Hi Cement Corporation

February 24, 1999 PSE CIRCULAR FOR BROKERS NO. 338-99 SUBJECT : Hi Cement Corporation Hi Cement Corporation ("HCC") informed the Exchange, in a letter dated February 22, 1999, that the Securities and Exchange Commission (SEC) approved on February 16, 1999 its Amended Articles of Incorporation, particularly the amendment to Article VII, reflecting the increase in its authorized capital stock from P1,245,000,000 . 00 , divided into 1,225,000,000 common shares and 20,000,000 preferred shares, to P4,270,000,000 . 00 , divided into 4,250,000,000 common shares and 20,000,000 preferred shares, with a par value of P1.00 per share. Out of the said increase in capital stock, 25% thereof or P756,250,000.00 worth of shares, consisting of 756,250,000 common shares, has been subscribed and has been paid by way of deposit for future subscription and/or conversion of advances to equity of Union Cement Corporation. For your information. (SGD.) JOSE LUIS U. YULO, JR. President and Chief Executive Officer