New York University



To: May 10, 1998

From: Martin Siegel

Subject: Asian Trip

Non Japan Asian Overview

Growth reduction from 5.1% to 3.2%

Lower trade with affected neighbors

Lower than anticipated growth in China

Factors for GDP reduction

Weaker than expected export response

After 20-60% devaluation it is still impossible to get LC for trade transaction

Lower dollar receipts from exports due to devaluation

Revised inflation upward from 5.7% to 8.3%

Adjustments to current accounts due to lower imports rather than stronger exports

Equity markets since January have had a gain in local terms of 281/6, without a sustained rally.

Currencies (ex-Indonesia) bad rallied an average of 16.3% since January.

What is required going forward

de-leveraging and recapitalization of both the banking & corporate sectors.

New rights issues and debt/equity swaps (both causing dilution)

De-leveraging will also bring tight credit, which will affect returns on equity.

Goldman Sachs does not foresee a sustained recovery in dollar terms before 1 -2 years after a banking crisis.

VIET NAM

Time Zone 11 hours; ahead of New York

Currency Dong Rate as of April 24 13,000 = S 1.00

Hotel New World - Saigon

Temperature Between 90 -114 degrees

Population Aprox 74 million in the country with 7 Million in Saigon

Brief History:

1994-1996 Growth exceeded 9% annually, fueled by rising exports & tight financial policies.

With export growth averaging 30%

Inflation at 4%

1998 export growth decelerates to 12.21%

Widening of official currency bands to l0% (October 97) and a 5.3%

Devaluation in February.

GDP forecast is an unrealistic 91/6

Current account deficit forecast - 7% of GDP

Level of foreign reserves at $2Bil - equivalent of 2 months of 1997 imports

Inflation remains at 4 -5 %

Medium Term Potential is significant

Country is resource rich

Highly educated (86% literacy) population

Cheap labor

Country has an "upbeat” feeling, with people who seem quite industrious.

Major problems: A communist government that is non-responsive to business needs.

Inefficient state owned enterprise sector.

A country that requires a great deal of "paper" to get something approved.

No real court system

A growing "anti-foreign” mood pervading the country

Weak banking sector w/ non-performing loans. Heavy reliance on foreign savings

There is a day to day shortfall of hard currency to meet import demands

Pressure an companies with dollar deposits to convert them to dong

El Nino has caused a drought, which has affected both the: rice and coffee crops.

Salaries: Per capita income is $250 for the country and $1500 for Saigon

Taxi driver is highly paid receiving $100 a month.

Bellboy in hotel has left his job as teacher ($35 a month) to become a bellboy ($90 )

Transportation 5 years ago everyone used bikes. Now everyone uses motor bikes (Honda)

Probably only 3 traffic lights in all of Saigon. It has more deaths per capita on a

Daily basis than any other country in the world ( 9 - 10)

Schedule for Viet Nam

Arrived Sunday April 26 Flight time from New York (via Vancouver) 24 Y2hours

Sunday evening: Meeting with 6:30 with from Building Supply. at a

company rally. There are 60 distributors for the tile and they all attend

this quarterly gathering

Dinner with

Monday April 27 Tour of Ho Chi Minh City

War Museum Notre Dame Church US Embassy

Saigon Waterfront

Saigon Water Park

Open and operational.

Current attendance is 9000 per week. It needs 10,000 for b/c

Most of the volume is weekend, and park did a weekend attendance

of 17,000 on opening weekend

Staff of 300 is currently being reduced.

Government owns 30% and Beta Capital ( TJK) also a holder.

Board Meeting of Building Supply)

Manufacture ceramic floor and wall tile

Tile being manufactm-ed in single and double fired kilns

Metropolitan Building ( see photos) has the tile throughout.

Have high priced and starting a lower end

division.

Morgan Stanley currently working with a group to build a competing

facility

Dinner with , who lives in Saigon and

is publishing a magazine in Saigon.

Tuesday April 2e Meeting with Board of Juice Company.

Company anticipates being operative in January.

Packaging, flavors, etc. occupy most of the discussions of a group

made up of Brits, Australians, Viets and Americans.

Meeting with Mark Kenderline-Davies of Beta Capital.

Beta is a Uk operation with a total of $500 NO invested in ventures/

Beta has 3 Brits living in Saigon, looking for opportunities

for venture capital investments.

