PSE Circular for Brokers No. 492-98

March 26, 1998 PSE CIRCULAR FOR BROKERS NO. 492-98 Philippine Stock Exchange, Inc. Phil. Stock Exchange Centre Exchange Road Ortigas Center, Pasig City Fax No. 636-0809/637-8811 Attention : Atty . Ruben L . Almado VP-Compliance & Surveillance Dept . Gentlemen : Itogon-Suyoc Mines, Inc. Please be advised that the Board of Directors of Itogon-Suyoc Mines (the "Corporation"), at its regular meeting held today, approved the conversion of liabilities of the Corporation in the amount of P120 million into equity and the application of such amount as subscription payment for shares out of the increase in the authorized capital stock of the Corporation. The liabilities converted are due to the group of Atty. Rafael Ortigas, Jr. (In 1995, the stockholders and Board of Directors of the Corporation approved the increase in the authorized capital stock of the Corporation from P60 million to P300 million. Up to this date, however, no application for the increase in capital stock has been formally filed with the Securities and Exchange Commission.) prLL If you have any questions, please do not hesitate to let us know. Very truly yours, (SGD.) EUNEY MARIE J. MATA-PEREZ Secretary of the Meeting Itogon-Suyoc Mines, Inc .