Document:

Purchase Agreement, dated March 9, 2011

 Exhibit 4.62 
 CEMEX, S.A.B. de C.V. 
 U.S.$600,000,000 

3.75% CONVERTIBLE SUBORDINATED NOTES DUE 2018 
 PURCHASE AGREEMENT 
 March 9, 2011 

Citigroup Global Markets, Inc. 
 J.P. Morgan
Securities LLC 
 Banco Bilbao Vizcaya Argentaria S.A. 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 BNP Paribas Securities Corp.

 Barclays Capital Inc. 
 HSBC
Securities (USA) Inc. 
 ING Financial Markets LLC 
 RBS Securities Inc. 
 Santander Investment Securities Inc. 

As Representatives of the Initial Purchasers 

c/o Citigroup Global Markets, Inc. 
 388
Greenwich Street 
 New York, New York 10013 
 Ladies and Gentlemen: 
 CEMEX, S.A.B. de C.V., a publicly traded stock corporation
with variable capital (sociedad anónima bursátil de capital variable) organized under the laws of Mexico (the “Company”), proposes to issue and sell to the several parties named in Schedule I hereto (the
“Initial Purchasers”), for whom you (the “Representatives”) are acting as representatives, U.S.$600,000,000 principal amount of its 3.75% Convertible Subordinated Notes due 2018 (the “Firm Securities”). The Company also
proposes to grant to the Initial Purchasers an option to purchase up to U.S.$90,000,000 additional principal amount of such securities to cover over-allotments, if any (collectively, the “Option Securities” and, together with the Firm
Securities, the “Securities”). The Securities are to be issued under an indenture (the “Indenture”), to be dated as of the Closing Date (as defined below), among the Company, The Bank of New York Mellon, a New York banking
corporation, as trustee (the “Trustee”), and, for certain limited purposes to comply with Mexican applicable law, The Bank of New York Mellon, S.A., Institución de Banca Múltiple, as co-trustee. The Securities are convertible
into ADSs of the Company at the conversion rates set forth in the Indenture. To the extent there are no additional parties listed on Schedule I other than you, the term Representatives as used herein shall mean you as the Initial Purchasers,
and the terms Representatives and Initial Purchasers shall mean either the singular or plural as the context requires. The use of the neuter in this Agreement shall include the feminine and masculine wherever appropriate. Certain terms used herein
are defined in Section 26 hereof. 

 The sale of the Securities to the Initial Purchasers will be made without registration of
the Securities or the ADSs issuable upon conversion thereof under the Act in reliance upon exemptions from the registration requirements of the Act. 
 In connection with the sale of the Securities, the Company has prepared a preliminary offering memorandum, dated March 8, 2011 (as amended or supplemented at the date thereof, including any and all
exhibits thereto and any information incorporated by reference therein, the “Preliminary Memorandum”), and a final offering memorandum, dated March 9, 2011 (as amended or supplemented at the Execution Time, including any and all
exhibits thereto and any information incorporated by reference therein, the “Final Memorandum”). Each of the Preliminary Memorandum and the Final Memorandum sets forth certain information concerning the Company, the Securities and the ADSs
issuable upon conversion thereof. The Company hereby confirms that it has authorized the use of the Disclosure Package, the Preliminary Memorandum and the Final Memorandum, and any amendment or supplement thereto, in connection with the offer and
sale of the Securities by the Initial Purchasers. Unless stated to the contrary, any references herein to the terms “amend”, “amendment” or “supplement” with respect to the Disclosure Package, the Preliminary Memorandum
and the Final Memorandum shall be deemed to refer to and include any information filed under the Exchange Act subsequent to the Execution Time that is incorporated by reference therein. 

It is understood that the Company is concurrently entering into a purchase agreement (the “2016 Securities Purchase Agreement”)
with the several initial purchasers thereunder providing for the sale by the Company of U.S.$800,000,000 principal amount of its 3.25% Convertible Subordinated Notes due 2016 (the “2016 Firm Securities”). The Company is also granting the
initial purchasers under the 2016 Securities Purchase Agreement an option to purchase up to U.S.$177,500,000 additional principal amount of such securities to cover over-allotments (the “2016 Option Securities” and, together with the 2016
Firm Securities, the “2016 Securities”). Each of the Preliminary Memorandum and the Final Memorandum sets forth certain information concerning the Company and the 2016 Securities. 

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

  
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 (b) The Disclosure Package, as of the Execution Time, does not contain any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or
omissions from the Disclosure Package based upon and in conformity with written information furnished to the Company by any Initial Purchaser through the Representatives specifically for use therein, it being understood and agreed that the only such
information furnished by or on behalf of any Initial Purchaser consists of the information described as such in Section 8(b) hereof. 
 (c) None of the Company nor any person acting on its behalf has directly or indirectly, (i) made offers or sales of any security, or solicited offers to buy, any security under circumstances that
would require the registration of the Securities or the ADSs issuable upon conversion thereof under the Act; or (ii) gave to any prospective purchaser of the Securities any written information concerning the offering of the Securities other
than materials contained in the Disclosure Package, the Final Memorandum or any other offering materials prepared by or with the prior written consent of the Representatives. 
 (d) None of the Company nor any person acting on its behalf has: (i) engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any
offer or sale of the Securities or (ii) engaged in any directed selling efforts (within the meaning of Regulation S) with respect to the Securities or the ADSs issuable upon conversion thereof; and each of the Company, its Affiliates and each
person acting on its or their behalf has complied with the offering restrictions requirement of Regulation S. 
 (e) The
Securities satisfy the eligibility requirements of Rule 144A(d)(3) under the Act. 
 (f) The Company is a “foreign
issuer” (as defined in Regulation S). 
 (g) No registration of the Securities or the ADSs issuable upon conversion thereof
under the Act is required for the offer and sale of the Securities to or by the Initial Purchasers in the manner contemplated herein, in the Disclosure Package and the Final Memorandum. 

(h) The Company is not, and after giving effect to the offering and sale of the Securities and the application of the proceeds thereof as
described in the Disclosure Package and the Final Memorandum will not be, an “investment company” as defined in the Investment Company Act. 
 (i) The Company has not paid or agreed to pay to any person any compensation for soliciting another to purchase any securities of the Company (except as contemplated in this Agreement). 

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

  
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 (k) The Company has been duly incorporated and is validly existing as a publicly traded
stock corporation with variable capital (sociedad anónima bursátil de capital variable) under the laws of Mexico with full corporate power and authority to own or lease, as the case may be, and to operate its properties and
conduct its business as described in the Disclosure Package and the Final Memorandum, and, if applicable, is duly qualified to do business as a foreign corporation and is in good standing under the laws of each jurisdiction that requires such
qualification or such person is subject to no material liability or disability by reason of the failure to be so qualified. 

(l) (i) The Company’s authorized equity capitalization is as set forth, and conforms to the description thereof contained, in the
Disclosure Package and the Final Memorandum; (ii) the outstanding ordinary shares of the Company have been duly authorized and validly issued and are fully paid and nonassessable; (iii) the outstanding CPOs of the Company have been duly
authorized and validly issued in accordance with the CPO Trust and the relevant CPO Deeds; (iv) the outstanding ADSs of the Company have been, and the ADSs issuable upon conversion of the Securities will be, duly authorized and validly issued
pursuant to the ADS Deposit Agreement; (v) based on the initial conversion rate and considering any fundamental change, but without considering any antidilution adjustment that may occur subsequent to the Closing Date as provided in the
Indenture, (1) the Company has duly and validly issued a sufficient number of ordinary shares, free of preemptive or similar rights, and (2) no later than June 30, 2011, will have a sufficient number of CPOs available, free of
preemptive or similar rights, to be released and delivered by the CPO Trustee, in each case, for issuance of ADSs upon conversion of the Securities, (vi) following the occurrence of a fundamental change or antidilution adjustment after the
Closing Date as provided in the Indenture, any ordinary shares issued, and any CPOs released and delivered by the CPO Trustee, for the issuance of ADSs upon conversion of the Securities against payment of the conversion price, will be duly and
validly issued pursuant to the Company’s bylaws, the CPO Trust and the relevant CPO Deed, free of preemptive or similar rights; (vii) except as set forth in the Disclosure Package and the Final Memorandum, no options, warrants or other
rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange any securities for, ownership interests, ordinary shares, CPOs or ADSs in the Company are outstanding, and (viii) except as
otherwise set forth in the Disclosure Package and the Final Memorandum, all outstanding shares of capital stock or other equity interests of the Company’s significant subsidiaries are owned by the Company either directly or through wholly owned
and majority-owned subsidiaries free and clear of any security interest, claim, lien or encumbrance, except for the security interest created under the Transaction Security Documents. 

(m) (i) The statements in the Disclosure Package and the Final Memorandum under the headings “Important Federal Tax
Considerations,” “Description of Common Stock,” “Description of CPOs” and “Description of ADSs” and (ii) the statements in the Disclosure Package and the Final Memorandum under the heading “Regulatory
Matters and Legal Proceedings,” insofar as they purport to describe the provisions of the laws and documents referred to therein, fairly summarize the matters therein described in all material respects. 

(n) This Agreement has been duly authorized, executed and delivered by the Company; the Indenture and the Capped Call Transaction
Documents have been duly authorized and, assuming due authorization, execution and delivery thereof by the counterparties thereto, 

  
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when executed and delivered by the Company, will constitute legal, valid, binding instruments enforceable against the Company in accordance with their terms (subject, as to the enforcement of
remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general principles of equity); and the Securities have been duly authorized, and,
when executed, authenticated and issued in accordance with the provisions of the Indenture and delivered to and paid for by the Initial Purchasers, will have been duly executed and delivered by the Company and will constitute the legal, valid and
binding obligations of the Company entitled to the benefits of the Indenture (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from
time to time in effect and to general principles of equity) and will be convertible into ADSs in accordance with their terms. 

(o) No consent, approval, authorization, filing with or order of any court or governmental agency or body is required in connection with
the transactions contemplated herein, in the Indenture and in the Capped Call Transaction Documents, except (i) such as may be required under the blue sky laws or any other state or foreign securities laws of any jurisdiction in which the
Securities are offered and sold, including without limitation, the notice to, and filing with, the Luxembourg authorities of the terms of the offering and sale of the Securities; (ii) for the notice to be given to the Mexican National Banking
and Securities Commission (Comisión Nacional Bancaria y de Valores) under Article 7 of the Securities Market Law (Ley del Mercado de Valores), in respect of the issuance of the Securities; and (iii) for the notarization of
a Spanish version of the Indenture, to be effected on or prior to the Closing Date, and its subsequent filing and registration with the Public Registry of Property and Commerce (Registro Público de la Propiedad y del Comercio) of
Monterrey, Nuevo León, Mexico. 
 (p) None of the execution and delivery of the Indenture, the Capped Call Transaction
Documents or this Agreement, the issuance and sale of the Securities or the issuance of the shares of common stock, the CPOs representing such shares of common stock or the ADSs representing such CPOs, upon conversion of the Securities, or the
consummation of any other of the transactions herein or therein contemplated, or the fulfillment of the terms hereof or thereof will conflict with, or result in a breach or violation or imposition of any lien, charge or encumbrance upon any property
or assets of the Company or any of its subsidiaries pursuant to, (i) the charter or by-laws or comparable constituting documents of the Company or any of its subsidiaries; (ii) the terms of any indenture, contract, lease, mortgage, deed of
trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Company or any of its subsidiaries is a party or bound or to which its or their property is subject (including the Financing
Agreement, the Transaction Security Documents, the CPO Trust and the ADS Deposit Agreement); or (iii) any statute, law, rule, regulation, judgment, order or decree of any court, regulatory body, administrative agency, governmental body,
arbitrator or other authority having jurisdiction over the Company or any of its subsidiaries or any of its or their properties, which conflict, breach, violation or imposition would, in the case of clauses (ii) and (iii) above, either
individually or in the aggregate with all other conflicts, breaches, violations and impositions referred to in this paragraph (p) (if any), have (x) a Material Adverse Effect (as defined below) or (y) a material adverse effect upon
the transactions contemplated herein. 

  
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 (q) The consolidated historical financial statements and schedules of the Company and its
consolidated subsidiaries included or incorporated by reference in the Disclosure Package and the Final Memorandum present fairly in all material respects the financial condition, results of operations and cash flows of the Company and its
consolidated subsidiaries as of the dates and for the periods indicated, and have been prepared in conformity with Mexican FRS applied on a consistent basis throughout the periods involved (except as otherwise noted therein); the selected financial
data set forth under the caption “Selected Consolidated Financial Information” in the Disclosure Package and the Final Memorandum fairly present, on the basis stated in the Disclosure Package and the Final Memorandum, the information
included therein. 
 (r) No action, suit or proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company or any of its subsidiaries or their respective property is pending or, to the best knowledge of the Company, threatened that (i) could reasonably be expected to have a material adverse effect on the performance
of this Agreement, the Indenture, the Capped Call Transaction Documents, the Financing Agreement, the Transaction Security Documents, the CPO Trust, the CPO Deeds, the ADS Deposit Agreement, or the consummation of any of the transactions
contemplated hereby or thereby or (ii) could reasonably be expected to have a material adverse effect on the condition (financial or otherwise), prospects, earnings, business or properties of the Company and its subsidiaries, taken as a whole,
whether or not arising from transactions in the ordinary course of business (collectively the events described in (i) and (ii) above, a “Material Adverse Effect”), except as set forth in or contemplated in the Disclosure Package
and the Final Memorandum (exclusive of any amendment or supplement thereto). 
 (s) Each of the Company and its subsidiaries
owns or leases all such properties as are necessary to the conduct of its operations as presently conducted except (i) for such properties the loss of which would not reasonably be expected to result in a Material Adverse Effect and
(ii) as set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement). 
 (t) Neither the Company nor any of its subsidiaries is in violation or default of (i) any provision of its charter or bylaws or comparable constituting documents; (ii) the terms of any
indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which it is a party or bound or to which its property is subject (including the Financing
Agreement, the Transaction Security Documents, the CPO Trust, the CPO Deeds and the ADS Deposit Agreement); or (iii) any statute, law, rule, regulation, judgment, order or decree applicable to the Company or any of its subsidiaries of any
court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or any of its subsidiaries or any of their respective properties, as applicable, except for such violations or
defaults which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, and except as set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or
supplement thereto). 
 (u) KPMG Cárdenas Dosal, S.C., who have audited certain financial statements of the Company and
its consolidated subsidiaries and delivered its report with respect to the audited 

  
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consolidated financial statements incorporated by reference in the Disclosure Package and the Final Memorandum, are independent auditors with respect to the Company in accordance with local
auditing standards, which are substantially the same as those contemplated by Rule 10A of the Code of Professional Conduct of the American Institute of Certified Public Accountants. 

(v) There are no stamp or other issuance or transfer taxes or duties or other similar fees or charges required to be paid in connection
with the execution and delivery of this Agreement or the issuance or sale by the Company of the Securities or upon the issuance of ADSs upon the conversion thereof, except as disclosed in the Disclosure Package and the Final Memorandum. 

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

(y) No subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making
any other distribution on such subsidiary’s capital stock or ownership interest, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary’s property or assets to the
Company or any other subsidiary of the Company, except for contractual prohibitions provided in joint venture or shareholders’ agreements to which the Company is a party (none of which prohibitions are material individually or in the
aggregate), and except as described in or contemplated in the Disclosure Package or the Final Memorandum (in each case, exclusive of any amendment or supplement thereto). 
 (z) The Company and each of its subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses
in which they are engaged; all policies of insurance and fidelity or surety bonds insuring the Company or any of its subsidiaries or any of their respective businesses, assets, employees, officers and directors are in full force and effect; the
Company and its subsidiaries are in compliance in all material respects with the terms of such policies and instruments; there are no material claims by the Company or any of its subsidiaries under any such policy or instrument as to which any
insurance company is denying liability or defending 

  
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under a reservation of rights clause; neither the Company nor any of its subsidiaries has been refused any material insurance coverage sought or applied for; and neither the Company nor any of
its subsidiaries has reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost
that would not have a Material Adverse Effect except as set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 

(aa) The Company and each of its subsidiaries possess all licenses, certificates, permits and other authorizations issued by all
applicable authorities necessary to conduct their respective businesses, except to the extent that the failure to have such license, certificate, permit or authorization would not reasonably be expected to have a Material Adverse Effect and except,
as described in or contemplated in the Disclosure Package or the Final Memorandum (exclusive of any amendment or supplement thereto), and neither the Company nor any of its subsidiaries have received any notice of proceedings relating to the
revocation or modification of any such certificate, authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect, except as set forth in or contemplated
in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 
 (bb) The Company and
each of its subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations;
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with Mexican FRS and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s
general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company’s and each of its
subsidiaries’ internal controls over financial reporting are effective, and neither the Company nor any of its subsidiaries is aware of any material weakness in its internal control over financial reporting. The Company and each of its
subsidiaries maintains “disclosure controls and procedures” (as such term is defined in Rule 13a-15(e) under the Exchange Act) and such disclosure controls and procedures are effective. 

(cc) Each of the Company and its subsidiaries (i) is in compliance with any and all applicable laws and regulations relating to the
protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”); (ii) has received and is in compliance with all permits, licenses or other approvals
required under applicable Environmental Laws to conduct its businesses; and (iii) has not received notice of any actual or potential liability under any Environmental Law, except where such non-compliance with Environmental Laws, failure to
receive required permits, licenses or other approvals, or liability would not, individually or in the aggregate, have a Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of
any amendment or supplement thereto). Except as set forth in the Disclosure Package and the Final Memorandum, neither the Company nor any of its subsidiaries has been named as a “potentially responsible party” under the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended. 

  
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 (dd) In the ordinary course of its business, the Company periodically reviews the effect of
Environmental Laws on the business, operations and properties of the Company and its subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including, without limitation, any capital or operating
expenditures required for clean-up, closure of properties or compliance with Environmental Laws, or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties); on the basis of
such review, the Company has reasonably concluded that such associated costs and liabilities would not, singly or in the aggregate, have a Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package and the Final
Memorandum (exclusive of any amendment or supplement thereto). 
 (ee) The operations of the Company and each of its
subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations thereunder and any related or similar rules,
regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened. 
 (ff) None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee or Affiliate of the Company or any of its subsidiaries is currently subject to
any sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”); and the Company will not, directly or indirectly, use the proceeds of the offering of the Securities hereunder, or lend,
contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. There is
and has been no failure on the part of the Company and or of the Company’s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in
connection therewith (the “Sarbanes-Oxley Act”), including Section 402 relating to loans and Sections 302 and 906 relating to certifications. 
 (gg) None of the Company, any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or Affiliate of the Company is aware of or has taken any action, directly or
indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), including, without limitation, making use of the mails or any
means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value
to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA; and the Company, its subsidiaries and, to the
knowledge of the Company, its Affiliates have conducted their respective businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure,
continued compliance therewith. 

