Metro Pacific Corporation

January 5, 1999 PSE CIRCULAR FOR BROKERS NO. 012-99 SUBJECT : Metro Pacific Corporation Metro Pacific Corporation ("MPC") clarified to the Exchange a news article published in the January 4, 1999 issue of the Philippine Daily Inquirer which reported of the meeting that took place between Ayala Land, Inc. ("ALI") chair Jaime Zobel de Ayala and MPC chair Manuel Pangilinan, which opened up the possibility of a tie-up between ALI and MPC specifically in the latter's Fort Bonifacio Global City project. cdlex MPC, in its letter to the Exchange dated January 4, 1999, explained that: ". . . Mr. Pangilinan meets with a wide range of local and international business figures discussing as well a wide range of topics. While there was indeed a meeting that took place between him and Mr. Zobel de Ayala, there was no specific agenda other than a courtesy meeting. . . ." For your information. (SGD.) RAFAEL L. LLAVE Chief Operating Officer