PSE Circular for Brokers No. 111-00

January 19, 2000 PSE CIRCULAR FOR BROKERS NO. 111-00 January 18, 2000 Disclosure Department Listing and Disclosure Group 4/F, Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City FAX NO.: 634-3051 Attention: Ms. Grace B. De Guia Asst. Manager Gentlemen: We wish to advise you that during their meeting today, the stockholders of South Seas Natural Resources, Inc. (SSO) approved, among other things, the following: cdll 1) 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; (b) Change of the primary purpose from mining to the internet business; (c) Increase of the number of directors from nine(9) to fifteen(15); and (d) Increase of the authorized capital stock from P 200 million to P 2.6 billion, divided into 260 billion shares with a par value of P0.01 per share, all of the same class. 2) Approved the subscription 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, with 25% of the subscription value at par to be paid upon subscription and the balance upon call by the Board of Directors, and 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. 3) Authorized the Board to sell all or substantially all of the assets of the SSO, and approved the sale of the mining properties and tangible mining assets, to All-Acacia Resources, Inc. 4) Authorized the Board of Directors to adopt and implement a stock option plan in favor of stockholders, employees, directors, or officers, or third parties. 5) Delegated to the Board the authority to adopt a new Code of By-Laws, and to amend, repeal or adopt new by-laws from time to time. 6) Appointed the accounting firm of Laya, Mananghaya & Co. as external auditors. The following were elected to the nine(9) seats of the Board under the present Articles of Incorporation: 1. Jesus Cabarrus, Jr. 2. Jose Miguel Cabarrus 3. Jose Mari Moraza 4. Roberto V. Ongpin 5. Jaime C. Gonzales 6. Alex S. Villamar 7. Mario J. Locsin 8. Nora A. Bitong 9. Vivian Yuchengco and the following to the six (6) additional seats on the Board, to assume office upon effectivity of the amendment of the Articles increasing the number of directors from nine(9) to fifteen (15): llcd 10. Consuelo Madrigal 11. George L. Go 12. Thomas Tang 13. Ronald Arculli 14. K.B. Fung 15. Pia S. Cayetano In the organizational meeting of the Board immediately following the stockholders' meeting, the following were elected officers of SSO: Chairman of the Board Roberto V. Ongpin Vice-Chairman & Treasurer Jaime C. Gonzales President Alex S. Villamar Secretary Roberto V. San Jose Asst. Secretary Ana Maria A Katigbak The Board also approved the transfer of the principal office of SSO from 2283 Chino Roces Extension, to the 17th Floor, Enterprise Center, Ayala Avenue, Makati City. The Board designated Atty. Roberto V. San Jose as Corporate Information Officer and Atty. Ana Maria A. Katigbak as Office-In-Charge in his absence, in relation to the disclosures to be made to the Philippine Stock Exchange. Very truly yours, (SGD.) ROBERTO V. SAN JOSE Corporate Information Officer