  
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 (hh) On the Closing Date, after giving effect to the offering of the Securities and the 2016
Securities, the Company and its subsidiaries, on a consolidated basis, will be Solvent. 
 (ii) Any certificate signed by any
officer of the Company and delivered to the Representatives or counsel for the Initial Purchasers in connection with the offering of the Securities shall be deemed a representation and warranty by the Company, as to matters covered thereby, to each
Initial Purchaser. 
 2. Purchase and Sale. (a) Subject to the terms and conditions and in reliance upon the
representations and warranties herein set forth, (i) the Company agrees to sell to each Initial Purchaser, and each Initial Purchaser agrees, severally and not jointly, to purchase from the Company, at a purchase price of 100% of the principal
amount thereof, plus accrued interest, if any, from March 15, 2011 to the Closing Date, the principal amount of Firm Securities set forth opposite such Initial Purchaser’s name in Schedule I hereto; and (ii) in
connection therewith, the Company agrees to pay to each Initial Purchaser fees and commissions in the amount of 1.5% of the principal amount of Firm Securities set forth opposite such Initial Purchaser’s name in Schedule I (in addition
to any other amounts otherwise payable under this Agreement). 
 (b) Subject to the terms and conditions and in reliance upon
the representations and warranties herein set forth, (i) the Company hereby grants an option to the several Initial Purchasers to purchase, severally and not jointly, the Option Securities at the same purchase price as the Initial Purchasers
shall pay for the Firm Securities, plus accrued interest, if any, from March 15, 2011 to the settlement date for the Option Securities; and (ii) in connection therewith, the Company agrees to pay to each Initial Purchaser fees and
commissions in the amount of 1.5% of the principal amount of Option Securities being purchased by each Initial Purchaser. The option may be exercised only to cover over-allotments in the sale of the Firm Securities by the Initial Purchasers. The
option may be exercised in whole or in part at any time or from time to time on or before the 30th day after the date of the Final Memorandum upon written or telegraphic notice by the Representatives to the Company setting forth the principal amount
of Option Securities as to which the several Initial Purchasers are exercising the option and the settlement date. Delivery of the Option Securities, and payment therefor, shall be made as provided in Section 3 hereof. The principal
amount of Option Securities to be purchased by each Initial Purchaser shall be the same percentage of the total principal amount of Option Securities to be purchased by the several Initial Purchasers as such Initial Purchaser is purchasing the Firm
Securities, subject to such adjustments as you in your absolute discretion shall make to eliminate any fractional securities. 

3. Delivery and Payment. (a) Delivery of and payment for the Firm Securities and the Option Securities (if the option
provided for in Section 2(b) hereof shall have been exercised on or before the first Business Day immediately preceding the Closing Date) shall be made at 10:00 A.M., New York City time, on March 15, 2011, or at such time on such
later date not more than three Business Days after the foregoing date as the Representatives shall designate, which date and time may be postponed by agreement between the Representatives and the Company or as provided in Section 9
hereof (such date and time of delivery and payment for the Securities being herein called the “Closing Date”). Delivery of the Securities shall be made 

  
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to the Representatives for the respective accounts of the several Initial Purchasers against payment by the several Initial Purchasers through the Representatives of the purchase price thereof to
or upon the order of the Company by wire transfer payable in same-day funds to the account specified by the Company. Delivery of the Securities shall be made through the facilities of The Depository Trust Company (“DTC”) and any other
relevant clearing system unless the Representatives shall otherwise instruct. 
 (b) If the option provided for in
Section 2(b) hereof is exercised after the first Business Day immediately preceding the Closing Date, the Company will deliver the Option Securities (at the expense of the Company) to the Representatives on the date specified by the
Representatives (which shall be within three Business Days after exercise of said option) for the respective accounts of the several Initial Purchasers, against payment by the several Initial Purchasers through the Representatives of the purchase
price thereof to or upon the order of the Company by wire transfer payable in same-day funds to the account specified by the Company. If settlement for the Option Securities occurs after the Closing Date, the Company will deliver to the
Representatives on the settlement date for the Option Securities, and the obligation of the Initial Purchasers to purchase the Option Securities shall be conditioned upon receipt of, supplemental opinions, certificates and letters confirming as of
such date the opinions, certificates and letters delivered on the Closing Date pursuant to Section 6 hereof. 
 4.
Offering by Initial Purchasers. (a) Each Initial Purchaser acknowledges that the Securities and the ADSs issuable upon conversion thereof have not been and will not be registered under the Act and may not be offered or sold within the
United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Act. 

(b) Each Initial Purchaser, severally and not jointly, represents and warrants to and agrees with the Company that: 

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

 

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

 

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

 (ii) neither it nor any person acting on its behalf has made or will make offers or sales of the Securities in the United States by means of any form of general solicitation or general advertising (within
the meaning of Regulation D); 
 (iii) in connection with each sale pursuant to Section 4(b)(i)(A), it has
taken or will take reasonable steps to ensure that the purchaser of such Securities is aware that such sale may be made in reliance on Rule 144A; 

  
 11 

 (iv) neither it, nor any of its Affiliates nor any person acting on its or
their behalf has engaged or will engage in any directed selling efforts (within the meaning of Regulation S) with respect to the Securities; 
 (v) it is an “accredited investor” (as defined in Rule 501(a) of Regulation D); 
 (vi) it has not entered and will not enter into any contractual arrangement with any distributor (within the meaning of Regulation S) with respect to the distribution of the Securities, except with its
Affiliates or with the prior written consent of the Company; 
 (vii) it has complied and will comply with the
offering restrictions requirement of Regulation S; 
 (viii) at or prior to the confirmation of sale of
Securities (other than a sale of Securities pursuant to Section 4(b)(i)(A) of this Agreement), it shall have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases Securities from it
during the distribution compliance period (within the meaning of Regulation S) a confirmation or notice to substantially the following effect: 
 “The Securities covered hereby have not been registered under the U.S. Securities Act of 1933 (the “Act”) and may not be offered or sold within the United States or to, or for the account
or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the offering and the date of closing of the offering, except in either case in accordance with
Regulation S or Rule 144A under the Act. Terms used in this paragraph have the meanings given to them by Regulation S.”; 
 (ix) it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of
Section 21 of the Financial Services and Markets Act 2000 (the “FSMA”)) received by it in connection with the issue or sale of any Securities, in circumstances in which Section 21(1) of the FSMA does not apply to the Company;

 (x) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done
by it in relation to the Securities in, from or otherwise involving the United Kingdom; and 
 (xi) in relation
to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a “Relevant Member State”), with effect from and including the date on which the Prospectus Directive is implemented in that Relevant
Member State it has not made and will not make an offer to the public of any Securities which are the subject of the offering contemplated by this Agreement in that Relevant Member State, except that it

  
 12 

 
may make an offer to the public in that Relevant Member State of any Securities at any time under the following exemptions under the Prospectus Directive, if they have been implemented in that
Relevant Member State: 
  

	 	(A)	to any legal entity which is a qualified investor as defined in the Prospectus Directive; 

 

	 	(B)	to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive, 150 natural or legal persons (other than
qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the Representatives for any such offer; or 

 

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

provided that no such offer of Securities shall result in a requirement for the publication by the Company or any Initial
Purchaser of a prospectus pursuant to Article 3 of the Prospectus Directive. 
 For the purposes of this
provision, the expression “an offer to the public” in relation to any Securities in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Securities to be
offered so as to enable an investor to decide to purchase or subscribe for any Securities, as the same may be varied in that Relevant Member State by any measure implementing the Prospectus Directive in that Relevant Member State; and the expression
“Prospectus Directive” means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State) and includes any relevant implementing measure in each Relevant
Member State; and the expression “2010 PD Amending Directive” means Directive 2010/73/EU. 
 5. Agreements. The
Company agrees with each Initial Purchaser that: 
 (a) The Company will furnish to each Initial Purchaser and to counsel for
the Initial Purchasers, without charge, during the Distribution Period (as defined in Section 5(c) below), as many copies of the materials contained in the Disclosure Package and the Final Memorandum and any amendments and supplements
thereto as they may reasonably request. 
 (b) The Company will prepare a final term sheet, containing solely a description of
final terms of the Securities and the offering thereof, in the form approved by you attached as Schedule II hereto (the “Final Term Sheet”). 
 (c) The Company will not amend or supplement the Disclosure Package or the Final Memorandum other than by filing documents under the Exchange Act that are incorporated

  
 13 

 
by reference therein, without the prior written consent of the Representatives, which consent, following the Closing Date, may not be unreasonably withheld; provided, however, that
prior to the earlier of (i) the completion of the distribution of the Securities by the Initial Purchasers (as determined by the Representatives and communicated to the Company) and (ii) twelve (12) months after the date of the Final
Memorandum (the “Distribution Period”), the Company will not file any document under the Exchange Act that is incorporated by reference in the Disclosure Package or the Final Memorandum unless, prior to such proposed filing, the Company
has furnished the Representatives with a copy of such document for their review and the Representatives have not reasonably objected to the filing of such document. The Company will promptly advise the Representatives when any document filed under
the Exchange Act that is incorporated by reference in the Disclosure Package or the Final Memorandum shall have been filed with the Commission. 
 (d) If at any time during the Distribution Period, any event occurs as a result of which the Disclosure Package or the Final Memorandum, as then amended or supplemented, would include any untrue statement
of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made or the circumstances then prevailing, not misleading, or if it should be necessary to amend
or supplement the Disclosure Package or the Final Memorandum to comply with applicable law, the Company will promptly (i) notify the Representatives of any such event; (ii) subject to the requirements of Section 5(c), prepare
an amendment or supplement that will correct such statement or omission or effect such compliance; and (iii) supply any supplemented or amended Disclosure Package or Final Memorandum to the several Initial Purchasers and counsel for the Initial
Purchasers without charge in such quantities as they may reasonably request. 
 (e) Without the prior written consent of the
Representatives, the Company has not given and will not give to any prospective purchaser of the Securities any written information concerning the offering of the Securities other than materials contained in the Disclosure Package, the Final
Memorandum or any other offering materials prepared by or with the prior written consent of the Representatives. For the avoidance of doubt, the foregoing shall not apply to any written information or other offering materials in connection with the
offering of the 2016 Securities. 
 (f) The Company will arrange, if necessary, for the qualification of the Securities for sale
by the Initial Purchasers under the laws of such jurisdictions as the Representatives may designate (including Japan and certain provinces of Canada) and will maintain such qualifications in effect so long as required for the sale of the Securities;
provided that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to take any action that would subject it to service of process in suits, other than those arising out
of the offering or sale of the Securities, in any jurisdiction where it is not now so subject. The Company will promptly advise the Representatives of the receipt by the Company of any notification with respect to the suspension of the qualification
of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose. 
 (g) As
required under Article 7 of the Mexican Securities Market Law (Ley del Mercado de Valores), the Company will, no later than one Business Day after the Closing Date, notify the Mexican National Banking and Securities Commission
(Comisión Nacional Bancaria 

  
 14 

 
y de Valores) of the offering of the Securities as described herein and in the Disclosure Package and in the Final Memorandum. 

(h) The Company shall cause to have ADSs to be delivered upon conversion of the Securities to be approved for listing on the New York
Stock Exchange. 
 (i) The Company will not, and will not permit any of its Affiliates to, resell any Securities or ADSs issued
upon conversion thereof that have been acquired by any of them except for, (i) in a transaction registered under the Act or (ii) in a transaction exempt from the registration requirements under the Act if such transaction does not cause
the holding periods under Rule 144 under the Act to be extended for other holders of Securities. 
 (j) None of the Company, its
Affiliates, or any person acting on its or their behalf will, directly or indirectly, make offers or sales of any security, or solicit offers to buy any security, under circumstances that would require the registration of the Securities or ADSs
issuable upon conversion thereof under the Act. 
 (k) Any information provided by the Company, its Affiliates or any person
acting on its or their behalf to publishers of publicly available databases about the terms of the Securities shall include a statement that the Securities have not been registered under the Act and are subject to restrictions under Rule 144A under
the Act and Regulation S. 
 (l) None of the Company, its Affiliates, or any person acting on its or their behalf will engage in
any directed selling efforts (within the meaning of Regulation S) with respect to the Securities; and each of them will comply with the offering restrictions requirement of Regulation S. 

(m) None of the Company, its Affiliates, or any person acting on its or their behalf will engage in any form of general solicitation or
general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Securities in the United States. 
 (n) For so long as any of the Securities are outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) under the Act, the Company, during any period in which it is not
subject to and in compliance with Section 13 or 15(d) of the Exchange Act or it is not exempt from such reporting requirements pursuant to and in compliance with Rule 12g3-2(b) under the Exchange Act, will provide to each holder of such
restricted securities and to each prospective purchaser (as designated by such holder) of such restricted securities, upon the request of such holder or prospective purchaser, any information required to be provided by Rule 144A(d)(4) under the Act.
This covenant is intended to be for the benefit of the holders, and the prospective purchasers designated by such holders, from time to time of such restricted securities. 
 (o) The Company will cooperate with the Representatives and use its best efforts to permit the Securities to be eligible for clearance and settlement through DTC, Euroclear Bank S.A./N.V.
(“Euroclear”) and Clearstream Banking, S.A. (“Clearstream”), as applicable, and any other relevant clearing system. 

  
 15 

 (p) Each of the Securities and the ADSs issuable upon conversion thereof will bear, to the
extent applicable, the legend contained in “Transfer Restrictions” in the Disclosure Package and the Final Offering Memorandum for the time period and upon the other terms stated therein. 

(q) The Company will not, for a period of 90 days following the Execution Time, without the prior written consent of Citigroup Global
Markets, Inc. and J.P. Morgan Securities LLC, directly or indirectly, (i) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option,
right or warrant to purchase, or otherwise transfer or dispose of, or file with the Commission a registration under the Act or with the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) a
prospectus under Mexican securities laws relating to, any of the Company’s ADSs, CPOs or ordinary shares or any securities convertible into or exercisable or exchangeable for the Company’s ADSs, CPOs or ordinary shares (other than the
Securities and the 2016 Securities), or publicly disclose the intention to make any of the foregoing, or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the
Company’s ADSs, CPOs or ordinary shares, or such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of the Company’s ADSs, CPOs or ordinary shares or such other
securities, in cash or otherwise, other than (i) securities convertible into or exchangeable for the Company’s ADSs, CPOs or ordinary shares pursuant to any stock option plan, stock ownership plan or dividend reinvestment plan of the
Company described in the Disclosure Package and the Final Memorandum and in effect at the Execution Time; and (ii) any of the Company’s ADSs, CPOs or ordinary shares issued upon the exercise of options outstanding as of the Execution Time,
including upon conversion of mandatory convertible securities of the Company outstanding as of the Execution Time, in both cases described in the Disclosure Package and the Final Memorandum. 

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

(s) Between the date hereof and the Closing Date, the Company will not do or authorize any act or thing that would result in an
adjustment of the conversion price of the Securities. 
 (t) The Company will, for a period of twelve months following the
Execution Time, furnish to the Representatives (i) all reports or other communications (financial or other) generally made available to its shareholders, and deliver such reports and communications to the Representatives as soon as they are
available, unless such documents are furnished to or filed with the Commission or any securities exchange on which any class of securities of the Company is listed and generally made available to the public and (ii) such additional information
concerning the business and financial condition of the Company as the Representatives may from time to time reasonably request (such statements to be on a consolidated basis to the extent the accounts of the Company and its subsidiaries are
consolidated in reports furnished to its shareholders). 

  
 16 

 (u) The Company will comply with all applicable securities and other laws, rules and
regulations, including, without limitation, the Sarbanes-Oxley Act, and use its best efforts to cause the Company’s directors and officers, in their capacities as such, to comply with such laws, rules and regulations, including, without
limitation, the provisions of the Sarbanes-Oxley Act. 
 (v) The Company agrees to pay the costs and expenses relating to the
following matters: (i) the preparation of the Indenture, the Capped Call Transaction Documents, the issuance of the Securities, the fees of the Trustee and the issuance of the ADSs (including fees of the depositary under the ADSs Deposit
Agreement for the creation and delivery of such ADSs) upon conversion of the Securities; (ii) the preparation, printing or reproduction of the materials contained in the Disclosure Package and the Final Memorandum and each amendment or
supplement to either of them; (iii) the printing (or reproduction) and delivery (including postage, air freight charges and charges for counting and packaging) of such copies of the materials contained in the Disclosure Package and the Final
Memorandum, and all amendments or supplements to either of them, as may, in each case, be reasonably requested for use in connection with the offering and sale of the Securities; (iv) the preparation, printing, authentication, issuance and
delivery of the Securities; (v) any stamp or transfer taxes in connection with the original issuance and sale of the Securities; (vi) the printing (or reproduction) and delivery of this Agreement, any blue sky memorandum and all other
agreements or documents printed (or reproduced) and delivered in connection with the offering of the Securities; (vii) any registration or qualification of the Securities for offer and sale under the securities or blue sky laws of the several
states, Japan, the provinces of Canada and any other jurisdictions specified pursuant to Section 5(f) (including filing fees and the reasonable fees and expenses of counsel for the Initial Purchasers relating to such registration and
qualification); (viii) the transportation and other expenses incurred by or on behalf of each of the Company’s representatives in connection with presentations to prospective purchasers of the Securities; (ix) the fees and expenses of
the Company’s accountants and the fees and expenses of counsel (including local and special counsel) for the Company; (x) the fees and expenses incurred in connection with any notice to be provided to the Luxembourg regulatory authorities,
including the Luxembourg Stock Exchange; and (xi) all other costs and expenses incident to the performance by the Company of its obligations hereunder. 
 (w) The Company agrees to reimburse the Representatives, on behalf of the Initial Purchasers, for all their reasonable expenses incurred in connection with the sale of the Securities provided for herein
(including, without limitation, reasonable fees, disbursements and expenses of legal advisors as to U.S. and Mexican law for the Initial Purchasers). The reimbursement obligations of the Company in respect of the legal advisors for the Initial
Purchasers pursuant to this Section 5(w) and Section 7 hereof and pursuant to Section 5(w) and Section 7 of the 2016 Securities Purchase Agreement will be limited to U.S.$375,000 (excluding
reimbursements in respect of disbursements and expenses of such legal advisors). 
 (x) The Company will apply the aggregate net
proceeds from the offering of the Securities in the manner specified in the Disclosure Package and the Final Memorandum under the heading “Use of Proceeds.” 
 (y) The Company will not authorize its officers that have executed and delivered lock-up letter agreements in the form of Exhibit A, to pledge, in the aggregate, more than

  
 17 

 
3,000,000 ADSs (or the equivalent amount of equity of the Company in the form of CPOs or ordinary shares), as collateral in connection with bank debt. 

6. Conditions to the Obligations of the Initial Purchasers. The obligations of the Initial Purchasers to purchase the Firm
Securities and the Option Securities, as the case may be, shall be subject to the accuracy of the representations and warranties of the Company contained herein at the Execution Time, the Closing Date and any settlement date pursuant to
Section 3 hereof, to the accuracy of the statements of the Company made in any certificates pursuant to the provisions hereof, to the performance by the Company of its obligations hereunder and to the following additional conditions:

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

 (b) The Company shall have requested and caused Mr. Ramiro G. Villarreal, General Counsel for the Company, to
furnish to the Representatives his opinion, subject to certain applicable exceptions, qualifications and conditions acceptable to the Representatives, dated as of the Closing Date and addressed to the Representatives, substantially in the form of
Schedule IV attached hereto. 
 (c) The Representatives shall have received from Cleary Gottlieb Steen &
Hamilton LLP and Ritch Mueller, S.C., counsel for the Initial Purchasers, such opinion or opinions, dated the Closing Date and addressed to the Representatives, with respect to the issuance and sale of the Securities, the Indenture, the Disclosure
Package, the Final Memorandum (as amended or supplemented at the Closing Date) and other related matters as the Representatives may reasonably require, and the Company shall have furnished to such counsel such documents as they request for the
purpose of enabling them to pass upon such matters. 
 (d) The Company shall have requested and caused Elvinger, Hoss &
Prussen, special Luxembourg counsel for the Company, to furnish such opinion or opinions, dated the Closing Date, providing, among other related matters as the Representatives may reasonably require, that the issuance and sale of the Securities as
provided in the Disclosure Package and the Final Memorandum, constitutes a public offering under the laws of Luxembourg, and the Company shall have furnished to such counsel such documents as they request for the purpose of enabling them to pass
upon such matters; provided, however, that, prior to the delivery of such opinion on the Closing Date, Citigroup Global Markets, Inc. agrees to furnish a representation letter to Elvinger, Hoss & Prussen to the effect that
Citigroup Global Markets, Inc. offered the Securities to at least five persons within the territory of the Grand Duchy of Luxembourg. 
 (e) The Company shall have furnished to the Representatives a certificate, signed by an executive officer of the Company, dated as of the Closing Date, substantially in the form of Schedule V
attached hereto. 
 (f) At the Execution Time and at the Closing Date, the Company shall have requested and caused KPMG
Cárdenas Dosal, S.C. to furnish to the Representatives, letters, 

  
 18 

 
dated respectively as of the Execution Time and as of the Closing Date, in form and substance satisfactory to the Representatives and confirming that they are independent auditors within the
meaning of the Exchange Act and the applicable published rules and regulations thereunder substantially in the form of Schedule VI attached hereto. 
 (g) Subsequent to the Execution Time or, if earlier, the dates as of which information is given in the Disclosure Package (exclusive of any amendment or supplement thereto) and the Final Memorandum
(exclusive of any amendment or supplement thereto), there shall not have been (i) any change, increase or decrease specified in the letter or letters referred to in paragraph (f) of this Section 6; or (ii) any change, or
any development involving a prospective change, in or affecting the condition (financial or otherwise), prospects, earnings, business or properties of the Company and its subsidiaries taken as a whole, whether or not arising from transactions in the
ordinary course of business, except as set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto), the effect of which, in any case referred to in clause (i) or
(ii) above, is, in the sole judgment of the Representatives, so material and adverse as to make it impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated in the Disclosure Package and the Final
Memorandum (exclusive of any amendment or supplement thereto). 
 (h) The Securities shall be eligible for clearance and
settlement through DTC, Euroclear and Clearstream, as applicable, and any other relevant clearing system. 
 (i) Subsequent to
the Execution Time, there shall not have been any decrease in the rating of any of the Company’s or any of its subsidiaries’ debt securities by Standard & Poor’s and Fitch Ratings or any notice given of any intended or
potential decrease in any such rating. For the avoidance of doubt, any reiteration or reissuance of the outlook of a rating agency that was in place at the Execution Time shall not be considered a notice of an intended or potential decrease in a
rating. 
 (j) Prior to the Closing Date, the Company shall have filed a supplemental listing application to have the ADSs
issuable upon conversion of the Securities to be approved for listing, subject to issuance, on the New York Stock Exchange. 

