Philippine Long Distance Telephone Company

November 25, 1998 PSE CIRCULAR FOR BROKERS NO. 2655-98 SUBJECT : Philippine Long Distance Telephone Company Philippine Long Distance Telephone Company ("TEL") informed the Exchange that its Board of Directors, in a meeting held on November 24, 1998, approved the declaration of the following cash dividends: 1. P0 . 50 per share on the Company's Series H 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending December 31, 1998, payable on January 29, 1999 to stockholders of record as of December 22, 1998 ; 2. P0 . 50 per share on the Company's Series L 10% Cumulative Convertible Preferred Stock, for the Semi-annual period ending December 31, 1998, payable on January 29, 1999 to stockholders of record as of December 22, 1998 ; 3. P0 . 50 per share on the Company's Series M 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending December 31, 1998, payable on January 29, 1999 to stockholders of record as of December 22, 1998 ; 4. P0 . 0027/share/day (computed from date of issuance up to December 31, 1998) on the Company's Series Y 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending December 31, 1998, payable on January 29, 1999 to stockholders of record as of December 22, 1998 ; 5. P1.20 per share on the Company's Common Capital Stock, payable on January 15, 1999 to stockholders of record as of December 15, 1998 . CASH DIVIDEND (Series H.L.M.) CASH P0.50 per share EX-CASH December 16, 1998 RECORD DATE December 22, 1998 DATE PAYABLE January 29, 1999 CASH DIVIDEND (Series Y) CASH P0.0027/share/day EX-CASH December 16, 1998 RECORD DATE December 22, 1998 DATE PAYABLE January 29, 1999 CASH DIVIDEND (Common) CASH P1.20 per share EX-CASH December 9, 1998 RECORD DATE December 15, 1998 DATE PAYABLE January 15 , 1999 For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO