Document:

Indenture ($715,000,000 4.875% Convertible Subordinated Notes due 2015)

 Exhibit 4.54 

Execution Version 

 
  

 
  

 
 CEMEX, S.A.B. DE
C.V., 
 THE BANK OF NEW YORK MELLON 

AS TRUSTEE 
 AND

 THE BANK OF NEW YORK MELLON, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE 

AS MEXICAN TRUSTEE 

4.875% CONVERTIBLE SUBORDINATED NOTES DUE 2015 
  

 
 Indenture

 Dated as of March 30, 2010 

 
  

 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	 Article I DEFINITIONS
	  	1
			
	 Section 1.01.
	  	 Definitions
	  	1
	 Section 1.02.
	  	 Other Definitions
	  	10
	 Section 1.03.
	  	 [Reserved]
	  	11
	 Section 1.04.
	  	 Rules of Construction
	  	11
		
	 Article II THE NOTES
	  	12
			
	 Section 2.01.
	  	 Form and Dating
	  	12
	 Section 2.02.
	  	 Execution and Authentication
	  	13
	 Section 2.03.
	  	 The Trustee Registrar, Paying Agent and Conversion Agent
	  	14
	 Section 2.04.
	  	 Paying Agent to Hold Money in Trust
	  	15
	 Section 2.05.
	  	 Holder Lists
	  	15
	 Section 2.06.
	  	 Legends; Transfer Restrictions
	  	15
	 Section 2.07.
	  	 Transfer and Exchange
	  	16
	 Section 2.08.
	  	 Replacement Notes
	  	20
	 Section 2.09.
	  	 Outstanding Notes
	  	21
	 Section 2.10.
	  	 When Treasury Notes Disregarded
	  	21
	 Section 2.11.
	  	 Temporary Notes; Definitive Securities
	  	21
	 Section 2.12.
	  	 Cancellation
	  	23
	 Section 2.13.
	  	 [Reserved]
	  	23
	 Section 2.14.
	  	 CUSIP Number
	  	23
		
	 Article III REDEMPTION AND REPURCHASE OF NOTES
	  	24
			
	 Section 3.01.
	  	 Redemption of Notes at the Option of the Issuer
	  	24
	 Section 3.02.
	  	 [Reserved]
	  	26
	 Section 3.03.
	  	 Repurchase Upon a Change of Control at the Option of the Holders
	  	26
	 Section 3.04.
	  	 General Provisions Applicable to Repurchases
	  	26
		
	 Article IV COVENANTS
	  	28
			
	 Section 4.01.
	  	 Payment of Notes
	  	28
	 Section 4.02.
	  	 Reports
	  	28
	 Section 4.03.
	  	 Compliance Certificate
	  	29
	 Section 4.04.
	  	 Maintenance of Office or Agency
	  	29
	 Section 4.05.
	  	 [Reserved]
	  	30
	 Section 4.06.
	  	 Appointments to Fill Vacancies in Trustee’s Office
	  	30
	 Section 4.07.
	  	 Stay, Extension and Usury Laws
	  	30
	 Section 4.08.
	  	 [Reserved]
	  	30
	 Section 4.09.
	  	 Additional Interest
	  	30
	 Section 4.10.
	  	 Additional Interest Notice
	  	31
	 Section 4.11.
	  	 Further Instruments and Acts
	  	31
	 Section 4.12.
	  	 Payment of Additional Amounts
	  	32
	 Section 4.13.
	  	 Spanish Translation, Notarization and Registration
	  	34

  

 ii 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
	 Section 4.14.
	  	 Compliance with Mexican Law provisions
	  	34
		
	 Article V SUCCESSORS
	  	34
			
	 Section 5.01.
	  	 Merger, Consolidation and Sale of Assets
	  	34
	 Section 5.02.
	  	 Purchase Option on Fundamental Change
	  	36
		
	 Article VI DEFAULTS AND REMEDIES
	  	36
			
	 Section 6.01.
	  	 Events of Default
	  	36
	 Section 6.02.
	  	 Acceleration
	  	37
	 Section 6.03.
	  	 Other Remedies
	  	38
	 Section 6.04.
	  	 Waiver of Past Defaults; Rescission of Acceleration
	  	38
	 Section 6.05.
	  	 Control by Majority
	  	39
	 Section 6.06.
	  	 Limitation on Suits
	  	39
	 Section 6.07.
	  	 Rights of Holders to Receive Payment
	  	39
	 Section 6.08.
	  	 Collection Suit by Trustee
	  	40
	 Section 6.09.
	  	 Trustee May File Proofs of Claim
	  	40
	 Section 6.10.
	  	 Priorities
	  	40
	 Section 6.11.
	  	 Undertaking for Costs
	  	41
		
	 Article VII THE TRUSTEE
	  	41
			
	 Section 7.01.
	  	 Duties of the Trustee
	  	41
	 Section 7.02.
	  	 Rights of the Trustee
	  	42
	 Section 7.03.
	  	 Individual Rights of the Trustee
	  	44
	 Section 7.04.
	  	 Trustee’s Disclaimer
	  	44
	 Section 7.05.
	  	 Notice of Defaults
	  	45
	 Section 7.06.
	  	 Representation of the Mexican Trustee
	  	45
	 Section 7.07.
	  	 Compensation and Indemnity
	  	45
	 Section 7.08.
	  	 Replacement of the Trustee
	  	46
	 Section 7.09.
	  	 Successor Trustee by Merger, etc
	  	47
	 Section 7.10.
	  	 Eligibility, Disqualification
	  	47
		
	 Article VIII SATISFACTION AND DISCHARGE OF INDENTURE
	  	47
			
	 Section 8.01.
	  	 Discharge of Indenture
	  	47
	 Section 8.02.
	  	 Deposited Monies to be Held in Trust by Trustee
	  	48
	 Section 8.03.
	  	 Paying Agent to Repay Monies Held
	  	48
	 Section 8.04.
	  	 Return of Unclaimed Monies
	  	48
	 Section 8.05.
	  	 Reinstatement
	  	49
		
	 Article IX AMENDMENTS
	  	49
			
	 Section 9.01.
	  	 Without the Consent of Holders
	  	49
	 Section 9.02.
	  	 With the Consent of Holders
	  	49
	 Section 9.03.
	  	 [Reserved]
	  	51
	 Section 9.04.
	  	 Revocation and Effect of Consents
	  	51
	 Section 9.05.
	  	 Notation on or Exchange of Notes
	  	51

  

 iii 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
	 Section 9.06.
	  	 Trustee Protected
	  	51
		
	 Article X GENERAL PROVISIONS
	  	52
			
	 Section 10.01.
	  	 Issuer’s Representations
	  	52
	 Section 10.02.
	  	 Notices
	  	52
	 Section 10.03.
	  	 Certificate and Opinion as to Conditions Precedent
	  	54
	 Section 10.04.
	  	 Statements Required in Certificate or Opinion
	  	54
	 Section 10.05.
	  	 Rules by Trustee and Agents
	  	55
	 Section 10.06.
	  	 Business Days
	  	55
	 Section 10.07.
	  	 No Recourse Against Others
	  	55
	 Section 10.08.
	  	 Counterparts
	  	55
	 Section 10.09.
	  	 Other Provisions
	  	55
	 Section 10.10.
	  	 Governing Law
	  	56
	 Section 10.11.
	  	 No Adverse Interpretation of Other Agreements
	  	57
	 Section 10.12.
	  	 Successors
	  	57
	 Section 10.13.
	  	 Severability
	  	57
	 Section 10.14.
	  	 Table of Contents Headings, etc.
	  	57
	 Section 10.15.
	  	 Currency Indemnity
	  	58
	 Section 10.16.
	  	 Adjustments for Currency Exchange Rates
	  	58
	 Section 10.17.
	  	 Change in ADSs or CPOs
	  	58
	 Section 10.18.
	  	 USA PATRIOT ACT
	  	59
		
	 Article XI SUBORDINATION
	  	59
			
	 Section 11.01.
	  	 Notes Subordinated to Senior Indebtedness
	  	59
	 Section 11.02.
	  	 Notes Subordinated to Prior Payment of All Senior Indebtedness On Dissolution, Liquidation, Reorganization, etc., of the Issuer
	  	60
	 Section 11.03.
	  	 Holders to be Subrogated to Right of Holders of Senior Indebtedness
	  	61
	 Section 11.04.
	  	 Obligations of the Issuer Unconditional
	  	61
	 Section 11.05.
	  	 Issuer Not to Make Payment with Respect to Notes in Certain Circumstances
	  	62
	 Section 11.06.
	  	 Notice to Trustee
	  	63
	 Section 11.07.
	  	 Application by Trustee of Monies Deposited with It
	  	63
	 Section 11.08.
	  	 Subordination Rights Not Impaired by Acts or Omissions of the Issuer or Holders of Senior Indebtedness
	  	64
	 Section 11.09.
	  	 Trustee to Effectuate Subordination
	  	64
	 Section 11.10.
	  	 Right of Trustee to Hold Senior Indebtedness
	  	64
	 Section 11.11.
	  	 Article XI Not to Prevent Events of Default
	  	64
	 Section 11.12.
	  	 No Fiduciary Duty Created to Holders of Senior Indebtedness
	  	64
	 Section 11.13.
	  	 Article Applicable to Paying Agents
	  	64
	 Section 11.14.
	  	 Certain Conversion Deemed Payment
	  	65
	 Section 11.15.
	  	 Contractual Subordination
	  	65

  

 iv 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
	 Section 11.16.
	  	 Acceleration of Notes
	  	65
		
	 Article XII CONVERSION
	  	65
			
	 Section 12.01.
	  	 Right to Convert
	  	65
	 Section 12.02.
	  	 Exercise of Conversion Privilege; Issuance of ADSs on Conversion; No Adjustment for Interest or Dividends
	  	66
	 Section 12.03.
	  	 No Issuance of Fractional Shares
	  	68
	 Section 12.04.
	  	 Conversion Rate
	  	68
	 Section 12.05.
	  	 Conversion Rate Adjustments
	  	68
	 Section 12.06.
	  	 Effect of Reclassification, Consolidation, Merger, Combination, Sale, Lease or Transfer
	  	76
	 Section 12.07.
	  	 Taxes, Duties, Fees and Costs of Issuance of ADSs or CPOs
	  	77
	 Section 12.08.
	  	 Obligation to Cause Sufficient Ordinary Shares, CPOs and ADSs to be Issued for Purposes of Satisfying any Settlement of Conversions
	  	78
	 Section 12.09.
	  	 Responsibility of Trustee and the Conversion Agent
	  	78
	 Section 12.10.
	  	 [Reserved]
	  	79
	 Section 12.11.
	  	 Restriction on ADSs Issuable Upon Conversion
	  	79
	 Section 12.12.
	  	 Make Whole Premium Upon a Fundamental Change
	  	80

  

			
	 EXHIBIT A:
	  	 FORM OF NOTE

		
	 EXHIBIT B:
	  	 FORM OF RESTRICTED ADS LEGEND

		
	 EXHIBIT C:
	  	 FORM OF TRANSFER CERTIFICATE FOR TRANSFER OF RESTRICTED ADSs

		
	 EXHIBIT D:
	  	 FINANCIAL STATEMENTS

		
	 EXHIBIT E:
	  	 PRICING TERM SHEET

  

 v 

 THIS INDENTURE, dated as of March 30, 2010, is between CEMEX, S.A.B. de
C.V. a publicly traded variable capital corporation (sociedad anónima bursátil de capital variable) organized under the laws of Mexico (the “Issuer”), The Bank of New York Mellon, as trustee (the
“Trustee”) and, solely for compliance with certain Mexican law requirements set forth in Section 7.01(b) and Section 7.06, The Bank of New York Mellon, S.A., Institución de Banca Múltiple (the
“Mexican Trustee”). The Issuer has duly authorized the creation of its 4.875% Convertible Subordinated Notes due 2015 (the “Notes”) and to provide therefor the Issuer, the Trustee and the Mexican Trustee have duly
authorized the execution and delivery of this Indenture. Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders from time to time of the Notes: 

ARTICLE I 

DEFINITIONS 

SECTION 1.01. Definitions. 

“Additional Interest” means any interest payable pursuant to Section 4.09 or
Section 6.02(b). 
 “ADR” means American Depositary Receipts representing ADS.

 “ADS” means American Depositary Shares of the Issuer created pursuant to the Second Amended
and Restated Deposit Agreement (A and B share CPOs), dated August 10, 1999, among CEMEX, S.A.B. de C.V., Citibank, N.A. and holders and beneficial owners of American Depositary Shares, as the same may be amended, modified or replaced.

 “Affiliate” means, with respect to any specified Person, any other Person who directly or
indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. For purposes of this definition, the terms “controlling”, “controlled by” and “under common
control with” have correlative meanings. 
 “Agent” means any Registrar, Paying Agent,
Conversion Agent or co-registrar. 
 “Agent Member” means any member of, or participant in, the
Depositary. 
 “Applicable Procedures” means, with respect to any transfer or transaction
involving a Global Security or beneficial interest therein, or to the delegending of Global Securities or ADSs, the rules and procedures of the Depositary for such Global Security to the extent applicable to such transaction and as in effect from
time to time. 
 “Available Treasury Shares” means Ordinary Shares of the Issuer available in
treasury, and for which the Issuer has obtained any regulatory or other approval (including satisfaction or waiver of preemptive rights), taken such corporate action and made such contractual arrangements necessary such that, at the time at which
Notes could be converted, the Issuer will 

 
be able to deliver such Ordinary Shares to timely satisfy its conversion obligations relating to the Notes provided that Available Treasury Shares shall not include the number of Ordinary
Shares available in treasury needed to satisfy any and all of the Issuer’s contingent or non-contingent obligations to deliver Ordinary Shares (other than in connection with a conversion of the Notes), including, without limitation, in
connection with any employee compensation arrangements and the settlement of conversions of securities convertible into Ordinary Shares (including, without limitation, the mandatory convertible securities of the Issuer issued on December 10,
2009). When “Available Treasury Shares” is referred to in comparison to the number of ADSs necessary to satisfy conversion obligations at a certain point in time, in order to facilitate such comparison, “Available Treasury
Shares” shall be expressed as the number of ADSs that would represent the number of Available Treasury Shares held by the Issuer at such time (through the intermediary of CPOs). 

“Bankruptcy Event of Default” means: 

 

	 	(1)	 the entry by a court of competent jurisdiction of: (i) a decree, order for relief or declaration in respect of any Bankruptcy Party in an
involuntary case or proceeding under any Bankruptcy Law, or (ii) a decree or order (A) adjudging or declaring any Bankruptcy Party a bankrupt or insolvent, (B) approving as properly filed a petition seeking reorganization,
arrangement, adjustment, concurso mercantil, quiebra or composition of, or in respect of, any Bankruptcy Party under any Bankruptcy Law, (C) appointing a Custodian of any Bankruptcy Party or of any substantial part of the property
of any Bankruptcy Party, or (D) ordering the winding-up, liquidation, dissolution or quiebra of the affairs of any Bankruptcy Party, and in each case, the continuance of any such decree or order unstayed and in effect for a period of 60
consecutive calendar days; or 

  

	 	(2)	 (i) the commencement by any Bankruptcy Party of a voluntary case or proceeding under any Bankruptcy Law (including concurso mercantil and
quiebra) or of any other case or proceeding to be adjudicated of declared a bankrupt or insolvent, (ii) the consent by any Bankruptcy Party to the entry of a decree, declaration or order for relief in respect of such Bankruptcy Party in an
involuntary case or proceeding under any Bankruptcy Law or to the commencement of any bankruptcy, insolvency case, liquidation or dissolution action or proceeding against any Bankruptcy Party, (iii) the filing by any Bankruptcy Party of a
petition or answer or consent seeking reorganization or relief under any Bankruptcy Law, (iv) the consent by any Bankruptcy Party to the filing of such petition or to the appointment of or management or taking possession by a Custodian of any
Bankruptcy Party or of any substantial part of the property of any Bankruptcy Party, (v) the making by any Bankruptcy Party of an assignment for the benefit of creditors, (vi) the admission by any Bankruptcy Party in writing of its
inability to pay its debts generally as they become due, (vii) the approval by stockholders of any Bankruptcy Party of any plan or proposal for the liquidation or dissolution of such Bankruptcy Party, or (viii) the taking of corporate
action by any Bankruptcy Party in furtherance of any action referred to in clauses (i) – (vii) above. 

  

 2 

 “Bankruptcy Law” means Title 11, U.S. Code or any
similar Federal, state or non-U.S. law for the relief of debtors and the Mexican Ley de Concursos Mercantiles. 

“Bankruptcy Party” means the Issuer and any Significant Subsidiary of the Issuer or group of
Subsidiaries that, taken together would constitute a Significant Subsidiary of the Issuer. 

“Beneficial Owner” will be determined in accordance with Rule 13d-3 under the Exchange Act as in effect
on the date of the Indenture, and “Beneficially Own”, “Beneficially Owned” and “Beneficial Ownership” have meanings correlative to that of Beneficial Owner. 

“Board of Directors” means, as to any Person, the board of directors, any duly authorized management
committee or similar governing body of such Person, or any duly authorized committee thereof. 

“Capital Stock” of any Person means any and all ordinary shares, interests, rights to purchase,
warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, but excluding any debt securities convertible into, or exchangeable for, such equity. 

“Capitalized Lease Obligations” means, as to any Person, the obligations of such Person under a lease
that are required to be classified and accounted for as capital lease obligations under GAAP. For purposes of the definition, the amount of such obligations at any date will be the capitalized amount of such obligations at such date, determined in
accordance with GAAP. 
 “Certificados Bursátiles” means Mexican law governed
debt securities issued by the Issuer guaranteed (por aval) by CEMEX México, S.A. de C.V. and Empresas Tolteca de Mexico, S.A. de C.V., wholly owned Subsidiaries of the Issuer, and placed in the Mexican capital markets with the approval
of the Mexican National Banking and Securities Commission and listed on the Mexican Stock Exchange. 

“Change of Control” means acquisition of the Beneficial Ownership of twenty percent (20%) or more
in voting power of the Issuer’s outstanding Voting Stock by any Person; provided that the acquisition of Beneficial Ownership of the Issuer’s Capital Stock by Lorenzo H. Zambrano or any member of his immediate family shall not constitute a
“Change of Control.” 
 “Commission” means the United States Securities and
Exchange Commission. 
 “Commodity Price Purchase Agreement” means, in respect of any Person,
any forward contract, commodity swap agreement, commodity option agreement or other similar agreement or arrangement designed to protect such Person from fluctuations in commodity prices. 

“Conversion Rate” means the initial conversion rate specified in the Form of Note attached hereto as
Exhibit A in paragraph 15 of such form, as adjusted in accordance with the provisions of Article XII. 

“Corporate Trust Office” means the designated office of the Trustee at which, at any particular time,
its duties under this Indenture shall be administered, which office at the date of original execution of this Indenture is located at 101 Barclay Street, 4E, New York, NY 10286, 

 

 3 

 
or such other address as the Trustee may designate from time to time by notice to the Holders and the Issuer, or the principal corporate trust office of any successor Trustee (or such other
address as such successor Trustee may designate from time to time by notice to the Holders and the Issuer). 

“CPO” means an ordinary participation certificate (certificado de participación ordinario)
having Ordinary Shares as underlying securities. 
 “Currency Agreement” means, in respect of
any Person, any foreign exchange contract, currency swap agreement or other similar agreement as to which such Person is a party designed to hedge foreign currency risk of such Person. 

“Custodian” means any receiver, trustee, assignee, conciliador, síndico, liquidator
or similar official under Bankruptcy Law. 
 “Default” means an event or condition the
occurrence of which is, or with the lapse of time or the giving of notice or both would be, an Event of Default. 

“Depositary” means, with respect to any Global Securities, a clearing agency that is registered as such
under the Exchange Act and is designated by the Issuer to act as Depositary for such Global Securities (or any successor securities clearing agency so registered), which shall initially be DTC. 

“Designated Senior Indebtedness” means (i) the Issuer’s obligations under the Financing
Agreement and in respect of the Indebtedness subject thereto and (ii) any other Senior Indebtedness which, on the date of a payment default or the delivery of a Payment Blockage Notice, has an aggregate amount outstanding of, or under which, on
such date, the holders thereof are committed to lend up to, at least U.S.$50 million. 
 “DTC”
means The Depository Trust Company, a New York corporation. 
 “Dual Currency Notes” means the
(i) EUR 730,000,000 Callable Perpetual Dual-Currency Notes, (ii) U.S.$350,000,000 Callable Perpetual Dual-Currency Notes, (iii) U.S.$750,000,000 Callable Perpetual Dual-Currency Notes and (iv) U.S.$900,000,000 Callable Perpetual
Dual-Currency Notes, in each case, issued by New Sunward Holding Financial Ventures B.V., a wholly owned Subsidiary of the Issuer. 

“Ex-Dividend Date” means the first date on which ADSs trade on the applicable exchange or in the
applicable market, in a regular way, without the right attached to Ordinary Shares to receive the issuance or distribution in question. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute or
statues thereto together with, in either case, the rules and regulations promulgated thereunder. 

“Financing Agreement” means the financing agreement, dated as of August 14, 2009, entered into
among the Issuer and certain Subsidiaries of the Issuer, the financial institutions and noteholders party thereto, Citibank International PLC, as administrative agent, and Wilmington Trust (London) Limited, as security agent, as such agreement may
be amended, modified or waived from time to time. 
  

 4 

 “Fundamental Change” means: 

 

	 	(1)	 a Change of Control; 

  

	 	(2)	 the Beneficial Ownership of fifty percent (50%) or more in voting power of the Issuer’s outstanding Voting Stock is acquired by any
Person; 

  

	 	(3)	 the consummation of any binding share exchange, exchange offer, tender offer, consolidation or merger of the Issuer pursuant to which all or
substantially all of the Issuer’s shares of Capital Stock will be converted into cash, securities or other property or any sale, lease or other transfer in one transaction or a series of related transactions of all or substantially all of the
consolidated assets of the Issuer and its Subsidiaries, taken as a whole, to any Person other than one or more of the Issuer’s Subsidiaries (any such exchange, offer, consolidation, merger, transaction or series of transactions being referred
to in this clause (3) as an “Event”); provided, however, that any such Event where the holders of more than 50% of the Issuer’s Capital Stock immediately prior to such Event, own, directly or indirectly, more than 50% of all
classes of Capital Stock of the continuing or surviving Person or transferee or the parent thereof immediately after such Event shall not be a “Fundamental Change”; 

 

	 	(4)	 during any consecutive two-year period, individuals who at the beginning of that two-year period constituted the Board of Directors of the Issuer,
together with any new directors whose election to the Board of Directors of the Issuer, or whose nomination for election by the Issuer’s stockholders, was approved by a vote of a majority of the Issuer’s stockholders, cease for any reason
to constitute a majority of the Board of Directors of the Issuer then in office; 

  

	 	(5)	 the Issuer’s stockholders approve any plan or proposal for the Issuer’s liquidation or dissolution (other than any liquidation or
dissolution that is part of a merger event and excluded from the definition of “Fundamental Change” by reason of the proviso in clause (3) above); or 

 

	 	(6)	 the ADSs cease to be listed for trading on a U.S. national securities exchange. 

If any transaction in which Ordinary Shares, CPOs or ADSs are replaced by the securities of another entity occurs,
following the effective date of such transaction, references to the Issuer in this definition of “Fundamental Change” will apply to such other entity instead. 

“GAAP” means Mexican Financial Reporting Standards (normas de informacíon financiera)
issued by the Consejo Mexicano para la Invetigacíon y Desarrollo de Normas de Informacíon Financiera, A.C., as in effect on December 31, 2009. At any time after the Issue Date, the Issuer may elect to apply IFRS in lieu of
GAAP and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS as in effect on the date of such election; provided that any such election, once made, shall be irrevocable. The Issuer shall give notice of any
such election to the Trustee. 
  

 5 

 “Global Security” means Notes represented by a certificate
in definitive, fully registered form of securities without interest coupons in global form, that is deposited with the Depositary or its custodian, and registered in the name of the Depositary or its nominee. 

“Global Securities Legend” means the legend labeled as such and that is set forth in Exhibit A hereto,
which is incorporated in and expressly made part of this Indenture. 
 “Hedging Obligations”
means the obligations of any Person pursuant to any Interest Rate Agreement, Currency Agreement, Commodity Price Purchase Agreement or any Transportation Agreement, in each case, not entered into for speculative purposes. 

“Holder” means the Person in whose name a Note is registered in the Register. 

“IFRS” means the International Financial Reporting Standards as issued by the International Accounting
Standards Board. 
 “Indebtedness” means, with respect to any specified Person, any
indebtedness of such Person, whether or not contingent (including obligations por aval), in respect of: (i) borrowed money; (ii) bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in
respect thereof); (iii) banker’s acceptances; (iv) Capitalized Lease Obligations; (v) the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an accrued expense or trade
payable; or (vi) Hedging Obligations, if and to the extent any of such indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability on a balance sheet of the specified Person prepared in accordance with GAAP.
In addition, the term “Indebtedness” includes all indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such indebtedness is assumed by the specified Person) measured as the lesser of the fair
market value of the assets of such Person so secured or the amount of such indebtedness and, to the extent not otherwise included, the guarantee by such Person of any indebtedness of any other Person. 

“Indenture” means this Indenture as amended or supplemented from time to time. 

“Interest” means (except as otherwise specifically provided in this Indenture) any accrued and unpaid
interest in respect of the Notes as well as any Additional Interest and Additional Amounts. 
 “Interest
Payment Date” means March 15 and September 15 of each year, commencing September 15, 2010. 

“Interest Rate Agreement” of any Person means any interest rate protection agreement (including, without
limitation, interest rate swaps, caps, floors, collars, derivative instruments and similar agreements) and/or other types of hedging agreements designed to hedge interest rate risk of such Person. 

“Issue Date” means March 30, 2010. 

 

 6 

 “Issuer” means the party named as such in the Preamble
until a successor replaces it in accordance with Article V and thereafter means the successor. 

“Issuer Order” means a written order of the Issuer signed by an Officer of the Issuer. 

“Last Reported Sale Price” of ADSs on any Trading Day means the closing sale price per ADS (or if no
closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) of the ADSs on that Trading Day as reported in composite transactions for the
principal U.S. national or regional securities exchange on which the ADSs are traded. If the ADSs are not listed for trading on a U.S. national or regional securities exchange on the relevant Trading Day, the “Last Reported Sale
Price” will be the last quoted bid price per ADS in the over-the-counter market on the relevant Trading Day as reported by Pink OTC Markets, Inc. or a similar organization selected by the Issuer. If the ADSs are not so quoted, the
“Last Reported Sale Price” will be the average of the mid-point of the last bid and ask prices per ADS on the relevant date from each of at least three nationally recognized independent investment banking firms the Issuer selects
for this purpose. When used in relation to an Ordinary Share, “Last Reported Sale Price” means, with respect to any day, the per share price of an Ordinary Share obtained by dividing (i) the quotient of the Last Reported Sale
Price of an ADS for that day, divided by the number of CPOs represented by an ADS at the time of determination by (ii) the number of Ordinary Shares represented by a CPO at the time of determination; provided that if the Ordinary Shares
are no longer represented by CPOs at the time of determination, references in this definition (other than in this proviso) to CPOs will be deemed to have been replaced by a reference to ADSs. 

“LGTOC” means the Mexican General Law of Negotiable Instruments and Credit Transactions (Ley General
de Títulos y Operaciones de Crédito). 
 “Lien” means, with respect to any
asset, any mortgage, lien, pledge, charge, security or similar trust, security interest or encumbrance of any kind in respect of such asset. The Issuer shall be deemed to own, subject to a Lien, any asset that it has acquired or holds subject to the
interest of a vendor or lessor under any conditional sale agreement, Capitalized Lease Obligations or other title retention lease relating to such asset, or any account receivable transferred by it with recourse (including any such transfer subject
to a holdback or similar arrangement that effectively imposes the risk of collectability on the transferor). 

“Market Disruption Event” means (i) a failure by the primary exchange or quotation system on which
the ADSs trade or are quoted to open for trading during its regular trading session or (ii) the occurrence or existence prior to 1:00 p.m. New York City time, on any Trading Day, of an aggregate one half hour period of any suspension or
limitation imposed on trading (by reason of movements in price exceeding limits permitted by the stock exchange or otherwise) in the ADSs or in any options, contracts or future contracts relating to ADSs. 

“Maturity Date” means March 15, 2015. 

“Offering Memorandum” means the final offering memorandum related to the Notes, dated March 24,
2010. 
  

 7 

 “Officer” means the President, the Chief Executive Officer,
any Executive Vice President, any Senior Vice President, any Vice President, the Chief Financial Officer, the Treasurer, any member of the Board of Directors, any attorney-in-fact acting under a duly granted power-of-attorney or the Secretary of the
Issuer. 
 “Officer’s Certificate” means a certificate signed by one Officer and delivered
to the Trustee. 
 “Opinion of Counsel” means a written opinion from legal counsel who is
reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Issuer. 

“Ordinary Shares” means series A common stock or series B common stock of the Issuer, or any other
shares of Capital Stock of the Issuer that are issued in exchange for, or otherwise replace, any of the foregoing, including any Reference Property. References to the Issuer in this definition shall also include any successor or purchasing
corporation, or its direct or indirect parent entity, the common stock of which constitutes Reference Property, subject to compliance with Section 12.06. 

“Perpetual Notes” means, collectively, the four series of perpetual debentures issued by special purpose
vehicles and relating to the Dual Currency Notes. 
 “Person” means an individual, partnership,
limited partnership, corporation, company, limited liability company, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof. 

“Pesos” or “Ps.” means the lawful currency of Mexico. 

“Public Registry of Commerce” means the Public Registry of Property and Commerce (Registro
Público de la Propiedad y del Comercio) of Monterrey, Nuevo León, México. 

“Record Date” means the March 1 and September 1 immediately preceding each Interest Payment
Date. 
 “Representative” means (a) the indenture trustee or other trustee, agent or
representative for any Senior Indebtedness or (b) with respect to any Senior Indebtedness that does not have any such trustee, agent or other representative, (i) in the case of such Senior Indebtedness issued pursuant to an agreement
providing for voting arrangements as among the holders or owners of such Senior Indebtedness, any holder or owner of such Senior Indebtedness acting with the consent of the required Persons necessary to bind such holders or owners of such Senior
Indebtedness and (ii) in the case of all other such Senior Indebtedness, the holder or owner of such Senior Indebtedness. 

“Resale Restriction Delegending Date” means the date that is one year from the Issue Date of the Notes.

 “Restricted Note” means any Note until such time as (i) such Note has been transferred
pursuant to an effective shelf registration statement or (ii) the Restricted Securities Legend therefor has been removed pursuant to Section 2.07(c) or (d). 

 

 8 

 “Restricted Securities Legend” means the legend labeled as
such and that is set forth in Exhibit A hereto, which is incorporated in and expressly made a part of this Indenture. 

“Restricted ADS Legend” means the legend labeled as such and that is set forth in Exhibit B hereto,
which is incorporated in and expressly made a part of this Indenture. 
 “Securities Act” means
the Securities Act of 1933, as amended, or any successor statute or statues thereto together with, in either case, the rules and regulations promulgated thereunder. 

“Senior Indebtedness” means (a) the Issuer’s guarantee of CEMEX Finance LLC’s 9.5% Senior
Secured Notes due 2016, (b) the Issuer’s guarantee of CEMEX Finance LLC’s 9.625% Senior Secured Notes due 2017, (c) the Issuer’s obligations under the Financing Agreement and in respect of the indebtedness subject thereto,
(d) the Issuer’s guarantee of the Dual Currency Notes in respect of the Perpetual Notes, (e) the Issuer’s obligations in respect of the Certificados Bursátiles, (f) obligations of the Issuer given preference in
respect of the Notes by statute and (g) all other Indebtedness of the Issuer except for: 
  

	 	(1)	 Indebtedness that states, or is issued under a deed, indenture or other instrument that states, that it is subordinated to or ranks equally with the
Notes; and 

  

	 	(2)	 Indebtedness between or among the Issuer and any of its Subsidiaries. 

“Significant Subsidiary” means any Subsidiary of the Issuer that at the date of determination is a
“significant subsidiary” as defined in Rule 1-02(w) of Regulation S-X under the Securities Act and the Exchange Act. 

“Subsidiary” means with respect to any Person, any corporation, partnership, joint venture, limited
liability company, trust, estate or other entity of which (or in which) more than fifty percent (50%) of (a) in the case of a corporation, the issued and outstanding Capital Stock having ordinary voting power to elect a majority of the
Board of Directors of such corporation (irrespective of whether at the time Capital Stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency that has not occurred and is not in
the control of such Person), (b) in the case of a limited liability company, partnership or joint venture, the voting or other power to control the actions of such limited liability company, partnership or joint venture or (c) in the case
of a trust or estate, the voting or other power to control the actions of such trust or estate, is at the time directly or indirectly owned or controlled by (x) such Person, (y) such Person and one or more of its other Subsidiaries or
(z) one or more of such Person’s other Subsidiaries. Unless the context otherwise requires, all references herein to a “Subsidiary” shall refer to a Subsidiary of the Issuer. 

“Trading Day” means, with respect to ADSs, a day during which trading in the Issuer’s ADSs
generally occurs on the primary exchange or quotation system on which the Issuer’s ADSs then trade or are quoted and there is no Market Disruption Event. 

“Transportation Agreement” means, in respect of any Person, any agreement or arrangement designed to
protect such Person from fluctuations in prices related to transportation. 
  

 9 

 “Trustee” means the party named as such in the Preamble and
any successor that replaces it in accordance with the applicable provisions of this Indenture, including any attorney-in-fact for the Trustee pursuant to a valid power of attorney issued by the Trustee to such attorney-in-fact. 

“Trust Officer” means, when used with respect to the Trustee, any officer within the corporate trust
department of the Trustee having direct responsibility for the administration of this Indenture, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall
have direct responsibility for the administration of this Indenture. 
 “U.S.” means the United
States of America. 
 “U.S. Government Obligations” means direct obligations (or certificates
representing an ownership interest in such obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged. In order to have
money available on a payment date to pay principal or Interest on the Notes, the U.S. Government Obligations shall be payable as to principal or Interest on or before such payment date in such amounts as will provide the necessary money. U.S.
Government Obligations shall not be callable at the Issuer’s option. 
 “U.S. Legal
Tender” or “U.S.$” means such coin or currency of the United States of America, as at the time of payment shall be legal tender for the payment of public and private debts. 

“Voting Stock” with respect to any Person, means securities of any class of capital stock of such Person
entitling the holders thereof (whether at all times or only so long as no senior class of stock has voting power by reason of any contingency) to vote in the election of members of the Board of Directors of such Person. 

SECTION 1.02. Other Definitions. 
  

			
	 	  	 Defined in Section

	 “Additional ADSs”
	  	Section 12.12(a)
	 “Additional Amounts”
	  	Section 4.12(b)
	 “ADS Price”
	  	Section 12.12(a)
	 “Authorized Agent”
	  	Section 10.10(c)
	 “Banamex”
	  	Section 12.02
	 “Business Day”
	  	Section 10.06
	 “Change of Control Date”
	  	Section 3.03(a)
	 “Change of Control Purchase Date”
	  	Section 12.12(b)
	 “Change of Control Offer”
	  	Section 3.03(a)
	 “Change of Control Payment”
	  	Section 3.03(a)
	 “Conversion Agent”
	  	Section 2.03
	 “Conversion Date”
	  	Section 12.02
	 “Definitive Security”
	  	Section 2.07(b)(i)
	 “Dividend Record Date”
	  	Section 12.05(a)(i)

  

 10 

			
	 “Effective Date”
	  	Section 12.12(a)
	 “Event of Default”
	  	Section 6.01
	 “Expiration Date”
	  	Section 12.05(a)(v)
	 “Expiration Time”
	  	Section 12.05(a)(v)
	 “Financial Statements”
	  	Section 10.01(b)
	 “Fundamental Change Notice”
	  	Section 12.12(b)
	 “Junior Securities”
	  	Section 11.14
	 “Make Whole Fundamental Change Premium”
	  	Section 12.12(a)
	 “Mexican Trustee”
	  	Preamble
	 “Net Total Assets”
	  	Section 10.01(c)
	 “Notes”
	  	Preamble
	 “Paying Agent”
	  	Section 2.03
	 “Payment Blockage Notice”
	  	Section 11.05(b)
	 “Payment Blockage Period”
	  	Section 11.05(b)
	 “Payment Default”
	  	Section 11.05(a)
	 “Payment of the Notes”
	  	Section 11.05(a)
	 “Permitted Merger Jurisdictions”
	  	Section 5.01(a)(ii)(A)
	 “Reference Property”
	  	Section 12.06
	 “Register”
	  	Section 2.03
	 “Registrar”
	  	Section 2.03
	 “Rights Distribution Record Date”
	  	Section 12.05(a)(ii)
	 “Settlement”
	  	Section 12.02
	 “Spin-Off”
	  	Section 12.05(a)(iii)
	 “Successor Issuer”
	  	Section 5.01(a)(ii)
	 “Tax Redemption”
	  	Section 3.01(a)
	 “Tax Redemption Date”
	  	Section 3.01(e)
	 “Tax Redemption Notice”
	  	Section 3.01(e)
	 “Tax Redemption Price”
	  	Section 3.01(a)
	 “Taxes”
	  	Section 4.12(a)
	 “Taxing Jurisdiction”
	  	Section 3.01(a)
	 “USA Patriot Act”
	  	Section 10.18
	 “Valuation Period”
	  	Section 12.05(a)(iii)

SECTION 1.03. [Reserved]. 

SECTION 1.04. Rules of Construction. Unless the context otherwise requires: 

(i) a term has the meaning assigned to it; 

(ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 (iii) “or” is not exclusive; 

(iv) words in the singular include the plural, and in the plural include the singular; 

 

 11 

 (v) the male, female and neuter genders include one another;

 (vi) the word “including” wherever used will be deemed to be followed by the word
“without limitation”; 
 (vii) references to agreements and other instruments include
subsequent amendments thereto; and 
 (viii) the words “herein,” “hereof” and
other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 

The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture
and the Issuer and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this
Indenture, the provisions of this Indenture shall govern and be controlling. 
 ARTICLE II 

THE NOTES 

SECTION 2.01. Form and Dating. 

(a) Form and Dating. 

(i) The Notes shall be issued in the form of one or more definitive, fully registered form of securities
without interest coupons, with their English and Spanish text side-by-side, provided, however, that in case of any inconsistency or question as to the proper interpretation or construction of the Notes between the text in English and
the text in Spanish, the English text shall control in all cases. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto. The terms and provisions of the Notes shall constitute, and are
hereby expressly made, a part of this Indenture, and, to the extent applicable, the Issuer and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 

(ii) Except as otherwise expressly permitted in this Indenture, all Notes shall be identical in all
respects. Notwithstanding any differences among them, all Notes issued under this Indenture shall vote and consent together on all matters as one class. 

(iii) Notes originally offered and sold to qualified institutional buyers in reliance on Rule 144A under
the Securities Act will be issued in the form of one or more permanent Global Securities. Each such Global Security shall be issued with the Restricted Securities Legend and the Global Securities Legend. 

(iv) Any Global Security shall be deposited on behalf of the purchasers of the Notes represented thereby
with the Trustee, as custodian for the Depositary, and registered in the name of the Depositary or a nominee of the Depositary for the accounts 

 

 12 

 
of participants in the Depositary, duly executed by the Issuer and the Mexican Trustee and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of any Global
Security may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee as hereinafter provided. Any Global Security may be represented by more than one certificate. 

(v) The Notes may have notations, legends or endorsements as specified in this Indenture or as otherwise
required by law, stock exchange rule or Depositary rule or usage. The Issuer shall approve the form of the Notes and any notation, legend or endorsement on them. 

(b) Book-Entry Provisions. This Section 2.01(b) shall apply only to a Global Security deposited with
or on behalf of the Depositary. 
 The Issuer and the Mexican Trustee shall execute and the Trustee shall, in
accordance with this Section 2.01(b) and upon Issuer Order, authenticate and deliver initially one or more Global Securities that (i) shall be registered in the name of the Depositary or a nominee of the Depositary (which, in the
case of DTC, shall initially be Cede & Co.), (ii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions or held by the Trustee as custodian for the Depositary pursuant to (in the case
of DTC) a FAST Balance Certificate Agreement between the Depositary and the Trustee, and (iii) shall bear appropriate legends as set forth herein. 

Except as provided in Section 2.11(b)(iv), Agent Members shall have no rights under this Indenture with
respect to any Global Security held on their behalf by the Depositary or by the Trustee as the custodian of the Depositary or under such Global Security, and the Depositary may be treated by the Issuer, the Trustee and any agent of the Issuer or the
Trustee as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices of such Depositary governing the exercise of the rights of a holder of a
beneficial interest in any Global Security. 
 (c) Definitive Securities. Except as provided in
Section 2.07 and Section 2.11, owners of beneficial interests in Global Securities will not be entitled to receive physical delivery of certificated Notes in definitive form. 

SECTION 2.02. Execution and Authentication. Two Officers (who shall be members of the Board of Directors) shall
sign the Notes for the Issuer by manual or facsimile signature. 
 (a) If an Officer whose signature is on a
Note no longer holds that office at the time the Note is authenticated, the Note shall nevertheless be valid. 

(b) A Note shall not be valid until authenticated by the manual signature of the Trustee. The signature shall be
conclusive evidence that the Note has been authenticated under this Indenture. 
  

 13 

 (c) The Trustee shall authenticate and make available for delivery Notes for
original issue in the aggregate principal amount of up to U.S.$715,000,000 upon receipt of an Issuer Order, which shall specify the amount of Notes to be authenticated and the date on which the Notes are to be authenticated. 

(d) The Notes shall be issuable only in registered form without coupons and only in denominations of U.S.$100,000 and
multiples of U.S.$1,000 in excess thereof. 
 (e) The Trustee may appoint an authenticating agent acceptable to
the Issuer to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the
same right as an Agent to deal with the Issuer or an Affiliate of the Issuer. 
 (f) If any successor that has
replaced the Issuer in accordance with Article V has executed an indenture supplemental hereto with the Trustee pursuant to Article V, any of the Notes authenticated or delivered prior to such transaction may, from time to time, at the
request of such successor, be exchanged for other Notes executed in the name of such successor with such changes in phraseology and form as may be appropriate, but otherwise identical to the Notes surrendered for such exchange and of like principal
amount; and the Trustee, upon Issuer Order of such successor, shall authenticate and deliver Notes as specified in such order for the purpose of such exchange. If Notes shall at any time be authenticated and delivered in any new name of such
successor pursuant to this Section 2.02(f) in exchange or substitution for or upon registration of transfer of any Notes, such successor, at the option of the Holders but without expense to them, shall provide for the exchange of all
Notes then outstanding for Notes authenticated and delivered in such new name. 
 (g) The Notes shall also be
signed by a duly authorized attorney-in-fact of the Mexican Trustee by manual or facsimile signature. 
 SECTION
2.03. The Trustee Registrar, Paying Agent and Conversion Agent. The Issuer shall maintain or cause to be maintained in such locations as it shall determine, which may be the Corporate Trust Office, an office or agency: (i) where
securities may be presented for registration of transfer or for exchange (“Registrar”); (ii) where Notes may be presented for payment (“Paying Agent”); (iii) an office or agency where Notes may be
presented for conversion (the “Conversion Agent”); and (iv) where notices and demands to or upon the Issuer in respect of Notes and this Indenture may be served by the Holders. The Registrar shall keep a Register
(“Register”) of the Notes and of their transfer and exchange. The Issuer may appoint one or more co-registrars, one or more additional paying agents and one or more additional conversion agents. The term “Paying Agent”
includes any additional paying agent and the term “Conversion Agent” includes any additional conversion agent. The Issuer may change any Paying Agent, Registrar, Conversion Agent or co-registrar without prior notice. The Issuer shall
notify the Trustee of the name and address of any Agent not a party to this Indenture and shall enter into an appropriate agency agreement with any Registrar, Paying Agent, Conversion Agent or co-registrar not a party to this Indenture. Such agency
agreement shall implement the provisions of this Indenture that relate to such Agent. The Issuer or any of its Subsidiaries may act as Paying Agent, Registrar, Conversion Agent or co-registrar, except that for purposes of

  

 14 

 
Article VIII and Section 3.03, neither the Issuer nor any of its Subsidiaries shall act as Paying Agent. If the Issuer fails to appoint or maintain another entity as Registrar,
Paying Agent or Conversion Agent, the Trustee shall act as such, and the Trustee shall initially act as such. The Issuer designates the Borough of Manhattan, New York City, office or agency of the Trustee as one such office or agency of the Issuer
required by this Section 2.03, until such time as another office or agency located in the Borough of Manhattan is designated as such, and appoints the Trustee as Registrar, Paying Agent, Conversion Agent and agent for service of demands
and notices in connection with the Notes and this Indenture until such time as another Person is appointed as such. 

