ex3.htm

Forward looking information

This presentation contains certain forward-looking statements and information relating to CEMEX, S.A.B. de C.V. and
its subsidiaries (collectively, “CEMEX”) that are based on its knowledge of present facts, expectations and projections,
circumstances and assumptions about future events. Many factors could cause the actual results, performance or
achievements of CEMEX to be materially different from any future results, performance or achievements that may be
expressed or implied by such forward-looking statements, including, among others, the global financial crisis, changes
in general economic, political, governmental, and business conditions globally and in the countries in which CEMEX
operates, CEMEX’s ability to comply with the terms and obligations of the financing agreement entered into with major
creditors, changes in interest rates, changes in inflation rates, changes in exchange rates, the cyclical activity of
construction sector generally, changes in cement demand and prices, CEMEX’s ability to benefit from government
economic stimulus plans, changes in raw material and energy prices, changes in business strategy, changes in the
prevailing regulatory framework, natural disasters and other unforeseen events and various other factors. Should one
or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may
vary materially from those described herein as anticipated, believed, estimated, expected or targeted. Forward-looking
statements are made as of the date hereof, and CEMEX does not intend, nor is it obligated, to update these forward-
looking statements, whether as a result of new information, future events or otherwise.

UNLESS OTHERWISE NOTED, ALL FIGURES ARE PRESENTED IN DOLLARS,
BASED ON OUR MEXICAN FRS FINANCIAL STATEMENTS

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2Q10 RESULTS

July 2010

2Q10 messages

§ Deleveraging continues to be the focus of our financial strategy

§ Despite the impact of the current debt crisis in Europe, we still believe
that economic conditions in most of our markets have stabilized and /
or bottomed out; despite this, visibility is still not where we would like
it to be

§ We expect to be in compliance with our financial covenants

2Q10 results highlights

	January - June				Second Quarter
	2010	2009	% var	l-t-l % var	2010	2009	% var	l-t-l % var
Net sales	6,804	7,243	(6%)	(9%)	3,762	3,877	(3%)	(2%)
Gross profit	1,948	2,156	(10%)	(14%)	1,128	1,196	(6%)	(6%)
Operating income	443	678	(35%)	(42%)	295	383	(23%)	(27%)
Operating EBITDA	1,179	1,425	(17%)	(22%)	664	762	(13%)	(14%)
Free cash flow after maintenance capex	16	560	(97%)		187	456	(59%)

Millions of US dollars

§ Infrastructure and housing were the main drivers of demand for our products in the
quarter

§ We believe that the second half of the year will continue to show operating EBITDA
growth and recovery, though potentially at a slower pace than originally expected

Ready mix	Volume (l-t-l1)	(10%)	(5%)	26%
	Price (USD)	(4%)	(6%)	(4%)
	Price (l-t-l1)	(5%)	(4%)	0%

Aggregates	Volume (l-t-l1)	(6%)	(2%)	33%
	Price (USD)	0%	(2%)	(4%)
	Price (l-t-l1)	0%	1%	0%

		6M10 vs. 6M09	2Q10 vs. 2Q09	2Q10 vs. 1Q10
Domestic gray cement	Volume (l-t-l1)	(4%)	(1%)	21%
	Price (USD)	1%	(2%)	(3%)
	Price (l-t-l1)	(1%)	(3%)	(1%)

Consolidated volumes and prices

1 Like-to-like prices adjusted for investments/divestments and, in the case of prices, foreign-exchange fluctuations

www.cemex.com

REGIONAL
HIGHLIGHTS

July 2010

Mexico

	6M10	6M09	% var	l-t-l % var	2Q10	2Q09	% var	l-t-l % var
Net Sales	1,665	1,624	3%	(6%)	923	853	8%	3%
Op. EBITDA	579	613	(5%)	(14%)	321	326	(2%)	(6%)
% sales	34.8%	37.7%	(2.9pp)		34.8%	38.3%	(3.5pp)

