EX-2 3 d12872dex2.htm EX-2

Exhibit 2

2015

SECOND QUARTER RESULTS

Š Stock Listing Information

NYSE (ADS) Ticker: CX

Mexican Stock Exchange Ticker: CEMEXCPO

Ratio of CEMEXCPO to CX = 10:1

? Investor Relations

In the United States:

+ 1 877 7CX NYSE

In Mexico:

+ 52 (81) 8888 4292 E-Mail: ir@cemex.com

Operating and financial highlights

January—June Second Quarter

l-t-l l-t-l

2015 2014% Var.% Var.* 2015 2014% Var.% Var.*

Consolidated cement volume 34,299 33,416 3% 18,114 17,788 2%

Consolidated ready-mix volume 27,236 27,048 1% 14,394 14,309 1%

Consolidated aggregates volume 75,604 81,191(7%) 40,743 43,560(6%)

Net sales 7,244 7,737(6%) 6% 3,839 4,154(8%) 5%

Gross profit 2,337 2,313 1% 13% 1,301 1,331(2%) 10%

as % of net sales 32.3% 29.9% 2.4pp 33.9% 32.0% 1.9pp

Operating earnings before other 834 722 16% 28% 496 456 9% 23%

expenses, net

as % of net sales 11.5% 9.3% 2.2pp 12.9% 11.0% 1.9pp

Controlling interest net income (loss)(32)(220) 86% 114 76 50%

Operating EBITDA 1,314 1,270 4% 14% 744 737 1% 13%

as % of net sales 18.1% 16.4% 1.7pp 19.4% 17.7% 1.7pp

Free cash flow after maintenance

capital expenditures(174)(396) 56% 102 63 62%

Free cash flow(289)(451) 36% 63 31 100%

Total debt plus perpetual notes 15,934 17,045(7%) 15,934 17,045(7%)

Earnings (loss) per ADS(0.02)(0.17) 88% 0.09 0.06 42%

Fully diluted earnings (loss) per ADS (1)(0.02)(0.17) 88% 0.08 0.05 47%

Average ADSs outstanding 1,333.5 1,291.8 3% 1,344.0 1,304.2 3%

Employees 44,310 43,875 1% 44,310 43,875 1%

Cement and aggregates volumes in thousands of metric tons. Ready-mix volumes in thousands of cubic meters.

In millions of US dollars, except volumes, percentages, employees, and per-ADS amounts. Average ADSs outstanding are presented in millions. Please refer to page 8 for end-of quarter CPO-equivalent units outstanding.

*Like-to-like (“l-t-l”) percentage variations adjusted for investments/divestments and currency fluctuations.

(1)For the periods January—June 2015 and 2014, the effect of the potential dilutive shares generate anti-dilution; therefore, there is no change between the reported basic and diluted loss per share.

Consolidated net sales in the second quarter of 2015 decreased to Operating EBITDA margin increased by 1.7pp from 17.7% in the US$3.8 billion, representing a decline of 8%, or an increase of 5% on a second quarter of 2014 to 19.4% this quarter. like-to-like basis for the ongoing operations and for foreign exchange

Gain (loss) on financial instruments for the quarter was a loss of US$9 fluctuations compared with the second quarter of 2014. The increase million, resulting mainly from derivatives related to CEMEX shares. consolidated net sales was due to higher prices of our products, local currency terms, in most of our operations, as well as Foreign exchange results for the quarter resulted in a gain of US$37 higher volumes in most of our products in Mexico, the U.S., and our million, mainly due to the fluctuation of the Mexican peso versus the Northern Europe and Asia regions. U.S. dollar.

Cost of sales as a percentage of net sales decreased by 1.9pp during Controlling interest net income (loss) was a gain of US$114 million in the second quarter of 2015 compared with the same period last year, the second quarter of 2015 versus a gain of US$76 million in the same from 68.0% to 66.1%. The decrease was mainly driven by our cost quarter of 2014. The higher quarterly income primarily reflects higher reduction initiatives. operating earnings before other expenses, net, lower financial expenses, higher equity in gain of associates and lower income tax, Operating expenses as a percentage of net sales decreased by 0.2pp partially offset by other expenses, net, a loss on financial instruments during the second quarter of 2015 compared with the same period last and a lower foreign exchange gain. year, from 21.1% to 20.9%. The decrease was mainly driven by our cost reduction initiatives which were partially offset by higher distribution Total debt plus perpetual notes decreased by US$774 million during expenses. the quarter.

Operating EBITDA increased by 1% to US$744 million or 13% on a like like basis for the ongoing operations and for foreign exchange fluctuations during the second quarter of 2015 compared with the same period last year. The increase was mainly due to higher contributions from the U.S., Mexico and Asia region.

2015 Second Quarter Results Page 2

Operating results

Mexico

January—June Second Quarter

l-t-l % l-t-l %

2015 2014% Var. 2015 2014% Var.

Var.* Var.*

Net sales 1,511 1,551(3%) 14% 745 816(9%) 9%

Operating EBITDA 518 497 4% 21% 256 247 4% 24%

Operating EBITDA margin 34.3% 32.0% 2.3pp 34.3% 30.3% 4.0pp

In millions of US dollars, except percentages.

Domestic gray cement Ready-mix Aggregates

Year-over-year percentage January—June Second Quarter January—June Second Quarter January—June Second Quarter

variation

Volume 8% 4% 5% 2% 1%(5%)

Price (USD)(9%)(10%)(10%)(12%)(8%)(11%)

Price (local currency) 6% 7% 5% 5% 8% 7%

In Mexico, domestic gray cement volumes increased by 4% during the quarter versus the same period last year, while ready-mix volumes increased by 2% during the same period. During the first six months of the year, domestic gray cement volumes increased by 8% and ready-mix volumes increased by 5% versus the comparable period a year ago.

Demand for our products benefited from increased activity in all sectors, especially in the industrial-and-commercial and formal residential sectors. The industrial-and-commercial sector was supported by stronger private consumption and consumer confidence. The formal residential sector growth was supported by the increase in housing credits provided by both, public institutes and the banking sector and the acceleration in granting of subsidies. The main drivers for the self-construction sector, including remittances, employment, and consumer confidence also continued to improve.

United States

January—June Second Quarter

l-t-l % l-t-l %

2015 2014% Var. 2015 2014% Var.

