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This presentation contains certain forward-looking statements and information relating to CEMEX, S.A. de C.V. and its subsidiaries (collectively, “CEMEX”) that are based on the beliefs of its management as well as assumptions made by and information currently available to CEMEX. Such statements reflect the current views of CEMEX with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of CEMEX to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, 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, 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 as anticipated, believed, estimated, expected or targeted. CEMEX does not intend, and does not assume any obligation, to update these forward-looking statements.

UNLESS OTHERWISE NOTED, ALL FIGURES

ARE PRESENTED UNDER MEXICAN GAAP

Copyright CEMEX, S.A. de C.V. and its subsidiaries.

Forward looking information

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CEMEX is a growing global building solutions company that provides consistent quality products and reliable services for customers and communities in more than 50 countries across four continents.

CEMEX strives to improve their well-being based on its passion to do things better and its care for the future.

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CEMEX is one of the leading companies in the building materials industry

> Annual Sales US$15.3 Billion

> One of the top three cement manufacturers in the world

> The world’s leading supplier of ready-mix concrete, and one of the largest producers of aggregates

> Operations in about 50 countries across the Americas, Europe, Africa, the Middle East, and Asia

> Commercial relations with 90 nations

> One of the world’s top traders of cement and clinker

> Over 50,000 employees worldwide

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“CEMEX’s actions enabled (it) to become “good enough” to implement a service guarantee designed to distance its value offering permanently from that of its competitors.” Jim Heskett. Professor at Harvard Business School, author of “The Value Profit Chain”

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We create value for our customers by focusing on their needs

> Dedicated to providing customers with solutions and service, not just products, for example:

> Strong corporate and product brands in all its markets

24/7 Self-serviceFull Service Delivery

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“CEMEX’s ability to continually reinvent both its industry and itself is a testament to the fact that at CEMEX, nothing is ever set in cement.” Gary Hamel. Visiting Professor at London Business School, author of “Leading the Revolution”

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Technology-based Solutions

Our IT platform and standardized processes enable us to identify and share best practices across our global operations network and to extract value from integrated acquisitions

We are always improving to stay at the forefront of our industry

Integrated Ready Mix Management System

(GINCO)

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“The CEMEX leadership team based its management on transparent performance measures to establish trust.”

Gartner. Leading provider of research and analysis on the global IT industry

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Our commitment is to conduct our business with honesty and integrity

CEMEX’s Code of Ethics embodies our commitment to the standards and values that characterize our organization.

Everything we do rests on this foundation.

Our Values:

> Collaboration. To work with others in a collective pursuit of excellence

> Integrity. To act whit honesty, responsibility, and respect at all times

> Leadership. To envision the future and focus our efforts on service, excellence, and competitiveness

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"CEMEX places a strong emphasis on social responsibility and conducts an array of significant programs in community outreach, habitat conservation and environmental stewardship" Dr. Joel Abrams, Chairman of the Jury for The World Environment Center Gold Medal for International Corporate Environmental Achievement 2002.

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CEMEX’s social performance encompasses our efforts to:

> Ensure our employees’ safety and promote a culture of health

> Help employees achieve their career objectives

> Work for the health and development of our communities

> Make safe and effective products

> Maintain integrity in all of our stakeholder interactions

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- Partnered with the Mexican government in the “Piso Firme” program that replaces dirt floors with floors made of our proprietary antibacterial concrete

We care for the needs of our environment and communities

> Strong supporters of innovative community development programs

- In 2002 we were awarded the World Environment Center’s Eighteenth Annual WEC Gold Medal Environmental Achievement

- Leading role in the Cement Sustainability Initiative

> Deep commitment to sustainable development

- Active participation in the conservation of one of the top five remaining wilderness areas in the world

- Yearly publication of conservation books since 1993

- Leaders in developing and deploying flexible energy sourcing programs

> Building environmental awareness

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Slide con cuadro, fotos y Titulo en barra roja: THE CEMEX DIFFERENCE / MSG: Solid Company (fotos q representen)

“CEMEX is a recognized industry leader across several dimensions.”

Gartner. Leading provider of research and analysis on the global IT industry

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In the mid 1980´s, Mexico began to liberalize and to open its economy.

At that time, global cement producers were already undergoing a consolidation process, and some of them intended to enter the Mexican market.

CEMEX, then a small Mexican conglomerate, decided to focus on the cement business—and on growing.

