November 16, 1999

CEMEX, S.A. de C.V. (NYSE: CX) announced today that it has filed a registration statement with the Securities and Exchange Commission for an offering to its shareholders of non-transferable rights to subscribe for up to 110 million Appreciation Warrants (the “warrants”).

Each warrant will entitle its holder to receive the benefits of future appreciation in CEMEX CPOs beyond a target price and within certain limits. The appreciation, if any, will be paid in the form of CEMEX CPOs. The warrants, structured in the European style (exercisable at maturity), have a three-year life.

CEMEX´s board of directors and employees will be offered, at the same price, any warrants that are not purchased by shareholders. The offering is expected to be completed before year-end.

Application will be made for the warrants to trade simultaneously on the New York Stock Exchange in the form of American Depositary Warrants, and on the Bolsa Mexicana de Valores (BMV).

Salomon Smith Barney Inc. will act as dealer-manager for the offering, and Goldman, Sachs & Co. will act as co-dealer-manager for the offering. When publicly available, shareholders may obtain a copy of the prospectus relating to the offering from Georgeson Shareholder Communications Inc., the information agent for the offering. The information agent´s toll free telephone number is (800) 223-2064.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but is not yet effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall not there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful before registration or qualification under the securities laws of any such State.

Founded in 1906, CEMEX is one of the three largest cement companies in the world with approximately 61 million metric tons of production capacity. Through operating subsidiaries positioned in three different continents, CEMEX is engaged in the production, distribution, marketing and sale of cement, ready-mix concrete, aggregates and clinker. In addition, the company is the world´s leading producer of white cement and the world´s largest trader of cement and clinker.