Volume	6M10 vs. 6M09	2Q10 vs. 2Q09	2Q10 vs. 1Q10
Cement	(8%)	(5%)	13%
Ready mix	(16%)	(10%)	11%
Aggregates	(13%)	(12%)	14%

Price (LC)	6M10 vs. 6M09	2Q10 vs. 2Q09	2Q10 vs. 1Q10
Cement	(1%)	0%	1%
Ready mix	1%	3%	3%
Aggregates	12%	14%	3%

§ Construction during the first half of
2009 was strong, driven by special
government programs, making a
difficult comparison this year

§ Even though total investment in
infrastructure is expected to drop by
about 1%, we expect investment in
cement-intensive projects will drop by
about 17%, from a high level last year

§ Investment in the residential sector
expected to decrease slightly during the
year

§ Industrial and commercial sector
expected to show mid-single-digit
growth in 2010

Millions of

US dollars

United States

	6M10	6M09	% var	l-t-l % var	2Q10	2Q09	% var	l-t-l % var
Net Sales	1,236	1,472	(16%)	(16%)	684	746	(8%)	(8%)
Op. EBITDA	(7)	102	N/A	N/A	17	70	(76%)	(76%)
% sales	(0.6%)	6.9%	N/A		2.4%	9.4%	(7.0pp)

Volume	6M10 vs. 6M09	2Q10 vs. 2Q09	2Q10 vs. 1Q10
Cement	(1%)	8%	31%
Ready mix	(6%)	3%	16%
Aggregates	(6%)	(2%)	17%

Price (LC)	6M10 vs. 6M09	2Q10 vs. 2Q09	2Q10 vs. 1Q10
Cement	(8%)	(7%)	(2%)
Ready mix	(14%)	(13%)	(2%)
Aggregates	(4%)	(1%)	0%

§ Volumes in the second quarter showed
the first year-over-year increase since
1Q06; aggregates volumes on a like-to-
like basis for the ongoing operations
increased by 3% for the quarter and
decreased by 2% year to date

§ Weak housing data following the
expiration of the homebuyer tax credit;
housing starts expected to increase
from last year’s level

§ Contract awards for streets and
highways up 3% year over year in real
terms through June driven in part by
ARRA funds; as of May, SAFETEA-LU
funds pending obligation before
September 30 totaled about US$24B

Millions of

US dollars

Europe

	6M10	6M09	% var	l-t-l % var	2Q10	2Q09	% var	l-t-l % var
Net Sales	2,274	2,522	(10%)	(10%)	1,311	1,464	(10%)	(4%)
Op. EBITDA	163	241	(32%)	(32%)	158	204	(22%)	(16%)
% sales	7.2%	9.5%	(2.3pp)		12.0%	13.9%	(1.9pp)

Volume	6M10 vs. 6M09	2Q10 vs. 2Q09	2Q10 vs. 1Q10
Cement	(13%)	(6%)	64%
Ready mix	(10%)	(4%)	51%
Aggregates	(9%)	(4%)	58%

Price (LC)1	6M10 vs. 6M09	2Q10 vs. 2Q09	2Q10 vs. 1Q10
Cement	(5%)	(5%)	(4%)
Ready mix	(2%)	(2%)	(4%)
Aggregates	2%	1%	(6%)

1 Volume-weighted, local-currency average prices

§ Positive volume growth in the region
partially offset by continued weak
volumes in Spain and heavy rains and
floods in Poland during the quarter

§ In most countries in the region,
infrastructure continues to be the main
driver for volume demand

§ Some leading indicators have
weakened in response to the debt crisis
in the region

§ Impact of debt crisis on individual
countries will depend on their
underlying conditions; Germany, UK,
France, and Poland expected to have
positive volume growth in the year