Currently they have $90 million invested in 14 joint ventures with

little success to date.(none profitable to date).

Dinner with . He is a "deal maker" and

apparently had great success with the Furama, hotel, and is assming Morgan

Stanley in setting up their tile/ceramic company. He only sets up the deal and

does not get mvolved, in the management

Wednesday April 290' Meeting with at his office.

Lunch with of Templeton

Feels great frustration, in finding opportunities in Viet Nara.

Little near range potential

Cost of production here vs. other Asian countries is too high

Government has great shortage of hard currency.

Most joint ventures are too small to consider.

Tour of the Ceramic Factory. (see photos)

Conclusions of Viet Nam:

When everyone was looking for the "new" Korea and "new" Indonesia, they focused upon Viet Nam and the next major investment opportunity. With the problems that have beset SouthEast Asia there seems to be ample opportunities without having to look to Viet Nain. The country has a long, long way to go before it warrants any investments on our part.

Thursday April 30:

9:3 0 Depart Ho Chi Minh City to Bangkok

Arrive Bangkok 2:30 PM

THAILAND

Time Zone 11 hours ahead of New York

Currency Baht Rate as of April 2e 38 = $1.00

Hotel Sukhothai Hotel

Temperature Between 90 - 110

Brief Data Balance of Payments

For 5th month trade and current account recorded a surplus

January US $800+Mil surplus vs deficit of $1517 a year earlier

45% decline YOY on imports (US $3.3 in January)

Exports contract 8% YOY to US $4.2 Bn

Limited access to export credit

Similar devaluation's by Thai neighbors

Erosion of competitiveness through high inflation

Sluggish to negative growth with main trading partners

Gross reserves $26.2 Bn end of February = 5 months of 1997 imports Manufacturing production index declined in January by 16.4 % YOY

Banking system plagued by non-performing loans estimated to reach 301% of total lending by the end of 1998.

GDP projected to contract by 3- 3 ½ % during 1999

Anticipated average inflation projected at 11.6% vs 4.4% in first half of 1997

Outlook In 1999 Goldman anticipates export growth of 9.5% and import growth of 7.0%

with a current account surplus of $ 5.7Bn US

Goldman also anticipates currency to be at 35 in 6 - 12 months. They believe the

currency is 19.60/a undervalued as of March 1998.

Goldman anticipates inflation to peak at 16-17% before going to 6.5% in 1999.

Finance Co. Currently 56 finance companies are permanently closed

FRA ( Financial Sector Restructuring Authority) to auction the loan portfolio

Bankruptcy New bankruptcy laws being enacted but at present it is difficult to

foreclose or liquidate an insolvent debtor, and I am not sure that this

matter is addressed in the new Bankruptcy laws.

Main change in bankruptcy laws was to permit a form of Chapter 11

In the past bankrupt companies could only be liquidated not

rehabilitated.

No "due dilligence' has been done an the assets being offered.

Only 70 judges to hear 100,000 cases.

Cases come before the judges based on filing. Size of the company is immaterial.

One case has been in the courts for 31 years.

Asset Plus Securities Company Ltd arranged meetings in Thailand.

Thursday April 30 Meeting with Asset Phis

M

P

Brief discussion and overview of Thailand before we leave for meeting

with the Sun Group. As an aside, M favorite Thai stock is Tasco, which

has the asphalt monopoly in Thailand.

Meeting- Thaveesak Vaykornvichitr, President

Sun Wood Industdes Public Company Limited

Stock price 33 baht 10 Moon shares outstanding

Manufacturer of teak and danish indoor/outdoor furniture

Stock has been dormant until devaluation, but as a dollar exporter

the stock has been up.

Range of stock: hi 110 Low 5 currently 33

Debt: S 1.5 Million in foreign debt and 13 Million in baht debt

Growth 10% per year, and anticipate 15% growth in 1999.

65% family controlled

Earned 6 Baht in 1st quarter ( only declared 3)

Wants to do a 2 mil. share private placement when price is 60.

Annual report is available.

Meeting Adisorn Thanamm-Nampool, Exec. Vice President

Land & Houses

Private home real estate.

Mortgage rate 17 % and not easy to foreclose.

Currently in Bangkok there are 10 Million people in 2.5 Million homes

700/6 of Land & Houses competitors are now out of business due to

bad debts. (They had debt/equity ratio of 2: 1, while he had a ratio of

only 1: 1).

No fear of Japan, but a great fear of Chinese devaluation.

Stuck us as a red "wheeler-dealer" and added very little value added.

Thursday Dinner The Executive Dining Room at the Siam Commercial Bank

Jada Wattansiritham, Senior Executive Vice President The Siam Commercial Bank Pcl.

also attending from the bank:

Somchai Sairyalaksiri -, Sr. Vp and Mgr. Treasury Dept

Uthayophas Vp & mgr. Capital Markets

others attending:

Pimpaka Nichgaroon - analyst for Asset Plus

Sheik and Marty

Friday May 1st Meeting: Pacific Group

A major land developer and real estate packager in Bangkok

Anthony James - Chairman and James With

Banks still have a large insolvency hole to fill.

Both Banks of Bangkok and TFB will have to return to the market

for an equal amount of money next year.

They have put most of the money that they have raised with the

Central bank where they receive 171/9, rather than lend those funds

to customers.

Country has to look to do privatization's, such as Thai Air.

Meeting. Donaldson Hartman, Salomon Brothers

Most knowledgeable person we met. Has spent 4 years

here. Speaks fluent Thai.

TFB has 30% Non performing loans and using a theoretical 60%

recovery rate, but things are eroding too quickly.

Property loans, manufacturing loans and mortgage loans

are all going delinquent.

All banks will underperform the Thai stock index (SEI)

Currency at 38 Baht is an uarealistic level. It was brought about

by the purchase of Balit to purchase TFB and BB sold stock

Would anticipate a rate of +1- 45 B.

Two thirds of all foreign currency debt is held by Japan. The

Japanese banks came to Thailand to get a license, but instead of

Just lending to Japanese Joint ventures in Thailand, they expanded to

Thai companies:

currently: 40% loans to Japanese Joint Ventures

60% to locals.

The Japanese banks would love to cut their exposure in half but they

cannot.

Weakness in the bankruptcy code. It has taken Siam City Insurance

thirty years to resolve its bankruptcy.

FRA (similar to Fobaproa in Mexico), as you are buying the loans of

the company rather than control and administration of the company.

Big problem: Special law that the company is not allowed

to buy back their open loans.

IFTC (?) coming with a 100/a, 10 year convertible note - Salomon

Note is for project financing.

70% of the loan - export related

currently selling at 20, which is 1 ½ times book.

they have 22 ~6% non-performing loans and 501/6 recovery

they are much more conservative than Bank of Bangkok

Donaldson Hartman, Salomon Brothers continued

Would look at Patra, which is a sub of TFB (49% owner) 6% real estate exposure vs 12 % normal trading at 3x book Merrill looking to buy stake m Patra brokerage.

Although he sees a large Japanese influence on the results in Thailand, his greatest fear is a Chinese devaluation.

Meeting - Lunch IMS Cable Commumications Co. Ltd

Burin Borriboon - Chairman

(Burin's other role is that of advisor to the King on his investments)

He particularly watches dollars of exports and capital inflows.

Expects another severe downturn.

Expects Baht to get to 50 but not reach the old high of 57

Would not invest in, the country until December

He would look to buy a diversified company rather than just an export company.

The Asian games are m December and that is a big plus for Thailand

His favorite stock is an auto parts exporter (?)

Meeting Asset Plus Securities Co. Ltd

Dr. Kongkiat Opaswongkam - President & CEO

Meeting set up by George Teo

Asset Plus has two minority shareholders

5% Singapore government

5% Soros

Expects the baht to range from 42-45. Any higher level

would be dangerous for the country.

Feels generally upbeat about the country, but anticipates

more problems before the market tuna

Stock choices would be GSS (?) and Safari Park

Dinner Meeting Asset Plus - Paul Napolitano - Equity department

His favorite stock selections

Bardm: TFB, BB and Bank of Asia

Finance Companies National Finance and Patra

Exporters GSS

Leisure Safari Park

Saturday May 2nd Depart Bangkok at 10:30 to Phuket

Saturday May 2nd

Meeting FANTA SEA a part of SAFARI WORID (a public company)

Pitipong Limrat Director of Administration (Educated Cal State)

Pin Kewpaisal - Chairman and 52% owner

Visitors to Phuket 1997 2.8 million

1998 3.5

19.99 4.0 (est)

In February there were 1,997 Ilights into Phuket

Anticipate park opening in October

95% of visitors come in groups and have worked out a deal with

all group owners to bring their people to park

Asians spend 3.75 nights and Europeans spend 6 nights.

+ running a bus (11 hours) from Bangkok to park.

Building a 3-4000 seat theater and 3-4000 seat restaurant and

shopping plaza.

Anticipate 3 shows nightly

Minimum time you can stay is 3 1/2 hours:

1: 15 min for a "Sigftied & Roy" type show

:45 min for a buffet dinner

balance of time to shop and walk about

Only other entertainment in Phuket is a transvestite show.

Tickets will be 1200 Babt ($30) of which 300 will go to tour operators

Anticipate spending 700 B ($18) at gift shops.

Shares outstanding: 160 million after a 47.5 million private sale

at 20 Baht.

Current price is 26 Bahl Range: Hi 188 Lo 10

Pays out 60% in dividends, which is a 10% yield

Tax: have set up an arrangement with government

first 8 years no tax

nexi 5 years 15% tax

Staff of 700: Salary range: monthly

10% - highest 40,000 Baht

30% -middle 10 - 20,000 baht

60% - low under 10,000 Baht

minimum wage is 160 baht a day ($4.50)

Investment cost 2.850 Bil Bahl ( $75 nail)

Depart Phuket Sunday morning to Jakarta

JAKARTA

Arrive: Sunday May 3rd 4:00 PM

Hotel Regent

Population 24 million

Rupiah when arrive 7500 = $1.00

Temperature 98 degrees

Time zone 12 hours ahead of New York

Background Information:

GDP After 8% real GCP growth in early 97, economy now headed for a 10% contraction

Anticipate only a 2% expansion in 1999 due to Lack of credit coupled with prohibitive

cost of imported inputs. ( Only 2 months supply in the pipeline)

Inflation: 1998 Estimate (Goldman) 501/6.

February CP1 was 13% for the month ( 4WY6 annualized)

Goldman estimates inflation peaking at 60% in 98 and 20% in 1999.

Current Account Trade balances movmg towards surplus as no pick up in exports ( -2%) and imports down by 3 5 0/6.

There is $74Bil US private debt not being serviced

International reserves have declined from 20.2Bil to 12.2 Bil.

Key factor Unlike Korea and Thailand where many of the problems are in the banking

sector, Indonesia has a predominantly corporate crisis.

Of the 212 banks that are in existence, 54 have been taken over and it is

estimated that there will only be 20 - 30 banks at the end of the year.

Subarto and his family are entrenched in many businesses.,

Bankruptcy Indonesia’s private sector debt estimated at US $74b. There remains a big question as to what legal recourse creditors have in the case of debtor default or bankruptcy.

The bankruptcy laws are similar to Dutch laws but area considered antiquated, with slow and inefficient courts which are usually not impartial.

Meetings and schedules were set up by Edward Lee, Managing Director of Institutional Sales of Dakareksi Securities and Daniel Offit of Goldman Sachs.

Dinner Sunday May 3rd Tom Lembong;

Makindo Brokers (Brokers to the Kingo

He believes Subarto is quite sick and only has 18-24 months to live.

His two favorite stocks are:

Semen Gresik (the partially government owned cement company)

PT Daya Guna, Samudera (the fishery company)

Monday May 4h Breakfast - Edward Lee

Danareska, Securities - an overview of Indonesia

Meeting Ms. Mari Pangestu - Director

Centre for Strategic and International Studies

Also: Dean of the Graduate Business School in Jakarta.

The two major problems facing Indonesia currently are the

students and the private debt, which is really a private sector

generated problem.

Currently 13-15 million open unemployment out of 70-90 million

It will be the elite of the Army who will determine the outcome of events

No one even talks about domestic debt. The rupiah would have to be

fixed at 5-6000 for that to work and that is not feasible.

There is no export growth recovery and there are no dollars coming in.

There is much more concern with a China devaluation or a Chinese banking

crisis than with the Japanese problem. Normally Japan would be one of the

biggest donors of long term foreign aid, but she does not see that this time./

She anticipates more (larp) shock waves from Korea.

The problems in Indonesia bave not yet cycled through the middle class.

(pre the big riots) the stores are crowded but people are slowly beginning to

downscale, but not the same yet as Thailand.

Anticipates 50% infation for the calendar year ( weak demand).

