EX-2 3 a13-22677_1ex2.htm EX-2

Exhibit 2

| Stock Listing Information Colombian Stock Exchange S.A. Ticker: CLH Investor Relations Patricio Treviño Garza +57 (1) 603-9823 E-mail: patricio.trevinog@cemex.com

| OPERATING AND FINANCIAL HIGHLIGHTS January – September Third Quarter 2013 2012 pro forma % Var. 2013 2012 pro forma % Var. Consolidated cement volume (thousand of metric tons) 5,536 5,433 2% 1,916 1,751 9% Consolidated domestic gray cement volume (thousand of metric tons) 4,994 4,968 1% 1,736 1,633 6% Consolidated ready-mix volume (thousand of cubic meters) 2,443 2,322 5% 909 792 15% Consolidated aggregates volume (thousand of metric tons) 5,456 5,157 6% 2,079 1,810 15% Net sales 1,288 1,192 8% 474 400 18% Gross profit 668 601 11% 238 197 21% Gross profit margin 51.8% 50.4% 1.4pp 50.2% 49.2% 1.0pp Operating earnings before other expenses, net 405 355 14% 145 112 29% Operating earnings before other expenses, net, margin 31.5% 29.8% 1.7pp 30.6% 28.1% 2.5pp Controlling interest net income 238 96 Operating EBITDA 474 408 16% 168 135 24% Operating EBITDA margin 36.8% 34.2% 2.6pp 35.5% 33.8% 1.7pp Free cash flow after maintenance capital expenditures 232 91 Free cash flow 201 76 Net debt 1,345 2,510 (46%) 1,345 2,510 (46%) Total debt 1,424 2,613 (46%) 1,424 2,613 (46%) Earnings per share 0.43 N/A N/A 0.17 N/A N/A Shares outstanding at end of period 556 N/A N/A 556 N/A N/A Employees 4,032 3,467 16% 4,032 3,467 16% In millions of US dollars, except percentages, employees, and per-share amounts. Shares outstanding at the end of period are presented in millions. Consolidated net sales in the third quarter of 2013 increased to US$474 million, representing an 18% growth when compared to the pro forma third quarter of 2012. The increase in net sales is mainly explained by higher construction activity driving strong volume growth during the third quarter, along with the contribution from our housing solutions projects in Colombia. Cost of sales as a percentage of net sales declined by 1.0pp during the third quarter of 2013 compared with the same period last year, from 50.8% to 49.8%. This resulted mainly from a decline in maintenance and fuel costs. Operating expenses as a percentage of net sales decreased by 1.5pp during the third quarter from 21.1% to 19.6%, compared with the same period a year ago, on a pro forma basis. This decline is mainly explained by lower distribution expenses and the effect on sales of our housing solutions initiative. Operating EBITDA during the third quarter reached US$168 million, increasing by 24% compared to the pro forma third quarter of 2012. This improvement was driven by a positive performance in most of our markets. Operating EBITDA margin during the third quarter increased 1.7pp, compared to the third quarter on a pro forma basis, reaching 35.5%, mainly as a result of higher volumes, as well as lower distribution expenses, lower maintenance costs and lower fuel costs. Controlling interest net income during the third quarter of 2013 reached US$96 million. Total debt at the end of the third quarter of 2013 was US$1,424 million. Please refer to definition of terms and disclosure for presentation of financial and operating information.

