PSE Circular for Brokers No. 401-00

February 18, 2000 PSE CIRCULAR FOR BROKERS NO. 401-00 February 17, 2000 Philippine Stock Exchange, Inc. PSE Centre, Ortigas Avenue Pasig City Attention: Atty . Ruben L . Almadro VP - Compliance & Surveillance Dear Sirs, This refers to your letter of February 17, 2000 which requests ISLAND MINING & INDUSTRIAL CORPORATION ("IS") to "furnish the Exchange any information relating to the "unusual movement in trading" of IS shares today, February 17, 2000 and that if IS is "unaware of any such information, to please also advise the Exchange of the same." cdll The officers and management of IS wish to reiterate the fact that we are not aware of any information that would require disclosure to the Exchange relating to the unusual movement in trading of IS shares on February 17, 2000. We again looked into the matter and we were informed that the reason for the unusual movement in trading may perhaps be due to the fact that IS is in the process of negotiating a contract with the group interested to tie-up with it. To date, IS has not yet finalized the contract and there is still no assurance that IS could close the contract with them. As of this writing, there is precisely no definite agreement between them and IS. prcd We trust that the above is sufficient for your purposes. Very truly yours, (SGD.) ANDRES LAO, SR. President