PSE Circular for Brokers No. 198-99

February 2, 1999 PSE CIRCULAR FOR BROKERS NO. 198-99 February 2, 1999 PHILIPPINE STOCK EXCHANGE DISCLOSURE DEPARTMENT PSE Center, Exchange Road Ortigas Center, Exchange Road Fax No. 637-8811 Attention: Ms . Luis W . Buenaventura Supervisor Ms . Raquel R . Angeles Assistant RE : Alsons Cement Corporation Gentlemen : We reply to your request for confirmation/clarification on the new article which appeared in the Manila Times on January 29, 1999, entitled "Alsons unit seeks debt restructuring". In view of the current Asian financial crisis which has hit the local construction industry particularly hard, and which has resulted in a significant drop in cement selling prices, the Corporation has requested to meet with its long-term creditors on February 4, 1999. The purpose of the meeting is to commence discussion with the Corporation's long-term creditors in order to determine the way in which the Corporation's future debt service obligations can be managed. At the meeting, the Corporation shall apprise its creditors of the Corporation's financial situation and financial projections, and put forward its proposals on how the debt service obligations of the Corporation can be dealt with. We shall promptly disclose, as may be required by the Securities and Exchange Commission's Disclosure Rules and the Philippine Stock Exchange Disclosure Rules, the results of the Corporation's discussions on the abovesaid matters. Very truly yours, ALSONS CEMENT CORPORATION By: ANTONIO A. PICAZO Corporate Secretary (SGD.) MA. ALLEN M. MORALLOS Assistant Corporate Secretary