| OPERATING RESULTS Colombia January – September Third Quarter 2013 2012 pro forma % Var. 2013 2012 pro forma % Var. Net sales 735 672 9% 287 230 25% Operating EBITDA 305 270 13% 115 94 22% Operating EBITDA margin 41.5% 40.2% 1.3pp 40.0% 40.9% (0.9pp) In millions of US dollars, except percentages. Domestic gray cement Ready-mix Aggregates Year-over-year percentage variation January – September Third Quarter January – September Third Quarter January – September Third Quarter Volume(1%) 8% 9% 15% 5% 15% Price (USD) 2% (2%) 4% 1% (3%) (6%) Price (local currency) 6% 3% 9% 7% 1% (1%) In Colombia, during the third quarter our domestic gray cement volumes increased by 8%, while our ready-mix and aggregates volumes increased by 15% compared to the same period a year ago. For the January to September period our cement volumes declined by 1%, while our ready-mix and aggregates volumes increased by 9% and 5%, respectively. During the quarter, the residential sector continued to be an important driver of demand, supported by the 100-thousand government-sponsored free-home program. The industrial-and-commercial sector continued its favorable trend driven by the positive economic outlook, higher investor confidence and the new trade agreements signed by Colombia. Panama January – September Third Quarter 2013 2012 pro forma % Var. 2013 2012 pro forma % Var. Net sales 238 221 7% 84 70 21% Operating EBITDA 114 98 16% 40 30 33% Operating EBITDA margin 47.9% 44.3% 3.6pp 47.1% 42.8% 4.3pp In millions of US dollars, except percentages. Domestic gray cement Ready-mix Aggregates Year-over-year percentage variation January – September Third Quarter January – September Third Quarter January – September Third Quarter Volume 4% 7% (1%) 19% 6% 13% Price (USD) 1% 2% 10% 16% 9% 6% Price (local currency) 1% 2% 10% 16% 9% 6% In Panama, our domestic cement volumes during the third quarter increased by 7%, while our ready-mix and aggregates volumes increased by 19% and 13% respectively, compared to the same period a year ago. During the first nine months of the year, our cement and aggregates volumes increased by 4% and 6%, respectively, while our ready-mix volumes declined by 1% on a year-over-year basis. The residential sector in Panama continued to be an important driver of demand, mainly supported by middle-income housing construction. During the quarter, the infrastructure sector was driven by several ongoing projects such as the canal expansion and the Cinta Costera. Please refer to definition of terms and disclosure for presentation of financial and operating information.

| OPERATING RESULTS Costa Rica January – September Third Quarter 2013 2012 pro forma % Var. 2013 2012 pro forma % Var. Net sales 117 100 18% 40 34 19% Operating EBITDA 52 40 28% 17 13 29% Operating EBITDA margin 44.3% 40.6% 3.7pp 43.1% 39.9% 3.2pp In millions of US dollars, except percentages. Domestic gray cement Ready-mix Aggregates Year-over-year percentage variation January – September Third Quarter January – September Third Quarter January – September Third Quarter Volume 4% 10% (8%) 2% (3%) 7% Price (USD) 13% 10% 16% 17% (3%) (4%) Price (local currency) 12% 11% 16% 18% (4%) (3%) In Costa Rica, our cement volumes in the quarter increased by 10%, while our ready-mix and aggregates volumes increased by 2% and 7%, respectively, on a year-over-year basis. For the first nine months of this year, our cement volumes increased by 4%, while our ready-mix and aggregates volumes declined by 8% and 3%, respectively, compared to the same period a year ago. Construction activity during the quarter continued to be supported by the infrastructure sector with several ongoing hydroelectric and road projects. The positive performance in our ready-mix and aggregates volumes in the quarter was also driven by the industrial-and-commercial sector with projects related to tourism, office space and warehouse construction. Rest of CLH January – September Third Quarter 2013 2012 pro forma % Var. 2013 2012 pro forma % Var. Net sales 211 206 2% 65 65 0% Operating EBITDA 59 56 6% 18 16 14% Operating EBITDA margin 28.1% 27.2% 0.9pp 28.0% 24.7% 3.3pp In millions of US dollars, except percentages. Domestic gray cement Ready-mix Aggregates Year-over-year percentage variation January – September Third Quarter January – September Third Quarter January – September Third Quarter Volume 0% (0%) 2% 9% 46% 35% Price (USD) 1% (1%) 6% 6% 11% 5% Price (local currency) 6% 4% 9% 8% 17% 10% In the Rest of CLH region, which includes our operations in Nicaragua, Guatemala, El Salvador and Brazil, our domestic gray cement volumes during the third quarter remained stable, while our ready-mix and aggregates volumes increased by 9% and 35% respectively, compared to the same period a year ago. For the first nine months of the year, our cement volumes remained stable, while our ready-mix and aggregates volumes increased by 2% and 46%, respectively, on a year-over-year basis. Nicaragua and Guatemala showed a positive performance, mainly driven by the infrastructure sector. Please refer to definition of terms and disclosure for presentation of financial and operating information..

