Document:

Underwriting Agreement relating to CEMEX, S.A.B. de C.V.'s 1,495,000,000 CPOs

 Exhibit 4.43 

This UNDERWRITING AGREEMENT (this “Agreement”), is entered as of September 22, 2009,
into by and between Acciones y Valores Banamex, S.A. de C.V., Casa de Bolsa, a company of Grupo Financiero Banamex (“Accival”), J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P. Morgan Grupo Financiero
(“JPMorgan”), Casa de Bolsa Santander, S.A. de C.V., Grupo Financiero Santander (“Santander”), Casa de Bolsa BBVA Bancomer, S.A. de C.V., Grupo Financiero BBVA Bancomer (“BBVA
Bancomer”), and HSBC Casa de Bolsa, S.A. de C.V., Grupo Financiero HSBC (“HSBC”; and HSBC together with Accival, JPMorgan, Santander and BBVA Bancomer, collectively referred to as the “Lead Mexican
Underwriters”), CEMEX, S.A.B. de C.V. (alternatively, “Cemex” or the “Company”), Centro Distribuidor de Cemento, S.A. de C.V. (“Cedice”), Empresas Tolteca de
Mexico, S.A. de C.V. (“ETM”) and Petrocemex, S.A. de C.V. (“Petrocemex”; and Petrocemex, together with Cedice and ETM, collectively referred to as the “Selling Shareholders”,
and the Selling Shareholders together with Cemex, the “Sellers”). 
 PREAMBLE 

1. Sellers desire to make a mixed public offering (primary and secondary) for the issuing and sale, in the United
States of Mexico (“Mexico”), in the United States of America (the “United States”) and in other foreign markets, in the form of a simultaneous global offer (collectively, the “Global
Offering”), of a total of one thousand four hundred ninety five million (1,495’000,000) ordinary participation certificates (certificados de participacion ordinaria), issued by the CPO Trust (as such term is defined
hereinbelow), each of which has an underlying value two (2) Series A, ordinary shares of stock issued in registered form, without par value, and one (1) Series B, ordinary share of stock issued in registered form, without par value, all of
them representing the capital stock of the Company (each one of such securities, a “CPO” and collectively, the “CPO’s”). 

2. Subject to the terms and conditions hereinafter set forth, Cemex has the intent to offer for issue and sale, by
means of a primary public offering and sale in, in the Bolsa Mexicana de Valores, S.A.B. de C.V. (the “BMV”), of two hundred and twenty five million (225’000,000) CPO’s, which is inclusive of forty eight
million seven hundred and fifty thousand (48’750,000) CPO’s subject of the over-assignment option for Mexico (the “Optional CPO’s”), which option is to be granted by Cemex to the Lead Mexican Underwriters,
trough JPMorgan, in connection with the Mexican Offering (as such term is defined hereinbelow), as described with more detail below (the “Mexican Over-Assignment Option”). 

3. Subject to the terms and conditions hereinafter set forth, the Selling Shareholders have the intent to offer,
in a secondary public offering in Mexico and with the BMV, one hundred forty eight million seven hundred fifty thousand (148’750,000) CPO’s. 

4. Collectively, the primary and secondary offering of CPO’s publicly traded in Mexico by each of Cemex and
the Selling Shareholders, respectively (collectively, the “Mexican Offering”), is in the amount of three hundred and twenty five million (325’000,000) of CPO’s, excluding the Mexican Over-Assignment Option, and
three hundred seventy three million seven hundred and fifty thousand (373’750,000) CPO’s, inclusive of the Mexican Over-Assignment Option. 

 Certified Translation. 

June 5, 2010. 
  Page
 2
.. 
  

 5. Jointly with the Mexican Offering which is to be implemented
through the BMV, the Sellers shall make a primary and secondary public offering of CPO’s in the United States, trough the New York Stock Exchange, and in other international trading markets (collectively, the “International
Offering”), for a total amount of nine hundred and seventy five million (975’000,000) CPO’s, either in the form of CPO’s or in the form of American Depositary Shares (“ADS”), each ADS
representing ten (10) CPO’s, together with one hundred and forty six million two hundred and fifty thousand (146’250,000) CPO’s referring to the primary portion of the International Offering, directly or through ADS’s
subject matter of the over-assignment option to be afforded by Cemex to the underwriter agents of the International Offering, J.P. Morgan Securities Inc. (the “International Underwriters”, and the International Underwriters
together with the Lead Mexican Underwriters, the “Underwriters”), under the terms of the applicable law. 

6. For the purposes hereof, the aggregate of three hundred twenty five million (325’000,000) CPO’s
which shall be offered by the Sellers through the Mexican Offering (in both, the primary and secondary offerings), shall hereinafter be referred to as the “Firm CPO’s”. The Firm CPO’s and the Optional CPO’s,
collectively, shall be referred to as the “Offered CPO’s”, and the Offered CPO’s and the CPO’s or ADS to be offered in the International Offering, shall be referred to, collectively, as the as the
“Securities”. 
 7. Concurrently with the execution hereof, the Sellers have
entered into an international underwriting agreement (hereinafter the “International Underwriting Agreement”), with the International Underwriters, in connection with the International Offering. 

8. Concurrently with the execution hereof, the Underwriters have entered into an agreement with various lead
syndicated underwriters (hereinafter the “Intersyndicate Agreement”), setting forth, amongst other things, that J.P. Morgan Securities, Inc. is the global coordinator (with such character the “Global
Coordinator”), in connection with the Global Offering for the sale of Securities, and the transfer of the Securities between the various underwriters. 

9. Two (2) different prospectuses shall be used in connection with the Global Offering; one in connection
with the Mexican Offering and the other one in connection with the International Offering. 
 RECITALS 

I. The Company, through its agent, hereby declares that: 

(a) The underlying shares representing the capital stock of the Company with regards to the Firm CPO’s and the
underlying shares representing the capital stock of the Company with regards to the Optional CPO’s, have been validly issued pursuant to those resolutions taken at the Extraordinary Shareholders Meeting dated as of September 4, 2009, and
are not subject to any preemptive or other similar right, and are free and clear of any and all liens, domain restrictions or options. 

 Certified Translation. 

June 5, 2010. 
  Page
 3
.. 
  

 (b) The Firm CPO’s which are being offered by the Company and by
each of the Selling Shareholders in the Mexican Offering, and the Optional CPO’s which are being offered by Cemex in the Mexican Offering, have been validly issued by Banco Nacional de Mexico, S.A. de C.V., an entity of Grupo Financiero Banamex
Accival, Division Fiduciaria (“Banamex”), acting as trustee in that certain trust agreement number 111033-9, dated as of September 6, 1999, as amended on November 21, 2002 and on January 8, 2007 (hereinafter
the “CPO Trust”), and under the provisions of those certain minutes dated as of September 7, 2009, issued and executed unilaterally by Banamex, together with the [Mexican] National Banking and Securities Commission
(Comision Nacional Bancaria y de Valores, the “CNBV”), and with Banco Mercantil del Norte, S.A., Institucion de Banca Multiple, Grupo Financiero Banorte, as the common agent (the “Issuing
Minutes”), and the Offered CPO’s are not subject to any preemptive right or other similar right, and are free and clear of any and all liens, domain restrictions or options, and they are also free of any and all restrictions in
connection with their transferability by or on behalf of the Company and of the Selling Shareholders to the Lead Mexican Underwriters, and are filed with the [Mexican] National Registry of Securities (Registro Nacional de Valores) maintained
by the CNBV (the “RNV”), and are filed for their trading with the BMV; the terms of the CPO’s are consistent with their description as contained in the Mexican Prospectus; and there is no restriction whatsoever on
subsequent transfers of said Securities pursuant to the Mexican laws except as otherwise disclosed in the Mexican Prospectus. 

(c) All authorizations required with regards to the Mexican Offering, with the updated filings before the RNV, with the
shares of stock of the Company underlying to the CPO’s and with the CPO’s, with the execution and performance of this Agreement by the Company, with regards to special conditions, as applicable, to which the Mexican Offering is subject,
and with regards to the use of the initial prospectus dated as of September 8, 2009, and with regards to the final prospectus dated as of September 22, 2009 (collectively, both prospectuses referred to as the “Mexican
Prospectus”), have been obtained from the CNBV and from the BMV, as applicable, and from all other applicable competent governmental agencies (the “Authorizations”); furthermore, the Offered CPO’s and the
underlying shares of stock of the Company thereof, have been placed for deposit with the S.D. Indeval Institución para el Deposito de Valores, S.A. de C.V. (“Indeval”). 

(d) The Mexican Prospectus have been prepared by the Company pursuant to, and at the time of the preparation thereof were
compliant, and as of the date hereof are compliant, in all material aspects, with the requirements of the [Mexican] Stock Exchange Law (Ley del Mercado de Valores) and with the General Guidelines applicable to Issuers of Securities and Other
Participants of the Stock Exchange Market (Disposiciones de Caracter General aplicables a las Emisoras de Valores y Otros Participantes del Mercado de Valores) promulgated thereunder by the CNBV (the “Guidelines for
Issuers”), they do not contain any false statement relating to relevant information and do not fail to include any material information which could be misleading to investors. 

 Certified Translation. 

June 5, 2010. 
  Page
 4
.. 
  

 (e) It has been duly organized and exists as a variable capital public
stock corporation (sociedad anonima bursatil de capital variable) pursuant to the laws of Mexico, and has the power and authority to be the owner of its assets and to conduct its business as described in the Mexican Prospectus, and it is
fully authorized to execute this Agreement and to comply with its obligations hereunder, and is authorized as a foreign company, to conduct its business and is compliant with its obligations, pursuant to the laws of any other jurisdiction where the
Company does business or otherwise owns assets; each of the subsidiaries of the Company has been duly organized and exists pursuant to the laws of its jurisdiction of incorporation; each of the subsidiaries of the Company, in other words, the
companies on which the Company holds the majority of the shares representing their capital stock or on which the Company is entitled to appoint the majority of the members of its board of directors or its administration (collectively the
“Subsidiaries”), has been duly organized and exists pursuant to the laws of their relevant jurisdiction of incorporation; each of the Subsidiaries is authorized, as a foreign company, to conduct its business and is compliant
with its obligations pursuant to the laws of any other jurisdiction where it does business or otherwise owns assets; the Company is further authorized to execute this Agreement and to comply its obligations hereunder. 

(f) Its paid in capital stock is as set forth in the Mexican Prospectus, and the entirety of the shares representing the
capital stock of the Company have been duly issued, paid in full (except for the underlying shares of the CPO’s subject matter of the primary portion of the Mexican Offering, the underlying shares of the CPO’s subject matter of the primary
portion of the International Offering and the shares maintained in the treasury of the Company to secure the issuing of various convertible liabilities of Cemex), and their terms are consistent with their description as contained in the Mexican
Prospectus; the entirety of the outstanding shares representing the capital stock of the Subsidiaries have been duly issued, are paid in full, are not subject to any claim o third party rights, and the Company is, either directly or indirectly, the
owner of such shares, and are free and clear of any lien, except for the liens created for the benefit of and other interests relating to the creditors of the Company, as disclosed in the Mexican Prospectus, and all of the shares of stock of
the Company are filed with the RNV. 
 (g) Each of the CPO Trust and the Issuing Minutes have been duly executed
by the Company and by Banamex, as applicable, and constitute valid and binding obligations of the Company and Banamex, enforceable against the Company and Cemex pursuant to its terms, subject to bankruptcy, insolvency, reorganization and other
similar provisions generally applicable affecting the rights of creditors, the terms of the CPO Trust and of the Issuing Minutes are consistent with their terms as described in the Mexican Prospectus. 

(h) This Agreement has been duly executed by Cemex and constitutes a valid and binding obligation of Cemex, enforceable
against Cemex pursuant to its terms, subject to bankruptcy, insolvency, reorganization and other similar laws generally affecting creditors’ rights 

 Certified Translation. 

June 5, 2010. 
  Page
 5
.. 
  

 (i) Neither the execution of this Agreement, performance hereunder, nor
the consummation of the transactions contemplated herein, violates or breaches any of the terms or provisions of any law or agreement to which the Company of any of the Subsidiaries are bound by or which are otherwise applicable to them, or which
their assets are subject to (except for those violations which, individually or in the aggregate, do not have a material adverse effect in performance hereunder by the Company, or in the financial position, capital stock or operational
results, of any of the Company and its Subsidiaries taken as a whole), and do not breach the provisions of the by-laws of the Company, or any license, authorization or order of any governmental authority having jurisdiction over the Company or over
any of its Subsidiaries or its or their assets; and does not require the approval, authorization or order of, or the filing with any governmental agency, in order to subscribe, sell and pay the Offered CPO’s or to consummate the transactions
contemplated herein, but except for the Authorizations, which the Company has secured and maintained in force. 

(j) Neither the Company nor any of the Subsidiaries thereof is, as of the date hereof, in breach of any material
obligation (affirmative or negative) whatsoever, as contained in the agreements by which they are bound. 
 (k)
There are no legal or governmental proceedings pending, other than as disclosed in the Mexican Prospectus, to which the Company or any of its Subsidiaries are a party to, which, if resolved adversely against the Company or its Subsidiaries,
individually or in the aggregate, could have a material adverse effect in the financial condition, the capital stock or operational results of the Company or any Subsidiary thereof, taken as a whole. 

(l) The financial statements attached to the Mexican Prospectus, and those other [financial statements which are]
incorporated thereto by reference, have been prepared pursuant to the financial reporting standards as applicable in Mexico, consistently applied, they have been approved by the general shareholders meeting of the Company (with regards to financial
statements relating to full corporate years), and fairly represent the financial position of the Company and its Subsidiaries, in a consolidated form, as of the date of such financial statements, and from and after the date thereof, no event has
occurred which could adversely and materially affect the financial position, the capital stock or operational results of the Company or any of its Subsidiaries taken as a whole. 

(m) Its agent herein has the authority to execute this Agreement and to bind the Company pursuant to the terms hereof,
and as of the date hereof, such capacity has neither been revoked nor limited in any form whatsoever. 
 II.
Each of the Selling Shareholders trough their duly appointed agents, on their own behalf and individually, with regards to the Firm CPO’s listed opposite their names in the Exhibit A attached hereto, hereby declares that: 

(a) It is the owner of record of each Firm CPO’s being offered by the relevant Selling Shareholder in the Mexican
Offering, [each Firm CPO] has been duly issued by Banamex, acting as trustee in the CPO Trust, [each Firm CPO] has been paid 

 Certified Translation. 

June 5, 2010. 
  Page
 6
.. 
  

 
in full, they are not subject to any preemptive right or other similar right, are free and clear of any lien, domain restriction or option, are free of any and all restrictions in connection with
their transferability by or on behalf of the Company and of the relevant Selling Shareholders, are filed with the RNV, are filed for their trading with the BMV and been placed for deposit with Indeval; the terms of the CPO’s are consistent with
their description as contained in the Mexican Prospectus; and there is no restriction whatsoever on subsequent transfers of the Firm CPO’s pursuant to the Mexican laws except as otherwise disclosed in the Mexican Prospectus. 

(b) It has entered into that certain trust agreement number 110778-8, dated as of December 2, 1991, with Banamex,
acting as trustee, the purpose of which is to underwrite the relevant Firm CPO’s in the Mexican Offering (hereinafter the “Selling Shareholders Trust”). 

(c) All required authorizations for the execution and performance of this Agreement by the relevant Selling Shareholder,
have been obtained from the CNBV and from the BMV, as applicable, and from all other applicable competent governmental agencies. 

(d) In connection with information relating to the relevant Selling Shareholder, at the time of preparation of the
Mexican Prospectus it was compliant, and as of the date hereof is compliant, in all material aspects, with the requirements of the [Mexican] Stock Exchange Law (Ley del Mercado de Valores) and with the Guidelines for Issuers, they do not
contain any false statement relating to relevant information and do not fail to include any material information which could be misleading to investors. 

(e) It has been duly organized and exists as a variable capital corporation (sociedad anonima de capital variable)
pursuant to the laws of Mexico, and has the power and authority to be the owner of its relevant assets, it is fully authorized to execute this Agreement and to comply with its obligations hereunder. 

(f) This Agreement has been duly executed by the relevant Selling Shareholder and constitutes a valid and binding
obligation of the Selling Shareholder, enforceable against the Selling Shareholder pursuant to its terms, subject to bankruptcy, insolvency, reorganization and other similar laws generally affecting creditors’ rights. 

(g) Neither the execution of this Agreement, performance hereunder, nor the consummation of the transactions contemplated
herein, violates or breaches any of the terms or provisions of any law or agreement to which the relevant Selling Shareholder is bound by or which is otherwise applicable to it, or which its assets are subject to (except for those violations
which, individually or in the aggregate, do not have a material adverse effect in performance hereunder by the Selling Shareholder), and do not breach the provisions of the by-laws of the relevant Selling Shareholder, or any license, authorization
or order of any governmental authority having jurisdiction over the Selling Shareholder; and does not require the approval, authorization or order of, or the filing with any governmental agency, in order to

 Certified Translation. 

June 5, 2010. 
  Page
 7
.. 
  

 
subscribe, sell and pay the Offered CPO’s or to consummate the transactions contemplated herein, but except for the Authorizations may have been secured and maintained in force.

 (h) There are no legal or governmental proceedings pending, other than as disclosed in the Mexican
Prospectus, to which the relevant Selling Shareholder is a party to, which, if resolved adversely against the Selling Shareholder, individually or in the aggregate, could have a material adverse effect in the relevant Selling Shareholder or in its
capacity to perform hereunder. 
 (i) Its agent herein has the authority to execute this Agreement and to bind
the relevant Selling Shareholder pursuant to the terms hereof, and as of the date hereof, such capacity has neither been revoked nor limited in any form whatsoever. 

III. Each of the Lead Mexican Underwriters, on their own behalf and trough their duly appointed agents, hereby
declares: 
 (a) It is an investment dealer (casa de bolsa) duly organized and existing pursuant to
the laws of Mexico. 
 (b) Has all the required authorizations to enter into and perform under the terms of this
Agreement, and has the necessary authority to execute this Agreement and perform as provided herein. 
 (c) This
Agreement has been duly executed by the relevant Lead Mexican Underwriter and constitutes a valid and binding obligation of the relevant Lead Mexican Underwriter, enforceable against the Lead Mexican Underwriter pursuant to its terms, subject to
bankruptcy, insolvency, reorganization and other similar laws generally affecting creditors’ rights. 
 (d)
Neither the execution of this Agreement, performance hereunder consistent with its terms, nor the consummation of the transactions contemplated, violates or breaches any of the terms or provisions of any law or agreement to which it is a party.

 (e) Its agent herein has the authority to execute this Agreement and to bind such party pursuant to the terms
hereof, and as of the date hereof, such capacity has neither been revoked nor limited in any form whatsoever. 

NOW, THEREFORE, in view of the above the parties have agreed to be bound pursuant to the terms of the following

 CLAUSES: 

First Clause. Issuing and Underwriting of CPO’s in Mexico; Offering Date; Firm Acceptance.
(a) Subject to the terms and conditions hereinafter set forth (i) Accival does hereby agree to underwrite, by means of a public offering in Mexico, at the Per CPO Price (as such term is defined in the Second Clause below), those Firm
CPO’s 

 Certified Translation. 

June 5, 2010. 
  Page
 8
.. 
  

 
detailed in the Exhibit B attached hereto opposite to its name, and to coordinate with HSBC, the underwriting of those such Firm CPO’s detailed in the Exhibit B attached hereto
opposite to its name under the heather “on its own name”, at the Per CPO Price; (ii) BBVA Bancomer does hereby agree to underwrite, by means of a public offering in Mexico, at the Per CPO Price, those Firm CPO’s detailed in the
Exhibit B attached hereto opposite to its name; (iii) Santander does hereby agree to underwrite, by means of a public offering in Mexico, at the Per CPO Price, those Firm CPO’s detailed in the Exhibit B attached hereto
opposite to its name; (iv) JPMorgan does hereby agree to underwrite, by means of a public offering in Mexico, at the Per CPO Price, such number of CPO’s equal to the Optional CPO’s (the maximum number of which is reiterated in the
Exhibit B attached hereto opposite to its name). Each of the Lead Mexican Underwriters hereby agrees to underwrite the Offered CPO’s through direct sales with clients and sales made through their Mexican Syndicated investment firms (as
such term is defined in the Seventh Clause below), provided, however, that in regards to HSBC, HSBC will underwrite Firm CPO’s among institutional investors as agreed to with Accival. 

(b) Cemex hereby covenants and agrees to take all necessary steps to cause the Selling Shareholders to sell, and the
Selling Shareholders hereby covenant and agree to sell, under the terms and subject to the conditions herein agreed to, such number of Firm CPO’s detailed in the Exhibit B attached hereto, at the Per CPO Price. Furthermore, in the event
JPMorgan, acting through Mexican Syndicated investment firms, should exercise its Mexican Over-Assignment Option, then Cemex hereby agrees to sell, at the Per CPO Price, such number of Optional CPO’s in respect of which JPMorgan has exercised
such option, the maximum number of which is specified in the Exhibit B attached hereto. 
 (c) The
parties agree that the Offering in Mexico of the Offered CPO’s shall be made on September 23, 2009 (the “Offering Date”). The sale and purchase of Firm CPO’s shall be perfected by means of three (3) different
recording transactions with the BMV, to be implemented independently by each of Accival, BBVA Bancomer and Santander on the Offering Date with respect to the Firm CPO’s specified in the Exhibit B attached hereto, provided,
however, that the Firm CPO’s identified in the Exhibit B opposite the name of HSBC under the heather “on its own name”, shall include the register transactions to be implemented by Accival, BBVA Bancomer and Santander
with the BMV on a pro-rated basis. Furthermore, on the Offering Date, JPMorgan shall make one (1) register transaction with the BMV with respect to those CPO’s subject matter of an over-assignment of the Mexican Offering, by using those
CPO’s acquired through independent securities lending transactions consistent with the applicable law. 

(d)(1) Accival hereby covenants to underwrite those Firm CPO’s which it is required to underwrite consistent with the
terms of the Exhibit B attached hereto, among permitted investors at the Per CPO Price on the Offering Date and to transfer to HSBC, at the Per CPO Price, those Firm CPO’s which it is required to transfer consistent with the terms of the
Exhibit B attached hereto, which HSBC will underwrite among permitted investors qualifying as institutional investors on the Offering Date. If Accival should fail to underwrite those [CPO’s] which it is required to underwrite, then
Accival agrees to take those Firm CPO’s indicated in the Exhibit B attached hereto opposite to its name under the heather “on its own name”. 

 Certified Translation. 

June 5, 2010. 
  Page
 9
.. 
  

 (2) BBVA Bancomer hereby covenants to underwrite those Firm CPO’s
which it is required to underwrite consistent with the terms of the Exhibit B attached hereto, among permitted investors at the Per CPO Price on the Offering Date, and upon its failure to do so, agrees to take those Firm CPO’s indicated
in the Exhibit B attached hereto opposite to its name under the heather “on its own name”. 

(3) Santander hereby covenants to underwrite those Firm CPO’s which it is required to underwrite consistent with the
terms of the Exhibit B attached hereto, among permitted investors at the Per CPO Price on the Offering Date, and upon its failure to do so, agrees to take those Firm CPO’s indicated in the Exhibit B attached hereto opposite to its
name under the heather “on its own name”. 
 (4) JPMorgan hereby covenants to underwrite, at the Per
CPO Price on the Offering Date, those CPO’s which are the subject of an over assignment in the Mexican Offering among permitted investors. 

(5) HSBC hereby covenants to underwrite those Firm CPO’s which it is required to underwrite consistent with the terms
of the Exhibit B attached hereto, among permitted investors qualifying as institutional investors, at the Per CPO Price on the Offering Date, and upon its failure to do so, agrees to take those Firm CPO’s indicated in the Exhibit
B attached hereto opposite to its name under the heather “on its own name”. 
 (6) If Accival, BBVA
Bancomer and Santander should fail to underwrite those Firm CPO’s which they are required to underwrite as indicated in the Exhibit B attached hereto opposite to their [relevant] name under the heather “on its own name”, in
spite of the obligation each of Accival, BBVA Bancomer or Santander have to do so, then Accival, JPMorgan, BBVA Bancomer and Santander agree to take the outstanding Firm CPO’s on equal parts. 

(e) The Lead Mexican Underwriters covenant to pursue an equitable distribution of Offered CPO’s amongst permitted
investors and third parties interested in purchasing Offered CPO’s. 
 (f) Up until the moment prior to the
Firm CPO’s Payment Date (as such term is defined below) or subsequently, as part in the Mexican Offering, the Lead Mexican Underwriters may exchange CPO’s amongst them, free of any consideration, as agreed to by the relevant parties,
through the systems of Indeval, and consistent with the terms of the Intersyndicate Agreement. 
 Second
Clause. Consideration. (a) Each of the Sellers hereby acknowledges and accepts that the purchase price per Offered CPO to be offered pursuant with the terms hereof, shall be of $16.65 Pesos (Sixteen Pesos 65/100, Mexican Currency)
(the “Per  

 Certified Translation. 

June 5, 2010. 
  Page
 10
.. 
  

 
CPO Price”) and that the aggregate consideration [payable] for the Firm CPO’s shall be the sum of $5,411’250,000 Pesos (Five Thousand Four Hundred Eleven Million Two Hundred
Fifty Thousand Pesos 00/100, Mexican Currency) (the “Aggregate Consideration for Firm CPO’s”), of which, $2,476’687,500 Pesos (Two Thousand Four Hundred Seventy Six Million Six Hundred Eighty Seven Five Hundred Pesos
00/100, Mexican Currency) shall be allocated among the Selling Shareholders (the “Aggregate Consideration to the Selling Shareholders for Firm CPO’s”), and $2,934’562,500 Pesos (Two Thousand Nine Hundred thirty Four
Million Five Hundred Sixty Two Five Hundred Pesos 00/100, Mexican Currency) shall be allocated to Cemex (the “Aggregate Consideration to Cemex for Firm CPO’s”). 

(b) Consistent with the terms agreed to by each of the Lead Mexican Underwriters in the paragraph (d), of the First
Clause above, but excepting JPMorgan with respect to those CPO’s referred to in sub-paragraph (d)(4), each of the Lead Mexican Underwriters hereby agrees to pay to Cemex the Aggregate Consideration to Cemex for Firm CPO’s, minus any
applicable commission fees pursuant to the terms of the Third Clause below, and to the Selling Shareholders the Aggregate Consideration to the Selling Shareholders for Firm CPO’s, minus any applicable commission fees pursuant to the terms of
the Third Clause below, in both cases, precisely on September 28, 2009 (the “Firm CPO’s Payment Date”). Payment of the Aggregate Consideration for Firm CPO’s shall be made by means of transfer of the Aggregate
Consideration for Firm CPO’s to the bank account maintained by Cemex with the Lead Mexican Underwriters, and with regards to the Selling Shareholders, maintained with the Selling Shareholders Trust. Payment of the Aggregate Consideration for
the Optional CPO’s (as such term is defined in the Fifth Clause below), as applicable, shall be made consistent with the terms of the Fifth Clause below. 

Third Clause. Commission Fees payable to the Lead Mexican Underwriters. (a) Subject to the terms and
conditions herein set forth, (i) the Sellers hereby covenant to pay to the Lead Mexican Underwriters, on the Firm CPO’s Payment Date, a commission fee equal to four percent (4.0%) of the Aggregate Consideration for Firm CPO’s
plus the relevant Value Added Tax, and (ii) Cemex covenant to pay to JPMorgan, on the Optional CPO’s Payment Date (as such term is defined in the Fifth Clause below), a commission fee equal to four percent (4.0%) of the Aggregate
Consideration for the Optional CPO’s (as such term is defined in the Fifth Clause below) plus the relevant Value Added Tax, to be divided among the Lead Mexican Underwriters, as agreed amongst them and timely notified in writing to the Sellers.

 (b) Cemex hereby agrees to pay, on each of the Firm CPO’s Payment Date and the Optional CPO’s
Payment Date, as applicable, to Accival, JP Morgan, BBVA Bancomer and Santander, an additional commission fee equal to zero point five percent (0.5%) of the Aggregate Consideration for Firm CPO’s and of the Aggregate Consideration for the
Optional CPO’s (applicable to the Optional CPO’s actually underwritten) (the “Additional Consideration”), plus the relevant Value Added Tax, of which, forty percent (40%) of the Additional Consideration shall be
allocated with Accival, twenty percent (20%) of the Additional Consideration shall be allocated with JPMorgan, twenty percent (20%) of the Additional Consideration shall be allocated with BBVA Bancomer, and twenty percent (20%) of the
Additional Consideration shall be allocated with 

 Certified Translation. 

June 5, 2010. 
  Page
 11
.. 
  

 
Santander, provided, however, that after the Optional CPO’s Payment Date, the Lead Mexican Underwriters and the Company shall pay and offset amongst themselves the relevant
amounts according to the percentages so assigned. 
 (c) Subject to the provisions of the final part of the
paragraph (b) above, the commission fees referred to in the paragraphs (a) and (b) of this Third Clause shall be divided and paid among and by the Lead Mexican Underwriters in the relevant amounts owing to such parties and as agreed
amongst themselves with regards to both, the Firm CPO’s and to the Optional CPO’s, if the Mexican Over-Assignment Option should be exercised. 

(d) The Sellers agree that the commission fees referred to in the above paragraph (a) and, to the extent applicable,
those commission fees referred to in the above paragraph (b), shall be deducted from the amounts payable to the Sellers on the Firm CPO’s Payment Date and, as applicable, to the Company on the Optional CPO’s Payment Date. 

Fourth Clause. Delivery of Offered CPO’s. (a) To the extent not already completed on the date
hereof, the Sellers hereby agree to deliver, through Indeval, the certificates representing the Offered CPO’s to Accival to JPMorgan, BBVA Bancomer and Santander, by means of deposit thereof in the account maintained by each of Accival,
JPMorgan, BBVA Bancomer and Santader, respectively, with Indeval for such purposes and as indicated to Cemex and to the Selling Shareholders. 

(b) The date and time of such delivery shall be (i) with regards to the Firm CPO’s, no later than 7:30 hours
(Mexico City standard time), of September 23, 2009, or at any other date and time as agreed to in writing by the Lead Mexican Underwriters and the Company, and (ii) with regards to the Optional CPO’s, during BMV’s regular
business transacting hours, but no later than 15:00 hours (Mexico City standard time), of the Option Exercise Date (as such term is defined in the Fifth Clause below), as determined by JPMorgan on the written notice to be delivered by such party to
the Company in connection with its option to acquire such Optional CPO’s, or at any other date and time as agreed to in writing by JPMorgan and the Company. 

Fifth Clause. Purchase of Optional CPO’s. Cemex hereby grants to the Lead Mexican Underwriters the
option to over-assign, on the Offering Date, up to the total number of Optional CPO’s, in addition to the Firm CPO’s, and to that end does hereby grant JPMorgan the right to acquire up to the total amount of such Optional CPO’s, at a
price equal to $811’687,500 Pesos (Eight Hundred Eleven Million Six Hundred Eighty Seven Five Hundred Pesos 00/100, Mexican Currency) or such other lesser amount, if the Lead Mexican Underwriters, acting through JPMorgan, fail to exercise their
right to purchase the entirety of the Optional CPO’s (the “Aggregate Consideration for the Optional CPO’s”) consistent with the applicable law, and pursuant to the following provisions: 

(a) the right to exercise the option for the purchase of Optional CPO’s may refer to a lesser amount than the total
amount of such Optional CPO’s: 

 Certified Translation. 

June 5, 2010. 
  Page
 12
.. 
  

 (b) the election to purchase Optional CPO’s may be exercised
through JPMorgan, in one occasion only, by means of written notice to Cemex to be delivered the next business day upon exercise of such option (the “Option Exercise Date”), provided, however, that such notice shall be
delivered to Cemex no later than thirty (30) calendar days from and after the date hereof and shall specify the total number of Optional CPO’s to be purchased and the date in which such Optional CPO’s are to be delivered; 

(c) each Optional CPO shall have been underwritten by JPMorgan by means of an equal number of CPO’s in the Mexican
Offering, at a price per CPO equal to the Per CPO Price, and JPMorgan shall not be required to underwrite all or any of the Optional CPO’s; 

(d) the registry of the relevant Optional CPO’s shall be effected by JPMorgan with the BMV on the Option Exercise
Date; 
 (e) payment of the Aggregate Consideration for the Optional CPO’s and the relevant commission fees
agreed to in the Third Clause hereof shall be made at the time and place the Optional CPO’s are paid as agreed to by the parties, and to be made three (3) business days following the Option Exercise Date and to the account maintained by
the Company with JPMorgan or to such other account as instructed to it irrevocably in writing (the “Optional CPO’s Payment Date”); 

(f) JPMorgan shall allocate the commission fees and expenses ensuing from payment of the Aggregate Consideration for the
Optional CPO’s, among the Lead Mexican Underwriters in their relevant percentages and, to the extent applicable, shall pay the outstanding balance to the remainder of the Lead Mexican Underwriters, subject to the provisions of the final part of
the paragraph (b) of the Third Clause above. 
 Sixth Clause. Stabilizing Transactions.
(a) The Sellers acknowledge and agree that the Lead Mexican Underwriters, acting through JPMorgan, may implement transactions with the BMV aiming to stabilize the offering price of the Offered CPO’s, and that any such transactions are to
be implemented under the terms and conditions agreed to with the International Underwriters, consistent with the terms and conditions agreed to in the Intersyindicate Agreement and consistent with the applicable law. 

(b) The Sellers acknowledge and agree there is no obligation or commitment by the Lead Mexican Underwriters, acting
through JPMorgan, to implement stabilizing transactions with regards to the offering price of the Offered CPO’s and that, if so implemented, such transactions may be discontinued at any time thereafter. 

(c) The Lead [Mexican] Underwriters agree to share the losses or profits and the expenses ensuing from any such
stabilizing transactions consistent with the terms of the Intersyndicate Agreement. 
 Seventh Clause.
Mexican Syndicate: (a) The Sellers acknowledge that the Lead Mexican Underwriters shall be at liberty to invite other Mexican investment dealers 

 Certified Translation. 

June 5, 2010. 
  Page
 13
.. 
  

 
(casas de bolsa) to participate in the Mexican Offering as members of a syndicate (the “Mexican Syndicate”). As agreed among them, the Lead Mexican Underwriters
will be responsible for conforming and organizing the Mexican Syndicate, and for the distribution of commission fees, profits, losses and associated expenses ensuing from the over-assignment option and from the stabilizing transactions referred to
in the Fifth and Sixth Clauses hereof, and the Company shall be under no obligation to pay any such amounts. 

(b) Each of the Lead Mexican Underwriters covenants to include the same obligations as those applicable to the Lead
Mexican Underwriters as per the terms of the Ninth Clause hereof, in any and all contracts they should enter into with the members of the Mexican Syndicate. 

Eighth Clause. Affirmative Covenants of the Sellers. 

(a) Each of the Sellers hereby covenants and agrees to cause their relevant controlling shareholders, directors, general
directors, executive officers falling immediately under the general director, and all other officers directly responsible of the areas of finance, comptrollership and legal, to comply with the following: 

(1) for a period of 90 (ninety) calendar days from and after execution hereof, they shall not offer, sell,
promise to sell or in any other manner transfer title of any of the Company’s securities which may be similar to the Securities, including, without limitation, any securities convertible to, or otherwise granting the right to receive, Shares or
any other similar security of the Company, without the prior written consent of the Lead Mexican Underwriters (except for those securities subject matter of the International Offering, securities which the Company is required to tender with
regards to employee [stock] options and securities convertible to, or otherwise granting the right to receive CPO’s, and underwritten within the period one hundred and eighty (180) days following the Mexican Offering), and 

(2) they shall not, directly or indirectly, undertake or pursue (and they shall cause their Subsidiaries
not to undertake or pursue) any action intended to, or which constitutes, or which could reasonably constitute, or have the result of, the stabilization or manipulation of the price of any securities issued by the Company (including the Securities),
or which otherwise facilitates the sale of the Securities. 
 Ninth Clause. Negative Covenants of the
Lead Mexican Underwriters. 
 (a) Each of the Lead Mexican Underwriters has offered and covenants to offer
the Offered CPO’s only in Mexico and agrees not offer or sell, directly or indirectly, the Offered CPO’s to any person or corporation located in the United States of America or in any other country other than Mexico, except to the
extent permitted by the terms of this Ninth Clause. For the purposes of this Ninth Clause, an offer or sale is deemed to be made in the United States of America or in any other country, if the offer is made to natural persons or corporations (of any
type) residing, or whose agents are residents, in the United States of America or any other country. 

 Certified Translation. 

June 5, 2010. 
  Page
 14
.. 
  

 (b) Each of the Lead Mexican Underwriters hereby agrees and covenants
not to: 
 (1) acquire, on its own name, any of Securities (except for the Firm CPO’s
and, as applicable, the Optional CPO’s); 
 (2) file, on its own name, purchase offers
relating to the CPO’s, in the trading floor of the BMV, except for the stabilization transactions conducted as per the terms of the Sixth Clause above; 

(3) directly or by means of a subsidiary or affiliate, make offers or purchases, intending to affect the
market of CPO’s, whether apparent or actual, or which otherwise have the effect of increasing the price of the CPO’s, except for the stabilization transactions conducted as per the terms of the Sixth Clause above and for the
transactions conducted by investment companies to which they may be affiliated to; 
 (4)
recommend the purchase of CPO’s other outside the Mexican Offering; 
 (5) promote the offer
of CPO’s relying on information different from the information contained in the Mexican Prospectus, or distribute the Mexican Prospectus in the United States or in any country other than Mexico; 

(6) do any action which could, generally, induce third parties to purchase CPO’s, except for
those actions which are required to be done as a result of the Mexican Offering; 
 (7) include
publicity or advertisements referring to the Company, in mass media materials circulated in the United States of America or in any country other than Mexico; 

(8) circulate printed materials referring to the Company, to investors having their domiciles located in
the United States of America or in any country other than Mexico; 
 (9) give seminars in the
United States or in any other country, except for Mexico, where the issuing and sale of the Offered CPO’s is discussed or addressed; 

(10) except for Mexico, make any king of publicity in the United States or in any other country, referring
to the offer of the Offered CPO’s; and 
 (11) in general terms, undertake or do any other
activity relating to the offer of the Offered CPO’s directed to the United States or any other country, except for Mexico, purporting to influence the market of CPO’s. 

 Certified Translation. 

June 5, 2010. 
  Page
 15
.. 
  

 (c) The negative covenants referred to in the paragraphs (1) and
(3) of the section (b) above, shall be effective from the date of execution hereof and until otherwise agreed to by the Lead Mexican Underwriters and the International Underwriters, or otherwise, whenever the Global Coordinator should
notify the Lead Mexican Underwriters, or otherwise, when the Lead Mexican Underwriters have gained knowledge, by any means, that the distribution of the Company’s Securities in the international markets has ceased, whichever is first.

 (d) Each of the Lead Mexican Underwriters agrees to offer the Offered CPO’s [for purchase] among the
investing public, consistent with the terms and conditions set forth in the Mexican Prospectus. 
 (e) Each of
the Lead Mexican Underwriters warrants and represents that, since the date of its appointment as potential underwriter for the Offered CPO’s, it has not undertaken any of the actions referred to in the paragraphs (4) to (11), of this
section (b). The negative covenants referred to in the paragraphs (4) to (11), of this section (b), shall be effective from this date and until such date as agreed to by the Lead Mexican Underwriters and the International Underwriters, or
otherwise, whenever the Global Coordinator should notify the Lead Mexican Underwriters that the distribution of the Securities of Cemex in the international market has ceased, or otherwise, whenever the Lead Mexican Underwriters have gained
knowledge, by any means, that the distribution of the Securities of Cemex in the international market has ceased, provided, however, that with regards to any kind of analysis relating to Cemex, including, without limitation, any
reports to be circulated among their clientele, as prepared by the relevant areas of any of the Lead Mexican Underwriters, the negative covenants referred to in the paragraphs (4) to (11), of this section (b), shall become effective on
October 3, 2009. 
 (f) Each of the Lead Mexican Underwriters covenants to include the same limitations as
those agreed to in this Clause, in any and all contracts they should enter into with the members of the Mexican Syndicate, and the obligation of such members to include such limitations in any and all contracts they should enter into with other
authorized underwriters participating in the Mexican Offering. 
 Tenth Clause. Expenses.
(a) The Company hereby agrees to pay or reimburse the Lead Mexican Underwriters, each and all of the reasonable and documented fees and expenses incurred or paid in connection with the execution hereof, performance consistent with the terms
hereunder or to the underwriting of the Offered CPO’s, including, without limitation, payments made to the CNBV, the BMV or to Indeval, expenses relating to printout of the Mexican Prospectus, press expenses relating to the Mexican Offering,
expenses associated to meetings and presentations to individuals or possible investors, legal fees of the counsel for the Lead Mexican Underwriters, travel expenses and other associated expenses, and any applicable taxes. 

(b) All fees and expenses and any applicable taxes referred to in the paragraph (a) above, shall be paid by Cemex to
the relevant Lead Mexican Underwriters, or to their duly appointed designees, within three (3) days following the date in which the relevant Lead Mexican Underwriters has submitted a detailed statement in writing of the same. 

 Certified Translation. 

June 5, 2010. 
  Page
 16
.. 
  

 Eleventh Clause. Conditions Precedent and Conditions
Subsequent. 
 (a) The parties hereby agree that the effectiveness of this Agreement is subject to, and
conditioned upon, the occurrence of the following conditions precedent: 
  

	 	(1)	 that prior to 8:00 a.m., of the Firm CPO’s Payment Date, the Lead Mexican Underwriters shall have received a written opinion from the legal
counsel of the Company, and from the legal counsel of each of the Selling Shareholders, Mr. Ramiro Villarreal Morales, in connection with the Mexican Offering, amongst other things, in form and substance satisfactory to the Lead Mexican
Underwriters; 

  

	 	(2)	 that prior to 8:00 a.m., of the Firm CPO’s Payment Date, the Lead Mexican Underwriters shall have received a statement letter from the external
auditors of the Company, setting forth the due incorporation and consistency of the financial information contained in the Mexican Prospectus (known as comfort letter) with the relevant financial statements of the Company; and

  

	 	(3)	 that the Authorizations shall have been obtained and the same be in full force and effect. 

(b) The parties hereby agree that upon the occurrence of any of the following conditions subsequent on or prior to the
Firm CPO’s Payment Date or of the Optional CPO’s Payment Date, as applicable, the obligations of the Lead Mexican Underwriters hereunder shall be resolved, with no liability whatsoever for any of the Lead Mexican Underwriters, as if such
obligations had never existed: 
  

	 	(1)	 (A) [any of] the Company or any of its Subsidiaries, from the date of their last audited financial statements as included or incorporated by
reference in the Mexican Prospectus, should sustain a material loss or interference in connection with their business ensuing from any event, whether or not insured, or from any labor conflict or legal or governmental action, except to this
extent such event has been disclosed in the Mexican Prospectus, or (B) as of the date of the Mexican Prospectus, any change has occurred in the capital stock or long term debt of the Company or any of its Subsidiaries, or any change or
circumstance which affects the ordinary course of the business, the administration, the financial position, the capital stock or the operational results of the Company or its Subsidiaries, except to this extent such events have been disclosed
in the Mexican Prospectus, which effect, in any of the events described in the above paragraphs (A) or (B), at the reasonable discretion of any of the Lead Mexican Underwriters, should be adverse and material in nature, and prevents or

 Certified Translation. 

June 5, 2010. 
  Page
 17
.. 
  

	 	
otherwise makes unadvisable to move forward with the Mexican Offering in the terms and conditions provided for in the Mexican Prospectus or in this Agreement; 

 

	 	(2)	 (A) a reduction in the rating issued by a rating agency, to the debt instruments issued by the Company, or (B) a notice released by any of the
abovementioned rating agencies, advising that it is reviewing or revising the rating of the debt instruments issued by the Company; 

  

	 	(3)	 the occurrence of any of the following events: (A) the suspension or otherwise substantial limitation to the trading of the securities,
generally, with the New York Stock Exchange, with any of the lead European stock exchange markets or with the BMV; (B) the suspension or otherwise substantial limitation to the trading of the securities issued by the Company with the New York
Stock Exchange or with the BMV; (C) a general suspension should be declared by the competent authorities, in the banking activities in New York or in Mexico, or there shall be a significant disturbance in the commercial banking services or with
regards to payment of securities in the United States of America, the European continent or in Mexico; (D) commencement or otherwise increase of hostilities involving the United States of America or Mexico, or a declaration of war or national
emergency, made by Mexico or the United States of America, or (E) the occurrence of a crisis or change in the political, financial or economic condition, or in the applicable exchange rate, or in the ordinances governing the exchange rates, in
the United States of America, the European continent, Mexico or any other jurisdiction, if the events referred to in the paragraphs (D) or (E) above, at the reasonable discretion of any of the Lead Mexican Underwriters, should prevents or
otherwise makes unadvisable to move forward with the Mexican Offering; 

  

	 	(4)	 the registration statement of the Offered CPO’s to be sold by Cemex with the RNV should be canceled by the CNBV or otherwise the listing of the
CPO’s with the BMV should be canceled; 

  

	 	(5)	 any of the Lead Mexican Underwriters is unable to underwrite the Offered CPO’s as a matter of law or otherwise due to an order of a competent
[governmental] authority; 

  

	 	(6)	 the Lead Mexican Underwriters shall have terminated the International Underwriting Agreement; 

 

	 	(7)	 Cemex or the Selling Shareholders shall have failed to underwrite the certificates representing the Offered CPO’s with the Lead Mexican
Underwriters, in the time and form herein agreed to; 

  

	 	(8)	 the bankruptcy, insolvency or any other similar event affecting the Company or any of its material Subsidiaries. 

 Certified Translation. 

June 5, 2010. 
  Page
 18
.. 
  

 (c) The parties hereby agree that, without forfeiting the right to the
same subsequently, the Lead Mexican Underwriters may waive any of the above conditions; and the waiver of any condition by the Lead Mexican Underwriters shall not be construed as a waiver of any other condition. 

Twelfth Clause. Indemnity. (a) Cemex and each of the Selling Shareholders, jointly, agree to indemnify
and hold each of the Lead Mexican Underwriters and their relevant immediate or ultimate, direct or indirect, holding companies (in other words, Grupo Financiero Banamex, J.P. Morgan Grupo Financiero, Grupo Financiero BBVA Bancomer, Grupo Financiero
Santander and Grupo Financiero HSBC), and their relevant affiliates and subsidiaries, and their relevant shareholders, directors, employees, agents or advisors, and those of their relevant holding companies, direct or indirect subsidiaries and
affiliates (the “Indemnified Parties”), free and harmless, from and against, any and all claims, proceedings, actions or complaints of any nature whatsoever filed, commenced or pursued against the Indemnified Parties, by
virtue of any action or omission while performing with the terms of this Agreement, deriving from any action or omission in connection with the Global Offering, deriving from any inaccurate or misleading information contained in the Mexican
Prospectus or deriving from the execution or performance hereunder. Therefore, the Company and the Selling Shareholders, jointly, covenant to pay or otherwise reimburse each of the Indemnified Parties, all damages, expenses, costs, court costs or
other liabilities of any nature whatsoever, sustained or incurred by any of the Indemnified Parties, resulting from any actual or threatened claim, proceeding, action or demand, of any nature whatsoever, except and to the extent such damages,
expenses, costs, court costs or other liabilities, are the result of the negligent or willful actions or omissions of the relevant Indemnified Party, as declared by firm judgment rendered by a court with competent jurisdiction. 