SECTION 2.04. Paying Agent to Hold Money in Trust. The Issuer shall require each Paying Agent (other than the
Trustee, who hereby so agrees) to agree in writing that the Paying Agent will hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal or Interest on the Notes, and will notify the
Trustee of any default by the Issuer in respect of making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay
all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer or a Subsidiary of the Issuer) shall have no further liability for the money. If the Issuer or a Subsidiary of the Issuer acts as
Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders of all money held by it as Paying Agent. Upon any proceeding under any Bankruptcy Law with respect to the Issuer or any of its Affiliates, if the
Issuer or such Affiliate is then acting as Paying Agent, the Trustee shall replace the Issuer or such Affiliate as Paying Agent. 

SECTION 2.05. Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most
recent list available to it of the names and addresses of Holders. If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee at least seven Business Days before each Interest Payment Date, and as the Trustee may request in writing
within fifteen (15) days after receipt by the Issuer of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form and as
of such date as the Trustee may reasonably require of the names and addresses of the Holders. 
 SECTION 2.06.
Legends; Transfer Restrictions. (a) Each Global Security shall bear the Global Securities Legend. 

(b) Each Restricted Note shall bear the Restricted Securities Legend. Each Note that bears or is required to bear the
Restricted Securities Legend shall be subject to the restrictions on transfer set forth therein, and each Holder of such Note, by such Holder’s acceptance thereof, agrees to be bound by all such restrictions on transfer. 

(c) As used in this Section 2.06 and in Section 2.07, the term “transfer” includes any
sale, pledge, transfer or other disposition whatsoever of any Restricted Note. The Registrar shall not register any transfer of a Restricted Note not made in accordance with the restrictions on transfer set forth in this Section 2.06 and
in Section 2.07. 
  

 15 

 (d) Every ADR certificate representing an ADS issued in the circumstances
described in Section 12.11 hereof shall bear the applicable Restricted ADS Legend unless removed in accordance with the provisions of Section 12.11. 

SECTION 2.07. Transfer and Exchange. (a) When Notes are presented to the Registrar or a co-registrar with a
request to register a transfer or to exchange them for an equal principal amount of Notes for other denominations, the Registrar shall register the transfer or make the exchange if its requirements for such transactions specified herein and the
related certificate are met. To permit registrations of transfers and exchanges, the Issuer shall issue and the Trustee shall authenticate Notes at the Registrar’s request, bearing certificate numbers not contemporaneously outstanding. No
service charge shall be imposed on a Holder for any registration of transfer or exchange of Notes (except as otherwise expressly permitted herein), but the Issuer and the Registrar may require payment of a sum sufficient to cover any transfer Tax or
other governmental charge payable upon exchanges pursuant to Section 2.11, Section 9.05 or Section 12.02. 

The Issuer or the Registrar shall not be required to register the transfer of any Notes surrendered for repurchase
pursuant to Section 3.03. 
 All Notes issued upon any transfer or exchange of Notes in accordance
with this Indenture shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 

(b) Notwithstanding any provision to the contrary herein, so long as a Global Security remains outstanding and is held by
or on behalf of the Depositary, transfers of a Global Security, in whole or in part, or of any beneficial interest therein, shall only be made in accordance with this Section 2.07(b), Section 2.11 and the Applicable
Procedures; provided, however, that beneficial interests in a Global Security that is a Restricted Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in such Global Security in accordance
with the transfer restrictions set forth in the Restricted Securities Legend. 
 Except for transfers or
exchanges made in accordance with paragraphs (i) through (iii) of this Section 2.07(b) and Section 2.11, transfers of a Global Security shall be limited to transfers of such Global Security in whole, but not in
part, to nominees of the Depositary or to a successor of the Depositary or such successor’s nominee. 

(i) Global Security to Definitive Security. If an owner of a beneficial interest in a Global
Security deposited with the Depositary or with the Trustee as custodian for the Depositary wishes at any time to transfer its interest in such Global Security to a Person who is required to take delivery thereof in the form of a definitive
registered note (such Note, a “Definitive Security”), such owner may, subject to the restrictions on transfer set forth herein and such Global Security and the Applicable Procedures, cause the exchange of such interest for one or
more Definitive Securities of any authorized denomination or denominations and of the same aggregate principal amount. Upon receipt by the Registrar of (1) instructions from the Depositary and/or its participants directing the Trustee to
authenticate and deliver one or more Definitive Securities of the 
  

 16 

 
same aggregate principal amount as the beneficial interest in the Global Security to be exchanged (such instructions to contain the name or names of the designated transferee or transferees, the
authorized denomination or denominations of the Definitive Securities to be so issued and appropriate delivery instructions), and (2) in the case of a Restricted Note, such certifications or other information and, except in the case of
transfers pursuant to Rule 144 under the Securities Act, legal opinions as the Issuer may reasonably require to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements
of the Securities Act, then the Registrar will instruct the Depositary to reduce or cause to be reduced such Global Security by the aggregate principal amount of the beneficial interest therein to be exchanged and to debit or cause to be debited
from the account of the Person making such transfer the beneficial interest in the Global Security that is being transferred, and concurrently with such reduction and debit the Issuer shall execute, and the Trustee shall authenticate and deliver,
one or more Definitive Securities of the same aggregate principal amount in accordance with the instructions referred to above. 

(ii) Definitive Security to Definitive Security. If a Holder of a Definitive Security wishes at any
time to transfer such Definitive Security (or portion thereof) to a Person who is required to take delivery thereof in the form of a Definitive Security, such Holder may, subject to the restrictions on transfer set forth herein and in such
Definitive Security, cause the transfer of such Definitive Security (or any portion thereof in a principal amount equal to an authorized denomination) to such transferee. Upon receipt by the Registrar of (1) such Definitive Security, duly
endorsed as provided herein, (2) instructions from such Holder directing the Trustee to authenticate and deliver one or more Definitive Securities of the same aggregate principal amount as the Definitive Security, or portion thereof, to be
transferred (such instructions to contain the name or names of the designated transferee or transferees, the authorized denomination or denominations of the Definitive Securities to be so issued and appropriate delivery instructions), and
(3) in the case of a Restricted Note, such certifications or other information and, except in the case of transfers to Persons pursuant to Rule 144 under the Securities Act, legal opinions as the Issuer may reasonably require to confirm that
such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, then the Registrar, shall cancel or cause to be canceled such Definitive Security and concurrently
therewith, the Issuer shall execute, and the Trustee shall authenticate and deliver, one or more Definitive Securities in the appropriate aggregate principal amount, in accordance with the instructions referred to above and, if only a portion of a
Definitive Security is transferred as aforesaid, concurrently therewith the Issuer shall execute and the Trustee shall authenticate and deliver to the transferor a Definitive Security in a principal amount equal to the principal amount which has not
been transferred. A Holder of a Definitive Security may at any time exchange such Definitive Security for one or more Definitive Securities of other authorized denominations and in the same aggregate principal amount and registered in the same name
by delivering such Definitive Security, duly endorsed as provided herein, to the Trustee together with instructions directing the Trustee to authenticate and deliver one or more Definitive Securities in the same aggregate principal amount and
registered in the same name as the Definitive Security to be exchanged, and the Registrar thereupon shall cancel or caused to be canceled such Definitive Security and concurrently therewith the Issuer shall execute and Trustee shall authenticate and
deliver, one or more Definitive Securities in the same aggregate principal amount and registered in the same name as the Definitive Security being exchanged. 
  

 17 

 (iii) Definitive Security to Global Security. If a
Holder of a Definitive Security wishes at any time to transfer such Definitive Security (or portion thereof) to a Person who is not required to take delivery thereof in the form of a Definitive Security, such Holder shall, subject to the
restrictions on transfer set forth herein and in such Definitive Security and the rules of the Depositary cause the exchange of such Definitive Security for a beneficial interest in the Global Security. Upon receipt by the Registrar of (1) such
Definitive Security, duly endorsed as provided herein, (2) instructions from such Holder directing the Trustee to increase the aggregate principal amount of the Global Security deposited with the Depositary or with the Trustee as custodian for
the Depositary by the same aggregate principal amount as the Definitive Security to be exchanged, such instructions to contain the name or names of a member of, or participant in, the Depositary that is designated as the transferee, the account of
such member or participant and other appropriate delivery instructions, (3) the assignment form on the back of the Definitive Security completed in full, and (4) in the case of a Restricted Note, such certifications or other information
and legal opinions as the Issuer may reasonably require to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, then the Trustee shall cancel
or cause to be canceled such Definitive Security and concurrently therewith shall increase the aggregate principal amount of the Global Security by the same aggregate principal amount as the Definitive Security canceled. 

All Definitive Securities shall be issued in minimum principal amounts of U.S.$100,000 and integral
multiples of U.S.$1,000 in excess thereof. 
 (c) So long as and to the extent that the Notes are represented by
one or more Global Securities held by or on behalf of the Depositary only, the Issuer may accomplish any delegending of such Notes represented by such Global Securities at any time on or after the Resale Restriction Delegending Date, to the extent
such Notes are freely tradable without restrictions under applicable securities laws, by: 
 (i)
providing written notice to the Trustee that the Resale Restriction Delegending Date has occurred and instructing the Trustee to remove the Restricted Securities Legend from the Notes; 

(ii) providing written notice to Holders of the Notes that the Restricted Securities Legend has been
removed or deemed removed; 
 (iii) providing written notice to the Trustee and the Depositary to
change the CUSIP number for the Notes to the applicable unrestricted CUSIP number; and 
 (iv)
complying with any Applicable Procedures for delegending; 
 whereupon the Restricted Securities Legend shall be deemed removed
from any Global Securities without further action on the part of Holders. 
  

 18 

 (d) Transfers of Notes and Restricted Notes. 

(i) Upon the transfer, exchange or replacement of Notes (or beneficial interests in a Global Security) not
bearing (or not required to bear upon such transfer, exchange or replacement) a Restricted Securities Legend, the Registrar shall exchange such Notes (or beneficial interests) for Notes (or beneficial interests in a Global Security) not bearing a
Restricted Securities Legend. 
 (ii) Upon the transfer, exchange or replacement of Notes (or
beneficial interests in a Global Security) bearing a Restricted Securities Legend at any time prior to the time the Issuer has provided notice of the occurrence of the Resale Restriction Delegending Date, the Registrar shall deliver only Notes (or
beneficial interests in a Global Security) bearing a Restricted Securities Legend unless (i) such Notes (or beneficial interests) are transferred pursuant to an effective shelf registration statement; (ii) such Notes (or beneficial
interests) are transferred pursuant to Rule 144 upon delivery to the Registrar of a certificate of the transferor in the form contained in Exhibit A hereto and an Opinion of Counsel reasonably satisfactory to the Registrar;
(iii) such Notes (or beneficial interests) are transferred, replaced or exchanged after the Resale Restriction Delegending Date and are freely tradable without restriction under applicable securities laws; or (iv) in connection with such
transfer, exchange or replacement the Registrar shall have received an Opinion of Counsel, certificates and such other evidence reasonably required by and satisfactory to it to the effect that neither such Restricted Securities Legend nor the
related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act. The Issuer shall deliver to the Trustee an Officer’s Certificate promptly upon effectiveness, withdrawal or suspension of
any shelf registration statement that is or has previously been declared effective with respect to the Notes. 

(e) Any transfer of Restricted Notes not described above (other than a transfer of a beneficial interest in a Global
Security that does not involve an exchange of such interest for a Definitive Security or a beneficial interest in another Global Security, which must be effected in accordance with applicable law and the Applicable Procedures, but is not subject to
any procedure required by this Indenture) shall be made only upon receipt by the Registrar of such Opinions of Counsel, certificates and such other evidence reasonably required by and satisfactory to it in order to ensure compliance with the
Securities Act, or as otherwise set forth in this Indenture. 
 (f) Any Note or ADS issued upon the conversion
or exchange of a Note that, prior to the date upon which the Issuer instructs the Trustee to remove the Restricted Securities Legend pursuant to Section 2.07(c) above, is purchased or owned by the Issuer or any Affiliate thereof, may not
be resold by the Issuer, and the Issuer may not permit any such Affiliate to resell it, unless registered under the Securities Act or resold pursuant to an exemption from the registration requirements of the Securities Act in a transaction that
results in such Note or ADS, as the case may be, no longer being “restricted securities” (as defined under Rule 144). 

(g) Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary.
All notices and communications to be given to the Holders 
  

 19 

 
and all payments to be made to Holders in respect of the Notes shall be given or made only to or upon the order of the registered Holders (which shall be the Depositary or its nominee in the case
of a Global Security). The rights of beneficial owners in any Global Security shall be exercised only through the Depositary subject to the Applicable Procedures. The Trustee may conclusively rely and shall be fully protected in relying upon
information furnished by the Depositary with respect to its Agent Members and any beneficial owners. 
 (h) The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Notes (including
any transfers between or among Agent Members or beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other documentation as is expressly required by, and to do so if and when expressly
required by, the terms of this Indenture and to examine the same to determine substantial compliance as to form with the express requirements hereof. The Trustee shall have no obligations or duties to the holders of any ADSs issued pursuant to
Article XII hereof. 
 (i) The Trustee shall have no responsibility or obligation to any beneficial owner
of an interest in a Global Security, Agent Members or any other Persons with respect to the accuracy of the records of DTC or its nominee or of Agent Members, with respect to any ownership interest in the Notes or with respect to the delivery to any
Agent Member, beneficial owner or other Person (other than DTC) of any notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to such Notes. All notices
and communications to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only to or upon the order of the registered Holders (which shall be DTC or its nominee in the case of a Global
Security). The rights of beneficial owners in any Global Security shall be exercised only through DTC subject to the applicable rules and procedures of DTC. The Trustee may and shall be fully protected in relying upon information furnished by DTC
with respect to its Agent Members and any beneficial owners. 
 SECTION 2.08. Replacement Notes. If the
Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuer shall issue (after the execution by two Officers, who shall also be members of the Board of Directors), the Mexican Trustee shall sign and the Trustee
shall authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee, the Mexican Trustee or the Issuer as a condition of receiving a replacement Note, such Holder shall provide a certificate of loss and an
indemnity and/or an indemnity bond sufficient, in the judgment of the Issuer, the Mexican Trustee and the Trustee, to fully protect the Issuer, the Mexican Trustee, the Trustee, any Agent and any authenticating agent from any loss, liability, cost
or expense which any of them may suffer or incur if the Note is replaced. The Issuer, the Mexican Trustee and the Trustee may charge the relevant Holder for their expenses in replacing any Note. 

The Trustee or any authenticating agent may authenticate any such substituted Note, and deliver the same upon the receipt
of such security or indemnity as the Trustee, the Mexican Trustee, the Issuer and, if applicable, such authenticating agent may require. Upon the issuance of any substituted Note, the Issuer and the Trustee may require the payment of a sum
sufficient 
  

 20 

 
to cover any Tax or other governmental charge that may be imposed in relation thereto and any other expenses connected therewith. In case any Note which has matured or is about to mature, or has
been submitted for repurchase pursuant to Section 3.03 or is about to be converted into ADSs pursuant to Article XII, shall become mutilated or be destroyed, lost or stolen, the Issuer may, instead of issuing a substitute Note,
pay or authorize the payment of or convert or authorize the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall furnish to the Issuer,
to the Mexican Trustee, to the Trustee and, if applicable, to the authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such
action, and, in case of destruction, loss or theft, evidence satisfactory to the Issuer, the Mexican Trustee, the Trustee and, if applicable, any Paying Agent or Conversion Agent of the destruction, loss or theft of such Note and of the ownership
thereof. 
 Every replacement Note is an additional obligation of the Issuer and shall be entitled to all the
benefits provided under this Indenture equally and proportionately with all other Notes duly issued, authenticated and delivered hereunder. 

SECTION 2.09. Outstanding Notes. The Notes outstanding at any time are all the Notes properly authenticated by the
Trustee except for those canceled by the Trustee, those delivered to it for cancellation, and those described in this Section as not outstanding. 

If a Note is replaced pursuant to Section 2.08, it shall cease to be outstanding unless the Trustee receives
proof satisfactory to it that the replaced Note is held by a protected purchaser. 
 If Notes are considered
paid under Section 4.01, converted under Article XII or redeemed or repurchased pursuant to Section 3.01 or Section 3.03, they shall cease to be outstanding and Interest on them shall cease to accrue,
except as may be otherwise set forth herein. 
 Subject to Section 2.10 hereof, a Note does not
cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note. 
 SECTION 2.10.
When Treasury Notes Disregarded. In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer or an Affiliate of the Issuer shall be considered as
though they are not outstanding except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which a Trust Officer of the Trustee actually knows are so owned shall
be so disregarded. Prior to any such determination, the Issuer shall be obliged to advise the Trustee of any Notes owned by the Issuer or an Affiliate of the Issuer. 

SECTION 2.11. Temporary Notes; Definitive Securities. (a) Until Definitive Securities are ready for delivery,
the Issuer may prepare and the Trustee shall authenticate temporary Notes, which shall also be signed by the Mexican Trustee. Temporary Notes shall be substantially in the form of definitive Notes but may have variations that the Issuer considers
appropriate for temporary Notes and shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare, the Mexican Trustee shall sign and the Trustee shall authenticate Definitive Securities in exchange for
temporary Notes. 
  

 21 

 (b) Definitive Securities. 

(i) Except for transfers made in accordance with Section 2.07(b), a Global Security deposited
with the Depositary or with the Trustee as custodian for the Depositary pursuant to Section 2.01 shall be transferred to the beneficial owners thereof in the form of Definitive Securities only if such transfer complies with
Section 2.07 and (x) the Depositary notifies the Issuer that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a “clearing agency” registered under
the Exchange Act and a successor Depositary is not appointed by the Issuer within 90 days of such notice, (y) an Event of Default has occurred and is continuing, or (z) the Issuer, in its sole discretion, determines that the Global
Security will be exchangeable for Definitive Securities in registered form and notifies the Trustee of its decision. 

(ii) In connection with the exchange of an entire Global Security for Definitive Securities pursuant to
clause (x) of Section 2.11(b)(i), such Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer (by means of the execution by two Officers, who shall also be members of the Board of
Directors) and the Mexican Trustee shall execute, and upon Issuer Order the Trustee shall authenticate and deliver to each Person identified by DTC and/or its participants in exchange for its interest in such Global Security, an equal aggregate
principal amount of Definitive Securities of authorized denominations, and the Registrar shall register such exchanges in the Register. 

(iii) In connection with the exchange of an entire Global Security for Definitive Securities pursuant to
clause (y) of Section 2.11(b)(i), if an Event of Default has occurred and is continuing, upon receipt by the Registrar of instructions from Agent Members on behalf of the owner of a beneficial interest in a Global Security directing
the Registrar to exchange such beneficial owner’s beneficial interest in such Global Security for Definitive Securities, subject to and in accordance with the Applicable Procedures, the Issuer (by means of the execution by two Officers, who
shall also be members of the Board of Directors) and the Mexican Trustee shall promptly execute, and upon Issuer Order the Trustee shall authenticate and make available for delivery to such beneficial owner, Definitive Securities in a principal
amount equal to such beneficial interest in such Global Security. 
 (iv) If (A) an event
described in clause (x) of Section 2.11(b)(i) occurs and Definitive Securities are not issued promptly to all beneficial owners or (B) the Registrar receives from a beneficial owner instructions to obtain Definitive Securities
due to an event described in clause (y) of Section 2.11(b)(i) and Definitive Securities are not issued promptly to any such beneficial owner, the Issuer expressly acknowledges, with respect to the right of any Holder to pursue a
remedy pursuant to Section 6.06 hereof, the right of any beneficial owner of Notes to pursue such remedy with respect to the portion of the Global Security that represents such beneficial owner’s Notes as if such Definitive
Securities had been issued. 
  

 22 

 (c) Any Global Security or interest therein that is transferable to the
beneficial owners thereof in the form of Definitive Securities shall, if held by the Depositary, be surrendered by the Depositary to the Trustee, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of
such Global Security, an equal aggregate principal amount of Notes of authorized denominations in the form of certificated Notes in definitive form. Any portion of a Global Security transferred pursuant to this Section shall be executed,
authenticated and delivered only in denominations of U.S.$100,000 and multiples of U.S.$1,000 in excess thereof and registered in such names as the Depositary and/or its participants shall direct. 

(d) Prior to any transfer pursuant to Section 2.11(b), the registered Holder of a Global Security may grant
proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 

(e) The Issuer will make available to the Trustee a reasonable supply of certificated Notes in definitive form without
interest coupons. 
 SECTION 2.12. Cancellation. The Issuer at any time may deliver Notes to the Trustee
for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else may cancel Notes surrendered for registration of transfer,
exchange, payment, replacement, conversion, redemption, repurchase or cancellation. All Notes so surrendered to the Trustee shall be cancelled promptly by the Trustee. Upon written instructions of the Issuer, the Trustee shall dispose of canceled
Notes in accordance with its customary procedures for the disposition of canceled securities and, after such disposition, shall upon written request deliver a certificate of disposition to the Issuer. The Issuer may not issue new Notes to replace
Notes that it has paid or repurchased or that have been delivered to the Trustee for cancellation or that any Holder has (i) converted pursuant to Article XII hereof, or (ii) submitted for repurchase pursuant to
Section 3.03 hereof (unless validly revoked pursuant to Section 3.04). 
 SECTION 2.13.
[Reserved]. 
 SECTION 2.14. CUSIP Number. (a) The Issuer, in issuing the Restricted Notes,
will use a restricted CUSIP number for such Notes until such time as the Restricted Securities Legend is removed pursuant to Section 2.07(c) or Section 2.07(d). At such time as the applicable restrictive legend is removed
from such Notes pursuant to Section 2.07(c) or Section 2.07(d), the Issuer will use an unrestricted CUSIP number for such Note, but only with respect to the Notes where so removed. 

(b) The Issuer, upon issuing ADSs upon conversion of Restricted Notes, will use a restricted CUSIP number for such ADSs.
With respect to each ADR representing such ADS, until such time as the applicable Restricted ADS Legend is removed pursuant to Section 2.07(c) or Section 2.07(d) from such ADR, such restricted CUSIP will be the CUSIP numbers
for such 
  

 23 

 
ADR. At such time as the applicable restrictive legend is removed from such ADR pursuant to Section 2.07(c) or Section 2.07(d), an unrestricted CUSIP number for such ADR
will be deemed to be the CUSIP number therefor, but only with respect to the ADRs where so removed. 
 (c) The
Trustee shall use the applicable CUSIP number in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such number either as printed on the Notes or
as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such number. The Issuer will
promptly notify the Trustee in writing of any change in the CUSIP number. 
 ARTICLE III 

REDEMPTION AND REPURCHASE OF NOTES 

SECTION 3.01. Redemption of Notes at the Option of the Issuer. (a) If, as a result of any amendment to, or
change in, the laws (or any rules or regulations thereunder) of any government or jurisdiction (a “Taxing Jurisdiction”) affecting taxation, or any amendment to or change in an official interpretation or application of such laws,
rules or regulations that has a general effect, which amendment to or change of such laws, rules or regulations becomes effective on or after the Issue Date (which, in the case of a merger, consolidation or other transaction permitted and described
under Article V, shall be treated for this purpose as the date of such transaction) the Issuer would be obligated, after taking all reasonable measures to avoid such requirement, to pay Additional Amounts in excess of those attributable to a
withholding Tax rate of 10% with respect to the Notes, then, at the Issuer’s option, the Issuer may give a Tax Redemption Notice whereupon the Notes shall be redeemed (a “Tax Redemption”) in whole, but not in part, at a
redemption price (the “Tax Redemption Price”) equal to 100% of the outstanding principal amount, plus Interest, if any, up to but not including the Tax Redemption Date; provided, however, that (1) no Tax
Redemption Notice may be given earlier than 90 days prior to the earliest date on which the Issuer would be obligated to pay the Additional Amounts described in the preceding sentence if a payment on the Notes were then due, (2) at the time
such Tax Redemption Notice is given such obligation to pay such Additional Amounts remains in effect, and (3) the Issuer shall have satisfied the additional requirements set forth in paragraph (b) of this Section 3.01. A Tax
Redemption Notice, once delivered by the Issuer or caused to be delivered by the Issuer, shall be irrevocable. 

(b) Prior to the publication of any Tax Redemption Notice, the Issuer will deliver to the Trustee: 

(i) an Officer’s Certificate stating that the Issuer is entitled to effect the redemption and setting
forth a statement of facts showing that the conditions precedent to the Issuer’s right to redeem have occurred, and 

(ii) an Opinion of Counsel of recognized standing in the affected Taxing Jurisdiction to the effect that
the Issuer has or will become obligated to pay such Additional Amounts as a result of such change or amendment. 
  

 24 

 (c) The Issuer shall not have the right to exercise any such optional
redemption at any time when it is prohibited from having such an option under the Financing Agreement. Upon delivery of a Tax Redemption Notice, each Holder will have the option to convert its Notes as if a Fundamental Change had occurred by
delivering a notice of conversion of the Notes to the Trustee no later than the close of business on the fourth Business Day immediately preceding the Tax Redemption Date set forth in the Tax Redemption Notice. Such conversion shall be made at the
Make Whole Fundamental Change Premium, determined as set forth in Section 12.12; provided that the “ADS price” used by the Issuer in the calculation of the make whole amount shall be the Last Reported Sale Price of the
ADSs on the Trading Day immediately preceding the date the Tax Redemption Notice is delivered by the Issuer or caused to be delivered by the Issuer and “Effective Date” used in such calculation shall be the Trading Day immediately
preceding such date of delivery. The settlement of such conversion shall be made in accordance with the settlement provisions set forth in Section 12.12. 

(d) If the Issuer sets a Tax Redemption Date between a Record Date and the corresponding Interest Payment Date, the
Issuer will not pay accrued Interest to any redeeming Holder, and will instead pay the full amount of the relevant Interest payment on such Interest Payment Date to the Holder of record on such Record Date. 

(e) If the Issuer elects to exercise the redemption right described in Section 3.01(a), it shall give, or
cause to be given by the Trustee, irrevocable written notice of redemption (the “Tax Redemption Notice”) not less than 30 days nor more than 60 days before the Tax Redemption Date to the Trustee, the Paying Agent and each Holder at
the addresses as shown on the Register. The Tax Redemption Notice shall include such notices as are required by law and shall state: (i) the aggregate principal amount of Notes to be redeemed; (ii) the CUSIP number or numbers of the Notes
being redeemed; (iii) the Business Day on which the redemption will be effected (the “Tax Redemption Date”); (iv) the Tax Redemption Price; (v) the place or places of payment and that payment will be made upon
presentation and surrender of such Notes; (vi) that Interest to, but excluding, the Tax Redemption Date will be paid as specified in said notice, and that on and after said date Interest thereon or on the portion thereof to be redeemed will
cease to accrue; (vii) that the Holder has a right to convert the Notes called for redemption at a Make Whole Fundamental Change Premium; (viii) the Conversion Rate on the date of Tax Redemption Notice; (ix) the method of calculating
the number of ADSs to be delivered to the Holder upon conversion with respect to any conversions made prior to the Tax Redemption Date; (x) the applicable information required to be contained in a Fundamental Change Notice as set forth in
Section 12.12(b); and (xi) if required, whether the Issuer has an effective resale shelf registration statement with respect to any ADSs it may issue as payment for the Make Whole Fundamental Change Premium and, if so, include a
selling ADS holder questionnaire to enable each Holder or beneficial owner of Notes to be named as a seller in such resale shelf registration statement. Simultaneously with providing the Tax Redemption Notice, the Issuer shall also issue a press
release announcing the occurrence of such Tax Redemption. 
 (f) On the third Business Day following the Tax
Redemption Date, the Issuer shall issue and shall deliver to each Holder of record on the Tax Redemption Date at the office or agency maintained by the Issuer for such purpose pursuant to Section 4.04, a certificate or certificates for,
or effect a book-entry transfer through the Depositary with respect to, the number of full ADSs issuable in accordance with the provisions of Section 3.01(b) and Section 3.01(c). 

 

 25 

 SECTION 3.02. [Reserved]. 

SECTION 3.03. Repurchase Upon a Change of Control at the Option of the Holders. (a) Upon the occurrence of a
Change of Control (the effective date of each such occurrence, the “Change of Control Date”), the Issuer shall notify the Holders, the Mexican Trustee and the Trustee in writing of such occurrence and shall be required to make an
offer (the “Change of Control Offer”) to repurchase all Notes then outstanding at a repurchase price in cash (the “Change of Control Payment”) equal to 100% of the principal amount thereof, plus Interest, to, but
excluding, the Change of Control Purchase Date (as defined in Section 12.12(b)) (unless the Change of Control Purchase Date is between a Record Date and the Interest Payment Date to which it relates, in which case the Issuer will pay
Interest on such Interest Payment Date to the Holder of record on such Record Date and the Change of Control Payment will be equal to 100% of the principal amount of the Notes subject to repurchase and will not include Interest). 

(b) Notice of a Change of Control shall be made in accordance with the provisions set forth under Section 12.12(b).

 (c) The Issuer will not be required to make a Change of Control Offer if a third party makes a Change of
Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth herein applicable to a Change of Control Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under such Change of
Control Offer. 
 SECTION 3.04. General Provisions Applicable to Repurchases. The following additional
provisions shall apply to repurchases pursuant to Section 3.03. 
 (a) To exercise its rights under
Section 3.03, a Holder must deliver the Notes to be purchased to the Paying Agent, together with a written purchase notice, after receipt of the Fundamental Change Notice and on or before the Business Day immediately preceding the Change
of Control Purchase Date. The purchase notice must contain: (x) if the Notes are not certificated, the Holder’s notice must comply with appropriate DTC procedures or, if the Notes are certificated, the notice shall include the certificate
numbers of the Holder’s Notes to be delivered for purchase; (y) the portion of the principal amount of the Holder’s Notes to be purchased, which must be U.S.$1,000 or a multiple of U.S.$1,000; provided that the portion not to
be purchased is in a minimum principal amount of U.S.$100,000; and (z) that the Holder’s Notes are to be purchased by the Issuer pursuant to the applicable provisions of the Notes and this Indenture. In addition, if the Notes are
certificated, the Notes delivered for repurchase shall be duly endorsed for transfer and the written purchase notice in the appropriate form on the reverse side of the Notes shall be duly completed. No Notes of a principal amount of less than
U.S.$100,000 shall be purchased by the Issuer in part. 
 (b) On the Business Day prior to the Change of Control
Purchase Date, the Issuer will deposit with the Trustee or with the Paying Agent an amount of money in immediately available funds sufficient to repurchase on such date all the Notes (or portions thereof) tendered for repurchase (other than those
theretofore surrendered for conversion into ADSs) and not withdrawn, provided that if such payment is made on the Change of Control Purchase Date, it must be received by the Trustee or Paying Agent, as the case may be, by 10:00 a.m. New York
City time on such date. 
  

 26 

 (c) A Holder that has exercised a repurchase right will receive the Change
of Control Payment, promptly following the later of (i) the Change of Control Purchase Date or (ii) the time of book-entry transfer or the delivery of the Notes. If the Paying Agent holds money or securities sufficient to pay the cash
portion of the purchase price of the Notes to be repurchased on the second Business Day following the Change of Control Purchase Date, then the following shall occur: 

(A) the Notes tendered for purchase and not withdrawn will cease to be outstanding and Interest, if any,
will cease to accrue on such Notes on the Change of Control Purchase Date (whether or not book-entry transfer of the Notes is made or whether or not the Notes are delivered to the Paying Agent); and 

(B) all other rights of the Holders with respect to the Notes tendered for purchase and not withdrawn will
terminate on the Change of Control Purchase Date (other than the right to receive the Change of Control Payment upon delivery or transfer of the Notes). 

(d) Any Change of Control Offers shall be made by the Issuer in compliance with all applicable provisions of the Exchange
Act, all applicable tender offer rules promulgated thereunder and all other federal and state securities laws, to the extent such laws and regulations are then applicable and shall include all instructions and materials (such as the filing of a
Schedule TO or any other required schedule) that the Issuer shall reasonably deem necessary to enable each such Holder to tender its Notes. The Issuer will not purchase Notes if the principal amount of the Notes has been accelerated, and such
acceleration has not been rescinded, on or prior to the Change of Control Purchase Date. 
 (e) Notwithstanding
anything herein to the contrary, any Holder delivering to a Paying Agent an election to have its Notes purchased pursuant to Section 3.03 shall have the right to withdraw such election in whole or in a portion thereof that is a principal
amount of U.S.$1,000 or in an integral multiple thereof (provided that the portion not to be so purchased is in a minimum principal amount of U.S.$100,000), if the Paying Agent receives, not later than close of business on the Business Day
immediately preceding the Change of Control Purchase Date, a facsimile transmission or written letter, which may be sent via, mail setting forth (i) the name of the Holder; (ii) the principal amount of withdrawn Notes, which must be
U.S.$1,000 or a multiple of U.S.$1,000, and provided that the portion remaining to be repurchased is in a minimum principal amount of U.S.$100,000; (iii) if certificated Notes have been issued, the certificate numbers of the withdrawn
Notes, or if not certificated, the notice must comply with appropriate DTC procedures; and (iv) the principal amount, if any, which remains subject to the notice of election. 

(f) If a Holder has already delivered a purchase notice as described in Section 3.03 with respect to a Note,
the Holder may not surrender that Note for conversion until the Holder has withdrawn the purchase notice in accordance with Section 3.04(e). 
  

 27 

 ARTICLE IV 

COVENANTS 

SECTION 4.01. Payment of Notes. The Issuer shall pay the principal of and Interest on the Notes on the dates and
in the manner provided in the Notes. Principal, Interest or cash payments to be made pursuant to Article III shall be considered paid on the date due if the Trustee or Paying Agent (other than the Issuer or a Subsidiary of the Issuer or any
Affiliate of the Issuer) holds as of 10:00 a.m. New York City time on that date immediately available funds designated for and sufficient to pay all principal, Interest and cash payments to be made pursuant to Article III then due;
provided, however, that money held by the Agent for the benefit of holders of Senior Indebtedness pursuant to the provisions of Article XI hereof or the payment of which to the Holders is prohibited by Article XI shall
not be considered to be designated for the payment of any principal of or Interest on the Notes within the meaning of this Section 4.01. 

To the extent lawful, the Issuer shall pay Interest (including post-petition Interest in any proceeding under any
Bankruptcy Law) on (i) overdue principal, at the rate borne by the Notes per annum; and (ii) overdue installments of Interest (without regard to any applicable grace period) at the same rate per annum, in each case during the period in
which such Default is continuing. 
 SECTION 4.02. Reports. (a) The Issuer shall furnish to the
Trustee within 15 days after the same are required to be filed with the Commission any documents or reports that the Issuer is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act (giving effect to any grace
period provided by Rule 12b-25 under the Exchange Act). 
 (b) In the event that the Issuer is no longer subject
to the reporting requirements of Section 13 or 15(d) of the Exchange Act, so long as any Notes remain outstanding, the Issuer shall: 

(i) provide the Trustee and the Holders with: 

(A) annual reports on Form 20-F (or any successor form) containing the information required to be
contained therein (or such successor form) within the time period required under the rules of the Commission for the filing of Form 20-F (or any successor form) by “foreign private issuers” (as defined in Rule 3b-4 of the
Exchange Act (or any successor rule)); 
 (B) reports on Form 6-K (or any successor form)
including, whether or not required, unaudited quarterly financial statements (which shall include at least a balance sheet, income statement and cash flow statement) including a discussion of financial condition and results of operations of the
Issuer in accordance with past practice, within 45 days after the end of each of the first three fiscal quarters of each fiscal year; and 

(C) such other reports on Form 6-K (or any successor form) promptly from time to time after the
occurrence of an event that would be required to be reported on a Form 6-K (or any successor form); and 
  

 28 

 (ii) file with the Commission, to the extent permitted, the
information, documents and reports referred to in clause (i) above within the periods specified for such filings under the Exchange Act (whether or not applicable to the Issuer). 

(c) In addition, at any time when the Issuer is not subject to or is not current in its reporting obligations under
clause (ii) of Section 4.02, the Issuer shall make available, upon request, to any Holder and any prospective purchaser of Notes the information required pursuant to Rule 144A(d)(4) under the Securities Act. 

(d) Delivery of such reports, information and documents to the Trustee is for informational purposes only and the
Trustee’s receipt of such reports shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as
to which the Trustee is entitled to rely exclusively on an Officer’s Certificates). 
 (e) As provided in
Articles 210 Bis and 212 of the LGTOC, so long as any Notes remain outstanding: 
 (i) within
four months after the end of each fiscal year, the Issuer’s Board of Directors shall notify the shareholders of the number of Notes that have been converted into ADSs in accordance with this Indenture as of the date thereof. Such notification
shall include the number of underlying Ordinary Shares of the Issuer and CPOs that were subscribed as a result of such conversion and shall be notarized before a Mexican notary public and filed with the Public Registry of Commerce; and 

(ii) the Issuer shall publish, on an annual basis, its balance sheet corresponding to the previous fiscal
year in the Mexican Official Gazette of the Federation (Diario Oficial de la Federación), duly certified by a public accountant. 

SECTION 4.03. Compliance Certificate. The Issuer shall deliver to the Trustee within 120 days after the end of
each fiscal year of the Issuer (which fiscal year ends on December 31 of each year, subject to any change in fiscal year following the Issue Date) an Officer’s Certificate stating that in the course of the performance by the signer of his
or her duties as an Officer of the Issuer he or she would normally have knowledge of any Default or Event of Default and whether or not the signer knows of any Default or Event of Default that occurred during the previous fiscal year. If he or she
does, the certificate shall describe the Default or Event of Default, its status and what action the Issuer is taking or proposes to take with respect thereto. 

SECTION 4.04. Maintenance of Office or Agency. The Issuer shall maintain or cause to be maintained the office or
agency required under Section 2.03. The Issuer shall give prompt written notice to the Trustee and the Mexican Trustee of the location, and any change in the location, of such office or agency not maintained by the Trustee. If at any
time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee and the Mexican Trustee with the address thereof, presentations, surrenders, notices and demands with respect to the Notes may be made or
served at the Corporate Trust Office of the Trustee. 
  

 29 

 The Issuer may also from time to time designate one or more other offices or
agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designation. 

SECTION 4.05. [Reserved]. 

SECTION 4.06. Appointments to Fill Vacancies in Trustee’s Office. The Issuer, whenever necessary to avoid or
fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.08, a Trustee, so that there shall at all times be a Trustee hereunder. If for any reason the Mexican Trustee resigns or is removed, the Issuer
shall take all actions to appoint a new Mexican trustee so that there shall at all times be a Mexican banking institution acting as Mexican Trustee hereunder and for the purposes of the duties of the Mexican Trustee set forth herein. 

SECTION 4.07. Stay, Extension and Usury Laws. The Issuer covenants (to the extent that it may lawfully do so) that
it shall not at any time insist upon, plead or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter enforced, that may affect the Issuer’s obligation
to pay the Notes; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law insofar as such law applies to the Notes, and covenants that it shall not, by resort to any such law,
hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 

SECTION 4.08. [Reserved]. 

SECTION 4.09. Additional Interest. (a) If, at any time during the six months to one year period following the
Issue Date, (i) the Issuer fails to timely file any document or report that it is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act (other than any current report on Form 6-K), or (ii) the Notes
are not otherwise freely tradable by Holders (other than Holders who are Affiliates of the Issuer or any Person that has been an Affiliate of the Issuer at any time during the three months preceding the applicable date) as a result of restrictions
pursuant to the U.S. securities laws or the terms of this Indenture or the Notes, the Notes will accrue Additional Interest at the rate of 0.50% per annum on the outstanding principal amount of Notes, such additional accrual to begin at such
time as either of the conditions described in clauses (i) and (ii) of this sentence exist and to end at the earlier of (x) the end of such one year period and (y) the time with such conditions no longer exist. The Issuer shall
pay such Additional Interest in cash on each Interest Payment Date to the Person who is the Holder of record of the Notes on the immediately preceding Record Date and if and when the conditions described in clauses (i) and (ii) of the
preceding sentence no longer exist, accrued and unpaid Additional Interest through the date such conditions last existed will be paid in cash on the subsequent Interest Payment Date to the record Holder on the Record Date. Unless: 

(i) the Restricted Securities Legend on the Notes has been removed, and 

 

 30 

 (ii) the Notes are freely tradable pursuant to Rule 144
under the Securities Act without restrictions by Holders other than Affiliates of the Issuer or any Person that has been an Affiliate of the Issuer at any time during the three months preceding the applicable date (as a result of restrictions
pursuant to U.S. securities law or the terms of this Indenture or the Notes), 
 as of the 365th day after the Issue Date, the
Issuer will, at its election, either (A) pay Additional Interest on the Notes at an annual rate equal to 0.50% of the aggregate principal amount of the Notes or (B) designate an effective shelf registration statement useable for the resale
of the Notes or any ADSs issuable upon conversion of the Notes, in which case Additional Interest shall not accrue for each day on which such registration statement remains effective and useable by Holders for the resale of the Notes and any ADSs.
To the extent the Issuer elects to pay such Additional Interest, and for so long as a condition described in either clause (i) or (ii) of the preceding sentence continues to fail to be satisfied, the Issuer shall pay such Additional
Interest in cash on each Interest Payment Date to the Person who is the Holder of record of the Notes on the immediately preceding Record Date. When such default is cured, accrued and unpaid Additional Interest through the date of cure will be paid
in cash on the subsequent Interest Payment Date to the record Holder on the Record Date. In no event shall Additional Interest accrue under the terms of this Indenture (taking any Additional Interest under the provision described in this
Section 4.09 together with any Interest under Section 6.02(b)) at an annual rate in excess of 0.50%, in the aggregate, for any violation or default caused by the Issuer’s failure to be current in respect of its Exchange
Act reporting obligations. 
 (b) During the period of one year after the Issue Date, the Issuer will not, and
will not permit any of its “affiliates” (as defined in Rule 144 under the Securities Act) to, resell any Notes that have been reacquired by the Issuer or acquired by any of them, unless the Notes so resold bear a CUSIP that is different
from the CUSIP for the Notes issued on the Issue Date and not acquired by the Issuer or any of its Affiliates during such one year period. 

SECTION 4.10. Additional Interest Notice. In the event that the Issuer is required to pay Additional Interest to
Holders pursuant to Section 4.09 or Section 6.02(b) hereof, the Issuer shall provide a direction or order in the form of a written notice to the Trustee (and if the Trustee is not the Paying Agent, the Paying Agent) of the
Issuer’s obligation to pay such Additional Interest no later than three Business Days prior to the date on which any such Additional Interest is scheduled to be paid. Such notice shall set forth the amount of Additional Interest to be paid by
the Issuer on such payment date and direct the Trustee (or, if the Trustee is not the Paying Agent, the Paying Agent) to make payment to the extent it receives funds from the Issuer to do so. The Trustee shall not at any time be under any duty or
responsibility to any Holder to determine whether Additional Interest is payable, or with respect to the nature, extent, or calculation of the amount of Additional Interest owed, or with respect to the method employed in such calculation of
Additional Interest. 
 SECTION 4.11. Further Instruments and Acts. Upon request of the Trustee or the
Mexican Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 

 

 31 

 SECTION 4.12. Payment of Additional Amounts. (a) All payments
made by the Issuer under, or with respect to, the Notes shall be made free and clear of, and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including
penalties, interest and other liabilities related thereto) (collectively, “Taxes”) imposed or levied by or on behalf of any Taxing Jurisdiction unless the Issuer is required to withhold or deduct Taxes by law or by the official
interpretation or administration thereof. 
 (b) If the Issuer is so required to withhold or deduct any amount
for, or on account of, such Taxes from any payment made under or with respect to the Notes, the Issuer shall pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amount received by each Holder
(including Additional Amounts) after such withholding or deduction shall not be less than the amount such Holder would have received if such Taxes had not been required to be withheld or deducted; provided, however, that the foregoing
obligation to pay Additional Amounts does not apply to: 
 (i) any Taxes imposed solely because
at any time there is or was a connection between the Holder and a Taxing Jurisdiction (other than the mere purchase of the Notes, or receipt of a payment or the ownership or holding of a Note), 

(ii) any estate, inheritance, gift, sales, transfer, personal property or similar Tax imposed with respect
to the Notes, 
 (iii) any Taxes imposed solely because the Holder or any other Person fails to
comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with a Taxing Jurisdiction of the Holder or any beneficial owner of the Note if compliance is required by the
applicable law of the Taxing Jurisdiction as a precondition to exemption from, or reduction in the rate of, the Tax, assessment or other governmental charge and the Issuer has given the Holders at least 30 days’ notice that Holders shall be
required to provide such information and identification, 
 (iv) any Taxes payable otherwise than
by deduction or withholding from payments on the Notes, 
 (v) any Taxes with respect to such
Note presented for payment more than 30 days after the date on which the payment became due and payable or the date on which payment thereof is duly provided for and notice thereof given to Holders, whichever occurs later, except to the extent that
the Holders of such Note would have been entitled to such Additional Amounts on presenting such Note for payment on any date during such 30 day period, and 

(vi) any payment on the Note to a Holder that is a fiduciary or partnership or a person other than the
sole beneficial owner of any such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such a partnership or the beneficial owner of the payment would not have been entitled to the Additional Amounts had
the beneficiary, settlor, member or beneficial owner been the Holder of the Note. 
  