| OPERATING EBITDA, FREE CASH FLOW AND DEBT RELATED INFORMATION Operating EBITDA and free cash flow January – September Third Quarter 2013 2012 pro forma % Var 2013 2012 pro forma % Var Operating earnings before other expenses, net 405 355 14% 145 112 29% + Depreciation and operating amortization 69 53 23 23 Operating EBITDA 474 408 16% 168 135 24% - Net financial expense 87 28 - Capital expenditures for maintenance 22 14 - Change in working capital 43 13 - Taxes paid 85 20 - Other cash items (net) 5 2 Free cash flow after maintenance capital expenditures 232 91 - Strategic capital expenditures 31 15 Free cash flow 201 76 In millions of US dollars. The free cash flow generated during the quarter was used to reduce debt. Information on Debt Second Third Quarter Third Quarter Quarter 2013 2012 % Var 2013 2013 2012 Total debt (1) (2) 1,424 2,613 (46%) 1,479 Currency denomination Short-term 12% 59% 12% US dollar 96% 100% Long-term 88% 41% 88% Colombian peso 4% 0% Cash and cash equivalents 79 103 (23%) 68 Interest rate Net debt 1,345 2,510 (46%) 1,411 Fixed 82% 0% Variable 18% 100% In millions of US dollars, except percentages.(1) Includes capital leases, in accordance with International Financial Reporting Standards (IFRS).(2) In 2013 represents the consolidated balances of CLH and subsidiaries. In 2012 represents the consolidated balances of the operating subsidiaries. Please refer to definition of terms and disclosure for presentation of financial information.

| OPERATING RESULTS Income statement & balance sheet CEMEX Latam Holdings, S.A. and Subsidiaries (Thousands of U.S. Dollars, except per share amounts) January – September Third Quarter INCOME STATEMENT 2013 2012 pro forma % Var.2012 reported 2013 2012 pro forma % Var.2012 reported Net Sales 1,287,765 1,192,372 8% 1,192,372 473,774 400,327 18% 400,327 Cost of Sales (620,230) (591,450) 5% (591,450) (235,910) (203,334) 16% (203,334) Gross Profit 667,535 600,922 11% 600,922 237,864 196,993 21% 196,993 Operating Expenses(262,110) (245,826) 7% (301,472) (92,749) (84,597) 10% (99,313) Operating Earnings Before Other Expenses, Net 405,425 355,096 14% 299,450 145,115 112,396 29% 97,680 Other expenses, Net(4,674) (1,359) Operating Earnings 400,751 143,756 Financial Expenses(86,786) (27,996) Other Income (Expenses), Net(4,909) (147) Net Income Before Income Taxes 309,056 115,613 Income Tax(70,487) (18,895) Consolidated Net Income 238,569 96,718 Non-controlling Interest Net Income(887) (419) CONTROLLING INTEREST NET INCOME 237,682 96,299 Operating EBITDA 474,413 408,154 16% 168,020 135,137 24% Earnings per share 0.43 N/A N/A 0.17 N/A N/A As of September 30 BALANCE SHEET 2013 Total Assets 3,980,631 Cash and Temporary Investments 78,996 Trade Accounts Receivables 124,965 Other Receivables 146,557 Inventories 92,501 Other Current Assets 25,244 Current Assets 468,263 Fixed Assets 1,194,790 Other Assets 2,317,578 Total Liabilities 2,554,691 Current Liabilities 584,424 Long-Term Liabilities 1,958,706 Other Liabilities 11,561 Consolidated Stockholders' Equity 1,425,940 Non-controlling Interest 6,006 Stockholders' Equity Attributable to Controlling Interest 1,419,934 Please refer to definition of terms and disclosure for presentation of financial information.

