Itogon-Suyoc Mines, Inc.

February 12, 1999 PSE CIRCULAR FOR BROKERS NO. 256-99 SUBJECT : Itogon-Suyoc Mines, Inc . Itogon-Suyoc Mines, Inc. ("ISM") informed the Exchange that the Securities and Exchange Commission (SEC) approved on November 24, 1998 its Amended Articles of Incorporation reflecting the following changes: cdt 1. Authorizing the Corporation to undertake activities of real estate development, energy and power development and construction, to include the following secondary purposes: a) To purchase, develop or in anyway acquire for investment or for sale or otherwise, lands, contracts for the purchase or sale of lands, buildings, improvements and any other real property of any kind or any interest therein; and to, enter into contracts to buy or sell lands, buildings, improvements and any other real property; b) To design, construct, erect, assemble, install, commission operate and maintain power generating plants and related facilities for the conversion into electricity of hydropower, coal distillate, geothermal steam, landfill gas and other fuel; c) To carry on and conduct a general construction business, including designing, constructing, enlarging, extending, repairing, completing, removing or otherwise engaging in any work on commercial or industrial structures, using any building materials and construction techniques now employed or to be developed; to make, execute and receive contracts therefore or relating thereto or connected therewith. 2. Increasing the number of directors from nine (9) to eleven (11); 3. Increasing the authorized capital stock from P60,000,000.00, divided into 3,600,000,000 Class "A" shares and 2,400,000,000 Class "B" shares, to P300,000,000.00, divided into 18,000,000,000 Class "A" shares and 12,000,000,000 Class "B" shares with a par value of P0.01 per share. Out of the increase in capital stock of Two Hundred Forty Million Pesos (P240,000,000.00), One Hundred Twenty Million (P120,000,000.00) worth of shares will be converted to equity as detailed in Annex "A" hereof. The above-mentioned amendments were approved by the Board. of Directors on March 28, 1995 and ratified by the stockholders on May 5, 1995. For your information. (SGD.) JOSE LUIS U. YULO, JR. President and Chief Executive Officer ANNEX A Class of Subscribed Amount Paid Name Shares No. of Shares Amount On Subscription RAFAEL ORTIGAS, JR. A 2,565,404,000 P25,654,040 P25,654,040 B 1,592,335,000 15,923,350 15,923,350 4,157,739,000 P41,577,390 P41,577,390 IGNACIO ORTIGAS A 1,149,174,000 P11,491,740 P11,491,740 B 2,024,197,000 20,241,970 20,241,970 3,173,371,000 P31,733,710 P31,733,710 MARCELO G. DE JESUS A 237,867,000 P2,378,670 P2,378,670 B 2,050,243,000 20,502,430 20,502,430 2,288,110,000 P22,881,100 P22,881,100 ALBERTO M. MONTILLA A 792,355,000 P7,923,550 P7,923,550 1,588,425,000 15,884,250 15,884,250 2,380,780,000 P23,807,800 P23,807,800 TOTAL 12,000,000,000 P120,000,000 P120,000,000