PSE Circular for Brokers No. 448-00

February 23, 2000 PSE CIRCULAR FOR BROKERS NO. 448-00 February 23, 2000 Securities & Exchange Commission SEC Building, EDSA Mandaluyong City Attention : Director Linda A. Daoang Money Market Department Philippine Stock Exchange 4/F PSE Center, Exchange Road Ortigas Center, Pasig City Attention : Disclosure Department Listing and Disclosure Group Gentlemen : This is to inform you that Ayala Corporation, Singapore Telecom International (STI), a wholly owned subsidiary of Singapore Telecom, and Deutsche Telekom have signed a definitive agreement on the combination between Globe Telecom, Inc. (Globe) and Isla Communications, Inc. (Islacom). The agreement follows the signing last November of a preliminary agreement outlining the broad terms. Subject to the appropriate shareholder and regulatory approvals, Globe and Islacom will combine in an all-stock transaction. The parties hope to complete the transactions to implement these agreements before the end of the year. This serves to confirm the disclosure made by Globe Telecom regarding this transaction. This information is being submitted in compliance with the disclosure rules of the SEC and PSE. Very truly yours, (SGD.) RUFINO LUIS MANOTOK Managing Director