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March 20, 2000PSE CIRCULAR FOR BROKERS NO. 715-00Philippine Stock Exchange4/F Philippine Stock Exchange CenterPSE Center, Exchange RoadOrtigas Center, Pasig CityAttention: Disclosure DepartmentListing and Disclosure GroupGentlemen :In compliance with the disclosure requirements of the Exchange, we wish to advise that Mr. Orlando B. Vea has resigned as Director of the Company effective March 15, 2000. Very truly yours,PHILIPPINE LONG DISTANCE TELEPHONE COMPANY(SGD.) MA. LOURDES C. RAUSA-CHANCorporate Secretary