PSE Circular for Brokers No. 2054-98

September 4, 1998 PSE CIRCULAR FOR BROKERS NO. 2054-98 TO : Philippine Stock Exchange FROM : Enrique D. Perez, Secretary Philippine Long Distance Telephone Company FOR IMMEDIATE RELEASE September 3, 1998. The Board of Directors of Philippine Long Distance Telephone Company at its meeting held on September 3, 1998 declared the following cash dividends: 1. P0.50 per share on the Company's Series E 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending September 30, 1998, payable October 30, 1998 to the holders of record on September 30, 1998. 2. P0.50 per share on the Company's Series K 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending September 30, 1998, payable October 30, 1998 to the holders of record on September 30, 1998. 3. P0.50 per share on the Company's Series O 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending September 30, 1998, payable October 30, 1998 to the holders of record on September 30, 1998. 4. P0.50 per share on the Company's Series U 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending September 30, 1998, payable October 30, 1998 to the holders of record on September 30, 1998. 5. P1.20 per share on the Company's Common Capital Stock, payable October 15, 1998 to the holders of record on September 18, 1998. xxx xxx xxx CASH DIVIDENDS (SERIES E, K, O, U) CASH P0.50 PER SHARE EX-CASH SEPTEMBER 24, 1998 RECORD DATE SEPTEMBER 30, 1998 DATE PAYABLE OCTOBER 30, 1998 CASH DIVIDENDS (COMMON) CASH P1.20 PER SHARE EX-CASH SEPTEMBER 14, 1998 RECORD DATE SEPTEMBER 18, 1998 DATE PAYABLE OCTOBER 15, 1998