PSE Circular for Brokers No. 901-98

May 4, 1998 PSE CIRCULAR FOR BROKERS NO. 901-98 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. April 29, 1998 Date of Report (Date of earliest event reported) 2. SEC Registration No. AS093004369 3. BIR TIN. 002-825-058 4. Benpres Holdings Corporation Exact name of registrant as specified in its Articles of Incorporation 5. Metro Manila 6. Place of incorporation Industry Classification Code 7. 5th Floor Benpres Building, Exchange Road cor. Meralco Ave. Pasig City Address of principal office 8. 631 3111 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 4,573,982,518 shares P4,573,982,518.00 Long Term Commercial Papers P3,000,000,000.00 11. Indicate the item numbers reported herein: Item 9. Other Events Year-end results Benpres Holdings Corporation's consolidated revenues increased by 24%, from P5.4 billion for the year ended 31st December 1996 to P6.6 billion for the same period ended 1997. Benpres also realized an increase in net income increase of 14.1% from P2.0 billion in 1996 to P2.3 billion in 1997. The contributors to the Company's unconsolidated revenues were broadcasting and cable, power generation and distribution, and banking and others, which contributed approximately 53%, 28%, and 19% respectively in the year. Benpres' improving operating results for 1997 reflected organic growth in its affiliates', operations. The continuing benefits of diversification also showed in the increased contribution of Rockwell Land Corporation to earnings and the strongly positive EBITDA of BayanTel for the year. The company's power generation initiatives through First Philippine Holdings bore fruit as the First Gas 1000 MW plant debt financing was completed and construction started. Benpres also took over the Maynilad Water Services concession in August of that year. ABS-CBN's gross airtime revenues in 1997 equaled 50% of the television industry's ad receipts. Airtime-net revenues for the Company increased 27.5% in 1997 over 1996. The increase in its revenues last year resulted from ABS-CBN's increased commitment to expanded regional coverage, maturing allied business ventures, and continued investments in upgrading the quality of its broadcasting. Major 1997 investments included the Company's present 50% equity in Maynilad Water for their concessionary interest in the MWSS West Zone, an increase in ownership of First Philippine Holdings through a swap of Meralco shares, additional deposits for future subscriptions in BayanTel, and a 9.53% equity increase in Rockwell Land to the present ownership of level 24.5%. cdlex Benpres had several successful fund-raising activities in 1997, including the issuance of US$150 million 7.875% Notes on the Luxembourg Exchange, a US$60 million options transaction and a P7.1 billion Pre-emptive Rights Offering. aisadc Benpres completed the transfer of its media interest to Lopez, Inc. on April 29, 1998. As a result thereof, non-Philippine nationals can own up to 40% of the outstanding capital of Benpres. Investment in Professional Services, Inc . Benpres today subscribed to shares in Professional Services, Inc. representing 24% of the outstanding capital stock thereof. Professional Services, Inc. is the owner and operator of Medical City Hospital. BENPRES HOLDINGS CORPORATION Registrant By: (SGD.) J. XAVIER B. GONZALES Chief Operating Officer and Chief Finance Officer