Var.* Var.*

Net sales 1,876 1,749 7% 7% 1,008 957 5% 5%

Operating EBITDA 220 147 50% 50% 156 119 31% 31%

Operating EBITDA margin 11.7% 8.4% 3.3pp 15.5% 12.4% 3.1pp

In millions of US dollars, except percentages.

Domestic gray cement Ready-mix Aggregates

Year-over-year percentage January—June Second Quarter January—June Second Quarter January—June Second Quarter variation

Volume(0%)(1%) 13% 10% 3% 3%

Price (USD) 8% 7% 7% 6% 1%(1%)

Price (local currency) 8% 7% 7% 6% 1%(1%)

In the United States, domestic gray cement volume declined by 1%, while ready-mix and aggregates volumes increased by 10% and 3%, respectively, during the second quarter of 2015 versus the same period last year. On a pro-forma basis, adjusting for the acquisition of ready-mix plants in California, ready-mix volumes grew by 7% on a year-over-year basis. During the first six months of the year and on a year-over-year basis, domestic gray cement remained flat, while aggregates and pro-forma ready-mix volumes increased by 3% and 10%, respectively.

For the second consecutive quarter, poor weather and reduced demand for oil well cement affected cement volumes. Construction growth in the second quarter was supported by the residential and the industrial-and-commercial sectors. The residential sector remains positive driven by fundamentals such as substantial pent-up demand, low levels of inventory and good job creation. For the first half versus prior year, multi-family and single-family starts are up 14% and 9%, respectively. The industrial-and-commercial sector performance was positive, supported by manufacturing, office, lodging and commercial construction. Cement demand from the infrastructure sector was relatively flat during the quarter, hampered by uncertainty over the Federal Highway Program, which expires at the end of July.

2015 Second Quarter Results Page 3

Operating results

Northern Europe

January—June Second Quarter

l-t-l % l-t-l %

2015 2014% Var. 2015 2014% Var.

Var.* Var.*

Net sales 1,605 2,049(22%) 3% 904 1,138(21%) 4%

Operating EBITDA 147 133 10% 23% 111 121(8%) 11%

Operating EBITDA margin 9.1% 6.5% 2.6pp 12.3% 10.6% 1.7pp

In millions of US dollars, except percentages.

Domestic gray cement Ready-mix Aggregates

Year-over-year percentage January—June Second Quarter January—June Second Quarter January—June Second Quarter

variation

Volume 4% 6%(12%)(10%)(16%)(14%)

Price (USD)(15%)(16%)(16%)(16%)(7%)(10%)

Price (local currency) 1%(0%) 1% 0% 8% 6%

Our domestic gray cement volumes in the Northern Europe region increased by 6% during the second quarter of 2015 and increased by 4% during the first six months of the year versus the comparable periods in 2014. On a pro-forma basis adjusting for the transactions with Holcim closed at the beginning of the first quarter, domestic gray cement volumes increased by 17% during the second quarter of 2015 and increased by 17% during the first six months of the year versus the comparable periods in 2014.

In Germany, our domestic gray cement volumes decreased by 42% and 47% during the second quarter and first six months of the year respectively, on a year-over-year basis. Pro-forma cement volumes grew by 13% and 10% during the second quarter and the first six months of the year, respectively, compared to the same periods of last year. The residential sector remained as the main driver of cement consumption during the quarter despite constraints on the supply side, such as land availability and regulatory caps on rental increases. The sector benefited from low unemployment, low mortgage rates, rising purchase power and growing immigration. The Infrastructure sector continued showing signs of recovery.

In Poland, domestic gray cement volumes for our operations increased by 43% during the quarter and by 38% during the first six months of the year versus the comparable periods in 2014. While our market position remained stable during the last four quarters, volume growth reflects our efforts to strengthen our market presence during the second half of last year, from historically low level in the second quarter of 2014. Our ready-mix operations also benefited from the initiation of important infrastructure projects, including highways, as well as residential developments in metropolitan areas – even when we observe some delays in the projects.

In our operations in France, ready-mix volumes and aggregates decreased by 7% and 2%, respectively, during the second quarter of 2015 versus the comparable period last year. During the first six months of the year, ready-mix and aggregates volumes decreased by 11% and 5%, respectively, on a year-over-year basis. During the first half of the year, there was higher activity

in traded aggregates volumes. Volumes were affected by the continued macroeconomic weakness. Housing sales have improved as a result of government’s initiatives which include a buy-to-let program and a stimulus package.

In the United Kingdom, domestic gray cement and aggregates volumes increased, on a year-over-year basis by 8% and 2%, respectively, while ready-mix declined 1% during the second quarter of 2015. For the first six months of the year our domestic gray cement and aggregates volumes increased by 13% and 4% respectively, while ready-mix decreased by 2%, versus the comparable period in the previous year. The decline in ready-mix volumes reflects our focus on profitability. The residential sector was the main driver of demand during the quarter. Improved business environment contributed to growth in the industrial-and-commercial sector. During the quarter there was also stronger cement demand from infrastructure projects, especially in the Southeast of England.

2015 Second Quarter Results Page 4

Operating results

Mediterranean

January—June Second Quarter

l-t-l % l-t-l %

2015 2014% Var. 2015 2014% Var.

Var.* Var.*

Net sales 784 861(9%) 1% 409 449(9%) 1%

Operating EBITDA 147 181(19%)(11%) 75 100(25%)(19%)

Operating EBITDA margin 18.8% 21.0%(2.2pp) 18.2% 22.2%(4.0pp)

In millions of US dollars, except percentages.

Domestic gray cement Ready-mix Aggregates

Year-over-year percentage January—June Second Quarter January—June Second Quarter January—June Second Quarter

variation

Volume(8%)(11%) 5% 9%(8%)(1%)

Price (USD)(9%)(12%)(9%)(8%)(8%)(7%)

Price (local currency) 3% 0% 1% 2% 4% 4%

Our domestic gray cement volumes in the Mediterranean region declined by 11% and by 8% during the second quarter and the first six months of 2015, respectively, compared with the same periods in 2014. On a pro-forma basis adjusting for the transactions with Holcim closed at the beginning of the first quarter, domestic gray cement volumes declined by 17% and by 14% during the second quarter and first six months of 2015, respectively, versus the same periods in 2014.

In Egypt, our domestic gray cement volumes decreased by 23% during the second quarter of 2015 and declined by 18% during the first six months of the year, versus the comparable periods of last year. The decline in cement volumes is the result of lower activity due to Ramadan, which came twelve days earlier this year, and a high base last year. During the quarter, there was higher activity in the formal residential and infrastructure sectors.

