información recibida u obtenida en su condición de Agente de Garantías, será tratada de manera confidencial por el Agente de
Garantías y no será considerada como información en poder del Agente de Garantías en su condición de tal.
	  	 15.4      In acting as Security Agent, the Security Agent shall be treated as acting through its
agency division which shall be treated as a separate entity from its other divisions and departments. Any information received or acquired by the Security Agent which is received or acquired by some other division or department or otherwise than in
its capacity as Security Agent may be treated as confidential by the Security Agent and will not be treated as information possessed by the Security Agent in its capacity as such.

		
	 15.5      El Agente de Garantías actuará, cuando lleve a cabo actuaciones o de
cualquier otro modo ejercite sus derechos o deberes bajo el presente Contrato, de conformidad con los términos del Contrato de Relación entre Acreedores y, cuando se requiera que otorgue un consentimiento, ejercite una facultad
discrecional, lleve a cabo u omita cualquier actuación, solicitará las instrucciones o directrices del Grupo Instructor o del Agente Administrativo (en su caso y tal y como está previsto en el Contrato de Relación entre
Acreedores). Al realizar dichas actuaciones, el Agente de Garantías tendrá los derechos, beneficios, protecciones, indemnizaciones e inmunidades establecidas en el Contrato de Relación entre Acreedores como si dichos derechos,
beneficios, protecciones, indemnizaciones e inmunidades hubieren sido establecidas en el presente Contrato, mutatis mutandi, y no incurrirá en responsabilidad alguna frente al Pignorante, la Sociedad o cualquier otra
Persona.
	  	 15.5      In acting or otherwise exercising its rights or performing its duties under any of this
Agreement, the Security Agent shall act in accordance with the provisions of the Intercreditor Agreement and shall, when required to grant a consent, exercise a discretion, take or omit to take any action, seek instruction or direction from the
Instructing Group or Administrative Agent (as applicable and as provided in the Intercreditor Agreement). In so acting, the Security Agent shall have the rights, benefits, protections, indemnities and immunities set out in the Intercreditor
Agreement as if those provisions were set out in this Agreement, mutatis mutandis, and shall not incur any liability to the Pledgor, the Company or to any other Person. 

		
	 15.6      Los términos de esta Estipulación 15 permanecerán en vigor
más allá de la terminación del presente Contrato.
	  	 15.6      The provisions of this Clause 15 shall survive any termination of this
Agreement.

  
 - 28 -

			
		
	 16.        ADHESIÓN Y RATIFICACIÓN
	  	 16.        ACCESSION AND RATIFICATION

		
	 16.1      Las Partes Garantizadas en cuyo beneficio ha actuado el Agente de Garantías
podrán acceder al presente Contrato y ratificar el contenido del mismo, aceptando las Prendas constituidas en su favor, mediante la comparecencia ante el notario interviniente.
	  	 16.1      The Secured Parties on whose benefit the Security Trustee has acted herein may accede to
this Agreement and ratify its content, accepting the Pledges created in their favour, by appearing before the intervening notary.

		
	 16.2      Las Partes instruyen al notario interviniente para que documente las adhesiones y
ratificaciones mencionadas en el apartado anterior mediante el otorgamiento de las correspondientes pólizas o escrituras por parte de las Partes Garantizadas en cuestión.
	  	 16.2      The Parties hereby instruct the intervening notary to document the accessions and
ratifications set out in the previous paragraph by means of the execution of the relevant deeds (pólizas or escrituras) by the relevant Secured Parties. 

		
	 16.3      El notario interviniente acepta las instrucciones recibidas.
	  	 16.3      The intervening notary accepts the aforementioned instructions.

		
	 17.        LEY Y JURISDICCIÓN
	  	 17.        LAW AND JURISDICTION

		
	 17.1      Este Contrato se regirá e interpretará de conformidad con la
legislación española.
	  	 17.1      This Agreement will be governed by and construed in accordance with Spanish
law.

		
	 17.2      Las Partes, con renuncia expresa a cualquier otro fuero, se someten expresa e
irrevocablemente al de los Juzgados y Tribunales de la ciudad de Madrid, para cualesquiera desavenencias que pudieran derivarse de este Contrato.
	  	 17.2      Each of the parties to this Agreement irrevocably submits themselves, with express waiver
to any other forum, to the jurisdiction of the Courts and Tribunals of the city of Madrid for the resolution of any claim which may arise out of in connection with this Agreement.

		
	 18.        IDIOMA
	  	 18.        LANGUAGE

		
	El presente Contrato se redacta en idioma inglés y en idioma español. En caso de discrepancia o incongruencia entre la versión redactada en inglés y la
redactada en español, prevalecerá la versión española. La versión inglesa tiene carácter meramente informativo.	  	This Agreement is executed in both the Spanish and the English language. In the event of any discrepancy or inconsistency between the Spanish and the English versions, the Spanish
version shall prevail. The English version is intended for information purposes only.

  
 - 29 -

 Las Partes se manifiestan conformes con el contenido de este Contrato tal y como aparece redactado,
extendido en 225 hojas incluidos sus anexos, que otorgan y firman únicamente en la última página con mi intervención que sello y rubrico todos los folios, quedando el original en mi archivo. 

Y yo, el Notario, hechas las advertencias legales oportunas, doy fe de la identidad de las Partes, de la legitimidad de sus firmas, y de todo lo
convenido en este Contrato, que firmo y sello en el lugar y fecha del encabezamiento. 

  
 - 30 -

	
	CEMEX ESPAÑA, S.A.
	
	 /s/ D. Juan Pelegrí y Girón

	p.p. D. Juan Pelegrí y Girón

  
 - 31 -

	
	NEW SUNWARD HOLDING B.V.
	
	 /s/ D. Juan Pelegrí y Girón

	p.p. D. Juan Pelegrí y Girón

  
 - 32 -

	
	CEMEX, S.A.B. DE C.V.
	
	 /s/ D. Juan Pelegrí y Girón

	 p.p. D. Juan Pelegrí y Girón

	
	 /s/
D. Francìsco Javier García Ruiz De Morales

	p.p. D. Francìsco Javier García Ruiz De Morales

  
 - 33 -

	
	WILMINGTON TRUST (LONDON) LIMITED
	
	 /s/ D. Emilio Durán Apraiz

	p.p. D. Emilio Durán Apraiz

  
 - 34 -

 THE BANK OF NEW YORK MELLON, INSTITUCIÓN DE BANCA MÚLTIPLE 

 

	
	 /s/ D. Emilio Durán Apraiz

	 WILMINGTON TRUST (LONDON) LIMITED

p.p. D. Emilio Durán Apraiz

  
 - 35 -

 ALLSTATE LIFE INSURANCE COMPANY 

ATLANTIC SECURITY BANK 
 BANAMEX USA 
 BANCA MONTE DEI PASCHI DI SIENA LONDON BRANCH

 BANCA MONTE DEI PASCHI DI SIENA-NEW YORK BRANCH 

BANCO NACIONAL DE COMERCIO EXTERIOR, S.N.C. 
 BANCO NACIONAL DE MEXICO SA, INTEGRANTE DEL GRUPO FINANCIERO 
 BANAMEX,
ACTING THROUGH ITS NASSAU BAHAMAS BRANCH 
 BANCO NACIONAL DE MÉXICO, S.A. INTEGRANTE DEL GRUPO FINANCIERO

 BANAMEX 
 BARCLAYS BANK PLC 
 BAYERISCHE LANDESBANK 

BAYERISCHE LANDESBANK, NEW YORK BRANCH 
 CITIBANK INTERNATIONAL PLC (as Lender) 
 COMERICA BANK 

COMMERZBANK AG, NEW YORK BRANCH 
 COMPUTERSHARE TRUST COMPANY, N.A. (9.50% Senior Secured Notes due 2018) 

CREDIT AGRICOLE CORPORATE & INVESTMENT BANK 
 CREDIT AGRICOLE CORPORATE & INVESTMENT BANK PARIS 
 CREDIT
AGRICOLE CORPORATE & INVESTMENT BANK S.A., NEW YORK BRANCH 
 CREDIT INDUSTRIEL ET COMMERCIAL, LONDON BRANCH

 CREDIT SUISSE AG CAYMAN ISLANDS BRANCH 
 FCOF III EUROPE UB SECURITIES LIMITED 
 HSBC BANK PLC, SUCURSAL EN
ESPAÑA 
 HSBC MEXICO, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO 

HSBC 

ICE 1 EM CLO LTD 
 INSIGHT LDI SOLUTIONS PLUS PLC, INRESPECT OF THE INSIGHT LOAN FUND 

INTESA SANPAOLO SPA, NEW YORK BRANCH 
 MEDIOBANCA BANCA DI CREDITO FINANZIARIO SPA 
 MIZUHO CORPORATE BANK
NEDERLAND NV 
 MIZUHO CORPORATE BANK, LTD. 
 MORGAN STANLEY BANK INTERNATIONAL LIMITED 
 NATIONAL BENEFIT LIFE
INSURANCE COMPANY 
 PHL VARIABLE INSURANCE COMPANY 

PHOENIX LIFE INSURANCE COMPANY 
 PRIMERICA LIFE INSURANCE COMPANY 
 SCOTIABANK EUROPE PLC 

STANDARD CHARTERED BANK 
 SWISS RE LIFE & HEALTH AMERICA INC. 
 THE BANK OF NEW YORK
MELLON, (9.375% Senior Secured Notes due 2022) 
 THE BANK OF NEW YORK MELLON(9.875% U.S. Dollar-Denominated Senior
Secured Notes due 2019) 
 THE BANK OF NEW YORK MELLON (Callable Perpetual Dual-Currency) 

  
 - 36 -

 THE BANK OF NEW YORK MELLON (Floating Rate Senior Secured Notes due 2015) 

THE BANK OF NEW YORK MELLON(9.25% U.S. Dollar-Denominated Senior Secured Notes due 2020) 

THE BANK OF NEW YORK MELLON (Callable Perpetual Dual-Currency) 

THE BANK OF NEW YORK MELLON (9.000% Senior Secured Notes due 2018) 

THE BANK OF NEW YORK MELLON (9.50% Senior Secured Notes due 2016) 

THE BANK OF NEW YORK MELLON (9.625% Senior Secured Notes due 2017) 

