Lorenzo H. Zambrano Chairman & CEO

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2 Lorenzo H. Zambrano Chairman & CEO CEMEX Today and Tomorrow March 5,

3 CEMEX DAY AGENDA CEMEX s global strategy Delivering results Opportunities and challenges 3

4 4 A TOUGH ENVIRONMENT CALLING FOR DISCIPLINED EXECUTION

5 INVESTING IN AND OPERATING ACROSS OUR INDUSTRY S VALUE CHAIN We invest where we find... Significant size, in terms of EBITDA opportunity Clear long-term EBITDA growth potential Favorable industry structure Manageable risks and attractive financials Committed to delivering sustainable, profitable growth 6

6 CEMEX TRANSFORMATION Extended global reach to more than 50 countries Built leadership positions in Cement, Aggregates and Ready-Mix Diversified portfolio Top three in each of our core businesses 7

7 WE HAVE ENHANCED OUR PROFILE EBITDA by Geography EBITDA by Business 19% 8% 2% 4% 13% 8% 56% % SA&C Others 13% 24% Mexico Aggregates 16% 7% Cement Rest of EMEAA&A 20% 2007 Pro-forma 14% 63% Spain 11% 32% USA Ready-Mix 8

8 CEMEX HAS SUSTAINED A FAST GROWTH RATE US$ B CEMEX Revenue, EBITDA and FCF 9 Revenue EBITDA FCF e FCF/ EBITDA (%)

9 THREE CORE BUSINESSES FOR CEMEX Attractive stand-alone and complementary Ready-Mix Cement Aggregates 11

10 CEMEX BUSINESS LINE STRATEGY Cement: continuing to grow high margin business Aggregates: building profitable, complementary positions Ready-Mix: getting closer to our customers Integration improves market dynamics, efficiency and customer service Focus is always on core elements of value chain 12

11 KEYS TO PRODUCING PROFITABLE GROWTH Commitment to operational excellence Managing costs throughout the cycle Nurturing customer relationships Industry-leading integration capabilities Rigorous investment discipline Attracting and retaining the best people 14

12 CONTINUED COMMITMENT TO SG&A CONTAINMENT % CEMEX SG&A as % of Sales Pro-forma 2008B 16

13 STRONG TRACK RECORD IN ENERGY SAVINGS US$ / MT Index 2000= West Texas Intermediate cost index CEMEX Power cost CEMEX Fuel cost

14 MAIN 2008 EXPANSION CAPEX PROJECTS USA - Seligman Crossing 1.7 Mexico - Yaqui 1.5 USA - Balcones Mexico - Tepeaca USA - Brooksville South Spain Andorra Spain Cartagena UK Latvia UAE Panama Expansion Capacity In MM MT Cement / clinker Mill / grinding 19

15 RINKER: SOLID STRATEGIC RATIONALE Attractive business portfolio, especially in aggregates Complemented our positions in the United States Established CEMEX in Australia Strong management talent, both in operations and in back office 21

16 CREATING VALUE WITH RINKER Recurring EBITDA synergies of around US$400 MM; 50% realized this year Merged, reorganized and right-sized in the United States Integrated Australia into global network Retained key talent Two-way best practice sharing 23

17 BOTTOM LINE ON RINKER Accretive and producing positive returns Creating value for shareholders 24

18 GENERATING US$5.6 B EBITDA IN 2008 Capture synergies and deliver costs savings Continue to adjust U.S. business as necessary Reinforce global best practice sharing Deliver on our strategic capital expenditure program Regain financial flexibility We will achieve what we commit 25

19 SIGNIFICANT VALUE FOR LONG-TERM INVESTORS Index Dec 98=100 1,200 1,000 CEMEX CPO (in US$) vs. S&P 500 index including dividends 800 CX - CAGR 24% S&P CAGR 3% 0 Dec-07 Dec-06 Dec-05 Dec-04 Dec-03 Dec-02 Dec-01 Dec-00 Dec-99 Dec-98 26

20 CEMEX S FUTURE Generating profitable growth across the cycle Transforming both the company and our opportunities Execution is our core challenge - and the key to success Good results in bad times and great results in good times 27