In Spain, our domestic gray cement volumes increased by 37% and our ready-mix volumes declined by 15% on a year-over-year basis during the quarter. On a pro-forma basis, cement volumes declined by 7% during the quarter and by 8% during the first six months of the year, compared with the same periods in 2014. The decline in pro-forma cement volumes results from a comparison with a strong second quarter 2014, in which we had a stronger market position resulting from market dynamics. The infrastructure sector is benefiting from lower pressure for fiscal austerity measures and favorable financing conditions. Higher housing permits year to date driven by improved credit conditions, income and employment levels.

South, Central America and the Caribbean

January—June Second Quarter

l-t-l % l-t-l %

2015 2014% Var. 2015 2014% Var.

Var.* Var.*

Net sales 985 1,099(10%) 1% 517 562(8%) 5%

Operating EBITDA 308 365(15%)(5%) 160 178(10%) 2%

Operating EBITDA margin 31.3% 33.2%(1.9pp) 31.0% 31.6%(0.6pp)

In millions of US dollars, except percentages.

Domestic gray cement Ready-mix Aggregates

Year-over-year percentage

variation January—June Second Quarter January – June Second Quarter January—June Second Quarter

Volume(3%) 0% 3% 4% 3% 1%

Price (USD)(11%)(12%)(11%)(12%)(13%)(12%)

Price (local currency) 0% 0% 3% 4% 3% 5%

Our domestic gray cement volumes in the region remained flat during the second quarter of 2015 and decreased by 3% during the first six months of the year versus the comparable periods last year.

In Colombia, during the second quarter our domestic gray cement volumes declined by 7%, while our ready-mix volumes increased by 3% and our aggregates volumes remained stable, compared to the second quarter of 2014. For the first six months of 2015, our cement volumes decreased by 11%, while our ready-mix and aggregates volumes increased by 4% and 2%, respectively, compared to the same period in 2014. Cement volumes during the second quarter improved by 11% sequentially, reflecting a partial recovery of our market share lost in the first quarter as a result of our price increase.

2015 Second Quarter Results Page 5

Operating results

Asia

January—June Second Quarter

l-t-l % l-t-l %

2015 2014% Var. 2015 2014% Var.

Var.* Var.*

Net sales 341 306 12% 13% 177 160 11% 14%

Operating EBITDA 83 59 40% 40% 45 34 34% 36%

Operating EBITDA margin 24.2% 19.3% 4.9pp 25.7% 21.2% 4.5pp

In millions of US dollars, except percentages.

Domestic gray cement Ready-mix Aggregates

Year-over-year percentage January—June Second Quarter January – June Second Quarter January—June Second Quarter

variation

Volume 17% 19%(9%)(10%)(29%) 7%

Price (USD) 2% 1%(8%)(10%)(11%) 2%

Price (local currency) 3% 3% 2% 1%(6%) 9%

Our domestic gray cement volumes in the Asia region increased by 19% and by 17% during the second quarter and the first six months of 2015, respectively, on a year-over-year basis.

In the Philippines, our domestic gray cement volumes increased by 25% and by 23% during the second quarter and first six months of 2015, respectively, versus the comparable periods of last year. Volume during the quarter benefited from increased residential and industrial-and-commercial activity, as well as a better ability to serve our markets through the introduction of the new cement-grinding mill at the end of the second quarter of last year. The industrial-and-commercial sector continued its growth momentum driven by strong office space demand. The residential sector remains strong as developers continue to expand housing projects supported by stable inflation, low mortgage rates, increased remittances, as well as by higher housing demand from foreigners.

2015 Second Quarter Results Page 6

Operating EBITDA, free cash flow and debt-related information

Operating EBITDA and free cash flow

January—June Second Quarter

2015 2014% Var 2015 2014% Var

Operating earnings before other expenses, net 834 722 16% 496 456 9%

+ Depreciation and operating amortization 480 548 247 281

Operating EBITDA 1,314 1,270 4% 744 737 1%

- Net financial expense 604 692 288 343

—Maintenance capital expenditures 194 189 118 121

—Change in working capital 283 453(11) 148

—Taxes paid 412 438 251 211

—Other cash items (net)(5)(108)(4)(148)

Free cash flow after maintenance capital expenditures(174)(396) 56% 102 63 62%

- Strategic capital expenditures 115 55 39 32

Free cash flow(289)(451) 36% 63 31 100%

In millions of US dollars, except percentages.

During the quarter, we used the US$588 million cash reserve created in 1Q15 and the drawing down of a portion of the revolving tranche of our 2014 credit agreement to pay the outstanding 2020 senior secured notes and the floating rate senior secured notes which were due in September 2015.

Free cash flow during the quarter, plus proceeds from the unwinding of a portion of the 2016 capped calls, were mainly used for cash replenishment.

Our debt during the quarter reflects the conversion of a portion of our 2016 convertibles into ADSs as well as a negative foreign conversion effect of US$72 million.

Information on debt and perpetual notes

First Second

Second Quarter Quarter Quarter

2015 2014% Var 2015 2015 2014

Total debt (1) 15,474 16,569(7%) 16,250 Currency denomination

Short-term 3% 3% 12% US dollar 85% 87%

Long-term 97% 97% 88% Euro 14% 11%

Perpetual notes 460 476(3%) 458 Mexican peso 1% 2%

Cash and cash equivalents 492 737(33%) 939 Other 0% 0%

Net debt plus perpetual notes 15,442 16,308(5%) 15,769

Interest rate

Consolidated funded debt (2)/EBITDA (3) Fixed 74% 66%

5.14 |  | 5.49 5.11 Variable 26% 34%

Interest coverage (3) (4) 2.55 2.15 2.44

In millions of US dollars, except percentages and ratios.

(1) Includes convertible notes and capital leases, in accordance with International Financial Reporting Standards (IFRS).

(2) Consolidated funded debt as of June 30, 2015 was US$14,298 million, in accordance with our contractual obligations under the Facilities Agreement. (3) EBITDA calculated in accordance with IFRS.

(4) |  | Interest expense calculated in accordance with our contractual obligations under the Facilities Agreement.

2015 Second Quarter Results Page 7

Equity-related and derivative instruments information

Equity-related information

One CEMEX ADS represents ten CEMEX CPOs. The following amounts are expressed in CPO terms.

