December 10, 1999

CEMEX, S.A. de C.V. (NYSE: CX) announced today the final results of the Appreciation Warrants offering. The warrants were offered to CEMEX´s ADS holders in the form of American Depositary Warrants ("ADWs"). Each ADW will represent five warrants.

A total of 105,000,000 warrants were subscribed. Shareholders elected to subscribe to 54,090,000 warrants and the company´s management and Directors subscribed 50,910,000 warrants.

The warrants are expected to begin trading simultaneously on December 13th, 1999 on the New York Stock Exchange in the form of ADWs (NYSE: CX.WS), and on the Bolsa Mexicana de Valores (BMV: CMX212E-DC059).

Salomon Smith Barney Inc. acted as dealer-manager for the international portion of the offering. Acciones y Valores de Mexico, S.A. de C.V. Casa de Bolsa acted as dealer-manager for the offering in Mexico.

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 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.