PSE Circular for Brokers No. 024-00

January 5, 2000 PSE CIRCULAR FOR BROKERS NO. 024-00 January 4, 2000 GLOBE TELECOM SUCCESSFULLY PASSES Y2K ROLLOVER GLOBE TELECOM today announces that it has passed the Year 2000 rollover during the midnight of December 31, 1999 successfully and without any incident or problem. As of 12:01 am of January 1 and thereafter, all of the telecommunications company's systems' and operations are online and running smoothly. These include the systems identified by the company as critical to its operations: billing, finance management, procurement, carrier connectivity and network maintenance. With all its systems okay, Globe has officially declared "Business as Usual" on 12 noon of January 3, 2000, which is the first working day of the millennium. "We did-it! GLOBE TELECOM has prevailed over the Y2K bug!," said GLOBE TELECOM Assistant Vice President for Information Systems and Y2K Project Director Fernando Teodoro. "Our Y2K program has been two years in the making and we are glad that all our efforts and preparations have been successful in seeing our company through the Y2K transition," he said. Teodoro reported that Globe experienced a surge in calls and text messages during the rollover but said that this was normal and expected by the company. "The huge volume of calls and text messages were due to people greeting each other during the new year. This resulted in high levels of traffic but this tapered off a few hours after midnight," he said. GLOBE TELECOM Senior Vice President for Corporate Affairs and Regulatory Matters Atty. Rodolfo Salalima added that the Y2K experience has given Globe the "opportunity to have a new appreciation of our critical business processes. "We'd like to thank our customers for the confidence they have shown to us in our preparation for Y2K," said Salalima. With GLOBE TELECOM's successful rollover, Salalima assures Globe subscribers that the company's service "is unhampered and continued at the same high level of quality that they enjoyed before the transition. "We are happy to announce that our subscribers can continue to make their calls or text and not experience any problems or glitches related to Y2K problems," said Salalima. During the rollover, GLOBE TELECOM relied on its Y2K Command Control Center to monitor the status of procedures, communication among its various locations, and escalation of its processes in reaction to Y2K situations. Part of Globe's monitoring for rollover was establishing direct communication links with other carriers and other countries, including New Zealand which was geographically the first major country to encounter the Y2K transition. Even after the rollover, Globe's Y2K Command Control Center will continue to monitor all systems and business operations until the end of business day of January 7. GLOBE TELECOM also reports that preparations are on the way for the February 28th and 29th rollover, to make sure that its systems recognize 2000's leap year date. GLOBE TELECOM started its Y2K program in 1998 and achieved Y2K-readiness within schedule in June 1999. Prior to the rollover, Globe conducted a dry run last December 9, 1999 in testing its systems against a simulated rollover. As part of its contingency measures, Globe also performed Y2K tests of local, cellular and NDD calls in May 1999 with PLDT, Smart, BayanTel and Digitel, as well as with Islacom in November. Globe also tested its IDD service with Singapore's Singapore-Telecom last August, and its international roaming service with Australia's-Telstra last October. Led by Ayala Corporation and Singapore Telecom International (STI), GLOBE TELECOM is a leading telecommunications company in the Philippines and is the country's leading digital cellular operator. Globe is a full-service telecommunications company offering Globe Handyphone cellular mobile service, Globelines fixed telephone service, Globelink international access service, VSAT (Very Small Aperture Terminal) service, Inter-Exchange Carrier service, International Private Leased (IPL) lines, Frame Relay services, Value-Added Network (VANs) services, data services and G-Net Internet access. LibLex