Beginning-of-quarter CPO-equivalent units outstanding 12,481,975,514

CPOs issued due to recapitalization of retained earnings 500,009,466

Less increase (decrease) in the number of CPOs held in subsidiaries 730,445

Stock-based compensation 16,613,588

CPOs issued as result of the exchange of a portion of our 2016 convertible securities 417,751,390

End-of-quarter CPO-equivalent units outstanding 13,415,619,513

Outstanding units equal total CEMEX CPO-equivalent units less CPOs held in subsidiaries, which as of June 30, 2015 were 18,991,576.

CEMEX has outstanding mandatorily convertible securities which, upon conversion, will increase the number of CPOs outstanding by approximately

218 million, subject to antidilution adjustments.

Employee long-term compensation plans

As of June 30, 2015, executives had outstanding options on a total of 1,410,250 CPOs, with a weighted-average strike price

of approximately US$1.91 per CPO (equivalent to US$19.11 per ADS). Starting in 2005, CEMEX began offering executives a

restricted stock-ownership program. As of June 30, 2015, our executives held 31,232,170 restricted CPOs, representing 0.2%

of our total CPOs outstanding as of such date.

Derivative instruments

The following table shows the notional amount for each type of derivative instrument and the aggregate fair market value for all of CEMEX’s derivative instruments as of the last day of each quarter presented.

Second Quarter First Quarter

2015 2014 2015

Notional amount of equity related derivatives (1) 1,378 1,792 1,695

Estimated aggregate fair market value (1) (2) (3) 137 529 181

In millions of US dollars.

The estimated aggregate fair market value represents the approximate settlement result as of the valuation date, based upon quoted market prices and estimated settlement costs, which fluctuate over time. Fair market values and notional amounts do not represent amounts of cash currently exchanged between the parties; cash amounts will be determined upon termination of the contracts considering the notional amounts and quoted market prices as well as other derivative items as of the settlement date. Fair market values should not be viewed in isolation, but rather in relation to the fair market values of the underlying hedge transactions and the overall reduction in CEMEX’s exposure to the risks being hedged.

Note: Under IFRS, companies are required to recognize all derivative financial instruments on the balance sheet as assets or liabilities, at their estimated fair market value, with changes in such fair market values recorded in the income statement, except when transactions are entered into for cash-flow-hedging purposes, in which case changes in the fair market value of the related derivative instruments are recognized temporarily in equity and then reclassified into earnings as the inverse effects of the underlying hedged items flow through the income statement. As of June 30, 2015, in connection with the fair market value recognition of its derivatives portfolio, CEMEX recognized increases in its assets and liabilities resulting in a net asset of US$167 million, including a liability of US$29 million corresponding to an embedded derivative related to our mandatorily convertible securities, which according to our debt agreements, is presented net of the assets associated with the derivative instruments. The notional amounts of derivatives substantially match the amounts of underlying assets, liabilities, or equity transactions on which the derivatives are being entered into.

(1) Excludes an interest-rate swap related to our long-term energy contracts. As of June 30, 2015, the notional amount of this derivative was US$161 million, with a positive fair market value of approximately US$30 million.

(2) Net of cash collateral deposited under open positions. Cash collateral was US$9 million as of June 30, 2015 and US$6 million as of June 30, 2014. (3) As required by IFRS, the estimated aggregate fair market value as of June 30, 2015 and 2014 includes a liability of US$29 million and US$47 million, respectively, relating to an embedded derivative in CEMEX’s mandatorily convertible securities.

2015 Second Quarter Results Page 8

Operating results

Consolidated Income Statement & Balance Sheet

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

(Thousands of U.S. Dollars, except per ADS amounts)

January – June Second Quarter

like-to-like like-to-like

INCOME STATEMENT 2015 2014% Var.% Var.* 2015 2014% Var.% Var.*

Net sales 7,244,414 7,736,540(6%) 6% 3,838,791 4,154,222(8%) 5%

Cost of sales(4,907,666)(5,423,701) 10%(2,538,245)(2,822,996) 10%

Gross profit 2,336,748 2,312,839 1% 13% 1,300,546 1,331,226(2%) 10%

Operating expenses(1,502,907)(1,591,302) 6%(804,138)(875,326) 8%

Operating earnings before other expenses, net 833,841 721,537 16% 28% 496,408 455,900 9% 23%

Other expenses, net(1,429) 23,422 N/A(2,696) 62,252 N/A

Operating earnings 832,412 744,959 12% 493,712 518,151(5%)

Financial expense(654,026)(841,434) 22%(312,696)(435,115) 28%

Other financial income (expense), net 7,948 139,991(94%) 18,576 131,671(86%)

Financial income 9,071 14,033(35%) 5,414 6,276(14%)

Results from financial instruments, net(66,827) 120,616 N/A(8,777) 76,912 N/A

Foreign exchange results 95,789 38,720 147% 37,189 65,363(43%)

Effects of net present value on assets and liabilities and

others, net(30,084)(33,379) 10%(15,249)(16,880) 10%

Equity in gain (loss) of associates(1,969) 5,668 N/A 12,453 6,086 105%

Income (loss) before income tax 184,365 49,184 275% 212,045 220,794(4%)

Income tax(183,939)(231,067) 20%(81,900)(122,832) 33%

Consolidated net income (loss) 426(181,883) N/A 130,145 97,962 33%

Non-controlling interest net income (loss) 31,986 38,428(17%) 16,413 21,964(25%)

Controlling interest net income (loss)(31,561)(220,311) 86% 113,732 75,997 50%

Operating EBITDA 1,314,333 1,269,682 4% 14% 743,507 737,120 1% 13%

Earnings (loss) per ADS(0.02)(0.17) 88% 0.09 0.06 42%

As of June 30

BALANCE SHEET 2015 2014% Var.

Total assets 33,998,601 37,713,343(10%)

Cash and cash equivalents 491,656 737,320(33%)

Trade receivables less allowance for doubtful accounts 2,017,652 2,169,115(7%)

Other accounts receivable 378,663 595,427(36%)

Inventories, net 1,192,132 1,360,355(12%)

Other current assets 379,941 332,926 14%

Current assets 4,460,044 5,195,142(14%)

Property, machinery and equipment, net 13,339,772 15,576,321(14%)

Other assets 16,198,785 16,941,880(4%)

Total liabilities 24,060,390 26,044,129(8%)

Current liabilities 4,433,533 4,733,404(6%)

Long-term liabilities 13,868,432 14,443,155(4%)

Other liabilities 5,758,424 6,867,570(16%)

Total stockholders’ equity 9,938,211 11,669,214(15%)

Non-controlling interest and perpetual instruments 1,172,404 1,188,786(1%)

Total controlling interest 8,765,807 10,480,428(16%)

2015 Second Quarter Results Page 9

Operating results

Consolidated Income Statement & Balance Sheet

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

(Thousands of Mexican Pesos in nominal terms, except per ADS amounts)

January—June Second Quarter

INCOME STATEMENT 2015 2014% Var. 2015 2014% Var.

