PSE Circular for Brokers No. 235-99

February 9, 1999 PSE CIRCULAR FOR BROKERS NO. 235-99 February 8, 1999 Philippine Stock Exchange PSE Center Exchange Road Ortigas Center, Pasig City Attention: Ms . Grace de Guia/Ms . Arlene S . Edades Disclosure Department Ladies and Gentlemen : We refer to your two (2) letters of even date requesting us to clarify the newspaper articles on the following matters: 1. PLDT is set to infuse up to P4.0 Billion in Piltel 2. PLDT profit for 1998 is estimated at PHP 3.0 Billion On the first item, we reiterate our previous disclosure that Pilipino Telephone Corporation ("Piltel") together with its financial and legal advisors are still in the midst of reviewing the financial, operational and legal condition of Piltel. At this point in time, PLDT has not made any commitment to infuse fresh funds to help rehabilitate Piltel, contrary to the news item. LLpr On the second item, we expect that PLDT's net income will be lower in 1996 compared to previous year. The actual level of net income will-be determined during the course of the usual year-end audit which is ongoing. PLDT expects to announce its year-end results at the end of February 1999. With kindest regards Very truly yours (SGD.) MA. LOURDES C. RAUSA-CHAN Corporate Secretary