June 4, 2004

CEMEX, S.A. de C.V. (NYSE: CX) announced today the completion of its stock dividend program. A total of 75,433,165 CPOs were issued on June 4, 2004 and distributed to 96% of shareholders. The remaining 4% of shareholders elected to receive a cash payment of MXP 2.35 per CPO (MXP 11.75 per ADS) in lieu of the stock dividend, for a total of approximately MXP 160 million (US$14 million) to be paid by CEMEX.

Under this stock dividend program, CEMEX shareholders received one new CPO for each 22.608 CPOs held (each representing two series A shares and one series B share). CEMEX shareholders had the option to receive a cash payment of MXP 2.35 per CPO in lieu of the stock dividend.

CEMEX is a leading global producer and marketer of cement and ready-mix products, with operations concentrated in the world's most dynamic cement markets across four continents. CEMEX combines a deep knowledge of the local markets with its global network and information technology systems to provide world-class products and services to its customers, from individual homebuilders to large industrial contractors. For more information, visit www.cemex.com.

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