Zeus Holdings, Inc.

June 11, 1998 PSE CIRCULAR FOR BROKERS NO. 1309-98 SUBJECT : Zeus Holdings, Inc . Zeus Holdings, Inc. ("ZHI") clarified to the Exchange, in a letter dated June 10, 1998, the attached news article published in June 10, 1998 issue of Today, which reported of several items not included in their disclosure-letter dated June 9, 1998 in connection with the acquisition of a 57% stake by Blue Circle Industries, Inc. ZHI in said letter explained that: ". . . Far East Cement Corporation and Eagle Cement Corporation were the source of the information contained in the 9 June 1998 disclosure of Zeus Holdings, Inc. (the "Company"). As of this date, the information contained in the disclosure is all that is known to the Company which is not a party to the transaction between Far East, Eagle and Blue Circle. In any event, we have referred your letter to Far East and Eagle. The Company has not been informed, and is not aware, of the reported sale by the Guoco Group of 16% equity in the Company to Blue Circle, nor of the amount involved in Blue Circle's purchase of the Company's shares. We also wish to clarify that contrary to the news article attached to your Fax Message, there is nothing in the Company's disclosure which states that Far East and Eagle are owned by Mr. Benjamin Bitanga." For your information. (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group UK firm buys into Fortune Cement, Zeus BUSINESSMAN Benjamin Bitanga of Asian Appraisal Holdings, Inc. expects to earn over P2 billion from the sale of his interests in holding concern Zeus Holdings Inc. and cement firm Fortune Cement Corp. (FCC) to British firm Blue Circle Industries Plc. In a disclosure to the Philippine Stock Exchange (PSE), Zeus Holdings corporate secretary Gemma Santos said building materials maker Blue Circle industries will acquire a 57-percent stake in Zeus Holdings by buying out the interest of Far East Cement Corp. and Eagle Cement Corp., both owned by Bitanga. Santos said the sale involving Bitanga's companies will be closed by July 1 upon the fulfillment and satisfaction of certain conditions which she did not disclose. Blue Circle will also purchase the 16-percent interest of the Guoco Group in Zeus Holdings. With it, Blue Circle's total stake in the holding company will reach 73 percent. Blue Circle will also spend P1.27 billion, or of 19.8 million, for the purchase of its interest in Zeus Holdings. Zeus Holdings, which owns 99.88 percent of Mindanao Portland Cement Corp., is an active participant in the cement manufacturing industry. Mindanao Portland, which currently operates a one-million metric ton cement plant, is planning to put up a four-million mt cement plant in San Ildefonso, Bulacan. Zeus Holdings, formerly known as JR Garments, was incorporated in 1981 to engage in the garment manufacturing business. Bitanga took over the company in 1986. It raised its capital stock to P3 billion from the current P100 million through the infusion of the cement assets of Far East Cement and Eagle Cement. Bitanga, through Far East Cement, will also sell his 20-percent interest in FCC which is controlled by retail magnate Henry Sy through SM Investments Corp. Blue Circle is expected to shell out P1.44 billion, or 22.5 million, for the acquisition of a 20-percent interest in fortune Cement. Fortune Cement operates a 1.8 million mt cement plant in Taysan, Batangas. It supplies cement in the Southern Luzon region. Blue Circle is expected to spend a total of P2.71 billion, or 42.5 million, on acquiring shoreholdings in Zeus Holdings and FCC. Earlier, it bought the 21-percent interest of the Aboitiz Group in another publicly held Republic Cement Corp. Blue Circle is positioning itself for the solid recovery of the local cement industry within the next few years. The Company, with the acquisition of interest in three local cement companies, hopes to corner an 18-percent share of the 3.6-million-mt cement market in the Philippines. L. Agcaoili