Abra Mining and Industrial Corporation

November 11, 1999 PSE CIRCULAR FOR BROKERS NO. 2875-99 SUBJECT : Abra Mining and Industrial Corporation Abra Mining and Industrial Corporation ("AR") advised the Exchange of the results of its Annual Stockholders' Meeting held on September 29, 1999 at Lipcann, Bangued, Abra: 1. Election of the Board of Directors: Jeremias B. Beloy Amelia G. Beloy James G. Beloy Conde Claro C. Venus Edgar Lee Rodrigueza ". . . The newest member of the Board, Mr. Edgar Lee Rodrigueza, was elected only in the Annual Stockholders' Meeting held last September 29, 1999. He assumed as such only on November 3, 1999, so that at the time of the rendition of the results of the Annual Meeting, Demetrio V. Pre was still a member of the Board of Directors . . ." cdll 2. Payment of Outstanding Obligation to Horizon Mineral Enterprises and Other Corporate Creditors: llcd The stockholders voted unanimously and authorized the President or his duly authorized representative to settle these obligations by conversion of the debt to shares of stock of AR which will come from the unissued portion. 3. Reconversion of the Par Value of the Shares of Stock of AR from One Peso (P1.00) per share to One Centavo (P0.01) per share. cdll ". . . The conversion of the share of AR from ONE CENTAVO to ONE PESO was taken up and approved during the 1997 Annual meeting. The only reason for the conversion was to comply with a listing requirement of the Philippine Stock Exchange that the par value of listed corporations should be at least ONE PESO. The approval of the conversion was deferred pending compliance with certain requirements of the Securities and Exchange Commission. So that no new certificates were printed, and that issued certificates were not yet replaced. . . . the corporation is fully convinced that a re-conversion of its par value will spare it from the expenses of printing, issuing and replacing the issued certificates with a par value of ONE CENTAVO. The cost of printing of new certificates alone will already require the corporation a substantial budgetary allocation. . . ." For your information. (SGD.) MARIA ISABEL T. GARCIA OIC, Listings & Disclosure Group