A century old…

Founded in Mexico in 1906, CEMEX has grown from a small regional player to one of the world’s top companies in the industry…

… and still growing

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In 1985 CEMEX’s position was regional and exposed

Limited scale to compete

0

20

40

60Cement capacity

(1985, M Tons)

BCIHol

11

CxLaf Hei Ita Nih Mit Ono DycVoto

Strong presence of global leaders nearby

Holcim presence in North America(1985)

Focus on the Mexican market

CEMEX sales(1985)

Exports9%6.8 M tons

Mexico91%

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At the end of the 80’s, CEMEX redefined its strategic options and strengthened its domestic position1985 - 1990

CEMEX became a national producer and consolidates in the Mexican market.

The same year, CEMEX entered the southern U.S. market

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In the 90’s CEMEX starts its globalization process

Acquisitions in Spain gave CEMEX a key footprint in Europe.

Venezuela, Dominican Republic, Panama.

Started developing PMI capabilities

1991 - 1995

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In the late 90’s, CEMEX consolidates its position as the most efficient global cement company

Colombia and Costa Rica.

Philippines, Indonesia.

Southdown in the U.S. The biggest acquisition by a Mexican company in the history of the U.S.

1996 - 2000

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With the acquisition of RMC Group, CEMEX expands its reach, mainly in Europe…

Thailand

Puerto Rico

RMC Group

Strengthened positions across the value chain

Consolidation as a global building solutions leader

2001 - 2005

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… and transforms into an even more competitive player in each segment of the value chain

Source: Annual Reports 2004

Ready Mix Cement Aggregates

CEMEX 82 MMT

CEMEX 97 MMT

Holcim

Lafarge

Heidelberg

138 MMT

138 MMT

75 MMT

Italcementi 59 MMTCEMEX 24 MM m3

CEMEX 75 MM m3

Holcim

Lafarge

36 MM m3

37 MM m3

Heidelberg

Italcementi

26 MM m3

21 MM m3

Hanson 24 MM m3

CEMEX 170 MMT

Lafarge 234 MMT

Holcim 176 MMT

CEMEX 38 MMT

Hanson 251 MMT

Vulcan 209 MMT

CRH 209 MMT

Martin Marrietta 174 MMT

Rinker 113 MMT

Colas 96 MMT

A global leader in cement, ready-mix concrete, and aggregates

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This globalization strategy represents challenges. How have we overcome them?

The best multicultural human talent in the industry.

A single, global IT platform to support standardized processes.

Timely and accurate information to make the right decisions.

Our broad geographic diversification in markets with different economic cycles enables us to sustain consistently profitable growth, which gives us the financial strength and flexibility to take advantage of market opportunities.

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“CEMEX has […] achieved enviable growth results compared with its key competitors.” Don Marchand. Professor at IMD, Switzerland. Author of “Making the Invisible Visible - How Companies Win with the Right Information, People and IT”

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Our business model is based on profitable growth

> Focus on our core business of cement, ready-mix concrete, and aggregates

> Provide our customers with the best value proposition

> Grow profitably through integrated positions across our industry’s value chain

> Continuously improve our operating efficiency and productivity

> Allocate our capital effectively

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This model has produced good results in challenging times, and great results in good times…

Sales 1985-2005: 22 %EBITDA 1985-2005: 21 %Headcount 11 %

Sales and EBITDAUS$ B

CAGR

… maximizing value through acquisitions and strong organic growth

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… with strong dynamics relative to peer group

Cement Capacity 1990-2004 (Metric Tons)

0 50 100 150

1990 2004

Cement Capacity Compound Annual

Growth Rate (90-04)

AverageEBITDA Margin

(90-04)

10% 22%

6% 27%

10% 31%

11% 18%

9% 25%

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... and shareholder value creation

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005E

(22%) CAGR share price 32%* CAGR share price

ROCE

WACC

14%

12%

10%

8%

6%

* As of September 30, 2005

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In summary, over just more than a decade, CEMEX has consolidated its business model…

Achieved leading positions on four different continents

Produced and sustained high growth

Generated high and stable margins and robust cash flows

Earned the loyalty of thousands of customers.

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…creating value through one of the highest and most profitable growth rates in the industry

Our track record of growth over the past 15 years1

SALESOPERATING INCOMEEBITDAAVG. EBITDA MARGINFREE CASH FLOW2

18%18%17%32%21%

1 Compounded annual growth rates in US dollars from 1990 through 2005

2 Compounded annual growth rate in US dollars from 1994 through 2005

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