PSE Circular for Brokers No. 598-98

April 3, 1998 PSE CIRCULAR FOR BROKERS NO. 598-98 April 2, 1998 Securities & Exchange Commission Attn.: Director Linda A. Daoang S.E.C. Building, EDSA Mandaluyong City Philippine Stock Exchange Attn.: Compliance & Surveillance Dept. 4/F Tektite Tower, Ortigas Center Pasig City Gentlemen : Please be informed that in the Regular Annual Meeting of Stockholders of GMCR, Inc. (Globe Telecom) held this morning, the following, among others, were considered and approved: LLjur 1 Ratification of the resolution of the Board of Directors adopted on 26 January 1998 approving the change of the corporate name of the Company from GMCR, Inc. to Globe Telecom, Inc. and for this purpose to amend Article First of the Amended Articles of Incorporation. 2. Ratification of the resolution of the Board of Directors adopted on February 23, 1998, recommending the amendment of the resolution passed by the stockholders on 18 September 1997, increasing the authorized capital such stock from P750 Million to P5 Billion, so that as amended, the increase will be from P750 Million to P5 Billion; and the amendment for the first paragraph of Article Seventh of the Amended Articles of Incorporation to reflect the said amended capital increase. 3. Election of the following directors: Jaime Augusto Zobel de Ayala II Fernando Zobel de Ayala Allen Lew Yoong Keong Gerardo C. Ablaza, Jr. Yap Chee Keong Mark Anthony N. Javier Paul Chong Cesar L. Sison Edward Ying Bernardo M. Villegas Delfin L. Lazaro At the Organizational Meeting of the Board of Directors held thereafter, the following executive officers were elected: cdpr Chairman-Board of Directors Jaime Augusto Zobel de Ayala II Vice Chairman-Board of Directors Allen Lew Yoong Keong Co-Vice Chairman-Board of Directors & Chairman-ExCom Delfin L. Lazaro President Gerardo C. Ablaza, Jr. Corporate Secretary Renato O. Marzan Sr. Vice President & Chief Finance Officer/Treasurer Gil B. Genio Sr. Vice President-Human Resources Oscar Contreras, Jr. Sr. Vice President-Corporate Planning Manuel R. delos Santos Sr. Vice President-Legal Services & Assistant Corporate Secretary Rodolfo A. Salalima Vice President-Carrier Business Benedict B. Buhain Vice President-Corporate Services Carlo R. Castelo Vice President-Corporate Services Elenito P. Tuason Vice President-Mobile Communications Emmanuel R. Estrada Vice President-Mobile Communications Charles A. Lim Vice President-FN Planning Impl. Teresa V. Kong Vice President-Finance Edith C. Santiago Vice President-Fixed Net Operations Peter C. Tan The above information is being made in compliance with the disclosure requirements of the Securities & Exchange Commission and the Philippine Stock Exchange. LibLex Very truly yours, (SGD.) RENATO O. MARZAN Corporate Secretary