Matters Discussed at the Special Meeting of the Board of Directors of Liberty Telecoms Holdings, Inc.

July 12, 1999 PSE CIRCULAR FOR BROKERS NO. 1702-99 July 8, 1999 PHILIPPINE STOCK EXCHANGE, INC . Disclosure Department Listings and Disclosure Group 4h Floor, Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Fax No. 636-08-09 Attention: Mr . Reynold P . Ong Vice-President , Listings & Disclosure Group SUBJECT : Matters Discussed at the Special Meeting of the Board of Directors of Liberty Telecoms Holdings , Inc . Gentlemen : In compliance with the reportorial requirements of the Philippine Stock Exchange, Inc., please be advised that at the Special Meeting of the Board of Directors of Liberty Telecoms Holdings, Inc. (the "Corporation") held on May 6, 1999, at which meeting a quorum was present and acting throughout, a resolution postponing the Annual Meeting of the Stockholders for the year 1999 to Friday, 20 August 1999, at 10:00 a.m. (the "Annual Meeting") was approved. ( A report to this effect was earlier made to the PSE and the SEC ). aisadc In connection thereto, the Management of the Corporation has set the following dates and activities in relation to its Annual Meeting on 20 August 1999. 1. 22 July 1999 Date of closing the Stock and Transfer Book to 22 July 1999 for purposes of determining the list of stockholders of the Corporation who are entitled to notice of, and to vote at the Annual Meeting; 2. 05 August 1999 Date of the submission of the List of Stockholders to the Securities and Exchange Commission; 3. 06 August 1999 Date of sending written notices to the stockholders of record; 4. 06 August 1999 Date of the submission of the List of Stockholders to the Philippine Stock Exchange; 5. 10 August 1999 Deadline for submission by the stockholders of their proxies for the Annual Meeting to the Corporate Secretary at the Principal Office of the Corporation; and 6. 13 August 1999 Date for validation of the proxies at 10:00 a.m., at the Principal Office of the Corporation. We trust that you will find the foregoing in order. Very truly yours, LIBERTY TELECOMS HOLDINGS, INC. By: (SGD.) EDGAR B. FRANCISCO Corporate Secretary