Southeast Asia Cement Holdings, Inc.

May 11, 1999 PSE CIRCULAR FOR BROKERS NO. 1039-99 SUBJECT : Southeast Asia Cement Holdings, Inc . This is with reference to Circular No. 265-99 dated February 12, 1999 relative to Southeast Asia Cement Holdings. Inc.'s ("CMT") reduced stock dividend percentage, from 6% to 5.025774469%, to stockholders of record as of December 11, 1998. As previously disclosed, at the time of the stockholders' meeting of the company on June 24, 1998, the amount of 6% was equivalent to 305,810,000 Common Shares based on the 5,096,833,330 outstanding capital stock of CMT on the said date. By the record date, however, the outstanding capital stock of CMT was already 6,084,833,330. Notwithstanding this increase in the company's outstanding capital stock, the Securities and Exchange Commission (SEC) limited the stock dividend to a fixed number of 305,810,000 shares or only 5.025774469% of the company's 6,084,833,330 outstanding capital stock as of record date. In view thereof, the Board of Directors of the company, in a meeting held on May 6, 1999, approved the declaration of 0.974225531% stock dividend to bring up to 6% the 5.025774469% stock dividend to stockholders of record as of December 11, 1998. aisadc For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO