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Press Releases

15

October 2003

AYALA CORPORATION ACCEPTS OFFER FROM DETEASIA

Ayala Corporation has accepted the offer from DeTeAsia Holding GmbH (DT) to purchase 16,037,565 common shares of Globe Telecom, Inc. at P 680 per share.

Ayala has advised DT that it reserves its option to designate Globe Telecom Inc. or any of its affiliates or another affiliate of Ayala to purchase part of its Accepted Shares prior to the execution of the share purchase agreement.

The above information is being disclosed in accordance with the disclosure rules of the Securities and Exchange Commission and the Philippine Stock Exchange.

(Sgd) RENATO O. MARZAN
Managing Director & Compliance Officer