PSE Circular for Brokers No. 504-00

February 29, 2000 PSE CIRCULAR FOR BROKERS NO. 504-00 February 28, 2000 Philippine Stock Exchange Tektite Tower, Ortigas Center Pasig City Attention: Ms. Grace B. de Guia Assistant Manager, Disclosure Department Dear Ms. De Guia: This is in connection with your fax message dated February 28, 2000, regarding the news article entitled "ABS-CBN, Benpres to spin off Net assets", published in the February 25, 2000 issue of the Philippine Daily Inquirer. As implied in the said article, the Lopez group is still in the process of evaluating its options concerning its internet-related assets and has not made a final decision regarding a spin-off of these assets or any other type of reorganization. Should there be any significant events within the company, we will inform you at the soonest possible time. For your information and guidance Respectfully yours, (SGD.) CATHERINE LOPEZ-UY Corporate Information Officer