ABS-CBN Corporation Sgt. Esguerra Avenue, Quezon City, Philippines

12 May 2011 Philippine Stock Exchange, Inc. Attn: Ms. Janet A. Encarnacion

Head, Disclosure Department 3rd Floor, Philippine Stock Exchange Plaza Ayala Triangle, Ayala Avenue, Makati City

Subject: 2011 1st Quarter Analyst and Business Press Briefing Gentlemen / Ladies: We are providing you the attached copies of the materials that we presented during our scheduled analyst and business press briefing for our 2011 first quarter financial performance. Thank you. Very truly yours, Paul Michael V. Villanueva, Jr. Compliance Officer for Corporate Governance

PRESS RELEASE

Release Date : FOR IMMEDIATE RELEASE Reference : Paul Michael Villanueva, Jr. - Head, Treasury and Compliance Officer

Tel : 415.2272 local 4322 Email : mike_villanueva@abs-cbn.com

ABS-CBN nets close to P1 billion for the first quarter of 2011 despite the absence of election related advertisements Quezon City, Philippines (May 12, 2011) – The consolidated net income of ABS-CBN Corporation (“ABS-CBN” or the “Company”) (PSE: ABS, ABSP), the country’s largest multimedia conglomerate, registered P976 million for the first three months of the year ending March 31, 2011. ABS-CBN delivered consolidated revenues of P6.6 billion from advertising and consumer sales, a 15% decline compared to a year ago. Less the revenues from political advocacies and advertisement from the first quarter of 2010, consolidated revenues in the first quarter of 2011 increased by 3% year-on-year. ABS-CBN’s advertising revenues declined 21% or P1.0 billion to reach P4.0 billion. Minus

the revenues from political advocacies and advertisement in the first quarter of 2010,

advertising revenues in the first quarter of 2011 increased by 10% year-on-year. This

increase is attributable to the rise in total advertising minutes sold and programmed

rate increase that took effect in February 2011.

Consumer sales for the first quarter of 2011 amounted to P2.5 billion, posting a 5%

decrease or P147 million less from a year ago, mainly from ABS-CBN Global. ABS-CBN

Global revenues declined by 15% year on year in peso terms due to the decline in

subscribers and the appreciation of the Philippine peso against the US dollar.

Meanwhile, Sky Cable continues to contribute positively with revenues increasing by 6%

to P1.0 billion. This is mostly driven by the increased take up of its broadband service

subscriptions which increased by 31% year-on-year

Total expenses declined by P721 million or 13% year-on-year to P4.7 billion partly due to

the lower cost of sales and services and general and administrative expenses (GAEX).

Net income attributable to shareholders for the first quarter of 2011 is at P976 million, inclusive of the gain on sale of Sky Cable Philippine Depositary Receipts (PDRs), a 10% decline year-on-year. Removing the effects of this one-time gain in the first quarter of 2011 and P1.40 billion revenues generated from political advocacies and political advertisement in the first quarter of 2010, net income would have increased by 12% year-on-year. Meanwhile, earnings before interest, taxes, depreciation and amortization (EBITDA) hit P2.1 billion, a 14% decline year-on-year. Stripping the one-time gain in the first quarter of 2011 and equally shaving the P1.40 billion revenues generated from political advocacies and political advertisement in the first quarter of 2010, EBITDA would have grown by 6% year-on-year Capital expenditure and film and program rights acquisition for the first quarter of 2011 amounted to P886 million, P400 million or 82% higher than the level of spending from previous year. These are all programmed expenditures to increase the company’s capacity to produce additional shows. ABS-CBN maintained its national audience share and ratings leadership with prime-time

audience share averaging 41% in the first quarter of 2011, going by Kantar Media

National TV Ratings’ figures.

For the period January to March 2011, all six of ABS-CBN’s primetime week-day shows

were in the Top 6: the Top 6: Emil Cruz Jr.'s Mara Clara, Pablo S. Gomez's Mutya,

Minsan Lang Kita Iibigin, Noah, TV Patrol and Imortal. The same trend was repeated in

the week-end where ABS-CBN’s primetime week-end shows also dominated the top

programs: Pilipinas Got Talent (Saturday and Sunday edition), Wansapanataym : Ulo,

Kokak, Family Tree, and Buhawi Jack, Maalaala Mo Kaya..., Rated K Handa Na Ba Kayo?,

and Goin' Bulilit.

