PSE Circular for Brokers No. 1558-99

June 30, 1999 PSE CIRCULAR FOR BROKERS NO. 1558-99 June 29, 1999 Philippine Stock Exchange 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Disclosure Department Listing and Disclosure Group We wish to advise that at the Special Meeting of the Board of Directors of the Company held on 29 June 1999, the Board authorized the following transactions: 1. The acquisition of common shares representing 30.8% of the outstanding capital stock of Infocom Technologies, Incorporated ("Infocom") from Sequel Concepts, Inc and certain other minority stockholders of Infocom, for a total consideration of PHP 80.2 Million. Closing of the share purchase is contemplated to take place in July, 1999, subject to the fulfillment of certain conditions precedent. Upon completion of the transaction, PLDT's equity interest in Infocom will increase to 100%. Infocom is a Philippine corporation providing internet and date communication services in the Philippines. 2. The purchase of all the rights, title and interests in and to 75% of the total loans extended to Unilink Communications Corporation ("Unilink") by A. Soriano Corporation ("Anscor") and Falcon International Communications L.P. ("Falcon") in the amounts of PHP217.50 Million and the US Dollar equivalent of PHP300 Million, respectively, and the notes evidencing such loans, for a total consideration of PHP 1,550,250,000. These loans are convertible into shares of common stock of Unilink.. Closing of the transaction is contemplated to take place on July 8, 1999, subject to the fulfillment of certain conditions precedent. Unilink is a Philippine Corporation which owns all the outstanding common shares of the Philippine Home Cable Holdings, Inc., also a Philippine corporation licensed to own, maintain and operate a cable television system in the Philippines. aisadc We further advise that the Mediaquest Holdings, Inc., a subsidiary of the PLDT Beneficial Trust Fund, will acquire approximately 99.6% of the entire outstanding capital stock of Unilink and 25% of the total loans extended to Unilink by Anscor and Falcon in the amounts of PHP72.50 Million and the US Dollar equivalent of PHP100,000,000.00 respectively. The total consideration for the Unilink shares and the 25% portion of the convertible notes of Anscor and Falcon is approximately PHP1.482 Billion. Thank you. PHILIPPINE LONG DISTANCE TELEPHONE COMPANY By: (SGD.) MA. LOURDES C. RAUSA-CHAN Corporate Secretary