January 24, 2000

CEMEX, S.A. de C.V. (NYSE: CX) announced today that it has entered into shareholder and subscription agreements with three additional institutional investor groups that will participate in CEMEX Asia Holdings Ltd. (“CAH”), a CEMEX subsidiary created to take advantage of attractive acquisition opportunities in Asian cement-related assets.

The three new investor groups, which will commit capital of US$106 million to CAH, are the Asia Equity Infrastructure Fund, L.P., Capital International Asia CDPQ Inc., and a consortium of investors led by Navis Capital Partners.

In 1999, investor groups committed US$165 million to CAH, led by the AIG Asian Infrastructure Fund II, L.P., GIC Special Investments Pte Ltd., the private equity arm of the Government of Singapore Investment Corporation Pte Ltd, and Metropolitan Life Insurance Company.

CEMEX will commit up to US$929 million of capital. CAH has total committed equity capital of US$1.2 billion.

As its initial transaction in September of 1999, CAH used a portion of its committed capital to acquire from CEMEX its economic interests in Rizal Cement and APO Cement, both cement companies in the Philippines. As a result of the inclusion of the three new investor groups into CAH, CEMEX´s economic interests in Rizal will be reduced to close to 54%, and its economic interests in APO will be reduced to approximately 77%. The current transaction is expected to close during the first quarter of 2000.

As a result of the current transaction, CEMEX will receive around US$56 million in the first quarter of 2000 as compensation for the reduction of its participation in the assets currently held by CAH and will use the funds to reduce debt.

CEMEX will receive a technical assistance fee from the operating affiliates of CAH as consideration for its role in supporting the acquired assets and for contributing its industry expertise.

Lazard Fr貥s & Co. LLC acted as CEMEX´s exclusive financial advisor and placement agent for CAH.

The Asia Equity Infrastructure Fund, LP (AEIF) is a US$355 million fund established to make equity investments in infrastructure projects and infrastructure-related industries in the Asia-Pacific region. The core investors in AEIF include Capital International Asia CDPQ Inc., the Asian Development Bank and AMP Life Ltd of Australia. Other limited partners comprise a select group of private and institutional investors from Europe, Japan, North America as well as Latin America.

Capital International Asia CDPQ Inc. (“CDPQ Asia”) is a wholly owned subsidiary of Caisse de Depot et Placement du Quebec (“the Caisse”) based in Montreal. The Caisse is a leading fund manager in Canada and among the largest portfolio managers in North America with over C$100 billion in total assets under management.

Delta Associates acted as principal advisor to both AEIF and CDPQ Asia in the transaction.

The Navis consortium is comprised of Navis Capital Partners, BancBoston Investments Inc., Orchid Asia Holdings, LLC., and GIMV N.V. Navis Capital Partners is an Asia-focused investment company established by former senior executives of The Boston Consulting Group. Navis manages funds for global institutions and investors and provides both capital and strategic and management expertise to investee companies.

Founded in 1906, CEMEX is one of the three largest cement companies in the world with approximately 65 million metric tons of production capacity. Through operating subsidiaries positioned in four continents, CEMEX is engaged in the production, distribution, marketing and sale of cement, ready-mix concrete, aggregates and clinker. In addition, CEMEX is the world´s leading producer of white cement and the world´s largest trader of cement and clinker.