Philippine Long Distance Telephone Company

September 1, 1999 PSE CIRCULAR FOR BROKERS NO. 2190-99 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 August 31, 1999, approved the declaration of 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, 1999, payable on October 29, 1999 to stockholders of record as of September 30, 1999 ; cdll 2. P0 . 50 per share on the Company's Series K 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending September 30, 1999, payable on October 29, 1999 to stockholders of record as of September 30, 1999 ; 3. P0 . 50 per share on the Company's Series O 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending September 30, 1999, payable on October 29, 1999 to stockholders of record as of September 30, 1999 ; 4. P0 . 50 per share on the Company's Series U 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending September 30, 1999, payable on October 29, 1999 to stockholders of record as of September 30, 1999 ; cdll 5. P1 . 20 per share on the Company's Common Capital Stock, payable on October 15, 1999 to stockholders of record as of September 15, 1999 . 6. $1 . 029412 per share on the Company's Series III Convertible Preferred Stock, payable on October 15, 1999 to stockholders of record as of September 15, 1999 . For your information. CASH DIVIDEND (Series E, K, O, U) CASH - P0.50 per share EX-CASH - September 24, 1999 RECORD DATE - September 30, 1999 DATE PAYABLE - October 29, 1999 CASH DIVIDEND (Common) CASH - P1.20 per share EX-CASH - September 9, 1999 RECORD DATE - September 15, 1999 DATE PAYABLE - October 15, 1999 (SGD.) ATTY RUBEN L. ALMADRO Officer-in-Charge