21 DEFINITIONS USED IN PRESENTATION FREE CASH FLOW equals EBITDA minus net interest expense, capital expenditures, change in working capital, taxes paid, and other cash items (net other expenses less proceeds from the disposal of obsolete and/or substantially depleted operating fixed assets that are no longer in operation). Prior to 2005, Free Cash Flow was calculated after both maintenance and expansion capital expenditures. Beginning in 2005, Free Cash Flow is calculated after maintenance capital expenditures only. RETURN ON CAPITAL EMPLOYED (ROCE) equals operating income less reported taxes divided by average net debt plus average majority shareholders equity plus average minority shareholders interest. 30

22 Hector Medina Executive Vice-President, Planning & Finance Sustaining Profitable Growth March 5,

23 AGENDA CEMEX Global Strategy 2007: Rinker Acquisition & Integration 2008: Committed to Delivering Good Results in Challenging Times 3

24 MAIN STRATEGY BUILDING BLOCKS Invest in and operate across cement value chain Core: cement, ready mix and aggregates Invest in markets with ample EBITDA, growth potential, acceptable political risk, contribute to diversification Rigorous, disciplined capital allocation Regaining financial flexibility is key Delivering sustainable value creation to our shareholders 4

25 CEMEX IS NOW TRULY A GLOBAL PLAYER In Cement, Aggregates and Ready-Mix The Americas Europe and Mediterranean Australia & Asia Pacific Presence in 3 businesses (Cement, Aggregates, Ready-Mix) Presence in 2 businesses Presence in 1 business 5

26 GEOGRAPHICALLY DIVERSIFIED 100% 75% 50% 25% 0% CEMEX EBITDA Evolution by Geography Pro-Forma SA&C Rest of EMEAA&A Spain U.S.A Mexico 6

27 BUILDING ACROSS THE VALUE CHAIN 100% 75% CEMEX EBITDA Evolution by Business Others Aggregates Ready-Mix 50% 25% Cement 0% Pro-Forma 7

28 CLEAR VALUE IN INTEGRATING VALUE CHAIN POSITIONS Fragmented Markets Integrated Markets Cement Ready-Mix Cement Ready-Mix Endusers Endusers Aggregates Aggregates Little access to end-users Low customer service Low innovation High customer focus and innovation Improved supply / demand dynamics Network optimization 8

29 OPPORTUNITY SPREAD ACROSS OUR VALUE CHAIN CEMEX present in most attractive EBITDA spaces % Global EBITDA (estimate) Africa & M. East 80 Eastern Europe China 60 Asia Pacific 40 Rest of The Americas Western Europe 20 USA 0 Cement ~US$48 B Aggregates ~US$26 B Ready-Mix ~US$11 B Total ~US$ 85 B 9

30 OPERATING IN CONSOLIDATED MARKETS WITH ATTRACTIVE GROWTH/RISK PROFILES Cement 100 Consolidation Capacity share Top 5 (%) CEMEX Portfolio - EBITDA Split by Geography Germany UK France U.S.A. Venezuela Mexico Spain Egypt Strategic CX portfolio Consolidated markets Attractive/profitable growth-risk profile Limited amount of large opportunities No CX presence Limited presence in larger UAE 20 fragmented markets India High growth and risk Profitability potential uncertain Russia China Windows of opportunity open GDP 0 Growth (%) ( ) 10

31 STRONG RATIONALE BEHIND RINKER ACQUISITION Attractive value chain portfolio, especially aggregates Attractive geographies, in the U.S. and Australia Reputation for outstanding management talent Manageable execution risk Contributing value now and through the future 11

32 TIGHT EXECUTION OF CEMEX FIRST UNSOLICITED BID 100% % of Rinker shares tendered to CEMEX Offer 96.3% 90% 80% Board changes First PMI meeting 80.7% 84.4% 88.7% 70% 60% 50% crossed, Offer unconditional 53.4% 59.9% 50% 40% 35.9% 41.6% 30% 30.0% 20% Rinker Board recommendation 15.8% 10% 0.3% 0.3% 0.4% 2.5% 0% 9/Apr 16/Apr 23/Apr 30/Apr 7/May 14/May 21/May 28/May 4/Jun 11/Jun 18/Jun 25/Jun 2/Jul 9/Jul 16/Jul 12

33 CREATING VALUE THROUGH INTEGRATION Major Acquisitions Transaction value (US$ B) ~ US $26 B Synergies Realized (US$ MM) Spain Southdown RMC Rinker TOTAL value of largest # of countries: transactions 13

34 SYNERGIES IDENTIFIED EXCEEDED EXPECTATIONS Identified Recurring Synergies (US$ MM) To be Attained Over 3 Years ~400 Australia U.S.A. Aggregates Ready Mix Cement Logistics & Other Procurement HR Support Functions TOTAL 14

35 BEST PRACTICES WERE SHARED IN BOTH DIRECTIONS CEMEX Best Practices Rinker Rinker Best Practices CEMEX Maintenance Maintenance intervals & oil filtering Logistics Advanced sourcing model Optimal Ready-Mix dispatch model Waste management Recovery & reclaiming techniques Energy and fuel Fuel control systems Maintenance Mobile equipment maintenance Concrete Block Innovative design for standard blocks Aggregates Activity-based costing & management Ready-Mix Automatic slumping stations Sharing best practices globally will create additional value 15

36 RINKER VALUE CREATION TARGETS As stated when Offer was launched: Immediately free cash flow accretive ROCE above WACC by year one ROCE target of 10% within 3 years Net Debt/EBITDA of 2.7x during 2009 Interest coverage ratio to remain above 4.5x 16

37 DISCIPLINED CAPITAL ALLOCATION PROCESS Proposal Allocation Authorization Follow-up Structured and consistent process single system for all CAPEX Centralized rigorous profitability driven methodology Active participation of top management in authorization phase Strict execution control throughout project lifecycle 17

38 CAPTURING VALUE FROM GROWTH CAPEX PROGRAM US$2.2 billion growth capital expenditures during the past two years, plus more than US$1.5 billion in 2008 Announced cement capacity expansion projects completed next year, except Arizona EBITDA benefits of at least US$ 500 million by 2010 Return on capital employed exceeding 10% in 3 years Disciplined monitoring and execution are essential 18

39 CEMEX CONSISTENTLY DELIVERS ROCE ABOVE WACC % 16 CEMEX ROCE vs. WACC ROCE WACC

40 Francisco Garza President of the North America Region and Trading Current Overview and Outlook March 5, 2008

41 AGENDA Trading Update CEMEX USA CEMEX Mexico

42 TRADING NETWORK Importing country Exporting country Importing and exporting country 4

43 TRADING ENVIRONMENT IN 2008 Continued tight demand and supply conditions China and India Softening of freight rates 5

44 MEXICO AND USA REPRESENT 44% OF SALES AND 56% OF CEMEX EBITDA SALES EBITDA Rest of CEMEX 56% Mexico&USA 44% Rest of CEMEX 44% Mexico&USA 56% 2007 Proforma 7

45 CEMEX STORY IN THE U.S. 100% 90% VERTICAL INTEGRATION* 80% 70% 60% 2005 Rinker % 40% 1998 Southdown 2001 RMC Sales (US$1B) 30% * % of non-cement revenues/total revenue Regional GEOGRAPHICAL SPAN National (# of states with operations) 8

46 CEMEX PORTFOLIO IN THE U.S. EBITDA by Business EBITDA by State Other 17% California 18% Aggregates 29% Cement 39% Other 31% Florida 32% Concrete 15% Texas 5% Arizona 14% 2007 Proforma 9

47 U.S. INDUSTRY STRUCTURE Cement Consolidation (% of owned by top 10) 100% 80% Vertical Integration (% of concrete owned by cement companies) 100% 80% 60% 40% 81% 60% 40% 20% 0% 40% 20% 0% 15% 30%

48 CEMEX OPERATIONS IN THE U.S. Pacific Atlantic Cement Plants 14 Cement Plant Cement Terminal Concrete Aggregates Others JV Ready Mix USA South Florida Cement Terminals 50 Ready Mix Plants 374 Aggregates Quarries 117 Employees 15,730 11

49 LOCAL NETWORK OPTIMIZATION Phoenix, Arizona Asset Management optimization Reserves Management optimization Commercial optimization Logistics optimization CX R-Mix CX Aggs. Heidelberg R-Mix Heidelberg Aggs. Players Rinker R-Mix Rinker Aggs. Vulcan R-Mix Vulcan Aggs. Arizona Mats R-Mix Arizona Mats Aggs. Others R-Mix Others Aggs. 12