(b) Each of the Lead Mexican Underwriters hereby covenants, individually, to indemnify and hold each and all of the
Sellers, and their relevant shareholders, directors, employees, agents or advisors (the “Cemex Indemnified Parties”), free and harmless, from and against, any and all claims, proceedings, actions or complaints of any nature
whatsoever filed, commenced or pursued against them, resulting from any information the relevant Lead Mexican Underwriter should have submitted to the Sellers in writing, in connection with its condition or its activities, for incorporation in the
Mexican Prospectus, provided, however, for the avoidance of doubt, that each of the Lead Mexican Underwriters shall only be liable for the information that such Lead Mexican Underwriter should have made available and in no event any Lead Mexican
Underwriter shall be liable for the actions of, or for the information supplied by, the remainder Lead Mexican Underwriters. Therefore, the relevant Lead Mexican Underwriter, individually, hereby agrees to pay or reimburse to each of the Cemex
Indemnified Parties, all damages, expenses, costs, court costs or other liabilities of any nature whatsoever, sustained or incurred by any of the Cemex Indemnified Parties, resulting from any actual or threatened claim, proceeding, action or demand,
of any nature whatsoever, except and to the extent such damages, expenses, costs, court costs or other liabilities, are the result of the negligent or willful actions or omissions of the relevant Cemex Indemnified Party, as declared by firm
judgment rendered by a court with competent jurisdiction. 

 Certified Translation. 

June 5, 2010. 
  Page
 19
.. 
  

 Thirteenth Clause. Effective Agreement. (a) This
Agreement shall be when all of the conditions precedent herein contained have occurred or otherwise been fully satisfied, and shall remain in full force until occurrence of the first of the following events (i) performance and compliance of
each and all of the obligations contained herein by the parties hereto, or (ii) termination of this Agreement due to the occurrence of any condition subsequent hereunder. Notwithstanding anything herein to the contrary and notwithstanding the
termination of this Agreement, the obligations of the parties as set forth in the Tenth, Twelfth, Fourteenth and Fifteenth Clauses, and any other provision related thereto, shall remain in full force and effect. 

(b) The obligations of each of the Lead Mexican Underwriters herein contained are several and not joint with the other
Lead Mexican Underwriters, therefore, breach hereunder by any one of them [individually] shall not be construed and shall not result in the breach by the remainder Lead Mexican Underwriters. 

Fourteenth Clause. Notices. Any notice of any kind whatsoever required from the parties hereunder, shall be
given personally or by facsimile transmission. Notices by or to the parties shall be made in writing, in a conclusive manner, and to the following domiciles or numbers: 

If to Cemex: 

Av. Ricardo Margain Zozaya No. 325, 

Col. Valle del Campestre, 

66265, San Pedro Garza Garcia, 

Nuevo Leon. 

Telephone: (81) 8888-4480 

Fax: (81) 8888-4432 

Attention to: Humberto Moreira Rodriguez 

If to the Selling Shareholders: 

Av. Ricardo Margain Zozaya No. 325, 

Col. Valle del Campestre, 

66265, San Pedro Garza Garcia, 

Nuevo Leon. 

Telephone: (81) 8888-4480 

Fax: (81) 8888-4432 

Attention to: Humberto Moreira Rodriguez 

If to Accival: 

Paseo de la Reforma No. 398, 

Col. Juarez, 

06600, México, Distrito Federal. 

Telephone: 1226-0667 

Fax: 5326-4857 

Attention to: Ignacio Gómez Daza Alarcón 

 Certified Translation. 

June 5, 2010. 
  Page
 20
.. 
  

 If to JPMorgan: 

Paseo de las Palmas No. 405, 

Piso 16, Col. Lomas de Chapultepec, 

11000, Mexico, Distrito Federal. 

Telephone: 5540-9333 

Fax: 5540-9306 

Attention to: Legal Department 

If to BBVA Bancomer: 

Montes Urales No. 620, 

Segundo piso, 

Col. Lomas de Chapultepec, 

11000, Mexico, Distrito Federal. 

Telephone: (55) 5201-2056/2358 

Fax: (55) 5201-2054/2317 

Attention to: Ruy Halffter Marcet and Giampiero Bellucci Sanchez 

If to Santander: 

Prol. Paseo de la Reforma No. 500, 

Módulo 109, 

Col. Lomas de Santa Fe, Álvaro Obregón 

01219, México, Distrito Federal. 

Telephone: 5257-8000 

Fax: 5261-5169 

Attention to: Jorge H. Pigeon Solórzano 

If to HSBC: 

Paseo de la Reforma No. 347, 

Col. Cuauhtemoc, 

06500, Mexico, Distrito Federal 

Telephone: 5721-2027 Fax: 5721-6150 

Attention to: Direction of Operations. 

Fifteenth Clause. Jurisdiction and Governing Law. 

(a) The foregoing Agreement shall be governed and construed in accordance with the applicable laws of Mexico. 

 Certified Translation. 

June 5, 2010. 
  Page
 21
.. 
  

 (b) Each of the parties hereto irrevocably (i) submits to the
jurisdiction and venue of the competent courts sitting in Mexico City, Federal District, and (ii) hereby waives the benefit of any other forum available to them by virtue of their present or future domiciles. 

Sixteenth Clause. Prior Agreements. This Agreement constitutes the entire understanding between the Parties
in connection with the matters contemplated herein and supersedes any other agreement or understanding of any nature whatsoever, entered in connection with the matters contemplated herein. 

Seventeenth Clause. Counterparts. This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original, and all counterparts taken together shall constitute one and the same contract. 

Eighteenth Clause. Exhibits. The parties hereto agree that the Exhibits hereof shall be deemed an integral
part of this Agreement, and incorporated hereto by this reference. 
 IN WITNESSETH WHEREOF, the parties
have caused this Underwriting Agreement to be executed on September 22, 2009, in ten (10) counterparts, in Mexico City, Federal District. 

[REMAINDER OF PAGE DELIBERATELY IN BLANK] 

 Certified Translation. 

June 5, 2010. 
  Page
 22
.. 
  

			
	CEMEX, S.A.B. DE C.V.
		
	By:	 	 /s/ Jaime Armando Chapa Gonzalez

	Name:	 	Jaime Armando Chapa Gonzalez
	Position:	 	Agent

 Certified Translation. 

June 5, 2010. 
  Page
 23
.. 
  

									
	CENTRO DISTRIBUIDOR DE CEMENTO, S.A. DE C.V.
					
	By:	 	 /s/ Jaime Armando Chapa Gonzalez
	 		 	By:	 	 /s/ Rene Delgadillo Galvan

	Name:	 	Jaime Armando Chapa Gonzalez	 		 	Name:	 	Rene Delgadillo Galvan
	Position:	 	Agent	 		 	Position:	 	Agent

 Certified Translation. 

June 5, 2010. 
  Page
 24
.. 
  

									
	EMPRESAS TOLTECA DE MEXICO, S.A. DE C.V.
					
	By:	 	 /s/ Jaime Armando Chapa Gonzalez
	  		 	By:	 	 /s/ Rene Delgadillo Galvan

	Name:	 	Jaime Armando Chapa Gonzalez	  		 	Name:	 	Rene Delgadillo Galvan
	Position:	 	Agent	  		 	Position:	 	Agent

 Certified Translation. 

June 5, 2010. 
  Page
 25
.. 
  

			
	PETROCEMEX, S.A. DE C.V.
		
		 	 /s/ Hector Medina Aguiar

	 By:
	 	 Mr. Hector Medina Aguiar

	 Position:
	 	 Agent

 Certified Translation. 

June 5, 2010. 
  Page
 26
.. 
  

  

			
	 ACCIONES Y VALORES BANAMEX, S.A. DE C.V.,

CASA DE BOLSA, INTEGRANTE DEL GRUPO FINANCIERO

BANAMEX

		
	By:	 	 /s/ Ignacio Gomez-Daza Alarcon

		 	Ignacio Gomez-Daza Alarcon
	Position:	 	Agent

 Certified Translation. 

June 5, 2010. 
  Page
 27
.. 
  

			
	 J.P. MORGAN CASA DE BOLSA, S.A. DE C.V.,

J.P. MORGAN GRUPO FINANCIERO

		
	By:	 	 /s/ Jose Oriol Bosch Par

	Name:	 	Jose Oriol Bosch Par
	Position:	 	Agent

 Certified Translation. 

June 5, 2010. 
  Page
 28
.. 
  

 CASA DE BOLSA BBVA BANCOMER, S.A. DE C.V., 

GRUPO FINANCIERO BBVA BANCOMER 
  

									
	By:	 	 /s/ Ruy Halffter Marcet
	 		 	By:	 	 /s/ Luis Pablo Gerardo Bustamante Desdier

	Name:	 	Ruy Halffter Marcet	 		 	Name:	 	Luis Pablo Gerardo Bustamante Desdier
	Position:	 	Agent	 		 	Position:	 	Agent

 Certified Translation. 

June 5, 2010. 
  Page
 29
.. 
  

 CASA DE BOLSA SANTANDER, S.A. DE C.V., 

GRUPO FINANCIERO SANTANDER 
  

									
	By:	 	 /s/ Jose Antonio Gomez Aguado
	 		 	By:	 	 /s/ Jorge Humerto Pigeon Solorzano

	Name:	 	Jose Antonio Gomez Aguado	 		 	Name:	 	Jorge Humerto Pigeon Solorzano
	Position:	 	Agent	 		 	Position:	 	Agent

 Certified Translation. 

June 5, 2010. 
  Page
 30
.. 
  

			
	 CASA DE BOLSA HSBC, S.A. DE C.V.,

GRUPO FINANCIERO HSBC

		
	By:	 	 /s/ Fernando Perez Saldivar

	Name:	 	Fernando Perez Saldivar
	Position:	 	Agent

 Certified Translation. 

June 5, 2010. 
  Page
 31
.. 
  

 Exhibit A 

 

			
	 Selling Shareholder
	  	 CPO’s

	 1.- Centro Distribuidor de Cemento, S.A. de C.V.
	  	208’021,083
	 2.- Empresas Tolteca de México, S.A. de C.V.
	  	136’835,310
	 3.- Petrocemex, S.A. de C.V.
	  	250’143,607

 Certified Translation. 

June 5, 2010. 
  Page
 32
.. 
  

 Exhibit B 

 

							
	  	  	 Lead Mexican Underwriter
	  	Firm CPO’s	  	Optional CPO’s
	 1.
	  	Acciones y Valores Banamex, S.A. de C.V., Casa de Bolsa, integrante del Grupo Financiero Banamex	  		  	
		  	On its behalf	  	61’250,000	  	--
		  	On behalf of third parties	  	43’286,239	  	--
	 2.
	  	J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P. Morgan Grupo Financiero	  		  	
		  	On its behalf	  	--	  	Up to

48’750,000

		  	On behalf of third parties	  	--	  	--
	 3.
	  	Casa de Bolsa BBVA Bancomer, S.A. de C.V., Grupo Financiero BBVA Bancomer	  		  	
		  	On its behalf	  	61’250,000	  	--
		  	On behalf of third parties	  	43’286,239	  	--
	 4.
	  	Casa de Bolsa Santander, S.A. de C.V., Grupo Financiero Santander	  		  	
		  	On its behalf	  	57’500,000	  	--
		  	On behalf of third parties	  	43’286,239	  	--
	 5.
	  	HSBC Casa de Bolsa, S.A. de C.V., Grupo Financiero HSBC	  		  	
		  	On its behalf	  	15’141,283	  	--
		  	On behalf of third parties	  	--	  	--

 Certified Translation. 

June 5, 2010. 
  Page
 33
..Share Pledge Agreement dated September 29, 2009

 Exhibit 4.44 

 

 

 NEW SUNWARD HOLDING B.V. 

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

SUNWARD ACQUISITIONS N.V. 

as Pledgors 
 and

 WILMINGTON TRUST (LONDON) LIMITED 

as Security Agent 

and 
 the Secured
Parties 
  
  

Share Pledges Agreement 
  

 

 INDEX 

 

					
	CLAUSE	  	 	  	PAGE
			
	1.	  	INTERPRETATION AND DEFINITIONS	  	6
			
	2.	  	CREATION OF PLEDGES	  	7
			
	3.	  	SECURED OBLIGATIONS. INDIVISIBLE NATURE	  	8
			
	4.	  	DELIVERY OF THE POSSESSION	  	8
			
	5.	  	EXTENSION OF PLEDGES	  	8
			
	6.	  	NON DISPOSAL OF THE SHARES	  	10
			
	7.	  	EXERCISE OF THE RIGHTS ATTACHED TO THE SHARES	  	10
			
	8.	  	REPRESENTATIONS OF THE PLEDGORs	  	10
			
	9.	  	TERMINATION OF THE PLEDGES	  	11
			
	10.	  	MATURITY AND ENFORCEMENT	  	11
			
	11.	  	TAXES AND EXPENSES	  	14
			
	12.	  	NOTICES	  	14
			
	13.	  	FURTHER ASSURANCES	  	15
			
	14.	  	ASSIGNMENT OF THE PLEDGE	  	15
			
	15.	  	SECURITY AGENT	  	16
			
	16.	  	ACCESSION AND RATIFICATION	  	16
			
	17.	  	LAW AND JURISDICTION	  	17
			
	18.	  	LANGUAGE	  	17

  

 - 2 - 

 In Madrid, on 29 September 2009. 

With my intervention, Mr. Rafael Monjó Carrió, Notary Public of the Madrid Notaries Association, with domicile in this city.

 APPEAR 
 On
the one hand, 
 NEW SUNWARD HOLDING B.V., a company duly incorporated under the laws of The
Netherlands, with registered offices at Amsteldijk 166, 1079LH Amsterdam, The Netherlands, registered with the Chamber of Commerce and Industries for Amsterdam (Kamer van Koophandel en Fabrieken voor Amsterdam) under the number 34133556 and
with tax identification number N-0032922-G (hereinafter, “Holding”). 
 Represented by
Mr. Héctor José Vela Dib, of Mexican nationality, of legal age, bearer of Passport number G00987134 currently in force, with professional address at Madrid, C/ Hernández de Tejada, número 1, acting as attorney by
virtue of the faculties conferred in the power of attorney granted before the Notary of Amsterdam, Mr. J.F.A. Aerts, on 7 August 2009, which is duly apostilled according to 1961 Hague Convention. 

CEMEX, S.A.B. DE C.V., an entity duly incorporated under the laws of Mexico with registered offices at Ciudad de
Monterrey, N.L. (México), Avenida Constitución, 444, Poniente, Zona Centro, registered with the Federal Registry under the number CEM-880726-UZA and with tax identification number N-4121454-E (hereinafter, “Parent”).

 Represented by Mr. Juan Pelegrí y Girón, of Spanish nationality, of legal age, with
professional address at Madrid, calle Hernández de Tejada número 1, and bearer of Spanish Identity Card number 01489996-X currently in force and by Mr. Héctor José Vela Dib, of Mexican nationality, of legal age,
bearer of Passport number G00987134 currently in force, with professional address at Madrid, C/ Hernández de Tejada, número 1, both acting as attorneys by virtue of the faculties conferred in the power of attorney granted before the
Notary of Monterrey, Mr. Juan Manuel García García, on 29 July 2009, with number 47206 of his oficial protocol and duly apostilled according to 1961 Hague Convention. 

SUNWARD ACQUISITIONS N.V., a company duly incorporated under the laws of The Netherlands, having its registered
office at Amsteldijk 166, 1079 LH Amsterdam, The Netherlands and registered with registered with the Chamber of Commerce and Industries for Amsterdam (Kamer van Koophandel en Fabrieken voor Amsterdam) under the number 33235711 and with tax
identification number N-0035445-F (hereinafter, “Acquisitions”). 
 Represented by
Mr. Héctor José Vela Dib, of Mexican nationality, of legal age, bearer of Passport number G00987134 currently in force, with professional address at Madrid, C/ Hernández de Tejada, número 1, acting as attorney by
virtue of the faculties conferred in the power of attorney granted before the Notary of Amsterdam, Mr. Kjell Stelling, on 28 July 2009, which is duly apostilled according to 1961 Hague Convention. 