 32 

 (c) The obligations in Section 4.12(a) and
Section 4.12(b) shall survive any termination or discharge of this Indenture and shall apply mutatis mutandis to any Taxing Jurisdiction with respect to any successor to the Issuer. The Issuer shall (i) make such withholding
or deduction and (ii) remit the full amount deducted or withheld to the relevant Taxing Jurisdiction in accordance with applicable law. The Issuer shall use all reasonable efforts to obtain certified copies of Tax receipts evidencing the
payment of any Taxes so deducted or withheld from each Taxing Jurisdiction imposing such Taxes and shall furnish such certified copies to the Trustee within 30 days after the date the payment of any Taxes so deducted or so withheld is due pursuant
to applicable law or, if such Tax receipts are not reasonably available to the Issuer, furnish such other documentation that provides reasonable evidence of such payment. 

(d) The limitations on the obligations to pay additional amounts stated in clause (iii) of
Section 4.12(b) shall not apply if the provision of information, documentation or other evidence described in clause (iii) of Section 4.12(b) would be materially more onerous, in form, in procedure or in the substance of
information disclosed, to a Holder or beneficial owner of a Note than comparable information or other reporting requirements imposed under U.S. Tax law, regulation (including proposed regulations) and administrative practice. The limitations on the
obligations to pay additional amounts in clause (iii) of Section 4.12(b) shall not apply with respect to Taxes imposed by Mexico or any political subdivision or taxing authority thereof if the Issuer can otherwise obtain the
application of the lower withholding tax rate in effect unless (A) the provision of the information, documentation or other evidence described in clause (iii) of Section 4.12(b) is expressly required by statute, regulation, or
published administrative practice of general applicability, (B) the Issuer cannot obtain the information, documentation or other evidence necessary to comply with the applicable laws and regulations on its own through reasonable diligence and
without requiring it from Holders, and (C) the Issuer otherwise would meet the requirements set forth under applicable law and regulations. In addition, clause (iii) of Section 4.12(b) does not and shall not be construed to
require that any Person, including any non-Mexican pension fund, retirement fund, financial institution or any other Holder or beneficial owner of a Note, register with the Mexican Ministry of Finance and Public Credit to obtain eligibility for an
exemption from, or a reduction of, Mexican withholding Tax. 
 (e) Any reference in this Indenture, any
supplemental indenture or the Notes to principal, Interest or any other amount payable in respect of the Notes by the Issuer shall be deemed also to refer to any Additional Amount that may be payable with respect to that amount under the obligations
referred to in this subsection. 
 (f) In the event that Additional Amounts actually paid with respect to the
Notes pursuant to this Section 4.12 are based on rates of deduction or withholding of withholding Taxes in excess of the appropriate rate applicable to the Holder of such Notes, and as a result thereof such Holder is entitled to make a
claim for a refund or credit of such excess from the authority imposing such withholding Tax, then such Holder shall, by accepting such Notes, and without any further action, be deemed to have assigned and transferred all right, title and interest
to any such claim for a refund or credit of such excess to the Issuer. However, by making such assignment, the Holder makes no representation or warranty that the Issuer will be entitled to receive such claim for a refund or credit and incurs no
other obligation with respect thereto including making any filing to request a refund. 
  

 33 

 (g) For purposes of this Section 4.12, references to
“payments” made by the Issuer under, or with respect to, the Notes shall include the conversion of Notes by the Issuer. 

SECTION 4.13. Spanish Translation, Notarization and Registration. This Indenture shall be executed in both English
and Spanish. Concurrently with the execution of this Indenture, the Issuer, the Trustee and the Mexican Trustee shall execute a Spanish version of this Indenture before a Mexican notary public, provided, however, that in case of any
inconsistency or question as to the proper interpretation or construction of this Indenture between the text in English and the text in Spanish, the English text shall control in all cases. 

SECTION 4.14. Registration with the Pubic Registry of Commerce. Within forty-five (45) days after the date
hereof, the Issuer shall provide the Trustee and the Mexican Trustee with a copy of the public instrument containing the notarized Spanish version of this Indenture, duly filed with, and stamped by, the Public Registry of Commerce. 

SECTION 4.15. Compliance with Mexican Law provisions. (a) The Issuer shall, at all times during the term of
this Indenture, comply with all applicable provisions set forth in Mexican applicable Laws, including without limitation, Chapter V (Capítulo V) of the LGTOC. 

(b) In accordance with paragraph III of Article 210 Bis, the issue price of the Notes shall not be below the Notes’
nominal amount. 
 ARTICLE V 

SUCCESSORS 

SECTION 5.01. Merger, Consolidation and Sale of Assets. The Issuer will not, in a single transaction or series of
related transactions, consolidate or merge with or into any Person (whether or not the Issuer is the surviving or continuing Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Issuer’s
properties and assets (determined on a consolidated basis for the Issuer and its Subsidiaries), to any Person unless: 

(a) either: 

(i) the Issuer shall be the surviving or continuing corporation, or 

(ii) the Person (if other than the Issuer) formed by such consolidation or into which the Issuer is merged
or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition the properties and assets of the Issuer and its Subsidiaries substantially as an entirety (the “Successor Issuer”): 

(A) shall be a corporation organized and validly existing under the laws of Mexico, the United States of
America, any State thereof or the District of Columbia, Canada, France, Belgium, Germany, Italy, Luxembourg, the Netherlands, Portugal, Spain, Switzerland or the United Kingdom, or any political subdivision thereof (the “Permitted Merger
Jurisdictions”); and 
  

 34 

 (B) shall expressly assume, by supplemental indenture (in
form and substance satisfactory to the Trustee), executed and delivered to the Trustee, the due and punctual payment of the principal and Interest on all of the Notes and the performance and observance of every covenant of the Notes and this
Indenture on the part of the Issuer to be performed or observed and provide the Trustee with an Officer’s Certificate and Opinion of Counsel, and such transaction is otherwise in compliance with this Indenture; 

(b) immediately before and immediately after giving effect to such transaction and the assumption contemplated by clause
(a)(ii)(B) of this Section 5.01, no Default or Event of Default shall have occurred or be continuing. 

(c) if the Issuer merges with a corporation, or the Successor Issuer is organized under the laws of any of the Permitted
Merger Jurisdictions, the Issuer or the Successor Issuer will have delivered to the Trustee an Opinion of Counsel that, as applicable: 

(i) the Holders will not recognize income, gain or loss for the purposes of the income Tax laws of United
States or the applicable Permitted Merger Jurisdiction as a result of the transaction and will be taxed in the Holder’s home jurisdiction in the same manner and on the same amounts (assuming solely for this purpose that no additional amounts
are regarded to be paid on the Notes) and at the same times as would have been the case if the transaction had not occurred; 

(ii) any payment of principal or Interest on the Notes will be paid in compliance with any requirements
under Section 4.12; and 
 (iii) no other Taxes on income, including capital gains,
will be payable by Holders under the laws of United States or the applicable Permitted Merger Jurisdiction relating to the acquisition, ownership or disposition of the Notes, including the receipt of Interest or principal thereon; provided that the
Holder does not use or hold, and is not deemed to use or hold, the Notes in carrying on a business in the United States or the applicable Permitted Merger Jurisdiction. 

(d) The provision of clause (b) of this Section 5.01 shall not apply to: 

(1) any transfer of the properties or assets of a Subsidiary of the Issuer to the Issuer; 

(2) any merger of a Subsidiary of the Issuer into the Issuer; or 

(3) any merger of the Issuer into a Subsidiary of the Issuer. 

(e) For purposes of the covenant in this Section 5.01, the transfer (by lease, assignment, sale or otherwise,
in a single transaction or series of transactions) of all or substantially all of the properties or assets of one or more Subsidiaries of the Issuer, the Capital 

 

 35 

 
Stock of which constitutes all or substantially all of the properties and assets of the Issuer (determined on a consolidated basis for the Issuer and its Subsidiaries), will be deemed to be the
transfer of all or substantially all of the properties and assets of the Issuer. 
 (f) Upon any such
consolidation, merger, sale, assignment, conveyance, lease, transfer or other disposition in accordance with Section 5.01, the Successor Issuer formed by such consolidation or into which the Issuer is merged or to which such sale,
assignment, conveyance, lease, transfer or other disposition is made will succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture and the Notes with the same effect as if such successor had been
named as the Issuer therein, and thereafter the predecessor corporation will be relieved of all further obligations and covenants under this Indenture and the Notes. 

(g) the Issuer or such Person shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel
each stating that such consolidation, merger, combination, sale, assignment, disposition, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with the
provisions of this Indenture and that all conditions precedent in this Indenture relating to such transaction have been satisfied. 

SECTION 5.02. Purchase Option on Fundamental Change. This Article V does not affect the obligations of the
Issuer (including without limitation any successor to the Issuer) under Section 3.03. 
 ARTICLE VI

 DEFAULTS AND REMEDIES 

SECTION 6.01. Events of Default. An “Event of Default” with respect to any Notes occurs if:

 (a) the Issuer defaults in the payment in respect of the principal of any Note when due at maturity, upon
redemption or repurchase pursuant to Article III, upon declaration of acceleration or otherwise, whether or not such payment is prohibited by the subordination provisions set forth in Article XI; 

(b) the Issuer defaults in the payment of any Interest on any Note when due and payable, whether or not such payment is
prohibited by the subordination provisions set forth in Article XI, including any Interest payable in connection with a redemption or repurchase pursuant to Article III, and continuance of such default for a period of 30 days or more;

 (c) the Issuer defaults in the delivery when due of ADSs deliverable upon conversion with respect to the
Notes in accordance with Article XII, which default continues for a period of five Business Days or more; 

(d) the Issuer fails to provide a timely Fundamental Change Notice in accordance with Section 12.12(b);

  

 36 

 (e) the Issuer fails to comply with the covenant described in clause
(b) of Section 12.08; 
 (f) failure by the Issuer to comply with the covenant described in
clause (a) of Section 12.08 that continues for a period of 30 days after the Issuer receives written notice of such failure from the Trustee or the Holders of at least 25% in principal amount of the Notes then outstanding;

 (g) the Issuer defaults (other than a default set forth in clauses (a) through (f) above) in the
performance of, or breaches, any other covenant or agreement of the Issuer set forth in this Indenture or the Notes and fails to remedy such default or breach within a period of 45 days after its receipt of written notice thereof from the Trustee or
the Holders of at least 25% in aggregate principal amount of the then outstanding Notes; 
 (h) the Issuer or
any of the Issuer’s “Significant Subsidiaries” (as defined in Article 1, Rule 1-02 of Regulation S-X) defaults with respect to any mortgage, agreement or other instrument under which there is outstanding, or by which there is secured
or evidenced, any Indebtedness for money borrowed having a principal amount in excess of U.S.$50 million in the aggregate, whether such Indebtedness now exists or shall hereafter be created, (i) resulting in such Indebtedness becoming or being
declared due and payable prior to its express maturity date or (ii) constituting a failure to pay at least U.S.$50 million of such Indebtedness when due and payable (after the expiration of any applicable grace period) at its stated maturity,
upon required repurchase, upon declaration or otherwise; provided, that any such Event of Default shall be deemed cured and not continuing upon payment of such Indebtedness or rescission of such declaration; 

(i) a final judgment for the payment of U.S.$50 million or more (excluding any amounts covered by insurance or bond) is
rendered against the Issuer or any Significant Subsidiary by a court of competent jurisdiction, which judgment is not discharged, stayed, vacated, paid or otherwise satisfied within 60 days after (i) the date on which the right to appeal
thereof has expired if no such appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished; or 

(j) a Bankruptcy Event of Default occurs. 

SECTION 6.02. Acceleration. (a) If an Event of Default (other than an Event of Default with respect to the
Issuer specified in Section 6.01(j)) occurs and is continuing, then and in every such case (i) the Trustee, by written notice to the Issuer, or (ii) the Holders of at least 25% in aggregate principal amount of the then
outstanding Notes, by written notice to the Issuer and the Trustee, may, and the Trustee at the request of such Holders shall, declare all of the unpaid principal of, and Interest, on all the Notes to be due and payable. Upon such declaration such
principal amount, and Interest, shall become immediately due and payable, notwithstanding anything contained in this Indenture or the Notes to the contrary, but subject to the provisions of Article XI hereof. If the Event of Default with
respect to the Issuer specified in Section 6.01(j) occurs, all unpaid principal of, and Interest on, the Notes then outstanding shall become automatically due and payable, subject to the provisions of Article XI hereof, without
any declaration or other act on the part of the Trustee or any Holder. 
  

 37 

 (b) Notwithstanding any other provision in this
Article VI, if an Event of Default occurs arising out of the Issuer’s breach of its obligation to file or furnish reports or other financial information as required under Section 4.02 of this Indenture, the Issuer may elect
to pay Additional Interest on the Notes as the sole remedy for such Event of Default, and the Trustee and the Holders will not have any right under this Indenture to accelerate the maturity of the Notes as a result of any such Event of Default,
except as provided below. If elected, the Issuer shall pay Additional Interest to all Holders at a rate equal to 0.50% per annum through the 180th day after the occurrence of such Event of Default (which shall be the
135th day after the end of the 45-day grace period set
forth in Section 6.01(g)), or such earlier date on which the Event of Default relating to the reporting obligations referred to in this Section 6.02(b) shall have been cured or waived. On the 181st day, such Additional
Interest will cease to accrue (or earlier, if the Event of Default relating to the reporting obligations referred to in this Section 6.02(b) shall have been cured or waived prior to such 181st day) and, if the Event of Default is
continuing on such 181st day, the Notes will be subject to acceleration as provided in Section 6.02(a). The provisions of this Section 6.02(b) will not affect the rights of the Holders in the event of the occurrence of any
other Event of Default, and are separate and distinct from, and in addition to, the obligation of the Issuer to increase the interest rate of, and the amount of Interest payable on, the Notes pursuant to Section 4.08, except as otherwise
provided therein. Any Additional Interest paid pursuant to this Section 6.02(b) will be payable at the times and in the manner provided for the payment of regular Interest on the Notes. In order to elect to pay Additional Interest on the
Notes as the sole remedy during the first 180 days after the occurrence of an Event of Default relating to the failure to comply with reporting obligations in accordance with this Section 6.02(b), the Issuer must notify all Holders and
the Trustee and Paying Agent of such election on or before the close of business on the fifth Business Day after the date on which such Event of Default first occurs. If the Issuer fails to timely give such notice, does not pay such Additional
Interest or elects not to pay such Additional Interest, the Notes will be immediately subject to acceleration as provided in Section 6.02(a). 

SECTION 6.03. Other Remedies. If an Event of Default occurs and is continuing, subject to Article XI, the
Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of or Interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. The Trustee may maintain a
proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy occurring upon an Event of Default shall not impair the
right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 

SECTION 6.04. Waiver of Past Defaults; Rescission of Acceleration. The Holders of a majority in aggregate
principal amount of the then outstanding Notes may, on behalf of the Holders of all the Notes, waive an existing or past Default or Event of Default and its consequences (except a Default or Event of Default in the payment of principal or Interest,
in the repurchase of any Notes when required, in the delivery, upon conversion, of ADSs, or in respect of a covenant or provision of this Indenture which cannot be modified or amended without the consent of all Holders of Notes) and rescind any such
acceleration with respect to the Notes and its consequences if (a) rescission would not conflict with any judgment or decree of a court of competent jurisdiction, (b) all existing Defaults or Events of Default, other than the nonpayment

  

 38 

 
of the principal and Interest on the Notes that have become due solely by such declaration of acceleration, have been cured or waived and (c) there had been paid or deposited with the
Trustee a sum sufficient to pay all amounts due to the Trustee and reimburse the Trustee for any and all expenses, disbursements, fees advanced by the Trustee, its agent and its counsel incurred in connection with such Default or Event of Default.
No such rescission shall affect any subsequent Default or Event of Default or impair any right consequent thereto. 

SECTION 6.05. Control by Majority. The Holders of a majority in aggregate principal amount of the then-outstanding
Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts
with law or this Indenture or that the Trustee determines may be unduly prejudicial to the rights of any other Holder or that may involve the Trustee in personal liability; provided that the Trustee shall have no duty or obligation (subject
to Section 7.01) to ascertain whether or not such actions of forbearances are unduly prejudicial to such Holders; provided, further, that the Trustee may take any other action the Trustee deems proper that is not
inconsistent with such directions. Any Notes held by the Issuer or one of the Issuer’s Subsidiaries shall be disregarded for voting purposes in connection with any notice, waiver, consent or direction requiring the vote or concurrence of
Holders of the Notes. 
 SECTION 6.06. Limitation on Suits. Except to enforce the right to receive
payment of principal and Interest when due, a Holder may not pursue any remedy with respect to this Indenture or the Notes unless: 

(i) the Holder gives to the Trustee written notice that an Event of Default that has occurred and is
continuing; 
 (ii) the Holders of at least 25% in principal amount of the then-outstanding Notes
make a request to the Trustee to pursue the remedy; 
 (iii) such Holder or Holders offer and, if
requested, provide to the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability or expense; 

(iv) the Trustee does not comply with the request within 60 days after receipt of the request and the
offer and, if requested, the provision of such security or indemnity; and 
 (v) the Holders of a
majority in principal amount of the then-outstanding Notes do not give the Trustee a direction that is inconsistent with the request during such 60-day period. 

A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over
another Holder. 
 SECTION 6.07. Rights of Holders to Receive Payment. Subject to the provisions of
Article XI hereof, notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, and Interest, if any, on the Note, on or after the

  

 39 

 
respective due dates expressed in the Note, or to bring suit for the enforcement of any such payment on or after such respective dates, or to bring suit for the enforcement of the right to
convert the Note in accordance with the terms of this Indenture shall not be impaired or affected without the consent of such Holder. 

SECTION 6.08. Collection Suit by Trustee. If an Event of Default specified in Section 6.01(a) or
Section 6.01(b) occurs and is continuing, subject to Article XI, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of principal and Interest, if any,
remaining unpaid on the Notes and Interest, on overdue principal and Interest, if any, and such further amount as shall be sufficient to cover the costs and, to the extent lawful, expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel. 
 SECTION 6.09. Trustee May
File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Issuer,
its creditors or its property. Any receiver, trustee, liquidator or sequestrator (or other similar official) in any such proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, Taxes, disbursements and advances of the Trustee, its agent and counsel, and any other amounts due
to the Trustee pursuant to Section 7.07. Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

SECTION 6.10. Priorities. Subject to Article XI, if the Trustee collects any money pursuant to this
Article VI, it shall pay out the money in the following order: 
 FIRST: to the Trustee for amounts due
under Section 7.07, including payment of all reasonable compensation, expenses and liabilities incurred, and all advances made, by the Trustee, and the costs and expenses of collection; 

SECOND: if the Holders proceed against the Issuer directly without the Trustee in accordance with this Indenture, to
Holders for their collection costs; 
 THIRD: to Holders for amounts due and unpaid on the Notes for principal
and Interest, if any, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal and Interest, if any, respectively; and 

FOURTH: to the Issuer or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a special record date and payment date for any payment to Holders made pursuant to this
Section 6.10. At least 15 days before any such special record date, the Trustee shall mail to Holders of the Notes a notice that states the special record date, payment date and amount of such Interest to be paid. 

 

 40 

 SECTION 6.11. Undertaking for Costs. In any suit for the enforcement
of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit, other than the Trustee, of an
undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or
defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in principal amount of the then outstanding
Notes. 
 ARTICLE VII 

THE TRUSTEE 

The Trustee hereby accepts the trust imposed upon it by this Indenture and covenants and agrees to perform the same, as
herein expressed. Whether or not herein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Article
VII. 
 SECTION 7.01. Duties of the Trustee. (a) If an Event of Default known to the Trustee has
occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent Person would exercise or use under the circumstances in the
conduct of his or her own affairs. 
 (b) The Mexican Trustee shall (i) confirm that the proceeds from the
offering and sale of the Notes are used to fund the purchase of the capped called transactions described in the Offering Memorandum and for general corporate purposes, (ii) cause the registration of a certified copy of the public instrument
containing the notarization of a Spanish version of this Indenture with the Public Registry of Commerce and obtain the registration thereof in the event that the Issuer fails to comply with its obligation to register such public instrument as set
forth in Section 4.02(e)(i), and (iii) exercise all rights and comply with all obligations set forth in the LGTOC, including those set forth in Article 217 (Section I, V, VII and VIII) of the LGTOC. 

(c) Except during the continuance of an Event of Default known to the Trustee: 

(i) The duties of the Trustee shall be determined solely by the express provisions of this Indenture and
the Trustee need perform only those duties that are specifically set forth in this Indenture and no others and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon any statements, certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and
opinions to determine whether or not they conform to the form required by this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts purported to be stated therein). 

 

 41 

 (d) The Trustee may not be relieved from liability for its own negligent
action, its own negligent failure to act or its own willful misconduct, except that: 
 (i) This
paragraph does not limit the effect of paragraph (c) of this Section; 
 (ii) The Trustee
shall not be liable for any error of judgment made in good faith by a Trust Officer of the Trustee, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii) The Trustee shall not be liable with respect to any action it takes or omits to take in good faith
in accordance with a direction received by it pursuant to Section 6.05. 
 (e) No provision of this
Indenture shall require the Trustee to expend or risk its own funds or incur any financial liability in the performance of any of its duties or the exercise of any of its rights and powers hereunder, if it shall have reasonable grounds for believing
that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

(f) Whether or not therein expressly so provided, every provision of this Indenture that is in any way related to the
Trustee is subject to paragraphs (c), (d), and (e) of this Section 7.01. 
 (g) The Trustee
shall not be liable for interest on any money received by it except as the Trustee may agree with the Issuer. Money held in trust by the Trustee need not be segregated from other funds or assets except to the extent required by law. 

(h) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at
the request or direction of any of the Holders unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses (including reasonable attorneys’ fees and expenses) and liabilities that might be
incurred by it in compliance with such request or direction. 
 SECTION 7.02. Rights of the Trustee.
Subject to Section 7.01: 
 (a) The Trustee may conclusively rely on and shall be protected in
acting or refraining from acting upon any resolution, Officer’s Certificate, or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, security or other document believed by it to be genuine and to have
been signed or presented by the proper Person. The Trustee need not investigate any fact or matter contained therein. 

(b) Any request, direction, order or demand of the Issuer mentioned herein shall be sufficiently evidenced by an
Officer’s Certificate (unless other evidence in respect thereof is herein specifically prescribed). In addition, before the Trustee acts or refrains from acting, it may require an Officer’s Certificate, an Opinion of Counsel or both. The
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may consult with counsel of its selection and the advice of such counsel or any
Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

 

 42 

 (c) The Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through its attorneys and agents and other Persons not regularly in its employ and shall not be responsible for the misconduct or negligence of any attorney or agent appointed with due care. 

(d) The Trustee shall not be liable for any action it takes or omits to take in good faith without negligence or willful
misconduct which it believes to be authorized or within its discretion, rights or powers. 
 (e) Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer shall be sufficient if signed by Officers of the Issuer. 

(f) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties
hereunder. 
 (g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it
by this Indenture at the request, order or discretion of any of the Holders pursuant to the provisions of this Indenture, unless such Holders have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and
liabilities which might be incurred therein or thereby. 
 (h) Except for the confirmation of the Net Total
Assets by the Mexican Trustee or as otherwise required pursuant to Section 7.01(b), neither the Trustee nor the Mexican Trustee shall be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, security or other document unless requested in writing to do so by the Holders of not less than a majority in aggregate principal amount of the Notes then outstanding; provided
that if the Trustee or the Mexican Trustee determine in its discretion to make any such investigation, then they shall be entitled, upon reasonable prior notice and during normal business hours, to examine the books and records and the premises of
the Issuer, personally or by agent or attorney, and the reasonable expenses of every such examination shall be paid by the Issuer or, if paid by the Trustee, the Mexican Trustee or any predecessor Trustee or Mexican Trustee, shall be reimbursed by
the Issuer upon demand. 
 (i) The permissive rights of the Trustee or the Mexican Trustee to do things
enumerated in this Indenture shall not be construed as a duty. The Trustee and the Mexican Trustee shall not be answerable for other than their respective negligence or willful misconduct. 

(j) The Trustee shall not be responsible for the computation of any adjustment to the Conversion Rate or for any
determination as to whether an adjustment is required and shall not be deemed to have knowledge of any adjustment unless and until it shall have received the notice from the Issuer contemplated by Section 12.05(e). 

(k) The Trustee shall not be deemed to have knowledge of any Default or Event of Default except (i) any Event of
Default occurring pursuant to Section 6.01(a) or Section 6.01(b), or (ii) any Event of Default of which a Trust Officer of the Trustee shall have received written notification or otherwise obtained actual knowledge.

  

 43 

 (l) Whenever by the terms of this Indenture, the Trustee shall be required
to transmit notices or reports to any or all Holders, the Trustee shall be entitled to conclusively rely on the information provided by the Registrar as to the names and addresses of the Holders as being correct. If the Registrar is other than the
Trustee, the Trustee shall not be responsible for the accuracy of such information. 
 (m) The rights,
privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by (i) the Trustee in each of its capacities hereunder (including as
Registrar and Conversion Agent); (ii) to each agent, custodian, and any other such Persons employed to act hereunder; and (iii) to the Mexican Trustee. 

(n) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts or war or terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services (it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to avoid and mitigate the effects of such occurrences and to resume performance as soon as practicable under the circumstances). 

(o) The Trustee or the Mexican Trustee may request that the Issuer deliver a certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

(p) In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any
kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

SECTION 7.03. Individual Rights of the Trustee. Subject to Section 7.10, the Trustee in its individual
or any other capacity may become the owner or pledgee of Notes with the same rights it would have if it were not the Trustee and may otherwise deal with the Issuer or an Affiliate of the Issuer and receive, collect, hold and retain collections from
the Issuer with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. 

SECTION 7.04. Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as
to the validity or adequacy of this Indenture or the Notes. It shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this
Indenture. It shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other
document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 
  

 44 

 SECTION 7.05. Notice of Defaults. If a Default or Event of Default
occurs and is continuing and if it is known to a Trust Officer of the Trustee, the Trustee shall mail to each Holder a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in
payment of principal of, or Interest on, any Note, the Trustee may withhold the notice if and so long as a committee of the Trustee’s Trust Officers in good faith determines that withholding the notice is in the interest of the Holders.

 SECTION 7.06. Representation of the Mexican Trustee. Pursuant to Section I of Article 217 and Section
V of Article 213 of the LGTOC, the Mexican Trustee hereby represents that it has confirmed the date set forth in the balance sheet dated December 31, 2009 of the Issuer and Net Total Assets. 

SECTION 7.07. Compensation and Indemnity. The Issuer shall pay to the Trustee and the Mexican Trustee from time to
time and the Trustee and the Mexican Trustee shall be entitled to such compensation for its acceptance of this Indenture and its services hereunder as the Issuer, the Trustee and the Mexican Trustee shall from time to time agree in writing. The
Trustee’s and the Mexican Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the Trustee and the Mexican Trustee, as applicable, promptly upon request for all
reasonable disbursements, advances and expenses incurred or made by or on behalf of it in addition to the compensation for its services. Such expenses may include the reasonable compensation, disbursements and expenses of the Trustee’s or the
Mexican Trustee’s agents, counsel and other persons not regularly in its employ; provided that Trustee and the Mexican Trustee shall provide the Issuer reasonable advance notice of any expenditure not in the ordinary course of business;
provided, further, that the Issuer shall have no obligation to reimburse the Trustee and the Mexican Trustee with respect to any such expense, disbursement or advance as may be attributable to the Trustee’s or the Mexican Trustee’s
negligence, willful misconduct or bad faith. 
 The Issuer shall indemnify the Trustee and the Mexican Trustee,
or any predecessor Trustee or Mexican Trustee, for, and to hold it harmless against, any and all loss, liability, damage, claim or expense, including Taxes (other than Taxes based upon, measured by or determined by the income of the Trustee and the
Mexican Trustee), incurred without negligence, willful misconduct or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the reasonable costs and expenses of
defending itself against any claim (whether asserted by the Issuer, or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder or in connection with enforcing the
provisions of this Section. The Trustee and the Mexican Trustee, as applicable, shall notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the Trustee or the Mexican Trustee to so notify the Issuer shall not relieve
the Issuer of its obligations hereunder. The Issuer shall defend the claim with counsel designated by the Issuer, who may be outside counsel to the Issuer but shall in all events be reasonably satisfactory to the Trustee or the Mexican Trustee, as
applicable, and the Trustee and the Mexican Trustee, as applicable, shall cooperate in the defense. In addition, the Trustee and the Mexican Trustee, as applicable, may retain one separate counsel and, if deemed advisable by such counsel, local
counsel, and the Issuer shall pay the reasonable fees and expenses of such separate counsel and local counsel. The indemnification herein extends to any settlement; provided that the Issuer will not be liable for any settlement made without
its consent; provided, further, that such consent will not be unreasonably withheld. 
  

 45 

 The Trustee shall have a Lien prior to the Notes on all money or property
held or collected by the Trustee to secure the Issuer’s payment obligations to the Trustee and the Mexican Trustee in this Section 7.07, except that held in trust to pay principal and Interest, if any, on Notes. Such Liens and the
Issuer’s obligations under this Section 7.07 shall survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. 

When the Trustee or the Mexican Trustee incurs expenses or renders services after a Bankruptcy Event of Default occurs,
the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

SECTION 7.08. Replacement of the Trustee. A resignation or removal of the Trustee and appointment of a successor
Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. 

The Trustee may resign at any time and be discharged from the trust hereby created by so notifying the Issuer. The
Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing and may appoint a successor Trustee. The Issuer may remove the Trustee if: 

(i) the Trustee fails to comply with Section 7.10; 

(ii) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to
the Trustee under any Bankruptcy Law; 
 (iii) a Custodian or public officer takes charge of the
Trustee or its property; or 
 (iv) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer shall
promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by
the Issuer. 
 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or
is removed, the retiring Trustee, at the Issuer’s expense, the Issuer or the Holders of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 If the Trustee after written request by any Holder who has been a Holder for at least six months fails to
comply with Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

 

 46 

 A successor Trustee shall deliver a written acceptance of its appointment to
the retiring Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor
Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided that all sums owing to the retiring Trustee hereunder have been paid
and subject to the Lien provided for in Section 7.07. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 shall continue for the benefit
of the retiring Trustee with respect to expenses and liabilities incurred by it prior to such replacement. 

Upon request of any such successor Trustee, the Issuer shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the preceding paragraph. 

SECTION 7.09. Successor Trustee by Merger, etc. If the Trustee consolidates with, merges or converts into, or
transfers all or substantially all of its corporate trust business (including the trust created by this Indenture) to, another corporation or national banking association, the resulting, surviving or transferee corporation or national banking
association without any further act shall be the successor Trustee with the same effect as if the successor Trustee had been named as the Trustee herein. If the Mexican Trustee consolidates with, merges or converts into, or transfers all or
substantially all of its corporate trust business (including the trust created by this Indenture) to, another corporation or national banking association, the resulting, surviving or transferee corporation or national banking association without any
further act shall be the successor Mexican Trustee with the same effect as if the successor Mexican Trustee had been named as the Mexican Trustee herein. 

SECTION 7.10. Eligibility, Disqualification. The Trustee shall at all times be a Trustee hereunder that is a
corporation organized and doing business under the laws of the United States or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state
authorities and that has, together with parent, a combined capital and surplus of at least U.S.$50,000,000 as set forth in its most recent published annual report of condition. 

ARTICLE VIII 

SATISFACTION AND DISCHARGE OF INDENTURE 

SECTION 8.01. Discharge of Indenture. When (a) the Issuer delivers to the Trustee for cancellation all Notes
theretofore authenticated (other than any other Notes which have been destroyed, lost or stolen and in lieu of or in substitution for which other Notes have been authenticated and delivered) and not theretofore canceled, or (b) all the Notes
not theretofore canceled or delivered to the Trustee for cancellation have become due and payable, and the Issuer deposits with the Trustee in trust or delivers to the Holders amounts in U.S. Legal Tender or U.S. Government Obligations, or, where
required, ADSs or any combination thereof sufficient (calculated as set forth under the terms of this Indenture with respect to such payment) to pay at maturity, on any Tax Redemption Date, Change of Control Purchase Date, upon conversion or

  

 47 

 
otherwise all of the Notes (other than any Notes which have been mutilated, destroyed, lost or stolen and in lieu of or in substitution for which other Notes have been authenticated and
delivered) not theretofore canceled or delivered to the Trustee for cancellation, including principal and Interest, if any, due or to become due to such date and to satisfy any related obligation to deliver ADS, and if the Issuer also pays, or
causes to be paid, all other sums payable hereunder by the Issuer, then this Indenture shall cease to be of further effect (except as to (i) rights of registration of transfer, substitution, replacement and exchange and conversion of Notes,
(ii) rights hereunder of Holders to receive payments of principal of and Interest, if any, on the Notes, (iii) the obligations under Section 2.03 and Section 8.05 hereof and (iv) the rights, obligations and
immunities of the Trustee hereunder), and the Trustee, on demand of the Issuer accompanied by an Officer’s Certificate and an Opinion of Counsel as required by Section 10.03 and at the Issuer’s cost and expense, shall execute
proper instruments acknowledging satisfaction of and discharging this Indenture; provided, however, the Issuer hereby agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred by the Trustee
and to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee in connection with this Indenture or the Notes. 

SECTION 8.02. Deposited Monies to be Held in Trust by Trustee. Subject to Section 8.04, all monies and
securities deposited with the Trustee pursuant to Section 8.01 shall be held in trust and applied by it to the payment, notwithstanding the provisions of Article XI, either directly or through the Paying Agent, to the Holders of
the particular Notes for the payment or conversion of which such monies or securities have been deposited with the Trustee, of all sums due and to become due thereon for principal and Interest, if any. The Issuer shall pay and indemnify the Trustee
against any Tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 8.01 or the principal and Interest received in respect thereof other than any such Tax, fee or other charge
which by law is for the account of the Holders of the Notes. 
 SECTION 8.03. Paying Agent to Repay Monies
Held. Upon the satisfaction and discharge of this Indenture, all monies then held by any Paying Agent (other than the Trustee) shall, upon the Issuer’s demand, be repaid to it or paid to the Trustee, and thereupon such Paying Agent shall be
released from all further liability with respect to such monies. 
 SECTION 8.04. Return of Unclaimed
Monies. Subject to the requirements of applicable law, any monies deposited with or paid to the Trustee for payment of the principal of, or Interest, if any, on Notes and not applied but remaining unclaimed by the Holders thereof for two years
after the date upon which the principal of, or Interest on such Notes, as the case may be, have become due and payable, shall be repaid to the Issuer by the Trustee on demand; provided, however, that the Issuer, or the Trustee at the
request of the Issuer, shall have first caused notice of such payment to the Issuer to be mailed to each Holder of a Note entitled thereto no less than 30 days prior to such payment and all liability of the Trustee shall thereupon cease with respect
to such monies; and the Holder of any of such Notes shall thereafter look only to the Issuer for any payment which such Holder may be entitled to collect unless an applicable abandoned property law designates another Person. 

 

 48 

 SECTION 8.05. Reinstatement. If the Trustee or the Paying Agent is
unable to apply any money in accordance with Section 8.02 by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s obligations under
this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.01 until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with
Section 8.02; provided, however, that if the Issuer makes any payment of Interest on or principal of any Note following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders
thereof to receive such payment from the money held by the Trustee or Paying Agent. 
 ARTICLE IX 

AMENDMENTS 

SECTION 9.01. Without the Consent of Holders. The Issuer, the Mexican Trustee and the Trustee may amend this
Indenture or the Notes without notice to or the consent of any Holder to: 
 (a) cure any ambiguity, omission,
defect or inconsistency in this Indenture or the Notes; 
 (b) provide for the assumption by a surviving or
successor corporation of the obligations of the Issuer under the Indenture or evidence and provide for the acceptance of appointment of a successor Trustee pursuant to this Indenture; 

(c) provide for uncertificated Notes in addition to or in place of certificated Notes (provided that the uncertificated
Notes are issued in registered form for purposes of Section 163(f) of the Internal Revenue Code or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Internal Revenue Code); 

(d) add guarantees with respect to the Notes; 

(e) secure the Notes; 

(f) add to the Issuer’s covenants for the benefit of the Holders or surrender any right or power conferred upon the
Issuer; 
 (g) make any change that does not materially adversely affect the rights of any Holder; 

(h) comply with the provisions of any clearing agency, clearing corporation or clearing system, including DTC, the
Trustee or the Registrar with respect to the provisions of this Indenture or the Notes relating to transfers and exchanges of Notes; and 

(i) conform the terms of this Indenture or the Notes to the description thereof in the Offering Memorandum. 

SECTION 9.02. With the Consent of Holders. Subject to Section 6.07, the Issuer, the Mexican Trustee
and the Trustee may amend this Indenture or the Notes with the written consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including without limitation consents obtained in connection with a
purchase of, or a tender offer or exchange offer for, Notes). 
  

 49 

 Subject to Section 6.04 and Section 6.07, the
Holders of a majority in principal amount of the then-outstanding Notes (including without limitation by consents obtained in connection with a purchase of, or a tender offer or exchange offer for, Notes) may waive compliance in a particular
instance by the Issuer with any provision of this Indenture or the Notes. 
 However, without the consent of
each Holder of an outstanding Note affected, an amendment or waiver under this Section 9.02 may not, with respect to any Notes held by a non-consenting Holder: 

(a) reduce the amount of Notes whose Holders must consent to an amendment or waiver; 

(b) reduce the rate of or change or have the effect of changing the time for payment of Interest on any Notes;

 (c) reduce the principal of or change or have the effect of changing the fixed maturity of any Notes, or
change the date on which any Notes may be subject to redemption, or reduce the redemption price therefor; 
 (d)
make any Notes payable in money other than that stated in the Notes; 
 (e) make any change in provisions of
this Indenture entitling each Holder to receive payment of principal and Interest on such Holder’s Notes on or after the due date thereof or to bring suit to enforce such payment, or permitting Holders of a majority in principal amount of Notes
to waive Defaults or Events of Default; 
 (f) reduce the Change of Control Payment of any Note or amend or
modify in any manner adverse to the Holders, the Issuer’s obligation to make payment of such Change of Control Payment, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise; 

(g) make any change in the provisions of the Indenture described under Section 4.12 that adversely affects
the rights of any Holder or amend the terms of the Notes in a way that would result in a loss of exemption from Taxes; 

(h) make any change to the provisions of this Indenture or the Notes that adversely affect the ranking of the Notes; and

 (i) make any change that impairs or adversely affects the conversion rights of any Notes. 

To secure a consent or waiver of the Holders under this Section, it shall not be necessary for such Holders to approve
the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 
  

 50 

 After an amendment or waiver under this Article IX becomes effective,
the Issuer shall mail to the Holders a notice briefly describing the amendment or waiver. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment or waiver under this Article
IX. 
 SECTION 9.03. [Reserved]. 

SECTION 9.04. Revocation and Effect of Consents. Until an amendment or waiver becomes effective, a consent to it
by a Holder is a continuing consent by such Holder and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any
such Holder or subsequent Holder may revoke the consent as to his or her Note or portion of a Note if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officer’s Certificate certifying that the
Holders of the requisite principal amount of Notes have consented to the amendment or waiver. 
 The Issuer may,
but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment or waiver. If a record date is fixed, then notwithstanding the provisions of the immediately preceding paragraph, those
Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to consent to such amendment or waiver or to revoke any consent previously given, whether or not such Persons continue to be
Holders after such record date. No consent shall be valid or effective for more than 90 days after such record date unless consents from Holders of the principal amount of Notes required hereunder for such amendment or waiver to be effective shall
have also been given and not revoked within such 90-day period. 
 After an amendment or waiver becomes
effective it shall bind every Holder, unless it is of the type described in clauses (a) through (i) of Section 9.02. In such cases, the amendment or waiver shall bind each Holder who has consented to it and every subsequent
Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note. 

SECTION 9.05. Notation on or Exchange of Notes. Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article IX may, and shall if required by the Trustee, bear a notation in the form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Issuer shall so determine,
new Notes so modified as to conform, in the opinion of the Issuer and the Trustee, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Trustee in exchange for outstanding Notes without
charge to the Holders of the Notes, except as specified in Section 2.07. 
 SECTION 9.06. Trustee
Protected. The Trustee and the Mexican Trustee shall sign any amendment or supplemental indenture authorized pursuant to this Article IX if such amendment or supplemental indenture does not adversely affect the rights, duties, liabilities
or immunities of the Trustee or the Mexican Trustee. If it does, the Trustee or the Mexican Trustee, as applicable, may, but need not, sign it. In signing such amendment or supplemental indenture, the Trustee and the Mexican Trustee shall be
entitled to receive, and shall be fully protected in relying upon, (in addition to the documents required by Section 10.04) an Officer’s Certificate and an Opinion 

 

 51 

 
of Counsel as conclusive evidence, and each stating that such amendment or supplemental indenture is authorized or permitted by this Indenture, that it is not inconsistent herewith, and that it
will be valid and binding upon the Issuer in accordance with its terms. 
 ARTICLE X 

GENERAL PROVISIONS 

SECTION 10.01. Issuer’s Representations. Pursuant to Articles 210, 210 Bis, 213 and other applicable articles
of the LGTOC, the Issuer hereby represents that: 
 (a) the offering and sale of the Notes, as well as the
execution of this Indenture and any other documents relating to the offering and sale of the Notes, were approved by the shareholders of the Issuer at a general extraordinary shareholders meeting of the Issuer held on September 4, 2009;

 (b) as provided in paragraph I(b) of Article 213 of the LGTOC, the documentation and information included in
the Offering Memorandum, and used as a basis for the issuance of the Notes, have been prepared based on the audited consolidated financial statements of the Issuer corresponding to the period ended as of December 31, 2009, certified by
Mr. Celin Zorilla Rizo, certified public accountant (the “Financial Statements”). A copy of the Financial Statements is attached as Exhibit D hereto; 

(c) for purposes of paragraph II (only in connection with paragraph III of Article 210 of the LGTOC) and paragraph V(a)
of Article 213 of the LGTOC, based on the Financial Statements, as of December 31, 2009, the (i) total stockholders’ equity (capital contable) of the Issuer was Ps.257,570 million, (ii) the Issuer’s paid-in capital
stock was Ps.102,761 million, (iii) the amount of the total assets of the Issuer was Ps.582,286 million, (iv) the amount of the total liabilities of the Issuer was Ps.324,716 million and (v) the amount of the net total assets of the
Issuer (the “Net Total Assets”) was Ps.257,570 million. 
 (d) at the meeting of the Board of
Directors of the Issuer held on March 1, 2010, the Issuer’s Board of Directors authorized any two members of the Board of Directors to execute the Notes; 

(e) the Notes will not be secured by any collateral; 

(f) Exhibit E attached hereto includes a summary of the terms of the offering and sale of the Notes, including the
information set forth in Article 213 of the LGTOC; and 
 (g) the proceeds of the offering of the Notes shall be
used to pay the cost of the capped call transaction described in the Offering Memorandum and the remainder for general corporate purposes and to repay indebtedness. 

SECTION 10.02. Notices. Any notice or communication among the Issuer, the Mexican Trustee and the Trustee to any
of the others is duly given if in writing and delivered in person or mailed by first-class mail, with postage prepaid (registered or certified, return receipt requested), or sent by facsimile or overnight air couriers guaranteeing next day delivery,
to the other’s 
  

 52 

 
address as stated in Section 10.09. The Issuer, the Mexican Trustee or the Trustee by notice to each of the others may designate additional or different addresses for subsequent
notices or communications. The Trustee and the Mexican Trustee may rely upon and comply with instructions or directions sent via unsecured facsimile or email transmission and the Trustee and the Mexican Trustee shall not be liable for any loss,
liability or expense of any kind incurred by the Issuer or the Holders due to the Trustee’s or the Mexican Trustee’s reliance upon and compliance with instructions or directions given by unsecured facsimile or email transmission, provided,
however, that such losses have not arisen from the negligence or willful misconduct of the Trustee or the Mexican Trustee, it being understood that the failure of the Trustee or the Mexican Trustee to verify or confirm that the person providing the
instructions or directions, is, in fact, an authorized person does not constitute negligence or willful misconduct. 

All notices and communications (other than those sent to Holders) shall be deemed to have been duly given at the time
delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when transmission is confirmed, if transmitted by facsimile; and the next Business Day after timely delivery to the
courier, if sent by overnight air courier guaranteeing next day delivery. Notwithstanding the foregoing, (i) all notices to the Trustee shall be effective only upon receipt by a Trust Officer of the Trustee and (ii) all notices to the
Mexican Trustee shall be effective only upon receipt by a trust officer of the Mexican Trustee. 
 Any notice or
communication to a Holder shall be mailed by first-class mail, with postage prepaid, to his or her address shown on the Register kept by the Registrar and shall be deemed to have been given on the date of such mailing. Failure to mail a notice or
communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is sent in the manner provided above within the time prescribed, it is duly given, whether or not the
addressee receives it. 
 If the Issuer sends a notice or communication to Holders, it shall send a copy to the
Trustee and each Agent at the same time. Any notice required to be given by the Issuer may be given by the Trustee on the Issuer’s behalf and at the expense of Issuer. 

All notices or communications shall be in writing. 

The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail,
facsimile transmission or other similar unsecured electronic methods, provided, however, that, the Trustee shall have received an incumbency certificate listing persons designated to give such instructions or directions and containing specimen
signatures of such designated persons, which incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Issuer elects to give the Trustee e-mail or facsimile instructions (or
instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses,
costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The Issuer agrees to
assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and
misuse by third parties. 
  

 53 

 SECTION 10.03. Certificate and Opinion as to Conditions Precedent.
Upon any request or application by the Issuer to the Trustee to take any action under this Indenture, the Issuer shall furnish to the Trustee: 

(A) an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee (which
shall include the statements set forth in Section 10.04) stating that, in the opinion of such person, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied with;
and 
 (B) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
(which shall include the statements set forth in Section 10.04) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied with. 

SECTION 10.04. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture shall include: 
 (i) a
statement that the person making such certificate or opinion has read such covenant or condition; 

(ii) a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; 
 (iii) a statement
that, in the opinion of such person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv) a statement as to whether or not, in the opinion of such person, such condition or covenant has been
complied with. 
 Any Officer’s Certificate may be based, insofar as it relates to legal matters, upon an
Opinion of Counsel, unless such Officer knows that the opinion with respect to the matters upon which his or her certificate may be based as aforesaid is erroneous. Any Opinion of Counsel may be based, insofar as it relates to factual matters, upon
certificates, statements or opinions of, or representations by, an Officer or Officers of the Issuer, or other Persons or firms deemed appropriate by such counsel, unless such counsel knows that the certificates, statements or opinions or
representations with respect to the matters upon which his or her opinion may be based as aforesaid are erroneous. 

Any Officer’s Certificate, statement or Opinion of Counsel may be based, insofar as it relates to accounting
matters, upon a certificate or opinion of or representation by an accountant (who may be an employee of the Issuer), or firm of accountants, unless such Officer or counsel, as the case may be, knows that the certificate or opinion or representation
with respect to the accounting matters upon which his or her certificate, statement or opinion may be based as aforesaid is erroneous. 
  

 54 

 SECTION 10.05. Rules by Trustee and Agents. The Trustee may make
reasonable rules for action by, or a meeting of, Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

SECTION 10.06. Business Days. A “Business Day” is any day that is not a Saturday, Sunday or other
day on which commercial banks in New York City or Mexico City are authorized or required by law or other governmental action to remain closed. If any Interest Payment Date or other payment date is not a Business Day at a place of payment, payment
may be made at that place on the next succeeding day that is a Business Day, and no Interest or other amount shall accrue as a result of any such postponement. 

SECTION 10.07. No Recourse Against Others. No director, officer, employee or shareholder, as such, of the Issuer
from time to time shall have any liability for any obligations of the Issuer under the Notes or this Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting a Note waives and
releases all such liability. This waiver and release are part of the consideration for the Notes. Each of such directors, officers, employees and shareholders is a third party beneficiary of this Section 10.07. 

SECTION 10.08. Counterparts. This Indenture may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

SECTION 10.09. Other Provisions. The Issuer initially appoints the Trustee as Paying Agent, Registrar, Conversion
Agent and authenticating agent. 
 The Issuer’s address is: 

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

Av. Ricardo Margáin Zozaya #325 

Colonia Valle del Campestre 

Garza García, Nuevo León 

México 66265 

Attention: Chief Financial Officer 

Fax: +1 52 81 8888 4415 

The Trustee’s address is: 

The Bank of New York Mellon 

101 Barclay Street – 4E 

New York, NY 10286 

Attention: International Corporate Trust 

Fax: 212-815-5390 or 212-815-5366 
  

 55 

 The Mexican Trustee’s address is: 

The Bank of New York Mellon, S.A., Institución de Banca Múltiple 

C/O The Bank of New York Mellon 

101 Barclay Street – 4E 

New York, NY 10286 

Attention: International Corporate Trust 

Fax: 212-815-5390 or 212-815-5366 

Banamex’s address is: 

Banco Nacional De Mexico, S.A., Integrante Del Grupo Financiero Banamex 

Calzada del Valle No. 350 Oriente, 1o Piso 

Colonia del Valle 

San Pedro Garza García, Nuevo León, México, C.P. 66220, 

Phone: +52 81 1226 1984 

Fax: +52 81 1226 2097 

Attention: Nelly Wing 

E mail: nwing@banamex.com 

SECTION 10.10. Governing Law. (a) THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. THE PARTIES HERETO EACH HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR ANY TRANSACTION RELATED HERETO OR
THERETO TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW. 
 (b) Each of the parties hereto hereby: 

(i) agrees that any suit, action or proceeding against it arising out of or relating to this Indenture or
the Notes, as the case may be, may be instituted in any U.S. Federal or State court located in the State of New York, County of New York and in the courts of its own corporate domicile, in respect of actions brought against it as a defendant,

 (ii) waives to the fullest extent permitted by applicable law, any objection which it may now
or hereafter have to the laying of venue of any such suit, action or proceeding, any claim that any suit, action or proceeding in such a court has been brought in an inconvenient forum, and any right to which it may be entitled, on account of place
of residence or domicile, 
 (iii) irrevocably submits to the jurisdiction of such courts in any
suit, action or proceeding and waives the right to challenge such submission in any other jurisdiction that it may be entitled by reason of its present or future domicile or other reason, 

 

 56 

 (iv) agrees that final judgment in any such suit, action or
proceeding brought in such a court shall be conclusive and binding may be enforced in the courts of the jurisdiction of which it is subject by a suit upon judgment, and 

(v) agrees that service of process by mail to the addresses specified herein shall constitute personal
service of such process on it in any such suit, action or proceeding. 
 (c) The Issuer has appointed Corporate
Creations Network Inc., 1040 Avenue of the Americas # 2400, New York, NY 10018 (U.S.A.) as its authorized agent (the “Authorized Agent”) upon whom all writs, process and summonses may be served in any suit, action or proceeding
arising out of or based upon this Indenture or the Notes which may be instituted in any U.S. Federal or State court located in the State of New York, County of New York. The Issuer hereby represents and warrants that the Authorized Agent has
accepted such appointment and has agreed to act as said agent for service of process, and the Issuer agrees to take any and all action, including the filing of any and all documents, that may be necessary to continue each such appointment in full
force and effect as aforesaid so long as the Notes remain outstanding. The Issuer agrees that the appointment of the Authorized Agent shall be irrevocable so long as any of the Notes remain outstanding or until the irrevocable appointment by the
Issuer of a successor agent in The City of New York, New York as authorized agent for such purpose and the acceptance of such appointment by such successor. Service of process upon the Authorized Agent shall be deemed, in every respect, effective
service of process upon the Issuer. 
 (d) To the extent that the Issuer has or hereafter may acquire any
immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect to itself or any of its
property, the Issuer hereby irrevocably waives and agrees not to plead or claim such immunity in respect of its obligations under this Indenture or the Notes. 

(e) Nothing in this Section 10.10 shall affect the right of the Trustee or any Holder of the Notes to serve
process in any other manner permitted by law. 
 SECTION 10.11. No Adverse Interpretation of Other
Agreements. This Indenture may not be used to interpret another indenture, loan or debt agreement of the Issuer or a Subsidiary of the Issuer. Any such other indenture, loan or debt agreement may not be used to interpret this Indenture.

 SECTION 10.12. Successors. All agreements of the Issuer in this Indenture and the Notes shall bind its
successors. All agreements of the Trustee in this Indenture shall bind its successors. 
 SECTION 10.13.
Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 SECTION 10.14. Table of Contents, Headings, etc. The Table of Contents, and headings of the Articles
and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 

 

 57 

 SECTION 10.15. Currency Indemnity. (a) U.S. Legal Tender is the
sole currency of account and payment for all sums payable by the Issuer under or in connection with the Notes or this Indenture, including damages. To the greatest extent permitted under applicable law, any amount received or recovered in currency
other than U.S. Legal Tender in respect of the Notes (whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction, in the winding-up or dissolution of the Issuer or any Subsidiary of the Issuer or otherwise)
by any Holder in respect of any sum expressed to be due to it from the Issuer shall only constitute a discharge of them under the Notes and this Indenture only to the extent of the U.S. Legal Tender amount which the recipient is able to purchase
with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so). If that U.S. Legal
Tender amount is less than the U.S. Legal Tender amount expressed to be due to the recipient under the Notes or this Indenture, the Issuer shall indemnify and hold harmless the recipient against any loss or cost sustained by it in making any such
purchase to the greatest extent permitted under applicable law. For the purposes of this Section 10.15, it will be sufficient for the Holder to certify that it would have suffered a loss had an actual purchase of U.S. Legal Tender been
made with the amount so received in that other currency on the date of receipt or recovery (or, if a purchase of U.S. Legal Tender on such date had not been practicable, on the first date on which it would have been practicable). 

(b) The indemnities of the Issuer contained in this Section 10.15, to the extent permitted by law:
(i) constitute a separate and independent obligation from the other obligations of the Issuer under this Indenture and the Notes; (ii) shall give rise to a separate and independent cause of action against the Issuer; (iii) shall apply
irrespective of any waiver granted by any Holder or the Trustee from time to time; and (iv) shall continue in full force and effect notwithstanding any other judgment, order, claim or proof of claim for a liquidated amount in respect of any sum
due under the Notes or this Indenture or any other judgment or order. 
 SECTION 10.16. Adjustments for
Currency Exchange Rates. In the event that any amount used in any calculation in this Indenture is expressed in Pesos, such amount shall, for purposes of such calculation, be deemed to be converted into U.S. Legal Tender at the spot rate of
exchange in The City of New York at which the Trustee on the date of determination is able to purchase U.S. Legal Tender with such amount. The “spot rate of exchange” shall include any premiums and costs of exchange payable in connection
with the purchase of, or conversion into, U.S. Legal Tender. 
 SECTION 10.17. Change in ADSs or CPOs.
(a) If the Issuer’s ADSs issued under a depositary receipt program sponsored by the Issuer cease to represent the Issuer’s CPOs, all references in this Indenture to the Issuer’s ADSs will be deemed to have been replaced by a
reference to: 
 (i) the number of CPOs of the Issuer corresponding to the Issuer’s ADSs on
the last day on which the Issuer’s CPOs were represented by ADSs issued under a depositary receipt program sponsored by the Issuer; and 
  

 58 

 (ii) as adjusted pursuant to the adjustment provisions
below, any other property the Issuer’s ADSs represented as if such other property had been distributed to holders of the Issuer’s ADSs on that day. 

(b) If the Issuer’s Ordinary Shares cease to be represented by CPOs issued under a depositary receipt program
sponsored by the Issuer, all references in this Indenture to the Issuer’s CPOs will be deemed to have been replaced by a reference to: 

(i) the number of Ordinary Shares of the Issuer corresponding to the Issuer’s CPOs on the last day on
which the Issuer’s Ordinary Shares were represented by CPOs issued under a depositary receipt program sponsored by the Issuer; and 

(ii) as adjusted pursuant to the adjustment provisions below, any other property the Issuer’s CPOs
represented as if such other property had been distributed to holders of the Issuer’s CPOs on that day. 

SECTION 10.18. USA PATRIOT ACT. The parties hereto acknowledge that, in accordance with Section 326 of the
USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (as amended, modified or supplemented from time to time, the “USA Patriot Act”), the Trustee, like all financial institutions, is required to
obtain, verify, and record information that identifies each person or legal entity that opens an account. The parties to this Indenture agree that they will provide the Trustee with such information as the Trustee may request in order for the
Trustee to satisfy the requirements of the USA Patriot Act. 
 ARTICLE XI 

SUBORDINATION 

SECTION 11.01. Notes Subordinated to Senior Indebtedness. The Issuer covenants and agrees, and each Holder by his
acceptance thereof likewise covenants and agrees, that all Notes are subject to the provisions of this Article XI; and each Person holding any Note, whether upon original issue or upon transfer or assignment thereof, accepts and agrees to be
bound by such provisions and acknowledges that such provisions are for the benefit of, and shall be enforceable directly by, the holders of Senior Indebtedness. 

Each Holder authorizes and directs the Trustee on such Holder’s behalf to take such action as may be necessary or
appropriate, in the sole discretion of the Trustee, to acknowledge or effectuate the subordination between the Holders and the holders of Senior Indebtedness as provided in this Article XI and appoints the Trustee as such Holder’s
attorney-in-fact for any and all such purposes. 
 The payment of the principal of, premium, if any, and
Interest on and any other payment due pursuant to this Indenture or any Notes issued hereunder (including, without limitation, the payment or deposit of the Change of Control Payment pursuant to Article III) shall, to the extent and in the
manner hereinafter set forth, be subordinated and subject in right of payment to the prior payment in full of all Senior Indebtedness, whether outstanding at the Issue Date or thereafter created, incurred, assumed or guaranteed. 

 

 59 

 Each Holder by accepting a Note acknowledges and agrees that the
subordination provision set forth in this Article XI are, and are intended to be, an inducement and consideration to each holder of any Senior Indebtedness of the Issuer, whether such Senior Indebtedness was created before or after the
issuance of the Notes, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness, and such holder of Senior Indebtedness shall be deemed conclusively to have relied upon such subordination provisions in acquiring and
continuing to hold, or in continuing to hold, such Senior Indebtedness, and such holder is made an obligee hereunder and may enforce directly such subordination provisions. 

SECTION 11.02. Notes Subordinated to Prior Payment of All Senior Indebtedness On Dissolution, Liquidation,
Reorganization, etc., of the Issuer . Upon any payment or distribution of the assets of the Issuer of any kind or character, whether in cash, property or securities (including any collateral at any time securing the Notes, other than money or
U.S. Government Obligations deposited in trust as described in Section 11.07), to creditors upon any dissolution, winding-up, total or partial liquidation, concurso mercantil, quiebra or reorganization of the Issuer
(whether voluntary or involuntary, or in bankruptcy, insolvency, reorganization, liquidation, or receivership proceedings, or upon an assignment for the benefit of creditors, or any marshalling of the assets of the Issuer, or upon any similar
proceedings), then in such event: 
 (a) all Senior Indebtedness (including principal thereof and interest
thereon) shall first be paid in full before any Payment of the Notes (as defined in Section 11.05) is made; 

(b) any payment or distribution of assets of the Issuer of any kind or character, whether in cash, property or securities
(including any collateral at any time securing the Notes, other than money or U.S. Government Obligations deposited in trust as described in Section 11.07), to which the Holders or the Trustee on behalf of the Holders would be entitled
except for the provisions of this Article XI, including any such payment or distribution which may be payable or deliverable by reason of the payment of another debt of the Issuer being subordinated to the payment of the Notes, shall be paid
or delivered by any debtor, custodian or other person making such payment or distribution, directly to the holders of the Senior Indebtedness or their Representative or Representatives, or to the trustee or trustees under any indenture pursuant to
which any instruments evidencing any of such Senior Indebtedness may have been issued, ratably according to the aggregate amounts remaining unpaid on account of the principal of and interest on the Senior Indebtedness held or represented by each,
for application to payment of all Senior Indebtedness remaining unpaid, to the extent necessary to pay all Senior Indebtedness in full after giving effect to any concurrent payment or distribution, or provision therefor, to the holders of such
Senior Indebtedness; and 
 (c) in the event that, notwithstanding the foregoing provisions of this
Section 11.02, any payment or distribution of assets of the Issuer of any kind or character, whether in cash, property or securities, shall be received by the Trustee or the Holders before all Senior Indebtedness is paid in full, such
payment or distribution (subject to the provisions of Section 11.06 and Section 11.07) shall be held in trust for the benefit of, and shall be immediately paid or delivered by the Trustee or such Holders, as the case may be,
to the holders of Senior Indebtedness remaining unpaid, or their Representative or Representatives, ratably according to the aggregate amounts remaining unpaid on account of the principal of and interest on the Senior Indebtedness held or
represented by each, for application to the payment of all Senior 
  

 60 

 
Indebtedness remaining unpaid, to the extent necessary to pay all Senior Indebtedness in full after giving effect to any concurrent payment or distribution, or provision therefor, to or for the
holders of such Senior Indebtedness. 
 The Issuer shall give prompt notice to the Trustee of any dissolution,
winding-up, liquidation, concurso mercantil, quiebra or reorganization of the Issuer. 
 Upon any
prepayment, payment or distribution of assets of the Issuer referred to in this Article XI, the Trustee, subject to the provisions of Section 7.01 and Section 7.02, and the Holders shall be entitled to conclusively
rely upon any order or decree by any court of competent jurisdiction in which such dissolution, winding-up, liquidation or reorganization proceeding is pending, or a certificate of the liquidating trustee or agent or other person making any
distribution to the Trustee or to the Holders, for the purpose of ascertaining the persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other Indebtedness of the Issuer, the amount thereof or payable
thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article XI; provided that the foregoing shall apply only if such court, trustee, liquidating trustee or other person has been
fully apprised of the provisions of this Article XI. 
 SECTION 11.03. Holders to be Subrogated to
Right of Holders of Senior Indebtedness. Subject to the prior payment in full of all Senior Indebtedness, the Holders shall be subrogated (equally and ratably with the holders of any Indebtedness of the Issuer which by its express terms is
subordinated to Indebtedness of the Issuer to substantially the same extent as the Notes are subordinated and is entitled to like rights of subrogation) to the rights of the holders of Senior Indebtedness to receive payments or distributions of
assets of the Issuer applicable to the Senior Indebtedness until the principal of and Interest on the Notes shall be paid in full, and for purposes of such subrogation, no payments or distributions to the holders of Senior Indebtedness of assets,
whether in cash, property or securities, distributable to the holders of Senior Indebtedness under the provisions hereof to which the Holders would be entitled except for the provisions of this Article XI, and no payment pursuant to the
provisions of this Article XI to the holders of Senior Indebtedness by the Holders shall, as among the Issuer, its creditors other than the holders of Senior Indebtedness, and the Holders, be deemed to be a payment by the Issuer to or on
account of Senior Indebtedness, it being understood that the provisions of this Article XI are, and are intended, solely for the purpose of defining the relative rights of the Holders, on the one hand, and the holders of Senior Indebtedness,
on the other hand. 
 SECTION 11.04. Obligations of the Issuer Unconditional. Nothing contained in this
Article XI or elsewhere in this Indenture or in any Note is intended to or shall impair the obligation of the Issuer, which is absolute and unconditional, to pay to the Holders the principal of and Interest on the Notes, as and when the same
shall become due and payable in accordance with the terms of the Notes, or to affect the relative rights of the Holders and other creditors of the Issuer other than the holders of Senior Indebtedness, nor shall anything herein or therein prevent the
Trustee or any Holder from exercising all remedies otherwise permitted by applicable law upon the happening of an Event of Default under this Indenture, subject to the provisions of Article VI, and the rights, if any, under this Article
XI of the holders of Senior Indebtedness in respect of assets, whether in cash, property or securities, of the Issuer received upon the exercise of any such remedy. 
  

 61 

 SECTION 11.05. Issuer Not to Make Payment with Respect to Notes in
Certain Circumstances. (a) Subject to Section 11.14, upon the occurrence of any default in the payment of principal of (or premium, if any) or interest on Senior Indebtedness (a “Payment Default”), unless and
until the amount of Senior Indebtedness affected by such Payment Default then due shall have been paid in full, or such Payment Default shall have been cured or waived or shall have ceased to exist, the Issuer shall not pay principal of, premium, if
any, or Interest on the Notes or any other amount due pursuant to this Indenture or any Notes or make any deposit pursuant to Article III or Section 8.01 and shall not repurchase, redeem or otherwise retire any Notes
(collectively, “Payment of the Notes”). 
 (b) Unless Section 11.02 shall be
applicable, upon (1) the occurrence of a default on Designated Senior Indebtedness (other than a Payment Default) that occurs and is continuing that permits the holders of such Designated Senior Indebtedness (or their Representative or
Representatives) to accelerate its maturity and (2) receipt by the Issuer and the Trustee from the holders of such Designated Senior Indebtedness or their respective agents or Representatives of written notice (a “Payment Blockage
Notice”) of such occurrence and the imposition of a Payment Blockage Period hereunder, then the Issuer shall not make any Payment of the Notes for a period (the “Payment Blockage Period”) commencing on the earlier of the
date of receipt by the Issuer or the Trustee of such notice and ending on the earlier of (subject to any blockage of payments that may then be in effect under this Section 11.05) (x) the date 179 days after such date, (y) the
date such default shall have been cured or waived in writing or shall have ceased to exist or such Senior Indebtedness shall have been discharged, or (z) the date such Payment Blockage Period shall have been terminated by written notice to the
Issuer or the Trustee from such holders of such Designated Senior Indebtedness, or their respective agents or Representatives, after which, in case of clause (x), (y) or (z), as the case may be, the Issuer shall resume making any and all
required payments (unless such Designated Senior Indebtedness has been accelerated). Notwithstanding any other provision of this Indenture, only one Payment Blockage Period may be commenced within any consecutive 365-day period, and no event of
default with respect to any Designated Senior Indebtedness that existed or was continuing on the date of the commencement of any Payment Blockage Period with respect to such Designated Senior Indebtedness shall be, or can be made, the basis for the
commencement of a second Payment Blockage Period whether or not within a period of 365 consecutive days unless such event of default shall have been cured or waived for a period of not less than 90 consecutive days. In no event will a Payment
Blockage Period extend beyond 179 days. 
 (c) In the event that, notwithstanding the provisions of this
Section 11.05, any Payment of the Notes shall be made by or on behalf of the Issuer and received by the Trustee, any Holder or any Paying Agent (or, if the Issuer is acting as its own Paying Agent, money for any such payment shall be
segregated and held in trust), which payment was prohibited by this Section 11.05, then, unless and until the amount of Senior Indebtedness then due, as to which a default shall have occurred, shall have been paid in full, or such
default shall have been cured or waived, such payment (subject, in each case, to the provisions of Section 11.06 and Section 11.07) shall be held in trust for the benefit of, and shall be immediately paid over to, the holders
of Senior Indebtedness or their Representative or Representatives, ratably according to the aggregate amounts remaining unpaid on account of the principal of and interest on the Senior Indebtedness held or represented by each, for application to the
payment of all Senior Indebtedness remaining unpaid to the extent necessary to pay all Senior Indebtedness in 
  

 62 

 
accordance with its terms, after giving effect to any concurrent payment or distribution to or for the benefit of the holders of Senior Indebtedness. The Issuer shall give prompt written notice
to the Trustee of any default under any Senior Indebtedness or under any agreement pursuant to which Senior Indebtedness may have been issued. 

SECTION 11.06. Notice to Trustee. (a) The Issuer shall give prompt written notice to the Trustee of any fact
known to the Issuer which would prohibit the making of any payment to or by the Trustee in respect of the Notes, but failure to give such notice shall not affect the subordination provided in this Article XI of the Notes to Senior
Indebtedness. Within 30 calendar days after the occurrence of any event which would constitute a Default or an Event of Default, the Issuer shall deliver notice to the Trustee of such events, their status and what action the Issuer is taking or
proposes to take in respect thereof. Notwithstanding the provisions of this Article XI or any other provision of this Indenture, the Trustee shall not at any time be charged with knowledge of the existence of any facts which would prohibit
the making of any payment to or by the Trustee, unless and until a Trust Officer of the Trustee shall have received written notice thereof from the Issuer or from the holder or holders of Senior Indebtedness or from their Representative or
Representatives; and, prior to the receipt of any such notice, the Trustee, subject to the provisions of Section 7.01 and Section 7.02, shall be entitled to assume conclusively that no such facts exist. 

(b) The Trustee shall be entitled to conclusively rely on the delivery to it of a written notice by a Person representing
himself to be a holder of Senior Indebtedness (or a Representative of such holder) to establish that such notice has been given by a holder of Senior Indebtedness or a Representative of any such holder. In the event that the Trustee determines in
good faith that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article XI, the Trustee may request such Person to furnish
evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the
rights of each Person under this Article XI, and if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 

SECTION 11.07. Application by Trustee of Monies Deposited with It. Money or U.S. Government Obligations deposited
in trust with the Trustee pursuant to Section 8.01 and not in violation of this Article XI shall be for the sole benefit of Holders and shall thereafter not be subject to the subordination provisions of this Article XI.
Otherwise, any deposit of monies by the Issuer with the Trustee or any Paying Agent (whether or not in trust) for the payment of the principal of or Interest on any Notes shall be subject to the provisions of Sections 11.01, 11.02,
11.03 and 11.05; except that, if at least three Business Days prior to the date on which by the terms of this Indenture any such monies may become payable for any purpose (including, without limitation, the payment of either the
principal of or Interest on any Note), a Trust Officer of the Trustee shall not have received with respect to such monies the notice provided for in Section 11.06, then the Trustee or any Paying Agent shall have full power and authority
to receive such monies and to apply such monies to the purpose for which they were received, and shall not be affected by any notice to the contrary which may be received by it within three Business Days prior to or after such date. This
Section 11.07 shall be construed solely for the 
  

 63 

 
benefit of the Trustee and the Paying Agent and shall not otherwise affect the rights that holders of Senior Indebtedness may have to recover any such payments from the Holders in accordance with
the provisions of this Article XI. 
 SECTION 11.08. Subordination Rights Not Impaired by Acts or
Omissions of the Issuer or Holders of Senior Indebtedness. No right of any present or future holders of any Senior Indebtedness to enforce subordination, as herein provided, shall at any time in any way be prejudiced or impaired by any act or
failure to act on the part of the Issuer or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Issuer with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof which
any such holder may have or be otherwise charged with. The holders of any Senior Indebtedness may extend, renew, modify or amend the terms of such Senior Indebtedness or any security therefor and release, sell or exchange such security and otherwise
deal freely with the Issuer, all without affecting the liabilities and obligations of the parties to this Indenture or the Holders. No amendment of this Article XI or any defined terms used herein or any other Sections referred to in this
Article XI which adversely affects the rights hereunder of holders of Senior Indebtedness, shall be effective unless the holders of such Senior Indebtedness (required pursuant to the terms of such Senior Indebtedness to give such consent)
have consented thereto. 
 SECTION 11.09. Trustee to Effectuate Subordination. Each Holder by his
acceptance thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to acknowledge and effectuate the subordination provided in this Article XI and appoints the Trustee his
attorney-in-fact for any and all such purposes. 
 SECTION 11.10. Right of Trustee to Hold Senior
Indebtedness. The Trustee, in its individual capacity, shall be entitled to all of the rights set forth in this Article XI in respect of any Senior Indebtedness at any time held by it to the same extent as any other holder of Senior
Indebtedness, and nothing in this Indenture shall be construed to deprive the Trustee of any of its rights as such holder. Nothing in this Article XI shall apply to claims of, or payments to, the Trustee under or pursuant to
Section 7.07. 
 SECTION 11.11. Article XI Not to Prevent Events of Default. The failure to
make a Payment of the Notes by reason of any provision in this Article XI shall not be construed as preventing the occurrence of an Event of Default under Section 6.01. 

SECTION 11.12. No Fiduciary Duty Created to Holders of Senior Indebtedness. Notwithstanding any other provision in
this Article XI, the Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness by virtue of the provisions of this Article XI or otherwise. With respect to the holders of Senior Indebtedness, the
Trustee undertakes to perform or to observe only such of its covenants or obligations as are specifically set forth in this Article XI and no implied covenants or obligations with respect to holders of Senior Indebtedness shall be read into
this Indenture against the Trustee. 
 SECTION 11.13. Article Applicable to Paying Agents. In case at any
time any Paying Agent other than the Trustee shall have been appointed by the Issuer and be then acting hereunder, the term “Trustee” as used in this Article XI shall in such case (unless the context shall otherwise require) be
construed as extending to and including such Paying Agent within its 
  

 64 

 
meaning as fully for all intents and purposes as if such Paying Agent were named in this Article XI in addition to or in place of the Trustee; provided, however, that
Section 11.06, Section 11.10 and Section 11.12 shall not apply to the Issuer if it acts as Paying Agent. 

SECTION 11.14. Certain Conversion Deemed Payment. For the purposes of this Article XI only, (1) the
issuance and delivery of Junior Securities upon conversion of Notes in accordance with Article XII shall not be deemed to constitute a payment or distribution on account of the principal of or premium or Interest on Notes or on account of the
purchase, redemption, retirement or other acquisition of Notes and shall not be prohibited by Section 11.02, and (2) the payment, issuance or delivery of cash, property or securities (other than Junior Securities) upon conversion of
a Note shall be deemed to constitute payment on account of principal of such Note. The term “Junior Securities” means (a) shares of any stock of any class, ordinary participation certificates (certificados de
participación ordinario) or other securities having stock of the Issuer as underlying securities or ADRs, of the Issuer and (b) securities of the Issuer which are subordinated in right of payment to all Senior Indebtedness which may
be outstanding at the time of issuance or delivery of such securities to substantially the same extent as, or to a greater extent than, the Notes are so subordinated as provided in this Article XI. Nothing contained in this Article XI
or elsewhere in this Indenture or in the Notes is intended to or shall impair, as among the Issuer, its creditors other than holders of Senior Indebtedness and the Holders of the Notes, the right, which is absolute and unconditional, of the Holder
of any Note to convert such Note in accordance with Article XII. 
 SECTION 11.15. Contractual
Subordination. This Article XI represents a bona fide agreement of contractual subordination pursuant to Section 510(b) of the Title 11, U.S. Code. 

SECTION 11.16. Acceleration of Notes. If payment of the Notes is accelerated because of an Event of Default, the
Issuer shall promptly notify holders of Senior Indebtedness (or their Representative or Representatives) of the acceleration. 

ARTICLE XII 

CONVERSION 

SECTION 12.01. Right to Convert. Subject to and upon compliance with the provisions of this Indenture, each Holder
shall have the right, at such Holder’s option, at any time before the close of business on the fourth Business Day immediately preceding the Maturity Date, provided, however, that a Holder may convert a Note or portion thereof subject to
an election for repurchase only if such Holder withdraws such election in accordance with Section 3.04(e) to convert the principal amount of any Note held by such Holder, or any portion of such principal amount which is U.S.$1,000 or an
integral multiple thereof, provided further that the portion not so converted is in a minimum principal amount of U.S.$100,000, into fully paid and non-assessable Ordinary Shares; provided that the Issuer’s obligation to deliver
Ordinary Shares shall, except as otherwise provided in this Article XII, be satisfied by delivering that number of ADSs based on the Conversion Rate in effect at such time, by surrender of the Note to be so converted in whole or in part in
the manner provided in Section 12.02. A Holder is not entitled to any rights of a holder of ADSs until such Holder has converted his or her Notes to ADSs, and only to the extent such Notes are deemed to have been converted to ADSs under
this Article XII. 
  

 65 

 SECTION 12.02. Exercise of Conversion Privilege; Issuance of ADSs on
Conversion; No Adjustment for Interest or Dividends. To exercise, in whole or in part, the conversion privilege with respect to any Note, the Holder of such Note shall surrender such Note, duly endorsed, at an office or agency maintained by the
Issuer pursuant to Section 4.04, and shall give a duly signed written notice of conversion, in the form provided on the Notes or available from the Conversion Agent (or such other notice which is acceptable to the Issuer) to the
Conversion Agent, that the Holder elects to convert such Note or such portion thereof specified in said notice and the Conversion Agent shall give notice to the Issuer (at the address provided in Section 10.09 with a copy to Francisco J.
Contreras Navarro (Fax: +1 52 81 8888 4519)) and Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex (“Banamex”) (at the address provided in Section 10.09) of receipt of such notice. Such notice shall
also state the name or names (with address or addresses) in which the certificate or certificates for ADSs which are issuable on such conversion shall be issued, and shall be accompanied by transfer Taxes, if required pursuant to
Section 12.07. Each such Note surrendered for conversion shall, unless the ADSs issuable on conversion are to be issued in the same name as the registration of such Note, be duly endorsed by, or be accompanied by instruments of transfer
in form satisfactory to the Issuer duly executed by, the Holder or his or her duly authorized attorney. The date on which the requirements set forth in this paragraph have been satisfied with respect to a Note (or portion thereof) will be the
“Conversion Date” and a converting Holder will become the record holder of any ADSs upon such conversion as of such Conversion Date. To exercise, in whole or in part, the conversion privilege with respect to a beneficial interest in
a Global Security, a holder of such a beneficial interest must comply with the Depositary’s procedures for converting a beneficial interest in a Global Security and pay any funds required by the sixth paragraph of this Section 12.02
or by Section 12.07. Subject to the foregoing procedures, any Holder of a Definitive Security who wishes to exercise the conversion privilege with respect to such Definitive Security must (i) complete and manually sign the
Conversion Notice on the back of the Note, or a facsimile of the Conversion Notice; (ii) deliver the Conversion Notice, which is irrevocable, and the Note to the Conversion Agent; (iii) if required by the Issuer or the Conversion Agent,
furnish appropriate endorsements and transfer documents; (iv) pay all transfer or similar Taxes if required pursuant to Section 12.07; and (v) if required under the terms of this Indenture, pay funds equal to the amount of
Interest payable on the next Interest Payment Date. 
 On the third Business Day following the relevant
Conversion Date, the Issuer shall issue and shall deliver or shall cause issuance and delivery (such delivery referred to herein as the “Settlement”) to such Holder at the office or agency maintained by the Issuer for such purpose
pursuant to Section 4.04, a certificate or certificates for, or effect a book-entry transfer through the Depositary with respect to, the number of ADSs issuable upon the conversion of such Note or portion thereof in accordance with the
provisions of this Article XII. 
 Notwithstanding the preceding sentence, (a) if the Settlement of
any conversion other than a conversion in connection with a Fundamental Change as provided in Section 12.12 is required to be made (without regard to the application of this clause (a)) prior to June 30, 2010 and the number of ADSs
deliverable in such Settlement exceeds the number of Available Treasury Shares at such time, then the Issuer shall deliver all of the ADSs available for delivery on such Settlement date pro rata to the converting Holders whose conversions are
required to be settled on such date and the Settlement of the remainder shall be deferred until June 30, 2010 or such earlier date on which the ADSs to satisfy such Settlement in full become available for

  

 66 

 
delivery to Holders; or (b) if a settlement of a conversion in connection with a Fundamental Change is required to be made (without regard to the application of this clause (b)) prior to
June 30, 2010 and the number of ADSs deliverable to satisfy the Settlement at the then applicable Conversion Rate without regard to the Make Whole Fundamental Change Premium in the Conversion Rate exceeds the number of Available Treasury Shares
at such time, then the Issuer shall deliver all of the ADSs available for delivery on such Settlement date pro rata to the converting Holders whose conversions are required to be settled on such date and the Settlement of the remainder (including
the Additional ADSs (as defined in Section 12.12(a)) shall be deferred until June 30, 2010 or such earlier date on which the ADSs to satisfy such settlement in full become available for delivery to Holders. No Interest shall accrue
on Notes between the Conversion Date and the Settlement date, regardless of whether such Settlement date is deferred as described in clause (a) or clause (b) above. 

If any calculation required in order to determine the number of ADSs the Issuer must deliver in respect of a given
conversion of Notes is based on data or other information that will not be available to the Issuer on the date the requirements set forth in the first paragraph of this Section 12.02 have been satisfied, the Issuer will delay Settlement
of that conversion until no later than the third Business Day after the relevant data or information becomes available. In case any Note of a denomination of an integral multiple greater than U.S.$1,000 is surrendered for partial conversion, and
subject to Section 2.02, the Issuer shall execute, and the Trustee shall authenticate and deliver to the Holder of the Note so surrendered, without charge to him or her, a new Note or Notes in authorized denominations in an aggregate
principal amount equal to the unconverted portion of the surrendered Note provided that the minimum principal amount of such new note is U.S.$100,000. 

Each conversion shall be deemed to have been effected with respect to a Note (or portion thereof) on the Conversion Date,
and the Person in whose name any certificate or certificates for ADSs are issuable upon such conversion shall be deemed to have become on said date the holder of record of the ADSs represented thereby. Any such surrender on any date when the
Issuer’s stock transfer books are closed shall constitute the Person in whose name the certificates are to be issued as the record holder thereof for all purposes on the next succeeding day on which such stock transfer books are open, but such
conversion shall be at the Conversion Rate in effect on the date upon which such Note is surrendered. 
 If any
Note or a portion thereof is surrendered for conversion after 5:00 p.m. New York City time on a Record Date but prior to 9:00 a.m. New York City time on the immediately following Interest Payment Date, Holders of such Notes at 5:00 p.m. New York
City time on the regular Record Date will receive payment of the Interest payable on such Notes on the corresponding Interest Payment Date notwithstanding the conversion of such Notes at any time after the close of business on the Record Date. Any
Note or portion thereof surrendered for conversion by a Holder during the period from 5:00 p.m. New York City time on the Record Date through 9:00 a.m. New York City time on the immediately following Interest Payment Date shall be accompanied by
payment, in funds acceptable to the Issuer, of an amount equal to the Interest otherwise payable on such Interest Payment Date on the principal amount being converted; provided, however, that no such payment need be made (1) if the Notes
are surrendered for conversion after 5:00 p.m. New York City Time on the Record Date immediately preceding the Maturity Date, (2) if the Issuer has specified a Tax Redemption Date that is after a

  

 67 

 
Record Date and on or prior to the corresponding Interest Payment Date, (3) if the Issuer has specified a Change of Control Change Purchase Date that is after a Record Date and on or prior
to the corresponding Interest Payment Date or (4) to the extent of any overdue Interest, if any overdue Interest exists at the time of conversion with respect to such Note. An amount equal to such payment shall be paid by the Issuer on such
Interest Payment Date to the Holder at the close of business on such Record Date; provided, however, that if the Issuer defaults in the payment of Interest, if applicable, on such Interest Payment Date, such amount shall be paid to the
Person who made such required payment. Except as provided in this Section 12.02, no payment of Interest shall be made and no adjustment shall be made for Interest accrued, if any, on any Note converted or for dividends on any shares
issued upon the conversion of such Note as provided in this Article XII. 
 With respect to any Notes
bearing a Restricted Securities Legend on the date of conversion, the ADSs distributed upon conversion will be issued in physical certificated form, will not be held in book-entry form through the facilities of the Depositary and shall be treated as
“restricted securities,” and the Issuer will affix the applicable Restricted ADS Legend that is set forth in Exhibit B hereto upon such ADSs; provided that if any such ADSs are being immediately resold pursuant to Rule 144,
such ADSs need not be issued with such legend in connection with such sale. 
 Upon conversion, a Holder will
not receive any additional cash payment for Interest unless such conversion occurs between a Record Date and the corresponding Interest Payment Date. Except in such case, by delivering the amount of cash and/or the number of ADSs issuable on
conversion to the Trustee, the Issuer will be deemed to have satisfied its obligation to pay the principal amount of the Notes so converted and its obligation to pay Interest, attributable to the period from the most recent Interest Payment Date to,
but not including the Conversion Date (which amount will be deemed paid in full rather than cancelled, extinguished or forfeited). 

SECTION 12.03. No Issuance of Fractional Shares. No fractional portions of ADSs shall be issued upon conversion of
Notes. If more than one Note shall be surrendered for conversion at one time by the same Holder, the number of full ADSs which shall be issuable upon conversion shall be computed on the basis of the aggregate principal amount of the Notes (or
specified portions thereof to the extent permitted hereby) so surrendered for conversion. If any fractional portions of ADSs otherwise would be issuable upon the conversion of any Note or Notes, the Issuer will deliver a number of ADSs rounded up to
the nearest whole number of ADSs. 
 SECTION 12.04. Conversion Rate. The Conversion Rate shall be as
specified in the form of Note attached as Exhibit A hereto, subject to adjustment as provided in this Article XII. 

SECTION 12.05. Conversion Rate Adjustments. (a) The applicable Conversion Rate shall be adjusted from time to
time by the Issuer as follows, except that the Issuer will not make any adjustments to the Conversion Rate if Holders participate (as a result of holding Notes and at the same time as ADS holders participate) in any of the transactions described
below as if such Holders held a number of ADSs equal to the applicable Conversion Rate, multiplied by the principal amount (expressed in thousands) of Notes held by such Holders without having to convert their Notes. A Holder will be deemed to have
so participated if the transaction results in a distribution of assets that are held by the ADS depositary at the time of conversion of such Notes into ADSs. 
  

 68 

 (i) If the Issuer issues solely Ordinary Shares as a
dividend or any other distribution (including by recapitalization of retained earnings) on all or substantially all Ordinary Shares, or if the Issuer effects a share split or share combination of its Ordinary Shares, the applicable Conversion Rate
will be adjusted based on the following formula: 
  

			
	CR =
CR0   ×  	  	
            OS            

	  	
            
OS0          
  

 where, 

 

			
	
CR0  =

	  	 the applicable Conversion Rate in effect immediately prior to the open of business on the Business Day immediately following (x) the date fixed for the
determination of holders of Ordinary Shares entitled to receive such dividend or distribution or (y) the date on which such split or combination becomes effective, as applicable (such date specified in clause (x) or (y), the “Dividend Record
Date”);

		
	 CR  =
	  	 the applicable Conversion Rate in effect immediately after the open of business on the Business Day immediately following the Dividend Record
Date;

		
	
OS0  =

	  	 the number of Ordinary Shares outstanding immediately prior to the open of business on the Dividend Record Date; and

		
	 OS  =
	  	 the number of Ordinary Shares that would have been outstanding immediately prior to the open of business on the Dividend Record Date as adjusted to take into
account such dividend, distribution, split or combination.

 If any dividend
or distribution of the type described in this clause (i) is declared that results in an adjustment pursuant to this clause (i) but is not so paid or made, or the outstanding Ordinary Shares are not split or combined, as the case may be,
the Conversion Rate shall be immediately readjusted, effective (in the case of a dividend or distribution) as of the earliest of the date (A) the Issuer’s shareholders’ meeting or Board of Directors determines not to pay such dividend
or distribution, (B) the non-payment of such dividend is publicly announced or (C) the dividend was to have been paid, or (in the case of a stock split or combination) the date on which such split or combination was to have been effective,
to the Conversion Rate that would then be in effect if such dividend, distribution, share split or share combination had not been declared or announced. 
  

