PSE Circular for Brokers No. 305-00

February 9, 2000 PSE CIRCULAR FOR BROKERS NO. 305-00 Disclosure Department Listing and Disclosure Group 4/F, Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City FAX NO: 636-0809/634-2051 Attention : Ms. Grace B. De Guia Asst. Manager Gentlemen : We wish to advise you that South Seas Natural Resources, Inc (SSO) which is in the process of changing its name to PhilWeb.Com Inc., today signed a Memorandum of Understanding (MOU) with Infomatec AG of Germany, one of Europe's leading software and IT companies, to form a joint venture company in the Philippines to be named PhilWeb Infomatec, Inc. Infomatec is a publicly listed corporation in Germany with a market capitalization of over US $1 billion. Infomatec AG is a leading manufacturer of software for high-end Internet systems for trade, industry, the finance sector, media and telecommunication companies. It provides innovative IT solutions with its core-applications for the operation of large web sites. New products include the business platform HiPEx (High Performance Extranets) allowing enterprises to organize data and communications processes clearly and at low costs and JNT (Java Network Technology), a universal platform for Internet-end-devices such as the Surfstation. Infomatec AG also offers individual project solutions and, as a licensed SAP Partner, IT services in the SAP R/3 environment. As a full-service-provider, its software group is in a position to take advantage of the whole range of synergy effects from all three divisions and to pass them on the customer. Under the terms of the MOU, the joint venture shall undertake, among other things, the following: a. Distribution, marketing and maintenance of Infomatec's software in the Philippines; b. Software Application hosting services; c. Development of software in the Philippines for Infomatec The parties likewise have agreed that a business plan shall be completed for the joint venture within ninety (90) days, which will define the details of the joint venture, including capital and ownership structure of the proposed PhilWeb Infomatec, Inc. LexLib Very truly yours, (SGD.) ROBERTO V. SAN JOSE Corporate Information Officer