Republic Cement Additional Listing

March 12, 1998 PSE CIRCULAR FOR BROKERS NO. 357-98 SUBJECT : Republic Cement Additional Listing Please be informed that on September 4, 1997, the Exchange approved subject to the actual exercise of the warrants, the listing application of REPUBLIC CEMENT CORPORATION (the "Company") to list 63,284,628 common shares, with a par value of P1.00 per share, to cover the 40% stock dividend due to warrantholders of record as of April 18, 1996. Likewise, on January 12, 1998, the Exchange approved 489,984,950 common shares, with a par value of P1.00 per share, consisting of 405,900,843 common shares covering the 50% stock dividend due to stockholders of record as of November 28, 1997, on the issued and outstanding shares and 84,084,107 common shares representing the 50% stock dividend on the 120,120,153 underlying common shares of the unexercised warrants and the latter's corresponding 40% stock dividend. The approval, however, of the 84,084,107 common shares is subject to the actual exercise of the said warrants. cdlex In connection with this, please be advised that from February 14 to March 10, 1998, the Company has received notice from warrantholders for the exercise of 3,289,156 warrants. These warrantholders are entitled to a total of 3,618,055 common shares consisting of 1,315,655 common shares and 2,302,400 common shares to cover the 40% and 50% stock dividend declarations, respectively. Furthermore, the Company's stock transfer agent, Arsel Development Corporation, shall issue stock certificates for fractional shares resulting from the declaration of stock dividends. Said fractional shares shall then be offered for sale in the market, the proceeds of which shall be divided proportionately to the affected shareholders. In view of this, please be informed that a total of 40 common shares will likewise be listed. This consists of 23.4 common shares and 16.6 common shares corresponding to the fractional shares of the 40% and 50% stock dividend for warrants exercised for the period of February 4 to 13, 1998 and February 14 to March 10, 1998 respectively. In view thereof, the listing of the 3,618,095 common shares is set for Friday, March 20, 1998 . For your information and guidance. (SGD.) MARIA ISABEL T. GARCIA Head, Listing and Disclosures Group