September 24, 1999

CEMEX, S.A. de C.V. (NYSE: CX) announced today that it has launched an offering of US$200 million, 9.625% fixed-rate notes (the “notes”) due October 2009.

The notes, rated Ba2 by Moody´s, and BB+ by Standard & Poor´s and Duff & Phelps, will pay interest on April and October of each year, beginning on April 2000. The holders of the notes will have a put option on the fifth anniversary of the issuance of the notes. Under the option, the noteholders will be entitled to require CEMEX to repurchase the notes at par.

CEMEX intends to use the proceeds of the offering to finance the acquisition of up to a 90% interest in Assiut Cement Company, the largest cement producer in Egypt; or, if the acquisition is not completed, for general corporate purposes, including debt refinancing.

The securities offered have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Founded in 1906, CEMEX is one of the three largest cement companies in the world with approximately 60 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.