Special Advisory: Trinidad Cement Limited (TCL)

Trinidad Cement Limited (TCL) has advised that on January 9, 2017, its Board of Directors was presented with a Notice of Change and Variation issued in Trinidad & Tobago by Sierra Trading (Sierra), an indirect subsidiary of CEMEX, S.A.B. de C.V. regarding their Offer and Take-Over Bid Circular dated December 5, 2016 (the Offer) to all shareholders of TCL to acquire up to 132,616,942 ordinary shares in TCL at a price of TT$4.50 in cash per TCL share. The said Notice of Change and Variation, which took effect on January 9, 2017, announced an increase of the Offer Price from TT$4.50 per TCL share to TT$5.07, with an option for all TCL shareholders to receive payment in US dollars, with the exception of those resident in Barbados, who will be paid in Barbados dollars. The Offer will be open for acceptance in Jamaica until 2:00 pm, Tuesday, January 24, 2017 (subject to any extension of the Offer Period subject to Regulation 16(3) of the Securities [Take-Overs and Mergers] Regulations, 1999). TCL further advised that except as otherwise set forth in the Notice of Change and Variation, the terms and conditions previously set forth in the Offer and Take-Over Bid dated December 5, 2017 continue to be applicable in all respects.