Globe Telecom Inc. Additional Listing

July 14, 1999 PSE CIRCULAR FOR BROKERS NO. 1739-99 SUBJECT : Globe Telecom Inc. Additional Listing On November 26, 1997, the Exchange approved subject to the actual exercise of the Conversion Right by the warrantholders, the application of GLOBE TELECOM, INC . (the "Company") to list 1,227,558,257 common shares, consisting of 747,171,955 class "A" shares and 480,386,302 class "B" shares, with a par value of P1.00 per share, to cover the underlying shares of the detachable warrants, at the conversion ratio of 1 common share for every 1 warrant held. These warrants were given free to holders of rights offer shares in connection with the 1997 P6.05 Billion Rights Offering with Detachable Warrants. cdt However, the actual number of warrants issued was reduced to 1,227,558,187 detachable warrants, consisting of 747,171,387 class "A" warrants and 480,386,300 class "B" warrants. The difference of 70 warrants (consisting of 68 class "A" warrants and 2 class "B" warrants). between the number of warrants approved for listing and the actual issuance represent the fractional warrants which were not issued. This shall bring the total number of underlying shares covering the detachable warrants to 1,227,558,187 common shares, consisting of 747,171,887 class "A" shares and 480,386,300 class "B" shares. In connection therewith, please be advised that the Company has received notice from warrantholders for the initial conversion of a total of 689,914,973 warrants consisting of 393,503,806 class "A" warrants and 296,411,167 class "B" warrants to a total of 689,914,973 common shares, consisting of 393,503,806 class "A" shares and 296,411,167 class "B" shares. In view thereof, the listing of the 689,914,973 common shares, consisting of 393,503,806 class "A" shares and 296,411,167 class "B" shares is set for Thursday, July 15, 1999 . For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & CEO