| OPERATING RESULTS Income statement & balance sheet CEMEX Latam Holdings, S.A. and Subsidiaries (Millions of Colombian Pesos in nominal terms, except per share amounts) January – September Third Quarter INCOME STATEMENT 2013 2012 pro forma % Var.2012 reported 2013 2012 pro forma % Var.2012 reported Net Sales 2,405,479 2,142,116 12% 2,142,116 906,552 723,263 25% 723,263 Cost of Sales (1,158,558) (1,062,550) 9% (1,062,550) (451,407) (367,359) 23% (367,359) Gross Profit 1,246,921 1,079,566 16% 1,079,566 455,145 355,904 28% 355,904 Operating Expenses, net(489,608) (441,631) 11% (541,599) (177,472) (152,840) 16% (179,427) Operating Earnings Before Other Expenses, Net 757,313 637,935 19% 537,967 277,673 203,064 37% 176,477 Other Expenses, Net(8,731) (2,600) Operating Earnings 748,582 275,073 Financial Expenses(162,112) (53,570) Other Income (Expenses) Financial, net(9,170) (281) Net Income Before Income Taxes 577,300 221,222 Income Tax(131,666) (36,155) Consolidated Net Income 445,634 185,067 Non-controlling Interest Net Income(1,657) (802) CONTROLLING INTEREST NET INCOME 443,977 184,265 Operating EBITDA 886,179 733,255 9% 321,502 244,150 9% Earnings per share 798.44 N/A N/A 331.38 N/A N/A BALANCE SHEET As of September 30 2013 Total Assets 7,621,515 Cash and Temporary Investments 151,250 Trade Accounts Receivables 239,264 Other Receivables 280,605 Inventories 177,107 Other Current Assets 48,333 Current Assets 896,559 Fixed Assets 2,287,605 Other Assets 4,437,351 Total Liabilities 4,891,338 Current Liabilities 1,118,967 Long-Term Liabilities 3,750,236 Other Liabilities 22,135 Consolidated Stockholders' Equity 2,730,177 Non-controlling Interest 11,500 Stockholders' Equity Attributable to Controlling Interest 2,718,677 Please refer to definition of terms and disclosure for presentation of financial information.

| 2013 Third Quarter Results Page 8 OPERATING RESULTS Operating Summary per Country In thousands of U.S. dollars. EBITDA margin as a percentage of net sales. January – September Third Quarter NET SALES 2013 2012 pro forma % Var. 2013 2012 pro forma % Var. Colombia 734,669 672,489 9% 287,326 230,336 25% Panama 237,654 221,371 7% 84,095 69,602 21% Costa Rica 117,241 99,510 18% 40,193 33,774 19% Rest of CLH 210,588 205,571 2% 65,491 65,341 0% Others and intercompany eliminations (12,387) (6,569) 89% (3,331) 1,274 (361%) TOTAL 1,287,765 1,192,372 8% 473,774 400,327 18% GROSS PROFIT Colombia 399,365 372,056 7% 148,549 125,307 19% Panama 124,718 110,014 13% 43,698 33,379 31% Costa Rica 63,534 52,940 20% 21,462 18,006 19% Rest of CLH 73,799 67,355 10% 23,470 20,846 13% Others and intercompany eliminations 6,119 (1,443) (524%) 685 (545) (226%) TOTAL 667,535 600,922 11% 237,864 196,993 21% OPERATING EARNINGS BEFORE OTHER EXPENSES, NET Colombia 281,062 249,949 12% 106,924 87,084 23% Panama 100,649 85,199 18% 35,206 25,371 39% Costa Rica 46,217 34,361 35% 15,423 11,406 35% Rest of CLH 55,441 50,910 9% 17,150 14,861 15% Others and intercompany eliminations (77,944) (65,323) 19% (29,588) (26,326) 12% TOTAL 405,425 355,096 14% 145,115 112,396 29% OPERATING EBITDA Colombia 304,683 270,315 13% 114,812 94,170 22% Panama 113,930 98,157 16% 39,615 29,824 33% Costa Rica 51,899 40,412 28% 17,328 13,471 29% Rest of CLH 59,124 55,965 6% 18,364 16,169 14% Others and intercompany eliminations (55,223) (56,695) (3%) (22,099) (18,497) 19% TOTAL 474,413 408,154 16% 168,020 135,137 24% OPERATING EBITDA MARGIN Colombia 41.5% 40.2% 40.0% 40.9% Panama 47.9% 44.3% 47.1% 42.8% Costa Rica 44.3% 40.6% 43.1% 39.9% Rest of CLH 28.1% 27.2% 28.0% 24.7% TOTAL 36.8% 34.2% 35.5% 33.8% Please refer to definition of terms and disclosure for presentation of financial information.

