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March 23, 2000PSE CIRCULAR FOR BROKERS NO. 753-00March 22, 2000PHILIPPINE STOCK EXCHANGEPhilippine Stock Exchange CenterExchange Road, Ortigas CenterPasig City, Metro ManilaAttention : MS. GRACE DE GUIAListing and DisclosureGentlemen:We-disclose that Carlos J. Valdes & Associates has been appointed to act as the external auditor of the Corporation for purposes of conducting an audit of the books of the Corporation for the period ending 31 December 1999. The appointment of Carlos J. Valdes & Associates as external auditor of the Corporation shall take effect immediately.The former external auditor of the Corporation was Sycip Gorres Velayo & Company. There are no disagreements regarding any matter of accounting principles and practices between the Corporation and Sycip Gorres Velayo & Company. We are making this disclosure in compliance with the Continuing Listing Requirements of the Philippine Stock Exchange.Best regards.Very truly yours,POLAR MINES AND DEVELOPMENT CORPORATIONBy:(SGD.) ANASTACIO C. ADRIANO, JR.Corporate Information Officer