Philippine Long Distance Telephone Company

July 28, 1999 PSE CIRCULAR FOR BROKERS NO. 1872-99 SUBJECT : Philippine Long Distance Telephone Company Philippine Long Distance Telephone Company ("TEL") informed the Exchange that its Board of Directors, in a meeting held on July 27, 1999, approved the declaration of 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, 1999, payable on September 30, 1999 to stockholders of record as of August 26, 1999 ; llcd 2. P0 . 50 per share on the Company's Series F 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending August 31, 1999, payable on September 30, 1999 to stockholders of record as of August 26, 1999 ; 3. P0.50 per share on the Company's Series Q 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending August 31, 1999, payable on September 30, 1999 to stockholders of record as of August 26, 1999 ; 4. P0 . 50 per share on the Company's Series V 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending August 31, 1999, payable on September 30, 1999 to stockholders of record as of August 26, 1999 ; 5. P0 . 0027/share/day (computed from date of issuance up to August 31, 1999) on the Company's Series Z 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending August 31, 1999, payable on September 30, 1999 to the stockholders of record as of August 26, 1999 ; 6. P0 . 00375/share/day on the Company's Series IV Cumulative Non-Convertible Redeemable Preferred Stock, payable on September 15, 1999 to stockholders of record as of September 15, 1999 . For your information. CASH DIVIDEND (Series B, F, Q, V) CASH P0.50 per share EX-CASH August 20, 1999 RECORD DATE August 26, 1999 DATE PAYABLE September 30, 1999 CASH DIVIDEND (Series Z) CASH P0.0027/share/day EX-CASH August 20, 1999 RECORD DATE August 26, 1999 DATE PAYABLE September 30, 1999 (SGD.) JOSE LUIS U. YULO, JR. President and CEO