PSE Circular for Brokers No. 682-00

March 15, 2000 PSE CIRCULAR FOR BROKERS NO. 682-00 PHILIPPINE STOCK EXCHANGE, INC . 4/F Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City, Metro Manila Attention: Ms . Grace B . de Guia Asst . Manager, Disclosure Department Gentlemen : We refer to your facsimile message of March 15, 2000 requesting clarification/confirmation of the news article which appeared in today's issue of the Business World, "Philcom, Vantage ink alliance for Internet business." Please be advised that contrary to the impression created by the title of the article, Vantage has not "inked" an alliance with Philcom. As we have previously disclosed, a number of IT-related projects are being proposed to Vantage, among which is a proposal which requires participation of a telecommunications company and Philcom has been mentioned in this regard. However, no formal agreement has as yet been arrived at, much less something that has been "inked." We reiterate our previous advice that whatever discussions that are currently ongoing with various parties are "soft" information and therefore premature to disclose at this time. Should you have any further questions, please let us know. Very truly yours, (SGD.) A. BAYANI K. TAN Corporate Secretary