Document:

EX-4.38

 Exhibit 4.38 
 [TRANSLATION FOR INFORMATION PURPOSES ONLY] 
 Execution version 

IRREVOCABLE ADMINISTRATION TRUST AGREEMENT WITH REVERSION RIGHTS No. 111523-3 dated as of September 17, 2012 (this
“Agreement”), entered into by and among: 
  

	(1)	the entities listed in Schedule 1 hereof (hereinafter, together with any Additional Settlor (as defined below), the “Settlors” or the
“Second Beneficiaries”), as settlors and second beneficiaries; 

  

	(2)	Banco Nacional de México, S.A., integrante del Grupo Financiero Banamex, as trustee (hereinafter, the “Trustee”), a multiple banking institution
organized and validly existing under the laws of the United Mexican States (“Mexico”); 

  

	(3)	Wilmington Trust (London) Limited, on its own behalf and as Security Agent, acting pursuant to the terms of the Intercreditor Agreement(as defined below) on behalf and
for the benefit of the Creditors (as such term is defined below) and of any of their successors, beneficiaries and assignees, a private limited liability company incorporated and validly existing under the laws of England and Wales(the
“First Beneficiary”); and 

  

	(4)	the entities specified in Schedule 2 hereof (each of such entities a “Counterpart” and collectively the “Counterparties”);

 in accordance with the following Recitals, Representations and Clauses: 

RECITALS 
 I. WHEREAS, on September 17, 2012. CEMEX, S.A.B. de C.V. (“Cemex SAB”), as the Parent, several direct and indirect subsidiaries of Cemex SAB as borrowers, guarantors or security
providers (jointly, the “Obligors”), certain financial institutions and other entities identified therein as creditors (the creditors, together with their successors, beneficiaries and permitted assignees, the “Original
Creditors”), Citibank International plc, in its capacity as agent (the “Agent”) and the First Beneficiary, among others, entered into a Facilities Agreement with the purpose of refinancing certain debt of Cemex SAB and the
other Obligors described therein (the “Facilities Agreement”; and the debt contemplated in the Facilities Agreement, together with the above mentioned liabilities, the “Original Debt”). A copy of the Facilities
Agreement is attached hereto as Schedule A. 
 II. WHEREAS, on September 17, 2012, Cemex SAB, the other
Obligors, the Original Creditors, the Agent and the First Beneficiary, entered into an Intercreditor Agreement (the “Intercreditor Agreement”), pursuant to which, among other things, they agreed the transfer of all

 
Mexican Intra-Group Credit Rights (as such term is defined in the Intercreditor Agreement) to the Trustee in terms hereof, so that, if the First Beneficiary delivers to the Trustee a Concurso
Notice (as such term is defined below), the Voting and Subscription Rights (as such term is defined below) corresponding to the Settlors in their capacity as creditors in respect of the Mexican Intra-Group Credit Rights, be exercised by the Trustee
in accordance with terms hereof and as per the instructions set forth in this Agreement. A copy of the Intercreditor Agreement is attached hereto as Schedule B. 
 III. WHEREAS, according to the Facilities Agreement and the Intercreditor Agreement, Cemex SAB and its subsidiaries may refinance debt maintained or issued by any of them, as such refinancing is permitted
in accordance with the terms of the Facilities Agreement and the Intercreditor Agreement, by means of the issuance of bonds, notes or other debt instruments, or convertible or exchangeable securities or loan facilities (jointly, the
“Refinanced Debt”, and the lenders of any kind acceding, in its case, by means of an accession agreement to the Intercreditor Agreement, the “Refinancing Creditors”; the Refinancing Creditors together with the
Original Creditors, the “Creditors”). 
 IV. WHEREAS, on November 30, 2007, Cemex SAB issued certain
certificados bursátiles denominated in unidades de inversión, guaranteed, on a por aval basis, by each of Cemex Mexico, S.A. de C.V. (“Cemex Mexico”) and Empresas Tolteca de México, S.A. de
C.V. (“Tolteca”), for an amount of 116,530,800 unidades de inversión, maturing on November 17, 2017, that are registered with the Mexican National Securities Registry and listed on the Bolsa Mexicana de Valores,
S.A.B. de C.V. under the ticker 07-2U (the “Certificados Bursatiles”). 
 V. WHEREAS, New Sunward Holding
Financial Ventures B.V. (“NSHFV”) issued, (i) on December 18, 2006, certain callable perpetual dual currency notes, guaranteed by each of Cemex SAB, Cemex Mexico and New Sunward Holding B.V. (“NSH”) for an
amount up to US$350,000,000; (ii) on December 18, 2006, certain callable perpetual dual currency notes, guaranteed by each of Cemex SAB, Cemex Mexico and NSH, for an amount up to US$900,000,000; (iii) on February 12, 2007,
certain callable perpetual dual currency notes, guaranteed by each of Cemex SAB, Cemex Mexico and NSH, for an amount up to US$750,000,000; and (iv) on May 9, 2007, certain callable perpetual dual currency notes, guaranteed by each of Cemex
SAB, Cemex Mexico and NSH, for an amount up to €730,000,000 (the notes mentioned in paragraphs (i) through (iv) above are jointly referred to as the “Perpetual Securities”). 

VI. WHEREAS, Cemex SAB issued on (i) January 11, 2011, certain senior secured notes for an amount of US$1,650,000,000,
guaranteed by each of Cemex Mexico, Cemex España S.A. (“Cemex España”) and NSH, with an interest of 9.000% maturing on January 11, 2018;(ii) April 5, 2011, certain floating rate senior notes for an
amount of US$800,000,000, guaranteed by each of Cemex México, Cemex España and NSH, with a floating interest, maturing on September 30, 2015; and (iii) September 17, 2012, certain senior secured notes for an amount of
US$500,000.00, guaranteed by each of Cemex México, Cemex España, Cemex Concretos S.A. de C.V. (“Cemex Concretos”), Tolteca, Cemex Corp., NSH, CEMEX Research Group AG, CEMEX Shipping B.V., CEMEX Asia B.V., CEMEX France
Gestion, CEMEX UK and CEMEX Egyptian Investments B.V., with an interest of 9.50% maturing on June 15, 2018 (the notes mentioned in paragraphs (i),(ii) and (iii) above are jointly referred to as the “Cemex SAB Bonds”).

  
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 VII. WHEREAS, Cemex Finance LLC issued on (i) December 14, 2009 certain senior
secured notes for an amount of US$1,750,000,000, guaranteed by each of Cemex SAB, Cemex Mexico, Cemex España, Cemex Concretos, Tolteca, Cemex Corp. and NSH, with an interest of 9.5% maturing on December 14, 2016; and
(ii) December 14, 2009, certain senior secured notes for an amount of €350,000,000 guaranteed by each of Cemex SAB, Cemex Mexico, Cemex Concretos, Tolteca, Cemex Corp. and NSH, with an interest of 9.625% maturing on December 14,
2017 (the notes mentioned in numerals (i) and (ii) above are jointly referred to as the “Cemex Finance Bonds”). 
 VIII. WHEREAS, Cemex España, through its Luxembourg branch issued on (i) May 12, 2010, certain senior secured notes for an amount of €115,346,000 guaranteed by each of Cemex SAB,
Cemex Mexico and NSH, with an interest of 8.875% maturing on May 12, 2017; (ii) March 28,2012, certain senior secured notes for an amount of €179,219,000 guaranteed by each of Cemex SAB, Cemex Mexico and NSH, with an interest of
9.875% maturing on April 30, 2019; (iii) March 28, 2012 certain senior secured notes for an amount of US$ 703,861,000 guaranteed by each of Cemex SAB, Cemex México, and NSH, with an interest of 9.875%, maturing on
April 30, 2019; and (iv) May 12, 2010, certain senior secured notes for an amount of US$1,192,996,000, guaranteed by each of Cemex SAB, Cemex Mexico and NSH, with an interest of 9.25% maturing on May 12, 2020, (the notes
mentioned in paragraphs (i) through (iv) above are jointly referred to as the “Cemex España Bonds”). 
 IX. WHEREAS, Cemex SAB or any of its subsidiaries (the “Additional Obligors”) may, from time to time, issue notes, certificados bursátiles (under programs approved on the
date hereof or in the future), bonds or other debt securities, convertible or exchangeable securities, or borrow under loan facilities, the proceeds of which are applied to refinance (i) the Certificados Bursatiles, the Perpetual Securities,
the Cemex SAB Bonds, the Cemex Finance Bonds, the Cemex España Bonds or any Refinanced Debt which are secured equally and ratably with other indebtedness of the Obligors under the terms provided for in the Facilities Agreement, or
(ii) any debt of Cemex SAB or other Obligors under the Facilities Agreement which is issued or, as the case may be, borrowed by the Additional Obligors after the date of the Facilities Agreement, and which may be issued or, as the case may be,
borrowed in accordance with the Facilities Agreement (such debt, together with the debt referred to in Recital III shall be jointly referred to as the “Refinanced Debt”). 

X. WHEREAS, the Settlors desire to transfer in favor of the Trustee the Creditor Rights (as defined below), for the sole purpose
that in case the First Beneficiary delivers to the Settlor a Concurso Notice (as defined below) pursuant to the terms of this Agreement, before the date on which the Original Debt and, or this Agreement ceases to have effect in accordance with the
Intercreditor Agreement (the “Termination Date”), the Trustee (i) exercises the Voting and Subscription Rights corresponding to the Settlors, in accordance with the instructions received from the First Beneficiary in terms of
the Intercreditor Agreement; and (ii) receives any and all Income (as defined below), to be applied in accordance with the relevant concurso 

  
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mercantil proceeding and in terms of the Intercreditor Agreement, for the benefit of (1) the Original Creditors, acting for such purposes through the First Beneficiary and the First
Beneficiary, (2) any financial institution that enters into a Creditor Accession Letter (as such term is defined in the Facilities Agreement) in accordance with the Facilities Agreement, within 30 (thirty) Business Days following the Effective
Date (as such term is defined in the Facilities Agreement), acting for such purposes through the First Beneficiary (3) the Agent, (4) the holders of the Certificados Bursátiles, acting for such purposes through the common
representative of the Certificados Bursátiles, (5) the holders of the Perpetual Securities, acting for such purposes through the corresponding trustee, (6) the holders of the Cemex SAB Bonds, acting for such purposes through
the corresponding trustee, (7) the holders of the Cemex Finance Bonds, acting for such purposes through the corresponding trustee, (8) the holders of the Cemex España Bonds, acting for such purposes through the corresponding
trustee, and (9) the holders or lenders of the Refinanced Debt, acting for such purposes through the corresponding common representative, trustee, agent or lender (the parties mentioned in paragraphs (1) through (9) above, as well as
any successor, beneficiary or assignee shall jointly be referred to the “Beneficiary Creditors”), in accordance with the terms of the Intercreditor Agreement and until the Termination Date, for the payment of any and all amounts
payable by Cemex SAB and the other Obligors, under the Certificados Bursátiles, the Perpetual Securities, the Cemex SAB Bonds, the Cemex Finance Bonds, the Cemex España Bonds and any Refinanced Debt (the “Beneficiary
Obligations”). 
 Based upon the foregoing Recitals, each of the Parties hereto hereby represents and agrees as
follows: 
 REPRESENTATIONS 
 I. Each of the Settlors and the Counterparties hereby represent, in its capacity as Settlor or Counterparty, as the case may be, through its legal representative, that: 

(a) it is a corporation duly incorporated and existing under the laws of its place of incorporation, authorized to enter into this
Agreement and to comply with its obligations hereunder; 
 (b) it intends to transfer in accordance with this Agreement, only in
its capacity as Settlor, the Lender Rights owned by it for the purposes set forth herein; 
 (c) it is the owner, as Settlor for
the purposes of this Agreement, of its Lender Rights vis a vis each Counterparty, and in respect to which each Counterparty represents to be obligated thereunder, which are free and clear from any liens, options or other encumbrances or any
third-party rights, and which are contributed to the Trust Estate (patrimonio fideicomitido) (as defined below), pursuant to this Agreement; 

  
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 (d) this Agreement is a valid obligation, enforceable against it in accordance with the
terms hereof, subject to the provisions set forth in the LCM (as defined below); 
 (e) it has obtained and as of the date
hereof maintains all internal and, in its case, administrative or contractual authorizations, which are necessary for the execution of this Agreement and the performance of the obligations derived hereunder, including but not limited to, any
shareholder or board of directors authorizations, as applicable; 
 (f) its representatives have the necessary authorities to
execute and obligate it in accordance with the terms hereof, such authorities have not been limited, modified, or revoked in any way, as evidenced in the public instruments and other documents containing such authorities, which are attached hereto
as Schedule C; 
 (g) no consent, authorization or filing of documents before authorities, registries or third
parties is required for the execution of or performance of this Agreement; except for the notice to be delivered in its capacity as Settlor to the Counterparties in terms of article 389 of the LGTOC, in respect of the contribution of the
Lender Rights to the Trust Estate, which shall be deemed to be delivered and accepted by the Counterparties by means of the execution of this Agreement; 
 (h) the execution of and the performance of this Agreement does not constitute a breach or violation to any law, regulation, ruling whatsoever, any agreement, of any nature, to which it is a party or to
which it is obligated thereunder; or its existing by-laws or any other applicable constitutive documents; 
 (i) it has not
initiated, nor has knowledge of the commencement against it of any bankruptcy proceeding, concurso mercantil, or similar proceedings in accordance with the applicable law; 

(j) it has not initiated nor has knowledge of being a party to, or has been served in respect to, or that any action or proceeding
whatsoever will be initiated before any court, governmental authority or arbitrator, of any nature, (in Mexico or abroad), that might have an adverse and material effect in the business or financial condition of the Settlor, the Lenders Rights it
owns or the validity or effectiveness of this Agreement; 
 (k) it hereby expressly acknowledges the existence of the Original
Creditors, the First Beneficiary and their representatives, as well as the legal capacity of the First Beneficiary to act on behalf and for the benefit of the Creditors (pursuant to the Intercreditor Agreement), as well as to exercise any of the
rights arising under this Agreement; 
 (l) the assets and/or rights, including the Lender Rights transferred in accordance with
the terms hereof, solely in its capacity as Settlor for purposes of this Agreement, are legal and derive from legal activities, and there is no connection between the origin or destiny of the resources, assets and/or rights being transferred with
illegal or terrorist activities, and hereby agrees to provide to the 

  
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Trustee any information reasonably requested by it for purposes of article 115 of the Credit Institutions Law (hereinafter, the “LIC”) and with any other applicable regulation
and internal policies of the Trustee (which are disclosed by the Trustee to the Settlor); 
 (m) it acknowledges and agrees that
the Trustee is not aware nor shall it be aware of the terms and conditions of any other agreements related with or derived from this Agreement, executed or to be executed by the Parties hereto, including but not limited to the Financing Documents
(other than this Agreement) thus, it accepts that the Trustee is not, nor will be, liable in any manner whatsoever, in respect of the veracity, legitimacy, authenticity or legality of said agreements, and that the Trustee, except in the event it is
a party thereto or executes such agreements in accordance with the instructions provided hereunder, is not obligated nor shall be bound in any manner whatsoever to the terms and conditions of said agreements or documents and their respective
Schedules; 
 (n) for all applicable legal effects, it acknowledges and agrees that this Trust is not an investment trust nor a
business activity trust; 
 (o) the Trustee has explained to it the meaning of the text included in Representation III,
paragraph (b) below, as well as of the scope of the content of this Agreement; 
 (p) by means of the execution of this
Agreement, it expressly and irrevocably authorizes the Trustee, in accordance with article 28 of the Law for the Regulation of Credit Information (Ley para Regular las Sociedades de Información Crediticia), to request, at its own cost
and expense, from the date hereof and at any time thereafter during the term hereof, to the credit information institutions authorized to operate in Mexico, as many credit reports in respect of each Settlor as it deems necessary; 

(q) from the date hereof and as a result of the execution of this Agreement, the Trustee shall be the owner of the Lender Rights, subject
to the terms hereof, precisely for the purposes set forth in this Agreement; 
 (r) prior to the execution of this Agreement,
the Trustee suggested it to obtain, from the professional, law firm or firm of its election, advice and support in respect of the scope, consequences and general legal or tax aspects of this Agreement, since the Trustee has no liability in respect
of such matters, nor does assure that the tax structure derived from the Trust will not be modified as consequence of future amendments to the tax regulation. 
 II. The First Beneficiary hereby represents, that: 
 (a) it is a private limited
company incorporated and existing under the laws of England and Wales, with sufficient authority to execute this Agreement and to perform its obligations hereunder; 

  
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 (b) its legal representative has sufficient power and authority to execute this Agreement on
its behalf, which authority has not been revoked, limited or modified in any manner whatsoever as of the date hereof, as evidenced by the public instruments and other documents attached hereto as Schedule D; 

(c) it does not require the consent or authorization of any third party, including any governmental authority, for the execution or
performance of this Agreement; and 
 (d) it enters into this Agreement on its own behalf and on behalf and for the benefit of
the Original Creditors, and if applicable, the Refinancing Creditors (their successors, beneficiaries and assignees), pursuant to the terms of the Facilities Agreement and the Intercreditor Agreement; 

III. The Trustee hereby represents, through its fiduciary delegate, that: 

(a) it is a credit institution duly incorporated and validly existing under the laws of Mexico, duly authorized to execute fiduciary
transactions, as per the provisions of the LIC and its regulations. 
 (b) pursuant to article 106, section XIX, subsection b)
of the LIC, it represents that it has explained to all Parties hereto the content and legal implications of such provision, and the applicable provisions of Circular 1/2005 and the amendments thereto, issued by the Mexican Central Bank (Banco de
México), in respect to the prohibitions limiting it under the applicable provisions in effect; article 106, section XIX, subsection b) of the LIC, is transcribed as follows: 
 “Article 106.- Credit institutions shall be prohibited from: 
 XIX.
When entering into the operations referred to in Section XV of Article 46 of this Law: 
  

	 	a)	abolished; 

  

	 	b)	To respond to the settlors, principals or agents, of any breach by the debtors, for loans granted thereto, or on behalf of issuers, for securities acquired, unless
it is due to their fault, as set forth in the last paragraph of Article 391 of the General Law of Negotiable Instruments and Credit Operations, or to guarantee obtaining certain returns in connection with funds, the investment of which is requested
therefrom; 

 If upon termination of the trust agreement, mandate or agency established to grant loans, any
such loans shall have not been repaid by the debtors, the institution shall transfer them to the settlor or the beneficiary, as the case may be, or to the representative or agent, without repaying any outstanding amounts; 

In any trust agreements, mandates or agencies, the prior paragraphs shall be inserted conspicuously as well as a representation from
the institution to the effect that it has, clearly and without doubt, made its meaning be known to the Persons from whom it has received assets for investment; 

  
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	 	c)	Acting as trustees, representatives (mandatarios) or agents under trusts, mandates or agencies, respectively, by means of which the direct or indirect, reception of
funds from the public is carried out by any action causing a direct or contingent liability, except through trusts created by the Federal Government through the Ministry of Finance and Public Credit, and trusts through which securities be registered
before the National Securities Registry (Registro Nacional de Valores) pursuant to the Mexican Securities Law (Ley del Mercado de Valores) are issued; 

  

	 	d)	Executing trust, mandate and agency agreements referred to in the second paragraph of Article 88 of the Investment Companies Law (Ley de Sociedades de
Inversión); 

  

	 	e)	Acting in trust, mandate or agency agreements through which the restrictions and prohibitions set forth in the financial legislation are avoided;

  

	 	f)	Employing funds or assets of the trust, mandate or agency agreements destined to the granting of credits, in which the trustee has the discretionary authority, in
the granting of such credits, to carry out transactions by which the following Persons become or may become debtors: the trust delegates; the proprietary or alternate members of the board of directors or executive committee, as the case may be,
whether acting or not in their respective capacities; the employees and officers of the institution; the proprietary or alternate statutory auditors, whether acting or not in their respective capacities; the institution’s external auditors; the
members of the technical committee of the relevant trust; the ascendants or descendants in first degree or spouses of the above mentioned individuals, the companies in which meetings such Persons or institutions represent a majority, as well as
those Persons that Banco de México determines through general provision, and 

  

	 	g)	Managing rural real estate, unless they have received the management in order to distribute the estate among heirs, legatees, partners or creditors, or to pay an
obligation or to guarantee its fulfillment with the value of such real estate or its products, and only when such management does not exceeds a period of two years, except in case of production or guaranty trusts. 

  
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	 	h)	Executing trusts that administer amounts of money periodically delivered by consumer groups constituted by means of commercialization systems, destined to the
acquisition of determined goods or services, of those provided for in the Federal Consumer Protection Law. 

 Any agreement contrary to what is set forth herein, shall be null...” 
 Furthermore, pursuant to the provisions set forth in section 5.5 of Circular 1/2005 of Banco de México, the relevant provisions of section 6 of such Circular 1/2005 is hereby transcribed for all
applicable legal effects: 
  

	 	“6.1	In the execution of trust agreements, the Trustees shall not be permitted to: 

 

	 	a)	Charge to the trust estate different prices from those agreed to at the time of entering into the relevant transaction; 

 

	 	b)	Guarantee the receipt of revenues or prices by the funds which investment is entrusted to them; 

 

	 	c)	Execute transactions in conditions and terms contrary to their internal policies and the healthy financial practices. 

 

	 	6.2	Execute transactions with securities, negotiable instruments or any other financial instruments that do not comply with the agreed upon specifications under the
corresponding trust agreement. 

  

	 	6.3	The Fiduciary Institutions shall not carry out types of Trusts which they are not authorized to celebrate pursuant to the laws and dispositions that regulate
them. 

  

	 	6.4	In no event shall the Fiduciary Institutions be able to cover with the trust estate the payment of any penalty imposed to them by any authority.

  

	 	6.5	In guaranty trusts, the Surety Institutions and the Limited Scope Financial Institutions shall not be able to receive any assets or rights other than assets and
rights which purpose is to guarantee the relevant obligations. 

  

	 	6.6	The fiduciary institutions shall comply with the provisions of Articles 106 section XIX of the Credit Institutions Law, 103 section IX of the Securities Law, 62
section VI of the General Law of Insurance Institutions and 60 section VI Bis of the Federal Law of Surety Institutions, as it may correspond to each Institution.” 

(c) its fiduciary delegates has sufficient power and authority to execute this Agreement, which authorities have not been revoked or
limited in any manner whatsoever as of the date hereof. 

  
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 (d) it desires to act as Trustee of the trust created hereunder and represents its faithful
and loyal performance of the applicable legal provisions and of the terms hereof. 
 IN CONSIDERATION OF THE FOREGOING, the
Parties agree to the following: 
 CLAUSES 

FIRST. Definitions. (a) The following terms, used with capital letter in this Agreement, shall have the meanings set
forth below (all terms included in this Clause First and any other definitions used herein in their singular form shall have the same meaning when used in their plural form and vice versa): 

“Additional Counterparty” means any Mexican Group Member other than the Counterparties executing this Agreement on the
date hereof, which executes a credit or loan agreement or receives credit as a consequence of any kind of commercial relationship, with any of the Settlors or Additional Settlors, and enters into a joinder agreement in terms substantially similar to
the document attached hereto as Schedule E. 
 “Additional Obligors” shall have the meaning
ascribed to such term in Recital Ninth of this Agreement. 
 “Additional Settlor” means any Group Member, other
than the Settlors executing this Agreement on the date hereof, executing any Intercompany Credit Agreement or Mexican Company Credit Agreement and that enters into a contribution agreement in terms of the document attached hereto as Schedule
G or in substantially similar terms. 
 “Agent” shall have the meaning ascribed to such term in Recital
First of this Agreement. 
 “Agreement” shall have the meaning ascribed to such term in the Preamble of this
Agreement. 
 “Authorized Officer” shall have the meaning ascribed to such term in Clause Eighteenth of this
Agreement. 
 “Beneficiary Lenders” shall have the meaning ascribed to such term in Recital Tenth of this
Agreement. 
 “Beneficiary Obligations” shall have the meaning ascribed to such term in Recital Tenth of this
Agreement. 
 “Business Day” means any day other than a Saturday or Sunday or a day on which commercial banks
in Mexico City, Mexico, New York, New York, United States of America, or London, England are authorized or required by law or governmental action to close. 
 “Cemex Concretos” shall have the meaning ascribed to such term in Recital Sixth of this Agreement. 