THE BANK OF NEW YORK MELLON(Callable Perpetual Dual-Currency) 

THE BANK OF NEW YORK MELLON (Callable Perpetual Dual-Currency) 

THE BANK OF NOVA SCOTIA 
 THE GOVENOR AND COMPANY OF THE BANK OF IRELAND 
 THORNBURG INVESTMENT
INCOME BUILDER FUND 
 UBS AG, STAMFORD BRANCH 
 WESTPAC EUROPE LIMITED 
 WESTPORT INSURANCE CORPORATION 

 

	
	 /s/ Dña. Ruth Musgrave

	p.p. Dña. Ruth Musgrave

  
 - 37 -

 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 

 

					
	 /s/ Julian Rincón
	 		 	 /s/ Juan Carlos Herrero

	p.p. Julian Rincón	 		 	p.p. Juan Carlos Herrero

  
 - 38 -

 BANCO DE SABADELL, S.A. 

 

					
	 /s/ Diego Rusillo Delgado
	 		 	 /s/ Francisco Javier Gonzalez

	p.p. Diego Rusillo Delgado	 		 	p.p. Francisco Javier Gonzalez

  
 - 39 -

 BANCO ESPAÑOL DE CRÉDITO, S.A. 

 

					
	 /s/ Belén Aleubila
	 		 	 /s/ Borja Bertran

	p.p. Belén Aleubila	 		 	p.p. Borja Bertran

  
 - 40 -

 BANCO POPULAR ESPAÑOL, S.A. 

 

					
	 /s/ Ana Caceres
	 		 	 /s/ David Fombellida

	p.p. Ana Caceres	 		 	p.p. David Fombellida

  
 - 41 -

 BANCO SANTANDER (MEXICO) S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO
FINANCIERO SANTANDER 
  

					
	 /s/ Javier Martín
	 		 	 /s/ Angel Barranco

	p.p. Javier Martín	 		 	p.p. Angel Barranco

  
 - 42 -

 BANK OF AMERICA N.A SUCURSAL EN ESPAÑA 

BANK OF AMERICA N.A. 
  

	
	 /s/ Vicente Belloch

	p.p. Vicente Belloch

  
 - 43 -

 BANKIA, S.A. 
 BANKIA, S.A., MIAMI BRANCH 
  

					
	 /s/ Laura Sanz
	 	 /s/ Aitor Cohi
	 	 /s/ Cohrs Gallarreta

	p.p. Laura Sanz	 	p.p. Aitor Cohi	 	p.p. Cohrs Gallarreta

  
 - 44 -

 BBVA BANCOMER, SOCIEDAD ANÓNIMA, INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO
FINANCIERO BBVA BANCOMER 
  

					
	 /s/ Julián Rincón Martinez
	 		 	 /s/ Juan Carlos Herrero

	p.p. Julián Rincón Martinez	 		 	p.p. Juan Carlos Herrero

  
 - 45 -

 BNP PARIBAS S.A. 

 

	
	 /s/ Felipe Font López

	p.p. Felipe Font López

  
 - 46 -

 BNP PARIBAS (NEW YORK BRANCH) 

 

	
	 /s/ Felipe Font López

	p.p. Felipe Font López

  
 - 47 -

 BNP PARIBAS (PARIS BRANCH) 

 

	
	 /s/ Felipe Font López

	p.p. Felipe Font López

  
 - 48 -

 BNP PARIBAS (SYDNEY BRANCH) 

 

	
	 /s/ Felipe Font López

	p.p. Felipe Font López

  
 - 49 -

 BNP PARIBAS, SUCURSAL EN ESPAÑA 

 

					
	 /s/ Alberto Sarricolea Bilbao
	 		 	 /s/ Luis de la Riva Gallego

	p.p. Alberto Sarricolea Bilbao	 		 	p.p. Luis de la Riva Gallego

  
 - 50 -

 CAIXA GERAL DE DEPÓSITOS, S.A., SUCURSAL EN ESPAÑA 

 

	
	 /s/ Carlos Meira

	p.p. Carlos Meira

  
 - 51 -

 CAIXABANK, S.A. 

 

					
	 /s/ Fernando Álvares-Quiñones
	 		 	 /s/ Ignacio Bereciartua

	p.p. Fernando Álvares-Quiñones	 		 	p.p. Ignacio Bereciartua

  
 - 52 -

 CITIBANK INTERNATIONAL PLC, SUCURSAL EN ESPAÑA 

 

	
	 /s/ Miguel Trueba Salcedo

	p.p. Miguel Trueba Salcedo

  
 - 53 -

 CITIBANK NA 
 CITIBANK NA, NEW YORK 
  

	
	 /s/ Leslie Rubio

	p.p. Leslie Rubio

  
 - 54 -

 COMMERZBANK AG, LONDON BRANCH 

 

	
	 /s/ Felipe Font

	p.p. Felipe Font

  
 - 55 -

 COMMINGLED PENSION TRUST FUND (DISTRESSED DEBT OPPORTUNITIES) OF 

JPMORGAN CHASE BANK, N.A. 
  

