PSE Circular for Brokers No. 734-00

March 22, 2000 PSE CIRCULAR FOR BROKERS NO. 734-00 DATE : March 21, 2000 TO : Ms. Grace de Guia Assistant Manager Philippine Stock Exchange FAX NO. : 636 0809 FROM : Enrique I. Quiason NO. OF PAGES : One page Benpres Holdings Corporation confirms that two of its affiliates, Bayan Telecommunications Inc. and Sky Vision Corporation, have agreed in principle to functionally converge, but not merge certain of its operations as a business strategy to maximize their competitiveness in the new economy. It is intended that the separate corporate existence of the two companies will be maintained and no merger will be involved. Bayantel and Sky believes that the new economy requires companies to adapt to the rapid development of technologies that require faster and more efficient ways of doing business. The functional convergence of the two companies of certain operations was approved in principle by the respective boards of Bayantel and Sky held this month. (SGD.) ENRIQUE I. QUIASON Corporate Secretary