| OPERATING RESULTS Volume Summary CLH volume summary Cement and aggregates: Thousands of metric tons. Ready-mix: Thousands of cubic meters. January – September Third Quarter 2013 2012% Var.2013 2012 % Var. Total cement volume 1 5,536 5,433 2% 1,916 1,751 9% Total domestic gray cement volume 4,994 4,968 1% 1,736 1,633 6% Total ready-mix volume 2,443 2,322 5% 909 792 15% Total aggregates volume 5,456 5,157 6% 2,079 1,810 15% Per-country volume summary January - September Third Quarter Third Quarter 2013 Vs. DOMESTIC GRAY CEMENT VOLUME 2013 Vs. 2012 2013 Vs. 2012 Second Quarter 2013 Colombia (1%) 8% 1% Panama 4% 7% 2% Costa Rica 4% 10% 2% Rest of CLH 0% (0%) (9%) READY-MIX VOLUME Colombia 9% 15% 13% Panama (1%) 19% 4% Costa Rica (8%) 2% 3% Rest of CLH 2% 9% (2%) AGGREGATES VOLUME Colombia 5% 15% 20% Panama 6% 13% (1%) Costa Rica (3%) 7% 7% Rest of CLH 46% 35% (10%) 1 Consolidated cement volume includes domestic and export volume of gray cement, white cement, special cement, mortar and clinker. Please refer to definition of terms and disclosure for presentation of operating results.

| OPERATING RESULTS Price Summary Variation in U.S. Dollars January - September Third Quarter Third Quarter 2013 Vs. DOMESTIC GRAY CEMENT PRICE 2013 Vs. 2012 2013 Vs. 2012 Second Quarter 2013Colombia 2% (2%) (0%) Panama 1% 2% (1%) Costa Rica 13% 10% (1%) Rest of CLH (*) 1% (1%) (2%) READY-MIX PRICEColombia 4% 1% (1%) Panama 10% 16% 1% Costa Rica 16% 17% 3% Rest of CLH (*) 6% 6% (3%) AGGREGATES PRICE Colombia(3%) (6%) (2%) Panama 9% 6% (0%) Costa Rica(3%) (4%) (9%) Rest of CLH (*) 11% 5% (9%) Variation in Local Currency January - September Third Quarter Third Quarter 2013 Vs. DOMESTIC GRAY CEMENT PRICE 2013 Vs. 2012 2013 Vs. 2012 Second Quarter 2013Colombia 6% 3% 2% Panama 1% 2% (1%) Costa Rica 12% 11% (0%) Rest of CLH (*) 6% 4% (1%) READY-MIX PRICE Colombia 9% 7% 1% Panama 10% 16% 1% Costa Rica 16% 18% 3% Rest of CLH (*) 9% 8% (3%) AGGREGATES PRICEColombia 1% (1%) (1%) Panama 9% 6% (0%) Costa Rica(4%) (3%) (9%) Rest of CLH (*) 17% 10% (8%) (*) Volume weighted-average price. Please refer to definition of terms and disclosure for presentation of operating results.

