PSE Circular for Brokers No. 2272-99

September 10, 1999 PSE CIRCULAR FOR BROKERS NO. 2272-99 September 10, 1999 Philippine Stock Exchange Disclosure Department Listing and Disclosure Group 4/F PSE Center, Exchange Road Ortigas Center, Pasig City Gentlemen: We refer to your fax today, 10 September 1999 addressed to our Mr. Rufino Luis T. Manotok requiring us to clarify the news articles entitled "SingTel, Deutsche Telecom" and "Globe, Islacom Merger Deal Set" published in today's issue of Philippine Star and Manila Standard, respectively. In connection therewith we confirm that discussions continue to proceed among Ayala Corporation, Singapore Telecom and Deutsche Telecom. However, we clarify that no final agreements have been forged to date. As soon as a definitive agreement is reached among the parties, this will be disclosed immediately to the Philippine Stock Exchange and to the public. We hope this clarifies the foregoing news article. Very truly yours, (SGD.) RENATO O. MARZAN Managing Director