Mondragon International Philippines, Inc.

May 5, 1998 PSE CIRCULAR FOR BROKERS NO. 932-98 SUBJECT : Mondragon International Philippines, Inc . Further to Circular No. 393-98 dated March 17, 1998, Mondragon International Philippines, Inc. ("MON") furnished the Exchange on April 30, 1998 a copy of SEC Form 34-C (Preliminary Information Statement) in connection with its Annual Stockholders' Meeting which will be held on June 1, 1998 , at 9:00 a.m., at the Mondragon House, 324 Sen. Gil Puyat Avenue, Makati City. The agenda for the meeting shall be as follows: 1. Call to Order 2. Certification by the Corporate Secretary on the sending of notices and existence of a quorum 3. Reading and Approval of minutes of the Annual Stockholders' Meeting held on May 26, 1997 4. Report of the Chairman of the Board 5. Approval of the Financial Statements for the preceding year 6. Ratification of actions taken by the Board of Directors and Officers of the Corporation since the last annual meeting of the stockholders 7. Appointment of external auditors 8. Election of Directors 9. Approval of Amendment of By-Laws a. Article III, Section 2 Amending the date of the general meeting from 11:00 a.m. on the 3rd Friday of March of each year to any day in the month of May b. Article III, Section 3 Amending the period for the sending of notice from five (5) days in advance of the date for which the meeting is called to fifteen (15) business days prior to the date of the meeting c. Article III, Section 6 Adding a provision fixing the deadline for submission of the proxies to the Corporate Secretary, which date shall be five (5) days before the date set for the meeting cdt d. Adding Article III, Section 12 Setting a record date on which stockholders shall be entitled to vote and be voted, which date shall be at least thirty (30) days prior to the date of the meeting. 10. Transaction of such other matters as may properly come before the meeting 11. Adjournment. As previously announced, stockholders of record as of May 8, 1998 are entitled to notice of, and to vote at, said meeting. A copy of MON's SEC Form 34-C is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group