PSE Circular for Brokers No. 257-00

February 4, 2000 PSE CIRCULAR FOR BROKERS NO. 257-00 February 3, 2000 Philippine Stock Exchange Exchange Road, Ortigas Centre Pasig City Attention : Ms . Grace de Guia Assistant Manager Disclosure Department Gentlemen: The Board of Directors of Ioinics Circuits, Inc. is pleased to announce that its subsidiary Ioinics EMS, Inc. has received approval-in-principle from the Singapore Exchange to list on the Main Board of the Singapore Exchange Securities Trading Limited, paving the way of its planned IPO as previously disclosed in June 1999. Ioinics EMS, Inc. is a wholly owned subsidiary of Ionics Circuits, Inc. the country's leading electronics contract manufacturer which was listed on the Philippine Stock Exchange in 1995. As its name suggests. Ioinics EMS provides electronic manufacturing services which now include full turnkey solutions with the implementation of its global web-based electronic commerce system, the IBA System 21 enterprise resource planning (ERP). Since its spin-off in April 1999 and for the first five months of operations. Ioinics EMS posted sales of P1.07 billion and net income of P256.2 million. As previously disclosed, the planned IPO will enable Ioinics Circuits and Ioinics EMS to raise approximately P1.8 billion to P2.2 billion in funds. The IPO will consists of primary and secondary shares. Ioinics EMS will use proceeds of the primary offer to undertake expansion of its contract manufacturing facilities and establish off-shore assembly plants in China and Europe. Proceeds from the secondary offering will be earmarked for the expansion programs of Ioinics Circuits' other subsidiaries. The listing of Ioinics EMS will enable it to tap a highly liquid and active regional stock market which is very receptive to foreign listings and the electronics sector in particular. The Singapore Exchange already hosts other major EMS industry players, such as Natsteel Electronics Ltd. and Venture Manufacturing (Singapore) Ltd., both of which are among the world's top ten EMS companies. Should you wish further clarification on any other matter, please do not hesitate to let us know. Very truly yours, (SGD.) ANNA MELISSA L. ROSARIO Assistant Corporate Secretary