Davao Union Cement Corporation

November 11, 1999 PSE CIRCULAR FOR BROKERS NO. 2866-99 SUBJECT : Davao Union Cement Corporation Further to Circular No. 2464-99 dated September 30, 1999, Davao Union Cement Corporation ("DUC") furnished the Exchange a copy of its Definitive information Statement, together with the Plan of Merger among DUC, Hi Cement Corporation and Bacnotan Cement Corporation, in connection with its Annual Stockholders' Meeting which will be held on November 24, 1999 , at 4:00 p.m., at the Grand Ballroom, New World Renaissance Hotel Esperanza St., corner Makati Avenue, Makati City. The agenda of the meeting shall be as follows: 1. Call to order 2. Proof of notice and determination of quorum llcd 3. Minutes of previous meeting 4. Annual Report of Management LibLex 5. Plan of Merger 6. Change of Accounting Period prcd 7. Change of Date of Annual Stockholders' Meeting LexLib 8. Election of Directors 9. Appointment of Auditors 10. Other Matters LibLex 11. Adjournment LexLib As previously announced, stockholders of record as of October 22, 1999 are entitled to notice of, and to vote at, said meeting. A copy of DUC's Definitive Information Statement including the Plan of Merger among DUC, Hi Cement Corporation and Bacnotan Cement Corporation is available for reference at the PSE Centre and PSE-Plaza Libraries. For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO