PSE Circular for Brokers No. 423-00

February 21, 2000 PSE CIRCULAR FOR BROKERS NO. 423-00 SUBJECT : Union Cement Corporation (formerly Hi Cement Corporation) Listing of UCC Merger Shares and Delisting of BCC and DUCC Shares, Lifting of Suspension of Trading of UCC shares, and New Stock Trading Symbol Further to Circular nos. 291-2000 and 314-2000 dated February 8 and 9, 2000, respectively, please be informed that the Exchange approved on February 16, 2000, the application submitted by UNION CEMENT CORPORATION ("UCC") to list additional 2,824,593,858 common shares ("Merger Shares") , with a par value of P1.00 per share , to cover the merger with Bacnotan Cement Corporation ("BCC") and Davao Union Cement Corporation ("DUCC") by way of a share-for-share swap at an exchange ratio of 3,815 : 1,000 (three thousand eight hundred fifteen UCC common shares for every one thousand BCC common shares held) and 571 : 1,000 (five hundred seventy one UCC common shares for every one thousand DUCC common shares held). Consequently, the delisting of the 3,511,280,400 issued and outstanding common shares of DUCC and 214,850,000 issued and outstanding common shares of BCC from the Official Registry of the Exchange was likewise approved. In view thereof, the listing of the 2,824,593,858 common shares of UCC and the delisting of the 3,511,280,400 common shares of DUCC and 214,850,000 common shares of BCC are set for Tuesday, February 22, 2000. In addition, the suspension of trading of UCC shares shall be lifted also on Tuesday, February 22, 2000. Further, the stock trading symbol of Union Cement Corporation shall be "UCC." The designated Stock Transfer Agent is hereby authorized to record and register in its books the above number of shares. For your information and guidance. llcd (SGD.) MARIA ISABEL T. GARCIA OIC, Listings and Disclosure Group