PSE Circular for Brokers No. 1392-98

June 22, 1998 PSE CIRCULAR FOR BROKERS NO. 1392-98 Philippine Stock Exchange 4/F Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City Attention: Mr . Reynold P . Ong Vice President Listings and Disclosure Group Gentlemen : In the meeting held today, 22 June 1998, which ended not more than 10 minutes from transmittal hereof the Board of Directors of MUI Resources Philippines, Inc. approved, among others, the following: 1. The resignation of Mr. Christopher Boyd as director and, there remaining a quorum in the Board, the election of Mr. Loy Yet King as director to serve as such for the remainder of the term of Mr. Boyd and until the election and qualification of his successor; and 2. The declaration of a cash dividend equivalent to four Centavos (P0.04) per share from the Corporation's retained earnings as of 31 December 1997 to all stockholders of record as of 10 July 1998. Should you wish further clarification of any matter contained herein, please let us know. CASH DIVIDEND CASH P0.04/SHARE EX-CASH JULY 6, 1998 RECORD DATE JULY 10, 1998 DATE PAYABLE TO BE ANNOUNCED Very truly yours, (SGD.) ANNA MELISSA L. ROSARIO Assistant Corporate Secretary