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Press Releases

21

October 2003

AYALA CORPORATION SIGNS DEFINITIVE AGREEMENT TO PURCHASE GLOBE SHARES FROM DETEASIA

In a disclosure to the Philippine Stock Exchange and Securities and Exchange Commission, managing director and compliance officer Renato O. Marzan said that Ayala Corporation has signed today a definitive agreement covering the purchase from DeTeAsia Holding GmbH of 10,037,565 common shares of Globe Telecom, Inc. at P 680 per share.

The transaction is expected to close on 30 October 2003 and is subject to exchange and regulatory approval.