PSE Circular for Brokers No. 2245-99

September 9, 1999 PSE CIRCULAR FOR BROKERS NO. 2245-99 September 8, 1999 Philippine Stock Exchange Centre 4th Floor PSE Centre, Exchange Road Ortigas Center, Pasig City Attention: Ms . Grace De Guia Assistant Manager, Disclosure Dept . Ladies and Gentlemen: We refer to your fax letter dated September 8, 1999 requesting for written confirmation/clarification on the news article captioned "Marubeni softens stance on Piltel", published in the September 8, 1999 issue of the Philippine Daily Inquirer which reported that Marubeni Corporation has agreed to discuss a debt restructuring scheme similar to what Piltel forged with its creditors, that under the restructuring plan, half of Piltel's liabilities to the banks will be converted to Piltel convertible notes, which the banks could convert later into shares in Philippine Long Distance Telephone Co. We advise that Piltel continues to discuss with Marubeni various schemes with respect to the restructuring of its obligations including a scheme similar to that being negotiated with Piltel's bank creditors. With kindest regards. Very truly yours, (SGD.) MA. LOURDES C. RAUSA-CHAN Corporate Secretary