PSE Circular for Brokers No. 230-99

February 8, 1999 PSE CIRCULAR FOR BROKERS NO. 230-99 February 5, 1999 PHILIPPINE STOCK EXCHANGE DISCLOSURE DEPARTMENT PSE Center, Exchange Road Ortigas Center, Pasig City Fax No. 637-8811 Attention: Ms . Luisa W . Buenaventura Supervisor Ms . Raquel R . Angeles Assistant RE : Alsons Cement Corporation Gentlemen : Please be advised that the meeting of Alsons Cement Corporation Alcems with its long term creditors (the "Creditors") held on February 4, 1999. Alcem presented to the Creditors a financial plan (the "Finplan") to address financial concerns brought about by the Asian financial crisis, industry over-capacity, and the slump in cement sales volume and prices. The above plan proposed ways to reduce costs, improve efficiencies, develop the export market, a refinancing by Creditors of principal amortizations falling due in the next three (3) years, and extension of additional financial support from shareholders upon agreement on a final financial plan with Creditors. The Creditors were requested to discuss and consider the, Finplan and to have continuous consultations and exchange of ideas with Alcem to arrive at a final financial plan. Thank you. Very truly yours, (SGD.) MA. ALLEN MORALLOS-ARBIS Assistant Corporate Secretary