Market Capitalization $11.1 Billion

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1 BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate HOLD HOLD RATING SINCE 08/09/2016 CX BUSINESS DESCRIPTION CEMEX, S.A.B. de C.V., together with its subsidiaries, produces, markets, distributes, and sells cement, ready-mix concrete, aggregates, clinker, and other construction materials. STOCK PERFORMANCE (%) 3 Mo. 1 Yr. 3 Yr (Ann) Price Change GROWTH (%) Last Qtr 12 Mo. 3 Yr CAGR Revenues Net Income EPS RETURN ON EQUITY (%) CX Ind Avg S&P 500 Q Q Q P/E COMPARISON Sector: Materials Sub-Industry: Construction Materials Source: S&P Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years Rating History SELL Volume in Millions HOLD COMPUSTAT for Price and Volume, TheStreet Ratings, Inc. for Rating History CX EPS ALYSIS¹ ($) Ind Avg S&P 500 RECOMMENDATION We rate (CX) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing nesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels and growth in earnings per share. However, as a counter to these strengths, we find that the stock has experienced relatively poor performance when compared with the S&P 500 during the past year. HIGHLIGHTS CX's revenue growth has slightly outpaced the industry average of 8.2%. Since the same quarter one year prior, revenues rose by 11.5%. This growth in revenue appears to have trickled down to the company's bottom line, improving the earnings per share. Q Q Q Q Q Q Q Q Q Q Q The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. Compared to other companies in the Construction Materials industry and the overall market on the basis of return on equity, has outperformed in comparison with the industry average, but has underperformed when compared to that of the S&P = not available NM = not meaningful Compustat fiscal year convention is used for all fundamental data items. In its most recent trading session, CX has closed at a price level that was not very different from its closing price of one year earlier. This is probably due to its earnings growth as well as other mixed factors. Despite the fact that it has already risen in the past year, there is currently no conclusive evidence that warrants the purchase or sale of this stock. The company, on the basis of net income growth from the same quarter one year ago, has underperformed when compared to that of the S&P 500 and the Construction Materials industry average. The net income increased by 5.1% when compared to the same quarter one year prior, going from $ million to $ million. PAGE 1

2 PEER GROUP ALYSIS REVENUE GROWTH AND EBITDA MARGIN* Revenue Growth (TTM) -50% 300% FRTA UNFAVORABLE USCR TGLS CADC 10% EBITDA Margin (TTM) SUM FAVORABLE EXP MLM VMC CPAC USLM 35% Companies with higher EBITDA margins and revenue growth rates are outperforming companies with lower EBITDA margins and revenue growth rates. Companies for this scatter plot have a market capitalization between $12.1 Million and $16.6 Billion. Companies with or NM values do not appear. *EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization. REVENUE GROWTH AND EARNINGS YIELD Revenue Growth (TTM) -50% 300% UNFAVORABLE CADC -90% Earnings Yield (TTM) FRTA FAVORABLE USCR USLM SUMTGLS VMC MLM EXP CPACCX CX 10% Companies that exhibit both a high earnings yield and high revenue growth are generally more attractive than companies with low revenue growth and low earnings yield. Companies for this scatter plot have revenue growth rates between -16.1% and 256.7%. Companies with or NM values do not appear. INDUSTRY ALYSIS The US construction materials industry includes manufacturers of sand, clay, gypsum, lime, aggregates, cement, concrete, and bricks. There are approximately 120 cement manufacturers, 130 brick plants, 500 asphalt companies, 200 gypsum manufacturers, and 1,000 concrete block makers in the US. Major players are Martin Marietta Materials (MLM), and Vulcan Materials (VMC). Production shrunk during the last recession due to falling demand in the residential housing market, although the U.S. government stimulus has added some publicly-funded projects to sustain industry jobs. This industry is capital-intensive, mature, and linked to real estate development activity. It is also highly fragmented, with the five largest companies holding under 30% of market share and the ten largest companies holding only 40% of market share. With the ending of the recent real estate slump, the difficult conditions which have previously hurt construction activity and reduced demand should abate. Inflation in construction materials is apparent in prices of lumber, steel, cement, natural gas, and oil. The market is likely to remain geographically fragmented due to high transportation costs. Industry outlook is challenging. However, non-residential construction and residential spending are recovering as the backlog of existing properties are utilized. Concrete, gypsum, copper, and wood prices are expected to rise in the economic rebound. According to the Portland Cement Association, the financial institution bailouts and massive stimulus packages, including the Troubled Asset Relief Program (TARP) and Public Private Investment Program (PPIF), were helpful in reviving the industry. PEER GROUP: Construction Materials Recent Market Price/ Net Sales Net Income Ticker Company Name Price ($) Cap ($M) Earnings TTM ($M) TTM ($M) CX , , , FRTA FORTERRA INC NM 1, EXP EAGLE MATERIALS INC , , USLM U S LIME & MINERALS SUM SUMMIT MATERIALS INC , , TGLS TECNOGLASS INC NM VMC VULCAN MATERIALS CO , , USCR U S CONCRETE INC , , MLM MARTIN MARIETTA MATERIALS , , CADC CHI ADVANCED CONSTR MATLS NM CPAC CEMENTOS PACASMAYO SAA , The peer group comparison is based on Major Construction Materials companies of comparable size. PAGE 2