Primetime programs launched in the first quarter of 2011—Mutya and Pilipinas Got

Talent—enjoyed national program ratings in the 30s, and audience share in the high

40s.

ABS-CBN Global’s overall viewer count decreased by 3% year-on-year, driven by the

decline in subscriber growth in the Middle East, Europe and Japan. Double digit

subscriber growth continued to be experienced in Canada, and mid-to-high single digit

subscriber growth in Asia-Pacific and Australia.

ABS-CBN Film Productions, Inc. released five films in the first three months of this year,

two more than the same period in 2010. Three of them–Ang Tanging Ina Mo Last Na

To, Dalaw and Catch Me I’m in Love–topped P100 million in box office receipts, earning

blockbuster status by local standards.

---

About ABS-CBN Corporation ABS-CBN Corporation is the leading Philippine entertainment and information multimedia conglomerate. In the Philippines, ABS-CBN produces a wide variety of engaging world-class entertainment programs in several genres and balanced credible news programs that are aired on free-to-air TV via Channels 2 (VHF) and 23 (UHF) and a regional network of TV and radio stations nationwide. It also provides news and entertainment programming for nine channels on cable TV. The Company owns the leading film and music production and distribution outfit in the Philippines, and has interests in cable TV, Internet and mobile services, and glossy-magazine publishing. It brings its content to worldwide audiences via cable, satellite and the Internet, primarily through ABS-CBN Global’s The Filipino Channel (TFC).

First Quarter 2011Financial & Operating Results

The Chronicle Lounge14/F Eugenio Lopez Jr. Communications Center

Eugenio Lopez Ave., Q.C.Thursday, 12 May 2011

1

Php6.6 billion1Q2011 Consolidated Gross Revenue

15% year-on-year

Consolidated Gross Revenues

Advertising Revenues61%

Consumer Sales39%

2

Consolidated Advertising Revenuesin Php Millions

10% YoY without political advocacies and advertisements

3

3,651 4,012

1,407

0

2,500

5,000

Q1 2010 Q1 2011

Political Advocacies & Advertisements

5,058 4,012

Advertising MinutesTotal Channel 2, Q1 2010 vs. Q1 2011

12% YoY

4

22,437 25,208

13,000

26,000

Q1 2010 Q1 2011

Source: Nielsen Media Research

National Ratings – Total Philippines

36 36 34

41 42

3635 36

31 31 31 30

13 1215 16 15

18

4 4 5 4 4 4

Full Week Week Days Week End Full Week Week Days Week End

ABS-CBN GMA TV 5 Studio 23

Total Day Audience Share

5

Evening Primetime Audience Share

Kantar Media/TNS National Urban Philippines TV Audience Shares (Q1 2011)

Kantar Media/TNS National Urban Philippines’ Top Programs (Q1 2011)

Top 20 Programs- Weekday

6

RANK CHANNEL PROGRAMS RTG%

1 ABS-CBN EMIL CRUZ JR.'S MARA CLARA 33.7

2 ABS-CBN PABLO S. GOMEZ'S MUTYA 33.2

3 ABS-CBN MINSAN LANG KITA IIBIGIN 33.1

4 ABS-CBN NOAH 28.0

5 ABS-CBN TV PATROL 27.1

6 ABS-CBN IMORTAL 25.5

GMA TEMPTATION OF WIFE 20.9

GMA 24 ORAS 20.9

8 GMA MARS RAVELO'S CAPTAIN BARBELL 20.6

9 GMA MAGIC PALAYOK 19.6

10 GMA EAT... BULAGA! 19.5

11 GMA DWARFINA 19.3

12 GMA BANTATAY 19.0

13 GMA JILLIAN 17.9

ABS-CBN PRECIOUS HEARTS : KRISTINE 17.4

GMA THE BAKER KING 17.4

15 ABS-CBN MULA SA PUSO 17.3

16 ABS-CBN SABEL 17.0

17 GMA I HEART YOU PARE 16.7

18 GMA MY LOVER MY WIFE 16.1

19 GMA PABLO S. GOMEZ'S MACHETE 16.0

20 GMA BEAUTY QUEEN 15.9

7

14

9 ABS-CBN weekday programs made it to the Top 20 in Q1 2011

Kantar Media/TNS National Urban Philippines’ Top Programs (Q1 2011)