  
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 “Cemex España” shall have the meaning ascribed to such term in
Recital Sixth of this Agreement. 
 “Cemex España Bonds” shall have the meaning ascribed to such term in
Recital Eighth of this Agreement. 
 “Cemex Finance Bonds” shall have the meaning ascribed to such term in
Recital Seventh of this Agreement. 
 “Cemex México” shall have the meaning ascribed to such term in
Recital Fourth of this Agreement. 
 “Cemex SAB” shall have the meaning ascribed to such term in Recital First
of this Agreement. 
 “Cemex SAB Bonds” shall have the meaning ascribed to such term in Recital Sixth of this
Agreement. 
 “Certificados Bursátiles” shall have the meaning ascribed to such term in Recital Fourth
of this Agreement. 
 “Civil Code” means the Federal Civil Code and the correlative civil codes for the Mexican
federal entities, including Mexico City, as it may be amended from time to time. 
 “Concurso Judgment” means
the judgment pursuant to which a competent court declares a Concurso Proceeding in respect of any of the Counterparties. 

“Concurso Notice” means the original written notice delivered by the First Beneficiary to the Trustee in the form
attached herein as Schedule H, by means of which the First Beneficiary (i) notifies the Trustee that a competent court has issued a Concurso Judgment and (ii) (A) attaches a copy of the publication of the Concurso
Judgment issued by the corresponding court, in the court bulletin board (estrado) or in the judicial bulletin, (B) evidences the service of process in respect of the Concurso Judgment made by the conciliador or receiver,
(C) attaches a copy of the publication of the extract of the Concurso Sentence in the Official Gazette of the Federation, or (D) evidences the issuance of the Consurso Judgment by any other means permitted under the LCM and any other
applicable provisions. 
 “Concurso Proceeding” means the business reorganization and/or bankruptcy proceeding
initiated against any of the Counterparties in accordance with the LCM. 
 “Confirmation Term” has the meaning
ascribed to such term in Clause Fourth, paragraph (d)(i)(y) of this Agreement. 
 “Counterparty” shall have the
meaning ascribed to such term in the Preamble of this Agreement, in the understanding that, on the date of this Agreement, each of the Counterparties is a Mexican Group Member and has executed an Intercompany Credit Agreement or a Mexican Company
Credit Agreement, with any of the Settlors. 

  
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 “Creditors” shall have the meaning ascribed to such term in Recital Third
of this Agreement. 
 “Dollars” or US$ means the lawful currency of the United States of America.

 “Exercise Instruction” shall have the meaning ascribed to such term in Clause Fourth subsection (d)(i)
hereof. 
 “Facilities Agreement” shall have the meaning ascribed to such term in Recital First of this
Agreement. 
 “Financing Documents” means the Facilities Agreement, the Intercreditor Agreement, and any other
instrument, negotiable instrument, document or agreement evidencing payment obligations of Cemex SAB and some of the Obligors directly related with the Financing Agreement and the Intercreditor Agreement (including any supplement, amendment,
addition or amendment and restatement thereto). 
 “First Beneficiary” shall have the meaning ascribed to such
term in the Preamble of this Agreement. 
 “Group” means Cemex SAB and its Subsidiaries. 

“Group Member” means any direct or indirect Subsidiary of Cemex SAB that is part of the Group. 

“Income” means the proceeds payable in a Concurso Proceeding in respect of the Lender Rights that are recognized in
respect to any lenders that have been designated as a Recognized Creditor, but exclusively as a consequence of (i) the approval of a reorganization agreement (convenio concursal) in terms of Title Fifth of the LCM or (ii) payment to
the Recognized Creditors in accordance with a bankruptcy judgment in terms of Chapter III of Title Seventh of the LCM. 

“Instruction Notice” shall have the meaning ascribed to such term in subsection (d)(i)(x) of Clause Fourth hereof.

 “Intercompany Credit Agreement” means any agreement or document, of any kind, as amended,
supplemented or replaced from time to time, executed by any Settlor with any Counterparty, or by any Additional Settlor or Additional Counterparty, whatever such agreement or document is designated or called and irrespectively from the legislation
which governs it, evidencing credit rights, arising from any underlying transaction, granted by a Mexican Group Member to any of the Counterparties or Additional Counterparties or to any Mexican Group Member, executed prior to or subsequently to the
date of this Agreement. 
 “Intercreditor Agreement” shall have the meaning ascribed to such term in Recital
Second of this Agreement. 
 “Lender Rights” means any and all rights of the Settlors in their capacity as
lenders, derived from any underlying legal relationship, under any Intercompany Credit Agreement and any Mexican Company Credit Agreements. 

  
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 “LCM” means the Business Reorganization and Bankruptcy Law (Ley de
Concursos Mercantiles), as amended from time to time. 
 “LGTOC” means the General Law of Negotiable
Instruments and Credit Transactions (Ley General de Títulos y Operaciones de Crédito), as amended from time to time. 
 “LIC” shall have the meaning ascribed to such term in Representation I, section (l) of this Agreement. 
 “Mexico” shall have the meaning ascribed to such term in the Preamble of this Agreement. 
 “Mexican Company Credit Agreements” means any credit or loan agreement, or any other kind of agreement from which credit rights derive, entered into by a Group Member with any of the
Counterparties, Additional Counterparties or any Mexican Group Member, including each of the credit agreements entered in to by Construction Funding Corporation, a corporation incorporated under the laws of Ireland with some of the Counterparties,
which are described in and copies are attached hereto as Schedule F, as such may be modified or amended from time to time. 
 “Mexican Group Member” means any Group Member incorporated under the laws of Mexico. 
 “NSH” shall have the meaning ascribed to such term in Recital Fifth hereof. 
 “NSHFV” shall have the meaning ascribed to such term in Recital Fifth hereof. 
 “Original Creditors” shall have the meaning ascribed to such term in Recital First of this Agreement. 
 “Original Debt” shall have the meaning ascribed to such term in Recital First of this Agreement. 
 “Obligor” shall have the meaning ascribed to such term in Recital First of this Agreement. 
 “Other Concurso Rights” means any right in favor of a Recognized Creditor, other than a Voting and Subscription Right, in a Concurso Proceeding. 

“Party” means any of the Parties to this Agreement. 

“Perpetual Securities” shall have the meaning ascribed to such term in Recital Fifth of this Agreement 

“Person” means any natural person (persona física), company, corporation, partnership, limited
liability company, trust, irregular businesses, joint venture, or any other entity (persona moral), business entity or governmental authority with or without legal personality. 

“Pesos” o “Ps$” means the lawful currency of Mexico. 

  
 13 

 “Quarter” means the three month period ending on
March 31st, June 30th, September 30th and December 31st of each calendar year. 

“Recognized Creditors” means, in respect of any Person, the lenders recognized in the credits recognition, ranking and
priority judgment issued by the competent district court in accordance with the LCM in a Concurso Proceeding of any of the Counterparties. 
 “Refinancing Creditors” shall have the meaning ascribed to such term in Recital Third of this Agreement. 
 “Refinanced Debt” shall have the meaning ascribed to such term in Recital Third, as supplemented in Recital Ninth of this Agreement. 

“Second Beneficiary” shall have the meaning ascribed to such term in the Preamble of this Agreement. 

“Settlor” shall have the meaning ascribed to such term in the Preamble of this Agreement. 

“Settlors’ Representative” shall have the meaning ascribed to such term in Clause Nineteenth of this Agreement.

 “Subsidiary” means with respect to any Person, any company, association, or any other entity that
(i) it is controlled directly or indirectly by such Person, either by the authority to directly or indirectly designate the majority of the directors, managers or any equivalent member, of the relevant company, association or entity or to have
the voting power to approve any decision, or the power to approve any decision, in the general shareholders meetings or any similar corporate body; (ii) more than 50% (fifty percent) of the capital stock, irrespective of how such capital is
designated or represented, or any equivalent rights, is, whether directly or indirectly, owned by such Person or by another person who has similar rights by means of an agreement or in any other manner whatsoever; or (iii) it is a Subsidiary of
any of the Subsidiaries of such Person. 
 “Taxes” means any tax, commission, duty, encumbrance, tariff,
deduction, withholding, obligation or contribution of any nature, present or future, imposed, charged, withheld or asserted by any governmental authority. 
 “Termination Date” shall have the meaning ascribed to such term in Recital Tenth of this Agreement. 
 “Tolteca” has the meaning ascribed to such term in Recital Fourth of this Agreement. 
 “Trust” means the irrevocable administration trust agreement No. F/111523-3 created in accordance with the terms in this Agreement. 

“Trust Accounts” shall have the meaning ascribed to such term in Clause Sixth paragraph (a) of this Agreement.

 “Trust Estate” or “Trust Assets” shall have the meaning ascribed to such term in Clause
Fifth of this Agreement. 
  

  
 14 

 “Trustee” shall have the meaning ascribed to such term in the Preamble of
this Agreement. 
 “Voting and Subscription Rights” means the right of a Recognized Creditor to authorize,
modify, subscribe, vote and veto the intercreditor agreement in any Concurso Proceeding referred to in articles 156, 157 and other applicable provisions of the LCM. 
 (b)     Any reference in this Agreement to a clause, section, paragraph, Schedule or similar, shall be understood as a reference to a clause, section, paragraph, Schedule or similar of
this Agreement, unless it is expressly noted that such clause, section, paragraph, Schedule or similar makes reference to a different document. 
 SECOND.    Parties to the Trust. The parties to this Agreement are as follows: 
  

			
	Settlor and Second	  	The companies listed in Schedule 1 of
		
	Beneficiary:	  	this Agreement, and any Additional Settlor.
		
	First Beneficiary:	  	Wilmington Trust (London) Limited, on its own behalf and on behalf and for the benefit of the Original Creditors and if applicable, the Refinancing Creditors, and to the extent
set forth herein, each of the Beneficiary Lenders, pursuant to the terms of the Intercreditor Agreement provided that the First Beneficiary, acts on behalf and for the benefit of the Original Creditors and the Refinancing Creditors, and to
the extent set forth herein and in the Intercreditor Agreement, each of the other Beneficiary Lenders, and therefore, the First Beneficiary shall have the right to exercise any of the rights arising hereunder, and the Original Creditors, the
Refinancing Creditors and the Beneficiary Lenders shall have the right to receive, as applicable, the Income, in accordance with the terms hereof and pursuant to the terms of the Intercreditor Agreement.
		
	Trustee:	  	Banco Nacional de México, S.A., integrante del Grupo Financiero Banamex.

 Any change or addition of a beneficiary, whether by designation, assignment or any other reason, shall be
notified to the Trustee. 

  
 15 

 THIRD. Creation of the Trust. 

(a) The Settlors, hereby create the Irrevocable Administration Trust Agreement with Reversion Rights No. 111523-3, to which Cemex
SAB hereby contributes, in its capacity as Settlor, the initial amount of P$1,000.00 (one thousand Pesos 00/100). 
 (b) The
Settlors contribute to the Trust Assets and subject to the terms of this Agreement, transfer the ownership of the Lender Rights which they currently own or acquire in the future, for the exercise of the Voting and Subscription Rights,
provided that (i) until the date on which the First Beneficiary delivers to the Trustee a Concurso Notice, the Settlors will have the right to exercise the Lenders Rights that are subject to the terms of this Trust, (ii) the Parties
hereto agree that they shall exclusively have rights in respect to the Income deriving from the Lender Rights exclusively as a consequence of (1) the approval of a concurso agreement in terms of Title Fifth of the LCM, or
(2) payment to the Recognized Creditors in accordance with a bankruptcy judgment in terms of Title Seventh, Chapter III of the LCM, and before then, no amount derived from the Lender Rights shall be transferred, deposited or administrated
through the Trust Accounts, therefore, in the case that any such amounts is deposited or transferred to the Trust Accounts, the Trustee shall deliver it to the respective Settlor, as soon as possible, to the account that the Settlor Representative
designates in writing to the Trustee, and (iii) except from the date on which the First Beneficiary delivers to the Trustee a Concurso Notice, the Trustee shall allow the Settlors, and shall carry out any necessary actions to allow the
Settlors, the administration, operation and exercise of any and all rights related to the Lender Rights (and any rights or actions deriving from such rights), including the authority to instruct the Trustee regarding the manner to exercise the
Lender Rights corresponding to the relevant Settlor, being able to collect, offset and assign them to any other Settlor, or any other Group Member, as long as the assignment or transfer is subject to the condition, in order to become effective, that
the Group Member becomes an Additional Settlor and subscribes a contribution agreement in substantially similar terms to those of the document attached hereto as Schedule G (except in the case that the Lender Rights are capitalized by
the assignee and it receives shares or any other equivalent instrument, as a result of such capitalization, or the value of the outstanding shares is increased as a result of not having nominal value or the value of the partnership interest which
owns is increased) and such transfer or assignment is notified within a term of 60 (sixty) Business Days from the date on which it took place, or to carry out any other action in respect of the Lender Rights, as long as such actions do not adversely
affect the rights of the First Beneficiary under this Agreement, provided, further that any such assignments shall not become effective and will be deemed as not effective vis a vis the Trustee and the First Beneficiary, if it
is carried out within 270 (two hundred and seventy) Business Days prior to the date on which any Counterparty (or any Settlor) becomes subject to a Concurso Judgment. The Settlors hereby deliver to the Trustee a copy, certified by an
attorney-in-fact, of any Intercompany Credit Agreement and Mexican Companies Credit Agreements, that in effect as of July 31, 2012, along with a list of all Lender Rights list as of that date, and the Counterparties, hereby expressly
acknowledge, accept and agree to the transfer of the ownership of the Lender Rights in accordance with the terms of this Agreement. 

  
 16 

 (c) In case that after July 31, 2012 (i) new Intercompany Credit Agreements are
entered into, or (ii) new Mexican Companies Credit Agreements are entered into, together with the corresponding joinder agreements for an Additional Settlor to become a party hereto, the Settlors agree and, as a result of any Additional
Settlors adhering to this Agreement, it would be deemed that such Additional Settlor agrees, to carry out any act and/or to enter into any document that may be deemed necessary, including a contribution agreement in terms substantially similar to
the form attached hereto as Schedule G, to transfer the Lender Rights of such Additional Settlor to the Trust Assets, in accordance with the terms of this Agreement, and with the consent of the Counterparties, within sixty
(60) Business Days following the execution of any such agreements. 
 (d) Banco Nacional de México, S.A., integrante
del Grupo Financiero Banamex, hereby accepts its designation as trustee in accordance with this Agreement and agrees to perform its duties in accordance with this Agreement. 
 FOURTH. Purpose of the Trust. The Parties hereby agree that the purposes of this Trust, which are obligations of the Trustee, shall be the following: 

(a) that the Trustee receives in property, and be the owner of, the assets and rights which will be part of the Trust Assets in
accordance with the terms of this Agreement; 
 (b) that the Trustee maintains the ownership of the Trust Assets for the benefit
of the First Beneficiary and the Second Beneficiaries, in the understanding that the Trustee shall manage the Trust Assets in accordance with the terms of this Agreement and applicable law; 

(c) except in case that the event specified in paragraph (d) of this Clause Fourth occurs, that the Trustee undertakes the necessary
actions in order to allow the Settlors to manage, operate and exercise each and all rights related to the Lender Rights (and any other rights or actions derived therefrom), including the authority to instruct the Trustee in respect to the manner in
which the Lender Rights owned by the relevant Settlor, shall be exercised, being able to collect, offset, capitalize them (if shares or equivalent instruments are received, as a consequence of the capitalization, or if it does not receive shares or
equity interest, the value of the outstanding shares is increased as a result of not having nominal value or the value of the equity interest which owns is increased) and assign them to any other Settlor, or any other Group Member, as long as the
assignment or transfer is subject to the condition, in order to become effective, that the Group Member becomes an Additional Settlor and subscribes a contribution agreement in substantially similar terms to those of the document attached hereto as
Schedule G (except in the case that the Lender Rights are capitalized by the assignee and it receives shares or any other equivalent instrument, as a result of such capitalization, or the value of the outstanding shares is increased as
a result of not having nominal value or the value of the equity interest which owns is increased) and such transfer or assignment is notified within a term of 60 (sixty) Business Days from the date on which it took place, or to carry out any other
action in respect of the Lender Rights, as long as such actions do not adversely 

  
 17 

 
affect the rights of the First Beneficiary under this Agreement, in the understanding, that, except for the application of the Income in accordance with paragraph (d) of this Clause Fourth,
no amounts derived from the Lender Rights shall be transferred, deposited or managed through the Trust Accounts, therefore in the event that any such amounts are transferred or deposited into the Trust Accounts, the Trustee shall deliver such
amounts to the respective Settlor as soon as possible in the account designated in writing by the Settlors’ Representative, provided, further that any such assignments shall not become effective and will be deemed as not effective
vis a vis the Trustee and the First Beneficiary, if it is carried out within 270 (two hundred and seventy) Business Days prior to the date on which any Counterparty (or any Settlor) becomes subject to a Concurso Judgment; 

(d) in the event the First Beneficiary delivers a Concurso Notice to the Trustee, the Trustee shall: 

(i) exercise all rights regarding the Other Concurso Rights in a Concurso Proceeding in respect of the Lender Rights,
pursuant to the written instructions received by the Trustee from the First Beneficiary in accordance with the terms of the Intercreditor Agreement (the “Exercise Instruction”), as follows: 

(x) the Settlors’ Representative shall inform the Trustee and the First Beneficiary in accordance with the terms of
this Agreement, in writing, of the date on which the Trustee shall exercise any of the Other Concurso Rights, no later than 2 (two) Business Days following the day on which the relevant Other Concurso Right may be exercised (the “Instruction
Notice”). 
 (y) the First Beneficiary shall deliver to the Trustee, with a copy to the Settlors’
Representative, in accordance with the terms of this Agreement, the Exercise Instruction within a term that shall not exceed the lesser between (A) 10 (ten) Business Days following receipt of an Instruction Notice and (B) the immediately
preceding Business Day to that on which the term for the exercise of the relevant Other Concurso Rights expires pursuant to the LCM or any other applicable provision (the “Confirmation Term”), in the understanding, however, that in
order to prepare and deliver the Instruction Notice, the First Beneficiary may consult any legal advisor, or other advisors, that it may deem convenient or necessary (which costs and fees shall be paid by the Settlors), and the Parties agree that it
shall not have any responsibility whatsoever for, and shall be exonerated from, any determination made based on the recommendation of such advisors. 
 (ii) exercise all rights regarding the Voting and Subscription Rights in the corresponding Concurso Proceeding, solely in accordance with the instructions provided by the First Beneficiary to the Trustee;

 (iii) execute all necessary actions in order for any Income obtained in the corresponding Concurso Proceeding
is transferred and applied to the Trust Accounts, exclusively in respect to Income derived 

  
 18 

 
from the Lender Rights resulting from (i) the approval of a concurso mercantil agreement in terms of Title Fifth of the LCM, or (ii) payments to Recognized Creditors in
accordance to a bankruptcy judgment in terms of Title Seventh, Chapter III of the LCM; and 
 (iv) delivers, in its case, any
amounts received in the Trust Accounts related to the Income, when it may correspond, to the First Beneficiary, in accordance with the instructions received from the latter, for its distribution as provided in the Intercreditor Agreement, to be
applied to the payment of the outstanding Beneficiary Obligations up to the amount of such Beneficiary Obligations; provided that the Parties (and expressly the Counterparties) hereby acknowledge, accept and agree that the application of any
Income to the payment of the Beneficiary Obligations shall at all times be considered as proportional direct payments of the Beneficiary Obligations, in compliance with the terms of the Intercreditor Agreement), thus the application of said Income
to the proportional payment of the Beneficiary Obligations shall not be deemed as payment and release of the obligations of a Counterparty or Additional Counterparty in respect to the corresponding Settlor; 

(e) that the Trustee opens and maintains the Trust Accounts, in order to receive, maintain and apply the Income deposited in the Trust
Accounts in accordance with the provisions of Clause Sixth hereof and the Intercreditor Agreement; 
 (f) that, in the event the
Trust Estate or a portion thereof consists of cash, the Trustee invests, such cash in accordance with the provisions hereof, provided, however, that the Trustee is authorized for such effects, to open bank or investment accounts and
undertake all the legal acts and execute all the necessary agreements, in accordance with the instructions of the Settlors and First Beneficiary; 
 (g) that the Trustee preserves and protects the Trust Assets, in terms of Clause Thirteenth hereof; 
 (h) that the Trustee delivers the reports and provides access to all of the documentation and information regarding the Trust and the Trust Assets; 

(i) upon (i) the Termination Date, or (ii) in accordance with the Intercreditor Agreement, and as long as the First Beneficiary
has delivered written notice to the Trustee, at the written request of the Settlors’ Representative, terminates the Trust and reverts to the Settlors, as applicable, the Trust Assets, prior to the execution of the corresponding termination
agreement; 
 (j) that the Trustee grants or revokes the general or special powers of attorney with sufficient authorities to
act on behalf of the Trustee, necessary to fulfill the purposes of this Trust or for the defense of the Trust Assets, in favor of the individuals or attorneys-in-fact/officers of the entities designated in accordance to the written instructions
delivered by the First Beneficiary or the Settlors’ Representative in accordance to this Agreement,; 

  
 19 

 (k) that the Trustee undertakes any other actions permitted pursuant to applicable laws
and/or consistent with the purposes of this Trust which are not expressly provided herein, in accordance with the corresponding written instructions delivered by both the Settlors’ Representative and the First Beneficiary, pursuant to the terms
hereof; 
 (l) if necessary, that the Trustee reverts the transfer, and carries out any act related thereto, of any Intercompany
Credit Agreement and any Mexican Company Credit Agreement, that for any reason whatsoever is no longer in effect (including its repayment) or which have been terminated, provided a prior written notice has been delivered by the relevant
Settlor to the Trustee and the First Beneficiary, which notice shall contain all the necessary documents and information (including the identification of the Intercompany Credit Agreements or Mexican Company Credit Agreements); and 

(m) in general, that the Trustee timely and diligently complies with each and all of its obligations set forth hereunder. 

FIFTH. Trust Assets. The assets of the trust (the “Trust Assets” or the “Trust Estate”)
shall consist of the following: 
 (a) the amounts initially transferred by Cemex SAB pursuant to Clause Third paragraph (a);

 (b) the Lender Rights of each Settlor, which shall be exercised in accordance with the terms of this Agreement; 

(c) if applicable, the Income received by the Trustee in the Trust Accounts, exclusively as a result of (i) the approval of a
concurso mercantil agreement in terms of Title Fifth of the LCM, or (ii) payment to the Recognized Creditors in accordance with a bankruptcy judgment in terms of Title Seventh, Chapter III of the LCM; 

(d) if applicable, the returns and products obtained from the investment of the Trust Assets; and 

(e) the amounts and/or additional rights, of any nature, that the Settlors or any other Person, as the case may be, contribute to the
Trust in terms of this Agreement or resulting from the exercise of any right to which the Trustee is legally entitled. 
 The
Parties herby acknowledge that the Trust Assets are transferred to the Trustee exclusively to strictly fulfill the Trust purposes. The Trustee shall not be liable and is hereby released from any express or implicit obligation or liability in respect
of the authenticity, ownership or legitimacy of the Trust Assets. 
 The Parties hereby agree that the terms in this Clause
Fifth shall be considered as an inventory of the assets and rights constituting the Trust Assets as of the date hereof, and that, as of the date hereof, the Settlors’ Representative and the First Beneficiary shall keep a copy of said inventory.
Likewise, the Parties acknowledge that said inventory may be modified from time to time considering any future contributions made by the Settlors or the Additional Settlors to the Trust, together with any returns resulting, in its case, from the
investment of the Trust Assets and with the payments or withdrawals of the Trust Assets. Such variations shall be reflected in the statements referred to in this Agreement. 

  
 20 

 Any transfer of the ownership of the assets or rights contributed hereto, shall comply with
the formalities set forth in the applicable laws for the transfer of such assets or rights. The assets or rights that are part of the Trust Assets will be considered as contributed for the purposes of the Trust and, therefore, only the rights and
actions permitted hereunder may be exercised in respect of such assets and rights. 
 SIXTH. Trust Accounts.
(a) The Trustee shall open and maintain accounts in Dollars and Pesos (the “Trust Accounts”), as internal accounts of the Trust, in order to receive any cash amounts delivered to the Trustee derived from the Income, if such
is the case, or from any other source, therefore the Trustee agrees to open such accounts within 15 (fifteen) days following the execution hereof. The Trustee shall notify the information regarding the Trust Accounts to the Settlors and the
Counterparties (through the Settlors’ Representative), the First Beneficiary and any other Person that in a Concurso Proceeding should know such information, as instructed in writing by the First Beneficiary. Likewise, the Trustee shall
maintain the registries and records it deems necessary to keep the management and control of the Income received in the Trust Accounts, in accordance with the terms of this Agreement. 

