PSE Circular for Brokers No. 776-00

March 24, 2000 PSE CIRCULAR FOR BROKERS NO. 776-00 March 24, 2000 The Philippine Stock Exchange Listing and Disclosure Group 4/F Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Attention: Ms Luisa W. Buenaventura Supervisor Disclosure Department Ladies and Gentlemen: We refer to your fax letter which we received at 8:47 a.m. today, requesting for written confirmation of/clarification on the news article entitled "PLDT, NTT sign strategic tie-up today", published in the March 24, 2000 issue of Philippine Star, which reported that PLDT is set to formally sign today the completion of its strategic partnership with Japan's NTT Communications Corporation and its acquisition of cellular phone leader Smart Communications, Inc. for P37.9 million. We advise that PLDT anticipates the forging of its strategic partnership with NTT Communications Corporation and the completion of its acquisition of Smart Communications Inc. via the issuance of new PLDT shares valued at about P37.9 Billion, today, once all of the conditions precedent to closing are fulfilled. We will advise the Exchange and the investing public as soon as such closing takes place. Very truly yours, (SGD.) MA LOURDES C RAUSA-CHAN Corporate Secretary