Top 20 Programs- Weekend

7

and 13 ABS-CBN week-end programs made it to Top 20 in Q1 2011

RANK CHANNEL PROGRAMS RTG%

1 ABS-CBN PILIPINAS GOT TALENT (SUNDAY) 30.0

2 ABS-CBN PILIPINAS GOT TALENT (SATURDAY) 29.5

3 ABS-CBN WANSAPANATAYM : ULO 26.8

4 ABS-CBN WANSAPANATAYM : KOKAK 25.4

5 ABS-CBN MAALAALA MO KAYA... 24.4

ABS-CBN WANSAPANATAYM : FAMILY TREE 23.4

ABS-CBN RATED K HANDA NA BA KAYO? 23.4

7 ABS-CBN GOIN' BULILIT 21.5

8 ABS-CBN WANSAPANATAYM : BUHAWI JACK 20.7

9 GMA EAT... BULAGA! (SATURDAY) 20.1

10 GMA KAPUSO MO, JESSICA SOHO 19.8

11 ABS-CBN TV PATROL WEEKEND (SUNDAY) 19.7

12 GMA KAP'S AMAZING STORIES 19.5

13 GMA SPOOKY NIGHTS PRESENTS BAMPIRELLA 19.4

14 ABS-CBN STAR CIRCLE QUEST FOR THE NEXT KIDDIE SUPERSTARS 19.3

15 ABS-CBN TV PATROL WEEKEND (SATURDAY) 19.1

16 GMA PEPITO MANALOTO REALITY SITCOM 18.6

17 GMA 24 ORAS WEEKEND (SATURDAY) 18.3

18 ABS-CBN

STAR POWER SHARON'S SEARCH FOR THE NEXT

FEMALE POP SUPERSTAR 17.7

19 GMA MAN VS BEAST 17.5

20 GMA KAPUSO MOVIE SATURDAY FESTIVAL 16.9

6

Consumer Salesin Php Millions

5% YoY

8

2,694 2,547

0

1,500

3,000

Q1 2010 Q1 2011

ABS-CBN Global

9

~ 2.38 million viewers worldwide, down 3% YoY

• Decline in subscriber growth in Middle East, Europe and Japan

• Not be offset by continued growth in Canada, Asia Pacific and Australia

Sky Cable

Strong revenue growth, up 6% YoY

• 26% YoY increase in broadband revenue on the back of 31% YoY growth in subscriptions

• 7% YoY growth in post-paid cable subscriptions driven by the lower end Php 280 and Php 499 packages

