Concrete Aggregates Corporation

July 1, 1998 PSE CIRCULAR FOR BROKERS NO. 1475-98 June 29, 1998 PHILIPPINE STOCK EXCHANGE PSE Center Exchange Road, Ortigas Center Pasig City Attention: Compliance & Surveillance Department RE : Concrete Aggregates Corporation Gentlemen : This is to confirm our telephone advice to you earlier today that the Board of Directors of Concrete Aggregates Corporation (the "Corporation"), at its meeting held today, approved the resolutions authorizing: (1) the Corporation to spin-off and transfer its concrete aggregates business (including all related assets and liabilities) to a wholly-owned subsidiary to be created for the purpose ("Newco") in exchange for shares of Newco; (2). the Corporation to amend its Articles of Incorporation to change: (a) Its primary purpose clause to read as follows: "To invest in, purchase, or otherwise acquire and own, hold, use, lease, franchise, license, work, improve, divide, sell, assign, transfer, mortgage, pledge, exchange, or otherwise handle, deal in, and dispose of real and personal property of every kind and description, including shares of stock, bonds, debentures, notes, evidences of indebtedness, and other securities or obligations of any other corporation or association, domestic or foreign and to pay therefor in money or by exchanging therefor stocks, bonds, or other evidences of indebtedness or securities of this or any other corporation and, while the owner or holder of any such real or personal property, stocks, bonds, debentures, contracts, or obligations, to receive, collect and dispose of the interest, dividends, and income arising from such properties, and to possess and exercise in respect thereof all the rights, powers, and privileges of ownership, without engaging in the stock brokerage business or as dealer of securities. "; and (b) its corporate name to "CAC Holdings Corporation"; and (3) the Management of the Corporation, and in particular the President, Mr. Francisco Ortigas III, be, as it/he is hereby, authorized to discuss the proposals of persons and entities who have expressed interest in acquiring the shares of Newco that the Corporation will obtain (as a result of the aforementioned spin-off and transfer of the Corporation's concrete aggregates business to Newco) with such persons and entities and to explore whether any of such proposals may be beneficial for the Corporation. cdlex Very truly yours, CONCRETE AGGREGATES CORPORATION By: (SGD.) FRANCISCO ORTIGAS III