Matters discussed at the Regular Stockholders' Meeting of Liberty Telecoms Holdings, Inc.

August 28, 1998 PSE CIRCULAR FOR BROKERS NO. 2004-98 August 28, 1998 PHILIPPINE STOCK EXCHANGE, INC . PSE Center, Pasig City Metro Manila Attention: Mr . Reynold P . Ong Vice President, Listing and Disclosure Group SUBJECT : Matters discussed at the Regular Stockholders' Meeting of Liberty Telecoms Holdings, Inc . Gentlemen : In compliance with the reportorial requirements of the Philippine Stock Exchange, Inc., please be advised that at Regular Stockholders' Meeting of Liberty Telecoms Holdings, Inc. ("the Corporation") held on August 28, 1998, at which meeting a quorum was present and acting throughout. At the Regular Stockholders Meeting, the following were approved: 1. Minutes of the Regular Stockholders' Meeting held on 19 September 1997; cdll 2. Ratification of the Resolutions of the Board of Directors approved in its meeting held on April 1, 1998 on the following matters: 2.1. Postponement of Shareholders' Meeting from May 26, 1998 to August 28, 1998; 2.2. Authorizing its subsidiary, Liberty Broadcasting Network, Inc., to negotiate and sell some of its equipment; 2.3. Authorizing its subsidiaries to hire the services of a loan facilitator for the arrangement of a loan and other credit accommodations for the subsidiaries. 3. Ratification of All Acts of the Board of Directors and Management for the Period from 19 September 1997 to August 28, 1998; 4. Election of the following Directors for the year 1998-1999; a. Consuelo P. Madrigal b. Raymond M. Moreno c. George T. Yang d. Nicasio I. Alcantara e. Carlos S. Rufino f. Pedro O. Tan g. Rene Jose S. Domingo 5. Appointment of Punongbayan & Araullo as the external auditors of the Corporation for the fiscal year 1998-1999. We trust you will find the foregoing in order. Very truly yours, LIBERTY TELECOMS HOLDINGS, INC. By: (SGD.) EDGAR B. FRANCISCO Corporate Secretary