50 HOUSING ACCOUNTS FOR ABOUT ONE-THIRD OF U.S. CEMENT DEMAND Housing 30% Public 50% I&C 20% 14

51 IMPORT PRICES US$ / MT 85 U.S. Average Jan03 May03 Nov03 Mar04 Sep04 Jan05 Jul05 Nov05 Apr06 Aug06 Feb07 Jun07 Dec07 Between Jan03 and Dec07 price has increased US$31.5/MT (+66%) 15

52 COST REDUCTION INITIATIVES Ready-Mix Plants Block Plants Jan06 Jan08 10 Jan06 Jan08 6,000 Ready-Mix Trucks 20,000 Headcount 5,500 17,500-3,836 5,000 4,500-1,193 15,000 12,500 4,000 Jan06 Jan08 10,000 Jan06 Jan08 16

53 SYNERGIES IDENTIFIED BY THE PMI US$ MM To be implemented in To be implemented in Implemented in

54 CONTINUOUS IMPROVEMENT Kcal / Kg clinker (Industry = 100) Fuel Consumption MT / Empl. Hour (Industry = 100) Labor Productivity (cement) % Alternative fuels Fuel Mix

55 CONTINUOUS IMPROVEMENT Round Trip Time (concrete trucks) Lost Time Accidents Minutes round trip Rate LTA rate = incidents x 200,000/man hours worked 19

56 CEMENT EXPANSIONS Seligman Brooksville Balcones 20

57 U.S. CEMENT DEMAND IN THE LONG TERM MM MT 200 U.S. Cement Demand + 55MM MT (43%) Source: PCA Long Term Cement Consumption Outlook

58 CEMEX IN THE U.S. Invested more than US$20 B Shaped our asset portfolio Positioned in markets with most dynamic growth potential Weathered the ebb and flow of national and regional cycles Built a solid management team Integrated thousands of employees 22

59 2008 OUTLOOK Cement Volume Price Ready-Mix Volume Price Aggregates Volume Price EBITDA 23

60 2008 OUTLOOK Pricing Rinker Synergies Cost containment initiatives 24

61 CEMEX MEXICO BUSINESS PORTFOLIO 2007 EBITDA BUSINESS LINE Cement 85% Average volume growth (03-07) Cement 3% Ready-Mix 16% Ready-Mix 14% Other 1% Aggregates 1% 26

62 MEXICO S EBITDA AND SALES TREND US$ MM Sales Sales US$ MM EBITDA EBITDA ,450 1, ,250 1,150 1, '02 '03 '04 '05 '06 ' '02 '03 '04 '05 '06 '07 27

63 MEXICAN ECONOMY FACTS High oil prices likely to persist Remittances from Mexican workers in the US have stabilized Federal Government s surplus gives it room to conduct counter cyclical policies Years of stable monetary policy are paying off by keeping inflationary expectation under control 28

64 CEMEX MEXICO FOOTPRINT Clinker + Grinding Cement terminal # concrete plants # aggregates sites

65 READY-MIX INDUSTRY FOOTPRINT CEMEX Holcim Cruz Azul Moctezuma Others Coverage # Plants (# cities) CEMEX Holcim Cruz Azul Moctezuma Others

66 CONTINUOUS IMPROVEMENT Fuel 100% consumption 75% % Use Coke % Use Alternative Fuels Fuel 4% consumption 3% 50% 2% 25% 1% 0% % %= CFE in % Power Consumption 100%= CFE in CFE vs TEG costs % 50% CFE TEG % 70 0%

67 CEMENT CAPACITY EXPANSION PROJECTS CEMEX Capacity Expansion ( 08): 1.5 MM MT Moctezuma New Capacity ( 10): 1.3 MM MT CEMEX Capacity Expansion ( 09): 4.4 MM MT Holcim New Capacity ( 10): 1.6 MM MT Cruz Azul Capacity Expansion ( 10): 1.2 MM MT CEMEX Apasco Cruz Azul Moctezuma Chihuahua Lafarge 32

68 2008 OUTLOOK Volume Price EBITDA Cement Ready-Mix Aggregates 33

69 VALUE CREATION IN MEXICO We have built industry-leading positions across our value chain We have invested in new capacity to be able to respond to the strong increase in demand We have anticipated the structural change and invested in ready-mix capacity We have worked hard to contain our costs, renew our offer in the market and improve the way we manage our assets 34

