PSE Circular for Brokers No. 2205-98

September 23, 1998 PSE CIRCULAR FOR BROKERS NO. 2205-98 September 22, 1998 Philippine Stock Exchange PSE Center, Exchange Road, Ortigas Center, Pasig City Attention: Disclosure Department Listing and Disclosure Group Ladies and Gentlemen : We reply to the letter of your Ms. Janet J.A. Cala, dated September 22, 1998, requesting clarification or verification of the news report in the September 22, 1998 issue of the Manila Times that a "minority stockholder, Antonio Belza, has asked the Securities and Exchange Commission (SEC) to nullify the company's Shareholder Rights Plan as this is clearly prejudicial to the interests of the shareholders." cdt Please be advised that, to date, PLDT has not received any notice, summons or copy of the complaint subject of the news article from the SEC or Mr. Antonio Belza. We hasten to add that neither has PLDT any knowledge or information about the opposition allegedly filed by lawyer Mario Jalandoni, former PCGG commissioner against the Shareholders Rights Plan, as reported in the September 22, 1998 issue of the Journal. Thank you. Very truly yours, PHILIPPINE LONG DISTANCE TELEPHONE COMPANY (SGD.) ENRIQUE D. PEREZ Secretary