 69 

 (ii) If the Issuer distributes to all or substantially all
holders of Ordinary Shares any rights, options, warrants or other securities entitling them for a period of not more than 45 calendar days from the record date for such distribution to subscribe for or purchase Ordinary Shares (or securities
convertible into Ordinary Shares), at a price per Ordinary Share (or conversion price per Ordinary Share) less than the average of the Last Reported Sale Prices of the Ordinary Shares for the 10 consecutive Trading Day period ending on, and
including, the Trading Day immediately preceding the declaration date for such distribution, the applicable Conversion Rate will be adjusted based on the following formula: 

 

			
	 CR =
CR0 ×    
	  	(OS0
 + X)
	  	(OS0 +
 Y)

 where, 
  

			
	
CR0 =

	  	 the applicable Conversion Rate in effect immediately prior to the open of business on the Business Day immediately following the date fixed for the determination
of shareholders entitled to receive such rights, options, warrants or other securities (such date, the “Rights Distribution Record Date”);

		
	 CR =
	  	 the applicable Conversion Rate in effect immediately after the open of business on the Business Day immediately following the Rights Distribution Record Date;

		
	
OS0 =

	  	 the number of Ordinary Shares outstanding immediately prior to the open of business on the Rights Distribution Record Date;

		
	 X =
	  	 the total number of Ordinary Shares issuable pursuant to such rights, options, warrants or other securities;

		
	 and
	  	
		
	 Y =
	  	 the number of Ordinary Shares equal to the aggregate price payable to exercise such rights, options, warrants or other securities divided by the average of the
Last Reported Sale Prices of the Ordinary Shares over the 10 consecutive Trading Day period ending on the Trading Day immediately preceding the date of announcement of the distribution of such rights, options, warrants or other
securities.

 If such rights, options, warrants or other securities are not so issued, the
Conversion Rate will remain the Conversion Rate that would then be in effect if a Rights Distribution Record Date for such distribution had not been fixed. In addition, to the extent that Ordinary Shares are not delivered after the expiration of
such rights, options, warrants or other securities, the Conversion Rate shall be readjusted to the Conversion Rate that would then be in effect had the adjustments made upon the issuance of such rights, options, warrants or other securities been
made on the basis of delivery of only the number of Ordinary Shares actually delivered. 
 For purposes of this
clause (ii), in determining whether any rights, options, warrants or other securities entitle the holders to subscribe for or purchase Ordinary Shares at less than the average of the Last Reported Sale Prices of Ordinary Shares for each Trading Day
in the applicable 10 consecutive Trading Day Period, there shall be taken into account any consideration the Issuer receives for such rights, options, warrants or other securities and any amount payable on exercise thereof, with the value of such
consideration if other than cash to be determined by the Issuer’s Board of Directors. 
  

 70 

 (iii) If the Issuer distributes shares of its Capital Stock,
evidences of its Indebtedness, other assets or property or rights or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of Ordinary Shares, excluding 

(A) dividends or distributions and rights, options, warrants and other securities described in clause
(i) or (ii) above or clause (v) below; 
 (B) dividends or distributions paid
exclusively in cash, including as described in clause (iv) below; 
 (C) dividends or
distributions effected pursuant to a reclassification, merger, sale, conveyance or other transaction described in Section 12.06, where such dividend or distribution becomes Reference Property as described in Section 12.06;
and 
 (D) Spin-Offs to which the provisions set forth below in this clause (iii) shall
apply; 
 then the applicable Conversion Rate will be adjusted based on the following formula: 

 

			
	 CR =
CR0 ×    
	  	SP0

	  	(SP0 -
 FMV)

 where, 
  

			
	
CR0 =

	  	 the applicable Conversion Rate in effect immediately prior to the open of business on the Business Day immediately following the record date for such
distribution;

		
	 CR =
	  	 the applicable Conversion Rate in effect immediately after the open of business on the Business Day immediately following such record
date;

		
	
SP0 =

	  	 the average of the Last Reported Sale Prices of Ordinary Shares over the 10 consecutive Trading Day period ending on, and including, the Trading Day
immediately preceding the Ex-Dividend Date for such distribution; and

		
	 FMV =
	  	 the fair market value (as determined by the Issuer’s Board of Directors or a committee thereof) of the shares of Capital Stock, evidences of
Indebtedness, assets, property, rights or warrants distributed with respect to each outstanding Ordinary Share as of the open of Business on the Ex-Dividend Date for such distribution;

provided that if “FMV” as set forth above is equal to or greater than
“SP0” as set forth above, in lieu of the foregoing
adjustment, adequate provision will be made so that each Holder shall receive on the date on which the distributed property is distributed to holders of Ordinary Shares, for each U.S.$1,000 principal amount of Notes, the amount of distributed
property such Holder would have received had such Holder owned a number of Ordinary Shares that it would have been entitled to receive based on the Conversion Rate on the record date for such distribution; provided further that if the
Issuer’s Board of 
  

 71 

 
Directors determines “FMV” for purposes of the foregoing adjustment by reference to the trading market for any securities, it must in doing so consider the prices in such market over
the same period used in computing the average of the Last Reported Sale Prices of the Ordinary Shares over the 10 consecutive Trading Day period ending on the Trading Day immediately preceding the Ex-Dividend Date for such distribution. 

With respect to an adjustment pursuant to this clause (iii) where there has been a payment of a
dividend or other distribution on the Ordinary Shares or shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit (a “Spin-Off”), the Conversion Rate will be
adjusted based on the following formula: 
  

			
	 CR =
CR0 ×    
	  	(FMV +
MP0)
	  	MP0

 where, 
  

			
	
CR0 =

	  	 the applicable Conversion Rate in effect immediately prior to the opening of business on the Business Day immediately following the record date for the
Spin-Off;

		
	 CR =
	  	 the applicable Conversion Rate in effect immediately after the opening of business on the Business Day immediately following such record
date;

		
	 FMV =
	  	 the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of Ordinary Shares applicable to one
Ordinary Share over the first 10 consecutive Trading Day period immediately following, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and

		
	
MP0 =

	  	 the average of the Last Reported Sale Prices of the Ordinary Shares over the Valuation Period.

The adjustment to the applicable Conversion Rate under the preceding paragraph of this clause
(iii) will be made immediately after the open of business on the day after the last day of the Valuation Period, but will be given effect as of the open of business on the Business Day immediately following the record date for the Spin-Off. For
purposes of determining the applicable Conversion Rate in respect of any conversion during the Valuation Period, references within the portion of this clause (iii) related to Spin-Offs to 10 Trading Days shall be deemed replaced with such
lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date of such Spin-Off to, but excluding, the Conversion Date. 

If any distribution or spin-off described in this clause (iii) results in an adjustment to the
Conversion Rate but such distribution or Spin-Off is not so made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such distribution or Spin-Off had not been declared. 

 

 72 

 (iv) If the Issuer makes or pays any cash dividend or any
other cash distribution to all, or substantially all, holders of the outstanding Ordinary Shares, the applicable Conversion Rate will be adjusted based on the following formula: 

 

			
	 CR =
CR0 ×    
	  	SP0

	  	(SP0 -
 C)

 where, 
  

			
	
CR0 =

	  	 the applicable Conversion Rate in effect immediately prior to the open of business on the Business Day immediately following the record date for such dividend or
distribution;

		
	 CR =
	  	 the applicable Conversion Rate in effect immediately after the open of business on the Business Day immediately following such record date;

		
	
SP0 =

	  	 the average of the Last Reported Sale Prices of the Ordinary Shares over the 10 consecutive Trading Day period ending on, and including, the Trading Day
immediately preceding the Ex-Dividend Date for such dividend or distribution; and

		
	 C =
	  	 the amount in cash per share the Issuer distributes to holders of the Ordinary Shares.

If such dividend or distribution results in an adjustment to the Conversion Rate under the preceding paragraph and such
dividend or distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. 

(v) If (A) the Issuer or any of its Subsidiaries makes a payment in respect of a tender offer or
exchange offer for the Ordinary Shares, and (B) the cash and value of any other consideration included in the payment per Ordinary Share exceeds the average of the Last Reported Sale Prices of the Ordinary Shares over the 10 consecutive Trading
Day period commencing on, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (the “Expiration Date”), the applicable Conversion Rate will
be adjusted based on the following formula: 
  

			
	 CR =
CR0 ×    
	  	AC + (SP x OS)
	  	(SP x
OS0)

where, 
  

			
	
CR0 =

	  	 the applicable Conversion Rate in effect immediately prior to the open of business on the Business Day next succeeding the Expiration Date;

		
	 CR =
	  	 the applicable Conversion Rate in effect immediately after the open of business on the Business Day next succeeding the Expiration
Date;

  

 73 

			
	 AC =
	  	 the aggregate value of all cash and any other consideration (as determined by the Issuer’s Board of Directors or a committee thereof) paid or payable for
Ordinary Shares purchased in such tender or exchange offer;

		
	
OS0 =

	  	 the number of Ordinary Shares outstanding immediately prior to the time (the “Expiration Time”) such tender or exchange offer expires (prior to
giving effect to such tender or exchange offer);

		
	 OS =
	  	 the number of Ordinary Shares outstanding immediately after the Expiration Time (after giving effect to such tender or exchange offer); and

		
	 SP =
	  	 the average of the Last Reported Sale Prices of the Ordinary Shares over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next
succeeding the Expiration Date.

 The adjustment to the Conversion Rate under
this clause (v) will be made at the close of business on the tenth Trading Day immediately following, and including, the Trading Day next succeeding the Expiration Date, but will be given effect as of the open of business on the Business Day
following the Expiration Date. For purposes of determining the applicable Conversion Rate in respect of any conversion during the 10 Trading Days commencing on, and including, the Trading Day next succeeding the Expiration Date of any tender or
exchange offer, references to 10 Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and including, the Trading Day next succeeding the Expiration Date to, but excluding the Conversion Date. If the
Issuer or one of its Subsidiaries is obligated to purchase the Ordinary Shares pursuant to any such tender or exchange offer but the Issuer or the relevant Subsidiary is permanently prevented by applicable law from effecting any such purchase or all
or any portion of such purchases are rescinded, the new Conversion Rate shall be readjusted to be the Conversion Rate that would be in effect if such tender or exchange offer had not been made or had only been made in respect of the purchases that
had been effected. 
 (vi) Notwithstanding the foregoing, if any calculation required to be made
in determining the adjustment to the Conversion Rate under this Section 12.05(a) cannot be made at such time because the facts required for such determination cannot be ascertained, the Issuer will make such determination as soon as
practicable upon such information becoming determinate, and such adjustment will be made with retroactive effect to the first such date where the adjustment is required to be made. 

(vii) To the extent that any event would give rise to an adjustment to be made under more than one of the
clauses set forth above, or holders of the Issuer’s Ordinary Shares have the right to elect between distributions that would be covered by more than one of such clauses, the Issuer shall, in good faith, determine the adjustment to be made,
including, if applicable, the order of the adjustments. 
  

 74 

 (b) The Issuer may at its option and in addition to the adjustments required
by Section 12.05(a), increase the applicable Conversion Rate to avoid or diminish income Tax to holders of ADSs or rights to purchase ADSs in connection with a dividend or distribution of Ordinary Shares (or rights to acquire Ordinary
Shares) or similar event. When a Holder is deemed to have received a distribution or dividend subject to Tax withholding and such deemed distribution or dividend does not give rise to any cash from which any applicable withholding Tax or backup
withholding can be satisfied, if the Issuer pays withholding Taxes or applies backup withholding on behalf of a Holder, the Issuer may, at its option, set off such payments against subsequent deliveries of ADSs in respect of the Notes (or against
payment on the ADSs). 
 (c) The Conversion Rate in effect on the Issue Date reflects that, as of the Issue
Date, each ADS represents ten (10) CPOs of the Issuer and each CPO represents two (2) series A shares and one (1) series B share of the Issuer’s Ordinary Shares. If in conjunction with one of the foregoing adjustment events or
otherwise (i) the number of the Issuer’s CPOs represented by each ADS should change, (ii) the number of the Ordinary Shares represented by each CPO should change, (iii) one series of Ordinary Shares were to be disproportionately
affected by such event as compared to the other series of Ordinary Shares, or (iv) any other change occurs in the composition of the assets underlying the CPOs or ADSs not contemplated or adequately addressed by the foregoing adjustments, and
the applicable Conversion Rate (as so adjusted) does not produce a fair and equitable result, the Issuer will (and the Issuer will instruct the relevant ADS depositary or CPO trustee to) adopt such method as it may deem equitable and practicable
vis-à-vis the holders for the purpose of effecting such adjustment to the Conversion Rate. 
 (d) No
adjustment in the applicable Conversion Rate shall be required unless such adjustment would require an increase or decrease of at least 1% in the Conversion Rate; provided, however, that (i) any adjustments which by reason of this
Section 12.05(d) are not required to be made shall be carried forward and taken into account in any subsequent adjustment and (ii) the Issuer shall adjust the Conversion Rate at least annually to account for any such carried forward
adjustments. All calculations under this Article XII shall be made by the Issuer and shall be made to the nearest ten thousandth of an ADS. Notwithstanding the foregoing, all adjustments not previously made shall have effect and be made upon
conversion of any of the Notes. 
 Without limiting the foregoing, the Conversion Rate shall not be adjusted:
(i) upon the issuance of any Ordinary Shares pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the Issuer’s securities and the investment of additional optional amounts in Ordinary
Shares under any plan; (ii) upon the issuance of any Ordinary Shares, or options or rights to purchase Ordinary Shares, pursuant to any present or future employee, director or consultant benefit plan or program of, or assumed by, the Issuer or
any of its Subsidiaries; (iii) upon the issuance of any Ordinary Shares pursuant to any option, warrant, right or exercisable, exchangeable or convertible security not described in the preceding clause and outstanding as of the Issue Date;
(iv) for a change in the par value of the Ordinary Shares; or (iv) for Interest. 
 (e) Whenever the
Conversion Rate is adjusted as provided in this Section 12.05, the Issuer shall promptly file with the Trustee and any Conversion Agent other than the Trustee an Officer’s Certificate setting forth the Conversion Rate after such
adjustment, detailing the calculation of the Conversion Rate and setting forth a brief statement of the facts requiring such 
  

 75 

 
adjustment. Promptly after delivery of such certificate, the Issuer shall prepare and issue a press release containing the relevant information and notify the Trustee and the Trustee shall
furnish a copy of such notice to the Holders. Failure to deliver such notice shall not affect the legality or validity of any such adjustment. 

(f) If any distribution or transaction described in Section 12.05(a) above has not yet resulted in an
adjustment to the applicable Conversion Rate on the applicable Conversion Date, and the ADSs the Holder will receive on Settlement are not entitled to participate in the relevant distribution or transaction (because they were not held on a related
record date), then promptly after such distribution or transaction has occurred, the Issuer will adjust the number of ADSs to be delivered to the Holder as the Issuer determines is appropriate to reflect the relevant distribution or transaction.

 (g) For purposes of this Section 12.05, the number of Ordinary Shares at any time outstanding
shall not include Ordinary Shares held in the treasury of the Issuer. The Issuer shall not pay any dividend or make any distribution on Ordinary Shares held in the treasury of the Issuer. 

(h) Except as stated in this Section 12.05 and Section 12.12, the Issuer shall not be required to
adjust the Conversion Rate. If, however, the application of the provisions of this Section 12.05 would result in a decrease in the Conversion Rate, no adjustment to the Conversion Rate shall be made (other than as a result of a reverse
share split or share combination). 
 (i) The Issuer shall not take any action pursuant to this
Section 12.05 without complying, if applicable, with any applicable rules of any stock exchange on which the ADSs are listed at the relevant time. 

SECTION 12.06. Effect of Reclassification, Consolidation, Merger, Combination, Sale, Lease or Transfer. In the
event of any (i) reclassification or change of the outstanding Ordinary Shares (other than changes resulting from a subdivision or combination), (ii) consolidation, merger or combination involving the Issuer (other than a merger in which
the Issuer is the surviving corporation and which does not result in any reclassification of, or change (other than changes resulting from a subdivision or combination) in, outstanding Ordinary Shares), (iii) sale, assignment, conveyance,
transfer, lease or other disposition to another Person of the property and assets of the Issuer and its Subsidiaries as an entirety or substantially as an entirety, or (iv) statutory Ordinary Share exchange, in each case as a result of which
holders of Ordinary Shares shall be entitled to receive stock, other securities, other property, assets or cash (or any combination thereof) with respect to or in exchange for such Ordinary Shares, then the Issuer or the successor or purchasing
corporation, as the case may be, shall execute with the Trustee a supplemental indenture providing that Holders shall thereafter be entitled to convert Notes into the kind and amount of shares of stock and other securities, property, assets or cash
(or any combination thereof, but subject to the provisions of Article XI) that a holder of a number of ADSs equal to the Conversion Rate immediately prior to such transaction would have owned or been entitled to receive upon such transaction
(such property, the “Reference Property”), subject to the right of such Holder to receive the Make Whole Fundamental Change Premium upon compliance with the provisions of Section 12.12. In such a case, any increase in
the Conversion 
  

 76 

 
Rate by the additional ADSs described in Section 12.12 will not be payable in additional ADSs, but will represent a right to receive the aggregate amount of cash, securities or other
property into which the additional Ordinary Shares would convert in the transaction from the surviving entity (or a direct or indirect parent thereof). In the event holders of Ordinary Shares have the opportunity to elect the form of consideration
to be received in a reclassification, change, consolidation, merger, combination, sale, lease, assignment, conveyance or other transfer, the Reference Property into which the Notes will be convertible will be deemed to be the weighted average of the
types and amounts of consideration received by the holders of the Ordinary Shares that affirmatively make such an election, subject to any limitations to which the holders of Ordinary Shares are subject, including pro rata reductions applicable to
any portion of the consideration payable. The Issuer shall notify the Conversion Agent and Holders of the weighted average and composition of such Reference Property promptly after determination thereof. The Issuer shall not become party to any such
reclassification, change, consolidation, merger combination, sale, lease, assignment, conveyance or other transfer unless the terms of such transaction are consistent with the foregoing. Such supplemental indenture shall provide for adjustments that
shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article XII and shall contain such additional provisions to protect the interests of the Holders of the Notes as the Issuer’s Board of Directors
shall reasonably consider necessary by reason of the foregoing. 
 If the Notes become convertible into
Reference Property, the Issuer shall notify the Trustee and issue a press release containing the relevant information. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture. 

The above provisions of this Section 12.06 shall similarly apply to successive reclassifications, changes,
consolidations, mergers, combinations, sales, leases, assignments, conveyances or other transfers. If this Section 12.06 applies to any event or occurrence, Section 12.05 shall not apply. 

SECTION 12.07. Taxes, Duties, Fees and Costs of Issuance of ADSs or CPOs. If a Holder receives ADSs upon
conversion as provided in this Indenture, the Issuer will pay any (a) documentary, stamp or similar issue or transfer Tax, duties or fees, and (b) fees of the depositary for the ADSs, in either case, in connection with the creation or
delivery of such ADSs in satisfaction of such conversion, unless in either case, such payment is due because the Holder requests any ADSs to be issued in a name other than the Holder’s name, in which case the Holder will make such payment. In
addition, the Issuer will pay any fees or costs in connection with the issuance of the Issuer’s CPOs representing Ordinary Shares as may be needed to allow the Issuer to deposit CPOs with the ADS depositary to create the ADSs deliverable upon
conversion of Notes. 
  

 77 

 SECTION 12.08. Obligation to Cause Sufficient Ordinary Shares, CPOs and
ADSs to be Issued for Purposes of Satisfying any Settlement of Conversions. The Issuer shall take all actions reasonably necessary to ensure that, upon every conversion of a Note, ADSs will be available for delivery, and will be delivered, upon
such conversion promptly and as provided in this Article XII. The Issuer agrees that all Ordinary Shares represented by CPOs which may be issued and transferred to the CPO trustee upon conversion of Notes shall be duly authorized and validly
issued and that upon such issuance and delivery, the Holder of Notes will receive good and valid title to such ADSs, free and clear of all Liens, encumbrances and claims. In furtherance of the foregoing, the Issuer will comply with the following
covenants: 
 (a) the Issuer shall not declare any dividend, subdivision or other distribution of the
Issuer’s Ordinary Shares that would cause an anti-dilution adjustment under the Notes unless, at such time, the Issuer holds, or the shareholders concurrently approve, a sufficient number of Available Treasury Shares to satisfy its obligations
in connection with a conversion of all Notes taking into account such adjustment provided that if the Issuer makes any such declaration prior to June 30, 2010, then the Issuer shall not be required to hold a sufficient number of
Available Treasury Shares or to have such shareholder approval until June 30, 2010; and 
 (b) within 30
days of any event that causes or with the passage of time would cause the maximum number of Ordinary Shares necessary to satisfy the Issuer’s obligations in connection with a conversion of all Notes following such event to exceed the number of
Available Treasury Shares, the Issuer will cause a sufficient number of Available Treasury Shares to exist sufficient to satisfy its obligations in connection with a conversion of all Notes following such event, provided that if such event
occurs prior to June 30, 2010, then the Issuer shall not be required to cause such sufficient number of Available Treasury Shares to exist until the later of June 30, 2010 and 30 days after such event. 

For so long as the ADSs are listed on the New York Stock Exchange, the Issuer will take actions reasonably necessary for
the listing on the New York Stock Exchange of all ADSs deliverable on conversion of Notes and will take all actions (including obtaining or giving approvals and consents and paying listing fees) reasonably necessary to ensure that each ADS delivered
on conversion of a Note will, upon such delivery be so listed. 
 SECTION 12.09. Responsibility of Trustee
and the Conversion Agent. The Trustee and any other Conversion Agent shall not at any time be under any duty of responsibility to any Holders to determine whether any facts exist which may require any adjustment of the Conversion Rate, or with
respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee and any other Conversion
Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any ADSs, or of any securities or property, which may at any time be issued or delivered upon the conversion of any Note; and the Trustee makes no
representations with respect thereto. The Trustee and any other Conversion Agent shall not be responsible for any failure of the Issuer to issue, transfer or deliver any ADSs or stock certificates or other securities or property or cash upon the
surrender of any Note for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Issuer contained in this Article XII. Without limiting the generality of the foregoing, the Trustee and any other
Conversion Agent shall not have any responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into pursuant to Section 12.06 relating either to the kind or amount of shares of stock or
securities or property (including cash) receivable by Holders upon the conversion of its Notes after any event referred to in such Section 12.06 or to any adjustment to be made with respect thereto, but, subject to the provisions of
Section 7.01, may accept as conclusive evidence of the correctness of any such provisions, and shall be protected in relying upon, the Officer’s Certificate and Opinion of Counsel (which the Issuer shall be obligated to file with
the Trustee 
  

 78 

 
prior to the execution of any such supplemental indenture) with respect thereto. Neither the Trustee nor any Conversion Agent shall have any duties to holders of the Issuer’s Ordinary Shares
obtained by such holder under this Article XII, or any duty to monitor whether the Issuer issues (timely or otherwise) ADSs to Holders under this Article XII. In addition, without limiting the generality of the foregoing, the Trustee
and any other Conversion Agent shall not have any responsibility to determine whether or to ensure that any ADS issued upon conversion of a Restricted Note shall bear any legend required by Section 2.06(d) or Section 12.02 or
the restricted or unrestricted CUSIP numbers contemplated by Section 2.14, or compliance with any similar provision relating to the ADSs, nor shall the Trustee or any Conversion Agent be responsible for ensuring compliance with the
restrictions set forth in Section 12.11. 
 Except as otherwise provided herein, the Issuer or its
agents shall be responsible for making all calculations and determinations called for under this Indenture and the Notes. These calculations include, but are not limited to, determinations of the last reported sale prices of ADSs, accrued Interest
payable on the Notes and the applicable Conversion Rate. The Issuer or its agents shall make all these calculations and determinations in good faith and, absent manifest error, the Issuer’s calculations will be final and binding on holders of
Notes. The Issuer or its agents shall provide a schedule of the Issuer’s calculations to each of the Trustee and the Conversion Agent, and each of the Trustee and Conversion Agent shall be entitled to rely conclusively upon the accuracy of the
Issuer’s calculations without independent verification. The Trustee will forward the Issuer’s calculations to any Holder upon the written request of that Holder. 

SECTION 12.10. [Reserved]. 

SECTION 12.11. Restriction on ADSs Issuable Upon Conversion. (a) ADSs to be issued upon conversion of Notes
that bear a Restricted Securities Legend at the time of such conversion shall be physically delivered in certificated form to the Holders converting such Notes and the certificate representing such ADSs shall bear the Restricted ADS Legend unless
removed in accordance with Section 12.11(c). 
 (b) If (i) ADSs to be issued upon conversion of
Notes that bear a Restricted Securities Legend at the time of such conversion are to be registered in a name other than that of the Holder of such Note or (ii) ADSs represented by a certificate bearing the Restricted ADS Legend are transferred
subsequently by such Holder, then, unless (i) with respect to ADSs issued upon conversion of Restricted Notes, the Restricted Securities Legend on the Global Securities has been removed pursuant to Section 2.07(c) or (ii) a
shelf registration statement has become effective with respect to the resale of such ADSs and such ADSs are being transferred pursuant thereto, the Holder must deliver to the transfer agent for the ADSs a certificate in substantially the form of
Exhibit C hereto as to compliance with the restrictions on transfer applicable to such ADSs and neither the transfer agent nor the registrar for the ADSs shall be required to register any transfer of such ADSs not so accompanied by a properly
completed certificate. 
 (c) Except in connection with a transfer described in Section 12.11(b), if
certificates representing ADSs are issued upon the registration of transfer, exchange or replacement of any other certificate representing ADSs bearing the Restricted ADS Legend, or if a request is made to remove such Restricted ADS Legend from
certificates representing ADSs, the certificates so 
  

 79 

 
issued shall bear the Restricted ADS Legend, or the Restricted ADS Legend shall not be removed, as the case may be, unless there is delivered to the Issuer such satisfactory evidence, which,
except in the case of a transfer made pursuant to Rule 144 under the Securities Act, may include an opinion of counsel pursuant to the laws in the State of New York, as may be reasonably required by the Issuer, that neither the legend nor the
restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144 under the Securities Act or that such ADSs are securities that are not “restricted” within the meaning of Rule
144 under the Securities Act. Upon provision to the Issuer of such reasonably satisfactory evidence, the Issuer shall cause the transfer agent for the ADSs to countersign and deliver certificates representing ADSs that do not bear the legend.

 (d) Notwithstanding Section 12.11(c), any certificate representing ADSs issued upon conversion of
Notes (or security issued in exchange or substitution therefor) as to which the restrictions on transfer shall have expired in accordance with their terms or that has been transferred, replaced or exchanged on or after the date that the Issuer,
pursuant to Section 2.07(c), removes the Restricted Securities Legend from the Notes, or that has been transferred pursuant to a resale registration statement that has been declared effective under the Securities Act may, upon surrender
of such stock certificate to the Registrar for exchange, be exchanged for a new certificate, of like tenor and aggregate number of ADSs, which shall not bear any Restricted ADS Legend. 

SECTION 12.12. Make Whole Premium Upon a Fundamental Change. (a) If there shall have occurred a Fundamental
Change, the Issuer shall pay a “Make Whole Fundamental Change Premium” to the Holders of the Notes who elect to convert their Notes in connection with such Fundamental Change. A conversion of Notes will be deemed for these purposes
to be “in connection with” such Fundamental Change if the notice of conversion of the Notes is received by the Conversion Agent from, and including, the later of (1) 30 scheduled Trading Days before the anticipated effective date of
such Fundamental Change and (2) the date on which the Issuer notifies the Holders of the anticipated “Effective Date” of a Fundamental Change (in accordance with the next sentence and the next succeeding sentence) and ending 30
Business Days following the actual Effective Date (but, in the case of a Change of Control, ending prior to the close of business on the Business Day immediately preceding the Change of Control Purchase Date). The Issuer will notify Holders and the
Trustee of the anticipated Effective Date and issue a press release as soon as practicable after the Issuer first determines the anticipated Effective Date; provided that in no event will the Issuer be required to provide such notice to the
Holders and the Trustee before the earlier of such time as the Issuer or its Affiliates (A) has publicly disclosed or acknowledged the circumstances giving rise to such anticipated Fundamental Change or (B) is required to publicly disclose
under applicable law or the rules of any stock exchange on which the Issuer’s equity is then listed the circumstances giving rise to such anticipated Fundamental Change. The Issuer will use its commercially reasonable efforts to make such
determination in time to deliver such notice no later than 30 days prior to such anticipated Effective Date. If, as determined by the Issuer in a commercially reasonable manner, the number of shares available to satisfy the conversion obligation is
not sufficient to satisfy the settlement in full, such notice and press release shall set forth (1) the number of Available Treasury Shares as of the date of such release, (2) whether the number of Available Treasury Shares is sufficient
to satisfy the settlement in full (including settlement of Additional ADSs (as defined below)) of conversion of all Notes at such time and (3) whether, in the circumstances described in the next succeeding

  

 80 

 
paragraph, the Issuer elects to settle Additional ADSs either by (x) physical settlement or (y) cash settlement. In addition, following the day of such notice, the Issuer will notify
the Holders and the Trustee of any increase in the number of such ADSs available for settlement or any decrease (as a result of earlier settlements of conversions by Holders or otherwise) in such number. Such notice will be made promptly following
the close of business of the day of each such increase or decrease by means of a press release. 
 The Issuer
will satisfy settlements of conversion in connection with a Fundamental Change as follows: 
 (i)
any conversion in connection with a Fundamental Change that would be required to be settled prior to June 30, 2010 shall be settled in accordance with the provisions of the third paragraph of Section 12.02; 

(ii) if the notice states that the number of ADSs is sufficient to satisfy in full the settlement of
conversion of all Notes at the then applicable Conversion Rate (adjusted for the Make Whole Fundamental Change Premium), then: 

(A) in respect of Conversion Dates falling prior to the anticipated Effective Date, the settlement shall
occur on the third Business Day following the relevant Conversion Date at the then applicable Conversion Rate without regard to the Make Whole Fundamental Change Premium and the Additional ADSs shall be delivered on the actual Effective Date in
settlement of all such conversions; and 
 (B) in respect of Conversion Dates falling on or after
the actual Effective Date of the Fundamental Change, the settlement shall occur on the third Business Day following the relevant Conversion Date at the then applicable Conversion Rate (adjusted for the Make Whole Fundamental Change Premium); or

 (iii) if the notice states that the number of ADSs that would be necessary for the settlement
in full of conversion of all Notes at such time at the then applicable Conversion Rate (adjusted for the Make Whole Fundamental Change Premium) exceeds the number of Available Treasury Shares, then: 

(A) in respect of Conversion Dates falling prior to the anticipated Effective Date, the settlement shall
occur on the third Business Day following the relevant Conversion Date at the then applicable Conversion Rate without regard to the Make Whole Fundamental Change Premium and the Additional ADSs shall be delivered as soon as practicable after the
actual Effective Date but in no event later than 30 days after the actual Effective Date; and 

(B) in respect of Conversion Dates falling on or after the actual Effective Date, the settlement shall
occur on the third Business Day following the relevant Conversion Date at the then applicable Conversion Rate without regard to the Make Whole Fundamental Change Premium and the Additional ADSs shall be delivered as soon as practicable after such
settlement date but in no event later than 30 days after the actual Effective Date. 
  

 81 

 If immediately prior to issuing the notice the Issuer determines that the
number of ADSs that would be necessary for the settlement in full of conversion of all Notes at such time at the then applicable Conversion Rate (adjusted for the Make Whole Fundamental Change Premium) exceeds the number of Available Treasury
Shares, the Issuer may elect to satisfy the settlement in whole, but not in part, of the deficiency in Additional ADSs, at its option, by delivering on the actual Effective Date cash in lieu of the deficiency in Additional ADSs in an amount equal to
the product of (x) the number of deficient Additional ADSs and (y) the ADS Price used in the table below for the Effective Date. The election to settle in cash may be exercised by announcing the election in the notice described above and
thereafter such method of settlement shall apply to all conversions in respect of the relevant Fundamental Change. The Issuer shall not be permitted to exercise any such cash settlement at any time it is prohibited from having such an option under
the Financing Agreement. 
 Notwithstanding the foregoing, if any information required in order to calculate the
conversion consideration deliverable will not be available as of the applicable settlement date, the Issuer will deliver the Additional ADSs resulting from that adjustment on the third Trading Day after the earliest Trading Day on which such
calculation can be made. 
 The Make Whole Fundamental Change Premium will consist of an increase in the
Conversion Rate for such Notes by a number of additional ADSs (the “Additional ADSs”) per U.S.$1,000 principal amount of Notes, as determined in accordance with the table below, based on the Effective Date and the price (the
“ADS Price”) paid (or deemed paid) in the Fundamental Change per ADS (or, if applicable, the price per Ordinary Share, transposed into a price per ADS). If the holders of ADSs receive only cash in a conversion in connection with a
Fundamental Change described in clause (3) of the definition of Fundamental Change, the ADS Price shall be the cash amount paid per ADS. Otherwise, the ADS Price shall be the average of the Last Reported Sale Prices of the ADSs over the five
Trading Day period ending on, and including, the Trading Day immediately preceding the Effective Date. 
 The
ADS Prices set forth in the column headings of the table below shall be adjusted as of any date on which the Conversion Rate of the Notes is otherwise adjusted. The adjusted ADS Prices will equal the ADS Prices applicable immediately prior to such
adjustment multiplied by a fraction, the numerator of which is the Conversion Rate immediately prior to the adjustment giving rise to the ADS Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The number of
additional ADSs set forth in the table below will be adjusted in the same manner as the Conversion Rate as set forth in Section 12.05 hereof, other than as a result of an adjustment of the Conversion Rate by adding the Make Whole
Fundamental Change Premium as described above. 
  

 82 

																									
	 	  	 	  	ADS Price
	 Effective Date
	  	$10.46	  	$12.50	  	$15.00	  	$17.50	  	$20.00	  	$22.50	  	$25.00	  	$27.50	  	$30.00	  	$35.00	  	$40.00	  	$60.00
	 March 30, 2010
	  	22.0620	  	15.1881	  	10.9489	  	9.0373	  	7.8003	  	6.8418	  	6.0749	  	5.4475	  	4.9246	  	4.1031	  	3.4869	  	2.0502
	 March 15, 2011
	  	22.0620	  	14.0443	  	9.3704	  	7.3958	  	6.3724	  	5.5928	  	4.9691	  	4.4588	  	4.0335	  	3.3653	  	2.8641	  	1.6949
	 March 15, 2012
	  	22.0620	  	12.9112	  	7.7587	  	5.6012	  	4.7884	  	4.2052	  	3.7386	  	3.3569	  	3.0387	  	2.5388	  	2.1639	  	1.2890
	 March 15, 2013
	  	22.0620	  	11.6472	  	5.9563	  	3.6617	  	3.0209	  	2.6545	  	2.3613	  	2.1214	  	1.9215	  	1.6074	  	1.3718	  	0.8221
	 March 15, 2014
	  	22.0620	  	9.9100	  	3.5857	  	1.3775	  	1.0468	  	0.9201	  	0.8188	  	0.7358	  	0.6667	  	0.5582	  	0.4767	  	0.2867
	 March 15, 2015
	  	22.0620	  	6.4598	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000

 If
the exact ADS Prices and effective dates are not set forth in the table above and the ADS Price is: 

(1) between two adjacent ADS Price amounts in the table or the Effective Date is between two adjacent
Effective Dates in the table, the number of Additional ADSs by which the Conversion Rate will be determined by a straight-line interpolation between the number of Additional ADSs set forth for the higher and lower ADS Price amounts and the two dates
based on a 365-day year, as applicable. 
 (2) greater than U.S.$60.00 per ADS (subject to
adjustment in the same manner as the ADS Prices set forth in the column headings of the table above), no additional ADSs will be issued upon conversion. 

(3) less than U.S.$10.46 per ADS (subject to adjustment in the same manner as the ADS Prices set forth in
the column headings of the table above), no additional ADSs will be issued upon conversion. 
 Notwithstanding
the foregoing paragraphs, in no event will the total number of ADSs issuable upon conversion of a Note exceed 95.6022 per U.S.$1,000 principal amount of Notes, subject to adjustment in the same manner as the Conversion Rate as set forth in
Section 12.05(a) hereof. 
 (b) The Issuer, or the Trustee at the direction of the Issuer, shall
mail a notice of a Fundamental Change (the “Fundamental Change Notice”) to the Holders as shown on the Register and issue a press release not more than 5 days after the applicable Effective Date at the addresses as shown on the
Register, with a copy to the Trustee and the Paying Agent. The Fundamental Change Notice, which shall govern the terms of the settlement of any conversion (or purchase, if applicable) in connection with a Fundamental Change, shall include such
disclosures as are required by law and shall state, to the extent applicable: (i) the events causing a Fundamental Change; (ii) the Effective Date; (iii) if applicable, the last date on which a Holder may exercise the Change of
Control purchase right; (iv) the Change of Control Payment if applicable; (v) if applicable, the date of the purchase (the “Change of Control Purchase Date”), which is to be no earlier than the 20th and no later than the
35th calendar day following the Effective Date; (vi) the name and address of the Paying Agent and the Conversion Agent; (vii) if applicable, the applicable Conversion Rate and, if applicable, any adjustments to the applicable Conversion
Rate; (viii) if applicable, that the Notes with respect to which a Change of Control 
  

 83 

 
repurchase election has been delivered by a Holder may be converted only if the Holder withdraws the Change of Control repurchase election in accordance with the terms of this Indenture; and
(ix) if applicable, the procedures that Holders must follow to require the Issuer to purchase their Notes. Unless and until the Trustee shall receive a Fundamental Change Notice, the Trustee may assume without inquiry that no Fundamental Change
has occurred. 
 [remainder of page intentionally left blank] 

 

 84 

 IN WITNESS WHEREOF, the parties have caused this Indenture to be duly
executed and attested, all as of the date first above written, signifying their agreements contained in this Indenture. 
  

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

		
	By:	 	 /s/ Rodrigo Treviño

		 	 Name: Rodrigo Trevino

Title: CFO and Attorney-in-Fact

 

			
	THE BANK OF NEW YORK MELLON,
    as Trustee
		
	By:	 	 /s/ Joanne Adamis

		 	 Name: Joanne Adamis
 Title:
Vice President

  

			
	 THE BANK OF NEW YORK MELLON,
S.A., INSTITUCIÓN DE BANCA
MÚLTIPLE, as Mexican
Trustee

		
	By:	 	/s/ Ma Carmen Mozas Gomez
		 	 Name: Ma Carmen Mozas Gomez

Title: Trust Delegate

  

 85 

 EXHIBIT A – FORM OF NOTE 

 

					
	 [Include the following legend for Global Securities only (the “Global Securities Legend”):]
	  		  	 [Incluir la siguiente leyenda si se trata únicamente de Títulos Globales (la “Leyenda para los Títulos
Globales”):]

			
	 “THIS IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE CEMEX, S.A.B. DE C.V., THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS CONVERTIBLE SUBORDINATED NOTE FOR ALL PURPOSES.
	  		  	 “EL PRESENTE CONSTITUYE UN TÍTULO GLOBAL EN TÉRMINOS DEL ACTA DE EMISIÓN QUE SE MENCIONA MÁS
ADELANTE Y SE ENCUENTRA INSCRITO A NOMBRE DEL DEPOSITARIO O UNA PERSONA DESIGNADA POR EL MISMO, QUIEN PODRÁ SER TRATADO POR CEMEX, S.A.B. DE C.V., EL FIDUCIARIO Y CUALQUIERA DE SUS AGENTES, COMO TITULAR Y TENEDOR DE ESTA OBLIGACIÓN
CONVERTIBLE SUBORDINADA PARA TODOS LOS EFECTOS A QUE HAYA LUGAR.

			
	 [As part of the Global Securities Legend, include the following legend on all Global Securities for which DTC is to be the
Depositary:]
	  		  	 [Como parte de la Leyenda para los Títulos Globales, incluir la siguiente leyenda en todos los Títulos Globales
cuyo Depositario sea DTC:]

			
	 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO CEMEX, S.A.B. DE C.V. (THE “COMPANY”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
	  		  	 A MENOS QUE ESTE TÍTULO SEA PRESENTADO POR UN REPRESENTANTE AUTORIZADO DE THE DEPOSITORY TRUST COMPANY, UNA SOCIEDAD
CONSTITUIDA CONFORME A LAS LEYES DE NUEVA YORK (“DTC”), A CEMEX, S.A.B. DE C.V. (LA “COMPAÑÍA”) O A SU AGENTE DE REGISTRO O TRANSMISIÓN, CANJE O PAGO, Y QUE UN TÍTULO EMITIDO ESTÉ
INSCRITO A NOMBRE DE CEDE & CO. O ALGÚN OTRO NOMBRE SOLICITADO POR UN REPRESENTANTE AUTORIZADO DE DTC (Y CUALQUIER PAGO SE EFECTÚE A CEDE & CO. O A DICHA OTRA ENTIDAD SOLICITADA POR EL REPRESENTANTE AUTORIZADO DE DTC),
CUALQUIER TRANSMISIÓN, PRENDA U OTRO USO DEL PRESENTE POR VALOR O CON CUALQUIER OTRO OBJETO, POR PARTE O EN FAVOR DE CUALQUIER PERSONA, SERÁ INDEBIDO EN TANTO SU TITULAR REGISTRADO, CEDE & CO., TENGA ALGÚN DERECHO SOBRE EL
MISMO.

			
	 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM IN THE CIRCUMSTANCES REFERRED TO IN
THE INDENTURE, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OR SUCH SUCCESSOR DEPOSITARY.”
	  		  	 HASTA EN TANTO ESTE TÍTULO GLOBAL SE CANJEE TOTAL O PARCIALMENTE POR TÍTULOS VALOR NOMINATIVOS DEFINITIVOS EN LOS
SUPESTOS PREVISTOS EN EL ACTA DE EMISIÓN, EN SU CASO, ESTE TÍTULO GLOBAL NO PODRÁ SER TRANSMITIDO SINO EN SU TOTALIDAD POR EL DEPOSITARIO A FAVOR DE UNA PERSONA DESIGNADA POR EL DEPOSITARIO, O POR LA PERSONA DESIGNADA POR EL
DEPOSITARIO A FAVOR DEL DEPOSITARIO U OTRA PERSONA DESIGNADA POR EL DEPOSITARIO, O POR EL DEPOSITARIO O DICHA PERSONA DESIGNADA A FAVOR DE UN DEPOSITARIO SUCESOR O UNA PERSONA DESIGNADA POR DICHO DEPOSITARIO SUCESOR.”

