PSE Circular for Brokers No. 2552-99

October 8, 1999 PSE CIRCULAR FOR BROKERS NO. 2552-99 October 4, 1999 Philippine Stock Exchange 4th Floor PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Grace B . de Guia Assistant Manager Disclosure Department Ladies and Gentlemen: We refer to your fax letter dated October 7, 1999 requesting for written confirmation/clarification on the news article captioned "Banks okay debt relief for Piltel", published in the October 7, 1999 issue of the Manila Standard which reported that creditor banks of Pilipino Telephone Corporation (Piltel) have approved a final version of a debt restructuring plan for the ailing cellular phone company and a memorandum of understanding on the debt restructuring plan between Piltel and the banks is schedule to be signed today. We advise that Piltel and its bank creditors are close to finalizing the Memorandum of Understanding relating to Piltel's debt restructuring and expect to sign the same as soon as possible. Such signing is not, however, scheduled for today. We will make the appropriate disclosure to the Exchange and the investing public once the Memorandum of Understanding has been signed. With kindest regards. Very truly yours, (SGD.) MA. LOURDES C. RAUSA-CHAN Corporate Secretary