10

ABS-CBN Film Productions

3 of 5 films released in

1Q2011 broke past the

Php 100 million mark in gross

box office receipts

11

5,437

1,803 1,703 1,85378

4,716

2,2571,529 1,585

-655

-2,000

0

2,000

4,000

6,000

Total Expenses Production Cost Cost of Sales and Services

General & Administrative

Expenses

All Other Expenses

Q1 2010 Q1 2011

Total Expensesin Php Millions

13% YoY

25% YoY 10% YoY 14% YoY 938% YoY

12

1,8031,483

320

2,2571,889

3680

1,500

3,000

Production Cost Cash Non-cash

Q1 2010 Q1 2011

Production Costin Php Millions

25% YoY

27% YoY

15% YoY

13

1,703

646 663394

1,529

458710

3610

1,000

2,000

Total Cost of Sales and Services

ABS-CBN Global SkyCable Other Subs

Q1 2010 Q1 2011

Cost of Sales and Servicesin Php Millions

10% YoY

29% YoY 8% YoY

14

7% YoY

1,8531,668

185

1,5851,430

1550

1,000

2,000

General & Administrative Expenses

Cash Non-Cash

Q1 2010 Q1 2011

General & Administrative Expenses in Php Millions

14% YoY

16% YoY

15

14% YoY

Consolidated Net Incomein Php Millions

10% YoY

16

1,086 976

0

600

1,200

Q12010 Q12011

Consolidated EBITDAin Php Millions

17

2,437 2,098

0

1,250

2,500

Q12010 Q12011

14% YoY

Capital Expenditure & Film Rightsin Php Millions

82% YoY

18

486

886

0

450

900

Q12010 Q12011

Balance Sheet AccountsEnd March 31, 2011 vs. December 31, 2010

Total Assets

Cash and Cash Equivalents

Consolidated Trade & Other Receivables

Day’s Sales Outstanding

Total Interest Bearing Debt

Shareholders’ Equity

Net Debt-to-Equity Ratio

Php 44.2B

Php7.2B

Php11.3B

75 days

Php12.7B

Php19.0B

0.29x

14%

23%

56%

12 days

32%

7%

0.07x 19

Sky Cable & STT Communications

3 parts to the transaction

• ABS-CBN Corp and Lopez Holdings Corp sold Php2.162 billion Sky Cable PDRs to a subsidiary of STT Communications Ltd, Sampaquita Communications Pte Ltd

• Sampaquita invested in new Sky Cable PDRs worth P1.45 billion

• Sampaquita subscribed to P250 million worth of Sky Cable convertible notes

21

1

MANAGEMENT’S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FOR THE FIRST QUARTER OF 2011

For the first three months of the year ending March 31, 2011, ABS-CBN Corporation (“ABS-CBN” or the

“Company”) generated consolidated revenues of P6.56 billion from advertising and consumer sales, P1.19

billion or 15% lower year-on-year. Minus the revenues of P1.40 billion from political advocacies and political

advertisement in quarter of 2010, consolidated revenues increased by 3% year-on-year.

Overall, the contribution share of both advertising revenues and consumer sales to consolidated revenues remain robust in the absence of political advocacies and political advertisement. Advertising revenues contributed 61% of total consolidated revenues while consumer sales made up the balance of 39%.

Total expense in the first quarter of 2011 was at P4.72 billion, or a 13% decline year-on-year.

Reported net income was at P976 million for the first three months of 2011, inclusive of the P674 million gain

in sale of Sky Cable Philippine Depositary Receipts (PDRs), a 10% decline year-on-year. Removing the effects

of this one-time gain in the first quarter of 2011 and P1.40 billion revenues generated from political

advocacies and political advertisement in the first quarter of 2010, net income would have increased by 12%

year-on-year.

Reported EBITDA hit P2.10 billion in the first quarter of 2011, or a 14% decline year-on-year. Stripping the

one-time gain in the first quarter of 2011 and equally shaving the P1.40 billion revenues generated from

political advocacies and political advertisement in the first quarter of 2010, EBITDA would have grown by 6%

year-on-year.

Consolidated Revenues

For the three months ending March 31, 2011, ABS-CBN generated consolidated revenues of P6.56 billion from

advertising revenues and consumer sales, P1.19 billion or 15% lower year-on-year. Minus the revenues of

P1.40 billion from political advocacies and political advertisement in the first quarter of 2010, consolidated

revenues increase by 3% year-on-year.

With the absence of election-related advertising revenues in 2011, the contribution of consumer sales to total

revenues is higher at 39% from 35% a year ago.

Consolidated Revenues

(Amounts in million Pesos)

Consolidated

1Q11 1Q10 Variance

Amount %

Consolidated Advertising Revenues 4,012 5,058 (1,046) (21)

Consumer Sales

Sale of Services 2,435 2,581 (146) (6)

Sale of Goods 112 113 (1) (1)

Consolidated Consumer Sales 2,547 2,694 (147) (5)

Consolidated Revenues 6,559 7,752 (1,193) (15)

Political Advocacies/Political Advertisements - 1,407 (1,407) (100)

Consolidated Revenues Net of Political Advocacies/

Political Advertisements 6,559 6,345 214 3

2

Advertising Revenues

Consolidated advertising revenues across all platforms and subsidiaries declined by 21% to P4.01 billion.

