Wulf International Ltd -- EXCORE Completes Feasibility Study for 1 Million-Home Philippines Project for Joint Venture.

Business Editors

FORT WORTH, Texas--(BUSINESS WIRE)--June 5, 2001

Wulf International Ltd, (OTCBB:WLFO) with headquarters in Fort Worth, Texas, announced today that EXCORE, Inc., a Philippines real estate and development consulting company, has completed its 9-month feasibility study of low income housing needs in the Southern Philippines.

The results of this comprehensive study are documented in a report prepared for the Southern Philippines Development Authority (SPDA)-Warisan Group Joint Venture.

EXCORE, concludes that, "The appropriate investment level to undertake the program is in the vicinity of Php 10 billion in development funds (US$ 200 million). The total program cost is estimated to be Php 201,725,593,805 (US$ 4 Billion at current exchange rates) over a ten-year development horizon. Cumulative net profits are estimated to amount to Php 34,979,203,419 (US$ 700 million) for the entire project life." Wulf, which owns 49% of the Joint Venture, would expect to realize net profits of about $343 million, which is substantially higher than previous estimates, over a ten-year period.

EXCORE states that, "The lack of adequate and affordable housing has increasingly become a nationwide problem since a housing construction backlog was first estimated in 1985. With production levels unable to keep pace with population growth, the supply gap has now widened to an estimated 3.9 million housing units, and the Government housing fund is currently depleted."

The housing that is being built (currently) is targeted mainly for the Northern Philippines and the greater Manila area. According to EXCORE, "Mindanao accounts for 35% of the demand yet has only been the recipient of close to 3% of the housing production. Implementation of the SPDA-Warisan housing program will be timely and significant in addressing the 1.4 million housing backlog in the Southern Philippines."

Warisan has formally submitted the Feasibility Report to the Secretary of Housing. The Administrator of the SPDA, who now holds a Cabinet level position, is arranging for the necessary reviews and approvals prior to a formal presentation to President Macapagal-Arroyo. The SPDA Board of Directors unanimously approved the project on January 9, 2001

Please see http://www.wulfint.com or contact Joe Denahan at Tel [phone] for more information.

Forward-Looking Statements: Statements in this press release other than the statement of historical fact, including statements regarding the company's plans, beliefs, and estimates are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings and actual results could differ materially from the expected results. These forward-looking statements represent the company's judgment as of the date of this release.