Matters discussed at the special meeting of the Board of Directors of Liberty Telecoms Holdings, Inc. (LTHI)

January 26, 2000 PSE CIRCULAR FOR BROKERS NO. 161-00 January 25, 2000 Philippine Stock Exchange, Inc . (PSE) PSE Center, Pasig City Metro Manila Attention : Grace B. De Guia Asst. Manager, Disclosure Group Fax No. 636-08-09 SUBJECT : Matters discussed at the special meeting of the Board of Directors of Liberty Telecoms Holdings, Inc. (LTHI) Gentlemen: In compliance with the reportorial requirements of the PSE, please be advised that at the Special Meeting of the Board of Directors held on 25 January 2000, at which meeting a quorum was present and acting throughout, the following matters were resolved: 1. The Minutes of the 20 August 1999 Organizational Meeting of the Board of Directors was approved and adopted; 2. Helnz M. Reyes was appointed as Corporate Secretary replacing Noel O. Ebarle; 3. The President was given authority to represent, appear, negotiate, and enter into agreements and compromises in behalf of LTHI with regards to the possible dispute with Isla Communications Co., Inc. We trust that you find the foregoing in order. Very truly yours, (SGD.) HELNZ M. REYES Corporate Secretary