PSE Circular for Brokers No. 333-99

February 24, 1999 PSE CIRCULAR FOR BROKERS NO. 333-99 February 23, 1999 Disclosure Department Listings and Disclosure Group 4/F, Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Fax No. 6342051 Attention: Mr . Reynold P . Ong Vice-President Listing & Disclosure Group Gentlemen : We advise that at its meeting held today, the board of directors of Alsons Consolidated Resources, Inc. declared a cash dividend of P0.16 per share in favor of stockholders of record as of March 15, 1999, payable on March 31, 1999. The total amount of the said dividends is approximately P1.0 billion. The Board also approved a resolution setting the date of the annual stockholders' meeting on May 15, 1999. We shall advise you of the details of the meeting once the same have been finalized. cdlex CASH DIVIDEND CASH P0.16 PER SHARE EX-CASH MARCH 9, 1999 RECORD DATE MARCH 15, 1999 DATE PAYABLE MARCH 31, 1999 Very truly yours, (SGD.) ROBERTO V. SAN JOSE Corporate Secretary