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CERTIFICATE OF INCREASE OF AUTHORIZED CAPITAL STOCK

OF
HORIZON CONCRETE PRODUCTS CORPORATION

KNOW ALL PERSONS BY THESE PRESENTS:

That, we the undersigned, the Chairman and the Secretary of the stockholder’s meeting and
majority of the members of the Board of Directors of the HORIZON CONCRETE PRODUCTS
CORPORATION, a corporation duly organized and existing under and by virtue of the laws of the
Republic of the Philippines with principal office address located at the Km 12 Diversion Road,
Panacan Davao City, do hereby CERTIFY:

1. During the meeting stockholders of the said corporation held at the principal office on
May 20, 2018, at which meeting there was a quorum, the stockholders representing at
least two-thirds (2/3) of the outstanding capital stock in person or by proxy, approved the
increased of the corporation’s authorized capital stock from FIVE HUNDRED
THOUSAND PESOS (P 500,000.00) divided into FIFTY THOUSAND shares, with a par
value of TEN PESOS ONLY (P 10.00) to TWENTY MILLION PESOS (P
20,000,000.00) divided into TWO MILLION (2,000,000) shares with a par value of TEN
PESOS (P 10.00) per share;

2. That the increase was likewise approved by at least majority of the directors at the
meeting held on May 19, 2018;

3. That of NINETEEN MILLION FIVE HUNDRED THOUSAND PESOS ONLY (P


19,500,000.00) increase in authorized capital stock, the amount of NINETEEN MILLION
FIVE HUNDRED THOUSAND PESOS ONLY (P 19,500,000.00) has been actually
subscribed by the subscribers indicated hereunder, and of said subscription, the amount of
NINETEEN MILLION FIVE HUNDRED THOUSAND PESOS ONLY (P
19,500,000.00) has been actually paid in cash/ real property/ machineries and equipment/
stock dividend/ via conversion of liabilities into equity as follows:

Name of Subscriber Nationality Subscribed Amount Paid


No. of Shares Amount
Summit Koncrete Filipino 1,950,000 19,500,000.00 19,500,000.00
Products Corporation

4. That the actual indebtedness of the corporation as of the date of the stockholders’ meeting
amounts to Php 220,887,096.00;

5. That no bonded indebtedness has been incurred, created as of the date of the stockholders
meeting;

6. That the requirement of Section 38 of the Corporation Code of the Philippines has been
complied with;
7. That further the increase of capital stock paid by conversion of liabilities into equity has
been approved by the stockholders representing two-thirds (2/3) of the outstanding capital
stock in accordance with Section 43 of the Corporation Code of the Philippines.

IN WITNESS WHEREOF, we have hereunto set out hands this _______________ at Davao
City, Philippines.

VICENTE T. LAO JAIME T. LAO


TIN: 104-006-074-000 TIN: 111-161-025-000

SOLEDAD L. ANG ANNIE L. CO


TIN: 111-160-707-000 TIN: 121-520-382-000

ELENA T. LAO
TIN: 103-780-958-000

COUNTERSIGNED:

VICENTE T. LAO .
Chairman of Stockholder’s Meeting

ELENA T. LAO BEE ENG .


Secretary of Stockholders’ Meeting

*Print Name of the Director below the Signature