PSE Circular for Brokers No. 347-00

February 14, 2000 PSE CIRCULAR FOR BROKERS NO. 347-00 February 11, 2000 Philippine Stock Exchange PSE Centre, Exchange Road Ortigas Avenue, Pasig City Attention : Atty . Ruben Almadro VP-Compliance & Surveillance Group Dear Sirs : This refers to your fax letter of February 11, 2000 which requests Island Mining and Industrial Corporation (IMIC) to "furnish the Exchange any information relating to the unusual movement in trading" of IMIC shares today, February 11, 2000, and that if IMIC is "unaware of any such information, to please also advise the Exchange of the same." The officers and management of IMIC are not aware of any information that would require disclosure to the Exchange relating to the unusual movement in trading of IMIC shares on February 11, 2000. We have looked into the matter and we are informed that the reason for the unusual movement in trading may perhaps be due to the fact that IMIC is continuing the discussion with the group interested to tie-up with it. Although both of us agreed with the terms and conditions we have previously discussed, we still cannot disclose any material information at the moment as a draft contract with them still has to be prepared, which may be finished about several weeks from now. We trust that the above is sufficient for your purposes. Thank you. Sincerely, (SGD.) ANDRES DAO, SR. President