 

 - 3 - 

 Hereinafter, Holding, Parent and Acquisitions shall be jointly referred to
as the “Pledgors”, and each of them, individually, a “Pledgor”. 
 And on the other hand, 

The entities referred to in Annex 1.A hereto. 

The entities referred to in Annex 2 hereto. 

WILMINGTON TRUST (LONDON) LIMITED, an entity duly incorporated under the laws of England and Wales with registered
offices at 6 Broad Street Place, London EC2M 7JH, registered with the Companies Home under the number 05650152 (hereinafter, the “Security Agent”). 

Represented by Mrs. María Luisa Alonso Horcada, of Spanish nationality, of legal age, with professional
address at Madrid, Paseo de la Castellana 110, and bearer of Spanish Identity Card number 51702956-Z currently in force, acting as attorney by virtue of the faculties conferred in the power of attorney granted before the Notary of London,
Ms. Alisa Grafton, on 1 September 2009, which is duly apostilled according to 1961 Hague Convention. 

The Security Agent acts in this Agreement in its own name and on its own behalf and, in addition: 

 

	 	-	 for the benefit of the entities referred to in Annex 1.B hereto (said entities, together with the entities referred to in Annex 1.A, the
“Participant Creditors”) and of the remaining Secured Parties (as defined below) by virtue of the Intercreditor Agreement (as this term is defined below), and 

 

	 	-	 in the name and on behalf of the entities referred to in Annex 2 (the “Noteholders Trustees”) by virtue of the relevant powers of
attorney. 

 The entities listed above shall be jointly referred to as the
“Parties”. 
 WHEREAS 

I. That the Company (as this term is defined below) and the Pledgors are part of the CEMEX Group (hereinafter, the
“Group”), the parent company of which is Parent. 
 II. That the Parent, in connection
with a debt refinancing in respect of the Group, has entered into an English law governed financing agreement executed on 14 August 2009, raised to the status of Spanish public document on the date hereof before the Notary of Madrid,
Mr. Rafael Monjo Carrió (hereinafter, the “Financing Agreement”), with the Participating Creditors amongst which Wilmington Trust (London) Limited acts as Security Agent, and to which a number of companies within the
Group including the Pledgors and the Company, in their capacity as Original Borrower, Original Guarantors and Original Security Provider in the case of Parent and Holding and Original Security Provider in the case of Acquisitions (as each of these
terms is defined in the Financing Agreement), are also parties. 
 Pursuant to Clause 27 (Changes to
Participating Creditors) and Clause 28 (Changes to Obligors) of the Financing Agreement, respectively, it is anticipated that additional Participating Creditors 

 

 - 4 - 

 
and additional Guarantors may accede to the Financing Agreement. 

III. That, pursuant to the Financing Agreement, the Participating Creditors have agreed the terms upon which,
during the Override Period, they are willing to continue to make available the Facilities and amend, vary, override and supplement certain terms of the Existing Finance Documents (as defined in the Financing Agreement). 

The Financing Agreement includes as Schedule 1 Part II a list of the Original Participating Creditors together
with their Exposures. 
 The Financing Agreement includes as Schedule 10, Part 1A and Part 1C a list of the
Existing Notes in relation to the Existing Notes Trustees (as such terms are defined in the Intercreditor Agreement defined below). 

IV. That, certain of the Participating Creditors, certain financial institutions in their capacity as
administrative agents, the Parent and certain companies of the Group defined therein as the Borrowers and Guarantors, have entered into an omnibus amendment and waiver agreement executed on 14 August 2009, which is governed by New York law
(hereinafter, the “Omnibus Agreement”). 
 That, pursuant to the Omnibus Agreement, the
Participating Creditors party thereto have agreed, in relation to the Existing Facility Agreements which are governed by New York law, to amend, vary, override and supplement certain terms of such Existing Facility Agreements in order that they
conform to the terms of the Financing Agreement. 
 V. That, the Participating Creditors, the Security
Agent, Parent and certain companies of the Group defined therein as the Original Debtors, have entered into an intercreditor agreement executed on 14 August 2009 (hereinafter, the “Intercreditor Agreement”). 

Pursuant to Clause 12 of the Intercreditor Agreement (Changes to the Parties), new parties may accede to the same
in accordance with the procedure and formalities set out thereunder. 
 In addition, it is intended that the
Refinancing Creditors, Additional Notes Creditors and Additional Notes Trustee shall have the benefit of the Pledges (as defined below) by acceding to this Agreement pursuant to Clause 16. 

A copy of the Intercreditor Agreement is attached herewith as Annex 3. 

VI. The Pledgors are the legitimate owners of the shares detailed below of CEMEX ESPAÑA, S.A., a
company duly incorporated under the laws of Spain, with registered office in Hernández de Tejada 1, 28027, Madrid (Spain), with Tax Identification Number A-46004214 and registered with the Commercial Registry of Madrid, in volume 9,743 and
9,744, sheet 1 y 166, section 8, page no. M-156542 (hereinafter, “Cemex España” or the “Company”): 
  

	 	-	 Holding owns 893,625,326 shares of 1.17 euro par value each (hereinafter, the “Holding Shares”), which represent 99.2403% of the
share capital of the Company. The Shares are free and clear of any lien or encumbrance whatsoever, as evidenced by the ownership certificate (certificado de legitimación) (hereinafter, the “Holding Shares Ownership
Certificate”) issued on 29 July 2009 by Banco Bilbao Vizcaya Argentaria, S.A. (hereinafter, 

  

 - 5 - 

	 	
the “Custodian”), managing company of the registry where the Shares are recorded (hereinafter, the “Holding Shares Registry”). 

 

	 	-	 Parent owns 2,050,000 shares of 1.17 euro par value each (hereinafter, the “Parent Shares”), which represent 0.2276% of the share
capital of the Company. The Parent Shares are free and clear of any lien or encumbrance whatsoever, as evidenced by the ownership certificate (certificado de legitimación) (hereinafter, the “Parent Shares Ownership
Certificate”) issued on 29 July 2009 by the Custodian, managing company of the registry where the Parent Shares are recorded (hereinafter, the “Parent Shares Registry”). 

 

	 	-	 Acquisitions owns 1,957 shares of 1.17 euro par value each (hereinafter, the “Acquisitions Shares”), which represent 0.0002% of the
share capital of the Company. The Acquisitions Shares are free and clear of any lien or encumbrance whatsoever, as evidenced by the ownership certificate (certificado de legitimación) (hereinafter, the “Acquisitions Shares
Ownership Certificate”) issued on 29 July 2009 by the Custodian, managing company of the registry where the Acquisitions Shares are recorded (hereinafter, the “Acquisitions Shares Registry”).

 Hereinafter, the Holding Shares, the Parent Shares and the Acquisitions Shares shall be
jointly referred to as the “Shares”. 
 Hereinafter, the Holding Shares Ownership Certificate,
the Parent Shares Ownership Certificate and the Acquisitions Shares Ownership Certificate shall be jointly referred to as the “Ownership Certificates”. 

Hereinafter, the Holding Shares Registry, the Parent Shares Registry and the Acquisitions Shares Registry shall be
jointly referred to as the “Registries”. 
 VII. That, for the purposes of securing the
Secured Obligations (as this term is defined in Clause 1.2 below), the Original Guarantors and the Original Security Providers, amongst which the Pledgors are included, have agreed to grant in favour of the Secured Parties (as defined in Clause 1.2
below), certain guarantees and security interests, including, in the case of the Pledgors, the granting of several rights in rem of pledges over the Shares. 

VIII. In light of the above, the Parties have agreed to enter into this Agreement of Pledge over Shares
(hereinafter, the “Agreement”) which shall be governed by the following 
 CLAUSES 

1. INTERPRETATION AND DEFINITIONS 

1.1. Unless a contrary indication appears, capitalised terms included in this Agreement shall have the same meanings given
to them in the Financing Agreement. 
 The Parties hereby agree that this Agreement shall not in
any way prejudice or affect the terms and conditions contained in the Financing Agreement or the Intercreditor Agreement. Further, this Agreement shall be subject to the terms of the Intercreditor Agreement and in the event of any inconsistencies,
the Intercreditor Agreement shall prevail amongst the parties hereto and thereto and as permitted by applicable law. 
  

 - 6 - 

 1.2. In addition, the following terms shall have the meaning ascribed to
them below: 
 “Secured Obligations” means all the Liabilities and all other
present and future obligations at any time due, owing or incurred by any member of the Group and by each Debtor to any Secured Party under each Debt Documents, both actual and contingent and whether incurred solely or jointly and as principal or
surety or in any other capacity (as each of the terms above are defined in the Intercreditor Agreement). 

“Secured Parties” shall have the meaning given to it in the Intercreditor Agreement.

 “Enforcement Event” shall have the meaning given to it in the Intercreditor
Agreement. 
 “Instructing Group” shall have the meaning given to it in the
Intercreditor Agreement. 
 “Release Date” means the date on which the
Transaction Security (as defined in the Intercreditor Agreement) shall be automatically released pursuant to Clause 8.2 of the Intercreditor Agreement. 

“Final Discharge Date” shall have the meaning given to it in the Intercreditor Agreement.

 2. CREATION OF PLEDGES 

2.1 As security for the full and punctual performance of each of the Secured Obligations, the Pledgors hereby create in
favour of the Secured Parties several first ranking concurrent pledges over the Shares, which the Secured Parties hereby accept in its own name and on its own behalf or through the Security Agent (hereinafter, the “Pledges”, and
each of them, individually, a “Pledge”). 
 2.2 In this regard, for clarification purposes, the
obligations arising from each of the Debt Documents (as defined in the Intercreditor Agreement) in favour of the Secured Parties is secured by a different Pledge created hereunder. 

2.3. No obligations shall be included in the definition of Secured Obligations to the extent that, if they were included,
the security interests granted pursuant to this Agreement or any part thereof would be void as a result of violation of the prohibition on financial assistance contained in Article 2:98c and 2:207c Dutch Civil Code or any other applicable financial
assistance rules under any relevant jurisdiction (hereinafter, the “Prohibition”) and all provisions hereof will be interpreted accordingly. For the avoidance of doubt, this Agreement will continue to secure those obligations which,
if included in the definition of Secured Obligations, will not constitute a violation of the Prohibition. 
 2.4
Each of the Pledges is independent in its own right and shall each be governed separately by Clauses 2 to 17 of this Agreement. The references made in this Agreement to the Secured Obligations, the Pledges (including their enforcement and
cancellation) and the Secured Parties shall be deemed to be made separately in regard to each of the Pledges, although it shall only be possible to jointly enforce all Pledges in accordance with the terms provided herein and in the Intercreditor
Agreement. 
  

 - 7 - 

 3. SECURED OBLIGATIONS. INDIVISIBLE NATURE 

3.1 Each of the Pledges created in favour of the Secured Parties secures the full and punctual performance of all the
relevant Secured Obligations. 
 3.2 Each of the Pledges is of an indivisible nature. Consequently, each Pledge
secures the punctual performance of the corresponding Secured Obligations in their entirety. Partial performance of the Secured Obligations will not entail the proportional cancellation of the relevant Pledges. 

3.3 The Secured Parties may enforce the Pledges independently of any other personal guarantee or rights in rem of
pledges created or to be created for the purposes of securing the performance of the Secured Obligations. Consequently, the Pledges may be enforced previously, simultaneously or subsequently to the enforcement of any other guarantee created in
favour of the Secured Parties. 
 4. DELIVERY OF THE POSSESSION 

4.1 In accordance with Article 10 of the Law 24/1988, dated 28 July, on the Securities Market, the recording of the
Pledges in the corresponding accounts of the Registries will be equivalent to the delivery of possession of the Shares. 

4.2 The Custodian, by means of is appearance as a party to this Agreement, acknowledges the execution of this Agreement
and: 
 4.2.1 hereby records the creation of each of the Pledges in the relevant book entries Registries. This
recording shall be equivalent to the delivery of possession of the Shares pursuant to Article 10 of the Law 24/1988, dated 28 July, on the Securities Market and Article 13 of RD 116/1992; 

4.2.2 undertakes to issue new ownership certificates which evidence the creation of the Pledges as well as its
registration with the relevant book entries Registries (hereinafter, the “Pledges Certificates”). 

4.3 The Notary hereby delivers to the Security Agent the original pledges certificates received from the Custodian, and
the Security Agent shall keep the Pledges Certificates until the Pledges are released pursuant to Clause 9 of this Agreement. 

The Security Agent undertakes to safekeep the Pledges Certificates and to return them to the Pledgors immediately upon
the cancellation of the Pledges in accordance with Clause 9 below. 
 5. EXTENSION OF PLEDGES 

5.1 Replacement of assets 

The Pledges created herein shall extend to comprise any shares, securities, assets (tangible or intangible) or funds
which substitute or correspond to the Shares in the event of merger, winding up, capital increase or reduction, conversion or share swap, transformation, de-merger or any other similar corporate transactions affecting the Company or the Shares such
that the value of the Pledges does not decrease. Hereinafter, any reference to the Shares in this Agreement shall extend to comprise any right, securities, assets or funds that may correspond or in future

  

 - 8 - 

 
substitute to the Shares. 
 If as a result of any
transactions referred to in the preceding paragraph, the Pledges extend to cash or credit rights convertible into cash, the relevant amount shall be deposited in accounts opened by the Pledgors with the entity or entities appointed by the
Instructing Group (through the Security Agent) and shall remain pledged in favour of the Secured Parties (in similar terms to those contained herein). Should any of the Pledges over the credit right to the reimbursement of the cash be enforced, the
enforcement will take place by means of the set off of the relevant amount, which shall be directly allocated to the Secured Parties against the Secured Obligations outstanding, on a pro rata basis, provided that prior notice has been served to the
Pledgors. 
 The extension of the Pledges, if applicable, shall be made at the request of the Security Agent on
written instructions of the Instructing Group, by means of the execution of public or private documents as may be necessary or desirable in light of the type of guarantee to be granted pursuant to the nature of the asset that replaces the Shares.
The Pledgors undertake to grant as many documents as may be necessary for the purposes of extending the Pledges within thirty (30) calendar days following receipt of a written request from the Security Agent for such purposes. 

In the event that such documents are not granted within the above referred deadline, the Security Agent shall be entitled
to grant the same in the name and on behalf of the Pledgors exercising the faculties conferred under the irrevocable powers of attorney granted by the Pledgors on the date hereof in favour of the Security Agent (even if this implies
self-contracting). 
 5.2 Increase of share capital 

In the event that a capital share increase is made in accordance with the Financing Agreement, the Pledgors shall inform
the Security Agent in writing at least five (5) Business Days in advance of the date on which a general shareholders meeting, in which that increase of share capital is to be considered or approved, is to be held and shall send the Security
Agent, through registered mail, a copy of the deed of increase of share capital as soon as the Pledgors receive it from the relevant Notary. 

The Pledgors undertake to do all things and execute all documents as may be necessary in order for the Pledges to be
extended to such newly-issued shares of the Company subscribed by the Pledgors, in order to avoid a decrease in the value of the Pledges (as referred to a percentage in the share capital), so that 99.4681% of the share capital of the Company is
pledged at all times. 
 The extension of the Pledges shall be documented by a supplementary pledge document
granted by the Pledgors before a Spanish Notary within thirty (30) calendars days following the date of registration of the capital increase with the Mercantile Registry, and shall be recorded with the corresponding accounts of the Registries.

 In the event that such documents are not granted and/or the extension is not perfected within the above
referred deadline, the Security Agent shall be entitled to grant the same in the name and on behalf of the Pledgors exercising the faculties conferred under the irrevocable powers of attorney granted by the Pledgors on the date hereof in favour of
the Security Agent (even if this implies self-contracting). 
  