Minus the revenues of P1.40 billion from political advocacies and political advertisement in the first quarter

of 2010, however, advertising revenues increase by 10% year-on-year. This increase is attributable to both

the increase in total advertising minutes sold and the rate adjustment that took effect in February this year.

Total advertising minutes sold by Channel 2 for the first three months of the year grew 12%. Underpinning

the growth in advertising is the continued ability of Channel 2 to deliver solid national program ratings and

audience shares.

ABS-CBN maintained its national audience share and ratings leadership with prime-time audience share

averaging 41% in the first quarter of 2011, with a 10 percentage point lead over GMA’s, based on the Kantar

National TV Ratings figure.

For the period January to March 2011, all six of the company’s primetime week-day shows were in the Top 6:

Emil Cruz Jr.'s Mara Clara, Pablo S. Gomez's Mutya, Minsan Lang Kita Iibigin, Noah, TV Patrol and Imortal. The

same trend was repeated in the week-end where the company’s primetime week-end shows also dominated

the top programs: Pilipinas Got Talent (Saturday and Sunday edition), Wansapanataym : Ulo, Kokak, Family

Tree, and Buhawi Jack, Maalaala Mo Kaya..., Rated K Handa Na Ba Kayo?, and Goin' Bulilit

Primetime programs launched in the first quarter of 2011—Mutya and Pilipinas Got Talent—enjoyed national

program ratings in the 30s, and audience share in the high 40s.

Consumer Sales

Consumer sales for the first quarter amounted to P2.55 billion, or a 5% decline year-on-year.

Consumer Sales Consolidated

(Amounts in million Pesos) 1Q11 1Q10

Variance

Amount %

ABS-CBN Global 1,124 1,319 (195) (15)

Sky Cable 1,031 972 59 6

Other subsidiaries 392 403 (11) (3)

Consolidated Consumer Sales 2,547 2,694 (147) (5)

ABS-CBN Global’s revenues declined year-on-year by 15% in peso terms or 11% in US dollar terms. The

stronger decline in peso terms was due to 5% or P2.20 appreciation of the Philippine peso exchange rate

against the US dollar, from P45.99 in the first quarter of 2010 down to P43.79 in the first quarter this year.

ABS-CBN Global’s overall viewer count declined by 3% year-on-year to an estimated 2.38 million at the end of

March 2011, driven by the decline in subscriber growth in the Middle East, Europe and Japan. Double digit

growth continued to be experienced in Canada, and mid-to-high single digit growth in Asia-Pacific and

Australia.

3

Sky Cable’s consolidated revenues from cable TV and broadband services grew 6% year-on-year, driven by

26% growth in broadband revenues. Broadband service subscriptions surged 31% year-on-year, while

subscriptions to Sky Cable’s post-paid TV offering grew by 7%.

ABS-CBN Film Productions, Inc. released five films in the first three months of this year, two more than the

same period in 2010. Three of them–Ang Tanging Ina Mo Last Na To, Dalaw and Catch Me I’m in Love–topped

P100 million in box office receipts, earning blockbuster status by local standards.

Expenses

Total expense in the first quarter of 2011 was at P4.72 billion, or a 13% decline year-on-year.

Total Expenses Consolidated

(Amounts in million Pesos) 1Q11 1Q10

Variance

Amount %

Production Costs 2,257 1,803 454 25

Cost of Sales and Services 1,529 1,703 (174) (10)

General and Administrative Expenses 1,585 1,853 (268) (14)

Other Expenses (Income) (655) 78 (733) (938)

Total Expenses 4,716 5,437 (721) (13)

Production Costs

In the first quarter, total production costs rose by P454 million or 25% to P2.26 billion, due to higher

programming costs, particularly of primetime and noontime programs. Cash production costs went up by

P406 million or 27% year-on-year, mostly from increase from talent fee adjustments and from new programs

that brought talent fees, equipment rentals and service fees, and other expenses substantially higher.