(b) Provided that the proceeds received in the Trust Accounts are not related to the Income that may be transferred by the Trustee
to the First Beneficiary, the Trustee shall transfer any funds deposited in the Trust Accounts to the relevant Settlor, as per the written instructions of the Settlors’ Representative. 

SEVENTH. Investment Regime; Exchange Transactions. (a) Investment Regime. The Trustee shall open and maintain
the Trust Accounts, to receive any cash amounts received by it pursuant to this Agreement that are part of the Trust Assets. 

If the Trust Assets include liquid assets, the Settlors’ Representative hereby expressly instructs and authorizes the Trustee to
invest the Trust Assets as follows: (i) the investment term shall not exceed 30 (thirty) days, except for investments in investment funds (sociedades de inversión); (ii) investments shall be made in the currency of the liquid
assets maintained by the Trustee; (iii) the treasury of Banco Nacional de México, S.A., integrante del Grupo Financiero Banamex, shall be the counterparty of all investment transactions made by the Trustee; and (iv) the Trustee
shall make the investments in the securities available in the market at the time the investment is made, in the following order, provided that the provisions of this Clause Seventh shall be deemed by the Parties to constitute a permanent
instruction in favor of the Trustee. 
 Pesos: 
 (i) purchase and/or reporto transactions in respect of securities issued by the Mexican Federal Government or debt instruments issued by credit institutions in Mexico. 

  
 21 

 (ii) debt instruments issued by Mexican credit institutions with a “AAA” credit
ranking (or its equivalent in the domestic scale) granted by Standard & Poor’s, S.A. de C.V., by Fitch México, S.A. de C.V. or by Moody’s de México, S.A. de C.V., by the execution of reporto transactions in
respect of such securities; 
 (iii) in investments in money market or investment corporations (sociedades de
inversión) that have a credit ranking placed within the highest investment grade in respect to short-term unsecured debt obligations or certificates of deposit granted by Standard & Poor’s, S.A. de C.V., by Fitch
México, S.A. de C.V. or by Moody’s de México, S.A. de C.V. 
 Dollars: 

(i) in any of the investments or instruments referred to in the definition of Cash Equivalent Investments (as such term is defined in the
Facilities Agrement), that are instructed in writing to the Trustee by Cemex SAB, and that are available to the Trustee. 
 In
the event that any of the Settlors decides to carry out investment transactions other than those set forth in the preceding paragraph, and subject to the consent of the First Beneficiary, they shall issue the corresponding written instructions,
which shall expressly specify: (i) the amount of the liquid assets to be invested; (ii) the type of assets, rights, securities, negotiable instruments or other financial instruments on which the liquid assets constituting the Trust Assets
shall be invested and, if applicable, the name of the issuers and their rating; (iii) the maximum investment terms, and (iv) the counterparty(ies) with which the Trustee shall make said investments, provided that the provisions set
forth in the clause related to transactions with the same institution shall be applicable. 
 The Trustee has not provided, nor
shall be responsible for providing any advice whatsoever to the Parties, in respect of the convenience or inconvenience of investing, buying, selling or maintaining, any investment instrument. The Trustee shall not assume any liability whatsoever in
respect of the actions of third parties designated by the Parties involved in the consulting, management and/or custody of the Trust Assets. 
 The Parties hereby approve and expressly authorize the Trustee to enter into transactions with Banco Nacional de México, S.A., integrante del Grupo Financiero Banamex, acting in its own name, in
respect of any transaction entered into by the Trustee as a result of the performance of its obligation hereunder, including but not limited to, the investment of assets, opening accounts for the deposit of funds and the foreign exchange
transactions, provided that this Clause shall constitute a permanent instruction to the Trustee. 
 If the Settlors
decide to perform the transactions referred to in this Clause with an institution other than Banco Nacional de México, S.A., integrante del Grupo Financiero Banamex, they shall expressly instruct so to the Trustee in writing. 

In the execution of transactions by Banco Nacional de México, S.A., integrante del Grupo Financiero Banamex, acting in its own
name and not in its capacity as Trustee, said transactions may not be offset or 

  
 22 

 
extinguished by means of confusion (confusion). Furthermore, the Trustee hereby represents that a direct dependency between the Trustee and the treasury department of said institution does
not exist, and that it shall carry out the transactions referred to in this Clause in strict compliance with its internal policies and best financial practices. 
 The Trustee shall only be obligated to make investments if the Trust Assets have the necessary funds to make such type of investments, in accordance with the legal provisions then in effect,
provided that, if the amounts are not sufficient to make such investments, it shall be deemed that the Trustee is instructed to maintain the funds payable on demand. 
 The purchase of securities or investment instruments shall be subject to the duration, the availability and liquidity of such investments and the prevailing market conditions at the time at which the
Trustee makes the transaction. The Settlors hereby expressly release the Trustee from any liability resulting from the purchase of securities or investment instruments executed in accordance with this Clause, as well as from any losses or damages
that may affect the Trust Assets, as a result from the investments carried out by the Trustee pursuant to this Agreement. 
 In
any event, investment and/or sale instructions shall be delivered to the Trustee and under no circumstances the financial intermediary maintaining any investment shall be granted with discretionary authority for the applicable investments.

 (b) Exchange transactions. The Parties hereby instruct the Trustee to, and without incurring in any liabilities
whatsoever, carry out the exchange transactions required pursuant to this Agreement; provided, however, that the Trustee shall be authorized to carry out such transactions with its own treasury, but only to the extent that the exchange
rate and related commercial terms offered by its own treasury are in terms comparable to those available in the relevant market for similar transactions. The Parties hereby agree that the Trustee shall not be liable for any losses or damages in
respect to the funds kept in the Trust Assets resulting from fluctuations in the exchange rate. 
 The Trustee has not provided,
nor shall be responsible for providing to the Parties any advise whatsoever to the Parties, in respect of the convenience or inconvenience of investing, buying, selling or maintaining, any investment instrument. 

The Trustee shall not assume any liability whatsoever in respect of the actions of third parties designated by the Parties involved in
the consulting, management and/or custody of the Trust Assets. 
 EIGHTH. Obligations of the Settlors and
Counterparties. During the term of this Agreement, the Settlors and Counterparties, as the case may be, shall be obligated as follows: 
 (a) The Settlors shall refrain from creating or agreeing to the creation or existence of any liens on or limitations of ownership in respect to the Trust Assets whatsoever, provided,
however, that such obligations, except upon the occurrence of the event described in and pursuant to the provisions of paragraph (d) of Clause Fourth hereof, 

  
 23 

 
shall not be deemed to restrict the right of the Settlors to instruct the Trustee with respect to the manner to exercise, or directly exercise, the Lenders Rights owned by the relevant Settlor,
being able to collect, offset, capitalize them (if shares or equivalent instruments are received, as a consequence of the capitalization, or if it does not receive shares or equity interest, the value of the outstanding shares is increased as a
result of not having nominal value or the value of the equity interest which owns is increased) and assign them to any other Settlor, or any other Group Member, as long as the assignment or transfer is subject to the condition, in order to become
effective, that the Group Member becomes an Additional Settlor and subscribes a contribution agreement in substantially similar terms to those of the document attached hereto as Schedule G (except in the case that the Lender Rights are
capitalized by the assignee and it receives shares or any other equivalent instrument, as a result of such capitalization, or the value of the outstanding shares is increased as a result of not having nominal value or the value of the equity
interest which owns is increased) and such transfer or assignment is notified within a term of 60 (sixty) Business Days from the date on which it took place, or to carry out any other action in respect of the Lender Rights, as long as such actions
do not adversely affect the rights of the First Beneficiary under this Agreement, in the understanding, that, except for the application of the Income in accordance with paragraph (d) of Clause Fourth, no amounts derived from the Lender Rights
shall be transferred, deposited or managed through the Trust Accounts, provided, further that any such assignments shall not become effective and will be deemed as not effective vis a vis the Trustee and the First Beneficiary,
if it is carried out within 270 (two hundred and seventy) Business Days prior to the date on which any Counterparty (or any Settlor) becomes subject to a Concurso Judgment. 
 (b) Pursuant to the provisions of paragraph (d) of Clause Fourth hereof, the Counterparties, hereby acknowledge and agree that any Income applied for the proportional payment of the Beneficiary
Obligations shall be deemed to have been applied in accordance with the terms of the Intercreditor Agreement and, thus, the foregoing shall not release them from their payment obligations in respect to the Settlors. 

(c) In the event that the Settlors execute any new Intercompany Credit Agreement (whether in writing or as a result of a legal
relationship) or Mexican Company Credit Agreements, or if they are assignees in respect of such agreements, the Settlors agree to carry out and enter into, and Cemex SAB agrees to cause any Group Member that is not a Settlor that enters into a new
Mexican Company Credit Agreement or Intercompany Credit Agreement, to carry out and enter into, the agreements and documents that may be necessary for the relevant Settlor or the Group Member, as the case may be, to assign to the Trustee, by means
of a contribution in accordance with the provisions and for the purposes set forth in this Agreement, the relevant Lender Rights. 
 (d) The Settlors agree to notify the Trustee and First Beneficiary in writing of any material amendment affecting the rights of the First Beneficiary or of the Creditors or the termination of any
Intercompany Credit Agreement or Mexican Company Credit Agreement, which amount is greater than US$25,000,000 (twenty five million Dollars) within 60 (sixty) Business Days following the date on which any such amendment or termination occurred (for
all purposes, including the 

  
 24 

 
assignment and contribution thereof in terms of this Agreement), and if any such amendment or termination could reasonably be expected to have a significant adverse effect on the rights of the
Creditors or First Beneficiary hereunder, only undertake any such amendment or termination if the prior written consent of the First Beneficiary shall have been obtained, and not to amend or terminate any Intercompany Credit Agreement or Mexican
Company Credit Agreement if a Concurso Notice has been delivered to the Trustee; provided, however, that (i) no amendment or termination will be effective vis a vis the Trustee or the First Beneficiary, if such amendment or
termination occurs within 270 (two hundred and seventy) Business Days prior to the date on which any Counterparty (or any Settlor) is subject to a Concurso Judgment, and (ii) the outstanding balance report referred to in paragraph
(e) below, may be used as termination notice. 
 (e) The Settlors agree to deliver to the Trustee and the First
Beneficiary, through the Settlors’ Representative, within 60 (sixty) Business Days following the end of each Quarter, a report of the outstanding balance of the Intercompany Credit Agreements and the Mexican Company Credit Agreements of each
Settlor with each Counterparty in respect to the Intercompany Credit Agreements and the Mexican Company Credit Agreements which amount is greater than US$25,000,000 (twenty five million Dollars). 

NINTH. Obligations of the Trustee. In addition to any other obligations of the Trustee set forth in this Agreement, the
Trustee shall be obligated to comply at all times during the term of this Agreement with the following obligations: 
 (a)
diligently and timely comply with the purposes of the Trust referred to in Clause Fourth hereof; 
 (b) carry out all actions
necessary in order to preserve the Trust Assets; 
 (c) carry out all necessary actions, including the granting and revocation
of powers of attorney, in order for the Trustee, the Settlors (through the Settlors’ Representative) and/or the First Beneficiary, as the case may be, be able to exercise the rights and purposes herefrom; 

(d) deliver to the Representative of the Settlors and the First Beneficiary the reports specified in Clause Tenth hereof; 

(e) maintain the files, reports, evidences of payment and other documentation evidencing the compliance of its obligations; 

(f) notify the First Beneficiary and the Settlors’ Representative, in a timely and diligently fashion, of any circumstance of which
the Trustee has become aware that could affect the exercise of the rights in favor of the First Beneficiaries, the First Beneficiary, the Trustee or the Settlors hereunder; 
 (g) refrain from executing activities or actions contrary to the provisions hereof or that may affect the Creditor’s or First Beneficiary rights, and 

  
 25 

 (h) comply with the provisions of this Trust, being liable for the losses or damages
suffered by the Trust Assets derived from causes attributable to the Trustee, in case the Trustee acts with willful misconduct, negligence or bad faith, or breaches any of the provisions hereof, as determined by the a competent judicial authority by
means of a judgment against the Trustee. 
 Subject to the terms and conditions hereof, the Trustee shall have, among others,
all authorities in favor of attorneys-in-fact, especially those derived from article 391 of the LGTOC, for the accomplishment of the purposes of this Trust and expressly limited to such purposes including, but not limited to: 

 

	 	•	 	 the broadest authorities corresponding to general attorneys-in-fact for lawsuits and collections and acts of administration without any limitations
whatsoever, as per the provisions of the first two paragraphs of article 2554 of the Civil Code; 

  

	 	•	 	 authorities for acts of ownership, the exercise of which shall be undertaken in accordance with the written instructions received from the Parties, as
the case may be. 

  

	 	•	 	 express authority to grant and revoke general and special powers of attorney. 

 

	 	•	 	 exercise the rights derived herefrom, including those related to the Trust Assets in accordance with the instructions received from the Parties, as the
case may be; 

 The Trustee shall generally have the broadest authorities and shall be authorized to exercise
all authorities necessary or convenient for the accomplishment of the purposes of the Trust. 
 TENTH. Information.
The Trustee shall inform the Settlors’ Representative and the First Beneficiary on a monthly basis, the assets constituting the Trust Assets including, but not limited to, any contributions received by the Trustee, interest, losses and
profits, capital contributions, payments made pursuant to the instructions of the Settlors’ Representative or the First Beneficiary and cash balances, by means of the account statements issued by the Trustee for purposes of the foregoing. The
Parties hereby authorize the Trustee to make available to them, by email sent to the email address provided by the Parties, copies of the aforementioned statements within 10 (ten) days following termination of the corresponding period, thus
releasing the Trustee from its obligation to deliver physical copies of the aforementioned account statements through the Mexican Postal Service. The Settlors’ Representative and the First Beneficiary shall have the authority to request
clarifications in connection with the foregoing within 20 (twenty) Business Days following the date on which the account statements are forwarded by email. In the event no remarks are made within said term, the information shall be deemed to be
accepted, except in the event said information contains information prepared with willful misconduct or in bad faith or in case the errors in the statements are not apparent. 

  
 26 

 For purposes of the foregoing, the account statements shall be deemed to be delivered within
10 (ten) Business Days following receipt of the relevant email; in the event no copies of the abovementioned bank statements are received in the email accounts of the Parties during such term, the Settlors’ Representative or the First
Beneficiary, as the case may be, shall have the right to notify the Trustee within the following 5 (five) Business Days. In the event the Settlors’ Representative and the First Beneficiary request account statements corresponding to previous
periods, they shall request delivery thereof to the Trustee in writing, in order to allow issuance thereof by the Trustee. 

ELEVENTH. Taxes. The provisions of this Agreement do not fall within the provisions of Articles 13 and 144 of the Income
Tax Law, 113 of the Income Tax Law Regulations, and 16 of the Flat Tax Rate Law (Ley del Impuesto Empresarial a Tasa Única). Under no circumstances shall the Trustee hire personnel, nor shall it assume any obligations whatsoever
derived from the obligation to undertake payments to third parties, such as tax retentions, informative declarations, and others related thereto, which shall be prepared by the Settlors. 

All Taxes established or imposed by the applicable fiscal statutes derived from the validity of this Agreement or by the execution of
actions provided for hereunder including, but not limited to, the filing of applicable notices and/or statements shall be the sole responsibility of the Settlors, and/or the First Beneficiary, if applicable, as the case they may be, or, if
applicable thereto, of the Trustee, in each case as may be required pursuant to applicable law. 
 The Trustee shall not be
liable for the calculation of the Taxes or for the default of the obligations, that are the responsibility of the Settlors and the First Beneficiary. In respect to the tax obligations that, if the case, shall be complied with by the Trustee as a
consequence of actions regarding the purposes of the Trust or those actions pursuant to the instructions of the Settlors or the First Beneficiary, the Trustee shall perform said obligations by charging the resources of the Trust Assets and, if no
sufficient funds exist, each of the Settlors agrees to contribute to this Trust, through the Trustee, sufficient funds to comply with the tax obligations set forth in this Clause. 

The Settlors and the First Beneficiary shall provide the Trustee, upon the latter’s reasonable request, all documents necessary or
sufficient in order to evidence their due and full compliance of their tax obligations. 
 The Parties agree that the Trustee
has not provided nor will provide advice regarding tax, legal or accounting matters aimed for the taking of actions or decisions in respect of the creation and management of this Trust. Consequently, the Settlors and the First Beneficiary shall be
solely responsible for obtaining their own legal, tax or accounting advice. 
 Each of the Settlors shall assume before the
Trustee and third parties, the liabilities resulting from any Tax derived or that could derive from the creation of this Trust or the administration and ownership of the Trust Assets; in virtue of the foregoing, and if

  
 27 

 
necessary, they shall be bound to make sufficient contributions to the Trust in order to fulfill such obligations and, if the case, to indemnify and hold the Trustee harmless in respect of the
performance of any obligation derived from the foregoing. 
 The Settlors’ liability provided for hereunder shall remain in
effect upon termination of this Agreement or in the event of the resignation of the Trustee; but in any case, said liability shall remain effective for a term of at least 5 (five) years following the termination date hereof. 

TWELFTH. Limitations to the Liability of the Trustee. For the execution of the actions provided hereunder, the Trustee
shall at all times act pursuant to the provisions of this Agreement, and always in accordance with the written instructions, of the Settlors’ Representative and of the First Beneficiary, as the case may be. 

The Trustee exclusively assumes the obligations expressly set forth herein, therefore, no additional responsibility may required from or
imposed on the Trustee notwithstanding such responsibility has been agreed to by the Parties or by any other third party in accordance with the documents or legal acts related to or pursuant to which this Trust was created, unless with the
Trustee’s express prior consent. 
 Each of the Settlors authorizes and irrevocably instructs the Trustee to use the
amounts which are part of the Trust Assets, to pay any expenses derived directly or indirectly from the performance of its obligations set forth herein or in the applicable law, provided that the Trustee shall notify the Settlors’
Representative and the First Beneficiary the expenses paid with the Trust Assets in accordance with the terms of this Agreement. 
 The Settlors hereby release the Trustee from any liability incurred by it resulting from any legal and/or physical actions carried out by the Trustee in the performance of its duties and/or the execution
of the instructions it received pursuant to this Agreement, except in the cases of willful misconduct, negligence or bad faith of the Trustee as determined by a competent court in a final judgment. The Settlors shall have the unlimited and joint
obligation to (a) hold harmless the Trustee and its fiduciary delegates from any claims, disputes, damages, contractual or extra-contractual liabilities, proceedings, lawsuits, losses, damages, fines, actions or judgments filed, delivered,
issued or imposed by any third party, individual or competent federal or local court in Mexico or abroad (solely in respect of said jurisdictions where the Settlors operate) against the Trustee and its fiduciary delegates; and to (b) reimburse
the Trustee and its fiduciary delegates any costs or expenses of any nature (including reasonable and documented attorneys’ fees at market standards) incurred by any of them, or any damages or losses they may suffer resulting from any claim,
judgment, proceeding, lawsuit, liability, loss, damage, fine or action filed, issued or imposed against the Trustee and its fiduciary delegates, in connection with the effectiveness and legality of this Agreement, or any actions undertaken by the
Trustee in accordance with the written instructions received by it pursuant to this Agreement and the other agreements executed by the Trustee. The foregoing shall not be applicable if any such liability, damage or loss results as a consequence of
the willful misconduct, bad faith or 

  
 28 

 
negligence of the Person entitled to be indemnified in terms of this Clause Twelfth or if such Person performs any action not authorized hereunder, as determined by a final judgment issued by a
competent authority. 
 The Trustee shall not be obligated to make any payment whatsoever with its own assets, or to incur in
any financial liability other than those assumed in its capacity as Trustee in terms of this Agreement. 
 The Settlors hereby
acknowledge and agree that the Trustee’s activities hereunder shall be undertaken solely in its capacity as Trustee in accordance with the terms hereof. 
 The Trustee shall only be liable for the damages and losses caused to any Person resulting from the Trustee’s willful misconduct or negligence, in case it breaches its obligations hereunder or under
applicable law, and the Trustee’s liability is determined in a final judgment issued by a competent court. 
 The Trustee
shall not have the obligation to confirm or verify the authenticity or effectiveness of any report, instruction, title or certificate delivered to the Trustee by the Settlors’ Representative or the First Beneficiary in accordance to this
Agreement. The Trustee assumes no liability whatsoever in respect of any representation made by the other Parties hereto or in the documents related herewith. 
 The Settlors and the First Beneficiary expressly agree and acknowledge that the Trustee is not a party to the Financing Documents and, thus, it does not, nor is required to, acknowledge or interpret the
content thereof (except for this Agreement) in order to perform its obligations hereunder, provided that the First Beneficiary hereby informs the Trustee that it is acting hereunder pursuant to and in accordance with the Intercreditor Agreement.

 The Settlors and the First Beneficiary agree and acknowledge that the Trustee shall have no liability whatsoever in case the
Trust Assets or any portion thereof is seized, nationalized or as a result of the breach of its obligations hereunder for reasons or circumstances outside of its control. 
 THIRTEENTH. Defense of the Trust Assets. The Trustee shall deliver written notice to the Settlors’ Representative and the First Beneficiary of any event or threat it becomes aware of,
that could affect the Trust Assets. The Trustee shall be obligated to deliver the powers of attorney necessary for the defense of the Trust Assets to the Persons appointed (i) by the Settlors’ Representative in writing prior to the
Trustee’s receipt of a Concurso Notice, and (ii) by the First Beneficiary, in writing, following the Trustee’s receipt of a Concurso Notice. In the event the Settlors’ Representative or the First Beneficiary, as the case may be,
refuses to execute the actions necessary for the defense of the Trust Assets, or fails to appoint the Persons in favor of which said powers of attorney shall be granted or fails to propose the actions necessary for the defense of the Trust Assets,
within 5 (five) days immediately following the notice of such action or threat by the Trustee, the Trustee shall deliver written notice of such refusal or failure of action by the Settlors’ Representative or the First Beneficiary, to the
Settlors’ Representative 

  
 29 

 
or the First Beneficiary, as the case may be, and shall grant the proxies necessary for the defense of the Trust Assets to the individuals or entities appointed in writing by the Settlors’
Representative or the First Beneficiary, as the case may be. In the event the Settlors’ Representative or the First Beneficiary fail to appoint an attorney-in-fact pursuant to the foregoing, and the absence of such appointment adversely affects
the Trust Assets, the Trustee shall make its best efforts, but shall not be obligated to grant powers-of-attorney to the Persons determined by the Trustee, at its sole discretion, to whom it shall deliver the appropriate instructions for the defense
of the Trust Assets until the Settlors’ Representative or the First Beneficiary provide written instructions in respect of such defense. The Trustee and its fiduciary delegates shall not be liable for the actions of said attorneys-in-fact nor
for the payment of costs, expenses and fees incurred as a result of the appointment and the defense of the Trust Assets. 
 In
the event the Trustee is served with a judicial order or any other notice or claim related herewith from any third party whatsoever, the Trustee shall immediately deliver a copy of such document to the Settlors’ Representative and to the First
Beneficiary, in which case the provisions set forth in the immediately preceding paragraph shall be applicable. 
 All costs and
fees to be covered in connection with the accomplishment of this Agreement, shall be jointly and severally paid by the Settlors, thus, the Settlors agree to deliver to the Trust Assets or pay directly to the Trustee all amounts necessary in order to
grant the Trustee with sufficient funds to cover the corresponding expense within the term informed by the Trustee and, in case the Trustee does not inform such term, within 3 (three) Business Days following receipt of the request delivered by the
Trustee. 
 The Trustee, when acting in accordance of the written instructions received from the Settlors’ Representative
or the First Beneficiary, as the case may be, and such actions are within the scope of authorities hereunder, the Trustee shall be released from any liability whatsoever in respect of the actions executed thereby, except when acting with willful
misconduct, negligence or bad faith. 
 In the event of penalties derived from any proceeding related to the Trust Assets or
against the Trustee, acting in such capacity, initiated by any third party, the payment of the costs and expenses determined in such regard, shall be paid jointly by the Settlors, or if not paid by the Settlors, with the Trust Assets, in accordance
with the terms of this Clause, except where the Trustee acted with willful misconduct, bad faith or negligence or carries out actions that are not authorized hereunder, as determined by the corresponding judicial authority by means of a judgment
issued against the Trustee. 
 FOURTEENTH. Amendments. This Agreement may only be amended by means of a written
agreement executed by the Trustee, each of the Settlors, the First Beneficiary, and each of the Counterparties. 
 FIFTEENTH.
Substitution of the Trustee. (a) The Trustee may resign by means of written notice delivered to the Settlors’ Representative and the First Beneficiary at least 60 (sixty) days prior

  
 30 

 
to the date on which such resignation shall become effective. Upon receipt of a resignation notice from the Trustee, and provided that no Concurso Notice has been delivered, the
Settlors’ Representative, subject to the consent of the First Beneficiary shall appoint a substitute Trustee, to be appointed by the Parties, amongst any Mexican institution with a nationally recognized trust department; in the
understanding, however, that the Trustee shall continue to act as trustee until the date on which the substitute Trustee executes the documentation described in section (c) below. 

(b) Subject to the consent of the Settlors’ Representative (which consent cannot be unreasonably denied or withheld), the First
Beneficiary shall be authorized to remove the Trustee, upon written notice to the Trustee at least 30 (thirty) days prior to the removal date, and shall be entitled to appoint another credit institution to act as substitute trustee. In the event the
First Beneficiary issues a Concurso Notice, the First Beneficiary shall be authorized to remove the Trustee in accordance with the provisions of this Clause, in which case the consent of the Settlors’ Representative shall not be required.

 (c) The substitute trustee shall consent in writing to its designation as trustee hereunder to the resigning or removed
Trustee, the Settlors’ Representative and the First Beneficiary, which consent shall be evidenced by a trustee substitution agreement executed for such purposes. Immediately thereafter, the resigning or removed Trustee shall transfer all assets
in its possession, in its capacity as Trustee, pursuant this Agreement to the substitute trustee, and only then shall the resignation or removal of the Trustee shall become effective, in which case the substitute trustee shall assume all rights,
authorities and obligations of the Trustee hereunder and perform its duties hereunder in such capacity. 
 (d) Upon termination
of its appointment, whether in virtue of resignation or removal, the Trustee shall prepare a report on the Trust Assets since the date of the latest delivered report in accordance with this Agreement until the date on which such resignation or
removal becomes effective. The Parties shall have thirty (30) days to review such report and request any clarifications deemed appropriate. Upon expiration of such term, the report shall be deemed approved if no remarks are made in respect
thereof. 
 SIXTEENTH. Substitution of the First Beneficiary. The Parties hereto hereby agree that the initial or
any subsequent First Beneficiary may be removed as a First Beneficiary hereunder, in accordance with the terms of the Intercreditor Agreement, and substituted also in accordance with the terms of the Intercreditor Agreement. In the event of the
appointment of a substitute First Beneficiary, the appointment of such substitute shall become effective if, in addition to such substitute delivering a prior notice to the Trustee disclosing its identity and other relevant information, (i) the
documentation required by the Trustee in accordance with its internal know your customer policies is delivered to it by such substitute, and (ii) such substitute executes any documents requested by the Trustee to formalize its designation
pursuant to the terms hereof in order to assume its capacity as “First Beneficiary”, provided that the First Beneficiary may be released from its obligations and appointment hereunder, if any, notwithstanding that a substitute first
beneficiary has not yet been appointed or become a First Beneficiary hereunder. 

  
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 The Parties agree that immediately following the removal of any First Beneficiary in
accordance with the immediately preceding paragraph, the First Beneficiary so removed shall no longer represent the Lenders pursuant to the terms hereof and the substitute first beneficiary shall have all rights, authorities and obligations of the
First Beneficiary hereunder and shall have such representation and duties in such capacity. 
 SEVENTEENTH.
Assignment. None of the Settlors may assign, transfer or encumber its rights or transfer its obligations hereunder; except (a) for those assignments or transfers to any other Settlor or any other Group Member, provided,
however, that the assignment or transfer is subject to the condition, in order to become effective, that the Group Member becomes an Additional Settlor and executes a contribution agreement in substantially similar terms to those of the
document attached hereto as Schedule G (except in the case that the Lender Rights are capitalized by the assignee and it receives shares or any other equivalent instrument, as a result of such capitalization, or if it does not receive
shares or equity interest, the value of the outstanding shares is increased as a result of not having nominal value or the value of the equity interest which owns is increased) and such transfer or assignment is notified within a term of 60 (sixty)
Business Days from the date on which it took place, or (b) for those assignments or transfers to any third party other than a Settlor subject to the prior written authorization of the First Beneficiary, provided that such obligations,
except upon the occurrence of the event described in and pursuant to the provisions of paragraph (d) of Clause Fourth hereof, shall not be deemed to restrict the right of the Settlors to instruct the Trustee with respect to the manner to
exercise, or directly exercise, such Lenders Rights, and such Settlor may carry out any other action in respect of the Lender Rights, as long as such actions do not adversely affect the rights of the First Beneficiary under this Agreement, in the
understanding, that, except in such case, no amounts derived from the Lender Rights shall be transferred, deposited or managed through the Trust Accounts, provided further that any such assignments shall not become effective and will be
deemed as not effective vis a vis the Trustee and the First Beneficiary, if it is carried out within 270 (two hundred and seventy) Business Days prior to the date on which any Counterparty (or any Settlor) becomes subject to a Concurso
Judgment. The Creditors may assign their rights hereunder in accordance with the provisions of the Financing Documents (including those derived herefrom). 
 The Trustee may not assign its rights and obligations hereunder; however, it shall have the right to resign to act as Trustee, in accordance with the provisions of Clause Fifteenth above. 

EIGHTEENTH. Instructions and Communications to the Trustee. The Parties hereby agree that all instructions, notices,
requests, responses, as well as any other kinds of communications required or allowed pursuant to the provisions hereof, shall be in writing and shall be rendered effective as set forth in Clause Twenty Third. The aforementioned instructions may be
delivered by any of the means agreed to in advance by the Parties, which may include original copy directly delivered at the mentioned domiciles, by certified mail, with 

  
 32 

 
acknowledgement of receipt or via facsimile transmission, e-mail in PDF format or any other alternate means of communication agreed upon by the Parties, provided that the provisions of
this Clause are duly complied with. 
 For purposes of the notices and instructions delivered to the Trustee pursuant to this
Agreement, this Trust shall be identified by the contract number hereof and by the authorized and duly registered signature or signatures of whomever requests a transaction or service, which shall be a part of the instructions delivered to the
Trustee. 
 For purposes of the foregoing, the Trustee represents that it has implemented certain mechanisms and/or proceedings
for the receipt and execution of instructions, inclusive of those transmitted via facsimile transmission, e-mail in PDF format or other transmission and/or communication means; in light thereof, the Parties, as the case may be, shall execute
together with the Trustee the documents necessary to that effect, which documents shall be provided by the latter. 
 The
Parties acknowledge and agree that the Trustee shall be authorized to execute, on banking Business Days and hours, solely and exclusively the instructions issued pursuant to this Agreement and the mentioned security procedures. 

As per the provisions of article 52 of the LIC, the Parties agree that the Trustee shall not be liable in the event it suspends or
cancels the actions corresponding to any instruction issued by the Settlors’ Representative and/or the First Beneficiary, as the case may be, upon the occurrence of any of the events established in such article. The Trustee shall be bound to
deliver written notice to the Parties in respect of any action it may execute in accordance with the provisions of the mentioned article. 
 The Settlors and the First Beneficiary, as aware of the risks implied in virtue of the issuance of instructions by electronic means such as errors, security risks and lack of confidentiality, as well as
of the possibility of fraudulent actions derived therefrom, have convened with the Trustee that the delivery of all kinds of instructions related to this Agreement via telex or facsimile transmission, e-mail in PDF format and/or original copies,
shall be contained in letterheaded pages. In virtue of the foregoing, the Settlors and the First Beneficiary hereby authorize the Trustee to execute the instructions received thereby through the mentioned means, in virtue of which they hereby
release the Trustee from any liability derived from said transmissions and the Settlors agree to jointly indemnify the Trustee in terms of the indemnity provisions established in this Agreement solely in respect of the instructions delivered to the
Trustee through the mentioned means, except in such cases in which the Trustee has acted with bad faith, willful misconduct or negligence. 
 The Trustee shall not be obligated to review the authenticity of said instructions or communications nor to verify the identity of the sender or of the confirming party, thus, the Parties hereto expressly
acknowledge to be obligated in virtue of any instruction or communication delivered in their name and accepted by the Trustee, except in such cases in which the lack of authenticity of the instruction or communication is apparent. Notwithstanding
the 

  
 33 

 
foregoing, the Trustee will be authorized to request confirmation of any transmission received in accordance with the provisions of this Clause, in the understanding, however, that
the Trustee shall notify the corresponding Party on the same Business Day on which it receives any instruction. 
 In light of
the foregoing, the Settlors’ Representative and the First Beneficiary appoint the individuals whose names and signatures appear in Schedule P hereto (each, an “Authorized Officer”) to issue said instructions to
the Trustee, in the understanding, however, that said Schedule may be periodically amended by each of the Settlors or the First Beneficiary, as the case may be, by the delivery of a written notice pursuant to the provisions of this
Agreement. The Trustee is authorized to act in accordance with the instructions transmitted pursuant to this Clause. 
 In the
event that the corresponding instructions are not delivered in accordance with the foregoing provisions and/or the Trustee is unable to make a confirmation call in respect thereto, the Parties expressly and irrevocably instruct the Trustee to
refrain from executing such instructions, except in urgent cases. 
 In order for the Trustee to act in accordance with the
instruction letters described herein, such instruction letters shall comply with the following minimum requirements: 
  

	 	(a)	Be addressed to Banco Nacional de México, S.A., integrante del Grupo Financiero Banamex; 

 

	 	(b)	Make reference to the Trust number [*]; and 

  

	 	(c)	Contain the express and clear instructions to be executed by the Trustee, expressly mentioning any specific amounts, sums or activities. 

In the event the Trustee acts as per the instructions duly issued by whoever is authorized thereto, pursuant to this Agreement and in
accordance with the terms, conditions and purposes hereof, its actions shall not result in any liabilities whatsoever against said Trustee. 
 NINETEENTH. Appointment of the Settlors’ Representative. Each Settlor, in its capacity as Settlor and Counterparty, as the case may be, hereby irrevocably appoints Cemex SAB
(hereinafter, the “Settlors ́ Representative”) as its true and legitimate representative, agent and attorney-in-fact (i) for purposes of receiving in name of each Settlor and Counterparty, any communication delivered by
the First Beneficiary or the Trustee pursuant to this Agreement; (ii) receive in name of each Settlor and Counterparty, copies of the subpoenas, claims and other documentation related to any proceeding and (iii) if the case may be, to
receive any funds pursuant to the provisions of Clause Sixth. As a consequence of the above, any notice, communication or, if the case, transfer of funds destined to the Settlors and/or Counterparty and delivered to the Settlors’
Representative, shall have the same legal effects as if it were directly delivered to each Settlor and/or Counterparty. Each of the Settlors and Counterparties hereby authorizes and instructs the Settlors’ Representative to accept such
communications in each of their names. The appointment of the Settlors’ Representative 

  
 34 

 
shall be irrevocable until the appointment of a successor for the Settlors’ Representative, in which case such appointment shall be subject to the authorization of the First Beneficiary and
notified to the Trustee. 
 The power of attorney granted pursuant to this Clause Nineteenth constitutes an agency or a special
power of attorney for lawsuits and collections, granted in accordance with the first paragraph of Article 2554 of the Civil Code. For purposes of the provisions of article 2555 of the Civil Code, the special power of attorney granted hereby shall be
formalized in the public instrument containing this Agreement and before the corresponding notary public. In terms of article 2596 of the Civil Code, the power of attorney granted hereby shall be irrevocable in virtue of it being granted in the
compliance of an obligation, and as a condition of a bilateral agreement. 
 TWENTIETH. Expenses and costs of the
Trustee. As compensation for entering into this Agreement and the compliance of its obligations hereby, the Settlors shall pay to the Trustee the corresponding fees in accordance with Schedule J hereof. 

The Settlors agree to jointly pay all reasonable costs and expenses derived from the entering into of this Agreement and its ratification
before notary public. Additionally, the Settlors agree to jointly pay to Trustee and the First Beneficiary, as soon as it is requested, the reasonable and documented costs and expenses incurred by the Trustee and the First Beneficiary as a result of
any amendment or addition to this Agreement (and any Schedule hereof), as well as any other reasonable and documented expenses or costs, if any, related to the enforceability of this Agreement. 

TWENTY FIRST. Term. This Agreement shall be effective from the date hereof and shall remain in full force and effect until
the date on which the purposes set forth herein have been achieved, provided that (a) the term of this Agreement shall not exceed the maximum term permitted by law and (b) this Agreement shall automatically terminate, without need
of any notice whatsoever, from any Party hereto, on the Termination Date, in accordance with the terms of the Financing Documents, and only if all the expenses and fees of the Trustee have been covered. Upon termination of this Agreement, the
balance, if any, of the Trust Assets, shall be returned to each Settlor proportionally to their contributions, as the Settlors instruct the Trustee. 
 TWENTY SECOND. Reversion. The Settlors shall have the right so that, upon termination of this Agreement pursuant to the provisions of Clause Twenty First hereof, all present or future assets
or rights delivered by each of the Settlors or to which the Settlors are entitled to and which are considered as a part of the Trust Assets, be returned to them in accordance with the instruction given by the Settlors’ Representative to the
Trustee. 
 THE TRANSFER OF THE TRUST ASSETS TO THE TRUSTEE, IN ACCORDANCE WITH THIS AGREEMENT DOES NOT CONSTITUTE, NOR SHALL BE
INTERPRETED OR DEEMED AS A SALE IN ACCORDANCE WITH SECTION IV A, OF ARTICLE 14 OF THE FEDERAL TAX CODE, AS THE SETTLORS HAVE THE RIGHT OF REVERSION IN ORDER TO RECOVER LEGAL TITLE TO THE TRUST ASSETS, IN TERMS HEREOF. 

  
 35 

 TWENTY THIRD. Notices and Domiciles. All notices and communications delivered
or sent under this Agreement shall be in writing, in Spanish and sent or delivered to the Settlors ́ Representative, the Trustee and the First Beneficiary; in the event of notices or general announcements, those shall be sent or delivered to
the following domiciles, fax numbers, or e-mail addresses in PDF format (as the case may be), or in any other domicile, fax number or e-mail address (as the case may be) specified by each of the Parties upon prior written notice sent to the other
Parties to this Trust, provided, however, that, (i) all notices via fax or e-mail address in PDF formats shall be confirmed by a document with the original signature of the Party which sent such notice, within the following 3
(three) Business Days, and it shall be evidenced in leatherhead paper, (ii) all notices and communications addressed to the First Beneficiary shall be translated into English, and the Settlors will jointly bear the related costs, and
(iii) notices by the First Beneficiary may be sent in English, which may be translated into Spanish by the recipient, and the Settlors will jointly bear the costs of such translation. All notices and communications shall be effective on the day
following its delivery, if delivered in the addressee’s domicile, and if sent via fax or e-mail at the moment the addressee issues a response via fax, e-mail or any other written means. 

To the Settlors, Second Beneficiaries and Counterparties, through the Settlors ́ Representative: 

Ave. Ricardo Margáin Zozaya # 325 
 Col. Valle del Campestre 
 Garza García, Nuevo León 66265 

México 

Facsimile: 52(81)8888-4399 
 Attention: Legal vicedirector 
 To the First Beneficiary: 

1 King’s Arms Yard 
 Third Floor 
 London EC2M 7AF 

United Kingdom 

Facsimile: (44) 207-397-3601 
 Attention: Sajada Afzal 
 To the Trustee: 

Calzada del Valle No. 350 Oriente 1er. Piso 
 Col. Del Valle 
 San Pedro Garza García, Nuevo León 66220 

Mexico 

Facsimile: 52(81)1226-2097 
 Attention: [*] 
 TWENTY FOURTH. Schedules. All of the Schedules
hereof are an integral part hereto, as if they were inserted verbatim. 
 TWENTY FIFTH. Conflict. In an event of
conflict between the provisions hereunder and the provisions of the Intercreditor Agreement or the Financing Documents, the provisions of the Intercreditor 

  
 36 

 
Agreement or the Financing Documents shall prevail; provided that the Trustee does not have, and shall not have, the obligation to know or interpret the content, terms and conditions of
the Financing Documents and other related documents (except for this Agreement). 
 TWENTY SIXTH. Indemnity.
(a) Except if the relevant damages, losses or responsibilities had been covered in accordance with Clause 16 of the Intercreditor Agreement, the Settlors, on a joint and several basis, agree to indemnify and hold harmless each of the Trustee
(including without limitation, its trust delegates, employees and representatives), the First Beneficiary and any and all the Beneficiary Creditors, their respective directors, employees, advisors and affiliates, from and against any and any all
claims, of any nature whatsoever, for damages, losses and any other responsibilities (except to the extent any such claim is determined to have resulted from such the Trustee’s or the First Beneficiary’s gross negligence or willful
misconduct), that may be incurred by or asserted or awarded against, the Trustee, the First Beneficiary or the Beneficiary Creditors, their respective directors, employees, advisors and affiliates, in each case arising out of or in connection with
the defense of the Trust Estate, the exercise of their respective rights hereunder, this Agreement or the obligations of each such party hereunder, including, without limitation, from and against and any all claims, damages, losses, liabilities and
expenses (including without limitation reasonable fees and expenses of counsel) that may be incurred by or asserted or awarded against the Trustee, the First Beneficiary or the Beneficiary Creditors, their respective directors, employees, advisors
and affiliates. 
 (b) The obligations of the Settlors set forth in this Clause Twenty Sixth, shall remain in full force and
effect for the applicable statute of limitations and notwithstanding the occurrence of the Termination Date, or by any other reason this Agreement may be terminated. 
 TWENTY SEVENTH. Expenses. (a) Except if the relevant fees and expenses had been covered in accordance with the Intercreditor Agreement, all reasonable and documented fees and expenses
paid or payable in connection with this Agreement, shall be paid or payable, on a joint and several basis, by the Settlors. The Trustee shall not be obligated to use its own funds to pay any fees or expenses incurred or payable in connection with
this Agreement or with the satisfaction of its obligations hereunder and, therefore, the only obligation of the Trustee shall consist of sending to the Settlors, the Counterparties and the First Beneficiary (in this last case, for information
purposes), a timely request for additional funds to be provided. The First Beneficiary shall have the right, but not the obligation, if in possession of funds under the Facilities Agreement, the Intercreditor Agreement and other related documents,
to pay such fees and expenses, and, upon any such payment, the amounts so paid shall be considered part of the Beneficiary Obligations, shall be secured as set forth herein, and shall bear interest, form the time of payment, pursuant to the terms of
the Facilities Agreement. 
 (b) The obligations of the Settlors set forth in this Clause Twenty Seventh, shall remain in full
force and effect for the applicable statute of limitations and notwithstanding the occurrence of the Termination Date. 

  
 37 

 TWENTY EIGTH. Certain provisions for the First Beneficiary. (a) The First
Beneficiary shall not have any fiduciary duties to, nor shall it have any duty to protect the interests of, the Settlors, the Counterparties or the Trustee. 
 (b) In acting as beneficiary hereunder, it shall be deemed that the First Beneficiary is acting through its agency division, which shall be treated as a separate entity from its other divisions and
departments thereof. Any information received or acquired by the First Beneficiary, which is received or acquired by another division or department, or otherwise than in its capacity as First Beneficiary hereunder, may be treated as confidential by
the First Beneficiary. 
 (c) In acting or exercising its rights, or complying with its obligations, if any, under this
Agreement, including the delivery of any Concurso Notice or any instruction pursuant section (d) of Clause Fourth the First Beneficiary or any other action, in-action or consent under this Agreement, shall act in accordance with the provisions
of the Intercreditor Agreement and shall be entitled to request instructions or directions from the Instructing Group or the Super Majority Instructing Group, as the case may be (each as defined in the Intercreditor Agreement) or otherwise in
accordance with the terms of the Intercreditor Agreement, and the First Beneficiary shall not be held liable for any delay caused by so doing. In so acting, the Beneficiary shall have the rights, benefits, protections, indemnities and immunities set
forth in the Intercreditor Agreement. 
 (d) The First Beneficiary shall have no obligation to monitor, nor shall it be liable
for, the actions or in-actions of other Parties hereto or for any such Parties’ compliance with the terms of this Agreement. 
 (e) The provisions set forth in this Clause Twenty Eighth shall remain in full force and effect for the applicable statute of limitations and notwithstanding the occurrence of the Termination Date, or by
any other reason this Agreement may be terminated. 
 TWENTY NINTH. Severability. In the event any of the
provisions hereunder are declared by a competent court as invalid or unenforceable, such provision shall be considered and interpreted separately from the other provisions herein, and will not affect in any form the validity, legality or
enforceability of this Agreement. 
 THIRIETH. Entire Agreement. This Agreement constitutes the entire agreement
between the Parties regarding the scope of this Agreement, and supersedes any past, verbal, or written communication in relation to its scope. 
 THIRTY FIRST. Waiver. Failure or delay by any of the Parties to exercise any of the rights, remedies, faculties or privileges provided in this Agreement (whether partially or individually),
shall not be deemed or interpreted as a waiver thereof or as a waiver of the not exercised rights. Any notice or litigation against the incumbent Settlor shall not constitute a waiver of any of the rights of the First Beneficiary to undertake any
other or further action. 

  
 38 

 THIRTY SECOND. Novation. The execution of this Agreement, shall not constitute
a novation, amendment or payment of the Beneficiary Obligations. 
 THIRTY THIRTH. Applicable Law and
Jurisdiction. This Agreement shall be governed by, and construed in accordance with the valid laws of Mexico. 
 The
parties hereto, irrevocably submit to the exclusive jurisdiction and competence of the courts having a seat in Mexico City, Federal District, Mexico, in respect of any claim or legal proceeding related to the interpretation or performance of this
Agreement and therefore waive any other jurisdiction to which they may be entitled to by virtue of their present or future domicile, or for any other reason. 
 THIRTY FOURTH. “Know your Client” Trustee Policy. In accordance to the Trustee policies for the acceptance of new businesses, the Parties hereby ratify and represent that the
updated information provided in the form delivered to the Trustee known as Know Your Client and the documentation attached therewith, is true and accurate. 
 [signature page follows] 

  
 39 

 IN CONSIDERATION OF THE FOREGOING, this Agreement is executed on 17, September
2012. 
 THE SETTLORS (signature page 1 of 2) 
 CEMEX Costa Rica, S.A. 
 CEMEX Dominicana, S.A. 

Cemex Materials LLC 

CEMEX NY Corporation 
 Cemex Research Group AG 
 Construction Funding Corporation 

Gulf Coast Portland Cement Co. 
 Sunbulk Shipping N.V. 
 Administradora de Proyectos de Energia, S.A.P.I. de C.V.

 Arkio de México, S.A. de C.V. 
 Aviación Comercial de América, S.A. de C.V. 
 Carbonifera de San
Patricio, S.A. de C.V. 
 Cedice Caribe, S.A. de C,V. 
 Cementos Anáhuac, S.A. 
 Cementos Guadalajara, S.A. de C.V. 

Cementos Mexicanos, S.A. de C.V. 
 Cementos Monterrey, S.A. de C.V. 
 Cementos Tolteca, S.A. de C.V. 

Cemex, S.A.B. de C.V. 
 Cemex Agregados, S.A. de C.V. 
 Cemex Central, S.A. de C.V. 

Cemex Concretos, S.A. de C.V. 
 Cemex Internacional, S.A. de C.V. 
 Cemex México, S.A. de C.V. 

Cemex Shared Services Americas, S.A. de C.V. 
 Cemex Transporte, S.A. de C.V. 
 Cemex Vivienda, S.A. de C.V. 

