PSE Circular for Brokers No. 1306-99

June 3, 1999 PSE CIRCULAR FOR BROKERS NO. 1306-99 June 3, 1999 Philippine Stock Exchange PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Raquel R . Angeles Ms . Grace de Guia Listing and Disclosure Group Ladies and Gentlemen : We refer to your fax letter of even date requesting for written confirmation/clarification on the following news articles: 1. "PLDT eyes buyout of Gokongwei's Digitel", published in the June 3, 1999 issue of the Philippine Daily Inquirer. 2. "Pangilinan may be keen on purchasing RPN 9", published in the June 3, 1999 issue of the Business World, and 3. "PLDT readies support letter for subsidiary", also published in the June 3, 1999 issue of the Philippine Daily Inquirer. The first two news articles have no basis: With respect to the third news article, we advise that representatives of PLDT and Pilipino Telephone Corporation ("Piltel") continue to be in discussions with Piltel creditors with the objective of agreeing a mutually acceptable restructuring plan for Piltel, including the nature and extent of PLDT's participation in such restructuring. LLpr Rest assured that we will advise the Exchange and investing public at the proper time once the terms of the restructuring have been finalized. With kindest regards Very truly yours, (SGD.) MA. LOURDES C. RAUSA-CHAN Corporate Secretary