Upon completion of the Share Exchange Offer, Titan Cement International S.A. will reduce its share capital by an amount of € 150 million, with effect immediately upon the closing of the Share Exchange Offer, which will result in a repayment of capital contributions to the shareholders in the amount of € 150 million, in one or more tranches, at a time to be decided by the Board of Directors. Such capital reduction will occur without cancellation of shares.

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