PSE Circular for Brokers No. 1465-99

June 22, 1999 PSE CIRCULAR FOR BROKERS NO. 1465-99 June 21, 1999 PHILIPPINE STOCK EXCHANGE PSE Center, Exchange Road Ortigas Center Pasig City, Metro Manila Attention: Ms . Grace de Guia Assistant Manager Disclosure Department Gentlemen : Please be advised that in the meeting held today, 21 June 1999, the following matters were approved: 1. The resignations of Mssrs. Khet Kok Yin and Chew Fook Aun were accepted. Said resignations were made by the foregoing pursuant to the divestment of Ascada Sdn. Bhd. in the Corporation; 2. The erection of Mssrs. Chye Kuok Khoon Ho and Chew Fook Aun as directors of the Corporation in replacement of Mssrs. Khet Kok Yin and Boy Yet King, to serve as such for the remainder of the term of the afore-named and until their successors shall have been erected and qualified. The curriculum vitae of Mssrs. Kuok and Chew are hereto attached; LLjur 3. The resignation of Ms. Mary Ann B. Dizon as Treasurer of the Corporation. In her place, the Board elected Mr. Vicente Formoso, an incumbent director, to serve as Treasurer of the Corporation for the remainder of the term of Ms. Dizon and until the election and qualification of his successor. 4. The amendment, subject to the approval of shareholders representing at least 2/3 of the outstanding capital stock of the Corporation at a meeting duly called for such purpose of the Corporation's Articles of Incorporation, specially Article I thereof, to change the corporate name from MUI Resources Philippines, Inc. to EDSA Properties, Inc. 5. The amendment subject to the approval of shareholders representing a majority of the outstanding capital stock of the Corporation at a meeting duly called for such purpose of the Corporation's By Laws as follows: (a) To change the date of the annual stockholders' meeting from "any day in March" to "any day in June"; (b) To change the meetings of the Board of Directors from "as and when necessary" to "quarterly at any day of the month following the end of the quarter"; (c) To provide in Section 4, Article II that the notice of the shareholders' meeting shall be sent out at least fifteen (15) business days prior to the meeting instead of at least two (2) weeks prior thereto. Said amendment is approved in order to be consistent with the information Statement/Proxy Statement Rule of the Securities and Exchange Commission; LLphil (d) To provide in Section 8, Article II that the Record Date for shareholders entitled to notice and to vote at any shareholders' meeting shall be determined by the Board of Directors in accordance with law, instead of restricting the same to not more than twenty (20) days prior to the meeting. Said amendment is approved in order to be consistent with the New Disclosure Rules of the Securities and Exchange Commission; (e) To delete in Section 2, Article IV the classification of shares for members of the Executive Committee since the Corporation's shares are all common and have no such classification; and (f) To provide that the corporate seal shall inscribe therein the new corporate name "EDSA Properties, Inc." 6. The convening of a special shareholders' meeting at such date as may be appropriate to approve the forgoing matters. cdlex Should you wish further clarification on any of the above-reported matters, please do not hesitate to let us know. Very truly yours, (SGD.) ANNA MELISSA L. ROSARIO Assistant Corporate Secretary Chye K. H. Kuok is the Chairman of Kuok Philippine Properties, Inc. He is the Vice Chairman of Kerry Holdings Limited and is a Director of a number of companies within the Kuok Group. He is a Director of Shangri-La International Hotel Management Limited, the management company in Hong Kong, the Chairman and Managing Director of the owning companies of Island Shangri-La and Kowloon Shangri-La Hotels, both located in Hong Kong, and the Chairman of the owning companies of the three (3) Shangri-La Hotels in the Philippines. LexLib Chew Fook Aun is the Chief Financial Officer of Kerry Properties Limited. Prior to joining Kerry Holdings in January 1995 as corporate finance manager, he was a senior manager with Ernst & Young, an international accounting firm in Hong Kong. He has over 15 years' experience working in London and Hong Kong in accounting, auditing, taxation, financial management and corporate finance matters. He is a graduate of the London School of Economics and Political Science of the University of London in the United Kingdom and holds a Bachelor of Science (Economics) degree from the University of London. He trained and qualified as a Chartered Accountant with Ernst & Young in London. He is an associate member of the Institute of Chartered Accountants in England and Wales and is also an associate member of the Hong Kong Society of Accountants.