Millions of

US dollars

South/Central America and the Caribbean

	6M10	6M09	% var	l-t-l % var	2Q10	2Q09	% var	l-t-l % var
Net Sales	712	728	(2%)	(9%)	360	375	(4%)	(8%)
Op. EBITDA	254	261	(3%)	(10%)	128	128	(0%)	(5%)
% sales	35.7%	35.9%	(0.2pp)		35.6%	34.2%	1.4pp

Volume	6M10 vs. 6M09	2Q10 vs. 2Q09	2Q10 vs. 1Q10
Cement	(1%)	(2%)	1%
Ready mix	(8%)	(6%)	1%
Aggregates	3%	20%	20%

Price (LC)1	6M10 vs. 6M09	2Q10 vs. 2Q09	2Q10 vs. 1Q10
Cement	(3%)	(3%)	(0%)
Ready mix	(9%)	(8%)	(1%)
Aggregates	(10%)	(5%)	3%

1 Volume-weighted, local-currency average prices

§ Cement volume during the quarter
mainly driven by operations in Colombia

§ In Colombia, the expectations after the
recent presidential election are positive;
the recently elected government has
been very vocal in its support of the
housing sector to face the current
housing deficit in the country

§ Domestic gray cement volume for the
region is expected to remain flat during
the year

Millions of

US dollars

Africa and Middle East

	6M10	6M09	% var	l-t-l % var	2Q10	2Q09	% var	l-t-l % var
Net Sales	525	532	(1%)	(4%)	262	267	(2%)	(4%)
Op. EBITDA	172	178	(3%)	(5%)	88	90	(2%)	(2%)
% sales	32.7%	33.4%	(0.7pp)		33.8%	33.6%	0.2pp

Volume	6M10 vs. 6M09	2Q10 vs. 2Q09	2Q10 vs. 1Q10
Cement	0%	(1%)	1%
Ready mix	(8%)	(6%)	4%
Aggregates	12%	10%	2%

Price (LC)1	6M10 vs. 6M09	2Q10 vs. 2Q09	2Q10 vs. 1Q10
Cement	5%	4%	1%
Ready mix	(15%)	(13%)	(2%)
Aggregates	2%	2%	(1%)

1 Volume-weighted, local-currency average prices

§ In the region, year-over-year growth in
cement volume in Egypt was offset by a
volume decline in the UAE

§ In Egypt, infrastructure and informal
housing will continue to be the main
drivers of cement consumption.

§ Egyptian government focusing on public
-private partnerships to speed up
infrastructure in areas such as roads,
railways, ports, hospitals, and
wastewater treatment

Millions of

US dollars

Asia

	6M10	6M09	% var	l-t-l % var	2Q10	2Q09	% var	l-t-l % var
Net Sales	266	238	12%	7%	142	121	17%	12%
Op. EBITDA	73	61	19%	14%	40	33	21%	16%
% sales	27.4%	25.8%	1.6pp		28.3%	27.4%	0.9pp

Volume	6M10 vs. 6M09	2Q10 vs. 2Q09	2Q10 vs. 1Q10
Cement	22%	23%	6%
Ready mix	(10%)	(15%)	21%
Aggregates	1%	(5%)	16%

Price (LC)1	6M10 vs. 6M09	2Q10 vs. 2Q09	2Q10 vs. 1Q10
Cement	0%	2%	2%
Ready mix	(0%)	2%	1%
Aggregates	8%	8%	(3%)

1 Volume-weighted, local-currency average prices

§ Quarterly increase in cement volumes
in the region, driven mainly by growth in
the Philippines

§ In the Philippines, construction
spending is expected to continue to be
strong following a new wave of
optimism after the elections

§ The housing sector in the Philippines is
expected to continue to be supported
by increased remittances

Millions of

US dollars

www.cemex.com

2Q10 RESULTS

July 2010

Operating EBITDA, cost of sales and SG&A

	January - June				Second Quarter
	2010	2009	% var	l-t-l % var	2010	2009	% var	l-t-l % var
Net sales	6,804	7,243	(6%)	(9%)	3,762	3,877	(3%)	(2%)
Operating EBITDA	1,179	1,425	(17%)	(22%)	664	762	(13%)	(14%)
% sales	17.3%	19.7%	(2.4pp)		17.7%	19.6%	(1.9pp)
Cost of sales	4,856	5,088	(5%)		2,634	2,681	(2%)
% sales	71.4%	70.2%	1.2pp		70.0%	69.2%	0.8pp
SG&A	1,505	1,477	2%		834	813	3%
% sales	22.1%	20.4%	1.7pp		22.2%	21.0%	1.2pp

§ Performance during the quarter was affected by declining volumes in some of our
markets and weaker prices, especially in the United States and Spain

§ Increase in SG&A as a percentage of sales resulting from lesser economies of scale
due to lower volumes and higher transportation costs, partially offset by savings from
cost-reduction initiatives

Millions of US dollars

Free Cash Flow

	January - June			Second Quarter
	2010	2009	% var	2010	2009	% var
Operating EBITDA	1,179	1,425	(17%)	664	762	(13%)
- Net Financial Expense	542	401		267	203
- Maintenance Capex	92	87		64	46
- Change in Working Cap	376	445		48	126
- Taxes Paid	146	117		97	51
- Other Cash Items (net)	7	(69)		1	(49)
- Free cash flow D.O.	0	(116)		0	(72)
FCF after Maint Capex	16	560	(97%)	187	456	(59%)
- Expansion Capex	54	281		26	131
- Expansion Capex D.O.	0	6		0	2
Free Cash Flow	(38)	274	N/A	161	323	(50%)

D.O. = Discontinued Operations

Millions of US dollars

Other income statement items

§ Increase in financial expenses during the quarter reflects the terms of
Financing Agreement , as well as the substitution of bank debt with
bonds issued in December and January

§ Foreign-exchange loss for the quarter of US$101 million, due mainly
to the depreciation of the euro against the US dollar

§ Loss on financial instruments of US$43 million resulting mainly from
the equity derivatives related to CEMEX and Axtel shares

§ Other expenses, net, of US$96 million during the quarter resulting
mainly from a loss in sale of assets, severance payments, and the
amortization of fees related to early redemption of debt

www.cemex.com

DEBT
INFORMATION

July 2010

Debt-related activity in the quarter

§ In May, we completed the exchange of a substantial portion of our
perpetual debentures for new senior secured notes resulting in a
reduction in net debt of US$437 million

§ Prepayment of about US$330 million under the Financing Agreement
during the quarter

§ Early payment of about US$317 million in Certificados Bursátiles

§ After the quarter ended, we announced an agreement to sell some
non-core assets in the US to Bluegrass Materials Company for
US$90 million

US$ million

Consolidated debt maturity profile

Total debt excluding perpetual debentures as of 2Q10

US$ 16,587

Fixed Income

Financing Agreement Amortizations

Other bank / WC debt

485

358

2,367

7,853

613

1,296

1,234

622

1,759

APPENDIX

Additional information on debt
and perpetual notes


	2010	2009	% Var.	2010
Total debt	16,587	19,098	(13%)	16,472
Short-term	3%	30%		5%
Long-term	97%	70%		95%
Perpetual notes	1,290	3,024	(57%)	2,986
Cash and cash equivalents	748	921	(19%)	1,467
Net debt plus perpetual notes	17,129	21,201	(19%)	17,991
Consolidated Funded Debt / EBITDA2	7.19	N/A		N/A
Interest Coverage2	2.00	N/A		N/A

U.S.
dollar

67%

Euro

23%

Mexican
peso

Variable

63%

Fixed

37%

Millions of US dollars

Other

1 Excluding perpetual notes.

2 Starting in the second quarter of 2010, calculated in accordance with our contractual obligations under our Financing Agreement.

