PSE Circular for Brokers No. 1439-98

June 26, 1998 PSE CIRCULAR FOR BROKERS NO. 1439-98 June 25, 1998 Metro Pacific Corporation ("Metro Pacific") today announced that it has received Pesos 14 billion in cash for new common shares to be issued at Pesos 1.30 per share. The subscriptions were received from certain Philippine affiliates of First Pacific Company Limited pursuant to agreements signed on 8 June 1998, as previously announced. The funds are to be used to reduce debts, primarily those denominated in foreign currencies. Mr. Napoleon L. Nazareno, President and Chief Executive Officer of Metro Pacific, commented " The cash injection of Pesos 14 billion as new equity will substantially strengthen our balance sheet. In light of the difficult market conditions, the funds will be used to reduce indebtedness, which will assist in reducing the Group's' financing charges. "We welcome the strong support from the principal stockholders, and the general market interest in participating in an increase in Metro Pacific's capital. The warrants offering, announced earlier this month and scheduled for later this year, will also provide a mechanism for other stockholders to subscribe for new shares on terms similar to those offered at this time to the principal stockholders." cdlex