(k) Prior to the Closing Date, the Company shall have furnished to the Representatives a letter substantially in the form of Exhibit
A hereto, duly executed by each of the officers of the Company named on Exhibit B hereto, and addressed to the Representatives. 
 (l) Prior to the Closing Date, the Company shall have furnished to the Representatives such further information, certificates and documents as the Representatives may reasonably request. 

If any of the conditions specified in this Section 6 shall not have been fulfilled when and as provided in this Agreement, or
if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory in form and substance to the Representatives and counsel for the Initial Purchasers, this Agreement and all obligations of
the Initial Purchasers hereunder may be cancelled at, or at any time prior to, the Closing Date 

  
 19 

 
by the Representatives. Notice of such cancellation shall be given to the Company in writing or by telephone or facsimile confirmed in writing. 

The documents required to be delivered under this Section 6 will be delivered at the office of counsel for the Initial
Purchasers, at Cleary Gottlieb Steen & Hamilton LLP, One Liberty Plaza, New York, New York, 10006, Attention: Duane McLaughlin, Esq., on the Closing Date. 
 7. Reimbursement of Expenses. If the sale of the Securities provided for herein is not consummated because any condition to the obligations of the Initial Purchasers set forth in
Section 6 hereof is not satisfied, because of any termination pursuant to Section 10 hereof or because of any refusal, inability or failure on the part of the Company to perform any agreement herein or comply with any
provision hereof other than by reason of a default by any of the Initial Purchasers, the Company will reimburse the Initial Purchasers severally through Citigroup Global Markets, Inc. and J.P. Morgan Securities LLC on demand for all expenses
(including reasonable fees and disbursements of counsel subject to the limit set forth in Section 5(w) above) that shall have been incurred by them in connection with the proposed purchase and sale of the Securities. 

8. Indemnification and Contribution. (a) The Company agrees to indemnify and hold harmless each Initial Purchaser, the
directors, officers, employees, Affiliates and agents of each Initial Purchaser and each person who controls any Initial Purchaser within the meaning of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities,
joint or several, to which they or any of them may become subject under the Act, the Exchange Act or other U.S. federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Memorandum, the Final Term Sheet, the Final Memorandum, any Issuer Written Information, or
any other written information, including any electronic road show, used by or on behalf of the Company in connection with the offer or sale of the Securities, or in any amendment or supplement thereto, or arise out of, or are based upon, the
omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and agrees to reimburse each such
indemnified party, as incurred, for any legal or other expenses reasonably incurred by it in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be
liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made in the Preliminary Memorandum, the Final
Term Sheet or the Final Memorandum, or in any amendment thereof or supplement thereto, in reliance upon and in conformity with written information furnished to the Company by or on behalf of any Initial Purchaser through the Representatives
specifically for inclusion therein. This indemnity agreement will be in addition to any liability that the Company may otherwise have. 
 (b) Each Initial Purchaser severally, and not jointly, agrees to indemnify and hold harmless the Company, each of its directors, each of its officers, and each person who controls the Company within the
meaning of either the Act or the Exchange Act, to the same extent as the 

  
 20 

 
foregoing indemnity to each Initial Purchaser, but only with reference to written information relating to such Initial Purchaser furnished to the Company by or on behalf of such Initial Purchaser
through the Representatives specifically for inclusion in the Preliminary Memorandum or the Final Memorandum (or in any amendment or supplement thereto). This indemnity agreement will be in addition to any liability that any Initial Purchaser may
otherwise have. The Company acknowledges that (i) the statements set forth in the last paragraph of the cover page regarding delivery of the Securities and (ii), under the heading “Plan of Distribution,” (A) the tables of Initial
Purchasers, and (B) the tenth and eleventh paragraphs in the Disclosure Package and the Final Memorandum constitute the only information furnished in writing by or on behalf of the Initial Purchasers for inclusion in the Disclosure Package or
the Final Memorandum or in any amendment or supplement thereto. 
 (c) Promptly after receipt by an indemnified party under this
Section 8 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 8, notify the indemnifying party in writing of
the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure
results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation
provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel (including local counsel) of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified
party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel, other than local counsel if not appointed by the indemnifying party,
retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel
(including local counsel) to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses
of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any
such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to the
indemnifying party and/or other indemnified parties; (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution
of such action; or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. If none of the conditions in clauses (i) through (iv) in the preceding sentence
are satisfied as to any indemnified party, it is understood that the indemnifying party shall, in connection with any one such action be liable for the reasonable fees and expenses of only one separate firm of attorneys in each jurisdiction (and in
addition to any local counsel) at any time (other than reasonable overlapping of engagements) for all such indemnified parties. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or
consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder 

  
 21 

 
(whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each
indemnified party from all liability arising out of such claim, action, suit or proceeding and does not include any statement as to any admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 

(d) In the event that the indemnity provided in paragraph (a) or (b) of this Section 8 is unavailable to or
insufficient to hold harmless an indemnified party for any reason, the Company and the Initial Purchasers severally agree to contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred
in connection with investigating or defending any loss, claim, damage, liability or action) (collectively “Losses”) to which the Company and one or more of the Initial Purchasers may be subject in such proportion as is appropriate to
reflect the relative benefits received by the Company on the one hand and by the Initial Purchasers on the other from the offering of the Securities; provided, however, that in no case under this paragraph (d) shall any Initial
Purchaser be responsible for any amount in excess of the purchase discount or commission applicable to the Securities purchased by such Initial Purchaser hereunder. If the allocation provided by the immediately preceding sentence is unavailable for
any reason, the Company and the Initial Purchasers severally shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and the Initial Purchasers on
the other in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. Benefits received by the Company shall be deemed to be equal to the total net proceeds from the offering
(before deducting expenses) received by it, and benefits received by the Initial Purchasers shall be deemed to be equal to the total purchase discounts and commissions. Relative fault shall be determined by reference to, among other things, whether
any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information provided by the Company on the one hand or the Initial Purchasers on the other, the intent of the parties
and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Company and the Initial Purchasers agree that it would not be just and equitable if contribution were determined by pro
rata allocation or any other method of allocation that does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 8, each person who controls an Initial Purchaser within the
meaning of either the Act or the Exchange Act and each director, officer, employee, Affiliate and agent of an Initial Purchaser shall have the same rights to contribution as such Initial Purchaser, and each person who controls the Company within the
meaning of either the Act or the Exchange Act and each officer and director of the Company shall have the same rights to contribution as the Company, subject in each case to the applicable terms and conditions of this paragraph (d). 

9. Default by an Initial Purchaser. If any one or more Initial Purchasers shall fail to purchase and pay for any of the Securities
agreed to be purchased by such Initial Purchaser hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Initial Purchasers shall be obligated severally to
take up and pay for (in the respective proportions which the principal amount of Securities set 

  
 22 

 
forth opposite their names in Schedule I hereto bears to the aggregate principal amount of Securities set forth opposite the names of all the remaining Initial Purchasers) the Securities
which the defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase; provided, however, that in the event that the aggregate principal amount of Securities which the defaulting Initial Purchaser or Initial
Purchasers agreed but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth in Schedule I hereto, the remaining Initial Purchasers shall have the right to purchase all, but shall not be under any
obligation to purchase any, of the Securities, and if such non-defaulting Initial Purchasers do not purchase all the Securities, this Agreement will terminate without liability to any non-defaulting Initial Purchaser or the Company. In the event of
a default by any Initial Purchaser as set forth in this Section 9, the Closing Date shall be postponed for such period, not exceeding five Business Days, as the Representatives and the Company shall determine in order that the required
changes in the Final Memorandum or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting Initial Purchaser of its liability, if any, to the Company or any non-defaulting Initial
Purchaser for damages occasioned by its default hereunder. 
 10. Termination. This Agreement shall be subject to
termination in the absolute discretion of the Representatives, by notice given to the Company prior to the time of delivery of, and payment for, the Securities, if at any time prior to such time (i) trading in the Company’s CPOs in the
Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V.) shall have been suspended; (ii) trading in the Company’s ADSs in the New York Stock Exchange shall have been suspended; (iii) trading in securities generally on
the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V.) or the New York Stock Exchange shall have been suspended or limited or minimum prices shall have been established on either such exchanges; (iv) a banking moratorium
shall have been declared either by Mexican, U.S. federal or New York State authorities; or (v) there shall have occurred any outbreak or escalation of hostilities, declaration by Mexico or the United States of a national emergency or war or
other calamity or crisis the effect of which on financial markets is such as to make it, in the sole judgment of the Representatives, impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated in the
Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 
 11. Representations and
Indemnities to Survive. The respective agreements, representations, warranties, indemnities and other statements of the Company or its officers and of the Initial Purchasers set forth in or made pursuant to this Agreement will remain in full
force and effect, regardless of any investigation made by or on behalf of the Initial Purchasers or the Company or any of the indemnified persons referred to in Section 8 hereof, and will survive delivery of and payment for the
Securities. The provisions of Sections 7 and 8 hereof shall survive the termination or cancellation of this Agreement. 
 12. Notices. All communications hereunder will be in writing and effective only on receipt, and, if sent to the Representatives, will be mailed, delivered or telefaxed to the Citigroup General
Counsel (fax no.: (212) 816-7912) and confirmed to Citigroup at 388 Greenwich Street, New York, New York 10013, Attention: General Counsel; or, if sent to the Company, will be mailed, delivered or telefaxed to +5281-8888-4399 and confirmed
to it at 

  
 23 

 
CEMEX, S.A.B. de C.V., Av. Ricardo Margáin, Zozaya #325, Colonia Valle del Campestre, Garza García, Nuevo León, México 66265. Attention: Legal Department. 

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

14. Jurisdiction. Each of the parties hereto agrees that any suit, action or proceeding arising out of or based upon this
Agreement or the transactions contemplated hereby may be instituted in any State or U.S. federal court in The City of New York and County of New York and in the courts of its own domicile in respect of actions brought against such party as a
defendant, and waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the jurisdiction of such courts in any suit, action or proceeding and waives the right to any other
jurisdiction that it may be entitled to by reason of its present or future domicile or other reason. The Company hereby appoints Corporate Creations Network Inc., 1040 Avenue of the Americas # 2400, New York, NY 10018, U.S.A.; fax:
(561) 694-1639; telephone: (212) 382-4699, as its authorized agent (the “Authorized Agent”) upon whom process may be served in any suit, action or proceeding arising out of or based upon this Agreement or the transactions
contemplated herein that may be instituted in any of such courts. The Company hereby represents and warrants that the Authorized Agent has accepted such appointment and has agreed to act as said agent for service of process, and the Company agrees
to take any and all action, including the execution and filing of any and all documents that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent shall be deemed, in every
respect, effective service of process upon the Company. 
 15. Internet Document Services. The Company hereby agrees that
the Representatives may provide copies of the Preliminary Memorandum and Final Memorandum and any other agreement or document relating to the offer and sale of the Securities, including, without limitation, the Indenture, to Xtract Research LLC
(“Xtract”) following the Closing Date for inclusion in an online research service sponsored by Xtract, access to which is restricted to “qualified institutional buyers” (as defined in Rule 144A under the Act); it being understood
and agreed that the Company shall have no obligation to update or supplement any documents provided to Xtract. 
 16.
Integration. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company and the Initial Purchasers, or any of them, with respect to the subject matter hereof. 

17. Applicable Law. This Agreement will be governed by and construed in accordance with the laws of the State of New York
applicable to contracts made and to be performed within the State of New York. 
 18. Waiver of Jury Trial. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 

  
 24 

 19. No Fiduciary Duty. The Company hereby acknowledges that (a) the purchase and
sale of the Securities pursuant to this Agreement is an arm’s-length commercial transaction between the Company, on the one hand, and the Initial Purchasers and any Affiliate through which it may be acting, on the other, (b) the Initial
Purchasers are acting as principal and not as an agent or fiduciary of the Company and (c) the Company’s engagement of the Initial Purchasers in connection with the offering and the process leading up to the offering is as independent
contractors and not in any other capacity. Furthermore, the Company agrees that it is solely responsible for making its own judgments in connection with the offering (irrespective of whether any of the Initial Purchasers has advised or is currently
advising the Company on related or other matters). The Company agrees that it will not claim that the Initial Purchasers have rendered advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to the Company in
connection with such transaction or the process leading thereto. 
 20. Currency. Each reference in this Agreement to
U.S. dollars (the “relevant currency”), including by use of the symbol “U.S.$”, is of the essence. To the fullest extent permitted by law, the obligation of the parties in respect of any amount due under this Agreement will,
notwithstanding any payment in any other currency (whether pursuant to a judgment or otherwise), be discharged only to the extent of the amount in the relevant currency that the party entitled to receive such payment may, in accordance with its
normal procedures, purchase with the sum paid in such other currency (after any premium and costs of exchange) on the Business Day immediately following the day on which such party receives such payment. If the amount in the relevant currency that
may be so purchased for any reason falls short of the amount originally due, the obligated party will pay such additional amounts, in the relevant currency, as may be necessary to compensate for the shortfall. Any obligation of the obligated party
not discharged by such payment will, to the fullest extent permitted by applicable law, be due as a separate and independent obligation and, until discharged as provided herein, will continue in full force and effect. 

21. Waiver of Immunity. To the extent that the Company has or hereafter may acquire any immunity (sovereign or otherwise) from any
legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect to itself or any of its property, the Company hereby irrevocably waives
and agrees not to plead or claim such immunity in respect of its obligations under this Agreement. 
 22. Waiver of Tax
Confidentiality. Notwithstanding anything herein to the contrary, purchasers of the Securities (and each employee, representative or other agent of a purchaser) may disclose to any and all persons, without limitation of any kind, the U.S. tax
treatment and U.S. tax structure of any transaction contemplated herein and all materials of any kind (including opinions or other tax analyses) that are provided to the purchasers of the Securities relating to such U.S. tax treatment and U.S tax
structure, other than any information for which nondisclosure is reasonably necessary in order to comply with applicable securities laws. 
 23. Taxes. Each payment of fees or other amounts due to the Initial Purchasers under this Agreement shall, except as required by applicable law, be made without withholding or deduction for or on
account of any taxes imposed by any jurisdiction. If any taxes are required 

  
 25 

 
to be withheld or deducted from any such payment, the Company shall pay such additional amounts as may be necessary to ensure that the net amount actually received by the Initial Purchasers after
such withholding or deduction is equal to the amount that the Initial Purchasers would have received had no such withholding or deduction been required. At the reasonable request of the Initial Purchasers, the Company shall provide evidence of
payment of taxes when due. 
 24. Counterparts. This Agreement may be signed in one or more counterparts, each of which
shall constitute an original and all of which together shall constitute one and the same agreement. 
 25. Headings. The
section headings used herein are for convenience only and shall not affect the construction hereof. 
 26. Definitions.
The terms that follow, when used in this Agreement, shall have the meanings indicated. 
 “Act” shall mean the U.S.
Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 
 “ADS”
shall mean the American Depositary Shares which represent ten (10) CPOs. ADSs are evidenced by American Depositary Receipts or ADRs. 
 “ADS Deposit Agreement” shall mean the Second Amended and Restated Deposit Agreement, dated as of August 10, 1999, as amended by Amendment No. 1 thereto, dated as of July 1, 2005,
by and among Citibank, N.A., as depositary, the Company and the holders and beneficial owners from time to time of ADSs. 

“Affiliate” shall have the meaning specified in Rule 501(b) of Regulation D. 

“Business Day” shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or
trust companies are authorized or obligated by law to close in The City of New York or Mexico City. 
 “Capped Call
Transaction Documents” shall mean (i) the Master Terms and Conditions for Capped Call Transactions dated March 9, 2011 between the Company and JPMorgan Chase Bank, National Association, (ii) the Master Terms and Conditions for
Capped Call Transactions dated March 9, 2011 between the Company and Citibank, N.A., (iii) the Master Terms and Conditions for Capped Call Transactions dated March 9, 2011 between the Company and Banco Santander, S.A., (iv) the
Master Terms and Conditions for Capped Call Transactions dated March 9, 2011 between the Company and BNP Paribas, (v) the Master Terms and Conditions for Capped Call Transactions dated March 9, 2011 between the Company and The Royal
Bank of Scotland PLC, (vi) the Master Terms and Conditions for Capped Call Transactions dated March 9, 2011 between the Company and Bank of America, N.A., (vii) the Master Terms and Conditions for Capped Call Transactions dated
March 9, 2011 between the Company and HSBC Bank USA, National Association and (viii) any Transaction Confirmation under any of the foregoing. 

  
 26 

 “Citigroup” shall mean Citigroup Global Markets, Inc. 

“Commission” shall mean the Securities and Exchange Commission. 

“CPO” shall mean the Ordinary Participation Certificates (Certificados de Participación Ordinaria), which have as
underlying securities two (2) Series A shares and one (1) Series B share of the Company. 
 “CPO Deed” shall
mean any CPO deed (Acta de Emisión) executed from time to time by the Company and the CPO Trustee for the issuance of CPOs pursuant to the terms of the CPO Trust. 

“CPO Trust” shall mean the Trust Agreement number 111033-9 dated September 6, 1999, entered into by and among the Company,
in its capacity as settlor, and the CPO Trustee. 
 “CPO Trustee” shall mean Grupo Financiero Banamex, División
Fiduciaria, in its capacity as trustee under the CPO Trust. 
 “Disclosure Package” shall mean (i) the
Preliminary Memorandum, as amended or supplemented at the Execution Time, (ii) the Final Term Sheet, and (iii) any Issuer Written Information. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder. 

“Execution Time” shall mean the date and time that this Agreement is executed and delivered by the parties hereto. 

“Financing Agreement” shall mean the Financing Agreement dated August 14, 2009, as amended, between the Company, the
Financial Institutions and Noteholders named therein, as participating creditors, Citibank International PLC, as administrative agent and Wilmington Trust (London) Limited, as security agent. 

