PSE Circular for Brokers No. 498-00

February 29, 2000 PSE CIRCULAR FOR BROKERS NO. 498-00 GLOBE TELECOM SETS US$27.3-M INVESTMENT FOR NORTHERN LUZON EXPANSION GLOBE TELECOM has earmarked at least US$27.3 million in year 2000 investments for Northern Luzon to further strengthen its digital leadership for its Globe Handyphone cellular mobile service, a move that will significantly enhance the Company's GSM (Global System Mobile communications) coverage in the region. As programmed, the US$27.3-million investment will increase the total number of Northern Luzon cell sites from 104 to 160; and is parallel to a deliberate business strategy to focus significant resources in a comprehensive sales, marketing and network roll-out for Northern Luzon. Overall, Globe targets to have more than 1,000 total cell sites across the country coming from its-present nationwide count of 700. "Right now, we are all set to further strengthen our business operations in the region, taking off from our success in tapping the Baguio market where Globe Handyphone has a high 18% subscriber penetration mark at the moment. Thus, we know we can harness the growth potential offered by the entire Northern Luzon area given our aggressive marketing promos and sales activities for the year," said Aurelio Sanchez III, GLOBE TELECOM Director for Sales and Marketing. "In addition to Globe's high subscriber rate in Baguio, it is also interesting to note that Baguio currently is our no. 1 area in terms of cellular phone usage or calls made per hour among subscribers. Our Baguio subscribers now log an average of over 1,460 calls per hour. This is even higher than what we have in Quezon City or Makati," he added. Significant among Globe's marketing promos are its "Cellular Obsession", which features price mark-downs of as much as 59% on the Nokia 7110, Nokia 8210, Nokia 3210, Panasonic GD30, Motorola T2288 and Motorola V2088; as well as affordable subscription and switching packages. Also, GLOBE TELECOM is presently bannering in Northern Luzon its "Globexplosion" promo which packages such perks such as low-priced handsets which go as low as P3,500; free P250 Globe prepaid call cards for every Globe Handyphone Prepaid phonekit purchased; instant approval and 4-hour activation. At present, Globe Handyphone's Northern Luzon coverage extends from Laoag, Ilocos Norte up north to Metro Manila down south. These include fully-digital coverage in Baguio, Bataan, Benguet, Bulacan, Cagayan, Ilocos Sur, Isabela, Laoag City, La Union, Nueva Ecija, Nueva Viscaya, Pampanga, Paoay City, Tarlac and Zambales. With most of the Northern Luzon areas covered, Globe Handyphone presently provides seamless cellular coverage from Baguio to Manila. Through its expansion mobile network expansion, GLOBE TELECOM plans to further significantly strengthen its coverage in the peripheral areas of Northern Luzon and, by the third quarter of this year, provide seamless coverage from Laoag, at the tip of Northern Luzon, down to Manila. In support of its expanded operations, GLOBE TELECOM intends to open a new business center in La Union sometime in the middle of the year in addition to its existing GLOBE TELECOM Business Centers in Baguio City; Angeles, Pampanga; Meycauayan, Bulacan; Tarlac; Dagupan City; Vigan, Ilocos Sur; Tuguegarao, Isabela; and Cabanatuan City. GLOBE TELECOM to date has 42 business centers across the nation. LibLex Globe Handyphone today is the country's digital cellular leader, having the biggest digital subscriber base with over a million subscribers and the widest digital network of more than 700 cell sites nationwide. Globe also has the most extensive international reach today for international roaming and text messaging, having links with 120 GSM roaming partners around the world. Globe Handyphone also provides advanced value-added services such as Wireless Application Protocol (WAP), Mobile Office, Mobile E-Commerce, Infotext, GlobeTones and GlobeIcons.