PSE Circular for Brokers No. 2451-99

September 29, 1999 PSE CIRCULAR FOR BROKERS NO. 2451-99 Philippine Stock Exchange PSE Center, Exchange Road Ortigas Center Fax No. 6342051 Attention: Ms . Grace P . de Guia Listings and Disclosure Group Gentlemen: We wish to advise you that during its meeting this afternoon, the Board of Directors of Acoje Holdings, Inc. (AJO) adopted the following actions or resolutions: 1) Approved the following amendments to the Articles of Incorporation: (a) Change of corporate name from Acoje Holdings, Inc. "to AJOnet Holdings, Inc."; (b) Change of the location of the principal office, from Makati to Metro Manila; 2) Approved an amendment to the By-laws for the creation of an executive committee and authorized the Board to create other committees, 3) Approved the assignment by certain stockholders of their subscriptions to 211,420,000 shares, on which an amount equivalent to 25% of the subscription value at par has been paid, in favor of new investors who will assume the payment of the unpaid subscriptions corresponding to the said partially paid shares not later than November 3, 1999; 4) Approved the grant of warrants to subscribe to 85,000,000 shares with a par value of P4.00 per share, to certain parties, at a price of P3.00 per share, exercisable any time after approval by the Securities and Exchange Commission of the warrants but not later than five (5) years from such approval, subject to the approval of the stockholders. The warrants shall be priced at P1.00 per warrant which shall be payable to AJO within 90 days from the necessary approvals; cdll 5) Scheduled the annual stockholders' meeting on November 29, 1999, with the record date of the stockholders entitled to notice of and to vote at the said meeting set on November 5, 1999. In addition to the election of directors and other matters usually taken up at the annual meeting, the agenda shall include the foregoing matters and any other matters that the management may deem proper to include. cdll Very truly yours, (SGD.) SALVADOR C. MARTINEZ President (Corporate Information Officer)