Philippine Long Distance Telephone Company Notice of Annual Report and Proxy Statement

April 2, 1998 PSE CIRCULAR FOR BROKERS NO. 587-98 SUBJECT : Philippine Long Distance Telephone Company Notice of Annual Report and Proxy Statement Philippine Long Distance Telephone Company ("PLDT") furnished the Exchange a copy of its Notice of the Annual Meeting and Proxy Statement in connection with its Annual Stockholders' Meeting which will be held on May 7, 1998, Thursday, at 4:00 P.M. at the Rizal Ballroom, Shangri-La Hotel Manila, Ayala Avenue corner Makati Avenue, Makati City. The agenda for the meeting shall be as follows: LibLex 1. To elect Directors for the ensuing year; 2. To consider and act upon the approval of the Annual Report of the Company for the year ended December 31, 1997; 3. To consider and act upon the appointment of independent auditors; and 4. To transact such other business as may properly come before the meeting and at any adjournments thereof. Stockholders of record as of March 9, 1998 shall be entitled to notice and to vote at said meeting. A copy of the Notice of Annual Meeting and Proxy Statement is available for reference at the PSE Library and PSE-Plaza Administration Office. prLL For your information. (SGD.) REYNALDO P. ONG Vice-President, Listing and Disclosure Group