Alsons Consolidated Resources, Inc. Additional Listing

July 23, 1998 PSE CIRCULAR FOR BROKERS NO. 1715-98 SUBJECT : Alsons Consolidated Resources, Inc. Additional Listing The Exchange approved on June 24, 1998, the listing application of ALSONS CONSOLIDATED RESOURCES, INC . ("the Company") to list additional 5,292,000,000 common shares , with a par value of P1 . 00 per share , divided into the following: a) 1,250,000,000 common shares to cover the share for share swap with Alsons Power Holdings Corporation in exchange for 1,500,160 shares of Northern Mindanao Power Corporation. These shares shall come from the increase in the Company's authorized capital stock from P1 billion to P3 billion. Lexlib b) 4,042,000,000 common shares to cover the share for share swap with the Alcantara Group composed of Alsons Corporation, Alsons Development and Investment Corporation, Niacor Corporation, Mr . Nicasio I . Alcantara , and Mr . Felicisimo I . Alcantara , in exchange for the latter's entire shareholdings in Alcem Holdings, Inc., Alsons Cement Corporation, Alsons Land Corporation, and Market Developers, Inc. These shares shall come from the latest increase in the Company's authorized capital stock from P3 billion to P12 billion. cdt Further, the Exchange approved the request for the reduction of the previously listed shares of 1,000,000,000 common shares by 500,000 common shares which represent the unsubscribed and unissued portion of the capital stock but were listed together with the Company's IPO shares in the Manila Stock Exchange on April 12, 1993. In view thereof, the listing of the 5,292,000,000 common shares is set for Friday, July 31, 1998 . Attached is a corporate disclosure from Alsons Consolidated Resources, Inc. on the following: I. Corporate Restructuring II. First Share for Share Swap with Alsons Power Holdings Corporation in exchange for the shares of Northern Mindanao Power Corporation A. Detailed Description of the Transaction aisadc B. Corporate Background of the following: 1) Northern Mindanao Power Corporation 2) Alsons Power Holdings Corporation III. Second Share for Share Swap with the Alcantara Group composed of Alsons Corporation, Alsons Development and Investment Corporation, Niacor Corporation, Mr. Nicasio I. Alcantara, and Mr. Felicisimo I. Alcantara, in exchange for the latter's shareholdings in Alcem Holdings, Inc., Alsons Cement Corporation, Alsons Land Corporation, and Market Developers, Inc. A. Detailed Description of the Transaction B. Financial Highlights of Alsons Consolidated Resources, Inc. C. Corporate Background of the following: 1) Alcem Holdings, Inc. 2) Alsons Cement Corporation 3) Alsons Land Corporation 4) Market Developers, Inc. 5) Alsons Corporation 6) Alsons Development and Investment Corporation 7) Niacor Corporation You may secure copies of the financial statements of the Company and the other parties to the swap for reference from the PSE Library. For your information and guidance. (SGD.) REYNOLD P. ONG Vice President, Listings and Disclosure Group