Indonesia has to move from a real estate led economy to an export

driven economy . Thailand has, but Indonesia has not yet. (?)

Meeting PT Bintuni Minaraya Tbk.

Johnson Sihombing - Director

Anwar Pulukadang - President Director

The largest fishery in the world.

11,000 people employed - 100% export except fish meal which is

sold in Indonesia)

620 fishing boats - 3 vessels to Umsport the second largest fishery only

has 30 fishing boats).

Currently at 80% of capacity.

They are needed by Indonesia. 95% net foreign currency and they do

not have to import anything and spend dollars. ( a textile firm would have

to import 30% of their product).

They employ an entire family; The husband fishes; the wife works in the

factory., the children go to the company school = happy employees.

They plan to hire an additional 5,000 people for tuna canning.

Who they sell to:

China 40%; lb~ 25% ( ~ buy the tuna and currently can it)

25% Japan ( shrimp & fish fillet). The balance to Singapore & Taiwan.

With the new cannery they will be able to sell directly to the US (private brands)

When the rupiah was 2500 their gross margin was 50% When the rupiah was

10,000 their net margin was "/o,

Numbers which may or not be correct

360 mil. market cap 4.9x ebita 6x cash flow

lox 1997 earnings

4 x 99(e) earnings.

Believe that they can, through 1999 quadruple gs.

They control 5 1% of PT Daya Guna Samudera (422.5 mil sham out)

along with 3 other subs which do Tuna, Seafood processing and ?.

Daya as $60 mil per year cash flow and $225mil total debt

They are planning in June (??) to raise 5100 mil (25% of equity) to

expand and build the Tuna cannery for the US bu~.

The parent has no maturing debt, only a 10 year 10% yankee bond for

5225 million.

Lunch Judith Fergin

Economic Counselor - US Embassy

Meeting PT Pasiflk Satelit Nusanttara AceS (ASIA Cellular Sattelite )

Mr. Adi Adiwoso - President Director

Meeting BPPN

Badan Penyehatan Perbankan Vasional

The Indonesian Bank Reconstructuring Agency ((IBRA)

Illham Ihksan - Coordinator Bank Rehabilitation

Iwan R. Prawiran - Chairman

Iwan is a member of the Central Bank and also heads IBRA, which is the equivalent of the RTC. The purpose is to divest the banks of their bad loans:

It is under the MOF and not the Central E

There are currently 54 banks in trouble and have already been taken over

IBRA will move the asset s to the AMC (Asset management co) , who will dispose of the assets. They do not know what they are selling yet.

IMF has set minimum requirements which must be implemented by December and they would therefore expect a lot of mergers because of this ( they can force a bank merger)/

The major problem Indonesia faces is getting import inventory with only

2 months of inventory left and no letters of credit

Japanese banks are the largest holders of Indonesian Debt.

Meeting PT Gudang Garain

HeruBudiman

Clove Cigarettes

130 tons of cloves a day

The nation is getting younger

It is a Muslim country - no drinking so smoking is their only vice.

Foreign brands only have 12% of the total market

They control 45% of the market - 1.5% of sales for advertising.

10% of the cost of goods sold is imported

45,000 employees - average salary is 5500 Rupiah a day.

Capacity is 110 billion cigarettes - they currently make 94 billion and

export 2 bilfion.

There are no limits or restrictions on advertising of cigarettes in Indonesia.

Meeting Semen QlAnong

Nick Petroff - Executive Senior Advisor

An American, with the company for 24 years.

The company raised $1.1 billion in the US last year to build an $800 mil,

cement factory.

The company has a net worth currently of $50 miHion

Dinner Margot Cohen - Wartawati (Journalist)

Ridha Wirakusumah - President & Country manager - GE Capital

Michael Chambers - IT Rashid Hussain Securities

Dinner Daniel Budman - Pegasus Consulting

Mr Iwan Porajowinoto

Managing Direcot & CEO of PT Danareska Fund Management

Danareska

Tuesday May 7th

Meeting The Lippo, Group

Eddy Handoko - Deputy President Lippobank

James T Riady - Deputy Chairman Lippo, Group

80% of bank depositors will be looking for a new bank by year end.

They anticipate getting 9-10% market share ( a lot of money has fled country)

They believe that the government should quickly do an equity for debt swap

to get the economy started again

When they do their recapitalization (up to $200 mil) they would also put

in more money to maintain their share.

