PSE Circular for Brokers No. 110-00

January 19, 2000 PSE CIRCULAR FOR BROKERS NO. 110-00 January 18, 2000 Disclosure Department Listing and Disclosure Group 4/F, Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig, City Attention: Ms . Grace B. De Guia Asst. Manager Gentlemen : We wish to advise you that during its meeting today immediately prior to the annual stockholders' meeting, the Board of Directors of South Seas Natural Resources, Inc. (SSO) among other things took the following actions: 1) Accepted the subscriptions of the group of Roberto V. Ongpin to 60 billion shares with a par value of P 0.01 per share out of the proposed increase of the capital stock of SSO, with 25% of the subscription value at par to be paid upon subscription and the balance upon call by the Board of Directors. These subscription shares shall be subject to a lock-up at one(1) year from January 18, 2000; 2) Approved the following amendments to the Articles of Incorporation: (a) Change of the corporate name to PhilWeb. Com, Inc., or such other name acceptable to the Securities and Exchange Commission as may be selected by the Board of Directors; (b) Change of the primary purpose, from mining to the internet business; (c) Increase in the number of directors from nine (9) to fifteen (15); and (d) Increase of the authorized capital stock from P 200 million to 2.6 billion shares with a par value of P 0.01 per share, all of the same class. 3) Approved the assignment of the mining claims and tangible mining assets of SSO, to All-Acasia Resources, Inc. in consideration of the assumption by the latter of all obligations and liabilities of SSO, including those relating to the termination or retirement pay of all executives and employees of SSO, subject to the approval of the stockholders and the relevant government regulatory agencies. cdlex 4) Approved the application of the deposit on subscription in the amount of P 18 million previously made by the stockholders remaining after the assignment of the mining assets, to the full payment of their subscription to 1.8 billion shares with a par value of P 0.01 per share out of the proposed increase in the authorized capital stock. The foregoing actions will be submitted to the stockholders of SSO for approval and ratification at their annual meeting which will be held later today at 3:00 P.M. Very truly yours, (SGD.) JOSE MIGUEL CABARRUS President