Philippine Long Distance Telephone Company

March 2, 1999 PSE CIRCULAR FOR BROKERS NO. 381-99 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 February 26, 1999, approved the declaration of the following cash dividends: 1. P0 . 50 per share on the Company's Series E 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending March 31, 1999, payable on April 30, 1999 to stockholders of record as of March 25, 1999 ; 2. P0 . 50 per share on the Company's Series K 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending March 31, 1999, payable on April 30, 1999 to stockholders of record as of March 25, 1999 ; Cdphil 3. P0 . 50 per share on the Company's Series O 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending March 31, 1999, payable on April 30, 1999 to stockholders of record as of March 25, 1999 ; 4. P0 . 50 per share on the Company's Series U 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending March 31, 1999, payable on April 30, 1999 to stockholders of record as of March 25, 1999 ; 5. P1 . 20 per share on the Company's Common Capital Stock, payable on April 15, 1999 to stockholders of record as of March 15, 1999 ; 6. $1 . 029412 per share on the Series III Convertible Preferred Stock, payable on April 15, 1999 to stockholders of record as of March 15, 1999 . CASH DIVIDEND (Series E, K, O, U) CASH P0.50 per share EX-CASH March 19, 1999 RECORD DATE March 25, 1999 DATE PAYABLE April 30, 1999 CASH DIVIDEND (Common) CASH P1.20 per share EX-CASH March 9, 1999 RECORD DATE March 15, 1999 DATE PAYABLE April 15, 1999 CASH DIVIDEND (Series III Convertible Preferred Stock) CASH $1.029412 per share EX-CASH March 9, 1999 RECORD DATE March 15, 1999 DATE PAYABLE April 15, 1999 For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO