Alsons Consolidated Resources, Inc.

November 11, 1999 PSE CIRCULAR FOR BROKERS NO. 2872-99 SUBJECT : Alsons Consolidated Resources, Inc . In reply to the Exchange's query with regard to the effects of the closure of the National Steel Corporation ("NSC") on the operations and financial activities of Alsons Consolidated Resources, Inc. ("ACR"), considering that its subsidiary, Refractories Corporation of the Philippines ("RCP") is a supplier of the NSC, ACR advised that: llcd ". . . Refractories Corporation of the Philippines (RCP), a corporation engaged in the manufacturing of refractories. The participation of ACR in RCP is through RCP Holdings, Inc. where ACR has controlling interest. Please be further informed that while the closure of NSC will translate to reduced sales volumes and profits for RCP it will not significantly impact on the overall financial performance of ACR. Historically, RCP's contribution to the consolidated revenues of ACR has averaged only 4.5%. It is the Energy and Power business that will continue to provide ACR with the steady-stream of revenues and profits. For your information. llcd (SGD.) MARIA ISABEL T. GARCIA OIC, Listings & Disclosure Group