PSE Circular for Brokers No. 2020-99

August 13, 1999 PSE CIRCULAR FOR BROKERS NO. 2020-99 August 12, 1999 Listing & Disclosure Group Philippine Stock Exchange 4th Floor, PSE Center Exchange Road, Ortigas Center Pasig City Attention: Ms . Grace B . De Guia Asst . Manager, Disclosure Dept . Gentlemen : We wish to inform you that during its meeting today, the Board of Directors of Philcomsat Holdings Corporation (PHC) approved the following: 1) Acceptance of the resignations of Messrs. Jacinto V. Paras, Leonilo G. Coronel, and Gary S. Makasiar, and election of Messrs. Ronaldo S. Salonga, Edgardo A. Villanueva, and Benito V. Araneta as directors to fill up the vacancies created by such resignations; 2) Election of Luis K. Lokin, Jr. as director to replace Mr. Rafael Sison who has indicated his intention to resign. Mr. Lokin, Jr. will assume office as such director upon receipt by PHC of the resignation letter of Mr. Sison; 3) Election of Messrs. Ronaldo S. Salonga and Benito V. Araneta as members of the Executive Committee as replacements of Messrs. Jacinto V. Paras and Gary S. Makasiar; 4) Substitution of the Dasmarias, Cavite and Compostela, Cebu, and Pinugay, Tanay, Rizal properties, assigned by Philippine Communications Satellite Corporation, in payment of its unpaid subscriptions to 790,050,000 shares with a par value of P1.00 per share of the capital stock of PHC with the condominium unit at Pacific Star Building, Sen. Gil Puyat Avenue, Makati City, having an appraised value of P164,772,000.00 and nine (9) parcels of land in Barangays Rosario, San Miguel, and Caniogan, Pasig City with a total area of 28,807 sq. m. having an appraised value of P259,263,000.00 subject, among other things, to obtaining any approvals required from the appropriate regulatory authorities. The total value of P424,035,000.00 of such assets shall be applied, as follows: the amount of P405,141,000.00 as full payment of the unpaid subscriptions to the said 790,050,000 shares; and the balance of P18,894,000.00 as a deposit of Philippine Communications Satellite Corporation on future subscriptions to the capital stock of PHC; and 5) Holding of the annual stockholder's meeting in the first week of October of this year, authorizing and directing the management to set the date, time and venue of the meeting, as well as the record date, and to do all acts or things as may be necessary under the rules of the Philippine Stock Exchange and the Securities & Exchange Commission. Very truly yours, (SGD.) ROBERTO V. SAN JOSE Officer-In-Charge