Metro Pacific Reaches Agreement to Sell Metro Bottled Water to La Tondeña

May 28, 1999 PSE CIRCULAR FOR BROKERS NO. 1235-99 METRO PACIFIC REACHES AGREEMENT TO SELL METRO BOTTLED WATER TO LA TONDEA Metro Pacific Corporation (MPC) announced today that it has agreed to sell its 100 percent interest in Metro Bottled Water Corporation (MBWC), the manufacturer of Wilkins Distilled Drinking Bottled Water, to La Tondea Distillers, Inc. for Pesos 1.2 billion. MPC will record a profit of approximately Pesos 550 million on the disposal, and will use the proceeds to reduce head office debt. MBWC recorded revenues of Pesos 530 million in 1998. MPC established MBWC in 1990 and has built it into the Philippines' leading bottled water players. Wilkin's distilled drinking water had a retail market share of approximately 29 per cent as of end December 1998, while La Tondea came in second with a retail market share of 20 per cent for Viva! mineral water and its other bottled water products. LLjur MPC President Napoleon Nazareno said, "Wilkins helped pioneer distilled water in the Philippines and has grown into the best brand name in the business. We are pleased to have helped bring the Company to its current level of success. La Tondea, as its future prospective owner, can take the company to a higher level in terms of broadening its market reach and the development of new products. As La Tondea and MBWC join forces, their main products Wilkins and Viva!, will have the biggest retail market share of nearly 50 per cent, making a formidable team in the bottled water business." For further details please contact: Ian C. Wilson Director Metro Pacific Corporation Tel. No.: 810-5345