CEMEX

Advising CEMEX in relation to the issue of US$1.5 billion fixed-to-floating perpetual callable debentures in two tranches to be issued by C5 Capital (SPV) Limited and/or C10 Capital (SPV) Limited (special purpose vehicles incorporated with limited liability in the British Virgin Islands) and to be listed on the Irish Stock Exchange.

CEMEX is the third-largest cement producer in the world based on production capacity of approximately 97 million metric tons in more than 50 countries. During 2005, revenues and EBITDA reached US$15.3 billion and US$3.6 billion, respectively, and the largest contributors to cash flow (EBITDA) were as follows: Mexico, 33%; the United States, 27%; and Spain, 11%. Approximately 85% of consolidated EBITDA was earned from investment-grade countries.

Ogier acted alongside Sullivan & Cromwell LLP, New York in advising CEMEX on the transaction. Ogier partner Duncan Smith lead for the firm, with partner Simon Schilder and associate Rachael McDonald assisting.