Wulf International Ltd -- Philippines Government Issues Formal Approval for Massive Low-Income Housing Project.

Business Editors

FORT WORTH, Texas--(BUSINESS WIRE)--Nov. 1, 2001

Wulf International Ltd, (OTCBB:WLFO) with headquarters in Fort Worth, Texas, announced today that the Warisan Group Corporation of which Wulf is a partner has received the written approval of Secretary Michael Defensor, Chairman of the Philippines Housing and Urban Development Coordinating Council, the top housing official in the Government, for the proposed construction and development of 1 million low income houses in the Southern Philippines.

Secretary Defensor said in his October 22, 2001 letter to Warisan's Managing Director, "We appreciate that you are keenly interested in undertaking a housing endeavor in Mindanao. Please be advised that we have endorsed to the Development Bank of the Philippines your intention to access said Bank's development loan program. We would like to inform you that the President has issued Executive Order No. 20 on 28 May 2001 reaffirming mass housing as the centerpiece program in the poverty alleviation efforts of the Government. Thus, your initiative is much welcome."

This huge housing project has been in the planning stage for the past four years, was initiated legally by the signing of the Joint Venture Agreement with the Southern Philippines Development Authority (SPDA) on June 24, 1998, was approved by the SPDA Board of Directors on January 9, 2001 after completion of a comprehensive Feasibility Study by Warisan, has now received the approval of the Office of the President and, upon receipt of the initial funds from the Development Bank of the Philippines is ready to begin. The ten-year project is expected to cost $5 Billion. Initial funding to get the project moving will be provided by the Development Bank of the Philippines from funds set aside for low-income housing. Warisan and SFM Mortgage company of Bedford, Texas have committed, subject to funding, to provide about $8 Billion for loans to the purchasers of the new homes and will manage the related mortgages.

The new homes will be provided to needy low-income families regardless of ethnic background or religious faith. Each has pre-qualified for a new house and a loan through down payments to a "savings plan." The estimated $8 Billion in loans to the purchasers will be guaranteed by the Philippines Home Guarantee Corporation, a wholly owned Government entity established in March of 2000 by an act of the Philippines Congress.

Warisan believes that this will be the largest humanitarian housing program in the world and it expects to expand this program to include another million homes for families in the northern Philippines as well. This program will set a precedent for providing suitable shelter for needy families through the cooperation of the host government that will contribute the development capital and an international group of companies that will construct the homes and finance the purchases. It is a model that can be utilized in many other countries around the world where an estimated 50 million new homes are needed. Wulf International will own 49% of the Development Group and 45% of the Mortgage Group.

For more information please go to http://www.wulfint.com or contact Wulf International at Tel [phone].

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