PSE Circular for Brokers No. 484-00

February 28, 2000 PSE CIRCULAR FOR BROKERS NO. 484-00 February 24, 2000 Disclosure Department Listing and Disclosure Group 4/F, Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City FAX NO: 636-0809/6342051 Attention: Ms. Grace B. De Guia Asst. Manager Gentlemen: We wish to inform you that PhilWeb.Com, Inc. (WEB) today approved a private placement of one billion WEB shares (representing approximately 1.2% of the issued capital stock of the company after such subscription) to Startech Holdings Limited. Startech is an investment company registered in the BVL which specializes in investments in technology companies. The private placement will be priced at twenty centavos (P0.20) per share, which is approximately at a 15% premium over the average closing price of WEB in the last 30 trading days. Under the terms of the placement, Startech has agreed to a lock-up of a minimum period of one year. The private placement will be a primary issue and will come from the increase of the authorized capital stock of WEB now pending with the Securities and Exchange Commission (SEC), and is subject to the approval of the relevant regulatory authorities. WEB intends to use the proceeds of the private placement, estimated at P200 million (approximately US$5 million), in order to accelerate the rollout of its cybercafe network. WEB plans to rollout 1,000 cybercafes, to be branded CyberWorld, over the next 2 years on a nationwide basis. Very truly yours, (SGD.) ROBERTO V. SAN JOSE Corporate Information Officer