Currency denomination1

Interest rate1

6M10 volume and price summary:
Selected countries

	Domestic gray cement 6M10 vs. 6M09			Ready mix 6M10 vs. 6M09			Aggregates 6M10 vs. 6M09
	Volumes	Prices (USD)	Prices (LC)	Volumes	Prices (USD)	Prices (LC)	Volumes	Prices (USD)	Prices (LC)
Mexico	(8%)	9%	(1%)	(16%)	11%	1%	(13%)	22%	12%
U.S.	(1%)	(8%)	(8%)	(6%)	(14%)	(14%)	(6%)	(4%)	(4%)
Spain	(27%)	(8%)	(6%)	(25%)	(10%)	(8%)	(11%)	(2%)	0%
UK	(1%)	(5%)	(5%)	(8%)	(5%)	(6%)	(2%)	(5%)	(6%)
France	N/A	N/A	N/A	(6%)	(4%)	(1%)	(8%)	1%	3%
Germany	(5%)	(3%)	2%	(11%)	(5%)	(1%)	(10%)	2%	7%
Poland	(7%)	0%	(6%)	10%	(8%)	(14%)	4%	(3%)	(8%)
Colombia	12%	10%	(9%)	(2%)	6%	(10%)	4%	13%	(8%)
Egypt	4%	8%	7%	13%	(3%)	(4%)	1%	1%	0%
Philippines	21%	7%	2%	N/A	N/A	N/A	N/A	N/A	N/A

2Q10 volume and price summary:
Selected countries

	Domestic gray cement 2Q10 vs. 2Q09			Ready mix 2Q10 vs. 2Q09			Aggregates 2Q10 vs. 2Q09
	Volumes	Prices (USD)	Prices (LC)	Volumes	Prices (USD)	Prices (LC)	Volumes	Prices (USD)	Prices (LC)
Mexico	(5%)	5%	0%	(10%)	8%	3%	(12%)	19%	14%
U.S.	8%	(7%)	(7%)	3%	(13%)	(13%)	(2%)	(1%)	(1%)
Spain	(23%)	(14%)	(6%)	(21%)	(15%)	(7%)	(5%)	(6%)	3%
UK	4%	(10%)	(5%)	(5%)	(9%)	(4%)	1%	(10%)	(4%)
France	N/A	N/A	N/A	2%	(10%)	(2%)	(4%)	(5%)	3%
Germany	5%	(10%)	(2%)	(2%)	(10%)	(2%)	0%	(5%)	3%
Poland	(6%)	(6%)	(6%)	15%	(14%)	(14%)	14%	(6%)	(6%)
Colombia	6%	3%	(8%)	(4%)	2%	(10%)	39%	9%	(4%)
Egypt	3%	6%	6%	14%	(6%)	(5%)	14%	2%	2%
Philippines	23%	8%	3%	N/A	N/A	N/A	N/A	N/A	N/A

Definitions

6M10 / 6M09: results for the first six months of the years 2010 and 2009,
respectively.

Cement: When providing cement volume variations, refers to domestic gray
cement operations (starting in 2Q10, the base for reported cement volumes
changed from total domestic cement including clinker to domestic gray
cement)

Operating EBITDA: Operating income plus depreciation and operating
amortization

Expansion capital expenditures: consist of expansion spending on our
cement, ready-mix, and other core businesses in existing markets

LC: Local currency

Like-to-like percentage variation (l-t-l % var): Percentage variations adjusted
for investments/divestments and currency fluctuations

Maintenance capital expenditures: consist of maintenance spending on our
cement, ready-mix, and other businesses in existing markets

pp: percentage points

Contact information

Investor Relations

§ In the United States
+1 877 7CX NYSE

§ In Mexico
+52 81 8888 4292

§ ir@cemex.com

Calendar of Events
	October 26, 2010	Third quarter 2010 financial results and conference call

Stock Information

§ NYSE (ADS): CX

§ Mexican Stock Exchange:
CEMEXCPO

§ Ratio of CEMEXCPO to
CX:10 to 1