PSE Circular for Brokers No. 313-99

February 22, 1999 PSE CIRCULAR FOR BROKERS NO. 313-99 February 18, 1999 The Securities and Exchange Commission SEC Building E. de los Santos Ave. Mandaluyong City Attention: Money Market Operations Department Gentlemen : In response to your letter dated January 15, 1999, we submit the attached amended form 11-C discussing the impact of the reported fact on registrant's current or future operations, or its financial position, the nature or amount of the consideration, the principle followed in determining the consideration, the amount of the convertible notes purchased and the date and manner of acquisition. Very truly yours, (SGD.) ENRIQUE I. QUIASON THE SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND THE RSA RULE 11(a) 1 (b)(3) THEREUNDER 1. December 28, 1998 Date of Report (Date of earliest event reported) 2. SEC Registration No. 1803 3. BIR TIN. 301-000-406-761 4. ABS-CBN Broadcasting Corporation Exact name of registrant as specified in its Articles of Incorporation 5. Metro Manila Place of incorporation 6. Industry Classification Code 7. ABS-CBN Broadcasting Compound, Mother Ignacia cor. Sgt. Esguerra Ave. Address of principal office 8. (632) 924 2674 Registrant's telephone number, including area code 9. Not Applicable Former name or former address, if changed since last report 10. Securities registered pursuant to Sections 4 and 8 of the RSA Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding Common Shares 1,500,000,000 shares P1,500,000,000.00 Long Term Commercial Papers P1,000,000,000.00 11. Indicate item numbers reported herein: Item 9. Other Events ABS-CBN Broadcasting Corporation today, December 28, 1998 , purchased from Benpres Holdings Corporation ( Benpres ) a portion of the Convertible Notes and Non-Convertible Notes issued by Lopez, Inc. at a total purchase price of P800,000,000 . The Convertible Notes purchased are convertible into 40,000,000 shares in ABS-CBN Broadcasting Corporation. With this purchase and in the event that ABS-CBN decides to convert the convertible notes . ABS-CBN will effectively buy back its own shares at a price of P20 . 00 per share, which is equivalent to the stock market price of the shares at the time of purchase . The notes purchased have a face value of P654,940,892 . 00 . LexLib The buyback was undertaken because ABS-CBN believes that its shares are undervalued at the current market price . Given ABS-CBN's healthy balance sheet and relatively low debt-to-equity ratio of less than 1 . 0 times, the buyback is not expected to have a substantial impact on the Company's current operations . ABS-CBN BROADCASTING CORPORATION Registrant (SGD.)ENRIQUE I. QUIASON Assistant Corporate Secretary