Philippine Telegraph and Telephone Corporation

November 24, 1999 PSE CIRCULAR FOR BROKERS NO. 2998-99 SUBJECT : Philippine Telegraph and Telephone Corporation Further to Circular for Brokers No. 2705-99 dated October 22, 1999, Philippine Telegraph and Telephone Corporation ("PTT') furnished the Exchange a copy of its SEC Form 34-C (Definitive Information Statement) in connection with its Annual Stockholders' Meeting which will be held on November 26, 1999 , at 3:00 p.m. at the Camelia-Dahlia-Emilia Rooms, Mezzanine Dusit Hotel Nikko, Ayala Center, 1223 Makati City. The agenda for the meeting shall be as follows: cdll 1. Call to order 2. Proof of notice and due calling of the meeting; Determination of quorum 3. Confirmation of minutes of the Annual Stockholders' Meeting held on November 27, 1998 cdlex 4. Presentation of the Annual Report and Report of the President LexLib 5. Presentation and ratification of the acts of the Board of Directors and Management 6. Election of the members of the Board of Directors 7. Other matters cdll 8. Adjournment LexLib As previously announced, stockholders of record as of November 12, 1999 are entitled to notice of, and to vote at, said meeting. A copy of PTT's Definitive Information Statement is available for reference at the PSE Centre and PSE-Plaza Libraries. For your information. cdlex (SGD.) MARIA ISABEL T. GARCIA OIC, Listings & Disclosure Group