 - 9 - 

 6. NON DISPOSAL OF THE SHARES 

In accordance with Article 21 of RD 116/1992, for so long as any of the Pledges over the Shares is in force, the Shares
may not be transferred and, therefore, the Pledgors may not sell, transfer, encumber, levy or dispose of the Shares in any way or create any option right or restriction to the transmission thereof without the express prior written consent of the
Security Agent acting on the instructions of the Instructing Group, unless it is otherwise permitted in accordance with the terms of the Financing Agreement. 

7. EXERCISE OF THE RIGHTS ATTACHED TO THE SHARES 

7.1 The following rights shall remain with the Pledgors: 

7.1.1 the voting rights attached to the Shares; and 

7.1.2 the economic rights attached to the Shares (including, dividends, interests or any other return). 

7.2 Notwithstanding the above, the Pledgors may not exercise, without the prior consent of the Security Agent, the voting
rights attached to the Shares for the purposes of passing resolutions that are (i) contrary to the provisions of the Financing Agreement and/or the Intercreditor Agreement; or (ii) detrimental to the rights conferred upon the Secured
Parties hereunder. 
 7.3 Upon (i) the occurrence of an Enforcement Event and (ii) the service of a
notice to that purpose sent by the Security Agent, following the instructions required pursuant to the Intercreditor Agreement to the Pledgors, the Secured Parties, acting through the Security Agent, shall be entitled to exercise all rights attached
to the Shares. 
 For the above purposes, the Pledgors undertake to promptly perform as many actions as may be
necessary or desirable in order to allow the exercise of the rights attached to the Shares by the Secured Parties in accordance with the preceding paragraph. 

8. REPRESENTATIONS OF THE PLEDGORs 

8.1 The Pledgors represent in favour of the Secured Parties: 

8.1.1 That the Company exists and is validly incorporated under the laws of Spain and is registered with the Mercantile
Registry of Madrid. 
 8.1.2 That the Custodian is the managing company of the Registries where the Shares are
recorded. 
 8.1.3 That they have the capacity to execute this Agreement and all necessary actions to authorise
the execution and performance of this Agreement have been obtained. 
 8.1.4 That the rights in rem of
pledges constitute valid and binding obligations to the Pledgors, in accordance with the terms of this Agreement. 

8.1.5 That the acceptance and performance by the Pledgors of the obligations set out hereunder: (a) does not
contravene any judicial or administrative order or decision; (b) does not contravene their constitutional documents or the Company in any respect; (c) does not 

 

 - 10 - 

 
oppose to any document, agreement or contract binding for the Pledgors or the Company; and (d) does not require any authorisation, consent, licence or permit. 

8.1.6 That each of the Pledgors is the owner of the Shares identified in Recital V of this Agreement and has the full
title to dispose of its Shares. 
 8.1.7 That the Shares: (a) are free from any lien, encumbrance, option
right or statutory or contractual restriction to their transmission; (b) have been validly issued by the Company; and (c) are fully subscribed and paid up. 

8.1.8 Subject to acceptance by the Secured Parties, first ranking pledges over the Shares are created in favour of the
Secured Parties as security for the performance of the Secured Obligations. 
 8.1.9 That the pledged Shares
represent the 99.4681% of the share capital of the Company. 
 9. TERMINATION OF THE PLEDGES 

9.1 The Pledges shall be automatically terminated and cancelled on the earlier of (i) the Final Discharge Date (as
defined in the Intercreditor Agreement) or (ii) the Release Date. 
 9.2 In accordance with Clause 8.2 of
the Intercreditor Agreement, the Security Agent, on behalf of the Secured Parties, shall within ten (10) Business Days following the Release Date release all of the Pledges created under this Agreement and shall do all such acts as may be
necessary or desirable to effect the termination and/or cancellation of the Pledges, including, but not limited to, (i) returning to the Pledgors the Pledges Certificates (or any replacement thereof) and (ii) notifying the Custodian in
order that such cancellation may be recorded in the Registries accordingly. 
 10. MATURITY AND ENFORCEMENT

 10.1 Subject to the terms and conditions of this Agreement and the Intercreditor Agreement, the Pledges
may be enforced upon the occurrence of an Enforcement Event and for so long as it is continuing and there is an amount owing, due and payable, in which case the Security Agent, following instructions from the Instructing Group (as this term is
defined in the Intercreditor Agreement), shall be entitled to enforce the Pledges. 
 10.2 Following an
Enforcement Event, the Security Agent shall not take any enforcement action against the Shares unless expressly instructed to do so in writing by the Instructing Group (as such term is defined in the Intercreditor Agreement) or otherwise in
accordance with the terms of the Intercreditor Agreement, and for the purposes of the enforcement of the Pledges, the Secured Parties may, through the Security Agent, initiate upon their election, any of the legal proceedings available for the
enforcement of the Pledges, including the ordinary or executive judicial proceedings or the non-judicial proceeding set forth in Article 1872 of the Civil Code, and also the procedure set out in Articles 11 and subsequent of Royal Decree-Law 5/2005,
of 11 March 2005 (hereinafter, the “RDL 5/2005”), it being understood that the election of any of the above proceedings does not limit the possibility of electing any of the other proceedings, if the Secured Obligations have
not been fully discharged. 
  

 - 11 - 

 10.3 For the purposes of the enforcement of the Pledges (by any of the
relevant procedures), the Parties agree that any amount due and payable in the event of enforcement of the Pledges shall be the amount indicated in the certificate issued by the Administrative Agent pursuant to Article 572.2 of the Spanish Law of
Civil Procedure, reflecting the balance owed under the Secured Obligations, in accordance with the provisions of Clause 35 of the Financing Agreement. 

10.4 In the event that the Secured Parties, through the Security Agent, decide to follow the special enforcement
proceedings set forth in RDL 5/2005, the following is agreed: 
 10.4.1 In accordance with article 12 of RDL
5/2005, for the commencement of the enforcement proceeding the Security Agent shall send an enforcement request (hereinafter, the “Enforcement Request”) to the Custodian, which shall include the following: 

(i) the relevant details of the Financing Agreement, including name, date, type, information on the
parties and a declaration that an early termination event has occurred or the reason for the termination, acceleration and settlement of the Secured Obligations; 

(ii) the amount of the debt of the Pledgors, as a result of the termination of the Financing Agreement;

 (iii) the name and details of the Custodian; and 

(iv) the order for the sale of the Shares or the order for the transfer (free of payment) of the Shares to
the account of the Security Agent. 
 The Custodian shall check the identity of the creditor and
the authority of the person signing the request, and shall take the necessary measures for the selling or transferring the Shares with the intervention of a notary or through a “sociedad de valores”, “agencia de
valores” or credit entity as per the Third Additional Provision of Law 24/1988, dated 28 July, on the securities market, as amended. 

10.4.2 In the event of enforcement of the Pledges, the value of the Shares shall be their market value (hereinafter, the
“Enforcement Value”). The Enforcement Value of the Shares shall be the value determined by an independent investment bank of internationally recognised standing which shall be appointed by the Security Agent (following the
instructions of the Instructing Group) among the following: Goldman Sachs, Rothschild, UBS, Nomura and Credit Suisse First Boston. The appointed investment bank (hereinafter, the “Investment Bank”) must be independent from the
Pledgors and the Secured Parties at the time of determining the Enforcement Value, and must confirm in writing to the Parties that it is not affected by any conflict of interest or by any other circumstance which may prejudice its independence to
determine the Enforcement Value. The appointed Investment Bank will issue its valuation within one fifteen (15) working days from its acceptance. Any cost arising out from the valuation of the Shares shall be borne by the Pledgors. The Pledgors
unconditionally and irrevocably undertake hereby to promptly provide the Security Agent with all financial, commercial, legal or technical information that is required to assess the Enforcement Value of the Shares. 

The parties expressly agree that the Security Agent may request the Investment Bank to

  

 - 12 - 

 
determine the Enforcement Value of the Shares at any time after an Enforcement Event occurs provided that prior notice to that effect has been served by the Security Agent following instructions
of the Instructing Group to the Pledgors. 
 The Enforcement Value shall be based on the results obtained by the
Investment Bank by using the following methods: (i) break-up value of the Company and of its consolidated group; (ii) value of the Shares pursuant to the discounted cash flows valuation method; (iii) value of the Shares pursuant to
the company multiples and comparable transactions valuation methods; and (iv) any other applicable valuation method generally accepted by the international financial community. 

10.4.3 After the occurrence of an Enforcement Event, and once the Enforcement Value has been determined by the Investment
Bank, the Secured Parties, acting through the Security Agent, may enforce the Pledges by selling the Shares to any third party or by means of directly acquiring them. The minimum selling price shall be the Enforcement Value corresponding to the
transferred Shares. 
 10.4.4 After the occurrence of an Enforcement Event, the Security Agent, even if it gives
rise to self-contracting, and by virtue of the irrevocable powers of attorney granted on the date hereof by the Pledgors to these effects, shall be capable of acting as the attorney of the Pledgors for the purpose of the sale of the Shares in the
condition of seller, as well as for the purposes of granting in its name and behalf any public or private documents which may be necessary for the formalisation of the transfer of the Shares. 

10.5 In the event that the Participating Creditors, acting through the Security Agent, decide to follow the enforcement
proceedings set forth under article 1872 of the Civil Code, the following is agreed: 
 10.5.1 The domiciles for
requests and notifications shall be those indicated in Clause 12 below. 
 10.5.2 The minimum bid price for the
first auction shall be, at the option of the Instructing Group (as this term is defined in the Intercreditor Agreement), the Enforcement Value (determined in accordance with Clause 10.4 above). The minimum bid price for the second auction shall be
the 75% of the Enforcement Value. 
 If no bids were presented in the first two auctions, the Secured Parties
may become owners of the Shares, acknowledging receipt of payment of the amount owed under the relevant Secured Obligations. 

At the request of the Security Agent, third and further auctions may take place with the same formalities and no initial
bid price. 
 10.5.3 The Security Agent, by virtue of the irrevocable powers of attorney granted by the Pledgors
on the date hereof for such purposes, shall be capable of acting as representative of the Pledgors in the auction of the Shares, as transferor, and to execute the notarial deed of transfer of the Shares in favour of the purchaser on behalf of the

  

 - 13 - 

 
Pledgors. 
 10.5.4 The Spanish Notary Public competent
for the enforcement proceedings shall be a Notary resident in Madrid (capital city) appointed by the Security Agent. 

Upon the request of the Security Agent, partial auctions may take place for selling the Shares in different lots.

 The auctions shall be announced ten (10) calendar days in advance. In case of several auctions, the
announcement of each such auctions may be effected simultaneously, however, a minimum ten (10) calendar days period must elapse between each of such auctions. The Pledgors and the Company shall be as well notified with the same advance,
indicating the Notary who shall carry out the auction. 
 10.5.5 Any bidder (except for the Secured Parties)
shall place a deposit with the relevant notary appointed for the enforcement of the Pledges for an amount equal to 10% of the minimum bid price for the first auction, as security for the formalisation of the transfer and payment in case of award; if
this is not formalised the bidder shall lose the deposit in favour of the Secured Parties who shall apply such amounts towards the discharge of the Secured Obligations in the order provided for the in the Intercreditor Agreement. 

10.6 In case of enforcement of the Pledges through the enforcement proceedings set forth under RDL 5/2005 or article 1872
of the Civil Code, the Security Agent will apply the price obtained from the sale of the Shares to the complete repayment of the Secured Obligations and, if any, shall deliver to the Pledgors the excess obtained from the sale of the Shares once all
costs, expenses and taxes related to the sale have been satisfied. 
 10.7 The Secured Parties shall keep any
and all of their rights and legal actions against the Pledgors for any portion of the Secured Obligations that has not been satisfied or collected as a result of the enforcement of the Pledges. 

11. TAXES AND EXPENSES 

All present and future taxes, fees and expenses of any nature whatsoever (including the fees of the Notary attesting and
before whom this Agreement is granted and those connected with the maintenance of the Registries of book entries where the Shares are recorded) arising out of the execution, extension, maintenance, amendments, cancellation and enforcement of the
Pledges in accordance with this Agreement as well as any other fees or expenses of legal advisors and procuradores and the judicial costs in which the Secured Parties may incur as a consequence of the breach by the Pledgors of any of its
obligations hereunder, shall be borne by the Pledgors. 
 12. NOTICES 

12.1 All notices to be delivered between the parties in connection with this Agreement shall be made in writing by means
of a letter signed by a duly empowered attorney and sent with acknowledgement of receipt. When urgent, notices may be delivered by fax or by any other mean that may evidence its reception. In this latter case, the notices shall be confirmed within
the following five (5) calendar days by means of a letter with acknowledgement of receipt. 
  

 - 14 - 

 12.2 The address of each of the parties for the purposes of notices are as
follows: 
 12.2.1 For Holding: 

Address:         C / Hernández de Tejada 1, 28027,
Madrid (Spain) 
 Attention of:  Mr. Juan Pelegrí y Girón

Telf:                +34
91 377 9254 

Fax:                 
+34 91 377 96 48 
 12.2.2 For Parent: 

Address:         C / Hernández de Tejada 1, 28027, Madrid
(Spain) 
 Attention of:  Mr. Juan Pelegrí y Girón 

Telf:                +34
91 377 9254 

Fax:                 
+34 91 377 96 48 
 12.2.3 For Acquisitions: 

Address:         C / Hernández de Tejada 1, 28027,
Madrid (Spain) 
 Attention of:  Mr. Juan Pelegrí y Girón

Telf:                +34
91 377 9254 

Fax:                 
+34 91 377 96 48 
 12.2.4 For the Security Agent and the Secured Parties: 

Address:         6 Broad Street Place, London EC2M 7JH

 Attention of:  Elaine K. Lockhart 

Fax:                 
+44 (0) 20 7614 1122 
 12.2.5 For the Company: 

Address:         C/ Hernández de Tejada 1, 28027,
Madrid (Spain) 
 Attention of:  Mr. Juan Pelegrí y Girón

Telf:                +34
91 377 92 54 

Fax:                 
+ 34 91 377 96 48 
 12.3 Any change of address shall be communicated to the other parties with no less than five
(5) calendar days prior notice in accordance with Clause 12.1 above. 
 13. FURTHER ASSURANCES

 The Pledgors shall, within ten (10) Business Days of receipt of a written request from the Security
Agent, grant all such documents (private or public) as may be necessary to clarify any term of this Agreement or perfect the Pledges. 

14. ASSIGNMENT OF THE PLEDGE 

The Pledgors hereby acknowledge and agree that, pursuant to the Financing Agreement and the Intercreditor Agreement, each
of the Secured Parties may assign or transfer by novation any of its rights and benefits in respect of (in case of a Participating Creditor or Refinancing Creditor) any of its Exposures under the Facilities (as the three preceding terms are defined
in the Financing Agreement), and (in the case of a Noteholder) the Notes held by it (as the two preceding terms are defined in the Intercreditor Agreement). 

The Pledgors hereby expressly acknowledges and agrees that, in accordance with article 1528 of the Spanish Civil Code,
any assignment or transfer carried out by any of the Secured Parties (or any subsequent assignee or transferee thereof) under the provisions of the Financing Agreement 

 

 - 15 - 

 
or Refinancing Documents and the Intercreditor Agreement, or the relevant Noteholder Documents (as defined in the Intercreditor Agreement), shall automatically entail without the need of any
further agreement of the Pledgors to such effect, the proportional assignment of the rights corresponding to the relevant Participating Creditor, Refinancing Creditor or Noteholder (as the case may be) by virtue of the relevant Pledge.
Notwithstanding the above, the Pledgors undertake that, upon the Security Agent’s request, it will grant as many public or private documents as may be necessary or desirable to evidence such transfers. Any costs and/or expenses related to the
execution of such documents shall be borne by the Pledgors. 
 Consequently, references in this Agreement to the
Secured Parties and/or the Security Agent shall be construed as references to the Secured Parties and/or the Security Agent from time to time under the Financing Agreement and/or the Intercreditor Agreement. 