70 Rodrigo Treviño Chief Financial Officer Financial Strategy March 5,

71 2007 A GOOD YEAR FOR CEMEX US$ MM Sales EBITDA EBITDA Margin Free Cash Flow 18,249 4,138 23% 2,689 21,673 4,586 21% 2,578 Net Debt / EBITDA Interest Coverage 1.4x 8.4x 3.6x 5.7x See definitions at end of presentation. 4

72 FINANCIAL STRATEGY IMPLEMENTED SUCCESSFULLY Implemented Rinker funding strategy Medium to long term US Dollar/ Euro Mix Protected against high interest rate but maintain upside on low interest environment Improved liability structure in anticipation of Rinker transaction for an amount of US$ 5,250 MM Perpetual debentures Benchmark Eurobond by CEMEX España Important access to Mexican market through Certificados Bursátiles Maintained stability among top institutional shareholders 5

73 SUCCESSFULLY COMPLETED RINKER FINANCING Transaction Acquisition Facility España RBS Credit Facility BBVA Credit Facility Existing Revolving Lines Total Banks US$ MM equiv. 6,000 1,500 1, ,250 Tenor Cost L +.42% L +.28% L +.28% L +.38% Perpetual Debentures 3, % 1 CEMEX España Bond 1, % Certificados Bursátiles L +.06% Total Capital Markets 5,000 1 Average fix cost in US dollars for 2007 and

74 BENEFITS OF OUR PERPETUAL DEBENTURES FUNDING STRATEGY US$ MM Fixed Months / Total Months US$ Cost NC / % 5.06% 4.08% NC / % 3.97% 4.12% 3.94% NC / % 3.96% 4.13% 3.99% NC10 EUR 1,000 32/ % 3.61% 4.14% 3.77% Total 3, % 3.98% 4.12% 3.89% 7

75 AGENDA 2007 Financial Results Rinker Financing Perpetual Debentures Strategy Financial Plan 2008 Capital Structure Superior Earnings Quality & Deleveraging Strategy Expansion Capex Contribution Summary 8

76 2008 POSITIVE OUTLOOK Full consolidation of Rinker operations U.S. and Spain declining residential sector mitigated by: Geographic diversification Expense reduction initiatives Greater than expected PMI savings Lower funding cost Favorable supply-demand dynamics Free cash flow growing more than 16% in 2008 reaching US$3.0B Primarily from Rinker s FCF accretion Continue expansion projects to contribute incremental EBITDA in

77 2008 CAPITAL STRUCTURE US$ MM 2007 Guidance 2008e Steady State Target Sales 21,673 24,500 EBITDA 4,586 5,600 EBITDA Margin 21% 23% Free Cash Flow 2,578 >3,000 Net Debt / EBITDA 3.6x 3.0x 2.4x Interest Coverage 5.7x 5.5x >4.5x Deleveraging supported by EBITDA growth, use of FCF and sale of non-core assets See definitions at end of presentation. 10

78 BETTER THAN EXPECTED FREE CASH FLOW ACCRETION Free cash flow and cash earnings accretion from Rinker acquisition despite the decline in the U.S. residential sector: About US$300 MM in financial strategy savings Greater than originally expected synergies More efficient tax planning Better than expected working capital management Free cash flow accretion from Rinker close to: US$200 MM in 2008 and US$400 MM during 2009 Free Cash Flow accretion from Rinker will be better than we had originally assumed 11

79 FREE CASH FLOW EXPECTED TO GROW MORE THAN 16% US$ MM 5, <1,000 <850 >3,000 EBITDA 2008 Maint. Capex Net. Interest Expense Others Net FCF See definitions at end of presentation. 12

80 STRONG FINANCIALS SUPPORT GROWTH STRATEGY US$ MM Free Cash Flow Interest Coverage Net Debt / EBITDA 10x 8x 6x Free Cash Flow CAGR > 21% > 3,000 2,689 2,578 2,198 4x , ,143 1,478 2x x e See definitions at end of presentation. 13

81 CEMEX CONTINUES TO DELIVER SUPERIOR EARNINGS QUALITY 8 US$ B 6 EBITDA CAGR 03-08e 22% Free Cash Flow CAGR 03-08e 21% % 58% 62% 65% 56% ~54% e See definitions at end of presentation. 14

82 CONSOLIDATED DEBT MATURITY PROFILE US$ MM 7,000 As of December 2007 US$ 19,864 MM 6,000 5,000 4,000 1,528 FCF 2008 Bank Debt Syndicated Loans Fixed Income 3,000 2,000 1, ,065 2,018 3,708 1, , See definitions at end of presentation. 15