Cemexnet, S.A. de C.V. 
 Centro Distribuidor de Cementa, S.A. de C.V. 
 Camercializadora Construrama, S.A. de
C.V. 
 Compañia De Transportes Del Mar De Cortes, S.A. de C.V. 

Compañia Minera Atoyac, S.A. de C.V. 
 Concretos Monterrey, S.A. de C.V. 
 Construcciones y Mantenimientos Viales, S.A. de
C.V. 
  

					
		  	/s/ Roger Saldaña Madero            	  	
		  	By: Roger Saldaña Madero	  	
		  	Title: Attorney in Fact	  	
			
		  	/s/ René Delgadillo Galván            	  	
		  	By: René Delgadillo Galván	  	
		  	Title: Attorney in Fact	  	

  
 40 

 THE SETTLORS (signature page 2 of 2) 

Construmexcla, S.A. de C.V. 
 Empresas Tolteca de Mexico, S.A. de C.V. 
 Fujur, S.A. de C.V. 

Granos y Terrenos, S.A. de C.V. 
 Impra Café, S.A. de C.V. 
 Inmobiliaria Río La Silla, S.A. de C.V.

 Inmobiliaria Río San Fernando, S.A. de C.V. 
 Inmobiliaria Río San Martin, S.A. de C.V. 
 Inmobiliaria Valle del Campestre,
S.A. de C.V. 
 Inmobiliaria y Servicios Turcem, S.A. de C.V. 

Mercis, S.A. de C.V. 
 Mexcement Holdings, S.A. de C.V. 
 Neoris Consulting Services, S.A. de C.V.

 Neoris de México, S.A. de C.V. 
 Neoris Outsourcing Services, S.A de C.V. 
 Petrocemex, S.A. de C.V. 

Pro Ambiente, S.A. de C.V. 
 Profesionales en Logistica de México, S.A. de C.V. 
 Proveedora de Fibras
Textiles, S.A. de C.V. 
 Proveedora Mexicana de Materiales, S.A. de C.V. 

Rendimiento Alternativo, S.A. de C.V. 
 Servicios Agregados Cemex, S.A. de C.V. 
 Servicios Cemento Cemex, S.A. de C.V.

 Servicios Cemex México, S.A. de C.V. 
 Servicios Concreto Cemex, S.A. de C.V. 
 Servicios para la Autoconstrucción,
S.A. de C.V. 
 Servicios Proambiente, S.A. de C.V. 
 Servicios Profesionales Cemex, S.A. de C.V. 
 Servicios Promexma, S.A. de C.V.

 Servicios Transporte Cemex, S.A. de C.V. 
 Sinergia Deportiva, S.A. de C.V. 
 Tecnologías de Recursos Minerales, S.A. de
C.V. 
 Teg Energia, S.A. de C.V. 
 Ventika, S.A. de C.V. 
 Ventika II, S.A. de C.V. 

Visión Global en Infraestructura y Desarrollo, S.A. de C.V. 

 

					
		 	/s/ Roger Saldaña Madero            	 	
		 	By: Roger Saldaña Madero	 	
		 	Title: Attorney in Fact	 	
			
		 	/s/ René Delgadillo Galván            	 	
		 	By: René Delgadillo Galván	 	
		 	Title: Attorney in Fact	 	

  
 41 

 THE TRUSTEE 
 Banco Nacional de México, S.A., integrante del Grupo Financiero Banamex 
  

					
		 	/s/ Andrés Cárdenas Ortiz Monasterio            	 	
		 	By: Andrés Cárdenas Ortiz Monasterio	 	
		 	Title: Attorney in Fact	 	

  
 42 

 THE FIRST BENEFICIARY 

Wilmington Trust (London) Limited, 
 in its capacity as Security Agent, 
 on behalf and for the benefit of the

 Original Creditors and the Refinancing Creditors 

 

					
		 	/s/ Maria de los Ángeles Montemayor Garza            	 	
		 	By: Maria de los Ángeles Montemayor Garza	 	
		 	Title: Representative	 	
			
		 	/s/ Elva Nelly Wing
Treviño                                       
 	 	
		 	By: Elva Nelly Wing Treviño	 	
		 	Title: Representative	 	

  
 43 

 Acknowledged and Agreed with the Appearance of: 

THE COUNTERPARTIES 
 Aviación Comercial de América, S.A. de C.V. 
 Carbonífera de
San Patricio, S.A. de C.V. 
 Cementos Guadalajara, S.A. de C.V. 

Cemex, S.A.B. de C.V. 
 Cemex Agregados, S.A. de C.V. 
 Cemex Central, S.A. de C.V. 

Cemex Concretos, S.A. de C.V. 
 Cemex Internacional, S.A. de C.V. 
 Cemex México, S.A. de C.V. 

Cemex Shared Services Americas, S.A. de C.V. 
 Cemex Transporte, S.A. de C.V. 
 Cemex Vivienda, S.A. de C.V. 

Centro Distribuidor de Cemento, S.A. de C.V. 
 Compañía de Transportes del Mar de Cortés, S.A. de C.V. 

Compañía Minera Atoyac, S.A. de C.V. 
 Construmexcla, S.A. de C.V. 
 Corporación Gouda, S.A. de C.V. 

Empresas Tolteca de México, S.A. de C.V. 
 Fujur, S.A. de C.V. 
 Granos y Terrenos, S.A. de C.V. 

Inmobiliaria Cemex Huatulco, S.A. de C.V. 
 Inmobiliaria Ferri, S.A. de C.V. 
 Inmobiliaria Río La Silla, S.A. de C.V.

 Maderas y Granos de la Laguna, S.A. de C.V. 
 Mercis, S.A. de C.V. 
 Mexcement Holdings, S.A. de C.V. 

Neoris Consulting Services, S.A. de C.V. 
 Neoris de México, S.A. de C.V. 
 Neoris Outsourcing Services, S.A de C.V.

 Petrocemex, S.A. de C.V. 
 Pro Ambiente, S.A. de C.V. 
 Profesionales en Logística de México,
S.A. de C.V. 
 Proveedora Mexicana de Materiales, S.A. de C.V. 

Rendimiento Alternativo, S.A. de C.V. 
 Reservas Ecológicas Sustentables La Laguna, S.A. de C.V. 
 Servicios
Agregados Cemex, S.A. de C.V. 
 Servicios Cemento Cemex, S.A. de C.V. 

Servicios Cemex México, S.A. de C.V. 
 Servicios Concreto Cemex, S.A. de C.V. 
 Servicios para la Autoconstrucción,
S.A. de C.V. 
 Servicios Proambiente, S.A. de C.V. 
 Servicios Profesionales Cemex, S.A. de C.V. 
 Servicios Promexma, S.A. de C.V.

 Servicios Transporte Cemex, S.A. de C.V. 
 Sinergia Deportiva, S.A. de C.V. 
 Teg Energía, S.A. de C.V. 

Ventika, S.A. de C.V. 
  

					
		 	/s/ René Delgadillo Galván            	 	
		 	By: René Delgadillo Galván	 	
		 	Title: Attorney in Fact	 	

  
 44 

 Schedule 1 

Settlors and Second Place Beneficiaries 
 CEMEX Costa Rica, S.A. 
 CEMEX Dominicana, S.A. 

Cemex Materials LLC 
 CEMEX NY Corporation

 Cemex Research AG 
 Construction
Funding Corporation 
 Gulf Coast Portland Co. 
 Sunbulk Shipping N.V. 
 Administradora de Proyectos de Energía, S.A.P.I. de C.V.

 Arkio de México, S.A. de C.V. 
 Aviación Comercial de América, S.A. de C.V. 
 Carbonífera de San Patricio,
S.A. de C.V. 
 Cedice Caribe, S.A. de C.V. 
 Cementos Anáhuac, S.A. 
 Cementos Guadalajara, S.A. de C.V. 

Cementos Mexicanos, S.A. de C.V. 
 Cementos
Monterrey, S.A. de C.V. 
 Cementos Tolteca, S.A. de C.V. 
 Cemex, S.A.B. de C.V. 
 Cemex Agregados, S.A. de C.V. 

Cemex Central, S.A. de C.V. 
 Cemex Concretos,
S.A. de C.V. 
 Cemex Internacional, S.A. de C.V. 

  
 45 

 Cemex México, S.A. de C.V. 
 Cemex Shared Services Americas, S.A. de C.V. 
 Cemex Transporte, S.A. de C.V. 

Cemex Vivienda, S.A. de C.V. 
 Cemexnet, S.A.
de C.V. 
 Centro Distribuidor de Cemento, S.A. de C.V. 
 Comercializadora Construrama, S.A. de C.V. 
 Compañía de Transportes del Mar de
Cortés, S.A. de C.V. 
 Compañía Minera Atoyac, S.A. de C.V. 
 Concretos Monterrey, S.A. de C.V. 
 Construcciones y Mantenimientos Viales, S.A. de C.V.

 Construmexcla, S.A. de C.V. 

Empresas Tolteca de México, S.A. de C.V. 

Fujur, S.A. de C.V. 
 Granos y Terrenos, S.A.
de C.V. 
 Impra Café, S.A. de C.V. 
 Inmobiliaria Río La Silla, S.A. de C.V. 
 Inmobiliaria Río San Fernando, S.A. de
C.V. 
 Inmobiliaria Río San Martín, S.A. de C.V. 
 Inmobiliaria Valle del Campestre, S.A. de C.V. 
 Inmobiliaria y Servicios Turcem, S.A. de C.V.

 Mercis, S.A. de C.V. 
 Mexcement
Holdings, S.A. de C.V. 
 Neoris Consulting Services, S.A. de C.V. 
 Neoris de México, S.A. de C.V. 
 Neoris Outsourcing Services, S.A de C.V. 

Petrocemex, S.A. de C.V. 
 Pro Ambiente, S.A.
de C.V. 

  
 46 

 Profesionales en Logística de México, S.A. de C.V. 

Proveedora de Fibras Textiles, S.A. de C.V. 

Proveedora Mexicana de Materiales, S.A. de C.V. 

Rendimiento Alternativo, S.A. de C.V. 

Servicios Agregados Cemex, S.A. de C.V. 

Servicios Cemento Cemex, S.A. de C.V. 

Servicios Cemex México, S.A. de C.V. 

Servicios Concreto Cemex, S.A. de C.V. 

Servicios para la Autoconstrucción, S.A. de C.V. 
 Servicios Proambiente, S.A. de C.V. 
 Servicios Profesionales Cemex, S.A. de C.V. 

Servicios Promexma, S.A. de C.V. 
 Servicios
Transporte Cemex, S.A. de C.V. 
 Sinergia Deportiva, S.A. de C.V. 
 Tecnologías de Recursos Minerales, S.A. de C.V. 
 Teg Energía, S.A. de C.V.

 Ventika, S.A. de C.V. 
 Ventika II,
S.A. de C.V. 
 Visión Global en Infraestructura y Desarrollo, S.A. de C.V. 

  
 47 

 Schedule 2 

Counterparties 

Aviación Comercial de América, S.A. de C.V. 
 Carbonífera de San Patricio, S.A. de C.V. 
 Cementos Guadalajara, S.A. de C.V. 

Cemex, S.A.B. de C.V. 
 Cemex Agregados, S.A.
de C.V. 
 Cemex Central, S.A. de C.V. 

Cemex Concretos, S.A. de C.V. 
 Cemex
Internacional, S.A. de C.V. 
 Cemex México, S.A. de C.V. 
 Cemex Shared Services Americas, S.A. de C.V. 
 Cemex Transporte, S.A. de C.V. 

Cemex Vivienda, S.A. de C.V. 
 Centro
Distribuidor de Cemento, S.A. de C.V. 
 Compañía de Transportes del Mar de Cortés, S.A. de C.V. 

Compañía Minera Atoyac, S.A. de C.V. 
 Construmexcla, S.A. de C.V. 
 Corporación Gouda, S.A. de C.V. 

Empresas Tolteca de México, S.A. de C.V. 

Fujur, S.A. de C.V. 
 Granos y Terrenos, S.A.
de C.V. 
 Inmobiliaria Cemex Huatulco, S.A. de C.V. 
 Inmobiliaria Ferri, S.A. de C.V. 

  
 48 

 Inmobiliaria Río La Silla, S.A. de C.V. 
 Maderas y Granos de la Laguna, S.A. de C.V. 
 Mercis, S.A. de C.V. 

Mexcement Holdings, S.A. de C.V. 
 Neoris
Consulting Services, S.A. de C.V. 
 Neoris de México, S.A. de C.V. 
 Neoris Outsourcing Services, S.A de C.V. 
 Petrocemex, S.A. de C.V. 

Pro Ambiente, S.A. de C.V. 
 Profesionales en
Logística de México, S.A. de C.V. 
 Proveedora Mexicana de Materiales, S.A. de C.V. 

Rendimiento Alternativo, S.A. de C.V. 

Reservas Ecológicas Sustentables La Laguna, S.A. de C.V. 
 Servicios Agregados Cemex, S.A. de C.V. 
 Servicios Cemento Cemex, S.A. de C.V. 

Servicios Cemex México, S.A. de C.V. 

Servicios Concreto Cemex, S.A. de C.V. 

Servicios para la Autoconstrucción, S.A. de C.V. 
 Servicios Proambiente, S.A. de C.V. 
 Servicios Profesionales Cemex, S.A. de C.V. 

Servicios Promexma, S.A. de C.V. 
 Servicios
Transporte Cemex, S.A. de C.V. 
 Sinergia Deportiva, S.A. de C.V. 
 Teg Energía, S.A. de C.V. 
 Ventika, S.A. de C.V. 

  
 49 

 [INTENTIONALLY LEFT BLANK] 

  
 50 

 Schedule A 

Copy of Facilities Agreement 

  
 51 

 Schedule B 

Copy of Intercreditor Agreement 

  
 52 

 Schedule C 

Copy of Settlors Powers of Attorney 

  
 53 

 Schedule D 

Copy of First Beneficiary Powers of Attorney 

  
 54 

 Schedule E 

Form of Accession Agreement 

  
 55 

 Schedule F 

Mexican Company Credit Agreements 

  
 56 

 Schedule G 

Form of Contribution Agreement 
 Contribution Agreement (the “Agreement”) to the Trust Agreement (as hereinafter defined) entered into by and between [—], as settlor (the
“Settlor”); Banco Nacional de México, S.A., integrante del Grupo Financiero Banamex, as trustee (the “Trustee”);Cemex, S.A.B. de C.V. in its capacity as Settlors’ Representative; and with the appearance
of [*], [*] and [*], in their capacity as Counterparties, pursuant to the following Recitals, Representations and Clauses: 

RECITALS 

I. On September 17, 2012, an Irrevocable Administration Trust Agreement with Reversion Rights Number F/111523-3 was entered into
(the “Trust Agreement”). Capitalized terms used herein and not otherwise defined shall have the meaning given to such terms in the Trust agreement. 
 II. The Settlor is the holder of the Lender Rights in respect of the [Intercompany Credit Agreements] [Mexican Company Credit Agreements] as described in the document attached hereto as Schedule
A (the “Additional Lender Rights”), to which, as the case may be, such [Intercompany Credit Agreement] [Mexican Company Credit Agreement] is also attached. 

III. Pursuant to Clause Second of the Trust Agreement, the Settlor hereby contributes to the trust created under the Trust Agreement, the
Additional Lender Rights to be part of the Trust Asserts. 
 REPRESENTATIONS 

Except as provided hereunder, each of the Parties on this date represents and ratifies, each of the Representations made in the Trust
Agreement, which are incorporated herein by reference as if set forth verbatim. 
 IN CONSIDERATION OF THE FOREGOING, and in
consideration of the obligations, agreements and representations established hereunder, the parties hereto agree to the following: 
 CLAUSES 
 FIRST. Definitions. The following capitalized terms
used herein shall have the meanings ascribed below or otherwise ascribed thereto in the Trust Agreement, the singular form shall have the same meaning when used in their plural form and vice versa: 

“Additional Lender Rights” shall have the meaning ascribed to such term in Recital II hereof, in the
understanding, however, that the Additional Lender Rights shall be considered as part of the “Lender Rights”, as such term is defined in and for purposes of, the Trust Agreement, and shall be part of the Trust Assets.

 “Agreement” shall have the meaning ascribed to such term in the Preamble of this Agreement. 

  
 57 

 “First Beneficiary” has the meaning ascribed to such term in the Preamble
of this Agreement. 
 “Trust Agreement” shall have the meaning ascribed to such term in Recital I of this
Agreement. 
 “Trustee” shall have the meaning ascribed to such term in the Preamble of this Agreement.

 “Settlor” shall have the meaning ascribed to such term in the Preamble of this Agreement. 

SECOND. Contribution of the Additional Lender Rights to the Trust Agreement. The Settlor transfers to the Trustee the
Additional Lender Rights, which shall be subject to the Trust Agreement and will be part of the Trust Assets. By the execution hereof, each of the Counterparties expressly, acknowledges, accepts and agrees to the affectation of the Additional Lender
Rights in terms hereto. 
 THIRD. Notice to the First Beneficiary. The Trustee hereby agrees to notify in writing
the First Beneficiary regarding the celebration of this Agreement, and the contribution of the Additional Lender Rights for all the effects foreseen in the Trust Agreement, within the next fifteen (15) Business Days from the date hereof.

 FOURTH. Ratification of the Terms in the Trust Agreements. The parties hereby confirm, accept and ratify all
the terms and conditions in the Trust Agreement which is and continues to be in full force and effect, and they adhere to such Agreement, in all its terms, without reservation or limitation whatsoever. 

FIFTH. No Novation. The execution hereof shall not constitute a novation of the parties’ obligations in terms of the
Trust Agreement. 
 SIXTH. Notices. All notices and any communication in terms of this Agreement and the Trust
Agreement, shall be delivered to each of the Parties hereto, pursuant to the terms and domiciles provided in Clause Twenty Third of the Trust Agreement. 
 SEVENTH. Exhibits. All exhibits hereunder are an integral part hereto, as if set forth verbatim. 
 EIGHTH. Applicable Law and Jurisdiction. This Agreement shall be governed by, and construed in accordance with the valid laws of Mexico. 

In connection with the interpretation and performance of this Agreement, the parties hereto hereby irrevocably submit to the exclusive
jurisdiction of the competent courts located in Mexico City, Federal District, Mexico, in respect of any claim or legal proceeding derived from this Agreement and therefore waive any other jurisdiction to which they may be entitled to in the future
by virtue of their domicile, or for any other reason whatsoever. 
 IN CONSIDERATION OF THE FOREGOING, this Agreement is signed on [*],
2012 
 [signature page follows] 

  
 58 

 THE SETTLOR 

 
 [—] 

 
  

By: 
 Title:
Attorney in Fact 
 THE TRUSTEE 
 Banco Nacional de México, S.A., integrante del Grupo Financiero Banamex 
  

 
 By: 

Title: Attorney in Fact 
 THE FIRST BENEFICIARY 
 Wilmington Trust (London) Limited 

 
  

By: 
 Title:
Attorney in Fact 
 THE SETTLOR’S REPRESENTATIVE 
 Cemex, S.A.B. de C.V. 
  

 
 By: 

Title: Attorney in Fact 
 Acknowledged and Agreed with the Appearance of : 
 THE COUNTERPARTIES

 [—] 

 
  

By: 
 Title:
Attorney in Fact 

  
 59 

 Schedule H 

Form of Concurso Notice 
 [Date] 
 Banco Nacional de México, S.A., 

integrante del Grupo Financiero Banamex 

Atención: Delegado Fiduciario, [*] 

Gentlemen: 
 Reference is made
to the Irrevocable Administration Trust Agreement with Reversion Rights No. F/111523-3 dated September 17, 2012 (as amended, supplemented or amended and restated from time to time, the “Trust Agreement”). Capitalized terms not
otherwise defined herein shall have the meaning ascribed to such terms in the Trust Agreement. 
 In terms of Clause Forth and
other applicable provisions of the Trust Agreement, we hereby inform you that on [—][—] ,[—] a
competent court in Mexico has issued a judgment declaring the Concurso Proceeding of [*], as evidenced by the [publication of the Concurso Judgment by the corresponding court, in the court bulletin board or in the judicial bulletin/the personal
service of the Concurso Judgment delivered by the conciliator or receiver/the publication of the extract of the Concurso Judgment in the Official Gazette of the Federation/any other form provided for under the LCM and other applicable legal
provisions, attached hereto as Sole Schedule. 
 [—] 

 
  

By: 

Title: Attorney in Fact 

  
 60 

 Schedule I 

Authorized Officers 

  
 61 

 Schedule J 

Trustee’s Fees 

  
 62EX-4.39

 Exhibit 4.39 
 CEMEX FINANCE LLC 
 (formerly CEMEX ESPAÑA FINANCE LLC)

 $106,586,333.79 9.66% Senior Notes due 2017 
 NOTE PURCHASE AGREEMENT 
 Dated as of September 17, 2012 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
			
	1.	 	AUTHORIZATION OF NEW NOTES.	  	 	2	  
			
	2.	 	RETURN OF OLD NOTES; ISSUANCE OF NEW NOTES.	  	 	2	  
			
	3.	 	CLOSING.	  	 	2	  
			
	4.	 	CONDITIONS TO CLOSING.	  	 	3	  
		 	4.1.	 	Representations and Warranties.	  	 	3	  
		 	4.2.	 	Performance.	  	 	3	  
		 	4.3.	 	Compliance Certificates.	  	 	3	  
		 	4.4.	 	Issuance of New Notes Permitted By Applicable Law, etc.	  	 	3	  
		 	4.5.	 	Facilities Agreement.	  	 	4	  
		 	4.6.	 	Payment of Special Counsel Fees.	  	 	4	  
		 	4.7.	 	Private Placement Number.	  	 	4	  
		 	4.8.	 	New Note Guarantee.	  	 	4	  
		 	4.9.	 	Agent for Service of Process.	  	 	4	  
			
	5.	 	THE FACILITIES AGREEMENT.	  	 	4	  
			
	6.	 	REPRESENTATIONS AND WARRANTIES OF CEMEX ESPAÑA AND THE COMPANY; REPRESENTATIONS OF THE PURCHASERS.	  	 	5	  
		 	6.1.	 	Representations and Warranties of CEMEX España and the Company.	  	 	5	  
		 	6.2.	 	Representations of the Purchasers.	  	 	5	  
			
	7.	 	CONSULTATION WITH NOTEHOLDERS.	  	 	6	  
			
	8.	 	MATURITY; PREPAYMENT OF THE NEW NOTES; INCREASE IN INTEREST RATE.	  	 	6	  
		 	8.1.	 	Stated Maturity.	  	 	6	  
		 	8.2.	 	Scheduled Amortization.	  	 	6	  
		 	8.3.	 	Optional Prepayments.	  	 	6	  
		 	8.4.	 	Replacement of Affected Holder for Tax Reasons.	  	 	6	  
		 	8.5.	 	Allocation of Partial Prepayments.	  	 	7	  
		 	8.6.	 	Mandatory Prepayment upon Disposal of CEMEX España or the Company.	  	 	7	  
		 	8.7.	 	Maturity; Surrender, etc.	  	 	7	  
		 	8.8.	 	Purchase of New Notes.	  	 	8	  
			
	9.	 	FEES.	  	 	8	  
			
	10.	 	INTEREST.	  	 	8	  
		 	10.1.	 	Interest Rate.	  	 	8	  
		 	10.2.	 	Adjustments to Interest Rate.	  	 	8	  

  
 i 

									
	11.	 	EVENTS OF DEFAULT.	  	 	8	  
			
	12.	 	REMEDIES ON DEFAULT, ETC.	  	 	9	  
		 	12.1.	 	Acceleration.	  	 	9	  
		 	12.2.	 	Other Remedies.	  	 	9	  
		 	12.3.	 	Rescission.	  	 	9	  
		 	12.4.	 	No Waivers or Election of Remedies, Expenses, etc.	  	 	10	  
			
	13.	 	REGISTRATION; EXCHANGE; SUBSTITUTION OF NEW NOTES.	  	 	10	  
		 	13.1.	 	Registration of New Notes.	  	 	10	  
		 	13.2.	 	Transfer and Exchange of New Notes.	  	 	10	  
		 	13.3.	 	Replacement of New Notes.	  	 	11	  
		 	13.4.	 	Additional New Notes.	  	 	11	  
			
