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

August 23, 1999 PSE CIRCULAR FOR BROKERS NO. 2086-99 August 20, 1999 PHILIPPINE STOCK EXCHANGE, INC. PSE Center, Pasig City Metro Manila Attention: Ms . Grace B . De Guia Asst . Manager, Disclosure Group SUBJECT : Matters discussed at the Regular Stockholder's Meeting of Liberty Telecoms Holdings, Inc . Gentlemen : In compliance with the reportorial requirements of the Philippine Stock Exchange, Inc., please be advised that at the Regular Stockholder's Meeting of Liberty Telecoms Holdings, Inc. ("the Corporation") held on August 20, 1999, at which meeting a quorum was present and acting throughout. At the Regular Stockholder's Meeting the following ware approved: 1. Minutes of the Regular Stockholder's Meeting held on 28 August 1998; cd 2. Ratification of the Resolution of the Board of Directors adopted in its meeting held on May 6, 1999 on the following matters: 2.1 Postponement of Shareholders' Meeting from May 25, 1999 to August 20, 1999; 2.2 Fixing August 2, 1999 as the record date for the determination of stockholders entitled to notice of and to vote at said Regular Shareholders' Meeting; 2.3 Validation of the proxies for the Regular Shareholders' Meeting on August 13, 1999 at such time and place as the President may determine; 2.4 Authorizing the President and Corporate Secretary to make the necessary physical arrangements, to issue and furnish proper notices, and to determine the rules and procedures for the orderly Conduct of the Regular Shareholders' Meeting and such other matters relating to the Regular Shareholders' Meeting; 2.5 Authorizing the Corporate to establish a subsidiary to promote the best interest of Liberty Broadcasting Network, Inc.; 2.6 Authorizing the corporation to hire the services of a lawyer for its potential business in Clark and/or SBMA; 2.7 Further authorizing the corporation to approve the merging of its subsidiaries, Tanya Development Corporation, Radionet, Inc., and Liberty Broadcasting Network Inc., with Liberty Broadcasting Network, Inc. as the surviving company; 3. Ratification of All Acts and Resolutions of the Board of Directors and Management for the period from 28 August 1998 to 20 August 1999. 4. Election of the following Directors for the year 1999-2000 a. Consuelo P. Madrigal b. Raymond M. Moreno c. George T. Yang d. Nicasio I. Alcantara e. Carlos S. Rufino f. Pedro O. Tan aisadc g. Rene S. Domingo 5. Appointment of Punongbayan and Araullo as the external auditors of the Corporation for the fiscal year 1999-2000. We trust you will find the foregoing in order. Very truly yours, LIBERTY TELECOMS HOLDINGS, INC. By: (SGD.) EDGAR B. FRANCISCO Corporate Secretary