			
	 [Include the following legend on all Notes that are Restricted Notes (the “Restricted Securities
Legend”):]
	  		  	 [Incluir la siguiente leyenda en todos las Obligaciones que tengan el carácter de Obligaciones Restringidas (la
“Leyenda para las Obligaciones Restringidas”):]

			
	         THIS SECURITY AND THE AMERICAN DEPOSITARY SHARES ISSUABLE UPON CONVERSION OF THIS SECURITY OR IN CERTAIN OTHER
CIRCUMSTANCES PURSUANT TO THE TERMS OF THIS SECURITY, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE
WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:
	  		  	         ESTE TÍTULO VALOR Y LAS ACCIONES DE DEPOSITARIO AMERICANAS QUE SE EMITAN UNA VEZ REALIZADA LA
CONVERSIÓN DEL MISMO O EN CIERTOS OTROS CASOS DE CONFORMIDAD CON LOS TÉRMINOS DE ESTE TÍTULO VALOR, NO SE ENCUENTRA INSCRITO AL AMPARO DE LA LEY DE VALORES DE 1933 Y SUS REFORMAS (LA “LEY DE VALORES”), Y NO
PUEDE SER OFRECIDO, VENDIDO, PIGNORADO O ENAJENADO EN CUALQUIER OTRA FORMA SALVO DE CONFORMIDAD CON LO DISPUESTO EN LA SIGUIENTE ORACIÓN. EN RAZÓN DE LA ADQUISICIÓN DEL PRESENTE O DE CUALQUIER DERECHO DE TITULARIDAD INDIRECTA
DEL MISMO, EL ADQUIRENTE:

			
	 (1) REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER”
(WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND
	  		  	 (1) DECLARA RESPECTO DE SÍ MISMO Y DE CUALQUIER PERSONA POR CUYA CUENTA ACTÚE, QUE ES UN
“COMPRADOR INSTITUCIONAL CALIFICADO” (EN TÉRMINOS DE LA DEFINICIÓN CONTENIDA EN LA REGLA 144A DE DE LA LEY DE VALORES) Y TIENE LA FACULTAD ABSOLUTA DE TOMAR DECISIONES DE INVERSIÓN CON RESPECTO A DICHA CUENTA,
Y

			
	 (2) AGREES FOR THE BENEFIT OF CEMEX, S.A.B. DE C.V. THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER
THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ISSUE DATE HEREOF (OR OF ANY SUBSEQUENTLY ISSUED SECURITY) OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE
SECURITIES ACT OR ANY SUCCESSOR PROVISION THEREUNDER, AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:
	  		  	 (2) SE OBLIGA, EN BENEFICIO DE CEMEX, S.A.B. de C.V. A NO OFRECER, VENDER, PIGNORAR O ENAJENAR EN CUALQUIER
OTRA FORMA ESTE TÍTULO VALOR O CUALQUIER DERECHO DE TITULARIDAD INDIRECTA SOBRE EL MISMO ANTES DE LA FECHA QUE OCURRA MÁS TARDE DE ENTRE (X) UN AÑO A PARTIR DE LA ÚLTIMA FECHA DE EMISIÓN DEL PRESENTE (O DE
CUALQUIER VALOR EMITIDO SUBSECUENTEMENTE) O CUALQUIER PERÍODO MÁS CORTO PERMITIDO POR LA REGLA 144 DE LA LEY DE VALORES O CUALQUIER DISPOSICIÓN SUCESORA DE LA MISMA, Y (Y) CUALQUIER FECHA POSTERIOR, EN SU CASO, PREVISTA EN LA
LEGISLACIÓN APLICABLE, SALVO:

			
	 (A) TO CEMEX, S.A.B. DE C.V., OR
	  		  	 (A) A CEMEX, S.A.B. DE C.V., O

			
	 (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR
	  		  	 (B) AL AMPARO DE UN DOCUMENTO DE REGISTRO QUE SE ENCUENTRE VIGENTE DE CONFORMIDAD CON LA LEY DE VALORES,
O

  

 A-1 

					
	 (C) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS MADE IN RELIANCE ON RULE 144A, OR
	  		  	 (C) A UN COMPRADOR INSTITUCIONAL CALIFICADO SEGÚN DICHO TÉRMINO SE DEFINE EN LA REGLA 144A DE LA
LEY DE VALORES, QUE EFECTÚE LA COMPRA POR CUENTA PROPIA O DE UN COMPRADOR INSTITUCIONAL CALIFICADO MEDIANTE UNA TRANSMISIÓN QUE CUMPLA CON LOS REQUISITOS PREVISTOS EN LA REGLA 144A Y A QUIEN SE DÉ AVISO DE QUE LA
ENAJENACIÓN SE HACE AL AMPARO DE LA REGLA 144A, O

			
	 (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
	  		  	 (D) AL AMPARO DE UNA EXENCIÓN DE LOS REQUISITOS DE REGISTRO CONFORME A LA REGLA 144 DE LA LEY DE
VALORES, O DE CUALQUIER OTRA EXENCIÓN A LOS REQUISITOS DE INSCRIPCIÓN PREVISTOS EN LA LEY DE VALORES.

			
	 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(D) ABOVE, CEMEX, S.A.B. DE C.V. AND THE TRUSTEE RESERVE THE
RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES
LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
	  		  	 PREVIO AL REGISTRO DE CUALQUIER OPERACIÓN CELEBRADA EN TÉRMINOS DEL INCISO (2)(D) ANTERIOR, CEMEX, S.A.B. DE C.V. Y
EL FIDUCIARIO SE RESERVAN EL DERECHO DE EXIGIR LA ENTREGA DE AQUÉLLAS OPINIONES LEGALES, CERTIFICACIONES U OTRAS CONSTANCIAS QUE RAZONABLEMENTE REQUIERAN A EFECTO DE DETERMINAR QUE LA TRANSMISIÓN PROPUESTA CUMPLE CON LO DISPUESTO POR
LA LEY DE VALORES Y LAS LEYES ESTATALES EN MATERIA DE VALORES APLICABLES. NO SE OTORGA DECLARACIÓN ALGUNA EN CUANTO A LA EXISTENCIA DE UNA EXENCIÓN A LOS REQUISITOS DE INSCRIPCIÓN PREVISTOS EN LA LEY DE
VALORES.

  

 A-2 

 [FORM OF FACE OF NOTE] [FORMATO DEL ANVERSO DE LAS OBLIGACIONES] 

 

					
	 No.                     
	  		  	 No.                     

			
	 Principal Amount
U.S.$                    
	  		  	Monto principal EUA$                    
			
	 [If the Note is a Global Security include the following two
lines:
 as revised by the Schedule of Increases and

Decreases in Global Security attached hereto]
	  		  	 [Si se trata de Título Global, incluir los siguientes dos renglones:

ajustado en términos del Apéndice de Aumentos y Disminuciones en el Título Global que se anexa a la
presente]

			
	 RESTRICTED CUSIP: 151290 AU7
	  		  	Clave CUSIP Restringida: 151290 AU7
	 RESTRICTED ISIN: US151290AU79
	  		  	Clave ISIN Restringida: US151290AU79
	 COMMON CODE: 049906056
	  		  	Clave Común: 049906056
	 UNRESTRICTED CUSIP: 151290 AV5
	  		  	Clave CUSIP Irrestricta: 151290 AV5
	 UNRESTRICTED ISIN: US151290AV52
	  		  	Clave ISIN Irrestricta: US151290AV52
			
	 4.875% CONVERTIBLE SUBORDINATED NOTES

DUE 2015
	  		  	 OBLIGACIONES CONVERTIBLES SUBORDINADAS

CON RENDIMIENTO DEL 4.875% CON

VENCIMIENTO EN 2015

			
	 CEMEX, S.A.B. de C.V., a publicly traded stock corporation with variable capital (sociedad anónima bursátil de
capital variable) organized under the laws of Mexico (together with its successors and assigns, the “Issuer”), promises to pay to [            ], or registered
assigns, the principal sum of [            ] Dollars (U.S.$[            ]) [If the Note is Global Security, add the
following: , as revised by the Schedule of Exchanges of Interest in Global Security attached hereto], on March 15, 2015.
	  		  	 CEMEX, S.A.B. de C.V., una sociedad anónima bursátil de responsabilidad limitada constituida de conformidad con las
leyes de México (en conjunto con sus sucesores y cesionarios, la “Emisora”), prometer pagar a [________________], o a sus cesionarios registrados, la cantidad principal de [________________] dólares
(EUA$[            ]) [Si se trara de un Titulo Global, añadir lo siguiente: , ajustada en términos del Apéndice de Canjes de Derechos Sobre el Título
Global que se anexa ala presente], el 15 de marzo de 2015

			
	 Interest Payment Dates: March 15 and September 15
	  		  	 Fechas de Pago de Intereses: 15 de marzo y 15 de septiembre

	 Record Dates: March 1 and September 1
	  		  	 Fechas de Registro: 1 de marzo y 1 de septiembre

			
	 Dated: March 30, 2010
	  		  	 Fecha: 30 de marzo de 2010

			
	 Additional provisions of this Note are set forth on the other side of this Note.
	  		  	 El reverso de esta Obligación contiene disposiciones adicionales.

 

 A-3 

									
	 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by duly authorized officers.

	 		 	 EN TESTIMONIO DE LO ANTERIOR, la Emisora a causado que la presente Obligación haya sido firmada manualmente o por
facsímile por sus representantes autorizados.

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

				
		 		 	By/Por:	 	 
		 		 		 		 	 Name/Nombre:

Title/Cargo: Member of the Board of Directors/Miembro del Consejo de Administración

				
		 		 	By/Por:	 	 
		 		 		 		 	 Name/Nombre:
 Title/Cargo:
Member of the Board of Directors/Miembro del Consejo de Administración

  

									
	 THE BANK OF NEW YORK MELLON, S.A.,
INSTITUCIÓN DE BANCA MÚLTIPLE,
as Mexican
Trustee/como Representante Común Mexicano
	 		 	
				
	By/Por:	 	 	 		 	
	 Name/Nombre:

Title/Cargo:
	 		 		 	

  

									
	 Trustee’s Certificate of Authentication:
	 		 	 Certificado de Autentificación del Fiduciario:

			
	This is one of the Notes described in the within-mentioned Indenture:	 		 	La presente es una de las Obligaciones descritas en el Acta de Emisión a que se hace referencia:
			
	 THE BANK OF NEW YORK MELLON, as Trustee/como Fiduciario
	 		 	
					
	By/Por:	 	 	 		 		 	
		 	Authorized Signatory/Representante Autorizado	 		 		 	

									
					
	Date/Fecha:	 	 	 		 		 	

  

 A-4 

					
	[FORM OF REVERSE SIDE OF NOTE]	  		  	[FORMATO DEL REVERSO DE LOS TÍTULOS]
	
	CEMEX, S.A.B. DE C.V.
			
	 4.875% CONVERTIBLE SUBORDINATED NOTES

DUE 2015
	  		  	 OBLIGACIONES CONVERTIBLES SUBORDINADAS

CON RENDIMIENTO

DEL 4.875% CON VENCIMIENTO EN 2015

			
	 Capitalized terms used by not defined herein shall have the meanings assigned to them in the Indenture referred to below unless
otherwise indicated.
	  		  	 A menos que se indique lo contrario, los términos que se utilizan en la presente con mayúscula inicial tendrán
los significados asignados a los mismos en el Acta de Emisión que se menciona a continuación.

			
	 1.      INTEREST. CEMEX, S.A.B. de C.V. a publicly traded stock corporation with
variable capital (sociedad anónima bursátil de capital variable) organized under the laws of Mexico (together with its successors and assigns, the “Issuer”), promises to pay interest on the principal amount of
this Note at the rate per annum shown above; provided that such rate may be increased from time to time as provided in the Indenture, including Section 4.09 and Section 6.02(b) thereof. The Issuer will pay Interest
semi-annually in arrears on March 15 and September 15 of each year, beginning September 15, 2010. Interest on the Notes will accrue from the most recent Interest Payment Date on which Interest has been paid or, if no Interest has been
paid, from March 30, 2010. Interest, if any, will be computed on the basis of a 360-day year comprised of twelve 30-day months. The Issuer shall pay any increased Interest required to be paid by it pursuant to Section 4.09 and
Section 6.02(b) of the Indenture in the manner and on the dates otherwise provided herein for the payment of Interest. To the extent lawful, the Issuer shall pay Interest (including post-petition Interest in any proceeding under any
Bankruptcy Law) on overdue principal at the interest rate borne by the Notes per annum; it shall pay Interest (including post-petition Interest in any proceeding under any Bankruptcy Law) on overdue installments of Interest (“Defaulted
Interest”), without regard to any applicable grace period, at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months.
	  		  	 1.      INTERESES. CEMEX, S.A.B. de C.V. una sociedad anónima
bursátil de capital variable constituida de conformidad con las leyes de México (en conjunto con sus sucesores y cesionarios, la “Emisora”), prometer pagar Intereses sobre el importe principal de esta Obligación
a la tasa anual antes indicada; en el entendido de que dicha tasa podrá incrementarse de tiempo en tiempo de conformidad con lo dispuesto en el Acta de Emisión, incluyendo su Sección 4.09 y su Sección
6.02(b). La Emisora pagará Intereses por semestres vencidos los días 15 de marzo y 15 de septiembre de cada año, comenzado el 15 de septiembre de 2010. Las Obligaciones devengarán Intereses desde la última
Fecha de Pago de Intereses en que se hayan pagado Intereses o, si no se han pagado Intereses, desde el 30 de marzo de 2010. En su caso, los Intereses se calcularán sobre la base de un año de 360 días y 12 meses de 30 días
cada uno. En la medida permitida por la ley, la Emisora pagará cualesquiera Intereses adicionales que deba pagar de conformidad con lo dispuesto en la Sección 4.09 y la Sección 6.02(b) del Acta de Emisión,
en la forma las fechas estipuladas en la misma en cuanto al pago de Intereses. En la medida permitida por la ley, la Emisora pagará Intereses (incluyendo Intereses posteriores a la presentación de cualquier demanda al amparo de alguna
Ley de Quiebras) sobre cualquier importe principal vencido, a la tasa de interés anual devengada por las Obligaciones que se encuentre vigente en ese momento; y en la medida permitida por la ley pagará Intereses (incluyendo tras la
presentación de cualquier demanda al amparo de alguna Ley de Quiebras) sobre cualesquiera Intereses vencidos (“Intereses Moratorios”), a la misma tasa, independientemente de cualquier período de gracia aplicable. Los
Intereses se calcularán sobre la base de un año de 360 días y 12 meses de 30 días.

			
	 All payments made by the Issuer under, or with respect to, the Notes will be made free and clear of, and without withholding or
deduction for or on account of any Taxes imposed or levied by or on behalf of any Taxing Jurisdiction, unless the Issuer is required to withhold or deduct Taxes by law or by the official interpretation or administration thereof. In that event, the
Issuer will pay to each Holder of the Notes Additional Amounts as provided in the Indenture subject to the limitations set forth in the Indenture.
	  		  	 Todos los pagos efectuados por la Emisora conforme a las Obligaciones o en relación con las mismas irán libres de
toda retención o deducción a cuenta de cualesquiera Impuestos establecidos o determinados por cualquier Jurisdicción Impositiva o en representación de la misma, a menos que la Emisora esté obligada a retener o
deducir Impuestos por disposición de ley o en razón de la interpretación oficial o aplicación de la misma. En dicho supuesto, la Emisora pagará a cada Tenedor de Obligaciones las Cantidades Adicionales previstas en
el Acta de Emisión, sujeto a las restricciones establecidas en la propia Acta de Emisión.

			
	 2.      METHOD OF PAYMENT. The Issuer will pay Interest on the Notes (except
Defaulted Interest) on the Business Day on which any such Interest on any Note is due and payable to the Person in whose name each Note is registered at the close of business on the March 1 and September 1 immediately preceding the
relevant Interest Payment Date (each a “Record Date”) (other than as provided in the Indenture). A Holder must surrender Notes to a Paying Agent to collect principal payments. On the Business Day prior to the date on which any payment is
to be made on the Notes, the Issuer will deposit with the Trustee or with the Paying Agent an amount of money in immediately available funds sufficient to make such payment.
	  		  	 2.      FORMA DE PAGO. La Emisora pagará cualesquiera Intereses respecto
de las Obligaciones (salvo Intereses Moratorios) a más tardar el Día Hábil en que dicho importe de Intereses sobre las Obligaciones sean exigibles y pagaderos a la Persona a cuyo nombre se encuentre inscrita dicha
Obligación al cierre de horas hábiles del 1 de marzo y el 1 de septiembre inmediatamente anteriores a la Fecha de Pago de Intereses correspondiente (cada una de dichas fechas, una “Fecha de Registro”) (salvo por lo dispuesto
en el Acta de Emisión). Para efectos de todo pago de principal, el Tenedor deberá entregar sus Obligaciones al Agente de Pago. A más tardar el Día Hábil previo a la fecha en que el importe principal de las
Obligaciones deba pagarse, la Emisora depositará con el Fiduciario o con el Agente de Pagos, en fondos inmediatamente disponibles, la cantidad suficiente para realizar dicho pago.

			
	 The Issuer will pay the principal of and Interest on the Notes at the office or agency of the Issuer maintained for such purpose, in
U.S. Legal Tender. Until otherwise designated by the Issuer, the Issuer’s office or agency maintained for such purpose will be the principal Corporate Trust Office of the Trustee (as defined below). However, the Issuer may pay principal and
Interest by check payable in such money, and may mail such check to the Holders of the Notes at their respective addresses as set forth in the Register of Holders. Payments in respect of Notes represented by a Global Security (including principal
and Interest) will be made by the transfer of immediately available funds to the accounts specified by DTC. The Issuer will make all payments in respect of a Definitive Security (including principal and Interest) by mailing a check to the registered
address of each Holder thereof as set forth in the Note Register; provided, however, that payments on the Notes may also be made, in the case of a Holder of at least U.S.$1,000,000 aggregate principal amount of Notes, by wire transfer to a
U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 15 days
immediately preceding the relevant Record Date (or such other date as the Trustee may accept in its discretion).
	  		  	 La Emisora pagará el importe principal y los Intereses de las Obligaciones en la oficina o agencia mantenida para dicho
efecto por la misma, en Moneda de los E.U.A. A menos que la Emisora designe otro lugar, su oficina o agencia para dicho efecto serán las Oficinas del Departamento de Fideicomisos Empresariales del Fiduciario (según la definición
asignada a dicho término más adelante). Sin embargo, la Emisora podrá efectuar pagos de principal e Intereses mediante cheque denominado en dicha moneda, y podrá enviar por correo dicho cheque a los domicilios que los
Tenedores de Obligaciones tengan inscritos en el registro de Tenedores. Los pagos sobre las Obligaciones amparadas por un Título Global (incluyendo principal e Intereses) se efectuarán mediante transferencia de fondos inmediatamente
disponibles a las cuentas indicadas por DTC. La Emisora efectuará todos los pagos correspondientes a Títulos Definitivos (incluyendo principal e Intereses) mediante cheque enviado por correo al domicilio que cada Tenedor tenga inscrito
en el registro de Obligaciones; en el entendido, sin embargo, de que tratándose de cualquier Tenedor de Obligaciones por un monto principal total de cuando menos EUA$1,000,000, los pagos sobre las Obligaciones también
podrán efectuarse mediante transferencia electrónica a una cuenta en dólares de los E.U.A. mantenida por el

  

 A-5 

					
		  		  	 destinatario del pago en un banco de los Estados Unidos, si dicho Tenedor elige la opción de recibir dichos pagos por transferencia electrónica
mediante el envío de un aviso por escrito proporcionado los datos de su cuenta al Fiduciario o al Agente de Pagos, a más tardar en la fecha correspondiente a los 15 días inmediatamente anteriores a la Fecha de Registro aplicable
(o cualquier otra fecha aceptable para el Fiduciario a su entera discreción).

			
	 3.      PAYING AGENT AND REGISTRAR. Initially, The Bank of New York Mellon
(together with any successor Trustee under the Indenture referred to below, the “Trustee”), will act as Paying Agent, Conversion Agent and Registrar. The Issuer may change the Paying Agent, Conversion Agent, Registrar or
co-registrar without prior notice. Subject to certain limitations in the Indenture, the Issuer or any of its Subsidiaries may act in any such capacity.
	  		  	 3.      AGENTE DE PAGOS Y AGENTE DE REGISTRO. The Bank of New York Mellon (en
conjunto con cualquier Fiduciario sucesor en términos del Acta de Emisión, el “Fiduciario”) actuará inicialmente como Agente de Pagos, Agente de Conversión y Agente de Registro. La Emisora podrá
reemplazar al Agente de pagos, al Agente de Conversión, al Agente de Registro o agente de registro adjunto, sin necesidad de dar aviso previo. Sujeto a ciertas restricciones previstas en el Acta de Emisión, ni la Emisora ni sus
Subsidiaras podrán actuar con alguna de dichas capacidades.

			
	 4.      INDENTURE. The Issuer issued the Notes under an Indenture dated as of
March 30, 2010 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Indenture”) between the Issuer, the Trustee and the Mexican Trustee. The terms of the Notes include those stated
in the Indenture. The Notes are subject to, and qualified by, all such terms, certain of which are summarized hereon, and Holders are referred to the Indenture for a statement of such terms. However, to the extent any provision of any Note conflicts
with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. Each Holder, by accepting a Note, agrees to be bound by all of the terms and provisions of the Indenture, as amended or supplemented from
time to time.
	  		  	 4.      ACTA DE EMISIÓN. La Emisora emitió las Obligaciones al
amparo de un Acta de Emisión de fecha 30 de marzo de 2010 (tal y como la misma se modifique o adicione de tiempo en tiempo de acuerdo con sus términos, el “Acta de Emisión”), suscrita por la Emisora, el
Fiduciario y el Representante Común Mexicano. Los términos de las Obligaciones incluyen los previstos en el Acta de Emisión. Las Obligaciones están sujetas y condicionadas a la totalidad de dichos términos, algunos
de los cuales están resumidos en la presente, y los Tenedores deberán consultar el Acta de Emisión para conocer dichos términos. Sin embargo, en la medida en que alguna disposición de esta Obligación
contravenga lo expresamente dispuesto en el Acta de Emisión, prevalecerán las disposiciones del Acta de Emisión. Por el hecho de aceptar una Obligación, todo Tenedor conviene en sujetarse a todos los términos y las
disposiciones del Acta de Emisión, tal como la mismo se modifique o adicione de tiempo en tiempo.

			
	 5.      REDEMPTION AND REPURCHASE. The Notes are subject to certain redemption and
repurchase provisions under Article III of the Indenture
	  		  	 5.      AMORTIZACIÓN Y RECOMPRA. Las Obligaciones están sujetas a
ciertas disposiciones en materia de amortización y recompra contenidas en el Artículo III del Acta de Emisión.

			
	 (A)   Optional Redemption by the Issuer for Changes in Withholding Taxes
	  		  	 (A)   Amortización a opción de la Emisora debido a reformas legales
fiscales

			
	         If, as a result of any amendment to, or change in, the laws (or any rules or regulations thereunder) of any
Taxing Jurisdiction affecting taxation, or any amendment to or change in an official interpretation or application of such laws, rules or regulations that has a general effect, which amendment to or change of such laws, rules or regulations becomes
effective on or after the Issue Date (which, in the case of a merger, consolidation or other transaction permitted and described under Article V of the Indenture, shall be treated for this purpose as the date of such transaction) the Issuer
would be obligated, after taking all reasonable measures to avoid this requirement, to pay Additional Amounts in excess of those attributable to a withholding Tax rate of 10% with respect to the Notes (as described in Section 4.12 of the
Indenture), then, at the Issuer’s option, the Notes may be redeemed in whole, but not in part, at any time on giving not less than 30 days nor more than 60 days’ notice to each Holder, at a redemption price equal to 100% of the outstanding
principal amount, plus Interest, if any, up to but not including the Tax Redemption Date; provided, however, that (1) no Tax Redemption Notice may be given earlier than 90 days prior to the earliest date on which the Issuer
would be obligated to pay the Additional Amounts described in the preceding sentence if a payment on the Notes were then due, (2) at the time such Tax Redemption Notice is given such obligation to pay such Additional Amounts remains in effect
and (3) the Issuer shall have satisfied the additional requirements set forth below. Such Tax Redemption Notice shall also contain the items required in Section 3.01(e) of the Indenture, including the calculation of the Make Whole
Fundamental Change Premium.
	  		  	         Si en virtud de alguna reforma o cambio en las leyes (o en las reglas o los reglamentos promulgados al amparo
de las mismas) en materia fiscal de alguna Jurisdicción Impositiva, o de alguna reforma o cambio en la interpretación oficial o aplicación de dichas leyes, reglas o reglamentos que tenga efectos generalizados, que entre en vigor
en la Fecha de Emisión (que para estos efectos y tratándose de cualquier fusión, consolidación u otra operación descrita y permitida en el Artículo V del Acta de Emisión será la fecha de
celebración de dicha operación) o después de la misma, la Emisora, tras tomar todas las medidas razonables para evitarlo, se vería obligada a pagar Cantidades Adicionales por encima de las correspondientes a una tasa de
retención de Impuestos del 10% en relación con las Obligaciones (conforme a lo descrito en la Sección 4.12 del Acta de Emisión), la Emisora tendrá la opción, previo aviso a cada Tenedor con no menos
de 30 ni más de 60 días de anticipación, de amortizar en cualquier momento las Obligaciones, en su totalidad y no sólo en parte, a un precio de amortización equivalente al 100% del monto principal insoluto
más Intereses, en su caso, a la Fecha de Amortización por Motivos Fiscales pero sin incluir dicha fecha; en el entendido, sin embargo, de que (1) no se podrá dar ningún Aviso de Amortización por
Motivos Fiscales antes del plazo de 90 días anterior a la primera fecha en que la Emisora hubiere estado obligada a pagar las Cantidades Adicionales descritas en la oración que antecede si el pago sobre las Obligaciones hubiese sido
exigible en dicha fecha, (2) la obligación de pagar dichas Cantidades Adicionales deberá estar vigente a la fecha de envío de dicho Aviso de Amortización por Motivos Fiscales, y (3) la Emisora deberá haber cumplido
con los requisitos adicionales previstos a continuación. Dicho Aviso de Amortización por Motivos Fiscales también deberá contener la información exigida por la Sección 3.01 (e) del Acta de Emisión,
incluyendo el cálculo de la Prima por Prepago Debido a un Cambio Fundamental.

			
	 Prior to the publication of any Tax Redemption Notice pursuant to this provision, the Issuer will deliver to the
Trustee:
	  		  	 Antes de publicar cualquier Aviso de Amortización por Motivos Fiscales, la Emisora enviará al
Fiduciario:

			
	 (i) an Officer’s Certificate stating that the Issuer is entitled to effect the redemption and setting forth a
statement of facts showing that the conditions precedent to the Issuer’s right to redeem have occurred, and
	  		  	 (i) un Certificado Expedido por los Funcionarios manifestando que la Emisora tiene derecho de efectuar una
amortización y describiendo los hechos que acrediten la verificación de la condición suspensiva que dio origen al derecho de amortización de la Emisora, y

			
	 (ii) an Opinion of Counsel of recognized standing in the affected Taxing Jurisdiction to the effect that the
Issuer has or will become obligated to pay such Additional Amounts as a result of such change or amendment.
	  		  	 (ii) una Opinión Legal de reconocido prestigio en la Jurisdicción Impositiva, en el sentido de
que la Emisora está o estará obligada a pagar dichas Cantidades Adicionales como resultado de dicha reforma o cambio.

			
	 This Tax Redemption Notice, once delivered by the Issuer to the Trustee, will be irrevocable.
	  		  	 Una vez enviado por la Emisora al Fiduciario, el Aviso de Amortización por Motivos Fiscales será
irrevocable.

			
	 (B) Repurchase at the Option of Holders Upon Certain Fundamental Changes
	  		  	 (B) Recompra a opción de los Tenedores en caso de Ciertos Cambios Fundamentales

			
	 Upon the occurrence of a Change of Control, the Issuer shall notify the Holders and the Trustee in writing of such occurrence and shall be required to make an
offer to repurchase all Notes then outstanding at a repurchase price in cash equal to 100% of the principal
	  		  	 Tras ocurrir un Cambio de Control, la Emisora dará aviso por escrito de dicha circunstancia a los Tenedores y el Fiduciario y estará obligada a
realizar una oferta de recompra respecto de todas las Obligaciones en circulación, a un precio de recompra en

  

 A-6 

					
	 amount thereof, plus Interest, to, but excluding, the Change of Control Purchase Date as defined in the Indenture (unless the Change of Control Purchase
Date is between a Record Date and the Interest Payment Date to which it relates, in which case the Issuer will pay Interest on such Interest Payment Date to the Holder of record on such Record Date and the Change of Control Payment will be equal to
100% of the principal amount of the Notes subject to repurchase and will not include Interest).
	  		  	 efectivo equivalente al 100% del importe principal más los Intereses devengados por las mismas hasta, pero excluyendo, la Fecha de Compra por
Cambio de Control (según la definición asignada a dicho término en el Acta de Emisión) (a menos que la Fecha de Compra por Cambio de Control se ubique entre una Fecha de Fecho y su correspondiente Fecha de Pago de
Intereses, en cuyo caso la Emisora pagará Intereses en dicha Fecha de Pago de Intereses al Tenedor inscrito a dicha Fecha de Registro, y el Pago por Cambio de Control será equivalente al 100% del importe de las Obligaciones objeto de
recompra y no incluirá Intereses).

			
	 6.      SUBORDINATION. The payment of the principal of, premium, if any, and
Interest on and any other payment due pursuant to this Notes (including, without limitation, the payment or deposit of the Change of Control Payment pursuant to Article III of the Indenture) shall be subordinated and subject in right of
payment to the prior payment in full of all Senior Indebtedness, whether outstanding at the Issue Date or thereafter created, incurred, assumed or guaranteed in accordance with the provisions of Article XI of the Indenture, and each Holder by
accepting a Note accepts and agrees to be bound by such provisions. The Issuer agrees, and each Holder by accepting a Note agrees, that the Indebtedness evidenced by the Note is equal in right of payment to any future unsecured subordinated
Indebtedness.
	  		  	 6.      SUBORDINACIÓN. El pago del importe principal, la prima, si la
hubiere, los Intereses y cualesquiera otros pagos exigibles de conformidad con esta Obligación (incluyendo, de manera enunciativa pero no limitativa, el pago o depósito del Pago por Cambio de Control conforme al Artículo
III del Acta de Emisión), estarán subordinadas y sujetos, por lo que se refiere al derecho a su pago, en la medida y forma que se establece a continuación, al pago previo e íntegro de toda la Deuda Preferente, ya sea
que la misma se encuentre en circulación a la Fecha de Emisión o se cree, incurra, asuma o garantice posteriormente de conformidad con lo dispuesto en el Artículo XI del Acta de Emisión, y cada Tenedor, por el
hecho de aceptar una Obligación, reconoce y conviene en sujetarse a dichas disposiciones. La Emisora, y cada Tenedor, por el hecho de aceptar una Obligación, reconoce que la Deuda documentada por esta Obligación es igual en
cuanto al derecho de pago que cualquier otra Deuda subordinada sin garantía específica futura.

			
	 7.      DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without
coupons in denominations of U.S.$100,000 and integral multiples of U.S.$1,000 in excess thereof. A Holder may transfer or exchange Notes at the office of the Registrar in accordance with the Indenture. The Registrar and the Trustee may require a
Holder, among other things, to furnish appropriate endorsements and transfer documents. No service charge will be imposed by the Issuer, the Trustee or the Registrar for any registration of transfer or exchange of Notes, but any Tax or similar
governmental charge required by law or permitted by the Indenture because upon exchange a Holder requests any ADSs to be issued in a name other than such Holder’s name will be paid by such Holder. The Issuer is not required to transfer or
exchange any Note surrendered for repurchase or conversion except for any portion of that Note not being repurchased or converted, as the case may be.
	  		  	 7.      DENOMINACIONES, TRANSMISIÓN, CANJE. Las Obligaciones son
nominativas, no llevan adheridos cupones y se emiten en denominaciones de EUA$100,000 y múltiplos íntegros de EUA$1,000 por encima de dicha cantidad. Todo Tenedor podrá solicitar la inscripción de la transmisión o
el canje de sus Obligaciones en la oficina del Agente de Registro de acuerdo con lo dispuesto en el Acta de Emisión. El Agente de Registro y el Fiduciario podrán exigir que el Tenedor proporcione, entre otras cosas, los endosos y
demás instrumentos de transmisión necesarios. La Emisora, el Fiduciario o el Agente de Registro no impondrán al Tenedor cargo alguno en razón de la inscripción de la transmisión o el canje de Obligaciones,
pero el Tenedor será responsable del pago de cualesquiera Impuestos u otros cargos gubernamentales que resulten aplicables en razón de que el Tenedor solicite la emisión de ADSs a nombre de persona distinta de sí mismo.
La Emisora no estará obligada a inscribir la transmisión o canje de cualquier Obligación entregado a la misma para su compra o conversión, sino por lo que toca a la porción de dicha Obligación que no vaya a
ser objeto de compra o conversión, según el caso.

			
	 8.      PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as
its owner for all purposes.
	  		  	 8.      PERSONAS CONSIDERADAS COMO PROPIETARIOS. El Tenedor inscrito de una
Obligación será considerado como propietario de la misma para cualesquiera efectos.

			
	 9.      AMENDMENTS AND WAIVERS. Subject to certain exceptions set forth in the
Indenture, with the written consent of the Holders of a majority in principal amount of the then-outstanding Notes (including without limitation by consents obtained in connection with a purchase of, or a tender offer or exchange offer for, Notes)
(i) the Issuer, the Trustee and the Mexican Trustee may amend the Indenture or the Notes, and (ii) may waive compliance in a particular instance by the Issuer with any provision of the Indenture or this Note.
	  		  	 9.      MODIFICACIONES Y DISPENSAS. Sujeto a ciertas excepciones previstas en el
Acta de Emisión, se requiere el consentimiento por escrito de los Tenedores de cuando menos la mayoría del monto principal total de las Obligaciones que se encuentren en circulación en ese momento (incluyendo, de manera
enunciativa pero no limitativa, los consentimientos recibidos con motivo de una compra de Obligaciones u oferta de compra o canje relativa a las Obligaciones), para (i) la modificación del Acta de Emisión o las Obligaciones por parte
de la Emisora, el Fiduciario y el Representante Común Mexicano y (ii) dispensar el cumplimiento de cualquier disposición contenida en el Acta de Emisión o esta Obligación por parte de la Emisora.

			
	 Without the consent of each Holder of an outstanding Note affected, an amendment or waiver under Section 9.02 of the Indenture
may not (with respect to any Notes held by a non-consenting Holder): (a) reduce the amount of Notes whose Holders must consent to an amendment or waiver; (b) reduce the rate of or change or have the effect of changing the time for payment
of Interest on any Notes; (c) reduce the principal of or change or have the effect of changing the fixed maturity of any Notes, or change the date on which any Notes may be subject to redemption, or reduce the redemption price therefor;
(d) make any Notes payable in money other than that stated in the Notes; (e) make any change in provisions of the Indenture entitling each Holder to receive payment of principal and Interest on such Holder’s Notes on or after the due
date thereof or to bring suit to enforce such payment, or permitting Holders of a majority in principal amount of Notes to waive Defaults or Events of Default; (f) reduce the Change of Control Payment of any Note or amend or modify in any
manner adverse to the Holders, the Issuer’s obligation to make payment of such Change of Control Payment, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise; (g) make any change in the
provisions of the Indenture described under Section 4.12 of the Indenture that adversely affects the rights of any Holder or amend the terms of the Notes in a way that would result in a loss of exemption from Taxes; (h) make any
change to the provisions of the Indenture or the Notes that adversely affect the ranking of the Notes; and (i) make any change that impairs or adversely affects the conversion rights of any Notes.
	  		  	 Ninguna modificación o dispensa en términos de lo dispuesto en la Sección 9.02 del Acta de Emisión
podrá, salvo con el consentimiento de cada Tenedor de una Obligación en circulación afectado por la misma: (a) reducir el monto de las Obligaciones cuyos Tenedores pueden aprobar una modificación u otorgar una dispensa;
(b) reducir la tasa de interés sobre cualesquiera Obligaciones, o cambiar o modificar de cualquier forma que tenga los mismos efectos que un cambio de fecha, la fecha de pago de Intereses sobre cualesquiera Obligaciones; (c) reducir el monto
principal de cualesquiera Obligaciones, o cambiar o modificar de cualquier forma que tenga los mismos efectos que un cambio de fecha, la fecha fija de vencimiento de cualesquiera Obligaciones, o cambiar la fecha en que cualesquiera Obligaciones
puedan ser objeto de amortización, o reducir el precio de amortización de las mismas; (d) disponer que cualesquiera Obligaciones sean pagaderas en alguna moneda distinta a la expresada en las Obligaciones; (e) cambiar las disposiciones
del Acta de Emisión en cualquier forma que confiera a cada Tenedor el derecho a recibir el pago del principal de las Obligaciones e Intereses sobre las Obligaciones de dicho Tenedor en la fecha exigible o después de la misma o a
entablar juicio para exigir dicho pago, o permitir que los Tenedores de la mayoría del importe principal de las Obligaciones dispensen Incumplimientos o Causaes de Incumplimiento; (f) reducir el Pago por Cambio de Control correspondiente a
cualquier Obligación, o reformar o modificar en cualquier forma adversa para los Tenedores la obligación de la Emisora de efectuar dicho Pago por Cambio de Control, ya sea a través de modificaciones o renuncias de las
disposiciones correspondientes a las obligaciones o definiciones o cualquier otra; (g) hacer cualquier cambio en las disposiciones descritas en la Sección 4.12 del Acta de Emisión que afecte en forma adversa los derechos de
cualquier Tenedor o modifique los términos de las Obligaciones en forma tal que resulte en la pérdida de una exención de Impuestos; (h) hacer cualquier cambio en las disposiciones del Acta de Emisión o las Obligaciones
que afecte en forma adversa el orden de prelación de las Obligaciones; o (i) hacer cualquier cambio que precluya o afecte en forma adversa los derechos de conversión correspondientes a cualesquiera
Obligaciones.

  

 A-7 

					
	 The Issuer, the Trustee and the Mexican Trustee may amend the Indenture or this Note without notice to or the consent of any Holder to
(a) cure any ambiguity, omission, defect or inconsistency in the Indenture or this Note; (b) provide for the assumption by a surviving or successor corporation of the obligations of the Issuer under the Indenture or evidence and provide for the
acceptance of appointment of a successor Trustee pursuant to the Indenture; (c) provide for uncertificated Notes in addition to or in place of certificated Notes (provided that the uncertificated Notes are issued in registered form for purposes of
Section 163(f) of the Internal Revenue Code or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Internal Revenue Code); (d) add guarantees with respect to this Note; (e) secure this Note; (f) add to the
Issuer’s covenants for the benefit of the Holders or surrender any right or power conferred upon the Issuer; (g) make any change that does not materially adversely affect the rights of any Holder; (h) comply with the provisions of any clearing
agency, clearing corporation or clearing system, including DTC, the Trustee or the Registrar with respect to the provisions of the Indenture or this Note relating to transfers and exchanges of Notes; and (i) conform the terms of the Indenture or
this Note to the description thereof in the Offering Memorandum.
	  		  	 La Emisora, el Fiduciario y el Representante Común Mexicano podrán modificar el Acta de Emisión o las
Obligaciones sin necesidad de dar aviso u obtener el consentimiento de Tenedor alguno, para: (a) corregir cualquier ambigüedad, omisión, defecto o inconsistencia en el Acta de Emisión o las Obligaciones; (b) realizar aquellos
actos necesarios en relación con la asunción de las obligaciones de la Emisora conforme al Acta de Emisión por alguna sociedad fusionante o sucesora de la Emisora, o hacer constar y reflejar la aceptación del nombramiento
de un Fiduciario sucesor de conformidad con el Acta de Emisión; (c) prever la emisión de Obligaciones no amparadas por títulos, además o en lugar de Obligaciones amparadas por títulos (siempre que las Obligaciones
no amparadas por títulos sean registrados para efectos de lo dispuesto por la Sección 163(f) del Código Fiscal Interno (Internal Revenue Code) o de manera tal que las Obligaciones no amparadas por títulos se
apeguen a la descripción contenida en la Sección 163(f)(2)(B) del Código Fiscal Interno); (d) agregar garantías con respecto a las Obligaciones; (e) garantizar las Obligaciones; (f) agregar obligaciones de la Emisora
en beneficio de los Tenedores, o renunciar a cualquier derecho o facultad conferida a la Emisora; (g) hacer cualquier arreglo que no afecte en forma adversa y significativa los derechos de cualquier Tenedor; (h) cumplir con lo dispuesto por
cualquier cámara, agencia o sistema de compensación, incluyendo DTC, el Fiduciario o el Agente de Registro con respecto a lo dispuesto por el Acta de Emisión o las Obligaciones en relación con la transmisión y el
canje de las Obligaciones; e (i) ajustar los términos del Acta de Emisión o las Obligaciones a fin de que se apeguen a lo descrito en el Prospecto de Colocación.

			
	 To secure a consent or waiver of the Holders, it shall not be necessary for such Holders to approve the particular form of any
proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof.
	  		  	 Para obtener cualquier consentimiento o dispensa de parte de los Tenedores no será necesario que dichos Tenedores aprueben
la forma específica de la modificación o dispensa propuesta, sino que bastará con que dicho consentimiento apruebe las cuestiones de fondo de la misma.

			
	 10.    DEFAULTS AND REMEDIES. An “Event of Default” with respect to any
Notes occurs if: (a) the Issuer defaults in the payment in respect of the principal of any Note when due at maturity, upon redemption or repurchase pursuant to Article III of the Indenture, upon declaration of acceleration or otherwise,
whether or not such payment is prohibited by the subordination provisions set forth in Article XI of the Indenture; (b) the Issuer defaults in the payment of any installment of Interest on the Notes when due and payable, whether or not
such payment is prohibited by the subordination provisions set forth in Article XI of the Indenture, including any Interest payable in connection with a redemption or repurchase pursuant to Article III of the Indenture and Additional
Interest, if any, and continuance of such default for a period of 30 days or more; (c) the Issuer defaults in the delivery when due of all ADSs deliverable upon conversion with respect to the Notes in accordance with Article XII of the
Indenture, which default continues for a period of five Business Days or more; (d) the Issuer fails to provide a timely Fundamental Change Notice in accordance with Section 12.12 of the Indenture; (e) the Issuer fails to comply
with the covenant described in clause (b) of Section 12.08 of the Indenture; (f) failure by the Issuer to comply with the covenant described in clause (a) of Section 12.08 of the Indenture that continues for a
period of 30 days after the Issuer receives written notice of such failure from the Trustee or the Holders of at least 25% in principal amount of the Notes then outstanding; (g) the Issuer defaults (other than a default set forth in paragraphs
(a) through (f) above) in the performance of, or breaches, any other covenant or agreement of the Issuer set forth in the Indenture or this Note and fails to remedy such default or breach within a period of 45 days after its receipt of
written notice thereof from the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes; (h) the Issuer or any of the Issuer’s “Significant Subsidiaries” (as defined in Article 1, Rule
1-02 of Regulation S-X) defaults with respect to any mortgage, agreement or other instrument under which there is outstanding, or by which there is secured or evidenced, any Indebtedness for money borrowed having a principal amount in excess of
U.S.$50 million in the aggregate, whether such Indebtedness now exists or shall hereafter be created, (i) resulting in such Indebtedness becoming or being declared due and payable prior to its express maturity date or (ii) constituting a
failure to pay at least U.S.$50 million of such Indebtedness when due and payable (after the expiration of any applicable grace period) at its stated maturity, upon required repurchase, upon declaration or otherwise; provided, that any such Event of
Default shall be deemed cured and not continuing upon payment of such Indebtedness or rescission of such declaration; (i) a final judgment for the payment of U.S.$50 million or more (excluding any amounts covered by insurance or bond) is
rendered against the Issuer or any Significant Subsidiary by a court of competent jurisdiction, which judgment is not discharged, stayed, vacated, paid or otherwise satisfied within 60 days after (i) the date on which the right to appeal
thereof has expired if no such appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished; or (j) a Bankruptcy Event of Default.
	  		  	 10.    INCUMPLIMIENTOS Y RECURSOS. Ocurrirá una “Causa de
Incumplimiento” respecto a cualquier Obligación si: (a) la Emisora incumple con el pago del importe principal de cualquier Obligación en la fecha en que dicho pago sea exigible, ya sea a su vencimiento, contra su
amortización o recompra conforme al Artículo III del Acta de Emisión, en razón de una declaración de vencimiento anticipado o por cualquier otro motivo, independientemente de que dicho pago esté o no
prohibido de conformidad con lo dispuesto respecto de la subordinación en el Artículo XI del Acta de Emisión; (b) la Emisora incumple con el pago de cualesquiera Intereses sobre cualquier Obligación en la fecha en
que los mismos sean exigibles y pagaderos, independientemente de que dicho pago esté o no prohibido de conformidad con lo dispuesto respecto de la subordinación en el Artículo XI del Acta de Emisión, incluyendo
cualesquiera Intereses pagaderos con motivo de una amortización o recompra en términos del Artículo III del Acta de Emisión, si dicho incumplimiento subsiste durante un período de 30 días o
más; (c) la Emisora incumple con la entrega, en la fecha debida, de las ADSs que deban entregarse con motivo de la conversión de Obligaciones en términos del Artículo XII del Acta de Emisión, y dicho
incumplimiento subsiste durante un período de cinco Días Hábiles o más; (d) la Emisora incumple con la entrega oportuna de un Aviso de Cambio Fundamental de conformidad con lo dispuesto en la Sección 12.12
del Acta de Emisión; (e) la Emisora incumple el compromiso descrito en el inciso (b) de la Sección 12.08 del Acta de Emisión; (f) la Emisora incumple el compromiso descrito en el inciso (a) de la Sección
12.08 del Acta de Emisión y dicho incumplimiento continúa durante un período de 30 días posteriores a la recepción por la Emisora de un aviso por escrito de dicho incumplimiento de parte del Fiduciario o los
Tenedores de cuando menos el 25% del monto principal de las Obligaciones que en ese momento se encuentren en circulación; (g) la Emisora incumple (en forma distinta a lo previsto a los incisos (a) a (f) anteriores) o viola cualquier otro
contrato o convenio de la misma de conformidad con el Acta de Emisión o las Obligaciones y no subsana dicho incumplimiento o violación dentro del plazo de 45 días contados a partir de la recepción de un aviso por escrito
al respecto de parte del Fiduciario o los Tenedores de cuando menos el 25% del monto principal de las Obligaciones que en ese momento se encuentren en circulación; (h) la Emisora o cualquiera de sus “Subsidiarias Significativas”
(según dicho término se define en el Artículo 1, Regla 1-02 del Reglamento S-X) incurre en algún incumplimiento con cualquier hipoteca, contrato o instrumento en virtud del cual se encuentre insoluta o se garantice o haga
constar cualquier Deuda por concepto de dinero obtenido en préstamo cuyo monto principal total ascienda a más de EUA$50 millones, independientemente de que dicha Deuda exista actualmente o se contrate en el futuro, (i) que dé
como resultado que dicha Deuda se vuelva o se declare exigible y pagadera antes de su fecha programada de vencimiento, y (ii) que represente un incumplimiento de pago de cuando menos EUA$50 millones de dicha Deuda en la fecha en que dicha cantidad
sea exigible y pagadera (después de haber vencido cualquier período de gracia aplicable), ya sea que dicha fecha sea su fecha programada de vencimiento, recompra obligatoria, declaración de vencimiento u otra fecha; en el
entendido de que dicha Causa de Incumplimiento se tendrá por

		  		  	

  

 A-8 

					
		  		  	 subsanada y no subsistente tras el pago de dicha Deuda o la rescisión de dicha declaración; (i) algún tribunal
competente dicta sentencia definitiva en contra de la Emisora o cualquier Subsidiaria Significativa, condenándola al pago de EUA$50 millones o más (excluyendo cualesquiera cantidades amparadas por seguros o fianzas), y dicha sentencia
no se deshecha, suspende, desestima, paga o en cualquier otra forma libera dentro de los 60 días siguientes a (i) la fecha de prescripción del derecho a interponer un recurso en contra de la misma sin que se haya interpuesto recurso
alguno, o (ii) la fecha en que se hayan agotado todos los derechos de interposición de recursos; o (j) ocurre alguna Causa de Incumplimiento por Quiebra.