Net sales 110,622,199 101,348,673 9% 59,386,097 53,880,257 10%

Cost of sales(74,940,056)(71,050,478)(5%)(39,266,656)(36,614,261)(7%)

Gross profit 35,682,143 30,298,195 18% 20,119,441 17,265,996 17%

Operating expenses(22,949,394)(20,846,058)(10%)(12,440,009)(11,352,980)(10%)

Operating earnings before other expenses, net 12,732,749 9,452,137 35% 7,679,432 5,913,017 30%

Other expenses, net(21,823) 306,828 N/A(41,709) 807,402 N/A

Operating earnings 12,710,926 9,758,966 30% 7,637,723 6,720,419 14%

Financial expense(9,986,972)(11,022,791) 9%(4,837,413)(5,643,436) 14%

Other financial income (expense), net 121,365 1,833,878(93%) 287,377 1,707,770(83%)

Financial income 138,510 183,838(25%) 83,750 81,404 3%

Results from financial instruments, net(1,020,452) 1,580,071 N/A(135,786) 997,546 N/A

Foreign exchange results 1,462,697 507,231 188% 575,318 847,753(32%)

Effects of net present value on assets and liabilities and

others, net(459,390)(437,262)(5%)(235,905)(218,934)(8%)

Equity in gain (loss) of associates(30,066) 74,257 N/A 192,644 78,939 144%

Income (loss) before income tax 2,815,253 644,308 337% 3,280,332 2,863,692 15%

Income tax(2,808,754)(3,026,976) 7%(1,266,989)(1,593,131) 20%

Consolidated net income (loss) 6,499(2,382,667) N/A 2,013,343 1,270,561 58%

Non-controlling interest net income (loss) 488,430 503,405(3%) 253,912 284,876(11%)

Controlling interest net income (loss)(481,931)(2,886,073) 83% 1,759,431 985,685 78%

Operating EBITDA 20,069,867 16,632,839 21% 11,502,046 9,560,451 20%

Earnings (loss) per ADS(0.30)(2.17) 86% 1.34 0.79 70%

As of June 30

BALANCE SHEET 2015 2014% Var.

Total assets 534,118,019 489,142,064 9%

Cash and cash equivalents 7,723,920 9,563,040(19%)

Trade receivables less allowance for doubtful accounts 31,697,319 28,133,417 13%

Other accounts receivable 5,948,792 7,722,682(23%)

Inventories, net 18,728,387 17,643,804 6%

Other current assets 5,968,867 4,318,054 38%

Current assets 70,067,286 67,380,997 4%

Property, machinery and equipment, net 209,567,824 202,024,888 4%

Other assets 254,482,910 219,736,179 16%

Total liabilities 377,988,720 337,792,354 12%

Current liabilities 69,650,808 61,392,256 13%

Long-term liabilities 217,873,065 187,327,720 16%

Other liabilities 90,464,847 89,072,378 2%

Total stockholders’ equity 156,129,300 151,349,710 3%

Non-controlling interest and perpetual instruments 18,418,470 15,418,555 19%

Total controlling interest 137,710,830 135,931,154 1%

2015 Second Quarter Results Page 10

Operating results

Operating Summary per Country

In thousands of U.S. dollars

January—June Second Quarter

like-to-like like-to-like

NET SALES 2015 2014% Var.% Var. * 2015 2014% Var.% Var. *

Mexico 1,510,937 1,551,376(3%) 14% 745,487 815,718(9%) 9%

U.S.A. 1,875,596 1,748,623 7% 7% 1,008,008 957,105 5% 5%

Northern Europe 1,604,622 2,048,501(22%) 3% 904,056 1,137,665(21%) 4%

Mediterranean 784,270 860,738(9%) 1% 409,271 448,590(9%) 1%

South, Central America and the Caribbean 984,864 1,099,407(10%) 1% 517,386 562,038(8%) 5%

Asia 341,344 305,729 12% 13% 176,912 159,867 11% 14%

Others and intercompany eliminations 142,781 122,167 17% 17% 77,671 73,239 6% 6%

TOTAL 7,244,414 7,736,540(6%) 6% 3,838,791 4,154,222(8%) 5%

GROSS PROFIT

Mexico 748,284 753,322(1%) 16% 378,609 393,128(4%) 15%

U.S.A. 404,563 273,371 48% 48% 245,229 181,703 35% 35%

Northern Europe 398,679 451,239(12%) 3% 250,183 302,954(17%)(1%)

Mediterranean 213,763 252,945(15%)(5%) 113,983 143,076(20%)(11%)

South, Central America and the Caribbean 411,499 477,634(14%)(3%) 216,128 239,498(10%) 3%

Asia 127,728 82,886 54% 54% 71,150 45,262 57% 60%

Others and intercompany eliminations 32,233 21,443 50% 95% 25,264 25,605(1%)(1%)

TOTAL 2,336,748 2,312,839 1% 13% 1,300,546 1,331,226(2%) 10%

OPERATING EARNINGS BEFORE OTHER EXPENSES, NET

Mexico 438,343 405,598 8% 26% 216,545 200,972 8% 29%

U.S.A. 21,885(70,874) N/A N/A 54,171 7,939 582% 582%

Northern Europe 60,941 17,493 248% 218% 65,962 60,428 9% 34%

Mediterranean 102,002 130,031(22%)(16%) 52,077 73,811(29%)(25%)

South, Central America and the Caribbean 267,702 321,607(17%)(7%) 139,922 155,136(10%) 2%

Asia 66,014 44,182 49% 49% 37,056 26,312 41% 43%

Others and intercompany eliminations(123,047)(126,500) 3%(9%)(69,325)(68,698)(1%)(21%)

TOTAL 833,841 721,537 16% 28% 496,408 455,900 9% 23%

2015 Second Quarter Results Page 11

Operating results

Operating Summary per Country

EBITDA in thousands of U.S. dollars. EBITDA margin as a percentage of net sales.

