June 23, 1998

CEMEX, S.A. de C.V. (CMXBY:OTC) today announced the completion of its dividend election program. Nearly 80% of shareholders elected the CPOs, for total of 32,878,217 CPOs issued on June 19, 1998. The remaining 20% of shareholders elected to receive the Ps. 1.00 per share cash dividend, for a total of approximately Ps. 300 million (US$33 million) paid by CEMEX.

Rodrigo Treviño, CEMEX´s Chief Financial Officer, commented, "Our dividend election program was successful in meeting both shareholder and CEMEX objectives. Shareholders were allowed the flexibility to chose the form of dividend payment and most opted for the CPOs. The proceeds will be applied to pay down debt at the holding company level, further strengthening CEMEX´s financial structure."

Under this dividend program, CEMEX shareholders elected to receive a cash dividend of Ps. 1.00 per share or its equivalent in CPOs (representing series A shares) valued at a price of Ps. 33.3333 per CPO (3 new CPOs for every 100 shares of any series), an approximate 11% discount to the closing price on June 18, 1998.

Founded in 1906, CEMEX is the largest cement producer in the Americas and one of the three largest cement producers in the world, with a production capacity of approximately 51 million metric tons per year. CEMEX is the market leader in its operations in Mexico, Spain, Venezuela, Panama, and the Dominican Republic; the company has a significant presence in the markets of Colombia, the Caribbean, the southwest region of the United States of America, and the Philippines.