3 Annual Dividend Rate COMPANY DESCRIPTION CEMEX, S.A.B. de C.V., together with its subsidiaries, produces, markets, distributes, and sells cement, ready-mix concrete, aggregates, clinker, and other construction materials. The company also offers various complementary construction products, including asphalt products; concrete blocks and roof tiles; architectural products; concrete pipes for storm and sanitary sewers applications; and other precast products comprising rail products, concrete floors, box culverts, bridges, drainage basins, barriers, and parking curbs. In addition, it provides building solutions for housing projects, pavement projects, and green building consultancy services; and information technology solutions and services. The company has operations in Mexico, the United States, Europe, South America, the Caribbean, Asia, the Middle East, and Africa. CEMEX, S.A.B. de C.V. was founded in 1906 and is headquartered in San Pedro Garza Garcia, Mexico. Avenida Ricardo Margain Zozaya 325 San Pedro Garza Garcia MEX Employees: STOCK-AT-A-GLANCE Below is a summary of the major fundamental and technical factors we consider when determining our overall recommendation of CX shares. It is provided in order to give you a deeper understanding of our rating methodology as well as to paint a more complete picture of a stock's strengths and nesses. It is important to note, however, that these factors only tell part of the story. To gain an even more comprehensive understanding of our stance on the stock, these factors must be assessed in combination with the stock s valuation. Please refer to our Valuation section on page 5 for further information. FACTOR SCORE Growth 3.5 out of 5 stars Measures the growth of both the company's income statement and cash flow. On this factor, CX has a growth score better than 60% of the stocks we rate. Total Return 2.5 out of 5 stars Measures the historical price movement of the stock. The stock performance of this company has beaten 40% of the companies we cover. Efficiency 2.5 out of 5 stars Measures the strength and historic growth of a company's return on invested capital. The company has generated more income per dollar of capital than 40% of the companies we review. Price volatility 1.5 out of 5 stars Measures the volatility of the company's stock price historically. The stock is less volatile than 20% of the stocks we monitor. Solvency 1.5 out of 5 stars Measures the solvency of the company based on several ratios. The company is more solvent than 20% of the companies we analyze. Income 0.5 out of 5 stars Measures dividend yield and payouts to shareholders. This company pays no dividends. THESTREET RATINGS RESEARCH METHODOLOGY TheStreet Ratings' stock model projects a stock's total return potential over a 12-month period including both price appreciation and dividends. Our Buy, Hold or Sell ratings designate how we expect these stocks to perform against a general benchmark of the equities market and interest rates. While our model is quantitative, it utilizes both subjective and objective elements. For instance, subjective elements include expected equities market returns, future interest rates, implied industry outlook and forecasted company earnings. Objective elements include volatility of past operating revenues, financial strength, and company cash flows. Our model gauges the relationship between risk and reward in several ways, including: the pricing drawdown as compared to potential profit volatility, i.e.how much one is willing to risk in order to earn profits; the level of acceptable volatility for highly performing stocks; the current valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's performance. These and many more derived observations are then combined, ranked, weighted, and scenario-tested to create a more complete analysis. The result is a systematic and disciplined method of selecting stocks. PAGE 3