Production Costs Consolidated

(Amounts in million Pesos) 1Q11 1Q10

Variance

Amount %

Personnel Expenses and Talent Fees 1,073 842 231 27

Facilities-Related Expenses 526 379 147 39

Other Program Expenses 290 262 28 11

Sub-total: Cash Production Costs 1,889 1,483 406 27

Non-Cash Production Costs 368 320 48 15

Total Production Costs 2,257 1,803 454 25

Non-cash production costs went up by 15% to P368 million, due to higher depreciation costs.

4

Cost of Sales and Services

Cost of sales and services declined by 10% or P173 million to P1.53 billion.

ABS-CBN Global’s cost of sales declined 29% in peso terms declining faster than the 15% year-on-year

reduction in its sale of goods and services. Sky Cable’s cost of sales meanwhile, grew by 7% year-on-year,

slightly higher than the increase in its gross revenue of 6%.

Cost of Sales and Services Consolidated

(Amounts in million Pesos) 1Q11 1Q10

Variance

Amount %

ABS-CBN Global 458 646 (188) (29)

Sky Cable 710 663 47 7

Other Subsidiaries 361 394 (33) (8)

Cost of Sales and Services 1,529 1,703 (174) (10)

General and Administrative Expenses

Total General and Administrative Expenses (GAEX) posted a 14% or P268 million year-on-year decline to

P1.59 billion.

General and Administrative Expenses Consolidated

(Amounts in million Pesos) 1Q11 1Q10

Variance

Amount %

Personnel Expenses 809 862 (53) (6)

Contracted Services 183 209 (26) (12)

Facilities-Related Expenses 114 125 (11) (8)

Depreciation 149 184 (35) (19)

Provision for Doubtful Accounts 44 119 (75) (63)

Other Expenses 286 354 (68) (19)

Consolidated GAEX 1,585 1,853 (268) (14)

Cash GAEX went down by P238 million to P1.43 billion, of which more than half is accounted for by personnel

expenses.

Net Income

The company generated net income of P976 million for the first three months of 2011, inclusive of the P674

million gain in sale of Sky Cable PDRs, a 10% decline year-on-year. Removing the effects of this one-time gain

in the first quarter of 2011 and P1.40 billion revenues generated from political advocacies and political

advertisement in the first quarter of 2010, net income would have increased by 12% year-on-year.

EBITDA

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter of 2011 hit

P2.10 billion, or a 14% decline year-on-year. Stripping the one-time gain in the first quarter of 2011 and

5

equally shaving the P1.40 billion revenues generated from political advocacies and political advertisement in

the first quarter of 2010, EBITDA would have grown by 6% year-on-year.

Capital Expenditures

Capital expenditures and program rights acquisitions for the first quarter of 2011 amounted to P886 million,

P400 million or 82% higher year-on-year. These are all programmed expenditures to increase the company’s

capacity to produce additional shows.

Balance Sheet Accounts

As at March 31, 2011, total consolidated assets stood at P44.23 billion, P5.27 billion or 14% higher than total

assets of P38.96 billion as at December 31, 2010.

Cash and cash equivalents of P7.17 billion is P1.34 billion or 23% higher than the December 31, 2010 balance.

Consolidated trade and other receivables stood at P11.32 billion, P4.07 billion or 56% higher than as at the

end of 2010. Of the P4.07 billion increase, P3.52 billion is attributable to the receivables from the sales of Sky

Cable PDRs. Less this receivable, consolidated trade and other receivable only increased by 8% or P552

million.

Days sales outstanding of 75 days is 12 days more than the 63 days as at December 31, 2010, as trade

accounts receivables amounting to P6.33 billion is P764 million or 14% higher than the P5.56 billion trade

accounts receivables at the end of 2010.

Total interest-bearing loans went up by P3.08 billion or 32% to P12.72 billion compared with P9.64 billion at

the end of last year.

Shareholders’ equity stood at P19.05 billion, P1.30 billion or 7% higher than the P17.75 billion shareholders’

equity at the end of December 2010.

The company’s net debt-to-equity ratio rose slightly to 0.29x as a result of higher debt versus 0.22x at the end

of last year.

The company’s debt ratios remain well within the limits prescribed under its loan covenants.

* * * *