United Paragon Mining Corporation

June 16, 1999 PSE CIRCULAR FOR BROKERS NO. 1415-99 SUBJECT : United Paragon Mining Corporation Further to Circular for Brokers No. 1284-99 dated June 2, 1999, United Paragon Mining Corporation ("UPM") furnished the Exchange a copy of its SEC Form 34-C (Preliminary Information Statement), including its 1998 Annual Report, in connection with its Annual Stockholders' Meeting which will be held on July 30, 1999 , at 10:00 a.m. at the Morong Room, Valle Verde Country Club, Pasig City. The Agenda for the meeting shall be as follows: 1. Call to Order 2. Certification of Notice and Quorum 3. Approval of the Minutes of the Meeting of the Stockholders held on May 27, 1998 (copy of the minutes is available for examination during office hours at the Office of the Corporate Secretary) 4. Annual/Management's Report and Audited Financial Statements for the year ended December 31, 1998 5. Proposed Capital Restructuring a) the decrease of the Corporation's outstanding capital stock by fifty percent (50%) to reduce company deficit and accordingly, decrease its authorized capital stock from P3,027,000,000.00 to P1,903,500,000.00; b) the simultaneous or subsequent increase of its authorized capital stock from P1,903,500,000.00 (as decreased) to an amount not exceeding Four Billion Pesos (P4,000,000,000.00) as may be determined by the Board of Directors; and c) the reclassification of 2,200,000 unissued Preferred "B" shares to common shares d) Change in par value of preferred "A" shares from P0.01 to P1.00 per share e) Amendments to the Amended Articles of Incorporation to reflect changes in Article Seventh thereof LexLib 6. Ratification of all other acts and resolutions of the Board of Directors and the Management adopted during the year up to the date of the Stockholders' Meeting 7. Nomination and election of Directors for the current year 8. Appointment of External Auditors 9. Consideration of such other business as may properly come before the meeting 10. Adjournment As previously announced, stockholders of record as of June 16, 1999 are entitled to notice of, and to vote at, said meeting. LLpr A copy of UPM's Preliminary Information Statement, including its 1998 Annual Report, is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO