PSE Circular for Brokers No. 840-98

April 28, 1998 PSE CIRCULAR FOR BROKERS NO. 840-98 TO : Philippine Stock Exchange FROM : Enrique D. Perez, Secretary : Philippine Long Distance Telephone Company FOR IMMEDIATE RELEASE April 27, 1998. The Board of Directors of Philippine Long Distance Telephone Company at its meeting held on April 27, 1998 declared the following cash dividends: 1. P0.50 per share on the Company's Series G 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending May 31, 1998, payable June 30, 1998 to the holders of record on May 28, 1998. 2. P0.50 per share on the Company's Series N 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending May 31, 1998, payable June 30, 1998 to the holders of record on May 28, 1998. 3. P0.50 per share on the Company's Series P 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending May 31, 1998, payable June 30, 1998 to the holders of record on May 28, 1998. 4. P0.50 per share on the Company's Series S 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending May 31, 1998, payable June 30, 1998 to the holders of record on May 28, 1998. Cash Dividend Cash div. P0.50 per share Ex-Cash May 22, 1998 Record Date May 25, 1998 date Payable June 30, 1998 xxx xxx xxx