January—June Second Quarter

like-to-like like-to-like

OPERATING EBITDA 2015 2014% Var.% Var. * 2015 2014% Var.% Var. *

Mexico 517,672 497,123 4% 21% 256,045 247,092 4% 24%

U.S.A. 219,718 146,943 50% 50% 155,931 119,080 31% 31%

Northern Europe 146,584 133,257 10% 23% 111,128 120,919(8%) 11%

Mediterranean 147,145 181,138(19%)(11%) 74,567 99,778(25%)(19%)

South, Central America and the Caribbean 308,222 364,648(15%)(5%) 160,411 177,726(10%) 2%

Asia 82,605 59,114 40% 40% 45,407 33,836 34% 36%

Others and intercompany eliminations(107,613)(112,540) 4%(9%)(59,982)(61,310) 2%(21%)

TOTAL 1,314,333 1,269,682 4% 14% 743,507 737,120 1% 13%

OPERATING EBITDA MARGIN

Mexico 34.3% 32.0% 34.3% 30.3%

U.S.A. 11.7% 8.4% 15.5% 12.4%

Northern Europe 9.1% 6.5% 12.3% 10.6%

Mediterranean 18.8% 21.0% 18.2% 22.2%

South, Central America and the Caribbean 31.3% 33.2% 31.0% 31.6%

Asia 24.2% 19.3% 25.7% 21.2%

TOTAL 18.1% 16.4% 19.4% 17.7%

2015 Second Quarter Results Page 12

Operating results

Volume Summary

Consolidated volume summary

Cement and aggregates: Thousands of metric tons. Ready-mix: Thousands of cubic meters.

January—June Second Quarter

2015 2014% Var. 2015 2014% Var.

Consolidated cement volume 1 34,299 33,416 3% 18,114 17,788 2%

Consolidated ready-mix volume 27,236 27,048 1% 14,394 14,309 1%

Consolidated aggregates volume 75,604 81,191(7%) 40,743 43,560(6%)

Per-country volume summary

January—June Second Quarter Second Quarter 2015 Vs.

DOMESTIC GRAY CEMENT VOLUME 2015 Vs. 2014 2015 Vs. 2014 First Quarter 2015

Mexico 8% 4%(2%)

U.S.A. 0%(1%) 18%

Northern Europe 4% 6% 41%

Mediterranean(8%)(11%) 5%

South, Central America and the Caribbean(3%) 0% 7%

Asia 17% 19% 7%

READY-MIX VOLUME

Mexico 5% 2% 1%

U.S.A. 13% 10% 9%

Northern Europe(12%)(10%) 32%

Mediterranean 5% 9% 4%

South, Central America and the Caribbean 3% 4% 7%

Asia(9%)(10%)(3%)

AGGREGATES VOLUME

Mexico 1%(5%)(2%)

U.S.A. 3% 3% 8%

Northern Europe(16%)(14%) 39%

Mediterranean(8%)(1%) 8%

South, Central America and the Caribbean 3% 1% 6%

Asia(29%) 7% 15%

1 Consolidated cement volume includes domestic and export volume of gray cement, white cement, special cement, mortar and clinker.

2015 Second Quarter Results Page 13

Operating results

Price Summary

Variation in U.S. Dollars

January—June Second Quarter Second Quarter 2015 Vs.

DOMESTIC GRAY CEMENT PRICE 2015 Vs. 2014 2015 Vs. 2014 First Quarter 2015

Mexico(9%)(10%) 0%

U.S.A. 8% 7% 2%

Northern Europe (*)(15%)(16%)(2%)

Mediterranean (*)(9%)(12%)(1%)

South, Central America and the Caribbean (*)(11%)(12%)(0%)

Asia (*) 2% 1% 2%

READY-MIX PRICE

Mexico(10%)(12%)(1%)

U.S.A. 7% 6% 1%

Northern Europe (*)(16%)(16%)(4%)

Mediterranean (*)(9%)(8%) 3%

South, Central America and the Caribbean (*)(11%)(12%) 0%

Asia (*)(8%)(10%) 0%

AGGREGATES PRICE

Mexico(8%)(11%)(1%)

U.S.A. 1%(1%) 0%

Northern Europe (*)(7%)(10%)(9%)

Mediterranean (*)(8%)(7%) 6%

South, Central America and the Caribbean (*)(13%)(12%) 5%

Asia (*)(11%) 2% 3%

Variation in Local Currency

January—June Second Quarter Second Quarter 2015 Vs.

DOMESTIC GRAY CEMENT PRICE 2015 Vs. 2014 2015 Vs. 2014 First Quarter 2015

Mexico 6% 7% 3%

U.S.A. 8% 7% 2%

Northern Europe (*) 1%(0%)(4%)

Mediterranean (*) 3%(0%)(1%)

South, Central America and the Caribbean (*)(0%) 0% 0%

Asia (*) 3% 3% 3%

READY-MIX PRICE

Mexico 5% 5% 1%

U.S.A. 7% 6% 1%

Northern Europe (*) 1% 0%(5%)

Mediterranean (*) 1% 2% 1%

South, Central America and the Caribbean (*) 3% 4% 1%

Asia (*) 2% 1% 1%

AGGREGATES PRICE

Mexico 8% 7% 2%

U.S.A. 1%(1%) 0%

Northern Europe (*) 8% 6%(10%)

Mediterranean (*) 4% 4% 3%

South, Central America and the Caribbean (*) 3% 5% 5%

Asia (*)(6%) 9% 3%

(*) Volume weighted-average price.

