PSE Circular for Brokers No. 386-99

March 3, 1999 PSE CIRCULAR FOR BROKERS NO. 386-99 March 1, 1999 Philippine Stock Exchange 4/F Philippine Stock Exchange Exchange Road, Ortigas Center Pasig City Attention: Mr . Reynold P . Ong VP Listings and Disclosure Group RE : MUI Resources Philippines, Inc . Gentlemen : In the meeting held this afternoon, the Board of Directors of MUI Resources Philippines, Inc. approved, among others, the following: 1. The election of Fernando Gaspar as President, replacing Victoria Z. Egan, to serve as such for the remainder of the term of Ms. Egan and until the election and qualification of his successor; 2. The postponement of the date of the Annual Stockholders' Meeting for fiscal year 1999 from any day in March, as provided in the By Laws, to 26 April 1999, and the setting of 6 April 1999 as the Record Date for the purpose of determining the stockholders entitled to notice of, and to vote at, the Annual Stockholders' Meeting; and 3. The declaration of a cash dividend equivalent to 4.25% of the par value per share from the Corporation's retained earnings as of 31 January 1999 to all stockholders of record as of 15 March 1999. aisadc Should you wish further clarification on any matter contained herein, please let us know. CASH DIVIDEND: CASH P0.0425 per share EX-CASH March 9, 1999 RECORD DATE March 15, 1999 Very truly yours, (SGD.) VICTORIA C. DE LOS REYES Corporate Secretary