December 20, 2001

CEMEX, S.A. de C.V. (NYSE: CX), one of the largest cement companies in the world, announced today the final results of the voluntary public exchange offer of its appreciation warrants and American Depositary Warrants (ADW).

Of the total 105,000,000 warrants originally issued, 103,790,945 were tendered in exchange for the new warrants.

The new warrants are expected to begin trading simultaneously on December 21, 2001 on the New York Stock Exchange in the form of ADWs (NYSE: CX.WSB), and on the Bolsa Mexicana de Valores (BMV: CMX412E-DC062).

Salomon Smith Barney, Inc. acted as dealer-manager for the U.S. and international portions of the exchange offer and Acciones y Valores de Mexico, S.A. de C.V. acted as dealer-manager for the exchange offer in Mexico.

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.