PSE Circular for Brokers No. 2610-98

November 19, 1998 PSE CIRCULAR FOR BROKERS NO. 2610-98 November 18, 1998 Philippine Stock Exchange, Inc. Phil. Stock Exchange Centre Exchange Road, Pasig FAX No. 634-2051/634-5113 Attention: Mr . Reynold P . Ong Vice-President, Listing & Disclosure Group Gentlemen : Please be informed that in the annual shareholders meeting of Hi Cement Corporation held in the late afternoon of November 17, 1998, the following were approved: (1) The increase in the authorized common capital stock of the corporation from P1.225 billion to P4.250 billion consisting of 3.025 billion common shares at the par value of P1.00 per share, with a primary offering of common stock amounting to about P1.6 billion from the increase in the authorized capital stock to be made to shareholders under terms and conditions as may be determined by Management to be in the best interests of the corporation; (2) The amendment of Article Seventh of the Amended Articles of Incorporation to reflect the aforesaid increase; aisadc (3) The issuance, on a pre-emptive basis to all shareholders of record, of convertible debt instruments in the maximum amount of P770 million under such terms and conditions as Management may deem to be in the best interests of the corporation; (4) The election of the following directors of the corporation: Ramon V. del Rosario Oscar J. Hilado Magdaleno B. Albarracin, Jr. Peter Assam Jose L. Cuisia, Jr. Jorge J.L. de Leon Ramon R. del Rosario, Jr. Victor J. del Rosario Noel D. Vasquez, SJ Angelito C. Imperio Miguel A. Magsaysay Reynaldo V. Paulino Birger Riisager Filomeno G. Francisco Alfredo M. Velayo (5) The appointment of SGV and Co. as the auditors of the corporation; and, prLL (6) The renewal of the Management Contract with Philippine Investment-Management Consultants (PHINMA), Inc. for a period of five years from the start of the current fiscal year. Very truly yours, (SGD.) JUAN J. DIAZ Corporate Secretary