PSE Circular for Brokers No. 1205-99

May 26, 1999 PSE CIRCULAR FOR BROKERS NO. 1205-99 May 25, 1999 PHILIPPINE STOCK EXCHANGE PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Luisa W . Buenaventura Supervisor Disclosure Department Gentlemen : Please be advised that the Board of Directors of Globe Telecom, Inc. (the "Company") at its meeting held today, 25 May 1999. approved the Company's issuance of a maximum of US $ 300 Million in senior, unsecured 10 Year Notes subject to finalizing the terms and conditions of the notes completion of due diligence, and market conditions at the time of actual issuance of the notes. At the same meeting, the Company appointed Salomon Smith Barney as the underwriter for the proposed issue. The Company likewise proposes to offer J.P. Morgan a co-manager role for this issuance. The Company hopes to complete the Notes issuance within the next two months. LLjur The proceeds of the proposed issue will be used to fund the Company's capital expenditures and related working capital purposes. The Company is targeting international investors to take up the notes. In due course, the Company will file a request for exemption from the requirements of the Revised Securities Act with the Philippine Securities and Exchange Commission upon completion of the necessary requirements. Very truly yours, (SGD.) GIL B. GENIO SVP CFO and Chief Information Officer