PSE Circular for Brokers No. 1168-99

May 24, 1999 PSE CIRCULAR FOR BROKERS NO. 1168-99 May 21, 1999 THE PHILIPPINE STOCK EXCHANGE PSE Building, Exchange Road Pasig City Attention: Disclosure Department Gentlemen : At the Annual Stockholders Meeting of MUSIC Corporation held at 2:00 p.m. today, Friday, 21 May 1999 at the Edsa Plan Shangrila Hotel the following actions were made by the stockholders: 1. The Ratification of all acts of Management and the Board of Directors for the fiscal year ending 31 December 1998; 2. The Amendment of the Second Article (Primary Purpose) of the Articles of Incorporation to enable the company "To invest, directly or indirectly, in companies or activities which are engaged in the technology industry networking, telecommunications and the internet"; 3. The election of the following to the Board: Bartholomeus A.M. van Hedel Michael Burton Ceferino Follosco Eduardo M. Villanueva Vicente I. Singian, Jr. Jimmy S. Soo Donn P.T. Lee 4. The re-appointment of Joaquin Cunanan & Co. as external auditors. As management's report on the Company's 1998 operations and results, as well as the prospects and forecast for 1999 noted by the Stockholders is composed of over 30 sheets a copy of the same shall be delivered to your office on Monday, 24 May 1999. LLphil If you have any questions please contact our office at the numbers indicated above. Yours truly, (SGD.) MITOS TANUTICO-ZSHORNACK VP Corporate Affairs