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

April 2, 1998 PSE CIRCULAR FOR BROKERS NO. 573-98 April 1, 1998 PHILIPPINE STOCK EXCHANGE, INC. PSE Center, Pasig City Metro Manila Attention : Ms . Maria Isabel T. Garcia Head Listing Department SUBJECT : Matters Discussed at the Special Board 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 Special Meeting of the Board of Directors of Liberty Telecoms, Holdings, Inc. ("the Corporation") held on 1 April 1998, at which meeting a quorum was present and acting throughout. At the Special Meeting, the following were approved: 1. Minutes of the Meeting of the Board of Directors held on 19 September 1997; 2. Postponement of shareholders' meeting from 4th Tuesday of May 1998 to August 28, 1998; 3. Authority to Board of Liberty Broadcasting Network, Inc. (LBNI) to negotiate and sell certain LBNI Equipment. 4. Hiring of services of a loan facilitator for all of the Corporation's subsidiaries, to arrange a loan and other credit accommodations for the respective subsidiaries. We trust you will find the foregoing in order. Very truly yours, LIBERTY TELECOMS HOLDINGS, INC. By: (SGD.) EDGAR B. FRANCISCO Corporate Secretary