“Investment Company Act” shall mean the U.S. Investment Company Act of 1940, as amended, and the rules and regulations of the
Commission promulgated thereunder. 
 “Issuer Written Information” shall mean any writings in addition to the
Preliminary Memorandum and the Final Term Sheet that the parties expressly agree in writing to treat as part of the Disclosure Package and which are identified on Schedule VII hereto. 

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

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

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

  
 27 

 “Solvent” shall mean, with respect to any person on any date of determination,
that on such date, the value of the property of such person is greater than the total amount of liabilities, including contingent liabilities, of such person. 
 “Transaction Security Documents” shall mean any document, as amended from time to time, entered by any of the Company or its subsidiaries creating or expressed to create any security over all or
any part of its assets in respect of their obligations under the Financing Agreement or any other document derived therefrom, or in connection therewith. 
 [Signature pages follow] 

  
 28 

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

 

			
	Very truly yours,
	
	CEMEX, S.A.B. DE C.V.
		
	By:	 	 /s/ Rodrigo Treviño

		 	Name: Rodrigo Treviño
		 	Title: Attorney-in-Fact

  

					
		  	 Signature page to
 Purchase Agreement
	  	

			
	The foregoing Agreement is hereby confirmed and accepted as of the date first above written.
	
	CITIGROUP GLOBAL MARKETS, INC.
		
	By:	 	 /s/ J. Richard Blackett

		 	Name: J. Richard Blackett
		 	Title: Managing Director

  

					
		  	 Signature page to
 Purchase Agreement
	  	

			
	J.P. MORGAN SECURITIES LLC
		
	By:	 	 /s/ Uziel Fradkin

		 	Name: Uziel Fradkin
		 	Title: Managing Director

  

					
		  	 Signature page to
 Purchase Agreement
	  	

			
	 BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

		
	By:	 	 /s/ Miguel Angel Prieto

	Name:	 	Miguel Angel Prieto
	Title:	 	Executive Director
		
	By:	 	 /s/ Elena Rua Morte

		 	Name: Elena Rua Morte
		 	Title: Vice President

  

					
		  	 Signature page to
 Purchase Agreement
	  	

			
	 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

		
	By:	 	 /s/ Laurent Massart

	Name:	 	Laurent Massart
	Title:	 	Managing Director

  

					
		  	 Signature page to
 Purchase Agreement
	  	

			
	 BNP PARIBAS SECURITIES CORP.

		
	By:	 	 /s/ Michael Murphy

		 	Name: Michael Murphy
		 	Title: Managing Director

  

					
		  	 Signature page to
 Purchase Agreement
	  	

			
	BARCLAYS CAPITAL INC.
		
	By:	 	 /s/ Brian Reilly

		 	Name: Brian Reilly
		 	Title: Managing Director

  

					
		  	 Signature page to
 Purchase Agreement
	  	

			
	HSBC SECURITIES (USA) INC.
		
	By:	 	 /s/ David Noble

		 	Name: David Noble
		 	Title: Managing Director

  

					
		  	 Signature page to
 Purchase Agreement
	  	

			
	ING FINANCIAL MARKETS LLC
		
	By:	 	 /s/ Audun Huslid

		 	Name: Audun Huslid
		 	Title: Director

  

					
		  	 Signature page to
 Purchase Agreement
	  	

			
	RBS SECURITIES INC.
		
	By:	 	 /s/ Krystian Mialkowski

		 	Name: Krystian Mialkowski
		 	Title: Head of Convertible & Equity-linked Origination, Americas

  

					
		  	 Signature page to
 Purchase Agreement
	  	

			
	 SANTANDER INVESTMENT SECURITIES INC.

		
	By:	 	 /s/ Alexander Roberts

		 	Name: Alexander Roberts
		 	Title: Managing Director
		
	By:	 	 /s/ Ignacio Mendive

		 	Name: Ignacio Mendive
		 	Title: CEO
	
	For themselves and the other several Initial Purchasers named in Schedule I to the foregoing Agreement.

  

					
		  	 Signature page to
 Purchase Agreement
	  	

 SCHEDULE I 

 

					
	 Initial Purchasers
	  	Principal Amount
of Firm Securities
to be Purchased	 
		
	 Citigroup Global Markets, Inc.
	  	U.S.$	210,000,000	  
		
	 J.P. Morgan Securities LLC
	  	U.S.$	210,000,000	  
		
	 Banco Bilbao Vizcaya Argentaria, S.A.
	  	U.S.$	18,000,000	  
		
	 Merrill Lynch, Pierce, Fenner & Smith Incorporated
	  	U.S.$	18,000,000	  
		
	 BNP Paribas Securities Corp.
	  	U.S.$	18,000,000	  
		
	 Barclays Capital Inc.
	  	U.S.$	18,000,000	  
		
	 HSBC Securities (USA) Inc.
	  	U.S.$	18,000,000	  
		
	 ING Financial Markets LLC
	  	U.S.$	18,000,000	  
		
	 RBS Securities Inc.
	  	U.S.$	18,000,000	  
		
	 Santander Investment Securities Inc.
	  	U.S.$	18,000,000	  
		
	 Banca IMI S.p.A.
	  	U.S.$	6,000,000	  
		
	 Credit Agricole Securities (USA) Inc.
	  	U.S.$	6,000,000	  
		
	 Lazard Capital Markets LLC
	  	U.S.$	6,000,000	  
		
	 Mizuho Securities USA Inc.
	  	U.S.$	6,000,000	  
		
	 Scotia Capital (USA) Inc.
	  	U.S.$	6,000,000	  
		
	 The Williams Capital Group, L.P.
	  	U.S.$	6,000,000	  
		  	 	 	 
		
	 Total
	  	U.S.$	600,000,000	  

  
 Schedule I

 SCHEDULE II 
 Final Term Sheet 
 CEMEX, S.A.B. de C.V. 

3.25% Convertible Subordinated Notes Due 2016 (the “2016 Notes”) 

3.75% Convertible Subordinated Notes Due 2018 (the “2018 Notes”) 

(collectively, the “Notes”) 
 The information in this pricing term sheet supplements CEMEX, S.A.B. de C.V.’s preliminary offering memorandum, dated March 8, 2011 (the “Preliminary Offering Memorandum”), and
supersedes the information in the Preliminary Offering Memorandum to the extent inconsistent with the information in the Preliminary Offering Memorandum. In all other respects, this term sheet is qualified in its entirety by reference to the
Preliminary Offering Memorandum. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Offering Memorandum. All references to dollar amounts are references to U.S. dollars. References to American
Depositary Shares (“ADSs”) are to ADSs of the Issuer. Unless specifically stated otherwise, the information in this pricing term sheet assumes the initial purchasers do not exercise their over-allotment options. 

 

			
	Issuer	  	CEMEX, S.A.B. de C.V. (the “Issuer”)
		
	Security Description	  	 3.25% Convertible Subordinated Notes due 2016
 3.75% Convertible Subordinated Notes due 2018

		
	Format	  	144A Global Notes / Regulation S Global Notes
		
	Global Coordinators and Active Bookrunners	  	 Citigroup Global Markets, Inc.

J.P. Morgan Securities LLC

		
	Joint Passive Bookrunners	  	 Banco Bilbao Vizcaya Argentaria S.A.
 Merrill Lynch, Pierce, Fenner & Smith Incorporated
 BNP Paribas Securities Corp.

Barclays Capital Inc.
 HSBC Securities (USA)
Inc.
 ING Financial Markets LLC
 RBS
Securities Inc.
 Santander Investment Securities Inc.

		
	Co-Managers	  	 Banca IMI S.p.A.
 Credit
Agricole Securities (USA) Inc.
 Lazard Capital Markets LLC
 Mizuho Securities USA Inc.
 Scotia Capital (USA) Inc.

The Williams Capitol Group, L.P.

		
	Identifiers (144A Notes)	  	 2016 Notes:
  

CUSIP: 151290 AZ6

		  	 ISIN: US151290AZ66
 CUSIP:
151290 BB8 (unrestricted)
 ISIN: US151290BB89 (unrestricted)
  

2018 Notes:
  
 CUSIP: 151290 BA0

  
 Schedule II

			
		  	 ISIN: US151290BA07
 CUSIP:
151290 BC6 (unrestricted)
 ISIN: US151290BC62 (unrestricted)

		
	Identifiers (Regulation S Notes)	  	 2016 Notes:
  

CUSIP: P2253T HV4

		  	 ISIN: USP2253THV46
  

2018 Notes:
  
 CUSIP: P2253T HW2
 ISIN: USP2253THW29

		
	Principal amount offered	  	 U.S.$800,000,000 aggregate principal amount of 2016 Notes
 U.S.$600,000,000 aggregate principal amount of 2018 Notes

		
	Over-allotment option	  	 U.S.$177,500,000 aggregate principal amount of 2016 Notes
 U.S.$90,000,000 aggregate principal amount of 2018 Notes

		
	Settlement date	  	March 15, 2011
		
	Final maturity	  	 The 2016 Notes will mature on March 15, 2016
 The 2018 Notes will mature on March 15, 2018

		
	Interest payment	  	March 15 and September 15, beginning on September 15, 2011
		
	Day count convention	  	360-day year consisting of twelve 30-day months
		
	Annual interest rate	  	 The 2016 Notes will bear interest at a rate equal to 3.25% per annum from March 15, 2011.

 
 The 2018 Notes will bear interest at a rate equal to 3.75% per annum from
March 15, 2011.

		
	Offering price	  	The Notes will be issued at a price of 100% of their principal amount, plus accrued interest, if any, from March 15, 2011
		
	Initial conversion price	  	 Approximately U.S.$11.28 per ADS for the 2016 Notes
 Approximately U.S.$11.28 per ADS for the 2018 Notes

		
	Initial conversion rate	  	 88.6211 ADSs per U.S.$1,000 principal amount of 2016 Notes
 88.6211 ADSs per U.S.$1,000 principal amount of 2018 Notes

		
	NYSE last reported sale price on March 9, 2011	  	U.S.$8.68 per ADS
		
	Conversion premium	  	 Approximately 30% above the last NYSE last reported sale price on March 9, 2011 for the 2016 Notes.

 
 Approximately 30% above the last NYSE last reported sale price on March 9, 2011 for
the 2018 Notes.

		
	Denomination	  	U.S.$100,000 and integral multiples of U.S.$1,000 in excess thereof
		
	Conversion Rights	  	Holders may convert their 2016 Notes into the Issuer’s ADSs (which represent CPOs, which in turn have ordinary shares as underlying

  
 Schedule II

			
		  	 securities) at an initial conversion rate of 88.6211 ADSs per U.S.$1,000 principal amount of 2016 Notes after June 30, 2011 and
prior to the close of business on the fourth Business Day (as defined in the Preliminary Offering Memorandum) immediately preceding the maturity date for the 2016 Notes. The conversion rate is equivalent to an initial conversion price of
approximately U.S.$11.28 per ADS.
  
 Holders may convert their 2018 Notes
into the Issuer’s ADSs (which represent CPOs, which in turn have ordinary shares as underlying securities) at an initial conversion rate of 88.6211 ADSs per U.S.$1,000 principal amount of 2018 Notes after June 30, 2011 and prior to the
close of business on the fourth Business Day (as defined in the Preliminary Offering Memorandum) immediately preceding the maturity date for the 2018 Notes. The conversion rate is equivalent to an initial conversion price of approximately U.S.$11.28
per ADS.
  
 The indentures governing the Notes contain a covenant requiring
the Issuer to cause a sufficient number of Available Treasury Shares (as defined in the Preliminary Offering Memorandum) or CPOs to be authorized in order to satisfy its conversion obligations, within the time limits set forth in the
indentures.

		
	Anti-Dilution Adjustments	  	The conversion rate may be adjusted if certain events occur.
		
	 Make Whole Conversion upon
 Fundamental Change
	  	If a fundamental change (as defined in the Preliminary Offering Memorandum) occurs and a holder elects to convert its Notes in connection with such fundamental change, the Issuer
will, under certain circumstances, increase the conversion rate for the Notes so surrendered for conversion. The following tables below set forth the number of additional ADSs to be received per U.S.$1,000 principal amount of the Notes of each
series in connection with a fundamental change as described in the Preliminary Offering Memorandum, based on hypothetical ADS prices and effective dates of the fundamental change.

 

																																													
	 	  	 	 	  	ADS Price for the 2016 Notes	 
	 Effective Date
	  	$8.68	 	  	$10.00	 	  	$12.50	 	  	$15.00	 	  	$.17.50	 	  	$20.00	 	  	$25.00	 	  	$30.00	 	  	$35.00	 	  	$40.00	 	  	$50.00	 
	 March 15, 2011
	  	 	26.5863	  	  	 	21.3492	  	  	 	13.8100	  	  	 	9.6178	  	  	 	7.0672	  	  	 	5.4033	  	  	 	3.4274	  	  	 	2.3291	  	  	 	1.6453	  	  	 	1.1860	  	  	 	0.6241	  
	 March 15, 2012
	  	 	26.5863	  	  	 	21.1705	  	  	 	13.1132	  	  	 	8.8004	  	  	 	6.2785	  	  	 	4.6942	  	  	 	2.8961	  	  	 	1.9418	  	  	 	1.3631	  	  	 	0.9789	  	  	 	0.5104	  
	 March 15, 2013
	  	 	26.5863	  	  	 	20.5085	  	  	 	11.9045	  	  	 	7.5390	  	  	 	5.1335	  	  	 	3.7084	  	  	 	2.2015	  	  	 	1.4568	  	  	 	1.0202	  	  	 	0.7330	  	  	 	0.3800	  
	 March 15, 2014
	  	 	26.5863	  	  	 	19.1511	  	  	 	9.9350	  	  	 	5.6498	  	  	 	3.5243	  	  	 	2.3947	  	  	 	1.3475	  	  	 	0.8894	  	  	 	0.6305	  	  	 	0.4581	  	  	 	0.2375	  
	 March 15, 2015
	  	 	26.5863	  	  	 	16.3850	  	  	 	6.4923	  	  	 	2.7265	  	  	 	1.3119	  	  	 	0.7638	  	  	 	0.4115	  	  	 	0.2872	  	  	 	0.2117	  	  	 	0.1567	  	  	 	0.0799	  
	 March 15, 2016
	  	 	26.5863	  	  	 	11.3789	  	  	 	0.000  	  	  	 	0.000  	  	  	 	0.000  	  	  	 	0.000  	  	  	 	0.000  	  	  	 	0.000  	  	  	 	0.000  	  	  	 	0.000  	  	  	 	0.000  	  

  
 Schedule II

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

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

 

	 	•	 	 greater than U.S.$50 per ADS (subject to adjustment in the same manner as the ADS prices set forth in the column headings of the tables above), no
additional ADSs will be issued upon conversion of the 2016 Notes. 

  

	 	•	 	 less than U.S.$8.68 per ADS (subject to adjustment in the same manner as the ADS prices set forth in the column headings of the tables above), no
additional ADSs will be issued upon conversion of the 2016 Notes. 

 Notwithstanding the foregoing, in no
event will the total number of ADSs issuable upon conversion exceed 115.2074 per U.S.$1,000 principal amount of 2016 Notes, although that maximum is subject to adjustment in the same manner as the conversion rate as set forth under
“Description of Notes—Conversion Rights—Conversion Rate Adjustments” in the Preliminary Offering Memorandum. 
  

																																													
	 	  	 	 	  	ADS Price for the 2018 Notes	 
	 Effective Date
	  	$8.68	 	  	$10.00	 	  	$12.50	 	  	$15.00	 	  	$.17.50	 	  	$20.00	 	  	$25.00	 	  	$30.00	 	  	$35.00	 	  	$40.00	 	  	$50.00	 
	 March 15, 2011
	  	 	26.5863	  	  	 	22.2972	  	  	 	15.5061	  	  	 	11.4846	  	  	 	8.8818	  	  	 	7.0843	  	  	 	4.7979	  	  	 	3.4276	  	  	 	2.5283	  	  	 	1.9012	  	  	 	1.1034	  
	 March 15, 2012
	  	 	26.5863	  	  	 	22.2425	  	  	 	15.1238	  	  	 	11.0096	  	  	 	8.4052	  	  	 	6.6408	  	  	 	4.4439	  	  	 	3.1544	  	  	 	2.3186	  	  	 	1.7396	  	  	 	1.0059	  
	 March 15, 2013
	  	 	26.5863	  	  	 	21.9970	  	  	 	14.5099	  	  	 	10.3128	  	  	 	7.7326	  	  	 	6.0294	  	  	 	3.9707	  	  	 	2.7968	  	  	 	2.0483	  	  	 	1.5340	  	  	 	0.8843	  
	 March 15, 2014
	  	 	26.5863	  	  	 	21.6170	  	  	 	13.6547	  	  	 	9.3653	  	  	 	6.8333	  	  	 	5.2239	  	  	 	3.3622	  	  	 	2.3459	  	  	 	1.7127	  	  	 	1.2818	  	  	 	0.7379	  
	 March 15, 2015
	  	 	26.5863	  	  	 	20.7665	  	  	 	12.2837	  	  	 	7.9616	  	  	 	5.5607	  	  	 	4.1217	  	  	 	2.5687	  	  	 	1.7759	  	  	 	1.2969	  	  	 	0.9734	  	  	 	0.5617	  
	 March 15, 2016
	  	 	26.5863	  	  	 	19.2156	  	  	 	10.1309	  	  	 	5.9021	  	  	 	3.7925	  	  	 	5.6589	  	  	 	1.5833	  	  	 	1.0938	  	  	 	0.8078	  	  	 	0.6129	  	  	 	0.3565	  
	 March 15, 2017
	  	 	26.5863	  	  	 	16.3088	  	  	 	6.5195	  	  	 	2.8036	  	  	 	1.4054	  	  	 	0.8579	  	  	 	0.4936	  	  	 	0.3566	  	  	 	0.2713	  	  	 	0.2088	  	  	 	0.1217	  
	 March 15, 2018
	  	 	26.5863	  	  	 	11.3789	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  

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

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

 

	 	•	 	 greater than U.S.$50 per ADS (subject to adjustment in the same manner as the ADS prices set forth in the column headings of the tables above), no
additional ADSs will be issued upon conversion of 2018 Notes. 

  

	 	•	 	 less than U.S.$8.68 per ADS (subject to adjustment in the same manner as the ADS prices set forth in the column headings of the tables above), no
additional ADSs will be issued upon conversion of 2018 Notes. 

  
 Schedule II

 Notwithstanding the foregoing, in no event will the total number of ADSs issuable upon
conversion exceed 115.2074 per U.S.$1,000 principal amount of 2018 Notes, although that maximum is subject to adjustment in the same manner as the conversion rate as set forth under “Description of Notes—Conversion
Rights—Conversion Rate Adjustments” in the Preliminary Offering Memorandum. 
  

					
	Repurchase at Option of Holder	  	 •    
	  	Other than in the event of a change of control, Holders may not require the Issuer to repurchase any Notes prior to their stated maturity date.
			
		  	 •    
	  	If a change of control (as defined in the Preliminary Offering Memorandum) occurs at any time, each Holder will have the right, at that holder’s option, to require the Issuer
to purchase all or part of its Notes for cash at a repurchase price equal to 100% of their principal amount, plus accrued and unpaid interest (including additional interest, if any) and additional amounts, if any, up to, but excluding, the
repurchase date.
			
	Redemptions	  	 •    
	  	Other than in the event of a tax redemption, the Issuer may not redeem any Notes prior to their stated maturity date.
			
		  	 •    
	  	In the event of certain changes in the withholding tax treatment relating to payments on the Notes of a series, the Issuer will have the option to redeem the Notes of a series, in
whole but not in part, at a redemption price equal to 100% of the outstanding principal amount of the Notes of such series plus any accrued and unpaid interest to the date fixed for redemption and any additional amounts that may be payable, so long
as the Issuer is not prohibited from having such an option under the Financing Agreement.
			
		  	 •    
	  	Upon the Issuer giving notice that it will redeem the Notes of a series because of such a change in the withholding tax treatment, holders will have the option to convert their
notes of such series as if a fundamental change had occurred.
		
	Use of Proceeds	  	 The estimated net proceeds from this offering, after deducting the initial purchasers’ discounts and commissions and
estimated offering expenses, will be approximately U.S.$1,347 million, assuming the initial purchasers do not exercise their over-allotment options, and approximately U.S.$1,637 million if they exercise their over-allotment options in full. The
Issuer intends to use approximately U.S.$187,000,000 of the net proceeds from this offering to pay the cost of the capped call transactions described in the Preliminary Offering Memorandum and expect to use a portion of the net proceeds from the
sale of additional Notes in the event the initial purchasers exercise their over-allotment options to increase the number of ADSs underlying the capped call transactions on a proportionate basis, and the Issuer intends to use the remaining net
proceeds to repay indebtedness, including indebtedness under the Financing Agreement and CBs.

  
 Schedule II

			
	Capped Call Option	  	 In connection with this offering, the Issuer expects to enter into capped call transactions with one or more financial institutions,
covering, subject to customary anti-dilution adjustments, approximately 124.1 million of the Issuer’s ADSs, assuming the initial purchasers do not exercise their over-allotment options. If the initial purchasers exercise their options to
purchase additional Notes to cover over-allotments, the Issuer expects to increase the number of ADSs underlying the capped call transactions on a proportionate basis. Because the capped call transactions are cash settled, they will not provide an
offset to any ADSs the Issuer may deliver to holders upon conversion of the Notes. The capped call transactions have a cap price 90% higher for the 2016 Notes and 110% higher for the 2018 Notes than the closing price of the Issuer’s ADSs on
March 9, 2011.
  
 For purposes of hedging these capped call
transactions, the Issuer expects that the counterparties to the capped call transactions (or affiliates thereof) (i) may enter into various over-the-counter cash-settled derivative transactions with respect to the Issuer’s CPOs or ADSs and/or
purchase the Issuer’s CPOs or ADSs in secondary market transactions concurrently with and shortly after the pricing of the Notes; (ii) and may enter into or unwind various over-the-counter derivatives and/or purchase or sell the Issuer’s
CPOs or ADSs in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes.

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

  

	1.	Capitalization of CEMEX  

The following table sets forth our consolidated cash and temporary investments, indebtedness and capitalization as of December 31,
2010 (1) on an actual basis; (2) as adjusted to give effect to (i) the issuance of the January 2011 Notes, (ii) the 2011 Prepayments, and (iii) the 2011 Private Exchange; and (3) as further adjusted to give effect to
the issuance and sale in this offering of U.S.$ 1,400 million aggregate principal amount of the Notes, the payment of the initial purchasers’ discounts and commissions and the estimated expenses in connection with this offering, and the
application of the estimated net proceeds as described under “Use of Proceeds.” The offering of the 2016 Notes is independent of, and not conditioned upon, the offering of the 2018 Notes. The offering of the 2018 Notes is independent of,
and not conditioned upon, the offering of the 2016 Notes. 
 The financial information set forth below is based on information
derived from our financial statements, which have been prepared in accordance with MFRS, which differ in significant respects from U.S. GAAP. For further information about our financial presentation, see “Selected Consolidated Financial
Information.” 

  
 Schedule II

																					
	 	  	As of December 31, 2010	 
	 	  	Actual	 	  	As adjusted(1)	 	  	As further adjusted(2)	 
	 	  	 	 	  	(in millions of Pesos and Dollars)	 
	 Cash and investments(3)
	  	Ps	8,354	  	  	Ps	13,280	  	  	U.S.$	 1,074	  	  	Ps	13,280	  	  	U.S.$	 1,074	  
						
	 Short-term debt(4)
	  				  				  				  				  			
	 Secured
	  				  				  				  				  			
	 Banobras(5)
	  	Ps	 36	  	  	Ps	 36	  	  	U.S.$	 3	  	  	Ps	 36	  	  	U.S.$	 3	  
	 Bancomext(5)
	  				  				  				  				  			
	 Other secured(6)
	  	 	4,358	  	  	 	1,197	  	  	 	97	  	  	 	1,197	  	  	 	97	  
	 Unsecured
	  				  				  				  				  			
	 Other unsecured
	  	 	1,243	  	  	 	517	  	  	 	42	  	  	 	517	  	  	 	42	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Total short-term debt
	  	 	5,637	  	  	 	1,750	  	  	 	142	  	  	 	1,750	  	  	 	142	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
						
	 Long-term debt
	  				  				  				  				  			
	 Secured by the Collateral
	  				  				  				  				  			
	 Financing Agreement
	  	 	118,241	  	  	 	117,626	  	  	 	9,517	  	  	 	104,500	  	  	 	8,455	  
	 CBs(7)
	  	 	8,867	  	  	 	6,169	  	  	 	499	  	  	 	4,628	  	  	 	374	  
	 Senior Secured Notes(8)(9)
	  	 	42,496	  	  	 	56,405	  	  	 	4,564	  	  	 	56,405	  	  	 	4,564	  
	 Other secured
	  				  				  				  				  			
	 Banobras
	  	 	169	  	  	 	169	  	  	 	14	  	  	 	169	  	  	 	14	  
	 Bancomext
	  	 	2,007	  	  	 	2,007	  	  	 	162	  	  	 	2,007	  	  	 	162	  
	 Unsecured
	  				  				  				  				  			
	 CEMEX España Euro Notes(10)
	  	 	14,834	  	  	 	14,834	  	  	 	1,200	  	  	 	14,834	  	  	 	1,200	  
	 Other unsecured
	  	 	2,874	  	  	 	2,874	  	  	 	233	  	  	 	2,874	  	  	 	233	  
	 Optional Convertible Subordinated Notes(11)
	  	 	7,693	  	  	 	7,693	  	  	 	622	  	  	 	7,693	  	  	 	622	  
	 The Notes(12)
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	13,797	  	  	 	1,116	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Total long-term debt
	  	 	197,181	  	  	 	207,777	  	  	 	16,811	  	  	 	206,907	  	  	 	16,740	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Total debt
	  	 	202,818	  	  	 	209,527	  	  	 	16,953	  	  	 	208,657	  	  	 	16,882	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Liability component of Mandatory Convertible Notes(13)
	  	 	1,994	  	  	 	1,994	  	  	 	161	  	  	 	1,994	  	  	 	161	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
						
	 Stockholders’ equity
	  				  				  				  				  			
	 Non-controlling interest
	  				  				  				  				  			
	 Perpetual debentures(14)
	  	 	16,310	  	  	 	14,342	  	  	 	1,160	  	  	 	14,342	  	  	 	1,160	  
	 Other
	  	 	3,214	  	  	 	3,214	  	  	 	260	  	  	 	3,214	  	  	 	260	  
	 Controlling interest(11)(12)(13)
	  	 	194,176	  	  	 	194,176	  	  	 	15,710	  	  	 	197,623	  	  	 	15,989	  
	 Total stockholders’ equity
	  	 	213,700	  	  	 	211,732	  	  	 	17,130	  	  	 	215,179	  	  	 	17,409	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Total capitalization(15)
	  	 	418,512	  	  	 	423,253	  	  	 	34,244	  	  	 	425,830	  	  	 	34,452	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 

  

	(1)	Reflects the issuance of U.S.$1.0 billion aggregate principal amount of the January 2011 Notes, the 2011 Prepayments and the 2011 Private Exchange. Amounts in Dollars
have been converted from Pesos at an exchange rate of Ps12.36 to U.S.$1.00, the CEMEX accounting rate as of December 31, 2010. 

	(2)	Reflects additional application of the net proceeds from this offering. Assumes the initial purchasers do not exercise their over-allotment options. Amounts in Dollars
have been converted from Pesos at an exchange rate of Ps12.36 to U.S.$1.00, the CEMEX accounting rate as of December 31, 2010. 

	(3)	In the “as adjusted” and “as further adjusted” columns, includes cash used to create a reserve for CBs maturing in September 2011 of approximately
U.S.$81 million. 

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

	(5)	Represent obligations with Mexican development banks, which are secured by fixed assets. 

	(6)	Represent long-term CBs with maturities during 2011, for which U.S.$81 million of cash has been reserved. 

  
 Schedule II

	(7)	Represent CBs maturing in 2012 and thereafter. 

	(8)	Includes (i) U.S.$1,250,000,000 aggregate principal amount of 9.50% Senior Secured Notes due 2016 and €350,000,000 aggregate principal amount of 9.625% Senior
Secured Notes due 2017 issued by CEMEX Finance LLC on December 14, 2009; (ii) U.S.$500,000,000 additional aggregate principal amount of 9.50% Senior Secured Notes due 2016 issued by CEMEX Finance LLC on January 19, 2010,
(iii) U.S.$1,067,665,000 aggregate principal amount of 9.25% Senior Secured Notes due 2020 and €115,346,000 aggregate principal amount of 8.875% Senior Secured Notes due 2017 issued by CEMEX España, acting through its Luxembourg
branch, on May 12, 2010 (iv) U.S.$1,000,000,000 aggregate principal amount of 9.000% Senior Secured Notes due 2018 issued by CEMEX on January 11, 2011, and (v) U.S.$125,331,000 additional aggregate principal amount of 9.25%
Senior Secured Notes due 2020 issued by CEMEX España, acting through its Luxembourg branch, on March 4, 2011. 

	(9)	Amounts in Dollars have been converted from Euros at an exchange rate of U.S.$1.3335 to €1.00, the CEMEX foreign exchange rate as of December 31, 2010.

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

	(11)	Under MFRS C-12, the Optional Convertible Subordinated Notes represent a compound instrument, which has a liability component and an equity component. The liability
component amounted to U.S.$622 million as of December 31, 2010 and U.S.$614 million at issuance. The equity component, which represents a premium over the option of the noteholders to convert into equity, was recognized net of commissions,
within “Other equity reserves” and amounted to U.S.$93 million at issuance (see note 12A and 16B to our consolidated financial statements included elsewhere in this offering memorandum). If the conversion option is exercised, this amount
will be reclassified as additional paid-in capital. Although we have not completed our U.S. GAAP reconciliation of our 2010 financial statements, we currently anticipate that there will be a new reconciliation item in our U.S. GAAP reconciliation of
our 2010 financial statements in respect of the Optional Convertible Subordinated Notes, the entire principal amount of which we expect will be recorded as debt until conversion under U.S. GAAP. We cannot assure you that we will not identify
additional reconciliation items or that this reconciliation item will be reflected therein in accordance with our current expectations. 

	(12)	Under MFRS C-12, the Notes, like the Optional Convertible Subordinated Notes referred to in note (11) above, represent a compound instrument, which has a liability
component and an equity component, and we expect to have a similar U.S. GAAP reconciliation item in respect of the Notes in our future financial statements. However, the Notes will not be considered as debt for purposes of the leverage ratio
calculations under the Financing Agreement. The “as further adjusted” column reflects (i) the expected liability component of the Notes of U.S.$1,116 million, calculated as of the date of this offering memorandum and (ii) the
expected equity component of the Notes of U.S.$279 million, calculated net of commissions as of the date of this offering memorandum. The equity component, which represents a premium over the option of the noteholders to convert into equity, is
expected to be recognized net of commissions, within “Other equity reserves,” and if the conversion option is exercised, will be reclassified as additional paid-in capital. 

	(13)	Under MFRS, the Mandatory Convertible Securities issued in Mexico on December 10, 2009 in exchange for CBs represent a combined instrument with liability and
equity components. The liability component, approximately Ps1,994 million (U.S.$161 million) as of December 31, 2010, corresponds to the net present value of interest payments due under the Mandatory Convertible Securities, assuming no early
conversion, and was recognized under “Other Financial Obligations” in our balance sheet. The equity component, approximately Ps1,971 million (U.S.$159 million) as of December 31, 2010, represents the difference between principal
amount and the liability component, and was recognized within “Other equity reserves” net of commissions in our balance sheet. See notes 12A and 16B to our consolidated financial statements included elsewhere in this offering memorandum.

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

	(15)	As used in this table, total capitalization equals short- and long-term debt plus the Mandatory Convertible Notes plus the Notes and plus total stockholders’
equity. 

 * * * 
 This communication is intended for the sole use of the person to whom it is provided by the sender. 
 These securities have not been registered under the Securities Act of 1933, as amended, and may only be sold to qualified institutional buyers pursuant to Rule 144A and to persons other than “U.S.
persons” (as defined by Regulation S) in offshore transactions pursuant to Regulation S or pursuant to another applicable exemption from registration. 
 ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF
THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM. 

  
 Schedule II

 SCHEDULE III 
 Forms of Opinion of Skadden, Arps, Slate, Meagher & Flom LLP, 

special U.S. counsel for the Company 

  

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

[INTRODUCTORY PARAGRAPH AND RELIANCE SECTIONS] 
 In rendering this opinion, I have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to me as originals, the conformity to
original documents of all documents submitted to me as facsimile, electronic, certified or photostatic copies, and the authenticity of the originals of such copies. In making my examination of executed documents, I have assumed that the parties
thereto (other than the Company) had the power, corporate or other, to enter into and perform all obligations thereunder and have also assumed the due authorization by all requisite action, corporate or other, and the execution and delivery by such
parties (other than the Company) of such documents and the validity and binding effect thereof on such parties. I have also assumed that each of the parties (other than the Company) to the Transaction Documents (as defined herein) has been duly
organized and is validly existing in good standing, if applicable, and has requisite legal status and legal capacity, under the laws of its jurisdiction of organization and that each of such parties has complied and will comply with all aspects of
the laws of all relevant jurisdictions (including the laws of its jurisdiction of organization) in connection with the transactions contemplated by, and the performance of its obligations under, the Transaction Documents, other than the laws of
Mexico insofar as I express my opinions herein. 
 In rendering this opinion I have reviewed originals or copies of the
following documents (referred to herein collectively as the “Transaction Documents”): 
 (a) an executed copy
of the Purchase Agreement; 
 (b) the Preliminary Memorandum, the documents incorporated by reference therein and the final term
sheet, dated March 9, 2011 (the “Final Term Sheet”); 
 (c) the Final Memorandum and the documents
incorporated by reference therein; 
 (d) an executed copy of the Indenture; 

(e) a copy of the Spanish version of the Indenture, notarized before a Mexican Notary Public; 

(f) the Securities in global form as executed by the Company and authenticated by the Trustee; 

(g) an executed copy of the Capped Call Transaction Documents; and 

(h) the documents executed and delivered by the Company at the closing pursuant to the Purchase Agreement. 

  
 Schedule IV

 Based upon the foregoing, and subject to the further qualifications set forth below, I am of
the opinion that: 
 1. The Company has been duly incorporated and is validly existing as a corporation under the laws of
Mexico, with full corporate power and authority to own or lease, as the case may be, and to operate their properties and conduct their businesses as described in the Disclosure Package and the Final Memorandum and to execute and deliver, and to
perform its obligations under, the Transaction Documents and any transaction contemplated thereunder. 
 2. (i) The
Company’s authorized equity capitalization is as set forth, and conforms to the description thereof contained, in the Disclosure Package and the Final Memorandum; (ii) the outstanding ordinary shares of the Company have been duly
authorized and validly issued and are fully paid and nonassessable; (iii) the outstanding CPOs of the Company have been duly authorized and validly issued in accordance with the CPO Trust and the relevant CPO Deeds; (iv) the outstanding
ADSs of the Company have been, and the ADSs issuable upon conversion of the Securities will be, duly authorized and validly issued pursuant to the ADS Deposit Agreement; (v) based on the initial conversion rate and considering any fundamental
change, but without considering any antidilution adjustment that may occur subsequent to the Closing Date as provided in the Indenture, (1) the Company has duly and validly issued a sufficient number of ordinary shares, free of preemptive or
similar rights, and (2) no later than June 30, 2011, will have a sufficient number of CPOs available, free of preemptive or similar rights to be released and delivered by the CPO Trustee, in each case, for issuance of ADSs upon conversion
of the Securities, (vi) following the occurrence of a fundamental change or antidilution adjustment after the Closing Date as provided in the Indenture, any ordinary shares issued, and any CPOs released and delivered by the CPO Trustee, in each
case, for the issuance of ADSs upon conversion of the Securities against payment of the conversion price, will be duly and validly issued pursuant to the Company’s bylaws, the CPO Trust and the relevant CPO Deed, free of preemptive or similar
rights; (vii) except as set forth in the Disclosure Package and the Final Memorandum, no options, warrants or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange any
securities for, ownership interests, ordinary shares, CPOs or ADSs in the Company are outstanding, and (viii) except as otherwise set forth in the Disclosure Package and the Final Memorandum, all outstanding shares of capital stock or other
equity interests of the Company’s significant subsidiaries are owned by the Company either directly or through wholly owned and majority-owned subsidiaries free and clear of any perfected security interest and, to the knowledge of such counsel,
after due inquiry, any other security interest, claim, lien or encumbrance, except for the security interest created under the Transaction Security Documents. 
 3. Each of the Transaction Documents to which the Company is a party, has been duly authorized, executed and delivered by the Company and constitutes a legal, valid and binding agreement, enforceable
against the Company in accordance with its terms; and, in the case of the notarized Spanish version of the Indenture, it has also been duly filed for registration with the Public Registry of Commerce of Monterrey, Nuevo León. 

4. Neither the execution and delivery of the Transaction Documents, nor the consummation of any other of the transactions therein
contemplated, nor the fulfillment of the terms thereof will conflict with, result in a breach or violation of, or imposition of any lien, 

  
 Schedule IV

 
charge or encumbrance upon any property or asset of the Company pursuant to, (i) the charter or by laws (estatutos sociales) of the Company; (ii) the terms of any indenture,
contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Company is a party or bound or to which its property is subject; or (iii) any statute, law,
rule, regulation, judgment, order or decree applicable to the Company of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or any of its respective properties.

 5. No consent, approval, authorization, filing with, order of, notice to, or qualification with any Mexican governmental or
regulatory authority or court is required for the execution, delivery and performance by the Company of the Purchase Agreement, the Indenture, the Capped Call Transaction Documents, the issuance and sale of the Securities, and the consummation of
the transactions contemplated therein, except for (i) the notice to be given to the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores), on or before the Closing Date, under Article 7 of
the Securities Market Law (Ley del Mercado de Valores), in respect of the issuance of the Securities and (ii) the notarization of a Spanish version of the Indenture, to be effected on or prior to the Closing Date, and its subsequent
filing and registration with the Public Registry of Property and Commerce (Registro Público de la Propiedad y del Comercio) of Monterrey, Nuevo León, México, which does not affect its validity or enforceability.

 6. The choice of New York state law as the governing law of the Purchase Agreement, the Indenture, the Capped Call
Transaction Documents and the issuance and sale of the Securities, is legal, valid and binding to the Company under the laws of Mexico and there is no reason why the courts of Mexico would not give effect to the choice of New York law as the proper
law of the Purchase Agreement, the Indenture, the Capped Call Transaction Documents, and the Securities; the Company has the legal capacity to sue and be sued in its own name under the laws of Mexico; the Company has the power to submit, and has
irrevocably submitted, to the jurisdiction of the New York courts and the Company has validly and irrevocably appointed Corporate Creations Network Inc. as its authorized agent under the laws of Mexico for service of process under the Purchase
Agreement, the Indenture, the Capped Call Transaction Documents, and the Securities; the irrevocable submission of the Company to the jurisdiction of the New York courts and the waiver by the Company of any immunity and any objection to the venue of
the proceeding in a New York court in the Purchase Agreement, in the Indenture, the Capped Call Transaction Documents, and in the Securities, are legal, valid and binding under the laws of Mexico and there is no reason why the courts of Mexico would
not give effect to such submission and waiver; and the courts in Mexico will recognize as valid and final, and will enforce, any final and conclusive judgment against the Company obtained in a New York court arising out of or in relation to the
obligations of the Company under the Purchase Agreement, the Indenture, the Capped Call Transaction Documents, or the Securities, without re-examination of the issues pursuant to Articles 569 and 571 of the Mexican Federal Code of Civil Procedure
and Article 1347A of the Mexican Commerce Code, which provide, inter alia, that any judgment rendered outside of Mexico may be enforced by Mexican Courts, provided that: 

  
 Schedule IV

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

  

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

 

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

  

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

  

	 	(v)	service of process was made personally on the Company or on an appropriate Process Agent of the Company; 

 

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

  

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

  

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

  

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

 7. Except as described in the Disclosure Package and the Final Memorandum, with respect to non-residents of
Mexico, no stamp or other issuance or transfer taxes or duties and no capital gains, income, withholding or other taxes are payable by or on behalf of the Initial Purchasers to Mexico or to any political subdivision or taxing authority thereof or
therein in connection with the sale and delivery by the Company of the Securities as contemplated in the Purchase Agreement to the Initial Purchasers, the sale and delivery by the Initial Purchasers of the Securities as contemplated in the Purchase
Agreement or the entering into or performance of the terms of the Purchase Agreement. 