2015 Second Quarter Results Page 14

Other activities

Refinancing of 2012 Facilities Agreement CEMEX announced new US$300 million investment in the Philippines

US$ As of 1.95 July billion 21, 2015, from CEMEX 19 has financial received institutions commitments that for have approximately agreed to On million May investment 14, 2015, CEMEX in the announced Philippines. that The it new is undertaking investment a new will US$ include 300 participate CEMEX on September in newly created 29, 2014, tranches as amended in the credit (the agreement “Credit Agreement”) entered by . the line construction at CEMEX´s Solid of a new Plant 1.5-million-ton, in Luzon. This will integrated double cement-production the capacity of the The the approximately proceeds from US$ this1.94 transaction billion outstanding are expected of to the be facilities used to agreement fully repay Solid capacity plant in the and Philippines. will represent With a 25% the visit increase of Fernando in the company’s A. Gonzalez, cement Chief entered time, (the by “Facilities CEMEX on Agreement”) September . All 17, the 2012, new as tranches amended are from expected time to to highlighted Executive Officer by a meeting of CEMEX with His and Excellency his executive President team Benigno in the S.country, Aquino have in 2020. a 10% The annual amortization amortization schedule in 2018 of the and existing 2019 and tranches a final repayment under the country. III, CEMEX In emphasized early May, its CEMEX continued Philippines commitment officially to the inaugurated growth of the the Credit transaction Agreement CEMEX is is expected expected to substantially to remain consolidate unchanged. all of With its long- this cement completed plant capacity in the country, expansion as in well its as APO a network plant in of logistics Cebu, the centers largest in effective, term bank itdebt is expected under the that Credit the Agreement. Credit Agreement Once this will transaction reach an is with Visayas the and Labor Mindanao. Day celebration The inauguration and was of likewise the new graced facility by coincided President aggregate including approximately amount of commitments EUR 621 million of approximately and approximately US$3.80 US$ billion, 3.13 Aquino investment and increased several CEMEX’s of his cabinet cement members. production The capacity US$ 80 in its million APO be billion, in a out revolving of which credit about tranche. approximately The terms US$ under 712 million the Credit are expected Agreement to plant additional by 40 terminals percent, in and Iloilo helped and Davao. improve In distribution addition, CEMEX capabilities Philippines with include are expected an applicable to remain margin substantially over LIBOR the of same between and 250 are to expected 400 basis to has will capture set up an the US$ excess 18.6 heat million in waste one of heat-to-energy its cement production power plant facilities which to points, currently, depending the applicable on margin the consolidated under the Credit leverage Agreement ratio of considering CEMEX; produce alternative usable fuels electricity. such as rice To husks date, and CEMEX refuse-derived Philippines fuel is already (RDF) as using part improvement CEMEX’s leverage compared ratio to is the 350 margin basis of 450 points basis and points represents applicable an in of its fuel mix to minimize energy costs. the Facilities Agreement. The same guarantors and collateral package are CEMEX announced subscription issue price of new CPOs Credit expected Agreement. to apply to The the leverage increased covenant commitments included as in provided the amended in the On April 30, 2015, CEMEX announced that as a result of the application of retained earnings for a capital increase approved by CEMEX’s expected Credit Agreement to

gradually is decline expected to to 4.0x be by 6.0x June until 2019. March CEMEX 2016 expects and this is shareholders at the general ordinary shareholders meeting held on March 26, 2015, CEMEX shareholders received new shares as follows: 1 transaction documentation to close and in satisfaction the following of certain weeks, conditions. subject to execution However, of CEMEX final new CEMEX CPO per 25 CEMEX CPOs held, or, if applicable, 3 new shares per 75 shares currently outstanding. Holders of CEMEX American cannot terms or assure at all. you CEMEX that this anticipates transaction that will other be consummated banks and on financial these Depositary Shares (“ADS”) received 1 newly issued ADS per 25 ADSs held.

No cash was distributed by CEMEX, including for fractions for which no institutions complete their may approval join the processes. Credit Agreement at a later date, after they shares are issued. The delivery of the new CPOs or shares, as applicable, as started of April on 30, May 2015 4, 2015. (the Only record holders date) received of record new of CEMEX shares CPOs as a result or ADSs of

CEMEX announced agreements to exchange approximately US$626 million of its 3.25% Convertible Subordinated Notes due 2016 for newly the on or increase about May in the 8, 2015. capital Each stock. ADS The represents new ADSs 10 issued CPOs. were The subscription distributed issued 3.72% Convertible Subordinated Notes due 2020 and ADSs

On May 21, 2015, CEMEX announced that it had entered into a series of price subscribed was MXN$ for at 15.2344 a price per of new MXN$ CEMEX 5.0781 CPO. per The share, shares of which were providing private exchange for such investors agreements to exchange with certain approximately institutional U.S.$626 investors million MXN$ was treated 0.00277661 as premium went to for our the capital subscription stock of and capital, the remaining and was deemed amount due aggregate 2016 principal issued by amount CEMEX of (the 3.25% “Existing Convertible Notes”) Subordinated and held by Notes such were fully paid not by required a capitalization to pay any of retained consideration earnings. in connection CEMEX shareholders with the investors Convertible for Subordinated (i) US$321 million Notes aggregate due 2020 principal (the “Exchange amount Notes”) of new issued 3.72% issuance of the shares. by CEMEX CEMEX (the and “ADSs”) (ii) an. estimated These exchange 42 million transactions American did Depositary not included Shares the of payment transactions, by CEMEX US$352 of million any cash. aggregate Following principal the closing amount of these of the exchange Existing than Notes for remains tax reasons) outstanding. prior to The maturity Existing in March Notes are 2016. not The callable terms (other of the Exchange Convertible Notes Subordinated are substantially Notes due similar 2020 to issued those on of March CEMEX’s 13, existing 2015, conversion including the price maturity and initial date, conversion interest rate, rate. interest The Exchange payment Notes dates, will initial be convertible per US$1,000 into principal ADSs based amount on an of Exchange initial conversion Notes, which rate of is 84.0044 equivalent ADSs to conversion an initial conversion rate and the price conversion of approximately price will be US$ subject 11.9041 to adjustment per ADS. The in certain accordance events, with such the terms as distributions of the Exchange of dividends Notes. The or Exchange stock splits, Notes in were exchange issued transactions on May 28, was 2015 on June and 8, the 2015. final The settlement Exchange Notes date and for the the is ADSs exempt were from issued registration under private pursuant exchange to Section agreements 3(a)(9) and under such issuance the U.S.

Securities Act of 1933, as amended.

2015 Second Quarter Results Page 15

Other information

Mexican Tax Reform 2010 and 2014

In November 2009, Mexico approved amendments to the income tax

law, which became effective on January 1, 2010. Such amendments

modified the tax consolidation regime by requiring entities to determine

income taxes as if the tax consolidation provisions did not exist from

1999 onward, specifically turning into taxable items: a) the difference

between the sum of the equity of the controlled entities for tax purposes

and the equity of the consolidated entity for tax purposes; b) dividends

from the controlled entities for tax purposes to CEMEX, S.A.B. de C.V.;

and c) other transactions that represented the transfer of resources

between the companies included in the tax consolidation. In December

2010, pursuant to miscellaneous rules, the tax authority in Mexico

granted the option to defer the calculation and payment of the income

tax over the difference in equity explained above, until the subsidiary is

disposed of or CEMEX eliminates the tax consolidation. Tax liabilities

associated with the tax loss carryforwards used in the tax consolidation

of the Mexican subsidiaries are not offset with deferred tax assets in the

balance sheet. The realization of these tax assets is subject to the

generation of future tax earnings in the controlled subsidiaries that

generated the tax loss carryforwards in the past.

