PSE Circular for Brokers No. 1162-98

May 27, 1998 PSE CIRCULAR FOR BROKERS NO. 1162-98 PHILIPPINE STOCK EXCHANGE INC. 4/F Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City, Metro Manila Attention: Disclosure Department Listings and Disclosure Group Gentlemen : Please be advised that at the annual stockholders' meeting of United Paragon Mining Corporation ("the Corporation") held this morning, the following were elected directors of the Corporation for the current year to serve as such until the election and qualification of their successors: ALFREDO C. RAMOS RICARDO MIGUEL S. RAMOS EDUARDO B. CASTILLO CARLOS G. DOMINGUEZ AUGUSTO B. SUNICO MANUEL D. RECTO MAXIMO G. LICAUCO III This is to inform you also that at the organizational meeting of the Board of Directors held immediately after the annual stockholders' meeting, the following were elected to the offices set forth after their respective names to serve as such until the election and qualification of their successors: ALFREDO C. RAMOS Chairman of the Board and President CONSTANTE P. BUMANGLAG Vice President for Operations MAXIMO G. LICAUCO III Treasurer RUBEN REYES Assistant Treasurer AUGUSTO B. SUNICO Corporate Secretary JOCELYN L. SANCHEZ-SALAZAR Assistant Corporate Secretary Thank, you. Very truly yours, (SGD.) AUGUSTO B. SUNICO Corporate Secretary