PSE Circular for Brokers No. 2269-99

September 10, 1999 PSE CIRCULAR FOR BROKERS NO. 2269-99 September 10, 1999 Philippine Stock Exchange 4/F Philippine Stock Exchange Centre Exchange Road, Ortigas Center, Pasig City Attention: Ms . Luisa W . Buenaventura Supervisor, Disclosure Department Gentlemen: We reply to your fax dated today, 10 September 1999, requesting Globe Telecom to clarify a news article entitled " Singtel, Deutsche Telecom to be Ayala's partners in Islacom " published in today's issue of the Philippine Star. We confirm that as stated by Mr. Gerardo C. Ablaza, Jr, Globe Telecom's President, there have been on going discussions among Ayala Corporation, Singapore Telecom and Deutsche Telecom on such key issues as structural, governance and valuation issues. To put the article in proper context, we clarify that no final agreements have been forged to date. The parties continue to work in earnest in pursuit of a merger and hope to conclude matters as soon as possible, unless of course, as also stated by Mr. Ablaza, other issues come up. LibLex We hope this clarifies matters. Very truly yours, (SGD.) GIL B. GENIO Chief Finance Officer And Corporate Information Officer