PSE Circular for Brokers No. 3002-99

November 24, 1999 PSE CIRCULAR FOR BROKERS NO. 3002-99 November 23, 1999 Philippine Stock Exchange, Inc. Phil. Stock Exchange Centre Exchange Road, Pasig FAX No. 636-2051/634-5113 Attention: Mr . Reynold P . Ong Vice President, Listings & Disclosure Group Gentlemen: Please be informed that in the annual shareholders meeting of Hi Cement Corporation held this afternoon, the following were approved: cdlex (1) The Plan of Merger among Hi Cement Corporation, Bacnotan Cement Corporation and Davao Union Cement Corporation, copy of which was already furnished your office with our disclosure letter dated September 14, 1999; cdlex (2) In furtherance of the Plan of Merger, the increase in the authorized common capital stock of the corporation from P4,270,000,000 to P10,000,000,000, the increase to consist of 5,730,000,000 common shares of stock at the par value of P1.00 per share and the corresponding amendment of Article Seventh of the Amended Articles of Incorporation to reflect the increase; (3) Change of name of the Corporation to UNION CEMENT CORPORATION; cdlex (4) Change of accounting period to calendar year; (5) Change of date of annual shareholders meeting to 3rd Tuesday of April; cdll (6) The reelection of the following directors of the corporation: Ramon V. del Rosario cdll Oscar J. Hilado Magdaleno B. Albarracin, Jr. llcd Urs Bieri Jeremy C.R. Maycock LibLex Akikuo Koshida Peter Assam Jose L. Cuisia, Jr. prcd Jorge J.L. de Leon llcd Ramon R. del Rosario, Jr. LibLex Victor J. del Rosario Noel D. Vasquez, SJ Miguel A. Magsaysay cdlex Reynaldo V. Paulino Birger Riisager prcd (7) The appointment of SGV and CO. as auditors of the corporation. Very truly yours, (SGD.) JUAN J. DIAZ Corporate Secretary