PSE Circular for Brokers No. 865-99

April 23, 1999 PSE CIRCULAR FOR BROKERS NO. 865-99 April 23, 1999 By Fax: (632) 636-0809 Philippine Stock Exchange PSE Center Exchange Road Pasig City Attention: Compliance Department RE : Music Corporation Gentlemen : We advise that at the 23 April 1999 regular meeting of the Board of Directors of MUSIC Corporation (the Company), the Board of Directors of the Company: 1. Elected Mr. Donn P. T. Lee, a Philippine national, as a Director of the Company to serve as such for the unexpired portion of the term of Mr. Stefan J. Sta and until his successor shall have been elected and qualified; Cdphil 2. Approved the amendment of the Articles of Incorporation of the Company to invest, directly or indirectly, in companies or activities which are engaged in the technology industry including networking, telecommunications and the internet thereby converting the Company into a Holding Company, to ratify the investment to date in music com, inc. (a Delaware corporation), and to spin off into a separate subsidiary(ies) any activity that the Company is or may be engaged in, and 3. Set the date of the annual meeting of the Company for 20 May 1999 to be held in Metro Manila Very truly yours, (SGD.) JIMMY S. SOO Corporate Secretary