AJO.Net Holdings, Inc.

March 23, 2000 PSE CIRCULAR FOR BROKERS NO. 759-00 SUBJECT : AJO.Net Holdings, Inc. This is with reference to the news article captioned "AJO.net invests P17.5 million in e-commerce firm" published in the March 22, 2000 issue of the Business World. The article reported that AJO.net Holdings, Inc. ("AJO") is tapping the overseas contract workers (OCWs) market through a P17.5-million investment in ERegalo.com. AJO treasurer Carlos Syquia said the company has committed a cash and share-swap deal with ERegalo.com. Mr. Syquia further said that once ERegalo.com's operations have fully expanded, the management is planning to list in the local exchange to raise funds wherein an option is the possible backdoor listing through AJO. AJO, in a letter to the Exchange, clarified that: ". . . AJO.net Holdings, Inc. (AJO.net) is presently in negotiations regarding its possible investment in 'Incredibly EZ Corporation', which is the proponent of the ERegalo.com venture. As proposed, this project will engage in gift-giving services, with special focus on Philippine transnationals residing in various countries. AJO.net has made an initial advance of P1 million as 'good faith' money to be allowed to further evaluate such investments, which will amount to approximately 10% of ERegalo.com. The proposed investment being discussed is for P17.5 million, which will be in the form of cash and AJO.net shares. However, the terms and conditions of the proposed agreement are still under negotiation. The parties have set a target date of March 31, 2000 to finalize an agreement. . . . As soon as a final agreement has been reached, we shall make the appropriate disclosure to the PSE." For your information. (SGD.) MARIA ISABEL T. GARCIA OIC, Listing and Disclosure Group