PSE Circular for Brokers No. 1307-99

June 3, 1999 PSE CIRCULAR FOR BROKERS NO. 1307-99 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 requesting for written confirmation/clarification on the news article captioned "PLDT readies support letter for subsidiary", published in the June 3, 1999 issue of the Philippine Daily Inquirer. We advise that representatives of Pilipino Telephone Corporation ("Piltel") and Philippine Long Distance Telephone Co. ("PLDT") continue to be in discussions with Piltel's creditors but have not agreed on the final terms of the restructuring plan for Piltel including the nature and extent of PLDT's participation in such restructuring. cdlex We will timely advise the Exchange and the investing public once final agreement has been reached by the parties. With kindest regards. Very truly yours, (SGD.) MA. LOURDES C. RAUSA-CHAN Corporate Secretary