PSE Circular for Brokers No. 1577-99

July 1, 1999 PSE CIRCULAR FOR BROKERS NO. 1577-99 PRESS RELEASE LA TONDEA CLOSES DEAL TO BUY MPC'S METRO BOTTLED WATER La Tondea Distillers, Inc. (LTDI) and Metro Pacific Corporation.(Metro Pacific) jointly announced the completion of the Peso 1.2 billion sale of Metro Bottled Water Corporation (MBWC), bottler of leading brand Wilkins Distilled Drinking Water, effective 30 June 1999. LTDI, a subsidiary of food and beverage giant San Miguel Corporation, bought MBWC from Metro Pacific, which has decided to concentrate on its real property development business. cdlex "There are many synergies that will result from this consolidation. We intend to take full advantage of our combined resources and expertise to seize growth opportunities in the market", said LTDI President Bernabe L. Navarro. Napoleon L. Nazareno, Metro Pacific's President and CEO, stated that "The sale of MBWC is another step in focusing the Group on its property interests. We are pleased, however, to be able to conclude the sale to a respected industry player that will develop further this successful company". LTDI's flagship bottled water brand, VIVA ! Mineral Water and MBWC's Wilkins Distilled are segment leaders, holding 20 percent and 29 percent market total shares, respectively. Consequently, LTDI now holds close to 50 percent of the bottled water retail market, selling more than four times the volume of its closest competitor. LibLex "Our vision in La Tondea is to become the beverage industry's best. With the LTDI and MBWC partnership, we are moving toward the attainment of this goal. And with the combined strengths of our Wilkins and VIVA ! Brands, we will jointly broaden our markets and provide the best bottled water products and services to our consumers," said SMC Chair Eduardo M. Cojuangco, Jr. For further information, please contact: Mr. Ian C. Wilson Director, Metro Pacific Corporation Tel. No.: 810-5345 Ms. Corazon P. Guidote Group VP Corporate Communication & Investor Relations Metro Pacific Corporation Tel. No.: 811-0367/811-0053 Ms. Teresa C. Del Mundo Senior Vice President & Chief Finance Officer La Tondea Distillers, Inc. Tel. No.: 734-9701