PSE Circular for Brokers No. 285-00

February 8, 2000 PSE CIRCULAR FOR BROKERS NO. 285-00 February 7, 2000 Disclosure Department Listing and Disclosure Group 4/F, Philippine Stock Exchange Center Ortigas Center, Pasig City FAX NO: 636-0809/634-2051 Attention: Ms . Grace B . De Guia Asst. Manager Gentlemen : In reply to your fax of today's date, we wish to advise you, as follows 1. It is correct that the Company (which is in the process of changing its name to Philweb.Com, Inc.) has started negotiations with several foreign companies for possible joint ventures. As a matter of policy, however, we believe that it is neither prudent, nor advisable, to make disclosures while the joint ventures are still being negotiated, as it is quite possible that negotiations may not reach a successful conclusion. Accordingly, we will disclose only as agreements are actually signed. 2. With reference to the specific companies mentioned in the article we comment as follows: a) Infomatec AG - We are in the process of negotiating an agreement with Infomatec AG but as of today s date, no agreement has been signed. We will make the appropriate disclosure as soon as the agreement is signed. b) MediaRing.com - We are likewise in negotiations with MediaRing.com but no agreement has been reached. We will make the appropriate disclosure as soon as an agreement is signed. c) China.com - We are not in negotiations with China.com. This information is incorrect. d) Phoenix Networks, Inc. - PhilWeb Corporation entered into an agreement in December 1999 with Phoenix Networks. Inc. This was prior to the investment of the Ongpin group in the Company, which was approved during the stockholders meeting on January 18. 2000. LibLex Please note that the information in the Business World article, as appropriately disclosed by the author was based on a study made by UOB Securities (Phils), Inc. and not on any press release from the Company. Very truly yours, (SGD.) ROBERTO V. SAN JOSE Corporate Information Officer