September 16, 1999

CEMEX, S.A. de C.V. (CEMEX) announced today that the board of directors of its Spanish subsidiary Compañía Valenciana de Cementos Portland, S.A. (Valenciana) agreed on a proposal to delist its shares from the Madrid stock exchange.

An extraordinary shareholder´ meeting has been called for October 18th. During this meeting shareholders will be asked to approve a tender offer for Valenciana to delist its shares. The board of directors expects that the tender offer price will be in the range of 1,880 to 2,080 Spanish pesetas per share. The final price will be decided upon in the meeting and then submitted to the CNMV for its approval.

CEMEX, through its subsidiaries, controls 97.86% of Valenciana.

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.