| OTHER ACTIVITIES AND INFORMATION Antitrust Investigation in Colombia On September 5, 2013, CEMEX Latam Holdings, S.A. (“CLH”) (BVC: CLH) informed the Colombian Financial Superintendency (Superintendencia Financiera de Colombia) that on that same date, CEMEX Colombia S.A. (“CEMEX Colombia”), a subsidiary of CLH, was notified of Resolution No. 49141 dated August 21, 2013, issued by the Colombian Superintendency of Industry and Commerce, SIC, (Superintendencia de Industriay Comercio) pursuant to which the SIC opened an investigation and issued a statement of objections (pliego de cargos) against five (5) cement companies and fourteen (14) directors of those companies, including CEMEX Colombia, for alleged anti-competitive practices. The parties being investigated have a twenty (20) day term commencing from the notice date to answer the statement of objections (pliego de cargos) and submit evidence. The investigated parties are accused of allegedly breaching: (i) Article 1 of Law 155 of 1959, which prohibits any kind of practice, procedure or system designed to limit free competition and determining or maintaining unfair prices; (ii) paragraph 1 of Article 47 of Decree 2153 of 1992, which prohibits any agreements designed to directly or indirectly fix prices; and (iii) paragraph 3 of Article 47 of Decree 2153 of 1992, which prohibits any market sharing agreements between producers or between distributors. Additionally, the fourteen (14) executives, including a former legal representative and the current President of CEMEX Colombia, are being investigated for allegedly breaching paragraph 16 of Article 4 of Decree 2153 of 1992, as amended by Article 26 of Law 1340 of 2009, which provides that the SIC may investigate and sanction any individual who collaborates, facilitates, authorizes, executes or tolerates behavior that violates free competition rules. If the alleged infringements investigated by the SIC are substantiated, aside from any measures that could be ordered to stop the alleged anti-competitive practices, penalties may be imposed against CEMEX Colombia. Pursuant to Law 1340 of 2009, the SIC may impose the following penalties: (i) up to one hundred thousand (100,000) legal monthly minimum wages, approximately 58,950,000,000 Colombian Pesos (approximately U.S.$30.8 million as of September 30, 2013, based on an exchange rate of 1,914.65 Colombian Pesos to U.S.$1.00) for each violation and to each company being declared in breach of the competition rules, and (ii) up to two thousand (2,000) legal monthly minimum wages, approximately 1,179,000,000 Colombian Pesos (approximately U.S.$616,000 as of September 30, 2013, based on an exchange rate of 1,914.65 Colombian Pesos to U.S.$1.00) against those individuals found responsible of collaborating, facilitating, authorizing, executing or tolerating behavior that violates free competition rules. At this stage of the investigations, CLH is not able to assess the likelihood of an adverse result, but if adversely resolved against CEMEX Colombia, such resolution may have a material adverse impact on CLH’s financial results. Tax Proceedings in Colombia Regarding the proceedings (requerimientos especiales) initiated by the Colombian Tax Authority (Dirección de Impuestos) in relation to CEMEX Colombia’s 2007 and 2008 year-end tax returns, during the second quarter of 2013, CEMEX Colombia reached a settlement with the Colombian Tax Authority (Dirección de Impuestos). On August 26, 2013, CEMEX Colombia received the final resolution regarding the 2007 year-end tax return and on September 16, 2013, CEMEX Colombia received the final resolution regarding the 2008 year-end tax return. CEMEX Colombia S.A., a CLH subsidiary, announced a public offering of commercial paper in Colombia On August 15, 2013, CEMEX Colombia S.A., a CLH subsidiary, announced the results of the Dutch auction of the first issuance and placement of $50,000 million Colombian pesos under CEMEX Colombia S.A.'s authorized commercial paper program.