The remimbi - Peoples Republic of China state enterprises are broke and

badly need foreign capital. They are holding of waiting for the depreciation.

They need foreigners to private state sectors. The PRC foreign secretary

thinks they have to do a 20-30% adjustment, but that would hurt the region

so they plan on doing a 10-15% readjustment

The HK peg will follow the remimbi but they don't want to do it at a weak

time. Perhaps 3 - 6 months.

He thinks, looking to the future, that Indonesia is ahead of Japan and he

is very negative on Korea.

Most private debt here is not to Indonesian banks but to the offshore banks and

the government can ball out the banks without having to bail out the private

sector ( different problem than Korea and 11~).

There is no hunger in Indonesia. The government could sell off 15% of the

oilfields and bail out the country.

There was a big real estate speculation by the middle class in Thailand but

not in Indonesia.

There are 212 banks currently and that will drop to 30 by year end and

Lippo will be in the topo 5.

His favorite stock pick: Semen Gresik

Wednesday May 6th Depart Jakarta at 9:30

Arrive Manila, (through Singapore) at 5:00 PM

Background

Peso 38.19 ( Goldman as of March think it is 141/o undervalued)

Growth & Inflation 4Q 97 real GDP slows to +4.7%

All 97 growth was 5.15 vs 5.71/o for 96

Export growth 28% YOY in a4th Q of 97

Manufacturing sector contributed more than 20% of GDP growth

Inflation slows from 8.4% in 96 to 5. 1% in 97.

External Export growth highest in area ( semi conductors 33% of total in Jam

Imports slowed to 0.2% YOY Jan vs 10.9% in 1997

Trade deficit shrinks to 0.7B Jan98 vs LlBil Oct 97.

Outlook Presidential elections

High interest rates

Slower regional growth

Weak agriculture sector due to El Nino

Anticipate 2.2% growth vs. original forecast of 5 - 5.5%

1998 inflation anticipated between 8-9%

Current account deficit of 3.4% of GDP

Dinner SocGen Crosby Securities (Philippines)

Me. Anton Romulo

Lito Vicencio

Thursday May 7th

Meeting SM Prime Holdings

Jeffley Lim - VP Finance & Administration

Builders of shopping malls. They have built the Yd largest in the world

( after the one in Minnesota & Canada).

Anticipate a peso rate of 35-36

There are 5 million OCW (overseas Philippine workers) who do well in

peso devaluations and are also taxed.

1st Q YOY - revenue growth of 13-14$ (same stores) and 26% when you

add in the new stores.

They have SM City Malls + retail stores + 55% of shoe mart

They are the largest operators of cinemas in the country and also own

Banco de Oro + 60% of fortune cement, but all these group holdings are not

part of the stock you would be purchasing

Mall is 2.5 million sq2 feet

SM Prime has 7 malls and are very conservative. They fund through

internally generated cash ( 98 generated 3.2 billion pesos- cash)

Currently retail trade closed to foreigners, but that is in the process of possibly being changed. WalMart has been looking

Building 2 malls 180,000 sq. meters

Unemployment at 10% with 40% at the poverty level $1130 US is per capita annual income.

Trading at 24x earnings stock price 760

Stock market is down 60% m peso terms and this stock only down 3(r/o

Meeting PLDT Philippine Long Distance Tel)

Mr. Edgardo del Fonso - Chief Financial Officer

Earnings & cash flow gain on devaluations

Line charges $1200-1400 on an incremental basis

Backlog of 500-600,000 lines ( 15% of the population).

Cutting employees from 20,000 to 12,000 over 3 years.

Lunch Rizal Commercial Banking Corporation

Mr Cesar Virata Chairman + others

MrVirata is a friend of George Teo. He was a former Prime Minister of

the Philippines & his grandfather was the first President ( 100 years ago).

Meeting Metro Pacific Corp

Napoleon Nazareno - President & CEO

Salim owns 30% of First Pacific & First Pacific owns 62% of Metro

They are into drinking water, corregated containers; astringents, 3 real estate

development companies; a bank and ( I think they are trying to buy a stake

in San Miguel).

The phone Company as a subscriber base of 700,000

They are planning a rights offering

Discount to NAV is 380

share price is 190

Dinner Next Century Partners

Vincent Perez - Senior Managing Director

Benedict Perez (brother) from So-Gen Crosby Securities.

Friday May 8th depart for New York.

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