83 PROACTIVE DELEVERAGING STRATEGY Deleveraging Plan (+) FCF available for debt reduction (+) Sale of non core assets US$ MM 3,500 ~2,000 Term Debt Maturities (-) Fixed income (-) Syndicated loans 965 4,475 Net Debt/EBITDA Ratio 2008e <3.0x 2009e <2.5x 16

84 INTEREST-RATE FLEXIBILITY STRATEGY Interest Rates Scenarios USD EUR TOTAL High Fixed Floating 37% 63% 50% 50% 40% 60% Fixed 27% 0% 21%* Low Floating 73% 100% 79% * Includes US$ 3,000 MM of perpetual bonds with fixed rates until

85 EXPANSION CAPEX SUPPORTS FUTURE GROWTH IN EBITDA AND DELEVERAGING Investment in expansion Capex in e 2006: US$0.75B 2007: US$1.4B 2008e: US$1.5B ~US$3.65B Most of the announced projects will be ready by 2009 Returns in excess of our stated investment criteria for acquisitions (ROCE>10%) We will achieve the same deleveraging target by 2009 With higher EBITDA and Free cash flow See definitions at end of presentation. 18

86 SUMMARY Aligning the financial strategy with the operating cycle delivers stable growth Strong earnings quality supports deleveraging and high growth Committed to regain financial flexibility Remain confident in our ability to acquire, integrate and deliver high growth 20

87 DEFINITIONS USED IN PRESENTATION EBITDA equals operating income plus depreciation and operating amortization. Maintenance Capital Expenditures consist of maintenance spending on our cement, ready-mix, and other core businesses in existing markets. Expansion Capital Expenditures consist of expansion spending on our cement, readymix, and other core businesses in existing markets. Free Cash Flow equals EBITDA minus net interest expense, capital expenditures, change in working capital, taxes paid, and other cash items (net other expenses less proceeds from the disposal of obsolete and/or substantially depleted operating fixed assets that are no longer in operation). Prior to 2005, Free Cash Flow was calculated after both maintenance and expansion capital expenditures. Beginning in 2005, Free Cash Flow is calculated after maintenance capital expenditures only. Net Debt equals total debt minus the fair value of cross-currency swaps associated with debt minus cash and cash equivalents Interest Coverage is calculated by dividing EBITDA for the last twelve months by interest expense for the last twelve months. Net Debt / EBITDA is calculated by dividing net debt at the end of the quarter by EBITDA for the last twelve months Return on Capital Employed (ROCE) equals operating income less reported taxes divided by average net debt plus average majority shareholders equity plus average minority shareholders interest. 22

88 Juan Romero President of the South America & Caribbean Region Current Overview and Outlook March 5, 2008

89 SA&C AT A GLANCE Market leader in cement, ready mix and aggregates Revenue of US$2.0 B and EBITDA of US$0.7 B 14 cement plants with installed capacity of 14.3 MM MT, 117 Ready-Mix plants, 21 aggregates quarries ~7,000 employees 4

90 SOLID FOOTPRINT ACROSS REGION Bahamas Dominican Republic 8 1 > 2.0 MM MT MM MT < 1.0 MM MT 1 Haiti Puerto Rico 17 1 El Salvador 1 1 Costa Rica Nicaragua Venezuela Panama 32 # Cement Plant Cement terminal Ready-Mix plants Colombia Brasil (Manaus) # Aggregates sites Argentina 4 5

91 DIVERSIFIED PORTFOLIO Geography 2007 EBITDA Business Line Caribbean 20% Central America 17% Venezuela 30% Colombia 33% Cement 83% Ready-Mix 14% Aggregates 2% 6

92 LEADERSHIP POSITION IN KEY MARKETS Cement Ready-Mix Aggregates Venezuela Colombia Central America The Caribbean

93 ATTRACTIVE VOLUME GROWTH MM MT CEMEX Market 20.7 Cement Volume CEMEX 13% CAGR

94 PRICE LEVELS ARE RECOVERING US$/ MT 160 CEMEX Cement Price % CAGR

95 RESULTING IN SIGNIFICANT EBITDA INCREASE US$ MM CEMEX EBITDA 11% CAGR

96 STRATEGIES TO ACHIEVE PROFITABLE SUSTAINABLE GROWTH Countries Colombia Panama Costa Rica Growth Potential High Priorities Strengthen position across value chain Venezuela Dominican Republic Nicaragua Moderate Enhance portfolio balance, improve network Puerto Rico Low Optimize position, reduce costs 11

97 CURRENT EXPANSION PROJECT IN PANAMA Capacity expansion to be completed by July MM MT additional clinker capacity for national & export markets Investment of US$230 MM with 12% ROCE Cement Silo Raw material storage Cement Mill Raw material mill Kiln # 2 Preheater tower Clinker Storage Clinker cooler 12

98 STRENGTHENING MARKET POSITION THROUGH CUSTOMER-LOYALTY INITIATIVES Customized value propositions Distributors Constructors Business permanence and development Unicemex Sharing benefits Logistic optimization Out of stock control Faster ready mix release Customer satisfaction Rewards CEMEX building award 13

99 INCREASED USAGE OF ALTERNATIVE FUELS Biomass, tires, and recycled oils as part of operational improvement program % of Alternative Fuels 2008E Benefits US$ MM / year 40% Colombia % Dominican Republic % Costa Rica % 14% 12% Nicaragua 0.3 Panama 1.0 COL DR CR PAN NIC PR Puerto Rico Total

100 CONTINUOUS CLINKER FACTOR REDUCTION ~ 4% reduction in 3 years Clinker Factor 2008E Benefits US$ MM / year 87% 85% 85% 84% 80% Colombia 1.5 Dominican Republic 0.4 Costa Rica 0.6 Nicaragua E Total

101 TAKING ADVANTAGE OF READY-MIX GROWTH CEMEX Volume MM m 3 20% CAGR EBITDA margin % 14.5% 15.1% 19.0% 16

102 AGGREGATES AS A POTENTIAL GROWTH AVENUE Strong aggregates markets with ~30% EBITDA margin Demand MM MT Price US$ / MT 14% CAGR 18% CAGR CX 3.5% 3.7% 3.9% 4.1%

103 RESPONDING TO KEY CHALLENGES Key Challenges Escalating input costs Take leadership position in aggregates Develop talent pool for future growth CEMEX Capabilities Cross-functional teams for continuous improvement Acquisition and integration of new operations Talent programs 18

104 STRONG 2008 OUTLOOK FOR ALL BUSINESSES Volume Price EBITDA Cement Ready-Mix Aggregates 19

105 AND GEOGRAPHIES Volume Price EBITDA Venezuela Colombia Central America The Caribbean 20

106 GROWING IN SA&C Structurally very attractive geographies Right business mix with opportunities in aggregates Strategic priorities defined according to sub-region perspectives Investing in new capacity to capitalize growth Extracting maximum value from integrated businesses Outstanding management platforms to continue growth Clear road map to sustain profitable growth 21

107 Fernando A. González President of the Europe, Middle East, Africa, Asia & Australia Region Current Overview and Outlook March 5, 2008

108 EMEAA&A AT A GLANCE 4 Continents, 25 Countries Revenue of US$10.3 B and EBITDA of US$1.6 B 25 cement plants, 24 mills & 80 terminals with an installed capacity of 40.5 MM MT 1,343 Ready-Mix plants producing 44 MM m3 378 aggregates quarries producing 123 MM MT ~26,000 employees 3

109 LEADERSHIP POSITION IN KEY MARKETS Cement Ready-Mix Aggregates Spain UK Australia Germany

110 EMEAA&A IS ORGANIZED INTO FOUR REGIONS Northern Europe # Cement Plants # Grinding Mills # Terminals # Ready-Mix # Aggregates Eastern Europe # Cement Plants # Grinding Mills # Terminals # Ready-Mix # Aggregates Asia & Australia Southern Europe, Africa & Middle East # Cement Plants # Grinding Mills # Terminals # Ready-Mix # Aggregates # Cement Plants # Grinding Mills # Terminals # Ready-Mix # Aggregates 4 (1) (1) JV s Not included 5

111 ATTRACTIVE PORTFOLIO DIVERSIFICATION Geography 2007 EBITDA Business Northern Europe 21% Southern Europe, Africa & Middle East 45% Eastern Europe 15% Asia & Australia 19% Cement 52% Ready- Mix 13% Aggregates 23% Other 11% 6

112 AUSTRALIA RECENTLY ADDED TO EMEAA&A Darwin # Ready-Mix sites # Aggregates sites Northern Territory Western Australia Queensland Rockhampton Gladstone South Australia Brisbane New South Wales Perth Quarries and sand mines Ready-Mix plants Concrete pipe and products Cement Australia (1) JV s cement plants (1) 25% owned by CX, 50% owned by Holcim, 25% owned by Hanson Kandos Sydney Victoria Canberra Melbourne Railton Tasmania Hobart 7

113 PERFORMANCE OVERVIEW

114 TRACK RECORD OF DELIVERING RESULTS EBITDA evolution (US$ MM) CAGR 16% CAGR 13% 115 Australia (1) (1) Consolidated since August

115 STABLE VOLUME GROWTH COUPLED WITH GOOD PRICING Cement Aggregates Ready-Mix Volume MM MT '04 '05 '06 '07 MM MT '04 '05 '06 '07 MM m '04 '05 '06 '07 '08E Northern Europe Southern Europe Eastern Europe Asia 60% 40% 20% 0% 60% 40% 20% 0% 60% 40% 20% 0% Price Index (US$) '04 '05 '06 '07 '04 '05 '06 '07 '04 '05 '06 '07 Northern Europe Southern Europe Eastern Europe Asia Base=

116 ABILITY TO TAKE CONTROL OF NEW OPERATIONS US Million RMC COORDINATION TEAMS RINKER (1) TOTAL RMC PMI Additional Improvements Australian PMI Total (1) Synergies to be realized between 2007 and

117 BEST PRACTICES SHARED THROUGH COORDINATION TEAMS COORDINATION STRUCTURE Country Mgmt Country Mgmt Country Mgmt Regional Staff Regional Staff Regional Staff Coordination Teams 16 teams by function 276 participants from 20 countries Regional EMEAA&A staff sponsors 12

118 VAST OPERATIONAL IMPROVEMENT 90% KILN EFFICIENCY 85% 80% 75%

119 LEVERAGING KNOWLEDGE FROM OPERATIONS % SUBSTITUTION OF ALTERNATIVE FUELS IN CEMENT 21% 8% 9% 12% 13% '04 '05 '06 '07 '08E 14

120 FLAGSHIP PROJECTS CLINKER FACTOR % IN ONE METRIC TON OF CEMENT 80% 79% 78% 77% 75% '04 '05 '06 '07 '08E 15

121 FLAGSHIP PROJECTS READY-MIX SPECIAL PRODUCTS (% OF TOTAL SALES) 9% 10% 7% '06 '07 '08E 16

122 CONTINOUS IMPROVEMENT INITIATIVES # Days AGGREGATES INVENTORIES

123 OUR TARGET: ZERO ACCIDENTS LTI Rate 4 ACCIDENTS

124 OUTLOOK

125 KEY CHALLENGES Mitigate housing decline in exposed countries by focusing on other sectors and cost reductions Invest to meet demand in high growth countries Reduce clinker content in cement and increase use of Alternative Fuels to reduce CO2 emissions 20

126 CEMEX REACTING TO CHANGING MARKET IN SPAIN MACROECONOMIC SITUATION CEMEX ACTION Declining housing market started in 2007 and could deepen further in 2008 Infrastructure projects will continue at healthy levels Growth adjusting to European levels Minimize clinker imports and cement purchases Increase use of alternative fuels to 12% from 8% Reduce distribution costs by 8% Contain fixed costs 21

127 BENEFITING FROM INVESTMENTS IN HIGH GROWTH MARKETS SUCH AS POLAND Cement Production Aggregates Volume 2.6 MM MT 2.7 MM MT 0.9 MM MT 3.3 MM MT EBITDA has three folded Ready-Mix Volume 0.9 MM m MM m 3 ~US$ 50 MM invested in last 2 years 22

128 ATTRACTIVE OUTLOOK FOR 2008 THROUGHOUT REGION Volume Price EBITDA Northern Europe Southern Europe, Africa & Middle East Eastern Europe Asia & Australia 23

129 CLOSING REMARKS Deep commitment to improving operational efficiency Very diverse geographies and market dynamics Strategic priorities defined according to country needs Capitalizing on high growth countries like Poland Australia brings good assets to the portfolio Optimizing value from best practice sharing Capable of performing in challenging times 24