PSE Circular for Brokers No. 226-00

February 1, 2000 PSE CIRCULAR FOR BROKERS NO. 226-00 January 31, 2000 Compliance and Surveillance Group Philippine Stock Exchange PSE Center, Exchange Road Ortigas Avenue, Makati City Attention : Atty . Ruben L . Almadro Vice President Dear Sirs: Reference is made to your letter today regarding the unusual movement in trading of shares of Island Mining and Industrial Corporation ("IMIC"). In your letter, you requested us to furnish the Exchange any information that may have affected the unusual movement in the trading of IMIC's shares. We have looked into the matter, and we are informed that the reason for the unusual movement may perhaps be due to the fact that a foreign entity has expressed interest in entering into a joint venture with IMIC and discussions have been going on in this regard. However, no agreement have thus far been reached and at this stage, it is not known if any such agreements will be reached. It was felt that it was not yet the time for a public announcement, considering that other entities have also expressed interest in IMIC in the past, but discussions with them did not bear any fruit. Should any agreement be reached, even in principle, then please be assured that we shall let you know. Very truly yours, (SGD.) ROLANDO F. DEL CASTILLO Corporate Secretary & Corporate Information Officer