	
	 /s/ Felipe Font López

	p.p. Felipe Font López

  
 - 56 -

 CREDIT AGRICOLE CIB SUCURSAL EN ESPAÑA 

 

					
	 /s/ Alberto Garcia Magdelena
	 		 	 /s/ Carlos Aranguren

	p.p. Alberto Garcia Magdelena	 		 	p.p. Carlos Aranguren

  
 - 57 -

 CVI GVF (Lux) Master S.àr.l 

 

	
	 /s/ Felipe Font López

	Fdo. Felipe Font López

  
 - 58 -

 HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY 

 

	
	 /s/ Felipe Font López

	Fdo. Felipe Font López

  
 - 59 -

 HARTFORD LIFE INSURANCE 

 

	
	 /s/ Felipe Font López

	Fdo. Felipe Font López

  
 - 60 -

 ING Bank, N.v. Dublin Brach 

 

	
	 /s/ Felipe Font 

	p.p. Felipe Font

  
 - 61 -

 ING BELGIUM S.A, SUCURSAL EN ESPAÑA 

 

					
	 /s/ Aurora Sanz
	 		 	 /s/ Tomas August

	p.p. Aurora Sanz	 		 	p.p. Tomas August

  
 - 62 -

 INSTITUTO DE CRÉDITO OFICIAL 

 

	
	 /s/ Monìca Vidal

	p.p. Monìca Vidal

  
 - 63 -

 INTESA SANPAOLO SPA, SUCURSAL EN ESPAÑA 

 

					
	 /s/ Juan Pontoni
	 		 	 /s/ Carlos Garrido

	p.p. Juan Pontoni	 		 	p.p. Carlos Garrido

  
 - 64 -

 JPMORGAN CHASE BANK NATIONAL ASSOCIATION, SUCURSAL EN ESPAÑA 

JPMORGAN CHASE BANK, N.A. 
  

	
	 /s/ Maria Soler

	p.p. Maria Soler

  
 - 65 -

 JPMORGAN CORE PLUS BOND FUND 

 

	
	 /s/ Felipe Font López

	p.p. Felipe Font López

  
 - 66 -

 JPMORGAN DISTRESSED DEBT OPPORTUNITIES MASTER FUND, LTD. 

 

	
	 /s/ Felipe Font López

	p.p. Felipe Font López

  
 - 67 -

 JPMORGAN HIGH YIELD FUND 

 

	
	 /s/ Felipe Font López

	p.p. Felipe Font López

  
 - 68 -

 JPMORGAN STRATEGIC INCOME OPPORTUNITIES FUND 

 

	
	 /s/ Felipe Font López

	p.p. Felipe Font López

  
 - 69 -

 LIBERBANK, S.A. 

 

	
	 /s/ Sonia Lucila Gil

	p.p. Sonia Lucila Gil

  
 - 70 -

 LLOYDS TSB BANK PLC 

 

	
	 /s/ Marcos Azabal

	p.p. Marcos Azabal

  
 - 71 -

 PACHOLDER HIGH YIELD FUND, INC. 

 

	
	 /s/ D. Felipe Font López

	p.p. D. Felipe Font López

  
 - 72 -

 PORTIGON AG, MADRID BRANCH 

 

	
	 /s/ Berto
Nuvoloni            /s/ Raul Calvo

	Berto Nuvoloni      and      Raul Calvo

  
 - 73 -

 QP SFM CAPITAL HOLDINGS LIMITED 

 

	
	 /s/ D. Felipe Font López

	p.p. D. Felipe Font López

  
 - 74 -

 THE ROYAL BANK OF SCOTLAND, N.V. 

THE ROYAL BANK OF SCOTLAND, PLC 
  

					
	 /s/ Antonio Casteleiro
	 		 	 /s/ Javier Garcia Palencia

	p.p. Antonio Casteleiro	 		 	p.p. Javier Garcia Palencia

  
 - 75 -

 Con mi intervención 

D. RAFAEL MONJO CARRIÓ 

  
 - 76 -

			
	 ANEXO 1
 ACREEDORES ORIGINALES
	  	 ANNEX 1
 ORIGINAL CREDITORS

 PARTE A / PART A 
 ATLANTIC SECURITY BANK 
 BANAMEX USA 

BANCA MONTE DEI PASCHI DI SIENA, S.P.A., SUCURSAL EN LONDRES 
 BANCA MONTE DEI PASCHI DI SIENA, S.P.A., SUCURSAL EN NUEVA YORK 
 BANCO BILBAO VIZCAYA
ARGENTARIA, S.A. 
 BANCO DE SABADELL, S.A. 
 BANCO ESPAÑOL DE CRÉDITO, S.A. 
 BANCO NACIONAL DE COMERCIO EXTERIOR,
S.N.C. 
 BANCO NACIONAL DE MEXICO SA, INTEGRANTE DEL GRUPO FINANCIERO BANAMEX, ACTING THROUGH ITS NASSAU BAHAMAS BRANCH 

BANCO NACIONAL DE MÉXICO S.A., INTEGRANTE DEL GRUPO FINANCIERO BANAMEX 
 BANCO POPULAR ESPAÑOL, S.A. 
 BANCO SANTANDER (MÉXICO), S.A.,
INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO SANTANDER 
 BANK OF AMERICA N.A., SUCURSAL EN ESPAÑA

 BANK OF AMERICA N.A. 

BANKIA, S.A. 
 BANKIA, S.A. MIAMI
BRANCH 
 BARCLAYS BANK PLC 

BAYERISCHE LANDESBANK 
 BAYERISCHE
LANDESBANK, NEW YORK BRANCH 
 BBVA BANCOMER S.A., INSTITUCIÓN DE BANCA MÚLTIPLE GRUPO FINANCIERO BBVA BANCOMER

 BNP PARIBAS, SUCURSAL EN NEW YORK 

  
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 BNP PARIBAS, SUCURSAL EN PARIS 
 BNP PARIBAS, SUCURSAL EN SYDNEY 
 BNP PARIBAS S.A. 

BNP PARIBAS, SUCURSAL EN ESPAÑA 

CAIXA GERAL DE DEPOSITOS, S.A, SUCURSAL EN ESPAÑA 
 CAIXABANK S.A. 
 CITIBANK INTERNATIONAL PLC (Acreedor) 

CITIBANK INTERNATIONAL PLC (Agente) 

CITIBANK INTERNATIONAL PLC, SUCURSAL EN ESPAÑA 
 CITIBANK N.A. 
 CITIBANK NA, SUCURSAL EN NUEVA YORK 

COMERICA BANK 
 COMMERZBANK AG,
SUCURSAL EN LONDRES 
 COMMERZBANK AG, SUCURSAL EN NUEVA YORK 
 CREDIT AGRICOLE CIB SUCURSAL EN ESPAÑA 
 CREDIT AGRICOLE CORPORATE &
INVESTMENT BANK 
 CREDIT AGRICOLE CORPORATE & INVESTMENT BANK S.A., SUCURSAL EN NUEVA YORK 

CREDIT INDUSTRIEL ET COMMERCIAL, SUCURSAL EN LONDRES 
 CREDIT SUISSE AG CAYMAN ISLANDS BRANCH 
 DEUTSCHE BANK AG, SUCURSAL EN NEW YORK

 FCOF III EUROPE UB SECURITIES LIMITED 
 FORTIS BANK S.A./N.V. 
 FORTIS BANK S.A., SUCURSAL EN ESPAÑA 

HSBC BANK PLC, SUCURSAL EN ESPAÑA 

HSBC MEXICO S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO HSBC 
 ICE 1 EM CLO LTD 
 IKB DEUTSCHE INDUSTRIEBANK AG, SUCURSAL EN ESPAÑA

  
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 ING BANK N.V., DUBLIN BRANCH 
 ING BELGIUM S.A., SUCURSAL EN ESPAÑA 
 INSTITUTO DE CRÉDITO OFICIAL

 INTESA SANPAOLO S.P.A., SUCURSAL EN NUEVA YORK 
 INTESA SANPAOLO S.P.A., SUCURSAL EN ESPAÑA 
 JPMORGAN CHASE BANK, N.A.

 JPMORGAN CHASE BANK, N.A. 
 LIBERBANK, S.A 
 LLOYDS TSB BANK, PLC 

MEDIOBANCA - BANCA DI CREDITO FINANZIARIO S.P.A. 
 MIZUHO COPORATE BANK NEDERLAND, N.V. 
 MIZUHO CORPORATE BANK, LTD. 

MORGAN STANLEY BANK INTERNATIONAL LIMITED 
 PORTIGON AG, SUCURSAL EN ESPAÑA 
 QP SFM CAPITAL HOLDINGS LIMITED 

SCOTIABANK EUROPE PLC 

SOCIÉTÉ GÉNÉRALE, SUCURSAL EN PARIS 
 SPECIAL SITUATIONS INVESTING GROUP, INC 
 STANDARD CHARTERED BANK 

THE BANK OF NOVA SCOTIA 
 THE
GOVERNOR AND COMPANY OF THE BANK OF IRELAND 
 THE ROYAL BANK OF SCOTLAND NV 

THE ROYAL BANK OF SCOTLAND PLC 

THORNBURG INVESTMENT INCOME BUILDER FUND 

UBS AG, STAMFORD BRANCH 
 WESTPAC
EUROPE LIMITED 
 ALLSTATE LIFE INSURANCE COMPANY 
 CVI GVF (LUX) MASTER S.A.R.L. 

  
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 HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY 

HARTFORD LIFE INSURANCE COMPANY 

NATIONAL BENEFIT LIFE INSURANCE COMPANY 

PHL VARIABLE INSURANCE COMPANY 

PHOENIX LIFE INSURANCE COMPANY 

PRIMERICA LIFE INSURANCE COMPANY 
 QP
SFM CAPITAL HOLDINGS LIMITED 
 SWISS RE LIFE & HEALTH AMERICA INC. 

WESTPORT INSURANCE CORPORATION (FKA EMPLOYERS REINSURANCE CORPORATION) 
 COMMINGLED PENSION TRUST FUND (DISTRESSED DEBT OPPORTUNITIES) OF JP MORGAN CHASE BANK, N.A. 

INSIGHT LDI SOLUTIONS PLUS PLC, INRESPECT OF THE INSIGHT LOAN FUND 
 JPMORGAN DISTRESSED DEBT OPPORTUNITIES MASTER FUND, LTD. 
 JPMORGAN CORE PLUS BOND FUND

 JPMORGAN HIGH YIELD FUND 

JPMORGAN STRATEGIC INCOME OPPORTUNITIES FUND 
 PACHOLDER HIGH YIELD FUND, INC. 

