PSE Circular for Brokers No. 067-00

January 12, 2000 PSE CIRCULAR FOR BROKERS NO. 067-00 January 11, 2000 Disclosure Department Listing and Disclosure Group 4/F, Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Grace P . de Guia Listing & Disclosure Group Gentlemen : This is to advise you that the major stockholders of South Seas Natural Resources, Inc. (SSO) received today, January 11, 2000, a formal offer from a group led by Mr. Roberto V. Ongpin to acquire a controlling interest in SSO. Under the terms of the offer, the Articles of Incorporation of SSO will be amended among other things, to increase its authorized capital stock, change its primary purpose to the business of the internet, and change the corporate name. The offer is subject to certain conditions among which are: the divestment by SSO of its mining business; satisfactory due diligence by the investor group; approval of certain amendments to the Articles of Incorporation and By-Laws; and obtaining such corporate and regulatory approvals as may be required. The Board of SSO has instructed management to study the offer, and the President, Mr. Jose Miguel Cabarrus, has been authorized by the board of SSO to negotiate with the investor group. Any agreement resulting from such negotiations with the Ongpin group will be submitted to the Board for approval, and, if found acceptable by the Board, the appropriate resolutions will be submitted to the stockholders for their action during the annual meeting on January 18, 2000. While the offer is in line with the Company's plans to convert SSO from a mining company to a company which will undertake another business in view of the depressed condition of the mining industry and do thereby avoid further expenses and losses in its mining operations, we wish to emphasize, however, that at this time, no firm agreements have been reached by SSO with the Ongpin group, or any other group for an investment in the Company. Very truly yours, (SGD.) JOSE MIGUEL CABARRUS President