			
	 If an Event of Default (other than an Event of Default with respect to the Issuer specified in paragraph (j) above) occurs and is
continuing, then and in every such case (i) the Trustee, by written notice to the Issuer, or (ii) the Holders of at least 25% in aggregate principal amount of the then outstanding Notes, by written notice to the Issuer and the Trustee,
may, and the Trustee at the request of such Holders shall, declare all of the unpaid principal of, and Interest, on all the Notes to be due and payable. Upon such declaration such principal amount, and Interest, shall become immediately due and
payable, notwithstanding anything contained in the Indenture or this Note to the contrary, but subject to the provisions of Article XI of the Indenture. If the Event of Default with respect to the Issuer specified in paragraph (j) above
occurs, all unpaid principal of, and Interest on, the Notes then outstanding shall become automatically due and payable, subject to the provisions of Article XI of the Indenture, without any declaration or other act on the part of the Trustee
or any Holder.
	  		  	 En caso de que haya ocurrido y subsista alguna Causa de Incumplimiento (distinta de una Causa de Incumplimiento respecto a la
Emisora conforme a lo previsto en el inciso (i) anterior, entonces y en cada uno de dichos casos (i) el Fiduciario, mediante aviso por escrito a la Emisora, o (ii) los Tenedores de cuando menos el 25% del monto principal insoluto de las Obligaciones
que en ese momento se encuentren en circulación, mediante aviso por escrito a la Emisora y al Fiduciario, podrán declarar y a solicitud de dichos Tenedores el Fiduciario declarará exigible y pagadero el importe total del monto
principal insoluto de las Obligaciones y los Intereses sobre las mismas. Tras dicha declaración, dicho monto principal e Intereses se volverán inmediatamente exigibles y pagaderos no obstante cualquier disposición en contrario
contenida en el Acta de Emisión o las Obligaciones pero sujeto a lo dispuesto en el Artículo XI del Acta de Emisión. En caso de que se actualice la Causa de Incumplimiento prevista en el inciso (j) anterior con respecto a
la Emisora, la totalidad del importe principal de las Obligaciones y los Intereses sobre las Obligaciones que se encuentren en circulación en ese momento se volverán inmediatamente exigibles y pagaderos sujeto a lo dispuesto en el
Artículo XI del Acta de Emisión, sin necesidad de declaración o acto ulterior alguno por parte del Fiduciario o cualquier Tenedor.

			
	         Notwithstanding any other provision in Article VI of the Indenture, if an Event of Default occurs arising
out of the Issuer’s breach of its obligation to file or furnish reports or other financial information as required under the Indenture, the Issuer may elect to pay Additional Interest on the Notes as the sole remedy for such Event of Default,
and the Trustee and the Holders will not have any right under the Indenture to accelerate the maturity of the Notes as a result of any such Event of Default, except as provided below. If elected, the Issuer shall pay Additional Interest to all
Holders at a rate equal to 0.50% per annum through the 180th day after the occurrence of such Event of Default (which shall be the
135th day after the end of the 45-day grace period set
forth in Section 6.01(g) of the Indenture),or such earlier date on which the Event of Default relating to the reporting obligations referred to in this paragraph shall have been cured or waived. On the 181st day, such Additional Interest
will cease to accrue (or earlier, if the Event of Default relating to the reporting obligations referred to in this paragraph shall have been cured or waived prior to such 181st day) and, if the Event of Default is continuing on such 181st day, the
Notes will be subject to acceleration as provided in the above paragraph. The provisions hereof will not affect the rights of the Holders in the event of the occurrence of any other Event of Default, and are separate and distinct from, and in
addition to, the obligation of the Issuer to increase the interest rate of, and the amount of Interest payable on, the Notes pursuant to Section 4.09 of the Indenture, except as otherwise provided therein. Any Additional Interest paid
pursuant to this paragraph will be payable at the times and in the manner provided for the payment of regular Interest on the Notes. In order to elect to pay Additional Interest on the Notes as the sole remedy during the first 180 days after the
occurrence of an Event of Default relating to the failure to comply with reporting obligations in accordance with this paragraph, the Issuer must notify all Holders and the Trustee and Paying Agent of such election on or before the close of business
on the fifth Business Day after the date on which such Event of Default first occurs. If the Issuer fails to timely give such notice, does not pay such Additional Interest or elects not to pay such Additional Interest, the Notes will be immediately
subject to acceleration as provided in the above paragraph.
	  		  	         No obstante cualquier otra disposición contenida en el Artículo VI del Acta de
Emisión, si ocurre alguna Causa de Incumplimiento como resultado del incumplimiento de las obligaciones de presentación o entrega de información financiera de la Emisora en términos del Acta de Emisión, la Emisora
tendrá la opción de pagar Intereses Adicionales sobre las Obligaciones a manera de medio exclusivo de subsanar dicha Causa de Incumplimiento, en cuyo caso el Fiduciario y los Tenedores no tendrán derecho alguno al amparo del
Acta de Emisión para declarar vencidas las Obligaciones en forma anticipada como resultado de dicha Causa de Incumplimiento, excepto por lo previsto más adelante. De elegir dicha opción, la Emisora pagará Intereses
Adicionales a todos los Tenedores a una tasa equivalente al 0.50% anual hasta el 180o. día posterior a la actualización de dicha Causa de Incumplimiento (mismo que coincidirá con el 135o. día siguiente al vencimiento del
período de gracia de 45 días previsto en la Sección 6.01(g) del Acta de Emisión) o hasta aquélla fecha anterior en que se subsane o dispense la Causa de Incumplimiento relativa a las obligaciones de entrega
de información citadas en este inciso. Dichos Intereses Adicionales dejarán de devengarse el 181o. día (o antes, en caso de que la Causa de Incumplimiento relativa a las obligaciones de entrega de información citadas en
este inciso se subsane o dispense antes de dicho 181o. día) y, si la Causa de Incumplimiento aún subsiste en dicho 181o. día, las Obligaciones estarán sujetas a vencimiento anticipado de conformidad con lo antes
dispuesto. Lo antes dispuesto no afectará los derechos de los Tenedores en caso de que ocurra alguna otra Causa de Incumplimiento, y es independiente, distinto y adicional a la obligación de la Emisora de incrementar la tasa de
interés y el monto de los Intereses pagaderos sobre las Obligaciones de conformidad con la Sección 4.09 del Acta de Emisión a menos que la presente disponga lo contrario. Cualesquiera Intereses Adicionales pagaderos de
conformidad con lo dispuesto en este párrafo se pagarán en las fechas y la forma prescritas para el pago de Intereses ordinarios sobre las Obligaciones. Para elegir la opción de pagar Intereses Adicionales como medio exclusivo
para subsanar durante los primeros 180 días siguientes a la actualización de una Causa de Incumplimiento derivada de la falta de cumplimiento de las obligaciones de entrega de información conforme a este párrafo, la
Emisora deberá dar aviso de su elección a todos los Tenedores y al Fiduciario y Agente de Pagos a más tardar al cierre de las horas hábiles del quinto Día Hábil posterior a la fecha en que haya ocurrido por
vez primera dicha Causa de Incumplimiento. Si la Emisora incumple con el envío oportuno de dicho aviso, no paga dichos Intereses Adicionales u opta por no pagar dichos Intereses Adicionales, las Obligaciones quedarán inmediatamente
sujetas a vencimiento anticipado de conformidad con lo antes dispuesto.

			
	 Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require an indemnity
satisfactory to it before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. Except in the
case of a Default or Event of Default in payment of principal of, or interest on, this Note, the Trustee may withhold from Holders notice of any continuing default (except a default in payment of principal, or Interest, if applicable) if and so long
as a committed of the Trustee’s Trust Officers in good faith determines that withholding the notice is in the interests of Holders. The Issuer must furnish an annual compliance certificate to the Trustee.
	  		  	 Los Tenedores no podrán hacer valer el Acta de Emisión o las Obligaciones sino en la forma prevista en el Acta de
Emisión. El Fiduciario podrá exigir indemnización satisfactoria antes de realizar cualquier acto para exigir el cumplimiento del Acta de Emisión o las Obligaciones. Sujeto a ciertas excepciones, los tenedores de la
mayoría del importe principal de las Obligaciones que se encuentren en circulación en un momento dado podrá girar instrucciones al Fiduciario con respecto al ejercicio de los poderes o facultades del mismo. Salvo que se trate de
un Incumplimiento o Causa de Incumplimiento con el pago de principal de cualquier Obligación o Intereses sobre la misma, el Fiduciario podrá abstenerse de dar aviso de la subsistencia de cualquier incumplimiento (salvo que se trate de
un incumplimiento con el pago del principal o, en su caso, Intereses sobre cualquier Obligación), siempre y cuando un comité formado por sus Delegados Fiduciarios determine de buena fe que el diferimiento de dicho aviso es en
interés de los Tenedores. La Emisora deberá proporcionar al Fiduciario un informe anual respecto al cumplimiento de sus obligaciones.

 

 A-9 

					
	 11.    TRUSTEE DEALINGS WITH THE ISSUER. The Trustee or any of its Affiliates, in their
individual or any other capacities, may make or continue loans to or guaranteed by, accept deposits from and perform services for the Issuer or its Affiliates and may otherwise deal with the Issuer or its Affiliates as if it were not
Trustee.
	  		  	 11.    OPERACIONES ENTRE EL FIDUCIARIO Y LA EMISORA. El Fiduciario o cualquiera de sus
Filiales, ya sea en lo individual o con cualquier otro carácter, podrá otorgar o extender créditos a la Emisora o créditos garantizados por la misma, aceptar depósitos de parte de la Emisora y prestar servicios a
ésta o a sus Filiales, y podrá por demás celebrar operaciones con la Emisora o sus Filiales como si no ocupase el cargo de Fiduciario.

			
	 12.    NO RECOURSE AGAINST OTHERS. No director, officer, employee or shareholder, as such, of
the Issuer from time to time shall have any liability for any obligations of the Issuer under the Notes or this Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting a Note
waives and releases all such liability. The waiver and release are part of the consideration for the Notes.
	  		  	 12.    AUSENCIA DE RECURSOS CONTRA TERCEROS. Ninguna Persona que de tiempo en tiempo tenga
el carácter de consejero, funcionario, empleado o accionista de la Emisora será en razón de dicha circunstancia y en momento alguno responsable de las obligaciones de la Emisora bajo las Obligaciones el Acta de Emisión, o
respecto de cualquier demanda en razón o que esté basada o relacionada con dichas obligaciones o su creación. Por el hecho de aceptar una Obligación, su Tenedor dispensa dicha responsabilidad y los libera de la misma.
Esta liberación y dispensa forman parte de la contraprestación por las Obligaciones.

			
	 13.    AUTHENTICATION. This Note shall not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent.
	  		  	 13.    VALIDACIÓN. Esta Obligación no será válida a menos que
contenga la firma autógrafa del Fiduciario o un agente de validación.

			
	 14.    ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN CO = tenants in common, TEN ENT = tenants by the entireties, JT TEN = joint tenants with right of survivorship and not as tenants in common, CUST = Custodian and U/G/M/A = Uniform Gifts to Minors Act.
	  		  	 14.    ABREVIATURAS. Podrán utilizarse abreviaturas de uso común a nombre de
cualquier Tenedor o su cesionario, incluyendo: TEN CO = tenedores en común, TEN INT = tenedores indivisibles, TEN MA = tenedores mancomunados con derechos transferibles por sucesión y no como tenedores en común, CUST = Custodio,
y L/U/D/M = Ley Uniforme Sobre las Donaciones a Menores (Uniform Gifts to Minors Act).

			
	 15.    CONVERSION. Subject to and upon compliance with the provisions of the Indenture, the
registered Holder of this Note has the right, at such Holder’s option, at any time before the close of business on the fourth Business Day immediately preceding the Maturity Date (or in case this Note or any portion hereof is subject to a Tax
Redemption Notice or a duly completed election for repurchase, before the close of business on the Business Day prior to the Tax Redemption Date or the Change of Control Purchase Date, as the case may be (unless the Issuer defaults in payment due
upon redemption or repurchase)) to convert each U.S.$1,000 principal amount of Notes into 73.5402 ADSs of the Issuer, as adjusted from time to time as provided in the Indenture, including with respect to the Make Whole Fundamental Change Premium,
upon surrender of this Note to the Issuer at the office or agency maintained for such purpose (and at such other offices or agencies designated for such purpose by the Issuer), accompanied by written notice of conversion duly executed (and if the
ADSs to be issued on conversion are to be issued in any name other than that of the registered Holder of this Note by instruments of transfer, in form satisfactory to the Issuer, duly executed by the registered Holder or its duly authorized
attorney) and, in case such surrender shall be made during the period after 5 p.m., New York City time on the Record Date immediately preceding any Interest Payment Date through 9:00 a.m. New York City time on such Interest Payment Date, also
accompanied by payment, in funds acceptable to the Issuer, of an amount equal to the Interest, otherwise payable on such Interest Payment Date on the principal amount of this Note then being converted; provided, however, that no such
payment need be made if the Notes are surrendered for conversion after the final Record Date. Subject to the aforesaid requirement for a payment in the event of conversion after the close of business on a Record Date immediately preceding an
Interest Payment Date, no adjustment shall be made on conversion for Interest accrued hereon or for dividends on ADSs delivered on conversion. The right to convert this Note is subject to the provisions of the Indenture relating to conversion rights
in the case of certain consolidations, mergers, or sales or transfers of substantially all the Issuer’s assets.
	  		  	 15.    CONVERSIÓN. Sujeto a lo dispuesto en esta Acta de Emisión y una vez
que se haya cumplido con lo previsto en la misma, el Tenedor inscrito de esta Obligación tendrá el derecho y la opción de convertir, en cualquier momento anterior al cierre de las horas hábiles del cuarto Día
Hábil inmediatamente anterior a la Fecha de Vencimiento (o si esta Obligación o parte de la misma está sujeta a un Aviso de Amortización por Motivos Fiscales o a una solicitud de recompra debidamente requisitada, con
anterioridad al cierre de las horas hábiles del Día Hábil anterior a la Fecha de Amortización por Motivos Fiscales o la Fecha de Compra por Cambio de Control, según sea el caso (a menos que la Emisora incumpla con
el pago correspondiente a dicha amortización o recompra)), cada EUA$1,000 del monto principal de sus Obligaciones a 73.5402 ADSs de la Emisora, razón que estará sujeta a ajuste de tiempo en tiempo conforme a lo previsto en el
Acta de Emisión, incluyendo por lo que se refiere a la Prima por Prepago Debido a un Cambio Fundamental, mediante la entrega de esta Obligación a la Emisora en la oficina o agencia mantenida por la misma para dicho efecto (y en
cualesquiera otras oficinas o agencias que la Emisora designe para dicho efecto), acompañada de un aviso de conversión debidamente requisitado (y si las ADSs que dicho Tenedor recibirá con motivo de la conversión van a
emitirse a nombre de Persona distinta al Tenedor inscrito de esta Obligación, por instrumentos de transmisión en forma satisfactoria para la Emisora, debidamente firmados por el Tenedor o su representante autorizado), y en caso de que
la entrega se efectúe durante el período comprendido de las 5:00 p.m., hora de la ciudad de Nueva York, de la Fecha de Registro inmediatamente anterior a cualquier Fecha de Pago de Intereses, a las 9:00 a.m., hora de la ciudad de Nueva
York, de dicha Fecha de Pago de Intereses, deberá irá acompañada del pago, en fondos aceptables para la Emisora, de una cantidad igual a los Intereses que de otra forma serían pagaderos en dicha Fecha de Pago de Intereses
sobre el monto principal que se está convirtiendo; en el entendido, sin embargo, de que no será necesario pago alguno si las Obligaciones se entregan para su conversión después de la Fecha de Registro final. Sujeto
al requisito de pago en caso de conversión posterior al cierre de las horas hábiles de la Fecha de Registro inmediatamente anterior a cualquier Fecha de Pago de Intereses, al momento de conversión no se efectuará ajuste
alguno por concepto de los dividendos pagados sobre las ADSs que se entreguen como resultado de la conversión. Del derecho a convertir esta Obligación está sujeto a las disposiciones en materia de conversión previstas en
el Acta de Emisión en caso de ciertas fusiones o consolidaciones, o de la venta o transmisión de sustancialmente todos los activos de la Emisora.

			
	 No fractional portions of ADSs shall be issued upon conversion of Notes. If more than one Note shall be surrendered for conversion at
one time by the same Holder, the number of full ADSs which shall be issuable upon conversion shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted hereby) so surrendered
for conversion. If any fractional portions of ADSs otherwise would be issuable upon the conversion of any Note or Notes, the Issuer will deliver a number of ADSs rounded up to the nearest whole number of ADSs.
	  		  	 No se emitirán fracciones de ADSs con motivo de la conversión de Obligaciones. Si un mismo Tenedor entrega al mismo
tiempo más de una Obligación para su conversión, el número de ADSs íntegras a emitirse con motivo de dicha conversión se calculará con base en el monto principal total de las Obligaciones (o las
porciones designadas de las mismos, en la medida permitida por la presente) entregadas para su conversión. En caso de que salvo por lo antes dispuesto debieran emitirse fracciones de ADSs con motivo de la conversión de cualquier
Obligación o cualesquiera Obligaciones, la Emisora entregará un número de ADSs redondeado al alza para reflejar el número de ADSs completas más próximo.

			
	 If a Fundamental Change occurs and a Holder elects to convert its Notes, the Issuer will, under certain circumstances, increase the
Conversion Rate for the Notes so surrendered for conversion by a number of additional ADSs. A conversion of Notes will be deemed for these purposes to be “in connection with” such Fundamental Change if the notice of conversion of the Notes
is received by the Conversion Agent from, and
	  		  	 En caso de que haya ocurrido un Cambio Fundamental y un Tenedor opte por la conversión de sus Obligaciones, la Emisora
ajustará la Tasa de Conversión aplicable a las Obligaciones entregadas para su conversión, agregando ADSs adicionales. Para estos efectos, toda conversión de Obligaciones se considerará hecha “en
relación con” dicho Cambio Fundamental si el Agente de Conversión recibe el aviso de conversión respectivo

  

 A-10 

					
	 including, the later of (i) 30 scheduled Trading Days before the anticipated effective date of such Fundamental Change and (ii) the date on which the
Issuer notifies the Holders of the anticipated effective date of a Fundamental Change (in accordance with the next sentence and the next succeeding sentence) and ending 30 Business Days following the actual effective date of such Fundamental Change
(but, in the case of a Change of Control, ending prior to the close of business on the Business Day immediately preceding the Change of Control Purchase Date). The Issuer will notify Holders and the Trustee of the anticipated effective date of such
Fundamental Change and issue a press release as soon as practicable after the Issuer first determines the anticipated effective date of such Fundamental Change provided that in no event will the Issuer be required to provide such notice to
the Holders and the Trustee before the earlier of such time as the Issuer or its Affiliates (a) has publicly disclosed or acknowledged the circumstances giving rise to such anticipated Fundamental Change or (b) is required to publicly
disclose under applicable law or the rules of any stock exchange on which the Issuer’s equity is then listed the circumstances giving rise to such anticipated Fundamental Change. The Issuer will use its commercially reasonable efforts to make
such determination in time to deliver such notice no later than 30 days prior to such anticipated effective date of such Fundamental Change. If, as determined by the Issuer in a commercially reasonable manner, the number of shares available to
satisfy the conversion obligation is not sufficient to satisfy the settlement in full, such notice and press release shall set forth (1) the number of Available Treasury Shares as of the date of such release, (2) whether the number of
Available Treasury Shares is sufficient to satisfy the settlement in full (including settlement of Additional ADSs) of conversion of all Notes at such time and (3) whether, in the circumstances described in the next succeeding paragraph, the
Issuer elects to settle Additional ADSs either by (x) physical settlement or (y) cash settlement. In addition, following the day of such notice, the Issuer will notify the Holders and the Trustee of any increase in the number of such ADSs
available for settlement or any decrease (as a result of earlier settlements of conversions by Holders or otherwise) in such number. The number of additional ADSs by which the Conversion Rate will be increased will be determined by reference to
Section 12.12 of the Indenture, based on the date on which the Fundamental Change occurs or becomes effective and the ADS price paid (or deemed paid) per ADS (or, if applicable, the price per Ordinary Share, transposed into a price per
ADS) in the Fundamental Change. In no event will the Issuer increase the Conversion Rate to more than 95.6022 ADSs per U.S.$1,000 principal amount of Notes, subject to adjustment in the same manner as the Conversion Rate as set forth in
Section 12.05(a) of the Indenture.
	  		  	 dentro del período comprendido desde e incluyendo (i) la fecha que coincida con el 30o. Día de Operaciones anterior a la fecha efectiva prevista
de dicho Cambio Fundamental y (ii) la fecha en que la Emisora notifique a los Tenedores la “Fecha Efectiva” prevista de un Cambio Fundamental (de acuerdo con la siguiente oración y la oración que le sigue), la que
ocurra más tarde de entre ambas fechas, hasta y que concluya el 30o. Día Hábil posterior a la verdadera Fecha Efectiva (pero, tratándose de un Cambio de Control, que concluya con anterioridad al cierre de las horas
hábiles del Día Hábil inmediatamente anterior a la Fecha de Compra por Cambio de Control). La Emisora notificará a los Tenedores y al Fiduciario la Fecha Efectiva prevista de dicho Cambio Fundamental y emitirá un
comunicado de prensa tan pronto como ello sea posible después de determinar por vez primera dicha Fecha Efectiva prevista; en el entendido, de que la Emisora no estará obligada en ningún caso a dar dicho aviso a los
Tenedores y al Fiduciario antes de que la Emisora o sus Filiales (a) hayan aceptado y revelado al público las circunstancias que hayan dado lugar a dicho Cambio Fundamental previsto, o estén obligadas, de conformidad con la
legislación aplicable o las reglas establecidas por cualquier bolsa de valores en la que se encuentren listadas para su cotización las acciones de la Emisora, a revelar al público las circunstancias que dieron lugar a dicho
Cambio Fundamental previsto. La Emisora hará esfuerzos comercialmente razonables para realizar dicha determinación a tiempo de poder enviar dicho aviso con cuando menos 30 días de anticipación a dicha Fecha Efectiva
prevista. Si con base en la determinación hecha por la Emisora en términos comercialmente razonables, el número de acciones disponibles para cumplir con la obligación de conversión no es suficiente para cubrir
íntegramente la liquidación, el aviso y el comunicado de prensa antes citados indicarán (1) el número de Acciones de Tesorería Disponibles a la fecha de dicho comunicado, (2) si el número de Acciones de
Tesorería Disponibles es suficiente para cubrir íntegramente y en ese momento la liquidación (incluyendo la liquidación de las ADSs Adicionales (según la definición asignada a dicho término más
adelante)) correspondiente a la conversión de todas las Obligaciones, y (3) si dadas las circunstancias descritas en siguiente párrafo, la Emisora ha optado por cubrir la liquidación de las ADSs Adicionales ya sea mediante (x)
liquidación en forma física o (y) liquidación en efectivo. Además, después del día en que dé dicho aviso, la Emisora notificará a los Tenedores y al Fiduciario cualquier incremento en el
número de ADSs disponibles para efectos de la liquidación, o cualquier disminución de dicho número (como resultado de la liquidación de las conversiones efectuadas por los Tenedores, o de cualquier otra
circunstancia). El número de ADSs en que se incrementará la Tasa de Conversión se determinará conforme a lo dispuesto en la Sección 12.12 del Acta de Emisión, con base en la fecha en que ocurra el
Cambio Fundamental o el mismo surta efectos, y el precio por ADS pagado (o ques de presuma pagado) (o, en su caso, el precio por Acción Ordinaria, traspolado a un precio por ADS) en relación con el Cambio Fundamental. La Emisora no
incrementará en ningún caso la Tasa de Conversión a más de 95.6022 ADSs por U.S.$1,000 del principal de las Obligaciones, sujeto a ajuste en los mismos términos que la Tasa de Conversión conforme a lo
previsto en la Sección 12.05(a) del Acta de Emisión.

			
	 16.    GOVERNING LAW. THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK. HOLDERS OF NOTES BY ACCEPTING A BENEFICIAL INTEREST IN THE NOTES AGREE TO WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS NOTE OR ANY TRANSACTION RELATED
HERETO TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW.
	  		  	 16.    LEGISLACIÓN APLICABLE. ESTA OBLIGACIÓN SE REGIRÁ POR LA LEY
DEL ESTADO DE NUEVA YORK Y SE INTERPRETARÁ DE CONFORMIDAD CON LA MISMA. EN LA MEDIDA MÁS AMPLIA PERMITIDA POR LA LEGISLACIÓN APLICABLE, LOS TENEDORES DE OBLIGACIONES, POR EL SIMPLE HECHO DE ACEPTAR LOS DERECHOS DE BENEFICIARIO
CORRESPONDIENTES A LAS MISMAS, RENUNCIAN A CUALQUIER DERECHO QUE PUEDAN TENER CON RESPECTO A LA CELEBRACIÓN DE JUICIOS ANTE JURADO EN RELACIÓN CON CUALQUIER ACCIÓN, PROCEDIMIENTO O CONTRADEMANDA DERIVADA DE ESTA
OBLIGACIÓN O RELACIONADA CON LA MISMA.

			
	 17.    AGENT FOR SERVICE; SUBMISSION TO JURISDICTION; WAIVER OF IMMUNITIES. The Issuer has
appointed Corporate Creations Network Inc., 1040 Avenue of the Americas # 2400, New York, NY 10018 (U.S.A.) as its authorized agent (the “Authorized Agent”) upon whom all writs, process and summonses may be served in any suit,
action or proceeding arising out of or based upon the Indenture or this Note which may be instituted in any U.S. Federal or State court located in the State of New York, County of New York. The Issuer has agreed that the appointment of the
Authorized Agent shall be irrevocable so long as any of the Notes remain outstanding or until the irrevocable appointment by the Issuer of a successor agent in The City of New York, New York as authorized agent for such purpose and the acceptance of
such appointment by such successor. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Issuer. To the extent that the Issuer has or hereafter may acquire any immunity (sovereign or
otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect to itself or any of its property, the Issuer hereby
irrevocably waives and agrees not to plead or claim such immunity in respect of its obligations under the Indenture or this Note.
	  		  	 17.    AGENTE PARA EMPLAZAMIENTOS; SOMETIMIENTO A JURISDICCIÓN; REUNCIA A
INMUNIDADES. La Emisora ha nombrado a Corporate Creations Network, Inc., 1040 Avenue of the Americas #2400, New York, NY 10018 (E.U.A.) como agente autorizado (el “Agente Autorizado”) al que podrá corrérsele traslado
de todos los escritos, emplazamientos y requerimientos relativos a cualquier juicio, acción o procedimiento surgido como resultado o que esté basado en el Acta de Emisión o las Obligaciones y pueda interponerse ante cualquier
tribunal federal o estatal con sede en el estado de Nueva York, condado de Nueva York. La Emisora ha convenido que el nombramiento del Agente Autorizado será irrevocable en tanto se encuentre en circulación cualquiera de las
Obligaciones o hasta que la Emisora nombre de manera irrevocable y para dicho efecto a un agente autorizado sucesor en la ciudad de Nueva York, Nueva York y dicho agente sucesor haya aceptado su nombramiento. Todo emplazamiento entendido con el
Agente Autorizado se considerará en todo sentido como un emplazamiento personal entendido con la Emisora. En la medida en que la Emisora esté sujeta o en el futuro adquiera cualquier inmunidad (soberana o de otro tipo) en contra de
cualquier acción, juicio o procedimiento, la jurisdicción de cualquier tribunal, separación en juicio o cualquier proceso legal (ya sea que se trate de emplazamiento, adhesión u otro concepto) respecto de sí misma
o de cualquiera de sus bienes, en este acto la Emisora renuncia irrevocablemente y se obliga a no invocar dicha inmunidad respecto de sus obligaciones conforme al Acta de Emisión o las Obligaciones.

		  		  	

  

 A-11 

					
	 The Issuer will furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture which has in it
the text of this Note in larger type. Requests may be made to the Issuer at the address set forth for notice in the Indenture.
	  		  	 A solicitud por escrito de cualquier Tenedor, la Emisora proporcionará a dicho Tenedor, sin costo alguno, una copia del Acta de
Emisión que contenga ex texto de esta Obligación en letra más grande. Dichas solicitudes podrán dirigirse a la Emisora al domicilio previsto para el envío de avisos en el Acta de
Emisión.

			
	 For purposes of paragraph of Article 210 of the LGTOC, based on the Financial Statements, as of December 31, 2009, the
(i) total stockholders’ equity (capital contable) of the Issuer was Ps.257,570 million, (ii) the Issuer’s paid-in capital stock was Ps. 102,761 million, (iii) the amount of the total assets of the Issuer was Ps.582,286
million, (iv) the amount of the total liabilities of the Issuer was Ps.324,716 million and (v) the amount of the net total assets of the Issuer was Ps.257,570 million.
	  		  	 Para efectos de lo dispuesto en la fracción II del artículo 210 de la LGTOC, de acuerdo con los Estados Financieros al
31 de diciembre de 2009: (i) el capital contable de la Emisora ascendía a Ps.$257,570 millones; (ii) el capital social pagado de la Emisora ascendía a Ps.$102,761 millones; (iii) el valor de los activos totales de la Emisora
ascendía a Ps.$582,286 millones; (iv) el importe de los pasivos de la Emisora ascendía a Ps.$324,716 millones; y (v) el valor del activo total neto de la Emisora ascendía a Ps.$257,570 millones.

			
	 The corporate purpose of the Issuer, includes, among other items, (i) to acquire or subscribe shares and to participate in the
capital or the administration of all types of national or foreign companies or partnerships, and (ii) the issuance, endorsement, receipt, aval and any other form of subscription of negotiable instruments and to carry out all kind of
transactions with them.
	  		  	 El objeto social de la Emisora comprende, entre otros fines, (i) adquirir o suscribir acciones, y participar en el capital o en la
administración de todo tipo de sociedades o asociaciones, nacionales o extranjeras, y (ii) la emisión, endoso, aceptación, aval y cualquier otra forma de suscripción de títulos de crédito y la
realización de todo tipo de operaciones con los mismos.

			
	 The Spanish version of the Indenture will be registered with the Public Registry of Property and Commerce of Monterrey, Nuevo
León, México under mercantile file number 532*9.
	  		  	 La versión en español del Acta de Emisión será inscrita en el Registro Público de la Propiedad y
del Comercio de la ciudad de Monterrey, Nuevo León, México bajo el folio mercantil 532*9.

			
	 This Note has been issued in English and Spanish text side-by-side. In case of any inconsistency or question as to the proper
interpretation or construction of this Note between the text in English and the text in Spanish, the English text shall control in all cases.
	  		  	 Esta Obligación se emite a dos columnas en inglés y español. En caso de cualquier discrepancia o duda en cuanto a
la correcta interpretación de esta Obligación entre sus versiones en inglés y español, imperará en todo caso la versión en inglés.

 

 A-12 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY 

The following exchanges of a part of this Global Security for an interest in another Global Security or for a Definitive
Security, or exchanges of a part of another Global Security or Definitive Security for an interest in this Global Security, have been made: 
  

									
	 Date of Transfer
	  	Amount of Decrease
in Principal Amount
of this Global
Security	  	Amount of Increase
in Principal Amount
of this Global
Security	  	Principal Amount of
this Global Security
following such
increase or decrease	  	Signature of
Authorized 
Signatory of Trustee
or Registrar

 

 A-13 

 FORM OF CONVERSION NOTICE 

UNRESTRICTED NOTES 

The Bank of New York Mellon 
 101 Barclay Street
– 4E 
 New York, NY 10286 

Attention: Global Finance Americas 
  

	 	Re:	 4.875% Convertible Subordinated Notes due 2015 (the “Notes”) of CEMEX, S.A.B. de C.V. (the “Issuer”)

 Ladies and Gentlemen: 

Reference is hereby made to the Indenture, dated as of March 30, 2010 (as amended and supplemented from time to
time, the “Indenture”), among the Issuer, The Bank of New York Mellon, as Trustee and The Bank of New York Mellon, S.A., Institución de Banca Múltiple. Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture. 
 The undersigned, registered owner of the aggregate amount of Notes
specified below, hereby irrevocably exercises the option to convert such Notes, or a portion thereof herein designated (which is U.S.$1,000 or an integral multiple thereof and provided that if only a portion is converted that the portion not so
converted is in a minimum principal amount of U.S.$100,000), into Ordinary Shares of the Issuer deliverable in the form of ADSs in accordance with the terms of the Indenture, and directs that the ADSs issuable and deliverable upon the conversion and
any Notes representing any unconverted principal amount, be issued and delivered in book-entry form through the facilities of DTC, for credit to the account of the Person indicated below, unless a different name has been indicated below. If ADSs or
any portion of the Notes not converted are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer Taxes payable with respect thereto. Any amount required to be paid by the undersigned on account of
Interest and Taxes accompanies this notice of conversion. 
 The undersigned represents that, as of the date
hereof, it has not delivered a purchase notice as described under the Indenture with respect to its Notes. 

The undersigned acknowledges and agrees that no ADSs will be delivered prior to the effectiveness of any registration
statement under the Securities Act relating to the ADSs, unless the Conversion Agent receives a deposit certificate in the form provided under the ADS Deposit Agreement and duly signed and completed on behalf of the applicable beneficial owner. The
forms of such certificates are available from the Conversion Agent. 
 No ADSs will be delivered on conversion
until any amount payable by the undersigned on account of Interest is paid, any certificates evidencing specified Notes not held in book-entry form are duly endorsed or assigned to the Issuer or in blank and surrendered and any Taxes or other
charges or documents required in connection with the transfer on conversion, and any other required items, are delivered to the Conversion Agent. 
  

 A-14 

 Conversion of the specified number of Notes is subject to the requirements
established by the Issuer and the ADSs depositary pursuant to the Indenture and the ADS Deposit Agreement, as well as to the procedures of DTC and Indeval, as in effect from time to time. Each conversion shall be deemed to have been effected with
respect to a Note (or portion thereof) on the Conversion Date, and the Person in whose name any certificate or certificates for ADSs are issuable upon such conversion shall be deemed to have become on said date the holder of record of the ADSs
represented thereby. Any such surrender on any date when the Issuer’s stock transfer books are closed shall constitute the Person in whose name the certificates are to be issued as the record holder thereof for all purposes on the next
succeeding day on which such stock transfer books are open, but such conversion shall be at the Conversion Rate in effect on the date upon which such Note is surrendered. Prior to such conversion, the undersigned will have no rights derived from, or
in connection with, the ADSs issuable upon conversion. 
 Please provide the information requested below, as
applicable: 
 1. PLEASE SPECIFY THE NOTES HELD AND THE PORTION THEREOF TO BE CONVERTED: 

 

			
	 Principal amount held: U.S.$
	  	 

			
	 CUSIP number(s):
	  	 

			
	 DTC account where held:
	  	 

			
	 Principal amount being converted (if less than all): U.S.$
	  	 

 All Notes to be converted will
be converted into ADSs of the Issuer and, together with any unconverted Notes, will be delivered in book-entry form to the DTC account specified above. 

2. IF OTHER ARRANGEMENTS ARE DESIRED, please specify the type, number and form of ADSs to be delivered upon conversion and the name(s) of
the account holder(s) or registered owner(s), by checking the appropriate boxes and providing the information requested: 
  

					
	  ̈ ADSs
	  		  	
			
	 Book Entry:
	  		  	
	 Number of ADSs:
	  	 	  	
	 DTC Account:
	  	 	  	
		
	
 ̈       Unconverted Notes
	  	
			
	 Book Entry:
	  		  	
	 Number of ADSs:
	  	 	  	
	 DTC Account:
	  	 	  	

 Please sign and date this notice in the space provided below. 

[Signature page follows] 
  

 A-15 

 DATE: 

(Please Print): 
  

 
 (Name)

  
  

(Signature) 

Title:         

(If the holder is a corporation, 

partnership or fiduciary, the title of the 

Person signing on behalf of the holder 

must be stated) 
  

 
 (Address)

  
  

(City, State and Zip Code) 
  

 
 (Area Code and
Telephone Number) 
  
  

(Fax Number) 
  

 
 (Email Address)

  

			
	 Signature Guarantee:
	 	 
		 	(Signature must be guaranteed)

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan
associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 
  

 A-16 

 FORM OF CONVERSION NOTICE 

RESTRICTED NOTES 

The Bank of New York Mellon 
 101 Barclay Street
– 4E 
 New York, NY 10286 

Attention: Global Finance Americas 
  

	 	Re:	 4.875% Convertible Subordinated Notes due 2015 (the “Notes”) of CEMEX, S.A.B. de C.V. (the “Issuer”)

 Ladies and Gentlemen: 

Reference is hereby made to the Indenture, dated as of March 30, 2010 (as amended and supplemented from time to
time, the “Indenture”), among the Issuer, The Bank of New York Mellon, as Trustee, and The Bank of New York Mellon, S.A., Institución de Banca Múltiple. Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture. 
 The undersigned, owner of the aggregate amount of Notes specified
below, hereby irrevocably exercises the option to convert such Notes, or a portion thereof herein designated (which is U.S.$1,000 or an integral multiple thereof and provided that if only a portion is converted that the portion not so converted is
in a minimum principal amount of U.S.$100,000)), into Ordinary Shares of the Issuer deliverable only in the form of ADSs in accordance with the terms of the Indenture, and directs that the ADSs issuable and deliverable upon the conversion and any
Notes representing any unconverted principal amount, be issued and delivered in book-entry form through the facilities of DTC, for credit to the account of the Person indicated below, unless restricted ADSs are to be issued and delivered in the
event of any conversion of Notes (x) within 12 months after the date of issuance of the Notes, or (y) by any person that is an Affiliate of the Issuer. Restricted ADSs are not eligible for delivery in book-entry form through the facilities
of DTC but instead will be issued and delivered as uncertificated ADSs registered in the name of the owner on the books of Citibank, N.A., the ADS Depositary. If ADSs or any portion of the Notes not converted are to be issued in the name of a Person
other than the undersigned, the undersigned will pay all transfer Taxes payable with respect thereto. Any amount required to be paid by the undersigned on account of Interest and Taxes accompanies this notice of conversion. 

The undersigned represents that, as of the date hereof, it has not delivered a purchase notice as described under the
Indenture with respect to its Notes. 
 The undersigned understands that, upon conversion of Notes, freely
transferable ADSs will be delivered only if (i) the Notes are being converted upon the expiration of twelve months after their date of issuance, and (ii) the converting Note holder is not an Affiliate of the Issuer. 

No ADSs will be delivered on conversion until any amount payable by the undersigned on account of Interest is paid, any
certificates evidencing specified Notes not held in book-entry form are duly endorsed or assigned to the Issuer or in blank and surrendered and any Taxes or other charges or documents required in connection with the transfer on conversion, and any
other required items, are delivered to the Conversion Agent. 
  

 A-17 

 Conversion of the specified number of Notes is subject to the requirements
established by the Issuer and the ADSs depositary pursuant to the Indenture and the ADS Deposit Agreement, as well as to the procedures of DTC and Indeval, as in effect from time to time. Prior to such conversion, the undersigned will have no rights
derived from, or in connection with, the ADSs issuable upon conversion. 
 Please provide the information
requested below, as applicable: 
 1. PLEASE SPECIFY THE NOTES TO BE CONVERTED: 

 

			
	Principal amount being converted: U.S.$	  	 

			
	CUSIP number(s):	  	 

			
	DTC account where held:	  	 

 2. IF NOTES ARE BEING
CONVERTED UPON THE EXPIRATION OF A SIX MONTH PERIOD AFTER THE DATE OF ISSUANCE OF THE NOTES AND ADSs IN UNRESTRICTED FORM ARE REQUESTED, the holder of Notes being converted certifies by checking the box that s/he/it is not an Affilate of the Issuer.

 3. IF UNRESTRICTED ADSs ARE BEING REQUESTED, please provide the following ADS delivery instructions: 

 

			
	 Name of DTC Participant acting for undersigned:
	 	 
		
	 DTC Participant Account No.:
	 	 
		
	Account No. for undersigned at DTC Participant (f/b/o information):	 	 
		
	 Onward Delivery Instructions of undersigned:
	 	 
		
	 Contact person at DTC Participant:
	 	 
		
	 Daytime telephone number of contact person at DTC Participant:
	 	 
		
	 Email of contact person at DTC Participant:
	 	 

  

 A-18 

 4. IF RESTRICTED ADSs ARE BEING REQUESTED, please provide the following ADS delivery
instructions: 
  

			
	 Name of Restricted ADS holder:
	 	 
		
	 Street Address:
	 	 
		
	 City, State, and Country:
	 	 
		
	 Nationality:
	 	 
		
	 Social Security or Tax Identification Number:
	 	 

 Please sign and
date this notice in the space provided below. 
 [Signature page follows] 

 

 A-19 

 DATE: 

(Please Print): 
  

 
 (Name)

  
  

(Signature) 

Title:         

(If the holder is a corporation, 

partnership or fiduciary, the title of the 

Person signing on behalf of the holder 

must be stated) 
  

 
 (Address)

  
  

(City, State and Zip Code) 
  

 
 (Area Code and
Telephone Number) 
  
  

(Fax Number) 
  

 
 (Email Address)

 SIGNATURE GUARANTEE 
  

			
	Name of Firm Issuing Guarantee:	  	 

			
		
	Authorized Signature of Officer:	  	 

			
		
	Title of Officer Signing This Guarantee:	  	 

			
		
	Address:	  	 
	
	 

  

 A-20 

			
		
	Area Code and Telephone Number:	  	 

			
		
	Dated:	  	 

 The
signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act
Rule 17Ad-15. 
  

 A-21 

 OPTION OF HOLDER TO ELECT REPURCHASE 

If you wish to have this Note repurchased by the Issuer pursuant to Section 3.03 of the Indenture, check the
box:   ̈ 
 If you wish to have a portion of this Note
purchased by the Issuer pursuant to 3.03 of the Indenture, state the amount (in multiples of U.S.$1,000): $                    . (If you elect
to have your Note purchased in part, the portion of the Note not redeemed must have an aggregate principle amount of at least U.S.$100,000.) 
  

