ABS-CBN HOLDINGS CORPORATION Philippine Deposit Receipts ("PDRs") Additional Listing and Monitoring

January 20, 2000 PSE CIRCULAR FOR BROKERS NO. 130-00 SUBJECT : ABS-CBN HOLDINGS CORPORATION Philippine Deposit Receipts ("PDRs") Additional Listing and Monitoring The Exchange approved on September 8,1999, subject to either actual issuance or exercise of PDRs, the listing application of ABS-CBN HOLDINGS CORPORATION ("the Company") to list a maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection, please be advised that the Company's PDR agent has received notices from ABS-CBN shareholders for the exchange of 710,000 ABS-CBN shares to 710,000 PDRs. In view thereof, the listing of the 710,000 PDRs is set for Friday, January 21, 2000. This brings the number of PDRs listed arising from the exchange of 213,516,106 ABS-CBN shares to a total of 213,516,106 PDRs. The designated PDR Agent is hereby authorized to record and register in its books the above number of PDRs. For your information and guidance. (SGD.) MARIA ISABEL T. GARCIA OIC, Listings and Disclosure Group January 19, 2000 Dear Fellow Member: This is to explain the news reports about a January 7, 2000 SEC order suspending the effectivity of a directive from Chairman Perfecto Yasay on December 21, 1999, until a meeting could be held at which the issues might be threshed out. A fellow member pointed out to me that this January 7th order was not circulated by PSE to the Members. I apologize for this oversight, for I did not realize that the SEC had not provided a copy of the order to PSE. Here it is now attached. For background, the issue that Governor Eddie Gobing, other former Governors, and I had raised had to do with the directive that allowed PSE members to choose if they wished to be a non-clearing member. Any that choose to be a non-clearing member must course their settlements through a clearing member. We were not questioning the need to submit information or to comply with SCCP documentation requirements. I met with the SEC Chairman Yasay and the other Commissioners yesterday, together with the rest of the Board. I believe the matter has been resolved. It's my understanding from the meeting that there will be a rule issued in the near future that all PSE members must comply with all the rules of the SCCP, PCD, and the settlement banks. PSE members cannot choose between being a clearing or a non-clearing member. Members who have exercised their right to trade will have no choice but to settle their own transactions. prcd Thank you. FRANCISCO VILLAROMAN January 7, 2000 MR. FRANCISCO VILLAROMAN Chairman Securities Clearing and Allied Responsibilities Committee PHILIPPINE STOCK EXCHANGE, INC. Philippine Stock Exchange Center Tektite Tower, Exchange Road Ortigas Center, Pasig City Dear Mr. Villaroman: This refers to your letter dated 29 December 1999 requesting the Commission to reconsider its directive as contained in the last paragraph of the letter of the Chairman to all member-brokers dated 21 December 1999, which reads as follows: In view of the foregoing, we have directed the SCCP that only clearing members will be allowed to clear and settle their Exchange trades directly to the SCCP system effective 7 January 2000. Brokers who opt not to become clearing members are therefore directed to designate a clearing member, on or before December 31, 1999, who will clear and settle their trades and communicate such choice to SCCP management within the same period. In reply, please be advised that in a special meeting on 4 January 2000 we resolved to suspend the effectivity of the quoted directive until the issue shall have been threshed out with all the concerned parties in a meeting to be called at a later date. We have advised the SCCP accordingly. Very truly yours, FE ELOISA C. GLORIA EDIJER A. MARTINEZ Associate Commissioner Associate Commissioner DANILO L. CONCEPCION ROSALINDA U. CASIGURAN Associate Commissioner Associate Commissioner