Approval by the Shareholders of the Declaration of Stock Dividends

December 3, 1998 PSE CIRCULAR FOR BROKERS NO. 2701-98 December 2, 1998 PHILIPPINE STOCK EXCHANGE Disclosure Department PSE Center Exchange Road Ortigas Center, Pasig City Fax No. 636-0809 Attention: Head, Disclosure Department SUBJECT : Approval by the Shareholders of the Declaration of Stock Dividends Gentlemen : Please be advised that the Shareholders of Euro-Med Laboratories Phil., Inc., at its special meeting held on December 2, 1998 at 2:00 p.m. at the Philippine Columbian Association, Quirino Avenue, Paco, Manila in which a quorum was present throughout, unanimously approved the declaration of a twenty five (25%) percent stock dividend from the unrestricted retained earnings of the Corporation as of September 30, 1998 to be issued from the Corporation's authorized but unissued capital stock to stockholders of record as of December 18, 1998. Such stock dividends to be issued as soon thereafter as the necessary SEC and PSE approvals shall have been secured. LexLib Very truly yours, (SGD.) RONNIE G. RAGONTON Corporate Secretary STOCK DIVIDEND: STOCK 25% EX-STOCK DECEMBER 14, 1998 RECORD DATE DECEMBER 18, 1998 DATE PAYABLE TO BE ANNOUNCED