Philippine Long Distance Telephone Company

December 13, 1999 PSE CIRCULAR FOR BROKERS NO. 3169-99 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 December 10, 1999, 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, 1999, payable on January 31, 2000 to stockholders of record as of December 29, 1999 ; cdll 2. P0.50 per share on the Company's Series L 10% Cumulative Convertible Preferred Stock, for the semi-annual. period ending December 31, 1999, payable on January 31, 2000 to stockholders of record as of December 29, 1999 ; 3. P0.50 per share on the Company's Series M 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending December 31, 1999, payable on January 31, 2000 to stockholders of record as of December 29, 1999 ; 4. P0.50 per share on the Company's Series Y 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending December 31, 1999, payable on January 31, 2000 to stockholders of record as of December 29, 1999 ; 5. P1.20 per share on the Company's Common Capital Stock, payable on January 14, 2000 to stockholders of record as of December 27, 1999 . 6. $1.029412 per share on the Company's Series III Convertible Preferred Stock, payable on January 14, 2000 to stockholders of record as of December 27, 1999 . For your information. llcd (SGD.) MARIA ISABEL T. GARCIA OIC, Listings and Disclosure Group CASH DIVIDEND (Series H, L, M, Y) CASH P0.50 per share EX-CASH December 23, 1999 RECORD DATE December 29, 1999 DATE PAYABLE January 31, 2000 CASH DIVIDEND (Common) CASH P1.20 per share EX-CASH December 21, 1999 RECORD DATE December 27, 1999 DATE PAYABLE January 14, 2000