ABS-CBN Broadcasting Corporation

August 27, 1999 PSE CIRCULAR FOR BROKERS NO. 2147-99 SUBJECT : ABS-CBN Broadcasting Corporation In reply to the Exchange's query regarding a news article entitled "ABS-CBN to proceed with warrants offering" published in the August 27, 1999 issue of the Business World which reported that ABS-CBN Broadcasting Corp. ("ABS") is expected to proceed with its planned warrants offering in October to fund expansion plans, ABS, in a letter to the Exchange, clarified that: ". . . this is to confirm that yesterday, August 26, 1999, a special purpose vehicle to be renamed ABS-CBN Holdings Corporation filed an application for listing of Philippine Depositary Receipts over common shares of ABS-CBN Broadcasting Corporation with the Exchange. . . in connection with this application, ABS-CBN Broadcasting Corporation is not aware of any other issuance by any other entity of warrants or similar instrument referred to in the article. . . ." For your information. (SGD.) ATTY. RUBEN L. ALMADRO Officer-in-Charge