	14.	 	PAYMENTS ON NEW NOTES.	  	 	12	  
		 	14.1.	 	Facilities Agreement.	  	 	12	  
		 	14.2.	 	Place of Payment.	  	 	12	  
		 	14.3.	 	Home Office Payment.	  	 	12	  
		 	14.4.	 	Tax Indemnification.	  	 	13	  
		 	14.5.	 	Currency of Payment.	  	 	15	  
			
	15.	 	EXPENSES, ETC.	  	 	15	  
		 	15.1.	 	Transaction Expenses.	  	 	15	  
		 	15.2.	 	Survival.	  	 	16	  
			
	16.	 	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.	  	 	16	  
			
	17.	 	AMENDMENT AND WAIVER.	  	 	17	  
		 	17.1.	 	Requirements.	  	 	17	  
		 	17.2.	 	Solicitation of Holders of New Notes.	  	 	17	  
		 	17.3.	 	Binding Effect, etc.	  	 	18	  
		 	17.4.	 	New Notes held by Company, etc.	  	 	18	  
			
	18.	 	NOTICES.	  	 	18	  
			
	19.	 	REPRODUCTION OF DOCUMENTS.	  	 	18	  
			
	20.	 	CONFIDENTIAL INFORMATION.	  	 	19	  
			
	21.	 	SUBSTITUTION OF PURCHASER.	  	 	20	  
			
	22.	 	MISCELLANEOUS.	  	 	20	  
		 	22.1.	 	Successors and Assigns.	  	 	20	  
		 	22.2.	 	Payments Due on Non-Business Days.	  	 	20	  
		 	22.3.	 	Severability.	  	 	20	  
		 	22.4.	 	Construction.	  	 	21	  
		 	22.5.	 	Counterparts.	  	 	21	  

  
 ii 

									
		 	22.6.	 	Governing Law.	  	 	21	  
		 	22.7.	 	Jurisdiction; Service of Process.	  	 	21	  
		 	22.8.	 	Judgment Currency.	  	 	23	  
			
	Schedules	 		  			
	Schedule A	 	Information Relating to Purchasers	  			
	Schedule B	 	Defined Terms	  			
			
	Exhibits	 		  			
	Exhibit 1	 	Form of New Note	  			
	Exhibit 2	 	Form of Certificate Regarding Lost Note	  			
	Exhibit 3	 	Facilities Agreement	  			

  
 iii

 CEMEX FINANCE LLC 

c/o CEMEX España, S.A. 
 Hernandez de Tajada No. 1 
 28027 Madrid, Spain 

$106,586,333.79 9.66% Senior Notes due 2017 
 as of September 17, 2012 
 TO EACH OF THE PURCHASERS LISTED ON THE ATTACHED SCHEDULE A:

 Ladies and Gentlemen: 
 CEMEX ESPAÑA, S.A., a corporation organized under the laws of the Kingdom of Spain (“CEMEX España”), and its wholly owned indirect Subsidiary CEMEX FINANCE LLC, formerly
CEMEX España Finance LLC, a limited liability company organized under the laws of Delaware (the “Company”), agree with the Purchasers listed on the attached Schedule A (the “Purchasers”) to this Note
Purchase Agreement (as amended, modified or supplemented, this “Agreement”) as follows: 
 Recitals

 WHEREAS, pursuant to a Consolidated Amended and Restated Note Purchase Agreement dated as of August 14, 2009 (as
amended, the “2009 Note Purchase Agreement”), the Company issued $882,407,495.57 aggregate principal amount of its 8.91% Senior Notes, Series A, due 2014 (the “2009 Series A Notes”), and ¥1,185,389,696.06
aggregate principal amount of its 6.625% Senior Notes, Series B, due 2014 (the “2009 Series B Notes”, and, together with the 2009 Series A Notes, the “Old Notes”), to the purchasers named on Schedule A thereto
(together with any persons who became subsequent purchasers of Old Notes in accordance with Section 13.2 of the 2009 Note Purchase Agreement, the “2009 Noteholders”); 

WHEREAS, the Purchasers have elected (i) to unilaterally, unconditionally and irrevocably extinguish the amounts and any other
obligations owing to them under the Old Notes and the 2009 Note Purchase Agreement (the “Extinguishments”) and for the New Notes (as defined herein) to be issued to them; and (ii) to enter into the Facilities Agreement (as
defined herein); 
 WHEREAS, in connection with the Extinguishments, the Old Notes held by each Purchaser as a
“holder” under the 2009 Note Purchase Agreement will be returned and cancelled, all as provided herein and in the Facilities Agreement (as defined herein); 
 WHEREAS, the Purchasers are entering into that certain Facilities Agreement dated on or about the date hereof among CEMEX, S.A.B. de C.V., a stock corporation organized under the laws of the United
Mexican States (the “Parent”), each of the borrowers, guarantors and security providers listed in Part I of Schedule 1 thereto, the other financial institutions listed in Part II of Schedule 1 thereto, the agent
named therein and the security agent named therein (as amended, restated, supplemented, waived or otherwise modified from time to time, the “Facilities Agreement”); and 

  
 1 

 WHEREAS, CEMEX España, the Company and the Purchasers desire to enter into this
Agreement to provide for the issuance of the New Notes (as defined herein) with terms and conditions consistent with those specified for such New Notes in the Facilities Agreement and subject always to the terms of the Facilities Agreement.

 NOW, THEREFORE, in consideration of the mutual promises set forth herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  

	1.	AUTHORIZATION OF NEW NOTES. 

 The Company will authorize the issuance of $106,586,333.79 aggregate principal amount of its 9.66% Senior Notes due February 14, 2017 (the “New Notes”), such term to include any
Additional New Notes, and any such notes issued in substitution therefor pursuant to Section 13 of this Agreement). The New Notes shall be substantially in the form set out in Exhibit 1 with such changes therefrom, if any, as may be
approved by the Purchasers and the Company. Certain capitalized terms used in this Agreement are defined in Schedule B; references to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an
Exhibit attached to this Agreement. Capitalized terms used in this Agreement but not defined in Schedule B have the meanings ascribed to them in the Facilities Agreement. 

 

	2.	RETURN OF OLD NOTES; ISSUANCE OF NEW NOTES. 

 Subject to the terms and conditions of this Agreement and the Facilities Agreement, upon delivery by each Purchaser to the Company of the Old Notes held by it in accordance with the provisions of
Section 3, each Purchaser shall receive from the Company New Notes in the principal amount specified opposite such Purchaser’s name on Schedule A. The obligations of each Purchaser hereunder are several and not joint obligations and
no Purchaser shall have any liability to any other Person for the performance or non-performance by any other Purchaser hereunder. Upon the issuance of New Notes following the delivery of Old Notes held by the Purchasers or an executed Certificate
Regarding Lost Note in the form attached hereto as Exhibit 2 (the “Lost Note Certificate”) to the Company in accordance with the provisions of Section 3, the Old Notes delivered by such Purchasers (or in respect of which
a Lost Note Certificate is delivered by such Purchasers) shall be cancelled. 
  

	3.	CLOSING. 

 The return of
the Old Notes to the Company and the issuance of the New Notes to the Purchasers shall occur at the offices of Skadden, Arps, Slate, Meagher & Flom, LLP, Four Times Square, New York, New York, at 8:00 a.m., New York time, at a closing (the
“Closing”) on the Effective Date. At the Closing, each Purchaser shall deliver its Old Note(s) or Lost Note Certificate to the Company. Upon the delivery of the Old Notes to the Company by each Purchaser, the Company will deliver to
each Purchaser New Notes in the form of a single New Note (or such greater number of New Notes in denominations of at least $200,000, as such Purchaser may request) in the principal amount specified opposite such Purchaser’s name on

  
 2 

 
Schedule A, dated the date of the Closing and registered in the name of such Purchaser (or in the name of such Purchaser’s nominee). If at the Closing the Company shall fail to
tender such New Notes to any Purchaser as provided above in this Section 3, and such Purchaser shall have delivered its Old Notes or Lost Note Certificate to the Company, or any of the conditions specified in Section 4 shall not have been
fulfilled to any Purchaser’s reasonable satisfaction, such Purchaser shall, at such Purchaser’s election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of
such failure or such nonfulfillment. 
  

	4.	CONDITIONS TO CLOSING. 

The obligation of each Purchaser to deliver its Old Note(s) to the Company and accept the delivery of New Notes at the Closing is subject
to the fulfillment to such Purchaser’s satisfaction, prior to or at the Closing, of the following conditions. If any Purchaser does not deliver its Old Note(s), the Company will require a Lost Note Certificate. 

 

	 	4.1.	Representations and Warranties. 

 The representations and warranties of CEMEX España and the Company in the Facilities Agreement shall be correct when made and at the time of the Closing (except for such representations and
warranties made as of a specific earlier date). 
  

	 	4.2.	Performance. 

CEMEX España and the Company shall have performed and complied with all agreements and conditions contained in this Agreement
required to be performed or complied with by them prior to or at the Closing. 
  

	 	4.3.	Compliance Certificates. 

 (a) Officer’s Certificate. Each of CEMEX España and the Company shall have delivered to such Purchaser an Officer’s Certificate, dated the date of the Closing, certifying that the
conditions specified in Sections 4.1 and 4.2 have been fulfilled. 
 (b) Secretary’s Certificate. Each of the
Company and CEMEX España shall have delivered to such Purchaser a certificate, signed by the Secretary of the Company and the Secretary of CEMEX España, respectively, certifying as to the resolutions attached thereto and other
corporate proceedings taken by it relating to the authorization, execution and delivery of the Finance Documents to which it is a party. 
  

	 	4.4.	Issuance of New Notes Permitted By Applicable Law, etc. 

 On the date of the Closing, the return and cancellation of the Old Notes held by the Purchasers and the issuance of the New Notes to the Purchasers shall (a) be permitted by the laws and regulations
of each jurisdiction to which each Purchaser is subject, without recourse to provisions (such as Section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of
the particular investment and (b) not violate any applicable law or regulation (including, without limitation, 

  
 3 

 
Regulation T, U or X of the Board of Governors of the Federal Reserve System). If requested by any Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as to
such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such return, cancellation and issuance is so permitted. 
  

	 	4.5.	Facilities Agreement. 

 Parent and CEMEX España, and all other parties to the Facilities Agreement, shall have executed and delivered the Facilities Agreement, and the conditions precedent to the effectiveness of the
Facilities Agreement as set forth therein under the definition of “Effective Date” shall have occurred or been waived in accordance with the provisions of the Facilities Agreement. 

 

	 	4.6.	Payment of Special Counsel Fees. 

 Without limiting the provisions of Section 15.1, the Company shall have paid on or before the Closing the fees, charges and disbursements of the Purchasers’ special counsel to the extent
reflected in a statement of such counsel rendered to the Company at least three Business Days prior to the Closing. 
  

	 	4.7.	Private Placement Number. 

 A Private Placement number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for the New Notes. 

 

	 	4.8.	New Note Guarantee. 

CEMEX España shall have executed and delivered to each Purchaser a counterpart of the New Note Guarantee and the New Note Guarantee
shall be in full force and effect as of the Effective Date. 
  

	 	4.9.	Agent for Service of Process. 

 CT Corporation System shall have accepted its appointment by the Company and Guarantor as the agent for service of process for the Company and the Guarantor in the City of New York, State of New York,
from the date of the Closing to and including December 31, 2017, and the Purchasers shall have received evidence of such acceptance. 
  

	5.	THE FACILITIES AGREEMENT. 

To the maximum extent permitted by law: (i) in the event of any inconsistency or conflict between the Intercreditor Agreement and any
other Finance Document, the Intercreditor Agreement will prevail; and (ii) in the event of any inconsistency or conflict between the Facilities Agreement and any other Finance Document (other than the Intercreditor Agreement), the terms of the
Facilities Agreement will prevail. The Facilities Agreement, as in effect on the date hereof, is attached hereto as Exhibit 3. 

  
 4 

	6.	REPRESENTATIONS AND WARRANTIES OF CEMEX ESPAÑA AND THE COMPANY; REPRESENTATIONS OF THE PURCHASERS. 

 

	 	6.1.	Representations and Warranties of CEMEX España and the Company. 

CEMEX España and the Company represent and warrant to the Purchasers that: 

(a) Private Offering by the Company. Neither the Company nor anyone acting on its behalf has offered the New Notes or any similar
securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers and not more than 59 other Institutional Investors (as defined in clause
(c) of the definition of such term), each of which has been offered the New Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance of the
New Notes to the registration requirements of Section 5 of the Securities Act. 
 (b) Foreign Assets Control
Regulations, etc. The issuance of the New Notes by the Company hereunder will not violate the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B,
Chapter V, as amended) or any enabling legislation or executive order relating thereto. Without limiting the foregoing, neither CEMEX España nor any Subsidiary (i) is or will become a blocked person described in the Anti-Terrorism Order
or the Department of the Treasury Rule or (ii) knowingly engages or will engage in any dealings or transactions with any such person. 
 (c) Foreign Corrupt Practices Act. The issuance of the New Notes by the Company hereunder will not cause any Purchaser to be in violation of any provision of the U.S. Foreign Corrupt Practices Act
of 1977 or other applicable national or local law regulating the payments of bribes to government officials or employees. 
  

	 	6.2.	Representations of the Purchasers. 

 (a) Purchase for Investment. Each Purchaser represents that it is acquiring the New Notes for its own account or for one or more separate accounts maintained by it or for the account of one or more
pension or trust funds and not with a view to the distribution thereof; provided that the disposition of such Purchaser’s or such pension or trust funds’ property shall at all times be within such Purchaser’s or such pension or trust
funds’ control. Each Purchaser understands that the New Notes have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is
available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not required to register the New Notes. 
 (b) Accredited Investor. Each Purchaser represents that it is an “accredited investor” within the meaning of Rule 501(a)(1), (2) or (3) under the Securities Act or an
entity in which all of the equity owners are accredited investors within the meaning of Rule 501(a)(1), (2) or (3) under the Securities Act. 

  
 5 

	7.	CONSULTATION WITH NOTEHOLDERS. 

 Each of CEMEX España and the Company agrees that if it solicits, participates in or initiates discussion of a substantive nature with any Creditor in its capacity as a Creditor concerning any
matter that, if pursued, in substantial likelihood would result in an amendment, variation, modification, waiver, override, replacement or supplement of any terms of the Facilities Agreement, this Agreement, the New Note Guarantee, the New Notes or
any other Finance Documents and such amendment, variation, modification, waiver, override, replacement or supplement would require a consent by either Majority Creditors, Super Majority Creditors or all Creditors, in each case directly affecting the
Purchasers in a substantive manner, then it shall also promptly consult on such matter in good faith with the Noteholders’ Representative. 
  

	8.	MATURITY; PREPAYMENT OF THE NEW NOTES; INCREASE IN INTEREST RATE. 

  

	 	8.1.	Stated Maturity. 

The entire principal amount of the New Notes shall become due and payable on February 14, 2017 except in the event that any of the
circumstances set out in Clause 5.1 (Spring Back Dates) of the Facilities Agreement occur, at which point the entire principal amount of the New Notes shall become due and payable in accordance with the terms of the Facilities Agreement.

  

	 	8.2.	Scheduled Amortization. 

 Repayment of the New Notes shall be made in accordance with Clause 5 (Repayment) and Clause 7 (Mandatory Prepayment and Segregated Accounts) of the Facilities Agreement. 

 

	 	8.3.	Optional Prepayments. 

 Subject to and in accordance with Clause 6.2 (Voluntary Prepayment) and Clause 6.4 (Right of repayment in relation to a single Creditor) of the Facilities Agreement, the Company may, at its
option, upon notice as provided below, prepay at any time all, or from time to time any part of the New Notes at 100% of the principal amount so prepaid, together with interest accrued but unpaid thereon to the date of such prepayment. The Company
will give each holder of New Notes written notice of each optional prepayment under this Section 8.3 in accordance with Clause 6.2 (Voluntary Prepayment) and Clause 6.4 (Right of repayment in relation to a single Creditor) of the
Facilities Agreement. 
  

	 	8.4.	Replacement of Affected Holder for Tax Reasons. 

 If the Company or CEMEX España (assuming that CEMEX España is required to make a payment) shall deliver to each holder (each, an “Affected Holder”) to which an Additional
Payment would be payable by the Company or CEMEX España on the occasion of the next payment by the Company or CEMEX España in respect of such New Notes (in the case of CEMEX España, in an amount greater than 10% of the amount
which CEMEX España would have been obligated to pay exclusive of the requirements of Section 14.4) (the date of such next payment in respect of which such Additional Payment will be due is herein referred to as the “Affected
Payment Date”) written notice of a Responsible Officer (with respect to each incident 

  
 6 

 
in which a Related Tax is initially levied by a Taxing Jurisdiction that would result in the payment of an Additional Payment, a “Tax Prepayment Notice”) setting forth in
reasonable detail the nature of the Related Tax in respect of such Additional Payment and confirming that: 
 (a) such Related
Tax is required, under the laws of such Taxing Jurisdiction, to be withheld or deducted from the payment due to such Affected Holders on such Affected Payment Date and that such payment is the first payment in respect of which such particular
Related Tax must be withheld (it being understood that the payment immediately following and reflecting a change in a pre-existing Related Tax shall be deemed the first payment with respect to such Related Tax), provided that if the enactment
of the statute or regulation, the amendment of an existing statute or regulation or the adoption or amendment of a treaty giving rise to a Related Tax occurs less than 180 days prior to the due date of a payment in respect of the New Notes that is
subject to such Related Tax, then, at the election of the Company, the first payment in respect of the New Notes, the due date of which is more than 180 days after such enactment, shall be deemed to be such first payment; and 

(b) as of the date of such opinion, such Related Tax would be required to be withheld from similar future payments to such Affected
Holders; 
 then, in accordance with Clause 37.4 (Replacement of Creditor) of the Facilities Agreement, the Company may replace such
Affected Holder. 
  

	 	8.5.	Allocation of Partial Prepayments. 

 In the case of each partial prepayment of the New Notes pursuant to Section 8.3, the principal amount of the New Notes to be prepaid shall be allocated among all of the New Notes at the time
outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. 
  

	 	8.6.	Mandatory Prepayment upon Disposal of CEMEX España or the Company. 

In the case of a Disposal of all of the shares in CEMEX España or in the Company, each of CEMEX España and the Company shall
ensure that upon completion of the Disposal the New Notes are prepaid in full. 
  

	 	8.7.	Maturity; Surrender, etc. 

 In the case of each prepayment of New Notes pursuant to this Section 8, the principal amount of each New Note to be prepaid shall mature and become due and payable on the date fixed for such
prepayment, together with interest on such principal amount accrued to such date. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable as aforesaid, interest on such principal amount shall
cease to accrue. Any New Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no New Note shall be issued in lieu of any prepaid principal amount of any New Note. 

  
 7 

	 	8.8.	Purchase of New Notes. 

 Except as permitted by Clause 8.4 (Prepayment in accordance with Agreement) and Clause 26.1 (Permitted Debt Purchase Transactions) of the Facilities Agreement, to which this Section 8.8
shall not apply, CEMEX España and the Company will not, nor will CEMEX España or the Company permit any Affiliate (to the extent that the Company or CEMEX España controls such Affiliate), to purchase, redeem, prepay or otherwise
acquire, directly or indirectly, any of the outstanding New Notes except (a) upon the payment or prepayment of the New Notes in accordance with the terms of this Agreement and the New Notes or (b) pursuant to an offer to purchase made by
any Obligor or an Affiliate pro rata to the holders of all New Notes at the time outstanding upon the same terms and conditions. Any such offer pursuant to the preceding clause (b) shall provide each holder with sufficient information to enable
it to make an informed decision with respect to such offer, and shall remain open for at least 30 Business Days. If the Required Holders accept such offer, the Company shall promptly notify the remaining holders of such fact and the expiration date
for the acceptance by holders of New Notes of such offer shall be extended by the number of days necessary to give each such remaining holder at least five Business Days from its receipt of such notice to accept such offer. The Company will promptly
cancel all New Notes acquired by it or any Affiliate pursuant to any payment, prepayment or purchase of New Notes pursuant to any provision of this Agreement, and no New Notes may be issued in substitution or exchange for any such acquired or
purchased New Notes. 
  

	9.	FEES. 

 The Parent shall
pay to each Purchaser the fees described in Clause 12 (Fees) of the Facilities Agreement in the amounts specified therein and in accordance with the provisions thereof. 

 

	10.	INTEREST. 

  

	 	10.1.	Interest Rate. 

Interest on the unpaid balance of each New Note shall initially be at the rate of 9.66% per annum from the Effective Date. Such
interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
  

	 	10.2.	Adjustments to Interest Rate. 

 Interest payable on the New Notes shall be adjusted in accordance with the terms and provisions of the Facilities Agreement, including but not limited to Clause 9 (Interest) of the Facilities
Agreement. Notwithstanding the foregoing, in no event shall the interest rate be less than 8.91% on the New Notes. 
  

	11.	EVENTS OF DEFAULT. 

 An
“Event of Default” shall exist if any Event of Default (as defined in the Facilities Agreement) occurs under any of Clauses 24.1 (Non-Payment) to 24.15 (Failure to Perform Payment Obligations) of the Facilities
Agreement. 

  
 8 

	12.	REMEDIES ON DEFAULT, ETC. 

  

	 	12.1.	Acceleration. 

 If
an Event of Default described in Section 11 has occurred and is continuing, any holders of the New Notes at the time outstanding may at any time at their option, by notice or notices to the Company, declare their New Notes then outstanding to
be immediately due and payable, subject to the prior authorization of the Majority Creditors of the taking of such action. 

Upon any New Notes becoming due and payable under this Section 12.1, whether automatically or by declaration, such New Notes will
forthwith mature and the entire unpaid principal amount of such New Notes, plus all accrued and unpaid interest thereon, shall be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of
which are hereby waived. The Company acknowledges, and the parties hereto agree, that each holder of a New Note has the right to maintain its investment in the New Notes free from repayment by the Company (except as herein specifically provided
for). 
  

	 	12.2.	Other Remedies. 

If the Company defaults in the payment of any principal or any interest on any New Note when the same becomes due and payable, whether at
maturity or at a date fixed for prepayment or by declaration or otherwise, any holder or holders of New Notes at the time outstanding affected by such default may at any time, at its or their option, take action available to it to recover any amount
due to it under the New Notes and this Agreement, other than the taking of the actions under Clause 24.16 (Acceleration) of the Facilities Agreement except as contemplated by that clause. If any Default or Event of Default has occurred and is
continuing, and irrespective of whether any New Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any New Note at the time outstanding may proceed, subject to the prior authorization of the
Majority Creditors of the taking of such action, to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any
New Note, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. 

 

	 	12.3.	Rescission. 

 At
any time after any New Notes have been declared due and payable pursuant to Section 12.1, the Required Holders by written notice to the Company may rescind and annul any such declaration and its consequences if (a) the Company has paid all
overdue interest on the New Notes, all principal of any New Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and (to the extent permitted by applicable law) any
overdue interest in respect of the New Notes, at the Default Rate, (b) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant
to Section 17 and (c) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the New Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of
Default or Default or impair any right consequent thereon. 

  
 9 

	 	12.4.	No Waivers or Election of Remedies, Expenses, etc. 

 No course of dealing and no delay on the part of any holder of any New Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights,
powers or remedies. No right, power or remedy conferred by this Agreement or by any New Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in
equity, by statute or otherwise. Without limiting the obligations of the Company under Section 15, the Company will pay to the holder of each New Note on demand such further amount as shall be sufficient to cover all costs and expenses of such
holder incurred in any enforcement or collection under this Section 12, including, without limitation, reasonable attorneys’ fees, expenses and disbursements. 

 

	13.	REGISTRATION; EXCHANGE; SUBSTITUTION OF NEW NOTES. 

  

	 	13.1.	Registration of New Notes. 

 The Company shall keep at its principal executive office a register for the registration and registration of transfers of New Notes. The name and address of each holder of one or more New Notes, each
transfer thereof and the name and address of each transferee of one or more New Notes shall be registered in such register. Prior to due presentment for registration of transfer, the Person in whose name any New Note shall be registered shall be
deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the contrary. The Company shall give to any holder of a New Note that is an Institutional Investor
promptly upon request therefor a complete and correct copy of the names and addresses of all registered holders of New Notes. 
  

