PSE Circular for Brokers No. 1754-98

July 28, 1998 PSE CIRCULAR FOR BROKERS NO. 1754-98 TO : Philippine Stock Exchange FROM : Enrique D. Perez, Secretary Philippine Long Distance Telephone Company FOR IMMEDIATE RELEASE July 28, 1998. The Board of Directors of Philippine Long Distance Telephone Company at its meeting held on July 28, 1998 declared the following cash dividends: 1. P0.50 per share on the Company's Series B 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending August 31, 1998, payable September 30, 1998 to the holders of record on August 27, 1998. 2. P0.50 per share on the Company's Series F 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending August 31, 1998, payable September 30, 1998 to the holders of record on August 27, 1998. Lexlib 3. P0.50 per share on the Company's Series Q 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending August 31, 1998, payable September 30, 1998 to the holders of record on August 27, 1998. 4. P0.50 per share on the Company's Series V 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending August 31, 1998, payable September 30, 1998 to the holders of record on August 27, 1998. xxx xxx xxx CASH DIVIDEND (SERIES B, F, Q, V) CASH P0.50/ SHARE EX-CASH AUGUST 21, 1998 RECORD DATE AUGUST 27, 1998 DATE PAYABLE SEPTEMBER 30, 1998