PSE Circular for Brokers No. 464-00

February 24, 2000 PSE CIRCULAR FOR BROKERS NO. 464-00 February 23, 2000 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 refer to the Cocktales column of Mr. Victor C. Agustin in today's issue of Philippine Daily Inquirer. In his column, Mr. Agustin states: "The National Telecommunications Commission has turned down PhilWeb.Com's application to directly link with a foreign satellite for its US Internet backbone. Instead, the NTC ruled that, per the Telecommunications Act of the Philippines, prospective local Internet companies must use local telecommunications providers/carriers to connect with their foreign backbones." We wish to point out that the statement that the NTC has "turned down PhilWeb.Com's application to directly link with a foreign satellite for its US Internet backbone" is incorrect. PhilWeb.Com never applied for such a direct linkage. PhilWeb.Com originally filed its application for registration as a Value Added Service Provider on January 11, 2000. On January 31, 2000, the NTC advised that PhilWeb.Com's application was being "held in abeyance" pending clarification on the revision of certain attachments to the application. On February 21, 2000, the Company submitted an amended application with the required clarifications and revisions to comply with the NTC requirements. We wish to further advise that, as reflected in the Company's application for registration, PhilWeb.Com's connectivity to the Internet will be established via a leased facility provided by Eastern Telecoms, a licensed Philippine International carrier, in full compliance with the NTC requirements. A copy of the agreement between PhilWeb.Com and Eastern Telecoms has been submitted to the NTC. This clarification is being made in order to correct the inaccurate statements in Mr. Agustin's column. Very truly yours, (SGD.) ROBERTO V. SAN JOSE Corporate Information Officer