South Seas Natural Resources, Inc.

July 14, 1999 PSE CIRCULAR FOR BROKERS NO. 1723-99 SUBJECT : South Seas Natural Resources, Inc . South Seas Natural Resources, Inc. ("SSO") furnished the Exchange a copy of its SEC Form 34-C (Preliminary Information Statement) in connection with its Special Stockholders' Meeting which will be held on August 24, 1999 , at 3:30 p.m., at 2283 Pasong Tamo Extension, Makati City. The agenda for the meeting shall be as follows: 1. Proof of notice and determination of a quorum 2. Amendments to Article VII of the Articles of Incorporation to effect the following changes/amendments: a. The change of the present par value of shares from P0.01 to P1.00 per share b. To increase the authorized capital stock from 200 Million Pesos to 300 Million Pesos divided into 300 Million shares with a par value of P1.00 per share 3. The grant of authority to the Board of Directors to dispose of shares not otherwise subscribed as may be deemed for the best of the corporation. 4. In connection with the foregoing, the grant of authority to the officers of the corporation to take all proper and necessary actions to obtain the necessary approvals of the Securities and Exchange Commission and other agencies concerned. Stockholders of record as July 26, 1999 are entitled to notice of, and to vote at, said meeting. A copy of SSO's Preliminary Information Statement is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO