Philippine Long Distance Telephone Company Cash Dividend

May 12, 1998 PSE CIRCULAR FOR BROKERS NO. 996-98 SUBJECT : Philippine Long Distance Telephone Company Cash Dividend Philippine Long Distance Telephone Company ("TEL") informed the exchange, in a letter dated May 7, 1998, that its Board of Directors, in a meeting held on even date, declared the following cash dividends: 1. P0 . 50 per share on the Company's Series H, L and M 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending June 30, 1998, payable July 20, 1998 to stockholders of record as of June 5, 1998 ; 2. P0 . 0027/share/day (computed from the date of issuance up to June 30, 1998) on the Company's Series Y 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending June 30, 1998, payable July 20, 1998 to stockholders of record as of June 5, 1998 ; 3. P1 . 20 per share on the Company's Common Capital Stock, payable July 15, 1998 to stockholders of record as of June 5, 1998 . cdlex PLDT (Series H L M) CASH P0.50 per share EX-CASH June 1, 1998 RECORD DATE June 5, 1998 PAYMENT DATE July 20, 1998 PLDT (Series Y) CASH P0.0027 per share EX-CASH June 1, 1998 RECORD DATE June 5, 1998 PAYMENT DATE July 20, 1998 PLDT (Common) CASH P1.20 per share EX-CASH June 1, 1998 RECORD DATE June 5, 1998 PAYMENT DATE July 15, 1998 For your information. (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group