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March 22, 2000PSE CIRCULAR FOR BROKERS NO. 734-00DATE: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 pageBenpres 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. QUIASONCorporate Secretary