  
 Schedule IV

 8. Other than as described in the Disclosure Package and the Final Memorandum, under the
current laws and regulations of Mexico, all payments of principal, premium (if any) and interest on the Securities may be paid, if applicable, by the Company to the registered holder thereof in U.S. dollars (that may be obtained through conversion
of Mexican Pesos) that may be freely transferred out of Mexico, and all such payments and other distributions made to holders of the Securities who are non-residents of Mexico, will not be subject to Mexican income, withholding or other taxes under
the laws and regulations of Mexico and are otherwise free and clear of any other tax, duty withholding or deduction in Mexico and without the necessity of obtaining any governmental authorization in Mexico. 

9. It is not necessary in order to enable the Initial Purchasers, the Trustee, the counterparties to the Capped Call Transaction
Documents or the holders of the Securities to exercise or enforce any of their rights under the Purchase Agreement, the Indenture, the Capped Call Transaction Documents, or the Securities in Mexico or by reason of the entry into and/or the
performance of the Purchase Agreement, the Indenture, and the Capped Call Transaction Documents, that the Initial Purchasers or the counterparties to the Capped Call Transaction Documents should be licensed or qualified to do business in Mexico. The
Initial Purchasers, the counterparties to the Capped Call Transaction Documents and the non-Mexican holders of the Securities will not be deemed resident, domiciled, carrying on business or subject to taxation in Mexico solely by reason of the
execution, delivery, performance or enforcement of the Purchase Agreement or the Capped Call Transaction Documents. 
 10.
Except as disclosed in the Disclosure Package and the Final Memorandum, there is no pending or, to the best of my knowledge, threatened action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving the Company or any of its subsidiaries or its or their property that is not adequately disclosed in the Disclosure Package and the Final Memorandum, except in each case (A) for such proceedings that, if the subject of an unfavorable
decision, ruling or finding would not singly or in the aggregate, have a Material Adverse Effect; and (B) (i) the statements in the Disclosure Package and the Final Memorandum under the headings “Important Federal Tax
Considerations” and “Description of Notes”; and (ii) the statements in the Disclosure Package and the Final Memorandum under the headings “Regulatory Matters and Legal Proceedings,” “Description of Common
Stock,” “Description of CPOs” and “Description of ADSs”; fairly summarize the matters therein described. 
 11. There is no reason to believe that the Disclosure Package, as amended or supplemented at the Execution Time, contained any untrue statement of a material fact or omitted to state any material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading (in each case, other than the financial statements and other financial information contained therein, as to which I
express no opinion). 
 12. There is no reason to believe that the Final Memorandum, as of its date or on the Closing Date,
contained or contains any untrue statement of a material fact or omitted or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading (in each case, other
than the 

  
 Schedule IV

 
financial statements and other financial information contained therein, as to which I express no opinion). 
 I express no opinion as to any laws other than the laws of Mexico. In rendering my opinion, I have relied, (i) as to matters governed by United States Federal and New York law, upon the opinion of
Skadden, Arps, Slate, Meagher & Flom LLP delivered pursuant to the Purchase Agreement and (ii) as to matters of fact, on certificates of responsible officers of the Company and public officials that are furnished to the Initial
Purchasers. 
 This opinion is subject to the following qualifications: 

a. Enforcement of the Transaction Documents may be limited by concurso mercantil, bankruptcy, insolvency, liquidation,
reorganization, moratorium and other similar laws affecting the rights of creditors generally; 
 b. Labor claims, claims of tax
authorities for unpaid taxes, social security quotas, worker’s housing fund quotas, retirement fund quotas, as well as claims from secured or privileged creditors, will have priority over claims of the parties to, or in connection with, the
Purchase Agreement, the Indenture, the Capped Call Transaction Documents, and the Securities; 
 c. In the event that
proceedings are brought in Mexico seeking performance of the obligations of the Company in Mexico, pursuant to the Mexican Monetary Law, such entity may discharge its obligations by paying any sums due in a currency other than Mexican currency, in
Mexican currency at the rate of exchange prevailing in Mexico on the date when payment is made; 
 d. In the event that any
legal proceedings are brought in the courts of Mexico, a Spanish translation of the documents required in such proceedings prepared by a court-approved translator would have to be approved by the court after the defendant has been given an
opportunity to be heard with respect to the accuracy of the translation, and proceedings would thereafter be based upon the translated documents; 
 e. Claims may become barred under the statutes of limitation, which are not waivable under Mexican law, or may become subject to defenses or set-off or counterclaim; 

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

g. With respect to the provisions contained in each of the Transaction Documents in connection with service of process, it should be
noted that service of process by mail does not constitute personal service of process under Mexican law and, since such service is considered to be a basic procedural requirement, if for purposes of proceedings outside Mexico service of process is
made by mail, a final judgment based on such process would not be enforced by the courts of Mexico; and 
 h. An obligation to
pay interest on interest may not be enforceable in Mexico. 

  
 Schedule IV

 This opinion is furnished only to you as representative of the Initial Purchasers and is
solely for the Initial Purchasers’ benefit in connection with the closing occurring today and the offering of the Securities, in each case pursuant to the Purchase Agreement and for [—] as
counterparties under the Capped Call Transaction Documents. Without my prior written consent, this opinion may not be used, circulated, quoted or otherwise referred to for any other purpose or relied upon by, or assigned to, any other person for any
purpose, including any other person that acquires any Securities or that seeks to assert your rights in respect of this opinion (other than an Initial Purchaser’s successor in interest by means of merger, consolidation, transfer of a business
or other similar transaction), except that The Bank of New York Mellon may rely upon this opinion in its capacity as trustee under the Indenture and that Skadden, Arps, Slate, Meagher & Flom LLP may rely upon this opinion as to matters of
the laws of the Mexico in rendering their opinion pursuant to Section 6(a) of the Purchase Agreement. 

  
 Schedule IV

 SCHEDULE V 
 Form of Officer’s Certificate 

[            ], 2011 

I, [                    ],
solely in my capacity as [            ] of CEMEX, S.A.B. de C.V., a publicly traded stock corporation with variable capital (sociedad anónima bursátil de capital
variable) organized under the laws of México (the “Company”), and not in an individual capacity, hereby certify as follows on behalf of the Company pursuant to Section 6(e) of the Purchase Agreement, dated as of
[            ], 2011, executed in connection with the offering by the Company of U.S.$[            ] aggregate
principal amount of its [__]% Convertible Subordinated Notes due 20[    ] (the “Purchase Agreement”). Capitalized terms used but not defined herein have the meaning assigned to them in the Purchase Agreement:

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

  
 Schedule V

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

  

 SCHEDULE VII 

 

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

 (a) Final Term Sheet, dated March 9, 2011. 
  

	2.	Other Information Included in the Disclosure Package 

 (a) The following information is also included in the Disclosure Package: 
 None

  
 Schedule VIIMaster Terms and Conditions Agreement, dated March 9, 2011

 Exhibit 4.63 
 EXECUTION VERSION 
 MASTER TERMS AND CONDITIONS FOR CAPPED CALL
TRANSACTIONS 
 BETWEEN CITIBANK, N.A. AND CEMEX, S.A.B. de C.V. 

The purpose of this Master Terms and Conditions for Capped Call Transactions (this “Master Confirmation”), dated as of
March 9, 2011, is to set forth certain terms and conditions for capped call option transactions that CEMEX, S.A.B. de C.V. (“Counterparty”) will enter into with Citibank, N.A. (“Dealer”). Each such transaction
(a “Transaction”) entered into between Dealer and Counterparty that is to be subject to this Master Confirmation shall be evidenced by a written confirmation substantially in the form of Exhibit A hereto, with such modifications
thereto as to which Counterparty and Dealer mutually agree (a “Confirmation”). This Master Confirmation and each Confirmation together constitute a “Confirmation” as referred to in the Agreement specified below.

 This Master Confirmation and a Confirmation evidence a complete binding agreement between you and us as to the terms of the
Transaction to which this Master Confirmation and such Confirmation relates. This Master Confirmation and each Confirmation hereunder shall supplement, form a part of, and be subject to an agreement in the form of the 1992 ISDA Master Agreement
(Multicurrency – Cross Border) as if we had executed an agreement in such form (with a Schedule that had the provisions in Section 15 of this Master Confirmation and the other elections set forth in this Master Confirmation) on the Trade
Date and such agreement shall be considered the “Agreement” hereunder. 
 The Transactions governed by this
Master Confirmation shall be the sole Transactions under the Agreement. If there exists any ISDA Master Agreement between Dealer and Counterparty or any confirmation or other agreement between Dealer and Counterparty pursuant to which an ISDA Master
Agreement is deemed to exist between Dealer and Counterparty, then notwithstanding anything to the contrary in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which Dealer and Counterparty are parties, the
Transactions governed by this Master Confirmation shall not be considered Transactions under, or otherwise governed by, such existing or deemed ISDA Master Agreement. 
 The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions as supplemented by the 2007 Partial Lookthrough Depository Receipt Supplement to the 2002 ISDA Equity Derivatives
Definitions (as amended in this Master Confirmation, the “DR Supplement” and the 2002 ISDA Equity Derivatives Definitions as so supplemented, the “Definitions”), each as published by ISDA are incorporated into this
Master Confirmation. 
 THIS MASTER CONFIRMATION WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REFERENCE TO CHOICE OF LAW DOCTRINE. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND TO THE
JURISDICTION OF THEIR OWN CORPORATE DOMICILE, IN RESPECT OF ACTIONS BROUGHT AGAINST SUCH PARTY AS A DEFENDANT, IN CONNECTION WITH ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECTION TO THE LAYING OF VENUE IN, AND ANY CLAIM OF INCONVENIENT FORUM WITH
RESPECT TO, THESE COURTS, AND ANY RIGHT TO WHICH ANY OF THEM MAY BE ENTITLED ON ACCOUNT OF PLACE OF RESIDENCE OR DOMICILE. 
 1.
In the event of any inconsistency between this Master Confirmation, on the one hand, and the Definitions or the Agreement, on the other hand, this Master Confirmation will control for the purpose of the Transaction to which a Confirmation relates.
In the event of any inconsistency between the Definitions, the Agreement and this Master Confirmation, on the one hand, and a Confirmation, on the other hand, the Confirmation will govern. With respect to a Transaction, capitalized terms used herein
that are not otherwise defined shall have the meaning assigned to them in the Confirmation relating to such Transaction. 
 2.
Each party will make each payment specified in this Master Confirmation or a Confirmation as being payable by such party, not later than the due date for value on that date in the place of the account specified

 
below or otherwise specified in writing, in freely transferable funds and in a manner customary for payments in the required currency. 

3. Confirmations and General Terms: 
 This Master Confirmation and the Agreement, together with the Confirmation relating to a Transaction, shall constitute the written agreement between Counterparty and Dealer with respect to such
Transaction. 
 Each Transaction to which a Confirmation relates is a Capped Call Option Transaction, which shall be considered
a Share Option Transaction for purposes of the Definitions (with references to “Strike Price” therein deemed to include “Lower Strike Price” and/or “Upper Strike Price”, as applicable), and shall have the following
terms: 
  

			
	Option Style:	  	European
		
	Option Type:	  	Call
		
	Seller:	  	Dealer
		
	Buyer:	  	Counterparty
		
	Shares:	  	American depository shares (Symbol: CX), each representing ten Ordinary Participation Certificates (Certificados de Participación Ordinarios) of
Counterparty.
		
	Trade Date:	  	As set forth in the Confirmation for such Transaction
		
	Tranches:	  	Each Transaction will be divided into individual Tranches, each with the terms set forth in this Master Confirmation and the Confirmation for such Transaction, and in particular
with the Number of Options and Expiration Date set forth in the Confirmation for such Transaction. The payments and deliveries to be made upon settlement of each Transaction will be determined separately for each Tranche as if each Tranche were a
separate Transaction under the Agreement.
		
	Number of Options:	  	For each Tranche of such Transaction, as set forth in the Confirmation for such Transaction
		
	Option Entitlement:	  	One Share per Option
		
	Lower Strike Price:	  	As set forth in the Confirmation for such Transaction
		
	Upper Strike Price:	  	As set forth in the Confirmation for such Transaction
		
	Premium:	  	As set forth in the Confirmation for such Transaction
		
	Premium Payment Date:	  	As set forth in the Confirmation for such Transaction
		
	Exchange:	  	New York Stock Exchange
		
	Related Exchanges:	  	All Exchanges

  
 2 

			
	Calculation Agent:	  	Dealer, which shall make all calculations, adjustments and determinations required pursuant to a Transaction in a good faith and commercially reasonable manner, and upon request
of Counterparty shall provide to Counterparty written support (without disclosing any of Dealer’s proprietary models) as to any such calculations, adjustments and determinations required pursuant to a Transaction.

4. Procedure for Exercise and Valuation: 
  

			
	In respect of any Tranche:
		
	Expiration Time:	  	The Valuation Time
		
	Expiration Date:	  	As provided in the relevant Confirmation (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day that is not already an Expiration Date for
another Tranche); provided that if that date is a Disrupted Day, the Expiration Date for such Tranche shall be the first succeeding Scheduled Trading Day that is not a Disrupted Day and is not or is not deemed to be an Expiration Date in
respect of any other Tranche of any Transaction hereunder; and provided further that if the Expiration Date has not occurred pursuant to the preceding proviso as of the Final Disruption Date, the Final Disruption Date shall be the
Expiration Date (irrespective of whether such date is an Expiration Date in respect of any other Tranche for the Transaction). Notwithstanding the foregoing and anything to the contrary in the Definitions, if a Market Disruption Event occurs on any
Expiration Date, the Calculation Agent may determine that such Expiration Date is a Disrupted Day only in part, in which case the Calculation Agent shall determine that such day shall be the Expiration Date for a portion of the Number of Options for
the relevant Tranche and shall designate the Scheduled Trading Day determined in the manner described in the immediately preceding sentence as the Expiration Date for the remaining Options for such Tranche. Section 6.6 of the Definitions shall not
apply to any Valuation Date and the final sentence of Section 3.1(f) of the Definitions shall not apply to any Expiration Date.
		
	Automatic Exercise:	  	Applicable
		
	Seller’s Telephone Number, Facsimile Number and Contact Details for Purpose of Giving Notice:	  	Citibank, N.A.
		  	390 Greenwich Street
		  	New York, NY 10013
		  	Attention: Equity Derivatives
		  	Facsimile: (212) 723-8328
		  	Telephone: (212) 723-7357
		
	VWAP Price:	  	The volume-weighted average price per Share on the Valuation Date as displayed under the heading “Bloomberg

  
 3 

			
		  	VWAP” on Bloomberg page “CX US <equity> VAP” (or any successor thereto), or if such price is not so reported on such Valuation Date for any reason or is, in
the Calculation Agent’s reasonable discretion following notice in reasonable detail to, and consultation with, Counterparty, erroneous, or such Valuation Date is a Disrupted Day in whole or in part, the VWAP Price shall be as reasonably
determined by the Calculation Agent using, except in the case of the Final Disruption Date, a substantially similar volume-weighted method.
		
	Valuation Time:	  	As defined in Section 6.1 of the Definitions.
		
	Valuation Date:	  	The Expiration Date
		
	Final Disruption Date:	  	As set forth in the Confirmation for such Transaction
		
	Market Disruption Event:	  	The third and fourth lines of Section 6.3(a) of the Definitions are hereby amended by deleting the words “during the one hour period that ends at the relevant Valuation
Time” and replacing them with “prior to the relevant Valuation Time”.
		
		  	Section 6.3(d) of the Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line
thereof.

 5. Settlement Terms: 

 

			
	 In respect of any Tranche:

		
	 Settlement Method:
	  	Cash Settlement
		
	 Settlement Currency:
	  	USD
		
	 Cash Settlement:
	  	Settlement shall occur in accordance with Section 8.1 of the Definitions.
		
	 Cash Settlement Payment Date:
	  	For each Tranche, the third Currency Business Day after the Valuation Date for such Tranche.
		
	 Strike Price Differential:
	  	An amount equal to the lesser of:
		
		  	(i) the greater of (a) the VWAP Price minus the Lower Strike Price and (b) zero; and
		
		  	(ii) the Upper Strike Price minus the Lower Strike Price.

 6. Dividends: 
  

			
	In respect of any Tranche:	  	
		
	Dividend Adjustments:	  	If at any time during the period from and including the date that is one Settlement Cycle following the Trade Date to but excluding the date that is one Settlement Cycle
following the

  
 4 

			
		  	Expiration Date a record date for a distribution, dividend or recapitalization of retained earnings by an Underlying Issuer occurs, then, and upon consultation with Buyer which
shall be taken into account in good faith by the Calculation Agent, (i) if such event (including, for the avoidance of doubt, a recapitalization of retained earnings by an Underlying Issuer) results in a corresponding record date (whether or not
falling on the same date) for a Share dividend (excluding a Share dividend in connection with a circumstance described in clause (ii) below), the Calculation Agent (x) shall make an adjustment to the Lower Strike Price and the Option Entitlement
that corresponds to the adjustment methodology for such type of dividend set forth in the Indenture (as set forth in the Confirmation for such Transaction) and (y) shall make a proportionate adjustment to the Upper Strike Price on the same basis as
the adjustment to the Lower Strike Price described above, and (ii) if (1) such event results in a corresponding record date for a cash dividend on the Shares or both a Share dividend and a cash dividend on the Shares, (2) the holders of the Shares
would be entitled to elect the form of consideration they receive, including the right to acquire Shares with a cash dividend, or would not be entitled to receive the entire distribution of Underlying Shares in Shares with respect to a corresponding
record date for such event, (3) such event results in both (x) a change to the number of Underlying Shares represented, directly or indirectly, by a Share and (y) an adjustment to the “Conversion Rate” (as defined in the Indenture) for the
Convertible Notes (as set forth in the Confirmation for such Transaction) and/or (4) with respect to such event, Counterparty makes a discretionary adjustment to the “Conversion Rate” (as defined in the Indenture) for the Convertible Notes
or determines under the Indenture that the adjustments set forth in the Indenture do not provide a fair and equitable result, then the Calculation Agent (A) shall make an adjustment to the Lower Strike Price and the Option Entitlement that
corresponds to the adjustment methodology for such type of dividend set forth in the Indenture and (B) shall make adjustments consistent with the Calculation Agent Adjustment provision in Section 11.2(c) of the Definitions (as modified herein) to
the Upper Strike Price and/or any other term of the Transaction (except the Lower Strike Price and Option Entitlement) to preserve the fair value of the Transaction after taking into account the effect of such event (including whether such event,
taken as a whole, effectively resulted in a Share dividend) and any adjustment made pursuant to clause (ii)(A) above; provided that, notwithstanding the foregoing, if Counterparty does not initially make an adjustment to the “Conversion
Rate” with respect to such event due to the prescribed adjustment not reaching the one percent threshold for such adjustments described in the Indenture, no adjustment will be made pursuant to clauses (i) or (ii) with respect to such event
until any such time as such adjustments occur pursuant to the Indenture. Counterparty shall provide to Dealer written notice (such notice, a “Conversion Rate Adjustment Notice”) as soon

  
 5 

			
		  	as reasonably practicable but in any event prior to the corresponding record date for such an event that would lead to a change in the “Conversion Rate” (as defined in
the Indenture) (a “Conversion Rate Adjustment Event”), which Conversion Rate Adjustment Notice shall set forth in reasonable detail the adjustment to the “Conversion Rate” resulting from such Conversion Rate Adjustment
Event. In connection with the delivery of any Conversion Rate Adjustment Notice to Dealer, unless all information included in such Conversion Rate Adjustment Notice has previously been provided to holders of the Convertible Notes, Counterparty
shall, concurrently with or prior to such delivery, (x) publicly announce and disclose the Conversion Rate Adjustment Event and the resulting adjustment to the “Conversion Rate” or (y) represent and warrant that the information set forth
in such Conversion Rate Adjustment Notice does not constitute material non-public information with respect to Counterparty, the Shares or the Underlying Shares.