Likewise, the references to the Security Agent shall be deemed to be made to the entity that holds that condition from
time to time. 
 15. SECURITY AGENT 

15.1 The Security Agent shall not, whether by virtue of this Agreement or by exercising any of its rights thereunder, owe
any duty of care or fiduciary duty to the Pledgors or the Company. 
 15.2 The permissive rights of the Security
Agent to take action under this Agreement shall not be construed as an obligation or duty for it to do so. 

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

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

15.6 The provisions of this Clause 15 shall survive any termination of this Agreement. 

16. ACCESSION AND RATIFICATION 

16.1 The Secured Parties on whose benefit the Security Trustee has acted herein may accede to this Agreement and ratify
its content, accepting the Pledges created in their favour, by appearing 
  

 - 16 - 

 
before the intervening notary. 
 16.2 The Parties hereby
instruct the intervening notary to document the accessions and ratifications set out in the previous paragraph by means of the execution of the relevant deeds (pólizas or escrituras) by the relevant Secured Parties. 

16.3 The intervening notary accepts the aforementioned instructions. 

17. LAW AND JURISDICTION 

17.1 This Agreement will be governed by and construed in accordance with Spanish law. 

17.2 Each of the parties to this Agreement irrevocably submits themselves, with express waiver to any other forum, to the
jurisdiction of the Courts and Tribunals of the city of Madrid for the resolution of any claim which may arise out of in connection with this Agreement. 

18. LANGUAGE 

This Agreement is executed in both the Spanish and the English language. In the event of any discrepancy or inconsistency
between the Spanish and the English versions, the Spanish version shall prevail. The English version is intended for information purposes only. 

Las Partes se manifiestan conformes con el contenido de este Contrato tal y como aparece redactado, extendido en
             hojas incluidos sus anexos, que otorgan y firman únicamente en la última página con mi intervención que sello y rubrico todos los folios,
quedando el original en mi archivo. 
 Y yo, el Notario, hechas las advertencias legales oportunas, doy
fe de la identidad de las Partes, de la legitimidad de sus firmas, y de todo lo convenido en este Contrato, que firmo y sello en el lugar y fecha del encabezamiento. 

NEW SUNWARD HOLDING B.V. 

/s/ Héctor José Vela Dib 
  

 
 p.p. D.
Héctor José Vela Dib 
 CEMEX, S.A.B. DE C.V. 

 

					
	 /s/ Héctor José Vela Dib

 
	  		  	 /s/ Juan Pelegrí y Girón

 

  

 - 17 - 

 p.p. D. Héctor José Vela
Dib                                         
        p.p. D. Juan Pelegrí y Girón 
 SUNWARD ACQUISITIONS B.V. 

 /s/ Héctor José Vela Dib 

 
  

p.p. D. Héctor José Vela Dib 

WILMINGTON TRUST (LONDON) LIMITED 

/s/ María Luisa Alonso Horcada 
  

 
 p.p. Da.
María Luisa Alonso Horcada 
 ABN AMRO BANK, N.V. 

ABN AMRO BANK N.V. SUCURSAL EN ESPAÑA 

ATLANTIC SECURITY BANK 

BANCA MONTE DEI PASCHI DI SIENA S.P.A., SUCURSAL EN NUEVA YORK 

BANCA MONTE DEI PASCHI DI SIENA S.P.A., SUCURSAL EN LONDRES 

BANCO NACIONAL DE COMERCIO EXTERIOR, S.N.C. 

BANCO NACIONAL DE MÉXICO, S.A. INTEGRANTE DEL GRUPO FINANCIERO 

BANAMEX 

BANK OF AMERICA N.A. 

BANK OF AMERICA N.A., SUCURSAL EN ESPAÑA 

BARCLAYS BANK PLC 

BAYERISCHE LANDESBANK 

BNP PARIBAS 

BNP PARIBAS SUCURSAL EN SYDNEY 

BNP PARIBAS SUCURSAL EN PANAMA 

BNP PARIBAS SUCURSAL EN ESPAÑA 

BRED BANQUE POPULAIRE 

CAISSE REGIONALE DE CREDIT AGRICOLE MUTUEL DE PARIS ES D’ILE-DE-FRANCE 

CALYON 

CALYON, SUCURSAL EN NUEVA YORK 

CALYON SUCURSAL EN ESPAÑA 

CENTROBANCA – BANCA DI CREDITO FINANZIARIO E MOBILIARE S.P.A. 

CITIBANK (BANAMEX USA) 

CITIBANK N.A. NASSAU, SUCURSAL EN BAHAMAS 

CITIBANK N.A. 
  

 - 18 - 

 COMERICA BANK 

COMMERZBANK AG, SUCURSAL EN LONDRES 

COMMERZBANK AG, SUCURSAL EN NUEVA YORK (anteriormente, DRESDNER BANK AG.) 

CREDIT INDUSTRIELE ET COMMERCIAL, SUCURSAL EN LONDRES 

DEUTSCHE BANK AG, SUCURSAL EN NUEVA YORK 

DEUTSCHE BANK LUXEMBOURG S.A. 

FORTIS BANK S.A./N.V. 

FORTIS BANK S.A./N.V. SUCURSAL EN ISLAS CAYMAN 

FORTIS S.A., SUCURSAL EN ESPAÑA 

HSBC BANK PLC, SUCURSAL EN ESPAÑA 

HSBC MÉXICO S.A. INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO 

HSBC 

HSBC MÉXICO S.A. INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO 

HSBC, ACTUANDO A TRAVÉS DE SU SUCURSAL EN ISLAS CAYMAN 

INTESA SANPAOLO S.P.A. SUCURSAL EN NUEVA YORK 

JP MORGAN CHASE BANK, N.A. 

JP MORGAN CHASE BANK, N.A. SUCURSAL EN ESPAÑA 

LANDESBANK BADEN-WÜRTTEMBERG, SUCURSAL EN LONDRES 

LANDESBANK BADEN-WÜRTTEMBERG, SUCURSAL EN STUTTGART 

LLOYDS TSB BANK PLC 

LLOYDS TSB BANK PLC, SUCURSAL EN ESPAÑA 

MEDIOBANCA-BANCA DI CREDITO FINANZIARIO S.P.A. 

MERRILL LYNCH INTERNATIONAL BANK, LTD 

MIZUHO CORPORATE BANK, LTD 

MIZUHO CORPORATE BANK NEDERLAND, N.V. 

MORGAN STANLEY BANK INTERNATIONAL LIMITED 

SCOTIABANK EUROPE PLC 

SCOTIABANK EUROPE PLC, SUCURSAL EN LONDRES 

STANDARD CHARTERED BANK 

TAKAREKBANK (MAGYAR) 

THE BANK OF NOVA SCOTIA 

THE BANK OF TOKYO-MITSUBISHI UFJ LTD, SUCURSAL EN ESPAÑA 

THE BANK OF TOKYO-MITSUBISHI UFJ 

THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND 

THE ROYAL BANK OF SCOTLAND PLC 

WACHOVIA BANK, NACIONAL ASSOCIATION 

WESTLB AG, SUCURSAL EN ESPAÑA 

WESTPAC EUROPE LIMITED 

WILMINGTON TRUST (SECURITY AGENT) 

PRINCIPAL LIFE INSURANCE COMPANY 

RGA REINSURANCE COMPANY 

SYMETRA LIFE INSURANCE COMPANY 

SCOTISH RE (U.S.). INC. 

GENERAL AMERICAN LIFE INSURANCE 

NEW ENGLAND LIFE INSURANCE 
  

 - 19 - 

 METLIFE INSURANCE COMPANY OF CONNECTICUT 

METROPOLITAN LIFE INSURANCE COMPANY 

METROPOLITAN TOWER LIFE INSURANCE COMPANY 

WESTERN NATIONAL LIFE INSURANCE COMPANY (FORMERLY AIG ANNUITY INSURANCE COMPANY) 

AMERICAN GENERAL LIFE AND ACCIDENT INSURANCE COMPANY 

AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY OF NEW YORK 

MERIT LIFE INSURANCE CO. 

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY 

THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY 

ING LIFE INSURANCE & ANNUITY COMPANY 

ING USA LIFE INSURANCE AND ANNUITY COMPANY 

RELIASTAR LIFE INSURANCE COMPANY 

SECURITY OF DENVER INSURANCE COMPANY 

JOHN HANCOCK VARIABLE LIFE INSURANCE COMPANY 

JOHN HANCOCK LIFE INSURANCE COMPANY 

MANULIFE LIFE INSURANCE COMPANY 

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION 

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION, 

INSTITUTIONALLY OWNED LIFE INSURANCE SEPARATE ACCOUNT 

NEW YORK LIFE INSURANCE COMPANY 

THRIVENT FINANCIAL FOR LUTHERANS 

HARTFORD ACCIDENT AND INDEMNITY COMPANY 

HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY 

HARTFORD LIFE INSURANCE COMPANY 

AMCO INSURANCE COMPANY 

NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY 

NATIONWIDE LIFE INSURANCE COMPANY 

NATIONWIDE MULTIPLE MATURITY SEPARATE ACCOUNT 

NATIONWIDE MUTUAL INSURANCE COMPANY 

THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA 

BERKSHIRE LIFE INSURANCE COMPANY OF AMERICA 

MONUMENTAL LIFE INSURANCE COMPANY 

PACIFIC LIFE INSURANCE COMPANY 

NATIONAL BENEFIT LIFE INSURANCE COMPANY 

PRIMERICA LIFE INSURANCE COMPANY 

SWISS RE LIFE & HEALTH AMERICA INC. 

WESTPORT INSURANCE CORPORATION (FKA EMPLOYERS REINSURANCE CORPORATION) 

ALLSTATE LIFE INSURANCE COMPANY 

ALLIED IRISH BANKS PLC 

BARCLAYS BANK PLC 

GENWORTH LIFE INSURANCE COMPANY 

GENWORTH LIFE INSURANCE COMPANY OF NEW YORK 

ORIOLE CDO 

PHL VARIABLE INSURANCE COMPANY 
  

 - 20 - 

 PHOENIX LIFE INSURANCE COMPANY 

KNIGHTS OF COLUMBUS 

THE OHIO NATIONAL LIFE INSURANCE COMPANY 

AVIVA LIFE AND ANNUITY COMPANY 

BENEFICIAL LIFE INSURANCE COMPANY 

ENSURE INVESTMENT FUND 

NEW ENGLAND LIFE INSURANCE 

/s/ María Luisa Alonso Horcada 
  

 
 p.p. Da.
María Luisa Alonso Horcada 
 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 

 

									
		  	 /s/ Miguel Castillo Gitiérrez

 
	  		  	 /s/ Itziar Sogo Aldamendi

 
	  	
		  	  
   p.p. D. Miguel Castillo
Gitiérrez
	  		  	  

  p.p. Da. Itziar Sogo Aldamendi
	  	

 BANCO BILBAO VIZCAYA ARGENTARIA, S.A., SUCURSAL EN GRAND CAYMAN 

 

									
		  	 /s/ Miguel Castillo Gitiérrez

 
	  		  	 /s/ Itziar Sogo Aldamendi

 
	  	
		  	  
   p.p. D. Miguel Castillo
Gitiérrez
	  		  	  

  p.p. Da. Itziar Sogo Aldamendi
	  	

 BANCO BILBAO VIZCAYA ARGENTARIA, S.A., SUCURSAL EN NUEVA YORK 

 

									
		  	 /s/ Miguel Castillo Gitiérrez

 
	  		  	 /s/ Itziar Sogo Aldamendi

 
	  	
		  	  
   p.p. D. Miguel Castillo
Gitiérrez
	  		  	  

  p.p. Da. Itziar Sogo Aldamendi
	  	

  

 - 21 - 

 BANCO CAIXA GERAL, S.A. 

 

									
		  	 /s/ Piedad María Contreras Moyano

 
	  		  	 /s/ Primitivo Chamorro Tejado

 
	  	
		  	  
   p.p. Da. Piedad María Contreras
Moyano
	  		  	  
   p.p. D. Primitivo Chamorro
Tejado
	  	

 BANCO POPULAR ESPAÑOL, S.A. 

 

									
		  	 /s/ Ana Cáceres Ares

 
	  		  	 /s/ Eduardo Martín Martínez

 
	  	
		  	  
   p.p. Da. Ana Cáceres Ares

	  		  	  
   p.p. D. Eduardo Martín Martínez

	  	

 BANCO DE SABADELL, S.A. 

 

									
		  	 /s/ Gustavo Manuel Gutiérrez León

 
	  		  	 /s/ Fernando Rojas Cubas
  
	  	
		  	  
   p.p. D. Gustavo Manuel Gutiérrez
León
	  		  	  
   p.p. D. Fernando Rojas Cubas
	  	

 BANCO ESPAÑOL DE CRÉDITO, S.A. 

 

									
		  	 /s/ Asier González Linaza

 
	  		  	 /s/ Susana González Menéndez

 
	  	
		  	  
   p.p. D. Asier González
Linaza
	  		  	  
   p.p. Da. Susana González
Menéndez
	  	

 BANCO SANTANDER, S.A. 

 

									
		  	 /s/ César Vertiz Padamonte

 
	  		  	 /s/ Pablo Faustino Lastra Moreno

 
	  	
		  	  
   p.p. D. César Vertiz Padamonte

	  		  	  
   p.p. D. Pablo Faustino Lastra
Moreno
	  	

  

 - 22 - 

 BANCO SANTANDER, S.A., SUCURSAL EN NUEVA YORK 

 

									
		  	 /s/ César Vertiz Padamonte

 
	  		  	 /s/ Pablo Faustino Lastra Moreno

 
	  	
		  	  
   p.p. D. César Vertiz Padamonte

	  		  	  
   p.p. D. Pablo Faustino Lastra
Moreno
	  	

 BANCO SANTANDER (MÉXICO, S.A.), INSTITUCIÓN DE BANCA MÚLTIPLE, 

GRUPO FINANCIERO SANTANDER 
  

									
		  	 /s/ Ángel Barranco Guadarrama

 
	  		  	 /s/ Javier Martín Robles

 
	  	
		  	  
   p.p. D. Ángel Barranco Guadarrama

	  		  	  
   p.p. D. Javier Martín
Robles
	  	

 BAYERISCHE HYPO-UND-VEREINSBANK A.G. 

 

									
		  	 /s/ María Dolores Degner

 
	  		  	 /s/ Ana María Chaves López

 
	  	
		  	  
   p.p. Da. María Dolores Degner

	  		  	  
   p.p. Da. Ana María Chaves
López
	  	

 BBVA BANCOMER S.A., INSTITUCIÓN DE BANCA MÚLTIPLE GRUPO 

FINANCIERO BBVA BANCOMER 
  

									
		  	 /s/ Itziar Sogo Aldamendi

 
	  		  	 /s/ Elena Bugallal Cercadillo

 
	  	
		  	  
   p.p. Da. Itziar Sogo
Aldamendi
	  		  	  
   p.p. Da. Elena Bugallal
Cercadillo
	  	

 CAIXA D’ESTALVIS I PENSIONS DE BARCELONA 

 

									
		  	 /s/ Pablo Fernández Matabuena

 
	  		  	 /s/ Ignacio Bereciartua González

 
	  	
		  	  
   p.p. D. Pablo Fernández Matabuena

	  		  	  
   p.p. D. Ignacio Bereciartua
González
	  	

  

 - 23 - 

 CAJA DE AHORROS DE ASTURIAS 

/s/ Rafael Caruana Careaga 
  

 
 p.p. D. Rafael
Caruana Careaga 
 CAJA DE AHORROS DE GALICIA 

/s/ Arturo Bermúdez Cachaza 
  

 
 p.p. D. Arturo
Bermúdez Cachaza 
 CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID 

 

									
		  	 /s/ Antonio San Segundo Hernández

 
	  		  	 /s/ Jorge Salamero Sanz
  
	  	
		  	  
   p.p. D. Antonio San Segundo
Hernández
	  		  	  
   p.p. D. Jorge Salamero Sanz
	  	

 CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID, AGENCIA EN MIAMI 

 

									
		  	 /s/ Jaime González Lasso de la Vega

 
	  		  	 /s/ D. Jorge Salamero Sanz
  
	  	
		  	  
   p.p. D. Jaime González Lasso de la
Vega
	  		  	  
   p.p. D. Jorge Salamero Sanz
	  	

 CITIBANK INTERNATIONAL PLC, SUCURSAL EN ESPAÑA 

/s/ Pedro López-Quesada Fernández-Urrutia 

 
  

p.p. D. Pedro López-Quesada Fernández-Urrutia 

 

 - 24 - 

 IKB DEUTSCHE INDUSTRIEBANK AG, SUCURSAL EN ESPAÑA 

/s/ Javier Mico Olcina 
  

 
 p.p. D. Javier
Mico Olcina 
 ING BANK, N.V. 
  

