PSE Circular for Brokers No. 449-00

February 23, 2000 PSE CIRCULAR FOR BROKERS NO. 449-00 PRESS RELEASE GLOBE TELECOM REPORTS FULL YEAR 1999 NET OPERATING REVENUES OF P9.4 BILLION GLOBE TELECOM today reported 1999 full year net operating revenues grew 73% to P9.4 billion. This impressive financial performance of the Company was attributed to the rapid expansion of its cellular subscriber base and improvements in fixed line and international revenues. cdll GLOBE TELECOM's cellular subscriber base expanded to 916,000 at the end of 1999 translating to more than a four-fold increase from 1998's 221,000. To date, the Company's cellular subscribers have breached the one million mark. Meanwhile, although fixed line subscribers remained flat at 140,000, business to residential ratio improved significantly year-on-year. The Company was also able to cap the growth in operating expenses to 65% versus 1998 despite absorbing all the acquisition costs related to the dramatic increase in subscribers, boosting EBITDA by 87% to P3.7 billion. This resulted in a net income of P940 million in 1999, a significant improvement from the P23 million in 1998. "We are proud that we have built a community of over a million Globe subscribers as 1999 came to a close. The strength of the Globe business is but a reflection of these customers' loyal patronage and their vote of trust for the Globe brand," says President and CEO Gerardo C. Ablaza, Jr. "We remain committed to ensuring that our customers are always provided with cutting-edge solutions for their communications needs," he added. GLOBE TELECOM, is a full service telecommunications company offering cellular mobile telephone services through the Globe Handyphone brand, fixed line services through the Globelines brand, and international communication services through the Globelink brand. GLOBE TELECOM also offers a variety of data communication services including VSAT, international and domestic leased lines, frame relay and value added network services, and internet services through its G-Net ISP. GLOBE TELECOM is a publicly listed company controlled by two major shareholders, Ayala Corporation (approximately 44%) and Singapore Telecom International (approximately 39%). cdlex