PSE Circular for Brokers No. 2201-99

September 2, 1999 PSE CIRCULAR FOR BROKERS NO. 2201-99 September 2, 1999 Philippine Stock Exchange PSE Centre, Exchange Road Ortigas Center, Pasig, Metro Manila Attention: Ms . Grace B . De Guia Assistant Manager Disclosure Department Gentlemen: This refers to your fax message received by us on September 1, 1999, concerning a news article captioned "Will William tell?" which appeared in the September 1, 1999 issue of The Philippine Daily Inquirer. cdlex The news item indicate that the reported court action is in the nature of a commercial dispute between U-Land and The Wellex Group, which we understand involves claims and counter-claims between the parties involved. Our company, Wellex Industries, Inc. is not itself a party nor in any way involved in the said court action, and has no knowledge of the claims and counterclaims and other details of the same. At any rate, the matter is now under the judicial processes and it would be up to the courts to decide and resolve the issues therein. Thank you. Very truly yours, WELLEX INDUSTRIES, INC. By: (SGD.) ARTHUR R. PONSARAN Corporate Secretary