In addition, in connection with new amendments to the income tax law

in Mexico approved in December 2013 and effective beginning January 1,

2014, the tax consolidation regime in effect until December 31, 2013,

was replaced prospectively by a new integration regime, to which CEMEX

will not apply, resulting in that beginning in 2014, each Mexican entity

will determine its income taxes based solely in its individual results, and a

period of up to 10 years has been established for the settlement of the

liability for income taxes related to the tax consolidation regime accrued

until December 31, 2013, amount which considering the new rules issued

for the disconnection of the tax consolidation regime amounted to

approximately US$1,901 million, based on an exchange rate of Ps13.05 to

US$1.00 as of December 31, 2013.

Changes in the Parent Company’s tax payable associated with the tax

consolidation in Mexico in 2014 were as follows (approximate

US$Millions):

2014

Balance at the beginning of the period $1,683*

Restatement for the period $65

Payments during the period($294)

Balance at the end of the period $1,454

*Based on an exchange rate of Ps14.74 to US$1.00 as of December

31,2014

As of December 31, 2014, the estimated payment schedule of taxes

payable resulting from these changes in the tax consolidation regime in

Mexico were as follows (approximate amounts in millions of US dollars):

2015 $350 **

2016 $293

2017 $291

2018 $215

2019 and thereafter $305

1,454

** This amount has been paid

Capped Calls

In relation to the capped calls purchased by CEMEX with proceeds of its

subordinated convertibles notes issued in March 2011 and due in March

2016, during April and May of 2015 we amended a portion of the capped

calls with the purpose of unwinding the position. As a result, during April

and May CEMEX received US$41 million in cash, equivalent to the

unwind of 32.4% of the total notional amount of such capped call.

2015 Second Quarter Results Page 16

Definitions of terms and disclosures

Methodology for translation, consolidation, and presentation of Free cash flow equals operating EBITDA minus net interest expense, results maintenance and strategic capital expenditures, change in working Under IFRS, beginning January 1, 2008, CEMEX translates the financial capital, taxes paid, and other cash items (net other expenses less statements of foreign subsidiaries using exchange rates at the reporting proceeds from the disposal of obsolete and/or substantially depleted date for the balance sheet and the exchange rates at the end of each operating fixed assets that are no longer in operation and coupon month for the income statement. CEMEX reports its consolidated results payments on our perpetual notes). in Mexican pesos. Maintenance capital expenditures investments incurred for the purpose of ensuring the company’s operational continuity. These include capital For the reader’s convenience, beginning June 30, 2008, US dollar expenditures on projects required to replace obsolete assets or maintain amounts for the consolidated entity are calculated by converting the current operational levels, and mandatory capital expenditures, which nominal Mexican peso amounts at the end of each quarter using the are projects required to comply with governmental regulations or average MXN/US$ exchange rate for each quarter. The exchange rates company policies. used to convert results for the second quarter of 2015 and the second Net debt equals total debt (debt plus convertible bonds and financial quarter of 2014 are 15.47 and 12.97 Mexican pesos per US dollar, leases) minus cash and cash equivalents. respectively. Operating EBITDA equals operating earnings before other expenses, net, plus depreciation and operating amortization.

Per-country/region figures are presented in US dollars for the reader’s pp equals percentage points convenience. Figures presented in US dollars for Mexico, as of June 30, Prices all references to pricing initiatives, price increases or decreases, 2015, and June 30, 2014, can be converted into their original local refer to our prices for our products currency amount by multiplying the US-dollar figure by the Strategic capital expenditures investments incurred with the purpose of corresponding average exchange rates for 2015 and 2014, provided increasing the company’s profitability. These include capital below. expenditures on projects designed to increase profitability by expanding capacity, and margin improvement capital expenditures, which are Breakdown of regions projects designed to increase profitability by reducing costs.

Northern Europe includes operations in Austria, the Czech Republic, Working capital equals operating accounts receivable (including other France, Germany, Hungary, Ireland, Latvia, Poland, and the United current assets received as payment in kind) plus historical inventories Kingdom, as well as trading operations in several Nordic countries. minus operating payables.

The Mediterranean region includes operations in Croatia, Egypt, Israel,

Spain, and the United Arab Emirates. Earnings per ADS

The number of average ADSs outstanding used for the calculation of earnings The South, Central America and the Caribbean region includes per ADS was 1,344.0 million for the second quarter of 2015; 1,333.5 million CEMEX’s operations in Argentina, Bahamas, Brazil, Colombia, Costa for year-to-date 2015; 1,304.2 million for the second quarter of 2014; and Rica, the Dominican Republic, El Salvador, Guatemala, Haiti, Jamaica, 1,291.8 million for year-to-date 2014.

Nicaragua, Panama, Peru, and Puerto Rico, as well as trading operations in the Caribbean region.

The Asia region includes operations in Bangladesh, China, Malaysia, According to the IAS 33 Earnings per share, the weighted-average number of the Philippines, Taiwan, and Thailand. common shares outstanding is determined considering the number of days during the accounting

period in which the shares have been outstanding, including shares derived from corporate events that have modified the stockholder’s equity structure during the period, such as increases in the number of shares by a public offering and the distribution of shares from stock dividends or recapitalizations of retained earnings and the potential diluted shares (Stock options, Restricted Stock Options and Mandatory Convertible Shares). The shares issued as a result of share dividends, recapitalizations and potential diluted shares are considered as issued at the beginning of the period.

Definition of terms

Exchange rates January—June Second Quarter Second Quarter

2015 2014 2015 2014 2015 2014

Average Average Average Average End of period End of period

Mexican peso 15.27 13.10 15.47 12.97 15.71 12.97

Euro 0.9025 0.7304 0.9029 0.7297 0.8973 0.7302

British pound 0.6539 0.5971 0.6457 0.5923 0.6363 0.5844

Amounts provided in units of local currency per US dollar.

2015 Second Quarter Results Page 17