  
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	 ANEXO 2
 TRUSTEES DE LOS BONISTAS
	 	 ANNEX 2
 NOTEHOLDERS TRUSTEES

 THE BANK OF NEW YORK MELLON, INSTITUCIÓN DE BANCA MÚLTIPLE. incorporated in accordance with the laws
of Mexico, with registered office at Paseo de la Reforma No. 115, Piso 23, Col. Lomas de Chapultepec, Mexico, D.F. and registered before the Public Registry of Property and Commerce of the Federal District (Registro Público de la
Propiedad y del Comercio del Distrito Federal) under mercantile number “384235”, which acts as common representative of the note holders of certificados bursátiles issued by CEMEX, S.A.B. de C.V. and guaranteed by CEMEX
México, S.A. de C.V. and EMPRESAS TOLTECA DE MÉXICO, S.A. DE C.V. identified under ticker number “CEMEX 07-20” issued on November 20, 2007. Represented by WILMINGTON TRUST (LONDON) LIMITED, incorporated in accordance
with the laws of Mexico, with registered office at 6 Broad Street Place, London EC2M 7JH, registered before the Companies Registry under number 05650152 as per the faculties granted by the power of attorney dated October 24, 2012, before
Mr. Patricio Bandala Tolentino, Public Notary of the Federal District of Mexico, with number 252 of its records, which is duly apostilled as per the 1961 Hague Convention. 
 THE BANK OF NEW YORK MELLON, incorporated in accordance with the laws of the State of New York (United States of America), with registered office at One Wall Street, New York, N.Y. 10286, United
States of America under IRS number 13-5160382, acting on behalf of the holders of the 9.375% Senior Secured Notes due 2022, for an aggregate amount of U.S.$1.500.000.000 as per the indenture dated October 12, 2012 entered into by and among,
CEMEX Finance LLC, as issuer, CEMEX, S.A.B. de C.V. CEMEX México S.A. de C.V., CEMEX Corp., CEMEX España, S.A., CEMEX Research Group AG, CEMEX Shipping, B.V., CEMEX Asia, B.V., CEMEX France Gestion (S.A.S.), CEMEX UK, CEMEX Egyptian
Investments, B.V., New Sunward Holding B.V., CEMEX Concretos S.A. de C.V. and Empresas Tolteca de México, S.A. de C.V., as guarantors and THE BANK OF NEW YORK MELLON, as trustee. Represented by Ms. Ruth Suzanne Musgrave, of legal age,
British national, with a business address for this effects at Paseo de la Castellana, 110, 28046 Madrid, with British passport 506046126, and National Identity Number X9231168A as per the power of attorney dated October 12, 2012 granted before
Mr. Danny Lee, Public Notary of the State of New York, duly apostilled as per the 1961 Hague Convention. 
 THE BANK OF NEW YORK
MELLON, incorporated in accordance with the laws of the State of New York (United States of America), with registered office at One Wall Street, New York, N.Y. 10286, United States of America under IRS number 13-5160382, acting on behalf of the
holders of the 9.875% U.S. Dollar-Denominated Senior Secured Notes due 2019 for an aggregate amount of U.S.$703.861.000 and the holders of the 9.875% Euro-Denominated Senior Secured Notes due 2019 for an aggregate amount of €179.219.000 as
per the indenture dated March 28, 2012 entered into by and among, CEMEX España, S.A., Luxembourg Branch, as issuer, CEMEX, S.A.B. de C.V. CEMEX México S.A. de C.V. and New Sunward Holding B.V., as guarantors and THE BANK OF NEW
YORK MELLON, as trustee. Represented by Ms. Ruth Suzanne Musgrave, of legal age, British national, with a business address for this effects at Paseo de la Castellana, 110, 28046 Madrid, with British passport 506046126, and National Identity
Number X9231168A as per the power of attorney dated September 14, 2012 granted before Mr. Danny Lee, Public Notary of the State of New York, duly apostilled as per the 1961 Hague Convention. 

  
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 THE BANK OF NEW YORK MELLON, incorporated in accordance with the laws of the State of New York
(United States of America), with registered office at One Wall Street, New York, N.Y. 10286, United States of America under IRS number 13-5160382, acting on behalf of the holders of the Callable Perpetual Dual-Currency Notes for and aggregate amount
of U.S.$900.000.000 as per the indenture dated December 18, 2006 entered into by and among, New Sunward Holding Financial Ventures B.V., as issuer, CEMEX, S.A.B. de C.V. CEMEX México S.A. de C.V. and New Sunward Holding B.V., as
guarantors and THE BANK OF NEW YORK MELLON, as trustee. Represented by Ms. Ruth Suzanne Musgrave, of legal age, British national, with a business address for this effects at Paseo de la Castellana, 110, 28046 Madrid, with British passport
506046126, and National Identity Number X9231168A as per the power of attorney dated September 14, 2012 granted before Mr. Danny Lee, Public Notary of the State of New York, duly apostilled as per the 1961 Hague Convention. 

