PSE Circular for Brokers No. 2313-98

October 6, 1998 PSE CIRCULAR FOR BROKERS NO. 2313-98 October 5, 1998 PHILIPPINE STOCK EXCHANGE PSE Centre, Exchange Road Ortigas Avenue, Pasig City, M.M. Attention: Disclosure Department, PSE Compliance Department, PSE Gentlemen : Please be informed that at the Special Stockholders' Meeting of Manila Broadcasting Company (MBC) held at the principal office on 5 October 1998 at 10:00 a.m., the following were APPROVED by the stockholders with the requisite quorum present, to wit 1. Increase in the authorized capital stock of the MBC from P1 Billion to P2 Billion and amendment of Article 7 of the Articles of Incorporation accordingly. 2. The private placement of a portion of the shares covered by the increase in MBC's capital stock (the "Shares") to Cebu Broadcasting Company, Philippine Broadcasting Company and Pacific Broadcasting Systems Inc., through a subscription in consideration for assets to be received by MBC (the "Private Placement"); 3. The appraisal report of Cuervo Appraisers Inc valuing the assets subject of the Private Placement at P703,662,152.00; and 4. The issuance of the Shares covered by the Private Placement at the par value of P1.00 per share. Very truly yours, (SGD.) RUPERTO S. NICDAO, JR. President