Music Corporation

June 28, 1999 PSE CIRCULAR FOR BROKERS NO. 1531-99 SUBJECT : Music Corporation With reference to Circular No. 1452-99 dated June 21, 1999 relative to Music Corporation's ("MUSX") issuance of Warrants, the company requested the Exchange to set July 9, 1999 as the record date for MUSX's shareholders' entitlement to warrants with an option to purchase Music.com, Inc. shares. LibLex Furthermore, Atty. Jimmy Soo of MUSX clarified that: "1. Music.com, Inc. is a wholly-owned subsidiary of MUSX, domiciled in New Jersey and incorporated under the laws of the State of Delaware, USA. 2. The underlying shares of Music.com, Inc. covered by the Warrants (providing for an option to purchase one [1] Music.com, Inc. share per warrant) to be issued will represent up to an estimated maximum of forty five percent (45%) of the proposed fully diluted capital stock of Music.com, Inc. following the latter's restructuring. The foregoing estimated percentage may be reduced slightly depending on the percentage and amount of direct private investments actually placed. 3. Assuming that the Warrants represent 45% of the capital stock of Music.com, Inc. and the target direct private investments are made, MUSX shareholders shall be entitled to acquire a Warrant for approximately every seventeen [17] shares held as of the record date. 4. The sum of the Warrant Issue Price and Warrant Exercise Price shall be the total cost of MUSX, investment in Music.com, Inc. as of the record date, of Warrant Issue Price of One Cent, United States Currency (US$0.01) and an approximate. Warrant Exercise Price of Fifteen Cents, United States currency (US$0.15) based on Management's current estimate of MUSX's investment in Music.com, Inc. cdlex 5. MUSX and its external counsel are in the process of determining if the Warrants and/or the Music.com, Inc. shares are required to be registered with the Philippine Securities and Exchange Commission pursuant to the Revised Securities Act or are otherwise exempt from registration." For your information. (SGD.) ATTY. RUBEN L. ALMADRO Officer-In-Charge