PSE Circular for Brokers No. 406-98

March 19, 1998 PSE CIRCULAR FOR BROKERS NO. 406-98 March 18, 1998 PHILIPPINE STOCK EXCHANGE Exchange Center, Exchange Road Ortigas Center, Pasig City Attention : Compliance Monitoring & Listings Group Gentlemen : We are pleased to inform you that the Securities and Exchange Commission has approved on March 17, 1998 our request to exempt the 200,000,000 new common shares that Republic Cement Corporation is going to issue to South Western Cement Ventures, Inc. The issuance is pursuant to a right entitling South Western Cement Ventures, Inc. to convert to 200,000,000 common shares the convertible note that Republic Cement Corporation issued on February 19, 1998. A copy of SEC Resolution No. 010, Series of 1998 is herewith attached for ready reference. prLL We would like also to report to the Exchange that Arsel Development Corporation, the Transfer Agent of Republic Cement Corporation has agreed to issue to South Western Cement Ventures, Inc. the corresponding stock certificate covering the 200,000,000 shares pending approval by the Exchange of our application to list the shares provided, that the shares shall not be traded until seven (7) days from date of approval of our listing application. We trust we have adequately complied with your rules on corporate disclosure. Very truly yours, REPUBLIC CEMENT CORPORATION (SGD.) EDGARDO V. PAJAO Assistant Corporate Secretary