4 Consensus EPS Estimates² ($) IBES consensus estimates are provided by Thomson Financial FINCIAL ALYSIS 's gross profit margin for the third quarter of its fiscal year 2017 is essentially unchanged when compared to the same period a year ago. Sales and net income have grown, and although the growth in revenues has outpaced the average competitor within the industry, the net income growth has not. CEMEX SAB DE CV has very liquidity. Currently, the Quick Ratio is 0.49 which clearly shows a lack of ability to cover short-term cash needs. The liquidity decreased from the same period a year ago, despite already having liquidity to begin with. This would indicate deteriorating cash flow Q4 FY E 2017(E) 0.58 E 2018(E) During the same period, stockholders' equity ("net worth") has remained virtually unchanged only decreasing by 4.42% from the same quarter last year. The key liquidity measurements indicate that the company is in a position in which financial difficulties could develop in the near future. INCOME STATEMENT Net Sales ($mil) 3, , EBITDA ($mil) EBIT ($mil) Net Income ($mil) STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. To learn more visit BALANCE SHEET Cash & Equiv. ($mil) Total Assets ($mil) 29, , Total Debt ($mil) Equity ($mil) 9, , PROFITABILITY Gross Profit Margin 35.66% 37.20% EBITDA Margin Operating Margin 13.93% 15.85% Sales Turnover Return on Assets 3.83% 2.12% Return on Equity 9.69% 5.67% DEBT Current Ratio Debt/Capital Interest Expense Interest Coverage SHARE DATA Shares outstanding (mil) 1,511 1,460 Div / share EPS Book value / share Institutional Own % Avg Daily Volume 9,367,982 10,747,255 2 Sum of quarterly figures may not match annual estimates due to use of median consensus estimates. PAGE 4

5 RATINGS HISTORY Our rating for has not changed since 8/9/2016. As of 11/30/2017, the stock was trading at a price of which is 26.8% below its 52-week high of $10.37 and 2.6% above its 52-week low of $ Year Chart SELL: $ HOLD: $7.86 $13 $10 MOST RECENT RATINGS CHANGES Date Price Action From To 8/9/16 $7.86 Upgrade Sell Hold 11/30/15 $5.82 No Change Sell Sell Price reflects the closing price as of the date listed, if available RATINGS DEFINITIONS & DISTRIBUTION OF THESTREET RATINGS (as of 11/30/2017) 44.19% Buy - We believe that this stock has the opportunity to appreciate and produce a total return of more than 10% over the next 12 months % Hold - We do not believe this stock offers conclusive evidence to warrant the purchase or sale of shares at this time and that its likelihood of positive total return is roughly in balance with the risk of loss % Sell - We believe that this stock is likely to decline by more than 10% over the next 12 months, with the risk involved too great to compensate for any possible returns. TheStreet Ratings 14 Wall Street, 15th Floor New York, NY Research Contact: Sales Contact: $8 $5 VALUATION HOLD. 's P/E ratio indicates a significant discount compared to an average of for the Construction Materials industry and a significant discount compared to the S&P 500 average of Conducting a second comparison, its price-to-book ratio of 1.21 indicates a significant discount versus the S&P 500 average of 3.24 and a discount versus the industry average of The price-to-sales ratio is well below both the S&P 500 average and the industry average, indicating a discount. Upon assessment of these and other key valuation criteria, proves to trade at a discount to investment alternatives within the industry. Price/Earnings CX Peers Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations. Price/Projected Earnings CX Peers Discount. A lower price-to-projected earnings ratio than its peers can signify a less expensive stock or lower future growth expectations. Price/Book CX 1.21 Peers 2.41 Discount. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet. Price/Sales CX 0.87 Peers 2.06 Discount. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales. CX is trading at a significant discount to its industry on this measurement. DISCLAIMER: Price/CashFlow CX Peers Neutral. The P/CF ratio is the stock s price divided by the sum of the company's cash flow from operations. It is useful for comparing companies with different capital requirements or financing structures. Ratio not available. Price to Earnings/Growth CX 0.23 Peers 1.79 Discount. The PEG ratio is the stock s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples. CX trades at a significant discount to its peers. Earnings Growth lower higher CX Peers Higher. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios. CX is expected to have an earnings growth rate that significantly exceeds its peers. Sales Growth lower higher CX 3.13 Peers 5.40 Lower. A sales growth rate that trails the industry implies that a company is losing market share. CX significantly trails its peers on the basis of sales growth The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but TheStreet Ratings cannot guarantee its accuracy and completeness, and that of the opinions based thereon. Data is provided via the COMPUSTAT Xpressfeed product from Standard &Poor's, a division of The McGraw-Hill Companies, Inc., as well as other third-party data providers. TheStreet Ratings is a division of TheStreet, Inc., which is a publisher. This research report contains opinions and is provided for informational purposes only. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional, before you make any investment. None of the information contained in this report constitutes, or is intended to constitute a recommendation by TheStreet Ratings of any particular security or trading strategy or a determination by TheStreet Ratings that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. Your use of this report is governed by TheStreet, Inc.'s Terms of Use found at PAGE 5