	 	13.2.	Transfer and Exchange of New Notes. 

 Upon surrender of any New Note at the principal executive office of the Company for registration of transfer or exchange (and in the case of a surrender for registration of transfer, duly endorsed or
accompanied by a written instrument of transfer duly executed by the registered holder of such New Note or his attorney duly authorized in writing and accompanied by the address for notices of each transferee of such New Note or part thereof), and
the satisfaction of the requirements of Clause 25.1 (Assignments and transfers by the Creditors) of the Facilities Agreement, the Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new New
Notes (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered New Note. Each such new New Note shall be payable to such Person as such holder may request and
shall be substantially in the form of the New Note originally issued hereunder. Each such new New Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered New Note or dated the date of the
surrendered New Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of New Notes. New Notes shall not be
transferred in denominations of less than $200,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of New Notes, one New Note may be in a denomination of less than $200,000. Any transferee,
by its acceptance of a New Note registered in its name (or the name of its nominee), shall be deemed to have made the representations set forth in Section 6.2 and shall be deemed to be a Creditor under the Facilities Agreement. 

  
 10 

	 	13.3.	Replacement of New Notes. 

 Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any New Note (which evidence shall be, in the case of an
Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and 
 (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such New Note is, or is a nominee for, an original Purchaser or another
holder of a New Note with a minimum net worth of at least $50,000,000, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or 
 (b) in the case of mutilation, upon surrender and cancellation thereof, 
 the Company at its own
expense shall execute and deliver, in lieu thereof, a new New Note, dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated New Note or dated the date of such lost, stolen,
destroyed or mutilated New Note if no interest shall have been paid thereon. 
  

	 	13.4.	Additional New Notes. 

 In the event that a 2009 Noteholder elects to exchange into the Facilities Agreement in accordance with Clause 25.11 (Acceding Creditors) of the Facilities Agreement (such person, an
“Acceding Purchaser”), following the delivery of Old Notes held by such Acceding Purchaser or an executed Lost Note Certificate to the Company, (a) the Old Notes delivered by such Purchasers (or in respect of which a Lost Note
Certificate is delivered by such Purchasers) shall be cancelled; (b) the Company shall, subject to compliance with any other provision of this Agreement, without the consent of the holders, create and issue pursuant to this Agreement, New Notes
(such New Notes, the “Additional New Notes”) to such Acceding Purchaser that shall have the terms and conditions identical to those of the other New Notes, except with respect to: 

(i) the date of issuance of such Additional New Note; and 

(ii) the amount of interest payable on the first Interest Payment Date therefor; 

and (c) such Acceding Purchaser shall, from and after the issuance and purchase of the applicable Additional New Note pursuant to clause
(b) above, be considered for all purposes of this Agreement and the other New Note Documents a Purchaser and a holder. 
 The New Notes
issued on the date hereof and any Additional New Notes shall be treated as a single series for all purposes under this Agreement; provided that the Company may use different CUSIP or other similar numbers among New Notes issued on the date
hereof and among Additional New Notes to the extent required to comply with securities or tax law requirements. The Company, CEMEX España or any of its Affiliates will not (directly or indirectly) pay or

  
 11 

 
cause to be paid any remuneration or additional compensation or fee to any Acceding Purchaser that was not paid to original Purchasers unless such remuneration or additional compensation or fee
is concurrently paid on the same terms, ratably to each of the original Purchasers. 
  

	14.	PAYMENTS ON NEW NOTES. 

  

	 	14.1.	Facilities Agreement. 

 Payments of principal and interest becoming due and payable on the New Notes shall be made in accordance with Clause 31 (Payment Mechanics) of the Facilities Agreement; provided that, if any
payment of principal or interest that is due and payable is not made pursuant to Clause 31 (Payment Mechanics) of the Facilities Agreement, then such payment shall be made in accordance with this Section 14. 

 

	 	14.2.	Place of Payment. 

Subject to Section 14.1 and Section 14.3, payments of principal and interest becoming due and payable on the New Notes shall be
made in New York, New York at CEMEX NY Corporation, 590 Madison Avenue, 41st Floor, New York, NY 10022. The Company may at any time, by notice to each holder of a New Note, change the place of payment of the New Notes so long as such place of
payment shall be either the principal office of the Company in the United States or the principal office of a bank or trust company in the United States. 
  

	 	14.3.	Home Office Payment. 

 Subject to Section 14.1, so long as any Purchaser or a nominee of such Purchaser shall be the holder of any New Note, and notwithstanding anything contained in Section 14.2 or in such New Note
to the contrary, the Company will pay all sums becoming due on such New Note for principal and interest by the method and at the address specified for such purpose below such Purchaser’s name on Schedule A, or by such other method or at
such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such New Note or the making of any notation thereon, except that upon written request of
the Company made concurrently with or reasonably promptly after payment or prepayment in full of any New Note, such Purchaser shall surrender such New Note for cancellation, reasonably promptly after any such request, to the Company at its principal
executive office or at the place of payment most recently designated by the Company pursuant to Section 14.2. Prior to any sale or other disposition of any New Note held by any Purchaser or its nominee, such Purchaser will, at its election,
either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such New Note to the Company in exchange for a new New Note or New Notes pursuant to Section 13.2. The Company
will afford the benefits of this Section 14.3 to any Institutional Investor that is the direct or indirect transferee of any New Note purchased by any Purchaser under this Agreement and that has made the same agreement relating to such New Note
as such Purchaser has made in this Section 14.3. 

  
 12 

	 	14.4.	Tax Indemnification. 

 (a) Payments Free and Clear. All payments to be made by the Company under this Agreement and the New Notes will be made free and clear of, and without withholding or deduction for or on account of,
any present or future taxes, levies, imposts, duties, charges, assessments or fees of whatever nature, but excluding franchise taxes and taxes imposed on or measured by any holder’s net income or receipts (such non-excluded items,
“Related Taxes”) imposed or levied by or on behalf of Spain, the United States or any jurisdiction from or through which any amount is paid by the Company pursuant to the terms of this Agreement or the New Notes (or any political
subdivision or taxing authority of or in any such jurisdiction) (a “Taxing Jurisdiction”), unless the withholding or deduction of any such Related Tax is required by law. 

(b) Gross-Up, etc. If any deduction or withholding for any present or future Related Tax of a Taxing Jurisdiction shall at any
time be required in respect of any amount to be paid by the Company under this Agreement or the New Notes, the Company will promptly (i) pay over to the government or taxing authority of the Taxing Jurisdiction imposing such Related Tax the
full amount required to be deducted or withheld by the Company (including the full amount required to be deducted or withheld from or otherwise paid by the Company in respect of any Additional Payment required to be made pursuant to clause
(ii) of this Section 14.4(b)) and (ii) except as expressly provided below, pay to each holder entitled under this Agreement to receive the payment from which the amount referred to in the foregoing clause (i) has been so deducted
or withheld such additional amount as is necessary in order that the amount received by such holder after any required deduction or withholding of Related Tax (including, without limitation, any required deduction, withholding or other payment of
Related Tax on or with respect to such additional amount) shall equal the amount such holder would have received had no such deduction, withholding or other payment of Related Tax been paid (the “Additional Payment”), and if any
holder pays any amount in respect of any Related Tax on any payment due from the Company hereunder or under the New Notes, or penalties or interest thereon, then the Company shall reimburse such holder for that payment upon demand, provided that no
payment of any Additional Payment, or of any such reimbursement in respect of any such payment made by any such holder, shall be required to be made for or on account of: 

(A) any Related Tax that would not have been imposed but for the existence of any present or former connection between
such holder and the Taxing Jurisdiction or any territory or possession or area subject to the jurisdiction of the Taxing Jurisdiction, other than the mere holding of the relevant New Note, including, without limitation, such holder’s being or
having been a citizen or resident thereof, or being or having been present or engaged in a trade or business therein or having an establishment therein; 
 (B) any such holder that is not a resident of the United States of America or, with respect to any payment hereunder or under the New Notes owing to such holder, all or any part of which represents income
that is not subject to United States tax as income of a resident of the United States of America to the extent that, had such holder been a resident of the United States of America or had the payment been so subject to United States tax, or had the

  
 13 

 
payment been made to a location within the United States of America, the provisions of a statute, treaty or regulation of the Taxing Jurisdiction would have enabled an exemption to be claimed
from the Related Tax in respect of which an Additional Payment would otherwise have been payable; or 
 (C) any
combination of the items or conditions described in clause (A) or clause (B) of this Section 14.4(b); and 
 provided further
that the Company shall not be obliged to pay any Additional Payment to any holder of a New Note in respect of Related Taxes to the extent such Related Taxes exceed the Related Taxes that would have been payable but for the delay or failure by such
holder (after receiving a written request from CEMEX España or the Company to make such filing and including copies (together with instructions in English) of forms, certificates, documents, applications or other reasonably required evidence
(collectively, “Forms”) to be filed) in the filing with an appropriate Governmental Authority or otherwise of Forms required to be filed by such holder to avoid or reduce such Related Taxes and that in the case of any of the
foregoing would not result in any confidential income tax return information being revealed, either directly or indirectly, to any Person and such delay or failure could have been lawfully avoided by such holder, provided that such holder shall be
deemed to have satisfied the requirements of this proviso upon the good faith completion and submission of such Forms as may be specified in a written request of the Company no later than 45 days after receipt by such holder of such written request.

 (c) Official Receipt. If the Company shall make any such Additional Payment, it will promptly furnish each holder
receiving such Additional Payment under this Section 14.4 an official receipt issued by the relevant taxation or other authorities involved for all amounts deducted or withheld as aforesaid. 

(d) Other. Each holder agrees to use its best efforts to comply (after a reasonable period to respond) with a written request of
the Company delivered to such holder to provide information (other than any confidential or proprietary information) concerning the nationality, residence or identity of such holder, and to make such declaration or other similar claim or reporting
requirement regarding such information (copies of the forms of which declaration, claim or reporting requirement shall have been provided to such holder by the Company), that is required by a statute, treaty or regulation of the Taxing Jurisdiction
as a precondition to exemption from all or part of any Related Tax. The Company agrees to reimburse each holder for such holder’s reasonable out-of-pocket expenses, if any, incurred in complying with any such request of such Person. 

(e) Tax Refund. If the Company makes an Additional Payment under this Section 14.4 for the account of any Person and such
Person is entitled to a refund of any portion of the tax (a “Tax Refund”), to which such payment is attributable, and such Tax Refund may be obtained by filing one or more Forms, then such Person shall after receiving a written
request therefor from the Company (which request shall specify in reasonable detail the Forms to be filed), file such Forms. If such Person subsequently receives such Tax Refund, and such Person is readily able to identify the Tax Refund as being
attributable to the tax with respect to which an Additional Payment was made, then such Person shall reimburse the Company such amount as 

  
 14 

 
such Person shall determine acting in good faith to be the proportion of the Tax Refund, together with any interest received thereon, attributable to such Additional Payment as will leave such
Person after the reimbursement (including such interest) in no better or worse position than it would have been if the Additional Payment had not been required. Nothing in this clause (e) shall obligate any holder to disclose any information
regarding its tax affairs or computations to the Company. 
 (f) Survival. The obligations of the Company and the holders
under this Section 14.4 shall survive the payment in full of the New Notes and the termination of this Agreement. 
  

	 	14.5.	Currency of Payment. 

 (a) Payment in Dollars. All payments under the New Notes shall be made in Dollars. 
 (b) Certain Expenses. If any expense required to be reimbursed pursuant to this Agreement or the New Notes is originally incurred in a currency other than Dollars, the Company shall nonetheless
make reimbursement of that expense in Dollars, in an amount equal to the amount in Dollars that would have been required for the Person that incurred such expense to have purchased, in accordance with normal banking procedures, the sum paid in such
other currency (after any premium and costs of exchange) on the day that expense was originally incurred. 
 (c) Payments Not
in Dollars. To the fullest extent permitted by applicable law, the obligations of the Company in respect of any amount due under or in respect of this Agreement and the New Notes shall (notwithstanding any payment in any other currency, whether
as a result of any judgment or order or the enforcement thereof, the realization of any security, the liquidation of any Obligor, any voluntary payment by any Obligor or otherwise) be discharged only to the extent of the amount in Dollars that each
holder entitled to receive such payment may, in accordance with normal banking procedures, purchase with the sum paid in such other currency (after any premium and costs of exchange) on the Business Day immediately following the day on which such
holder receives such payment. If the amount in Dollars that may be so purchased for any reason falls short of the amount originally due, the Company shall indemnify and save harmless such holder from and against all loss or damage arising out of or
as a result of such deficiency. This indemnity shall constitute an obligation separate and independent from the other obligations contained in this Agreement and the New Notes, shall give rise to a separate and independent cause of action, shall
apply irrespective of any indulgence granted by such holder from time to time and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due under this Agreement or the New Notes or
under any judgment or order. 
  

	15.	EXPENSES, ETC. 

  

	 	15.1.	Transaction Expenses. 

 Whether or not the transactions contemplated hereby are consummated, the Company and CEMEX España will pay all reasonable costs and expenses (including reasonable attorneys’ fees

  
 15 

 
of one special U.S. counsel) incurred by the Purchasers in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, the
Finance Documents, the New Note Guarantee or the New Notes (whether or not such amendment, waiver or consent becomes effective), including, without limitation: (a) the costs and expenses incurred in enforcing or defending (or determining
whether or how to enforce or defend) any rights under this Agreement, the Finance Documents, the New Note Guarantee or the New Notes or in responding to any subpoena or other legal process or informal investigative demand issued in connection with
this Agreement, the Finance Documents, the New Note Guarantee or the New Notes, or by reason of being a holder of any New Note; (b) the costs and expenses, including financial advisors’ fees, incurred in connection with the insolvency or
bankruptcy of the Company, CEMEX España or any Subsidiary, the Parent or any subsidiary of the Parent or in connection with any work-out or restructuring of the transactions contemplated hereby, by the New Note Guarantee and by the New Notes;
and (c) the fees and costs incurred in connection with the initial filing of this Agreement and all related documents and financial information, and all subsequent annual and interim filings of documents and financial information related to
this Agreement (provided the Company shall not be required to pay more than $2,500 per year in respect of subsequent annual and interim filings), with the SVO. The Company and CEMEX España will pay, and will save each Purchaser and
each other holder of a New Note harmless from, all claims in respect of the fees, costs or expenses, if any, of brokers and finders (other than those retained by any Purchaser). Amounts payable pursuant to this Section 15.1 shall be payable in
Dollars. 
  

	 	15.2.	Survival. 

 The
obligations of the Company and CEMEX España under this Section 15 will survive the payment or transfer of any New Note, the enforcement, amendment or waiver of any provision of this Agreement, the New Note Guarantee or the New Notes, the
termination of this Agreement and the termination of the Facilities Agreement. 
  

	16.	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT. 

 All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the related New Notes, the purchase or transfer by any Purchaser of any such New Note or
portion thereof or interest therein and may be relied upon by any subsequent holder of any such New Note, regardless of any investigation made at any time by or on behalf of any Purchaser or any other holder of any such New Note. All statements
contained in any certificate or other instrument delivered by or on behalf of the Company or CEMEX España pursuant to this Agreement shall be deemed representations and warranties of the Company or CEMEX España, as applicable, under
this Agreement. Subject to the preceding sentence, this Agreement, the New Notes, the New Note Guarantee and the Finance Documents (to the extent applicable) embody the entire agreement and understanding between the Purchasers and the Company and
CEMEX España and supersede all prior agreements and understandings relating to the subject matter hereof. 

  
 16 

	17.	AMENDMENT AND WAIVER. 

  

	 	17.1.	Requirements. 

This Agreement, the New Note Guarantee and the New Notes may be amended, and the observance of any term hereof or of the New Notes may be
waived (either retroactively or prospectively), with (and only with) the written consent of CEMEX España, the Company and the Required Holders, except that (a) no amendment or waiver of any of the provisions of Section 1, 2, 3, 4,
5, 6, 10 or 21 hereof, or any defined term (as it is used in any such Section), will be effective as to any holder unless consented to by such holder in writing and (b) no such amendment or waiver may, without the written consent of the holder
of each New Note at the time outstanding affected thereby, (i) subject to the provisions of Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or
change the time of payment or method of computation of interest on, the New Notes, (ii) change the percentage of the principal amount of the New Notes the holders of which are required to consent to any such amendment or waiver or
(iii) amend Section 8, 11, 12, 14.5, 14.6, 17 or 20; provided, however, that if in accordance with Clause 37 (Amendments and Waivers) of the Facilities Agreement, the requisite Creditors consent to any amendment to or waiver
of any provision of the Facilities Agreement, the holders of New Notes shall be deemed to have consented to such amendment to or waiver under this Agreement, the New Note Guarantee and the New Notes. If requested, by CEMEX España or the
Company in connection with an amendment or waiver to this Agreement, the New Note Guarantee or the New Notes described in the preceding sentence, the holders of New Notes shall execute a consent to implement such amendment or waiver. 

 

	 	17.2.	Solicitation of Holders of New Notes. 

 (a) Solicitation. The Company will provide each holder of the New Notes (irrespective of the amount of New Notes then owned by it) with sufficient information, sufficiently far in advance of the
date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof, of the New Note Guarantee or of the New Notes. The
Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 17 to each holder of outstanding New Notes promptly following the date on which it is executed and
delivered by, or receives the consent or approval of, the requisite holders of New Notes. 
 (b) Payment. The Company,
CEMEX España or any of its Affiliates will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security, to any holder as consideration for
or as an inducement to the entering into by any holder of any waiver or amendment of any of the terms and provisions hereof or of the New Note Guarantee or of the Finance Documents (to the extent applicable) unless such remuneration is concurrently
paid, or security is concurrently granted, on the same terms, ratably to each holder then outstanding even if such holder did not consent to such waiver or amendment. 

  
 17 

	 	17.3.	Binding Effect, etc. 

 Any amendment or waiver consented to as provided in this Section 17 applies equally to all holders of New Notes and is binding upon them and upon each future holder of any New Note and upon CEMEX
España and the Company without regard to whether such New Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not
expressly amended or waived or impair any right consequent thereon. No course of dealing between the Company, CEMEX España or any of its Affiliates and the holder of any New Note nor any delay in exercising any rights hereunder, under the New
Note Guarantee or under any New Note or under the Finance Documents (to the extent applicable) shall operate as a waiver of any rights of any holder of such New Note. As used herein, the term “this Agreement” and references thereto shall
mean this Agreement as it may from time to time be amended or supplemented. 
  

	 	17.4.	New Notes held by Company, etc. 

 Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of New Notes then outstanding approved or consented to any amendment, waiver or
consent to be given under this Agreement, the New Note Guarantee or the New Notes, or have directed the taking of any action provided herein, in the New Note Guarantee or in the New Notes to be taken upon the direction of the holders of a specified
percentage of the aggregate principal amount of New Notes then outstanding, New Notes directly or indirectly owned by the Company, CEMEX España or any of its Affiliates shall be deemed not to be outstanding. 

 

	18.	NOTICES. 

 All notices and
communications shall be provided as set forth in Clause 33 (Notices) of the Facilities Agreement, with a copy to (which such copy shall not constitute notice): 

Bracewell & Giuliani LLP 
 Goodwin Square 
 225 Asylum Street 

Suite 2600 
 Hartford, Connecticut 06103 
 Attention: Renée M. Dailey

 Facsimile: (860) 246-3201 

 

	19.	REPRODUCTION OF DOCUMENTS. 

This Agreement and all documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may
hereafter be executed, (b) documents received by any Purchaser at the Closing (except the New Notes themselves) and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser, may be
reproduced by such Purchaser by any photographic, photostatic, microfilm, microcard, miniature photographic or other similar process and such Purchaser may destroy any original document so reproduced. Each of CEMEX España and the Company
agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the 

  
 18 

 
original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such Purchaser in the regular course of
business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 19 shall not prohibit CEMEX España, the Company or any other holder from contesting any such
reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. 
  

	20.	CONFIDENTIAL INFORMATION. 

For the purposes of this Section 20, “Confidential Information” means information delivered to any Purchaser by or
on behalf of CEMEX España or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified
when received by such Purchaser as being confidential information of CEMEX España or any Subsidiary; provided that such term does not include information that (a) was publicly known or otherwise known to such Purchaser prior to
the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on the behalf of such Purchaser, (c) otherwise becomes known to such Purchaser other than through
disclosure by CEMEX España or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser under Clause 20.1 (Financial statements) of the Facilities Agreement that are otherwise publicly available. Each
Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser; provided that
such Purchaser may deliver or disclose Confidential Information to (i) such Purchaser’s directors, trustees, officers, employees, agents, attorneys and affiliates (to the extent such disclosure reasonably relates to the administration of
the investment represented by such Purchaser’s New Notes), (ii) such Purchaser’s financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms
of this Section 20, (iii) any other holder of any New Note, (iv) any Institutional Investor to which such Purchaser sells or offers to sell such New Note or any part thereof or any participation therein (if such Person has agreed in
writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 20), (v) any Person from which such Purchaser offers to purchase any security of the Company or CEMEX España (if such Person
has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 20), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) the National
Association of Insurance Commissioners or any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio or (viii) any other Person to which such
delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any
litigation to which such Purchaser is a party or (z) if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or
for the protection of the rights and remedies under such Purchaser’s New Notes, the New Note Guarantee, the Finance Documents and this Agreement. Each holder of a New Note, by its acceptance of a New Note, will be deemed to have agreed to be
bound by and to be entitled to the benefits of this Section 20 

  
 19 

 
as though it were a party to this Agreement. On reasonable request by CEMEX España in connection with the delivery to any holder of a New Note of information required to be delivered to
such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with CEMEX España embodying the provisions of this Section 20.

  

	21.	SUBSTITUTION OF PURCHASER. 

Subject to Clause 25 (Changes to the Creditors) of the Facilities Agreement, each Purchaser shall have the right to substitute any
one of such Purchaser’s Affiliates as the acquirer of the New Notes that such Purchaser has agreed to acquire upon delivery of its Old Note(s) to the Company hereunder, by written notice to the Company, which notice shall be signed by both such
Purchaser and such Affiliate, shall contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the accuracy with respect to it of the representations set forth in Section 6.2.
Upon receipt of such notice, wherever the word “Purchaser” is used in this Agreement (other than in this Section 21), such words shall be deemed to refer to such Affiliate in lieu of such Purchaser. In the event that such
Affiliate is so substituted as a purchaser hereunder and such Affiliate thereafter transfers to such Purchaser all of the New Notes then held by such Affiliate, upon receipt by the Company of notice of such transfer, wherever the word
“Purchaser” is used in this Agreement (other than in this Section 21), such words shall no longer be deemed to refer to such Affiliate, but shall refer to such Purchaser, and such Purchaser shall have all the rights of an original
holder of the New Notes under this Agreement. 
  

	22.	MISCELLANEOUS. 

  

	 	22.1.	Successors and Assigns. 

 All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without
limitation, any subsequent holder of a New Note) whether so expressed or not. 
  

	 	22.2.	Payments Due on Non-Business Days. 

 Anything in this Agreement or the New Notes to the contrary notwithstanding, any payment of principal of or interest on any New Note that is due on a date other than a Business Day shall be made on the
next succeeding Business Day in the same calendar Month (if there is one) or the preceding Business Day (if there is not) without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day.

  

	 	22.3.	Severability. 

 Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

  
 20 

	 	22.4.	Construction. 

 Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall
not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or that such Person is prohibited from taking, such provision shall be
applicable whether such action is taken directly or indirectly by such Person. 
  

	 	22.5.	Counterparts. 

 This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of
copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 
  

	 	22.6.	Governing Law. 

This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the
State of New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State. 
  