THE BANK OF NEW YORK MELLON, incorporated in accordance with the laws of the State of New York (United States of America), with registered office
at One Wall Street, New York, N.Y. 10286, United States of America under IRS number 13-5160382, acting on behalf of the holders of the Floating Rate Senior Secured Notes due 2015 for and aggregate amount of U.S.$800.000.000 as per the indenture
dated April 5, 2011 entered into by and among, CEMEX, S.A.B. de C.V., as issuer, CEMEX España, S.A., CEMEX México S.A. de C.V. and New Sunward Holding B.V., as guarantors and THE BANK OF NEW YORK MELLON, as trustee. Represented by
Ms. Ruth Suzanne Musgrave, of legal age, British national, with a business address for this effects at Paseo de la Castellana, 110, 28046 Madrid, with British passport 506046126, and National Identity Number X9231168A as per the power of
attorney dated September 14, 2012 granted before Mr. Danny Lee, Public Notary of the State of New York, duly apostilled as per the 1961 Hague Convention. 
 THE BANK OF NEW YORK MELLON, incorporated in accordance with the laws of the State of New York (United States of America), with registered office at One Wall Street, New York, N.Y. 10286, United
States of America under IRS number 13-5160382, acting on behalf of the holders of the 9.25% U.S. Dollar-Denominated Senior Secured Notes due 2020 for an aggregate amount of U.S.$1.192.996.000 and the holders of the 8.875% Euro-Denominated
Senior Secured Notes due 2017 for an aggregate amount of €115.346.000 as per the indenture dated May 12, 2010 entered into by and among, CEMEX España, S.A., Luxembourg Branch, as issuer, CEMEX, S.A.B. de C.V., CEMEX México
S.A. de C.V. and New Sunward Holding B.V., as guarantors, and THE BANK OF NEW YORK MELLON, as trustee. Represented by Ms. Ruth Suzanne Musgrave, of legal age, British national, with a business address for this effects at Paseo de la Castellana,
110, 28046 Madrid, with British passport 506046126, and National Identity Number X9231168A as per the power of attorney dated September 14, 2012 granted before Mr. Danny Lee, Public Notary of the State of New York, duly apostilled as per
the 1961 Hague Convention. 
 THE BANK OF NEW YORK MELLON, incorporated in accordance with the laws of the State of New York (United
States of America), with registered office at One Wall Street, New York, N.Y. 10286, United States of America under IRS number 13-5160382, acting on behalf of the holders of the Callable Perpetual Dual-Currency Notes for and aggregate amount of
€730.000.000 as per the indenture dated May 9, 2007 entered into by and among, New Sunward Holding Financial Ventures B.V., as issuer, CEMEX, S.A.B. de C.V. CEMEX México S.A. de C.V. and New Sunward Holding

  
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B.V., as guarantors and THE BANK OF NEW YORK MELLON, as trustee. Represented by Ms. Ruth Suzanne Musgrave, of legal age, British national, with a business address for this effects at Paseo
de la Castellana, 110, 28046 Madrid, with British passport 506046126, and National Identity Number X9231168A as per the power of attorney dated September 14, 2012 granted before Mr. Danny Lee, Public Notary of the State of New York, duly
apostilled as per the 1961 Hague Convention. 
 THE BANK OF NEW YORK MELLON, incorporated in accordance with the laws of the State of New
York (United States of America), with registered office at One Wall Street, New York, N.Y. 10286, United States of America under IRS number 13-5160382, acting on behalf of the holders of 9.000% Senior Secured Notes due 2018 for and aggregate amount
of U.S.$1.650.000.000 as per the indenture dated January 11, 2011 entered into by and among, CEMEX, S.A.B. de C.V., as issuer, CEMEX España, S.A., CEMEX México S.A. de C.V. and New Sunward Holding B.V., as guarantors and THE BANK
OF NEW YORK MELLON, as trustee. Represented by Ms. Ruth Suzanne Musgrave, of legal age, British national, with a business address for this effects at Paseo de la Castellana, 110, 28046 Madrid, with British passport 506046126, and National
Identity Number X9231168A as per the power of attorney dated September 14, 2012 granted before Mr. Danny Lee, Public Notary of the State of New York, duly apostilled as per the 1961 Hague Convention. 

