Philippine Telegraph And Telephone Corporation

June 10, 1999 PSE CIRCULAR FOR BROKERS NO. 1370-99 SUBJECT : Philippine Telegraph And Telephone Corporation This is with reference to Circular for Brokers No. 1211-99 dated May 26, 1999 pertaining to the Securities and Exchange Commission's (SEC) approval of Philippine Telegraph and Telephone Corporation's ("PTT") Amended Articles of Incorporation, particularly the amendment to Article VII, reflecting the increase in its authorized capital stock from P1,500,000,000 . 00 , divided into P600,000,000.00 Class A shares, P400,000,000.00 Class B shares both with a par value of P1.00 per share and P500,000,000.00 Serial Cumulative Convertible Redeemable Preferred Stock with a par value of P10.00 per share, to P3,800,000,000 . 00 , divided into 1,500,000,000 shares of Common Stock with a par value of P1.00 per share and 230,000,000 Serial Cumulative Convertible Redeemable Preferred shares, with a par value of P10.00 per share. LLjur In view thereof, please be informed that the declassification of PTT's shares will be reflected in the computer system of the Exchange.(electronic board and ticker) on Monday, June 14, 1999 . Attached is a copy of PTT's "Notice to Stockholders" in connection with the said declassification. For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO Notice to Stockholder June 07, 1999 Dear Stockholders : The SEC approved the amendment to the Articles of Incorporation of Philippine Telegraph and Telephone Corporation (PT&T) last February 23, 1999 which declassified its common shares. In this connection we wish to inform you notwithstanding the declassification, old stock certificates still classified as Class "A" and Class "B" will still be recognized as valid when traded at the Philippine Stock Exchange. Hence, the stockholders are not being required to surrender their old stock certificates for replacement. LibLex Please direct your inquiries if any, to our Transfer Agent, Fast Stock Transfers, Inc. at Telephone No. 671-67-17 or 746-95-27 with address at Mezzanine, Fortune Building, 144 Pasig Boulevard, Pasig City. (SGD.) KENNY H. TANTUICO Corporate Secretary