PSE Circular for Brokers No. 2666-98

November 26, 1998 PSE CIRCULAR FOR BROKERS NO. 2666-98 November 25, 1998 Philippine Stock Exchange Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Securities & Exchange Commission Director Linda A. Daoang Money Market Department S.E.C. Building, EDSA Mandaluyong City RE : "Bayantel, Globel Telecom Plan Alliance" Gentlemen : This is to clarify Globe Telecom's position with reference to the subject article which appeared in the November 26 issue of the Philippine Daily Inquirer. Globe is engaged in discussions with BayanTel as well as with other telecom carriers related to various forms of potential alliances and cooperation. The nature of these discussions are intended to identify specific areas to enhance technical operations and improve service to all subscribers, and has included the exchange of information. These exploratory talks have been held in the past several weeks but the Company wishes to stress that no formal agreements are imminent. The Company wishes to reiterate that upon finalization of any definitive agreement with any party, it will make the necessary and proper public disclosure, as well as to its shareholders. Thank you. Very truly yours, (SGD.) RENATO O. MARZAN Corporate Secretary