Island Mining & Industrial Corporation

October 8, 1998 PSE CIRCULAR FOR BROKERS NO. 2326-98 SUBJECT : Island Mining & Industrial Corporation Further to Circular No. 2218-98 dated September 25, 1998, Island Mining & Industrial Corporation ("IS") furnished the Exchange on October 6, 1998 a copy of SEC Form 34-A (Preliminary Proxy Statement) in connection with its Annual Stockholders' Meeting which will be held on October 27, 1998 , at 3:00 p.m., at the Casino Espaol de Manila, T.M. Kalaw St., Ermita, Manila. The agenda for the meeting shall be as follows: dctai 1. Call to Order 2. Proof of notice 3. Certification of quorum 4. Reading and approval of the Minutes of the Annual Stockholders' Meeting on November 18, 1996 5. President's Report 6. Approval of the 1997 Audited Financial Statements 7. Election of Directors for the year 1998-1999 8. Selling of the companies aircraft to interested buyers 9. Appointment of External Auditor 10. Adjournment The Board of Directors has fixed the close of business on September 30, 1998 as the record date for the determination of stockholders entitled to vote at the meeting. A copy of IS's Preliminary Proxy Statement is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) JOSE LUIS U. YULO, JR. President and Chief Executive Officer