| DEFINITIONS OF TERMS AND DISCLOSURES Methodology for translation and presentation of results Under IFRS, CLH reports its consolidated results in its functional currency, which is the US Dollar, by translating the financial statements of foreign subsidiaries using the corresponding exchange rate at the reporting date for the balance sheet and the corresponding exchange rates at the end of each month for the income statement. For the reader’s convenience, Colombian peso amounts for the consolidated entity are calculated by converting the US dollar amounts using the closing COP/US$ exchange rate at the reporting date for balance sheet purposes, and the average COP/US$ exchange rate for the corresponding period for income statement purposes. The exchange rates used to convert: (i) the balance sheet as of September 30, 2013 was $1,914.65 Colombian pesos per US dollar, and (ii) the consolidated results for the third quarter of 2013 and pro forma combined result for the third quarter of 2012 were $1,913.47 and $1,806.68 Colombian pesos per US dollar, respectively. Per-country/region selected financial information of the income statement is presented before corporate charges and royalties which are included under “other and intercompany eliminations.” Consolidated and combined financial information When reference is made to consolidated financial information means the financial information of CLH together with its consolidated subsidiaries. When reference is made to combined financial information means the financial information of CLH’s subsidiaries on a combined basis. Presentation of financial and operating information Individual information is provided for Colombia, Panama and Costa Rica. Countries in Rest of CLH include Nicaragua, Guatemala, El Salvador and Brazil. Pro forma financial information included in the report CLH was incorporated during the second quarter of 2012 for purposes of the initial equity offering concluded on November 15, 2012. For accounting purposes, the group reorganization pursuant to which CLH acquired its consolidated subsidiaries was effective July 1, 2012. As a result, CLH has no historical consolidated financial information for the first and second quarter of 2012. For convenience of the reader, and in order to present comprehensive comparative operating information for the nine and three month periods ended September 30, 2013, CLH prepared pro forma selected consolidated income statement information for the nine and three-month periods ended September 30, 2012, intended in all cases and to the extent possible, to present the operating performance of CLH on a like-to-like basis. Pro forma year-to-date and third quarter 2012: CLH selected consolidated income statement information for the nine and three-month periods ended September 30, 2012, was determined by reflecting the original results of the operating subsidiaries for the nine and three-month periods ended September 30, 2012. In addition, in connection with the 5% corporate charges and royalties agreements entered into by CLH with CEMEX and that was executed during the last quarter of 2012 with retroactive effects for full year 2012, the consolidated pro forma condensed income statement information of CLH for the nine and three-month periods ended September 30, 2012 was adjusted to reflect the 5% consolidated corporate charges and royalties. CLH will continue to present pro forma amounts during 2013 in connection with the quarterly comparative information of 2012, in order to reflect the effect of the 5% royalty agreement allocated to each quarter. Exchange rates January – September January – September Third quarter 2013 2012 2013 2012 2013 2012 Closing Closing Average Average Average Average Colombian peso 1,914.65 1,800.52 1,867.95 1,796.52 1,913.47 1,806.68 Panama balboa 111111 Costa Rica colon 505.57 503.31 505.75 508.74 506.68 504.17 Euro 0.7393 0.7784 0.7582 0.7778 0.7495 0.7979 Amounts provided in units of local currency per US dollar.

| DEFINITIONS OF TERMS AND DISCLOSURES Pro forma Earnings per Share (“Pro forma EPS”) CLH was incorporated in April 2012 and its relevant share capital was contributed by CEMEX España on July 31, 2012 and by third-party investors on November 6, 2012. Therefore, there are no regular quarterly periods for 2012 in order to determine the average number of shares outstanding as indicated under IFRS for purposes of presenting Earnings per Share amounts. Considering this limitation CLH does not includes Pro Forma EPS for the pro forma nine and three-month periods ended September 30, 2012. Volumes and prices Considering the limitations of historical information described above, CLH changes in volumes and prices, presented for convenience of the reader, consider volumes and average prices on a pro forma basis for the nine and three-month periods ended September 30, 2012.Definition of terms Free cash flow equals operating EBITDA minus net interest expense, maintenance and strategic 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). Maintenance capital expenditures investments incurred for the purpose of ensuring the company’s operational continuity. These include capital expenditures on projects required to replace obsolete assets or maintain current operational levels, and mandatory capital expenditures, which are projects required to comply with governmental regulations or company policies. Net debt equals total debt minus cash and cash equivalents. Operating EBITDA equals operating earnings before other expenses, net, plus depreciation and operating amortization. pp equals percentage points. Strategic capital expenditures investments incurred with the purpose of increasing the company’s profitability. These include capital expenditures on projects designed to increase profitability by expanding capacity, and margin improvement capital expenditures, which are projects designed to increase profitability by reducing costs. Working capital equals operating accounts receivable (including other current assets received as payment in kind) plus historical inventories minus operating payables.