June 14, 2004

CEMEX, S.A. de C.V. (NYSE: CX) announced today that it expects EBITDA for the quarter ending June 30, 2004 to exceed US$610 million, an increase of 11% versus the year earlier period, while operating income is expected to exceed US$450 million. For the second quarter, CEMEX expects revenue of more than US$1.9 billion. For the first six months of the year, CEMEX expects EBITDA to be about US$1.17 billion and revenue of about US$3.7 billion, a growth of 15% and 6% respectively.

Rodrigo Treviño, Chief Financial Officer, said: "We are pleased by our consolidated performance for the first half of 2004, which allows us to reiterate our full year 2004 guidance of double digit growth in EBITDA and free cash flow growth in the high-teens. Consistent with our preference towards de-leveraging in the short term until attractive investment opportunities arise, we will continue to strengthen our capital structure during the second half of 2004, which would enable us to achieve a two times leverage ratio by the end of the year".

For the second quarter, CEMEX Mexico's domestic gray cement volume is expected to be flat to minus one percent versus the same quarter a year ago and is expected to be 3% higher for the first six months of the year versus the same period a year ago. Stable demand from the self-construction sector during the quarter coupled with a strong second quarter a year ago - which was primarily driven by pre-electoral spending - is expected to result in flat cement demand for the quarter. Given this performance in volumes for the first half of the year, we expect volume growth in Mexico to be about 4% for the full year 2004.

Cement sales volumes for CEMEX's operations in the United States are expected to increase 10% in the second quarter versus the same quarter of last year. The acquisition of the Dixon-Marquette cement plant is estimated to account for about three percentage points of the 10% increase expected for the quarter. For the first six months of 2004 cement volumes are expected to increase 13% versus the same period in 2003, including volumes from the Dixon-Marquette Cement plant. The main drivers of demand during the quarter continue to be the residential and streets and highways sectors while the industrial and commercial sector remains stable but growing versus a year ago.

Cement sales volumes for CEMEX's operations in Spain are expected to decrease by about 1% versus the second quarter of last year and 1% for the first six months of 2004 compared to the same period in 2003. The main driver of cement demand continues to be a strong residential sector, driven by a low interest rate environment and a robust public sector.

Guidance numbers are calculated on the basis of market close exchange rates as of June 11, 2004.

CEMEX is a leading global producer and marketer of cement and ready-mix products, with operations primarily 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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This press release contains forward-looking statements and information that are necessarily subject to risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of CEMEX to be materially different from those expressed or implied in this release, including, among others, changes in general economic, political, governmental and business conditions globally and in the countries in which CEMEX does business, changes in interest rates, changes in inflation rates, changes in exchange rates, the level of construction generally, changes in cement demand and prices, changes in raw material and energy prices, acquisition opportunities, changes in business strategy and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. CEMEX assumes no obligation to update or correct the information contained in this press release.

EBITDA is defined as operating income plus depreciation and amortization. Free Cash Flow is defined as EBITDA minus net interest expense, capital expenditures, change in working capital, taxes paid, dividends on preferred equity and other cash items. Net debt is defined as total debt plus equity obligations minus cash and cash equivalents. All of the above items are presented under generally accepted accounting principles in Mexico. EBITDA and Free Cash Flow (as defined above) are presented herein because CEMEX believes that they are widely accepted as financial indicators of CEMEX's ability to internally fund capital expenditures and service or incur debt. EBITDA and Free Cash Flow should not be considered as indicators of CEMEX's financial performance, as alternatives to cash flow, as measures of liquidity or as being comparable to other similarly titled measures of other companies.

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