PSE Circular for Brokers No. 588-00

March 8, 2000 PSE CIRCULAR FOR BROKERS NO. 588-00 March 7, 2000 Philippine Stock Exchange PSE Centre, Exchange Road Ortigas Centre, Pasig, Metro Manila Attention: Ms . Grace B . de Guia Supervisor, Disclosure Department Gentlemen : Please be informed that at the meeting of the Board of Directors of WELLEX INDUSTRIES, INC., held on March 7, 2000, the Board approved the recommendation of Management for Wellex Industries, Inc. (WIN) to: (i) enter the information business sector, which would include all internet-based business and e-commerce facilities, and (ii) position itself very quickly in this rapidly expanding sector via the acquisition of existing or start-up technology companies through the setting up of subsidiary operations or creating appropriate operating divisions in the company which can subsequently be spun off. LibLex By appropriate resolutions, the Board (a) authorized Management to pursue investment opportunities in the information technology sector, such as in internet-based business and e-commerce facilities; and (b) approved the amendment of the Articles of Incorporation of the company to include among its secondary purposes, making investment in, or directly engaging in information technology, including internet-based activities and/or providing e-commerce facilities of all types. Thank you. prcd Yours very truly, (SGD.) ARTHUR R. PONSARAN Corporate Secretary