PSE Circular for Brokers No. 349-00

February 15, 2000 PSE CIRCULAR FOR BROKERS NO. 349-00 February 14, 2000 Disclosure Department Listing and Disclosure Group 4/F, Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Fax No. 6342051 Attention : Ms. Ma. Isabel T. Garcia Listing & Disclosure Ms. Grace P. de Guia Disclosure Department Ms. Evelyn Dime Listing Department Gentlemen : Investment in WarpSpeed Communications, Inc. We advise that AJO.net Holdings Inc. ("AJOnet") will be investing in WarpSpeed Communications, Inc. ("WarpSpeed"). WarpSpeed is a corporation organized and existing under the law of California, USA offering a service that can provide T1-access on demand, a broadband solution that is not readily available today. Users can set up and tear down real T1 connections between sites through a Website and the touch of a button, thus enabling them to address mission critical business requirements with flexibility, convenience and the economy of usage-based pricing. Users will not need to install specialized equipment nor to re-engineer their corporate networks in order to avail of this service. Unlike point-to-point private lines, WarpSpeed offers "any-to-any" connectivity between WarpSpeed-enabled locations. The system can transfer 8 Gigs of data uncorrupted from California to New York within a time frame of only 20 seconds. Venture investors, in prior private placement financing raised by WarpSpeed, include AT&T, 3Com, Asia Tech, and Credit Suisse/First Boston. LibLex AJOnet's investment will be through membership in Sextant Broadband III LLC (SB III), a limited liability company to be formed in accordance with the Delaware Limited Liability Act. The general purpose of SB III will be to hold, sell and/or dispose of a convertible debt and warrant interest in WarpSpeed. Terms of Payment : US$300,000 upon execution of agreement Appointment of Key Employees AJOnet has engaged the services of the following: 1. Eduardo A. Yotoko (Chairman of Advisory Committee) As chairman of the advisory committee, Mr. Yotoko is primarily charged with advising Management on its investment decisions. He possesses a rich and diverse background in finance and policy studies. Mr. Yotoko concurrently acts as adviser to MRL Holdings, Inc and San Lorenzo Builders & Developers Group, Inc. Among other positions, he previously served as vice-chairman of Infobahn, Inc., and chairman of First Asian Eagles Capital Corporation. 2. Mr. Chito Bustamante (Associate) Mr. Bustamante's principal function will be to evaluate the technical aspects of incubation projects or of the operations of investee companies as well as to assist in the technical aspects in the setting up of incubation projects and/or operations of the investee companies. Mr. Bustamante is a CompuCom Systems Engineer. CompuCom Systems Inc. is an Integrator Services company which specializes in selecting, installing and managing "distributed computing" for "t" enterprise infrastuctures for Fortune 500 companies. He has 6 years experience in Networking and infrastructure development and deployment. He is currently working as a Consultant and Technical Lead of the State of California Department of Industrial Relations and all its branches. He is responsible for the implementation of the Local and Wide Area Network that the division currently operates. He has just recently completed the Y2K compliance project for the State of California under the DIR umbrella. Prior to this, Mr. Bustamante worked in the finance section of International Business Machines in the western U.S. region for several years. He is a Certified Systems Engineer for Microsoft and Novell and is also certified in Intel, Bay Networks and Lotus Notes. Registration of Business Name AJOnet recently registered the business name "AJOnet Holdings" at the Department of Trade and Industry under Certificate No. 677713. cdlex Very truly yours, (SGD.) ANA MARIA A. KATIGBAK Asst. Corporate Secretary (Corporate Information Officer-in-Charge)