									
		  	 /s/ Gustavo Alberto de Rosa

 
	  		  	 /s/ Sergio Casado Gamez
  
	  	
		  	  
   p.p. D. Gustavo Alberto de
Rosa
	  		  	  
   p.p. D. Sergio Casado Gamez
	  	

 ING BANK, N.V., ACTUANDO A TRAVÉS DE SU SUCURSAL EN CURAÇAO 

 

									
		  	 /s/ Gustavo Alberto de Rosa

 
	  		  	 /s/ Sergio Casado Gamez
  
	  	
		  	  
   p.p. D. Gustavo Alberto de
Rosa
	  		  	  
   p.p. D. Sergio Casado Gamez
	  	

 ING BELGIUM S.A., SUCURSAL EN ESPAÑA 

 

									
		  	 /s/ Gustavo Alberto de Rosa

 
	  		  	 /s/ Sergio Casado Gamez
  
	  	
		  	  
   p.p. D. Gustavo Alberto de
Rosa
	  		  	  
   p.p. D. Sergio Casado Gamez
	  	

 INSTITUTO DE CRÉDITO OFICIAL 

/s/ Antonio Bandrés Cajal 
  

 
 p.p. D.
Antonio Bandrés Cajal 
 SANTANDER OVERSEAS BANK INC. 

 

									
		  	 /s/ César Vertiz Padamonte

 
	  		  	 /s/ Pablo Faustino Lastra Moreno

 
	  	
		  	  
   p.p. D. César Vertiz Padamonte

	  		  	  
   p.p. D. Pablo Faustino Lastra
Moreno
	  	

  

 - 25 - 

 SOCIÉTÉ GÉNÉRALE 

 

									
		  	 /s/ Álvaro Corominas Sunico

 
	  		  	 /s/ José Manuel Martín Barranco

 
	  	
		  	  
   p.p. D. Álvaro Corominas Sunico

	  		  	  
   p.p. D. José Manuel Martín
Barranco
	  	

 SOCIÉTÉ GÉNÉRALE, SUCURSAL EN NUEVA YORK 

 

									
		  	 /s/ Álvaro Corominas Sunico

 
	  		  	 /s/ José Manuel Martín Barranco

 
	  	
		  	  
   p.p. D. Álvaro Corominas Sunico

	  		  	  
   p.p. D. José Manuel Martín
Barranco
	  	

 UNICREDIT S.P.A., SUCURSAL EN NUEVA YORK 

 

									
		  	 /s/ Mario Campana
  
	  		  	 /s/ Federico Pozzolo
  
	  	
		  	  
   p.p. D. Mario Campana
	  		  	  
   p.p. D. Federico Pozzolo
	  	

 UNICREDIT S.P.A., SUCURSAL EN ESPAÑA 

 

									
		  	 /s/ Mario Campana
  
	  		  	 /s/ Federico Pozzolo
  
	  	
		  	  
   p.p. D. Mario Campana
	  		  	  
   p.p. D. Federico Pozzolo
	  	

 U.S. BANK TRUST NATIONAL ASSOCIATION 

THE BANK OF NEW YORK MELLON 

THE BANK OF NEW YORK MELLON, INSTITUCIÓN DE BANCA MÚLTIPLE 

SCOTIA INVERLAT CASA DE BOLSA, S.A. DE C.V., GRUPO FINANCIERO 

SCOTIABANK INVERLAT 

/s/ María Luisa Alonso Horcada 

/s/ Rafael Monjó Carrió 
  

 
  

 - 26 - 

 p.p. Wilmington Trust (London) Limited 

Da. María Luisa Alonso Horcada 

Con mi intervención 

D. Rafael Monjó Carrió 
  

 - 27 - 

 ANNEX 1 

PARTICIPATING CREDITORS 

PART A 
 ABN AMRO BANK
N.V. 
 ABN AMRO BANK N.V. SUCURSAL EN ESPAÑA 

ATLANTIC SECURITY BANK 
 BANCA MONTE
DEI PASCHI DI SIENA, S.P.A., SUCURSAL EN NUEVA YORK 
 BANCA MONTE DEI PASCHI DI SIENA, S.P.A., SUCURSAL EN LONDRES 

BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 

BANCO BILBAO VIZCAYA ARGENTARIA, S.A., SUCURSAL EN GRAND CAYMAN 

BANCO BILBAO VIZCAYA ARGENTARIA, S.A., SUCURSAL EN NUEYA YORK 

BANCO CAIXA GERAL, S.A. 
 BANCO
POPULAR ESPAÑOL, S.A. (anteriormente BANCO DE GALICIA, S.A.) 
 BANCO DE SABADELL, S.A. 

BANCO ESPAÑOL DE CRÉDITO, S.A. 

BANCO NACIONAL DE COMERCIO EXTERIOR, S.N.C. 

BANCO NACIONAL DE MÉXICO S.A., INTEGRANTE DEL GRUPO FINANCIERO BANAMEX 

BANCO SANTANDER, S.A. 
 BANCO
SANTANDER, S.A., SUCURSAL EN NUEVA YORK 
 BANCO SANTANDER (MÉXICO), S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO
FINANCIERO SANTANDER 
 BANK OF AMERICA N.A. 

BANK OF AMERICA N.A., SUCURSAL EN ESPAÑA 

BARCLAYS BANK PLC 
 BAYERISCHE HYPO-
UND VEREINSBANK AG 
 BAYERISCHE LANDESBANK 
  

 - 28 - 

 BBVA BANCOMER S.A., INSTITUCIÓN DE BANCA MÚLTIPLE GRUPO FINANCIERO BBVA BANCOMER

 BNP PARIBAS 
 BNP
PARIBAS, SUCURSAL EN SYDNEY 
 BNP PARIBAS, SUCURSAL EN PANAMÁ 

BNP PARIBAS, SUCURSAL EN ESPAÑA 

BRED BANQUE POPULAIRE 
 CAISSE
REGIONALE DE CREDIT AGRICOLE MUTUEL DE PARIS ET D ́ILE-DE-FRANCE 
 CAIXA D’ESTALVIS I PENSIONS DE BARCELONA 

CAJA DE AHORROS DE ASTURIAS 
 CAJA DE
AHORROS DE GALICIA 
 CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID 

CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID, AGENCIA EN MIAMI 

CALYON Société Anonyme 

CALYON, SUCURSAL EN ESPAÑA 

CALYON, SUCURSAL EN NEW YORK 

CENTROBANCA, BANCA DI CREDITO FINAZIARIO E MOBILIARE S.P.A. 

CITIBANK (BANAMEX USA) 
 CITIBANK
INTERNATIONAL PLC, SUCURSAL EN ESPAÑA 
 CITIBANK N.A. NASSAU, SUCURSAL EN BAHAMAS 

CITIBANK N.A. 
 COMERICA BANK 

 COMMERZBANK AG, SUCURSAL EN NUEVA YORK (anteriormente DRESDNER BANK AG, actuando a través de DRESDNER BANK AG,
Sucursal en Nueva York) 
 COMMERZBANK AG, SUCURSAL EN LONDRES 

CREDIT INDUSTRIEL ET COMMERCIAL, SUCURSAL EN LONDRES 

DEUTSCHE BANK AG, SUCURSAL EN NEW YORK 

DEUTSCHE BANK LUXEMBOURG S.A. 
  

 - 29 - 

 FORTIS BANK S.A./N.V. 

FORTIS BANK S.A., SUCURSAL EN ESPAÑA 

FORTIS BANK S.A./N.V., SUCURSAL EN ISLAS CAYMAN 

HSBC BANK PLC, SUCURSAL EN ESPAÑA 

HSBC MEXICO S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO HSBC 

HSBC MEXICO S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO HSBC, ACTUANDO A TRAVÉS DE SU SUCURSAL EN ISLAS CAYMAN 

 IKB DEUTSCHE INDUSTRIEBANK AG, SUCURSAL EN ESPAÑA 

ING BANK N.V. 
 ING BANK N.V.,
ACTUANDO A TRAVÉS DE SU SUCURSAL EN CURACAO 
 ING BELGIUM S.A., SUCURSAL EN ESPAÑA 

INSTITUTO DE CRÉDITO OFICIALINTESA SANPAOLO S.P.A., SUCURSAL EN NUEVA YORK 

INTESA SANPAOLO S.P.A., SUCURSAL EN ESPAÑA 

JPMORGAN CHASE BANK, N.A. 
 JPMORGAN
CHASE BANK, N.A., SUCURSAL EN ESPAÑA 
 LANDESBANK BADEN-WÜRTTEMBERG, SUCURSAL EN STUTTGART 

LANDESBANK BADEN-WÜRTTEMBERG, SUCURSAL EN LONDRES 

LLOYDS TSB BANK, PLC 
 LLOYDS TSB
BANK, PLC, SUCURSAL EN ESPAÑA 
 MEDIOBANCA—BANCA DI CREDITO FINANZIARIO S.P.A. 

MERRIL LYNCH INTERNATIONAL BANK LIMITED 

MIZUHO CORPORATE BANK, LTD. 
 MIZUHO
COPORATE BANK NEDERLAND, N.V. 
 MORGAN STANLEY BANK INTERNATIONAL LIMITED 

SANTANDER OVERSEAS BANK INC. 

SCOTIABANK EUROPE PLC 
 SCOTIABANK
EUROPE PLC, SUCURSAL EN LONDRES 
  

 - 30 - 

 SOCIÉTÉ GÉNÉRALE 

SOCIÉTÉ GÉNÉRALE, SUCURSAL EN NUEVA YORK 

STANDARD CHARTERED BANK 
 TAKAREKBANK
(MAGYAR)\ 
 THE BANK OF NOVA SCOTIA 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., SUCURSAL EN ESPAÑA 

THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND 

THE ROYAL BANK OF SCOTLAND PLC 

UNICREDIT S.P.A., SUCURSAL EN NUEYA YORK 

UNICREDIT S.P.A., SUCURSAL EN ESPAÑA 

WACHOVIA BANK, NATIONAL ASSOCIATION 

WESTLB AG, SUCURSAL EN ESPAÑA 

WESTPAC EUROPE LIMITED 
 PRINCIPAL
LIFE INSURANCE COMPANY 
 RGA REINSURANCE COMPANY 

SYMETRA LIFE INSURANCE COMPANY 

SCOTISH RE (U.S.). INC. 
 GENERAL
AMERICAN LIFE INSURANCE 
 NEW ENGLAND LIFE INSURANCE 

METLIFE INSURANCE COMPANY OF CONNECTICUT 

METROPOLITAN LIFE INSURANCE COMPANY 

METROPOLITAN TOWER LIFE INSURANCE COMPANY 

WESTERN NATIONAL LIFE INSURANCE COMPANY (FORMERLY AIG ANNUITY INSURANCE COMPANY) 

AMERICAN GENERAL LIFE AND ACCIDENT INSURANCE COMPANY 

AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY OF NEW YORK 

MERIT LIFE INSURANCE CO. 
  

 - 31 - 

 THE VARIABLE ANNUITY LIFE INSURANCE COMPANY 

THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY 

ING LIFE INSURANCE & ANNUITY COMPANY 

ING USA ANNUITY AND LIFE INSURANCE COMPANY 

RELIASTAR LIFE INSURANCE COMPANY 

SECURITY LIFE OF DENVER INSURANCE COMPANY 

JOHN HANCOCK VARIABLE LIFE INSURANCE COMPANY 

JOHN HANCOCK LIFE INSURANCE COMPANY 

MANULIFE LIC 
 NEW YORK LIFE
INSURANCE AND ANNUITY CORPORATION 
 NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION INSTITUTIONALLY OWNED LIFE INSURANCE SEPARATE
ACCOUNT 
 NEW YORK LIFE INSURANCE COMPANY 

THRIVENT FINANCIAL FOR LUTHERANS 

HARTFORD ACCIDENT AND INDEMNITY COMPANY 

HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY 

HARTFORD LIFE INSURANCE COMPANY 

AMCO INSURANCE COMPANY 
 NATIONWIDE
LIFE AND ANNUITY INSURANCE COMPANY 
 NATIONWIDE LIFE INSURANCE COMPANY 

NATIONWIDE MULTIPLE MATURITY SEPARATE ACCOUNT 

NATIONWIDE MUTUAL INSURANCE COMPANY 

THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA 

BERKSHIRE LIFE INSURANCE COMPANY OF AMERICA 

MONUMENTAL LIFE INSURANCE COMPANY 

PACIFIC LIFE INSURANCE COMPANY 

NATIONAL BENEFIT LIFE INSURANCE COMPANY 

PRIMERICA LIFE INSURANCE COMPANY 
  

 - 32 - 

 SWISS RE LIFE & HEALTH AMERICA INC. 

WESTPORT INSURANCE CORPORATION (FKA EMPLOYERS REINSURANCE CORPORATION) 

ALLSTATE LIFE INSURANCE COMPANY 

ALLIED IRISH BANKS PLC 
 BARCLAYS
BANK PLC 
 GENWORTH LIFE INSURANCE COMPANY 

GENWORTH LIFE INSURANCE COMPANY OF NEW YORK 

ORIOLE CDO 
 PHL VARIABLE INSURANCE
COMPANY 
 PHOENIX LIFE INSURANCE COMPANY 

KNIGHTS OF COLUMBUS 
 THE OHIO
NATIONAL LIFE INSURANCE COMPANY 
 AVIVA LIFE AND ANNUITY COMPANY 

BENEFICIAL LIFE INSURANCE COMPANY 

ENSURE INVESTMENT FUND 
  

 - 33 - 

 PART B 

MORGAN STANLEY BANK, N.A. 
 COMERICA
BANK & TRUST, NATIONAL ASSOCIATION 
  

 - 34 - 

 ANNEX 2 

NOTEHOLDERS TRUSTEES 

U.S. BANK TRUST NATIONAL ASSOCIATION 

U.S. BANK TRUST NATIONAL ASSOCIATION 

THE BANK OF NEW YORK MELLON 
 THE
BANK OF NEW YORK MELLON 
 THE BANK OF NEW YORK MELLON 

THE BANK OF NEW YORK MELLON 
 THE
BANK OF NEW YORK MELLON, INSTITUCIÓN DE BANCA MÚLTIPLE 
 THE BANK OF NEW YORK MELLON, INSTITUCIÓN DE BANCA
MÚLTIPLE 
 THE BANK OF NEW YORK MELLON, INSTITUCIÓN DE BANCA MÚLTIPLE 

THE BANK OF NEW YORK MELLON, INSTITUCIÓN DE BANCA MÚLTIPLE 

THE BANK OF NEW YORK MELLON, INSTITUCIÓN DE BANCA MÚLTIPLE 

THE BANK OF NEW YORK MELLON, INSTITUCIÓN DE BANCA MÚLTIPLE 

THE BANK OF NEW YORK MELLON, INSTITUCIÓN DE BANCA MÚLTIPLE 

THE BANK OF NEW YORK MELLON, INSTITUCIÓN DE BANCA MÚLTIPLE 

SCOTIA INVERLAT CASA DE BOLSA, S.A. DE C.V., CRUPO FINANCIERO SCOTIBANK INVERLAT 

 

 - 35 - 

 ANNEX 3 

COPY OF THE INTERCREDITOR AGREEMENT 
  

 - 36 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]