THE BANK OF NEW YORK MELLON, incorporated in accordance with the laws of the State of New York (United States of America), with registered office
at One Wall Street, New York, N.Y. 10286, United States of America under IRS number 13-5160382, acting on behalf of the holders of 9.50% Senior Secured Notes due 2016 for and aggregate amount of U.S.$1.750.000.000 as per the indenture dated
December 14, 2009 entered into by and among, CEMEX Finance LLC, as issuer, CEMEX, S.A.B. de C.V. CEMEX México S.A. de C.V., CEMEX España, S.A., New Sunward Holding B.V., CEMEX Corp., CEMEX Concretos S.A. de C.V. and Empresas
Tolteca de México, S.A. de C.V., as guarantors, and THE BANK OF NEW YORK MELLON, as trustee. Represented by Ms. Ruth Suzanne Musgrave, of legal age, British national, with a business address for this effects at Paseo de la Castellana,
110, 28046 Madrid, with British passport 506046126, and National Identity Number X9231168A as per the power of attorney dated September 14, 2012 granted before Mr. Danny Lee, Public Notary of the State of New York, duly apostilled as per
the 1961 Hague Convention. 
 THE BANK OF NEW YORK MELLON, incorporated in accordance with the laws of the State of New York (United
States of America), with registered office at One Wall Street, New York, N.Y. 10286, United States of America under IRS number 13-5160382, acting on behalf of the holders of 9.625% Senior Secured Notes due 2017 for and aggregate amount of
U.S.$350.000.000 as per the indenture dated December 14, 2009 entered into by and among, CEMEX Finance LLC, as issuer, CEMEX, S.A.B. de C.V. CEMEX México S.A. de C.V., CEMEX España, S.A., New Sunward Holding B.V., CEMEX Corp.,
CEMEX Concretos S.A. de C.V. and Empresas Tolteca de México, S.A. de C.V., as guarantors, and THE BANK OF NEW YORK MELLON, as trustee. Represented by Ms. Ruth Suzanne Musgrave, of legal age, British national, with a business address for
this effects at Paseo de la Castellana, 110, 28046 Madrid, with British passport 506046126, and National Identity Number X9231168A as per the power of attorney dated September 14, 2012 granted before Mr. Danny Lee, Public Notary of the
State of New York, duly apostilled as per the 1961 Hague Convention. 

  
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 THE BANK OF NEW YORK MELLON, incorporated in accordance with the laws of the State of New York
(United States of America), with registered office at One Wall Street, New York, N.Y. 10286, United States of America under IRS number 13-5160382, acting on behalf of the holders of the Callable Perpetual Dual-Currency Notes for and aggregate amount
of U.S.$350.000.000 as per the indenture dated December 18, 2006 entered into by and among, New Sunward Holding Financial Ventures B.V., as issuer, CEMEX, S.A.B. de C.V. CEMEX México S.A. de C.V. and New Sunward Holding B.V., as
guarantors and THE BANK OF NEW YORK MELLON, as trustee. Represented by Ms. Ruth Suzanne Musgrave, of legal age, British national, with a business address for this effects at Paseo de la Castellana, 110, 28046 Madrid, with British passport
506046126, and National Identity Number X9231168A as per the power of attorney dated September 14, 2012 granted before Mr. Danny Lee, Public Notary of the State of New York, duly apostilled as per the 1961 Hague Convention. 

THE BANK OF NEW YORK MELLON, incorporated in accordance with the laws of the State of New York (United States of America), with registered office
at One Wall Street, New York, N.Y. 10286, United States of America under IRS number 13-5160382, acting on behalf of the holders of the Callable Perpetual Dual-Currency Notes for and aggregate amount of U.S.$750.000.000 as per the indenture dated
February 12, 2007, entered into by and among, New Sunward Holding Financial Ventures B.V., as issuer, CEMEX, S.A.B. de C.V. CEMEX México S.A. de C.V. and New Sunward Holding B.V., as guarantors and THE BANK OF NEW YORK MELLON, as
trustee. Represented by Ms. Ruth Suzanne Musgrave, of legal age, British national, with a business address for this effects at Paseo de la Castellana, 110, 28046 Madrid, with British passport 506046126, and National Identity Number X9231168A as
per the power of attorney dated September 14, 2012 granted before Mr. Danny Lee, Public Notary of the State of New York, duly apostilled as per the 1961 Hague Convention. 
 COMPUTERSHARE TRUST COMPANY, N.A., incorporated in accordance with the laws of the United States of America, with registered office at 30 Indiana St., Suite 750, Golden, Colorado, 80401, United
States of America under IRS number 04-3401714, acting on behalf of the holders of the 9.50% Senior Secured Notes due 2018 for and aggregate amount of U.S.$500.000.000 as per the indenture dated September 17, 2012, entered into by and among,
CEMEX, S.A.B. de C.V., as issuer, CEMEX México S.A. de C.V., CEMEX Corp., CEMEX España, S.A., CEMEX Research Group AG, CEMEX Shipping B.V., CEMEX Asia B.V., CEMEX France Gestion (S.A.S.), CEMEX UK, CEMEX Egyptian Investments B.V., New
Sunward Holding B.V., CEMEX Concretos S.A. de C.V. and Empresas Tolteca de México, S.A. de C.V., as guarantors, and COMPUTERSHARE TRUST COMPANY, N.A., as trustee. Represented by Ms. Ruth Suzanne Musgrave, of legal age, British national,
with a business address for this effects at Paseo de la Castellana, 110, 28046 Madrid, with British passport 506046126, and National Identity Number X9231168A as per the power of attorney dated September 17, 2012 granted before Mr. Beezly
Kiernan, Public Notary of the State of New York, duly apostilled as per the 1961 Hague Convention. 

  
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	 ANEXO 3
 COPIA DEL CONTRATO DE
 RELACIÓN ENTRE
ACREEDORES
	  	 ANNEX 3
 COPY OF THE INTERCREDITOR
 AGREEMENT

  
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	 ANEXO 4
 COPIA DE LOS CERTIFICADOS DE
 LEGITIMACIÓN
	  	 ANNEX 4
 COPY OF THE LEGITIMACY
 CERTIFICATES

  
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