PSE Circular for Brokers No. 485-00

February 28, 2000 PSE CIRCULAR FOR BROKERS NO. 485-00 February 26, 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 advise that PhilWeb.Com, Inc. has successfully concluded an agreement with ITXC Corporation, the world's leading provider of internet-based value added services, for a strategic partnership which will market and provide ITXC's products and services in the Philippines. ITXC Corp. (NASDAQ:ITXC) is the service providers' service provider for Internet telephony. ITXC WWeXchange Service(R) provides phone-to-phone wholesale call completion for carriers and resellers and has been chosen by nine of the top twelve U.S. facilities-based carriers and leading European competitive carriers and PTTs worldwide to complete their customers' calls. ITXC webtalkNOW!(SM) Service is an outsourced solution for portals, ISPs, and other Internet companies offering web-based PC-to-phone calling to their customers. prcd PhilWeb.Com will bundle ITXC's services with other PhilWeb.Com's internet-based products to offer its clients a suite of value added solutions. ITXC provides technology platforms for such internet early movers as DialPad, MediaRing.com and OneBox. On the occasion of the conclusion of this agreement, Mr. Alex Villamar, President of PhilWeb.Com. said: "We are delighted to have formed this strategic partnership with ITXC, one of the world's leaders in the internet business. With this partnership, we believe that leading internet businesses around the world will now begin to look at PhilWeb.Com as their partner of choice in the Philippines." Very truly yours, (SGD.) ROBERTO V. SAN JOSE Corporate Information Officer