PSE Circular for Brokers No. 1919-99

August 2, 1999 PSE CIRCULAR FOR BROKERS NO. 1919-99 PHILIPPINE STOCK EXCHANGE Philippine Stock Exchange Center Exchange Road, Pasig City Metro Manila Attention: Ms . Racquel Angeles Disclosure Department Gentlemen : This is to inform you that Globe Telecom has successfully launched its US$220 Million 10-year Senior Notes due 2009. The Notes were priced at a spread of 709 basis points over the 10-year US Treasuries with a coupon and yield of 13%. The Notes were six times oversubscribed and placed to a wide spectrum of investors encompassing over 100 accounts in the US, Europe and Asia. The strong demand for the Notes enabled Globe to increase the size of the offerings from US$200 million to US$220 Million and price the Notes below price talk. Proceeds from the Notes will be used to fund incremental capital expenditures, repay short-term debt used to fund previous network expansion, and other related working capital purposes. As stated in earlier disclosures to the PSE, the Notes had been rated B1 by Moody's Investors Service and B by Standard & Poor's. cdlex Salomon Smith Barney served as sole bookrunner and lead manager for this offering. JP Morgan and ABN AMRO acted as co-managers. The company has also announce fat it is pleased at the success of its first debt offering and that the transaction signals continued Investor confidence in the Philippines and in Globe Telecom. If you have any further inquiries regarding this matter, please feel free to call on us. Very truly yours, (SGD.) ATTY. CARIDAD D. GONZALES Vice-President Legal Services Division