 7. Share Adjustments: 
  

			
	Method of Adjustment:	  	Calculation Agent Adjustment; provided, however, that the Definitions shall be amended by (i) replacing the words “diluting or concentrative” in Sections
11.2(a), 11.2(c) (in two instances) and 11.2(e)(vii), and Section 2(a) of the DR Supplement, with the word “material”, (ii) by adding the words “or the Transaction” after the words “theoretical value of the relevant
Shares” in Sections 11.2(a), 11.2(c) and 11.2(e)(vii), and Section 2(a) of the DR Supplement, and (iii) replacing the words “the Strike Price,” in Section 11.2(c)(A) with the words “the Lower Strike Price, the Upper Strike
Price,”; provided, further, that adjustments may be made to account for changes in volatility, expected dividends, stock loan rate and liquidity relative to the relevant Share or the Transaction.

8. Extraordinary Events: 
  

			
	New Shares:	  	For purposes of Merger Events and Tender Offers affecting the Issuer or Shares only (as such terms would be defined absent any modification in the DR Supplement), in the
definition of New Shares in Section 12.1(i) of the Definitions, (a) the text in clause (i) thereof shall be deleted in its entirety (including the word “and” following clause (i)) and replaced with “publicly quoted, traded or listed
on any of the New York Stock Exchange, the American Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors),” and (b) the phrase “and (iii) of an entity or person organized under the
laws of the United States, any State thereof or the District of Columbia” shall be inserted immediately prior to the period.
	
	Consequences of Merger Events:

  
 6 

			
	(a) Share-for-Share:	  	Modified Calculation Agent Adjustment
		
	(b) Share-for-Other:	  	Cancellation and Payment (Calculation Agent Determination)
		
	(c) Share-for- Combined:	  	Component Adjustment
		
	Tender Offer:	  	Applicable; provided that Sections 12.1(d), 12.1(e) and 12.1(l)(ii) of the Definitions are hereby amended by replacing “voting shares” with “Shares”
prior to the application of the DR Amendment.
		
	Consequences of Tender Offers:	  	
		
	(a) Share-for-Share:	  	Modified Calculation Agent Adjustment
		
	(b) Share-for-Other:	  	Cancellation and Payment (Calculation Agent Determination)
		
	(c) Share-for-Combined:	  	Component Adjustment
		
	Composition of Combined Consideration:	  	Not Applicable
		
	Nationalization, Insolvency or Delisting:	  	Cancellation and Payment (Calculation Agent Determination); provided that Insolvency shall not be applicable if Counterparty is a debtor (or similar participant) with
respect to such Insolvency.
		
		  	In addition to the provisions of Section 12.6(a)(iii) of the Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares are
not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, the American Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately
re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange.

 9. Additional Disruption Events: 
  

			
	Change in Law:	  	Applicable; provided that Section 12.9(a)(ii) of the Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof
with the phrase “or announcement of the formal or informal interpretation” and (ii) immediately following the word “Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by the Hedging Party on
the Trade Date”.
		
	Insolvency Filing:	  	Applicable, except if Counterparty is a debtor (or similar participant) with respect to such Insolvency Filing
		
	Hedging Disruption:	  	Applicable
		
	Increased Cost of Hedging:	  	Applicable

  
 7 

			
	Hedging Party:	  	For all applicable Additional Disruption Events, Dealer
		
	Determining Party:	  	For all applicable Additional Disruption Events, Dealer

 10. Acknowledgments: 
  

			
	Non-Reliance:	  	Applicable
		
	Agreements and Acknowledgments Regarding Hedging Activities:	  	Applicable
		
	Additional Acknowledgments:	  	Applicable

 11. Representations,
Warranties and Agreements: 
 (a) In connection with this Master Confirmation, each Confirmation, each Transaction to
which a Confirmation relates and any other documentation relating to the Agreement, each party to this Master Confirmation represents and warrants to, and agrees with, the other party that: 

(i) it is an “accredited investor” as defined in Section 2(a)(15)(ii) of the Securities Act of 1933, as
amended (the “Securities Act”); and 
 (ii) it is an “eligible contract participant”
as defined in the Commodity Exchange Act, as amended (the “CEA”), and this Master Confirmation and each Transaction hereunder are subject to individual negotiation by the parties and have not been executed or traded on a
“trading facility” as defined in the CEA. 
 (b) Counterparty represents and warrants to, and agrees with, Dealer on
the Trade Date of each Transaction that: 
 (i) its financial condition is such that it has no need for liquidity
with respect to its investment in such Transaction and no need to dispose of any portion thereof to satisfy any existing or contemplated undertaking or indebtedness, its investments in and liabilities in respect of such Transaction, which it
understands are not readily marketable, are not disproportionate to its net worth, and it is able to bear any loss in connection with such Transaction, including the loss of its entire investment in such Transaction; 

(ii) it understands that Dealer has no obligation or intention to register such Transaction under the Securities Act or
any state securities law or other applicable federal or non-U.S. securities laws; 
 (iii) it understands that no
obligations of Dealer to it hereunder will be entitled to the benefit of deposit insurance and that such obligations will not be guaranteed by any Affiliate of Dealer or any governmental agency; 

(iv) IT UNDERSTANDS THAT SUCH TRANSACTION IS SUBJECT TO COMPLEX RISKS THAT MAY ARISE WITHOUT WARNING AND MAY AT TIMES BE
VOLATILE AND THAT LOSSES MAY OCCUR QUICKLY AND IN UNANTICIPATED MAGNITUDE AND IS WILLING TO ACCEPT SUCH TERMS AND CONDITIONS AND ASSUME (FINANCIALLY AND OTHERWISE) SUCH RISKS; 

(v) (A) Counterparty is not aware of any material non-public information regarding Counterparty, the Shares or the
Underlying Shares and (B) each of its filings under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or other applicable securities laws that were required to be filed since January 1, 2010 have been
filed and as of the date of this representation, when considered as a whole (with the more recent such reports and documents deemed to amend inconsistent statements contained in any 

  
 8 

 
earlier such report or document), there is no misstatement of material fact contained therein or omission of a material fact required to be stated therein or necessary to make the statements made
therein, in the light of the circumstances under which they were made, not misleading; 
 (vi) on the Trade Date,
transactions in the Shares or the Underlying Shares are not prohibited by Regulation M under the Exchange Act (“Regulation M”) as a result of such transactions meeting the requirements of the exceptions set forth in Rules 101(b)(10)
and 102(b)(7) of Regulation M; 
 (vii) it is not entering into, or exercising any right under, any Transaction
to create, and will not engage in any other securities or derivatives transactions to create, actual or apparent trading activity in the Shares or the Underlying Shares (or any security convertible into or exchangeable for Shares or Underlying
Shares) or to raise or depress or to manipulate the price of the Shares or the Underlying Shares (or any security convertible into or exchangeable for Shares or Underlying Shares) or to otherwise violate any applicable laws or other restrictions
applicable to Counterparty; 
 (viii) it shall deliver to Dealer opinions of counsel, dated as of the Effective
Date, with respect to the matters set forth in Section 3(a) of the Agreement; 
 (ix) on the Trade Date,
other than purchases from, by or on behalf of directors, officers and employees of Counterparty and its affiliates that are not “Rule 10b-18 purchases” as such term is defined in Rule 10b-18 under the Exchange Act (“Rule
10b-18”), neither Counterparty nor any “affiliated purchaser” (as defined in Rule 10b-18) shall directly or indirectly purchase, offer to purchase, place any bid or limit order that would effect a purchase of, or commence any
tender offer relating to, any Shares or Underlying Shares; 
 (x) on the Trade Date and the Premium Payment Date
for such Transaction (A) the assets of Counterparty at their fair valuation exceed the liabilities of Counterparty, including contingent liabilities, (B) the capital of Counterparty is adequate to conduct the business of Counterparty, and
(C) Counterparty has the ability to pay its debts and obligations as such debts mature and does not intend to, or does not believe that it will, incur debt beyond its ability to pay as such debts mature; 

(xi) it is not, and after giving effect to the transactions contemplated hereby will not be, and “investment
company” as such term is defined in the Investment Company Act of 1940, as amended; and 
 (xii) it is not
on the Trade Date for such Transaction engaged in a distribution, as such term is used in Regulation M, of any securities of Counterparty (other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10) and
102(b)(7) of Regulation M) and shall not, until the second Scheduled Trading Day immediately following the Effective Date (as set forth in the Confirmation for a Transaction), engage in any such distribution. 

12. Miscellaneous: 
 (a) Early Termination. The parties agree that Second Method and Loss will apply to each Transaction under this Master Confirmation as such terms are defined under the 1992 ISDA Master Agreement
(Multicurrency-Cross Border). 
 (b) Repurchase Notices. Counterparty shall, on any day on which Counterparty effects any
repurchase of Shares or Underlying Shares, promptly give Dealer a written notice of such repurchase (a “Repurchase Notice”) on such day if, following such repurchase, the Ratio Equity Percentage as determined on such day is
(i) equal to or greater than 8.0% and (ii) greater by 0.5% than the Ratio Equity Percentage included in the immediately preceding Repurchase Notice (or, in the case of the first such Repurchase Notice, greater by 0.5% than the Ratio Equity
Percentage as of the date hereof). The “Ratio Equity Percentage” as of any day is the fraction the numerator of which is the aggregate of the Base Amounts for (1) all Tranches for all Transactions hereunder, (2) all
transactions of the type described in the definition of “Specified Transactions” relating to Shares or Underlying 

  
 9 

 
Shares between Dealer and Counterparty or their respective Affiliates and (3) all transactions of the type described in the definition of “Specified Transactions” relating to
Shares or Underlying Shares between Dealer or its Affiliates and trusts or other entities with respect to which the beneficiaries or grantors (however described) are Counterparty, its Affiliates and/or employees of Counterparty or its Affiliates
(the transactions described in clauses (1), (2) and (3) collectively, the “Specified Portfolio”) and the denominator of which is the number of Underlying Shares outstanding on such day and the “Base
Amount” for a Tranche or a transaction is an amount equal to the product of the Number of Shares (or similar term in the relevant transaction) for such Tranche or transaction, as applicable and, if such Tranche or transaction is denominated
in Shares, the number of Underlying Shares represented by a Share. 
 (c) Section 16 Indemnity. If Counterparty
ceases to be a “foreign private issuer” (as defined in Rule 3b-4 under the Exchange Act) at any time during the term of this Transaction, Counterparty agrees to indemnify and hold harmless Dealer and its Affiliates and their respective
officers, directors and controlling persons (each, a “Section 16 Indemnified Person”) from and against any and all losses (including losses relating to Dealer’s hedging activities as a consequence of becoming, or of the risk of
becoming, subject to the reporting and profit disgorgement provisions of Section 16 of the Exchange Act, including without limitation, any forbearance from hedging activities or cessation of hedging activities and any losses in connection
therewith with respect to any Transaction), claims, damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several, to which a Section 16 Indemnified Person may become subject, as a result of
Counterparty’s failure to provide Dealer with a Repurchase Notice on the day and in the manner specified in this paragraph (b), and to reimburse, upon written request, each such Section 16 Indemnified Person for any reasonable legal or
other expenses incurred in connection with investigating, preparing for, providing testimony or other evidence in connection with or defending any of the foregoing. If any suit, action, proceeding (including any governmental or regulatory
investigation), claim or demand shall be brought or asserted against any Section 16 Indemnified Person, such Section 16 Indemnified Person shall promptly notify Counterparty in writing, and Counterparty, upon request of such
Section 16 Indemnified Person, shall retain counsel reasonably satisfactory to such Section 16 Indemnified Person to represent such Section 16 Indemnified Person and any others Counterparty may designate in such proceeding and shall
pay the fees and expenses of such counsel related to such proceeding. Counterparty shall be relieved from liability to the extent that such Section 16 Indemnified Person fails to promptly notify Counterparty of any action commenced against it
in respect of which indemnity may be sought hereunder; provided that failure to notify Counterparty (i) shall not relieve Counterparty from any liability hereunder to the extent it is not materially prejudiced as a result thereof and
(ii) shall not, in any event, relieve Counterparty from any liability that it may have otherwise than on account of this paragraph (c). Counterparty shall not be liable for any settlement of any proceeding effected without its written consent,
but if settled with such consent or if there be a final judgment for the plaintiff, Counterparty agrees to indemnify any Section 16 Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Counterparty
shall not, without the prior written consent of each Section 16 Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Section 16 Indemnified Person is or could have been a party and
indemnity could have been sought hereunder by any such Section 16 Indemnified Person, unless such settlement includes an unconditional release of each such Section 16 Indemnified Person from all liability on claims that are the subject
matter of such proceeding on terms reasonably satisfactory to each such Section 16 Indemnified Person. If the indemnification provided for in this paragraph (c) is unavailable to a Section 16 Indemnified Person or insufficient in
respect of any losses, claims, damages or liabilities referred to therein, then Counterparty, in lieu of indemnifying such Section 16 Indemnified Person thereunder, shall contribute to the amount paid or payable by such Section 16
Indemnified Person as a result of such losses, claims, damages or liabilities. The remedies provided for in this paragraph (c) are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Section 16
Indemnified Person at law or in equity. The indemnity and contribution agreements contained in this paragraph (c) shall remain operative and in full force and effect regardless of the termination of any Transaction. 

(d) Transfer or Assignment. Dealer may, with Counterparty’s prior written consent (not to be unreasonably withheld or
delayed), transfer or assign all (but not less than all) of its rights and obligations under any Transaction to any of its Affiliates with a rating (or whose guarantor has a rating) for its long term, unsecured and unsubordinated indebtedness equal
to or better than A- by Standard & Poor’s Ratings Services or its successor (“S&P”), or A3 by Moody’s Investors Service, Inc. or its successor (“Moody’s”) or, if either S&P or
Moody’s ceases to rate such debt, at least an equivalent rating or better by a substitute rating agency mutually agreed by Counterparty and Dealer; provided that Counterparty shall not withhold or delay its consent if Dealer certifies to

  
 10 

 
Counterparty that the requested transfer is made in connection with the transfer of all or substantially all similar transactions that Dealer and its affiliates are parties thereto resulting from
the enactment of the Dodd Frank Wall Street Reform and Consumer Protection Act of 2010 and rules and regulation thereunder, and such transfer will not result in an increased cost to Counterparty. Counterparty may, with Dealer’s prior written
consent (not to be unreasonably withheld or delayed) sell or pledge to any third party all (but not less than all) of its rights and obligations under any Transaction at a time when such Transaction is not subject to a security interest in favor of
Dealer or any of its Affiliates. If, as determined in Dealer’s sole discretion, (a) at any time (1) the Equity Percentage exceeds 8.5%, (2) Dealer, Dealer Group (as defined below) or any person whose ownership position would be
aggregated with that of Dealer or Dealer Group (Dealer, Dealer Group or any such person, a “Dealer Person”) under U.S. federal, non-U.S., state or local laws, regulations or regulatory orders applicable to ownership of Shares or
Underlying Shares (“Applicable Laws”), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership, or could be reasonably viewed as meeting any of the
foregoing, in excess of a number of Shares or Underlying Shares, as applicable, equal to (x) the number of Shares or Underlying Shares, as applicable, that would give rise to reporting, registration, filing or notification obligations or other
requirements (including obtaining prior approval by a state, U.S. federal or non-U.S. regulator) of a Dealer Person under Applicable Laws and with respect to which such requirements have not been met or the relevant approval has not been received
minus (y) 1% of the number of Shares or Underlying Shares, as applicable, outstanding on the date of determination or (3) the Ratio Equity Percentage exceeds 9.9% (any such condition described in clause (1), (2) or (3), an
“Excess Ownership Position”) and (b) Dealer is unable, after commercially reasonable efforts, to effect a transfer or assignment on pricing and terms and within a time period reasonably acceptable to it of all or a portion of
one or more Transactions pursuant to the preceding paragraph such that an Excess Ownership Position no longer exists, Dealer may designate any Scheduled Trading Day as an Early Termination Date with respect to a portion (the “Terminated
Portion”) of any Transaction(s), such that an Excess Ownership Position no longer exists following such partial termination. In the event that Dealer so designates an Early Termination Date with respect to a portion of any Transaction(s), a
payment shall be made pursuant to Section 6 of the Agreement as if (i) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Terminated Portion of the Transaction(s), (ii) Counterparty
shall be the sole Affected Party with respect to such partial termination and (iii) such portion of the Transaction(s) shall be the only Terminated Transaction. The “Equity Percentage” as of any day is the fraction, expressed
as a percentage, (A) the numerator of which is the number of Underlying Shares that Dealer and any of its affiliates subject to aggregation with Dealer for purposes of the “beneficial ownership” test under Section 13 of the
Exchange Act and all persons who may form a “group” (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) with Dealer (collectively, “Dealer Group”) “beneficially own” (within the meaning of
Section 13 of the Exchange Act) in connection with transactions in the Specified Portfolio without duplication on such day (or, if Counterparty ceases to be a “foreign private issuer” (as defined in Rule 3b-4 under the Exchange Act)
and the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in a higher number, such number) and (B) the denominator of which is the number of Underlying Shares outstanding on such
day. 
 (e) Severability; Illegality. If compliance by either party with any provision of a Transaction would be
unenforceable or illegal, (i) the parties shall negotiate in good faith to resolve such unenforceability or illegality in a manner that preserves the economic benefits of the transactions contemplated hereby and (ii) the other provisions
of the Transaction shall not be invalidated, but shall remain in full force and effect. 
 (f) Waiver of Trial by Jury.
EACH OF COUNTERPARTY AND DEALER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON
CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY TRANSACTION OR THIS MASTER CONFIRMATION OR THE ACTIONS OF DEALER OR ITS AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT THEREOF. 