	 	22.7.	Jurisdiction; Service of Process. 

 EACH OF CEMEX ESPAÑA AND THE COMPANY HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND/OR ANY OTHER NEW NOTE
DOCUMENT, OR ANY ACTION OR PROCEEDING TO EXECUTE OR OTHERWISE ENFORCE ANY JUDGMENT IN RESPECT OF ANY BREACH HEREUNDER OR UNDER ANY OTHER NEW NOTE DOCUMENT, BROUGHT BY ANY HOLDER OF A NEW NOTE AGAINST CEMEX ESPAÑA OR THE COMPANY OR ANY OF
THEIR RESPECTIVE PROPERTIES, MAY BE BROUGHT BY SUCH HOLDER OF A NEW NOTE IN THE COURTS OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK OR ANY NEW YORK STATE COURT SITTING IN NEW YORK COUNTY, AS SUCH HOLDER OF A NEW NOTE MAY
IN ITS SOLE DISCRETION ELECT, AND BY THE EXECUTION AND DELIVERY OF THIS AGREEMENT EACH OF CEMEX ESPAÑA AND THE COMPANY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF EACH SUCH COURT AND AGREES THAT PROCESS SERVED
EITHER PERSONALLY OR BY REGISTERED MAIL ON CEMEX ESPAÑA, THE COMPANY OR A DESIGNATED AGENT SHALL CONSTITUTE, TO THE EXTENT PERMITTED BY LAW, ADEQUATE SERVICE OF PROCESS IN ANY SUCH SUIT, AND EACH OF CEMEX ESPAÑA AND THE COMPANY
IRREVOCABLY WAIVES AND AGREES NOT TO ASSERT, BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, ANY CLAIM THAT IT IS NOT SUBJECT TO THE JURISDICTION OF ANY SUCH COURT. RECEIPT OF PROCESS SO SERVED SHALL BE CONCLUSIVELY PRESUMED AS EVIDENCED BY A DELIVERY
RECEIPT 

  
 21 

 
FURNISHED BY THE UNITED STATES POSTAL SERVICE OR ANY COMMERCIAL DELIVERY SERVICE. WITHOUT LIMITING THE FOREGOING, EACH OF CEMEX ESPAÑA AND THE COMPANY HEREBY APPOINTS, IN THE CASE OF ANY
SUCH ACTION OR PROCEEDING BROUGHT IN THE COURTS OF OR IN THE STATE OF NEW YORK, CT CORPORATION SYSTEM, 111 EIGHTH AVENUE, NEW YORK, NEW YORK 10011, TO RECEIVE, FOR IT AND ON ITS BEHALF, SERVICE OF PROCESS IN THE STATE OF NEW YORK WITH RESPECT
THERETO AT ANY AND ALL TIMES. EACH OF CEMEX ESPAÑA AND THE COMPANY WILL TAKE ANY AND ALL ACTION, INCLUDING THE EXECUTION AND FILING OF ALL SUCH DOCUMENTS AND INSTRUMENTS AND TIMELY PAYMENTS OF FEES AND EXPENSES, AS MAY BE NECESSARY TO EFFECT
AND CONTINUE THE APPOINTMENT OF SUCH AGENT IN FULL FORCE AND EFFECT, OR IF NECESSARY BY REASON OF ANY FACT OR CONDITION RELATING TO SUCH AGENT, TO REPLACE SUCH AGENT (BUT ONLY AFTER HAVING GIVEN NOTICE THEREOF TO EACH HOLDER OF NEW NOTES AND ANY
SUCCESSOR AGENT IS REASONABLY ACCEPTABLE TO REQUIRED HOLDERS). EACH OF CEMEX ESPAÑA AND THE COMPANY AGREES THAT SERVICE OF PROCESS UPON SUCH AGENT SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON EACH OF CEMEX ESPAÑA
AND THE COMPANY IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY SUCH COURT. EACH OF CEMEX ESPAÑA AND THE COMPANY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ALL CLAIM OR ERROR BY REASON OF ANY SUCH SERVICE IN SUCH MANNER AND
AGREES THAT SUCH SERVICE SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON EACH OF CEMEX ESPAÑA AND THE COMPANY IN ANY SUCH SUIT, ACTION OR PROCEEDING AND SHALL, TO THE FULLEST EXTENT PERMITTED BY LAW, BE TAKEN AND HELD TO BE
VALID AND PERSONAL SERVICE UPON AND PERSONAL DELIVERY TO EACH OF CEMEX ESPAÑA AND THE COMPANY. IN ADDITION, EACH OF CEMEX ESPAÑA AND THE COMPANY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT
MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND/OR ANY OTHER NEW NOTE DOCUMENT BROUGHT IN SUCH COURTS, AND HEREBY IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH SUIT,
ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING HEREIN SHALL IN ANY WAY BE DEEMED TO LIMIT THE ABILITY OF ANY HOLDER OF A NEW NOTE TO SERVE ANY SUCH WRITS, PROCESS OR SUMMONSES IN ANY MANNER
PERMITTED BY APPLICABLE LAW OR TO OBTAIN JURISDICTION OVER CEMEX ESPAÑA OR THE COMPANY IN SUCH OTHER JURISDICTION, AND IN SUCH MANNER, AS MAY BE PERMITTED BY APPLICABLE LAW. NOTHING IN THIS SECTION 22.7 SHALL BE DEEMED TO LIMIT ANY OTHER
SUBMISSION TO JURISDICTION, WAIVER OR OTHER AGREEMENT BY CEMEX ESPAÑA OR THE COMPANY CONTAINED IN ANY OTHER NEW NOTE DOCUMENT. TO THE EXTENT THAT CEMEX ESPAÑA OR THE COMPANY HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION
OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR 

  
 22 

 
OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, EACH OF CEMEX ESPAÑA AND THE COMPANY HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT AND THE
OTHER NEW NOTE DOCUMENTS. 
  

	 	22.8.	Judgment Currency. 

Each of CEMEX España and the Company agrees that if, for the purposes of obtaining judgment in any court, it is necessary to
convert a sum due hereunder or under the New Notes in any currency into another currency, to the fullest extent permitted by law, the rate of exchange used shall be that at which in accordance with normal banking procedures a holder could purchase
such first currency with such other currency on the Business Day preceding that on which final judgment is given. 
 * * * * *

  
 23 

 The execution hereof by the Purchasers shall constitute a contract among CEMEX
España, the Company and the Purchasers for the uses and purposes hereinabove set forth. 
  

			
	Very truly yours,
	
	CEMEX ESPAÑA, S.A.
		
	By:	 	 /s/ Héctor José Vela Dib

	Name:	 	 Héctor José Vela Dib

	Title:	 	 Attorney-In-Fact

  

			
	CEMEX FINANCE LLC
		
	By:	 	 /s/ Héctor José Vela Dib

	Name:	 	 Héctor José Vela Dib

	Title:	 	 Attorney-In-Fact

 Note Purchase Agreement – Signature Page 

 
			
	Acknowledged by:
	CITIBANK INTERNATIONAL PLC, as Agent
		
	By:	 	 /s/ R. Brody

	Name:	 	 Mrs. R. Brody

	Title:	 	 Vice President

 Note Purchase Agreement – Signature Page 

			
	ALLSTATE LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Orlando Purpura

	Name:	 	 Orlando Purpura

	Title:	 	 AUTHORIZED SIGNATORY

  

			
	By:	 	 /s/ Mark W. (Sam) Davis

	Name:	 	 Mark W. (Sam) Davis

	Title:	 	 AUTHORIZED SIGNATORY

 CEMEX Finance LLC Note Purchase Agreement 

Purchaser Signature Page 

			
	CVI GVF (LUX) MASTER S.a.r.l.
	 By Carval Investors, LLC
 its attorney-in-fact

		
	By:	 	 /s/ Tiffany Parr

	Name:	 	 Tiffany Parr

	Title:	 	 Authorized Signer

 CEMEX Finance LLC Note Purchase Agreement 

Purchaser Signature Page 

			
	PRIMERICA LIFE INSURANCE COMPANY
		
	By:	 	Conning, as Investment Manager
		
	By:	 	 /s/ Samuel Otchere

	Name:	 	 Samuel Otchere

	Title:	 	 Director

 CEMEX Finance LLC Note Purchase Agreement 

Purchaser Signature Page 

			
	NATIONAL BENEFIT LIFE INSURANCE COMPANY
		
	By:	 	Conning, Inc., as Investment Manager
		
	By:	 	 /s/ Samuel Otchere

	Name:	 	 Samuel Otchere

	Title:	 	 Director

 CEMEX Finance LLC Note Purchase Agreement 

Purchaser Signature Page 

  
 29 

			
	SWISS RE LIFE & HEALTH AMERICA INC.
		
	By:	 	Conning, Inc., as Investment Manager
		
	By:	 	 /s/ Samuel Otchere

	Name:	 	 Samuel Otchere

	Title:	 	 Director

 CEMEX Finance LLC Note Purchase Agreement 

Purchaser Signature Page 

			
	WESTPORT INSURANCE CORPORATION
		
	By:	 	Conning, Inc., as Investment Manager
		
	By:	 	 /s/ Samuel Otchere

	Name:	 	 Samuel Otchere

	Title:	 	 Director

 CEMEX Finance LLC Note Purchase Agreement 

Purchaser Signature Page 

			
	HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
	HARTFORD LIFE INSURANCE COMPANY
		
	By:	 	Hartford Investment Management Company
		 	Their Agent and Attorney-In-Fact
		
	By:	 	 /s/ Kenneth W. Day

	Name:	 	Kenneth W. Day
	Title:	 	Vice President

 CEMEX Finance LLC Note Purchase Agreement 

Purchaser Signature Page 

			
	INSIGHT LDI SOLUTIONS PLUS PLC, IN RESPECT OF THE INSIGHT LOAN FUND
		
	By:	 	 /s/ Alex Veroude

	Name:	 	 Alex Veroude

	Title:	 	 Head of Credit

  

			
	By:	 	 /s/ Ranbir Singh Lakhpuri

	Name:	 	 Ranbir Singh Lakhpuri

	Title:	 	 Portfolio Manager

 NORTHERN TRUST FIDUCIARY SERVICES (IRELAND) LTD, IN THEIR CAPACITY AS CUSTODIAN FOR INSIGHT LDI SOLUTIONS PLUS PLC, IN
RESPECT OF THE INSIGHT LOAN FUND 
  

			
	By:	 	 /s/ Ken Lambe

	Name:	 	 Ken Lambe

	Title:	 	 Director

 CEMEX Finance LLC Note Purchase Agreement 

Purchaser Signature Page 

			
	JPMORGAN HIGH YIELD FUND
		
	By:	 	 /s/ William J. Morgan

	Name:	 	 William J. Morgan

	Title:	 	 Managing Director

 CEMEX Finance LLC Note Purchase Agreement 

Purchaser Signature Page 

			
	PACHOLDER HIGH YIELD FUND, INC.
		
	By:	 	 /s/ William J. Morgan

	Name:	 	 William J. Morgan

	Title:	 	 Managing Director

 CEMEX Finance LLC Note Purchase Agreement 

Purchaser Signature Page 

			
	COMMINGLED PENSION FUND TRUST FUND
	(DISTRESSED DEBT OPPORTUNITIES) OF JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ William J. Morgan

	Name:	 	 William J. Morgan

	Title:	 	 Managing Director

 CEMEX Finance LLC Note Purchase Agreement 

Purchaser Signature Page 

			
	J.P. MORGAN DISTRESSED DEBT OPPORTUNITIES MASTER FUND, LTD
		
	By:	 	 /s/ William J. Morgan

	Name:	 	 William J. Morgan

	Title:	 	 Managing Director

 CEMEX Finance LLC Note Purchase Agreement 

Purchaser Signature Page 

			
	JPMORGAN CORE PLUS BOND FUND
		
	By:	 	 /s/ William J. Morgan

	Name:	 	 William J. Morgan

	Title:	 	 Managing Director

 CEMEX Finance LLC Note Purchase Agreement 

Purchaser Signature Page 

			
	JPMORGAN STRATEGIC INCOME OPPORTUNITIES FUND
		
	By:	 	 /s/ William J. Morgan

	Name:	 	 William J. Morgan

	Title:	 	 Managing Director

 CEMEX Finance LLC Note Purchase Agreement 

Purchaser Signature Page 

			
	PHL VARIABLE INSURANCE COMPANY
		
	By:	 	 /s/ Nelson Correa

	Name:	 	 Nelson Correa

	Title:	 	 Its Duly Authorized Officer

 CEMEX Finance LLC Note Purchase Agreement 

Purchaser Signature Page 

			
	PHOENIX LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Nelson Correa

	Name:	 	 Nelson Correa

	Title:	 	 Senior Managing Director, Private Placements

 CEMEX Finance LLC Note Purchase Agreement 

Purchaser Signature Page 

			
	QP SFM CAPITAL HOLDINGS LIMITED
		
	By:	 	 /s/ Thomas L. O’Grady

	Name:	 	 Thomas L. O’Grady

	Title:	 	 Attorney-in-Fact

 CEMEX Finance LLC Note Purchase Agreement 

Purchaser Signature Page 

 SCHEDULE A 
 INFORMATION RELATING TO THE PURCHASERS 
  

			
	Name of Purchaser	  	Principal Amount
		
	 Tax ID. No.
	  	
		
	 Payment Instructions:
	  	
		
	 In case of all notices with respect to payments:
	  	
		
	 Delivery of Notes after closing:
	  	
		
	 Notices and communications:
	  	
		
	 Signature Block Format:
	  	
		
	 Nominee:
	  	

  
 A-1

 SCHEDULE B 
 DEFINED TERMS 
 As used herein, the following terms have the respective
meanings set forth below or set forth in the Section hereof following such term: 
 “2009 Note Purchase
Agreement” is defined in the Recitals. 
 “2009 Noteholders” is defined in the Recitals. 

“2009 Series A Notes” is defined in the Recitals. 

“2009 Series B Notes” is defined in the Recitals. 

“Acceding Purchaser” is defined in Section 13.4. 

“Additional New Notes” is defined in Section 13.4. 

“Additional Payment” is defined in Section 14.4(b); when used herein with respect to any Guarantor, such term shall
have the meaning assigned thereto in the New Note Guarantee. 
 “Affected Holder” is defined in
Section 8.4. 
 “Affected Payment Date” is defined in Section 8.4. 

“Affiliate” means, at any time, and with respect to any Person, (a) any other Person that at such time directly or
indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person and (b) any Person beneficially owning or holding, directly or indirectly, 10% or more of any class of voting or
equity interests of CEMEX España or any Subsidiary or any corporation of which CEMEX España and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly, 10% or more of any class of voting or equity
interests. As used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by
contract or otherwise. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of CEMEX España. 
 “Agreement” is defined in the introduction hereto. 

“CEMEX España” means (a) CEMEX España, S.A., a corporation organized under the laws of the Kingdom of
Spain, and (b) any Person that, as a result of a combination, merger or asset transfer permitted by Clause 22.7 (Merger) of the Facilities Agreement, assumes the obligations of CEMEX España under the New Note Guarantee, the
Facilities Agreement and this Agreement. As of Closing, CEMEX España has a Rating that is separate from the Rating of the Parent. 
 “Closing” is defined in Section 3. 

  
 B-1

 “Company” is defined in the introduction hereto. 

“Confidential Information” is defined in Section 20. 

“Default” means an event or condition the occurrence or existence of which if it continues uncured would, with the lapse
of time or the giving of notice or both, become an Event of Default. 
 “Default Rate” means, with respect to
any New Note, that rate of interest that is set forth in Clause 9.2 (Default interest) in the Facilities Agreement. 

“Department of the Treasury Rule” means Blocked Persons, Specially Designated Nationals, Specifically Designated
Terrorists, Foreign Terrorist Organizations, and Specially Designated Narcotics Traffickers: Additional Designations of Terrorism-Related Blocked Persons, 66 Fed. Reg. 54,404 (2001). 

“Dollar” and the sign “$” mean lawful currency of the United States of America. 

“Event of Default” is defined in Section 11. 

“Extinguishments” is defined in the Recitals. 
 “Facilities Agreement” is defined in the Recitals. 

“Forms” is defined in Section 14.4(b). 
 “Governmental Authority” means 
 (a) the government of

 (i) the Kingdom of Spain, the United States of America or any State or other political subdivision thereof, or

 (ii) any jurisdiction in which CEMEX España or any Subsidiary conducts all or any part of its business,
or that asserts jurisdiction over any properties of CEMEX España or any Subsidiary, or 
 (b) any entity exercising
executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government. 

“Guarantor” means CEMEX España. 
 “holder” means, with respect to any New Note, the Person in whose name such New Note is registered in the register maintained by the Company pursuant to Section 13.1. 

“Institutional Investor” means (a) any original purchaser of a New Note, (b) any holder of a New Note holding
more than $5,000,000 of the aggregate principal amount of the New Notes then outstanding, and (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance
company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form. 

  
 B-2

 “Japanese yen” and the sign “¥” mean lawful currency
of Japan. 
 “Lost Note Certificate” is defined in Section 2. 

“Majority Creditors” has the meaning set forth in the Facilities Agreement. 

“New Note Documents” means this Agreement, the New Notes and the New Note Guarantee. 

“New Note Guarantee” means a USPP Note Guarantee to be entered into by CEMEX España in favor of the holders of
New Notes, as amended, modified or supplemented from time to time. 
 “New Notes” is defined in Section 1.

 “Noteholders’ Representative” means Bracewell and Giuliani LLP or such other representative of the
holders of New Notes as may be appointed by the Required Holders from time to time. 
 “Obligor” means the
Company and CEMEX España. 
 “Officer’s Certificate” means a certificate of a Senior Financial
Officer or of any other officer of CEMEX España or of an officer of the Company whose responsibilities extend to the subject matter of such certificate. 
 “Old Notes” is defined in the Recitals. 

“Parent” is defined in the Recitals. 
 “Person” means an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization, or a government or agency or political subdivision
thereof. 
 “property” or “properties” means, unless otherwise specifically limited, real or
personal property of any kind, tangible or intangible, choate or inchoate. 
 “Purchasers” is defined in the
introduction hereto. 
 “Related Taxes” is defined in Section 14.4(a). 

“Required Holders” means, at any time, the holders of more than 50% of the aggregate principal amount of the New Notes
at the time outstanding (exclusive of New Notes then owned by the Company or any of its Affiliates). 

  
 B-3

 “Responsible Officer” means any Senior Financial Officer and any other
officer of CEMEX España with responsibility for the administration of the relevant portion of this Agreement. 

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

“Senior Financial Officer” means the Financing Director or the Treasurer of CEMEX España or any other person
authorized by the Board of Directors of CEMEX España to act on behalf of CEMEX España. 

“Subsidiary” means, as to any Person, any corporation, association or other business entity in which such Person or one
or more of its Subsidiaries or such Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons
performing similar functions) of such entity, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such Person or one or more of its Subsidiaries or such Person and one or more of its
Subsidiaries (unless such partnership can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless the context otherwise clearly requires, any reference to a
“Subsidiary” is a reference to a Subsidiary of CEMEX España. 
 “SVO” means the Securities
Valuation Office of the National Association of Insurance Commissioners, or any successor thereto. 
 “Tax Prepayment
Notice” is defined in Section 8.4. 
 “Tax Refund” is defined in Section 14.4(e).

 “Taxing Jurisdiction” is defined in Section 14.4(a). 

  
 B-4

 EXHIBIT 1 
 FORM OF NEW NOTE 
 CEMEX FINANCE LLC 

9.66% SENIOR NOTE DUE FEBRUARY 14, 2017 
  

			
	No.[        ]	 	[Date]
		
	$[            ]	 	PPN

 FOR VALUE RECEIVED, the undersigned, CEMEX FINANCE LLC (herein called the
“Company”), a limited liability company organized and existing under the laws of Delaware, hereby promises to pay to
[                    ], or registered assigns, the principal sum of
[                    ] DOLLARS ($            ) on February 14, 2017, with
interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof initially at the rate of 9.66% per annum from the date hereof, payable (i) initially, on the 15th day of the Month falling after the Month in which the Effective Date
occurs and (ii) thereafter, quarterly, on the 15th
day of March, June, September and December in each year, commencing with the March 15th, June 15th, September 15th or December 15th next succeeding the date hereof, semi-annually or monthly, if CEMEX, S.A.B. de C.V. (the “Parent”) shall have chosen such option, pursuant to Clause 10.1 (Selection of Interest
Periods) of the Facilities Agreement dated on or about the date hereof among the Parent, each of the borrowers, guarantors and security providers listed in Part I of Schedule 1 thereto, the financial institutions listed in Part II of Schedule 1
thereto, the agent named therein and the security agent named therein (as amended, restated, supplemented or otherwise modified from time to time, the “Facilities Agreement”), until the principal hereof shall have become due and
payable, and (b) to the extent permitted by law on any overdue payment (including any overdue prepayment) of principal, any overdue payment of interest, payable quarterly as aforesaid (or, at the option of the registered holder hereof, on
demand), at a rate per annum from time to time equal to the greater of (i) 2% over the then applicable interest rate on this Note or (ii) 2% over the rate of interest publicly announced by Citibank, N.A. from time to time in New York, New
York as its “base” or “prime” rate. 
 Payments of principal of and interest on this Note are to be made in
U.S. dollars in accordance with Clause 31 (Payment Mechanics) of the Facilities Agreement; provided that, if any payment of principal and interest on this Note is not made in accordance with Clause 31 (Payment Mechanics) of the
Facilities Agreement, such payments are to be made in U.S. dollars at CEMEX NY Corporation, 590 Madison Avenue, 41st Floor, New York, NY 10022 or at such other place as the Company shall have designated by written notice to the holder of this Note
as provided in the Note Purchase Agreement referred to below. 
 This Note (herein called this “Note”) is one
of the Senior Notes issued pursuant to the Note Purchase Agreement, dated as of September 17, 2012 (as from time to time amended, supplemented or modified, the “Note Purchase Agreement”), among the Company, CEMEX España,
S.A. and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, (i) to have agreed to the 

 
confidentiality provisions set forth in Clause 38 (Confidentiality) of the Facilities Agreement and Section 20 of the Note Purchase Agreement and (ii) to have made the
representations set forth in Section 6.2 of the Note Purchase Agreement. 
 This Note is a registered Note and, as provided
in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed by the registered holder hereof or such holder’s attorney duly authorized
in writing, and upon the satisfaction of the other provisions of the Note Purchase Agreement, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of
transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 

The Company will make required prepayments of principal on the dates and in the amounts required by the Note Purchase Agreement. This
Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 
 If an Event of Default, as defined in the Note Purchase Agreement, occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price and
with the effect provided in the Note Purchase Agreement. 
 This Note shall be construed and enforced in accordance with, and
the rights of the issuer and holder hereof shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.

  

			
	CEMEX FINANCE LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 EXHIBIT 2 
 FORM OF CERTIFICATE REGARDING LOST NOTE 
 The undersigned, [INSERT
PURCHASER], (the “Purchaser”) hereby certifies to CEMEX Finance LLC (the “Issuer”) and to CEMEX España, S.A. (the “Guarantor”) as follows: 

 

	1.	The Issuer has delivered a Note, dated [ ], [a copy of which is attached hereto] (the “Note”) to the Purchaser in connection with the Consolidated
Amended and Restated Note Purchase Agreement, dated as of August 14, 2009 (as amended, restated, supplemented or otherwise modified from time to time), among the Issuer, CEMEX España, S.A. and the other purchasers that are or may from
time to time become a party thereto. 

  

	2.	The Purchaser has caused a diligent search of its files and vault to be made in order to find the Note and the Note has not been found. The Note has been inadvertently
lost, misplaced or destroyed. 

  

	3.	The Purchaser has taken no action to give or further pledge, sell, assign, transfer, endorse in blank or otherwise or in any other manner dispose of the Note to any
person, firm or corporation, nor has any record or correspondence been found which indicates that the Purchaser has entrusted the possession of the Note to any person, firm or corporation for safekeeping or for any other purpose.

  

	4.	The Purchaser hereby agrees to indemnify and hold harmless the Issuer and the Guarantor and any other guarantor of the Issuer’s or the Guarantor’s obligations
under the Note and their respective successors and assigns, of and from any loss, damage or claim resulting from the Purchaser’s loss or misplacement of the Note. 

 

	5.	The Purchaser hereby agrees that if the Note is subsequently found by the Purchaser or comes into the Purchaser’s possession, the Purchaser will immediately
surrender the Note to the Issuer for cancellation. 

 Dated:
[—]    , 2012 
  

			
	[INSERT PURCHASER]
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

					
	STATE OF	 		 	)
		 		 	)
	COUNTY OF	 		 	)

 I, the undersigned, a Notary Public in and for said County in said State, hereby certify that
                     , whose name as
                     of
                     , a
                     , is signed to the foregoing instrument, and who is known to me, acknowledged before me on this day that, being informed
of the contents of the instrument, s/he, as such                      and with full authority, executed the same voluntarily for and as the
act of said                     . 
 Given under my hand and official seal this the     day of                     
, 2012. 
  

	
	  

	Notary Public

  

			
	My commission expires:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00216-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00216-of-00352.parquet"}]]