July 27, 2000

Dear Fellow Shareholder,

We are very pleased to report on the continued progress of Bridges.com Inc. The second quarter of fiscal year 2000 proved to be strategically significant. Efforts were focused on the acquisition and integration of Careerware, and the Special Warrants financing to fund the acquisition.

With the acquisition complete, Bridges.com is the clear market leader in the provision of digital career resources to over 9,000 schools -- 25 per cent of the North American market. The company is positioned to continue its strong growth in new sales and high rates of resubscription, while expanding into new direct-to-consumer markets.

Second Quarter Highlights

On March 31 the company acquired Careerware, a business unit of ISM Information Systems Management Corporation (ISM), a wholly owned subsidiary of IBM Canada Limited. Careerware was acquired for $11,550,563, which included $1,978,042 in accounts receivable. In 1999, Careerware contributed $9.2 million in revenues and $1.6 million in net divisional income to ISM.

On March 30, Bridges.com issued a total of 3,250,000 Special Warrants at a price of $5.55, for gross proceeds of $18 million. Each Special Warrant is exercisable, for no additional consideration, into one Unit consisting of one Common Share and 0.5 Common Share Purchase Warrants, which have an exercise price of $5.90 per Common Share.

For the first six months ending May 31, 2000, Bridges.com reported revenues of $3,466,178 - an 80 per cent increase over the first two quarters of 1999 -- with operational costs of $3,904,622 and a net loss of $758,662. During the second quarter, Bridges.com completed an expansion initiative, preparing our teams and systems for anticipated growth in both core business and new direct-to-consumer services. In addition, our Careerware division also relocated its 55-person staff to new premises. Careerware's contributions to the quarter's revenues and expenses are limited to April and May.

Sales of 494 new subscriptions to Career Explorer were recorded in Q2 2000, increasing the number of North American site subscribers to 5,671. This is a 50 per cent increase over the 3,770 subscribers in Q2 1999.

We launched our new consumer division in Q2 2000. Several new resources provide career services to individual consumers, and will generate revenues from traditional e-commerce sources. Both Microsoft Canada and Monster.ca have signed agreements to work with Bridges.com on the promotion of various aspects of these new initiatives.

Looking Forward

Bridges.com continues to aggressively pursue increased market share and to expand our scope of services. We look forward to the second half of this year, which will see our team working toward the following four goals:

• Resubscriptions -- Career Explorer and Choices have produced 90 per cent rates of resubscription in previous years. Sales, customer support and administrative staff will be focused on the rebilling and collections associated with over 7,000 resubscribing schools and other sites during the next six months.

• New Business Development -- 800 new Career Explorer subscriptions are projected for the quarter. The business plan for the consumer division will also be completed, for initiation in Q4 2000.

• Careerware Integration -- The company began integrating Bridges.com and Careerware during Q2. This includes a new corporate structure along functional lines, and plans for a combined sales force and integrated financial and technical systems.

• Product Development -- Choices and Career Explorer products are being upgraded for release to schools and other sites in September 2000. CD-ROM versions of each resource will be shipped in August. Careerware's PAWS product for elementary schools and Career Futures resource for middle schools are also being completed in Q3 for a September release.

Sincerely,

Douglas J. Manning
Chief Executive Officer and President

INVESTOR INFORMATION

The common shares of Bridges.com Inc. are listed on the Toronto Stock Exchange under the trading symbol BIT.