PSE Circular for Brokers No. 2646-98

November 25, 1998 PSE CIRCULAR FOR BROKERS NO. 2646-98 November 24, 1998 Philippine Stock Exchange PSE Center Exchange Road, Ortigas Center Pasig City Attention: Disclosure Department Listing and Disclosure Group Gentlemen : In compliance with the disclosure requirements of the Exchange, we wish to advise that at a special meeting of the Board of Directors of the Company held today, the resignations of the following directors were accepted: Roberto R. Romulo, Chairman Enrique Cheng Felix M. De Guzman Antonio M. Meer Emmanuel N. Pelaez Rodolfo V. Romero Alfonso Yuchengco and the following were elected to serve their unexpired terms: Magdangal B. Elma Ray Espinosa Napoleon Nazareno Fr. Bienvenido Nebres, S. J. Manuel V. Pangilinan Albert F. Del Rosario Orlando B. Vea The following officers relinquished the positions set forth after their respective names: Antonio O. Cojuangco President and Chief Executive Officer Enrique D. Perez * Secretary and General Counsel Joe Yulo III Treasurer Edgardo M. Del Fonso Executive Vice President and Chief Financial Officer Miguel O. Cojuangco Senior Vice President * remains as Seniors Executive Vice President and Chief Operating Officer The following were elected to the positions set forth after their respective names, to serve until their successors are duly elected and qualified: Antonio O. Cojuangco Chairman of the Board Manuel V. Pangilinan President and Chief Executive Officer Maria Lourdes Rausa-Chan Secretary and General Counsel Ernesto S. Sta. Maria, Jr. Treasurer Very truly yours, PHILIPPINE LONG DISTANCE TELEPHONE COMPANY (SGD.) RAUL J. PALABRICA Assistant Secretary