Polar Mines and Development Corporation

December 8, 1999 PSE CIRCULAR FOR BROKERS NO. 3125-99 SUBJECT : Polar Mines and Development Corporation Polar Mines and Development Corporation ("PO") furnished the Exchange a copy of its Amended SEC Form 11-A for the fiscal year ended December 31, 1998, with amendments to the following items: prcd Item 1. Business B. Business of Issuer 1. Description of Registrant ". . . In view of the prevailing economic crisis, management has deferred plans for the Company's eventual expansion of its business operations. At present, the Company does not have any significant operation and revenues are derived principally from interest earnings." Item 2. Properties "The Company does not own any plant or property other than the undeveloped land in Valenzuela, Bulacan. This land is free from any lien or mortgage. The company's mining assets were disposed of in 1997 in favor of Queensberry Holdings, Inc. and thus were no longer reflected in the books as of December 31, 1997 and 1998." cdll Item 9. Directors and Executive Officers of the Registrant Past positions held by PO's Board of Directors and Executive Officers are included. Item 11. Security Ownership of Certain Beneficial Owners and Management B. Security Ownership of Management Title of Class Name of Record/Beneficial Owner Amount and Nature of Beneficial Ownership Percent of Class Common Stock Anastacio C. Adriano, Jr. P10,000 .01 % Common Stock Rosalinda D. Jardin 1,800 0.002% Common Stock Catherine B. Rivera 4,000 0.004% Common Stock Jane C. Ynte 900 0.0009% Common Stock Rosario H. Javier 2,000 0.002% A copy of said PO's Amended SEC Form 11-A is available for reference at the PSE Centre and PSE-Plaza Libraries. For your information. (SGD.) MARIA ISABEL T. GARCIA OIC, Listings & Disclosure Group