PSE Circular for Brokers No. 1474-98

July 1, 1998 PSE CIRCULAR FOR BROKERS NO. 1474-98 TO : Philippine Stock Exchange FROM : Enrique D. Perez, Secretary Philippine Long Distance Telephone Company FOR IMMEDIATE RELEASE June 29, 1998, The Board of Directors of Philippine Long Distance Telephone Company at its meeting held on June 29, 1998 declared the following cash dividends: 1. P0. 50 per share on the Company's Series A 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending July 31, 1998, payable August 31, 1998 to the holders of record on July 29, 1998. 2. P0.50 per share on the Company's Series I 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending July 31, 1998, payable August 31, 1998 to the holders of record on July 29, 1998. 3. P0.50 per share on the Company's Series R 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending July 31, 1998, payable August 31, 1998 to the holder of record on July 29, 1998. 4. P0.50 per share on the Company's Series W 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending July 31, 1998, payable August 31, 1998 to the holder of record on July 29, 1998. cdlex Cash Dividends (Series A, I, R, W) Cash P0.50/share Ex-Cash July 23, 1998 Record Date July 29, 1998 Date Payable August 31, 1998