Summary

Juan Fernández-Armesto - President
Fernando Salazar-Paredes - Arbitrator
Eduardo Zuleta - Arbitrator

78

FINAL AWARD ON DAMAGES

1. INTRODUCTION

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11. On November 16, 2011, CIMSA initiated arbitration proceedings against GCC and Grupo.

12. The place of arbitration is the municipality of La Paz, Bolivia'. The language is Spanish'. The applicable law is Bolivian law', and the proceedings are governed by the Rules of Procedure of the CIAC, [hereinafter, the ""CIAC Rules"], in accordance with the Arbitration Agreement. The CIAC Rules have been in effect since April 1, 2002, and include the amendments introduced as of July 1, 2008.

13. In Procedural Order ["PO"] No. 1 the Parties and the Tribunal agreed on the division of the proceedings into two stages. In PO No. 3 the Court determined that in the first stage, questions of a legal nature would be analyzed while in the second stage, matters related to damages, costs, and interest would be resolved [hereinafter, the two stages of the proceedings will be referred to as the "First Stage" and the "Second Stage"].

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XIV DECISION

377. For the reasons set out above, the tribunal unanimously adopts the following decisions:

1. It jointly and severally orders GCC LATINOAMERICA, S.A. DE C.V. and GRUPO DE CEMENTOS DE CHIHUAHUA, S.A.B. to pay US$ 34,129,893.50 to COMPANIA DE INVERSIONES MERCANTILES S.A. for the damages caused by the breach of the 2005 Agreement.

2. It jointly and severally orders GCC LATINOAMERICA, S.A. DE C.V. and GRUPO DE CEMENTOS DE CHICHUAHUA, S.A.B. DE C.V. to pay US$ 450,000 and US$ 1,559,329.37 for Proceedings Costs and Defense Counsel Expenses, respectively.

3. It jointly and severally orders GCC LATINOAMERICA, S.A. DE C.V. and GRUPO DE CEMENTOS DE CHICHUAHUA, S.A.B. DE C.V. to pay interest on the amounts ordered to be paid pursuant to this Award, accrued from the date of the Award until the payment date, calculated based on a 6% per year interest rate.

4. It dismisses any other claims brought by the Parties.

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DECISION ON THE INTERPRETATION AND CORRECTION OF THE FINAL ARBITRAL AWARD ON DAMAGES

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For the aforementioned reasons, the Arbitral Tribunal unanimously adopts the following Decision on the interpretation and correction of the Final Partial Arbitral Award on Damages:

1. It dismisses the Request for Interpretation and/or Issue of an Additional Arbitral Award in its entirety.

2. It partially sustains the Parties' requests for correction, and corrects the Final Partial Arbitral Award on Damages as reflected in Attachment I hereto.

3. It dismisses the Respondents' request for correction that affects the calculation performed in para. 317 of the Arbitral Award.

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