June 24, 2002

• CEMEX consolidates its global corporate branding strategy

CEMEX S.A. de C.V. (NYSE: CX) announced today that the legal name of its Spanish subsidiary, formerly known as Compañía Valencia de Cementos Pórtland S.A., changes to CEMEX España S.A. The Board of Directors approved this decision during Compañía Valencia de Cementos Pórtland S.A. shareholders meeting, held today.

Along with the new legal name, CEMEX España will have a renewed graphic identity, including its logo.

This decision coincides with CEMEX's tenth anniversary in Spain, and it is the completion of a three-year long corporate identity strategy to integrate all of its global operations under the same brand, as well as to foster a common culture among its employees all over the world.

CEMEX España has been part of CEMEX's global network since 1992, and it has distinguished itself for its continued leadership in the cement, ready-mix concrete and mortar production and marketing business within the Spanish market. Its leadership is due to the company's sustained investment in the most advanced production and information technologies, which allows it to offer the best products and services to its clients, and to its unwavering commitment to social responsibility and the well being of its neighboring communities.

In Spain, the company's products reach 70% of the domestic market, and it has eight cement factories, 80 ready-mix concrete plants, nine mortar operations, 15 gravel quarries, and two milling facilities. CEMEX España also exports part of its production through the 26 maritime terminals that it owns.

CEMEX España subsidiaries Hormicemex and Aricemex will maintain their legal names, but will modify the logos and graphic identity in their three business units: concrete, aggregates, and ready-mix concrete products. As of today, these three business units will be known as CEMEX Hormigón, CEMEX Morteros and CEMEX Áridos.

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 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.