PSE Circular for Brokers No. 224-00

February 1, 2000 PSE CIRCULAR FOR BROKERS NO. 224-00 January 28, 2000 GLOBE TELECOM To Invest US$300-M in Year 2000 For GSM Wireless Network Expansion GLOBE TELECOM Sees Highly Attractive Philippine Wireless Market, Expects Industry To Have At Least 3.7 Million Subscribers at Year End Investment Is Largest Single Year Capital Expenditure Ever MANILA, PHILIPPINES 28 January 2000 GLOBE TELECOM, the Philippines' second largest telecommunications company, said today that it will spend US$300 million during the year 2000 for the expansion and upgrade of the company's GSM (Global System for Mobile communications) wireless network. The capex will increase network capacity in all segments of the GSM network, including switching, network subsystems, transmission, and outdoor and indoor cell sites. prcd Mr. Gerardo C. Ablaza, President and CEO of GLOBE TELECOM, commented, "The continued investment by the company signals a powerful vote of confidence by Globe together with its shareholders and creditors in Philippine telecommunications, in the highly attractive prospects and opportunities in the industry, and in Globe's ability to compete in what must be one of the most exciting and competitive markets in the region today." Mr. Manuel de los Santos, Senior Vice President and the Head of Mobile Communications at GLOBE TELECOM, said, "The capex program of the company will ensure that our GSM network continues to be the biggest, supports the largest digital subscriber base, and provides for various value added services and features for the consumer. Our commitment is to continue providing the best value for customers, providing them with the widest array of services from basic voice to text messaging, to information-on-demand; to data and internet, and transaction capabilities." "Our year 2000 spending includes increasing the reach and availability of our WAP (wireless access protocol) services, performing trials and eventually commercially launching GPRS (general packet radio services) that will offer significantly faster data speeds, improving the pervasiveness of the GSM network, and providing distinctive and seamless services together with our associated GSM wireless operators SingTel Mobile in Singapore and Advanced Information Services in Thailand", added Mr. de los Santos. These include Caller ID, Call ID Waiting, Phone Lock, Three-Way Calling, Enhanced Call Waiting, Call Forwarding, Voice Mail, Call Hold, ISDN and Centrex. GLOBE TELECOM, led by Ayala Corporation and Singapore Telecom Internationals is a full-service telecommunications company offering Globelines, G-Net Internet Access, Globe Handyphone cellular mobile service, Globelink and other international communications services, VSAT (Very Small Aperture Terminal) service, Inter-Exchange Carrier service, International Private Leased (IPL) lines, Datafast Frame Relay and Value-added Network (VANS) and data services. LexLib