(g) Confidentiality. Notwithstanding any provision in this Master Confirmation, any Confirmation or the Agreement, in connection
with Section 1.6011-4 of the Treasury Regulations, the parties hereby agree that each party (and each employee, representative, or other agent of such party) may disclose to any and all persons, without limitation of any kind, the U.S. tax
treatment and U.S. tax structure of the Transaction and all 

  
 11 

 
materials of any kind (including opinions or other tax analyses) that are provided to such party relating to such U.S. tax treatment and U.S. tax structure, other than any information for which
nondisclosure is reasonably necessary in order to comply with applicable securities laws. 
 (h) Securities Contract; Swap
Agreement. The parties hereto intend for: (i) each Transaction hereunder to be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the United States Code) (the
“Bankruptcy Code”), a derivatives transaction under the Mexican Ley de Concursos Mercantiles, the Agreement to be a “master netting agreement” and the parties hereto to be entitled to the protections afforded by,
among other Sections, Sections 362(b)(6), 362(b)(17), 362(o), 546(e), 546(g), 546(j), 548(d), 555, 560 and 561 of the Bankruptcy Code and the applicable provisions of the Ley de Concursos Mercantiles; (ii) a party’s right to
liquidate a Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement with respect to the other party to constitute a “contractual right ... to cause the liquidation, termination or
acceleration” and any payments owed under this Transaction or the Agreement with respect thereto to be a “termination value”, “payment amount” or “other transfer obligation”, in each case as described in the
Bankruptcy Code; (iii) all payments for, under or in connection with a Transaction to constitute “margin payments”, “settlement payments” and/or “transfers” under a “securities contract” and/or “swap
agreement” as defined in the Bankruptcy Code; and (iv) each party hereto to be a “master netting agreement participant”, “financial institution”, “swap participant” and/or a “financial participant”
as defined in the Bankruptcy Code. 
 (i) Extension of Settlement. Dealer may postpone any Expiration
Date, postpone the Final Disruption Date and/or add additional Expiration Dates with respect to some or all of the Options under any Tranche hereunder (provided that none of such postponed or added Expiration Dates shall occur later than the
20th Scheduled Trading Day immediately succeeding the last
Expiration Date (determined without regard to this provision) for the relevant Transaction) if Dealer determines, in its reasonable discretion, that such extension is necessary or advisable to preserve Dealer’s hedging activity hereunder in
light of existing liquidity conditions or to enable Dealer to effect purchases or sales of Shares or Underlying Shares in connection with its hedging activity hereunder in a manner that would, if Dealer were Counterparty or an affiliated purchaser
of Counterparty, be in compliance with applicable legal and regulatory requirements or self-regulatory requirements, or with related reasonable policies and procedures applicable to Dealer. 

(j) Registration. Counterparty hereby agrees that if the Shares or Underlying Shares (the “Hedge Shares”)
acquired by Dealer for the purpose of hedging its obligations pursuant to the Transaction, in Dealer’s sole judgment, cannot be sold in the U.S. public market (including by depositing such Underlying Shares with the Depository in exchange for
Shares) by Dealer without registration under the Securities Act, Counterparty shall, at its election: (i) in order to allow Dealer to sell the Hedge Shares in a registered offering, make available to Dealer an effective registration statement
under the Securities Act to cover the resale of such Hedge Shares and (A) enter into an agreement, in form and substance satisfactory to Dealer and Counterparty, substantially in the form of an underwriting agreement for a registered secondary
offering, (B) provide accountant’s “comfort” letters in customary form for registered offerings of equity securities, (C) provide disclosure opinions of nationally recognized outside counsel to Counterparty reasonably
acceptable to Dealer, (D) provide other customary opinions, certificates and closing documents customary in form for registered offerings of equity securities and (E) afford Dealer a reasonable opportunity to conduct a “due
diligence” investigation with respect to Counterparty customary in scope for underwritten offerings of equity securities; provided that if Dealer, in its sole reasonable discretion, is not satisfied with access to due diligence
materials, the results of its due diligence investigation, or the procedures and documentation for the registered offering referred to above, then, subject to the conditions set forth therein, clause (ii) or (iii) of this section shall
apply at the election of Counterparty; (ii) in order to allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement agreement substantially similar to private placement Underwriting Agreements customary for
private placements of equity securities, in form and substance satisfactory to Dealer and Counterparty, including customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Dealer, due
diligence rights (for Dealer or any designated buyer of the Hedge Shares from Dealer), opinions and certificates and such other documentation as is customary for private placements agreements, all reasonably acceptable to Dealer (in which case, the
Calculation Agent shall make any adjustments to the terms of the Transaction that are necessary, in its reasonable judgment, to compensate Dealer for any discount from the public market price of the Shares incurred on the sale of Hedge Shares in a
private placement); or (iii) to the extent that such purchases would not violate any applicable law or other restriction 

  
 12 

 
applicable to Counterparty, purchase the Hedge Shares from Dealer at the VWAP Price on such Exchange Business Days (with references to “Valuation Date” in the definition of “VWAP
Price” deemed to be references to such Exchange Business Days for this purpose), and in such amounts, requested by Dealer. This paragraph (j) shall survive the termination, expiration or early unwind of the Transaction. 

(k) Early Unwind. In the event the sale of Convertible Notes for the Transaction (as set forth in the Confirmation for such
Transaction) is not consummated with the initial purchasers for any reason by the close of business in New York City on the Early Unwind Date set forth in the Confirmation for such Transaction, such Transaction shall automatically terminate on such
Early Unwind Date and (i) such Transaction and all of the respective rights and obligations of Dealer and Counterparty under such Transaction shall be cancelled and terminated and (ii) each party shall be released and discharged by the
other party from and agrees not to make any claim against the other party with respect to any obligations or liabilities of the other party arising out of and to be performed in connection with such Transaction either prior to or after such Early
Unwind Date; provided that, if such failure is due to a breach or default on the part of Counterparty under the Purchase Agreement dated as of March 9, 2011 among CEMEX, S.A.B. de C.V. and Citigroup Global Markets, Inc. and J.P. Morgan
Securities LLC, among others, as representatives of the “Initial Purchasers” (as defined therein), Counterparty shall assume, or reimburse the cost of, derivatives or other transactions entered into by Dealer or one or more of its
Affiliates in connection with hedging such Transaction. The amount paid by Counterparty shall be Dealer’s actual cost of such derivatives or other transactions as Dealer informs Counterparty and shall be paid in immediately available funds on
such Early Unwind Date. 
 (l) Acknowledgment of Pledge. Counterparty’s rights under the Agreement may, from time to
time, be pledged to Dealer to secure Counterparty’s obligations to Dealer arising under other agreements in accordance with such terms as the parties may separately agree. 
 (m) Optional Early Termination. (i) At any time during the term of this Transaction, Counterparty may, by written notice to Dealer, designate, with respect to one or more specified Tranches,
an Early Termination Date to occur on the third Scheduled Trading Day following the date such notice is effective, in which case an Additional Termination Event shall be deemed to have occurred in respect of which (1) Counterparty shall be the
sole Affected Party and (2) the portion of the relevant Transaction represented by such Tranche(s) shall be the sole Affected Transaction. 
 (ii) Counterparty may, prior to electing to terminate any Tranche pursuant to subparagraph (i) above, request a quotation (which may be in the form of a grid of percentages that depends on the price
of the Shares or Underlying Shares over a specified period) from Dealer as to the applicable terms of such termination, and Dealer shall be bound by the terms of such quotation if Counterparty then makes such election within one full Scheduled
Trading Day. 
 (iii) By providing the notice referred to in this paragraph, Counterparty shall be deemed to
repeat, on the date such notice is effective, the representations in clauses (v), (vi), (vii) and (ix) of Section 11(b). 
 (n) Counterparty’s Obligation to Pay Cancellation Amounts and Early Termination Amounts. Seller and Counterparty hereby agree that, notwithstanding anything to the contrary herein or in the
Agreement, following Seller’s receipt from Counterparty of the Premium on the Premium Payment Date, in the event that (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated
with respect to a Transaction and, as a result, Counterparty owes to Seller an amount under Section 6(e) of the Agreement or (b) Counterparty owes to Seller, pursuant to Section 12.7 or Section 12.9 of the Definitions, a
Cancellation Amount, such amount shall be deemed to be zero. If Counterparty pays the Premium on the Premium Payment Date, then under no circumstances shall Counterparty be required to pay any amount in addition to the Premium under the Transaction.
For the avoidance of doubt, the preceding sentence shall not be construed as limiting any damages that may be payable by Counterparty as a result of a breach of, or an indemnity under, this Master Confirmation or the Agreement. 

  
 13 

 (o) Modifications to DR Supplement. The DR Supplement is hereby amended as follows:

 (i) The definitions of the following terms in Section 1 thereof are hereby deleted and replaced as follows: 

“Depository” means, in relation to the Shares or the Underlying Shares, the Issuer of the Shares or the Underlying Shares, as
applicable. 
 “Deposit Agreement” means, in relation to the Shares or the Underlying Shares, the agreements, deeds or
other instruments constituting the Shares or Underlying Shares, as applicable, as from time to time amended or supplemented in accordance with their terms. 
 “Underlying Shares” means, in relation to the applicable Deposit Agreement, the shares or other securities which are the subject of such Deposit Agreement. 

“Underlying Shares Issuer” means, in relation to the applicable Underlying Shares, the issuer of such Underlying Shares.

 (ii) Section 2(c) thereof is hereby deleted in its entirety. 

(iii) Section 3(a) thereof is hereby amended by adding in the second line therein after the term
“‘Share-for-Combined’” the following parenthetical: “(including defined terms used in such definitions)”. 
 (p) Settlement Amendment. Dealer acknowledges that Counterparty may, to the extent permitted by law and any agreements Counterparty may be subject to, prior to the settlement of any Transaction
hereunder, request that the provisions of this Master Confirmation be modified to enable Counterparty to effect share settlement in lieu of the settlement provisions under Section 5 of this Master Confirmation. In the event of such a request,
Dealer agrees to negotiate with Counterparty, in good faith, such amendments to this Master Confirmation as may be required to effect such changes, it being understood and agreed that as of the date hereof, Counterparty has no right or option to
require share settlement of any Transaction hereunder; provided that Dealer may in good faith refuse to enter into any such amendments so as to comply with applicable legal and regulatory requirements or self-regulatory requirements, or with
related policies and procedures applicable to Dealer. 
 13. Addresses for Notice: 

 

			
	If to Dealer:	  	Citibank, N.A.
		  	390 Greenwich Street
		  	New York, NY 10013
		  	Attention: Equity Derivatives
		  	Facsimile: (212) 723-8328
		  	Telephone: (212) 723-7357
		
	with a copy to:	  	Citibank, N.A.
		  	388 Greenwich Street, 17th Floor
		  	New York, NY 10013
		  	Attention: ICG Legal - Derivatives
		  	Facsimile: (212) 816-7772
		  	Telephone: (212) 816-2211
		
	If to Counterparty:	  	CEMEX, S.A.B. de C.V.
		  	Avenida Ricardo Margain Zozaya 325
		  	Colonia Valle del Campestre

  
 14 

			
		  	San Pedro Garza Garcia, Nuevo Leon 66265
		  	Attention: Francisco Javier Contreras Navarro
		  	Financial Operations Manager - Corporate Treasury - Mexico
		  	Office : +52(81)88884093
		  	 Fax: +52(81)88884519

e-Mail: franciscojavier.contreras@cemex.com

 14. Accounts for Payment: 
  

					
	To Dealer:	  	Bank: Citibank NA New York
		  	BIC: CITIUS33 (or ABA: 021000089)
		  	F/O: Citibank New York
		  	A/C: 00167679
		  	Ref: NY Swap Operations
			
	To Counterparty:	  	Beneficiary:	  	CEMEX, S.A.B. de C.V.
		  	Bank:	  	Citibank, NY
		  	Account:	  	36964215
		  	ABA:	  	021000089
		  	SWIFT:	  	CITIUS33

 15. Schedule
Provisions: 
 (a) Process Agent. For the purpose of Section 13(c) of the Agreement: 

Counterparty appoints as its Process Agent: 

Corporate Creations Network Inc. 
 1040 Avenue of the Americas #2400 
 New York, NY 10018 

Fax: (561) 694-1639 
 Tel: (212) 382-4699 
 (b) Delivery of Tax Forms. For the purposes of
Section 4(a)(i) of the Agreement, Counterparty agrees to deliver such documents as Dealer may request in order to allow Dealer to make a payment under this Transaction without any deduction or withholding for or on account of any Tax or with
such deduction or withholding at a reduced rate including, without limitation, an executed United States Internal Revenue Service Form W-8BEN (or any successor thereto), (i) upon execution of this Transaction; (ii) promptly upon reasonable
demand by Dealer; and (iii) promptly upon learning that any such document, including Form W-8BEN (or any successor thereto), previously provided by Counterparty has become obsolete or incorrect. 

16. Valuation Notice: 
 Dealer agrees to provide to Counterparty, as soon as practicable following the end of each calendar month, a statement showing the Exposure (within the meaning of the 1994 ISDA Credit Support Annex),
calculated with respect to the Transaction and determined as if such last day (or the immediately preceding Exchange Business Day) was the Valuation Date. 
 [Signature page follows] 

  
 15 

 
					
	Yours sincerely,
	
	CITIBANK, N.A.
		
	By:	 	 /s/ Herman Hirsch

		 	Name:	 	Herman Hirsch
		 	Title:	 	Authorized Representative

  

					
	Confirmed as of the
	date first above written:
	
	CEMEX, S.A.B. de C.V.
		
	By:	 	 /s/ Rodrigo Treviño

		 	Name:	 	Rodrigo Treviño
		 	Title:	 	Attorney-in-Fact

 Signature Page – Master
Terms and Conditions for Capped Call Transactions 

 EXHIBIT A  

FORM OF CAPPED CALL OPTION 
 TRANSACTION CONFIRMATION 
 CONFIRMATION 

 

			
	Date:	  	March [    ], 2011
		
	To:	  	CEMEX, S.A.B. de C.V. (“Counterparty”)
		
	Telefax No.:	  	+52(81)88884519
		
	Attention:	  	Francisco Javier Contreras Navarro - Financial Operations Manager - Corporate Treasury - Mexico
		
	From:	  	Citibank, N.A. (“Dealer”)
		
	Telefax No.:	  	212-615-8985

 Transaction Reference Number:
                                        

 The purpose of this communication (this “Confirmation”) is to set forth the terms and conditions of the
above-referenced Transaction (the “Transaction”) entered into on the Trade Date specified below between you and us. This Confirmation supplements, forms a part of, and is subject to the Master Terms and Conditions for Capped Call
Transactions dated as of March 9, 2011 and as amended from time to time (the “Master Confirmation”) between you and us. 
 1. The definitions and provisions contained in the Definitions (as such term is defined in the Master Confirmation) and in the Master Confirmation are incorporated into this Confirmation. In the event of
any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern. 
 2. The
particular Transaction to which this Confirmation relates shall have the following terms: 
  

			
	Trade Date:	  	March [    ], 2011
		
	Effective Date:	  	The closing date of the initial issuance of the Convertible Notes.
		
	Lower Strike Price:	  	USD [    ].
		
	Upper Strike Price:	  	USD [    ].
		
	Initial Reference Price:	  	USD [Insert Exchange closing price per share for the Shares on the Trade Date]
		
	Premium:	  	USD [    ].
		
	Premium Payment Date:	  	The Effective Date
		
	Convertible Notes:	  	[     ]% Convertible Subordinated Notes of Counterparty due [     ], offered pursuant to an Offering Memorandum to be dated
[    ].
		
	Indenture:	  	The indenture governing the issuance of the Convertible Notes to be dated as of the closing date of the initial issuance of the Convertible Notes, by and between Counterparty and
The Bank of New York

			
		  	Mellon, as trustee (as may be amended, modified or supplemented from time to time, but only if such amendment, modification or supplement is consented to by Dealer in writing,
which consent shall not be unreasonably withheld or delayed).
		
	Early Unwind Date:	  	[            ], 2011, or such later date as agreed by the parties hereto.
		
	Final Disruption Date:	  	[            ]

 [Remainder of page intentionally left blank] 

  
 A-2

 The Number of Options and Expiration Date for each Tranche of the Transaction are set forth below.

  

									
	 Tranche Number
	  	Number of Options	 	 	Expiration Date	 
	 1.
	  	 	[                    	] 	 	 	[                    	] 
	 2.
	  	 	[                    	] 	 	 	[                    	] 
	 3.
	  	 	[                    	] 	 	 	[                    	] 
	 4.
	  	 	[                    	] 	 	 	[                    	] 
	 5.
	  	 	[                    	] 	 	 	[                    	] 
	 6.
	  	 	[                    	] 	 	 	[                    	] 
	 7.
	  	 	[                    	] 	 	 	[                    	] 
	 8.
	  	 	[                    	] 	 	 	[                    	] 
	 9.
	  	 	[                    	] 	 	 	[                    	] 
	 10.
	  	 	[                    	] 	 	 	[                    	] 
	 11.
	  	 	[                    	] 	 	 	[                    	] 
	 12.
	  	 	[                    	] 	 	 	[                    	] 
	 13.
	  	 	[                    	] 	 	 	[                    	] 
	 14.
	  	 	[                    	] 	 	 	[                    	] 
	 15.
	  	 	[                    	] 	 	 	[                    	] 
	 16.
	  	 	[                    	] 	 	 	[                    	] 
	 17.
	  	 	[                    	] 	 	 	[                    	] 
	 18.
	  	 	[                    	] 	 	 	[                    	] 
	 19.
	  	 	[                    	] 	 	 	[                    	] 
	 20.
	  	 	[                    	] 	 	 	[                    	] 
	 21.
	  	 	[                    	] 	 	 	[                    	] 
	 22.
	  	 	[                    	] 	 	 	[                    	] 
	 23.
	  	 	[                    	] 	 	 	[                    	] 
	 24.
	  	 	[                    	] 	 	 	[                    	] 
	 25.
	  	 	[                    	] 	 	 	[                    	] 
	 26.
	  	 	[                    	] 	 	 	[                    	] 
	 27.
	  	 	[                    	] 	 	 	[                    	] 
	 28.
	  	 	[                    	] 	 	 	[                    	] 
	 29.
	  	 	[                    	] 	 	 	[                    	] 
	 30.
	  	 	[                    	] 	 	 	[                    	] 
	 31.
	  	 	[                    	] 	 	 	[                    	] 
	 32.
	  	 	[                    	] 	 	 	[                    	] 
	 33.
	  	 	[                    	] 	 	 	[                    	] 
	 34.
	  	 	[                    	] 	 	 	[                    	] 
	 35.
	  	 	[                    	] 	 	 	[                    	] 
	 36.
	  	 	[                    	] 	 	 	[                    	] 
	 37.
	  	 	[                    	] 	 	 	[                    	] 
	 38.
	  	 	[                    	] 	 	 	[                    	] 
	 39.
	  	 	[                    	] 	 	 	[                    	] 
	 40.
	  	 	[                    	] 	 	 	[                    	] 
	 41.
	  	 	[                    	] 	 	 	[                    	] 
	 42.
	  	 	[                    	] 	 	 	[                    	] 
	 43.
	  	 	[                    	] 	 	 	[                    	] 
	 44.
	  	 	[                    	] 	 	 	[                    	] 
	 45.
	  	 	[                    	] 	 	 	[                    	] 
	 46.
	  	 	[                    	] 	 	 	[                    	] 
	 47.
	  	 	[                    	] 	 	 	[                    	] 
	 48.
	  	 	[                    	] 	 	 	[                    	] 
	 49.
	  	 	[                    	] 	 	 	[                    	] 
	 50.
	  	 	[                    	] 	 	 	[                    	] 
	 51.
	  	 	[                    	] 	 	 	[                    	] 

  
 A-3

									
	 52.
	  	 	[                    	] 	 	 	[                    	] 
	 53.
	  	 	[                    	] 	 	 	[                    	] 
	 54.
	  	 	[                    	] 	 	 	[                    	] 
	 55.
	  	 	[                    	] 	 	 	[                    	] 
	 56.
	  	 	[                    	] 	 	 	[                    	] 
	 57.
	  	 	[                    	] 	 	 	[                    	] 
	 58.
	  	 	[                    	] 	 	 	[                    	] 
	 59.
	  	 	[                    	] 	 	 	[                    	] 
	 60.
	  	 	[                    	] 	 	 	[                    	] 

  
 A-4

 3. Counterparty hereby agrees (a) to check this Confirmation promptly upon receipt so
that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing correctly sets forth the terms of the agreement between us with respect to the particular Transaction to which this Confirmation
relates, by manually signing this Confirmation and providing any other information requested herein or in the Master Confirmation and immediately returning an executed copy to us. 

 

			
	Yours sincerely,
	
	CITIBANK, N.A.
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Confirmed as of the
	date first above written:
	
	CEMEX, S.A.B. de C.V.
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-5

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