PSE Circular for Brokers No. 1361-98

June 19, 1998 PSE CIRCULAR FOR BROKERS NO. 1361-98 The Board. of Directors of Metro Pacific Corporation ("Metro Pacific") earlier today approved the creation of warrants, subject to approval by stockholders and regulatory bodies. A special meeting of the stockholders will, therefore, be arranged for 30 July 1998 to consider the resolution, the record date for which has been fixed as 2 July 1998. The proposal to create warrants is in connection with the plan to increase Metro Pacific's capital by an amount of up to Pesos 20 billion. On 8 June 1998, certain Philippine affiliates of First Pacific Company Limited signed a subscription agreement for Pesos 14 billion new shares to be issued at a price of Pesos 1.30 per share. The funds from this issue will be received by 30 June 1998 and are to be used primarily to reduce debt. As other stockholders of Metro Pacific have expressed a desire to participate in the capital raising exercise, a warrants offering will be made later in 1998 which could raise up to Pesos 6 billion. The intention is for stockholders to receive an allocation of warrants, equivalent to approximately 2.5 new common shares when exercised for each common share then held. The specific terms of the warrants offering will be determined in conjunction with the underwriter later in the year; however, it is expected that the recent subscription price of Pesos 1.30 will be used as the reference for this purpose. 18 June 1998 For further information contact: Rene Banez Group Vice President Tel: 811 0041