			
	 Your Signature:
	  	 
		  	 (Sign exactly as your name appears on the other side of this Note)

Date:
                                     

Medallion Signature
Guarantee:                                     

 

 A-22 

 FORM OF CERTIFICATION 

FOR TRANSFER PURSUANT TO RULE 144 

[Date] 
 The
Bank of New York Mellon 
 101 Barclay Street – 4E 

New York, NY 10286 
 Attention: Global Finance
Americas 
  

	 	Re:	 4.875% Convertible Subordinated Notes due 2015 (the “Notes”) of CEMEX, S.A.B. de C.V. (the “Issuer”) (CUSIP 151290
AU7 (restricted), 151290 AV5 (unrestricted)) 

 Ladies and Gentlemen: 

Reference is hereby made to the Indenture, dated as of March 30, 2010 (as amended and supplemented from time to
time, the “Indenture”), among the Issuer, The Bank of New York Mellon, as Trustee and The Bank of New York Mellon, S.A., Institución de Banca Múltiple. Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture. 
 In connection with our proposed sale of
U.S.$             aggregate principal amount of the Notes, which represent an interest in a 144A Global Security beneficially owned by the undersigned (“Transferor”), we
confirm that such sale has been effected pursuant to and in accordance with Rule 144 under the Securities Act. 

You and the Issuer are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy
hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

			
	Very truly yours,
	
	[Name of Transferor]
		
	By:	 	 
	
	 
	Authorized Signature

  

			
	 Signature Guarantee: 
	 	 
		 	(Signature must be guaranteed)

  

 A-23 

 The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

 

 A-24 

 EXHIBIT B 

FORM OF RESTRICTED ADS LEGEND 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: (1) REPRESENTS THAT IT AND ANY ACCOUNT
FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND (2) AGREES FOR THE BENEFIT
OF CEMEX, S.A.B. de C.V. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ISSUE DATE
HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THEREUNDER, AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: (A) TO THE COMPANY, OR
(B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR (C) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS MADE IN RELIANCE ON RULE 144A, OR (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE
144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (D) ABOVE (OTHER THAN A TRANSFER PURSUANT TO RULE 144),
THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE
SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

 

 B-1 

 EXHIBIT C 

FORM OF TRANSFER CERTIFICATE FOR TRANSFER 

OF RESTRICTED ADSs 

(Transfers pursuant to Section 12.11(c) of the Indenture) 

Citibank, N.A 
 C/o Rosanne Devonshire

 111 Wall Street, 15th Floor 
 New
York, NY 10003 
  

	 	Re:	 Restricted ADSs of CEMEX, S.A.B. de C.V. (the “Issuer”) 

Reference is hereby made to the Indenture, dated as of March 30, 2010 (as amended and supplemented from time to
time, the “Indenture”), among the Issuer, The Bank of New York Mellon, as Trustee and The Bank of New York Mellon, S.A., Institución de Banca Múltiple. Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture. 
 This letter relates to
                     ADSs represented by the accompanying certificate(s) that were issued upon conversion of Notes and which are held in the
name of                      (the “Transferor”) to effect the transfer of such ADSs. 

Such ADSs are only being transferred: 

CHECK ONE BOX BELOW 
  

	 	(1)	  ̈ to the Issuer; or 

 

	 	(2)	  ̈ pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or

  

	 	(3)	  ̈ pursuant to an exemption from registration under the Securities Act of 1933 provided by Rule 144
thereunder. 

  

	 	(4)	  ̈ pursuant to a shelf registration statement of the Issuer that has been declared effective under
the Securities Act of 1933, in connection with the transfer of such ADSs. 

 [signature page follows] 

  

 C-1 

 Unless one of the boxes is checked, the transfer agent will refuse to
register any of the ADSs evidenced by this certificate in the name of any Person other than the registered Holder thereof; provided, however, that if box (2) or (3) is checked, the transfer agent may require, prior to registering
any such transfer of the ADSs such certifications and other information, and if box (3) is checked such legal opinions, as the Issuer has reasonably requested in writing, by delivery to the transfer agent of a standing letter of instruction, to
confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. 

 

			
	[Name of Transferor]
		
	 By:
	 	 
		 	 Name:

		 	Title:
	
	Medallion Signature Guarantee:
	
	 

 Dated: 

 

 C-2 

 EXHIBIT D 

[To include Financial Statements] 
  

 D-1 

 EXHIBIT E 

Summary of the Terms of the Offering 

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

4.875% Convertible Subordinated Notes Due 2015 (the “Notes”) 

Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Offering Memorandum dated
March 23, 2010 (the “Preliminary Offering Memorandum”). All references to dollar amounts are references to U.S. dollars. References to ADSs are to ADSs of the Issuer. Unless specifically stated otherwise, the information in this
pricing term sheet assumes the initial purchasers do not exercise their over-allotment option. 
  

			
	Issuer	  	 CEMEX, S.A.B. de C.V. (the “Issuer” or “CEMEX”)

		
	Corporate Purpose of the Issuer	  	 CEMEX is a global building materials company that provides high-quality products and reliable service to customers and communities in more than 50 countries
throughout the world. CEMEX has a rich history of improving the well-being of those it serves through its efforts to pursue innovative industry solutions and efficiency advancements and to promote a sustainable future.

		
	Security Description	  	 4.875% Convertible Subordinated Notes due 2015

		
	Format	  	 144A Global Notes

		
	Sole Global Coordinator, Sole Structuring Agent and Active Bookrunner	  	 Citigroup Global Markets Inc.

		
	Joint Passive Bookrunners	  	 Barclays Capital Inc.

Banco Bilbao Vizcaya Argentaria, S.A.

BNP Paribas Securities Corp.

Merrill Lynch, Pierce, Fenner & Smith Incorporated

HSBC Securities (USA) Inc.

J.P. Morgan Securities Inc.

RBS Securities Inc.

Santander Investment Securities Inc.

		
	Co-Managers	  	 ING

		  	 Scotia Capital

		  	 The Williams Capital Group, L.P.

		
	Identifiers (144A Notes)	  	 CUSIP 151290 AU7

		  	 ISIN US151290AU79

		  	 CUSIP 151290 AV5 (unrestricted)

		  	 ISIN US151290AV52 (unrestricted)

		
	Aggregate principal amount offered	  	 U.S.$650,000,000

		
	Over-allotment option	  	 U.S.$65,000,000 of Notes

		
	Settlement date	  	 March 30, 2010

		
	Final maturity	  	 March 15, 2015

		
	Interest payment	  	 March 15 and September 15, beginning on September 15, 2010

 

 E-1 

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

		
	Annual interest rate	  	 The Notes will bear interest at a rate equal to 4.875% per annum from March 30, 2010

		
	Offering price	  	 The Notes will be issued at a price of 100% of their principal amount, plus accrued interest, if any, from March 30, 2010

		
	Initial conversion price	  	 Approximately $13.60 per ADS

		
	Conversion rate	  	 73.5402 ADSs per $1,000 principal amount of Notes

		
	NYSE last reported sale price on March 24, 2010	  	 $10.46 per ADS

		
	Conversion premium	  	 Approximately 30% above the last NYSE last reported sale price on March 24, 2010

		
	Denomination	  	 U.S.$100,000 and integral multiples of U.S.$1,000 in excess thereof

		
	Additional Interest	  	 As described in the Preliminary Offering Memorandum, additional interest will accrue at the rate of 0.50% per annum on the outstanding principal amount of the
Notes under the circumstances described therein.

		
	Conversion Rights	  	 Holders may convert their Notes into the Issuer’s ADSs (which represent CPOs, which in turn represent ordinary
shares) at an initial conversion rate of 73.5402 ADSs per $1,000 principal amount of Notes at any time prior to the close of business on the fourth Business Day (as defined in the Preliminary Offering Memorandum) immediately preceding the maturity
date for the Notes. The conversion rate is equivalent to an initial conversion price of approximately U.S.$13.60 per ADS.
 The
indenture governing the Notes contains a covenant requiring the Issuer to issue sufficient Series A shares and Series B shares in order to fulfill its obligations to deliver ADSs, within the time limits set forth in the indenture, following a
conversion.

		
	Anti-Dilution Adjustments	  	 The conversion rate may be adjusted if certain events occur.

		
	 Make Whole Conversion upon

Fundamental Change
	  	 If a fundamental change (as defined in the Preliminary Offering Memorandum) occurs and a holder elects to convert its
Notes in connection with such fundamental change, the Issuer will, under certain circumstances, increase the conversion rate for the

Notes so surrendered for conversion. The table below sets forth the number of additional shares to be added to the conversion rate per
$1,000 principal amount of the Notes in connection with a fundamental change as described in the Preliminary Offering Memorandum, based on the ADS price and effective date of the fundamental change.

 

 E-2 

																									
	 	  	 	  	ADS Price
	 Effective Date
	  	$10.46	  	$12.50	  	$15.00	  	$17.50	  	$20.00	  	$22.50	  	$25.00	  	$27.50	  	$30.00	  	$35.00	  	$40.00	  	$60.00
	 March 30, 2010
	  	22.0620	  	15.1881	  	10.9489	  	9.0373	  	7.8003	  	6.8418	  	6.0749	  	5.4475	  	4.9246	  	4.1031	  	3.4869	  	2.0502
	 March 15, 2011
	  	22.0620	  	14.0443	  	9.3704	  	7.3958	  	6.3724	  	5.5928	  	4.9691	  	4.4588	  	4.0335	  	3.3653	  	2.8641	  	1.6949
	 March 15, 2012
	  	22.0620	  	12.9112	  	7.7587	  	5.6012	  	4.7884	  	4.2052	  	3.7386	  	3.3569	  	3.0387	  	2.5388	  	2.1639	  	1.2890
	 March 15, 2013
	  	22.0620	  	11.6472	  	5.9563	  	3.6617	  	3.0209	  	2.6545	  	2.3613	  	2.1214	  	1.9215	  	1.6074	  	1.3718	  	0.8221
	 March 15, 2014
	  	22.0620	  	9.9100	  	3.5857	  	1.3775	  	1.0468	  	0.9201	  	0.8188	  	0.7358	  	0.6667	  	0.5582	  	0.4767	  	0.2867
	 March 15, 2015
	  	22.0620	  	6.4598	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000

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

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

  

	 	•	 	 greater than U.S.$60.00 per ADS (subject to adjustment in the same manner as the ADS prices set forth in the column headings of the table above), no
additional ADSs will be issued upon conversion. 

  

	 	•	 	 less than U.S.$10.46 per ADS (subject to adjustment in the same manner as the ADS prices set forth in the column headings of the table above), no
additional ADSs will be issued upon conversion. 

 Notwithstanding the foregoing, in no event
will the total number of ADSs issuable upon conversion exceed 95.6022 per U.S.$1,000 principal amount of Notes, although that maximum is subject to adjustment in the same manner as the conversion rate as set forth under “Description of
Notes—Conversion Rate Adjustments” in the Preliminary Offering Memorandum. 
  

			
	Repurchase at Option of Holder	  	 •      Other than in the event of a change of control, Holders may not require the Issuer
to repurchase any Notes prior to their stated maturity date.

		
		  	 •      If a change of control occurs at any time, each Holder will have the right, at that
holder’s option, to require the Issuer to purchase all or part of their Notes for cash at a repurchase price equal to 100% of their principal amount, plus accrued and unpaid interest (including additional interest, if any) and additional
amounts, if any, up to, but excluding, the repurchase date.

		
	Redemptions	  	 •      Other than in the event of a tax redemption, the Issuer may not redeem any Notes
prior to their stated maturity date.

		
		  	 •      In the event of certain changes in the withholding tax treatment relating to
payments on the Notes, at 100% of their principal amount plus any accrued and unpaid interest to the date fixed for redemption and any additional amounts that may be payable, so long as the Issuer is not prohibited from having such an option under
the Financing Agreement.

  

 E-3 

			
		  	 •      Upon the Issuer giving notice that it will redeem the Notes because of such a change
in the withholding tax treatment, holders will have the option to convert their notes as if a fundamental change had occurred.

		
	Use of Proceeds	  	 The estimated net proceeds from this offering, after deducting the initial purchasers’ discounts and commissions and estimated offering expenses, will be
approximately U.S.$635.5 million, assuming the initial purchasers do not exercise their over-allotment option, and approximately U.S.$699.3 million if they exercise their over-allotment option in full. The Issuer intends to use approximately
U.S.$95.4 million of the net proceeds from this offering to pay the cost of the capped call transaction described in the Preliminary Offering Memorandum and expect to use a portion of the net proceeds from the sale of additional Notes in the event
the initial purchasers exercise their over-allotment option to increase the number of ADSs underlying the capped call transaction on a proportionate basis, and the Issuer intends to use the remaining net proceeds for general corporate purposes and
to repay indebtedness, which may include indebtedness under the Financing Agreement.

		
	Capped Call Option	  	 In connection with this offering, the Issuer expects to enter into a capped call transaction with a counterparty, which is an affiliate of Citigroup Global
Markets Inc., covering, subject to customary anti-dilution adjustments, approximately 47,801,130 of the Issuer’s ADSs, assuming the initial purchasers do not exercise their over-allotment option. If the initial purchasers exercise their option
to purchase additional Notes to cover over-allotments, the Issuer expects to increase the number of ADSs underlying the capped call transaction on a proportionate basis. Because the capped call transaction is cash settled, it does not provide an
offset to any ADSs the Issuer may deliver to holders upon conversion of the Notes. The capped call transaction has a cap price 80% higher than the closing price of the Issuer’s ADSs on March 24, 2010.

		
	New York Stock Exchange Symbol for the Issuer’s ADSs	  	 CX

		
	Governing law	  	 New York

		
	Clearing	  	 The Depositary Trust Company

		
	Additional Information	  	

 1. As of December 31, 2009, on a pro forma basis after giving effect to the issuance and sale
of U.S.$500 million additional aggregate principal amount of the U.S. Dollar-denominated Notes in January 2010 and the application of the net proceeds therefrom and from this offering (without including approximately Ps39,859 million
(U.S.$3,045 million) of notes issued in connection with the Issuer’s perpetual debentures to which the Notes will also be subordinated and without giving effect to any repayment of indebtedness with the net proceeds of this offering and
assuming the initial purchasers do not exercise their over-allotment option): 
  

	 	•	 	 the Issuer, excluding its Subsidiaries, would have had approximately Ps63,247 million (U.S.$4,832 million) of senior indebtedness outstanding that
would have been senior in right of payment to the Notes, approximately Ps53,813 million (U.S.$4,111 million) of which would have been secured, and 

 

 E-4 

	 	•	 	 the Issuer’s Subsidiaries would have had approximately Ps155,670 million (U.S.$11,893 million) of indebtedness that would have been
structurally senior in right of payment to the Notes excluding guarantees of the Issuer’s debt, trade payables and intercompany debt. 

2. Capitalization of CEMEX  

The following table sets forth the Issuer’s consolidated cash and temporary investments, indebtedness and
capitalization as of December 31, 2009 (1) on an actual basis; (2) as adjusted to give effect to the issuance and sale in January 2010 of U.S.$500 million aggregate principal amount of 9.50% Senior Secured Notes due 2016 and the
application of the net proceeds from such offering; and (3) as further adjusted to give effect to the issuance and sale in this offering of U.S.$650 million aggregate principal amount of the Notes, the payment of the initial purchasers’
discounts and commissions and the estimated expenses in connection with this offering, and the application of the estimated net proceeds as described under “Use of Proceeds” in the Preliminary Offering Memorandum and as described above.

 The financial information set forth below is based on information derived from the Issuer’s financial
statements, which have been prepared in accordance with MFRS, which differ in significant respects from U.S. GAAP. For further information about the Issuer’s financial presentation, see “Selected Consolidated Financial Information” in
the Preliminary Offering Memorandum. 
  

																
	 	  	As of December 31, 2009
	 	  	Actual	  	As adjusted (1)	  	As further adjusted (2)
	 	  	 	  	(in millions of Pesos and Dollars)
	 Short-term debt (3)
	  			  			  			  			  		
	 Secured
	  			  			  			  			  		
	 Banobras (4)
	  	Ps	 422	  	Ps	 422	  	U.S.$	 32	  	Ps	 422	  	U.S.$	 32
	 Bancomext (4)
	  	 	240	  	 	240	  	 	19	  	 	240	  	 	19
	 Other secured (5)
	  	 	2,895	  	 	2,895	  	 	221	  	 	2,895	  	 	221
	 Unsecured
	  			  			  			  			  		
	 Other unsecured
	  	 	3,836	  	 	3,836	  	 	293	  	 	3,836	  	 	293
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 Total short-term debt
	  	 	7,393	  	 	7,393	  	 	565	  	 	7,393	  	 	565
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 Long-term debt
	  			  			  			  			  		
	 Secured by the Collateral
	  			  			  			  			  		
	 Financing Agreement
	  	 	141,625	  	 	134,005	  	 	10,237	  	 	134,005	  	 	10,237
	 CBs (6)
	  	 	16,153	  	 	16,153	  	 	1,234	  	 	16,153	  	 	1,234
	 Senior Secured Notes (7)(8)
	  	 	22,921	  	 	29,806	  	 	2,277	  	 	29,806	  	 	2,277
	 Other secured
	  			  			  			  			  		
	 Banobras
	  	 	641	  	 	641	  	 	49	  	 	641	  	 	49
	 Bancomext
	  	 	2,343	  	 	2,343	  	 	179	  	 	2,343	  	 	179
	 Unsecured
	  			  			  			  			  		
	 CEMEX España Euro Notes (9)
	  	 	16,860	  	 	16,860	  	 	1,288	  	 	16,860	  	 	1,288
	 Other unsecured
	  	 	3,208	  	 	3,208	  	 	245	  	 	3,208	  	 	245
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 The Notes (10)
	  	 	—  	  	 	—  	  	 	—  	  	 	8,509	  	 	650
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 Total long-term debt
	  	 	203,751	  	 	203,016	  	 	15,509	  	 	211,525	  	 	16,159
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 Total debt
	  	 	211,144	  	 	210,409	  	 	16,074	  	 	218,918	  	 	16,724
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 Liability component of Mandatory Convertible Notes (11)
	  	 	2,090	  	 	2,090	  	 	160	  	 	2,090	  	 	160
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 Stockholders’ equity
	  			  			  			  			  		
	 Non-controlling interest
	  			  			  			  			  		
	 Perpetual debentures (12)
	  	 	39,859	  	 	39,859	  	 	3,045	  	 	39,859	  	 	3,045

  

 E-5 

																
	 	  	As of December 31, 2009
	 	  	Actual	  	As adjusted (1)	  	As further adjusted (2)
	 	  	 	  	(in millions of Pesos and Dollars)
	 Other
	  	 	3,838	  	 	3,838	  	 	293	  	 	3,838	  	 	293
	 Controlling interest (11)
	  	 	213,873	  	 	213,598	  	 	16,318	  	 	213,408	  	 	16,303
	 Total stockholders’ equity
	  	 	257,570	  	 	257,295	  	 	19,656	  	 	257,105	  	 	19,641
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 Total capitalization (13)
	  	Ps	 470,804	  	Ps	 469,794	  	U.S.$	 35,890	  	Ps	 478,113	  	U.S.$	 36,525
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 

  

	(1)	 Reflects the application of the net proceeds from the issuance of U.S.$500,000,000 additional aggregate principal amount of Senior Secured Notes in
January 2010, and U.S.$26,250,000 from premiums related to such issuance under the Financing Agreement of the Senior Secured Notes, which were issued at a price of U.S.$105.25 per U.S.$100 principal amount of interest from December 14, 2009,
yielding 8.477%. As permitted under the Financing Agreement, CEMEX retained approximately U.S.$115.5 million of such net proceeds from the issuance of Senior Secured Notes in January 2010 for general corporate purposes, including to repay financial
obligations outside the Financing Agreement. Also includes a mandatory pre-payment of U.S.$173.4 million under the Financing Agreement on January 13, 2010 in relation to the December U.S. Dollar-denominated and Euro-denominated note
issuances. See “Summary—Recent Developments—Reopening of U.S. Dollar-denominated Senior Secured Notes in January 2010.” 

	(2)	 Reflects additional application of the net proceeds from this offering. Assumes approximately U.S.$635.5 million of cash retained for general
corporate purposes and to repay indebtedness, which may include indebtedness under the Financing Agreement. Also assumes the initial purchasers do not exercise their over-allotment option. Amounts in Dollars have been converted from Pesos at an
exchange rate of Ps13.09 to U.S.$1.00, the CEMEX accounting rate as of December 31, 2009. 

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

	(4)	 Obligations with Mexican development banks which were secured by fixed assets and shares of affiliates not pledged as Collateral.

	(5)	 Represent long-term CBs with maturities during 2010. Short-term CBs are included under Unsecured. 

	(6)	 The Issuer had long term CBs of approximately U.S.$1,454.7 million as of December 31, 2009. 

	(7)	 Includes U.S.$1,250,000,000 aggregate principal amount of 9.50% Senior Secured Notes due 2016 and €350,000,000 aggregate principal amount of
9.625% Senior Secured Notes due 2017 issued by CEMEX Finance LLC on December 14, 2009; also includes in the adjusted columns the U.S.$500,000,000 additional aggregate principal amount of 9.50% Senior Secured Notes due 2016 issued by CEMEX
Finance LLC on January 19, 2010. 

	(8)	 Amounts in Dollars have been converted from Euros at an exchange rate of U.S.$1.43 to €1.00, the CEMEX foreign exchange rate as of
December 31, 2009. 

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

	(10)	 Under MFRS, the Notes offered hereby will be recorded as debt in the Issuer’s balance sheet; however, the Notes will not be considered as debt
for purposes of the leverage ratio calculations under the Financing Agreement. 

	(11)	 Under MFRS, the Mandatory Convertible Securities issued in Mexico on December 10, 2009 in exchange for CBs represent a combined instrument with
liability and equity components. The liability component, approximately Ps2,090 million (U.S.$160 million) as of December 31, 2009, corresponds to the net present value of interest payments due under the Mandatory Convertible Securities,
assuming no early conversion, and was recognized under “Other Financial Obligations” in the Issuer’s balance sheet. The equity component, approximately Ps1,971 million (U.S.$151 million) as of December 31, 2009, represents the
difference between principal amount and the liability component, and was recognized within “Other equity reserves” net of commissions in the Issuer’s balance sheet. See notes 13(A) and 17(B) to the Issuer’s consolidated financial
statements included elsewhere in this offering memorandum. Although the Issuer has not completed the Issuer’s U.S. GAAP reconciliation of the Issuer’s 2009 financial statements, the Issuer currently anticipates that there will be a new
reconciliation item in the Issuer’s U.S. GAAP reconciliation of the Issuer’s 2009 financial statements in respect of the Mandatory Convertible Securities, which the Issuer expects will be recorded as debt until conversion. The Issuer
cannot assure you that the Issuer will not identify additional reconciliation items or that this reconciliation item will be reflected therein in accordance with the Issuer’s current expectations. 

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

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

  

 E-6Security Agreement

 Exhibit 4.55 

Execution Version 

SECURITY AGREEMENT 

This Security Agreement (as amended from time to time, this “Security Agreement”) is entered into as of
March 30, 2010 by and between CITIBANK, N.A. (together with its successors and assigns, “Citibank”), and CEMEX, S.A.B. de C.V., a publicly traded stock corporation with variable capital (sociedad anónima
bursátil de capital variable) organized under the laws of Mexico (“Cemex”). 

WHEREAS, Citibank and Cemex have entered into a Master Terms and Conditions for Capped Call Transactions between
Citibank, N.A. and CEMEX, S.A.B. de C.V., dated as of March 24, 2010 and have entered into and may from time to time enter into one or more “Confirmations” confirming “Transactions” (each as defined therein) thereunder
(collectively, including the “Agreement” (as defined therein) deemed to exist between the parties pursuant thereto, the “Capped Call Agreement”); 

WHEREAS, Citibank and Banco Nacional de México, S.A., Integrante del Grupo Financiero Banamex, División
Fiduciaria, acting solely as trustee under trust No. 111339-7 (the “Trust”) have entered into transactions evidenced by (i) a Put Option Transaction confirmation, (ii) a Forward Transaction (Cemex Shares) confirmation
and (iii) a Forward Transaction (Naftrac Shares) confirmation, each dated as of April 23, 2008 (collectively, the “Confirmations”), with each such transaction subject to a single agreement in the form of the ISDA 2002
Master Agreement, as published by ISDA (including the terms and elections related thereto in the Confirmations, the “Deemed Agreement”), deemed to exist between Citibank and Counterparty pursuant to the Confirmations and including a
1994 ISDA Credit Support Annex (Bilateral Form – New York Law) entered into between Citibank and the Trust as of April 23, 2008 (as amended by the parties from time to time, the “Annex” and collectively with the
Confirmations and the Deemed Agreement, the “Trust ISDA Agreement”); 
 WHEREAS, Citibank and
the Trust have entered into an Amendment Agreement, dated as of the date hereof, which amends certain provisions of the Annex to allow, in accordance with the provisions thereof, the Collateral (as defined below) to serve as credit support securing
the Trust’s obligations under the Trust ISDA Agreement; 
 WHEREAS, Cemex has issued a Guarantee, dated as
of April 23, 2008 in favor of Citibank in respect of the Trust ISDA Agreement (the “Guarantee”); and 

WHEREAS, Cemex has agreed to provide security for the payment of the Trust’s obligations under the Trust ISDA
Agreement and Cemex’s obligations under the Guarantee by pledging its right and interest under the Capped Call Agreement to Citibank upon which, and subject to the terms and conditions of the Annex, Citibank would release cash collateral
pledged under the Annex for return to Cemex; 

 NOW, THEREFORE, in consideration of the mutual promises herein contained and
other good and valuable consideration, the parties hereto agree as follows: 
 ARTICLE I. DEFINITIONS 

SECTION 1.01. Certain Definitions. Capitalized terms used but not defined in this Agreement have the meanings
given them in the Trust ISDA Agreement. 
 SECTION 1.02. Other Definitions. For purposes of this Security
Agreement, the following terms shall have the following meanings: 
 “Foreclosure Event” means
at any time (a)(1) an “Event of Default” with respect to the Trust under the Trust ISDA Agreement has occurred and is continuing or (2) an “Early Termination Date” has occurred or been designated (as defined in the Trust
ISDA Agreement) and (b) any amount then due and payable (including any Transfer required under the Annex) by the Trust under the Trust ISDA Agreement remains outstanding. 

“Obligations” means (i) all obligations and liabilities of the Trust to Citibank arising under, or
in connection with, the Trust ISDA Agreement, whether now existing or hereafter arising, (ii) all obligations and liabilities of Cemex to Citibank arising under, or in connection with, the Guarantee, whether now existing or hereafter arising
and (iii) Cemex’s obligations to reimburse Citibank pursuant to Section 5.04 hereof. 

“Uniform Commercial Code” means the Uniform Commercial Code as in effect from time to time in the State
of New York. 
 ARTICLE II. SECURITY INTEREST 

SECTION 2.01. Grant of Security Interest. As security for all of the Obligations, Cemex hereby pledges to
Citibank, and grants to Citibank a security interest in, all of Cemex’s right, title and interest in, under and to the following, whether now existing or hereafter acquired (collectively the “Collateral”): 

(a) the Capped Call Agreement, including, without limitation, all amounts paid or payable by Citibank from
time to time thereunder to Cemex, including, without limitation, amounts paid or payable by Citibank in connection with the early termination of some or all of the “Transactions” thereunder; and 

(b) all cash and noncash proceeds of any of the foregoing. 

SECTION 2.02. Payments under the Capped Call Agreement. Notwithstanding anything to the contrary in the Capped
Call Agreement, in the event that Citibank is obligated to make any payments to Cemex under the Capped Call Agreement, including, without limitation, in connection with the early termination of some or all of the “Transactions” thereunder,
Cemex hereby instructs Citibank, in lieu of making such payments directly to Cemex, to hold the related amounts as cash collateral Transferred by the Trust under the Annex, and Cemex agrees that Citibank’s holding of such cash collateral shall
be deemed to constitute payment by Citibank under the Capped Call Agreement of the associated amounts and that any release of such cash collateral by Citibank shall be made in accordance with the terms of the Annex. 

 

 2 

 ARTICLE III. CEMEX REPRESENTATIONS AND WARRANTIES 

Section 3.01. Representations and Warranties. Cemex represents and warrants to Citibank as of the date hereof
as follows: 
 (a) Cemex is a duly incorporated and validly existing publicly traded stock corporation with
variable capital (sociedad anónima bursátil de capital variable) organized under the laws of Mexico. Cemex has the power, authority and legal right to execute and deliver this Security Agreement, perform its obligations
hereunder and consummate the transactions herein contemplated. 
 (b) Cemex has duly authorized the execution
and delivery of this Security Agreement and the performance by Cemex of its obligations hereunder. Assuming due authorization, execution and delivery by Citibank, this Security Agreement constitutes a legal, valid and binding obligation of Cemex
which is enforceable in accordance with its terms, subject to bankruptcy and other similar laws affecting creditors’ rights and, to the extent applicable, to general principles of equity. 

(c) The execution and delivery of this Security Agreement, and the performance by Cemex of its obligations hereunder,
will not conflict with or constitute a breach or default under any other material contract or agreement to which Cemex is subject or by which Cemex is bound, or the organizational documents of Cemex or any judgment, order or decree applicable to
Cemex. 
 (d) No litigation or administrative proceeding is pending or, to the best knowledge of Cemex,
threatened against Cemex that would prevent Cemex from executing and delivering this Security Agreement or performing its obligations hereunder. 

(e) Upon the filing of a UCC-1 financing statement against Cemex with the Recorder of Deeds of the District of Columbia
and upon obtaining a written acknowledgment and delivery from Citibank, N.A., as counterparty to the Capped Call Agreement, Citibank will have a valid, first priority perfected security interest in and lien on the Collateral subject, in the case of
proceeds, to the limitations set forth in Section 9-315 of the Uniform Commercial Code. 
 (f) Cemex’s
name, jurisdiction of incorporation and type of organization is as set forth in the introductory paragraph hereof. Unless Cemex shall have given Citibank not less than 30 days’ prior notice thereof, Cemex shall not change its name. In addition,
Cemex shall maintain its existence as a type of entity specified in the introductory paragraph hereof organized solely under the law of the jurisdiction specified in the introductory paragraph hereof and shall not dissolve, liquidate, merge with or
into any other entity or otherwise change its organizational structure, change its identity or incorporate in any other jurisdiction unless Cemex shall have notified Citibank in writing at least 30 days prior to any intent not to so maintain its
existence or any such dissolution, liquidation, merger or change, as the case may be. 
 (g) Cemex owns the
Collateral free and clear of all liens, claims and encumbrances. 
  

 3 

 ARTICLE IV. CERTAIN COVENANTS OF CEMEX 

SECTION 4.01. Defense of Title. Cemex warrants and will defend the right, title and interest of Citibank in and to
all Collateral against all adverse claims and demands. 
 SECTION 4.02. No Amendment or Compromise.
Except as otherwise expressly provided or contemplated in the Capped Call Agreement, Cemex and those acting on behalf of Cemex shall not amend or modify, or waive any term or condition of, or settle or compromise any claim in respect of, the
Collateral without the prior written consent of Citibank. 
 SECTION 4.03. No Assignment of Collateral.
Cemex shall not sell, assign, transfer or otherwise dispose of, or grant any option with respect to, or pledge or otherwise encumber (except pursuant to this Security Agreement and the Annex), any of the Collateral or any interest therein without
the prior written consent of Citibank. 
 SECTION 4.04. Further Assurances; Preservation and Perfection of
Security Interest. (a) Cemex shall do all such acts, and shall execute and deliver to Citibank all such financing statements, certificates, instruments and other documents and shall do and perform or cause to be done all matters and such
other things necessary or expedient to be done as Citibank may reasonably request from time to time (including notarizing an assignment of rights under the Capped Call Agreement and filing such notarized assignment with the applicable public
registry) in order to give full effect to this Security Agreement and for the purpose of effectively perfecting, maintaining, preserving and enforcing Citibank’s security interest and the benefits intended to be granted to Citibank hereunder.
To the extent permitted by applicable law, Cemex hereby authorizes Citibank to file, in the name of Cemex or otherwise, Uniform Commercial Code financing statements, including continuation statements, which Citibank in its sole discretion may deem
necessary or appropriate. 
 (b) If Cemex fails to perform any act required by this Security Agreement, Citibank
may, but shall not be obligated to, perform, or cause performance of, such act, and the expenses of Citibank incurred in connection therewith shall be governed by Section 5.04 hereof. 

ARTICLE V. DEFAULT; RIGHTS AND REMEDIES 

SECTION 5.01. Default; Remedies. (a) Upon the occurrence and during the continuance of any Foreclosure Event,
Citibank, at its option, in addition to its rights and remedies under the Trust ISDA Agreement and/or the Guarantee and all rights and remedies available to a secured party under applicable law, shall have any or all of the following rights and
remedies: 
 (i) Citibank may do any acts that it deems proper to protect the Collateral as security hereunder,
receive any payments due with respect to the Capped Call Agreement or any damages thereunder and apply, by setoff or otherwise, all sums received to the payment of the Obligations in such order as Citibank shall determine. Any such actions of
Citibank shall not be deemed to impose upon Citibank any of Cemex’s obligations under the Capped Call Agreement. Subject to the foregoing provisions of this paragraph, once Citibank is entitled to exercise its rights and remedies hereunder,
Citibank shall have the right to renew, extend the time of payment of, or otherwise modify, amend, supplement, settle or compromise, in any manner, any 

 

 4 

 
obligations for the payment of money included in the Collateral, any security therefor and any other agreements, instruments, claims or chooses in action of any kind which may be included in the
Collateral. 
 (ii) Citibank shall be entitled to exercise Cemex’s rights under or in respect of any
Collateral and Citibank shall be entitled to exercise any other rights or remedies provided herein, in any document or instrument delivered pursuant hereto or under applicable law. Citibank may exercise its rights under this Security Agreement and
its rights with respect to any other credit support securing the Obligations or any other remedy, in each case in any order or priority that Citibank determines in its sole discretion. There shall be no requirement that Citibank exhaust any other
rights or remedies, or any other source of payment or credit support securing the Obligations, prior to Citibank being entitled to exercise its rights and remedies hereunder. 

(b) Citibank may enforce its rights and remedies hereunder without prior judicial process or hearing, and Cemex hereby
expressly waives, to the fullest extent permitted by law, any right Cemex might otherwise have to require Citibank to enforce its rights by judicial process. Cemex also waives, to the fullest extent permitted by law, any defense Cemex might
otherwise have to the Obligations secured hereby arising from use of nonjudicial process, enforcement and sale of all or any portion of the Collateral or from any other election of remedies. 

SECTION 5.02. Delay not Waiver; Remedies are Cumulative. 

(a) No failure on the part of Citibank to exercise, and no delay by Citibank in exercising, any right, power or remedy
hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy. 

(b) All remedies of Citibank provided for herein are cumulative and in addition to any and all other rights and remedies
provided by law, the Trust ISDA Agreement, the Capped Call Agreement and the other instruments and agreements contemplated hereby and thereby. 

SECTION 5.03. Application of Proceeds. The proceeds of the Collateral pursuant to this Article shall be applied as
follows: 
 (a) First, to the reimbursement of sums expended by Citibank pursuant to Section 5.04
hereof and to the payment of the costs and expenses of liquidation, or any other enforcement action pursuant hereto, including reasonable attorney’s fees, and all other expenses incurred in connection therewith, with a reasonable reserve for
any liabilities incurred in connection therewith; 
 (b) Second, to the payment in full of the
Obligations; and 
 (c) Third, to the payment to Cemex or such other person or persons as may be entitled
thereto, or as a court of competent jurisdiction directs. 
  

 5 

 SECTION 5.04. Reimbursement. All sums expended by Citibank,
including, without limitation, reasonable attorney’s fees, disbursements and court costs, in connection with the exercise of any right or remedy provided for herein, the preservation of the Collateral and Citibank’s interest therein and
the defense or prosecution of any actions, suits or proceedings arising out of or relating to the Collateral shall be the obligation of Cemex, payable out of proceeds of the Collateral, in accordance with Section 5.03 hereof, or by application
of or setoff against any balances or amounts due to Cemex under the Capped Call Agreement and to the extent any amounts remain owing, payable by Cemex out of its other assets. 

SECTION 5.05. No Duty and Waiver. The powers conferred on Citibank hereunder are solely for its benefit, and do
not impose any duty on Citibank to exercise any such powers. Following a Foreclosure Event, Citibank shall have no duty of care as a secured party hereunder to Cemex as to any Collateral or with respect to the taking of any necessary steps to
preserve rights against other parties or any other obligation pertaining to the Collateral. Cemex waives all rights whatsoever against Citibank for any loss, expense, liability or damage suffered by Cemex as a result of actions taken by Citibank as
secured party pursuant to this Security Agreement. 
 SECTION 5.06. Waiver of Redemption and Deficiency
Rights. Cemex hereby expressly waives, to the fullest extent permitted by law, every statute of limitation, right of redemption, any moratorium or redemption period, any limitation on a deficiency judgment, and any right which it may have to
direct the order in which any of the Collateral shall be liquidated and applied in the event of any exercise by Citibank of any of its remedies pursuant hereto. 

SECTION 5.07. Additional Termination Event under Capped Call Agreement. Cemex and Citibank hereby agree that, at
any time where the Capped Call Agreement constitutes “Posted Credit Support” (as defined in the Annex) pursuant to the Annex, the occurrence of a Foreclosure Event shall constitute an “Additional Termination Event” (as defined in
the Capped Call Agreement) under the Capped Call Agreement, notwithstanding anything to the contrary therein, with Cemex as the sole “Affected Party” (as defined in the Capped Call Agreement). 

ARTICLE VI. MISCELLANEOUS 

SECTION 6.01. Governing Law; Jurisdiction; Waivers. 

(a) This Agreement shall be governed by the laws of the State of New York (without reference to choice of law doctrine,
other than Section 5-1401 of the New York General Obligations Law). 
 (b) Any legal action or proceeding
with respect to this Security Agreement may be brought in any United States federal or state court sitting in New York, New York, and in the courts of the corporate domicile of each party hereto, in respect of actions brought against such party as a
defendant, and by execution and delivery of this Security Agreement, the parties hereto hereby consent to the jurisdiction of the aforesaid courts. To the fullest extent permitted by law, each party hereto hereby irrevocably waives any objection,
including without limitation, any objection to the laying of venue or based on the grounds of forum non conveniens, which it may now or hereafter have to the bringing of any action or proceeding in such jurisdiction in respect of this
Security Agreement, and further waives any right to which it may be entitled on account of place of residence or domicile. 
  

 6 

 (c) EACH OF CEMEX AND CITIBANK HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF
AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS OR BENEFICIARIES, AS APPLICABLE) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
RELATING TO THIS SECURITY AGREEMENT OR THE ACTIONS OF CITIBANK OR ITS AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF. 

(d) Cemex irrevocably waives, to the fullest extent permitted by applicable law, with respect to itself and its revenues
and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction, order for specific
performance or for recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any proceedings
in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any proceedings. 

SECTION 6.02. Severability. If any one or more of the covenants, agreements, provisions or terms of this Security
Agreement shall for any reason whatsoever be held invalid, then to the fullest extent permitted by law such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this
Security Agreement and shall in no way affect the validity or enforceability of the other provisions of this Security Agreement. 

SECTION 6.03. Attorney in Fact. Cemex hereby irrevocably appoints Citibank as its attorney-in-fact, with full
authority in the place and stead of Cemex and in the name of Cemex or otherwise, from time to time in Citibank’s discretion after the occurrence and during the continuance of a Foreclosure Event, to take any action and to execute any instrument
that Citibank may deem necessary or advisable to accomplish the purposes of this Security Agreement, including without limitation, (i) to receive, endorse and collect any drafts or other instruments, documents and chattel paper representing any
payment, dividend or other distribution in respect of the Collateral or any part thereof and to give full discharge for the same, and (ii) to file any claims or take any action or institute any proceedings that Citibank may deem necessary or
desirable for the collection of any of the Collateral or otherwise to enforce compliance with the terms and conditions of the Capped Call Agreement or the rights of Citibank with respect to any of the Collateral. 

SECTION 6.04. Counterparts. This Security Agreement may be executed in any number of counterparts, each of which
so executed shall be deemed to be an original, but all counterparts shall together constitute but one and the same instrument. 

SECTION 6.05. Amendments; Assignment. (a) This Security Agreement may be amended only by a written instrument
executed by the parties hereto. Any waiver of any provision of this Security Agreement shall only be effective if given in writing and then only in the specific instance in which such waiver is given. 

 

 7 

 (b) This Agreement shall be binding upon and inure to the benefit of
Citibank and Cemex and their respective successors and assigns; provided that Cemex shall have no right to assign, or delegate its duties under, this Security Agreement without the prior written consent of Citibank. 

SECTION 6.06. Notices. All instructions, notices, requests or other communications given under this Agreement
shall be in writing and shall be sent in accordance with the Capped Call Agreement. 
 SECTION 6.07.
Headings. Article and Section headings used herein are for convenience of reference only, are not part of this Security Agreement and are not to affect the construction of, or be taken into consideration in interpreting, this Security
Agreement. 
 SECTION 6.08. Integration. This Security Agreement constitutes the entire agreement among
the parties hereto pertaining to the subject matter hereof and supersede all prior and contemporaneous agreements and understandings of the parties in connection therewith. 

SECTION 6.09. Security Interest Absolute. To the extent permissible by applicable law, all rights of Citibank
hereunder, the grant of a security interest in the Collateral and the Cemex Posted Margin and all obligations of Cemex hereunder, will be absolute, irrevocable and unconditional irrespective of: 

(a) any claim as to the genuineness, validity, regularity or enforceability of this Security Agreement, the Trust ISDA
Agreement, any other agreement with respect to any of the Obligations or any other agreement or instrument relating to any of the foregoing; 

(b) any change in the time, manner or place of payment of, or in any other term of, all of or any of the Obligations, or
any other amendment, modification, extension or waiver of or any consent to any departure from the Trust ISDA Agreement, any other agreement with respect to any of the Obligations or any other agreement or instrument relating to any of the
foregoing; 
 (c) any change in the existence, structure or beneficial ownership of the Trust, or any
liquidation, dissolution, insolvency, reorganization or other similar proceeding affecting the Trust or its assets; 

(d) any release of any collateral securing any obligations in respect of the Trust ISDA Agreement, any other agreement
with respect to any of the Obligations or any guarantee or other credit support in respect thereof; 
 (e) any
law, rule, regulation, decree or order of any jurisdiction, any change in any of the foregoing, or any other event, affecting any term of any Obligation or Citibank’s rights with respect thereto; or 

 

 8 

 (f) any other circumstance whatsoever that might otherwise constitute a
defense available to, or a discharge of, Cemex in respect of the Obligations or in respect of this Security Agreement (other than the indefeasible payment in full of all Obligations). 

SECTION 6.10. Acknowledgment of Security Interest. Citibank, in its capacity as counterparty to the Capped Call
Agreement, hereby acknowledges the security interest created pursuant to this Security Agreement in Cemex’s right and interest under the Capped Call Agreement. Citibank, as counterparty to the Capped Call Agreement, agrees that, following a
Foreclosure Event, it shall use reasonable efforts to copy Cemex on any notice that Cemex would otherwise have been entitled to receive under the terms of the Capped Call Agreement had Citibank as secured party not commenced its exercise of remedies
hereunder. 
 SECTION 6.11. Process Agent. Cemex hereby appoints as its process agent: 

Corporate Creations Network Inc. 

1040 Avenue of the Americas #2400 

New York, NY 10018 

Fax: (561) 694-1639 

Tel: (212) 382-4699 

SECTION 6.12. Termination and Release. At such time as Citibank is obligated under the Annex to
“Transfer” (as defined in the Annex) the Capped Call Agreement to the Trust pursuant to the Annex, Citibank shall promptly provide a notice to Cemex and, upon provision of such notice, the Collateral shall be automatically released from
the security interest created hereunder, and this Security Agreement and all obligations of each of Citibank and Cemex hereunder shall terminate, all without any act by any party, and all rights to the Collateral shall revert to Cemex;
provided that Citibank, at the request and sole expense of Cemex, shall execute and deliver to Cemex all releases or other documents reasonably necessary or desirable to evidence the release of the security interest created hereby on such
Collateral and termination of this Security Agreement. 
  

 9 

 IN WITNESS WHEREOF, the parties hereto have each caused this Security
Agreement to be duly executed, all as of the day and year first above written. 
  

					
	 CITIBANK, N.A.

		
	 By:
	 	 /s/ Herman Hirsch

		 	 Name:
	 	 Herman Hirsh

		 	 Title:
	 	 Authorized Representative

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

		
	 By:
	 	 /s/ Rodrigo Treviño

		 	 Name:
	 	 Rodrigo Treviño

		 	 Title:
	 	 Chief Financial Officer

		 		 	 Attorney-in-Fact

  

 10

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"}]]