PSE Circular for Brokers No. 1559-98

July 8, 1998 PSE CIRCULAR FOR BROKERS NO. 1559-98 Philippine Stock Exchange PSE Center, Exchange Road Ortigas Center, Pasig City . We refer to your facsimile of 6 July 1998 citing a newspaper article indicating that Metro Pacific is interested in acquiring the remaining government interest in Philippine National Bank ("PNB"). We advise the Exchange that Metro Pacific presently has no plans to acquire the government's interest in PNB. We would like to assure the Exchange that Metro Pacific and its board of directors are well aware of their responsibility to ensure that any information concerning developments that are likely to have a significant effect on market activity in, or the price of, the Company's securities is kept strictly confidential until the Company and the board believe that the Company is obligated to make a formal announcement on the same. Please be assured that, to the extent that there is any transaction in which Metro Pacific is involved that would require public disclosure, the Company will advise the Exchange and the investing public, at the appropriate time and in the appropriate manner. cdlex Very truly yours, (SGD.) ANTONIO A. PICAZO Corporate Secretary