PSE Circular for Brokers No. 520-00

March 1, 2000 PSE CIRCULAR FOR BROKERS NO. 520-00 February 29, 2000 Philippine Stock Exchange 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Disclosure Department Listing and Disclosure Group Gentlemen : We enclose Resolution No. 2-2000-17 adopted at the meeting of the Board of Directors of the Company held on February 29, 2000 amending Resolution No. 11-99-2 regarding the terms of the Company's Ninth Offering under the PLDT Stock Purchase Plan. prcd Thank you. Very truly yours, PHILIPPINE LONG DISTANCE TELEPHONE COMPANY (SGD.) MA. LOURDES C. RAUSA-CHAN Corporate Secretary RES. NO. 2-2000-17 "RESOLVED, that Res. No. 11-99-2 adopted by the Board of Directors in its meeting held on November 3, 1999 be, and is hereby amended, to read as follows: 'RESOLVED that: xxx xxx xxx 2. The Company offer, during the period beginning January 3, 2000 and ending March 31, 2000 to regular rank and file supervisory employees of the Company as of January 3, 2000, rights to purchase (with payments to be made in installments over a period of 36 months up to April 15, 2003) shares of Common Capital Stock (P5 par value) available for purchase under the Employee's Stock Plan, all as more fully described in the terms of the Ninth Offering, at a price per share equal to 85% of the average market price for the Common Capital on the Philippine Stock Exchange on the last business day of the purchase period, with a maximum price to be a peso amount equal to 85% of the average market price on the Philippine Stock Exchange on the date of commencement of the period of offering, which price per share shall in no event be less than the par value thereof (P5 per share); RESOLVED, FINALLY, that the Terms of the Ninth Offering, as amended, presented at the meeting be, and is hereby, approved that a copy thereof be, and is hereby, made an integral part of the Minutes of the Meeting."