PSE Circular for Brokers No. 414-00

February 21, 2000 PSE CIRCULAR FOR BROKERS NO. 414-00 February 15, 2000 Press Release GLOBE READY FOR Y2K LEAPYEAR ROLLOVER GLOBE TELECOM announced that its systems are set and ready for the rollover to year 2000's leap year date. The company's preparations for the leap year date is part of its overall Y2K-readiness program to address Y2K issues. Even into the Y2K leap year date, the comprehensive scope of GLOBE TELECOM's Y2K-readiness preparations covers all business aspects and operations of the Company in order to ensure such factors as the accurate billing of subscribers and uninterrupted delivery of services. The Y2K leap year rollover, which covers the transition from February 28 to 29; and February 29 to March 1, is also recognized worldwide as critical Y2K-related dates. Being the first leap year date of the new millennium, Y2K speculators figured that non-ready systems might not properly recognize the correct leap year date and cause possible date-related errors to occur. During the leap year date rollover, GLOBE TELECOM will be reactivating its Y2K Command Control Center to monitor the status of procedures, communication among its various locations, and escalation of its processes in reaction to situations. Similar to the Y2K rollover, Globe will be establishing direct communication links with other carriers as well as other countries. GLOBE TELECOM started its Y2K program two years ago in 1998 and officially achieved Y2K-readiness within schedule in June 1999. As expected, Globe passed the Year 2000 rollover successfully and without any incidents or problems. Led by Ayala Corporation and Singapore Telecom International (STI), GLOBE TELECOM is a leading telecommunications company in the Philippines and is the country's leading digital cellular operator. Globe is a full-service telecommunications company offering Globe Handyphone cellular mobile service, Globelines fixed telephone service, Globelink international access service, VSAT (Very Small Aperture Terminal) service, Inter-Exchange Carrier service, International Private Leased (IPL) lines, Frame Relay services, Value-Added Network (VANs) services, data services and G-Net Internet access.